BusinessWire

OneSpan Reports Results for Third Quarter and First Nine Months of 2020

Third Quarter Financial Results

  • Total revenue declined 35% to $51.4 million
  • Recurring revenue declined 5% to $22.1 million1
  • Annual Recurring Revenue (ARR) grew 27% to $95.7 million2
  • Adjusted EBITDA of $2.7 million3
  • GAAP loss per share of $(0.04); Non-GAAP earnings per share of $0.033

CHICAGO--(BUSINESS WIRE)--OneSpan Inc. (NASDAQ: OSPN), the global leader in securing remote banking transactions, today reported financial results for the third quarter and nine months ended September 30, 2020.

“In the third quarter, we continued to make progress transitioning to a recurring revenue model, with annual recurring revenue growth of 27%, dollar-based net expansion rate4 of 120%, and sequential improvement in Software and Services bookings. Rapidly deployable digitization projects such as e-signature continued to see strong demand” stated OneSpan CEO, Scott Clements. “The pandemic delayed a range of IT and security projects as financial institutions shifted their focus to supporting remote work and other immediate digitization needs. In addition, branch closures around the world limited banks’ new customer account growth reducing near-term demand for certain authentication products. We are optimistic about the mid-term outlook for the company as the core drivers of demand for our solutions remain intact and our pipeline of software and services sales opportunities grew in excess of 40% year on year with strength in e-signature, identity verification and mobile security.”

Third Quarter 2020 Financial Highlights5

  • Revenue for the third quarter of 2020 was $51.4 million, a decrease of 35% from $79.7 million for the third quarter of 2019. Revenue for the first nine months of 2020 was $162.8 million, a decrease of 11% from $183.0 million for the first nine months of 2019. Year-over-year revenue comparisons were affected by the one-time positive impact on third quarter 2019 revenue from Payment Services Directive 2 (PSD2).
  • Gross Profit for the third quarter of 2020 was $36.0 million and $113.0 million for the first nine months of 2020. Gross profit for the third quarter of 2019 was $53.0 million and $122.4 million for the first nine months of 2019. Gross margin for the third quarter of 2020 was 70% and for the first nine months of 2020 was 69%. Gross margin for the third quarter of 2019 was 67% and for the first nine months of 2019 was 67%.
  • GAAP operating loss for the third quarter of 2020 was $2.4 million, and for the first nine months of 2020 was $3.2 million. GAAP operating income for the third quarter of 2019 was $17.1 million, and for the first nine months of 2019 was $8.8 million.
  • Adjusted EBITDA for the third quarter of 2020 was $2.7 million, or 5% of revenue, and for the first nine months of 2020 was $11.0 million, or 7% of revenue. Adjusted EBITDA for the third quarter of 2019 was $19.1 million, or 24% of revenue, and for the first nine months of 2019 was $19.0 million or 10% of revenue.
  • GAAP net loss for the third quarter of 2020 was $1.7 million, or $0.04 per share, and $3.7 million, or $0.09 per share for the first nine months of 2020. GAAP net income for the third quarter of 2019 was $11.8 million, or $0.30 per share. GAAP net income for the first nine months of 2019 was $3.3 million, or $0.08 per share.
  • Non-GAAP net income for the third quarter of 2020 was $1.2 million or $0.03 per diluted share, and for the first nine months of 2020 was $5.3 million, or $0.13 per diluted share. Non-GAAP net income for the third quarter of 2019 was $14.4 million or $0.36 per diluted share, and for the first nine months of 2019 was $11.6 million or $0.29 per diluted share.
  • Cash, cash equivalents and short-term investments at September 30, 2020 totaled $112.7 million compared to $110.8 million and $109.8 million at June 30, 2020 and December 31, 2019, respectively.

  1. Recurring revenue is comprised of subscription, term-based software licenses, and maintenance revenue.
  2. ARR is calculated as the annualized value of our customer recurring contracts with a term of at least one-year, as of the measuring date. These include subscription, term-based license, and maintenance contracts and exclude one-time fees. To the extent that we are negotiating a renewal with a customer after the expiration of a recurring contract, we continue to include that revenue in ARR if we are actively in discussion with the customer for a new recurring contract or renewal, or until such customer notifies us that it is not renewing its recurring contract.
  3. An explanation of the use of non-GAAP measures is included below under the heading “Non-GAAP Financial Measures.” A reconciliation of GAAP to non-GAAP financial measures has also been provided in tables below.
  4. Dollar-based net expansion rate is defined as the year-over-year growth in ARR from the same set of customers at the end of the prior year period.
  5. 2019 results have been revised to correct for certain immaterial errors. For additional information, see the “Revision of Prior Period Financial Statements” section of this press release.
  6. Software and services revenue is comprised of software license, subscription, professional services, and maintenance, support and other revenue.

Full Year 2020 Outlook

For the Full Year 2020, OneSpan currently expects:

  • Total revenue in the range of $203 million to $207 million.
  • Software and services revenue6 in the range of $126 million to $128 million.
  • Hardware revenue in the range of $77 million to $79 million.

Conference Call Details

In conjunction with this announcement, OneSpan Inc. will host a conference call today, November 2, 2020, at 4:30 p.m. EST. During the conference call, Mr. Scott Clements, CEO, and Mr. Mark Hoyt, CFO, will discuss OneSpan’s results for the third quarter 2020.

To access the conference call, dial 866-270-1533 for the U.S. or Canada and 1-412-317-0797 for international callers. The conference ID number is 10148693.

The conference call is also available in listen-only mode at investors.onespan.com. The recorded version of the conference call will be available on the OneSpan website as soon as possible following the call and will be available for replay for approximately one year.

About OneSpan

OneSpan helps protect the world from digital fraud by establishing trust in people’s identities, the devices they use and the transactions they carry out. We do this by making digital banking accessible, secure, easy and valuable. OneSpan’s Trusted Identity platform and security solutions significantly reduce digital transaction fraud and enable regulatory compliance for more than 10,000 customers, including over half of the top 100 global banks. Whether through automating agreements, detecting fraud or securing financial transactions, OneSpan helps reduce costs and accelerate customer acquisition while improving the user experience. Learn more at OneSpan.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of applicable U.S. Securities laws, including statements regarding the potential benefits, performance, and functionality of our products and solutions, including future offerings; our expectations, beliefs, plans, operations and strategies relating to our business and the future of our business; our acquisitions to date and our strategy related to future acquisitions; and our expectations regarding our financial performance in the future. Forward-looking statements may be identified by words such as "seek", "believe", "plan", "estimate", "anticipate", “expect", "intend", and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved and any other similar expressions. The forward-looking statements include, but are not limited to, our financial outlook for 2020, and the information included under the caption “Outlook for Full Year 2020”. These forward-looking statements involve risks and uncertainties, as well as assumptions which, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could materially affect our business and financial results include, but are not limited to: market acceptance of our products and solutions and competitors’ offerings; the potential effects of technological changes; the impact of the COVID-10 pandemic and actions taken to contain it; our ability to effectively identify, purchase and integrate acquisitions; the execution of our transformative strategy on a global scale; the increasing frequency and sophistication of hacking attacks; claims that we have infringed the intellectual property rights of others; changes in customer requirements; price competitive bidding; changing laws, government regulations or policies; pressures on price levels; investments in new products or businesses that may not achieve expected returns; impairment of goodwill or amortizable intangible assets causing a significant charge to earnings; exposure to increased economic and operational uncertainties from operating a global business as well as those factors set forth in our Form 10-K (and other forms) filed with the Securities and Exchange Commission. In particular, we direct you to the risk factors contained under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Form 10-K. Our SEC filings and other important information can be found on the Investor Relations section of our website at investors.onespan.com. We do not have any intent, and disclaim any obligation, to update the forward-looking information to reflect events that occur, circumstances that exist, or changes in our expectations after the date of this press release except as required by law.

 

OneSpan Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

 

Three months ended

 

Nine months ended

 

 

September 30,

 

September 30,

 

 

2020

 

2019 (1)

 

2020

 

2019 (1)

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Product and license

 

$

30,249

 

 

$

61,215

 

 

$

103,893

 

 

$

132,675

 

Services and other

 

 

21,190

 

 

 

18,476

 

 

 

58,870

 

 

 

50,278

 

Total revenue

 

 

51,439

 

 

 

79,691

 

 

 

162,763

 

 

 

182,953

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

 

 

 

 

 

 

 

 

 

 

Product and license

 

 

10,064

 

 

 

22,199

 

 

 

33,378

 

 

 

46,966

 

Services and other

 

 

5,414

 

 

 

4,470

 

 

 

16,395

 

 

 

13,622

 

Total cost of goods sold

 

 

15,478

 

 

 

26,669

 

 

 

49,773

 

 

 

60,588

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

35,961

 

 

 

53,022

 

 

 

112,990

 

 

 

122,365

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

14,576

 

 

 

14,156

 

 

 

44,129

 

 

 

44,579

 

Research and development

 

 

10,643

 

 

 

9,956

 

 

 

31,178

 

 

 

32,428

 

General and administrative

 

 

10,737

 

 

 

9,490

 

 

 

33,851

 

 

 

29,540

 

Amortization of intangible assets

 

 

2,360

 

 

 

2,335

 

 

 

7,049

 

 

 

7,051

 

Total operating costs

 

 

38,316

 

 

 

35,937

 

 

 

116,207

 

 

 

113,598

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

(2,355

)

 

 

17,085

 

 

 

(3,217

)

 

 

8,767

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

56

 

 

 

228

 

 

 

389

 

 

 

432

 

Other income (expense), net

 

 

716

 

 

 

(1,611

)

 

 

887

 

 

 

(1,711

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

(1,583

)

 

 

15,702

 

 

 

(1,941

)

 

 

7,488

 

Provision for income taxes

 

 

95

 

 

 

3,855

 

 

 

1,758

 

 

 

4,208

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(1,678

)

 

$

11,847

 

 

$

(3,699

)

 

$

3,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.04

)

 

$

0.30

 

 

$

(0.09

)

 

$

0.08

 

Diluted

 

$

(0.04

)

 

$

0.30

 

 

$

(0.09

)

 

$

0.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

40,033

 

 

 

40,062

 

 

 

40,050

 

 

 

40,037

 

Diluted

 

 

40,033

 

 

 

40,129

 

 

 

40,050

 

 

 

40,099

 

(1) 2019 results have been revised to correct for certain immaterial misstatements. For additional information, see the “Revision of Prior Period Financial Statements” section of this press release.

OneSpan Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, unaudited)

 

 

 

September 30,

 

December 31,

 

 

2020

 

2019 (1)

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and equivalents

 

$

85,931

 

 

$

84,282

 

Short term investments

 

 

26,811

 

 

 

25,511

 

Accounts receivable, net of allowances of $3,837 in 2020 and $2,524 in 2019

 

 

54,475

 

 

 

62,405

 

Inventories, net

 

 

14,029

 

 

 

19,819

 

Prepaid expenses

 

 

6,439

 

 

 

6,198

 

Contract assets

 

 

6,609

 

 

 

5,240

 

Other current assets

 

 

7,831

 

 

 

6,346

 

Total current assets

 

 

202,125

 

 

 

209,801

 

Property and equipment, net

 

 

12,060

 

 

 

11,454

 

Operating lease right-of-use assets

 

 

11,508

 

 

 

10,580

 

Goodwill

 

 

94,159

 

 

 

94,612

 

Intangible assets, net of accumulated amortization

 

 

28,743

 

 

 

36,209

 

Deferred income taxes

 

 

8,158

 

 

 

7,863

 

Contract assets - non-current

 

 

2,329

 

 

 

3,355

 

Other assets

 

 

10,451

 

 

 

8,668

 

Total assets

 

$

369,533

 

 

$

382,542

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

5,300

 

 

$

10,835

 

Deferred revenue

 

 

36,607

 

 

 

30,338

 

Accrued wages and payroll taxes

 

 

12,631

 

 

 

15,415

 

Short-term income taxes payable

 

 

2,459

 

 

 

7,410

 

Other accrued expenses

 

 

8,292

 

 

 

8,786

 

Deferred compensation

 

 

1,350

 

 

 

1,028

 

Total current liabilities

 

 

66,639

 

 

 

73,812

 

Long-term deferred revenue

 

 

12,644

 

 

 

15,259

 

Long-term lease liability

 

 

12,523

 

 

 

11,299

 

Other long-term liabilities

 

 

8,227

 

 

 

8,297

 

Long-term income taxes payable

 

 

5,905

 

 

 

6,958

 

Deferred income taxes

 

 

4,379

 

 

 

4,623

 

Total liabilities

 

 

110,317

 

 

 

120,248

 

Stockholders' equity

 

 

 

 

 

 

Preferred stock: 500 shares authorized, none issued and outstanding at

December 31, 2020 and 2019

 

 

 

 

 

 

Common stock: $.001 par value per share, 75,000 shares authorized; 40,356 and 40,207

issued and outstanding at September 30, 2020 and December 31, 2019, respectively

 

 

40

 

 

 

40

 

Additional paid-in capital

 

 

97,378

 

 

 

96,109

 

Accumulated income

 

 

175,488

 

 

 

179,440

 

Accumulated other comprehensive loss

 

 

(13,690

)

 

 

(13,295

)

Total stockholders' equity

 

 

259,216

 

 

 

262,294

 

Total liabilities and stockholders' equity

 

$

369,533

 

 

$

382,542

 

(1) 2019 results have been revised to correct for certain immaterial misstatements. For additional information, see the “Revision of Prior Period Financial Statements” section of this press release.

OneSpan Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

 

 

 

Nine months ended September 30,

 

 

2020

 

2019 (1)

Cash flows from operating activities:

 

 

 

 

 

 

Net income (loss)

 

$

(3,699

)

 

$

3,280

 

Adjustments to reoncile net income (loss) from operations to net cash provided by (used in) operations:

 

 

 

 

 

 

Depreciation and amortization of intangible assets

 

 

9,193

 

 

 

8,579

 

Loss on disposal of assets

 

 

75

 

 

 

 

Deferred tax benefit

 

 

(356

)

 

 

(508

)

Stock-based compensation

 

 

3,232

 

 

 

1,778

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable, net

 

 

8,589

 

 

 

(18,988

)

Inventories, net

 

 

5,790

 

 

 

(4,549

)

Contract assets

 

 

(379

)

 

 

538

 

Accounts payable

 

 

(5,551

)

 

 

5,895

 

Income taxes payable

 

 

(5,985

)

 

 

(2,740

)

Accrued expenses

 

 

(3,694

)

 

 

(2,351

)

Deferred compensation

 

 

322

 

 

 

(47

)

Deferred revenue

 

 

3,268

 

 

 

(2,318

)

Other assets and liabilities

 

 

(3,376

)

 

 

(2,231

)

Net cash provided by (used in) operating activities

 

 

7,429

 

 

 

(13,662

)

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Purchase of short term investments

 

 

(23,295

)

 

 

(24,663

)

Maturities of short term investments

 

 

21,980

 

 

 

21,250

 

Additions to property and equipment

 

 

(2,710

)

 

 

(4,196

)

Other

 

 

(98

)

 

 

 

Net cash used in investing activities

 

 

(4,123

)

 

 

(7,609

)

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Tax payments for restricted stock issuances

 

 

(1,963

)

 

 

(394

)

Net cash used in financing activities

 

 

(1,963

)

 

 

(394

)

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

306

 

 

 

(154

)

 

 

 

 

 

 

 

Net increase (decrease) in cash

 

 

1,649

 

 

 

(21,819

)

Cash, cash equivalents, and restricted cash, beginning of period

 

 

85,129

 

 

 

77,555

 

Cash, cash equivalents, and restricted cash, end of period

 

$

86,778

 

 

$

55,736

 

(1) 2019 results have been revised to correct for certain immaterial misstatements. For additional information, see the “Revision of Prior Period Financial Statements” section of this press release.

Revenue by major products and services (in thousands, unaudited):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30,

 

Nine months ended September 30,

 

 

 

2020

 

2019 (2)

 

2020

 

2019 (2)

Hardware products

 

 

$

21,687

 

$

42,027

 

 

$

65,613

 

$

95,356

 

Software licenses (1)

 

 

 

8,562

 

 

19,188

 

 

 

38,280

 

 

37,319

 

Subscription

 

 

 

7,446

 

 

5,556

 

 

 

19,286

 

 

16,163

 

Professional services

 

 

 

1,353

 

 

2,338

 

 

 

4,100

 

 

3,995

 

Maintenance, support and other

 

 

 

12,391

 

 

10,582

 

 

 

35,484

 

 

30,120

 

Total Revenue

 

 

$

51,439

 

$

79,691

 

 

$

162,763

 

$

182,953

 

(1) Software licenses revenue is earned under both term-based and perpetual license agreements.

Recurring Revenue (in thousands, unaudited):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30,

 

Nine months ended September 30,

 

 

 

 

2020

 

2019 (2)

 

2020

 

2019 (2)

Subscription

 

 

$

7,446

 

$

5,556

 

$

19,286

 

$

16,163

 

Term-based software licenses

 

 

 

2,276

 

 

7,088

 

 

16,470

 

 

9,696

 

Maintenance, support and other

 

 

 

12,391

 

 

10,582

 

 

35,484

 

 

30,120

 

Total Recurring Revenue

 

 

$

22,113

 

$

23,226

 

$

71,240

 

$

55,979 

 

(2) 2019 results have been revised to correct for certain immaterial misstatements. For additional information, see the “Revision of Prior Period Financial Statements” section of this press release.

Non-GAAP Financial Measures

We report financial results in accordance with GAAP. We also evaluate our performance using certain non-GAAP operating metrics, namely Adjusted EBITDA, non-GAAP Net Income and non-GAAP diluted EPS. Our management believes that these measures provide useful supplemental information regarding the performance of our business and facilitates comparisons to our historical operating results. We believe these non-GAAP operating metrics provide additional tools for investors to use to compare our business with other companies in the industry.

These non-GAAP measures are not measures of performance under GAAP and should not be considered in isolation, as alternatives or substitutes for the most directly comparable financial measures calculated in accordance with GAAP. While we believe that these non-GAAP measures are useful within the context described below, they are in fact incomplete and are not a measure that should be used to evaluate our full performance or our prospects. Such an evaluation needs to consider all of the complexities associated with our business including, but not limited to, how past actions are affecting current results and how they may affect future results, how we have chosen to finance the business, and how taxes affect the final amounts that are or will be available to shareholders as a return on their investment. Reconciliations of the non-GAAP measures to the most directly comparable GAAP financial measures are found below.

Adjusted EBITDA

We define Adjusted EBITDA as net income before interest, taxes, depreciation, amortization, long-term incentive compensation, and certain non-recurring items, including acquisition related costs, lease exit costs, rebranding costs, and accruals for legal contingencies. We use Adjusted EBITDA as a simplified measure of performance for use in communicating our performance to investors and analysts and for comparisons to other companies within our industry. As a performance measure, we believe that Adjusted EBITDA presents a view of our operating results that is most closely related to serving our customers. By excluding interest, taxes, depreciation, amortization, long-term incentive compensation, and certain non-recurring items, we are able to evaluate performance without considering decisions that, in most cases, are not directly related to meeting our customers’ requirements and were either made in prior periods (e.g., depreciation, amortization, long-term incentive compensation, lease exit costs, reversal of a prior period legal contingency accrual), or deal with the structure or financing of the business (e.g., interest, acquisition related costs, rebranding costs) or reflect the application of regulations that are outside of the control of our management team (e.g., taxes). Similarly, we find the comparison of our results to those of our competitors is facilitated when we do not consider the impact of these items.

 

Reconciliation of Net Income to Adjusted EBITDA

(in thousands, unaudited)

 

 

 

Three months ended

 

Nine months ended

 

 

September 30,

 

September 30,

 

 

2020

 

2019 (1)

 

2020

 

2019 (1)

Net income (loss)

 

$

(1,678

)

 

$

11,847

 

 

$

(3,699

)

 

$

3,280

 

Interest income, net

 

 

(56

)

 

 

(228

)

 

 

(389

)

 

 

(432

)

Provision for income taxes

 

 

95

 

 

 

3,855

 

 

 

1,758

 

 

 

4,208

 

Depreciation and amortization of intangible assets

 

 

3,096

 

 

 

2,845

 

 

 

9,193

 

 

 

8,579

 

Long-term incentive compensation

 

 

1,281

 

 

 

829

 

 

 

4,161

 

 

 

3,316

Adjusted EBITDA

 

$

2,738

 

 

$

19,148

 

 

$

11,024

 

 

$

18,951

(1) 2019 results have been revised to correct for certain immaterial misstatements. For additional information, see the “Revision of Prior Period Financial Statements” section of this press release.

Non-GAAP Net Income & Non-GAAP Diluted EPS

We define non-GAAP net income and non-GAAP diluted EPS, as net income or EPS before the consideration of long-term incentive compensation expenses, the amortization of intangible assets, and certain non-recurring items. We use these measures to assess the impact of our performance excluding items that can significantly impact the comparison of our results between periods and the comparison to competitors.

Long-term incentive compensation for management and others is directly tied to performance and this measure allows management to see the relationship of the cost of incentives to the performance of the business operations directly if such incentives are based on that period’s performance. To the extent that such incentives are based on performance over a period of several years, there may be periods which have significant adjustments to the accruals in the period but which relate to a longer period of time, and which can make it difficult to assess the results of the business operations in the current period. In addition, the Company’s long-term incentives generally reflect the use of restricted stock grants or cash awards while other companies may use different forms of incentives the cost of which is determined on a different basis, which makes a comparison difficult. We exclude amortization of intangible assets as we believe the amount of such expense in any given period may not be correlated directly to the performance of the business operations and that such expenses can vary significantly between periods as a result of new acquisitions, the full amortization of previously acquired intangible assets or the write down of such assets due to an impairment event. However, intangible assets contribute to current and future revenue and related amortization expense will recur in future periods until expired or written down.

We also exclude certain non-recurring items including impacts of tax reform, acquisition related costs, rebranding costs, lease exit costs, and reserves for certain legal contingencies as these items are unrelated to the operations of our core business. By excluding these items, we are better able to compare the operating results of our underlying core business from one reporting period to the next.

We make a tax adjustment based on the above adjustments resulting in an effective tax rate on a non-GAAP basis, which may differ from the GAAP tax rate.


Contacts

Investor Contact:
Joe Maxa
M: +1-612‑247‑8592
O: +1-312-766-4009
Joe.Maxa@onespan.com


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