Brief: Onespan Has Made Organizational Changes To Support Revised Operating Model

Onespan

27/09/2023 23:08

Sept 27 (Reuters) - OneSpan Inc  OSPN.O :
    * ONESPAN - IN QUARTER ENDING SEPTEMBER 30, HAS MADE
ORGANIZATIONAL CHANGES TO SUPPORT REVISED OPERATING MODEL, HAS
COMPLETED SIGNIFICANT NUMBER OF ACTIONS
    * ONESPAN : MOST OF REMAINING WORKFORCE REDUCTION ACTIONS
ARE
EXPECTED TO OCCUR OVER COURSE OF 2024 AS SEVERAL CO PROJECTS ARE
COMPLETED DURING YEAR
    * ONESPAN INC: CURRENTLY EXPECT TO INCUR RESTRUCTURING
CHARGES OF
APPROXIMATELY $11 TO $12 MILLION IN EMPLOYEE TRANSITION AND
SEVERANCE PAYMENTS
    * ONESPAN - BY END OF 2023 TO HAVE COMPLETED ABOUT 85% OF
WORKFORCE REDUCTIONS, EQUIVALENT TO TOTAL EXPECTED ANNUALIZED
SAVINGS OF ABOUT $31 MILLION
    * ONESPAN INC - EXPECT CASH, CASH EQUIVALENTS, AND SHORT
TERM
INVESTMENTS BALANCE OF ABOUT $65 TO $70 MILLION DOLLARS AT
YEAR-END 2023
    * ONESPAN INC: WE ARE REITERATING FOLLOWING PREVIOUSLY
PROVIDED
METRICS: FISCAL YEAR 2023 REVENUE GUIDANCE OF $226 MILLION TO
$232 MILLION
    * ONESPAN INC - REITERATING FISCAL YEAR 2024 REVENUE TARGET
OF
LOW- TO MID-SINGLE DIGITS GROWTH OVER 2023 REVENUE

Source text for Eikon:  ID: 
Further company coverage:  OSPN.O 

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