equity 490,958 106,526
---------- ----------
Total liabilities and stockholders'
/ members' equity $ 823,221 $ 361,559
========== ==========
(1) Each share of Class C common stock is convertible at any time at the
option of the holder into one share of Class B common stock, and each share of
Class D common stock is convertible at any time at the option of the holder
into one share of Class A common stock.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(Unaudited)
Three Months Ended Year Ended December
December 31, 31,
------------------------ ---------------------
2024 2023 2024 2023
--------- ------------- ---------- ---------
Revenues:
Subscription $ 118,608 $ 87,583 $ 428,150 $ 302,923
License 6,961 7,579 31,779 40,518
Professional services
and other 6,906 7,432 29,478 31,480
-------- ------------ --------- --------
Total revenue 132,475 102,594 489,407 374,921
Cost of revenues:
Subscription(2) 30,907 20,899 112,914 74,146
Professional services
and other(2) 13,018 9,587 66,415 40,356
-------- ------------ --------- --------
Total cost of revenue 43,925 30,486 179,329 114,502
-------- ------------ --------- --------
Gross profit 88,550 72,108 310,078 260,419
Operating expenses:
Sales and marketing(2) 65,618 39,554 328,843 175,795
Research and
development(2) 36,896 15,675 156,812 55,289
General and
administrative(2) 33,442 16,671 143,951 59,847
-------- ------------ --------- --------
Total operating
expenses 135,956 71,900 629,606 290,931
-------- ------------ --------- --------
(Loss) income from
operations (47,406) 208 (319,528) (30,512)
Interest income, net 5,929 1,360 14,248 4,062
Other (expense) income,
net (1,765) 1,829 498 (1,065)
-------- ------------ --------- --------
(Loss) income before
income taxes (43,242) 3,397 (304,782) (27,515)
Provision for income
taxes 1,263 646 1,877 1,416
-------- ------------ --------- --------
Net (loss) income $(44,505) $ 2,751 $(306,659) $(28,931)
======== ============ ========= ========
Less: Net loss
attributable to
non-controlling
interests (13,056) -- (90,458) --
-------- ------------ --------- --------
Net (loss) income
attributable to
OneStream, Inc. $(31,449) $ 2,751 $(216,201) $(28,931)
======== ============ ========= ========
Net loss per share of
Class A and Class D
common stock--basic(1) $ (0.19) $ (1.23)
======== =========
Net loss per share of
Class A and Class D
common
stock--diluted(1) $ (0.19) $ (1.25)
======== =========
Weighted-average shares
of Class A and Class D
common stock
outstanding--basic(1) 165,844 163,469
======== =========
Weighted-average shares
of Class A and Class D
common stock
outstanding--diluted(1) 234,644 234,043
======== =========
(1) Represents net loss per share of Class A common stock and Class D common
stock and weighted-average shares of Class A common stock and Class D common
stock outstanding for the period following OneStream Inc.'s IPO and related
reorganization transactions.
(2) Includes equity-based compensation expense as follows:
Three Months Ended Year Ended December
December 31, 31,
--------------------- -------------------
2024 2023 2024 2023
------- ------------ -------- ---------
Cost of
subscription $ 958 $ -- $ 5,939 $ --
Cost of
professional
services and
other 2,985 -- 24,871 15
Sales and
marketing 19,228 356 135,215 3,938
Research and
development 14,421 105 77,926 518
General and
administrative 14,990 722 72,446 3,799
------ ----------- ------- --------
Total
equity-based
compensation $52,582 $ 1,183 $316,397 $ 8,270
====== =========== ======= ========
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
Three Months Ended Year Ended December
December 31, 31,
--------------------- ----------------------
2024 2023 2024 2023
---------- --------- ---------- ----------
Cash flows from
operating
activities:
Net (loss) income $ (44,505) $ 2,751 $(306,659) $ (28,931)
Adjustments to
reconcile net
(loss) income to
net cash provided
by operating
activities:
Depreciation and
amortization 1,069 657 3,655 2,887
Noncash operating
lease expense 605 764 2,908 2,433
Amortization of
deferred
commissions 5,234 4,316 20,440 16,977
Equity-based
compensation 52,582 1,183 316,397 8,270
Other noncash
operating
activities, net 422 69 (980) 3,249
Changes in
operating assets
and
liabilities:
Accounts
receivable,
net (14,328) (3,169) (13,361) (11,668)
Deferred
commissions (8,485) (10,673) (27,095) (26,381)
Prepaid
expenses and
other assets (7,882) (3,564) (9,277) (9,971)
Accounts
payable 826 (5,285) 16,546 (11,644)
Deferred
revenue 33,850 32,935 61,199 66,233
Accrued and
other
liabilities 5,750 6,811 (2,621) 9,811
--------- -------- --------- ---------
Net cash
provided by
operating
activities 25,138 26,795 61,152 21,265
--------- -------- --------- ---------
Cash flows from
investing
activities:
Purchases of
property and
equipment (441) (222) (2,618) (2,589)
Acquisition of
business, net of
cash acquired -- -- (7,594) --
Sales of marketable
securities -- -- -- 87,339
--------- -------- --------- ---------
Net cash
(used in)
provided by
investing
activities (441) (222) (10,212) 84,750
--------- -------- --------- ---------
Cash flows from
financing
activities:
Proceeds from
initial public
offering, net of
underwriting
discounts and
commissions -- -- 409,598 --
Repurchases of LLC
Units (206,709) -- (263,372) --
Payments of
deferred offering
costs (494) -- (5,437) --
Proceeds from
Secondary
Offering 206,709 -- 206,709 --
Proceeds from
option exercises 25,014 -- 28,955 247
Payments of
deferred financing
costs -- $(546.SI)$ -- (546)
Repayments of
borrowings on
revolving credit
facility -- -- -- (3,500)
Principal payments
on finance lease
obligation -- -- -- (46)
--------- -------- --------- ---------
Net cash
provided by
(used in)
financing
activities 24,520 (546) 376,453 (3,845)
--------- -------- --------- ---------
Effect of exchange
rate changes on
cash and cash
equivalents (501) 324 (306) 230
--------- -------- --------- ---------
Net increase in cash
and cash
equivalents 48,716 26,351 427,087 102,400
Cash and cash
equivalents -
Beginning of
period 495,458 90,736 117,087 14,687
--------- -------- --------- ---------
Cash and cash
equivalents - End
of period $ 544,174 $ 117,087 $ 544,174 $ 117,087
(MORE TO FOLLOW) Dow Jones Newswires
February 11, 2025 16:05 ET (21:05 GMT)
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