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OneSpan Inc. (OSPN) Q1 2019 revenue call Transcript

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OneSpan Inc. (NASDAQ:OSPN)Q1 2019 earnings CallMay. 07, 2019, four:30 p.m. ET

  • organized Remarks
  • Questions and solutions
  • call members
  • organized Remarks:


    respectable day, women and gentlemen. here's your convention operator. at the present, i need to welcome everyone to the OneSpan first-quarter 2019 salary conference name. [Operator instructions] thanks.

    i'd now like to flip the name over to Joe Maxa, director of investor members of the family. You may additionally begin your conference.

    Joe Maxa -- Director of Investor relations

    thank you, Laurie. hiya, everyone, and thank you for becoming a member of the OneSpan first-quarter 2019 salary conference name. My name is Joe Maxa and that i am the director of investor relations. This call is being broadcast over the cyber web and might be accessed on the Investor relations component to OneSpan's site at investors.onespan.com.

    With me on the call nowadays and speakme first can be Scott Clements, their -- OneSpan's chief government officer. also on the call is Mark Hoyt, their chief fiscal officer. This afternoon after market closed, OneSpan issued an announcement asserting outcomes for their first-quarter 2019. To entry a duplicate of the press liberate and other information, please visit their web page.

    Following their prepared comments today, they are able to open the demand questions. Please be aware that statements made all over this convention name that relate to future plans, movements or efficiency together with the information for full-year 2019, are forward looking statements. we've tried to identify these statements through the use of words akin to believes, anticipates, plans, expects, tasks and an identical words and these statements contain hazards and uncertainties and are in response to existing expectations. because of this, actual outcomes might range materially from the expectations expressed in these forward-looking observation.

    I direct your consideration to latest press liberate and the business's filing with the us Securities and trade commission for a discussion of such risks and uncertainties during this regard. assistance concerning the names of OneSpan's administrators, director nominees and executive officers is decided forth in OneSpan's proxy remark for 2019 annual assembly of shareholders to be held on June 12, 2019 as filed with the USA Securities and change commission on April 26, 2019. Please notice that certain fiscal measures that can be discussed on the name are expressed on a non-GAAP groundwork and have been adjusted from a connected GAAP fiscal measure. they have supplied an explanation and reconciliations of those non-GAAP financial measures to probably the most directly comparable GAAP monetary measures in the income press unlock.

    in addition, be aware that the date of this conference call is can also 7, 2019. Any ahead-searching statements and linked assumptions are made as of this date. apart from as expressly required by way of the federal securities laws, they undertake no obligation to replace these statements as a result of this new information for future pursuits or for another motive. at present, i'll flip the call over to Scott.

    Scott Clements -- Chief executive Officer

    Thanks so very tons, Joe. good afternoon, all and sundry. i'm completely happy to have the ability to communicate with all of you today. First-quarter revenue for their company met their universal plan of 5% increase with hardware starting to be at a robust 39%.

    European monetary associations concentrated their investments on hardware with a view to deliver effective authentication to their full consumer base with the aid of the September deadline for compliance with charge features Directive 2 or PSD2. Hardware orders within the quarter have been more than double the same length of 2018 and they now expect hardware income to develop modestly for the complete yr. As they anticipated, software license revenue declined within the first quarter of 2019 after an incredibly mighty first quarter of 2018 and because the North American e-signature enterprise shifts faraway from software licenses towards subscriptions. cellular security suite first-quarter income declined 12 months over year after a list first quarter of 2018.

    mobile protection suite license income varies from quarter to quarter and first-quarter 2019 consequences have been within the commonplace latitude of quarter-to-quarter model. They expect cell safety software license revenue to come to double-digit increase over the steadiness of 2019, in keeping with a powerful opportunity pipeline. Subscription profits grew seventy seven% in the first quarter, driven by using OneSpan sign and Dealflo. OneSpan's total ordinary earnings along with subscription and renovation grew 36% 12 months over year and accounted for a record 31% of total earnings in the quarter, up from 24% in the first quarter of closing yr.

    The larger than style line mix of hardware income suppressed their gross margin and profitability within the first quarter and they are going to proceed to affect margins within the second quarter though on a materially better level, complete income level. They predict profitability to improve over the direction of 2019 on higher revenues and increasing salary contribution from utility and services. i would want to take a second to talk a bit bit greater about PSD2 and the broader regulatory atmosphere's have an effect on on their company. First PSD2 requires multi-component client authentication to access price accounts and dynamic transaction facts-specific authentication to make online payments in each client and industrial banking.

    consequently, banks are upgrading all their non-compliant authentication strategies, in addition to presenting authentication to up to now unprotected customers. The brief timeline to the compliance date in September, drove high demand for hardware authenticators in Q1. 2d, PSD2 requires the application of transaction-based risk evaluation as offered by way of their new risk analytics offering that changed into officially launched in the first quarter. The possibility analytics answer uses computing device learning to support financial institutions evaluate transaction and client risk and real-time, to be able to assist step-up authentication use cases and reply to evolving attack vectors enhanced than older static rules-based mostly procedures.

    A risk analytics solution also helps organizations agree to GDPR necessities for protecting the very own statistics and privateness of eu citizens. Third, PSD2 requires mobile applications to be blanketed against cloning and to operate inside a comfortable execution ambiance as supported by their mobile safety suite. They predict this requirement to effect in high quality affects on their cellular security revenue in 2019 and ahead. ultimately, there's a growing global vogue to raise protections for buyers and assist digital commerce, which has influenced and continues to shape regulatory developments in North america, Asia, Latin america and other areas in techniques which are advantageous for their business.

    for example, the Hong Kong monetary Authority is asking for id verification and biometric authentication for digital account opening, in addition to adopting a possibility-based strategy to client due diligence. In Mexico, regulators are moving to require that banks prove the authentication of transactions or face talents liability for fraud losses. And in Singapore, the fiscal Authority has provided counsel that is most suitable convinced with real-time fraud monitoring the usage of risk evaluation. These are examples of the place they agree with their emerging solutions are a fine match for the regulatory requirements.

    The self belief their valued clientele have in us to aid them meet complicated regulatory requirements demonstrates their deep and lasting relationships, a good way to benefit the growth of their cellular and cloud software and service offerings in the coming years. The lengthy-time period drivers of demand for their trusted id solutions continue to be intact. These encompass the evolving threat environment, increasing use of cell devices, new rules that inspire digital commerce and give protection to patrons, and aggressive competitors amongst digital economic carrier providers. This fight for banking consumers is being waged in response to the quality of the user event, which calls for that monetary institutions deliver low or no friction transparent protection, like the form delivered by means of their clever adaptive authentication and risk analytics choices, so one can quickly be joined via their inventive secure contract automation and superior e-signature capabilities.

    Our at ease agreement automation providing combines id verification, e-signature and safety capabilities into an integrated answer designed to reduce costly false positives and purchaser abandonment rates that frequently are in excess of sixty five%. The client event has also more desirable via transparently addressing regulatory and security necessities. This solution builds on the technologies that they bought and OneSpan's Dealflo transaction in 2018. we've a growing to be number of TID construction and pilot deployments and an expanding pipeline of world alternatives, in step with their expectations for 2019.

    i could now turn the call over to Mark to deliver some financial particulars concerning the quarter, after which i'll come lower back to give a few additional feedback and advice before they open the call to questions. Mark?

    Mark Hoy -- Chief economic Officer

    thanks, Scott. complete salary for the primary quarter of 2019 grew 5% year over yr to $47.6 million. Product and license earnings declined 5% to $31.9 million and capabilities and other revenue grew 32% to $15.7 million. As discussed previously, hardware revenue grew a powerful 39% yr over 12 months, primarily pushed with the aid of European consumers.

    Subscription earnings grew seventy seven% year over year. OneSpan signal grew in extra of 20% and Dealflo extended sequentially in accordance with their expectatons. application license income declined fifty three% year over year. As they discussed in their prior calls, their North American e-signature valued clientele at the moment are essentially deploying options within the cloud through a ordinary earnings model.

    This shift from on-premise license resulted in an anticipated year-over-yr decline in new license salary in the quarter. They also saw a decline in their cellular security application license earnings, as Scott mentioned past. upkeep, support and other profits increased 21% to $9.7 million. skilled capabilities profits declined sixteen% to $800,000.

    moving to gross margin. For the first quarter of 2019, they had 66% gross margin, in comparison to 65% within the fourth quarter of remaining yr and 76% in the first quarter of 2018. The year-over-12 months decline in gross margin percentage turned into primarily because of decrease utility license revenue and the boost in cloud-primarily based infrastructure charge regarding their new solutions that they discussed closing quarter. working charges for the first quarter of 2019 have been $37 million, an increase of 12% from $33 million mentioned in Q1 of ultimate yr.

    The year-over-12 months enhance was largely pushed by investments in R&D and the acquisition of Dealflo. They predict the boom price of operating charges to average over the stability of the yr, well under the expense of earnings boom. Adjusted EBITDA or adjusted income before interest, taxes, depreciation, amortization, lengthy-time period incentive compensation and non-ordinary items, turned into terrible $2.2 million, $eight.3 million lower than the first quarter of 2018. Adjusted EBITDA margin become bad 5%, in comparison to a favorable 13% within the first quarter of 2018 with the change, basically driven via decrease license revenue.

    GAAP loss per share became $0.14 in the first quarter of 2019, in comparison to revenue per share of $0.04 within the first quarter of 2018. Non-GAAP loss per share, which excludes long-time period incentive comp, amortization, non-routine gadgets and the influence of tax alterations, turned into $0.07 for the primary quarter of 2019, compared to non-GAAP earnings of $0.12 per share in the first quarter of final yr. Geographically, their profits combine for the primary quarter blanketed 54% from EMEA, 27% from the Americas and 19% from Asia-Pac area. This compares to the forty%, 35% and 25% in the identical regions last Q1 respectively.

    relocating to the steadiness sheet. we've a admitted a new ERP device during the quarter, which had a short-time period effect on their accounts receivable and money owed payable balances. They do expect these balances to style toward common ranges in Q2. They ended the quarter with $95 million in money, cash equivalents and short-time period investments, in comparison to $99 million at the conclusion of 2018 and $166 million at the end of Q1 ultimate yr.

    The acquisition of Dealflo accounted for majority of the 12 months-over-12 months stability. Scott, the assembly is again to you.

    Scott Clements -- Chief govt Officer

    adequate. Thanks, Mark. just a few wrap-up objects here. in keeping with a fresh ISMG survey of a hundred and fifty banking executives from leading economic institutions, ninety three% said that enhancing the client event with new methods of authentication is considered one of their top spending priorities along with extended funding and adaptive authentication applied sciences, biometrics and computing device getting to know primarily based chance analytics.

    With their hardware bookings on to a powerful beginning in 2019, an excellent possibility pipeline for their utility and service solutions and the upcoming release of their e-signature -- i am sorry, a at ease settlement automation and qualified e-signature choices, they count on solid growth and lengthening profitability over the balance of 2019. As such, they verify their full-12 months 2019 revenue and adjusted EBITDA information with revenue expected to be in the latitude of $229 million to $237 million and adjusted EBITDA anticipated to be within the range of $22 million to $27 million. earlier than I open the call to questions, I are looking to highlight an announcement that they made these days of two new nominations to their board of administrators, Marc Boroditsky is the senior vp of income at Twilio and formerly president and CEO at Authy pior to its acquisition via Twilio. He had gigantic business and product event in cloud and cybersecurity technologies.

    additionally being nominated is Dr. Marc Zenner who's a former managing director and a worldwide co-head of corporate finance advisory at JP Morgan. He has extensive investment banking and capital markets event together with a extraordinary tutorial historical past at the university of Carolina Chapel Hill, Kenan-Flagler their enterprise school. both candidates carry a wealth of adventure that complements the strengths of their present board contributors and they are expecting them to make important contributions to their company approach to their capital allocation policy and to their acquisition software.

    With that, Mark and that i may be satisfied to take your questions at the present.

    Questions & answers:


    [Operator instructions] we've a question from the road of Catharine Trebnick from Dougherty. Please ask your question.

    Catharine Trebnick -- Dougherty and company -- Analyst

    hi. Thanks for taking my query. Mine has to do with this persistent headwind your -- that you just used to have with the license income down fifty three% year over 12 months and subscription up, which is high-quality 40 -- 77% year over 12 months. How lengthy do you believe this headwind should be around? And every other details that you would be able to give us round that? thanks.

    Scott Clements -- Chief govt Officer

    sure. sure, Catharine. How are you? best to hear from you. Yeah, they started in fact speaking about this in fact in the third quarter last 12 months that they we were anticipating for a few quarters this headwind on license to exist pushed truly by using the shift it's taking region in their e-signature product line.

    And they reminded about, I believe from a suggested fourth quarter and of course it really is now here within the first quarter. and that's the reason in fact related to a really, very powerful set of license orders, three very significant tasks that booked in the first quarter of 2018. the primary quarter of 2019 which they just completed, is in fact the ultimate quarter of that class of a headwind. I suppose they now have a little license profits or they had a little little bit of license earnings for e-signature in the 2nd quarter of '19 -- but at '18, but it's tons lessen than it became in the first quarter.

    So Q1 is really the closing quarter where we'd predict to see that.

    Catharine Trebnick -- Dougherty and enterprise -- Analyst

    All appropriate. Thanks. and then the different question is, you have a couple of new products that you simply're launching. So how long do you think it'll take you to generate from advertising to earnings to generate revenue for one of the most new launches? Is that a six-month, nine-month classification of system, 365 days?

    Scott Clements -- Chief executive Officer

    Yeah. As you be aware of I feel in massive institutions, the buying cycles and the implementation cycles can also be quite lengthy. These options are being delivered over a duration of time. They basically first launched the adaptive authentication solution in the third quarter of closing year.

    We do actually already have some valued clientele and deployments are deployed in production on that product. we've a number of others who're within the pilot part for that product. The identical will also be talked about for the possibility analytics offering. they now have a few consumers who're in the pilot section on that.

    after which in both of those, they now have decent probability pipelines and client engagements which are occurring truly in each location of the area. the new products which are in fact simply coming out in danger analytics became within the first quarter and the contract Automation popping out here within the second quarter, as well as some new certified digital signature capabilities for e-signature. those two, I believe would truly circulation ahead probably more right away than the first two. Their intention and their goal has been and is still for 2019 that we'll have salary from these new items in 2019.

    we have set modest expectations for that earnings. we've -- they continue to peer increase in a few of their current business areas, but they do -- they do desire and they do predict to see income contribution in 2019 from these new products and they expect that to accelerate that in 2020 as they engage with increasingly greater valued clientele for these new products and as they convey stronger models and new elements for these items.

    Catharine Trebnick -- Dougherty and enterprise -- Analyst

    All appropriate. thank you.

    Scott Clements -- Chief government Officer

    bound thing.


    Your next question comes from the line of Anja Soderstrom from Sidoti & Co. Your line is now open.

    Anja Soderstrom -- Sidoti and enterprise -- Analyst

    hi,H guys. are you able to hear me?

    Scott Clements -- Chief govt Officer

    we can.

    Anja Soderstrom -- Sidoti and business -- Analyst

    hello. So simply desired to comply with up with a -- Christina's question concerning the software headwinds. simply to verify that those are form of left behind now within the first quarter and they mustn't see an awful lot more of that going forward.

    Scott Clements -- Chief government Officer

    Yeah, I suppose it's correct. They had -- if they go lower back and they seem on the first quarter of '18, it turned into extraordinarily powerful as i discussed for OneSpan signal. It became also basically a extremely, very powerful quarter for the cell safety suite. It became simply the highest quarter of 2018 in terms of cell safety suite earnings.

    So they do are expecting definitely greater favorable comparisons if they do it into Q2 and forward. And so they do consider that the majority of it truly is in the back of us and they should still beginning to peer license -- more advantageous license performance in Q2, Q3, this autumn.

    Anja Soderstrom -- Sidoti and company -- Analyst

    adequate. thank you. I simply wanted to have that clarified. and then, as they speak concerning the hardware items that came in a little bit larger I wager.

    become that a surprise to you or had you expected this with this new rules coming or -- and it appears like it be going to be a bit bit expanded continuing as you have been anticipating a modest increase in for the total yr instead of a moderate decline. So how should they believe about that?

    Scott Clements -- Chief government Officer

    yes. So I believe first of all, let me just say that the the long-term view that they now have of the hardware company declining modestly over time, remains the case. That is still their planning assumption. I believe they did predict to see colossal opportunity PSD2 pushed hardware chance this 12 months.

    I believe the amount of that that hit in the first quarter was doubtless more than they expected. i believed it could be a little more unfolded over -- definitely over the primary couple of quarters in terms of the order patterns, however I feel that loads of institutions are in reality regarding -- so far as authentication is involved, they are related to the September cut-off date as a good looking complicated time limit and that they want to meet that. They in fact weren't certain whether they might deal with it frankly, as a tough time limit or a little bit of a softer cut-off date that they may be perhaps a little bit previous deadline to become compliant. In any experience a lot of associations in reality appeared to have determined that it's a tough closing date that they are looking to meet.

    And so if you type of seemed at the timeline between when an order of the hardware happens, the time it takes for us to fabricate it, ship it, get it in the stock, deploy it to the financial institution's shoppers and all of that that kind of pushes you into the summertime, fairly getting -- pretty near the September length. So I consider it turned into loads of associations just basically felt like they with a purpose to get this executed in time that Q1 was the time to get the orders at. So they do are expecting to see on a profits base, a very effective 2d quarter for hardware in addition to they did in reality might be enhanced income within the 2nd quarter than they even noticed within the first quarter. but then as they go into the third quarter and the fourth quarter, they do expect that to birth to taper off and we'll probably be again as they look into the 2d half of the 12 months toward greater of the longer-time period fashion line of decline in the hardware enterprise.

    i'd say one further ingredient I want to factor you here on the -- possibly the medium term is that, they are additionally coming to the conclusion of lifestyles duration for hardware contraptions that they offered in years 2013, '14 and '15. a few of you who had been round a little longer will be aware these years as fairly first rate years from a hardware point of view. And so all of that hardware, these things frequently have a 5-yr or six-yr battery existence and so we're entering into that length the place they comprehend that their customers -- we're already talking to their shoppers about replacements for those contraptions that they bought 5 years, six years ago. So I suppose when they -- as they go into 2020 and forward, they will delivery to see some advantage from that and that i believe that is why they believe so that you can type of average perhaps the tempo of decline in the hardware and the hardware business to whatever it truly is like what we've -- not projecting and speakme about for a very long time.

    on the other hand, I feel hardware probably will be up a bit bit this yr after which likely start to decline once again at a more gradual cost in 2020. but they should be smarter about that I believe once they get into the 2d half of this yr.

    Anja Soderstrom -- Sidoti and business -- Analyst

    so you suppose these reorders are going to ensue this 12 months then and not the subsequent year?

    Scott Clements -- Chief government Officer

    No, I believe the reorders for for the devices from a number of years in the past, those truly may not birth in earnest except subsequent yr and in 2021. So I do not consider the...

    Anja Soderstrom -- Sidoti and enterprise -- Analyst

    however you nevertheless consider hardware is going to be down next year however you see this reorders may well be coming in?

    Scott Clements -- Chief govt Officer

    it truly is their choicest bet at the moment, as a result of these will -- there isn't any time limit, particular deadline for that sort of replacement like there is for PSD2. So we'd are expecting that to [Inaudible] slowly over time.

    Anja Soderstrom -- Sidoti and business -- Analyst

    ok. thank you and that is the reason all in favour of me. thanks.

    Scott Clements -- Chief government Officer

    Thanks, Anja.


    Your next query comes from the road of Matthew Galinko from national Securities. Please ask your query.

    Matthew Galinko -- country wide Securities -- Analyst

    whats up, first rate afternoon. Thanks for taking a few questions from me. possibly the primary being just -- I guess a follow-as much as that conversation across the reorders. It was relatively interesting 2015.

    become there the rest in form of the prior deployment cycle that accelerated the refresh or is there some thing distinctive about what -- the way you're brooding about 2020, 2021 that might trigger a unique pace of refresh than you noticed?

    Mark Hoy -- Chief monetary Officer

    smartly, I wasn't around returned then, so i may do my gold standard. ok? I do not know precisely what the sample turned into back in 2013 and '14, but these instruments, of course, don't seem to be all going to run a battery fail on the same time, correct. they will they'll ensue over time. Some customers will make a choice that they want to simply do a -- proactively do a replacement of the current tokens which are with their clients.

    So I believe some japanese banks for instance, are more likely to do that. Some others will take a view that they'll maybe exchange extra regularly as instruments, as the battery went out and different devices. So they do not know exactly what that pattern goes to appear to be, but i'm speaking concerning the reorders concerning anything that happened really over a 3-12 months length. So I don't -- i would no longer necessarily expect that to happen, to repeat in kind of a two-yr duration.

    I believe it will doubtless play out probably it's a similar timeline. The other element that I think to be aware here is that some proportion of those hardware tokens will get replaced with the aid of cellular safety tokens in cellular security suite over that time. I don't -- I think it will nonetheless -- the substitute of these hardware gadgets will -- a majority of them will be replaced by means of new hardware devices. but some element of with the intention to shift doubtless to cell safety suite.

    So they do need to maintain that in intellect as smartly.

    Matthew Galinko -- national Securities -- Analyst

    received it. thanks. after which probably simply an accounting question on the license decline in the cell protection business, if that -- in case you had diagnosed the quarter below 605, are you able to say or do you have a sense of whether that would have been a better number on the license line than what was pronounced beneath 606?

    Mark Hoy -- Chief economic Officer

    Yeah, here is Mark. thank you for dusting off 605. i assumed they buried it in this autumn of remaining year. but you're asking if the MSS license profits that they saw in Q1, what would that have been -- what would that appear to be below 605 versus 606?

    Matthew Galinko -- national Securities -- Analyst

    proper, yep.

    Mark Hoy -- Chief financial Officer

    Yeah. So we're on an apples-to-apples groundwork beneath 606 or 606. so as they examine these two, i'd want to use the same metrics for both. So it will not have impacted the -- it do not have impacted the delta between both years.

    Scott Clements -- Chief executive Officer

    Between between 2017 and 2018, 606 changed into fantastic with this license income. So the primary quarter changed into, I do not be aware how plenty, nonetheless it was helped to a few diploma Q1 2018. It became held to a couple degree via the trade to 606. however as Mark said, now evaluating Q1 '19 to Q1 '18, it is going to be apples-to-apples.

    Matthew Galinko -- country wide Securities -- Analyst

    ok. Yeah, I don't think we'll ever forget 605 even though. however ok, smartly you comprehend what i may leave it there. Thanks for the -- thanks for the clarification.

    Scott Clements -- Chief executive Officer

    certain thing, Matt.

    Mark Hoy -- Chief monetary Officer

    Thanks, Matt.


    we now have a observe-up query from the road of Anja Soderstrom from Sidoti & Co. Your line is now open.

    Anja Soderstrom -- Sidoti and business -- Analyst

    yes, hello. I simply had a query concerning your counsel, on account that you're conserving it for the whole yr notwithstanding it got here in a bit bit softer for -- in terms of margins for this quarter and the earnings turned into form of I guess, in line. How should still they suppose concerning the rest of the 12 months in terms of the counsel and margins and the hardware affecting the margins or is the utility going to are available more suitable and make up for that or?

    Scott Clements -- Chief executive Officer

    Yeah. i'll take a crack at it, and perhaps Mark could have some extra comments. i would feel about it this way. When after they constructed the plan, they developed the plan, and that plan I believe had a income quantity for the first quarter pretty much precisely equal to the one that they delivered.

    It did assume a decrease mixture of hardware, higher mix of utility and that. So I think that the margins within the quarter coming in a bit bit reduce than they would have expected. nonetheless, when they seemed on the full 12 months, what they see occurring is that the manner that they had laid out the plan, they expected hardware to perhaps be a bit enhanced in the latter part of the yr and less so on the first half. they have actually now shifted hardware forward in the 12 months.

    So -- and that has a poor affect in the first quarter, however truly has a good influence once they start to look at Q3 and this autumn when it involves the gross margin fee of the company. So I think they predict to see hardware salary average as I described a little bit earlier as they go in the course of the 12 months, smartly into the 2d half in fact if this Q2 will nevertheless be powerful. however they do expect the utility and services part of the company to develop quite properly over Q2, Q3 and this fall. So they can see an better mix and higher margins certainly in the 2d half, probably in Q2 we'll see, counting on or in line with this boom that software and features and a moderation when it comes to hardware profits.

    Anja Soderstrom -- Sidoti and company -- Analyst

    adequate. exceptional. thank you. That was constructive.

    Scott Clements -- Chief government Officer



    [Operator instructions] There are not any further questions at this time. audio system, you may additionally continue.

    Scott Clements -- Chief executive Officer

    good enough. neatly thank you very tons everyone for becoming a member of us today. thanks for your questions. i do know they will be speakme to lots of you over the arriving days and that i seem to be forward to taking your questions and speaking greater about OneSpan.

    Thanks once more. I desire you all a pretty good afternoon and night.


    [Operator signoff]

    length: 35 minutes

    call members:

    Joe Maxa -- Director of Investor family members

    Scott Clements -- Chief govt Officer

    Mark Hoy -- Chief monetary Officer

    Catharine Trebnick -- Dougherty and business -- Analyst

    Anja Soderstrom -- Sidoti and enterprise -- Analyst

    Matthew Galinko -- national Securities -- Analyst

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