Q3 2024 OneStream Inc Earnings Call Transcript
Key Points
- OneStream Inc (OS) reported a 39% year-over-year growth in subscription revenue for the third quarter.
- The company achieved positive free cash flow and has generated over $60 million in free cash flow over the past four quarters.
- OneStream Inc (OS) added 52 new customers this quarter, bringing the total customer count to over 1,500.
- The company introduced 15 new innovations this year, including AI-Powered Anomaly Detection and expanded Solutions Exchange offerings.
- OneStream Inc (OS) is seeing strong demand from government agencies, securing significant deals with organizations like the Defense Logistics Agency.
- License revenue decreased to $12 million in Q3 from $19 million last year.
- Professional services revenue was lower than expected due to the strategic transition of implementations to partners.
- The company reported a non-GAAP operating margin of only 4% for the quarter.
- Equity-based compensation expense was high, with a one-time charge of $204 million recognized in connection with the IPO.
- There is ongoing competition from legacy solutions like SAP and Oracle, which are tough to dislodge in cloud migration waves.
Good day and Welcome to OneStream's third quarter 2024 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Annie Leschin, VP, Investor Relations and Strategic Finance. Please go ahead.
Thank you, operator. Good afternoon, everyone. Welcome to OneStream's third quarter 2024 earnings conference call. Joining me on the call today are our Co-Founder and CEO, Tom Shea; and our CFO, Bill Koefoed. The press release announcing our third quarter results issued earlier today is posted on our Investor Relations website at investor.onestream.com, along with an earnings highlights presentation.
Now let me remind everyone that some of the statements on today's call are forward looking, including statements related to guidance for the fourth quarter and year ending December 31, 2024. Forward-looking statements are subject to known and unknown risks, uncertainties
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