Exceeds Fourth Quarter and Full Year Financial
Expectations; Introduces 2022 Full Year Guidance
Further Expands International Footprint with
Acquisition of Order2Cash
- Fourth quarter and full year software and payments segment
revenue up 25% and 28%, respectively
- Fourth quarter gross margin, excluding depreciation &
amortization, up 380 bps; adjusted gross margin up 290 bps
BTRS Holdings Inc. ("Billtrust" or "the Company") (NASDAQ:
BTRS), a B2B accounts receivable automation and integrated payments
leader, today announced financial results for its fourth quarter
ended December 31, 2021.
"We had an amazing quarter to finish the year with great
execution across the business, as evidenced by our strong 25.1%
year-over-year software and payments segment revenue growth in the
fourth fiscal quarter—and 28.0% for full year 2021," said Flint
Lane, Founder and CEO of Billtrust. “With secular AR digitization
trends firmly intact, our core software and payments segment again
outperformed and our integrated payments capabilities are driving
improved transaction economics across our platform.”
Financial Highlights for the Fourth Quarter Ended December
31, 2021, as Compared to the Same Period in 2020
GAAP Metrics
- Total revenue increased 10.9% year-over-year to $42.9 million
compared to $38.7 million for the same period in 2020.
- Software and payments segment revenue increased 25.1%
year-over-year to $27.6 million, compared to $22.1 million for the
same period in 2020.
- Gross profit, excluding depreciation and amortization,
increased 18.5% year-over-year to $25.1 million, compared to $21.2
million for the same period in 2020.
- Gross margin excluding depreciation and amortization expanded
by 380 basis points to 58.5% compared to 54.7% for the same period
in 2020, driven by improved operating leverage and an increasing
mix of software and payments segment revenue.
- Net loss was $16.5 million, compared to a net loss of $4.3
million for the same period in 2020.
Non-GAAP and Key Operating Metrics
- Total Payment Volume (“TPV”), the dollar value of customer
payment transactions that Billtrust processes on its platform
during a particular period, increased by 45% year-over-year to
$22.9 billion, up from $15.7 billion for the same period in
2020.
- Net revenue increased 15.4% year-over-year to $34.1 million, up
from $29.6 million for the same period in 2020.
- Adjusted gross profit increased 20.0% year-over-year to $25.5
million compared to $21.3 million for the same period in 2020.
- Adjusted gross margin expanded by 290 basis points to 74.7%
compared to 71.8% for the same period in 2020.
- Adjusted EBITDA was $(7.0) million, compared to positive $0.2
million for the same period in 2020, due to higher operating
expenses from increased investments in sales, marketing, research
and development, and increased public company costs.
Financial Highlights for the Full Year Ended December 31,
2021, as Compared to the Same Period in 2020
GAAP Metrics
- Total revenue increased 14.2% year-over-year to $166.4 million
compared to $145.7 million in 2020.
- Software and payments segment revenue increased 28.0%
year-over-year to $103.9 million compared to $81.2 million in
2020.
- Gross profit, excluding depreciation and amortization,
increased 24.3% year-over-year to $94.5 million compared to $76.0
million in 2020.
- Gross margin excluding depreciation and amortization expanded
by 460 basis points to 56.8% compared to 52.2% in 2020, driven by
improved operating leverage and an increasing mix of software and
payments segment revenue.
- Net loss was $61.2 million, compared to $17.0 million in 2020,
due to higher operating expenses, which includes a $21.6 million
increase in stock-based compensation expense.
Non-GAAP and Key Operating Metrics
- TPV increased by 42% year-over-year to $77.7 billion, up from
$54.7 billion in 2020.
- Net revenue increased 21.2% year-over-year to $131.6 million,
up from $108.6 million in 2020.
- Adjusted gross profit increased 26.1% year-over-year to $96.2
million, compared to $76.3 million in 2020.
- Adjusted gross margin expanded by 280 basis points to 73.1%
compared to 70.3% in 2020.
- Adjusted EBITDA was $(13.7) million, compared to $(2.2) million
in 2020, due to higher operating expenses from increased
investments in sales, marketing, research and development, and
increased public company costs in 2021.
Recent Business Highlights
- Committed our capital towards international expansion via the
acquisition of two complementary European businesses: iController
(closed October 2021) and Order2Cash (closed February 2022).
- Card payments were a key contributor to Q4's financial
outperformance: Direct Card Revenue (DCR) from card payments on our
electronic payments processing platforms grew 64% year-over-year in
Q421.
- Business Payments Network (BPN) growth remained strong in Q4
(BPN TPV +99% year-over-year). We continue to expand participation
on both sides of the network, as evidenced by our recent
announcement that Coupa has joined BPN as a payment provider and
referral partner.
Full Year 2022 Outlook
Billtrust is providing the following financial guidance for the
full year 2022:
- Total revenue in a range between $195 million and $207 million,
including reimbursable costs revenue of $30 million to $36
million.
- Net revenue between $165 million and $171 million, which at the
midpoint of $168 million represents annual growth of approximately
28%.
- Software and Payments segment revenue between $133 million and
$139 million, which at the midpoint of $136 million represents
annual growth of approximately 31%.
- Adjusted gross profit between $121 million to $126 million,
which at the midpoint of $123.5 million represents annual growth of
28%.
- Adjusted gross margin between 73.2% to 73.8%, which at the
midpoint of 73.5% represents annual expansion of 40 bps.
- Adjusted EBITDA between $(14) million to $(16) million, which
at the midpoint of ($15 million) represents (9%) adjusted EBITDA
margin, or a year over margin expansion of 150 bps.
Net revenue, adjusted gross profit, adjusted gross margin,
adjusted EBITDA, adjusted EBITDA margin and direct card revenue are
non-GAAP measures. An explanation of these measures and how they
are calculated can be found under the heading “Non-GAAP Financial
Measures” in the Company's most recently filed the prospectus/offer
to exchange dated December 16, 2021 or in the attached
reconciliations. Reconciliations of these historical non-GAAP
measures to the most directly comparable historical financial
measures prepared in accordance with generally accepted accounting
principles in the United States ("U.S. GAAP") are included in the
tables at the end of this press release. With respect to the
Company's expectations under "Full Year 2022 Outlook" above,
reconciliation of net revenue, adjusted gross profit, adjusted
gross margin, adjusted EBITDA and adjusted EBITDA margin to the
comparable U.S. GAAP measure, or non-GAAP adjusted EBITDA to net
loss and comprehensive loss is not available without unreasonable
efforts on a forward-looking basis due to the high variability,
complexity and low visibility with respect to certain items
excluded from these measures, such as charges related to
stock-based compensation expenses, the change in fair value of
contingent consideration related to acquisitions and related tax
effects, including non-recurring income tax adjustments.
Conference Call
The Company will host a conference call to discuss fourth
quarter and full year 2021 financial results today at 4:30 pm ET.
Hosting the call will be Flint Lane, Founder and Chief Executive
Officer, and Mark Shifke, Chief Financial Officer. The conference
call will be available via webcast at investors.billtrust.com under
the heading “News & Events.” To participate via telephone,
please dial 877-407-3982 (toll free) or 201-493-6780
(international). A replay will be available approximately one hour
after the call and can be accessed on the investor relations
website or by dialing 844-512-2921 (toll free) or 412-317-6671
(international) using conference ID 13726326. The replay will be
available through Tuesday March 15, 2022.
About Billtrust
Billtrust (NASDAQ: BTRS) is a leading provider of cloud-based
software and integrated payment processing solutions that simplify
and automate B2B commerce. Accounts receivable is broken and relies
on conventional processes that are outdated, inefficient, manual,
and largely paper based. Billtrust is at the forefront of the
digital transformation of accounts receivable, providing
mission-critical solutions that span credit decisioning and
monitoring, online ordering, invoice delivery, payments and
remittance capture, cash application and collections. For more
information, visit Billtrust.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“estimate,” “plan,” “project,” “forecast,” “intend,” “will,”
“expect,” “anticipate,” “believe,” “seek,” “target,” “guidance,”
"outlook" or other similar expressions that predict or indicate
future events or trends or that are not statements of historical
matters. These forward-looking statements include, but are not
limited to, statements regarding Billtrust’s full year 2022
outlook. These statements are based on various assumptions, whether
or not identified in this press release, and on the current
expectations of Billtrust’s management and are not predictions of
actual performance. These forward-looking statements are provided
for illustrative purposes only and are not intended to serve as,
and must not be relied on by any investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and may differ from assumptions. Many actual
events and circumstances are beyond the control of Billtrust. These
forward-looking statements are subject to a number of risks and
uncertainties, including Billtrust’s ability to attract and retain
customers and expand customers’ use of Billtrust’s services;
market, financial, political and legal conditions; the impact of
the COVID-19 pandemic on Billtrust’s business and the global
economy; risks relating to the uncertainty of the projected
financial and operating information with respect to Billtrust;
risks related to future market adoption of Billtrust's offerings;
risks related to Billtrust's marketing and growth strategies; risks
related to expanding Billtrust's operations outside the United
States; risks related to Billtrust's ability to acquire or invest
in businesses, products, or technologies that may complement or
expand its products or platforms, enhance its technical
capabilities, or otherwise offer growth opportunities; the effects
of competition on Billtrust’s future business; and the risks
discussed in Billtrust’s filings with the Securities and Exchange
Commission (“SEC”), including in the “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” sections of Billtrust’s prospectus/offer to
exchange dated December 16, 2021, and other subsequent filings the
Company makes with the SEC from time to time, including its Annual
Report on Form 10-K for the year ended December 31, 2021. If any of
these risks materialize or any of Billtrust’s assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. There may be
additional risks that Billtrust presently does not know of or that
Billtrust currently believes are immaterial that could also cause
actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect Billtrust’s expectations, plans or forecasts of future
events and views as of the date of this press release. Billtrust
anticipates that subsequent events and developments will cause
Billtrust’s assessments to change. However, while Billtrust may
elect to update these forward-looking statements at some point in
the future, Billtrust specifically disclaims any obligation to do
so. These forward-looking statements should not be relied upon as
representing Billtrust’s assessments as of any date subsequent to
the date of this press release. Accordingly, undue reliance should
not be placed upon the forward-looking statements.
Non-GAAP Financial Measures
Some of the financial information contained in this press
release has not been prepared in accordance with U.S. GAAP. Such
financial information is identified as such within the press
release. Billtrust believes that the use of these non-GAAP
financial measures provides an additional tool for management and
investors to use in evaluating Billtrust’s actual and projected
financial condition and operating results and trends in and in
comparing Billtrust’s financial measures with other similar
companies, many of which present similar non-GAAP financial
measures to investors. Billtrust does not consider these non-GAAP
measures in isolation or as an alternative to financial measures
determined in accordance with U.S. GAAP. The principal limitation
of these non-GAAP financial measures is that they exclude
significant expenses and other amounts that are required by U.S.
GAAP to be recorded in Billtrust’s financial statements. In
addition, they are subject to inherent limitations as they reflect
the exercise of judgments by management about which expense and
other amounts are excluded or included in determining these
non-GAAP financial measures. In order to compensate for these
limitations, Billtrust presents non-GAAP financial measures in
connection with U.S. GAAP results.
- Net revenue is defined as total revenues, less reimbursable
costs revenue.
- Adjusted gross profit is defined as total revenues, less total
cost of revenues excluding depreciation and amortization, plus
stock-based compensation expense included in total cost of
revenues.
- Adjusted gross margin is defined as adjusted gross profit
divided by total revenues less reimbursable costs revenue or net
revenue.
- Adjusted EBITDA is defined as net loss, plus (1) income tax
expense (benefit), (2) the change in fair value of financial
instruments and other income (expense), including the change in the
fair value of liabilities (for earnout shares, warrants, contingent
consideration, or other items classified as liabilities), (3)
interest expense and loss on extinguishment of debt, (4)
depreciation and amortization, (5) stock-based compensation
expense, (6) restructuring and severance costs, (7) acquisition and
integration costs, and (8) other capital structure transaction
costs, minus (9) interest income.
- Adjusted EBITDA margin is defined as adjusted EBITDA divided by
total revenues less reimbursable costs revenue, or net revenue
(non-GAAP).
- Direct card revenue (DCR) is defined as variable transactional
revenue associated with card payments on our platforms and related
fees. Direct card revenue is a subset of software and payments
segment revenue.
- Software & Payments (ex-DCR) revenue is defined as total
software & payments segment revenues less direct card
revenues.
Consolidated Statements of
Operations
(Unaudited)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
Revenues:
(in thousands, except per
share amounts)
Subscription, transaction, and
services
$
34,134
$
29,591
$
131,574
$
108,569
Reimbursable costs
8,746
9,064
34,831
37,116
Total revenues
42,880
38,655
166,405
145,685
Cost of revenues:
Cost of subscription, transaction, and
services
9,062
8,431
37,043
32,531
Cost of reimbursable costs
8,746
9,064
34,831
37,116
Total cost of revenues, excluding
depreciation and amortization
17,808
17,495
71,874
69,647
Operating expenses:
Research and development
14,411
9,208
50,127
36,468
Sales and marketing
10,398
6,125
39,624
23,420
General and administrative
15,516
6,962
48,282
22,188
Depreciation and amortization
1,592
1,401
5,516
5,624
Total operating expenses
41,917
23,696
143,549
87,700
Loss from operations
(16,845
)
(2,536
)
(49,018
)
(11,662
)
Other income (expense):
Interest income
91
—
440
18
Interest expense and loss on
extinguishment of debt
(5
)
(1,256
)
(2,952
)
(4,661
)
Change in fair value of financial
instruments and other expense
40
(467
)
(9,783
)
(518
)
Total other income (expense)
126
(1,723
)
(12,295
)
(5,161
)
Loss before income taxes
(16,719
)
(4,259
)
(61,313
)
(16,823
)
Income tax expense (benefit)
(243
)
54
(113
)
204
Net loss
$
(16,476
)
$
(4,313
)
$
(61,200
)
$
(17,027
)
Net loss per common share, basic and
diluted
$
(0.10
)
$
(0.04
)
$
(0.39
)
$
(0.17
)
Weighted average common shares
outstanding, basic and diluted
159,245
99,948
155,066
100,023
Selected Segment
Information
(Unaudited)
Three Months Ended December
31,
Print
Software and Payments
All other
Consolidated
(in thousands)
2021
Revenues:
Subscription and transaction
$
4,090
$
27,600
$
—
$
31,690
Services and other
—
—
2,444
2,444
Subscription, transaction, and
services
4,090
27,600
2,444
34,134
Reimbursable costs
8,746
—
—
8,746
Total revenues
$
12,836
$
27,600
$
2,444
$
42,880
2020
Revenues:
Subscription and transaction
$
4,487
$
22,056
$
—
$
26,543
Services and other
—
—
3,048
3,048
Subscription, transaction, and
services
4,487
22,056
3,048
29,591
Reimbursable costs
9,064
—
—
9,064
Total revenues
$
13,551
$
22,056
$
3,048
$
38,655
Year Ended December
31,
Print
Software and Payments
All other
Consolidated
(in thousands)
2021
Revenues:
Subscription and transaction
$
17,444
$
103,877
$
—
$
121,321
Services and other
—
—
10,253
10,253
Subscription, transaction, and
services
17,444
103,877
10,253
131,574
Reimbursable costs
34,831
—
—
34,831
Total revenues
$
52,275
$
103,877
$
10,253
$
166,405
2020
Revenues:
Subscription and transaction
$
18,445
$
81,164
$
—
$
99,609
Services and other
—
—
8,960
8,960
Subscription, transaction, and
services
18,445
81,164
8,960
108,569
Reimbursable costs
37,116
—
—
37,116
Total revenues
$
55,561
$
81,164
$
8,960
$
145,685
Consolidated Statements of
Cash Flows
(Unaudited)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
(in thousands)
Cash flows from operating activities:
Net loss
$
(16,476
)
$
(4,313
)
$
(61,200
)
$
(17,027
)
Adjustments to reconcile net loss to net
cash from operating activities:
Depreciation and amortization
1,592
1,401
5,516
5,624
Provision for bad debts
110
20
204
61
Loss on extinguishment of debt and
amortization of debt discount
—
62
2,799
278
Reduction in carrying amount of operating
right-of-use assets
2,628
—
2,628
—
Stock-based compensation expense
5,705
1,076
26,151
3,063
Change in fair value of financial
instruments and other income
—
478
9,996
520
Deferred income taxes
(243
)
54
(137
)
196
Changes in assets and liabilities:
Accounts receivable
(3,871
)
(2,954
)
(10,420
)
(3,413
)
Prepaid expenses
1,281
825
(755
)
407
Deferred implementation, commissions, and
other costs
(1,130
)
(542
)
(903
)
(756
)
Other assets (current and non-current)
503
(3,789
)
1,399
(4,028
)
Accounts payable
230
(545
)
786
(1,656
)
Accrued expenses and other
2,087
6,290
12,315
11,962
Lease liabilities
(2,920
)
—
(2,920
)
—
Deferred revenue
10,518
5,756
5,805
4,688
Other liabilities (current and
non-current)
235
5
(824
)
(136
)
Net cash provided by (used in) operating
activities
249
3,824
(9,560
)
(217
)
Cash flows from investing activities:
Purchase of businesses
(56,833
)
—
(56,833
)
—
Purchases of marketable securities
(40
)
—
(45,117
)
—
Purchases of property and equipment
(63
)
(250
)
(1,633
)
(1,756
)
Net cash used in investing activities
(56,936
)
(250
)
(103,583
)
(1,756
)
Cash flows from financing activities:
Proceeds from borrowings, net of costs
—
13
—
49,554
Payments on borrowings
—
(113
)
(44,663
)
(34,921
)
Business Combination and PIPE
financing
—
—
349,638
—
Payments of equity issuance costs
—
—
(19,936
)
—
Debt extinguishment costs
—
—
(1,565
)
—
Payments of deferred purchase
consideration
—
524
—
—
Change in customer funds payable
3,253
(1,730
)
1,617
(202
)
Payments on capital lease obligations
(51
)
(58
)
(228
)
(261
)
Proceeds from common stock issued
1,091
1,008
6,742
1,308
Taxes paid on net share issuance of
stock-based compensation
(123
)
(524
)
(4,490
)
(524
)
Net cash provided by (used in) financing
activities
4,170
(880
)
287,115
14,954
Effect of exchange rate changes on cash,
cash equivalents, and restricted cash
(6
)
—
(6
)
—
Net increase (decrease) in cash, cash
equivalents, and restricted cash
(52,523
)
2,694
173,966
12,981
Cash, cash equivalents, and restricted
cash, beginning of period
265,332
36,149
38,843
25,862
Cash, cash equivalents, and restricted
cash, end of period
$
212,809
$
38,843
$
212,809
$
38,843
Summary of Cash, Cash
Equivalents, Restricted Cash, and
Marketable Securities
Balances
(Unaudited, in
thousands)
December 31,
2021
2020
Summary of cash, cash equivalents, and
restricted cash, end of period:
Cash and cash equivalents
$
187,672
$
14,642
Customer funds
22,541
20,924
Restricted cash (included in other current
assets)
2,596
3,277
Total cash, cash equivalents, and
restricted cash
$
212,809
$
38,843
Cash and cash equivalents
$
187,672
$
14,642
Marketable securities
45,117
—
Total cash, cash equivalents and
marketable securities
$
232,789
$
14,642
Reconciliation of GAAP to
Non-GAAP Financial Information
(Unaudited)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
(in thousands)
Total revenues
$
42,880
$
38,655
$
166,405
$
145,685
Less: Reimbursable costs revenue
8,746
9,064
34,831
37,116
Net revenue (non-GAAP)
$
34,134
$
29,591
$
131,574
$
108,569
Total revenues
$
42,880
$
38,655
$
166,405
$
145,685
Less: Cost of revenue, excluding
depreciation and amortization
17,808
17,495
71,874
69,647
Gross profit, excluding depreciation
and
25,072
21,160
94,531
76,038
Add: Stock-based compensation expense
426
97
1,710
263
Adjusted gross profit (non-GAAP)
$
25,498
$
21,257
$
96,241
$
76,301
Gross margin, excluding depreciation and
amortization
58.5
%
54.7
%
56.8
%
52.2
%
Adjusted gross margin (non-GAAP)
74.7
%
71.8
%
73.1
%
70.3
%
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
(in thousands)
Net loss
$
(16,476
)
$
(4,313
)
$
(61,200
)
$
(17,027
)
Income tax expense (benefit)
(243
)
54
(113
)
204
Change in fair value of financial
instruments and other income
(40
)
467
9,783
518
Interest expense and loss on
extinguishment of debt
5
1,256
2,952
4,661
Interest income
(91
)
—
(440
)
(18
)
Depreciation and amortization
1,592
1,401
5,516
5,624
Stock-based compensation expense
5,705
1,076
26,151
3,063
Restructuring and severance
—
269
251
628
Acquisition and integration expenses
397
—
654
162
Other capital structure transaction
costs
2,163
—
2,767
—
Adjusted EBITDA (non-GAAP)
$
(6,988
)
$
210
$
(13,679
)
$
(2,185
)
Adjusted EBITDA margin (non-GAAP)
(20.5
) %
0.7
%
(10.4
) %
(2.0
) %
Reconciliation of Full Year
2022 Outlook (Mid-point) (in thousands)
Total revenues
$
201,000
Less: Reimbursable costs revenue
33,000
Net revenue (non-GAAP)
$
168,000
Adjusted EBITDA (non-GAAP)
$
(15,000)
Adjusted EBITDA Margin (non-GAAP)
(8.9) %
Reconciliation of GAAP to
Non-GAAP Financial Information Excluding Stock-Based Compensation
Expense
(Unaudited)
Three Months Ended December
31, 2021 and 2020
GAAP
Stock-Based Compensation
Expense
Non-GAAP Excluding Stock-Based
Compensation Expense
2021
2020
2021
2020
2021
2020
Revenues:
(in thousands)
Subscription, transaction, and
services
$
34,134
$
29,591
$
—
$
—
$
34,134
$
29,591
Reimbursable costs
8,746
9,064
—
—
8,746
9,064
Total revenues
42,880
38,655
—
—
42,880
38,655
Cost of revenues:
Cost of subscription, transaction, and
services
9,062
8,431
426
97
8,636
8,334
Cost of reimbursable costs
8,746
9,064
—
—
8,746
9,064
Total cost of revenues, excluding
depreciation and amortization
17,808
17,495
426
97
17,382
17,398
Operating expenses:
Research and development
14,411
9,208
1,223
301
13,188
8,907
Sales and marketing
10,398
6,125
772
156
9,626
5,969
General and administrative
15,516
6,962
3,284
522
12,232
6,440
Depreciation and amortization
1,592
1,401
—
—
1,592
1,401
Total operating expenses
41,917
23,696
5,279
979
36,638
22,717
Loss from operations
(16,845
)
(2,536
)
5,705
1,076
(11,140
)
(1,460
)
Other income (expense):
Interest income
91
—
—
—
91
—
Interest expense and loss on
extinguishment of debt
(5
)
(1,256
)
—
—
(5
)
(1,256
)
Change in fair value of financial
instruments and other expense
40
(467
)
—
—
40
(467
)
Total other income (expense)
126
(1,723
)
—
—
126
(1,723
)
Loss before income taxes
(16,719
)
(4,259
)
5,705
1,076
(11,014
)
(3,183
)
Income tax expense (benefit)
(243
)
54
—
—
(243
)
54
Net loss
$
(16,476
)
$
(4,313
)
$
5,705
$
1,076
$
(11,257
)
$
(3,129
)
Reconciliation of GAAP to
Non-GAAP Financial Information Excluding Stock-Based Compensation
Expense
(Unaudited)
Year Ended December 31, 2021
and 2020
GAAP
Stock-Based Compensation
Expense
Non-GAAP Excluding Stock-Based
Compensation Expense
2021
2020
2021
2020
2021
2020
Revenues:
(in thousands)
Subscription, transaction, and
services
$
131,574
$
108,569
$
—
$
—
$
131,574
$
108,569
Reimbursable costs
34,831
37,116
—
—
34,831
37,116
Total revenues
166,405
145,685
—
—
166,405
145,685
Cost of revenues:
Cost of subscription, transaction, and
services
37,043
32,531
1,710
263
35,333
32,268
Cost of reimbursable costs
34,831
37,116
—
—
34,831
37,116
Total cost of revenues, excluding
depreciation and amortization
71,874
69,647
1,710
263
70,164
69,384
Operating expenses:
Research and development
50,127
36,468
4,749
698
45,378
35,770
Sales and marketing
39,624
23,420
4,048
464
35,576
22,956
General and administrative
48,282
22,188
15,644
1,638
32,638
20,550
Depreciation and amortization
5,516
5,624
—
—
5,516
5,624
Total operating expenses
143,549
87,700
24,441
2,800
119,108
84,900
Loss from operations
(49,018
)
(11,662
)
26,151
3,063
(22,867
)
(8,599
)
Other income (expense):
Interest income
440
18
—
—
440
18
Interest expense and loss on
extinguishment of debt
(2,952
)
(4,661
)
—
—
(2,952
)
(4,661
)
Change in fair value of financial
instruments and other expense
(9,783
)
(518
)
—
—
(9,783
)
(518
)
Total other expense
(12,295
)
(5,161
)
—
—
(12,295
)
(5,161
)
Loss before income taxes
(61,313
)
(16,823
)
26,151
3,063
(35,162
)
(13,760
)
Income tax expense (benefit)
(113
)
204
—
—
(113
)
204
Net loss
$
(61,200
)
$
(17,027
)
$
26,151
$
3,063
$
(35,275
)
$
(13,556
)
Reconciliation of GAAP to
Non-GAAP Financial Information
(Unaudited)
Three Months Ended December
31,
Year Ended December
31,
(in thousands)
2021
Subscription, transaction and
services revenues:
Direct card revenue (DCR)
$
4,709
$
15,553
Software and payments (ex-DCR)
revenue
22,891
88,324
Software and payments segment
revenue
$
27,600
$
103,877
2020
Subscription, transaction and
services revenues:
Direct card revenue (DCR)
$
2,872
$
8,896
Software and payments (ex-DCR)
revenue
19,184
72,268
Software and payments segment
revenue
$
22,056
$
81,164
Direct card revenue (DCR)
growth
64
%
75
%
Software and payments (ex-DCR)
revenue growth
19
%
22
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220301006106/en/
Investor Contact: John T. Williams IR@billtrust.com Media
Contact: Paul Accardo PR@billtrust.com
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