- Reports record Q2 software and payments segment revenue of
$33.3 million, up 35%
- Increases Full Year 2022 Financial Outlook
- Sales execution drives record Q2 quarterly bookings and new
logo adds
BTRS Holdings Inc. ("Billtrust" or "the Company") (NASDAQ:
BTRS), a B2B accounts receivable automation and integrated payments
leader, today announced financial results for its second quarter
ended June 30, 2022.
"With a combination of 35.4% year-over-year software and
payments segment revenue growth and our strongest bookings quarter
ever, we are firing on all cylinders at this point,” said Flint
Lane, Founder and CEO of Billtrust. “Businesses continue to
recognize the value of adopting our accounts receivable and
integrated payments solutions to create efficiencies, reduce
complexity and accelerate cash flow.”
Second Quarter 2022 Summary
GAAP Metrics
- Total revenue increased 22.5% year-over-year to $49.3 million,
versus $40.2 million for the same period in 2021.
- Software and payments segment revenue increased 35.4%
year-over-year to $33.3 million, compared to $24.6 million for the
same period in 2021.
- Gross profit, excluding depreciation and amortization,
increased 32.5% year-over-year to $29.5 million, compared to $22.2
million for the same period in 2021.
- Gross margin excluding depreciation and amortization expanded
by 451 basis points to 59.8%, versus 55.3% for the same period in
2021, driven by improved operating leverage and an increasing mix
of software and payments segment revenue.
- Net loss was $15.2 million, compared to $10.7 million for the
same period in 2021.
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 40% year-over-year to
$26.2 billion in Q2 2022, up from $18.8 billion for the same period
in 2021.
- Net revenue* increased 28.5% year-over-year to $40.6 million,
up from $31.6 million for the same period in 2021.
- Adjusted gross profit* increased 32.9% year-over-year to $30.1
million, compared to $22.6 million for the same period in
2021.
- Adjusted gross margin* increased 241 basis points
year-over-year to 74.1%, versus 71.7% for the same period in
2021.
- Adjusted EBITDA* was $(4.2) million, compared to $(3.0) million
for the same period in 2021.
- Direct card revenue ("DCR")* was $5.8 million, compared to $3.7
million for the same period in 2021, as we continue to drive card
payments penetration on our electronic payments processing
platforms.
- We exited the quarter with $148 million in cash, cash
equivalents and marketable securities, no funded debt, and
significant capital flexibility.
Recent Business Highlights
- Our sales and marketing investments continue to pay off: in Q2
2022, we saw the largest number of quarterly new logos added and
more recurring revenue booked than in any other quarter in
Billtrust history.
- We launched a new version of our Online Billing portal that
includes surcharging, which makes it easier for our customers to
accept credit cards by significantly reducing their cost of card
acceptance. Card payments remain a key contributor to our growth:
direct card revenue* from card payments on our electronic payment
processing platforms grew 57% year-over-year in the second quarter
of 2022.
- Business Payments Network (BPN) growth again stood out in Q2
2022: BPN TPV grew 71% year-over-year, and it is clear that
customers and partners continue to recognize the network's value.
Expanding BPN's reach is a key strategic priority, as evidenced by
our recently announced deals with Coupa (referral partner and BPN
provider) and Procede Software (partner for invoicing, digital
payments, and BPN).
Full Year 2022 Outlook
Billtrust updates its full year 2022 financial guidance:
- Total revenue in a range between $196 million and $207 million
(including reimbursable costs revenue of $30 million to $36
million), versus the prior range of $195 million to $207
million.
- Net revenue* between $166 million and $171 million, which at
the midpoint of $168.5 million represents annual growth of
approximately 28%, versus the prior range of $165 million to $171
million.
- Software and payments segment revenue between $134 million and
$139 million, which at the midpoint of $136.5 million represents
annual growth of approximately 31%, versus the prior range of $133
million to $139 million.
- Adjusted gross profit* between $122.5 million to $126.5
million, which at the midpoint of $124.5 million represents annual
growth of 29%, versus the prior range of $121 million to $126
million.
- Adjusted gross margin* between 73.7% to 74.1%, which at the
midpoint of 73.9%% represents annual expansion of 80bps, versus the
prior range of 73.2% to 73.8%.
- 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.
- As disclosed during our June 2022 investor session, we continue
to target Q2-Q3 2023 to be adjusted EBITDA positive, and expect to
be adjusted EBITDA positive for full year FY 2024. Additionally, we
now expect to be Free Cash Flow positive for full year FY
2023.
* Net revenue, adjusted gross profit, adjusted gross margin,
adjusted EBITDA, 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 Quarterly Report on Form 10-Q and in the attached
reconciliations. Reconciliations of these Non-GAAP measures to the
most directly comparable GAAP financial measures 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 Non-GAAP adjusted gross profit, Non-GAAP adjusted
gross margin, or Non-GAAP adjusted EBITDA to their comparable GAAP
measures is not available without unreasonable efforts on a
forward-looking basis due to the high variability, complexity, and
low visibility with respect to certain excluded items, such as
charges related to stock-based compensation expenses, changes in
fair value of contingent consideration related to an acquisition,
and related tax effects, including non-recurring income tax
adjustments.
Conference Call
The Company will host a conference call to discuss second
quarter 2022 financial results today at 4:30 p.m. 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
855-327-6837 (toll free) or 631-891-4304 (international). Following
the call, a replay of the webcast will be available on the
Billtrust investor relations website. A telephonic replay will also
be available for two weeks following the call by dialing
844-512-2921 (toll free) or 412-317-6671 (international) using
conference ID 10019721.
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
“continue,” “guidance,” “expect,” “outlook,” “project,” “believe”
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 financial guidance and forecasts
of Billtrust’s financial and performance metrics. 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; foreign currency impacts; 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; the impact of
unstable market and economic conditions; and the risks discussed in
Billtrust’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2021 filed with the Securities and Exchange Commission
(“SEC”) on March 9, 2022, under the heading “Risk Factors” and
other documents of Billtrust filed, or to be filed, with the SEC,
including our Quarterly Report on Form 10-Q for the quarter ended
June 30, 2022. 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 generally accepted
accounting principles in the United States (“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 GAAP. The principal limitation of these non-GAAP financial
measures is that they exclude significant expenses and other
amounts that are required by 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 GAAP results. Billtrust is
not providing a reconciliation of its projected non-GAAP adjusted
gross profit, non-GAAP adjusted gross margin and non-GAAP adjusted
EBITDA, or non-GAAP direct card revenue for 2022 to the most
directly comparable measure prepared in accordance with GAAP
because such reconciliations are not meaningful or available
without unreasonable effort as certain items are excluded from
these non-GAAP measures, such as charges related to stock-based
compensation expenses, changes in fair value of contingent
consideration related to an acquisition, and related tax effects,
including non-recurring income tax adjustments, including
non-recurring income tax adjustments, cannot be reasonably
calculated or predicted. You should review Billtrust’s audited
Consolidated Financial Statements and related notes in its Annual
Report on Form 10-K for the year ended December 31, 2021, unaudited
interim reports, including its Quarterly Report on Form 10-Q for
the three and six months ended June 30, 2022, and the other
financial information included in other documents of Billtrust
filed, or to be filed, with the SEC.
- Net revenue (non-GAAP) is defined as total revenues less
reimbursable costs revenue. Reimbursable costs revenue consists
primarily of amounts charged to customers for postage (with an
offsetting amount recorded as a cost of revenue) which we do not
consider internally when monitoring operating performance.
- Adjusted gross profit (non-GAAP) 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 (non-GAAP) is defined as adjusted gross
profit (non-GAAP) divided by total revenues less reimbursable costs
revenue, or net revenue (non-GAAP).
- Adjusted EBITDA (non-GAAP) is defined as net loss, plus (1)
income tax expense (benefit), (2) changes in the fair value of
financial instruments that do not meet the criteria to be
classified as equity, (3) interest expense and loss on
extinguishment of debt, (4) depreciation and amortization, (5)
stock-based compensation expense, (6) impairment, restructuring,
and related facility costs, (7) acquisition and integration costs,
(8) other capital structure transaction costs, and (9) other
non-operating expense (income).
- Direct card revenue (non-GAAP) is defined as subscription,
transaction, and services revenues, less revenues generated from
segments other than software and payments (i.e., software and
payments segment revenue), less software and payments segment
transaction revenue unrelated to card processing and all
subscription revenue. Direct card revenue (non-GAAP) includes
variable transactional fee revenue associated with card payments on
our electronic payments processing platforms.
- Free cash flow (non-GAAP) is defined as net cash used in
operating activities, less purchases of property and equipment
(which includes capitalized internal-use software costs).
Condensed Consolidated
Statements of Operations
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022
2021
2022
2021
Revenues:
(in thousands, except per
share amounts)
Subscription, transaction, and
services
$
40,600
$
31,589
$
77,649
$
64,708
Reimbursable costs
8,676
8,643
17,258
17,460
Total revenues
49,276
40,232
94,907
82,168
Cost of revenues:
Cost of subscription, transaction, and
services
11,150
9,360
21,474
18,613
Cost of reimbursable costs
8,676
8,643
17,258
17,460
Total cost of revenues, excluding
depreciation and amortization
19,826
18,003
38,732
36,073
Operating expenses:
Research and development
15,874
11,270
30,979
22,263
Sales and marketing
11,723
9,980
22,439
18,916
General and administrative
15,085
10,478
29,813
22,928
Depreciation and amortization
2,166
1,359
4,027
2,719
Impairment and restructuring
30
—
13,884
—
Total operating expenses
44,878
33,087
101,142
66,826
Loss from operations
(15,428
)
(10,858
)
(44,967
)
(20,731
)
Other income (expense):
Change in fair value of financial
instruments
(260
)
—
(238
)
(9,995
)
Interest expense and loss on
extinguishment of debt
(6
)
(3
)
(7
)
(2,945
)
Other non-operating income
188
136
255
244
Total other income (expense)
(78
)
133
10
(12,696
)
Loss before income taxes
(15,506
)
(10,725
)
(44,957
)
(33,427
)
Income tax expense (benefit)
(295
)
11
(719
)
103
Net loss
$
(15,211
)
$
(10,736
)
$
(44,238
)
$
(33,530
)
Net loss per common share, basic and
diluted
$
(0.09
)
$
(0.07
)
$
(0.27
)
$
(0.22
)
Weighted average common shares
outstanding, basic and diluted
163,596
157,197
163,287
151,289
Selected Segment
Information
(Unaudited)
Three Months Ended June
30,
Print
Software and Payments
All other
Consolidated
(in thousands)
2022
Revenues:
Subscription and transaction
$
4,334
$
33,283
$
—
$
37,617
Services and other
—
—
2,983
2,983
Subscription, transaction, and services
revenues
4,334
33,283
2,983
40,600
Reimbursable costs
8,676
—
—
8,676
Total revenues
$
13,010
$
33,283
$
2,983
$
49,276
Segment revenues growth vs. prior year
(0.9
) %
35.4
%
18.5
%
22.5
%
2021
Revenues:
Subscription and transaction
$
4,490
$
24,582
$
—
$
29,072
Services and other
—
—
2,517
2,517
Subscription, transaction, and services
revenues
4,490
24,582
2,517
31,589
Reimbursable costs
8,643
—
—
8,643
Total revenues
$
13,133
$
24,582
$
2,517
$
40,232
Six Months Ended June
30,
Print
Software and Payments
All other
Consolidated
(in thousands)
2022
Revenues:
Subscription and transaction
$
8,575
$
63,144
$
—
$
71,719
Services and other
—
—
5,930
5,930
Subscription, transaction, and services
revenues
8,575
63,144
5,930
77,649
Reimbursable costs
17,258
—
—
17,258
Total revenues
25,833
63,144
5,930
94,907
Segment revenues growth vs. prior year
(2.3
) %
25.6
%
8.7
%
15.5
%
Segment revenues growth vs. prior year,
adjusted for One-Time Customer Loss
(2.3
) %
34.5
%
8.7
%
20.4
%
2021
Revenues:
Subscription and transaction
$
8,988
$
50,267
$
—
$
59,255
Services and other
—
—
5,453
5,453
Subscription, transaction, and services
revenues
8,988
50,267
5,453
64,708
Reimbursable costs
17,460
—
—
17,460
Total revenues
$
26,448
$
50,267
$
5,453
$
82,168
Less: Segment revenues from One-Time
Customer Loss
—
3,333
—
3,333
Adjusted segment revenues from One-Time
Customer Loss
$
26,448
$
46,934
$
5,453
$
78,835
Condensed Consolidated
Statements of Cash Flows
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
(in thousands)
Cash flows from operating activities:
Net loss
$
(15,211
)
$
(10,736
)
$
(44,238
)
$
(33,530
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
2,166
1,359
4,027
2,719
Provision for bad debts
78
11
49
65
Impairments of fixed assets
—
—
3,649
—
Loss on extinguishment of debt and
amortization of debt discount
—
—
—
2,799
Impairments and reduction in carrying
amount of operating lease right-of-use assets
745
1,350
11,408
1,350
Stock-based compensation expense
7,275
5,706
13,353
14,532
Change in fair value of financial
instruments and other expenses
55
(10
)
63
9,985
Change in fair value of contingent
consideration
116
—
249
—
Deferred income taxes
(295
)
—
(725
)
92
Changes in assets and liabilities:
Accounts receivable
(3,319
)
(2,321
)
(6,013
)
(6,064
)
Prepaid expenses
294
1,270
(3,386
)
(2,112
)
Deferred implementation and commission
costs
(277
)
104
29
236
Other assets (current and non-current)
(1,083
)
(37
)
(30
)
1,475
Accounts payable
(1,658
)
(473
)
(3,071
)
195
Accrued expenses and other
6,332
6,895
1,653
4,165
Operating lease liabilities
(853
)
(1,350
)
(1,627
)
(1,350
)
Deferred revenue
(466
)
(1,926
)
(2,248
)
(4,530
)
Other liabilities (current and
non-current)
467
(746
)
1,096
(848
)
Net cash used in operating activities
(5,634
)
(904
)
(25,762
)
(10,821
)
Cash flows from investing activities:
Purchases of marketable securities
(18
)
(20,037
)
(57
)
(45,037
)
Proceeds from marketable securities
45,174
—
45,174
—
Purchases of property and equipment
(468
)
(617
)
(922
)
(1,120
)
Purchase of business, net of acquired
cash
—
—
(59,456
)
—
Net cash used in investing activities
44,688
(20,654
)
(15,261
)
(46,157
)
Cash flows from financing activities:
Payments on borrowings
—
—
—
(44,663
)
Business Combination and PIPE
financing
—
—
—
349,638
Payments of equity issuance costs
—
—
—
(19,936
)
Debt extinguishment costs
—
—
—
(1,565
)
Payment of deferred purchase price
—
—
(557
)
—
Change in customer funds payable
3,668
3,433
512
3,694
Payments on finance leases
(122
)
(60
)
(145
)
(125
)
Proceeds from common stock issued
1,274
2,152
2,119
4,184
Taxes paid on net share issuance of
stock-based compensation
(1
)
(258
)
(50
)
(4,271
)
Net cash provided by financing
activities
4,819
5,267
1,879
286,956
Effect of exchange rate changes on cash,
cash equivalents, and restricted cash
(75
)
—
(45
)
—
Net increase (decrease) in cash, cash
equivalents, and restricted cash
43,798
(16,291
)
(39,189
)
229,978
Cash, cash equivalents, and restricted
cash, beginning of period
129,822
285,112
212,809
38,843
Cash, cash equivalents, and restricted
cash, end of period
$
173,620
$
268,821
$
173,620
$
268,821
Summary of Cash, Cash
Equivalents, Restricted Cash, and
Marketable Securities
Balances
(Unaudited)
June 30,
2022
2021
(in thousands)
Summary of cash, cash equivalents, and
restricted cash, end of period:
Cash and cash equivalents
$
147,970
$
241,607
Customer funds
23,052
24,618
Restricted cash (included in other current
assets)
2,598
2,596
Total cash, cash equivalents, and
restricted cash
$
173,620
$
268,821
Cash and cash equivalents
147,970
241,607
Marketable securities
$
—
$
45,117
Total cash, cash equivalents and
marketable securities
$
147,970
$
286,724
Reconciliation of GAAP to
Non-GAAP Financial Information
(Unaudited)
Three Months Ended June
30,
Increase
Six Months Ended June
30,
2022
2021
(decrease)
2022
2021
(in thousands)
(in thousands)
Total revenues
$
49,276
$
40,232
22.5
%
$
94,907
$
82,168
Less: Reimbursable costs revenue
8,676
8,643
17,258
17,460
Net revenue (non-GAAP)
$
40,600
$
31,589
28.5
%
$
77,649
$
64,708
Less: net revenue from One-Time Customer
Loss
—
—
—
3,333
Net revenue (non-GAAP), excluding One-Time
Customer Loss
40,600
31,589
28.5
%
77,649
61,375
Total revenues
$
49,276
$
40,232
$
94,907
$
82,168
Less: Cost of revenue, excluding
depreciation and amortization
19,826
18,003
38,733
36,073
Gross profit, excluding depreciation and
amortization
29,450
22,229
32.5
%
56,174
46,095
Add: Stock based compensation expense
621
405
1,059
848
Adjusted gross profit (non-GAAP)
30,071
22,634
32.9
%
57,233
46,943
Less: gross profit from One-Time Customer
Loss
—
—
—
3,333
Adjusted gross profit (non-GAAP),
excluding One-Time Customer Loss
30,071
22,634
32.9
%
57,233
43,610
Gross margin, excluding depreciation and
amortization
59.8
%
55.3
%
59.2
%
56.1
%
Adjusted gross margin (non-GAAP)
74.1
%
71.7
%
73.7
%
72.5
%
Adjusted gross margin (non-GAAP),
excluding One-Time Customer Loss
74.1
%
71.7
%
73.7
%
71.1
%
Reconciliation of GAAP to
Non-GAAP Financial Information
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
(in thousands)
Net loss
$
(15,211
)
$
(10,736
)
$
(44,238
)
$
(33,530
)
Income tax expense (benefit)
(295
)
11
(719
)
103
Change in fair value of financial
instruments
260
—
238
9,995
Interest expense and loss on
extinguishment of debt
6
3
7
2,945
Depreciation and amortization
2,166
1,359
4,027
2,719
Stock-based compensation expense
7,275
5,706
13,353
14,532
Impairment, restructuring, and related
facility costs
825
317
14,855
323
Acquisition and integration costs
964
—
3,188
—
Other capital structure transaction
costs
—
498
—
498
Other non-operating income
(188
)
(136
)
(255
)
(244
)
Adjusted EBITDA (non-GAAP)
$
(4,198
)
$
(2,978
)
$
(9,544
)
$
(2,659
)
Less: gross profit from One-Time Customer
Loss
—
—
—
3,333
Adjusted EBITDA (non-GAAP), excluding
One-Time Customer Loss
$
(4,198
)
$
(2,978
)
$
(9,544
)
$
—
$
(5,992
)
Adjusted EBITDA margin (non-GAAP)
(10.3
) %
(9.4
) %
(12.3
) %
(4.1
) %
Reconciliation of Full Year
2022 Outlook (Mid-point)
(in thousands)
Total revenues
$
201,500
Less: Reimbursable costs revenue
33,000
Net revenue (non-GAAP)
$
168,500
Adjusted EBITDA (non-GAAP)
$
(15,000
)
Adjusted EBITDA Margin (non-GAAP)
(8.9
) %
Reconciliation of GAAP to
Non-GAAP Financial Information
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
(in thousands)
2022
Subscription, transaction, and services
revenues
$
40,600
$
77,649
Less: Non-software and payments segment
revenue
7,317
14,505
Software and payments segment revenue
33,283
63,144
Less: Software and payments segment
revenue excluding direct card revenue (non-GAAP)
27,453
52,420
Direct card revenue (non-GAAP)
$
5,830
$
10,724
2021
Subscription, transaction, and services
revenues
$
31,589
$
64,708
Less: Non-software and payments segment
revenue
7,007
14,441
Software and payments segment revenue
24,582
50,267
Less: Software and payments segment
revenue excluding direct card revenue (non-GAAP)
20,878
43,648
Direct card revenue (non-GAAP)
$
3,704
$
6,619
Direct card revenue (non-GAAP) growth
57
%
62
%
Software and payments (ex-DCR) (non-GAAP)
revenue growth
31
%
20
%
Reconciliation of GAAP to
Non-GAAP Financial Information Excluding Non-Cash Expenses1
(Unaudited)
Three Months Ended June 30,
2022 and 2021
GAAP
Non-cash expenses1
Non-GAAP Excluding Non-cash
Expenses1
2022
2021
2022
2021
2022
2021
Revenues:
(in thousands)
Subscription, transaction, and
services
$
40,600
$
31,589
$
—
$
—
$
40,600
$
31,589
Reimbursable costs
8,676
8,643
—
—
8,676
8,643
Total revenues
49,276
40,232
—
—
49,276
40,232
Cost of revenues:
Cost of subscription, transaction, and
services
11,150
9,360
621
405
10,529
8,955
Cost of reimbursable costs
8,676
8,643
—
—
8,676
8,643
Total cost of revenues, excluding
depreciation and amortization
19,826
18,003
621
405
19,205
17,598
Operating expenses:2
Research and development
15,874
11,270
1,493
1,091
14,381
10,179
Sales and marketing
11,723
9,980
971
961
10,752
9,019
General and administrative
15,085
10,478
4,190
3,249
10,895
7,229
Depreciation and amortization
2,166
1,359
2,166
1,359
—
—
Impairment and restructuring
30
—
30
—
—
—
Total operating expenses
44,878
33,087
8,850
6,660
36,028
26,427
Loss from operations
(15,428
)
(10,858
)
9,471
7,065
(5,957
)
(3,793
)
Other income (expense):
Change in fair value of financial
instruments
(260
)
—
—
—
(260
)
—
Interest expense and loss on
extinguishment of debt
(6
)
(3
)
—
—
(6
)
(3
)
Other non-operating income
188
136
—
—
188
136
Total other income (expense)
(78
)
133
—
—
(78
)
133
Loss before income taxes
(15,506
)
(10,725
)
9,471
7,065
(6,035
)
(3,660
)
Income tax expense (benefit)
(295
)
11
—
—
(295
)
11
Net loss
$
(15,211
)
$
(10,736
)
$
9,471
$
7,065
$
(5,740
)
$
(3,671
)
Reconciliation of GAAP to
Non-GAAP Financial Information Excluding Non-Cash Expenses1
(Unaudited)
Six Months Ended June 30, 2022
and 2021
GAAP
Non-Cash Expenses3
Non-GAAP Excluding Non-Cash
Expenses3
2022
2021
2022
2021
2022
2021
Revenues:
(in thousands)
Subscription, transaction, and
services
$
77,649
$
64,708
$
—
$
—
$
77,649
$
64,708
Reimbursable costs
17,258
17,460
—
—
17,258
17,460
Total revenues
94,907
82,168
—
—
94,907
82,168
Cost of revenues:
Cost of subscription, transaction, and
services
21,474
18,613
1,059
848
20,415
17,765
Cost of reimbursable costs
17,258
17,460
—
—
17,258
17,460
Total cost of revenues, excluding
depreciation and amortization
38,732
36,073
1,059
848
37,673
35,225
Operating expenses:4
Research and development
30,979
22,263
2,718
2,314
28,261
19,949
Sales and marketing
22,439
18,916
1,725
2,292
20,714
16,624
General and administrative
29,813
22,928
7,851
9,078
21,962
13,850
Depreciation and amortization
4,027
2,719
4,027
2,719
—
—
Impairment and restructuring
13,884
—
13,884
—
—
—
Total operating expenses
101,142
66,826
30,205
16,403
70,937
50,423
Loss from operations
(44,967
)
(20,731
)
31,264
17,251
(13,703
)
(3,480
)
Other income (expense):
Change in fair value of financial
instruments
(238
)
(9,995
)
—
—
(238
)
(9,995
)
Interest expense and loss on
extinguishment of debt
(7
)
(2,945
)
—
—
(7
)
(2,945
)
Other non-operating income
255
244
—
—
255
244
Total other income (expense)
10
(12,696
)
—
—
10
(12,696
)
Loss before income taxes
(44,957
)
(33,427
)
31,264
17,251
(13,693
)
(16,176
)
Income tax expense (benefit)
(719
)
103
—
—
(719
)
103
Net loss
$
(44,238
)
$
(33,530
)
$
31,264
$
17,251
$
(12,974
)
$
(16,279
)
_____________________________ 1 Non-cash expenses include
stock-based compensation expense, depreciation and amortization
expense, and impairment and restructuring expense. 2 Includes
acquisition, integration and restructuring and other facility costs
in the period of $0.3 million in research and development, $0.1
million in sales and marketing and $1.4 million in general and
administrative expenses, which are excluded from Adjusted EBITDA. 3
Non-cash expenses include stock-based compensation expense,
depreciation and amortization expense, and impairment and
restructuring expense. 4 Includes acquisition, integration and
restructuring and other facility costs during the period of $0.3
million in research and development, $0.3 million in sales and
marketing and $3.7 million in general and administrative expenses,
which are excluded from Adjusted EBITDA.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220809006031/en/
Investor Contact: John T. Williams IR@billtrust.com Media
Contact: Meredith Simpson PR@billtrust.com
BTRS (NASDAQ:BTRS)
Historical Stock Chart
From Sep 2024 to Oct 2024
BTRS (NASDAQ:BTRS)
Historical Stock Chart
From Oct 2023 to Oct 2024