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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BTRS Holdings Inc | NASDAQ:BTRS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.49 | 6.00 | 9.48 | 0 | 01:00:00 |
BTRS Holdings Inc. ("Billtrust" or "the Company") (NASDAQ: BTRS), a B2B accounts receivable automation and integrated payments leader, today announced financial results for its first quarter ended March 31, 2022.
"Our great momentum continued in the first quarter, led by 16.3% year-over-year software and payments segment revenue growth and 33.6% adjusted software and payments growth," said Flint Lane, Founder and CEO of Billtrust. “Demand for our highly profitable accounts receivable product suite remains robust, and rapid adoption continues to drive strong results in our core software and payments segment.”
Financial Highlights for the First Quarter 2022, as Compared to the Same Period in 2021
GAAP Metrics
Non-GAAP* and Key Operating Metrics
Recent Business Highlights
Full Year 2022 Outlook
Billtrust reiterates the following full year 2022 financial guidance, which was previously provided in March 2022:
* 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 first quarter 2022 financial results today at 4:30 p.m. ET. Hosting the call will be Flint Lane, Founder and Chief Executive Officer, Steve Pinado, President, 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 877-300-8521 (toll free) or 412-317-6026 (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 10166195.
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, the potential benefits, value and the commercial attractiveness to its customers of Billtrust’s products and services, and Billtrust’s opportunity and ability to grow and scale its business and technology platform. 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 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 Securities and Exchange Commission (“SEC”). 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 months ended March 31, 2022, and the other financial information included in other documents of Billtrust filed, or to be filed, with the SEC.
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended March 31,
2022
2021
Revenues:
(in thousands, except per share amounts)
Subscription, transaction, and services
$
37,049
$
33,119
Reimbursable costs
8,582
8,817
Total revenues
45,631
41,936
Cost of revenues:
Cost of subscription, transaction, and services
10,325
9,253
Cost of reimbursable costs
8,582
8,817
Total cost of revenues, excluding depreciation and amortization
18,907
18,070
Operating expenses:
Research and development
15,105
10,993
Sales and marketing
10,716
8,936
General and administrative
14,728
12,450
Depreciation and amortization
1,861
1,360
Impairment and restructuring
13,854
—
Total operating expenses
56,264
33,739
Loss from operations
(29,540
)
(9,873
)
Other income (expense):
Change in fair value of financial instruments
22
(9,995
)
Interest expense and loss on extinguishment of debt
(1
)
(2,942
)
Other non-operating income
67
108
Total other income (expense)
88
(12,829
)
Loss before income taxes
(29,452
)
(22,702
)
Income tax expense (benefit)
(425
)
92
Net loss
$
(29,027
)
$
(22,794
)
Net loss per common share, basic and diluted
$
(0.18
)
$
(0.16
)
Weighted average common shares outstanding, basic and diluted
162,974
144,207
Selected Segment Information (Unaudited)
Three Months Ended March 31,
Software and Payments
All other
Consolidated
(in thousands)
2022
Revenues:
Subscription and transaction
$
4,241
$
29,861
$
—
$
34,102
Services and other
—
—
2,947
2,947
Subscription, transaction, and services revenues
4,241
29,861
2,947
37,049
Reimbursable costs
8,582
—
—
8,582
Total revenues
$
12,823
$
29,861
$
2,947
$
45,631
Segment revenues growth vs. prior year
(3.7
) %
16.3
%
0.4
%
8.8
%
Segment revenues growth vs. prior year, adjusted for One-Time Customer Loss
(3.7
) %
33.6
%
0.4
%
18.2
%
2021
Revenues:
Subscription and transaction
$
4,498
$
25,685
$
—
$
30,183
Services and other
—
—
2,936
2,936
Subscription, transaction, and services revenues
4,498
25,685
2,936
33,119
Reimbursable costs
8,817
—
—
8,817
Total revenues
$
13,315
$
25,685
$
2,936
$
41,936
Less: Segment revenues from One-Time Customer Loss
—
3,333
—
3,333
Adjusted segment revenues from One-Time Customer Loss
$
13,315
$
22,352
$
2,936
$
38,603
Condensed Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended March 31,
2022
2021
(in thousands)
Cash flows from operating activities:
Net loss
$
(29,027
)
$
(22,794
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
1,861
1,360
Provision for bad debts
(29
)
54
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
10,663
—
Stock-based compensation expense
6,078
8,826
Change in fair value of financial instruments and other expenses
8
9,995
Change in fair value of contingent consideration
133
—
Deferred income taxes
(430
)
92
Changes in assets and liabilities:
Accounts receivable
(2,694
)
(3,743
)
Prepaid expenses
(3,680
)
(3,382
)
Deferred implementation and commission costs
306
132
Other assets (current and non-current)
1,053
1,512
Accounts payable
(1,413
)
668
Accrued expenses and other
(4,679
)
(2,730
)
Operating lease liabilities
(774
)
—
Deferred revenue
(1,782
)
(2,604
)
Other liabilities (current and non-current)
629
(102
)
Net cash used in operating activities
(20,128
)
(9,917
)
Cash flows from investing activities:
Purchases of marketable securities
(39
)
(25,000
)
Purchases of property and equipment
(454
)
(503
)
Purchase of business, net of acquired cash
(59,456
)
—
Net cash used in investing activities
(59,949
)
(25,503
)
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
(3,156
)
261
Payments on finance leases
(23
)
(65
)
Proceeds from common stock issued
845
2,032
Taxes paid on net share issuance of stock-based compensation
(49
)
(4,013
)
Net cash provided by (used in) financing activities
(2,940
)
281,689
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
30
—
Net increase (decrease) in cash, cash equivalents, and restricted cash
(82,987
)
246,269
Cash, cash equivalents, and restricted cash, beginning of period
212,809
38,843
Cash, cash equivalents, and restricted cash, end of period
$
129,822
$
285,112
Summary of cash, cash equivalents, and restricted cash, end of period:
Cash and cash equivalents
$
107,839
$
261,013
Customer funds
19,385
21,185
Restricted cash (included in other current assets)
2,598
2,914
Total cash, cash equivalents, and restricted cash
$
129,822
$
285,112
Cash and cash equivalents
$
107,839
$
261,013
Marketable securities
$
45,156
$
45,117
Total cash, cash equivalents and marketable securities
$
152,995
$
306,130
Reconciliation of GAAP to Non-GAAP Financial Information (Unaudited)
Three Months Ended March 31,
Increase
2022
2021
(decrease)
(in thousands)
Total revenues
$
45,631
$
41,936
8.8
%
Less: Reimbursable costs revenue
8,582
8,817
Net revenue (non-GAAP)
$
37,049
$
33,119
11.9
%
Less: net revenue from One-Time Customer Loss
—
3,333
Net revenue (non-GAAP), excluding One-Time Customer Loss
37,049
29,786
24.4
%
Total revenues
$
45,631
$
41,936
Less: Cost of revenue, excluding depreciation and amortization
18,907
18,070
Gross profit, excluding depreciation and amortization
26,724
23,866
12.0
%
Add: Stock based compensation expense
438
443
Adjusted gross profit (non-GAAP)
27,162
24,309
11.7
%
Less: gross profit from One-Time Customer Loss
—
3,333
Adjusted gross profit (non-GAAP), excluding One-Time Customer Loss
27,162
20,976
29.5
%
Gross margin, excluding depreciation and amortization
58.6
%
56.9
%
Adjusted gross margin (non-GAAP)
73.3
%
73.4
%
Adjusted gross margin (non-GAAP), excluding One-Time Customer Loss
73.3
%
70.4
%
Three Months Ended March 31,
2022
2021
(in thousands)
Net loss
$
(29,027
)
$
(22,794
)
Income tax expense (benefit)
(425
)
92
Change in fair value of financial instruments
(22
)
9,995
Interest expense and loss on extinguishment of debt
1
2,942
Depreciation and amortization
1,861
1,360
Stock-based compensation expense
6,078
8,826
Impairment, restructuring, and related costs
14,054
6
Acquisition and integration costs
2,234
—
Other capital structure transaction costs
—
—
Other non-operating income
(67
)
(108
)
Adjusted EBITDA (non-GAAP)
$
(5,313
)
$
319
Less: gross profit from One-Time Customer Loss
—
3,333
Adjusted EBITDA (non-GAAP), excluding One-Time Customer Loss
$
(5,313
)
$
(3,014
)
Adjusted EBITDA margin (non-GAAP)
(14.3
) %
1.0
%
Adjusted EBITDA margin (non-GAAP), excluding One-Time Customer Loss
(14.3
) %
(10.1
) %
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 (Unaudited)
Three Months Ended March 31,
(in thousands)
2022
Subscription, transaction, and services revenues
$
37,049
Less: Non-software and payments segment revenue
7,188
Software and payments segment revenue
29,861
Less: Software and payments segment revenue excluding direct card revenue (non-GAAP)
24,966
Direct card revenue (non-GAAP)
$
4,895
2021
Subscription, transaction, and services revenues
$
33,119
Less: Non-software and payments segment revenue
7,434
Software and payments segment revenue
25,685
Less: Software and payments segment revenue excluding direct card revenue (non-GAAP)
22,770
Direct card revenue (non-GAAP)
$
2,915
Direct card revenue (non-GAAP) growth
68
%
Software and payments (ex-DCR) (non-GAAP) revenue growth
10
%
Reconciliation of GAAP to Non-GAAP Financial Information Excluding Stock-Based Compensation Expense (Unaudited) Three Months Ended March 31, 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
$
37,049
$
33,119
$
—
$
—
$
37,049
$
33,119
Reimbursable costs
8,582
8,817
—
—
8,582
8,817
Total revenues
45,631
41,936
—
—
45,631
41,936
Cost of revenues:
Cost of subscription, transaction, and services
10,325
9,253
438
443
9,887
8,810
Cost of reimbursable costs
8,582
8,817
—
—
8,582
8,817
Total cost of revenues, excluding depreciation and amortization
18,907
18,070
438
443
18,469
17,627
Operating expenses:
Research and development
15,105
10,993
1,225
1,222
13,880
9,771
Sales and marketing
10,716
8,936
754
1,332
9,962
7,604
General and administrative
14,728
12,450
3,661
5,829
11,067
6,621
Depreciation and amortization
1,861
1,360
1,861
1,360
—
—
Impairment and restructuring
13,854
—
13,854
—
—
—
Total operating expenses
56,264
33,739
21,355
9,743
34,909
23,996
Loss from operations
(29,540
)
(9,873
)
21,793
10,186
(7,747
)
313
Other income (expense):
Change in fair value of financial instruments
22
(9,995
)
—
—
22
(9,995
)
Interest expense and loss on extinguishment of debt
(1
)
(2,942
)
—
—
(1
)
(2,942
)
Other non-operating income
67
108
—
—
67
108
Total other income (expense)
88
(12,829
)
—
—
88
(12,829
)
Loss before income taxes
(29,452
)
(22,702
)
21,793
10,186
(7,659
)
(12,516
)
Income tax expense (benefit)
(425
)
92
—
—
(425
)
92
Net loss
$
(29,027
)
$
(22,794
)
$
21,793
$
10,186
$
(7,234
)
$
(12,608
)
1 Non-cash expenses include stock-based compensation expense, depreciation and amortization expense, and impairment and restructuring expense.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220510006369/en/
Investor Contact: John T. Williams IR@billtrust.com Media Contact: Meredith Simpson PR@billtrust.com
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