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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 |
From Jul 2021 to Jul 2024
Exceeds Fourth Quarter and Full Year Financial Expectations; Introduces 2022 Full Year Guidance
Further Expands International Footprint with Acquisition of Order2Cash
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
Non-GAAP and Key Operating Metrics
Financial Highlights for the Full Year Ended December 31, 2021, as Compared to the Same Period in 2020
GAAP Metrics
Non-GAAP and Key Operating Metrics
Recent Business Highlights
Full Year 2022 Outlook
Billtrust is providing the following financial guidance for the full year 2022:
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.
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,
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,
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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