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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 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
83-3780685
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
1009 Lenox Drive, Suite 101
Lawrenceville, New Jersey
|
08648
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Class 1 Common Stock, $0.0001 par value per share
|
BTRS
|
The Nasdaq Global Select Market
|
Warrants, each whole warrant exercisable for one share of Class 1 Common Stock at an exercise price of $11.50 per share
|
BTRSW
|
The Nasdaq Capital Market
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☒
|
Smaller reporting company
|
☒
|
Emerging growth company
|
☒
|
Page
Number
|
|
PART I. FINANCIAL INFORMATION
|
|
6
|
|
6
|
|
|
|
7
|
|
|
|
8
|
|
|
|
9
|
|
|
|
11
|
|
39
|
|
58
|
|
58
|
|
PART II. OTHER INFORMATION
|
|
59
|
|
59
|
|
59
|
|
59
|
|
59
|
|
59
|
|
60
|
|
61
|
|
• |
our financial and business performance, including the financial projections, forecasts and business metrics and any underlying assumptions thereunder;
|
|
• |
changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans;
|
|
• |
the capabilities and benefits to our customers of our technology platform;
|
|
• |
the advantages and expected growth of the Business Payments Network;
|
|
• |
our ability to digitally transform the accounts receivable industry;
|
|
• |
our ability to scale in a cost-effective manner;
|
|
• |
developments and projections relating to our competitors and industry;
|
|
• |
the impact of health epidemics, including the COVID-19 pandemic, on our business and the actions we may take in response thereto;
|
|
• |
expectations regarding the time during which we will be an emerging growth company under the JOBS Act;
|
|
• |
our future capital requirements and sources and uses of cash;
|
|
• |
our ability to obtain funding for our operations;
|
|
• |
our business, expansion plans and opportunities; and
|
|
• |
the outcome of any known and unknown litigation and regulatory proceedings.
|
March 31, 2021
|
December 31, 2020
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
261,013
|
$
|
14,642
|
||||
Restricted cash
|
2,914
|
3,277
|
||||||
Short-term investments
|
25,000
|
—
|
||||||
Customer funds
|
21,185
|
20,924
|
||||||
Accounts receivable, net of allowance for doubtful accounts of $227 and $409, respectively
|
26,699
|
23,009
|
||||||
Prepaid expenses
|
6,343
|
2,961
|
||||||
Deferred implementation, commission and other costs, current
|
4,712
|
4,718
|
||||||
Other current assets
|
1,029
|
831
|
||||||
Total current assets
|
348,895
|
70,362
|
||||||
Property and equipment, net of accumulated depreciation of $16,371 and $15,568, respectively
|
16,380
|
16,650
|
||||||
Goodwill
|
36,956
|
36,956
|
||||||
Intangible assets, net
|
8,978
|
9,534
|
||||||
Deferred implementation and commission costs, non-current
|
8,551
|
8,677
|
||||||
Other assets
|
2,437
|
5,361
|
||||||
Total assets
|
$
|
422,197
|
$
|
147,540
|
||||
Liabilities and stockholders’ equity
|
||||||||
Current liabilities:
|
||||||||
Customer funds payable
|
21,194
|
20,924
|
||||||
Current portion of debt and capital lease obligations, net of deferred financing costs
|
170
|
380
|
||||||
Accounts payable
|
2,314
|
1,646
|
||||||
Accrued expenses and other
|
24,160
|
26,341
|
||||||
Deferred revenue
|
11,311
|
14,895
|
||||||
Other current liabilities
|
608
|
906
|
||||||
Total current liabilities
|
59,757
|
65,092
|
||||||
Long-term debt and capital lease obligations, net of current portion and deferred financing costs
|
42
|
43,295
|
||||||
Customer postage deposits
|
10,410
|
10,418
|
||||||
Deferred revenue, net of current portion
|
15,841
|
14,861
|
||||||
Deferred taxes
|
859
|
768
|
||||||
Other long-term liabilities
|
7,778
|
9,296
|
||||||
Total liabilities
|
94,687
|
143,730
|
||||||
Commitments and contingencies (Note 13)
|
||||||||
Stockholders’ equity:
|
||||||||
Class 1 Common stock, $0.0001 par value, 538,000,000 shares authorized; 149,315,319 and 91,420,868 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively
|
15
|
9
|
||||||
Class 2 Common stock, $0.0001 par value, 27,000,000 shares authorized; 7,251,307 and 8,196,622 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively
|
1
|
1
|
||||||
Additional paid-in capital
|
522,857
|
175,327
|
||||||
Accumulated deficit
|
(195,363
|
)
|
(171,527
|
)
|
||||
Total stockholders’ equity
|
327,510
|
3,810
|
||||||
Total liabilities, redeemable convertible preferred stock and stockholders’ equity
|
$
|
422,197
|
$
|
147,540
|
Three Months Ended March 31,
|
||||||||
2021
|
2020
|
|||||||
Revenues:
|
||||||||
Subscription, transaction and services
|
$
|
33,119
|
$
|
24,524
|
||||
Reimbursable costs
|
8,817
|
9,621
|
||||||
Total revenues
|
41,936
|
34,145
|
||||||
Cost of revenues:
|
||||||||
Cost of subscription, transaction and services
|
9,253
|
7,890
|
||||||
Cost of reimbursable costs
|
8,817
|
9,621
|
||||||
Total cost of revenues, excluding depreciation and amortization
|
18,070
|
17,511
|
||||||
Operating expenses:
|
||||||||
Research and development
|
10,993
|
9,384
|
||||||
Sales and marketing
|
8,936
|
6,422
|
||||||
General and administrative
|
12,450
|
5,248
|
||||||
Depreciation and amortization
|
1,360
|
1,411
|
||||||
Total operating expenses
|
33,739
|
22,465
|
||||||
Loss from operations
|
(9,873
|
)
|
(5,831
|
)
|
||||
Other income (expense):
|
||||||||
Interest income
|
103
|
16
|
||||||
Interest expense and loss on extinguishment of debt
|
(2,942
|
)
|
(1,183
|
)
|
||||
Change in fair value of financial instruments and other income
|
(9,990
|
)
|
(19
|
)
|
||||
Total other expense
|
(12,829
|
)
|
(1,186
|
)
|
||||
Loss before income taxes
|
(22,702
|
)
|
(7,017
|
)
|
||||
Provision for income taxes
|
(92
|
)
|
(80
|
)
|
||||
Net loss and comprehensive loss
|
$
|
(22,794
|
)
|
$
|
(7,097
|
)
|
||
Net loss per share attributable to common stockholders
|
||||||||
Basic and diluted
|
$
|
(0.16
|
)
|
$
|
(0.07
|
)
|
||
Weighted average number of shares used to compute net loss per share attributable to common stockholders
|
||||||||
Basic and diluted
|
144,207
|
99,804
|
Redeemable Convertible
Preferred Stock
|
Class 1
Common Stock
|
Class 2
Common Stock
|
Additional
Paid-in
|
Accumulated
|
Total
Stockholders’
|
|||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Equity
|
||||||||||||||||||||||||||||
Balance, December 31, 2019, Pre-Conversion
|
68,382,882
|
$
|
150,358
|
31,234,610
|
$
|
3
|
—
|
$
|
—
|
$
|
11,933
|
$
|
(145,830
|
)
|
$
|
(133,892
|
)
|
|||||||||||||||||||
Retroactive application of reverse recapitalization (Note 4)
|
(68,382,882
|
)
|
(150,358
|
)
|
60,186,260
|
6
|
8,196,623
|
1
|
150,349
|
—
|
150,356
|
|||||||||||||||||||||||||
Adjusted balance, beginning of period
|
—
|
—
|
91,420,870
|
9
|
8,196,623
|
1
|
162,282
|
(145,830
|
)
|
16,464
|
||||||||||||||||||||||||||
Stock-based compensation from option grants
|
—
|
—
|
—
|
—
|
—
|
—
|
481
|
—
|
481
|
|||||||||||||||||||||||||||
Exercise of stock options
|
—
|
—
|
232,761
|
—
|
—
|
—
|
123
|
—
|
123
|
|||||||||||||||||||||||||||
Net loss
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(7,097
|
)
|
(7,097
|
)
|
|||||||||||||||||||||||||
Balance, March 31, 2020
|
—
|
$
|
—
|
91,653,631
|
$
|
9
|
8,196,623
|
$
|
1
|
$
|
162,886
|
$
|
(152,927
|
)
|
$
|
9,971
|
Redeemable Convertible
Preferred Stock
|
Class 1
Common Stock
|
Class 2
Common Stock
|
Additional
Paid-in
|
Accumulated
|
Total
Stockholders’
|
|||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Equity
|
||||||||||||||||||||||||||||
Balance, December 31, 2020
|
68,382,882
|
$
|
159,028
|
32,574,218
|
$
|
3
|
—
|
$
|
—
|
$
|
16,301
|
$
|
(171,527
|
)
|
$
|
(155,223
|
)
|
|||||||||||||||||||
Retroactive application of reverse recapitalization (Note 4)
|
(68,382,882
|
)
|
(159,028
|
)
|
60,186,260
|
6
|
8,196,622
|
1
|
159,026
|
—
|
159,033
|
|||||||||||||||||||||||||
Adjusted balance, December 31, 2020
|
—
|
—
|
92,760,478
|
9
|
8,196,622
|
1
|
175,327
|
(171,527
|
)
|
3,810
|
||||||||||||||||||||||||||
Reverse recapitalization and PIPE Financing (Note 4)
|
—
|
—
|
44,522,375
|
5
|
(1,658,887
|
)
|
—
|
330,659
|
(1,042
|
)
|
329,622
|
|||||||||||||||||||||||||
Fair value of earnout share liabilities (Note 4)
|
—
|
—
|
—
|
—
|
—
|
—
|
(230,995
|
)
|
—
|
(230,995
|
)
|
|||||||||||||||||||||||||
Issuance and vesting of earnout shares at fair value (Note 4)
|
—
|
—
|
10,204,164
|
1
|
713,572
|
—
|
237,008
|
—
|
237,009
|
|||||||||||||||||||||||||||
Stock-based compensation from option and restricted stock unit grants
|
—
|
—
|
—
|
—
|
—
|
—
|
8,826
|
—
|
8,826
|
|||||||||||||||||||||||||||
Exercise of stock options
|
—
|
—
|
1,828,302
|
—
|
—
|
—
|
2,032
|
—
|
2,032
|
|||||||||||||||||||||||||||
Net loss
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(22,794
|
)
|
(22,794
|
)
|
|||||||||||||||||||||||||
Balance, March 31, 2021
|
—
|
$
|
—
|
149,315,319
|
$
|
15
|
7,251,307
|
$
|
1
|
$
|
522,857
|
$
|
(195,363
|
)
|
$
|
327,510
|
Three Months Ended March 31,
|
||||||||
2021
|
2020
|
|||||||
Operating activities:
|
||||||||
Net loss
|
$
|
(22,794
|
)
|
$
|
(7,097
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation and amortization
|
1,360
|
1,411
|
||||||
Provision for bad debts
|
54
|
16
|
||||||
Loss on extinguishment of debt and amortization of debt discount
|
2,799
|
105
|
||||||
Stock-based compensation expense
|
8,826
|
481
|
||||||
Change in fair value of earnout and contingent consideration liabilities
|
9,995
|
—
|
||||||
Deferred income taxes
|
92
|
80
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(3,743
|
)
|
(325
|
)
|
||||
Prepaid expenses
|
(3,382
|
)
|
(752
|
)
|
||||
Other assets (current and non-current)
|
1,512
|
(27
|
)
|
|||||
Accounts payable
|
668
|
(1,001
|
)
|
|||||
Accrued expenses
|
(2,730
|
)
|
(2,569
|
)
|
||||
Deferred revenue
|
(2,604
|
)
|
799
|
|||||
Deferred implementation, commissions and other costs
|
132
|
(27
|
)
|
|||||
Other liabilities (current and non-current)
|
(102
|
)
|
45
|
|||||
Net cash used in operating activities
|
(9,917
|
)
|
(8,861
|
)
|
||||
Investing activities:
|
||||||||
Purchases of short-term investments
|
(25,000
|
)
|
—
|
|||||
Capitalized software development
|
(115
|
)
|
(236
|
)
|
||||
Purchases of property and equipment
|
(388
|
)
|
(629
|
)
|
||||
Net cash used in investing activities
|
(25,503
|
)
|
(865
|
)
|
||||
Financing activities:
|
||||||||
Issuance of long-term debt
|
—
|
45,000
|
||||||
Financing costs paid upon issuance of long-term debt
|
—
|
(1,446
|
)
|
|||||
Proceeds from line of credit
|
—
|
3,000
|
||||||
Payments on long-term debt
|
(44,663
|
)
|
(28,583
|
)
|
||||
Payments on capital lease obligations
|
(65
|
)
|
(68
|
)
|
||||
Proceeds from exercise of stock options
|
2,032
|
123
|
||||||
Business combination and PIPE financing
|
349,902
|
—
|
||||||
Payments of equity issuance costs
|
(20,200
|
)
|
—
|
|||||
Debt extinguishment costs
|
(1,565
|
)
|
—
|
|||||
Cash paid to satisfy tax withholding on net share issuance
|
(4,013
|
)
|
—
|
|||||
Net cash provided by financing activities
|
281,428
|
18,026
|
||||||
Net increase in cash and cash equivalents and restricted cash
|
246,008
|
8,300
|
||||||
Cash and cash equivalents and restricted cash, beginning of period
|
17,919
|
4,736
|
||||||
Cash and cash equivalents and restricted cash, end of period
|
$
|
263,927
|
$
|
13,036
|
||||
Reconciliation of cash, cash equivalents, and restricted cash to the condensed balance sheets
|
||||||||
Cash and cash equivalents
|
$
|
261,013
|
$
|
9,761
|
||||
Restricted cash
|
2,914
|
3,275
|
||||||
Total cash, cash equivalents, and restricted cash
|
$
|
263,927
|
$
|
13,036
|
Supplemental Disclosure of Cash Flow Information:
|
||||||||
Cash paid for interest
|
$
|
133
|
$
|
1,071
|
||||
Noncash Investing & Financing Activities:
|
||||||||
Reclassification of Series C preferred stock warrant liability to equity in connection with Business Combination
|
$
|
1,433
|
$
|
—
|
||||
Net assets acquired in Business Combination and other
|
$
|
255
|
$
|
—
|
||||
Deferred and accrued equity issuance costs in other assets and accrued expenses charged to additional paid-in-capital
|
$
|
1,888
|
$
|
—
|
||||
Issuance and vesting of earnout shares at fair value
|
$
|
237,008
|
$
|
—
|
|
1. |
Identification of the contract, or contracts, with a customer;
|
|
2. |
Identification of the performance obligations in the contract;
|
|
3. |
Determination of the transaction price;
|
|
4. |
Allocation of the transaction price to the performance obligations in the contract; and
|
|
5. |
Recognition of revenue when, or as, the Company satisfies a performance obligation
|
2021
|
2020
|
|||||||
Subscription and transaction fees
|
$
|
30,183
|
$
|
23,125
|
||||
Services and other
|
2,936
|
1,399
|
||||||
Subscription, transaction and services
|
$
|
33,119
|
$
|
24,524
|
Ending Balance December 31, 2019 (current and long-term liabilities)
|
$
|
1,066
|
||
Fair value adjustments to contingent consideration
|
—
|
|||
Ending Balance March 31, 2020 (current and long-term liabilities)
|
$
|
1,066
|
||
Ending Balance December 31, 2020 (current and long-term liabilities)
|
$
|
660
|
||
Fair value adjustments to contingent consideration
|
(290
|
)
|
||
Ending balance, March 31, 2021 (current and long-term liabilities)
|
$
|
370
|
|
i. |
Approximately $90 million in cash to certain Billtrust shareholders who elected to receive cash for shares of Billtrust common stock at Closing of the Business Combination, accounted for as a reverse recapitalization, and
|
|
ii. |
Approximately $1,099 million in South Mountain Class A and Class C Common Stock at Closing of the Business Combination, accounted for as a reverse recapitalization, or 109,944,090 shares (including 15,175,967 shares issuable pursuant
to outstanding vested and unvested options from the 2003 and 2014 Plans), converted at an exchange ratio of 7.2282662 shares per share of Legacy Billtrust common stock (the “Conversion Rate”), based on an assumed share price of $10.00 per
share.
|
|
i. |
approximately 138,728,373 shares of Class 1 Common Stock, including 2,375,000 shares to prior South Mountain shareholders that are subject to the vesting and forfeiture provisions based upon the same share price targets described below
in the First Earnout and Second Earnout. During the first quarter of 2021, all of these shares were vested.
|
|
ii. |
approximately 6,537,735 shares of Class 2 Common Stock; and
|
|
iii. |
12,500,000 warrants, each exercisable for one share of Class 1 Common Stock at a price of $11.50 per share (the “Warrants” or “Public Warrants”, see Note 10)
|
|
iv. |
In connection with the Merger, each issued and outstanding South Mountain Class A and Class B share was converted into 1.0 shares of Class 1 Common Stock of the Company.
|
|
v. |
In connection with the Merger, all 6,954,500 private placement warrants of South Mountain were cancelled and are no longer outstanding.
|
Reverse
Recapitalization
|
||||
(in thousands)
|
||||
Cash - South Mountain (net of redemptions and non-contingent expenses)
|
$
|
240,670
|
||
Cash - PIPE investors
|
200,000
|
|||
Cash electing shares of Legacy Billtrust shareholders
|
(90,061
|
)
|
||
Less fees to underwriters and other transaction costs
|
(20,200
|
)
|
||
Net cash received from reverse recapitalization
|
330,409
|
|||
Net assets acquired and other adjustments
|
255
|
|||
Net contributions from reverse recapitalization
|
$
|
330,664
|
Number of Shares
|
||||
Common Stock outstanding prior to Business Combination
|
25,000,000
|
|||
Shares from South Mountain Founder Shares
|
5,500,000
|
|||
Less redemption of South Mountain Shares
|
(2,015
|
)
|
||
Common Stock of South Mountain
|
30,497,985
|
|||
Shares issued from PIPE
|
20,000,000
|
|||
Less: Shares of Legacy Billtrust shareholders purchased for cash
|
(9,005,863
|
)
|
||
Recapitalization shares
|
41,492,122
|
|||
Legacy Billtrust stockholders
|
103,773,986
|
|||
Total Shares
|
145,266,108
|
Earnout Shares
|
Sponsor Vesting
Shares
|
Total
|
||||||||||
Fair value on Closing Date
|
$
|
191,095
|
$
|
39,900
|
$
|
230,995
|
||||||
Change in fair value during the period (included in Other expense)
|
8,246
|
1,780
|
10,026
|
|||||||||
Amount paid for tax withholding
|
(4,013
|
)
|
—
|
(4,013
|
)
|
|||||||
Amount reclassified to equity
|
(195,328
|
)
|
(41,680
|
)
|
(237,008
|
)
|
||||||
Ending balance
|
$
|
—
|
$
|
—
|
$
|
—
|
|
• |
Level 1: Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities;
|
|
• |
Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
|
|
• |
Level 3: Unobservable inputs for which there is little or no market data requiring the Company to develop its own assumptions.
|
March 31, 2021
|
||||||||||||||||
Balance
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Assets:
|
||||||||||||||||
Cash and cash equivalents(1)
|
$
|
261,013
|
$
|
261,013
|
$
|
—
|
$
|
—
|
||||||||
Short-term investments
|
25,000
|
25,000
|
—
|
—
|
||||||||||||
Restricted Cash
|
2,914
|
2,914
|
—
|
—
|
||||||||||||
$
|
288,927
|
$
|
288,927
|
$
|
—
|
$
|
—
|
|||||||||
Liabilities:
|
||||||||||||||||
Contingent consideration(2)
|
$
|
370
|
$
|
—
|
$
|
—
|
$
|
370
|
||||||||
$
|
370
|
$
|
—
|
$
|
—
|
$
|
370
|
December 31, 2020
|
||||||||||||||||
Balance
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Assets:
|
||||||||||||||||
Cash and cash equivalents(1)
|
$
|
14,642
|
$
|
14,642
|
$
|
—
|
$
|
—
|
||||||||
Restricted Cash
|
3,277
|
3,277
|
—
|
—
|
||||||||||||
$
|
17,919
|
$
|
17,919
|
$
|
—
|
$
|
—
|
|||||||||
Liabilities:
|
||||||||||||||||
Contingent consideration(2)
|
$
|
660
|
$
|
—
|
$
|
—
|
$
|
660
|
||||||||
Warrants to purchase Series C Preferred stock(3)
|
1,172
|
—
|
—
|
1,172
|
||||||||||||
$
|
1,832
|
$
|
—
|
$
|
—
|
$
|
1,832
|
Ending balance, December 31, 2020
|
$
|
1,172
|
||
Change in fair value (1)
|
256
|
|||
Exercise of Series C warrants
|
(1,428
|
)
|
||
Ending balance, March 31, 2021
|
$
|
—
|
Ending balance, December 31, 2020 (current and long-term liabilities)
|
$
|
660
|
||
Adjustments to contingent consideration
|
(290
|
)
|
||
Ending balance, March 31, 2021 (current and long-term liabilities)
|
$
|
370
|
Ending balance, December 31, 2020
|
$
|
36,956
|
||
Changes during the three months ended March 31, 2021
|
—
|
|||
Ending balance, March 31, 2021
|
$
|
36,956
|
March 31, 2021
|
||||||||||||
Gross Carrying Value
|
Accumulated amortization
|
Net
|
||||||||||
Customer relationships
|
$
|
16,350
|
$
|
(9,111
|
)
|
$
|
7,239
|
|||||
Non-compete agreements
|
1,430
|
(702
|
)
|
728
|
||||||||
Trademarks and trade names
|
160
|
(53
|
)
|
107
|
||||||||
Technology
|
1,540
|
(636
|
)
|
904
|
||||||||
Total
|
$
|
19,480
|
$
|
(10,502
|
)
|
$
|
8,978
|
December 31, 2020
|
||||||||||||
Gross Carrying Value
|
Accumulated amortization
|
Net
|
||||||||||
Customer relationships
|
$
|
16,350
|
$
|
(8,698
|
)
|
$
|
7,652
|
|||||
Non-compete agreements
|
1,460
|
(660
|
)
|
800
|
||||||||
Trademarks and trade names
|
160
|
(47
|
)
|
113
|
||||||||
Technology
|
1,540
|
(571
|
)
|
969
|
||||||||
Total
|
$
|
19,510
|
$
|
(9,976
|
)
|
$
|
9,534
|
remainder of 2021
|
$
|
1,269
|
||
2022
|
1,269
|
|||
2023
|
1,174
|
|||
2024
|
930
|
|||
2025
|
737
|
|||
Thereafter
|
3,599
|
|||
Total
|
$
|
8,978
|
March 31,
2021
|
December 31,
2020
|
|||||||
Assets held under capital leases – computer, print and mail equipment and software
|
$
|
3,784
|
$
|
3,752
|
||||
Computer, print and mail equipment
|
8,293
|
7,998
|
||||||
Furniture and fixtures
|
4,073
|
4,073
|
||||||
Leasehold improvements
|
12,133
|
12,120
|
||||||
Software
|
1,437
|
1,437
|
||||||
Vehicles
|
115
|
115
|
||||||
Internal software development
|
2,759
|
2,644
|
||||||
Construction in progress
|
157
|
79
|
||||||
32,751
|
32,218
|
|||||||
Less: accumulated depreciation and amortization
|
(16,371
|
)
|
(15,568
|
)
|
||||
Total
|
$
|
16,380
|
$
|
16,650
|
March 31,
2021
|
December 31,
2020
|
|||||||
Term Loan
|
$
|
—
|
$
|
44,663
|
||||
Unamortized debt issuance costs
|
—
|
(1,234
|
)
|
|||||
Revolving Facility Line of Credit
|
—
|
—
|
||||||
Capital lease obligations
|
212
|
246
|
||||||
Subtotal
|
212
|
43,675
|
||||||
Less: current portion, net of unamortized debt issuance costs
|
(170
|
)
|
(380
|
)
|
||||
$
|
42
|
$
|
43,295
|
•
|
in whole and not in part;
|
•
|
at a price of $0.01 per warrant;
|
•
|
upon a minimum of 30 days’ prior written notice of redemption; and
|
• |
if, and only if, the reported last sale price of the Company’s Class A common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day
prior to the date on which the Company sends the notice of redemption to the warrant holders.
|
2021
|
2020
|
|||||||
Risk-free interest rate
|
0.64% - 1.12
|
%
|
1.57% - 1.73
|
%
|
||||
Dividend yield
|
—
|
%
|
—
|
%
|
||||
Volatility factor of the expected market price of the Company’s common stock
|
41.56% - 41.62
|
%
|
39.44% - 39.93
|
%
|
||||
Expected life of option
|
5.5 years
|
6.9 years
|
2021
|
2020
|
|||||||
Cost of subscription, transaction and other revenue
|
$
|
443
|
$
|
33
|
||||
Research and development
|
1,223
|
100
|
||||||
Sales and marketing
|
1,333
|
74
|
||||||
General and administrative
|
5,827
|
274
|
||||||
$
|
8,826
|
$
|
481
|
March 31, 2021
|
Operating Leases
|
Capital Leases
|
||||||
remainder of 2021
|
$
|
3,567
|
$
|
153
|
||||
2022
|
4,716
|
52
|
||||||
2023
|
4,444
|
13
|
||||||
2024
|
4,089
|
1
|
||||||
2025
|
4,055
|
—
|
||||||
Thereafter
|
30,811
|
—
|
||||||
Total minimum lease payments
|
$
|
51,682
|
$
|
219
|
||||
Less amounts representing interest
|
(7
|
)
|
||||||
Present value of lease payments
|
212
|
|||||||
Less current portion
|
(170
|
)
|
||||||
Long-term portion of minimum lease payments
|
$
|
42
|
March 31, 2021
|
||||||||||||||||
Print
|
Software and Payments
|
All other
|
Total
|
|||||||||||||
Revenues:
|
||||||||||||||||
Subscription and transaction
|
$
|
4,498
|
$
|
25,685
|
$
|
—
|
$
|
30,183
|
||||||||
Services and other
|
—
|
—
|
2,936
|
2,936
|
||||||||||||
Subscription, transaction and services
|
4,498
|
25,685
|
2,936
|
33,119
|
||||||||||||
Reimbursable costs
|
8,817
|
—
|
—
|
8,817
|
||||||||||||
Total revenues
|
13,315
|
25,685
|
2,936
|
41,936
|
||||||||||||
Cost of Revenues:
|
||||||||||||||||
Cost of subscription, transaction and services revenue
|
1,926
|
3,711
|
3,616
|
9,253
|
||||||||||||
Cost of reimbursable costs
|
8,817
|
—
|
—
|
8,817
|
||||||||||||
Total cost of revenues, excluding depreciation and amortization
|
10,743
|
3,711
|
3,616
|
18,070
|
||||||||||||
Segment gross profit - subscription, transaction and services
|
2,572
|
21,974
|
(680
|
)
|
23,866
|
|||||||||||
Segment gross profit - reimbursable costs
|
—
|
—
|
—
|
—
|
||||||||||||
Total segment gross profit, excluding depreciation and amortization
|
$
|
2,572
|
$
|
21,974
|
$
|
(680
|
)
|
$
|
23,866
|
|||||||
Total segment gross margin, excluding depreciation and amortization
|
19.3
|
%
|
85.6
|
%
|
(23.2
|
)%
|
56.9
|
%
|
||||||||
Segment gross margin - subscription, transaction and services
|
57.2
|
%
|
85.6
|
%
|
(23.2
|
)%
|
72.1
|
%
|
||||||||
Unallocated amounts:
|
||||||||||||||||
Sales and marketing
|
$
|
8,936
|
||||||||||||||
Research and development
|
10,993
|
|||||||||||||||
General and administrative
|
12,450
|
|||||||||||||||
Depreciation and amortization
|
1,360
|
|||||||||||||||
Interest income
|
(103
|
)
|
||||||||||||||
Interest expense and loss on extinguishment of debt
|
2,942
|
|||||||||||||||
Change in fair value and other income (expense), net
|
9,990
|
|||||||||||||||
Loss before income taxes
|
$
|
(22,702
|
)
|
March 31, 2020
|
||||||||||||||||
Print
|
Software and Payments
|
All other
|
Total
|
|||||||||||||
Revenues:
|
||||||||||||||||
Subscription and transaction
|
$
|
4,786
|
$
|
18,339
|
$
|
—
|
$
|
23,125
|
||||||||
Services and other
|
—
|
—
|
1,399
|
1,399
|
||||||||||||
Subscription, transaction and services
|
4,786
|
18,339
|
1,399
|
24,524
|
||||||||||||
Reimbursable costs
|
9,621
|
—
|
—
|
9,621
|
||||||||||||
Total revenues
|
14,407
|
18,339
|
1,399
|
34,145
|
||||||||||||
Cost of Revenues:
|
||||||||||||||||
Cost of subscription, transaction and services revenue
|
2,211
|
3,114
|
2,565
|
7,890
|
||||||||||||
Cost of reimbursable costs
|
9,621
|
—
|
—
|
9,621
|
||||||||||||
Total cost of revenues, excluding depreciation and amortization
|
11,832
|
3,114
|
2,565
|
17,511
|
||||||||||||
Segment gross profit - subscription, transaction and services
|
2,575
|
15,225
|
(1,166
|
)
|
16,634
|
|||||||||||
Segment gross profit - reimbursable costs
|
—
|
—
|
—
|
—
|
||||||||||||
Total segment gross profit, excluding depreciation and amortization
|
$
|
2,575
|
$
|
15,225
|
$
|
(1,166
|
)
|
$
|
16,634
|
|||||||
Total segment gross margin, excluding depreciation and amortization
|
17.9
|
%
|
83.0
|
%
|
(83.3
|
)%
|
48.7
|
%
|
||||||||
Segment gross margin - subscription, transaction and services
|
53.8
|
%
|
83.0
|
%
|
(83.3
|
)%
|
67.8
|
%
|
||||||||
Unallocated amounts:
|
||||||||||||||||
Sales and marketing
|
$
|
6,422
|
||||||||||||||
Research and development
|
9,384
|
|||||||||||||||
General and administrative
|
5,248
|
|||||||||||||||
Depreciation and amortization
|
1,411
|
|||||||||||||||
Interest income
|
(16
|
)
|
||||||||||||||
Interest expense and loss on extinguishment of debt
|
1,183
|
|||||||||||||||
Change in fair value and other income (expense), net
|
19
|
|||||||||||||||
Loss before income taxes
|
$
|
(7,017
|
)
|
March 31,
|
||||||||
2021
|
2020
|
|||||||
Numerator:
|
||||||||
Net loss
|
$
|
(22,794
|
)
|
$
|
(7,097
|
)
|
||
Denominator:
|
||||||||
Weighted-average common shares outstanding
|
144,207
|
99,804
|
||||||
Net loss per share attributable to common stockholders (Class 1 and Class 2), basic and diluted
|
$
|
(0.16
|
)
|
$
|
(0.07
|
)
|
March 31,
|
||||||||
2021
|
2020
|
|||||||
Options to purchase common stock
|
22,383,267
|
12,870,603
|
||||||
Restricted Stock Units (RSU’s)
|
834,228
|
—
|
||||||
Warrants
|
12,500,000
|
12,500,000
|
||||||
35,717,495
|
25,370,603
|
March 31, 2021
|
December 31, 2020
|
|||||||
Accrued expenses
|
$
|
11,907
|
$
|
11,749
|
||||
Accrued compensation
|
7,337
|
9,513
|
||||||
Accrued professional services and other
|
4,070
|
3,569
|
||||||
Accrued business combination expense
|
846
|
1,510
|
||||||
Total accrued expenses and other
|
$
|
24,160
|
$
|
26,341
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Three Months Ended March
31, |
||||||||
2021
|
2020
|
|||||||
($ in billions)
|
||||||||
Total Payment Volume
|
$
|
15.1
|
$
|
11.4
|
||||
TPV - ACH/Wire
|
$
|
9.7
|
$
|
7.8
|
||||
TPV - Card
|
$
|
5.4
|
$
|
3.6
|
Three Months Ended March
31,
|
||||||||
2021
|
2020
|
|||||||
Number of electronic invoices presented (in millions)
|
71
|
64
|
Three Months Ended March 31,
|
||||||||
2021
|
2020
|
|||||||
(in thousands)
|
||||||||
Total revenues
|
$
|
41,936
|
$
|
34,145
|
||||
Less: Reimbursable costs revenue
|
8,817
|
9,621
|
||||||
Net Revenue (non-GAAP)
|
$
|
33,119
|
$
|
24,524
|
||||
Total revenues
|
$
|
41,936
|
$
|
34,145
|
||||
Less: Cost of revenue, excluding depreciation and amortization
|
18,070
|
17,511
|
||||||
Gross profit, excluding depreciation and amortization
|
23,866
|
16,634
|
||||||
Add: Stock based compensation expense
|
443
|
33
|
||||||
Adjusted Gross Profit
|
$
|
24,309
|
$
|
16,667
|
||||
Gross margin, excluding depreciation and amortization
|
56.9
|
%
|
48.7
|
%
|
||||
Adjusted Gross Margin
|
73.4
|
%
|
68.0
|
%
|
Three Months Ended March 31,
|
||||||||
2021
|
2020
|
|||||||
|
(in thousands)
|
|||||||
Net loss and comprehensive loss
|
$
|
(22,794
|
)
|
$
|
(7,097
|
)
|
||
Provision for income taxes
|
92
|
80
|
||||||
Change in fair value of financial instruments and other income
|
9,990
|
19
|
||||||
Interest expense and loss on extinguishment of debt
|
2,942
|
1,183
|
||||||
Interest income
|
(103
|
)
|
(16
|
)
|
||||
Depreciation and amortization
|
1,360
|
1,411
|
||||||
Stock-based compensation expense
|
8,826
|
481
|
||||||
Restructuring & severance
|
6
|
181
|
||||||
Acquisition and integration expense
|
—
|
53
|
||||||
Adjusted EBITDA
|
$
|
319
|
$
|
(3,705
|
)
|
Three Months Ended March 31,
|
||||||||
2021
|
2020
|
|||||||
(in thousands)
|
||||||||
Net cash used in operating activities
|
$
|
(9,917
|
)
|
$
|
(8,861
|
)
|
||
Purchases of property and equipment
|
(388
|
)
|
(629
|
)
|
||||
Capitalized Software Development
|
(115
|
)
|
(236
|
)
|
||||
Free cash flow
|
$
|
(10,420
|
)
|
$
|
(9,726
|
)
|
Three Months Ended March 31,
|
% change
|
|||||||||||
2021
|
2020
|
2021
|
||||||||||
(in thousands)
|
||||||||||||
Revenues:
|
||||||||||||
Subscription, transaction and services
|
$
|
33,119
|
$
|
24,524
|
35
|
%
|
||||||
Reimbursable costs
|
8,817
|
9,621
|
(8
|
)%
|
||||||||
Total revenues
|
41,936
|
34,145
|
23
|
%
|
||||||||
Cost of revenues:
|
||||||||||||
Cost of subscription, transaction and services
|
9,253
|
7,890
|
17
|
%
|
||||||||
Cost of reimbursable costs
|
8,817
|
9,621
|
(8
|
)%
|
||||||||
Total cost of revenues, excluding depreciation and amortization
|
18,070
|
17,511
|
3
|
%
|
||||||||
Operating expenses:
|
||||||||||||
Research and development
|
10,993
|
9,384
|
17
|
%
|
||||||||
Sales and marketing
|
8,936
|
6,422
|
39
|
%
|
||||||||
General and administrative
|
12,450
|
5,248
|
137
|
%
|
||||||||
Depreciation and amortization
|
1,360
|
1,411
|
(4
|
)%
|
||||||||
Total operating expenses
|
33,739
|
22,465
|
50
|
%
|
||||||||
Loss from operations
|
(9,873
|
)
|
(5,831
|
)
|
69
|
%
|
||||||
Other income (expense):
|
||||||||||||
Interest income
|
103
|
16
|
544
|
%
|
||||||||
Interest expense and loss on extinguishment of debt
|
(2,942
|
)
|
(1,183
|
)
|
149
|
%
|
||||||
Change in fair value of financial instruments and other income
|
(9,990
|
)
|
(19
|
)
|
52479
|
%
|
||||||
Total other income (expense)
|
(12,829
|
)
|
(1,186
|
)
|
982
|
%
|
||||||
Loss before income taxes
|
(22,702
|
)
|
(7,017
|
)
|
224
|
%
|
||||||
Provision for income taxes
|
(92
|
)
|
(80
|
)
|
15
|
%
|
||||||
Net loss and comprehensive loss
|
$
|
(22,794
|
)
|
$
|
(7,097
|
)
|
221
|
%
|
Three Months Ended March
31,
|
Change
|
|||||||||||||||
2021
|
2020
|
Amount
|
%
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Subscription and transaction fees
|
$
|
30,183
|
$
|
23,125
|
$
|
7,058
|
31
|
%
|
||||||||
Services and other
|
2,936
|
1,399
|
1,537
|
110
|
%
|
|||||||||||
Subscription, transaction and services
|
$
|
33,119
|
$
|
24,524
|
$
|
8,595
|
35
|
%
|
||||||||
Reimbursable costs
|
8,817
|
9,621
|
(804
|
)
|
(8
|
)%
|
||||||||||
Total revenues
|
$
|
41,936
|
$
|
34,145
|
$
|
7,791
|
23
|
%
|
|
• |
Subscription, transaction and services revenue was $33.1 million for the three months ended March 31, 2021, compared to $24.5 million for the three months ended March 31, 2020, an increase of $8.6 million
or 35%. Included in revenue was $2.5 million related to the acceleration of previously paid and deferred revenue from a customer who terminated during the first quarter of 2021.
|
|
• |
Reimbursable costs was $8.8 million for the three months ended March 31, 2021, compared to $9.6 million for the three months ended March 31, 2020, a decrease of $0.8 million or 8%.
|
|
• |
Subscription and transaction fees related to the Software and Payments segment increased $7.3 million or 40% from contracting with new customers and existing customers purchasing additional products and
increasing transaction volume primarily from payments. Software and Payments segment revenue was $25.7 million, or 85% of subscription and transaction fees, for the three months ended March 31, 2021, compared to $18.3 million, or 79% of
subscription and transaction fees for the three months ended March 31, 2020. Included in Software and Payments segment revenue was $2.5 million related to the acceleration of previously paid and deferred revenue from a customer who
terminated during the first quarter of 2021.
|
|
• |
Print segment revenue was $13.3 million for the three months ended March 31, 2021, compared to $14.4 million for the three months ended March 31, 2020, a decrease of $1.1 million or 8%. Subscription and
transaction fees related to the Print segment decreased $0.3 million or 6% due primarily to lower transactional volumes as a result of existing customers reducing services and converting from paper to electronic invoicing. Subscription
and transaction fees related to the Print segment were $4.5 million, or 15% of subscription and transaction fees, for the three months ended March 31, 2021, compared to $4.8 million, or 21% of subscription and transaction fees, for the
three months ended March 31, 2020. Reimbursable costs decreased $0.8 million or 8%, due to lower transactional volumes.
|
|
• |
Services and other revenue increased $1.5 million or 110% due primarily to an increase in existing customer professional services consulting engagements, as well as a shift to more services provided on an
hourly rate basis as compared to the prior period. Services and other revenue was $2.9 million for the three months ended March 31, 2021, compared to $1.4 million for the three months ended March 31, 2020.
|
Three Months Ended March
31,
|
Change
|
|||||||||||||||
2021
|
2020
|
Amount
|
%
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Cost of subscription, transaction and services
|
$
|
9,253
|
$
|
7,890
|
$
|
1,363
|
17
|
%
|
||||||||
Cost of reimbursable costs
|
8,817
|
9,621
|
(804
|
)
|
(8
|
)%
|
||||||||||
Total cost of revenues, excluding depreciation and amortization
|
$
|
18,070
|
$
|
17,511
|
$
|
559
|
3
|
%
|
|
• |
Cost of subscription, transaction and services was $9.3 million or 22% of total revenues for the three months ended March 31, 2021, compared to $7.9 million or 23% of total revenues for the three months
ended March 31, 2020, an increase of $1.4 million or 17%.
|
|
• |
Cost of reimbursable costs was $8.8 million or 21% of total revenues for the three months ended March 31, 2021, compared to $9.6 million or 28% of total revenues for the three months ended March 31, 2020, a
decrease of $0.8 million or 8% due to lower transactional print volumes.
|
|
• |
Cost of subscription, transaction and services related to the Software and Payments segment increased $0.6 million or 19% due primarily to a $0.6 million increase in personnel-related costs, including
non-cash stock based compensation expense. Cost of subscription, transaction and services related to the Software and Payments segment were $3.7 million resulting in a segment gross margin of $22.0 million or 86% for the three months
ended March 31, 2021, compared to $3.1 million resulting in a segment gross margin of $15.2 million or 83% for the three months ended March 31, 2020. Billtrust expects that cost of subscription, transaction, and services will increase in
absolute dollars, but may fluctuate as a percentage of total revenues from period to period, as Billtrust continues to sell a mix of solutions and services to new and existing customers.
|
|
• |
Cost of revenues related to the Print segment was $10.7 million for the three months ended March 31, 2021, compared to $11.8 million for the three months ended March 31, 2020, a decrease of $1.1 million or
9%. Cost of subscription, transaction and services related to Print decreased $0.3 million or 13% due primarily to a $0.4 million decrease in Print direct costs resulting from lower transactional volumes. Cost of subscription,
transaction and services related to the Print segment were $1.9 million resulting in a segment gross margin of $2.6 million or 57% for the three months ended March 31, 2021, compared to $2.2 million resulting in a segment gross margin of
$2.6 million or 54% for the three months ended March 31, 2020. Cost of reimbursable costs decreased $0.8 million or 8% due to lower transactional volumes.
|
|
• |
Cost of services and other was $3.6 million for the three months ended March 31, 2021, compared to $2.6 million for the three months ended March 31, 2020, an increase of $1.1 million or 41%. The increase
was due to a $1.1 million increase in personnel-related costs, including non-cash stock based compensation expense and amortization of deferred service costs for personnel who were directly engaged in providing implementation and
consulting services to Billtrust’s customers.
|
Three Months Ended March
31,
|
Change
|
|||||||||||||||
2021
|
2020
|
Amount
|
%
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Research and development
|
$
|
10,993
|
$
|
9,384
|
$
|
1,609
|
17
|
%
|
||||||||
Percentage of total revenues
|
26
|
%
|
27
|
%
|
Three Months Ended March
31,
|
Change
|
|||||||||||||||
2021
|
2020
|
Amount
|
%
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Sales and marketing
|
$
|
8,936
|
$
|
6,422
|
$
|
2,514
|
39
|
%
|
||||||||
Percentage of total revenues
|
21
|
%
|
19
|
%
|
Three Months Ended March
31,
|
Change
|
|||||||||||||||
2021
|
2020
|
Amount
|
%
|
|||||||||||||
(in thousands)
|
||||||||||||||||
General and administrative
|
$
|
12,450
|
$
|
5,248
|
$
|
7,202
|
137
|
%
|
||||||||
Percentage of total revenues
|
30
|
%
|
15
|
%
|
Three Months Ended March
31,
|
Change
|
|||||||||||||||
2021
|
2020
|
Amount
|
%
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Depreciation and amortization
|
$
|
1,360
|
$
|
1,411
|
$
|
(51
|
)
|
(4
|
)%
|
|||||||
Percentage of total revenues
|
3
|
%
|
4
|
%
|
Three Months Ended March
31,
|
Change
|
|||||||||||||||
2021
|
2020
|
Amount
|
%
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Total other income (expense)
|
$
|
(12,829
|
)
|
$
|
(1,186
|
)
|
$
|
(11,643
|
)
|
982
|
%
|
|||||
Percentage of total revenues
|
(31
|
)%
|
(3
|
)%
|
Three Months Ended March
31,
|
Change
|
|||||||||||||||
2021
|
2020
|
Amount
|
%
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Provision for income taxes
|
$
|
(92
|
)
|
$
|
(80
|
)
|
$
|
(12
|
)
|
15
|
%
|
|||||
Percentage of total revenues
|
(0.2
|
)%
|
(0.2
|
)%
|
Three Months Ended March
31,
|
||||||||
2021
|
2020
|
|||||||
Net cash used in operating activities
|
$
|
(9,917
|
)
|
$
|
(8,861
|
)
|
||
Net cash used in investing activities
|
(25,503
|
)
|
(865
|
)
|
||||
Net cash provided by financing activities
|
281,428
|
18,026
|
||||||
Net increase in cash and cash equivalents and restricted cash
|
$
|
246,008
|
$
|
8,300
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4. |
Controls and Procedures
|
Item 1. |
Item 1A. |
Item 2. |
Item 3. |
Item 4. |
Item 5. |
Item 6. |
Exhibit Number
|
Description
|
Second Amended and Restated Certificate of Incorporation of the Company, dated January 12, 2021 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K
filed with the SEC on January 14, 2021).
|
|
Amended and Restated Bylaws of the Company, dated January 12, 2021(incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed with the SEC on January 14,
2021).
|
|
Form of Common Stock Certificate of the Company (incorporated by reference to Exhibit 4.1 filed to the Company’s Current Report on Form 8-K filed with the SEC on January 14, 2021).
|
|
Form of Warrant Certificate of the Company (incorporated by reference to Exhibit 4.2 filed to the Company’s Current Report on Form 8-K filed with the SEC on January 14, 2021).
|
|
Amended and Restated Registration Rights Agreement, dated October 18, 2020, by and among the Company and certain stockholders of the Company (incorporated by reference to Exhibit 4.4
filed to the Company’s Current Report on Form 8-K filed with the SEC on January 14, 2021).
|
|
Form of Lock-Up Agreement (incorporated by reference to Exhibit 4.5 filed to the Company’s Current Report on Form 8-K filed with the SEC on January 14, 2021).
|
|
Certification of Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
|
|
Certification of Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
|
|
Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
XBRL Definition Linkbase Document
|
101.LAB
|
XBRL Taxonomy Extension Labels Linkbase Document
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
* |
Furnished herewith and not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed to be incorporated by reference into any filing under
the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
|
May 14, 2021
|
BTRS Holdings Inc.
|
||
By:
|
/s/ Mark Shifke
|
||
Name:
|
Mark Shifke
|
||
Title:
|
Chief Financial Officer
|
||
(Principal Financial Officer)
|
1 Year BTRS Chart |
1 Month BTRS Chart |
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