Billtrust Reports First Quarter 2022 Financial Results

May 10, 2022
  • First quarter software and payments segment revenue up 16%; up 34% on an adjusted basis
  • Reaffirms Full Year 2022 Financial Outlook

LAWRENCEVILLE, N.J.--(BUSINESS WIRE)--May 10, 2022-- 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

  • Total revenue increased 8.8% year-over-year to $45.6 million, versus $41.9 million for the same period in 2021.
  • Software and payments segment revenue increased 16.3% year-over-year to $29.9 million, compared to $25.7 million for the same period in 2021.
  • Gross profit, excluding depreciation and amortization, increased 12.0% year-over-year to $26.7 million, compared to $23.9 million for the same period in 2021.
  • Gross margin excluding depreciation and amortization expanded by 170 basis points to 58.6%, versus 56.9% for the same period in 2021, driven by improved operating leverage and an increasing mix of software and payments segment revenue.
  • Net loss was $29.0 million, compared to $22.8 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 45% year-over-year to $22.0 billion, up from $15.1 billion for the same period in 2021.
  • Net revenue* increased 11.9% year-over-year to $37.0 million, up from $33.1 million for the same period in 2021; when the impact of the loss of a customer in Q1 2021, including the impact of the one-time accelerated deferred revenue, is excluded from our 2021 results for comparison purposes (“One-Time Customer Loss”), net revenue increased 24.4% year-over-year.
  • Adjusted for the impact of the One-Time Customer Loss in Q1 2021, software and payments segment revenue increased 33.6% year-over-year to $29.9 million, compared to $22.4 million for the same period in 2021.
  • Adjusted gross profit* increased 11.7% year-over-year to $27.2 million, compared to $24.3 million for the same period in 2021, and grew 29.5% when adjusted for the One-Time Customer Loss.
  • Adjusted gross margin* declined 10 basis points year-over-year to 73.3%, versus 73.4% for the same period in 2021; when adjusted for the One-Time Customer Loss, adjusted gross margin expanded by 290 basis points compared to the same period in 2021.
  • Adjusted EBITDA* was $(5.3) million, compared to $0.3 million for the same period in 2021; when adjusted for the One-Time Customer Loss, adjusted EBITDA for the same period in 2021 was $(3.0) million.
  • Direct card revenue ("DCR")* was $4.9 million, compared to $2.9 million for the same period in 2021, due to increased penetration of card payments on our electronic payments processing platforms.

Recent Business Highlights

  • Card payments remain a key driver of our strong financial performance: Q1 2022 direct card revenue* from card payments on our electronic payment processing platforms grew 68% year-over-year in the first quarter of 2022 to $4.9 million.
  • Business Payments Network (BPN) growth was strong in Q1 2022 (BPN TPV +86% year-over-year). Expanding participation on both sides of the network remains a top priority: the recent additions of American Express and Coupa as BPN participants clearly demonstrate our progress.
  • Our European business integration continued apace in Q1 2022.
  • We exited the quarter with $153 million in cash, cash equivalents and marketable securities, no debt, and significant capital flexibility.

Full Year 2022 Outlook

Billtrust reiterates the following full year 2022 financial guidance, which was previously provided in March 2022:

  • Total revenue in a range between $195 million and $207 million, including reimbursable costs revenue of $30 million to $36 million.
  • Net revenue* between $165 million and $171 million, which at the midpoint of $168 million represents annual growth of approximately 28%.
  • Software and payments segment revenue between $133 million and $139 million, which at the midpoint of $136 million represents annual growth of approximately 31%.
  • Adjusted gross profit* between $121 million to $126 million, which at the midpoint of $123.5 million represents annual growth of 28%.
  • Adjusted gross margin* between 73.2% to 73.8%, which at the midpoint of 73.5% represents annual expansion of 40 bps.
  • Adjusted EBITDA* between $(14) million to $(16) million, which at the midpoint of ($15 million) represents (9%) adjusted EBITDA margin, or a year over margin expansion of 150 bps.

* Net revenue, adjusted gross profit, adjusted gross margin, adjusted EBITDA, 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.

  • 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 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.
 

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,

 

Print

 

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.

Investor Contact:
John T. Williams
IR@billtrust.com

Media Contact:
Meredith Simpson
PR@billtrust.com

Source: BTRS Holdings Inc.

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