Bottomline Technologies Reports Third Quarter Results
Bottomline Technologies (Nasdaq:EPAY), a leading provider of
financial technology that helps make complex business payments
simple, smart and secure, today reported financial results for the
third quarter ended March 31, 2019.
Subscription and transaction revenues were $75.5 million for the
third quarter, up 12%, or 14% on a constant currency basis, as
compared to the third quarter of last year. Revenues overall
for the third quarter were $106.4 million, up 5%, or 8% on a
constant currency basis, as compared to the third quarter of last
year. Constant currency growth is calculated as discussed in
the “Non-GAAP Financial Measures” section that follows.
GAAP net income for the third quarter was $0.8 million compared
to a GAAP net loss of $1.0 million for the third quarter of last
year. GAAP net income per share was $0.02 in the third quarter
compared to GAAP net loss of $0.03 in the third quarter of last
year.
Adjusted EBITDA for the third quarter was $24.5 million compared
to $23.1 million for the third quarter of last year. Adjusted
EBITDA for the third quarter was 23% of overall revenue. Adjusted
EBITDA is calculated as discussed in the “Non-GAAP Financial
Measures” section that follows.
Core net income for the third quarter was $13.7 million compared
to $11.9 million for the third quarter of last year. Core earnings
per share was $0.33 for the third quarter compared to $0.30 for the
third quarter of last year. Core net income and core earnings per
share exclude certain items as discussed in the “Non-GAAP Financial
Measures” section that follows.
“Bottomline delivered solid results in the third quarter,” said
Rob Eberle, President and CEO. “We have a large market opportunity
and a leading product set which we are continuing to advance.
We enter the fourth quarter and fiscal 2020 confident in our
strategic plan and our ability to execute against that plan.
Our focus on market leadership and subscription and transaction
revenue growth positions us to drive sustained shareholder value
for years to come.”
Third Quarter Customer Highlights
- 22 institutions selected Paymode-X to automate their payments
processes, increase productivity and security, reduce costs and
earn cash rebates.
- 8 organizations, including Pekin Insurance and Aldi, chose
Bottomline's legal spend management solutions to automate, manage
and control their legal spend.
- 3 banks selected Bottomline’s banking solutions platforms to
help them compete and grow their corporate and business banking
franchises by deploying innovative digital capabilities.
- Companies such as Zarattini & Co. Bank and United Trust
Bank selected Bottomline’s Financial Messaging solution to improve
operating efficiencies and optimize the effectiveness of their
financial transactions.
- Organizations such as Trustmark Insurance Company and Utility
Warehouse chose Bottomline’s corporate payment automation solutions
to expand their payments capabilities and improve
efficiencies.
Third Quarter Strategic Corporate
Highlights
- Announced partnership with UMB Financial Corporation that will
allow UMB to offer Bottomline’s Paymode-X with Visa Payables
Solutions to its U.S. commercial customers.
- Announced the launch of PartnerSelect Mobile, an app that
enables attorneys to monitor and interact anywhere, anytime on
their mobile device.
- Awarded Most Innovative Industry Partner for the 2019
Monarch Innovation Awards by Barlow Research for the Bottomline
Business Account Opening & Onboarding Solution.
- Awarded 2019 Killer Content Finny Award for Best Influencer
Campaign for “The Future of Business Payments” e-book.
- Ranked as a Contender in the Aité March 2019 report focused on
fraud and anti-money laundering (AML) vendors.
Non-GAAP Financial Measures
We have presented supplemental non-GAAP financial measures as
part of this earnings release. The presentation of this non-GAAP
financial information should not be considered in isolation from,
or as a substitute for, our financial results presented in
accordance with GAAP. Core net income, core earnings per share,
constant currency information, adjusted EBITDA and adjusted EBITDA
as a percent of revenue are all non-GAAP financial measures.
Core net income and core earnings per share exclude certain
items, specifically amortization of acquisition related intangible
assets, stock-based compensation, acquisition and
integration-related expenses, restructuring related costs, minimum
pension liability adjustments, non-core charges associated with
certain debt instruments, global enterprise resource planning (ERP)
system implementation and other costs and other non-core or
non-recurring gains or losses that may arise from time to time.
Non-core charges associated with our debt instruments consist of
amortization of debt issuance and debt discount costs. Acquisition
and integration-related expenses include legal and professional
fees and other direct transaction costs associated with business
and asset acquisitions, costs associated with integrating acquired
businesses, including costs for transitional employees or services
and integration related professional services costs and other
incremental charges we incur as a direct result of acquisition and
integration efforts. Global ERP system implementation and other
costs relate to direct and incremental costs incurred in connection
with our multi-phase implementation of a new, global ERP solution
and the related technology infrastructure and costs related to our
implementation of the new revenue recognition standard under US
GAAP.
Periodically, such as in periods that include significant
foreign currency volatility, we present certain metrics on a
“constant currency” basis, to show the impact of period to period
results normalized for the impact of foreign currency rate changes.
We calculate constant currency information by translating prior
period financial results using current period foreign exchange
rates.
Adjusted EBITDA and adjusted EBITDA as a percent of revenue
represent our GAAP net income or loss, adjusted for charges related
to interest expense, income taxes, depreciation and amortization
and other charges, as noted in the reconciliation that follows.
We believe that these supplemental non-GAAP financial measures
are useful to investors because they allow for an evaluation of the
company with a focus on the performance of its core operations,
including more meaningful comparisons of financial results to
historical periods and to the financial results of less acquisitive
peer and competitor companies. Our executive management team uses
these same non-GAAP financial measures internally to assess the
ongoing performance of the company. Additionally, the same non-GAAP
information is used for planning purposes, including the
preparation of operating budgets and in communications with our
board of directors with respect to our core financial performance.
Since this information is not a GAAP measurement of financial
performance, there are material limitations to its usefulness on a
stand-alone basis, including the lack of comparability of this
presentation to the GAAP financial results of other companies.
Non-GAAP Financial Measures (Continued)
Reconciliation of Core Net IncomeA reconciliation of core net
income to GAAP net income (loss) for the three and nine months
ended March 31, 2019 and 2018 is as follows:
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
(in thousands) |
GAAP net income (loss) |
$ |
824 |
|
|
$ |
(1,002 |
) |
|
$ |
5,875 |
|
|
$ |
(2,155 |
) |
Amortization of acquisition-related intangible assets |
5,230 |
|
|
5,818 |
|
|
15,809 |
|
|
16,708 |
|
Stock-based compensation plan expense |
10,015 |
|
|
8,592 |
|
|
31,906 |
|
|
25,132 |
|
Acquisition and integration-related expenses |
1,373 |
|
|
224 |
|
|
2,966 |
|
|
1,596 |
|
Restructuring expense |
1,332 |
|
|
1,485 |
|
|
1,963 |
|
|
1,476 |
|
Global ERP system implementation and other costs |
557 |
|
|
1,558 |
|
|
3,110 |
|
|
4,973 |
|
Other non-core benefit |
— |
|
|
— |
|
|
(237 |
) |
|
— |
|
Minimum pension liability adjustments |
(93 |
) |
|
(3 |
) |
|
(248 |
) |
|
35 |
|
Amortization of debt issuance and debt discount costs |
103 |
|
|
108 |
|
|
311 |
|
|
6,393 |
|
Non-recurring tax benefit (1) |
— |
|
|
— |
|
|
— |
|
|
(4,402 |
) |
Tax effects on non-GAAP income |
(5,685 |
) |
|
(4,916 |
) |
|
(19,661 |
) |
|
(14,035 |
) |
Core net income |
$ |
13,656 |
|
|
$ |
11,864 |
|
|
$ |
41,794 |
|
|
$ |
35,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The non-recurring tax benefit in the nine months ended
March 31, 2018 reflects the net benefit arising from the U.S. Tax
Cuts and Jobs Act, principally from the revaluation of U.S.-based
deferred tax liabilities.
Reconciliation of Diluted Core Earnings per ShareA
reconciliation of our diluted core earnings per share to our GAAP
diluted net income (loss) per share for the three and nine months
ended March 31, 2019 and 2018 is as follows:
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
GAAP diluted net income (loss) per share |
$ |
0.02 |
|
|
$ |
(0.03 |
) |
|
$ |
0.14 |
|
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
Plus: |
|
|
|
|
|
|
|
Amortization of acquisition-related intangible assets |
0.13 |
|
|
0.15 |
|
|
0.38 |
|
|
0.43 |
|
Stock-based compensation plan expense |
0.25 |
|
|
0.21 |
|
|
0.77 |
|
|
0.65 |
|
Acquisition and integration-related expenses |
0.03 |
|
|
0.01 |
|
|
0.07 |
|
|
0.04 |
|
Restructuring expense |
0.03 |
|
|
0.04 |
|
|
0.05 |
|
|
0.04 |
|
Global ERP system implementation and other costs |
0.01 |
|
|
0.04 |
|
|
0.07 |
|
|
0.13 |
|
Other non-core benefit |
— |
|
|
— |
|
|
(0.01 |
) |
|
— |
|
Minimum pension liability adjustments |
— |
|
|
— |
|
|
(0.01 |
) |
|
— |
|
Amortization of debt issuance and debt discount costs |
— |
|
|
— |
|
|
0.01 |
|
|
0.16 |
|
Non-recurring tax benefit |
— |
|
|
— |
|
|
— |
|
|
(0.11 |
) |
Tax effects on non-GAAP income |
(0.14 |
) |
|
(0.12 |
) |
|
(0.47 |
) |
|
(0.36 |
) |
|
|
|
|
|
|
|
|
Diluted core earnings per
share |
$ |
0.33 |
|
|
$ |
0.30 |
|
|
$ |
1.00 |
|
|
$ |
0.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures (Continued)
A reconciliation of our non-GAAP weighted average shares used in
computing diluted core earnings per share to our GAAP weighted
average shares used in computing basic and diluted net income
(loss) per share for the three and nine months ended March 31, 2019
and 2018 is as follows:
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
(in thousands) |
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net income |
$ |
13,656 |
|
|
$ |
11,864 |
|
|
$ |
41,794 |
|
|
$ |
35,721 |
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used
in computing basic net income (loss) per share for GAAP |
40,911 |
|
|
38,348 |
|
|
40,412 |
|
|
38,055 |
|
|
|
|
|
|
|
|
|
Impact of dilutive securities
(shares related to conversion feature on convertible senior notes,
stock options, warrants, restricted stock awards and employee stock
purchase plan) (1) |
714 |
|
|
986 |
|
|
1,238 |
|
|
941 |
|
|
|
|
|
|
|
|
|
GAAP diluted shares |
41,625 |
|
|
39,334 |
|
|
41,650 |
|
|
38,996 |
|
|
|
|
|
|
|
|
|
Impact of note hedges (2) |
— |
|
|
— |
|
|
— |
|
|
(145 |
) |
|
|
|
|
|
|
|
|
Weighted average shares used
in computing diluted core earnings per share |
41,625 |
|
|
39,334 |
|
|
41,650 |
|
|
38,851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) These securities are dilutive on a GAAP basis in
periods where we report GAAP net income. These securities are
anti-dilutive on a GAAP basis in periods where we report GAAP net
loss.
(2) In computing diluted core earnings per share, we
exclude the weighted average dilutive effect of shares issuable
under our convertible senior notes to the extent that any such
dilution would be offset by our note hedges; the note hedges would
be considered an anti-dilutive security under GAAP.
Constant Currency ReconciliationThe table below is a comparative
summary of our total revenues and our subscription and transaction
revenues shown with a constant currency growth rate:
|
Three Months Ended March 31, |
|
% Increase |
|
2019 |
|
2018 |
|
GAAP Growth Rate |
|
Impact from Currency |
|
Constant Currency Growth Rates (1) |
|
(in thousands) |
|
|
|
|
|
|
Subscriptions and transactions revenues |
$ |
75,502 |
|
|
$ |
67,378 |
|
|
12 |
% |
|
2 |
% |
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
Total Revenues |
106,438 |
|
|
101,136 |
|
|
5 |
% |
|
3 |
% |
|
8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Constant currency information compares results between
periods as if exchange rates had remained constant
period-over-period. We calculate constant currency information by
translating prior-period results using current period GAAP foreign
exchange rates.
Non-GAAP Financial Measures (Continued)
Reconciliation of Adjusted EBITDAA reconciliation of our
adjusted EBITDA to GAAP net income (loss) for the three and nine
months ended March 31, 2019 and 2018 is as follows:
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
(in thousands) |
GAAP net income (loss) |
$ |
824 |
|
|
$ |
(1,002 |
) |
|
$ |
5,875 |
|
|
$ |
(2,155 |
) |
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
Other expense, net (1) |
946 |
|
|
1,293 |
|
|
3,097 |
|
|
9,288 |
|
Income tax (benefit) provision |
(1,251 |
) |
|
7 |
|
|
(6,104 |
) |
|
(4,031 |
) |
Depreciation and amortization |
5,576 |
|
|
5,095 |
|
|
16,767 |
|
|
14,638 |
|
Amortization of acquisition-related intangible assets |
5,230 |
|
|
5,818 |
|
|
15,809 |
|
|
16,708 |
|
Stock-based compensation plan expense |
10,015 |
|
|
8,592 |
|
|
31,906 |
|
|
25,132 |
|
Acquisition and integration-related expenses |
1,373 |
|
|
224 |
|
|
2,966 |
|
|
1,596 |
|
Restructuring expense |
1,332 |
|
|
1,485 |
|
|
1,963 |
|
|
1,476 |
|
Minimum pension liability adjustments |
(93 |
) |
|
(3 |
) |
|
(248 |
) |
|
35 |
|
Global ERP system implementation and other costs |
557 |
|
|
1,558 |
|
|
3,110 |
|
|
4,973 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
24,509 |
|
|
$ |
23,067 |
|
|
$ |
75,141 |
|
|
$ |
67,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) On July 1, 2018, we adopted an accounting standard
update that changes the classification of certain pension related
items. Accordingly, pension related benefits of approximately $0.2
million and $0.5 million were reclassified from income from
operations to other expense, net for the three and nine months
ended March 31, 2018, respectively, in our consolidated statement
of operations. For purposes of the reconciliation of adjusted
EBITDA, we have presented pension related adjustments discretely,
not as a component of other expense, net.
Adjusted EBITDA as a percent of RevenueA reconciliation of GAAP
net income (loss) as a percent of revenue to adjusted EBITDA as a
percent of revenue for the three and nine months ended March 31,
2019 and 2018 is as follows:
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
GAAP net income (loss) as a percent of revenue |
1 |
% |
|
(1 |
%) |
|
2 |
% |
|
(1 |
%) |
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
Other expense, net |
1 |
% |
|
1 |
% |
|
1 |
% |
|
3 |
% |
Income tax benefit |
(1 |
%) |
|
0 |
% |
|
(2 |
%) |
|
(1 |
%) |
Depreciation and amortization |
5 |
% |
|
5 |
% |
|
5 |
% |
|
5 |
% |
Amortization of acquisition-related intangible assets |
5 |
% |
|
6 |
% |
|
5 |
% |
|
6 |
% |
Stock-based compensation plan expense |
9 |
% |
|
9 |
% |
|
10 |
% |
|
8 |
% |
Acquisition and integration-related expenses |
1 |
% |
|
0 |
% |
|
1 |
% |
|
1 |
% |
Restructuring expense |
1 |
% |
|
1 |
% |
|
1 |
% |
|
1 |
% |
Minimum pension liability adjustments |
0 |
% |
|
0 |
% |
|
0 |
% |
|
0 |
% |
Global ERP system implementation and other costs |
1 |
% |
|
2 |
% |
|
1 |
% |
|
2 |
% |
|
|
|
|
|
|
|
|
Adjusted EBITDA as a percent
of revenue |
23 |
% |
|
23 |
% |
|
24 |
% |
|
24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
About Bottomline TechnologiesBottomline
Technologies (Nasdaq: EPAY) helps make complex business payments
simple, smart, and secure. Corporations and banks rely on us for
state of the art domestic and international payments, efficient
cash management, payment processing, bill review, and fraud
detection, behavioral analytics and regulatory compliance
solutions. Thousands of corporations around the world benefit from
Bottomline solutions. Headquartered in Portsmouth, NH, Bottomline
delights customers through offices across the U.S., Europe, and
Asia-Pacific. For more information visit www.bottomline.com.
Bottomline Technologies, Paymode-X and the BT logo are
trademarks of Bottomline Technologies (de), Inc. which are
registered in certain jurisdictions. All other brand/product names
are trademarks of their respective holders.
In connection with this earning’s release and our associated
conference call, we will be posting additional material financial
information (such as financial results, non-GAAP financial
projections and non-GAAP to GAAP reconciliations) on our investor
site investors.bottomline.com.
Cautionary LanguageThis press release contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements reflecting our
expectations about our ability to execute on our strategic plans,
achieve future growth and profitability, achieve financial targets,
expand margins and increase shareholder value. Any statements
that are not statements of historical fact (including but not
limited to statements containing the words “believes,” “plans,”
“anticipates,” “expects,” “look forward”, “confident”, “estimates,”
“targeted” and similar expressions) should be considered to be
forward-looking statements. Actual results may differ
materially from those indicated by such forward-looking statements
as a result of various important factors including, among others,
competition, market demand, technological change, strategic
relationships, recent acquisitions, international operations and
general economic conditions. For additional discussion of factors
that could impact Bottomline Technologies' operational and
financial results, refer to our Form 10-K for the fiscal year ended
June 30, 2018 and the subsequently filed Form 10-Q’s and Form 8-K’s
or amendments thereto. Any forward-looking statements represent our
views only as of today and should not be relied upon as
representing our views as of any subsequent date. We do not assume
any obligation to update any forward-looking statements.
Media Contact:Rick BoothBottomline
Technologies603.501.6270rbooth@bottomline.com
Bottomline Technologies |
Unaudited Condensed Consolidated Statement of
Operations |
(in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Revenues: |
|
|
|
|
|
|
|
Subscriptions and transactions |
$ |
75,502 |
|
|
$ |
67,378 |
|
|
$ |
216,558 |
|
|
$ |
191,279 |
|
Software licenses |
3,802 |
|
|
3,134 |
|
|
13,979 |
|
|
8,119 |
|
Service and maintenance |
25,856 |
|
|
29,476 |
|
|
80,047 |
|
|
85,251 |
|
Other |
1,278 |
|
|
1,148 |
|
|
3,137 |
|
|
2,978 |
|
|
|
|
|
|
|
|
|
Total revenues |
106,438 |
|
|
101,136 |
|
|
313,721 |
|
|
287,627 |
|
|
|
|
|
|
|
|
|
Cost of revenues: |
|
|
|
|
|
|
|
Subscriptions and transactions |
31,623 |
|
|
30,771 |
|
|
94,644 |
|
|
85,404 |
|
Software licenses |
226 |
|
|
233 |
|
|
667 |
|
|
632 |
|
Service and maintenance |
12,818 |
|
|
13,861 |
|
|
38,052 |
|
|
39,195 |
|
Other |
1,046 |
|
|
930 |
|
|
2,461 |
|
|
2,298 |
|
Total cost of revenues |
45,713 |
|
|
45,795 |
|
|
135,824 |
|
|
127,529 |
|
|
|
|
|
|
|
|
|
Gross profit |
60,725 |
|
|
55,341 |
|
|
177,897 |
|
|
160,098 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Sales and marketing |
25,165 |
|
|
22,465 |
|
|
70,772 |
|
|
63,255 |
|
Product development and engineering |
16,887 |
|
|
14,179 |
|
|
50,267 |
|
|
41,981 |
|
General and administrative |
13,175 |
|
|
12,763 |
|
|
38,944 |
|
|
35,589 |
|
Amortization of acquisition-related intangible assets |
5,230 |
|
|
5,818 |
|
|
15,809 |
|
|
16,708 |
|
Total operating expenses |
60,457 |
|
|
55,225 |
|
|
175,792 |
|
|
157,533 |
|
|
|
|
|
|
|
|
|
Income from operations |
268 |
|
|
116 |
|
|
2,105 |
|
|
2,565 |
|
|
|
|
|
|
|
|
|
Other expense, net |
(695 |
) |
|
(1,111 |
) |
|
(2,334 |
) |
|
(8,751 |
) |
|
|
|
|
|
|
|
|
Loss before income taxes |
(427 |
) |
|
(995 |
) |
|
(229 |
) |
|
(6,186 |
) |
|
|
|
|
|
|
|
|
Income tax benefit
(provision) |
1,251 |
|
|
(7 |
) |
|
6,104 |
|
|
4,031 |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
824 |
|
|
$ |
(1,002 |
) |
|
$ |
5,875 |
|
|
$ |
(2,155 |
) |
|
|
|
|
|
|
|
|
Net income (loss) per
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.02 |
|
|
$ |
(0.03 |
) |
|
$ |
0.15 |
|
|
$ |
(0.06 |
) |
Diluted |
$ |
0.02 |
|
|
$ |
(0.03 |
) |
|
$ |
0.14 |
|
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
Shares used in computing net
income (loss) per share: |
|
|
|
|
|
|
|
Basic |
40,911 |
|
|
38,348 |
|
|
40,412 |
|
|
38,055 |
|
Diluted |
41,625 |
|
|
38,348 |
|
|
41,650 |
|
|
38,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bottomline Technologies |
Unaudited Condensed Consolidated Balance
Sheets |
(in thousands) |
|
March 31, |
|
June 30, |
|
2019 |
|
2018 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash, cash equivalents and marketable securities |
$ |
87,990 |
|
|
$ |
131,872 |
|
Cash held for customers |
4,305 |
|
|
2,753 |
|
Accounts receivable |
76,240 |
|
|
74,305 |
|
Other current assets |
32,111 |
|
|
19,781 |
|
|
|
|
|
Total current assets |
200,646 |
|
|
228,711 |
|
|
|
|
|
Property and equipment,
net |
54,696 |
|
|
28,895 |
|
Goodwill and intangible
assets, net |
372,986 |
|
|
361,809 |
|
Other assets |
31,610 |
|
|
16,553 |
|
|
|
|
|
Total assets |
$ |
659,938 |
|
|
$ |
635,968 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
11,530 |
|
|
$ |
10,251 |
|
Accrued expenses and other current liabilities |
32,257 |
|
|
34,994 |
|
Customer account liabilities |
4,305 |
|
|
2,753 |
|
Deferred revenue |
80,082 |
|
|
75,356 |
|
|
|
|
|
Total current liabilities |
128,174 |
|
|
123,354 |
|
|
|
|
|
Borrowings under credit
facility |
110,000 |
|
|
150,000 |
|
Deferred revenue,
non-current |
18,722 |
|
|
23,371 |
|
Deferred income taxes |
8,311 |
|
|
8,367 |
|
Other liabilities |
20,398 |
|
|
19,944 |
|
|
|
|
|
Total liabilities |
285,605 |
|
|
325,036 |
|
|
|
|
|
Stockholders' equity |
|
|
|
Common stock |
47 |
|
|
45 |
|
Additional paid-in-capital |
711,558 |
|
|
678,549 |
|
Accumulated other comprehensive loss |
(35,200 |
) |
|
(30,633 |
) |
Treasury stock |
(127,095 |
) |
|
(129,914 |
) |
Accumulated deficit |
(174,977 |
) |
|
(207,115 |
) |
|
|
|
|
Total stockholders'
equity |
374,333 |
|
|
310,932 |
|
|
|
|
|
Total liabilities and
stockholders' equity |
$ |
659,938 |
|
|
$ |
635,968 |
|
|
|
|
|
|
|
|
|
BTInvestorPR
Bottomline Technologies ... (NASDAQ:EPAY)
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From Mar 2024 to Apr 2024
Bottomline Technologies ... (NASDAQ:EPAY)
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From Apr 2023 to Apr 2024