BlackLine Inc (BL) Reports Q3 2023 Earnings: GAAP Net Income Rises to $11.9 Million
BlackLine Inc (NASDAQ:BL) reported GAAP revenues of $150.7 million, marking a 12% increase compared to Q3 2022.
GAAP net income attributable to BlackLine rose to $11.9 million, compared to a net loss of $20.0 million in the same period last year.
The company added 89 net new customers in Q3 2023, bringing the total to 4,368 customers.
Operating cash flow and free cash flow also saw significant increases compared to Q3 2022.
On November 2, 2023, BlackLine Inc (NASDAQ:BL) announced its financial results for the third quarter ended September 30, 2023. The company reported solid financial results and made progress against key initiatives. The co-CEOs of BlackLine expressed confidence in the steps being taken to drive a higher level of execution across the organization and deepen relationships with customers and partners globally.
Financial Highlights
BlackLine's Q3 2023 financial highlights include total GAAP revenues of $150.7 million, a 12% increase compared to Q3 2022. The GAAP net income attributable to BlackLine was $11.9 million, or $0.19 per diluted share, compared to a GAAP net loss of $20.0 million or $(0.34) per diluted share in Q3 2022. Non-GAAP net income attributable to BlackLine was $37.9 million or $0.51 per diluted share, compared to $15.1 million or $0.21 per diluted share in Q3 2022.
The company's operating cash flow was $37.0 million, compared to $24.2 million in Q3 2022. Free cash flow was $31.4 million, compared to $16.6 million in the same period last year.
Key Metrics and Business Highlights
BlackLine added 89 net new customers in Q3 2023, bringing the total to 4,368 customers as of September 30, 2023. The company's user base expanded to 381,892 users. The dollar-based net revenue retention rate was 105% at the end of Q3 2023.
BlackLine also received the Tech Cares Award from Trust Radius for the fourth consecutive year. The company hosted its annual customer conference, BeyondTheBlack, where it unveiled new innovations including Consolidation, Electronic Invoicing Presentment and Payments (EIPP) for Accounts Receivable Automation, and AI-Enabled Intercompany Predictive Guidance.
Financial Outlook
For Q4 2023, BlackLine expects total GAAP revenue to be in the range of $153 million to $155 million. Non-GAAP net income attributable to BlackLine is expected to be in the range of $39 million to $43 million, or $0.52 to $0.58 per share on 74.6 million diluted weighted average shares outstanding.
For the full year 2023, total GAAP revenue is expected to be in the range of $587.5 million to $589.5 million. Non-GAAP net income attributable to BlackLine is expected to be in the range of $133 million to $137 million, or $1.79 to $1.84 per share on 74.4 million diluted weighted average shares outstanding.
BlackLine's financial results are preliminary and pending final review. The final results will be available when the company files its Quarterly Report on Form 10-Q for the period.
Explore the complete 8-K earnings release (here) from BlackLine Inc for further details.
This article first appeared on GuruFocus.
