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BTRS Holdings Inc. (BTRS)
15.40 0.00 (0.00%)
After hours: 4:00PM EDT
Chart Events
Performance Outlook
| Previous Close | 15.00 |
| Open | 15.10 |
| Bid | 12.98 x 800 |
| Ask | 15.52 x 3100 |
| Day's Range | 14.90 - 15.51 |
| 52 Week Range | 9.69 - 19.76 |
| Volume | 306,204 |
| Avg. Volume | 919,318 |
| Market Cap | 2.409B |
| Beta (5Y Monthly) | N/A |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | N/A |
| Earnings Date | N/A |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | N/A |
| 1y Target Est | 21.00 |
- GlobeNewswire
Billtrust Announces Fourth Quarter and Full Year 2020 Results
Full Year 2020 Total Revenue Growth of 7%Full Year 2020 Net Revenue Growth of 13%Full Year Software and Payments Segment Revenue Growth of 18%Provides Financial Guidance for the Full Year 2021 LAWRENCEVILLE, N.J., March 23, 2021 (GLOBE NEWSWIRE) -- BTRS Holdings Inc. ("Billtrust" or "the Company") (NASDAQ: BTRS), a B2B accounts receivable automation and integrated payments leader, today announced financial results for its fourth quarter and full year ended December 31, 2020. "I am very proud of our record fourth quarter and full year results," said Flint Lane, Founder and CEO of Billtrust. "We believe that Accounts Receivable and B2B Payments are in the midst of a transformation. We've invested aggressively in our team and in our software solutions so that we are positioned well to capitalize on this shift from paper to digital. During the quarter we saw continued strong adoption of our comprehensive B2B payments solutions, demonstrating the significant value we create for our customers. As we look ahead to 2021, we remain excited about the enormous opportunity to scale our business, building upon our world-class end-to-end integrated receivables platform.” Financial Highlights for the Fourth Quarter Ended December 31, 2020, as Compared to the Same Period in 2019 GAAP Metrics Total revenue increased 7.0% year-over-year to $38.7 million from $36.1 million in 2019Software and payments segment revenue increased 17.8% year-over-year to $22.1 million from $18.7 million in 2019Gross profit, excluding depreciation and amortization, increased 17.4% year-over-year to $21.2 million from $18.0 million in 2019Gross margin, excluding depreciation and amortization, expanded by 485 basis points to 54.7% from 49.9% in 2019 from improved operating leverageNet loss and comprehensive loss was $4.3 million compared to $5.6 million in 2019 Non-GAAP Metrics Total Payment Volume (“TPV”), the dollar value of customer payment transactions that Billtrust processes on its platform during a particular period, increased 23% year-over-year to $15.7 billion from $12.8 billion in 2019Net revenue* increased 12.0% year-over-year to $29.6 million from $26.4 million in 2019Adjusted gross profit* increased 17.7% year-over-year to $21.3 million from $18.1 million in 2019Adjusted gross margin* expanded by 343 basis points to 71.8% from 68.4% in 2019Adjusted EBITDA* was positive $0.2 million, compared to a loss of $1.5 million in 2019 Financial Highlights for the Full Year Ended December 31, 2020, as Compared to the Same Period in 2019 GAAP Metrics Total revenue increased 6.8% year-over-year to $145.7 million from $136.5 million in 2019Software and payments segment revenue increased 17.9% year-over-year to $81.2 million from $68.9 million in 2019Gross profit, excluding depreciation and amortization, increased 18.0% year-over-year to $76.0 million from $64.4 million in 2019Gross margin, excluding depreciation and amortization, expanded by 497 basis points to 52.2% from 47.2% in 2019 from improved operating leverage and services segment marginsNet loss and comprehensive loss was $17.0 million, compared to $22.8 million in 2019 Non-GAAP Metrics TPV increased 25% year-over-year to $54.7 billion from $43.9 billion in 2019Net revenue* increased 12.6% year-over-year to $108.6 million from $96.5 million in 2019Adjusted gross profit* increased 18.2% year-over-year to $76.3 million from $64.6 million in 2019Adjusted gross margin* expanded by 333 basis points to 70.3% from 66.9% in 2019Adjusted EBITDA* was a loss of $2.2 million, compared to a loss of $11.0 million in 2019 Recent Business Highlights: Strong momentum in Business Payments Network ("BPN") Expanded partnership with AvidXchange to provide additional services to suppliers through both the AvidPay Network and BPNPartnered with REPAY increasing the network’s reachExtended its partnership with Visa to provide qualified Billtrust suppliers with flexible pricing models. Continued product innovation Enhanced the Billtrust Email solution to include a convenient and secure payment optionUpgraded the Billtrust Cash Application solution with enhanced machine learning capabilitiesReleased v10.0 of the Billtrust eCommerce solution incorporating an enhanced user experience Expanded sales team by ~30% since September 1, 2020Strengthened executive team Greg Hanson, Chief Product OfficerGwenn Lazar, SVP of Channel Development Named among New Jersey's 2020 Best Places to Work by NJBIZ; Named one of The Denver Post's Top Workplaces 2020 Outlook Billtrust provides the following financial guidance for the full year 2021: Total revenue between $159 million to $165 million, including reimbursable costs revenue of $37 millionNet revenue* between $122 million to $128 million, which at the midpoint of $125 million would be an increase of approximately 15%Adjusted gross profit* between $85 million to $89 millionAdjusted gross margin* between 69% to 71%Adjusted EBITDA* between a loss of $14 million to a loss of $16 million, including additional public company costs * Net revenue, adjusted gross profit, adjusted gross margin and adjusted EBITDA are non-GAAP measures. An explanation of these measures and how they are calculated can be found under the heading “Non-GAAP Financial Measures.” 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. Billtrust has not reconciled its 2021 guidance for non-GAAP adjusted gross profit and adjusted gross margin to the comparable GAAP measure, or non-GAAP adjusted EBITDA to net loss and comprehensive loss because certain items excluded from non-GAAP adjusted gross profit and non-GAAP adjusted EBITDA, such as charges related to stock-based compensation expenses, the change in fair value of contingent consideration related to an acquisition and related tax effects, including non-recurring income tax adjustments, cannot be reasonably calculated or predicted at this time. 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 AR, providing mission-critical solutions that span credit decisioning and monitoring, online ordering, invoice delivery, payments and remittance capture, cash application and collections. For more information, visit Billtrust.com. Forward-Looking Statements This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “guidance,” "outlook" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Billtrust’s financial guidance and estimates 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, Billtrust’s opportunity and ability to grow and scale its business, and Billtrust’s 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; the effects of competition on Billtrust’s future business; and those factors discussed in Billtrust’s final prospectus (the “Final Prospectus”) filed on February 10, 2021 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 for 2021 to the most directly comparable measure prepared in accordance with GAAP because certain items excluded from non-GAAP adjusted gross profit and non-GAAP adjusted EBITDA, such as charges related to stock-based compensation expenses, the change in fair value of contingent consideration related to an acquisition and related tax effects, including non-recurring income tax adjustments, cannot be reasonably calculated or predicted at this time. You should review Billtrust’s audited financial statements and the other financial information included in the Final Prospectus and 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. Adjusted gross profit 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 is defined as adjusted gross profit divided by net revenue (non-GAAP). Adjusted EBITDA is defined as net loss and comprehensive loss, plus (i) provision/benefit for income taxes, (ii) other income/expense, net, (iii) interest expense, (iv) depreciation and amortization, (v) stock-based compensation expense, (vi) restructuring and severance costs, and (vii) acquisition and integration costs. Investor Contact:BilltrustIR@icrinc.com Media Contact:Meredith Simpsonmsimpson@billtrust.com Condensed Statements of Operations(Unaudited) Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2020 2019 2020 2019 Revenues:(in thousands)Subscription, transaction and services$29,591 $26,409 $108,569 $96,460 Reimbursable costs9,064 9,731 37,116 40,008 Total revenues38,655 36,140 145,685 136,468 Cost of revenues: Cost of subscription, transaction and services8,431 8,379 32,531 32,015 Cost of reimbursable costs9,064 9,731 37,116 40,008 Total cost of revenues, excluding depreciation and amortization17,495 18,110 69,647 72,023 Operating expenses: Research and development9,208 9,290 36,468 34,285 Sales and marketing6,125 5,151 23,420 22,098 General and administrative6,962 6,863 22,188 23,297 Depreciation and amortization1,401 1,776 5,624 5,881 Total operating expenses23,696 23,080 87,700 85,561 Loss from operations(2,536) (5,050) (11,662) (21,116)Other income (expense): Interest income— — 18 1 Interest expense(1,256) (525) (4,661) (1,507)Other expense, net(467) 9 (518) (21)Total other expense(1,723) (516) (5,161) (1,527)Loss before income taxes(4,259) (5,566) (16,823) (22,643)Provision for income taxes(54) (19) (204) (160)Net loss and comprehensive loss$(4,313) $(5,585) $(17,027) $(22,803) Reconciliation of GAAP to Non-GAAP Financial Information(Unaudited) Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2020 2019 2020 2019 (in thousands)Total revenues$38,655 $36,140 $145,685 136,468 Less: Reimbursable costs revenue9,064 9,731 37,116 40,008 Net revenue (non-GAAP)$29,591 $26,409 $108,569 $96,460 Total revenues$38,655 $36,140 $145,685 $136,468 Less: Cost of revenue, excluding depreciation and amortization17,495 18,110 69,647 72,023 Gross profit, excluding depreciation and amortization21,160 18,030 76,038 64,445 Add: Stock based compensation expense97 35 263 133 Adjusted gross profit (non-GAAP)$21,257 $18,065 $76,301 $64,578 Gross margin, excluding depreciation and amortization54.7% 49.9% 52.2% 47.2%Adjusted gross margin (non-GAAP)71.8% 68.4% 70.3% 66.9% Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2020 2019 2020 2019 (in thousands)Net loss and comprehensive loss$(4,313) $(5,585) $(17,027) $(22,803)Provision for income taxes54 19 204 160 Other expense467 (9) 500 20 Interest expense1,256 525 4,661 1,507 Depreciation and amortization1,401 1,776 5,624 5,881 Stock-based compensation expense1,076 755 3,063 2,114 Restructuring and severance269 689 628 1,215 Acquisition and integration expenses— 341 162 895 Adjusted EBITDA (non-GAAP)$210 $(1,489) $(2,185) $(11,011) Reconciliation of GAAP to Non-GAAP Financial Information(Unaudited) Outlook (Mid-point)for Full Year 2021 (in thousands)Total revenues162,000 Less: Reimbursable costs revenue37,000 Net revenue (non-GAAP)$125,000
- GlobeNewswire
Billtrust to Hold Fourth Quarter and Full Year 2020 Earnings Call on March 23, 2021
LAWRENCEVILLE, N.J., March 11, 2021 (GLOBE NEWSWIRE) -- BTRS Holdings Inc. (“Billtrust” or the “Company”) (NASDAQ: BTRS), a B2B accounts receivable automation and integrated payments leader, today announced it will discuss its fourth quarter and full year 2020 results on Tuesday, March 23, 2021 at 5:00 pm ET. Hosting the call will be Flint Lane, Founder and Chief Executive Officer, and Mark Shifke, Chief Financial Officer. The conference call will be webcast live from the investor relations portion of the Company’s website at https://www.billtrust.com/about/investors. A replay will be available on the investor relations website following the call. The conference call can also be accessed live over the phone by dialing 877-407-3982 (toll free) or 201-493-6780 (international). A replay will be available approximately one hour after the call has concluded and can be accessed by dialing 844-512-2921 (toll free) or 412-317-6671 (international); the conference ID is 13717590. The replay will be available through Tuesday April 6, 2021. About Billtrust Billtrust is a leading provider of cloud-based software and integrated payment processing solutions that simplify and automate B2B commerce. Accounts receivable (“AR”) 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 AR, providing mission-critical solutions that span credit decisioning and monitoring, online ordering, invoice delivery, payments and remittance capture, invoicing, cash application and collections. For more information, visit Billtrust.com. Investor Contact:BilltrustIR@icrinc.com Media Contact:Meredith Simpsonmsimpson@billtrust.com
- GlobeNewswire
Billtrust Named a Leader in the IDC MarketScape for Accounts Receivable Automation Software for Enterprise
LAWRENCEVILLE, N.J., Feb. 09, 2021 (GLOBE NEWSWIRE) -- Billtrust (NASDAQ: BTRS), a B2B accounts receivable automation and integrated payments leader, has been named a Leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Accounts Receivable Automation Applications for Enterprise 2020-2021 Vendor Assessment (doc # US46791520 , December 2020). Billtrust has made the report excerpt available for download. “We’re pleased to be recognized as a Leader by the IDC MarketScape, which is emblematic of our organizational commitment to innovation, digital transformation and world-class customer outcomes,” said Steve Pinado, Billtrust President. “With an incredible list of accomplishments in 2020 including upgraded advanced machine learning and new Business Payments Network innovations furthering our ability to digitize B2B payments, we are proud to have delivered an even more complete automation and integrated payments solution to support our customers through the pandemic.” “Billtrust should be proud to be named a Leader in the Accounts Receivable Automation for Enterprise category,” said Kevin Permenter, Research Manager, Enterprise Applications at IDC. “Businesses of all sizes have turned their focus toward the most fundamental aspects of business — cash management and working capital. As a result, accounts receivable software, especially SaaS software, has been highlighted as a place to get a quick return from digital transformation, automation and integrated B2B payments.” The IDC MarketScape evaluates a broad set of SaaS and cloud-enabled accounts receivable automation software vendors based on innovation, functionality, range of services, customer satisfaction, cloud capabilities and architecture. In addition to the IDC MarketScape designation, Billtrust recently won IDC’s SaaS Award for Accounts Receivable Award Customer Satisfaction, placing in the highest scoring group of vendors serving the SaaS Accounts Receivable application market. Billtrust met or exceeded accounts receivable vendor average ratings in 18 key categories related to product usage, implementation and vendor capabilities. 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 AR, providing mission-critical solutions that span credit decisioning and monitoring, online ordering, invoice delivery, payments and remittance capture, invoicing, cash application and collections. For more information, visit Billtrust.com. About IDC MarketScapeIDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors. Forward-Looking StatementsThis press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements 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 will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward looking statements are subject to a number of risks and uncertainties, including those factors discussed in the Company’s filings with the SEC, including those under the header “Risk Factors” in the Registration Statement on Form S-4 filed with the SEC by South Mountain Merger Corp. on October 26, 2020, as amended. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that they currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’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. CONTACT: Contact: Paul Accardo Senior Marketing Communications Manager paccardo@billtrust.com
