Business
Blackline Announces Third Quarter Financial Results
LOS ANGELES, Oct. 29, 2020 (GLOBE NEWSWIRE) -- BlackLine, Inc. (Nasdaq: BL), today announced financial results for the third quarter ended September 30, 2020.
About this update from Blackline, Inc.
[{"type":"text","content":"LOS ANGELES, Oct. 29, 2020 (GLOBE NEWSWIRE) -- BlackLine, Inc. (Nasdaq: BL), today announced financial results for the third quarter ended September 30, 2020.\n Therese Tucker, Founder and CEO, commented, “BlackLine delivered strong third quarter results as the demand environment continued to steadily improve. The momentum we are experiencing is validation that finance transformation is mission critical and climbing to the top of the CFO’s priority list. With our recent acquisition of Rimilia, a leader in accounts receivable automation solutions, BlackLine has expanded its core customer capabilities and total addressable market. We believe there is a very large, untapped opportunity to help companies struggling with manual and unsustainable accounting processes. We remain confident these market dynamics will continue to favor our value proposition.” Third Quarter 2020 Financial Highlights Total GAAP revenues of $90.5 million for the third quarter of 2020, an increase of 21% compared to the third quarter of 2019. GAAP net loss attributable to BlackLine of $8.6 million, or $0.15 per share, on 57.1 million weighted average shares outstanding, which compares to a GAAP net loss attributable to BlackLine of $9.2 million in the third quarter of 2019.Non-GAAP net income attributable to BlackLine of $15.1 million, or $0.25 per share, on 61.2 million diluted weighted average shares outstanding. This compares with non-GAAP net income attributable to BlackLine of $7.1 million in the third quarter of 2019.Operating cash flow of $21.8 million, compared to $9.9 million in the third quarter of 2019.Free cash flow of $18.5 million, compared to $7.1 million in the third quarter of 2019. Key Metrics and Recent Business Highlights Added 88 net new customers in the third quarter for a total of 3,226 customers at September 30, 2020. Expanded the company’s user base to 282,579 at September 30, 2020.Achieved a dollar-based net revenue retention rate of 107% at September 30, 2020.Acquired Rimilia to add AI-powered accounts receivable automation to our modern accounting platform.Named a ‘Best Place to Work in Los Angeles’ by the Los Angeles Business Journal.Recognized as a 2020 Tech Cares Award Winner from TrustRadius for giving back to the finance & accounting community during the COVID-19 pandemic.Announced that customer Red Wing Shoe Company, Inc. was...