Blackline Inc. (BL) Tops Q3 EPS by 14c, Revenues Beat; Offers FY20 EPS/Revenue Guidance Above Consensus

Blackline Inc. (NASDAQ: BL) reported Q3 EPS of $0.25, $0.14 better than the analyst estimate of $0.11. Revenue for the quarter came in at $90.53 million versus the consensus estimate of $85.06 million.

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.

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.”

GUIDANCE:

Blackline Inc. sees Q4 2020 EPS of $0.06-$0.08, versus the consensus of $0.06. Blackline Inc. sees Q4 2020 revenue of $91-92 million, versus the consensus of $86.41 million.

Blackline Inc. sees FY2020 EPS of $0.61-$0.63, versus the consensus of $0.47. Blackline Inc. sees FY2020 revenue of $347.4-348.4 million, versus the consensus of $337.37 million.

Fourth Quarter 2020

• Total GAAP revenue is expected to be in the range of $91 million to $92 million.
• Non-GAAP net income attributable to BlackLine is expected to be in the range of $4 million to $5 million, or $0.06 to $0.08 per share on 61.6 million diluted weighted average shares outstanding.

Full Year 2020

• Total GAAP revenue is expected to be in the range of $347.4 million to $348.4 million.
• Non-GAAP net income attributable to BlackLine is expected to be in the range of $37 million to $38 million, or $0.61 to $0.63 per share on 60.7 million diluted weighted average shares outstanding.

For earnings history and earnings-related data on Blackline Inc. (BL) click here.

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