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Bottomline Technologies Reports Third Quarter Results

ID: 1431472
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(Thomson Reuters ONE) -


Strong Growth in Subscription and Transaction Revenue Highlights Third Quarter

PORTSMOUTH, N.H., April 28, 2016 (GLOBE NEWSWIRE) -- Bottomline Technologies
(NASDAQ:EPAY), a leading provider of cloud-based payment, invoice and digital
banking solutions, today reported financial results for the third quarter ended
March 31, 2016.

Subscription and transaction revenues, which are primarily related to the
company''s cloud platforms, increased 17% on a constant currency basis from the
third quarter of last year to $49.5 million.  Revenues overall for the third
quarter were $86.2 million, an increase of $4.3 million, or 7% on a constant
currency basis, from the third quarter of last year.

Gross margin for the third quarter was $49.0 million, an increase of $2.0
million from the third quarter of last year.  Net loss for the third quarter was
$4.2 million compared to $7.8 million for the third quarter of last year.  Net
loss per share was $0.11 in the third quarter compared to $0.21 in the third
quarter of last year.

Core net income for the third quarter was $15.3 million.  Core net income
excludes certain items as discussed in the "Non-GAAP Financial Measures" section
that follows.  Core earnings per share was $0.40 for the three months ended
March 31, 2016.

"Our strategic plan focuses on producing subscription and transaction revenue
growth and we are clearly executing against that plan," said Rob Eberle,
President and CEO of Bottomline Technologies.  "We produced strong financial
results in the quarter, highlighted by 17% growth in subscription and
transaction revenue on a constant currency basis. Our market position, product
set and strong new annual recurring revenue (ARR) bookings in the quarter give
us visibility to future years'' growth and confidence that we will continue to
drive increased shareholder value."



Revenues for the nine months ended March 31, 2016 were $255.2 million compared
to $245.5 million in the nine months ended March 31, 2015.  Subscription and
transaction revenues increased 15% on a constant currency basis to $144.3
million in the nine months ended March 31, 2016 from $126.7 million in the nine
months ended March 31, 2015.  Net loss for the nine months ended March 31, 2016
was $13.7 million as compared to $13.1 million for the nine months ended March
31, 2015.  Net loss per share was $0.36 for the nine months ended March
31, 2016 compared to $0.35 for the nine months ended March 31, 2015.

Core net income for the nine months ended March 31, 2016 was $44.2 million as
compared to $41.8 million for the nine months ended March 31, 2015.  Core net
income excludes certain items as discussed in the "Non-GAAP Financial Measures"
section that follows.  Core earnings per share was $1.15 for the nine months
ended March 31, 2016 compared to $1.10 for the nine months ended March 31, 2015.

Third Quarter Customer Highlights

* Twenty-four leading institutions selected Paymode-X, Bottomline''s leading
cloud-based payments automation platform.

* Signed five new Digital Banking deals, enabling banks to compete and win
business in their corporate and SMB segments by deploying innovative digital
capabilities.

* Chosen by nine leading organizations, including National Claim Services and
Atlas Financial Holdings, to provide Bottomline''s cloud-based legal spend
management solutions to automate, manage and control their legal spend.

* Companies such as MetroBank and Trailstone Plc selected Bottomline''s
Financial Messaging solution to improve operating efficiencies and optimize
the effectiveness of their financial transactions by utilizing the SWIFT
global network.

* Organizations such as BankUnited, Acclaris and TD Ameritrade Trust chose
Bottomline''s payment automation solutions to extend their payments
capabilities and improve efficiencies.
Third Quarter Strategic Corporate Highlights

* Awarded Best Technology Initiative of the Year, as recognized by The Card
and Payment Awards 2016.  This prestigious award ceremony recognizes
excellence and innovation in the UK and Irish card and payments industry.
Judged by an independent panel of industry experts, Bottomline was selected
from initial submissions and shortlisted against six influential and
dominant contenders to achieve this impressive award.  The Best Technology
Initiative award recognized Bottomline Technologies Agency Services as a
solution that delivers innovation in payments.

* Named a top 100 global provider of risk and compliance technologies on the
2016 Chartis RiskTech100® report.  Bottomline offers a variety of Cyber
Fraud and Risk Management solutions that earned the company its position on
this prestigious list, including anti-money laundering, compliance
monitoring and management and enterprise case management solutions.

* Announced that the Paymode-X electronic payment network had achieved
accelerated adoption and record growth in 2015.  Paymode-X surpassed
330,000 network members and processed more than $182 billion in spend in
2015. The combination of new partnerships, product innovation, and a growing
network deepens the value of the platform by broadening its reach and
further simplifying payment automation for more businesses.

* Expanded the capabilities of the Healthcare Privacy and Data Security
solution to enable hospitals to better protect themselves and their
patients'' data from the growing threat posed by the misuse of valid user
credentials.  The enhanced user behavior analytics, profiling and risk
scoring engine allows healthcare organizations to more effectively detect
user behavior changes, showing the shift from appropriate use to
inappropriate reconnaissance and data collection in real-time.
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 and constant currency information are non-GAAP financial
measures.

Core net income and core earnings per share exclude certain items, specifically
amortization of intangible assets, stock-based compensation, acquisition and
integration-related expenses, restructuring related costs, minimum pension
liability adjustments, non-core charges associated with the convertible notes,
global ERP system implementation costs and other non-core or non-recurring gains
or losses that arise from time to time.

Non-core charges associated with our convertible notes consist of the
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 our business and asset acquisitions,
costs associated with integrating acquired businesses, including costs for
transitional employees or services, integration related professional services
costs and other incremental charges we incur as a direct result of our
acquisition and integration efforts.  Global enterprise resource planning (ERP)
system implementation costs relate to direct and incremental costs incurred in
connection with our implementation of a new, global ERP solution and the related
technology infrastructure.  In computing diluted core earnings per share, we
exclude the effect of shares issuable under our convertible 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.

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.

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)

A reconciliation of our GAAP results to our non-GAAP results for the three and
nine months ended March 31, 2016 and 2015 is as follows:

  Three Months Ended     Nine Months Ended

  March 31,     March 31,

  2016     2015     2016     2015

  (in thousands)

GAAP net loss $ (4,230 )   $ (7,830 )   $ (13,722 )   $ (13,060 )

Amortization of intangible   7,226       8,002       21,720       22,186
assets

Stock-based compensation   7,628       7,134       23,094       19,563
expense

Acquisition and
integration related   305       846       574       2,553
expenses

Restructuring expenses   48       1,074       922       1,346

Global ERP system   1,040       -       1,819       -
implementation costs

Minimum pension liability   66       21       140       42
adjustments

Amortization of debt
issuance and debt discount   3,265       3,061       9,639       9,038
costs

Other non-core expense   -       145       -       145

Core net income $ 15,348     $ 12,453     $ 44,186     $ 41,813



The 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     % Increase

  March 31,             Constant

  2016     2015     GAAP     Rates ((1))

  (in thousands)

Subscription and $ 49,488     $ 42,926       15 %     17 %
Transaction Revenues

Total Revenues   86,233       81,951       5 %     7 %





  Nine Months

  Ended     % Increase

  March 31,             Constant

  2016     2015     GAAP     Rates ((1))

  (in thousands)

Subscription and $ 144,317     $ 126,662       14 %     15 %
Transaction Revenues



(1) )Constant currency information compares results between periods assuming
exchange rates had remained constant period-over-period.  We calculate constant
currency information by translating prior-period results using current-year GAAP
foreign exchange rates.

About Bottomline Technologies
Bottomline Technologies (NASDAQ:EPAY) powers mission-critical business
transactions. We help our customers optimize financially-oriented operations and
build deeper customer and partner relationships by providing a trusted and easy-
to-use set of cloud-based digital banking, fraud prevention, payment, financial
document, insurance, and healthcare solutions. Over 10,000 corporations,
financial institutions, and banks benefit from Bottomline solutions.
Headquartered in the United States, Bottomline also maintains offices in Europe
and Asia-Pacific. For more information, visit our website atwww.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 GAAP to non-GAAP reconciliations)
within the "Investors" section of our website
atwww.bottomline.com/us/about/investors.

Cautionary Language
This press release may contain "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, 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" 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, 2015 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.



Bottomline Technologies

Unaudited Condensed Consolidated Statement of Operations

(in thousands, except per share amounts)



  Three Months Ended

  March 31,

  2016     2015

Revenues:

Subscriptions and transactions $ 49,488     $ 42,926

Software licenses   5,777       5,074

Service and maintenance   29,100       32,124

Other   1,868       1,827



Total revenues   86,233       81,951



Cost of revenues:

Subscriptions and transactions   22,461       19,582

Software licenses   165       371

Service and maintenance   13,276       13,675

Other   1,317       1,285



Total cost of revenues   37,219       34,913



Gross profit   49,014       47,038



Operating expenses:

Sales and marketing   20,419       20,248

Product development and engineering   11,934       12,716

General and administrative   9,790       8,882

Amortization of intangible assets   7,226       8,002



Total operating expenses   49,369       49,848



Loss from operations   (355 )     (2,810 )



Other expense, net   (3,882 )     (4,600 )



Loss before income taxes   (4,237 )     (7,410 )

Income tax (benefit) provision   (7 )     420



Net loss $ (4,230 )   $ (7,830 )



Basic and diluted net loss per share: $ (0.11 )   $ (0.21 )



Shares used in computing basic and diluted net loss   38,101       37,762
per share:



Core net income( (1)) $ 15,348     $ 12,453

Diluted core net income per share( (2)) $ 0.40     $ 0.33



(1) )Core net income for the three months ended March 31, 2016 and 2015 excludes
charges for amortization of intangible assets of $7,226 and $8,002, acquisition
and integration-related expenses of $305 and $846, restructuring expenses of $48
and $1,074, stock-based compensation of $7,628 and $7,134, minimum pension
liability adjustments of $66 and $21, global ERP system implementation costs of
$1,040 and $0, non-core charges associated with our convertible notes of $3,265
and $3,061 and other non-core expenses of $0 and $145.

(2) )Shares used in computing diluted core earnings per share were 38,657 and
38,121 for the three months ended March 31, 2016 and 2015, respectively.  In
computing diluted core earnings per share, we exclude the effect of shares
issuable under our convertible 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.





Bottomline Technologies

Unaudited Condensed Consolidated Statement of Operations

(in thousands, except per share amounts)



  Nine Months Ended

  March 31,

  2016     2015

Revenues:

Subscriptions and transactions $ 144,317     $ 126,662

Software licenses   15,754       16,155

Service and maintenance   89,797       97,264

Other   5,294       5,438



Total revenues   255,162       245,519



Cost of revenues:

Subscriptions and transactions   64,568       58,699

Software licenses   741       1,138

Service and maintenance   39,545       39,647

Other   3,807       3,855



Total cost of revenues   108,661       103,339



Gross profit   146,501       142,180



Operating expenses:

Sales and marketing   62,854       58,995

Product development and engineering   34,959       35,427

General and administrative   28,035       25,962

Amortization of intangible assets   21,720       22,186



Total operating expenses   147,568       142,570



Loss from operations   (1,067 )     (390 )



Other expense, net   (11,409 )     (11,834 )



Loss before income taxes   (12,476 )     (12,224 )

Income tax provision   1,246       836



Net loss $ (13,722 )   $ (13,060 )



Basic and diluted net loss per share: $ (0.36 )   $ (0.35 )



Shares used in computing basic and diluted net loss   37,959       37,723
per share:



Core net income( (1)) $ 44,186     $ 41,813

Diluted core net income per share( (2)) $ 1.15     $ 1.10



(1) )Core net income for the nine months ended March 31, 2016 and 2015 excludes
charges for amortization of intangible assets of $21,720 and $22,186,
acquisition and integration-related expenses of $574 and $2,553, restructuring
expenses of $922 and $1,346, stock-based compensation of $23,094 and $19,563,
minimum pension liability adjustments of $140 and $42, global ERP system
implementation costs of $1,819 and $0, non-core charges associated with our
convertible notes of $9,639 and $9,038 and other non-core expenses of $0 and
$145.

(2) )Shares used in computing diluted core earnings per share were 38,512 and
38,062 for the nine months ended March 31, 2016 and 2015, respectively.  In
computing diluted core earnings per share, we exclude the effect of shares
issuable under our convertible 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.





Bottomline Technologies

Unaudited Condensed Consolidated Balance Sheets

(in thousands)

  March 31,     June 30,

  2016     2015



ASSETS

Current assets:

Cash, cash equivalents and marketable securities $ 148,820     $ 144,388

Accounts receivable   61,444       65,140

Other current assets   21,081       19,713



Total current assets   231,345       229,241



Property and equipment, net   58,156       47,579

Goodwill and intangible assets, net   370,364       400,650

Other assets   18,695       11,014



Total assets $ 678,560     $ 688,484



LIABILITIES AND STOCKHOLDERS'' EQUITY

Current liabilities:

Accounts payable $ 12,203     $ 11,623

Accrued expenses   23,047       24,436

Deferred revenue   74,775       70,383



Total current liabilities   110,025       106,442



Convertible senior notes   168,512       159,760

Deferred revenue, non current   20,486       17,624

Deferred income taxes   31,429       35,542

Other liabilities   19,399       20,578



Total liabilities   349,851       339,946



Stockholders'' equity

Common stock   41       40

Additional paid-in-capital   584,250       560,083

Accumulated other comprehensive loss   (22,146 )     (13,511 )

Treasury stock   (55,807 )     (34,167 )

Accumulated deficit   (177,629 )     (163,907 )



Total stockholders'' equity   328,709       348,538



Total liabilities and stockholders'' equity $ 678,560     $ 688,484



Media Contact:
Rick Booth
Bottomline Technologies
603-501-6270
rbooth(at)bottomline.com





This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Bottomline Technologies, Inc. via GlobeNewswire
[HUG#2008192]






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Date: 04/28/2016 - 22:05
Language: English
News-ID 1431472
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