Record Revenues, Orders and Backlog Highlight Quarter
Bottomline Technologies (NASDAQ: EPAY), a leading provider of collaborative payment and invoice automation solutions, today reported financial results for the third quarter ended March 31, 2007.
Revenues for the third quarter were $31.1 million, a 25% increase from revenues of $24.9 million in the third quarter of last year. The growth in revenues includes a 16% increase in subscription and transaction revenues to $6.8 million for the third quarter of fiscal 2007 as compared to $5.8 million for the same period last year, and a 60% increase in software licenses to $4.1 million in the current quarter from $2.5 million in the third quarter last year.
Recurring revenues, consisting of subscription and transaction, maintenance and supplies revenue was $19.0 million as compared with $16.1 million in the third quarter of last year. New Annual Recurring Revenue (ARR) was $4.1 million as compared with $3.4 million and $2.3 million in the prior two quarters. New ARR represents the expected one-year revenue value from new subscription and transaction sales during the quarter as well as the one-year maintenance value on new software license sales.
Net loss for the third quarter was $1.9 million, or net loss per share of $0.08. During the third quarter, operating expenses of $20.2 million included acquisition-related amortization of intangible assets of $2.7 million and stock-based compensation expense of $2.0 million. Excluding these acquisition-related and stock compensation items, non-GAAP net income for the third quarter was $2.8 million, equating to non-GAAP net income per share of $0.12.
“Bottomline had a strong third quarter,” said Rob Eberle, President and CEO of Bottomline Technologies. “Record revenue and record orders were achieved through execution throughout the business. The results were driven by broad-based demand for our payment, invoice, banking and cash management and document solutions. Response to our new recurring revenue offerings drove a new high for ARR. With the combination of our recurring revenues, new ARR, backlog and continued strong demand for our software and recurring revenue offerings, we believe our business is well positioned to drive future growth as we go forward.”
Revenues for the nine months ended March 31, 2007 were $86.0 million as compared with $75.7 million in the same period last year. Net loss for the nine months ended March 31, 2007 was $5.5 million, or net loss per share of $0.23.
During the nine months ended March 31, 2007, the company incurred acquisition-related amortization of intangible assets of approximately $6.6 million and stock compensation expense of $5.9 million. Excluding these items, non-GAAP net income for the nine months ended March 31, 2007 was $7.0 million, or non-GAAP net income per share of $0.29.
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