Financial Data and Key Metrics - Total revenue for Q2 2024 was $161 million, up 11% YoY, with subscription revenue growth of 12% [26] - Non-GAAP operating margin was 20%, and non-GAAP net income was $43 million, up 40% YoY [4][28] - Calculated billings growth was 12%, with trailing 12-month billings growth of 11% [26] - Total annual recurring revenue (ARR) reached $620 million, up 10% YoY [26] - Net new customers increased by 24%, bringing the total customer count to 4,435 [27] - Revenue renewal rate was 93%, and net retention rate (NRR) was 104% [27] Business Line Performance - Strategic products represented 28% of sales, driven by strength in financial reporting and analytics, Smart Close, and transaction matching [27] - The number of customers with $1 million or more in annual recurring revenue increased to 68 [5] - The invoice-to-cash pillar saw building interest, particularly in electronic invoicing and presentment (EIPP) [7] - The consolidation and financial analytics pillar saw significant wins and expansions, with the company packaging financial close and consolidation solutions together as a unified offering [6] Market Performance - Europe and APAC showed notable performance, with competitive wins in the enterprise segment [6][14] - In North America, a well-known fast-food chain signed a multi-solution deal, replacing their financial close solutions with BlackLine's end-to-end offering [15] - In APAC, Australia Post expanded its use of BlackLine's invoice-to-cash solution to automate processes and improve working capital visibility [17] Company Strategy and Industry Competition - The company is focusing on delivering a strong value proposition, emphasizing ROI and time to value, which has strengthened its position against competitors [9] - BlackLine is enhancing its marketing message and brand, targeting customers more effectively and driving comprehensive end-to-end messaging [8] - The company is integrating AI-powered capabilities into its solutions, such as the Journal Risk Analyzer, to reduce risk and enhance compliance [20][21] - Partnerships, particularly with SAP, are driving growth, with SAP partnership revenue representing 25% of total revenue [27] Management Commentary on Operating Environment and Future Outlook - Management noted that digital finance transformation remains a multiyear journey for customers, with long-term opportunities in the office of the CFO remaining strong [10] - The company is optimistic about its partnership with SAP, particularly with the inclusion of its financial reporting and analytics solution in the SolEx partnership [12] - Management highlighted that while demand remains muted, early signals of improvement in top-of-funnel demand are emerging [25] Other Important Information - The company repurchased 80% of its 2026 convertible notes and retired $250 million in 2024 convertible notes, ending the quarter with over $1 billion in cash and marketable securities [29] - BlackLine is advancing its platform strategy, including the expansion of global cloud and infrastructure capabilities, and recently stood up an APAC data center [23][24] Q&A Session Summary Question: Deal environment and go-to-market changes [32] - The company attributed improved performance to better execution and customer focus, rather than a significant improvement in the deal environment [32] Question: Revenue mix and new user growth [33] - Strong performance in the enterprise space drove net new user growth, with customers taking advantage of the BlackLine platform [33] Question: SAP partnership and FRA product pipeline [35] - The FRA product is being sold together with SAP's enterprise group reporting, with a growing pipeline, though no deals were closed in Q2 [35][36] Question: Growth in Europe and APAC [38] - Growth in Europe and APAC is attributed to strong execution by the local teams, with the company confident in its ability to continue performing well globally [38] Question: Free cash flow margin and growth vs. margin [39] - The company is pleased with its free cash flow generation and is focused on driving growth while maintaining profitability [39] Question: AI development and monetization [41] - AI capabilities are being embedded into existing products to increase stickiness, while new AI-driven products like the Journal Risk Analyzer are expected to be monetized [42] Question: Partner participation and deal flow [43] - The company has deepened relationships with key partners, resulting in higher partner influence in the pipeline and increased collaboration on customer implementations [44][45] Question: Consolidation and financial close bundling [46] - The company is bundling consolidation and financial close solutions, driven by customer demand and the success of its financial reporting and analytics tool [46][47] Question: Strategic product bookings and pipeline [50] - Dedicated pillar leaders have driven improved performance in strategic products, with the company optimistic about continued traction in the market [50][51] Question: Churn and net retention rate [54] - Enterprise renewal rates improved to 95%, while mid-market renewal rates ticked down due to intentional targeting of higher-value customers [54] Question: M&A and capital allocation [57] - The company is focused on deepening and broadening its platform through natural extensions and will pursue M&A opportunities that make economic sense [58] Question: SAP partnership and ERP modernization [60] - BlackLine is seeing early wins in SAP migrations, with customers adopting BlackLine solutions ahead of S/4HANA implementations [61] Question: Strategic product adoption [62] - Strategic product performance was strong in Q2, with the company operating at the high end of its target range for strategic product sales [62][63] Question: Partner collaboration and accounting video [65] - Partners are providing input on process engineering and automation, with strong engagement globally [65][66] Question: Free cash flow and growth investment [69] - The company is evaluating opportunities to invest in growth while maintaining strong free cash flow generation [69][70] Question: Demand environment in the office of the CFO [72] - CFOs are more willing to invest in technology if the ROI is demonstrated, though sales cycles remain extended [72] Question: Digital self-service and revenue seasonality [75] - The company is building a self-service repository to address common customer questions, with revenue guidance reflecting conservative expectations for Q4 [75][77] Question: Improved execution drivers [79] - Improved execution is driven by better collaboration across the organization, strong leadership, and a clear vision for the platform's future [80][81]

BlackLine (BL) reported $160.51 million in revenue for the quarter ended June 2024, representing a year-overyear increase of 11%. EPS of $0.58 for the same period compares to -$0.41 a year ago. The reported revenue represents a surprise of +1.56% over the Zacks Consensus Estimate of $158.04 million. With the consensus EPS estimate being $0.50, the EPS surprise was +16.00%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ...

BlackLine (BL) came out with quarterly earnings of $0.58 per share, beating the Zacks Consensus Estimate of $0.50 per share. This compares to loss of $0.41 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 16%. A quarter ago, it was expected that this company would post earnings of $0.47 per share when it actually produced earnings of $0.54, delivering a surprise of 14.89%. Over the last four quarters, the company has surpassed ...

EXHIBIT 99.1 BlackLine Announces Second Quarter Financial Results LOS ANGELES, Aug. 06, 2024 (GLOBE NEWSWIRE) -- BlackLine, Inc. (Nasdaq: BL), today announced financial results for the second quarter ended June 30, 2024. "BlackLine delivered solid results this quarter, exceeding our revenue and profitability expectations, while continuing to generate robust free cash flow," said Owen Ryan, co-CEO of BlackLine. "Our teams are relentlessly pursuing higher levels of operational excellence, aligned to our strat ...

LOS ANGELES, Aug. 06, 2024 (GLOBE NEWSWIRE) -- BlackLine, Inc. (Nasdaq: BL), today announced financial results for the second quarter ended June 30, 2024. "BlackLine delivered solid results this quarter, exceeding our revenue and profitability expectations, while continuing to generate robust free cash flow," said Owen Ryan, co-CEO of BlackLine. "Our teams are relentlessly pursuing higher levels of operational excellence, aligned to our strategy and driven by our customer-focused operating model." "Our comm ...

About BlackLine Nearly 4,400 customers trust BlackLine to help them close faster with complete and accurate results. The company is the pioneer of the cloud financial close market and is recognized as the leader by customers at leading end-user review sites including G2 and TrustRadius. BlackLine is a global company with operations in major business centers including Los Angeles, New York, the San Francisco Bay area, London, Paris, Frankfurt, Tokyo, Sydney, Bangalore, and Singapore. For more information, vi ...

About BlackLine Investor Relations Contact: Matt Humphries, CFA matt.humphries@blackline.com LOS ANGELES, July 23, 2024 (GLOBE NEWSWIRE) -- BlackLine, Inc. (Nasdaq: BL) announced today that it will release financial results for the second quarter ended June 30, 2024 after market close on Tuesday, August 6, 2024 followed by a conference call hosted by management at 2:00 p.m. PT / 5:00 p.m. ET. A live webcast and replay will be accessible on BlackLine's investor relations website at https://investors.blacklin ...

BlackLine may redeem the notes, at its option, on or after June 5, 2027 if (i) the notes are "freely tradable" (as defined in the indenture governing the notes) and any accrued and unpaid additional interest has been paid as of the date BlackLine sends the related redemption notice and (ii) the last reported sale price of BlackLine's common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading-day perio ...

The notes will be senior unsecured obligations of BlackLine and will accrue interest payable semiannually in arrears. The notes will mature on June 1, 2029, unless earlier converted, repurchased or redeemed. The notes will be convertible into cash, shares of BlackLine's common stock ("common stock") or a combination of cash and shares of BlackLine's common stock, at BlackLine's election. The interest rate, initial conversion rate and other terms of the notes will be determined at the time of pricing of the ...

LOS ANGELES, May 21, 2024 (GLOBE NEWSWIRE) -- BlackLine, Inc. (Nasdaq: BL), today announced that it intends to offer, subject to market conditions and other factors, $500,000,000 aggregate principal amount of convertible senior notes due 2029 (the "notes") in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). BlackLine also intends to grant the initial purchaser of the notes a 13-day option to purchase up to an add ...