BlackLine(BL) - 2024 Q3 - Quarterly Results

Financial Performance - Total GAAP revenues for Q3 2024 reached $165.9 million, a 10% increase compared to Q3 2023[3] - GAAP net income attributable to BlackLine was $17.2 million, or $0.27 per diluted share, compared to $11.9 million, or $0.19 per diluted share in Q3 2023[4] - Non-GAAP operating margin improved to 22.7% in Q3 2024, up from 16.0% in Q3 2023[3] - Operating cash flow for Q3 2024 was $55.9 million, compared to $37.0 million in Q3 2023[5] - Free cash flow increased to $49.4 million in Q3 2024, up from $31.4 million in Q3 2023[5] - Total revenues for the quarter ended September 30, 2024, were $165,909,000, an increase of 10.3% compared to $150,708,000 in the same quarter of 2023[32] - Subscription and support revenues reached $157,011,000 for the quarter, up from $142,054,000, reflecting a growth of 10.5% year-over-year[32] - The company reported a net income of $14,569,000 for the quarter, compared to $13,472,000 in the same quarter of the previous year, representing an increase of 8.1%[33] - Basic net income per share attributable to BlackLine, Inc. was $0.28 for the quarter, up from $0.20 in the prior year[33] Customer Metrics - BlackLine had a total of 4,433 customers and 397,095 users as of September 30, 2024[6] - The dollar-based net revenue retention rate was 105% at September 30, 2024[6] - The dollar-based net revenue retention rate is a key metric for measuring long-term customer value, although specific percentage figures were not disclosed in the provided content[27] - The number of customers contributing to subscription and support revenue is a critical indicator of market penetration, but specific numbers were not provided in the content[28] Future Projections - For Q4 2024, total GAAP revenue is expected to be in the range of $167 million to $169 million[9] - Full year 2024 total GAAP revenue is projected to be between $651.0 million and $653.0 million[10] Operating Expenses and Profitability - The company incurred total operating expenses of $116,440,000 for the quarter, slightly up from $114,988,000 in the same quarter of 2023[33] - Non-GAAP gross profit for Q3 2024 was $124,803,000, up from $113,914,000 in Q3 2023, representing a 10.4% increase[36] - Non-GAAP operating income for Q3 2024 was $37,624,000, compared to $24,066,000 in Q3 2023, reflecting a 56.5% increase[36] - Total non-GAAP operating expenses for Q3 2024 were $94,112,000, down from $96,146,000 in Q3 2023, a decrease of 2.1%[37] - Non-GAAP gross margin for Q3 2024 was 79.4%, slightly down from 79.8% in Q3 2023[36] - Total non-GAAP net income attributable to BlackLine, Inc. for Q3 2024 was $44,428,000, up from $37,857,000 in Q3 2023, a 17.0% increase[37] - Diluted non-GAAP net income per share for Q3 2024 was $0.60, compared to $0.51 in Q3 2023, reflecting a 17.6% increase[37] Cash and Assets - Total current assets as of September 30, 2024, were $1,407,324,000, compared to $933,355,000 as of December 31, 2023[30] - Total liabilities decreased to $1,297,619,000 as of September 30, 2024, from $1,809,821,000 as of December 31, 2023[31] - Cash, cash equivalents, and restricted cash at the end of the period was $725,515,000, compared to $236,483,000 at the end of the previous period[35] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $147,042,000, up from $84,444,000 in the same period of 2023, indicating a 74.1% increase[37] - The company reported a net increase in cash of $108,648,000 for the current period, compared to $31,728,000 in the previous period[35] Upcoming Events - BlackLine plans to showcase new innovations at the upcoming BeyondTheBlack customer conference[2]