BlackLine(US:BL)2021-05-07 23:01Market Opportunity and Growth - BlackLine estimates a large and underpenetrated total addressable market (TAM) of over $28 billion, comprising $18.5 billion for the financial close market and $10 billion for the accounts receivable market[2, 16] - The company's LTM (Last Twelve Months) revenue was $368 million, derived from approximately 3,500 customers, indicating significant room for growth within the existing market[16] - BlackLine has a compelling land and expand model, demonstrated by the growth multiple in annualized revenue from customer cohorts over time, for example, the 2012 cohort has grown 42x [2, 25] Financial Performance - BlackLine shows high growth with Q1'21 revenue growth of 20% year-over-year[18] - The company maintains high gross margins, with a Q1'21 non-GAAP gross margin of 80%[18] - BlackLine has a strong dollar-based net revenue retention rate, with Q1'21 at 106%[18] Customer Success and Expansion - BlackLine's platform is experiencing increased adoption, with more than 320 customers having an Annual Recurring Revenue (ARR) of $250K or more[28] - The company is experiencing a 35% Compound Annual Growth Rate (CAGR) in customers spending $250K or more[29] - BlackLine has a strategic product installed base opportunity, with only 23% of customers using transaction matching, 4% using cash application, 6% using smart close, and 2% using intercompany hub, representing potential revenue opportunities of $150M+, $250M+, $100M+, and $300M+ respectively[31] Profitability and Efficiency - BlackLine is demonstrating improved profitability and cash flow, with a non-GAAP net income margin of 13% and a free cash flow margin of 14% in Q1'21[37]