Partnerships Are The Mantra For BlackLine

According to a Market Study Report published earlier this year, the global cloud accounting software market is expected to grow 9% annually to $4.3 billion by the year 2024. The researcher pegs the industry’s revenues at $2.63 billion for the current year. Cloud-based financial software provider, BlackLine (Nasdaq: BL) is a leading SaaS-based financial software solution that recently announced another stellar performance.

BlackLine’s Financials

Revenues for the second quarter grew 26% over the year to $69.66 million, compared with the Street’s estimate of $68 million. Net loss for the quarter came in at $5.2 million. On an adjusted basis, the company reported a net income of $6.1 million or $0.10 per share, compared with the earnings of a penny a share that the market had forecast.

By segment, subscription and support revenues grew 25% to $66.07 million and professional services revenues grew 49% to $3.6 million.

Among other metrics, it added 106 net new customers in the quarter to end with over 2,810 customers. Net user base for BlackLine grew to 236,802 and it achieved a dollar-based net revenue retention rate of 108% at the end of the quarter.

For the third quarter, BlackLine forecast revenues of $71.7-$72.7 million with a Non-GAAP net income of $0.02-$0.04 per share. The market was looking for revenues of $71.3 million with an EPS of $0.04 per share for the quarter. BlackLine expects revenues of $281-$284 million for the year with an EPS of $0.22-$0.25. The market was looking for revenues of $279 million with an EPS of $0.17 for the year.

BlackLine’s Partnerships

BlackLine remains focused on growing its partner network. Earlier this week, it released a new tiered program for its strategic consulting partners. The new program integrates BlackLine’s existing Affiliate and Enterprise Consulting Partner Programs into a single BlackLine Alliance Partner Program that is catered to provide higher expertise and service to enterprise and mid-market customers looking for digital financial transformations. The five new partner tiers named Select, Bronze, Silver, Gold, and Platinum will provide growing degrees of go-to-market enablement, incentives, funding, training, recognition, and marketing support. A partner will be able to achieve a specific tier based on the volume of business that it generates to help customers with their finance transformation using BlackLine’s solutions.

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