Financial software provider BlackLine (NASDAQ: BL) recently announced its quarterly results that surpassed market expectations. BlackLine is expanding its focus on its partner program to help drive digitization across the finance function of organizations.

BlackLine’s Financials

BlackLine’s second-quarter revenues grew 23% to $102.1 million, ahead of the market’s estimate of $101.08 million. GAAP net loss was $25.4 million, compared with a net loss of $8.3 million a year ago. Non-GAAP net income was $7.1 million, or $0.15 per share, compared with the market’s estimates of $0.08 per share for the quarter.

Among key metrics, it added 116 net new customers in the quarter to end with 3,598 customers at the end of the June quarter. It expanded its user base to 304,224 and reported a dollar-based net revenue retention rate of 106%.

For the third quarter, BlackLine expects revenues of $106.5-$107.5 million and an EPS of $0.11-$0.13. It expects to end the year with revenues of $420-$423 million and an EPS of $0.45-$0.48. The market was looking for revenues of $107.03 million and an EPS of $0.11 for the quarter and revenues of $422.06 million and an EPS of $0.47 for the year.

BlackLine’s Partner Expansion

BlackLine continued to expand its partner ecosystem to accelerate growth and increase customer value. It recently expanded its global partner program to help address, what it believes to be, the combined $28 billion opportunity in the financial close and accounts receivable automation markets. To grow the partner program across geographies and market segments, it is investing in a new Field Alliances team and providing partners with a comprehensive set of resources to help scale and accelerate their go-to-market capabilities. Nearly 300,000 users globally across more than 3,500 companies use BlackLine’s solutions to modernize their Finance & Accounting operations.

It recently announced a partnership with Kyriba. San Diego-based Kyriba offers a secure, scalable SaaS platform that leverages AI capabilities and automates payments workflows. It enables thousands of multinational corporations and banks to maximize growth opportunities, protect against loss from fraud and financial risk, and reduce operational costs. The partnership will allow both companies to streamline the digitalization of the Office of the CFO as well as improve collaboration between Finance and Treasury departments. It will provide capabilities for customers of both organizations to have access to integrated solutions that will accelerate access to banks, reduce manual activity for accounts receivables to increase cash visibility, and enable greater automation in the financial close processes.

BlackLine’s stock is trading at $121.19 with a market capitalization of $7.07 billion. It had touched a 52-week high of $154.61 in February. The stock has recovered from the 52-week low of $78.37 that it had fallen to in September last year.