Blackline Inc Stock Research

Market Summary

USD66.15+2.19

Market Closed

3.42%

BL Alerts

4 major insider sales recently.
Big jump in Earnings (Y/Y)

BL Stock Price

BL RSI Chart

BL Valuation

Market Cap

4.0B

Price/Earnings (Trailing)

-135.08

Price/Sales (Trailing)

7.59

EV/EBITDA

3.0K

Price/Free Cashflow

88.15

BL Price/Sales (Trailing)

BL Profitability

EBT Margin

-9.07%

Return on Equity

-26.27%

Return on Assets

-1.51%

Free Cashflow Yield

1.13%

BL Fundamentals

BL Revenue

Revenue (TTM)

522.9M

Revenue Y/Y

21.36%

Revenue Q/Q

4.24%

BL Earnings

Earnings (TTM)

-29.4M

Earnings Y/Y

130.54%

Earnings Q/Q

156.47%

Price Action

52 Week Range

48.7379.23

(Low)(High)

Last 7 days

-4.8%

Last 30 days

-12.4%

Last 90 days

-6.3%

Trailing 12 Months

-4.6%

BL Financial Health

Current Ratio

3.4

BL Investor Care

Shares Dilution (1Y)

1.75%

Diluted EPS (TTM)

-0.49

Peers (Alternatives to Blackline)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
MSFT	2.1T	204.1B	-1.92%	-6.89%	30.5	10.08	10.38%	-5.25%
ORCL	228.6B	46.1B	-7.20%	4.35%	25.98	4.96	11.29%	-14.28%
CRM	186.7B	31.4B	6.91%	-6.75%	897.78	5.96	19.41%	-85.60%
ADBE	163.2B	17.6B	-11.04%	-20.88%	34.32	9.27	11.54%	-1.37%
ZM	20.9B	4.4B	-7.13%	-28.23%	201.15	4.75	7.15%	-92.46%
AZPN	12.1B	-	-3.12%	49.09%	44.35	17.39	-	-
MID-CAP
PLAN	9.6B	631.5M	-1.97%	16.85%	-45.68	15.19	33.30%	-26.60%
MANH	8.9B	767.1M	-2.98%	9.04%	69.2	11.63	15.59%	16.73%
GWRE	6.5B	869.9M	3.14%	-9.62%	-33	7.53	13.87%	-103.37%
APPN	3.1B	468.0M	2.00%	-15.48%	-20.53	6.62	26.74%	-70.26%
PING	2.4B	308.3M	1.17%	7.67%	-23.16	7.93	13.75%	-237.98%
SMALL-CAP
ZUO	1.2B	383.7M	4.07%	-32.35%	-9.91	3.24	14.43%	-50.89%
YEXT	1.2B	399.9M	30.95%	57.36%	-14.32	2.91	4.73%	8.15%
UPLD	152.1M	317.3M	-43.48%	-70.17%	-2.22	0.48	5.06%	-17.52%

Financials for Blackline

Income Statement (Last 12 Months)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	4.9%	522,938,000	498,307,000	473,441,000	447,086,000	425,706,000
Gross Profit	5.1%	393,553,000	374,313,000	357,436,000	340,432,000	327,835,000
S&GA Expenses	4.1%	256,862,000	246,777,000	231,036,000	214,218,000	202,620,000
R&D Expenses	7.2%	108,893,000	101,582,000	92,704,000	83,597,000	77,322,000
EBITDA	104.1%	1,255,000	-30,817,000	-12,040,000	-14,416,000	-
EBITDA Margin	103.9%	0.00	-0.06	-0.03	-0.03	-
Earnings Before Taxes	47.0%	-47,411,000	-89,505,000	-80,919,000	-93,737,000	-100,859,000
EBT Margin	49.5%	-0.09	-0.18	-0.17	-0.21	-
Interest Expenses	-71.8%	5,850,000	20,749,000	35,377,000	49,588,000	62,945,000
Net Income	62.2%	-29,391,000	-77,705,000	-71,427,000	-86,208,000	-115,161,000
Net Income Margin	64.0%	-0.06	-0.16	-0.15	-0.19	-
Free Cahsflow	15.2%	45,039,000	39,111,000	30,973,000	42,603,000	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	3.5%	1,944	1,878	1,874	1,870	1,818
Current Assets	6.2%	1,250	1,177	1,172	1,171	1,348
Cash Equivalents	5.5%	201	191	208	366	540
Net PPE	4.2%	21.00	20.00	16.00	16.00	-
Goodwill	0%	444	444	444	444	290
Liabilities	1.8%	1,808	1,775	1,771	1,779	1,464
Current Liabilities	16.9%	368	315	328	339	323
Shareholder's Equity	43.5%	112	78.00	79.00	66.00	325
Retained Earnings	3.7%	-272	-283	-264	-252	-301
Additional Paid-In Capital	6.0%	386	364	344	318	626
Shares Outstanding	0.5%	60.00	60.00	59.00	59.00	59.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	6.9%	56.00	52.00	45.00	52.00	80.00
Share Based Compensation	1.9%	76.00	74.00	71.00	67.00	66.00
Cashflow From Investing	-61.3%	-395	-245	-485	-539	-506
Cashflow From Financing	-72.1%	1.00	5.00	6.00	5.00	599

Risks for BL

What is the probability of a big loss on BL?

86.2%

Probability that Blackline stock will be more than 20% underwater in next one year

69.6%

Probability that Blackline stock will be more than 30% underwater in next one year.

19.6%

Probability that Blackline stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does BL drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Blackline was unfortunately bought at previous high price.

Drawdowns

Returns for BL

Cumulative Returns on BL

9.6%

5-Year Cumulative Returns

6.4%

3-Year Cumulative Returns

What are the long-term rolling returns for BL?

FIve years rolling returns for Blackline.

Annualized Returns

Which funds bought or sold BL recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-73.46	-879,719	373,281	-%
2023-03-10	BAILLIE GIFFORD & CO	reduced	-1.00	7,142,540	71,061,500	0.07%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-3.48	38,000	493,000	-%
2023-02-28	Voya Investment Management LLC	added	17.19	3,650,730	15,200,700	0.02%
2023-02-24	SRS Capital Advisors, Inc.	reduced	-1.3	17,983	183,983	0.03%
2023-02-22	CVA Family Office, LLC	unchanged	-	4,371	41,371	0.01%
2023-02-21	MACQUARIE GROUP LTD	added	2.1	5,682,000	44,809,000	0.05%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	new	-	4,507	4,507	-%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	unchanged	-	1,196	12,196	-%
2023-02-17	EQUITABLE TRUST CO	sold off	-100	-873,000	-	-%

Latest Funds Activity

Are funds buying BL calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own BL

No. of Funds

Blackline News

Schedule 13G FIlings of Blackline

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	clearlake capital group, l.p.	9.6%	5,712,300	SC 13G
Feb 14, 2023	tucker therese	7.9%	4,750,294	SC 13G/A
Feb 14, 2023	kayne anderson rudnick investment management llc	3.69%	2,203,641	SC 13G/A
Feb 09, 2023	vanguard group inc	8.92%	5,332,091	SC 13G/A
Feb 01, 2023	blackrock inc.	6.6%	3,965,756	SC 13G/A
Feb 11, 2022	tucker therese	7.9%	4,694,625	SC 13G/A
Feb 11, 2022	kayne anderson rudnick investment management llc	5.36%	3,141,183	SC 13G/A
Feb 09, 2022	vanguard group inc	8.64%	5,065,198	SC 13G/A
Feb 03, 2022	blackrock inc.	7.0%	4,122,529	SC 13G/A
Feb 16, 2021	kayne anderson rudnick investment management llc	6.97%	3,988,103	SC 13G/A

BL Fair Value

Blackline fair value in different scenarios

The table shows the Fair Value estimates for Blackline for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	0.12 -99.82%	1.78 -97.31%	5.33 -91.94%	11.58 -82.49%	17.57 -73.44%
Current Inflation	0.01 -99.98%	1.47 -97.78%	4.54 -93.14%	9.88 -85.06%	14.98 -77.35%
Very High Inflation	- -	1.10 -98.34%	3.60 -94.56%	7.90 -88.06%	12.00 -81.86%

Historical Blackline Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Blackline

View All Filings

Date Filed	Form Type	Document
Mar 13, 2023	8-K	Current Report
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 06, 2023	8-K	Current Report
Mar 02, 2023	4	Insider Trading

Latest Insider Trading transactions for BL

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-07	PRAGER MORGAN KAROLE	acquired	-	-	23,060	chief legal and administrative
2023-03-07	Partin Mark	acquired	-	-	34,940	chief financial officer
2023-03-07	HIRSCH PETER	acquired	-	-	17,470	chief technology officer
2023-03-07	Woodhams Mark	acquired	-	-	20,970	chief revenue officer
2023-03-07	Villanova Patrick	acquired	-	-	7,690	chief accounting officer
2023-03-07	Ryan Owen	acquired	-	-	69,880	co-ceo
2023-03-07	Tucker Therese	acquired	-	-	69,880	co-ceo
2023-03-02	Partin Mark	acquired	70,000	14.00	5,000	chief financial officer
2023-03-02	Partin Mark	sold	-350,000	70.00	-5,000	chief financial officer
2023-03-01	Unterman Thomas	sold (taxes)	-18,580	68.31	-272	-

About Blackline

Marc E. Huffman

www.blackline.com

1560

BlackLine, Inc. provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles high volumes of individual transactions; and task management to create and manage processes and task lists. The company's financial close management solutions also include journal entry that allows users to generate, review, and post manual journal entries; variance analysis that monitors and identifies anomalous fluctuations in balance sheet and income statement account balances; consolidation integrity manager that manages the automated system-to-system tie-out process that occurs during the consolidation phase of the financial close; and compliance, an integrated solution that facilitates compliance-related initiatives, consolidates project management, and provides visibility over control self-assessments and testing. In addition, it offers accounts receivable automation solutions, which include cash application, credit and risk management, collections management, disputes and deductions, team and task management, and AR intelligence solutions. Further, the company provides intercompany workflow that stores permissions by entity and transaction type thereby ensuring both the initiator and the approver of the intercompany transaction are authorized to conduct business; intercompany processing, which records an organization's intercompany transactions; and netting and settlement that generates a real-time settlement matrix, which shows the balance of transactions. The company sells its solutions primarily through direct sales force to multinational corporations, large domestic enterprises, and mid-market companies across various industries. BlackLine, Inc. was incorporated in 2001 and is headquartered in Woodland Hills, California.

BL Income Statement

2022-12-31

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Total revenues	$ 522,938	$ 425,706	$ 351,737
Cost of revenues
Total cost of revenues	129,385	97,871	68,972
Gross profit	393,553	327,835	282,765
Operating expenses
Sales and marketing	256,862	202,620	174,581
Research and development	108,893	77,322	56,464
General and administrative	80,155	86,507	71,611
Restructuring costs	3,841	0	0
Total operating expenses	449,751	366,449	302,656
Loss from operations	(56,198)	(38,614)	(19,891)
Other income (expense)
Interest income	14,637	700	4,502
Interest expense	(5,850)	(62,945)	(23,311)
Other income (expense), net	8,787	(62,245)	(18,809)
Loss before income taxes	(47,411)	(100,859)	(38,700)
Provision for (benefit from) income taxes	(13,520)	135	702
Net loss	(33,891)	(100,994)	(39,402)
Net loss attributable to redeemable non-controlling interest (Note 4)	(369)	(910)	(1,349)
Adjustment attributable to redeemable non-controlling interest (Note 4)	(4,131)	15,077	8,858
Net loss attributable to BlackLine, Inc.	$ (29,391)	$ (115,161)	$ (46,911)
Basic net loss per share attributable to BlackLine, Inc. (in usd per share)	$ (0.49)	$ (1.97)	$ (0.83)
Shares used to calculate basic net loss per share (in shares)	59,539,000	58,351,000	56,832,000
Diluted net loss per share attributable to BlackLine, Inc. (in usd per share)	$ (0.49)	$ (1.97)	$ (0.83)
Shares used to calculate diluted net loss per share (in shares)	59,539,000	58,351,000	56,832,000
Subscription and support
Revenues
Total revenues	$ 491,187	$ 398,633	$ 328,559
Cost of revenues
Total cost of revenues	102,132	71,979	47,919
Professional services
Revenues
Total revenues	31,751	27,073	23,178
Cost of revenues
Total cost of revenues	$ 27,253	$ 25,892	$ 21,053

BL Balance Sheet

2022-12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 200,968	$ 539,739
Marketable securities (amortized cost of $875,456 and $658,886 at December 31, 2022 and December 31, 2021, respectively)	874,083	658,964
Accounts receivable, net of allowances for credit losses of $2,282 and $2,923 at December 31, 2022 and 2021, respectively	150,858	125,130
Prepaid expenses and other current assets	23,658	23,855
Total current assets	1,249,567	1,347,688
Capitalized software development costs, net	32,070	23,547
Property and equipment, net	19,811	16,321
Intangible assets, net	90,864	36,195
Goodwill	443,861	289,710
Operating lease right-of-use assets	14,708	16,264
Other assets	92,775	87,853
Total assets	1,943,656	1,817,578
Current liabilities:
Accounts payable	14,964	7,471
Accrued expenses and other current liabilities	58,600	50,930
Deferred revenue, current	279,325	242,429
Finance lease liabilities, current	989	373
Operating lease liabilities, current	5,943	4,936
Contingent consideration, current	8,000	16,438
Total current liabilities	367,821	322,577
Finance lease liabilities, noncurrent	785	824
Operating lease liabilities, noncurrent	9,292	13,248
Convertible senior notes, net	1,384,306	1,114,239
Contingent consideration, noncurrent	33,549	4,294
Deferred tax liabilities, net	5,568	8,175
Deferred revenue, noncurrent	343	362
Other long-term liabilities	6,229	124
Total liabilities	1,807,893	1,463,843
Commitments and contingencies (Note 17)
Redeemable non-controlling interest (Note 4)	23,895	28,699
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized, 60,016,824 and 58,984,247 issued and outstanding at December 31, 2022 and 2021, respectively	600	590
Additional paid-in capital	385,709	625,883
Accumulated other comprehensive income (loss)	(1,472)	298
Accumulated deficit	(272,969)	(301,735)
Total stockholders' equity	111,868	325,036
Total liabilities, redeemable non-controlling interest, and stockholders' equity	$ 1,943,656	$ 1,817,578