BL - BlackLine: Terrific Steady Execution

• Shares of BlackLine have continued to plunge to YTD lows, and are now down more than 40% year to date.
• The company just released strong Q1 results that featured a beat and raise, as well as accelerating revenue growth.
• Investments in headcount and public cloud infrastructure have dampened margins, but overall BlackLine is still on track to scaling toward a 20%+ pro forma operating margin.
• BlackLine still addresses a large $28 billion TAM in which it's one of the leading software vendors specifically designed for the Department of the Controller.

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