BTRS - BTRS Holdings Non-GAAP EPS of -$0.26 revenue of $47.6M beats by $6.56M raises FY22 guidance

• BTRS Holdings press release ( NASDAQ: BTRS ): Q2 Non-GAAP EPS of -$0.26.
• Revenue of $47.6M (+46.4% Y/Y) beats by $6.56M .
• Grew number of customers to 3,849 as of June 30, 2022, an increase of 25% compared to June 30, 2021.
• Grew average annual revenue per customer to approximately $50,700 in the second quarter of 2022, an increase of 16% compared to the second quarter of 2021.
• Grew number of customers with ARR of $100,000 or more to 309 as of June 30, 2022, an increase of 40% compared to June 30, 2021.
• Customers with ARR of $100,000 or more contributed 53% of the total ARR as of June 30, 2022, compared to 49% as of June 30, 2021.
• Dollar-based net retention rate for customers with ARR of $100,000 or more increased to 127% in the second quarter of 2022 as compared to 118% in the second quarter of 2021.
• Overall dollar-based net retention rate increased to 115% in the second quarter of 2022 as compared to 106% in the second quarter of 2021.
• Multi-year subscriptions now comprise 36% of our overall ARR as of June 30, 2022, as compared to 28% as of June 30, 2021.
• Remaining performance obligations increased 53% year-over-year, to $160.5 million as of June 30, 2022, as compared to $105.0 million as of June 30, 2021.
• Q3 2022 Guidance
  • Total revenue between $48.8 million and $49.2 million ($50.56M consensus), representing 38% growth year-over-year at the mid-point of the range.
  • Non-GAAP gross margin anticipated in the range of 74% to 75%.
  • Non-GAAP operating loss between $(20.9) million and $(21.5) million.
• FY 2022 Guidance
  • Total revenue between $196.0 million and $197.0 million (from prior outlook of $195M-$205M vs. $200.98M consensus), representing 43% growth year-over-year at the mid-point of the range.
  • Non-GAAP gross margin anticipated in the range of 75% to 76%.
  • Non-GAAP operating loss between $(80) million and $(81) million.

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