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BlackLine, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $165.9 million from $150.7 million in the same quarter the previous year. This growth was primarily driven by revenue from new customers and expansion with existing customers.
Cost of revenues for the quarter was $41.1 million, representing 25% of sales, compared to 24% in the same quarter of the previous year. The increase is attributed to higher computer software expenses and amortization of developed technology.
The company reported a gross profit of $124.8 million for the quarter, compared to $113.9 million in the previous year, with the improvement driven by increased sales.
Sales and marketing expenses were $62.2 million, up slightly from $61.6 million, due to higher salaries and professional fees.
Research and development expenses decreased to $25.6 million from $26.7 million, primarily due to increased capitalized software costs.
General and administrative expenses increased significantly to $28.2 million from $18.0 million, largely due to changes in the fair value of contingent consideration and increased salaries.
Net income for the quarter was $17.2 million, up from $11.9 million in the previous year. The increase was driven by higher revenues and improved operational efficiencies.
Cash provided by operating activities was $147.0 million, while cash used in investing and financing activities was $810.4 million and $503.4 million, respectively.
BlackLine had a working capital of $846.3 million as of September 30, 2024. The company continues to focus on expanding its customer base and enhancing its product offerings.
The filing also details various financial agreements, including the issuance of $675.0 million of 1.00% Convertible Senior Notes due 2029 and the partial repurchase of $919.8 million of its 0.00% Convertible Senior Notes due 2026.
BlackLine does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no material weaknesses in its internal controls over financial reporting.
BlackLine continues to focus on expanding its international presence and enhancing its software solutions to drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BlackLine Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.