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Bottomline Technologies Reports First Quarter Results

echnologies Reports First Quarter Results

Strong Growth in Subscription and Transaction Revenue Highlights First Quarter

PORTSMOUTH, N.H., 2016-11-02 21:05 CET (GLOBE NEWSWIRE) -- Bottomline
Technologies (NASDAQ:EPAY), a leading provider of cloud-based business payment,
invoice and digital banking solutions, today reported financial results for the
fiscal first quarter ended September 30, 2016.

Subscription and transaction revenues, which are primarily related to the
company’s cloud platforms, increased 13% as compared to the first quarter of
last year to $52.1 million, or 16% on a constant currency basis, which is
calculated as discussed in the “Non-GAAP Financial Measures” section that
follows. Revenues overall for the first quarter were $83.1 million.

Net loss for the first quarter was $10.5 million compared to a net loss of $4.3
million for the first quarter of last year. Net loss per share was $0.28 in
the first quarter compared to $0.11 in the first quarter of last year.

Adjusted EBITDA for the first quarter was $16.7 million, or 20% of overall
revenue. Adjusted EBITDA is calculated as discussed in the “Non-GAAP Financial
Measures” section that follows.

Core net income for the first quarter was $8.4 million. Core earnings per
share was $0.22, as compared to $0.24 for the first quarter of last year. Core
net income and core earnings per share exclude certain items as discussed in
the “Non-GAAP Financial Measures” section that follows.

“Our results in Q1 were a solid step forward and a good start to the fiscal
year.” said Rob Eberle, President and CEO of Bottomline Technologies.
“Subscription and transaction revenue growth, adjusted EBITDA and core EPS all
reflect disciplined execution against our plan. Strategically, we entered into
an important new relationship with Mastercard which further validates our
status as a leader in business payments. Our continued growth in subscription
and transaction revenue gives us visibility to future recurring revenues and
confidence that our strategic plan will drive increased shareholder value.”

First Quarter Customer Highlights

-- 18 leading institutions selected Paymode-X, Bottomline’s leading
cloud-based payments automation platform.

-- 11 leading organizations, including Hiscox Inc and Tower Hill Insurance,
chose Bottomline's cloud-based legal spend management solutions to
automate, manage and control their legal spend.

-- Signed 7 new Digital Banking deals, helping banks to compete and win
business in their corporate and SMB segments by deploying innovative
digital capabilities.

-- Companies such as Secure Trust Bank and Atom Bank selected Bottomline’s
Financial Messaging solution to improve operating efficiencies and optimize
the effectiveness of their financial transactions by utilizing the SWIFT
global network.

-- Organizations such as Chegg Inc and Charles Schwab chose Bottomline’s
corporate payment automation solutions to extend their payments
capabilities and improve efficiencies.

First Quarter Strategic Corporate Highlights

-- Announced a strategic alliance with Mastercard focused on creating the
optimum way for businesses to pay and get paid. The combination of
Mastercard and Paymode-X creates a universal business payment solution,
Paymode-X with Mastercard, allowing customers to automate payments of all
types through a single platform while increasing revenue opportunities,
efficiencies and control.

-- Recognized as a top 100 global provider of financial technology on the 2016
IDC Financial Insights FinTech Rankings, as well as in the 2016 FinTech
Forward rankings compiled by American Banker and the Bank Administration
Institute (BAI).

Non-GAAP Financial Measures

We have presented supplemental non-GAAP financial measures as part of this
earnings release. The presentation of this non-GAAP financial information
should not be considered in isolation from, or as a substitute for, our
financial results presented in accordance with GAAP. Core net income, core
earnings per share, constant currency information and Adjusted EBITDA are
non-GAAP financial measures.

Core net income and core earnings per share exclude certain items, specifically
amortization of acquired intangible assets, stock-based compensation,
acquisition and integration-related expenses, restructuring related costs,
minimum pension liability adjustments, non-core charges associated with our
convertible notes, global ERP system implementation costs and other non-core or
non-recurring gains or losses that arise from time to time.

Non-core charges associated with our convertible notes consist of the
amortization of debt issuance and debt discount costs. Acquisition and
integration-related expenses include legal and professional fees and other
direct transaction costs associated with business and asset acquisitions, costs
associated with integrating acquired businesses, including costs for
transitional employees or services, integration related professional services
costs and other incremental charges we incur as a direct result of acquisition
and integration efforts. Global enterprise resource planning (ERP) system
implementation costs relate to direct and incremental costs incurred in
connection with our implementation of a new, global ERP solution and the
related technology infrastructure.

In computing diluted core earnings per share, we exclude the effect of shares
issuable under our convertible notes to the extent that any such dilution would
be offset by our note hedges; the note hedges would be considered an
anti-dilutive security under GAAP.

Periodically, such as in periods that include significant foreign currency
volatility, we present certain metrics on a “constant currency” basis, to show
the impact of period to period results normalized for the impact of foreign
currency rate changes. We calculate constant currency information by
translating prior period financial results using current period foreign
exchange rates.

Adjusted EBITDA represents our GAAP net income or loss, adjusted for charges
related to interest expense, income taxes, depreciation and amortization, and
other charges, as noted in the reconciliation that follows.

We believe that these supplemental non-GAAP financial measures are useful to
investors because they allow for an evaluation of the company with a focus on
the performance of its core operations, including more meaningful comparisons
of financial results to historical periods and to the financial results of less
acquisitive peer and competitor companies. Our executive management team uses
these same non-GAAP financial measures internally to assess the ongoing
performance of the company. Additionally, the same non-GAAP information is
used for planning purposes, including the preparation of operating budgets and
in communications with our board of directors with respect to our core
financial performance. Since this information is not a GAAP measurement of
financial performance, there are material limitations to its usefulness on a
stand-alone basis, including the lack of comparability of this presentation to
the GAAP financial results of other companies.

We also disclose Subscription and Transaction bookings. This amount reflects a
comparable metric of sales activity despite variations in contract lengths and
terms. This amount is defined as the one-year value of new order invoicing,
excluding installation and other one-time fees, which are contractually
obligated or anticipated to recur on an annual basis once the customer is fully
implemented and is fully utilizing the system. It is not a non-GAAP measure.

Non-GAAP Financial Measures (Continued)

Reconciliation of Core Net Income
A reconciliation of core net income to GAAP net loss for the three months ended
September 30, 2016 and 2015 is as follows:

Three Months Ended
September 30,
2016 2015
(in thousands)
GAAP net loss $ (10,508 ) $ (4,253 )
Amortization of acquired intangible assets 6,285 7,279
Stock-based compensation expense 8,199 7,588
Acquisition and integration related expenses 1,249 110
Restructuring expenses - 20
Global ERP system implementation costs 2,491 257
Minimum pension liability adjustments 277 36
Amortization of debt issuance and debt discount 3,372 3,161
Tax effects on non-GAAP income (2,978 ) (5,011 )
Core net income $ 8,387 $ 9,187

Reconciliation of Diluted Core Earnings per Share
A reconciliation of our diluted core earnings per share to our GAAP diluted net
loss per share for the three months ended September 30, 2016 and 2015 is as

Three Months Ended
09/30/16 9/30/15

GAAP diluted net loss per share $ (0.28 ) $ (0.11 )

Amortization of acquired intangible assets 0.17 0.19
Stock-based compensation expense 0.22 0.20
Acquisition and integration-related expenses 0.03 -
Restructuring expenses - -
Global ERP system implementation costs 0.06 0.01
Minimum pension liability adjustments 0.01 -
Amortization of debt issuance and debt discount costs 0.09 0.08
Tax effects on non-GAAP income (0.08 ) (0.13 )

Diluted core net income per share $ 0.22 $ 0.24


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