BlackLine, Inc. reported significant financial performance improvements for the quarter and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for Q3 2024 reached $165.9 million, a 10% increase from $150.7 million in Q3 2023. Subscription and support revenues also rose by 11% to $157.0 million, up from $142.1 million. For the nine months ended September 30, 2024, total revenues were $483.9 million, an 11% increase from $434.3 million in the prior year.
The company achieved a gross profit of $124.8 million in Q3 2024, compared to $113.9 million in Q3 2023. Operating income turned positive at $8.4 million, a significant recovery from an operating loss of $1.1 million in the same quarter last year. Net income attributable to BlackLine, Inc. for Q3 2024 was $17.2 million, up from $11.9 million in Q3 2023. For the nine-month period, net income attributable to the company surged to $104.8 million from $30.8 million in the previous year.
The company’s cash and cash equivalents increased to $725.3 million as of September 30, 2024, up from $271.1 million at the end of 2023. Total current assets decreased to $1.0 billion, down from $1.4 billion, while total liabilities also decreased to $1.3 billion from $1.8 billion, resulting in an increase in total stockholders' equity to $367.9 million from $260.9 million.
BlackLine's strategic focus on subscription-based revenue continues to pay off, with approximately 95% of revenue for the nine months ended September 30, 2024, derived from its cloud-based software platform. The company reported a dollar-based net revenue retention rate that increased marginally compared to the previous quarter.
In terms of operational changes, BlackLine has been managing costs effectively, with a decrease in general and administrative expenses attributed to reduced professional fees and costs related to previous acquisitions. However, salaries, benefits, and stock-based compensation increased due to higher average salaries and bonuses, despite a decrease in headcount.
The company also engaged in significant financing activities, including the issuance of $675 million in Convertible Senior Notes due in 2029 and the partial repurchase of $848.5 million of its 2026 Notes. The gain on extinguishment of these notes was recognized at $65.1 million for the nine months ended September 30, 2024.
Overall, BlackLine's financial results reflect a strong recovery and growth trajectory, driven by its subscription model and strategic financial management.
About BLACKLINE, INC.
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