BTRS Holdings Inc.

NasdaqGS:BTRS 株式レポート

時価総額：US$1.6b

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

BTRS Holdings マネジメント

マネジメント 基準チェック /04

主要情報

Flint Lane

最高経営責任者

US$8.4m

報酬総額

CEO給与比率4.75%
CEO在任期間21.9yrs
CEOの所有権15.6%
経営陣の平均在職期間1.9yrs
取締役会の平均在任期間1.9yrs

経営陣の近況

Recent updates

Seeking Alpha • Sep 28

EQT Private Equity to acquire Billtrust for $1.7B

BTRS or Billtrust (NASDAQ:BTRS) to be acquired by EQT X fund, part of EQT, a leading global investment organization, in an all-cash transaction valuing company’s equity at ~$1.7B. Company shareholders will receive $9.50 per share in cash upon the closing of the transaction. The price per share represents more than a 64% premium above the closing share price of $5.77 on September 27, 2022, and more than a 76% premium above the trailing 90-day volume weighted average stock price for the period ended September 27, 2022. Transaction expected to close in Q1 2023.
Seeking Alpha • Sep 15

BTRS Holdings Produces Growth But Operating Losses Are Sticky

Summary BTRS Holdings published its Q2 2022 financial results on August 13, 2022. The firm provides a variety of B2B payment software and services worldwide. BTRS Holdings has produced growing revenue and gross profit, but operating losses remain high as macroeconomic conditions darken. I'm on Hold for BTRS Holdings until management can make a meaningful turn toward operating breakeven. A Quick Take On BTRS Holdings BTRS Holdings Inc. (BTRS) reported its Q2 2022 financial results on August 13, 2022, missing expected revenue and EPS estimates. The company provides a range of B2B payment processing and services to companies worldwide. With a slowing global economy, a strong U.S. dollar producing FX headwinds, no apparent cost-cutting efforts by management and continued high operating losses, my outlook on BTRS is a Hold for the near term. BTRS Holdings Overview Lawrenceville, New Jersey-based BTRS (Billtrust) was founded in 2001 to provide a variety of B2B payment software and related service options to organizations. The firm is headed by founder, Chairman and CEO, Flint Lane, who was previously Chairman and President of Paytrust, and EVP R&D at Logic Works. The company's primary offerings include: Business payments network Credit eCommerce Invoicing Payments Cash application Collections Services The firm acquires customers via direct sales and marketing efforts and through partner referrals. BTRS has employees in 7 countries and serves over 40 industry verticals. BTRS Holdings' Market & Competition According to a 2022 market research report by IMARC Group, the market for B2B payments was an estimated $943 billion in 2021 and is forecast to reach $1.56 trillion by 2027. This represents a forecast CAGR of 8.3% from 2022 to 2027. The main drivers for this expected growth are increasing demand for automated and more efficient payment processing between businesses amid a rise of e-commerce activities worldwide. Also, small and medium-sized enterprises are seeking to take advantage of improved payment options to lower costs and increase flexibility. Major competitive vendors include: PayPal (PYPL) Global Payments (GPN) Square (SQ) Visa (V) ACI Worldwide (ACIW) Jack Henry & Associates (JKHY) Paysafe Group Naspers Limited (NPSNY) Others BTRS Holdings' Recent Financial Performance Total revenue by quarter has risen according to the following chart: 9 Quarter Total Revenue (Seeking Alpha) Gross profit by quarter has also grown accordingly: 9 Quarter Gross Profit (Seeking Alpha) Selling, G&A expenses as a percentage of total revenue by quarter have grown as revenue has increased: 9 Quarter Selling, G&A % Of Revenue (Seeking Alpha) Operating losses by quarter have increased markedly in recent quarters: 9 Quarter Operating Income (Seeking Alpha) Earnings per share (Diluted) have also become increasingly negative of late: 9 Quarter Earnings Per Share (Seeking Alpha) (All data in above charts is GAAP) In the past 12 months, BTRS's stock price has fallen 39.8% vs. the U.S. S&P 500 Index's loss of around 12.3%, as the chart below indicates: 52 Week Stock Price (Seeking Alpha) Valuation And Other Metrics For BTRS Holdings Below is a table of relevant capitalization and valuation figures for the company: Measure ((TTM)) Amount Enterprise Value/Sales 6.95 Revenue Growth Rate 17.4% Net Income Margin -49.8% GAAP EBITDA % -36.1% Market Capitalization $1,120,000,000 Enterprise Value $1,000,000,000 Operating Cash Flow -$24,500,000 Earnings Per Share (Fully Diluted) -$0.44 (Source - Seeking Alpha) The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory. BTRS's most recent GAAP Rule of 40 calculation was negative (18.7%) as of Q2 2022, so the firm has performed poorly in this regard, per the table below: Rule of 40 - GAAP Calculation Recent Rev. Growth % 17.4% GAAP EBITDA % -36.1% Total -18.7% (Source - Seeking Alpha) Commentary On BTRS Holdings In its last earnings call (Source - Seeking Alpha), covering Q2 2022's results, management highlighted a recent partnership deal with Procede Software in the commercial truck dealer management industry, as an example of its integration efforts. A significant growth area for the firm is its Business Payments Network, of which its digital lockbox feature, which automates receipts of various payment types, is what it calls a "must have for any AR department." However, management has noticed a more difficult macroeconomic environment but believes that in such environments, CFOs have even greater incentives to increase efficiency efforts across their enterprise. As to its financial results, net revenue rose 28.5% year-over-year, while adjusted gross margin hit 74.1%, which was 2.41% higher than in Q2 2021.
分析記事 • Sep 07

Is BTRS Holdings Inc. (NASDAQ:BTRS) Trading At A 34% Discount?

Today we'll do a simple run through of a valuation method used to estimate the attractiveness of BTRS Holdings Inc...
Seeking Alpha • Jul 27

BTRS Holdings jumps 13% on report of exploring potential sale

BTRS Holdings (NASDAQ:BTRS), the parent of business payments vendor Billtrust, soared 13% on a report that the company is exploring options, including a possible slae. The company is working with an adviser as it considers its options, according to a Reuters report.
Seeking Alpha • Oct 15

BTRS Holdings: Accumulating Along With Insiders

Publicly birthed in the middle of the SPAC craze in early 2021, BTRS Holdings has lost some of its value since its peak in February. The accounts receivable solutions provider has developed an ecosystem of buyers, suppliers, banks, payment card issuers, and payment acceptance networks that should have wide appeal. Billtrust has a chance to be the market leader for mid-market/enterprise level customers with its stiffest competition coming from potential customers’ own in-house efforts. With a ~55.6 million share overhang from private equity interests, a clean balance sheet, plenty of blue sky, and insider buying, Billtrust merited further investigation. A full investment analysis is presented in the paragraphs below.
分析記事 • Aug 25

Is BTRS Holdings Inc. (NASDAQ:BTRS) Trading At A 50% Discount?

Today we will run through one way of estimating the intrinsic value of BTRS Holdings Inc. ( NASDAQ:BTRS ) by taking the...
分析記事 • May 15

BTRS Holdings Inc. (NASDAQ:BTRS) Just Released Its First-Quarter Earnings: Here's What Analysts Think

It's been a mediocre week for BTRS Holdings Inc. ( NASDAQ:BTRS ) shareholders, with the stock dropping 16% to US$12.34...

CEO報酬分析

BTRS Holdings の収益と比較して、Flint Lane の報酬はどのように変化したか？
日付総報酬給与会社業績
Sep 30 2022n/an/a

-US$82m

Jun 30 2022n/an/a

-US$72m

Mar 31 2022n/an/a

-US$67m

Dec 31 2021US$8mUS$400k

-US$61m

Sep 30 2021n/an/a

-US$49m

Jun 30 2021n/an/a

-US$41m

Mar 31 2021n/an/a

-US$33m

Dec 31 2020US$658kUS$400k

-US$17m

Sep 30 2020n/an/a

-US$21m

Jun 30 2020n/an/a

-US$29m

Mar 31 2020n/an/a

-US$32m

Dec 31 2019US$631kUS$398k

-US$23m

報酬と市場: Flintの 総報酬 ($USD 8.43M ) は、 US市場 ($USD 5.47M ) の同規模の企業の平均を上回っています。

報酬と収益: Flintの報酬は増加しましたが、会社は利益を上げていません。

CEO

Flint Lane (55 yo)

21.9yrs
在職期間
US$8,428,621
報酬

Mr. Flint A. Lane is Founder of BTRS Holdings Inc. (formerly known as Billtrust, Inc.) since 2001 and also serves as its Chairman. He has been Chief Executive Officer at BTRS Holdings Inc. since January 20...

リーダーシップ・チーム

名称ポジション在職期間報酬所有権
Flint Lane
Founder21.9yrsUS$8.43m15.62%
$ 244.2m
Steven Pinado
President1.9yrsUS$8.30m0.079%
$ 1.2m
Mark Shifke
Chief Financial Officer1.9yrsUS$8.12m0.061%
$ 949.0k
Joseph Eng
Chief Information Officer1.9yrsUS$5.07m0.14%
$ 2.2m
Jeanne O'Connor
Chief Talent Officer1.9yrsUS$3.48m0.032%
$ 492.7k
Farai Alleyne
Senior Vice President of Technology Operations2.4yrsデータなしデータなし
John Williams
SVP & Head of Investor Relationsno dataデータなしデータなし
Jennifer Showers
Senior VP & Chief Compliance Officer1.5yrsデータなしデータなし
Aimie Killeen
Chief Legal Officer & Secretaryless than a yearデータなし0.13%
$ 2.1m
John Johnson
Chief Sales Officerno dataデータなしデータなし
Stephen Lindeman
Chief Customer Officerno dataデータなしデータなし
Christy Green
Senior Vice President of Professional Services & Consultingno dataデータなしデータなし
1.9yrs
平均在職期間
55yo
平均年齢

経験豊富な経営陣: BTRSの経営陣は 経験豊富 とはみなされません ( 1.9年の平均在職年数)。これは新しいチームを示唆しています。

取締役

名称ポジション在職期間報酬所有権
Flint Lane
Founderno dataUS$8.43m15.62%
$ 244.2m
Matthew Harris
Independent Director1.9yrsデータなしデータなし
Robert Farrell
Independent Director1.9yrsUS$586.19k0.034%
$ 530.4k
Lawrence Irving
Independent Director1.9yrsUS$593.65k0.034%
$ 530.4k
Juli Spottiswood
Independent Director1.9yrsUS$153.23k0.022%
$ 351.2k
Clare Hart
Independent Director1.9yrsUS$252.09k0.026%
$ 410.0k
John Murray
Independent Directorless than a yearデータなし0.023%
$ 362.3k
1.9yrs
平均在職期間
58yo
平均年齢

経験豊富なボード: BTRSの 取締役会 は 経験豊富 ではない ( 1.9年の平均在任期間) ため、新しい取締役会が必要であると考えられます。

企業分析と財務データの現状

データ最終更新日（UTC時間）
企業分析2022/12/17 13:22
終値2022/12/15 00:00
収益2022/09/30
年間収益2021/12/31

データソース

企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。

パッケージデータタイムフレーム米国ソース例
会社財務10年
  • 損益計算書
  • キャッシュ・フロー計算書
  • 貸借対照表
アナリストのコンセンサス予想+プラス3年
  • 予想財務
  • アナリストの目標株価
市場価格30年
  • 株価
  • 配当、分割、措置
所有権10年
  • トップ株主
  • インサイダー取引
マネジメント10年
  • リーダーシップ・チーム
  • 取締役会
主な進展10年
  • 会社からのお知らせ

* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。

特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。

分析モデルとスノーフレーク

本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。

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業界およびセクターの指標

私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。

アナリスト筋

BTRS Holdings Inc. 6 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。10

アナリスト機関
Jason KupferbergBofA Global Research
Joseph VafiCanaccord Genuity
Andrew SchmidtCitigroup Inc