Business payments company Bottomline Technologies reported financial results for the fourth quarter, as its fiscal year ended June 30. The results showed subscription and transaction revenues — primarily related to the company’s cloud platforms — at $71.1 million for the fourth quarter, a 20 percent increase compared to the fourth quarter of last year.
In addition, revenues overall for the fourth quarter were $106.5 million, up 14 percent compared to the fourth quarter of last year.
The report said, “GAAP net income for the fourth quarter was $12.8 million compared to a GAAP net loss of $5.7 million for the fourth quarter of last year,” while “adjusted EBITDA for the fourth quarter was $26.1 million, compared to $20.8 million for the fourth quarter of last year, an increase of 25 percent.”
The fourth quarter’s core net income was $14.2 million, compared to its $10.6 million last year in the same quarter.
“The market is embracing our strategy and the investments we have made in our technology platforms,” said Rob Eberle, President and CEO of Bottomline, in a press release. “We drove 20 percent subscription and transaction growth, and 14 percent overall revenue growth in the quarter to complete a very successful fiscal year. The broad demand for our solutions is evidenced by our financial results, as well as our strong subscription and transaction bookings. The technology investments we are making are designed to extend our product leadership and drive continued growth for years to come. As we enter FY19, we have a high degree of confidence in our ability to execute against our financial targets and drive increased shareholder value.”
This latest report is another sign of Bottomline’s recent growth. Last November, the company announced a partnership with NACHA, which will use Bottomline’s Paymode-X platform to collaborate with partners on B2B payments innovation and explore how to remove friction from ACH payments.
“B2B payments have not evolved at the same pace as other types of payments, because they can be more complex,” said NACHA Chief Operating Officer Jane Larimer in a statement at the time. “Through its business-targeted solutions, Bottomline Technologies is supporting the electronification of B2B payments — improving efficiencies, increasing savings and enhancing security. It is through solutions like Bottomline Technologies’ Paymode-X that B2B payments can begin to keep pace with the rapidly evolving payments landscape.”