Safe Harbor. Non-GAAP Financial Information

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2 Safe Harbor This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including financial projections subject to risks, uncertainties and other factors that could materially affect our actual results. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors including, among others, competition, market demand, technological change, strategic relationships, recent acquisitions, international operations and general economic conditions. Any forward-looking statements or financial projections represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. We do not assume any obligation to update any forward-looking statements or financial projections. Further, our financial projections do not consider the impact of any pending or future changes to accounting pronouncements under US Generally Accepted Accounting Principles. For additional discussion of factors that could impact our operational and financial results, please refer to our Form 10-K for the fiscal year ended June 30, 2018 and subsequently filed Form 10-Qs and Form 8-Ks or amendments thereto. Non-GAAP Financial Information The financial results and projections in this document are presented on a non-gaap basis. Non-GAAP results and projections include core operating income, adjusted EBITDA, adjusted EBITDA margin, core operating margin, core earnings per share, and constant currency information. Reconciliations of our GAAP results to the most directly comparable non-gaap results and guidance are included at the end of this document. Any non-gaap outlook we provide has not been reconciled to the comparable GAAP outlook because of the difficulty of predicting the amounts to be adjusted, including but not limited to acquisition-related charges, minimum pension liability adjustments, stock compensation expense and weighted average shares outstanding. Since we expect these factors to have a significant impact on our future GAAP results, a reconciliation is not available on a forward looking basis without unreasonable effort. 2

3 Q2 Core Results Normalized Subscription and Transaction Revenue Growth 17% (1) Within the 15-20% target range Strategic Plan Established Products Subscription and Transaction Revenue Total Revenue Core Operating Income $55.4M $81.7M $18.1M Consistently profitable model Invest in market leading cloud business payment solutions Core Operating Margin 22% Drive subscription and transaction revenue growth of 15-20% per year Leverage inherent attractive lifetime customer value of our solutions Banking Solutions Subscription and Transaction Revenue Growth 7% Subscription and Transaction Revenue $15.9M Total Revenue $23.1M Core Operating Income $2.0M Core Operating Margin 8% Also have $16 million of annual subscriptions currently in implementation and not yet live Margins will expand as new subscriptions go live Continue to extend our product platform capabilities Establish Bottomline as the clear leader in business payments Consolidated Bottomline Normalized Subscription and Transaction Revenue Growth 14% (1) Subscription and Transaction Revenue $71.3M Total Revenue $104.8M Core Operating Income $20.0M Core Operating Margin 19% Adjusted EBITDA $25.6M Adjusted EBITDA Margin 24% Product investments driving subscription & transaction growth with 85% recurring revenue $25.6 million EBITDA, reflecting consistently profitable model Core EPS $0.35 (1) Normalized for constant currency and change in accounting standards impacts, as shown on the following page. 3 Core operating income, adjusted EBITDA, core operating margin, core EPS, and constant currency information are non-gaap measures. Definitions and a reconciliation to the most directly comparable GAAP measures can be found at the end of this document.

4 Subscription & Transaction Revenue Q2-19 Y/Y Growth Normalized for FX Impact and ASC606 Accounting Change Established S&T Revenue Total Bottomline S&T Revenue 14.7% 1.0% % % 12.8% 0.8% % % S&T Reported Increase from Currency (1) 606 Impact (2) S&T Normalized (3) S&T Reported Increase from Currency (1) 606 Impact (2) S&T Normalized (3) (1) Constant currency information is a non-gaap measure and compares results between periods assuming exchange rates had remained constant period-over-period. We calculate constant currency information by translating prior-period results using current-year GAAP foreign exchange rates. (2) 606 Impact is calculated as the difference between the revenue growth rates under ASC605 and those reported under ASC606, as presented in the footnotes to our 10Q. (3) S&T Normalized is the sum of S&T Reported, Increase from Currency, and 606 Impact. 4 4

5 Q3-19 Core Guidance (in millions, except for per share amounts and margin percentages) Established Banking Solutions Total Bottomline Subscription & transaction revenue Total Revenue Core operating income (1) Core operating margin % (1) 17-18% 9-11% 16-17% Adjusted EBITDA (1) Adjusted EBITDA as a % of Revenue (1) 22-23% Core EPS $0.27-$0.29 1) Core operating income, adjusted EBITDA, core operating margin and core EPS are non-gaap measures. Definitions are included at the end of this document. 2) Any non-gaap outlook we provide has not been reconciled to the comparable GAAP outlook because of the difficulty of predicting the amounts to be adjusted, including but not limited to acquisition-related charges, minimum pension liability adjustments, stock compensation expense and weighted average shares outstanding. Since we expect these factors to have a significant impact on our future GAAP results, a reconciliation is not available on a forward looking basis without unreasonable effort.

6 FY19 Core Guidance (in millions, except for per share amounts and margin percentages) Established Banking Solutions Total Bottomline Subscription & transaction revenue Total Revenue Core operating income (1) Core operating margin % (1) 21-22% 6-12% 18-20% Adjusted EBITDA (1) Adjusted EBITDA as a % of Revenue (1) 23-24% Core EPS ) Core operating income, adjusted EBITDA, core operating margin and core EPS are non-gaap measures. Definitions are included at the end of this document. 2) Any non-gaap outlook we provide has not been reconciled to the comparable GAAP outlook because of the difficulty of predicting the amounts to be adjusted, including but not limited to acquisition-related charges, minimum pension liability adjustments, stock compensation expense and weighted average shares outstanding. Since we expect these factors to have a significant impact on our future GAAP results, a reconciliation is not available on a forward looking basis without unreasonable effort.

7 Reconciliations to the Most Directly Comparable GAAP Results and Definitions of Non-GAAP Financial Measures 5

8 Reconciliation of Non-GAAP Measures Three Months Ended December 31, 2018 Amortization of Stock-Based Acquisition and Minimum Amortization of Global ERP System Tax Effects on Acquisition-Related Compensation Integration- Restructuring Pension Liability Debt Issuance and Implementation Non-GAAP GAAP Intangible Assets Plan Expense Related Expenses Expenses (Benefit) Adjustments Debt Discount Costs and Other Costs Income Non-GAAP Revenues: % of Revenue Subscriptions and transactions $ 71,288 $ 71,288 68% Software licenses 5, ,665 5% Service and maintenance 26, ,786 26% Other 1, ,107 1% Total revenues 104, , % Cost of revenues: Margins Subscriptions and transactions 31,352 - (776) (245) (1) (15) ,315 57% Software licenses % Service and maintenance 12,528 - (603) - - (62) ,863 56% Other % Total cost of revenues 44,981 - (1,379) (245) (1) (77) ,279 Gross profit 59,865-1, ,567 59% Operating expenses: % of Revenue Sales and marketing 22,585 - (4,006) (11) 4 (47) ,525 18% Product development and engineering 16,815 - (1,418) (19) 1 (43) ,336 15% General and administrative 11,904 - (2,746) (435) (58) (7) - (972) - 7,686 7% Amortization of acquisition-related intangible assets 5,253 (5,253) % Total operating expenses 56,557 (5,253) (8,170) (465) (53) (97) - (972) - 41,547 40% Income from operations 3,308 5,253 9, ,020 19% Other (expense) income, net (858) (254) (1,008) -1% Income before income taxes 2,450 5,253 9, (80) ,012 18% Benefit from (provision for) income taxes 3, (7,969) (4,450) -4% Net Income (1) 5,969 5,253 9, (80) ,969 14,562 14% 5.0% 9.1% 0.7% 0.1% -0.1% 0.1% 0.9% 7.6% Basic net income per share $ 0.15 Diluted net income per share (1) $ 0.14 $ 0.35 Shares used in computing net income per share: Basic 40,635 Diluted 41,739 41,739 (1) Core net income and core earnings per share are non-gaap measures and exclude certain items as indicated in the reconciliation above.

9 Reconciliation of Non-GAAP Measures Three Months Ended December 31, 2017 Amortization of Stock-Based Acquisition and Minimum Amortization of Global ERP System Tax Effects on Acquisition-Related Compensation Integration- Pension Liability Debt Issuance and Implementation Non-recurring Non-GAAP GAAP Intangible Assets Plan Expense Related Expenses Adjustments Debt Discount Costs and Other Costs Tax-Benefit (2) Income Non-GAAP Revenues: % of Revenue Subscriptions and transactions $ 63,187 $ 63,187 66% Software licenses 2, ,620 3% Service and maintenance 28, ,433 30% Other % Total revenues 95, , % Cost of revenues: Margins Subscriptions and transactions 27,211 - (673) (24) (10) ,504 58% Software licenses % Service and maintenance 13,034 - (565) - (69) ,400 56% Other % Total cost of revenues 41,175 - (1,238) (24) (79) ,834 Gross profit 54,020-1, ,361 58% Operating expenses: % of Revenue Sales and marketing 21,441 - (3,319) (3) (45) ,074 19% Product development and engineering 13,938 - (1,345) (14) (46) ,533 13% General and administrative 10,989 - (2,178) (339) (8) - (1,339) - - 7,125 7% Amortization of acquisition-related intangible assets 5,702 (5,702) % Total operating expenses 52,070 (5,702) (6,842) (356) (99) - (1,339) ,732 40% Income from operations 1,950 5,702 8, , ,629 19% Other (expense) income, net (3,357) (175) 2, (956) -1% Income (loss) before income taxes (1,407) 5,702 8, ,576 1, ,673 18% Benefit from (provision for) income taxes 4, (4,402) (4,577) (4,484) 5% Net Income (1) 3,088 5,702 8, ,576 1,339 (4,402) (4,577) 12,189 13% 6.0% 8.5% 0.4% 0.0% 2.7% 1.4% -4.6% -4.8% Basic net income per share $ 0.08 Diluted net income per share (1) $ 0.08 $ 0.31 Shares used in computing net income per share: Basic 38,087 Diluted 39,344 38,908 (1) Core net income and core earnings per share are non-gaap measures and exclude certain items as indicated in the reconciliation above. In computing diluted core earnings per share, we exclude the weighted average dilutive effect of shares issuable under our convertible senior 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. (2) The non-recurring tax benefit in three and six months ended December 31, 2017 represents a benefit arising from the revaluation of certain deferred tax liabilities as a result of the U.S. Tax Cuts and Jobs Act.

10 Reconciliation of Non-GAAP Measures Six Months Ended Decmeber 31, 2018 Amortization of Stock-Based Acquisition and Minimum Amortization of Other Global ERP System Tax Effects on Acquisition-Related Compensation Integration- Restructuring Pension Liability Debt Issuance and Non-Core Implementation Non-GAAP GAAP Intangible Assets Plan Expense Related Expenses Expenses (Benefit) Adjustments Debt Discount Costs Benefit and Other Costs Income Non-GAAP Revenues: % of Revenue Subscriptions and transactions $ 141,056 $ 141,056 68% Software licenses 10, ,177 5% Service and maintenance 54, ,191 26% Other 1, ,859 1% Total revenues 207, , % Cost of revenues: Margins Subscriptions and transactions 63,021 - (2,050) (869) (47) (30) ,025 57% Software licenses % Service and maintenance 25,234 - (1,539) - 9 (127) ,577 56% Other 1, ,415 24% Total cost of revenues 90,111 - (3,589) (869) (38) (157) ,458 Gross profit 117,172-3, ,825 59% Operating expenses: % of Revenue Sales and marketing 45,607 - (8,682) (22) 31 (95) ,839 18% Product development and engineering 33,380 - (3,418) (59) 17 (91) ,829 14% General and administrative 25,769 - (6,202) (643) (641) (15) (2,553) - 15,952 8% Amortization of acquisition-related intangible assets 10,579 (10,579) % Total operating expenses 115,335 (10,579) (18,302) (724) (593) (201) (2,553) - 82,620 40% Income from operations 1,837 10,579 21,891 1, (237) 2,553-39,205 19% Other (expense) income, net (1,639) (513) (1,944) -1% Income before income taxes ,579 21,891 1, (155) 208 (237) 2,553-37,261 18% Benefit from (provision for) income taxes 4, (13,976) (9,123) -4% Net Income (1) 5,051 10,579 21,891 1, (155) 208 (237) 2,553 (13,976) 28,138 14% 5.1% 10.6% 0.8% 0.3% -0.1% 0.1% -0.1% 1.2% -6.7% Basic net income per share $ 0.13 Diluted net income per share (1) $ 0.12 $ 0.68 Shares used in computing net income per share: Basic 40,162 Diluted 41,662 41,662 (1) Core net income and core earnings per share are non-gaap measures and exclude certain items as indicated in the reconciliation above.

11 Reconciliation of Non-GAAP Measures Six Months Ended December 31, 2017 Amortization of Stock-Based Acquisition and Minimum Amortization of Global ERP System Tax Effects on Acquisition-Related Compensation Integration- Restructuring Pension Liability Debt Issuance and Implementation Non-recurring Non-GAAP GAAP Intangible Assets Plan Expense Related Expenses Expenses (Benefit) Adjustments Debt Discount Costs and Other Costs Tax-Benefit (2) Income Non-GAAP Revenues: % of Revenue Subscriptions and transactions $ 123,901 $ 123,901 66% Software licenses 4, ,985 3% Service and maintenance 55, ,775 30% Other 1, ,830 1% Total revenues 186, , % Cost of revenues: Margins Subscriptions and transactions 54,633 - (1,358) (29) 2 (23) ,225 57% Software licenses % Service and maintenance 25,334 - (1,196) - - (149) ,989 57% Other 1, ,368 25% Total cost of revenues 81,734 - (2,554) (29) 2 (172) ,981 Gross profit 104,757-2, (2) ,510 58% Operating expenses: % of Revenue Sales and marketing 40,790 - (6,772) (50) 1 (98) ,871 18% Product development and engineering 27,802 - (2,783) (250) 5 (105) ,669 13% General and administrative 22,826 - (4,431) (1,043) 1 (18) - (3,415) ,920 7% Amortization of acquisition-related intangible assets 10,890 (10,890) % Total operating expenses 102,308 (10,890) (13,986) (1,343) 7 (221) - (3,415) ,460 39% Income (loss) from operations 2,449 10,890 16,540 1,372 (9) 393-3, ,050 19% Other (expense) income, net (7,640) (355) 6, (1,710) -1% Income (loss) before income taxes (5,191) 10,890 16,540 1,372 (9) 38 6,285 3, ,340 18% Benefit from (provision for) income taxes 4, (4,402) (9,119) (9,483) 5% Net Income (loss) (1) (1,153) 10,890 16,540 1,372 (9) 38 6,285 3,415 (4,402) (9,119) 23,857 13% 5.8% 8.9% 0.7% 0.0% 0.0% 3.4% 1.8% -2.4% -4.9% Basic net loss per share $ (0.03) Diluted net (loss) income per share (1) $ (0.03) $ 0.62 Shares used in computing net income (loss) per share: Basic 37,908 Diluted 37,908 38,610 (1) Core net income and core earnings per share are non-gaap measures and exclude certain items as indicated in the reconciliation above. In computing diluted core earnings per share, we exclude the weighted average dilutive effect of shares issuable under our convertible senior 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. (2) The non-recurring tax benefit in three and six months ended December 31, 2017 represents a benefit arising from the revaluation of certain deferred tax liabilities as a result of the U.S. Tax Cuts and Jobs Act.

12 Reconciliation of Adjusted EBITDA and Adjusted EBITDA margin Reconciliation of Adjusted EBITDA Reconciliation of Adjusted EBITDA Margin Three Months Ended Three Months Ended 12/31/18 12/31/17 12/31/18 12/31/17 GAAP Net income / GAAP Net income margin $ 5,969 $ 3,088 6% 3% Adjustments: Other expense, net (1) 1,111 3,532 1% 4% Income tax benefit (3,519) (4,495) (3%) (5%) Depreciation and amortization 5,551 4,875 5% 5% Amortization of acquisition-related intangible assets 5,253 5,702 5% 6% Stock-based compensation plan expense 9,549 8,080 9% 9% Acquisition and integration-related expenses % 0% Restructuring expense (benefit) 54-0% 0% Minimum pension liability adjustments (80) 3 0% 0% Global ERP system implementation and other costs 972 1,339 1% 2% Adjusted EBITDA / Adjusted EBITDA margin $ 25,570 $ 22,504 24% 24% (1) On July 1, 2018, we adopted an accounting standard update that changes the classification of certain pension related items. Accordingly, pension related benefits of approximately $0.2 million were reclassified from income from operations to other expense, net for the three months ended December 31, 2017 in our consolidated statement of operations. For purposes of the reconciliation of adjusted EBITDA, we have presented pension related adjustments discretely, not as a component of other expense, net.

13 Reconciliation of Adjusted EBITDA and Adjusted EBITDA margin Reconciliation of Adjusted EBITDA Reconciliation of Adjusted EBITDA Margin Six Months Ended Six Months Ended 12/31/18 12/31/17 12/31/18 12/31/17 GAAP Net income (loss) / GAAP Net income (loss) margin $ 5,051 $ (1,153) 2% (1%) Adjustments: Other expense, net (1) 2,151 7,995 1% 4% Income tax benefit (4,853) (4,038) (2%) (2%) Depreciation and amortization 11,191 9,543 5% 5% Amortization of acquisition-related intangible assets 10,579 10,890 5% 6% Stock-based compensation plan expense 21,891 16,540 11% 9% Acquisition and integration-related expenses 1,593 1,372 1% 1% Restructuring benefit 631 (9) 0% 0% Minimum pension liability adjustments (155) 38 0% 0% Global ERP system implementation and other costs 2,553 3,415 1% 2% Adjusted EBITDA / Adjusted EBITDA margin $ 50,632 $ 44,593 24% 24% (1) On July 1, 2018, we adopted an accounting standard update that changes the classification of certain pension related items. Accordingly, pension related benefits of approximately $0.4 million were reclassified from income from operations to other expense, net for the six months ended December 31, 2017 in our consolidated statement of operations. For purposes of the reconciliation of adjusted EBITDA, we have presented pension related adjustments discretely, not as a component of other expense, net.

14 Constant Currency Growth Rate Three Months Ended 12/31/18 12/31/17 GAAP Growth Rate % Increase Impact from Currency Constant Currency Growth Rates (1) Subscriptions and transactions revenues $ 71,288 $ 63,187 13% 1% 14% Total revenues $ 104,846 $ 95,195 10% 1% 11% (1) Constant currency information is a non-gaap measure and compares results between periods assuming exchange rates had remained constant period-over-period. We calculate constant currency information by translating prior-period results using current-year GAAP foreign exchange rates.

15 Reconciliation of Diluted Core Earnings Per Share Three Months Ended Six Months Ended 12/31/18 12/31/17 12/31/18 12/31/17 GAAP diluted net income (loss) per share $ 0.14 $ 0.08 $ 0.12 $ (0.03) Plus: Amortization of acquisition-related intangible assets Stock-based compensation plan expense Acquisition and integration-related expenses Restructuring expense (benefit) Global ERP system implementation and other costs Amortization of debt issuance and debt discount costs Non-recurring tax benefit - (0.11) - (0.11) Tax effects on non-gaap income (0.19) (0.12) (0.34) (0.24) Diluted core earnings per share $ 0.35 $ 0.31 $ 0.68 $ 0.62 Numerator: Three Months Ended Six Months Ended 12/31/18 12/31/17 12/31/18 12/31/17 Core net income $ 14,562 $ 12,189 $ 28,138 $ 23,857 Denominator: Weighted average shares used in computing basic net income (loss) per share for GAAP 40,635 38,087 40,162 37,908 Impact of dilutive securities (shares related to conversion feature on convertible senior notes, stock options, warrants, restricted stock awards and employee stock purchase plan) (1) 1,104 1,257 1, GAAP diluted shares 41,739 39,344 41,662 38,827 Impact of note hedges (2) - (436) - (217) Weighted average shares used in computing diluted core earnings per share 41,739 38,908 41,662 38,610 (1) These securities are dilutive on a GAAP basis in periods where we report GAAP net income. These securities are anti-dilutive on a GAAP basis in periods where we report GAAP net loss. (2) In computing diluted core earnings per share, we exclude the weighted average dilutive effect of shares issuable under our convertible senior 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.

16 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, adjusted EBITDA and adjusted EBITDA as a percent of revenue are all non-gaap financial measures. Core net income and core earnings per share exclude certain items, specifically amortization of acquisition related intangible assets, stock-based compensation, acquisition and integration-related expenses, restructuring related costs, minimum pension liability adjustments, non-core charges associated with certain debt instruments, global enterprise resource planning (ERP) system implementation and other costs and other non-core or non-recurring gains or losses that may arise from time to time. Non-core charges associated with our debt instruments consist of 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 and integration related professional services costs and other incremental charges we incur as a direct result of acquisition and integration efforts. Global ERP system implementation and other costs relate to direct and incremental costs incurred in connection with our multi-phase implementation of a new, global ERP solution and the related technology infrastructure and costs related to our implementation of the new revenue recognition standard under US 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 and adjusted EBITDA as a percent of revenue represent 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. 6