- Q2 Core Revenue Increased 19% Year-Over-Year
- Q2 Total Revenue Increased 22% Year-Over-Year
BILL (NYSE: BILL), a leading financial operations platform for
small and midsize businesses (SMBs), today announced financial
results for the second fiscal quarter ended December 31, 2023.
“We delivered strong growth during the quarter as we automated
financial operations for more than 470,000 businesses,” said René
Lacerte, BILL CEO and Founder. “We continue to drive innovation and
sharpen our focus on the most impactful initiatives to create value
for our customers, partners, and shareholders. With our powerful
platform, expanding ecosystem, and increasing scale, we are
uniquely positioned to be the essential financial operations
platform for millions of SMBs.”
“Our financial performance in the second quarter highlights the
strength of our business model and our commitment to deliver
balanced growth and profitability," said John Rettig, BILL
President and CFO. “Total revenue increased 22% year-over-year
while non-GAAP net income increased 48% year-over-year and
reflected a 23% margin.”
Financial Highlights for the Second Quarter of Fiscal
2024:
- Total revenue was $318.5 million, an increase of 22%
year-over-year.
- Core revenue, which consists of subscription and transaction
fees, was $275.0 million, an increase of 19% year-over-year.
Subscription fees were $63.3 million, up 3% year-over-year.
Transaction fees were $211.6 million, up 25% year-over-year.
- Float revenue, which consists of interest on funds held for
customers, was $43.5 million.
- Gross profit was $260.1 million, representing an 81.7% gross
margin, compared to $212.5 million, or an 81.7% gross margin, in
the second quarter of fiscal 2023. Non-GAAP gross profit was $273.7
million, representing an 85.9% non-GAAP gross margin, compared to
$225.4 million, or an 86.7% non-GAAP gross margin, in the second
quarter of fiscal 2023.
- Loss from operations was $67.7 million, compared to a loss from
operations of $112.5 million in the second quarter of fiscal 2023.
Non-GAAP income from operations was $44.3 million, compared to a
non-GAAP income from operations of $30.8 million in the second
quarter of fiscal 2023.
- Net loss was $40.4 million, or ($0.38) per share, basic and
diluted, compared to net loss of $95.1 million, or ($0.90) per
share, basic and diluted, in the second quarter of fiscal 2023.
Non-GAAP net income was $73.2 million, or $0.63 per diluted share,
compared to non-GAAP net income of $49.4 million, or $0.42 per
share, basic and diluted, in the second quarter of fiscal
2023.
Business Highlights and Recent Developments
- Served 473,500 businesses using our solutions as of the end of
the second quarter.1
- Processed $75 billion in total payment volume in the second
quarter, an increase of 11% year-over-year.
- Processed 26 million transactions during the second quarter, an
increase of 23% year-over-year.
- Repurchased approximately 2.7 million shares of BILL common
stock in the second quarter for a total cost of approximately $197
million.
Financial Outlook
We are providing the following guidance for the fiscal third
quarter ending March 31, 2024 and the full fiscal year ending June
30, 2024.
Q3 FY24 Guidance
FY24 Guidance
Total revenue (millions)
$299 - $309
$1,226 - $1,251
Year-over-year total revenue growth
10% - 13%
16% - 18%
Non-GAAP net income (millions)
$56 - $66
$245 - $270
Non-GAAP net income per diluted share
$0.48 - $0.57
$2.09 - $2.31
These statements are forward-looking and actual results may
differ materially. Refer to the Forward-Looking Statements safe
harbor below for information on the factors that could cause our
actual results to differ materially from these forward-looking
statements.
BILL has not provided a reconciliation of non-GAAP net income or
non-GAAP net income per share guidance measures to the most
directly comparable GAAP measures because certain items excluded
from GAAP cannot be reasonably calculated or predicted at this
time. Accordingly, a reconciliation is not available without
unreasonable effort.
1Businesses using more than one of our solutions are included
separately in the total for each solution utilized.
Conference Call and Webcast Information
In conjunction with this announcement, BILL will host a
conference call for investors at 1:30 p.m. PT (4:30 p.m. ET) today
to discuss fiscal second quarter 2024 results and our outlook for
the fiscal third quarter ending March 31, 2024 and the fiscal year
ending June 30, 2024. The live webcast and a replay of the webcast
will be available at the Investor Relations section of BILL’s
website:
https://investor.bill.com/events-and-presentations/default.aspx.
About BILL
BILL (NYSE: BILL) is a leading financial operations platform for
small and midsize businesses (SMBs). As a champion of SMBs, we are
automating the future of finance so businesses can thrive. Our
integrated platform helps businesses to more efficiently control
their payables, receivables and spend and expense management.
Hundreds of thousands of businesses rely on BILL’s proprietary
member network of millions to pay or get paid faster. Headquartered
in San Jose, California, BILL is a trusted partner of leading U.S.
financial institutions, accounting firms, and accounting software
providers. For more information, visit bill.com.
Note on Forward-Looking Statements
This press release and the accompanying conference call contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, which are statements
other than statements of historical facts, and statements in the
future tense. Forward-looking statements are based on our
expectations as of the date of this press release and are subject
to a number of risks, uncertainties and assumptions, many of which
involve factors or circumstances that are beyond our control. These
statements include, but are not limited to, statements regarding
our expectations of future performance, including guidance for our
total revenue, non-GAAP net income, and non-GAAP net income per
share for the fiscal third quarter ending March 31, 2024 and full
fiscal year ending June 30, 2024, our expectations for the growth
of demand on our platform and the expansion of our customers’
utilization of our services. These risks and uncertainties include,
but are not limited to macroeconomic factors, including changes in
interest rates, inflation and volatile market environments, as well
as fluctuations in foreign exchange rates, our history of operating
losses, our recent rapid growth, the large sums of customer funds
that we transfer daily, the risk of loss, errors and fraudulent
activity, credit risk related to our BILL Divvy Corporate Cards,
our ability to attract new customers and convert trial customers
into paying customers, our ability to develop new products and
services, increased competition or new entrants in the marketplace,
the impact of our recent reduction-in-force, potential impacts of
acquisitions and investments, including our ability to integrate
acquired businesses, incorporate their technology effectively and
implement appropriate internal controls at such businesses our
relationships with accounting firms and financial institutions, and
the global impacts of the conflicts in Ukraine and in Israel, and
other risks detailed in the registration statements and periodic
reports we file with the SEC, including our quarterly and annual
reports, which may be obtained on the Investor Relations section of
BILL’s website
(https://investor.bill.com/financials/sec-filings/default.aspx) and
on the SEC website at www.sec.gov. You should not rely on these
forward-looking statements, as actual results may differ materially
from those contemplated by these forward-looking statements as a
result of such risks and uncertainties. All forward-looking
statements in this press release are based on information available
to us as of the date hereof. We assume no obligation to update or
revise the forward-looking statements contained in this press
release or the accompanying conference call because of new
information, future events, or otherwise.
Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with
U.S. generally accepted accounting principles (GAAP), this press
release and the accompanying tables contain, and the conference
call will contain, non-GAAP financial measures, including non-GAAP
gross profit, non-GAAP gross margin, non-GAAP operating expenses,
non-GAAP income from operations, non-GAAP net income and non-GAAP
net income per share, basic and diluted. The non-GAAP financial
information is presented for supplemental informational purposes
only and is not intended to be considered in isolation or as a
substitute for, or superior to, financial information prepared and
presented in accordance with GAAP.
Investors are cautioned that there are material limitations
associated with the use of non-GAAP financial measures as an
analytical tool. Items excluded from non-GAAP gross profit and
non-GAAP gross margin include amortization of certain intangible
assets, stock-based compensation and related payroll taxes, and
depreciation expense. Items excluded from non-GAAP operating
expenses include amortization of certain intangible assets,
stock-based compensation and related payroll taxes, depreciation
expense, acquisition and integration-related expenses, and
restructuring. Items excluded from non-GAAP net income and non-GAAP
net income per share include stock-based compensation expense and
related payroll taxes, depreciation expense, amortization of
certain intangible assets, acquisition and integration-related
expenses, restructuring, amortization of debt issuance costs,
accretion of debt premium and income tax effect associated with
acquisitions and non-GAAP adjustments. It is important to note that
the particular items we exclude from, or include in, our non-GAAP
financial measures may differ from the items excluded from, or
included in, similar non-GAAP financial measures used by other
companies in the same industry. We also periodically review our
non-GAAP financial measures and may revise these measures to
reflect changes in our business or otherwise.
We believe that these non-GAAP financial measures provide useful
information about our financial performance, enhance the overall
understanding of our past performance and future prospects and
allow for greater transparency with respect to important metrics
used by our management for financial and operational
decision-making. We believe that these measures provide an
additional tool for investors to use in comparing our core
financial performance over multiple periods with other companies in
our industry.
We adjust the following items from one or more of our non-GAAP
financial measures:
Stock-based compensation and related payroll taxes charged to
cost of revenue and operating expenses. We exclude stock-based
compensation, which is a non-cash expense, and related payroll
taxes from certain of our non-GAAP financial measures because we
believe that excluding these items provide meaningful supplemental
information regarding operational performance. In particular,
companies calculate stock-based compensation expenses using a
variety of valuation methodologies and subjective assumptions while
the related payroll taxes are dependent on the price of our common
stock and other factors that are beyond our control and do not
correlate to the operation of our business.
Depreciation expense. We exclude depreciation expense from
certain of our non-GAAP financial measures because we believe that
excluding this non-cash expense provides meaningful supplemental
information regarding operational performance. Depreciation expense
does not include amortization of capitalized internal-use software
costs paid in cash.
Amortization of intangible assets. We exclude amortization of
acquired intangible assets from certain of our non-GAAP financial
measures because we believe that excluding this non-cash expense
provides meaningful supplemental information regarding our
operational performance.
Acquisition and integration-related expenses. We exclude
acquisition and integration-related expenses from certain of our
non-GAAP financial measures because these costs would have not
otherwise been incurred in the normal course of our business
operations. In addition, we believe that acquisition and
integration-related expenses are non-recurring charges unique to a
specific acquisition. Although we may engage in future
acquisitions, such acquisitions and the associated acquisition and
integration-related expenses are considered unique and not
comparable to other acquisitions.
Restructuring. We exclude costs incurred in connection with
formal restructuring plans from certain of our non-GAAP financial
measures because these costs are exceptional and would have not
otherwise been incurred in the normal course of our business
operations.
Amortization of debt issuance costs, net of accretion premium.
We exclude amortization of debt issuance costs associated with our
issuance of our convertible senior notes and credit arrangement and
accretion of debt premium associated with our credit agreement from
certain of our non-GAAP financial measures because we believe that
excluding this non-cash interest expense provides meaningful
supplemental information regarding our operational performance.
Income tax effect associated with acquisitions. We exclude the
income tax effect associated with acquisitions from certain of our
non-GAAP financial measures because we believe that excluding this
provides meaningful supplemental information regarding our
operational performance.
There are material limitations associated with the use of
non-GAAP financial measures since they exclude significant expenses
and income that are required by GAAP to be recorded in our
financial statements. Please see the reconciliation tables at the
end of this release for the reconciliation of GAAP and non-GAAP
results.
Free Cash Flow
Free cash flow is a non-GAAP measure that we calculate as net
cash provided by (used in) operating activities, adjusted by
purchases of property and equipment and capitalization of
internal-use software costs. We believe that free cash flow is an
important liquidity measure of the cash that is available, after
capital expenditures, for operational expenses and investment in
our business. Free cash flow is useful to investors as a liquidity
measure because it measures our ability to generate or use cash.
One limitation of free cash flow is that it does not reflect our
future contractual commitments. Additionally, free cash flow does
not represent the total increase or decrease in our cash balance
for a given period. Once our business needs and obligations are
met, cash can be used to maintain a strong balance sheet and invest
in future growth.
BILL HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited, in thousands)
December 31,
2023
June 30, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
1,579,633
$
1,617,151
Short-term investments
972,621
1,043,110
Accounts receivable, net
26,652
28,233
Acquired card receivables, net
516,980
458,650
Prepaid expenses and other current
assets
204,726
170,111
Funds held for customers
3,655,435
3,355,909
Total current assets
6,956,047
6,673,164
Non-current assets:
Operating lease right-of-use assets,
net
63,505
68,988
Property and equipment, net
86,577
81,564
Intangible assets, net
320,985
361,427
Goodwill
2,396,509
2,396,509
Other assets
48,788
54,366
Total assets
$
9,872,411
$
9,636,018
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
8,772
$
8,519
Accrued compensation and benefits
33,228
32,901
Deferred revenue
17,327
26,328
Other accruals and current liabilities
268,409
194,733
Borrowings from credit facilities, net
135,021
135,046
Customer fund deposits
3,655,435
3,355,909
Total current liabilities
4,118,192
3,753,436
Non-current liabilities:
Deferred revenue
4,174
410
Operating lease liabilities
67,725
72,477
Convertible senior notes, net
1,708,208
1,704,782
Other long-term liabilities
22,267
18,944
Total liabilities
5,920,566
5,550,049
Commitments and contingencies
Stockholders' equity:
Common stock
2
2
Additional paid-in capital
5,088,799
4,946,623
Accumulated other comprehensive income
(loss)
237
(4,488
)
Accumulated deficit
(1,137,193
)
(856,168
)
Total stockholders' equity
3,951,845
4,085,969
Total liabilities and stockholders'
equity
$
9,872,411
$
9,636,018
BILL HOLDINGS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited, in thousands except
per share amounts)
Three Months Ended
December 31,
Six Months Ended
December 31,
2023
2022
2023
2022
Revenue
Subscription and transaction fees (2)
$
274,992
$
231,095
$
540,134
$
445,706
Interest on funds held for customers
43,503
28,911
83,346
44,224
Total revenue
318,495
260,006
623,480
489,930
Cost of revenue
Service costs (2)
47,239
36,965
92,143
71,786
Depreciation and amortization of
intangible assets (1)
11,138
10,502
22,260
20,789
Total cost of revenue
58,377
47,467
114,403
92,575
Gross profit
260,118
212,539
509,077
397,355
Operating expenses
Research and development (2)
86,489
78,910
175,552
154,030
Sales and marketing (2)
118,305
164,683
236,704
283,308
General and administrative (2)
85,583
69,381
170,909
136,119
Depreciation and amortization of
intangible assets (1)
12,324
12,028
25,141
24,055
Restructuring
25,091
—
25,091
—
Total operating expenses
327,792
325,002
633,397
597,512
Loss from operations
(67,674
)
(112,463
)
(124,320
)
(200,157
)
Other income, net
28,919
17,022
58,227
22,970
Loss before provision for (benefit from)
income taxes
(38,755
)
(95,441
)
(66,093
)
(177,187
)
Provision for (benefit from) income
taxes
1,666
(365
)
2,189
(471
)
Net loss
$
(40,421
)
$
(95,076
)
$
(68,282
)
$
(176,716
)
Net loss per share attributable to common
stockholders, basic and diluted
$
(0.38
)
$
(0.90
)
$
(0.64
)
$
(1.68
)
Weighted-average number of common shares
used to compute net loss per share attributable to common
stockholders, basic and diluted
105,914
105,906
106,350
105,494
___________________
(1)
Depreciation expense does not include
amortization of capitalized internal-use software costs paid in
cash.
(2)
Includes stock-based compensation charged
to revenue and expenses as follows (in thousands):
Three Months Ended
December 31,
Six Months Ended
December 31,
2023
2022
2023
2022
Revenue - subscription and transaction
fees
$
486
$
—
$
856
$
—
Cost of revenue
2,388
2,298
4,934
4,299
Research and development
26,160
26,981
53,526
47,831
Sales and marketing
12,789
69,522
26,674
98,779
General and administrative
20,322
20,641
41,302
41,152
Restructuring
3,355
—
3,355
—
Total stock-based compensation (3)
$
65,500
$
119,442
$
130,647
$
192,061
(3)
Consists of acquisition related equity
awards (Acquisition Related Awards), which include equity awards
assumed and retention equity awards granted to certain employees of
acquired companies in connection with acquisitions and modified
equity awards in connection with the Restructuring Plan
(Restructuring Awards), and non-acquisition related equity awards
(Non-Acquisition Related Awards), which include all other equity
awards granted to existing employees and non-employees in the
ordinary course of business. The following table presents
stock-based compensation recorded for the periods presented and as
a percentage of total revenue:
Three Months Ended
December 31,
As a % of total
revenue
Six Months Ended
December 31,
As a % of total
revenue
Three Months Ended
December 31,
Six Months Ended
December 31,
2023
2022
2023
2022
2023
2022
2023
2022
Acquisition Related Awards
$
4,003
$
63,962
1
%
25
%
$
9,073
$
92,914
1
%
19
%
Restructuring Awards
3,355
—
1
%
—
%
3,355
—
1
%
—
%
Non-Acquisition Related Awards
58,142
55,480
18
%
21
%
118,219
99,147
19
%
20
%
Total stock-based compensation
$
65,500
$
119,442
20
%
46
%
$
130,647
$
192,061
21
%
39
%
BILL HOLDINGS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Three Months Ended
December 31,
Six Months Ended
December 31,
2023
2022
2023
2022
Cash flows from operating
activities:
Net loss
$
(40,421
)
$
(95,076
)
$
(68,282
)
$
(176,716
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Stock-based compensation
65,500
119,305
130,647
191,925
Amortization of intangible assets
20,222
19,994
40,443
39,763
Depreciation of property and equipment
3,240
2,535
6,958
5,081
Amortization of capitalized internal-use
software costs
2,387
977
3,739
1,901
Amortization of debt issuance costs, net
of accretion of debt premium
1,762
1,771
3,523
3,483
Amortization of premium (accretion of
discount) on investments in marketable debt securities
(11,078
)
(8,186
)
(24,171
)
(10,401
)
Provision for losses on acquired card
receivables and other financial assets
16,288
8,431
28,689
15,042
Non-cash operating lease expense
2,164
2,376
4,552
4,718
Deferred income taxes
(74
)
(527
)
(116
)
(826
)
Other
(2,052
)
(414
)
(2,615
)
516
Changes in assets and liabilities:
Accounts receivable
(3,317
)
(2,278
)
390
(7,052
)
Prepaid expenses and other current
assets
4,553
(3,284
)
(151
)
(4,623
)
Other assets
(166
)
(742
)
(1,240
)
(1,880
)
Accounts payable
2,741
2,000
233
3,511
Other accruals and current liabilities
23,230
11,161
20,944
15,408
Operating lease liabilities
(2,494
)
(2,408
)
(4,917
)
(4,794
)
Other long-term liabilities
(15
)
1
(47
)
35
Deferred revenue
(2,788
)
(406
)
(5,237
)
(1,709
)
Net cash provided by operating
activities
79,682
55,230
133,342
73,382
Cash flows from investing
activities:
Cash paid for acquisition, net of acquired
cash and cash equivalents
—
(28,902
)
—
(28,902
)
Purchases of corporate and customer fund
short-term investments
(590,652
)
(781,282
)
(990,240
)
(1,641,193
)
Proceeds from maturities of corporate and
customer fund short-term investments
524,336
845,314
1,281,505
1,683,413
Proceeds from sale of corporate and
customer fund short-term investments
—
5,088
—
5,088
Purchases of loans held for investment
(77,357
)
—
(110,113
)
—
Principal repayments of loans held for
investment
68,970
—
94,300
—
Acquired card receivables, net
29,991
5,590
(12,342
)
(102,353
)
Purchases of property and equipment
(352
)
(1,785
)
(755
)
(3,161
)
Capitalization of internal-use software
costs
(5,117
)
(5,746
)
(10,762
)
(10,510
)
Proceeds from beneficial interest
—
—
—
2,080
Other
—
500
—
1,000
Net cash provided by (used in) investing
activities
(50,181
)
38,777
251,593
(94,538
)
Cash flows from financing
activities:
Purchase of capped calls
—
—
—
—
Customer fund deposits liability and
other
390,960
351,318
299,770
325,846
Prepaid card deposits
(2,505
)
(4,108
)
(16,484
)
6,815
Repurchase of common stock
(199,841
)
—
(211,902
)
—
Proceeds from line of credit
borrowings
—
37,500
—
37,500
Proceeds from exercise of stock
options
2,106
4,316
5,052
8,217
Proceeds from issuance of common stock
under the employee stock purchase plan
—
—
7,846
8,494
Contingent consideration payout
—
—
(5,471
)
—
Net cash provided by financing
activities
190,720
389,026
78,811
386,872
Effect of exchange rate changes on cash,
cash equivalents, restricted cash and restricted cash
equivalents
173
459
(7
)
182
Net increase in cash, cash equivalents,
restricted cash, and restricted cash equivalents
220,394
483,492
463,739
365,898
Cash, cash equivalents, restricted
cash, and restricted cash equivalents, beginning of period
4,468,186
3,425,121
4,224,841
3,542,715
Cash, cash equivalents, restricted
cash, and restricted cash equivalents, end of period
$
4,688,580
$
3,908,613
$
4,688,580
$
3,908,613
Reconciliation of cash, cash
equivalents, restricted cash, and restricted cash equivalents
within the condensed consolidated balance sheets to the amounts
shown in the condensed consolidated statements of cash flows
above:
Cash and cash equivalents
$
1,579,633
$
1,616,758
$
1,579,633
$
1,616,758
Restricted cash included in other current
assets
103,462
103,809
103,462
103,809
Restricted cash included in other
assets
7,116
6,724
7,116
6,724
Restricted cash and restricted cash
equivalents included in funds held for customers
2,998,369
2,181,322
2,998,369
2,181,322
Total cash, cash equivalents,
restricted cash, and restricted cash equivalents, end of
period
$
4,688,580
$
3,908,613
$
4,688,580
$
3,908,613
BILL HOLDINGS, INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(Unaudited, in thousands except
percentages and per share amounts)
Three Months Ended
December 31,
Six Months Ended
December 31,
2023
2022
2023
2022
Reconciliation of gross profit:
GAAP gross profit
$
260,118
$
212,539
$
509,077
$
397,355
Add:
Depreciation and amortization of
intangible assets (1)
11,138
10,502
22,260
20,789
Stock-based compensation and related
payroll taxes charged to cost of revenue
2,446
2,353
5,074
4,419
Non-GAAP gross profit
$
273,702
$
225,394
$
536,411
$
422,563
GAAP gross margin
81.7
%
81.7
%
81.7
%
81.1
%
Non-GAAP gross margin
85.9
%
86.7
%
86.0
%
86.2
%
___________________
(1)
Consists of depreciation of property and
equipment and amortization of developed technology, excluding
amortization of capitalized internal-use software costs paid in
cash.
Three Months Ended
December 31,
Six Months Ended
December 31,
2023
2022
2023
2022
Reconciliation of operating
expenses:
GAAP research and development expenses
$
86,489
$
78,910
$
175,552
$
154,030
Less - stock-based compensation and
related payroll taxes
(26,550
)
(27,310
)
(54,437
)
(48,667
)
Non-GAAP research and development
expenses
$
59,939
$
51,600
$
121,115
$
105,363
GAAP sales and marketing expenses
$
118,305
$
164,683
$
236,704
$
283,308
Less - stock-based compensation and
related payroll taxes
(13,009
)
(69,818
)
(27,091
)
(100,010
)
Non-GAAP sales and marketing expenses
$
105,296
$
94,865
$
209,613
$
183,298
GAAP general and administrative
expenses
$
85,583
$
69,381
$
170,909
$
136,119
Less:
Stock-based compensation and related
payroll taxes
(20,547
)
(20,989
)
(41,934
)
(41,907
)
Acquisition and integration-related
expenses
(872
)
(215
)
(969
)
(215
)
Non-GAAP general and administrative
expenses
$
64,164
$
48,177
$
128,006
$
93,997
Three Months Ended
December 31,
Six Months Ended
December 31,
2023
2022
2023
2022
Reconciliation of loss from
operations:
GAAP loss from operations
$
(67,674
)
$
(112,463
)
$
(124,320
)
$
(200,157
)
Add:
Depreciation and amortization of
intangible assets (1)
23,462
22,530
47,401
44,844
Stock-based compensation and related
payroll taxes charged to cost of revenue and operating expenses
(2)
62,552
120,470
128,536
195,003
Acquisition and integration-related
expenses
872
215
969
215
Restructuring
25,091
—
25,091
—
Non-GAAP income from operations
$
44,303
$
30,752
$
77,677
$
39,905
___________________
(1)
Excludes amortization of capitalized
internal-use software costs paid in cash.
(2)
Excludes stock-based compensation charged
to Restructuring.
Three Months Ended
December 31,
Six Months Ended
December 31,
2023
2022
2023
2022
Reconciliation of net loss:
GAAP net loss
$
(40,421
)
$
(95,076
)
$
(68,282
)
$
(176,716
)
Add (less):
Depreciation and amortization of
intangible assets (1)
23,462
22,530
47,401
44,844
Stock-based compensation and related
payroll taxes charged to cost of revenue and operating expenses
62,552
120,470
128,536
195,003
Acquisition and integration-related
expenses
872
215
969
215
Restructuring
25,091
—
25,091
—
Amortization of debt issuance costs, net
of accretion of debt premium
1,762
1,771
3,523
3,483
Income tax effect associated with
acquisitions
(94
)
(526
)
(136
)
(526
)
Non-GAAP net income
$
73,224
$
49,384
$
137,102
$
66,303
___________________
(1)
Excludes amortization of capitalized
internal-use software costs paid in cash.
Three Months Ended
December 31,
Six Months Ended
December 31,
2023
2022
2023
2022
Reconciliation of net loss per share
attributable to common stockholders, basic and
diluted:
GAAP net loss per share attributable to
common stockholders, basic and diluted
$
(0.38
)
$
(0.90
)
$
(0.64
)
$
(1.68
)
Add:
Depreciation and amortization of
intangible assets (1)
0.21
0.21
0.44
0.43
Stock-based compensation and related
payroll taxes charged to cost of revenue and operating expenses
0.59
1.14
1.21
1.85
Acquisition and integration-related
expenses
0.01
0.00
0.01
0.00
Restructuring
0.24
—
0.24
—
Amortization of debt issuance costs, net
of accretion of debt premium
0.02
0.02
0.03
0.03
Income tax effect associated with
acquisitions
(0.00
)
(0.00
)
(0.00
)
(0.00
)
Non-GAAP net income per share attributable
to common stockholders, basic
$
0.69
$
0.47
$
1.29
$
0.63
Non-GAAP net income per share attributable
to common stockholders, diluted
$
0.63
$
0.42
$
1.17
$
0.56
___________________
(1)
Excludes amortization of capitalized
internal-use software costs paid in cash.
Three Months Ended
December 31,
Six Months Ended
December 31,
2023
2022
2023
2022
Shares used to compute GAAP and non-GAAP
net income (loss) per share attributable to common stockholders,
basic
105,914
105,906
106,350
105,494
Shares used to compute GAAP and non-GAAP
net income (loss) per share attributable to common stockholders,
diluted
116,712
117,258
117,471
118,039
BILL HOLDINGS, INC.
FREE CASH FLOW
(Unaudited, in thousands)
Three Months Ended
December 31,
Six Months Ended
December 31,
2023
2022
2023
2022
Net cash provided by operating
activities
$
79,682
$
55,230
$
133,342
$
73,382
Purchases of property and equipment
(352
)
(1,785
)
(755
)
(3,161
)
Capitalization of internal-use software
costs
(5,117
)
(5,746
)
(10,762
)
(10,510
)
Free cash flow
$
74,213
$
47,699
$
121,825
$
59,711
BILL HOLDINGS, INC.
REMAINING PERFORMANCE
OBLIGATIONS
(Unaudited, in thousands)
December 31,
2023
June 30, 2023
Remaining performance obligations to be
recognized as revenue:
Within 2 years
$
92,509
$
101,177
Thereafter
17,461
29,960
Total
$
109,970
$
131,137
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240208644139/en/
IR Contact:
Karen Sansot ksansot@hq.bill.com
Press Contact:
John Welton john.welton@hq.bill.com
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