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    BILL Reports Fourth Quarter and Fiscal Year 2024 Financial Results and Announces $300 Million Share Repurchase Program

    8/22/24 4:05:00 PM ET
    $BILL
    EDP Services
    Technology
    Get the next $BILL alert in real time by email
    • FY24 Total Revenue was $1.3 Billion and Increased 22% Year-Over-Year
    • FY24 Core Revenue was $1.1 Billion and Increased 19% Year-Over-Year
    • Q4 Total Revenue Increased 16% Year-Over-Year
    • Q4 Core Revenue Increased 16% Year-Over-Year

    BILL (NYSE:BILL), a leading financial operations platform for small and midsize businesses (SMBs), today announced financial results for the fourth quarter and fiscal year ended June 30, 2024.

    "Fiscal 2024 was an important year for BILL as we fortified our position as the essential financial operations platform for SMBs," said René Lacerte, BILL CEO and Founder. "We launched our integrated platform, provided SMBs with access to capital, and empowered businesses with additional insights and control of their cash flow. Our steadfast commitment to raising the bar to serve SMBs led to strong financial results and an expanding scale."

    "We strongly believe in BILL's future and the opportunity to drive long-term shareholder value. Our new $300 million share repurchase program is enabled by our strong cash flow generation and reflects our confidence in our strategy and in BILL as an investment opportunity with significant upside," continued Mr. Lacerte.

    "Our financial performance demonstrated the strength of our business and the rigor of our execution in driving growth and expanding profitability in a muted economic environment," said John Rettig, BILL President and CFO. "In fiscal 2025, we plan to make targeted investments that accelerate our strategic priorities and ability to capture the large, greenfield market opportunity that we are serving. We believe these investments will reinforce our industry leadership and position us to deliver significant, sustainable revenue growth and margin expansion in future periods."

    Financial Highlights for the Fourth Quarter of Fiscal 2024:

    • Total revenue was $343.7 million, an increase of 16% year-over-year.
    • Core revenue, which consists of subscription and transaction fees, was $301.3 million, an increase of 16% year-over-year. Subscription fees were $65.8 million, down 2% year-over-year. Transaction fees were $235.5 million, up 22% year-over-year.
    • Float revenue, which consists of interest on funds held for customers, was $42.4 million.
    • Gross profit was $278.5 million, representing an 81.0% gross margin, compared to $243.4 million, or an 82.2% gross margin, in the fourth quarter of fiscal 2023. Non-GAAP gross profit was $292.0 million, representing an 85.0% non-GAAP gross margin, compared to $257.2 million, or an 86.9% non-GAAP gross margin, in the fourth quarter of fiscal 2023.
    • Operating loss was $22.2 million, compared to an operating loss of $41.4 million in the fourth quarter of fiscal 2023. Non-GAAP operating income was $60.0 million, compared to $42.3 million in the fourth quarter of fiscal 2023, an increase of 42% year-over-year.
    • Net income was $7.6 million, or $0.07 and ($0.03) per share, basic and diluted, respectively, compared to net loss of $15.9 million, or ($0.15) per share, basic and diluted, in the fourth quarter of fiscal 2023. Non-GAAP net income was $63.9 million, or $0.57 per diluted share, compared to non-GAAP net income of $56.3 million, or $0.48 per diluted share in the fourth quarter of fiscal 2023.

    Financial Highlights for Fiscal Year 2024:

    • Total revenue was $1,290.2 million, an increase of 22% year-over-year.
    • Core revenue, which consists of subscription and transaction fees, was $1,122.7 million, an increase of 19% year-over-year. Subscription fees were $257.1 million, up 2% year-over-year. Transaction fees were $865.6 million, up 25% year-over-year.
    • Float revenue, which consists of interest on funds held for customers, was $167.4 million.
    • Gross profit was $1,055.6 million, representing an 81.8% gross margin, compared to $864.5 million, or an 81.7% gross margin, in the prior fiscal year. Non-GAAP gross profit was $1,109.9 million, representing an 86.0% non-GAAP gross margin, compared to $916.9 million, or an 86.6% non-GAAP gross margin, in the prior fiscal year.
    • Operating loss was $174.2 million, compared to an operating loss of $295.8 million in the prior fiscal year. Non-GAAP operating income was $196.2 million, compared to $117.1 million in the prior fiscal year, an increase of 68% year-over-year.
    • Net loss was $28.9 million, or ($0.27) per share, basic and diluted, compared to $223.7 million, or ($2.11) per share, basic and diluted, in the prior fiscal year. Non-GAAP net income was $244.0 million, or $2.30 and $2.12 per basic and diluted share, respectively, compared to non-GAAP net income of $157.5 million, or $1.49 and $1.34 per basic and diluted share, respectively, in the prior fiscal year.

    Business Highlights and Recent Developments:

    • Served 474,600 businesses using our solutions as of the end of the fourth quarter.1
    • Processed $76 billion in total payment volume in the fourth quarter, an increase of 10% year-over-year.
    • Processed 28 million transactions during the fourth quarter, an increase of 19% year-over-year.
    • As of June 30, 2024, 7.1 million BILL standalone network members have originated or received an electronic payment using our platform, an increase of 22% year-over-year compared to the 5.8 million network members we reported a year ago.
    • Named Sarah Acton to the newly created role of Chief Customer Officer.
    • Repurchased an additional $234 million aggregate principal amount of BILL's outstanding 0.0% Convertible Senior Notes due 2025 and unwound the remaining capped calls, resulting in a $11.0 million net benefit to net income (loss).
    ___________________________

    1

    Businesses using more than one of our solutions are included separately in the total for each solution utilized.

    Initiation of New Share Repurchase Program

    BILL announced today that its Board of Directors has approved a new share repurchase program, pursuant to which BILL intends to purchase up to an aggregate of $300 million of its outstanding common stock.

    BILL may repurchase shares of its common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. The share repurchase program may be suspended, discontinued or modified at any time, and does not obligate the company to acquire any amount of common stock. The company expects to fund the share repurchase program using existing cash.

    Fiscal Year 2024 Share Repurchases

    During fiscal 2024, BILL repurchased 2.9 million shares for $212 million. All repurchased shares were retired, completing the company's previously-authorized $300 million program.

    Financial Outlook

    We are providing the following guidance for the fiscal first quarter ending September 30, 2024 and the full fiscal year ending June 30, 2025.

     

     

    Q1 FY25

    Guidance

     

    FY25

    Guidance

    Total revenue (millions)

    $346 - $351

     

    $1,415 - $1,450

    Year-over-year total revenue growth

    13% - 15%

     

    10% - 12%

    Core revenue (millions)

    $305 - $310

     

    $1,270 - $1,305

    Year-over-year core revenue growth

    15% - 17%

     

    13% - 16%

    Non-GAAP operating income (millions)

    $52 - $57

     

    $160 - $195

    Non-GAAP net income (millions)

    $53 - $57

     

    $154 - $182

    Non-GAAP net income per diluted share

    $0.48 - $0.51

     

    $1.36 - $1.61

    The outlook for non-GAAP net income and non-GAAP net income per diluted share includes a non-GAAP provision for income taxes of 20%. The outlook for Non-GAAP net income takes into account the use of corporate cash for investment and other strategic capital allocation, including but not limited to the new share repurchase program announced today. The outlook for Non-GAAP net income per diluted share does not take the share repurchase program into account, as its impact on a per diluted share basis is not reasonably estimable.

    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 its non-GAAP operating income, non-GAAP net income or non-GAAP net income per share guidance 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.

    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 fourth quarter and fiscal year 2024 results and our outlook for the fiscal first quarter ending September 30, 2024 and fiscal year ending June 30, 2025. 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 network of millions of members 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, core revenue, non-GAAP operating income, non-GAAP net income, and non-GAAP net income per share for the fiscal first quarter ending September 30, 2024 and full fiscal year ending June 30, 2025, our planned investments in fiscal year 2025, our revenue growth, margin expansion and profitability profile in future years, our share repurchase program, 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 invest in our business and develop new products and services, increased competition or new entrants in the marketplace, 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, the global impacts of ongoing geopolitical conflicts, 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 operating income, 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.

    We exclude the following items from non-GAAP gross profit and non-GAAP gross margin:

    • stock-based compensation and related payroll taxes
    • depreciation and amortization

    We exclude the following items from non-GAAP operating expenses and non-GAAP operating income:

    • stock-based compensation and related payroll taxes
    • depreciation and amortization
    • acquisition and integration-related expenses
    • restructuring

    We exclude the following items from non-GAAP net income and non-GAAP net income per share:

    • stock-based compensation expense and related payroll taxes
    • depreciation and amortization
    • acquisition and integration-related expenses
    • restructuring
    • gain on debt extinguishment and change on mark to market derivatives associated with notes repurchase and capped call unwind
    • amortization of debt issuance costs
    • non-GAAP provision for income taxes

    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, including our blended U.S. statutory tax rate.

    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 and amortization. We exclude depreciation and amortization from certain of our non-GAAP financial measures because we believe that excluding this non-cash charge provides meaningful supplemental information regarding operational performance. Depreciation and amortization do not include amortization of capitalized internal-use software costs paid in cash.

    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.

    Gain on debt extinguishment and change on mark to market derivatives associated with notes repurchase and capped call unwind. We exclude gain on debt extinguishment and change on mark to market derivatives associated with our March 2024 repurchase of certain of our outstanding 0.0% Convertible Senior Notes due 2025 and the unwind of the capped calls from certain of our non-GAAP financial measures because we believe that excluding this non-cash gain provides better insight regarding our operational performance.

    Amortization of debt issuance costs. We exclude amortization of debt issuance costs associated with our issuance of our convertible senior notes and credit arrangement 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.

    Non-GAAP provision for income taxes. Consists of assumed provision for income taxes based on the statutory tax rate taking into consideration the nature of the taxed item and the relevant taxing jurisdiction.

    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 defined 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 free cash flow is an important liquidity measure of the cash that is generated, after incurring operating expenses, purchases of property and equipment and capitalization of internal-use software costs, for future 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 in the ordinary course of business. 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)

     

     

     

    June 30,

     

     

    2024

     

    2023

    ASSETS

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    985,941

     

     

    $

    1,617,151

     

    Short-term investments

     

     

    601,535

     

     

     

    1,043,110

     

    Accounts receivable, net

     

     

    28,049

     

     

     

    28,233

     

    Acquired card receivables, net

     

     

    697,216

     

     

     

    458,650

     

    Prepaid expenses and other current assets

     

     

    297,169

     

     

     

    170,111

     

    Funds held for customers

     

     

    3,704,907

     

     

     

    3,355,909

     

    Total current assets

     

     

    6,314,817

     

     

     

    6,673,164

     

    Non-current assets:

     

     

     

     

    Operating lease right-of-use assets, net

     

     

    59,414

     

     

     

    68,988

     

    Property and equipment, net

     

     

    88,034

     

     

     

    81,564

     

    Intangible assets, net

     

     

    281,471

     

     

     

    361,427

     

    Goodwill

     

     

    2,396,509

     

     

     

    2,396,509

     

    Other assets

     

     

    38,568

     

     

     

    54,366

     

    Total assets

     

    $

    9,178,813

     

     

    $

    9,636,018

     

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

    Current liabilities:

     

     

     

     

    Accounts payable

     

    $

    7,447

     

     

    $

    8,519

     

    Accrued compensation and benefits

     

     

    34,158

     

     

     

    32,901

     

    Deferred revenue

     

     

    17,006

     

     

     

    26,328

     

    Other accruals and current liabilities

     

     

    299,506

     

     

     

    194,733

     

    Borrowings from credit facilities, net

     

     

    —

     

     

     

    135,046

     

    Customer fund deposits

     

     

    3,704,907

     

     

     

    3,355,909

     

    Total current liabilities

     

     

    4,063,024

     

     

     

    3,753,436

     

    Non-current liabilities:

     

     

     

     

    Deferred revenue

     

     

    4,167

     

     

     

    410

     

    Operating lease liabilities

     

     

    62,847

     

     

     

    72,477

     

    Borrowings from credit facilities, net

     

     

    180,009

     

     

     

    —

     

    Convertible senior notes, net

     

     

    733,991

     

     

     

    1,704,782

     

    Other long-term liabilities

     

     

    574

     

     

     

    18,944

     

    Total liabilities

     

     

    5,044,612

     

     

     

    5,550,049

     

    Commitments and contingencies

     

     

     

     

    Stockholders' equity:

     

     

     

     

    Common stock

     

     

    2

     

     

     

    2

     

    Additional paid-in capital

     

     

    5,233,037

     

     

     

    4,946,623

     

    Accumulated other comprehensive loss

     

     

    (1,890

    )

     

     

    (4,488

    )

    Accumulated deficit

     

     

    (1,096,948

    )

     

     

    (856,168

    )

    Total stockholders' equity

     

     

    4,134,201

     

     

     

    4,085,969

     

    Total liabilities and stockholders' equity

     

    $

    9,178,813

     

     

    $

    9,636,018

     

    BILL HOLDINGS, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (Unaudited, in thousands except per share amounts)

     

     

     

    Three months ended June 30,

     

    Year ended June 30,

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Revenue

     

     

     

     

     

     

     

     

    Subscription and transaction fees (1)

     

    $

    301,306

     

     

    $

    259,510

     

     

    $

    1,122,733

     

     

    $

    944,710

     

    Interest on funds held for customers

     

     

    42,359

     

     

     

    36,473

     

     

     

    167,439

     

     

     

    113,758

     

    Total revenue

     

     

    343,665

     

     

     

    295,983

     

     

     

    1,290,172

     

     

     

    1,058,468

     

    Cost of revenue

     

     

     

     

     

     

     

     

    Service costs (1)

     

     

    53,905

     

     

     

    41,327

     

     

     

    189,894

     

     

     

    151,010

     

    Depreciation and amortization (2)

     

     

    11,295

     

     

     

    11,225

     

     

     

    44,722

     

     

     

    42,967

     

    Total cost of revenue

     

     

    65,200

     

     

     

    52,552

     

     

     

    234,616

     

     

     

    193,977

     

    Gross profit

     

     

    278,465

     

     

     

    243,431

     

     

     

    1,055,556

     

     

     

    864,491

     

    Operating expenses

     

     

     

     

     

     

     

     

    Research and development (1)

     

     

    79,609

     

     

     

    81,841

     

     

     

    336,754

     

     

     

    314,632

     

    Sales and marketing (1)

     

     

    123,732

     

     

     

    117,199

     

     

     

    478,540

     

     

     

    515,858

     

    General and administrative (1) (3)

     

     

    70,500

     

     

     

    64,954

     

     

     

    277,662

     

     

     

    249,054

     

    Provision for expected credit losses (3)

     

     

    14,785

     

     

     

    8,487

     

     

     

    60,105

     

     

     

    32,224

     

    Depreciation and amortization (2)

     

     

    11,670

     

     

     

    12,348

     

     

     

    49,072

     

     

     

    48,496

     

    Restructuring

     

     

    392

     

     

     

    —

     

     

     

    27,587

     

     

     

    —

     

    Total operating expenses

     

     

    300,688

     

     

     

    284,829

     

     

     

    1,229,720

     

     

     

    1,160,264

     

    Operating loss

     

     

    (22,223

    )

     

     

    (41,398

    )

     

     

    (174,164

    )

     

     

    (295,773

    )

    Other income, net

     

     

    29,819

     

     

     

    26,264

     

     

     

    147,845

     

     

     

    72,856

     

    Income (loss) before provision for income taxes

     

     

    7,596

     

     

     

    (15,134

    )

     

     

    (26,319

    )

     

     

    (222,917

    )

    Provision for income taxes

     

     

    —

     

     

     

    737

     

     

     

    2,559

     

     

     

    808

     

    Net income (loss)

     

    $

    7,596

     

     

    $

    (15,871

    )

     

    $

    (28,878

    )

     

    $

    (223,725

    )

     

     

     

     

     

     

     

     

     

    Net income (loss) per share attributable to common stockholders:

     

     

     

     

     

     

     

     

    Basic

     

    $

    0.07

     

     

    $

    (0.15

    )

     

    $

    (0.27

    )

     

    $

    (2.11

    )

    Diluted

     

    $

    (0.03

    )

     

    $

    (0.15

    )

     

    $

    (0.27

    )

     

    $

    (2.11

    )

    Weighted-average number of common shares used to compute net income (loss) per share attributable to common stockholders:

     

     

     

     

     

     

     

     

    Basic

     

     

    106,289

     

     

     

    106,414

     

     

     

    106,102

     

     

     

    105,976

     

    Diluted

     

     

    107,326

     

     

     

    106,414

     

     

     

    106,102

     

     

     

    105,976

     

    ______________________________________

    (1) Includes stock-based compensation charged to revenue and expenses as follows (in thousands):

     

     

    Three months ended June 30,

     

    Year ended June 30,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Revenue - subscription and transaction fees

     

    $

    528

     

    $

    188

     

    $

    1,831

     

    $

    188

    Cost of revenue - service costs

     

     

    2,185

     

     

    2,391

     

     

    9,309

     

     

    9,111

    Research and development

     

     

    24,674

     

     

    23,213

     

     

    103,382

     

     

    93,364

    Sales and marketing

     

     

    11,427

     

     

    13,480

     

     

    49,070

     

     

    130,421

    General and administrative

     

     

    19,525

     

     

    18,579

     

     

    81,209

     

     

    80,619

    Restructuring

     

     

    —

     

     

    —

     

     

    3,574

     

     

    —

    Total stock-based compensation *

     

    $

    58,339

     

    $

    57,851

     

    $

    248,375

     

    $

    313,703

    * 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 (in thousands):

     

     

     

     

     

     

     

     

     

    As a % of total revenue

     

    Three months ended June 30,

     

    Year ended June 30,

     

    Three months ended June 30,

     

    Year ended June 30,

     

    2024

     

    2023

     

    2024

     

    2023

     

    2024

     

    2023

     

    2024

     

    2023

    Acquisition Related Awards

    $

    2,512

     

    $

    4,088

     

    $

    15,474

     

    $

    107,815

     

    1

    %

     

    1

    %

     

    1

    %

     

    10

    %

    Restructuring Awards

     

    —

     

     

    —

     

     

    3,574

     

     

    —

     

    —

    %

     

    —

    %

     

    0

    %

     

    —

    %

    Non-Acquisition Related Awards

     

    55,827

     

     

    53,763

     

     

    229,327

     

     

    205,888

     

    16

    %

     

    18

    %

     

    18

    %

     

    19

    %

    Total stock-based compensation

    $

    58,339

     

    $

    57,851

     

    $

    248,375

     

    $

    313,703

     

    17

    %

     

    20

    %

     

    19

    %

     

    29

    %

    (2) Depreciation and amortization do not include amortization of capitalized internal-use software costs paid in cash.

    (3) Provision for expected credit losses was included in general and administrative expenses in fiscal 2023.

    BILL HOLDINGS, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited, in thousands)

     

     

     

    Three Months Ended

    June 30,

     

    Year Ended

    June 30,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Cash flows from operating activities:

     

     

     

     

     

     

     

     

    Net income (loss)

     

    $

    7,595

     

     

    $

    (15,871

    )

     

    $

    (28,878

    )

     

    $

    (223,725

    )

    Adjustments to reconcile net income (loss) to net cash provided by operating activities:

     

     

     

     

     

     

     

     

    Stock-based compensation

     

     

    58,339

     

     

     

    57,850

     

     

     

    248,375

     

     

     

    313,567

     

    Amortization of intangible assets

     

     

    19,293

     

     

     

    20,221

     

     

     

    79,956

     

     

     

    80,205

     

    Depreciation of property and equipment

     

     

    3,671

     

     

     

    3,351

     

     

     

    13,838

     

     

     

    11,258

     

    Amortization of capitalized internal-use software costs

     

     

    3,037

     

     

     

    1,206

     

     

     

    9,369

     

     

     

    4,215

     

    Amortization of debt issuance costs

     

     

    1,064

     

     

     

    1,747

     

     

     

    6,238

     

     

     

    6,964

     

    Amortization of premium (accretion of discount) on investments in marketable debt securities

     

     

    (15,777

    )

     

     

    (13,484

    )

     

     

    (55,062

    )

     

     

    (37,194

    )

    Accretion of discount on loans held for investment

     

     

    (3,678

    )

     

     

    (118

    )

     

     

    (9,209

    )

     

     

    (127

    )

    Provision for expected credit losses on acquired card receivables and other financial assets

     

     

    12,826

     

     

     

    8,504

     

     

     

    60,105

     

     

     

    32,189

     

    Gain on debt extinguishment

     

     

    (10,939

    )

     

     

    —

     

     

     

    (46,654

    )

     

     

    —

     

    Non-cash operating lease expense

     

     

    2,052

     

     

     

    2,379

     

     

     

    8,642

     

     

     

    9,493

     

    Deferred income taxes

     

     

    (235

    )

     

     

    (192

    )

     

     

    (361

    )

     

     

    (1,361

    )

    Other

     

     

    (32

    )

     

     

    (103

    )

     

     

    1,756

     

     

     

    1,254

     

    Changes in assets and liabilities:

     

     

     

     

     

     

     

     

     

    Accounts receivable

     

     

    3,864

     

     

     

    5,487

     

     

     

    69

     

     

     

    (4,482

    )

    Prepaid expenses and other current assets

     

     

    (12,238

    )

     

     

    (9,367

    )

     

     

    (6,825

    )

     

     

    (16,844

    )

    Other assets

     

     

    9,596

     

     

     

    2,360

     

     

     

    7,528

     

     

     

    320

     

    Accounts payable

     

     

    773

     

     

     

    (421

    )

     

     

    (1,125

    )

     

     

    (1,686

    )

    Other accruals and current liabilities

     

     

    14,180

     

     

     

    24,826

     

     

     

    20,992

     

     

     

    34,465

     

    Operating lease liabilities

     

     

    (2,280

    )

     

     

    (2,592

    )

     

     

    (9,839

    )

     

     

    (10,303

    )

    Other long-term liabilities

     

     

    (11,963

    )

     

     

    (2,825

    )

     

     

    (14,580

    )

     

     

    (3,097

    )

    Deferred revenue

     

     

    (529

    )

     

     

    (2,603

    )

     

     

    (5,564

    )

     

     

    (7,343

    )

    Net cash provided by operating activities

     

     

    78,619

     

     

     

    80,355

     

     

     

    278,771

     

     

     

    187,768

     

    Cash flows from investing activities:

     

     

     

     

     

     

     

     

    Cash paid for acquisition, net of acquired cash and cash equivalents

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (28,902

    )

    Purchases of corporate and customer fund short-term investments

     

     

    (639,810

    )

     

     

    (349,245

    )

     

     

    (2,682,659

    )

     

     

    (2,743,763

    )

    Proceeds from maturities of corporate and customer fund short-term investments

     

     

    654,887

     

     

     

    773,132

     

     

     

    2,512,107

     

     

     

    3,283,961

     

    Proceeds from sale of corporate and customer fund short-term investments

     

     

    —

     

     

     

    —

     

     

     

    1,539

     

     

     

    11,607

     

    Purchases of loans held for investment

     

     

    (140,711

    )

     

     

    (5,341

    )

     

     

    (359,654

    )

     

     

    (5,878

    )

    Principal repayments of loans held for investment

     

     

    134,311

     

     

     

    4,147

     

     

     

    326,172

     

     

     

    4,472

     

    Acquired card receivables, net

     

     

    (45,636

    )

     

     

    (36,012

    )

     

     

    (185,486

    )

     

     

    (234,256

    )

    Purchases of property and equipment

     

     

    (205

    )

     

     

    (1,090

    )

     

     

    (976

    )

     

     

    (7,589

    )

    Capitalization of internal-use software costs

     

     

    (5,322

    )

     

     

    (6,383

    )

     

     

    (19,917

    )

     

     

    (23,614

    )

    Proceeds from beneficial interest

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    2,080

     

    Other

     

     

    (500

    )

     

     

    —

     

     

     

    (500

    )

     

     

    1,167

     

    Net cash provided by (used in) investing activities

     

     

    (42,986

    )

     

     

    379,208

     

     

     

    (409,374

    )

     

     

    259,285

     

    Cash flows from financing activities:

     

     

     

     

     

     

     

     

    Payments for repurchase of convertible senior notes

     

     

    (222,256

    )

     

     

    —

     

     

     

    (933,187

    )

     

     

    —

     

    Proceeds from unwind of capped calls

     

     

    1,190

     

     

     

    —

     

     

     

    11,442

     

     

     

    —

     

    Customer fund deposits liability and other

     

     

    198,588

     

     

     

    250,482

     

     

     

    353,964

     

     

     

    204,390

     

    Repurchase of common stock

     

     

    —

     

     

     

    (63,614

    )

     

     

    (211,902

    )

     

     

    (87,615

    )

    Prepaid card deposits

     

     

    2,875

     

     

     

    5,520

     

     

     

    (17,901

    )

     

     

    26,584

     

    Proceeds from line of credit borrowings

     

     

    —

     

     

     

    —

     

     

     

    45,000

     

     

     

    60,000

     

    Proceeds from exercise of stock options

     

     

    1,589

     

     

     

    3,012

     

     

     

    8,114

     

     

     

    13,872

     

    Tax withholdings related to net share settlements of equity awards

     

     

    (2,181

    )

     

     

    —

     

     

     

    (3,862

    )

     

     

    —

     

    Proceeds from issuance of common stock under the employee stock purchase plan

     

     

    —

     

     

     

    —

     

     

     

    16,495

     

     

     

    17,879

     

    Contingent consideration payout

     

     

    —

     

     

     

    —

     

     

     

    (10,762

    )

     

     

    —

     

    Net cash provided by (used in) financing activities

     

     

    (20,195

    )

     

     

    195,400

     

     

     

    (742,599

    )

     

     

    235,110

     

    Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents

     

     

    157

     

     

     

    (50

    )

     

     

    (240

    )

     

     

    (38

    )

    Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents

     

     

    15,595

     

     

     

    654,913

     

     

     

    (873,442

    )

     

     

    682,125

     

    Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period

     

     

    3,335,803

     

     

     

    3,569,927

     

     

     

    4,224,840

     

     

     

    3,542,715

     

    Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period

     

    $

    3,351,398

     

     

    $

    4,224,840

     

     

    $

    3,351,398

     

     

    $

    4,224,840

     

    Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows above:

     

     

     

     

    Cash and cash equivalents

     

    $

    985,941

     

     

    $

    1,617,151

     

    Restricted cash included in other current assets

     

     

    174,101

     

     

     

    87,322

     

    Restricted cash included in other assets

     

     

    5,297

     

     

     

    13,810

     

    Restricted cash and restricted cash equivalents included in funds held for customers

     

     

    2,186,059

     

     

     

    2,506,557

     

    Total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year

     

    $

    3,351,398

     

     

    $

    4,224,840

     

    Supplemental disclosure of cash flow information:

     

     

     

     

    Cash paid for interest during the period

     

    $

    12,611

     

     

    $

    7,440

     

    Cash paid for income taxes during the period

     

    $

    5,628

     

     

    $

    1,266

     

    Noncash investing and financing activities:

     

     

     

     

    Payable on purchases of acquired card receivables

     

    $

    105,406

     

     

    $

    —

     

    Fair value of shares issued as consideration for acquisition

     

    $

    —

     

     

    $

    3,375

     

    Fair value of earn-out consideration for acquisition

     

    $

    —

     

     

    $

    10,762

     

    BILL HOLDINGS, INC.

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

    (Unaudited, in thousands except percentages and per share amounts)

     

     

    Three Months Ended

    June 30,

     

    Year Ended

    June 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Reconciliation of gross profit:

     

     

     

     

     

     

     

    GAAP gross profit

    $

    278,463

     

     

    $

    243,431

     

     

    $

    1,055,556

     

     

    $

    864,491

     

    Add:

     

     

     

     

     

     

     

    Depreciation and amortization (1)

     

    11,295

     

     

     

    11,225

     

     

     

    44,722

     

     

     

    42,967

     

    Stock-based compensation and related payroll taxes charged to cost of revenue

     

    2,243

     

     

     

    2,495

     

     

     

    9,594

     

     

     

    9,428

     

    Non-GAAP gross profit

    $

    292,001

     

     

    $

    257,151

     

     

    $

    1,109,872

     

     

    $

    916,886

     

    GAAP gross margin

     

    81.0

    %

     

     

    82.2

    %

     

     

    81.8

    %

     

     

    81.7

    %

    Non-GAAP gross margin

     

    85.0

    %

     

     

    86.9

    %

     

     

    86.0

    %

     

     

    86.6

    %

    _____________________________

    (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

    June 30,

     

    Year Ended

    June 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Reconciliation of operating expenses:

     

     

     

     

     

     

     

    GAAP research and development expenses

    $

    79,609

     

     

    $

    81,841

     

     

    $

    336,754

     

     

    $

    314,632

     

    Less - stock-based compensation and related payroll taxes

     

    (25,261

    )

     

     

    (23,935

    )

     

     

    (105,760

    )

     

     

    (95,876

    )

    Non-GAAP research and development expenses

    $

    54,348

     

     

    $

    57,906

     

     

    $

    230,994

     

     

    $

    218,756

     

     

     

     

     

     

     

     

     

    GAAP sales and marketing expenses

    $

    123,732

     

     

    $

    117,199

     

     

    $

    478,540

     

     

    $

    515,858

     

    Less - stock-based compensation and related payroll taxes

     

    (11,565

    )

     

     

    (13,802

    )

     

     

    (50,073

    )

     

     

    (132,414

    )

    Non-GAAP sales and marketing expenses

    $

    112,167

     

     

    $

    103,397

     

     

    $

    428,467

     

     

    $

    383,444

     

     

     

     

     

     

     

     

     

    GAAP general and administrative expenses (1)

    $

    70,500

     

     

    $

    64,954

     

     

    $

    277,662

     

     

    $

    249,054

     

    Less:

     

     

     

     

     

     

     

    Stock-based compensation and related payroll taxes

     

    (19,768

    )

     

     

    (18,937

    )

     

     

    (82,565

    )

     

     

    (82,178

    )

    Acquisition and integration-related expenses

     

    —

     

     

     

    (1,004

    )

     

     

    (972

    )

     

     

    (1,506

    )

    Non-GAAP general and administrative expenses

    $

    50,732

     

     

    $

    45,013

     

     

    $

    194,125

     

     

    $

    165,370

     

    _____________________________

    (1) Provision for expected credit losses was included in general and administrative expenses in fiscal 2023.

     

    Three Months Ended

    June 30,

     

    Year Ended

    June 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Reconciliation of operating loss:

     

     

     

     

     

     

     

    GAAP operating loss

    $

    (22,223

    )

     

    $

    (41,398

    )

     

    $

    (174,164

    )

     

    $

    (295,773

    )

    Add:

     

     

     

     

     

     

     

    Depreciation and amortization (1)

     

    22,965

     

     

     

    23,573

     

     

     

    93,794

     

     

     

    91,463

     

    Stock-based compensation and related payroll taxes charged to cost of revenue and operating expenses (2)

     

    58,837

     

     

     

    59,169

     

     

     

    247,992

     

     

     

    319,896

     

    Acquisition and integration-related expenses

     

    —

     

     

     

    1,004

     

     

     

    972

     

     

     

    1,506

     

    Restructuring

    392

     

     

    —

     

     

    27,587

     

     

    —

     

    Non-GAAP operating income

    $

    59,971

     

     

    $

    42,348

     

     

    $

    196,181

     

     

    $

    117,092

     

    _____________________________

    (1) Excludes amortization of capitalized internal-use software costs paid in cash.

    (2) Excludes stock-based compensation charged to Restructuring.

     

    Three Months Ended

    June 30,

     

    Year Ended

    June 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Reconciliation of net income (loss):

     

     

     

     

     

     

     

    GAAP net income (loss)

    $

    7,596

     

     

    $

    (15,871

    )

     

    $

    (28,878

    )

     

    $

    (223,725

    )

    Add - GAAP provision for income taxes

     

    —

     

     

     

    737

     

     

     

    2,559

     

     

     

    808

     

    Income (loss) before taxes

     

    7,596

     

     

     

    (15,134

    )

     

     

    (26,319

    )

     

     

    (222,917

    )

    Add (less):

     

     

     

     

     

     

     

    Depreciation and amortization (1)

     

    22,965

     

     

     

    23,573

     

     

     

    93,794

     

     

     

    91,463

     

    Stock-based compensation and related payroll taxes charged to cost of revenue and operating expenses

     

    58,837

     

     

     

    59,169

     

     

     

    247,992

     

     

     

    319,896

     

    Acquisition and integration-related expenses

     

    —

     

     

     

    1,004

     

     

     

    972

     

     

     

    1,506

     

    Restructuring

     

    392

     

     

     

    —

     

     

     

    27,587

     

     

     

    —

     

    Amortization of debt issuance costs

     

    1,064

     

     

     

    1,747

     

     

     

    6,238

     

     

     

    6,964

     

    Gain on debt extinguishment and change on mark to market derivatives associated with notes repurchase and capped call unwind

     

    (10,974

    )

     

     

    —

     

     

     

    (45,271

    )

     

     

    —

     

    Non-GAAP net income before non-GAAP tax adjustments

    $

    79,880

     

     

    $

    70,359

     

     

    $

    304,993

     

     

    $

    196,912

     

    Non-GAAP provision for income taxes (2)

     

    (15,976

    )

     

     

    (14,072

    )

     

     

    (60,999

    )

     

     

    (39,382

    )

    Non-GAAP net income

    $

    63,904

     

     

    $

    56,287

     

     

    $

    243,994

     

     

    $

    157,530

     

    _____________________________

    (1) Excludes amortization of capitalized internal-use software costs paid in cash.

    (2) The non-GAAP provision for income taxes is calculated using a blended tax rate of 20%, taking into consideration the nature of the taxed item and the applicable statutory tax rate in each relevant taxing jurisdiction.

     

    Three Months Ended

    June 30,

     

    Year Ended

    June 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Reconciliation of net income (loss) per share attributable to common stockholders, basic and diluted:

     

     

     

     

     

     

     

    GAAP net income (loss) per share attributable to common stockholders, basic and diluted

    $

    0.07

     

     

    $

    (0.15

    )

     

    $

    (0.27

    )

     

    $

    (2.11

    )

    Add - GAAP provision for income taxes

     

    —

     

     

     

    0.01

     

     

     

    0.02

     

     

     

    0.01

     

    Income (loss) before taxes

     

    0.07

     

     

     

    (0.14

    )

     

     

    (0.25

    )

     

     

    (2.10

    )

    Add (less):

     

     

     

     

     

     

     

    Depreciation and amortization (1)

     

    0.22

     

     

     

    0.22

     

     

     

    0.88

     

     

     

    0.86

     

    Stock-based compensation and related payroll taxes charged to cost of revenue and operating expenses

     

    0.55

     

     

     

    0.56

     

     

     

    2.34

     

     

     

    3.02

     

    Acquisition and integration-related expenses

     

    —

     

     

     

    0.01

     

     

     

    0.01

     

     

     

    0.01

     

    Restructuring

     

    0.00

     

     

     

    —

     

     

     

    0.26

     

     

     

    —

     

    Amortization of debt issuance costs

     

    0.01

     

     

     

    0.02

     

     

     

    0.06

     

     

     

    0.07

     

    Gain on debt extinguishment and change on mark to market derivatives associated with notes repurchase and capped call unwind

     

    (0.10

    )

     

     

    —

     

     

     

    (0.43

    )

     

     

    —

     

    Non-GAAP net income before non-GAAP tax adjustments per share attributable to common stockholders, basic

    $

    0.75

     

     

    $

    0.66

     

     

    $

    2.87

     

     

    $

    1.86

     

    Non-GAAP net income before non-GAAP tax adjustments per share attributable to common stockholders, diluted

    $

    0.72

     

     

    $

    0.60

     

     

    $

    2.64

     

     

    $

    1.67

     

    Less - Non-GAAP provision for income taxes

     

    (0.15

    )

     

     

    (0.13

    )

     

     

    (0.57

    )

     

     

    (0.37

    )

    Non-GAAP net income per share attributable to common stockholders, basic

    $

    0.60

     

     

    $

    0.53

     

     

    $

    2.30

     

     

    $

    1.49

     

    Non-GAAP net income per share attributable to common stockholders, diluted

    $

    0.57

     

     

    $

    0.48

     

     

    $

    2.12

     

     

    $

    1.34

     

    ___________________

    (1) Excludes amortization of capitalized internal-use software costs paid in cash.

     

    Three Months Ended

    June 30,

     

    Year Ended

    June 30,

     

    2024

     

    2023

     

    2024

     

    2023

    Shares used to compute GAAP and non-GAAP net income (loss) per share attributable to common stockholders, basic

    106,289

     

    106,414

     

    106,102

     

    105,976

    Shares used to compute GAAP net income (loss) per share attributable to common stockholders, diluted

    107,326

     

    106,414

     

    106,102

     

    105,976

    Shares used to compute non-GAAP net income per share attributable to common stockholders, diluted

    111,399

     

    117,022

     

    115,345

     

    117,827

    BILL HOLDINGS, INC.

    FREE CASH FLOW

    (Unaudited, in thousands)

     

     

    Three months ended June 30,

     

    Year ended June 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net cash provided by operating activities

    $

    78,619

     

     

    $

    80,355

     

     

    $

    278,771

     

     

    $

    187,768

     

    Purchases of property and equipment

     

    (205

    )

     

     

    (1,090

    )

     

     

    (976

    )

     

     

    (7,589

    )

    Capitalization of internal-use software costs

     

    (5,322

    )

     

     

    (6,383

    )

     

     

    (19,917

    )

     

     

    (23,614

    )

    Free cash flow

    $

    73,092

     

     

    $

    72,882

     

     

    $

    257,878

     

     

    $

    156,565

     

    BILL HOLDINGS, INC.

    REMAINING PERFORMANCE OBLIGATIONS

    (Unaudited, in thousands)

     

    June 30,

    2024

    Remaining performance obligations to be recognized as revenue:

     

    Over the next 1 year

    $

    30,225

    Between 1 to 2 years

     

    16,887

    Thereafter

     

    39,733

    Total

    $

    86,845

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240822905622/en/

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