Q3 Core Revenue Increased 182% Year-Over-Year
Q3 Organic Core Revenue Increased 74% Year-Over-Year
Q3 Transaction Fees Increased 286% Year-Over-Year
Q3 Organic Transaction Fees Increased 101% Year-Over-Year
SAN JOSE, Calif.--(BUSINESS WIRE)--Bill.com (NYSE: BILL), a leading provider of cloud-based software that simplifies, digitizes, and automates complex back-office financial operations for small and midsize businesses (SMBs), today announced financial results for the third fiscal quarter ended March 31, 2022.
“We delivered a great quarter driven by robust demand for our solutions,” said René Lacerte, Bill.com CEO and Founder. “We are executing against our strategy to drive organic momentum across our solutions while building a unified platform experience incorporating the strengths of Divvy and Invoice2go. We are excited about the opportunities ahead as we build the de facto solution to serve small businesses’ financial operations needs.”
"We delivered strong revenue growth and a bottom line significantly better than expectations in the third quarter,” said John Rettig, Bill.com CFO. “Organic core revenue increased 74% year-over-year and Divvy spend management revenue increased 155% year-over-year. Our revenue outperformance and disciplined execution led to a better-than-expected non-GAAP net loss.”
Bill.com’s reported financial results for the third quarter fiscal 2022 include the results of Divvy and Invoice2go. Organic results exclude the impact of Divvy and Invoice2go.
Financial highlights for the third quarter of fiscal 2022:
Business Highlights and Recent Developments
The metrics listed below identified as Bill.com metrics exclude the results of Divvy and Invoice2go.
Financial Outlook
We are providing the following guidance for the fiscal fourth quarter and the full fiscal year ending June 30, 2022.
|
Q4 FY22 Guidance |
|
FY22 Guidance |
Total revenue (millions) |
$182.3 - $183.3 |
|
$624.0 - $625.0 |
Year-over-year total revenue growth |
133% -134% |
|
162% - 162% |
Non-GAAP net loss (millions) |
($14.9) - ($13.9) |
|
($35.9) - ($34.9) |
Non-GAAP net loss per share |
($0.14) - ($0.13) |
|
($0.35) - ($0.34) |
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.com has not provided a reconciliation of non-GAAP net loss or non-GAAP net loss 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.
Conference Call and Webcast Information
In conjunction with this announcement, Bill.com will host a conference call for investors at 1:30 p.m. PT (4:30 p.m. ET) today to discuss fiscal third quarter results and our outlook for the fiscal fourth quarter and full fiscal year ending June 30, 2022. The live webcast and a replay of the webcast will be available at the Investor Relations section of Bill.com’s website: https://investor.bill.com/events-and-presentations/default.aspx .
Bill.com (NYSE: BILL) is a leading provider of cloud-based software that simplifies, digitizes, and automates financial operations for small and midsize businesses (SMBs). The company’s mission is to make it simple to connect and do business. Additional solutions include all-in-one expense management platform Divvy and mobile invoicing product Invoice2go. Hundreds of thousands of SMBs worldwide use Bill.com’s solutions to manage end-to-end financial workflows, process payments, and create connections to suppliers and clients, helping to manage cash inflows and outflows. Bill.com partners with leading U.S. financial institutions, accounting firms, and accounting software providers. Bill.com is headquartered in San Jose, CA. For more information visit www.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 revenue and net loss for the fiscal fourth quarter ending June 30, 2022 and our fiscal year ending June 30, 2022, 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, the coronavirus pandemic (COVID-19), variants thereof, and their impact on our employees, customers, strategic partners, vendors, results of operations, liquidity and financial condition and on supply chains and labor markets, 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, the market, interest rate, foreign exchange and other conditions that the customer funds we hold in trust are subject to, 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, potential impacts of acquisitions and investments, including our ability to integrate Divvy and Invoice2go, our accounting for and internal controls related to Divvy and Invoice2go operating results, changes in staffing levels, macroeconomic factors, including interest rate, inflationary and recessionary environments, and other risks detailed in 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.com’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 margin, non-GAAP operating expenses, non-GAAP loss from operations, non-GAAP net loss and non-GAAP net loss 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 margin include amortization of certain intangible assets, stock-based compensation, employer payroll taxes related to employee stock-based compensation and depreciation expense. Items excluded from non-GAAP operating expenses include amortization of certain intangible assets, stock-based compensation, employer payroll taxes related to employee stock-based compensation, depreciation expense, and acquisition and integration-related expenses. Items excluded from non-GAAP net loss and non-GAAP net loss per share include stock-based compensation expense, employer payroll taxes related to employee stock-based compensation, depreciation expense, amortization of certain intangible assets, acquisition and integration-related expenses, amortization of debt discount (and accretion of debt premium) and issuance costs, and income tax associated with acquisition 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 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. 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 expenses from certain of our non-GAAP financial measures because we believe that excluding this non-cash expense provides meaningful supplemental information regarding operational performance.
Amortization of intangible assets. We exclude amortization of 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.
Amortization of debt discount (accretion of debt premium) and issuance costs. We exclude amortization of debt discount and issuance costs associated with our issuance of our convertible senior notes and accretion of debt premium associated with our credit agreements 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 acquisition and non-GAAP adjustments. We exclude the income tax effect associated with acquisition and non-GAAP adjustments 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 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 free cash flow is an important liquidity measure of the cash (if any) 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.COM HOLDINGS, INC. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited, in thousands) | ||||||||
March 31, | June 30, | |||||||
2022 |
2021 |
|||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ |
1,639,371 |
|
$ |
509,615 |
|
||
Short-term investments |
|
1,143,408 |
|
|
655,314 |
|
||
Accounts receivable, net |
|
26,859 |
|
|
18,222 |
|
||
Acquired card receivables, net |
|
237,511 |
|
|
147,093 |
|
||
Prepaid expenses and other current assets |
|
91,865 |
|
|
67,195 |
|
||
Funds held for customers |
|
3,043,540 |
|
|
2,208,598 |
|
||
Total current assets |
|
6,182,554 |
|
|
3,606,037 |
|
||
Non-current assets: | ||||||||
Operating lease right-of-use assets, net |
|
78,739 |
|
|
71,925 |
|
||
Property and equipment, net |
|
53,279 |
|
|
48,902 |
|
||
Intangible assets, net |
|
452,351 |
|
|
417,341 |
|
||
Goodwill |
|
2,363,109 |
|
|
1,772,043 |
|
||
Other assets |
|
53,804 |
|
|
52,925 |
|
||
Total assets | $ |
9,183,836 |
|
$ |
5,969,173 |
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ |
9,433 |
|
$ |
11,904 |
|
||
Accrued compensation and benefits |
|
18,478 |
|
|
20,287 |
|
||
Other accruals and current liabilities |
|
155,127 |
|
|
84,870 |
|
||
Borrowings from credit facilities, net |
|
30,370 |
|
|
— |
|
||
Convertible senior notes, net |
|
1,134,835 |
|
|
— |
|
||
Customer fund deposits |
|
3,043,540 |
|
|
2,208,598 |
|
||
Total current liabilities |
|
4,391,783 |
|
|
2,325,659 |
|
||
Non-current liabilities: | ||||||||
Operating lease liabilities |
|
84,931 |
|
|
86,639 |
|
||
Borrowings from credit facilities, net |
|
48,071 |
|
|
79,534 |
|
||
Convertible senior notes, net |
|
561,457 |
|
|
909,847 |
|
||
Other long-term liabilities |
|
29,278 |
|
|
37,904 |
|
||
Total liabilities |
|
5,115,520 |
|
|
3,439,583 |
|
||
Commitments and contingencies | ||||||||
Stockholders' equity: | ||||||||
Common stock |
|
2 |
|
|
2 |
|
||
Additional paid-in capital |
|
4,535,699 |
|
|
2,777,155 |
|
||
Accumulated other comprehensive loss |
|
(7,499 |
) |
|
(100 |
) |
||
Accumulated deficit |
|
(459,886 |
) |
|
(247,467 |
) |
||
Total stockholders' equity |
|
4,068,316 |
|
|
2,529,590 |
|
||
Total liabilities and stockholders' equity | $ |
9,183,836 |
|
$ |
5,969,173 |
|
BILL.COM HOLDINGS, INC. | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(Unaudited, in thousands except per share amounts) | ||||||||||||||||
Three months ended March 31, |
Nine months ended March 31, |
|||||||||||||||
2022 |
|
2021 (1) |
|
2022 |
|
2021 (1) |
||||||||||
Revenue | $ |
166,911 |
|
$ |
59,738 |
|
$ |
441,738 |
|
$ |
159,992 |
|
||||
Cost of revenue (2) |
|
37,342 |
|
|
15,434 |
|
|
101,563 |
|
|
41,513 |
|
||||
Gross profit |
|
129,569 |
|
|
44,304 |
|
|
340,175 |
|
|
118,479 |
|
||||
Operating expenses | ||||||||||||||||
Research and development (2) |
|
60,230 |
|
|
22,286 |
|
|
154,656 |
|
|
60,558 |
|
||||
Sales and marketing (2) |
|
92,065 |
|
|
15,190 |
|
|
235,194 |
|
|
42,272 |
|
||||
General and administrative (2) |
|
60,457 |
|
|
22,124 |
|
|
183,788 |
|
|
58,897 |
|
||||
Total operating expenses |
|
212,752 |
|
|
59,600 |
|
|
573,638 |
|
|
161,727 |
|
||||
Loss from operations |
|
(83,183 |
) |
|
(15,296 |
) |
|
(233,463 |
) |
|
(43,248 |
) |
||||
Other expenses, net |
|
(4,416 |
) |
|
(11,432 |
) |
|
(12,891 |
) |
|
(13,943 |
) |
||||
Loss before benefit from income taxes |
|
(87,599 |
) |
|
(26,728 |
) |
|
(246,354 |
) |
|
(57,191 |
) |
||||
Benefit from income taxes |
|
(879 |
) |
|
— |
|
|
(4,935 |
) |
|
(333 |
) |
||||
Net loss | $ |
(86,720 |
) |
$ |
(26,728 |
) |
$ |
(241,419 |
) |
$ |
(56,858 |
) |
||||
Net loss per share attributable to common stockholders, basic and diluted | $ |
(0.84 |
) |
$ |
(0.32 |
) |
$ |
(2.39 |
) |
$ |
(0.70 |
) |
||||
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted |
|
103,830 |
|
|
82,627 |
|
|
100,856 |
|
|
81,446 |
|
||||
____________________________________ | ||||||||||||||||
(1) Excludes the results of Divvy and Invoice2go. | ||||||||||||||||
(2) Includes stock-based compensation expense as follows: | ||||||||||||||||
Cost of revenue | $ |
1,262 |
|
$ |
728 |
|
$ |
3,674 |
|
$ |
1,971 |
|
||||
Research and development |
|
13,912 |
|
|
3,638 |
|
|
38,752 |
|
|
9,953 |
|
||||
Sales and marketing |
|
17,758 |
|
|
1,711 |
|
|
36,911 |
|
|
5,086 |
|
||||
General and administrative |
|
19,878 |
|
|
4,603 |
|
|
61,044 |
|
|
14,253 |
|
||||
$ |
52,810 |
|
$ |
10,680 |
|
$ |
140,381 |
|
$ |
31,263 |
|
BILL.COM HOLDINGS, INC. | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||
Three months ended March 31, |
Nine months ended March 31, |
|||||||||||||||
2022 |
|
2021 (1) |
|
2022 |
|
2021 (1) |
||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net loss | $ |
(86,720 |
) |
$ |
(26,728 |
) |
$ |
(241,419 |
) |
$ |
(56,858 |
) |
||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||
Depreciation and amortization |
|
3,197 |
|
|
1,526 |
|
|
8,220 |
|
|
3,449 |
|
||||
Stock-based compensation |
|
52,810 |
|
|
10,680 |
|
|
140,381 |
|
|
31,263 |
|
||||
Amortization of debt discount (accretion of debt premium) and issuance costs |
|
1,407 |
|
|
11,819 |
|
|
3,362 |
|
|
15,724 |
|
||||
Amortization of intangible assets |
|
19,769 |
|
|
— |
|
|
56,209 |
|
|
— |
|
||||
Amortization of premium (accretion of discount) on investments in marketable debt securities |
|
3,401 |
|
|
1,247 |
|
|
10,039 |
|
|
1,970 |
|
||||
Non-cash operating lease expense |
|
2,224 |
|
|
958 |
|
|
6,307 |
|
|
2,635 |
|
||||
Provision for losses on acquired card receivables |
|
6,086 |
|
|
— |
|
|
15,621 |
|
|
— |
|
||||
Deferred income taxes |
|
(869 |
) |
|
— |
|
|
(4,691 |
) |
|
(333 |
) |
||||
Changes in assets and liabilities: | ||||||||||||||||
Accounts receivable |
|
(2,426 |
) |
|
(2,547 |
) |
|
(5,846 |
) |
|
(5,332 |
) |
||||
Prepaid expenses and other current assets |
|
5,581 |
|
|
(1,381 |
) |
|
(2,966 |
) |
|
(6,149 |
) |
||||
Other assets |
|
131 |
|
|
(532 |
) |
|
(968 |
) |
|
(11,799 |
) |
||||
Accounts payable |
|
(2,412 |
) |
|
(439 |
) |
|
(4,435 |
) |
|
927 |
|
||||
Other accruals and current liabilities |
|
24,095 |
|
|
70 |
|
|
12,665 |
|
|
58 |
|
||||
Operating lease liabilities |
|
(2,639 |
) |
|
852 |
|
|
(5,591 |
) |
|
7,782 |
|
||||
Other long-term liabilities |
|
2,000 |
|
|
3 |
|
|
302 |
|
|
576 |
|
||||
Deferred revenue |
|
810 |
|
|
2,892 |
|
|
5,191 |
|
|
2,924 |
|
||||
Net cash provided by (used in) operating activities |
|
26,445 |
|
|
(1,580 |
) |
|
(7,619 |
) |
|
(13,163 |
) |
||||
Cash flows from investing activities: | ||||||||||||||||
Cash paid for acquisition, net of acquired cash and cash equivalents |
|
— |
|
|
— |
|
|
(144,541 |
) |
|
— |
|
||||
Purchases of corporate and customer fund short-term investments |
|
(723,708 |
) |
|
(784,583 |
) |
|
(2,176,127 |
) |
|
(1,486,025 |
) |
||||
Proceeds from maturities of corporate and customer fund short-term investments |
|
640,796 |
|
|
329,774 |
|
|
1,308,650 |
|
|
830,933 |
|
||||
Proceeds from sale of corporate and customer fund short-term investments |
|
6,000 |
|
|
83,786 |
|
|
50,744 |
|
|
119,072 |
|
||||
Increase in other receivables included in funds held for customers |
|
(5,312 |
) |
|
(9,091 |
) |
|
(13,547 |
) |
|
(9,072 |
) |
||||
Increase in acquired card receivables |
|
(20,685 |
) |
|
— |
|
|
(89,909 |
) |
|
— |
|
||||
Purchases of property and equipment |
|
(1,291 |
) |
|
(3,426 |
) |
|
(3,758 |
) |
|
(17,062 |
) |
||||
Capitalization of internal-use software costs |
|
(2,386 |
) |
|
(378 |
) |
|
(7,409 |
) |
|
(1,038 |
) |
||||
Net cash used in investing activities |
|
(106,586 |
) |
|
(383,918 |
) |
|
(1,075,897 |
) |
|
(563,192 |
) |
||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from issuance of common stock upon public offering, net of underwriting discounts and other offering costs |
|
(30 |
) |
|
— |
|
|
1,341,122 |
|
|
— |
|
||||
Proceeds from issuance of convertible senior notes, net of discounts and issuance costs |
|
— |
|
|
(224 |
) |
|
560,075 |
|
|
1,129,379 |
|
||||
Purchase of capped call |
|
— |
|
|
— |
|
|
(37,893 |
) |
|
(87,860 |
) |
||||
Increase (decrease) in customer fund deposits liability |
|
(336,855 |
) |
|
(287,840 |
) |
|
834,942 |
|
|
285,590 |
|
||||
Payments of line of credit borrowings |
|
— |
|
|
(2,300 |
) |
|
— |
|
|
(2,300 |
) |
||||
Proceeds from exercise of stock options |
|
6,332 |
|
|
5,592 |
|
|
29,116 |
|
|
23,034 |
|
||||
Proceeds from issuance of common stock under the employee stock purchase plan |
|
7,123 |
|
|
4,537 |
|
|
12,849 |
|
|
8,864 |
|
||||
Other |
|
— |
|
|
— |
|
|
(351 |
) |
|
(664 |
) |
||||
Net cash provided by (used in) financing activities |
|
(323,430 |
) |
|
(280,235 |
) |
|
2,739,860 |
|
|
1,356,043 |
|
||||
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents |
|
75 |
|
|
— |
|
|
— |
|
|
— |
|
||||
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents |
|
(403,496 |
) |
|
(665,733 |
) |
|
1,656,344 |
|
|
779,688 |
|
||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period |
|
3,869,532 |
|
|
3,037,798 |
|
|
1,809,692 |
|
|
1,592,377 |
|
||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | $ |
3,466,036 |
|
$ |
2,372,065 |
|
$ |
3,466,036 |
|
$ |
2,372,065 |
|
||||
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 | $ |
1,639,371 |
|
$ |
1,223,724 |
|
|
1,639,371 |
|
|
1,223,724 |
|
||||
Restricted cash included in other current assets |
|
28,343 |
|
|
35 |
|
|
28,343 |
|
|
35 |
|
||||
Restricted cash included in other assets |
|
6,724 |
|
|
— |
|
|
6,724 |
|
|
— |
|
||||
Restricted cash and restricted cash equivalents included in funds held for customers |
|
1,791,598 |
|
|
1,148,306 |
|
|
1,791,598 |
|
|
1,148,306 |
|
||||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | $ |
3,466,036 |
|
$ |
2,372,065 |
|
$ |
3,466,036 |
|
$ |
2,372,065 |
|
||||
(1) Excludes the results of Divvy and Invoice2go. |
BILL.COM HOLDINGS, INC. | ||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||
(Unaudited, in thousands except percentages and per share amounts) | ||||||||||||||||
Three months ended March 31, |
Nine months ended March 31, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Reconciliation of gross profit: | ||||||||||||||||
GAAP gross profit | $ |
129,569 |
|
$ |
44,304 |
|
$ |
340,175 |
|
$ |
118,479 |
|
||||
Add: | ||||||||||||||||
Amortization of intangible assets |
|
9,285 |
|
|
— |
|
|
26,971 |
|
|
— |
|
||||
Stock-based compensation and related payroll taxes |
|
1,401 |
|
|
847 |
|
|
4,065 |
|
|
2,234 |
|
||||
Depreciation expense |
|
881 |
|
|
800 |
|
|
2,365 |
|
|
1,868 |
|
||||
Non-GAAP gross profit | $ |
141,136 |
|
$ |
45,951 |
|
$ |
373,576 |
|
$ |
122,581 |
|
||||
GAAP gross margin |
|
77.6 |
% |
|
74.2 |
% |
|
77.0 |
% |
|
74.1 |
% |
||||
Non-GAAP gross margin |
|
84.6 |
% |
|
76.9 |
% |
|
84.6 |
% |
|
76.6 |
% |
||||
Three months ended March 31, |
Nine months ended March 31, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Reconciliation of operating expenses: | ||||||||||||||||
GAAP research and development expenses | $ |
60,230 |
|
$ |
22,286 |
|
$ |
154,656 |
|
$ |
60,558 |
|
||||
Less: | ||||||||||||||||
Stock-based compensation and related payroll taxes |
|
(14,998 |
) |
|
(4,042 |
) |
|
(41,079 |
) |
|
(10,931 |
) |
||||
Depreciation expense |
|
(581 |
) |
|
(213 |
) |
|
(1,746 |
) |
|
(313 |
) |
||||
Non-GAAP research and development expenses | $ |
44,651 |
|
$ |
18,031 |
|
$ |
111,831 |
|
$ |
49,314 |
|
||||
GAAP sales and marketing expenses | $ |
92,065 |
|
$ |
15,190 |
|
$ |
235,194 |
|
$ |
42,272 |
|
||||
Less: | ||||||||||||||||
Amortization of intangible assets |
|
(10,484 |
) |
|
— |
|
|
(29,238 |
) |
|
— |
|
||||
Stock-based compensation and related payroll taxes |
|
(18,179 |
) |
|
(1,915 |
) |
|
(37,815 |
) |
|
(5,593 |
) |
||||
Depreciation expense |
|
(439 |
) |
|
(119 |
) |
|
(1,289 |
) |
|
(177 |
) |
||||
Non-GAAP sales and marketing expenses | $ |
62,963 |
|
$ |
13,156 |
|
$ |
166,852 |
|
$ |
36,502 |
|
||||
GAAP general and administrative expenses | $ |
60,457 |
|
$ |
22,124 |
|
$ |
183,788 |
|
$ |
58,897 |
|
||||
Less: | ||||||||||||||||
Stock-based compensation and related payroll taxes |
|
(20,565 |
) |
|
(5,048 |
) |
|
(65,116 |
) |
|
(15,738 |
) |
||||
Depreciation expense |
|
(449 |
) |
|
(182 |
) |
|
(1,300 |
) |
|
(391 |
) |
||||
Acquisition and integration-related expenses |
|
(243 |
) |
|
— |
|
|
(10,985 |
) |
|
— |
|
||||
Non-GAAP general and administrative expenses | $ |
39,200 |
|
$ |
16,894 |
|
$ |
106,387 |
|
$ |
42,768 |
|
||||
Three months ended March 31, |
Nine months ended March 31, |
|||||||||||||||
2022 |
|
2021 |
2022 |
2021 |
||||||||||||
Reconciliation of loss from operations: | ||||||||||||||||
GAAP loss from operations | $ |
(83,183 |
) |
$ |
(15,296 |
) |
$ |
(233,463 |
) |
$ |
(43,248 |
) |
||||
Add: | ||||||||||||||||
Amortization of intangible assets |
|
19,769 |
|
|
— |
|
|
56,209 |
|
|
— |
|
||||
Stock-based compensation and related payroll taxes |
|
55,143 |
|
|
11,852 |
|
|
148,075 |
|
|
34,496 |
|
||||
Depreciation expense |
|
2,350 |
|
|
1,314 |
|
|
6,700 |
|
|
2,749 |
|
||||
Acquisition and integration-related expenses |
|
243 |
|
|
— |
|
|
10,985 |
|
|
— |
|
||||
Non-GAAP loss from operations | $ |
(5,678 |
) |
$ |
(2,130 |
) |
$ |
(11,494 |
) |
$ |
(6,003 |
) |
||||
Three months ended March 31, |
Nine months ended March 31, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Reconciliation of net loss: | ||||||||||||||||
GAAP net loss | $ |
(86,720 |
) |
$ |
(26,728 |
) |
$ |
(241,419 |
) |
$ |
(56,858 |
) |
||||
Add (less): | ||||||||||||||||
Amortization of intangible assets |
|
19,769 |
|
|
— |
|
|
56,209 |
|
|
— |
|
||||
Stock-based compensation and related payroll taxes |
|
55,143 |
|
|
11,852 |
|
|
148,075 |
|
|
34,496 |
|
||||
Depreciation expense |
|
2,350 |
|
|
1,314 |
|
|
6,700 |
|
|
2,749 |
|
||||
Acquisition and integration-related expenses |
|
243 |
|
|
— |
|
|
10,985 |
|
|
— |
|
||||
Amortization of debt discount (accretion of debt premium) and issuance costs |
|
1,407 |
|
|
11,819 |
|
|
3,362 |
|
|
15,724 |
|
||||
Income tax effect associated with acquisition and non-GAAP adjustments |
|
(879 |
) |
|
— |
|
|
(4,938 |
) |
|
(333 |
) |
||||
Non-GAAP net loss | $ |
(8,687 |
) |
$ |
(1,743 |
) |
$ |
(21,026 |
) |
$ |
(4,222 |
) |
||||
Three months ended March 31, |
Nine months ended March 31, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
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 | $ |
(0.84 |
) |
$ |
(0.32 |
) |
$ |
(2.39 |
) |
$ |
(0.70 |
) |
||||
Add (less): | ||||||||||||||||
Amortization of intangible assets |
|
0.19 |
|
|
— |
|
|
0.56 |
|
|
— |
|
||||
Stock-based compensation and related payroll taxes |
|
0.54 |
|
|
0.14 |
|
|
1.47 |
|
|
0.42 |
|
||||
Depreciation expense |
|
0.02 |
|
|
0.02 |
|
|
0.07 |
|
|
0.04 |
|
||||
Acquisition and integration-related expenses |
|
— |
|
|
— |
|
|
0.11 |
|
|
— |
|
||||
Amortization of debt discount (accretion of debt premium) and issuance costs |
|
0.01 |
|
|
0.14 |
|
|
0.03 |
|
|
0.19 |
|
||||
Income tax effect associated with acquisition and non-GAAP adjustments |
|
— |
|
|
— |
|
|
(0.06 |
) |
|
— |
|
||||
Non-GAAP net loss per share attributable to common stockholders, basic and diluted | $ |
(0.08 |
) |
$ |
(0.02 |
) |
$ |
(0.21 |
) |
$ |
(0.05 |
) |
||||
Three months ended March 31, |
Nine months ended March 31, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Shares used to compute GAAP and non-GAAP net loss per share attributable to common stockholders, basic and diluted |
|
103,830 |
|
|
82,627 |
|
|
100,856 |
|
|
81,446 |
|
BILL.COM HOLDINGS, INC. | ||||||||||||||||
FREE CASH FLOW | ||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||
Three months ended March 31, |
Nine months ended March 31, |
|||||||||||||||
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||||
Net cash provided by (used in) operating activities | $ |
26,445 |
|
$ |
(1,580 |
) |
$ |
(7,619 |
) |
$ |
(13,163 |
) |
||||
Purchases of property and equipment |
|
(1,291 |
) |
|
(3,426 |
) |
|
(3,758 |
) |
|
(17,062 |
) |
||||
Capitalization of internal-use software costs |
|
(2,386 |
) |
|
(378 |
) |
|
(7,409 |
) |
|
(1,038 |
) |
||||
Free cash flow | $ |
22,768 |
|
$ |
(5,384 |
) |
$ |
(18,786 |
) |
$ |
(31,263 |
) |
BILL.COM HOLDINGS, INC. | ||||||
REMAINING PERFORMANCE OBLIGATIONS | ||||||
(Unaudited, in thousands) | ||||||
March 31, | June 30, | |||||
2022 |
2021 |
|||||
Remaining performance obligations to be recognized as revenue: | ||||||
Within 2 years | $ |
92,919 |
$ |
64,811 |
||
Thereafter |
|
55,577 |
|
81,024 |
||
Total | $ |
148,496 |
$ |
145,835 |
Основная Выручка За 3 Квартал Увеличилась На 182% В Годовом Исчислении
Органический Основной Доход За 3 Квартал Увеличился На 74% В Годовом Исчислении
Комиссионные За Транзакции В Третьем Квартале Выросли На 286% В Годовом Исчислении
Комиссионные За Органические Транзакции В Третьем Квартале Выросли На 101% В Годовом Исчислении
САН-ХОСЕ, Калифорния. - (ДЕЛОВАЯ ТЕЛЕГРАММА) -Bill.com (NYSE: BILL), ведущий поставщик облачного программного обеспечения, которое упрощает, оцифровывает и автоматизирует сложные финансовые операции бэк-офиса для малого и среднего бизнеса (SMB), сегодня объявила финансовые результаты за третий финансовый квартал, закончившийся 31 марта, 2022 год.
“Мы провели отличный квартал благодаря высокому спросу на наши решения”, - сказал Рене Ласерт, Bill.com Генеральный директор и основатель. “Мы действуем в соответствии с нашей стратегией, направленной на то, чтобы придать органичный импульс нашим решениям, одновременно создавая единую платформу, объединяющую сильные стороны Divvy и Invoice2go. Мы в восторге от открывающихся возможностей, поскольку мы создаем фактическое решение для удовлетворения потребностей малого бизнеса в финансовых операциях ”.
"В третьем квартале мы добились значительного роста выручки и прибыли, которые значительно превзошли ожидания”, - сказал Джон Реттиг, Bill.com Финансовый директор. “Органический основной доход увеличился на 74% в годовом исчислении, а доход от управления расходами увеличился на 155% в годовом исчислении. Наш рост выручки и дисциплинированное исполнение привели к более высокому, чем ожидалось, чистому убытку без учета GAAP”.
Bill.com Отчетные финансовые результаты за третий квартал 2022 финансового года включают результаты Divvy и Invoice2go. Органические результаты исключают влияние Divvy и Invoice2go.
Основные финансовые показатели за третий квартал 2022 финансового года:
Основные моменты бизнеса и последние события
Показатели, перечисленные ниже, определены как Bill.com показатели исключают результаты Divvy и Invoice2go.
Финансовые перспективы
Мы предоставляем следующие рекомендации на четвертый финансовый квартал и весь финансовый год, заканчивающийся 30 июня 2022 года.
|
Q4 FY22 Guidance |
|
FY22 Guidance |
Total revenue (millions) |
$182.3 - $183.3 |
|
$624.0 - $625.0 |
Year-over-year total revenue growth |
133% -134% |
|
162% - 162% |
Non-GAAP net loss (millions) |
($14.9) - ($13.9) |
|
($35.9) - ($34.9) |
Non-GAAP net loss per share |
($0.14) - ($0.13) |
|
($0.35) - ($0.34) |
Эти заявления носят прогнозный характер, и фактические результаты могут существенно отличаться. Обратитесь к Прогнозным заявлениям safe harbor ниже для получения информации о факторах, которые могут привести к тому, что наши фактические результаты будут существенно отличаться от этих прогнозных заявлений.
Bill.com не предоставил сверку показателей чистого убытка, не относящихся к GAAP, или чистого убытка на акцию, не относящихся к GAAP, с наиболее непосредственно сопоставимыми показателями GAAP, поскольку некоторые статьи, исключенные из GAAP, не могут быть разумно рассчитаны или предсказаны в настоящее время. Соответственно, согласование невозможно без необоснованных усилий.
Конференц-связь и информация о веб-трансляции
В связи с этим объявлением, Bill.com сегодня в 13:30 по североамериканскому времени (16:30 по восточному времени) состоится телефонная конференция для инвесторов, на которой будут обсуждены результаты третьего финансового квартала и наши перспективы на четвертый финансовый квартал и весь финансовый год, заканчивающийся 30 июня 2022 года. Прямая трансляция и повтор веб-трансляции будут доступны в разделе по связям с инвесторами Bill.com веб-сайт компании: https://investor.bill.com/events-and-presentations/default.aspx .
Bill.com (NYSE: BILL) - ведущий поставщик облачного программного обеспечения, которое упрощает, оцифровывает и автоматизирует финансовые операции для малого и среднего бизнеса (SMB). Миссия компании - упростить подключение и ведение бизнеса. Дополнительные решения включают универсальную платформу управления расходами Divvy и продукт для мобильного выставления счетов Invoice2go. Сотни тысяч малых и средних предприятий по всему миру используют Bill.com Решения для управления сквозными финансовыми процессами, обработки платежей и создания связей с поставщиками и клиентами, помогая управлять притоком и оттоком денежных средств. Bill.com сотрудничает с ведущими финансовыми институтами США, бухгалтерскими фирмами и поставщиками программного обеспечения для бухгалтерского учета. Bill.com Штаб-квартира находится в Сан-Хосе, Калифорния. Для получения дополнительной информации посетите сайт www.bill.com .
Примечание о прогнозных заявлениях
Настоящий пресс-релиз и сопровождающая его телеконференция содержат прогнозные заявления по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года, которые являются заявлениями, отличными от изложения исторических фактов, и заявлениями в будущем времени. Прогнозные заявления основаны на наших ожиданиях на дату настоящего пресс-релиза и подвержены ряду рисков, неопределенностей и допущений, многие из которых связаны с факторами или обстоятельствами, которые находятся вне нашего контроля. Эти заявления включают, но не ограничиваются ими, заявления относительно наших ожиданий относительно будущих результатов, включая рекомендации по нашим доходам и чистым убыткам за четвертый финансовый квартал, заканчивающийся 30 июня 2022 года, и наш финансовый год, заканчивающийся 30 июня 2022 года, наши ожидания относительно роста спроса на нашу платформу и расширения использование нашими клиентами наших услуг. Эти риски и неопределенности включают, но не ограничиваются ими, пандемию коронавируса (COVID-19), ее варианты и их влияние на наших сотрудников, клиентов, стратегических партнеров, поставщиков, результаты операций, ликвидность и финансовое состояние, а также на цепочки поставок и рынки труда, нашу историю операционных убытков, наш недавний быстрый рост, большие суммы клиентских средств, которые мы переводим ежедневно, риск потерь, ошибок и мошеннических действий, рынок, процентная ставка, обмен валюты и другие условия, которым подвержены клиентские средства, которые мы доверяем, наша способность привлекать новых клиентов и конвертировать пробных клиентов в платежеспособных клиентов, нашу способность разрабатывать новые продукты и услуги, усиление конкуренции или появление новых участников на рынке, потенциальные последствия приобретений и инвестиций, включая нашу способность интегрировать Divvy и Invoice2go, наш учет и внутренний контроль, связанные с операционными результатами Divvy и Invoice2go, изменения в численности персонала, макроэкономические факторы, в том числе процентные ставки, инфляционные и кризисные условия, а также другие риски, подробно описанные в регистрационных заявлениях и периодических отчетах, которые мы подаем в SEC, включая наши квартальные и годовые отчеты, которые можно получить в разделе по связям с инвесторами Bill.com веб-сайт компании (https://investor.bill.com/financials/sec-filings/default.aspx ) и на веб-сайте SEC по адресу www.sec.gov . Вы не должны полагаться на эти прогнозные заявления, поскольку фактические результаты могут существенно отличаться от тех, которые предусмотрены в этих прогнозных заявлениях в результате таких рисков и неопределенностей. Все прогнозные заявления в этом пресс-релизе основаны на информации, доступной нам на дату настоящего документа. Мы не берем на себя никаких обязательств по обновлению или пересмотру прогнозных заявлений, содержащихся в этом пресс-релизе или сопровождающей телефонной конференции, в связи с новой информацией, будущими событиями или иным образом.
Финансовые показатели, Не относящиеся к ОПБУ
В дополнение к финансовым показателям, подготовленным в соответствии с общепринятыми принципами бухгалтерского учета США (“GAAP”), в этом пресс-релизе и прилагаемых таблицах содержатся, а в телефонной конференции будут содержаться финансовые показатели, не относящиеся к GAAP, включая валовую прибыль, не относящуюся к GAAP, операционные расходы, не относящиеся к GAAP, убытки от операций, чистый убыток не по ОПБУ и чистый убыток не по ОПБУ на акцию, базовый и разводненный. Финансовая информация, не относящаяся к ОПБУ, представлена только в дополнительных информационных целях и не предназначена для рассмотрения отдельно или в качестве замены или превосходства финансовой информации, подготовленной и представленной в соответствии с ОПБУ.
Инвесторы предупреждаются о том, что существуют существенные ограничения, связанные с использованием финансовых показателей, не относящихся к GAAP, в качестве аналитического инструмента. Статьи, исключенные из валовой прибыли, не относящейся к GAAP, включают амортизацию определенных нематериальных активов, компенсацию на основе акций, налоги на заработную плату работодателя, связанные с компенсацией работникам на основе акций, и расходы на амортизацию. Статьи, исключенные из операционных расходов, не относящихся к GAAP, включают амортизацию определенных нематериальных активов, компенсацию на основе акций, налоги на заработную плату работодателя, связанные с компенсацией работникам на основе акций, расходы на амортизацию, а также расходы, связанные с приобретением и интеграцией. Статьи, исключенные из чистого убытка, не связанного с GAAP, и чистого убытка на акцию, не связанного с GAAP, включают расходы на компенсацию на основе акций, налоги на заработную плату работодателя, связанные с компенсацией работникам на основе акций, расходы на амортизацию, амортизацию определенных нематериальных активов, расходы, связанные с приобретением и интеграцией, амортизацию дисконта по долгу (и увеличение премии за долг) и затраты на выпуск, а также налог на прибыль, связанный с приобретением и корректировками, не относящимися к GAAP. Важно отметить, что конкретные статьи, которые мы исключаем или включаем в наши финансовые показатели, не относящиеся к GAAP, могут отличаться от статей, исключенных или включенных в аналогичные финансовые показатели, не относящиеся к GAAP, используемые другими компаниями в той же отрасли.
Мы считаем, что эти финансовые показатели, не относящиеся к GAAP, предоставляют полезную информацию о наших финансовых результатах, улучшают общее понимание наших прошлых результатов и будущих перспектив и обеспечивают большую прозрачность в отношении важных показателей, используемых нашим руководством для принятия финансовых и операционных решений. Мы считаем, что эти показатели предоставляют инвесторам дополнительный инструмент для сравнения наших основных финансовых показателей за несколько периодов с другими компаниями в нашей отрасли.
Мы корректируем следующие статьи на основе одного или нескольких наших финансовых показателей, не относящихся к GAAP:
Компенсация на основе акций и соответствующие налоги на заработную плату. Мы исключаем компенсацию на основе акций, которая является неденежным расходом, и соответствующие налоги на заработную плату из некоторых наших финансовых показателей, не относящихся к GAAP, поскольку мы считаем, что исключение этих статей дает значимую дополнительную информацию об операционных показателях. В частности, компании рассчитывают компенсационные расходы на основе акций, используя различные методологии оценки и субъективные допущения, в то время как соответствующие налоги на заработную плату зависят от цены наших обыкновенных акций и других факторов, которые находятся вне нашего контроля и не связаны с функционированием нашего бизнеса.
Амортизационные отчисления. Мы исключаем расходы на амортизацию из некоторых наших финансовых показателей, не относящихся к GAAP, поскольку считаем, что исключение этих неденежных расходов дает значимую дополнительную информацию об операционных показателях.
Амортизация нематериальных активов. Мы исключаем амортизацию нематериальных активов из некоторых наших финансовых показателей, не относящихся к GAAP, поскольку считаем, что исключение этих неденежных расходов дает значимую дополнительную информацию о наших операционных показателях.
Расходы, связанные с приобретением и интеграцией. Мы исключаем расходы, связанные с приобретением и интеграцией, из некоторых наших финансовых показателей, не относящихся к GAAP, поскольку в противном случае эти расходы не были бы понесены в ходе обычной деятельности. Кроме того, мы считаем, что расходы, связанные с приобретением и интеграцией, являются единовременными расходами, характерными только для конкретного приобретения. Хотя мы можем участвовать в будущих приобретениях, такие приобретения и связанные с ними расходы, связанные с приобретением и интеграцией, считаются уникальными и несопоставимыми с другими приобретениями.
Амортизация дисконта по долгу (увеличение премии за долг) и затрат на эмиссию. Мы исключаем амортизацию дисконта по долгу и затраты на эмиссию, связанные с выпуском наших конвертируемых старших облигаций, и увеличение премии за долг, связанной с нашими кредитными соглашениями, из некоторых наших финансовых показателей, не относящихся к GAAP, поскольку мы считаем, что исключение этих неденежных процентных расходов дает значимую дополнительную информацию о наших операционных показателях.
Влияние налога на прибыль, связанное с приобретением и корректировками, не относящимися к ОПБУ. Мы исключаем влияние налога на прибыль, связанное с приобретением и корректировками, не относящимися к GAAP, из некоторых наших финансовых показателей, не относящихся к GAAP, поскольку считаем, что исключение этого дает значимую дополнительную информацию о наших операционных показателях.
Существуют существенные ограничения, связанные с использованием финансовых показателей, не относящихся к GAAP, поскольку они исключают значительные расходы и доходы, которые согласно GAAP должны отражаться в нашей финансовой отчетности. Пожалуйста, ознакомьтесь с таблицами сверки в конце этого выпуска для сверки результатов GAAP и результатов, не относящихся к GAAP.
Свободный денежный поток - это показатель, не относящийся к GAAP, который мы рассчитываем как чистые денежные средства, полученные от (использованные в) операционной деятельности, скорректированные на приобретение основных средств и капитализацию затрат на программное обеспечение для внутреннего использования. Мы считаем, что свободный денежный поток является важным показателем ликвидности денежных средств (если таковые имеются), которые доступны после капитальных затрат для покрытия операционных расходов и инвестиций в наш бизнес. Свободный денежный поток полезен инвесторам в качестве показателя ликвидности, поскольку он измеряет нашу способность генерировать или использовать денежные средства. Одним из ограничений свободного денежного потока является то, что он не отражает наши будущие контрактные обязательства. Кроме того, свободный денежный поток не отражает общее увеличение или уменьшение нашего остатка денежных средств за данный период. Как только наши бизнес-потребности и обязательства будут удовлетворены, денежные средства можно будет использовать для поддержания стабильного баланса и инвестирования в будущий рост.
Bill.com Holdings, INC. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited, in thousands) | ||||||||
March 31, | June 30, | |||||||
2022 |
2021 |
|||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ |
1,639,371 |
|
$ |
509,615 |
|
||
Short-term investments |
|
1,143,408 |
|
|
655,314 |
|
||
Accounts receivable, net |
|
26,859 |
|
|
18,222 |
|
||
Acquired card receivables, net |
|
237,511 |
|
|
147,093 |
|
||
Prepaid expenses and other current assets |
|
91,865 |
|
|
67,195 |
|
||
Funds held for customers |
|
3,043,540 |
|
|
2,208,598 |
|
||
Total current assets |
|
6,182,554 |
|
|
3,606,037 |
|
||
Non-current assets: | ||||||||
Operating lease right-of-use assets, net |
|
78,739 |
|
|
71,925 |
|
||
Property and equipment, net |
|
53,279 |
|
|
48,902 |
|
||
Intangible assets, net |
|
452,351 |
|
|
417,341 |
|
||
Goodwill |
|
2,363,109 |
|
|
1,772,043 |
|
||
Other assets |
|
53,804 |
|
|
52,925 |
|
||
Total assets | $ |
9,183,836 |
|
$ |
5,969,173 |
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ |
9,433 |
|
$ |
11,904 |
|
||
Accrued compensation and benefits |
|
18,478 |
|
|
20,287 |
|
||
Other accruals and current liabilities |
|
155,127 |
|
|
84,870 |
|
||
Borrowings from credit facilities, net |
|
30,370 |
|
|
— |
|
||
Convertible senior notes, net |
|
1,134,835 |
|
|
— |
|
||
Customer fund deposits |
|
3,043,540 |
|
|
2,208,598 |
|
||
Total current liabilities |
|
4,391,783 |
|
|
2,325,659 |
|
||
Non-current liabilities: | ||||||||
Operating lease liabilities |
|
84,931 |
|
|
86,639 |
|
||
Borrowings from credit facilities, net |
|
48,071 |
|
|
79,534 |
|
||
Convertible senior notes, net |
|
561,457 |
|
|
909,847 |
|
||
Other long-term liabilities |
|
29,278 |
|
|
37,904 |
|
||
Total liabilities |
|
5,115,520 |
|
|
3,439,583 |
|
||
Commitments and contingencies | ||||||||
Stockholders' equity: | ||||||||
Common stock |
|
2 |
|
|
2 |
|
||
Additional paid-in capital |
|
4,535,699 |
|
|
2,777,155 |
|
||
Accumulated other comprehensive loss |
|
(7,499 |
) |
|
(100 |
) |
||
Accumulated deficit |
|
(459,886 |
) |
|
(247,467 |
) |
||
Total stockholders' equity |
|
4,068,316 |
|
|
2,529,590 |
|
||
Total liabilities and stockholders' equity | $ |
9,183,836 |
|
$ |
5,969,173 |
|
Bill.com Holdings, INC. | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(Unaudited, in thousands except per share amounts) | ||||||||||||||||
Three months ended March 31, |
Nine months ended March 31, |
|||||||||||||||
2022 |
|
2021 (1) |
|
2022 |
|
2021 (1) |
||||||||||
Revenue | $ |
166,911 |
|
$ |
59,738 |
|
$ |
441,738 |
|
$ |
159,992 |
|
||||
Cost of revenue (2) |
|
37,342 |
|
|
15,434 |
|
|
101,563 |
|
|
41,513 |
|
||||
Gross profit |
|
129,569 |
|
|
44,304 |
|
|
340,175 |
|
|
118,479 |
|
||||
Operating expenses | ||||||||||||||||
Research and development (2) |
|
60,230 |
|
|
22,286 |
|
|
154,656 |
|
|
60,558 |
|
||||
Sales and marketing (2) |
|
92,065 |
|
|
15,190 |
|
|
235,194 |
|
|
42,272 |
|
||||
General and administrative (2) |
|
60,457 |
|
|
22,124 |
|
|
183,788 |
|
|
58,897 |
|
||||
Total operating expenses |
|
212,752 |
|
|
59,600 |
|
|
573,638 |
|
|
161,727 |
|
||||
Loss from operations |
|
(83,183 |
) |
|
(15,296 |
) |
|
(233,463 |
) |
|
(43,248 |
) |
||||
Other expenses, net |
|
(4,416 |
) |
|
(11,432 |
) |
|
(12,891 |
) |
|
(13,943 |
) |
||||
Loss before benefit from income taxes |
|
(87,599 |
) |
|
(26,728 |
) |
|
(246,354 |
) |
|
(57,191 |
) |
||||
Benefit from income taxes |
|
(879 |
) |
|
— |
|
|
(4,935 |
) |
|
(333 |
) |
||||
Net loss | $ |
(86,720 |
) |
$ |
(26,728 |
) |
$ |
(241,419 |
) |
$ |
(56,858 |
) |
||||
Net loss per share attributable to common stockholders, basic and diluted | $ |
(0.84 |
) |
$ |
(0.32 |
) |
$ |
(2.39 |
) |
$ |
(0.70 |
) |
||||
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted |
|
103,830 |
|
|
82,627 |
|
|
100,856 |
|
|
81,446 |
|
||||
____________________________________ | ||||||||||||||||
(1) Excludes the results of Divvy and Invoice2go. | ||||||||||||||||
(2) Includes stock-based compensation expense as follows: | ||||||||||||||||
Cost of revenue | $ |
1,262 |
|
$ |
728 |
|
$ |
3,674 |
|
$ |
1,971 |
|
||||
Research and development |
|
13,912 |
|
|
3,638 |
|
|
38,752 |
|
|
9,953 |
|
||||
Sales and marketing |
|
17,758 |
|
|
1,711 |
|
|
36,911 |
|
|
5,086 |
|
||||
General and administrative |
|
19,878 |
|
|
4,603 |
|
|
61,044 |
|
|
14,253 |
|
||||
$ |
52,810 |
|
$ |
10,680 |
|
$ |
140,381 |
|
$ |
31,263 |
|
Bill.com Holdings, INC. | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||
Three months ended March 31, |
Nine months ended March 31, |
|||||||||||||||
2022 |
|
2021 (1) |
|
2022 |
|
2021 (1) |
||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net loss | $ |
(86,720 |
) |
$ |
(26,728 |
) |
$ |
(241,419 |
) |
$ |
(56,858 |
) |
||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||
Depreciation and amortization |
|
3,197 |
|
|
1,526 |
|
|
8,220 |
|
|
3,449 |
|
||||
Stock-based compensation |
|
52,810 |
|
|
10,680 |
|
|
140,381 |
|
|
31,263 |
|
||||
Amortization of debt discount (accretion of debt premium) and issuance costs |
|
1,407 |
|
|
11,819 |
|
|
3,362 |
|
|
15,724 |
|
||||
Amortization of intangible assets |
|
19,769 |
|
|
— |
|
|
56,209 |
|
|
— |
|
||||
Amortization of premium (accretion of discount) on investments in marketable debt securities |
|
3,401 |
|
|
1,247 |
|
|
10,039 |
|
|
1,970 |
|
||||
Non-cash operating lease expense |
|
2,224 |
|
|
958 |
|
|
6,307 |
|
|
2,635 |
|
||||
Provision for losses on acquired card receivables |
|
6,086 |
|
|
— |
|
|
15,621 |
|
|
— |
|
||||
Deferred income taxes |
|
(869 |
) |
|
— |
|
|
(4,691 |
) |
|
(333 |
) |
||||
Changes in assets and liabilities: | ||||||||||||||||
Accounts receivable |
|
(2,426 |
) |
|
(2,547 |
) |
|
(5,846 |
) |
|
(5,332 |
) |
||||
Prepaid expenses and other current assets |
|
5,581 |
|
|
(1,381 |
) |
|
(2,966 |
) |
|
(6,149 |
) |
||||
Other assets |
|
131 |
|
|
(532 |
) |
|
(968 |
) |
|
(11,799 |
) |
||||
Accounts payable |
|
(2,412 |
) |
|
(439 |
) |
|
(4,435 |
) |
|
927 |
|
||||
Other accruals and current liabilities |
|
24,095 |
|
|
70 |
|
|
12,665 |
|
|
58 |
|
||||
Operating lease liabilities |
|
(2,639 |
) |
|
852 |
|
|
(5,591 |
) |
|
7,782 |
|
||||
Other long-term liabilities |
|
2,000 |
|
|
3 |
|
|
302 |
|
|
576 |
|
||||
Deferred revenue |
|
810 |
|
|
2,892 |
|
|
5,191 |
|
|
2,924 |
|
||||
Net cash provided by (used in) operating activities |
|
26,445 |
|
|
(1,580 |
) |
|
(7,619 |
) |
|
(13,163 |
) |
||||
Cash flows from investing activities: | ||||||||||||||||
Cash paid for acquisition, net of acquired cash and cash equivalents |
|
— |
|
|
— |
|
|
(144,541 |
) |
|
— |
|
||||
Purchases of corporate and customer fund short-term investments |
|
(723,708 |
) |
|
(784,583 |
) |
|
(2,176,127 |
) |
|
(1,486,025 |
) |
||||
Proceeds from maturities of corporate and customer fund short-term investments |
|
640,796 |
|
|
329,774 |
|
|
1,308,650 |
|
|
830,933 |
|
||||
Proceeds from sale of corporate and customer fund short-term investments |
|
6,000 |
|
|
83,786 |
|
|
50,744 |
|
|
119,072 |
|
||||
Increase in other receivables included in funds held for customers |
|
(5,312 |
) |
|
(9,091 |
) |
|
(13,547 |
) |
|
(9,072 |
) |
||||
Increase in acquired card receivables |
|
(20,685 |
) |
|
— |
|
|
(89,909 |
) |
|
— |
|
||||
Purchases of property and equipment |
|
(1,291 |
) |
|
(3,426 |
) |
|
(3,758 |
) |
|
(17,062 |
) |
||||
Capitalization of internal-use software costs |
|
(2,386 |
) |
|
(378 |
) |
|
(7,409 |
) |
|
(1,038 |
) |
||||
Net cash used in investing activities |
|
(106,586 |
) |
|
(383,918 |
) |
|
(1,075,897 |
) |
|
(563,192 |
) |
||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from issuance of common stock upon public offering, net of underwriting discounts and other offering costs |
|
(30 |
) |
|
— |
|
|
1,341,122 |
|
|
— |
|
||||
Proceeds from issuance of convertible senior notes, net of discounts and issuance costs |
|
— |
|
|
(224 |
) |
|
560,075 |
|
|
1,129,379 |
|
||||
Purchase of capped call |
|
— |
|
|
— |
|
|
(37,893 |
) |
|
(87,860 |
) |
||||
Increase (decrease) in customer fund deposits liability |
|
(336,855 |
) |
|
(287,840 |
) |
|
834,942 |
|
|
285,590 |
|
||||
Payments of line of credit borrowings |
|
— |
|
|
(2,300 |
) |
|
— |
|
|
(2,300 |
) |
||||
Proceeds from exercise of stock options |
|
6,332 |
|
|
5,592 |
|
|
29,116 |
|
|
23,034 |
|
||||
Proceeds from issuance of common stock under the employee stock purchase plan |
|
7,123 |
|
|
4,537 |
|
|
12,849 |
|
|
8,864 |
|
||||
Other |
|
— |
|
|
— |
|
|
(351 |
) |
|
(664 |
) |
||||
Net cash provided by (used in) financing activities |
|
(323,430 |
) |
|
(280,235 |
) |
|
2,739,860 |
|
|
1,356,043 |
|
||||
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents |
|
75 |
|
|
— |
|
|
— |
|
|
— |
|
||||
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents |
|
(403,496 |
) |
|
(665,733 |
) |
|
1,656,344 |
|
|
779,688 |
|
||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period |
|
3,869,532 |
|
|
3,037,798 |
|
|
1,809,692 |
|
|
1,592,377 |
|
||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | $ |
3,466,036 |
|
$ |
2,372,065 |
|
$ |
3,466,036 |
|
$ |
2,372,065 |
|
||||
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 | $ |
1,639,371 |
|
$ |
1,223,724 |
|
|
1,639,371 |
|
|
1,223,724 |
|
||||
Restricted cash included in other current assets |
|
28,343 |
|
|
35 |
|
|
28,343 |
|
|
35 |
|
||||
Restricted cash included in other assets |
|
6,724 |
|
|
— |
|
|
6,724 |
|
|
— |
|
||||
Restricted cash and restricted cash equivalents included in funds held for customers |
|
1,791,598 |
|
|
1,148,306 |
|
|
1,791,598 |
|
|
1,148,306 |
|
||||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | $ |
3,466,036 |
|
$ |
2,372,065 |
|
$ |
3,466,036 |
|
$ |
2,372,065 |
|
||||
(1) Excludes the results of Divvy and Invoice2go. |
Bill.com Holdings, INC. | ||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||
(Unaudited, in thousands except percentages and per share amounts) | ||||||||||||||||
Three months ended March 31, |
Nine months ended March 31, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Reconciliation of gross profit: | ||||||||||||||||
GAAP gross profit | $ |
129,569 |
|
$ |
44,304 |
|
$ |
340,175 |
|
$ |
118,479 |
|
||||
Add: | ||||||||||||||||
Amortization of intangible assets |
|
9,285 |
|
|
— |
|
|
26,971 |
|
|
— |
|
||||
Stock-based compensation and related payroll taxes |
|
1,401 |
|
|
847 |
|
|
4,065 |
|
|
2,234 |
|
||||
Depreciation expense |
|
881 |
|
|
800 |
|
|
2,365 |
|
|
1,868 |
|
||||
Non-GAAP gross profit | $ |
141,136 |
|
$ |
45,951 |
|
$ |
373,576 |
|
$ |
122,581 |
|
||||
GAAP gross margin |
|
77.6 |
% |
|
74.2 |
% |
|
77.0 |
% |
|
74.1 |
% |
||||
Non-GAAP gross margin |
|
84.6 |
% |
|
76.9 |
% |
|
84.6 |
% |
|
76.6 |
% |
||||
Three months ended March 31, |
Nine months ended March 31, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Reconciliation of operating expenses: | ||||||||||||||||
GAAP research and development expenses | $ |
60,230 |
|
$ |
22,286 |
|
$ |
154,656 |
|
$ |
60,558 |
|
||||
Less: | ||||||||||||||||
Stock-based compensation and related payroll taxes |
|
(14,998 |
) |
|
(4,042 |
) |
|
(41,079 |
) |
|
(10,931 |
) |
||||
Depreciation expense |
|
(581 |
) |
|
(213 |
) |
|
(1,746 |
) |
|
(313 |
) |
||||
Non-GAAP research and development expenses | $ |
44,651 |
|
$ |
18,031 |
|
$ |
111,831 |
|
$ |
49,314 |
|
||||
GAAP sales and marketing expenses | $ |
92,065 |
|
$ |
15,190 |
|
$ |
235,194 |
|
$ |
42,272 |
|
||||
Less: | ||||||||||||||||
Amortization of intangible assets |
|
(10,484 |
) |
|
— |
|
|
(29,238 |
) |
|
— |
|
||||
Stock-based compensation and related payroll taxes |
|
(18,179 |
) |
|
(1,915 |
) |
|
(37,815 |
) |
|
(5,593 |
) |
||||
Depreciation expense |
|
(439 |
) |
|
(119 |
) |
|
(1,289 |
) |
|
(177 |
) |
||||
Non-GAAP sales and marketing expenses | $ |
62,963 |
|
$ |
13,156 |
|
$ |
166,852 |
|
$ |
36,502 |
|
||||
GAAP general and administrative expenses | $ |
60,457 |
|
$ |
22,124 |
|
$ |
183,788 |
|
$ |
58,897 |
|
||||
Less: | ||||||||||||||||
Stock-based compensation and related payroll taxes |
|
(20,565 |
) |
|
(5,048 |
) |
|
(65,116 |
) |
|
(15,738 |
) |
||||
Depreciation expense |
|
(449 |
) |
|
(182 |
) |
|
(1,300 |
) |
|
(391 |
) |
||||
Acquisition and integration-related expenses |
|
(243 |
) |
|
— |
|
|
(10,985 |
) |
|
— |
|
||||
Non-GAAP general and administrative expenses | $ |
39,200 |
|
$ |
16,894 |
|
$ |
106,387 |
|
$ |
42,768 |
|
||||
Three months ended March 31, |
Nine months ended March 31, |
|||||||||||||||
2022 |
|
2021 |
2022 |
2021 |
||||||||||||
Reconciliation of loss from operations: | ||||||||||||||||
GAAP loss from operations | $ |
(83,183 |
) |
$ |
(15,296 |
) |
$ |
(233,463 |
) |
$ |
(43,248 |
) |
||||
Add: | ||||||||||||||||
Amortization of intangible assets |
|
19,769 |
|
|
— |
|
|
56,209 |
|
|
— |
|
||||
Stock-based compensation and related payroll taxes |
|
55,143 |
|
|
11,852 |
|
|
148,075 |
|
|
34,496 |
|
||||
Depreciation expense |
|
2,350 |
|
|
1,314 |
|
|
6,700 |
|
|
2,749 |
|
||||
Acquisition and integration-related expenses |
|
243 |
|
|
— |
|
|
10,985 |
|
|
— |
|
||||
Non-GAAP loss from operations | $ |
(5,678 |
) |
$ |
(2,130 |
) |
$ |
(11,494 |
) |
$ |
(6,003 |
) |
||||
Three months ended March 31, |
Nine months ended March 31, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Reconciliation of net loss: | ||||||||||||||||
GAAP net loss | $ |
(86,720 |
) |
$ |
(26,728 |
) |
$ |
(241,419 |
) |
$ |
(56,858 |
) |
||||
Add (less): | ||||||||||||||||
Amortization of intangible assets |
|
19,769 |
|
|
— |
|
|
56,209 |
|
|
— |
|
||||
Stock-based compensation and related payroll taxes |
|
55,143 |
|
|
11,852 |
|
|
148,075 |
|
|
34,496 |
|
||||
Depreciation expense |
|
2,350 |
|
|
1,314 |
|
|
6,700 |
|
|
2,749 |
|
||||
Acquisition and integration-related expenses |
|
243 |
|
|
— |
|
|
10,985 |
|
|
— |
|
||||
Amortization of debt discount (accretion of debt premium) and issuance costs |
|
1,407 |
|
|
11,819 |
|
|
3,362 |
|
|
15,724 |
|
||||
Income tax effect associated with acquisition and non-GAAP adjustments |
|
(879 |
) |
|
— |
|
|
(4,938 |
) |
|
(333 |
) |
||||
Non-GAAP net loss | $ |
(8,687 |
) |
$ |
(1,743 |
) |
$ |
(21,026 |
) |
$ |
(4,222 |
) |
||||
Three months ended March 31, |
Nine months ended March 31, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
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 | $ |
(0.84 |
) |
$ |
(0.32 |
) |
$ |
(2.39 |
) |
$ |
(0.70 |
) |
||||
Add (less): | ||||||||||||||||
Amortization of intangible assets |
|
0.19 |
|
|
— |
|
|
0.56 |
|
|
— |
|
||||
Stock-based compensation and related payroll taxes |
|
0.54 |
|
|
0.14 |
|
|
1.47 |
|
|
0.42 |
|
||||
Depreciation expense |
|
0.02 |
|
|
0.02 |
|
|
0.07 |
|
|
0.04 |
|
||||
Acquisition and integration-related expenses |
|
— |
|
|
— |
|
|
0.11 |
|
|
— |
|
||||
Amortization of debt discount (accretion of debt premium) and issuance costs |
|
0.01 |
|
|
0.14 |
|
|
0.03 |
|
|
0.19 |
|
||||
Income tax effect associated with acquisition and non-GAAP adjustments |
|
— |
|
|
— |
|
|
(0.06 |
) |
|
— |
|
||||
Non-GAAP net loss per share attributable to common stockholders, basic and diluted | $ |
(0.08 |
) |
$ |
(0.02 |
) |
$ |
(0.21 |
) |
$ |
(0.05 |
) |
||||
Three months ended March 31, |
Nine months ended March 31, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Shares used to compute GAAP and non-GAAP net loss per share attributable to common stockholders, basic and diluted |
|
103,830 |
|
|
82,627 |
|
|
100,856 |
|
|
81,446 |
|
Bill.com Holdings, INC. | ||||||||||||||||
FREE CASH FLOW | ||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||
Three months ended March 31, |
Nine months ended March 31, |
|||||||||||||||
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||||
Net cash provided by (used in) operating activities | $ |
26,445 |
|
$ |
(1,580 |
) |
$ |
(7,619 |
) |
$ |
(13,163 |
) |
||||
Purchases of property and equipment |
|
(1,291 |
) |
|
(3,426 |
) |
|
(3,758 |
) |
|
(17,062 |
) |
||||
Capitalization of internal-use software costs |
|
(2,386 |
) |
|
(378 |
) |
|
(7,409 |
) |
|
(1,038 |
) |
||||
Free cash flow | $ |
22,768 |
|
$ |
(5,384 |
) |
$ |
(18,786 |
) |
$ |
(31,263 |
) |
Bill.com Holdings, INC. | ||||||
REMAINING PERFORMANCE OBLIGATIONS | ||||||
(Unaudited, in thousands) | ||||||
March 31, | June 30, | |||||
2022 |
2021 |
|||||
Remaining performance obligations to be recognized as revenue: | ||||||
Within 2 years | $ |
92,919 |
$ |
64,811 |
||
Thereafter |
|
55,577 |
|
81,024 |
||
Total | $ |
148,496 |
$ |
145,835 |