Bill.com Reports Fourth Quarter and Fiscal Year 2022 Financial Results
Bill.com (NYSE: BILL) announced its Q4 and fiscal year 2022 financial results, highlighting a 151% year-over-year increase in core revenue, reaching $194.8 million. Transaction fees surged 201% to $139.6 million. Despite strong growth, net loss widened to $84.9 million or ($0.81) per share. The company processed $60.7 billion in payment volume in Q4 and served 400,000 businesses. Looking ahead, Bill.com targets a revenue guidance of $955.5 to $973.5 million for fiscal year 2023, indicating continued growth.
- Q4 core revenue increased 151% year-over-year to $194.8 million.
- Transaction fees surged 201% year-over-year to $139.6 million.
- Processed $60.7 billion in total payment volume in Q4, a 46% increase year-over-year.
- Non-GAAP gross profit margin improved to 84.2%, up from 79.7% in Q4 2021.
- Expecting high revenue growth and a transition to non-GAAP profitability in fiscal year 2023.
- Net loss increased to $84.9 million in Q4 compared to $41.9 million in Q4 2021.
- Loss from operations rose to $83.4 million from $70.7 million in the prior year.
-
Q4 Core Revenue Increased
151% Year-Over-Year -
Q4 Organic Core Revenue Increased
71% Year-Over-Year -
Q4 Transaction Fees Increased
201% Year-Over-Year -
Q4 Organic Transaction Fees Increased
90% Year-Over-Year
“We delivered a strong fourth quarter to conclude fiscal 2022, serving 400,000 businesses and crossing
“We delivered strong Q4 financial results, with revenue, non-GAAP gross margin, and non-GAAP net loss per share all well ahead of our expectations,” said
Bill.com’s reported financial results for the fourth quarter and fiscal year 2022 include the results of Divvy and
Financial Highlights for the Fourth Quarter of Fiscal 2022:
-
Total revenue was
$200.2 million 156% from the fourth quarter of fiscal 2021. -
Core revenue, which consists of subscription and transaction fees, was
$194.8 million 151% year-over-year. Organic core revenue was$114.9 million 71% year-over-year, and excluded Divvy andInvoice2go revenue of$79.9 million -
Subscription fees were
$55.2 million 77% year-over-year. Organic subscription fees were$46.2 million 49% year-over-year, and excluded Divvy andInvoice2go fees of approximately$9.0 million -
Transaction fees were
$139.6 million 201% year-over year. Organic transaction fees were$68.7 million 90% year-over-year, and excluded Divvy andInvoice2go fees of$70.9 million
-
Subscription fees were
-
Gross profit was
$156.8 million 78.3% gross margin, compared to$58.0 million 74.1% gross margin, in the fourth quarter of fiscal 2021. Non-GAAP gross profit was$168.5 million 84.2% non-GAAP gross margin, compared to$62.4 million 79.7% non-GAAP gross margin in the fourth quarter of fiscal 2021. -
Loss from operations was
$83.4 million $70.7 million $3.2 million $6.2 million -
Net loss was
$84.9 million $0.81 $41.9 million $0.48 $3.3 million $0.03 $5.8 million $0.07
Financial Highlights for Fiscal Year 2022:
-
Total revenue was
$642.0 million 169% from the prior fiscal year. -
Core revenue, which consists of subscription and transaction fees, was
$633.4 million 173% from the prior fiscal year. Organic core revenue was$391.7 million 77% year-over-year, and excluded Divvy andInvoice2go revenue of$241.7 million -
Subscription fees were
$193.5 million 73% year-over-year. Organic subscription fees were$163.7 million 47% year-over-year, and excluded Divvy andInvoice2go fees of approximately$29.8 million -
Transaction fees were
$439.9 million 265% year-over-year. Organic transaction fees were$228.0 million 107% year-over-year, and excluded Divvy andInvoice2go fees of$211.9 million
-
Subscription fees were
-
Gross profit was
$497.0 million 77.4% gross margin, compared to$176.5 million 74.1% gross margin, in the prior fiscal year. Non-GAAP gross profit was$542.1 million 84.4% non-GAAP gross margin, compared to$185.0 million 77.6% non-GAAP gross margin in the prior fiscal year. -
Loss from operations was
$316.8 million $114.0 million $14.7 million $12.2 million -
Net loss was
$326.4 million $3.21 $98.7 million $1.19 $24.3 million $0.24 $10.0 million $0.12
Business Highlights and Recent Developments
The metrics listed below identified as
-
Served 157,800
Bill.com customers as of the end of the fourth quarter. Also served 20,700 spending businesses that used Divvy and 221,600 subscribers that usedInvoice2go . -
Processed
$60.7 billion Bill.com customers in the fourth quarter, an increase of46% year-over-year. Also processed$2.7 billion -
Processed 10.5 million transactions during the fourth quarter through the
Bill.com platform, representing an increase of28% year-over-year. In addition, processed 7.3 million Divvy card transactions. -
As of
June 30, 2022 , 4.7 millionBill.com network members have originated or received an electronic payment using our platform, an increase of47% year-over-year compared to the 3.2 million network members we reported a year ago. -
Net dollar-based retention rate for
Bill.com customers increased to131% during fiscal 2022 compared to124% during fiscal 2021 and121% during fiscal 2020. -
Announced experienced SMB leaders
Irana Wasti and Sofya Pogreb as Chief Product Officer and Chief Operating Officer, respectively. -
Added global financial services executive,
Tina Chan Reich , to our board of directors. -
Announced
Bora Chung , our Chief Experience Officer, will be retiring.
Financial Outlook
We are providing the following guidance for the fiscal first quarter ending
|
Q1 FY23 Guidance |
|
FY23 Guidance |
Total revenue (millions) |
|
|
|
Year-over-year total revenue growth |
|
|
|
Non-GAAP net income (millions) |
|
|
|
Non-GAAP net income per share |
|
|
|
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.
Conference Call and Webcast Information
In conjunction with this announcement,
About
Note on Forward-Looking Statements
This press release and the accompanying conference call contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements other than statements of historical facts, and statements in the future tense. Forward-looking statements are based on our expectations as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, many of which involve factors or circumstances that are beyond our control. These statements include, but are not limited to, statements regarding our expectations of future performance, including guidance for our total revenue, non-GAAP net loss, and non-GAAP net loss per share for the fiscal first quarter ending
Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with
Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. Items excluded from non-GAAP gross profit and non-GAAP gross margin include amortization of certain intangible assets, stock-based compensation and related payroll taxes, and depreciation expense. Items excluded from non-GAAP operating expenses include amortization of certain intangible assets, stock-based compensation and related payroll taxes, depreciation expense, 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 and related payroll taxes, depreciation expense, amortization of certain intangible assets, acquisition and integration-related expenses, amortization of debt discount (and accretion of debt premium) and issuance costs, gain on extinguishment of debt, and income tax effect 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 expense from certain of our non-GAAP financial measures because we believe that excluding this non-cash expense provides meaningful supplemental information regarding operational performance. Depreciation expense does not include amortization of capitalized internal-use software costs.
Amortization of intangible assets. We exclude amortization of acquired intangible assets from certain of our non-GAAP financial measures because we believe that excluding this non-cash expense provides meaningful supplemental information regarding our operational performance.
Acquisition and integration-related expenses. We exclude acquisition and integration-related expenses from certain of our non-GAAP financial measures because these costs would have not otherwise been incurred in the normal course of our business operations. In addition, we believe that acquisition and integration-related expenses are non-recurring charges unique to a specific acquisition. Although we may engage in future acquisitions, such acquisitions and the associated acquisition and integration-related expenses are considered unique and not comparable to other acquisitions.
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.
Gain on debt extinguishment. We exclude gain on debt extinguishment associated with the prepayment of our borrowings from certain of our non-GAAP financial measures because we believe that excluding this non-cash gain provides a 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
Free cash flow is a non-GAAP measure that we calculate as net cash provided by (used in) operating activities, adjusted by purchases of property and equipment and capitalization of internal-use software costs. We believe that free cash flow is an important liquidity measure of the cash (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.
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (Unaudited, in thousands) | ||||||||
|
||||||||
|
2022 |
|
|
2021 |
|
|||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ |
1,596,542 |
|
$ |
509,615 |
|
||
| Short-term investments |
|
1,108,493 |
|
|
655,314 |
|
||
| Accounts receivable, net |
|
24,045 |
|
|
18,222 |
|
||
| Acquired card receivables, net |
|
256,392 |
|
|
147,093 |
|
||
| Prepaid expenses and other current assets |
|
151,258 |
|
|
67,195 |
|
||
| Funds held for customers |
|
3,142,660 |
|
|
2,208,598 |
|
||
| Total current assets |
|
6,279,390 |
|
|
3,606,037 |
|
||
| Non-current assets: | ||||||||
| Operating lease right-of-use assets, net |
|
76,445 |
|
|
71,925 |
|
||
| Property and equipment, net |
|
56,985 |
|
|
48,902 |
|
||
| Intangible assets, net |
|
432,583 |
|
|
417,341 |
|
||
|
2,362,893 |
|
|
1,772,043 |
|
|||
| Other assets |
|
47,730 |
|
|
52,925 |
|
||
| Total assets | $ |
9,256,026 |
|
$ |
5,969,173 |
|
||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ |
9,948 |
|
$ |
11,904 |
|
||
| Accrued compensation and benefits |
|
29,004 |
|
|
20,287 |
|
||
| Deferred revenue |
|
31,868 |
|
|
12,848 |
|
||
| Other accruals and current liabilities |
|
120,080 |
|
|
72,022 |
|
||
| Borrowings from credit facilities, net |
|
75,097 |
|
|
— |
|
||
| Customer fund deposits |
|
3,142,660 |
|
|
2,208,598 |
|
||
| Total current liabilities |
|
3,408,657 |
|
|
2,325,659 |
|
||
| Non-current liabilities: | ||||||||
| Deferred revenue |
|
2,159 |
|
|
2,926 |
|
||
| Operating lease liabilities |
|
82,728 |
|
|
86,639 |
|
||
| Borrowings from credit facilities, net |
|
— |
|
|
79,534 |
|
||
| Convertible senior notes, net |
|
1,697,985 |
|
|
909,847 |
|
||
| Other long-term liabilities |
|
20,803 |
|
|
34,978 |
|
||
| Total liabilities |
|
5,212,332 |
|
|
3,439,583 |
|
||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Common stock |
|
2 |
|
|
2 |
|
||
| Additional paid-in capital |
|
4,598,737 |
|
|
2,777,155 |
|
||
| Accumulated other comprehensive loss |
|
(10,217 |
) |
|
(100 |
) |
||
| Accumulated deficit |
|
(544,828 |
) |
|
(247,467 |
) |
||
| Total stockholders' equity | $ |
4,043,694 |
|
$ |
2,529,590 |
|
||
| Total liabilities and stockholders' equity | $ |
9,256,026 |
|
$ |
5,969,173 |
|
||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (Unaudited, in thousands except per share amounts) | ||||||||||||||||
| Three months ended |
Year ended |
|||||||||||||||
2022 |
|
2021 (2) |
|
2022 (1) |
|
2021 (2) |
||||||||||
| Revenue | $ |
200,221 |
|
$ |
78,273 |
|
$ |
641,959 |
|
$ |
238,265 |
|
||||
| Cost of revenue | ||||||||||||||||
| Service costs (3) |
|
33,269 |
|
|
16,931 |
|
|
105,496 |
|
|
56,576 |
|
||||
| Depreciation and amortization of intangible assets (4) |
|
10,172 |
|
|
3,362 |
|
|
39,508 |
|
|
5,230 |
|
||||
| Total cost of revenue |
|
43,441 |
|
|
20,293 |
|
|
145,004 |
|
|
61,806 |
|
||||
| Gross profit |
|
156,780 |
|
|
57,980 |
|
|
496,955 |
|
|
176,459 |
|
||||
| Operating expenses | ||||||||||||||||
| Research and development (3) |
|
66,908 |
|
|
29,258 |
|
|
219,818 |
|
|
89,503 |
|
||||
| Sales and marketing (3) |
|
102,484 |
|
|
25,840 |
|
|
307,151 |
|
|
67,935 |
|
||||
| General and administrative (3) |
|
58,686 |
|
|
69,610 |
|
|
241,174 |
|
|
128,116 |
|
||||
| Depreciation and amortization of intangible assets (4) |
|
12,057 |
|
|
3,991 |
|
|
45,630 |
|
|
4,872 |
|
||||
| Total operating expenses |
|
240,135 |
|
|
128,699 |
|
|
813,773 |
|
|
290,426 |
|
||||
| Loss from operations |
|
(83,355 |
) |
|
(70,719 |
) |
|
(316,818 |
) |
|
(113,967 |
) |
||||
| Other income (expense), net |
|
(970 |
) |
|
(11,427 |
) |
|
(13,861 |
) |
|
(25,370 |
) |
||||
| Loss before provision for (benefit from) income taxes |
|
(84,325 |
) |
|
(82,146 |
) |
|
(330,679 |
) |
|
(139,337 |
) |
||||
| Provision for (benefit from) income taxes |
|
617 |
|
|
(40,284 |
) |
|
(4,318 |
) |
|
(40,617 |
) |
||||
| Net loss | $ |
(84,942 |
) |
$ |
(41,862 |
) |
$ |
(326,361 |
) |
$ |
(98,720 |
) |
||||
| Net loss per share attributable to common stockholders, basic and diluted | $ |
(0.81 |
) |
$ |
(0.48 |
) |
$ |
(3.21 |
) |
$ |
(1.19 |
) |
||||
| Weighted-average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted |
|
104,439 |
|
|
86,965 |
|
|
101,753 |
|
|
82,813 |
|
||||
| ____________________________________ | ||||||||||||||||
| (1) Includes the results of |
||||||||||||||||
| (2) Includes the results of Divvy from the acquisition date on |
||||||||||||||||
| (3) Includes stock-based compensation expense as follows: | ||||||||||||||||
| Cost of revenue | $ |
1,470 |
|
$ |
967 |
|
$ |
5,144 |
|
$ |
2,938 |
|
||||
| Research and development |
|
16,155 |
|
|
6,138 |
|
|
54,907 |
|
|
16,091 |
|
||||
| Sales and marketing |
|
23,325 |
|
|
3,461 |
|
|
60,237 |
|
|
8,547 |
|
||||
| General and administrative |
|
15,826 |
|
|
30,158 |
|
|
76,869 |
|
|
44,411 |
|
||||
$ |
56,776 |
|
$ |
40,724 |
|
$ |
197,157 |
|
$ |
71,987 |
|
|||||
| (4) Depreciation does not include amortization of capitalized internal-use software costs. | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||
| (Unaudited, in thousands) | ||||||||||||||||
Three months ended
|
|
Year ended
|
||||||||||||||
2022 |
|
2021 (2) |
|
2022 (1) |
|
2021 (2) |
||||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Net loss | $ |
(84,942 |
) |
$ |
(41,862 |
) |
$ |
(326,361 |
) |
$ |
(98,720 |
) |
||||
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||||||||||||||
| Stock-based compensation |
|
56,776 |
|
|
37,027 |
|
|
197,157 |
|
|
68,290 |
|
||||
| Amortization of intangible assets |
|
19,768 |
|
|
5,659 |
|
|
75,977 |
|
|
5,659 |
|
||||
| Depreciation and amortization |
|
2,460 |
|
|
1,694 |
|
|
9,161 |
|
|
4,443 |
|
||||
| Amortization of capitalized internal-use software costs |
|
847 |
|
|
207 |
|
|
2,366 |
|
|
907 |
|
||||
| Amortization of debt discount (accretion of debt premium) and issuance costs |
|
1,415 |
|
|
11,807 |
|
|
4,777 |
|
|
27,531 |
|
||||
| Amortization of premium (accretion of discount) on investments in marketable debt securities |
|
1,347 |
|
|
2,722 |
|
|
11,386 |
|
|
4,692 |
|
||||
| Provision for losses on acquired card receivables |
|
4,258 |
|
|
741 |
|
|
19,879 |
|
|
741 |
|
||||
| Non-cash operating lease expense |
|
2,294 |
|
|
1,178 |
|
|
8,601 |
|
|
3,813 |
|
||||
| Deferred income taxes |
|
616 |
|
|
(40,284 |
) |
|
(4,075 |
) |
|
(40,617 |
) |
||||
| Other |
|
(726 |
) |
|
— |
|
|
(726 |
) |
|
— |
|
||||
| Changes in assets and liabilities: | ||||||||||||||||
| Accounts receivable |
|
2,814 |
|
|
(1,203 |
) |
|
(3,032 |
) |
|
(6,535 |
) |
||||
| Prepaid expenses and other current assets |
|
(10,004 |
) |
|
6,855 |
|
|
(12,970 |
) |
|
706 |
|
||||
| Other assets |
|
6,073 |
|
|
(726 |
) |
|
5,105 |
|
|
(12,525 |
) |
||||
| Accounts payable |
|
664 |
|
|
6,490 |
|
|
(3,771 |
) |
|
7,417 |
|
||||
| Other accruals and current liabilities |
|
(5,205 |
) |
|
22,922 |
|
|
7,460 |
|
|
22,980 |
|
||||
| Operating lease liabilities |
|
(2,286 |
) |
|
613 |
|
|
(7,877 |
) |
|
8,395 |
|
||||
| Other long-term liabilities |
|
(7,051 |
) |
|
16 |
|
|
(6,749 |
) |
|
592 |
|
||||
| Deferred revenue |
|
408 |
|
|
3,930 |
|
|
5,599 |
|
|
6,854 |
|
||||
| Net cash (used in) provided by operating activities |
|
(10,474 |
) |
|
17,786 |
|
|
(18,093 |
) |
|
4,623 |
|
||||
| Cash flows from investing activities: | ||||||||||||||||
| Cash paid for acquisition, net of acquired cash and cash equivalents |
|
— |
|
|
(556,090 |
) |
|
(144,349 |
) |
|
(556,090 |
) |
||||
| Purchases of corporate and customer fund short-term investments |
|
(625,570 |
) |
|
(584,271 |
) |
|
(2,801,697 |
) |
|
(2,070,296 |
) |
||||
| Proceeds from maturities of corporate and customer fund short-term investments |
|
593,824 |
|
|
273,599 |
|
|
1,902,474 |
|
|
1,104,532 |
|
||||
| Proceeds from sale of corporate and customer fund short-term investments |
|
5,000 |
|
|
23,593 |
|
|
55,744 |
|
|
142,665 |
|
||||
| Increase in acquired card receivables and other |
|
(40,436 |
) |
|
(17,423 |
) |
|
(130,537 |
) |
|
(26,495 |
) |
||||
| Purchases of property and equipment |
|
(1,619 |
) |
|
(1,840 |
) |
|
(5,377 |
) |
|
(18,902 |
) |
||||
| Capitalization of internal-use software costs |
|
(2,850 |
) |
|
(1,266 |
) |
|
(10,259 |
) |
|
(2,304 |
) |
||||
| Proceeds from beneficial interest |
|
6,699 |
|
|
— |
|
|
6,699 |
|
|
— |
|
||||
| Net cash used in investing activities |
|
(64,952 |
) |
|
(863,698 |
) |
|
(1,127,302 |
) |
|
(1,426,890 |
) |
||||
| Cash flows from financing activities: | ||||||||||||||||
| Proceeds from issuance of common stock upon public offering, net of underwriting discounts and other offering costs |
|
— |
|
|
— |
|
|
1,341,122 |
|
|
— |
|
||||
| Proceeds from issuance of convertible senior notes, net of discounts and issuance costs |
|
— |
|
|
— |
|
|
560,075 |
|
|
1,129,379 |
|
||||
| Purchase of capped calls |
|
— |
|
|
— |
|
|
(37,893 |
) |
|
(87,860 |
) |
||||
| Increase in customer fund deposits liability and other |
|
149,846 |
|
|
278,365 |
|
|
970,889 |
|
|
563,291 |
|
||||
| Proceeds from line of credit borrowings |
|
37,500 |
|
|
— |
|
|
37,500 |
|
|
— |
|
||||
| Payments on line of credit and bank borrowings |
|
(40,000 |
) |
|
— |
|
|
(40,000 |
) |
|
(2,300 |
) |
||||
| Proceeds from exercise of stock options |
|
4,908 |
|
|
5,175 |
|
|
34,024 |
|
|
28,209 |
|
||||
| Proceeds from issuance of common stock under the employee stock purchase plan |
|
— |
|
|
— |
|
|
12,849 |
|
|
8,864 |
|
||||
| Net cash provided by financing activities |
|
152,254 |
|
|
283,540 |
|
|
2,878,566 |
|
|
1,639,583 |
|
||||
| Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents |
|
(149 |
) |
|
— |
|
|
(149 |
) |
|
— |
|
||||
| Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents |
|
76,679 |
|
|
(562,372 |
) |
|
1,733,022 |
|
|
217,316 |
|
||||
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period |
|
3,466,036 |
|
|
2,372,065 |
|
|
1,809,693 |
|
|
1,592,377 |
|
||||
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | $ |
3,542,715 |
|
$ |
1,809,693 |
|
$ |
3,542,715 |
|
$ |
1,809,693 |
|
||||
| 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 | $ |
1,596,542 |
|
$ |
509,615 |
|
$ |
1,596,542 |
|
$ |
509,615 |
|
||||
| Restricted cash included in other current assets |
|
85,252 |
|
|
10,977 |
|
|
85,252 |
|
|
10,977 |
|
||||
| Restricted cash included in other assets |
|
6,724 |
|
|
6,875 |
|
|
6,724 |
|
|
6,875 |
|
||||
| Restricted cash and restricted cash equivalents included in funds held for customers |
|
1,854,197 |
|
|
1,282,226 |
|
|
1,854,197 |
|
|
1,282,226 |
|
||||
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | $ |
3,542,715 |
|
$ |
1,809,693 |
|
$ |
3,542,715 |
|
$ |
1,809,693 |
|
||||
| ____________________________________ | ||||||||||||||||
| (1) Includes the results of |
||||||||||||||||
| (2) Includes the results of Divvy from the acquisition date on |
||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||
| (Unaudited, in thousands except percentages and per share amounts) | ||||||||||||||||
Three months ended
|
|
Year ended
|
||||||||||||||
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
||
| Reconciliation of gross profit: | ||||||||||||||||
| GAAP gross profit | $ |
156,780 |
|
$ |
57,980 |
|
$ |
496,955 |
|
$ |
176,459 |
|
||||
| Add: | ||||||||||||||||
| Depreciation and amortization of intangible assets (1) |
|
10,172 |
|
|
3,362 |
|
|
39,508 |
|
|
5,230 |
|
||||
| Stock-based compensation and related payroll taxes |
|
1,534 |
|
|
1,075 |
|
|
5,599 |
|
|
3,309 |
|
||||
| Non-GAAP gross profit | $ |
168,486 |
|
$ |
62,417 |
|
$ |
542,062 |
|
$ |
184,998 |
|
||||
| GAAP gross margin |
|
78.3 |
% |
|
74.1 |
% |
|
77.4 |
% |
|
74.1 |
% |
||||
| Non-GAAP gross margin |
|
84.2 |
% |
|
79.7 |
% |
|
84.4 |
% |
|
77.6 |
% |
||||
| ___________________ (1) Consists of depreciation of property and equipment and amortization of developed technology, excluding amortization of capitalized internal-use software costs. |
||||||||||||||||
Three months ended
|
|
Year ended
|
||||||||||||||
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
||
| Reconciliation of operating expenses: | ||||||||||||||||
| GAAP research and development expenses | $ |
66,908 |
|
$ |
29,258 |
|
$ |
219,818 |
|
$ |
89,503 |
|
||||
| Less - stock-based compensation and related payroll taxes |
|
(16,681 |
) |
|
(6,466 |
) |
|
(57,760 |
) |
|
(17,397 |
) |
||||
| Non-GAAP research and development expenses | $ |
50,227 |
|
$ |
22,792 |
|
$ |
162,058 |
|
$ |
72,106 |
|
||||
| GAAP sales and marketing expenses | $ |
102,484 |
|
$ |
25,840 |
|
$ |
307,151 |
|
$ |
67,935 |
|
||||
| Less - stock-based compensation and related payroll taxes |
|
(23,551 |
) |
|
(3,586 |
) |
|
(61,366 |
) |
|
(9,179 |
) |
||||
| Non-GAAP sales and marketing expenses | $ |
78,933 |
|
$ |
22,254 |
|
$ |
245,785 |
|
$ |
58,756 |
|
||||
| GAAP general and administrative expenses | $ |
58,686 |
|
$ |
69,610 |
|
$ |
241,174 |
|
$ |
128,116 |
|
||||
| Less: | ||||||||||||||||
| Stock-based compensation and related payroll taxes |
|
(16,191 |
) |
|
(30,570 |
) |
|
(81,307 |
) |
|
(46,308 |
) |
||||
| Acquisition and integration-related expenses |
|
— |
|
|
(15,471 |
) |
|
(10,985 |
) |
|
(15,471 |
) |
||||
| Non-GAAP general and administrative expenses | $ |
42,495 |
|
$ |
23,569 |
|
$ |
148,882 |
|
$ |
66,337 |
|
||||
Three months ended
|
|
Year ended
|
||||||||||||||
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
||
| Reconciliation of loss from operations: | ||||||||||||||||
| GAAP loss from operations | $ |
(83,355 |
) |
$ |
(70,719 |
) |
$ |
(316,818 |
) |
$ |
(113,967 |
) |
||||
| Add: | ||||||||||||||||
| Depreciation and amortization of intangible assets (1) |
|
22,229 |
|
|
7,353 |
|
|
85,138 |
|
|
10,102 |
|
||||
| Stock-based compensation and related payroll taxes |
|
57,957 |
|
|
41,697 |
|
|
206,032 |
|
|
76,193 |
|
||||
| Acquisition and integration-related expenses |
|
— |
|
|
15,471 |
|
|
10,985 |
|
|
15,471 |
|
||||
| Non-GAAP loss from operations | $ |
(3,169 |
) |
$ |
(6,198 |
) |
$ |
(14,663 |
) |
$ |
(12,201 |
) |
||||
| ___________________ (1) Excludes amortization of capitalized internal-use software costs. |
||||||||||||||||
Three months ended
|
|
Year ended
|
||||||||||||||
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
||
| Reconciliation of net loss: | ||||||||||||||||
| GAAP net loss | $ |
(84,942 |
) |
$ |
(41,862 |
) |
$ |
(326,361 |
) |
$ |
(98,720 |
) |
||||
| Add (less): | ||||||||||||||||
| Depreciation and amortization of intangible assets (1) |
|
22,229 |
|
|
7,353 |
|
|
85,138 |
|
|
10,102 |
|
||||
| Stock-based compensation and related payroll taxes |
|
57,957 |
|
|
41,697 |
|
|
206,032 |
|
|
76,193 |
|
||||
| Acquisition and integration-related expenses |
|
— |
|
|
15,471 |
|
|
10,985 |
|
|
15,471 |
|
||||
| Amortization of debt discount (accretion of debt premium) and issuance costs |
|
1,415 |
|
|
11,807 |
|
|
4,777 |
|
|
27,531 |
|
||||
| Gain on debt extinguishment |
|
(566 |
) |
|
— |
|
|
(566 |
) |
|
— |
|
||||
| Income tax effect associated with acquisition and non-GAAP adjustments |
|
616 |
|
|
(40,284 |
) |
|
(4,322 |
) |
|
(40,617 |
) |
||||
| Non-GAAP net loss | $ |
(3,291 |
) |
$ |
(5,818 |
) |
$ |
(24,317 |
) |
$ |
(10,040 |
) |
||||
| ___________________ (1) Excludes amortization of capitalized internal-use software costs. |
||||||||||||||||
Three months ended
|
|
Year ended
|
||||||||||||||
|
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 | $ |
(0.81 |
) |
$ |
(0.48 |
) |
$ |
(3.21 |
) |
$ |
(1.19 |
) |
||||
| Add (less): | ||||||||||||||||
| Depreciation and amortization of intangible assets (1) |
|
0.21 |
|
|
0.08 |
|
|
0.84 |
|
|
0.12 |
|
||||
| Stock-based compensation and related payroll taxes |
|
0.55 |
|
|
0.47 |
|
|
2.02 |
|
|
0.92 |
|
||||
| Acquisition and integration-related expenses |
|
— |
|
|
0.18 |
|
|
0.11 |
|
|
0.19 |
|
||||
| Amortization of debt discount (accretion of debt premium) and issuance costs |
|
0.02 |
|
|
0.14 |
|
|
0.05 |
|
|
0.33 |
|
||||
| Gain on debt extinguishment |
|
(0.01 |
) |
|
— |
|
|
(0.01 |
) |
|
— |
|
||||
| Income tax effect associated with acquisition and non-GAAP adjustments |
|
0.01 |
|
|
(0.46 |
) |
|
(0.04 |
) |
|
(0.49 |
) |
||||
| Non-GAAP net loss per share attributable to common stockholders, basic and diluted | $ |
(0.03 |
) |
$ |
(0.07 |
) |
$ |
(0.24 |
) |
$ |
(0.12 |
) |
||||
| ___________________ (1) Excludes amortization of capitalized internal-use software costs. |
||||||||||||||||
Three months ended
|
|
Year ended
|
||||||||||||||
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
||
| Shares used to compute GAAP and non-GAAP net loss per share attributable to common stockholders, basic and diluted |
|
104,439 |
|
|
86,965 |
|
|
101,753 |
|
|
82,813 |
|
||||
| FREE CASH FLOW | ||||||||||||||||
| (Unaudited, in thousands) | ||||||||||||||||
Three months ended
|
|
Year ended
|
||||||||||||||
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
||
| Net cash (used in) provided by operating activities | $ |
(10,474 |
) |
$ |
17,786 |
|
$ |
(18,093 |
) |
$ |
4,623 |
|
||||
| Purchases of property and equipment |
|
(1,619 |
) |
|
(1,840 |
) |
|
(5,377 |
) |
|
(18,902 |
) |
||||
| Capitalization of internal-use software costs |
|
(2,850 |
) |
|
(1,266 |
) |
|
(10,259 |
) |
|
(2,304 |
) |
||||
| Free cash flow | $ |
(14,943 |
) |
$ |
14,680 |
|
$ |
(33,729 |
) |
$ |
(16,583 |
) |
||||
| REMAINING PERFORMANCE OBLIGATIONS | ||||||
| (Unaudited, in thousands) | ||||||
|
||||||
2022 |
|
2021 |
||||
| Remaining performance obligations to be recognized as revenue: | ||||||
| Within 2 years | $ |
98,723 |
$ |
28,075 |
||
| Thereafter |
|
51,567 |
|
117,760 |
||
| Total | $ |
150,290 |
$ |
145,835 |
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220818005671/en/
IR Contact:
ksansot@hq.bill.com
Press Contact:
mheller@hq.bill.com
Source:
FAQ
What were Bill.com's Q4 2022 financial results?
What is the fiscal year 2023 revenue guidance for BILL?
What was the net loss for Bill.com in Q4 2022?
How much total payment volume did Bill.com process in Q4 2022?
