Bill.com Reports Third Quarter Fiscal 2022 Financial Results
Bill.com (NYSE: BILL) reported a strong Q3 fiscal 2022, with total revenue reaching $166.9 million, a 179% increase year-over-year. Core revenue jumped 182% to $165.5 million, driven by significant growth in transaction fees, which soared 286%. Organic core revenue was $102.1 million, a 74% rise. Despite a net loss of $86.7 million or ($0.84) per share, non-GAAP losses were lower than anticipated. The company processed $55.1 billion in total payment volume, a 57% increase, and confirmed Q4 and FY22 guidance pointing to continued growth.
- Total revenue increased $166.9 million, up 179% year-over-year.
- Core revenue rose to $165.5 million, a 182% increase year-over-year.
- Transaction fees surged 286%, reflecting strong demand.
- Processed $55.1 billion in total payment volume, a 57% year-over-year growth.
- Non-GAAP gross profit margin improved to 84.6%.
- Net loss of $86.7 million or ($0.84) per share.
- Loss from operations increased to $83.2 million.
-
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
“We delivered a great quarter driven by robust demand for our solutions,” said
"We delivered strong revenue growth and a bottom line significantly better than expectations in the third quarter,” said
Bill.com’s reported financial results for the third quarter fiscal 2022 include the results of Divvy and
Financial highlights for the third quarter of fiscal 2022:
-
Total revenue was
, an increase of$166.9 million 179% from the third quarter of fiscal 2021. -
Core revenue, which consists of subscription and transaction fees, was
, an increase of$165.5 million 182% year-over-year. Organic core revenue was , up$102.1 million 74% year-over-year, and excluded Divvy andInvoice2go revenue of .$63.4 million -
Subscription fees were
, up$52.2 million 78% year-over-year. Organic subscription fees were , up$43.2 million 48% year-over-year, and excluded Divvy andInvoice2go fees of approximately .$9.0 million -
Transaction fees were
, up$113.3 million 286% year-over year. Organic transaction fees were , up$58.9 million 101% year-over-year, and excluded Divvy andInvoice2go fees of .$54.4 million
-
Subscription fees were
-
Gross profit was
, representing a$129.6 million 77.6% gross margin, compared to , or a$44.3 million 74.2% gross margin, in the third quarter of fiscal 2021. Non-GAAP gross profit was , representing a$141.1 million 84.6% non-GAAP gross margin, compared to , or a$46.0 million 76.9% non-GAAP gross margin in the third quarter of fiscal 2021. -
Loss from operations was
, compared to a loss from operations of$83.2 million in the third quarter of fiscal 2021. Non-GAAP loss from operations was$15.3 million , compared to a non-GAAP loss from operations of$5.7 million in the third quarter of fiscal 2021.$2.1 million -
Net loss was
, or ($86.7 million ) per share, basic and diluted, compared to net loss of$0.84 , or ($26.7 million ) per share, basic and diluted, in the third quarter of fiscal 2021. Non-GAAP net loss was$0.32 , or ($8.7 million ) per share, basic and diluted, compared to non-GAAP net loss of$0.08 , or ($1.7 million ) per share, basic and diluted, in the third quarter of fiscal 2021.$0.02
Business Highlights and Recent Developments
The metrics listed below identified as
-
Served 146,600
Bill.com customers as of the end of the third quarter. Also served 18,100 spending businesses that used Divvy and 221,400 subscribers that usedInvoice2go . -
Processed
in total payment volume (TPV) for$55.1 billion Bill.com customers in the third quarter, an increase of57% year-over-year. Also processed in card payment volume for Divvy.$2.1 billion -
Processed 9.5 million transactions during the third quarter through the
Bill.com platform, representing an increase of32% year-over-year. In addition, processed 5.9 million Divvy card transactions. - Expanded a long-standing partnership with CPA.com by adding Divvy as its new exclusive partner for expense management, corporate card, and spend management.
-
Added businesswoman, journalist, and former
U.S. Small Business Administration cabinet member, Aida Álvarez, to our board of directors. -
Welcomed human resources and organizational development executive,
Michael DeAngelo , as ourChief People Officer . -
Announced
Mark Lenhard , the CEO ofInvoice2go and Bill.com’s COO, will be leaving the company inSeptember 2022 . -
Earned #1 position in G2’s 2022 Top 100 Accounting and
Finance Software ranking and recognized on the Top 100 list for the third year in a row.
Financial Outlook
We are providing the following guidance for the fiscal fourth quarter and the full fiscal year ending
|
Q4 FY22 Guidance |
|
FY22 Guidance |
Total revenue (millions) |
|
|
|
Year-over-year total revenue growth |
|
|
|
Non-GAAP net loss (millions) |
( |
|
( |
Non-GAAP net loss 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 revenue and net loss for the fiscal fourth 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 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
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.
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited, in thousands) | ||||||||
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 |
|
||
|
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 |
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(Unaudited, in thousands except per share amounts) | ||||||||||||||||
Three months ended |
Nine months ended |
|||||||||||||||
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 |
||||||||||||||||
(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 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||
Three months ended |
Nine months ended |
|||||||||||||||
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 |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||
(Unaudited, in thousands except percentages and per share amounts) | ||||||||||||||||
Three months ended |
Nine months ended |
|||||||||||||||
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 |
Nine months ended |
|||||||||||||||
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 |
Nine months ended |
|||||||||||||||
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 |
Nine months ended |
|||||||||||||||
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 |
Nine months 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 | $ |
(0.84 |
) |
$ |
(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 |
Nine months ended |
|||||||||||||||
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 |
|
FREE CASH FLOW | ||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||
Three months ended |
Nine months ended |
|||||||||||||||
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 |
) |
REMAINING PERFORMANCE OBLIGATIONS | ||||||
(Unaudited, in thousands) | ||||||
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 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220505006013/en/
IR Contact:
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Press Contact:
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