BILL Reports First Quarter Fiscal Year 2023 Financial Results
BILL (NYSE: BILL) reported impressive financial results for Q1 FY23, with total revenue reaching $229.9 million, a 94% increase year-over-year. Core revenue also grew by 83% to $214.6 million. Non-GAAP gross profit was $197.2 million, yielding an 85.8% gross margin. Despite a net loss of $81.6 million ($0.78 per share), the company achieved non-GAAP profitability with a net income of $16.9 million ($0.14 per share). BILL now serves nearly 420,000 businesses and processed $64.9 billion in payment volume, reflecting a robust growth trajectory.
- Total revenue increased by 94% to $229.9 million.
- Core revenue rose 83% to $214.6 million.
- Non-GAAP gross margin improved to 85.8%.
- Achieved non-GAAP net income of $16.9 million.
- Net loss of $81.6 million, consistent with previous year.
- Loss from operations increased to $87.7 million.
-
Q1 Core Revenue Increased
83% Year-Over-Year -
Q1 Total Revenue Increased
94% Year-Over-Year
“We delivered excellent results in the first quarter. Revenue grew in excess of
“We delivered great first quarter financial results, with revenue, non-GAAP gross margin, and non-GAAP net income well ahead of our expectations,” said
Financial Highlights for the First Quarter of Fiscal 2023:
The financial measures listed below identified as BILL standalone exclude the results of Divvy and
-
Total revenue was
$229.9 million 94% year-over-year. -
Core revenue, which consists of subscription and transaction fees, was
$214.6 million 83% year-over-year.-
Subscription fees were
$58.1 million 57% year-over-year. This includes$49.3 million 45% year-over-year. -
Transaction fees were
$156.5 million 94% year-over-year. This includes$76.3 million 75% year-over-year, and$78.0 million 113% year-over-year.
-
Subscription fees were
-
Gross profit was
$184.8 million 80.4% gross margin, compared to$88.5 million 74.8% gross margin, in the first quarter of fiscal 2022. Non-GAAP gross profit was$197.2 million 85.8% non-GAAP gross margin, compared to$98.9 million 83.6% non-GAAP gross margin, in the first quarter of fiscal 2022. -
Loss from operations was
$87.7 million $74.2 million $9.1 million $9.2 million -
Net loss was
$81.6 million $0.78 $74.3 million $0.78 $16.9 million $0.14 $12.1 million $0.13
Business Highlights and Recent Developments
The metrics listed below identified as BILL standalone exclude the results of Divvy and
-
Served 419,800 businesses using our solutions as of the end of the first quarter. This includes 172,000 BILL standalone customers, 22,800 spending businesses that used Divvy, and 225,100 subscribers that used
Invoice2go . -
Processed
$64.9 billion 34% year-over-year. This includes$61.6 billion 31% year-over-year, and$3.0 billion 103% year-over-year. -
Processed 19.6 million transactions during the fourth quarter, an increase of
45% year-over-year. This includes 10.8 million transactions on our BILL standalone platform, representing an increase of23% year-over-year, and 8.5 million Divvy card transactions, an increase of83% year-over-year. -
Welcomed global executive and SMB sales leader,
Loren Padelford , as our first Chief Commercial Officer. -
Added
Google Cloud Chief Marketing Officer,Alison Wagonfeld , to our board of directors. - Signed a definitive agreement to acquire Finmark, a financial planning and cash flow insights software company.
Financial Outlook
We are providing the following guidance for the fiscal second quarter ending
|
Q2 FY23
|
|
FY23
|
Total revenue (millions) |
|
|
|
Year-over-year total revenue growth |
|
|
|
Non-GAAP net income (millions) |
|
|
|
Non-GAAP net income per diluted 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.
BILL 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 will host a conference call for investors at
About BILL
BILL is a leader in financial automation software for small and midsize businesses. As a champion of SMBs, we are dedicated to automating the future of finance so businesses can flourish. Hundreds of thousands of businesses trust BILL solutions to manage financial workflows, including payables, receivables, and spend and expense management. With BILL, businesses are connected to a network of millions of members, so they can pay or get paid faster. Through our automated solutions, we help SMBs simplify and control their finances, so they can confidently manage their businesses, and succeed on their terms. BILL is a trusted partner of leading
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 second 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 |
2022 |
|||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ |
1,608,966 |
|
$ |
1,596,542 |
|
||
| Short-term investments |
|
1,034,537 |
|
|
1,108,493 |
|
||
| Accounts receivable, net |
|
29,060 |
|
|
24,045 |
|
||
| Acquired card receivables, net |
|
357,741 |
|
|
256,392 |
|
||
| Prepaid expenses and other current assets |
|
140,019 |
|
|
151,258 |
|
||
| Funds held for customers |
|
3,121,654 |
|
|
3,142,660 |
|
||
| Total current assets |
|
6,291,977 |
|
|
6,279,390 |
|
||
| Non-current assets: | ||||||||
| Operating lease right-of-use assets, net |
|
75,106 |
|
|
76,445 |
|
||
| Property and equipment, net |
|
62,025 |
|
|
56,985 |
|
||
| Intangible assets, net |
|
412,814 |
|
|
432,583 |
|
||
|
2,362,330 |
|
|
2,362,893 |
|
|||
| Other assets |
|
48,847 |
|
|
47,730 |
|
||
| Total assets | $ |
9,253,099 |
|
$ |
9,256,026 |
|
||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable |
|
11,508 |
|
$ |
9,948 |
|
||
| Accrued compensation and benefits |
|
20,649 |
|
|
29,004 |
|
||
| Deferred revenue |
|
30,401 |
|
|
31,868 |
|
||
| Other accruals and current liabilities |
|
141,806 |
|
|
120,080 |
|
||
| Borrowings from revolving credit facility, net |
|
— |
|
|
75,097 |
|
||
| Customer fund deposits |
|
3,121,654 |
|
|
3,142,660 |
|
||
| Total current liabilities |
|
3,326,018 |
|
|
3,408,657 |
|
||
| Non-current liabilities: | ||||||||
| Deferred revenue |
|
2,323 |
|
|
2,159 |
|
||
| Operating lease liabilities |
|
80,440 |
|
|
82,728 |
|
||
| Borrowings from revolving credit facility, net |
|
75,083 |
|
|
— |
|
||
| Convertible senior notes, net |
|
1,699,690 |
|
|
1,697,985 |
|
||
| Other long-term liabilities |
|
22,014 |
|
|
20,803 |
|
||
| Total liabilities |
|
5,205,568 |
|
|
5,212,332 |
|
||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Common stock |
|
2 |
|
|
2 |
|
||
| Additional paid-in capital |
|
4,684,484 |
|
|
4,598,737 |
|
||
| Accumulated other comprehensive loss |
|
(10,487 |
) |
|
(10,217 |
) |
||
| Accumulated deficit |
|
(626,468 |
) |
|
(544,828 |
) |
||
| Total stockholders' equity | $ |
4,047,531 |
|
$ |
4,043,694 |
|
||
| Total liabilities and stockholders' equity | $ |
9,253,099 |
|
$ |
9,256,026 |
|
||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| (Unaudited, in thousands except per share amounts) | ||||||||
| Three months ended |
||||||||
2022 |
2021 (1 ) |
|||||||
| Revenue | $ |
229,924 |
|
$ |
118,349 |
|
||
| Cost of revenue | ||||||||
| Service costs (2) |
|
34,820 |
|
|
20,713 |
|
||
| Depreciation and amortization of intangible assets (3) |
|
10,287 |
|
|
9,122 |
|
||
| Total cost of revenue |
|
45,107 |
|
|
29,835 |
|
||
| Gross profit |
|
184,817 |
|
|
88,514 |
|
||
| Operating expenses | ||||||||
| Research and development (2) |
|
75,121 |
|
|
41,884 |
|
||
| Sales and marketing (2) |
|
118,633 |
|
|
53,629 |
|
||
| General and administrative (2) |
|
66,738 |
|
|
57,515 |
|
||
| Depreciation and amortization of intangible assets (3) |
|
12,019 |
|
|
9,691 |
|
||
| Total operating expenses |
|
272,511 |
|
|
162,719 |
|
||
| Loss from operations |
|
(87,694 |
) |
|
(74,205 |
) |
||
| Other income (expense), net |
|
5,947 |
|
|
(3,475 |
) |
||
| Loss before benefit from income taxes |
|
(81,747 |
) |
|
(77,680 |
) |
||
| Benefit from income taxes |
|
(107 |
) |
|
(3,421 |
) |
||
| Net loss | $ |
(81,640 |
) |
$ |
(74,259 |
) |
||
| Net loss per share attributable to common stockholders, basic and diluted | $ |
(0.78 |
) |
$ |
(0.78 |
) |
||
| Weighted-average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted |
|
105,086 |
|
|
95,892 |
|
||
| ____________________________________ | ||||||||
| (1) Includes the results of |
||||||||
| (2) Includes stock-based compensation expense as follows: | ||||||||
| Cost of revenue | $ |
2,001 |
|
$ |
1,127 |
|
||
| Research and development |
|
20,851 |
|
|
10,560 |
|
||
| Sales and marketing |
|
29,258 |
|
|
8,114 |
|
||
| General and administrative |
|
20,510 |
|
|
18,086 |
|
||
$ |
72,620 |
|
$ |
37,887 |
|
|||
| (3) Depreciation expense excludes amortization of capitalized internal-use software costs. | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (Unaudited, in thousands) | |||||||
| Three months ended |
|||||||
2022 |
2021 (1 ) |
||||||
| Cash flows from operating activities: | |||||||
| Net loss | $ |
(81,640 |
) |
$ |
(74,259 |
) |
|
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||
| Stock-based compensation |
|
72,620 |
|
|
37,887 |
|
|
| Amortization of intangible assets |
|
19,769 |
|
|
16,672 |
|
|
| Depreciation of property and equipment |
|
2,546 |
|
|
2,129 |
|
|
| Amortization of capitalized internal-use software costs |
|
924 |
|
|
259 |
|
|
| Amortization of debt discount (accretion of debt premium) and issuance costs |
|
1,712 |
|
|
556 |
|
|
| Amortization of premium (accretion of discount) on investments in marketable debt securities |
|
(2,215 |
) |
|
2,857 |
|
|
| Provision for losses on acquired card receivables |
|
6,611 |
|
|
4,049 |
|
|
| Non-cash operating lease expense |
|
2,342 |
|
|
1,960 |
|
|
| Deferred income taxes |
|
(299 |
) |
|
(3,423 |
) |
|
| Other |
|
930 |
|
|
— |
|
|
| Changes in assets and liabilities: | |||||||
| Accounts receivable |
|
(4,774 |
) |
|
1,198 |
|
|
| Prepaid expenses and other current assets |
|
(1,339 |
) |
|
6,321 |
|
|
| Other assets |
|
(1,138 |
) |
|
(1,385 |
) |
|
| Accounts payable |
|
1,511 |
|
|
(732 |
) |
|
| Other accruals and current liabilities |
|
4,247 |
|
|
(17,930 |
) |
|
| Operating lease liabilities |
|
(2,386 |
) |
|
(792 |
) |
|
| Other long-term liabilities |
|
34 |
|
|
(121 |
) |
|
| Deferred revenue |
|
(1,303 |
) |
|
3,620 |
|
|
| Net cash provided by (used in) operating activities |
|
18,152 |
|
|
(21,134 |
) |
|
| Cash flows from investing activities: | |||||||
| Cash paid for acquisition, net of acquired cash and cash equivalents |
|
— |
|
|
(144,452 |
) |
|
| Purchases of corporate and customer fund short-term investments |
|
(859,911 |
) |
|
(608,552 |
) |
|
| Proceeds from maturities of corporate and customer fund short-term investments |
|
838,099 |
|
|
318,907 |
|
|
| Proceeds from sale of corporate and customer fund short-term investments |
|
— |
|
|
17,234 |
|
|
| Increase in acquired card receivables and other |
|
(107,443 |
) |
|
(32,663 |
) |
|
| Purchases of property and equipment |
|
(1,376 |
) |
|
(1,404 |
) |
|
| Capitalization of internal-use software costs |
|
(4,764 |
) |
|
(2,942 |
) |
|
| Proceeds from beneficial interest |
|
2,080 |
|
|
— |
|
|
| Net cash used in investing activities |
|
(133,315 |
) |
|
(453,872 |
) |
|
| Cash flows from financing activities: | |||||||
| Proceeds from issuance of common stock upon public offering, net of underwriting discounts and other offering costs |
|
— |
|
|
1,341,597 |
|
|
| Proceeds from issuance of convertible senior notes, net of discounts and issuance costs |
|
— |
|
|
562,704 |
|
|
| Purchase of capped calls |
|
— |
|
|
(37,893 |
) |
|
| Increase in customer fund deposits liability and other |
|
(14,549 |
) |
|
223,641 |
|
|
| Proceeds from exercise of stock options |
|
3,901 |
|
|
8,336 |
|
|
| Proceeds from issuance of common stock under the employee stock purchase plan |
|
8,494 |
|
|
5,726 |
|
|
| Net cash provided by (used in) financing activities |
|
(2,154 |
) |
|
2,104,111 |
|
|
| Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents |
|
(277 |
) |
|
(172 |
) |
|
| Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents |
|
(117,594 |
) |
|
1,628,933 |
|
|
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period |
|
3,542,715 |
|
|
1,809,692 |
|
|
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | $ |
3,425,121 |
|
$ |
3,438,625 |
|
|
| 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 | $ |
1,608,966 |
|
$ |
2,013,433 |
|
|
| Restricted cash included in other current assets |
|
71,629 |
|
|
16,619 |
|
|
| Restricted cash included in other assets |
|
6,724 |
|
|
6,724 |
|
|
| Restricted cash and restricted cash equivalents included in funds held for customers |
|
1,737,802 |
|
|
1,401,849 |
|
|
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | $ |
3,425,121 |
|
$ |
3,438,625 |
|
|
| ____________________________________ | |||||||
| (1) Includes the results of |
|||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||
| (Unaudited, in thousands except percentages and per share amounts) | ||||||||
| Three months ended |
||||||||
2022 |
2021 |
|||||||
| Reconciliation of gross profit: | ||||||||
| GAAP gross profit | $ |
184,817 |
|
$ |
88,514 |
|
||
| Add: | ||||||||
| Depreciation and amortization of intangible assets (1) |
|
10,287 |
|
|
9,122 |
|
||
| Stock-based compensation and related payroll taxes |
|
2,066 |
|
|
1,290 |
|
||
| Non-GAAP gross profit | $ |
197,170 |
|
$ |
98,926 |
|
||
| GAAP gross margin |
|
80.4 |
% |
|
74.8 |
% |
||
| Non-GAAP gross margin |
|
85.8 |
% |
|
83.6 |
% |
||
| ___________________ | ||||||||
| (1) Consists of depreciation of property and equipment and amortization of developed technology, excluding amortization of capitalized internal-use software costs. | ||||||||
| Three months ended |
||||||||
2022 |
2021 |
|||||||
| Reconciliation of operating expenses: | ||||||||
| GAAP research and development expenses | $ |
75,121 |
|
$ |
41,884 |
|
||
| Less - stock-based compensation and related payroll taxes |
|
(21,357 |
) |
|
(11,141 |
) |
||
| Non-GAAP research and development expenses | $ |
53,764 |
|
$ |
30,743 |
|
||
| GAAP sales and marketing expenses | $ |
118,633 |
|
$ |
53,629 |
|
||
| Less - stock-based compensation and related payroll taxes |
|
(30,192 |
) |
|
(8,309 |
) |
||
| Non-GAAP sales and marketing expenses | $ |
88,441 |
|
$ |
45,320 |
|
||
| GAAP general and administrative expenses | $ |
66,738 |
|
$ |
57,515 |
|
||
| Less: | ||||||||
| Stock-based compensation and related payroll taxes |
|
(20,918 |
) |
|
(19,128 |
) |
||
| Acquisition and integration-related expenses |
|
— |
|
|
(6,325 |
) |
||
| Non-GAAP general and administrative expenses | $ |
45,820 |
|
$ |
32,062 |
|
||
| Three months ended |
||||||||
2022 |
2021 |
|||||||
| Reconciliation of loss from operations: | ||||||||
| GAAP loss from operations | $ |
(87,694 |
) |
$ |
(74,205 |
) |
||
| Add: | ||||||||
| Depreciation and amortization of intangible assets (1) |
|
22,306 |
|
|
18,813 |
|
||
| Stock-based compensation and related payroll taxes |
|
74,533 |
|
|
39,868 |
|
||
| Acquisition and integration-related expenses |
|
— |
|
|
6,325 |
|
||
| Non-GAAP income (loss) from operations | $ |
9,145 |
|
$ |
(9,199 |
) |
||
| ___________________ | ||||||||
| (1) Excludes amortization of capitalized internal-use software costs. | ||||||||
| Three months ended |
||||||||
2022 |
2021 |
|||||||
| Reconciliation of net loss: | ||||||||
| GAAP net loss | $ |
(81,640 |
) |
$ |
(74,259 |
) |
||
| Add (less): | ||||||||
| Depreciation and amortization of intangible assets (1) |
|
22,306 |
|
|
18,813 |
|
||
| Stock-based compensation and related payroll taxes |
|
74,533 |
|
|
39,868 |
|
||
| Acquisition and integration-related expenses |
|
— |
|
|
6,325 |
|
||
| Amortization of debt discount (accretion of debt premium) and issuance costs |
|
1,712 |
|
|
556 |
|
||
| Income tax effect associated with non-GAAP adjustments |
|
— |
|
|
(3,423 |
) |
||
| Non-GAAP net income (loss) | $ |
16,911 |
|
$ |
(12,120 |
) |
||
| ___________________ | ||||||||
| (1) Excludes amortization of capitalized internal-use software costs. | ||||||||
| Three months ended |
||||||||
2022 |
2021 |
|||||||
| Reconciliation of net income (loss) per share attributable to common stockholders, basic and diluted | ||||||||
| GAAP net loss per share attributable to common stockholders, basic and diluted | $ |
(0.78 |
) |
$ |
(0.78 |
) |
||
| Add (less): | ||||||||
| Depreciation and amortization of intangible assets (1) |
|
0.21 |
|
|
0.19 |
|
||
| Stock-based compensation and related payroll taxes |
|
0.71 |
|
|
0.42 |
|
||
| Acquisition and integration-related expenses |
|
— |
|
|
0.07 |
|
||
| Amortization of debt discount (accretion of debt premium) and issuance costs |
|
0.02 |
|
|
0.01 |
|
||
| Income tax effect associated with non-GAAP adjustments |
|
— |
|
|
(0.04 |
) |
||
| Non-GAAP net income (loss) per share attributable to common stockholders, basic | $ |
0.16 |
|
$ |
(0.13 |
) |
||
| Non-GAAP net income (loss) per share attributable to common stockholders, diluted | $ |
0.14 |
|
$ |
(0.13 |
) |
||
| ___________________ | ||||||||
| (1) Excludes amortization of capitalized internal-use software costs. | ||||||||
| Three months ended |
||||||||
2022 |
2021 |
|||||||
| Shares used to compute GAAP and non-GAAP net income (loss) per share attributable to common stockholders, basic |
|
105,086 |
|
|
95,892 |
|
||
| Shares used to compute GAAP and non-GAAP net income (loss) per share attributable to common stockholders, diluted |
|
117,191 |
|
|
95,892 |
|
||
| FREE CASH FLOW | ||||||||
| (Unaudited, in thousands) | ||||||||
| Three months ended |
||||||||
2022 |
2021 |
|||||||
| Net cash provided by (used in) operating activities | $ |
18,152 |
|
$ |
(21,134 |
) |
||
| Purchases of property and equipment |
|
(1,376 |
) |
|
(1,404 |
) |
||
| Capitalization of internal-use software costs |
|
(4,764 |
) |
|
(2,942 |
) |
||
| Free cash flow | $ |
12,012 |
|
$ |
(25,480 |
) |
||
| REMAINING PERFORMANCE OBLIGATIONS | ||||||
| (Unaudited, in thousands) | ||||||
2022 |
2022 |
|||||
| Remaining performance obligations to be recognized as revenue: | ||||||
| Within 2 years | $ |
100,347 |
$ |
98,723 |
||
| Thereafter |
|
42,751 |
|
51,567 |
||
| Total | $ |
143,098 |
$ |
150,290 |
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20221103006125/en/
IR Contact:
ksansot@hq.bill.com
Press Contact:
mheller@hq.bill.com
Source: BILL
FAQ
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