BILL Reports First Quarter Fiscal Year 2025 Financial Results

In This Article:

  • Accelerated Q1 Core Revenue Growth to 19% Year-Over-Year

  • Increased Q1 Total Revenue Growth to 18% Year-Over-Year

  • Repurchased $200 Million of Common Stock, or 3.7 Million Shares, During the Quarter

SAN JOSE, Calif., November 07, 2024--(BUSINESS WIRE)--BILL (NYSE: BILL), a leading financial operations platform for small and midsize businesses (SMBs), today announced financial results for the first fiscal quarter ended September 30, 2024.

"We delivered strong financial results and drove a fast pace of innovation as we executed well on our strategy to expand our leadership position in the financial operations category for SMBs," said René Lacerte, BILL CEO and Founder. "We empower SMBs to simplify their operations, have access to capital, and gain valuable insight and control of their cash flow. With our category defining platform, broad payment capabilities, and large and expanding ecosystem, we are helping nearly 500,000 SMBs better run their businesses and thrive."

"Our continued strong financial performance demonstrates the durable business model and the rigor of our execution in driving growth and increasing profitability," said John Rettig, BILL President and CFO. "In fiscal 2025 we are making targeted investments to accelerate our strategic priorities, expand our platform, and penetrate the market. We are building BILL to be a durable high growth, highly profitable business over the long-term."

Financial Highlights for the First Quarter of Fiscal 2025:

  • Total revenue was $358.5 million, an increase of 18% year-over-year.

  • Core revenue, which consists of subscription and transaction fees, was $314.9 million, an increase of 19% year-over-year. Subscription fees were $67.4 million, up 8% year-over-year. Transaction fees were $247.5 million, up 22% year-over-year.

  • Float revenue, which consists of interest on funds held for customers, was $43.5 million.

  • Gross profit was $293.8 million, representing an 82.0% gross margin, compared to $249.0 million, or an 81.6% gross margin, in the first quarter of fiscal 2024. Non-GAAP gross profit was $307.0 million, representing an 85.7% non-GAAP gross margin, compared to $262.7 million, or an 86.1% non-GAAP gross margin, in the first quarter of fiscal 2024.

  • Operating loss was $7.7 million, compared to an operating loss of $56.6 million in the first quarter of fiscal 2024. Non-GAAP operating income was $67.1 million, compared to $33.4 million in the first quarter of fiscal 2024, an increase of 101% year-over-year.

  • Net income was $8.9 million, or $0.08 per basic and diluted share, compared to net loss of $27.9 million, or ($0.26) per basic and diluted share, in the first quarter of fiscal 2024. Non-GAAP net income was $68.6 million, or $0.63 per diluted share, compared to non-GAAP net income of $51.6 million, or $0.44 per diluted share, in the first quarter of fiscal 2024.

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