I haven’t posted here before, but have followed the board a year or so. Thought I might try to contribute something rather than just absorbing all the useful info. I don’t own this company, and don’t know if it’s been discussed on other services. Pretty sure I haven’t seen it here. But it caught my attention b/c it IPO’ed on Wed, priced @ $22, and closed Friday at $39 (up 77%). So just curious if anyone else has looked at it.
market cap - 2.7 bil
founder lead - https://www.bill.com/about-us/leadership/rene-lacerte/
(sorry if the tables screw up)
Revenue Q1 Q2 Q3 Q4 2018 17,098 19,502 22,424 25,999 2019 28,244 31,684 35,180 - Revenue growth Q1 Q2 Q3 Q4 2018 YOY ? ? ? ? SEQ ? 14% 15% 16% 2019 YOY 65% 62% 56% - SEQ 8% 12% 11% -
The only adj number I found in their S1 was:
Adj gross margin Q1 Q2 Q3 Q4 2018 ? ? 75% ? 2019 ? ? 77% -
And similar for FCF:
Q1 Q2 Q3 Q4 2018 ? ? (3510) ? Margin ? ? (16%) ? 2019 ? ? (4541) - Margin ? ? (13%) ?
I might have missed numbers in their S1 in order to calculate past quarter adj margins (other than last year’s Q3 listed above). But you can get their GAAP Income Sheet numbers going back 8 quarters if you like by scrolling to page 82 on the S1 for the table of past results
Here’s an overview of the GAAP margins based on that page
GAAP gross margin Q1 Q2 Q3 Q4 2018 71% 72% 72% 72% 2019 72% 73% 74% - GAAP op margin Q1 Q2 Q3 Q4 2018 (9%) (9%) (5%) (2%) 2019 (10%) (16%) (18%) - GAAP net margin Q1 Q2 Q3 Q4 2018 (7%) (7%) (4%) (0%) 2019 (7%) (14%) (16%) - And the Dollar-based retention rate Q1 Q2 Q3 Q4 2018 ? ? 106% ? 2019 ? ? 110% ?
my calculations give it a P/S of 22
OVERVIEW FROM S1
Our mission is to make it simple to connect and do business.
We are champions of small and midsize businesses (SMBs). We are a leading provider of cloud-based software that simplifies, digitizes, and automates complex back-office financial operations for SMBs. By transforming how SMBs manage their cash inflows and outflows, we create efficiencies and free our customers to run their businesses.
Our purpose-built, artificial-intelligence (AI)-enabled financial software platform creates seamless connections between our customers, their suppliers, and their clients. Customers use our platform to generate and process invoices, streamline approvals, send and receive payments, sync with their accounting system, and manage their cash. We have built sophisticated integrations with popular
accounting software solutions, banks, and payment processors, enabling our customers to access these mission-critical services through a single connection. As a result, we are central to an SMB’s accounts payable and accounts receivable operations.
- Scroll to page 82 on the S1 for the table of past GAAP results
- Scroll to page 147 on the S1 for insider ownership
MY PERSONAL TAKE FOR NOW
Not now but will watch for re-accelerating revenue and improving cash flow, and it probably doesn’t have enough total revenue for me yet