Link to press release: https://s24.q4cdn.com/404137088/files/doc_financials/2022/q1…
Link to investor deck: https://s24.q4cdn.com/404137088/files/doc_financials/2022/q1…
Bill.com Reports First Quarter Fiscal 2022 Financial Results
? Q1 Core Revenue Increased 164% Year-Over-Year
? Q1 Organic Core Revenue Increased 78% Year-Over-Year
? Q1 Transaction Fees Increased 319% Year-Over-Year
? Q1 Organic Transaction Fees Increased 127% Year-Over-Year
SAN JOSE, Calif.–(BUSINESS WIRE) – November 4, 2021 – Bill.com (NYSE: BILL), a leading
provider of cloud-based software that simplifies, digitizes, and automates complex back-office
financial operations for small and midsize businesses (SMBs), today announced financial
results for the first fiscal quarter ended September 30, 2021.
“We kicked off our fiscal year with momentum and strong first quarter results that exceeded
our expectations,” said René Lacerte, Bill.com CEO and Founder. “We also completed our
acquisition of Invoice2go, which significantly expands our reach to serve millions more
businesses around the globe. Most importantly, we helped hundreds of thousands of
businesses simplify and automate their operations so they can focus on what they do best. Our
leading accounts payable and accounts receivable platform and spend management solution
position us well to become the all-in-one financial operations platform for SMBs.”
“Our organic core revenue growth increased 78% year-over-year in the first quarter, and our
spend management solution continued its robust growth trajectory,” said John Rettig, Bill.com
CFO. “Our performance was driven by strong adoption and usage of our solutions and solid
execution across our team. We are in a strong position to extend our leadership in serving the
SMB market.”
Bill.com completed the acquisition of Invoice2go, a leading mobile-first accounts receivable
(AR) software provider, on September 1, 2021. Bill.com’s reported financial results for the first
quarter fiscal 2022 include the results of Invoice2go from that date, while prior periods
presented do not. Organic results exclude the impact of Invoice2go and recently-acquired
Divvy.
Financial highlights for the first quarter of fiscal 2022, as reported, including Divvy and
Invoice2go, unless otherwise indicated:
? Total revenue was $116.4 million, an increase of 152% from the first quarter of
fiscal 2021.
? Core revenue, which represents subscription and transaction fees was $115.6
million, an increase of 164% year-over-year. Organic core revenue was $77.7
million, up 78% year-over-year, and excluded Divvy and Invoice2go revenue of
$37.9 million.
? Subscription fees were $35.0 million, up 43% year-over-year. Organic
subscription fees were $34.1 million, up 39% year-over-year, and excluded
Divvy and Invoice2go fees of approximately $1.0 million.
? Transaction fees were $80.6 million, up 319% year-over year. Organic
transaction fees were $43.7 million, up 127% year-over-year, and excluded
Divvy and Invoice2go fees of $36.9 million.
? Gross profit was $86.6 million, representing a 74.4% gross margin, compared to
$34.1 million, or a 73.8% gross margin, in the first quarter of fiscal 2021. NonGAAP gross profit was $97.0 million, representing a 83.3% non-GAAP gross
margin, compared to $35.2 million, or a 76.2% non-GAAP gross margin in the
first quarter of fiscal 2021.
? Loss from operations was $76.2 million, compared to a loss from operations of $13.8
million in the first quarter of fiscal 2021. Non-GAAP loss from operations was $11.1
million, compared to a non-GAAP loss from operations of $2.3 million in the first quarter
of fiscal 2021.
? Net loss was $75.7 million, or ($0.79) per share, basic and diluted, compared to
net loss of $13.0 million, or ($0.16) per share, basic and diluted, in the first
quarter of fiscal 2021. Non-GAAP net loss was $14.1 million, or ($0.15) per
share, basic and diluted, compared to non-GAAP net loss of $1.4 million, or
($0.02) per share, basic and diluted, in the first quarter of fiscal 2021.
Business Highlights and Recent Developments
The metrics listed below identified as Bill.com metrics exclude the results of
Divvy and Invoice2go.
? Completed the acquisition of Invoice2go, a leading mobile-first AR software provider.
? Served 126,800 Bill.com customers as of the end of the first quarter. Also served
13,500 spending businesses that used Divvy in September 2021 and approximately
226,000 subscribers that used Invoice2go.
? Processed $46.9 billion in total payment volume (“TPV”) for Bill.com customers
in the first quarter, an increase of 63% year-over-year. Also processed $1.5
billion in TPV related to card payment volume for Divvy and approximately
$100 million in TPV for Invoice2go.
? Processed 8.8 million transactions during the first quarter through the Bill.com
platform, representing an increase of 35% year-over-year. Also processed 4.6
million transactions with Divvy cards and over 100,000 transactions through
Invoice2go.
? Added seasoned SaaS executive, Scott Wagner, to our board of directors.
? Completed an equity offering of $1.38 billion of common stock and an offering of
$575 million of 0% convertible senior notes due 2027.
We are providing the following guidance for the fiscal second quarter ending December 31,
2021 and the full fiscal year ending June 30, 2022.
Q2 FY22 Guidance FY22 Guidance
Total revenue (millions) $130.0 - $131.0 $538.0 - $541.0
Year-over-year total revenue growth 141% - 142% 126% - 127%
Non-GAAP net loss (millions) ($18.0) - ($17.0) ($81.0) - ($78.0)
Non-GAAP net loss per share ($0.18) - ($0.17) ($0.80) - ($0.77)