BILL results

-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

Q2 guidance for 141.5% growth.

Results and guidance seem good.

(Just took a starter position - hoping to dig deep and learn more about the company before building it out)


(I’m reposting below with corrected formatting. Board administrators can you please delete my above two posts – thank you and sorry for the inconvenience)

Exponentialdave gave a good account of BILL.COM in his portfolio review; Muji and Exponentialdave both own BILL and these are two investors which I highly respect, so they sparked my interest in BILL.COM; nevertheless I thought it prudent to wait until after earnings to make a decision on whether or not to start position. I was impressed enough with yesterday’s report to take a starter position.

Exponentialdave’s portfolio review can be found here – I highly recommend you take a read…

(Thank you Exponentialdave for having shared your portfolio review - I hope you will not mind me using it as a roadmap for the thoughts that I wish to share in this post)

Taking account of BILL’s Q1 earnings reported yesterday (04.11.2021):

all numbers listed are in chronological order starting from oldest to latest (which is the Q1 2022)

Here is how’s YoY revenue growth rates have stacked up:
31%, 31%, 38%, 46%, 73%, 78% (organic) – so there is a clear acceleration here.

And on a quarter over quarter basis: 2%, 10%, 17%, 11%, 21%, 15% (organic) – no acceleration in Q1 but the 21% of Q4 was the greatest quarterly growth of all time so naturally it would have been difficult to beat that; and 15% is still high. As Exponentialdave mentioned in his portfolio review “If we look for seasonality in the numbers, its best quarter tends to be its fiscal Q2 (which is Oct-Dec)” – if that is so then we can expect Q2 to be greater than the 15% of Q1 and maybe even greater than the 21% of Q4.

Margins are also good: Q1 gross margins were 74.4% which is substantially level with 74.1% gross margins reported in Q4 – looking back at the previous quarters gross margins have always been around 74% mark.

Organic transaction fee revenues the past 5 quarters (all numbers in millions):
19.2, 26, 29.4, 36, 43.7

So QoQ organic transaction revenue growth is: 35%, 13%, 23%, 21%

Guidance for Q2 is for 130M-131M which is 141%-142% YoY
In Q1 BILL beat the upper range of their guidance by 12.3M, that is they beat the upper range guidance by 11.7%. If we are conservative and consider that they beat the upper range of their Q2 guidance by 6% (i.e. half of what their last beat was – which is surely possible if Q2 has historically been the best quarter) then that would mean that revenue in Q2 would come in at 138.8M which is QoQ growth of 19%. If they were to beat guidance by 10% that would give QoQ growth of over 23%.

Also we learned that Scott Wagner has joined BILL as a Director – a quote from the CC “Scott’s experience building and scaling GoDaddy to serve millions of customers around the world will be invaluable as we expand our platform’s capabilities and enter new markets.” – not sure how significant this is but it seems positive to me.

Some potential issues :

Non-GAAP Net losses increased from approx. 6M in Q4 to 14.1M in Q1. (Not sure how significant this is)

Customer growth : In Q1 Bill served 126,800 customers, that’s up from 121,200 in Q4; that is an increase of 5,600 customers sequentially (organically) which is a 4.6% increase in customers sequentially. So, customer growth for Q3,Q4,Q1 has been 6%,4%, 4.6% respectively – so we have seen a small acceleration in Q1 but we are still not back to the levels of customer growth we saw in Q3.

I’m hoping the experienced investors on this board will contribute their comments on Bill.

Bill’s Q1 2022 results can be found here:…

(I have not listened to the conference call yet – but I intend to do so over the weekend)

Kind regards to all,


Quick question on BILL’s customer base as I’m not familiar. Is it more B2B/enterprise clients or is it something used more by manufacturers and suppliers? I’m just curious if the current supply chain and inventory issues might pressure customer adds and/or transaction volume since it looks like BILL’s core revenue is at least somewhat tied to transaction volume.



Been following the board for some time now. First time posting, so I am sorry if this question is unacceptable.

What I don’t understand about is why would people use it over the bill pay and invoice trackers that are built into the likes of quickbooks, freshbooks, etc. Is it just that their add on service is just so much better that it is worth the money? It seems that QuickBooks bill pay had very poor reviews on their own site avg 3 stars (255) and had avg 4 stars (955) on Quickbooks site. So clearly Quickbooks users like and use over Quickbooks bill pay.

Is there anyone on the board that uses AND an accounting software that can explain why you like it and use it?


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Stocknoivce, I am unable to answer your question directly (yet) becuase I don’t have a full picture of their overall customer landscape - but in the CC they said " There is significant uncertainty regarding the next phase of the pandemic, and many businesses are experiencing supply chain challenges. And while we haven’t seen any material impact to our business to date, we are monitoring the situation closely. For purposes of our fiscal 2022 outlook, we have assumed that there won’t be a material negative impact to our business from macroeconomic or supply chain issues faced by our customers "

They have a focus of SMB’s. I got the impression that financial institutions and accounting firms are important customers - so my first impression is that its more B2B (but I cannot say for certain without further research)
They mentioned in the CC that "Our third priority is to scale our relationships with our financial institutions and accounting firms. We have developed a simplified version of our white label platform, which will be the default payment and invoicing solution for SMB customers in the top 3 U.S. bank. This bank is in the beginning stages of piloting this service, and we will share more insight with you as we progress to general availability in calendar 2022.

Within the accounting channel, we recently made adding new clients to our platform easier and faster which enabled accountants to onboard them more quickly. For example, Ketel Thorstenson, a top 300 accounting firm, adopted the platform. By leveraging our accountant-focused features, Ketel Thorstenson was able to create repeatable standardized workflows for their team and add nearly 100 clients out of the gate.

In closing, we are making great progress on building the all-in-one financial operations platform for SMBs of all sizes…"