Question regarding BILL / Divvy / Invoice2Go

Hi all,

I am currently preparing my expectations for Bill, who will report on Thursday.
As this is quite a complex story I am trying to separate Bill organic revenue and revenue from Divvy/Invoice2Go. Man is this confusing!

My question:
Does anyone have the exact revenue numbers for each, Divvy and Invoice2Go, over the last few quarters?
If I am not mistaken, we are NOT able to state that:
Inorganic Subscription Revenue = Invoice2Go
Inorganic Transaction Revenue = Divvy
This might be a rough approximation but not very precise.

Can anyone guide me to the exact numbers for Divvy and Invoice2Go? Ideally even broken down to subscription vs. transaction for both of them?
Only EXACT numbers I found so far for Divvy:
(1) $8.7M total revenue in March 2021, (see M&A slides)
(2) $10.3M total revenue in June 2021 (see, Q2 2021 Calender Year Earnings)
(3) $29M total revenue in Q2 2021 (calender year), see last CC
(4) $53,6M transaction (?)revenue for last Q (Q1 2022, see CC)

Happy to share my expecations for their earnings ahead of Thursday if I am able to complete this exercise.

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Is there anything here that helps? >> https://www.sec.gov/edgar/browse/?CIK=1786352&owner=excl…

Rob
Former RB and BL Home Fool, Supernova Portfolio Contributor & Maintenance Fool
He is no fool who gives what he cannot keep to gain what he cannot lose.

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Regarding BILL organic, here are my guesses at acquired revenue per Q, per clues that mgmt has given. (All in MM)

        
ACQUISTIONS          Q322    Q222    Q122    Q421    Q321
Subscription rev     9.00    8.90    0.90    0.10
Transactional rev   54.40   49.50   36.90   10.20  
= Acq core rev      63.40   58.50   37.80   10.31        
Organic core rev   102.10   97.10   77.80   67.20   58.62 

Organic sub rev     43.20   40.30   34.10   31.10   29.30
Organic tx rev      58.90   56.80   43.70   36.10   29.30

Keep in mind that Divvy was ~1 month of Q4 (so 1/3 contribution at first), and Inv2Go was 1 month of Q1 (very small contribution it seems). Divvy has a teensy amount of sub rev and is bulk of tx rev, Inv2Go has a teensy amount of tx rev, and is bulk of sub rev. (Obviously, they wish to greatly increase Inv2Go’s tx rev from here but it will always be a tiny 3rd place compared to core Bill and Divvy.)

We already knew this, but clearly Divvy was a great purchase. Yes, as JW likes to say, not as good as what we know about competitor Ramp… but Divvy was a fantastic purchase.

We will lap 1 month of Divvy in today’s Q4 earnings, and lap the full contribution of the acquisition in Q1.

  • muji
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