(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of Principal Executive Offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit Number | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
BILL.COM HOLDINGS, INC. | |||||||||||
Date: | November 3, 2022 | By: | /s/ John Rettig | ||||||||
John Rettig Chief Financial Officer and Executive Vice President, Finance and Operations |
Q2 FY23 Guidance | FY23 Guidance | ||||||||||
Total revenue (millions) | $241.5 – $244.5 | $994.0 – $1,007.0 | |||||||||
Year-over-year total revenue growth | 54% – 56% | 55% – 57% | |||||||||
Non-GAAP net income (millions) | $14.5 – $17.0 | $57.5 – $70.0 | |||||||||
Non-GAAP net income per diluted share | $0.12 – $0.14 | $0.48 – $0.59 |
September 30, 2022 | June 30, 2022 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 1,608,966 | $ | 1,596,542 | ||||||||||
Short-term investments | 1,034,537 | 1,108,493 | ||||||||||||
Accounts receivable, net | 29,060 | 24,045 | ||||||||||||
Acquired card receivables, net | 357,741 | 256,392 | ||||||||||||
Prepaid expenses and other current assets | 140,019 | 151,258 | ||||||||||||
Funds held for customers | 3,121,654 | 3,142,660 | ||||||||||||
Total current assets | 6,291,977 | 6,279,390 | ||||||||||||
Non-current assets: | ||||||||||||||
Operating lease right-of-use assets, net | 75,106 | 76,445 | ||||||||||||
Property and equipment, net | 62,025 | 56,985 | ||||||||||||
Intangible assets, net | 412,814 | 432,583 | ||||||||||||
Goodwill | 2,362,330 | 2,362,893 | ||||||||||||
Other assets | 48,847 | 47,730 | ||||||||||||
Total assets | $ | 9,253,099 | $ | 9,256,026 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 11,508 | $ | 9,948 | ||||||||||
Accrued compensation and benefits | 20,649 | 29,004 | ||||||||||||
Deferred revenue | 30,401 | 31,868 | ||||||||||||
Other accruals and current liabilities | 141,806 | 120,080 | ||||||||||||
Borrowings from revolving credit facility, net | — | 75,097 | ||||||||||||
Customer fund deposits | 3,121,654 | 3,142,660 | ||||||||||||
Total current liabilities | 3,326,018 | 3,408,657 | ||||||||||||
Non-current liabilities: | ||||||||||||||
Deferred revenue | 2,323 | 2,159 | ||||||||||||
Operating lease liabilities | 80,440 | 82,728 | ||||||||||||
Borrowings from revolving credit facility, net | 75,083 | — | ||||||||||||
Convertible senior notes, net | 1,699,690 | 1,697,985 | ||||||||||||
Other long-term liabilities | 22,014 | 20,803 | ||||||||||||
Total liabilities | 5,205,568 | 5,212,332 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Stockholders' equity: | ||||||||||||||
Common stock | 2 | 2 | ||||||||||||
Additional paid-in capital | 4,684,484 | 4,598,737 | ||||||||||||
Accumulated other comprehensive loss | (10,487) | (10,217) | ||||||||||||
Accumulated deficit | (626,468) | (544,828) | ||||||||||||
Total stockholders' equity | 4,047,531 | 4,043,694 | ||||||||||||
Total liabilities and stockholders' equity | $ | 9,253,099 | $ | 9,256,026 |
Three months ended September 30, | ||||||||||||||
2022 | 2021(1) | |||||||||||||
Revenue | $ | 229,924 | $ | 118,349 | ||||||||||
Cost of revenue | ||||||||||||||
Service costs (2) | 34,820 | 20,713 | ||||||||||||
Depreciation and amortization of intangible assets (3) | 10,287 | 9,122 | ||||||||||||
Total cost of revenue | 45,107 | 29,835 | ||||||||||||
Gross profit | 184,817 | 88,514 | ||||||||||||
Operating expenses | ||||||||||||||
Research and development (2) | 75,121 | 41,884 | ||||||||||||
Sales and marketing (2) | 118,633 | 53,629 | ||||||||||||
General and administrative (2) | 66,738 | 57,515 | ||||||||||||
Depreciation and amortization of intangible assets (3) | 12,019 | 9,691 | ||||||||||||
Total operating expenses | 272,511 | 162,719 | ||||||||||||
Loss from operations | (87,694) | (74,205) | ||||||||||||
Other income (expense), net | 5,947 | (3,475) | ||||||||||||
Loss before benefit from income taxes | (81,747) | (77,680) | ||||||||||||
Benefit from income taxes | (107) | (3,421) | ||||||||||||
Net loss | $ | (81,640) | $ | (74,259) | ||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.78) | $ | (0.78) | ||||||||||
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted | 105,086 | 95,892 |
______________________________________ (1) Includes the results of Invoice2go from the acquisition date on September 1, 2021. | ||
(2) Includes stock-based compensation expense as follows: |
Three months ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cost of revenue | $ | 2,001 | $ | 1,127 | ||||||||||
Research and development | 20,851 | 10,560 | ||||||||||||
Sales and marketing | 29,258 | 8,114 | ||||||||||||
General and administrative | 20,510 | 18,086 | ||||||||||||
$ | 72,620 | $ | 37,887 |
(3) Depreciation expense excludes amortization of capitalized internal-use software costs. |
Three months ended September 30, | ||||||||||||||
2022 | 2021(1) | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net loss | $ | (81,640) | $ | (74,259) | ||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||
Stock-based compensation | 72,620 | 37,887 | ||||||||||||
Amortization of intangible assets | 19,769 | 16,672 | ||||||||||||
Depreciation of property and equipment | 2,546 | 2,129 | ||||||||||||
Amortization of capitalized internal-use software costs | 924 | 259 | ||||||||||||
Amortization of debt discount (accretion of debt premium) and issuance costs | 1,712 | 556 | ||||||||||||
Amortization of premium (accretion of discount) on investments in marketable debt securities | (2,215) | 2,857 | ||||||||||||
Provision for losses on acquired card receivables | 6,611 | 4,049 | ||||||||||||
Non-cash operating lease expense | 2,342 | 1,960 | ||||||||||||
Deferred income taxes | (299) | (3,423) | ||||||||||||
Other | 930 | — | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||
Accounts receivable | (4,774) | 1,198 | ||||||||||||
Prepaid expenses and other current assets | (1,339) | 6,321 | ||||||||||||
Other assets | (1,138) | (1,385) | ||||||||||||
Accounts payable | 1,511 | (732) | ||||||||||||
Other accruals and current liabilities | 4,247 | (17,930) | ||||||||||||
Operating lease liabilities | (2,386) | (792) | ||||||||||||
Other long-term liabilities | 34 | (121) | ||||||||||||
Deferred revenue | (1,303) | 3,620 | ||||||||||||
Net cash provided by (used in) operating activities | 18,152 | (21,134) | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Cash paid for acquisition, net of acquired cash and cash equivalents | — | (144,452) | ||||||||||||
Purchases of corporate and customer fund short-term investments | (859,911) | (608,552) | ||||||||||||
Proceeds from maturities of corporate and customer fund short-term investments | 838,099 | 318,907 | ||||||||||||
Proceeds from sale of corporate and customer fund short-term investments | — | 17,234 | ||||||||||||
Increase in acquired card receivables and other | (107,443) | (32,663) | ||||||||||||
Purchases of property and equipment | (1,376) | (1,404) | ||||||||||||
Capitalization of internal-use software costs | (4,764) | (2,942) | ||||||||||||
Proceeds from beneficial interest | 2,080 | — | ||||||||||||
Net cash used in investing activities | (133,315) | (453,872) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from issuance of common stock upon public offering, net of underwriting discounts and other offering costs | — | 1,341,597 | ||||||||||||
Proceeds from issuance of convertible senior notes, net of discounts and issuance costs | — | 562,704 | ||||||||||||
Purchase of capped calls | — | (37,893) | ||||||||||||
Increase in customer fund deposits liability and other | (14,549) | 223,641 | ||||||||||||
Proceeds from exercise of stock options | 3,901 | 8,336 | ||||||||||||
Proceeds from issuance of common stock under the employee stock purchase plan | 8,494 | 5,726 | ||||||||||||
Net cash provided by (used in) financing activities | (2,154) | 2,104,111 | ||||||||||||
Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents | (277) | (172) | ||||||||||||
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | (117,594) | 1,628,933 | ||||||||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period | 3,542,715 | 1,809,692 | ||||||||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | $ | 3,425,121 | $ | 3,438,625 | ||||||||||
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows above: | ||||||||||||||
Cash and cash equivalents | $ | 1,608,966 | $ | 2,013,433 | ||||||||||
Restricted cash included in other current assets | 71,629 | 16,619 | ||||||||||||
Restricted cash included in other assets | 6,724 | 6,724 | ||||||||||||
Restricted cash and restricted cash equivalents included in funds held for customers | 1,737,802 | 1,401,849 | ||||||||||||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | $ | 3,425,121 | $ | 3,438,625 |
(1) Includes the results of Invoice2go from the acquisition date on September 1, 2021. |
Three months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Reconciliation of gross profit: | |||||||||||
GAAP gross profit | $ | 184,817 | $ | 88,514 | |||||||
Add: | |||||||||||
Depreciation and amortization of intangible assets (1) | 10,287 | 9,122 | |||||||||
Stock-based compensation and related payroll taxes | 2,066 | 1,290 | |||||||||
Non-GAAP gross profit | $ | 197,170 | $ | 98,926 | |||||||
GAAP gross margin | 80.4 | % | 74.8 | % | |||||||
Non-GAAP gross margin | 85.8 | % | 83.6 | % | |||||||
___________________ (1) Consists of depreciation of property and equipment and amortization of developed technology, excluding amortization of capitalized internal-use software costs. |
Three months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Reconciliation of operating expenses: | |||||||||||
GAAP research and development expenses | $ | 75,121 | $ | 41,884 | |||||||
Less - stock-based compensation and related payroll taxes | (21,357) | (11,141) | |||||||||
Non-GAAP research and development expenses | $ | 53,764 | $ | 30,743 | |||||||
GAAP sales and marketing expenses | $ | 118,633 | $ | 53,629 | |||||||
Less - stock-based compensation and related payroll taxes | (30,192) | (8,309) | |||||||||
Non-GAAP sales and marketing expenses | $ | 88,441 | $ | 45,320 | |||||||
GAAP general and administrative expenses | $ | 66,738 | $ | 57,515 | |||||||
Less: | |||||||||||
Stock-based compensation and related payroll taxes | (20,918) | (19,128) | |||||||||
Acquisition and integration-related expenses | — | (6,325) | |||||||||
Non-GAAP general and administrative expenses | $ | 45,820 | $ | 32,062 |
Three months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Reconciliation of loss from operations: | |||||||||||
GAAP loss from operations | $ | (87,694) | $ | (74,205) | |||||||
Add: | |||||||||||
Depreciation and amortization of intangible assets (1) | 22,306 | 18,813 | |||||||||
Stock-based compensation and related payroll taxes | 74,533 | 39,868 | |||||||||
Acquisition and integration-related expenses | — | 6,325 | |||||||||
Non-GAAP income (loss) from operations | $ | 9,145 | $ | (9,199) | |||||||
___________________ (1) Excludes amortization of capitalized internal-use software costs. |
Three months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Reconciliation of net loss: | |||||||||||
GAAP net loss | $ | (81,640) | $ | (74,259) | |||||||
Add (less): | |||||||||||
Depreciation and amortization of intangible assets (1) | 22,306 | 18,813 | |||||||||
Stock-based compensation and related payroll taxes | 74,533 | 39,868 | |||||||||
Acquisition and integration-related expenses | — | 6,325 | |||||||||
Amortization of debt discount (accretion of debt premium) and issuance costs | 1,712 | 556 | |||||||||
Income tax effect associated with non-GAAP adjustments | — | (3,423) | |||||||||
Non-GAAP net income (loss) | $ | 16,911 | $ | (12,120) | |||||||
___________________ (1) Excludes amortization of capitalized internal-use software costs. |
Three months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Reconciliation of net income (loss) per share attributable to common stockholders, basic and diluted | |||||||||||
GAAP net loss per share attributable to common stockholders, basic and diluted | $ | (0.78) | $ | (0.78) | |||||||
Add (less): | |||||||||||
Depreciation and amortization of intangible assets (1) | 0.21 | 0.19 | |||||||||
Stock-based compensation and related payroll taxes | 0.71 | 0.42 | |||||||||
Acquisition and integration-related expenses | — | 0.07 | |||||||||
Amortization of debt discount (accretion of debt premium) and issuance costs | 0.02 | 0.01 | |||||||||
Income tax effect associated with non-GAAP adjustments | — | (0.04) | |||||||||
Non-GAAP net income (loss) per share attributable to common stockholders, basic | $ | 0.16 | $ | (0.13) | |||||||
Non-GAAP net income (loss) per share attributable to common stockholders, diluted | $ | 0.14 | $ | (0.13) | |||||||
___________________ (1) Excludes amortization of capitalized internal-use software costs. |
Three months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Shares used to compute GAAP and non-GAAP net income (loss) per share attributable to common stockholders, basic | 105,086 | 95,892 | |||||||||
Shares used to compute GAAP and non-GAAP net income (loss) per share attributable to common stockholders, diluted | 117,191 | 95,892 |
Three months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Net cash provided by (used in) operating activities | $ | 18,152 | $ | (21,134) | |||||||
Purchases of property and equipment | (1,376) | (1,404) | |||||||||
Capitalization of internal-use software costs | (4,764) | (2,942) | |||||||||
Free cash flow | $ | 12,012 | $ | (25,480) |
September 30, 2022 | June 30, 2022 | ||||||||||
Remaining performance obligations to be recognized as revenue: | |||||||||||
Within 2 years | $ | 100,347 | $ | 98,723 | |||||||
Thereafter | $ | 42,751 | 51,567 | ||||||||
Total | $ | 143,098 | $ | 150,290 |
6^[(N%B+CW%
M[[]F[->8E;;MU]&&P[Z
Cover |
Nov. 03, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 03, 2022 |
Entity Registrant Name | Bill.com Holdings, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-39149 |
Entity Tax Identification Number | 83-2661725 |
Entity Address, Address Line One | 6220 America Center Drive, Suite 100 |
Entity Address, State or Province | CA |
Entity Address, City or Town | San Jose |
Entity Address, Postal Zip Code | 95002 |
City Area Code | 650 |
Local Phone Number | 621-7700 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.00001 par value |
Trading Symbol | BILL |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001786352 |
Amendment Flag | false |
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