SAN JOSE, Calif.--(BUSINESS WIRE)--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 second fiscal quarter ended December 31, 2020.
"We delivered strong financial results and record payment volume growth driven by robust demand for our platform and its expanded payment offerings,” said René Lacerte, Bill.com CEO. “Adoption and usage continues to strengthen in this new remote environment as we are effectively guiding companies on their digital transformation path. Our offering has become a mission-critical tool for many small and midsize businesses. The increasing scale of our platform purpose-built for SMBs is automating financial operations facilitating over ten billion dollars of B2B payments each month.”
Financial Highlights for the Second Quarter of Fiscal 2021
- Total revenue was $54.0 million, an increase of 38% from the second quarter of fiscal 2020.
- Core revenue, which includes subscription and transaction fees, was $52.3 million, an increase of 59% year-over-year. Subscription fees were $26.6 million, an increase of 33% year-over-year. Transaction fees were $25.7 million, an increase of 98% year-over-year.
- GAAP gross profit was $40.1 million, representing a 74.1% gross margin, compared to $29.3 million, or a 75.0% gross margin, in the second quarter of fiscal 2020. Non-GAAP gross profit was $41.8 million, representing a 77.3% non-GAAP gross margin, compared to $30.5 million, or a 78.0% non-GAAP gross margin in the second quarter of fiscal 2020.
- Loss from operations was $14.2 million, compared to a loss from operations of $7.9 million in the second quarter of fiscal 2020. Non-GAAP loss from operations was $2.7 million, compared to a non-GAAP loss from operations of $4.5 million in the second quarter of fiscal 2020.
- Net loss was $17.2 million, or ($0.21) per share, basic and diluted, compared to net loss of $7.6 million, or ($0.34) per share, basic and diluted, in the second quarter of fiscal 2020. Non-GAAP net loss was $2.1 million, or ($0.03) per share, basic and diluted, compared to non-GAAP net loss of $3.6 million, or ($0.06) per share, basic and diluted, in the second quarter of fiscal 2020.
- Cash, cash equivalents and short-term investments were $1.7 billion at December 31, 2020.
Business Highlights and Recent Developments
- Served 109,200 customers as of the end of the second quarter of fiscal 2021, representing year-over-year customer growth of 27%
- Processed $34.8 billion in total payment volume on our platform in the second quarter, an increase of 40% year-over-year and 21% quarter-over-quarter
- Processed 7.2 million transactions in the second quarter of fiscal 2021
- Introduced Bill Manager with Wells Fargo, a new joint offering to help automate and simplify the accounts payable and receivable process for midsize businesses
- Launched a tailored offering for wealth management firms to help deliver bill pay services for high-net-worth clients
- Added seasoned technology and payments executive, Steve Fisher, to our board of directors
- Completed an offering of $1.15 billion of 0% convertible senior notes due 2025 (“2025 Notes”)
Conference Call
In conjunction with this announcement, Bill.com will host a conference call at 1:30 p.m. PT (4:30 p.m. ET) today to discuss second quarter results as well as our outlook for the third quarter of fiscal 2021. The conference call will be available via live webcast and replay at the Investor Relations section of Bill.com’s website: https://investor.bill.com/events-and-presentations/default.aspx.
About Bill.com
Bill.com is a leading provider of cloud-based software that simplifies, digitizes, and automates complex, back-office financial operations for small and midsize businesses. Customers use the Bill.com platform to manage end-to-end financial workflows and to process payments. The Bill.com AI-enabled, financial software platform creates connections between businesses and their suppliers and clients. It helps manage cash inflows and outflow. The company partners with several of the largest U.S. financial institutions, the majority of the top 100 U.S. accounting firms, and popular accounting software providers. Bill.com has offices in San Jose, California and Houston, Texas. For more information, visit www.bill.com.
Note on Forward-Looking Statements
This press release and the accompanying conference call include forward-looking statements, which are statements other than statements of historical facts, and statements in the future tense. Forward-looking statements are based on our expectations as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, many of which involve factors or circumstances that are beyond our control. These statements include, but are not limited to, statements regarding our expectations for future performance, the growth of demand on our platform and the expansion of our customers’ utilization of our services. These risks and uncertainties include, but are not limited to, the novel coronavirus pandemic (COVID-19) and its impact on our employees, customers, strategic partners, vendors, results of operations, liquidity and financial condition, our history of operating losses, our recent rapid growth, the large sums of customer funds that we transfer daily, the risk of loss, errors and fraudulent activity, the market, interest rate, foreign exchange and other conditions that the customer funds we hold in trust are subject to, our ability to attract new customers and convert trial customers into paying customers, our ability to develop new products and services, increased competition or new entrants in the marketplace, potential impact of acquisitions and investments, changes in staffing levels, and other risks detailed in registration statements and periodic reports we file with the SEC, including our annual report on Form 10-K filed with the SEC on August 31, 2020, which may be obtained on the Investor Relations section of Bill.com’s website (https://investor.bill.com/financials/sec-filings/default.aspx) and on the SEC website at www.sec.gov. Additional information will also be set forth in our quarterly report on Form 10-Q for the three months ended December 31, 2020 when filed. Actual results may differ materially from those presently reported. All forward-looking statements in this press release are based on information available to us as of the date hereof. We assume no obligation to update the information contained in this press release or the accompanying conference call.
Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release and the accompanying tables contain, and the conference call will contain, non-GAAP financial measures, including non-GAAP loss from operations, non-GAAP net loss and non-GAAP net loss per share, basic and diluted. The non-GAAP financial information is presented for supplemental informational purposes only and is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP.
We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry. However, it is important to note that the particular items we exclude from, or include in, our non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry.
We adjust the following items from one or more of our non-GAAP financial measures:
Stock-based compensation expense. We exclude stock-based compensation expense, which is a non-cash expense, from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance. In particular, companies calculate stock- based compensation expenses using a variety of valuation methodologies and subjective assumptions.
Employer payroll taxes related to employee stock-based compensation. We exclude payroll tax expense related to employee stock-based transactions because we believe that excluding this item provides meaningful supplemental information regarding operational performance. In particular, this expense is dependent on the price of our common stock and other factors that are beyond our control and do not correlate to the operation of our business. Employer payroll tax expense related to employee stock-based compensation was not material for all periods prior to June 30, 2020; therefore, it was excluded from those prior periods.
Depreciation and amortization expense. We exclude depreciation and amortization expenses from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance.
Capitalized internal-use software and amortization. We include capitalization and exclude the subsequent amortization of internal-use software costs in certain of our non-GAAP financial measures. We capitalize direct costs incurred related to obtaining or developing internal-use software during the application development stage and we amortize those costs over the estimated useful lives of the software. The capitalization and subsequent amortization of those costs can vary every period depending on our business needs and the timing on the software’s availability for its intended use. We believe that including or excluding the effect of the capitalized internal-use software in certain of our non-GAAP financial measures provides us useful information in evaluating and comparing the consistency of our operating performance on a period-to-period basis.
Deferred costs and amortization. Deferred costs consist of capitalized sales commissions and capitalized service costs. We include capitalization of sales commission and service costs, and exclude their subsequent amortization in certain of our non-GAAP financial measures. We capitalize sales commissions that are incremental costs in obtaining new customer contracts. We capitalize service costs, which pertain primarily to direct payroll and third-party costs incurred when we provide implementation services to our financial institution customers and certain SMB customers prior to the launching of our product for general use. We amortize the capitalized sales commissions and capitalized service costs over the estimated benefit period. We believe that including or excluding the effect of the capitalization of sales commissions and service costs in certain of our non-GAAP financial measures in a given period provides us useful information in evaluating and comparing the consistency of our performance in acquiring new customer contracts on a period-to-period basis.
Amortization of debt discount and issuance costs. We exclude the amortization of debt discount and issuance costs associated with our issuance of convertible senior notes due 2025 from certain of our non-GAAP financial measures because we believe that excluding this non-cash interest expense provides meaningful supplemental information regarding our operational performance.
Loss on revaluation of warrant liabilities. We exclude loss on revaluation of warrant liabilities, which is a non-cash expense, from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance.
Income tax benefit associated with 2025 Notes. We exclude the income tax benefit associated with 2025 Notes from certain of our non-GAAP financial measures because we believe that excluding this provides meaningful supplemental information regarding our operational performance.
There are material limitations associated with the use of non-GAAP financial measures since they exclude significant expenses and income that are required by GAAP to be recorded in our financial statements. Please see the reconciliation tables at the end of this release for the reconciliation of GAAP and non-GAAP results.
| BILL.COM HOLDINGS, INC. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (Unaudited, in thousands) | ||||||||
December 31, |
|
June 30, |
||||||
2020 |
|
2020 |
||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ |
1,568,684 |
|
$ |
573,643 |
|
||
| Short-term investments |
|
165,588 |
|
|
123,974 |
|
||
| Accounts receivable, net |
|
7,037 |
|
|
4,252 |
|
||
| Unbilled revenue |
|
7,370 |
|
|
6,549 |
|
||
| Prepaid expenses and other current assets |
|
18,748 |
|
|
26,781 |
|
||
| Funds held for customers |
|
2,217,680 |
|
|
1,644,250 |
|
||
| Total current assets |
|
3,985,107 |
|
|
2,379,449 |
|
||
| Non-current assets: | ||||||||
| Operating lease right-of-use assets |
|
44,771 |
|
|
— |
|
||
| Property and equipment, net |
|
30,572 |
|
|
13,866 |
|
||
| Other assets |
|
21,967 |
|
|
10,700 |
|
||
| Total assets | $ |
4,082,417 |
|
$ |
2,404,015 |
|
||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ |
5,076 |
|
$ |
3,478 |
|
||
| Accrued compensation and benefits |
|
14,304 |
|
|
12,387 |
|
||
| Other accrued and current liabilities |
|
6,600 |
|
|
8,541 |
|
||
| Deferred revenue |
|
5,379 |
|
|
5,891 |
|
||
| Line of credit borrowings |
|
2,300 |
|
|
2,300 |
|
||
| Operating lease liabilities |
|
4,727 |
|
|
— |
|
||
| Customer fund deposits |
|
2,217,680 |
|
|
1,644,250 |
|
||
| Total current liabilities |
|
2,256,066 |
|
|
1,676,847 |
|
||
| Non-current liabilities: | ||||||||
| Deferred revenue |
|
3,166 |
|
|
2,622 |
|
||
| Operating lease liabilities |
|
54,141 |
|
|
— |
|
||
| Convertible senior notes, net |
|
886,052 |
|
|
— |
|
||
| Deferred income tax liability |
|
1,832 |
|
|
— |
|
||
| Other long-term liabilities |
|
4,412 |
|
|
13,827 |
|
||
| Total liabilities |
|
3,205,669 |
|
|
1,693,296 |
|
||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Common stock |
|
2 |
|
|
2 |
|
||
| Additional paid-in capital |
|
1,055,425 |
|
|
857,044 |
|
||
| Accumulated other comprehensive income |
|
198 |
|
|
2,420 |
|
||
| Accumulated deficit |
|
(178,877 |
) |
|
(148,747 |
) |
||
| Total stockholders' equity |
|
876,748 |
|
|
710,719 |
|
||
| Total liabilities and stockholders' equity | $ |
4,082,417 |
|
$ |
2,404,015 |
|
||
| BILL.COM HOLDINGS, INC. | |||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
| (Unaudited, in thousands except per share amounts) | |||||||||||||||||
Three months ended
|
|
Six months ended
|
|||||||||||||||
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||||||||
| Revenue | |||||||||||||||||
| Subscription and transaction fees | $ |
52,333 |
|
$ |
32,964 |
|
$ |
96,121 |
|
$ |
61,512 |
|
|||||
| Interest on funds held for customers |
|
1,712 |
|
|
6,116 |
|
|
4,133 |
|
|
12,748 |
|
|||||
| Total revenue |
|
54,045 |
|
|
39,080 |
|
|
100,254 |
|
|
74,260 |
|
|||||
| Cost of revenue (1) |
|
13,973 |
|
|
9,787 |
|
|
26,079 |
|
|
18,934 |
|
|||||
| Gross profit |
|
40,072 |
|
|
29,293 |
|
|
74,175 |
|
|
55,326 |
|
|||||
| Operating expenses | |||||||||||||||||
| Research and development (1) |
|
20,486 |
|
|
12,992 |
|
|
38,272 |
|
|
24,507 |
|
|||||
| Sales and marketing (1) |
|
14,174 |
|
|
11,491 |
|
|
27,082 |
|
|
21,758 |
|
|||||
| General and administrative (1) |
|
19,583 |
|
|
12,748 |
|
|
36,773 |
|
|
23,283 |
|
|||||
| Total operating expenses |
|
54,243 |
|
|
37,231 |
|
|
102,127 |
|
|
69,548 |
|
|||||
| Loss from operations |
|
(14,171 |
) |
|
(7,938 |
) |
|
(27,952 |
) |
|
(14,222 |
) |
|||||
| Other (expense) income, net |
|
(3,341 |
) |
|
360 |
|
|
(2,511 |
) |
|
999 |
|
|||||
| Loss before (benefit from) provision for income taxes |
|
(17,512 |
) |
|
(7,578 |
) |
|
(30,463 |
) |
|
(13,223 |
) |
|||||
| (Benefit from) provision for income taxes |
|
(333 |
) |
|
— |
|
|
(333 |
) |
|
51 |
|
|||||
| Net loss | $ |
(17,179 |
) |
$ |
(7,578 |
) |
$ |
(30,130 |
) |
$ |
(13,274 |
) |
|||||
| Net loss per share attributable to common stockholders, basic and diluted |
$ |
(0.21 |
) |
$ |
(0.34 |
) |
$ |
(0.37 |
) |
$ |
(0.87 |
) |
|||||
| Weighted-average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted |
|
81,519 |
|
|
22,306 |
|
|
80,868 |
|
|
15,268 |
|
|||||
| (1) Includes stock-based compensation expense as follows: | |||||||||||||||||
| Cost of revenue | $ |
642 |
|
$ |
211 |
|
$ |
1,243 |
|
$ |
359 |
|
|||||
| Research and development |
|
3,246 |
|
|
1,084 |
|
|
6,315 |
|
|
1,755 |
|
|||||
| Sales and marketing |
|
1,871 |
|
|
494 |
|
|
3,375 |
|
|
877 |
|
|||||
| General and administrative |
|
4,930 |
|
|
1,286 |
|
|
9,650 |
|
|
2,360 |
|
|||||
$ |
10,689 |
|
$ |
3,075 |
|
$ |
20,583 |
|
$ |
5,351 |
|
||||||
| BILL.COM HOLDINGS, INC. | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||
| (Unaudited, in thousands) | ||||||||||||||||
Three months ended
|
|
Six months ended
|
||||||||||||||
2020 |
|
2019 (1) |
|
2020 |
|
2019 (1) |
||||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Net loss | $ |
(17,179 |
) |
$ |
(7,578 |
) |
$ |
(30,130 |
) |
$ |
(13,274 |
) |
||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||
| Depreciation and amortization |
|
999 |
|
|
1,120 |
|
|
1,924 |
|
|
2,105 |
|
||||
| Stock-based compensation |
|
10,689 |
|
|
3,075 |
|
|
20,583 |
|
|
5,351 |
|
||||
| Amortization of debt discount and issuance costs |
|
3,905 |
|
|
— |
|
|
3,905 |
|
|
— |
|
||||
| Amortization of premium (accretion of discount) on investment in marketable debt securities |
|
677 |
|
|
(1,616 |
) |
|
723 |
|
|
(2,346 |
) |
||||
| Non-cash operating lease expense |
|
912 |
|
|
— |
|
|
1,677 |
|
|
— |
|
||||
| Revaluation of warrant liabilities |
|
— |
|
|
552 |
|
|
— |
|
|
717 |
|
||||
| Deferred income tax |
|
(333 |
) |
|
— |
|
|
(333 |
) |
|
— |
|
||||
| Changes in assets and liabilities: | ||||||||||||||||
| Accounts receivable |
|
(1,995 |
) |
|
(1,100 |
) |
|
(2,785 |
) |
|
(393 |
) |
||||
| Unbilled revenue |
|
(445 |
) |
|
(493 |
) |
|
(821 |
) |
|
(1,114 |
) |
||||
| Prepaid expenses and other current assets |
|
(6,261 |
) |
|
(466 |
) |
|
(3,947 |
) |
|
(1,608 |
) |
||||
| Other assets |
|
(4,483 |
) |
|
(531 |
) |
|
(11,267 |
) |
|
(581 |
) |
||||
| Accounts payable |
|
(200 |
) |
|
638 |
|
|
1,366 |
|
|
1,146 |
|
||||
| Accrued and other current liabilities |
|
4,492 |
|
|
3,419 |
|
|
(13 |
) |
|
4,551 |
|
||||
| Operating lease liabilities |
|
1,166 |
|
|
— |
|
|
6,930 |
|
|
— |
|
||||
| Other long-term liabilities |
|
(765 |
) |
|
94 |
|
|
573 |
|
|
187 |
|
||||
| Deferred revenue |
|
(406 |
) |
|
1,117 |
|
|
32 |
|
|
1,110 |
|
||||
| Net cash used in operating activities |
|
(9,227 |
) |
|
(1,769 |
) |
|
(11,583 |
) |
|
(4,149 |
) |
||||
| Cash flows from investing activities: | ||||||||||||||||
| Purchases of corporate and customer fund short-term investments |
|
(358,097 |
) |
|
(225,444 |
) |
|
(701,442 |
) |
|
(414,648 |
) |
||||
| Proceeds from maturities of corporate and customer fund short-term investments |
|
256,827 |
|
|
152,065 |
|
|
501,159 |
|
|
407,236 |
|
||||
| Proceeds from sale of corporate and customer fund short-term investments |
|
2,000 |
|
|
11,964 |
|
|
35,286 |
|
|
22,725 |
|
||||
| Decrease (increase) in other receivables included in funds held for customers |
|
1,541 |
|
|
(6,749 |
) |
|
19 |
|
|
(4,700 |
) |
||||
| Purchases of property and equipment |
|
(7,742 |
) |
|
(1,026 |
) |
|
(13,636 |
) |
|
(2,972 |
) |
||||
| Capitalization of internal-use software costs |
|
(346 |
) |
|
(125 |
) |
|
(660 |
) |
|
(340 |
) |
||||
| Net cash (used in) provided by investing activities |
|
(105,817 |
) |
|
(69,315 |
) |
|
(179,274 |
) |
|
7,301 |
|
||||
| Cash flows from financing activities: | ||||||||||||||||
| Proceeds from issuance of convertible senior notes, net of discounts and issuance costs |
|
1,129,603 |
|
|
— |
|
|
1,129,603 |
|
|
— |
|
||||
| Purchase of capped calls |
|
(87,860 |
) |
|
— |
|
|
(87,860 |
) |
|
— |
|
||||
| Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs |
|
— |
|
|
227,439 |
|
|
— |
|
|
226,565 |
|
||||
| Increase in customer fund deposits liability |
|
548,777 |
|
|
25,271 |
|
|
573,430 |
|
|
162,457 |
|
||||
| Proceeds from exercise of stock options |
|
8,480 |
|
|
607 |
|
|
17,442 |
|
|
901 |
|
||||
| Proceeds from issuance of common stock under the employee stock purchase plan |
|
— |
|
|
— |
|
|
4,327 |
|
|
— |
|
||||
| Payments of offering costs related to the follow-on public offering |
|
— |
|
|
— |
|
|
(664 |
) |
|
— |
|
||||
| Proceeds from exercise of stock warrants |
|
— |
|
|
144 |
|
|
— |
|
|
144 |
|
||||
| Payments of deferred debt issuance costs |
|
— |
|
|
— |
|
|
— |
|
|
(151 |
) |
||||
| Net cash provided by financing activities |
|
1,599,000 |
|
|
253,461 |
|
|
1,636,278 |
|
|
389,916 |
|
||||
| Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents |
|
1,483,956 |
|
|
182,377 |
|
|
1,445,421 |
|
|
393,068 |
|
||||
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period |
|
1,553,842 |
|
|
1,193,859 |
|
|
1,592,377 |
|
|
983,168 |
|
||||
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | $ |
3,037,798 |
|
$ |
1,376,236 |
|
$ |
3,037,798 |
|
$ |
1,376,236 |
|
||||
| Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows above: |
||||||||||||||||
| Cash and cash equivalents | $ |
1,568,684 |
|
$ |
314,894 |
|
$ |
1,568,684 |
|
$ |
314,894 |
|
||||
| Restricted cash included in other current assets |
|
119 |
|
|
256 |
|
|
119 |
|
|
256 |
|
||||
| Restricted cash and restricted cash equivalents included in funds held for customers |
|
1,468,995 |
|
|
1,061,086 |
|
|
1,468,995 |
|
|
1,061,086 |
|
||||
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | $ |
3,037,798 |
|
$ |
1,376,236 |
|
$ |
3,037,798 |
|
$ |
1,376,236 |
|
||||
| ______________________ | ||||||||||||||||
| (1) Amounts have been adjusted to reflect the adoption of Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. Shown below is a summary of the adjustments during the three and six months ended December 31, 2019 (in thousands). |
||||||||||||||||
| Three months ended December 31, 2019 | ||||||||||||||||
| As reported |
ASU No. 2016-18 adjustments |
As adjusted |
||||||||||||||
| Net cash used in operating activities | $ |
(1,769 |
) |
$ |
— |
|
$ |
(1,769 |
) |
|||||||
| Net cash used in investing activities |
|
(23,047 |
) |
|
(46,268 |
) |
|
(69,315 |
) |
|||||||
| Net cash provided by financing activities |
|
253,461 |
|
|
— |
|
|
253,461 |
|
|||||||
| Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents |
|
228,645 |
|
|
(46,268 |
) |
|
182,377 |
|
|||||||
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period |
|
86,249 |
|
|
1,107,610 |
|
|
1,193,859 |
|
|||||||
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | $ |
314,894 |
|
$ |
1,061,342 |
|
$ |
1,376,236 |
|
|||||||
| Six months ended December 31, 2019 | ||||||||||||||||
| As reported |
ASU No. 2016-18 adjustments |
As adjusted |
||||||||||||||
| Net cash used in operating activities | $ |
(4,149 |
) |
$ |
— |
|
$ |
(4,149 |
) |
|||||||
| Net cash (used in) provided by investing activities |
|
(161,179 |
) |
|
168,480 |
|
|
7,301 |
|
|||||||
| Net cash provided by financing activities |
|
389,916 |
|
|
— |
|
|
389,916 |
|
|||||||
| Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents |
|
224,588 |
|
|
168,480 |
|
|
393,068 |
|
|||||||
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period |
|
90,306 |
|
|
892,862 |
|
|
983,168 |
|
|||||||
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | $ |
314,894 |
|
$ |
1,061,342 |
|
$ |
1,376,236 |
|
|||||||
| BILL.COM HOLDINGS, INC. | ||||||||||||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP DATA | ||||||||||||||||||||||||||||||||
| THREE MONTHS ENDED DECEMBER 31, 2020 | ||||||||||||||||||||||||||||||||
| (Unaudited, in thousands except percentages and per share amounts) | ||||||||||||||||||||||||||||||||
| GAAP | Stock-based compensation expense |
Employer payroll taxes related to stock-based compensation expense |
Deferred costs (amortization of deferred costs) |
Depreciation and amortization expense |
Amortization of debt discount and issuance costs |
Income tax associated with 2025 Notes |
Non-GAAP | |||||||||||||||||||||||||
| Total revenue | $ |
54,045 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
54,045 |
|
||||||||
| Cost of revenue |
|
13,973 |
|
|
(642 |
) |
|
(98 |
) |
|
(154 |
) |
|
(833 |
) |
|
— |
|
|
— |
|
|
12,246 |
|
||||||||
| Gross profit |
|
40,072 |
|
|
642 |
|
|
98 |
|
|
154 |
|
|
833 |
|
|
— |
|
|
— |
|
|
41,799 |
|
||||||||
| Gross margin |
|
74.1 |
% |
|
1.2 |
% |
|
0.2 |
% |
|
0.3 |
% |
|
1.5 |
% |
|
0.0 |
% |
|
0.0 |
% |
|
77.3 |
% |
||||||||
| Operating expenses | ||||||||||||||||||||||||||||||||
| Research and development |
|
20,486 |
|
|
(3,246 |
) |
|
(303 |
) |
|
951 |
|
|
(40 |
) |
|
— |
|
|
— |
|
|
17,848 |
|
||||||||
| Sales and marketing |
|
14,174 |
|
|
(1,871 |
) |
|
(171 |
) |
|
483 |
|
|
(23 |
) |
|
— |
|
|
— |
|
|
12,592 |
|
||||||||
| General and administrative |
|
19,583 |
|
|
(4,930 |
) |
|
(533 |
) |
|
— |
|
|
(103 |
) |
|
— |
|
|
— |
|
|
14,017 |
|
||||||||
| Loss from operations |
|
(14,171 |
) |
|
10,689 |
|
|
1,105 |
|
|
(1,280 |
) |
|
999 |
|
|
— |
|
|
— |
|
|
(2,658 |
) |
||||||||
| Other (expense) income, net |
|
(3,341 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,905 |
|
|
— |
|
|
564 |
|
||||||||
| Loss before benefit from income taxes |
|
(17,512 |
) |
|
10,689 |
|
|
1,105 |
|
|
(1,280 |
) |
|
999 |
|
|
3,905 |
|
|
— |
|
|
(2,094 |
) |
||||||||
| Benefit from income taxes |
|
(333 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
333 |
|
|
— |
|
||||||||
| Net loss | $ |
(17,179 |
) |
$ |
10,689 |
|
$ |
1,105 |
|
$ |
(1,280 |
) |
$ |
999 |
|
$ |
3,905 |
|
$ |
(333 |
) |
$ |
(2,094 |
) |
||||||||
| Net loss per share attributable to common stockholders, basic and diluted (1) |
$ |
(0.21 |
) |
$ |
(0.03 |
) |
||||||||||||||||||||||||||
| Weighted-average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted |
|
81,519 |
|
|
81,519 |
|
||||||||||||||||||||||||||
| (1) GAAP net loss per share attributable to common stockholders, basic and diluted | $ |
(0.21 |
) |
|||||||||||||||||||||||||||||
| Stock-based compensation expense |
|
0.13 |
|
|||||||||||||||||||||||||||||
| Employer payroll taxes related to stock-based compensation expense |
|
0.01 |
|
|||||||||||||||||||||||||||||
| Deferred costs (amortization of deferred costs) |
|
(0.02 |
) |
|||||||||||||||||||||||||||||
| Depreciation and amortization expense |
|
0.01 |
|
|||||||||||||||||||||||||||||
| Amortization of debt discount and issuance costs |
|
0.05 |
|
|||||||||||||||||||||||||||||
| Income tax associated with 2025 Notes |
|
— |
|
|||||||||||||||||||||||||||||
| Non-GAAP net loss per share attributable to common stockholders, basic and diluted | $ |
(0.03 |
) |
|||||||||||||||||||||||||||||
| BILL.COM HOLDINGS, INC. | ||||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP DATA | ||||||||||||||||||||||||
| THREE MONTHS ENDED DECEMBER 31, 2019 | ||||||||||||||||||||||||
| (Unaudited, in thousands except percentages and per share amounts) | ||||||||||||||||||||||||
| GAAP | Stock-based compensation expense |
Deferred costs (amortization of deferred costs) |
Depreciation and amortization expense |
Loss on revaluation of warrant liability |
Non-GAAP | |||||||||||||||||||
| Total revenue | $ |
39,080 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
39,080 |
|
||||||
| Cost of revenue |
|
9,787 |
|
|
(211 |
) |
|
(185 |
) |
|
(797 |
) |
|
— |
|
|
8,594 |
|
||||||
| Gross profit |
|
29,293 |
|
|
211 |
|
|
185 |
|
|
797 |
|
|
— |
|
|
30,486 |
|
||||||
| Gross margin |
|
75.0 |
% |
|
0.5 |
% |
|
0.5 |
% |
|
2.0 |
% |
|
0.0 |
% |
|
78.0 |
% |
||||||
| Operating expenses | ||||||||||||||||||||||||
| Research and development |
|
12,992 |
|
|
(1,084 |
) |
|
186 |
|
|
(112 |
) |
|
— |
|
|
11,982 |
|
||||||
| Sales and marketing |
|
11,491 |
|
|
(494 |
) |
|
766 |
|
|
(84 |
) |
|
— |
|
|
11,679 |
|
||||||
| General and administrative |
|
12,748 |
|
|
(1,286 |
) |
|
— |
|
|
(127 |
) |
|
— |
|
|
11,335 |
|
||||||
| Loss from operations |
|
(7,938 |
) |
|
3,075 |
|
|
(767 |
) |
|
1,120 |
|
|
— |
|
|
(4,510 |
) |
||||||
| Other income, net |
|
360 |
|
|
— |
|
|
— |
|
|
— |
|
|
552 |
|
|
912 |
|
||||||
| Loss before provision for income taxes |
|
(7,578 |
) |
|
3,075 |
|
|
(767 |
) |
|
1,120 |
|
|
552 |
|
|
(3,598 |
) |
||||||
| Provision for income taxes |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||||||
| Net loss | $ |
(7,578 |
) |
$ |
3,075 |
|
$ |
(767 |
) |
$ |
1,120 |
|
$ |
552 |
|
$ |
(3,598 |
) |
||||||
| Net loss per share attributable to common stockholders, basic and diluted (1) |
$ |
(0.34 |
) |
$ |
(0.06 |
) |
||||||||||||||||||
| Weighted-average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted (2) |
|
22,306 |
|
|
62,771 |
|
||||||||||||||||||
| (1) GAAP net loss per share attributable to common stockholders, basic and diluted | $ |
(0.34 |
) |
|||||||||||||||||||||
| Stock-based compensation expense |
|
0.14 |
|
|||||||||||||||||||||
| Deferred costs (amortization of deferred costs) |
|
(0.03 |
) |
|||||||||||||||||||||
| Depreciation and amortization expense |
|
0.05 |
|
|||||||||||||||||||||
| Loss on revaluation of warrant liability |
|
0.02 |
|
|||||||||||||||||||||
| Impact of the assumed conversion of redeemable convertible preferred stock |
|
0.10 |
|
|||||||||||||||||||||
| Non-GAAP net loss per share attributable to common stockholders, basic and diluted | $ |
(0.06 |
) |
|||||||||||||||||||||
| (2) Shares used to compute GAAP net loss per share attributable to common stockholders, basic and diluted |
|
22,306 |
|
|||||||||||||||||||||
| Weighted average effect of the assumed conversion of redeemable convertible preferred stock from the date of issuance |
|
40,465 |
|
|||||||||||||||||||||
| Shares used to compute non-GAAP net loss per share attributable to common stockholders, basic and diluted |
|
62,771 |
|
|||||||||||||||||||||
| BILL.COM HOLDINGS, INC. | ||||||||||||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP DATA | ||||||||||||||||||||||||||||||||
| SIX MONTHS ENDED DECEMBER 31, 2020 | ||||||||||||||||||||||||||||||||
| (Unaudited, in thousands except percentages and per share amounts) | ||||||||||||||||||||||||||||||||
| GAAP | Stock-based compensation expense |
Employer payroll taxes related to stock-based compensation expense |
Deferred costs (amortization of deferred costs) |
Depreciation and amortization expense |
Amortization of debt discount and issuance costs |
Income tax associated with 2025 Notes |
Non-GAAP | |||||||||||||||||||||||||
| Total revenue | $ |
100,254 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
100,254 |
|
||||||||
| Cost of revenue |
|
26,079 |
|
|
(1,243 |
) |
|
(143 |
) |
|
(285 |
) |
|
(1,557 |
) |
|
— |
|
|
— |
|
|
22,851 |
|
||||||||
| Gross profit |
|
74,175 |
|
|
1,243 |
|
|
143 |
|
|
285 |
|
|
1,557 |
|
|
— |
|
|
— |
|
|
77,403 |
|
||||||||
| Gross margin |
|
74.0 |
% |
|
1.2 |
% |
|
0.1 |
% |
|
0.3 |
% |
|
1.6 |
% |
|
0.0 |
% |
|
0.0 |
% |
|
77.2 |
% |
||||||||
| Operating expenses | ||||||||||||||||||||||||||||||||
| Research and development |
|
38,272 |
|
|
(6,315 |
) |
|
(574 |
) |
|
2,048 |
|
|
(99 |
) |
|
— |
|
|
— |
|
|
33,332 |
|
||||||||
| Sales and marketing |
|
27,082 |
|
|
(3,375 |
) |
|
(303 |
) |
|
1,186 |
|
|
(59 |
) |
|
— |
|
|
— |
|
|
24,531 |
|
||||||||
| General and administrative |
|
36,773 |
|
|
(9,650 |
) |
|
(1,038 |
) |
|
— |
|
|
(209 |
) |
|
— |
|
|
— |
|
|
25,876 |
|
||||||||
| Loss from operations |
|
(27,952 |
) |
|
20,583 |
|
|
2,058 |
|
|
(2,949 |
) |
|
1,924 |
|
|
— |
|
|
— |
|
|
(6,336 |
) |
||||||||
| Other (expense) income, net |
|
(2,511 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,905 |
|
|
— |
|
|
1,394 |
|
||||||||
| Loss before benefit from income taxes |
|
(30,463 |
) |
|
20,583 |
|
|
2,058 |
|
|
(2,949 |
) |
|
1,924 |
|
|
3,905 |
|
|
— |
|
|
(4,942 |
) |
||||||||
| Benefit from income taxes |
|
(333 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
333 |
|
|
— |
|
||||||||
| Net loss | $ |
(30,130 |
) |
$ |
20,583 |
|
$ |
2,058 |
|
$ |
(2,949 |
) |
$ |
1,924 |
|
$ |
3,905 |
|
$ |
(333 |
) |
$ |
(4,942 |
) |
||||||||
| Net loss per share attributable to common stockholders, basic and diluted (1) |
$ |
(0.37 |
) |
$ |
(0.06 |
) |
||||||||||||||||||||||||||
| Weighted-average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted |
|
80,868 |
|
|
80,868 |
|
||||||||||||||||||||||||||
| (1) GAAP net loss per share attributable to common stockholders, basic and diluted | $ |
(0.37 |
) |
|||||||||||||||||||||||||||||
| Stock-based compensation expense |
|
0.25 |
|
|||||||||||||||||||||||||||||
| Employer payroll taxes related to stock-based compensation expense |
|
0.03 |
|
|||||||||||||||||||||||||||||
| Deferred costs (amortization of deferred costs) |
|
(0.04 |
) |
|||||||||||||||||||||||||||||
| Depreciation and amortization expense |
|
0.02 |
|
|||||||||||||||||||||||||||||
| Amortization of debt discount and issuance costs |
|
0.05 |
|
|||||||||||||||||||||||||||||
| Income tax associated with 2025 Notes |
|
— |
|
|||||||||||||||||||||||||||||
| Non-GAAP net loss per share attributable to common stockholders, basic and diluted | $ |
(0.06 |
) |
|||||||||||||||||||||||||||||
| BILL.COM HOLDINGS, INC. | ||||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP DATA | ||||||||||||||||||||||||
| SIX MONTHS ENDED DECEMBER 31, 2019 | ||||||||||||||||||||||||
| (Unaudited, in thousands except percentages and per share amounts) | ||||||||||||||||||||||||
| GAAP | Stock-based compensation expense |
Deferred costs (amortization of deferred costs) |
Depreciation and amortization expense |
Loss on revaluation of warrant liability |
Non-GAAP | |||||||||||||||||||
| Total revenue | $ |
74,260 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
74,260 |
|
||||||
| Cost of revenue |
|
18,934 |
|
|
(359 |
) |
|
(399 |
) |
|
(1,571 |
) |
|
— |
|
|
16,605 |
|
||||||
| Gross profit |
|
55,326 |
|
|
359 |
|
|
399 |
|
|
1,571 |
|
|
— |
|
|
57,655 |
|
||||||
| Gross margin |
|
74.5 |
% |
|
0.5 |
% |
|
0.5 |
% |
|
2.1 |
% |
|
0.0 |
% |
|
77.6 |
% |
||||||
| Operating expenses | ||||||||||||||||||||||||
| Research and development |
|
24,507 |
|
|
(1,755 |
) |
|
371 |
|
|
(198 |
) |
|
— |
|
|
22,925 |
|
||||||
| Sales and marketing |
|
21,758 |
|
|
(877 |
) |
|
1,285 |
|
|
(143 |
) |
|
— |
|
|
22,023 |
|
||||||
| General and administrative |
|
23,283 |
|
|
(2,360 |
) |
|
— |
|
|
(193 |
) |
|
— |
|
|
20,730 |
|
||||||
| Loss from operations |
|
(14,222 |
) |
|
5,351 |
|
|
(1,257 |
) |
|
2,105 |
|
|
— |
|
|
(8,023 |
) |
||||||
| Other income, net |
|
999 |
|
|
— |
|
|
— |
|
|
— |
|
|
717 |
|
|
1,716 |
|
||||||
| Loss before provision for income taxes |
|
(13,223 |
) |
|
5,351 |
|
|
(1,257 |
) |
|
2,105 |
|
|
717 |
|
|
(6,307 |
) |
||||||
| Provision for income taxes |
|
51 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
51 |
|
||||||
| Net loss | $ |
(13,274 |
) |
$ |
5,351 |
|
$ |
(1,257 |
) |
$ |
2,105 |
|
$ |
717 |
|
$ |
(6,358 |
) |
||||||
| Net loss per share attributable to common stockholders, basic and diluted (1) |
$ |
(0.87 |
) |
$ |
(0.10 |
) |
||||||||||||||||||
| Weighted-average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted (2) |
|
15,268 |
|
|
61,718 |
|
||||||||||||||||||
| (1) GAAP net loss per share attributable to common stockholders, basic and diluted | $ |
(0.87 |
) |
|||||||||||||||||||||
| Stock-based compensation expense |
|
0.35 |
|
|||||||||||||||||||||
| Deferred costs (amortization of deferred costs) |
|
(0.08 |
) |
|||||||||||||||||||||
| Depreciation and amortization expense |
|
0.14 |
|
|||||||||||||||||||||
| Loss on revaluation of warrant liability |
|
0.04 |
|
|||||||||||||||||||||
| Impact of the assumed conversion of redeemable convertible preferred stock |
|
0.32 |
|
|||||||||||||||||||||
| Non-GAAP net loss per share attributable to common stockholders, basic and diluted | $ |
(0.10 |
) |
|||||||||||||||||||||
| (2) Shares used to compute GAAP net loss per share attributable to common stockholders, basic and diluted |
|
15,268 |
|
|||||||||||||||||||||
| Weighted average effect of the assumed conversion of redeemable convertible preferred stock from the date of issuance |
|
46,450 |
|
|||||||||||||||||||||
| Shares used to compute non-GAAP net loss per share attributable to common stockholders, basic and diluted |
|
61,718 |
|
|||||||||||||||||||||
| BILL.COM HOLDINGS, INC. | ||||||||||||||||
| FREE CASH FLOW | ||||||||||||||||
| (Unaudited, in thousands) | ||||||||||||||||
Three months ended
|
|
Six months ended
|
||||||||||||||
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||||
| Net cash used in operating activities | $ |
(9,227 |
) |
$ |
(1,769 |
) |
$ |
(11,583 |
) |
$ |
(4,149 |
) |
||||
| Purchases of property and equipment |
|
(7,742 |
) |
|
(1,026 |
) |
|
(13,636 |
) |
|
(2,972 |
) |
||||
| Capitalization of internal-use software costs |
|
(346 |
) |
|
(125 |
) |
|
(660 |
) |
|
(340 |
) |
||||
| Free cash flow | $ |
(17,315 |
) |
$ |
(2,920 |
) |
$ |
(25,879 |
) |
$ |
(7,461 |
) |
||||
| BILL.COM HOLDINGS, INC. | ||||||
| REMAINING PERFORMANCE OBLIGATIONS WITH FINANCIAL INSTITUTIONS | ||||||
| (Unaudited, in thousands) | ||||||
December 31, |
|
June 30, |
||||
2020 |
|
2020 |
||||
| Remaining performance obligations with financial institutions to be recognized as revenue: |
||||||
| Within 1 year | $ |
17,803 |
$ |
13,001 |
||
| Thereafter |
|
130,908 |
|
139,334 |
||
| Total | $ |
148,711 |
$ |
152,335 |
||
