Bill.com Reports Second Quarter Fiscal 2022 Financial Results
- Q2 Core Revenue Increased 197% Year-Over-Year
- Q2 Organic Core Revenue Increased 85% Year-Over-Year
- Q2 Transaction Fees Increased 313% Year-Over-Year
- Q2 Organic Transaction Fees Increased 121% Year-Over-Year
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, 2021.
“We continued to see strong growth across our business in the second quarter and delivered accelerated revenue growth at a meaningful scale,” said René Lacerte, Bill.com CEO and Founder. “During the quarter, we helped hundreds of thousands of businesses transform their financial back office and transact more than $55 billion in payments. We remain focused on creating value for small businesses and are delivering product innovations at an increasing cadence.”
“We’re very pleased with our strong revenue growth in the second quarter, especially organic core revenue growth of 85% year-over-year and Divvy spend management revenue growth of 188% year-over-year,” said John Rettig, Bill.com CFO. “During the quarter, we also expanded our gross margin and continued to drive efficiencies, resulting in a lower-than-expected non-GAAP net loss. Continued platform innovation, our efficient go-to-market ecosystem, and disciplined investing drove our strong results.”
Bill.com’s reported financial results for the second quarter fiscal 2022 include the results of Divvy and Invoice2go. Organic results exclude the impact of Divvy and Invoice2go.
Financial highlights for the second quarter of fiscal 2022:
- Total revenue was $156.5 million, an increase of 190% from the second quarter of fiscal 2021.
-
Core revenue, which consists of subscription and transaction fees, was $155.5 million, an increase of 197% year-over-year. Organic core revenue was $97.0 million, up 85% year-over-year, and excluded Divvy and Invoice2go revenue of $58.5 million.
- Subscription fees were $49.2 million, up 85% year-over-year. Organic subscription fees were $40.3 million, up 51% year-over-year, and excluded Divvy and Invoice2go fees of approximately $8.9 million.
- Transaction fees were $106.3 million, up 313% year-over year. Organic transaction fees were $56.8 million, up 121% year-over-year, and excluded Divvy and Invoice2go fees of $49.5 million.
- Gross profit was $122.1 million, representing a 78.0% gross margin, compared to $40.1 million, or a 74.1% gross margin, in the second quarter of fiscal 2021. Non-GAAP gross profit was $133.5 million, representing a 85.3% non-GAAP gross margin, compared to $41.4 million, or a 76.6% non-GAAP gross margin in the second quarter of fiscal 2021.
- Loss from operations was $76.1 million, compared to a loss from operations of $14.2 million in the second quarter of fiscal 2021. Non-GAAP income from operations was $3.4 million, compared to a non-GAAP loss from operations of $1.6 million in the second quarter of fiscal 2021.
- Net loss was $80.4 million, or ($0.78) per share, basic and diluted, compared to net loss of $17.2 million, or ($0.21) per share, basic and diluted, in the second quarter of fiscal 2021. Non-GAAP net loss was $220,000, or ($0.00) per share, basic and diluted, compared to non-GAAP net loss of $1.1 million, or ($0.01) per share, basic and diluted, in the second 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.
- Served 135,000 Bill.com customers as of the end of the second quarter. Also served 15,500 spending businesses that used Divvy and 223,000 subscribers that used Invoice2go.
- Processed $56.4 billion in total payment volume (TPV) for Bill.com customers in the second quarter, an increase of 62% year-over-year. Also processed $1.9 billion in card payment volume for Divvy.
- Processed 9.8 million transactions during the second quarter through the Bill.com platform, representing an increase of 35% year-over-year. In addition, processed 5.3 million Divvy card transactions.
- Welcomed seasoned technology executive, Sarah Acton, as our Chief Marketing Officer.
- Appointed Divvy CEO and co-founder, Blake Murray, to Chief Revenue Officer of Bill.com.
Financial Outlook
We are providing the following guidance for the fiscal third quarter ending March 31, 2022 and the full fiscal year ending June 30, 2022.
|
|
Q3 FY22 Guidance |
|
FY22 Guidance |
|
Total revenue (millions) |
$157.0 – $158.0 |
|
$597.0 – $600.0 |
|
Year-over-year total revenue growth |
163% – 164% |
|
151% – 152% |
|
Non-GAAP net loss (millions) |
($16.9) – ($15.9) |
|
($47.2) – ($44.2) |
|
Non-GAAP net loss per share |
($0.16) – ($0.15) |
|
($0.46) – ($0.43) |
These statements are forward-looking and actual results may differ materially. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
Bill.com has not provided a reconciliation of non-GAAP net loss or non-GAAP net loss per share guidance measures to the most directly comparable GAAP measures because certain items excluded from GAAP cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation is not available without unreasonable effort.
Conference Call and Webcast Information
In conjunction with this announcement, Bill.com will host a conference call for investors at 1:30 p.m. PT (4:30 p.m. ET) today to discuss fiscal second quarter results and our outlook for the fiscal third quarter ending March 31, 2022 and full fiscal year ending June 30, 2022. The live webcast and a replay of the webcast will be available 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 is headquartered in San Jose, California. For more information visit www.bill.com.
Note on Forward-Looking Statements
This press release and the accompanying conference call contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, 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 of future performance, including guidance for our revenue and net loss for the fiscal third quarter ending March 31, 2022 and our fiscal year ending June 30, 2022, our expectations for 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 coronavirus pandemic (COVID-19), variants thereof, and their impact on our employees, customers, strategic partners, vendors, results of operations, liquidity and financial condition and on supply chains and labor markets, 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 impacts of acquisitions and investments, including our ability to integrate Divvy and Invoice2go, our accounting for and internal controls related to Divvy and Invoice2go operating results, changes in staffing levels, and other risks detailed in registration statements and periodic reports we file with the SEC, including our quarterly and annual reports, 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. You should not rely on these forward-looking statements, as actual results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. 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 or revise the forward-looking statements contained in this press release or the accompanying conference call because of new information, future events, or otherwise.
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 gross margin, non-GAAP operating expenses, 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.
Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. Items excluded from non-GAAP gross margin include amortization of intangible assets, stock-based compensation, employer payroll taxes related to employee stock-based compensation and depreciation expense. Items excluded from non-GAAP operating expenses include amortization of intangible assets, stock-based compensation, employer payroll taxes related to employee stock-based compensation, depreciation expense, and acquisition and integration-related expenses. Items excluded from non-GAAP net loss and non-GAAP net loss per share include stock-based compensation expense, employer payroll taxes related to employee stock-based compensation, depreciation expense, amortization of intangible assets, acquisition and integration-related expenses, amortization of debt discount (and accretion of debt premium) and issuance costs, and income tax associated with acquisition and non-GAAP adjustments. 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 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.
Beginning the quarter ended March 31, 2021, we changed our method of calculating certain non-GAAP financial measures by removing the adjustments related to the capitalized service costs, capitalized internal-use software, capitalized sales commissions, and the associated amortization expenses. These changes are reflected in our non-GAAP financial measures for the quarter ended December 31, 2021. In addition, our non-GAAP financial measures for the quarter ended December 31, 2020 were also adjusted to conform to the current quarter presentation. These changes are further described in the reconciliation of GAAP to non-GAAP financial measures below.
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 expense. We exclude depreciation expenses from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance.
Amortization of intangible assets. We exclude amortization of intangible assets from certain of our non-GAAP financial measures because we believe that excluding this non-cash expense provides meaningful supplemental information regarding our operational performance.
Acquisition and integration-related expenses. We exclude acquisition and integration-related expenses from certain of our non-GAAP financial measures because these costs would have not otherwise been incurred in the normal course of our business operations. In addition, we believe that acquisition and integration-related expenses are non-recurring charges unique to a specific acquisition. Although we may engage in future acquisitions, such acquisitions and the associated acquisition and integration-related expenses are considered unique and not comparable to other acquisitions.
Amortization of debt discount (accretion of debt premium) and issuance costs. We exclude amortization of debt discount and issuance costs associated with our issuance of our convertible senior notes and accretion of debt premium associated with our credit agreements 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.
Income tax effect associated with acquisition and non-GAAP adjustments. We exclude the income tax effect associated with acquisition and non-GAAP adjustments 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.
Free Cash Flow
Free cash flow is a non-GAAP measure that we calculate as net cash used in operating activities, increased by purchases of property and equipment and capitalization of internal-use software costs. We believe free cash flow is an important liquidity measure of the cash (if any) that is available, after capital expenditures, for operational expenses and investment in our business. Free cash flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash. One limitation of free cash flow is that it does not reflect our future contractual commitments. Additionally, free cash flow does not represent the total increase or decrease in our cash balance for a given period. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth.
| BILL.COM HOLDINGS, INC. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (Unaudited, in thousands) | ||||||||
|
December 31, |
June 30, |
|||||||
|
2021 |
2021 |
|||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents |
$ |
1,672,166 |
|
$ |
509,615 |
|
||
| Short-term investments |
|
1,117,170 |
|
|
655,314 |
|
||
| Accounts receivable, net |
|
24,433 |
|
|
18,222 |
|
||
| Acquired card receivables, net |
|
213,414 |
|
|
147,093 |
|
||
| Prepaid expenses and other current assets |
|
84,718 |
|
|
67,195 |
|
||
| Funds held for customers |
|
3,380,395 |
|
|
2,208,598 |
|
||
| Total current assets |
|
6,492,296 |
|
|
3,606,037 |
|
||
| Non-current assets: | ||||||||
| Operating lease right-of-use assets, net |
|
76,807 |
|
|
71,925 |
|
||
| Property and equipment, net |
|
52,691 |
|
|
48,902 |
|
||
| Intangible assets, net |
|
472,120 |
|
|
417,341 |
|
||
| Goodwill |
|
2,363,109 |
|
|
1,772,043 |
|
||
| Other assets |
|
53,935 |
|
|
52,925 |
|
||
| Total assets |
$ |
9,510,958 |
|
$ |
5,969,173 |
|
||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable |
$ |
11,770 |
|
$ |
11,904 |
|
||
| Accrued compensation and benefits |
|
21,146 |
|
|
20,287 |
|
||
| Deferred revenue |
|
30,487 |
|
|
12,848 |
|
||
| Other accruals and current liabilities |
|
87,578 |
|
|
72,022 |
|
||
| Convertible senior notes, net |
|
1,133,825 |
|
|
— |
|
||
| Customer fund deposits |
|
3,380,395 |
|
|
2,208,598 |
|
||
| Total current liabilities |
|
4,665,201 |
|
|
2,325,659 |
|
||
| Non-current liabilities: | ||||||||
| Deferred revenue |
|
2,322 |
|
|
2,926 |
|
||
| Operating lease liabilities |
|
83,547 |
|
|
86,639 |
|
||
| Borrowing from credit facilities, net |
|
78,713 |
|
|
79,534 |
|
||
| Convertible senior notes, net |
|
560,788 |
|
|
909,847 |
|
||
| Other long-term liabilities |
|
27,060 |
|
|
34,978 |
|
||
| Total liabilities |
|
5,417,631 |
|
|
3,439,583 |
|
||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Common stock |
|
2 |
|
|
2 |
|
||
| Additional paid-in capital |
|
4,468,341 |
|
|
2,777,155 |
|
||
| Accumulated other comprehensive loss |
|
(1,850 |
) |
|
(100 |
) |
||
| Accumulated deficit |
|
(373,166 |
) |
|
(247,467 |
) |
||
| Total stockholders’ equity |
|
4,093,327 |
|
|
2,529,590 |
|
||
| Total liabilities and stockholders’ equity |
$ |
9,510,958 |
|
$ |
5,969,173 |
|
||
| BILL.COM HOLDINGS, INC. | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (Unaudited, in thousands except per share amounts) | ||||||||||||||||
|
Three months ended December 31, |
Six months ended December 31, |
|||||||||||||||
|
2021 (1) |
2020 |
2021 (1) (3) |
2020 |
|||||||||||||
| Revenue |
$ |
156,478 |
|
$ |
54,045 |
|
$ |
274,827 |
|
$ |
100,254 |
|
||||
| Cost of revenue (2) |
|
34,386 |
|
|
13,973 |
|
|
64,221 |
|
|
26,079 |
|
||||
| Gross profit |
|
122,092 |
|
|
40,072 |
|
|
210,606 |
|
|
74,175 |
|
||||
| Operating expenses | ||||||||||||||||
| Research and development (2) |
|
51,954 |
|
|
20,486 |
|
|
94,426 |
|
|
38,272 |
|
||||
| Sales and marketing (2) |
|
80,817 |
|
|
14,174 |
|
|
143,129 |
|
|
27,082 |
|
||||
| General and administrative (2) |
|
65,396 |
|
|
19,583 |
|
|
123,331 |
|
|
36,773 |
|
||||
| Total operating expenses |
|
198,167 |
|
|
54,243 |
|
|
360,886 |
|
|
102,127 |
|
||||
| Loss from operations |
|
(76,075 |
) |
|
(14,171 |
) |
|
(150,280 |
) |
|
(27,952 |
) |
||||
| Other expenses, net |
|
(5,000 |
) |
|
(3,341 |
) |
|
(8,475 |
) |
|
(2,511 |
) |
||||
| Loss before benefit from income taxes |
|
(81,075 |
) |
|
(17,512 |
) |
|
(158,755 |
) |
|
(30,463 |
) |
||||
| Benefit from income taxes |
|
(635 |
) |
|
(333 |
) |
|
(4,056 |
) |
|
(333 |
) |
||||
| Net loss |
$ |
(80,440 |
) |
$ |
(17,179 |
) |
$ |
(154,699 |
) |
$ |
(30,130 |
) |
||||
| Net loss per share attributable to common stockholders, basic and diluted |
$ |
(0.78 |
) |
$ |
(0.21 |
) |
$ |
(1.56 |
) |
$ |
(0.37 |
) |
||||
| Weighted-average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted |
|
102,910 |
|
|
81,519 |
|
|
99,401 |
|
|
80,868 |
|
||||
| ____________________________________ | ||||||||||||||||
| (1) Includes the results of Divvy and Invoice2go. | ||||||||||||||||
| (2) Includes stock-based compensation expense as follows: | ||||||||||||||||
| Cost of revenue |
$ |
1,285 |
|
$ |
642 |
|
$ |
2,412 |
|
$ |
1,243 |
|
||||
| Research and development |
|
14,280 |
|
|
3,246 |
|
|
24,840 |
|
|
6,315 |
|
||||
| Sales and marketing |
|
11,039 |
|
|
1,871 |
|
|
19,153 |
|
|
3,375 |
|
||||
| General and administrative |
|
23,080 |
|
|
4,930 |
|
|
41,166 |
|
|
9,650 |
|
||||
|
$ |
49,684 |
|
$ |
10,689 |
|
$ |
87,571 |
|
$ |
20,583 |
|
|||||
| (3) We adopted ASU 2021-08, Business Combinations (Topic 805)—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which resulted in adjustments to increase revenue by $1.9 million and decrease net loss by $1.4 million during the three months ended September 30, 2021 and the six months ended December 31, 2021 due to the recognition of incremental revenue earned from contract liabilities assumed with the acquisition of Invoice2go, Inc. | ||||||||||||||||
| BILL.COM HOLDINGS, INC. | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||
| (Unaudited, in thousands) | ||||||||||||||||
|
Three months ended December 31, |
Six months ended December 31, |
|||||||||||||||
|
2021 (1) |
2020 |
2021 (1) |
2020 |
|||||||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Net loss |
$ |
(80,440 |
) |
$ |
(17,179 |
) |
$ |
(154,699 |
) |
$ |
(30,130 |
) |
||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||
| Depreciation and amortization |
|
2,635 |
|
|
999 |
|
|
5,023 |
|
|
1,924 |
|
||||
| Stock-based compensation |
|
49,684 |
|
|
10,689 |
|
|
87,571 |
|
|
20,583 |
|
||||
| Amortization of debt discount (accretion of debt premium) and issuance costs |
|
1,399 |
|
|
3,905 |
|
|
1,955 |
|
|
3,905 |
|
||||
| Amortization of intangible assets |
|
19,768 |
|
|
— |
|
|
36,440 |
|
|
— |
|
||||
| Amortization of premium (accretion of discount) on investments in marketable debt securities |
|
3,781 |
|
|
677 |
|
|
6,638 |
|
|
723 |
|
||||
| Non-cash operating lease expense |
|
2,123 |
|
|
912 |
|
|
4,083 |
|
|
1,677 |
|
||||
| Provision for losses on acquired card receivables |
|
5,486 |
|
|
— |
|
|
9,535 |
|
|
— |
|
||||
| Deferred income taxes |
|
(399 |
) |
|
(333 |
) |
|
(3,822 |
) |
|
(333 |
) |
||||
| Changes in assets and liabilities: | ||||||||||||||||
| Accounts receivable |
|
(4,618 |
) |
|
(1,995 |
) |
|
(3,420 |
) |
|
(2,785 |
) |
||||
| Prepaid expenses and other current assets |
|
(14,868 |
) |
|
(6,706 |
) |
|
(8,547 |
) |
|
(4,768 |
) |
||||
| Other assets |
|
286 |
|
|
(4,483 |
) |
|
(1,099 |
) |
|
(11,267 |
) |
||||
| Accounts payable |
|
(1,291 |
) |
|
(200 |
) |
|
(2,023 |
) |
|
1,366 |
|
||||
| Other accruals and current liabilities |
|
6,500 |
|
|
4,492 |
|
|
(11,430 |
) |
|
(13 |
) |
||||
| Operating lease liabilities |
|
(2,160 |
) |
|
1,166 |
|
|
(2,952 |
) |
|
6,930 |
|
||||
| Other long-term liabilities |
|
(1,577 |
) |
|
(765 |
) |
|
(1,698 |
) |
|
573 |
|
||||
| Deferred revenue |
|
761 |
|
|
(406 |
) |
|
4,381 |
|
|
32 |
|
||||
| Net cash used in operating activities |
|
(12,930 |
) |
|
(9,227 |
) |
|
(34,064 |
) |
|
(11,583 |
) |
||||
| Cash flows from investing activities: | ||||||||||||||||
| Cash paid for acquisition, net of acquired cash and cash equivalents |
|
(89 |
) |
|
— |
|
|
(144,541 |
) |
|
— |
|
||||
| Purchases of corporate and customer fund short-term investments |
|
(843,867 |
) |
|
(358,097 |
) |
|
(1,452,419 |
) |
|
(701,442 |
) |
||||
| Proceeds from maturities of corporate and customer fund short-term investments |
|
348,947 |
|
|
256,827 |
|
|
667,854 |
|
|
501,159 |
|
||||
| Proceeds from sale of corporate and customer fund short-term investments |
|
27,510 |
|
|
2,000 |
|
|
44,744 |
|
|
35,286 |
|
||||
| Increase in other receivables included in funds held for customers |
|
(7,289 |
) |
|
1,541 |
|
|
(8,235 |
) |
|
19 |
|
||||
| Increase in acquired card receivables |
|
(37,507 |
) |
|
— |
|
|
(69,224 |
) |
|
— |
|
||||
| Purchases of property and equipment |
|
(1,063 |
) |
|
(7,742 |
) |
|
(2,467 |
) |
|
(13,636 |
) |
||||
| Capitalization of internal-use software costs |
|
(2,081 |
) |
|
(346 |
) |
|
(5,023 |
) |
|
(660 |
) |
||||
| Net cash used in investing activities |
|
(515,439 |
) |
|
(105,817 |
) |
|
(969,311 |
) |
|
(179,274 |
) |
||||
| Cash flows from financing activities: | ||||||||||||||||
| Proceeds from issuance of common stock upon public offering, net of underwriting discounts and other offering costs |
|
(445 |
) |
|
— |
|
|
1,341,152 |
|
|
— |
|
||||
| Proceeds from issuance of convertible senior notes, net of discounts and issuance costs |
|
(2,629 |
) |
|
1,129,603 |
|
|
560,075 |
|
|
1,129,603 |
|
||||
| Purchase of capped call |
|
— |
|
|
(87,860 |
) |
|
(37,893 |
) |
|
(87,860 |
) |
||||
| Increase in customer fund deposits liability |
|
947,874 |
|
|
548,777 |
|
|
1,171,797 |
|
|
573,430 |
|
||||
| Proceeds from exercise of stock options |
|
14,448 |
|
|
8,480 |
|
|
22,784 |
|
|
17,442 |
|
||||
| Proceeds from issuance of common stock under the employee stock purchase plan |
|
— |
|
|
— |
|
|
5,726 |
|
|
4,327 |
|
||||
| Other |
|
(69 |
) |
|
— |
|
|
(351 |
) |
|
(664 |
) |
||||
| Net cash provided by financing activities |
|
959,179 |
|
|
1,599,000 |
|
|
3,063,290 |
|
|
1,636,278 |
|
||||
| Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents |
|
97 |
|
|
— |
|
|
(75 |
) |
|
— |
|
||||
| Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents |
|
430,907 |
|
|
1,483,956 |
|
|
2,059,840 |
|
|
1,445,421 |
|
||||
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period |
|
3,438,625 |
|
|
1,553,842 |
|
|
1,809,692 |
|
|
1,592,377 |
|
||||
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period |
$ |
3,869,532 |
|
$ |
3,037,798 |
|
$ |
3,869,532 |
|
$ |
3,037,798 |
|
||||
| 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 |
$ |
1,672,166 |
|
$ |
1,568,684 |
|
$ |
1,672,166 |
|
$ |
1,568,684 |
|
||||
| Restricted cash included in other current assets |
|
16,364 |
|
|
119 |
|
|
16,364 |
|
|
119 |
|
||||
| Restricted cash included in other assets |
|
6,724 |
|
|
— |
|
|
6,724 |
|
|
— |
|
||||
| Restricted cash and restricted cash equivalents included in funds held for customers |
|
2,174,278 |
|
|
1,468,995 |
|
|
2,174,278 |
|
|
1,468,995 |
|
||||
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period |
$ |
3,869,532 |
|
$ |
3,037,798 |
|
$ |
3,869,532 |
|
$ |
3,037,798 |
|
||||
| (1) Includes the results of Divvy and Invoice2go. | ||||||||||||||||
Contacts
IR Contact:
Karen Sansot
ksansot@hq.bill.com
Press Contact:
Oriana Branon
obranon@hq.bill.com
619-997-0299