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Financial Highlights for Fiscal Year 2025:

Total revenue was $1,462.6 million, an increase of 13% year-over-year.
Core revenue, which consists of subscription and transaction fees, was $1,300.8 million, an increase of 16% year-over-year. Subscription fees were $272.1 million, up 6% year-over-year. Transaction fees were $1,028.7 million, up 19% year-over-year.
Float revenue, which consists of interest on funds held for customers, was $161.8 million.
Gross profit was $1,190.5 million, representing an 81.4% gross margin, compared to $1,055.6 million, or an 81.8% gross margin, in the prior fiscal year. Non-GAAP gross profit was $1,242.7 million, representing an 85.0% non-GAAP gross margin, compared to $1,109.9 million, or an 86.0% non-GAAP gross margin, in the prior fiscal year.
Operating loss was $80.6 million, compared to an operating loss of $174.2 million in the prior fiscal year. Non-GAAP operating income was $239.5 million, compared to $196.2 million in the prior fiscal year, an increase of 22% year-over-year.
Net income was $23.8 million, or $0.23 and ($0.07) per share, basic and diluted, respectively, compared to net loss of $28.9 million, or ($0.27) per share, basic and diluted, in the prior fiscal year. Non-GAAP net income was $251.8 million, or $2.43 and $2.21 per basic and diluted share, respectively, compared to non-GAAP net income of $244.0 million, or $2.30 and $2.12 per basic and diluted share, respectively, in the prior fiscal year.

Business Highlights and Recent Developments:

Served 493,800 businesses using our solutions as of the end of the fourth quarter.¹
Processed $86 billion in total payment volume in the fourth quarter, an increase of 13% year-over-year.
Processed 33 million transactions during the fourth quarter, an increase of 18% year-over-year.
As of June 30, 2025, 8.3 million BILL standalone network members have originated or received an electronic payment using our platform, an increase of 18% year-over-year.
Welcomed technology industry finance leader Rohini Jain as Chief Financial Officer.
Repurchased approximately 2.2 million shares of BILL common stock in the fourth quarter and July 2025 for a total cost of approximately $100 million.

______________________
1		Businesses using more than one of our solutions are included separately in the total for each solution utilized.

New Share Repurchase Program

BILL announced today that its Board of Directors has authorized a new share repurchase program, pursuant to which BILL may purchase up to $300 million of its outstanding common stock.

BILL may repurchase shares of its common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. The share repurchase program may be suspended, discontinued or modified at any time, and does not obligate the company to acquire any amount of common stock. The company expects to fund the share repurchase program using existing cash.

Financial Outlook

We are providing the following guidance for the fiscal first quarter ending September 30, 2025 and the full fiscal year ending June 30, 2026.

	Q1 FY26 Guidance	FY26 Guidance
Total revenue (millions)	$385.0 – $395.0	$1,589.5 – $1,629.5
Year-over-year total revenue growth	7% – 10%	9% – 11%
Core revenue (millions)	$348.0 – $358.0	$1,450.5 – $1,490.5
Year-over-year core revenue growth	11% – 14%	12% – 15%
Non-GAAP operating income (millions)	$53.5 – $58.5	$240.0 – $270.0
Non-GAAP net income (millions)	$56.5 – $60.5	$236.0 – $260.0
Non-GAAP net income per diluted share	$0.49 – $0.52	$2.00 – $2.20

The outlook for non-GAAP net income and non-GAAP net income per diluted share includes a non-GAAP provision for income taxes of 20%. The outlook for non-GAAP net income per diluted share does not take any future repurchases of BILL shares into account, as its impact on a per diluted share basis is not reasonably estimable.

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 has not provided a reconciliation of its non-GAAP operating income, non-GAAP net income or non-GAAP net income per share guidance 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 will host a conference call for investors at 1:30 p.m. PT (4:30 p.m. ET) today to discuss fiscal fourth quarter and fiscal year 2025 results and our outlook for the fiscal first quarter ending September 30, 2025 and fiscal year ending June 30, 2026. The live webcast and a replay of the webcast will be available at the Investor Relations section of BILL’s website: https://investor.bill.com/events-and-presentations/default.aspx.

About BILL

BILL (NYSE: BILL) is a leading financial operations platform for small and midsize businesses (SMBs). As a champion of SMBs, we are automating the future of finance so businesses can thrive. Our integrated platform helps businesses to more efficiently control their payables, receivables and spend and expense management. Hundreds of thousands of businesses rely on BILL’s proprietary network of millions of members to pay or get paid faster. Headquartered in San Jose, California, BILL is a trusted partner of leading U.S. financial institutions, accounting firms, and accounting software providers. For more information, visit 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 total revenue, core revenue, non-GAAP operating income, non-GAAP net income, and non-GAAP net income per diluted share for the fiscal first quarter ending September 30, 2025 and full fiscal year ending June 30, 2026, our planned investments in fiscal year 2026, our revenue growth and profitability profile, activity under our share repurchase program, and our expectations for the growth of demand for our platform and the expansion of our customers’ utilization of our services. These risks and uncertainties include, but are not limited to macroeconomic factors, including changes in interest rates, significant political and regulatory developments or changes in trade policy, including the imposition of tariffs and other trade barriers, inflationary, recessionary, and volatile market environments, as well as fluctuations in foreign exchange rates, 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, credit risk related to our BILL Divvy Cards and our invoice financing offering, our ability to attract new customers and convert trial customers into paying customers, our expectations for developing and deploying AI agents and other AI tools, our ability to invest in our business and develop new products and services, increased competition or new entrants in the marketplace, potential impacts of acquisitions, investments and other strategic transactions, our relationships with accounting firms, financial institutions and software providers, the global impacts of ongoing geopolitical conflicts, the actual and expected impacts of the above factors on the SMBs we serve and other risks detailed in the 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’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 profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income and non-GAAP net income 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.

We exclude the following items from non-GAAP gross profit and non-GAAP gross margin:

We exclude the following items from non-GAAP operating expenses and non-GAAP operating income:

stock-based compensation and related payroll taxes
depreciation and amortization
acquisition and integration-related expenses
restructuring

We exclude the following items from non-GAAP net income and non-GAAP net income per share:

stock-based compensation expense and related payroll taxes
depreciation and amortization
acquisition and integration-related expenses
restructuring
gain on debt extinguishment
amortization of debt issuance costs
non-GAAP provision for income taxes

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 also periodically review our non-GAAP financial measures and may revise these measures to reflect changes in our business or otherwise, including our blended U.S. statutory tax rate.

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.

We adjust the following items from one or more of our non-GAAP financial measures:

Stock-based compensation and related payroll taxes charged to cost of revenue and operating expenses. We exclude stock-based compensation, which is a non-cash expense, and related payroll taxes from certain of our non-GAAP financial measures because we believe that excluding these items provide meaningful supplemental information regarding operational performance. In particular, companies calculate stock-based compensation expenses using a variety of valuation methodologies and subjective assumptions while the related payroll taxes are 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.

Depreciation and amortization. We exclude depreciation and amortization from certain of our non-GAAP financial measures because we believe that excluding this non-cash charge provides meaningful supplemental information regarding operational performance. Depreciation and amortization do not include amortization of capitalized internal-use software costs paid in cash.

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.

Restructuring. We exclude costs incurred in connection with formal restructuring plans from certain of our non-GAAP financial measures because these costs are exceptional and would have not otherwise been incurred in the normal course of our business operations.

Gain on debt extinguishment. We exclude gain on debt extinguishment associated with our repurchases of certain of our outstanding convertible senior notes because we believe that excluding this non-cash gain provides better insight regarding our operational performance.

Amortization of debt issuance costs. We exclude amortization of debt issuance costs associated with our issuance of our convertible senior notes and credit arrangement 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.

Non-GAAP provision for income taxes. Consists of assumed provision for income taxes based on the statutory tax rate taking into consideration the nature of the taxed item and the relevant taxing jurisdiction.

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 defined as net cash provided by operating activities, adjusted 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 that is generated, after incurring operating expenses, purchases of property and equipment and capitalization of internal-use software costs, for future 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 in the ordinary course of business. 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 strong balance sheets and invest in future growth.

BILL HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)

	June 30,
	2025			2024
ASSETS
Current assets:
Cash and cash equivalents	$	1,038,346		$	985,941
Short-term investments		1,180,110			601,535
Accounts receivable, net		32,341			28,049
Acquired card receivables, net		685,108			697,216
Prepaid expenses and other current assets		258,418			297,169
Funds held for customers		4,044,470			3,704,907
Total current assets		7,238,793			6,314,817
Non-current assets:
Operating lease right-of-use assets, net		56,086			59,414
Property and equipment, net		116,611			88,034
Intangible assets, net		222,805			281,471
Goodwill		2,396,509			2,396,509
Other assets		33,178			38,568
Total assets	$	10,063,982		$	9,178,813

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	16,293		$	7,447
Accrued compensation and benefits		39,581			34,158
Deferred revenue		22,435			17,006
Other accruals and current liabilities		252,455			299,506
Borrowings from credit facilities, net		180,005			—
Convertible senior notes, net		33,421			—
Customer fund deposits		4,044,470			3,704,907
Total current liabilities		4,588,660			4,063,024
Non-current liabilities:
Deferred revenue		285			4,167
Operating lease liabilities		58,372			62,847
Borrowings from credit facilities, net		—			180,009
Convertible senior notes, net		1,501,044			733,991
Other long-term liabilities		1,581			574
Total liabilities		6,149,942			5,044,612
Stockholders’ equity:
Common stock		2			2
Additional paid-in capital		5,414,645			5,233,037
Accumulated other comprehensive income (loss)		10,197			(1,890	)
Accumulated deficit		(1,510,804	)		(1,096,948	)
Total stockholders’ equity		3,914,040			4,134,201
Total liabilities and stockholders’ equity	$	10,063,982		$	9,178,813

BILL HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands except per share amounts)

	Three months ended June 30,						Year ended June 30,
	2025			2024			2025			2024
Revenue
Subscription and transaction fees ⁽¹⁾	$	345,947		$	301,306		$	1,300,804		$	1,122,733
Interest on funds held for customers		37,402			42,359			161,766			167,439
Total revenue		383,349			343,665			1,462,570			1,290,172
Cost of revenue
Service costs ⁽¹⁾		63,172			53,905			229,805			189,894
Depreciation and amortization ⁽²⁾		10,416			11,295			42,298			44,722
Total cost of revenue		73,588			65,200			272,103			234,616
Gross profit		309,761			278,465			1,190,467			1,055,556
Operating expenses
Research and development ⁽¹⁾		90,050			79,609			340,059			336,754
Sales and marketing ⁽¹⁾		148,098			123,732			543,711			478,540
General and administrative ⁽¹⁾		70,169			70,500			281,913			277,662
Provision for expected credit losses		15,785			14,785			72,749			60,105
Depreciation and amortization ⁽²⁾		7,909			11,670			32,637			49,072
Restructuring ⁽¹⁾		—			392			—			27,587
Total operating expenses		332,011			300,688			1,271,069			1,229,720
Operating loss		(22,250	)		(22,223	)		(80,602	)		(174,164	)
Other income, net		19,180			29,819			111,012			147,845
Income (loss) before provision for income taxes		(3,070	)		7,596			30,410			(26,319	)
Provision for income taxes		4,004			—			6,611			2,559
Net income (loss)	$	(7,074	)	$	7,596		$	23,799		$	(28,878	)

Net income (loss) per share attributable to common stockholders:
Basic	$	(0.07	)	$	0.07		$	0.23		$	(0.27	)
Diluted	$	(0.07	)	$	(0.03	)	$	(0.07	)	$	(0.27	)
Weighted-average number of common shares used to compute net income (loss) per share attributable to common stockholders:
Basic		103,231			106,289			103,568			106,102
Diluted		103,231			107,326			103,912			106,102

______________________
(1)		Includes stock-based compensation charged to revenue and expenses as follows (in thousands):

	Three months ended June 30,				Year ended June 30,
	2025		2024		2025		2024
Revenue – subscription and transaction fees	$	632	$	528	$	2,329	$	1,831
Cost of revenue – service costs		2,480		2,185		9,627		9,309
Research and development		27,338		24,674		107,603		103,382
Sales and marketing		9,211		11,427		39,992		49,070
General and administrative		20,100		19,525		82,981		81,209
Restructuring		—		—		—		3,574
Total stock-based compensation	$	59,761	$	58,339	$	242,532	$	248,375

(2)

Depreciation and amortization do not include amortization of capitalized internal-use software costs paid in cash.

BILL HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)

	Three Months Ended June 30,						Year Ended June 30,
	2025			2024			2025			2024
Cash flows from operating activities:
Net income (loss)	$	(7,072	)	$	7,595		$	23,799		$	(28,878	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation		59,761			58,339			242,532			248,375
Amortization of intangible assets		15,165			19,293			61,925			79,956
Depreciation of property and equipment		3,160			3,671			13,010			13,838
Amortization of capitalized internal-use software costs paid in cash		3,561			3,037			14,508			9,369
Amortization of debt discount and issuance costs		1,459			1,064			4,739			6,238
Accretion of discount on investments in marketable debt securities		(7,590	)		(15,777	)		(37,000	)		(55,062	)
Accretion of discount on loans held for investment		(5,976	)		(3,678	)		(21,215	)		(9,209	)
Gain on debt extinguishment		—			(10,939	)		(40,550	)		(46,654	)
Provision for expected credit losses on acquired card receivables and other financial assets		15,785			12,826			72,749			60,105
Non-cash operating lease expense		1,990			2,052			8,164			8,642
Other		(515	)		(267	)		395			1,395
Changes in assets and liabilities:
Accounts receivable		(5,740	)		3,864			(4,458	)		69
Prepaid expenses and other current assets		(8,780	)		(12,238	)		(26,986	)		(6,825	)
Other assets		19			9,596			8,417			7,528
Accounts payable		6,453			773			8,213			(1,125	)
Other accruals and current liabilities		15,841			14,180			30,222			20,992
Operating lease liabilities		(2,225	)		(2,280	)		(9,412	)		(9,839	)
Other long-term liabilities		(2,215	)		(11,963	)		46			(14,580	)
Deferred revenue		734			(529	)		1,546			(5,564	)
Net cash provided by operating activities		83,815			78,619			350,644			278,771
Cash flows from investing activities:
Purchases of corporate and customer fund short-term investments		(532,761	)		(639,810	)		(2,847,736	)		(2,682,659	)
Proceeds from maturities and sales of corporate and customer fund short-term investments		487,261			654,887			2,214,628			2,513,646
Purchase of intangible assets		—			—			(2,868	)		—
Purchases of loans held for investment		(222,041	)		(140,711	)		(798,926	)		(359,654	)
Principal repayments of loans held for investment		223,218			134,311			787,513			326,172
Acquired card receivables, net		16,949			(45,636	)		(129,439	)		(185,486	)
Purchases of property and equipment		(2,789	)		(205	)		(4,335	)		(976	)
Capitalization of internal-use software costs		(12,548	)		(5,322	)		(33,767	)		(19,917	)
Other		(878	)		(500	)		(2,460	)		(500	)
Net cash used in investing activities		(43,589	)		(42,986	)		(817,390	)		(409,374	)
Cash flows from financing activities:
Proceeds from issuance of convertible senior notes		—			—			1,400,000			—
Cash paid for convertible senior notes issuance costs		—			—			(24,006	)		—
Payments for repurchase of convertible senior notes		—			(222,256	)		(539,403	)		(933,187	)
Proceeds from unwind of capped calls		—			1,190			—			11,442
Purchase of capped calls		—			—			(92,960	)		—
Customer fund deposits liability and other		380,539			198,588			318,683			353,964
Prepaid card deposits		(14,956	)		2,875			28,517			(17,901	)
Repurchase of common stock		(30,001	)		—			(430,002	)		(211,902	)
Proceeds from line of credit borrowings		—			—			—			45,000
Cash paid for line of credit issuance costs		(1,721	)		—			(1,721	)		—
Proceeds from exercise of stock options		929			1,589			3,701			8,114
Tax withholdings related to net share settlements of equity awards		(1,424	)		(2,181	)		(7,840	)		(3,862	)
Proceeds from issuance of common stock under the employee stock purchase plan		6,251			—			11,553			16,495
Contingent consideration payout		—			—			—			(10,762	)
Net cash provided by (used in) financing activities		339,617			(20,195	)		666,522			(742,599	)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents		(109	)		157			(290	)		(240	)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents		379,734			15,595			199,486			(873,442	)
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period		3,171,150			3,335,803			3,351,398			4,224,840
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period	$	3,550,884		$	3,351,398		$	3,550,884		$	3,351,398
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							$	1,038,346		$	985,941
Restricted cash included in other current assets								101,620			174,101
Restricted cash included in other assets								4,885			5,297
Restricted cash and restricted cash equivalents included in funds held for customers								2,406,033			2,186,059
Total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year							$	3,550,884		$	3,351,398
Supplemental disclosure of cash flow information:
Cash paid for interest during the period							$	13,782		$	12,611
Cash paid for income taxes during the period							$	6,321		$	5,628
Noncash investing and financing activities:
Payable on purchases of property and equipment and internal-use software costs							$	5,234		$	906
Payable on purchases of acquired card receivables							$	9,213		$	105,406
Payable on repurchase of common stock							$	5,000		$	—
Payable on excise tax							$	2,653		$	—
Issuance and exercise of warrants							$	13,125		$	8,750

BILL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited, in thousands except percentages and per share amounts)

	Three Months Ended June 30,						Year Ended June 30,
	2025			2024			2025			2024
Reconciliation of gross profit:
GAAP gross profit	$	309,761		$	278,463		$	1,190,467		$	1,055,556
Add:
Depreciation and amortization ⁽¹⁾		10,416			11,295			42,298			44,722
Stock-based compensation and related payroll taxes charged to cost of revenue		2,553			2,243			9,920			9,594
Non-GAAP gross profit	$	322,730		$	292,001		$	1,242,685		$	1,109,872
GAAP gross margin		80.8	%		81.0	%		81.4	%		81.8	%
Non-GAAP gross margin		84.2	%		85.0	%		85.0	%		86.0	%

______________________
(1)		Consists of depreciation of property and equipment and amortization of developed technology, excluding amortization of capitalized internal-use software costs paid in cash.

	Three Months Ended June 30,						Year Ended June 30,
	2025			2024			2025			2024
Reconciliation of operating expenses:
GAAP research and development expenses	$	90,050		$	79,609		$	340,059		$	336,754
Less – stock-based compensation and related payroll taxes		(27,952	)		(25,261	)		(110,255	)		(105,760	)
Non-GAAP research and development expenses	$	62,098		$	54,348		$	229,804		$	230,994

GAAP sales and marketing expenses	$	148,098		$	123,732		$	543,711		$	478,540
Less – stock-based compensation and related payroll taxes		(9,382	)		(11,565	)		(40,801	)		(50,073	)
Non-GAAP sales and marketing expenses	$	138,716		$	112,167		$	502,910		$	428,467

GAAP general and administrative expenses	$	70,169		$	70,500		$	281,913		$	277,662
Less:
Stock-based compensation and related payroll taxes		(20,390	)		(19,768	)		(84,329	)		(82,565	)
Acquisition and integration-related expenses		—			—			—			(972	)
Restructuring		—			—			92			—
Non-GAAP general and administrative expenses	$	49,779		$	50,732		$	197,676		$	194,125

	Three Months Ended June 30,						Year Ended June 30,
	2025			2024			2025			2024
Reconciliation of operating loss:
GAAP operating loss	$	(22,250	)	$	(22,223	)	$	(80,602	)	$	(174,164	)
Add:
Depreciation and amortization ⁽¹⁾		18,325			22,965			74,935			93,794
Stock-based compensation and related payroll taxes charged to cost of revenue and operating expenses ⁽²⁾		60,277			58,837			245,305			247,992
Acquisition and integration-related expenses		—			—			—			972
Restructuring		—			392			(92	)		27,587
Non-GAAP operating income	$	56,352		$	59,971		$	239,546		$	196,181

______________________
(1)		Excludes amortization of capitalized internal-use software costs paid in cash.
(2)		Excludes stock-based compensation charged to Restructuring, shown separately below.

	Three Months Ended June 30,						Year Ended June 30,
	2025			2024			2025			2024
Reconciliation of net income (loss):
GAAP net income (loss)	$	(7,074	)	$	7,596		$	23,799		$	(28,878	)
Add – GAAP provision for income taxes		4,004			—			6,611			2,559
Income (loss) before taxes		(3,070	)		7,596			30,410			(26,319	)
Add (less):
Depreciation and amortization ⁽¹⁾		18,325			22,965			74,935			93,794
Stock-based compensation and related payroll taxes charged to cost of revenue and operating expenses ⁽²⁾		60,277			58,837			245,305			247,992
Acquisition and integration-related expenses		—			—			—			972
Restructuring		—			392			(92	)		27,587
Amortization of debt discount and issuance costs		1,459			1,064			4,739			6,238
Gain on debt extinguishment and change on mark to market derivatives associated with notes repurchase and capped call unwind		—			(10,974	)		(40,550	)		(45,271	)
Non-GAAP net income before non-GAAP tax adjustments	$	76,991		$	79,880		$	314,747		$	304,993
Non-GAAP provision for income taxes ⁽³⁾		(15,398	)		(15,976	)		(62,949	)		(60,999	)
Non-GAAP net income	$	61,593		$	63,904		$	251,798		$	243,994

______________________
(1)		Excludes amortization of capitalized internal-use software costs paid in cash.
(2)		Excludes stock-based compensation charged to Restructuring, shown separately below.
(3)		The non-GAAP provision for income taxes is calculated using a blended tax rate of 20%, taking into consideration the nature of the taxed item and the applicable statutory tax rate in each relevant taxing jurisdiction.

	Three Months Ended June 30,						Year Ended June 30,
	2025			2024			2025			2024
Reconciliation of net income (loss) per share attributable to common stockholders, basic and diluted:
GAAP net income (loss) per share attributable to common stockholders, basic and diluted	$	(0.07	)	$	0.07		$	0.23		$	(0.27	)
Add – GAAP provision for income taxes		0.04			—			0.06			0.02
Income (loss) before taxes		(0.03	)		0.07			0.29			(0.25	)
Add (less):
Depreciation and amortization ⁽¹⁾		0.18			0.22			0.72			0.88
Stock-based compensation and related payroll taxes charged to cost of revenue and operating expenses		0.58			0.55			2.37			2.34
Acquisition and integration-related expenses		—			—			—			0.01
Restructuring		—			0.00			(0.00	)		0.26
Amortization of debt discount and issuance costs		0.01			0.01			0.05			0.06
Gain on debt extinguishment and change on mark to market derivatives associated with notes repurchase and capped call unwind		—			(0.10	)		(0.39	)		(0.43	)
Non-GAAP net income before non-GAAP tax adjustments per share attributable to common stockholders, basic	$	0.75		$	0.75		$	3.04		$	2.87
Non-GAAP net income before non-GAAP tax adjustments per share attributable to common stockholders, diluted	$	0.66		$	0.72		$	2.76		$	2.64
Less – Non-GAAP provision for income taxes		(0.15	)		(0.15	)		(0.61	)		(0.57	)
Non-GAAP net income per share attributable to common stockholders, basic	$	0.60		$	0.60		$	2.43		$	2.30
Non-GAAP net income per share attributable to common stockholders, diluted	$	0.53		$	0.57		$	2.21		$	2.12

______________________
(1)		Excludes amortization of capitalized internal-use software costs paid in cash.

	Three Months Ended June 30,		Year Ended June 30,
	2025	2024	2025	2024
Shares used to compute GAAP and non-GAAP net income (loss) per share attributable to common stockholders, basic	103,231	106,289	103,568	106,102
Shares used to compute GAAP net income (loss) per share attributable to common stockholders, diluted	103,231	107,326	103,912	106,102
Shares used to compute non-GAAP net income per share attributable to common stockholders, diluted	116,754	111,399	114,034	115,345

BILL HOLDINGS, INC.
FREE CASH FLOW
(Unaudited, in thousands)

	Three months ended June 30,						Year ended June 30,
	2025			2024			2025			2024
Net cash provided by operating activities	$	83,815		$	78,619		$	350,644		$	278,771
Purchases of property and equipment		(2,789	)		(205	)		(4,335	)		(976	)
Capitalization of internal-use software costs		(12,548	)		(5,322	)		(33,767	)		(19,917	)
Free cash flow	$	68,478		$	73,092		$	312,542		$	257,878

BILL HOLDINGS, INC.
REMAINING PERFORMANCE OBLIGATIONS
(Unaudited, in thousands)

	June 30, 2025
Remaining performance obligations to be recognized as revenue:
Over the next 1 year	$	33,221
Between 1 to 2 years		17,166
Thereafter		22,668
Total	$	73,055

View source version on businesswire.com: https://www.businesswire.com/news/home/20250827388148/en/

Contacts

IR Contact:
Jun Wang
[email protected]

Press Contact:
Lauren Johns
[email protected]

. Based on this analysis, write a comprehensive, original, and highly engaging article in English that explores potential future trends, implications, and actionable insights related to these themes. The article should be forward-looking and provide significant value to the Archyde.com audience.
Consider the typical readers of the news website archyde.com category news and tailor the language, examples, and depth accordingly. The article should also reflect [Archyde.com’s Unique Angle/Voice – e.g., data-driven analysis, practical and actionable advice, contrarian perspectives, simplified explanations of complex topics].

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The entire article must be a single, embeddable HTML content block, perfectly formatted for direct pasting into a WordPress post.
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Compelling Title (H1): Create an attention-grabbing, SEO-friendly title for the article (this will be the content of the

tag). Ideally, this title should incorporate the identified primary keyword or a close variant naturally.
Engaging Hook: The very first paragraph must act as a powerful hook to grab the reader’s attention immediately and make them want to continue reading, especially since there’s no formal ‘Introduction’ section. To achieve this, you (the AI) should employ one of the following strategies for the opening paragraph:
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Originality: The new article must be substantially original content. While inspired by

Financial Highlights for Fiscal Year 2025:

Total revenue was $1,462.6 million, an increase of 13% year-over-year.

Core revenue, which consists of subscription and transaction fees, was $1,300.8 million, an increase of 16% year-over-year. Subscription fees were $272.1 million, up 6% year-over-year. Transaction fees were $1,028.7 million, up 19% year-over-year.

Float revenue, which consists of interest on funds held for customers, was $161.8 million.

Gross profit was $1,190.5 million, representing an 81.4% gross margin, compared to $1,055.6 million, or an 81.8% gross margin, in the prior fiscal year. Non-GAAP gross profit was $1,242.7 million, representing an 85.0% non-GAAP gross margin, compared to $1,109.9 million, or an 86.0% non-GAAP gross margin, in the prior fiscal year.

Operating loss was $80.6 million, compared to an operating loss of $174.2 million in the prior fiscal year. Non-GAAP operating income was $239.5 million, compared to $196.2 million in the prior fiscal year, an increase of 22% year-over-year.

Net income was $23.8 million, or $0.23 and ($0.07) per share, basic and diluted, respectively, compared to net loss of $28.9 million, or ($0.27) per share, basic and diluted, in the prior fiscal year. Non-GAAP net income was $251.8 million, or $2.43 and $2.21 per basic and diluted share, respectively, compared to non-GAAP net income of $244.0 million, or $2.30 and $2.12 per basic and diluted share, respectively, in the prior fiscal year.

Business Highlights and Recent Developments:

Served 493,800 businesses using our solutions as of the end of the fourth quarter.¹

Processed $86 billion in total payment volume in the fourth quarter, an increase of 13% year-over-year.

Processed 33 million transactions during the fourth quarter, an increase of 18% year-over-year.

As of June 30, 2025, 8.3 million BILL standalone network members have originated or received an electronic payment using our platform, an increase of 18% year-over-year.

Welcomed technology industry finance leader Rohini Jain as Chief Financial Officer.

Repurchased approximately 2.2 million shares of BILL common stock in the fourth quarter and July 2025 for a total cost of approximately $100 million.

______________________

1

Businesses using more than one of our solutions are included separately in the total for each solution utilized.

New Share Repurchase Program

BILL announced today that its Board of Directors has authorized a new share repurchase program, pursuant to which BILL may purchase up to $300 million of its outstanding common stock.

BILL may repurchase shares of its common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. The share repurchase program may be suspended, discontinued or modified at any time, and does not obligate the company to acquire any amount of common stock. The company expects to fund the share repurchase program using existing cash.

Financial Outlook

We are providing the following guidance for the fiscal first quarter ending September 30, 2025 and the full fiscal year ending June 30, 2026.

Q1 FY26

Guidance

FY26

Guidance

Total revenue (millions)

$385.0 – $395.0

$1,589.5 – $1,629.5

Year-over-year total revenue growth

7% – 10%

9% – 11%

Core revenue (millions)

$348.0 – $358.0

$1,450.5 – $1,490.5

Year-over-year core revenue growth

11% – 14%

12% – 15%

Non-GAAP operating income (millions)

$53.5 – $58.5

$240.0 – $270.0

Non-GAAP net income (millions)

$56.5 – $60.5

$236.0 – $260.0

Non-GAAP net income per diluted share

$0.49 – $0.52

$2.00 – $2.20

The outlook for non-GAAP net income and non-GAAP net income per diluted share includes a non-GAAP provision for income taxes of 20%. The outlook for non-GAAP net income per diluted share does not take any future repurchases of BILL shares into account, as its impact on a per diluted share basis is not reasonably estimable.

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 has not provided a reconciliation of its non-GAAP operating income, non-GAAP net income or non-GAAP net income per share guidance 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 will host a conference call for investors at 1:30 p.m. PT (4:30 p.m. ET) today to discuss fiscal fourth quarter and fiscal year 2025 results and our outlook for the fiscal first quarter ending September 30, 2025 and fiscal year ending June 30, 2026. The live webcast and a replay of the webcast will be available at the Investor Relations section of BILL’s website: https://investor.bill.com/events-and-presentations/default.aspx.

About BILL

BILL (NYSE: BILL) is a leading financial operations platform for small and midsize businesses (SMBs). As a champion of SMBs, we are automating the future of finance so businesses can thrive. Our integrated platform helps businesses to more efficiently control their payables, receivables and spend and expense management. Hundreds of thousands of businesses rely on BILL’s proprietary network of millions of members to pay or get paid faster. Headquartered in San Jose, California, BILL is a trusted partner of leading U.S. financial institutions, accounting firms, and accounting software providers. For more information, visit 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 total revenue, core revenue, non-GAAP operating income, non-GAAP net income, and non-GAAP net income per diluted share for the fiscal first quarter ending September 30, 2025 and full fiscal year ending June 30, 2026, our planned investments in fiscal year 2026, our revenue growth and profitability profile, activity under our share repurchase program, and our expectations for the growth of demand for our platform and the expansion of our customers’ utilization of our services. These risks and uncertainties include, but are not limited to macroeconomic factors, including changes in interest rates, significant political and regulatory developments or changes in trade policy, including the imposition of tariffs and other trade barriers, inflationary, recessionary, and volatile market environments, as well as fluctuations in foreign exchange rates, 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, credit risk related to our BILL Divvy Cards and our invoice financing offering, our ability to attract new customers and convert trial customers into paying customers, our expectations for developing and deploying AI agents and other AI tools, our ability to invest in our business and develop new products and services, increased competition or new entrants in the marketplace, potential impacts of acquisitions, investments and other strategic transactions, our relationships with accounting firms, financial institutions and software providers, the global impacts of ongoing geopolitical conflicts, the actual and expected impacts of the above factors on the SMBs we serve and other risks detailed in the 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’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 profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income and non-GAAP net income 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.

We exclude the following items from non-GAAP gross profit and non-GAAP gross margin:

We exclude the following items from non-GAAP operating expenses and non-GAAP operating income:

stock-based compensation and related payroll taxes

depreciation and amortization

acquisition and integration-related expenses

restructuring

We exclude the following items from non-GAAP net income and non-GAAP net income per share:

stock-based compensation expense and related payroll taxes

depreciation and amortization

acquisition and integration-related expenses

restructuring

gain on debt extinguishment

amortization of debt issuance costs

non-GAAP provision for income taxes

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 also periodically review our non-GAAP financial measures and may revise these measures to reflect changes in our business or otherwise, including our blended U.S. statutory tax rate.

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.

We adjust the following items from one or more of our non-GAAP financial measures:

Stock-based compensation and related payroll taxes charged to cost of revenue and operating expenses. We exclude stock-based compensation, which is a non-cash expense, and related payroll taxes from certain of our non-GAAP financial measures because we believe that excluding these items provide meaningful supplemental information regarding operational performance. In particular, companies calculate stock-based compensation expenses using a variety of valuation methodologies and subjective assumptions while the related payroll taxes are 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.

Depreciation and amortization. We exclude depreciation and amortization from certain of our non-GAAP financial measures because we believe that excluding this non-cash charge provides meaningful supplemental information regarding operational performance. Depreciation and amortization do not include amortization of capitalized internal-use software costs paid in cash.

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.

Restructuring. We exclude costs incurred in connection with formal restructuring plans from certain of our non-GAAP financial measures because these costs are exceptional and would have not otherwise been incurred in the normal course of our business operations.

Gain on debt extinguishment. We exclude gain on debt extinguishment associated with our repurchases of certain of our outstanding convertible senior notes because we believe that excluding this non-cash gain provides better insight regarding our operational performance.

Amortization of debt issuance costs. We exclude amortization of debt issuance costs associated with our issuance of our convertible senior notes and credit arrangement 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.

Non-GAAP provision for income taxes. Consists of assumed provision for income taxes based on the statutory tax rate taking into consideration the nature of the taxed item and the relevant taxing jurisdiction.

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 defined as net cash provided by operating activities, adjusted 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 that is generated, after incurring operating expenses, purchases of property and equipment and capitalization of internal-use software costs, for future 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 in the ordinary course of business. 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 strong balance sheets and invest in future growth.

BILL HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands)

June 30,

2025

2024

ASSETS

Current assets:

Cash and cash equivalents

$

1,038,346

$

985,941

Short-term investments

1,180,110

601,535

Accounts receivable, net

32,341

28,049

Acquired card receivables, net

685,108

697,216

Prepaid expenses and other current assets

258,418

297,169

Funds held for customers

4,044,470

3,704,907

Total current assets

7,238,793

6,314,817

Non-current assets:

Operating lease right-of-use assets, net

56,086

59,414

Property and equipment, net

116,611

88,034

Intangible assets, net

222,805

281,471

Goodwill

2,396,509

2,396,509

Other assets

33,178

38,568

Total assets

$

10,063,982

$

9,178,813

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

16,293

$

7,447

Accrued compensation and benefits

39,581

34,158

Deferred revenue

22,435

17,006

Other accruals and current liabilities

252,455

299,506

Borrowings from credit facilities, net

180,005

—

Convertible senior notes, net

33,421

—

Customer fund deposits

4,044,470

3,704,907

Total current liabilities

4,588,660

4,063,024

Non-current liabilities:

Deferred revenue

285

4,167

Operating lease liabilities

58,372

62,847

Borrowings from credit facilities, net

—

180,009

Convertible senior notes, net

1,501,044

733,991

Other long-term liabilities

1,581

574

Total liabilities

6,149,942

5,044,612

Stockholders’ equity:

Common stock

2

2

Additional paid-in capital

5,414,645

5,233,037

Accumulated other comprehensive income (loss)

10,197

(1,890

)

Accumulated deficit

(1,510,804

)

(1,096,948

)

Total stockholders’ equity

3,914,040

4,134,201

Total liabilities and stockholders’ equity

$

10,063,982

$

9,178,813

BILL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands except per share amounts)

Three months ended June 30,

Year ended June 30,

2025

2024

2025

2024

Revenue

Subscription and transaction fees ⁽¹⁾

$

345,947

$

301,306

$

1,300,804

$

1,122,733

Interest on funds held for customers

37,402

42,359

161,766

167,439

Total revenue

383,349

343,665

1,462,570

1,290,172

Cost of revenue

Service costs ⁽¹⁾

63,172

53,905

229,805

189,894

Depreciation and amortization ⁽²⁾

10,416

11,295

42,298

44,722

Total cost of revenue

73,588

65,200

272,103

234,616

Gross profit

309,761

278,465

1,190,467

1,055,556

Operating expenses

Research and development ⁽¹⁾

90,050

79,609

340,059

336,754

Sales and marketing ⁽¹⁾

148,098

123,732

543,711

478,540

General and administrative ⁽¹⁾

70,169

70,500

281,913

277,662

Provision for expected credit losses

15,785

14,785

72,749

60,105

Depreciation and amortization ⁽²⁾

7,909

11,670

32,637

49,072

Restructuring ⁽¹⁾

—

392

—

27,587

Total operating expenses

332,011

300,688

1,271,069

1,229,720

Operating loss

(22,250

)

(22,223

)

(80,602

)

(174,164

)

Other income, net

19,180

29,819

111,012

147,845

Income (loss) before provision for income taxes

(3,070

)

7,596

30,410

(26,319

)

Provision for income taxes

4,004

—

6,611

2,559

Net income (loss)

$

(7,074

)

$

7,596

$

23,799

$

(28,878

)

Net income (loss) per share attributable to common stockholders:

Basic

$

(0.07

)

$

0.07

$

0.23

$

(0.27

)

Diluted

$

(0.07

)

$

(0.03

)

$

(0.07

)

$

(0.27

)

Weighted-average number of common shares used to compute net income (loss) per share attributable to common stockholders:

Basic

103,231

106,289

103,568

106,102

Diluted

103,231

107,326

103,912

106,102

______________________

(1)

Includes stock-based compensation charged to revenue and expenses as follows (in thousands):

Three months ended June 30,

Year ended June 30,

2025

2024

2025

2024

Revenue – subscription and transaction fees

$

632

$

528

$

2,329

$

1,831

Cost of revenue – service costs

2,480

2,185

9,627

9,309

Research and development

27,338

24,674

107,603

103,382

Sales and marketing

9,211

11,427

39,992

49,070

General and administrative

20,100

19,525

82,981

81,209

Restructuring

—

—

—

3,574

Total stock-based compensation

$

59,761

$

58,339

$

242,532

$

248,375

(2)

Depreciation and amortization do not include amortization of capitalized internal-use software costs paid in cash.

BILL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

Three Months Ended

June 30,

Year Ended

June 30,

2025

2024

2025

2024

Cash flows from operating activities:

Net income (loss)

$

(7,072

)

$

7,595

$

23,799

$

(28,878

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Stock-based compensation

59,761

58,339

242,532

248,375

Amortization of intangible assets

15,165

19,293

61,925

79,956

Depreciation of property and equipment

3,160

3,671

13,010

13,838

Amortization of capitalized internal-use software costs paid in cash

3,561

3,037

14,508

9,369

Amortization of debt discount and issuance costs

1,459

1,064

4,739

6,238

Accretion of discount on investments in marketable debt securities

(7,590

)

(15,777

)

(37,000

)

(55,062

)

Accretion of discount on loans held for investment

(5,976

)

(3,678

)

(21,215

)

(9,209

)

Gain on debt extinguishment

—

(10,939

)

(40,550

)

(46,654

)

Provision for expected credit losses on acquired card receivables and other financial assets

15,785

12,826

72,749

60,105

Non-cash operating lease expense

1,990

2,052

8,164

8,642

Other

(515

)

(267

)

395

1,395

Changes in assets and liabilities:

Accounts receivable

(5,740

)

3,864

(4,458

)

69

Prepaid expenses and other current assets

(8,780

)

(12,238

)

(26,986

)

(6,825

)

Other assets

19

9,596

8,417

7,528

Accounts payable

6,453

773

8,213

(1,125

)

Other accruals and current liabilities

15,841

14,180

30,222

20,992

Operating lease liabilities

(2,225

)

(2,280

)

(9,412

)

(9,839

)

Other long-term liabilities

(2,215

)

(11,963

)

46

(14,580

)

Deferred revenue

734

(529

)

1,546

(5,564

)

Net cash provided by operating activities

83,815

78,619

350,644

278,771

Cash flows from investing activities:

Purchases of corporate and customer fund short-term investments

(532,761

)

(639,810

)

(2,847,736

)

(2,682,659

)

Proceeds from maturities and sales of corporate and customer fund short-term investments

487,261

654,887

2,214,628

2,513,646

Purchase of intangible assets

—

—

(2,868

)

—

Purchases of loans held for investment

(222,041

)

(140,711

)

(798,926

)

(359,654

)

Principal repayments of loans held for investment

223,218

134,311

787,513

326,172

Acquired card receivables, net

16,949

(45,636

)

(129,439

)

(185,486

)

Purchases of property and equipment

(2,789

)

(205

)

(4,335

)

(976

)

Capitalization of internal-use software costs

(12,548

)

(5,322

)

(33,767

)

(19,917

)

Other

(878

)

(500

)

(2,460

)

(500

)

Net cash used in investing activities

(43,589

)

(42,986

)

(817,390

)

(409,374

)

Cash flows from financing activities:

Proceeds from issuance of convertible senior notes

—

—

1,400,000

—

Cash paid for convertible senior notes issuance costs

—

—

(24,006

)

—

Payments for repurchase of convertible senior notes

—

(222,256

)

(539,403

)

(933,187

)

Proceeds from unwind of capped calls

—

1,190

—

11,442

Purchase of capped calls

—

—

(92,960

)

—

Customer fund deposits liability and other

380,539

198,588

318,683

353,964

Prepaid card deposits

(14,956

)

2,875

28,517

(17,901

)

Repurchase of common stock

(30,001

)

—

(430,002

)

(211,902

)

Proceeds from line of credit borrowings

—

—

—

45,000

Cash paid for line of credit issuance costs

(1,721

)

—

(1,721

)

—

Proceeds from exercise of stock options

929

1,589

3,701

8,114

Tax withholdings related to net share settlements of equity awards

(1,424

)

(2,181

)

(7,840

)

(3,862

)

Proceeds from issuance of common stock under the employee stock purchase plan

6,251

—

11,553

16,495

Contingent consideration payout

—

—

—

(10,762

)

Net cash provided by (used in) financing activities

339,617

(20,195

)

666,522

(742,599

)

Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents

(109

)

157

(290

)

(240

)

Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents

379,734

15,595

199,486

(873,442

)

Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period

3,171,150

3,335,803

3,351,398

4,224,840

Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period

$

3,550,884

$

3,351,398

$

3,550,884

$

3,351,398

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

$

1,038,346

$

985,941

Restricted cash included in other current assets

101,620

174,101

Restricted cash included in other assets

4,885

5,297

Restricted cash and restricted cash equivalents included in funds held for customers

2,406,033

2,186,059

Total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year

$

3,550,884

$

3,351,398

Supplemental disclosure of cash flow information:

Cash paid for interest during the period

$

13,782

$

12,611

Cash paid for income taxes during the period

$

6,321

$

5,628

Noncash investing and financing activities:

Payable on purchases of property and equipment and internal-use software costs

$

5,234

$

906

Payable on purchases of acquired card receivables

$

9,213

$

105,406

Payable on repurchase of common stock

$

5,000

$

—

Payable on excise tax

$

2,653

$

—

Issuance and exercise of warrants

$

13,125

$

8,750

BILL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited, in thousands except percentages and per share amounts)

Three Months Ended

June 30,

Year Ended

June 30,

2025

2024

2025

2024

Reconciliation of gross profit:

GAAP gross profit

$

309,761

$

278,463

$

1,190,467

$

1,055,556

Add:

Depreciation and amortization ⁽¹⁾

10,416

11,295

42,298

44,722

Stock-based compensation and related payroll taxes charged to cost of revenue

2,553

2,243

9,920

9,594

Non-GAAP gross profit

$

322,730

$

292,001

$

1,242,685

$

1,109,872

GAAP gross margin

80.8

%

81.0

%

81.4

%

81.8

%

Non-GAAP gross margin

84.2

%

85.0

%

85.0

%

86.0

%

______________________

(1)

Consists of depreciation of property and equipment and amortization of developed technology, excluding amortization of capitalized internal-use software costs paid in cash.

Three Months Ended

June 30,

Year Ended

June 30,

2025

2024

2025

2024

Reconciliation of operating expenses:

GAAP research and development expenses

$

90,050

$

79,609

$

340,059

$

336,754

Less – stock-based compensation and related payroll taxes

(27,952

)

(25,261

)

(110,255

)

(105,760

)

Non-GAAP research and development expenses

$

62,098

$

54,348

$

229,804

$

230,994

GAAP sales and marketing expenses

$

148,098

$

123,732

$

543,711

$

478,540

Less – stock-based compensation and related payroll taxes

(9,382

)

(11,565

)

(40,801

)

(50,073

)

Non-GAAP sales and marketing expenses

$

138,716

$

112,167

$

502,910

$

428,467

GAAP general and administrative expenses

$

70,169

$

70,500

$

281,913

$

277,662

Less:

Stock-based compensation and related payroll taxes

(20,390

)

(19,768

)

(84,329

)

(82,565

)

Acquisition and integration-related expenses

—

—

—

(972

)

Restructuring

—

—

92

—

Non-GAAP general and administrative expenses

$

49,779

$

50,732

$

197,676

$

194,125

Three Months Ended

June 30,

Year Ended

June 30,

2025

2024

2025

2024

Reconciliation of operating loss:

GAAP operating loss

$

(22,250

)

$

(22,223

)

$

(80,602

)

$

(174,164

)

Add:

Depreciation and amortization ⁽¹⁾

18,325

22,965

74,935

93,794

Stock-based compensation and related payroll taxes charged to cost of revenue and operating expenses ⁽²⁾

60,277

58,837

245,305

247,992

Acquisition and integration-related expenses

—

—

—

972

Restructuring

—

392

(92

)

27,587

Non-GAAP operating income

$

56,352

$

59,971

$

239,546

$

196,181

______________________

(1)

Excludes amortization of capitalized internal-use software costs paid in cash.

(2)

Excludes stock-based compensation charged to Restructuring, shown separately below.

Three Months Ended

June 30,

Year Ended

June 30,

2025

2024

2025

2024

Reconciliation of net income (loss):

GAAP net income (loss)

$

(7,074

)

$

7,596

$

23,799

$

(28,878

)

Add – GAAP provision for income taxes

4,004

—

6,611

2,559

Income (loss) before taxes

(3,070

)

7,596

30,410

(26,319

)

Add (less):

Depreciation and amortization ⁽¹⁾

18,325

22,965

74,935

93,794

Stock-based compensation and related payroll taxes charged to cost of revenue and operating expenses ⁽²⁾

60,277

58,837

245,305

247,992

Acquisition and integration-related expenses

—

—

—

972

Restructuring

—

392

(92

)

27,587

Amortization of debt discount and issuance costs

1,459

1,064

4,739

6,238

Gain on debt extinguishment and change on mark to market derivatives associated with notes repurchase and capped call unwind

—

(10,974

)

(40,550

)

(45,271

)

Non-GAAP net income before non-GAAP tax adjustments

$

76,991

$

79,880

$

314,747

$

304,993

Non-GAAP provision for income taxes ⁽³⁾

(15,398

)

(15,976

)

(62,949

)

(60,999

)

Non-GAAP net income

$

61,593

$

63,904

$

251,798

$

243,994

______________________

(1)

Excludes amortization of capitalized internal-use software costs paid in cash.

(2)

Excludes stock-based compensation charged to Restructuring, shown separately below.

(3)

The non-GAAP provision for income taxes is calculated using a blended tax rate of 20%, taking into consideration the nature of the taxed item and the applicable statutory tax rate in each relevant taxing jurisdiction.

Three Months Ended

June 30,

Year Ended

June 30,

2025

2024

2025

2024

Reconciliation of net income (loss) per share attributable to

common stockholders, basic and diluted:

GAAP net income (loss) per share attributable to common stockholders, basic and diluted

$

(0.07

)

$

0.07

$

0.23

$

(0.27

)

Add – GAAP provision for income taxes

0.04

—

0.06

0.02

Income (loss) before taxes

(0.03

)

0.07

0.29

(0.25

)

Add (less):

Depreciation and amortization ⁽¹⁾

0.18

0.22

0.72

0.88

Stock-based compensation and related payroll taxes charged to cost of revenue and operating expenses

0.58

0.55

2.37

2.34

Acquisition and integration-related expenses

—

—

—

0.01

Restructuring

—

0.00

(0.00

)

0.26

Amortization of debt discount and issuance costs

0.01

0.01

0.05

0.06

Gain on debt extinguishment and change on mark to market derivatives associated with notes repurchase and capped call unwind

—

(0.10

)

(0.39

)

(0.43

)

Non-GAAP net income before non-GAAP tax adjustments per share

attributable to common stockholders, basic

$

0.75

$

0.75

$

3.04

$

2.87

Non-GAAP net income before non-GAAP tax adjustments per share

attributable to common stockholders, diluted

$

0.66

$

0.72

$

2.76

$

2.64

Less – Non-GAAP provision for income taxes

(0.15

)

(0.15

)

(0.61

)

(0.57

)

Non-GAAP net income per share attributable to common stockholders, basic

$

0.60

$

0.60

$

2.43

$

2.30

Non-GAAP net income per share attributable to common stockholders, diluted

$

0.53

$

0.57

$

2.21

$

2.12

______________________

(1)

Excludes amortization of capitalized internal-use software costs paid in cash.

Three Months Ended

June 30,

Year Ended

June 30,

2025

2024

2025

2024

Shares used to compute GAAP and non-GAAP net income (loss)

per share attributable to common stockholders, basic

103,231

106,289

103,568

106,102

Shares used to compute GAAP net income (loss)

per share attributable to common stockholders, diluted

103,231

107,326

103,912

106,102

Shares used to compute non-GAAP net income

per share attributable to common stockholders, diluted

116,754

111,399

114,034

115,345

BILL HOLDINGS, INC.

FREE CASH FLOW

(Unaudited, in thousands)

Three months ended June 30,

Year ended June 30,

2025

2024

2025

2024

Net cash provided by operating activities

$

83,815

$

78,619

$

350,644

$

278,771

Purchases of property and equipment

(2,789

)

(205

)

(4,335

)

(976

)

Capitalization of internal-use software costs

(12,548

)

(5,322

)

(33,767

)

(19,917

)

Free cash flow

$

68,478

$

73,092

$

312,542

$

257,878

BILL HOLDINGS, INC.

REMAINING PERFORMANCE OBLIGATIONS

(Unaudited, in thousands)

June 30,
2025

Remaining performance obligations to be recognized as revenue:

Over the next 1 year

$

33,221

Between 1 to 2 years

17,166

Thereafter

22,668

Total

$

73,055

View source version on businesswire.com: https://www.businesswire.com/news/home/20250827388148/en/

Contacts

IR Contact:
Jun Wang
[email protected]

Press Contact:
Lauren Johns
[email protected]

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Financial Highlights for Fiscal Year 2025:

Total revenue was $1,462.6 million, an increase of 13% year-over-year.

Core revenue, which consists of subscription and transaction fees, was $1,300.8 million, an increase of 16% year-over-year. Subscription fees were $272.1 million, up 6% year-over-year. Transaction fees were $1,028.7 million, up 19% year-over-year.

Float revenue, which consists of interest on funds held for customers, was $161.8 million.

Gross profit was $1,190.5 million, representing an 81.4% gross margin, compared to $1,055.6 million, or an 81.8% gross margin, in the prior fiscal year. Non-GAAP gross profit was $1,242.7 million, representing an 85.0% non-GAAP gross margin, compared to $1,109.9 million, or an 86.0% non-GAAP gross margin, in the prior fiscal year.

Operating loss was $80.6 million, compared to an operating loss of $174.2 million in the prior fiscal year. Non-GAAP operating income was $239.5 million, compared to $196.2 million in the prior fiscal year, an increase of 22% year-over-year.

Net income was $23.8 million, or $0.23 and ($0.07) per share, basic and diluted, respectively, compared to net loss of $28.9 million, or ($0.27) per share, basic and diluted, in the prior fiscal year. Non-GAAP net income was $251.8 million, or $2.43 and $2.21 per basic and diluted share, respectively, compared to non-GAAP net income of $244.0 million, or $2.30 and $2.12 per basic and diluted share, respectively, in the prior fiscal year.

Business Highlights and Recent Developments:

Served 493,800 businesses using our solutions as of the end of the fourth quarter.¹

Processed $86 billion in total payment volume in the fourth quarter, an increase of 13% year-over-year.

Processed 33 million transactions during the fourth quarter, an increase of 18% year-over-year.

As of June 30, 2025, 8.3 million BILL standalone network members have originated or received an electronic payment using our platform, an increase of 18% year-over-year.

Welcomed technology industry finance leader Rohini Jain as Chief Financial Officer.

Repurchased approximately 2.2 million shares of BILL common stock in the fourth quarter and July 2025 for a total cost of approximately $100 million.

______________________

1

Businesses using more than one of our solutions are included separately in the total for each solution utilized.

New Share Repurchase Program

BILL announced today that its Board of Directors has authorized a new share repurchase program, pursuant to which BILL may purchase up to $300 million of its outstanding common stock.

BILL may repurchase shares of its common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. The share repurchase program may be suspended, discontinued or modified at any time, and does not obligate the company to acquire any amount of common stock. The company expects to fund the share repurchase program using existing cash.

Financial Outlook

We are providing the following guidance for the fiscal first quarter ending September 30, 2025 and the full fiscal year ending June 30, 2026.

Q1 FY26

Guidance

FY26

Guidance

Total revenue (millions)

$385.0 – $395.0

$1,589.5 – $1,629.5

Year-over-year total revenue growth

7% – 10%

9% – 11%

Core revenue (millions)

$348.0 – $358.0

$1,450.5 – $1,490.5

Year-over-year core revenue growth

11% – 14%

12% – 15%

Non-GAAP operating income (millions)

$53.5 – $58.5

$240.0 – $270.0

Non-GAAP net income (millions)

$56.5 – $60.5

$236.0 – $260.0

Non-GAAP net income per diluted share

$0.49 – $0.52

$2.00 – $2.20

The outlook for non-GAAP net income and non-GAAP net income per diluted share includes a non-GAAP provision for income taxes of 20%. The outlook for non-GAAP net income per diluted share does not take any future repurchases of BILL shares into account, as its impact on a per diluted share basis is not reasonably estimable.

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 has not provided a reconciliation of its non-GAAP operating income, non-GAAP net income or non-GAAP net income per share guidance 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 will host a conference call for investors at 1:30 p.m. PT (4:30 p.m. ET) today to discuss fiscal fourth quarter and fiscal year 2025 results and our outlook for the fiscal first quarter ending September 30, 2025 and fiscal year ending June 30, 2026. The live webcast and a replay of the webcast will be available at the Investor Relations section of BILL’s website: https://investor.bill.com/events-and-presentations/default.aspx.

About BILL

BILL (NYSE: BILL) is a leading financial operations platform for small and midsize businesses (SMBs). As a champion of SMBs, we are automating the future of finance so businesses can thrive. Our integrated platform helps businesses to more efficiently control their payables, receivables and spend and expense management. Hundreds of thousands of businesses rely on BILL’s proprietary network of millions of members to pay or get paid faster. Headquartered in San Jose, California, BILL is a trusted partner of leading U.S. financial institutions, accounting firms, and accounting software providers. For more information, visit 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 total revenue, core revenue, non-GAAP operating income, non-GAAP net income, and non-GAAP net income per diluted share for the fiscal first quarter ending September 30, 2025 and full fiscal year ending June 30, 2026, our planned investments in fiscal year 2026, our revenue growth and profitability profile, activity under our share repurchase program, and our expectations for the growth of demand for our platform and the expansion of our customers’ utilization of our services. These risks and uncertainties include, but are not limited to macroeconomic factors, including changes in interest rates, significant political and regulatory developments or changes in trade policy, including the imposition of tariffs and other trade barriers, inflationary, recessionary, and volatile market environments, as well as fluctuations in foreign exchange rates, 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, credit risk related to our BILL Divvy Cards and our invoice financing offering, our ability to attract new customers and convert trial customers into paying customers, our expectations for developing and deploying AI agents and other AI tools, our ability to invest in our business and develop new products and services, increased competition or new entrants in the marketplace, potential impacts of acquisitions, investments and other strategic transactions, our relationships with accounting firms, financial institutions and software providers, the global impacts of ongoing geopolitical conflicts, the actual and expected impacts of the above factors on the SMBs we serve and other risks detailed in the 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’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 profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income and non-GAAP net income 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.

We exclude the following items from non-GAAP gross profit and non-GAAP gross margin:

We exclude the following items from non-GAAP operating expenses and non-GAAP operating income:

stock-based compensation and related payroll taxes

depreciation and amortization

acquisition and integration-related expenses

restructuring

We exclude the following items from non-GAAP net income and non-GAAP net income per share:

stock-based compensation expense and related payroll taxes

depreciation and amortization

acquisition and integration-related expenses

restructuring

gain on debt extinguishment

amortization of debt issuance costs

non-GAAP provision for income taxes

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 also periodically review our non-GAAP financial measures and may revise these measures to reflect changes in our business or otherwise, including our blended U.S. statutory tax rate.

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.

We adjust the following items from one or more of our non-GAAP financial measures:

Stock-based compensation and related payroll taxes charged to cost of revenue and operating expenses. We exclude stock-based compensation, which is a non-cash expense, and related payroll taxes from certain of our non-GAAP financial measures because we believe that excluding these items provide meaningful supplemental information regarding operational performance. In particular, companies calculate stock-based compensation expenses using a variety of valuation methodologies and subjective assumptions while the related payroll taxes are 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.

Depreciation and amortization. We exclude depreciation and amortization from certain of our non-GAAP financial measures because we believe that excluding this non-cash charge provides meaningful supplemental information regarding operational performance. Depreciation and amortization do not include amortization of capitalized internal-use software costs paid in cash.

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.

Restructuring. We exclude costs incurred in connection with formal restructuring plans from certain of our non-GAAP financial measures because these costs are exceptional and would have not otherwise been incurred in the normal course of our business operations.

Gain on debt extinguishment. We exclude gain on debt extinguishment associated with our repurchases of certain of our outstanding convertible senior notes because we believe that excluding this non-cash gain provides better insight regarding our operational performance.

Amortization of debt issuance costs. We exclude amortization of debt issuance costs associated with our issuance of our convertible senior notes and credit arrangement 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.

Non-GAAP provision for income taxes. Consists of assumed provision for income taxes based on the statutory tax rate taking into consideration the nature of the taxed item and the relevant taxing jurisdiction.

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 defined as net cash provided by operating activities, adjusted 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 that is generated, after incurring operating expenses, purchases of property and equipment and capitalization of internal-use software costs, for future 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 in the ordinary course of business. 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 strong balance sheets and invest in future growth.

BILL HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands)

June 30,

2025

2024

ASSETS

Current assets:

Cash and cash equivalents

$

1,038,346

$

985,941

Short-term investments

1,180,110

601,535

Accounts receivable, net

32,341

28,049

Acquired card receivables, net

685,108

697,216

Prepaid expenses and other current assets

258,418

297,169

Funds held for customers

4,044,470

3,704,907

Total current assets

7,238,793

6,314,817

Non-current assets:

Operating lease right-of-use assets, net

56,086

59,414

Property and equipment, net

116,611

88,034

Intangible assets, net

222,805

281,471

Goodwill

2,396,509

2,396,509

Other assets

33,178

38,568

Total assets

$

10,063,982

$

9,178,813

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

16,293

$

7,447

Accrued compensation and benefits

39,581

34,158

Deferred revenue

22,435

17,006

Other accruals and current liabilities

252,455

299,506

Borrowings from credit facilities, net

180,005

—

Convertible senior notes, net

33,421

—

Customer fund deposits

4,044,470

3,704,907

Total current liabilities

4,588,660

4,063,024

Non-current liabilities:

Deferred revenue

285

4,167

Operating lease liabilities

58,372

62,847

Borrowings from credit facilities, net

—

180,009

Convertible senior notes, net

1,501,044

733,991

Other long-term liabilities

1,581

574

Total liabilities

6,149,942

5,044,612

Stockholders’ equity:

Common stock

2

2

Additional paid-in capital

5,414,645

5,233,037

Accumulated other comprehensive income (loss)

10,197

(1,890

)

Accumulated deficit

(1,510,804

)

(1,096,948

)

Total stockholders’ equity

3,914,040

4,134,201

Total liabilities and stockholders’ equity

$

10,063,982

$

9,178,813

BILL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands except per share amounts)

Three months ended June 30,

Year ended June 30,

2025

2024

2025

2024

Revenue

Subscription and transaction fees ⁽¹⁾

$

345,947

$

301,306

$

1,300,804

$

1,122,733

Interest on funds held for customers

37,402

42,359

161,766

167,439

Total revenue

383,349

343,665

1,462,570

1,290,172

Cost of revenue

Service costs ⁽¹⁾

63,172

53,905

229,805

189,894

Depreciation and amortization ⁽²⁾

10,416

11,295

42,298

44,722

Total cost of revenue

73,588

65,200

272,103

234,616

Gross profit

309,761

278,465

1,190,467

1,055,556

Operating expenses

Research and development ⁽¹⁾

90,050

79,609

340,059

336,754

Sales and marketing ⁽¹⁾

148,098

123,732

543,711

478,540

General and administrative ⁽¹⁾

70,169

70,500

281,913

277,662

Provision for expected credit losses

15,785

14,785

72,749

60,105

Depreciation and amortization ⁽²⁾

7,909

11,670

32,637

49,072

Restructuring ⁽¹⁾

—

392

—

27,587

Total operating expenses

332,011

300,688

1,271,069

1,229,720

Operating loss

(22,250

)

(22,223

)

(80,602

)

(174,164

)

Other income, net

19,180

29,819

111,012

147,845

Income (loss) before provision for income taxes

(3,070

)

7,596

30,410

(26,319

)

Provision for income taxes

4,004

—

6,611

2,559

Net income (loss)

$

(7,074

)

$

7,596

$

23,799

$

(28,878

)

Net income (loss) per share attributable to common stockholders:

Basic

$

(0.07

)

$

0.07

$

0.23

$

(0.27

)

Diluted

$

(0.07

)

$

(0.03

)

$

(0.07

)

$

(0.27

)

Weighted-average number of common shares used to compute net income (loss) per share attributable to common stockholders:

Basic

103,231

106,289

103,568

106,102

Diluted

103,231

107,326

103,912

106,102

______________________

(1)

Includes stock-based compensation charged to revenue and expenses as follows (in thousands):

Three months ended June 30,

Year ended June 30,

2025

2024

2025

2024

Revenue – subscription and transaction fees

$

632

$

528

$

2,329

$

1,831

Cost of revenue – service costs

2,480

2,185

9,627

9,309

Research and development

27,338

24,674

107,603

103,382

Sales and marketing

9,211

11,427

39,992

49,070

General and administrative

20,100

19,525

82,981

81,209

Restructuring

—

—

—

3,574

Total stock-based compensation

$

59,761

$

58,339

$

242,532

$

248,375

(2)

Depreciation and amortization do not include amortization of capitalized internal-use software costs paid in cash.

BILL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

Three Months Ended

June 30,

Year Ended

June 30,

2025

2024

2025

2024

Cash flows from operating activities:

Net income (loss)

$

(7,072

)

$

7,595

$

23,799

$

(28,878

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Stock-based compensation

59,761

58,339

242,532

248,375

Amortization of intangible assets

15,165

19,293

61,925

79,956

Depreciation of property and equipment

3,160

3,671

13,010

13,838

Amortization of capitalized internal-use software costs paid in cash

3,561

3,037

14,508

9,369

Amortization of debt discount and issuance costs

1,459

1,064

4,739

6,238

Accretion of discount on investments in marketable debt securities

(7,590

)

(15,777

)

(37,000

)

(55,062

)

Accretion of discount on loans held for investment

(5,976

)

(3,678

)

(21,215

)

(9,209

)

Gain on debt extinguishment

—

(10,939

)

(40,550

)

(46,654

)

Provision for expected credit losses on acquired card receivables and other financial assets

15,785

12,826

72,749

60,105

Non-cash operating lease expense

1,990

2,052

8,164

8,642

Other

(515

)

(267

)

395

1,395

Changes in assets and liabilities:

Accounts receivable

(5,740

)

3,864

(4,458

)

69

Prepaid expenses and other current assets

(8,780

)

(12,238

)

(26,986

)

(6,825

)

Other assets

19

9,596

8,417

7,528

Accounts payable

6,453

773

8,213

(1,125

)

Other accruals and current liabilities

15,841

14,180

30,222

20,992

Operating lease liabilities

(2,225

)

(2,280

)

(9,412

)

(9,839

)

Other long-term liabilities

(2,215

)

(11,963

)

46

(14,580

)

Deferred revenue

734

(529

)

1,546

(5,564

)

Net cash provided by operating activities

83,815

78,619

350,644

278,771

Cash flows from investing activities:

Purchases of corporate and customer fund short-term investments

(532,761

)

(639,810

)

(2,847,736

)

(2,682,659

)

Proceeds from maturities and sales of corporate and customer fund short-term investments

487,261

654,887

2,214,628

2,513,646

Purchase of intangible assets

—

—

(2,868

)

—

Purchases of loans held for investment

(222,041

)

(140,711

)

(798,926

)

(359,654

)

Principal repayments of loans held for investment

223,218

134,311

787,513

326,172

Acquired card receivables, net

16,949

(45,636

)

(129,439

)

(185,486

)

Purchases of property and equipment

(2,789

)

(205

)

(4,335

)

(976

)

Capitalization of internal-use software costs

(12,548

)

(5,322

)

(33,767

)

(19,917

)

Other

(878

)

(500

)

(2,460

)

(500

)

Net cash used in investing activities

(43,589

)

(42,986

)

(817,390

)

(409,374

)

Cash flows from financing activities:

Proceeds from issuance of convertible senior notes

—

—

1,400,000

—

Cash paid for convertible senior notes issuance costs

—

—

(24,006

)

—

Payments for repurchase of convertible senior notes

—

(222,256

)

(539,403

)

(933,187

)

Proceeds from unwind of capped calls

—

1,190

—

11,442

Purchase of capped calls

—

—

(92,960

)

—

Customer fund deposits liability and other

380,539

198,588

318,683

353,964

Prepaid card deposits

(14,956

)

2,875

28,517

(17,901

)

Repurchase of common stock

(30,001

)

—

(430,002

)

(211,902

)

Proceeds from line of credit borrowings

—

—

—

45,000

Cash paid for line of credit issuance costs

(1,721

)

—

(1,721

)

—

Proceeds from exercise of stock options

929

1,589

3,701

8,114

Tax withholdings related to net share settlements of equity awards

(1,424

)

(2,181

)

(7,840

)

(3,862

)

Proceeds from issuance of common stock under the employee stock purchase plan

6,251

—

11,553

16,495

Contingent consideration payout

—

—

—

(10,762

)

Net cash provided by (used in) financing activities

339,617

(20,195

)

666,522

(742,599

)

Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents

(109

)

157

(290

)

(240

)

Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents

379,734

15,595

199,486

(873,442

)

Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period

3,171,150

3,335,803

3,351,398

4,224,840

Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period

$

3,550,884

$

3,351,398

$

3,550,884

$

3,351,398

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

$

1,038,346

$

985,941

Restricted cash included in other current assets

101,620

174,101

Restricted cash included in other assets

4,885

5,297

Restricted cash and restricted cash equivalents included in funds held for customers

2,406,033

2,186,059

Total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year

$

3,550,884

$

3,351,398

Supplemental disclosure of cash flow information:

Cash paid for interest during the period

$

13,782

$

12,611

Cash paid for income taxes during the period

$

6,321

$

5,628

Noncash investing and financing activities:

Payable on purchases of property and equipment and internal-use software costs

$

5,234

$

906

Payable on purchases of acquired card receivables

$

9,213

$

105,406

Payable on repurchase of common stock

$

5,000

$

—

Payable on excise tax

$

2,653

$

—

Issuance and exercise of warrants

$

13,125

$

8,750

BILL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited, in thousands except percentages and per share amounts)

Three Months Ended

June 30,

Year Ended

June 30,

2025

2024

2025

2024

Reconciliation of gross profit:

GAAP gross profit

$

309,761

$

278,463

$

1,190,467

$

1,055,556

Add:

Depreciation and amortization ⁽¹⁾

10,416

11,295

42,298

44,722

Stock-based compensation and related payroll taxes charged to cost of revenue

2,553

2,243

9,920

9,594

Non-GAAP gross profit

$

322,730

$

292,001

$

1,242,685

$

1,109,872

GAAP gross margin

80.8

%

81.0

%

81.4

%

81.8

%

Non-GAAP gross margin

84.2

%

85.0

%

85.0

%

86.0

%

______________________

(1)

Consists of depreciation of property and equipment and amortization of developed technology, excluding amortization of capitalized internal-use software costs paid in cash.

Three Months Ended

June 30,

Year Ended

June 30,

2025

2024

2025

2024

Reconciliation of operating expenses:

GAAP research and development expenses

$

90,050

$

79,609

$

340,059

$

336,754

Less – stock-based compensation and related payroll taxes

(27,952

)

(25,261

)

(110,255

)

(105,760

)

Non-GAAP research and development expenses

$

62,098

$

54,348

$

229,804

$

230,994

GAAP sales and marketing expenses

$

148,098

$

123,732

$

543,711

$

478,540

Less – stock-based compensation and related payroll taxes

(9,382

)

(11,565

)

(40,801

)

(50,073

)

Non-GAAP sales and marketing expenses

$

138,716

$

112,167

$

502,910

$

428,467

GAAP general and administrative expenses

$

70,169

$

70,500

$

281,913

$

277,662

Less:

Stock-based compensation and related payroll taxes

(20,390

)

(19,768

)

(84,329

)

(82,565

)

Acquisition and integration-related expenses

—

—

—

(972

)

Restructuring

—

—

92

—

Non-GAAP general and administrative expenses

$

49,779

$

50,732

$

197,676

$

194,125

Three Months Ended

June 30,

Year Ended

June 30,

2025

2024

2025

2024

Reconciliation of operating loss:

GAAP operating loss

$

(22,250

)

$

(22,223

)

$

(80,602

)

$

(174,164

)

Add:

Depreciation and amortization ⁽¹⁾

18,325

22,965

74,935

93,794

Stock-based compensation and related payroll taxes charged to cost of revenue and operating expenses ⁽²⁾

60,277

58,837

245,305

247,992

Acquisition and integration-related expenses

—

—

—

972

Restructuring

—

392

(92

)

27,587

Non-GAAP operating income

$

56,352

$

59,971

$

239,546

$

196,181

______________________

(1)

Excludes amortization of capitalized internal-use software costs paid in cash.

(2)

Excludes stock-based compensation charged to Restructuring, shown separately below.

Three Months Ended

June 30,

Year Ended

June 30,

2025

2024

2025

2024

Reconciliation of net income (loss):

GAAP net income (loss)

$

(7,074

)

$

7,596

$

23,799

$

(28,878

)

Add – GAAP provision for income taxes

4,004

—

6,611

2,559

Income (loss) before taxes

(3,070

)

7,596

30,410

(26,319

)

Add (less):

Depreciation and amortization ⁽¹⁾

18,325

22,965

74,935

93,794

Stock-based compensation and related payroll taxes charged to cost of revenue and operating expenses ⁽²⁾

60,277

58,837

245,305

247,992

Acquisition and integration-related expenses

—

—

—

972

Restructuring

—

392

(92

)

27,587

Amortization of debt discount and issuance costs

1,459

1,064

4,739

6,238

Gain on debt extinguishment and change on mark to market derivatives associated with notes repurchase and capped call unwind

—

(10,974

)

(40,550

)

(45,271

)

Non-GAAP net income before non-GAAP tax adjustments

$

76,991

$

79,880

$

314,747

$

304,993

Non-GAAP provision for income taxes ⁽³⁾

(15,398

)

(15,976

)

(62,949

)

(60,999

)

Non-GAAP net income

$

61,593

$

63,904

$

251,798

$

243,994

______________________

(1)

Excludes amortization of capitalized internal-use software costs paid in cash.

(2)

Excludes stock-based compensation charged to Restructuring, shown separately below.

(3)

The non-GAAP provision for income taxes is calculated using a blended tax rate of 20%, taking into consideration the nature of the taxed item and the applicable statutory tax rate in each relevant taxing jurisdiction.

Three Months Ended

June 30,

Year Ended

June 30,

2025

2024

2025

2024

Reconciliation of net income (loss) per share attributable to

common stockholders, basic and diluted:

GAAP net income (loss) per share attributable to common stockholders, basic and diluted

$

(0.07

)

$

0.07

$

0.23

$

(0.27

)

Add – GAAP provision for income taxes

0.04

—

0.06

0.02

Income (loss) before taxes

(0.03

)

0.07

0.29

(0.25

)

Add (less):

Depreciation and amortization ⁽¹⁾

0.18

0.22

0.72

0.88

Stock-based compensation and related payroll taxes charged to cost of revenue and operating expenses

0.58

0.55

2.37

2.34

Acquisition and integration-related expenses

—

—

—

0.01

Restructuring

—

0.00

(0.00

)

0.26

Amortization of debt discount and issuance costs

0.01

0.01

0.05

0.06

Gain on debt extinguishment and change on mark to market derivatives associated with notes repurchase and capped call unwind

—

(0.10

)

(0.39

)

(0.43

)

Non-GAAP net income before non-GAAP tax adjustments per share

attributable to common stockholders, basic

$

0.75

$

0.75

$

3.04

$

2.87

Non-GAAP net income before non-GAAP tax adjustments per share

attributable to common stockholders, diluted

$

0.66

$

0.72

$

2.76

$

2.64

Less – Non-GAAP provision for income taxes

(0.15

)

(0.15

)

(0.61

)

(0.57

)

Non-GAAP net income per share attributable to common stockholders, basic

$

0.60

$

0.60

$

2.43

$

2.30

Non-GAAP net income per share attributable to common stockholders, diluted

$

0.53

$

0.57

$

2.21

$

2.12

______________________

(1)

Excludes amortization of capitalized internal-use software costs paid in cash.

Three Months Ended

June 30,

Year Ended

June 30,

2025

2024

2025

2024

Shares used to compute GAAP and non-GAAP net income (loss)

per share attributable to common stockholders, basic

103,231

106,289

103,568

106,102

Shares used to compute GAAP net income (loss)

per share attributable to common stockholders, diluted

103,231

107,326

103,912

106,102

Shares used to compute non-GAAP net income

per share attributable to common stockholders, diluted

116,754

111,399

114,034

115,345

BILL HOLDINGS, INC.

FREE CASH FLOW

(Unaudited, in thousands)

Three months ended June 30,

Year ended June 30,

2025

2024

2025

2024

Net cash provided by operating activities

$

83,815

$

78,619

$

350,644

$

278,771

Purchases of property and equipment

(2,789

)

(205

)

(4,335

)

(976

)

Capitalization of internal-use software costs

(12,548

)

(5,322

)

(33,767

)

(19,917

)

Free cash flow

$

68,478

$

73,092

$

312,542

$

257,878

BILL HOLDINGS, INC.

REMAINING PERFORMANCE OBLIGATIONS

(Unaudited, in thousands)

June 30,
2025

Remaining performance obligations to be recognized as revenue:

Over the next 1 year

$

33,221

Between 1 to 2 years

17,166

Thereafter

22,668

Total

$

73,055

View source version on businesswire.com: https://www.businesswire.com/news/home/20250827388148/en/

Contacts

IR Contact:
Jun Wang
[email protected]

Press Contact:
Lauren Johns
[email protected]

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Financial Highlights for Fiscal Year 2025:

Total revenue was $1,462.6 million, an increase of 13% year-over-year.

Core revenue, which consists of subscription and transaction fees, was $1,300.8 million, an increase of 16% year-over-year. Subscription fees were $272.1 million, up 6% year-over-year. Transaction fees were $1,028.7 million, up 19% year-over-year.

Float revenue, which consists of interest on funds held for customers, was $161.8 million.

Gross profit was $1,190.5 million, representing an 81.4% gross margin, compared to $1,055.6 million, or an 81.8% gross margin, in the prior fiscal year. Non-GAAP gross profit was $1,242.7 million, representing an 85.0% non-GAAP gross margin, compared to $1,109.9 million, or an 86.0% non-GAAP gross margin, in the prior fiscal year.

Operating loss was $80.6 million, compared to an operating loss of $174.2 million in the prior fiscal year. Non-GAAP operating income was $239.5 million, compared to $196.2 million in the prior fiscal year, an increase of 22% year-over-year.

Net income was $23.8 million, or $0.23 and ($0.07) per share, basic and diluted, respectively, compared to net loss of $28.9 million, or ($0.27) per share, basic and diluted, in the prior fiscal year. Non-GAAP net income was $251.8 million, or $2.43 and $2.21 per basic and diluted share, respectively, compared to non-GAAP net income of $244.0 million, or $2.30 and $2.12 per basic and diluted share, respectively, in the prior fiscal year.

Business Highlights and Recent Developments:

Served 493,800 businesses using our solutions as of the end of the fourth quarter.¹

Processed $86 billion in total payment volume in the fourth quarter, an increase of 13% year-over-year.

Processed 33 million transactions during the fourth quarter, an increase of 18% year-over-year.

As of June 30, 2025, 8.3 million BILL standalone network members have originated or received an electronic payment using our platform, an increase of 18% year-over-year.

Welcomed technology industry finance leader Rohini Jain as Chief Financial Officer.

Repurchased approximately 2.2 million shares of BILL common stock in the fourth quarter and July 2025 for a total cost of approximately $100 million.

______________________

1

Businesses using more than one of our solutions are included separately in the total for each solution utilized.

New Share Repurchase Program

BILL announced today that its Board of Directors has authorized a new share repurchase program, pursuant to which BILL may purchase up to $300 million of its outstanding common stock.

BILL may repurchase shares of its common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. The share repurchase program may be suspended, discontinued or modified at any time, and does not obligate the company to acquire any amount of common stock. The company expects to fund the share repurchase program using existing cash.

Financial Outlook

We are providing the following guidance for the fiscal first quarter ending September 30, 2025 and the full fiscal year ending June 30, 2026.

Q1 FY26

Guidance

FY26

Guidance

Total revenue (millions)

$385.0 – $395.0

$1,589.5 – $1,629.5

Year-over-year total revenue growth

7% – 10%

9% – 11%

Core revenue (millions)

$348.0 – $358.0

$1,450.5 – $1,490.5

Year-over-year core revenue growth

11% – 14%

12% – 15%

Non-GAAP operating income (millions)

$53.5 – $58.5

$240.0 – $270.0

Non-GAAP net income (millions)

$56.5 – $60.5

$236.0 – $260.0

Non-GAAP net income per diluted share

$0.49 – $0.52

$2.00 – $2.20

The outlook for non-GAAP net income and non-GAAP net income per diluted share includes a non-GAAP provision for income taxes of 20%. The outlook for non-GAAP net income per diluted share does not take any future repurchases of BILL shares into account, as its impact on a per diluted share basis is not reasonably estimable.

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 has not provided a reconciliation of its non-GAAP operating income, non-GAAP net income or non-GAAP net income per share guidance 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 will host a conference call for investors at 1:30 p.m. PT (4:30 p.m. ET) today to discuss fiscal fourth quarter and fiscal year 2025 results and our outlook for the fiscal first quarter ending September 30, 2025 and fiscal year ending June 30, 2026. The live webcast and a replay of the webcast will be available at the Investor Relations section of BILL’s website: https://investor.bill.com/events-and-presentations/default.aspx.

About BILL

BILL (NYSE: BILL) is a leading financial operations platform for small and midsize businesses (SMBs). As a champion of SMBs, we are automating the future of finance so businesses can thrive. Our integrated platform helps businesses to more efficiently control their payables, receivables and spend and expense management. Hundreds of thousands of businesses rely on BILL’s proprietary network of millions of members to pay or get paid faster. Headquartered in San Jose, California, BILL is a trusted partner of leading U.S. financial institutions, accounting firms, and accounting software providers. For more information, visit 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 total revenue, core revenue, non-GAAP operating income, non-GAAP net income, and non-GAAP net income per diluted share for the fiscal first quarter ending September 30, 2025 and full fiscal year ending June 30, 2026, our planned investments in fiscal year 2026, our revenue growth and profitability profile, activity under our share repurchase program, and our expectations for the growth of demand for our platform and the expansion of our customers’ utilization of our services. These risks and uncertainties include, but are not limited to macroeconomic factors, including changes in interest rates, significant political and regulatory developments or changes in trade policy, including the imposition of tariffs and other trade barriers, inflationary, recessionary, and volatile market environments, as well as fluctuations in foreign exchange rates, 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, credit risk related to our BILL Divvy Cards and our invoice financing offering, our ability to attract new customers and convert trial customers into paying customers, our expectations for developing and deploying AI agents and other AI tools, our ability to invest in our business and develop new products and services, increased competition or new entrants in the marketplace, potential impacts of acquisitions, investments and other strategic transactions, our relationships with accounting firms, financial institutions and software providers, the global impacts of ongoing geopolitical conflicts, the actual and expected impacts of the above factors on the SMBs we serve and other risks detailed in the 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’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 profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income and non-GAAP net income 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.

We exclude the following items from non-GAAP gross profit and non-GAAP gross margin:

We exclude the following items from non-GAAP operating expenses and non-GAAP operating income:

stock-based compensation and related payroll taxes

depreciation and amortization

acquisition and integration-related expenses

restructuring

We exclude the following items from non-GAAP net income and non-GAAP net income per share:

stock-based compensation expense and related payroll taxes

depreciation and amortization

acquisition and integration-related expenses

restructuring

gain on debt extinguishment

amortization of debt issuance costs

non-GAAP provision for income taxes

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 also periodically review our non-GAAP financial measures and may revise these measures to reflect changes in our business or otherwise, including our blended U.S. statutory tax rate.

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.

We adjust the following items from one or more of our non-GAAP financial measures:

Stock-based compensation and related payroll taxes charged to cost of revenue and operating expenses. We exclude stock-based compensation, which is a non-cash expense, and related payroll taxes from certain of our non-GAAP financial measures because we believe that excluding these items provide meaningful supplemental information regarding operational performance. In particular, companies calculate stock-based compensation expenses using a variety of valuation methodologies and subjective assumptions while the related payroll taxes are 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.

Depreciation and amortization. We exclude depreciation and amortization from certain of our non-GAAP financial measures because we believe that excluding this non-cash charge provides meaningful supplemental information regarding operational performance. Depreciation and amortization do not include amortization of capitalized internal-use software costs paid in cash.

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.

Restructuring. We exclude costs incurred in connection with formal restructuring plans from certain of our non-GAAP financial measures because these costs are exceptional and would have not otherwise been incurred in the normal course of our business operations.

Gain on debt extinguishment. We exclude gain on debt extinguishment associated with our repurchases of certain of our outstanding convertible senior notes because we believe that excluding this non-cash gain provides better insight regarding our operational performance.

Amortization of debt issuance costs. We exclude amortization of debt issuance costs associated with our issuance of our convertible senior notes and credit arrangement 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.

Non-GAAP provision for income taxes. Consists of assumed provision for income taxes based on the statutory tax rate taking into consideration the nature of the taxed item and the relevant taxing jurisdiction.

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 defined as net cash provided by operating activities, adjusted 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 that is generated, after incurring operating expenses, purchases of property and equipment and capitalization of internal-use software costs, for future 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 in the ordinary course of business. 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 strong balance sheets and invest in future growth.

BILL HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands)

June 30,

2025

2024

ASSETS

Current assets:

Cash and cash equivalents

$

1,038,346

$

985,941

Short-term investments

1,180,110

601,535

Accounts receivable, net

32,341

28,049

Acquired card receivables, net

685,108

697,216

Prepaid expenses and other current assets

258,418

297,169

Funds held for customers

4,044,470

3,704,907

Total current assets

7,238,793

6,314,817

Non-current assets:

Operating lease right-of-use assets, net

56,086

59,414

Property and equipment, net

116,611

88,034

Intangible assets, net

222,805

281,471

Goodwill

2,396,509

2,396,509

Other assets

33,178

38,568

Total assets

$

10,063,982

$

9,178,813

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

16,293

$

7,447

Accrued compensation and benefits

39,581

34,158

Deferred revenue

22,435

17,006

Other accruals and current liabilities

252,455

299,506

Borrowings from credit facilities, net

180,005

—

Convertible senior notes, net

33,421

—

Customer fund deposits

4,044,470

3,704,907

Total current liabilities

4,588,660

4,063,024

Non-current liabilities:

Deferred revenue

285

4,167

Operating lease liabilities

58,372

62,847

Borrowings from credit facilities, net

—

180,009

Convertible senior notes, net

1,501,044

733,991

Other long-term liabilities

1,581

574

Total liabilities

6,149,942

5,044,612

Stockholders’ equity:

Common stock

2

2

Additional paid-in capital

5,414,645

5,233,037

Accumulated other comprehensive income (loss)

10,197

(1,890

)

Accumulated deficit

(1,510,804

)

(1,096,948

)

Total stockholders’ equity

3,914,040

4,134,201

Total liabilities and stockholders’ equity

$

10,063,982

$

9,178,813

BILL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands except per share amounts)

Three months ended June 30,

Year ended June 30,

2025

2024

2025

2024

Revenue

Subscription and transaction fees ⁽¹⁾

$

345,947

$

301,306

$

1,300,804

$

1,122,733

Interest on funds held for customers

37,402

42,359

161,766

167,439

Total revenue

383,349

343,665

1,462,570

1,290,172

Cost of revenue

Service costs ⁽¹⁾

63,172

53,905

229,805

189,894

Depreciation and amortization ⁽²⁾

10,416

11,295

42,298

44,722

Total cost of revenue

73,588

65,200

272,103

234,616

Gross profit

309,761

278,465

1,190,467

1,055,556

Operating expenses

Research and development ⁽¹⁾

90,050

79,609

340,059

336,754

Sales and marketing ⁽¹⁾

148,098

123,732

543,711

478,540

General and administrative ⁽¹⁾

70,169

70,500

281,913

277,662

Provision for expected credit losses

15,785

14,785

72,749

60,105

Depreciation and amortization ⁽²⁾

7,909

11,670

32,637

49,072

Restructuring ⁽¹⁾

—

392

—

27,587

Total operating expenses

332,011

300,688

1,271,069

1,229,720

Operating loss

(22,250

)

(22,223

)

(80,602

)

(174,164

)

Other income, net

19,180

29,819

111,012

147,845

Income (loss) before provision for income taxes

(3,070

)

7,596

30,410

(26,319

)

Provision for income taxes

4,004

—

6,611

2,559

Net income (loss)

$

(7,074

)

$

7,596

$

23,799

$

(28,878

)

Net income (loss) per share attributable to common stockholders:

Basic

$

(0.07

)

$

0.07

$

0.23

$

(0.27

)

Diluted

$

(0.07

)

$

(0.03

)

$

(0.07

)

$

(0.27

)

Weighted-average number of common shares used to compute net income (loss) per share attributable to common stockholders:

Basic

103,231

106,289

103,568

106,102

Diluted

103,231

107,326

103,912

106,102

______________________

(1)

Includes stock-based compensation charged to revenue and expenses as follows (in thousands):

Three months ended June 30,

Year ended June 30,

2025

2024

2025

2024

Revenue – subscription and transaction fees

$

632

$

528

$

2,329

$

1,831

Cost of revenue – service costs

2,480

2,185

9,627

9,309

Research and development

27,338

24,674

107,603

103,382

Sales and marketing

9,211

11,427

39,992

49,070

General and administrative

20,100

19,525

82,981

81,209

Restructuring

—

—

—

3,574

Total stock-based compensation

$

59,761

$

58,339

$

242,532

$

248,375

(2)

Depreciation and amortization do not include amortization of capitalized internal-use software costs paid in cash.

BILL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

Three Months Ended

June 30,

Year Ended

June 30,

2025

2024

2025

2024

Cash flows from operating activities:

Net income (loss)

$

(7,072

)

$

7,595

$

23,799

$

(28,878

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Stock-based compensation

59,761

58,339

242,532

248,375

Amortization of intangible assets

15,165

19,293

61,925

79,956

Depreciation of property and equipment

3,160

3,671

13,010

13,838

Amortization of capitalized internal-use software costs paid in cash

3,561

3,037

14,508

9,369

Amortization of debt discount and issuance costs

1,459

1,064

4,739

6,238

Accretion of discount on investments in marketable debt securities

(7,590

)

(15,777

)

(37,000

)

(55,062

)

Accretion of discount on loans held for investment

(5,976

)

(3,678

)

(21,215

)

(9,209

)

Gain on debt extinguishment

—

(10,939

)

(40,550

)

(46,654

)

Provision for expected credit losses on acquired card receivables and other financial assets

15,785

12,826

72,749

60,105

Non-cash operating lease expense

1,990

2,052

8,164

8,642

Other

(515

)

(267

)

395

1,395

Changes in assets and liabilities:

Accounts receivable

(5,740

)

3,864

(4,458

)

69

Prepaid expenses and other current assets

(8,780

)

(12,238

)

(26,986

)

(6,825

)

Other assets

19

9,596

8,417

7,528

Accounts payable

6,453

773

8,213

(1,125

)

Other accruals and current liabilities

15,841

14,180

30,222

20,992

Operating lease liabilities

(2,225

)

(2,280

)

(9,412

)

(9,839

)

Other long-term liabilities

(2,215

)

(11,963

)

46

(14,580

)

Deferred revenue

734

(529

)

1,546

(5,564

)

Net cash provided by operating activities

83,815

78,619

350,644

278,771

Cash flows from investing activities:

Purchases of corporate and customer fund short-term investments

(532,761

)

(639,810

)

(2,847,736

)

(2,682,659

)

Proceeds from maturities and sales of corporate and customer fund short-term investments

487,261

654,887

2,214,628

2,513,646

Purchase of intangible assets

—

—

(2,868

)

—

Purchases of loans held for investment

(222,041

)

(140,711

)

(798,926

)

(359,654

)

Principal repayments of loans held for investment

223,218

134,311

787,513

326,172

Acquired card receivables, net

16,949

(45,636

)

(129,439

)

(185,486

)

Purchases of property and equipment

(2,789

)

(205

)

(4,335

)

(976

)

Capitalization of internal-use software costs

(12,548

)

(5,322

)

(33,767

)

(19,917

)

Other

(878

)

(500

)

(2,460

)

(500

)

Net cash used in investing activities

(43,589

)

(42,986

)

(817,390

)

(409,374

)

Cash flows from financing activities:

Proceeds from issuance of convertible senior notes

—

—

1,400,000

—

Cash paid for convertible senior notes issuance costs

—

—

(24,006

)

—

Payments for repurchase of convertible senior notes

—

(222,256

)

(539,403

)

(933,187

)

Proceeds from unwind of capped calls

—

1,190

—

11,442

Purchase of capped calls

—

—

(92,960

)

—

Customer fund deposits liability and other

380,539

198,588

318,683

353,964

Prepaid card deposits

(14,956

)

2,875

28,517

(17,901

)

Repurchase of common stock

(30,001

)

—

(430,002

)

(211,902

)

Proceeds from line of credit borrowings

—

—

—

45,000

Cash paid for line of credit issuance costs

(1,721

)

—

(1,721

)

—

Proceeds from exercise of stock options

929

1,589

3,701

8,114

Tax withholdings related to net share settlements of equity awards

(1,424

)

(2,181

)

(7,840

)

(3,862

)

Proceeds from issuance of common stock under the employee stock purchase plan

6,251

—

11,553

16,495

Contingent consideration payout

—

—

—

(10,762

)

Net cash provided by (used in) financing activities

339,617

(20,195

)

666,522

(742,599

)

Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents

(109

)

157

(290

)

(240

)

Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents

379,734

15,595

199,486

(873,442

)

Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period

3,171,150

3,335,803

3,351,398

4,224,840

Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period

$

3,550,884

$

3,351,398

$

3,550,884

$

3,351,398

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

$

1,038,346

$

985,941

Restricted cash included in other current assets

101,620

174,101

Restricted cash included in other assets

4,885

5,297

Restricted cash and restricted cash equivalents included in funds held for customers

2,406,033

2,186,059

Total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year

$

3,550,884

$

3,351,398

Supplemental disclosure of cash flow information:

Cash paid for interest during the period

$

13,782

$

12,611

Cash paid for income taxes during the period

$

6,321

$

5,628

Noncash investing and financing activities:

Payable on purchases of property and equipment and internal-use software costs

$

5,234

$

906

Payable on purchases of acquired card receivables

$

9,213

$

105,406

Payable on repurchase of common stock

$

5,000

$

—

Payable on excise tax

$

2,653

$

—

Issuance and exercise of warrants

$

13,125

$

8,750

BILL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited, in thousands except percentages and per share amounts)

Three Months Ended

June 30,

Year Ended

June 30,

2025

2024

2025

2024

Reconciliation of gross profit:

GAAP gross profit

$

309,761

$

278,463

$

1,190,467

$

1,055,556

Add:

Depreciation and amortization ⁽¹⁾

10,416

11,295

42,298

44,722

Stock-based compensation and related payroll taxes charged to cost of revenue

2,553

2,243

9,920

9,594

Non-GAAP gross profit

$

322,730

$

292,001

$

1,242,685

$

1,109,872

GAAP gross margin

80.8

%

81.0

%

81.4

%

81.8

%

Non-GAAP gross margin

84.2

%

85.0

%

85.0

%

86.0

%

______________________

(1)

Consists of depreciation of property and equipment and amortization of developed technology, excluding amortization of capitalized internal-use software costs paid in cash.

Three Months Ended

June 30,

Year Ended

June 30,

2025

2024

2025

2024

Reconciliation of operating expenses:

GAAP research and development expenses

$

90,050

$

79,609

$

340,059

$

336,754

Less – stock-based compensation and related payroll taxes

(27,952

)

(25,261

)

(110,255

)

(105,760

)

Non-GAAP research and development expenses

$

62,098

$

54,348

$

229,804

$

230,994

GAAP sales and marketing expenses

$

148,098

$

123,732

$

543,711

$

478,540

Less – stock-based compensation and related payroll taxes

(9,382

)

(11,565

)

(40,801

)

(50,073

)

Non-GAAP sales and marketing expenses

$

138,716

$

112,167

$

502,910

$

428,467

GAAP general and administrative expenses

$

70,169

$

70,500

$

281,913

$

277,662

Less:

Stock-based compensation and related payroll taxes

(20,390

)

(19,768

)

(84,329

)

(82,565

)

Acquisition and integration-related expenses

—

—

—

(972

)

Restructuring

—

—

92

—

Non-GAAP general and administrative expenses

$

49,779

$

50,732

$

197,676

$

194,125

Three Months Ended

June 30,

Year Ended

June 30,

2025

2024

2025

2024

Reconciliation of operating loss:

GAAP operating loss

$

(22,250

)

$

(22,223

)

$

(80,602

)

$

(174,164

)

Add:

Depreciation and amortization ⁽¹⁾

18,325

22,965

74,935

93,794

Stock-based compensation and related payroll taxes charged to cost of revenue and operating expenses ⁽²⁾

60,277

58,837

245,305

247,992

Acquisition and integration-related expenses

—

—

—

972

Restructuring

—

392

(92

)

27,587

Non-GAAP operating income

$

56,352

$

59,971

$

239,546

$

196,181

______________________

(1)

Excludes amortization of capitalized internal-use software costs paid in cash.

(2)

Excludes stock-based compensation charged to Restructuring, shown separately below.

Three Months Ended

June 30,

Year Ended

June 30,

2025

2024

2025

2024

Reconciliation of net income (loss):

GAAP net income (loss)

$

(7,074

)

$

7,596

$

23,799

$

(28,878

)

Add – GAAP provision for income taxes

4,004

—

6,611

2,559

Income (loss) before taxes

(3,070

)

7,596

30,410

(26,319

)

Add (less):

Depreciation and amortization ⁽¹⁾

18,325

22,965

74,935

93,794

Stock-based compensation and related payroll taxes charged to cost of revenue and operating expenses ⁽²⁾

60,277

58,837

245,305

247,992

Acquisition and integration-related expenses

—

—

—

972

Restructuring

—

392

(92

)

27,587

Amortization of debt discount and issuance costs

1,459

1,064

4,739

6,238

Gain on debt extinguishment and change on mark to market derivatives associated with notes repurchase and capped call unwind

—

(10,974

)

(40,550

)

(45,271

)

Non-GAAP net income before non-GAAP tax adjustments

$

76,991

$

79,880

$

314,747

$

304,993

Non-GAAP provision for income taxes ⁽³⁾

(15,398

)

(15,976

)

(62,949

)

(60,999

)

Non-GAAP net income

$

61,593

$

63,904

$

251,798

$

243,994

______________________

(1)

Excludes amortization of capitalized internal-use software costs paid in cash.

(2)

Excludes stock-based compensation charged to Restructuring, shown separately below.

(3)

The non-GAAP provision for income taxes is calculated using a blended tax rate of 20%, taking into consideration the nature of the taxed item and the applicable statutory tax rate in each relevant taxing jurisdiction.

Three Months Ended

June 30,

Year Ended

June 30,

2025

2024

2025

2024

Reconciliation of net income (loss) per share attributable to

common stockholders, basic and diluted:

GAAP net income (loss) per share attributable to common stockholders, basic and diluted

$

(0.07

)

$

0.07

$

0.23

$

(0.27

)

Add – GAAP provision for income taxes

0.04

—

0.06

0.02

Income (loss) before taxes

(0.03

)

0.07

0.29

(0.25

)

Add (less):

Depreciation and amortization ⁽¹⁾

0.18

0.22

0.72

0.88

Stock-based compensation and related payroll taxes charged to cost of revenue and operating expenses

0.58

0.55

2.37

2.34

Acquisition and integration-related expenses

—

—

—

0.01

Restructuring

—

0.00

(0.00

)

0.26

Amortization of debt discount and issuance costs

0.01

0.01

0.05

0.06

Gain on debt extinguishment and change on mark to market derivatives associated with notes repurchase and capped call unwind

—

(0.10

)

(0.39

)

(0.43

)

Non-GAAP net income before non-GAAP tax adjustments per share

attributable to common stockholders, basic

$

0.75

$

0.75

$

3.04

$

2.87

Non-GAAP net income before non-GAAP tax adjustments per share

attributable to common stockholders, diluted

$

0.66

$

0.72

$

2.76

$

2.64

Less – Non-GAAP provision for income taxes

(0.15

)

(0.15

)

(0.61

)

(0.57

)

Non-GAAP net income per share attributable to common stockholders, basic

$

0.60

$

0.60

$

2.43

$

2.30

Non-GAAP net income per share attributable to common stockholders, diluted

$

0.53

$

0.57

$

2.21

$

2.12

______________________

(1)

Excludes amortization of capitalized internal-use software costs paid in cash.

Three Months Ended

June 30,

Year Ended

June 30,

2025

2024

2025

2024

Shares used to compute GAAP and non-GAAP net income (loss)

per share attributable to common stockholders, basic

103,231

106,289

103,568

106,102

Shares used to compute GAAP net income (loss)

per share attributable to common stockholders, diluted

103,231

107,326

103,912

106,102

Shares used to compute non-GAAP net income

per share attributable to common stockholders, diluted

116,754

111,399

114,034

115,345

BILL HOLDINGS, INC.

FREE CASH FLOW

(Unaudited, in thousands)

Three months ended June 30,

Year ended June 30,

2025

2024

2025

2024

Net cash provided by operating activities

$

83,815

$

78,619

$

350,644

$

278,771

Purchases of property and equipment

(2,789

)

(205

)

(4,335

)

(976

)

Capitalization of internal-use software costs

(12,548

)

(5,322

)

(33,767

)

(19,917

)

Free cash flow

$

68,478

$

73,092

$

312,542

$

257,878

BILL HOLDINGS, INC.

REMAINING PERFORMANCE OBLIGATIONS

(Unaudited, in thousands)

June 30,
2025

Remaining performance obligations to be recognized as revenue:

Over the next 1 year

$

33,221

Between 1 to 2 years

17,166

Thereafter

22,668

Total

$

73,055

View source version on businesswire.com: https://www.businesswire.com/news/home/20250827388148/en/

Contacts

IR Contact:
Jun Wang
[email protected]

Press Contact:
Lauren Johns
[email protected]

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[/gpt3]

BILL Q4 2025 Results & $300M Buyback

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