BILL (US:BILL)2025-05-08 20:11Revenue Performance - Q3 total revenue was $358.2 million, an increase of 11% year-over-year[6] - Q3 core revenue, consisting of subscription and transaction fees, was $320.3 million, up 14% year-over-year[6] - Subscription fees were $68.2 million, a 4% increase year-over-year, while transaction fees reached $252.1 million, up 17% year-over-year[6] - Guidance for Q4 FY25 total revenue is projected between $370.5 million and $380.5 million, with year-over-year growth of 8% to 11%[7] - Total revenue for the three months ended March 31, 2025, was $358,217,000, representing a 10.9% increase from $323,028,000 in the same period of 2024[32] - Subscription and transaction fees increased to $320,298,000 for the three months ended March 31, 2025, up from $281,294,000 in 2024, marking a growth of 13.9%[32] Profitability Metrics - Gross profit was $291.0 million, representing an 81.2% gross margin, compared to 83.0% in Q3 of fiscal 2024[6] - Operating loss was $28.9 million, compared to a loss of $27.6 million in Q3 of fiscal 2024[6] - Net loss was $11.6 million, or $(0.11) per share, compared to net income of $31.8 million in Q3 of fiscal 2024[6] - Gross profit for the three months ended March 31, 2025, was $291,005,000, compared to $268,016,000 in 2024, reflecting an increase of 8.6%[32] - Operating loss for the three months ended March 31, 2025, was $(28,946,000), slightly higher than the loss of $(27,622,000) in 2024[32] - Net loss for the three months ended March 31, 2025, was $(11,589,000), compared to a net income of $31,809,000 in the same period of 2024[32] Cash Flow and Liquidity - Cash flows from operating activities for the three months ended March 31, 2025, were $99,530,000, an increase from $66,809,000 in 2024[35] - Cash, cash equivalents, restricted cash, and restricted cash equivalents at the end of Q1 2025 totaled $3,171,150, down from $3,335,803 at the end of Q1 2024[36] - Net cash used in financing activities for Q1 2025 was $(105,573), compared to $(801,215) in Q1 2024, showing a significant reduction in cash outflow[36] - The company reported a net decrease in cash and equivalents of $(649,557) for Q1 2025, compared to $(1,352,777) in Q1 2024, indicating improved cash management[36] - Net cash provided by operating activities for Q1 2025 was $99,530 thousand, up 48.9% from $66,809 thousand in Q1 2024[43] Balance Sheet Highlights - Total current assets increased to $6,803,834,000 as of March 31, 2025, compared to $6,314,817,000 as of June 30, 2024, representing an increase of 7.8%[30] - Total liabilities rose to $5,762,175,000 as of March 31, 2025, compared to $5,044,612,000 as of June 30, 2024, indicating an increase of 14.2%[30] - Stockholders' equity decreased to $3,870,461,000 as of March 31, 2025, down from $4,134,201,000 as of June 30, 2024, a decline of 6.4%[30] Research and Development Expenses - Research and development expenses for the three months ended March 31, 2025, were $86,540,000, up from $81,594,000 in 2024, reflecting a growth of 6.0%[32] - GAAP research and development expenses for Q1 2025 were $86,540, an increase from $81,594 in Q1 2024[38] - Non-GAAP research and development expenses for Q1 2025 were $57,987, compared to $55,532 in Q1 2024, reflecting a 4.4% increase[38] Performance Obligations and Share Metrics - Remaining performance obligations to be recognized as revenue total $74,430 thousand as of March 31, 2025, down from $86,845 thousand in the previous year[45] - Shares used to compute GAAP net income per share, diluted, for Q1 2025 were 102,219 thousand, compared to 111,176 thousand in Q1 2024, a decrease of 8.1%[41] - Non-GAAP net income per share attributable to common stockholders, diluted, for Q1 2025 was $0.50, down from $0.60 in Q1 2024, a decline of 16.7%[39] Other Financial Metrics - Non-GAAP net income for FY25 is expected to be between $236.7 million and $240.7 million, with non-GAAP net income per diluted share projected at $2.06 to $2.09[7] - Free cash flow for Q1 2025 was $90,541 thousand, an increase of 43.9% from $62,960 thousand in Q1 2024[43] - Total depreciation and amortization for Q1 2025 was $18,336 thousand, compared to $23,429 thousand in Q1 2024, a decrease of 21.8%[39] - Stock-based compensation and related payroll taxes charged to cost of revenue and operating expenses for Q1 2025 were $63,909 thousand, up from $60,619 thousand in Q1 2024, an increase of 3.8%[39] - Capitalization of internal-use software costs for Q1 2025 was $(7,460) thousand, compared to $(3,833) thousand in Q1 2024, an increase of 94.3%[43]