Bill CEO defends performance

Core Viewpoint - Bill Holdings' CEO defends the company's performance amid pressure from activist hedge funds seeking changes in the board [1][3] Company Performance - The CEO highlighted that the company has doubled its revenue and non-GAAP profits over the past three years, with a GAAP net profit of $24 million for the 2025 fiscal year after three years of losses totaling $579 million [4] - Bill's shares have declined 37% this year and are approximately 85% below their peak of $342 in November 2021 [6] Market Position and Strategy - Bill targets small and midsized businesses (SMBs), with a current market penetration of only 4%, indicating significant growth opportunities [5] - The company is focused on better monetizing its existing client base and expanding its payment products [5][6] Competitive Landscape - Bill faces increased competition from rivals such as Intuit and Tipalti, which has pressured its revenue growth [7] - Financial uncertainty among SMB customers due to external factors, including tariffs and economic outlook, has also impacted performance [7] Shareholder Actions - The board has authorized a new $300 million share repurchase program, in addition to $100 million in shares repurchased so far in 2025 [6] - Activist hedge funds Starboard Value and Elliott Investment Management have taken significant stakes in the company, with Starboard seeking to add directors to the board [3][8]