Core Thesis - BILL Holdings, Inc. is experiencing strong growth in revenue and customer adoption, positioning itself as a leader in intelligent financial operations [1][6]. Financial Performance - For fiscal 2025, BILL reported $1.5 billion in revenue, a 16% increase in core operations, with Q4 revenue of $383 million growing 11.5% year over year [2]. - Earnings per share (EPS) for Q4 was $0.53, exceeding estimates by 29% [2]. - Subscription and transaction fees contributed 90% of total revenue, rising 15% to $346 million [2]. Customer Growth and Engagement - The company added 4,700 net new accounts payable/accounts receivable (AP/AR) customers, bringing the total to nearly 170,000 [3]. - BILL's digital ecosystem is increasingly sticky, with 54% of payments completed within its network [3]. Profitability and Cost Management - Non-GAAP operating income for the year was $240 million, 23% above initial expectations, although margins were impacted by higher sales and marketing costs [4]. - Efficiency gains in fraud prevention and proactive credit line expansion supported overall growth [4]. Product Innovation - New product offerings such as Supplier Payments Plus, bulk payments, and Embed 2.0 are expanding monetization opportunities [4]. - Upcoming AgenTeq AI agents are expected to enhance the company's capabilities in autonomous financial operations [4]. Future Guidance - Guidance for FY2026 is cautious, projecting revenue between $1.59 billion and $1.63 billion, reflecting a 9-11% year-over-year increase, which is below consensus expectations [5]. - Despite this, BILL remains well-positioned with over 1% of U.S. GDP flowing through its platform, supported by mid-market adoption and ongoing share repurchases [5].