Core Insights - 13D Activist Fund reported a Q3 2025 return of 8.88%, underperforming the Russell 2000 Index which returned 12.39% [1] - The Russell 2000 outperformed the S&P 500 by the largest margin in three years, with returns of 12.39% compared to 8.12% for the S&P 500 [1] Company Overview: BILL Holdings, Inc. - BILL Holdings, Inc. provides cloud-based software solutions aimed at simplifying and automating back-office financial operations for small and midsize businesses (SMBs) [2][3] - The stock of BILL Holdings, Inc. had a one-month return of 16.66%, but it has lost 45.78% of its value over the past 52 weeks, closing at $51.76 per share with a market capitalization of $5.196 billion on December 03, 2025 [2] Revenue Breakdown - BILL's revenue for 2025 was $1.45 billion, with the following contributions: - Accounts Payable/Accounts Receivable generated $668 million, accounting for 46% of total revenue, with one-third from subscription fees and the remainder from payment processing fees [3] - BILL Spend and Expense, which includes the BILL Divvy Card, contributed $555 million, representing 38% of total revenue [3] - Embedded and Other Solutions, including white label solutions and Invoice2go, generated $78 million, or 5% of total revenue [3] - Interest on funds held for customers contributed $162 million, making up 11% of total revenue [3]