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    BILL Holdings Inc (BILL)

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    Business Description

    BILL is a leading financial operations platform designed for small and midsize businesses (SMBs). The company focuses on automating financial processes to improve efficiency in managing payables, receivables, and spend and expense management. BILL offers a comprehensive suite of services that include subscription-based software, transaction processing, and interest income from customer funds.

    1. Transaction Fees - Processes payment transactions through its platform, generating revenue from fees charged on these transactions.
    2. Subscription Fees - Provides software and services to customers on a subscription basis, enhancing financial operations for businesses.
    3. Interest on Funds Held for Customers - Earns revenue by investing customer funds, contributing to the company's financial performance.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Renée LacerteFounder, Chief Executive Officer, and Chair of the BoardApril 2006Renée Lacerte founded BILL in April 2006 and has served as CEO since. Previously, he founded PayCycle, Inc. and held roles at Intuit. He holds a B.A. in Economics and an M.S. in Industrial Engineering from Stanford University.
    John RettigPresident and Chief Financial OfficerJune 2014John Rettig joined BILL in June 2014. He previously held senior finance roles at Exponential Interactive, Reflect.com, Achieva.com/Kaplan, Inc., and Excite@Home.
    Raj AjiChief Legal Officer, Chief Compliance Officer, and SecretaryAugust 2016Raj Aji joined BILL in August 2016. He previously worked at Intuit, Obopay, and Xoom in legal and compliance roles. He holds degrees from IIT Mumbai, the University of Iowa, and UC Berkeley School of Law.
    Mary Kay BowmanExecutive Vice President, General Manager of Payments and Financial ServicesAugust 2024 (expected)Mary Kay Bowman joined BILL in August 2024. She previously held leadership roles at Visa, Square, and Amazon, focusing on payments and financial services.
    Ken MossChief Technology OfficerApril 2023Ken Moss joined BILL in April 2023. He previously served as CTO at Electronic Arts, eBay, and CrowdEye, and held leadership roles at Microsoft. He holds a B.A. in Molecular Biology from Princeton University.

    Questions to Ask Management

    1. You've mentioned that the incremental $45 million investment in fiscal 2025 will be more back-end loaded due to hiring plans being delayed in Q1; can you provide specifics on how these investments will drive revenue growth and what ROI you expect from them?
    2. Despite delivering strong core revenue growth of 19% in Q1, your guidance for Q2 indicates a deceleration to 15%-17%; what are the main factors contributing to this slowdown, and how confident are you in meeting your full-year targets amid ongoing economic uncertainties?
    3. You've highlighted a focus on attracting larger businesses with higher propensity to spend; how does this strategy impact your customer acquisition costs and operating margins, and are there risks associated with shifting focus from traditional SMB clients?
    4. Float revenue has been a significant part of your earnings; how are you managing the risk of potential changes in interest rates affecting float income, and what steps are you taking to diversify your revenue streams to reduce dependency on float revenue?
    5. Can you elaborate on the progress and expected impact of your embedded solution partnership with Xero, and how significant do you anticipate this partnership will be in terms of revenue contribution and market expansion?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateAugust 2024
    End Date/DurationNo mandated end date
    Total Additional Amount$300 million
    Remaining Authorization$100 million as of September 30, 2024
    DetailsThe program may be suspended, discontinued, or modified at any time. It reflects confidence in the company's strategy and aims to deliver value to shareholders.