Total Revenue (USD, thousands)

Cost of Goods Sold (COGS) (USD, thousands)

SG&A (USD, thousands)

Research and Development (R&D) (USD, thousands)

Depreciation and Amortization (D&A) (USD, thousands)

Interest Expense (USD, thousands)

Operating Income (EBIT) (USD, thousands)

Net Income (USD, thousands)

EPS - Basic (USD)

EPS - Diluted (USD)

28844868909656fa2077144592486bd26b53539cea27cbf51129db53ac996805

Adjustments for Non-Cash Items (USD, thousands)

Stock-Based Compensation (USD, thousands)

Changes in Working Capital (USD, thousands)

Capital Expenditures (CapEx) (USD, thousands)

Proceeds from / Repayments of Debt (USD, thousands)

Share Repurchases (USD, thousands)

Dividend Payments (USD, thousands)

Net Change in Cash (USD, thousands)

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Current Assets (USD, thousands)

Cash and Cash Equivalents (USD, thousands)

Accounts Receivable (USD, thousands)

Inventory (USD, thousands)

Non-Current Assets (USD, thousands)

Property, Plant, and Equipment (PP&E) (USD, thousands)

Goodwill (USD, thousands)

Intangible Assets (USD, thousands)

Current Liabilities (USD, thousands)

Accounts Payable (USD, thousands)

Short-term Debt (USD, thousands)

Accrued Expenses (USD, thousands)

Non-Current Liabilities (USD, thousands)

Long-term Debt (USD, thousands)

Lease Liabilities (USD, thousands)

Deferred Tax Liabilities (USD, thousands)

Shareholders' Equity (USD, thousands)

Retained Earnings (USD, thousands)

Common Stock (USD, thousands)

Additional Paid-in Capital (USD, thousands)

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Net income (loss) [USD, thousands]

Stock-based compensation [USD, thousands]

Amortization of intangible assets [USD, thousands]

Depreciation of property and equipment [USD, thousands]

Amortization of capitalized internal-use software costs paid in cash [USD, thousands]

Amortization of debt issuance costs [USD, thousands]

Accretion of discount on investments in marketable debt securities [USD, thousands]

Accretion of discount on loans held for investment [USD, thousands]

Gain on debt extinguishment [USD, thousands]

Provision for expected credit losses on acquired card receivables and other financial assets [USD, thousands]

Non-cash operating lease expense [USD, thousands]

Net cash provided by operating activities [USD, thousands]

Purchases of corporate and customer fund short-term investments [USD, thousands]

Proceeds from maturities and sales of corporate and customer fund short-term investments [USD, thousands]

Purchases of loans held for investment [USD, thousands]

Principal repayments of loans held for investment [USD, thousands]

Capitalization of internal-use software costs [USD, thousands]

Other investing activities [USD, thousands]

Net cash provided by (used in) investing activities [USD, thousands]

Proceeds from issuance of convertible senior notes [USD, thousands]

Payments for repurchase of convertible senior notes [USD, thousands]

Purchase of capped calls [USD, thousands]

Repurchase of common stock [USD, thousands]

Proceeds from exercise of stock options [USD, thousands]

Tax withholdings related to net share settlements of equity awards [USD, thousands]

Proceeds from issuance of common stock under the employee stock purchase plan [USD, thousands]

Contingent consideration payout [USD, thousands]

Net cash provided by (used in) financing activities [USD, thousands]

Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents [USD, thousands]

Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents [USD, thousands]

Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period [USD, thousands]

Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period [USD, thousands]

212e4855835a1a800f4f0bde5b6f0104c1f0b82657d2b70ef752a5e6d5828a40

The significant increase in FY 2024 was driven by **strong revenue growth**—with total revenue reaching **$1.3 billion** and growing by **22% year-over-year**—along with **higher interest income** and **improved accounts receivable collections** that together boosted the net cash flow from operating activities.  **[0001786352-24-000035_bill-20240630.htm:114]** **[BILL_3399695_1]** **[0001786352-24-000027_bill-20240331.htm:49]** 

What drove the significant increase in operating cash flow in FY 2024?

The operating cash flow increased significantly in **Q1 2025** because **higher revenues** drove the improvement in cash flow, boosting the net cash provided by operating activities from **$53,661 thousand** in Q1 2024 to **$88,582 thousand** in Q1 2025.  **[0001786352-24-000045_bill-20240930.htm:39]** 

Why did operating cash flow jump considerably in Q1 2025?

The documents indicate that the **27.5% decline** in amortization of intangible assets in Q2 2025 (a decrease of **$5,565 thousand** compared to Q2 2024) may generally be attributed to factors such as the **completion of amortization periods**, **impairments or adjustments** to the carrying value, and possibly **reduced acquisition activity** related to intangible assets. However, the documents do not provide specific details on which of these factors actually occurred in this case.  **[0001786352-25-000012_bill-20241231xexx991.htm:7]** **[0001786352-25-000015_bill-20241231.htm:35]** 

What factors contributed to the decline in amortization of intangible assets in Q2 2025?

The **amortization of debt issuance costs was lower in Q1 2025 because the company reduced its outstanding debt**, notably through the repayment or reduction of its **Convertible Senior Notes** and the elimination of its **Revolving Credit Facility borrowings**. This reduction in overall debt levels led to lower amortization expenses, as evidenced by the drop from **$1,761 thousand in Q1 2024** to **$895 thousand in Q1 2025**.  **[0001786352-24-000035_bill-20240630.htm:157]** 

Why was amortization of debt issuance costs lower in Q1 2025?

In **Q3 2024**, the significant change in investing cash flows was primarily driven by a **decrease in proceeds from maturities of corporate and customer short-term investments** and an **increase in purchases of loans held for investment**. These factors contributed to a substantial swing in net cash usage, which was partially offset by **lower purchases of corporate and customer short-term investments**.  **[0001786352-24-000027_bill-20240331.htm:49]** 

What caused the large swing in investing cash flows in Q3 2024?

14821751f63d0f622e8b049dfbbb218885341a5240a4e354347e878886d7b044

The sharp drop in **cash and cash equivalents** during Q3 2024 was primarily due to a significant repurchase of convertible notes, which used about **$711 million** in cash to minimize the risk of future dilution associated with conversion events. This large outflow was further supported by cash used for **capital expenditures**—including purchases of property, equipment, and capitalization of internal-use software costs—even though operating activities generated some cash in the period.  **[0001786352-24-000027_bill-20240331.htm:4]** **[0001786352-24-000025_bill-2024331xexx991.htm:5]** **[BILL_3382267_6]** **[0001786352-24-000025_bill-2024331xexx991.htm:15]** 

Why did cash and cash equivalents drop so sharply in Q3 2024?

The decline in total assets in Q3 2024 was primarily driven by a **significant decrease in cash and cash equivalents** and **short-term investments**. Specifically, cash and cash equivalents dropped from **$1,617,151 thousand** to **$952,474 thousand** mainly due to the repurchase of **$748 million** in convertible notes, which used **$711 million** in cash. Additionally, short-term investments saw a reduction, contributing further to the decline. These decreases were partially offset by increases in acquired card receivables and prepaid expenses, but not enough to prevent an overall decline of approximately **$513,760 thousand** in assets.  **[0001786352-24-000025_bill-2024331xexx991.htm:0]** **[0001786352-24-000025_bill-2024331xexx991.htm:15]** **[BILL_3382267_6]** 

What caused the decline in total assets in Q3 2024?

The significant drop in convertible senior notes in Q3 2024 was mainly due to the strategic repurchase of a large portion of the outstanding 0.0% Convertible Senior Notes due 2025. **BILL repurchased approximately $748 million** in aggregate principal amount, which was part of its efforts to minimize potential future dilution from conversion events and was executed under attractive economic terms.  **[BILL_3382267_6]** **[0001193125-24-061518_d807030dex991.htm:0]**  This repurchase substantially reduced the outstanding principal amount, leading to the observed drop in the net amount of convertible senior notes.  **[0001786352-24-000027_bill-20240331.htm:4]** 

What explains the significant drop in convertible senior notes in Q3 2024?

The documents indicate that there was a significant increase in **Other long-term liabilities** in Q4 2024 compared to earlier periods; however, they do not provide specific details or reasons for this surge.  **[0001786352-25-000015_bill-20241231.htm:4]**  

Why did other long-term liabilities surge in Q4 2024?

e4a9ce6231085e1a8979b0ff369c57c97b27661eceff8599c0dbd762344cf7b6

Subscription and Transaction Fees (USD, thousands)

Interest on Funds Held for Customers (USD, thousands)

Service Costs (USD, thousands)

Depreciation and Amortization - Cost of Revenue (USD, thousands)

Total Cost of Revenue (USD, thousands)

Gross Profit (USD, thousands)

Research and Development Expenses (USD, thousands)

Sales and Marketing Expenses (USD, thousands)

General and Administrative Expenses (USD, thousands)

Provision for Expected Credit Losses (USD, thousands)

Depreciation and Amortization - Operating Expenses (USD, thousands)

Restructuring Expenses (USD, thousands)

Total Operating Expenses (USD, thousands)

Operating Loss (USD, thousands)

Other Income, Net (USD, thousands)

Income (Loss) before Provision for Income Taxes (USD, thousands)

Provision for Income Taxes (USD, thousands)

Net Income (Loss) (USD, thousands)

4d7344dfa00984d6286a7d42e58b9a80dd7e7e97a733023a40a81db517f8c6dc

Cash and cash equivalents (USD, thousands)

Short-term investments (USD, thousands)

Accounts receivable, net (USD, thousands)

Acquired card receivables, net (USD, thousands)

Prepaid expenses and other current assets (USD, thousands)

Funds held for customers (USD, thousands)

Total current assets (USD, thousands)

Operating lease right-of-use assets, net (USD, thousands)

Property and equipment, net (USD, thousands)

Intangible assets, net (USD, thousands)

Other assets (USD, thousands)

Total assets (USD, thousands)

Accounts payable (USD, thousands)

Accrued compensation and benefits (USD, thousands)

Deferred revenue (USD, thousands)

Other accruals and current liabilities (USD, thousands)

Convertible senior notes, net (USD, thousands)

Customer fund deposits (USD, thousands)

Total current liabilities (USD, thousands)

Operating lease liabilities (USD, thousands)

Borrowings from credit facilities, net (USD, thousands)

Other long-term liabilities (USD, thousands)

Total liabilities (USD, thousands)

Common stock (USD, thousands)

Additional paid-in capital (USD, thousands)

Accumulated other comprehensive loss (USD, thousands)

Accumulated deficit (USD, thousands)

Total stockholders' equity (USD, thousands)

Total liabilities and stockholders' equity (USD, thousands)

82aa5c237d31a029e323b6a59e3428311451f9e84390d0675d8300d89448ba55

Subscription Fees

Transaction Fees

- Small-to-midsize businesses

- Financial institutions

Interest on Funds

Total Revenue

c8f9e6ea57c512b636e0a386f5b78e3bcdfa72f20764d748b62c1cdf09b000ff

United States

International

4705f790090998d44a175e59e4de36e8d487cbb18b2cab220aa9d2c494874ab5

BILL Holdings Inc (BILL)

Financials