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Bill.com Reports Second Quarter Fiscal 2020 Financial Results

February 6, 2020 GMT

PALO ALTO, Calif.--(BUSINESS WIRE)--Feb 6, 2020--

Bill.com (NYSE: BILL), a leading provider of cloud-based software that simplifies, digitizes, and automates complex back-office financial operations for small and midsize businesses, today announced financial results for the second fiscal quarter ended December 31, 2019.

“I am very happy to report that in our first quarter as a public company we posted strong results. Our performance this quarter was highlighted by solid revenue growth and expansion of non-GAAP gross margins,” said Bill.com CEO René Lacerte. “Customers continue to leverage the platform to automate their financial operations, resulting in accelerating core (subscription and transaction) revenue growth year-over-year.”

Financial Highlights for the Second Quarter of Fiscal 2020

Recent Business Highlights

Conference Call

In conjunction with this announcement Bill.com will host a conference call at 1:30 p.m. PT (4:30 p.m. ET) today to discuss the second quarter of fiscal 2020 results and our outlook for the third quarter of fiscal 2020 and the full fiscal year 2020. The conference call will be available via live webcast and replay at the Investor Relations section of Bill.com’s website: https://investor.bill.com/events-and-presentations/default.aspx .

Bill.com announces material information to the public through a variety of means, including filings with the Securities and Exchange Commission (“SEC”), press releases, public conference calls, and the Investor Relations section of Bill.com’s website as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

About Bill.com

Bill.com is a leading provider of cloud-based software that simplifies, digitizes, and automates complex, back-office financial operations for small and midsize businesses. Customers use the Bill.com platform to manage end-to-end financial workflows and to process payments. The Bill.com financial software platform creates connections between businesses and their suppliers and clients. It helps manage cash inflows and outflows. The company partners with several of the largest U.S. financial institutions, the majority of the top 100 U.S. accounting firms, and popular accounting software providers. Bill.com has offices in Palo Alto, California and Houston, Texas. For more information visit www.bill.com.

Note on Forward-Looking Statements

This press release and the accompanying conference call include forward-looking statements, which are statements other than statements of historical facts, and statements in the future tense. Forward-looking statements are based on our expectations as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, many of which involve factors or circumstances that are beyond our control. These statements include, but are not limited to, statements regarding our expectations for future performance and results in the third quarter of fiscal 2020 and the full fiscal year 2020, the growth of demand on our platform and the expansion of our customers’ utilization of our services. These risks and uncertainties include, but are not limited to, our history of operating losses, our recent rapid growth, the large sums of customer funds that we transfer daily, the risk of loss, errors and fraudulent activity, the market, interest rate, foreign exchange and other conditions that the customer funds we hold in trust are subject to, our ability to attract new customers and convert trial customers into paying customers, our ability to develop new products and services, increased competition or new entrants in the marketplace, potential impact of acquisitions and investments, changes in staffing levels, and other risks detailed in registration statements and periodic reports we file with the SEC, including our prospectus as amended and filed with the SEC pursuant to Rule 424(b)(4) on December 12, 2019 which may be obtained on the Investor Relations section of Bill.com’s website ( https://investor.bill.com/financials/sec-filings/default.aspx ) and on the SEC website at www.sec.gov. Actual results may differ materially from those presently reported. All forward-looking statements in this press release are based on information available to us as of the date hereof. We assume no obligation to update the information contained in this press release or the accompanying conference call.

Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release and the accompanying tables contain, and the conference call will contain, non-GAAP financial measures, including non-GAAP loss from operations, non-GAAP net loss and non-GAAP net loss per share, basic and diluted. The non-GAAP financial information is presented for supplemental informational purposes only and is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP.

We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry. However, it is important to note that the particular items we exclude from, or include in, our non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry.

We adjust the following items from one or more of our non-GAAP financial measures:

Stock-based compensation expense. We exclude stock-based compensation expense, which is a non-cash expense, from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance. In particular, companies calculate stock-based compensation expense using a variety of valuation methodologies and subjective assumptions.

Depreciation and amortization expense. We exclude depreciation and amortization expense from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance.

Capitalized internal-use software. We include capitalization and exclude the subsequent amortization of internal-use software costs in certain of our non-GAAP financial measures. We capitalize direct costs incurred related to obtaining or developing internal-use software during the application development stage and we amortize those costs over the estimated useful lives of the software. The capitalization and subsequent amortization of those costs can vary every period depending on our business needs and the timing on the software’s availability for its intended use. We believe that including or excluding the effect of the capitalized internal-use software in certain of our non-GAAP financial measure provides us useful information in evaluating and comparing the consistency of our operating performance on a period-to-period basis.

Capitalized sales commissions. We include capitalization and exclude the subsequent amortization of sales commissions in certain of our non-GAAP financial measures. We capitalize sales commissions that are incremental costs in obtaining new customer contracts and we amortize such costs over the benefit period of our relationship with the acquired customers. We believe that including or excluding the effect of the capitalization of sales commissions in certain of our non-GAAP financial measures in a given period provides us useful information in evaluating and comparing the consistency of our performance in acquiring new customer contracts on a period-to-period basis.

Capitalized service costs. We include capitalization and exclude the subsequent amortization of service costs in certain of our non-GAAP financial measures. These service costs, which primarily consist of direct payroll costs, pertain to the implementation services that we provide to our financial institution customers and certain SMB customers prior to the launching of our product for general use. We capitalize such service costs and amortize them over the estimated benefit period. Our implementation service is generally a non-recurring type of service that we perform for our new customers. We believe that including or excluding the effect of the capitalization of service costs in certain of our non-GAAP financial measure provides us useful information in evaluating and comparing the consistency of our operating performance on a period-to-period basis.

Gain or loss on revaluation of warrant liabilities and gain on forfeiture of warrants. We exclude gain or loss on revaluation of warrant liabilities and gain on forfeiture of warrants, which is a non-cash income or expense, from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance.

Stock warrants expense. We exclude stock warrants expense, which is a non-cash expense, from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance.

There are material limitations associated with the use of non-GAAP financial measures since they exclude significant expenses and income that are required by GAAP to be recorded in our financial statements. Please see the reconciliation tables at the end of this release for the reconciliation of GAAP and non-GAAP results.

BILL.COM HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
 
December 31,June 30,

2019

2019

ASSETS
Current assets:
Cash and cash equivalents

$

314,894

 

$

90,306

 

Short-term investments

 

68,135

 

 

71,969

 

Accounts receivable, net

 

4,791

 

 

4,398

 

Unbilled revenue

 

5,909

 

 

4,795

 

Prepaid expenses and other current assets

 

15,768

 

 

12,326

 

Funds held for customers

 

1,491,763

 

 

1,329,306

 

Total current assets

 

1,901,260

 

 

1,513,100

 

Property and equipment, net

 

7,511

 

 

6,557

 

Other assets

 

6,353

 

 

6,641

 

Total assets

$

1,915,124

 

$

1,526,298

 

 
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable

$

6,018

 

$

5,063

 

Accrued compensation and benefits

 

6,379

 

 

4,333

 

Other accrued and current liabilities

 

9,872

 

 

6,556

 

Redeemable convertible preferred stock warrant liabilities

 

-

 

 

688

 

Deferred revenue

 

4,274

 

 

3,469

 

Customer fund deposits

 

1,491,763

 

 

1,329,306

 

Total current liabilities

 

1,518,306

 

 

1,349,415

 

Deferred revenue, non-current

 

2,091

 

 

1,786

 

Other long-term liabilities

 

1,375

 

 

1,447

 

Total liabilities

 

1,521,772

 

 

1,352,648

 

Commitments and contingencies
Redeemable convertible preferred stock

 

-

 

 

276,307

 

Stockholders' equity (deficit):
Preferred stock

 

-

 

 

-

 

Common stock

 

2

 

 

1

 

Additional paid-in capital

 

524,260

 

 

14,672

 

Accumulated other comprehensive income

 

20

 

 

326

 

Accumulated deficit

 

(130,930

)

 

(117,656

)

Total stockholders' equity (deficit)

 

393,352

 

 

(102,657

)

Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)

$

1,915,124

 

$

1,526,298

 

BILL.COM HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands except per share amounts)
 
Three months ended
December 31,
Six months ended
December 31,

2019

2018

2019

2018

Revenue
Subscription and transaction fees

$

32,964

 

$

20,444

 

$

61,512

 

$

38,614

 

Interest on funds held for customers

 

6,116

 

 

5,555

 

 

12,748

 

 

9,809

 

Total revenue

 

39,080

 

 

25,999

 

 

74,260

 

 

48,423

 

Cost of revenue (1)

 

9,787

 

 

7,175

 

 

18,934

 

 

13,516

 

Gross profit

 

29,293

 

 

18,824

 

 

55,326

 

 

34,907

 

Operating expenses
Research and development (1)

 

12,992

 

 

6,154

 

 

24,507

 

 

11,578

 

Sales and marketing (1)

 

11,491

 

 

6,856

 

 

21,758

 

 

12,800

 

General and administrative (1)

 

12,748

 

 

6,404

 

 

23,283

 

 

12,341

 

Total operating expenses

 

37,231

 

 

19,414

 

 

69,548

 

 

36,719

 

Loss from operations

 

(7,938

)

 

(590

)

 

(14,222

)

 

(1,812

)

Other income, net

 

360

 

 

686

 

 

999

 

 

1,003

 

(Loss) income before (benefit from) provision for income taxes

 

(7,578

)

 

96

 

 

(13,223

)

 

(809

)

(Benefit from) provision for income taxes

 

-

 

 

(6

)

 

51

 

 

(27

)

Net (loss) income

$

(7,578

)

$

102

 

$

(13,274

)

$

(782

)

 
Net (loss) income per share attributable to common stockholders, basic and diluted

$

(0.34

)

$

-

 

$

(0.87

)

$

(0.10

)

Weighted-average number of common shares used to compute net (loss) income per share attributable to common stockholders, basic and diluted

 

22,306

 

 

7,739

 

 

15,268

 

 

7,581

 

 
(1) Includes stock-based compensation expense as follows:
Cost of revenue

$

211

 

$

42

 

$

359

 

$

112

 

Research and development

 

1,084

 

 

119

 

 

1,755

 

 

352

 

Sales and marketing

 

494

 

 

122

 

 

877

 

 

288

 

General and administrative

 

1,286

 

 

311

 

 

2,360

 

 

449

 

$

3,075

 

$

594

 

$

5,351

 

$

1,201

 

 
BILL.COM HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
 
Three months ended
December 31,
Six months ended
December 31,

2019

2018

2019

2018

CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income

$

(7,578

)

$

102

 

$

(13,274

)

$

(782

)

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization

 

1,120

 

 

808

 

 

2,105

 

 

1,573

 

Stock-based compensation

 

3,075

 

 

594

 

 

5,351

 

 

1,201

 

Accretion of discount on investment in marketable debt securities

 

(1,616

)

 

(296

)

 

(2,346

)

 

(461

)

Revaluation of warrant liabilities and forfeiture of warrants

 

552

 

 

(294

)

 

717

 

 

(305

)

Issuance of warrants

 

-

 

 

-

 

 

-

 

 

52

 

Deferred income taxes

 

-

 

 

(7

)

 

-

 

 

(44

)

Changes in assets and liabilities:
Accounts receivable

 

(1,100

)

 

(1,276

)

 

(393

)

 

(2,372

)

Unbilled revenue

 

(493

)

 

(365

)

 

(1,114

)

 

(883

)

Prepaid expenses and other current assets

 

(466

)

 

(1,875

)

 

(1,608

)

 

(2,996

)

Other assets

 

(531

)

 

249

 

 

(581

)

 

(601

)

Accounts payable

638

1,211

1,146

2,259

Accrued and other current liabilities

 

3,419

 

 

702

 

 

4,551

 

 

855

 

Other long-term liabilities

 

94

 

 

(24

)

 

187

 

 

(109

)

Deferred revenue

 

1,117

 

 

547

 

 

1,110

 

 

434

 

Net cash (used in) provided by operating activities

 

(1,769

)

 

76

 

 

(4,149

)

 

(2,179

)

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of corporate and customer fund short-term investments

 

(225,444

)

 

(224,128

)

 

(414,648

)

 

(415,326

)

Proceeds from maturities of corporate and customer fund short-term investments

 

152,065

 

 

176,550

 

 

407,236

 

 

382,984

 

Proceeds from sale of corporate and customer fund short-term investments

 

11,964

 

 

29,162

 

 

22,725

 

 

29,162

 

Decrease (increase) in restricted cash and cash equivalents and other receivables included in funds held for customers

 

39,519

 

 

(180,650

)

 

(173,730

)

 

(298,650

)

Purchases of property and equipment

 

(1,026

)

 

(737

)

 

(2,972

)

 

(1,571

)

Capitalization of internal-use software costs

 

(125

)

 

(412

)

 

(340

)

 

(833

)

Decrease in restricted cash

 

-

 

 

-

 

 

550

 

 

-

 

Net cash used in investing activities

 

(23,047

)

 

(200,215

)

 

(161,179

)

 

(304,234

)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs

 

227,439

 

 

-

 

 

226,565

 

 

-

 

Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs

 

-

 

 

69,801

 

 

-

 

 

69,801

 

Increase in customer fund deposits liability

 

25,271

 

 

199,090

 

 

162,457

 

 

297,813

 

Payments on bank borrowings

 

-

 

 

(417

)

 

-

 

 

(417

)

Proceeds from exercise of stock options

 

607

 

 

491

 

 

901

 

 

949

 

Proceeds from exercise of stock warrants

 

144

 

 

-

 

 

144

 

 

-

 

Payments of deferred debt issuance costs

 

-

 

 

-

 

 

(151

)

 

-

 

Net cash provided by financing activities

 

253,461

 

 

268,965

 

 

389,916

 

 

368,146

 

NET INCREASE IN CASH AND CASH EQUIVALENTS

 

228,645

 

 

68,826

 

 

224,588

 

 

61,733

 

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

 

86,249

 

 

15,308

 

 

90,306

 

 

22,401

 

CASH AND CASH EQUIVALENTS, END OF PERIOD

$

314,894

 

$

84,134

 

$

314,894

 

$

84,134

 

 
BILL.COM HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP DATA
FOR THE THREE MONTHS ENDED DECEMBER 31, 2019
(Unaudited, in thousands except percentages and per share amounts)
 
GAAPStock-based
compensation
expense
Other cost and
operating
expenses (1)
Non-GAAP
Total revenue

$

39,080

 

$

39,080

 

Cost of revenue

 

9,787

 

 

(211

)

 

(982

)

 

8,594

 

Gross profit

 

29,293

 

 

211

 

 

982

 

 

30,486

 

Gross margin

 

75.0

%

 

0.5

%

 

2.5

%

 

78.0

%

Operating expenses
Research and development

 

12,992

 

 

(1,084

)

 

74

 

 

11,982

 

Sales and marketing

 

11,491

 

 

(494

)

 

682

 

 

11,679

 

General and administrative

 

12,748

 

 

(1,286

)

 

(127

)

 

11,335

 

Loss from operations

 

(7,938

)

 

3,075

 

 

353

 

 

(4,510

)

Operating margin

 

(20

)%

 

8

%

 

0

%

 

(12

)%

Other income, net

 

360

 

 

-

 

 

552

 

 

912

 

Loss before provision for income taxes

 

(7,578

)

 

3,075

 

 

905

 

 

(3,598

)

Provision for income taxes

 

-

 

 

-

 

 

-

 

 

-

 

Net loss

$

(7,578

)

$

3,075

 

$

905

 

$

(3,598

)

 
Net loss per share attributable to common stockholders, basic and diluted (2)

$

(0.34

)

$

(0.06

)

 
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted (3)

 

22,306

 

 

62,771

 

 
 
(1) Other cost and operating expenses adjustments consist of depreciation and amortization expense of $1,120 and loss on revaluation of warrant liabilities of $552; offset by capitalization of contract and service costs (net of amortization) of $767.
 
(2) GAAP net loss per share attributable to common stockholders, basic and diluted

$

(0.34

)

Stock-based compensation expense

 

0.14

 

Depreciation and amortization and other expense adjustments

 

0.04

 

Impact of the assumed conversion of redeemable convertible preferred stock

 

0.10

 

Non-GAAP net loss per share attributable to common stockholders, basic and diluted

$

(0.06

)

 
(3) Shares used to compute GAAP net loss per share attributable to common stockholders, basic and diluted

 

22,306

 

Weighted average effect of the assumed conversion of redeemable convertible preferred stock from the date of issuance

 

40,465

 

Shares used to compute non-GAAP net loss per share attributable to common stockholders, basic and diluted

 

62,771

 

 
BILL.COM HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP DATA
FOR THE THREE MONTHS ENDED DECEMBER 31, 2018
(Unaudited, in thousands except percentages and per share amounts)
 
GAAPStock-based
compensation
expense
Other cost and
operating expenses (1)
Non-GAAP
Total revenue

$

25,999

 

$

25,999

 

Cost of revenue

 

7,175

 

 

(42

)

 

(843

)

 

6,290

 

Gross profit

 

18,824

 

 

42

 

 

843

 

 

19,709

 

Gross margin

 

72.4

%

 

0.2

%

 

3.2

%

 

75.8

%

Operating expenses
Research and development

 

6,154

 

 

(119

)

 

506

 

 

6,541

 

Sales and marketing

 

6,856

 

 

(122

)

 

492

 

 

7,226

 

General and administrative

 

6,404

 

 

(311

)

 

(82

)

 

6,011

 

Loss from operations

 

(590

)

 

594

 

 

(73

)

 

(69

)

Operating margin

 

(3

)%

 

3

%

 

0

%

 

0

%

Other income, net

 

686

 

 

-

 

 

(293

)

 

393

 

Income before benefit from income taxes

 

96

 

 

594

 

 

(366

)

 

324

 

Benefit from income taxes

 

(6

)

 

-

 

 

-

 

 

(6

)

Net income

$

102

 

$

594

 

$

(366

)

$

330

 

 
Net income per share attributable to common stockholders, basic and diluted (2)

$

-

 

$

0.01

 

 
Weighted-average number of common shares used to compute net income per share attributable to common stockholders, basic and diluted (3)

 

7,739

 

 

55,374

 

 
 
(1) Other cost and operating expenses adjustments consist of depreciation and amortization expense of $808; offset by capitalization of contract and service costs (net of amortization) of $880 and gain on forfeiture of warrants (net of loss on revaluation of warrant liabilities) of $294.
 
(2) GAAP net income per share attributable to common stockholders, basic and diluted

$

-

 

Stock-based compensation expense

 

0.08

 

Depreciation and amortization and other expense adjustments

 

(0.05

)

Impact of the assumed conversion of redeemable convertible preferred stock

 

(0.02

)

Non-GAAP net income per share attributable to common stockholders, basic and diluted

$

0.01

 

 
(3) Shares used to compute GAAP net income per share attributable to common stockholders, basic and diluted

 

7,739

 

Weighted average effect of the assumed conversion of redeemable convertible preferred stock from the date of issuance

 

47,635

 

Shares used to compute non-GAAP net income per share attributable to common stockholders, basic and diluted

 

55,374

 

 
BILL.COM HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP DATA
FOR THE SIX MONTHS ENDED DECEMBER 31, 2019
(Unaudited, in thousands except percentages and per share amounts)
 
GAAPStock-based
compensation
expense
Other cost and
operating
expenses (1)
Non-GAAP
Total revenue

$

74,260

 

$

74,260

 

Cost of revenue

 

18,934

 

 

(359

)

 

(1,970

)

 

16,605

 

Gross profit

 

55,326

 

 

359

 

 

1,970

 

 

57,655

 

Gross margin

 

74.5

%

 

0.5

%

 

2.6

%

 

77.6

%

Operating expenses
Research and development

 

24,507

 

 

(1,755

)

 

173

 

 

22,925

 

Sales and marketing

 

21,758

 

 

(877

)

 

1,142

 

 

22,023

 

General and administrative

 

23,283

 

 

(2,360

)

 

(193

)

 

20,730

 

Loss from operations

 

(14,222

)

 

5,351

 

 

848

 

 

(8,023

)

Operating margin

 

(19

)%

 

7

%

 

1

%

 

(11

)%

Other income, net

 

999

 

 

-

 

 

717

 

 

1,716

 

Loss before provision for income taxes

 

(13,223

)

 

5,351

 

 

1,565

 

 

(6,307

)

Provision for income taxes

 

51

 

 

-

 

 

-

 

 

51

 

Net loss

$

(13,274

)

$

5,351

 

$

1,565

 

$

(6,358

)

 
Net loss per share attributable to common stockholders, basic and diluted (2)

$

(0.87

)

$

(0.10

)

 
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted (3)

 

15,268

 

 

61,718

 

 
 
(1) Other cost and operating expenses adjustments consist of depreciation and amortization expense of $2,105 and loss on revaluation of warrant liabilities of $717; offset by capitalization of contract and service costs (net of amortization) of $1,257.
 
(2) GAAP net loss per share attributable to common stockholders, basic and diluted

$

(0.87

)

Stock-based compensation expense

 

0.35

 

Depreciation and amortization and other expense adjustments

 

0.10

 

Impact of the assumed conversion of redeemable convertible preferred stock

 

0.32

 

Non-GAAP net loss per share attributable to common stockholders, basic and diluted

$

(0.10

)

 
(3) Shares used to compute GAAP net loss per share attributable to common stockholders, basic and diluted

 

15,268

 

Weighted average effect of the assumed conversion of redeemable convertible preferred stock from the date of issuance

 

46,450

 

Shares used to compute non-GAAP net loss per share attributable to common stockholders, basic and diluted

 

61,718

 

 
BILL.COM HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP DATA
FOR THE SIX MONTHS ENDED DECEMBER 31, 2018
(Unaudited, in thousands except percentages and per share amounts)
 
GAAPStock-based
compensation
expense
Other cost
and operating
expenses (1)
Non-GAAP
Total revenue

$

48,423

 

$

48,423

 

Cost of revenue

 

13,516

 

 

(112

)

 

(1,538

)

 

11,866

 

Gross profit

 

34,907

 

 

112

 

 

1,538

 

 

36,557

 

Gross margin

 

72.1

%

 

0.2

%

 

3.2

%

 

75.5

%

Operating expenses
Research and development

 

11,578

 

 

(352

)

 

1,474

 

 

12,700

 

Sales and marketing

 

12,800

 

 

(288

)

 

478

 

 

12,990

 

General and administrative

 

12,341

 

 

(449

)

 

(182

)

 

11,710

 

Loss from operations

 

(1,812

)

 

1,201

 

 

(232

)

 

(843

)

Operating margin

 

(4

)%

 

2

%

 

0

%

 

(2

)%

Other income, net

 

1,003

 

 

-

 

 

(293

)

 

710

 

Loss before benefit from income taxes

 

(809

)

 

1,201

 

 

(525

)

 

(133

)

Benefit from income taxes

 

(27

)

 

-

 

 

-

 

 

(27

)

Net loss

$

(782

)

$

1,201

 

$

(525

)

$

(106

)

 
Net loss per share attributable to common stockholders, basic and diluted (2)

$

(0.10

)

$

-

 

 
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted (3)

 

7,581

 

 

54,964

 

 
 
(1) Other cost and operating expenses adjustments consist of depreciation and amortization expense of $1,573 and warrant expense of $52; offset by capitalization of contract and service costs (net of amortization) of $1,845 and gain on forfeiture of warrants (net of loss on revaluation of warrant liabilities) of $305.
 
(2) GAAP net loss per share attributable to common stockholders, basic and diluted

$

(0.10

)

Stock-based compensation expense

 

0.16

 

Depreciation and amortization and other expense adjustments

 

(0.07

)

Impact of the assumed conversion of redeemable convertible preferred stock

 

0.01

 

Non-GAAP net loss per share attributable to common stockholders, basic and diluted

$

-

 

 
(3) Shares used to compute GAAP net loss per share attributable to common stockholders, basic and diluted

 

7,581

 

Weighted average effect of the assumed conversion of redeemable convertible preferred stock from the date of issuance

 

47,383

 

Shares used to compute non-GAAP net loss per share attributable to common stockholders, basic and diluted

 

54,964

 

 
BILL.COM HOLDINGS, INC.
FREE CASH FLOW
(Unaudited, in thousands)
 
Three months ended
December 31,
Six months ended
December 31,

2019

2018

2019

2018

Net cash (used in) provided by operating activities

$

(1,769

)

$

76

 

$

(4,149

)

$

(2,179

)

Purchases of property and equipment

 

(1,026

)

 

(737

)

 

(2,972

)

 

(1,571

)

Capitalization of internal-use software costs

 

(125

)

 

(412

)

 

(340

)

 

(833

)

Free cash flow

$

(2,920

)

$

(1,073

)

$

(7,461

)

$

(4,583

)

 
 

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20200206005905/en/

CONTACT: IR:

Carolyn Bass

Investor@ir.bill.comPress:

PR@hq.bill.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: SOFTWARE INTERNET FINANCE ELECTRONIC DESIGN AUTOMATION DATA MANAGEMENT SMALL BUSINESS PROFESSIONAL SERVICES TECHNOLOGY

SOURCE: Bill.com

Copyright Business Wire 2020.

PUB: 02/06/2020 04:05 PM/DISC: 02/06/2020 04:05 PM

http://www.businesswire.com/news/home/20200206005905/en