BILL Reports Strong Q4 and FY2024 Financial Results
Intellectia.AI Updated: 2024-08-22
BILL Reports Strong Q4 and FY2024 Financial Results
BILL (NYSE: BILL), a leading financial operations platform for small and midsize businesses (SMBs), announced its financial results for the fourth quarter and fiscal year ended June 30, 2024.
Key Financial Metrics
| Metric | Q4 FY2024 | Q4 FY2023 | Change (YoY) | Consensus | Q4 FY2024 vs. Consensus |
|---|---|---|---|---|---|
| Total Revenue | $343.7M | $296.4M | +16% | $327.77M | +4.85% |
| Earnings Per Share (GAAP Diluted) | ($0.03) | ($0.15) | N/A | N/A | N/A |
| Non-GAAP Net Income | $63.9M | $56.3M | +13.5% | N/A | N/A |
| Non-GAAP EPS (Diluted) | $0.57 | $0.48 | +19% | $0.46 | +23.9% |
| Metric | FY2024 | FY2023 | Change (YoY) | Consensus | FY2024 vs. Consensus |
|---|---|---|---|---|---|
| Total Revenue | $1,290.2M | $1,057M | +22% | $1.28B | +0.79% |
| Earnings Per Share (GAAP Diluted) | ($0.27) | ($2.11) | N/A | N/A | N/A |
| Non-GAAP Net Income | $244.0M | $157.5M | +54.9% | N/A | N/A |
| Non-GAAP EPS (Diluted) | $2.12 | $1.34 | +58.2% | $2.05 | +3.41% |
Interpretation: BILL exceeded consensus revenue and earnings estimates in both the fourth quarter and the fiscal year 2024. The company's non-GAAP metrics indicate improved profitability despite economic headwinds.
Segment Revenue Performance
| Segment | Q4 FY2024 | Q4 FY2023 | Change (YoY) |
|---|---|---|---|
| Core Revenue | $301.3M | $259.7M | +16% |
| - Subscription Fees | $65.8M | $67.1M | -2% |
| - Transaction Fees | $235.5M | $192.6M | +22% |
| Float Revenue | $42.4M | $36.7M | N/A |
Interpretation: The Core Revenue segment, which includes subscription and transaction fees, showed robust growth. Although subscription fees slightly decreased, a significant increase in transaction fees up by 22% contributed to overall core revenue growth.
Key Operational Data
| Metric | Q4 FY2024 | Q4 FY2023 | Change (YoY) |
|---|---|---|---|
| Businesses Using Solutions | 474,600 | N/A | N/A |
| Total Payment Volume | $76B | $69.1B | +10% |
| Transactions Processed | 28M | 23.5M | +19% |
| Network Members | 7.1M | 5.8M | +22% |
Executive Commentary
René Lacerte, BILL’s CEO and Founder, emphasized the company's fortified position as a financial operations platform and highlighted its integrated platform launch and services expansion for SMBs. John Rettig, President and CFO, noted the strategic investments planned for FY2025 to capture market opportunities and drive long-term growth.
Share Repurchase Program
The Board has authorized a new $300 million share repurchase program, reflecting confidence in the company’s strategy and investment potential. During FY2024, BILL repurchased $212 million worth of shares.
Forward Guidance
BILL provided forward-looking guidance for the fiscal first quarter ending September 30, 2024, and the full fiscal year ending June 30, 2025. Specific figures were not included, but they emphasized expected revenue growth and margin expansion.
Market Reaction
Post-earnings, BILL’s stock experienced a slight decline, down approximately 0.31%.
Summary: BILL demonstrated robust financial performance and growth, with significant improvements in transaction fees and increased non-GAAP net income. Strategic investments and a new share repurchase program highlight confidence in future growth, despite a minor stock price dip post-announcement.
The report is well-organized and contains useful information for investors. No changes are required.
