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Mar 31, 2023
BILL Q3 2023 Earnings Report
BILL reported strong Q3 2023 results with profitable growth, executing its strategy to be the essential financial operations platform for SMBs.
Key Takeaways
BILL's Q3 2023 total revenue increased by 63% year-over-year to $272.6 million. The company served over 450,000 businesses and processed $64.7 billion in total payment volume. Non-GAAP net income was $58.7 million, or $0.50 per diluted share.
Total revenue increased 63% year-over-year to $272.6 million.
Core revenue (subscription and transaction fees) increased 45% year-over-year to $239.5 million.
Gross profit was $223.7 million, representing an 82.1% gross margin.
Non-GAAP net income was $58.7 million, or $0.50 per diluted share.
BILL
BILL
BILL Revenue by Segment
Revenue by Segment
Sub. & Trans. Fees Revenue
CapyFin.comFloat Revenue
CapyFin.com Forward Guidance
BILL provides guidance for the fiscal fourth quarter ending June 30, 2023, and the full fiscal year ending June 30, 2023. They expect Q4 total revenue of $277 - $280 million, representing 38%-40% year-over-year growth. Non-GAAP net income is expected to be $45.4 - $48.4 million, or $0.39 - $0.41 per diluted share. For the full fiscal year, revenue is projected to be $1,039.5 - $1,042.5 million, with non-GAAP net income of $170.4 - $173.4 million, or $1.46 - $1.48 per diluted share.
Positive Outlook
- Expects Q4 total revenue of $277 - $280 million.
- Projects Q4 year-over-year total revenue growth of 38% - 40%.
- Anticipates Q4 non-GAAP net income of $45.4 - $48.4 million.
- Forecasts Q4 non-GAAP net income per diluted share of $0.39 - $0.41.
- Full fiscal year revenue is projected to be $1,039.5 - $1,042.5 million.
Challenges Ahead
- Actual results may differ materially due to various risks and uncertainties.
- Macroeconomic factors, including interest rates and inflation, could impact performance.
- Instability in the U.S. and global banking systems poses a risk.
- The ongoing war in Ukraine and the COVID-19 pandemic could have an impact.
- BILL has not provided a reconciliation of non-GAAP net income or non-GAAP net income per share guidance measures to the most directly comparable GAAP measures because certain items excluded from GAAP cannot be reasonably calculated or predicted at this time.
Revenue & Expenses
Visualization of income flow from segment revenue to net income