On November 2, 2023, BILL Holdings Inc (BILL, Financial) announced its financial results for the first fiscal quarter ended September 30, 2023. The company reported a 33% year-over-year increase in total revenue, reaching $305.0 million. Core revenue, which consists of subscription and transaction fees, rose by 24% year-over-year to $265.1 million.
Financial Highlights
The company's gross profit for the quarter was $249.0 million, representing an 81.6% gross margin, compared to $184.8 million, or an 80.4% gross margin, in the first quarter of fiscal 2023. The loss from operations was $56.6 million, a significant reduction from a loss of $87.7 million in the first quarter of fiscal 2023. The net loss also reduced significantly from $81.6 million in Q1 FY2023 to $27.9 million in Q1 FY2024.
Non-GAAP net income stood at $63.9 million, or $0.54 per diluted share, a significant increase from $16.9 million, or $0.14 per share, in the same quarter last year. The company served 471,200 businesses using its solutions as of the end of the first quarter.
Business Highlights and Recent Developments
BILL processed $70 billion in total payment volume in the first quarter, an increase of 8% year-over-year. The company also processed 25 million transactions during the first quarter, an increase of 26% year-over-year. During the quarter, BILL launched its integrated financial operations platform, which offers SMBs integrated, category-leading Accounts Payable, Accounts Receivable, and Spend and Expense management capabilities.
Financial Outlook
For the fiscal second quarter ending December 31, 2023, BILL expects total revenue to be between $293 million and $303 million, representing a year-over-year total revenue growth of 13% to 17%. Non-GAAP net income is projected to be between $42 million and $52 million. For the full fiscal year ending June 30, 2024, the company expects total revenue to be between $1,205 million and $1,245 million, with non-GAAP net income projected to be between $195 million and $235 million.
For more detailed financial information, please refer to the Investor Relations section of BILL’s website.
Explore the complete 8-K earnings release (here) from BILL Holdings Inc for further details.
