SPY380.36-1.97 -0.52%
DIA309.45-4.53 -1.44%
IXIC13,192.35+72.96 0.56%

Press Release: Bill.com Reports Second Quarter -2-

· 02/04/2021 16:05
BILL.COM HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands) December 31, June 30, 2020 2020 -------------- ------------- ASSETS Current assets: Cash and cash equivalents $ 1,568,684 $ 573,643 Short-term investments 165,588 123,974 Accounts receivable, net 7,037 4,252 Unbilled revenue 7,370 6,549 Prepaid expenses and other current assets 18,748 26,781 Funds held for customers 2,217,680 1,644,250 --------- --------- Total current assets 3,985,107 2,379,449 Non-current assets: Operating lease right-of-use assets 44,771 -- Property and equipment, net 30,572 13,866 Other assets 21,967 10,700 --------- --------- Total assets $ 4,082,417 $2,404,015 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 5,076 $ 3,478 Accrued compensation and benefits 14,304 12,387 Other accrued and current liabilities 6,600 8,541 Deferred revenue 5,379 5,891 Line of credit borrowings 2,300 2,300 Operating lease liabilities 4,727 -- Customer fund deposits 2,217,680 1,644,250 --------- --------- Total current liabilities 2,256,066 1,676,847 Non-current liabilities: Deferred revenue 3,166 2,622 Operating lease liabilities 54,141 -- Convertible senior notes, net 886,052 -- Deferred income tax liability 1,832 -- Other long-term liabilities 4,412 13,827 --------- --------- Total liabilities 3,205,669 1,693,296 --------- --------- Commitments and contingencies Stockholders' equity: Common stock 2 2 Additional paid-in capital 1,055,425 857,044 Accumulated other comprehensive income 198 2,420 Accumulated deficit (178,877) (148,747) --------- --------- Total stockholders' equity 876,748 710,719 --------- --------- Total liabilities and stockholders' equity $ 4,082,417 $2,404,015 ========= ========= BILL.COM HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands except per share amounts) Three months ended Six months ended December 31, December 31, ------------------- -------------------- 2020 2019 2020 2019 --------- -------- --------- --------- Revenue Subscription and transaction fees $ 52,333 $32,964 $ 96,121 $ 61,512 Interest on funds held for customers 1,712 6,116 4,133 12,748 ------- ------ ------- ------- Total revenue 54,045 39,080 100,254 74,260 Cost of revenue (1) 13,973 9,787 26,079 18,934 ------- ------ ------- ------- Gross profit 40,072 29,293 74,175 55,326 ------- ------ ------- ------- Operating expenses Research and development (1) 20,486 12,992 38,272 24,507 Sales and marketing (1) 14,174 11,491 27,082 21,758 General and administrative (1) 19,583 12,748 36,773 23,283 ------- ------ ------- ------- Total operating expenses 54,243 37,231 102,127 69,548 ------- ------ ------- ------- Loss from operations (14,171) (7,938) (27,952) (14,222) Other (expense) income, net (3,341) 360 (2,511) 999 ------- ------ ------- ------- Loss before (benefit from) provision for income taxes (17,512) (7,578) (30,463) (13,223) (Benefit from) provision for income taxes (333) -- (333) 51 ------- ------ ------- ------- Net loss $(17,179) $(7,578) $(30,130) $(13,274) ======= ====== ======= ======= Net loss per share attributable to common stockholders, basic and diluted $ (0.21) $ (0.34) $ (0.37) $ (0.87) ======= ====== ======= ======= Weighted-average number of common shares used to compute net loss per share attributable to common stockholders, basic and diluted 81,519 22,306 80,868 15,268 ======= ====== ======= ======= (1) Includes stock-based compensation expense as follows: Cost of revenue $ 642 $ 211 $ 1,243 $ 359 Research and development 3,246 1,084 6,315 1,755 Sales and marketing 1,871 494 3,375 877 General and administrative 4,930 1,286 9,650 2,360 ------- ------ ------- ------- $ 10,689 $ 3,075 $ 20,583 $ 5,351 ======= ====== ======= ======= BILL.COM HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) Three months ended Six months ended

Capitalized internal-use software and amortization. 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 measures provides us useful information in evaluating and comparing the consistency of our operating performance on a period-to-period basis.

Deferred costs and amortization. Deferred costs consist of capitalized sales commissions and capitalized service costs. We include capitalization of sales commission and service costs, and exclude their subsequent amortization in certain of our non-GAAP financial measures. We capitalize sales commissions that are incremental costs in obtaining new customer contracts. We capitalize service costs, which pertain primarily to direct payroll and third-party costs incurred when we provide implementation services to our financial institution customers and certain SMB customers prior to the launching of our product for general use. We amortize the capitalized sales commissions and capitalized service costs over the estimated benefit period. We believe that including or excluding the effect of the capitalization of sales commissions and service costs 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.

Amortization of debt discount and issuance costs. We exclude the amortization of debt discount and issuance costs associated with our issuance of convertible senior notes due 2025 from certain of our non-GAAP financial measures because we believe that excluding this non-cash interest expense provides meaningful supplemental information regarding our operational performance.

Loss on revaluation of warrant liabilities. We exclude loss on revaluation of warrant liabilities, 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.

Income tax benefit associated with 2025 Notes. We exclude the income tax benefit associated with 2025 Notes from certain of our non-GAAP financial measures because we believe that excluding this provides meaningful supplemental information regarding our 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.

(MORE TO FOLLOW) Dow Jones Newswires

February 04, 2021 16:05 ET (21:05 GMT)