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Press Release: Bill.com Reports Second Quarter -3-

· 02/04/2021 16:05
December 31, December 31, --------------------------- -------------------------- 2020 2019 (1) 2020 2019 (1) ----------- -------------- ----------- ------------- Cash flows from operating activities: Net loss $ (17,179) $ (7,578) $ (30,130) $ (13,274) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 999 1,120 1,924 2,105 Stock-based compensation 10,689 3,075 20,583 5,351 Amortization of debt discount and issuance costs 3,905 -- 3,905 -- Amortization of premium (accretion of discount) on investment in marketable debt securities 677 (1,616) 723 (2,346) Non-cash operating lease expense 912 -- 1,677 -- Revaluation of warrant liabilities -- 552 -- 717 Deferred income tax (333) -- (333) -- Changes in assets and liabilities: Accounts receivable (1,995) (1,100) (2,785) (393) Unbilled revenue (445) (493) (821) (1,114) Prepaid expenses and other current assets (6,261) (466) (3,947) (1,608) Other assets (4,483) (531) (11,267) (581) Accounts payable (200) 638 1,366 1,146 Accrued and other current liabilities 4,492 3,419 (13) 4,551 Operating lease liabilities 1,166 -- 6,930 -- Other long-term liabilities (765) 94 573 187 Deferred revenue (406) 1,117 32 1,110 --------- --------- --------- --------- Net cash used in operating activities (9,227) (1,769) (11,583) (4,149) --------- --------- --------- --------- Cash flows from investing activities: Purchases of corporate and customer fund short-term investments (358,097) (225,444) (701,442) (414,648) Proceeds from maturities of corporate and customer fund short-term investments 256,827 152,065 501,159 407,236 Proceeds from sale of corporate and customer fund short-term investments 2,000 11,964 35,286 22,725 Decrease (increase) in other receivables included in funds held for customers 1,541 (6,749) 19 (4,700) Purchases of property and equipment (7,742) (1,026) (13,636) (2,972) Capitalization of internal-use software costs (346) (125) (660) (340) --------- --------- --------- --------- Net cash (used in) provided by investing activities (105,817) (69,315) (179,274) 7,301 --------- --------- --------- --------- Cash flows from financing activities: Proceeds from issuance of convertible senior notes, net of discounts and issuance costs 1,129,603 -- 1,129,603 -- Purchase of capped calls (87,860) -- (87,860) -- Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs -- 227,439 -- 226,565 Increase in customer fund deposits liability 548,777 25,271 573,430 162,457 Proceeds from exercise of stock options 8,480 607 17,442 901 Proceeds from issuance of common stock under the employee stock purchase plan -- -- 4,327 -- Payments of offering costs related to the follow-on public offering -- -- (664) -- Proceeds from exercise of stock warrants -- 144 -- 144 Payments of deferred debt issuance costs -- -- -- (151) --------- --------- --------- --------- Net cash provided by financing activities 1,599,000 253,461 1,636,278 389,916 --------- --------- --------- --------- Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents 1,483,956 182,377 1,445,421 393,068 Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period 1,553,842 1,193,859 1,592,377 983,168 --------- --------- --------- --------- Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period $3,037,798 $1,376,236 $3,037,798 $1,376,236 ========= ========= ========= ========= Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows above: Cash and cash equivalents $1,568,684 $ 314,894 $1,568,684 $ 314,894 Restricted cash included in other current assets 119 256 119 256 Restricted cash and restricted cash equivalents included in funds held for customers 1,468,995 1,061,086 1,468,995 1,061,086 --------- --------- --------- --------- Total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period $3,037,798 $1,376,236 $3,037,798 $1,376,236 ========= ========= ========= ========= ______________________ (1) Amounts have been adjusted to reflect the adoption of Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. Shown below is a summary of the adjustments during the three and six months ended December 31, 2019 (in thousands). Three months ended December 31, 2019 ------------------------------------------ ASU No. As 2016-18 As reported adjustments adjusted -------------- ----------- ------------- Net cash used in operating activities $ (1,769) $ -- $ (1,769) Net cash used in investing activities (23,047) (46,268) (69,315) Net cash provided by financing activities 253,461 -- 253,461 --------- --------- --------- Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents 228,645 (46,268) 182,377 Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period 86,249 1,107,610 1,193,859 --------- --------- --------- Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period $ 314,894 $1,061,342 $1,376,236 ========= ========= ========= Six months ended December 31, 2019 ------------------------------------------ ASU No. As 2016-18 As reported adjustments adjusted -------------- ----------- ------------- Net cash used in operating activities $ (4,149) $ -- $ (4,149) Net cash (used in) provided by investing activities (161,179) 168,480 7,301 Net cash provided by financing activities 389,916 -- 389,916 --------- --------- --------- Net increase in

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