BILL Holdings (BILL) BofA Securities 2024 Global Technology Conference summary

Financial performance and business environment

• Achieved 19% revenue growth and 18% non-GAAP operating margin, with 68% year-over-year growth.

• Customer additions accelerated, with thousands added and increased engagement on the core platform.

• Payment monetization and take rate expansion remain key investor focus areas.

• SMBs have stabilized spend after several quarters of decline, showing resilience in a tough macro environment.

• Expectation for TPV per customer to outpace GDP and inflation as product breadth increases.

Product innovation and platform integration

• Unified platform launched, integrating spend management and other services for a comprehensive suite.

• Enhanced cross-sell opportunities, with new customers adopting multiple solutions from the start.

• Ongoing efforts to unify best-of-breed features across all solutions, improving customer experience.

• Larger Spend & Expense customers present new opportunities for international payment cross-sell.

• Brand transition to a unified identity, with Divvy retained for the card program.

Payment monetization and product penetration

• Take rate expanded faster than expected, aided by AR monetization and stable high-value payment products.

• Early stages of virtual card and international payment penetration, with significant room for growth.

• Long-term targets: 5-10% TPV for virtual cards, 10-20% for international payments, with up to 50% FX.

• Focus on increasing payment speed, reconciliation ease, and lowering costs, especially for FX.

• Penetration targets are based on actual network data and supplier visibility.