BILL Holdings (BILL) Goldman Sachs Communacopia + Technology Conference summary

Business performance and market trends

• User growth remains strong, with a stable macro environment and a wait-and-see approach among customers, leading to flattish spend but a solid market position.

• TPV per customer stabilized after pandemic-driven growth and subsequent declines, with current trends showing minor fluctuations and no major pullbacks in spend categories.

• Focus on larger customers is yielding results, with new cohorts ramping up quickly and expected to improve further in fiscal 2025.

• Spend and expense platform is the fastest-growing segment, with high-20s volume growth and strong differentiation through software and distribution.

• Cross-sell between AP and spend/expense platforms is increasing, with most dual users coming from the AP side.

Strategic investments and growth drivers

• Announced a $45 million incremental investment for 2025, prioritizing supplier experience, AI, and the accountant channel.

• Embedded strategy with partners like Xero is a long-term play, with initial results expected in FY 2026.

• New EVP of Payments and Financial Services, Mary Kay, brings deep fintech experience to lead payment product expansion.

• Investments are being pulled forward to accelerate revenue growth and capture a large, still-emerging SMB market.

Product innovation and monetization

• Over 12 payment products now offered, with ongoing enhancements in virtual cards, FX, and advanced ACH to drive monetization.

• Invoice financing and working capital solutions are in controlled rollout, with strong demand and long-term growth potential.

• Automation and straight-through processing are key to reducing costs and increasing supplier engagement.

• Supplier network of 7.1 million is leveraged for new product opportunities, focusing on faster payments, certainty, and choice.