BILL Holdings (BILL) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 total revenue reached $1.3 billion, up 22% year over year, with core revenue surpassing $1 billion for the first time and serving nearly 500,000 businesses.

• Q4 total revenue was $344 million, up 16% year over year; core revenue was $301 million, also up 16%.

• The platform processed $76 billion in payment volume in Q4 and over 100 million transactions in FY24.

• Strategic partnerships with accounting firms, financial institutions, and software providers like Xero expanded reach and product capabilities.

• Announced a new $300 million share repurchase program, enabled by strong cash flow generation.

Financial highlights

• Non-GAAP operating income for FY24 was $196 million, up 68% year over year, with a 15% margin; Q4 non-GAAP operating income was $60 million (17% margin), up 42% year over year.

• Free cash flow for FY24 was $258 million, up from $156.6 million in FY23.

• Q4 non-GAAP gross margin was 85%; GAAP gross margin was 81%.

• Weighted average diluted shares declined by 5% year over year due to share repurchases and note retirements.

• Q4 float revenue was $42 million, with FY24 float revenue at $167 million.

Outlook and guidance

• FY25 total revenue guidance: $1.415–$1.45 billion (10–12% growth); core revenue: $1.27–$1.305 billion (13–16% growth).

• Non-GAAP operating income expected at $160–$195 million; non-GAAP net income at $154–$182 million.

• Q1 FY25 revenue guidance: $346–$351 million; core revenue: $305–$310 million.

• Targeting core revenue growth of 20% or greater in FY26, with profitability expansion expected to accelerate after FY25.

• $45 million in incremental investments planned for FY25, focused on product, supplier, accounting, and ecosystem enhancements.