BILL Holdings, Inc.

Listed Company

BILLCIK 0001786352NYSELarge AcceleratedServices-Prepackaged SoftwareFY ends Jun 30

Period

FY 2025

Revenue

$1.46B

Net Income

$23.80M

Total Assets

$10.06B

Equity

$3.91B

Shares Out

98.96M

Op. Cash Flow

$350.64M

Business

BILL Holdings, Inc. is a financial operations platform provider for small and midsize businesses that automates accounts payable, accounts receivable, and spend and expense management. Its core offerings include AI-enabled invoicing and bill capture, workflow approvals, payments (ACH, card, checks, real-time and cross-border), spend cards and budgeting, invoice financing, and integrations with accounting systems. The company organizes around accounts payable automation, accounts receivable automation, spend and expense management, payment services, and value-added services and partner integrations. It distributes its platform through direct sales, inside sales, accounting firm partners, financial institution partners, software integrations, and APIs to reach domestic and international customers.

Summary from filing dated 2025-08-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Total revenue	1,463	1,290	1,058	642	238
Service costs	230	190	151	105	57
Depreciation and amortization	42	45	43	40	5
Total cost of revenue	272	235	194	145	62
Gross profit	1,190	1,056	864	497	176
Research and development	340	337	315	220	90
Sales and marketing	544	479	516	307	68
General and administrative	282	278	249	221	128
Provision for expected credit losses	73	60	32	20	—
Depreciation and amortization	33	49	48	46	5
Restructuring	0	28	0	0	—
Total operating expenses	1,271	1,230	1,160	814	290
Operating loss	−81	−174	−296	−317	−114
Other income, net	111	148	73	−14	−25
Income (loss) before provision for income taxes	30	−26	−223	−331	−139
Provision for income taxes	7	3	808,000	−4	−41
Net income (loss)	24	−29	−224	−326	−99
Basic (dollars per share)	0.23	−0.27	−2.11	−3.21	−1.19
Diluted (dollars per share)	−0.07	−0.27	−2.11	−3.21	−1.19
Basic (shares)	104	106	106	102	83
Diluted (shares)	104	106	106	102	83

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Cash and cash equivalents	1,038	986	1,617	1,597	510
Short-term investments	1,180	602	1,043	1,108	655
Accounts receivable, net	32	28	28	24	18
Acquired card receivables, net of allowances of $15,020 and $20,883 as of June 30, 2025 and 2024, respectively	685	697	459	256	147
Prepaid expenses and other current assets	258	297	170	151	67
Funds held for customers	4,044	3,705	3,356	3,143	2,209
Total current assets	7,239	6,315	6,673	6,279	3,606
Operating lease right-of-use assets, net	56	59	69	76	72
Property and equipment, net	117	88	82	57	49
Intangible assets, net	223	281	361	433	417
Goodwill	2,400	2,400	2,397	2,363	1,772
Other assets	33	39	54	48	53
Total assets	10,064	9,179	9,636	9,256	5,969
Accounts payable	16	7	9	10	12
Accrued compensation and benefits	40	34	33	29	20
Deferred revenue	22	17	26	32	13
Other accruals and current liabilities	252	300	195	120	72
Borrowings from credit facilities, net	180	0	135	75	0
Convertible senior notes, net	33	0	—	—	—
Customer fund deposits	4,044	3,705	3,356	3,143	2,209
Total current liabilities	4,589	4,063	3,753	3,409	2,326
Deferred revenue	285,000	4	410,000	2	3
Operating lease liabilities	58	63	73	83	87
Borrowings from credit facilities, net	0	180	0	0	80
Convertible senior notes, net	1,501	734	1,705	1,698	910
Other long-term liabilities	2	574,000	19	21	35
Total liabilities	6,150	5,045	5,550	5,212	3,440
Commitments and contingencies (Note 14)	—	—	—	—	—
Preferred stock: $0.00001 par value per share; 10,000 shares authorized; none issued and outstanding	0	0	0	0	0
Common stock; $0.00001 par value per share; 500,000 shares authorized; 103,012 and 106,646 shares issued and outstanding at June 30, 2025 and 2024, respectively	2,000	2,000	2,000	2,000	2,000
Additional paid-in capital	5,415	5,233	4,947	4,599	2,777
Accumulated other comprehensive income (loss)	10	−2	−4	−10	−100,000
Accumulated deficit	−1,511	−1,097	−856	−545	−247
Total stockholders' equity	3,914	4,134	4,086	4,044	2,530
Total liabilities and stockholders' equity	10,064	9,179	9,636	9,256	5,969

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Net income (loss)	24	−29	−224	−326	−99
Stock-based compensation	243	248	314	197	68
Amortization of intangible assets	62	80	80	76	6
Depreciation of property and equipment	13	14	11	9	—
Amortization of capitalized internal-use software costs paid in cash	15	9	4	2	907,000
Amortization of debt discount and issuance costs	5	6	7	5	28
Accretion of discount on investments in marketable debt securities	−37	−55	−37	11	5
Accretion of discount on loans held for investment	−21	−9	−127,000	0	—
Gain on debt extinguishment	−41	−47	0	0	—
Provision for expected credit losses on acquired card receivables and other financial assets	73	60	32	20	741,000
Non-cash operating lease expense	8	9	9	9	4
Other	395,000	1	−107,000	−726,000	0
Accounts receivable	−4	69,000	−4	−3	−7
Prepaid expenses and other current assets	−27	−7	−17	−13	706,000
Other assets	8	8	320,000	5	−13
Accounts payable	8	−1	−2	−4	7
Other accruals and current liabilities	30	21	34	7	23
Operating lease liabilities	−9	−10	−10	−8	8
Other long-term liabilities	46,000	−15	−3	−7	592,000
Deferred revenue	2	−6	−7	6	7
Net cash provided by operating activities	351	279	188	−18	5
Cash paid for acquisition, net of acquired cash and cash equivalents	0	0	−29	−144	−556
Purchases of corporate and customer fund short-term investments	−2,848	−2,683	−2,744	−2,802	−2,070
Proceeds from maturities and sales of corporate and customer fund short-term investments	2,215	2,514	3,296	1,902	1,105
Purchase of intangible assets	−3	0	0	—	—
Purchases of loans held for investment	−799	−360	−6	0	—
Principal repayments of loans held for investment	788	326	4	0	—
Acquired card receivables, net	−129	−185	−234	−129	−26
Purchases of property and equipment	−4	−976,000	−8	−5	−19
Capitalization of internal-use software costs	−34	−20	−24	−10	−2
Proceeds from beneficial interest	0	0	2	7	0
Other	−2	−500,000	1	−1	0
Net cash provided by (used in) investing activities	−817	−409	259	−1,127	−1,427
Proceeds from issuance of convertible senior notes	1,400	0	0	560	1,129
Cash paid for convertible senior notes issuance costs	−24	0	0	—	—
Payments for repurchase of convertible senior notes	−539	−933	0	0	—
Proceeds from unwind of capped calls	0	11	0	0	—
Purchase of capped calls	−93	0	0	−38	−88
Customer fund deposits liability and other	319	354	204	941	563
Prepaid card deposits	29	−18	27	30	0
Repurchase of common stock	−430	−212	−88	0	0
Proceeds from line of credit borrowings	0	45	60	38	—
Cash paid for line of credit issuance costs	−2	0	0	—	—
Proceeds from exercise of stock options	4	8	14	34	28
Tax withholdings related to net share settlements of equity awards	−8	−4	0	0	—
Proceeds from issuance of common stock under the employee stock purchase plan	12	16	18	13	9
Contingent consideration payout	0	−11	0	0	—
Net cash provided by (used in) financing activities	667	−743	235	2,879	1,640
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	−290,000	−240,000	−38,000	−149,000	0
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents	199	−873	682	1,733	217
Cash paid for interest during the period	14	13	7	5	112,000
Cash paid for income taxes during the period	6	6	1	0	0
Payable on purchases of property and equipment and internal-use software costs	5	906,000	174,000	2	664,000
Payable on purchases of acquired card receivables	9	105	0	0	—
Payable on repurchase of common stock	5	0	0	—	—
Payable on excise tax	3	0	0	—	—
Issuance and exercise of warrants	13	9	0	—	—

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