Q4 2024 BILL Holdings Inc Earnings Call Transcript
Key Points
- BILL Holdings Inc (BILL) reported a total revenue of $1.3 billion for fiscal 2024, marking a 22% year-over-year increase.
- The company achieved substantial profitability expansion with non-GAAP operating income totaling nearly $200 million, growing 68% year-over-year.
- BILL Holdings Inc (BILL) served nearly half a million businesses and facilitated more than $100 million payment transactions in fiscal 2024.
- The number of joint customers using both BILL AP and spend and expense solutions increased by nearly 60% year-over-year to 11,500.
- The company announced a new $300 million share repurchase program, reflecting confidence in its strategy and investment potential.
- Economic headwinds and shifting SMB behaviors posed challenges during the fiscal year.
- Vendor cost sensitivity impacted the penetration rates of some higher monetization products.
- The annual customer retention rate for BILL standalone customers was 83%, which is relatively low.
- Dollar-based net revenue retention rate for BILL standalone was 92%, impacted by lower spend environment and changes in financial institution partnerships.
- The company expects to make incremental investments of approximately $45 million in fiscal 2025, which may moderate profitability growth in the near term.
Good afternoon and welcome to BILL's fourth quarter fiscal 2024 earnings conference call. Joining us for today's call are BILL CEO, Rene Lacerte; President and CFO, John Rettig; and VP of Investor Relations, Karen Sansot.
With that, I would like to turn the call over to Karen Sansot for introductory remarks. Karen.
Thank you, operator. Welcome to BILL's fiscal fourth quarter and full fiscal year 2024 earnings conference call.
We issued our earnings press release a short time ago and furnished the related Form 8-K to the SEC. The press release can be found on the Investor Relations section of our website at investor.bill.com.
With me on the call today are renewables are Chairman and CEO and founder of BILL, and John Rettig, President and CFO.
Before we begin, please remember that during the course of this call, we may make forward looking statements about the future operations, targets and results of BILL that involve many assumptions, risks and and uncertainties. If any
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