BILL Holdings, Inc. reported significant financial performance improvements in its latest quarterly filing, with total revenue reaching $362.6 million for the three months ended December 31, 2024, a 14% increase from $318.5 million in the same period last year. For the six months, revenue rose to $721.0 million, up 16% from $623.5 million. The company achieved net income of $33.5 million for the quarter, a substantial turnaround from a net loss of $40.4 million in the prior year, while net income for the six months was $42.5 million compared to a loss of $68.3 million in the same period last year.
The filing highlighted several strategic developments, including the issuance of $1.4 billion in convertible senior notes due 2030, which provided net proceeds of approximately $1.38 billion. These funds were utilized for share repurchases, including $200 million of common stock, and to repurchase portions of existing convertible notes. The company also reported a significant increase in transaction fee revenue, which rose by $40.3 million for the quarter, driven by higher total payment volume and customer adoption of its products.
Operationally, BILL Holdings saw an increase in customer engagement, with approximately 481,300 businesses using its solutions as of December 31, 2024. The total payment volume processed was approximately $84.5 billion for the quarter, reflecting a growing reliance on its platform. The company also reported a decrease in its employee headcount due to a reduction in force announced in December 2023, which is expected to streamline operations and reduce costs.
The filing noted that the company is closely monitoring macroeconomic conditions, including inflation and interest rates, which could impact its customer base, primarily small and medium-sized businesses. BILL Holdings emphasized its commitment to maintaining profitability while continuing to invest in product development and customer acquisition strategies. The outlook remains cautiously optimistic, with expectations for continued revenue growth driven by increased product adoption and strategic partnerships.
In summary, BILL Holdings, Inc. demonstrated a strong recovery in financial performance, strategic growth initiatives, and a focus on operational efficiency, positioning itself for future growth despite potential economic challenges.
About BILL Holdings, Inc.
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