Overview

• US financial operations platform's fiscal Q3 revenue up 13% yr/yr, slightly beating analyst expectations

• Adjusted net income and adjusted operating income for Q3 beat analyst estimates

• Company announced new $1 bln share repurchase authorization

Outlook

• Bill expects Q4 revenue of $425 mln to $435 mln

• Company sees full-year revenue of $1.64 bln to $1.65 bln

• Bill forecasts Q4 non-GAAP net income per diluted share of $0.69 to $0.72

Result Drivers

• TRANSACTION FEES - 18% yr/yr growth in transaction fees was a key driver of core revenue growth

• SUBSCRIPTION FEES - Subscription fees rose 9% yr/yr, contributing to core revenue growth

• CUSTOMER BASE EXPANSION - Number of businesses using Bill's solutions grew to 493,800, supporting higher transaction and payment volumes

Company press release: ID:nBwbVLrK1a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q3 Revenue	Slight Beat*	$406.60 mln	$404.60 mln (21 Analysts)
Q3 Core Revenue		$371.10 mln
Q3 Adjusted Net Income	Beat	$77.20 mln	$63.13 mln (18 Analysts)
Q3 Adjusted Operating Income	Beat	$79.80 mln	$65.50 mln (20 Analysts)
Q3 Operating Income		-$400,000

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 14 "strong buy" or "buy", 9 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the software peer group is "buy"

• Wall Street's median 12-month price target for BILL Holdings Inc is $50.00, about 34.9% above its May 6 closing price of $37.07

• The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 18 three months ago

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