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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File Number: 001-39149

 

BILL.COM HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

83-2661725

 

 

 

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification Number)

 

 

 

6220 America Center Drive, Suite 100, San Jose, CA

 

95002

 

 

 

(Address of principal executive offices)

 

(Zip Code)

 

(650) 621-7700

 

(Registrant’s telephone number, including area code)

 

____________________________________________________________________

(Former name, former address and former fiscal year, if changed since last report )

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.00001 par value

 

BILL

 

The New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of April 29, 2022, the registrant had 104,267,874 shares of common stock, $0.00001 par value per share, outstanding.

 

 


Table of Contents

BILL.COM HOLDINGS, INC.

TABLE OF CONTENTS

 

 

 

Page

Special Note Regarding Forward-Looking Statements

 

1

 

 

 

Part 1. FINANCIAL INFORMATION

 

3

Item 1.

 

Financial Statements (Unaudited)

 

3

 

 

Condensed Consolidated Balance Sheets

 

3

 

 

Condensed Consolidated Statements of Operations

 

4

 

 

Condensed Consolidated Statements of Comprehensive Loss

 

5

 

 

Condensed Consolidated Statements of Stockholders' Equity

 

6

 

 

Condensed Consolidated Statements of Cash Flows

 

8

 

 

Notes to Condensed Consolidated Financial Statements

 

9

Item 2.

 

Management's Discussion and Analysis of Financial Condition and Results of Operations

 

36

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

49

Item 4.

 

Controls and Procedures

 

51

 

 

 

 

 

Part II. OTHER INFORMATION

 

53

Item 1.

 

Legal Proceedings

 

53

Item 1A.

 

Risk Factors

 

53

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

89

Item 3.

 

Defaults Upon Senior Securities

 

89

Item 4.

 

Mine Safety Disclosures

 

89

Item 5.

 

Other Information

 

89

Item 6.

 

Exhibits

 

90

 

 

Signatures

 

91

 


Table of Contents

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, market growth, and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” and similar expressions are intended to identify forward-looking statements.

Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

our future financial performance, including our expectations regarding our revenue, cost of revenue, gross profit, operating expenses, including changes in research and development, sales and marketing and general and administrative expenses (including any components of the foregoing), and our ability to achieve, and maintain, future profitability;
our business plan and our ability to effectively manage our growth;
our market opportunity, including our total addressable market;
our international expansion plans and ability to expand internationally;
anticipated trends, growth rates, and challenges in our business and in the markets in which we operate;
beliefs and objectives for future operations;
our ability to further attract, retain, and expand our customer base;
our ability to develop new products and services and bring them to market in a timely manner;
the effects of seasonal trends on our results of operations;
our expectations concerning relationships with third parties, including strategic partners;
our ability to maintain, protect, and enhance our intellectual property;
the effects of increased competition in our markets and our ability to compete effectively;
our ability to successfully integrate and realize the strategic and financial goals that were contemplated upon the acquisition of DivvyPay, Inc. ("Divvy") and Invoice2go, Inc. ("Invoice2go");
the COVID-19 pandemic, and its impact on our employees, customers, strategic partners, vendors, results of operations, liquidity, and financial condition;
future acquisitions or investments in complementary companies, products, services, or technologies;
our ability to stay in compliance with laws and regulations that currently apply or become applicable to our business;
economic and industry trends, projected growth, or trend analysis;
our ability to attract and retain qualified talent;

1


Table of Contents

the increased expenses associated with being a public company; and
the future market prices of our common stock.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q.

These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in the section titled “Risk Factors” in Part II, Item 1A of this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Additionally, the full impact of the COVID-19 pandemic is inherently uncertain at the time of this report. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this Quarterly Report on Form 10-Q or to conform these statements to actual results or to changes in our expectations, except as required by law.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information.

You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed with the Securities and Exchange Commission (SEC) as exhibits to this Quarterly Report on Form 10-Q with the understanding that our actual future results, performance, and events and circumstances may be materially different from what we expect.

In this Quarterly Report on Form 10-Q, the words "we," "us," "our," and "Bill.com" refer to Bill.com Holdings, Inc. and its wholly-owned subsidiaries, unless the context requires otherwise.

2


Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

BILL.COM HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands, except per share amounts)

 

 

 

March 31,

 

 

June 30,

 

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,639,371

 

 

$

509,615

 

Short-term investments

 

 

1,143,408

 

 

 

655,314

 

Accounts receivable, net

 

 

26,859

 

 

 

18,222

 

Acquired card receivables, net

 

 

237,511

 

 

 

147,093

 

Prepaid expenses and other current assets

 

 

91,865

 

 

 

67,195

 

Funds held for customers

 

 

3,043,540

 

 

 

2,208,598

 

Total current assets

 

 

6,182,554

 

 

 

3,606,037

 

Non-current assets:

 

 

 

 

 

 

Operating lease right-of-use assets, net

 

 

78,739

 

 

 

71,925

 

Property and equipment, net

 

 

53,279

 

 

 

48,902

 

Intangible assets, net

 

 

452,351

 

 

 

417,341

 

Goodwill

 

 

2,363,109

 

 

 

1,772,043

 

Other assets

 

 

53,804

 

 

 

52,925

 

Total assets

 

$

9,183,836

 

 

$

5,969,173

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

9,433

 

 

$

11,904

 

Accrued compensation and benefits

 

 

18,478

 

 

 

20,287

 

Other accruals and current liabilities

 

 

155,127

 

 

 

84,870

 

Borrowings from credit facilities, net

 

 

30,370

 

 

 

 

Convertible senior notes, net

 

 

1,134,835

 

 

 

 

Customer fund deposits

 

 

3,043,540

 

 

 

2,208,598

 

Total current liabilities

 

 

4,391,783

 

 

 

2,325,659

 

Non-current liabilities:

 

 

 

 

 

 

Operating lease liabilities

 

 

84,931

 

 

 

86,639

 

Borrowings from credit facilities, net

 

 

48,071

 

 

 

79,534

 

Convertible senior notes, net

 

 

561,457

 

 

 

909,847

 

Other long-term liabilities

 

 

29,278

 

 

 

37,904

 

Total liabilities

 

 

5,115,520

 

 

 

3,439,583

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Common stock

 

 

2

 

 

 

2

 

Additional paid-in capital

 

 

4,535,699

 

 

 

2,777,155

 

Accumulated other comprehensive loss

 

 

(7,499

)

 

 

(100

)

Accumulated deficit

 

 

(459,886

)

 

 

(247,467

)

Total stockholders' equity

 

 

4,068,316

 

 

 

2,529,590

 

Total liabilities and stockholders' equity

 

$

9,183,836

 

 

$

5,969,173

 

 

See accompanying notes to condensed consolidated financial statements.

3


Table of Contents

BILL.COM HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share amounts)

 

 

 

Three months ended
March 31,

 

 

Nine months ended
March 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

$

166,911

 

 

$

59,738

 

 

$

441,738

 

 

$

159,992

 

Cost of revenue

 

 

37,342

 

 

 

15,434

 

 

 

101,563

 

 

 

41,513

 

Gross profit

 

 

129,569

 

 

 

44,304

 

 

 

340,175

 

 

 

118,479

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

60,230

 

 

 

22,286

 

 

 

154,656

 

 

 

60,558

 

Sales and marketing

 

 

92,065

 

 

 

15,190

 

 

 

235,194

 

 

 

42,272

 

General and administrative

 

 

60,457

 

 

 

22,124

 

 

 

183,788

 

 

 

58,897

 

Total operating expenses

 

 

212,752

 

 

 

59,600

 

 

 

573,638

 

 

 

161,727

 

Loss from operations

 

 

(83,183

)

 

 

(15,296

)

 

 

(233,463

)

 

 

(43,248

)

Other expenses, net

 

 

(4,416

)

 

 

(11,432

)

 

 

(12,891

)

 

 

(13,943

)

Loss before benefit from income taxes

 

 

(87,599

)

 

 

(26,728

)

 

 

(246,354

)

 

 

(57,191

)

Benefit from income taxes

 

 

(879

)

 

 

 

 

 

(4,935

)

 

 

(333

)

Net loss

 

$

(86,720

)

 

$

(26,728

)

 

$

(241,419

)

 

$

(56,858

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.84

)

 

$

(0.32

)

 

$

(2.39

)

 

$

(0.70

)

Weighted-average number of common shares used to
   compute net loss per share attributable to
   common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

103,830

 

 

 

82,627

 

 

 

100,856

 

 

 

81,446

 

 

See accompanying notes to condensed consolidated financial statements.

4


Table of Contents

BILL.COM HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited, in thousands)

 

 

 

Three months ended
March 31,

 

 

Nine months ended
March 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net loss

 

$

(86,720

)

 

$

(26,728

)

 

$

(241,419

)

 

$

(56,858

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized loss on investments in available-
   for-sale securities

 

 

(5,649

)

 

 

(389

)

 

 

(7,399

)

 

 

(2,611

)

Comprehensive loss

 

$

(92,369

)

 

$

(27,117

)

 

$

(248,818

)

 

$

(59,469

)

 

See accompanying notes to condensed consolidated financial statements.

5


Table of Contents

BILL.COM HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in thousands)

 

 

 

Nine months ended March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

other

 

 

 

 

 

Total

 

 

 

Common stock

 

 

paid-in

 

 

comprehensive

 

 

Accumulated

 

 

stockholders'

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

loss

 

 

deficit

 

 

equity

 

Balance at June 30, 2021

 

 

94,504

 

 

$

2

 

 

$

2,777,155

 

 

$

(100

)

 

$

(247,467

)

 

 

2,529,590

 

Cumulative effect of the accounting
   change upon the adoption of
   ASU 2020-06

 

 

 

 

 

 

 

 

(245,066

)

 

 

 

 

 

29,000

 

 

 

(216,066

)

Issuance of common stock upon
   public offering, net of underwriting
   discounts and other offering costs

 

 

5,074

 

 

 

 

 

 

1,341,122

 

 

 

 

 

 

 

 

 

1,341,122

 

Issuance of common stock as
  consideration for an acquisition,
  net of issuance costs

 

 

1,788

 

 

 

 

 

 

488,263

 

 

 

 

 

 

 

 

 

488,263

 

Fair value of replacement awards

 

 

 

 

 

 

 

 

26,710

 

 

 

 

 

 

 

 

 

26,710

 

Issuance of common stock upon
   exercise of stock options and
   release of restricted stock units

 

 

1,033

 

 

 

 

 

 

8,644

 

 

 

 

 

 

 

 

 

8,644

 

Issuance of common stock under the
   employee stock purchase plan

 

 

40

 

 

 

 

 

 

5,726

 

 

 

 

 

 

 

 

 

5,726

 

Purchase of capped calls

 

 

 

 

 

 

 

 

(37,893

)

 

 

 

 

 

 

 

 

(37,893

)

Stock-based compensation

 

 

 

 

 

 

 

 

38,839

 

 

 

 

 

 

 

 

 

38,839

 

Other comprehensive loss

 

 

 

 

 

 

 

 

-

 

 

 

(39

)

 

 

 

 

 

(39

)

Net loss

 

 

 

 

 

 

 

 

-

 

 

 

 

 

 

(75,685

)

 

 

(75,685

)

Balance at September 30, 2021

 

 

102,439

 

 

 

2

 

 

 

4,403,500

 

 

 

(139

)

 

 

(294,152

)

 

 

4,109,211

 

Effect of the accounting
   change upon the adoption of
   ASU 2021-08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,426

 

 

 

1,426

 

Issuance of common stock upon
   exercise of stock options and
   release of restricted stock units

 

 

1,022

 

 

 

 

 

 

14,140

 

 

 

 

 

 

 

 

 

14,140

 

Stock-based compensation

 

 

 

 

 

 

 

 

50,701

 

 

 

 

 

 

 

 

 

50,701

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(1,711

)

 

 

 

 

 

(1,711

)

Net loss

 

 

 

 

 

 

 

 

-

 

 

 

 

 

 

(80,440

)

 

 

(80,440

)

Balance at December 31, 2021

 

 

103,461

 

 

 

2

 

 

 

4,468,341

 

 

 

(1,850

)

 

 

(373,166

)

 

 

4,093,327

 

Issuance of common stock upon
   exercise of stock options and
   release of restricted stock units

 

 

680

 

 

 

 

 

 

6,332

 

 

 

 

 

 

 

 

 

6,332

 

Issuance of common stock under the
   employee stock purchase plan

 

 

42

 

 

 

 

 

 

7,123

 

 

 

 

 

 

 

 

 

7,123

 

Stock-based compensation

 

 

 

 

 

 

 

 

53,903

 

 

 

 

 

 

 

 

 

53,903

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(5,649

)

 

 

 

 

 

(5,649

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(86,720

)

 

 

(86,720

)

Balance at March 31, 2022

 

 

104,183

 

 

$

2

 

 

$

4,535,699

 

 

$

(7,499

)

 

$

(459,886

)

 

$

4,068,316

 

 

6


Table of Contents

 

 

 

Nine months ended March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

other

 

 

 

 

 

Total

 

 

 

Common stock

 

 

paid-in

 

 

comprehensive

 

 

Accumulated

 

 

stockholders'

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

income

 

 

deficit

 

 

deficit

 

Balance at June 30, 2020

 

 

79,635

 

 

$

2

 

 

$

857,044

 

 

$

2,420

 

 

$

(148,747

)

 

$

710,719

 

Issuance of common stock upon
   exercise of stock options and
   release of restricted stock units

 

 

1,164

 

 

 

 

 

 

8,081

 

 

 

 

 

 

 

 

 

8,081

 

Issuance of common stock under the
   employee stock purchase plan

 

 

226

 

 

 

 

 

 

4,327

 

 

 

 

 

 

 

 

 

4,327

 

Stock-based compensation

 

 

 

 

 

 

 

 

9,894

 

 

 

 

 

 

 

 

 

9,894

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(1,302

)