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BILL Holdings Inc (BILL+0.81%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $358,450,000 from $304,985,000 in the same quarter the previous year. The increase is attributed to higher transaction fee revenue and interest earned on funds held for customers.
Cost of revenue for the quarter was $64,696,000, compared to $56,026,000 in the same quarter of the previous year. The increase is primarily due to higher service costs associated with processing payments.
The company reported a gross profit of $293,754,000 for the quarter, compared to $248,959,000 in the previous year, with the increase attributed to revenue growth.
Research and development expenses decreased to $78,685,000 from $89,065,000, primarily due to a reduction in personnel-related costs.
Sales and marketing expenses increased to $126,322,000 from $118,398,000, driven by higher rewards expenses associated with the BILL Divvy Corporate Card.
General and administrative expenses decreased to $66,771,000 from $73,251,000, due to lower personnel-related expenses and consulting fees.
Net income for the quarter was $8,912,000, compared to a net loss of $27,861,000 in the previous year. The improvement is attributed to increased revenue and reduced operating expenses.
Cash provided by operating activities was $88,582,000, while cash used in investing and financing activities was $139,538,000 and $105,153,000, respectively.
BILL Holdings had a working capital of $4,013,245,000 as of September 30, 2024. The company continues to focus on expanding its customer base and increasing adoption of its payment products.
The filing also details various financial agreements, including convertible senior notes and a revolving credit facility.
BILL Holdings does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no significant changes in its internal controls over financial reporting during the quarter.
BILL Holdings continues to focus on expanding its product offerings and enhancing its platform to better serve small and medium-sized businesses.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BILL Holdings Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.