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BILL Holdings Inc. (BILL-6.47%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports total revenue of $362.6 million for the quarter, an increase from $318.5 million in the same period the previous year. This growth was driven by an increase in transaction fee revenue due to higher payment volumes.
Subscription fees contributed $67.7 million to the total revenue, while transaction fees accounted for $251.9 million. Interest on funds held for customers added $42.9 million, reflecting a decrease from the previous year.
Service costs for the quarter were $56.3 million, up from $47.2 million, primarily due to increased transaction processing costs. Gross profit was reported at $295.9 million, maintaining a gross margin of 82%.
Operating expenses totaled $317.7 million, slightly down from $327.8 million in the prior year, with research and development expenses decreasing to $84.8 million.
The company reported a net income of $33.5 million for the quarter, compared to a net loss of $40.4 million in the previous year. This improvement was partly due to a gain on debt extinguishment.
BILL Holdings Inc. highlighted its reliance on partnerships with accounting firms and financial institutions for a significant portion of its revenue. The company continues to focus on expanding its customer base and increasing the adoption of its payment products.
The filing also notes that BILL Holdings Inc. is subject to various regulatory requirements, including those related to money transmission and data protection. The company maintains compliance programs to manage these obligations.
BILL Holdings Inc. issued $1.4 billion in convertible senior notes during the quarter, using part of the proceeds to repurchase portions of its outstanding notes and shares of its common stock.
The company reported cash and cash equivalents of $1.6 billion as of December 31, 2024, with additional short-term investments and funds held for customers totaling $4.4 billion.
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 February 7, 2025. To report an error, please email earnings@qz.com.