BILL - BILL Holdings Inc. (BILL) Q3 2024 Earnings Call Transcript
2024-05-02 19:47:09 ET
BILL Holdings, Inc. (BILL)
Q3 2024 Earnings Conference Call
May 02, 2024 04:30 PM ET
Company Participants
Karen Sansot - Vice President, Investor Relations
Rene Lacerte - Founder & Chief Executive Officer
John Rettig - President & Chief Financial Officer
Conference Call Participants
Tien-Tsin Huang - JPMorgan
Kenneth Suchoski - Autonomous
Andrew Schmidt - Citigroup
Darrin Peller - Wolfe Research
Brian Keane - Deutsche Bank
Keith Weiss - Morgan Stanley
William Nance - Goldman Sachs
James Friedman - SIG
Brad Sills - Bank of America
Taylor McGinnis - UBS
Presentation
Operator
Good afternoon, and welcome to BILL's Third Quarter Fiscal 2024 Earnings Conference Call. Joining us for today's call are BILL's CEO, Rene Lacerte; President and CFO; John Rettig; and VP of Investor Relations, Karen Sansot.
With that, I would like to turn the call over to Karen Sansot for introductory remarks. Karen?
Karen Sansot
Thank you, operator. Welcome to BILL's fiscal third quarter 2024 earnings conference call. We issued our earnings press release a short time ago and furnished the related Form 8-K to the SEC. The press release can be found on the Investor Relations section of our website at investor.bill.com. With me on the call today are Rene Lacerte, Chairman, CEO and Founder of BILL; and John Rettig, President and CFO.
Before we begin, please remember that during the course of this call, we may make forward-looking statements about the future operations and results of BILL that involve many assumptions, risks and uncertainties. If any of these risks or uncertainties develop or if any of the assumptions prove incorrect, actual results could differ materially from those expressed or implied by our forward-looking statements. For additional discussion, please refer to the text in the company's press release issued today and to our periodic reports filed with the SEC including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q. We disclaim any obligation to update any forward-looking statements.
On today's call, we will refer to both GAAP and non-GAAP financial measures. Please refer to today's press release for the reconciliation of GAAP to non-GAAP financial performance and additional disclosures regarding these measures. Note that at times during this call, we will discuss those standalone results, which exclude our BILL's Spend and Expense management, which was formerly called Divvy, Invoice2go accounts receivable and Finmark Financial Planning Solutions.
Now I'll turn the call over to Rene. Rene?
Rene Lacerte
Thank you, Karen. Good afternoon, everyone. Thanks for joining us today. In Q3, we delivered very strong financial results, continued our rapid pace of innovation and executed with persistent rigor and effectiveness. Across the company, we delivered on the key initiatives to strengthen our core. We enhanced our platform, enriched our payment experiences and expanded our ecosystem. Both the market opportunity and our ability to shape that opportunity grows each and every day.
There is a significant growth runway ahead for BILL, and we continue to position ourselves to be the essential financial operations platform for SMBs. In Q3, we delivered strong revenue growth and exceptional non-GAAP profit growth that were ahead of our expectations. Total revenue grew 19% year-over-year, and non-GAAP operating income increased 68% year-over-year. At BILL, we are energized by the fact that during the quarter, we helped more than 450,000 small businesses automate their financial operations so they could spend more time focused on their mission. With our platform and broad set of solutions, these businesses made more than 25 million transactions during the quarter, totaling more than $70 billion in payment volume....
BILL Holdings, Inc. (BILL) Q3 2024 Earnings Call Transcript