Posted on Thursday, Apr 15th 2021
The current pandemic conditions have helped accelerate the adoption and usage of digital transformation tools even across the SMB segment. Smaller businesses are leveraging services such as those provided by Bill.com (NYSE:BILL) to automate their financial operations. Bill.com’s platform is helping facilitate over $10 billion of B2B payments each month and is becoming a mission-critical tool for these businesses.
Bill.com recently announced its second quarter financials. Revenue grew 38% to $54.05 million, significantly ahead of estimates of $47.12 million. Net loss was $17.2 million, compared to net loss of $7.6 million a year ago. Non GAAP net loss was $2.1 million or $0.03 per share, compared with a net loss of $3.6 million or $0.03 per share last year. The market was looking for a loss of $0.07 per share.
By segment, subscription and transaction revenues grew 53% to $52.33 million. Among key metrics, it reported a customer growth of 27% over the year to over 109,200. It processed $34.8 billion in total payment volume, growing 40% over the year from 7.2 million transactions.
Bill.com’s Product Upgrades
To continue to help the SMBs, Bill.com is investing in expanding its payment offerings. Over the last few years, it has added capabilities such as virtual card payments, cross border payments, and Instant Transfer, which is their real-time payment product. It recently added Citibank’s WorldLink as a second partner for processing transactions to help provide a more resilient service, faster delivery speeds, and competitive pricing for larger transactions.
Within the real-time payment segment, it is expanding its capabilities through additional partnerships. Its recent initiatives bring supplier enablement in-house and have driven increased adoption of electronic payments.
In the past, Bill.com had seen significant success in driving virtual card adoption and cross-border payments through AI, sales, marketing, and customer support initiatives. It is now leveraging these capabilities to promote real-time payments to network members. It is also continuing to expand its market reach to mid-market customers by adding new integrations with mid-market accounting software. It currently caters to this market with integrations to Sage Intacct, Oracle NetSuite, and Intuit’s QuickBooks Enterprise.
Bill.com is now building integrations with both Microsoft Dynamics Business Central and Great Plains and plans to launch this product integration in the second half of this year. Additionally, it is investing in expanding its strategic partnerships with financial institutions. It has tied up with Wells Fargo and launched an integrated offering called Bill Manager through their commercial electronic office digital banking portal. It is beginning the go-to-market strategy with Wells Fargo to accelerate the adoption of its services.
Its stock is currently trading at $163.02 with a market capitalization of $13.4 billion. It had fallen to a 52-week low of $37.91 in April last year. It hit a high of $195.95 in February. Bill.com had listed on the NYSE in December 2019 when it raised $216 million at an IPO price of $22 apiece and a valuation of $1.6 billion. Prior to listing, it had raised $279.7 million through venture rounds. Its last venture round had valued it at $1.1 billion.
Disclosure: All investors should make their own assessments based on their own research, informed interpretations, and risk appetite. This article expresses my own opinions based on my own research of product-market fit, channel execution, and other factors. My primary interest is in product strategy. While this may have bearing on stock movements, my writings tend to focus on long-term implications. The information presented is illustrative and educational, but should not be regarded as a complete analysis nor recommendation to buy or sell the securities mentioned herein. I am not a registered investment adviser and I am not receiving compensation for this article. This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . Bootstrapped Unicorn Atlassian is Acquiring Capital Efficient Startups . Netflix Price Hike Ruffles Competition . How Will Carbon Black Differentiate? . 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