Summary by Futu AI
BILL Holdings announced robust financial results for fiscal 2024, with total revenue increasing 22% year-over-year to $1.29 billion. Subscription and transaction fees grew 19% to $1.12 billion, while interest on funds held for customers surged 47% to $167.4 million. The company's gross margin improved slightly to 81.8%.Net loss narrowed significantly to $28.9 million from $223.7 million in the previous year, reflecting improved operational efficiency. BILL's free cash flow more than doubled to $257.9 million. The company ended the fiscal year with a strong liquidity position of $985.9 million in cash and cash equivalents.BILL continued to expand its customer base and transaction volume, processing $292.4 billion in total payment volume, up 10% year-over-year. The company also repurchased $982.7 million of its 2025 convertible notes and completed a $300 million share repurchase program. Looking ahead, BILL remains focused on driving growth and profitability while investing in product innovation and customer acquisition.
