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BILL FY 2023 TOPS $1B Featured

 Payments company Bill moved past $1 billion in annual revenue for the year ended June 30. It was also the first year that Bill reported non-GAAP income for a year.

Its GAAP loss was $15.9 million for fiscal 2023, a sharp drop from $84.9 million the prior year. Non-GAAP income reached $194 million for the most recently ended year, compared to a non-GAAP loss of $24.3 million for fiscal 2022. Bill reported revenue of $1.1 billion for fiscal 2023, a 65.1-percent increase from slightly less than $642,000 for the prior year. CFO John Rettig said during In the company’s recent earning webcast, standalone subscription revenue grew to $57.8 million, an increase of 25 year-over-year, driven both by an expanding base and a price increase in the direct and accounting channels. Rettig did not disclose the size of the increases The company also noted the number of accounting firms in its channel grew to 7,000 from 6,000 year-over-year. CEO Rene Lacerte noted Bill has a beta version of invoice financing in the market. He said testing will be made available to more businesses next year, but provided no additional details.

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