0001628280-26-005879
SEC filing营收增长14%但净亏损258万美元，受重组费用及利息收入下滑拖累。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $414.7M | $362.6M | +14% |
| Gross Profit | $331.1M | $295.9M | +12% |
| Gross Margin | 79.8% | 81.6% | -180 bps |
| Operating Loss | -$18.1M | -$21.7M | +17% |
| Operating Margin | -4.4% | -6.0% | +160 bps |
| Net Income (Loss) | -$2.6M | $33.5M | -108% |
| Diluted EPS | -$0.03 | -$0.06 | — |
| Operating Cash Flow | $202.2M | $167.3M | +21% |
| Free Cash Flow | $173.4M | $153.1M | +13% |
营收增长主要由Transaction fees驱动，同比+20%至$303.1M，得益于TPV增长13%至$95.1B。Subscription fees同比+6%至$72.1M，客户数增至498,500。Interest on funds held for customers同比-8%至$39.5M，因利率下降。
Gross margin下降180 bps至79.8%，主要因内部使用软件摊销增加$8.2M。Operating loss收窄至-$18.1M，因营收增长及R&D费用下降，但Sales and marketing费用因rewards expense增加$22.3M而上升。
Net income转为亏损$2.6M，主要因去年同期有$40.5M的债务清偿收益，本期无此项目。剔除一次性项目后，盈利能力有所改善。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| BILL AP/AR | $185.9M | +11% | — | — | 核心平台增长 |
| BILL Spend and Expense | $166.5M | +24% | — | — | Divvy Card交易量增长 |
| Embedded and Other Solutions | $22.8M | +20% | — | — | 嵌入式及Invoice2go |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $2.24B | +$22M |
| Total Debt | $1.83B | +$119M |
| Inventory | — | — |
| RPO/Deferred revenue | $65.0M | — |
| Operating Cash Flow | $202.2M | +$34.9M |
| Capex | $28.8M | +$14.6M |
| Free Cash Flow | $173.4M | +$20.3M |
| FCF 转化率 | 31.2x | — |
Net Debt = Total Debt - Cash & ST investments = $1.83B - $2.24B = -$0.41B (净现金)