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Earnings Results: Bill.com stock shoots higher after earnings, forecast top expectations

This story has been updated to correct Bill.com’s net-loss figure.

Shares of Bill.com Holdings Inc. shot up more than 14% in Friday trading after the software company posted better-than-expected results for its latest quarter and offered an upbeat forecast.

The company, which makes software that enables smaller business to automate back-office functions, reported a fiscal first-quarter net loss of $75.7 million, or 79 cents a share, compared with a loss of $13.0 million, or 16 cents a share, in the year-earlier period. On an adjusted basis, Bill.com
BILL,
+13.33%

lost 15 cents a share, compared with an adjusted loss of 2 cents a share in the year-prior quarter. Analysts tracked by FactSet were projecting an adjusted loss of 21 cents a share.

Bill.com’s revenue grew to $116.4 million from $46.2 million, while analysts were expecting $105.2 million.

“The quarter highlights BILL’s broad and evolving set of products that continue to resonate with historically underserved [small- and medium-sized businesses],” Wolfe Research analyst Darrin Peller wrote in a note to clients.

The company’s organic total payment volume was up 63% in the quarter, Chief Financial Officer John Rettig shared on the earnings call.

“We’ve experienced significant organic TPV growth in recent quarters, driven in part by new customers scaling faster on our platform and increased payment activity from our customer base, including from larger mid-market businesses,” he said. “Looking ahead, we expect lower TPV growth rates as we’re assuming the seasonal spike in TPV we experienced in Q2 last year doesn’t occur this year.”

For the fiscal second quarter, Bill.com expects $130 million to $131 million in revenue as well as an adjusted loss per share of 17 cents to 18 cents. The FactSet consensus is for $117.6 million in revenue and a 23-cent adjusted loss per share.

For the full fiscal year, Bill.com models $538 million to $541 million in revenue and an adjusted loss per share of 77 cents to 80 cents. Analysts were looking for $479.1 million in revenue and a 90-cent adjusted loss per share.

“For purposes of our fiscal 2022 outlook, we have assumed that there won’t be a material negative impact to our business from macroeconomic or supply-chain issues faced by our customers,” Rettig said on the earnings call.

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