Non-GAAP income from operations was $34.8 million, compared to a non-GAAP loss from operations of $5.7 million in the third quarter of fiscal 2022. Loss from operations was $54.2 million, compared to a loss from operations of $83.2 million in the third quarter of fiscal 2022. Non-GAAP gross profit was $237.2 million, representing an 87.0% non-GAAP gross margin, compared to $141.1 million, or a 84.6% non-GAAP gross margin, in the third quarter of fiscal 2022. Gross profit was $223.7 million, representing an 82.1% gross margin, compared to $129.6 million, or a 77.6% gross margin, in the third quarter of fiscal 2022. Float revenue, which consists of interest on funds held for customers, was $33.1 million. This includes $83.2 million of transaction fees from the BILL standalone platform, which increased 41% year-over-year, and $88.6 million of transaction fees from our Divvy spend management solution, which increased 65% year-over-year. Transaction fees were $172.8 million, up 52% year-over-year. This includes $57.6 million of subscription fees from the BILL standalone platform, which increased 33% year-over-year. Subscription fees were $66.7 million, up 28% year-over-year. Core revenue, which consists of subscription and transaction fees, was $239.5 million, an increase of 45% year-over-year.
Total revenue was $272.6 million, an increase of 63% year-over-year. The financial measures listed below identified as BILL standalone exclude the results of Divvy, Invoice2go, and Finmark. “Our performance highlights the strength of our business model and our commitment to deliver balanced growth and profitability.”įinancial Highlights for the Third Quarter of Fiscal 2023: “In Q3, we delivered revenue growth of 63% year-over-year, record non-GAAP gross margin, and expansion of non-GAAP net income margin,” said John Rettig, BILL CFO. “As champions of SMBs, we are proud that more than 450,000 businesses use our solutions to automate their financial operations and gain more visibility and control of their finances.” “We delivered strong third quarter results and profitable growth as we executed on our strategy to be the essential financial operations platform for SMBs,” said René Lacerte, BILL CEO and Founder.
DIVVY CORPORATE CARD SOFTWARE
Q3 Total Revenue Increased 63% Year-Over-YearīILL (NYSE: BILL), a leader in financial automation software for small and midsize businesses (SMBs), today announced financial results for the third fiscal quarter ended March 31, 2023. BILL Reports Third Quarter Fiscal Year 2023 Financial Results
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