BILL : Third Quarter 2024 Q3 FY24 Investor Deck

BILL (NYSE: BILL)

Investor Deck May 2024

Safe harbor

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements other than statements of historical facts, and statements in the future tense. Forward-looking statements are based on our expectations as of the date of this presentation and are subject to a number of risks, uncertainties and assumptions, many of which involve factors or circumstances that are beyond our control. These statements include, but are not limited to, statements regarding our expectations of future performance, including guidance for our total revenue, non-GAAP operating income, non-GAAP net income, and non-GAAP net income per share for the fiscal fourth quarter ending June 30, 2024 and full fiscal year ending June 30, 2024, our expectations for the growth of demand on our platform and the expansion of our customers' utilization of our services. These risks and uncertainties include, but are not limited to macroeconomic factors, including changes in interest rates, inflation and volatile market environments, as well as fluctuations in foreign exchange rates, our history of operating losses, our recent rapid growth, the large sums of customer funds that we transfer daily, the risk of loss, errors and fraudulent activity, credit risk related to our BILL Divvy Corporate Cards, our ability to attract new customers and convert trial customers into paying customers, our ability to develop new products and services, increased competition or new entrants in the marketplace, the impact of our recent reduction-in-force, potential impacts of acquisitions and investments, including our ability to integrate acquired businesses, incorporate their technology effectively and implement appropriate internal controls at such businesses, our relationships with accounting firms and financial institutions, the global impacts of ongoing geopolitical conflicts, and other risks detailed in the registration statements and periodic reports we file with the Securities and Exchange Commission (SEC), including our quarterly and annual reports, which may be obtained on the Investor Relations section of our website (https://investor.bill.com/financials/sec-filings/default.aspx) and on the SEC website at www.sec.gov. You should not rely on these forward-looking statements, as actual results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this presentation are based on information available to us as of the date hereof. We assume no obligation to update or revise the forward-looking statements contained in this presentation because of new information, future events or otherwise.

In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this presentation contains non-GAAP financial measures, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and non-GAAP net income. The non-GAAP financial information is presented for supplemental informational purposes only and is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry; however, it is important to note that the particular items we exclude from, or include in, our non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. We also periodically review our non-GAAP financial measures and may revise these measures to reflect changes in our business or otherwise. Please see the reconciliation tables in the Appendix for a reconciliation of GAAP and non-GAAP measures.

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Who we are:

Champions of small and midsize businesses.

Our mission:

Make it simple to connect and do business.

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The Essential Financial Operations Platform

• Digital on-ramp to replace legacy paper-based processes
• Automate financial operations
• Make and receive payments
• Manage budgets and cash flow
• Gain insight, visibility, and control

Spend

Management

Accounts	Accounts
Payable	Receivable

Payments

4

BILL at a glance

Total Revenue

($ Millions)

460K+	5.8M
Businesses using	Network members²
our solutions¹	(Suppliers & Clients)

111%	87%
Net dollar	Gross margin
retention rate3	(Non-GAAP)4

• As of March 31, 2024. Includes BILL standalone customers, BILL Spend and Expense (S&E, formerly known as Divvy) spending businesses, and Invoice2go subscribers. Businesses using more than one of our solutions are included separately for each solution utilized.
  2 As of June 30, 2023, approximately 5.8 million network members have paid or received funds electronically using our platform. We define network members as our BILL standalone customers plus their suppliers and clients.
  3 As of June 30,2023. Net dollar retention rate is calculated by dividing total current period revenue by total prior period revenue. Does not include impact from BILL S&E or Invoice2go.
  4 As of March 31, 2024. GAAP gross margin was approximately 83%. See appendix for 5 reconciliation.

All SMBs have a need for back-office efficiency

Disparate systems

Antiquated paper-based processes. Spending hours manually processing bill payments and chasing down approvals and receipts.

Lack of visibility

Lack of visibility into cash flow and real time financial status, making informed decisions difficult.

Siloed workflows

Inability to scale financial operations without growing finance team, which can be time- and cost-intensive

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Our opportunity to create value in the SMB segment is significant

	Number of SMBs and	SMB Software			B2B Payment
	Sole Proprietors	Spend			Volume
U.S.	34M	1	$75B	2		$28T	3
Opportunity
Opportunity	70M+		$344B		$125T
Global		4			5			6

• Nonemployer Statistics, 2019 (Census); Statistics of US Businesses, 2020 (Census). 2 McKinsey: Winning the SMB tech market in a challenging economy: 2021 SMB tech spending, 2023. 3 eMarketer: US B2B Payment Transaction Value, 2022 estimates, July 2021. 4 Nonemployer Statistics, 2019 (Census); Statistics of US Businesses, 2020 (Census); Government of Canada Key Small Business Statistics, 2021; Eurostat, 2021; Australian Bureau of Statistics, 2022; New Zealand Ministry of Business, Innovation, and Employment, 2022; UK Office for National Statistics, 2022. (Figure includes SMEs in US, CAN, EU, AUS, NZ, and the UK only). 5 Gartner Market Statistics Forecast: IT Spending by Employment Size: 2021-2027, Q1 2023. Includes Software and IT Services spend. 6 Allied Market Research: B2B Payments Market. Global Opportunity Analysis and Industry Forecast, 2021-2031, 2021 stat.

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We digitally transform back-office operations with intelligent workflow

	SPEND
Engage	MANAGEMENT
Reconcile

Invoice

Pay

ACCOUNTS

RECEIVABLE

Get paid	NETWORK

ACCOUNTS

PAYABLE

Approve

Reconcile

Receive

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Integrated

Financial

Operations

Platform

Accounts Payable

Accounts Receivable

Spend & Expense

Financial Planning &

Analysis Tools

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We empower SMBs with

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