BILL Holdings, Inc.

Good afternoon and welcome to bills.com fourth quarter of fiscal 2021 earnings conference call. At this time, all participant lines are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star 0. I would now like to hand the conference over to Karen Sensot. Vice President of Investor Relations for Introductory Remarks, Karen.

Thank you, Operator. Welcome to Bill.com's fiscal fourth quarter and full year 2021 earnings conference call. We issued our earnings press release a short time ago and furnished the related form 8K to the SEC. The press release can be found on the Investor Relations section of our website at investor.bill.com. With me on the call today is Renee Lissert, Chairman, CEO, and founder of Bill.com, and John Reddick, Executive Vice President and CFO. We are also joined by Blake Murray, CEO and co-founder of Dibby. Before we begin, please remember that during the course of this call, we may make forward-looking statements about the operations and future results of Bill.com that involve many assumptions, risks, and uncertainties. If any of these risks or uncertainties develop, or if any of the assumptions prove incorrect, Actual results could differ materially from those expressed or implied by our forward-looking statements. For discussion of the risk factors associated with our forward-looking statements, please refer to the text in the company's press release issued today and to our periodic reports filed with the SEC, including our most recent annual report on Form 10-K and quarterly report on Form 10-Q filed with the SEC and available on the Investor Relations section of our website. We disclaim any obligation to update any forward-looking statements. On today's call, we'll refer to both GAAP and non-GAAP financial measures. The non-revenue financial figures discussed today are non-GAAP unless stated that the measure is a GAAP number. Please refer to today's press release for the reconciliation of GAAP to non-GAAP financial performance and additional disclosures regarding these measures. In addition, our acquisition of Divi closed on June 1st. And therefore, our reported fiscal fourth quarter results include one month of DIBI's results. At times during this call, we will discuss organic or standalone results, which exclude DIBI to help listeners understand our organic performance. Now I'll turn the call over to Rene. Rene?

Thank you, Karen. Good afternoon, everyone. Thank you for joining us today. I hope that all of you and your families are in good health, doing well, and have been able to enjoy reconnecting with family and friends this summer. I'm incredibly proud of our accomplishments this past fiscal year. We helped SMBs across the country digitally transform their financial operations and adapt quickly to the remote work environment brought on by the pandemic. With our powerful platform, our customers and network members were able to simplify and automate their operations, get paid faster, and better manage their cash flow. We expanded our footprint, enhancing our go-to-market capabilities. We also acquired Divi, a leader in spend management, to help businesses better control their spend to budgeting tools, expense management software, and smart corporate cards. In fiscal 2021, Bill.com helped more than 120,000 customers and 3.2 million network members automate their financial operations and made it even easier for them to connect and do business. In the fourth quarter, our customers completed $42 billion in TPV on our platform, reflecting an annualized run rate of nearly $170 billion. Our customers and network members increasingly adopted our e-payment offerings which enabled them to get paid faster and make payments more conveniently. By helping our customers and network members succeed, we were able to drive strong revenue growth. In the fourth quarter, our organic core revenue growth was 73% year-over-year, and for the full fiscal year, organic core revenue growth was 63%. Our revenue trajectory accelerated during the year, with strong adoption of our platform among small, mid-size, and mid-market firms. Increasingly, Businesses are turning to Bill.com as the mission-critical platform that runs their back-office financial operations. Over the last several quarters, we have discussed our strategy to enhance our platform with innovative payment solutions, expand our go-to-market ecosystem, and enter adjacent categories. Succeeding in each of these areas brings us closer to realizing our vision of being the one-stop shop for SMBs to manage their financial operations. In fiscal 2021, we enhanced our e-payment selection by further strengthening our virtual card, cross-border, and instant transfer offerings. We drove adoption of these e-payment offerings across our customers and network members through in-product marketing, seamless user experiences, and supplier enablement initiatives. As a result, e-payments in our organic business represented 65% of our total number of transactions in the fourth quarter, compared to 59% a year ago. Continuous innovation on payment offerings is core to our vision and has enabled us to continue to deliver more and more value to our customers. This past year, we also expanded our diverse go-to-market ecosystem with additional strategic partnerships. We now have relationships with six of the top 10 financial institutions in the U.S. and serve 85 of the top 100 accounting firms in the country. In the bank channel, we launched with Wells Fargo and KeyBank. In the accounting channel, we expanded our offering into wealth management, made it easier for accounting firms to onboard customers faster, and recently signed KPMG Spark as a strategic partner, joining PricewaterhouseCoopers Insights Officer as our second top four accounting firm. Early in fiscal 2021, we began our inorganic growth journey by identifying growth and product priorities, while concurrently building our M&A muscles so that we could efficiently identify, purchase, and integrate acquired companies. Having these foundational elements in place allowed us to identify, perform diligence, and close Divi, our first acquisition within the fiscal year. Divi has built a sophisticated software solution that combines budgeting and expense management tools with smart corporate cards. Our customers have been asking for this type of solution, and Divi's spending businesses have also been asking for a bill pay solution. We've been working with the Divi team for about 90 days now, and our belief in the team and the vision of what we can build together only gets stronger. When we are fully integrated, we will provide SMBs with one solution on one platform for all of their B2B spend. I'll now turn the call over to Blake Murray, Divi's co-founder and CEO, to share more about Divi.