BILL Holdings, Inc.

Good afternoon and welcome to Bill.com's first quarter of fiscal 2022 earnings conference call. At this time, all participants 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 call is being recorded. If you should require any further assistance, please press star 0. With that, I would like to turn the call over to Karen Sansot, Vice President of Investor Relations, for introductory remarks.

Karen? Thank you, Operator. Welcome to Bill.com's fiscal first quarter 2022 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 Lassert, Chairman, CEO, and founder of Bill.com, and John Reddick, Executive Vice President and CFO. 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 statement. 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 will 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 those measures. In addition, our acquisition of Invoice2Go closed on September 1, 2021, and therefore our reported fiscal first quarter results include one month of Invoice2Go's results. At times during this call, we will discuss organic or standalone results, which exclude Invoice2Go and also exclude Divi, which we acquired on June 1, 2021, 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 are healthy and doing well. We kicked off our fiscal year with momentum. In the first quarter, we delivered strong revenue growth, acquired invoice to go, and helped hundreds of thousands of businesses simplify and automate their operations so they can focus on what they do best. Our results demonstrate the strength of our organic business and the expansion of our platform's capabilities. Total revenue for the quarter increased 152% year-over-year. So.com's organic core revenue growth increased 78% year-over-year. driven by strong adoption of our platform and payment solutions. Revenue from our Divi spend management solution continued its trajectory of strong growth above 100% year-over-year. Our performance in the quarter demonstrates a significant demand in the market for digital solutions to transform financial operations. During the quarter, we acquired Invoice2Go, a leading mobile-first AR solution. The acquisition enhances our AR capabilities, expands our TAM to include serving sole proprietors, and gives us an international footprint with subscribers in more than 150 countries. The acquisition will strengthen our two-sided network by bringing advanced AR capabilities, including invoicing and payments, to our network members. I'm excited to welcome Invoice2Go's 100-person team to Bill.com, which includes team members in the Bay Area and Sydney. With the acquisition of Invoice2Go, Bill.com ended the quarter with more than 350,000 businesses on our platform. Our vision is to be the all-in-one financial operations platform for SMBs. We know that small and mid-sized businesses are looking for a single solution, and we are uniquely positioned to meet those needs with our comprehensive AR, AP, and spend management offerings. We are making it easier for companies to go digital, realize efficiencies, and have more time to devote to their true passion, growing their business. For example, Wilbur Labs, a Bay Area-based startup studio that has built and invested in 15 companies since 2016, turned to Bill.com and Divi for onboarding ease, faster bill processing enabled by our AI technology, and API integration with the company's ERP system. Nicole Fiore, controller of Wilbur Labs, said, and I quote, before Bill.com, we would either do manual checks or wires from our bank account and collect approvals offline. Our process has been streamlined to cut time by at least 50%. In addition, Divi is an awesome, free, and easy-to-use tool for all-in-one expense reporting that's out of the box, ready to go, and doesn't take a lot of setup time. As a smaller F&A team, we do not have the time for a time-intensive setup or integration. Both Build.com and Divi have allowed us to scale with ease. As a startup studio, we are constantly creating, acquiring, or partnering to launch new ideas. Thus, having an all-in-one solution as our foundational system with easy customization offerings is ideal as we grow and launch new companies, end quote. Our platform enables businesses of all types to digitally transform their operations, including nonprofit organizations where collaboration and automation are especially important. For example, the Meridian Library District, which has five locations and serves the second largest city in Idaho, uses both Build.com and Divi. As I've said before, the SMBs and organizations that we serve act as the heart of local communities, and this is a prime example. The library district serves thousands of users, has hundreds of volunteers, and offers many enriching programs for the community. During COVID, they expanded their services to deliver books and PPE, and they reimagined their outreach programs to stay connected to seniors, childcare centers, and low-income families. Jeanne Gerwig, finance manager, said, and I quote, We use Bill.com and Divi and have been very happy. The integration of both with QuickBooks Online has streamlined our accounting process and reduced the time I spent processing payments and credit card charges. Using both removes the need for process-intensive input while providing excellent transactional visibility and budget to actual information. The Bill.com and Divi combination allows me to step into the role of reviewer, which frees up my time to apply for grants that will benefit library programs and expansion." End quote. Since our founding, we have partnered with accounting firms to provide the best quality services that small and mid-sized businesses expect from their most trusted advisors. Bill.com's platform is the go-to, mission-critical solution for accountants. It eliminates the manual aspects of their work, allowing them to focus on their strategic advisory services. More than 5,500 accounting firms use our platform to grow their practice and automate operations. To gauge how Bill.com helps them, we recently surveyed our accounting firm customers Based on more than 500 responses, we learned that approximately 90% of accounting firms believe that Bill.com makes their firm more efficient. And Bill.com saved them at least 50 hours of work per client every year. And most importantly, they were likely to recommend Bill.com to their clients. An example of how accountants use our platform is UHY, a top 30 accounting firm in the U.S. UHY leverages Bill.com for their growing client accounting advisory services, CAS, practiced. Kane Polakoff, the firm's national CASP practice leader, said, and I quote, Build.com makes it easy to engage with our clients and provide them with a great experience. With its intuitive and easy-to-use platform, we're able to help our clients save time and be more strategic. Build.com is a valuable component of UHY's technology stack and is integral to our growth roadmap, end quote. On our last earnings call, we outlined our top strategic priorities in fiscal 2022, which move us closer to achieving our one-stop-shop vision. Our first priority is to integrate the go-to-market and product offerings of Divi and Invoice2Go. Our sales teams are driving strong organic growth of our solutions while also cross-selling Divi to Bill.com customers through in-product discovery and personalized credit offers. Our product teams are working on early integration features such as simple, consistent navigation throughout both solutions, single sign-on, and accounting software integration. We are also working on longer-term initiatives to provide a seamless platform experience, including integrated budgeting, reporting, and analytics. Our second priority is to expand our payment offerings. We continue to see strong adoption of our virtual card and cross-border payment solutions, which we attribute to three factors. building awareness through direct sales, outreach, and targeted marketing campaigns. Second, promoting solutions prominently inside core product workflows. And third, leveraging our homegrown network business directory to match card-accepting suppliers with outgoing bill payments. Our instant transfer solution is now widely available, and we've seen good customer adoption, demonstrating that businesses have a need to receive funds faster. When signing up to be in the network, new members can choose Instant Transfer as their default way to get paid. Early results are encouraging, and we believe many network members will elect this option. Our third priority is to scale our relationships with our financial institutions and accounting firms. We have developed a simplified version of our white-label platform, which will be the default payment and invoicing solution for S&B customers of the top three U.S. banks. This bank is in the beginning stages of piloting this service, and we will share more insight with you as we progress to general availability in calendar 2022. Within the accounting channel, we recently made adding new clients to our platform easier and faster, which enabled accountants to onboard them more quickly. For example, Cato Thorntonson, a top 300 accounting firm, adopted the Bill.com platform. By leveraging our accountant-focused features, Kettles Hortensen was able to create repeatable standardized workflows for their team and add nearly 100 clients out of the gate. In closing, we are making great progress on building the all-in-one financial operations platform for SMBs of all sizes. Our success is possible because of the commitment our 1,500 employees have to each other and to our customers. We continue to bring top talent to our team, including new board members with extensive and diverse experience. In Q1, we welcomed Scott Wagner as a director. Scott's experience building and scaling GoDaddy to serve millions of customers around the world will be invaluable as we expand our platform's capabilities and enter new markets. All of us at Build.com are energized by what we are doing to help SMBs. I'd like to thank all of our employees, partners, and shareholders for supporting us on this journey. And now, I'll turn the call over to John to review our financials.