BILL Holdings, Inc.

Good afternoon. Thank you for attending the bill.com fourth quarter fiscal year 2022 earnings conference call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. I would now like to pass the conference over to your host, Karen Sansot with bill.com. Thank you. You may proceed.

Thank you, operator. Welcome to bill.com fiscal fourth quarter and full year 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 Lissert, 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 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 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 these measures. At times during this call, we will discuss organic or standalone results, which exclude DIVI and Invoice2Go, which we acquired on June 1, 2021, and September 1, 2021, respectively. 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, and I hope your summer is going well. Cisco 2022 was a transformative year for build.com. We significantly expanded our platform solution and extended our reach, serving customers ranging from sole proprietors to mid-market companies. We entered new strategic partnerships and began building a global customer base serving customers in more than 150 countries. We are well positioned to capitalize on the tremendous market opportunity in front of us. In fiscal 2022, 400,000 businesses used our solutions to automate their financial operations, get paid faster, and better manage their cash flow, more than three times the number of businesses that used us in the prior fiscal year. We managed more than $225 billion in payments and our network grew to 4.7 million members that have originated or received an electronic payment through our platform. Our growth was driven by our organic initiatives as well as the strategic acquisitions of Divi and Invoice2Go. For the full fiscal year, we significantly exceeded our financial expectations. Total revenue was $642 million, an increase of 169% year-over-year. Bill.com's organic core revenue grew 77% year-over-year, and revenue from our spend and expense management solution increased more than 160% from a year ago. In addition to top line growth, we expanded our non-GAAP gross margin to 84%, up seven percentage points year over year. Our non-GAAP net loss of $24 million for the year was 70% lower than our estimate at the start of the fiscal year, as a result of our disciplined approach to growth and solid execution. The momentum that we created in fiscal 2022 positions us to be profitable on a non-GAAP basis in fiscal 2023. This is a testament to the value our platform provides and the efficiency of our go-to-market ecosystem. We experienced very healthy demand throughout the year. Our OrganicBill.com customer base saw record growth, and our customer retention and net dollar base retention rates both expanded meaningfully. Toward the end of the fourth quarter, we started to see signals of the macro environment impacting spend patterns, especially in discretionary categories like advertising. As businesses react to the macro environment, we believe that our platform becomes more valuable by enabling SMBs to do more with less while increasing visibility and control. There are more than 30 million small businesses in the U.S. and 70 million globally, and the majority still use manual paper-based processes, With our platform, ecosystem, and scale, we are particularly well positioned to help these millions of businesses transform their financial operations. A great example of how we help companies succeed is about golf. A developer of premium golf simulators, Ashley Flores, Director of Finance and Accounting, said, and I quote, we pay hundreds of bills each month. Prior to Bill.com, our AP process was manual and time-consuming. With Bill.com, instead of taking 10 hours a week to write checks, attach stamps, and seal envelopes, our accounting staff is able to analyze our financials, assess risk, and build forecasts. The powerful combination of Bill.com's AP and spend management solutions enable us to have more visibility into our cash flow, which really gives me more confidence as we navigate continuing supply chain constraints, end quote. Our unique go-to-market ecosystem enables us to efficiently bring the value of our platform to many more businesses and provides us with a strong competitive advantage. We work with the small businesses' most trusted partners, accountants and financial institutions, and share an aligned goal to better serve SMBs. More than 6,000 accounting firms use Bill.com to automate their clients' financial operations. Leveraging our platform, accounting firms spend less time on routine bookkeeping activities freeing up time to focus on more value-added services and enabling them to add more clients. An example of how accountants use our platform is Armanino, a top 20 accounting firm in the U.S. David Miller, consulting partner, said, and I quote, Bill.com got our clients out of paper-based processes and enables our internal distributed teams to collaborate seamlessly. We now have a center of excellence team dedicated to building best practices around Bill.com. Now we can help businesses better face macro challenges. In an inflationary environment, Bill.com serves as a deflationary tool that simplifies workflow and provides better insights, end quote. Businesses have always turned to their banks to help them with their financial needs. And our white label solution powers bill payment and invoicing solutions for six of the top 10 financial institutions in the US. The partnerships we have developed with these financial institutions enable cost-efficient customer adoption that expands our network at a faster rate and creates opportunities for incremental monetization. This is a part of our organic flywheel. More subscribers drive more transactions, delivering more network members, which in turn grows our data asset. With our expanding data set, we continue to evolve our AI and machine learning capabilities, driving better platform experiences and more time savings, which encourages further platform adoption. Before I lay out our fiscal 2023 priorities, I want to talk about our fiscal 2022 accomplishments. At the start of the year, we said our priorities were to integrate Divi and Invoice2Go, expand our payment offerings and monetization, enhance the user experience on our platform, and extend our reach through strategic partners. We take our commitment seriously and have accomplished all of these objectives. We completed our initial integration of our AP and spend management solution, building a connected but separate platform experience, and fully integrated the employees of all three companies into a single organization. We launched instant transfer, pay by card, and build.com balance. Using our continually evolving AI capabilities, we automated more workflows, giving our customers more time savings. We also enhanced our mobile experience, making it easier for users on the move to approve bills, add vendors, and initiate and receive payments. We added new partners and increased our wallet share with existing financial institution partners. Most significantly, we launched a white label platform with Bank of America to serve their new SMB customers. And we entered an agreement with CPA.com to be their exclusive partner for spend and expense management and corporate card solutions. Now turning to fiscal 2023 objectives, Our first priority is to develop a unified platform experience with a consistent look and feel, seamless navigation, and consolidated business insights delivered through a single comprehensive dashboard. Our second priority is to further scale our ecosystem by offering more of our platform solutions to our current partners as well as acquiring new ones. Our third priority is to continue to drive innovation and adoption of our payment solutions We will leverage our ecosystem, which includes direct sales, accountants, and financial institutions to advance our enablement initiatives to drive further adoption of our ad valorem payment suite. Underpinning all of these priorities, we have an overarching focus on managing the business to deliver non-gap profitability for fiscal 2023. All of us at Build.com, now 2,300 people strong, are focused on building the essential financial operations platform for millions of SMBs. Our success is driven by an excellent team with a shared passion for helping SMBs. I'm excited to share with you that we expanded the executive leadership team with the addition of Arana Wassey as chief product officer and Sophia Pogrev as chief operating officer. Arana has extensive experience leading product teams, having built global platforms for SMBs at GoDaddy and Typeform. Prior to that, she was a product leader at Intuit. Sophia brings extensive experience leading operations at fintech companies, including as chief operating officer of both Next Insurance and True Accord. Prior to that, she was a senior executive at PayPal with responsibility for risk management strategy and policy across the Americas. I couldn't be happier to have these accomplished executives join our mission to make it simple for SMBs to connect and do business. Irana will be taking over from Bora Chung, who is retiring. Bora has led our customer experience and product management teams through a time of tremendous growth. She will continue at Bill.com through a transition period, ensuring a smooth handoff to Irana. All of us at Bill.com are deeply appreciative of Bora's many contributions during her four-year tenure. We also recently welcomed a new board member, Tina Chan-Reich. Having held executive roles, we're advised that American Express, Citibank, Chase, and FinTech startups Tina brings over 20 years of global financial services industry expertise to her board, and we are excited about being able to tap into her unique expertise in payments and risk management. In closing, we had a great transformational year. Our TAM is significant, and we plan to continue to invest in creating value for SMBs for the long haul, driving both multi-year revenue growth and profitability. We are laser focused on automating the future of finance so that all businesses can flourish. We are grateful to our employees, customers, and partners on this journey, and we thank them for the trust they continue to place in us. Now, I'll turn the call over to John to talk in more detail about our quarter.