BILL Holdings, Inc.

And thank you for attending today's Bill's fiscal third quarter 2023 earnings conference call. My name is Rika and I'll be your moderator for today's 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 Karen Sansar, Vice President of Investor Relations at Bill. Please go ahead.

Thank you, operator. Welcome to Bill's fiscal third quarter 2023 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 Rene LaCerte, Chairman, CEO, and founder of Bill, 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 the bill 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 reports 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. Additionally, please note that the appendix of our quarterly investor deck, which is posted on our investor relations website, contains a supplemental table of revenue and metrics information. At times during this call, we will discuss bill standalone results, which exclude our Divi Spend Management, Invoice2Go accounts receivable, and Finmark financial planning solutions. Now I'll turn the call over to Rene. Rene?

Thank you, Karen. Good afternoon, everyone. Thank you for joining us today. Bill delivered strong profitable growth to the third quarter as we executed on our strategy to be the essential financial operations platform for SMBs. Revenue in Q3 grew 63% year over year. driven by broad strength across our diversified revenue streams. We also made significant progress growing non-GAAP net income, which was $59 million for the quarter, reflecting a margin of 22%. At the end of Q3, more than 450,000 businesses used Bill to automate their financial operations and generate $65 billion in payment volume during the quarter. We are pleased with our Q3 results amidst an external environment that included significant macro uncertainty and a banking crisis. Our financial performance and scale are a testament to the value of our platform and ecosystem. Consistent with earlier indicators from the last two quarters, SMBs are moderating their expenditures in this tough macro environment and continuing to focus on doing more with less. In Q3, customers were highly engaged with our platform and made a similar number of transactions on a year-over-year basis yet reduce their expenditures per transaction as belt tightening continued. We know that Bill is the center of our customers' day-to-day financial operations. Our platform enables process automation from the moment a bill is received all the way through to syncing completed transaction with the accounting system. Customers leverage our solutions to operate more efficiently and gain increased visibility into their cash flows. A great example of how we help companies transform their financial operations and gain efficiency is is Anchorage Tiny Homes, a family-owned home building business in Fair Oaks, California, that leverages our accounts payable and spend management solutions. Cindy Morton, financial controller, said, and I quote, we never knew managing our finances to be this easy. We went from having no understanding of which checks were outstanding to having a real-time view of our cash position. With 35 Divi cards in use, we know exactly who has made each purchase and have an accurate picture of costs associated with individual home building projects. With Bill, we are able to take on more clients. In the past year, we went from 60 active construction projects to 140 at any time. Bill and Divi completely renovated our financial operations, end quote. Our platform enables customers like Anchor Tiny Homes to connect with millions of network members regardless of which accounting system or bank they use. We have built a large-scale two-sided network that simplifies operations and offers automation and multiple payment choices for both sides of a transaction within a secure and frictionless experience. Today, roughly one-third of Bill's standalone platform core revenue is generated by suppliers in our network. You choose to accept virtual card, instant transfer, international payments, and now in beta, invoice financing. Leveraging the breadth of our platform, we believe there is significant long-term growth ahead to drive further network member acquisition and ad valorem payment adoption. Every new member that we add to our network increases platform engagement, thereby enabling additional value creation across the platform. Our platform is the central hub that facilitates millions of transactions each month for billions of dollars. We have built an always-on platform with 24 by 7 availability in order to deliver the financial peace of mind SMBs need. This means we have created redundancy through integrations with multiple payment processors to ensure consistency and reliability. Bill's world-class infrastructure and operational capabilities were demonstrated during the recent banking crisis. Today, at the Silicon Valley bank closure, we committed to our customers that we would stand behind all pending transactions, regardless of the ultimate resolution of the bank's situation. We seamlessly redirected SREB-bound transactions to another financial institution partner so that transactions continued uninterrupted. We also helped impact businesses stay operational by utilizing our suite of products. We offered a new way for customers to access capital by pre-approving lines of credit through Divi, provided a solution for debit card users to connect their cards to our pay-by-card offering, and expanded access to Bill Balance, a secure and convenient place to store funds and make fast payments. Recognizing that businesses want to manage all their spend in one place, we continue to work on creating an integrated customer experience, blending the best of Bill and our acquired solutions. Recently, we unified the look and feel of our Divi and Bill solutions across our web and mobile apps. Later this year, our platform will power a cohesive and consistent experience and customers will have a significantly enhanced view of cash inflows, outflows, and open tasks all in one place. The consolidated view will enable businesses to gain a more complete picture of their finances and further control their financial operations. By offering enhanced in-product discovery and simplified self-service product adoption, we believe that we will further unlock our sizable cross-sell opportunity. In addition, we are enhancing our accountant dashboard, making it easier for our 6,000-plus accounting firm partners to offer more of our products and provide more strategic value-added services to their clients. We are also continuing to leverage our expertise in developing AI capabilities that make our solutions easier to use, more automated, and predictive. We were an early adopter of AI, applying it to our large data asset for reading invoices, enabling suppliers, detecting risk, and managing documents. In addition, we are working on ways that Bill can leverage generative AI capabilities to enhance customer experiences. Turning now to the people front, Ken Moss recently joined our executive team as chief technology officer. We're excited to have another seasoned executive on the team with experience enabling breakthrough technology at speed and scale. Ken brings decades of innovation and leadership experience to Bill, including eight years as CTO at Electronic Arts, where he led the company through a cloud-based transition and pioneered broad uses of data and AI to improve the game creator and player experience. He also led technology strategies at eBay, connecting millions of buyers with sellers to enable online commerce. And at Microsoft, he oversaw development and engineering with key teams. Ken will be taking over from Vinay Pai, who is retiring. In closing, we delivered another great quarter with strong revenue growth and expanding profitability, while creating value for hundreds of thousands of SMBs. With our robust platform that automates financial operations and offers a variety of payment and funding choices, Bill serves as the financial nervous system for SMBs and connects them with millions of network members. I'd like to thank our customers and partners for the trust they place in us, and I'd also like to thank the Bill team for their strong commitment to serving SMBs. I'll now turn the call over to John to talk in more detail about our quarter.