BILL Holdings, Inc.

of Investor Relations, Karen Sansok. With that, I'd like to turn the call over to Karen Sansok for introductory remarks. Karen?

Thank you, Operator. Welcome to Bill's fiscal third quarter 2025 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 are Renee LeCert, Chairman, CEO, and Founder of Bill, and John Reddick, President and CFO. Before we begin, please remember that during the course of this call, we may make forward-looking statements about the future business, operations, targets, products, and expectations of 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 additional discussion, 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. 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. Please refer to today's press release for the reconciliation of GAAP to non-GAAP financial performance and additional disclosures regarding these measures. Now I'll turn the call over to Rene.

Thank you, Karen. Good afternoon, everyone. We delivered strong financial results in Q3, driven by disciplined execution of our strategy, investments in our powerful platform, and strength of our efficient go-to-market approach. Core revenue grew 14% year over year, Non-GAAP operating income margin was 15% and was well ahead of the expectation we set at the beginning of the quarter as we continued to drive efficiency across the business. In addition, free cash flow grew 44% year-over-year in Q3, representing a 25% margin. During the quarter, we made strong progress against our strategic priorities. We expanded our capabilities for larger businesses enhanced our payment portfolio, extended our lead in the accounting channel, and added a new distribution channel to our ecosystem. In addition, we are accelerating our AI growth strategy to change the game again for SMBs. In Q3, our solutions automated the financial operations for over 488,000 businesses and are critical to their everyday financial management. They trusted us to process $79 billion in total payment volume across our intelligent platforms. With over 1% of GDP transacted on our platform, we believe our platform ecosystem and scale uniquely positioned us to serve SMBs everywhere. The fact remains that a majority of businesses still use manual legacy processes to manage their back office. At Bill, we are seizing the opportunity to transform the financial operations for the more than 6 million small and mid-sized businesses in the US who make trillions of dollars in B2B payments annually. In addition to extending our reach, we continue to expand the solutions we offer SMBs and suppliers in our network. Our value proposition is clear, making us the essential financial operations platform for SMBs. Bill is a trusted partner to SMBs across all types of industries. Our platform simplifies financial operations for businesses from a small family owned business to fast growing startups to establish and expanding mid-market companies. By removing complexity, Providing more visibility and enhancing control, we free businesses from their back office headaches to focus on what they care about most. We are investing from a position of strength to make our platform smarter and more powerful. Today, I'll cover how we are creating tangible value for our customers, suppliers, and partners in four key areas. First, our advanced product suite for larger customers. Second, progress on our supplier experience offerings. Third, ecosystem expansion and the unlock of a new distribution channel. And fourth, our accelerated AI growth strategy. To start, we recently launched a suite of new advanced solutions for large businesses to help them with their more complex needs, such as multi-entity management, procurement, and mass payments. Our advanced product suite creates ease, visibility, and control across these processes. These innovations will not only free our customers from clunky and inefficient financial processes, it will also scale with their business expansion. These innovations solidify Bill as a financial operations platform that empowers businesses to grow and scale. For example, Advice Period, a Los Angeles-based firm with offices in five states, is reinventing wealth management and using our new multi-entity functionality to drive efficiency. Christine Remington, Accounts Payable Manager, said, and I quote, we provide a range of financial services to our clients, including bill pay. Oftentimes, we serve clients with multiple entities, with some clients having over 30 active entities across the US. Bill's multi-entity function increases our efficiency, thus multiplying our productivity. This upgraded function provides visibility across our clients' businesses and enables us to prioritize and manage payments from a single location. We can do much more with fewer clicks. The enhanced multi-entity function has been one of the most impactful releases since I've worked with Bill." Bill was already providing significant productivity gains for Advice Period, and our increased focus on serving larger businesses created another significant increase in time savings and accuracy. This solution not only strengthens our position with existing customers, but it also opens doors to serve larger mid-market companies. We also recently expanded our platform to include procurement solutions. We leverage our experience with more complex customers and adapted our smart AP and AR workflows to design a streamlined procurement solution for all SMBs. Raymond, a top 100 accounting firm, is leveraging this new capability to further transform the financial operations of their clients. Michelle Hodges, principal of finance and accounting solutions said, and I quote, Bill has been a great technology partner for us. It is supporting us to evolve our role to provide more strategic advice to our clients. We are excited about the new innovations coming from Bill. With Bill Procurement, we are now able to drive significant value by leveraging procurement services to solve another pain point for our clients. Bill's procure-to-pay solution provides efficiency, accuracy, and compliance." Our expansion into procurement is an important step on our product innovation roadmap. We are bringing the same simplicity and ease of use that redefined the core AP processes for hundreds of thousands of businesses to the painful disconnected procurement process that most SMBs use today. This new capability gives businesses the ability to manage, approve, and track purchase orders with speed, precision, and control, while at the same time providing a new module to increase the value of our platform beyond payments. Our one-stop shop platform delivers leading solutions for accounts payable, accounts receivable, spending expense management, forecasting, working capital solutions, and now procurement, so businesses can gain control of their cash flow in one seamless experience. Now, I would like to focus on our evolving supplier experience. As the scale and reach of our network has grown, we are increasingly focusing on the value proposition we offer suppliers. we have launched a series of solutions focused on the supplier side of B2B transactions. Through our automated tools, we have made it simple for over 7 million members in our network to connect with their trading partners. In addition to simplifying the connection process, we create a variety of payment options and financial services for both sides of transactions. With our core AP solution, we transform the way buyers pay. Now we are transforming how suppliers receive funds. Some suppliers in our network receive payments from thousands of their customers via the bill platform. This puts us in a unique position to solve the challenges of delivering enterprise-grade solutions that streamline the receipt of payments, enhance cash application processes, and provide valuable insight for these large suppliers. We recently introduced a beta offering of an advanced ACH solution for large suppliers, which addresses an important need, simplifying the process of getting paid by thousands of small businesses. We expect to roll this solution out more broadly over the next several quarters. Processing and reconciling large volumes of transactions from customers of all sizes and multiple payment methods is complex, time-consuming, and error-prone for these organizations. Our purpose-built solution significantly simplifies payment reconciliations by delivering consolidated daily remittance and payments. In addition, our advanced ACH solution automatically converts checks and ACH payments across our platform to advance ACH for these suppliers, which removes yet another layer of complexity in their acceptance process. With the value proposition of this solution, we believe we can scale it to serve large suppliers across the country with billions of dollars in payment volume over time. Our platform also makes it easy for smaller suppliers within our network to optimize their cash flows. Smaller suppliers manage their cash flow day to day, transaction by transaction, and often have limited access to working capital solutions. We provide solutions that enable these suppliers to get paid faster, sometimes weeks in advance. Instant transfer and invoice financing continue to show strong receptivity of suppliers and together have reached approximately $10 billion in cumulative payment volume since their launches. While we are still early in the adoption cycle, we are excited by the strong volume and high repeat usage for both offerings. Turning to our ecosystem expansion, we made great progress in Q3 broadening our diverse ecosystem, which enables us to efficiently reach and serve SMBs wherever they are. Accountants are among our most important partners, as they are an SMB's most trusted advisor. Over 9,000 accounting firms have chosen Bill to be their platform for client advisory services, and that has driven significant client adoption for Bill. Our initiative to double down on accounts is paying off. In Q3, net ads from the accounting channel grew sequentially and increased over 60% year over year. As we had discussed previously, our strategy with financial institution partners involves embedding multiple ad valorem payment offerings in our white label solutions. We are happy to report that we now have six banks that utilize at least one of our ad valorem products with one institution adopting four distinct offerings. We are leveraging this learning from our FI partnerships to unlock new distribution partners with our embed platform. I'm pleased to share that Xero is now GA with our new embed platform. Together, we are helping small businesses to streamline their accounts payable and make cash flow management even easier and more accessible. Part of our strategy and investment behind our embed capabilities is to enable our larger customers to easily build the experiences they need with our APIs. We continue to see strong adoption momentum of our Spend and Expense API. Larger businesses value the simplicity and seamless integration of our solution. Notably, businesses utilizing the API have a spend level that is much higher than what we see on average. The examples shared today highlight the innovation progress across the company on supporting our FY25 strategic priorities of enhancing our platform, expanding our payment capabilities, and deepening our ecosystem. Finally, I would like to focus on our AI initiatives. This year, we significantly increased our investment in AI for both internal and customer facing experiences. We believe these investments will continue to drive efficiency and change the game for SMBs and how they manage their finances. We envision a future where even the smallest businesses can access the same financial operation capabilities as the Fortune 500, except without the large teams of people they employ. We are building a team of AI-powered finance agents. We are uniquely positioned to direct these agents at the payables, receivables, procurement, and cash management processes that have always been a challenge for SMBs from both a time and accuracy perspective. We believe these agents will be a significant unlock for SMBs as it will free them to spend more time on the things that matter and provide them with additional insight to run their business. Our scale, deep experience, and diverse payments ecosystem will provide SMBs with a competitive advantage on day one. This vision is realized through two foundational assets inherent to our scale, an advanced data-driven understanding of customer behavior and the rich granular data context we possess across the entire customer supplier ecosystem. The extensive and proprietary data asset derived from our platform, comprising billions of dollars in payments and millions of invoices and receipts, will be the backbone our AI models rely on, providing critical insights into operational workflows, supplier relationships, payment preferences, and risk management protocols. Our data foundation enables the robust deployment of AI agents, driving highly contextual automation to redefine the efficiency of SMB financial operations. Since pioneering this category, we've continuously reinvented how we serve SMBs with innovative solutions. Now, AI is accelerating our ability to transform financial operations and further eliminate the mundane tasks that burden SMBs. We're excited to share more AI-driven updates in the quarters ahead. I am also very pleased about the caliber of talent we continue to attract to our team. We are thrilled to welcome Mike Cherry as our EVP of Software Solutions. Mike is a world-class innovation leader with extensive experience in scaling product portfolios. He brings over 20 years of valuable expertise in building for SMBs, including at Square and Gusto. We are confident that Mike's proven track record in driving innovation, product expansion, and adoption will significantly contribute to the expanding growth of our platform. Before I turn the call over to John to talk more about our results and outlook, I want to touch on the macro climate and provide some context on what we are observing. SMBs are adapting to the dynamic macro environment. Changes in behavior are emerging. We are seeing signals that businesses are managing their spend more closely by making fewer transactions and slightly decreasing their overall spend. We know that SMBs are agile and resilient, and they are looking to build to help them manage the current environment. We do that by transforming their financial back office from a source of frustration into a powerful and insightful command center. SMB's need for automation and control will only increase from here. The opportunity for Bill is vast, and with our leading platform, diverse ecosystem, and proven scale, we are very confident in our ability to capture this market and spearhead the adoption of agentic financial operations for SMBs. In conclusion, in Q3, we accomplished what we said we would do and more. We delivered strong revenue growth, strong profitability, and significant cash flow. In addition, we invested in driving more innovation to expand the value we create for our customers and suppliers in our network. With our market leadership, we are driving and pushing the category forward. Bill is the essential financial operations platform for SMBs. Now, I'll turn the call over to John.