Bill reported strong revenue growth for its first quarter ended September 30. However, the payments software company sees growing economic pressure as slowing growth over fiscal 2024.
For the most recently ended period, the company lost $27.9 million, down sharply from a loss of $81.6 million in last year’s corresponding period. Revenue was slightly less than $305 million in the most recently ended period, an increase of 33 percent from slightly less than $229 million a year ago.
CEO Rene Lacerte said during a recent earnings webcast the company has started to see increased macro economic pressure and singled out higher interest rates as having an impact. "Capital and cash have become less affordable for SMBs,” he said.
CFO John Rettig noted the economic pressure in the company’s outlook for fiscal 2024. He said standalone payment volume will be flat from last year. Overall, economic trends that started early this year are having a bigger impact. “We have seen further tightening by our customs and suppliers,” Rettig said.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
