Revenue for fiscal 2020 reached $157.6 million, an increase of 45.5 percent from $108.4 million the prior year. The company said there were more than 98,000 customers at the end of the fourth quarter, a 28-percent increase from a year earlier. It ended the year with more than 2.5 million network
Bill.com reported a sharp increase in the number firms in its accounting program. CEO Rene Lacerte said in the company's webcast for earnings for the quarter that it closed fiscal 2020 with 80 of the Top 100 accounting firms in its program, compared to 70 the prior year. There were 5,000 total firms on June 30, a rise of 25 percent from 4,000 on June 30, 2019.
An increase in operating expenses that was 1.7 times higher than a year earlier contributed to the loss as Bill.com increased spending in all categories. R&D expenses rose to $53.4 million, an increase of 88.1 percent from $28.9 million in 2019. Sales and marketing spending reached $45.4 million, up 50.5 percent from $30.1 million. G&A expenses of $53.9 million were 84.6-percent higher than the $29.2 million the prior year.