“We continue to expect net customer adds to be lower than in recent quarters, given we're past the initial pandemic tailwind, and we've been shifting our customer acquisition focus away from the smallest of businesses,” Lacerte said during the company’s recent earnings webcast.
The company ended the quarter with 109,200 customers, an increase of 27 percent year-over-year with an addition of 5,600 net new customers during the quarter.
However, Bill.com’s loss more than doubled as the company continued to invest in growth. The loss for the most recently ended quarter was $17.2 million, up from $7.6 million. Second-quarter revenue was slightly more than $54 million, an increase of 38.3 percent from $39.1 million in last year’s corresponding period.
Bill.com grew R&D spending to 33 percent of revenue for the December quarter, up from 31 percent of revenue a year earlier. It spent $20.4 million for that category in the three months, q 57.7 percent increase from slightly less then $13 million a year earlier.
Lacerte said transaction revenue grow 98 percent to $25.7 million in the second quarter while subscription revenue of $26.6 million us up 33 percent.