BILL Holdings Inc (NYSE:BILL) stock rose 6.69% (As on August 18, 11:35:50 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 23. BILL processed $69.1 billion in total payment volume in the reported quarter, an increase of 9% year over year. This included $65.1 billion of total payment volume on its BILL standalone platform, an increase of 7% year over year, and $3.8 billion in total card payment volume for Divvy, an increase of 42% year over year. BILL’s solutions served 461,000 businesses as of the end of the fiscal fourth quarter. The company extended its agreement with JPMorgan Chase Commercial Banking for Cashflow360 for another five years. As of Jun 30, 2023, cash and cash equivalent and short-term investments were $2.66 billion, unchanged sequentially. Cash flow from operations was $80.4 million in the fiscal fourth quarter.

BILL in the fourth quarter of FY 23 has reported the adjusted earnings per share of 59 cents, beating the analysts’ estimates for the adjusted earnings per share by 43.9%, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 47.8 percent to $296 million in the fourth quarter of FY 23, beating the analysts’ estimates for revenue by 5.87%. In the fiscal fourth quarter, core revenues, which consist of subscription and transaction fees, were $259.5 million.Subscription fees of $66.9 million increased 21% year over year. The subscription fees include $57.8 million from the BILL standalone platform, which increased 25% year over year. Transaction fees were $192.6 million, up 38% from the year-ago period. The transaction fees included BILL standalone platform fees of $91.5 million, up 33% and Divvy spend management solution’s fees of $99.9 million, which increased 44%. Float revenues, which consist of interest on funds held for customers, were $36.5 million in the reported quarter. In the quarter under review, non-GAAP gross profit was $257.2 million, which grew 52.6% year over year and represented a gross margin of 86.9%, expanding 270 basis points year over year. BILL reported a non-GAAP operating income of $42.3 million against a loss of $3.2 million in the year-ago quarter.

For the first quarter of fiscal 2024, BILL expects revenues between $295.5 million and $298.5 million, suggesting year-over-year growth of 28-30%. Non-GAAP EPS is expected to be between 48 cents and 50 cents.

For fiscal 2024, the company expects revenues between $1.289 billion and $1.31 billion, implying year-over-year growth in the 22%-23% range. Non-GAAP EPS is expected to be between $1.82 and $1.97.