Bill, a leading financial operations platform for small and midsize businesses (SMBs), has released its financial results for the fourth quarter and fiscal year 2024, along with announcing a $300 million share repurchase program.
In the fourth quarter of fiscal 2024, the total revenue was $343.7 million, marking a 16% increase year-over-year. Core revenue, including subscription and transaction fees, reached $301.3 million, up 16% year-over-year. Subscription fees were $65.8 million, down 2% year-over-year, while transaction fees saw a significant increase of 22% year-over-year, totaling $235.5 million.
Furthermore, the gross profit for the same quarter was $278.5 million, representing an 81.0% gross margin. It's noteworthy that non-GAAP gross profit was $292.0 million, with an 85.0% non-GAAP gross margin. Operating loss decreased to $22.2 million from $41.4 million in the fourth quarter of fiscal 2023. Non-GAAP operating income surged to $60.0 million, a 42% increase year-over-year. The net income for the quarter was $7.6 million, compared to a net loss of $15.9 million in the same period of the prior fiscal year. Non-GAAP net income also showed a notable increase to $63.9 million, up from $56.3 million in the fourth quarter of fiscal 2023.
Moving on to the fiscal year 2024, the total revenue amounted to $1,290.2 million, marking a 22% increase year-over-year. Core revenue, which comprises subscription and transaction fees, reached $1,122.7 million, up 19% year-over-year. Subscription fees were $257.1 million, showing a 2% increase year-over-year, while transaction fees experienced a substantial 25% year-over-year growth, totaling $865.6 million. The gross profit for the fiscal year was $1,055.6 million, with an 81.8% gross margin. Non-GAAP gross profit stood at $1,109.9 million, representing an 86.0% non-GAAP gross margin.
Additionally, the operating loss for fiscal 2024 decreased to $174.2 million from $295.8 million in the prior fiscal year. Non-GAAP operating income surged to $196.2 million, a 68% increase year-over-year. The net loss for the fiscal year was $28.9 million, compared to $223.7 million in the prior fiscal year. Non-GAAP net income also showed a substantial increase to $244.0 million, up from $157.5 million in the previous fiscal year.
In terms of recent developments, as of the end of the fourth quarter, Bill served 474,600 businesses using its solutions and processed $76 billion in total payment volume, representing a 10% increase year-over-year. Additionally, the company processed 28 million transactions during the fourth quarter, marking a 19% increase year-over-year.
Notably, Bill also announced a new share repurchase program, under which the company intends to purchase up to an aggregate of $300 million of its outstanding common stock. During fiscal 2024, Bill repurchased 2.9 million shares for $212 million, completing the previously-authorized $300 million program.
Looking ahead, for the fiscal first quarter ending September 30, 2024, Bill provided guidance for total revenue in the range of $346 million to $351 million, reflecting a 13% to 15% year-over-year growth. The full fiscal year ending June 30, 2025, is expected to see total revenue in the range of $1,415 million to $1,450 million, with a 10% to 12% year-over-year growth. The market has reacted to these announcements by moving the company's shares -1.4% to a price of $50.74. Check out the company's full 8-K submission here.
