Executive overview: Billcom reported Q4 2024 total revenue of $343.7 million, up 16% year over year (YoY) with core revenue of $301.0 million, also up 16% YoY. Non-GAAP operating income reached $60.0 million, up 42% YoY and representing a 17% margin, while non-GAAP net income was $64.0 million (3Q4 non-GAAP margin of 19%). The company maintained a strong gross margin profile on a non-GAAP basis of 85%, underscoring the leverage in its software and fintech platform. BILL standalone revenue was $161.0 million in Q4, up 8% YoY, while Spend and Expense revenue (formerly Divvy) rose 26% to $126.0 million, driven by card spend growth of 28% and 11,500 joint customers using both BILL AP and Spend & Expense by fiscal year-end 2024, up almost 60% YoY. The firm continued to build its integrated platform (AP, AR, Spend & Expense) and expanded into embedded FI and banking partnerships, including a strategic Xero collaboration positioned to beta in the US. BILL announced a new $300 million share repurchase authorization and a four-year extension of a key large FI partner contract, maintaining healthy liquidity with $1.6 billion in cash, cash equivalents and short-term investments. Guidance reflects a constructive growth path: Q1 2025 total revenue guidance of $346–351 million (13%–15% YoY) and full-year FY2025 revenue of $1.415–1.450 billion (10%–12% YoY), with float revenue around $145 million and non-GAAP net income per diluted share of $1.36–$1.61 for the year. Management signaled a longer-term ambition to drive core revenue growth of 20%+ in fiscal 2026, supported by investments of roughly $45 million in FY2025 and expanding monetization through ad valorem payments, embedded solutions, and supplier/merchant ecosystem expansion. Overall, BILL is transitioning from a stabilization phase to a growth-phase focused on platform expansion, cross-sell momentum, and a durable, value-driven SMB-centric financial operations platform.