BILL Holdings, Inc. is an American company based in San Jose, California, that provides automated, cloud-based software for financial operations for small businesses in the United States. A white-labeled, end-to-end payments automation platform, Bill.com Connect is offered to financial institutions as part of their single sign-on online business banking ecosystem.3Wikipedia text CC BY-SA 4.0
BILL Holdings, Inc. is an American company based in San Jose, California, that provides automated, cloud-based software for financial operations for small businesses in the United States. A white-labeled, end-to-end payments automation platform, Bill.com Connect is offered to financial institutions as part of their single sign-on online business banking ecosystem.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Accounts Payable And Accounts Receivable Solutions brought in 45% of the revenue Bill.com, LLC broke down this way in fiscal 2026.
Accounts Payable And Accounts Receivable Solutions$740.1M645%up 11% from 2025
Spend And Expense Interchange Revenue$675.6M641%up 22% from 2025
Interest On Funds Held For Customers$148.4M69%down 8% from 2025
Embedded And Other Solutions$89.1M65%up 14% from 2025
Products and services by year
Products and services
2024
2025
2026
Accounts Payable And Accounts Receivable Solutions
$595.4M
$667.8M
$740.1M
Spend And Expense Interchange Revenue
$457.3M
$555.0M
$675.6M
Interest On Funds Held For Customers
$167.4M
$161.8M
$148.4M
Embedded And Other Solutions
$70.0M
$78.0M
$89.1M
Where the money goes
Where each dollar of revenue went, fiscal 2026
Cost of revenueResearch and developmentOther costs
Cost of revenue19¢$315.3M
Research and development18¢$300.6M
Other costs63¢$1.0B
Income tax0¢$1.1M
Out of $1.7B in revenue.6 The company lost money this year.
Where each dollar of operating cash went, fiscal 2026
Share buybacks
Capital spending1¢$3.3M
Share buybacks99¢$560.5M
Out of $415.8M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.6
Financial statements
Revenue10111213146$1.7B in 2026+1426% since 2019Gross profit10111213146$1.3B in 2026+1606% since 2019Operating income10111213146-$73.4M in 2026+649% since 2019Net income10111213146-$11.2M in 2026+54% since 2019
Revenue1516$406.6M in Q3 FY2026−2% since Q2 FY2025Gross profit1516$331.9M in Q3 FY2026+0% since Q2 FY2025Operating income1516-$399.0K in Q3 FY2026−98% since Q2 FY2025Net income1516$12.8M in Q3 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
Period ending
2026-06-30
2025-06-30
2024-06-30
Total revenue
$1.7B
$1.5B
$1.3B
Service costs
$265.8M
$229.8M
$189.9M
Depreciation and amortization
$49.5M
$42.3M
$44.7M
Total cost of revenue
$315.3M
$272.1M
$234.6M
Gross profit
$1.3B
$1.2B
$1.1B
Research and development
$300.6M
$340.1M
$336.8M
Sales and marketing
$616.2M
$543.7M
$478.5M
General and administrative
$299.4M
$281.9M
$277.7M
Provision for expected credit losses
$71.1M
$72.7M
$60.1M
Depreciation and amortization
$33.2M
$32.6M
$49.1M
Restructuring
$90.9M
$0
$27.6M
Total operating expenses
$1.4B
$1.3B
$1.2B
Operating loss
-$73.4M
-$80.6M
-$174.2M
Other income, net
$63.3M
$111.0M
$147.8M
Income (loss) before provision for income taxes
-$10.1M
$30.4M
-$26.3M
Provision for income taxes
$1.1M
$6.6M
$2.6M
Net income (loss)
-$11.2M
$23.8M
-$28.9M
Basic (dollars per share)
-$0.11
$0.23
-$0.27
Diluted (dollars per share)
-$0.11
-$0.07
-$0.27
Basic (shares)
99.9M shares
103.6M shares
106.1M shares
Diluted (shares)
99.9M shares
103.9M shares
106.1M shares
No quarter-by-quarter statement was filed.
Total assets1710111213146$10.2B in 2026+569% since 2019Total liabilities1710111213146$6.7B in 2026+394% since 2019Shareholders’ equity111213146$3.5B in 2026Cash10111213146$1.0B in 2026+1042% since 2019Long-term debt111213146$1.8B in 2026+86% since 2021
Total assets1516$10.1B in Q3 FY2026−0% since Q2 FY2025Total liabilities1516$6.3B in Q3 FY2026−1% since Q2 FY2025Shareholders’ equity1516$3.8B in Q3 FY2026−2% since Q2 FY2025Cash1516$994.7M in Q3 FY2026−9% since Q2 FY2025Long-term debt1516$1.8B in Q3 FY2026+0% since Q2 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.6
Period ending
2026-06-30
2025-06-30
2024-06-30
2023-06-30
Cash and cash equivalents
$1.0B
$1.0B
$985.9M
Short-term investments
$906.5M
$1.2B
Accounts receivable, net
$31.0M
$32.3M
Acquired card receivables, net of allowances of $13,742 and $15,020 as of June 30, 2026 and 2025, respectively
$811.8M
$685.1M
Prepaid expenses and other current assets
$302.2M
$258.4M
Funds held for customers
$4.4B
$4.0B
Total current assets
$7.4B
$7.2B
Operating lease right-of-use assets, net
$47.8M
$56.1M
Property and equipment, net
$144.9M
$116.6M
Intangible assets, net
$162.1M
$222.8M
Goodwill
$2.4B
$2.4B
Other assets
$31.6M
$33.2M
Total assets
$10.2B
$10.1B
Accounts payable
$9.6M
$16.3M
Accrued compensation and benefits
$32.9M
$39.6M
Deferred revenue
$19.4M
$22.4M
Other accruals and current liabilities
$387.3M
$252.5M
Borrowings from credit facilities
$0
$180.0M
Convertible senior notes, net
$123.1M
$33.4M
Customer fund deposits
$4.4B
$4.0B
Total current liabilities
$4.9B
$4.6B
Deferred revenue
$333.0K
$285.0K
Operating lease liabilities
$48.5M
$58.4M
Borrowings from credit facilities
$330.0M
$0
Convertible senior notes, net
$1.4B
$1.5B
Other long-term liabilities
$777.0K
$1.6M
Total liabilities
$6.7B
$6.1B
Preferred stock: $0.00001 par value per share; 10,000 shares authorized; none issued and outstanding
$0
$0
Common stock; $0.00001 par value per share; 500,000 shares authorized; 92,063 and 103,012 shares issued and outstanding at June 30, 2026 and 2025, respectively
$2.0K
$2.0K
Additional paid-in capital
$5.6B
$5.4B
Accumulated other comprehensive income (loss)
-$6.4M
$10.2M
Accumulated deficit
-$2.1B
-$1.5B
Total stockholders' equity
$3.5B
$3.9B
$4.1B
$4.1B
Total liabilities and stockholders' equity
$10.2B
$10.1B
Acquired card receivables, net of allowances
$13.7M
$15.0M
$20.9M
Preferred stock par value (dollars per share)
$0.00
$0.00
Preferred stock authorized (shares)
10.0M shares
10.0M shares
Preferred stock issued (shares)
0 shares
0 shares
Preferred stock outstanding (shares)
0 shares
0 shares
Common stock par value (dollars per share)
$0.00
$0.00
Common stock shares authorized (shares)
500.0M shares
500.0M shares
Common stock issued (shares)
92.1M shares
103.0M shares
Common stock shares outstanding (shares)
92.1M shares
103.0M shares
Period ending
2026-06-30
2025-06-30
2024-06-30
2023-06-30
Cash and cash equivalents
$1.0B
$1.0B
$985.9M
Short-term investments
$906.5M
$1.2B
Accounts receivable, net
$31.0M
$32.3M
Acquired card receivables, net of allowances of $13,742 and $15,020 as of June 30, 2026 and 2025, respectively
$811.8M
$685.1M
Prepaid expenses and other current assets
$302.2M
$258.4M
Funds held for customers
$4.4B
$4.0B
Total current assets
$7.4B
$7.2B
Operating lease right-of-use assets, net
$47.8M
$56.1M
Property and equipment, net
$144.9M
$116.6M
Intangible assets, net
$162.1M
$222.8M
Goodwill
$2.4B
$2.4B
Other assets
$31.6M
$33.2M
Total assets
$10.2B
$10.1B
Accounts payable
$9.6M
$16.3M
Accrued compensation and benefits
$32.9M
$39.6M
Deferred revenue
$19.4M
$22.4M
Other accruals and current liabilities
$387.3M
$252.5M
Borrowings from credit facilities
$0
$180.0M
Convertible senior notes, net
$123.1M
$33.4M
Customer fund deposits
$4.4B
$4.0B
Total current liabilities
$4.9B
$4.6B
Deferred revenue
$333.0K
$285.0K
Operating lease liabilities
$48.5M
$58.4M
Borrowings from credit facilities
$330.0M
$0
Convertible senior notes, net
$1.4B
$1.5B
Other long-term liabilities
$777.0K
$1.6M
Total liabilities
$6.7B
$6.1B
Preferred stock: $0.00001 par value per share; 10,000 shares authorized; none issued and outstanding
$0
$0
Common stock; $0.00001 par value per share; 500,000 shares authorized; 92,063 and 103,012 shares issued and outstanding at June 30, 2026 and 2025, respectively
$2.0K
$2.0K
Additional paid-in capital
$5.6B
$5.4B
Accumulated other comprehensive income (loss)
-$6.4M
$10.2M
Accumulated deficit
-$2.1B
-$1.5B
Total stockholders' equity
$3.5B
$3.9B
$4.1B
$4.1B
Total liabilities and stockholders' equity
$10.2B
$10.1B
Acquired card receivables, net of allowances
$13.7M
$15.0M
$20.9M
Preferred stock par value (dollars per share)
$0.00
$0.00
Preferred stock authorized (shares)
10.0M shares
10.0M shares
Preferred stock issued (shares)
0 shares
0 shares
Preferred stock outstanding (shares)
0 shares
0 shares
Common stock par value (dollars per share)
$0.00
$0.00
Common stock shares authorized (shares)
500.0M shares
500.0M shares
Common stock issued (shares)
92.1M shares
103.0M shares
Common stock shares outstanding (shares)
92.1M shares
103.0M shares
Cash from operations10111213146$415.8M in 2026Capital spending10111213146$3.3M in 2026+22% since 2019Free cash flow10111213146$412.5M in 2026Share buybacks1213146$560.5M in 2026
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
Period ending
2026-06-30
2025-06-30
2024-06-30
Net income (loss)
-$11.2M
$23.8M
-$28.9M
Stock-based compensation
$229.8M
$242.5M
$248.4M
Amortization of intangible assets
$60.7M
$61.9M
$80.0M
Depreciation of property and equipment
$22.0M
$13.0M
$13.8M
Amortization of capitalized internal-use software costs paid in cash
$33.9M
$14.5M
$9.4M
Amortization of debt discount and issuance costs
$6.4M
$4.7M
$6.2M
Accretion of discount on investments in marketable debt securities
-$23.9M
-$37.0M
-$55.1M
Accretion of discount on loans held for investment
-$28.2M
-$21.2M
-$9.2M
Gain on debt extinguishment
$0
-$40.5M
-$46.7M
Provision for expected credit losses on acquired card receivables and other financial assets
$54.6M
$45.7M
$52.2M
Provision for expected credit losses on loans held for investment
$16.5M
$27.0M
$7.9M
Non-cash operating lease expense
$8.3M
$8.2M
$8.6M
Other
$124.0K
$395.0K
$1.4M
Accounts receivable
$1.4M
-$4.5M
$69.0K
Prepaid expenses and other current assets
$3.1M
-$27.0M
-$6.8M
Other assets
$1.2M
$8.4M
$7.5M
Accounts payable
-$5.9M
$8.2M
-$1.1M
Other accruals and current liabilities
$61.2M
$30.2M
$21.0M
Operating lease liabilities
-$9.9M
-$9.4M
-$9.8M
Other long-term liabilities
-$1.1M
$46.0K
-$14.6M
Deferred revenue
-$3.0M
$1.5M
-$5.6M
Net cash provided by operating activities
$415.8M
$350.6M
$278.8M
Purchases of corporate and customer fund short-term investments
-$1.6B
-$2.8B
-$2.7B
Proceeds from maturities and sales of corporate and customer fund short-term investments
$1.8B
$2.2B
$2.5B
Purchase of intangible assets
$0
-$2.9M
$0
Purchases of loans held for investment
-$1.0B
-$798.9M
-$359.7M
Principal repayments of loans held for investment
$1.1B
$787.5M
$326.2M
Acquired card receivables, net
-$150.0M
-$129.4M
-$185.5M
Purchases of property and equipment
-$3.3M
-$4.3M
-$976.0K
Capitalization of internal-use software costs
-$57.8M
-$33.8M
-$19.9M
Other
-$1.8M
-$2.5M
-$500.0K
Net cash used in investing activities
-$28.6M
-$817.4M
-$409.4M
Proceeds from issuance of convertible senior notes
$0
$1.4B
$0
Cash paid for convertible senior notes issuance costs
$0
-$24.0M
$0
Payments for repurchase and settlement of convertible senior notes
-$33.5M
-$539.4M
-$933.2M
Proceeds from unwind of capped calls
$0
$0
$11.4M
Purchase of capped calls
$0
-$93.0M
$0
Customer fund deposits liability and other
$285.5M
$318.7M
$354.0M
Prepaid card deposits
$27.1M
$28.5M
-$17.9M
Repurchase of common stock
-$560.5M
-$430.0M
-$211.9M
Proceeds from line of credit borrowings
$150.0M
$0
$45.0M
Cash paid for line of credit issuance costs
-$811.0K
-$1.7M
$0
Proceeds from exercise of stock options
$2.9M
$3.7M
$8.1M
Tax withholdings related to net share settlements of equity awards
-$55.6M
-$7.8M
-$3.9M
Proceeds from issuance of common stock under the employee stock purchase plan
$11.9M
$11.6M
$16.5M
Contingent consideration payout
$0
$0
-$10.8M
Net cash provided by (used in) financing activities
-$172.8M
$666.5M
-$742.6M
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents
-$50.0K
-$290.0K
-$240.0K
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents
$214.3M
$199.5M
-$873.4M
Cash paid for interest during the period
$19.0M
$13.8M
$12.6M
Cash paid for income taxes during the period
$1.1M
$6.3M
$5.6M
Payable on purchases of property and equipment and internal-use software costs
Bill.com, LLC sits at the top of its group. 18 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Bill.com, LLC
BlackRockFiled SCHEDULE 13G/A on Bill.com, LLC, latest Sep 4, 2026 (6 filings since Feb 8, 2022)
Starboard Value LPFiled SCHEDULE 13D/A on Bill.com, LLC, latest Aug 24, 2026 (4 filings since Sep 4, 2025)
BILL Operations, LLC Subsidiary · Delaware, United States
Bill.com Australia Holdings Pty Ltd Subsidiary · Australia
Bill.com Canada, Inc. Subsidiary · Canada
Bill.com Capital 1, LLC Subsidiary · Delaware, United States
Bill.com Capital 2, LLC Subsidiary · Delaware, United States
Bill.com Capital 3, LLC Subsidiary · Delaware, United States
Bill.com Capital 4, LLC Subsidiary · Delaware, United States
Bill.com Capital Holdings, LLC Subsidiary · Delaware, United States
Bill.com International, Inc. Subsidiary · Delaware, United States
Cimrid Pty, Ltd Subsidiary · Australia
Divvy Credit 1, LLC Subsidiary · Delaware, United States
Divvy Peach, LLC Subsidiary · Delaware, United States
DivvyPay, LLC Subsidiary · Delaware, United States
Invoice2Go, LLC Subsidiary · Delaware, United States
Odin Financing, LLC Subsidiary · Delaware, United States
Phlo, Inc. Subsidiary · Delaware, United States
Track Technologies, Inc. Subsidiary · Delaware, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Bill.com, LLC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
We lease our office facilities, including approximately 138,000 square feet in San Jose, California for our corporate headquarters. This lease agreement expires in June 2031. We also maintain an office in Draper, Utah. Our leased facilities in Draper, Utah consist of 155,000 square feet of office space for our employees, approximately 26,000 square feet of which is being subleased expiring in December 2030. The lease for our Draper, Utah property expires in May 2031.
As part of our new operating strategy, we are transitioning to a remote-first company and we expect to reduce our real property footprint in the near-term.
René Lacerte, who co-founded and led an online payroll software startup PayCycle, stepped down as its CEO in November 2004 per the decision of the Board. Lacerte soon started working on his next company, which eventually became Bill.com. Founded in April 2006 as Cashboard, Inc., the company enables small businesses to pay their bills and keep their books in the cloud. Its early investors included August Capital and DCM Ventures.
2019–2025
In October 2019, Bill.com started offering new capabilities to help companies automate their AP/AR functions.
Bill.com completed its initial public offering (IPO) on the New York Stock Exchange in December 2019. In early 2020, Bill.com moved its headquarters from Palo Alto to San Jose, California.
In June 2021, Bill.com paid $2.5 billion to acquire Divvy, an expense-management company that modernizes small business finances by combining software and corporate smart cards into a single platform. Later that September, the company closed the acquisition of Invoice2go for $625 million, an AR mobile-first company, extending the company's reach to serve sole proprietors.
In 2025, the Financial Times reported that the hedge fund Elliott Management had acquired a large stake in Bill Holdings. Reuters then reported that Elliott owned roughly 5% of Bill Holdings. Activist investor Starboard Value had also acquired an 8.5% stake in BILL Holdings, with reports it intended to push for changes. In early 2025, Starboard and the company Autodesk reached a settlement to add two independent directors to the BILL board, while in March, Kenvue agreed to add three directors to the board. Starboard nominated four to the BILL Holdings board in September 2025, with four of BILL's 12 directors standing for election at the upcoming annual meeting. In September 2025, BILL Holdings had a market value of around $5 billion.
In November 2025, Bloomberg reported that BILL Holdings was exploring strategic options including a potential sale, amid pressure from activist investors Starboard Value and Elliott Management. In December 2025, activist investor Barington Capital also disclosed a stake and urged the board to consider a sale. By February 2026, Hellman & Friedman was reported to be in talks for a potential buyout.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
572 filings to the SEC since October 2021: 6 annual reports, 18 quarterly reports, 55 major events, 372 insider forms, 43 large holders, 78 other. The latest 20:
160 open-market trades by officers, directors and large owners since October 2021: 8 buys and 152 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
Year
Executive
Age
Salary
Total pay
2025
Mary Kay BowmanExecutive Vice President, General Manager of Payments and Financial Services
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Aug 20, 2026 (Section 12(b) of the Exchange Act).18
Risk factors and legal proceedings
The risks Bill.com, LLC names in Item 1A of its 10-K filed Aug 20, 2026: 64 risks under these headings, as written.18
Risks Related to Our Business and Industry
We have a history of operating losses and may not sustain or expand our profitability in the future.
A significant portion of our revenue comes from small and medium-sized businesses, which may have fewer financial resources to weather an economic downturn, and volatile or weakened economic conditions in the U.S. and globally may adversely affect our business and operating results.
We expect fluctuations in our financial results, making it difficult to project future results, and if we fail to meet the expectations of securities analysts or investors with respect to our operating results, our stock price and the value of your investment could decline.
If we are unable to attract new customers or convert trial customers into paying customers or if our efforts to promote our charge card usage through marketing, promotion, and spending business rewards are unsuccessful, our revenue growth and operating results will be adversely affected.
If we are unable to retain our current customers, increase customer adoption of our products, sell additional services to our customers, or develop and launch new payment products, our business and growth will be adversely affected.
Our BILL Divvy Card offering exposes us to credit risk and other risks related to spending businesses' ability to pay the balances incurred on their BILL Divvy Cards. Certain of our other current and future product offerings, such as invoice financing, may also subject us to credit risk.
Our risk management efforts may not be effective to prevent fraudulent activities by our customers, subscribers, spending businesses, or their counterparties, or other third parties which, potentially augmented by AI, could expose us to material financial losses and liabilities and otherwise harm our business.
The markets in which we participate are competitive, and if we do not compete effectively, our operating results could be harmed.
We transfer large sums of customer funds daily, and are subject to numerous associated risks which could result in financial losses, damage to our reputation, or loss of trust in our brand, which would harm our business and financial results.
Funds that we hold for the benefit of our customers are subject to market, interest rate, credit, foreign exchange, and liquidity risks, as well as general political and economic conditions. The loss of any of these funds could adversely affect our business, operating results and financial condition.
We earn revenue from interest earned on customer funds held in trust while payments are clearing, which is subject to market conditions and may decrease as customers’ adoption of electronic payments and technology continues to evolve.
The other 53 risks
Our business depends, in part, on our relationships with accounting firms, financial institutions, software providers and other partners.
Our recent growth may not be indicative of our future growth, and there is no assurance that we will be able to scale our platform and infrastructure, and manage our growth effectively.
Certain credit products, including our BILL Divvy Card, are dependent on our relationship with the Issuing Banks.
We rely on a variety of funding sources to support our BILL Divvy Card offering. If our existing funding arrangements are not renewed or replaced, or if our existing funding sources are unwilling or unable to provide funding to us on terms acceptable to us, or at all, it could adversely affect our business, operating results, financial condition, cash flows, and future prospects.
If we do not or cannot maintain the compatibility of our platform with popular software solutions or offerings of our partners, our revenue and growth prospects will decline.
We depend on third-party service providers to process transactions on our platform and to provide other services important to the operation of our business. Any significant disruption in services provided by these vendors could prevent us from processing transactions on our platform, result in other interruptions to our business and adversely affect our business, operating results and financial condition.
We use AI in our business, and any challenges with successfully developing and deploying new AI tools or properly managing the use of AI could result in reputational harm, competitive harm, legal liability, and regulatory compliance burdens, and adversely affect our results of operations.
If we lose our founder or key members of our management team or are unable to attract and retain executives and employees we need to support our operations and growth, our business may be harmed.
Future acquisitions, strategic investments, partnerships, collaborations, or alliances could be difficult to identify and integrate, divert the attention of management, disrupt our business, dilute stockholder value, and adversely affect our operating results and financial condition.
If we fail to offer high-quality customer support, or if our support is more expensive than anticipated, our business and reputation could suffer.
If we fail to adapt and respond effectively to rapidly changing technology, evolving industry standards, changing regulations, and changing business needs, requirements, or preferences, our products may become less competitive.
If the prices we charge for our services are unacceptable to our customers, our operating results will be harmed.
Interruptions or delays in the services provided by AWS or other third-party data centers or internet service providers could impair the delivery of our platform and our business could suffer.
Failure to effectively develop and expand our sales and marketing capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our products.
We currently handle cross-border payments and plan to expand our payments offerings to new customers and to make payments to new countries, creating a variety of operational challenges.
A substantial portion of our revenue is derived from interchange fees, which exposes us to potential variability in income and other risks.
If we fail to maintain and enhance our brands, our ability to expand our customer base will be impaired and our business, operating results, and financial condition may suffer.
Changes to payment card networks rules or fees could harm our business.
Our reductions in force, transition to a remote-first company, and restructuring efforts may result in unanticipated costs or consequences.
We may require additional capital to support the growth of our business, and this capital might not be available on acceptable terms, if at all.
Our ability to use our net operating losses to offset future taxable income may be subject to certain limitations.
We could be required to collect additional sales taxes or be subject to other tax liabilities that may increase the costs our customers would have to pay for our offering and adversely affect our operating results.
Changes in our effective tax rate, tax assets or tax liabilities may adversely affect our operating results.
Natural catastrophic events, pandemics, and man-made problems such as power-disruptions, computer viruses, data security breaches, war, and terrorism may disrupt our business.
If we fail to maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired.
Our reported financial results may be adversely affected by changes in accounting principles generally accepted in the U.S.
If our estimates or judgments relating to our critical accounting policies prove to be incorrect, or if changes to such policies are not well-understood, our operating results could be adversely affected and the trading price of our common stock could decline.
Our estimates of market opportunity and forecasts of market growth may prove to be inaccurate, and even if the market in which we compete achieves the forecasted growth, our business could fail to grow at similar rates, if at all.
We rely on assumptions and estimates to calculate certain of our performance metrics, and real or perceived inaccuracies in such metrics may harm our reputation and negatively affect our business.
Any future litigation against us could be costly and time-consuming to defend.
If we cannot maintain our company culture as we grow, our success and our business may be harmed.
We are exposed to foreign currency exchange risk relating to our Canadian operations.
Our business could be negatively affected as a result of actions by or proposals from activist stockholders, and such activism could impact the trading value of our securities and harm our business, financial condition and results of operations.
Risks Related to Government Regulation and Privacy Matters
Payments and other financial services-related regulations and oversight are material to our business. Our failure to comply could materially harm our business.
We are subject to governmental regulation and other legal obligations, particularly those related to privacy, data protection, and information security, and our actual or perceived failure to comply with such obligations could harm our business, by resulting in litigation, fines, penalties, or adverse publicity and reputational damage that may negatively affect the value of our business and decrease the price of our common stock. Compliance with such laws could also result in additional costs and liabilities to us or inhibit sales of our products.
We, our partners, our customers, and others who use our services obtain and process a large amount of sensitive data. Any real or perceived improper or unauthorized use of, disclosure of, or access to such data could harm our reputation as a trusted brand and adversely affect our business, operating results, and financial condition.
We are subject to governmental laws and requirements regarding economic and trade sanctions, anti-money laundering, and counter-terror financing that could impair our ability to compete in international markets or subject us to criminal or civil liability if we violate them.
We are subject to anti-corruption, anti-bribery, and similar laws, and non-compliance with such laws can subject us to criminal or civil liability and harm our business.
Risks Related to Our Intellectual Property
If we fail to adequately protect our proprietary rights, our competitive position could be impaired and we may lose valuable assets, generate less revenue, and incur costly litigation to protect our rights.
We have been in the past, and may in the future be, subject to intellectual property disputes, which are costly and may subject us to significant liability and increased costs of doing business.
Indemnity provisions in various agreements potentially expose us to substantial liability for intellectual property infringement, data protection, and other losses.
We use open source software in our products, which could subject us to litigation or other actions.
Risks Related to Our Indebtedness
Our debt service obligations, including the Notes, may adversely affect our financial condition and results of operations.
We may not have the ability to raise the funds necessary for cash settlement upon conversion of the Notes or to repurchase the Notes for cash upon a fundamental change, and our future debt may contain limitations on our ability to pay cash upon conversion of the Notes or to repurchase the Notes.
The conditional conversion feature of the Notes, when triggered, may adversely affect our financial condition and operating results.
The Capped Calls may affect the value of our Notes and our common stock.
We are subject to counterparty risk with respect to the Capped Calls.
Risks Related to Ownership of Our Common Stock
The stock price of our common stock has been, and will likely continue to be volatile, and you may lose part or all of your investment.
Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of our company more difficult, limit attempts by our stockholders to replace or remove our current management, and affect the market price of our common stock.
We do not intend to pay dividends for the foreseeable future.
If securities or industry analysts do not publish research or publish unfavorable or inaccurate research about our business, our stock price and trading volume could decline.
Sales of substantial amounts of our common stock in the public markets, particularly sales by our directors, executive officers, and significant stockholders, or the perception that these sales could occur, could cause the market price of our common stock to decline and may make it more difficult for you to sell your common stock at a time and price that you deem appropriate.
The timing and amount of any repurchases of common stock by us are subject to a number of uncertainties.
Legal proceedings
From time to time, we may be subject to legal proceedings and claims in the ordinary course of business, including patent, commercial, product liability, employment, class action, whistleblower, and other litigation and claims, as well as governmental and other regulatory investigations and proceedings. In addition, third parties may from time to time assert claims against us in the form of letters and other communications. We are not currently a party to any legal proceedings that we believe to be material to our business or financial condition.
The results of any future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.
