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AUTHOR
DATE
SUBJECT
21
member
12/05/23 2:48PM
Re: Re: Timing
20
we covered the short again post earnings. no view on the stock here. its a good company but had cyclical issues as well as competitive risks. both seems relatively well understood now.
Does anyone want to trade thoughts on how they're thinking about sizing the BofA contract? I think the IRR for BILL inclusive of this upside from BofA makes it an interesting long, but the catalyst
Quickbooks Bill Pay powered by Melio has been generally available to QBO customers for free since March of this year. This would at least provide an alternative to the white label partnership with Bill for... login to read the rest
I'm new to this situation but really like the INTU overhang angle. On their earnings call last night, INTU mgmt said:
"And following our launch of the QuickBooks Business Network to millions of our QBO customers... login to read the rest
Re-entering the short. Data bad and INTU impact coming.
We are re-entering our Bill short ahead of Intuit earnings Tuesday AMC. We believe that Intuit is overdue to provide an update on its recent developments in QuickBooks payments capabilities, and therefore expect the company... login to read the rest
We are revisiting our short thesis on Bill.com “BILL,” a leading provider of accounts payable software for SMB businesses. While the stock is off 36% from when we published on January 31, 2023, since then... login to read the rest
Mason, I think you are correct. I've been digging into this myself and I spoke to some private investors in Melio and they confirmed that Intuit has been trying to buy Melio, but probably price... login to read the rest
Regarding Intuit, thought I'd flag some of the comments they made on their earnings call, signaling TPV outperformance vs. BILL and a more meaningful investment into B2B payments. My sense is that they are utilizing... login to read the rest
thank you for the replies. I looked more into this Bill/Intuit partnership and the 10-k doesn't mention "simple bill pay", only mentions "integrated into Intuit's Quickbooks product". I say this because my understanding is that... login to read the rest
hey Mason, nicely timed short. you mentioned 6x revs as a reasonable but unsubstantiated valuation target. as BILL resumes growing, the stock is going to get to 6x revenue maybe by December?
how do you think... login to read the rest
Thank you. 13% Y/Y core TPV growth in F2Q and guidance of ~0% Y/Y for F3Q was below what even we were expecting. Would also highlight that the company's operating income excluding float remains trivial,... login to read the rest
Hi lightspot, thanks for the questions:
a) You're correct, the INTU network launched was launched in January and built on the Melio offering. The timing we believe is noteworthy, given the Bill.com and Intuit partnership for... login to read the rest
Hey Mason, thanks for the idea. I've been recently spending some time on Bill as well. I have a few questions:
a) is it my understanding correct that Quickbooks just announce their B2B Payment Network, including... login to read the rest
They only expanded virtual card adoption by 50bps last year (from 2.2% to 2.7%). We were surprised as prior year penetration had moved 130bps higher. Ad valorem payments for BILL are still just ~10% of... login to read the rest
Can you clarify what you mean when you say you are disappointed in BILL’s ability to materially expand its take-rate on organic TPV? I show they expanded the take rate by 4x over the past... login to read the rest
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