Bill Com Holdings Inc (BILL)

Days of sales outstanding (DSO)

		Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020
Receivables turnover		2.04	1.94	2.27	2.04	1.78	1.85	2.19	1.96	2.17	2.07	2.08	1.95	2.28	1.88	1.65	1.52	1.44	11.58	12.74	14.09
DSO	days	179.05	187.82	160.60	179.35	205.18	197.34	166.46	185.77	167.90	176.37	175.53	187.36	159.93	194.01	220.61	240.75	253.25	31.51	28.64	25.90

June 30, 2025 calculation

DSO = 365 ÷ Receivables turnover
= 365 ÷ 2.04
= 179.05

The days of sales outstanding (DSO) for Bill Com Holdings Inc. exhibit notable fluctuations over the analyzed period. Initially, as of September 30, 2020, the DSO was approximately 25.90 days, indicating a relatively efficient collection period. This figure modestly increased through the following quarters, reaching approximately 28.64 days by December 31, 2020, and further rising to 31.51 days as of March 31, 2021.

However, a significant shift occurs starting in the second quarter of 2021. The DSO jumps dramatically to 253.25 days as of June 30, 2021. Subsequently, the DSO remains elevated during the second half of 2021 and into early 2022, with values of 240.75 days (September 30, 2021), 220.61 days (December 31, 2021), and 194.01 days (March 31, 2022). Despite a downward trend throughout 2022, the DSO sustains at elevated levels, recorded at 159.93 days (June 30, 2022), 187.36 days (September 30, 2022), and 175.53 days (December 31, 2022).

Through 2023, the DSO displays some variability but generally remains high, with measurements of 176.37 days (March 31, 2023), 167.90 days (June 30, 2023), and peaking at 185.77 days (September 30, 2023). It experiences a partial decline to 166.46 days (December 31, 2023), though it rises again to 197.34 days (March 31, 2024) and 205.18 days (June 30, 2024). The most recent measures indicate a decrease to 179.35 days (September 30, 2024), followed by a further reduction to 160.60 days (December 31, 2024). The DSO then shows an upward trend again, reaching 187.82 days (March 31, 2025), and subsequently a slight decrease to 179.05 days (June 30, 2025).

Overall, the company's DSO trends from relatively short periods of around 25-31 days pre-2021 to persistently elevated levels exceeding 150 days from mid-2021 onward. The substantial increase around mid-2021 suggests possible changes in credit policies, customer base, or operational factors influencing receivables collection. The sustained high DSO levels indicate a longer collection cycle compared to industry norms, potentially impacting cash flow stability and working capital management. The observed fluctuations imply periods of partial recovery, but the general trend points toward a challenging receivables management environment over the analyzed timeframe.