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bill.com Bill.com Reports Third Quarter Fiscal 2021 Financial Results Core Revenue Increased 62 % Year - over - Year Total Payment Volume was $ 35 Billion , up 44 % Year - over - Year Transaction Fees Increased 112 % Year - over - Year Signs Definitive Agreement to Acquire Divvy SAN JOSE , CALIF . - May 6 , 2021 - Bill.com ( NYSE : BILL ) , a leading provider of cloud based software that simplifies , digitizes , and automates complex back - office financial operations for small and midsize businesses ( SMBs ) , today announced financial results for the third fiscal quarter ended March 31 , 2021 . " We delivered record results and further increased core revenue growth , driven by the value of our platform , the scale of our network , and the broad range of our payment offerings , " said René Lacerte , Bill.com CEO and Founder . " Our platform makes it easy for businesses to simplify their back office , connect with each other , and make payments . We are helping our customers transform their financial operations , and we believe we are at the beginning of a multiyear digital transformation wave . " " We executed well during the quarter and delivered core revenue growth of 62 % year - over year , " said John Rettig , Bill.com CFO . “ Our innovation in platform , payments , and go - to market activities drove strong accelerated growth in transaction fees and total payment volume . We are operating at a large scale , with an annualized run rate of approximately $ 140 billion of payments processed for our customers . " Financial Highlights for the Third Quarter of Fiscal 2021 Total revenue was $ 59.7 million , an increase of 45 % from the third quarter of fiscal 2020 . Core revenue , which includes subscription and transaction fees , was $ 58.6 million , an increase of 62 % year - over - year . Subscription fees were $ 29.3 million , an increase of 32 % year - over - year . Transaction fees were $ 29.3 million , an increase of 112 % year - over - year . GAAP gross profit was $ 44.3 million , representing a 74.2 % gross margin , compared to $ 31.1 million , or a 75.5 % gross margin , in the third quarter of fiscal 2020. Non - GAAP gross profit was $ 46.0 million , representing a 76.9 % non - GAAP gross margin , compared to $ 32.1 million , or a 77.7 % non - GAAP gross margin in the third quarter of fiscal 2020 . Loss from operations was $ 15.3 million , compared to a loss from operations of $ 9.7 million in the third quarter of fiscal 2020. Non - GAAP loss from operations was $ 2.1 million , compared to a non - GAAP loss from operations of $ 3.8 million in the third quarter of fiscal 2020 . Net loss was $ 26.7 million , or ( $ 0.32 ) per share , basic and diluted , compared to