BILL (+) : AI-ctivism bearing fruit

研报英文原文证据摘录

BILL (+) : AI-ctivism bearing fruit

EQUITIES

PAYMENT SERVICES

BILL OUTPERFORMPRICE* USD40.0  TARGET PRICE USD63 (UPSIDE 58%) TARGET 11%PRICE EPS 06/26e21% EPS 06/27e67%

AI-ctivism bearing fruit

FQ3 26 financial performance lacked meaningful surprises…14 MAY 2026

Securities Research Report Bill reported solid FQ3 26 results last week, though the quarter’s performance itself did not bring

Production time: 14:00* (London time) any meaningful surprise. Core revenue growth of +16% was within the guided +14-17% range and

Research Analysts & Publishing Entities in line with consensus. The sequential acceleration in average subscription revenue per customer

Thomas Poutrieux was good to see, but the lack of acceleration in TPV/customer was a bit disappointing. Non-GAAP

BNP Paribas SA operating income was 21% ahead on lower opex which we think was expected by the market.+33 1 42 99 84 13

thomas.poutrieux@bnpparibas.com

30% headcount reduction and USD1bn share repurchase authorisation the main surprises

Alexandre Faure The main surprise from the release was the announcement of an up to 30% headcount reduction

BNP Paribas SA

+33 1 42 99 52 38 by end of Q4. CEO mentioned AI reducing time between ideation and execution and the necessity

alexandre.x.faure@bnpparibas.com for Bill to have a leaner organisation to execute AI-related opportunities as key factors behind the

move. While AI is surely playing a role in the headcount reduction, activism from activist investors

Starboard Value and Elliott has certainly been decisive too. Bill also announced a USD1bn share

repurchase authorisation meant to inspire confidence in its business trajectory.

Changes to our forecasts

We are materially raising our estimates (details p.2), reflecting stronger profitability following the