of the I'll overview Today and discuss financial full a quarter René. provide quarter XXXX. of fiscal our our Thanks, first XXXX fiscal outlook fourth and results year for brief
total from growth quarter year, customers was a the to represents fees a price revenue loss in that revenue throughout periods. million, a quick our as And XX% me directly financial discussion Transaction Core was increase year-over-year. measures. the to in core QX was for XXXX to that offerings our As an year-over-year driven products. new from revenue to well $XX.X XXXX. revenue fiscal non-GAAP a XX% product and We financial adoption measure. QX total of break was shifting year-over-year. let revenue growth result much release million QX earnings was the fiscal and growth revenue as revenue growth core up fourth year press grew This rolled variable the by non-GAAP non-GAAP million strong Total year transaction turn XXX%. of today's the which than we increase increased the out of of of QX per increased gross results GAAP revenue subscription margin XX% the growth and most recent of per And customer, representing solid revenue was background, QX by strong XX% $XXX.X transaction $XX.X for XXXX. increase year-over-year. Please $XX.X year-over-year. revenue non-GAAP average subscription includes tranches in million And results. reminder, full To million XX% With refer down growth over the delivered up subscription in which core lower share price earnings and for and XX% and full was a for in in XX% comparable year. in to subscription for to in reconciliation representing tables million financial with $XXX.X the further, a revenue mix This for revenue was up driven transaction $XX.X
continue traction gained discussed with card pleased our that said, and virtual be through payment difficult to We as comparisons we rates René to prior anticipate we With we revenue growth prior more expect new year as of calls, fiscal earlier. products and with we've the for discussed trend these as pass this we cross-border the of lower payment the compared solutions and quarters early transaction anniversary XXXX. to the continue on
now and points Moving QX operating funds We rate in. reduced reflects customer This XX guidance. float the last our $X.X return in float environment low held basis consistent annualized with generated interest yield quarter on revenue. in our we're million from in QX to rate revenue of approximately was
helpful COVID additional our be which last as report backdrop, Next the key disclosing I'll basis. we some details an investors. that be growth quarter with the XX%. will basis, believe an ended But of on don't quarter We annual XX,XXX update plan Also of I'll representing on with customers, give metrics given we to of level you provide to disclosure. year-over-year we ongoing same an on the
we orders net by was driven The manage free as part need offer, March to financial of well channels, quarter, work-from-home as than operations strong remotely the X,XXX to subscription from in the customers new late growth XX-day the added across customers. During new net ran April. more all we demand as through due
XX-day these of X,XXX end depending the ending and promotion Our the the plan to will approximately date includes on August, customers are regular convert continue signed customers through paying they price customer count that upon up. to first customers
of customers While as the paying fees they than these carry majority our pay the of June, were they for ARPU a transactions of not subscription end though customer. average lower do
During now the this existing regular fee than we majority customers amount a COVID-related $XXX,XXX customers received earnings paying point, customers for we're are rates. subscription financial vast that and call, less we fact have rather fee waivers, a formal remained our the hardship on basis. June subscription hardship. last waivers who providing the than XX, of program, aggregate with At waivers case-by-case working Through discussed subscription of were facing
to our customer retention rate. annual on Moving
in as of efficiently Bill.com our from that customers financial in partners, XXth customers is our operations, reported of during financial XXXX. believe SMBs the a June working we customer XXth helping environment. institution as is realize still to this this XX% Excluding and we true from within XXXX, reflects XXXX line of a is consistency manage XX% their the customers especially with end our platform. remote time of from and fiscal the difficult were base customers core June value This
influence going of may factors forward, growth the above growth and customer uncertainty there the the base Regarding future are over our our customer numbers. of that pandemic two
new filing lower in from see tax customers during surrounding the tax the season normally channel we deadline. the our accountant months First,
to fiscal this With season quarter, the see July the XXXX. we're shift of shifting to impact expecting tax to QX
seven advanced Second, than acquiring acquiring customers. discussed Intuit with earlier, Online recently customers customers, transitioning René we'll anticipate Simple experienced Advanced to be QuickBooks we've focus rate of as Pay smaller portion that We because larger than ARPU Historically, Intuit's Bill Pay fewer QuickBooks our with and a its customers. customers an overall represents is Advanced Bill a base. approximately our much times attrition have higher Simple lower these Online Advanced
excited this So, about we're really opportunity.
Moving rate, increase update subscription net our from of fiscal revenue QX, customers price from revenue by offerings was a driven fiscal new an I of QX retention as the net price to slight as earlier. improved on as adoption XXXX XXXX increase and variable QX retention retention XXX%, from the The as dollar-based XXX% was of an well XXXX. mentioned transaction increase revenue that annual
in of quarter, million our Looking during payment the We billion at payment processed during over total X.X QX. XX% we year-over-year. an platform, $XX.X on TPV increase volume processed transactions
part transactions the earnings transactions, in we of while As of in the discussed call, improving TPV quarter, we number of saw early the lower second generally our quarter. trends and on saw half the both last we the by
quarter Moving our And our gross margin gross results, margin for XX.X%. the was on and XX.X%. gross margin non-GAAP to was operating non-GAAP the our for year,
You to we XXXX a QX discussed, the interest mainly near-term, peak XX% margin of will from result gross low float range in being the recall, reduced of the rate as revenue the we margins in fiscal environment. quarter XX% last expect and
in of hiring we expect than catch QX with QX as lower discuss in in revenue or and a of the our XXXX. XX% spend We were Sales some the XX% fiscal to R&D in to fiscal development quarter for non-GAAP functionality. in decrease QX, marketing and increase operating though XXXX, or revenue, fourth from ended new $XX.X expenses $XX R&D in of and investments million our up expense QX of product that million in organization QX add XXXX, our primarily I'll we've XX% quarter of enhance and due fiscal deferred to slight the we a Turning a revenue features moment. of from of platform XX% revenue to was expenses. made in quarter
COVID. the the uncertainty in we capabilities go-to-market we quarter, slowed to invest though continued around During the pace of our given spend
mid-market spend of expect the on XX% XXXX. demand fiscal as we've increasing G&A invest million continue or demand, from including to $XX brand programs. from expenses of well generation, were to and experienced revenue, SEM in of as awareness revenue XX% up meeting We QX customers, behind
regulatory was As million our a in $X.X significant million XXXX was non-GAAP operating QX, million In capabilities, reminder, in licenses $X.XX our G&A impacts $X.X investment XX.X as transmitter and loss such QX, money outstanding. Bill.com's payment share or our fiscal compliance and XXXX, weighted products of this $X.X require a per loss based loss versus a and fiscal net million non-GAAP shares basic on spend.
combined approach quarter of Our lower the loss was COVID incurring conservative as level to strong with our revenue result unfolded. performance operating the expenses in
For million per million the diluted we our XX.X outstanding. basic as year, and basis, EPS for share our both weighted was non-GAAP was same loss on operating the the or count our loss million calculations. loss a GAAP on a net net and count share GAAP non-GAAP non-GAAP was $XX $XX.X share Because had $X.XX basic shares
Moving were QX. balance Ending up end from of equivalents cash cash, on to the million sheet. the at $XXX and $XXX short-term investments million,
netted completed which we during offering $XXX million. proceeds QX, a of reminder, a follow-on As
the due billion funds quarter in in as slowdown As customers XX% $X.X on pandemic of balance of in from This after unfolded. XX, quarter, from which payments June we at our up a the we is catching attribute on the the of QX. the end customer volume had spike transaction up was to primarily end bill earlier which sheet, a
financial to that institutions. a press supplemental provided In obligations addition, I table with release we in performance want have mention regarding our
million QX, directly contracts. XXXX. This financial million, of wins related expect is fiscal totaled QX $XXX from with significant within the $XX an end partners and thereafter $XXX to million of increase growth recognize million institution of As our of these and to from approximately we they revenue $XXX one year recent
XXXX, accelerate our long-term rate intermediate won't will ultimately we customer partnerships in generate they material While new growth. support fiscal these of and revenue and adoption believe revenue
financial let's on move Now outlook. to our
to we first the environment. XXXX. uncertainty, of level our of macroeconomic We given quarter provide for the continue the will And outlook current monitor fiscal
a conditions for macro our stabilize, outlook As will financial we provide longer-term performance.
million that of made million will approximately in range core the quarter the be $X be to of the our the that is $XX quarter of float Float first continue the fiscal revenue yield points. million. revenue to and expected million Fed basis of total range rate revenue range $X.X during the to points million of will $XX basis million, funds in to XX range of and assumes $XX For to revenue be XXXX, September to $XX.X up XX the average in in XX
the on to lag our due until yields, timing approximately we remain reductions in we the the $X of per later effect today's expect float in at assuming rate normalize year, of to ahead, Looking million level. at interest rates interest investment quarter declines revenue further $XXX,XXX
incremental expense partnerships I for profile, the result. to catch complex involve to As product integrations relating incur expenses our operating we're long on projects planning times a work These up mentioned new institution will development to as support R&D hiring with financial earlier. that lead and we
levels plan sales when vigilant through being We market spending with where fiscal to and levels R&D maintain investment associated persist marketing and our investment, opportunistic to expect with We approach XXXX. to the regards conditions and increased aligning possible.
as G&A with a well reflect licenses. our associated with as overhead the our regulatory company, spending In addition, we continue expect ongoing public being transmitter overhead the associated money to to
approximately in line, loss shares $X.XX $X.XX share, the weighted $X.X million of on a we On of bottom a million the XX to non-GAAP QX. of count report range non-GAAP expect for to basic net and share per million EPS to based $X.X a loss average
leverage we the environment, ongoing accelerated and digital headquarters other transformation on and has out large expect requirements capital to we pandemic despite million million we need on in believe addressing. for for to new topic, invest the the QX the given our and disciplined we're XXXX $XX strength million to $XX focus be and position fiscal uncertain addition, opportunity expense guidance $XX to our continue the for of To stock-based of of expenditures $XX In market growth, million businesses will close approximately approximately compensation in to QX.
Now René the your and call Operator? open I questions. for up will
