Bill to reduce global workforce by 15%, close Sydney, Australia office

In a regulatory filing on Tuesday, BILL Holdings announced that it will reduce its global workforce by approximately 15%, close its office in Sydney, Australia, allocate resources to its key business priorities in service of small and midsize businesses and focus on improving the profitability of its core business. The company estimates that it will incur charges of approximately $29M-$35M in connection with the Restructuring, primarily consisting of cash expenditures for severance payments, employee benefits and related costs, in addition to non-cash charges for stock-based compensation expense. The company expects that the majority of these charges will be incurred in the three months ending December 31, 2023, and substantially all of these charges will have been incurred by June 30, 2024.