Bill BILL

October 15, 2025 ‍ The BILL Executive Leadership Team, after careful review and consideration of our business, teams, and goals, has made the decision to update our organization to align against our highest priorities. We are sharing below a note sent from our CEO and Founder, René Lacerte, to BILL employees today. BILL Organizational Update Hi Team, I have an important organizational update to share. We’ve been hard at work executing a strategy to drive value creation for all BILL stakeholders. Alongside this, we are becoming a more focused and efficient organization, realigning teams around top priorities and improving execution. These efforts have laid important groundwork, but they haven’t yet delivered the level of results necessary to achieve our continuing profitability goals. To ensure the long-term competitiveness of the business and best position BILL for the future, we must take additional steps to align our cost structure and talent more closely with our growth trajectory and invest more deliberately in the areas where we can have the greatest impact. After careful consideration, the executive team has made the decision to reduce our workforce by 6%. Below, I’ve outlined further why we’re making this change. When BILL began, our mission was to help small and medium businesses grow by showing them they didn’t have to do it all on their own, we would be their partner. Since then, we’ve built a platform that supports nearly half a million SMBs and 9,000+ accountants in managing their money, giving them back time and control to focus on what matters most. Earlier this year, we set a bold ambition: to reinvent our category and lead a new era of intelligent finance for SMBs. Our goal is to shift from doing the work with our customers to doing it for them by anticipating their needs, streamlining financial operations, and helping them grow faster. We're not just eliminating busywork – we’re enabling smarter decisions, unlocking capital, and helping SMBs thrive. We’ve made strong progress toward this vision. We’ve launched key innovations like the BILL Cash Account and Accountant Console, added mid-market products like Procurement and Multi-Entity, and expanded our reach through embedded partnerships with Oracle NetSuite and Paychex. We’ve modernized our payments infrastructure and made strategic investments in predictive and agentic AI to support long-term growth. Reducing our workforce improves organizational agility and efficiency, while also freeing up capital resources to fuel investments that strengthen our market leadership. This decision is not taken lightly. We are parting ways with talented teammates who have made meaningful contributions to our company, culture, and customers. To those leaving: thank you. Your work has shaped what BILL is today, and we are truly grateful. This change reflects the needs of the business, not your talent or dedication. We are committed to supporting you through this transition with care, respect, and resources for what’s next. If your role has been impacted, you’ll receive a calendar invitation shortly for a meeting with a member of the People team to discuss next steps. Summary: I know today is not easy. We must use this moment to help redefine our future. We must use this to drive greater focus, stronger discipline, and a more resilient foundation that delivers even more innovation and value to our customers. Thank you all for your ongoing commitment, resilience, and belief in our mission. We also want to express our sincere appreciation to those we are saying goodbye to today. Your impact on us, our business, and the SMBs we serve has been truly meaningful. - René