BILL Holdings Inc (BILL) 2022 Q4 法說會逐字稿

Good afternoon. Thank you for attending the Bill.com Fourth Quarter Fiscal Year 2022 Earnings Conference Call. (Operator Instructions)

下午好。感謝您參加 Bill.com 2022 財年第四季度收益電話會議。 （操作員說明）

I would now like to pass the conference over to your host, Karen Sansot with Bill.com. Thank you. You may proceed.

我現在想將會議轉交給您的主持人，Bill.com 的 Karen Sansot。謝謝你。你可以繼續。

Thank you, operator. Welcome to Bill.com's Fiscal Fourth Quarter and Full Year 2022 Earnings Conference Call. We issued our earnings press release a short time ago and furnished the related Form 8-K to the SEC. The press release can be found on the Investor Relations section of our website at investor.bill.com. With me on the call today is Rene Lacerte, Chairman, CEO and Founder of Bill.com; and John Rettig, Executive Vice President and CFO.

謝謝你，接線員。歡迎來到 Bill.com 的 2022 財年第四季度和全年收益電話會議。我們不久前發布了收益新聞稿，並向美國證券交易委員會提交了相關的 8-K 表格。該新聞稿可在我們網站investor.bill.com 的投資者關係部分找到。 Bill.com 董事長、首席執行官兼創始人 Rene Lacerte 今天與我同在。和執行副總裁兼首席財務官 John Rettig。

Before we begin, please remember that during the course of this call, we may make forward-looking statements about the operations and future results of Bill.com that involve many assumptions, risks and uncertainties. If any of these risks or uncertainties develop or if any of the assumptions prove incorrect, actual results could differ materially from those expressed or implied by our forward-looking statements. For a discussion of the risk factors associated with our forward-looking statements, please refer to the text in the company's press release issued today and to our periodic reports filed with the SEC, including our most recent annual report on Form 10-K and quarterly report on Form 10-Q filed with the SEC and available on the Investor Relations section of our website. We disclaim any obligation to update any forward-looking statements.

在我們開始之前，請記住，在本次電話會議期間，我們可能會就 Bill.com 的運營和未來結果做出涉及許多假設、風險和不確定性的前瞻性陳述。如果出現任何這些風險或不確定性，或者任何假設被證明不正確，實際結果可能與我們的前瞻性陳述明示或暗示的結果大不相同。有關與我們的前瞻性陳述相關的風險因素的討論，請參閱公司今天發布的新聞稿中的文本以及我們向美國證券交易委員會提交的定期報告，包括我們最近的 10-K 表格年度報告和季度報告向美國證券交易委員會提交的表格 10-Q 報告，可在我們網站的投資者關係部分查閱。我們不承擔更新任何前瞻性陳述的任何義務。

On today's call, we will refer to both GAAP and non-GAAP financial measures. The nonrevenue financial figures discussed today are non-GAAP, unless stated that the measure is a GAAP number. Please refer to today's press release for the reconciliation of GAAP to non-GAAP financial performance and additional disclosures regarding these measures. At times during this call, we will discuss organic or stand-alone results, which exclude Divvy and Invoice2go, which we acquired on June 1, 2021 and September 1, 2021, respectively, to help listeners understand our organic performance.

在今天的電話會議中，我們將參考 GAAP 和非 GAAP 財務指標。今天討論的非收入財務數據是非公認會計原則，除非聲明該衡量標準是公認會計原則數字。請參閱今天的新聞稿，了解 GAAP 與非 GAAP 財務業績的對賬以及有關這些措施的額外披露。在本次電話會議期間，我們有時會討論有機或獨立結果，其中不包括我們分別於 2021 年 6 月 1 日和 2021 年 9 月 1 日收購的 Divvy 和 Invoice2go，以幫助聽眾了解我們的有機表現。

Now I'll turn the call over to Rene. Rene?

現在我將把電話轉給 Rene。雷內？

Thank you, Karen. Good afternoon, everyone. Thank you for joining us today, and I hope your summer is going well.

謝謝你，凱倫。大家下午好。感謝您今天加入我們，希望您的夏天一切順利。

Fiscal 2022 was a transformative year for Bill.com. We significantly expanded our platform solution and extended our reach, serving customers ranging from sole proprietors to mid-market companies. We entered new strategic partnerships and began building a global customer base, serving customers in more than 150 countries. We are well positioned to capitalize on the tremendous market opportunity in front of us.

2022 財年對 Bill.com 來說是變革性的一年。我們顯著擴展了我們的平台解決方案並擴大了我們的覆蓋範圍，為從獨資經營者到中型市場公司的客戶提供服務。我們建立了新的戰略合作夥伴關係，並開始建立全球客戶群，為 150 多個國家的客戶提供服務。我們有能力利用擺在我們面前的巨大市場機會。

In fiscal 2022, 400,000 businesses use our solutions to automate their financial operations, get paid faster and better manage their cash flow, more than 3x the number of businesses that use us in the prior fiscal year. We manage more than $225 billion in payments and our network grew to 4.7 million members that have originated or received an electronic payment through our platform. Our growth was driven by our organic initiatives as well as the strategic acquisitions of Divvy and Invoice2go.

在 2022 財年，400,000 家企業使用我們的解決方案實現財務運營自動化，更快地獲得報酬並更好地管理現金流，是上一財年使用我們的企業數量的 3 倍多。我們管理著超過 2250 億美元的支付，我們的網絡增長到 470 萬會員，他們通過我們的平台發起或接收了電子支付。我們的增長是由我們的有機計劃以及對 Divvy 和 Invoice2go 的戰略收購推動的。

For the full fiscal year, we significantly exceeded our financial expectations. Total revenue was $642 million, an increase of 169% year-over-year. Bill.com's organic core revenue grew 77% year-over-year and revenue from our spend and expense management solution increased more than 150% from a year ago. In addition to top line growth, we expanded our non-GAAP gross margin to 84%, up 7 percentage points year-over-year. Our non-GAAP net loss of $24 million for the year was 70% lower than our estimate at the start of the fiscal year as a result of our disciplined approach to growth and solid execution.

在整個財政年度，我們大大超出了我們的財務預期。總收入為 6.42 億美元，同比增長 169%。 Bill.com 的有機核心收入同比增長 77%，我們的支出和費用管理解決方案的收入同比增長超過 150%。除了收入增長外，我們將非公認會計準則毛利率擴大到 84%，同比增長 7 個百分點。由於我們嚴格的增長方法和穩健的執行，我們本年度的非公認會計原則淨虧損 2400 萬美元比我們在本財年初的估計低 70%。

The momentum that we created in fiscal 2022 positions us to be profitable on a non-GAAP basis in fiscal 2023. This is a testament to the value our platform provides and the efficiency of our go-to-market ecosystem.

我們在 2022 財年創造的勢頭使我們能夠在 2023 財年以非公認會計原則為基礎實現盈利。這證明了我們的平台提供的價值和我們的上市生態系統的效率。

We experienced very healthy demand throughout the year. Our organic Bill.com customer base saw record growth and our customer retention and net dollar-based retention rates both expanded meaningfully. Toward the end of the fourth quarter, we started to see signals at the macro environment impacting spend patterns, especially in discretionary categories like advertising.

我們全年都經歷了非常健康的需求。我們的有機 Bill.com 客戶群實現了創紀錄的增長，我們的客戶保留率和基於美元的淨保留率均顯著擴大。到第四季度末，我們開始看到影響支出模式的宏觀環境信號，尤其是在廣告等非必需品類別中。

As businesses react to the macro environment, we believe that our platform becomes more valuable by enabling SMBs to do more with less, while increasing visibility and control. There are more than 30 million small businesses in the U.S. and 70 million globally, and the majority still use manual paper-based processes. With our platform, ecosystem and scale, we are particularly well positioned to help these millions of businesses transform their financial operations.

隨著企業對宏觀環境做出反應，我們相信我們的平台會變得更有價值，因為它使中小企業能夠事半功倍，同時提高可見性和控制力。美國有超過 3000 萬家小企業，全球有 7000 萬家小企業，其中大多數仍然使用基於紙張的手動流程。憑藉我們的平台、生態系統和規模，我們特別有能力幫助這些數百萬企業轉變其財務運營。

A great example of how we help companies succeed is aboutGOLF, a developer of premium golf simulators. Ashlee Flores, Director of Finance and Accounting, said and I quote "We pay hundreds of bills each month. Prior to Bill.com, our AP process was manual and time-consuming. With Bill.com, instead of taking 10 hours a week to write checks, attach stamps and seal envelopes, our accounting staff is able to analyze our financials, assess risks and build forecast. The powerful combination of Bill.com's AP and spend management solutions enable us to have more visibility into our cash flow, which really gives me more confidence as we navigate continuing supply chain constraints."

我們如何幫助公司取得成功的一個很好的例子是 aboutGOLF，一家高級高爾夫模擬器開發商。財務和會計總監 Ashlee Flores 說，我引用“我們每個月支付數百張賬單。在 Bill.com 之前，我們的 AP 流程是手動且耗時的。使用 Bill.com，而不是每週花費 10 小時為了寫支票、貼郵票和密封信封，我們的會計人員能夠分析我們的財務狀況、評估風險和建立預測。Bill.com 的 AP 和支出管理解決方案的強大組合使我們能夠更清楚地了解我們的現金流，這在我們應對持續的供應鏈限制時，真的讓我更有信心。”

Our unique go-to-market ecosystem enables us to efficiently bring the value of our platform to many more businesses and provides us with a strong competitive advantage. We work with a small business' most trusted partners, accountants and financial institutions and share an aligned goal to better serve SMBs. More than 6,000 accounting firms use Bill.com to automate their clients' financial operations. Leveraging our platform, accounting firms spend less time on routine bookkeeping activities, freeing up time to focus on more value-added services and enabling them to add more clients.

我們獨特的上市生態系統使我們能夠有效地將我們平台的價值帶給更多企業，並為我們提供強大的競爭優勢。我們與小企業最值得信賴的合作夥伴、會計師和金融機構合作，共同致力於更好地為中小企業服務。超過 6,000 家會計師事務所使用 Bill.com 來自動化其客戶的財務操作。利用我們的平台，會計師事務所在日常記賬活動上花費的時間更少，騰出時間專注於更多增值服務，並使他們能夠增加更多客戶。

An example of how accountants use our platform is Armanino, a top 20 accounting firm in the U.S. David Miller, Consulting Partner said and I quote, "Bill.com got our clients out of paper-based processes and enables our internal distributed teams to collaborate seamlessly. We now have a center of excellence team dedicated to building best practices around Bill.com. Now we can help businesses better face macro challenges. In an inflationary environment, Bill.com serves as a deflationary tool that simplifies workflow and provides better insights."

會計師如何使用我們平台的一個例子是美國排名前 20 位的會計師事務所 Armanino，諮詢合夥人 David Miller 說，我引用說：“Bill.com 讓我們的客戶擺脫了紙質流程，並使我們的內部分佈式團隊能夠協作無縫銜接。我們現在有一個卓越中心團隊，致力於圍繞 Bill.com 建立最佳實踐。現在我們可以幫助企業更好地應對宏觀挑戰。在通貨膨脹的環境中，Bill.com 是一種通縮工具，可以簡化工作流程並提供更好的洞察力。”

Businesses have always turned to their banks to help them with their financial needs and our white label solution powers bill payment and invoicing solutions for 6 of the top 10 financial institutions in the U.S. The partnerships we have developed with these financial institutions enable cost-efficient customer adoption that expands our network at a faster rate and creates opportunities for incremental monetization.

企業總是求助於他們的銀行來幫助他們滿足他們的財務需求，我們的白標解決方案為美國十大金融機構中的 6 家提供賬單支付和發票解決方案。我們與這些金融機構建立的合作夥伴關係可以實現具有成本效益的客戶採用以更快的速度擴展我們的網絡並為增量貨幣化創造機會。

This is a part of our organic flywheel. More subscribers drive more transactions delivering more network members, which, in turn, grows our data asset. With our expanding data set, we continue to evolve our AI and machine learning capabilities, driving better platform experiences and more time savings, which encourages further platform adoption.

這是我們有機飛輪的一部分。更多的訂閱者推動了更多的交易，提供了更多的網絡成員，這反過來又增加了我們的數據資產。隨著我們不斷擴大的數據集，我們繼續發展我們的人工智能和機器學習能力，推動更好的平台體驗和更多的時間節省，從而鼓勵進一步的平台採用。

Before I lay out our fiscal 2023 priorities, I want to talk about our fiscal 2022 accomplishments. At the start of the year, we said our priorities were to integrate Divvy and Invoice2go, expand our payment offerings and monetization, enhance the user experience on our platform and extend our reach through strategic partners. We take our commitments seriously and have accomplished all of these objectives.

在我列出 2023 財年的優先事項之前，我想談談我們 2022 財年的成就。今年年初，我們表示我們的首要任務是整合 Divvy 和 Invoice2go，擴展我們的支付產品和貨幣化，增強我們平台上的用戶體驗，並通過戰略合作夥伴擴大我們的影響力。我們認真對待我們的承諾並實現了所有這些目標。

We completed our initial integration of our AP and spend management solution, building a connected but separate platform experience and fully integrated the employees of all 3 companies into a single organization. We launched Instant Transfer, Pay By Card and Bill.com balance. Using our continually evolving AI capabilities, we automated more workflows, giving our customers more time savings. We also enhanced our mobile experience, making it easier for users on the move to approve bills, add vendors and initiate and receive payments.

我們完成了 AP 和支出管理解決方案的初始集成，構建了一個連接但獨立的平台體驗，並將所有 3 家公司的員工完全整合到一個組織中。我們推出了即時轉賬、信用卡支付和 Bill.com 餘額。使用我們不斷發展的人工智能功能，我們自動化了更多的工作流程，為我們的客戶節省了更多的時間。我們還增強了我們的移動體驗，讓移動中的用戶更容易批准賬單、添加供應商以及發起和接收付款。

We added new partners and increased our wallet share with existing financial institution partners. Most significantly, we launched a white label platform with Bank of America to serve their new SMB customers. And we entered an agreement with CPA.com to be their exclusive partner for spend and expense management and corporate card solutions.

我們增加了新的合作夥伴，並增加了我們與現有金融機構合作夥伴的錢包份額。最重要的是，我們與美國銀行合作推出了一個白標平台，為他們的新 SMB 客戶提供服務。我們與 CPA.com 達成協議，成為他們在支出和費用管理以及公司卡解決方案方面的獨家合作夥伴。

Now turning to fiscal 2023 objectives. Our first priority is to develop a unified platform experience, with a consistent look and feel, seamless navigation and consolidated business insights delivered through a single comprehensive dashboard. Our second priority is to further scale our ecosystem by offering more of our platform solutions to our current partners as well as acquiring new ones.

現在轉向 2023 財年目標。我們的首要任務是開發統一的平台體驗，通過單一的綜合儀表板提供一致的外觀、無縫導航和整合的業務洞察力。我們的第二個優先事項是通過向我們現有的合作夥伴提供更多的平台解決方案以及收購新的合作夥伴來進一步擴展我們的生態系統。

Our third priority is to continue to drive innovation and adoption of our payment solutions. We will leverage our ecosystem, which includes direct sales, accountants and financial institutions to advance our enablement initiatives to drive further adoption of our ad valorem payment suite. Underpinning all of these priorities, we have an overarching focus on managing the business to deliver non-GAAP profitability for fiscal 2023.

我們的第三個優先事項是繼續推動創新和採用我們的支付解決方案。我們將利用我們的生態系統（包括直銷、會計師和金融機構）來推進我們的支持計劃，以推動我們從價支付套件的進一步採用。作為所有這些優先事項的基礎，我們的首要任務是管理業務，以在 2023 財年實現非公認會計原則的盈利能力。

All of us at Bill.com, now 2,300 people strong, are focused on building the essential financial operations platform for millions of SMBs. Our success is driven by an excellent team with a shared passion for helping SMBs. I'm excited to share with you that we expanded the executive leadership team with the addition of Irana Wasti as Chief Product Officer; and Sofya Pogreb as Chief Operating Officer. Irana has extensive experience leading product teams, having built global platforms for SMBs at GoDaddy and Typeform. Prior to that, she was a product leader at Intuit.

Bill.com 現在擁有 2,300 名員工，我們所有人都專注於為數百萬中小企業構建重要的金融運營平台。我們的成功是由一支對幫助中小企業充滿熱情的優秀團隊推動的。我很高興與您分享我們擴大了執行領導團隊，增加了 Irana Wasti 擔任首席產品官； Sofya Pogreb 擔任首席運營官。 Irana 在領導產品團隊方面擁有豐富的經驗，曾在 GoDaddy 和 Typeform 為 SMB 建立了全球平台。在此之前，她是 Intuit 的產品負責人。

Sofya brings extensive experience leading operations at fintech companies, including as Chief Operating Officer of both NEXT Insurance and TrueAccord. Prior to that, she was a senior executive at PayPal with responsibility for risk management strategy and policy across the Americas. I couldn't be happier to have these accomplished executives join our mission to make it simple for SMBs to connect new business.

Sofya 帶來了在金融科技公司領導運營的豐富經驗，包括擔任 NEXT Insurance 和 TrueAccord 的首席運營官。在此之前，她是 PayPal 的高級管理人員，負責整個美洲的風險管理戰略和政策。我非常高興這些有成就的高管加入我們的使命，讓 SMB 輕鬆連接新業務。

Irana will be taking over from Bora Chung, who is retiring. Bora has led our customer experience and product management teams through a time of tremendous growth. She will continue at Bill.com through a transition period and sharing a smooth handoff to Irana. All of us at Bill.com are deeply appreciative of Bora's many contributions during her 4-year tenure.

Irana 將接替即將退休的 Bora Chung。 Bora 帶領我們的客戶體驗和產品管理團隊經歷了巨大的增長。她將繼續在 Bill.com 度過過渡期，並順利移交給 Irana。 Bill.com 的所有人都非常感謝 Bora 在她 4 年的任期內所做的許多貢獻。

We also recently welcomed a new board member, Tina Chan Reich, having held executive roles or adviser at American Express, Citibank, Chase and fintech start-ups, Tina brings over 20 years of global financial services industry expertise to our Board. And we are excited about being able to tap into her unique expertise in payments and risk management.

我們最近還迎來了新的董事會成員 Tina Chan Reich，她曾在美國運通、花旗銀行、大通銀行和金融科技初創公司擔任執行職務或顧問，Tina 為我們的董事會帶來了 20 多年的全球金融服務行業專業知識。我們很高興能夠利用她在支付和風險管理方面的獨特專業知識。

In closing, we had a great transformational year. Our TAM is significant, and we plan to continue to invest in creating value for SMBs for the long haul, driving both multiyear revenue growth and profitability. We are laser-focused on automating the future of finance so that all businesses can flourish. We are grateful to our employees, customers and partners on this journey, and we thank them for the trust they continue to place in us.

最後，我們度過了一個偉大的轉型年。我們的 TAM 意義重大，我們計劃繼續投資於為中小企業創造長期價值，推動多年收入增長和盈利能力。我們專注於自動化金融的未來，以便所有企業都能蓬勃發展。我們感謝這段旅程中的員工、客戶和合作夥伴，感謝他們繼續對我們的信任。

Now I'll turn the call over to John to talk in more detail about our quarter.

現在我將把電話轉給約翰，以更詳細地討論我們的季度。

Thanks, Rene. Today, I'll provide an overview of our fiscal fourth quarter 2022 financial results and discuss our outlook for the fiscal first quarter and full fiscal year 2023. As a reminder, today's discussion includes non-GAAP financial measures. Please refer to the tables in our earnings press release for a reconciliation from non-GAAP to the most directly comparable GAAP financial measure.

謝謝，雷內。今天，我將概述我們 2022 財年第四季度的財務業績，並討論我們對 2023 財年第一季度和整個財年的展望。提醒一下，今天的討論包括非 GAAP 財務指標。請參閱我們的收益新聞稿中的表格，了解非公認會計原則與最直接可比的公認會計原則財務指標的對賬。

We delivered strong Q4 financial results with revenue, non-GAAP gross margin and non-GAAP net loss per share, all significantly exceeding our expectations. Total revenue for Q4 was $200 million, reflecting 156% year-over-year growth and 20% sequential growth. Core revenue, which includes subscription and transaction fees, increased 151% year-over-year. Organic core revenue grew 71% year-over-year. Float revenue was $5.4 million during the quarter, reflecting recent Fed funds rate increases.

我們實現了強勁的第四季度財務業績，收入、非公認會計準則毛利率和非公認會計準則每股淨虧損均大大超出我們的預期。第四季度總收入為 2 億美元，同比增長 156%，環比增長 20%。包括訂閱費和交易費在內的核心收入同比增長 151%。有機核心收入同比增長 71%。本季度浮動收入為 540 萬美元，反映了近期聯邦基金利率的上調。

Non-GAAP gross margin was 84.2% for the quarter, well above our estimated range driven by the payment mix and transaction cost optimization strategies we've employed. Non-GAAP net loss per share was $0.03, showing our strong revenue and gross margin performance and our vigilant approach to managing operating expenses. In fiscal 2022, we delivered non-GAAP gross margin and non-GAAP net margin improvements while also making significant investments in our platform, go-to-market ecosystem and the integration of our 2 acquisitions.

本季度非美國通用會計準則毛利率為 84.2%，遠高於我們採用的支付組合和交易成本優化策略推動的估計範圍。 Non-GAAP 每股淨虧損為 0.03 美元，顯示了我們強勁的收入和毛利率表現以及我們管理運營費用的警惕方法。在 2022 財年，我們實現了非 GAAP 毛利率和非 GAAP 淨利潤率的提高，同時還對我們的平台、上市生態系統和我們的兩次收購的整合進行了大量投資。

We continue to operate an efficient business model with strong customer acquisition and retention, expanding net dollar-based revenue retention and a short customer acquisition cost payback period. As you'll hear when I discuss our outlook, we're pleased to show the progress of our scaling and the strength of our business as we plan to become non-GAAP profitable in fiscal 2023.

我們繼續運營高效的商業模式，擁有強大的客戶獲取和保留，擴大基於美元的淨收入保留和較短的客戶獲取成本回收期。正如您在我討論我們的前景時所聽到的那樣，我們很高興展示我們的擴展進展和我們的業務實力，因為我們計劃在 2023 財年實現非公認會計準則盈利。

Now turning to an update on our key metrics. As this is our year-end earnings call, I'll provide additional disclosures on certain metrics beyond our regular quarterly updates. We ended the fiscal fourth quarter with 400,000 businesses using our solutions. This includes 157,800 Bill.com organic customers, 20,700 Divvy spending businesses and 221,600 Invoice2go subscribers. Of these customers, 36,100 are from financial institution or FI partners. We added 11,200 net new customers on the Bill.com platform in the quarter.

現在轉向我們關鍵指標的更新。由於這是我們的年終收益電話會議，我將在我們的定期季度更新之外提供有關某些指標的額外披露。我們在第四財季結束時有 400,000 家企業使用我們的解決方案。這包括 157,800 個 Bill.com 有機客戶、20,700 個 Divvy 消費業務和 221,600 個 Invoice2go 訂戶。在這些客戶中，36,100 名來自金融機構或金融機構合作夥伴。本季度，我們在 Bill.com 平台上新增了 11,200 名淨新客戶。

Net customer adds in the direct and accounting channels showed continued momentum, and we delivered another quarter of elevated net adds from our FI partners. We've significantly scaled new customer acquisition in the last year while also improving our acquisition economics. For Bill.com organic customers acquired during fiscal 2021, our payback period averaged 4 quarters, an improvement from 5 quarters at the time of our IPO. The value of our platform is resonating with customers, and this has resulted in improving retention and expansion trends.

直接和會計渠道中的淨客戶增加顯示出持續的勢頭，我們從我們的 FI 合作夥伴處交付了另外四分之一的淨增加。去年，我們顯著擴大了新客戶獲取規模，同時也提高了獲取經濟性。對於在 2021 財年獲得的 Bill.com 有機客戶，我們的投資回收期平均為 4 個季度，比我們 IPO 時的 5 個季度有所改善。我們平台的價值正在引起客戶的共鳴，從而改善了保留和擴展趨勢。

Our annual organic customer retention rate, which as always, excludes customers from our FI channel, increased to 86% as of the end of Q4 2022, up from 85% at the end of Q4 2021. Our annual net dollar-based revenue retention rate expanded to 131% as of Q4 2022, an increase from 124% as of fiscal Q4 2021. This improvement was driven in large part by our success driving adoption of variable price payments and the stickiness of our mission-critical platform.

截至 2022 年第四季度末，我們的年度有機客戶保留率從 2021 年第四季度末的 85% 上升至 86%，與往常一樣，不包括我們 FI 渠道的客戶。我們的年度淨美元收入保留率截至 2022 年第四季度，這一比例從 2021 財年第四季度的 124% 增長到 131%。這一改進在很大程度上是由於我們成功推動了可變價格支付的採用以及我們關鍵任務平台的粘性。

As of the end of fiscal 2022, our network grew to more than 4.7 million members, an increase of 47% compared to the 3.2 million members we reported a year ago. The size of our network is an important indicator of the opportunity we have to eliminate friction between subscribers and their clients and suppliers as well as to create a funnel for future customer acquisition.

截至 2022 財年末，我們的網絡成員已超過 470 萬，與一年前報告的 320 萬成員相比增長了 47%。我們網絡的規模是我們必須消除訂戶與其客戶和供應商之間的摩擦以及為未來客戶獲取創造漏斗的機會的重要指標。

Moving on to payment volume during the quarter. We managed $63.4 billion in payments. This includes Bill.com organic total payment volume of $60.7 billion in Q4 representing 46% year-over-year growth and $2.7 billion in card transaction volume from Divvy spending businesses, which is an increase of 115% year-over-year. TPV from customers, excluding our FI partners represented approximately 91% of Bill.com TPV. And on a per customer basis, increased 21% year-over-year and 5% sequentially in Q4. As Rene mentioned, starting in June, we began to see TPV growth rates moderate and this trend continued into July and early August. While it appears that the macro environment is influencing business spend, we continue to see very strong customer acquisition, engagement and retention as evidence of the value our platform provides for SMBs.

繼續關注本季度的支付量。我們管理了 634 億美元的付款。其中包括 Bill.com 第四季度的有機總支付額 607 億美元，同比增長 46%，以及來自 Divvy 消費業務的 27 億美元卡交易量，同比增長 115%。來自客戶的 TPV（不包括我們的 FI 合作夥伴）約佔 Bill.com TPV 的 91%。在每個客戶的基礎上，第四季度同比增長 21%，環比增長 5%。正如 Rene 所說，從 6 月開始，我們開始看到 TPV 增長率放緩，並且這種趨勢一直持續到 7 月和 8 月初。雖然宏觀環境似乎正在影響業務支出，但我們繼續看到非常強勁的客戶獲取、參與和保留，這證明了我們的平台為中小企業提供的價值。

We have made substantial progress driving adoption of variable price payment products. In Q4, virtual cards were 2.7% of organic Bill.com TPV and cross-border payments totaled 4.5% of organic Bill.com TPV. Foreign currency payments represented 32% of total cross-border volume in the fourth quarter. For Q4, total variable price payments made up 10% of Bill.com consolidated payment volume, excluding TPV from the FI channel. This includes virtual card payments, foreign currency transactions, Instant Transfer, Pay By Card and Divvy card payment volume.

我們在推動採用可變價格支付產品方面取得了實質性進展。第四季度，虛擬卡佔 Bill.com 有機 TPV 的 2.7%，跨境支付佔 Bill.com 有機 TPV 的 4.5%。外幣支付佔第四季度跨境交易總額的 32%。第四季度，可變價格支付總額佔 Bill.com 綜合支付量的 10%，不包括來自 FI 渠道的 TPV。這包括虛擬卡支付、外幣交易、即時轉賬、卡支付和 Divvy 卡支付量。

As we've shared previously, we offer our customers a variety of payment solutions and our overall focus is on driving electronic payment adoption versus optimizing for any given payment type.

正如我們之前分享的那樣，我們為客戶提供各種支付解決方案，我們的總體重點是推動電子支付的採用，而不是針對任何給定的支付類型進行優化。

Regarding card payments processed through our spend management solution, in Q4, we generated a gross take rate of approximately 260 basis points, and margins were slightly higher exiting fiscal 2022 than they were a year ago. We're pleased with the margin improvements for card payments, which has been driven by faster-than-anticipated take rate expansion and lower credit losses. As a reminder, the Divvy spend management solution leverages a charge card that requires the balance to be paid each month as opposed to a revolving credit program where customers carry balances, and the average payment cycle is approximately 10 days.

關於通過我們的支出管理解決方案處理的卡支付，在第四季度，我們產生了大約 260 個基點的毛利率，到 2022 財年的利潤率略高於一年前。我們對信用卡支付的利潤率提高感到高興，這是由快於預期的利率擴張和較低的信用損失推動的。提醒一下，Divvy 支出管理解決方案利用要求每月支付餘額的收費卡，而不是客戶攜帶餘額的循環信用計劃，平均支付週期約為 10 天。

Moving on to transaction volumes. We processed 18.2 million payments in Q4. This includes 10.5 million payments on the Bill.com organic platform, reflecting 28% year-over-year growth. Of these organic payments, approximately 80% were repeat transactions, which we define as payments initiated between the same subscriber and vendor within the preceding 3 months. Excluding the financial institution channel, Bill.com customers averaged 79 transactions in the quarter, up from 75 last year and last quarter. During the quarter, we also processed 7.3 million Divvy card transactions.

繼續交易量。我們在第四季度處理了 1820 萬筆付款。這包括 Bill.com 有機平台上的 1050 萬筆付款，同比增長 28%。在這些自然支付中，大約 80% 是重複交易，我們將其定義為在過去 3 個月內同一訂閱者和供應商之間發起的支付。不包括金融機構渠道，Bill.com 客戶在本季度平均進行了 79 筆交易，高於去年和上一季度的 75 筆。在本季度，我們還處理了 730 萬筆 Divvy 卡交易。

Before discussing our Q4 financial results, I want to provide some additional insight about the financial institution channel since the dynamics differ from our other channels. We earn revenue from FI partners under long-term contractual minimums based in part on expected customer adoption over the term of the contract as reflected in our remaining performance obligations or RPOs. In the near term, our FI revenue is tied to these RPOs rather than to new customer adds.

在討論我們的第四季度財務業績之前，我想提供一些關於金融機構渠道的額外見解，因為動態與我們的其他渠道不同。我們根據長期合同最低標準從 FI 合作夥伴那裡獲得收入，部分基於我們剩餘的履約義務或 RPO 中反映的合同期限內預期的客戶採用率。在短期內，我們的 FI 收入與這些 RPO 相關，而不是與新增客戶相關。

The other key difference between this channel and our other go-to-market motions is that we offer these partners wholesale rates on our subscription and transaction fees. In return, the FIs are responsible for sales and marketing as well as customer support for the businesses who adopt our white label platform at the banks. Net-net, FIs generated contribution margin consistent with our other channels. In fiscal 2022, our FI channel represented approximately 5% of core revenue, with the vast majority of this revenue being subscription fees.

此渠道與我們其他進入市場的動議之間的另一個主要區別是，我們為這些合作夥伴提供訂閱和交易費用的批發價格。作為回報，金融機構負責銷售和營銷以及為在銀行採用我們的白標平台的企業提供客戶支持。 Net-net，金融機構產生的邊際貢獻與我們的其他渠道一致。在 2022 財年，我們的 FI 渠道約佔核心收入的 5%，其中絕大部分收入是訂閱費。

Now I'll review our reported Q4 results. Total revenue was $200.2 million, up 156% from a year ago. Core revenue, which consists of subscription and transaction fees, was $194.8 million representing growth of 151% year-over-year. Organic Bill.com core revenue was $114.9 million, an increase of 71% year-over-year due to strong demand across channels and increased customer adoption of our ad valorem payment products.

現在我將回顧我們報告的第四季度業績。總收入為 2.002 億美元，比一年前增長 156%。包括訂閱費和交易費在內的核心收入為 1.948 億美元，同比增長 151%。有機 Bill.com 的核心收入為 1.149 億美元，同比增長 71%，原因是跨渠道的強勁需求以及客戶對我們從價支付產品的採用增加。

In addition to our organic core revenue stream, revenue from our spend and expense management solution grew 140% year-over-year. Organic core revenue ARPU, excluding FI customers, increased 38% year-over-year. Subscription revenue increased to $55.2 million, up 77% year-over-year, driven by our growing customer base and the inclusion of Invoice2go subscribers. Bill.com organic subscription revenue growth was 49% year-over-year.

除了我們的有機核心收入來源外，我們的支出和費用管理解決方案的收入同比增長 140%。不包括金融機構客戶在內的有機核心收入 ARPU 同比增長 38%。由於我們不斷增長的客戶群和 Invoice2go 訂閱者的加入，訂閱收入增加到 5520 萬美元，同比增長 77%。 Bill.com 有機訂閱收入同比增長 49%。

Transaction revenue increased to $139.6 million, up 201% year-over-year due to Bill.com organic TPV strength, increased adoption of our ad valorem products and increasing spend on Divvy, which totaled $69.5 million in transaction revenue for Q4. Bill.com organic transaction revenue growth was 90% year-over-year. Float revenue was $5.4 million, an increase of more than 600% year-over-year. Float revenue exceeded our expectations given the magnitude of the recent Fed funds rate increases. Our yield was 68 basis points in the quarter.

交易收入增至 1.396 億美元，同比增長 201%，原因是 Bill.com 有機 TPV 實力、我們從價產品的採用增加以及 Divvy 支出增加，第四季度交易收入總計 6950 萬美元。 Bill.com 有機交易收入同比增長 90%。浮動收入為 540 萬美元，同比增長 600% 以上。鑑於近期聯邦基金利率上調的幅度，浮動收入超出了我們的預期。本季度我們的收益率為 68 個基點。

Turning to gross margin and our operating results for Q4. Non-GAAP gross margin was 84.2%, up 4 points year-over-year driven by a higher mix of variable transaction fee revenue and improving transaction economics. As a reminder, we manage a portfolio of payment offerings with a range of margins that are in various stages of adoption and we currently have a very favorable payment mix. In the short term, we expect non-GAAP gross margin to be slightly above the 79% to 81% range that we have previously discussed.

轉向毛利率和我們第四季度的經營業績。非 GAAP 毛利率為 84.2%，同比增長 4 個百分點，這是由於可變交易費用收入組合的增加和交易經濟學的改善。提醒一下，我們管理的支付產品組合具有一系列利潤率，處於不同的採用階段，我們目前擁有非常有利的支付組合。在短期內，我們預計非美國通用會計準則毛利率將略高於我們之前討論的 79% 至 81% 的範圍。

Non-GAAP operating expenses were $171.7 million, an increase of $25 million from Q3. We expanded R&D investments related to integrating our recent acquisitions in addition to enhancing our product innovation and platform capabilities. Sales and marketing expenses increased primarily due to expanding our go-to-market initiatives and rewards expenses associated with our spend and expense management solution.

非美國通用會計準則運營費用為 1.717 億美元，比第三季度增加了 2500 萬美元。除了增強我們的產品創新和平台能力外，我們還擴大了與整合我們最近收購的相關的研發投資。銷售和營銷費用的增加主要是由於我們擴大了與我們的支出和費用管理解決方案相關的上市計劃和獎勵費用。

Non-GAAP operating loss was $3.2 million. Our non-GAAP operating margin was negative 2%, an improvement from negative 8% last year. Our non-GAAP net loss was $3.3 million or a net loss per share of $0.03 based on 104.4 million basic weighted shares outstanding. Our non-GAAP net loss was significantly better than our expectations given our revenue performance and our rigorous approach to managing expenses.

非美國通用會計準則營業虧損為 320 萬美元。我們的非公認會計原則營業利潤率為負 2%，比去年的負 8% 有所改善。我們的非公認會計原則淨虧損為 330 萬美元或每股淨虧損 0.03 美元，基於 1.044 億股基本加權流通股。鑑於我們的收入表現和嚴格的費用管理方法，我們的非公認會計原則淨虧損明顯好於我們的預期。

Moving on to the balance sheet. Cash, cash equivalents and short-term investments at the end of Q4 were $2.7 billion, flat quarter-over-quarter. We continue to be well capitalized, enabling us to invest in our platform, expand our go-to-market capabilities and extend our market leadership. As of June 30, 2022, we had $3.1 billion in customer funds on our balance sheet, up $99 million from the end of Q3, driven by strong TPV.

轉到資產負債表。第四季度末現金、現金等價物和短期投資為 27 億美元，環比持平。我們繼續資本充足，使我們能夠投資於我們的平台，擴大我們的上市能力並擴大我們的市場領導地位。截至 2022 年 6 月 30 日，在 TPV 強勁的推動下，我們的資產負債表上有 31 億美元的客戶資金，比第三季度末增加了 9900 萬美元。

Before shifting to our financial outlook for the first fiscal quarter and full fiscal year 2023, I'd like to address our current views on the macro environment as it relates to our business. Looking ahead, we are excited about the large global opportunity we're pursuing to help businesses transform their financial operations and better manage their spend and cash flow. Our platform, go-to-market ecosystem and scale continue to drive strong customer acquisition and engagement with our solutions.

在轉向我們對第一財季和整個 2023 財年的財務展望之前，我想談談我們目前對與我們業務相關的宏觀環境的看法。展望未來，我們對正在尋求幫助企業轉變財務運營並更好地管理支出和現金流的巨大全球機遇感到興奮。我們的平台、上市生態系統和規模繼續推動強大的客戶獲取和與我們的解決方案的互動。

Entering a challenging economic environment, businesses need solutions to help them automate and create efficiency while increasing visibility and control. Our bias is to invest to capture the large market opportunity ahead of us while exercising our disciplined investment approach that will allow us to drive operating leverage as we grow.

進入充滿挑戰的經濟環境，企業需要解決方案來幫助他們實現自動化並提高效率，同時提高可見性和控制力。我們的偏向是投資以抓住我們面前的巨大市場機會，同時運用我們有紀律的投資方法，這將使我們能夠隨著我們的成長提高經營槓桿。

The current macro environment presents numerous near-term uncertainties and our fiscal 2023 outlook anticipates customers will continue to react to the external factors and temper spend throughout the year, similar to the trends we saw emerging in late Q4 and early this quarter. Our outlook assumes no material changes in customer retention, which is the largest driver of near-term revenue, customer acquisition trends or credit losses.

當前的宏觀環境存在許多近期不確定性，我們的 2023 財年展望預計，客戶將繼續對外部因素做出反應並在全年控制支出，類似於我們在第四季度末和本季度初看到的趨勢。我們的展望假設客戶保留率沒有重大變化，這是近期收入、客戶獲取趨勢或信用損失的最大驅動力。

We believe we are very well positioned to succeed in an uncertain environment given the multiple tailwinds we have. These include the revenue and margin contribution from the rising interest rate environment, the significant payment monetization expansion opportunity that exists and the growing awareness by SMBs about the potential to transform their financial operations by adopting cloud solutions. Our value proposition resonates with SMBs regardless of the macro situation.

我們相信，鑑於我們擁有多重順風，我們完全有能力在不確定的環境中取得成功。其中包括不斷上升的利率環境帶來的收入和利潤率貢獻、存在的重大支付貨幣化擴張機會以及中小型企業對通過採用雲解決方案轉變其財務運營的潛力的認識不斷提高。無論宏觀形勢如何，我們的價值主張都能引起中小企業的共鳴。

Turning to our outlook for fiscal Q1. We expect our total revenue to be in the range of $208 million to $211 million, which reflects 76% to 78% year-over-year growth. We expect float revenue to be approximately $12 million in Q1, which assumes our yield on FBO funds will be approximately 145 basis points. On the bottom line, for Q1, we expect to report non-GAAP net income in the range of $5.5 million to $8 million and non-GAAP net income per diluted share in the range of $0.05 to $0.07 based on a share count of 117.5 million diluted weighted average shares outstanding. In addition, for Q1, we expect other income to be $4.9 million, net of other expenses.

轉向我們對第一財季的展望。我們預計我們的總收入將在 2.08 億美元至 2.11 億美元之間，這反映了 76% 至 78% 的同比增長。我們預計第一季度的浮動收入約為 1200 萬美元，假設我們的 FBO 基金收益率約為 145 個基點。最重要的是，對於第一季度，我們預計根據 1.175 億股的股票數量，報告非 GAAP 淨收入在 550 萬美元至 800 萬美元之間，每股攤薄後非 GAAP 淨收入在 0.05 美元至 0.07 美元之間稀釋加權平均流通股。此外，對於第一季度，我們預計其他收入為 490 萬美元，扣除其他費用。

For fiscal 2023, we expect total revenue to be in the range of $955.5 million to $973.5 million. We expect float revenue to be approximately $55 million in fiscal 2023, which assumes a yield on FBO funds of approximately 2% for the year and is based on a mix of funds invested in higher-yielding securities, and funds held in demand deposit accounts in support of payment transactions clearing. We expect to report non-GAAP net income for fiscal 2023 in the range of $27.5 million to $45.5 million and non-GAAP net income per share of $0.23 to $0.38 based on a share count of 119 million diluted weighted average shares outstanding.

對於 2023 財年，我們預計總收入將在 9.555 億美元至 9.735 億美元之間。我們預計 2023 財年的浮動收入約為 5500 萬美元，假設 FBO 基金當年的收益率約為 2%，並且基於投資於高收益證券的資金以及在活期存款賬戶中持有的資金的組合。支持支付交易清算。根據 1.19 億股稀釋加權平均流通股數，我們預計 2023 財年的非公認會計原則淨收入在 2750 萬美元至 4550 萬美元之間，非公認會計原則每股淨收入為 0.23 美元至 0.38 美元。

In addition, for fiscal 2023, we expect other income to be $22 million, net of other expenses. We expect stock-based compensation expenses of approximately $75 million per quarter and capital expenditures to be approximately $6 million to $7 million per quarter.

此外，在 2023 財年，我們預計其他收入為 2200 萬美元，扣除其他費用。我們預計每季度股票補償費用約為 7500 萬美元，資本支出約為每季度 600 萬至 700 萬美元。

In closing, I want to reiterate that we believe there is a significant greenfield opportunity ahead of us to help millions of businesses manage their cash flows and transform their financial operations. Our broad platform capabilities, diverse distribution ecosystem and increasing scale uniquely positions us to be the de facto financial operations platform for companies ranging from sole proprietors to mid-market firms. This opportunity, together with our efficient business model and execution rigor positions us to transition to be a non-GAAP profitable company in fiscal 2023.

最後，我想重申，我們相信我們面前有一個重要的綠地機會，可以幫助數百萬企業管理其現金流並轉變其財務運營。我們廣泛的平台能力、多樣化的分銷生態系統和不斷擴大的規模使我們成為從獨資經營者到中型市場公司的公司事實上的金融運營平台。這個機會，加上我們高效的商業模式和嚴謹的執行，使我們能夠在 2023 財年轉型為一家非 GAAP 盈利公司。

Operator, we're now ready to take questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) The first question is from the line of Bryan Keane with Deutsche Bank.

（操作員說明）第一個問題來自德意志銀行的 Bryan Keane。

Congrats on the quarter and outlook. I'll ask my 2 questions upfront. You talked a little bit about seeing some softness in spend, especially in advertising. Is there a way to break out maybe discretionary spend of clients versus nondiscretionary spend or maybe a breakout of clients by services? And then secondly, now that we are turning non-GAAP profitable for the year, has there been any thought about any long-term margin trajectory that we should think about for adjusted margin or for EBITDA margins?

祝賀本季度和展望。我會提前問我的兩個問題。您談到了一些支出疲軟，尤其是在廣告方面。有沒有辦法區分客戶的可自由支配支出與非可自由支配的支出，或者可能是服務對客戶的突破？其次，既然我們在今年實現了非 GAAP 盈利，有沒有想過我們應該考慮調整後的利潤率或 EBITDA 利潤率的任何長期利潤率軌跡？

Thank you, Bryan. This is always kind of the nuance of the macro environment, something always hard to read. But what we would say is that we have a broad base of customers. And the broad base of customers is across SMBs all the way to mid-market companies. And what we called out in particular was the TPV growth moderating at the end of the quarter through the beginning of this quarter. And it really is around larger customers. And so when we think about discretionary spend, that's -- it's kind of nuance in the business environment because they have so many business activities that they do on a daily basis. And so I would say, for us, we see the growth continuing to grow strong and going forward from there.

謝謝你，布萊恩。這總是宏觀環境的細微差別，總是難以閱讀。但我們要說的是，我們擁有廣泛的客戶群。廣泛的客戶群從中小企業一直到中型市場公司。我們特別指出的是 TPV 增長在本季度末到本季度初放緩。它確實圍繞著更大的客戶。因此，當我們考慮可自由支配的支出時，這是商業環境中的一種細微差別，因為他們每天都有很多商業活動。所以我想說，對我們來說，我們看到增長繼續強勁增長並從那裡向前發展。

Maybe I'll take the long-term margin question, Bryan. We haven't explicitly laid out longer-term targets yet. We're very happy with the progress we've made scaling the business and nearing $1 billion in revenue and expecting non-GAAP profitability this year. And with that momentum, we're expecting a lot of good news ahead. We'll roll out longer-term targets in the not-too-distant future, but haven't done so yet.

也許我會回答長期保證金問題，布萊恩。我們還沒有明確制定長期目標。我們對我們在業務擴展和接近 10 億美元的收入方面取得的進展感到非常滿意，並預計今年將實現非公認會計原則的盈利。有了這種勢頭，我們期待著很多好消息。我們將在不久的將來推出長期目標，但還沒有這樣做。

The next question is from the line of Brad Sills with Bank of America.

下一個問題來自美國銀行的 Brad Sills。

Congratulations on a real nice end of the year and outlook here. I'll ask the macro question in a slightly different way. Obviously, you've been very specific on the impact there on TPV. Outside of advertising, are there any other categories you're noticing some softening and what gives you the rationale, I guess, for assuming that, that doesn't change in the near term?

祝賀今年的一個真正美好的結束和展望。我將以稍微不同的方式提出宏觀問題。顯然，您已經非常具體地說明了那裡對 TPV 的影響。除了廣告之外，您是否注意到其他類別有所軟化？我猜是什麼給了您理由，假設短期內不會改變？

Yes. Brad, good to hear your voice. We saw healthy demand throughout the quarter year-over-year. The customer growth was 30%. We've had great TPV growth across the quarter. The core Bill, TPV growth was 10% and quarter-to-quarter. The Divvy TPV growth was stronger than that. And so when we look at the overall macro environment, we really do see a number of tailwinds that are supporting the business, and those tailwinds really get to things we've talked about before.

是的。布拉德，很高興聽到你的聲音。我們在整個季度看到了與去年同期相比的健康需求。客戶增長率為 30%。我們在本季度的 TPV 增長非常快。核心法案，TPV 環比增長 10%。 Divvy TPV 的增長比這更強。因此，當我們查看整體宏觀環境時，我們確實看到了許多支持業務的順風，而這些順風確實涉及我們之前討論過的事情。

So the first that we kind of talked about would have been the pandemic and the desire and need for remote capabilities and the ability to have the financial back office in your back pocket, which we've delivered for our customers. The other thing we've talked about is just the pure need for digital transformation that businesses have, the desire to be able to be anywhere and manage their business.

因此，我們首先談論的是大流行以及對遠程功能的渴望和需求，以及我們為客戶提供的財務後台辦公室的能力。我們談到的另一件事只是企業對數字化轉型的純粹需求，即能夠在任何地方管理業務的願望。

And the third one, which is kind of new in this kind of macro environment that we're in, is that in inflationary times, the only deflationary impact that you can have on your businesses to take advantage of software and create more efficiencies across your financial operations. And so we've been built from day 1 to really serve our SMB customers with the ability to be more efficient to really drive more technology usage and more engagement across their customers and their employees and their vendors.

第三個，在我們所處的這種宏觀環境中是新的，是在通貨膨脹時期，您可以對您的業務產生的唯一通貨緊縮影響，以利用軟件並在整個企業中創造更高的效率。金融業務。因此，我們從第一天起就建立了真正為我們的 SMB 客戶服務的能力，能夠更高效地真正推動他們的客戶、員工和供應商之間更多的技術使用和更多的參與。

And that's something that we feel good about. So from a high-level macro perspective, really, we just wanted to call out that we did see the larger customer, the TPV spend starting to moderate from a growth rate perspective.

這是我們感覺良好的事情。因此，從高層次的宏觀角度來看，實際上，我們只是想指出，我們確實看到了更大的客戶，從增長率的角度來看，TPV 支出開始放緩。

One more, if I may, please. With the combination of the growth you're seeing in the network and the progress you've made integrating Invoice2go, should we expect that channel to kind of -- that flywheel effect to start to really take hold your receivables customers, bringing in more payables customers? Are we at that point now where we might see momentum there?

如果可以，請再來一份。結合您在網絡中看到的增長以及您在集成 Invoice2go 方面取得的進展，我們是否應該期望該渠道能夠產生某種飛輪效應，開始真正抓住您的應收賬款客戶，帶來更多的應付賬款顧客？我們現在是否到了那個時候，我們可能會在那裡看到動力？

Thank you, Brad. We have been -- I think with the Q3 call, we talked about out in the February-March time frame, we fully integrated the companies across one organizational structure to drive a unified platform. It's one of the priorities -- key priorities for the year is to really continue to develop that unified platform. So customers have one common dashboard to manage all of their financial operations. And so we are in the -- I would say, the beginning stages of building that. And throughout the fiscal year, we'll make more progress and update you as that happens.

謝謝你，布拉德。我們一直 - 我認為在第三季度的電話會議中，我們在 2 月至 3 月的時間框架內談到，我們將公司完全整合到一個組織結構中，以推動一個統一的平台。這是優先事項之一——今年的主要優先事項是真正繼續開發該統一平台。因此，客戶擁有一個通用儀表板來管理他們的所有財務運營。因此，我們正處於構建它的開始階段。在整個財年中，我們將取得更多進展，並在發生這種情況時為您提供最新信息。

The next question is from the line of Darrin Peller with Wolfe Research.

下一個問題來自 Wolfe Research 的 Darrin Peller。

Great job on these results. Let me just try to understand a little bit more. When we think of the guidance and the outlook, there's -- given how many moving parts there are in the business, there's obviously a ton of assumptions that could swing the output in guidance. So I really love to hear what kind of assumptions you made around some of the main variables, Bill.com versus perhaps Divvy. Maybe you can help us understand how the Divvy cross-sell with Bill is going and if you made any assumptions of progress around that also? I guess I'll stop there. We can probably go on and on, maybe Invoice2go, but there's just any more color on the inputs would be great.

在這些結果上做得很好。讓我試著多理解一點。當我們考慮指導和前景時，考慮到業務中有多少活動部件，顯然有大量的假設可能會影響指導的輸出。所以我真的很想听聽你圍繞一些主要變量做出了什麼樣的假設，比如 Bill.com 和 Divvy。也許您可以幫助我們了解 Divvy 與 Bill 的交叉銷售是如何進行的，以及您是否也對此做出了任何進展假設？我想我會停在那裡。我們可能會繼續下去，也許是 Invoice2go，但只要輸入更多的顏色就會很棒。

Sure. Thanks, Darrin. Good question. And you're right, there are a lot of moving parts. One of the benefits that we have of a very large customer base and our scale is that we do have a lot of visibility into spend patterns and activities and repeat behaviors. We talked about on the -- earlier in the call, the repeat transaction rates continue to be very, very high. So that visibility is helpful as we pin down our assumptions.

當然。謝謝，達林。好問題。你是對的，有很多活動部件。我們擁有龐大的客戶群和我們的規模的好處之一是，我們確實對支出模式和活動以及重複行為有很多可見性。我們在電話會議的早些時候談到過，重複交易率繼續非常非常高。因此，當我們確定我們的假設時，這種可見性是有幫助的。

We have -- the main variable, I'd say, that we're focused on is the spend patterns amongst customers across both the Bill and the Divvy spending businesses. And we're assuming that some of the softness or moderation as we called it, in the last couple of months, continues throughout the year given the external environment. And with Divvy, it's a slightly larger customer base. They have good visibility as well.

我想說，我們關注的主要變量是 Bill 和 Divvy 支出業務中客戶的支出模式。我們假設在過去幾個月中，我們所說的一些溫和或溫和，在外部環境下全年持續。有了 Divvy，它的客戶群就稍微大了一點。他們也有很好的能見度。

And it's not -- I would point out that like Bill, the Divvy spend management solution is a tool to manage spend. It's not just a card. And so it's integrated into the way companies operate. And regardless of the absolute spend number, it creates high visibility for us. So we feel good about that. We have made progress in FY '22, probably faster than we would have anticipated with some of the cross-sell activities.

事實並非如此——我要指出，像比爾一樣，Divvy 支出管理解決方案是一種管理支出的工具。它不僅僅是一張卡片。因此，它融入了公司的運營方式。無論絕對支出數字如何，它都為我們創造了高知名度。所以我們對此感覺很好。我們在 22 財年取得了進展，可能比我們對一些交叉銷售活動的預期要快。

I think we had about 2,000 Bill.com customers who adopted the Divvy spend management solution. And so that's good momentum going into FY '23. And as we focus on integrating the platforms even tighter, we think that will help with our additional efforts in cross-selling Bill and Divvy customers in both directions.

我認為我們有大約 2,000 名 Bill.com 客戶採用了 Divvy 支出管理解決方案。所以這是進入 23 財年的良好勢頭。隨著我們專注於更緊密地集成平台，我們認為這將有助於我們在雙向銷售 Bill 和 Divvy 客戶方面的額外努力。

That's really helpful, John. I mean if I can just quickly fit in a mechanical question. The new adds in the quarter, I just wasn't sure if I heard how much of that was FI versus the core Bill adds this time around.

這真的很有幫助，約翰。我的意思是如果我能很快適應一個機械問題。本季度的新增加，我只是不確定我是否聽說這一次有多少是 FI 與核心比爾增加的。

Yes. We had 11,200 in the quarter. It's our second highest net new adds ever. Last quarter, it was 11.6. We had about 5,000 net new adds in the -- what I would describe the Bill core business, excluding the FI channel, so excluding all of the adds from the FI channel. And as we sort of look out over FY '23, we think that 4,000 to 5,000 range for Bill, excluding the financial institution contribution is probably a good placeholder.

是的。本季度我們有 11,200 個。這是我們有史以來第二高的淨新增。上個季度是 11.6。我們有大約 5,000 個淨新增 - 我將描述比爾核心業務，不包括 FI 渠道，因此不包括來自 FI 渠道的所有新增內容。當我們對 23 財年進行展望時，我們認為比爾的 4,000 到 5,000 範圍（不包括金融機構的貢獻）可能是一個很好的佔位符。

The next question is from the line of Josh Beck with KeyBanc.

下一個問題來自 Josh Beck 和 KeyBanc。

Yes. Yes, I wanted to kind of also layer on some of the macro impacts. So one of the comments that you made was certainly an improvement in the payback period and Rene had made some comments about really Bill being deflationary. And obviously, that's very critical with SMBs right now. So when you look at the payback that you're seeing in the recent months, has it held steady? Are there any notable changes kind of with respect to that variable?

是的。是的，我還想對一些宏觀影響進行分層。因此，您發表的其中一條評論肯定是對投資回收期的改進，而 Rene 曾發表過一些評論，認為比爾確實是通貨緊縮。顯然，這對於目前的中小企業來說非常重要。因此，當您查看最近幾個月看到的回報時，它是否保持穩定？關於該變量，是否有任何顯著的變化？

Yes. Thank you, Josh. We have -- as you know, we have a very broad distribution channel ecosystem that we've tapped into that allows us to reach SMBs where they are, whether it's directly or through the businesses and partners they trust most, whether it's an accountant or a financial institution. And that actually does help our ability to drive that payback number the way we've talked about it. The opportunity that we continue to see is the combination of that ecosystem with our ability to kind of drive better usage of our payment products that really drive value for our customers, which end up increasing our net dollar-based retention numbers.

是的。謝謝你，喬希。我們擁有 - 如您所知，我們擁有一個非常廣泛的分銷渠道生態系統，我們已經利用它使我們能夠接觸到他們所在的中小企業，無論是直接還是通過他們最信任的企業和合作夥伴，無論是會計師還是金融機構。這實際上確實有助於我們以我們所說的方式推動回報數字的能力。我們繼續看到的機會是該生態系統與我們推動更好地使用我們的支付產品的能力相結合，從而真正為我們的客戶帶來價值，最終增加我們基於美元的淨保留人數。

All of that goes together to really help improve our ability to attract and bring more customers on to the platform. So no specific trends right now. It's just -- it's everything we've been building for years has been working for us.

所有這些結合在一起，真正有助於提高我們吸引和吸引更多客戶進入平台的能力。所以目前沒有具體的趨勢。它只是 - 這是我們多年來一直在構建的一切都在為我們工作。

Okay. Very helpful. And then maybe a follow-up on really the adoption of cross-border and virtual. Certainly, the stats there were very helpful. And when we think about the pace of that adoption curve, obviously, we have a pretty good sense of how that's trended from last year to this year. How should we think about that shape moving forward? Are there factors that could steepen that adoption curve, level it out? Any framework just to think about the pace of adoption in future years.

好的。非常有幫助。然後也許是關於真正採用跨境和虛擬的後續行動。當然，那裡的統計數據非常有幫助。當我們考慮採用曲線的速度時，顯然，我們對從去年到今年的趨勢有很好的了解。我們應該如何看待這種向前發展的形狀？是否有因素可以使採用曲線變陡，使其趨於平穩？任何框架都只是為了考慮未來幾年的採用速度。

Yes. Thank you for that. The -- I would say, from the very beginning, we've had a strategy to invest in our proprietary payment platform so that we could create better customer experiences for our customers and for their suppliers. And that's been the backbone of how we've been able to drive virtual card, international payments, FX transactions within the international payments, instant transfer, all the things that we've done.

是的。謝謝你。 - 我想說，從一開始，我們就制定了投資我們專有支付平台的戰略，以便我們可以為我們的客戶和他們的供應商創造更好的客戶體驗。這就是我們如何推動虛擬卡、國際支付、國際支付中的外匯交易、即時轉賬以及我們所做的所有事情的支柱。

And as we look at the success that we've had, growing virtual card from 2.2% to 2.7% in TPV, international payments from 4.1 to 4.5. Really happy that we were able to grow the FX rate from 25% to 32%. All of that's because of this proprietary payment platform that we've been building over the years and will continue to build. We know this is a multiyear effort to drive adoption in the original commitments that we've made around the penetration that we expect. It just takes time, and we're happy with where we're at, and we'll continue to do the work that we need to drive that adoption.

當我們看到我們所取得的成功時，虛擬卡的 TPV 從 2.2% 增長到 2.7%，國際支付從 4.1 增長到 4.5。非常高興我們能夠將外匯匯率從 25% 提高到 32%。所有這一切都是因為我們多年來一直在構建並將繼續構建的這個專有支付平台。我們知道這是一項多年的努力，旨在推動我們圍繞我們預期的滲透所做的最初承諾的採用。這只是需要時間，我們對我們所處的位置感到滿意，我們將繼續做我們需要推動採用的工作。

The next question is from the line of Andrew Bauch with SMBC Nikko.

下一個問題來自 SMBC Nikko 的 Andrew Bauch。

Another nice set of results here. I wanted to touch upon the remaining performance obligations. This is one that we get a question from investors fairly often trying to understand on how that revenue comes on, and I appreciate the color that you provided in the prepared remarks. But it's remained fairly steady at this $150 million level over the last couple of years. And just so what are you kind of thinking about with regards to that bucket within 2 years as far as what's kind of layered in, in fiscal '23? And you mentioned the minimum, I guess so we anticipate that you're going to have a lot of those customers at those minimums in the next several quarters?

另一組很好的結果在這裡。我想談談剩餘的履約義務。這是我們經常從投資者那裡得到的一個問題，試圖了解收入是如何產生的，我很欣賞你在準備好的評論中提供的顏色。但在過去的幾年裡，它在 1.5 億美元的水平上保持相當穩定。就在 23 財年，你對 2 年內的那個桶有什麼想法？你提到了最低限度，我想所以我們預計在接下來的幾個季度裡，你會有很多這樣的客戶嗎？

Thanks for the question, Andrew. So the RPO number of $150 million approximately reflects the minimum contractual commitment. So the way to think about that is the floor, not the ceiling, to the extent that over a multiyear period of time, we work with our financial institution partners to drive better adoption than initially targeted, then we have revenue upside in both subscription and transaction fees. I think our disclosures spell out the -- both the total RPO and the expectation for how much revenue we'll earn from that over the next 2 years.

謝謝你的問題，安德魯。因此，1.5 億美元的 RPO 數量大致反映了最低合同承諾。因此，考慮這一點的方式是下限，而不是上限，在某種程度上，在多年的時間裡，我們與金融機構合作夥伴合作，推動比最初目標更好的採用，然後我們在訂閱和交易費用。我認為我們的披露說明了 - 總 RPO 以及我們在未來 2 年將獲得多少收入的預期。

We haven't provided more granular disclosure than that. But the RPO number moves in 2 ways. As we sign new financial institutions, those minimums get added to the RPO. And then obviously, as we earn revenue in the near term, that comes out of the RPO balance. It's been pretty stable over, as you said, the last 18 months or so. And so it's a fairly steady revenue stream that's contractually guaranteed and not subject to any significant movement quarter-to-quarter.

我們沒有提供比這更詳細的披露。但是 RPO 編號以兩種方式移動。當我們簽署新的金融機構時，這些最低要求會被添加到 RPO 中。然後很明顯，當我們在短期內獲得收入時，這來自 RPO 餘額。正如你所說，在過去 18 個月左右的時間裡，它一直很穩定。因此，這是一個相當穩定的收入流，有合同保證，不會受到任何重大季度變動的影響。

Got it. Helpful. And then as we think about the progression of margins throughout this year, obviously, you're starting at a lower point in the first quarter, and obviously, the business has a ton of operating leverage in it. And so I guess where the guide is implying, it's like you're exiting the year in kind of this mid-single-digit range or high single digits. Is that the way we should be thinking about like the sequential steps in the margin throughout the year? Or are there any one-off variables we need to consider?

知道了。有幫助。然後，當我們考慮今年全年利潤率的增長時，很明顯，你從第一季度的較低點開始，顯然，該業務有大量的運營槓桿。因此，我猜該指南的含義是，就像您以中個位數或高個位數結束這一年一樣。這是我們應該考慮的方式，就像全年利潤中的連續步驟一樣嗎？還是我們需要考慮任何一次性變量？

Well, there is -- first of all, obviously, we've laid out the first quarter and the full year. We haven't given the quarterly details. There is some seasonality in the business, particularly as it relates to payment volumes. We've talked about the third quarter or the March quarter, being a little bit softer payment volume than the December quarter. That does, in some way, influence the margins. But looking -- stepping back and looking at how we're starting the year and the full year, we're obviously comfortable with the ranges that we provided, and they reflect our best estimates at this point about how the business will evolve.

嗯，首先，顯然，我們已經列出了第一季度和全年。我們沒有給出季度細節。業務存在一定的季節性，特別是與支付量有關。我們已經談到了第三季度或 3 月季度，其支付量比 12 月季度要低一些。在某種程度上，這確實會影響利潤率。但是看看 - 退後一步看看我們如何開始今年和全年，我們顯然對我們提供的範圍感到滿意，它們反映了我們目前對業務將如何發展的最佳估計。

Got it. Congrats on another nice set of results.

知道了。祝賀另一組不錯的結果。

The next question is from the line of Brent Bracelin with Piper Sandler.

下一個問題來自 Brent Bracelin 和 Piper Sandler。

The magnitude of upside here in Q4 and midpoint guide of another 50% growth year suggests that automating finance operations is clearly resonating with SMBs. What stood out to me was the second straight quarter of 11,000 net new core adds. We're seeing other SMB companies see a slowdown on the macro. Could you just double-click down on visibility into adding new customers? What's resonating here? What's giving you confidence in your ability to continue to kind of land new customers in this challenging environment.

第四季度的上升幅度和另一個 50% 增長年的中點指南表明，自動化財務運營顯然引起了中小型企業的共鳴。令我印象深刻的是連續第二個季度淨新增核心 11,000 個。我們看到其他 SMB 公司看到宏觀經濟放緩。您可以雙擊添加新客戶的可見性嗎？什麼在這裡引起共鳴？是什麼讓您對在這個充滿挑戰的環境中繼續吸引新客戶的能力充滿信心。

Brent, great to hear your voice. We have been building this platform for 16 years now to really drive adoption amongst SMBs of all industries and all really sizes from the smallest to the mid-market companies across multiple partners and ecosystems. And so the success that we have is our ability to continue to drive partnerships during the fiscal year. We obviously announced the partnership with Bank of America to serve their SMBs that were new to the bank.

布倫特，很高興聽到你的聲音。 16 年來，我們一直在構建這個平台，以真正推動所有行業的中小型企業在多個合作夥伴和生態系統中的應用，從最小到中型市場的公司。因此，我們取得的成功在於我們有能力在本財政年度繼續推動合作夥伴關係。我們顯然宣布了與美國銀行的合作夥伴關係，以服務於該銀行的新中小企業。

We also announced the partnership with CPA.com, to be their provider across bill payment and expense management, spend management. And so these types of partnerships in combination with the 6,000 accountants that are on the platform today definitely give us visibility into what's happening for them. I would say the tailwinds I mentioned, the need to be able to manage work remotely, the need to be able to really drive efficiency in an inflationary environment, that need to be able to have the technical tools to be able to run your financial operations from anywhere, these are all tailwinds that are helping drive demand and awareness.

我們還宣布與 CPA.com 建立合作夥伴關係，成為他們在賬單支付和費用管理、支出管理方面的提供商。因此，這些類型的合作夥伴關係與今天平台上的 6,000 名會計師相結合，無疑讓我們能夠了解他們正在發生的事情。我想說的是我提到的順風，需要能夠遠程管理工作，需要能夠在通貨膨脹的環境中真正提高效率，需要能夠擁有能夠運行您的金融業務的技術工具從任何地方來看，這些都是有助於推動需求和意識的順風。

And you combine that with the increased capabilities of innovation we've done on the payment front. So all of that continues to create that healthy demand. So we feel good about the demand, and we have plenty more to go do, and it's a massive market in front of us, and we're going to keep working hard to serve as many SMBs as we can.

您將其與我們在支付方面所做的創新能力的增強相結合。因此，所有這些都在繼續創造健康的需求。所以我們對需求感覺良好，我們還有很多工作要做，這是一個巨大的市場，我們將繼續努力為盡可能多的中小企業服務。

Super helpful color there. And then, John, just wanted to ask on Divvy specifically. It looks like the volumes there jumped meaningfully on a sequential basis, more than doubling from last quarter. What drove that? Is there some additional cross-sell benefits? Was that all just kind of Divvy adoption increasing? What drove the acceleration there? And how should we think about the momentum you're seeing in Divvy going into next year?

那裡超級有用的顏色。然後，約翰，只是想專門問一下 Divvy。看起來那裡的交易量環比大幅增長，比上一季度增加了一倍多。是什麼推動了它？是否有一些額外的交叉銷售好處？這只是一種 Divvy 採用率的增加嗎？是什麼推動了那裡的加速？我們應該如何看待你在 Divvy 看到的明年的勢頭？

Yes. Thanks, Brent. You're right. The momentum is quite strong with Divvy. As we mentioned before, the average customer or spending business that Divvy spend management solution serving is slightly larger than Bill. And they've done a really good job at offering both the platform and spend solutions that help large customers automate their spend capabilities and have visibility and control. And they're seeing the result of those efforts come through in increased spend from businesses.

是的。謝謝，布倫特。你是對的。 Divvy 的勢頭非常強勁。正如我們之前提到的，Divvy 支出管理解決方案服務的平均客戶或支出業務比 Bill 略大。他們在提供平台和支出解決方案方面做得非常好，幫助大客戶自動化他們的支出能力並具有可見性和控制力。他們看到這些努力的結果是企業支出的增加。

So we feel really good about the progress that's being made there. And then I'd say that the Bill contribution, so Bill customers who've adopted the Divvy spend management solution, it's still relatively small versus the base Divvy spending businesses. So we're really excited about the continued opportunity we have in fiscal '23 and beyond to continue to drive that cross-sell adoption.

因此，我們對那裡取得的進展感覺非常好。然後我會說 Bill 的貢獻，因此採用 Divvy 支出管理解決方案的 Bill 客戶與基本的 Divvy 支出業務相比仍然相對較小。因此，我們對在 23 財年及以後繼續推動交叉銷售採用的持續機會感到非常興奮。

The next question is from the line of Samad Samana with Jefferies.

下一個問題來自 Samad Samana 與 Jefferies 的對話。

John, maybe one to start with you on the guidance. In terms of the assumptions, from a high level, what are you thinking for core Bill.com revenue versus Divvy? I know in the past, you've given that and just figure on the fiscal year, maybe we could see what the assumptions are for fiscal '23, especially as Divvy fully -- ends up wrapping around the Visa comps?

約翰，也許可以從你的指導開始。就假設而言，從高層次來看，您對 Bill.com 的核心收入與 Divvy 有何看法？我知道在過去，您已經給出了這一點並且只是在財政年度上進行了計算，也許我們可以看到對 23 財政年度的假設是什麼，尤其是當 Divvy 完全結束時 - 最終圍繞 Visa 組合？

Yes. Thanks, Samad. So in terms of core revenue growth, so the combination of our subscription and transaction fees, excluding float. For Divvy direction, I can tell you, we're planning for above 50% and year-over-year growth. And for organic Bill, excluding Divvy, we're planning for above 40% organic growth. Beyond that, obviously, our formal guidance is around the combined businesses as we're operating them now. But hopefully, that additional color helps.

是的。謝謝，薩馬德。因此，就核心收入增長而言，我們的訂閱費和交易費相結合，不包括浮動。對於 Divvy 方向，我可以告訴你，我們計劃實現 50% 以上的年增長率。對於有機比爾，不包括 Divvy，我們計劃實現 40% 以上的有機增長。除此之外，顯然，我們的正式指導是圍繞我們現在運營的合併業務。但希望這種額外的顏色會有所幫助。

Very helpful. And then, Rene, I wanted to ask you a question. There's -- I think you guys have really been helpful about explaining the macro. I would say that some of your smaller competitors, I think, have had different sets of struggles, yet you guys are doing great, right? In terms of net adds, the KPIs are strong. Unit PPV volume slowed later in the quarter. You're still doing well in terms of attracting more customers to Bill. I'm curious if there's something you can do to be opportunistic and accelerate that while some of your competitors may be struggling, whether if they're private or with their own kind of business decisions and maybe what you're seeing and if there's something you can do to capitalize on that.

非常有幫助。然後，勒內，我想問你一個問題。有——我認為你們在解釋宏方面真的很有幫助。我會說，我認為你們的一些較小的競爭對手有不同的掙扎，但你們做得很好，對吧？就淨增加而言，KPI 表現強勁。本季度晚些時候，單位 PPV 量有所放緩。在為比爾吸引更多客戶方面，您仍然做得很好。我很好奇您是否可以採取一些措施來投機取巧並加速這一過程，而您的一些競爭對手可能正在苦苦掙扎，無論他們是私人的還是他們自己的商業決策，也許您所看到的以及是否有什麼你可以利用這一點。

Yes. Thanks, Samad. Pursuing and serving the SMB market is a tricky business. The SMBs are hard to reach and hard to find that's why we had the ecosystem we have. Our investment philosophy since day 1 has been grounded in our long-term aspirations to be a profitable company that serves millions of SMBs. And so from that perspective, I think the focus and attention that we've had around execution and rigor over the years is what's paying off. And that's what's able to create the opportunities that we have with the SMB market, whether it's in our direct channel, our partner channel or our account channel. So I think it really comes back to just being committed and really being focused and executing in the way that we are able to create solutions that resonate that delight customers and really make a difference.

是的。謝謝，薩馬德。追求和服務於中小企業市場是一項棘手的工作。中小企業很難接觸到，也很難找到，這就是我們擁有生態系統的原因。從第一天開始，我們的投資理念就立足於我們的長期願望，即成為一家為數百萬中小企業服務的盈利公司。所以從這個角度來看，我認為我們多年來對執行和嚴謹的關注和關注是有回報的。這就是能夠為我們在 SMB 市場創造機會的原因，無論是在我們的直接渠道、我們的合作夥伴渠道還是我們的客戶渠道。因此，我認為這真的回到了承諾、真正專注和執行的方式上，我們能夠創建能夠引起客戶共鳴並真正有所作為的解決方案。

Great. Congrats on all the success, guys.

偉大的。祝賀所有的成功，伙計們。

The next question is from the line of Tien-Tsin Huang with JPMorgan.

下一個問題來自摩根大通的 Tien-Tsin Huang。

Great to be on the call here, impressive results. I had to jump off for a second. But I wanted to ask, I think you covered some of this, but just thinking about the growth drivers in fiscal '23 and how it's going to be different than what we saw last year across volume growth, client growth, pricing, for example, I heard the commentary around volume in July and August. It sounds like client growth, you're assuming to be relatively consistent. What about some of the other big drivers that might be uniquely different this coming year versus last year?

很高興在這裡接聽電話，令人印象深刻的結果。我不得不跳下來一秒鐘。但我想問一下，我想你已經涵蓋了其中的一些內容，但只是想一想 23 財年的增長驅動因素，以及它與去年在銷量增長、客戶增長、定價等方面看到的情況有何不同，我在七八月份聽到了關於音量的評論。這聽起來像客戶增長，你假設是相對一致的。那麼明年與去年可能會截然不同的其他一些重要驅動因素呢？

Yes. Thank you. Thank you, Tien. So I think the -- when we look at this, it's all about kind of driving the continued operational execution rigor that we've had. And so the success we've had with virtual card, with international payments, there's a lot more opportunity there. We continue to have a multiyear strategy and execution plan around that, and we will continue to do that. I think on the customer acquisition, we've talked about the ecosystem we have.

是的。謝謝你。謝謝你，田。所以我認為 - 當我們看到這個時，這一切都是為了推動我們所擁有的持續運營執行的嚴謹性。因此，我們在虛擬卡和國際支付方面取得的成功，還有更多的機會。我們將繼續圍繞此制定多年戰略和執行計劃，我們將繼續這樣做。我認為在客戶獲取方面，我們已經討論了我們擁有的生態系統。

So it's all of these things and the levers working together that create the results that we had today and the results that we've had really since being public. So I think the long-term opportunity and how we see that translating into this year is to continue executing at the level that we're executing.

因此，正是所有這些事情和槓桿作用共同創造了我們今天所擁有的結果，以及自上市以來我們真正擁有的結果。因此，我認為長期機會以及我們如何看待今年的轉變是繼續在我們正在執行的水平上執行。

Understood. So thinking about the profitability here, and what you're showing, is there anything you're doing differently just thinking about maybe expenses, some things that you're pushing out? What's nonnegotiable? What are you still focusing on? For example, I would imagine merging the Divvy and the Bill.com tech stacks are still high priority. So just trying to understand what maybe changed or what maybe is being deferred versus prioritized on the investing side.

明白了。所以想想這裡的盈利能力，以及你所展示的，你有什麼不同的地方，只是想想可能的費用，你推出的一些事情？什麼是不可談判的？你還在關注什麼？例如，我認為合併 Divvy 和 Bill.com 技術棧仍然是高優先級。因此，只是試圖了解哪些可能會發生變化，或者哪些可能被推遲而不是在投資方面優先考慮。

Sure. Great question. We -- I guess, start with a multiyear view from an investment strategy standpoint. We're obviously investing to drive results this year, but we're always thinking out several years given the large market opportunity that we're pursuing. As Rene mentioned earlier on the call, our #1 priority is in driving tighter integration and a great user experience across all of the solutions to help customers automate their financial operations.

當然。好問題。我們——我想，從投資策略的角度來看，從多年的觀點開始。我們顯然在今年投資以推動業績，但鑑於我們正在追求的巨大市場機會，我們總是在考慮幾年。正如 Rene 早些時候在電話會議上提到的，我們的第一要務是推動所有解決方案的更緊密集成和出色的用戶體驗，以幫助客戶實現財務運營自動化。

We're investing in the platform, our go-to-market capabilities as well as our partner ecosystem, which is important in driving awareness of our solutions. We also have, for a long time, invested in our own proprietary payment capabilities. In fact, we were one of the first companies to have payments integrated with the SaaS platform. And those strategic choices, frankly, many years ago, also positions us today to benefit from this rising interest rate environment and generate pretty significant float revenue on the funds that we manage through our technology.

我們正在對該平台、我們的上市能力以及我們的合作夥伴生態系統進行投資，這對於提高對我們解決方案的認識非常重要。長期以來，我們還投資於我們自己的專有支付能力。事實上，我們是最早將支付與 SaaS 平台集成的公司之一。坦率地說，多年前的這些戰略選擇也使我們今天能夠從這種不斷上升的利率環境中受益，並在我們通過我們的技術管理的基金上產生相當可觀的浮動收入。

And so that's one of the tailwinds that we have in addition to being fairly early in our journey of expanding monetization on payments. We've made great progress. We're north of $6 per transaction in terms of monetization, and we feel like we have a long way to go.

因此，除了在我們擴大支付貨幣化的旅程中相當早之外，這是我們所擁有的順風之一。我們取得了很大進展。就貨幣化而言，我們每筆交易超過 6 美元，我們覺得我們還有很長的路要走。

The next question is from the line of Matt Stotler with William Blair.

下一個問題來自 Matt Stotler 和 William Blair。

Maybe just to start one on maybe as it relates to gross margin. I mean you talked about better transaction economics being a factor there. I would love to just kind of dig into some more color on this dynamic, what kind of leverage has provided so far? And then any further levers here or leverage that could impact gross margin going forward from better economics and the transaction front?

也許只是開始一個也許因為它與毛利率有關。我的意思是你談到更好的交易經濟學是一個因素。我很想在這種動態上挖掘更多的色彩，到目前為止提供了什麼樣的槓桿作用？然後這裡有任何進一步的槓桿或可能影響毛利率從更好的經濟和交易方面向前發展的槓桿嗎？

Sure. Thanks, Matt. We've indicated that we'd be -- we expect to be above the range that we've talked about recently, which is that 79% to 81%. We're expecting to be a bit above that in part because some of the variable priced products that we're seeing good adoption from customers and suppliers have not only higher revenue per transaction profile, but much higher margins than some of the fixed price products like an ACH or a check payment.

當然。謝謝，馬特。我們已經表明我們會 - 我們預計會高於我們最近討論的範圍，即 79% 到 81%。我們預計會略高於這一數字，部分原因是我們看到客戶和供應商良好採用的一些可變價格產品不僅具有更高的每筆交易收入，而且比某些固定價格產品的利潤率要高得多像 ACH 或支票付款。

So we have good mix happening there. We've also had a couple of initiatives to optimize our transaction costs. So the fulfillment costs associated with delivering payment transactions, that's contributed to margin expansion as well. And then as I mentioned a moment ago, the tailwinds associated with rapidly rising float revenue is a positive for margins at the end of the day also.

所以我們在那裡發生了很好的混合。我們還採取了一些舉措來優化我們的交易成本。因此，與交付支付交易相關的履行成本也有助於擴大利潤。然後正如我剛才提到的，與快速增長的浮動收入相關的順風對一天結束時的利潤率也是有利的。

Right. Got you. That's very helpful. And then maybe just a follow-up on the financial institution channel. Obviously, some very strong relationships there. It's very positive commentary and kind of data points in terms of customer adds and new relationships. But as you kind of pointed out a few questions ago, it's been kind of around $150 million in terms of RPO pretty consistently.

正確的。得到你。這很有幫助。然後也許只是金融機構渠道的後續行動。顯然，那裡有一些非常牢固的關係。就客戶添加和新關係而言，這是非常積極的評論和數據點。但正如你之前提到的幾個問題，就 RPO 而言，它一直在 1.5 億美元左右。

And so I mean, should we be thinking about this as kind of a stable kind of dollar contributor to revenue going forward and the expectation being that we should continue to see it kind of compress as a percentage of revenue? Or is there a point in time when you kind of get to a point of critical mass where you expect that you would see financial institution partners start to actually expand and be accretive in terms of revenue growth?

所以我的意思是，我們是否應該將其視為未來收入的一種穩定的美元貢獻者，並期望我們應該繼續看到它佔收入的百分比有所壓縮？或者是否有一個時間點，你會達到一個臨界點，你期望你會看到金融機構合作夥伴開始實際擴張並在收入增長方面增加？

Sure. I think in the short term, it's fair to look at our RPO as sort of a stable number. We're going to obviously earn revenue against that over the next couple of years. And that likely leads to a slightly declining percentage of revenue, given the rapid growth in some of our payment revenues outside of the financial institution channel. But long term, we're actually very bullish in working with our financial institution partners and think there's a big opportunity such that the channel can be a larger component of our overall business as we think out intermediate and longer term.

當然。我認為在短期內，將我們的 RPO 視為一個穩定的數字是公平的。在接下來的幾年裡，我們顯然會從中獲得收入。鑑於我們在金融機構渠道之外的一些支付收入快速增長，這可能會導致收入百分比略有下降。但從長遠來看，我們實際上非常看好與我們的金融機構合作夥伴的合作，並認為這是一個巨大的機會，當我們考慮中長期時，渠道可以成為我們整體業務的更大組成部分。

And that has to do with the potential to drive adoption of some of our additional products inside the white label solution that our banks are using, the opportunity to partner with new banks who are not currently working with us and so forth. So in the short term, I'd say directionally, it's probably a slightly lower percentage, but intermediate to longer term, we think it's a really big opportunity.

這與在我們的銀行正在使用的白標解決方案中推動採用我們的一些附加產品的潛力有關，與目前未與我們合作的新銀行合作的機會等等有關。所以在短期內，我會說，這可能是一個略低的百分比，但從中長期來看，我們認為這是一個非常大的機會。

The next question is from the line of Scott Berg with Needham.

下一個問題來自 Scott Berg 和 Needham 的觀點。

This is Michael Rackers, and I'm on for Scott Berg today. Congrats on the quarter. You touched on it a bit earlier, but I'm curious on kind of what the core Bill sales motion looks like today versus maybe a year ago? Have you made any notable adjustments based on the macro or the strong demand environment you're seeing? And then how should we think about this moving forward?

我是邁克爾·拉克斯，我今天代表斯科特·伯格。祝賀本季度。你早些時候談到了它，但我很好奇現在的核心比爾銷售動議與一年前相比是什麼樣子的？您是否根據宏觀或您所看到的強勁需求環境做出任何顯著調整？那麼我們應該如何看待這個向前發展呢？

Thank you, Michael. The core go-to-market motion has not changed. We continue to enhance the go-to-market approach. One of the areas that we've enhanced it is we've had larger businesses have more interest. So we continue to build the sales team that works with those customers. And I would say that we continue to see these other tailwinds I've talked about driving more awareness and more demand across the ecosystem. And so we kept busy kind of really making sure that we're responding to customers and delivering what they need for them to be successful and to be delighted. So no changes really in the go-to-market motion.

謝謝你，邁克爾。核心的上市運動沒有改變。我們繼續加強進入市場的方法。我們增強的領域之一是我們讓更大的企業有更多的興趣。因此，我們繼續建立與這些客戶合作的銷售團隊。我想說的是，我們繼續看到我所說的其他順風，這些順風推動了整個生態系統的更多意識和更多需求。因此，我們一直忙於確保我們正在回應客戶並提供他們需要的東西，讓他們成功並感到高興。因此，進入市場的行動並沒有真正的變化。

The next question is from the line of Ken Suchoski with Autonomous Research.

下一個問題來自自治研究的 Ken Suchoski。

Really nice job here, and I appreciate a lot of the incremental data points, excluding the FI channel. So I wanted to ask about the traction you're seeing with some of the new payment products because the virtual card and cross-border penetration figures came in a little bit lower than we were expecting. So of the new payment types, Instant Transfer, enhanced ACH, Pay By Card, which payment methods across these 3 are seeing the most traction and which ones drove the upside on take rate in the quarter? And I guess what's the appetite on your end to get those into the market quickly and have them start contributing more in TPV.

這裡做得很好，我很欣賞很多增量數據點，不包括 FI 通道。所以我想問一下你們對一些新支付產品的吸引力，因為虛擬卡和跨境滲透率數據比我們預期的要低一點。那麼在新的支付類型中，即時轉賬、增強型 ACH、信用卡支付，這三種支付方式中哪些支付方式最受關注，哪些支付方式推動了本季度的利率上升？而且我猜您希望將這些產品快速推向市場並讓他們開始在 TPV 中做出更多貢獻。

Yes. Ken, good to hear your voice. We've always been building a platform to really deliver delight and success for customers. And one of the things that they need is multiple ways to pay and get paid. And it's been part of our mission statement, obviously, is to make it simple for business to connecting and do businesses. And so I think what we are seeing is continued adoption of ad valorem payment products across the platform. So if you were to add up all the ad valorem capabilities that we have now, it's just at 10% of the overall TPV.

是的。肯，很高興聽到你的聲音。我們一直在構建一個平台，真正為客戶帶來快樂和成功。他們需要的一件事是多種支付和獲得報酬的方式。很明顯，這是我們使命宣言的一部分，就是讓企業更容易連接和開展業務。所以我認為我們看到的是整個平台繼續採用從價支付產品。因此，如果您將我們現在擁有的所有從價能力加起來，它僅佔總 TPV 的 10%。

We know there's a lot more opportunity going forward. And it's going to be on some of the products that you mentioned is in transfers. It's going to be on potentially balance. It's going to be on all the different things that we've rolled out in the last few years, international, virtual card and others yet to come. So part of the focus that I have is to continue to really drive and develop the team to be able to go to where we think we can get to the multiple billion and profitable company. And I think part of that is going to be to really drive those priorities across the team.

我們知道未來還有更多的機會。它將出現在您提到的一些正在轉移的產品上。它將處於潛在的平衡狀態。它將適用於我們在過去幾年推出的所有不同的東西，包括國際卡、虛擬卡和其他尚未到來的東西。因此，我所關注的部分重點是繼續真正推動和發展團隊，以便能夠前往我們認為可以進入數十億美元且盈利的公司的地方。我認為其中一部分將是真正推動整個團隊的這些優先事項。

Okay. Great. And then just a quick follow-up. I wanted to ask about some of the price increases that were recently put in place. I believe those changes were made in the direct channel. Are you guys planning on introducing similar increases into the accounting firm channel? And I guess, when should we expect those higher prices to flow through your results?

好的。偉大的。然後只是快速跟進。我想問一下最近實施的一些價格上漲。我相信這些變化是在直接渠道中進行的。你們打算在會計師事務所渠道中引入類似的增長嗎？我想，我們應該在什麼時候期望那些更高的價格會出現在你的結果中？

Thanks, Ken. At this point, we have announced 2 customers, the direct channel price increases effective actually this month in August, we notified them, I think, a couple of months ago. We haven't made any other announcements to customers in other channels or anything like that at this point. We would expect by the -- probably the third fiscal quarter to -- by the end of that quarter, any price actions that we're taking in the year would be fully reflected in our model. We have made some assumptions about slightly higher subscription prices throughout the year. But at this point, it's just the direct channel that we have informed customers of.

謝謝，肯。至此，我們已經宣布了 2 位客戶，直接渠道漲價實際上在本月 8 月生效，我們通知他們，我想是在幾個月前。目前，我們還沒有通過其他渠道或類似的方式向客戶發布任何其他公告。我們預計——可能是第三財季——到那個季度末，我們今年採取的任何價格行動都將完全反映在我們的模型中。我們對全年訂閱價格略高做出了一些假設。但在這一點上，它只是我們告知客戶的直接渠道。

The next question is from the line of Nik Cremo with Credit Suisse.

下一個問題來自瑞士信貸的 Nik Cremo。

Congrats on the strong results. I just wanted to touch on Divvy really quick. At what point in FY '23, do you expect to complete the unified platform experience? And when should we start to see benefits from the CPA partnership expansion?

恭喜取得了不錯的成績。我只是想快速接觸一下 Divvy。您希望在 23 財年的什麼時候完成統一平台體驗？我們什麼時候應該開始看到擴大註冊會計師合作夥伴關係的好處？

Thank you, Nik. We have started that integration, obviously. I think in last fall, we announced that we had a connected but separate integration, and then we pulled teams together in February, and that work started. We will share more as that happens, but we are working as fast as we can to make that integration. We think it's going to be important for customers and from a go-to-market approach to be able to have one unified approach, and we definitely hear that from the customers that we talk with. So feel good about that. And then I'm not sure, was there another question there, sorry.

謝謝你，尼克。顯然，我們已經開始了這種整合。我想在去年秋天，我們宣布我們進行了相互關聯但獨立的整合，然後我們在 2 月份將團隊召集在一起，這項工作就開始了。我們將在發生這種情況時分享更多信息，但我們正在盡可能快地進行整合。我們認為，對於客戶和進入市場的方法來說，能夠採用一種統一的方法非常重要，我們肯定會從與我們交談的客戶那裡聽到這一點。所以感覺很好。然後我不確定，那裡還有另一個問題，對不起。

Just when we could see benefits from the CPA partnership expansion.

就在我們可以從 CPA 合作夥伴關係擴展中看到好處的時候。

Oh, great. Yes. So the CPA.com expansion partnership, the teams are working on that today. We -- obviously, the unified platform will help that approach as well. But we're making good progress on the go-to-market muscle that we need to develop there, and it's something that we will continue to make progress on throughout the year.

哦，太好了。是的。因此，CPA.com 擴展合作夥伴關係，團隊今天正在努力。我們——顯然，統一平台也將有助於這種方法。但我們在需要在那裡發展的市場力量方面取得了良好進展，我們將在這一年繼續取得進展。

And if I could just squeeze in a quick follow-up. I just wanted to see if we can get an update on the payment monetization efforts for Invoice2go and what that could look like in 2023?

如果我可以快速跟進。我只是想看看我們能否獲得有關 Invoice2go 支付貨幣化工作的最新信息，以及 2023 年會是什麼樣子？

Yes. Thanks, Nik. So we're in the very early stages of transitioning from Invoice2go's outsourced payment provider to a combination of Bill and other third parties. And I'd say it's very early and not contributing materially to our results yet. We'll have more updates on that as we progress throughout the fiscal year.

是的。謝謝，尼克。因此，我們正處於從 Invoice2go 的外包支付提供商過渡到 Bill 和其他第三方的組合的早期階段。我想說這還為時過早，還沒有對我們的結果做出實質性貢獻。隨著整個財政年度的進展，我們將對此進行更多更新。

We have time for one more question. The question is from the line of Jeff Cantwell with Wells Fargo.

我們有時間再問一個問題。這個問題來自富國銀行的傑夫坎特威爾。

Congrats on the results. I wanted to ask you a longer-term question about your operating expenses. And the key question is, how are you thinking -- what is your updated thinking on rightsizing that space relative to your revenue? And just to give you some context on this. If we go back a couple of years, I seem to remember there was a period where you were being very thoughtful on the R&D lines and the sales and marketing lines in order to scale the business.

祝賀結果。我想問你一個關於運營費用的長期問題。關鍵問題是，你是怎麼想的——你對相對於你的收入調整空間大小的最新想法是什麼？只是為了給你一些背景信息。如果我們回到幾年前，我似乎記得有一段時間你在研發線以及銷售和營銷線上非常周到，以擴大業務規模。

And so it's interesting to me at this point to see profitability being reached in fiscal year '23. And clearly, the revenue piece of it is there. So I just wanted to get your updated thoughts on longer-term operating expenses and what your thoughts are on flexibility in R&D and sales and marketing to the extent that you're able to kind of share that with us?

因此，在這一點上，我很高興看到在 23 財年實現盈利。很明顯，它的收入部分就在那裡。因此，我只是想了解您對長期運營費用的最新看法，以及您對研發、銷售和營銷靈活性的看法，以便您能夠與我們分享？

Thanks for the question, Jeff. We're -- obviously, as I think I mentioned before, really happy with the progress we've made scaling the business with moving in FY '23 to non-GAAP profitability while delivering very strong growth and strong margins. And we think it's still early in the evolution of the market that we're going after. There's tens of millions of businesses globally who could benefit from our solutions. And I think we're going to continue to take a disciplined approach to investing to build out our product platform to serve customers while leveraging very efficient unit economics in acquiring, retaining and growing our relationship with customers over time.

謝謝你的問題，傑夫。我們 - 顯然，正如我之前提到的那樣，我們對在 23 財年實現非公認會計準則盈利能力同時實現非常強勁的增長和強勁的利潤的同時擴大業務規模所取得的進展感到非常滿意。我們認為，我們所追求的市場發展還處於早期階段。全球有數以千萬計的企業可以從我們的解決方案中受益。我認為我們將繼續採取嚴格的投資方法來建立我們的產品平台來服務客戶，同時利用非常有效的單位經濟來獲取、保留和發展我們與客戶的關係。

Okay. Great. And just to follow up on the net adds number, I think what you were saying was you got about 5,000 from core Bill.com and the remainder were from the FI channel. Is that correct? I just want to make sure I got that correct. And then what was the commentary for this year as far as Bill.com versus FI?

好的。偉大的。只是為了跟進網絡添加數量，我認為您所說的是您從核心 Bill.com 獲得了大約 5,000 個，其餘來自 FI 渠道。那是對的嗎？我只是想確保我得到了正確的。那麼就 Bill.com 與 FI 而言，今年的評論是什麼？

Yes, that's correct. 11,200 net new adds in the quarter, of which approximately 5,000 were core organic Bill, excluding the financial institution channel. And our expectation throughout fiscal '23 is that we'd be in that 4,000 to 5,000 net new add per quarter range, again, excluding the financial institution channel, the total net new adds would obviously be higher than that.

對，那是正確的。本季度淨新增 11,200 個，其中約 5,000 個為核心有機票據，不包括金融機構渠道。我們在整個 23 財年的預期是，我們每季度將在 4,000 到 5,000 的淨新增範圍內，同樣，不包括金融機構渠道，淨新增的總數量顯然會高於此。

Okay. Thank you, everybody. Just wanted to say thanks for joining us today. Bill.com delivered another great quarter. We're excited about the large opportunity we have to digitally transform millions of SMBs. Thanks again for joining.

好的。謝謝大家。只是想感謝您今天加入我們。 Bill.com 發布了另一個出色的季度。我們對數字化改造數百萬中小企業的巨大機會感到興奮。再次感謝您的加入。

That concludes today's conference call. Thank you for your participation, and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與，祝您度過愉快的一天。