(BILL) 2023 Q1 法說會逐字稿

Hello, everybody, and welcome to the Bill.com First Quarter Full Year 2023 Earnings Conference Call. My name is Sam, and I will be coordinating your call today. (Operator Instructions)

大家好，歡迎來到 Bill.com 2023 年第一季度全年收益電話會議。我的名字是山姆，今天我將協調你的電話。 （操作員說明）

I will now hand you over to your host, Karen Sansot, Vice President of Investor Relations, to begin. Karen, please go ahead.

我現在將您交給您的主持人，投資者關係副總裁凱倫·桑索特（Karen Sansot）開始。凱倫，請繼續。

Thank you, operator. Welcome to Bill's Fiscal First Quarter 2023 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, and John Rettig, Executive Vice President and CFO.

謝謝你，接線員。歡迎來到比爾的 2023 財年第一季度收益電話會議。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。今天與我通話的還有 Bill 的董事長、首席執行官兼創始人 Rene Lacerte 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 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，我們可能會對比爾的運營和未來結果做出前瞻性陳述，其中涉及許多假設、風險和不確定性。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 SEC 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提交給 SEC 的 10-Q 表格，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 and 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 Bill's stand-alone results, which exclude our Divvy spend management and Invoice2go accounts receivable solutions.

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。在本次電話會議中，我們有時會討論 Bill 的獨立結果，其中不包括我們的 Divvy 支出管理和 Invoice2go 應收賬款解決方案。

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. Bill delivered strong financial results in Q1 with revenue growth of more than 90% year-over-year in our first quarter of non-GAAP profitability. From the beginning, we have created a durable business model and have been steadily building towards profitability while investing in more ways to create value for small and midsized businesses.

謝謝你，凱倫。大家下午好。感謝您今天加入我們。比爾在第一季度實現了強勁的財務業績，在我們第一季度的非公認會計準則盈利能力中，收入同比增長超過 90%。從一開始，我們就創造了一種持久的商業模式，並一直在穩步向盈利方向發展，同時投資於更多方式，為中小企業創造價值。

Q1 was another quarter where disciplined execution led to us achieving several significant performance milestones. We acquired a record number of net new customers, achieved our highest ever non-GAAP gross margin and expanded transaction monetization on the Bill stand-alone platform. We delivered these results in an increasingly dynamic macro environment. In today's climate, businesses are looking for ways to do more with less. While these trends may lead to moderated payment volume growth near term, our platform has never been more relevant.

第一季度是另一個季度，嚴格執行使我們實現了幾個重要的績效里程碑。我們獲得了創紀錄數量的淨新客戶，實現了有史以來最高的非公認會計原則毛利率，並在 Bill 獨立平台上擴大了交易貨幣化。我們在日益動態的宏觀環境中交付了這些結果。在當今的氣候下，企業正在尋找事半功倍的方法。雖然這些趨勢可能會導致近期支付量增長放緩，但我們的平台從未如此重要。

As we've heard from many satisfied customers by digitizing their back offices, Bill increases visibility into cash flow and delivers operational efficiencies, giving businesses back time which they can use to focus on their most pressing priorities. In an inflationary world choosing our platform acts as a deflationary force.

正如我們從許多滿意的客戶那裡聽到的那樣，通過數字化他們的後台辦公室，Bill 提高了對現金流的可見性並提供了運營效率，讓企業有時間專注於他們最緊迫的優先事項。在通貨膨脹的世界中，選擇我們的平台就像一種通貨緊縮的力量。

We are proud that our platform helps businesses operate more efficiently in both up and down economic cycles. Today, more than 400,000 businesses use our solutions to transform their back offices. We aspire to serve millions of businesses and are making investments to capture this large opportunity. There are 30 million small businesses in the U.S. and 70 million globally, and many of them still use manual paper-based processes to manage their financial back offices. With our platform ecosystem and scale, we believe we are uniquely positioned to be the essential initial operations solution for SMBs.

我們感到自豪的是，我們的平台可以幫助企業在上下經濟周期中更有效地運營。如今，超過 400,000 家企業使用我們的解決方案來改造他們的後台。我們渴望為數以百萬計的企業提供服務，並正在投資以抓住這一巨大機遇。美國有 3000 萬家小企業，全球有 7000 萬家小企業，其中許多仍然使用基於紙張的手動流程來管理其財務後台。憑藉我們的平台生態系統和規模，我們相信我們具有獨特的優勢，可以成為中小企業必不可少的初始運營解決方案。

A great example of how we help businesses succeed is Repurpose Inc., a plant-based compostable home goods company that uses both our Bill software and Divvy spend management solutions. Repurpose's tableware, trash bags and other home products are available at more than 17,000 retailers nationwide. Since their founding, Repurpose has kept more than 3.5 million pounds of waste out of landfills. Sarah Sanders, Senior Controller, said and I quote, "Bill and Divvy have saved the finance team 2 days out of every work read and take care of expense management for employees. Additionally, having so many of our vendors on the Bill network helps us reduce payment transit time and gain more control of our cash flow. Bill is helping to make us even greener and more efficient."

我們如何幫助企業取得成功的一個很好的例子是 Repurpose Inc.，這是一家以植物為基礎的可堆肥家居用品公司，它使用我們的 Bill 軟件和 Divvy 支出管理解決方案。 Repurpose 的餐具、垃圾袋和其他家居用品在全國 17,000 多家零售商處銷售。自成立以來，Repurpose 已將超過 350 萬磅的垃圾從垃圾填埋場中取出。高級財務總監 Sarah Sanders 說，我引用的話：“Bill 和 Divvy 為財務團隊節省了 2 天的閱讀時間，並負責員工的費用管理。此外，在 Bill 網絡上擁有如此多的供應商有助於我們“減少付款中轉時間，更好地控制我們的現金流。Bill 正在幫助我們變得更環保、更高效。”

Customers like Repurpose that are using both Bill and our Divvy solutions have been fantastic sources of inspiration as our product and engineering teams work together to deliver a unified platform experience, our #1 priority for fiscal 2023. We are making great progress on the project road map to this unified platform. And just a few weeks ago, we announced that we have become Bill, leaving the dot-com behind.

像 Repurpose 這樣同時使用 Bill 和我們的 Divvy 解決方案的客戶一直是極好的靈感來源，因為我們的產品和工程團隊共同努力提供統一的平台體驗，這是我們 2023 財年的第一要務。我們在項目道路上取得了巨大進展映射到這個統一的平台。就在幾週前，我們宣布我們已成為比爾，將網絡公司拋在了身後。

Leveraging the strong design expertise for our combined teams, we are modernizing our brand identity. In addition to our organic efforts to enhance our platform, today, we announced that we signed a definitive agreement to acquire Finmark, a leading cloud-based financial planning tool for start-ups and SMBs. Finmark aggregates data from (inaudible) systems such as payroll, sales and accounting to help businesses build budgets, forecast future earnings and gain real-time insights through easy-to-customized dashboards. When combined with our data, we will further empower businesses to better manage their cash flow and financial operations. We believe this new financial planning solution will be especially useful to accountants, enabling them to add another valuable offering to their strategic advisory practices. These capabilities will increase the value proposition of our platform for this important channel.

利用我們聯合團隊強大的設計專業知識，我們正在使我們的品牌形象現代化。除了我們加強平台的有機努力外，今天，我們宣布簽署最終協議，收購 Finmark，這是一種領先的基於雲的財務規劃工具，適用於初創企業和中小型企業。 Finmark 匯總來自工資、銷售和會計等（聽不清）系統的數據，以幫助企業製定預算、預測未來收益並通過易於定制的儀表板獲得實時洞察力。結合我們的數據，我們將進一步幫助企業更好地管理其現金流和財務運營。我們相信這種新的財務規劃解決方案將對會計師特別有用，使他們能夠在其戰略諮詢實踐中增加另一項有價值的產品。這些功能將增加我們平台在這一重要渠道中的價值主張。

Our second priority in fiscal 2023 is to further scale our go-to-market ecosystem by offering more of our platform solutions to our current partners as well as acquiring new relationships. In Q1, we expanded our relationships with our financial institution partners, driving platform adoption among their SMBs as well as driving overall ad valorem payment adoption in the FI channel. Recently, we entered into a new agreement with a bank partner to bring our spend and expense management solution to its customers. This deployment of net new functionality to an existing bank partner is an important milestone we are optimistic about the opportunity to extend our reach into the FI channel through spend management.

我們在 2023 財年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獲得新的關係來進一步擴展我們的上市生態系統。在第一季度，我們擴大了與金融機構合作夥伴的關係，推動他們的中小企業採用平台，並推動金融機構渠道的整體從價支付採用。最近，我們與一家銀行合作夥伴簽訂了一項新協議，為客戶提供我們的支出和費用管理解決方案。向現有銀行合作夥伴部署全新功能是一個重要的里程碑，我們對通過支出管理將影響力擴展到金融機構渠道的機會持樂觀態度。

Continuing on the theme of going deeper into existing bank relationships, for the first time, we are now issuing virtual cards on behalf of an existing FI partner. This partner adopted the Bill solution because of our supplier enablement momentum and processing expertise. Finally, we continue to expand our reach in the financial institution channel. We recently signed 2 new bank partners that we'll talk more about on future calls as implementation progresses.

繼續深入了解現有銀行關係的主題，我們現在首次代表現有的金融機構合作夥伴發行虛擬卡。由於我們的供應商支持動力和處理專業知識，該合作夥伴採用了 Bill 解決方案。最後，我們繼續擴大在金融機構渠道的影響力。我們最近簽署了 2 個新的銀行合作夥伴，隨著實施的進展，我們將在未來的電話會議上更多地討論這些合作夥伴。

Accounting firms are another major component of our go-to-market ecosystem. Today, more than 6,000 firms leverage our platform to grow their practice and automate their bookkeeping operations. Through our partnership with CPA.com, we have already begun to see good interest in our Divvy solution and have enabled hundreds of our accounting firm partners to begin offering it to their clients.

會計師事務所是我們進入市場生態系統的另一個主要組成部分。今天，超過 6,000 家公司利用我們的平台來發展他們的業務並自動化他們的簿記操作。通過與 CPA.com 的合作，我們已經開始對我們的 Divvy 解決方案產生濃厚的興趣，並使我們的數百家會計師事務所合作夥伴開始將其提供給他們的客戶。

A great example of how accounts use our suite of solutions as BergenKDV, a top 100 accounting firm in the U.S. BergenKDV leverages Bill and Divvy for their growing business advisory practice. Chris Gallo, Solution Leader of BergenKDV's Financial Accounting Advisory Services team said and I quote, "The powerful combination of Bill and Divvy drives speed and efficiency. These are key tech stack tools, enabling the successful growth of our financial accounting and advisory services team practice. We now have a substantial number of clients using Bill and Divvy, and they've loved both."

一個很好的例子，說明客戶如何使用我們的解決方案套件，例如美國 100 強會計師事務所 BergenKDV。BergenKDV 利用 Bill 和 Divvy 進行業務諮詢業務的不斷發展。 BergenKDV 財務會計諮詢服務團隊的解決方案負責人 Chris Gallo 說，我引用的話：“Bill 和 Divvy 的強大組合推動了速度和效率。這些是關鍵的技術堆棧工具，使我們的財務會計和諮詢服務團隊實踐的成功發展. 我們現在有大量使用 Bill 和 Divvy 的客戶，他們都喜歡。”

Our third priority is to drive ongoing payment adoption and innovation across all channels. Recently, we made it simpler for Canadian and U.K. suppliers to choose to receive payments in their preferred currency via our network, driving higher FX adoption and more engagement. In the near term, we plan to offer this option to suppliers in other countries that receive cross-border payments for us, further expanding our reach.

我們的第三個優先事項是推動所有渠道的持續支付採用和創新。最近，我們讓加拿大和英國的供應商更容易選擇通過我們的網絡以他們喜歡的貨幣接收付款，從而推動更高的外匯採用率和更多的參與度。在短期內，我們計劃向其他國家/地區為我們接收跨境付款的供應商提供此選項，進一步擴大我們的覆蓋範圍。

As we enhance the capabilities of our multi-facet platform, we continue to strengthen our competitive moat. Our proprietary payment technology and the end-to-end payment visibility afforded us by our network gives our team the tools to be able to quickly and creatively solve SMB pain points. Our risk management expertise, money transmitter licenses and data assets enable us to drive efficiencies that smaller players can't replicate. We go to market with partners that SMBs trust to help them manage their businesses. Our culture acts as a magnet to attract world-class experts in software, payments and small businesses.

隨著我們增強多方面平台的能力，我們將繼續加強我們的競爭護城河。我們的專有支付技術和網絡為我們提供的端到端支付可見性為我們的團隊提供了能夠快速、創造性地解決 SMB 痛點的工具。我們的風險管理專業知識、匯款許可證和數據資產使我們能夠提高小型企業無法複製的效率。我們與中小企業信任的合作夥伴一起進入市場，幫助他們管理業務。我們的文化就像一塊磁鐵，吸引著軟件、支付和小型企業領域的世界級專家。

On the people front, we recently added another seasoned executive with experience developing global multibillion-dollar businesses. In Q1, we welcomed Loren Padelford as our Chief Commercial Officer. Loren brings a wealth of sales and leadership experience, including 7 years at Shopify, where his team brought Shopify's products and services to more than 2 million merchants in over 175 countries, generating over $4 billion in annual revenue.

在人員方面，我們最近增加了另一位經驗豐富的高管，他們擁有開發全球數十億美元業務的經驗。在第一季度，我們歡迎 Loren Padelford 成為我們的首席商務官。 Loren 擁有豐富的銷售和領導經驗，包括在 Shopify 工作 7 年，他的團隊將 Shopify 的產品和服務帶給超過 175 個國家的超過 200 萬商家，年收入超過 40 億美元。

We also recently welcomed Alison Wagonfeld, the Chief Marketing Officer of Google Cloud to our Board of Directors. Alison joined Google in 2016 as the first global marketing leader for Google Cloud, contributing to the division's rapid growth over the last 6 years. Prior to Google Cloud, Alison was an operating partner at Emergence Capital, where she worked with over 30 SaaS companies, helping with their strategy and go-to-market plans. Her experience scaling fast-growing businesses on a global level will be invaluable to Bill.

我們最近還歡迎 Google Cloud 的首席營銷官 Alison Wagonfeld 加入我們的董事會。艾莉森於 2016 年加入谷歌，成為谷歌云的首位全球營銷領導者，為該部門在過去 6 年的快速增長做出了貢獻。在加入 Google Cloud 之前，Alison 是 Emergence Capital 的運營合作夥伴，在那裡她與 30 多家 SaaS 公司合作，幫助他們制定戰略和上市計劃。她在全球範圍內擴展快速增長的業務的經驗對比爾來說將是無價的。

In closing, we kicked off fiscal 2023 with excellent results. We are laser-focused on executing against our strategic priorities while also managing our business to deliver non-GAAP profitability in fiscal 2023 and investing for the long run. All of us at Bill are dedicated to helping SMB succeed. We are excited about the many opportunities ahead, and I would like to thank our employees, customers and partners for their trust they continue to place in us.

最後，我們以優異的成績開啟了 2023 財年。我們專注於執行我們的戰略重點，同時管理我們的業務以在 2023 財年實現非公認會計原則的盈利能力，並進行長期投資。 Bill 的所有人都致力於幫助 SMB 取得成功。我們對未來的許多機會感到興奮，我要感謝我們的員工、客戶和合作夥伴繼續對我們的信任。

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

我現在將電話轉給約翰，以更詳細地討論我們的季度。

Thanks, Rene. Today, I'll provide an overview of our fiscal first quarter 2023 financial results and discuss our outlook for the fiscal second 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. Please also note that when I refer to Bill's stand-alone results, they exclude our Divvy spend management and invoice to-go accounts receivable solutions.

謝謝，雷內。今天，我將概述我們 2023 財年第一季度的財務業績，並討論我們對第二財季和整個 2023 財年的展望。提醒一下，今天的討論包括非公認會計準則財務指標。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。另請注意，當我提到比爾的獨立結果時，它們不包括我們的 Divvy 支出管理和發票待處理應收賬款解決方案。

We delivered strong financial results in Q1 that significantly exceeded our expectations. Revenue increased more than 90% year-over-year, and we transitioned to non-GAAP profitability. Total revenue for Q1 was $230 million, reflecting 94% year-over-year growth. Core revenue, which includes subscription and transaction fees was $215 million, up 83% year-over-year. Float revenue was $15 million, an increase of nearly $10 million from last quarter as we began to transition customer funds to higher-yielding investments.

我們在第一季度實現了強勁的財務業績，大大超出了我們的預期。收入同比增長超過 90%，我們過渡到非 GAAP 盈利能力。第一季度總收入為 2.3 億美元，同比增長 94%。包括訂閱費和交易費在內的核心收入為 2.15 億美元，同比增長 83%。浮動收入為 1500 萬美元，比上一季度增加了近 1000 萬美元，因為我們開始將客戶資金轉向高收益投資。

Non-GAAP gross margin was 85.8% in Q1, well above our estimated range. Several factors had a positive impact on gross margin, including favorable payment mix with volume increases on ad valorem payments, payment optimization and significantly higher float revenue. Non-GAAP net income was $17 million, well above our earlier estimates as a result of strong revenue and gross margin performance, combined with our disciplined approach to investing for growth. We're pleased to have managed the transition to non-GAAP profitability out of the gate in fiscal 2023.

第一季度非美國通用會計準則毛利率為 85.8%，遠高於我們的估計範圍。幾個因素對毛利率產生了積極影響，包括有利的支付組合以及從價支付量的增加、支付優化和浮動收入顯著增加。非 GAAP 淨收入為 1700 萬美元，遠高於我們之前的估計，這是由於強勁的收入和毛利率表現，以及我們嚴謹的投資增長方式。我們很高興在 2023 財年順利實現了向非公認會計原則盈利能力的過渡。

During the quarter, we added a record number of net new customers to our Bill stand-alone platform totaling 14,200. Customer retention remained healthy and was consistent with last quarter. We continue to see strong engagement from customers on the Bill's stand-alone platform and direct and accounting channel customers transacted at a similar rate to Q4.

在本季度，我們向 Bill 獨立平台增加了創紀錄的淨新客戶數量，總計 14,200 名。客戶保留率保持健康，與上一季度一致。我們繼續看到客戶在 Bill 的獨立平台上的強烈參與，以及直接和會計渠道客戶的交易率與第四季度相似。

Throughout Q1, we also made progress increasing our yield on ad valorem payments, which led to a very strong transaction revenue growth of 94% from Q1 of last year. Our average revenue per transaction grew 34% year-over-year to approximately $8. These results demonstrate the tools we have to deliver value to customers and expand monetization even in an environment where SMBs are increasingly reacting to macro influences by reducing their spending.

在整個第一季度，我們還在提高從價支付的收益率方面取得了進展，這導致交易收入比去年第一季度增長了 94%。我們每筆交易的平均收入同比增長 34% 至約 8 美元。這些結果表明，即使在中小企業越來越多地通過減少支出來應對宏觀影響的環境中，我們也必須使用工具為客戶提供價值並擴大貨幣化。

During Q1, Bill stand-alone TPV per customer, excluding the FI channel, declined by 3% sequentially. In Q4, we saw mid-market businesses beginning to moderate their spending, and that trend is now visible with our micro and SMB customers as well. These trends are reflected in our outlook, which I will discuss later.

在第一季度，不包括 FI 渠道的每位客戶的 Bill 獨立 TPV 環比下降了 3%。在第四季度，我們看到中端市場企業開始減少支出，我們的微型和 SMB 客戶現在也可以看到這種趨勢。這些趨勢反映在我們的展望中，我將在後面討論。

Now turning to an update on our key metrics. We ended the fiscal first quarter with 419,800 businesses using our solutions. This includes 172,000 Bill stand-alone customers and 22,800 Divvy-spending businesses. Among our Bill stand-alone customers, 45,100 are from financial institution partners. Net new customer adds on our Bill stand-alone platform was strong across all of our go-to-market channels. In the direct and accounting channels, we had 5,100 net new customers, which was above our expected range of 4,000 to 5,000. In the FI channel, we had 9,100 net adds, driven by an increase in the number of small businesses signing up to use our white-label platform as well as the impact of a onetime migration of customers at an existing bank partner onto our white-label platform. As a reminder, customer net adds in our FI channel fluctuate quarter-to-quarter depending upon the timing of each institution's sales and marketing initiatives.

現在轉向我們關鍵指標的更新。我們在第一財季結束時有 419,800 家企業使用我們的解決方案。這包括 172,000 個 Bill 獨立客戶和 22,800 個 Divvy 消費業務。在我們的 Bill 獨立客戶中，45,100 位來自金融機構合作夥伴。我們的 Bill 獨立平台上新增的淨新客戶在我們所有的上市渠道中都很強勁。在直接和會計渠道中，我們擁有 5,100 名淨新客戶，高於我們預期的 4,000 至 5,000 名。在 FI 渠道中，我們有 9,100 個淨增加，這是由於註冊使用我們的白標平台的小企業數量增加以及現有銀行合作夥伴的客戶一次性遷移到我們的白標平台的影響。標籤平台。提醒一下，我們的 FI 渠道中的客戶淨增加量每季度都會波動，具體取決於每個機構的銷售和營銷計劃的時間安排。

Moving on to payment volume during the quarter, we processed $64.9 billion in total payment volume, representing 34% year-over-year growth. This includes Bill stand-alone total payment volume of $61.6 billion in Q1 and representing growth of 31% year-over-year and $3 billion in card payment volume from Divvy spending businesses, representing 103% growth year-over-year. TPV from Bill stand-alone customers, excluding our financial institution partners, was $55.7 billion. On a per customer basis, Bill stand-alone TPV, excluding customers from our financial institutions increased 8% year-over-year. Card payment volume per Divvy spending business increased 21% year-over-year.

在本季度的支付量方面，我們處理了 649 億美元的總支付量，同比增長 34%。其中包括第一季度比爾獨立總支付額為 616 億美元，同比增長 31%，以及來自 Divvy 消費業務的 30 億美元卡支付額，同比增長 103%。比爾獨立客戶（不包括我們的金融機構合作夥伴）的 TPV 為 557 億美元。按客戶計算，不包括我們金融機構客戶的 Bill 獨立 TPV 同比增長 8%。每個 Divvy 消費業務的卡支付量同比增長 21%。

Moving on to transaction volumes. We processed 19.6 million payments in Q1, representing 45% year-over-year growth. This includes 10.8 million payments on the Bill stand-alone platform. Customer engagement with our solutions remains very strong. Excluding that FI channel, Bill stand-alone customers averaged 78 transactions in the quarter, similar to last quarter and a year ago. During the quarter, we also processed 8.5 million Divvy card transactions, reflecting 83% year-over-year growth.

繼續交易量。我們在第一季度處理了 1960 萬筆付款，同比增長 45%。這包括 Bill 獨立平台上的 1080 萬筆付款。客戶對我們解決方案的參與度仍然很高。不包括 FI 渠道，Bill 獨立客戶在本季度平均進行了 78 筆交易，與上一季度和一年前相似。本季度，我們還處理了 850 萬筆 Divvy 卡交易，同比增長 83%。

Now I'll review our reported Q1 results. Total revenue was $229.9 million, an increase of 94% from a year ago. Core revenue was $214.6 million, representing growth of 83% year-over-year. This includes $9.8 million of revenue from FI partners. Subscription revenue increased to $58.1 million, up 57% year-over-year, driven by our growing customer base and the inclusion of Invoice2go subscribers from the acquisition that closed on September 1, 2021. Bill stand-alone subscription revenue growth was 45% year-over-year.

現在我將回顧我們報告的第一季度業績。總收入為 2.299 億美元，同比增長 94%。核心收入為 2.146 億美元，同比增長 83%。這包括來自 FI 合作夥伴的 980 萬美元收入。訂閱收入增至 5810 萬美元，同比增長 57%，這得益於我們不斷增長的客戶群以及在 2021 年 9 月 1 日結束的收購中包含 Invoice2go 訂閱者。Bill 獨立訂閱收入同比增長 45% - 超過一年。

Transaction revenue increased to $156.5 million, up 94% year-over-year as a result of strong year-over-year TPV growth, increased ad valorem product monetization and increasing spend on Divvy. Bill stand-alone transaction revenue totaled $76.3 million, reflecting 75% year-over-year growth. And Divvy transaction revenue totaled $78 million in Q1, reflecting a 113% growth from Q1 of last year.

交易收入增至 1.565 億美元，同比增長 94%，原因是 TPV 同比強勁增長、從價產品貨幣化增加以及 Divvy 支出增加。比爾獨立交易收入總計 7630 萬美元，同比增長 75%。 Divvy 第一季度的交易收入總計 7800 萬美元，比去年第一季度增長了 113%。

Float revenue was $15.3 million, an increase of approximately $14.5 million from a year ago. Float revenue exceeded our expectations given the magnitude of the recent Fed funds rate increases and our proactive migration of customer funds into higher-yielding investments. Our yield was 192 basis points in the quarter, demonstrating that our scale, combined with our proprietary payment technology is proving to be an important differentiator that enables us to create tailwinds during this period of rising interest rates.

浮動收入為 1530 萬美元，比一年前增加了約 1450 萬美元。鑑於近期聯邦基金利率上調的幅度以及我們主動將客戶資金轉移到高收益投資中，浮動收入超出了我們的預期。本季度我們的收益率為 192 個基點，這表明我們的規模以及我們專有的支付技術被證明是一個重要的差異化因素，使我們能夠在利率上升期間創造順風。

Turning to our gross margin and our operating results for Q1. Non-GAAP gross margin was 85.8%, up 2 points year-over-year as a result of a higher mix of variable transaction fee revenue improving transaction economics and strong float revenue. 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. For fiscal 2023, we have increased our expectation for non-GAAP gross margin to be in the range of 80% to 82%. Non-GAAP operating expenses were $188 million, an increase of $16 million from Q4. We continue to invest in R&D as we build our unified platform, introduce new products and enhance the customer experience. Sales and marketing expenses increased due to the expansion of our go-to-market initiatives and rewards expenses associated with our Divvy spend management solution.

談到我們的毛利率和第一季度的經營業績。非 GAAP 毛利率為 85.8%，同比增長 2 個百分點，原因是可變交易費用收入的組合提高了交易經濟性和強勁的浮動收入。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。對於 2023 財年，我們將非美國通用會計準則毛利率的預期提高到 80% 至 82% 之間。非 GAAP 運營費用為 1.88 億美元，比第四季度增加了 1600 萬美元。隨著我們建立統一平台、推出新產品和提升客戶體驗，我們將繼續投資於研發。銷售和營銷費用增加是由於我們擴大了市場推廣計劃和與我們的 Divvy 支出管理解決方案相關的獎勵費用。

Non-GAAP operating income was $9.1 million, and our non-GAAP operating margin was 4%, an improvement of 12 percentage points from negative 7.8% last year. Non-GAAP other income, net of other expenses, was $7.7 million and benefited from higher yields on corporate cash balances. Our non-GAAP net income was $16.9 million for a non-GAAP net income per diluted share of $0.14 based on 117.2 million diluted weighted average shares outstanding. Our non-GAAP net income was significantly better than our expectations due to our revenue performance and our disciplined approach to managing growth.

非美國通用會計準則營業收入為 910 萬美元，我們的非美國通用會計準則營業利潤率為 4%，比去年的負 7.8% 提高了 12 個百分點。 Non-GAAP 其他收入（扣除其他費用）為 770 萬美元，受益於公司現金餘額的更高收益率。我們的非 GAAP 淨收入為 1690 萬美元，基於 1.172 億股稀釋加權平均流通股，非 GAAP 每股攤薄淨收入為 0.14 美元。由於我們的收入表現和我們管理增長的嚴格方法，我們的非公認會計原則淨收入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 Q1 were $2.6 billion. We continue to be well capitalized, which we believe is an important advantage, enabling us to continue investing in market penetration during this economic cycle.

轉到資產負債表。第一季度末的現金、現金等價物和短期投資為 26 億美元。我們繼續資本充足，我們認為這是一個重要優勢，使我們能夠在這個經濟周期中繼續投資於市場滲透。

Before shifting to our financial outlook for the second fiscal quarter and full fiscal year 2023, I'd like to cover how we see the macro environment impacting SMBs and our business. In the near term, the macro environment appears to be increasingly challenging for businesses. We anticipate the trends we've observed with businesses moderating their spend will continue throughout fiscal 2023. And we expect that this will translate into lower year-over-year payment volume growth in the quarters ahead.

在轉向我們對第二財季和整個 2023 財年的財務展望之前，我想先介紹一下我們如何看待宏觀環境對中小企業和我們的業務的影響。在短期內，宏觀環境對企業來說似乎越來越具有挑戰性。我們預計，我們觀察到的企業減少支出的趨勢將在整個 2023 財年持續。我們預計這將轉化為未來幾個季度的同比支付量增長放緩。

At the same time, in this environment, the value proposition of our platform is resonating more than ever with SMBs, and we have seen strong engagement from existing customers continued high retention and healthy new customer demand. Now more than ever, businesses need our solutions to navigate the uncertain environment, and we believe this is an opportune time for us to invest in our business. We believe we can accelerate the positive impact we're having for SMBs globally while monitoring the external environment and proactively balancing growth and non-GAAP profitability.

與此同時，在這種環境下，我們平台的價值主張比以往任何時候都更能引起中小型企業的共鳴，我們看到現有客戶的強烈參與，持續的高保留率和健康的新客戶需求。現在，企業比以往任何時候都更需要我們的解決方案來應對不確定的環境，我們相信這是我們投資業務的好時機。我們相信，我們可以加速我們對全球中小企業的積極影響，同時監控外部環境並主動平衡增長和非公認會計準則盈利能力。

Now turning to our outlook. A couple of notes upfront. First, our outlook does not assume a severe economic downturn. Second, we expect our acquisition of Finmark to close during the fiscal second quarter, and therefore, we have included the acquisition integration costs and incremental investments associated with continuing their product development in our guidance for Q2 and fiscal year 2023. Finmark is not expected to have a material impact on revenue results in fiscal 2023.

現在轉向我們的前景。前面有幾個註釋。首先，我們的展望並未假設經濟出現嚴重下滑。其次，我們預計我們對 Finmark 的收購將在第二財季完成，因此，我們已將與繼續其產品開發相關的收購整合成本和增量投資納入我們對第二季度和 2023 財年的指導。預計 Finmark 不會對 2023 財年的收入結果產生重大影響。

For fiscal Q2, we expect our total revenue to be in the range of $241.5 million to $244.5 million, which reflects 54% to 56% year-over-year growth versus a very seasonally strong Q2 last year. We expect float revenue to be approximately $18 million in Q2, which assumes our yield on FBO funds will be approximately 225 basis points.

對於第二季度，我們預計我們的總收入將在 2.415 億美元至 2.445 億美元之間，與去年第二季度的季節性強勁增長相比，同比增長 54% 至 56%。我們預計第二季度的浮動收入約為 1800 萬美元，假設我們的 FBO 基金收益率約為 225 個基點。

On the bottom line, for Q2, we expect to report non-GAAP net income in the range of $14.5 million to $17 million and non-GAAP net income per diluted share in the range of $0.12 to $0.14, and based on a share count of 118.4 million diluted weighted average shares outstanding. For Q2, we expect other income for OIE to be $8.5 million, net of other expenses. We expect stock-based compensation expenses of approximately $130 million in Q2, which includes a $75 million run rate plus the impact of the GAAP accounting treatment related to the change in role of our Chief Revenue Officer to a strategic adviser. This accounting treatment requires us to pull forward the stock-based compensation expense related to this new role, although the vesting period remains unchanged.

最重要的是，對於第二季度，我們預計報告的非 GAAP 淨收入在 1450 萬美元至 1700 萬美元之間，非 GAAP 每股攤薄淨收入在 0.12 美元至 0.14 美元之間，基於股票數量1.184億股稀釋加權平均流通股。對於第二季度，我們預計 OIE 的其他收入為 850 萬美元，扣除其他費用。我們預計第二季度基於股票的薪酬支出約為 1.3 億美元，其中包括 7500 萬美元的運行率以及與我們的首席營收官角色轉變為戰略顧問相關的 GAAP 會計處理的影響。這種會計處理要求我們將與這一新角色相關的基於股票的薪酬費用提前，儘管歸屬期保持不變。

In Q2, we expect capital expenditures of approximately $8 million to $9 million. For fiscal 2023, we expect total revenue to be in the range of $994 million to $1.007 billion. At the high end of our revenue range, we reached the $1 billion revenue milestone which speaks to the value proposition of our solutions, the large market opportunity and the collective efforts of the talented employees at Bill.

在第二季度，我們預計資本支出約為 800 萬至 900 萬美元。對於 2023 財年，我們預計總收入將在 9.94 億美元至 10.07 億美元之間。在我們收入範圍的高端，我們達到了 10 億美元的收入里程碑，這說明了我們解決方案的價值主張、巨大的市場機會以及比爾才華橫溢的員工的集體努力。

We expect float revenue to be approximately $73 million in fiscal 2023, which assumes a yield on FBO funds of approximately 235 basis points for the year. We expect to report non-GAAP net income for fiscal 2023 in the range of $57.5 million to $70 million and non-GAAP net income per diluted share of $0.48 to $0.59 based on a share count of 119.4 million diluted weighted average shares outstanding. In addition, for fiscal 2023, we expect other income for OIE to be $34.5 million, net of other expenses. For fiscal 2023, we expect total stock-based compensation expense of $355 million, and capital expenditures of approximately $35 million for the year.

我們預計 2023 財年的浮動收入約為 7300 萬美元，假設 FBO 基金當年的收益率約為 235 個基點。根據 1.194 億股稀釋加權平均流通股數，我們預計 2023 財年非美國通用會計準則淨收入在 5750 萬美元至 7000 萬美元之間，非美國通用會計準則每股攤薄淨收入為 0.48 美元至 0.59 美元。此外，在 2023 財年，我們預計 OIE 的其他收入為 3450 萬美元，扣除其他費用。對於 2023 財年，我們預計基於股票的薪酬總支出為 3.55 億美元，資本支出約為 3500 萬美元。

In closing, we have confidence that we're well positioned to successfully navigate the uncertain economic environment because of our multiple recurring revenue streams and diversified business model. We are continuing to invest for efficient growth given the large market opportunity and the increasing adoption of cloud-based solutions by SMBs.

最後，我們有信心，由於我們有多種經常性收入來源和多元化的商業模式，我們有能力成功應對不確定的經濟環境。鑑於巨大的市場機會和中小型企業越來越多地採用基於雲的解決方案，我們將繼續投資以實現有效增長。

Operator, we are now ready to take questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) And our first question comes from Will Nance from Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Will Nance。

Nice results today. I wanted to maybe up a little bit on some of the commentary around the moderated payment volume among some of the smaller cohorts of your customer base. I was wondering if there's anything you could share to kind of dimensionalize the sort of slowdown you guys are seeing. And also what you guys are expecting incrementally to happen in future quarters as you embed that into your outlook? And just maybe compare and contrast the assumptions embedded in your outlook versus how payment volume growth and other metrics might fare if we did enter a deeper kind of economic downturn.

今天成績不錯。我想對您的一些較小的客戶群中關於緩和的支付量的一些評論進行一些評論。我想知道您是否可以分享任何東西來對你們所看到的那種放緩進行維度化。當你們將其嵌入到您的前景中時，你們還期望在未來幾個季度逐漸發生什麼？如果我們確實進入了更深層次的經濟衰退，也許可以比較和對比您的前景中嵌入的假設與支付量增長和其他指標可能會發生的情況。

Thanks, Will. First of all, let me just say that we're very pleased with the work of all 2,400 employees. And not only did we grow 94% in the soft economy, if we flipped the meaningful non-GAAP profitability. And that's just because of the ability for our platform to actually meet the needs of businesses. And so the first thing I would say is that the demand is healthy, and you saw that with the net adds. And on the TPV spend, we started talking about this and seeing this in the Q4 call that it was being moderated. And so the difference between Q4 and now is that in Q4, we said we saw that in the mid-market, and now we're seeing that across all businesses of all sizes. It's not 1 thing to call out as the number of transactions per customer has remained consistent. So what this tells us is that people are pulling back the spend, but they are actively engaged in using the product and the platform and really managing their business.

謝謝，威爾。首先，我只想說，我們對所有 2,400 名員工的工作感到非常滿意。如果我們翻轉有意義的非 GAAP 盈利能力，我們不僅在疲軟的經濟中增長了 94%。這僅僅是因為我們的平台能夠真正滿足企業的需求。所以我要說的第一件事是需求是健康的，你看到了淨增加。關於 TPV 支出，我們開始討論這個問題，並在第四季度的電話會議中看到它正在被緩和。所以第四季度和現在之間的區別在於，在第四季度，我們說我們在中端市場看到了這一點，現在我們在所有規模的企業中都看到了這一點。由於每位客戶的交易數量一直保持一致，因此這不是一回事。所以這告訴我們的是，人們正在縮減支出，但他們正在積極參與使用產品和平台並真正管理他們的業務。

Got it. Makes a ton of sense. And then you had a handful of announcements in the FI channel related new partnerships or new ad valorem payment methods issuing virtual cards. I'm just wondering if you could maybe talk about how your expectations about the payment opportunity within the FI channel have changed over time. It sounds like you made some meaningful progress. And then maybe just as a quick follow-up for John. Yes, I know the FI channel has major impacts on some of the KPIs that you could disclose, any color on how the handful of new deals that you signed could impact the numbers in future quarters?

知道了。很有意義。然後，您在 FI 頻道中發布了一些與新合作夥伴關係或發行虛擬卡的新從價支付方式相關的公告。我只是想知道您是否可以談談您對 FI 渠道內支付機會的期望隨著時間的推移發生了怎樣的變化。聽起來你取得了一些有意義的進展。然後也許只是作為約翰的快速跟進。是的，我知道 FI 渠道對您可以披露的一些 KPI 有重大影響，您簽署的少數新交易如何影響未來幾個季度的數字？

Thanks, again. Well, I think there's a couple of things with the FI partner channel strategy that we're very happy with this quarter. So as we build our platform, one of the things that we work hard to do is to make it a unified platform across all channels across the entire ecosystem. And what we saw in this quarter were kind of 3 things with respect to the FIs, right? So we saw, first and foremost, that we managed to get 1 of our FI partners to start focusing on spend management, including that into their offering, that's work that we'll be announcing or rolling out, I should say, later in the year.

再次感謝。好吧，我認為我們對本季度的 FI 合作夥伴渠道戰略有幾件事非常滿意。因此，當我們構建我們的平台時，我們努力做的一件事就是讓它成為一個跨整個生態系統所有渠道的統一平台。我們在本季度看到的是關於金融機構的三件事，對吧？因此，我們首先看到，我們設法讓我們的 FI 合作夥伴之一開始專注於支出管理，包括將其納入他們的產品中，我應該說，這是我們將在稍後宣布或推出的工作年。

And then the other thing that we also saw was the ability to drive our vendor card solution through our platform for FI. So instead of them using their own virtual card, they're using our virtual card program because of the strength of the supplier enablement that we have and the strength of the overall program that we have. And then the third thing we saw with the FIs is that we saw 2 more additional banks sign up for the platform, which we'll talk more about later as those roll out. But all in all, we'd say the ecosystem is super strong. We saw great growth in accounts. We saw great growth in the FIs and great growth in the direct.

然後我們還看到的另一件事是能夠通過我們的 FI 平台驅動我們的供應商卡解決方案。因此，他們沒有使用自己的虛擬卡，而是使用我們的虛擬卡計劃，因為我們擁有的供應商支持的實力以及我們擁有的整體計劃的實力。然後，我們在金融機構中看到的第三件事是，我們看到另外 2 家銀行註冊了該平台，稍後我們將在這些銀行推出時進行更多討論。但總而言之，我們會說生態系統非常強大。我們看到了賬戶的巨大增長。我們看到金融機構的巨大增長和直接的巨大增長。

And just adding to the second part of the question about the impact on our numbers in future quarters. We've made a lot of progress in the financial institution channel over the last 18 months or so. And I think some of the things that we announced this quarter, just a continuation of that momentum and helps us bring more of our products and more of our monetization model to these partners. With that said, I think that plays out over a longer period of time versus in the very short term where, as we talked last quarter, most of our revenue from our FI partners will be derived from what we've already booked in terms of remaining performance obligations versus incremental revenue from some of these new announcements, but we are confident that those will have a positive impact over the course of the, call it, intermediate term.

並且只是增加了問題的第二部分，即對我們未來幾個季度的數字的影響。在過去 18 個月左右的時間裡，我們在金融機構渠道方面取得了很大進展。我認為我們本季度宣布的一些事情只是這種勢頭的延續，並幫助我們將更多的產品和更多的貨幣化模式帶給這些合作夥伴。話雖如此，我認為這會在更長的時間內發揮作用，而不是在很短的時間內，正如我們上個季度所說的那樣，我們來自 FI 合作夥伴的大部分收入將來自我們已經預訂的剩餘的履約義務與其中一些新公告的增量收入相比，但我們相信這些將對中期產生積極影響。

Our next question comes from Bob Napoli from William Blair.

我們的下一個問題來自 William Blair 的 Bob Napoli。

Nice quarter. Very impressive. You added quite a few customers through really in core Bill, Divvy and Invoice2go. I mean, what is -- what drove that, I think, record quarter for new additions? Was there something on the marketing front that accelerated the number of new additions even in a more challenging environment?

漂亮的季度。非常令人印象深刻。您通過真正的核心 Bill、Divvy 和 Invoice2go 添加了很多客戶。我的意思是，我認為是什麼推動了新增加的季度記錄？即使在更具挑戰性的環境中，營銷方面是否有什麼東西可以加速新增產品的數量？

Thanks, Bob. Good to hear your voice. A lot of things that I love about building a business is building momentum and kind of what I call the snowball effect of kind of the market and the product and the platform, the people, and I think we're just seeing that. We have an opportunity to really change the way business gets done, to really help businesses manage their financial operations in a way that they haven't done before. And ultimately, that means that it's not elective software. Customers can't choose not to do this. The digital transformation wave is happening. And what we're seeing is that we saw this in the beginning with hybrid that there was an opportunity for remote work to be done through your back office.

謝謝，鮑勃。很高興聽到你的聲音。我喜歡建立企業的很多事情是建立動力和一種我稱之為市場、產品和平台、人員的滾雪球效應，我認為我們只是看到了這一點。我們有機會真正改變業務完成方式，真正幫助企業以前所未有的方式管理財務運營。最終，這意味著它不是可選軟件。客戶不能選擇不這樣做。數字化轉型浪潮正在發生。我們看到的是，我們在一開始就看到了混合動力，即有機會通過您的後台辦公室完成遠程工作。

And what we're also seeing in the soft economy with inflation being high is that the deflationary force that our platform provides the ability to do more with less, it's real. And so we see across the ecosystem that this is driving demand. That's -- the healthy demand is something that we're excited about, something that we believe is an opportunity for us to continue to drive through the unified platform and all the things that we're doing. But all in all, I would just say this is us building that momentum in that snowball.

我們在通脹高企的疲軟經濟中也看到的是，我們的平台提供的通貨緊縮力量能夠以更少的資源做更多的事情，這是真實的。因此，我們在整個生態系統中看到這正在推動需求。那是 - 健康的需求是我們興奮的事情，我們認為這是我們繼續推動統一平台和我們正在做的所有事情的機會。但總而言之，我只想說這是我們在雪球中建立的勢頭。

And then with the 172,000 core Bill customers and the cross-sell, just an update, how many of those are currently using Divvy? What is the opportunity? And is the -- any color you can give on success in cross-sell and momentum there would be helpful.

然後有 172,000 名核心比爾客戶和交叉銷售，只是一個更新，目前有多少人正在使用 Divvy？機會是什麼？並且是 - 您可以在交叉銷售和動力方面取得成功的任何顏色都會有所幫助。

Sure. We're very happy with the cross-sell success that we've had to date. We continue to obviously drive the unified experience. The one thing we did this past quarter, obviously, was on the brand announcement that is going to roll into the look and feel of the unified platform. But all of that means that we are getting more comfortable with ways that we can attract and drive the cross-selling of the platform. And so we continue to believe that we'll do more once we have the unified platform. And that is continuing to go well, the integration of the products and the solutions that we have. And we'll share more as that becomes available.

當然。我們對迄今為止所取得的交叉銷售成功感到非常高興。我們繼續明顯推動統一體驗。很明顯，我們在上個季度所做的一件事是發布品牌公告，該公告將融入統一平台的外觀和感覺。但所有這些都意味著我們對吸引和推動平台交叉銷售的方式越來越滿意。因此，我們仍然相信，一旦我們擁有統一的平台，我們會做得更多。並且我們擁有的產品和解決方案的集成繼續進展順利。我們將在可用時分享更多信息。

Our next question comes from Samad Samana from Jefferies.

我們的下一個問題來自 Jefferies 的 Samad Samana。

Great. Maybe first question on the acquisition, it makes a ton of strategic sense. But Rene, I was hoping maybe you could help us understand how it's the glue that brings what the spend management and AP together? Or maybe how you're seeing this fit into your current portfolio? And maybe what other roads it opens for you as you look to the future as well?

偉大的。也許是關於收購的第一個問題，它具有很大的戰略意義。但是 Rene，我希望你能幫助我們了解它是如何將支出管理和 AP 結合在一起的粘合劑？或者也許您認為這適合您當前的投資組合？當您展望未來時，也許它還為您打開了哪些其他道路？

Thanks, Samad. We said for a while that one of the things that we think is critical for financial operations is to have insights and dashboards that help businesses manage their back office, whether that's payables or receivables money in, money out and all the things that go with that. And if you go back to the roots of the company, the original name of the company was CashView. And actually, the original name was Cashboard, because I like the idea of a dashboard.

謝謝，薩馬德。我們曾經說過，我們認為對財務運營至關重要的一件事是擁有洞察力和儀表板，以幫助企業管理他們的後台，無論是應付賬款還是應收賬款，以及與之相關的所有事情.如果你回到公司的根源，公司的原始名稱是 CashView。實際上，最初的名稱是 Cashboard，因為我喜歡儀表板的想法。

So the goal here really is to create 1 place for the business to be able to manage their financial operations. To do that in a way that's different than they've ever done before that creates more value, more efficiency. And what we see with the tool and the platform from the team at Finmark, is a very elegant tech solution that really is driving innovation when it comes to pulling together disparate data systems across multiple different tools into one view so that you can actually manage your financial operations. So super excited about that. Super excited to have the team join our team and look forward to delivering those solutions in the future.

因此，這裡的目標實際上是為企業創建一個能夠管理其財務運營的場所。以一種不同於以往的方式來做到這一點，從而創造更多的價值和效率。我們從 Finmark 團隊的工具和平台中看到的是一種非常優雅的技術解決方案，當將跨多個不同工具的不同數據系統整合到一個視圖中時，它確實推動了創新，這樣您就可以實際管理您的金融業務。對此非常興奮。非常高興該團隊加入我們的團隊，並期待在未來提供這些解決方案。

Great. And then maybe, John, just a follow-up for you. I appreciate the incremental disclosure around the TPV, ex the FI channel. I think if I heard you correctly, you said it's up 8% year-over-year. How should we think about maybe that trending? Are you expecting -- if you think about your forward forecast, is that embedding a further slowdown? Is that expecting maybe a decline? And actually same-store sales TPV, how we should we think about the Bill.com only ex FI?

偉大的。然後也許，約翰，只是你的後續行動。我很欣賞圍繞 TPV 的增量披露，例如 FI 渠道。我想如果我沒聽錯的話，你說它同比增長了 8%。我們應該如何考慮這種趨勢？您是否期待 - 如果您考慮您的前瞻性預測，是否會進一步放緩？這是預期可能會下降嗎？實際上同店銷售 TPV，我們應該如何看待 Bill.com only ex FI？

Yes. Thanks, Samad. We are expecting some of the trends that we've observed over the last, call it, 4 months or so of moderating spend from customers ex FI channel to continue. What that means for us is really lower growth going forward is our current expectation. We factored that into our outlook for the year. There are, I think, a handful of opportunities for there to be upside to those growth profile numbers, but is really dependent upon the actual impact on the economic cycle and what's happening with our SMBs. We've assumed some of the trends that we've seen recently are going to continue.

是的。謝謝，薩馬德。我們預計我們在過去觀察到的一些趨勢（稱之為 4 個月左右）來自 FI 渠道的客戶的支出放緩將繼續下去。對我們來說，這意味著我們目前的預期是未來增長放緩。我們將這一點納入了我們的年度展望。我認為，這些增長概況數字有一些上升的機會，但實際上取決於對經濟周期的實際影響以及我們的中小企業正在發生的事情。我們假設我們最近看到的一些趨勢將繼續下去。

Our next question comes from Darrin Peller from Wolfe Research.

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

It is good to see the customer acquisition trends continuing at this rate, particularly given all the headlines we've heard from competitors and competitive dynamics, whether it's Intuit or NetSuite or others. So I'd really love your thoughts on landscape for a moment. And really just break it down, if you don't mind, a little more in terms of the SMB, different tiers of SMB and what you're seeing. And if you actually think some of these competitors or partners competitors could make some real progress or not because it certainly doesn't look like it's showing up yet in your numbers.

很高興看到客戶獲取趨勢繼續保持這種速度，特別是考慮到我們從競爭對手和競爭動態中聽到的所有頭條新聞，無論是 Intuit 還是 NetSuite 或其他。所以我真的很喜歡你對風景的想法。如果你不介意的話，真的只是把它分解一下，就 SMB、SMB 的不同層次以及你所看到的內容來說更多一點。如果你真的認為這些競爭對手或合作夥伴中的一些競爭對手可能會取得一些真正的進步，因為它肯定看起來還沒有出現在你的數字中。

Yes. Thanks, Darrin. Good to hear your voice, and really just kind of get to how we think about it. We spent the last 16 years defining this category. And it's very complex payments, the compliance, the -- all the things that go around it, financial operations, it's complex. And so as a result, we have a strong lead in a large untapped market.

是的。謝謝，達林。很高興聽到你的聲音，真的只是了解我們的想法。在過去的 16 年裡，我們一直在定義這個類別。這是非常複雜的支付，合規性，所有圍繞它的事情，金融運營，它很複雜。因此，我們在一個尚未開發的大型市場中擁有強大的領先優勢。

And so what's working for us is we have a broad horizontal approach across a diverse ecosystem. We can reach SMBs either direct or through our accounting channel. We have 6,000 accounting firms that are part of the solution for our customers. We have 6 of the top 10 banks, and we're doing more and more with accountants and with banks to deliver more services to those customers.

因此，對我們有用的是，我們在多樣化的生態系統中擁有廣泛的橫向方法。我們可以直接或通過我們的會計渠道聯繫中小企業。我們有 6,000 家會計師事務所，它們是我們客戶解決方案的一部分。我們擁有前 10 家銀行中的 6 家，我們正在與會計師和銀行開展越來越多的合作，以便為這些客戶提供更多服務。

And so it's the combination of the platform that was built from the beginning for SMBs and the ecosystem that's allowed us to continue to reach SMBs and to really help them in this time. I mean it's a soft economy and the ability for us to really drive value and be a deflationary force is something that we think is super valuable. So ultimately, I would say that the #1 competitor is pen and paper, and it has been for -- and it will be for a long time. And that's where we're going to focus is on these manual processes, how do you automate them, how do you actually take the pain out of the small business side and just stay focused on delivering value for them.

因此，從一開始就為中小型企業構建的平台和生態系統的結合使我們能夠繼續接觸中小型企業並在這段時間內真正幫助他們。我的意思是這是一個軟經濟，我們真正推動價值並成為通貨緊縮力量的能力是我們認為非常有價值的東西。所以最終，我會說排名第一的競爭對手是筆和紙，而且它一直存在——而且會持續很長時間。這就是我們要關注的地方是這些手動流程，你如何自動化它們，你如何真正擺脫小企業方面的痛苦，並專注於為他們創造價值。

Okay. And just for John, maybe just one quick follow-up as a reminder. I mean the key sources of the sequential change in take rate has been strong. But you could just remind us on the opportunities there. And again, if you see that being resilient through any kind of macro scenarios, almost regardless of what -- how volume goes, is the potential to change the take rate and move the payments revenue up still strong?

好的。只是為了約翰，也許只是一個快速的跟進作為提醒。我的意思是採取率連續變化的關鍵來源一直很強勁。但是你可以提醒我們那裡的機會。再說一次，如果您看到在任何類型的宏觀情景中都具有彈性，幾乎不管交易量如何變化，改變收取率和提高支付收入的潛力是否仍然強勁？

Sure. Thanks, Darrin. We've made great progress expanding our monetization transaction monetization over the last couple of years. In fact, this Q1 was our best ever quarter-to-quarter growth in terms of transaction monetization driven in part by continued adoption of our ad valorem products, has we mentioned last quarter, we're at about 10% ad valorem as a percentage of TPV that continues to grow. In addition, in Q1, we had the benefit of an ongoing migration between card issuing providers and networks and that led to a step-up in our monetization.

當然。謝謝，達林。在過去的幾年裡，我們在擴大我們的貨幣化交易貨幣化方面取得了很大進展。事實上，在交易貨幣化方面，第一季度是我們有史以來最好的季度環比增長，部分原因是我們繼續採用我們的從價產品，我們上個季度提到過，我們的從價百分比約為 10% TPV 繼續增長。此外，在第一季度，我們受益於發卡提供商和網絡之間的持續遷移，這導致我們的貨幣化進程有所提高。

In the near term, we don't necessarily expect the same level of monetization expansion as our volume between issuers is going to be more stable in the forward quarters. And over the next few quarters, I'd say the near term, really, we're expecting lower expansion in that take rate, perhaps even lower than historical averages given the macro environment. But as we've said for a long time, we're very bullish about the long-term opportunity to continue to grow our take rate and our monetization over time. That remains perfectly intact. But in the near term, I would expect, just given the environment a lower expansion than we've seen historically.

在短期內，我們不一定預期貨幣化擴張水平相同，因為我們在發行人之間的交易量在未來幾個季度將更加穩定。在接下來的幾個季度中，我想說的是，在短期內，實際上，我們預計該利率的擴張幅度會更低，考慮到宏觀環境，甚至可能低於歷史平均水平。但正如我們長期以來所說的那樣，我們非常看好隨著時間的推移繼續提高我們的獲取率和貨幣化的長期機會。這仍然完好無損。但在短期內，我預計，只是考慮到環境的擴張比我們歷史上看到的要低。

Our next question comes from Ken Suchoski from Autonomous Research.

我們的下一個問題來自 Autonomous Research 的 Ken Suchoski。

I just wanted to follow up on Darrin's question there. The increase in the transaction fee take rate, excluding Divvy, I mean, really accelerated this quarter versus prior quarters. And you kind of touched on it in the last answer. And I don't know if anyone expects you to provide specific penetration rates this quarter. But can you give us a sense of which payment types are seeing the most traction? I think you've added a few new payment types over the last year or so.

我只是想在那裡跟進達林的問題。我的意思是，不包括 Divvy 在內的交易費率的增加，本季度與前幾個季度相比確實加速了。你在最後一個答案中談到了它。而且我不知道是否有人希望您在本季度提供具體的滲透率。但是您能告訴我們哪些支付類型最受關注嗎？我認為您在過去一年左右添加了一些新的付款方式。

Thanks, Ken. It's really across the board with our ad valorem products. We are still in the earlier stages of adoption. We think there's a significant growth runway ahead by allowing suppliers and customers' choice in figuring out what the right payment method for their transactions is. We launched international payments in virtual cards more than a couple of years ago. So those are the largest dollar contributors to our growth. But some of the newer products around real-time payments and instant transfer as well as pay by card are doing nicely and that expanding adoption is having a positive impact on our overall consolidated level of monetization. On a dollar basis, though, those are still pretty small contributors.

謝謝，肯。我們的從價產品確實是全面的。我們仍處於採用的早期階段。我們認為，通過允許供應商和客戶自行選擇適合其交易的支付方式，我們認為未來的增長勢頭會很顯著。幾年前，我們推出了虛擬卡國際支付。因此，這些是我們增長的最大美元貢獻者。但圍繞實時支付和即時轉賬以及卡支付的一些新產品表現良好，並且擴大採用率對我們的整體綜合貨幣化水平產生了積極影響。不過，以美元計算，這些貢獻仍然很小。

Okay. Okay. That makes a lot of sense. And then I think we try to run some of the math on the Invoice2go revenue, specifically the transaction revenue. And it looks like that continues to step up nicely. And I was just wondering if you could talk about what's driving that and I guess, how sustainable that increase is.

好的。好的。這很有意義。然後我認為我們嘗試對 Invoice2go 收入進行一些數學運算，特別是交易收入。看起來這繼續很好地加強。我只是想知道你是否可以談談是什麼推動了這一點，我猜，這種增長的可持續性如何。

Yes. We're pleased with the progress that we're making with Invoice2go. In terms of the profile of the product, first, it's predominantly subscription revenue, and we see a growing transaction revenue stream driven by some of the improvements and changes we've made to the product experience, integrating branded payments. And that's still in the, I'd say, earlier phases of development. It's not material to our overall business. But our monetization of those payments is significantly above where Invoice2go was on a stand-alone basis, but we still have a long way to go to continue to drive monetization of the existing invoice volume for invoice to go.

是的。我們對 Invoice2go 取得的進展感到滿意。就產品的概況而言，首先，它主要是訂閱收入，我們看到交易收入流不斷增長，這是由於我們對產品體驗所做的一些改進和改變，整合了品牌支付。我想說，這仍處於早期開發階段。這對我們的整體業務並不重要。但是我們對這些付款的貨幣化明顯高於 Invoice2go 在獨立基礎上的水平，但要繼續推動現有發票量的貨幣化，我們還有很長的路要走。

And then secondly, the big opportunity, we think, longer term is as we apply the AR, accounts receivable, knowledge and product capabilities, not just to the Invoice2go customers, but to Bill subscribers and our network members. And together, we think that's going to be a big opportunity over the intermediate and longer term.

其次，我們認為，從長遠來看，巨大的機會在於我們將 AR、應收賬款、知識和產品功能應用於 Invoice2go 客戶，以及 Bill 訂閱者和我們的網絡成員。總的來說，我們認為這將是一個中長期的巨大機遇。

And our next question comes from Tien-Tsin Huang from JPMorgan.

我們的下一個問題來自摩根大通的 Tien-Tsin Huang。

Great results here. Just the SMB comments. I heard lower payment volume, stable transactions. Any thoughts on client growth or net adds given your views on adoption investing in sort of this uncertain environment, any change versus 90 days ago on that front?

在這裡取得了很好的成績。只是 SMB 評論。我聽說支付量較低，交易穩定。鑑於您對在這種不確定的環境中採用投資的看法，對客戶增長或淨增加有什麼想法，與 90 天前相比有什麼變化嗎？

Thanks for your question, Tien-Tsin. And I would say much of what we talked about in the script is just the -- this softening economy ends up meaning that business has turned to doing more with less. And we have a platform that enables businesses to do more with less, that really helps them manage their business with efficiency.

謝謝你的問題，天津。我想說的是，我們在劇本中談到的大部分內容只是——這種疲軟的經濟最終意味著企業已經轉向事半功倍。我們有一個平台，可以讓企業事半功倍，真正幫助他們高效地管理業務。

And what we've seen across the entire ecosystem is that, that demand is healthy. In part is because we have a horizontal approach to the go-to-market, whether it's through any of our direct efforts our accountant partners or financial institution partners as well as that we serve businesses of all sizes up to the large mid-market customers. And so the demand is healthy. We think the opportunity to continue to drive more value for businesses and more customer growth in the untapped market that we have ahead is strong.

我們在整個生態系統中看到的是，這種需求是健康的。部分原因是我們採用橫向方法進入市場，無論是通過我們的會計師合作夥伴或金融機構合作夥伴的任何直接努力，還是我們為各種規模的企業提供服務，直至大型中型市場客戶.所以需求是健康的。我們認為，在我們未開發的市場中，繼續為企業帶來更多價值和更多客戶增長的機會是強大的。

Okay. Great. If you don't mind, I have to ask you. You mentioned, Rene, you're issuing virtual cards on behalf of an existing FI partner. I'm curious, is that alongside of an incumbent solution they were using before and kind of speaks to the benefit of selling something integrated through Bill to their small business banking partners? Just trying to better understand that, if you don't mind me asking that detail.

好的。偉大的。如果你不介意，我得問你。你提到，Rene，你代表現有的 FI 合作夥伴發行虛擬卡。我很好奇，除了他們以前使用的現有解決方案之外，是否還可以說明將通過比爾集成的東西出售給他們的小型商業銀行合作夥伴的好處？只是想更好地理解這一點，如果你不介意我問那個細節的話。

Yes. No, it's a great question. It's one of the things that we are very proud of is that the broad capability of the platform creates value for our customers and our partners. And to your point, the financial institution partner did have a virtual card product that they were using before with their business customers. And they switched to using ours for their Bill.com customers. And that's because of the power that we have of driving transactions and driving value for suppliers that are on the network, the strength of our supplier enablement team, which we've been working on since we launched the strength of our ability to really help the customer suppliers connect. That's all something that we've been working on, and that's what the financial institution partners saw and wanted to take advantage of. So that's why we did it.

是的。不，這是一個很好的問題。我們非常自豪的一件事是該平台的廣泛能力為我們的客戶和合作夥伴創造了價值。就您而言，金融機構合作夥伴確實擁有他們以前與商業客戶一起使用的虛擬卡產品。他們轉而將我們的產品用於他們的 Bill.com 客戶。這是因為我們有能力推動交易並為網絡上的供應商創造價值，我們的供應商支持團隊的實力，自從我們推出我們真正幫助的能力以來，我們一直在努力客戶供應商連接。這就是我們一直在努力的事情，這也是金融機構合作夥伴看到並想要利用的東西。這就是我們這樣做的原因。

Our next question comes from Keith Weiss of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Keith Weiss。

It's Jonathan on for Keith. I want to start with TPV trends. Can you talk us through any differentiation you're seeing in Divvy and core Bill TPV trends and how you expect that to evolve going forward just given some of the macro commentary?

喬納森替基思上場。我想從 TPV 趨勢開始。您能否與我們談談您在 Divvy 和核心 Bill TPV 趨勢中看到的任何差異，以及您希望在給出一些宏觀評論後如何發展？

Thank you, Jonathan. We have generally seen businesses, all businesses moderate their spend in this economy. And so what you see in Divvy is that it is just growing much faster, it's a smaller base to start with -- and so we've continued to have strong growth in TPV year-over-year there. But we do see, I would say, softer spend across all of our customers.

謝謝你，喬納森。我們普遍看到企業，所有企業都在這個經濟體中減少支出。因此，您在 Divvy 中看到的是，它的增長速度要快得多，開始時基數較小——因此我們在那裡的 TPV 繼續保持強勁增長。但我們確實看到，我想說的是，我們所有客戶的支出都在下降。

Understood. Appreciate that color. And I want to dig into more of the opportunity to work with suppliers. Can you talk through that? And is there any opportunity to drive adoption of more monetize payment modalities through working closer with your suppliers? And how should we think about that opportunity amidst a softening macro?

明白了。欣賞那個顏色。我想挖掘更多與供應商合作的機會。你能說透嗎？是否有機會通過與供應商的密切合作來推動採用更多貨幣化的支付方式？在宏觀疲軟的情況下，我們應該如何看待這個機會？

Another good question here. We talked about enabling the suppliers in our network in Canada and now the U.K. to be able to decide how they want to be paid and what currency they want to be paid in. So we've made and activated both sides of the network so that this is, I would say, a movement for us treating and viewing, I should say, the suppliers as customers as well.

這裡還有一個好問題。我們談到讓我們在加拿大和現在的英國網絡中的供應商能夠決定他們想要如何付款以及他們想要用什麼貨幣付款。所以我們已經創建並激活了網絡的雙方，以便我想說，這是一種讓我們將供應商也視為客戶的運動。

And what that leads to is that when somebody who is in the U.K. or Canada is being paid by a U.S. business that's on Bill, that creates an FX transaction monetization opportunity for us. gives them a better monetization FX rate than what they could get from potentially their local bank, and that's the value that we create. So that's the first example. There will be other examples of how we think about adding value to both sides of the network, and we'll continue to invent and innovate on that front.

這導致的是，當一個在英國或加拿大的人被比爾上的美國企業付款時，這為我們創造了外匯交易貨幣化的機會。為他們提供比他們可能從當地銀行獲得的更好的貨幣化匯率，這就是我們創造的價值。這是第一個例子。將有其他示例說明我們如何考慮為網絡雙方增加價值，我們將繼續在這方面進行發明和創新。

Our next question comes from Brad Sills from Bank of America.

我們的下一個問題來自美國銀行的 Brad Sills。

I wanted to ask a question on the FI channel, another great quarter in net adds there. I'm curious, is there a different ramp time for those customers when they come -- when they onboard from -- versus your average customer coming in through direct or accounting from channel. I'm asking because I'm wondering if there might be some unseen potential ramp in spend coming from some of these net adds coming in through the FI channel in the coming quarters.

我想在 FI 頻道上問一個問題，那裡是另一個很棒的季度。我很好奇，這些客戶在他們來的時候 - 當他們從他們進來時 - 與你的普通客戶通過直接或從渠道進入的普通客戶是否有不同的斜坡時間。我之所以問，是因為我想知道未來幾個季度通過 FI 渠道進入的這些淨增加中的一些支出是否會出現一些看不見的潛在增長。

Thank you, Brad, for the question. And what we see is that consistent across all of our customers, we make it really easy for them to get on the platform. We target and actually build it into the business model that within 30 days, you're using the product or you're not. And so with our FI partners, we see that they're able to get up and going. Obviously, it probably does take 3 to 6 months to kind of get to a meaningful activity on the platform, but it doesn't really vary by channel. And the opportunity for us is to continue to drive adoption earlier in the experience with Bill, and we have teams that work on that every day.

謝謝你，布拉德，你的問題。我們看到的是，我們所有的客戶都是一致的，我們讓他們很容易進入這個平台。我們的目標是並將其實際構建到商業模式中，即在 30 天內，您使用該產品或不使用該產品。因此，與我們的 FI 合作夥伴一起，我們看到他們能夠站起來並繼續前進。顯然，在平台上進行有意義的活動可能需要 3 到 6 個月，但實際上並沒有因渠道而異。我們的機會是在比爾的早期體驗中繼續推動採用，我們的團隊每天都在為此工作。

Got it. Great. And then one on the macro, if I might. You mentioned, obviously, that you're expecting some continued moderation here in TPV. But TPV, I guess, transaction volumes per customer, you're mentioning has held in nicely. So where -- I mean where are you seeing the impact? Is it transaction size? How would you classify that headwind that you're referring to on the macro side with regard to TPV?

知道了。偉大的。如果可以的話，然後是宏。顯然，您提到您希望 TPV 繼續保持溫和。但我猜，TPV，您提到的每位客戶的交易量已經很好地保持了下來。那麼在哪裡 - 我的意思是你在哪裡看到影響？是交易規模嗎？您如何對您在宏觀方面提到的關於 TPV 的逆風進行分類？

Yes. Thanks, Brad. As Rene mentioned, it's -- we're seeing some softness across most of the customer segments now. It still appears to be concentrated in some of the discretionary spend categories. We -- I think we pointed this out last quarter as well where we've started to observe this in the month of June. And I think that has continued. So things like advertising spend would be a good example. We looked at a lot of the top advertisers that small businesses -- or advertising channels that small businesses use to drive customer acquisition and other things.

是的。謝謝，布拉德。正如 Rene 所提到的，我們現在看到大多數客戶群都出現了一些疲軟。它似乎仍然集中在一些可自由支配的支出類別中。我們 - 我認為我們在上個季度也指出了這一點，我們在 6 月份開始觀察到這一點。我認為這種情況還在繼續。因此，諸如廣告支出之類的事情就是一個很好的例子。我們研究了許多小型企業的頂級廣告商——或者小型企業用來推動客戶獲取和其他事情的廣告渠道。

So we looked on a vendor-specific basis and found that across really the whole segment, spend is down. And that's something that is consistent with other data points that we've looked at externally. And so I think it just says that our small business customers across the size range are reacting to the external environment and being a bit more cautious about their operating expenses, and we're seeing that across the spend habits of our customers.

因此，我們查看了特定於供應商的基礎，發現整個細分市場的支出都在下降。這與我們在外部查看的其他數據點一致。所以我認為它只是說我們的各種規模的小型企業客戶正在對外部環境做出反應，並對他們的運營費用更加謹慎，我們在客戶的消費習慣中看到了這一點。

Our next question comes from Josh Beck from KeyBanc.

我們的下一個問題來自 KeyBanc 的 Josh Beck。

Thank you. I wanted to ask just a little bit about your risk management philosophy, obviously, that's something that you've really ingrained platform in the prior decades. Obviously, Divvy brings card receivables, it's probably a little bit of a different dynamic. So maybe just give us a sense of kind of your approach to risk management and maybe how that is evolving as you folded in Divvy as well.

謝謝你。我想問一點您的風險管理理念，顯然，這是您在過去幾十年中真正根深蒂固的平台。顯然，Divvy 帶來了卡應收賬款，它可能有點不同的動態。因此，也許只是讓我們了解一下您的風險管理方法，以及當您加入 Divvy 時，這種方法是如何演變的。

Sure. Thanks, Josh, for the question. Yes, we've been building out proprietary capabilities around risk management, underwriting and all those things with the Bill platform for over a decade. And our goal with that is to simultaneously deliver a great customer experience that includes fast payments while appropriately managing the exposure associated with that payment volume. And we've taken the same approach with Divvy combining our risk teams from day 1 of the acquisition. It's the first integration thing we did. That allows us to leverage the combined consolidated data asset that we have around transactions and entities in order to make better, more informed risk decisions.

當然。謝謝喬希的問題。是的，十多年來，我們一直在利用 Bill 平台圍繞風險管理、承保和所有這些方面建立專有功能。我們的目標是同時提供出色的客戶體驗，包括快速支付，同時適當管理與支付量相關的風險。從收購的第一天起，我們就採用了與 Divvy 相同的方法來合併我們的風險團隊。這是我們做的第一件事。這使我們能夠利用我們圍繞交易和實體擁有的合併合併數據資產，以便做出更好、更明智的風險決策。

And I think we've shown in the time since the acquisition that we've actually been able to improve the underwriting and the risk capabilities of the combined team and deliver a great experience for customers at the same time. So we feel really good about the progress we're making, and it's all about balancing, serving customers, but doing so in a way that everyone is able to be successful with the products that we offer.

而且我認為，自收購以來，我們實際上已經能夠提高合併團隊的承保和風險能力，同時為客戶提供出色的體驗。因此，我們對我們正在取得的進展感覺非常好，這一切都是為了平衡，為客戶服務，但這樣做的方式是讓每個人都能使用我們提供的產品取得成功。

Great. And then maybe a follow-up on Finmark and some of the synergies. It certainly sounds like it's an important tool for accountants. Do you envision maybe bringing in new accounting partners or having you work maybe with more of their customers? So it's kind of effectively like an indirect benefit from a revenue point of view. Just curious how some of the synergies may work there.

偉大的。然後可能會跟進 Finmark 和一些協同效應。聽起來它確實是會計師的重要工具。您是否設想可能會引入新的會計合作夥伴，或者讓您與他們的更多客戶合作？因此，從收入的角度來看，它實際上有點像間接收益。只是好奇一些協同作用如何在那裡發揮作用。

Thanks, Josh. I'll take this one. I think the -- you're right that one of the strategic values is with accountants. Accountants manage -- just as a reminder, manage multiple clients at tens, dozens of clients. And so what they're providing in the category that we've really helped define there is the client advisory services. And so what they account for those (inaudible).

謝謝，喬希。我要這個。我認為 - 你是對的，戰略價值之一是與會計師有關。會計師管理 - 就像提醒一樣，管理數十個客戶的多個客戶。因此，他們在我們真正幫助定義的類別中提供的是客戶諮詢服務。所以他們解釋了這些（聽不清）。

And so the ability to be a strategic adviser to your client requires that you actually digest data, understand it, look at the dashboards and provide insights that weren't necessarily easily attainable for the small business themselves. And so I do think that accounts are going to value this integration once we have it together, and it's something that we think will help us drive continued adoption for client adoption as well as for accountant adoption.

因此，成為客戶戰略顧問的能力要求您實際消化數據、理解數據、查看儀表板並提供小型企業本身不一定容易獲得的見解。因此，我確實認為，一旦我們將這種整合整合在一起，客戶就會重視這種整合，我們認為這將有助於我們推動客戶採用和會計師採用的持續採用。

Our next question comes from Bryan Keane of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Keane。

Congrats on the results. I think it's an important point to talk about transactions holding in versus volume, which is moderating a little bit. John, can you just talk to us about the sensitivity of the model? If we see that moderation, but transactions hold, will it have a material impact to the P&L or will -- since transactions are holding in, it will only be a slight impact that we'll see?

祝賀結果。我認為談論交易量與交易量的關係很重要，交易量正在放緩。約翰，你能和我們談談模型的敏感性嗎？如果我們看到這種放緩，但交易保持不變，它會對損益產生重大影響還是會 - 由於交易保持不變，我們只會看到輕微的影響？

Thanks for the question, Bryan. We do monitor engagement with our platform from customers very closely. And one of the metrics that's important, as you mentioned, is transactions per customer. And we've seen pretty consistent results there, excluding the FI channel, which has a slightly different customer profile, the core Bill customer is pretty consistent with last quarter and last year. And that tells us that customers continue to use our platform. They leverage it to run their financial operations even if they're spending less in terms of overall operating expenses in TPV through the platform.

謝謝你的問題，布萊恩。我們會非常密切地監控客戶與我們平台的互動。正如您所提到的，重要的指標之一是每個客戶的交易量。我們在那裡看到了相當一致的結果，不包括客戶檔案略有不同的 FI 渠道，核心比爾客戶與上一季度和去年非常一致。這告訴我們客戶繼續使用我們的平台。他們利用它來運營他們的財務運營，即使他們通過該平台在 TPV 的總體運營費用方面花費更少。

And as we showed with our results in Q1, even if spend is a little bit softer than in some other period, we still have the tools to both deliver value for customers as well as monetize that transaction volume. So we have both fixed and variable price transaction fees, and so both contribute to our revenue growth and obviously, the foundation of our model is in subscription fees, which continues to be healthy growth given the way in which customers use our platform.

正如我們在第一季度的結果中所展示的那樣，即使支出比其他時期稍微疲軟，我們仍然擁有為客戶創造價值以及將交易量貨幣化的工具。因此，我們既有固定價格交易費用，也有可變價格交易費用，因此都有助於我們的收入增長，顯然，我們模型的基礎是訂閱費用，考慮到客戶使用我們平台的方式，訂閱費用繼續保持健康增長。

Got it. And then just maybe the bigger picture, just thinking about a slowdown or even a recession, how has the model held up? Or how would you expect it to hold up for revenues in different kind of scenarios, maybe a shallow recession versus a deep one. You probably do some scenario analysis work. We're just trying to get a sense of the sensitivity of a potential downturn and what the impact could be to the model?

知道了。然後也許是更大的圖景，想想經濟放緩甚至衰退，這個模型是如何站得住腳的？或者您如何期望它在不同類型的情況下保持收入，可能是淺度衰退與深度衰退。你可能會做一些情景分析工作。我們只是想了解潛在衰退的敏感性以及對模型的影響是什麼？

Yes. It's a fair question, Bryan, and we certainly have spent time on different scenarios. What I can say is that our outlook represents kind of all of the information that we have available around recent trends, and the health of our SMB customer base, which we think is quite strong. We have assumed that there's going to be some continuing softness or moderation of spend that, that persists throughout the fiscal year. In terms of our outlook set of assumptions, we're not assuming a severe economic downturn. So that's a scenario that's outside the scope of what we've looked at. And beyond that, as I think we mentioned in the prepared remarks, we're still monitoring the health of our customer base and the situation closely, and we think we're well positioned to adapt to serve customers and to continue to scale the business regardless of that external environment that we're operating in.

是的。這是一個公平的問題，布賴恩，我們當然已經在不同的場景上花費了時間。我能說的是，我們的前景代表了我們所掌握的有關近期趨勢的所有信息，以及我們認為非常強大的 SMB 客戶群的健康狀況。我們假設支出將持續疲軟或節制，並在整個財政年度持續存在。就我們的前景假設而言，我們並未假設經濟會出現嚴重下滑。所以這是一個超出我們所研究範圍的場景。除此之外，正如我認為我們在準備好的評論中提到的那樣，我們仍在密切關注客戶群的健康狀況和情況，我們認為我們已經做好了適應客戶服務並繼續擴大業務規模的準備無論我們所處的外部環境如何。

Our next question comes from Ken Wong of Oppenheimer.

我們的下一個問題來自奧本海默的 Ken Wong。

Great. Fantastic. Just a quick question on Finmark. You mentioned that the revenue impact is likely negligible, but did call out some spend being baked in. Just wondering if there's any quantification in terms of margin earnings impact that you could call out.

偉大的。極好的。只是一個關於 Finmark 的快速問題。您提到收入影響可能可以忽略不計，但確實提到了一些支出。只是想知道是否有任何可以量化的利潤率收益影響。

Thanks for the question, Ken. Yes, we haven't explicitly quantified the numbers around Finmark. I can tell you it's a very small transaction, talented team, great product, we think fits strategically very nicely with where we're taking our platform over time, not only providing automation around financial operations, but shifting towards helping provide insights for customers to run a better business. And Finmark is going to be a core capability over time as we do that. So we're continuing the investment in the team and building out the product platform. They, as a stand-alone business, just got to the revenue-generating stage. But at our scale, obviously, it's very small. And over time, we'll provide more color once the transaction closes.

謝謝你的問題，肯。是的，我們沒有明確量化 Finmark 周圍的數字。我可以告訴你，這是一筆很小的交易，有才華橫溢的團隊，很棒的產品，我們認為隨著時間的推移，我們認為在戰略上非常適合我們平台的發展方向，不僅提供圍繞金融運營的自動化，而且轉向幫助為客戶提供洞察力經營更好的業務。隨著時間的推移，Finmark 將成為我們的核心能力。因此，我們將繼續對團隊進行投資並構建產品平台。他們作為一個獨立的企業，剛剛進入創收階段。但在我們的規模上，顯然，它非常小。隨著時間的推移，一旦交易完成，我們將提供更多顏色。

Okay. Perfect. Fair enough. And then another kind of margin expand question, given that this is kind of the first quarter you guys have broken into kind of non-GAAP profitability, should we assume the trajectory to be fairly linear? Or is there some lumpiness seasonality that we should be thinking about as we kind of work through our models?

好的。完美的。很公平。然後是另一種利潤率擴展問題，鑑於這是你們在第一季度闖入非公認會計準則盈利能力的一種方式，我們是否應該假設軌跡是相當線性的？還是在我們通過模型工作時應該考慮一些不規律的季節性？

Well, yes, we provided the color for Q2 and for the fiscal year. I'd say some of the historical seasonal patterns around the transition from December to March and what happens with spend during that period. We're expecting to continue. That usually has some impact on our bottom line results as well. But other than that, you can probably use some of the past patterns to get to Q3, Q4 numbers.

嗯，是的，我們提供了第二季度和財政年度的顏色。我想說的是從 12 月到 3 月過渡期間的一些歷史季節性模式，以及在此期間的支出情況。我們期待繼續。這通常也會對我們的底線結果產生一些影響。但除此之外，您可能可以使用一些過去的模式來獲得 Q3、Q4 的數字。

Our next question comes from Daniel Jester of BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Daniel Jester。

Great. Just a quick one and a clarification point. For the customers that you've noticed that are reducing some of the spend, you called out a couple of times in the call. If you look at their usage of ad valorem payment models, are they going backwards? Just wondering if that's the way that they may (inaudible) cost for themselves. I'm just trying to take -- think about how that could evolve for the take rate going forward.

偉大的。只是一個快速的和一個澄清點。對於您注意到正在減少部分支出的客戶，您在通話中打了幾次電話。如果你看看他們對從價支付模式的使用，他們會倒退嗎？只是想知道這是否是他們可能（聽不清）為自己付出代價的方式。我只是想採取 - 想想未來的採取率如何演變。

Thanks, Dan, for the question. No, we haven't really seen or witnessed that trend. The commentary around the softening spend is more businesses, particularly in discretionary categories spending less, but with a very high rate of repeat transactions with their suppliers. So we still see approximately 80% of the transactions on our platform are repeat recurring transactions between buyer and supplier. But they may be transacting in a slightly lower dollar value. It's not really something that we've seen influence of the payment types, so the distribution of payments or ad valorem across the platform. It's more just the absolute spend at this point.

謝謝，丹，這個問題。不，我們還沒有真正看到或見證過這種趨勢。圍繞支出疲軟的評論是更多的企業，特別是非必需品類別的支出減少，但與供應商的重複交易率非常高。因此，我們仍然看到我們平台上大約 80% 的交易是買方和供應商之間的重複交易。但他們可能以略低的美元價值進行交易。這並不是我們真正看到的支付類型的影響，因此支付分佈或整個平台的從價。更多的是此時的絕對支出。

We have time for only one more question. And our next question comes from Andrew Bauch of SMBC.

我們只有時間再回答一個問題。我們的下一個問題來自 SMBC 的 Andrew Bauch。

Rene, you've been talking about the unified platform underway in that Bill being able to go to market with all 3 of the assets and now Finmark really bundled in 1 product. I guess, how far away are we from that becoming a pure reality? And maybe if you can just give us an update on how you expect that to translate to an impact from the model one way or another?

Rene，您一直在談論統一平台，Bill 能夠將所有 3 種資產推向市場，現在 Finmark 真正捆綁在 1 種產品中。我想，我們離這成為純粹的現實還有多遠？也許您可以向我們提供最新信息，說明您希望如何以某種方式將其轉化為模型的影響？

Sure. Thank you, Andrew. The -- I think about it in kind of different phases and steps. I mean the first thing to build anything requires one team, and we started that process obviously, with the acquisitions and then integrating the organizations last winter. Then it takes kind of one brand look and feel, which we just announced. And then it obviously takes one platform. And where we're at right now is that we have that the back-ends, talking to each other and integrate it. And that allows us to start developing the customer experience.

當然。謝謝你，安德魯。 - 我在不同的階段和步驟中考慮它。我的意思是建立任何東西的第一件事都需要一個團隊，我們顯然開始了這個過程，去年冬天進行了收購，然後整合了組織。然後它需要一種我們剛剛宣布的品牌外觀和感覺。然後顯然需要一個平台。我們現在所處的位置是我們擁有後端，可以相互交談並整合它。這使我們能夠開始開發客戶體驗。

And obviously Finmark will be on top of this. But we really see that the importance of having one place for any customer to be able to get the value that we see, we see that as being really important. We see customers wanting to continue to save time, spend less time managing their financial operations and more time thinking about the insights. So we continue to develop and work on that mission to serve millions of businesses and to be their essential financial operations platform, and that's something that we'll continue to develop over the coming intermediate term.

顯然，芬馬克將在這之上。但我們真的看到了為任何客戶提供一個地方以獲得我們所看到的價值的重要性，我們認為這非常重要。我們看到客戶希望繼續節省時間，花更少的時間管理他們的財務運營，並有更多的時間思考洞察力。因此，我們將繼續發展和致力於為數百萬企業服務並成為他們重要的金融運營平台的使命，這是我們將在接下來的中期繼續發展的東西。

Great. Sounds like a great progress. And I know it's been asked before, but maybe I'll ask it in a slightly different way. I mean Divvy delivering 6 straight quarters of triple-digit growth is just continues to impress. Is there something about Divvy or next-gen expense management solutions that are accelerating in the current environment? We've heard from your peers that are also seeing similar kinds of impressive results.

偉大的。聽起來是一個很大的進步。而且我知道以前有人問過它，但也許我會以稍微不同的方式問它。我的意思是 Divvy 連續 6 個季度實現三位數的增長，令人印象深刻。 Divvy 或下一代費用管理解決方案是否在當前環境中加速發展？我們從您的同行那裡聽說，他們也看到了類似的令人印象深刻的結果。

I'd say for us, we continue to work hard on honing the go-to-market and have prioritized the active and engaged customers. And as we do that, we get results like you're seeing. And so everybody on the team is really focused on how do we make sure customers are getting value using the product. And when they do that, they put spend on the cards that we have, and that drives obviously opportunities for them to manage their business better.

對於我們來說，我想說的是，我們將繼續努力磨練進入市場，並優先考慮活躍和參與的客戶。當我們這樣做時，我們會得到你所看到的結果。因此，團隊中的每個人都真正專注於我們如何確保客戶使用產品獲得價值。當他們這樣做時，他們就會把錢花在我們擁有的卡片上，這顯然為他們提供了更好地管理業務的機會。

And so the focus is always going to be on customers. And I think what we're seeing is that the solution is early in the market, earlier than you would say the core Bill experiences, but there is demand and there is plenty of opportunity for us to keep driving that demand across our platform and across the market in large.

因此，重點始終放在客戶身上。而且我認為我們看到的是，該解決方案處於市場早期，比您所說的核心比爾體驗還早，但是有需求，我們有很多機會在我們的平台和跨平台上繼續推動這種需求市場大。

And the core Bill platform being a great incubator for it well.

核心比爾平台是一個很好的孵化器。

Thank you. Well, I just want to say thanks, everyone, for joining us today. Bill kicked off fiscal 2023 with a great Q1, delivering high growth and non-GAAP profitability while making investments to position us for the long run. We're excited about the large opportunity we have to automate the future of finance for millions of businesses to help them succeed. And thanks again for joining us today. Thank you.

謝謝你。好吧，我只想對大家今天加入我們表示感謝。比爾以出色的第一季度拉開了 2023 財年的序幕，實現了高增長和非 GAAP 盈利能力，同時進行投資以使我們長期定位。我們為數百萬企業實現金融未來自動化以幫助他們取得成功的巨大機會感到興奮。再次感謝您今天加入我們。謝謝你。