(BILL) 2023 Q2 法說會逐字稿

Good afternoon. Thank you for attending today's Bill's Fiscal Second Quarter 2023 Earnings Conference Call. My name is Megan, and I'll be your moderator for today's call. (Operator Instructions)

下午好。感謝您參加今天的比爾 2023 財年第二季度收益電話會議。我叫梅根，我將擔任今天電話會議的主持人。 （操作員說明）

I would now like to pass the conference over to Karen Sansot, Vice President of Investor Relations at Bill.com. Please go ahead.

我現在想將會議轉交給 Bill.com 投資者關係副總裁 Karen Sansot。請繼續。

Thank you, operator. Welcome to Bill's Fiscal Second 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，運營商。歡迎來到 Bill 的 2023 財年第二季度收益電話會議。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供了相關的 8-K 表格。新聞稿可在我們網站 investor.bill.com 的投資者關係部分找到。今天與我通話的是 Bill 的董事長、首席執行官兼創始人 Rene Lacerte；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.

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 Bill 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，或者如果任何假設被證明不正確，則實際結果可能與我們的前瞻性陳述中明示或暗示的結果存在重大差異。

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.

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 10-Q 表格報告，可在我們網站的投資者關係部分獲取。

We disclaim any obligation to update any forward-looking statements. 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. Additionally, please note that the appendix for quarterly investor deck, which is posted on our Investor Relations website contains a supplemental table of revenue and metrics information.

我們不承擔任何更新任何前瞻性陳述的義務。在今天的電話會議上，我們將提及 GAAP 和非 GAAP 財務指標。今天討論的非收入財務數據是非 GAAP 數據，除非聲明該指標是 GAAP 數據。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。此外，請注意，發佈在我們的投資者關係網站上的季度投資者平台附錄包含收入和指標信息的補充表。

At times during this call, we will discuss Bill's stand-alone results, which exclude our Divvy spend management, Invoice2go accounts receivable and FinMark Financial Planning Solutions.

在這次電話會議中，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、Invoice2go 應收賬款和 FinMark 財務規劃解決方案。

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

現在我將電話轉給 Rene。勒內？

Thank you, Karen. Good afternoon, everyone. Thank you for joining us today. Bill delivered strong second quarter results and achieved another quarter of profitable growth as we executed on our strategy to be the essential financial operations platform for SMBs.

謝謝你，凱倫。大家下午好。感謝您今天加入我們。隨著我們執行成為中小企業必不可少的金融運營平台的戰略，Bill 在第二季度取得了強勁的業績並實現了又一個季度的盈利增長。

Revenue in Q2 grew 66% year-over-year, and we made exceptional progress growing non-GAAP net income, which was $49 million for the quarter. Our non-GAAP net income margin was 19% in Q2, and we also delivered another quarter of positive free cash flow.

第二季度收入同比增長 66%，我們在非 GAAP 淨收入增長方面取得了非凡進展，本季度為 4900 萬美元。我們在第二季度的非 GAAP 淨利潤率為 19%，我們還提供了另一個季度的正自由現金流。

Our results demonstrate the commitment we have to execution rigor and investing for profitable growth. The power of our scale, technology and business model enabled us to create significant float revenue tailwinds in this higher interest rate environment. We are leveraging our float revenue to invest in long-term strategic opportunities while also delivering non-GAAP profitability.

我們的業績證明了我們必須嚴格執行和投資以實現盈利增長的承諾。我們的規模、技術和商業模式的力量使我們能夠在這種高利率環境中創造顯著的浮動收入順風。我們正在利用我們的浮動收入投資於長期戰略機會，同時實現非 GAAP 盈利能力。

Given the strength of our financial position, conviction in our growth prospects and our proven ability to execute, today, we announced Board authorization for a $300 million share buyback program, which we believe will further enhance shareholder value and minimize dilution without compromising our ability to invest in future growth.

鑑於我們強大的財務狀況、對我們增長前景的信心以及我們已證明的執行能力，今天，我們宣布董事會授權一項 3 億美元的股票回購計劃，我們相信這將進一步提高股東價值並最大限度地減少股權稀釋，同時不影響我們的能力投資於未來的增長。

Before talking about our business, I'd like to comment on the health of SMBs. Businesses today are faced with a challenging economy that includes inflation and rising interest rates. Time and time again, SMBs proved to be resilient and agile, and we're seeing them adjust to the current conditions.

在談論我們的業務之前，我想先談談中小企業的健康狀況。當今的企業面臨著充滿挑戰的經濟，其中包括通貨膨脹和利率上升。中小型企業一次又一次被證明是有彈性和敏捷的，我們看到他們正在適應當前的條件。

With our solutions, SMBs are empowered to better manage their business and cash flow. We are energized by the opportunity to help our customers succeed. As we discussed on our Q4 and Q1 calls, macro conditions are impacting small businesses, and they are taking action to moderate expenses. As we anticipated, these trends continued in fiscal Q2, and we experienced lower growth in total payment volume compared to prior periods.

借助我們的解決方案，中小型企業能夠更好地管理其業務和現金流。我們為幫助客戶取得成功的機會而充滿活力。正如我們在第 4 季度和第 1 季度的電話會議上討論的那樣，宏觀環境正在影響小企業，他們正在採取行動來控制開支。正如我們預期的那樣，這些趨勢在第二財季繼續存在，與前期相比，我們的總支付量增長較低。

Our proven business model and track record of execution position us well to navigate this economy while pursuing our long-term aspirations to serve millions of businesses and capture billions of dollars in revenue. As champions of SMBs, we're proud that more than 400,000 SMBs use our solutions to better run their businesses.

我們經過驗證的商業模式和執行記錄使我們能夠很好地駕馭這種經濟，同時追求我們為數百萬企業服務並獲得數十億美元收入的長期願望。作為中小型企業的擁護者，我們為超過 400,000 家中小型企業使用我們的解決方案更好地開展業務而感到自豪。

A great example of how we help companies streamline their financial operations is Ditch Witch Undercon, a commercial and industrial equipment distributor that first use Divvy's spend management solution and then adopted Bill's accounts payable solution. Ditch Witch Undercon started as a family-owned company in 1972 and currently has 6 dealership locations throughout the Midwest and South.

Ditch Witch Undercon 是我們如何幫助公司簡化其財務運營的一個很好的例子，這是一家商業和工業設備分銷商，它首先使用 Divvy 的支出管理解決方案，然後採用 Bill 的應付賬款解決方案。 Ditch Witch Undercon 成立於 1972 年，最初是一家家族企業，目前在中西部和南部擁有 6 個經銷點。

Eid Aldosari, CFO, said and I quote, "Divvy and Bill have been a game changer by giving us more visibility and control of our cash flow. The ease of use in automating our finances is really important in running our day-to-day operations. The combination of Bill and Divvy has removed the hassle of a paper-based process and given us time back to focus on growing our business and providing our customers the equipment and service they need to get the job done."

首席財務官 Eid Aldosari 說，我引用：“Divvy 和 Bill 改變了遊戲規則，讓我們能夠更好地了解和控制現金流。自動化財務的易用性對於我們的日常運營非常重要Bill 和 Divvy 的結合消除了紙質流程的麻煩，讓我們有時間專注於發展我們的業務，並為我們的客戶提供他們完成工作所需的設備和服務。”

Our large and growing partner and network ecosystem enables us to efficiently reach new businesses and gives us a competitive edge. We partner with an SMB's most trusted advisers, including their accounting firms and financial institutions with the shared goal to create more value for SMBs. Our diverse distribution channels are a key advantage and represent a competitive moat.

我們龐大且不斷發展的合作夥伴和網絡生態系統使我們能夠有效地接觸新業務並賦予我們競爭優勢。我們與 SMB 最值得信賴的顧問合作，包括他們的會計師事務所和金融機構，共同的目標是為 SMB 創造更多價值。我們多元化的分銷渠道是一個關鍵優勢，代表著競爭優勢。

Our proprietary network of 4.7 million members transact with Bill customers. This network enables us to offer a strong value proposition to both parties in every transaction, while creating a network effect for new customer acquisition. Our network members benefit from fast, efficient electronic payments, the ability to choose their payment types and easy access to data for streamlined reconciliation. We make it easy for businesses to connect, pay and get paid.

我們擁有 470 萬會員的專有網絡與 Bill 客戶進行交易。該網絡使我們能夠在每筆交易中為雙方提供強大的價值主張，同時為新客戶獲取創造網絡效應。我們的網絡成員受益於快速、高效的電子支付、選擇支付類型的能力以及輕鬆訪問數據以簡化對賬。我們讓企業可以輕鬆連接、支付和收款。

Behind the scenes of our network, our platform is a complex scale operation with sophisticated capabilities, including risk management, multiple payment rails and a robust regulatory and compliance foundation. These capabilities enable us to innovate fast and to deliver efficient payment experiences at scale. We are now processing $250 billion in payment volume annually.

在我們網絡的背後，我們的平台是一個複雜的規模運營，具有復雜的功能，包括風險管理、多個支付渠道以及強大的監管和合規基礎。這些功能使我們能夠快速創新並大規模提供高效的支付體驗。我們現在每年處理 2500 億美元的支付量。

The breadth of our platform positions us to be the financial nervous system for millions of SMBs. Another core foundation of our strategy is our go-to-market partnership with accounting firms. Our solutions enable more than 6,000 accounting firms to automate their bookkeeping operations, create insights for clients, grow their practices and provide strategic advisory services.

我們平台的廣度使我們成為數百萬中小企業的金融神經系統。我們戰略的另一個核心基礎是我們與會計師事務所的上市合作夥伴關係。我們的解決方案使 6,000 多家會計師事務所能夠實現簿記業務自動化，為客戶創造洞察力，發展他們的實踐並提供戰略諮詢服務。

Accounting firms often drive technology adoption and usage as key collaborators and strategic advisers to SMBs. Recognizing that we build tools that are embedded into the operational day-to-day activity of their firms. Because of Bill, accountants are able to engage more efficiently with their clients. Our solution enables them to better support their existing accounts as well as take on additional clients. Bill is an integral part of their business.

會計師事務所經常作為 SMB 的主要合作者和戰略顧問來推動技術的採用和使用。認識到我們構建的工具嵌入到他們公司的日常運營活動中。因為 Bill，會計師能夠更有效地與客戶互動。我們的解決方案使他們能夠更好地支持他們現有的賬戶，並接受更多的客戶。比爾是他們業務不可或缺的一部分。

With the addition of Divvy, we have strengthened our ability to serve accountants' needs. During the quarter, we streamlined the Divvy sign-up and client onboarding process. Looking ahead, one of the earliest customer-facing aspects of our unified platform experience will be a more powerful tool for accounts to help them manage and support their clients.

隨著 Divvy 的加入，我們增強了滿足會計師需求的能力。在本季度，我們簡化了 Divvy 註冊和客戶入職流程。展望未來，我們統一平台體驗中最早面向客戶的方面之一將是一個更強大的賬戶工具，幫助他們管理和支持他們的客戶。

An example of the power that Bill and Divvy bringing to account is RKL, a top 100 firm in the U.S. Gretchen Naso, President of RKL Virtual Management Solutions, said and I quote, "RKL Virtual is focused on optimizing and managing our clients' accounting and finance functions. Our best-in-class tech stack featuring Bill and Divvy enables us to streamline clients, operations, deliver better insights and help our clients grow. RKL Virtual's rapid growth over the past 18 months would not have been possible without Bill and Divvy. We leverage Bill and Divvy's functionality, ease of use and end-to-end automation to triple our practices transaction volume."

美國 100 強公司 RKL 是 Bill 和 Divvy 發揮作用的一個例子。和財務職能。我們以 Bill 和 Divvy 為特色的一流技術堆棧使我們能夠簡化客戶、運營、提供更好的見解並幫助我們的客戶成長。沒有 Bill 和 Divvy，RKL Virtual 在過去 18 個月的快速增長是不可能的Divvy。我們利用 Bill and Divvy 的功能、易用性和端到端自動化將我們的實踐交易量增加了兩倍。”

Financial institutions represent another important component of our distribution strategy, and we partnered with 6 of the top 10 banks in the U.S. On the last earnings call, we discussed being selected to provide an SMB-focused solution for a new bank partner.

金融機構是我們分銷戰略的另一個重要組成部分，我們與美國前 10 大銀行中的 6 家合作。在上次財報電話會議上，我們討論了被選中為新的銀行合作夥伴提供以 SMB 為中心的解決方案的問題。

Today, I'm happy to share that we have recently launched with BMO, our white label solution will offer a variety of our payment solutions, including virtual cards to BMO's customers, giving them a broad range of payment capabilities within 1 solution that automates bill pay and digitizes invoicing to help manage cash flow.

今天，我很高興地分享我們最近與 BMO 合作推出的白標解決方案，該解決方案將為 BMO 的客戶提供各種支付解決方案，包括虛擬卡，從而在 1 個自動化賬單解決方案中為他們提供廣泛的支付功能支付和數字化發票以幫助管理現金流。

Core to our success has been constantly driving innovation that creates more value for members of our ecosystem. With our diverse product portfolio and payment scale, we are able to quickly identify areas of opportunity and turn these learnings into new offerings. Increasingly, we are exercising our innovation muscle to provide more features and payment choices for the supplier side of our network.

我們成功的核心是不斷推動創新，為我們生態系統的成員創造更多價值。憑藉我們多樣化的產品組合和支付規模，我們能夠快速識別機會領域並將這些知識轉化為新產品。我們越來越多地運用我們的創新力量，為我們網絡的供應商提供更多的功能和支付選擇。

An example of this is our Instant Transfer product, which has seen strong demand and good repeat usage among smaller suppliers in our network. Instant Transfer enables us to pay suppliers faster and help shape our road map for future innovation. With these learnings, we are developing a working capital solution for existing known suppliers in our network to help them improve their cash flow by getting paid much faster.

這方面的一個例子是我們的即時轉賬產品，它在我們網絡中的較小供應商中看到了強勁的需求和良好的重複使用。 Instant Transfer 使我們能夠更快地向供應商付款，並幫助我們制定未來創新的路線圖。通過這些學習，我們正在為我們網絡中現有的已知供應商開發營運資金解決方案，以幫助他們通過更快地獲得付款來改善現金流。

With our large data asset of existing customer and supplier relationships and transaction history as well as strong risk management capabilities, we are uniquely positioned to provide working capital solutions to existing customers and network members to enable payment advances. We believe there is significant demand for solutions like this in the marketplace today, and we are excited about the potential here.

憑藉我們現有客戶和供應商關係和交易歷史的大數據資產以及強大的風險管理能力，我們具有獨特的優勢，可以為現有客戶和網絡成員提供營運資金解決方案，以實現預付款。我們相信當今市場對此類解決方案的需求很大，我們對這裡的潛力感到興奮。

In closing, we delivered another strong quarter with high revenue growth and significant improvement in profitability while making progress toward our goal of being the essential financial operations platform for SMBs. We have built our business to create value for our customers, while also driving gross margin expansion and profitability. Our powerful business model positions us well to navigate the macro environment while pursuing our long-term aspirations to serve millions of businesses and capture billions of dollars in revenue.

最後，我們又一個強勁的季度實現了高收入增長和盈利能力的顯著提高，同時朝著我們成為中小企業必不可少的金融運營平台的目標取得了進展。我們的業務旨在為客戶創造價值，同時推動毛利率和盈利能力的擴張。我們強大的商業模式使我們能夠很好地駕馭宏觀環境，同時追求我們為數百萬企業服務並獲得數十億美元收入的長期願望。

I'd like to thank our customers and partners for the trust they place in us. I'd also like to thank the Bill team for their commitment to serving SMBs, which enabled us to deliver strong financial results.

我要感謝我們的客戶和合作夥伴對我們的信任。我還要感謝 Bill 團隊致力於為 SMB 服務，這使我們能夠取得強勁的財務業績。

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 John，以更詳細地討論我們的季度。

Thanks, Rene. Today, I'll provide an overview of our fiscal second quarter 2023 financial results and discuss our outlook for the fiscal third quarter and full fiscal year 2023.

謝謝，勒內。今天，我將概述我們 2023 財年第二季度的財務業績，並討論我們對第三財季和整個 2023 財年的展望。

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. We've also included a table of metrics in the supplemental materials on our Investor Relations website.

提醒一下，今天的討論包括非 GAAP 財務措施。請參閱我們的收益新聞稿中的表格，了解從非 GAAP 到最直接可比的 GAAP 財務指標的調節。我們還在投資者關係網站的補充材料中包含了一個指標表。

Please also note that when I refer to Bill's stand-alone results, they exclude our Divvy spend management, Invoice2go accounts receivable and Finmark Financial Planning Solutions. In Q2, we delivered strong financial results that exceeded our expectations.

另請注意，當我提到 Bill 的獨立結果時，它們不包括我們的 Divvy 支出管理、Invoice2go 應收賬款和 Finmark 財務規劃解決方案。在第二季度，我們實現了超出預期的強勁財務業績。

Total revenue grew 66% year-over-year and non-GAAP gross margin was 86.7%, our highest margin on record. In addition, non-GAAP net income was $49 million or 19% of revenue, and we generated $48 million in free cash flow.

總收入同比增長 66%，非 GAAP 毛利率為 86.7%，是我們有記錄以來的最高利潤率。此外，非 GAAP 淨收入為 4900 萬美元，佔收入的 19%，我們產生了 4800 萬美元的自由現金流。

Our Q2 performance was driven by growth in core revenue, which was up 49% year-over-year and significant sequential growth in float revenue where we benefited from rising interest rates and active management focused on higher-yielding investments.

我們第二季度的業績受到核心收入增長的推動，核心收入同比增長 49%，浮動收入顯著連續增長，我們受益於利率上升和專注於高收益投資的積極管理。

Our performance highlights the strength of our diversified business model and our commitment to deliver balanced growth and profitability. Our diverse distribution channels are a key competitive advantage with no partner generating more than 3% of core revenue in the last 12 months.

我們的業績凸顯了我們多元化業務模式的優勢以及我們實現平衡增長和盈利能力的承諾。我們多元化的分銷渠道是一個關鍵的競爭優勢，在過去 12 個月中沒有合作夥伴產生超過 3% 的核心收入。

We're pleased with our Q2 performance, considering the macroeconomic backdrop. In Q2, we saw customer spend levels for Bill and Divvy deviate from typical seasonal patterns in this challenging environment. Spending trends weakened throughout Q2 and notably in December, when we typically see a seasonal spike in payment volume, the lower payment volume growth was visible across most spend categories.

考慮到宏觀經濟背景，我們對第二季度的表現感到滿意。在第二季度，我們發現 Bill 和 Divvy 的客戶支出水平在這個充滿挑戰的環境中偏離了典型的季節性模式。整個第二季度的支出趨勢都在減弱，尤其是在 12 月份，當時我們通常會看到支付量出現季節性高峰，但在大多數支出類別中都可以看到較低的支付量增長。

Given the mission-critical nature of our platform, however, customer engagement remained healthy in Q2. For example, on our Bill stand-alone platform, excluding financial institution channel customers, the average number of transactions per customer was 77%, consistent with the prior quarter.

然而，鑑於我們平台的關鍵任務性質，客戶參與度在第二季度保持健康。例如，在我們的賬單單機平台上，不包括金融機構渠道客戶，每個客戶的平均交易筆數為 77%，與上一季度持平。

Now moving on to our metrics and results in Q2. I'll provide a few highlights since we included a metrics and revenue table in the appendix of our quarterly investor deck. We ended second quarter with 435,800 businesses using our solutions. Bill stand-alone customers grew to 182,700, up 35% year-over-year. Net new customer adds on our Bill stand-alone platform were 10,700. This included 7,200 net adds from our financial institution channel and 3,500 net adds from the direct and accounting channels.

現在繼續我們在第二季度的指標和結果。我將提供一些亮點，因為我們在季度投資者平台的附錄中包含了一個指標和收入表。我們在第二季度結束時有 435,800 家企業使用我們的解決方案。賬單獨立客戶增長到 182,700，同比增長 35%。我們的 Bill 獨立平台上新增的淨新客戶為 10,700。這包括來自我們金融機構渠道的 7,200 個淨增和來自直接和會計渠道的 3,500 個淨增。

We attribute the lower net adds compared to recent quarters to smaller-sized businesses pushing out transformation decisions in this macro environment. Customer retention rates continue to be strong. For our Divvy spend management solution, we ended the quarter with 24,700 spending businesses, an increase of 1,900 from last quarter and growth of 59% year-over-year.

與最近幾個季度相比，我們將較低的淨增加歸因於小型企業在這種宏觀環境下推出轉型決策。客戶保留率繼續保持強勁。對於我們的 Divvy 支出管理解決方案，我們在本季度結束時擁有 24,700 家支出業務，比上一季度增加 1,900 家，同比增長 59%。

Moving on to payment volume. During the quarter, we processed $67.3 billion in TPV. This included Bill stand-alone total payment volume of $63.7 billion in Q2, reflecting 13% growth from Q2 of last year and $3.3 billion in card payment volume from Divvy spending businesses, representing 76% year-over-year growth.

繼續支付量。本季度，我們處理了 673 億美元的 TPV。這包括第二季度 Bill 獨立總支付額 637 億美元，較去年第二季度增長 13%，以及來自 Divvy 消費業務的卡支付額 33 億美元，同比增長 76%。

Moving on to transaction volumes. We processed 20.8 million payments in Q2. This includes 11 million payments on the Bill stand-alone platform and 9.4 million Divvy card transactions. Total transaction revenue per transaction was $8.17, growth of 19% year-over-year. For card payments processed through our spend management solution, in Q2, we generated a gross take rate of approximately 262 basis points.

繼續討論交易量。我們在第二季度處理了 2080 萬筆付款。這包括 Bill 獨立平台上的 1100 萬筆付款和 940 萬筆 Divvy 卡交易。每筆交易的總交易收入為 8.17 美元，同比增長 19%。對於通過我們的支出管理解決方案處理的卡支付，在第二季度，我們產生了大約 262 個基點的毛利率。

Now I'll review our reported Q2 results. Total revenue was $260 million, an increase of 66% from a year ago. Core revenue, which includes subscription and transaction fees, was $231.1 million, representing growth of 49% year-over-year.

現在我將回顧我們報告的第二季度結果。總收入為 2.6 億美元，同比增長 66%。包括訂閱費和交易費在內的核心收入為 2.311 億美元，同比增長 49%。

Subscription revenue increased to $61.5 million, up 25% year-over-year, driven by our expanding customer base. Bill stand-alone subscription revenue was $52.7 million, reflecting growth of 31% year-over-year, driven by our expanding customer base and a small effective price increase for customers in our direct channel.

在我們不斷擴大的客戶群的推動下，訂閱收入增加到 6150 萬美元，同比增長 25%。 Bill 獨立訂閱收入為 5270 萬美元，同比增長 31%，這得益於我們不斷擴大的客戶群和我們直接渠道中客戶的小幅有效價格上漲。

Transaction revenue increased to $169.6 million, up 59% year-over-year, as a result of increased card spend volume on Divvy, TPV growth and ad valorem payment adoption. Bill's stand-alone transaction revenue totaled $80.4 million, reflecting growth of 42% year-over-year. And Divvy transaction revenue totaled $86.6 million, reflecting growth of 78% year-over-year. Float revenue was $28.9 million, significantly exceeding our expectations due to the magnitude of recent Fed funds rate increases.

由於 Divvy 上的卡消費量增加、TPV 增長和從價支付的採用，交易收入增加到 1.696 億美元，同比增長 59%。比爾的獨立交易收入總計 8040 萬美元，同比增長 42%。 Divvy 交易收入總計 8660 萬美元，同比增長 78%。浮動收入為 2890 萬美元，由於近期聯邦基金利率的大幅上漲，大大超出了我們的預期。

Our yield was 341 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 higher interest rates.

本季度我們的收益率為 341 個基點，這表明我們的規模與我們專有的支付技術相結合被證明是一個重要的差異化因素，使我們能夠在這段利率較高的時期創造順風。

Turning to gross margin and our operating results for Q2. Non-GAAP gross margin was 86.7%, up 140 basis points year-over-year as a result of higher float revenue and increasing variable transaction fee revenue. Non-GAAP operating expenses were $194.6 million, an increase of 4% from Q1 due to proactive expense management, including moderating our pace of hiring and managing our variable spend. Reward costs, which are included in sales and marketing expenses were 50% of Divvy revenue, consistent with prior quarters.

轉向毛利率和我們第二季度的經營業績。非美國通用會計準則毛利率為 86.7%，同比增長 140 個基點，原因是浮動收入增加和可變交易費用收入增加。非 GAAP 運營費用為 1.946 億美元，比第一季度增長 4%，這歸功於積極的費用管理，包括放慢我們的招聘步伐和管理我們的可變支出。包含在銷售和營銷費用中的獎勵成本佔 Divvy 收入的 50%，與前幾個季度一致。

Non-GAAP operating income was $30.8 million, an increase of $27.4 million year-over-year. Non-GAAP operating margin was 11.8%, an improvement of 9.7 percentage points from 2.2% in Q2 of last year. Non-GAAP other income, net of other expenses, was $18.8 million, and benefited from higher yields on corporate cash balances. Our non-GAAP net income was $49.4 million or 19% of revenue, resulting in non-GAAP net income per diluted share of $0.42 based on 117.3 million diluted weighted average shares outstanding. Our non-GAAP net income was significantly better than our expectations due to our revenue outperformance combined with our disciplined approach to managing expenses as we grow.

非美國通用會計準則營業收入為 3080 萬美元，同比增長 2740 萬美元。非美國通用會計準則營業利潤率為 11.8%，比去年第二季度的 2.2% 提高了 9.7 個百分點。扣除其他費用後的非 GAAP 其他收入為 1880 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 4940 萬美元，佔收入的 19%，因此基於 1.173 億股稀釋加權平均流通股，非 GAAP 每股攤薄淨收入為 0.42 美元。我們的非 GAAP 淨收入明顯好於我們的預期，這是由於我們的收入表現出色，加上我們在增長過程中嚴格管理費用的方法。

Moving on to the balance sheet. Cash, cash equivalents and short-term investments at the end of Q2 were $2.7 billion. Our capital position is an important advantage and provides flexibility for us to invest in scaling our business. Our #1 priority for capital allocation continues to be investing in organic and inorganic growth opportunities that we believe will enhance long-term value creation.

轉到資產負債表。第二季度末現金、現金等價物和短期投資為 27 億美元。我們的資本狀況是一項重要優勢，為我們投資擴大業務提供了靈活性。我們在資本配置方面的第一要務繼續投資於有機和無機增長機會，我們認為這將促進長期價值創造。

With our positive free cash flow results and the confidence we have in the durable strength of our business, we believe investing in a share buyback program to offset dilution is also a great use of capital.

憑藉我們積極的自由現金流結果和我們對業務持久實力的信心，我們相信投資股票回購計劃以抵消稀釋也是一種很好的資本利用。

To this end, as Rene mentioned, our Board of Directors has authorized a $300 million share repurchase program. Before shifting to our financial outlook for the fiscal third quarter and full fiscal year 2023, I will provide insight about the impact we expect the macro environment to have on SMBs and our business.

為此，正如 Rene 所提到的，我們的董事會已批准一項價值 3 億美元的股票回購計劃。在轉向我們對第三財季和整個 2023 財年的財務展望之前，我將提供有關我們預期宏觀環境對中小企業和我們業務的影響的見解。

We anticipate the trends we've experienced in recent quarters will continue in the second half of fiscal 2023. This will impact our business, most notably on near-term payment volume growth. We estimate that Bill's stand-alone TPV growth in Q3 will be approximately flat on a year-over-year basis, reflecting both the continuation of macro trends and our expectations for typical seasonally softer payment volume in the March quarter compared to the December quarter.

我們預計我們在最近幾個季度經歷的趨勢將在 2023 財年下半年繼續。這將影響我們的業務，最顯著的是近期支付量的增長。我們估計 Bill 的獨立 TPV 在第三季度的同比增長將大致持平，這既反映了宏觀趨勢的延續，也反映了我們對 3 月季度與 12 月季度相比典型的季節性疲軟支付量的預期。

For Divvy card spend, we anticipate growth of approximately 50% on a year-over-year basis in fiscal Q3. We are excited about our market opportunity and ability to extend our leadership position through this economic cycle, but we also believe that near-term trends warrant a conservative financial outlook. As a result, we've adjusted our core revenue estimates to account for the risk that SMBs continue to adjust their spending levels.

對於 Divvy 卡支出，我們預計第三財季同比增長約 50%。我們對我們的市場機會和在這個經濟周期中擴大我們的領導地位的能力感到興奮，但我們也相信近期趨勢需要保守的財務前景。因此，我們調整了核心收入預估，以應對中小企業繼續調整支出水平的風險。

We will be disciplined in managing our operating expenses going forward and have proactively reduced planned hiring. We are also continuing to focus on investing in the highest impact initiatives for customers. Thus, we are taking a balanced approach to investing for growth over the longer term, while addressing short-term challenges and delivering increased profitability.

我們將在未來管理我們的運營費用方面受到紀律處分，並主動減少計劃招聘。我們還將繼續專注於投資於對客戶影響最大的計劃。因此，我們正在採取一種平衡的方法來投資於長期增長，同時應對短期挑戰並提高盈利能力。

Now turning to our outlook. For fiscal Q3, we expect our total revenue to be in the range of $245 million to $248 million, which reflects 47% to 49% year-over-year growth. We expect float revenue to be approximately $27 million in Q3, which assumes our yield on FBO funds will be approximately 350 basis points.

現在轉向我們的前景。對於第三財季，我們預計我們的總收入將在 2.45 億美元至 2.48 億美元之間，同比增長 47% 至 49%。我們預計第三季度的浮動收入約為 2700 萬美元，假設我們的 FBO 基金收益率約為 350 個基點。

On the bottom line, for Q3, we expect to report non-GAAP net income in the range of $26.5 million to $29.5 million and non-GAAP net income per diluted share in the range of $0.22 to $0.25, based on a share count of 119 million diluted weighted average shares outstanding.

最重要的是，對於第三季度，我們預計報告的非 GAAP 淨收入在 2650 萬美元至 2950 萬美元之間，非 GAAP 每股攤薄淨收入在 0.22 美元至 0.25 美元之間，基於 119 股股票數量萬稀釋加權平均流通股。

For Q3, we expect other income, net of other expenses, or OIE to be $17.5 million. We expect stock-based compensation expenses of approximately $73 million in Q3, and we expect capital expenditures of approximately $9 million to $10 million in Q3.

對於第三季度，我們預計扣除其他費用後的其他收入或 OIE 為 1750 萬美元。我們預計第三季度基於股票的薪酬支出約為 7300 萬美元，我們預計第三季度的資本支出約為 900 萬至 1000 萬美元。

Moving on to full year guidance. For fiscal 2023, we expect total revenue to be in the range of $999 million to $1.007 billion. We expect float revenue to be approximately $100 million in fiscal 2023, which assumes a yield on FBO funds of approximately 320 basis points for the year.

繼續進行全年指導。對於 2023 財年，我們預計總收入將在 9.99 億美元至 10.07 億美元之間。我們預計 2023 財年的浮動收入約為 1 億美元，假設當年 FBO 基金的收益率約為 320 個基點。

In summary, we've adjusted the composition of our core and float revenue estimates to reflect external economic conditions. We've also increased our outlook for total revenue at the low end of our range while holding the top end of our prior total revenue guidance. At the same time, we are significantly increasing our profitability through diligent expense management.

總而言之，我們調整了核心和浮動收入估計的構成，以反映外部經濟狀況。我們還提高了我們對范圍低端總收入的展望，同時保持我們之前總收入指導的高端。與此同時，我們通過勤奮的費用管理顯著提高了我們的盈利能力。

We expect to report non-GAAP net income for fiscal year 2023 in the range of $117.5 million to $125.5 million. We expect non-GAAP net income per diluted share to be $0.99 to $1.05 based on a share count of 119 million diluted weighted average shares outstanding. In addition, for fiscal 2023, we expect OIE to be $60 million, net of other expenses. For fiscal 2023, we expect total stock-based compensation expense of $340 million and capital expenditures of approximately $35 million for the year.

我們預計 2023 財年的非 GAAP 淨收入將在 1.175 億美元至 1.255 億美元之間。基於 1.19 億股攤薄加權平均流通股，我們預計非 GAAP 每股攤薄淨收益為 0.99 美元至 1.05 美元。此外，對於 2023 財年，我們預計 OIE 為 6000 萬美元，扣除其他費用。對於 2023 財年，我們預計全年基於股票的薪酬支出總額為 3.4 億美元，資本支出約為 3500 萬美元。

In closing, we are confident that we are well positioned to successfully navigate the prevailing uncertain economic environment. We are committed to driving innovation and value creation for our customers while delivering revenue growth, operating leverage and non-GAAP profitability for our investors. Operator, we're now ready to take questions.

最後，我們相信我們有能力成功應對當前不確定的經濟環境。我們致力於為我們的客戶推動創新和價值創造，同時為我們的投資者帶來收入增長、經營槓桿和非 GAAP 盈利能力。接線員，我們現在準備好接受提問了。

(Operator Instructions) Our first question comes from the line of Brent Bracelin with Piper Sandler.

（操作員說明）我們的第一個問題來自 Brent Bracelin 和 Piper Sandler 的台詞。

I guess, Rene, for you. I guess, first off, there are a few businesses out there growing 50% plus in the teeth of recession. So that certainly continues to impress here with the diversity of the model. That said, I guess we were a little surprised on the pace of slowdown in TPV growth, particularly relative to Divvy card growth that was still really healthy.

我想，Rene，適合你。我想，首先，有一些企業在經濟衰退時期增長了 50% 以上。因此，模型的多樣性肯定會繼續給人留下深刻印象。也就是說，我想我們對 TPV 增長放緩的速度感到有些驚訝，特別是相對於仍然非常健康的 Divvy 卡增長而言。

So maybe just compare contrast, what are you seeing on the core TPV growth side, that's slowing? Some of the SMBs are having challenges there, but it looks like they're not having as much challenges on the Divvy card side, just compare to contrast those 2 markets and what you saw in the quarter in linearity would be super helpful.

所以也許只是比較對比，你在核心 TPV 增長方面看到了什麼，它正在放緩？一些 SMB 在那裡面臨挑戰，但看起來他們在 Divvy 卡方面沒有那麼多挑戰，只是比較這兩個市場，你在本季度看到的線性度將非常有幫助。

Great. Thank you, Brent. I'll start and then let John add his perspective. First and foremost, we are pursuing a massive opportunity in front of us. We see the opportunity for growth to be decades over the next decade. And this is a point in time where the macro environment is putting SMBs on the mode of standby, right? So the standby mode for them means that they are kind of distracted by other things in their business. And that has led to them managing their spend more aggressively and that impacts the TPV growth that we've seen.

偉大的。謝謝你，布倫特。我先開始，然後讓約翰補充他的觀點。首先，我們正在尋找擺在我們面前的巨大機會。我們看到未來十年的增長機會是幾十年。這是宏觀環境讓中小企業處於待命狀態的時間點，對吧？因此，對他們來說，待機模式意味著他們會被業務中的其他事情分散注意力。這導致他們更積極地管理支出，並影響了我們所看到的 TPV 增長。

Like I said, there's a point in time we are growing for the year, we will grow over 50% as a company. And we are doing all of that at the same time while balancing our profitability goals and doubling the profitability on a non-GAAP net income basis for the year. So John, any other comments you'd like to add?

就像我說的那樣，我們今年有一個時間點在增長，作為一家公司，我們將增長 50% 以上。我們正在同時進行所有這些工作，同時平衡我們的盈利目標，並將當年非 GAAP 淨收入基礎上的盈利能力提高一倍。約翰，你還有什麼要補充的嗎？

I'd just add that it's been a bit of an evolution in the spending patterns that we've seen from small businesses, starting with some of the larger businesses mid last year to other segments focused on discretionary spend being lighter. And now we've seen some trends that suggest businesses of all sizes are taking a hard look at most all of their spending.

我只想補充一點，我們從小型企業看到的支出模式發生了一些變化，從去年年中的一些較大型企業開始，到其他專注於減少可自由支配支出的細分市場。現在我們已經看到一些趨勢，表明各種規模的企業都在認真審視他們幾乎所有的支出。

As it relates to Bill versus Divvy, the Bill core customer base is slightly smaller in size and perhaps more sensitive to the economic conditions that are prevailing right now. The Divvy customer base is slightly larger and it's a newer customer base where the growth profile is obviously earlier -- at an earlier stage than Bill and obviously, much stronger growth. So we feel good about the visibility that we have and how we're helping SMBs to this environment. And in the near term, though, we have made some adjustments in the way we're operating to account for some of the uncertainties that SMBs are facing today.

由於它與 Bill vs Divvy 相關，Bill 核心客戶群的規模略小，並且可能對當前普遍存在的經濟狀況更為敏感。 Divvy 的客戶群稍大一些，它是一個較新的客戶群，其增長曲線顯然更早——處於比 Bill 更早的階段，而且增長顯然要強勁得多。因此，我們對我們擁有的知名度以及我們如何幫助 SMB 適應這種環境感到滿意。不過，在短期內，我們對運營方式進行了一些調整，以解決中小企業今天面臨的一些不確定性。

Our next question comes from the line of Josh Beck with KeyCorp.

我們的下一個問題來自 KeyCorp 的 Josh Beck。

Yes, I wanted to go to the core net adds. That number, I think, this quarter did tick below 5,000 if you exclude the FI channel. So maybe just talk to the go-to-market motion, maybe where you're having success and maybe where things did slow, just would be curious on the trend there.

是的，我想去核心網添加。我認為，如果排除 FI 渠道，這個數字在本季度確實低於 5,000。因此，也許只是談談進入市場的動議，也許是你取得成功的地方，也許是事情進展緩慢的地方，只是想知道那裡的趨勢。

Josh, we definitely, like I just pointed out, the opportunity in front of us is very large. And what we are seeing from a macro perspective is that as businesses, especially small businesses, are being distracted by this wait-and-see economy or if you want to say, the standby and wait mode that is impacting their ability to kind of move quickly on improving their operational efficiencies.

喬希，我們肯定，就像我剛才指出的那樣，擺在我們面前的機會非常大。我們從宏觀角度看到的是，由於企業，尤其是小型企業，正被這種觀望經濟分散注意力，或者如果你想說，待機和等待模式正在影響他們採取行動的能力快速提高他們的運營效率。

So what we see across the business is that we continue to drive through our ecosystem, great customer adoption, great value to our customers. And we -- like I said, this is really a point in time. This is not something that we see as long term, we see a decade of growth ahead of us.

因此，我們在整個業務中看到的是，我們將繼續推動我們的生態系統、良好的客戶採用、為我們的客戶創造巨大價值。我們——就像我說的，這確實是一個時間點。這不是我們認為長期的事情，我們看到未來十年的增長。

Our next question comes from the line of Matt VanVliet with BTIG.

我們的下一個問題來自 BTIG 的 Matt VanVliet。

Yes. I guess just looking at the guidance for the next couple of quarters, Curious how much of that is built upon sort of trends that you're already seeing both through December and through the end of January here versus adding an extra level of conservatism given the directionality of seeing things weaken and expecting more of that to come and sort of wrapped within that? Curious how much are you expecting both a decline in transaction counts along with the lower TPV that you've already -- or I guess the average transaction size that you already are seeing to sort of get to those numbers on the outlook.

是的。我想只是看看接下來幾個季度的指導，很好奇其中有多少是建立在你已經在 12 月和 1 月底看到的某種趨勢之上的，而不是考慮到增加額外的保守主義水平看到事物的方向性減弱並期望更多的事物出現並被包裹在其中？好奇你對交易數量的下降和你已經擁有的較低的 TPV 有多少期望——或者我猜你已經看到的平均交易規模在某種程度上達到了前景中的這些數字。

Yes. Thanks for the question, Matt. We've tried to take into consideration both the trends we're seeing, the seasonal effect of the March quarter, in particular, which I think, as everyone knows, is a softer TPV spend environment than the December quarter. So we kind of have both macroeconomic factors and seasonality that are playing into our estimates for the second half of the year, and we've taken all these things into consideration as it relates to the payment volume estimates that we put out there.

是的。謝謝你的問題，馬特。我們試圖考慮我們所看到的兩種趨勢，尤其是三月季度的季節性影響，我認為，眾所周知，這是一個比十二月季度更溫和的 TPV 支出環境。因此，我們對今年下半年的估計有宏觀經濟因素和季節性因素，我們已經考慮了所有這些因素，因為它與我們在那裡提出的支付量估計有關。

And I'd say transaction counts are important as a measure of like how customers are using our platform and engaging and creating value from a monetization and revenue standpoint, we're obviously more tethered to the actual payment volume and subscription fees. And so we we've taken all this into consideration and assume that the trends we've experienced so far are continuing, and that is reflected in the lower payment volume growth for both Bill and Divvy that we've estimated for the second half of the year.

我想說交易數量很重要，可以衡量客戶如何使用我們的平台以及從貨幣化和收入的角度參與和創造價值，我們顯然更受實際支付量和訂閱費的束縛。因此，我們已經考慮了所有這些因素，並假設我們目前所經歷的趨勢仍在繼續，這反映在我們估計下半年 Bill 和 Divvy 的較低支付量增長上那一年。

Our next question comes from the line of Darrin Peller with Wolfe Research.

我們的下一個問題來自 Darrin Peller 與 Wolfe Research 的合作。

I guess I just want to understand a little bit more first about the mix of the customer distribution you have coming in. Just given that is obviously now taken over half. It looks like of the non-Divvy customer adds. Maybe just discuss this a little bit, your strategy, your go-to-market if you're doing everything you should -- you think you could be doing to emphasize the go-to-market on the direct side, just given how much more revenue and profitable it is than AFI is for you guys, at least for now.

我想我只是想先多了解一下您所進入的客戶分佈的組合。考慮到這一點，現在顯然已經超過了一半。它看起來像是非 Divvy 客戶添加的。也許只是討論一下，你的戰略，如果你正在做你應該做的一切，你的進入市場 - 你認為你可以做的是直接強調進入市場，只要考慮到多少對你們來說，它比 AFI 的收入和利潤要多，至少目前是這樣。

And then on that note, expenses, the core expenses, including stock comp, still went up pretty notably. And I know you're saying you're trying to manage for profitability and interesting comps, but I think investors kind of want to see the core business profitable, not just interest income.

然後就這一點而言，費用，包括股票補償在內的核心費用仍然顯著上升。我知道你是說你正在努力管理盈利能力和有趣的補償，但我認為投資者有點希望看到核心業務盈利，而不僅僅是利息收入。

And so maybe just a little more color on what you guys are and how you think about that. And in the backdrop of this environment, if you plan on managing that expense base a little more aggressively?

因此，也許只是對你們的身份以及你們的想法有更多的了解。在這種環境的背景下，您是否計劃更積極地管理該費用基礎？

Thank you, Darrin. From a customer acquisition perspective, one of the beauties of our model is that we do have a diverse ecosystem to attract and reach small businesses. And so whether that's through our direct or account or the FI channel, we have lots of opportunities to do that.

謝謝你，達林。從客戶獲取的角度來看，我們模型的優點之一是我們確實擁有多元化的生態系統來吸引和接觸小型企業。因此，無論是通過我們的直接渠道、賬戶渠道還是 FI 渠道，我們都有很多機會做到這一點。

And you are correct that the direct side does monetize more effectively for us. the ways that we do that, obviously, are continuing to evolve and get stronger. And what we saw in this quarter really was more of what I would say, just a macro environment, not anything, again, on the long term. And so as we look forward, we expect this is kind of the impact we'll see over the next few quarters. And I'll let John maybe talk a little bit more about that and really to the core profitability question, yes.

你是對的，直接的一面確實為我們更有效地貨幣化。顯然，我們這樣做的方式正在不斷發展並變得更加強大。我們在本季度看到的實際上更多的是我所說的，只是一個宏觀環境，而不是長期的任何東西。因此，當我們展望未來時，我們預計這就是我們將在未來幾個季度看到的影響。是的，我會讓 John 多談一點，真正談到核心盈利能力問題。

Yes. Thanks, Darrin. I think we're in a really unique position to balance growth and profitability given our business model. And if you look at our earnings, our profitability capabilities, excluding the impact of interest rates, were actually non-GAAP operating income without flow profitable in the second quarter, and we've increased our estimates by north of 10% for the full year.

是的。謝謝，達林。鑑於我們的商業模式，我認為我們在平衡增長和盈利能力方面處於非常獨特的位置。如果你看一下我們的收益，我們的盈利能力，不包括利率的影響，實際上是第二季度沒有流量盈利的非 GAAP 營業收入，我們將全年的預期提高了 10% 以上.

So what we're focused on is driving near-term profitability while also investing in longer-term growth initiatives because this is a big market opportunity we're going after. And I think we're striking the right balance between growth and profitability in the near term. We'll obviously continue to adjust our operating plans, our expenses as needed given the market conditions, but we think that our estimates for the second half of the year are a good balance between those objectives.

因此，我們關注的是推動近期盈利能力，同時也投資於長期增長計劃，因為這是我們追求的巨大市場機會。我認為我們在短期內在增長和盈利能力之間取得了適當的平衡。我們顯然會根據市場情況繼續調整我們的運營計劃和費用，但我們認為我們對下半年的估計在這些目標之間取得了很好的平衡。

The next question comes from the line of Andrew Schmidt with Citigroup.

下一個問題來自花旗集團的安德魯施密特。

Rene, John, thanks for having me on the call here. I wanted to dig into gross margin for a second. Even if we pull out the float revenue still very, very healthy. Maybe if you could just dimensionalize the drivers there, whether it's mix or other factors? And then understanding that there will be some fluctuation in TPV in the back half, whether we're at sustainably higher level from a gross margin level perspective, any color there would be helpful.

Rene、John，謝謝你邀請我來這裡接聽電話。我想深入研究一下毛利率。即使我們取消浮動收入，仍然非常非常健康。也許如果你可以將那裡的驅動程序維度化，無論是混合因素還是其他因素？然後了解 TPV 在後半部分會有一些波動，從毛利率水平的角度來看，我們是否處於可持續的較高水平，那裡的任何顏色都會有所幫助。

Sure. Thanks for the question, Andrew. Yes, we, I think, achieved our highest ever non-GAAP gross margin in the second quarter. And that's a function of both our payment type mix, where we're seeing increases in ad valorem payments at high margins, our optimization efforts around transaction costs. So with our scale, increasing our ability to lower transaction costs as we're processing payments on behalf of SMBs. And obviously, you mentioned float revenue, which is a contributor as well.

當然。謝謝你的問題，安德魯。是的，我認為我們在第二季度實現了有史以來最高的非 GAAP 毛利率。這是我們的支付類型組合的一個功能，我們看到高利潤率的從價支付增加，我們圍繞交易成本的優化努力。因此，隨著我們的規模，在我們代表 SMB 處理付款時，提高了我們降低交易成本的能力。顯然，你提到了浮動收入，這也是一個貢獻者。

We're operating from a non-GAAP gross margin perspective, well above the ranges that we established earlier in the year. We expect to continue to be above the ranges in FY '23, just given the current composition that we have and our ability to continue to deliver cost optimization to drive strong gross margins. So we feel really good about the margin potential of the business from here.

我們從非 GAAP 毛利率的角度運營，遠高於我們在今年早些時候確定的範圍。考慮到我們目前的構成以及我們繼續提供成本優化以推動強勁毛利率的能力，我們預計將繼續高於 23 財年的範圍。因此，我們從這裡開始對業務的利潤潛力感到非常滿意。

Our next question comes from the line of Keith Weiss with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Keith Weiss。

Jonathan on. First off, stand-alone Bill take rate expanded less than what we've seen historically. Can you help us understand some of the factors around that? Is that macro potentially impacted customer behavior around payment modality? And was there a change in pace around payment modality adoption at the quarter?

喬納森上。首先，獨立 Bill Take Rate 的擴張幅度低於我們歷史上看到的水平。你能幫助我們了解一些相關因素嗎？該宏是否可能影響圍繞支付方式的客戶行為？本季度採用支付方式的速度是否有變化？

Yes. Thanks, Jonathan. I'll take that question. I think we talked about a few times before that we've been really successful at driving expanded monetization over the last couple of years, but it's not perfectly linear quarter-to-quarter.

是的。謝謝，喬納森。我會回答這個問題。我想我們之前談過幾次，在過去幾年裡我們在推動擴大貨幣化方面取得了真正的成功，但季度之間並不是完全線性的。

Our primary goal is finding the right payment method between buyer and supplier in order to drive the transition to electronic payments and repeat transactions. And I think we've been very successful at doing that.

我們的主要目標是在買方和供應商之間找到正確的支付方式，以推動向電子支付的過渡和重複交易。我認為我們在這方面做得非常成功。

In any given quarter, there's a lot of moving parts. In the December quarter, we continued to drive adoption of ad valorem payments. But there were some other factors that influenced our monetization expansion. Examples would be we had a slight headwind associated with foreign currency given the U.S. dollar weakening. That was roughly 0.1 to 0.2 basis points in the quarter, so slightly lower monetization expansion because of that. We also saw a much higher percentage of ACH payments versus check payments, which is a good testament to our ability to drive electronic payments, and we're now roughly 85% electronic overall for the business.

在任何給定的季度，都有很多活動部件。在 12 月季度，我們繼續推動採用從價付款。但是還有一些其他因素影響了我們的貨幣化擴張。例如，鑑於美元疲軟，我們在外匯方面遇到了輕微的逆風。這在本季度大約是 0.1 到 0.2 個基點，因此貨幣化擴張略有下降。我們還看到 ACH 支付與支票支付的比例要高得多，這很好地證明了我們推動電子支付的能力，而且我們現在大約有 85% 的業務是電子化的。

So near term, our expectation is for monetization expansion probably to be similar to what we saw in the second quarter, which is slightly below historical averages. But looking at the longer-term opportunity, we're still very confident that we can continue to significantly expand monetization, especially given our large network and our expanding supplier network enablement capabilities over time.

因此，短期內，我們預計貨幣化擴張可能與我們在第二季度看到的情況相似，略低於歷史平均水平。但著眼於更長期的機會，我們仍然非常有信心我們可以繼續顯著擴大貨幣化，特別是考慮到我們的大型網絡和我們不斷擴大的供應商網絡支持能力。

A follow-up here. How should we think about sales and marketing leverage at Divvy? I mean given some of your private competitors and the state of the funding environment, have you seen the intensity in sales and marketing spend there soften a bit?

後續行動在這裡。我們應該如何考慮 Divvy 的銷售和營銷槓桿？我的意思是考慮到你的一些私人競爭對手和融資環境的狀況，你是否看到那裡的銷售和營銷支出強度有所減弱？

Well, it's -- as you know, the spend management market, which frankly Divvy helped create and has been a leader in the space for a long time. It's still very early in its evolution. We've been working in the AP automation space for a long time and the spend management is even earlier.

好吧，正如你所知，這是支出管理市場，坦率地說，Divvy 幫助創建了該市場，並且長期以來一直是該領域的領導者。它的發展還很早。我們在 AP 自動化領域工作了很長時間，而支出管理則更早。

So there's still the need to drive awareness, to connect with prospective customers, to change behaviors around a completely new way of doing business. And we're continuing to invest in growing that segment of the business and tapping into that market opportunity. I'd say we're less influenced by day-to-day competitive pressures, just given the sheer size of the market and the very small number of businesses in total that have adopted the type of solution that Divvy offers. Obviously, as we scale as a company, we're approaching $1 billion in revenue, we do expect to create operating leverage across the entire business, sales and marketing included.

因此，仍然需要提高知名度，與潛在客戶建立聯繫，圍繞全新的經營方式改變行為。我們將繼續投資於發展該業務領域並利用該市場機會。我想說的是，我們受日常競爭壓力的影響較小，只是考慮到市場規模龐大，而且採用 Divvy 提供的解決方案類型的企業總數非常少。顯然，隨著我們作為一家公司的規模擴大，我們的收入接近 10 億美元，我們確實希望在整個業務、銷售和營銷領域創造運營槓桿。

(Operator Instructions) Our next question comes from the line of Kenneth Suchoski with Autonomous.

（操作員說明）我們的下一個問題來自 Kenneth Suchoski 與 Autonomous 的合作。

Rene and John. It seems like you're factoring in a recession in your TPV growth outlook. So can you just talk about the different levers you can pull, whether it's on the transaction side, the subscription side or maybe even the Divvy side that might support revenue growth as volumes seem to be coming under pressure from the macro environment.

勒內和約翰。您似乎在考慮 TPV 增長前景的衰退。那麼你能不能談談你可以拉動的不同槓桿，無論是在交易方面、訂閱方面，還是可能支持收入增長的 Divvy 方面，因為銷量似乎受到宏觀環境的壓力。

And I'm just curious to get your appetite to pull some of those levers over the coming quarters. And then I don't think I heard the FI TPV contribution in the quarter and the TPV per customer growth, [XDFI] channel. So any color there would be great.

我只是想知道您是否有興趣在未來幾個季度拉動其中的一些槓桿。然後我認為我沒有聽到本季度的 FI TPV 貢獻和每個客戶增長的 TPV，[XDFI] 渠道。所以任何顏色都會很棒。

I think, first off, what we've seen with businesses already is that this standby mode is impacting how they think about things. So in some ways, I would say that businesses are probably in front of the broader economy. I think the consumer spend is 70% and business is 30%. So we may be seeing it first there. And the levers that we have really do continue to drive the innovation that we've been doing across all of our payment products.

我認為，首先，我們已經在企業中看到這種待機模式正在影響他們對事物的看法。所以在某些方面，我會說企業可能處於更廣泛的經濟面前。我認為消費者支出是 70%，企業是 30%。所以我們可能首先在那裡看到它。我們真正擁有的槓桿繼續推動我們在所有支付產品中所做的創新。

So obviously, we've launched a number of payment products we referenced the instant transfer capability and how that's informing our ability to do working capital and invoice acceleration for known suppliers in the network.

很明顯，我們已經推出了一些我們參考了即時轉賬功能的支付產品，以及這如何告知我們為網絡中的已知供應商進行營運資金和發票加速的能力。

So some of the levers we have are going to continue to work on the transaction monetization across the business, and continue to work on the diverse ecosystem that we have to drive customer adoption and make sure that customers know we're there for them when they're ready to make these decisions. And we see the diverse ecosystem and making a difference in all the different areas that we've done over the last few quarters, and we expect that to continue in the near term as well.

因此，我們擁有的一些槓桿將繼續致力於整個企業的交易貨幣化，並繼續致力於我們必須推動客戶採用的多樣化生態系統，並確保客戶知道我們在他們身邊時就在他們身邊準備做出這些決定。我們看到了多樣化的生態系統，並在我們過去幾個季度所做的所有不同領域中發揮了作用，我們希望這種情況在短期內也能繼續下去。

And Ken, let me just add a couple of points that you asked about. Our TPV for financial institution customers in the quarter is at $6.2 billion. And as we look at the Bill stand-alone business, excluding the FI customers, our TPV per customer is about 441,000 in the quarter, which is pretty consistent, I think, flat on a quarter-over-quarter basis.

肯，讓我補充一下你問過的幾點。本季度我們為金融機構客戶提供的 TPV 為 62 億美元。當我們查看 Bill 獨立業務時，不包括 FI 客戶，本季度我們每個客戶的 TPV 約為 441,000，我認為這與上一季度持平。

Our next question comes from the line of William Nance with Goldman Sachs.

我們的下一個問題來自 William Nance 與 Goldman Sachs 的對話。

Also just want to say I appreciate all the enhanced disclosure in the back of the presentation, super helpful. I wanted to go ahead and ask a follow-up on kind of the customer mix question, I think that Darrin was asking about earlier.

另外只想說，我很欣賞演示文稿後面的所有增強披露，非常有幫助。我想繼續問一個關於客戶組合問題的後續問題，我想 Darrin 之前問過這個問題。

The FI channel is obviously now contributing a significant part of your net adds or over half of your net adds on a quarterly basis. I think you guys have been very clear that in the near term, this isn't going to have a significant impact on the incremental revenue.

FI 渠道顯然現在貢獻了你淨增加的很大一部分，或者每季度貢獻了超過一半的淨增加。我認為你們已經非常清楚，在短期內，這不會對增量收入產生重大影響。

But I'm wondering if you could kind of look out however long you feel is appropriate and give people a sense for what this channel can sort of do for you over the long term once you kind of get fully ramped up and get through some of these RPOs that you're under right now. What is -- how do you kind of paint a picture for investors of the FI channel contributing significantly more revenue per customer than where it is today?

但我想知道你是否可以關註一下你認為合適的時間，並讓人們了解這個渠道在你完全提升並通過一些您現在所處的這些 RPO。什麼是——您如何為 FI 渠道的投資者描繪一幅圖畫，其每位客戶的收入比現在多得多？

A few points and then John, if you have anything to that. So the first thing I would say is we have worked very hard to make sure that the payment products and offerings we are building and innovating on are available to our partners. And so I think in the prior quarters, we announced one of our larger partners is signing up to have the spend management solution that we have at Divvy.

先說幾點，然後是 John，如果你有什麼要說的話。因此，我要說的第一件事是，我們非常努力地確保我們正在構建和創新的支付產品和服務可供我們的合作夥伴使用。所以我認為在前幾個季度，我們宣布我們的一個較大的合作夥伴正在簽約擁有我們在 Divvy 擁有的支出管理解決方案。

We announced today that BMO is going to be enabling virtual cards to the get go. We continue to work on that capability to kind of drive the monetization for the FI channel. But 1 other note that I would just add is that every customer that joins Bill.com and uses the Bill solution is able to really add their network members and suppliers into the ecosystem.

我們今天宣布，BMO 將啟用虛擬卡。我們將繼續致力於這種能力，以推動 FI 渠道的貨幣化。但我要補充的另外一點是，每個加入 Bill.com 並使用 Bill 解決方案的客戶都能夠真正將他們的網絡成員和供應商添加到生態系統中。

And so the FI channel does also provide that capability for us. So these new ads allow us to grow and scale the network and will allow us to increase the monetization over time as we enable more capabilities across that channel. John?

所以 FI 渠道也為我們提供了這種能力。因此，這些新廣告使我們能夠發展和擴展網絡，並隨著我們在該渠道中啟用更多功能，使我們能夠隨著時間的推移增加貨幣化。約翰？

Yes, I would just reiterate that we're starting to have more opportunities and create proof points around some of our ad valorem products being integrated into our white label solutions with various financial institution partners that I think will take time to evolve.

是的，我只想重申，我們開始有更多的機會，並圍繞我們的一些從價產品創建證據點，這些產品被整合到我們與各種金融機構合作夥伴的白標解決方案中，我認為這需要時間來發展。

It's not going to be an instantaneous step-up in monetization. But I think we've proven through our direct business the ability to create value for buyers and suppliers that will play out in the financial institution channel as well. We're -- 4% to 5% of revenue is what the financial institution contributes today, and we're expecting over the longer term, that to be a much higher percentage of our overall business.

這不會是貨幣化的瞬間提升。但我認為我們已經通過我們的直接業務證明了為買家和供應商創造價值的能力，這也將在金融機構渠道發揮作用。我們 - 4% 到 5% 的收入是金融機構今天的貢獻，我們預計從長遠來看，這將占我們整體業務的比例更高。

So we're -- that's why we keep investing in the channel, and we understand that it's a long-term investment. We have seen a significant increase in the number of financial institution customers as a percentage of the total net new customers that we're seeing, we saw slight declines in both segments, [bill direct] and the FI channel in the last quarter.

所以我們 - 這就是我們繼續投資渠道的原因，我們知道這是一項長期投資。我們看到金融機構客戶的數量在我們所看到的淨新客戶總數中所佔的百分比顯著增加，我們看到這兩個部分，[bill direct] 和上個季度的 FI 渠道略有下降。

And we think that's a little bit of a function of, as Rene mentioned, businesses just going on pause a little bit, being on standby being a little bit slower to make some of the decisions around transforming their operations. So we're kind of expecting that to continue in the near term. Over the next couple of quarters, we're thinking that our net new adds will be similar to what we experienced in the December quarter.

正如 Rene 所提到的，我們認為這有點像 Rene 提到的，企業只是稍微暫停一下，處於待命狀態，在圍繞轉變其運營做出一些決定時會稍微慢一些。所以我們有點期待這種情況會在短期內繼續下去。在接下來的幾個季度中，我們認為我們的淨新增數量將與我們在 12 月季度的經歷相似。

Our next question comes from the line of Scott Berg with Needham & Company.

我們的下一個問題來自 Scott Berg 與 Needham & Company 的合作。

This is Josh on for Scott. Can we get some more color on trends you were seeing here in the month of January relative to the December quarter? And how does recent activity influenced the updated guidance for the year?

這是斯科特的喬希。相對於 12 月季度，我們能否進一步了解您在 1 月在這裡看到的趨勢？最近的活動如何影響今年更新的指南？

Thanks, Josh. So we -- as I mentioned earlier, I think took all data points into consideration as we updated our estimates for the second half of the year. And most notably, those include the lower TPV growth across Bill and Divvy as well as slightly lower monetization expansion. And we think that, that fully reflects the softer environment that we're facing with SMBs adjusting the spend and reacting to the macro environment.

謝謝，喬希。所以我們——正如我之前提到的，我認為在我們更新下半年的估計時考慮了所有數據點。最值得注意的是，其中包括 Bill 和 Divvy 較低的 TPV 增長以及略低的貨幣化擴張。我們認為，這充分反映了我們面臨的中小企業調整支出並對宏觀環境做出反應的軟環境。

So there's nothing incremental or new to report on the month of January other than it's all a part of what we considered in updating our numbers, we think, to appropriately adjust for some of the macro conditions.

因此，除了我們在更新數據時考慮的所有內容之外，1 月份沒有任何增量或新的報告，我們認為，以針對某些宏觀條件進行適當調整。

Our next question comes from the line of Tien-Tsin Huang with JPMorgan Chase.

我們的下一個問題來自摩根大通的 Tien-Tsin Huang。

Just a clarification and a question for you, John. Just does the slower spend outlook changed in any way your risk appetite for growing Divvy? I'm not sure if you commented on that. And then just on the share repurchase on the execution of that, is that opportunistic or systematic? What are you putting in place against that? Just want to make sure I cut that.

約翰，只是向你澄清和提問。支出前景放緩是否以任何方式改變了您對增長 Divvy 的風險偏好？我不確定你是否對此發表了評論。然後就執行股票回購而言，這是機會主義還是系統性的？你有什麼反對措施？只是想確保我把它剪掉了。

Yes. Thanks for the question. First, on Divvy, we're -- obviously, we've been very proactive at managing the growth of Divvy and improving over time. Our capabilities around risk management and the card program there, which obviously has a very short repayment cycle. It's a charge card, not a revolving credit card with an average payment cycle around 10 days. So we're very proactive in managing that.

是的。謝謝你的問題。首先，在 Divvy 上，我們 - 顯然，我們一直非常積極地管理 Divvy 的增長並隨著時間的推移不斷改進。我們在風險管理和那裡的卡計劃方面的能力，顯然還款週期很短。這是簽帳卡，不是循環信用卡，平均還款週期在10天左右。所以我們非常積極地管理它。

And part of what we're doing is improving the overall sort of health or financial stability of the customer base associated with that charge card. And we feel good about the progress that we're making there. And we obviously do take the macro conditions into account as we're making some of those decisions.

我們正在做的部分工作是改善與信用卡相關的客戶群的整體健康狀況或財務穩定性。我們對我們在那裡取得的進展感到滿意。在我們做出其中一些決定時，我們顯然確實考慮了宏觀條件。

On the share repurchase that was authorized. This is an opportunistic program. It's not an accelerated purchase or programmatic effort at the moment.

關於已獲授權的股份回購。這是一個機會主義的計劃。目前這不是加速購買或程序化工作。

Our next question comes from the line of Samad Samana with Jefferies.

我們的下一個問題來自 Samad Samana 與 Jefferies 的對話。

Great. Maybe just -- I know that the question around guidance has been asked. John, I wondered maybe drilling a little bit more specifically, if I think about the 3Q guidance for TPV being flat year-over-year for Bill, I think that would imply that the same-store sales equivalent or existing customer TPV would be down maybe year-over-year? And assuming that new customers are still adding TPV. I'm just curious if you could maybe break it apart that way. And then just also whatever your retention expectations are for subscription in the forward guidance would be helpful.

偉大的。也許只是——我知道有人提出了有關指導的問題。約翰，我想知道是否可以更具體地鑽探一點，如果我認為 TPV 的 3Q 指導與比爾的同比持平，我認為這意味著同店銷售額或現有客戶 TPV 會下降也許年復一年？並假設新客戶仍在添加 TPV。我只是好奇你是否可以那樣把它拆開。然後，無論您對前瞻性指南中訂閱的保留期望如何，都會有所幫助。

Yes. Thanks, Samad. Yes, we've estimated flat on a year-over-year basis. And the changes in absolute TPV, there's less growth coming from the existing installed base, the new customers acquired in the last, call it, year or so are obviously still getting up to speed on the platform. And so there is some embedded growth there.

是的。謝謝，薩馬德。是的，我們估計同比持平。絕對 TPV 的變化，現有安裝基礎的增長較少，在過去一年左右獲得的新客戶顯然仍在平台上加快速度。因此，那裡有一些內在的增長。

And obviously, if you look at the year-over-year numbers and translate those into the transition from December to March quarter, it's actually a decline on a quarter-to-quarter basis. That also factors in the seasonality associated with March. So it's not just the macro conditions there.

顯然，如果您查看同比數據並將其轉化為從 12 月到 3 月季度的過渡，它實際上是環比下降。這也影響了與三月相關的季節性因素。所以這不僅僅是那裡的宏觀條件。

And we're expecting -- I don't think we've talked about a specific retention number associated with subscription revenues, but it is an important part of our monetization and our pricing and packaging, and so we aren't expecting any significant changes there. I think as we mentioned on the earlier comments, engagement and retention of customers continues to be very strong, consistent with recent history.

我們期待 - 我不認為我們已經討論過與訂閱收入相關的特定保留數字，但它是我們貨幣化以及我們的定價和包裝的重要組成部分，因此我們預計不會有任何重大影響那裡發生變化。我認為正如我們在之前的評論中提到的那樣，客戶的參與度和保留率仍然非常強勁，與最近的歷史一致。

Our next question comes from the line of Bryan Keane with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Keane。

John, my question was around kind of the guide as well. We've all gotten a custom to build raising guidance, especially some of us are taken by surprise whenever there's any adjustments in the core growth. So just trying to figure out what surprised you that you've had to adjust the core revenue down. Was it just the -- is it just TPV impact, the fact that SMBs have kind of frozen? Or is there other things in either the sales channel or pricing or adding add-ons anything like that, that's also kind of impacted the guide kind of surprised you from what you originally thought?

約翰，我的問題也與指南有關。我們都有建立加息指引的習慣，尤其是當核心增長出現任何調整時，我們中的一些人會感到驚訝。所以只是想弄清楚是什麼讓你感到驚訝，因為你不得不下調核心收入。這只是 - 它只是 TPV 影響，SMB 有點凍結的事實嗎？或者在銷售渠道或定價或添加附加組件等方面是否還有其他事情，這也有點影響指南，讓您從最初的想法中感到驚訝？

Thanks, Bryan. I'd say no surprises. We for, I think, a few quarters now talked about the beginnings of shifting patterns from SMBs and their spend behavior, starting with mid-market customers, then extending to all sizes. And now we're seeing some changes in spend, not just in discretionary items, but kind of across the board. It's not true across all categories, but we're seeing businesses adjust.

謝謝，布萊恩。我會說沒有驚喜。我認為，我們現在有幾個季度談到了從中小型企業開始轉變模式及其消費行為，從中端市場客戶開始，然後擴展到所有規模。現在我們看到支出發生了一些變化，不僅僅是可自由支配的項目，而是全面的變化。並非所有類別都如此，但我們看到企業正在調整。

And so we've taken that into consideration. We've also assumed slightly lower monetization expansion in the second half of the year. We think that is temporary as is the spend patterns from SMBs. We are at a point in time now where economic conditions need to be taken into consideration for all businesses, but we'll obviously grow through this particular cycle as well. So we've tried to account for really the trends that have continued throughout this fiscal year versus something new that's happened, say, recently.

所以我們已經考慮到了這一點。我們還假設今年下半年的貨幣化擴張略有下降。我們認為這是暫時的，中小企業的支出模式也是如此。我們現在正處於一個需要考慮所有企業的經濟狀況的時間點，但我們顯然也會在這個特定的周期中成長。因此，我們試圖真正說明整個財政年度持續的趨勢與最近發生的新趨勢。

Our next question comes from the line of James Friedman with SIG.

我們的下一個問題來自 SIG 的 James Friedman。

John, Rene, I was encouraged to hear your comments about pricing on the subscription side. I was hoping you could unpack that a little. Is that only direct? Is there an opportunity to take price or set price rather on the FI channel as well? Any commentary on the pricing would be helpful.

John、Rene，聽到你們關於訂閱方面定價的評論，我很受鼓舞。我希望你能把它拆開一點。是不是只有直接的？是否也有機會在 FI 渠道上獲取價格或設定價格？對定價的任何評論都會有所幫助。

Yes, we're in fiscal '23, we've announced a price increase that impacts our bill direct and accounting clients, basically. So it's not in the financial institution channel. And it's a phased approach. It's been some time since we've done a price increase, I think, more than 2 years, and it will be later in the fiscal year, Q4 so before the effect of the price increases across all of our direct and accounting channel customers.

是的，我們在 23 財年，我們已經宣布提價，這基本上會影響我們的直接賬單和會計客戶。所以它不在金融機構渠道。這是一種分階段的方法。自從我們提價以來已經有一段時間了，我認為，超過 2 年，而且將在本財政年度晚些時候，即第四季度，所以在我們所有直接和會計渠道客戶的價格上漲影響之前。

So we think we still are positioned really well from a value proposition standpoint and what we can help small businesses accomplish relative to our low price points, considering some of the other software that they invest in. So notwithstanding the price increase, we still feel really good about the value proposition that we're delivering for small businesses.

因此，我們認為從價值主張的角度來看，我們仍然處於非常有利的位置，考慮到他們投資的其他一些軟件，我們可以幫助小企業相對於我們的低價位實現什麼。所以儘管價格上漲，我們仍然覺得真的對我們為小型企業提供的價值主張很好。

Our next question comes from the line of Brad Sills with Bank of America.

我們的下一個問題來自美國銀行的 Brad Sills。

Great. I wanted to ask a question on the core transaction business. John, you mentioned an FX impact in there. But I think even x that, a little bit lighter monetization. So could you comment on whether or not you saw any impact from the macro on the uptake of cross-border virtual card, the ad valorem services? And do you think exiting the macro, we might get back to the same level you had been seeing in that kind of uptick quarter-to-quarter in the core transaction business take rate?

偉大的。我想問一個關於核心交易業務的問題。約翰，你在那裡提到了外匯影響。但我認為即使如此，貨幣化也會更輕鬆一些。那麼，您能否評論一下您是否看到宏觀對跨境虛擬卡（從價服務）的採用有任何影響？你是否認為退出宏觀經濟，我們可能會回到你在核心交易業務採用率的那種季度環比上升中看到的相同水平？

Yes. Thanks for the question, Brad. I'd say we haven't seen any direct impact on monetization expansion from macro. Certainly, indirectly, there could be some influence. But as I mentioned before, it is normally not linear or expansion. We're working hard to optimize payments for repeat transactions more than monetization expansion.

是的。謝謝你的問題，布拉德。我想說我們還沒有看到宏觀對貨幣化擴張的任何直接影響。當然，間接地，可能會有一些影響。但正如我之前提到的，它通常不是線性的或擴展的。我們正在努力優化重複交易的支付，而不是貨幣化擴展。

And I think the conditions that we're operating in now really that SMBs are operating in is at some point going to be temporary. And I think beyond this particular uncertain period, we're very confident in our ability to continue to expand monetization at historical rates are better. But in the short term, we've tempered those expectations given the conditions that we see in the market.

而且我認為我們現在經營的條件實際上是 SMB 經營的條件，在某些時候將是暫時的。而且我認為在這個特殊的不確定時期之後，我們對我們繼續以歷史速度更好地擴大貨幣化的能力充滿信心。但在短期內，鑑於我們在市場上看到的情況，我們已經降低了這些預期。

Our next question comes from the line of Andrew Bauch with SMBC.

我們的下一個問題來自 SMBC 的 Andrew Bauch。

Just trying to understand really the slowdown that you guys are calling out on the guide here. I mean, it seems to me that just the magnitude of slowdown that you guys are going for in the back half of the guide. It doesn't necessarily square with a lot of the other data points we're seeing in the market, be it Facebook calling out a bottoming in ad spend or American Express calling out relatively stable business trends.

只是想真正了解你們在這裡的指南中所說的放緩。我的意思是，在我看來，你們在指南的後半部分所追求的就是減速幅度。它不一定與我們在市場上看到的許多其他數據點一致，無論是 Facebook 稱廣告支出觸底還是美國運通稱相對穩定的業務趨勢。

I'm just trying to get a sense if there's something beyond the macros that we're missing here that maybe you need to build that you guys are facing? Are there any impacts you're seeing from into its announcement to double down on B2B? Or just maybe there's just something else that we're not hitting on here.

我只是想弄清楚我們是否缺少宏以外的東西，也許你們需要構建你們面臨的問題？您是否從其宣布加倍 B2B 的公告中看到了任何影響？或者也許只是我們沒有在這裡討論的其他事情。

Thank you, Andrew. Generally, what we would say it's really -- it is the macro environment where businesses are pausing. They're in standby mode. And I think I mean just if you look at the macro trends that are in the media, the amount of companies that are now seeing layoffs and impact on their employee base, I mean it's clear that businesses are thinking about how they spend, and they're being very thoughtful if not scrutinizing their spend directly.

謝謝你，安德魯。一般來說，我們會說它真的是 - 這是企業暫停的宏觀環境。他們處於待機模式。我想我的意思是，如果你看看媒體上的宏觀趨勢，現在看到裁員的公司數量和對員工基礎的影響，我的意思是很明顯，企業正在考慮他們如何花錢，他們即使不直接審查他們的支出，也會非常周到。

So ultimately, that is what we see across the competitive environment like we've defined and created this category, we continue to define and create the category. And we have not seen any impact from a competitive perspective from anybody on what we're able to do and drive in the market.

所以最終，這就是我們在競爭環境中看到的，就像我們定義和創建這個類別一樣，我們繼續定義和創建這個類別。從競爭的角度來看，我們沒有看到任何人對我們在市場上的能力和推動力產生任何影響。

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

我們的下一個問題來自 Matt Stotler 和 William Blair。

I think I'd like to get some more color on the working capital management offering that you mentioned there. Obviously, that's something you guys have talked about for, I think, since the IPO. It sounds like it's coming to fruition. So maybe just thoughts on what the revenue model would be there, whether or not you keep those loans on your balance sheet? And then anything you can provide around timing would be helpful.

我想我想對你在那裡提到的營運資本管理產品有更多的了解。顯然，自 IPO 以來，我認為你們一直在談論這個問題。聽起來好像要開花結果了。所以也許只是想一想那裡的收入模式是什麼，你是否將這些貸款保留在資產負債表上？然後，您可以提供的有關時間安排的任何內容都會有所幫助。

Sure. Thank you, Matt. Ultimately, one of the things that we pride ourselves on is that we drive the electronification of B2B payments, right? We make it so that businesses can pay and get paid and now choose the timing of how they get paid. And that's something that we've worked hard at, something that we have north of 80% of all payments across Bill are electronic.

當然。謝謝你，馬特。最終，我們引以為豪的一件事是我們推動了 B2B 支付的電子化，對吧？我們這樣做是為了讓企業可以支付和獲得報酬，現在可以選擇他們如何獲得報酬的時間。這是我們一直在努力的事情，我們擁有超過 80% 的 Bill 付款都是電子的。

And one of the impacts of having a broad payment platform that we do is that we get to learn from each of the payment offerings that we develop. And so -- when we launched Instant Transfer in the last year, we had a chance to see that there was demand from -- repeat demand from suppliers that were known in our network that they wanted to be paid faster than what was able to happen through either the check or the ACH mechanism that they're getting paid. And so that led us to engaging and understanding from suppliers that were known to us, what would be helpful.

我們擁有廣泛的支付平台的影響之一是我們可以從我們開發的每一種支付產品中學習。因此 - 當我們在去年推出即時轉賬時，我們有機會看到有需求 - 來自我們網絡中已知的供應商的重複需求，他們希望比能夠發生的更快地獲得付款通過他們獲得報酬的支票或 ACH 機制。因此，這導致我們與我們所了解的供應商進行接觸和了解，這對我們有幫助。

And so if there's an opportunity for us to accelerate the invoices they have with a Bill customer and we can actually drive the capability to make that happen, what are they going to be willing to pay? And the reality is they are willing to pay for that, it will be an impact on the ability for us to monetize. And what we're excited about is that we are now in a position to start learning exactly how to roll that out broadly across the 4.7 million members in our network.

因此，如果我們有機會加快他們與 Bill 客戶的發票，並且我們實際上可以推動實現這一目標的能力，那麼他們願意支付多少？而現實是他們願意為此付出代價，這將對我們的貨幣化能力產生影響。令我們興奮的是，我們現在可以開始確切地學習如何在我們網絡中的 470 萬成員中廣泛推廣它。

Our last question comes from the line of Sanjay Sakhrani with KBW.

我們的最後一個問題來自 Sanjay Sakhrani 與 KBW 的對話。

Maybe just a big picture question to summarize some of the questions that were asked before. I know it's a fluid macro backdrop. But could you maybe just give us a sense of how predictable do you think the model is for a given macro backdrop given that it's a fairly -- it's not -- it's a newer model. I'm just trying to think about the consensus forecast calling for more macro weakness? And maybe how we should gauge how those macro factors affect the assumptions you've made?

也許只是一個大問題來總結之前提出的一些問題。我知道這是一個流動的宏觀背景。但是你能否讓我們了解一下你認為該模型在給定的宏觀背景下的可預測性，因為它是一個相當 - 它不是 - 它是一個較新的模型。我只是想考慮要求更多宏觀經濟疲軟的共識預測？也許我們應該如何衡量這些宏觀因素如何影響您所做的假設？

Sanjay, we have a lot of data that we're able to use and look at and see the trends across all of our customers, different size customers, different segments of customers. And that is what informs the modeling that we do and the guidance that we provide. So we feel like we have the insights to be able to really understand what is happening with businesses at the time. And that's how we create and form the guidance that we provide today.

Sanjay，我們有很多數據可以使用和查看我們所有客戶、不同規模的客戶、不同客戶群的趨勢。這就是我們所做的建模和我們提供的指導的依據。所以我們覺得我們有洞察力，能夠真正了解當時企業正在發生的事情。這就是我們創建和形成我們今天提供的指南的方式。

I think I'd just like to say thank you, everyone, for joining the call today. We look forward to communicating our progress as we pursue the tremendous opportunity in front of us. And again, thanks for joining the call.

我想我只想說謝謝大家今天加入電話會議。在我們追求擺在我們面前的巨大機會時，我們期待著交流我們的進展。再次感謝您加入電話會議。

That concludes Bill's Fiscal Second Quarter 2023 Earnings Conference Call. Thank you for your participation. Have a wonderful rest of your day.

比爾的 2023 財年第二季度收益電話會議到此結束。感謝您的參與。祝您度過美好的一天。