(BILL) 2023 Q3 法說會逐字稿

Thank you for attending today's BILL Fiscal Third Quarter 2023 Earnings Conference Call. My name is Brika, and I'll be your moderator for today's call. (Operator Instructions)

感謝您參加今天的 BILL 2023 財年第三季度收益電話會議。我叫 Brika，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. Please go ahead.

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

Thank you, operator. Welcome to Bill's Fiscal Third 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 財年第三季度收益電話會議。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 reports 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.

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。我們不承擔任何更新任何前瞻性陳述的義務。

On today's call, we will refer to both GAAP and non-GAAP financial measures. The nonrevenue financial figures discussed today are non-GAAP, unless stated that the measure is a GAAP number. Please refer to today's press release for the reconciliation of GAAP to non-GAAP financial performance and additional disclosures regarding these measures. Additionally, please note that the appendix of our quarterly investor deck, which is posted on our Investor Relations website, contains a supplemental table of revenue and metrics information. 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 solution.

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，請注意我們的投資者關係網站上發布的季度投資者平台的附錄包含收入和指標信息的補充表。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.

謝謝你，凱倫。大家下午好。感謝您今天加入我們。

BILL delivered strong profitable growth for the third quarter as we executed on our strategy to be the essential financial operations platform for SMBs. Revenue in Q3 grew 63% year-over-year, driven by broad strength across our diversified revenue streams. We also made significant progress growing non-GAAP net income, which was $59 million for the quarter, reflecting a margin of 22%. At the end of Q3, more than 450,000 businesses used BILL to automate their financial operations and generate $65 billion in payment volume during the quarter.

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 在第三季度實現了強勁的盈利增長。在我們多元化收入流的廣泛實力推動下，第三季度收入同比增長 63%。我們在非 GAAP 淨收入增長方面也取得了重大進展，本季度為 5900 萬美元，利潤率為 22%。在第三季度末，超過 450,000 家企業使用 BILL 實現財務運營自動化，並在該季度產生了 650 億美元的支付額。

We are pleased with our Q3 results amidst an external environment that included significant macro uncertainty and a banking crisis. Our financial performance and scale are a testament to the value of our platform and ecosystem.

在包括重大宏觀不確定性和銀行業危機在內的外部環境中，我們對第三季度的業績感到滿意。我們的財務業績和規模證明了我們平台和生態系統的價值。

Consistent with earlier indicators from the last 2 quarters, SMBs are moderating their expenditures in this tough macro environment and continuing to focus on doing more with less. In Q3, customers were highly engaged with our platform and made a similar number of transactions on a year-over-year basis, yet reduced their expenditures per transaction as belt tightening continued.

與過去兩個季度的早期指標一致，中小型企業在這種艱難的宏觀環境中正在節制支出，並繼續專注於事半功倍。在第三季度，客戶對我們平台的參與度很高，交易量與去年同期持平，但隨著政府繼續勒緊褲腰帶，他們每筆交易的支出有所減少。

We know that BILL is the center of our customers' day-to-day financial operations. Our platform enables process automation from the moment a bill is received all the way through to syncing completed transaction with the accounting system. Customers leverage our solutions to operate more efficiently and gain increased visibility into their cash flows. A great example of how we help companies transform their financial operations and gain efficiency is Anchored Tiny Homes, a family-owned homebuilding business in Fair Oaks, California, that leverages our accounts payable and spend management solutions.

我們知道 BILL 是我們客戶日常財務運作的中心。我們的平台實現了從收到賬單到將完成的交易與會計系統同步的過程自動化。客戶利用我們的解決方案更有效地運營，並提高對現金流的可見性。 Anchored Tiny Homes 是我們如何幫助公司轉變其財務運營並提高效率的一個很好的例子，這是一家位於加利福尼亞州 Fair Oaks 的家族式住宅建築企業，它利用了我們的應付賬款和支出管理解決方案。

Cindy Morton, Financial Controller said, and I quote, "We never knew managing our finances to be this easy. We went from having no understanding of which checks were outstanding to having a real-time view of our cash position. With 35 Divvy cards in use, we know exactly who has made each purchase and have an accurate picture of costs associated with individual homebuilding projects. With BILL, we are able to take on more clients. In the past year, we went from 60 active construction projects to 140 at any time. BILL and Divvy completely renovated our financial operations."

財務總監辛迪·莫頓 (Cindy Morton) 說，我引用一下，“我們從來不知道管理財務會如此簡單。我們從不了解哪些支票未付清到實時查看我們的現金狀況。有了 35 張 Divvy 卡在使用中，我們確切地知道每次購買的人是誰，並準確了解與各個住宅建築項目相關的成本。借助 BILL，我們能夠吸引更多客戶。在過去的一年中，我們從 60 個活躍的建築項目增加到 140 個在任何時候。BILL 和 Divvy 徹底改造了我們的財務運作。”

Our platform enables customers like Anchored Tiny Homes to connect with millions of network members regardless of which accounting system or bank they use. We have built a large-scale 2-sided network that simplifies operations and offers automation and multiple payment choices for both sides of a transaction within a secure and frictionless experience. Today, roughly 1/3 of BILL stand-alone platform core revenue is generated by suppliers in our network who choose to accept virtual card, instant transfer, international payments and now, in beta invoice financing. Leveraging the breadth of our platform, we believe there is significant long-term growth ahead to drive further network member acquisition and ad valorem payment adoption. Every new member that we add to our network increases platform engagement, thereby enabling additional value creation across the platform.

我們的平台使像 Anchored Tiny Homes 這樣的客戶能夠與數百萬網絡成員聯繫，無論他們使用哪種會計系統或銀行。我們已經建立了一個大規模的雙向網絡，可以簡化操作，並在安全無摩擦的體驗中為交易雙方提供自動化和多種支付選擇。今天，大約 1/3 的 BILL 獨立平台核心收入來自我們網絡中選擇接受虛擬卡、即時轉賬、國際支付以及現在的 beta 發票融資的供應商。利用我們平台的廣度，我們相信未來會有顯著的長期增長，以推動進一步的網絡成員獲取和從價支付的採用。我們添加到網絡中的每個新成員都會增加平台參與度，從而在整個平台上創造額外的價值。

Our platform is the central hub that facilitates millions of transactions each month for billions of dollars. We have built an always-on platform with 24/7 availability in order to deliver the financial peace of mind SMBs need. This means we have created redundancy through integrations with multiple payment processors to ensure consistency and reliability. BILL's world-class infrastructure and operational capabilities were demonstrated during the recent banking crisis.

我們的平台是每個月促成數百萬筆交易的中心樞紐，價值數十億美元。我們已經構建了一個全天候 24/7 可用性的平台，以提供中小企業所需的財務安心。這意味著我們通過與多個支付處理器的集成創建了冗餘，以確保一致性和可靠性。 BILL 世界一流的基礎設施和運營能力在最近的銀行業危機中得到了證明。

Today at the Silicon Valley Bank closure, we committed to our customers that we would stand behind all pending transactions regardless of the ultimate resolution of the bank situation. We seamlessly redirected SVB-bond transactions to another financial institution partner so that transactions continued uninterrupted. We also helped impacted businesses stay operational by utilizing our suite of products. We offered a new way for customers to access capital by preapproving lines of credit through Divvy, provide a solution for debit card users to connect their cards to our pay-by-card offering and expanded access to BILL balance to secure a convenient place to store funds and make fast payments.

今天，在矽谷銀行關閉之際，我們向客戶承諾，無論銀行情況的最終解決方案如何，我們都將支持所有未決交易。我們無縫地將 SVB 債券交易重定向到另一個金融機構合作夥伴，以便交易繼續不間斷。我們還通過使用我們的產品套件幫助受影響的企業保持運營。我們通過 Divvy 預先批准信貸額度，為客戶提供了一種獲取資金的新方式，為藉記卡用戶提供了一種將他們的卡連接到我們的按卡支付產品的解決方案，並擴大了對 BILL 餘額的訪問權限，以確保方便的存儲位置資金并快速付款。

Recognizing that businesses want to manage all their spend in one place, we continue to work on creating an integrated customer experience, blending the best of BILL and our acquired solutions. Recently, we unified the look and feel of our Divvy and BILL solutions across our web and mobile apps. Later this year, our platform will power a cohesive and consistent experience and customers will have a significantly enhanced view of cash inflows, outflows and open tasks all in one place.

認識到企業希望在一個地方管理他們的所有支出，我們繼續致力於創造集成的客戶體驗，融合 BILL 和我們收購的解決方案的精華。最近，我們在 Web 和移動應用程序中統一了 Divvy 和 BILL 解決方案的外觀。今年晚些時候，我們的平台將提供有凝聚力和一致的體驗，客戶將在一個地方顯著增強對現金流入、流出和未完成任務的了解。

The consolidated view will enable businesses to gain a more complete picture of their finances and further control their financial operations. By offering enhanced in product discovery and simplified self-service product adoption, we believe that we will further unlock our sizable cross-sell opportunity. In addition, we are enhancing our accountant dashboard, making it easier for our 6,000-plus accounting firm partners to offer more of our products and provide more strategic value-added services to their clients.

綜合視圖將使企業能夠更全面地了解其財務狀況並進一步控制其財務運營。通過提供增強的產品發現和簡化的自助服務產品採用，我們相信我們將進一步釋放我們巨大的交叉銷售機會。此外，我們正在增強我們的會計師儀表板，使我們的 6,000 多家會計師事務所合作夥伴能夠更輕鬆地提供更多我們的產品，並為他們的客戶提供更具戰略意義的增值服務。

We are also continuing to leverage our expertise in developing AI capabilities that make our solutions easier to use, more automated and predicted. We were an early adopter of AI, applying it to our large data asset for reading invoices, enabling suppliers, detecting risks and managing documents. In addition, we are working on ways that BILL can leverage generative AI capabilities to enhance customer experiences.

我們還將繼續利用我們在開發 AI 功能方面的專業知識，使我們的解決方案更易於使用、更加自動化和可預測。我們是 AI 的早期採用者，將其應用於我們的大數據資產以讀取發票、支持供應商、檢測風險和管理文檔。此外，我們正在研究 BILL 可以利用生成式 AI 功能來增強客戶體驗的方法。

Turning now to the people front. Ken Moss recently joined our executive team as Chief Technology Officer. We're excited to have another seasoned executive on the team with experience enabling breakthrough technology at speed and scale. Ken brings decades of innovation and leadership experience to BILL, including 8 years of CTO at Electronic Arts, where he led the company through a cloud-based transition and pioneered broad uses of data in AI to improve the game creator and player experience. He also led technology strategies at eBay, connecting millions of buyers with sellers to enable online commerce, and at Microsoft, he oversaw development and engineering with key teams. Ken will be taking over from Vinay Pai, who is retiring.

現在轉向人民陣線。 Ken Moss 最近加入了我們的執行團隊，擔任首席技術官。我們很高興團隊中有另一位經驗豐富的高管，他具有以速度和規模實現突破性技術的經驗。 Ken 為 BILL 帶來了數十年的創新和領導經驗，包括 8 年的 Electronic Arts 首席技術官，他帶領公司完成了基於雲的轉型，並率先在 AI 中廣泛使用數據，以改善遊戲創作者和玩家體驗。他還在 eBay 領導技術戰略，將數百萬買家與賣家聯繫起來以實現在線商務，在微軟，他與關鍵團隊一起監督開發和工程。 Ken 將接替即將退休的 Vinay Pai。

In closing, we delivered another great quarter with strong revenue growth and expanding profitability while creating value for hundreds of thousands of SMBs. With our robust platform that automates financial operations and offers a variety of payment and funding choices, BILL serves as a financial nervous system for SMBs and connects them with millions of network members. I'd like to thank our customers and partners for the trust they place in us, and I'd also like to thank the BILL team for their strong commitment to serving SMBs.

最後，我們以強勁的收入增長和不斷擴大的盈利能力創造了另一個偉大的季度，同時為數十萬中小企業創造了價值。憑藉我們強大的平台，自動化財務操作並提供各種支付和資金選擇，BILL 充當 SMB 的財務神經系統，並將它們與數百萬網絡成員聯繫起來。感謝我們的客戶和合作夥伴對我們的信任，也感謝BILL團隊對中小企業服務的堅定承諾。

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 third quarter 2023 financial results and discuss our outlook for the fiscal fourth quarter and full fiscal year 2023.

謝謝，勒內。今天，我將概述我們 2023 財年第三季度的財務業績，並討論我們對第四財季和整個 2023 財年的展望。

In Q3, we delivered strong financial results that were well ahead of our estimates, driven by strength across our multiple revenue streams. Total revenue grew 63% year-over-year and non-GAAP gross margin was 87%, our highest margin on record. Non-GAAP net income was $59 million or 22% of revenue, which expanded approximately 2.5 percentage points quarter-over-quarter. In addition, we delivered our third consecutive quarter of positive free cash flow, which totaled $84 million year-to-date through March.

在第三季度，在我們多個收入流的強勁推動下，我們實現了遠超預期的強勁財務業績。總收入同比增長 63%，非 GAAP 毛利率為 87%，是我們有記錄以來的最高利潤率。非 GAAP 淨收入為 5900 萬美元，佔收入的 22%，環比增長約 2.5 個百分點。此外，我們連續第三個季度實現正自由現金流，截至今年 3 月為止總計 8400 萬美元。

Our strong performance highlights the strength of our diversified business model and our commitment to deliver balanced growth and profitability. Our results were delivered amidst the backdrop of multiple challenges being faced by SMBs, most notably the ongoing macroeconomic headwinds, and to a lesser extent, the banking uncertainty that materialized in March.

我們的強勁表現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。我們的結果是在中小企業面臨多重挑戰的背景下得出的，最顯著的是持續的宏觀經濟逆風，其次是 3 月份出現的銀行業不確定性。

Many of the changing B2B spend patterns that we saw last year continued in Q3. Even though customers continue to face challenging business conditions and are reducing their expenditures, engagement with our platform remains strong and shows that SMBs drive value from our solutions throughout any business cycle. For example, on our BILL stand-alone platform, excluding financial institution channel customers or FIs, the average number of transactions per customer was 74, consistent with the March quarter a year ago. Of these payments, approximately 80% were repeat transactions, consistent with prior periods. Repeat transactions are defined as payments initiated between the same subscriber and vendor within the preceding 3 months.

我們在去年看到的許多不斷變化的 B2B 支出模式在第三季度繼續存在。儘管客戶繼續面臨充滿挑戰的業務條件並正在減少支出，但與我們平台的互動仍然很強烈，這表明中小型企業在任何業務週期中都可以從我們的解決方案中獲得價值。例如，在我們的 BILL 單機平台上，不包括金融機構渠道客戶或 FI，每個客戶的平均交易筆數為 74，與一年前的 3 月季度一致。在這些付款中，大約 80% 是重複交易，與前期一致。重複交易定義為在前 3 個月內在同一訂戶和供應商之間發起的付款。

Turning to an update on our key metrics and financial results in Q3. We ended the third quarter with 455,300 businesses using our solutions. BILL stand-alone customers grew to 197,900, up 35% year-over-year. Net new customer adds on our BILL stand-alone platform were 15,200, which set a new record. This includes 3,700 net adds from our direct and accounting channels, which was up slightly from last quarter. Net adds in the FI channel were 11,500.

轉向我們在第三季度的關鍵指標和財務結果的更新。我們在第三季度結束時有 455,300 家企業使用我們的解決方案。 BILL 獨立客戶增長至 197,900，同比增長 35%。 BILL單機平台淨新增客戶1.52萬戶，創歷史新高。這包括來自我們的直接和會計渠道的 3,700 個淨增加，比上一季度略有增加。 FI渠道淨增11,500戶。

Looking ahead to Q4, we expect fewer net customer adds in the FI channel due to Bank of America electing to sunset the BILL-powered legacy ACH and check BILL pay solution used by their commercial customer segment. We have transitioned many of the most active BofA commercial customers to our direct-to-bill platform where we will be able to deliver an enhanced experience and many more payment choices, including our ad valorem payment and spend management offerings. Note this will be a onetime impact on our customer count, and this transition does not impact our partnership with BofA focused on their small business segment.

展望第四季度，我們預計 FI 渠道的淨客戶增加會減少，因為美國銀行選擇停用其商業客戶群使用的由 BILL 支持的傳統 ACH 和支票 BILL 支付解決方案。我們已將許多最活躍的美國銀行商業客戶轉移到我們的直接賬單平台，我們將能夠在該平台上提供增強的體驗和更多支付選擇，包括我們的從價支付和支出管理產品。請注意，這將對我們的客戶數量產生一次性影響，並且這種轉變不會影響我們與專注於其小型業務部門的美國銀行的合作夥伴關係。

For our Divvy spend management solution, we ended the quarter with 27,100 spending businesses, an increase of 2,400 from last quarter.

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 27,100 家支出業務，比上一季度增加了 2,400 家。

Moving on to payment volume. During the quarter, we processed $64.7 billion in TPV, well ahead of our expectations which assumed the TPV trends we saw late in the December quarter would continue in the seasonally soft March quarter. BILL stand-alone total payment volume was $61 billion in Q3, reflecting 11% growth from Q3 of last year and a decrease of 4% sequentially, which was slightly below historical trends. In addition, in Q3, we also had $3.4 billion in card payment volume from our spend and expense management product, representing 63% year-over-year growth.

繼續支付量。在本季度，我們處理了 647 億美元的 TPV，遠遠超出了我們的預期，我們假設我們在 12 月季度末看到的 TPV 趨勢將在季節性疲軟的 3 月季度繼續。第三季度 BILL 獨立支付總額為 610 億美元，較去年第三季度增長 11%，環比下降 4%，略低於歷史趨勢。此外，在第三季度，我們的支出和費用管理產品的卡支付量也達到了 34 億美元，同比增長 63%。

Moving on to transaction volumes, we processed 21.4 million payments in Q3. This includes 10.9 million payments on the BILL stand-alone platform and 10.2 million spend management card transactions. Total transaction revenue per transaction was $8.09, reflecting growth of 12% year-over-year. For card payments processed through our spend management solution in Q3, we generated a gross take rate of approximately 262 basis points.

接下來是交易量，我們在第三季度處理了 2140 萬筆付款。這包括 BILL 獨立平台上的 1090 萬筆支付和 1020 萬筆支出管理卡交易。每筆交易的總交易收入為 8.09 美元，同比增長 12%。對於在第三季度通過我們的支出管理解決方案處理的卡支付，我們產生了大約 262 個基點的毛利率。

Now I'll review our reported Q3 results. Total revenue was $272.6 million, an increase of 63% from a year ago. Core revenue, which includes subscription and transaction revenue, was $239.5 million, representing growth of 45% year-over-year. Subscription revenue increased to $66.7 million, up 28% year-over-year. BILL stand-alone subscription revenue was $57.6 million, reflecting growth of 33% year-over-year, driven by our expanding customer base and a price increase implemented in our direct and accounting channels over the last few quarters.

現在我將回顧我們報告的第三季度結果。總收入為 2.726 億美元，同比增長 63%。包括訂閱和交易收入在內的核心收入為 2.395 億美元，同比增長 45%。訂閱收入增至 6670 萬美元，同比增長 28%。 BILL 獨立訂閱收入為 5760 萬美元，同比增長 33%，這主要得益於我們不斷擴大的客戶群以及過去幾個季度我們直接和會計渠道實施的價格上漲。

Transaction revenue increased to $172.8 million, up 52% year-over-year as a result of increased spend management card volume, strong ad valorem payment adoption and TPV growth. BILL stand-alone transaction revenue totaled $83.2 million, reflecting growth of 41%year-over-year and Divvy transaction revenue totaled $88.6 million, reflecting growth of 65% year-over-year. Float revenue was $33.1 million. Our yield was 429 basis points in the quarter.

交易收入增至 1.728 億美元，同比增長 52%，這得益於支出管理卡數量的增加、從價支付的強勁採用以及 TPV 的增長。 BILL 獨立交易收入總計 8320 萬美元，同比增長 41%，Divvy 交易收入總計 8860 萬美元，同比增長 65%。浮動收入為 3310 萬美元。本季度我們的收益率為 429 個基點。

Shifting to gross margin and our operating results for Q3. Non-GAAP gross margin was 87%, up 2.4 percentage points year-over-year as a result of higher float revenue and increasing variable transaction fee revenue. The last few quarters, we've had a very favorable payment mix and a tailwind from high-margin float revenue which has resulted in peak non-GAAP gross margin which we would expect to moderate in the next few quarters. Non-GAAP operating expenses were $202.3 million, an increase of just 4% from Q2 due to proactive expense management, including reducing our pace of hiring and closely managing our variable spend. Rewards costs, which are included in sales and marketing expenses were 48% of spend management card revenue compared to 50% in the prior quarter.

轉向毛利率和我們第三季度的經營業績。非美國通用會計準則毛利率為 87%，同比增長 2.4 個百分點，原因是浮動收入增加和可變交易費用收入增加。在過去的幾個季度中，我們擁有非常有利的支付組合和高利潤浮動收入的順風，這導致非 GAAP 毛利率達到峰值，我們預計在接下來的幾個季度中會放緩。非 GAAP 運營費用為 2.023 億美元，僅比第二季度增長 4%，這歸功於積極的費用管理，包括降低我們的招聘速度和密切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支出管理卡收入的 48%，而上一季度為 50%。

Non-GAAP operating income was $34.8 million, an increase of $40.5 million year-over-year. Non-GAAP operating margin was 12.8%, an improvement of 16 percentage points year-over-year. Non-GAAP other income net of other expenses was $25.4 million and benefited from higher yields on corporate cash and investment portfolios. Our non-GAAP net income was $58.7 million or 22% of revenue, resulting in non-GAAP net income per diluted share of $0.50, based on $117.2 million diluted weighted average shares outstanding. Our non-GAAP net income was significantly ahead of our estimates due to revenue outperformance combined with our disciplined approach to managing expenses as we scale.

非美國通用會計準則營業收入為 3,480 萬美元，同比增長 4,050 萬美元。非美國通用會計準則營業利潤率為 12.8%，同比提高 16 個百分點。扣除其他費用後的非 GAAP 其他收入為 2540 萬美元，受益於公司現金和投資組合的更高收益率。我們的非 GAAP 淨收入為 5870 萬美元，佔收入的 22%，基於 1.172 億美元的稀釋加權平均流通股，非 GAAP 每股攤薄淨收入為 0.50 美元。我們的非 GAAP 淨收入大大超出了我們的預期，原因是收入表現出色，加上我們在擴大規模時採用嚴格的費用管理方法。

Moving on to the balance sheet. Cash, cash equivalents and short-term investments at the end of Q3 were $2.7 billion. We are well capitalized and focused on continuing to invest in our platform to serve more needs of SMBs. Our track record of investing in organic and inorganic opportunities and translating those investments into efficient growth is a playbook that we will continue to deploy. With our strong balance sheet and free cash flow generation, we are in a position to allocate capital for both investing for growth and reducing dilution through our share buyback program.

轉到資產負債表。第三季度末現金、現金等價物和短期投資為 27 億美元。我們資本充足，專注於繼續投資我們的平台，以滿足中小企業的更多需求。我們投資有機和無機機會並將這些投資轉化為有效增長的記錄是我們將繼續部署的劇本。憑藉我們強大的資產負債表和自由現金流的產生，我們能夠通過我們的股票回購計劃為增長投資和減少稀釋分配資本。

In March, we repurchased 359,000 shares for $27 million at an average price of $75.22 per share. As of March 31, we had approximately $273 million of share repurchase authority remaining.

3 月，我們以每股 75.22 美元的平均價格以 2700 萬美元的價格回購了 359,000 股股票。截至 3 月 31 日，我們還有大約 2.73 億美元的股票回購授權。

Before shifting to our financial outlook for the fourth quarter and full fiscal year 2023, I'd like to share our view on how we see the macro environment impacting SMBs and our business. While we've seen initial signs of spend trends beginning to stabilize, we anticipate that the challenging macro environment and tightening credit conditions in the near term will translate into customers continuing to reduce spend from the elevated levels of the pandemic years.

在轉向我們對第四季度和整個 2023 財年的財務展望之前，我想分享我們對宏觀環境如何影響中小企業和我們業務的看法。雖然我們已經看到支出趨勢開始趨於穩定的初步跡象，但我們預計短期內充滿挑戰的宏觀環境和收緊的信貸條件將轉化為客戶繼續減少大流行期間高水平的支出。

For the BILL stand-alone platform, we expect Q4 TPV to be roughly flat to Q3 and down slightly on a per customer basis quarter-over-quarter. While the cyclical headwinds will likely persist in the near term, we are optimistic about the strong secular trends driving digital transformation and we're confident in our ability to achieve our long-term aspiration to serve millions of businesses. Through our platform and payment offerings, we are driving robust customer engagement and strong ad valorem adoption. We are innovating at a rapid pace to create more value for SMBs and to further differentiate ourselves.

對於 BILL 獨立平台，我們預計第 4 季度 TPV 將與第 3 季度大致持平，並且在每個客戶的基礎上環比略有下降。雖然週期性逆風可能會在短期內持續存在，但我們對推動數字化轉型的強勁長期趨勢持樂觀態度，我們對實現為數百萬企業服務的長期願望充滿信心。通過我們的平台和支付產品，我們正在推動強大的客戶參與和強大的從價採用。我們正在快速創新，為 SMB 創造更多價值，並進一步使我們自己脫穎而出。

Now turning to our outlook. For fiscal Q4, we expect total revenue to be in the range of $277 million to $280 million, which reflects 38% to 40% year-over-year growth. As a reminder, our recent subscription price increase is now in our run rate numbers, and as a result, we expect a smaller sequential subscription revenue increase compared to recent history. We expect float revenue to be $32 million in Q4, which assumes our yield on FBO funds will be approximately 410 basis points.

現在轉向我們的前景。對於第四財季，我們預計總收入將在 2.77 億美元至 2.8 億美元之間，同比增長 38% 至 40%。提醒一下，我們最近的訂閱價格上漲現在在我們的運行率數字中，因此，與最近的歷史相比，我們預計訂閱收入的連續增長幅度較小。我們預計第四季度的浮動收入為 3200 萬美元，假設我們的 FBO 基金收益率約為 410 個基點。

On the bottom line, for Q4, we expect to report non-GAAP net income in the range of $45.4 million to $48.4 million and non-GAAP net income per diluted share in the range of $0.39 to $0.41 and based on a share count of 117.3 million diluted weighted average shares outstanding. For Q4, we expect other income net of other expenses, or OIE, to be $24 million. We expect stock-based compensation expenses of approximately $64 million in Q4, and we expect capital expenditures of approximately $11 million to $12 million.

最重要的是，對於第四季度，我們預計報告的非 GAAP 淨收入在 4540 萬美元至 4840 萬美元之間，非 GAAP 每股攤薄淨收入在 0.39 美元至 0.41 美元之間，基於 117.3 股股票數量萬稀釋加權平均流通股。對於第四季度，我們預計扣除其他費用後的其他收入或 OIE 為 2400 萬美元。我們預計第四季度基於股票的薪酬支出約為 6400 萬美元，我們預計資本支出約為 1100 萬至 1200 萬美元。

Moving on to full year guidance. For fiscal 2023, we expect total revenue to be in the range of $1.039.5 billion to $1.042.5 billion, which represents 62% year-over-year growth. We expect float revenue to be $109 million in fiscal 2023, which assumes a yield on FBO funds of approximately 350 basis points for the year. We expect to report non-GAAP net income for fiscal year 2023 in the range of $170.4 million to $173.4 million. We expect non-GAAP net income per diluted share to be $1.46 to $1.48 based on a share count of 117 million diluted weighted average shares outstanding.

繼續進行全年指導。對於 2023 財年，我們預計總收入將在 10.395 億美元至 10.425 億美元之間，同比增長 62%。我們預計 2023 財年的浮動收入為 1.09 億美元，假設當年 FBO 基金的收益率約為 350 個基點。我們預計 2023 財年的非 GAAP 淨收入將在 1.704 億美元至 1.734 億美元之間。基於 1.17 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 1.46 美元至 1.48 美元。

In closing, with our platform, ecosystem and scale, we are well positioned to capture a large market opportunity to transform financial operations for millions of SMBs. We have an efficient multi-revenue stream business that enables us to invest in driving innovation and value creation for our customers while delivering significant revenue growth, non-GAAP profitability and free cash flow for our investors.

最後，憑藉我們的平台、生態系統和規模，我們有能力抓住巨大的市場機會，為數百萬中小企業轉變金融運營。我們擁有高效的多收入流業務，使我們能夠投資於推動創新和為客戶創造價值，同時為我們的投資者帶來顯著的收入增長、非 GAAP 盈利能力和自由現金流。

Operator, we're now ready to take questions.

接線員，我們現在準備好接受提問了。

(Operator Instructions) We have the first question from Andrew Schmidt of Citi Group.

（操作員說明）我們有來自花旗集團的安德魯施密特的第一個問題。

I wanted to ask about just the spend trends in terms of just a stabilization comment. It's good to hear about just the comment about stabilization, but it does sound like you're expecting kind of more moderation. So maybe you could kind of reconcile what you're seeing currently versus how you're setting up kind of the outlook? Any comments about just what you're seeing in the environment would be helpful.

我想僅就穩定性評論詢問支出趨勢。很高興聽到有關穩定性的評論，但聽起來您確實期待更多的節制。所以也許你可以調和你目前所看到的與你如何建立某種前景？關於您在環境中看到的內容的任何評論都會有所幫助。

Super happy with the quarter, and in part because the deterioration that we had seen at the end of the last quarter did not continue as strongly into this quarter, and so that's the comment around stabilization. And what we saw, what that really tells us is that once again, we have proven and seen in the proven capability that SMBs have to be resilient. They've really worked hard to be able to manage their business, they use our platform to be able to do that. And that, being able to manage through uncertainty, is something that we feel very comfortable that we can help SMBs do and we started to see that across the platform.

對這個季度非常滿意，部分原因是我們在上個季度末看到的惡化並沒有像本季度那樣強烈地持續下去，所以這就是關於穩定的評論。我們所看到的，真正告訴我們的是，我們再次證明並看到了中小型企業必須具有彈性的能力。他們真的很努力才能管理他們的業務，他們使用我們的平台來做到這一點。而且，能夠通過不確定性進行管理，這是我們感到非常自在的事情，我們可以幫助中小企業做到這一點，我們開始在整個平台上看到這一點。

In addition, we continue to see great execution across our business, and that enabled us to drive opportunities to support our customers in multiple ways to be able to drive monetization across the platform, to be able to drive customer growth, one of the strongest quarters ever for us for total net new adds, around 15,200. So all of that in this macro environment, I would say, bodes well for our future.

此外，我們繼續看到我們整個業務的出色執行，這使我們能夠以多種方式推動機會來支持我們的客戶，從而能夠推動整個平台的貨幣化，能夠推動客戶增長，這是最強勁的季度之一對我們來說，淨新增總數約為 15,200。因此，我想說，在這個宏觀環境中，所有這一切都預示著我們的未來。

I don't know if, John, if you have anything else to say on this.

約翰，我不知道你是否還有什麼要說的。

No, I think that was good. We did expect heading into the quarter that some of the trends we saw materialized late in the December quarter, which was a pretty sizable drop off in spend. As businesses were reacting to the macro environment and reducing expenses, we had assumed that those trends would continue in the quarter and it proved to be conservative, frankly. We ended up with TPV of 11% year-over-year growth versus our initial estimates of being flat and down slightly quarter-to-quarter, which is pretty consistent with normal seasonal trends. So we feel really good about the strength of the SMB customer base we have and the utility that the platform is providing for our customers.

不，我認為那很好。我們確實預計進入本季度，我們看到的一些趨勢會在 12 月季度末實現，這是支出的相當大的下降。隨著企業對宏觀環境做出反應並減少開支，我們曾假設這些趨勢將在本季度繼續，坦率地說，事實證明這是保守的。我們最終得出的 TPV 同比增長 11%，而我們最初的估計是持平且環比略有下降，這與正常的季節性趨勢非常一致。因此，我們對我們擁有的 SMB 客戶群的實力以及該平台為我們的客戶提供的實用程序感到非常滿意。

And Rene, maybe I could sneak one more in just since you mentioned the sort of the better kind of net new add profile. I remember last quarter, there were some delays in decision-making kind of SMBs pushing software decisions out. It seems like ex FI BILL net adds got a little bit better, but still under that kind of 4,000 to 5,000 mark. Are you seeing improvement in terms of the cycles there? And how should we think about sort of normalization over the next few quarters?

Rene，也許我可以再偷偷加入一個，因為你提到了那種更好的淨新增配置文件。我記得上個季度，中小企業的決策出現了一些延誤，將軟件決策推遲了。似乎 ex FI BILL net adds 有所好轉，但仍低於 4,000 至 5,000 大關。您是否看到那裡的周期有所改善？我們應該如何考慮未來幾個季度的正常化？

One of the great things about our business is our go-to-market strategy. We have a very robust multichannel distribution approach which allows us to support businesses and small businesses wherever they may be and whatever they're looking for. Solutions to help them really automate their financial operations, and that's how we become the financial nervous system for SMBs.

我們業務的一大優點是我們的上市戰略。我們有一個非常強大的多渠道分銷方法，使我們能夠支持企業和小型企業，無論他們身在何處，無論他們在尋找什麼。幫助他們真正實現財務運營自動化的解決方案，這就是我們如何成為中小企業的財務神經系統。

And so what we have continue to see is in our direct channel, we continue to see kind of the macro play out in that, the smallest businesses continue to kind of be in this wait-and-see mode versus a growth mode, and so they have waited to make decisions to add on different expenses to their business. And then when it comes to the accountants that we also serve, we see accountants being very focused on how to help their customers from a strategic perspective really drive efficiency in their business, and so they're not as busy adding new customers as we would like to see.

因此，我們繼續在我們的直接渠道中看到，我們繼續看到其中的宏觀表現，最小的企業繼續處於這種觀望模式而不是增長模式，等等他們一直在等待為他們的業務增加不同費用的決定。然後談到我們也服務的會計師，我們看到會計師非常關注如何從戰略角度幫助他們的客戶真正提高他們的業務效率，因此他們不像我們那樣忙於增加新客戶希望看到。

Ultimately, this is kind of the macro condition that we talked about that when it impacts the net new ads, it's because they're focused on using our platform to manage their business today. And we believe the opportunity that we see across channels, hence what we saw with the financial institution channel, shows the robustness of our capabilities here that SMBs, when they need something, when it comes to financial operations, they're going to come to BILL.

最終，這是我們談到的一種宏觀條件，當它影響淨新廣告時，這是因為他們今天專注於使用我們的平台來管理他們的業務。我們相信，我們在各個渠道看到的機會，以及我們在金融機構渠道看到的機會，都表明了我們在這方面的強大能力，即當中小企業需要某些東西時，當涉及到金融業務時，他們會來找我們賬單。

The next question comes from Josh Beck.

下一個問題來自 Josh Beck。

I wanted to ask a little bit about Divvy. Certainly, you've started to unify the experience with BILL. I think you were talking really across the web and mobile apps, but certainly, you seem to have more plans. So maybe just help us understand what may be some of the early learnings have been? And really, just how we should think about the cross-sell potential in the coming years?

我想問一些關於 Divvy 的問題。當然，您已經開始將體驗與 BILL 統一起來。我認為您實際上是在通過網絡和移動應用程序進行交談，但可以肯定的是，您似乎有更多計劃。所以也許只是幫助我們了解一些早期的學習可能是什麼？真的，我們應該如何考慮未來幾年的交叉銷售潛力？

From the beginning, we have taken the time and placed the effort around purposely building a robust, interconnected platform that allows us to offer multiple types of payment products to our SMBs to be able to serve them as they need. And with the acquisition of Divvy, the focus has been on how do we continue to extend that platform. And so we have defined this as our unified platform, it's something that we're very focused on.

從一開始，我們就花時間和精力有目的地構建一個強大的互連平台，使我們能夠為我們的 SMB 提供多種類型的支付產品，以便能夠根據他們的需要為他們提供服務。隨著對 Divvy 的收購，重點一直放在我們如何繼續擴展該平台上。所以我們將其定義為我們的統一平台，這是我們非常關注的事情。

And to begin that integration, we first started with unifying the data lake, if you will, being able to have the ability to see customer data across both platforms and have a single view of that. And that led us into also having a unified brand approach, which you saw that in the fall where we kind of released and shared kind of how we're thinking about branding. And what we announced this quarter is that the look and feel that customers see is actually one experience now. It's one color system, as an example, one sign on, one unified identity.

為了開始這種整合，我們首先從統一數據湖開始，如果你願意的話，能夠跨兩個平台查看客戶數據並擁有一個單一的視圖。這導致我們也採用了統一的品牌方法，你在秋天看到了我們發布並分享了我們對品牌的思考方式。我們在本季度宣布的是，客戶現在看到的外觀和感覺實際上是一種體驗。這是一個顏色系統，例如，一個標誌，一個統一的身份。

That allows us to focus on the next phase, which we think is going to be an important phase to go after that sizable cross-sell opportunity that we talked about, which is to have the platforms integrated from an experience perspective, a more unified experience. Not just from a color perspective, which is the first step of look and feel, but now integrating different software features and capabilities across that unified experience.

這使我們能夠專注於下一階段，我們認為這將是追求我們談到的大規模交叉銷售機會的重要階段，即從體驗的角度整合平台，提供更統一的體驗.不僅僅是從顏色的角度來看，這是外觀和感覺的第一步，現在還集成了不同的軟件特性和功能來實現統一的體驗。

And so we are committed to getting that done this calendar year. It's been our plan all along to deliver that this calendar year, and we feel very good about where we're at in that execution of that requirement for the business, and we're excited about what that's going to mean for the cross-sell opportunity. Like we said, we really believe it is a sizable opportunity. We see from the customers that are already using both BILL and Divvy, the value they get out of it. We also see the increased usage and spend across both platforms when they work together. It becomes very, very sticky, the application and the service that we provide. And that's something that we're excited about and look forward to rolling that out later this year.

因此，我們致力於在本日曆年完成這項工作。我們一直計劃在這個日曆年實現這一目標，我們對我們在執行該業務需求方面所處的位置感到非常滿意，我們對這對交叉銷售意味著什麼感到興奮機會。正如我們所說，我們真的相信這是一個巨大的機會。我們從已經使用 BILL 和 Divvy 的客戶那裡看到了他們從中獲得的價值。我們還看到，當兩個平台協同工作時，它們的使用量和支出都有所增加。我們提供的應用程序和服務變得非常非常粘。這是我們感到興奮並期待在今年晚些時候推出的事情。

And then maybe FI related question. It sounds like BofA is really zeroing in on the SMB segment for the white label option and looking to maybe put the commercial over to more of a direct relationship, so that's certainly interesting to hear. How applicable do you think this is across your broader swath of FI customers and really finding the strong product market fit within SMB in particular?

然後可能是與 FI 相關的問題。聽起來 BofA 確實將注意力集中在 SMB 細分市場的白標選項上，並希望將商業廣告轉移到更多的直接關係中，所以聽到這肯定很有趣。您認為這在更廣泛的 FI 客戶中有多適用，並且真正找到適合 SMB 的強大產品市場？

Yes. I think the thing that we've always focused on is creating value for our partners and really being there to serve them, and so we do have multiple relations with Bank of America. We have a small business relationship and we have the commercial relationship. And when we did the commercial relationship 10 years ago, we were integrating already into what I would call a legacy platform that the bank had. And so we're at a point now where this platform, now 10 years later, the bank has made a decision to go in a different direction and sunset that legacy platform that supported, really, just the ACH and check capabilities from a BILL pay product perspective.

是的。我認為我們一直關注的事情是為我們的合作夥伴創造價值並真正為他們服務，因此我們確實與美國銀行建立了多種關係。我們有一個小的業務關係，我們有商業關係。當我們 10 年前建立商業關係時，我們已經整合到我稱之為銀行擁有的遺留平台中。因此，我們現在正處於這個平台，現在 10 年後，銀行已經決定朝著不同的方向前進，並淘汰了那個實際上只支持 ACH 和 BILL 支付支票功能的傳統平台產品視角。

And so from our perspective, this is kind of a one-off situation. When you look at the financial institution partners across, we continue to do more and more with all of our partners, including Bank of America. And so we think this channel is going to be super important as financial operations becomes part of the fabric of every SMB, and we're going to continue to focus on serving those FIs. We have 6 out of the top 10. We're going to continue to focus on serving them with more and more products and more capabilities.

所以從我們的角度來看，這是一種一次性的情況。縱觀各地的金融機構合作夥伴，我們會繼續與包括美國銀行在內的所有合作夥伴開展越來越多的合作。因此，我們認為隨著金融業務成為每個中小企業結構的一部分，這個渠道將變得非常重要，我們將繼續專注於為這些金融機構提供服務。前 10 名中有 6 家。我們將繼續專注於為他們提供越來越多的產品和更多的功能。

We now have Darrin Peller with Wolfe Research.

我們現在有來自 Wolfe Research 的 Darrin Peller。

I guess if we could just start with the take rate expansion, and I know that's not -- it's more of an output than it is a direct focus necessarily. However, I know after last quarter, it didn't expand sequentially as much as you had seen before. We talked about it and you guys said there may be some areas of being more proactive on that front, whether that's supply enablement or other categories. I mean we did see a material expansion this quarter, I think roughly 3x or 2x more than it had been before sequentially. So can you just comment on what drove some of that strength? And if there are some proactive moves you're making and looking? If there's any sustainability and we can count on?

我想我們是否可以從擴大採用率開始，我知道那不是——它更多的是輸出而不是直接關注。然而，我知道在上個季度之後，它並沒有像你之前看到的那樣連續擴張。我們討論過它，你們說在這方面可能會有一些更積極主動的領域，無論是供應支持還是其他類別。我的意思是，本季度我們確實看到了實質性擴張，我認為比之前連續增長了大約 3 倍或 2 倍。那麼你能評論一下是什麼推動了這種力量嗎？如果您正在採取和尋找一些積極主動的舉措？如果有任何可持續性，我們可以指望？

Darrin. I'll start and then let John add some more color.

達林。我先開始，然後讓 John 添加更多顏色。

First and foremost, we've built a very strong platform that allows us to use multiple levers across the business to drive monetization and more uses of our payment products. And in any given quarter, we're doing different things, experimenting, testing and driving that capability, and we've always said that it's not going to be a linear approach to get to the ultimate expansion of monetization with our customers, and this is a good example. We had a lot of great experiments that worked well for us this quarter.

首先，我們已經建立了一個非常強大的平台，使我們能夠在整個業務中使用多種槓桿來推動貨幣化和我們支付產品的更多使用。在任何給定的季度，我們都在做不同的事情，試驗、測試和推動這種能力，我們一直說，與客戶一起實現貨幣化的最終擴展不會是一種線性方法，而這是一個很好的例子。本季度我們進行了很多對我們很有效的偉大實驗。

I'll let John kind of talk more to that.

我會讓 John 多談一點。

We saw really strong ad valorem adoption during the quarter and that's tied into the suite of payment offerings that we have, and those are resonating with both buyers and suppliers. Specifically, we saw really good adoption and penetration with both virtual card payments and our pay-by-card solution as well as a continued mix shift with our international payment products, where we're seeing more foreign currency transactions versus U.S. dollar transactions and a lower, smaller headwind around FX losses that we called out last quarter.

我們在本季度看到了非常強勁的從價付款採用，這與我們擁有的一系列支付產品相關，並且引起了買家和供應商的共鳴。具體來說，我們看到虛擬卡支付和我們的按卡支付解決方案都得到了很好的採用和滲透，以及我們的國際支付產品的持續組合轉變，我們看到更多的外幣交易與美元交易相比，我們上個季度提到的外匯損失帶來的逆風更低、更小。

Looking ahead, I mean, I think it's fair to assume typical average quarterly expansion rates. Obviously subject to, there is some quarterly fluctuation here that Rene mentioned plus any sort of macro-induced behavioral changes. But we feel really good about the performance in the quarter and how the ad valorem products we have are increasingly resonating with our small business customers.

展望未來，我的意思是，我認為假設典型的平均季度擴張率是公平的。顯然，Rene 提到的這裡存在一些季度波動以及任何宏觀誘導的行為變化。但我們對本季度的表現以及我們擁有的從價產品如何越來越引起我們的小企業客戶的共鳴感到非常滿意。

I mean a very quick follow-up, just the comments you made on TPV into the next quarter. Is there an element of just macro conservatism? Are you seeing a real change in behavior on customers? Just a quick update.

我的意思是非常快速的跟進，只是你對 TPV 的評論進入下一季度。是否存在宏觀保守主義的因素？您是否看到客戶行為發生了真正的變化？只是一個快速更新。

I'd say looking ahead to this June quarter, we're assuming that the environment is going to be relatively stable, the external macro environment. And that small businesses are continuing to adjust their spend patterns and what ultimately flows through our platform as TPV in light of inflation, interest rates, credit.

我想說展望這個 6 月季度，我們假設外部宏觀環境將相對穩定。鑑於通貨膨脹、利率和信貸，小企業正在繼續調整他們的支出模式，以及最終通過我們的平台作為 TPV 流動的內容。

All of those things are continuing to force SMBs and our customers to react. So we're assuming that continues, but no significant worsening of the environment where we would see major changes from SMB. So it's kind of a continuation of the trends that we feel like we experienced in the March quarter.

所有這些事情都在繼續迫使中小企業和我們的客戶做出反應。所以我們假設這種情況會持續下去，但我們會看到 SMB 發生重大變化的環境沒有明顯惡化。因此，這是我們在 3 月季度所經歷的趨勢的延續。

We now have Brent Bracelin of Piper Sandler.

我們現在有 Piper Sandler 的 Brent Bracelin。

Maybe I'll start with John. Core TPV clearly was stronger than expected, 3 months ago, it sounds like that was partially tied to SMB stabilization. Can you talk a little bit about linearity of the core TPV trends there on a monthly basis? And did that trend off at all in March, just given some of the regional banking issues? Just any color on linearity would be helpful.

也許我將從約翰開始。核心 TPV 顯然強於 3 個月前的預期，這聽起來部分與 SMB 穩定有關。您能否每月談談核心 TPV 趨勢的線性度？考慮到一些區域性銀行問題，這種趨勢在 3 月份是否完全消失了？線性度上的任何顏色都會有所幫助。

First, I'd just remind everyone that the March quarter is typically seasonally softer from a spend standpoint than the December quarter. We didn't experience, in the December quarter, the normal historical, like, seasonal uptick, and so we had assumed that, that aberration would continue in the March quarter, and we really didn't see that. We saw spend trends throughout the quarter that were pretty consistent with seasonal patterns that we've seen historically.

首先，我只想提醒大家，從支出的角度來看，3 月季度通常比 12 月季度季節性疲軟。在 12 月季度，我們沒有經歷過正常的歷史性季節性上升，因此我們假設這種異常會在 3 月季度繼續，但我們真的沒有看到這一點。我們看到整個季度的支出趨勢與我們以往看到的季節性模式非常一致。

Now the overall level of spend is reduced as we -- as I mentioned before, SMBs are scaling back their spending. But the patterns throughout the quarter seem to be pretty consistent, and that's what led to our commentary about some initial signs of stabilization in spend trends.

現在總體支出水平下降了——正如我之前提到的，中小企業正在縮減支出。但整個季度的模式似乎非常一致，這就是我們對支出趨勢穩定的初步跡象發表評論的原因。

Just one thing I'd add, just you asked about kind of the regional bank. One of the beautiful things about our platform is that our customers can switch and add multiple bank accounts. And so for them, this was a nonevent because we stood up and we took care of our customers.

我只想補充一件事，你問的是那種地區性銀行。我們平台的一大優點是我們的客戶可以切換和添加多個銀行賬戶。所以對他們來說，這不是什麼大事，因為我們挺身而出，照顧好我們的客戶。

And then, Rene, one of the biggest questions I get from investors on Intuit. And I was wondering if you could just talk about Intuit as a partner and maybe potential competitor someday, just given the co-marketing agreement there could lapse here in June? And how you view your differentiation versus Intuit?

然後，Rene，這是我在 Intuit 上從投資者那裡得到的最大問題之一。我想知道你是否可以在某天將 Intuit 作為合作夥伴和潛在競爭對手來談論，只是考慮到聯合營銷協議可能會在 6 月失效？您如何看待您與 Intuit 的差異化？

First off, I would just say that the current contract is approximately 1% of the revenue of the business, so it's not material to the business. And the opportunity that we have with larger businesses, which is where we are focused, continues to prove out with our direct and our financial institutional channels. We see lots of large businesses coming on the platform so we believe in that.

首先，我只想說，目前的合同大約佔企業收入的 1%，因此對企業來說並不重要。我們所關注的大型企業所擁有的機會繼續通過我們的直接渠道和金融機構渠道得到證明。我們看到許多大型企業加入該平台，因此我們相信這一點。

And so I guess what I would just say more broadly is that what may look simple from the outside is really rather difficult to build. I've been building payment solutions for SMBs for over 3 decades, and I'm not the only person on the team and the company that has decades of experience doing this. So that knowledge, that expertise, that ability to execute allows us to take the complexities of financial operations and payments and all the things that are involved with BILL Pay and we suspend management receivables and make it simple.

所以我想我想更廣泛地說的是，從外面看起來很簡單的東西實際上很難建造。 3 多年來，我一直在為 SMB 構建支付解決方案，而且我不是團隊和公司中唯一擁有數十年經驗的人。因此，知識、專業知識和執行能力使我們能夠處理財務運營和支付的複雜性以及與 BILL Pay 相關的所有事情，我們暫停管理應收賬款並使其變得簡單。

And our ability to be able to do that is something because we've integrated all the process automation and workflow capabilities and payment capabilities into one platform. We're not just a system of record for our customers. We're also the system of engagement for our customers. And behind all of that, we have a regulatory compliance and redundancy capabilities that we showed and proved out this quarter with the March challenges in the financial regional bank world.

我們之所以能夠做到這一點，是因為我們已經將所有流程自動化和工作流功能以及支付功能集成到一個平台中。我們不僅僅是客戶的記錄系統。我們也是客戶的參與系統。在所有這一切的背後，我們擁有監管合規性和冗餘能力，我們在本季度展示並證明了金融區域銀行世界 3 月份的挑戰。

So from our perspective, the money movement that we have at $250 billion plus on an annual basis really speaks to the complexity we have, the leadership we have, and ultimately, I would say that we're busy taking all the learnings from the customers we have, the experiences, the data and really setting the innovation agenda for tomorrow and for the next year and the year after that and so on while others are really kind of looking at what we did 2 or 3 years ago and modeling their entry into the go-to-market of financial operations with what we were doing in the past.

因此，從我們的角度來看，我們每年 2500 億美元以上的資金流動確實說明了我們的複雜性、我們的領導能力，最終，我想說我們正忙於從客戶那裡吸取所有經驗教訓我們擁有經驗、數據，並真正為明天、明年和後年等製定創新議程，而其他人真的在看我們 2 或 3 年前所做的事情，並為他們的進入建模與我們過去所做的一樣，將金融業務推向市場。

So we're going to continue to focus on the future. We're going to continue to innovate, continue to add payment capabilities, continue to add working capital capabilities. We're going to continue to do more and more so that SMBs have less and less to worry about. We're going to take that mess off their plate and really make it go away.

所以我們將繼續關注未來。我們將繼續創新，繼續增加支付能力，繼續增加營運資金能力。我們將繼續做越來越多的工作，讓中小型企業越來越不用擔心。我們要把他們盤子裡的爛攤子拿走，真正讓它消失。

We now have Kenneth Suchoski from Autonomous.

我們現在有來自 Autonomous 的 Kenneth Suchoski。

I think you mentioned that 3,500 net adds ex the FI channel is kind of the right number going forward. We saw a little bit of an acceleration this quarter versus last, so I'm just curious like why is 3,500 the right number? Or should this accelerate back to that kind of 5,000 type of net adds type of range? And then just any thoughts on kind of the visibility you have into this number.

我想你提到過 FI 渠道前的 3,500 個淨增加是一個正確的數字。我們看到本季度與上一季度相比有所加速，所以我很好奇為什麼 3,500 是正確的數字？或者這應該加速回到那種 5,000 類型的淨增加範圍類型？然後就是關於您對該數字的可見性的任何想法。

First and foremost, and I've said this many times, this is a massive opportunity. Like we have been creating and defining this category of financial operations, automating payable spend, expense and AR capabilities for our customers for a number of years, and what we see in the future is that there's so much more opportunity in front of us. What we've talked about is that the macro environment means that businesses in general are in this wait and see, not grow mode, and that means that some businesses are waiting to take on additional expense before they actually move forward with the opportunities to create more efficiency. So we do think that will change as we see the other side of this economy when we could see the light at the end of the tunnel of this, wait and see.

首先，我已經說過很多次了，這是一個巨大的機會。就像我們多年來一直在為我們的客戶創建和定義此類財務操作、自動化應付支出、費用和 AR 功能一樣，我們在未來看到的是，我們面前有更多的機會。我們所說的是，宏觀環境意味著企業普遍處於觀望而非增長模式，這意味著一些企業在實際推進創造機會之前等待承擔額外費用更高的效率。因此，我們確實認為，當我們看到隧道盡頭的曙光時，當我們看到經濟的另一面時，情況將會改變，拭目以待。

And we really believe that the multichannel distribution approach we have will continue to serve us well, that we can continue to build our customer base across all channels. And what that means is that, just as a reminder, that allows us to continue building our network. And the network customers really do provide value for every customer experience and allows us to continue to grow our direct experience as well.

我們真的相信，我們擁有的多渠道分銷方式將繼續為我們服務，我們可以繼續在所有渠道建立我們的客戶群。這意味著，就像提醒一樣，這使我們能夠繼續建立我們的網絡。網絡客戶確實為每一次客戶體驗提供了價值，並使我們能夠繼續發展我們的直接體驗。

And I think the thing that we continue to be most excited about is just the satisfaction we see with customers and how they use the product and the time savings that they have and all the things that we do. So we believe there's a bigger opportunity that we're going to continue to grow and work on and leverage the simplicity capabilities that we're learning every day to make this more available to more customers.

而且我認為我們仍然最興奮的事情就是我們對客戶的滿意度以及他們如何使用該產品以及他們所節省的時間以及我們所做的所有事情。因此，我們相信有一個更大的機會，我們將繼續發展和努力，並利用我們每天都在學習的簡單功能，讓更多的客戶可以使用它。

And I guess just as my follow-up question. If we put the FI channel to the side for a second, we look at the business ex-FI, the TPV per customer was down just 5% year-over-year. It was down 7% year-over-year last quarter, and it sounds like you're feeling better about the macro. So do you think that year-over-year change in TPV per customer ex-FI has troughed? And can you talk about how we should think about the normalized growth of this metric over the medium term and just the building blocks of that?

我想就像我的後續問題一樣。如果我們把 FI 渠道放在一邊，我們看看前 FI 業務，每位客戶的 TPV 同比僅下降 5%。上個季度同比下降 7%，聽起來你對宏觀經濟感覺好多了。那麼，您認為前 FI 客戶的 TPV 同比變化是否已經觸底？你能談談我們應該如何考慮這個指標在中期的正常增長以及它的基石嗎？

Good question. You're right on the stats there. We felt pretty good about the trends in the quarter in TPV and starting to see what looked like a little more normal patterns. But I think it's early to call a trough or a reversion to growth mode. As Rene mentioned, businesses seem to be still scaling back, so we would expect -- and our estimates for Q4 reflect this, we expect softer spend in the near term.

好問題。你對那裡的統計數據是正確的。我們對 TPV 本季度的趨勢感到非常滿意，並開始看到看起來更正常的模式。但我認為現在稱市場處於低谷或回歸增長模式還為時過早。正如 Rene 提到的那樣，企業似乎仍在縮減規模，所以我們預計——我們對第四季度的估計反映了這一點，我們預計短期內支出會減少。

Over the intermediate term, I think there's still a lot of dependencies on the macro environment and what's happening with interest rates and the credit situation out there. So we'll certainly have more visibility into some of these patterns by the time we get to our August FY '24 call and we'll definitely update everyone then.

從中期來看，我認為仍然有很多對宏觀環境的依賴，以及利率和信貸狀況的變化。因此，到我們召開 24 財年 8 月的電話會議時，我們肯定會對其中一些模式有更多的了解，屆時我們肯定會更新所有人。

We now have Taylor McGinnis from UBS.

我們現在有來自瑞銀的 Taylor McGinnis。

Maybe just to piggyback off the last question. When we think about the stabilization that you're seeing with SMBs reacting to the macro post-December, anything you can share on the mix of that spend in terms of what might be more discretionary versus fixed? And is the stabilization that you guys are seeing at all a reflection of that mix maybe being more -- at a more favorable level potentially today?

也許只是為了解決最後一個問題。當我們考慮您看到的中小型企業對 12 月後的宏觀經濟做出反應的穩定性時，您可以就支出的組合分享任何可以自由支配和固定支出的內容嗎？你們看到的穩定性是否完全反映了這種組合可能更多 - 在今天可能處於更有利的水平？

Yes. I think this really is -- thank you, Taylor, for the question. This really is the macro, this wait and see is something that businesses are tightening.

是的。我認為這確實是——謝謝 Taylor 提出的問題。這確實是宏觀，這種觀望是企業正在收緊的事情。

Just one perspective maybe to think about is that we serve a broad swath of the economy, right? We have businesses of all sizes, all segments, and so we see and have insights into spend across businesses and across industries that we think is unique. And one of the things that is consistent is no matter what the industry is, is that larger businesses have more discretionary spend and they tighten more of their belt than smaller businesses. And so what that means is that the impact on our overall TPV, even though all businesses are tightening, is impacted more by the larger businesses on the platform, which would make sense.

可能需要考慮的一個觀點是，我們服務於廣泛的經濟領域，對嗎？我們擁有各種規模、所有細分市場的企業，因此我們看到並洞察了我們認為獨特的跨企業和跨行業的支出。無論行業是什麼，其中一件事是一致的，那就是與小企業相比，大企業有更多的可自由支配的支出，而且他們勒緊腰帶的次數更多。因此，這意味著即使所有業務都在收緊，對我們整體 TPV 的影響更多地受到平台上較大業務的影響，這是有道理的。

And so what we're starting to see is that, we're the early signs of it stabilizing. I think we need a little bit more data before we say any more about it, but that's really -- what we think is the platform enables businesses to manage their spend, be thoughtful about it, and they're in a better position when they're on BILL than when they're not.

所以我們開始看到的是，我們是它穩定的早期跡象。我認為在我們再談之前我們需要更多的數據，但這確實是——我們認為該平台使企業能夠管理他們的支出，對其進行深思熟慮，並且他們在他們處於更好的位置時在 BILL 上比他們不在時。

We now have William Nance of Goldman Sachs.

我們現在有高盛的 William Nance。

I wanted to kind of follow up on the point that you made on the BofA partnership. With those customers moving from the BofA channel to the direct channel, I guess could you put some parameters around just how large of a move in customers we're talking about here?

我想跟進你就美國銀行合作夥伴關係提出的觀點。隨著這些客戶從美國銀行渠道轉移到直接渠道，我想你能否給出一些參數來說明我們在這裡談論的客戶轉移有多大？

And then we generally think about the monetization in the direct channel as being significantly higher than the FI channel. Is that something that we're going to see in the near term as these customers come over? And could you kind of talk about how that might differ between upfront movements in subscription versus transaction revenue?

然後我們通常認為直接渠道的貨幣化明顯高於 FI 渠道。隨著這些客戶的到來，我們會在短期內看到這種情況嗎？您能否談談訂閱與交易收入的前期變動之間的差異？

Great question. I think the first thing I would kind of call out is that we have a very strong partnership with the bank, and it's because of the strength of that partnership that we've been able to work with them on helping those customers make a decision about migrating and migrating over. And already, we've seen many of the customers that are active migrate to our platform and it's only been -- May 1 was the effective date that the bank set out. So it's very, very early for us, but we feel good that many of the active customers are coming over.

很好的問題。我想我首先要說的是，我們與銀行有著非常牢固的合作夥伴關係，正是由於這種合作夥伴關係的力量，我們才能夠與他們合作，幫助這些客戶做出關於遷移和遷移過來。而且，我們已經看到許多活躍的客戶遷移到我們的平台，而且它只是 - 5 月 1 日是銀行設定的生效日期。所以現在對我們來說還很早，但是我們很高興許多活躍的客戶都來了。

And to your point, those customers when they come over, they have the ability to leverage all of our payment capabilities. And so that could be anything from virtual card, which is kind of built into the direct experience, to instant transfer to cross-border payments to working capital invoice financing. These are all things that we know will drive the ARPU up on those customers and we expect that will be an important contributor for us in the future relative to the relationship overall. And it's something that we're happy to serve the customers and make sure that we're delivering for them.

就您而言，那些客戶過來時，他們有能力利用我們所有的支付功能。因此，這可以是任何東西，從某種程度上內置於直接體驗中的虛擬卡，到即時轉賬到跨境支付，再到營運資金發票融資。這些都是我們知道會推動這些客戶的 ARPU 的所有事情，我們預計這將成為我們未來相對於整體關係的重要貢獻者。我們很樂意為客戶提供服務，並確保我們為他們提供服務。

And then maybe just a question on working capital. I think you guys have been rolling that out. Could you talk about just kind of where we are and any initial thoughts around how you think about attach rates in that product and what that might look like over time?

然後可能只是關於營運資金的問題。我認為你們一直在推出它。您能否談談我們所處的位置以及您如何看待該產品的附加率以及隨著時間的推移可能會是什麼樣子的任何初步想法？

So let me start, and then I'll let John add some additional color. The way we think about things is to always build something that's going to be robust, stand the test of time, deliver for customers, deliver for shareholders. And so as we roll this out into our beta program, we are learning about what it is that customers want, how to actually manage the capabilities that we have.

那麼讓我開始吧，然後我會讓約翰添加一些額外的顏色。我們思考事物的方式是始終構建穩健的東西，經得起時間的考驗，為客戶交付，為股東交付。因此，當我們將其推廣到我們的測試程序中時，我們正在了解客戶想要什麼，以及如何實際管理我們擁有的功能。

And what we see so far has us encouraged about the opportunity in the future, we're going to continue to work on rolling that out and making sure that contributes in a way to the customers' experience as well as our financial experience.

到目前為止，我們所看到的讓我們對未來的機會感到鼓舞，我們將繼續努力推廣它，並確保這會以某種方式為客戶體驗和我們的財務體驗做出貢獻。

So John, anything else?

約翰，還有什麼事嗎？

Yes, just a quick follow-up to that. One of the things that we previously mentioned is that we're in the middle of the transaction flow with our platform. We see the vast majority of B2B spend with our customers on our platform, and we think it's a perfect spot to offer alternatives that help improve cash flow and liquidity for customers. That was our thesis in rolling out this product initially, and we've been testing and learning.

是的，只是對此的快速跟進。我們之前提到的一件事是，我們正處於平台交易流程的中間。我們看到絕大多數 B2B 支出都是在我們的平台上與客戶進行的，我們認為這是提供有助於改善客戶現金流和流動性的替代方案的完美場所。這是我們最初推出該產品的論點，我們一直在測試和學習。

It's still very small. I wouldn't say we're at full launch yet. The feedback has been very positive, and we're starting to be able to validate many of the initial assumptions that we had about product adoption and repeat usage and things of that nature.

它仍然很小。我不會說我們已經全面啟動了。反饋非常積極，我們開始能夠驗證我們對產品採用和重複使用以及類似性質的許多初步假設。

So I'd say we're a ways away from the scaling phase on that product but we believe it can be a really interesting product. Perhaps in the near term, not something that moves the needle overall for our business. But over the longer term, we think it'll be a really nice addition to our ad valorem portfolio.

所以我想說我們距離該產品的擴展階段還有很長的路要走，但我們相信它可能是一個非常有趣的產品。也許在短期內，這不會對我們的業務產生整體影響。但從長遠來看，我們認為這將是對我們從價投資組合的一個非常好的補充。

Your next question comes from Keith Weiss of Morgan Stanley.

你的下一個問題來自摩根士丹利的 Keith Weiss。

It's [Jonathan] on for Keith. Can you help unpack where across your customer base you're seeing strength in ad valorem adoption? Does it resonate more with larger SMBs, smaller SMBs, perhaps middle market?

基思輪到 [喬納森] 了。您能否幫助解開客戶群中您在從價採用方面看到優勢的地方？它是否更能引起大型 SMB、小型 SMB，也許是中型市場的共鳴？

We see -- really kind of depends probably on the product, right? Larger businesses, for example, have more cross-border payments so there's definitely strength there. But then you think about our working capital invoice acceleration and our instant transfers, that would be more across the supplier network that we built. One of the things we shared in the script is that around 30% of the revenue is driven by those connections in our network that allow suppliers to choose how they want to get paid and when they want to get paid, so we see the virtual card product is something that goes across all of our direct customers. And so we see strength across all customer segments there.

我們看到 - 真的有點取決於產品，對吧？例如，較大的企業有更多的跨境支付，所以這方面肯定有優勢。但是你想想我們的營運資金發票加速和我們的即時轉移，這將更多地跨越我們建立的供應商網絡。我們在腳本中分享的一件事是，大約 30% 的收入是由我們網絡中的那些連接驅動的，這些連接允許供應商選擇他們想要獲得付款的方式和時間，所以我們看到了虛擬卡產品涉及我們所有的直接客戶。因此，我們看到了那裡所有客戶群的實力。

And I think it's, again, just a testament and a proof point across the durability of our business and the strength across the business that we have these levers to pull depending on what the customer needs and when they need it, and I think that's something we've worked hard to build. It's not something that happens overnight. It's something that it takes many years to build to do it properly, and we're very happy and proud of the results we have today.

而且我認為，這再次證明了我們業務的持久性和整個業務的實力，我們擁有這些槓桿，可以根據客戶的需求和時間來拉動，我認為這就是我們努力打造。這不是一夜之間發生的事情。這是需要很多年才能正確完成的事情，我們為今天的結果感到非常高興和自豪。

As a follow-up, you briefly touched on this before, but can you talk through the traction you're seeing in the go-to-market motion, especially in this environment? And whether the 3-month free trials that were offered had any impact there?

作為後續行動，您之前簡要地談到了這一點，但您能否談談您在進入市場運動中看到的牽引力，尤其是在這種環境下？提供的 3 個月免費試用是否有任何影響？

Yes. At a holistic perspective, we definitely believe that the macro environment is a headwind for customer adoption right now. And that's really because smaller businesses are not looking to increase any of their expenses now while they wait and see what's going to happen with the economy, and we see that across the direct business. We see that in the accounting channel where accountants are very focused on supporting the existing customers managing the uncertainty in the macro environment. Accountants also have a challenge with labor. They need more people to be able to add more clients and serve their more businesses, so that's also a factor out there.

是的。從整體的角度來看，我們絕對認為宏觀環境目前是客戶採用的逆風。這真的是因為較小的企業現在不打算增加任何開支，而他們正在等待，看看經濟會發生什麼，我們在整個直接業務中都看到了這一點。我們在會計渠道中看到，會計師非常專注於支持現有客戶管理宏觀環境中的不確定性。會計師在勞動力方面也面臨挑戰。他們需要更多的人來增加更多的客戶並為他們的更多業務提供服務，所以這也是一個因素。

What we're seeing at play for us is that the multichannel distribution means that we get more awareness and more opportunities to interact with more businesses because of the financial institution strategy, because of the accounting strategy, because of our direct strategy, and that's what's playing out really well for us. The fact that we have multiple ways to serve customers, and that allows us to build a stronger and stronger network, which allows us to create a stronger experience for our customers across the platform.

對我們來說，我們看到的是多渠道分銷意味著我們獲得更多的意識和更多的機會與更多的企業互動，因為金融機構戰略，因為會計戰略，因為我們的直接戰略，這就是對我們來說真的很好。事實上，我們有多種方式為客戶提供服務，這使我們能夠建立一個越來越強大的網絡，這使我們能夠在整個平台上為我們的客戶創造更強大的體驗。

We now have Bryan Keane of Deutsche Bank.

我們現在有德意志銀行的 Bryan Keane。

Just a clarification on TPV. Seasonal patterns held in third quarter '23 but the guidance for 4Q TPV growth now suggests that seasonally, it will be materially different than last year. And I know there was some conservatism, I guess, baked into flat growth of TPV on the core BILL, and we did 11% year-over-year in the quarter. So just trying to think about is it finally the slowdown? How conservative it is versus are we really seeing the slowdown seasonally to kind of guide to those levels?

只是對 TPV 的澄清。 23 年第三季度保持季節性模式，但現在第四季度 TPV 增長的指導表明，季節性將與去年大不相同。而且我知道有一些保守主義，我想，在核心 BILL 上 TPV 持平增長，我們在本季度實現了 11% 的同比增長。所以只是想想想它最終會放緩嗎？與我們真正看到季節性放緩以指導這些水平相比，它有多保守？

I'd say the December quarter, the way spend patterns played out was, it was a clear deviation from historical seasonality. The March quarter looked a lot closer to normal seasonal trends. Now our TPV performance, on a quarter-to-quarter basis, down 5% or so on a -- per customer was a little bit larger of a decline than we would typically see, and so we've assumed that the Q4 time period is going to be similar performance. We're going to see some trends that are still not quite back to normal seasonal patterns.

我會說 12 月季度，支出模式的發揮方式，與歷史季節性明顯背離。三月季度看起來更接近正常的季節性趨勢。現在我們的 TPV 業績，按季度計算，每個客戶下降 5% 左右，降幅比我們通常看到的要大一點，所以我們假設第四季度將是相似的表現。我們將看到一些仍未完全回到正常季節性模式的趨勢。

At some point, when we get to a true trough or businesses start to expand again is when I think we get back to these historical seasonal trends even if it's at a lower overall level of spend, and I think that's still probably a few quarters out. But for Q4, we feel like the trends that we've outlined with our estimates are sort of a continuation of the trends we've seen in the March, and to a lesser extent, December quarters.

在某個時候，當我們達到真正的低谷或企業開始再次擴張時，我認為我們會回到這些歷史季節性趨勢，即使它處於較低的總體支出水平，我認為這可能還需要幾個季度.但對於第四季度，我們覺得我們用我們的估計概述的趨勢是我們在 3 月份看到的趨勢的延續，在較小程度上，12 月份的季度。

Yes, I was going to ask that question about visibility. When will that turn take place to get back to what you think will be seasonal trends? Is that the first half of fiscal year '24? Or is that probably not until the second half?

是的，我正要問關於能見度的問題。什麼時候會發生這種轉變，回到你認為的季節性趨勢？那是 24 財年的上半年嗎？或者可能要等到下半場？

It's a good question. I'd say it's difficult for us to estimate with precision from here given some of the dependencies on the external environment, including interest rates and in the credit environment for small businesses. But what we have seen is, I'd say, you could characterize it as a healthier set of patterns from businesses. They are adjusting. They are, obviously, the small business segment is super resilient, and we continue to see very high engagement with the platform. So that tells us there's good things ahead, but when that starts to turn, I think it's still open.

這是個好問題。我想說，鑑於對外部環境的一些依賴，包括利率和小企業的信貸環境，我們很難從這裡進行精確估計。但我們所看到的是，我想說，你可以將其描述為一套更健康的企業模式。他們正在調整。顯然，小型企業部門具有超強的彈性，我們繼續看到該平台的參與度非常高。所以這告訴我們前面有好事，但當它開始轉變時，我認為它仍然是開放的。

We now have Brad Sills with Bank of America Merrill Lynch.

我們現在有來自美國銀行美林的 Brad Sills。

I wanted to ask a question around the take rate this quarter. Obviously, real strong here. I think, John, in the past, you said perhaps with the macro, you could see some pressure, a little bit more price sensitivity on -- from suppliers, in particular, taking on virtual card. It doesn't appear to be the case. We saw a nice ramp this quarter, looks like a full basis point. So just curious what were you expecting heading into the quarter with regard to the macro impact on the uptake on ad valorem services? And then how did the quarter shape out relative to your expectations?

我想問一個關於本季度採用率的問題。顯然，這裡真的很強。我想，約翰，過去你說過，也許在宏觀方面，你會看到一些壓力，對價格更加敏感——尤其是來自供應商的虛擬卡。似乎並非如此。本季度我們看到了一個不錯的斜坡，看起來像一個完整的基點。那麼，您對本季度對從價服務的採用的宏觀影響有何期待？然後，相對於您的預期，該季度的表現如何？

We feel really good about the performance in the quarter and the adoption of our ad valorem products. The value proposition continues to resonate. There's more of an emphasis on the part of suppliers around access to cash and speed of payments and many of our products establish that value proposition, and so I think that's gone really well. We see it with virtual card adoption on the part of larger suppliers.

我們對本季度的表現和我們從價產品的採用感到非常滿意。價值主張繼續引起共鳴。供應商更多地強調獲得現金和支付速度，我們的許多產品都確立了這種價值主張，所以我認為這一切進展順利。我們在大型供應商採用虛擬卡時看到了這一點。

Our pay by card solution, while it's still small in the overall universe of payment offerings that we have, is increasingly seeing adoption. And then we continue to see very healthy levels of international transactions, international payments, which includes the FX transaction as well. So all of those things seem to be going in the right direction this quarter.

我們的卡支付解決方案雖然在我們擁有的整個支付產品領域中仍然很小，但越來越多地被採用。然後我們繼續看到非常健康的國際交易、國際支付水平，其中也包括外匯交易。因此，本季度所有這些事情似乎都在朝著正確的方向發展。

And as we've said on prior calls, there is definitely some quarter-to-quarter fluctuation that happened so it's not perfectly linear, our expansion. And so we would expect looking ahead that our normal average quarterly growth rates and monetization are probably a good proxy for what we expect going forward, subject to any quarter-to-quarter variation that might exist.

正如我們在之前的電話會議上所說，肯定會發生一些季度到季度的波動，所以我們的擴張並不是完全線性的。因此，我們預計展望未來，我們正常的平均季度增長率和貨幣化可能很好地代表了我們對未來的預期，但可能存在任何季度到季度的變化。

And one more, if I may, please. We're hearing real positive feedback from the channel on the potential for Divvy integration with core BILL. Curious, any thoughts on the progress there and what that might do for the potential cross-sell of Divvy into BILL and BILL into Divvy?

如果可以，請再來一份。我們從渠道聽到了關於 Divvy 與核心 BILL 集成的潛力的真正積極反饋。好奇，關於那裡的進展有什麼想法，以及可能對 Divvy 交叉銷售到 BILL 和 BILL 到 Divvy 中有什麼作用？

We are definitely hearing the same thing when we talk with all of our joint customers that use both the spend and expense platform that we have from Divvy and the BILL -- core BILL platform. They definitely talk to the value that it is to have all the spend in one place. It's actually one of the things that allows us to think more confidently about how things are moving for businesses across America.

當我們與所有使用 Divvy 和 BILL 核心 BILL 平台的支出和費用平台的聯合客戶交談時，我們肯定會聽到同樣的事情。他們肯定會談到將所有支出集中在一個地方的價值。這實際上是讓我們更自信地思考美國企業發展情況的原因之一。

And so from our perspective, the sizable cross-sell opportunity is really going to unlock once we have this fully integrated experience. So we're a good part of the way there. We've done all the heavy lifting underneath the covers to kind of make the platforms talk to each other, to look like one platform, and now, we just got to create that execution. So your checks are the same as ours that customers love the value of both, and we're going to continue to make sure that that's true, and then obviously execute when we get into cross-selling motion.

因此，從我們的角度來看，一旦我們擁有這種完全集成的體驗，巨大的交叉銷售機會就會真正釋放出來。所以我們是那裡的一個很好的部分。我們已經完成了幕後的所有繁重工作，以使平台相互通信，看起來像一個平台，現在，我們只需創建該執行。所以你的支票和我們的一樣，客戶喜歡兩者的價值，我們將繼續確保這是真的，然後在我們進入交叉銷售活動時顯然會執行。

We now have Tien-Tsin Huang of JPMorgan.

我們現在有摩根大通的 Tien-Tsin Huang。

I know you've covered a lot already. A lot of good answers.

我知道你已經介紹了很多。很多好的答案。

Just wanted to ask a couple of clarifications on the gross margin. It was very, very strong. John, you mentioned moderate. I think I heard a lot about monetization, et cetera, but can you just explain again the factors or rank the factors that would drive that moderation? Or are there any call outs in the third quarter that maybe we missed with gross margin?

只是想問一些關於毛利率的澄清。它非常非常強大。約翰，你提到溫和。我想我聽說過很多關於貨幣化等的事情，但你能再解釋一下這些因素或對推動這種節制的因素進行排序嗎？或者第三季度是否有任何我們可能錯過的毛利率？

I'd say we obviously have had a tailwind of benefit associated with the increasing yields and float revenue associated with our FBO allowances. As interest rates start to peak potentially here in the near term, we'll see that float revenue begin to flatten versus the curve that it's been on throughout FY '23. That's been a positive benefit of, call it, 75 to 100 basis points on our non-GAAP gross margin historically. We've also had a very favorable payment mix, meaning some of the adoption gains that we've had on the high-monetizing ad valorem products have supported the higher gross margins as well.

我想說的是，與我們的 FBO 津貼相關的收益率和浮動收入的增加，我們顯然受益匪淺。隨著利率在短期內開始可能達到峰值，我們將看到浮動收入開始趨於平坦，而曲線在整個 23 財年一直處於這種狀態。從歷史上看，這對我們的非 GAAP 毛利率來說是 75 到 100 個基點的積極好處。我們也有非常有利的支付組合，這意味著我們在高貨幣化從價產品上獲得的一些採用收益也支持了更高的毛利率。

If you go back a few quarters, I think our visibility was kind of 80%, 81% non-GAAP gross margins. We've been operating well above that. We just wanted to call out that the peak margins of 87% that we had this last quarter is probably a bit higher than will be in the near term as our payment mix starts to shift and as we start to realize a smaller benefit associated with float revenue expansion.

如果你回顧幾個季度，我認為我們的能見度是 80%，非 GAAP 毛利率為 81%。我們的運作一直遠高於此。我們只是想指出，隨著我們的支付組合開始轉變以及我們開始意識到與浮動相關的收益較小，我們上個季度 87% 的峰值利潤率可能會比近期高一點收入擴張。

And just if you don't mind clarifying. Just the Bank of America, so that commercial piece is just going to roll off, and so that's going to drive some of the difference in the user count on that basis? And then somewhat related, why is the average transaction per customer on the FI side so different than the direct?

如果您不介意澄清一下。只是美國銀行，所以商業片將要推出，那麼這將推動用戶數量的一些差異嗎？然後有點相關，為什麼 FI 端每個客戶的平均交易與直接交易如此不同？

I'll take the second one first. The average transaction per customer is different in part because each of our financial institution partners has different segments that they serve, right? So if we just take Bank of America, we have both the small business side and we have the commercial side. The commercial side would have a much larger transaction per customer than the small business side. And so when you look across the channel, the reason it's different is because I think of the success that we're seeing with the banks, the financial institutions that serve the smaller businesses, there's more units there and that drives the overall average down.

我會先拿第二個。每個客戶的平均交易量有所不同，部分原因是我們的每個金融機構合作夥伴都有不同的細分市場，對嗎？因此，如果我們僅以美國銀行為例，我們既有小型企業，也有商業企業。與小型企業相比，商業方面每個客戶的交易量要大得多。因此，當你跨過渠道看時，它之所以不同，是因為我想到我們在銀行、為小型企業服務的金融機構中看到的成功，那裡有更多的單位，這推動了整體平均水平的下降。

I think it also goes to the point that we provide a ton of value for our customers no matter the size, and that's why the banks work with us. And so when the bank decided to make this decision to sunset the legacy ACH and check BILL pay product that they had, they worked with us and are working with us to migrate those customers to our platform so the customers want to do that, and we've so far had good success doing that.

我認為這也涉及到我們為客戶提供大量價值，無論規模大小，這就是銀行與我們合作的原因。因此，當銀行決定停用遺留 ACH 並檢查他們擁有的 BILL 支付產品時，他們與我們合作並正在與我們合作將這些客戶遷移到我們的平台，因此客戶希望這樣做，我們到目前為止，這樣做取得了很好的成功。

Well, with that -- did you have one more question? Sorry. Follow-up?

好吧，你還有其他問題嗎？對不起。跟進？

No, nothing. I didn't know if you want -- if you already clarified the Bank of America. If not, I can go back to the transcript. But thanks for the education on that, Rene. It was helpful for me. Sorry, it's just simple question.

沒什麼。我不知道你是否想要 - 如果你已經澄清了美國銀行。如果沒有，我可以回到成績單。但感謝 Rene 的教育。這對我很有幫助。抱歉，這只是一個簡單的問題。

Okay. No problem. Thank you. .

好的。沒問題。謝謝。 .

I'd just like to say thanks to everyone for joining us today. We look forward to communicating our progress as we execute against our strategy to be the essential financial operations platform for SMBs.

我只想感謝大家今天加入我們。我們期待在執行成為中小企業必不可少的金融運營平台的戰略時傳達我們的進展。

Thank you, and have a great evening.

謝謝，祝您度過一個愉快的夜晚。

Thank you. I can confirm this does conclude today's call. Please have a lovely day, and you may now disconnect your lines.

謝謝。我可以確認這確實結束了今天的電話會議。祝你有美好的一天，你現在可以斷開你的線路了。