BILL Holdings Inc (BILL) 2023 Q4 法說會逐字稿

Good afternoon. Thank you for attending the BILL's Fiscal Fourth Quarter 2023 Earnings Conference Call. My name is Sara, and I'll be your moderator for today's call. (Operator Instructions) I would now like to pass the conference over to Karen Sansot, Vice President of Investor Relations at BILL. Please go ahead.

下午好。感謝您參加 BILL 2023 年第四季度財報電話會議。我叫薩拉，我將擔任今天電話會議的主持人。 （操作員指示）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 Fourth Quarter and Full Fiscal Year 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.

謝謝你，接線員。歡迎參加 BILL 的第四財季和 2023 財年全年收益電話會議。我們不久前發布了收益新聞稿，並向 SEC 提供了相關的 8-K 表格。該新聞稿可在我們網站 Investor.bill.com 的投資者關係部分找到。

With me on the call today are Rene Lacerte, Chairman, CEO and Founder of BILL; and John Rettig, Executive Vice President and CFO.

今天與我一起參加電話會議的有 BILL 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 future operations and results of BILL that involve many assumptions, risks and uncertainties. If any of these risks or uncertainties develop or if any of the assumptions prove incorrect, actual results could differ materially from those expressed or implied by our forward-looking statements. For additional discussion, 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. We disclaim any obligation to update any forward-looking statements.

在我們開始之前，請記住，在本次電話會議期間，我們可能會對 BILL 的未來運營和結果做出前瞻性陳述，其中涉及許多假設、風險和不確定性。如果出現任何這些風險或不確定性，或者任何假設被證明不正確，實際結果可能與我們的前瞻性陳述明示或暗示的結果存在重大差異。如需更多討論，請參閱今天發布的公司新聞稿中的文本以及我們向 SEC 提交的定期報告，包括我們最新的 10-K 表年度報告和 10-Q 表季度報告。我們不承擔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. Please refer to today's press release for the reconciliation of GAAP to non-GAAP financial performance and additional disclosures regarding these measures. At times during this call, we will discuss BILL's stand-alone results, which exclude our Divvy spend and expense management, Invoice2go accounts receivable and Finmark Financial Planning Solutions. Now I'll turn the call over to Rene. Rene?

在今天的電話會議上，我們將參考公認會計原則和非公認會計原則財務指標。請參閱今天的新聞稿，了解 GAAP 與非 GAAP 財務業績的調節表以及有關這些措施的其他披露。在這次電話會議中，我們有時會討論 BILL 的獨立業績，其中不包括我們的 Divvy 支出和費用管理、Invoice2go 應收賬款和 Finmark 財務規劃解決方案。現在我將把電話轉給雷內。雷內？

Thank you, Karen. Good afternoon, everyone. Thank you for joining us today. Before diving into our business results, I would like to share my thoughts on the awful disaster in Maui. I was in Maui just one mile north of the fires in Lahaina when it happened. During the fires, it was scary on so many levels, mostly because of the lack of communication that played all of West Maui.

謝謝你，凱倫。大家下午好。感謝您今天加入我們。在深入探討我們的業務成果之前，我想先分享一下我對毛伊島發生的可怕災難的看法。事情發生時，我正在毛伊島，距離拉海納火災以北一英里。火災期間，在很多層面上都很可怕，主要是因為整個毛伊島西部缺乏溝通。

Waking up Wednesday to hear the stories of destruction was devastating. Talking to the Hawaiians who knew they had lost all of their possessions and weren't sure if they had lost their friends or even worse, family members, was overwhelming. And then leaving on Thursday and driving through the war zone, not just seeing the scorched earth, but smelling it, it is something I will never forget nor should any of us.

週三醒來聽到破壞的故事是毀滅性的。與夏威夷人交談時，他們知道自己失去了所有財產，並且不確定自己是否失去了朋友，甚至更糟糕的是失去了家人，這讓他們感到不知所措。然後周四離開，開車穿過戰區，不僅看到了焦土，還聞到了它的味道，這是我永遠不會忘記的事情，我們任何人也不應該忘記。

Lahaina is at the heart of the beautiful people of Hawaii. All of the Lahaina artifacts remind us of their heritage have been lost but what cannot be lost is a strong sense of community, the Aloha spirit that makes Hawaii so special. Now is the time if you have ever felt the Aloha spirit of love, compassion and respect, to give back. The Hawaiian people need to know that their Aloha spirit is going to come back to them when they need it most. Our hearts go out to the Hawaiians and Lahaina community. We stand ready to assist our customers in all small businesses affected by these fires.

拉海納是夏威夷美麗人民的中心。所有拉海納文物都提醒我們，他們的遺產已經消失，但不能失去的是強烈的社區意識，即讓夏威夷如此特別的阿羅哈精神。如果您曾經感受到愛、同情和尊重的阿羅哈精神，現在就是回饋社會的時候了。夏威夷人民需要知道，他們的阿羅哈精神會在他們最需要的時候回到他們身邊。我們的心與夏威夷人和拉海納社區同在。我們隨時準備為受這些火災影響的所有小型企業的客戶提供幫助。

Many of us at BILL will be giving the Maui strong. Please give from your heart and let the healing begin. Thank you for your consideration.

比爾的許多人都會為毛伊島帶來強大的力量。請發自內心地給予，讓治愈開始。謝謝您的考慮。

Now on to our business results. Fiscal 2023 was a defining year for BILL. The strength of our business model and talent of our team were on full display as we delivered our commitments to hundreds of thousands of businesses during a year filled with macro challenges and banking turmoil. We delivered more than $1 billion in revenue and 65% year-over-year revenue growth, while achieving our first year of non-GAAP profitability.

現在談談我們的業務成果。 2023 財年對於 BILL 來說是決定性的一年。在充滿宏觀挑戰和銀行業動蕩的一年裡，我們向數十萬家企業兌現了我們的承諾，充分展示了我們業務模式的優勢和團隊的才能。我們實現了超過 10 億美元的收入，收入同比增長 65%，同時實現了非 GAAP 盈利的第一年。

Strong demand for our platform combined with our disciplined investment approach and rigorous execution led to non-GAAP net income of $194 million, reflecting an 18% margin. Free cash flow for the year was $157 million. We are most proud of the significant number of SMBs we empower each and every day. At the end of fiscal 2023, more than 460,000 businesses use BILL as their central hub of financial operations. We expanded our network to 5.8 million members that have originated or received an electronic payment through our platform.

對我們平台的強勁需求，加上我們嚴謹的投資方法和嚴格的執行力，導致非 GAAP 淨利潤達到 1.94 億美元，利潤率為 18%。本年度自由現金流為 1.57 億美元。我們每天為大量中小型企業提供支持，對此我們感到非常自豪。截至 2023 財年末，超過 460,000 家企業使用 BILL 作為其財務運營的中心樞紐。我們將網絡擴展到 580 萬通過我們的平台發起或接收電子支付的會員。

By making it easy for buyers and suppliers to connect and transact payments, we enabled $266 billion in total B2B payment volume across our platform, reflecting approximately 1% of U.S. GDP and a significant milestone. Our strong financial performance and significant scale are due to many factors, including the mission-critical nature of our platform, the breadth of our strategic ecosystem and constant focus to solve the needs of SMBs.

通過讓買家和供應商輕鬆連接和交易支付，我們平台上的 B2B 支付總額達到 2,660 億美元，約占美國 GDP 的 1%，這是一個重要的里程碑。我們強勁的財務業績和巨大的規模歸功於許多因素，包括我們平台的關鍵任務性質、我們戰略生態系統的廣度以及對解決中小企業需求的持續關注。

17 years ago, BILL was founded with the mission to make it simple for SMBs to connect and do business. We created a category as we set out to help businesses automate their financial back office. Early on, we knew it was important to partner within SMBs' most trusted advisers to develop the market. That is why we built an ecosystem that strategically integrates with accounting firms and the top banks in the country.

17 年前，BILL 成立，其使命是讓中小型企業輕鬆聯繫和開展業務。我們創建了一個類別，旨在幫助企業實現財務後台自動化。早期，我們知道與中小企業最值得信賴的顧問合作來開發市場非常重要。這就是為什麼我們建立了一個與國內會計師事務所和頂級銀行戰略整合的生態系統。

Driving success for our entire ecosystem is core to our DNA. Together with our partners, we can serve SMBs at a much faster pace. We have big ambitions. Today, we serve hundreds of thousands of SMBs, but we want to serve millions more. There are 30 million small businesses in the U.S. and 70 million globally. The majority still use manual paper-based processes to manage their financial back office. There is a vast opportunity to help these small businesses automate their financial operations to gain better insight to confidently manage their business and cash flow and easily transact trillions of dollars of B2B payments.

推動整個生態系統的成功是我們 DNA 的核心。與我們的合作夥伴一起，我們可以以更快的速度為中小企業提供服務。我們有遠大的抱負。今天，我們為數十萬家中小型企業提供服務，但我們希望為更多的數百萬人提供服務。美國有 3000 萬家小型企業，全球有 7000 萬家。大多數人仍然使用手動紙質流程來管理其財務後台。有巨大的機會幫助這些小型企業實現財務運營自動化，以獲得更好的洞察力，自信地管理其業務和現金流，並輕鬆處理數万億美元的 B2B 支付。

As the creator of this category and with our leading platform, payments expertise, large network, partner ecosystem and scale, we are uniquely positioned to capture these large greenfield opportunity.

作為這一類別的創建者，憑藉我們領先的平台、支付專業知識、龐大的網絡、合作夥伴生態系統和規模，我們擁有獨特的優勢來抓住這些大型綠地機會。

A great example of how we help companies reimagine their financial operations and create efficiency is Talbott Farms, a 100-year-old family farm in Colorado, known for sweet Palisade Peaches. Desiree Schuman, bookkeeper of Talbott Farms, said and I quote, "We previously received invoices in the mail and would manually enter them into our accounting system and need to print and mail out checks. BILL's accounts payable and spend management solutions changed how we do our finances. I can approve bills on the go and have real-time visibility. I save on average 2 hours a day, which is particularly important during our busy seasonal harvesting time."

Talbott Farms 是我們如何幫助企業重新構想其財務運營並提高效率的一個很好的例子，它是科羅拉多州一個擁有 100 年曆史的家庭農場，以甜 Palisade 桃子而聞名。塔爾博特農場(Talbott Farms) 的簿記員Desiree Schuman 說道：“我們以前通過郵件收到發票，然後手動將其輸入我們的會計系統，並需要打印和郵寄支票。BILL 的應付賬款和支出管理解決方案改變了我們的工作方式”

Our large-scale 2-sided network serves as a key pillar for frictionless connections and secure payment transactions. It frees our AP and AR customers from the need to share bank information with each other. It acts as a payment choice switchboard, enabling both customers and network members to choose their preferred method of payment. Our network doesn't require a subscription, is accounting software-agnostic and even works when businesses don't have a general ledger assistant. With its ease of use, tens of millions of transactions flow through our network each year. This creates a valuable data asset that we apply our AI engine to, which enables us to develop better user experiences such as auto matching customers and suppliers out of populating invoices no matter how they are received, managing risk and providing payment and funding choices for customers and network members.

我們的大規模雙向網絡是無摩擦連接和安全支付交易的關鍵支柱。它使我們的 AP 和 AR 客戶無需彼此共享銀行信息。它充當支付選擇總機，使客戶和網絡成員能夠選擇他們喜歡的支付方式。我們的網絡不需要訂閱，與會計軟件無關，甚至在企業沒有總賬助理時也能工作。由於其易用性，每年有數千萬筆交易通過我們的網絡。這創造了我們應用人工智能引擎的寶貴數據資產，使我們能夠開發更好的用戶體驗，例如自動匹配客戶和供應商，無論發票是如何收到的，管理風險並為客戶提供付款和融資選擇和網絡成員。

An example of how network members benefit from our platform and manage payment choice is Chariots of Fire Transportation, a business that provides door-to-door transportation services to seniors and disabled adults and whose clients include medical, nursing and rehabilitation centers. Chariots of Fire uses Excel as their accounting system. (inaudible), the owner said and I quote, "Every day, our drivers help many people get to the important places they need to go. We process lots of money coming in and going out. Since we pay our drivers daily, we need our money from customers quickly. BILL's instant transfer helps us a lot. By getting paid instantly instead of waiting a few days, we can better manage our cash flow and pay drivers quickly."

Chariots of Fire Transport 是網絡成員如何從我們的平台中受益並管理支付選擇的一個例子，該公司為老年人和殘疾人提供上門交通服務，其客戶包括醫療、護理和康復中心。 《烈火戰車》使用 Excel 作為其會計系統。 （聽不清），車主說，我引用一下，“每天，我們的司機都會幫助許多人到達他們需要去的重要地方。我們處理大量進出的資金。由於我們每天向司機付款，因此我們需要”

This is a great example of how the power and flexibility of our 2-sided networks and suite of payment choices help SMBs thrive. Our diverse and broad ecosystem enables us to efficiently reach small and midsized businesses. BILL is trusted by more than 85 of the top 100 accounting firms and the largest banks in the U.S., including Bank of America and JPMorgan Chase, who all put their brand on our platform to serve their customers. Payments are complex, and our partners trust us to do payments on their behalf, given our deep expertise.

這是一個很好的例子，說明我們的雙向網絡和支付選擇套件的強大功能和靈活性如何幫助中小型企業蓬勃發展。我們多樣化和廣泛的生態系統使我們能夠有效地接觸中小型企業。 BILL 受到超過 85 家排名前 100 的會計師事務所和美國最大的銀行的信任，包括美國銀行和摩根大通，他們都將自己的品牌放在我們的平台上來為客戶提供服務。支付非常複雜，鑑於我們深厚的專業知識，我們的合作夥伴相信我們能夠代表他們進行支付。

Over 7,000 accounting firms use our platform to provide financial automation, bill payment and client advisory services or cash to their clients. Our platform empowers accounts with a purpose-built console to collaborate with their staff and clients across multiple workflows, enabling them to be more strategic and serve more clients.

超過 7,000 家會計師事務所使用我們的平台為其客戶提供財務自動化、賬單支付和客戶諮詢服務或現金服務。我們的平台為客戶提供專門構建的控制台，使其能夠在多個工作流程中與員工和客戶進行協作，從而使他們能夠更具戰略性並為更多客戶提供服務。

GRF, an accounting firm based in Washington, D.C., is a great example. Elinor Litwack, partner, GRF outsourced accounting and advisory services, said and I quote, "In an environment where automation is crucial to success of any business, BILL remains a key ingredient in the growth of our cash practice. With roughly 90 clients on our BILL console, we are able to centralize billing selection, staff assignments and build implementations, transferring new clients to our BILL console or creating a new BILL instance for them (inaudible) and allows us to cross that big piece off of our onboarding checklist with ease. We've onboarded dozens of new (inaudible) clients over the past 3 years, and our practice has doubled in size. Our partnership with BILL is a critical component of our infrastructure and continued growth."

總部位於華盛頓特區的會計師事務所 GRF 就是一個很好的例子。 GRF 外包會計和諮詢服務合夥人 Elinor Litwack 表示：“在自動化對任何企業的成功都至關重要的環境中，BILL 仍然是我們現金業務發展的關鍵因素。我們擁有大約 90 名客戶。 BILL 控制台，我們能夠集中計費選擇、人員分配和構建實施，將新客戶轉移到我們的BILL 控制台或為他們創建新的BILL 實例（聽不清），並允許我們輕鬆地從入職清單中劃掉這一大塊內容. 在過去3 年裡，我們已經吸引了數十名新（聽不清）客戶，我們的業務規模也擴大了一倍。我們與BILL 的合作夥伴關係是我們基礎設施和持續增長的重要組成部分。”

Before I lay out our fiscal 2024 priorities, I will recap our fiscal 2023 accomplishments. At the start of the year, we set our priorities were to develop a unified platform experience, further scale our ecosystem and drive innovation and adoption of our payment solutions. We take our commitments seriously and have accomplished all of these objectives. We laid the foundation to launch a unified platform experience this fall, bringing our accounts payable and spend in expense management solutions seamlessly together. Our tightly woven solution with consolidated insights and unified data enables businesses to manage more of their financial back office in one place than ever before.

在闡述 2024 財年優先事項之前，我將回顧一下我們 2023 財年的成就。今年年初，我們確定的優先事項是開發統一的平台體驗，進一步擴展我們的生態系統並推動支付解決方案的創新和採用。我們認真對待我們的承諾並實現了所有這些目標。我們為今年秋天推出統一的平台體驗奠定了基礎，將我們的應付賬款和支出管理解決方案無縫地結合在一起。我們緊密結合的解決方案具有整合的見解和統一的數據，使企業能夠比以往任何時候都在一個地方管理更多的財務後台。

In parallel, we built our cross-sell plans and capabilities with the unified platform launch. We consolidated our sales teams across channels, created single customer identities and pre-approved many customers for spend and expense management credit lines. We developed cross-sell plans that encompass in product discovery, marketing campaigns, partner enablement and direct sales outreach.

與此同時，我們通過推出統一平台建立了交叉銷售計劃和能力。我們跨渠道整合了銷售團隊，創建了單一客戶身份，並預先批准了許多客戶的支出和費用管理信貸額度。我們制定了交叉銷售計劃，涵蓋產品發現、營銷活動、合作夥伴支持和直接銷售推廣。

In addition, we acquired Finmark to expand our solutions to include financial planning and analysis tools. This is an important step towards evolving our platform to empower SMBs with greater insights to run their business and manage their cash flow.

此外，我們收購了 Finmark，以擴展我們的解決方案，包括財務規劃和分析工具。這是我們平台發展的重要一步，旨在為中小企業提供更深入的洞察來運營業務和管理現金流。

In fiscal 2023, we expanded our distribution ecosystem by acquiring new partners and strengthening our existing partners by bringing more solutions to their customers. For example, in our financial institution channel, we extended our agreement with JPMorgan Chase Commercial Banking's Cashflow360 powered by BILL for another 5 years and expanded it to include additional payment capabilities.

在 2023 財年，我們通過收購新合作夥伴擴大了我們的分銷生態系統，並通過為客戶提供更多解決方案來加強現有合作夥伴的實力。例如，在我們的金融機構渠道中，我們將與摩根大通商業銀行由 BILL 提供支持的 Cashflow360 的協議又延長了 5 年，並將其擴展為包括額外的支付功能。

With Cashflow360, JPMorgan Chase Commercial Banking clients connect digitally with suppliers, vendors and BILL network members to automate invoicing, approvals, payments and reconciliation. Customers can choose from a variety of payment choices today, including ACH Check and virtual card.

借助 Cashflow360，摩根大通商業銀行客戶可以與供應商、供應商和 BILL 網絡成員進行數字化連接，以實現發票、審批、付款和對賬的自動化。如今，客戶可以選擇多種付款方式，包括 ACH 支票和虛擬卡。

We are in the process of expanding our relationship with Bank of America to serve more of their SMB customers. Given the success of our solution in serving their new small business customers, we are now working together to extend our solution to serve their much larger installed base of SMB customers.

我們正在擴大與美國銀行的關係，以服務更多的中小企業客戶。鑑於我們的解決方案在服務他們的新小型企業客戶方面取得了成功，我們現在正在共同努力擴展我們的解決方案，以服務他們更大的中小型企業客戶群。

We have started investing behind this exciting long-term initiative. The growth in our relationship with BofA speaks to the strong value proposition of our solutions, deep expertise in payments and the collective success of our strategic partner ecosystem today.

我們已開始投資支持這一令人興奮的長期計劃。我們與美國銀行關係的發展證明了我們解決方案的強大價值主張、深厚的支付專業知識以及我們今天戰略合作夥伴生態系統的集體成功。

Turning to the accounting channel. We acquired many new partners and now serve approximately 7,000 accounting firms, up from 6,000 a year ago. We continue to enhance the tools we provide accountants to manage their clients with simplified workflows, more comprehensive reporting and integrated accounts payable and spend and expense management.

轉向會計頻道。我們收購了許多新的合作夥伴，現在為大約 7,000 家會計師事務所提供服務，而一年前為 6,000 家。我們不斷增強為會計師提供的工具，通過簡化的工作流程、更全面的報告以及集成的應付賬款以及支出和費用管理來管理客戶。

Now moving on to our agreement with Intuit. Our co-marketing and embedded BILL pay agreement expired in June. The customers served through this partnership represented less than 1% of revenue during fiscal 2023. We believe there is a much stronger opportunity for BILL to serve micro and small business directly and through our strategic partner ecosystem with banks and accountants. We will offer them a richer experience with our defining platform that has a broader suite of workflow and payment capabilities. Delivering payment innovations and increasing ad valorem payment adoption has been an important priority for BILL, and we made significant progress in fiscal 2023.

現在繼續討論我們與 Intuit 的協議。我們的聯合營銷和嵌入式賬單支付協議已於 6 月到期。通過這種合作夥伴關係服務的客戶僅佔2023 財年收入的不到1%。我們相信，BILL 有更大的機會直接並通過我們與銀行和會計師組成的戰略合作夥伴生態系統為微型和小型企業提供服務。我們將通過我們的定義平台為他們提供更豐富的體驗，該平台具有更廣泛的工作流程和支付功能。提供支付創新和提高從價支付採用率一直是 BILL 的重要優先事項，我們在 2023 財年取得了重大進展。

By providing choice and helping customers and network members find the best solutions for their needs, ad valorem penetration, excluding the FI channel, expanded to 13% of our payment volume across solutions, up from 10% a year ago. Our easy and secure payment experience drives growth in our network members, now at 5.8 million, up from 4.7 million a year ago. We expanded our ad valorem solutions by broadly rolling out pay-by-card and BILL balance and introducing a beta version of invoice financing to a select group of network members. We are continuing to test the solution and will make it available to more businesses in fiscal 2024.

通過提供選擇並幫助客戶和網絡成員找到滿足其需求的最佳解決方案，從價滲透率（不包括金融渠道）擴大到我們跨解決方案支付量的 13%，高於一年前的 10%。我們簡單、安全的支付體驗推動了我們網絡成員的增長，目前我們的網絡成員數量已從一年前的 470 萬增加到 580 萬。我們通過廣泛推出卡支付和賬單餘額並向選定的一組網絡成員推出發票融資測試版來擴展我們的從價解決方案。我們正在繼續測試該解決方案，並將在 2024 財年向更多企業提供該解決方案。

Our large data asset and risk management expertise provides us a competitive advantage to serve SMBs with working capital and cash flow solutions.

我們的大數據資產和風險管理專業知識為我們提供了競爭優勢，可以為中小企業提供營運資金和現金流解決方案。

Looking ahead to fiscal 2024, we are prepared to operate in a constricted macro environment while executing our top priorities. Our overarching goal is to help small businesses thrive by providing the tools and insights they need to efficiently and confidently manage their financial operations and cash flow.

展望 2024 財年，我們準備在緊張的宏觀環境中運營，同時執行我們的首要任務。我們的總體目標是通過提供小型企業所需的工具和見解來幫助他們蓬勃發展，以高效、自信地管理其財務運營和現金流。

In support of this goal, we have set out these 3 top priorities for fiscal 2024: first is to drive adoption of our integrated financial operations platform that empowers SMBs to easily manage their AP and spend and expense operations together; second, we will expand our ecosystem by bringing more innovations to our partners and attracting new partners; and third, we will continue to enrich our payment experiences and drive penetration of our ad valorem solutions.

為了支持這一目標，我們制定了 2024 財年的 3 個首要任務：首先是推動我們的綜合財務運營平台的採用，使中小型企業能夠輕鬆管理其 AP 以及支出和費用運營；其次，我們將通過為合作夥伴帶來更多創新並吸引新合作夥伴來擴展我們的生態系統；第三，我們將繼續豐富支付體驗，推動從價解決方案的滲透。

In closing, we delivered a strong defining year as we surpassed more than $1 billion in revenue and achieved meaningful non-GAAP profitability. This threshold is a reminder that we have built and are building a new category around financial operations for SMBs. We are the leader and continue to innovate across our platform and ecosystem. We've built this category to bring automation, efficiency and insights around the underlying financial operations that make any business tick.

最後，我們實現了強勁的、具有決定性意義的一年，我們的收入超過了 10 億美元，並實現了有意義的非公認會計準則盈利能力。這個門檻提醒我們，我們已經並正在圍繞中小企業的金融運營建立一個新的類別。我們是領導者，並在我們的平台和生態系統中不斷創新。我們創建此類別的目的是為推動任何業務發展的基礎財務運營帶來自動化、效率和洞察力。

For most of our existence, no other company was doing, let alone thinking about how to help SMBs on this front at scale. Our mission has just begun, and we will continue to innovate across our platform and ecosystem of customers, partners and suppliers to serve more and more SMBs.

在我們存在的大部分時間裡，沒有其他公司在這樣做，更不用說考慮如何在這方面大規模幫助中小企業了。我們的使命才剛剛開始，我們將繼續在我們的平台和客戶、合作夥伴和供應商生態系統中進行創新，為越來越多的中小企業提供服務。

We want to thank our customers, partners and employees who are on this journey with us to help SMBs change the way they do business. Now I'll turn the call over to John to talk in more detail about our quarter.

我們要感謝與我們一起幫助中小企業改變經營方式的客戶、合作夥伴和員工。現在我將把電話轉給約翰，詳細討論我們的季度。

Thanks, Rene. Today, I'll provide an overview of our fourth quarter and full fiscal year 2023 financial results and discuss our outlook for the first quarter and full fiscal year 2024.

謝謝，雷內。今天，我將概述我們第四季度和 2023 年整個財年的財務業績，並討論我們對第一季度和 2024 年整個財年的展望。

We achieved significant financial milestones in fiscal 2023, while investing to expand our category and extending our lead in serving the financial operations and B2B payment needs of SMBs. Revenue exceeded $1 billion, and we were meaningfully non-GAAP profitable and free cash flow positive for the year. Total revenue for fiscal 2023, was $1.058 billion, reflecting 65% year-over-year growth. Core revenue was $945 million and increased 49% year-over-year. Annual revenue growth for our BILL stand-alone platform and our Divvy spend and expense management solution was 40% and 69%, respectively.

我們在 2023 財年實現了重要的財務里程碑，同時投資擴大了我們的產品類別，並擴大了我們在服務中小企業的金融運營和 B2B 支付需求方面的領先地位。收入超過 10 億美元，並且本年度我們實現了非 GAAP 盈利且自由現金流為正值。 2023 財年總收入為 10.58 億美元，同比增長 65%。核心收入為 9.45 億美元，同比增長 49%。我們的 BILL 獨立平台和 Divvy 支出和費用管理解決方案的年收入增長率分別為 40% 和 69%。

Global revenue was $114 million. Float revenue is an important part of our business model as it gives us the opportunity to invest in our platform and payments innovation and expand our ecosystem through economic cycles. We made significant investments this past year, while delivering our first year of non-GAAP profitability.

全球收入為 1.14 億美元。浮動收入是我們商業模式的重要組成部分，因為它使我們有機會投資我們的平台和支付創新，並通過經濟周期擴展我們的生態系統。去年我們進行了大量投資，同時實現了我們第一年的非公認會計原則盈利。

Non-GAAP net income for the year was $194 million, reflecting an 18% margin and free cash flow was $157 million, representing a 15% margin. Importantly, we also delivered profitability for the full fiscal year on a non-GAAP operating income basis, excluding the impact of float revenue. This demonstrates the progress we have made, efficiently scaling our non-GAAP operating expenses. BILL's durable business model, combined with excellent execution drove these strong results as we carefully navigated macro and banking turmoil challenges.

本年度非 GAAP 淨利潤為 1.94 億美元，利潤率為 18%，自由現金流為 1.57 億美元，利潤率為 15%。重要的是，我們還在非公認會計準則營業收入的基礎上實現了整個財年的盈利能力，不包括浮動收入的影響。這證明了我們在有效縮減非公認會計原則運營支出方面所取得的進展。當我們小心應對宏觀和銀行業動蕩的挑戰時，比爾持久的商業模式與卓越的執行力相結合，推動了這些強勁的業績。

Now to a few highlights of our Q4 results. The headline is that we delivered strong and profitable growth. Total revenue was $296 million, up 48% year-over-year. Non-GAAP gross margin was 86.9%. Non-GAAP net income was $69 million or 23% of revenue compared to a non-GAAP net loss of $3 million a year ago. In addition, we generated a free cash flow margin of 25% in Q4.

現在介紹我們第四季度業績的一些亮點。標題是我們實現了強勁且盈利的增長。總收入為 2.96 億美元，同比增長 48%。非 GAAP 毛利率為 86.9%。非 GAAP 淨利潤為 6900 萬美元，佔收入的 23%，而一年前非 GAAP 淨虧損為 300 萬美元。此外，我們第四季度的自由現金流利潤率為 25%。

Our strong financial performance in Q4 was achieved despite macro headwinds as SMBs continue to moderate their spend during the quarter. In Q4, our TPV results exceeded our expectations, but also showed a continuation of our customer base scaling back spend compared to a year ago. TPV per customer, excluding financial institution channel customers or FIs, increased 4% quarter-over-quarter. However, it declined 5% year-over-year, demonstrating that SMBs are still facing macro pressures.

儘管由於中小企業在本季度繼續減少支出而面臨宏觀阻力，但我們在第四季度仍取得了強勁的財務業績。第四季度，我們的冠捷業績超出了我們的預期，但也表明我們的客戶群與一年前相比繼續縮減支出。每位客戶的 TPV（不包括金融機構渠道客戶或金融機構）環比增長 4%。但同比下降5%，表明中小企業仍面臨宏觀壓力。

SMBs use our platform as the center of their financial operations and engagement with our platform remains strong. For example, on our BILL stand-alone platform, excluding FIs, the average number of transactions per customer was 76 in fiscal Q4, up from 74 in the prior quarter. Our annual BILL stand-alone customer retention rate, which excludes FIs, remained consistent compared to a year ago and is at a very healthy level of 86%.

中小企業使用我們的平台作為其財務運營的中心，並且與我們平台的互動依然強勁。例如，在我們的 BILL 獨立平台上，不包括金融機構，第四財季每個客戶的平均交易次數為 76 筆，高於上一季度的 74 筆。我們的年度 BILL 獨立客戶保留率（不包括金融機構）與一年前相比保持一致，處於 86% 的非常健康的水平。

Turning to an update on our key metrics and financial results in Q4. As this is our year-end earnings call, I'll provide additional disclosures on certain metrics beyond our regular quarterly updates. We ended the fourth quarter with 461,000 businesses using our solutions. BILL stand-alone customers grew to 201,000, up 27% year-over-year. This included 5,300 net adds from the direct and accounting channels, including approximately 700 Bank of America commercial customers who migrated to our direct channel from our FI channel during the quarter.

接下來是我們第四季度關鍵指標和財務業績的更新。由於這是我們的年終財報電話會議，除了定期的季度更新之外，我還將提供有關某些指標的額外披露。截至第四季度末，已有 461,000 家企業使用我們的解決方案。 BILL 獨立客戶增至 201,000 名，同比增長 27%。其中包括來自直接和會計渠道的 5,300 名淨增加客戶，其中包括本季度從我們的金融渠道遷移到我們的直接渠道的約 700 名美國銀行商業客戶。

We ended the quarter with 61,600 customers in the FI channel, which declined approximately 2,200 quarter-over-quarter. The decrease was primarily due to the sunset of our legacy platform for BofA's commercial customers, which impacted approximately 6,000 FI customers.

截至本季度末，我們的 FI 渠道客戶數量為 61,600 名，環比減少約 2,200 名。這一下降主要是由於我們為美國銀行商業客戶提供的舊平台的關閉，影響了大約 6,000 名金融機構客戶。

For our Divvy spend management solution, we ended the quarter with 29,200 spending businesses, an increase of 2,100 from last quarter. At the end of Q4, approximately 7,200 businesses use both our AP and spend and expense management solutions.

對於我們的 Divvy 支出管理解決方案，本季度末我們有 29,200 個支出企業，比上季度增加了 2,100 個。截至第四季度末，大約 7,200 家企業使用我們的 AP 以及支出和費用管理解決方案。

Moving on to payment volume. During the quarter, we managed 69.1 billion in TPV. BILL stand-alone total payment volume was 65.1 billion in Q4, reflecting 7% growth from Q4 of last year and an increase of 7% sequentially. While this was below historical trends, TPV trends in the quarter exceeded our expectations. In addition, in Q4, we had 3.8 billion in card payment volume from our spend and expense management product, representing 42% year-over-year growth.

繼續討論支付量。本季度，我們管理了 691 億的冠捷。第四季度BILL單機支付總額為651億筆，較去年第四季度增長7%，環比增長7%。雖然這低於歷史趨勢，但本季度 TPV 趨勢超出了我們的預期。此外，第四季度，我們的消費和費用管理產品的卡支付量達到38億筆，同比增長42%。

We experienced macro-driven changing customer spend patterns during the year, leading to lower TPV growth, which is a key driver for transaction revenue growth. This directly impacts our annual net dollar-based revenue retention rate, which includes subscription and transaction fees. As of June 30, 2023, our net dollar-based revenue retention rate was 111%, which is a great result considering 2 consecutive years of outsized expansion. We made substantial progress driving adoption of variable price payment products as reflected in our annually reported metrics.

我們在這一年中經歷了宏觀驅動的客戶支出模式的變化，導致 TPV 增長放緩，而 TPV 增長是交易收入增長的關鍵驅動力。這直接影響我們以美元為基礎的年度淨收入保留率，其中包括訂閱費和交易費。截至 2023 年 6 月 30 日，我們以美元計的淨收入保留率為 111%，考慮到連續兩年的大規模擴張，這是一個很好的成績。正如我們的年度報告指標所反映的那樣，我們在推動可變價格支付產品的採用方面取得了實質性進展。

In Q4, instant transfer crossed 1% of BILL's stand-alone TPV and virtual cards were 3.2% of BILL's stand-alone TPV. Cross-border payments totaled 4.7% of BILL's stand-alone TPV in Q4 with foreign currency payments representing 36% of total cross-border payment volume.

第四季度，即時轉賬佔 BILL 獨立 TPV 的比例超過 1%，虛擬卡佔 BILL 獨立 TPV 的 3.2%。第四季度，跨境支付總額佔 BILL 獨立 TPV 的 4.7%，其中外幣支付佔跨境支付總額的 36%。

For Q4, our total variable price payments, which includes ad valorem payments transacted through our AP/AR and spend management solutions was 13% of BILL's consolidated payment volume, excluding TPV from the FI channel, which is up from 10% a year ago. We believe there is a significant runway for ad valorem adoption across our solution in the years ahead.

第四季度，我們的可變價格支付總額（包括通過AP/AR 和支出管理解決方案進行的從價支付）佔BILL 綜合支付量的13%（不包括FI 渠道中的TPV），這一比例高於一年前的10%。我們相信，未來幾年我們的解決方案中從價採用的前景廣闊。

Moving on to transaction volumes. We processed 23.4 million payments in Q4. This includes 11.6 million payments on the BILL stand-alone platform, of which 72% were electronic payments. In addition, we processed 11.4 million spend management card transactions. Total transaction revenue per transaction, which includes transactions for our BILL stand-alone, Divvy and Invoice2go solutions was $8.23, reflecting growth of 7% year-over-year. For our BILL stand-alone solution, transaction revenue per transaction was $7.88, growth of 20% year-over-year.

接下來是交易量。第四季度我們處理了 2340 萬筆付款。其中包括BILL獨立平台上的1160萬筆支付，其中72%為電子支付。此外，我們還處理了 1140 萬筆支出管理卡交易。每筆交易的總交易收入（包括我們的 BILL 獨立版、Divvy 和 Invoice2go 解決方案的交易）為 8.23 美元，同比增長 7%。對於我們的 BILL 獨立解決方案，每筆交易的交易收入為 7.88 美元，同比增長 20%。

The gross take rate on card payments processed through our spend management solution in Q4 was approximately 265 basis points. For fiscal 2023, our contribution margin for our Divvy spend and expense management solution increased to approximately 33%, an improvement of approximately 3 percentage points year-over-year, driven by ongoing improvements in our credit underwriting capabilities.

第四季度通過我們的支出管理解決方案處理的卡支付的總接受率約為 265 個基點。 2023 財年，我們的 Divvy 支出和費用管理解決方案的邊際貢獻率增加至約 33%，同比提高約 3 個百分點，這得益於我們信用承保能力的持續改進。

Now I'll review our reported Q4 results. Total revenue was $296 million, an increase of 48% from a year ago. Core revenue, which includes subscription and transaction revenue was $259.5 million, representing growth of 33% year-over-year. Subscription revenue increased to $66.9 million, up 21% year-over-year. BILL stand-alone subscription revenue was $57.8 million, reflecting growth of 25% year-over-year driven by our expanding customer base and a price increase implemented in our direct and accounting channels during the fiscal year.

現在我將回顧我們報告的第四季度結果。總收入為 2.96 億美元，比去年同期增長 48%。核心收入（包括訂閱和交易收入）為 2.595 億美元，同比增長 33%。訂閱收入增至 6690 萬美元，同比增長 21%。 BILL 獨立訂閱收入為 5780 萬美元，同比增長 25%，這得益於我們不斷擴大的客戶群以及本財年直接和會計渠道實施的價格上漲。

Transaction revenue increased to $192.6 million, up 38% year-over-year. BILL stand-alone transaction revenue totaled $91.5 million or growth of 33% year-over-year, and Divvy transaction revenue totaled $99.9 million, reflecting growth of 44% year-over-year. Float revenue was $36.5 million. Our yield on FBO funds was 453 basis points in the quarter. Non-GAAP gross margin was 86.9%, up 2.7 percentage points year-over-year as a result of higher float revenue and increasing variable transaction fee revenue.

交易收入增至 1.926 億美元，同比增長 38%。 BILL 獨立交易收入總計 9150 萬美元，同比增長 33%；Divvy 交易收入總計 9990 萬美元，同比增長 44%。浮動收入為 3650 萬美元。本季度我們的 FBO 基金收益率為 453 個基點。由於浮動收入增加和可變交易費收入增加，非美國通用會計準則毛利率為 86.9%，同比增長 2.7 個百分點。

As discussed previously, we are expecting our non-GAAP gross margin to moderate as our payment type composition matures and float revenue tailwinds subside. For fiscal 2024, we expect non-GAAP gross margin to be in the low to mid-80s. Non-GAAP operating expenses were $214.8 million, an increase of 6% from Q3. Rewards expenses, which are included in sales and marketing expenses, were 49% of spend management card revenue compared to 48% in the prior quarter.

正如之前所討論的，隨著我們的支付類型構成的成熟和浮動收入的順風消退，我們預計我們的非公認會計準則毛利率將放緩。對於 2024 財年，我們預計非 GAAP 毛利率將在 80 左右。非 GAAP 運營費用為 2.148 億美元，較第三季度增長 6%。獎勵費用（包含在銷售和營銷費用中）佔支出管理卡收入的 49%，而上一季度為 48%。

Non-GAAP operating income was $42.3 million, representing a margin of 14%. This was an increase of $45.5 million from a loss of $3.2 million a year ago. Non-GAAP other income, net of other expenses, was $28 million and benefited from higher yields on corporate cash and investment portfolios. Our non-GAAP net income was $69.4 million or 23.5% of revenue, resulting in non-GAAP net income per diluted share of $0.59 based on 117 million diluted weighted average shares outstanding. Our non-GAAP net income was significantly ahead of our estimates due to our revenue results combined with proactive expense management.

非 GAAP 營業收入為 4,230 萬美元，利潤率為 14%。這比一年前虧損 320 萬美元增加了 4550 萬美元。扣除其他費用後的非公認會計原則其他收入為 2800 萬美元，受益於公司現金和投資組合收益率的提高。我們的非 GAAP 淨利潤為 6,940 萬美元，佔收入的 23.5%，根據 1.17 億股稀釋加權平均流通股計算，非 GAAP 每股攤薄淨利潤為 0.59 美元。由於我們的收入結果與積極的費用管理相結合，我們的非公認會計原則淨利潤大大超出了我們的預期。

We ended the quarter with $2.7 billion in cash, cash equivalents and short-term investments.

本季度結束時，我們擁有 27 億美元的現金、現金等價物和短期投資。

Before shifting to our financial outlook for the first quarter and full fiscal year 2024, I'd like to share our latest views on the impact macro conditions are having on SMBs and our business.

在轉向 2024 年第一季度和整個財年的財務展望之前，我想分享一下我們對宏觀環境對中小企業和我們業務影響的最新看法。

The spend patterns we experienced in fiscal Q4 are an indicator that the sharp reduction in spending that occurred in the second half of calendar 2022, has now moderated though our customers are still in contraction mode. The trends pointing to payment volume stabilization are encouraging, that we are expecting continued TPV headwinds throughout the year, given higher interest rates, tighter credit conditions and an uncertain macro environment.

我們在第四財季經歷的支出模式表明，儘管我們的客戶仍處於收縮模式，但 2022 年下半年發生的支出急劇減少現已放緩。支付量穩定的趨勢令人鼓舞，鑑於利率上升、信貸條件收緊和不確定的宏觀環境，我們預計冠捷科技全年將繼續面臨阻力。

While we expect approximately mid- to high single-digit growth in TPV in fiscal 2024, we anticipate that BILL's stand-alone TPV per customer, excluding the FI channel, will decrease low single digits percentage for fiscal 2024, compared to a year-over-year decline of 5% in Q4.

雖然我們預計 2024 財年 TPV 將實現約中高個位數增長，但我們預計，與去年同期相比，BILL 的每位客戶獨立 TPV（不包括 FI 渠道）將在 2024 財年降低低個位數百分比第四季度同比下降5%。

Near term, we expect Q1 to be a continuation of the trend we experienced in Q4. We also expect that near-term macro distractions will continue to impact SMBs. For the next couple of quarters, we expect BILL stand-alone net adds, excluding the FI channel, to be approximately 4,000 per quarter, excluding the impact of the expiration of our contract with Intuit.

短期內，我們預計第一季度將延續第四季度的趨勢。我們還預計，近期宏觀干擾將繼續影響中小企業。在接下來的幾個季度中，我們預計每季度 BILL 獨立淨增量（不包括 FI 渠道）約為 4,000 個，不包括我們與 Intuit 合同到期的影響。

As of June 2023, approximately 12,000 of our more than 400,000 customers used our embedded feature in Intuit's Simple Bill Pay solution. While we expect the majority of these micro businesses to churn over the next 2 quarters, we expect some of the larger businesses to become BILL-direct customers, where there will be an opportunity to provide them with a more advanced workflow capabilities and a much broader suite of payment solutions, including ad valorem payments.

截至 2023 年 6 月，我們超過 400,000 名客戶中約有 12,000 名使用了 Intuit 簡單賬單支付解決方案中的嵌入式功能。雖然我們預計大多數微型企業將在未來兩個季度流失，但我們預計一些較大的企業將成為 BILL-direct 客戶，這將有機會為他們提供更先進的工作流程功能和更廣泛的服務。一套支付解決方案，包括從價支付。

As Rene discussed earlier, we are enhancing and expanding our solution with Bank of America to serve their large installed SMB customer base in addition to their new SMB customers. Together with BofA, we will both be accelerating our investments to address this very large market opportunity. As a part of this initiative, we are restructuring the contractual minimums to push out subscription fees planned for fiscal 2024 to future years. While this impacts our fiscal 2024 revenue and profitability, we expect it to unlock a significantly larger revenue opportunity in the future and accelerate the adoption of financial operations for SMBs.

正如 Rene 之前所討論的，我們正在與美國銀行一起增強和擴展我們的解決方案，除了新的 SMB 客戶之外，還可以為他們的大型已安裝 SMB 客戶群提供服務。我們將與美國銀行一起加速投資，以抓住這一巨大的市場機會。作為該計劃的一部分，我們正在調整合同最低限額，以將 2024 財年計劃的訂閱費推遲到未來幾年。雖然這會影響我們 2024 財年的收入和盈利能力，但我們預計它將在未來釋放更大的收入機會，並加速中小企業財務運營的採用。

We believe this strategic partnership is an important step towards driving awareness and accelerating adoption of our solutions. The market is ripe for SMBs to automate and stop using manual legacy processes. We're investing in our platform and ecosystem of strategic partners to collectively capture this large opportunity.

我們相信，這種戰略合作夥伴關係是提高認識和加速採用我們解決方案的重要一步。中小型企業實現自動化並停止使用手動遺留流程的市場已經成熟。我們正在投資我們的平台和戰略合作夥伴生態系統，以共同抓住這一巨大機遇。

Even with these stepped up investments, we plan to expand our non-GAAP operating income for the year.

即使加大了投資力度，我們仍計劃擴大今年的非公認會計準則營業收入。

Now turning to our outlook. For fiscal Q1, we expect total revenue to be in the range of $295.5 million to $298.5 million, which reflects 28% to 30% year-over-year growth. This assumes our subscription revenue in Q1 will increase a mid-single-digit percentage year-over-year as we factor in our initiatives with BofA in our comparison to the subscription price increase last year.

現在轉向我們的展望。對於第一財季，我們預計總收入將在 2.955 億美元至 2.985 億美元之間，同比增長 28% 至 30%。假設我們第一季度的訂閱收入將同比增長中個位數百分比，因為我們將與美國銀行的舉措與去年的訂閱價格漲幅進行比較。

We expect float revenue to be $38 million in Q1, which assumes our yield on FBO funds will be approximately 460 basis points. On the bottom line, for Q1, we expect to report non-GAAP net income in the range of $56.5 million to $59.5 million and non-GAAP net income per diluted share in the range of $0.48 to $0.50 based on a share count of 118.5 million diluted weighted average shares outstanding.

我們預計第一季度的浮動收入為 3800 萬美元，假設我們的 FBO 基金收益率約為 460 個基點。總而言之，我們預計第一季度的非 GAAP 淨利潤將在 5650 萬美元至 5950 萬美元之間，非 GAAP 攤薄後每股淨利潤將在 0.48 美元至 0.50 美元之間（基於 1.185 億股）攤薄加權平均已發行股份。

For Q1, we expect other income, net of other expenses, or OIE to be $27 million. We expect stock-based compensation expenses of approximately $70 million in Q1, and we expect capital expenditures of approximately $8 million to $10 million.

對於第一季度，我們預計扣除其他費用後的其他收入或 OIE 將為 2700 萬美元。我們預計第一季度的股票補償費用約為 7000 萬美元，資本支出約為 800 萬至 1000 萬美元。

Moving on to full year guidance. For fiscal 2024, we expect total revenue to be in the range of $1,288.5 million to $1,306.5 million, which represents approximately 22% to 23% year-over-year growth. This assumes our subscription revenue for the full year will increase a mid-single-digit percentage compared to fiscal 2023, as we factor in the temporary impact related to our initiatives with BofA and the lapse of our subscription price increase last year.

轉向全年指導。對於 2024 財年，我們預計總收入將在 12.885 億美元至 13.065 億美元之間，同比增長約 22% 至 23%。假設我們全年的訂閱收入將比 2023 財年增長中個位數百分比，因為我們考慮了與美國銀行的舉措相關的臨時影響以及去年訂閱價格上漲的失效。

We expect float revenue to be approximately $136.5 million in fiscal 2024, which assumes a yield on FBO funds of approximately 415 basis points for the year, reflecting our assumption that the Fed funds rate begins to decline at the beginning of calendar 2024.

我們預計 2024 財年的浮動收入約為 1.365 億美元，假設當年 FBO 基金的收益率約為 415 個基點，這反映了我們對聯邦基金利率在 2024 年初開始下降的假設。

We expect to report non-GAAP net income for fiscal year 2024 in the range of $217 million to $235 million. We expect non-GAAP net income per diluted share to be $1.82 to $1.97 based on a share count of 119.5 million diluted weighted average shares outstanding.

我們預計 2024 財年的非 GAAP 淨利潤將在 2.17 億美元至 2.35 億美元之間。基於 1.195 億股稀釋後加權平均流通股數量，我們預計非 GAAP 稀釋每股淨利潤為 1.82 美元至 1.97 美元。

We expect to achieve this profitability while accelerating our investments in our platform and partnerships. In addition, for fiscal 2024, we expect other income net of other expenses to be approximately $90 million. We expect stock-based compensation expenses of approximately $300 million and expect capital expenditures to be approximately $35 million to $40 million for the full year.

我們期望在實現這一盈利能力的同時加快對平台和合作夥伴的投資。此外，我們預計 2024 財年扣除其他費用後的其他收入約為 9000 萬美元。我們預計全年股票補償費用約為 3 億美元，資本支出約為 3500 萬至 4000 萬美元。

In closing, we delivered exceptional financial performance during the year with multiple challenges faced by SMBs. We made significant investments in our platform, expanded our ecosystem and delivered our first year of non-GAAP profitability. Looking ahead, we are accelerating our pace of investments to unlock the significant opportunity to automate financial operations for many more SMBs. With our proven track record of investing in organic and inorganic opportunities, we will continue to invest to pursue this large market opportunity while laying the foundation for long-term profitability. We created a category, and this is just the beginning. We are building our business and ecosystem to bring the transformative experience of our platform to millions of businesses and facilitate trillions of their B2B spend while building a multibillion dollar revenue business. Operator, we're now ready to take questions.

最後，我們在這一年中實現了出色的財務業績，應對中小企業面臨的多重挑戰。我們對我們的平台進行了大量投資，擴大了我們的生態系統，並實現了我們第一年的非公認會計原則盈利。展望未來，我們正在加快投資步伐，為更多中小企業釋放財務運營自動化的重大機遇。憑藉我們在有機和無機機會投資方面的良好記錄，我們將繼續投資以追求這一巨大的市場機會，同時為長期盈利能力奠定基礎。我們創建了一個類別，這只是一個開始。我們正在構建我們的業務和生態系統，以便為數百萬企業帶來我們平台的變革性體驗，並促進其數万億的 B2B 支出，同時建立數十億美元的收入業務。接線員，我們現在準備好回答問題。

(Operator Instructions) Our first question today comes from Scott Berg with Needham & Company.

（操作員說明）我們今天的第一個問題來自 Needham & Company 的 Scott Berg。

I guess a couple. I don't know if Rene or John, who wants to take the first one. John, you talked about your assumptions for this year are slowing, accelerating TPV growth, which I think we understand. But your core BILL customer adds, quarterly adds guidance for 4,000 in the next couple of quarters is kind of in line with what you've seen all year. Help us kind of balance what you're seeing on the new customer adds versus the TPV because it sounds like your new customer acquisition channels continue to hum along pretty well.

我猜是一對。我不知道雷內還是約翰，誰想拿第一個。約翰，您提到您對今年 TPV 增長放緩、加速的假設，我認為我們理解這一點。但您的核心 BILL 客戶補充道，未來幾個季度每季度增加 4,000 人的指導與您全年看到的情況一致。幫助我們平衡您在新客戶添加和 TPV 上看到的情況，因為聽起來您的新客戶獲取渠道繼續運轉良好。

Yes. Thanks for the question, Scott. We're feeling good about our levers and our ability to penetrate the market and acquire customers and retain and serve them. I think the -- some of the influences of the macro environment on SMBs today also have an influence on the timing and the rate of adopting new technology. So I think we're well positioned to accelerate net new adds after making a transition from, I think, some changes in the market and dynamics related to macro that we saw in the December quarter. We're still sort of measured in our estimates about how fast that is going to happen. So I think the set-up is good. The multichannel distribution strategy is working well. And I feel like for this year, we're confident in being able to accelerate. But it's likely the year has got to progress and the macro environment needs to resolve itself before we see any sort of outsized step-up in net new adds.

是的。謝謝你的提問，斯科特。我們對我們的槓桿以及我們滲透市場、獲取客戶、保留和服務客戶​​的能力感到滿意。我認為，當今宏觀環境對中小企業的一些影響也會影響採用新技術的時機和速度。因此，我認為，在經歷了市場的一些變化以及我們在 12 月份季度看到的與宏觀相關的動態之後，我們處於有利位置，可以加速淨新增業務。我們仍然對這種情況發生的速度進行了衡量。所以我覺得這個設定還是不錯的。多渠道分銷策略運作良好。我覺得今年我們有信心能夠加速。但今年可能已經取得了進展，宏觀環境需要自行解決，然後我們才能看到淨新增人口出現任何形式的大幅增長。

Got it. Helpful. And then on the -- I think it was the BofA contract, John, you mentioned it's pushing some subscription revenues out of fiscal '24 into future periods. You certainly have good relationships with them and other bank FI customers out there, partners. But how should we think about the impact on your '24 revenue guidance with that change in the contract?

知道了。有幫助。然後關於——我認為是美國銀行的合同，約翰，你提到它將把一些訂閱收入從 24 財年推到未來的時期。您當然與他們以及其他銀行金融客戶、合作夥伴有著良好的關係。但我們應該如何考慮合同變更對你們 24 年收入指引的影響？

Yes. Good question, Scott. So I mean, we're actually really excited about this moment in time. We've been, I think, building towards an inflection point like this for a long time and the progress that we've made working closely with BofA has resulted in the opportunity to bring forward, working with a much larger installed base of customers versus where we've been for the last year or so, which was with the new customers to the bank.

是的。好問題，斯科特。所以我的意思是，我們對這一刻真的感到非常興奮。我認為，長期以來，我們一直在朝著這樣的拐點邁進，我們與美國銀行密切合作所取得的進展帶來了與更大的客戶群合作的機會。過去一年左右我們一直在那裡，與銀行的新客戶在一起。

So we think the trade-off is a no-brainer, simple decision to bring forward the larger opportunity. For fiscal '24, well, I can't give specific numbers, I can say our subscription revenue estimates probably would have been in the range of 8% to 10% higher if we hadn't adjusted some of the contractual terms with BofA. But looking at this opportunity over the next couple of years, we feel really good about where this is headed.

因此，我們認為這種權衡是一個顯而易見的簡單決定，可以帶來更大的機會。對於 24 財年，我無法給出具體數字，我可以說，如果我們沒有調整與美國銀行的一些合同條款，我們的訂閱收入預計可能會高出 8% 到 10%。但看看未來幾年的這個機會，我們對未來的發展方向感到非常滿意。

Maybe I'd just add a comment. Yes. Just a few comments on the opportunity with financial institutions, right? So in general, when we think about how adoption happens across payment products and payment rails, banks have been instrumental in making that happen over the years. They've had -- if you think about ACM credit card solutions, debit card solutions, bill pay, on the consumer side, banks have been responsible for kind of driving that adoption. And like John said, this -- we see this as an opportunity for an inflection point with adoption across the broader market, not just within the existing customers and partners we have today, but this is an opportunity for us to invest behind that, and we're super excited about it.

也許我只是添加一條評論。是的。只是對金融機構的機會的一些評論，對吧？因此，總的來說，當我們思考支付產品和支付渠道的採用如何發生時，銀行多年來一直在實現這一目標方面發揮了重要作用。如果你考慮一下 ACM 信用卡解決方案、借記卡解決方案、賬單支付，在消費者方面，銀行一直在推動這種採用。正如約翰所說，我們認為這是一個在更廣泛的市場中採用的拐點機會，而不僅僅是在我們今天擁有的現有客戶和合作夥伴中，但這是我們在其背後進行投資的機會，並且我們對此感到非常興奮。

Our next question comes from Bryan Keane with Deutsche Bank.

我們的下一個問題來自德意志銀行的布萊恩·基恩。

I guess just following up on the BofA contract, just understanding you gave up some near-term revenue but what are we gaining in the out years? How does -- how might the revenue inflect in fiscal year '25 or '26?

我想只是跟進美國銀行的合同，只是了解您放棄了一些短期收入，但我們在過去幾年中獲得了什麼？ 25 或 26 財年的收入會如何變化？

Great question, Bryan. Just to maybe continue the conversation and the comments that I just had. The opportunity that we had started with Bank of America was really to serve their new small business customers coming into the bank. We always invested behind that with the opportunity to serve their existing customers. BofA is one of the largest providers of financial services to small businesses in the country with millions of customers on their platform across the country. And so for us, this opportunity and the investment that's needed for both us and Bank of America is really to do something transformative. It's really to kind of change the way business gets done for all of their SMBs and that's something that we will invest in consistently to make happen because we've been building and defining this space, this category for a decade or more and actually 17 years to be exact. And we're going to take all these opportunities we can.

好問題，布萊恩。只是為了繼續我剛才的談話和評論。我們與美國銀行合作的機會實際上是為他們進入銀行的新小企業客戶提供服務。我們始終投資於為現有客戶提供服務的機會。美國銀行是美國最大的小型企業金融服務提供商之一，其平台在全國擁有數百萬客戶。因此，對於我們來說，我們和美國銀行都需要這個機會和投資來真正做一些變革性的事情。這實際上是為了改變所有中小型企業的業務開展方式，我們將持續投資以實現這一目標，因為我們已經構建和定義這個領域、這個類別十多年，實際上是 17 年了準確地說。我們將盡可能抓住所有這些機會。

Got it. Got it. And John, any comments on just looking at the organic volume take rate increase. I think it was a little less than last quarter and then kind of what to expect for take rate increase as we head into this fiscal year '24?

知道了。知道了。約翰，任何關於僅關注有機數量的評論都會增加。我認為這個數字比上個季度要少一些，那麼當我們進入本財年 24 時，利率上漲的預期是什麼？

Yes. Thanks, Bryan. I think we've got a pretty consistent track record now of delivering expanded monetization. As you know from prior discussions, it's not perfectly linear on a quarter-to-quarter basis, but the overall portfolio is performing really well. If you think about what we've done over the last 4 years or so, our average revenue per customer is up about 4x. It's grown virtually every quarter in the last 4 years. We crossed an annualized ARPU of $4,000 in this fiscal fourth quarter for the first time. And so we think the tools and the portfolio of payment products that we have that have led to that are something that's going to continue to support expansion in '24 and '25 and beyond. And I'd say, starting with our historical quarterly expansion rate is probably a good estimate, obviously subject to puts or takes from the macro environment and any influences that might have in individual payment choices.

是的。謝謝，布萊恩。我認為我們現在在擴大盈利方面擁有相當一致的記錄。正如您從之前的討論中知道的那樣，它在季度與季度之間並不是完全線性的，但整體投資組合的表現非常好。如果您考慮一下我們在過去 4 年左右所做的事情，就會發現我們每個客戶的平均收入增長了約 4 倍。在過去四年中，幾乎每個季度都在增長。我們在本財年第四季度的年化 ARPU 首次突破 4,000 美元。因此，我們認為我們所擁有的工具和支付產品組合將繼續支持 24 世紀、25 世紀及以後的擴張。我想說，從我們的歷史季度擴張率開始可能是一個很好的估計，顯然會受到宏觀環境的影響以及個人支付選擇可能產生的任何影響。

Our next question comes from William Nance with Goldman Sachs.

我們的下一個問題來自高盛的威廉·南斯。

I actually wanted to ask about the commercial partnership on BofA, the 700 customers that you added this quarter. Is that process over? And should we expect kind of further transitions of customer base in future quarters?

我實際上想詢問美國銀行的商業合作夥伴關係，即您本季度添加的 700 個客戶。這個過程就結束了嗎？我們是否應該期待未來幾個季度客戶群的進一步轉變？

Thank you, William. We've got really strong adoption, not just from the customer numbers, but more from the spend that was actually happening, the bill pay that was actually happening across the platform. So the vast majority of the spend has come across already and we're already starting to see early days of ad valorem penetration. So I would say going forward, we expect the opportunity to continue to grow for BILL.

謝謝你，威廉。我們的採用率非常高，不僅來自客戶數量，更多來自實際發生的支出，整個平台實際發生的賬單支付。因此，絕大多數支出已經到位，我們已經開始看到從價滲透的早期階段。所以我想說，展望未來，我們預計比爾的機會將繼續增長。

Yes. And I would just add, in terms of the transition, the sunsetting of that product with the commercial customers, we have seen the initial group migrate. That's the 700 we talked about. We're feeling really good about the revenue opportunity, probably being larger with those than the entire population previously, which was 6,000, but that transition has finished now. There could be some longer tail of new customers that come in. But for the most part, that adjustment has already taken place.

是的。我想補充一點，就過渡而言，即該產品與商業客戶的日落，我們已經看到了最初的群體遷移。這就是我們所說的700。我們對收入機會感到非常滿意，可能比之前的總人口（6,000 人）還要多，但這種轉變現在已經結束了。可能會有一些更長的新客戶進入。但在大多數情況下，這種調整已經發生。

Got it. And then on some of the moving pieces around ad valorem payment adoption, the 10 to 13, very nice to see. I guess what are some of the adoption trends underneath the hub that you're seeing across the different products? It seems like cross-border saw very nice adoption. You guys have talked about that. What are the trends in like instant payment and virtual card been? And we saw some relatively strong orders in this past year. Is there anything that you guys have line of sight to see an acceleration of adoption in the coming year?

知道了。然後是有關從價付款採用的一些動態內容，即 10 到 13，非常值得一看。我想您在不同產品中看到的中心下的一些採用趨勢是什麼？看來跨境的採用非常好。你們已經討論過了。即時支付和虛擬卡等趨勢如何？去年我們看到了一些相對強勁的訂單。你們認為來年有什麼事情會加速採用嗎？

I think the -- one of the more important things about the platform we've built is that we give customers choice. We give suppliers choice. We give our customers choice and all the payment products and services we offer is because we believe choice is what's actually going to make the market happen. We didn't get in to build and create something that wasn't going to actually make an impact on the world. We want to make a big impact on the world. And so the choice matters and what we're seeing is that there's lots of iteration required on the platform at scale to actually make this stuff happen.

我認為我們構建的平台最重要的事情之一是我們為客戶提供了選擇。我們為供應商提供選擇。我們為客戶提供選擇，我們提供的所有支付產品和服務是因為我們相信選擇才是真正推動市場發展的因素。我們並沒有參與構建和創造不會真正對世界產生影響的東西。我們希望對世界產生重大影響。因此，選擇很重要，我們看到的是，平台上需要進行大量的大規模迭代才能真正實現這些目標。

That's why we kind of say from quarter-to-quarter, it's not going to be exact, but we believe in the long-term opportunity. And what we know is that the capabilities we've already built on the platform allow us to continue to scale each of the categories of our payment rails that we've talked about. So we do feel good about the virtual card adoption. We do feel good about the international payment option. We feel good about the instant transfer adoption. We feel good about all the products and opportunities that are still to come, such as the invoice financing that we've got out in kind of alpha beta mode. These are all things that we know customers want. They need the choices out there. And I think we're just super happy that we've got a platform that can kind of scale with customers and scale with the opportunity.

這就是為什麼我們每個季度都會說，這並不准確，但我們相信長期機會。我們所知道的是，我們已經在該平台上構建的功能使我們能夠繼續擴展我們所討論的支付軌道的每個類別。因此，我們確實對虛擬卡的採用感到滿意。我們確實對國際支付選項感覺良好。我們對即時轉移的採用感到滿意。我們對即將推出的所有產品和機會感到滿意，例如我們以 alpha beta 模式推出的發票融資。這些都是我們知道客戶想要的東西。他們需要外面的選擇。我認為我們非常高興我們擁有一個可以與客戶一起擴展並與機會一起擴展的平台。

Our next question comes from Brent Bracelin with Piper Sandler.

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

Rene, maybe I want to shift gears a little bit to Divvy. I mean this has been a key growth engine for the business, over 30% of the revenue. How are you thinking about the Divvy growth opportunity in the next year and are there any catalysts that you're looking at that could help accelerate adoption?

Rene，也許我想稍微轉向 Divvy。我的意思是，這是該業務的關鍵增長引擎，佔收入的 30% 以上。您如何看待 Divvy 明年的增長機會？您認為有哪些催化劑可以幫助加速採用？

Great question, Brent. We are super excited about pulling together and launching our unified platform later this fall, which we talked about in the script. We've been working on that, obviously, since the acquisition. In addition to having the capabilities around the product, we've also been working very hard on the capabilities to kind of go-to-market. And so the opportunity for us to really drive adoption of the spend and expense solution, the capabilities we have is going to be dependent on not just that go-to-market for the BILL customers that we already have in the platform, but it's going to be for the go-to-market broadly. And so this year, we expect to start shifting the focus on financial operations and obviously, all of our marketing and go-to-market will include all the capabilities we have, and we think that's important. So John, do you have anything else you want to add?

好問題，布倫特。我們對今年秋天晚些時候齊心協力並推出我們的統一平台感到非常興奮，我們在劇本中談到了這一點。顯然，自收購以來我們一直在努力解決這個問題。除了擁有圍繞產品的能力之外，我們還一直在努力開發進入市場的能力。因此，我們真正推動支出和費用解決方案採用的機會，我們擁有的能力將不僅取決於我們平台上已有的 BILL 客戶的市場走向，而且廣泛進入市場。因此，今年，我們預計將開始將重點轉移到財務運營上，顯然，我們所有的營銷和進入市場都將包括我們擁有的所有能力，我們認為這很重要。約翰，您還有什麼要補充的嗎？

No, that all makes sense. I think we could see some, obviously, building momentum throughout the year associated with our integrated product and the attached cross-sell and go-to-market motion with that. For guidance purposes, like the estimates that we have that are embedded in our assumptions call for Divvy to have mid-30s growth for the year, which we think is something that reflects all of the moving parts, both macro and otherwise. And we're obviously going to work hard to drive the cross-sell and other upside opportunities.

不，這一切都有道理。我認為，顯然，我們可以看到全年與我們的集成產品以及與之相關的交叉銷售和上市動向相關的一些勢頭。出於指導目的，我們的假設中包含的估計要求 Divvy 今年的增長將達到 30 多歲，我們認為這反映了所有動態因素，無論是宏觀還是其他方面。顯然，我們將努力推動交叉銷售和其他上行機會。

Helpful color there. And then just, John, a quick follow-up on the Q1 guide itself implies a $1 million sequential increase here. That's a little below normal seasonality that we've seen in the last couple of years. Is that factoring the step-down at Bank of America in subscription revenue? Or are there other factors baked into that guide? Just trying to think through the seasonality and the guide here in Q1, what we should factor in?

那裡有有用的顏色。然後，約翰，對第一季度指南本身的快速跟進意味著這裡將連續增加 100 萬美元。這略低於我們過去幾年看到的正常季節性。這是美國銀行訂閱收入下降的因素嗎？或者該指南中是否包含其他因素？只是想通過第一季度的季節性和指南來思考，我們應該考慮什麼？

Yes. Thanks for the question, Brent. That's exactly right. So there is obviously some seasonality that we believe still holds in this environment that is included in our estimates. But the more material change is an assumption around the BofA subscription revenues, and that's something that will be reflected -- is reflected throughout our FY '24 guidance. But starting in Q4 and the drop-off in Q1, I think, is where you see that change being most prominent.

是的。謝謝你的提問，布倫特。完全正確。因此，我們認為在這種環境下顯然仍然存在一些季節性，這一點也包含在我們的估計中。但更重大的變化是圍繞美國銀行訂閱收入的假設，這將在我們的 24 財年指引中得到體現。但我認為，從第四季度開始到第一季度的下降是這種變化最為突出的地方。

Our next question comes from Kenneth Suchoski with Autonomous.

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

It's nice to see the continued adoption of the variable rate payments. I think you've mentioned recently that there are several additional areas to invest around supplier enablement to drive more adoption, whether it's virtual card or cross-border payments. There's some interesting stuff you could do in terms of passing along reconciliation data and offering choice. So can you just talk about some of the specific things that you're working on now that will drive that next leg up in terms of penetration of (inaudible) payment types? And then, I guess, when can we expect some of these initiatives to be rolled out?

很高興看到浮動利率付款的持續採用。我想您最近提到過，圍繞供應商支持還有幾個額外的領域需要投資，以推動更多的採用，無論是虛擬卡還是跨境支付。在傳遞調節數據和提供選擇方面，您可以做一些有趣的事情。那麼，您能否談談您現在正在做的一些具體事情，這些事情將推動下一步（聽不清）支付類型的滲透？然後，我想我們什麼時候可以推出其中一些舉措？

Thank you, Ken. There's always a lot of things going into how we execute across creating the choice of suppliers and customers need and integrating with the customers on the platform. So I would say that the things you mentioned, there's always going to be more reconciliation capabilities for us to develop. There's always going to be more supplier matching capabilities for us to develop. We use AI to do a bunch of that, but there's more that we can do to kind of drive better connectivity on that front.

謝謝你，肯。在創建供應商選擇和客戶需求以及與平台上的客戶集成方面，我們總是需要考慮很多事情。所以我想說，你提到的事情，我們總是會開發更多的和解能力。總會有更多的供應商匹配能力等待我們開發。我們使用人工智能來做很多事情，但我們還可以做更多的事情來推動這方面更好的連接。

When you think about international payments, which is an important part of the overall portfolio, part of this is going to be influenced by macro. If you just looked at kind of international payments in general, we see that being kind of a choppy sideways environment, has been for the last few quarters, and yet we're still making progress on our penetration.

當你考慮國際支付時，它是整體投資組合的重要組成部分，其中一部分將受到宏觀經濟的影響。如果你只看一下國際支付的總體情況，我們會發現過去幾個季度一直處於波動的橫向環境中，但我們的滲透率仍在取得進展。

So I think some of this is going to be us continuing to execute and create choice, which is obviously one of the themes I'm hitting on here, the way our suppliers in Canada and soon in other countries will be -- are able to kind of select how they want to be paid, what currency, that's going to help that adopt. And then you have choice on how suppliers want to get paid? Do they want to get paid now or they want to get paid tomorrow. They want to get paid 30 days before the bill is paid. These are all things that we're working on and the platform has the capabilities to deliver and are something that we think creates a competitive advantage in the marketplace.

因此，我認為其中一部分將是我們繼續執行和創造選擇，這顯然是我在這裡談到的主題之一，我們在加拿大的供應商以及很快在其他國家的供應商將能夠這樣做選擇他們想要的付款方式、貨幣，這將有助於採用。然後您可以選擇供應商希望如何獲得報酬？他們想要現在得到報酬還是想要明天得到報酬。他們希望在賬單支付前 30 天收到付款。這些都是我們正在努力的事情，並且該平台有能力提供這些服務，並且我們認為這可以在市場上創造競爭優勢。

Great. And maybe just for my follow-up, I wanted to ask about TPV per customer, excluding FI. And I think the expectation is for that to decline kind of low single digits in fiscal year '24. It sort of feels like SMB spending has stabilized here. The results this quarter trended in line with seasonality. If you model out seasonality over the next few quarters, you can easily get to kind of low single-digit to mid-single-digit growth and TPV per customer, excluding FI. So I guess, is the guidance on TPV per customer for SMB spend to soften from here or to hit your revenue guidance, are you relying on more take rate expansion?

偉大的。也許只是為了我的後續行動，我想詢問每個客戶的 TPV（不包括 FI）。我認為，預計 24 財年這一數字將下降到較低的個位數。感覺中小企業的支出已經穩定下來。本季度的業績趨勢與季節性相符。如果您對未來幾個季度的季節性進行建模，您可以輕鬆獲得低個位數到中個位數的增長以及每個客戶的 TPV（不包括 FI）。所以我想，中小型企業支出的每位客戶 TPV 指導是否會從這裡開始軟化，或者達到您的收入指導，您是否依賴於更多的利用率擴張？

Yes. Thanks, Ken. I don't think we're looking at any material softening in spend. As Rene mentioned, we view it as more of like a sideways environment from here, but we did still see numerous categories of spend by SMBs that are declining. Real estate is a good example of that, where there's lots of adjustments happening with the way people work and where they're spending dollars for core facilities. There's also some rebounding categories. (inaudible) continues to be strong. Advertising seems to be coming back.

是的。謝謝，肯。我認為我們不會看到支出出現任何實質性的軟化。正如雷內提到的，我們認為這更像是一個橫向環境，但我們仍然看到中小企業的許多類別的支出正在下降。房地產就是一個很好的例子，人們的工作方式以及核心設施的支出都發生了很多調整。還有一些反彈類別。 （聽不清）繼續強勁。廣告似乎又回來了。

So there's going to be puts and takes. We tried to estimate this based on all the information we have available. We haven't really seen in the last couple of quarters like a turnaround where it's clear that SMBs are going to be in expansion mode across all spend categories. And that's how we came up with our estimates of a low single-digit decrease on a year-over-year basis.

所以會有投入和拿取。我們試圖根據我們掌握的所有信息來估計這一點。在過去的幾個季度中，我們並沒有真正看到像這樣的轉變，很明顯，中小企業將在所有支出類別中處於擴張模式。這就是我們得出的同比低個位數下降的估計。

Our next question comes from Robert Napoli with William Blair.

我們的下一個問題來自羅伯特·那不勒斯和威廉·布萊爾。

I appreciate your comments on Lahaina, we spent a lot of time there. It's pretty amazing what's happened there. Just -- so the Intuit relationship, just some color on that. So essentially, the relationship is ending. The contract is up and you're not going forward with them. Does that open up opportunities? I know you mentioned a little bit, Rene, that's going direct, but were you prevented from doing certain things under that contract that you're now freed up from?

感謝您對拉海納的評論，我們在那裡度過了很多時間。那裡發生的事情真是太神奇了。只是——所以 Intuit 的關係，只是一些色彩而已。因此，從本質上講，這種關係正在結束。合同到期了，你不會繼續和他們合作了。這會帶來機會嗎？我知道你提到過一點，雷內，那是直接的，但是你是否被禁止根據你現在擺脫的合同做某些事情？

Thank you, Bob, for the question. And I think the first thing that I would just kind of call out is that Intuit has decided to compete on payments, rather than partner. And so as we think about what kind of unfolds for us, there was nothing contractually that was restricting us from doing anything, but we do think that our ability to really help customers understand the benefits and the value of our platform, the robustness of it, it's built at scale. And just as a kind of a reminder here, 1% of GDP rolls through BILL. If you just step back and think about the size and scale and what that means, we're not a financial institution and yet 1% is going through BILL. This is a meaningful accomplishment and it's because of all the capabilities we have around risk, around the platform, around how we weave documents and workflow and payment reconciliation and risk decisions into one solution for our customers.

謝謝鮑勃提出的問題。我想我首先要指出的是，Intuit 決定在支付領域展開競爭，而不是合作。因此，當我們思考我們會遇到什麼樣的情況時，沒有任何合同限制我們做任何事情，但我們確實認為我們有能力真正幫助客戶了解我們平台的好處和價值以及它的穩健性，它是大規模建造的。在此提醒一下，BILL 佔 GDP 的 1%。如果你退一步思考一下規模和規模以及這意味著什麼，我們不是一家金融機構，但 1% 的人正在通過賬單。這是一項有意義的成就，因為我們擁有圍繞風險、圍繞平台、圍繞我們如何將文檔、工作流程、付款對賬和風險決策整合到為客戶提供的一個解決方案中的所有能力。

And so I think -- how we think about this is that the market is maturing. There's more competitors coming into the space and we are leading, we're defining and folks are looking to us to follow, and we don't look to anybody to follow. We always are going to be leading.

所以我認為——我們對此的看法是市場正在成熟。有更多的競爭對手進入這個領域，我們正在領先，我們正在定義，人們希望我們跟隨，但我們不希望任何人跟隨。我們將始終處於領先地位。

And then just on the invoice financing, the strategy around that, and I don't know if that's part of the incremental investment that you're making this year that you had mentioned upfront, Rene. But what is the timing of rolling out that? And will you be doing it for both BILL (inaudible) and for Divvy and just your confidence now that you have the data that you need to be able to roll that?

然後就發票融資以及圍繞該策略的策略，我不知道這是否是您之前提到的今年增量投資的一部分，Rene。但推出該計劃的時機是什麼？您會為 BILL（聽不清）和 Divvy 做這件事嗎？既然您已經擁有了能夠實現這一目標所需的數據，那麼您是否會充滿信心？

Yes, yes. I think the -- it's a great question. It's something we are excited about because suppliers, businesses, they need cash flow. One of the testimonials that we put into the script was a network member that used instant payments to be able to fund and pay the drivers because they need to pay people today or tomorrow. And we know that there's going to be demand for businesses to manage their cash flow across longer time frames. And so invoice financing gives our suppliers in our network, the choice and the opportunity to actually accelerate their cash flow and help them manage their business and make it work a lot better.

是的是的。我認為這是一個很好的問題。這是我們感到興奮的事情，因為供應商、企業他們需要現金流。我們放入腳本中的推薦之一是一位網絡成員，他使用即時付款來為司機提供資金和報酬，因為他們今天或明天需要向人們付款。我們知道，企業將需要在更長的時間範圍內管理現金流。因此，發票融資為我們網絡中的供應商提供了實際加速現金流、幫助他們管理業務並使其運作得更好的選擇和機會。

And so what we've seen to date, and it's early days, but what we've seen to date is that suppliers do use the product on a repeat basis, not every time that there's a transaction that comes their way, but they do use it. And so that's something that we think is a good indicator that there's value in this solution. And now we're building out all the capabilities so that you can do it at scale.

到目前為止，我們所看到的情況還為時尚早，但我們迄今為止所看到的是，供應商確實會重複使用該產品，而不是每次有交易時都會使用該產品，但他們確實這樣做了用它。因此，我們認為這是一個很好的指標，表明該解決方案具有價值。現在，我們正在構建所有功能，以便您可以大規模實現這一目標。

And it's one of the things that we've learned that when you move the type of money, you move across our platform, that you got to be thoughtful, you got to build things carefully and you got to do it in a way that's going to enhance the capabilities going forward. And so that's where we're at right now, and we expect FY '24 will make good progress on that.

這是我們學到的一件事，當你轉移資金類型時，你在我們的平台上轉移，你必須深思熟慮，你必須仔細地構建東西，你必須以一種可行的方式去做。以增強未來的能力。這就是我們現在的處境，我們預計 24 財年將在這方面取得良好進展。

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

我們的下一個問題來自美國銀行的布拉德·希爾斯。

Great. I wanted to ask about TPV per customer. John, you're guiding to or expecting low single-digit decline here. I mean before the macro, that metric was kind of in the mid-teens, high teens. So my question is, is there a path back to that type of growth if we were in a better macro? Could you just help us unpack what's driving that delta? It's a big deceleration. Obviously, there's a lot of macro here, but any thoughts on where that could trend as the macro improves?

偉大的。我想詢問每位客戶的 TPV 情況。約翰，您正在指導或預計這裡會出現低個位數的下降。我的意思是，在宏觀調控之前，該指標大約在十幾歲左右。所以我的問題是，如果我們處於更好的宏觀環境中，是否有回到這種增長的途徑？您能幫我們解釋一下是什麼驅動了這個三角洲嗎？這是一個很大的減速。顯然，這裡有很多宏觀因素，但隨著宏觀因素的改善，你有什麼想法嗎？

Yes. Thanks for the question, Brad. And I think macro does influence our view of TPV per customer here. And I'd say one of the things that we work really hard at is increasing like the surface area of our platform and the share of wallet that we have like how much of the B2B spend of our customers, are we helping them with. And we know that there's a ways to go there. That's one of the drivers of increasing TPV per customer. So I think we do have some levers even before a complete turnaround in a sort of growth economy environment. But you put those 2 things together, down the road, including more payment types, which we know increases TPV per customer and other features and functionality that we'll build out in the platform. And we do see a path to much more meaningful growth on a per customer basis. But I'd say the short term is certainly influenced by the external environment and how small businesses are reacting to that and adjusting their spend levels.

是的。謝謝你的提問，布拉德。我認為宏觀確實會影響我們對每位客戶的 TPV 看法。我想說的是，我們真正努力做的事情之一就是增加我們平台的表面積和我們擁有的錢包份額，比如我們客戶的 B2B 支出有多少，我們是否為他們提供了幫助。我們知道有很多方法可以到達那裡。這是增加每位客戶的 TPV 的驅動因素之一。因此，我認為，即使在增長經濟環境徹底好轉之前，我們也確實擁有一些槓桿。但是，您可以將這兩件事放在一起，包括更多的支付類型，我們知道這會增加每個客戶的 TPV 以及我們將在平台中構建的其他特性和功能。我們確實看到了一條在每個客戶的基礎上實現更有意義的增長的道路。但我想說，短期肯定會受到外部環境以及小企業對此的反應和調整支出水平的影響。

That's great color. And then, Rene, you mentioned some pretty exciting initiatives this year, adoption of integrated AP and spend, the partner ecosystem, ad valorem solutions, continued progress there. When you look across those initiatives, which one are you most excited about? Which one perhaps is there some low-hanging fruit where maybe we could see some upside if execution on those is kind of pulled forward?

那顏色真棒。然後，Rene，您提到了今年一些非常令人興奮的舉措，採用集成 AP 和支出、合作夥伴生態系統、從價解決方案，以及持續取得的進展。當您瀏覽這些舉措時，您對哪一項最興奮？哪一個可能有一些容易實現的成果，如果這些成果的執行得到推進，我們也許可以看到一些好處？

Yes, it's a great question, Brad. And obviously, you -- in some ways are going to ask me to pick my favorite child, which there are no such things, right? So -- and the reason I kind of say that is because if you were in any of the operating meetings, I think everybody on the team would think that I wanted that one to be done more important than the next one. And the reality is that they're all super important. And one of the things and our responsibilities is to make sure that we somehow do all of them and focus on all of them. And so I think the opportunity to expand the market with our ecosystem is super important. We have obviously enhanced our financial institution capabilities with the extending contract with JPMorgan Chase, going after the SMBs that BofA has. We're expanding those capabilities. You see all the strength we have in the accounting channel.

是的，這是一個很好的問題，布拉德。顯然，你——在某些方面會要求我挑選我最喜歡的孩子，但沒有這樣的事情，對嗎？所以——我這麼說的原因是因為如果你參加任何一次運營會議，我想團隊中的每個人都會認為我希望完成的會議比下一個會議更重要。現實是它們都非常重要。我們的責任之一就是確保我們以某種方式完成所有這些工作並專注於所有這些工作。因此，我認為利用我們的生態系統擴大市場的機會非常重要。通過與摩根大通延長合同，我們明顯增強了我們的金融機構能力，瞄準了美國銀行擁有的中小企業。我們正在擴展這些能力。您可以看到我們在會計渠道中擁有的所有實力。

But then I look at the ability for us to drive the integration of seamless financial back office when it comes to AP and spending expense. And over the -- over time, obviously, the financial analytics and tools that we're going to be bringing in from the Finmark acquisition, that is super exciting, and we hear that from customers all the time. They just want one place to do this.

但接下來我會看看我們在 AP 和支出費用方面推動無縫財務後台集成的能力。顯然，隨著時間的推移，我們將從芬馬克收購中引入的財務分析和工具非常令人興奮，我們一直從客戶那裡聽到這樣的說法。他們只是想要一個地方來做這件事。

And so there's lots of opportunities then, obviously, on the ad valorem capabilities, which we've talked about. And I think maybe if I just step back, the thing to me is that I get excited about every day is that we started this financial operations category, solutions set, whatever you want to call it. We started it 17 years ago. We just crossed $1 billion in revenue, which obviously is a milestone itself but we see no obstacles to this being tens of billions of dollars in annual revenue from a category perspective. And we're working hard to be the leader in that category. And so we see this as kind of similar to how payroll has become its own thing, and there are multiple players in that, and we see this as an opportunity to continue to lead and define what does it mean to think about financial operations for SMBs.

因此，顯然，我們已經討論過的從價能力方面存在很多機會。我想，如果我退一步，對我來說，每天令我興奮的是我們開始了這個金融運營類別、解決方案集，無論你想怎麼稱呼它。我們17年前就開始了。我們的收入剛剛突破 10 億美元，這本身顯然就是一個里程碑，但從品類角度來看，我們認為實現數百億美元的年收入沒有任何障礙。我們正在努力成為該類別的領導者。因此，我們認為這與工資單如何成為自己的事情類似，其中有多個參與者，我們認為這是一個繼續領導和定義思考中小企業財務運營意味著什麼的機會。

Our next question comes from Darrin Peller with Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的達林·佩勒。

John, maybe just to quickly start with you. If we could bridge from this year in 2023, some of the major KPIs. Just remind us of the compare between this year's factors that drove your results versus, again, just like-for-like the assumptions and guidance. Just trying to figure out how much of it was again, float income changes, how much of it again was macro conservatism that you're building in? Just your assumptions for TPV. If you could just help us parse that out.

約翰，也許只是為了快速地和你開始。如果我們能夠從今年到 2023 年實現一些主要 KPI。請提醒我們，將今年推動結果的因素與類似的假設和指導進行比較。只是想弄清楚其中有多少是浮動收入的變化，有多少是你正在建立的宏觀保守主義？只是您對冠捷的假設。如果你能幫我們解析一下就好了。

Then part of that would also be to understand the step-down from Q1 growth targets of, I think, 29% of the midpoint and just the bridge down to the (inaudible) full year.

然後，其中一部分還包括了解第一季度增長目標的下降，我認為是中點的 29％，只是通往（聽不清）全年的橋樑。

Yes. Thanks for the question, Darrin. So I'd say the key trend that occurred throughout all of FY '23 was the deceleration in spend on a per customer basis for TPV. And we think that's a direct reflection of adjustments, our small business customers are making to the macro environment. It's our view, at least our assumptions that, that adjustment process is going to continue throughout all of FY '24, like until we see clear signs that businesses have turned the corner and entering expansion mode, until then, we're going to assume a more muted spend or moderated spend environment. And that's what's reflected in our numbers. That's probably the most important variable.

是的。謝謝你的提問，達林。因此，我想說整個 23 財年發生的主要趨勢是 TPV 的每位客戶支出減速。我們認為這是我們的小企業客戶對宏觀環境做出的調整的直接反映。我們的觀點，至少我們的假設是，調整過程將在整個 24 財年持續進行，直到我們看到明確的跡象表明企業已經渡過難關並進入擴張模式，在那之前，我們將假設支出更加溫和或適度的支出環境。這也反映在我們的數字中。這可能是最重要的變量。

I think we'll continue to make progress as we've discussed earlier on our monetization and things of that nature, regardless of the spend environment.

我認為，無論支出環境如何，我們都將繼續取得進展，正如我們之前討論的貨幣化和此類性質的事情一樣。

As it relates to the Q1 -- Q4 to Q1 transition, the primary change there is around our subscription revenue. So embedded in our core revenue estimates are a step-down in Q1 associated with the change in our contract with Bank of America. So if we look at that for the whole year, we'd be looking at high single digits increase in subscription revenue versus our estimates earlier on the call. So that's probably the biggest change on a sequential quarterly basis.

由於它與第一季度、第四季度到第一季度的過渡有關，因此主要變化是我們的訂閱收入。因此，我們的核心收入預期中包含了與美國銀行合同變更相關的第一季度的下調。因此，如果我們審視全年情況，我們會發現訂閱收入與我們之前在電話會議上的估計相比將出現高個位數增長。所以這可能是連續季度最大的變化。

But I guess I was trying to figure out from Q1 guide versus the full year deceleration. I mean I assume a lot of that is the macro factors being embedded (inaudible) more substantially in comps, right, like float income comps and whatnot.

但我想我是想從第一季度的指南和全年的減速中找出答案。我的意思是，我認為其中很多是宏觀因素被更廣泛地嵌入（聽不清）比較中，對吧，比如浮動收入比較等等。

Yes. We're -- well, so float income -- sorry, specifically to address that comment, we're assuming a yield for the full year that's lower than our Q1 yield, up 460 basis points. So we're actually anticipating in the first half of calendar '24, so the second half of our fiscal year that the Fed funds rate is going to decline. We're obviously not forecasters on these topics, but our assumption is 4% Fed funds rate versus I think, current consensus is 5%. So that's rolling through our numbers for sure, in terms of float that obviously has an impact on cash flows as well.

是的。我們——好吧，所以浮動收入——抱歉，特別是為了解決這個問題，我們假設全年收益率低於第一季度收益率，上漲 460 個基點。因此，我們實際上預計在 24 日曆年的上半年，也就是我們財年的下半年，聯邦基金利率將會下降。我們顯然不是這些話題的預測者，但我們的假設是 4% 的聯邦基金利率，而我認為目前的共識是 5%。因此，就流通量而言，這肯定會影響我們的數據，這顯然也會對現金流產生影響。

Rene, just on Divvy and the cross-sell, it sounds like you guys are very excited about that. We are too. I just want to understand the conviction you have now combined with -- I think you said you had 7,200 customers cross sold now from probably 2,000 last time you talked about it. So is the conviction there because of the progress on the engineering side of it having been really up and running and ready to go in the fall the way you hoped?

Rene，就 Divvy 和交叉銷售而言，聽起來你們對此非常興奮。我們也是。我只是想了解您現在所抱有的信念——我想您曾說過，您現在已經有 7,200 名交叉銷售客戶，而上次您談到這一問題時大約有 2,000 名客戶。那麼，由於工程方面的進展，它已經真正啟動並運行，並準備好在秋季按照您希望的方式運行，所以我們對此有信心嗎？

Yes. I think a great question, Darrin. There's -- the conviction is and it goes back to the hypothesis thesis about why we wanted the Divvy solution as part of the BILL solution and have the spend management expense capabilities inside of BILL. And so just to clarify, we had started the acquisition, we had 1,000 joint customers. And what we disclosed today is that we have 7,200 joint customers. So roughly up 6,000. Of that, around 5,000 are BILL customers adopting Divvy, the others are Divvy customers adopting BILL.

是的。我認為這是一個很好的問題，達林。我們的信念是，它可以追溯到假設論文，即為什麼我們希望 Divvy 解決方案作為 BILL 解決方案的一部分，並在 BILL 內部擁有支出管理費用功能。澄清一下，我們已經開始收購，我們有 1,000 個共同客戶。我們今天披露的是，我們有 7,200 個共同客戶。所以大約增加了6,000。其中，大約 5,000 名 BILL 客戶採用 Divvy，其餘為 Divvy 客戶採用 BILL。

So I think what gets me excited is that when you get a chance to talk and see the activity that these joint customers are doing, they're using it as one platform. They're seeing the opportunity to be able to manage their financial operations differently. And that's something that we're very passionate about. And I think it's super important that when you're going to go create a new space or a new solution for businesses that you have to have passion, you have to have set of expertise and vision and you have to have the ability to be persistent and do it on a continuous basis over time. And that's what we've been doing.

因此，我認為讓我興奮的是，當你有機會交談並看到這些聯合客戶正在進行的活動時，他們正在將其用作一個平台。他們看到了以不同方式管理財務運營的機會。這是我們非常熱衷的事情。我認為非常重要的是，當你要為企業創建一個新的空間或新的解決方案時，你必須有激情，你必須擁有一套專業知識和願景，你必須有堅持不懈的能力並隨著時間的推移持續進行。這就是我們一直在做的事情。

And so this is -- FY '24 is an important year on this journey of getting more cross-sold. But it's going to take all the things I just said, to continue this journey for SMBs to have -- make that difference so that they actually do have one place, and that's something that we're going to be focused on for years to come.

因此，24 財年是交叉銷售進程中重要的一年。但是，要繼續中小企業的這一旅程，需要採取我剛才所說的所有措施——做出改變，以便他們真正擁有一席之地，這是我們未來幾年將重點關注的事情。

Unfortunately, that is all the time that we do have for the Q&A session. So I will pass the conference back to Rene for any final remarks.

不幸的是，這就是我們用於問答環節的所有時間。因此，我將把會議交還給雷內，讓他發表最後的評論。

Thank you, and thanks, everyone, for joining us today. BILL delivered another great quarter and fiscal year. We are excited about the future, and we look forward to serving more and more SMBs. Thanks for joining.

謝謝你們，也謝謝大家今天加入我們。比爾又交付了出色的季度和財年。我們對未來感到興奮，並期待為越來越多的中小企業提供服務。感謝您的加入。

That will conclude today's conference call. Thank you all for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝大家的參與。您現在可以斷開線路。