BILL Holdings Inc (BILL) 2022 Q2 法說會逐字稿

Good afternoon, and welcome to Bill.com's Second Quarter of Fiscal 2022 Earnings Conference Call. (Operator Instructions) With that, I would like to turn the call over to Karen Sansot, Vice President of Investor Relations, for introductory remarks. Karen?

下午好，歡迎參加 Bill.com 的 2022 財年第二季度收益電話會議。 （操作員說明）至此，我想將電話轉給投資者關係副總裁 Karen Sansot 進行介紹性發言。凱倫？

Thank you, operator. Welcome to Bill.com's Fiscal Second Quarter 2022 Earnings Conference Call. We issued our earnings press release a short time ago and furnished the related Form 8-K to the SEC. The press release can be found on the Investor Relations section of our website at investor.bill.com.

謝謝你，接線員。歡迎來到 Bill.com 的 2022 財年第二季度收益電話會議。我們不久前發布了收益新聞稿，並向美國證券交易委員會提交了相關的 8-K 表格。該新聞稿可在我們網站investor.bill.com 的投資者關係部分找到。

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

Bill.com 董事長、首席執行官兼創始人 Rene Lacerte 今天與我同在。和執行副總裁兼首席財務官 John Rettig。

Before we begin, please remember that during the course of this call, we may make forward-looking statements about the operations and future results of Bill.com that involve many assumptions, risks and uncertainties. If any of these risks or uncertainties develop or if any of the assumptions prove incorrect, actual results could differ materially from those expressed or implied by our forward-looking statements.

在我們開始之前，請記住，在本次電話會議期間，我們可能會就 Bill.com 的運營和未來結果做出涉及許多假設、風險和不確定性的前瞻性陳述。如果出現任何這些風險或不確定性，或者任何假設被證明不正確，實際結果可能與我們的前瞻性陳述明示或暗示的結果大不相同。

For a discussion of the risk factors associated with our forward-looking statements, please refer to the text in the company's press release issued today and to our periodic reports filed with the SEC, including our most recent annual report on Form 10-K and quarterly report on Form 10-Q filed with the SEC and available on the Investor Relations section of our website. We disclaim any obligation to update any forward-looking statements.

有關與我們的前瞻性陳述相關的風險因素的討論，請參閱公司今天發布的新聞稿中的文本以及我們向美國證券交易委員會提交的定期報告，包括我們最近的 10-K 表格年度報告和季度報告向美國證券交易委員會提交的表格 10-Q 報告，可在我們網站的投資者關係部分查閱。我們不承擔更新任何前瞻性陳述的任何義務。

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

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

Now I will turn the call over to Rene. Rene?

現在我將把電話轉給 Rene。雷內？

Thank you, Karen. Good afternoon, everyone. Thank you for joining us today. I hope that all of you and your families are healthy and doing well.

謝謝你，凱倫。大家下午好。感謝您今天加入我們。我希望你們所有人和你們的家人都身體健康，一切都好。

In a time of uncertainty, Bill.com produced exceptional results. Total revenue for the quarter nearly tripled year-over-year. Bill.com's organic core revenue increased 85% year-over-year, while revenue from our Divvy spend management solution grew 188% year-over-year.

在充滿不確定性的時期，Bill.com 取得了非凡的成果。本季度總收入同比增長近兩倍。 Bill.com 的有機核心收入同比增長 85%，而我們的 Divvy 支出管理解決方案的收入同比增長 188%。

Q2 marks the fifth consecutive quarter of an accelerating core revenue growth as customer adoption of our platform has continued unabated. We ended the quarter at breakeven from a non-GAAP earnings perspective, well ahead of our expectations. We are well on our way to becoming a profitable, multibillion-dollar revenue company, delivering the all-in-one platform for small and midsized business financial operations.

隨著客戶對我們平台的採用持續有增無減，第二季度標誌著核心收入連續第五個季度加速增長。從非公認會計原則的收益角度來看，我們在本季度結束時實現了盈虧平衡，遠遠超出了我們的預期。我們正朝著成為一家盈利、價值數十億美元的公司邁進，為中小型企業的財務運營提供一體化平台。

Achieving this goal requires us to continue to enhance our platform while also expanding the breadth and depth of our go-to-market ecosystem. As part of this expansion, we have decided to combine our sales team under a single sales leader. I'm happy to announce that Blake Murray, the Co-Founder and CEO of Divvy, has accepted a new role as our Chief Revenue Officer.

實現這一目標需要我們繼續增強我們的平台，同時擴大我們的上市生態系統的廣度和深度。作為此次擴展的一部分，我們決定將我們的銷售團隊合併到一名銷售主管之下。我很高興地宣布，Divvy 的聯合創始人兼首席執行官 Blake Murray 已接受新職位，擔任我們的首席營收官。

As CRO of our combined organization, Blake will be responsible for sales company-wide, helping us scale efficiently across our diverse distribution channels. I believe Blake's experience innovating to serve SMBs, combined with his track record of selling and driving adoption, will benefit the entire company and makes him uniquely qualified to lead this expansion.

作為我們合併後組織的 CRO，Blake 將負責整個公司的銷售工作，幫助我們在不同的分銷渠道中有效擴展。我相信 Blake 為中小企業服務的創新經驗，加上他在銷售和推動採用方面的記錄，將使整個公司受益，並使他具備領導這一擴張的獨特資格。

As part of this change, Tom Clayton will be leaving Bill.com. I would like to thank Tom for his many contributions to Bill.com and wish him the best in his future endeavors.

作為這一變化的一部分，Tom Clayton 將離開 Bill.com。我要感謝湯姆對 Bill.com 所做的許多貢獻，並祝愿他在未來的工作中一切順利。

We are helping SMBs transform at a significant scale. As of the end of Q2, more than 350,000 businesses were leveraging our solutions to simplify and automate their back offices. These businesses trust our platform to manage their financial operations and process their payments, which, in the second quarter, totaled more than $55 billion in TPV.

我們正在幫助中小企業進行大規模轉型。截至第二季度末，超過 350,000 家企業正在利用我們的解決方案來簡化和自動化他們的後台。這些企業信任我們的平台來管理他們的財務運營和處理他們的付款，在第二季度，TPV 總額超過 550 億美元。

Bill.com is a champion of SMBs. Our mission is to make it simple to connect and do business. Most SMBs are still encumbered by manual back-office processes that are inefficient, opaque and are time-consuming. Bill.com's platform serves as a digital accelerant for these businesses, transforming their financial operations. With Bill.com, SMBs get more visibility and control of their cash flow, freeing them up to work on the fun and rewarding part: growing their businesses.

Bill.com 是中小企業的擁護者。我們的使命是讓連接和開展業務變得簡單。大多數 SMB 仍然受制於低效、不透明且耗時的手動後台流程。 Bill.com 的平台為這些企業提供了數字加速器，改變了他們的財務運營。借助 Bill.com，中小型企業可以更好地了解和控制他們的現金流，從而讓他們騰出時間從事有趣且有益的工作：發展業務。

In prior earnings calls, we discussed being selected to design a new payables and receivable solution for 1 of the top 3 small business banks in the U.S. Today, I'm excited to share that the bank is Bank of America. This new partnership came together as a result of our success serving Bank of America's commercial customers and extends our reach to support all of the small businesses, including sole proprietors that Bank of America serves. The new solution was launched in several markets in Q2, and the nationwide rollout will continue throughout calendar year 2022. We are delighted about the tremendous extension of our reach this opportunity brings to Bill.com.

在之前的財報電話會議中，我們討論了被選中為美國三大小型商業銀行中的一家設計新的應付賬款和應收賬款解決方案。今天，我很高興與大家分享這家銀行是美國銀行。這種新的合作夥伴關係是我們成功為美國銀行的商業客戶提供服務的結果，並將我們的業務範圍擴大到支持所有小企業，包括美國銀行服務的獨資經營者。新解決方案於第二季度在多個市場推出，並將在 2022 日曆年繼續在全國范圍內推廣。我們很高興這次機會為 Bill.com 帶來了巨大的影響力。

The transformative power of our platform makes Bill.com a mission-critical tool for SMBs and accountants. This, together with our diverse go-to-market ecosystem, which includes self-service, inside direct sales and strategic partnerships, fuels our growth in an efficient manner. We have partnerships with 6 of the top 10 financial institutions and more than 5,500 accounting firms, including more than 85 of the top 100 in the U.S. The breadth and diversity of our distribution strategy has enabled us to reach more customers and expand our network to more than 3.2 million members.

我們平台的變革力量使 Bill.com 成為 SMB 和會計師的關鍵任務工具。這與我們多樣化的上市生態系統（包括自助服務、內部直銷和戰略合作夥伴關係）一起，以有效的方式推動了我們的增長。我們與前 10 家金融機構中的 6 家和超過 5,500 家會計師事務所建立了合作夥伴關係，其中包括美國前 100 強中的 85 家以上。我們分銷戰略的廣度和多樣性使我們能夠接觸到更多的客戶並將我們的網絡擴展到更多超過 320 萬會員。

Bare Bones broth, an Ohio-based company that has sold nourishing bone broth since 2014, is a great example. Katherine and Ryan Harvey, the co-founders, have grown their business from working out of a small commercial kitchen, to shipping to all 50 states and generating millions in revenue across 5 sales channels.

總部位於俄亥俄州的 Bare Bones 肉湯公司自 2014 年以來一直銷售營養骨肉湯，就是一個很好的例子。聯合創始人 Katherine 和 Ryan Harvey 的業務從在小型商業廚房工作發展到向所有 50 個州運送貨物，並通過 5 個銷售渠道創造了數百萬美元的收入。

Katherine Harvey said, and I quote, "Before Bill.com, payables was my whole job, and it used to take me 30 hours a week just managing stacks of paper. Now it takes me 5 hours a week, which enables me to spend more time focusing on sales and distribution. With the time I saved, I was able to find my passion for sales and grow our business to a level we never would have been able to. We also have more time now to focus on our mission: to create food that helps the body heal."

凱瑟琳哈維說，我引用，“在 Bill.com 之前，應付賬款是我的全部工作，過去我每週需要 30 個小時來管理成堆的紙張。現在我每週需要 5 個小時，這使我能夠花費更多的時間專注於銷售和分銷。有了節省的時間，我能夠找到我對銷售的熱情，並將我們的業務發展到我們無法達到的水平。我們現在也有更多的時間專注於我們的使命：創造有助於身體癒合的食物。”

Accounting firms are also able to transform their business using Bill.com to digitize and automate their clients' financial operations, [bringing] the accounting team to focus on more strategic initiatives for their clients. A great example is hiline. hiline is an SMB-focused and tech-enabled accounting firm that relies on Bill.com. Matt Gardner, CEO and Co-Founder, said and I quote, "With Bill.com, we are able to save 2/3 of the time spent on managing paper checks and invoices, which give us more time to provide our clients high-value services. This drives growth for hiline, and it also creates more value for our clients. They can focus more on scaling their businesses while having more financial peace of mind."

會計師事務所還可以使用 Bill.com 實現業務轉型，將客戶的財務運營數字化和自動化，[讓]會計團隊專注於為客戶制定更具戰略性的舉措。一個很好的例子是hiline。 hiline 是一家依賴於 Bill.com 的專注於中小企業的技術型會計師事務所。首席執行官兼聯合創始人馬特·加德納 (Matt Gardner) 說：“通過 Bill.com，我們能夠節省 2/3 的時間用於管理紙質支票和發票，這讓我們有更多時間為客戶提供高品質的服務。價值服務。這推動了 hiline 的增長，也為我們的客戶創造了更多價值。他們可以更加專注於擴展業務，同時更加安心。”

Our ability to transform the AP process is why accounting firms, customers and partners are asking for a more comprehensive and complete solution for the back office. An example is Manhattan Soccer Club who uses Bill.com for payables. Manhattan Soccer is one of the largest soccer clubs in New York City. They recently adopted Divvy, our spend management solution. With approximately 70 teams and over 1,000 players using their [personal cards' return-related expenses], the recurring reimbursement process had been manual and time-consuming.

我們轉變 AP 流程的能力是會計師事務所、客戶和合作夥伴要求為後台提供更全面和完整的解決方案的原因。一個例子是使用 Bill.com 支付應付賬款的曼哈頓足球俱樂部。曼哈頓足球俱樂部是紐約市最大的足球俱樂部之一。他們最近採用了我們的支出管理解決方案 Divvy。大約 70 支球隊和 1,000 多名球員使用他們的 [個人卡的退貨相關費用]，經常性的報銷流程是手動且耗時的。

Samuel Arnoff, General Manager, said and I quote, "Divvy really alleviates our reimbursement process, saving time and reducing frustration. Additionally, I also have real-time visibility into each transaction, and the integration with QuickBooks is seamless. The ease of having multiple solutions in one place also adds value for me. I can count on Bill.com for bill pay and expense management."

總經理塞繆爾·阿諾夫 (Samuel Arnoff) 說，我引用道：“Divvy 確實減輕了我們的報銷流程，節省了時間並減少了挫折感。此外，我還可以實時查看每筆交易，並且與 QuickBooks 的集成是無縫的。輕鬆擁有一個地方的多種解決方案也為我增加了價值。我可以依靠 Bill.com 進行賬單支付和費用管理。”

Recognizing the need that the Manhattan Soccer Club articulated, our product teams are building features that enable a more unified Bill.com and Divvy platform experience. Recently, we introduced single sign-on and simple, consistent navigation throughout both solutions. We also made it easy for Bill.com customers to sign up for Divvy and speed up the credit line approval process.

認識到曼哈頓足球俱樂部所表達的需求，我們的產品團隊正在構建功能，以實現更統一的 Bill.com 和 Divvy 平台體驗。最近，我們在這兩種解決方案中引入了單點登錄和簡單、一致的導航。我們還讓 Bill.com 客戶可以輕鬆註冊 Divvy 並加快信用額度審批流程。

We are in the early stages of digital transformation for businesses. We have a strong track record of introducing new services to meet customer demand, and we are accelerating our pace of innovation to capture the tremendous opportunities ahead of us.

我們正處於企業數字化轉型的早期階段。我們在推出新服務以滿足客戶需求方面有著良好的記錄，我們正在加快創新步伐，以抓住我們面前的巨大機遇。

For example, we continue to test payment solutions that give our customers more choices. Our new Pay By Card product enables payables customers to fund their payments via credit cards. Recently, we also enhanced Invoice2go's payment capabilities with an in-platform branded experience for getting paid. Now Invoice2go customers can receive their funds directly rather than through an intermediary.

例如，我們繼續測試為客戶提供更多選擇的支付解決方案。我們新的 Pay By Card 產品使應付賬款客戶能夠通過信用卡為其付款提供資金。最近，我們還通過平台內品牌體驗來增強 Invoice2go 的支付功能。現在 Invoice2go 客戶可以直接收到他們的資金，而不是通過中介。

A branded payments experience makes the sign-up easier, reduces friction and speeds up funds' availability.

品牌支付體驗使註冊更容易，減少摩擦並加快資金的可用性。

Continuing on the topic of innovation, we recently launched a host of improvements to our Divvy solution, designed to give customers an end-to-end view of expense management. Now employees of spending businesses can e-mail receipts, which get auto-matched to card transactions to better categorization and receive free expense reimbursements via ACH. In addition, we upgraded the Divvy dashboard to provide budget owners enhanced cash flow insights.

繼續創新主題，我們最近對我們的 Divvy 解決方案進行了一系列改進，旨在為客戶提供端到端的費用管理視圖。現在，消費業務的員工可以通過電子郵件發送收據，這些收據會自動與卡交易匹配，以更好地分類並通過 ACH 獲得免費的費用報銷。此外，我們升級了 Divvy 儀表板，為預算所有者提供增強的現金流洞察力。

Looking ahead, I continue to be bullish about the opportunity we have to support businesses, ranging from sole proprietors, to mid-market companies. In the near term, it remains our priority to deliver features that create a more unified and seamless platform experience. We will also continue to expand our payment offerings, extend our network reach via our diverse ecosystem and scale our relationships with accounting firms and financial institutions.

展望未來，我繼續看好我們必須支持企業的機會，從獨資企業到中型市場公司。在短期內，我們的首要任務仍然是提供創造更統一和無縫平台體驗的功能。我們還將繼續擴展我們的支付產品，通過我們多樣化的生態系統擴大我們的網絡覆蓋範圍，並擴大我們與會計師事務所和金融機構的關係。

None of this is possible without growing our people and bringing in great talent across the company. In Q2, we welcomed Sarah Acton as our Chief Marketing Officer. Sarah brings a wealth of brand and leadership experience from her years at Yahoo! and LinkedIn. She has built leading global brands across both business and consumer markets. Sarah will accelerate our marketing and brand-building efforts and play an important part in our future growth. We are thrilled to have her on the Bill.com team.

如果不培養我們的員工並在整個公司引進優秀人才，這一切都是不可能的。在第二季度，我們歡迎 Sarah Acton 擔任我們的首席營銷官。莎拉在雅虎多年積累了豐富的品牌和領導經驗！和領英。她在商業和消費市場建立了領先的全球品牌。 Sarah 將加快我們的營銷和品牌建設工作，並在我們未來的發展中發揮重要作用。我們很高興她能加入 Bill.com 團隊。

In closing, we delivered very strong financial growth this quarter as we continue to widen the moat we've built through our go-to-market strategies and product innovations. I want to thank our 1,800 employees for driving these great results and for their commitment to our mission, customers and each other.

最後，我們在本季度實現了非常強勁的財務增長，因為我們繼續擴大我們通過進入市場戰略和產品創新建立的護城河。我要感謝我們的 1,800 名員工推動了這些偉大的成果，並感謝他們對我們的使命、客戶和彼此的承諾。

Now let me turn the call over to John to talk in more detail about our amazing quarter.

現在讓我把電話轉給約翰，更詳細地談談我們令人驚嘆的季度。

Thanks, Rene. Today, I'll provide an overview of our fiscal second quarter 2022 financial results and discuss our outlook for the fiscal third quarter and full fiscal year 2022. As a reminder, today's discussion includes non-GAAP financial measures. Please refer to the tables in our earnings press release for a reconciliation from non-GAAP, to the most directly comparable GAAP financial measure. Both Divvy and Invoice2go are included in our second quarter results.

謝謝，雷內。今天，我將概述我們 2022 財年第二季度的財務業績，並討論我們對第三財季和 2022 財年的展望。提醒一下，今天的討論包括非 GAAP 財務指標。請參閱我們的收益新聞稿中的表格，了解非公認會計原則與最直接可比的公認會計原則財務指標的對賬。 Divvy 和 Invoice2go 都包含在我們的第二季度業績中。

Our Q2 results exceeded our expectations across the board, with total revenue growth of 190% year-over-year, organic core revenue growth of 85% year-over-year, non-GAAP gross margin of 85% and breakeven on a non-GAAP EPS basis. We continue to see very strong organic results, including Divvy's stand-alone revenue growth of 188% year-over-year. We are energized by our progress creating value for SMBs, while at the same time, delivering strong revenue growth and operating leverage.

我們的第二季度業績全面超出了我們的預期，總收入同比增長 190%，有機核心收入同比增長 85%，非 GAAP 毛利率為 85%，非公認會計原則每股收益基礎。我們繼續看到非常強勁的有機業績，包括 Divvy 的獨立收入同比增長 188%。我們為中小型企業創造價值，同時實現強勁的收入增長和運營槓桿，這讓我們感到振奮。

With our large base of engaged customers, network members and our go-to-market ecosystem, we can quickly build and efficiently scale adoption of new products. And our R&D investments enable us to create additional growth levers across the business.

憑藉我們龐大的參與客戶、網絡成員和我們的上市生態系統，我們可以快速構建並有效擴展新產品的採用。我們的研發投資使我們能夠在整個業務中創造額外的增長槓桿。

Turning to an update on our key metrics. Given our recent acquisitions, we are providing additional insights on organic metrics for Bill.com, Divvy and Invoice2go. Customer acquisition during Q2 was strong across Bill.com. We ended the fiscal second quarter with 135,000 Bill.com organic customers, including 8,100 net new customers in the quarter driven by strong customer adoption across all of our channels. We also had 15,500 spending businesses using Divvy and 223,000 subscribers using Invoice2go's AR solution as of the end of Q2.

轉向我們關鍵指標的更新。鑑於我們最近的收購，我們正在為 Bill.com、Divvy 和 Invoice2go 提供有關有機指標的更多見解。在第二季度，Bill.com 的客戶獲取非常強勁。我們在第二財季結束時擁有 135,000 名 Bill.com 有機客戶，其中包括本季度的 8,100 名淨新客戶，這得益於我們所有渠道的強勁客戶採用率。截至第二季度末，我們還有 15,500 個使用 Divvy 的支出業務和 223,000 個使用 Invoice2go 的 AR 解決方案的訂閱者。

The slight decline in net new customers added at Divvy and Invoice2go was expected as we applied Bill.com's more robust underwriting and onboarding criteria to their new customer sign-up flows. We believe this application of our proprietary risk logic will yield higher-value customers going forward.

由於我們將 Bill.com 更強大的承保和入職標準應用於他們的新客戶註冊流程，因此預計 Divvy 和 Invoice2go 增加的淨新客戶略有下降。我們相信，我們專有風險邏輯的這種應用將在未來產生更高價值的客戶。

We delivered very strong organic total payment volume in Q2 of $56 billion, representing 62% year-over-year growth and 20% quarterly sequential growth. Organic TPV significantly outperformed our expectations and exhibited strong seasonal trends similar to the trends observed in the December 2020 quarter. Our organic TPV growth in recent quarters has been driven by engagement from our customers and expansion in share of wallet given more payment choices and the impact of a slightly larger average customer.

我們在第二季度實現了非常強勁的 560 億美元的有機總支付量，同比增長 62%，季度環比增長 20%。有機 TPV 顯著超出我們的預期，並表現出與 2020 年 12 月季度觀察到的趨勢相似的強勁季節性趨勢。我們最近幾個季度的有機 TPV 增長是由我們的客戶的參與和錢包份額的擴大推動的，因為有更多的支付選擇和略大的普通客戶的影響。

Looking ahead, in the fiscal third quarter, we typically experience some seasonality, with TPV slightly down compared to Q2 because many SMBs pull spend into the December quarter from January for year-end tax planning purposes. During the quarter, we processed $1.9 billion in card transactions from spending businesses using our Divvy spend management solution, which is an increase of 145% from last year.

展望未來，在第三財季，我們通常會經歷一些季節性因素，TPV 與第二季度相比略有下降，因為許多中小型企業從 1 月開始將支出拉到 12 月季度以進行年終稅收籌劃。在本季度，我們使用我們的 Divvy 支出管理解決方案處理了來自支出業務的 19 億美元卡交易，比去年增長了 145%。

Moving on to the number of transactions. We processed 9.8 million payments on the Bill.com platform in Q2, reflecting 35% year-over-year growth. We also processed 5.3 million Divvy card transactions.

繼續討論交易數量。第二季度，我們在 Bill.com 平台上處理了 980 萬筆付款，同比增長 35%。我們還處理了 530 萬筆 Divvy 卡交易。

Now I will review our reported consolidated Q2 results. Total revenue was $156.5 million, up 190% year-over-year. Core revenue, which consists of subscription and transaction fees, was $155.5 million, representing growth of 197% year-over-year. Organic Bill.com core revenue growth accelerated to 85% year-over-year compared to 78% growth last quarter. As Rene noted, fiscal Q2 marked the fifth quarter in a row of accelerating annual core revenue growth, which we believe speaks to the value we create for customers.

現在我將回顧我們報告的第二季度合併結果。總收入為 1.565 億美元，同比增長 190%。包括訂閱費和交易費在內的核心收入為 1.555 億美元，同比增長 197%。有機 Bill.com 核心收入同比增長 85%，上一季度增長 78%。正如 Rene 所指出的，第二財季是連續第五個季度加速年度核心收入增長，我們認為這說明了我們為客戶創造的價值。

In addition to our organic core revenue strength, revenue from our spend management solution grew 188% year-over-year. Divvy's results were driven by seasonally strong card spend and take rate expansion to approximately 260 basis points in the quarter as more card spend was processed through higher-yielding partners than in the prior quarter.

除了我們的有機核心收入實力外，我們的支出管理解決方案的收入同比增長了 188%。 Divvy 的業績受到季節性強勁信用卡支出的推動，並且由於通過收益更高的合作夥伴處理的信用卡支出比上一季度更多，本季度的利率擴張至約 260 個基點。

Subscription revenue increased to $49.2 million, up 85% year-over-year. In addition to our growing customer base, subscription revenue was driven by the inclusion of Invoice2go subscribers for a full quarter. We also early-adopted FASB ASU 2021-8, relating to acquisition accounting for deferred revenue, which was issued by FASB in October 2021. This resulted in recognizing Invoice2go's subscription revenue from annual contracts that were previously written down as part of the acquisition accounting.

訂閱收入增至 4920 萬美元，同比增長 85%。除了我們不斷增長的客戶群外，訂閱收入還受到整個季度 Invoice2go 訂閱者的推動。我們還提前採用了 FASB ASU 2021-8，該標準與 FASB 於 2021 年 10 月發布的遞延收入的收購會計有關。這導致 Invoice2go 的訂閱收入從以前作為收購會計的一部分而減記的年度合同中確認。

In Q2, we also began recognizing revenue from our new small business solution with Bank of America. Together, these items represented a step-up in subscription revenue of approximately $10 million in Q2 compared to the prior quarter.

在第二季度，我們還開始從美國銀行的新小企業解決方案中確認收入。與上一季度相比，這些項目在第二季度的訂閱收入增加了約 1000 萬美元。

Bill.com organic subscription revenue growth was 51% year-over-year, which accelerated from 39% in Q1 driven mainly by the impact of a slightly larger average customer size and the new Bank of America revenue. Transaction revenue increased to $106.3 million, up 313% year-over-year due to strong TPV growth, increased adoption of our ad valorem products and increased usage of our spend management card solution, which totaled $48.7 million of revenue for Q2.

Bill.com 有機訂閱收入同比增長 51%，高於第一季度的 39%，主要受平均客戶規模略大和美國銀行新收入的影響。交易收入增至 1.063 億美元，同比增長 313%，原因是 TPV 強勁增長、我們從價產品的採用增加以及我們的支出管理卡解決方案的使用增加，第二季度總收入為 4870 萬美元。

Bill.com organic transaction revenue growth was 121% year-over-year. Float revenue was approximately $1 million in Q2, an increase of $200,000 from last quarter as a result of the significant growth in our FBO balances. Looking ahead, we do not expect material growth in float revenue in the short term, but further out, there is an opportunity for accelerating growth given the rising interest rate environment.

Bill.com 有機交易收入同比增長 121%。由於我們的 FBO 餘額顯著增長，第二季度的浮動收入約為 100 萬美元，比上一季度增加了 20 萬美元。展望未來，我們預計短期內浮動收入不會出現實質性增長，但在利率上升的環境下，有機會加速增長。

Turning to gross margin and our operating results for Q2. Non-GAAP gross margin was 85.3%, up from 83.6% last quarter driven by the Invoice2go deferred revenue benefit and a higher mix of ad valorem transaction revenue. In addition, our non-GAAP gross margin improved due to the impact of optimizing the routing between our foreign exchange providers, resulting in lower FX conversion costs for cross-border payments. For the remainder of fiscal 2022, we expect our non-GAAP gross margin to be in the range of 79% to 81%.

轉向毛利率和我們第二季度的經營業績。非美國通用會計準則毛利率為 85.3%，高於上一季度的 83.6%，這主要得益於 Invoice2go 遞延收入收益和更高的從價交易收入組合。此外，由於優化了我們的外匯供應商之間的路線，我們的非公認會計原則毛利率有所提高，從而降低了跨境支付的外匯轉換成本。在 2022 財年剩餘時間內，我們預計我們的非公認會計原則毛利率將在 79% 至 81% 之間。

Non-GAAP operating expenses were $130.1 million, an increase of $22 million from Q1. R&D increased $5.7 million from Q1 as we continue investing in our platform's workflow and payment capabilities. Sales and marketing increased $13.3 million from Q1 primarily due to increased go-to-market expenses due to our cross-sell efforts, the inclusion of Invoice2go for the full quarter and increased rewards expense associated with our spend management solution.

非 GAAP 運營費用為 1.301 億美元，比第一季度增加了 2200 萬美元。隨著我們繼續投資於我們平台的工作流程和支付能力，研發比第一季度增加了 570 萬美元。銷售和營銷比第一季度增加了 1330 萬美元，主要是由於我們的交叉銷售工作導致上市費用增加、整個季度包含 Invoice2go 以及與我們的支出管理解決方案相關的獎勵費用增加。

G&A expenses increased $3 million from Q1, reflecting a full quarter of Invoice2go and increased fraud and credit losses associated with the growth in TPV and card spend, with estimated loss rates being consistent with historical trends.

與第一季度相比，G&A 費用增加了 300 萬美元，這反映了 Invoice2go 的整個季度以及與 TPV 和卡支出增長相關的欺詐和信用損失增加，估計損失率與歷史趨勢一致。

For Q2, we delivered a non-GAAP operating profit of $3.4 million, and our non-GAAP net loss was $220,000 or a breakeven net loss per share based on 102.9 million basic weighted shares outstanding. Our non-GAAP operating profit and breakeven non-GAAP net loss were both significantly better than our expectations, in part due to the additional subscription revenue recognized during the quarter.

對於第二季度，我們實現了 340 萬美元的非 GAAP 營業利潤，我們的非 GAAP 淨虧損為 220,000 美元，或基於 1.029 億股基本加權流通股的每股盈虧平衡淨虧損。我們的非公認會計準則營業利潤和盈虧平衡非公認會計準則淨虧損均顯著好於我們的預期，部分原因是本季度確認了額外的訂閱收入。

Now moving on to the balance sheet. Cash, cash equivalents and short-term investments at the end of Q2 were $2.8 billion, flat quarter-over-quarter. We continue to be well capitalized, enabling us to invest in scaling our business. As of December 31, we had $3.4 billion in customer funds on our balance sheet, which was up $948 million or 39% from the end of Q1 due to the significant increase in TPV we processed during Q2 as well as slightly longer check transit times.

現在轉到資產負債表。第二季度末現金、現金等價物和短期投資為 28 億美元，環比持平。我們繼續資本充足，使我們能夠投資擴大我們的業務。截至 12 月 31 日，我們的資產負債表上有 34 億美元的客戶資金，比第一季度末增加 9.48 億美元或 39%，原因是我們在第二季度處理的 TPV 顯著增加以及支票運輸時間稍長。

Now moving on to our financial outlook for the fiscal third quarter and full fiscal year 2022. With the recent acquisitions of Divvy and Invoice2go, we have already transitioned to managing one consolidated business, though we are providing additional information on our organic revenue growth expectations for comparability purposes. We've never been more excited about the large global SMB market opportunity we're pursuing and our leadership position. Our results have clearly demonstrated the significant momentum we have, creating value for SMBs, and driving financial results.

現在繼續我們對第三財季和整個 2022 財年的財務展望。隨著最近對 Divvy 和 Invoice2go 的收購，我們已經過渡到管理一項合併業務，儘管我們正在提供有關我們對有機收入增長預期的更多信息可比性的目的。我們對我們正在追求的巨大的全球 SMB 市場機會和我們的領導地位感到前所未有的興奮。我們的結果清楚地表明了我們擁有的巨大動力，為中小企業創造價值並推動財務業績。

Looking at the macro environment. There is uncertainty regarding the impact of Omicron, inflation and supply chain constraints being experienced by businesses. While we don't see an impact on our overall SMB base at the moment, we continue to monitor the situation closely. Our fiscal 2022 outlook update assumes there won't be a material negative impact to our business from pandemic, macroeconomic or supply chain issues faced by our customers.

看宏觀環境。 Omicron、通貨膨脹和企業所經歷的供應鏈限制的影響存在不確定性。雖然我們目前沒有看到對我們整體 SMB 基礎的影響，但我們會繼續密切關注情況。我們的 2022 財年展望更新假設我們的客戶面臨的流行病、宏觀經濟或供應鏈問題不會對我們的業務產生重大負面影響。

For fiscal Q3, we expect our total revenue to be in the range of $157 million to $158 million. Note that sequential revenue growth in Q3 will be influenced by seasonality as well as the step-up in revenue recognized in Q2 that I referenced earlier for Invoice2go and Bank of America subscription fees. Both these items are additive to our full year results and contribute to year-over-year growth in Q3 and Q4.

對於第三財季，我們預計我們的總收入將在 1.57 億美元至 1.58 億美元之間。請注意，第三季度的連續收入增長將受到季節性因素以及我之前提到的 Invoice2go 和美國銀行訂閱費在第二季度確認的收入增長的影響。這兩項都是我們全年業績的補充，並有助於第三季度和第四季度的同比增長。

For Q3, Bill.com organic core revenue annual growth is expected to be approximately 67% on a stand-alone basis, while Divvy's spend management revenue growth is expected to be approximately 132%, which reflects lower seasonal card spend in Q3 for the advertising and travel categories and an estimated take rate closer to the top end of the 230 to 250 basis points previously discussed.

對於第三季度，Bill.com 的有機核心收入年增長率預計約為 67%，而 Divvy 的支出管理收入增長率預計約為 132%，這反映了第三季度廣告的季節性卡支出減少和旅行類別以及接近先前討論的 230 至 250 個基點的高端的估計採取率。

We expect short-term interest rates to increase beginning as early as March, but do not expect a material impact on float revenue in fiscal 2022. Note that while our float revenue will increase with rising interest rates, there will be a timing lag as we reinvest maturing securities in higher-yielding securities. Over time, we expect higher interest rates will become a tailwind to our overall model. To give you some perspective, if the federal funds rate was 100 basis points today, this would translate into approximately $30 million to $35 million of annual float revenue, which carries very high margins.

我們預計短期利率最早將於 3 月開始上調，但預計不會對 2022 財年的浮動收入產生重大影響。請注意，雖然我們的浮動收入將隨著利率上升而增加，但由於我們將到期證券再投資於收益更高的證券。隨著時間的推移，我們預計更高的利率將成為我們整體模型的順風。給你一些觀點，如果今天的聯邦基金利率是 100 個基點，這將轉化為大約 3000 萬至 3500 萬美元的年度浮動收入，其利潤率非常高。

In terms of operating expenses, we expect to continue the strategic investments we're making in R&D for platform integration with Divvy and Invoice2go, scaling activities with financial institution partners and bringing new payment products to market. In addition, we expect to continue being vigilant regarding our sales and marketing investments.

在運營費用方面，我們預計將繼續在研發方面進行戰略投資，以與 Divvy 和 Invoice2go 進行平台集成，擴大與金融機構合作夥伴的活動，並將新的支付產品推向市場。此外，我們預計將繼續對我們的銷售和營銷投資保持警惕。

On the bottom line, for Q3, we expect to report a non-GAAP net loss in the range of $16.9 million to $15.9 million and a non-GAAP loss per share of $0.16 to $0.15 based on a share count of 103.5 million basic weighted shares outstanding.

歸根結底，對於第三季度，我們預計根據 1.035 億股基本加權股數，非 GAAP 淨虧損在 1690 萬美元至 1590 萬美元之間，非 GAAP 每股虧損為 0.16 至 0.15 美元傑出的。

Moving to our outlook for fiscal 2022. We expect total revenue to be in the range of $597 million to $600 million, with approximately $34 million from Invoice2go. This assumes organic or stand-alone Bill.com core annual revenue growth of approximately 69% in fiscal 2022, up from our previous estimate of 55% annual growth. For Divvy, we expect annual revenue growth of 132% for fiscal 2022 versus our estimate of 115% with guidance last quarter.

轉向我們對 2022 財年的展望。我們預計總收入將在 5.97 億美元至 6 億美元之間，其中大約 3400 萬美元來自 Invoice2go。這假設 2022 財年有機或獨立的 Bill.com 核心年收入增長率約為 69%，高於我們之前估計的 55% 的年增長率。對於 Divvy，我們預計 2022 財年的年收入增長 132%，而我們在上個季度的指導下估計為 115%。

On the bottom line, for fiscal 2022, we expect to report a non-GAAP net loss in the range of $47.2 million to $44.2 million and a non-GAAP loss per share of $0.46 to $0.43 based on a share count of 101.9 million basic weighted shares outstanding.

最重要的是，對於 2022 財年，我們預計根據 1.019 億股基本加權計算，非 GAAP 淨虧損在 4720 萬美元至 4420 萬美元之間，非 GAAP 每股虧損為 0.46 美元至 0.43 美元流通股。

We have a track record of creating operating leverage as we grow, and we're confident that our strong unit economics and scale will enable us to continue creating efficiency in the future. Our high growth and strong unit economics empower us to invest in our business.

隨著我們的發展，我們在創造經營槓桿方面有著良好的記錄，我們相信我們強大的單位經濟和規模將使我們能夠在未來繼續創造效率。我們的高增長和強大的單位經濟使我們能夠投資於我們的業務。

For over a decade, we have worked to build the leading financial operations platform that helps hundreds of thousands of entities, ranging from the smallest of businesses, to midsized companies. We have consistently invested in new ways to create value for SMBs, and we have a strong track record of turning these investments into tangible results.

十多年來，我們一直致力於打造領先的金融運營平台，幫助成千上萬的實體，從最小的企業到中型公司。我們始終如一地投資於為中小企業創造價值的新方法，並且我們在將這些投資轉化為切實成果方面有著良好的記錄。

At the same time, we believe we're still in the early innings of a large market opportunity. Our platform offers a differentiated value proposition that SMBs are increasingly recognizing given the new reality of hybrid work that is here to stay. With our rapidly growing scale and fast pace of innovations, we are uniquely positioned to become the de facto platform for SMBs to manage their financial back offices now and in the future.

與此同時，我們相信我們仍處於巨大市場機會的早期階段。鑑於混合工作的新現實將繼續存在，我們的平台提供了一個差異化的價值主張，中小企業越來越認識到這一點。隨著我們快速增長的規模和快速的創新步伐，我們具有獨特的優勢，可以成為中小型企業現在和未來管理其財務後台的事實上的平台。

I will now hand the call back to Karen. Karen?

我現在將電話轉回給凱倫。凱倫？

Thanks, John. (Operator Instructions) Thanks. Operator, we are now ready for questions.

謝謝，約翰。 （操作員說明）謝謝。接線員，我們現在可以提問了。

(Operator Instructions) Our first question today comes from Brent Bracelin from Piper Sandler.

（操作員說明）我們今天的第一個問題來自 Piper Sandler 的 Brent Bracelin。

Rene, John, obviously, super impressive to see the acceleration in the business, both organically and the acquisitions. My question, one question here for Rene, one of the more interesting aspects of the Invoice2go business is the global reach. Some of our data suggest that half of the application downloads are coming from international. So could you talk maybe a little bit about your global strategy, how that fits in relative to Invoice2go? I appreciate the AR product capabilities it brings, but I would love to hear a little bit more about your aspirations to expand globally.

Rene, John，很明顯，看到業務的加速，無論是有機的還是收購，都令人印象深刻。我的問題是 Rene 的一個問題，Invoice2go 業務更有趣的方面之一是全球影響力。我們的一些數據表明，一半的應用程序下載來自國際。那麼您能否談談您的全球戰略，它與 Invoice2go 的關係如何？我很欣賞它帶來的 AR 產品功能，但我很想听聽更多關於您在全球擴張的願望。

Thank you, Brent. Always good to hear from you. Part of the reason for the acquisition definitely was the international aspect of the business Invoice2go has, both the customer and the reach they have, over 100 countries that they're serving, with customers in all those countries. [Now obviously], 40% of the business is in the U.S. So the fact that they have both the international presence and the U.S. was very attractive to us. It was also attractive because of the international workforce that they have and the folks in Sydney and other countries.

謝謝你，布倫特。總是很高興收到你的來信。收購的部分原因肯定是 Invoice2go 業務的國際化方面，包括客戶和他們所擁有的影響力，他們服務的 100 多個國家/地區的客戶遍布所有這些國家/地區。 [現在很明顯]，40% 的業務在美國。所以他們在國際和美國都有業務這一事實對我們非常有吸引力。這也很有吸引力，因為他們擁有國際勞動力以及悉尼和其他國家的人們。

And as we think about our global aspirations, we are very focused on delivering value for SMBs everywhere. And the way we've started that process with the core Bill product is through the international payments and the ability to do cross-border payments for those customers and those suppliers that are out there. And so when we think of the opportunity with respect to Invoice2go, it is to leverage all the experience that they have, simplicity in the product, simplicity in going to market and to leverage that with the Bill.com payment rails and software capabilities that we have. So we're excited about it and look forward to extending that reach as we continue to integrate the application.

當我們考慮我們的全球願景時，我們非常專注於為世界各地的中小企業創造價值。我們使用核心比爾產品啟動該流程的方式是通過國際支付以及為那些客戶和供應商進行跨境支付的能力。因此，當我們想到 Invoice2go 的機會時，它是利用他們擁有的所有經驗、產品的簡單性、進入市場的簡單性，並利用我們的 Bill.com 支付軌道和軟件功能。有。因此，我們對此感到興奮，並期待在我們繼續集成應用程序時擴大這一範圍。

Our next question comes from Scott Berg from Needham & Company.

我們的下一個問題來自 Needham & Company 的 Scott Berg。

This is Josh on for Scott. Congrats on the strong quarter. So you had your best quarter of net customer additions maybe ever as a public company. How should we think about that -- the source of that growth by channel? I know you mentioned that it was broad-based strength there. Any more color there would be helpful. And then with the Bank of America relationship, you mentioned it began to hit the model this quarter. Was that a material contributor to that figure as well?

這是斯科特的喬什。祝賀強勁的季度。因此，作為一家上市公司，您可能擁有最好的淨客戶增加季度。我們應該如何看待這一點——渠道增長的來源？我知道你提到那裡有廣泛的實力。任何更多的顏色都會有幫助。然後與美國銀行的關係，你提到它在本季度開始成為典範。這也是該數字的重要貢獻者嗎？

Thank you, Josh. We had an exceptional quarter across all of our channels. I would say the -- in particular, we are very satisfied and very excited about the progress with the accountant channel. A lot of great work was done over the, obviously, over the quarter. But -- over the years, we now have 85 of the top 100. We have over 5,000 firms across the country. We [now] launched the aspect of the wealth management, which accountants often serve. And all of that is working well for us. So that was definitely a call-out worth mentioning, is that, that was a strong driver.

謝謝你，喬希。我們在所有渠道中都有一個出色的季度。我想說的是——特別是，我們對會計渠道的進展感到非常滿意和興奮。顯然，在本季度完成了很多出色的工作。但是——多年來，我們現在擁有前 100 名中的 85 家。我們在全國擁有 5,000 多家公司。我們[現在]推出了會計師經常服務的財富管理方面。所有這些對我們來說都很好。所以這絕對是一個值得一提的呼籲，是一個強大的驅動力。

With respect to the Bank of America opportunity, we just started rolling that out in the quarter, and it will be rolled out through the coming quarters. By the end of FY -- or calendar '22, we will expect that to be in market and launched and starting to drive more meaningful results at that point.

關於美國銀行的機會，我們剛剛在本季度開始推出，並將在未來幾個季度推出。到 FY 或日曆 '22 結束時，我們預計它將在市場上推出並在那時開始推動更有意義的結果。

Yes. I would just add to that, Rene. As we look ahead, we're really pleased with the progress we have scaling our net new adds. And it's worth noting that the rollout with Bank of America will be throughout the rest of fiscal '22. So at this point, there isn't a significant contribution to the net new adds we had in the last quarter. But we do expect, going forward, that we'll be above the previously discussed range of 4,000 to 5,000, maybe closer to 6,000 than the most recent quarter of 8,100. But we're really pleased with the progress.

是的。我只想補充一點，雷內。展望未來，我們對擴大淨新增產品的進展感到非常滿意。值得注意的是，與美國銀行的推出將貫穿 22 財年的剩餘時間。因此，在這一點上，我們在上一季度的淨新增加並沒有顯著貢獻。但我們確實預計，展望未來，我們將高於之前討論的 4,000 到 5,000 的範圍，可能比最近一個季度的 8,100 更接近 6,000。但我們對進展感到非常滿意。

Okay. Great. And then I was just curious, on the Invoice2go declining by 3,000 sequentially, is there a dynamic there with -- you mentioned a bit of pruning or the process of adding customers, was that -- impacted that in some way?

好的。偉大的。然後我只是好奇，在 Invoice2go 連續下降 3,000 的情況下，是否存在動態 - 你提到了一些修剪或添加客戶的過程，是否 - 以某種方式影響了它？

Hey, Josh, we're going to kind of take that and put you back in the queue. We want to be able to get through all the analysts today. So sorry about that, but if there's time, we'll get to that question.

嘿，喬希，我們會接受這個，然後讓你回到隊列中。我們希望今天能夠通過所有分析師。對此很抱歉，但如果有時間，我們會回答這個問題。

Our next question comes from Ken Suchoski from Autonomous Research.

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

I'll keep it to one. You mentioned continuing to invest to bring new payment products to market, and it's great to see the launch of both Pay By Card and Bill.com Balance during the quarter. So can you provide some kind of framework for how we should think about the potential penetration of these products over time as well as some sense of the revenue model and unit economics of both? In particular, what monetization opportunities does Bill.com Balance open up for you down the line? Is it a segue into working capital finance? Or are you creating some sort of Venmo for B2B payments?

我會保留一個。您提到繼續投資以將新的支付產品推向市場，很高興看到本季度推出 Pay By Card 和 Bill.com Balance。那麼您能否提供某種框架來說明我們應該如何考慮這些產品隨著時間的推移的潛在滲透率以及對兩者的收入模式和單位經濟學的某種認識？特別是，Bill.com Balance 為您打開了哪些貨幣化機會？這是對營運資金融資的延續嗎？還是您正在為 B2B 支付創建某種 Venmo？

Thank you, Ken. We have always been focused on building software solutions that really simplify the financial operations that a business has. And we've worked hard to become, I would say, the go-to de facto solution when somebody wants to automate those -- their operations.

謝謝你，肯。我們一直專注於構建真正簡化企業財務運營的軟件解決方案。我會說，當有人想要自動化那些——他們的操作時，我們一直在努力成為事實上的解決方案。

And part of having a great platform, software platform, enables us and gives us the opportunity to offer payments. And so our focus on payments is really making sure that we serve our customers and having all the different solutions and payments products that they want. And when we look at Bill.com Balance or the Pay By Card, this is something that customers are asking for, for different reasons at different times.

擁有一個偉大的平台，軟件平台的一部分，使我們能夠並給我們提供支付的機會。因此，我們對支付的關注實際上是確保我們為客戶服務並擁有他們想要的所有不同的解決方案和支付產品。當我們查看 Bill.com 餘額或信用卡支付時，這是客戶在不同時間出於不同原因所要求的東西。

And so at this point, I would say what we're excited about is continuing to create a solution that drives adoption in the marketplace, that really helps SMBs. And as far as the economics go, there's lots of ways for us to continue to drive financial opportunities with our solutions, and we'll continue to do that.

因此，在這一點上，我想說我們感到興奮的是繼續創建一個推動市場採用的解決方案，這確實有助於中小企業。就經濟學而言，我們有很多方法可以通過我們的解決方案繼續推動金融機會，我們將繼續這樣做。

Our next question comes from Darrin Peller from Wolfe Research.

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

And great job on this print. Can you just talk about where you are in consolidation of the assets you have now between Bill and Divvy and Invoice2go and where you are in your hopes for cross-selling potential? And then maybe just on a related note, investments being employed to integrate these relative to your longer-term path to profitability, you called out earlier in the call, just a sense of how much more investment is coming and what the opportunity could be at full run rate of integrated assets.

在這張印刷品上做得很好。您能否談談您在合併 Bill、Divvy 和 Invoice2go 之間的現有資產方面處於什麼位置，以及您對交叉銷售潛力的希望在哪裡？然後也許只是在一個相關的說明上，投資被用來將這些與你的長期盈利路徑相結合，你在電話會議的早些時候呼籲，只是對即將到來的更多投資以及機會所在的感覺綜合資產的全面運行率。

Thank you, Darrin. We feel really good about the integration that we've done to date. We've got the product integration that we talked about in the call, the single sign-on, similar user experiences, the ability for us to streamline the approval process with Divvy credit applications. We have lots of work that we've just started on Invoice2go. As a reminder, Invoice2go closed in the September quarter. So it's a quarter behind on the integration, so to speak, from the Divvy experience.

謝謝你，達林。我們對迄今為止所做的集成感覺非常好。我們擁有我們在電話會議中談到的產品集成、單點登錄、類似的用戶體驗，以及我們通過 Divvy 信用申請簡化審批流程的能力。我們剛剛在 Invoice2go 上開始了很多工作。提醒一下，Invoice2go 在 9 月季度關閉。因此，可以說，從 Divvy 的經驗來看，它在集成方面落後了四分之一。

And so we have been focused on really delivering great value. And what we're starting to see is the experience, and we gave some examples in the call of customers that are using both Bill.com, the Manhattan Soccer Club and Divvy, and what they're getting from it. And so as we get comfortable with that experience and the integrations, that's when we will become more assertive, if you will, in the market, whether that's going to market directly or using our in-product capabilities.

因此，我們一直專注於真正提供巨大的價值。我們開始看到的是體驗，我們在呼叫使用 Bill.com、Manhattan Soccer Club 和 Divvy 的客戶時舉了一些例子，以及他們從中得到了什麼。因此，當我們對這種體驗和集成感到滿意時，如果您願意的話，我們將在市場上變得更加自信，無論是直接進入市場還是使用我們的產品內功能。

So we feel good about the cross-sell with everything that we're doing, makes us feel really good about the opportunity in front of us. And I think the integration, you see it with the organizational announcement that we included in the top of the script of having Blake Murray come in and be the CRO across the company, that kind of speaks to how we're thinking about the combined company to be across all 3 entities. And just we're excited about where we're at and what we get to do in the coming quarters.

所以我們對我們所做的一切的交叉銷售感覺很好，讓我們對擺在我們面前的機會感覺很好。我認為整合，你可以看到我們在腳本頂部包含的組織公告，讓 Blake Murray 進來並成為整個公司的 CRO，這說明了我們如何看待合併後的公司跨越所有 3 個實體。只是我們對我們所處的位置以及我們在未來幾個季度要做的事情感到興奮。

Our next question comes from Brad Sills from BofA Securities.

我們的下一個問題來自美國銀行證券的 Brad Sills。

Congratulations on a real strong quarter here. I wanted to ask about Invoice2go. You said 223,000 subscribers, is just a great number. What's your expectation for conversion of those? When do we -- when should we expect to see the integration of Invoice2go, such that you really start to capitalize on that opportunity to convert those customers and then that flywheel effect with receivables customers coming in, that you could upgrade to payables over time?

祝賀這裡真正強勁的季度。我想問一下 Invoice2go。你說223,000個訂閱者，只是一個很大的數字。您對這些轉換的期望是什麼？我們什麼時候 - 我們什麼時候應該看到 Invoice2go 的集成，這樣您才能真正開始利用這個機會來轉換這些客戶，然後隨著應收賬款客戶的加入而產生飛輪效應，隨著時間的推移您可以升級為應付賬款？

Thank you, Brad. We have a lot of excitement about the Invoice2go platform across both AP and the AR side of our business. As a reminder, we have 3.2 million network members in our platform. Predominantly, those are receivables, customers receiving some money from a payables customer. And so the opportunity for us to drive success across our platform includes both AR and AP opportunities. So the opportunity to integrate and cross-sell payables into Invoice2go is real. But I also just want to remind folks that the opportunity to cross-sell the AR capabilities that Invoice2go has across our base is also real.

謝謝你，布拉德。我們對跨 AP 和我們業務的 AR 方面的 Invoice2go 平台感到非常興奮。提醒一下，我們的平台上有 320 萬網絡成員。主要是應收賬款，客戶從應付賬款客戶那裡收到一些錢。因此，我們在整個平台上推動成功的機會包括 AR 和 AP 機會。因此，將應付賬款整合和交叉銷售到 Invoice2go 的機會是真實存在的。但我也只想提醒人們，在我們的基地交叉銷售 Invoice2go 的 AR 功能的機會也是真實存在的。

And ultimately, there is a payment opportunity with invoicing, and that's something that we've been focused on. We announced in the script here that we do have the beginning of integration with a seamless payments experience for the Invoice2go customers. So all of this is something that we continue to be excited about and we know will drive some success for the business and our customers.

最終，有一個帶有發票的付款機會，這是我們一直關注的事情。我們在這裡的腳本中宣布，我們已經開始為 Invoice2go 客戶提供無縫支付體驗。因此，所有這一切都是我們繼續感到興奮的事情，我們知道這將為企業和我們的客戶帶來一些成功。

We now go to Will Nance from Goldman Sachs.

我們現在從高盛轉向 Will Nance。

I'll echo the others' congrats on a nice quarter. I wanted to follow up on the partnership with Bank of America. I'm wondering if you could help put that into context, how meaningful that could be for customer acquisition once fully ramped and maybe in the context of what the FI channel today contributes in terms of net adds on a quarterly basis.

我會回應其他人對美好季度的祝賀。我想跟進與美國銀行的合作關係。我想知道您是否可以幫助將其置於上下文中，一旦完全增加，這對於客戶獲取有多大意義，也許在當今 FI 渠道在每季度淨增加方面的貢獻的背景下。

Thank you, Will. Bank of America is obviously 1 of the top 3 banks in the country. And so from an opportunity to reach SMBs, we're super excited about the reach they have, the scale they have, the opportunity for us to support their businesses as they're growing, expanding their business. And so, for us, this opportunity just is reflective of our overall bank strategy. And the FI strategy that we've chosen is to make sure that we can support our FI partners, and that's the white-labeled experience. It's having an ability to kind of understand what their needs are.

謝謝你，威爾。美國銀行顯然是該國三大銀行之一。因此，從接觸 SMB 的機會來看，我們對他們的影響力、他們的規模以及我們在他們成長、擴展業務時支持他們的業務的機會感到非常興奮。因此，對我們來說，這個機會正好反映了我們的整體銀行戰略。我們選擇的 FI 策略是確保我們能夠支持我們的 FI 合作夥伴，這就是白標體驗。它有能力了解他們的需求。

And then as we understand those needs, it's an opportunity to kind of cross-sell other services and products we have. And Bank of America is a perfect example of that. It started off as a commercial relationship focused on the largest businesses that they have. And based on our success there and our ability to serve those customers, got some interest and discussion around their smallest businesses.

然後，當我們了解這些需求時，這是一個交叉銷售我們擁有的其他服務和產品的機會。美國銀行就是一個很好的例子。它最初是一種商業關係，專注於他們擁有的最大企業。基於我們在那裡的成功以及我們為這些客戶提供服務的能力，我們對他們最小的業務產生了一些興趣和討論。

And so, for us, when we look at the overall opportunity, it really is around supporting FIs, businesses, trusts, financial institutions. They have an opportunity to serve and do something for their customers that they've never had before, which is to really leverage the software to automate the financial operations that then drive the payments that they all want to be a part of. So we are super excited about the opportunity with Bank of America and what that leads to in our FI practice.

因此，對我們而言，當我們審視整體機會時，它確實圍繞著支持金融機構、企業、信託和金融機構。他們有機會為他們的客戶服務並為他們做一些他們以前從未有過的事情，那就是真正利用軟件來自動化金融操作，然後推動他們都想參與的支付。因此，我們對與美國銀行的機會以及這在我們的金融機構實踐中產生的影響感到非常興奮。

Our next question comes from Bryan Keane from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Keane。

Congrats. I wanted to ask, John, maybe about transaction yield that, that kind of beat our estimates and both organically in total, which includes acquisitions. I think you had a call-out on Divvy. Just thinking about the moving pieces there per transaction because it seemed like it was a solid take rate.

恭喜。約翰，我想問一下，也許交易收益率超出了我們的預期，而且總體上都超出了我們的預期，其中包括收購。我認為你對 Divvy 有過呼籲。只需考慮每筆交易的移動部分，因為它似乎是一個可靠的獲取率。

Sure. Great question. And we're really happy with the progress we're making, driving adoption of products for customers, in particular, these ad valorem price products that are the ones contributing to expansion of our transaction revenue, of our revenue per transaction, which was $5.79, just a little below $6, up 63% year-over-year. You mentioned the take rate on an organic basis, above 10 basis points, so significant quarter-to-quarter expansion.

當然。好問題。我們對我們取得的進展感到非常滿意，推動了客戶對產品的採用，特別是這些從價價格產品，這些產品有助於擴大我們的交易收入，我們的每筆交易收入為 5.79 美元，略低於 6 美元，同比增長 63%。您提到了有機基礎上的利率，高於 10 個基點，因此季度間擴張顯著。

And then the spend management product with Divvy had great results as well, where the take rate there was a little bit above the range that we were expecting based on some good results in the quarter, particularly with ad spend in other categories. So we feel really good about the progress that we're making. And as you can see from our organic business, there's still a long way to go as we continue to drive adoption of some of our newer products, and we expect to be able to continue to grow adoption and our take rate going forward.

然後，Divvy 的支出管理產品也取得了不錯的成績，根據本季度的一些良好結果，特別是在其他類別的廣告支出方面，那裡的採用率略高於我們預期的範圍。所以我們對我們正在取得的進展感覺非常好。正如您從我們的有機業務中看到的那樣，隨著我們繼續推動一些新產品的採用，還有很長的路要走，我們希望能夠繼續提高采用率和我們的採用率。

Our next question comes from Josh Beck from KBCM.

我們的下一個問題來自 KBCM 的 Josh Beck。

And I wanted to say congrats to Blake as well. It sounds like an exciting time to be in that seat. What I wanted to ask about was Instant Transfer. I know it's a product. It's very early in its life cycle for you all. I realized it wasn't a big part of the transcript today. But just curious on how the reception has been and just kind of how you're thinking about the long-term potential of that product.

我也想祝賀布萊克。坐在那個座位上聽起來是一個激動人心的時刻。我想問的是即時轉賬。我知道這是一個產品。對於你們所有人來說，它還處於其生命週期的早期階段。我意識到這不是今天成績單的重要組成部分。但只是好奇接收情況如何，以及您如何看待該產品的長期潛力。

Yes. Great question, Josh. There is a lot of -- a lot of what we do, which I talked about earlier, is just to make sure that there's choice for customers and choice for suppliers so they can receive payments how they want and when they want it. And having a platform that's as robust as what we've done allows us to create these opportunities.

是的。好問題，喬希。有很多 - 我們所做的很多事情，我之前談到過，只是為了確保客戶和供應商都有選擇，這樣他們就可以在他們想要的方式和時間收到付款。擁有一個與我們所做的一樣強大的平台使我們能夠創造這些機會。

And so when it comes to Instant Transfer, what we're seeing is that there are definitely suppliers that would like to receive payment instantaneously. And those suppliers oftentimes want to do that again in the future. So we are encouraged by the repeat usage that we see from them, and we are encouraged by the opportunity to just keep providing value, whether you're on the paying side or the receiving side. So I think it will be something that we see continue to grow and be a part of the overall offering that we have for our customers as a differentiator.

因此，當談到即時轉賬時，我們看到肯定有供應商希望立即收到付款。這些供應商經常希望在未來再次這樣做。因此，我們對從他們那裡看到的重複使用感到鼓舞，我們對有機會繼續提供價值感到鼓舞，無論您是在支付方還是接收方。因此，我認為這將是我們看到的繼續增長的東西，並成為我們為客戶提供的整體產品的一部分，作為差異化因素。

Our next question comes from Samad Samana from Jefferies.

我們的下一個問題來自 Jefferies 的 Samad Samana。

Just another stellar quarter from you guys and great to see it. John, if I maybe try to pro forma out the Bank of America contribution, it still looks like subscription revenue on an organic basis would have accelerated. And a big part of that looks to be the implied ARPU growing double digits year-over-year. Can you maybe just help us understand what's driving that ARPU growth? Is it larger customers? Is it price increases? And just how should we unpack maybe that implied ARPU growth?

你們又是一個出色的季度，很高興看到它。約翰，如果我可以嘗試計算美國銀行的貢獻，看起來訂閱收入在有機基礎上仍然會加速。其中很大一部分似乎是隱含的 ARPU 同比增長兩位數。您能否幫助我們了解推動 ARPU 增長的因素？是大客戶嗎？是漲價嗎？我們應該如何解開可能暗示的 ARPU 增長？

Sure. Thanks, Samad. Great question. And with regards to organic subscription revenue, we have seen expansion ARPU driven mainly by the composition of our customer base skewing to a slightly average customer. There's no specific subscription-related pricing action that we've taken. In fact, it's been a couple of years since we've had a price increase.

當然。謝謝，薩馬德。好問題。在有機訂閱收入方面，我們看到 ARPU 的增長主要是由於我們的客戶群構成偏向於稍微平均的客戶。我們沒有採取任何與訂閱相關的具體定價措施。事實上，我們已經有幾年沒有漲價了。

But as larger customers get onto the platform, they tend to enter at a slightly higher price point, the packaging and promotion that we do than, say, a really small customer, in part because they have more users and therefore higher monthly fees. So it does support expansion of the organic subscription [or who's] separate from the arrangements that we have with our financial institution partners.

但隨著大客戶進入平台，他們往往會以略高的價格進入，我們所做的包裝和促銷比說，一個非常小的客戶，部分原因是他們有更多的用戶，因此月費更高。因此，它確實支持擴展有機訂閱 [或誰]，與我們與金融機構合作夥伴的安排分開。

Our next question comes from Matt VanVliet from BTIG.

我們的下一個問題來自 BTIG 的 Matt VanVliet。

Nice job on the quarter. I guess thinking about the financial institution channel launching into the SMB world of BofA, how much does that maybe open up new dialogue with either your existing FI partners, where you're a little more in the commercial segment? And then what has maybe been learned of some of the complexities around the SMB world in terms of this product development that you might be able to leverage into either new relationships or just going after those customers more organically?

本季度幹得不錯。我想考慮一下金融機構渠道進入 BofA 的 SMB 世界，這可能會在多大程度上與您現有的 FI 合作夥伴展開新的對話，您在商業領域的業務更多一些？然後，您可能從產品開發方面了解到 SMB 世界的一些複雜性，您可以利用這些複雜性來建立新的關係，或者更有機地追求這些客戶？

Thank you, Matt. Lots has been learned, right? That's one of the great things about being in business, is you get to learn every day. And one of the things that we've learned over the years is how to support our banks and to listen to what they need. And offering our services and products that we build is part of the reflection of what they're asking for as well as what the SMBs and the accountants are asking for. And so I think the success of any offering that we do does lead to others asking how they can kind of do more for their customers with some of the products and services that we have.

謝謝你，馬特。學到了很多，對吧？這是做生意的一大好處，就是你每天都可以學習。多年來我們學到的一件事是如何支持我們的銀行並傾聽他們的需求。提供我們構建的服務和產品反映了他們的要求以及中小型企業和會計師的要求。所以我認為我們所做的任何產品的成功確實會導致其他人詢問他們如何通過我們擁有的一些產品和服務為他們的客戶做更多的事情。

So we believe that the opportunity to extend our reach with our FIs is real. That's why we invest behind the products that we do and the teams that we do that are going after the market. And I think the opportunity only increases as digital transformation increases across the SMB space. So lots of businesses are stuck in the mess of the back office, and we're here to clean it up. And that's what we're doing with our partners. That's what we do directly with accountants. That's what we do directly for the SMBs and mid-market companies we serve.

因此，我們相信通過我們的金融機構擴大我們的影響力的機會是真實的。這就是為什麼我們投資於我們所做的產品和我們所做的團隊正在追逐市場。而且我認為，隨著 SMB 領域數字化轉型的增加，機會只會增加。所以很多企業都被困在後台辦公室的混亂中，我們來這裡是為了清理它。這就是我們與合作夥伴所做的事情。這就是我們直接與會計師合作的方式。這就是我們直接為我們所服務的中小企業和中型市場公司所做的事情。

We now turn to Sanjay Sakhrani from KBW.

我們現在轉向 KBW 的 Sanjay Sakhrani。

Maybe a question for Rene, which is a follow-up to one that was asked earlier. Obviously, you mentioned earlier in the call that you're well on your way towards profitability. And the momentum is really strong. And obviously, the investor expectation landscape is changing, too. Any updated thoughts on sort of timing and direction?

也許是對 Rene 的一個問題，這是對之前提出的問題的後續處理。顯然，您之前在電話會議中提到，您正在朝著盈利的方向邁進。而且勢頭真的很強。顯然，投資者的預期格局也在發生變化。關於時間和方向的任何更新想法？

Thank you, Sanjay. We have focused for years about the future. And when we think of the future, we think in terms of years and decades, not months and quarters. And our focus on the success of the business is predicated on our ability to drive penetration into the market that we have. This is a massive opportunity in front of us. We've got just over 2% of the SMBs in this country that have employees that are on our core Bill.com platform.

謝謝你，桑傑。多年來，我們一直關注未來。當我們考慮未來時，我們會考慮幾年和幾十年，而不是幾個月和季度。我們對業務成功的關注取決於我們推動滲透到我們擁有的市場的能力。這是擺在我們面前的巨大機遇。我們在這個國家有超過 2% 的中小型企業在我們的核心 Bill.com 平台上擁有員工。

And when you look at that across the scale that we can deliver and the value that we can provide for our customers, we're going to continue to invest diligently, thoughtfully and with discipline. And that said, we're super excited when we have a revenue beat like we just did, that drives kind of the numbers that we just had.

當你看到我們可以提供的規模和我們可以為客戶提供的價值時，我們將繼續勤奮、深思熟慮、有紀律地進行投資。話雖如此，當我們像剛剛那樣實現收入增長時，我們感到非常興奮，這推動了我們剛剛擁有的數字。

Our next question comes from Joe Vafi from Canaccord Genuity.

我們的下一個問題來自 Canaccord Genuity 的 Joe Vafi。

I'll add my congratulations here. Just wondering if we can get an update here on the product road map. Obviously, valuations are down. Divvy and Invoice2go are integrating nicely. And you've done such a good job on cross-sell with when you're bringing things in. It feels like, sooner rather than later, maybe the right time to focus on maybe some more M&A here. So any further thoughts on that would be helpful.

我將在這裡添加我的祝賀。只是想知道我們是否可以在此處獲取產品路線圖的更新。顯然，估值下降了。 Divvy 和 Invoice2go 集成得很好。當你把東西帶進來時，你在交叉銷售方面做得很好。感覺，遲早，也許是時候專注於更多的併購了。因此，任何進一步的想法都會有所幫助。

Thank you, Joe. We have lots of capital on the books, and that allows us to think about the Bill by partner relationship, and it's always a discussion that we are focused on internally. We're evaluating what we feel our customers need, what we feel our partners need. And we continue to listen to the market and see what others are doing to see if there's opportunities to bring that in-house.

謝謝你，喬。我們在賬面上有很多資金，這使我們能夠通過合作夥伴關係來考慮法案，這始終是我們關注內部的討論。我們正在評估我們認為客戶需要什麼，我們認為我們的合作夥伴需要什麼。我們繼續傾聽市場的聲音，看看其他人在做什麼，看看是否有機會將其引入內部。

So when we think about M&A, it's not really thinking about M&A, it's about how do we add value for our customers and how do we add value for shareholders. And so we have lots of interest about ways to extend the platform. We've talked about working capital in the past. We've talked about HR and payroll opportunities. I don't know if we've mentioned this, but business insights and analytics.

因此，當我們考慮併購時，實際上並不是在考慮併購，而是關於我們如何為客戶增加價值以及如何為股東增加價值。因此，我們對擴展平台的方法非常感興趣。我們過去曾討論過營運資金。我們已經討論過人力資源和薪資機會。我不知道我們是否提到過這一點，但業務洞察力和分析。

I mean there's lots of things that we can do that will continue to drive and automate financial operations for our customers. And that's ultimately the goal that we have. When we can save customers 50% of the time on their back-office mess, that's super powerful. And the more customers we can reach, the happier that makes me.

我的意思是我們可以做很多事情，這些事情將繼續為我們的客戶推動和自動化財務運營。這就是我們最終的目標。當我們可以為客戶節省 50% 的後台混亂時間時，這是非常強大的。我們能接觸到的客戶越多，我就越開心。

We now turn to Matt Stotler from William Blair.

我們現在轉向威廉布萊爾的馬特斯托特勒。

Obviously, there's a ton of opportunity left in the SMB segment of business, right? I think you mentioned 2% of employer SMBs are on the platform. You're expanding into (inaudible) and things like that. But in terms of the move upmarket, I would love to get kind of an update on the mid-market traction, the impact that had in the quarter and how you see that going forward.

顯然，SMB 業務領域還有很多機會，對吧？我想你提到了 2% 的雇主中小企業在平台上。您正在擴展到（聽不清）之類的事情。但就向高端市場移動而言，我很想了解中端市場的吸引力、本季度的影響以及您對未來的看法。

And I know that, John, you mentioned how it's kind of providing some upward lift to the average subscription revenue per customer. I would love to maybe dig into that a little bit more and understand the trajectory of that going forward.

我知道，約翰，你提到了它是如何提高每位客戶的平均訂閱收入的。我很想再深入一點，了解未來的發展軌跡。

Okay. Thank you, Matt. Lots of goodness on the platform happens because we have a horizontal approach. And that allows us to attract customers of all sizes and in all segments, right? And what we're seeing and what we've talked about in the past with mid-market is that because of our horizontal approach and having a breadth of product, we were able to bring mid-market companies in and then understand things that they needed that were specific to them.

好的。謝謝你，馬特。平台上有很多好處，因為我們有一個橫向的方法。這使我們能夠吸引各種規模和所有細分市場的客戶，對嗎？我們所看到的以及我們過去與中型市場討論過的是，由於我們的橫向方法和擁有廣泛的產品，我們能夠將中型市場公司引入，然後了解他們所了解的東西他們需要的是特定的。

And so we've been doing that over the last couple of years. Whether that's in product or whether that's focused on specific marketing and sales activities, we've been doing that, and we feel that we're getting better and better at that opportunity to reach those customers and to make a difference for them.

所以我們在過去的幾年裡一直在這樣做。無論是在產品方面，還是專注於特定的營銷和銷售活動，我們一直在這樣做，我們覺得我們在這個機會上越來越好，可以接觸到這些客戶並為他們帶來改變。

And the success that we're seeing, and the reason John mentioned the ARPU increase, is that we are able to attract those customers and they do have a higher ARPU. And they do really impact the overall scale of the business when it comes to TPV and the things that they do on a per-unit basis. So we're going to continue to listen to customers. We're going to continue to drive focus to make them successful. And we believe that the mid-market is something that's super valuable and important to us.

我們看到的成功，以及約翰提到 ARPU 增加的原因，是我們能夠吸引這些客戶，而且他們確實有更高的 ARPU。當涉及到 TPV 以及他們在每單位基礎上所做的事情時，它們確實會影響業務的整體規模。因此，我們將繼續聽取客戶的意見。我們將繼續推動重點，使他們成功。我們相信，中端市場對我們來說非常有價值和重要。

(Operator Instructions) We now turn to Lamar Clark from SMBC Nikko Americas, Inc.

（操作員說明）我們現在求助於 SMBC Nikko Americas, Inc. 的 Lamar Clark。

Sorry, this is actually Andrew from SMBC. I wanted to talk about yields again. I mean you've had this year-over-year progression in yields of 2.7 bps on the core Bill side. And when you have a big influx of new customers at 8,200 that you did this year, for this quarter, I would assume that a lot of those are still in the early innings of their AP automation journeys and may have a higher mix of manual payments. So is there any like reason that the year-over-year trajectory that we've seen could slow down with this big influx of new customers?

抱歉，這實際上是 SMBC 的 Andrew。我想再次談論收益率。我的意思是，核心比爾方面的收益率同比增長了 2.7 個基點。當您在本季度有 8,200 名新客戶大量湧入時，我認為其中許多仍處於 AP 自動化之旅的早期階段，並且可能有更高的人工支付組合.那麼，隨著新客戶的大量湧入，我們所看到的同比軌跡可能會放緩，有什麼類似的原因嗎？

Andrew, thanks for the question. This is John. We're really happy with the progress, as you noted, very significant growth in increased monetization year-over-year. You're absolutely right that there's a life cycle that customers go through when they're automating their financial operations, including on our platform. So when they first subscribed to the Bill.com platform, they tend to have many more check payments versus electronic payments. They tend to have some of their suppliers on the network but not all. And over the course of several quarters, as they get further engaged with the platform, we see the electronic payments go up.

安德魯，謝謝你的問題。這是約翰。正如您所指出的，我們對取得的進展感到非常滿意，貨幣化同比增長非常顯著。您完全正確，客戶在實現財務運營自動化時會經歷一個生命週期，包括在我們的平台上。因此，當他們第一次訂閱 Bill.com 平台時，與電子支付相比，他們往往有更多的支票支付。他們傾向於在網絡上有一些供應商，但不是全部。在幾個季度的過程中，隨著他們與平台的進一步接觸，我們看到電子支付增加了。

And as a result of that, we see higher adoption of some of the newer ad valorem products that we have that has the effect of increasing our overall transaction monetization. So we're still early in the adoption cycle with some of the newer products, whether it's virtual cards or Instant Transfer or even cross-border payments, where they're FX, and feel like there's still a long way to go. It's not going to happen in a perfect linear fashion quarter-to-quarter, but nevertheless, over the longer-term, we think there's a long way to go.

因此，我們看到我們擁有的一些較新的從價產品的採用率更高，這些產品具有提高我們整體交易貨幣化的效果。因此，對於一些較新的產品，我們仍處於採用周期的早期階段，無論是虛擬卡還是即時轉賬，甚至是跨境支付，它們都是外匯，感覺還有很長的路要走。它不會按季度以完美的線性方式發生，但從長遠來看，我們認為還有很長的路要走。

Understood. And congrats on the quarter.

明白了。並祝賀本季度。

Thank you.

謝謝你。

We now turn to Brian Schwartz from Oppenheimer & Company.

我們現在轉向 Oppenheimer & Company 的 Brian Schwartz。

John, just following up, I think you made the comment that you saw an increase in average customer size in the core Bill.com business. I guess my assumption is -- I would assume that, that would come with the financial institutions channel. But the question I wanted to ask you is are you seeing those upward pressures across all your distribution channels? Or is one really driving that upward momentum to an average customer size?

約翰，剛剛跟進，我認為您發表的評論是您看到核心 Bill.com 業務的平均客戶規模有所增加。我想我的假設是 - 我會假設，這將與金融機構渠道一起出現。但我想問您的問題是，您是否看到所有分銷渠道的上行壓力？還是真的將這種上升勢頭推向了平均客戶規模？

Great. Thanks, Brian. I think it's really across the board. Just to clarify, I mean, we are all about serving from the smallest of businesses through mid-market. There's tens of millions of businesses globally that we think are candidates for the Bill.com platform. So we're not necessarily moving upmarket, but we do see increasing demand from midsize and mid-market companies. And we see that come to the platform really across all of our distribution channels.

偉大的。謝謝，布賴恩。我認為這真的是全面的。澄清一下，我的意思是，我們都致力於從最小的企業到中端市場。我們認為全球有數千萬家企業是 Bill.com 平台的候選者。因此，我們不一定要進入高端市場，但我們確實看到中型和中型市場公司的需求不斷增加。我們看到，我們所有的分銷渠道都真正進入了平台。

In some cases, we were marketing to them directly, through digital demand-gen or through our accounting firm partners or as you mentioned, our financial institution relationships as well. So it's really a broad-based demand. And to the extent that our platform works for those larger customers, just like the really small ones, we're obviously motivated to serve them.

在某些情況下，我們直接通過數字需求生成或通過我們的會計師事務所合作夥伴或您提到的我們的金融機構關係向他們進行營銷。所以這確實是一個廣泛的需求。如果我們的平台適用於那些大客戶，就像真正的小客戶一樣，我們顯然有動力為他們服務。

Our last question comes from Ken Suchoski from Autonomous Research.

我們的最後一個問題來自 Autonomous Research 的 Ken Suchoski。

I just wanted to ask about the TPV per customer. I mean it looks like it continues to move higher and quarter-over-quarter. I mean we've seen, 2 out of the last 3 quarters, it's been up double digits. So just trying to get a sense for the sustainability of that just because when we look at your incremental TPV per customer year-over-year, I mean, you're tracking at a figure that's north of $3 million on an annualized basis. So I would just love any comments on that TPV per customer and the sustainability there.

我只是想詢問每位客戶的 TPV。我的意思是它看起來繼續走高和季度環比。我的意思是我們已經看到，過去 3 個季度中有 2 個季度增長了兩位數。因此，只是想了解其可持續性，因為當我們查看每個客戶每年增加的 TPV 時，我的意思是，您的年化數字在 300 萬美元以上。所以我很想對每個客戶的 TPV 和那裡的可持續性發表任何評論。

Sure. Thanks, Ken. I mean one of the things that we've realized in the last couple of years is the more payment choices that we offer to businesses, the more they consolidate their financial operations activity on our platform. That translates into a higher share of wallet. We're able to serve more of their payment activity. And that flows through to the payment volume and then payment volume per customer. So we're north of, on an organic basis, $400,000 in the quarter, up significantly from last year.

當然。謝謝，肯。我的意思是，我們在過去幾年中意識到的一件事是，我們為企業提供的支付選擇越多，他們在我們的平台上整合他們的金融運營活動就越多。這意味著更高的錢包份額。我們能夠為他們的更多支付活動提供服務。然後流向支付量，然後是每個客戶的支付量。因此，我們在本季度的有機基礎上超過了 400,000 美元，比去年顯著增加。

And we've actually seen, I think, it's 6-plus quarters in a row of expansion in TPV per customer. And I think that just speaks to the fact that customers realize a lot of value by doing more of their financial operations activity in one place versus point solutions. And I think we've been the beneficiary of that.

我認為，我們實際上已經看到，每位客戶的 TPV 連續 6 個以上季度增長。我認為這只是說明了這樣一個事實，即客戶通過在一個地方進行更多的財務運營活動而不是單點解決方案來實現很多價值。我認為我們一直是其中的受益者。

Thanks, everyone, for joining us today. We delivered strong growth as we helped SMBs transform their financial operations. And we look forward to communicating our progress as we pursue the tremendous opportunity ahead. Thank you.

謝謝大家，今天加入我們。我們幫助中小型企業轉變財務運營方式，實現了強勁增長。我們期待著在我們追求未來的巨大機會時傳達我們的進展。謝謝你。

This concludes today's call. We thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。我們感謝您的加入。您現在可以斷開線路。