(BILL) 2024 Q1 法說會逐字稿

Good afternoon, and welcome to BILL's First Quarter Fiscal 2024 Earnings Conference Call. Joining us today for today's call are BILL's CEO, René Lacerte; CFO and President, John Rettig and VP of Investor Relations, Karen Sansot. With that, I would like to turn the call over to Karen Sansot for introductory remarks. Karen?

下午好，歡迎參加 BILL 2024 財年第一季財報電話會議。參加今天電話會議的有 BILL 執行長 René Lacerte；財務長兼總裁 John Rettig 和投資者關係副總裁 Karen Sansot。說到這裡，我想將電話轉給凱倫桑索 (Karen Sansot)，讓其作介紹性發言。凱倫？

Thank you, operator. Welcome to BILL's Fiscal First Quarter 2024 Earnings Conference Call. We issued our press release a short time ago and furnished the related Form 8-K to the SEC. The press release can be found on the Investor Relations section of our website at investor.bill.com. With me on the call today are René Lacerte, Chairman, CEO and Founder of BILL; and John Rettig, President and CFO.

謝謝你，接線生。歡迎參加 BILL 2024 年第一季財報電話會議。我們不久前發布了新聞稿，並向 SEC 提供了相關的 8-K 表格。新聞稿可在我們網站 Investor.bill.com 的投資者關係部分找到。今天與我一起參加電話會議的有 BILL 董事長、執行長兼創辦人 René Lacerte；以及總裁兼財務長 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 的未來運作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有重大差異。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. Note that at times during this call, we will discuss BILL's standalone results which exclude our BILL's Spend and Expense management formerly called Divvy, Invoice2go accounts receivable and Finmark financial planning solutions.

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，以了解 GAAP 與非 GAAP 財務表現的調整表以及有關這些措施的其他揭露。請注意，在本次電話會議中，我們有時會討論 BILL 的獨立結果，其中不包括 BILL 的支出和費用管理（以前稱為 Divvy）、Invoice2go 應收帳款和 Finmark 財務規劃解決方案。

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

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. During the quarter, BILL delivered strong profitable growth and continued to redefine the category with the launch of our integrated financial operations platform. Revenue in Q1 exceeded $300 million for the first time and grew 33% year-over-year. Non-GAAP net income was also strong at a 21% margin.

謝謝你，凱倫。大家下午好。感謝您今天加入我們。本季度，BILL 實現了強勁的獲利成長，並透過推出綜合金融營運平台繼續重新定義該類別。第一季營收首次突破 3 億美元，較去年同期成長 33%。非 GAAP 淨利潤也很強勁，達到 21% 的利潤率。

While our performance exceeded our outlook and strong customer adoption continued, we started to see more intense macro pressure on our business related to spend late in the quarter, and that has continued through October. As a result of higher interest rates and tighter credit markets, capital and cash have become less affordable and available for SMBs.

雖然我們的業績超出了我們的預期，而且客戶採用率持續強勁，但我們開始看到本季末與支出相關的業務面臨更大的宏觀壓力，並且這種情況一直持續到 10 月。由於利率上升和信貸市場收緊，中小企業難以承受和獲得資本和現金。

Some of our larger businesses have scaled back their spend while both customers and their suppliers became more selective with their payment choices. Business behaviors changed rapidly in this respect. This has impacted our fiscal year outlook, which John will talk about more in a few minutes. We are taking actions to adjust to this new environment and are confident in our ability to navigate the short-term macro challenges while continuing to invest behind the long-term opportunity at hand.

我們的一些大型企業已經縮減了支出，而客戶及其供應商在付款選擇上也變得更加挑剔。在這方面，商業行為發生了迅速變化。這影響了我們的財政年度前景，約翰將在幾分鐘內詳細討論這一點。我們正在採取行動適應這一新環境，並對我們應對短期宏觀挑戰的能力充滿信心，同時繼續投資於手頭上的長期機會。

SMBs are often forgone when things are most challenging for them. Serving SMBs is our North Star, and we will not forget them as we work to create more value for them and their suppliers in this market. We know these headwinds are only temporary and that our long-term focus on innovation, combined with the strength of our business model will help millions of businesses transform their financial operations while building an exceptional business.

當事情對他們來說最具挑戰性時，中小企業往往會被拋棄。服務中小企業是我們的北極星，當我們努力為他們及其供應商在這個市場上創造更多價值時，我們不會忘記他們。我們知道這些阻力只是暫時的，我們對創新的長期關注，加上我們業務模式的優勢，將幫助數百萬企業轉變其財務運營，同時打造卓越的業務。

I'm confident in our ability to execute given our history of responding to the dynamic environments in the past, and we will continue to get stronger. We have built a category to help SMBs automate their financial operations, so they can better manage their business and cash flow. Today, more than 470,000 businesses use our solutions and transact more than $280 billion in annualized payment volume. SMB's trust and rely on BILL to be their central hub of financial operations. BILL's platform also serves and empowers an ecosystem of thousands of accountants, leading financial institutions and millions of network members.

鑑於我們過去應對動態環境的歷史，我對我們的執行能力充滿信心，並且我們將繼續變得更強大。我們建立了一個類別來幫助中小型企業實現財務營運自動化，以便他們可以更好地管理業務和現金流。如今，超過 47 萬家企業使用我們的解決方案，年交易額超過 2,800 億美元。 SMB 信任並依賴 BILL 作為其財務營運的中心樞紐。 BILL 的平台也為由數千名會計師、領先的金融機構和數百萬網路成員組成的生態系統提供服務和支援。

As we continue to innovate and develop the SMB financial operations category, we see the value customers receive from our offerings and are working hard to bring more SMBs into the future with game-changing solutions. This quarter, we rolled out our unified platform to customers. We have now integrated our portfolio of solutions into one platform for SMBs. We believe this will begin to unlock both the opportunity to serve many more businesses and meet more of their needs.

隨著我們不斷創新和開發中小企業金融營運類別，我們看到了客戶從我們的產品中獲得的價值，並正在努力透過改變遊戲規則的解決方案將更多中小企業帶入未來。本季度，我們向客戶推出了統一平台。我們現在已將我們的解決方案組合整合到一個面向中小型企業的平台中。我們相信，這將開始釋放服務更多企業並滿足他們更多需求的機會。

Our integrated financial operations platform empowers SMBs to manage accounts payable, accounts receivable and Spend and Expense management all in one place. Businesses now have access to a cohesive experience across desktop and mobile that is unified, easy-to-use and consistent across solutions. With integrated and intelligent workflow and consolidated insight, the new platform breaks down operational silos and increases visibility and control.

我們的整合財務營運平台使中小型企業能夠在一個地方管理應付帳款、應收帳款以及支出和費用管理。企業現在可以跨桌面和行動裝置獲得統一、易於使用且跨解決方案一致的體驗。憑藉整合、智慧的工作流程和整合的洞察力，新平台打破了營運孤島，提高了可見度和控制力。

A great example of the value of our integrated platform provides for SMBs is RenewalMD, the medical group practice specializing in reconstructive and cosmetic surgery. Scott Regan, CEO said and I quote, "BILL has transformed our AP process. The integrated platform gives us even better control. All of our full-time employees have a BILL Spend and Expense card. We now have visibility on who is spending and what they are buying. It's the best thing we've ever done. The amount of hours we now save by having everything in one place, I can just click pay and sync is unbelievable."

RenewalMD 是我們整合平台為中小型企業提供的價值的一個很好的例子，這是一家專門從事重建和整容手術的醫療集團。執行長 Scott Regan 表示：「BILL 改變了我們的AP 流程。整合平台為我們提供了更好的控制。我們所有的全職員工都有一張BILL 支出和費用卡。我們現在可以了解誰在支出，以及誰在支出。」 「這是我們做過的最好的事情。現在，我們將所有東西都集中在一個地方，我只需點擊支付和同步即可節省時間，這真是令人難以置信。”

This integrated experience helps businesses large or small and will continue to further position BILL as the essential and central financial operations platform for SMBs. In addition to our integrated platform initiative, we also rolled out an enhanced BILL Accounts and Console, a centralized home base for accounting professionals to simplify workflows and serve their clients more efficiently.

這種綜合經驗可以幫助大大小小的企業，並將繼續進一步將 BILL 定位為中小型企業的重要核心財務營運平台。除了我們的整合平台計劃之外，我們還推出了增強的帳單帳戶和控制台，這是會計專業人員的集中大本營，可以簡化工作流程並更有效地為客戶提供服務。

Based on the learning from our 7,000 accounting partners, the new console enables firms to prioritize tasks across the client base, manage their clients and assign staff support. It also allows accountants to easily add and select the right products across AP, AR and Spend and Expense on behalf of their clients. Many of our accounting partners have started to leverage the new console to provide greater value to their clients. We are excited to see these new capabilities in action and to continue helping accounting firms reinvent their practice while strengthening their client advisory services.

根據我們 7,000 名會計合作夥伴的經驗，新控制台使公司能夠確定整個客戶群任務的優先順序、管理客戶並分配員工支援。它還允許會計師代表客戶輕鬆添加和選擇 AP、AR 以及支出和費用中的正確產品。我們的許多會計合作夥伴已開始利用新控制台為客戶提供更大的價值。我們很高興看到這些新功能正在發揮作用，並繼續幫助會計師事務所重塑其實踐，同時加強其客戶諮詢服務。

The Bonadio Group, a top 50 accounting firm, is a great example of how accounting firms use our platform to create more value for their customers and more efficiently run their practices. Thomas Tortora, Director of Accounting Implementation said and I quote, "Our professional services team at the Bonadio Group has found tremendous value in the unified platform created by BILL. Seamlessly integrating access to both BILL Spend and Expense and to BILL AP and AR platforms. This solution has streamlined our workflow, making it easier than ever for our team to interact with the platform. With this unified approach, we've gained greater efficiency, improved collaboration and gained a more comprehensive view of our clients' financial operations, ultimately enabling us to better serve our clients and achieve our business goals."

Bonadio Group 是一家前 50 名的會計師事務所，它是會計師事務所如何利用我們的平台為客戶創造更多價值並更有效地開展業務的一個很好的例子。會計實施總監 Thomas Tortora 表示：「Bonadio Group 的專業服務團隊發現了 BILL 創建的統一平台的巨大價值。無縫整合了對 BILL Spend 和 Expense 以及 BILL AP 和 AR 平台的存取。解決方案簡化了我們的工作流程，使我們的團隊比以往更輕鬆地與平台進行互動。透過這種統一的方法，我們提高了效率，改善了協作，並更全面地了解了客戶的財務營運情況，最終使我們能夠我們能夠更好地服務客戶並實現我們的業務目標。”

In addition to delivering best-in-class solutions for accounts, our white label solutions are deeply integrated in the experience of many of the largest banks in the U.S. Through this embedded approach, we are now making more of our payment capabilities available inside of the nation's leading financial institutions. Today, I'm happy to share that we've reached an agreement with our newest partner, Regions Bank, which is one of the 10 largest SMB banks in the U.S.

除了為帳戶提供一流的解決方案外，我們的白標解決方案還深入融入了美國許多最大銀行的經驗。透過這種嵌入式方法，我們現在正在更多地提供我們的支付功能。全國領先的金融機構。今天，我很高興與大家分享，我們與最新合作夥伴 Regions Bank 達成協議，Regions Bank 是美國 10 家最大的中小企業銀行之一。

Regions Bank will power a new digital AP and AR solution for its commercial segment customers and will leverage a host of our payment modalities, such as virtual card, pay by card and international payments. This is a great example of BILL bringing more and more of our payment solutions to the broad financial institutions market. BILL's collaborative approach with all of our bank partners, combined with our platform expertise has enabled us to efficiently reach and better serve SMBs.

Regions Bank 將為其商業部門客戶提供新的數位 AP 和 AR 解決方案，並將利用我們的一系列支付方式，例如虛擬卡、卡片支付和國際支付。這是 BILL 將越來越多的支付解決方案引入廣泛的金融機構市場的一個很好的例子。 BILL 與我們所有銀行合作夥伴的協作方式與我們的平台專業知識相結合，使我們能夠有效地接觸並更好地服務中小企業。

Together with partners, we are executing to help millions of SMBs use our platform to automate their operations and transact trillions of dollars of B2B payments. As the business continues to grow and we move from one phase of the company to the next, I've asked John to take on more responsibility for the day-to-day operations as President and CFO. I've worked with John for over 9 years, and his understanding of our business is exceptional. I look forward to seeing his impact as we continue to scale and grow the company.

我們與合作夥伴一起，幫助數百萬中小企業使用我們的平台實現營運自動化並處理數兆美元的 B2B 支付。隨著業務不斷成長，我們從公司的一個階段進入下一階段，我要求約翰作為總裁兼財務長承擔更多的日常營運責任。我與約翰共事了 9 年多，他對我們業務的理解非常深刻。我期待在我們繼續擴大和發展公司的過程中看到他的影響。

In closing, we are excited about the launch of our integrated financial operations platform and its potential to provide significant value for SMBs and partners. We continue to drive meaningful innovation to lead SMBs into a simpler world. We aim to be at every touch point where SMBs want to do business, whether that's at their banks, with their accounts or in the future within their payroll, commerce, marketplace or other software systems.

最後，我們對綜合金融營運平台的推出及其為中小企業和合作夥伴提供巨大價值的潛力感到興奮。我們繼續推動有意義的創新，引領中小企業進入一個更簡單的世界。我們的目標是進入中小型企業希望開展業務的每個接觸點，無論是在銀行、帳戶或未來的薪資、商業、市場或其他軟體系統中。

Our objective is to be the essential operations software for businesses and partners to thrive. All of us at BILL are energized by this potential. We want to thank our customers and partners who are on this journey with us to help SMBs change the way they do business.

我們的目標是成為企業和合作夥伴蓬勃發展的必備營運軟體。比爾的所有人都被這種潛力所激勵。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和合作夥伴。

Now I'll turn the call over to John.

現在我將把電話轉給約翰。

Thanks, René. Before discussing our updated outlook and what we are seeing in the business climate, I will provide an overview of our fiscal first quarter results. In a challenging economic environment that is creating uncertainty for small businesses, we delivered strong financial results.

謝謝，雷內。在討論我們最新的前景以及我們在商業環境中看到的情況之前，我將概述我們第一財季的業績。在為小型企業帶來不確定性的充滿挑戰的經濟環境中，我們取得了強勁的財務表現。

Total revenue for Q1 was $305 million, up 33% year-over-year. Non-GAAP gross margin was 86.1%. Non-GAAP net income was $64 million or 21% of revenue and increased approximately 280% year-over-year. Core revenue, which includes subscription and transaction revenue was $265 million, representing growth of 24% year-over-year. Subscription revenue was $62 million, up 7% year-over-year.

第一季總營收為 3.05 億美元，年增 33%。非 GAAP 毛利率為 86.1%。非 GAAP 淨利潤為 6,400 萬美元，佔營收的 21%，較去年同期成長約 280%。核心收入（包括訂閱和交易收入）為 2.65 億美元，較去年同期成長 24%。訂閱收入為 6,200 萬美元，較去年同期成長 7%。

As previously discussed, subscription revenue growth was impacted by the restructuring of an agreement with a financial institution partner. The Q1 increase in subscription revenue was driven mainly by our expanding customer base and a price increase implemented in our BILL standalone direct and accounting channels over the course of fiscal 2023.

如前所述，訂閱收入成長受到與金融機構合作夥伴協議重組的影響。第一季訂閱收入的成長主要是由於我們不斷擴大的客戶群以及 2023 財年 BILL 獨立直接和會計管道實施的價格上漲。

Transaction revenue increased to $203 million, up 30% year-over-year, driven by payment volume growth and adoption of ad valorem payments, including our Spend and Expense corporate card as well as our AP and AR payment solutions. Total payment volume, or TPV, for BILL consolidated, which also includes card processing volume was $70 billion, reflecting 8% year-over-year growth.

受支付量成長和從價支付（包括我們的 Spend and Expense 公司卡以及 AP 和 AR 支付解決方案）採用的推動，交易收入增至 2.03 億美元，年增 30%。 BILL 合併後的總支付額 (TPV)（其中還包括銀行卡處理量）為 700 億美元，年增 8%。

BILL standalone transaction revenue totaled $95 million, reflecting growth of 25% year-over-year. Total payment volume for BILL standalone was $66 billion and increased 7% year-over-year. TPV growth continued to be muted as SMBs carefully control their spend. For example, TPV per BILL standalone customer, excluding the FI channel, declined 4% year-over-year and 1% quarter-over-quarter.

BILL 獨立交易收入總計 9,500 萬美元，較去年同期成長 25%。 BILL 獨立總支付金額為 660 億美元，較去年同期成長 7%。由於中小型企業謹慎控制支出，冠捷的成長持續放緩。例如，每個 BILL 獨立客戶的 TPV（不包括 FI 通路）年減 4%，季減 1%。

BILL Spend and Expense transaction revenue, which was formerly called Divvy, totaled $106 million, reflecting growth of 36% year-over-year. Card payment volume totaled $4 billion and increased 35% year-over-year. Interchange fees were approximately 262 basis points, consistent with prior periods.

BILL Spend and Expense 交易收入（以前稱為 Divvy）總計 1.06 億美元，年增 36%。卡支付額總計 40 億美元，年增 35%。交換費約 262 個基點，與前期一致。

While card payment volume growth was strong overall, it was slightly lower than we anticipated due to downward adjustments to credit line limits we made during the quarter as we continue to mitigate increasing credit exposure created by macro conditions. In addition, we observed businesses decreasing transaction sizes which led to an 11% decline in average payment size per transaction on a year-over-year basis in the quarter.

雖然卡片支付量成長總體強勁，但略低於我們的預期，這是由於我們在本季度繼續緩解宏觀條件造成的信貸風險增加而對信貸額度進行了向下調整。此外，我們觀察到企業交易規模減少，導致本季每筆交易的平均支付規模年減 11%。

Turning to customers. Net customer adds remained strong during the quarter. BILL standalone customers increased 22% year-over-year. Net new adds for the quarter were 9,300, including 4,700 net adds in the direct and accounting channels and 4,600 in the FI channel. This excludes attrition related to the sunset of Intuit's Simple BILL Pay solution, which totaled approximately 1,000 in Q1.

轉向客戶。本季淨客戶增加依然強勁。 BILL 獨立客戶較去年同期成長 22%。本季淨新增人數為 9,300 人，其中直接和會計管道淨新增 4,700 人，金融管道淨新增 4,600 人。這不包括與 Intuit Simple BILL Pay 解決方案停用相關的人員流失，該解決方案在第一季總計約為 1,000 人。

The number of BILL's Spend and Expense spending businesses increased 35% year-over-year and net new adds for the quarter 1,600. This was slightly lower than prior quarters as we move to the BILL brand from Divvy, which involved a pause to some of our customer acquisition initiatives.

BILL 的支出和費用支出業務數量年增 35%，本季淨新增 1,600 家。這一數字略低於前幾季度，因為我們從 Divvy 轉向 BILL 品牌，這導致我們暫停了一些客戶獲取計劃。

Float revenue was $40 million, an increase of 160% year-over-year. Our yield on FBO funds was 484 basis points in the quarter. Float revenue is an important part of our business model that serves as a counterweight to macro headwinds and enables us to continue investing in long-term opportunities through economic cycles.

浮動收入為 4000 萬美元，年增 160%。本季我們的 FBO 基金收益率為 484 個基點。浮動收入是我們業務模式的重要組成部分，可以抵消宏觀阻力，並使我們能夠在經濟週期中繼續投資於長期機會。

Now turning to a discussion of our Q1 profitability performance. Non-GAAP gross margin was 86.1%, above our target range due to favorable float revenue. As discussed previously, within the next few quarters, we expect our non-GAAP gross margin to moderate to the low to mid-80s percent as our payment mix matures and float revenue tailwinds subside.

現在轉向討論我們第一季的獲利表現。由於浮動收入有利，非 GAAP 毛利率為 86.1%，高於我們的目標範圍。正如之前所討論的，在接下來的幾個季度中，隨著我們的支付組合的成熟和浮動收入的順風消退，我們預計我們的非 GAAP 毛利率將降至 80% 左右的低至中段。

Non-GAAP operating expenses were $229 million. R&D increased $3 million from Q4 as we continue investing in our platform's workflow and payment capabilities. Sales and marketing increased $1 million from Q4, primarily due to increased go-to-market expenses from our cross-sell efforts. Rewards expenses, which are included in sales and marketing, represented 49% of Spend and Expense card revenue. G&A expenses increased by $10 million from last quarter, due in large part to nonrecurring consulting fees.

非 GAAP 營運費用為 2.29 億美元。隨著我們繼續投資平台的工作流程和支付功能，研發費用比第四季增加了 300 萬美元。銷售和行銷比第四季度增加了 100 萬美元，主要是由於我們的交叉銷售努力增加了上市費用。獎勵費用包含在銷售和行銷中，佔消費卡收入的 49%。 G&A 費用比上個季度增加了 1000 萬美元，這在很大程度上是由於一次性諮詢費用。

Non-GAAP operating income was $33 million or 11% of revenue, an increase of more than 260% year-over-year. Non-GAAP net income was $64 million or 21% of revenue, up approximately 280% year-over-year. Non-GAAP net income per diluted share was $0.54 compared to $0.14 a year ago. Free cash flow grew 4x year-over-year to $48 million or 16% of revenue.

非 GAAP 營業收入為 3,300 萬美元，佔營收的 11%，較去年同期成長超過 260%。非 GAAP 淨利潤為 6,400 萬美元，佔營收的 21%，較去年同期成長約 280%。非 GAAP 攤薄後每股淨利為 0.54 美元，去年同期為 0.14 美元。自由現金流年增 4 倍，達到 4,800 萬美元，佔營收的 16%。

To sum up the quarter, we delivered strong growth and expanded our non-GAAP profitability and free cash flow while continuing to support SMBs during a challenging economic cycle. With our durable business model and strong balance sheet, we are well positioned to navigate the challenging macro environment and support our small business customers while continuing to invest in opportunities to expand our platform depth and market reach.

總而言之，本季度我們實現了強勁成長，擴大了非公認會計準則獲利能力和自由現金流，同時在充滿挑戰的經濟週期中繼續為中小企業提供支援。憑藉我們持久的商業模式和強勁的資產負債表，我們有能力應對充滿挑戰的宏觀環境並支持我們的小型企業客戶，同時繼續投資於擴大我們的平台深度和市場覆蓋範圍的機會。

Now turning to our outlook. As previously discussed, over the last several quarters, the external economic environment has created challenges for SMBs, and this has resulted in declining B2B spending trends. Beginning in late fiscal Q1 and continuing into Q2, we have seen further tightening by our customers and suppliers.

現在轉向我們的展望。如前所述，在過去幾個季度，外部經濟環境給中小企業帶來了挑戰，導致 B2B 支出趨勢下降。從第一財季末開始並持續到第二財季，我們看到客戶和供應商進一步收緊政策。

With higher interest rates, tighter credit conditions and cost increases for businesses, SMBs are focused on finding ways to lower expenses. This is most pronounced with larger SMBs and mid-market companies. In addition, Larger suppliers in our network have started to increasingly choose lower-cost payment methods, sometimes at the expense of payment speed. We expect that this trend will continue as economic conditions influence businesses and this could have a negative impact on overall transaction monetization in the near term.

隨著利率上升、信貸條件收緊以及企業成本增加，中小型企業正致力於尋找降低開支的方法。這對於大型中小型企業和中型市場公司最為明顯。此外，我們網路中的大型供應商已開始越來越多地選擇成本較低的支付方式，有時會犧牲支付速度。我們預計，隨著經濟狀況影響企業，這種趨勢將持續下去，這可能會對短期內的整體交易貨幣化產生負面影響。

Taking these trends into account, for Q2, we expect BILL standalone total payment volume to be flat year-over-year and for Spend and Expense card payment volume to increase approximately 20% to 25% from last year. For fiscal 2024, we expect BILL standalone total payment volume to increase approximately 5% year-over-year and for Spend and Expense card payment volume to increase approximately 20% to 25% year-over-year.

考慮到這些趨勢，我們預計第二季 BILL 獨立總支付量將比去年同期持平，而消費卡支付量將比去年增長約 20% 至 25%。對於 2024 財年，我們預計 BILL 獨立總支付量將年增約 5%，消費卡支付量將年增約 20% 至 25%。

While the economic environment has led many small businesses to take longer to prioritize digital initiatives, customer acquisition has remained strong in recent quarters. Over the next couple of quarters, we expect BILL standalone net adds to be approximately $4,000 per quarter, excluding the FI channel and the sunset of the Intuit Simple BILL Pay solution.

儘管經濟環境導致許多小型企業需要更長的時間來優先考慮數位計劃，但近幾個季度的客戶獲取仍然強勁。在接下來的幾個季度中，我們預計每季 BILL 獨立淨增量約為 4,000 美元，不包括 FI 頻道和 Intuit Simple BILL Pay 解決方案的退出。

Now turning to our financial outlook. For fiscal Q2, we expect total revenue to be in the range of $293 million to $303 million, which reflects 13% to 17% year-over-year growth. We expect float revenue to be $38 million in Q2, which assumes our yield on FBO funds will be approximately 460 basis points.

現在轉向我們的財務前景。對於第二財季，我們預計總營收將在 2.93 億美元至 3.03 億美元之間，年增 13% 至 17%。我們預計第二季的浮動收入為 3,800 萬美元，假設我們的 FBO 基金收益率約為 460 個基點。

On the bottom line, for Q2, we expect to report non-GAAP net income in the range of $42 million to $52 million and non-GAAP net income per diluted share in the range of $0.35 to $0.44 based on a share count of 118.8 million diluted weighted average shares outstanding. For Q2, we expect other income, net of other expenses, or OIE to be $26 million. We expect stock-based compensation expenses to be approximately $68 million in Q2, and we expect capital expenditures of approximately $8 million to $10 million.

總而言之，我們預計第二季的非 GAAP 淨利潤將在 4,200 萬美元至 5,200 萬美元之間，非 GAAP 攤薄後每股淨利潤將在 0.35 美元至 0.44 美元之間（基於 1.188 億股）攤薄加權平均已發行股份。對於第二季度，我們預計扣除其他費用後的其他收入或 OIE 將為 2,600 萬美元。我們預計第二季的股票補償費用約為 6,800 萬美元，資本支出約為 800 萬至 1,000 萬美元。

Moving on to full year guidance. Given the factors I discussed earlier regarding economic environment and changing customer and supplier behavior, we have adjusted our full year total revenue outlook to reflect incremental payment volume and monetization headwinds. We will continue to be vigilant with operating expenses.

轉向全年指導。鑑於我之前討論的有關經濟環境以及不斷變化的客戶和供應商行為的因素，我們調整了全年總收入前景，以反映增量支付量和貨幣化阻力。我們將繼續對營運費用保持警惕。

For fiscal 2024, we expect total revenue to be in the range of $1.205 billion to $1.245 billion which represents approximately 14% to 18% year-over-year growth. We expect float revenue to be approximately $145 million in fiscal 2024, which assumes a yield on FBO funds of approximately 455 basis points for the year.

對於 2024 財年，我們預計總營收將在 12.05 億美元至 12.45 億美元之間，年增約 14% 至 18%。我們預期 2024 財年的浮存收入約為 1.45 億美元，假設當年 FBO 基金的殖利率約為 455 個基點。

We expect to report non-GAAP net income for fiscal year 2024 in the range of $195 million to $235 million. We expect non-GAAP net income per diluted share to be $1.64 to $1.97 based on a share count of 119 million diluted weighted average shares outstanding. In addition, for fiscal 2024, we expect other income, net of other expenses, to be approximately $96 million. We expect stock-based compensation expenses of approximately $275 million for fiscal 2024 and we expect capital expenditures to be approximately $35 million to $40 million for the full year.

我們預計 2024 財年的非 GAAP 淨利潤將在 1.95 億至 2.35 億美元之間。基於 1.19 億股稀釋後加權平均流通股數量，我們預期非 GAAP 稀釋每股淨利為 1.64 美元至 1.97 美元。此外，我們預計 2024 財年扣除其他費用後的其他收入約為 9,600 萬美元。我們預計 2024 財年的股票薪酬支出約為 2.75 億美元，全年資本支出約為 3,500 萬至 4,000 萬美元。

In closing, we are operating in an environment of increasing economic choppiness and small businesses are under increasing pressure to adjust to the current realities. We set out to build for the SMB market because they have historically been the most underserved, and our commitment to the success of SMBs is unwavering.

最後，我們正處於經濟日益動盪的環境中，小企業面臨越來越大的壓力，需要適應當前的現實。我們著手針對中小型企業市場進行開發，因為它們一直是服務最匱乏的市場，而我們對中小型企業成功的承諾是堅定不移的。

Our diversified business model, which includes subscription, transaction and float revenue and our strong balance sheet helps BILL mitigate macro headwinds and enables us to continue investing in our platform and ecosystem while delivering balanced growth and profitability.

我們多元化的業務模式（包括訂閱、交易和浮動收入）以及強大的資產負債表有助於BILL 緩解宏觀阻力，並使我們能夠繼續投資我們的平台和生態系統，同時實現平衡的成長和獲利能力。

We are carefully navigating through this economic cycle. And when macro conditions improve, we will be well positioned to benefit from its tailwinds. We created this category, and we are much closer to the beginning than a mature market. We believe we are the best positioned company to become the de facto solution for SMBs to automate their financial operations.

我們正在謹慎地度過這個經濟週期。當宏觀環境改善時，我們將處於有利地位，從其順風車中受益。我們創建了這個類別，而且我們比成熟市場更接近開始。我們相信，我們是最有能力成為中小型企業實現財務營運自動化的事實上的解決方案的公司。

Operator, we are now ready to take questions.

接線員，我們現在準備好回答問題。

(Operator Instructions). Our first question today comes from Bryan Keane at Deutsche Bank.

（操作員說明）。我們今天的第一個問題來自德意志銀行的布萊恩‧基恩。

I guess mine is just thinking about how much of the lower guide is macro-driven versus anything structural at all or competitive. What are you seeing on the competitive landscape? Anything that's changing kind of your go-forward outlook based on that versus just pure macro?

我想我只是在考慮較低的指導有多少是宏觀驅動的，而不是任何結構性或競爭性的。您對競爭格局有何看法？與純粹的宏觀因素相比，有什麼因素會改變你對未來的展望嗎？

Thank you, Bryan, for the question. This definitely is impacted by the macro. What we have seen, and we've talked about the difficult environment that SMBs have been in over the last probably 4 to 6 quarters, and how they've been managing discretionary spend. And what we saw late in the quarter and continued to see into October, is that the discretionary spend of the large businesses is getting more scrutiny today.

謝謝布萊恩提出這個問題。這肯定是受到宏觀的影響。我們所看到的，我們已經討論了中小型企業在過去可能的 4 到 6 個季度中所處的困難環境，以及他們如何管理可自由支配支出。我們在本季末看到並持續到 10 月的情況是，大型企業的可自由支配支出如今正受到更嚴格的審查。

And from your perspective, the question around kind of structural or competitive, we do not see any impact from competition. What we see instead is that the market opportunity continues to increase. The opportunity in front of us with solving the businesses' needs around financial operations and having a hub, the central hub is something that we continue to see increase, whether that's in our ecosystem or just the market at large.

從你的角度來看，關於結構性或競爭性的問題，我們沒有看到競爭的任何影響。相反，我們看到的是市場機會持續增加。我們面前的機會是解決企業圍繞金融運營的需求並擁有一個中心，我們繼續看到中心中心的增加，無論是在我們的生態系統中還是在整個市場中。

And so we think from that perspective, this is definitely more impacted by macro than anything else. And it's the challenge of when you end up supporting businesses and all the payments that they have. then you see their health actually comes through to your health sometimes. And that's kind of the challenge we have here, and that's the way we see it. But John, any color you'd like to add?

因此，從這個角度來看，我們認為這肯定比其他任何因素都更受宏觀影響。當你最終支持企業及其所有付款時，這是一個挑戰。然後你會發現他們的健康有時實際上會影響到你的健康。這就是我們面臨的挑戰，也是我們的看法。但是約翰，你想添加什麼顏色嗎？

Sure. I would just add, Bryan, we see some really good trends associated with customer retention, customer engagement, other related measures that tell us the platform is continuing to deliver value for customers, but we are sensitive to a couple of things. One is the overall spend environment that small businesses are operating in. And we've talked for a number of quarters now about that environment being very soft.

當然。我想補充一點，布萊恩，我們看到了一些與客戶保留、客戶參與度和其他相關指標相關的非常好的趨勢，這些趨勢告訴我們該平台正在繼續為客戶提供價值，但我們對某些事情很敏感。一是小型企業營運的整體支出環境。我們已經討論了好幾個季度，認為這種環境非常疲軟。

We continue to see signs of that in the most recent quarter and our forward estimates assume that we're going to see a soft spend environment going forward. There are some pockets of strength around travel and entertainment, as an example, and some areas of weakness around advertising on card spend and facilities and office rents and things like that around core AP spend.

我們在最近一個季度繼續看到這種跡象，並且我們的前瞻性估計假設我們將看到未來的軟支出環境。例如，在旅行和娛樂方面存在一些優勢，而在卡片支出、設施和辦公室租金以及核心 AP 支出等方面的廣告方面也存在一些弱點。

So in total, it feels like this is influenced significantly by the macro environment, which, to us, feels more cyclical than structural or related to competition or things of that nature and we're obviously gearing up to adapt to the current situation and do as much as we can to optimize results within the envelope of the spend environment and customer and supplier behaviors that we're seeing today.

因此，總的來說，感覺這受到宏觀環境的顯著影響，對我們來說，宏觀環境比結構性環境更具週期性，或者與競爭或類似性質的事物相關，我們顯然正在準備適應當前形勢並做一些事情。我們可以在我們今天看到的支出環境以及客戶和供應商行為的範圍內盡可能優化結果。

Got it. And just as a quick follow-up. I know last year, we cut numbers and you turned out to be a little bit ahead. This year, you're cutting numbers. I guess just on visibility, now given some of the macro headwinds, do you have any sense of -- if there's another shoe to drop in volumes? Or do you feel like you've cut the numbers enough here and this should be to the bone of where businesses spend?

知道了。就像快速跟進。我知道去年我們削減了人數，結果你們領先了一點。今年，你正在削減數字。我想只是在可見性方面，現在考慮到一些宏觀阻力，你是否有任何感覺 - 是否有另一隻鞋的銷量下降？或者您覺得您已經在此處削減了足夠的數字，這應該成為企業支出的核心？

Thanks, Bryan. It's obviously a dynamic environment, and we've seen some evolving behaviors from both customers and suppliers, particularly large suppliers in our network who are starting to exert more influence over payment-type choices and things like that. All things considered, we've taken these variables into consideration as we updated our estimates for the rest of the year.

謝謝，布萊恩。這顯然是一個動態的環境，我們已經看到客戶和供應商的一些不斷變化的行為，特別是我們網路中的大型供應商，他們開始對支付類型選擇等施加更大的影響。考慮到所有因素，我們在更新今年剩餘時間的估計時已經考慮了這些變數。

And we think it reflects the environment that we're operating in, plus the assumption that there are some continuation of headwinds associated with both payment volume and adoption of certain payment types. So we've tried to take into account, as best we can, all the variables that we're seeing.

我們認為這反映了我們所處的營運環境，以及支付量和某些支付類型的採用相關的不利因素持續存在的假設。因此，我們試圖盡可能地考慮我們所看到的所有變數。

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

今天我們的下一個問題來自美國銀行的 Brad Sils。

Okay. Maybe just another question on kind of what you guys saw here on the macro. It sounds like you saw this late in the quarter and you're expecting a sustained softness that's reflected in your guidance. Can you just comment on when you started to see this? Were there certain categories that you started to see deceleration? You called out mid-market, midsized firms versus small businesses, small business holding. And then any commentary on just categories and how they're behaving?

好的。也許只是關於你們在這裡看到的宏觀情況的另一個問題。聽起來您在本季結束時就看到了這一點，並且預計您的指導中會反映出持續的疲軟。你能評論一下你什麼時候開始看到這個的嗎？您是否開始看到某些類別的減速？您提出了中端市場、中型企業與小型企業、小型企業控股的比較。然後對類別及其行為有何評論？

Sure. Thanks, Brad. The -- I mean, first, I just step back and say we saw strong adoption across the platform. So we're happy about that. We were able to obviously get the integrated platform together with the Spend and Expense. And AP on the platform, we've started seeing adoption there. And so overall, from the Spend perspective, what we saw was, in the very tail end of the quarter, that larger businesses were having more scrutiny, if you will, over how -- over their whole spend and over their payment choices that they have. I think John can probably provide a little bit more color on exactly how that translated, but it was late in the quarter, and we do expect that scrutiny to continue given the current macro environment.

當然。謝謝，布拉德。我的意思是，首先，我退後一步說，我們看到了整個平台的廣泛採用。所以我們對此感到高興。顯然，我們能夠將整合平台與支出和費用結合起來。 AP 在這個平台上，我們已經開始看到該平台的採用。因此，總體而言，從支出的角度來看，我們在本季度末看到的是，如果您願意的話，大型企業正在對他們的整個支出和付款選擇進行更多的審查。有。我認為約翰可能可以提供更多關於具體如何翻譯的信息，但那是在本季度末，鑑於當前的宏觀環境，我們確實預計審查將繼續進行。

Yes. We've seen a couple of emerging trends. The first is around just payment composition and the choices that both buyers and suppliers are making as it relates to payment types. A couple of examples there. On international payments, we've seen an increase in U.S. dollar transactions versus FX transactions, and we think that has everything to do with the business that our customers and their suppliers are doing and the impact of overall macro and cost pressures that may exist on their businesses. At the same time, on our Vendor Direct product, virtual card payments, we've seen more sensitivity on the part of large suppliers to acceptance costs, and that's led to some opt outs for larger dollar virtual card payments and things of that nature.

是的。我們看到了一些新興趨勢。第一個是關於付款組成以及買家和供應商在付款類型方面所做的選擇。這裡有幾個例子。在國際支付方面，我們看到美元交易相對於外匯交易有所增加，我們認為這與我們的客戶及其供應商正在開展的業務以及可能存在的整體宏觀和成本壓力的影響有關。他們的業務。同時，在我們的供應商直接產品虛擬卡支付中，我們發現大型供應商對接受成本更加敏感，這導致一些人選擇退出較大美元的虛擬卡支付和類似性質的事情。

The second component that we mentioned earlier on the call was just around the credit environment and how we've become increasingly proactive in managing credit lines for our Spend and Expense card program to make sure that we're not taking on significant incremental credit risk associated with that product. That has the effect of creating somewhat of a headwind on card spend associated with our Spend and Expense product, but we think that's the right trade-off in this environment.

我們之前在電話會議上提到的第二個組成部分是圍繞信貸環境，以及我們如何越來越主動地管理我們的消費和費用卡計劃的信貸額度，以確保我們不會承擔相關的重大增量信貸風險。與該產品。這會對與我們的支出和費用產品相關的卡片支出產生一定的不利影響，但我們認為在這種環境下這是正確的權衡。

Great. And just one more, if I may, on the launch of the integrated platform here. What are you most excited about? Is the Divvy integration largely complete? Do you expect that cross-sell opportunity to start to take hold from here?

偉大的。如果可以的話，我想再談談整合平台的推出。你最興奮的是什麼？ Divvy 整合已基本完成嗎？您是否期望交叉銷售機會從這裡開始佔據主導地位？

Thanks, Brad. Yes, so we launched that during the quarter. The teams are just kind of getting up and running on the cross-sell opportunity. But the initial traction is good. It's kind of what we were hoping for and expecting that there would be customers that obviously wanted to do both and that they would be able to put more of their spend and more of their wallet, so to speak, on our platform. The customer quotes we included Bonadio Group and the RenewalMD were both integrated customers that are using the platform the ways we intend.

謝謝，布拉德。是的，我們在本季推出了該項目。這些團隊剛開始利用交叉銷售機會。但最初的牽引力很好。這就是我們所希望和期望的，那就是會有客戶顯然想要兩者兼得，並且他們能夠將更多的支出和更多的錢包投入到我們的平台上。我們納入的客戶報價 Bonadio Group 和 RenewalMD 都是以我們預期方式使用平台的綜合客戶。

The other thing that is super exciting for us when we think about having the integrated platform is the ability for us to, over time, push more payment products and drive more share of wallet across the customer base. And so an example of things that we're going to be able to do is being able to help customers be involved in connecting with their suppliers to pay by card.

當我們考慮擁有整合平台時，另一件讓我們超級興奮的事情是，隨著時間的推移，我們能夠推出更多的支付產品，並在客戶群中獲得更多的錢包份額。因此，我們將能夠做的一個例子是能夠幫助客戶與供應商建立聯繫以透過卡片支付。

So we already have a pay-by-card product. But if you think about the Spend and Expense card where the rebates are coming back to the BILL customer, having a more consistent approach for the customer to be able to manage all of their spend in one place and to be able to participate in any of the rewards that might happen from those pay-by-card transactions. We think that will also help drive supplier adoption of card payments.

所以我們已經有刷卡支付產品了。但是，如果您考慮一下支出和費用卡，其中回扣將返還給帳單客戶，則可以採用更一致的方法，使客戶能夠在一個地方管理所有支出，並能夠參與任何活動這些卡支付交易可能產生的獎勵。我們認為這也將有助於推動供應商採用卡片支付。

So just an example of how having 1 platform really matters and something that -- when I step back and think about the health of the business, like, we've been building this category, define this category over the last 17 years, and that doesn't happen overnight because you build a platform that actually has the capabilities and then you expand the capabilities and you enhance the experiences for your customers.

所以，這只是一個例子，說明擁有一個平台是多麼重要，當我退一步思考業務的健康狀況時，比如，我們在過去 17 年裡一直在構建這個類別，定義這個類別，以及這不會在一夜之間發生，因為您建立了一個實際上具有功能的平台，然後擴展了功能並增強了客戶的體驗。

And so what I'm excited about, when it comes to the integrated platform experience is that we're starting to pull the enhanced capabilities that we got with the Divvy acquisition, and we're putting that into the overall experience that we market and sell to our customers that we serve for our accounts and eventually, obviously make available for our financial institution partners.

因此，在整合平台體驗方面，令我感到興奮的是，我們開始利用收購 Divvy 獲得的增強功能，並將其融入我們行銷和推廣的整體體驗中。將我們為我們的帳戶服務的客戶出售給我們的客戶，並最終提供給我們的金融機構合作夥伴。

And that is the thing that actually, when I step back and really think about the importance of this application, it's going to be for us to continue to be the financial hub for the SMB and having more payment choices available for the SMB, having them participate. That's going to drive adoption, something that we're super excited about.

事實上，當我退後一步，真正思考這個應用程式的重要性時，我們將繼續成為中小企業的金融中心，並為中小企業提供更多的支付選擇，讓他們參加。這將推動採用，這是我們非常興奮的事情。

Our next question comes from Taylor McGinnis from UBS.

我們的下一個問題來自瑞銀集團的泰勒·麥金尼斯。

So your TPV guide implies down 3% sequentially. So can you maybe talk about how that compares to what you've seen so far at the start of the quarter in October? And if the guide assumes things can get worse, I'm just trying to understand the assumptions there.

因此，您的 TPV 指南意味著季減 3%。那麼您能否談談這與 10 月份季度初迄今為止的情況相比如何？如果指南假設事情會變得更糟，我只是想理解那裡的假設。

And then as a follow-up, if the TPV -- it looks like the TPV guide for the second half of the year appears unchanged and assumes an acceleration quarter-over-quarter, which is greater than we saw last year. So can you just talk through some of the puts and takes there as well?

然後，作為後續行動，如果 TPV 下半年的 TPV 指南似乎沒有變化，並假設季度環比加速，這比我們去年看到的要大。那麼您能談談其中的一些看跌期權和看跌期權嗎？

Sure. Thanks for the question, Taylor. On the TPV estimates going forward, we are looking at quarter-to-quarter down low single digits, as you suggested. And I think that reflects some of the trends that we've experienced across the business over the last several quarters. We haven't seen any significant deterioration or changes. But there have been, frankly, some pockets of strength around the core TPV for BILL.

當然。謝謝你的提問，泰勒。關於冠捷未來的預測，正如您所建議的那樣，我們預計季度環比會降低個位數。我認為這反映了過去幾季我們整個業務所經歷的一些趨勢。我們沒有看到任何顯著的惡化或變化。但坦白說，比爾的核心冠捷科技擁有一些優勢。

On the card payment volume, we're looking at kind of flat quarter-to-quarter, up 20%, 25% year-over-year, something in that range. So we think that we're still doing a good job at increasing our penetration of customers and increasing our share of wallet. That's one of the components that leads to stronger TPV performance even in a lower spend environment. And so that's something that we're seeing good success with. We're assuming we'll be able to continue doing that throughout the year. And we feel pretty good about the stability of the spend environment that we're operating in right now versus some of the other moving parts of the business that we talked about earlier.

在卡片支付量方面，我們預期季度將較去年同期持平，年增 20%、25%，在這個範圍內。因此，我們認為我們在提高客戶滲透率和增加錢包份額方面仍然做得很好。這是即使在較低支出環境下也能實現更強 TPV 性能的組件之一。因此，我們在這方面取得了巨大的成功。我們假設我們能夠全年繼續這樣做。與我們之前討論過的業務的其他一些移動部分相比，我們對目前營運的支出環境的穩定性感覺非常好。

Our next question today comes from Darrin Peller from Wolfe Research.

今天我們的下一個問題來自沃爾夫研究中心的達林佩勒。

I mean, I have to go back to the questions on cyclical or structural because the market is acting like something with your stock down the magnitude is after market right now. It's acting like something that's more than cyclical. And reality is the KPIs don't look like it's more than cyclical.

我的意思是，我必須回到關於週期性或結構性的問題，因為市場的表現就像你的股票下跌的幅度是在市場之後的。它的表現不僅僅是周期性的。而現實情況是，KPI 看起來只是週期性的。

So again, I mean, if we look at the KPIs, you have customer adds that look pretty strong. You had take rate expansion that was strong this quarter sequentially. You're volume beat, but I guess you're suggesting that the trends you're seeing is all about the spend trends that's really indicating your guide for the next quarter. Is there any other inputs on the KPIs that is informing the guidance that we should keep in mind? Or is it really just spend and maybe the side effect of ad valorem payments?

再說一遍，我的意思是，如果我們查看 KPI，就會發現客戶添加量看起來相當強勁。本季連續強勁的利率擴張。你的銷量超過了，但我想你是在暗示你看到的趨勢都是關於支出趨勢的，這真正表明了你下一季的指南。是否有任何其他關於 KPI 的資訊為我們應該牢記的指南提供了資訊？或者它真的只是支出，也許是從價付款的副作用？

Thanks for the question, Darrin. I think you have the moving parts identified appropriately. We are in a muted spend environment. We do feel good about our ability to drive awareness, reach customers and sign up new customers. That continues to go well. We see positive trends there, notwithstanding the macro environment.

謝謝你的提問，達林。我認為您已經正確識別了活動部件。我們正處於消費低迷的環境中。我們確實對我們提高知名度、接觸客戶和吸引新客戶的能力感到滿意。一切繼續順利。儘管宏觀環境不佳，但我們仍看到了正面的趨勢。

And in light of the softer spend environment, we're also seeing more friction be introduced into the system between buyers and suppliers and more of a desire to lower the cost of acceptance. That is obviously something that we've factored into our estimates for -- certainly for the rest of the year as it relates to our ability to continue to drive incremental adoption on some of our ad valorem products. It's certainly not all.

鑑於支出環境疲軟，我們也看到買家和供應商之間的系統中引入了更多摩擦，並且更希望降低接受成本。顯然，我們已經將這一點納入了我們的預測中——當然是今年剩餘時間，因為這關係到我們繼續推動部分從價產品增量採用的能力。這當然不是全部。

We continue to make great progress with products like pay-by-card or real-time payments and instant transfer and things like that. Those happen to be small relative to our overall payment volume though, so they don't move the needle across the whole business versus some of the, I'd say, increasing headwinds that we're seeing with things like our Vendor Direct product or FX that I mentioned earlier.

我們繼續在卡片支付或即時支付、即時轉帳等產品方面取得巨大進展。不過，相對於我們的整體支付量而言，這些金額恰好很小，因此它們不會對整個業務產生重大影響，而我想說的是，我們在供應商直接產品或其他產品中看到的一些日益增加的阻力我之前提到的FX。

So we think that these are -- these changes in behavior in how customers and suppliers have maybe new initiatives to optimize their payment flows and costs, it feels transitory, like cyclical in nature. It's not a change in retention, necessarily, of spend or things like that. So I think we feel pretty good about our ability to evolve through this particular period.

因此，我們認為這些行為的變化是客戶和供應商可能採取新措施來優化其支付流程和成本，感覺是暫時的，本質上是週期性的。這不一定是保留率的變化，也不一定是支出或類似事情的變化。所以我認為我們對自己在這個特定時期的發展能力感到非常滿意。

Yes. I would just add that businesses have been in this holding pattern, this wait-and-see for well over a year now. And I think as rates remain high, that's going to continue to drive more action that's really macro related. And so when we look at the underlying fundamentals of the business, we see so much opportunity to continue to do more and to drive more success across the business for our customers and for the business.

是的。我想補充一點，企業一直處於這種觀望狀態，已經一年多了。我認為，隨著利率保持在高位，這將繼續推動更多與宏觀相關的行動。因此，當我們審視業務的基本面時，我們看到了很多機會，可以繼續做更多的事情，並為我們的客戶和企業推動整個業務取得更大的成功。

And things that we can do to -- there are many things we can do to continue to drive and leverage payment choices that we haven't done historically. And so this is -- we will -- are adjusting and pulling in the roadmaps that we have for some of these things, but it is definitely a macro environment.

我們可以做的事情 - 我們可以做很多事情來繼續推動和利用我們歷史上從未做過的支付選擇。因此，我們將調整並製定我們針對其中一些事情的路線圖，但這絕對是一個宏觀環境。

Okay. And just very quickly, any changes in your plans for this year, given what we see now in terms of the spend trends by your customers in terms of your investments/profitability expectations or anything on the sort?

好的。很快，考慮到我們現在看到的客戶支出趨勢、投資/獲利預期或類似的情況，你們今年的計劃有什麼變化嗎？

Yes. Thank you, Darrin. We are -- our DNA is to really manage the business for both profitability and growth. It's how I've built the business over the years. It's how John and I think about it. It's how the teams think about it. And we're committed to the profitability path that we're on. We believe the opportunity with the portfolio of products we have to continue to make progress on both is there because of the strength of the business that we've built. So we will manage the expenses that we need to -- in order to drive the goals that we set.

是的。謝謝你，達林。我們的基因是真正管理業務以實現盈利和增長。這就是我多年來建立業務的方式。約翰和我就是這麼想的。這就是團隊的想法。我們致力於當前的獲利之路。我們相信，由於我們所建立的業務實力雄厚，我們的產品組合有機會繼續在這兩個方面取得進展。因此，我們將管理我們需要的開支，以推動我們設定的目標。

Our next question comes from Tien-Tsin Huang from JPMorgan.

我們的下一個問題來自摩根大通的黃天欽。

John, congrats on the new President title. On the outlook, maybe can you elaborate how much of the guidance revision is tied to the weakness on spend that we've been talking a lot about versus the adverse selection of the payment choices. And does it make sense to maybe talk about the penetration of some of the ad valorem products so that we better understand the impact?

約翰，祝賀你獲得新的總統頭銜。關於前景，也許您可以詳細說明指導修訂有多少與我們一直在談論的支出疲軟與支付選擇的逆向選擇有關。也許談論一些從價產品的滲透以便我們更好地了解其影響是否有意義？

Yes, great question. Thanks for that. I'd say if you step back and look at our overall estimates for the year, the majority of the adjustment that we've made is actually related to the Spend and Expense product, which has mostly to do with slightly lower spend per ticket per transaction by customers. That's directly related to macro.

是的，很好的問題。感謝那。我想說，如果你退一步看看我們今年的總體估計，我們所做的大部分調整實際上與支出和費用產品有關，這主要與每張票的支出略低有關客戶進行的交易。這和宏觀有直接關係。

And then indirectly, proactive adjustments that we're making to line sizes and things like that in an attempt to mitigate any increased exposure as a result of worsening credit conditions in our customer base. The average size customer, as you know, for our Spend and Expense product is much larger, mid-market type customers versus the core BILL product.

然後，我們對線路規模等進行間接主動調整，試圖減輕因客戶群信用狀況惡化而導致的風險增加。如您所知，與核心 BILL 產品相比，我們的支出和費用產品的平均規模客戶是規模更大的中端市場類型客戶。

In the quarter -- this last quarter, we did see increased penetration across all of our products, better usage, although we saw lower actual volume growth on some of our higher monetizing products like virtual cards and FX, as I mentioned. And some of these trends are directly related to the choices that larger suppliers or customers are making. And those are the trends that we're expecting to persist throughout the year.

在本季度——最後一個季度，我們確實看到了所有產品的滲透率有所提高，使用率也有所提高，儘管正如我所提到的，我們看到虛擬卡和外匯等一些較高貨幣化產品的實際銷售量成長較低。其中一些趨勢與大型供應商或客戶的選擇直接相關。這些是我們預計全年都會持續的趨勢。

We do have levers at our disposal, including with the launch of our unified platform, many more opportunities to drive customer behavior and create awareness and things like that as we think about a more modular approach to pricing and packaging that we think we can make progress with this fiscal year. So those are some of the puts and takes that we considered.

我們確實擁有可以使用的槓桿，包括推出我們的統一平台，當我們考慮採用更模組化的定價和包裝方法時，我們認為我們可以取得進展，從而有更多的機會來推動客戶行為並提高意識等。與本財年。這些是我們考慮過的一些看跌期權和看跌期權。

Okay. And quickly on my -- so -- then the Spend and Expense side, the ability to dial up and down the credit standards. When did that change for you? It sounds like maybe you might get a little bit tighter on the credit side before reversing them. I just want to make sure I understood the timing of that.

好的。很快，在我的支出和費用方面，就能夠提高和降低信用標準。這對你來說是什麼時候改變的？聽起來也許在逆轉之前你可能會在信貸方面收緊一些。我只是想確保我理解這個時間。

Yes, thanks for the clarifying question. We've actually been making adjustments and doing more frequent reviews of our customers' financial position and more frequently engaging with them over the course of the last year. So this didn't just start in the last quarter. However, we have made some more significant, more aggressive adjustments to line sizes so that we minimize our exposure.

是的，感謝您澄清問題。實際上，去年我們一直在做出調整，更頻繁地審查客戶的財務狀況，並更頻繁地與他們接觸。所以這不僅僅是上個季度才開始的。然而，我們對生產線尺寸進行了一些更重大、更積極的調整，以便最大限度地減少風險。

Previously, we talked about doing things like reducing open-to-buy, where if a customer is using $50,000 a month consistently and they have a line of $100,000, we will reduce the line to $50,000 and things like that. So we've been, I think, evolving some of these adjustments over the last year, but we've been more aggressive with them over the last quarter or so, and we expect for the remainder of the fiscal year to be a little bit tighter, if you will, on the credit limits because we're really managing to avoid credit losses.

之前，我們討論過減少開放購買等措施，如果客戶每月持續使用 50,000 美元，並且他們的額度為 100,000 美元，我們會將額度減少到 50,000 美元之類的事情。因此，我認為，去年我們一直在進行一些調整，但我們在上個季度左右的時間裡更加積極地進行了這些調整，我們預計本財年的剩餘時間會有所調整。如果你願意的話，可以收緊信用額度，因為我們確實在設法避免信用損失。

Our next question comes from William Nance from Goldman Sachs.

我們的下一個問題來自高盛的威廉·南斯。

I was wondering if can you spend a little bit more time on some of the supplier behavior changes that you guys have noted. And I guess, how does that -- how do we kind of square that with the historical guidance you gave and have had on take rate? Like, should we expect take rates to be kind of flattish in this environment?

我想知道你們是否可以多花一點時間來了解你們注意到的一些供應商行為變化。我想，我們如何將其與您提供的歷史指導和接受率結合？例如，在這種環境下，我們是否應該預期佣金率會持平？

And maybe just a more rich discussion on what is the kind of mechanism for some of these suppliers to change their payment preferences? Is this -- it sounds like it's concentrated among larger suppliers. But is this something that can reverse at some point in time? Or do they -- have they found a cheaper way to do it and this is how they're going to accept payments from now on? Maybe you could just talk about, like, the stickiness of some of the headwinds to take rate.

也許只是對其中一些供應商改變其支付偏好的機制進行更豐富的討論？是這樣嗎——聽起來好像主要集中在較大的供應商身上。但這是否可以在某個時間點逆轉？或者他們找到了一種更便宜的方式來做到這一點，這就是他們從現在開始接受付款的方式？也許你可以只談一些影響利率的不利因素的黏性。

I -- it's when we think about how the suppliers are addressing, there's a long tail of suppliers. There are small suppliers, there are large suppliers. By the way, suppliers are both on the international side as well as the virtual card side and the opportunities to serve them are different. So when we look at the impact that we're seeing today, there are opportunities for us to address and, like I said, pull in the roadmap to drive more payment choice across the portfolio.

我——當我們考慮供應商如何解決問題時，供應商有一個長尾。有小供應商，也有大供應商。順便說一句，供應商既屬於國際供應商，也屬於虛擬卡供應商，為他們提供服務的機會是不同的。因此，當我們審視今天所看到的影響時，我們有機會解決並像我說的那樣制定路線圖，以推動整個投資組合有更多的支付選擇。

And so the first thing we're going to do is focus on pulling in that roadmap. And then we'll continue to create operating leverage using the strong payment economics we have to drive adoption. And then we'll obviously leverage the integrated platform to drive adoption of payment products. So lots of opportunities to kind of continue to drive the penetration of our payment products. Specifically on the specific question of suppliers potentially opting out, I'll let John take that one.

因此，我們要做的第一件事就是專注於制定該路線圖。然後，我們將繼續利用強大的支付經濟學來創造營運槓桿，以推動採用。然後我們顯然會利用整合平台來推動支付產品的採用。因此有許多機會繼續推動我們支付產品的滲透。具體來說，關於供應商可能選擇退出的具體問題，我將讓約翰來回答這個問題。

Yes. So to that point about can the trends that we've seen recently reverse or revert to where were back to more linear increase in adoption, we think that's absolutely the case. We've seen numerous areas where product improvements can really help us drive adoption. Those are becoming more important in this macro environment than they were, say, a year ago or 2 years ago when adoption was increasing rapidly.

是的。因此，就這一點而言，我們最近看到的趨勢是否可以逆轉或恢復到採用率線性增長的狀態，我們認為情況絕對如此。我們已經看到產品改進可以真正幫助我們推動採用的許多領域。在當前的宏觀環境中，這些技術比一年前或兩年前的採用率迅速增加時變得更加重要。

An example would be, we have a number of transactions for virtual cards that go unprocessed or even rejected and part of the reason for that is not actually cost. It's that we're not passing rich enough data, in some instances, to drive automated reconciliation. And so when René mentioned accelerating some of the product improvements, we are going to make enhancements to remove as much friction as possible from -- and that was just one example from our ad valorem payment suite to make it easier for suppliers to adopt payments.

一個例子是，我們有許多虛擬卡交易未處理甚至被拒絕，部分原因並不是實際成本。在某些情況下，我們沒有傳遞足夠豐富的數據來推動自動對帳。因此，當 René 提到加速某些產品改進時，我們將進行改進，以消除盡可能多的摩擦——這只是我們從價支付套件中的一個例子，目的是讓供應商更容易採用支付方式。

We also have the ability, just within the unified platform, and I mentioned pricing and packaging earlier. We can look at the whole relationship that we have with suppliers now, offer them more tools and capabilities and increase the value proposition that we're delivering for them. If that involves incentives, if that involves payment speed, other product enhancements, we're going to be leaning into all of that. And we think within this fiscal year, we'll start to see a change in increasing volumes on some of these payment products.

我們也有能力，只是在統一平台內，我之前提到過定價和包裝。我們可以檢視我們現在與供應商的整個關係，為他們提供更多的工具和能力，並增加我們為他們提供的價值主張。如果這涉及激勵措施，如果這涉及支付速度，其他產品增強，我們將傾向於所有這些。我們認為在本財年中，我們將開始看到其中一些支付產品的交易量增加的變化。

Got it. That's super helpful. And then just maybe a question, maybe you could just put some numbers around sort of the exposure to more cyclical payment volume streams. It sounds like you guys have called out T&E, you said, a strong -- kind of a stronger area of spend; digital advertising, weaker; things like lease and rent weaker. So just maybe if you could put some numbers around kind of like the overall size and any other categories that we call out as we kind of try to separate out like more versus less cyclical streams of payment volume.

知道了。這非常有幫助。然後也許是一個問題，也許你可以用一些數字來說明更多周期性支付量流的風險。聽起來你們已經提出了 T&E，你們說，這是一個強大的支出領域；數位廣告，較弱；租賃和租金等因素較弱。因此，也許您可以在我們試圖區分更多與更少週期性支付量流時提出的一些數字，例如總體規模和任何其他類別。

Yes. I mean, we haven't provided specific percentages or things on spend categories other than to say, just like with -- we serve customers across all industries, we have a pretty diversified base of expenses across customers as well because we generally have, call it, 70 or 80 or more percent share of wallet. So we're seeing all types of spend.

是的。我的意思是，我們沒有提供支出類別的具體百分比或內容，只是說，就像我們為所有行業的客戶提供服務一樣，我們在客戶之間的支出基礎也相當多樣化，因為我們通常有，它佔錢包的70%、80% 或更多份額。所以我們看到了各種類型的支出。

In the case of T&E, that's one I called out specifically around card spend. That's still small relative to the total base of spend, which was $4 billion in the last quarter for our Spend and Expense product. But it's large enough that, like, that movement, we're seeing strength there. It stands out because most other categories are flat to slightly down.

就差旅費而言，我特別針對信用卡支出提出了這一點。相對於上個季度我們的支出和費用產品的總支出基數為 40 億美元，這仍然很小。但它足夠大，就像那個運動一樣，我們在那裡看到了力量。它之所以引人注目，是因為大多數其他類別都持平或略有下降。

Now even T&E is still down on a per transaction basis, so the card spend per transaction. And I'd say the same is true with the example on the AP automation side with lease payments and rent and everything that is facilities related. That's like low single digits percent of a company's overall spend on average, but we are seeing aggressive reductions in that category as companies rethink, small businesses rethink their physical footprint in this environment.

現在，即使是每筆交易的 T&E 仍然下降，因此每筆交易的卡片支出也有所下降。我想說，AP 自動化的例子也是如此，包括租賃付款和租金以及與設施相關的一切。這相當於公司平均總支出的低個位數百分比，但隨著公司重新思考，小型企業重新考慮他們在這種環境中的實際足跡，我們看到該類別的大幅減少。

Our next question comes from Andrew Schmidt from Citigroup.

我們的下一個問題來自花旗集團的安德魯·施密特。

I just want to dig back into the SMB health topic. And it sounds like retention characteristics, engagement are still pretty strong, but are you seeing any changes around involuntary attrition maybe on the smaller side of the business spectrum, more businesses is going on business, things like that. I would love to dig a little bit more into that front just on the SMB health.

我只想深入探討中小企業健康主題。聽起來保留特徵、參與度仍然相當強，但是你是否看到非自願流失方面的任何變化，可能是在業務範圍較小的一側，更多的企業正在開展業務，諸如此類。我很想在中小企業的健康狀況方面更深入地研究一下。

Thank you, Andrew. We are definitely seeing strong demand across the platform, 4,700 core net adds this quarter continues, obviously, good success in our financial institution category. So lots of opportunity to drive adoption. And when -- I think John referenced, from a retention perspective, we're in a good spot. It's nothing has changed from that perspective.

謝謝你，安德魯。我們確實看到了整個平台的強勁需求，本季核心淨增加 4,700 家，顯然，我們的金融機構類別取得了良好的成功。因此有很多機會來推動採用。我認為約翰提到，從保留的角度來看，我們處於一個很好的位置。從這個角度來看，一切都沒有改變。

It really is about businesses tightening their belt. And like we said, it's the larger businesses that have the most ability to tighten their belt. And that's where we're seeing the spend -- the Spend and Expense capabilities from the Divvy acquisition. Those tended to be larger businesses to begin with. And so that's kind of where we see the impact is kind of the larger in business.

這確實是企業要勒緊褲腰帶。正如我們所說，規模較大的企業最有能力勒緊褲腰帶。這就是我們看到支出的地方——收購 Divvy 後的支出和費用能力。這些企業一開始往往規模較大。因此，我們看到這對商業的影響更大。

And the SMB, as a whole, I mean, they're adopting the platform, they're using the platform. The engagement is high. Everything that we are doing to make their lives easier comes through. That's what we hear from our customers and why we include them in the call. This is something that we believe there's an opportunity to continue to grow and expand and reach more businesses because of that -- those types of adoption trends.

我的意思是，中小企業作為一個整體，他們正在採用這個平台，他們正在使用這個平台。參與度很高。我們所做的一切都是為了讓他們的生活更輕鬆。這就是我們從客戶那裡聽到的，也是我們讓他們參加電話會議的原因。我們相信，正是因為這些類型的採用趨勢，我們才有機會繼續發展、擴大並涵蓋更多企業。

Got it. And then with the completion of the unified platform, I'm sure that frees up a lot of internal bandwidth resources, things like that. Can you talk about how you redeploy those resources, whether it's additional product philosophy, go-to-market? Anything around that front would be helpful.

知道了。然後隨著統一平台的完成，我確信這會釋放大量內部頻寬資源，諸如此類。您能談談如何重新部署這些資源，無論是額外的產品概念還是上市？圍繞這一點的任何事情都會有所幫助。

Yes. Another great question. A lot of what we're focused on is how do we continue to iterate faster and expand the portfolio of the payment products we have, enhance the customer experiences that we have. So with the integration of the platform into 1, there's now one unified experience across mobile and desktop that we did not have before.

是的。另一個很好的問題。我們關注的許多問題是如何繼續更快地迭代並擴展我們擁有的支付產品組合，增強我們擁有的客戶體驗。因此，隨著平台整合到 1，現在我們在行動裝置和桌面裝置上獲得了前所未有的統一體驗。

Now that's not out for all customers, but it is rolling out to our customers on the mobile experience, for example, over the next few quarters here. So lots of opportunity to kind of enhance and iterate faster because, like you said, it was a heavy lift. We're super happy that we got it done ahead of schedule. Originally, we had said we'd get it done by the end of calendar '24. We got it done earlier than that. The teams are working efficiently and effectively, and we are excited about the opportunities to continue to enhance. And the number of ideas we have is high, so we'll be doing that for customers as we move forward here.

現在，這並不適用於所有客戶，但它正在向我們的客戶推出行動體驗，例如，在接下來的幾個季度內。有很多機會可以更快地增強和迭代，因為正如您所說，這是一項艱鉅的任務。我們非常高興我們提前完成了這項工作。最初，我們曾說過會在 24 月底前完成。我們比那更早完成了。團隊正在有效率且有效地工作，我們對繼續增強的機會感到興奮。我們的想法數量很多，因此我們將在前進的過程中為客戶提供這些想法。

Our next question comes from Keith Weiss from Morgan Stanley.

我們的下一個問題來自摩根士丹利的基斯‧韋斯。

Maybe a little bit of a different focus. Last quarter, we talked a lot about the changing relationship with one of the major FI channel partners. How should we think about sort of -- and it got a lot of investors excited because it went from a kind of transactional ability to get to the new customers to a base equation of where you could go after the entire customer bit.

也許焦點有點不同。上個季度，我們多次討論了與主要金融通路合作夥伴之一的關係變化。我們應該如何思考——這讓許多投資者感到興奮，因為它從吸引新客戶的交易能力轉變為基本方程，即你可以在哪裡追求整個客戶位。

How should we think about the time frame of that where that could have a positive impact on kind of new customer adds? Like, what are the kind of milestones or the roadway, if you will, that we should be thinking about in terms of getting that sort of going in a good way?

我們應該如何考慮對新客戶增加產生正面影響的時間框架？例如，如果你願意的話，我們應該考慮什麼樣的里程碑或道路，才能以良好的方式實現這一目標？

Thank you, Keith. We are actively working with our partner to enhance the capabilities so that we can roll this out to all of their customers. It's something that we're actively doing. We will give you an update on the timing of that for that particular partner when we have one later this fiscal year. But I would just really kind of -- when I think about -- I step back and I think about the ecosystem developing, like, this does not happen overnight, but we have created this category and this opportunity for SMBs to have one financial hub for all of their financial operations. That's unique.

謝謝你，基斯。我們正在與我們的合作夥伴積極合作以增強功能，以便我們可以將其推廣給他們的所有客戶。這是我們正在積極做的事情。當我們在本財年稍後推出該合作夥伴的更新時，我們將向您提供該合作夥伴的更新時間資訊。但我真的會——當我想到——我退後一步，思考生態系統的發展，就像，這不會在一夜之間發生，但我們已經創造了這個類別，並為中小企業創造了擁有一個金融中心的機會他們所有的財務運作。這是獨一無二的。

And we're seeing it in the ecosystem. It's not just the partners we've announced and the partners we're working on, but it's what we're seeing in the pipelines. It's what we're seeing from -- just in general, what we hear from accountants. Like, people are getting pretty excited about the opportunity to have one place to manage all these financial operations. And the platform to do that is BILL.

我們在生態系統中看到了它。這不僅僅是我們已經宣布的合作夥伴和我們正在合作的合作夥伴，而是我們在管道中看到的合作夥伴。這就是我們從會計師那裡聽到的——總的來說，這是我們所看到的。就像，人們對有機會在一個地方管理所有這些金融業務感到非常興奮。而做到這一點的平台就是 BILL。

It's something that's not easy to build. It's something that has taken us time. But having the integrated platform integrated in a way that we can actually now add these different payment products on, making that available to our partners, to our accountants, those are all things that I think about the ecosystem being super important. So it's not just one partner, it's really all the opportunities we see in front of us.

這是不容易建造的東西。這花了我們很多時間。但是，透過以某種方式整合整合平台，我們現在實際上可以添加這些不同的支付產品，使我們的合作夥伴、我們的會計師可以使用這些產品，這些都是我認為生態系統非常重要的事情。因此，這不僅僅是一個合作夥伴，而是我們看到的所有機會。

Our next question comes from Kenneth Suchoski from Autonomous.

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

I just wanted to better understand the assumptions in the guidance. Are you extrapolating the October trends, I guess, both what you're seeing on TPV and payment-type selection? Or are you assuming it gets worse in November and December and then sort of stabilizes from there?

我只是想更好地理解指南中的假設。我想，您是否在推斷 10 月的趨勢，包括您在 TPV 和支付類型選擇上看到的情況？或者您認為 11 月和 12 月情況會變得更糟，然後從那裡開始穩定下來？

Thanks for the question, Ken. So we've taken a look at the trends from late in the first quarter. Those have continued into the second quarter. Our assumption is that those trends persist through the quarter. We begin to see some stabilization in Q3 and throughout the rest of the fiscal year. It's really -- as I mentioned, overall, pretty stable spend environment, but some moving parts around payment type composition.

謝謝你的提問，肯。因此，我們研究了第一季末以來的趨勢。這些情況一直持續到第二季​​。我們的假設是這些趨勢將持續整個季度。我們開始看到第三季和本財年剩餘時間出現一些穩定。正如我所提到的，總體而言，支出環境相當穩定，但支付類型組成存在一些變化。

And that's the thing that we've tried to capture in our assumptions for the rest of the year, that there is some adjustment that's happening now. We'll get ahead of that in the second half of the year and start to drive incremental adoption to overcome or mitigate some of those behavioral changes. So it's not something that we expect to, for example, deteriorate throughout the year or anything like that. But we are assuming the trends we've seen early in the December quarter and late in the first quarter continue this calendar year.

這就是我們在今年剩餘時間裡試圖在我們的假設中捕捉到的事情，即現在正在發生一些調整。我們將在今年下半年搶先一步，並開始推動增量採用，以克服或減輕其中一些行為變化。因此，我們預計這種情況不會全年惡化或類似情況。但我們假設我們在 12 月季度初和第一季末看到的趨勢將在今年繼續下去。

Okay. And John, just on that point, I mean what transaction take rate is being assumed in the guidance for the rest of the year? Is it stable quarter-over-quarter? Or is it declining? And I guess, is there an opportunity to offer some other solutions like working capital or pay by card in this type of environment to sort of offset some of those headwinds?

好的。約翰，就這一點而言，我的意思是今年剩餘時間的指導中假設的交易率是多少？季季穩定嗎？或者說它正在下降？我想，在這種環境下是否有機會提供一些其他解決方案，例如營運資金或卡片支付，以抵消其中的一些不利因素？

Yes. So our assumption for the second quarter is for our monetization to be down slightly and then grow in the second half of the year such that we exit the fourth quarter above where we were in the first quarter. And to your -- the second part of your question about other products, that's 100% true. So we think -- we have highlighted FX transactions and virtual card payments just as examples because those have been large drivers of growth historically.

是的。因此，我們對第二季的假設是，我們的貨幣化程度將略有下降，然後在下半年成長，這樣我們在第四季的表現將高於第一季的水準。對於你關於其他產品的問題的第二部分，這是100%正確的。所以我們認為，我們強調外匯交易和虛擬卡支付只是作為例子，因為這些在歷史上一直是成長的重要推動力。

But we have some really good trends happening with some of the newer products, including pay-by-card and working capital. that we think can be significant drivers of monetization expansion, not only later this year, but in years ahead. So we've talked in prior quarters about this portfolio approach that we take with ad valorem payments, and we expect some of these newer payment products to be able to at least partially mitigate some of the trends that we've seen recently.

但我們的一些新產品出現了一些非常好的趨勢，包括卡片支付和營運資金。我們認為這不僅是今年晚些時候，而且是未來幾年貨幣化擴張的重要驅動力。因此，我們在前幾個季度討論了我們對從價支付採取的這種組合方法，我們預計其中一些較新的支付產品能夠至少部分緩解我們最近看到的一些趨勢。

Our next question comes from Brent Bracelin from Piper Sandler.

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

I guess, René, for you. We're seeing a number of stress fractures in the SMB sector emerge like, I think Zoho in October, Paycom, ZoomInfo in the last week. Can you quantify how much of the spend slowed in October versus September? And are you now seeing these SMBs start to cut nondiscretionary spend?

我想，雷內，適合你。我們看到中小企業領域出現了一些壓力斷裂，例如 10 月的 Zoho，上週的 Paycom、ZoomInfo。您能否量化 10 月與 9 月相比支出減少了多少？現在您是否看到這些中小型企業開始削減非可自由支配的支出？

Yes. Thanks, Brent, for the question. There are -- best way for us to probably talk about it is that a large business is going to have a dedicated finance professional whose job is to look for how do you manage expenses down when you have a wait-and-see economy, a holding pattern. And so that's why we keep talking about the larger businesses, of which our Spend and Expense platform has more larger businesses than the core BILL platform and why we are seeing more of the impact for the rest of the year from that segment of our business.

是的。謝謝布倫特提出的問題。對我們來說，談論這個問題的最佳方式可能是，一家大企業將擁有一名專門的財務專業人員，他的工作是尋找當經濟處於觀望狀態時如何管理開支，持有模式。因此，這就是為什麼我們一直在談論更大的業務，其中我們的支出和費用平台比核心 BILL 平台擁有更多更大的業務，也是為什麼我們看到該業務部分對今年剩餘時間的影響更大。

And so when we look at the overall small business portfolio that we have, we're very fortunate because we have customers of all sizes. And most of the businesses are managing their spend, which is why John has said and we've said that the spend is generally stable. There's some downward pressure, but it's generally stable. It's this managing the expense side that's kind of maybe new for us as well as the larger businesses also managing where they have some additional discretionary.

因此，當我們審視我們擁有的整體小型企業投資組合時，我們非常幸運，因為我們擁有各種規模的客戶。大多數企業都在管理他們的支出，這就是為什麼約翰和我們都說過支出大致穩定。雖然存在一定的下行壓力，但整體平穩。管理費用方面對我們來說可能是新鮮事，而大型企業也管理他們擁有一些額外自由裁量權的地方。

So I guess, the step back is we have a large portfolio of customers, lots of opportunity within them. And this is more -- the macro is impacting, today, the larger businesses more than the rest of the portfolio.

所以我想，退一步來說，我們擁有大量的客戶，其中有很多機會。更重要的是，如今，宏觀經濟對大型企業的影響比投資組合的其他企業更大。

Super helpful color there. And then just one quick follow-up for John. The implied guide for the second half does still look like you're looking for 10% overall growth. Does that assume increasing wallet in the soft landing? Or are you actually baking in a hard landing into those 10% growth rate.

那裡的顏色超級有用。然後是約翰的一個快速跟進。下半年的隱含指導看起來仍然是 10% 的整體成長。這是否假設軟著陸中錢包會增加？或者你實際上正在硬著陸到 10% 的成長率。

Yes. We have, I think, a long track record of increasing our penetration with customers, helping small businesses automate more of their processes with all the payment products that we have, our whole portfolio, that allows them to bring more payments onto the platform. We're assuming that those trends continue, but that the overall payment volume and the payment volume per customer is very muted down slightly as we talked about in the second quarter, mid-single digits on a year-over-year basis on a TPV per customer.

是的。我認為，我們在提高客戶滲透率、幫助小型企業利用我們擁有的所有支付產品和整個產品組合來實現更多流程自動化方面擁有悠久的歷史，這使他們能夠在平台上帶來更多支付。我們假設這些趨勢持續下去，但正如我們在第二季度談到的那樣，總體支付量和每個客戶的支付量略有下降，與去年同期相比，冠捷科技的支付量為個位數中位數每個客戶。

So we're not trying to predict or forecast the overall sort of macroeconomic impact here other than projecting forward the behaviors that we've seen from our customers in this environment, which, as we said, have shifted a little bit. So we're assuming those shifts will continue and we'll be able to partially offset or mitigate some of those through continued progress with share wallet and some of the product improvements and experience improvements that René mentioned earlier.

因此，我們並不是試圖預測宏觀經濟的整體影響，而是預測我們在這種環境下從客戶那裡看到的行為，正如我們所說，這些行為已經發生了一些變化。因此，我們假設這些轉變將繼續下去，並且我們將能夠透過共享錢包的持續進步以及 René 之前提到的一些產品改進和體驗改進來部分抵消或減輕其中的一些變化。

Our next question comes from Samad Samana from Jefferies.

我們的下一個問題來自 Jefferies 的 Samad Samana。

So maybe, John, just thinking through the commentary on ad valorem and payment type selection. I know you addressed the type of both where -- what payments are going towards in terms of end spend and then talking about payment types. But maybe if we could actually triangulate, if you think about the ad valorem transactions themselves, right, so you gave 3.2% of the mix.

約翰，也許只是想了一下關於從價和付款類型選擇的評論。我知道您談到了最終支出的付款方式，然後討論了付款類型。但也許如果我們實際上可以進行三角測量，如果你考慮從價交易本身，對吧，那麼你給了混合的 3.2%。

In the fourth quarter was from virtual card and 1.7% was from cross-border in local currency. What's the concentration there look like, right? So if I isolate it to that 3.2%, how concentrated is that amongst a certain number of suppliers? Because if I annualize that, that's like $8 billion. Is it a handful of suppliers that are accepting that in terms of virtual card? Is it hundreds of suppliers? I'm just trying to get at the level of concentration within that spend?

第四季來自虛擬卡，1.7%來自跨國本幣。那裡的濃度看起來怎麼樣，對嗎？那麼，如果我將其隔離為 3.2%，那麼該比例在一定數量的供應商中的集中程度如何？因為如果我將其按年計算，那就是 80 億美元。是少數供應商在虛擬卡方面接受了這一點嗎？是數百個供應商嗎？我只是想了解這筆支出的集中程度？

Yes. Thanks for the question, Samad. So I'd say on cross-border payments, it's very diversified across a large number of suppliers without significant concentration. On the virtual card or Vendor Direct side of things, it's thousands and tens of thousands of suppliers, not tens or hundreds.

是的。謝謝你的提問，薩馬德。所以我想說，在跨境支付方面，它在大量供應商中非常多樣化，而且沒有明顯的集中度。在虛擬卡或供應商直接方面，有成千上萬的供應商，而不是數十或數百個。

With that said, we do have large suppliers who are -- think of examples like national providers, whether it's utilities or telecoms or things like that, which are used by many customers of BILL. So there's a many-to-one relationship. But if we step back and look at the overall spend profile for any of our payment products, but that in particular, we don't feel like there's any sort of outsized concentration or anything like that of a very small number of suppliers.

話雖如此，我們確實有大型供應商——想想像國家供應商這樣的例子，無論是公用事業、電信還是類似的東西，比爾的許多客戶都使用這些供應商。所以存在著多對一的關係。但如果我們退後一步，看看我們任何支付產品的總體支出情況，特別是，我們不覺得有任何過度集中或類似極少​​數供應商的情況。

Got you. And then maybe asking the question on the spend side. So if I think about the type of payments that are made using ACH versus the type of payment that a customer may choose to make virtual card in, I guess what I'm wondering is, is that are the payments that are typically selected for ad valorem more discretionary versus maybe something that is more recurring if it's ACH? Once again, just trying to understand if there are different concentrations at this specific higher fee level.

明白你了。然後也許會問支出方面的問題。因此，如果我考慮使用 ACH 進行的付款類型與客戶可能選擇使用虛擬卡進行的付款類型，我想我想知道的是，這些付款是通常選擇用於廣告的付款如果是ACH，則valorem 更具可自由裁量權，而不是可能更常出現的東西？再次，只是想了解在這個特定的較高費用水平上是否存在不同的集中度。

Yes. That's a great clarifying question. I'd say there might be a higher percentage of discretionary spend that flows through our Spend and Expense card program because that involves individual cards, some of which are physical cards, not all virtual and therefore, more sensitive to things like T&E, which we mentioned before, that's been strong.

是的。這是一個很好的澄清問題。我想說，流經我們的支出和費用卡計劃的可自由支配支出的比例可能更高，因為這涉及個人卡，其中一些是實體卡，並非全部是虛擬卡，因此對 T&E 等事情更加敏感，我們前面已經提到了，這已經很強大了。

On the virtual card program, the Vendor Direct side, AP automation for BILL we don't see significant differences between, say, an ACH payment that might be set up for a one-off transaction or even one that's an auto charge or an auto debit to a bank account versus a virtual card payment that's delivered to a supplier.

在虛擬卡程式、Vendor Direct 方面、BILL 的 AP 自動化方面，我們沒有看到可能為一次性交易設定的 ACH 付款，甚至是自動收費或自動付款之間的顯著差異。借記到銀行帳戶與交付給供應商的虛擬卡付款。

In some case, it's the supplier who's driving. "Here's how I want to get paid," and their buyer takes that action. In other cases, it's the buyer. I don't think there's big differences other than transaction size, where most suppliers do have limits and various other variables that they want to manage when deciding whether to take a card payment.

在某些情況下，是供應商在推動。 “這就是我想要獲得報酬的方式”，他們的買家採取了這一行動。在其他情況下，是買方。我認為除了交易規模之外，沒有什麼大的差異，大多數供應商在決定是否接受銀行卡付款時確實有限制和他們想要管理的各種其他變數。

Those are all the questions we have time for today. So I'd now like to turn the call back to René for any final remarks.

這些就是我們今天有時間討論的所有問題。所以我現在想把電話轉回雷內，聽聽最後的評論。

Thank you, everyone, for joining us today. We've built a great business over the years of our constant focus on automating the financial operations for SMBs. We look forward to serving them, and thank you again for joining us.

謝謝大家今天加入我們。多年來，我們不斷專注於中小型企業財務營運自動化，已經建立了出色的業務。我們期待為他們服務，並再次感謝您加入我們。

That concludes today's conference call, everybody. Thank you very much for joining. You may now disconnect your lines.

各位，今天的電話會議到此結束。非常感謝您的加入。現在您可以斷開線路。