BILL Holdings Inc (BILL) 2024 Q2 法說會逐字稿

Good afternoon and welcome to BILL's Second Quarter Fiscal 2024 Earnings Conference Call. Joining us for today's call is BILL's CEO, Rene Lacerte, President and CFO; 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 財年第二季財報電話會議。加入我們今天電話會議的是 BILL 執行長、總裁兼財務長 Rene Lacerte；約翰‧雷蒂格；投資人關係副總裁 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 Second Quarter 2024 Earnings Conference Call. We issued our earnings press release a short time ago and furnished the related Form 8-K to the SEC. The press release can be found on the Investor Relations section of our website at investor.bill.com. With me on the call today are Rene 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 年第二季財報電話會議。我們不久前發布了收益新聞稿，並向 SEC 提供了相關的 8-K 表格。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 Rene 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，請參閱公司今天發布的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 those stand-alone results, which exclude our bill, spend and expense management, which was 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，我們有時會討論這些獨立結果，其中不包括我們的帳單、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 Rene. Rene?

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. We delivered strong profitable growth in the second quarter as we continue to advance on our strategy to be the essential financial operations platform for SMBs.

謝謝你，凱倫。大家下午好。感謝您今天加入我們。隨著我們繼續推進成為中小企業重要財務營運平台的策略，我們在第二季度實現了強勁的獲利成長。

In Q2, we grew revenue 22% year-over-year, generated non-GAAP net income growth of 48% year-over-year and produced a 23% non-GAAP net income margin. We achieved a strong combination of growth and profitability in a challenging macro environment as SMBs continue to carefully manage their spend. Our performance demonstrates the strength of our business model, the value of our platform to our customers and our commitment to deliver profitable growth. These results reinforce our conviction that when the macro environment improves and SMB starts spending for expansion, BILL was well positioned to drive strong growth across our business.

第二季度，我們的營收年增 22%，非 GAAP 淨利潤年增 48%，非 GAAP 淨利率達到 23%。隨著中小型企業繼續謹慎管理支出，我們在充滿挑戰的宏觀環境中實現了成長和獲利的強勁結合。我們的業績證明了我們業務模式的優勢、我們平台對客戶的價值以及我們對實現獲利成長的承諾。這些結果強化了我們的信念，即當宏觀環境改善且中小企業開始支出擴張時，BILL 已做好充分準備來推動我們業務的強勁成長。

The BILL platform serves as the center of financial operations for our customers. At the end of Q2, more than 470,000 businesses use our solutions. During the quarter, these businesses completed more than $75 billion in payment volume on our platform. Our scale and experience uniquely positions us to continue to redefine how SMBs everywhere automate their financial operations. We are the innovation leader, and we are continually expanding the breadth and depth of our solutions.

BILL 平台是我們客戶的財務營運中心。截至第二季末，超過 47 萬家企業使用我們的解決方案。本季度，這些企業在我們的平台上完成了超過 750 億美元的支付。我們的規模和經驗使我們能夠繼續重新定義各地中小企業如何實現財務營運自動化。我們是創新領導者，並且不斷擴展解決方案的廣度和深度。

As we do this, my confidence grows about our ability to help SMBs Everywhere transform their payments and financial operations. Today, there are millions of SMBs transacting trillions of dollars of payments using manual legacy processes and paper checks. This is terribly inefficient, and it will change. Our platform was purpose-built to help SMBs modernize and streamline their financial operations. We hear increasingly about the gains in efficiency, visibility and financial controls that we provide. In short, we eliminate the friction of doing business.

當我們這樣做時，我對我們幫助世界各地的中小企業轉變支付和財務運營的能力越來越有信心。如今，有數百萬中小型企業使用手動遺留流程和紙本支票進行數萬億美元的支付交易。這是非常低效的，而且它將會改變。我們的平台是專門為幫助中小型企業實現財務運營現代化和簡化而構建的。我們越來越多地聽到我們提供的效率、可見性和財務控制方面的收益。簡而言之，我們消除了開展業務的摩擦。

An example of the business transforming their operations with our platform is Enlightened Equipment, an ultralight hiking care company based in Minnesota. Jessica Sonnek, their Director of Finance said and I quote, "BILL has been a huge timesaver establishing strong internal controls and generating operational efficiency. Every single payment that runs through any of our bank accounts goes through BILL from the electric bill and rent to raw material purchases from abroad. The increased control with spend and expense capability has been a game changer in terms of budgeting for different departments and managing spend for each vendor. BILL really empowered me to transform the manual and time-consuming financial operations process into something that was simply beautiful and efficient."

Enlightened Equipment 是一家利用我們的平台實現營運轉型的企業，它是一家位於明尼蘇達州的超輕量遠足護理公司。他們的財務總監傑西卡·索內克(Jessica Sonnek) 說：「BILL 在建立強有力的內部控制和提高營運效率方面節省了大量時間。透過我們任何銀行帳戶進行的每一筆付款都透過BILL從電費、租金到原始費用從國外採購材料。對支出和費用能力的增強控制已經改變了不同部門的預算和管理每個供應商的支出方面的遊戲規則。BILL 確實使我能夠將手動且耗時的財務操作流程轉變為簡直就是美麗又高效。”

SMBs are difficult to reach at scale. The diverse and broad ecosystem we developed that enables us to reach them efficiently as a core competitive advantage. We know how to partner and to bring this transformative experience SMBs at the test points where they prefer to do business. Our go-to-market ecosystem includes direct sales and our large network as well as accounting firms and financial institutions who are among in SMB's closest advisers. BILL is trusted by more than 7,000 accounting firms who recommend and use our platform across tens of thousands of clients. We have a successful track record of partnering with accounts which includes having developed a platform that enables them to provide more strategic and operational value-added services to their clients.

中小企業很難大規模接觸。我們開發的多樣化和廣泛的生態系統使我們能夠有效地實現這些目標，並將其作為核心競爭優勢。我們知道如何與中小型企業合作，並將這種變革性的體驗帶到他們喜歡開展業務的測試點。我們的進入市場生態系統包括直接銷售和龐大的網絡，以及會計師事務所和金融機構，他們是中小企業最親密的顧問。 BILL 受到 7,000 多家會計師事務所的信賴，他們向數以萬計的客戶推薦和使用我們的平台。我們擁有與客戶合作的成功記錄，其中包括開發了一個平台，使他們能夠為客戶提供更具策略性和營運性的增值服務。

There are firms now that base their entire practice on client advisory services. Before BILL, this was nearly impossible. Our platform empowers accounts with a suite of features to enable collaboration between their staff and clients across multiple workflows. With BILL, accountants help their clients simplify their operations and have more time to focus on growing their business. It's a win-win for all.

現在有些公司將其全部業務建立在客戶諮詢服務的基礎上。在比爾之前，這幾乎是不可能的。我們的平台為帳戶提供了一套功能，以實現其員工和客戶之間跨多個工作流程的協作。透過 BILL，會計師可以幫助客戶簡化營運，並有更多時間專注於發展業務。這對所有人來說都是雙贏的。

A good example is hiline, an SMB-focused and tech savvy accounting firm. Matt Gardner, Founder and CEO, said and I quote, "Combining AP, AR and spending expense management into a central hub has been a great change for us. At hiline, we give our customers a competitive edge by getting them on to best-of-breed cloud tools like BILL. This gives them full operational transparency and 24/7 online access, which modern business owners expect. BILL allows us to streamline our workflows to increase speed and work quality and focus more time on providing strategic advice to our clients."

hiline 就是一個很好的例子，這是一家專注於中小型企業且精通科技的會計師事務所。創辦人兼執行長 Matt Gardner 表示：「將AP、AR 和支出管理整合到一個中心對我們來說是一個巨大的改變。在hiline，我們透過讓客戶獲得最佳服務來為他們提供競爭優勢——像BILL 這樣的同類雲端工具。這為他們提供了完全的營運透明度和24/7 在線訪問，這是現代企業主所期望的。BILL 使我們能夠簡化工作流程，以提高速度和工作質量，並專注於為我們的客戶提供策略建議客戶」。

We also partner with some of the largest financial institutions in the U.S. Similar to accounting firms, financial institutions leverage a white label embedded version of our platform to help their business banking customers modernize their financial operations. The FI channel positions us to tap large numbers of SMBs as they transform their financial operations via their online banking experience. Traditionally, most FI partners have offered just ACH and checks to their customers through our platform. Given our payments expertise, large network and extensive experience in driving payment adoption, we are making early progress in bringing our ad valorem offerings to our FI partners. Six financial institution partners have started leveraging more of our payment modalities such as Virtual Card, Instant Transfer and Pay By Card.

我們也與美國一些最大的金融機構合作。與會計師事務所類似，金融機構利用我們平台的白標嵌入式版本來幫助其商業銀行客戶實現財務營運現代化。金融機構管道使我們能夠利用大量中小企業，幫助他們透過網路銀行經驗轉變其金融營運。傳統上，大多數金融機構合作夥伴僅透過我們的平台向其客戶提供 ACH 和支票。憑藉我們的支付專業知識、龐大的網絡以及推動支付採用的豐富經驗，我們在向金融合作夥伴提供從價服務方面取得了早期進展。六家金融機構合作夥伴已開始利用我們的更多支付方式，例如虛擬卡、即時轉帳和卡片支付。

Regarding Bank of America, a couple of quarters ago, I discussed that given our success in serving BofA's new small business customers, we were now working together to extend our solution to serve their installed base of SMB customers. Since then, we have been working with them to define and build the experience needed to reach their existing customers. Separate from this effort, the bank recently shared with us that they have been evolving their firm-wide payment strategy and that evolution will impact the solutions they offer to their existing customers. We will continue to work side by side with the bank to determine how to best leverage what we have currently deployed to support their broader payment strategy. We are in the early days of understanding the impact on our expansion opportunity with the bank.

關於美國銀行，幾個季度前，我討論過，鑑於我們在為美國銀行的新小型企業客戶提供服務方面取得了成功，我們現在正在共同努力擴展我們的解決方案，以服務他們的中小型企業客戶群。從那時起，我們一直與他們合作，定義和建立吸引現有客戶所需的體驗。除了這項努力之外，該銀行最近還與我們透露，他們一直在發展全公司範圍內的支付策略，而這種發展將影響他們向現有客戶提供的解決方案。我們將繼續與銀行並肩工作，以確定如何最好地利用我們目前部署的資源來支援其更廣泛的支付策略。我們也處於了解這對我們與銀行的擴張機會的影響的早期階段。

Our experience serving nearly 500,000 businesses, more than 7,000 (inaudible) firms and leading financial institutions in the U.S. gives us strong foundational competencies for extending our reach through more embedded offerings. The core competencies underneath this level of trust are our flexible ways to integrate with software systems, our payment risk management and regulatory expertise, our large data asset and network and our ability to serve businesses and transact payments at scale. We moved 1% of GDP and are licensed to move money in all 50 states and Canada. This set of foundational capabilities and expertise places us at the center of the convergence of software and payments and positions us well to extend our capabilities to other software companies. As the market unfolds, we see opportunities to expand our ecosystem to include embedded offerings beyond the accountant and FI channels.

我們為美國近50 萬家企業、7,000 多家（聽不清楚）公司和領先的金融機構提供服務，擁有豐富的經驗，這為我們提供了強大的基礎能力，可以透過更多嵌入式產品來擴展我們的業務範圍。這種信任程度背後的核心能力是我們與軟體系統整合的靈活方式、我們的支付風險管理和監管專業知識、我們的大數據資產和網路以及我們為企業提供服務和大規模支付交易的能力。我們轉移了 GDP 的 1%，並獲得在所有 50 個州和加拿大轉移資金的許可。這套基礎能力和專業知識使我們處於軟體和支付整合的中心，並使我們能夠將我們的能力擴展到其他軟體公司。隨著市場的發展，我們看到了擴展生態系統的機會，包括會計師和金融管道以外的嵌入式產品。

The convergence of software and payments is increasing the needs for more embedded financial operations. We have built our platform and ecosystem to support partners across the SMB landscape. We believe our agile platform model incorporates various capabilities into our partner solutions and can accelerate the convergence.

軟體和支付的融合增加了對更嵌入式金融營運的需求。我們建立了平台和生態系統來支持整個中小企業領域的合作夥伴。我們相信我們的敏捷平台模型將各種功能融入我們的合作夥伴解決方案中，並且可以加速融合。

In addition to our financial institution and accounting embedded solutions, we also have enabled API capabilities with embedded solutions for a number of different use cases. Hundreds of developers have created integrations using our APIs to support thousands of customers.

除了我們的金融機構和會計嵌入式解決方案之外，我們還為許多不同的用例啟用了具有嵌入式解決方案的 API 功能。數百名開發人員使用我們的 API 創建了集成，以支援數千名客戶。

For example, an accounting firm leveraged our API to automatically create e-mail and collect invoices for over 1,000 firm clients using the data from their practice management software. The potential use cases are vast, and we are just beginning to increase focus in this area. We are excited about the scale of the market opportunity we are going after and our position for the next chapter in BILL's growth. In preparing for the road ahead, we are doubling down on our core strengths, evolving our strategy, expanding our offerings and scaling operationally.

例如，一家會計師事務所利用我們的 API 自動建立電子郵件並使用其實踐管理軟體中的資料為 1,000 多家公司客戶收集發票。潛在的用例是巨大的，我們才剛開始加大對這領域的關注。我們對我們正在尋求的市場機會的規模以及我們在比爾發展的下一個篇章中的地位感到興奮。在為未來的道路做準備的過程中，我們正在加倍增強我們的核心優勢，不斷發展我們的策略，擴大我們的產品範圍並擴大營運規模。

As part of our focus, we have made some hard choices. In December, we made the very difficult decision to rightsize our organization by reducing our workforce by 15% in closing our Sydney office. We made this decision in order to streamline our operations and further balance growth and profitability, while we concentrate resources on our most important priorities.

作為我們重點的一部分，我們做出了一些艱難的選擇。 12 月，我們做出了一個非常艱難的決定，即關閉雪梨辦事處，將員工人數減少 15%，以調整我們的組織規模。我們做出這項決定是為了簡化我們的營運並進一步平衡成長和獲利能力，同時我們將資源集中在我們最重要的優先事項上。

As we build the foundation for our next phase of growth, I ask John to take on broader operational responsibilities in his new role as President and CFO. The senior team under John's leadership recently completed a thorough assessment of our business operations and growth priorities and I would now pass the call to John to provide an update on this important effort.

在我們為下一階段的成長奠定基礎時，我要求約翰在擔任總裁兼財務長的新職位上承擔更廣泛的營運職責。約翰領導下的高級團隊最近完成了對我們業務運營和成長優先事項的全面評估，我現在將致電約翰，提供有關這項重要工作的最新資訊。

Thanks, Rene. Today, I'll start with an overview of our key operational focus areas over the next 12 to 18 months and then discuss our financial results and outlook. The market we are pursuing is large and evolving rapidly. With our wide moat and talented team of employees, we are well positioned to capture the market as it matures and for BILL to become the essential financial operations platform for SMBs.

謝謝，雷內。今天，我將首先概述我們未來 12 至 18 個月的主要營運重點領域，然後討論我們的財務表現和前景。我們追求的市場很大且發展迅速。憑藉我們廣闊的護城河和才華橫溢的員工團隊，我們處於有利地位，可以在市場成熟時佔領市場，並使 BILL 成為中小型企業重要的財務營運平台。

In my new role as President, the senior team and I recently performed an assessment of our capabilities and readiness to scale our business in preparation for our next phase of growth. We identified several key focus areas to support execution on our top priorities that we outlined at the beginning of the fiscal year, which I'll briefly recap. Our first priority for fiscal 2024 is to drive adoption of our integrated financial operations platform. We launched our new integrated platform last fall, which brought together our BILL AP and Divvy spend and expense solutions to create a unified customer experience. Initial customer feedback has been positive and we've also identified incremental improvements that will help us scale further.

在擔任總裁的新職位上，我和高階團隊最近對我們擴展業務的能力和準備情況進行了評估，為下一階段的成長做好準備。我們確定了幾個關鍵重點領域，以支持執行我們在本財年年初概述的首要優先事項，我將簡要回顧一下。我們 2024 財年的首要任務是推動綜合金融營運平台的採用。去年秋天，我們推出了新的整合平台，該平台匯集了我們的 BILL AP 和 Divvy 支出和費用解決方案，以創建統一的客戶體驗。最初的客戶回饋是正面的，我們也確定了漸進式改進，這將有助於我們進一步擴大規模。

For context, in support of this launch, we revised our go-to-market activities around the new solution and made many changes to our direct sales motion, rebranded spend and expense from Divvy to BILL and revised customer onboarding flows. All these moving parts created inefficiencies in our acquisition funnel so we continue to pull back on marketing spend that we referenced last quarter. This had an impact on acquisition and attrition mainly for smaller, lower credit quality prospects and led to lower net new customers for the quarter compared to historical averages. We expect these trends to continue in the near term.

就背景而言，為了支持此次發布，我們圍繞新解決方案修改了我們的上市活動，並對我們的直接銷售活動進行了許多更改，將支出和費用從Divvy 重新命名為BILL，並修改了客戶入職流程。所有這些變動因素導致我們的收購管道效率低下，因此我們繼續削減上季度提到的行銷支出。這對收購和流失產生了影響，主要是針對規模較小、信用品質較低的前景，並導致本季淨新客戶數量低於歷史平均值。我們預計這些趨勢將在短期內持續下去。

As a result, we are adapting our go-to-market approach and processes to offer individual or unified solutions as appropriate to accelerate the pace of customer adoption of our solutions. Over time, we expect the unified experience will benefit all of our customers, but in the meantime, we will deliver to customers the immediate solutions they need most. Additionally, we are prioritizing our go-to-market towards businesses with a higher propensity to spend which should translate into increasing penetration within higher ARPU customer segments.

因此，我們正在調整我們的上市方法和流程，以酌情提供單獨或統一的解決方案，以加快客戶採用我們解決方案的步伐。隨著時間的推移，我們預計統一的體驗將使我們所有的客戶受益，但同時，我們將向客戶提供他們最需要的即時解決方案。此外，我們將優先考慮消費傾向較高的企業，這將轉化為在較高 ARPU 客戶群中的滲透率的提高。

Our second priority is to expand our ecosystem by bringing more innovation to our partners and attracting new partners. In support of this priority, we are continuing to grow our footprint with accountants and financial institution partners and invest further in our embedded strategy. Accounts have been at the center of our ecosystem strategy to reach SMBs from the very beginning and we are focused on continuing to expand our reach within the industry.

我們的第二個優先事項是透過為合作夥伴帶來更多創新並吸引新合作夥伴來擴展我們的生態系統。為了支持這項優先事項，我們將繼續擴大與會計師和金融機構合作夥伴的合作，並進一步投資於我們的嵌入式策略。從一開始，客戶就一直是我們接觸中小型企業的生態系統策略的核心，我們致力於繼續擴大我們在產業內的影響力。

We added approximately 600 accounting firms within the first half of fiscal 2024. As Rene discussed, we are seeing the convergence between payments and software and the emergence of embedded finance play out as we receive early inbound interest from other software companies for our AP, AR and card solutions. Leveraging our deep expertise in architecting embedded solutions to serve and expand the ecosystem, we are investing in our platform to create new ways for our capabilities to be leveraged by third parties who serve SMBs.

我們在2024 財年上半年增加了約600 家會計師事務所。正如Rene 所討論的，隨著我們收到其他軟體公司對我們的AP、AR 的早期興趣，我們看到支付和軟體之間的融合以及嵌入式金融的出現正在發揮作用。和卡解決方案。憑藉我們在建立嵌入式解決方案以服務和擴展生態系統方面的深厚專業知識，我們正在投資我們的平台，為服務中小型企業的第三方利用我們的能力創造新的方式。

Our third priority is to enrich our payment experiences and drive penetration of our ad valorem solutions. To this end, we are doubling down on our investments for card offerings and international payments.

我們的第三個優先事項是豐富我們的支付體驗並推動我們從價解決方案的滲透。為此，我們正在加倍加大對卡產品和國際支付的投資。

As we discussed on our last call, we continue to operate in an environment where customers and their suppliers are increasingly focused on costs and are being more selective with their payment choices to minimize cost. As expected, this translated into a slight decline in transaction monetization in the second quarter as a result of muted payment volume growth for some of our highest monetizing products. Our current portfolio today includes virtual cards and our Bill Divvy Charge Card. To capture more wallet share and drive payment adoption, we are improving the automation and reconciliation features of our virtual card supplier experience and creating a dedicated sales motion to serve large customers and suppliers in our network.

正如我們在上次電話會議中所討論的那樣，我們繼續在這樣的環境中運作：客戶及其供應商越來越關注成本，並且對付款選擇更加挑剔，以最大限度地降低成本。正如預期的那樣，由於我們一些貨幣化程度最高的產品的支付量增長緩慢，第二季交易貨幣化略有下降。我們目前的產品組合包括虛擬卡和 Bill Divvy 簽帳卡。為了獲得更多錢包份額並推動支付採用，我們正在改善虛擬卡供應商體驗的自動化和對帳功能，並創建專門的銷售活動來為我們網路中的大客戶和供應商提供服務。

In addition, we are beginning to roll out a unique card experience that enables AP customers to use a BILL Divvy card for traditional AP or off-line payments. We believe these actions will support expanding payment volumes on card offerings and drive improved monetization.

此外，我們開始推出獨特的卡片體驗，使 AP 客戶能夠使用 BILL Divvy 卡進行傳統 AP 或離線支付。我們相信這些行動將支持擴大卡產品的支付量並推動貨幣化的改善。

We are also enhancing and scaling our newer ad valorem offerings, such as Instant Transfer and invoice financing. We believe our portfolio approach provides choice and flexibility to SMBs and our network members and creates balancing growth to our business.

我們也正在增強和擴展我們新的從價產品，例如即時轉帳和發票融資。我們相信，我們的投資組合方法為中小型企業和我們的網路成員提供了選擇和靈活性，並為我們的業務創造了平衡成長。

Turning to international payments. In order to capture more off-line payments and drive further FX payment adoption, we are planning to introduce our enhanced international payment supplier experience to more countries and increased payment speed by leveraging local payment routes. Recently, the strength of the U.S. dollar has negatively impacted the option of our FX payments. Given our scale, we are able to optimize our costs, which will allow us to provide more attractive FX pricing. We believe these actions to adapt the go-to-market approach, grow our footprint with partners and invest in our amended strategy and double down on our card offerings and international payments are the right focus areas for BILL. We expect to strengthen our core capabilities and enhance the foundation of our business, which will pave the way for the next phase of growth.

轉向國際支付。為了獲得更多的離線支付並進一步推動外匯支付的採用，我們計劃將我們增強的國際支付供應商經驗引入更多國家，並透過利用本地支付途徑提高支付速度。最近，美元走強對我們的外匯支付選擇產生了負面影響。鑑於我們的規模，我們能夠優化成本，這將使我們能夠提供更具吸引力的外匯定價。我們相信，這些旨在適應市場進入方式、擴大我們與合作夥伴的足跡、投資於我們修訂後的策略以及加倍加大我們的卡產品和國際支付力度的行動是 BILL 的正確重點領域。我們希望增強核心能力，增強業務基礎，為下一階段的成長鋪路。

Now turning to a discussion of our second quarter fiscal 2024 financial results. In Q2, we delivered strong profitable growth. Total revenue for Q2 was $318 million, up 22% year-over-year. Core revenue, which includes subscription and transaction revenue was $275 million, representing growth of 19% year-over-year. Non-GAAP gross margin was 86% and non-GAAP net income was $73 million, growth of 48% year-over-year. Non-GAAP net income margin was 23% of revenue and expanded 4 percentage points year-over-year. Free cash flow was $74 million, reflecting a 23% margin. Importantly, we were non-GAAP operating income profitable, excluding the benefit of float revenue.

現在討論我們 2024 財年第二季的財務表現。第二季度，我們實現了強勁的獲利成長。第二季總營收為 3.18 億美元，年增 22%。核心收入（包括訂閱和交易收入）為 2.75 億美元，較去年同期成長 19%。非 GAAP 毛利率為 86%，非 GAAP 淨利潤為 7,300 萬美元，較去年同期成長 48%。非 GAAP 淨利率為營收的 23%，較去年同期成長 4 個百分點。自由現金流為 7,400 萬美元，利潤率為 23%。重要的是，我們的非公認會計原則營業收入是獲利的，不包括浮動收入的好處。

Now I'd like to dive deeper on revenue and key revenue drivers. Subscription revenue in Q2 was $63 million, up 3% year-over-year, and transaction revenue was $212 million, up 25% year-over-year. This growth in transaction revenue was driven by overall payment volume growth and higher ad valorem payment volume. Total payment volume, or TPV per bill consolidated, which also includes card processing volume was $75 billion in Q2, reflecting 11% year-over-year growth. BILL's stand-alone TPV growth improved in the second quarter, representing an increase of 10% year-over-year compared to 7% in the first quarter, which was above our expectations. It's too early to call a trough in B2B spend, and we expect the current interest rate environment will continue to depress overall spend growth. BILL spend and expense card payment volume was $4.2 billion in Q2 and increased 28% year-over-year.

現在我想更深入地探討收入和主要收入驅動因素。第二季訂閱營收為 6,300 萬美元，年增 3%，交易收入為 2.12 億美元，較去年同期成長 25%。交易收入的成長是由整體支付量成長和從價支付量增加所推動的。第二季的總支付量（即每張帳單的 TPV）（其中還包括銀行卡處理量）為 750 億美元，年增 11%。 BILL的獨立TPV成長在第二季有所改善，年增10%，而第一季為7%，超出了我們的預期。現在判斷 B2B 支出已進入低谷還為時過早，我們預期當前的利率環境將持續抑制整體支出成長。第二季帳單支出和費用卡支付額為 42 億美元，較去年同期成長 28%。

Turning to customer acquisition. BILL stand-alone customers increased 18% year-over-year. net new adds for the quarter were 10,100, including 3,900 net adds in the direct and accounting channels and 6,200 in the FI channel. This excludes attrition related to the sunset of Intuit Simple BILL Pay solution, which was approximately 3,800 in Q2. To date, we have retained the majority of the customers who used Simple BILL Pay prior to the payment integration being sunset. The number of bills spend and expense spending businesses grew 28% year-over-year, and net new adds for the quarter were 900. In addition to the items mentioned earlier, we also took further action to manage our credit exposure and tightened credit for smaller businesses and prospects, which impacted both existing and new customer acquisition. Float revenue was $44 million, an increase of 50% year-over-year. Our yield on FBO funds was 490 basis points in the quarter.

轉向客戶獲取。 BILL 獨立客戶較去年同期成長 18%。本季淨新增人數為 10,100 人，其中直接和會計管道淨新增 3,900 人，金融管道淨新增 6,200 人。這不包括與 Intuit Simple BILL Pay 解決方案停用相關的人員流失，第二季約為 3,800 人。到目前為止，我們保留了在支付整合取消之前使用 Simple BILL Pay 的大多數客戶。票據支出和費用支出業務數量年增 28%，本季淨新增 900 項。除了前面提到的項目外，我們還採取了進一步的措施來管理信用風險，收緊了規模較小的企業和潛在客戶，這影響了現有客戶和新客戶的獲取。浮動收入為 4,400 萬美元，年增 50%。本季我們的 FBO 基金收益率為 490 個基點。

Now turning to a discussion of our Q2 profitability performance. Non-GAAP gross margin was 86%, which was above our target range due to favorable float revenue. As previously discussed, we expect our non-GAAP gross margin to moderate to the low to mid-80s as our payment mix evolves and our float revenue declines with lower interest rates later in this economic cycle. Non-GAAP operating expenses were $229 million, flat sequentially, and rewards expenses, which are included in sales and marketing represented 49% of spend and expense card revenue. G&A expenses remained slightly elevated due primarily to an increase in our provision for credit losses given the macro environment. Non-GAAP operating income was $44 million or 14% of revenue. Non-GAAP net income was $73 million or 23% of revenue, up 48% year-over-year. Free cash flow grew 56% to $74 million for a free cash flow margin of 23%.

現在轉向討論我們第二季的獲利表現。非 GAAP 毛利率為 86%，由於浮動收入良好，高於我們的目標範圍。如同先前所討論的，隨著我們的支付組合的發展以及我們的浮動收入隨著本經濟週期後期利率的降低而下降，我們預計我們的非公認會計準則毛利率將降至80 年代中期的低水平。非 GAAP 營運費用為 2.29 億美元，與上一季持平，而包含在銷售和行銷中的獎勵費用佔支出和費用卡收入的 49%。一般及行政費用仍略有上升，主要是由於我們在宏觀環境下增加了信貸損失撥備。非 GAAP 營業收入為 4,400 萬美元，佔收入的 14%。非 GAAP 淨利潤為 7,300 萬美元，佔營收的 23%，較去年同期成長 48%。自由現金流成長 56%，達到 7,400 萬美元，自由現金流利潤率為 23%。

Before turning to guidance, I want to provide a bit more context regarding our recent organizational changes. As Rene noted, in December, we made the difficult decision to reduce our workforce by nearly 400 employees and close our Sydney office as we rightsize our organization, enhance profitability and reallocate resources towards the most impactful initiatives. In connection with this reduction in force, we incurred $25 million of restructuring charges in Q2. These charges, which are excluded from our non-GAAP results consisted primarily of cash expenditures for severance payments employee benefits and related costs in addition to noncash charges for stock-based compensation expenses. These actions mark our enhanced efforts in driving efficient and profitable growth.

在轉向指導之前，我想提供更多有關我們最近的組織變革的背景資訊。正如Rene 指出的那樣，去年12 月，我們做出了艱難的決定，即裁減近400 名員工並關閉悉尼辦事處，同時調整組織規模、提高盈利能力並重新分配資源以實施最具影響力的舉措。由於裁員，我們在第二季產生了 2500 萬美元的重組費用。這些費用不包括在我們的非公認會計準則績效中，主要包括遣散費、員工福利和相關成本的現金支出，以及股票薪酬費用的非現金費用。這些行動標誌著我們加大力度推動高效率、獲利的成長。

Organization-wide, we are raising the bar on the ROI of the initiatives we are investing behind and proactively deprioritizing lower impact projects. We are adjusting our level of investments with the goal to generate more operating profit, excluding the benefit of float revenue. We believe the tough choices and prioritization decisions we are making today will make BILL a stronger company in the future.

在整個組織範圍內，我們正在提高我們所投資的計劃的投資回報率，並主動取消影響較小的項目的優先事項。我們正在調整投資水平，目標是產生更多營業利潤，不包括浮動收入的好處。我們相信，我們今天做出的艱難選擇和優先級決定將使比爾在未來成為更強大的公司。

Now turning to our outlook. While SMB spending trends showed an early sign of improvement in Q2, we are looking for more consistent signals of spend growth recovery. Taking this into account, we expect BILL stand-alone total payment volume for Q3 to be up roughly 10% year-over-year. And for fiscal 2024 to increase approximately 7% to 8% year-over-year.

現在轉向我們的展望。雖然中小企業支出趨勢在第二季出現了改善的早期跡象，但我們正在尋找更一致的支出成長復甦訊號。考慮到這一點，我們預計第三季 BILL 獨立總支付量將年增約 10%。 2024 財年年增約 7% 至 8%。

Now turning to our financial outlook. For fiscal Q3, we expect total revenue to be in the range of $299 million to $309 million, which reflects 10% to 13% year-over-year growth. We expect float revenue to be $36 million in Q3, which assumes our yield on FBO funds to be approximately 450 basis points which takes into consideration a seasonal FBO balance decline and a lower-yielding portfolio mix. On the bottom line, for Q3, we expect to report non-GAAP net income in the range of $56 million to $66 million and non-GAAP net income per diluted share in the range of $0.48 to $0.57 based on a share count of 116.1 million diluted weighted average shares outstanding. For Q3, we expect other income, net of other expenses, or OIE to be $24 million. we expect stock-based compensation expenses to be approximately $65 million in Q3, and we expect capital expenditures of approximately $7 million to $9 million.

現在轉向我們的財務前景。對於第三財季，我們預計總營收將在 2.99 億美元至 3.09 億美元之間，年增 10% 至 13%。我們預計第三季的浮動收入為 3,600 萬美元，假設我們的 FBO 基金收益率約為 450 個基點，並考慮到季節性 FBO 餘額下降和收益率較低的投資組合。總而言之，我們預計第三季的非 GAAP 淨利潤將在 0.48 美元至 0.57 美元之間，非 GAAP 攤薄後每股淨利潤將在 0.48 美元至 0.57 美元之間（基於 1.161 億股）攤薄加權平均已發行股份。對於第三季度，我們預計扣除其他費用後的其他收入或 OIE 將為 2,400 萬美元。我們預計第三季的股票補償費用約為 6,500 萬美元，資本支出約為 700 萬至 900 萬美元。

Moving on to full year guidance. For fiscal 2024, we expect total revenue to be in the range of $1.226 billion to $1.251 billion, which represents 16% to 18% year-over-year growth. We expect float revenue to be $151 million in fiscal 2024, assuming a yield on FBO funds of 450 basis points, which reflects our assumption that interest rates will begin to decline in Q4. We expect non-GAAP net income for fiscal 2024 in the range of $245 million to $270 million and non-GAAP net income per diluted share to be $2.09 to $2.31 based on a share count of 117 million diluted weighted average shares outstanding.

轉向全年指導。對於 2024 財年，我們預計總營收將在 12.26 億美元至 12.51 億美元之間，年增 16% 至 18%。假設 FBO 基金的收益率為 450 個基點，我們預計 2024 財年的浮動收入將為 1.51 億美元，這反映了我們對利率將在第四季度開始下降的假設。我們預計 2024 財年的非 GAAP 淨利潤將在 2.45 億至 2.7 億美元之間，根據 1.17 億股稀釋加權平均流通股計算，非 GAAP 稀釋每股淨利潤將在 2.09 至 2.31 美元之間。

In addition, for fiscal 2024, we expect OIE to be approximately $107 million, up approximately $11 million from our estimate last quarter as a result of reclassification of off-balance sheet financing assumptions. We expect stock-based compensation expenses of approximately $260 million and capital expenditures to be approximately $26 million to $30 million for the full year.

此外，由於表外融資假設的重新分類，我們預計 2024 財年 OIE 約為 1.07 億美元，比我們上季度的估計增加約 1,100 萬美元。我們預計全年股票補償費用約為 2.6 億美元，資本支出約為 2,600 萬至 3,000 萬美元。

I will now pass the call back to Rene for closing remarks.

現在我將把電話轉回給雷內，讓他發表結束語。

Thank you, John. We knew this quarter was going to be challenging given the macro environment. Our platform and team delivered a strong quarter with profitable growth and significant scale. The work we do every day is focused on taking the complexity and guesswork out for SMBs as they manage their financial back office. With these results, we know we are closer to our vision for the future of financial operations, a simple and powerful central hub built on our enhanced payment infrastructure empowered by automation and AI. We have many growth drivers and are tightly aligned to bring that blueprint into reality. These growth drivers position us well as macro conditions improve and B2B spend rebounds.

謝謝你，約翰。我們知道，鑑於宏觀環境，本季將充滿挑戰。我們的平台和團隊實現了強勁的季度業績，實現了獲利成長和顯著的規模。我們每天所做的工作重點是幫助中小型企業在管理財務後台時消除複雜性和猜測。有了這些結果，我們知道我們離金融營運未來的願景更近了，這是一個簡單而強大的中央樞紐，建立在我們增強的支付基礎設施之上，由自動化和人工智慧提供支援。我們擁有許多成長動力，並且緊密合作，將這份藍圖變成現實。隨著宏觀環境改善和 B2B 支出反彈，這些成長動力使我們處於有利地位。

I'd like to thank our customers and partners for the trust they place in us I'd also like to thank the BILL team for their focused execution and commitment to serving SMBs. Operator, we are now ready to take questions.

我要感謝我們的客戶和合作夥伴對我們的信任，也要感謝 BILL 團隊的專注執行和對服務中小企業的承諾。接線員，我們現在準備好回答問題。

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

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

Certainly encouraging here to see spend growth for SMBs pickup after a 2-year slowdown. My question is really around expectations when we trough. John, the guide implies here a slow down to 12% revenue growth in March implied, 5% revenue growth in the December quarter. Do you think that December quarter is really the trough from a planning standpoint?

在經歷了兩年的放緩之後，中小型企業的支出出現回升，無疑令人鼓舞。我的問題實際上是關於我們低谷時的期望。約翰，該指南暗示 3 月份營收成長放緩至 12%，12 月季度營收成長 5%。從規劃的角度來看，您認為 12 月季度真的是低潮嗎？

And Rene, on a similar vein, can you talk about maybe what are the one or two levers that could accelerate growth exiting this year going into fiscal '25.?

雷內（Rene）也以類似的方式，您能否談談今年進入「25 財年」時可能加速成長的一兩個槓桿是什麼？

Yes. Thanks, Brent. I'll take the first part of the question. In the end, we think a conservative framework is warranted given the signs that we've seen so far in this macro environment, the TPV results in the second quarter were ahead of our expectations, which is encouraging, but it feels a little bit early to suggest that its expansion from here. So we're expecting some choppiness ahead. Our estimates for the rest of the year suggest that where we have still muted TPV growth. And in an environment where we have short-term limited expansion on monetization. We put all those things together and feel like the rest of this year, it's appropriate to have a somewhat more conservative approach.

是的。謝謝，布倫特。我將回答問題的第一部分。最後，鑑於我們迄今為止在宏觀環境中看到的跡象，我們認為保守的框架是必要的，冠捷第二季度的業績超出了我們的預期，這是令人鼓舞的，但感覺有點早建議從這裡開始擴展。因此，我們預計未來會出現一些波動。我們對今年剩餘時間的預測表明，冠捷成長仍然放緩。在我們的貨幣化擴張短期有限的環境中。我們把所有這些事情放在一起，感覺今年剩下的時間裡，採取更保守的方法是合適的。

Brent, thanks for the question. There's -- we've got three key priorities that we're working on right now that will definitely carry out into FY '25. The three priorities are driving adoption across our integrated platform, expanding our ecosystem and enhancing the payment experiences. And so when we think about driving adoption, there's been a lot of things that we pulled together in the last year. We've created one product, one organization and one brand and we are adapting our go-to-market to really take advantage of all those things as we go into the customer that we serve. And so that's the top area of focus for the team right now.

布倫特，謝謝你的提問。我們現在正在處理三個關鍵優先事項，這些優先事項肯定會持續到 25 財年。這三個優先事項是推動我們的整合平台的採用、擴大我們的生態系統並增強支付體驗。因此，當我們考慮推動採用時，我們在去年做了很多事情。我們創建了一種產品、一個組織和一個品牌，我們正在調整我們的市場進入方式，以便在我們進入我們所服務的客戶時真正利用所有這些東西。所以這是團隊目前最關注的領域。

When we think about expanding the ecosystem, we referenced on our prepared remarks, the indications that we're seeing in the market for an embedded solution across multiple different types of software providers. that reach SMBs. So we're seeing increased interest. We have capabilities that we've built over the last 10 years serving financial institutions and bending our solutions inside of the financial institutions and our 7,000 accounting partners across the country. And we are leveraging that capability to extend the APIs that we have to really create embedded solutions everywhere when it comes to financial operations. So we think that's something that can start to drive opportunities in FY '25 and obviously, into the future.

當我們考慮擴展生態系統時，我們參考了我們準備好的評論，以及我們在市場上看到的跨多個不同類型的軟體供應商的嵌入式解決方案的跡象。到達中小企業。所以我們看到人們的興趣在增加。我們擁有過去 10 年為金融機構提供服務並將我們的解決方案應用於金融機構和全國 7,000 家會計合作夥伴內部的能力。我們正在利用這種能力來擴展 API，以便在金融營運方面真正創建無處不在的嵌入式解決方案。因此，我們認為這可以開​​始在 25 財年乃至未來帶來機會。

And something we've been working on since we started launching our Ad Valorem payment products, is really just continuing to enhance those experiences. And what we've seen in the last maybe quarter or so, is the opportunity to really focus on supplier experiences and how do we drive the suppliers to use and adopt and have more value creation from the experience they have with BILL. And so the teams are working hard on doing that so that we can continue to drive adoption from suppliers.

自從我們開始推出從價支付產品以來，我們一直在努力，實際上就是繼續增強這些體驗。我們在上個季度左右看到的是真正專注於供應商體驗的機會，以及我們如何推動供應商使用和採用 BILL 並從他們與 BILL 的體驗中創造更多價值。因此，團隊正在努力做到這一點，以便我們能夠繼續推動供應商的採用。

We also are continuing to drive and added capabilities across our platform. The ability that we've always focused on is giving our customers choice in how they fund their payments and choice and how they make their payments. And that's true for both our customers and their suppliers. And so some of the capabilities that we have been working on and driving are really around that type of capability where, for example, invoice financing is something that we see suppliers want. We see the ability of our customers to be able to spend on a card is something that's important to them. So lots of drivers to drive the business forward pretty comfortable and excited about all the opportunities that we have in front of us.

我們也將繼續推動和增加整個平台的功能。我們一直關注的能力是讓我們的客戶選擇如何為他們的付款提供資金以及選擇以及他們如何付款。對於我們的客戶及其供應商都是如此。因此，我們一直在研究和推動的一些功能實際上是圍繞這種類型的功能，例如，我們看到供應商想要發票融資。我們認為客戶能夠在卡片上消費的能力對他們來說很重要。許多驅動業務發展的驅動力對我們面前的所有機會感到非常滿意和興奮。

Our next question today comes from Andrew Schmidt with Citigroup.

今天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 in on the take rate trajectory a little bit here. I'm curious what you're seeing into the March quarter in terms of just management of payment acceptance cost and how you're thinking about just how we should think the overall take rate should trend from here?

我只是想在這裡深入探討採用率軌跡。我很好奇您對三月季度的付款接受成本管理有何看法，以及您如何看待我們應該如何看待整體接受率的趨勢？

Thanks, Andrew, for the question. We continue to operate in an environment where it's clear that customers and their suppliers are increasingly focused on costs and are being more selective with payment choices really with an eye towards minimizing costs. And that's a trend that we spoke about previously. It's one that I think, has put some pressure on increasing volumes across some of our higher monetizing products like virtual cards and FX payments and things like that. So those trends have continued, albeit less pervasive in the second quarter than perhaps we anticipated a little bit ahead of our expectations.

謝謝安德魯提出的問題。我們繼續在這樣的環境中運作：很明顯，客戶及其供應商越來越關注成本，並且在付款選擇上更加有選擇性，真正著眼於最大限度地降低成本。這就是我們之前談到的趨勢。我認為，這給我們一些較高貨幣化產品（如虛擬卡和外匯支付等）的銷售增加帶來了一定的壓力。因此，這些趨勢仍在繼續，儘管第二季度的普遍程度可能比我們預期的要早一些。

And I'd say some of the actions that we're we are taking to improve product experiences, increase payment timing and speed, as Rene suggested, are starting to have a positive impact. So I'd say that's -- I think we're set up well. Our prior expectations about being able to make progress in this fiscal year continue to be what we believe and we'll keep rolling out product enhancements that we think will have a positive impact on Ad Valorem volumes throughout the rest of the fiscal year.

我想說，正如雷內所建議的那樣，我們為改善產品體驗、提高支付時間和速度而採取的一些行動正在開始產生積極的影響。所以我想說的是——我認為我們已經準備好了。我們先前對本財年能夠取得進展的期望仍然是我們所相信的，我們將繼續推出產品增強功能，我們認為這將對本財年剩餘時間的從價銷量產生積極影響。

And then if I could ask a question just on the distribution strategy. Rene, I think you mentioned API access and embedded finance for lack of a better word, embedding BILL and third-party software, et cetera. Could you talk about how that distribution might evolve? And just how that might augment your existing distribution channels? Anything there would be helpful.

然後我可以問一個關於分銷策略的問題嗎？ Rene，我認為您提到 API 存取和嵌入式金融是因為缺乏更好的詞，嵌入 BILL 和第三方軟體等等。您能談談這種分佈將如何演變嗎？這將如何增強您現有的分銷管道？那裡的任何事情都會有幫助。

Sure. Well, when I started the company, I was very, very committed and focused on how do you serve SMBs. And my learning that I had over the prior couple of decades of serving SMBs was that they're hard to reach and that to reach them, you have to be where they are. And so we have a direct channel, which we talk about, we have an accountant channel because accountants are one of the most trusted advisers that SMBs had. And then we have a partner channel, which to date has been primarily focused on financial institutions. But partners are an opportunity for us to support the experience that they have with their customers in an indirect and direct fashion so that we can actually drive more adoption of the platform across the overall ecosystem.

當然。嗯，當我創辦公司時，我非常非常致力於並專注於如何為中小企業提供服務。在過去幾十年為中小型企業提供服務的過程中，我了解到他們很難接觸到他們，而要接觸到他們，你必須身處他們所在的地方。因此，我們有一個直接管道，我們談論的是，我們有一個會計師管道，因為會計師是中小企業最值得信賴的顧問之一。然後我們有一個合作夥伴管道，迄今為止該管道主要針對金融機構。但合作夥伴為我們提供了一個機會，以間接和直接的方式支持他們與客戶的體驗，以便我們能夠真正推動整個生態系統更多地採用該平台。

And so what we've learned in the last 10 years with the financial institution partners is how to go to market, how to embed, how to serve, how to manage a regulated environment, which, obviously, what we do is regulated and what our financial institute partners do is heavily regulated. And we're able to take all of those learnings and use that as the seed, if you will, the fuel for a broader embed strategy. At the same time, we've been working on this at the same time in the last six months to a year, we've seen increasing interest from third parties, whether they're payroll companies or software companies, accounting companies, finance, working capital, fintech. These are all types of companies that we're seeing interest in having the financial operations that we deliver for SMBs inside of their platforms. And so our opportunity is to leverage what we've learned take that seed to use that as fuel to really enhance SMBs and their experience everywhere no matter where they go. And so we're super interested in this. It's definitely an opportunity that we're uniquely positioned for, and we look forward to sharing more as the market develops.

因此，過去 10 年我們與金融機構合作夥伴學到的是如何進入市場、如何嵌入、如何服務、如何管理受監管的環境，顯然，我們所做的事情是受監管的，我們的金融機構合作夥伴所做的事情受到嚴格監管。我們能夠利用所有這些經驗教訓，並將其用作更廣泛嵌入策略的種子（如果您願意的話）。同時，在過去六個月到一年的時間裡，我們一直在同時致力於此，我們看到第三方的興趣越來越大，無論是薪資公司還是軟體公司、會計公司、財務公司、營運資本，金融科技。我們發現所有類型的公司都對我們在其平台內為中小型企業提供的財務運營感興趣。因此，我們的機會是利用我們所學到的知識，將種子用作燃料，真正增強中小企業及其體驗，無論他們身在何處。所以我們對此非常感興趣。這絕對是一個我們擁有獨特定位的機會，我們期待隨著市場的發展分享更多。

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

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

Rene, I want to talk about the lower marketing spend in the quarter, not surprised given what's going on in the macro there driving some lower net new customer additions there. But how should we think about those customers being brought on? Is the profile of those customers maybe a little bit better because you're not reaching through some of the low-quality customers? Or would you say the distribution of those additions maybe are no different than what you've seen recently?

雷內，我想談談本季行銷支出的下降，考慮到宏觀情勢導致新客戶淨增加量下降，我並不感到驚訝。但我們該如何看待這些被吸引的客戶呢？這些客戶的概況是否可能會因為您沒有接觸到一些低品質客戶而變得更好一些？或者你會說這些新增內容的分佈可能與你最近看到的沒有什麼不同？

There's a lot of stuff going on in the business, right? It's a complex business. And one of the things that we started with last year, we first talked about how we were creating one organization across the company to be able to align internally on the initiatives that need to happen. And then we focus on executing and delivering one unified product to our customers. And at the same time, we focused on having one brand across all of our products. Well, all of that came together in the fall. And that, like I said, did introduce some inefficiencies in our go-to-market process.

生意上有很多事情發生，對嗎？這是一項複雜的業務。我們去年開始的一件事是，我們首先討論瞭如何在整個公司創建一個組織，以便能夠在內部協調需要採取的措施。然後我們專注於執行並向客戶交付一款統一的產品。同時，我們專注於在所有產品上擁有一個品牌。好吧，所有這些都在秋天匯集在一起。正如我所說，這確實導致我們的上市流程效率低落。

And so part of this was getting more clear about, okay, where do we want to spend and so that impacts the marketing dollars. But it's also being more clear about which types of customers we want. At the same time, when we think about the Divvy spend and expense capabilities that we have in this particular market, the credit environment is something that we're very thoughtful about, and we're very careful on who we extend these credit lines, too. And so with that, you saw some tightening, if you will, on the smallest customers, and that impacted kind of the customer growth there.

因此，其中一部分是更清楚地了解我們想要在哪裡花錢，這會影響行銷費用。但我們也更清楚自己想要哪種類型的客戶。同時，當我們考慮我們在這個特定市場中的 Divvy 支出和費用能力時，我們會非常考慮信貸環境，並且我們對向誰提供這些信貸額度非常謹慎，也。因此，如果你願意的話，你會看到對最小客戶的一些收緊，這影響了那裡的客戶成長。

So in general, I would say that we are focused on delivering very strong growth in the customers as well as the revenue per customer. And we're aligning our initiatives now that we are kind of one company, one product, one brand and adapting to those strategies as we speak.

因此，總的來說，我想說，我們的重點是實現客戶以及每個客戶收入的強勁成長。現在我們正在調整我們的舉措，因為我們已經成為一家公司、一種產品、一個品牌，並在我們發言時適應這些策略。

And then, John, from a follow-up perspective, you mentioned you've embedded some lower assumptions around yield on your [float] going forward to the back half of the year. I think that's probably the right view. I'm sure we're all in agreement on that. But how do you think about the opportunity in the types of investments that you're making right now? Are you able to stretch duration through maybe investing in some different, I don't know, securities, et cetera, that can hold yield up for a longer period of time? Or will this always continue to be something more on a quick overnight basis?

然後，約翰，從後續的角度來看，您提到您已經在今年下半年的[浮動]收益率上嵌入了一些較低的假設。我認為這可能是正確的觀點。我相信我們都同意這一點。但您如何看待您目前正在進行的投資類型中的機會？您是否能夠透過投資一些不同的（我不知道）證券等來延長期限，從而可以在更長的時間內保持收益率？或者這總是會在一夜之間變得更加迅速？

Yes. It's a good point. It's clear that at some point, we're likely to see lower interest rates than higher. And this is the moment at which those types of opportunities present themselves to extend our maturities and lock in a little bit higher for longer rates. We obviously haven't had the need to do that over the last 18 months or so as short-term rates have been very high. But our portfolio mix will evolve as we get further into this macro environment, and we should have an opportunity to do plenty of yield optimization as rates begin to fall a little bit later in the cycle.

是的。這是一個好點。很明顯，在某個時候，我們可能會看到較低的利率而不是較高的利率。現在正是此類機會出現的時刻，可以延長我們的期限並鎖定更高一點的長期利率。顯然，在過去 18 個月左右的時間裡，我們沒有必要這樣做，因為短期利率非常高。但隨著我們進一步進入這種宏觀環境，我們的投資組合將會發生變化，隨著利率在週期的後期開始下降，我們應該有機會進行大量的收益率最佳化。

The next question today comes from Ken Suchoski with Autonomous.

今天的下一個問題來自 Autonomous 的 Ken Suchoski。

I wanted to ask about Bank of America. I think I heard you say that they're evolving their payment strategy and thinking about the solutions to offer to their customers. It sounded like there was a bit of a change of tone there. So can you just provide some more detail on what happened with BofA? And can you talk about how some of those conversations evolved over the last few quarters? And I guess, what do you think the probability is that BILL can service the back book of customers?

我想問一下美國銀行的情況。我想我聽到你說他們正在改進他們的支付策略並考慮為客戶提供的解決方案。聽起來語氣有點變化。那麼您能否提供更多關於美國銀行發生的事情的細節？您能否談談過去幾季中一些對話的進展？我猜想，您認為 BILL 能夠為客戶的後台服務提供服務的機率是多少？

The opportunity that we have with the bank started with serving their new small businesses on their digital platform. And we, like I said in the last the August call that we had done a very strong job and so that the opportunity to serve their existing customers presented itself. And so we had an agreement and a plan that we are working on with the bank, and we are executing across that over the last six months. And then just last month, things changed. The bank shared their recent decision to broaden their firm-wide strategy around payments. And so we are now together working through how this will impact the serving of those existing customers. So we are in the early days. And I would say what I would just maybe focus on is the bank serves millions of customers and the opportunity to serve those millions of customers is super important. We are always going to lean on our strong partnership capabilities to support our bank partners or any partner for that matter, on how we support their strategies and their go to market. So we are in the early days on that, and we'll have more to share in the future.

我們與該銀行的合作機會始於在其數位平台上為他們的新小型企業提供服務。正如我在上次八月電話會議中所說，我們做得非常出色，因此為現有客戶提供服務的機會自然而然出現。因此，我們正在與銀行達成協議和一項計劃，並且在過去六個月中我們正在執行該協議和計劃。就在上個月，事情發生了變化。該銀行分享了他們最近決定擴大全公司範圍內的支付策略。因此，我們現在正在共同研究這將如何影響現有客戶的服務。所以我們還處於早期階段。我想說的是，我可能會關注的是銀行為數百萬客戶提供服務，而為數百萬客戶提供服務的機會非常重要。我們始終將依靠我們強大的合作夥伴能力來支持我們的銀行合作夥伴或任何與此相關的合作夥伴，以及我們如何支持他們的策略和進入市場。所以我們還處於早期階段，未來我們將分享更多內容。

And then I wanted to ask about the recently announced partnership with Adyen. Could you just provide some more detail on this partnership? Is this initiative simply to diversify back-end providers of virtual card issuance? Or is there something more to this meeting? Are you trying to get closer to straight through processing where you can onboard suppliers they have sub accounts and you could do more of a straight-through processing type of transaction?

然後我想問最近宣布的與 Adyen 的合作關係。您能否提供更多有關此次合作的細節？這項措施只是為了讓虛擬卡發行的後端提供者多元化嗎？或者說這次會議還有其他的事情嗎？您是否正在嘗試接近直通式處理，您可以加入擁有子帳戶的供應商，並且您可以進行更多直通式處理類型的交易？

The partnership with Adyen is super important to the business. They have amazing strong capabilities across their platform. What we look forward to them, first and foremost, has been supporting our accounts receivable customers with the ability to collect via card. And so that's across the entire AR platform and ecosystem that we have.

與 Adyen 的合作關係對該業務來說非常重要。他們在整個平台上擁有驚人的強大功能。我們對他們的期望首先是支持我們的應收帳款客戶能夠透過卡片收款。這就是我們擁有的整個 AR 平台和生態系統。

In addition, like you referenced, they have strong virtual card capabilities. And so having them as a second source, if you will, third party to be able to support our virtual card payments is important. When you move 1% of GDP, you do need to make sure that you have redundancy across the platform, and there will always be opportunities to continue to leverage their capabilities as we extend our offering into the market.

此外，正如您所提到的，他們具有強大的虛擬卡功能。因此，如果您願意的話，讓他們作為第二來源，能夠支援我們的虛擬卡支付的第三方非常重要。當你轉移 GDP 的 1% 時，你確實需要確保整個平台都有冗餘，並且當我們將產品擴展到市場時，總會有機會繼續利用他們的能力。

Our next question comes from Bryan Keane with Deutsche Bank.

我們的下一個問題來自德意志銀行的布萊恩·基恩。

Just a couple of clarifications. Rene, on BofA, has the rollout stopped? Or has that continued? And then what about the existing clients you're working with BofA has there been any change there? And then I'm just kind of wondering about the whole minimums. Is that off the table now until we figure out where we're going with the relationships?

只是一些澄清。 Rene，美國銀行的，推出已經停止了嗎？或者說這種情況一直持續著？那麼，您與美國銀行合作的現有客戶有什麼改變嗎？然後我只是想知道整個最小值。在我們弄清楚我們的關係要走向何方之前，現在這個問題是不是就不能討論了？

So the initial relationship here with the small business team at the bank was to serve the new small businesses. And if you look at the overall total adds for Bill for the quarter. We were over 10,000 customer adds, net new adds in the quarter, of which financial institution partners were 6,200. So Bank of America was definitely a part of that, and they are definitely an important part of -- we are an important part of serving their new small business customers.

因此，與銀行小型企業團隊的最初關係是為新的小型企業提供服務。如果你看看比爾本季的總增量。本季新增客戶數量超過 10,000 家，其中金融機構合作夥伴數量為 6,200 家。因此，美國銀行絕對是其中的一部分，他們絕對是重要的一部分——我們是服務他們的新小型企業客戶的重要組成部分。

So the nuance here is the existing installed base that BofA has, the millions of customers they have across their platform that are not yet on this new digital platform, how are we going to go support them? And so we had an agreed-upon approach with the bank. We were executing across that. And then as they evolve their payment strategy last month, things changed and they let us know that they were expanding their payment strategy firm wide. And so we're now working on what that means. And so this will impact that expansion opportunity, and we are working now to understand how it will.

因此，這裡的細微差別是美國銀行現有的安裝基礎，他們在其平台上擁有的數百萬客戶尚未使用這個新的數位平台，我們將如何支援他們？因此我們與銀行達成了一致的方法。我們正在執行這個任務。然後，隨著他們上個月制定支付策略，事情發生了變化，他們讓我們知道他們正在廣泛擴展他們的支付策略公司。所以我們現在正在研究這意味著什麼。因此，這將影響擴張機會，我們現在正在努力了解它將如何影響。

When it comes to kind of the overall contract terms, we have a contract, and we are going to continue to work against that contract until we have something different.

當涉及總體合約條款時，我們有一份合同，我們將繼續根據該合約進行工作，直到我們有不同的東西為止。

And then, John, just following up on the organic take rate. I think it was a little better than your expectations, it was down sequentially. Should we model it flattish to up this quarter and then the fourth quarter was going to be similar to the first quarter? I don't know if you can just help us for modeling purposes, exactly how to model that organic take rate going forward.

然後，約翰，只是跟進有機採取率。我認為比你的預期好一點，它是連續下降的。我們是否應該將本季的資料模型化為持平成長，然後第四季將與第一季相似？我不知道您是否可以幫助我們進行建模，具體如何對未來的自然轉換率進行建模。

The second half of the year, if you just take a look at our revenue estimates and the TPV estimates that we provided, you'll get to a slightly increasing monetization rate. We're still in a range, though, that's not far from where we are today and where we started the year, and we think that's appropriate given the visibility we have and some of the headwinds on the higher monetizing products. We are working hard to improve the product experience across a couple of our important revenue growth drivers, and we think that will provide probably more monetization upside as we look at FY '25 and beyond.

下半年，如果你看看我們提供的收入預測和 TPV 預測，你會發現貨幣化率略有上升。不過，我們仍然處於一個範圍內，距離我們今天的水平和年初的水平並不遠，考慮到我們的知名度以及較高貨幣化產品的一些阻力，我們認為這是合適的。我們正在努力改善幾個重要收入成長驅動因素的產品體驗，我們認為，展望 25 財年及以後，這可能會提供更多的貨幣化優勢。

Our next question comes from Taylor McGinnis with UBS.

我們的下一個問題來自瑞銀集團的泰勒·麥金尼斯。

So you talked about some restructuring that you did in the go-to-market motion that led to softer net adds. So can you provide just some color on how we should think about the trajectory of net adds from here? So could this metric gets worse over the next couple of quarters, maybe before it gets better? And then as a second part to the question, how could it focus on businesses with a higher propensity to spend sort of as an offset in higher TPV per customer, for instance?

因此，您談到了在上市動議中進行的一些重組，這些重組導致了淨增加量的疲軟。那麼您能否提供一些關於我們應該如何思考淨添加軌蹟的資訊？那麼，這個指標在接下來的幾季中是否會變得更糟，也許在它變得更好之前？然後，作為問題的第二部分，例如，它如何專注於具有較高支出傾向的企業，以抵消每位客戶較高的 TPV？

So in terms of net adds, I'd first start with BILL, where we're pretty close to our initial estimate for the quarter even with some challenges and additional friction associated with some of the changes that we've made to the platform and the branding and our approach. And I'd say we're going to be kind of in that range for the rest of the year, maybe in the 3 to 4 versus 4.

因此，就淨增加而言，我首先從比爾開始，儘管我們對平台所做的一些更改帶來了一些挑戰和額外的摩擦，但我們仍然非常接近本季度的初步估計品牌和我們的方法。我想說，在今年剩下的時間裡，我們將處於這個範圍內，也許是 3 到 4 比 4。

But nevertheless, it's more of an impact on the spend and expense side of the business. BILL spend and expense where not only did all the moving parts are moving into one platform consolidating our brands, one organization. We've also had a heightened level of scrutiny on the credit side of smaller businesses. So as we saw performance on some of our marketing initiatives decline, and we created some inefficiency continue to hold back on marketing spend. The impact that has is on really the smaller businesses. In fact, in Q2, if you look at our larger spend and expense businesses, the demand, the top of the phone from those was consistent, actually up from Q1. So we feel good about that. It's really in the net as a result of the smaller businesses. So in the very near term, we would expect to be a bit lower than we have been historically.

但儘管如此，它對業務支出和費用方面的影響更大。比爾的支出和費用不僅將所有活動部件轉移到一個平台上，以鞏固我們的品牌、一個組織。我們也對小型企業的信貸方面進行了更嚴格的審查。因此，當我們看到一些行銷計劃的績效下降時，我們造成了一些低效率，繼續抑制行銷支出。其影響實際上是針對較小的企業。事實上，在第二季度，如果你看看我們更大的支出和費用業務，你會發現手機的需求是一致的，實際上比第一季有所上升。所以我們對此感覺良好。由於規模較小的企業，它確實進入了網路。因此，在短期內，我們預期會比歷史水準略低。

But from a revenue and revenue per customer standpoint, we feel really good about that setup because that ties into the second part of your question about moving to a higher propensity to spend customers, which is a direct correlation to larger businesses that are more financially stable and likely to have an effect of increasing ARPUs for us, and this is across both BILL and our spend and expense product.

但從收入和每位客戶收入的角度來看，我們對這種設定感覺非常好，因為這與您問題的第二部分有關，即轉向更高的客戶消費傾向，這與財務更穩定的大型企業直接相關並且可能增加我們的 ARPU，這不僅體現在 BILL 上，也體現在我們的支出和費用產品上。

And then just as a follow-up. So you started to mention it in response to Bryan's question, but when you think about the rollout of more automation, things like straight-through processing, working closer with suppliers. Can you just help us think through the timeline of when those are going into place? Maybe some of these initiatives have already gone into in place and how that influences how you're thinking about the second half improvement into 2025?

然後作為後續行動。所以你開始在回答布萊恩的問題時提到它，但是當你想到更多自動化的推出時，例如直通式處理、與供應商更密切的合作。您能否幫助我們思考這些措施何時到位的時間表？也許其中一些舉措已經實施，這對您對 2025 年下半年改進的看法有何影響？

Yes. I mean it's pretty -- when we talked about this last quarter, we already had some of the activities and initiatives that we mentioned, in-flight, working with suppliers making changes. We certainly have a pipeline of improvements that we'll be rolling out over the next several quarters. Our expectation is that we start to move the needle more materially on driving volume across these higher monetizing products into fiscal '25 versus '24. But we have also seen some good progress with other products beyond virtual cards and FX payments in the most recent quarter we saw a good uptick in working capital. We saw a contribution from both AR and Instant Transfer or real-time payments that we're providing support for the take rate. So we think those will continue in the second half of the year as well.

是的。我的意思是，這很漂亮——當我們談論上個季度時，我們已經進行了一些我們提到的活動和舉措，正在與供應商合作進行變革。我們當然有一系列改進措施，我們將在接下來的幾季推出。我們的預期是，我們將開始在 25 財年（與 24 財年相比）更實質地推動這些更高貨幣化產品的銷售。但我們也看到了虛擬卡和外匯支付以外的其他產品的一些良好進展，在最近一個季度，我們看到營運資金大幅增加。我們看到了 AR 和即時轉帳或即時支付的貢獻，我們正在為接受率提供支援。因此，我們認為這些也將在今年下半年持續下去。

Our next question comes from Darrin Peller with Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的達林·佩勒。

Let me just follow up on the -- first, the volume trends that you saw were clearly stronger, I think, than we anticipated and I think then and it's flowing through to some degree than your guidance was for the current quarter. So it was great to see if you could just give a little more expansion on what you actually are seeing among your customer base in terms of behavior. And obviously, you took a bit of a conservative stance in what you're expecting for the remainder of the year, but is that just conservatism? Or is there anything going on in terms of what you're seeing with customers?

讓我繼續跟進——首先，我認為您看到的銷售趨勢明顯強於我們的預期，而且我認為它在某種程度上比您對當前季度的指導有所體現。因此，很高興看到您是否可以對您在客戶群中實際看到的行為進行更多擴展。顯然，您對今年剩餘時間的預期採取了保守立場，但這只是保守主義嗎？或者您在客戶那裡看到的情況有什麼變化嗎？

And just very quickly to follow on, again, just one more time on the monetization opportunity because I think what we're seeing is the evidence that you're convicted that the second half improvement will occur. I think the questions we're still getting is just whether or not there's a magnitude of it being impactful in '25 in the next fiscal year and beyond that we should be on a steady state. And so if you could just give a little more color on whether or not you believe these fixes should lead to a resumption of a steady-state improvement? Or is this not going to be more volatile?

並且很快就會再次跟進貨幣化機會，因為我認為我們看到的是證據表明您確信下半年會改善。我認為我們仍然面臨的問題是，它是否會在下一個財年的 25 年以及之後產生一定程度的影響，我們應該處於穩定狀態。那麼，您是否可以就您是否相信這些修復應該導致恢復穩態改進提供更多的資訊？或者這不會變得更加不穩定嗎？

I'll start and then let John add in a bit. So the first thing I would just say across the customer base when we kind of look at all the different segments, we definitely see holding pattern for all but the largest of businesses, which are still declining, just not as much as they were. So if you look at the overall TPV, while we had good growth year-over-year, it was not what it should have been because the largest businesses are still spending less than they were a year ago. And so that declining rate is less than it has been in prior quarters. So that gives us confidence in the ability to kind of whether the storm as well and to be able to see that as they start spending, we will have an opportunity to grow and serve that part of the spend that they have. So that's kind of -- the first thing I would say is that what we are maybe happy to see is that all but the largest businesses seem to be more in a holding pattern and not declining right now.

我先開始，然後讓約翰補充一下。因此，當我們審視所有不同的細分市場時，我要在整個客戶群中說的第一件事是，我們肯定會看到除了最大的企業之外的所有企業的持有模式，這些企業仍在下降，只是沒有那麼嚴重。因此，如果你看一下整體 TPV，雖然我們同比增長良好，但它並沒有達到應有的水平，因為最大的企業的支出仍然低於一年前。因此下降幅度小於前幾季。因此，這讓我們對判斷風暴是否發生以及能夠看到當他們開始支出時我們將有機會增長並服務於他們的那部分支出的能力充滿信心。所以，我要說的第一件事是，我們可能很高興看到，除了最大的企業之外，所有企業似乎都處於持有模式，目前沒有衰退。

And then with the monetization, just to kind of give you one example, some of the conviction we have. It is a lot of different payment products we have, and there's lots of different activities across those payment products to be able to drive adoption and customer success and happiness. And so one of the things, for example, on international payments, that's super important is that we get a bigger share of wallet. And so if you were to look internally across the platform, are continuing to increase the share of wallet of international payments. Now one thing that's going counter to that in the last year has been that there's been an increase in adoption of U.S. dollar payments versus FX dollar payments.

然後是貨幣化，只是給你一個例子，我們有一些信念。我們擁有許多不同的支付產品，這些支付產品之間有許多不同的活動，能夠推動採用以及客戶的成功和幸福。因此，例如在國際支付方面，非常重要的一件事是我們獲得更大的錢包份額。因此，如果你觀察整個平台的內部情況，你會發現國際支付錢包的份額正在持續增加。現在與去年相反的一件事是，與外匯美元支付相比，美元支付的採用有所增加。

Particularly, if you looked at, I think, broader economic data, you would see that euros are less favorable to dollars these days for some reason. And we could all speculate on the geopolitical reasons as to why but that impacts all the goodness that we're doing on driving FX adoption inside of our customers. So we have strong wallet share growth, and we have strong adoption where we have some more influence with Canada and the U.K. and the portal we have, but the opportunity and conviction we have around the future is because of those underlying facts.

特別是，我認為，如果您查看更廣泛的經濟數據，您會發現由於某種原因，歐元如今對美元不太有利。我們都可以推測地緣政治原因，但這會影響我們在推動客戶內部採用外匯方面所做的一切努力。因此，我們的錢包份額增長強勁，我們的採用率很高，對加拿大和英國以及我們擁有的門戶網站有更多的影響力，但我們對未來的機會和信念是因為這些基本事實。

So that just gives you one highlight. I don't know, John, if you have anything you want to add to that?

所以這只是給你一個亮點。約翰，我不知道你還有什麼要補充的嗎？

Sure. So just on the TPV volumes, we were at about $450,000 and TPV per customer, excluding the FIs in the quarter, which was certainly ahead of our expectations. And I think reflected some small seasonal uptick in spending, unlike we've seen the prior year, our assumptions for the second half are that we're reverting certainly for the March quarter to more of a seasonal pattern and we're expecting some declines as you can see in our number.

當然。因此，僅就 TPV 銷售而言，我們每位客戶的 TPV 約為 450,000 美元，不包括本季的金融機構，這肯定超出了我們的預期。我認為這反映了支出的一些季節性小幅上升，與我們去年看到的不同，我們對下半年的假設是，我們肯定會在三月份季度恢復到更多的季節性模式，並且我們預計會出現一些下降正如您在我們的數字中看到的那樣。

And in terms of the monetization improvement, we do have a lot of levers, as Rene mentioned, and I think we're working hard to, if you will, cover to our prior monetization level in fiscal '24. And as we talked previously, going back quite a while, we feel like there's a multiyear opportunity in front of us in terms of monetization expansion. Exactly how that plays out in terms of linear starting in FY '25 or not, we'll certainly have more to say about that trajectory as we get through fiscal '24.

在貨幣化改進方面，正如雷內提到的，我們確實有很多槓桿，我認為我們正在努力工作，如果你願意的話，在 24 財年恢復到我們之前的貨幣化水平。正如我們之前所說，回顧很長一段時間，我們覺得在貨幣化擴張方面存在著一個多年的機會。無論是否從 25 財年開始的線性開始，這種情況究竟會如何發展，當我們度過 24 財年時，我們肯定會對這一軌跡有更多的說法。

Just -- not to beat up the topic again, but just on BofA, we're getting questions. I think there's -- it's worthwhile clarifying this. People are wondering if you're losing the entire opportunity on the existing customer base that you would have read to earlier or is this just a change? Maybe -- just if you can clarify that a little bit because we're getting a lot of questions on it.

只是——不是再次討論這個話題，只是在美國銀行，我們收到了一些問題。我認為有必要澄清這一點。人們想知道您是否正在失去現有客戶群的全部機會，或者這只是一個變化？也許——只要你能稍微澄清一下，因為我們收到了很多關於它的問題。

Yes. So again, just dividing the customer base to new customers versus the installed customer base that the bank has. We continue to serve the new customers and on the existing installed base, the opportunity with them is to look at how do we deploy what we've developed and the other capabilities that the BILL platform has inside of the new payment strategy that's now been broadened inside of the bank. So it's early days so unfortunately, I can't say more than that because we're just like literally last month is when we kind of understood that this was a change on their side.

是的。再說一次，只需將客戶群劃分為新客戶與銀行現有的客戶群。我們繼續為新客戶提供服務，並在現有的安裝基礎上，與他們合作的機會是看看我們如何部署我們開發的產品以及 BILL 平台在現已擴展的新支付策略中擁有的其他功能銀行內部。所以不幸的是，現在還為時過早，我不能說更多，因為我們就像上個月那樣，我們有點明白這是他們方面的改變。

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

我們的下一個問題來自高盛的威廉·南斯。

I just maybe wanted to take a step back and ask about maybe the structural versus cyclical aspects of what's been happening over the business. I think on the cyclical impact, it sounds like you're starting to see some green shoots on volume. The take rates came in slightly better. I can't really tell us your outlook on the take rate going forward is better or worse or kind of the same than it was last quarter. And then if we think about some of the longer-term sort of structural tailwinds that people have been focused on, the cross-sell of Divvy, that was a huge strategic initiatives. It sounds like that could be impacted by some of the challenges in the go-to-market that you mentioned.

我可能只是想退後一步，詢問一下業務中正在發生的事情的結構性與週期性方面。我認為就週期性影響而言，聽起來你開始看到成交量上的一些萌芽。接受率稍好一些。我真的無法告訴我們您對未來採取率的展望是好還是壞，或者與上季度相同。然後，如果我們考慮人們一直關注的一些長期結構性推動因素，即 Divvy 的交叉銷售，那是一項巨大的策略舉措。聽起來這可能會受到您提到的進入市場的一些挑戰的影響。

And then, John, I think you mentioned something like three to four of core BILL net adds ex FI. I think previously, we're talking closer to ever before there, so maybe a little bit lower there. So just maybe putting it all together, I guess that uncertainty is still high. I think the questions that we've gotten over the past three months have been increasing uncertainty around some of the long-term structural tailwinds in the business. So maybe can you talk about what you're seeing in the market? And if anything has sort of changed near or longer term over the last three months?

然後，約翰，我想你提到了大約三到四個核心比爾網絡添加了前 FI。我認為之前，我們的討論比以前更接近，所以可能會稍微低一些。因此，也許將所有因素放在一起，我認為不確定性仍然很高。我認為過去三個月我們收到的問題一直在增加圍繞業務中的一些長期結構性有利因素的不確定性。那麼您能談談您在市場上看到的情況嗎？在過去三個月中，近期或長期是否發生了任何變化？

From a structural perspective, some of the examples I just gave with international payments. I could give you other examples inside of virtual card initiatives that we're doing. I can give you examples inside of invoice financing, it's in transfer, all the different payment initiatives. And so when we think about the confidence we have and the ability to kind of continue to drive more payment volume and more dollars going through our platform, that are positive economic to BILL, we have high confidence in that just because we have lots of initiatives.

從結構的角度來看，我剛才舉出的一些國際支付的例子。我可以為您提供我們正在進行的虛擬卡計劃中的其他範例。我可以給你舉一些發票融資的例子，它是轉賬，所有不同的付款措施。因此，當我們想到我們擁有的信心以及繼續推動更多支付量和更多資金通過我們平台的能力時，這對比爾來說是積極的經濟，我們對此充滿信心，因為我們有很多舉措。

Now what I do know, and I've been building software companies now for over 25 years. And what I do know is that there is a cycle that you go through in building, you build and then you adapt and then you iterate and then you build and then you adapt and then you iterate. Now all of our products have different stages of where they're at. But I have a lot of experience in this kind of cycle that you need to actually sometimes take two steps forward to be able to really make this opportunity happen. And that's what we've just done in the last year. It was a lot to pull together, and we're looking forward to continuing to adapt the offerings that we have and enhance the capabilities that we've built.

現在我所知道的是，我創建軟體公司已經超過 25 年了。我所知道的是，在構建過程中會經歷一個循環，構建，然後適應，然後迭代，然後構建，然後適應，然後迭代。現在我們所有的產品都處於不同的階段。但我在這種循環中有很多經驗，有時你實際上需要向前邁出兩步才能真正實現這個機會。這就是我們去年所做的事情。需要齊心協力的工作非常多，我們期待繼續調整我們現有的產品並增強我們已經建立的功能。

Let me just add, Will, on the cyclical comments around volumes. We agree with you, things are a little bit better than expected. That could be the beginning of a sustained improvement. It's not something that we are expecting at the moment. And there's no real change to our expectations around monetization take rate for the second half of the year. We're not calling a return to normal quarterly expansion. At this point, something we'll obviously come back to in fiscal '25.

威爾，讓我補充一下圍繞卷的周期性評論。我們同意你的看法，事情比預期的要好一些。這可能是持續改善的開始。這不是我們目前所期待的。我們對下半年貨幣化率的預期沒有真正的改變。我們並不要求恢復正常的季度擴張。在這一點上，我們顯然會在 25 財年再次討論這一點。

And then maybe just a question on the restructuring. Could you -- is there any way you could quantify just the savings that resulted from the restructuring? And then as you think about the remainder of the year, is there a portion of those savings that will be reinvested? Or kind of how much are you thinking about letting fall to the bottom line there?

然後也許只是關於重組的問題。您能否—有什麼方法可以量化重組帶來的節省？然後，當您考慮今年剩餘時間時，這些儲蓄中是否有一部分將用於再投資？或者你有多少考慮讓其落入底線？

Sure. So as a part of our reduction in the workforce, we generated approximately $60 million in annualized non-GAAP operating expense savings, obviously, for half of the year, that's $30 million. And this is related to compensation and benefits-related expenses and the closure of our Sydney office. We realized approximately $5 million in non-GAAP OpEx savings in Q2. And we expect to reinvest, if you will, about 50% or so of that $30 million into some of the both near-term and longer-term growth initiatives that Rene mentioned earlier.

當然。因此，作為我們裁員的一部分，我們節省了大約 6000 萬美元的年化非 GAAP 營運費用，顯然，在今年的一半時間裡，這一數字為 3000 萬美元。這與補償和福利相關的費用以及我們雪梨辦事處的關閉有關。我們在第二季度實現了約 500 萬美元的非 GAAP 營運支出節省。如果您願意的話，我們預計將這 3000 萬美元中的大約 50% 左右再投資到雷內之前提到的一些近期和長期增長計劃中。

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

我們的下一個來自美國銀行的布拉德希爾斯 (Brad Sils)。 。

Great. Wanted to ask a question about the new platform here. It sounds like, if I'm not mistaken, that might have been an area of that kind of source some of the upside this quarter. In other words, that better integrated platform enabled a better on-ramp and cross-sell for cross-border virtual card. Is that correct?

偉大的。想在這裡詢問有關新平台的問題。聽起來，如果我沒記錯的話，這可能是本季一些上漲的來源領域。換句話說，更好的整合平台為跨國虛擬卡提供了更好的入口和交叉銷售。那是對的嗎？

So the new platform with the unified platform, we've seen from the customers that are adopting a lot of strong synergies, and that's why I think the quote we had in the prepared remarks, the customer said that it was simply beautiful. So the capabilities we have, we're very excited about. But actually, the rolling all of this out at the same time, the one brand, the one platform and the one organization has actually created some inefficiencies in our go-to-market. So we have not yet seen the uplift that we would like to see from the new platform. We have seen uplift just not as much as we'd like to see yet.

因此，我們從客戶那裡看到了具有統一平台的新平台，正在採用許多強大的協同效應，這就是為什麼我認為我們在準備好的評論中引用的報價，客戶說它簡直太美了。因此，我們對我們擁有的能力感到非常興奮。但實際上，同時推出所有這些，單一品牌、單一平台和單一組織實際上導致了我們進入市場的效率低下。因此，我們還沒有看到我們希望從新平台看到的提升。我們所看到的提升還沒有達到我們希望看到的程度。

And then on the expanding ecosystem here, accountants, FI, embedded, there's a lot there. Where is the focus? And how does that map to your plan to go target businesses that have a higher propensity for upgrade and perhaps larger spend?

然後在這裡不斷擴大的生態系統，會計師，金融機構，嵌入式，有很多。重點在哪裡？這與您針對升級傾向較高且支出可能較大的企業的計劃有何關係？

Yes. No, it's a great question, something we're excited about. The -- from day one, we've built the platform to be able to serve SMBs wherever they come from, and we have great success with accountants, the 7,000 firms across the country, and we are continuing to build on that platform. So there's more capabilities that we will be enabling. We were the kind of the first platform, if you will, that helps businesses and accountants actually work together in a unique way. And that category is now called Client Advisory Services Cash and there are whole practices that build their practice around BILL.

是的。不，這是一個很好的問題，我們對此感到興奮。從第一天起，我們就建立了能夠為來自任何地方的中小型企業提供服務的平台，我們在會計師、全國 7,000 家公司方面取得了巨大成功，我們將繼續在該平台上進行建設。因此，我們將啟用更多功能。如果你願意的話，我們是第一個幫助企業和會計師以獨特的方式真正合作的平台。這個類別現在稱為客戶諮詢服務現金，並且有許多圍繞 BILL 構建的實踐。

We're continuing to expand the capabilities of AP, AR and spend and expense inside of the accounting console and we're adding dashboards from the Finmark acquisition over the next year. So these capabilities will enhance the account platform, which is one of the questions. But then if you take the learnings that we've had from the accounts as well as the financial institutions, we have strong learnings around how to embed our capabilities inside of others so they can serve their customers.

我們將繼續擴展會計控制台內的 AP、AR 以及支出和費用的功能，並且我們將在明年添加來自 Finmark 收購的儀表板。所以這些能力會增強帳戶平台，這是問題之一。但是，如果你從我們的帳戶和金融機構中汲取經驗教訓，我們就會發現，我們在如何將我們的能力嵌入其他人的能力中，以便他們能夠為客戶提供服務方面擁有豐富的經驗。

And what we're seeing in the market is that there is strong demand for other software providers to embed financial operations to be able to serve their customers. And so the capabilities that we referenced on the call with respect to APIs, we have hundreds of developers across thousands of customers that are taking advantage of the APIs. We're just extending those capabilities and what we've done with FIs and what we've done with accounts to create a more unified experience, if you will, inside of that embed approach so that others can take advantage of the capabilities that BILL has built.

我們在市場上看到的是，其他軟體供應商對嵌入金融業務以便能夠為其客戶提供服務的需求非常強烈。因此，我們在電話會議中提到的有關 API 的功能表明，我們有數千名客戶的數百名開發人員正在利用 API。我們只是擴展這些功能以及我們對金融機構和帳戶所做的工作，以創建更統一的體驗（如果您願意的話），在嵌入方法中，以便其他人可以利用 BILL 的功能已建成。

So we're excited about that. That's a long-term opportunity for us, just like the FIs are a long-term opportunity is something that we think is super important.

所以我們對此感到興奮。這對我們來說是一個長期機會，就像金融機構是一個長期機會一樣，我們認為這是非常重要的。

Thank you, Brad. So thank you, everyone, for joining us today. We've built a great business over the years because of our commitment to SMBs. And we look forward to bringing the transformative financial operations experience to them. Thanks again for joining us. Take care.

謝謝你，布拉德。謝謝大家今天加入我們。由於我們對中小企業的承諾，多年來我們已經建立了出色的業務。我們期待為他們帶來變革性的金融營運經驗。再次感謝您加入我們。小心。

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

今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路。