BILL Holdings Inc (BILL) 2024 Q3 法說會逐字稿

Good afternoon and welcome to BILL's Third Quarter Fiscal 2024 Earnings Conference Call. Joining us for today's call are BILL's CEO, Rene Lacerte; President and CFO, John Rettig; and VP of Investor Relations, Karen Sansot.

下午好，歡迎參加 BILL 2024 財年第三季財報電話會議。參加今天電話會議的有 BILL 執行長 Rene Lacerte；總裁兼財務長 John Rettig；以及投資者關係副總裁 Karen Sansot。

With that, I'd like to turn the call over to Karen Sansot for introductory remarks. Karen?

接下來，我想將電話交給 Karen Sansot 做開場演講。卡倫？

Thank you, operator. Welcome to BILL's Fiscal Third 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.

謝謝您，接線生。歡迎參加 BILL 2024 財年第三季財報電話會議。我們不久前發布了收益新聞稿，並向美國證券交易委員會提交了相關的 8-K 表格。您可以在我們網站 investor.bill.com 的投資者關係部分找到新聞稿。今天與我一起參加電話會議的還有 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，在本次通話過程中，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所表達或暗示的結果有重大差異。如需進一步討論，請參閱公司今天發布的新聞稿中的文字以及我們向美國證券交易委員會提交的定期報告，包括我們最新的 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 stand-alone results, which exclude our BILL Spend & Expense management, which was formerly called Divvy, Invoice2go accounts receivable and Finmark Financial planning solutions. Now I'll turn the call over to Rene. Rene?

在今天的電話會議上，我們將參考 GAAP 和非 GAAP 財務指標。請參閱今天的新聞稿，以了解 GAAP 與非 GAAP 財務績效的對帳以及有關這些指標的額外揭露。請注意，在本次通話中，我們有時會討論 BILL 的獨立結果，其中不包括我們的 BILL 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。現在我將把電話轉給 Rene。雷內？

Thank you, Karen. Good afternoon, everyone. Thanks for joining us today. In Q3, we delivered very strong financial results, continued our rapid pace of innovation and executed with persistent rigor and effectiveness. Across the company, we delivered on the key initiatives to strengthen our core. We enhanced our platform, enriched our payment experiences and expanded our ecosystem. Both the market opportunity and our ability to shape that opportunity grows each and every day. There is a significant growth runway ahead for BILL, and we continue to position ourselves 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。在第三季度，我們取得了非常強勁的財務業績，繼續快速創新，並始終保持嚴謹性和有效性。在整個公司範圍內，我們實施了加強核心能力的關鍵措施。我們增強了我們的平台，豐富了我們的支付體驗並擴展了我們的生態系統。市場機會和我們創造機會的能力每天都在增長。 BILL 未來擁有顯著的成長空間，我們將繼續將自己定位為中小企業必不可少的金融營運平台。

In Q3, we delivered strong revenue growth and exceptional non-GAAP profit growth that were ahead of our expectations. Total revenue grew 19% year-over-year, and non-GAAP operating income increased 68% year-over-year. At BILL, we are energized by the fact that during the quarter, we helped more than 450,000 small businesses automate their financial operations so they could spend more time focused on their mission. With our platform and broad set of solutions, these businesses made more than 25 million transactions during the quarter, totaling more than $70 billion in payment volume.

第三季度，我們實現了強勁的收入成長和非公認會計準則利潤成長，超出了我們的預期。總收入較去年同期成長19%，非公認會計準則營業收入較去年同期成長68%。在 BILL，我們為這一事實感到振奮：在本季度，我們幫助超過 450,000 家小型企業實現了財務運營自動化，以便他們可以花更多時間專注於自己的使命。借助我們的平台和廣泛的解決方案，這些企業在本季完成了超過 2,500 萬筆交易，總支付額超過 700 億美元。

Our performance and scale demonstrate the mission-critical nature of our platform, the strength of our ecosystem and outstanding execution. This is the foundation for our growth and penetration of the large market opportunity. BILL is a leader in innovative financial solutions for SMBs. We created a category and continue to define it as we serve a vast greenfield opportunity to automate and transform financial operations for millions of small and midsized businesses. There are more than 6 million SMBs in the U.S. who have employees and more than 33 million small businesses in total, including sole proprietors. These businesses make trillions of dollars of B2B payments each year. The vast majority of these businesses are still burdened by paper checks and manual processes. Our track record of innovating and delivering value puts us at the forefront to help millions of small businesses digitize their operations for the first time and drive adoption of e-payments.

我們的業績和規模證明了我們平台的關鍵使命性質、我們生態系統的實力和出色的執行力。這是我們成長和滲透巨大市場機會的基礎。 BILL 是中小企業創新金融解決方案的領導者。我們創建了一個類別並繼續定義它，因為我們為數百萬中小型企業提供自動化和轉變財務運營的廣闊綠地機會。美國有超過 600 萬家擁有員工的中小型企業，包括自僱人士在內的小型企業總數超過 3,300 萬家。這些企業每年進行數兆美元的 B2B 支付。這些企業中的絕大多數仍然受到紙本支票和手動流程的負擔。我們在創新和創造價值方面的良好記錄使我們處於領先地位，幫助數百萬小型企業首次實現營運數位化，並推動電子支付的普及。

At BILL, we have a passion for serving SMBs and are dedicated to helping them thrive. SMBs create jobs, drive innovation and are at the heart of their local communities. They deserve dedicated attention, care and technology designed specifically for their needs. BILL paved the way for SMBs to move their financial operations from the analog to the digital world. Our platform offers an integrated suite of solutions that automates and digitizes the financial back office, including accounts payable, accounts receivable, spend and expense management and a variety of payment offerings.

在 BILL，我們熱衷於為中小型企業提供服務並致​​力於幫助他們蓬勃發展。中小企業創造就業機會、推動創新，是當地社區的核心。他們值得得到專門的關注、關懷和針對他們的需求而設計的技術。 BILL 為中小型企業將其財務營運從類比世界轉向數位世界鋪平了道路。我們的平台提供一套整合的解決方案，可實現財務後台的自動化和數位化，包括應付帳款、應收帳款、支出和費用管理以及各種支付產品。

Our robust workflows take care of mundane, error-prone tasks and are built to handle exceptions. Our suite of payment solutions give businesses choice based on both their needs and their supplier needs while accelerating payments and simplifying data reconciliation. We've removed the friction in doing business by weaving together a proprietary two-sided network that enables buyers and suppliers to share bank information securely with the ability to collaborate across invoices. The reach and value of our networks has attracted more than 5.8 million members and drives more than 1/3 of our BILL stand-alone core revenue.

我們強大的工作流程可以處理日常的、容易出錯的任務，並且可以處理異常情況。我們的支付解決方案套件讓企業能夠根據自身需求和供應商需求做出選擇，同時加快支付速度並簡化資料核對。我們透過建立專有的雙邊網路消除了開展業務中的摩擦，使買家和供應商能夠安全地共享銀行信息，並能夠跨發票進行協作。我們的網路覆蓋範圍和價值吸引了超過 580 萬會員，並帶來了超過 1/3 的 BILL 獨立核心收入。

Our artificial intelligence engine and large scale help us deliver significant value to our customers. AI is deeply embedded across our platform to connect businesses, automate their operations and accelerate their ability to make payments. Our AI engine has been uniquely trained on our proprietary data assets, including more than 300 million transactions across an array of payment modalities and over 0.5 billion documents.

我們的人工智慧引擎和大規模幫助我們為客戶提供巨大的價值。人工智慧深深嵌入我們的平台，以連接企業、自動化其營運並加速其支付能力。我們的 AI 引擎已針對我們專有的資料資產進行了獨特的訓練，包括涵蓋多種支付方式的 3 億多筆交易和超過 5 億份文件。

Our large and increasing scale naturally drives faster product development and ecosystem expansion as scale begets scale. The virtuous cycle enables us to learn quickly, move fast and accelerate speed to value our SMBs. With our platform, businesses can save more than 50% of their time on financial processes and gain better insight, visibility and control for running their business. This is why our platform serves as a central nervous system of their daily financial operations. And this is what positions BILL as the category leader with a wide moat and an engaged sticky customer base.

我們的規模龐大且不斷擴大，自然會推動更快的產品開發和生態系統擴張，因為規模帶來規模。良性循環使我們能夠快速學習、快速行動並加快評估中小企業的速度。透過我們的平台，企業可以節省 50% 以上的財務流程時間，並獲得更好的洞察力、可視性和對業務營運的控制力。這就是為什麼我們的平台成為他們日常財務運營的中樞神經系統。這也是 BILL 憑藉其廣泛的護城河和忠誠的黏性客戶群成為該類別領導者的原因。

A great example of how our platform empowers SMBs is joe, a marketing automation solution for boutique coffee shops. Joe uses our platform and payment offerings to digitize their manual payables grind and pay suppliers overseas. Brenden Martin, Co-CEO and Co-founder, said and I quote, "We chose BILL because of their best-in-industry solutions and our shared commitment to level the playing field for small businesses. Joe has a team of 15 employees supporting a customer base of 1,500 small coffee shops. It would not be possible to have this scale without BILL modernizing our financial operations. More importantly, we can concentrate more time and mindshare on brewing strategies and products to empower more boutique coffee shops."

我們的平台如何為中小型企業提供支援的一個很好的例子是 joe，這是針對精品咖啡店的行銷自動化解決方案。 Joe 使用我們的平台和支付產品將其手動應付款項研磨數位化並支付給海外供應商。聯合執行長兼聯合創始人布倫登·馬丁（Brenden Martin）說：「我們選擇 BILL 是因為他們擁有業內領先的解決方案，並且我們共同致力於為小型企業創造公平的競爭環境。喬帶領著一支由 15 名員工組成的團隊，為 1,500 家小型咖啡店提供支援。如果沒有 BILL幫助我們實現財務運營的現代化，我們不可能達到這樣的規模。

Enabling joe and all SMBs to achieve their goals is what makes our journey especially rewarding. We bring together and serve hundreds of thousands of customers and millions of network members and simplify their lives. With our platform and ecosystem, we consistently drive strong customer adoption and deeper penetration of the market. Each month, we acquire thousands of customers and tens of thousands of new network members.

幫助喬和所有中小企業實現他們的目標使我們的旅程特別有意義。我們匯集並服務數十萬客戶和數百萬網路成員，簡化他們的生活。憑藉我們的平台和生態系統，我們不斷推動強勁的客戶採用和更深入的市場滲透。每個月，我們都會獲得數千名客戶和數萬名新網路成員。

We simplify and centralize money movement for SMBs at a tremendous magnitude. Since fiscal 2018, our platform has enabled more than $1 trillion of SMB payments. This is only possible because of the combination of our payment engine, money transmitter capabilities and strong risk management expertise. And our scale is increasing. Over the past 12 months, we processed nearly 100 million transactions that represented approximately 1% of U.S. GDP.

我們大幅簡化和集中了中小企業的資金流動。自 2018 財年以來，我們的平台已支援超過 1 兆美元的中小企業支付。這僅僅是因為我們的支付引擎、匯款能力和強大的風險管理專業知識的結合才有可能實現的。而且我們的規模還在不斷擴大。在過去的 12 個月中，我們處理了近 1 億筆交易，約占美國 GDP 的 1%。

Underpinning this accomplishment is our demonstrated track record in creating value for SMBs. A great example of how our platform empowers businesses to scale is Tower 28, a fast-growing company that creates beauty and skin care products, utilizing clean ingredients to support sensitive skin. Tower 28 uses our accounts payable, accounts receivable and spend and expense solutions, utilizing the power of our integrated platform.

這項成就的背後是我們在為中小企業創造價值方面所取得的成就。 Tower 28 就是我們平台如何幫助企業擴大規模的一個很好的例子，這是一家快速發展的公司，生產美容和護膚產品，利用清潔成分來支持敏感肌膚。 Tower 28 使用我們的應付帳款、應收帳款以及支出和費用解決方案，利用我們整合平台的強大功能。

Victor Liu, CFO of Tower 28, said and I quote, "A fresh approach to beauty deserves a fresh approach to business financial operations. Our company has been scaling fast. In less than 2 years, our business basically tripled. Being able to scale with all the tools, solutions and services that BILL provides has been phenomenal. BILL saves us 40 hours a week and an entire full-time employee by automating our financial back office. It provides us real-time updates and strong control on card spend. It also enables us to work on the go. We've approved payments from everywhere. With BILL taking care of our financial operations, our team can focus more time and resources on company growth and skin care product development."

Tower 28 財務長 Victor Liu 曾說過（我引用他的話）：「全新的美妝理念需要全新的企業財務運營方法。我們公司一直在快速擴張。在不到兩年的時間裡，我們的業務幾乎增長了兩倍。能夠利用 BILL 提供的各種工具、解決方案和服務進行擴展，真是太棒了。BILL 通過自動化我們的財務後每週節省了 40個小時，並減少了一名全職員工。

Every day, we are dedicated to creating more value for our customers, partners and network members. Being a category leader requires an exceptionally strong innovation road map that constantly extends our value to SMBs and their accountant partners. Innovation is in our DNA and is foundational to our platform, payments and ecosystem.

每天，我們都致力於為我們的客戶、合作夥伴和網路成員創造更多價值。成為類別領導者需要有非常強大的創新路線圖，並不斷向中小企業及其會計合作夥伴擴展我們的價值。創新是我們的 DNA，也是我們平台、支付和生態系統的基礎。

We've shared with you our key investment areas for growth, and these include driving adoption of our integrated financial operations platform, expanding our ecosystem by bringing more innovation to our partners and attracting new partners and enriching our payment experiences and driving penetration of our ad valorem solutions. Our team continues to make very strong progress against these initiatives, which lay the foundation for our next phase of growth.

我們與您分享了我們成長的關鍵投資領域，其中包括推動我們綜合金融營運平台的採用，透過為我們的合作夥伴帶來更多創新和吸引新合作夥伴來擴展我們的生態系統，豐富我們的支付體驗以及推動我們的從價解決方案的滲透。我們的團隊繼續在這些舉措上取得非常強勁的進展，為我們下一階段的成長奠定了基礎。

This past quarter, we significantly enriched our integrated platform capabilities. Our platform now includes cash flow insight and forecasting, leveraging the best-of-breed FP&A capability from our acquisition of Finmark. This powerful tool empowers SMBs to predict future cash flow, easily visualize trends and opportunities and make better data-driven decisions faster. They can now optimize, manage and forecast cash flow with a single platform. BILL is uniquely positioned to provide this rich insight as our comprehensive platform can serve all B2B spend and integrates with accounting systems.

上個季度，我們顯著豐富了整合平台功能。我們的平台現在包括現金流洞察和預測，利用我們收購 Finmark 後​​獲得的最佳 FP&A 能力。這個強大的工具使中小型企業能夠預測未來現金流，輕鬆地將趨勢和機會形象化，並更快地做出更好的數據驅動決策。他們現在可以透過單一平台優化、管理和預測現金流。 BILL 具有獨特的優勢，能夠提供這種豐富的洞察力，因為我們的綜合平台可以滿足所有 B2B 支出需求並與會計系統整合。

Given our entrenched role in their day-to-day routine, the analytics and forecasting layer unlocks outsized and unique value for SMBs and accountants. We recently extended our platform's capabilities into a brand-new mobile app for BILL AP and AR that further empowers businesses to manage their operations from anywhere. This new app provides enhanced automation workflows, payment solutions and leverages our mobile-first approach to provide a fresh look and easy navigation. This experience meets customers where they are and is another extension of driving speed and simplicity in financial operations. The new experience is already driving growth in mobile engagement from both our customers and network members, including more bills created and approved and more demand from our network members for instant transfer and invoice financing.

鑑於我們在日常工作中扮演著根深蒂固的角色，分析和預測層為中小企業和會計師釋放了巨大而獨特的價值。我們最近將我們平台的功能擴展為一個全新的 BILL AP 和 AR 行動應用程序，進一步使企業能夠從任何地方管理其營運。這款新應用程式提供了增強的自動化工作流程、支付解決方案，並利用我們的行動優先方法來提供全新的外觀和便利的導航。這種體驗可以滿足客戶的需求，也是提高金融營運速度和簡化程度的另一個延伸。新的體驗已經推動了我們的客戶和網路成員的行動參與度的成長，包括創建和批准更多的帳單，以及我們的網路成員對即時轉帳和發票融資的更多需求。

We are continuing to enhance our payment experiences to drive more convenience for SMBs. We have a sophisticated payment infrastructure fueled by continuous enhancements. Our platform has connectivities to 12 payment rails, offers 8 payment modalities and reaches over 130 countries. This level of payment flexibility is extremely complex because the compliance, regulatory and risk management needs differ by payment type and source of the customer. We hide all these complexities to deliver SMBs a simple and fast payment experience. By making the complex look simple, our customers accelerate their transition to digital payments.

我們正在不斷提升我們的支付體驗，為中小企業提供更多便利。我們擁有完善的支付基礎設施，並且不斷改進。我們的平台連接 12 條支付軌道，提供 8 種支付方式，覆蓋 130 多個國家。這種程度的支付彈性極為複雜，因為合規性、監管和風險管理需求因客戶的支付類型和來源而異。我們隱藏所有這些複雜性，為中小企業提供簡單、快速的支付體驗。透過使複雜看起來簡單，我們的客戶加速向數位支付的轉變。

Speed and choice of payments are critical to SMBs, and this is particularly true when it comes to commerce with international suppliers. Over the years, we have grown the scale and the sophistication of our international payment offering, and now we are unlocking greater value by leveraging local clearing capabilities to provide faster payment speed. Our enhanced offering will reduce delivery times from days to near real time. We introduced this experience in our first country last month, and we will roll out these capabilities more broadly throughout 2024. We knew from day 1 that an ecosystem was required to make financial operations for SMBs mainstream. We build our platform with a sensibility in mind, allowing multiple models to integrate and embed with our partners.

支付速度和選擇對於中小企業來說至關重要，在與國際供應商進行貿易時尤其如此。多年來，我們不斷擴大國際支付服務的規模和複雜程度，現在我們利用本地清算能力提供更快的支付速度，從而釋放更大的價值。我們增強的服務將把交付時間從幾天縮短到接近即時。我們上個月在第一個國家推出了這種體驗，並將在 2024 年更廣泛地推出這些功能。我們從第一天起就知道，需要一個生態系統來讓中小企業的金融營運成為主流。我們在建立平台時充分考慮了敏感性，允許多種模型與我們的合作夥伴進行整合和嵌入。

We partner with nearly 8,000 accounting firms and some of the largest banks in the country who trust us to manage their clients' operations and payments. We have nearly 2 decades of experience in integrating and embedding our functionalities into our partners' services. We understand the profound intricacies in creating a cohesive product and go-to-market experience that works for our partners. Our differentiated set of expertise and competencies is enabling our platform to ripple across our ecosystem.

我們與國內近 8,000 家會計師事務所和一些最大的銀行合作，他們信任我們管理其客戶的營運和支付。我們在將我們的功能整合並嵌入到合作夥伴的服務中方面擁有近二十年的經驗。我們了解為我們的合作夥伴創造具有凝聚力的產品和上市體驗的深刻複雜性。我們差異化的專業知識和能力使我們的平台能夠在整個生態系統中產生連鎖反應。

Software and payments are converging, and we are leading the charge. A decade ago, the financial operations automation journey for an SMB would start almost exclusively with consumer-based online banking. That's why we were pioneers in partnering with banks to enable them to do more beyond payments.

軟體和支付正在融合，而我們正在引領這一潮流。十年前，中小企業的財務營運自動化之旅幾乎完全從以消費者為基礎的網路銀行開始。這就是為什麼我們率先與銀行合作，使他們能夠做更多超出支付範圍的事情。

Fast forward to today, and the front door to an SMB's financial journey can start in many different places. It can and does start with all sorts of different software providers. Our focused dedication to SMBs means that we meet customers where they are regardless of the entry point. The industry recognizes our leadership, and inbound interest from software companies is strong. Many software companies are looking to us to help address their customers' payment needs.

快進到今天，中小企業的財務之旅可以從許多不同的地方開始。它可以並且確實從各種不同的軟體提供者開始。我們專注於中小型企業，這意味著無論客戶來自哪個切入點，我們都會與他們會面。業界認可我們的領導地位，軟體公司的關注度也十分高。許多軟體公司都希望我們能夠幫助解決其客戶的支付需求。

Consistent themes we hear from partners are that they value BILL for our workflows, payment expertise, risk and regulatory practices, broad network, vast data set and dedication to SMBs. We are moving fast to capitalize on this emerging trend. We are rapidly evolving our embed technology and making it easy for software companies to plug and play.

我們從合作夥伴那裡聽到的一致主題是，他們重視 BILL 的工作流程、支付專業知識、風險和監管實踐、廣泛的網絡、龐大的數據集以及對中小企業的奉獻精神。我們正在迅速採取行動，利用這一新興趨勢。我們正在快速發展我們的嵌入式技術，使軟體公司能夠輕鬆地實現即插即用。

Our embed strategy is resonating. Most recently, Xero, a leading global small business platform, announced they will embed our onboarding workflows and a suite of ad valorem offerings into their platform. Once available, Xero's U.S.-based customers can pay bills efficiently and connect with our large member network. We are excited about this partnership and are working closely with Xero to bring this offering to market.

我們的嵌入策略正在引起共鳴。最近，全球領先的小型企業平台 Xero 宣布，他們將把我們的入職工作流程和一套從價產品嵌入到他們的平台中。一旦可用，Xero 的美國客戶就可以有效地支付帳單並與我們龐大的會員網路連接。我們對此次合作感到非常興奮，並正在與 Xero 密切合作，將這項產品推向市場。

In closing, we drove great financial results while executing against our innovation road map to provide businesses more automation, control and insights. Achieving our leadership and scale did not happen overnight. We will continue to extend our leadership position with careful strategic planning, sustained investments in building capabilities and consistent execution. We are building an enduring company, and we aspire to help millions of SMBs automate their operations and more easily make trillions of dollars of e-payments. At BILL, we have an inspired team that is dedicated to serving SMBs and each other. And this, together with our values and mission, will continue to strengthen our unique competitive advantage that positions us well to serve the large market opportunity we are pursuing.

最後，我們在執行創新路線圖的同時，取得了出色的財務業績，為企業提供了更多的自動化、控制和洞察力。我們的領導地位和規模並非一朝一夕就能實現的。我們將透過週詳的策略規劃、持續的能力建構投資和一致的執行來繼續擴大我們的領導地位。我們正在打造一家持久的公司，我們渴望幫助數百萬中小企業實現營運自動化，更輕鬆地進行數兆美元的電子支付。在 BILL，我們擁有一支充滿靈感的團隊，致力於為中小型企業和彼此提供服務。這一點，加上我們的價值觀和使命，將繼續增強我們獨特的競爭優勢，使我們能夠更好地服務我們正在追求的巨大市場機會。

I'll now turn the call over to John.

我現在將電話轉給約翰。

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

謝謝，雷內。今天，我將概述我們第三財季的財務和營運業績，並討論我們對第四財季和 2024 財年全年的展望。

We delivered strong results for the quarter that reinforce our conviction in the strength of our business, our execution capabilities and the market opportunity we are pursuing. We are building to strengthen our core while investing with discipline to pave the way for the next phase of accelerated growth. Rigorous execution against our top priorities showed early positive signals in Q3.

本季我們取得了強勁的業績，這增強了我們對業務實力、執行能力和正在追求的市場機會的信心。我們正在加強核心業務，同時嚴格投資，為下一階段的加速成長鋪路。嚴格執行我們的首要任務在第三季顯示出了早期的正面訊號。

Net new customer adds for both our Spend & Expense and BILL stand-alone ex FI solutions returned to historical levels. The B2B spend environment showed signs of stabilization. And our focus on businesses with a higher propensity to spend drove upside in our Spend & Expense business. BILL stand-alone payment monetization expanded sequentially. All these factors translated into profitable growth in Q3.

我們的支出與費用以及 BILL 獨立 ex FI 解決方案的淨新客戶增加量均恢復至歷史水準。 B2B 支出環境顯示出穩定的跡象。我們專注於具有較高消費傾向的企業，這推動了我們的支出和費用業務的成長。 BILL獨立支付貨幣化規模持續擴大。所有這些因素都轉化為第三季的獲利成長。

Total revenue for Q3 was $323 million, an increase of 19% year-over-year. Core revenue, which includes subscription and transaction revenue, was $281 million, up 17% from a year ago. Non-GAAP gross profit in Q3 was $281 million, up 19% year-over-year, and non-GAAP gross margin was 87%. Our gross profit results in the quarter included approximately $6 million in onetime benefits.

第三季總營收為 3.23 億美元，年增 19%。核心營收（包括訂閱和交易收入）為 2.81 億美元，比去年同期成長 17%。第三季非公認會計準則毛利為 2.81 億美元，年增 19%，非公認會計準則毛利率為 87%。我們本季的毛利包括約 600 萬美元的一次性福利。

Our strong business model enables us to consistently deliver a gross margin that is among the best in class for software and fintech companies. We also significantly expanded profitability in Q3, reflecting our ongoing commitment to investing with discipline. Non-GAAP operating income for Q3 was $59 million, up 68% year-over-year. Non-GAAP operating margin was 18% and expanded more than 5 percentage points from Q3 last year. Once again, we were non-GAAP operating income-profitable, excluding the benefit of float revenue. In Q3, we expanded ex float profitability by $10 million sequentially, excluding the onetime benefits mentioned earlier, and demonstrating our ability to drive operating leverage as we scale.

我們強大的商業模式使我們能夠持續提供軟體和金融科技公司中最好的毛利率。我們的第三季獲利能力也大幅提升，體現了我們持續致力於規範投資的承諾。第三季非公認會計準則營業收入為 5,900 萬美元，年增 68%。非公認會計準則營業利潤率為 18%，較去年第三季成長 5 個百分點以上。再次，我們實現了非 GAAP 營業收入盈利（不包括浮動收入收益）。在第三季度，我們的浮動盈利能力連續擴大了 1000 萬美元（不包括前面提到的一次性收益），並展示了我們在擴大規模的同時推動經營槓桿的能力。

Moving on to key business highlights. I'll touch on our Spend & Expense solution and BILL stand-alone solutions. The strong growth trends we delivered throughout this fiscal year with our Spend & Expense solution continued in Q3, and our results in the quarter exceeded our expectations. Spend & Expense revenue grew 29% year-over-year, and we added 1,800 net new spending businesses. We are prioritizing our sales and marketing resources towards spending businesses with greater financial strength and the opportunity to capture larger wallet share.

繼續討論主要業務亮點。我將介紹我們的支出和費用解決方案以及 BILL 獨立解決方案。我們整個財年透過支出與費用解決方案實現的強勁成長趨勢在第三季度得以延續，本季的業績超出了我們的預期。支出與費用收入較去年同期成長 29%，新增淨支出業務 1,800 家。我們優先將銷售和行銷資源用於財務實力更強、有機會獲得更大市場份額的企業。

Spend & Expense card payment volume was $4.4 billion for the quarter, an increase of 29% year-over-year. Interchange fees were 261 basis points, and rewards expense was 47% of Spend & Expense revenue. As expected with the choppy macro environment, we have seen an increase in credit and fraud loss rates, particularly among our smaller customer cohorts. Our proactive efforts over the last year to diligently manage credit exposure have enabled us to maintain strong margins.

本季支出和費用卡支付額為 44 億美元，年增 29%。交換費為 261 個基點，獎勵費用佔支出和費用收入的 47%。正如預期的那樣，在動盪的宏觀環境下，我們看到信貸和詐欺損失率上升，尤其是在較小的客戶群中。過去一年，我們積極努力管理信貸風險，這使我們能夠保持較高的利潤率。

For our BILL stand-alone solutions, we delivered solid performance in the quarter. BILL stand-alone transaction revenue increased 20% year-over-year driven by our diverse suite of payment solutions and continued enhancements to our payment products and supplier initiatives. BILL stand-alone payment volume was $67 billion, an increase of 9% year-over-year. BILL stand-alone payment monetization in the quarter expanded from Q2 driven mainly by increased adoption of our newer ad valorem products as well as a nonrecurring increase in transaction fees from migrating TPV between processing providers in the quarter.

對於我們的 BILL 獨立解決方案，我們在本季取得了穩健的表現。由於我們多樣化的支付解決方案以及支付產品和供應商計劃的持續增強，BILL 獨立交易收入年增 20%。 BILL獨立支付金額為670億美元，較去年同期成長9%。本季 BILL 獨立支付貨幣化較第二季度有所擴大，主要原因是我們較新的從價產品的採用率增加，以及本季處理提供者之間遷移 TPV 導致交易費用非經常性增加。

BILL stand-alone subscription revenue, excluding financial institution partners, increased 9% year-over-year. Overall, BILL stand-alone subscription revenue declined 2% from last year, which reflects changes in our FI channel, as previously discussed.

不包括金融機構合作夥伴的 BILL 獨立訂閱收入年增 9%。總體而言，BILL 獨立訂閱收入較去年下降了 2%，這反映了我們 FI 管道的變化，如前所述。

Our solutions continue to drive value for small businesses and accounting firms, and our customer acquisition and retention results are strong. BILL stand-alone net new customer adds in the direct and accounting channel were 4,100 in Q3, excluding attrition related to the sunset of Intuit's Simple Bill Pay solution.

我們的解決方案持續為小型企業和會計師事務所創造價值，我們的客戶獲取和保留結果也十分出色。第三季度，BILL 直接和會計管道的獨立淨新增客戶數量為 4,100 名，不包括 Intuit 的 Simple Bill Pay 解決方案終止而導致的客戶流失。

BILL stand-alone customer count in the financial institution or FI channel declined quarter-over-quarter. Across our partner portfolio, new enrollments continued at a consistent pace but were offset by the removal of inactive customers, which occurs periodically.

金融機構或FI通路的BILL獨立客戶數量較上季下降。在我們的合作夥伴組合中，新註冊客戶的數量持續保持穩定，但被定期發生的非活躍客戶移除所抵消。

A word on float revenue, which increased 26% year-over-year to $42 million in Q3. Float is enabled by our proprietary payment infrastructure and regulatory licenses and serves as a counterbalance to economic trends.

關於浮動收入，第三季年增 26%，達到 4,200 萬美元。 Float 由我們專有的支付基礎設施和監管許可證支持，並可作為經濟趨勢的平衡。

Turning to capital allocation. We generate significant free cash flow and have a strong balance sheet. This enables us to fund long-term opportunities while delivering profitable growth. We invest with purpose and discipline and are proactive in optimizing our capital structure.

轉向資本配置。我們產生了大量自由現金流，並擁有強勁的資產負債表。這使我們能夠為長期機會提供資金，同時實現獲利成長。我們有目的、有紀律地進行投資，並積極優化我們的資本結構。

In Q3, we repurchased $748 million in aggregate principal amount of our 2025 convertible notes, resulting in cash usage of $711 million and a reduction in non-GAAP diluted share count of 0.9 million weighted shares. In addition, we unwound a portion of the capped call instrument due to the repurchase.

在第三季度，我們回購了總本金金額為 7.48 億美元的 2025 年可轉換票據，導致現金使用量為 7.11 億美元，非 GAAP 稀釋股數減少 90 萬股加權股。此外，由於回購，我們解除了部分封頂買權工具。

We repurchased these notes to minimize potential future dilution associated with the conversion event and made the purchases at attractive economics. The repurchase of these notes and the unwind of the capped calls resulted in a $34 million net benefit to other income and expense, which is reflected in our GAAP results and excluded from our non-GAAP results.

我們回購了這些票據，以盡量減少與轉換事件相關的未來潛在稀釋，並以有吸引力的經濟價格進行購買。這些票據的回購和封頂看漲選擇權的解除導致其他收入和支出的淨收益為 3,400 萬美元，這反映在我們的 GAAP 結果中，但不包括在我們的非 GAAP 結果中。

Now turning to a quick update on our non-GAAP net income presentation. Given the significant non-GAAP net income we generated in the past several quarters, we transitioned to include a new non-GAAP income tax adjustment beginning in Q3. Previously, non-GAAP net income included GAAP taxes, which were minimal. In Q3, our non-GAAP provision for income taxes was calculated using a blended tax rate of 20%. Note that this change has no impact on actual cash tax payments. You can refer to our press release and quarterly investor presentation for additional information, including a look back of our prior periods to reflect the adoption of the 20% blended tax rate.

現在來快速更新我們的非公認會計準則淨收入報告。鑑於我們在過去幾季中創造了可觀的非公認會計準則淨收入，我們從第三季開始實施新的非公認會計準則所得稅調整。此前，非公認會計準則淨收入包括公認會計準則稅，但金額很小。在第三季度，我們的非公認會計準則所得稅準備金是使用 20% 的混合稅率計算的。請注意，此變更對實際現金稅款支付沒有影響。您可以參閱我們的新聞稿和季度投資者介紹以獲取更多信息，包括回顧我們之前時期以反映採用 20% 混合稅率的情況。

Comparing our results on an apples-to-apples basis by incorporating the non-GAAP provision for income tax. Non-GAAP net income in Q3 was $68.6 million. It increased 42% year-over-year. Non-GAAP net income margin was 21%, an expansion of 4 percentage points year-over-year. Please note that our previously provided guidance did not include the non-GAAP tax presentation.

透過納入非公認會計準則所得稅規定，以同類基礎比較我們的結果。第三季非公認會計準則淨收入為 6,860 萬美元。較去年同期成長42%。非公認會計準則淨利率為21%，較去年同期成長4個百分點。請注意，我們先前提供的指導不包括非公認會計準則稅務列報。

Shifting to our outlook. We are raising our fiscal 2024 outlook to reflect our progress in strengthening our core while continuing to be prudent regarding ongoing macro crosswinds that could negatively impact SMB spending. While there have been signs of the B2B spend environment stabilizing, SMBs continue to be pressured by high inflation and interest rates.

轉變我們的視角。我們上調了 2024 財年的預期，以反映我們在加強核心業務方面取得的進展，同時繼續對可能對中小企業支出產生負面影響的持續宏觀逆風保持謹慎。儘管有跡象顯示 B2B 支出環境正在穩定，但中小企業仍面臨高通膨和高利率的壓力。

For fiscal Q4, we expect total revenue to be in the range of $320 million to $330 million, which reflects 8% to 11% year-over-year growth. We expect float revenue to be $40 million in Q4, which assumes a yield on FBO funds to be approximately 480 basis points. We expect non-GAAP gross margin to be approximately 84% in Q4, which reflects a slight shift in payment volume mix and the onetime gross margin benefits we recognized in Q3. As previously discussed, we expect our non-GAAP gross margin to moderate in the low to mid-80s as our payment mix evolves and our float revenue declines with lower interest rates later in this economic cycle.

對於第四財季，我們預計總營收將在 3.2 億美元至 3.3 億美元之間，年增 8% 至 11%。我們預計第四季浮動收入將達到 4,000 萬美元，假設 FBO 基金收益率約為 480 個基點。我們預計第四季度非公認會計準則毛利率約為 84%，這反映了支付量結構的輕微變化以及我們在第三季確認的一次性毛利率收益。如同先前所討論的，隨著我們的支付組合發生變化，並且浮動收入隨著本經濟週期後期利率降低而下降，我們預計我們的非 GAAP 毛利率將在 85% 左右。

Given our change to apply a non-GAAP tax rate to non-GAAP net income, we are providing guidance for non-GAAP operating income, which we expect to be $40 million to $50 million in Q4. We expect non-GAAP net income for Q4 in the range of $46.4 million to $54.4 million, which includes an assumed 20% tax rate for non-GAAP purposes. We expect our actual cash tax payments to continue to be fairly minimal in the near term.

鑑於我們對非 GAAP 淨收入應用非 GAAP 稅率的變化，我們對非 GAAP 營業收入提供了指導，預計第四季度非 GAAP 營業收入將達到 4000 萬至 5000 萬美元。我們預計第四季度非公認會計準則淨收入將在 4,640 萬美元至 5,440 萬美元之間，其中包括假設的非公認會計準則稅率 20%。我們預計短期內我們的實際現金稅款支付仍將保持相當低的水平。

Non-GAAP net income per diluted share is expected to be in the range of $0.41 to $0.49 based on a share count of 112 million diluted weighted average shares outstanding.

基於 1.12 億股稀釋加權平均流通股數，非公認會計準則每股稀釋淨收益預計在 0.41 美元至 0.49 美元之間。

Moving on to full year guidance. For fiscal 2024, we expect total revenue to be in the range of $1.267 billion to $1.277 billion, which represents 20% to 21% year-over-year growth. We expect float revenue to be $165 million in fiscal 2024, assuming a yield on FBO funds of 490 basis points. We expect non-GAAP operating income for fiscal 2024 to be $176 million to $186 million, which reflects 51% to 59% year-over-year growth. We expect non-GAAP net income for fiscal 2024 in the range of $227 million to $235 million, which includes an assumed 20% tax rate, and non-GAAP net income per diluted share to be $1.96 to $2.03 based on a share count of 115.5 million diluted weighted average shares outstanding.

繼續進行全年指導。對於 2024 財年，我們預計總營收將在 12.67 億美元至 12.77 億美元之間，年增 20% 至 21%。我們預計 2024 財年的浮動收入將達到 1.65 億美元，假設 FBO 基金殖利率為 490 個基點。我們預計 2024 財年非 GAAP 營業收入為 1.76 億美元至 1.86 億美元，年增 51% 至 59%。我們預計 2024 財年非 GAAP 淨收入將在 2.27 億美元至 2.35 億美元之間，其中包括假設的 20% 稅率，基於 1.155 億股稀釋加權平均流通股數，非 GAAP 每股攤薄淨收入為 1.96 美元至 2.03 美元。

We expect stock-based compensation expenses of approximately $255 million for fiscal 2024, which is approximately $45 million lower than the guidance we provided at the start of the fiscal year. In addition, we expect capital expenditures to be approximately $23 million for fiscal 2024.

我們預計 2024 財年的股票薪酬支出約為 2.55 億美元，比我們在本財年初提供的指引低約 4,500 萬美元。此外，我們預計 2024 財年的資本支出約為 2,300 萬美元。

In closing, we delivered a strong quarter with balanced growth and profitability, and we executed vigilantly against our key business initiatives to build the foundation for sustained long-term growth. At BILL, we are all in to help SMBs succeed and thrive. We lead the financial operations category. With our distinct moat, rigorous execution and innovation momentum, we stand poised to expand this category and be the de facto financial operations platform for millions of SMBs.

最後，我們本季業績表現強勁，成長與獲利能力均衡，我們嚴格執行關鍵業務計劃，為長期持續成長奠定基礎。在 BILL，我們全力幫助中小企業取得成功和發展。我們在金融營運領域處於領先地位。憑藉我們獨特的護城河、嚴謹的執行力和創新動力，我們準備擴大這一類別，並成為數百萬中小企業事實上的金融營運平台。

Operator, we're now ready to take questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) Our first question comes from Tien-Tsin Huang of JPMorgan.

（操作員指示）我們的第一個問題來自摩根大通的 Tien-Tsin Huang。

Good results here. Maybe I'll start with just a macro question. I know last quarter, you said you're looking for more consistent signals around TPV. It sounds like you're seeing more stability. Is that the ongoing assumption from here, thinking about the fourth quarter and as we extend into fiscal '25? Any other call-outs?

這裡的結果很好。也許我將從一個宏觀問題開始。我知道上個季度您說過您正在尋找有關 TPV 的更一致的訊號。聽起來你看到了更多的穩定性。這是從現在開始的持續假設嗎？考慮到第四季以及我們進入 25 財年的情況？還有其他呼喚嗎？

Thank you for the question, Tien-Tsin. I would say you've got a good summary of it. We see, in general, spend neutrality, that the stabilization of spend is consistent across the portfolio of customers that we have. We have not yet seen spend expansion. And so that is how we are building our business models.

謝謝 Tien-Tsin 的提問。我想說你對此有一個很好的總結。整體而言，我們看到支出呈現中性態勢，即在我們的客戶組合中支出保持穩定。我們尚未看到支出擴張。這就是我們建構商業模式的方式。

Okay. So we'll similarly assume stability. And then I have to ask as my follow-up here, Rene, just on the update on -- with Bank of America. I know, obviously, that drove a lot of attention and focus on the last call. Where are we now with those negotiations with Bank of America?

好的。因此我們同樣假設穩定性。然後，作為我的後續問題，我必須詢問 Rene，關於美國銀行的最新情況。我知道，顯然，這引起了人們對最後一次通話的極大關注和關注。我們與美國銀行的談判現在進行到哪一步了？

Thank you. Yes. We are working very closely with the bank. And when we have specifics to share, we will definitely get back to all of you. I think it is worth kind of maybe just sharing the broader context of how the bank fits into the overall go-to-market strategy that we have. We have a three-pronged approach where we focus on both near-term and medium and long-term initiatives. And on the near term, that's the opportunity for us to influence our direct and accountant. Midterm is also accounting because they bring customers of the accountants.

謝謝。是的。我們正在與銀行密切合作。當我們有具體資訊可以分享時，我們一定會回覆大家。我認為也許值得分享一下銀行如何融入我們整體市場策略的更廣泛背景。我們採取三管齊下的方針，既關注短期計劃，也關注中長期計劃。從短期來看，這是我們影響直接和會計的機會。 Midterm 也從事會計工作，因為他們會為會計師帶來客戶。

But the longer term really has been our FI and partner strategy. And when we think about the long term, just as context, right, the long term today is around 2% of the overall revenue of the business, which is what you would expect because this is how we're focused on building the businesses, to be where customers are, to meet them where they are and to actually drive customer acquisition wherever we can. And you saw a good expansion in the ecosystem this quarter with the addition of Xero and the overall software platform that they deliver to businesses all over the world, but in particular to businesses in the U.S. And so we see the long-term opportunity just continuing to increase, and we're excited about what we see happening in the market.

但長期來看，我們的 FI 和合作夥伴策略才是真正的重點。當我們考慮長期時，就像背景一樣，今天的長期收入約佔業務總收入的 2%，這是可以預料的，因為這就是我們專注於建設業務的方式，在客戶所在的地方，在他們所在的地方與他們會面，並儘可能地推動客戶獲取。本季度，隨著 Xero 及其向全球企業（尤其是美國企業）提供的整體軟體平台的加入，生態系統得到了良好的擴展。因此，我們看到長期機會持續增加，我們對市場的發展感到興奮。

Our next question comes from Kenneth Suchoski of Autonomous.

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

Nice job on the take rate. Maybe I'll start there. I think you said there were some nonrecurring -- there's a nonrecurring benefit from migrating some of the volumes from -- across your back-end providers. So can you just quantify the revenue benefit from that in the quarter?

接受率表現不錯。也許我會從那裡開始。我認為您說過，從後端提供者遷移部分卷會帶來一些非經常性收益。那麼，您能量化本季由此帶來的營收收益嗎？

And then separately, can you just give us an update on the progress you're making on some of the initiatives to drive more virtual card adoption? And maybe just remind us of the timing of when we could see that because it sounded like the progress on take rate, maybe there was some nonrecurring revenue in that, but it was more -- it sounded like it was more driven by some of the new ad valorem payments and not much of a benefit from the actions you're taking on the virtual card side.

然後，您能否另外向我們介紹一下您在推動更多虛擬卡採用方面所取得的一些舉措的進展情況？也許只是提醒我們何時可以看到這一點，因為這聽起來像是接受率的進展，也許其中有一些非經常性收入，但更多的是 - 聽起來它更多地受到一些新的從價支付的驅動，而不是從你在虛擬卡方面採取的行動中獲得太多好處。

Yes. Thanks, Ken. Let me unpack that a little bit for you. First, we feel like we made great progress in the third quarter. Obviously, a significant expansion in monetization. And that was driven both by increased volume on our ad valorem products as well as the onetime uptick that we mentioned earlier. And that was really the movement of volume between processing providers that resulted in just higher monetization on a small portion of our volume.

是的。謝謝，肯。讓我為你稍微解釋一下。首先，我們感覺我們在第三季取得了巨大的進步。顯然，貨幣化顯著擴張。這是由我們從價產品銷售的增加以及我們之前提到的一次性上漲所推動的。這實際上是處理提供者之間的交易量移動，導致我們一小部分交易量的貨幣化程度更高。

And the priorities that we talked about last quarter to improve the product experience for customers and suppliers is beginning to show good signals. There are positive signals, which for us is a good indicator of the foundation we're building to expand monetization on a more consistent basis going forward.

我們在上個季度討論的改善客戶和供應商產品體驗的優先事項開始顯示出良好的訊號。有一些積極的信號，對我們來說，這是一個很好的指標，表明我們正在建立基礎，以便在未來更持續地擴大貨幣化。

Excluding the onetime uptick in the quarter, we also expanded monetization. So that was consistent with our expectations. We felt like we had the programs in place to expand from Q2, and we did that. We expect our Q4 monetization to be at or above Q1, which is what we said previously. So it's consistent with our expectations.

除本季的一次性上漲外，我們還擴大了貨幣化。這與我們的預期一致。我們覺得我們已經制定了從第二季開始擴展的計劃，而我們也確實這樣做了。我們預計第四季度的貨幣化水準將與第一季持平或高於第一季度，這正是我們之前所說的。所以這與我們的預期一致。

And I'd say in the quarter, in Q3, our virtual card program in particular underwent a number of improvements. And we saw stable volume there by itself, but didn't necessarily drive a significant portion of the expansion that we put up. But we feel like we're setting the table for that to be the case down the road.

我想說的是，在本季度，特別是第三季度，我們的虛擬卡計畫經歷了許多改進。我們在那裡看到了穩定的銷量，但不一定能推動我們所提出的擴張的很大一部分。但我們感覺我們正在為將來的情況做好準備。

Yes. Okay. Great. And then I wanted to ask about the Airwallex partnership that came out recently. Congrats on that. My sense is that this could open up maybe dozens of currency payout options in local currencies versus just the couple that you have today in terms of GBP and Canadian dollar. That would obviously come in at lower price points, better speed.

是的。好的。偉大的。然後我想問一下最近達成的與 Airwallex 的合作關係。恭喜你。我的感覺是，這可能會開闢數十種當地貨幣的支付選項，而不是像今天這樣只有英鎊和加幣兩種。這顯然會降低價格，提高速度。

So how meaningful could this be to cross-border payment adoption in local currency over the next couple of years? And I think you guys are actually rolling that out across new markets like Australia, New Zealand and Europe. So any update there would be really helpful.

那麼這對於未來幾年採用當地貨幣進行跨境支付有多大意義呢？我認為你們實際上正在向澳大利亞、紐西蘭和歐洲等新市場推廣這項技術。因此，任何更新都會非常有幫助。

Yes. Thanks, Ken. One of the things that we predicated our entire platform on is payment choice matters. And choice has to be there for both the buyer and the supplier. And what we have heard from international suppliers is they sometimes want and need close to real-time payment clearing, and the only way to get that is with local clearing. And so the partnership with Airwallex is to give us the capabilities where we can roll that out across the globe.

是的。謝謝，肯。我們整個平台所依賴的因素之一是支付選擇很重要。買方和供應商都必須有選擇權。我們從國際供應商那裡聽說，他們有時希望並需要接近即時的支付清算，而實現這一目標的唯一方法就是透過本地清算。因此，與 Airwallex 的合作將使我們有能力在全球推廣這項服務。

Like we said, we've started doing that in one country just to test it out and make sure it's working as expected. But we do think it will drive adoption because, again, it's back to choice. It's why we have 12 payment rails and over 8 different modalities of how we execute payments. We're unique in how we do that. And we think that choice is what's going to drive success for the platform and not just for the FX but also for the overall usage of our platform.

正如我們所說的，我們已經開始在一個國家這樣做，只是為了測試它並確保它能夠按預期運行。但我們確實認為它將推動採用，因為這又回到了選擇。這就是為什麼我們有 12 種支付方式和 8 種不同的支付方式。我們的做法很獨特。我們認為，選擇將推動平台的成功，這不僅適用於 FX，也適用於我們平台的整體使用。

Our next question comes from Andrew Schmidt of Citigroup.

我們的下一個問題來自花旗集團的安德魯·施密特。

Rene, John, good results here. I want to dig into the net adds for BILL stand-alone ex FI. I'm wondering if there was any impact there from the -- residual impact from the Simple Bill Pay roll-off and if there was, what the organic adds look like. And then just at a higher level, obviously, some mixed signals in terms of software adoption out there, what you're seeing in terms of adoption trends and things like that in the market and if there's any sort of distinctions, any differences by channel.

雷內、約翰，這裡的結果不錯。我想深入研究 BILL 獨立 ex FI 的淨增值。我想知道簡單帳單支付的剩餘影響是否會產生影響，如果有的話，有機增加的效果如何。然後，從更高的層面來看，顯然，在軟體採用方面存在一些混合訊號，您在採用趨勢方面以及市場上的類似情況方面看到了什麼，以及是否存在任何區別，任何管道差異。

Well, thank you, Andrew. We had, I think, a very strong team that executes exceptionally well over the last, I guess, a little bit more than the last quarter. We have realigned teams to really focus on a couple of different priorities to drive the adoption that we're seeing. And one of the things that we've done is we wanted to make sure that we met customers where they were. And if they wanted to have a stand-alone spend and expense, that would be great. And if they wanted to have the combined package, that would be great. If they want a stand-alone AP, that would be great.

好吧，謝謝你，安德魯。我認為，我們擁有一支非常強大的團隊，他們的表現在過去表現得非常出色，我想，比上一季好一點。我們已經重新調整了團隊，真正專注於幾個不同的優先事項，以推動我們所看到的採用。我們所做的事情之一就是確保能夠在客戶所在的地方與他們會面。如果他們想要有獨立的支出和費用，那就太好了。如果他們想要合併後的方案，那就太好了。如果他們想要一個獨立的 AP，那就太好了。

And so the teams are aligned around that. And I think that clarity of ownership inside the company and the clarity of messaging is making a difference. And so we see that the market opportunity in front of us is massive. We have hundreds of thousands of businesses where there are millions of businesses that could use a product like ours, that need a product like ours. I know that firsthand because I am a small business at heart, have always been, always will be.

所以團隊都是圍繞著這一點進行協調的。我認為公司內部所有權的明確性和訊息傳遞的清晰性正在發揮重要作用。因此，我們看到眼前的市場機會是巨大的。我們擁有數十萬家企業，其中數百萬家企業可以使用像我們這樣的產品，需要像我們這樣的產品。我對此深有體會，因為我本質上是一家小企業主，過去如此，將來也永遠如此。

And so that ability to kind of meet them where they are and to deliver the functionality that we do is what drives the success that we had. So we feel very good about the capabilities that we've built onto the platform and the go-to-market skills that we have. So it is nice to see it happen across the board.

因此，能夠根據客戶需求提供所需的功能是我們成功的動力。因此，我們對我們在平台上建立的功能以及我們擁有的行銷技能感到非常滿意。因此，我很高興看到這一現像在各個領域中廣泛傳播。

Got it. And then maybe I could dig into the embedded strategy a little bit. It was good to hear about the pipeline of software partners. What was the unlock for that? Was it strategic? Was it technical? Was it sort of swim lanes between BILL and Intuit? What's sort of driving the sort of the uptick in terms of the embedded distribution?

知道了。然後也許我可以稍微深入研究嵌入式策略。很高興聽到軟體合作夥伴的消息。那個解鎖是什麼？這是戰略性的嗎？這是技術性的嗎？這是否是 BILL 和 Intuit 之間的泳道？嵌入式分佈的上升趨勢是由哪些因素推動的？

Yes. No, I think some of this is just about being there. Like we've been building this platform over the last 18 years. We have a scale that is unique, over $1 trillion in money moved in the last 5-plus, 6-plus years now, 1 billion of opportunities. I should say that there's -- the opportunity for us to kind of drive that type of scale for our partners matters a lot.

是的。不，我認為這只是關於存在的事情。就像我們過去 18 年一直在建立這個平台一樣。我們的規模是獨一無二的，過去五、六年多來，我們的資金流動已經超過 1 兆美元，帶來了 10 億個機會。我應該說，我們有機會為我們的合作夥伴實現這種規模，這非常重要。

The regulatory compliance needs, they differ depending on the customer and how you find them. Our ability to drive risk efficiency and effectiveness across our platform, it's real. And so when we talk to partners, whether they're software partners across that do accounting or whether they're software partners that serve other parts of the stack for an SMB, what we consistently hear is that the complexity that is required of financial operations when it comes to moving funds is something that is going to be hard for them to take on. And they look to our scale to kind of drive that for their business.

監管合規需求因客戶和您如何找到他們而有所不同。我們在整個平台上提高風險效率和效力的能力是真實的。因此，當我們與合作夥伴交談時，無論他們是負責會計的軟體合作夥伴，還是為中小企業提供服務的軟體合作夥伴，我們始終聽到的是，在轉移資金時，財務運營所需的複雜性是他們難以承擔的。他們希望我們的規模能夠推動他們的業務。

So I think this is partly just the awareness that financial operations is a real opportunity. The success that we've had has driven awareness for people to see that there's a lot of time to be saved and a lot of opportunity to help your SMB customers. And I think people have the awareness on what scale means, the type of scale that we have, moving 1% of GDP, over $1 trillion since 2018. All of this has an impact on building the systems that are required, and we've demonstrated that we can do that and do it well.

所以我認為這在某種程度上只是意識到金融營運是一個真正的機會。我們的成功讓人們意識到，我們可以節省大量時間，並且有很多機會來幫助您的中小企業客戶。我認為人們已經意識到規模意味著什麼，我們所擁有的規模類型，自 2018 年以來，其影響已超過 1 兆美元，佔 GDP 的 1%。所有這些都對建造所需的系統產生影響，我們已經證明我們可以做到這一點，而且做得很好。

Next in queue, we have Darrin Peller of Wolfe Research.

接下來是 Wolfe Research 的 Darrin Peller。

Maybe we could just touch a little further on the go-to-market approach you have now going forward. And maybe just more color on the customer add numbers. I know somebody touched on it a second ago, but more detail on -- I mean, you had acceleration in your customer adds in Divvy with good volume with it, too. And so obviously, it seems like the strategy there is kicking in, in a bigger way. And then on the direct side also, 3,500. There was a bit of FI churn, it looked like, on the FI channel. Maybe you could just explain that, too, and the go-forward expectations for customer adds more broadly, guys.

也許我們可以進一步談談您現在採取的行銷方法。也許只是為客戶添加更多顏色。我知道剛才有人提到了這一點，但更詳細的是——我的意思是，您在 Divvy 中增加的客戶數量加快了，而且交易量也很好。顯然，這項策略似乎正在以更大的規模發揮作用。然後直接方面也是 3,500。看起來，FI 頻道上出現了一些 FI 流失。也許你們也可以解釋一下這一點，以及對客戶未來期望的更廣泛解釋，夥計們。

Yes. Thanks, Darrin. I'll start and Rene can add color here. If you recall in February, we discussed a number of priorities to adapt our go-to-market efforts in light of just changing conditions both externally and with SMBs. And so as Rene said, one of the big areas of focus was being where SMBs are, delivering them the solutions that they want, whether it's individual solutions or unified, narrowing our focus to be more targeted on prospects that are ready to adopt versus are still thinking about the journey, along with a bias towards slightly larger businesses. And we saw good progress in the quarter. And that was definitely driven by an incredibly talented leadership and teams across our sales and market -- entire go-to-market organization.

是的。謝謝，達林。我先開始，然後 Rene 可以在這裡添加顏色。如果您還記得，在二月份，我們討論了一些優先事項，以便根據外部和中小企業不斷變化的條件調整我們的市場推廣工作。正如 Rene 所說，我們關注的重點領域之一是中小企業的現狀，為他們提供他們想要的解決方案，無論是單獨的解決方案還是統一的解決方案，縮小我們的關注範圍，更有針對性地關注那些準備採用的潛在客戶，而不是仍在考慮這一過程的客戶，同時偏向規模稍大的企業。我們在本季度看到了良好的進展。這無疑是由我們銷售和市場——整個行銷組織的才華橫溢的領導層和團隊所推動的。

For BILL, specifically, 4,100 adds in the quarter was an uptick from last quarter and I think was a good start to some of our areas of focus that I just mentioned. That number excludes the attrition associated with the Intuit Simple Bill Pay, which was quite small in the quarter, 600 customers. So we have retained the vast majority of that initial 12,000 into Simple Bill Pay customers.

具體來說，對於 BILL 來說，本季度增加了 4,100 個，比上一季度有所上升，我認為這對於我剛才提到的一些重點領域來說是一個良好的開端。該數字不包括與 Intuit Simple Bill Pay 相關的客戶流失，該季度的客戶流失量相當小，只有 600 名客戶。因此，我們保留了最初 12,000 名 Simple Bill Pay 客戶中的絕大多數。

And then probably the biggest point of acceleration around the customer adds was with our Spend & Expense solution, which increased to 1,800 in the quarter. And that's a function of focusing on both larger businesses along with lower attrition from our smaller business -- the smaller business segment and just making progress with enhancing the value proposition and the teams focused on scaling. We indicated before, we felt like there were a number of levers within our control to regain momentum in penetrating the market. And you saw that play out in both of those areas, BILL and Spend & Expense this quarter.

然後，客戶增加方面最大的加速點可能是我們的支出和費用解決方案，該解決方案在本季度增加到 1,800 個。這是既專注於較大的業務，又專注於較小業務的較低流失率的功能——較小的業務部門，並在提升價值主張和專注於擴展的團隊方面取得進展。我們之前曾指出，我們覺得我們可以利用多種手段重新獲得進入市場的動力。您可以在本季的 BILL 和支出與費用這兩個領域中看到這種情況。

As it relates to the financial institution channel, we saw a decline in the quarter in the customer adds. That was mainly due to the removal of some inactive customers. So we experienced in the quarter an increase in enrollments and our highest-ever rate of active customers within the FI channel. But at the same time, as happens periodically, typically seasonally, some partners will remove inactive customers. And so that impacted the overall optics of the numbers, but we feel good about the level of engagement and activity within our FI customer partners.

就金融機構通路而言，我們發現本季客戶增加量有所下降。這主要是由於刪除了一些不活躍的客戶。因此，本季我們的註冊人數有所增加，且 FI 通路內的活躍客戶率達到了歷史最高水準。但同時，正如定期發生的那樣，通常是季節性的，一些合作夥伴會刪除不活躍的客戶。這影響了數字的整體表現，但我們對 FI 客戶合作夥伴的參與度和活動水平感到滿意。

Our next question comes from Bryan Keane of Deutsche Bank.

下一個問題來自德意志銀行的布萊恩·基恩。

Congrats on these results. Rene, just following up on BofA. Is the BofA relationship likely to continue in some form? Or is it still possible they bring everything in-house? I'm just trying to get a sense of what are the range of outcomes still out there because I know there is -- or at least there was some kind of minimum commitment from BofA. So does that still exist as well?

祝賀這些結果。雷內，我只是想跟進美國銀行的情況。與美國銀行的關係是否可能以某種形式繼續下去？或者他們仍有可能把所有東西都帶回公司內部嗎？我只是想知道還有哪些可能的結果，因為我知道有——或者至少美國銀行做出了某種最低限度的承諾。那麼那還存在嗎？

Thanks for the question, Bryan. So we are actively working with our partners at the bank. And like we said, when we have more to share, we will. The opportunity to extend the ecosystem to serve SMBs wherever they are exists across our platform, and we think there's an opportunity to do that with the bank.

謝謝你的提問，布萊恩。因此，我們正在積極與銀行的合作夥伴合作。正如我們所說的，當我們有更多東西可以分享時，我們會分享。我們的平台有機會擴展生態系統，為各地的中小企業提供服務，我們認為也有機會與銀行合作實現這一目標。

Got it. Got it. And then, John, just thinking about organic take rate, it sounds like all still holds about getting back to first quarter levels. Just some of the drivers in particular that gets you back to first quarter levers on organic take rate? Maybe some of those initiatives are starting to take hold, but it sounds like it's all gone to plan so far. And then how do we think about it as we cross over to next fiscal year? Do we expect a gradual pickup in the take rate -- organic take rate as we get into fiscal year '25 as well?

知道了。知道了。然後，約翰，僅考慮有機接受率，聽起來一切仍然能夠回到第一季的水平。有哪些具體的驅動因素讓您回到第一季的有機接受率槓桿？也許其中一些舉措已經開始生效，但聽起來到目前為止一切都按計劃進行。那麼當我們進入下一個財政年度時我們該如何考慮這個問題呢？隨著我們進入 25 財年，我們是否預期接受率——有機接受率——也會逐漸回升？

Yes. Thanks, Bryan. So I think you're exactly right on Q4. I mean we are making progress with the product improvements that we've talked about. That will certainly have a positive impact on the value proposition. And these are things around enhanced data, payment speed, reconciliation and things like that as well as local clearing on the international payment front that Rene mentioned.

是的。謝謝，布萊恩。所以我認為你對 Q4 的看法完全正確。我的意思是我們在談論的產品改進方面正在取得進展。這肯定會對價值主張產生正面的影響。這些都是圍繞著增強數據、支付速度、對帳等事項以及 Rene 提到的國際支付的本地清算。

So we saw an increase in adoption. We also saw growth in some of our newer ad valorem products, which are smaller in size than, say, our virtual card or international payment products but are starting to influence the numbers. And I think we're on track for what we said previously in terms of Q4.

因此我們看到採用率增加。我們也看到一些較新的從價產品成長，這些產品的規模比我們的虛擬卡或國際支付產品小，但卻開始對數位產生影響。我認為我們正在按照我們之前關於第四季度所說的計劃進行。

I'd say we feel really good about the foundation that we're laying to return to sort of consistent expansion. It always varies quarter-to-quarter, but nevertheless, driving adoption -- payment volume adoption across all of our ad valorem products. How that plays out exactly into fiscal '25, I think it's early for us to comment on that. We'll certainly lay out our assumptions for you come August.

我想說，我們對我們為恢復持續擴張奠定的基礎感到非常高興。它總是每個季度都有所不同，但儘管如此，它還是推動了我們所有從價產品的採用——支付量的採用。至於這對 25 財年究竟會產生怎樣的影響，我認為現在評論還為時過早。我們一定會在八月向您闡述我們的假設。

The next question comes from Keith Weiss of Morgan Stanley.

下一個問題來自摩根士丹利的 Keith Weiss。

I was wondering if we could delve into the enriched integrated platform capabilities. And hopefully -- I was hoping you could give us a little bit more color on how you're monetizing some of those capabilities. Is it coming through more payment volume, better customer adds? Like how should we think about the benefits extending from that?

我想知道我們是否可以深入研究豐富的整合平台功能。我希望您能向我們詳細介紹一下您如何將這些功能貨幣化。這是透過增加支付量、增加更好的客戶來實現的嗎？例如，我們該如何看待由此帶來的好處？

Okay. Thanks, Keith. It's -- one of the reasons and the primary reason that we integrated the 2 platforms together was to drive simplicity for our SMB customers. It's what we think about every day is how do we simplify their lives. And what we have seen so far in, I would still say, the early days of an integrated platform is that we've seen great progress in active -- activations and engagement and just driving more cross-sell opportunities.

好的。謝謝，基斯。我們將這兩個平台整合在一起的原因之一和主要原因是為了給我們的 SMB 客戶提供簡單性。我們每天思考的是如何簡化他們的生活。到目前為止，我仍然會說，在整合平台的早期階段，我們已經看到了主動激活和參與的巨大進步，並推動了更多的交叉銷售機會。

And so what we're seeing to date is what we would have expected and what we are building the platform around is to simplify their lives, and we're seeing that across the data that we have of customer usage. In addition to just -- you think about what we've already done with the integrated platform, we did announce that we are rolling in the cash flow insights and forecasting capabilities into the platform. And so the vision that we have for the SMB is that they only have one place to have to turn to kind of manage their financial operations.

因此，到目前為止，我們所看到的正是我們所期望的，我們建立平台的目的是簡化他們的生活，我們從客戶使用數據中看到了這一點。除此之外——想想我們已經對整合平台所做的工作，我們確實宣布我們將把現金流洞察和預測功能納入平台。因此，我們對中小企業的願景是，他們只需要一個地方就可以管理他們的財務運作。

This is the pain that every SMB has. There are not tools out there until BILL started building them. And the opportunity to serve a customer with this broad set of capabilities, we think, is unique. And it's one of the things that -- what we see when we have the integration between the 2 platforms, when we see the opportunity that customers are engaging at different levels than they were before.

這是每個中小企業都會有的痛。在 BILL 開始建造這些工具之前，並沒有現成的工具。我們認為，利用如此廣泛的能力為客戶提供服務的機會是獨一無二的。當我們將兩個平台整合在一起時，我們看到了客戶參與度與以前不同程度的機會。

Our next question comes from William Nance of Goldman Sachs.

下一個問題來自高盛的威廉·南斯。

Nice to see some of the acceleration on the Spend & Expense platform today. At the risk of beating the dead, I just wanted to come back to the take rate dynamics in the quarter. John, I thought you said in the script, there was a $6 million benefit to gross profit. And if I kind of pull that out of the transaction revenues, it looks like the take rate was a little bit more stable sequentially. And so I feel like I'm missing something given the commentary around take rate expansion. I was wondering if you could help me with that. And then just kind of more broadly, when you talk about getting take rate back to first quarter levels next quarter, I guess, is this a onetime step-up or a onetime benefit to the take rate?

很高興看到今天 Spend & Expense 平台取得了一些進展。冒著被打敗的風險，我只是想回到本季的接受率動態。約翰，我以為你在劇本裡說過，毛利有 600 萬美元的收益。如果我將其從交易收入中剔除，那麼看起來，接受率比上一季更加穩定。因此，我覺得我忽略了有關擴大接受率的評論中的一些東西。我想知道你是否能幫助我。然後更廣泛地說，當您談到下個季度的接受率回到第一季的水平時，我想，這是一次性的提升還是一次性的接受率收益？

Yes. Thanks for the question, Will. Just to clarify on the $6 million benefit that we referenced earlier, that's really a positive impact on cost of revenues, cost of sales that improved gross margin. It's not a revenue and monetization impact. So that has no real bearing on our take rate, which is a function of transaction revenues and the appropriate segment of TPV, in this case, BILL.

是的。謝謝你的提問，威爾。只是為了澄清我們之前提到的 600 萬美元的收益，這確實對收入成本、銷售成本產生了積極影響，從而提高了毛利率。這不會對收入和貨幣化產生影響。因此，這對我們的收費率沒有實際影響，收費率取決於交易收入和 TPV 的相應部分（在本例中為 BILL）。

So we did make progress, we grew. We were at [14 2], I think, last quarter and expanded without including a separate onetime step-up, which was around some AR volume that transitioned between providers. That volume will continue at a higher rate. But as we look at like seasonality in Q4 and how payment volume falls, we're expecting some of the near-term headwinds on some of the higher-monetizing products to continue. And that serves to kind of mute volume expansion across those products, and we know that we'll have expansion seasonally in the quarter associated with check and ACH payments. So those are some of the dynamics that are all at play in our expectations for the Q4 monetization.

所以我們確實取得了進步，我們成長了。我認為，上個季度我們的業務量為 [14 2]，並且進行了擴張，但沒有包括單獨的一次性提升，這大約是供應商之間轉換的一些 AR 量。這一數量將以更高的速度持續下去。但當我們觀察第四季的季節性以及支付量的下降趨勢時，我們預期一些高貨幣化產品在短期內仍將面臨阻力。這有助於抑制這些產品的交易量擴張，我們知道，與支票和 ACH 支付相關的季度將出現季節性擴張。這些都是我們對第四季貨幣化預期中發揮作用的一些動態因素。

So it will be, as we said previously, an improvement by Q4 versus Q1 or at least at the Q1 level with limited opportunity for volume growth in the very short term. And that's how we get to those assumptions.

因此，正如我們之前所說，第四季度的情況將比第一季有所改善，或至少與第一季持平，但短期內銷售成長的機會有限。這就是我們得出這些假設的方式。

Okay. That's super helpful. So the $6 million is not in revenue, it's in COGS. And there's a separate one, but that one is going to be an enduring uplift in the take rate.

好的。這非常有幫助。因此，這 600 萬美元不是收入，而是銷貨成本。還有一個單獨的，但那個將會持續提高接受率。

That's correct.

沒錯。

Awesome. Appreciate it. All right. And then just, I guess, a separate topic on just go-to-market. I'm just wondering if you could talk around the net adds that we're seeing across, I guess, really more the core BILL platform. What is the mix of sort of channel versus direct these days? I guess more accounting versus kind of not talking about the FI channel. And I guess specifically, how do you kind of envision that changing over time? And is there anything you're doing to kind of get the mix more towards the direct channel in the near term?

驚人的。非常感謝。好的。然後，我想，這只是一個關於進入市場的單獨主題。我只是想知道您是否可以談談我們所看到的網路廣告，我想，實際上更多的是核心 BILL 平台。目前通路與直接銷售的結合情況是怎麼樣的？我認為更多的是會計而不是談論 FI 管道。我想具體來說，您認為隨著時間的推移，這種情況會發生怎樣的變化？您是否正在採取一些措施，以便在短期內將產品組合更多地轉向直接通路？

Got it. Yes. As you know, historically, if you look at our ex FI go-to-market, the majority of our new customers come from our relationships with the accounting firms, so the accounting channel. That continues to be the case. I don't think we've broken out previously specific numbers between the channels. So I won't get to that level of detail.

知道了。是的。如您所知，從歷史上看，如果您看一下我們的前金融機構的上市情況，我們的大多數新客戶都來自我們與會計師事務所的關係，即會計管道。這種情況至今仍是如此。我認為我們之前沒有公佈過各個管道之間的具體數字。所以我不會講到那麼詳細。

But -- and we are continuing to invest and enhance our presence and build relationships in the accounting channel that we think will provide a long-term growth trajectory for continuing to acquire customers. At the same time, we've referenced recently a little bit more focus internally on slightly larger businesses and we've also said, those like with the higher propensity to spend, meaning get on the platform, get up and running now. We have the most control over that in our direct channel, how we target sales and marketing resources and where we deploy some of the programs that we have. And we're starting to see the early signs of that playing out. And so I would think from maybe a revenue perspective, slightly larger businesses over time in that direct channel and from the accounting channel, all size businesses continue to be the majority of our customer acquisition.

但是——我們將繼續投資並增強我們的影響力，並在會計管道中建立關係，我們認為這將為繼續吸引客戶提供長期成長軌跡。同時，我們最近提到，內部會更關注規模稍大的企業，我們也說過，那些有更高消費傾向的企業，意味著要加入平台，現在就開始運作。在我們的直接管道中，我們對此擁有最大的控制權，我們如何定位銷售和行銷資源，以及我們在何處部署我們現有的一些專案。我們開始看到這現象的早期跡象。因此，我認為從收入角度來看，隨著時間的推移，直接通路和會計管道中規模稍大的企業，所有規模的企業將繼續成為我們客戶獲取的主要來源。

The next question comes from James Friedman of SIG.

下一個問題來自 SIG 的詹姆斯·弗里德曼 (James Friedman)。

I wanted to ask about this BILL stand-alone TPV ex FI. First of all, do you think that, that's still the right way to analyze the company? And Rene, in your earlier answer, when you were using that language neutrality, is that what you're referring to?

我想詢問有關這個 BILL 獨立 TPV ex FI 的情況。首先，您認為這仍然是分析該公司的正確方法嗎？雷內，在您先前的回答中，當您使用語言中立性時，您指的是這個嗎？

Thank you, James. The neutrality I was referring to was just with respect to kind of the same-store sales, right? Just the businesses are kind of managing their spend. They're not decreasing their spend. They're not increasing their spend. They're not expanding their spend. And so what that means is that across the platform, we have -- we do not see a contraction, if you will, the way we saw in prior quarters. So we haven't seen expansion. We'd like to see expansion, but we haven't seen expansion yet. So that -- just to clarify my -- what I meant by spend neutrality versus spend expansion, that's where I was meaning there.

謝謝你，詹姆斯。我所指的中立性只是針對同店銷售額，對嗎？企業只是在管理他們的支出。他們並沒有減少支出。他們沒有增加支出。他們沒有擴大支出。這意味著，在整個平台上，我們沒有看到像前幾季那樣的收縮。因此我們還沒有看到擴張。我們希望看到擴張，但我們還沒有看到擴張。所以——只是為了澄清一下——我所說的支出中立與支出擴張是什麼意思，這就是我的意思。

Overall, on the BILL TPV, like we feel really good about what we're able to drive. We continue to add more and more capabilities around the payments to actually drive more share of wallet. We continue to add more and more customers across the platform, which we think is super important. And a lot of this, I would just say, is just continued strong execution. It's super important of execution. And I've been fortunate enough, I've been building and creating online software solutions that automate financial operations since 1992. And over the years, I've learned that having a vision, while it's super important, it's not nearly as important as the will, the grit, the passion and all of that to execute better and better each day. And that's what we do at BILL. It's what we're made of. It's our DNA, and it's what we've always done. It's what we're always going to do.

總體而言，對於 BILL TPV，我們對自己能夠駕駛的感覺非常滿意。我們將繼續增加更多與支付相關的功能，以真正推動錢包份額的增加。我們繼續在整個平台上增加越來越多的客戶，我們認為這非常重要。我想說的是，這在很大程度上得益於持續強有力的執行。執行力極為重要。我很幸運，自 1992 年以來，我一直在建立和創建用於自動化財務運營的線上軟體解決方案。多年來，我了解到，擁有願景雖然非常重要，但它遠不如意志、勇氣、熱情以及每天做得越來越好的所有這些東西重要。這就是我們在 BILL 所做的事情。這就是我們的本質。這是我們的 DNA，也是我們一直在做的事情。這正是我們一直要做的事。

And when you combine that vision with that passion, that grit, that will, you have a combo that is unstoppable. And we feel really good about where we're at and the ability to drive the go-to-market results that we're seeing.

當你將這種願景與熱情、勇氣和意志結合在一起時，你將擁有一個不可阻擋的組合。我們對目前的狀況以及推動市場走向成果的能力感到非常滿意。

Okay. And then if I could just ask maybe for a one-liner around the interchange change. Is that something you're prepared to comment on yet or you're going to wait for fiscal '25?

好的。然後，我是否可以問一句有關轉乘變化的問題？您是否準備對此發表評論，或者您要等到 2025 財年？

Yes. I think it's early for us to have any specific commentary on that. From a timing perspective, it appears that would first potentially come in to be in our fiscal Q4 2025. So it's a little ways out there, yet we're obviously aware and paying close attention to that, but there's a little bit more information needed for, I think, us to understand exactly what the impact is.

是的。我認為現在就對此發表任何具體評論還為時過早。從時間角度來看，這似乎首先有可能出現在我們的 2025 財年第四季。所以這還有一段距離，但我們顯然已經意識到並密切關注這一點，但我認為，我們需要更多資訊才能確切了解其影響。

The next question comes from Brad Sills of Bank of America.

下一個問題來自美國銀行的布拉德·西爾斯。

Wanted to ask about the integration, the progress you've made on integrating receivables with payables and the mobile functionality. How significant is this? In other words, could we start to see this kind of add to the flywheel effect of customer acquisition in your business? And how so might that play out?

想詢問有關整合的情況，以及您在整合應收帳款與應付帳款以及行動功能方面取得的進展。這有多重要？換句話說，我們是否可以開始看到這種對您的業務中的客戶獲取產生飛輪效應？那麼結果會怎麼樣呢？

Thanks, Brad, for the question. I mean we think simplicity is core to the value proposition the businesses need. And so having an integrated mobile app that has all of the AP, the AR and the other capabilities, spend and expense and cash flow insight and forecasting, having one platform that does all of that will be super important for adoption in the short term, medium term and definitely the long term.

謝謝布拉德提出這個問題。我的意思是，我們認為簡單是企業所需價值主張的核心。因此，擁有一個整合了所有 AP、AR 和其他功能、支出和費用以及現金流洞察和預測的整合式行動應用程序，擁有一個可以完成所有這些功能的平台對於短期、中期以及長期的採用至關重要。

And what we did share was that the mobile app also works, obviously, for suppliers. And we're seeing increased usage from suppliers using it for instant transfer and even creating invoices back to the customers on the BILL platform. So we think it's part of the overall strategy.

我們確實分享的是，行動應用程式顯然也適用於供應商。我們看到供應商越來越多地使用它來進行即時轉賬，甚至在 BILL 平台上向客戶開立發票。所以我們認為這是整體戰略的一部分。

I guess another thing, just to maybe step back, is we talked about our scale. The reason we talk about the scale, the amount of money we moved, the number of transactions is because we know that scale drives further scale. And so in this case, the ability for us to really drive more simplicity for our customers comes from how we're seeing them using it across the entire network of hundreds of thousands of businesses and millions of network members.

我想另一件事，也許退一步來說，就是我們談論了我們的規模。我們之所以談論規模、轉移的資金量和交易數量，是因為我們知道規模會推動進一步的規模擴大。因此，在這種情況下，我們能夠真正為客戶帶來更多簡化服務的能力來自於我們看到他們在整個網路中使用它，包括數十萬家企業和數百萬網路成員。

And I think when we look even broader at scale, how we are able to use that to actually understand the payment products they need, the AI capabilities that we bring into the platform, these are all things that we're fortunate enough that we have the type of scale that we do. And that does lead to better product innovation, which is core to our work every day at BILL.

我認為，當我們從更廣泛的角度看待規模時，我們如何能夠利用它來真正了解他們需要的支付產品，以及我們帶入平台的人工智慧功能，這些都是我們很幸運能夠擁有的規模。這確實會帶來更好的產品創新，這也是 BILL 日常工作的核心。

Great. One more, if I may, please, just on the macro. Maybe I'll just ask it a little differently to you, John. The TPV per customer metric is one we all kind of follow here as a gauge there. Are there any signs of improvement, whether it's in certain categories, for that metric to potentially accelerate? I think it grew 1% this quarter, which is kind of similar to last quarter in the core business.

偉大的。如果可以的話，請再說一點關於宏觀的問題。也許我會用和你稍微不同的方式來問這個問題，約翰。我們所有人都會遵循每位客戶的 TPV 指標作為衡量標準。是否有任何改善的跡象，無論是在某些類別，可能會加速？我認為本季成長了 1%，與核心業務上一季的成長類似。

Yes. Thanks, Brad. Yes, it was up slightly this quarter. And if you look at historical sort of patterns with the core BILL platform, there is a seasonal effect in the March quarter that typically holds -- and so we saw that play out as well.

是的。謝謝，布拉德。是的，本季略有上升。如果你觀察核心 BILL 平台的歷史模式，你會發現三月季度通常存在季節性影響 - 因此我們也看到了這種情況。

But we haven't seen any large-scale signals across, say, multiple spend categories that would lead us to believe there's near-term expansion per customer. And I think that leads to Rene's earlier comments about, it feels like it's a somewhat neutral spend environment in the very short term. Obviously, on the card side with our Spend & Expense solution, card volume there exceeded our expectations. It was stronger than we were thinking. And there's definitely strength in the T&E category that is visible there, and that's not -- that's consistent with other companies and airlines and whatnot who are reporting similar stats. That's not necessarily broad-based yet such that we believe there is significant near-term expansion. But I think we have a little bit of a ways to go with regards to inflation, interest rates and other conditions that will give small businesses the confidence that now is the time to expand.

但我們還沒有看到任何大規模的訊號，例如多個支出類別的訊號，讓我們相信每個客戶的數量在短期內會擴大。我認為這引出了雷內之前的評論，感覺短期內這是一個比較中性的支出環境。顯然，在卡片方面，透過我們的支出和費用解決方案，卡片量超出了我們的預期。它比我們想像的還要強大。並且，T&E 類別中的優勢是顯而易見的，而且這與其他公司、航空公司等報告的類似統計數據一致。但這並不一定是廣泛的，因此我們認為短期內會出現顯著的擴張。但我認為，在通貨膨脹、利率和其他條件方面，我們還有一段路要走，這些條件將使小型企業有信心現在是擴張的時候了。

Our last question is from Taylor McGinnis at UBS.

我們的最後一個問題來自瑞銀的泰勒麥金尼斯。

So it looks like the 4Q core rev growth guide assumes a bit of a deceleration compared to how you guided last quarter. So when we think about where slower growth might be occurring, anything you would flag as we think through our model? So for instance, I don't believe you guided to TPV, but is it fair to assume the old guide of 7% to 8% TPV growth this year still holds? It sounds like earlier you were messaging maybe the potential for take rate to be down sequentially. So maybe that is the area. But just any additional color from a modeling perspective you could help us with?

因此，與上一季的指導相比，第四季度核心收入成長指南似乎有所減速。因此，當我們考慮哪些地方可能會出現成長放緩時，在我們思考我們的模型時您會標記什麼？舉例來說，我不相信您對 TPV 做出了指引，但是否可以公平地假設今年 TPV 成長率 7% 至 8% 的舊指引仍然有效？聽起來你之前說過，接受率可能會連續下降。所以也許這就是那個區域。但是從建模角度來看，您能幫助我們添加任何額外的顏色嗎？

Yes. Thanks, Taylor. Yes, our core revenue guidance implies about 10% year-over-year growth at the midpoint, which is ahead of what we, I guess, implied last quarter. There's a number of variables: customers and price plans drive subscriptions and transactions, it's TPV and monetization rate. So it's a pretty simple model that we have. And our main expectation is -- the big picture is that we're going to see muted growth across especially the TPV and take rate variables in the very short term, and that's certainly embedded in our assumptions for the fourth quarter.

是的。謝謝，泰勒。是的，我們的核心收入預期意味著中期年增約 10%，這比我們上個季度的預期要高。有許多變數：客戶和價格計劃推動訂閱和交易，這是 TPV 和貨幣化率。所以我們的模型非常簡單。我們的主要預期是——總體來看，我們將看到短期內尤其是 TPV 和利率變數的成長放緩，這肯定已經包含在我們對第四季的假設中。

On Spend & Expense, we are expecting full year revenue growth to be slightly higher than the high end of our previous expectations, which was 20% to 25%. So we are seeing a little bit more strength in. That's just a volume play there. Our interchange is relatively stable. So those are some of the moving parts.

在支出和費用方面，我們預計全年收入成長將略高於我們先前預期的高端，即 20% 至 25%。因此，我們看到了更多的力量。這只是一個數量效應。我們的交流比較穩定。這些就是一些活動部件。

This concludes the Q&A session. So I'll turn the call back to Rene Lacerte for any closing comments.

問答環節到此結束。因此，我將把電話轉回給 Rene Lacerte，請他發表任何結束語。

Thank you. Thanks, everyone, for joining us today. As we celebrate BILL's 18th anniversary, we are all proud of the incredible transformational value that our platform provides SMBs. And I'd especially like to call out and thank all of our employees who stepped it up this quarter and continue to drive innovation that empowers our customers to thrive. Thank you.

謝謝。感謝大家今天加入我們。在我們慶祝 BILL 成立 18 週年之際，我們都為我們的平台為中小型企業提供的令人難以置信的轉型價值感到自豪。我特別想呼籲並感謝我們所有的員工，他們在本季度做出了巨大努力，並繼續推動創新，幫助我們的客戶蓬勃發展。謝謝。

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

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。