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 年第三季財報電話會議。參加今天電話會議的還有 BILL 執行長 Rene Lacerte；總裁兼財務長 John Rettig；投資人關係副總裁 Karen Sansot。

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

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 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.

謝謝你，接線生。歡迎參加 BILL 2024 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 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 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，我們將參考公認會計原則和非公認會計原則財務指標。請參閱今天的新聞稿，以了解 GAAP 與非 GAAP 財務表現的調整表以及有關這些措施的其他揭露。請注意，在本次電話會議中，我們有時會討論 BILL 的獨立結果，其中不包括我們的 BILL Spend & Expense 管理（以前稱為 Divvy）、Invoice2go 應收帳款和 Finmark Financial 規劃解決方案。現在我將把電話轉給雷內。雷內？

Thank you, Karen. Good afternoon, everyone. 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，並以一貫的嚴謹和有效的方式執行。在整個公司範圍內，我們實施了加強核心的關鍵措施。我們增強了我們的平台，豐富了我們的支付體驗並擴大了我們的生態系統。市場機會和我們塑造機會的能力每天都在成長。 BILL 的發展前景廣闊，我們將繼續將自己定位為中小企業重要的財務營運平台。

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出色的非公認會計準則利潤成長，超出了我們的預期。總營收年增 19%，非 GAAP 營業收入較去年同期成長 68%。在 BILL，我們感到鼓舞的是，在本季度，我們幫助超過 450,000 家小型企業實現了財務營運自動化，以便他們可以花更多時間專注於自己的使命。憑藉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 2500 萬筆交易，支付總額超過 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.

我們的業績和規模展示了我們平台的關鍵任務性質、生態系統的實力和出色的執行力。這是我們成長和滲透大市場機會的基礎。 BILL 是為中小企業提供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企業提供了實現財務營運自動化和轉型的巨大機會。美國有超過 600 萬家擁有員工的中小企業，總計超過 3,300 萬家小型企業，其中包括自僱人士。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承受著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記錄使我們處於領先地位，可以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採用。

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.

在比爾，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。他們應該得到專門的關注、護理和專為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移到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平凡、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為企業提供了根據其需求和供應商需求的選擇，同時加速支付並簡化資料核對。我們透過編織專有的雙邊網絡消除了開展業務的摩擦，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。我們網路的覆蓋範圍和價值吸引了超過 580 萬會員，並推動了我們 BILL 獨立核心收入的 1/3 以上。

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中，以連接企業、實現營運自動化並提高支付能力。我們的人工智慧引擎經過了針對我們專有資料資產的獨特訓練，包括跨一系列支付方式的超過 3 億筆交易和超過 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.

隨著規模不斷擴大，我們不斷擴大的規模自然會推動更快的產品開發和生態系統擴展。這種良性循環使我們能夠快速學習、快速行動並加快價值中小型企業的速度。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、可見度和控制力來經營業務。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。這就是比爾成為該類別領導者的原因，擁有廣闊的護城河和活躍的黏性客戶群。

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."

joe 是我們的平台如何為中小企業提供支援的一個很好的例子，它是一款針對精品咖啡店的行銷自動化解決方案。喬使用我們的平台和支付產品將他們的手動應付帳款數位化並向海外供應商付款。聯合執行長兼聯合創辦人布倫登馬丁(Brenden Martin) 表示：「我們選擇BILL 是因為他們擁有業界最佳的解決方案，我們共同致力於為小型企業提供公平的競爭環境。Joe 擁有一支由15 名員工組成的團隊，為我們提供支援擁有1,500 家小型咖啡店的客戶群，如果沒有BILL 實現財務運營現代化，我們就不可能擁有這樣的規模。多時間和精力集中在沖泡策略和產品上，為更多精品咖啡店提供支援。

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.

讓喬和所有中小企業實現他們的目標是我們的旅程特別有意義的原因。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，我們不斷推動客戶的廣泛採用和市場的更深入滲透。每個月，我們都會獲得數千名客戶和數以萬計的新網路成員。

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型企業的資金流動。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。這只有透過我們的支付引擎、資金轉移能力和強大的風險管理專業知識的結合才能實現。而且我們的規模正在不斷擴大。在過去 12 個月裡，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.

支撐這項成就的是我們在為中小企業創造價值方面的良好記錄。 Tower 28 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皮膚。 Tower 28 利用我們整合平台的強大功能，使用我們的應付帳款、應收帳款以及支出和費用解決方案。

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 表示：「一種新的美容方法需要一種新的商業財務營運方法。我們公司一直在快速擴張。在不到2 年的時間裡，我們的業務基本上成長了兩倍。隨時隨地批准付款，由BILL 負責我們的財務運營，我們的團隊可以將更多時間和資源集中在公司發展和護膚產品開發上。

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.

每一天，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。成為產業領導者需要一個異常強大的創新路線圖，不斷將我們的價值擴展到中小企業及其會計合作夥伴。創新是我們的基因，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的關鍵成長投資領域，其中包括推動我們的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並推動我們的廣告滲透價溶液。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，我們顯著豐富了我們的整合平台功能。我們的平台現在包括現金流量洞察和預測，利用我們收購 Finmark 帶來的最佳 FP&A 功能。這項強大的工具使中小型企業能夠預測未來現金流，輕鬆視覺化趨勢和機會，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來優化、管理和預測現金流。 BILL 擁有獨特的優勢，可以提供豐富的見解，因為我們的綜合平台可以服務所有 B2B 支出並與會計系統整合。

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的根深蒂固的作用，分析和預測層為中小型企業和會計師釋放了巨大且獨特的價值。最近，我們將平台的功能擴展為適用於 BILL AP 和 AR 的全新行動應用程序，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提供全新的外觀和輕鬆的導航。這種體驗滿足了客戶的需求，是金融營運速度和簡單性的另一個延伸。新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.

我們將持續增強支付體驗，為中小型企業帶來更多便利。我們擁有先進的支付基礎設施，並不斷增強。我們的平台可連接 12 個支付通道，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支付類型和客戶來源而異。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。透過化繁為簡，我們的客戶加速了向數位支付的過渡。

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.

支付的速度和選擇對中小型企業至關重要，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，現在我們透過利用本地清算能力提供更快的支付速度來釋放更大的價值。我們增強的產品將把交貨時間從幾天縮短到接近實時。上個月，我們在第一個國家推出了這項經驗，我們將在2024 年更廣泛地推廣這些功能。 。我們在建立平台時考慮到了敏感性，允許多種模型與我們的合作夥伴整合和嵌入。

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.

我們與近 8,000 家會計師事務所和國內一些最大的銀行合作，他們信任我們來管理其客戶的營運和付款。我們在將我們的功能整合和嵌入到合作夥伴的服務中擁有近 20 年的經驗。我們了解創造適合我們合作夥伴的有凝聚力的產品和上市體驗的複雜性。我們獨特的專業知識和能力使我們的平台能夠在我們的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，而我們正在引領潮流。十年前，中小企業的財務營運自動化之旅幾乎完全從基於消費者的線上銀行開始。這就是為什麼我們是與銀行合作的先驅，使他們能夠做支付以外的更多事情。

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，中小企業財務之旅的大門可以從許多不同的地方開始。它可以而且確實從各種不同的軟體供應商開始。我們專注於中小型企業，這意味著我們能夠滿足客戶的需求，無論他們處於哪個切入點。業界認可我們的領導地位，軟體公司的入境興趣也很濃厚。許多軟體公司都希望我們能幫助滿足其客戶的支付需求。

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。我們正在迅速採取行動，以利用這一新興趨勢。我們正在快速發展我們的嵌入技術，使軟體公司能夠輕鬆即插即用。

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.

我們的嵌入策略引起了共鳴。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。一旦推出，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絡建立聯繫。我們對此次合作感到非常興奮，並正在與 Xero 密切合作，將該產品推向市場。

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實現了出色的財務業績，為企業提供更多的自動化、控制和洞察力。我們的領導地位和規模的實現並非一朝一夕。我們將透過仔細的策略規劃、對能力建構的持續投資和一致的執行來繼續擴大我們的領導地位。我們正在建立一家持久的公司，我們渴望幫助數百萬中小型企業實現營運自動化，並更輕鬆地進行數萬億美元的電子支付。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。這與我們的價值觀和使命一起，將繼續加強我們獨特的競爭優勢，使我們能夠更好地服務我們所追求的巨大市場機會。

I'll now turn the call over to John.

我現在將把電話轉給約翰。

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 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.

我們在本季度取得了強勁的業績，這增強了我們對我們的業務實力、執行能力和我們所追求的市場機會的信心。我們正在加強我們的核心，同時嚴格投資，為下一階段的加速成長鋪平道路。對我們首要任務的嚴格執行在第三季顯示出早期的正面訊號。

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 Spend & Expense 和 BILL 獨立前 FI 解決方案的淨新客戶數量恢復到歷史水準。 B2B 支出環境顯示出穩定的跡象。我們對消費傾向較高的企業的關注推動了我們的支出和費用業務的成長。 BILL獨立支付變現規模持續擴大。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 GAAP 毛利為 2.81 億美元，較去年同期成長 19%，非 GAAP 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同類中最好的毛利率。我們在第三季也顯著提高了獲利能力，反映了我們對嚴格投資的持續承諾。第三季非 GAAP 營業收入為 5,900 萬美元，較去年同期成長 68%。非 GAAP 營業利潤率為 18%，較去年第三季擴大超過 5 個百分點。我們再次實現了非公認會計原則營業收入獲利，不包括浮動收入的好處。在第三季度，我們的除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，並展示了我們隨著規模擴大而提高營運槓桿的能力。

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.

繼續討論關鍵業務亮點。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。我們透過支出和費用解決方案在整個財年中實現了強勁的成長趨勢，並在第三季度繼續保持，本季的業績超出了我們的預期。支出和費用收入年增 29%，淨新增支出業務 1,800 家。我們正在優先將我們的銷售和行銷資源用於具有更強財務實力和獲得更大錢包份額的機會的支出企業。

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.

本季消費卡支付額為 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，我們看到信用和詐欺損失率上升，特別是在我們較小的客戶群中。去年，我們積極主動地努力管理信貸風險，使我們能夠保持強勁的利潤率。

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。在我們多樣化的支付解決方案套件以及對支付產品和供應商計劃的持續改進的推動下，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%。本季的BILL 獨立支付貨幣化較第二季度有所擴大，這主要是由於我們較新的從價產品的採用增加，以及本季在處理提供者之間遷移TPV 導致的交易費用的非經常性增加。

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.

BILL 獨立訂閱收入（不包括金融機構合作夥伴）較去年同期成長 9%。總體而言，BILL 獨立訂閱收入比去年下降了 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帶來價值，我們的客戶獲取和保留結果也很強勁。第三季度，直接和會計管道中的 BILL 獨立淨新客戶數量為 4,100 名，不包括與 Intuit 簡單帳單支付解決方案廢棄相關的客戶流失。

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.

金融機構或金融通路的 BILL 獨立客戶數量較上季下降。在我們的合作夥伴組合中，新註冊人數繼續以一致的速度增長，但被定期發生的不活躍客戶的移除所抵消。

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，第三季浮動收入年增 26% 至 4,200 萬美元。浮動資金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。我們產生大量的自由現金流並擁有強大的資產負債表。這使我們能夠為長期機會提供資金，同時實現獲利成長。我們的投資有目的、有紀律，並積極主動地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.

第三季度，我們回購了 2025 年可轉換票據本金總額 7.48 億美元，現金使用量為 7.11 億美元，非 GAAP 稀釋後股票數量減少了 90 萬股加權股票。此外，由於回購，我們也解除了部分上限看漲工具。

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.

我們回購這些票據是為了最大限度地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效益進行購買。回購這些票據和解除上限買權為其他收入和支出帶來了 3,400 萬美元的淨收益，這反映在我們的 GAAP 業績中，但不包括在我們的非 GAAP 業績中。

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.

現在我們快速更新一下我們的非公認會計準則淨利潤演示。鑑於我們在過去幾季產生的大量非公認會計準則淨利潤，我們從第三季開始進行了新的非公認會計準則所得稅調整。此前，非公認會計準則淨利潤包括公認會計準則稅款，但金額極小。第三季度，我們的非公認會計準則所得稅撥備是使用 20% 的混合稅率計算的。請注意，此變更對實際現金稅繳納沒有影響。您可以參閱我們的新聞稿和季度投資者演示文稿以獲取更多信息，包括回顧我們之前各期的情況，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，對我們的結果進行同類比較。第三季非 GAAP 淨利為 6,860 萬美元。較去年同期成長42%。非 GAAP 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.

轉向我們的觀點。我們正在上調 2024 財年展望，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不利因素保持審慎態度。儘管有跡象顯示 B2B 支出環境趨於穩定，但中小企業仍面臨高通膨和利率的壓力。

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 億至 3.3 億美元之間，年增 8% 至 11%。我們預期第四季的浮存收入將為 4,000 萬美元，假設 FBO 基金的收益率約為 480 個基點。我們預計第四季度非 GAAP 毛利率約為 84%，這反映了支付量組合的輕微變化以及我們在第三季認識到的一次性毛利率優勢。正如之前所討論的，我們預計，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，我們的非公認會計準則毛利率將在80 年代低至中期放緩。

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 淨利潤應用非 GAAP 稅率的變更，我們正在為非 GAAP 營業收入提供指導，我們預計第四季度為 4,000 萬至 5,000 萬美元。我們預計第四季非 GAAP 淨利潤在 4,640 萬美元至 5,440 萬美元之間，其中包括非 GAAP 假設的 20% 稅率。我們預計短期內實際繳納的現金稅款將繼續保持在相當低的水平。

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.

根據 1.12 億股已發行稀釋加權平均股數，非 GAAP 每股稀釋淨利預計在 0.41 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.

轉向全年指導。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%。假設 FBO 基金的殖利率為 490 個基點，我們預期 2024 財年的浮動收入將為 1.65 億美元。我們預計 2024 財年非 GAAP 營業收入為 1.76 億至 1.86 億美元，年增 51% 至 59%。我們預計 2024 財年非 GAAP 淨利潤在 2.27 億至 2.35 億美元之間，其中包括假設的 20% 稅率，基於 115.5 股計算，非 GAAP 攤薄後每股淨利潤為 1.96 至 2.03 美元百萬稀釋加權平均已發行股份。

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 財年的股票薪酬費用約為 2.55 億美元，比我們在財年年初提供的指導低約 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，我們實現了強勁的季度成長和獲利能力的平衡，並且我們謹慎地執行了關鍵業務計劃，為持續的長期成長奠定了基礎。在比爾，我們全力幫助中小型企業成功和發展。我們在金融營運類別中處於領先地位。憑藉我們獨特的護城河、嚴格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，我們現在準備好回答問題。

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

（操作員指令）我們的第一個問題來自摩根大通的黃天欽。

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?

這裡有好的結果。也許我會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冠捷的更一致的信號。聽起來你看到了更多的穩定性。考慮到第四季以及我們延伸到 25 財年，這是否是目前的假設？還有其他的呼喚嗎？

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.

謝謝你的提問，田津。我想說你對此有很好的總結。總的來說，我們認為支出是中性的，即我們擁有的客戶組合中支出的穩定性是一致的。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。所以我們同樣假設穩定性。然後我必須詢問我的後續行動，雷內，關於美國銀行的最新情況。我知道，顯然，這引起了很多關注並集中在最後一次通話上。我們現在與美國銀行的談判進展如何？

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。當我們有具體資訊要分享時，我們一定會回覆你們所有人。我認為也許值得分享銀行如何融入我們的整體市場策略的更廣泛背景。我們採取三管齊下的方法，並專注於近期和中長期措施。從短期來看，這是我們影響我們的直接主管和會計師的機會。期中考也是會計，因為他們帶來了會計師的客戶。

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.

但更長遠的發展確實是我們的金融機構和合作夥伴策略。當我們考慮長期時，就像背景一樣，今天的長期約為業務總收入的 2%，這正是你所期望的，因為這就是我們專注於建立業務的方式，出現在客戶所在的地方，在客戶所在的地方與他們見面，並盡可能地實際推動客戶獲取。本季度，隨著 Xero 的加入以及他們向世界各地的企業（尤其是美國的企業）提供的整體軟體平台，您看到了生態系統的良好擴展。對市場上發生的事情感到興奮。

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?

接受率方面做得很好。也許我會從那裡開始。我認為您說過，跨後端提供者遷移一些卷會帶來一些非經常性好處。那麼您能否量化本季的營收收益？

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.

另外，您能否向我們介紹一下您在推動更多虛擬卡採用的一些舉措方面所取得的最新進展？也許只是提醒我們，我們何時可以看到這一點，因為這聽起來像是採用率的進步，也許其中有一些非經常性收入，但更多的是——聽起來更多是由一些新的從價付款，而您在虛擬卡方面採取的行動並沒有帶來太多好處。

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。讓我為您解開一下。首先，我們覺得第三季我們取得了很大的進步。顯然，貨幣化顯著擴張。這是由我們的從價產品銷售增加以及我們之前提到的一次性成長所推動的。這實際上是處理提供者之間的交易量移動，導致我們的一小部分交易量獲得了更高的貨幣化。

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.

我們上季度談到的改善客戶和供應商產品體驗的優先事項已經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，表明我們正在為未來在更一致的基礎上擴大貨幣化奠定基礎。

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.

排除本季的一次性成長，我們也擴大了貨幣化。所以這符合我們的預期。我們覺得我們已經制定了從第二季度開始擴展的計劃，並且我們做到了。我們預計第四季度的貨幣化水準將達到或高於第一季度，正如我們之前所說的。所以這與我們的預期是一致的。

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，在第三季度，我們的虛擬卡計畫尤其經歷了許多改進。我們在那裡看到了穩定的交易量，但並不一定推動了我們所進行的擴張的很大一部分。但我們覺得我們正在為未來的情況做好準備。

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推出的 Airwallex 合作夥伴關係。對此表示祝賀。我的感覺是，這可能會開啟數十種以當地貨幣支付的貨幣支付選擇，而不是目前以英鎊和加幣計算的幾種貨幣支付選擇。顯然，這會以更低的價格、更快的速度實現。

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本地貨幣跨境支付有何意義呢？我認為你們實際上正在將其推廣到澳大利亞、紐西蘭和歐洲等新市場。所以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。我們整個平台的基礎之一是支付選擇問題。買方和供應商都必須有選擇。我們從國際供應商那裡聽到的是，他們有時希望並需要接近即時的支付清算，而實現這一點的唯一方法是本地清算。因此，與 Airwallex 的合作將使我們能夠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，我們已經開始在一個國家/地區這樣做，只是為了對其進行測試並確保其按預期工作。但我們確實認為這將推動採用，因為這又回到了選擇。這就是為什麼我們有 12 種支付方式和超過 8 種不同的支付方式。我們的做法是獨一無二的。我們認為這種選擇將推動平台的成功，不僅對於外匯，而且對於我們平台的整體使用也是如此。

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，這裡成績很好。我想深入研究 BILL 獨立前 FI 的網路添加。我想知道簡單帳單支付滾存的殘餘影響是否會產生任何影響，如果有的話，有機添加會是什麼樣子。然後，在更高的層面上，顯然，在軟體採用方面存在一些混合訊號，您在採用趨勢方面看到的情況以及市場上的類似情況，以及是否存在任何類型的區別，以及管道之間的任何差異。

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.

嗯，謝謝你，安德魯。我認為，我們擁有一支非常強大的團隊，在過去的一段時間內執行得非常好，我想，比上個季度要好一點。我們重新調整了團隊，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是我們希望確保我們在客戶所在的地方與他們會面。如果他們想要獨立的支出和開支，那就太好了。如果他們想要組合包，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.

因此，團隊圍繞著這一點保持一致。我認為公司內部所有權的清晰性和訊息傳遞的清晰性正在發揮作用。因此我們看到擺在我們面前的市場機會是巨大的。我們有數十萬家企業，其中有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。我直接知道這一點，因為我本質上是一家小企業，一直都是，永遠都是。

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，能夠滿足他們的需求並提供我們所做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進入市場的技能感到非常滿意。所以很高興看到它全面發生。

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。然後也許我可以深入研究嵌入式策略。很高興聽到軟體合作夥伴的管道。那解鎖的是什麼？這是戰略性的嗎？是技術性的嗎？這是比爾和 Intuit 之間的泳道嗎？是什麼推動了嵌入式發行版的成長？

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，我認為其中一些只是因為在那裡。就像我們在過去 18 年裡一直在建立這個平台一樣。我們的規模是獨一無二的，在過去五年多、現在六年多的時間裡，我們轉移了超過 1 兆美元的資金，創造了 10 億個機會。我應該說，我們有機會為我們的合作夥伴推動這種規模，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.

法規遵循需求會根據客戶以及您找到客戶的方式而有所不同。我們確實有能力在整個平台上提高風險效率和有效性。因此，當我們與合作夥伴交談時，無論他們是從事會計工作的軟體合作夥伴，還是為中小企業提供堆疊其他部分的軟體合作夥伴，我們一直聽到的是，財務運營所需的複雜性當談到轉移資金時，他們將很難承擔。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人們意識到金融營運是一個真正的機會。我們所取得的成功提高了人們的認識，讓他們認識到可以節省大量時間，並有大量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 年以來移動了 GDP 的 1%，超過 1 兆美元。我們可以做到並且做得很好。

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

接下來是沃爾夫研究中心的達林佩勒 (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討論一下您現在所採取的進入市場的方法。也許只是在客戶添加數字上添加更多顏色。我知道有人在一秒鐘前觸及過它，但更多細節 - 我的意思是，您的客戶在 Divvy 中的添加速度也加快了，而且數量也很大。顯然，該策略似乎正在以更大的方式發揮作用。然後在直接方面也是 3,500。看起來，FI 頻道上有一些 FI 流失。也許你也可以解釋一下，夥計們，對客戶的未來期望會更廣泛地增加。

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，Rene 可以在這裡添加顏色。如果您還記得二月的情況，我們討論了一些優先事項，以根據外部和中小型企業不斷變化的條件來調整我們的市場推廣工作。因此，正如Rene 所說，重點關注的領域之一是中小企業所在的位置，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，將我們的重點縮小到更有針對性地針對準備採用的潛在客戶，而不是尚未採用的潛在客戶。我們在本季度看到了良好的進展。這絕對是由我們的銷售和市場部門（整個市場進入組織）非常有才華的領導和團隊所推動的。

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，本季度添加了 4,100 個，比上個季度有所增加，我認為這是我剛才提到的一些重點領域的良好開端。這個數字不包括與 Intuit Simple Bill Pay 相關的流失，該季度的客戶數量相當小，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，圍繞客戶增加的最大加速點可能是我們的 Spend & Expense 解決方案，該解決方案在本季度增加到 1,800 個。這是一個既專注於大型業務又關注較小業務（較小的業務部門）的較低人員流失的功能，並且在增強價值主張和專注於擴展的團隊方面取得進展。我們之前曾表示，我們認為我們可以控制許多槓桿來重新獲得滲透市場的動力。您在本季的「帳單」和「支出與費用」這兩個領域都看到了這種情況。

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.

由於與金融機構管道相關，我們看到本季的客戶數量有所下降。這主要是由於刪除了一些不活躍的客戶。因此，我們在本季度經歷了 FI 管道內註冊人數的增加以及有史以來最高的活躍客戶率。但同時，正如定期（通常是季節性）發生的那樣，一些合作夥伴會刪除不活躍的客戶。因此，這影響了數字的整體外觀，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.

我們的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。 Rene，剛跟進美國銀行的情況。美國銀行的關係可能​​會以某種形式繼續下去嗎？或者他們仍然有可能將所有東西帶入內部嗎？我只是想了解仍然存在的結果範圍，因為我知道存在 - 或者至少美國銀行做出了某種最低限度的承諾。那麼這種情況還存在嗎？

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，我們正在與銀行的合作夥伴積極合作。就像我們說的，當我們有更多東西要分享時，我們會的。我們的平台上有擴展生態系統以服務中小企業的機會，無論他們身在何處，我們認為有機會與銀行一起這樣做。

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，只要考慮有機轉換率，聽起來一切仍然堅持回到第一季的水平。只是一些特別的驅動因素讓您回到第一季的有機採取率槓桿？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已按計劃進行。那麼，當我們跨入下一個財年時，我們又該如何看待這個問題呢？當我們進入 25 財年時，我們是否預期採用率（有機採用率）會逐漸上升？

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。所以我認為你對第四季的看法完全正確。我的意思是，我們正在透過我們所討論的產品改進來取得進展。這肯定會對價值主張產生正面影響。這些都是關於增強數據、支付速度、對帳等，以及雷內提到的國際支付方面的本地清算。

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.

所以我們看到了採用率的增加。我們也看到一些較新的從價產品的成長，這些產品的規模小於我們的虛擬卡或國際支付產品，但已開始影響數量。我認為我們正在朝著我們之前在第四季所說的方向發展。

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而奠定的基礎感到非常滿意。它總是隨季度而變化，但無論如何，都在推動採用——我們所有從價產品的支付量採用。我認為我們現在對此發表評論還為時過早。我們肯定會在八月為您列出我們的假設。

The next question comes from Keith Weiss of Morgan Stanley.

下一個問題來自摩根士丹利的基斯‧韋斯。

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。希望 - 我希望您能給我們更多關於如何將其中一些功能貨幣化的信息。是透過更多的支付量、更好的客戶添加來實現的嗎？例如我們該如何考慮由此帶來的好處？

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也是主要原因是為了讓我們的中小企業客戶變得簡單。我們每天思考的就是如何簡化他們的生活。我仍然想說，到目前為止，我們在整合平台的早期階段所看到的是，我們在主動激活和參與方面取得了巨大進步，並且推動了更多交叉銷售機會。

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，我們迄今為止所看到的正是我們所期望的，我們建立平台的目的是為了簡化他們的生活，我們在客戶使用數據中看到了這一點。除了——你想想我們已經在整合平台上做了什麼，我們確實宣布我們正在將現金流洞察和預測功能引入該平台。因此，我們對中小企業的願景是，他們只需求助於一個地方來管理其財務運營。

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面臨的痛點。在比爾開始建造之前，還沒有任何工具可用。我們認為，利用如此廣泛的功能為客戶提供服務的機會是獨一無二的。這是當我們在兩個平台之間進行整合時，當我們看到客戶在不同層面上參與的機會時所看到的事情之一。

Our next question comes from William Nance of Goldman Sachs.

我們的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 平台上的一些加速。冒著死人的風險，我只想回到本季的匯率動態。約翰，我記得你在劇本中說過，毛利有 600 萬美元的收益。如果我將其從交易收入中剔除，看起來採用率會比上一季更加穩定。因此，鑑於有關採取率擴張的評論，我覺得我錯過了一些東西。我想知道你能否幫我解決這個問題。然後更廣泛地說，當您談論下個季度將利用率恢復到第一季的水平時，我想，這是一次性的提升還是一次性的利用率收益？

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 萬美元收益，這確實對收入成本和銷售成本產生了積極影響，從而提高了毛利率。這不是收入和貨幣化的影響。因此，這對我們的採用率沒有真正的影響，它是交易收入和 TPV 相應部分（在本例中為 BILL）的函數。

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，上個季度我們處於 [14 2] 狀態，並且在沒有包括單獨的一次性升級的情況下進行了擴展，這是圍繞在提供者之間轉換的一些 AR 量進行的。這一數量將繼續以更高的速度增長。但當我們考慮到第四季度的季節性以及支付量的下降時，我們預計一些高貨幣化產品的短期阻力將持續下去。這有助於這些產品的銷售擴張，而且我們知道我們將在與支票和 ACH 支付相關的季度進行季節性擴張。因此，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。

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，第四季度將比第一季有所改善，或至少在第一季的水平上有所改善，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。還有一個單獨的因素，但這個因素將持續提高採用率。

That's correct.

這是正確的。

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。欣賞它。好的。然後，我想，這是一個關於上市的單獨主題。我只是想知道你是否可以談談我們所看到的網路補充，我猜，實際上更多的是核心比爾平台。如今，通路與直接的組合是怎麼樣的？我想更多的是會計而不是不談論金融管道。我想具體來說，您如何看待這種隨著時間的推移而發生的變化？您是否正在做一些事情來讓混音在短期內更多地轉向直接管道？

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，如果您看看我們的前金融機構進入市場，我們的大多數新客戶都來自我們與會計師事務所的關係，因此來自會計管道。情況仍然如此。我認為我們沒有列出先前頻道之間的具體數字。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，我們正在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獲取客戶提供長期成長軌跡。同時，我們最近提到內部更專注於規模稍大的企業，我們也說過，那些有較高消費傾向的企業，意味著現在就進入平台，啟動並運作。我們在直接管道中擁有最大的控制權，包括我們如何定位銷售和行銷資源以及我們在何處部署我們擁有的一些計劃。我們開始看到這種情況的早期跡象。因此，我認為，從收入的角度來看，隨著時間的推移，在直接管道和會計管道中規模稍大的企業，所有規模的企業仍然是我們獲取客戶的大部分。

The next question comes from James Friedman of SIG.

下一個問題來自 SIG 的 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?

我想問一下這個 BILL 獨立 TPV ex FI 的情況。首先，您認為這仍然是分析公司的正確方法嗎？雷內，在您之前的回答中，當您使用語言中立性時，這就是您所指的嗎？

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。我所說的中立性只是針對同店銷售，對嗎？只有企業在某種程度上管理他們的支出。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。因此，這意味著在整個平台上，我們沒有看到收縮，如果你願意的話，就像我們在前幾季看到的那樣。所以我們還沒看到擴張。我們希望看到擴張，但我們還沒有看到擴張。因此，只是為了澄清我的支出中性與支出擴張的含義，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，在比爾冠捷 (BILL TPV) 上，我們對自己的駕駛能力感到非常滿意。我們繼續圍繞支付添加越來越多的功能，以實際推動更多的錢包份額。我們繼續在該平台上增加越來越多的客戶，我們認為這非常重要。我只想說，其中很多只是持續的強有力的執行。執行力非常重要。我很幸運，自 1992 年以來，我一直在建立和創建使財務營運自動化的線上軟體解決方案。所有這些，讓每一天都做得越來越好。這就是我們在比爾所做的。這就是我們的組成部分。這是我們的 DNA，也是我們一直以來的做法。這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、意志結合時，你就會擁有一個勢不可擋的組合。我們對自己所處的位置以及推動我們所看到的上市結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。然後我是否可以要求換乘換乘站附近的單程車。您準備好對此發表評論嗎？

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。我認為我們現在對此發表具體評論還為時過早。從時間角度來看，這似乎首先可能出現在我們的 2025 年第四財季。 ，我們可以準確地了解其影響是什麼。

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·希爾斯。

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?

想詢問有關整合的問題，以及您在應收帳款與應付帳款整合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增加您企業中客戶獲取的飛輪效應？那麼結果會如何呢？

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.

謝謝布拉德提出的問題。我的意思是，我們認為簡單性是企業所需價值主張的核心。因此，擁有一款具有所有 AP、AR 和其他功能、支出和費用以及現金流洞察和預測的集成移動應用程序，擁有一個能夠完成所有這些工作的平台對於短期內的採用非常重要，中期，絕對是長期。

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。我們發現供應商越來越多地使用它進行即時轉賬，甚至在 BILL 平台上為客戶創建發票。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，我們談論了我們的規模。我們之所以談論規模、我們轉移的資金量、交易數量，是因為我們知道規模會進一步推動規模。因此，在這種情況下，我們真正為客戶帶來更多簡單性的能力來自於我們看到他們如何在數十萬企業和數百萬網路成員的整個網路中使用它。

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，當我們放眼更廣闊的範圍時，我們如何能夠利用它來真正了解他們所需的支付產品，我們引入平台的人工智慧功能，這些都是我們很幸運的事情我們所做的規模類型。這確實會帶來更好的產品創新，也是我們 BILL 每天工作的核心。

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，請再講一則宏觀的內容。也許我會以不同的方式問你，約翰。每位客戶的 TPV 指標是我們所有人都遵循的指標。是否有任何改善的跡象，無論是在某些類別中，該指標可能會加速？我認為本季成長了 1%，與上季核心業務類似。

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。如果您查看核心 BILL 平台的歷史模式，您會發現三月季度通常存在季節性效應 - 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跨多個支出類別的大規模訊號，這會讓我們相信每個客戶的近期擴張。我認為這導致了雷內之前的評論，感覺短期內支出環境有點中性。顯然，在我們的支出和費用解決方案的卡片方面，那裡的卡片數量超出了我們的預期。它比我們想像的還要強。旅遊與娛樂類別中肯定有明顯的實力，但事實並非如此——這與其他報告類似統計數據的公司和航空公司以及其他公司的情況是一致的。這不一定是基礎廣泛的，但我們相信近期會有顯著的擴張。但我認為，在通貨膨脹、利率和其他條件方面，我們還有一些路要走，這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集團的泰勒·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，與上季的指導相比，第四季核心轉速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，您會在我們思考模型時提出什麼建議嗎？舉例來說，我不相信您對 TPV 的指導，但假設今年 TPV 成長 7% 至 8% 的舊指導仍然成立，這公平嗎？聽起來您之前曾說過，採用率可能會依序下降。所以也許這就是這個區域。但從建模的角度來看，您可以幫助我們添加任何其他顏色嗎？

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，我們的核心營收指引意味著中點年增約 10%，我猜這比我們上季暗示的要早。有很多變數：客戶和價格計劃推動訂閱和交易，這是 TPV 和貨幣化率。所以我們有一個非常簡單的模型。我們的主要預期是——總體情況是，我們將看到特別是 TPV 的成長放緩，並在短期內考慮利率變量，這肯定包含在我們對第四季度的假設中。

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上限，即 20% 至 25%。所以我們看到了更多的力量。我們的交流還是比較穩定的。這些是一些活動部件。

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，我會將電話轉回給 Rene Lacerte，以徵求結束意見。

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。謝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企業提供的令人難以置信的變革價值感到自豪。我要特別感謝我們所有的員工，他們在本季度加緊努力，繼續推動創新，使我們的客戶能夠蓬勃發展。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。