BILL Holdings Inc (BILL) 2024 Q4 法說會逐字稿

Good afternoon and welcome to BILL's fourth quarter fiscal 2024 earnings conference call. Joining us for today's call are BILL CEO, Rene Lacerte; President and CFO, John Rettig; and VP of Investor Relations, Karen Sansot.

下午好，歡迎參加 BILL 2024 財年第四季財報電話會議。參加今天電話會議的有 BILL 執行長 Rene Lacerte；總裁兼財務長 John Rettig；投資人關係副總裁 Karen Sansot。

With that, I would 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 fourth quarter and full fiscal year 2024 earnings conference call.

謝謝你，接線生。歡迎參加 BILL 的第四財季和 2024 財年全年財報電話會議。

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.

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。

With me on the call today are renewables are Chairman and CEO and founder of BILL, and John Rettig, President and CFO.

今天與我一起參加電話會議的是再生能源公司 BILL 的董事長兼執行長兼創辦人，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, targets and results of BILL that involve many assumptions, risks and and uncertainties. If any of these risks or uncertainties develop or any of the assumptions prove incorrect, actual results could differ materially from those expressed or implied by our forward-looking statements.

在我們開始之前，請記住，在本次電話會議期間，我們可能會對 BILL 的未來營運、目標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。

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.

如需更多討論，請參閱今天發布的公司新聞稿中的文本以及我們向 SEC 提交的定期報告，包括我們最新的 10-K 表年度報告和 10-Q 表季度報告。我們不承擔更新任何前瞻性陳述的義務。

On today's call, we will refer to both GAAP and non-GAAP financial measures. Please refer to today's press release for reconciliation of GAAP to non-GAAP financial performance and additional disclosures regarding these measures. Note that at times during this call, we will discuss those standalone results, which exclude our BILL spend and expense management, which was formerly called Divvy, invoice to go accounts receivable and Finnmark financial planning solutions

在今天的電話會議上，我們將參考公認會計原則和非公認會計原則財務指標。請參閱今天的新聞稿，以了解 GAAP 與非 GAAP 財務表現的調整表以及有關這些措施的其他揭露。請注意，在本次電話會議中，我們有時會討論這些獨立結果，其中不包括我們的帳單支出和費用管理（以前稱為 Divvy）、發票到應收帳款和 Finnmark 財務規劃解決方案

Note that we will be revising our key metrics presentation beginning in the first quarter of fiscal 2025, to reflect our evolving product solution set. This new presentation will provide investors with an enhanced view of our integrated platform, which includes BILL-AP, AR and spend and expense, excluding the financial institution channel.

請注意，我們將從 2025 財年第一季開始修改我們的關鍵指標演示，以反映我們不斷發展的產品解決方案集。這項新的簡報將為投資者提供對我們綜合平台的更深入的了解，其中包括 BILL-AP、AR 以及支出和費用（不包括金融機構管道）。

It will also provide an enhanced view of our embedded and other solutions, which includes the financial institution channel and ways to go and other solutions. The appendix of our fiscal Q4 2024, investor deck previews this presentation and provides a nine quarter looked back for reference.

它還將為我們的嵌入式解決方案和其他解決方案提供增強的視圖，其中包括金融機構管道和途徑以及其他解決方案。我們的 2024 年第四季財務附錄投資者平台預覽了本簡報，並提供了九個季度的回顧以供參考。

Now turn the call over to Rene.

現在將電話轉給雷內。

Thank you, Karen, and good afternoon, everyone. Fiscal 2024, was an important year for BILL. We delivered more innovations SMBs. We launched our integrated platform, made capital more accessible and empowered small and midsize businesses with insights and control with their cash flow.

謝謝凱倫，大家下午好。 2024 財年對 BILL 來說是重要的一年。我們為中小企業提供了更多創新。我們推出了綜合平台，使資金更容易獲得，並為中小型企業提供了洞察力和對其現金流的控制。

In addition, we built type organizational alignment laying the foundation for future growth. These and future innovations are especially valuable for SMBs as they face an uncertain economic environment. In a world of change, BILL is the cost of that they can rely on. The steadfast commitment to raising the bar to serve SMBs led to strong financial results.

此外，我們建立了類型的組織協調，為未來的成長奠定了基礎。這些和未來的創新對於中小企業來說尤其有價值，因為它們面臨著不確定的經濟環境。在瞬息萬變的世界中，BILL 是他們可以信賴的成本。對提高中小企業服務標準的堅定承諾帶來了強勁的財務表現。

During the year, we delivered strong growth and enhanced profitability as we executed on our objective to be the essential financial operations platform for SMBs.

在這一年裡，我們實現了成為中小企業重要的金融營運平台的目標，實現了強勁的成長和獲利能力的提高。

Total revenue for fiscal 2024, was $1.3 billion, up 22% year-over-year, and core revenue exceeded $1 billion for the first time. Importantly, we delivered substantial profitability expansion as non-GAAP operating income totaled nearly $200 million, growing 68% year-over-year, and we were profitable excluding the benefit of float revenue.

2024財年總營收為13億美元，年增22%，核心營收首度突破10億美元。重要的是，我們實現了盈利能力的大幅擴張，非公認會計原則營業收入總計近 2 億美元，同比增長 68%，並且不計浮動收入的收益，我們實現了盈利。

We achieved these results despite economic headwinds and shifting SMB behaviors we experienced during the year. When challenges arose, we demonstrated our ability to adapt quickly, and we exited the year with a much stronger foundation to scale for the future.

儘管我們在這一年中經歷了經濟逆風和中小型企業行為的轉變，但我們還是取得了這些成果。當挑戰出現時，我們展示了快速適應的能力，並為未來的擴展奠定了更堅實的基礎。

In fiscal 2024, we serve nearly half a million businesses moved and safeguarded nearly $300 billion in volume and facilitated more than $100 million payment transactions. Many industry leading partners, including more than 8,000 accounting firms and top financial institutions, is BILL as an essential part of the tech stack they provide their clients.

2024 財年，我們為近 50 萬家企業提供服務，保障了近 3,000 億美元的交易量，並促成了超過 1 億美元的支付交易。許多業界領先的合作夥伴，包括 8,000 多家會計師事務所和頂級金融機構，都將 BILL 作為他們為客戶提供的技術堆疊的重要組成部分。

Our network members increased to 7.1 million, up 21% year-over-year, as we further build platform capabilities for suppliers. This scale as a direct reflection of the incredible value delivered to SMBs through our products and services. Return to financial back office complexity that drains SMBs of time and money into simple automated tools that provide visibility and control. We empower SMBs to run better businesses.

隨著我們進一步為供應商打造平台能力，我們的網路成員數量增加到710萬，年增21%。這一規模直接反映了我們透過我們的產品和服務為中小企業提供的令人難以置信的價值。回到財務後台的複雜性，這種複雜性會消耗中小型企業的時間和金錢到提供可見性和控制的簡單自動化工具。我們幫助中小企業經營更好的事業。

In fiscal 2024, we launched our integrated platform, incorporating the combined strength of our category defining BILL AP and spend in expense solutions. We then added a data and analytics layer to our platform, providing businesses a comprehensive view of their cash flow.

在 2024 財年，我們推出了整合平台，整合了我們定義 BILL AP 和支出解決方案類別的綜合實力。然後，我們在平台上新增了資料和分析層，為企業提供現金流量的全面視圖。

We continue to simplify and personalized user experiences by leveraging AI throughout the platform. In addition, we redesigned our mobile app from the ground up to leverage our evolving platform, making sure our customers can increasingly operate their business where they're in the office or on the go. The value of our integrated platform resonates with SMBs, at the end of fiscal 2024, approximately 11,500 businesses use both our AP and spend in expense solutions up from 7,200 a year ago.

我們透過在整個平台上利用人工智慧，繼續簡化和個人化用戶體驗。此外，我們從頭開始重新設計了我們的行動應用程序，以利用我們不斷發展的平台，確保我們的客戶能夠越來越多地在辦公室或旅途中運營他們的業務。我們的整合平台的價值引起了中小型企業的共鳴，到 2024 財年末，大約有 11,500 家企業使用我們的 AP 並在費用解決方案上進行支出，而一年前這一數字為 7,200 家。

We provide SMBs with fast and secure payment experiences and access to capital. And the past year, we enhanced our foundational infrastructure and unlock new payment capabilities to drive faster payments, speed and more choice. Since fiscal 2018, our platform process more than $1 trillion of total payments volume making us one of the largest providers of fast affordable B2B payments.

我們為中小型企業提供快速、安全的支付體驗和資金獲取管道。去年，我們增強了基礎設施並解鎖了新的支付功能，以推動更快的支付、速度和更多選擇。自 2018 財年以來，我們的平台處理的支付總額超過 1 兆美元，使我們成為快速、實惠的 B2B 支付的最大提供者之一。

Scale is a powerful advantage we have that enables us to innovate faster and better. For example, in fiscal 2024, we launched our new payment engine, leveraging our experience and data for moving more than $1 trillion across hundreds of millions of transactions.

規模是我們擁有的強大優勢，使我們能夠更快、更好地創新。例如，在 2024 財年，我們推出了新的支付引擎，利用我們的經驗和數據在數億筆交易中轉移了超過 1 兆美元。

This allows us to drive faster payments, speed and better manage risk across a multitude of payment offerings, which is critical as we extend our platform. We also started activating supplier engagement by establishing direct relationship suppliers and enhancing their user experiences.

這使我們能夠推動更快的支付速度，並更好地管理多種支付產品的風險，這在我們擴展平台時至關重要。我們也開始透過建立直接關係供應商並增強他們的用戶體驗來激活供應商參與。

For example, we streamlined the onboarding experience for suppliers who accept International payments and made it easier for them to claims a local currency they want through end product experiences. From day one, we have made breadth of payment choices a key component of our platform. By each new choice. There is an innovative offering, rigorous compliance and extensive risk management. This year, we enable local transfer for international payments and Fed now support for Instant Transfer.

例如，我們簡化了接受國際付款的供應商的入職體驗，並讓他們更容易透過最終產品體驗索取他們想要的當地貨幣。從第一天起，我們就將廣泛的支付選擇作為我們平台的關鍵組成部分。透過每一個新的選擇。我們提供創新的產品、嚴格的合規性和廣泛的風險管理。今年，我們啟用了國際支付的本地轉賬，聯準會現在支援即時轉帳。

In addition, we executed a controlled launch of invoice financing, which is one of our first working capital solutions and the product exhibited both strong early adoption and repeat usage. We reach SMBs through our direct channel and our partner ecosystem.

此外，我們還可控地推出了發票融資，這是我們的首批營運資金解決方案之一，該產品表現出強勁的早期採用率和重複使用率。我們透過直接通路和合作夥伴生態系統接觸中小型企業。

Our constant focus and innovation enables all types of partners to provide value and achieve tangible results. Accounts have been a core focus areas since the inception of BILL. Our innovation has been a critical driver of the rapidly expanding client advisory service practice areas. We partner with accountants to build solutions tailored to their business.

我們不斷的專注和創新使各類合作夥伴能夠提供價值並取得實際的成果。自 BILL 成立以來，帳戶一直是核心關注領域。我們的創新一直是快速擴大客戶諮詢服務實務領域的關鍵驅動力。我們與會計師合作，建構適合他們業務的解決方案。

And today, they represent our largest customer acquisition channel. Our account relationships are very sticky and have a very high retention rate. The result is that more than half of our customers are from the accounting channel.

如今，它們代表了我們最大的客戶獲取管道。我們的客戶關係非常粘，留存率非常高。結果是我們一半以上的客戶來自會計管道。

A great example of how our platform empowers accounting firms to provide differentiated value is Aprio. A premier national business advisory and accounting services firm founded in 1952. Amber well beloved partner of managed services operations shared and I quote. At Aprio, we cultivate a growth mindset at every level of the firm we adopted build in 2010 and have grown together over the past 14 years.

Aprio 是我們的平台如何幫助會計師事務所提供差異化價值的一個很好的例子。一家首屈一指的全國性商業諮詢和會計服務公司，成立於 1952 年。在 Aprio，我們在 2010 年建立的公司的各個層面都培養了成長型思維，並在過去 14 年裡共同成長。

Today, we have over 25 national locations build as a trusted financial operations leader for over 500 clients and that technology backbone for our client advisory practices, which is a fast-growing part of our business using BILLs, accounts payable and spending expense solutions allow us to expand and provide more value for our clients and having BILL as a regimented part of our clients Tech stack allows us to stay ahead of the game for our clients.

如今，我們已在超過25 個國家/地區設立了分支機構，成為500 多家客戶值得信賴的金融營運領導者，並且我們的客戶諮詢實踐的技術支柱，這是我們業務中快速增長的一部分，使用帳單、應付帳款和支出費用解決方案使我們能夠為客戶的擴展並提供更多價值，並將 BILL 作為我們客戶技術堆疊的一部分，使我們能夠為客戶保持領先地位。

Just like we empower Aprio, we enable thousands of accounting firms to provide strategic and differentiated value to their clients. We recently held our sixth annual build account and partner council meeting, bringing together industry leaders from some of the most innovative and influential accounting firms from across the country, discuss the state of the profession and financed automation.

就像我們為 Aprio 提供支援一樣，我們使數千家會計師事務所能夠為其客戶提供策略性和差異化的價值。我們最近舉行了第六次年度構建帳戶和合作夥伴委員會會議，來自全國各地一些最具創新性和影響力的會計師事務所的行業領袖聚集在一起，討論了行業的現狀和融資自動化。

These accounting firms were excited by the progress we made in fiscal '24, and are energized for the opportunity to expand their business, leveraging BILLs, growing capabilities. Together, we are developing joint roadmaps to better serve SMBs, and we are investing behind these opportunities.

這些會計師事務所對我們在 24 財年的進展感到興奮，並為擴大業務、利用帳單、增強能力的機會而充滿活力。我們正在共同製定聯合路線圖，以更好地服務中小企業，並且我們正在對這些機會進行投資。

Some areas of investment for accountants, in fiscal '25, include additional multi entity functionality, to help them scale growth, providing more tools for cash flow, budgeting, forecasting insights, and increasing our sales and support efforts to partner even more deeply with them. Our commitment to SMBs means that we work hard to serve them wherever they are using our robust ecosystem.

在25 財年，會計師的一些投資領域包括額外的多實體功能，以幫助他們擴大成長，提供更多現金流、預算、預測洞察工具，並增加我們的銷售和支援力度，以便與他們更深入的合作。我們對中小企業的承諾意味著我們將努力為他們提供服務，無論他們在哪裡使用我們強大的生態系統。

In addition to accounts, we worked closely with financial institutions and software companies by enabling them with embedded solutions for their customers. The core of our ecosystem strategy is about expanding our reach and serving SMBs where they want to do business, laying that foundation to serve customers across different channels, over the long term.

除了帳戶之外，我們還與金融機構和軟體公司密切合作，為他們的客戶提供嵌入式解決方案。我們生態系統策略的核心是擴大我們的覆蓋範圍並為中小企業提供服務，為他們想要開展業務的地方提供服務，為長期跨不同管道的客戶服務奠定基礎。

We've been creating value for years with scalable embedded solutions for financial institutions. Recently, one of our large bank partners easily migrate to thousands of customers they acquired through an acquisition onto our white label BILL pay platform.

多年來，我們一直致力於為金融機構提供可擴展的嵌入式解決方案創造價值。最近，我們的一家大型銀行合作夥伴輕鬆地將他們透過收購獲得的數千名客戶遷移到我們的白標 BILL 支付平台上。

This bank is also offering our expense management solution to their commercial customers tells them streamline expenses, automate reporting and provide more real time visibility and controls. Regional Banks are also looking to provide more value to their customers. One of the largest regional banks recently began to offer our white label platform and our large suite of payment offerings to do more for their clients.

該銀行還向其商業客戶提供我們的費用管理解決方案，告訴他們簡化費用、自動化報告並提供更多即時可見性和控制。區域銀行也希望為其客戶提供更多價值。最大的區域銀行之一最近開始提供我們的白標平台和一整套支付產品，以便為客戶提供更多服務。

This bank leverages our advanced workflows are many payment offerings, including payback card, virtual card and international payments. As we have shared with you, we have been working with one of our top three US bank partners to modify our partnership to fit their evolving needs better.

該銀行利用我們先進的工作流程提供多種支付服務，包括回饋卡、虛擬卡和國際支付。正如我們與您分享的那樣，我們一直在與美國三大銀行合作夥伴之一合作，修改我們的合作夥伴關係，以更好地滿足他們不斷變化的需求。

We recently extended our agreement with the bank for an additional three years for them to use our current offering consistent with our embedded strategy, We also made our APR as available as part of this contract amendment.

我們最近將與銀行的協議再延長了三年，以便他們能夠使用符合我們嵌入策略的當前產品。

Our experience and expertise in serving banks over the last decade plus has informed our overall and debt strategy opened up more avenues to amplify the power of our platform and translated into fast time to market with our new software partner zero.

過去十年來，我們在服務銀行方面的經驗和專業知識為我們的整體和債務戰略提供了信息，為擴大我們平台的力量開闢了更多途徑，並通過我們新的軟體合作夥伴零轉化為快速上市時間。

Earlier this year, we announced a strategic partnership with zero to embed our onboarding and build payment capabilities and its software. I'm excited at the solution will soon be available in beta to zero as US customers, which demonstrates our ability to rapidly on solutions for our partners.

今年早些時候，我們宣布與零建立策略合作夥伴關係，以嵌入我們的入門和建立支付功能及其軟體。我很高興該解決方案很快將作為美國客戶提供零測試版，這表明我們有能力為我們的合作夥伴快速提供解決方案。

More and more, we are seeing strong interest in the market for embedded finance offerings, and our investments and learnings make us well positioned to support this demand.

我們越來越多地看到市場對嵌入式金融產品的濃厚興趣，我們的投資和學習使我們能夠很好地支持這一需求。

In summary, we have built a growing billion dollar business and we're just scratching the surface of the margin potential. There are [6 million] SMBs in US with employees, and they contribute trillions of dollars of GDP annually. The opportunity we are pursuing is immense, and we are confident in our ability to capture it.

總而言之，我們已經建立了一個不斷增長的價值數十億美元的業務，而我們僅僅觸及了利潤潛力的表面。美國有[600萬]家擁有員工的中小企業，它們每年貢獻數萬億美元的GDP。我們正在尋求的機會是巨大的，我們對抓住它的能力充滿信心。

We are focused on growing into a multi-billion dollar highly profitable business. In fiscal 2025, we intend to capitalize on the momentum we created in fiscal 2024, and widen our leadership position in the market. Our top priorities are to continue to simplify and enhance our platform experience to enrich existing payment offerings and deliver new payment options and to diversify and deepen our ecosystem.

我們致力於發展成為價值數十億美元的高利潤企業。 2025 財年，我們打算利用 2024 財年創造的勢頭，擴大我們在市場中的領導地位。我們的首要任務是繼續簡化和增強我們的平台體驗，以豐富現有的支付產品並提供新的支付選項，並使我們的生態系統多樣化和深化。

In addition to our ongoing platform and ecosystem investments, we are making a number of targeted investments in fiscal 2025, to support these priorities, including enhancing and expanding existing solutions that increase the value proposition for virtual card, International payments and working capital. Augmenting the experience and go-to-market capabilities for suppliers, delivering new capabilities and deepening relationships with accounting firms and driving expansion adoption of our embedded solutions.

除了我們正在進行的平台和生態系統投資之外，我們還在2025 財年進行多項有針對性的投資，以支援這些優先事項，包括增強和擴展現有解決方案，以提高虛擬卡、國際支付和營運資金的價值主張。增強供應商的經驗和進入市場的能力，提供新的能力並加深與會計師事務所的關係，並推動我們嵌入式解決方案的擴展採用。

We have a strong and unique business model that generates multiple revenue streams and the track record of driving balanced growth and profitability. We increased our non-GAAP operating margin every year since our IPO, while driving significant growth, with our proven strong cash generation and balance sheet, we are well capitalized to strategically put resources behind these top priorities that we believe solidify and extend our leadership.

我們擁有強大而獨特的業務模式，可產生多種收入來源，並擁有推動平衡成長和獲利能力的記錄。自首次公開募股以來，我們的非公認會計準則營業利潤率逐年提高，同時推動顯著增長，憑藉我們經過驗證的強勁現金產生能力和資產負債表，我們擁有充足的資本，可以戰略性地將資源用於這些我們認為鞏固和擴大我們領導地位的首要任務。

We believe our category leadership and scale are critical for the long term growth and profitability of BILL. We are playing offense strategically with our strong balance sheet, deferred ties the long-term potential of our business. As we do this, we are keenly focused on capital allocation and balancing investments in the business with return of capital to shareholders. Today, we announced that the Board authorized a new $300 million share repurchase program.

我們相信，我們的品類領導地位和規模對於比爾的長期成長和獲利能力至關重要。我們正在利用強大的資產負債表進行策略性進攻，並延遲與我們業務的長期潛力的連結。在此過程中，我們高度關注資本配置以及平衡業務投資與股東資本回報。今天，我們宣布董事會批准一項新的 3 億美元股票回購計畫。

This reflects the confidence that the Board management team and I have in our strategy and in BILL as an investment opportunity with significant upside. We are deeply committed to our success and committed to taking actions that deliver value. We are all in for SMBs and we are all and to win the market that we created.

這反映了董事會管理團隊和我對我們的策略以及 BILL 作為具有顯著上漲潛力的投資機會的信心。我們堅定地致力於我們的成功，並致力於採取創造價值的行動。我們全力支持中小型企業，並全力以赴贏得我們創造的市場。

I'd like to thank our customers and partners for their continued trust they place in us. And I also want to thank our employees for their constant dedication to serving SMBs and each other.

我要感謝我們的客戶和合作夥伴對我們的持續信任。我還要感謝我們的員工始終致力於為中小企業和彼此服務。

Now I'll turn the call over to John.

現在我將把電話轉給約翰。

Thanks, René. During fiscal 2024, we acted decisively when cyclical headwinds caused moderated B2B spend and a shift in payment method preferences. We responded quickly by adapting our corporate initiatives, improving product experiences and working diligently with partners.

謝謝，雷內。 2024 財年，當週期性逆風導致 B2B 支出放緩和支付方式偏好改變時，我們果斷採取了行動。我們透過調整公司計劃、改善產品體驗並與合作夥伴勤奮合作，做出了快速反應。

We focused our resources and execution on our most important priorities and proactively adjusted operating expenses to improve profitability. These actions enabled us to improve customer acquisition and stabilized payment of monetization, enhanced profitability and position BILL for continued market leadership.

我們將資源和執行力集中在最重要的優先事項上，並主動調整營運費用以提高獲利能力。這些行動使我們能夠改善客戶獲取和穩定支付貨幣化，提高獲利能力並使 BILL 保持持續的市場領先地位。

In fiscal 2024, we delivered 22% revenue growth of $196 million in non-GAAP operating income for a non-GAAP operating margin of 15% and $258 million in free cash flow. In addition, we delivered $31 million in non-GAAP operating income, excluding float revenue, compared to $4 million a year ago.

2024 財年，我們的非 GAAP 營業收入成長了 22%，達到 1.96 億美元，非 GAAP 營業利潤率為 15%，自由現金流為 2.58 億美元。此外，我們還實現了 3,100 萬美元的非 GAAP 營業收入（不包括浮動收入），而一年前為 400 萬美元。

During fiscal '24, we repurchased [212 million] in common stock and retired [$983 million] in aggregate principal amount of our 2025 convertible notes. These actions contributed to our full year fiscal 2024, weighted average diluted share count declining by 2% year-over-year.

在 24 財年，我們回購了 [2.12 億] 普通股，並收回了 [9.83 億美元] 2025 年可轉換票據本金總額。這些行動導致我們 2024 財年全年加權平均稀釋股份數量年減 2%。

In addition, and most importantly, in fiscal '24, we strengthened our foundation for the future. We have a clear vision and strategy centered around the needs of SMBs, and we are executing to capture the large market opportunity ahead of us.

此外，最重要的是，在 24 財年，我們加強了未來的基礎。我們擁有圍繞中小企業需求的清晰願景和策略，並且我們正在努力抓住眼前的巨大市場機會。

We are laser focused on driving long-term shareholder value through strong profit and free cash flow generation while optimizing our capital structure. Now, onto a few highlights of our fiscal Q4 results.

我們專注於透過強勁的利潤和自由現金流的產生來推動長期股東價值，同時優化我們的資本結構。現在，讓我們來看看第四季財報的一些亮點。

We delivered against our goal of profitable growth. In Q4, total revenue was $344 million, up 16% year-over-year. Core revenue, which includes subscription and transaction fees, was $301 million, also up 16% year-over-year. [Float] revenue was $42 million, non-GAAP operating income of $60 million and grew 42% year-over-year, reflecting a 17% margin.

我們實現了獲利成長的目標。第四季總營收為 3.44 億美元，年增 16%。包括訂閱費和交易費在內的核心收入為 3.01 億美元，也較去年同期成長 16%。 [浮動]收入為 4,200 萬美元，非 GAAP 營業收入為 6,000 萬美元，較去年同期成長 42%，利潤率為 17%。

Non-gaap operating income, excluding float revenue was $19 million, an increase more than 200% year-over-year. Turning to updates on our key solutions. BILL standalone revenue was $161 million in Q4, up 8% year-over-year.

不計流動收入的非公認會計準則營業收入為 1,900 萬美元，較去年同期成長超過 200%。轉向我們關鍵解決方案的更新。第四季 BILL 獨立營收為 1.61 億美元，年增 8%。

Our enhanced go-to-market initiatives drove higher customer acquisition. We added 4,600 net new customers and our direct and accounting channels. In our financial institution or FI channel, we added 6,700 net new customers. The annual customer retention rate of BILLs standalone customers, which excludes FIs, was a healthy 83%.

我們加強的上市計畫推動了更多的客戶獲取。我們淨增加了 4,600 個新客戶以及我們的直接和會計管道。在我們的金融機構或 FI 通路中，我們淨增加了 6,700 名新客戶。 BILL 獨立客戶（不包括金融機構）的年度客戶保留率為 83%。

Excluding the impact of the sunset of into a simple BILL-pay earlier in the year, customer retention was 86%, consistent with levels over the past several years. BILL standalone subscription revenue, excluding FI partners, increased 7% year-over-year in Q4.

排除今年稍早取消簡單帳單支付的影響，客戶保留率為 86%，與過去幾年的水平一致。第四季度，BILL 獨立訂閱收入（不包括 FI 合作夥伴）較去年同期成長 7%。

Overall, BILL standalone subscription revenue declined 1% from last year, which reflects changes in our FI channel. BILL standalone transaction revenue grew 14% year-over-year. TPV in Q4 was up 9% over year ago. In line with recent quarters. Monetization or take rate exceeded our expectations that we said in Q1 as we scaled newer payment offerings and enhance existing products.

總體而言，BILL 獨立訂閱收入比去年下降了 1%，這反映了我們 FI 管道的變化。 BILL 獨立交易收入較去年同期成長 14%。第四季冠捷科技較去年同期成長 9%。與最近幾季一致。隨著我們擴展新的支付產品並增強現有產品，貨幣化或採用率超出了我們在第一季所說的預期。

Vendor cost sensitivity on some of our higher monetization products persisted, which impacted TPV penetration rates. In Q4 instant transfers, 1% of BILL standalone TPV, all virtual cards were 2.9% and cross-border payments were 4.5%. Foreign currency payments represented 34% of total cross-border payment volume in the quarter.

供應商對我們一些較高貨幣化產品的成本敏感度持續存在，這影響了冠捷的滲透率。在第四季即時轉帳中，BILL獨立TPV為1%，所有虛擬卡為2.9%，跨國支付為4.5%。外幣支付佔本季跨境支付總額的34%。

These penetration rates were slightly lower compared to a year ago, as our overall suite of payment offerings expanded and vendors optimized their cost of acceptance. As of June 30, 2024, our dollar-based net revenue retention rate for BILL standalone was 92%.

隨著我們整體支付產品套件的擴展以及供應商優化了其接受成本，這些滲透率與一年前相比略有下降。截至 2024 年 6 月 30 日，我們以美元計算的 BILL 獨立淨收入保留率為 92%。

As expected, this was impacted by the lower spend environment, which impacted payment volume, payment choice and subscription fees during the year. Excluding the impact of a large FI partner contract amendment, our dollar-based net revenue retention rate was 96%.

正如預期的那樣，這是受到支出環境較低的影響，影響了今年的支付量、支付選擇和訂閱費用。排除大型金融合作夥伴合約修訂的影響，我們以美元計算的淨收入保留率為 96%。

We expect this to be about 100% as we continue to rollout new offerings and the economy returns to growth mode for SMBs. As a reminder, our dollar-based net revenue retention rate excludes the impact of our spend and expense offering.

隨著我們繼續推出新產品以及中小企業經濟回歸成長模式，我們預計這一比例將達到 100% 左右。提醒一下，我們以美元為基礎的淨收入保留率不包括我們的支出和費用產品的影響。

Moving on to BILL spend and expense, formerly known as Divvy, spend and expense revenue totaled $126 million in Q4, up 26% year-over-year, driven by 28% card payment volume growth. Interchange fees were 261 basis points. We added 1,300 net new spending businesses, which was in line with our expectations. We are focusing on businesses with a higher propensity to spend rewards for 48% of spend and expense revenue.

接下來是 BILL 支出和費用（以前稱為 Divvy），在卡支付量增長 28% 的推動下，第四季度支出和費用收入總計 1.26 億美元，同比增長 26%。交換費為 261 個基點。我們淨新增 1,300 家支出業務，符合我們的預期。我們專注於那些更傾向於將獎勵支出佔支出和費用收入 48% 的企業。

The customer value proposition of leveraging an expanded suite of platform capabilities is resonating with SMBs. The number of joint customers who use both BILL AP and spend and expense in Q4 increased to 11,500 at the end of fiscal 2024, reflecting an increase of nearly 60% compared to a year ago.

利用擴展的平台功能套件的客戶價值主張引起了中小型企業的共鳴。截至 2024 財年末，第四季同時使用 BILL AP 和支出及費用的共同客戶數量增加至 11,500 名，較去年同期成長近 60%。

Joint customers are stickier and show strong engagement as reflected in lower attrition rates and strong net dollar-based revenue retention compared to other customers. For portfolio of payment offerings creates multiple avenues to drive ad valorem payment adoption and penetration.

與其他客戶相比，聯合客戶的黏性更強，參與度也更高，這體現在較低的流失率和強勁的基於美元的淨收入保留。支付產品組合創造了多種途徑來推動從價支付的採用和滲透。

On a company level, our ad valorem penetration, excluding FI payment volume, was 14% in Q4, up from 13% a year ago. As our integrated solutions converge, we will provide a consolidated ad valorem payment rate as opposed to individual solution rates on an annual basis.

在公司層面，我們的從價滲透率（不包括金融機構支付量）在第四季為 14%，高於一年前的 13%。隨著我們的整合解決方案的融合，我們將提供統一的從價支付費率，而不是每年的單獨解決方案費率。

We believe that over the long term, our portfolio of ad valorem products can be about 20% of our FI, TPV. Moving on to financial highlights, non-GAAP gross profit in Q4 was $292 million, up 14% year-over-year, and non-GAAP gross margin was 85%. Our strong business model enables us to consistently deliver a gross margin that is among the best in class for software and fintech companies.

我們相信，從長遠來看，我們的從價產品組合可以占到我們的 FI、TPV 的 20% 左右。轉向財務亮點，第四季非 GAAP 毛利為 2.92 億美元，年增 14%，非 GAAP 毛利率為 85%。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。

We continue to demonstrate our ability to drive leverage in our business. non -GAAP operating income for Q4 was $60 million, up 42% year-over-year, representing a 17% non-GAAP operating margin and an expansion of three points year-over-year. Non-GAAP net income was $64 million, reflecting a 19% margin.

我們繼續展示我們推動業務槓桿的能力。第四季非 GAAP 營業收入為 6,000 萬美元，較去年同期成長 42%，非 GAAP 營業利潤率為 17%，較去年同期成長 3 個百分點。非 GAAP 淨利潤為 6,400 萬美元，利潤率為 19%。

Stock based compensation in Q4 of 17% of total revenue, down from 20% a year ago. Weighted average diluted shares declined by $5.6 million or 5% year-over-year, primarily due to our initiatives to repurchase shares and convertible notes during the year.

第四季的股票薪酬佔總收入的 17%，低於一年前的 20%。加權平均稀釋股價年減 560 萬美元，或 5%，這主要是由於我們年內採取了回購股票和可轉換票據的措施。

Turning to remaining performance obligations or RPO, as Rene discussed, We amended our existing agreement with a top three bank in the US by extending it for an additional three years. The RPO associated with this partner remain constant but has now spread out over approximately 40 years, causing a shift in timing to fulfill the RPO.

至於剩餘的履約義務或 RPO，正如 Rene 所討論的，我們修改了與美國三大銀行的現有協議，將其延長了三年。與該合作夥伴相關的 RPO 保持不變，但現在已經延長了大約 40 年，導致履行 RPO 的時間發生了變化。

We also expanded the product set available under this agreement to include our newest APIs, consistent with our embedded strategy. Moving on to capital allocation, we continue to optimize our capital structure. In Q4, we repurchased $234 million in aggregate principal amount of our 2025 convertible notes, resulting in cash usage of $222 million and a reduction in non-GAAP diluted share count of [0.4 million] weighted shares.

我們還擴展了該協議下可用的產品集，以包括我們最新的 API，這與我們的嵌入式策略保持一致。在資本配置方面，我們持續優化資本結構。第四季度，我們回購了 2025 年可轉換票據本金總額 2.34 億美元，現金使用量為 2.22 億美元，非 GAAP 稀釋股份數減少了 [40 萬] 股。

The repurchase of these notes resulted in an $11 million net benefit to other income and expenses, which is reflected in our GAAP results, but excluded from our non-GAAP results, we are well capitalized with $1.6 billion in cash, cash equivalents and short-term investments.

回購這些票據為其他收入和支出帶來了1,100 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，我們資本充足，擁有16 億美元的現金、現金等價物及短期資產。

Shifting to our outlook. As we enter fiscal 2025, we've never been better positioned to capitalize on the opportunity to further penetrate the market and help SMBs succeed. Our solutions are a critical part of their daily operations and give them the industry's best tools to better run and grow their business.

轉向我們的觀點。進入 2025 財年，我們處於前所未有的有利位置，可以利用這一機會進一步滲透市場並幫助中小企業取得成功。我們的解決方案是他們日常營運的關鍵部分，為他們提供業界最好的工具來更好地運作和發展業務。

We are confident that the strong and growing customer value proposition of our platform and ecosystem positions BILL for continued long-term growth and leadership, which will in turn deliver value to our shareholders.

我們相信，我們的平台和生態系統強大且不斷增長的客戶價值主張使 BILL 能夠實現持續的長期成長和領導地位，從而為我們的股東帶來價值。

We believe maintaining a dynamic balance between growth and profitability is essential for long-term business success. With our strong execution capabilities in the market opportunity ahead of us, we are strategically investing for growth acceleration and extension of our category leadership while delivering attractive margins across our business lines.

我們相信，維持成長和獲利之間的動態平衡對於長期業務成功至關重要。憑藉我們在眼前的市場機會中強大的執行能力，我們正在進行策略性投資，以加速成長和擴大我們的類別領先地位，同時在我們的業務範圍內提供有吸引力的利潤。

We generated significant free cash flow and have a strong balance sheet, which enables us to invest which we do with purpose and discipline. We have a unique business model that includes float revenue, which we view as a key competitive advantage from which to generate significant free cash flow.

我們產生了大量的自由現金流，並擁有強大的資產負債表，這使我們能夠有目的、有紀律地進行投資。我們擁有獨特的商業模式，其中包括浮動收入，我們認為這是產生大量自由現金流的關鍵競爭優勢。

These factors enabled us to accelerate our pace of it adjustments opportunistically as well as fund longer-term opportunities. We view our Board-authorized share repurchase program where we will be deploying [300 million] to buy back shares in the open market has both a great investment opportunity as well as an indication of our optimism for the future.

這些因素使我們能夠趁機加快調整步伐，並為長期機會提供資金。我們認為，董事會授權的股票回購計畫將部署[3億]在公開市場上回購股票，這既是一個巨大的投資機會，也顯示了我們對未來的樂觀態度。

As Rene discussed, in fiscal 2025, we will be making a number of targeted investments that accelerate our strategic priorities and our ability to capture the large greenfield market opportunity that we are pursuing. We believe these investments position us to deliver significant sustainable revenue growth and margin expansion over many years, but will moderate our profitability growth in the near term.

正如 Rene 所討論的，在 2025 財年，我們將進行一系列有針對性的投資，以加快我們的策略優先事項，並增強我們抓住我們正在追求的大型綠地市場機會的能力。我們相信，這些投資使我們能夠在多年內實現顯著的可持續收入成長和利潤率擴張，但將在短期內減緩我們的獲利成長。

We operate our business with the objective to be exploit profitable on a non-GAAP basis and to generate significant free cash flow. We intend to scale both over time on the road to becoming GAAP profitable. For fiscal 2025, we will be making incremental investments in our most important initiatives of approximately $45 million throughout the year.

我們經營業務的目標是在非公認會計準則的基礎上實現盈利，並產生大量的自由現金流。我們打算隨著時間的推移擴大規模，實現 GAAP 獲利。 2025 財年，我們將全年對最重要的措施進行約 4,500 萬美元的增量投資。

We believe now is the right time to invest as we have seen signs of stabilization in the macro environment and continued strong business momentum from the actions we took last year. After holding headcount flat for the last three quarters. We are now hiring additional talent in our R&D and go-to-market teams.

我們認為現在是投資的最佳時機，因為我們已經看到宏觀環境穩定的跡象，以及我們去年採取的行動所帶來的持續強勁的業務勢頭。過去三個季度員工人數持平。我們現在正在研發和市場推廣團隊中招募更多人才。

We expect our initiatives and investments today will position BILL to deliver core revenue growth of 20% or greater in fiscal 2026. The midpoint of our full-year guidance reflects a slight increase in non-GAAP operating income on an ex float basis.

我們預計，我們今天的舉措和投資將使 BILL 在 2026 財年實現核心收入增長 20% 或更高。

Despite additional planned investments and increased rewards expenses, as our spend and expense solution scales, we are prudently managing our expenses while investing for growth. As we accelerate revenue growth, we will also be continuing to create operating leverage. At the time of our IPO, we discussed at our non-GAAP operating income margin could be 20% or more over the long term.

儘管有額外的計劃投資和增加的獎勵支出，但隨著我們的支出和費用解決方案的擴展，我們在投資成長的同時謹慎管理我們的支出。隨著我們加速收入成長，我們也將繼續創造營運槓桿。在我們 IPO 時，我們討論了從長遠來看，我們的非 GAAP 營業利潤率可能達到 20% 或更高。

Since then, we have quickly expanded our scale and demonstrated our ability to drive leverage in our business. And we see no obstacles to prevent us from achieving significantly higher margins over the long term.

從那時起，我們迅速擴大了規模，並展示了我們推動業務槓桿的能力。從長遠來看，我們認為沒有任何障礙可以阻止我們大幅提高利潤率。

Now, moving on to guidance. Our guidance assumes the macro and B2B spend environment remained consistent with recent quarters and that ad valorem payment adoption and monetization rates increased modestly in the latter part of the fiscal year.

現在，繼續指導。我們的指引假設宏觀和 B2B 支出環境與最近幾季保持一致，並且從價支付採用率和貨幣化率在本財年後期小幅增長。

For fiscal Q1, we expect total revenue to be in the range of $346 million to $351 million, which reflects 13% to 15% year-over-year growth. We expect core revenue to be in the range of $305 million to $310 million in Q1, which reflects 15% to 17% year-over-year growth.

對於第一財季，我們預計總營收將在 3.46 億美元至 3.51 億美元之間，年增 13% 至 15%。我們預計第一季核心營收將在 3.05 億美元至 3.1 億美元之間，年增 15% 至 17%。

Float revenue is expected to be $41 million in Q1, which assumes our yields on FPO funds will be approximately 470 basis points. On the bottom line, for Q1, we expect to report non-GAAP operating income in the range of $52 million to $57 million and non-GAAP net income in the range of $53 million to $57 million.

假設我們 FPO 基金的收益率約為 470 個基點，第一季的浮動收入預計為 4,100 萬美元。總而言之，我們預計第一季的非 GAAP 營業收入將在 5,200 萬美元至 5,700 萬美元之間，非 GAAP 淨利潤將在 5,300 萬美元至 5,700 萬美元之間。

We expect non-GAAP net income per diluted share in the range of $0.48 to $0.51 in Q1 based on a share count of 111 million diluted weighted average shares outstanding. As a reminder, our guidance for non-GAAP net income included non-GAAP provision for income taxes of 20%.

基於 1.11 億股已發行稀釋加權平均股數，我們預計第一季非 GAAP 稀釋每股淨利潤將在 0.48 美元至 0.51 美元之間。提醒一下，我們對非 GAAP 淨利潤的指導包括 20% 的非 GAAP 所得稅撥備。

Shifting to full year guidance for fiscal 2025, we expect total revenue to be in the range of $1,415 million to $1,450 million, which reflects 10% to 12% year-over-year growth. We expect core revenue to be in the range of $1,270 million to $1,305 million, which reflects 13% to16% year-over-year growth.

轉向 2025 財年全年指引，我們預計總營收將在 14.15 億美元至 14.5 億美元之間，年增 10% 至 12%。我們預計核心營收將在 12.70 億美元至 13.05 億美元之間，年增 13% 至 16%。

We expect float revenue to be approximately $145 million in fiscal 2025, which assumes a yield on FPO funds of approximately 400 basis points for the year and an exit Fed funds rate for 350 basis points as of June 2025.

我們預計 2025 財年的浮動收入約為 1.45 億美元，假設當年 FPO 基金的收益率約為 400 個基點，截至 2025 年 6 月退出聯邦基金利率為 350 個基點。

Our bottom line, for fiscal 2025, we expect to report non-GAAP operating income in the range of $160 million to $195 million and non-GAAP net income in the range of $154 million to $182 million. We expect non-GAAP net income per diluted share to be $1.36 to $1.61 based on a share count of $113 million diluted weighted average shares outstanding.

我們的底線是，2025 財年，我們預計非 GAAP 營業收入將在 1.6 億至 1.95 億美元之間，非 GAAP 淨利潤將在 1.54 億至 1.82 億美元之間。基於 1.13 億美元的稀釋加權平均已發行股票數量，我們預計非 GAAP 稀釋每股淨利潤為 1.36 美元至 1.61 美元。

Note that our Q1 and full year guidance for share count and non-GAAP net income per share do not reflect the impact of our share repurchase program. For fiscal 2025, we expect stock based compensation expenses to be approximately 20% of total revenue.

請注意，我們對股票數量和非公認會計準則每股淨利潤的第一季和全年指引並未反映我們的股票回購計畫的影響。對於 2025 財年，我們預期股票補償費用將佔總收入的 20% 左右。

In closing, we are pursuing a large market opportunity to automate financial operations for SMBs, and BILL is perfectly positioned to capture this opportunity with our platform, large and expanding ecosystem and strong dedicated team.

最後，我們正在尋求為中小型企業實現財務運營自動化的巨大市場機會，而 BILL 憑藉我們的平台、龐大且不斷擴展的生態系統以及強大的專業團隊，完全有能力抓住這一機會。

We've built a dynamic business with powerful levers to drive growth, and we are investing now to optimize our results for the long term, which we believe will extend our lead and accelerate the pace of capturing the market opportunity and creating value for shareholders.

我們已經建立了一個充滿活力的業務，擁有強大的槓桿來推動成長，我們現在正在投資以優化我們的長期業績，我們相信這將擴大我們的領先地位，加快捕捉市場機會和為股東創造價值的步伐。

And now we'll open up the call for Q&A.

現在我們將開放問答環節。

(Operator Instructions) Will Nance, Goldman Sachs.

（操作員指示）Will Nance，高盛。

Hey guys. I appreciate you taking the question here. Maybe I'll start on the the FI channel renewal that you mentioned, John, I think you called out that the RPO may remain similar, but spread over additional years, could you just maybe unpack what that means in terms of just the quarterly subscription revenue from the embedded solutions part of the business and just how you're thinking about that. I know that I take it the step down when you had initially contemplated changes. So how will that flow through the numbers or the coming year?

嘿夥計們。我很感謝你在這裡提出問題。也許我會從你提到的 FI 頻道更新開始，約翰，我想你指出 RPO 可能保持相似，但會分散到更多的年份中，你能否從季度訂閱的角度來解釋這意味著什麼來自嵌入式解決方案業務部分的收入以及您對此的看法。我知道當你最初考慮改變時我會退一步。那麼，這將如何影響來年的數字呢？

Thanks for the question. Well, our RPO as of the end of the year is about $87 million. And there is a meaningful percentage of that, by the large FI partner that we've talked about throughout the year where we have finalized the contract amendment and the RPO is consistent for that particular customer, as where we ended the year, and instead of one year left on the contract, we've extended it for three years.

謝謝你的提問。截至今年年底，我們的 RPO 約為 8700 萬美元。其中有很大一部分是由我們全年討論的大型金融合作夥伴完成的，我們已經完成了合約修訂，並且 RPO 對於該特定客戶來說是一致的，就像我們年底那樣，而不是合約還剩一年，我們已將其延長三年。

So we recognized net revenue over four years and in addition to that, we're obviously marrying our embedded strategy with our financial institution partners as well and making available our newest APIs to support the bank and their new program and working with them in any way we can to help drive success there.

因此，我們在四年內確認了淨收入，除此之外，我們顯然還將我們的嵌入式策略與我們的金融機構合作夥伴結合起來，並提供我們最新的API 來支持銀行及其新計劃，並以任何方式與他們合作我們可以幫助推動那裡的成功。

So that's the kind of the extent of the moving parts on the numbers, there's really not much change from the ending RPO.

這就是數字上變化的範圍，與最終的 RPO 相比實際上沒有太大變化。

Got it. Appreciate that. That is helpful. And just maybe a broader question. You mentioned the 20% of long-term goal of ad valorem payments revenue, a comment, and that's how you'll be kind of communicating advances in monetization going forward.

知道了。很欣賞這一點。這很有幫助。也許只是一個更廣泛的問題。您提到了從價支付收入的長期目標的 20%，這是一條評論，這就是您傳達未來貨幣化進展的方式。

Just to help us think about how we should think about the monetization of those volumes and just sort of how the mix of payment methods may impact the ultimate take rate that you get on that 20% of volumes? Thanks.

只是為了幫助我們思考應該如何考慮這些交易量的貨幣化，以及支付方式的組合如何影響您從這 20% 的交易量中獲得的最終採用率？謝謝。

Yeah, sure. It's a good question, I'd say there's a number of investments that we're making near term to improve existing product experiences, drive payment speed, improve reconciliation and those things which I think will help expand volumes and monetization associated with the products that we are already offering customers and suppliers. And those are relatively short term initiatives.

是的，當然。這是一個很好的問題，我想說，我們近期正在進行大量投資，以改善現有產品體驗、提高支付速度、改善對賬，以及我認為將有助於擴大與產品相關的數量和貨幣化的事情。這些都是相對短期的舉措。

In addition, to that, we see card payments generally being a larger part of the payment mix in the bill portfolio of payment products. So beyond what we do with spend and expense and things like that. And so across all of our payment products, as we see that mix evolving, we sort of view that 20% as more of a fuller to where we're going to be able to take monetization longer term.

除此之外，我們發現卡片支付通常在支付產品帳單組合中佔據較大比例。這超出了我們在支出和費用等方面所做的事情。因此，在我們所有的支付產品中，當我們看到這種組合不斷發展時，我們認為 20% 更能實現我們長期的貨幣化。

And we feel really good about the levers that we have and frankly, the value proposition that we're offering for both buyers and and suppliers with this mix of payment products.

我們對我們擁有的槓桿感到非常滿意，坦白說，我們透過這種支付產品組合為買家和供應商提供的價值主張。

Got it. Appreciate for taking the questions.

知道了。感謝您提出問題。

Tien-Tsin Huang, JPMorgan.

黃天進，摩根大通。

Hey, great. Thanks so much. I'm just thinking about these investments here. How quickly do you expect to spend $45 million? What kind of return or payback do you expect? I heard the 20% core growth in '26, but curious what else we can build off of that.

嘿，太棒了。非常感謝。我只是在這裡考慮這些投資。您預計多久花掉 4500 萬美元？您期望什麼樣的回報或回報？我聽說 26 年核心成長了 20%，但很好奇我們還能以此為基礎做些什麼。

And then just also clarify, are these new investments driven by new opportunities or was it driven by competitive changes? Or is this just a catch-up in spending from a period of pause given the macro uncertainty last two, three quarters?

然後還要澄清一下，這些新投資是由新機會驅動的還是由競爭變化所驅動的？或者這只是考慮到過去兩三個季度宏觀不確定性而導致的支出暫停期的彌補？

Thanks, Tien. great question. Let me just give some background first. I mean, we made -- we saw a shift in kind of what was happening in the market. We adapted quickly very agile and the team delivered exceptional results throughout the rest of the year. So that wouldn't obviously end of last calendar year.

謝謝，田。很好的問題。讓我先介紹一些背景知識。我的意思是，我們看到了市場上正在發生的事情的轉變。我們非常靈活地迅速適應，團隊在今年剩餘的時間裡取得了出色的成果。所以這顯然不會在去年結束。

And we had great results through the fiscal year and seeing the efficiency that we're able to drive. And if you just think about the high level, our operating income less float grew 750% over $31 million or so from last year to increase.

我們在整個財年取得了很好的成果，並看到了我們能夠提高的效率。如果你只考慮高​​水平，我們的營業收入減去浮動資金比去年增加了 3,100 萬美元左右，成長了 750%。

And so just giving you my perspective, seeing the strength that we're able to drive and then seeing the innovation opportunities, again, just more contacts like we've defined this category and at BILL were all bunch of leaders and leaders don't wait. We're not going to be a market taker. We're going to be a market maker.

因此，我只是向您提供我的觀點，看到我們能夠推動的力量，然後看到創新機會，再次，只是更多的接觸，就像我們定義了這一類別，在比爾，所有領導者和領導者都沒有等待。我們不會成為市場佔領者。我們將成為做市商。

And when we see and interact with our customers, whether they are direct customers, accounting customers or ecosystem partners or suppliers in our network are large, -- larger suppliers. We hear and understand there's opportunities to expand, but the value that we're providing them.

當我們看到客戶並與客戶互動時，無論他們是直接客戶、會計客戶或生態系統合作夥伴或我們網路中的供應商，都是大型供應商。我們聽到並理解有擴展的機會，但我們為它們提供了價值。

And so that's the reason to invest because we feel really good about what the team is executing on and the ability for us to deploy capital to drive growth really is I think how I would define everything that we've done is we've been defining this category from day one and we're going to continue to do that, and how we're doing that as we have kind of four specific areas that we're investing in.

所以這就是投資的原因，因為我們對團隊正在執行的事情感到非常滿意，而且我們部署資本來推動增長的能力確實是我認為我將如何定義我們所做的一切是我們一直在定義的從第一天起我們就開始關注這個類別，我們將繼續這樣做，以及我們如何做到這一點，因為我們正在投資四個特定領域。

The first one, I would say is that we are enhancing and expanding the value proposition for our existing solutions. So if you think about international payments, we've started some local transfer capabilities. We're going to roll that out. John already referenced that we're going to expand card use this across the platform. We're going to give folks more opportunities to leverage the card.

我想說的第一點是，我們正在增強和擴展現有解決方案的價值主張。因此，如果您考慮國際支付，我們已經啟動了一些本地轉帳功能。我們將推出它。約翰已經提到我們將在整個平台上擴展卡片的使用。我們將為人們提供更多利用該卡的機會。

And then when the next thing, the second thing I would say is that we're going to augment the experience and go-to-market for suppliers. What we started doing again halfway through the year was having dedicated teams that talk to suppliers that have significant volume on the platform.

然後，當下一件事時，我要說的第二件事是，我們將增強供應商的體驗並進入市場。今年中期，我們再次開始做的是組建專門的團隊，與平台上擁有大量交易量的供應商進行對話。

We've learned a ton. There's a lot of opportunity for us to create more value for them, better reconciliation, more automation, even leveraging AI across the experience that they have. And that's what we're hearing. And that's what we're developing. That's where we want to invest.

我們學到了很多。我們有很多機會為他們創造更多價值、更好的協調、更多的自動化，甚至在他們擁有的經驗中利用人工智慧。這就是我們所聽到的。這就是我們正在開發的。這就是我們想要投資的地方。

And then on the third thing that we're going to invest in. It's going to be deepening our accounting relationships. We have defined an entirely new line of business for accounts. We've worked with cpa.com, the ASCPA to create client advisory services cast practices. You heard a quote from Aprio and an amber. They're talking about how they started 14 years ago with no customers on the bill platform and now have over 500.

然後是我們要投資的第三件事。我們為帳戶定義了一個全新的業務範圍。我們與 cpa.com、ASCPA 合作創建了客戶諮詢服務鑄造實務。你聽到了阿普里奧和琥珀的一句話。他們正在談論他們是如何在 14 年前開始在帳單平台上沒有客戶的情況下發展到如今擁有超過 500 名客戶的。

But when you have 500 customers, how you manage to support those customers becomes a lot more challenging. And so we have an opportunity to actually provide cash flow insights and strategic advisory services through the platform we have, we have an opportunity to create efficiency for the accounts and how they manage their clients. And we have an opportunity to create better customer experiences around multi entities since many of their clients have that. And so we're investing behind that.

但是，當您擁有 500 名客戶時，如何設法支援這些客戶變得更具挑戰性。因此，我們有機會透過我們擁有的平台實際提供現金流洞察和策略諮詢服務，我們有機會為帳戶以及他們管理客戶的方式創造效率。我們有機會圍繞多個實體創造更好的客戶體驗，因為他們的許多客戶都有這樣的體驗。所以我們正在對此進行投資。

And the fourth and final area of investment is driving expansion of our ecosystem. And this is what we've done from the very beginning. We really believe that the ecosystem is a critical part of our platform and our strategy and what we're going to be doing is investing in go-to-market resources. We're going to be investing in advancing our APIs.

第四個也是最後一個投資領域是推動我們生態系統的擴張。這就是我們從一開始就做的事情。我們確實相信生態系統是我們平台和策略的重要組成部分，我們要做的是投資上市資源。我們將投資改進我們的 API。

And I think when you see what we're able to do with zero and roughly six months when we announced we were able to go to beta. That's something that we're super proud of. And we know there's an opportunity in the market for us to do more.

我想當你看到我們在零到大約六個月的時間裡我們能夠做些什麼時，我們宣布我們能夠進入測試版。這是我們非常自豪的事情。我們知道市場上有機會讓我們做得更多。

So I'll let John maybe answer the rest of your question there and go from there.

所以我會讓約翰回答你剩下的問題，然後從那裡開始。

Sure. Just adding on to that part of your question about pacing. We're expecting it to be spread throughout the year, a little bit more front-loaded than not. And as we as we look at the impact of these investments, plus the ongoing improvements we're making to our platform efficiency we're driving with go-to-market and things of that nature.

當然。只要補充你關於節奏的問題的部分。我們預計它會在全年傳播，比不提前加載一點。當我們審視這些投資的影響以及我們對平台效率的持續改進時，我們正在推動市場進入和類似性質的事情。

We expect to be able to increase our revenue growth rate in '26, as I mentioned earlier, and that's really the beginning phase of growth expansion. It's not the end goal that we have. It's not just '26. It's multi-year, multiyear improvements in our growth rate, as evidenced by some of our investments, as Rene mentioned, and particularly on the embedded platform, both the technology and our go-to-market capabilities there. That's a multiyear time horizon that we view as driving growth.

正如我之前提到的，我們預計能夠在 26 年提高收入成長率，這實際上是成長擴張的開始階段。這不是我們的最終目標。這不僅僅是26年。正如雷內所提到的，我們的成長率多年來一直在提高，我們的一些投資證明了這一點，特別是在嵌入式平台上，包括技術和我們的上市能力。我們認為這是一個多年的時間跨度，可以推動成長。

And at the same time, we do expect beginning in FY '26, and beyond to be expanding profitability more so than we've seen in FY '25, as we're pulling forward some of those investment dollars.

同時，我們確實預計從 26 財年開始及以後，獲利能力的擴大將超過 25 財年，因為我們正在推進其中一些投資。

And just one more thing I would add is the conviction that both John and I have is so strong that when the market opens up, we're going to be buying shares as well as the company is doing.

我還要補充的一件事是，約翰和我都堅信，當市場開放時，我們會像公司一樣買股票。

No, that was all clear. (multiple speakers) Think you, both. Answered it really well.

不，一切都清楚了。 （多位發言者）想想你們兩個。回答得真好。

Just fully quickly to clarify, Rene, it sounds like I think you mentioned these are offenses that defensive investments. Just wanted to clarify that?

雷內，我很快就澄清了這一點，聽起來我認為你提到這些是防禦性投資的進攻。只是想澄清一下嗎？

As to early, we're all about offense. We have defined the category. We see other people following us and then playing catch up. And we're going to keep widening the gap that we have because that's the advantage that customers need business, customers need innovation. SMBs are innovating every day in each of their businesses and they need to count on somebody to innovate. And that's what they do with us. So I think it's super important, and we're going to continue to do that when we see opportunities.

至於早期，我們都是關於進攻的。我們已經定義了類別。我們看到其他人跟隨我們，然後追趕我們。我們將繼續擴大我們的差距，因為這是客戶需要業務、客戶需要創新的優勢。中小型企業的每項業務每天都在創新，他們需要依靠某人來進行創新。這就是他們對我們所做的。所以我認為這非常重要，當我們看到機會時，我們將繼續這樣做。

Andrew Schmidt, Citigroup

安德魯‧施密特，花旗集團

Hey, Rene, hey, John, thanks for taking my questions. So I wanted to drill down just on the environment for supplier acceptance, maybe John you have some comments, but maybe to put a finer point what you saw in the fiscal fourth quarter and into FY '25?

嘿，雷內，嘿，約翰，謝謝你回答我的問題。因此，我想深入了解供應商接受度的環境，也許約翰，您有一些意見，但也許可以更詳細地闡述您在第四財季和 25 財年看到的情況？

And then maybe just to tag on to that I know you put some supplier enablement teams in place to fit her, better manage the supply relationships. Maybe the early reads on that and what you're seeing in terms of the acceptance when you have kind of a question a little bit deeper on this relationship? Anything on those two fronts would be helpful. Thanks so much.

然後也許只是為了標記這一點，我知道您已經安排了一些供應商支援團隊來適應她，更好地管理供應關係。也許早期的讀物以及當你對這段關係有更深入的疑問時你所看到的接受程度？這兩個方面的任何事情都會有所幫助。非常感謝。

Well, yeah, thank you Andrew. The first thing I would say is as we talk to suppliers is not going to be a surprise, but they don't want checks. They really don't want check. We have a tremendous amount of volume that we drive through our platform. They like getting electronic payments, but they need more help and reconciliation and they need more help in automating all the things that are coming from BILL.

嗯，是的，謝謝你安德魯。我要說的第一件事是，當我們與供應商交談時，這並不令人意外，但他們不想要支票。他們真的不想檢查。我們透過我們的平台獲得了大量的交易量。他們喜歡獲得電子支付，但他們需要更多的幫助和協調，並且他們需要更多的幫助來自動化來自比爾的所有事情。

And so as we talk with suppliers, we're hearing that loud and clear, and we're putting R&D dollars as well as go to market around creating services for them so that they actually have a different experience. But just not at the receiving end, they're engaging with us.

因此，當我們與供應商交談時，我們聽到了響亮而清晰的聲音，我們正在投入研發資金並進入市場，為他們創造服務，以便他們實際上擁有不同的體驗。但他們不是在接收端，而是與我們互動。

I think one of the examples that we think about is we have a tremendous amount of volume that goes through an ACH, but there's very poor reconciliation on ACH transactions and the ability for suppliers to kind of take those transactions and have an experience where they can obviously understand what the payments are attributed to potentially collaborating with their customers, which would be our customers.

我認為我們考慮的例子之一是，我們有大量的交易量通過 ACH，但 ACH 交易的對賬情況非常差，供應商也沒有能力接受這些交易並擁有可以進行交易的經驗。於與其客戶（即我們的客戶）的潛在合作。

All these things are something they want and we see an opportunity to drive value there. And that's not a product that we have in market today. But just give you an example of the learnings that we have that's going on right now. That gives us the confidence that there's an opportunity to create more value for suppliers to keep them really doing their business job better and to keep us serving our customers better.

所有這些都是他們想要的，我們看到了在那裡推動價值的機會。這不是我們今天市場上的產品。但請舉一個我們目前正在學習的例子。這讓我們相信，我們有機會為供應商創造更多價值，讓他們更好地開展業務，讓我們更好地為客戶服務。

Got it. Thank you so much for that, Rene and John, I think you had some comments on stabilization. Maybe you can talk about just more broadly your thoughts on the macro environment heading into FY '25, and how that might translate into things like a TPV per customer? Thank you very much.

知道了。非常感謝你們，雷內和約翰，我想你們對穩定性有一些評論。也許您可以更廣泛地談談您對 25 財年宏觀環境的看法，以及如何將其轉化為每位客戶的 TPV 等內容？非常感謝。

Thanks, Andrew. On we've seen pretty consistent behaviors on the part of small businesses over the last few quarters. You've seen that play out in our TPV per customer numbers being pretty consistent, maybe down 1% up 1%, but in that same range.

謝謝，安德魯。在過去的幾個季度中，我們看到小型企業的行為非常一致。您已經看到，我們的每位客戶 TPV 數量非常一致，可能下降 1%，上升 1%，但在同一範圍內。

Obviously, our overall TPV growth for the last couple of quarters has been a little bit ahead of our expectations, and we're expecting a similar environment throughout FY '25. I think, there this stability is showing up in engagement. We have very healthy transactions for customers, saw a slight uptick in that in the fourth quarter, but still slightly lower dollars per transaction for small businesses was reflective of the environment that everyone's operating.

顯然，我們過去幾季的整體 TPV 成長略高於我們的預期，我們預計整個 25 財年也會出現類似的環境。我認為，這種穩定性體現在參與度上。我們為客戶提供了非常健康的交易，第四季度交易量略有上升，但小型企業的每筆交易金額仍然略有下降，這反映了每個人的經營環境。

And so we feel we feel good about the stability and we're not embedded in our assumptions for expectations in FY'25, assuming any rapid rebound in B2B spending or the flip side, any deterioration in and the current level of activity

因此，我們對穩定性感覺良好，我們沒有將 25 財年的預期納入我們的假設中，假設 B2B 支出出現快速反彈，或者相反，當前活動水平出現任何惡化

Got it. Thank you very much, John.

知道了。非常感謝你，約翰。

Scott Berg, Needham & Company.

史考特‧伯格，李約瑟公司。

Rene and John, nice quarter here. I guess a couple of questions. I think it was in Rene, free scripted remarks about the supplier financing. And I guess can you help maybe quantify kind of what you're seeing there early on and we just recently revealed in a release of product, and that seems to be a part of your reacceleration story in this fiscal '26. I guess how do you maybe setting patience around the impact on business.

雷內和約翰，這裡不錯。我想有幾個問題。我認為這是雷內關於供應商融資的自由腳本評論。我想你能幫忙量化一下你早期看到的情況嗎？我想您如何對業務影響保持耐心。

Thank you, Scott, for the question. I think invoice financing is just another example of innovation that we're bringing to the market. We have a unique set of data and scale. When you think about what we have with scale and just makes us a learning machine, we have so much data across the platform.

謝謝斯科特的提問。我認為發票融資只是我們向市場推出的創新的另一個例子。我們擁有一套獨特的數據和規模。當你想到我們擁有的規模並使我們成為一台學習機器時，我們在整個平台上擁有如此多的數據。

So many opportunities for us to leverage that for our customers. And what we're seeing in West financing is it's early days and there's lots of work to do around kind of the modeling and risk profiles and stuff like that. But what we're seeing is customers want it and they use it again and again.

我們有很多機會為我們的客戶利用這一點。我們在西方融資中看到的是，它還處於早期階段，圍繞建模和風險狀況等方面還有很多工作要做。但我們看到的是客戶想要它並且他們一次又一次地使用它。

And so what we will continue to do is to refine kind of the experience they had to refine the end system so that we can roll this out more broadly. And I think it's going to be one of the important drivers of our expansion of ad valorem revenue as we go forward into '26, and beyond.

因此，我們將繼續做的是完善他們在完善最終系統方面所擁有的經驗，以便我們可以更廣泛地推廣這一點。我認為，隨著我們進入 26 年及以後，這將成為我們擴大從價收入的重要驅動力之一。

Got it. Helpful. And then you've also made the comments on the number of customers using both APM and expense solutions. It's up roughly 60% year-over-year. It is clear now that over the last year, the products have been properly integrated and combined is, I guess is there anything you can take away from those customers outside of better retention rates? Is there any examples where one plus one equals more than two or is this simply just a one plus one equals better retention rates over time?

知道了。有幫助。然後您也對同時使用 APM 和費用解決方案的客戶數量進行了評論。年增約 60%。現在很明顯，在過去的一年裡，這些產品已經得到了適當的整合和組合，我想除了更好的保留率之外，你還能從這些客戶那裡得到什麼嗎？有沒有一加一等於二的例子，或者這只是一加一等於隨著時間的推移更好的保留率？

It's definitely one plus one is more than two. But I mean, we're getting obviously the retention makes that true, but I think we're also getting more usage across the platform. There's more opportunities. We've talked about the opportunity across our platform to continue to extend the proliferation, if you will, of card payments that comes from all the capabilities we have with the platform that was formerly known as TPV that is now are spending expense platform, so that's an area.

這絕對是一加一大於二。但我的意思是，我們的保留率顯然證明了這一點，但我認為我們也在整個平台上獲得了更多的使用。還有更多的機會。我們已經討論過我們平台上繼續擴展卡支付的機會（如果您願意的話），這些卡支付來自我們以前稱為 TPV 的平台（現在是支出平台）所擁有的所有功能，因此那是一個區域。

I think maybe a high-level new area to think about that we see is that the proliferation of all these different software and fintech solutions is actually driving in the market a need for more consolidation and unification of platforms.

我認為，我們看到的一個需要思考的高級新領域是，所有這些不同的軟體和金融科技解決方案的擴散實際上正在推動市場對平台進行更多整合和統一的需求。

And so when you think about what we are able to provide customers today from financial operations perspective, we give them the best world-class AP solution. We didn't have the best world-class [SE] solution. We're giving them the best cash flow insights and forecasting capabilities. These are things that we have into the platforms that continue to create more value for the customer experience across their portfolio, usage of ours and something that we're excited about.

因此，當您從金融營運的角度思考我們今天能夠為客戶提供什麼時，我們為他們提供了最好的世界級 AP 解決方案。我們沒有最好的世界級 [SE] 解決方案。我們為他們提供最好的現金流洞察和預測能力。這些是我們在平台中所擁有的東西，這些東西繼續為他們的產品組合、我們產品的使用以及我們感到興奮的客戶體驗創造更多價值。

So I think that the main thing is we do think one and one is going to be far greater than two.

所以我認為最重要的是我們確實認為一加一將遠大於二。

Excellent. Thanks for taking my questions.

出色的。感謝您回答我的問題。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

Great. Good evening, and thanks for taking my questions. First, maybe the 20% growth comment for 2020 --our fiscal '26, is really encouraging. And especially as you think about the stabilization that you've highlighted so far decided for you, Rene or John, but as you guys think about the building blocks to that 20%, how much of that is reaccelerating existing pieces of the business and getting new customer acquisition of fire again and getting more adoption of ad valorem versus new revenue streams that you're anticipating that the investments you called out are going to drive.

偉大的。晚上好，感謝您回答我的問題。首先，也許 2020 年（我們的 26 財年）成長 20% 的評論確實令人鼓舞。特別是當你們考慮到到目前為止你們所強調的穩定性時，Rene 或 John，但是當你們考慮到這 20% 的構建模組時，其中有多少是重新加速現有業務並獲得新客戶的獲取再次火熱，並更多地採用從價計價，而不是您預計您所呼籲的投資將推動的新收入來源。

Can you just maybe help us understand how much you are to have line of sight versus what has to be kind of block and tackle that next year.

你能不能幫助我們了解明年你需要多少視線，以及需要什麼樣的障礙。

That's a great question, Samad. One of the things I've learned over the last three decades, right businesses that you've got to kind of have a balancing act between obviously what you've got and what you want. And so what we're doing is actually a balancing act. There is definitely more clarity across the business as we've consolidated the organizations and have and the teams really aligned about what drives results on the existing business.

這是一個很好的問題，薩馬德。我在過去三十年中學到的一件事是，正確的企業必須在你所擁有的和你想要的東西之間取得平衡。所以我們所做的其實是一種平衡行為。隨著我們整合了組織，並且團隊在推動現有業務成果的方面真正達成一致，整個業務肯定會更加清晰。

But we also have that same clarity being driven around the innovation teams across the company. And so I think it's a reasonably good balance between the two and we're going to always invest to obviously serve customers with what we have. But we're also going to invest to innovate. And so we're balancing that.

但我們整個公司的創新團隊也有同樣的清晰度。因此，我認為兩者之間存在相當好的平衡，我們將始終進行投資，以明顯地利用我們所擁有的服務為客戶服務。但我們也將投資創新。所以我們正在平衡這一點。

Maybe one other area of investment that I didn't call out earlier that I think is important for folks to know is that where I we talked about this. We're highly committed to being highly profitable. And part of the investment is we have a lot of internal tools. This big company now.

也許我之前沒有提到的另一個投資領域我認為對人們來說很重要，那就是我在哪裡討論過這一點。我們高度致力於實現高利潤。投資的一部分是我們擁有許多內部工具。現在這麼大的公司了

It's a trillion dollars of money movement over the last five years to over $300 billion a year. We've got teams in multiple countries that support customers, they need tools and capabilities to continue to drive efficiency and scale, and we're going to invest behind that because that's the right thing to do for the long-term growth of the business.

過去五年間資金流動達數兆美元，每年超過 3,000 億美元。我們在多個國家/地區擁有為客戶提供支援的團隊，他們需要工具和能力來繼續提高效率和規模，我們將對此進行投資，因為這對業務的長期成長是正確的做法。

Great. And then, John, maybe just a follow-up on the on the NRR. I appreciate the disclosure on what it would have been ex the top three bank. So I was just wondering if you could maybe help us understand from where it was last year to this year that I think 111 to 96, how much of that was due to TPV contraction in the install base versus down selection of payment types. Just trying to understand the mechanics of maybe what drove the contraction portion of it and and how we should think about the shape of that going forward?

偉大的。然後，約翰，也許只是 NRR 的後續行動。我很欣賞披露前三大銀行的情況。所以我只是想知道您是否可以幫助我們了解從去年到今年的情況，我認為從 111 到 96，其中有多少是由於 TPV 安裝基礎的收縮與首付款類型的選擇造成的。只是想了解驅動收縮部分的機制，以及我們該如何思考未來的形狀？

Yeah, thanks for the question, Samad. Most of the change on a year-to-year basis is really driven by the lower TPV from the spend environment that our SMB customers are operating in, which obviously translates into lower transaction revenue growth, which is a significant contributor to come to that retention dynamic.

是的，謝謝你的提問，薩馬德。大部分逐年變化實際上是由我們的中小型企業客戶所處的支出環境中較低的 TPV 驅動的，這顯然會轉化為較低的交易收入增長，而這又是留存率的重要貢獻者動態的。

The second thing is probably the revenue associated with the large FI partner that we've talked about, maybe to a lesser extent than TPV. Those two things combined, though, are the vast majority of the change on a year-to-year basis. It's on things like number of users per customer and on variables like that, that are very small in the grand scheme of of that retention number.

第二件事可能是與我們討論過的大型金融夥伴相關的收入，可能程度低於冠捷。不過，這兩件事加起來是逐年變化的絕大部分。它涉及每個客戶的用戶數量和類似的變量，這些變量在保留數量的總體方案中非常小。

Great. Thanks for the clarity. Appreciate taking my questions.

偉大的。感謝您的澄清。感謝回答我的問題。

Darrin Peller, Wolfe Research.

達林佩勒，沃爾夫研究中心。

Hey, guys, thanks. First question is just around go-to-market. I mean, I saw you jumped like you said it was 7,000 or so up to over 11,000 cross-sold customers by the end of last year this fiscal year. And so that's obviously showing good progress. Just maybe touch on the go to market and really the cross-sell between AV with those solutions and now the one more unified offering?

嘿，夥計們，謝謝。第一個問題是關於上市的。我的意思是，我看到你像你說的那樣，到去年年底，本財年交叉銷售的客戶數量從 7,000 左右增加到 11,000 多個。這顯然顯示出良好的進展。也許只是觸及市場走向以及 AV 與這些解決方案之間的交叉銷售以及現在更加統一的產品？

And really what's if anything has changed what it will, what kind of what's the approach now and can even accelerate that? You really still have a long runway when you look at the base size of your customers versus what you've accomplished so far.

真的，如果有什麼事情發生了變化，它會發生什麼變化，現在的方法是什麼，甚至可以加速這個過程？當您查看客戶的基本規模與迄今為止所取得的成就時，您確實還有很長的路要走。

And I guess just to add on to that strategy and go to market on the financial side now that financial institutions has that changed at all versus we've seen a lot of focus on the accounting channel be very successful. Just curious where the focus is on the financial institution side too guys.

我想，現在金融機構已經發生了根本性的變化，而我們已經看到很多對會計管道的關注非常成功，所以只是增加了這個策略並進入金融方面的市場。我只是好奇金融機構的焦點在哪裡。

Good question, Darren. Yeah, I would say on the go-to-market approach when it comes to cross-selling, I'm going to use a framing that I've always had and driving business success. It's kind of a wash, rinse repeat like you innovate, then you adapt and you learn and then innovate again.

好問題，達倫。是的，我想說，在交叉銷售的進入市場方法上，我將使用我一直擁有的框架並推動業務成功。就像你創新一樣，這是一個清洗、沖洗的重複過程，然後你適應、學習，然後再一次創新。

And so when we pull together the platforms we have the organizations lined up, the go to market is going to be all of it is going to be iterative and what we're learning from customers as we have more and more customers using the joint solutions enables us to drive that future state that you're talking about, which is far more adoption of customers using both of the core platforms that we have.

因此，當我們將各個組織的平台整合在一起時，進入市場將是迭代的，隨著越來越多的客戶使用聯合解決方案，我們從客戶那裡學到了什麼使我們能夠推動您所談論的未來狀態，即更多的客戶採用我們所擁有的兩個核心平台。

And so we see continued learning and alignment within the organizations to kind of listen to customers and drive that success across the customer base. And I think we're going to continue to drive that. And I'll let John add anything to that if he wants and now come back and answer the ecosystem question.

因此，我們看到組織內部不斷學習和協調，以傾聽客戶的意見並推動整個客戶群的成功。我認為我們將繼續推動這一趨勢。如果約翰願意的話，我會讓他補充任何內容，現在回來回答生態系統問題。

Yeah. I would just add that the progress we've made so far on this cross-sell effort has predominantly come from customers who we've acquired through our direct marketing efforts. To a much smaller degree, have we seen cross-sell activity within our accounting channel. So when we talk about doubling down on accountants, it's not just extending our lead in establishing new relationships.

是的。我想補充一點，到目前為止，我們在交叉銷售方面取得的進展主要來自我們透過直接行銷活動獲得的客戶。在較小程度上，我們是否在我們的會計管道內看到了交叉銷售活動。因此，當我們談論對會計師加倍投入時，這不僅僅是擴大我們在建立新關係方面的領先地位。

It's also starting to activate this cross-sell motion and working very closely with accounting firms and their clients to provide new solutions in this regard. So it's a twofold there's lots of opportunity left in. And one of the biggest spaces for growth is an area we do really well, which is in the [gallon] channel.

它也開始啟動這種交叉銷售運動，並與會計師事務所及其客戶密切合作，在這方面提供新的解決方案。因此，這是雙重的，還有很多機會。

Yeah. And just on the ecosystem. Just to give you some framing. Our long-term strategy around the ecosystem has always been that we need to surround the market with distribution channels and be at the center of each.

是的。就生態系統而言。只是為了給你一些框架。我們圍繞生態系統的長期策略始終是，我們需要用分銷管道包圍市場，並成為每個管道的中心。

And what you see with BILL is obviously we are at the center when it comes to direct or meeting there were at the center when it comes to, say counts are 8,000 firms growing 14% year-over-year over half the business.

你在比爾身上看到的顯然是，當涉及到直接或會議時，我們處於中心位置，比如說，有 8,000 家公司超過一半的業務，同比增長 14%。

And then, in the longer term play here is going to be with our financial institution partners and obviously are new accounting partner ship with zero and others to come. And so the opportunity for us is to make sure that we're in a position to win and that's part of the strategy along all along is that we're always going to place ourselves in a position to win with our partners and with the ecosystem more broadly.

然後，從長遠來看，這裡的合作夥伴將是我們的金融機構合作夥伴，顯然是新的會計合作夥伴，包括零和其他即將到來的合作夥伴。因此，我們的機會是確保我們能夠獲勝，這是我們一直以來策略的一部分，我們始終將自己置於與合作夥伴和生態系統一起獲勝的位置更廣泛地說。

And so I would not say it's a shift. I would say it's an expansion because there's now more opportunity in the market from a small business aggregators outside of financial institutions. And we're starting to engage with those like you saw with ZERO.

所以我不會說這是一個轉變。我想說這是一種擴張，因為現在市場上有更多來自金融機構以外的小型企業聚合商的機會。我們開始與您在 ZERO 中看到的那樣的人接觸。

Very helpful. John, can I just quickly squeeze in one follow-up is just what's assumed in your guide for take rate or maybe if you can give us any direction on that.

非常有幫助。約翰，我可以快速擠入一個後續行動嗎？ 這正是您指南中關於採取率的假設，或者您是否可以就此向我們提供任何指示。

And then maybe B of A also the RPOs, is there an assumption and we can think about that may have been a better credit this year was the last any framing on those would be great. Thanks again, guys.

然後，也許 A 的 B 也是 RPO，是否有一個假設，我們可以考慮，今年可能會獲得更好的信用，如果最後對這些框架進行任何框架，那就太好了。再次感謝你們。

Sure, Darren, on the take rate, we're assuming, essentially flattish with an uptick in the second half of the year. We've made a lot of progress and obviously bringing stability to take rate. And we think these first couple of quarters will be the point at which we frankly trough for lack of a better, a better term and start to expand in the second half of the year, we would expect to be above, -- at the end of '25, where we are at the end of '24.

當然，達倫，就採用率而言，我們假設基本上持平，下半年有所上升。我們已經取得了很多進展，顯然帶來了利率的穩定性。我們認為，坦白說，前幾季將是我們因缺乏更好、更好的期限而陷入低谷的時刻，並在下半年開始擴張，我們預計年底將達到以上水平25 年，我們在 24 年底。

In terms of the RPO and dynamics with the one particular partner, there's not a lot of detail we can give there other than as of the end of the year, I think it's approximately 40% of our fuel balances subject to this amended contract that we referred to with the large FI partner, and that will be spread over four years.

就 RPO 以及與某個特定合作夥伴的動態而言，除了截至年底之外，我們無法提供太多細節，我認為我們約 40% 的燃料餘額受此修訂後的合約約束。進行協商，並將分攤到四年內。

Very helpful. Thanks again, guys.

非常有幫助。再次感謝你們。

Bryan Keane, Deutsche Bank.

布萊恩‧基恩，德意志銀行。

Hi, guys. Thanks for taking the question. I guess, John, just to follow up on that, why would or why are you confident that the second half of the year, we'll see a little bit higher penetration in payment modalities.

嗨，大家好。感謝您提出問題。我想，約翰，只是為了跟進這個問題，您為什麼會或為什麼有信心在今年下半年，我們會看到支付方式的滲透率有所提高。

And do you think VC and cross border will bounce back and be up this year in particular?

您認為創投和跨國投資會在今年反彈並上漲嗎？

Thanks for the question, Bryan. I think to the second part of your question, yes, we do. We do have confidence in additional volumes on those products. I'd say there's other as Rene. And I think perhaps I mentioned earlier as well, there's other product improvements that we're making, and we're filling a couple of, I'd say, interesting holes in the product portfolio which will drive additional ad valorem adoption.

謝謝你的提問，布萊恩。我認為對於你問題的第二部分，是的，我們願意。我們確實對這些產品的額外銷售充滿信心。我想說還有另一個人，例如雷內。我想也許我之前也提到過，我們正在進行其他產品改進，我們正在填補產品組合中的一些有趣的漏洞，這將推動更多從價採用。

And it's these dynamics that when we look at the volume and expectations around very short term penetration rates and adoption from suppliers and customers that give us confidence that we'll start to back on the road of expanding a take rate as we get further into FY '25.

正是這些動態，當我們專注於非常短期的滲透率以及供應商和客戶的採用率的數量和期望時，這些動態讓我們有信心，隨著我們進一步進入財年，我們將開始回到擴大採用率的道路上'25。

Got it. That's helpful. And then the follow-up to that is just that 20% core revenue growth for fiscal year '26, does that assume getting back to more normal? And maybe you can help us what is normal kind of sequential organic take rate expansion?

知道了。這很有幫助。接下來就是 26 財年核心營收成長 20%，這是否假設恢復到更正常的狀態？也許您可以幫助我們什麼是正常的連續有機採取率擴張？

And I'd say that the first of all, getting to the 20% growth that we talked about, that's obviously going to be a progression, right? We're going to make make progress in the second half of '25, and we'll continue that through at FY '26. We are assuming a better expansion of monetization in '26, than in '25, but that's not the sole driver of our belief that 20 percentage point range for '26, we obviously have a much higher both volume and revenue growth on our spend and expense product.

我想說，首先，達到我們談到的 20% 的成長，這顯然是一個進步，對吧？我們將在 25 年下半年取得進展，並將在 26 財年繼續這項進展。我們假設 26 年的貨幣化擴張會比 25 年更好，但這並不是我們相信 26 年 20 個百分點範圍內的唯一驅動因素，我們的支出和收入增長顯然要高得多。

We talked about the proliferation of card payments starting to happen within the build ecosystem that will provide incremental growth as well so it's all of the above. Frankly, that gives us confidence there. As far as the sequential quarterly upticks, I don't think of it as that in those terms as much as we do on an annual basis, we would expect to start to get back to higher levels of expansion.

我們討論了在構建生態系統中開始發生卡支付的激增，這也將提供增量增長，所以這就是以上所有內容。坦白說，這給了我們信心。就連續季度的成長而言，我認為從這些角度來看，我們預計不會像每年那樣成長，我們預計會開始恢復到更高的擴張水平。

Great. Thanks so much for taking the questions.

偉大的。非常感謝您提出問題。

Ken Wong, Oppenheimer.

肯·黃，奧本海默。

Okay. Fantastic. On most of mine have been asked, but I guess the one final clarification, just on the RPO side, did that dollar amount increase with the renewal or was that a static final year number that's now spread over four years? Or was there an uptick in that number that's now spread over four years? Just wanted to make sure we understood the mechanics of of kind of how what's playing out there?

好的。極好的。我的大部分問題都被問到了，但我想最後需要澄清的是，就 RPO 而言，該金額是否隨著續約而增加，或者是現在分佈在四年內的靜態最後一年數字？或者這個數字在四年內是否有上升？只是想確保我們了解那裡發生的事情的機制？

Yeah. The RPO associated with the large FI partner remain roughly the same. So no significant expansion or contraction as we exited FY '24, and the term on that amended contract is now four years.

是的。與大型金融合作夥伴相關的恢復點目標 (RPO) 大致保持不變。因此，當我們退出 24 財年時，沒有顯著的擴張或收縮，修改後的合約期限現在是四年。

Got it. So there was a sort of pre-existing balance then as you guys renegotiated that remained roughly the same as just across multiple years instead of a single year, right? So it would be like hypothetically a 10 divided by four? It's not some number bigger than 10 divided by four?

知道了。因此，當你們重新談判時，存在著一種預先存在的平衡，這種平衡在多年而不是一年內保持大致相同，對吧？那麼假設它就像 10 除以 4 一樣？這不是大於 10 除以 4 的數字嗎？

That's right.

這是正確的。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Thank you, everybody. Just wanted to say appreciate your joining today. We finished fiscal 2024, with great momentum and a really strong foundation to drive growth in FY '25, and beyond. We look forward to extending our leadership position, and I'm exceptionally proud of the team's agility and adaptability shown in the last six months of the year. And all of us are very energized about our future.

謝謝大家。只是想說感謝您今天的加入。我們以強勁的勢頭和堅實的基礎結束了 2024 財年，為推動 25 財年及以後的成長奠定了堅實的基礎。我們期待擴大我們的領導地位，我對團隊在今年最後六個月中表現出的敏捷性和適應性感到非常自豪。我們所有人都對我們的未來充滿活力。

So thank you for joining us and have a great evening.

感謝您加入我們並祝您度過一個愉快的夜晚。

That will conclude today's conference call. Thank you for your participation. You may now disconnect your line.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。