BILL Holdings Inc (BILL) 2025 Q1 法說會逐字稿

Good afternoon and welcome to BILL'S first quarter fiscal 2025 earnings conference call. Joining us today are BILL's CEO and Founder, Rene Lacerte; President and CFO, John Rettig; and Vice President of Investor Relations, Karen Sansot.

下午好，歡迎參加比爾 2025 財年第一季財報電話會議。今天加入我們的是 BILL 的執行長兼創辦人 Rene Lacerte；總裁兼財務長 John Rettig；和投資人關係副總裁 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, and welcome to BILL's fiscal first-quarter 2025 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.

謝謝業者，歡迎參加 BILL 2025 年第一季財報電話會議。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, targets, 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 really 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 the reconciliation of GAAP to non-GAAP financial performance and additional disclosures regarding these measures. Note that we revised our key metrics presentation beginning this quarter to reflect our evolving product solution set as we previewed on our last earnings call.

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，我們從本季度開始修改了關鍵指標演示，以反映我們在上次財報電話會議上預覽的不斷發展的產品解決方案集。

This new presentation provides investors with an enhanced view of our integrated platform, which includes BILL AP, AR, and spend & expense excluding the financial institution channel. It also provides an enhanced view of our embedded and other solutions, which includes the financial institution channel in ways to go and other solutions. The appendix of our fiscal Q1 2025 investor deck reflects this new presentation.

這項新的簡報為投資者提供了我們整合平台的增強視圖，其中包括 BILL AP、AR 以及不包括金融機構管道的支出和費用。它還提供了我們的嵌入式解決方案和其他解決方案的增強視圖，其中包括 way to go 中的金融機構管道和其他解決方案。我們 2025 年第一財季投資者資料的附錄反映了這項新的簡報。

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

現在我將把電話轉給雷內。雷內？

Thank you, Karen. Good afternoon, everyone.

謝謝你，凱倫。大家下午好。

In Q1, we delivered very strong financial results, innovated at a rapid pace and executed well across the company. We made substantial progress on our most important initiatives to expand the depth and breadth of our platform and enhance our go-to-market motion to further serve small and midsized businesses. These actions drove increased customer acquisition and higher payment volume per customer among newer cohorts of our Integrated Platform.

在第一季度，我們取得了非常強勁的財務業績，快速創新，並且在整個公司範圍內執行良好。我們在擴大平台深度和廣度、加強市場推廣以進一步服務中小企業等最重要措施上取得了實質進展。這些行動推動了我們整合平台新群體的客戶獲取量和每位客戶支付量的增加。

Our success this quarter highlights the significant growth runway ahead for BILL. We're moving aggressively to capitalize on the market as we extend the essential financial operations category to more SMBs.

我們本季的成功凸顯了比爾未來的顯著成長。隨著我們將基本的金融營運類別擴展到更多的中小企業，我們正在積極利用市場。

In Q1, we drove strong core revenue growth of 19% year over year, which was above our expectations and reflects acceleration from 16% growth last quarter. We are executing on our commitment to balance growth and profitability and achieved a non-GAAP operating income margin of 19% in the quarter, which increased 8 percentage points from last year. We also expanded free cash flow margin to 23%, reflecting a 7-percentage-point increase from last year.

第一季度，我們的核心營收年增 19%，超出了我們的預期，反映出上季 16% 成長的加速。我們正在履行平衡成長和獲利的承諾，本季非 GAAP 營業利潤率達到 19%，比去年增加 8 個百分點。我們也將自由現金流利潤率擴大至 23%，比去年增加了 7 個百分點。

Our increasing scale demonstrates that our value proposition resonates with SMBs. During the quarter, we empowered over 475,000 businesses to automate their financial operations, and we managed $80 billion in total payment volume across 29 million payment transactions. We took care of their financial operations so they could take care of serving their customers and growing their business. Our platform is mission-critical for SMBs as they digitize their back office.

我們不斷擴大的規模表明我們的價值主張與中小企業產生共鳴。本季度，我們協助超過 475,000 家企業實現財務營運自動化，並在 2,900 萬筆支付交易中管理了 800 億美元的總支付額。我們負責他們的財務運營，以便他們能夠服務客戶並發展業務。我們的平台對於中小企業實現後台數位化至關重要。

For example, FairWave, a BILL customer since 2023, empowers other SMBs by providing small local cofee shops with scalable infrastructure, such as coffee bean sourcing, loyalty programs, and a tech stack to drive growth. FairWave does all this while observing the independence and uniqueness of local coffee brands across the country.

例如，自 2023 年起成為 BILL 客戶的 FairWave 透過為當地小型咖啡店提供可擴展的基礎設施（例如咖啡豆採購、忠誠度計劃和推動成長的技術堆疊）來為其他中小型企業提供支援。 FairWave 在做到這一切的同時，觀察了全國各地當地咖啡品牌的獨立性和獨特性。

Derek Braun, Director of FP&A said and I quote, BILL is the technology foundation that supports our growth. FairWave grows fast, adding a new brand every few months. What comes with it is the need to understand and operate each brand's finances. With BILL, we can integrate each brand's financial operations, their accounts payable and card spend and as soon as possible, create standardized processes and controls.

FP&A 總監 Derek Braun 說過（我引用一下），BILL 是支持我們成長的技術基礎。 FairWave 發展迅速，每隔幾個月就會增加一個新品牌。隨之而來的是需要了解和經營每個品牌的財務狀況。透過 BILL，我們可以整合每個品牌的財務營運、應付帳款和卡片支出，並儘快建立標準化流程和控制。

Additionally, BILL allows us to manage card spend by category, build budget and eliminate surprises. We were able to get twice the amount of work done without hiring an additional AP clerk, saving us $75,000 a year. BILL really brings us the efficiencies we need to focus on adding more brands.

此外，BILL 允許我們按類別管理卡片支出、制定預算並消除意外情況。我們無需僱用額外的 AP 職員即可完成兩倍的工作量，每年節省 75,000 美元。 BILL 確實為我們帶來了專注於增加更多品牌所需的效率。

We are the leaders in financial operations automation for SMBs. There is a vast market opportunity ahead of us. Customer stories like FairWave or what inspires us at BILL as we focus on supporting many more SMBs on their automation journey.

我們是中小型企業財務營運自動化的領導者。廣闊的市場機會擺在我們面前。 FairWave 等客戶故事或 BILL 的靈感來源，讓我們專注於為更多中小型企業的自動化之旅提供支援。

99.9% of the businesses in the US are small businesses with fewer than 500 employees, and they power over 40% of the US GDP and employ nearly half of the workforce. Yet given the fragmented and highly diverse nature of the SMB market, small businesses are underserved by technology and their needs are often neglected. Their adoption of technology solutions for financial operations is still nascent.

美國99.9%的企業是員工人數不到500人的小型企業，它們為美國GDP提供了40%以上的動力，僱用了近一半的勞動力。然而，鑑於中小企業市場的分散性和高度多樣化的性質，小型企業無法獲得足夠的技術服務，他們的需求常常被忽視。他們對金融營運技術解決方案的採用仍處於起步階段。

In fact, only 5% of larger SMBs have fully automated both their AP and AR processes according to a recent survey by Payments Intelligence. When it comes to the financial operations for small and midsized businesses, we are very well positioned to serve this large greenfield opportunity. We have the platform, the ecosystem and the team to empower millions of businesses, and we will continue to aggressively drive market adoption and deliver on our commitment to helping SMBs succeed.

事實上，根據 Payments Intelligence 最近的一項調查，只有 5% 的大型中小企業已完全自動化其 AP 和 AR 流程。在中小型企業的金融營運方面，我們處於非常有利的地位來服務這一大型綠地機會。我們擁有為數百萬企業提供支援的平台、生態系統和團隊，我們將繼續積極推動市場採用，並兌現幫助中小企業成功的承諾。

One of BILL's key product differentiators is our integrated platform. We provide SMBs with accounts payable, accounts receivable, spend management, business insights and working capital solutions. Our platform digitizes and transforms their financial operations and eliminates complex disconnected manual paper-based processes that burden SMBs.

BILL 的主要產品優勢之一是我們的整合平台。我們為中小型企業提供應付帳款、應收帳款、支出管理、業務洞察和營運資金解決方案。我們的平台可實現財務營運的數位化和轉型，並消除對中小型企業帶來負擔的複雜、互不關聯的手動紙本流程。

Our powerful platform automates the B2B payment life cycle from the creation of a purchase order all the way through reconciling the transactions. Our tools automate workflow and drive effortless approvals, making it simple to manage cash in and out of the business.

我們強大的平台可實現從建立採購訂單一直到協調交易的 B2B 支付生命週期的自動化。我們的工具自動化工作流程並推動輕鬆審批，使管理業務進出現金變得簡單。

We provide a wide range of payment and funding choices for the very critical payment the last mile. These tools and capabilities were designed end-to-end and built from the ground up by working with hundreds of thousands of small businesses. Our platform uniquely enables SMBs to save significant time, while gaining more visibility and control of their cash flow.

我們為最後一哩非常關鍵的支付提供廣泛的支付和資金選擇。這些工具和功能是端到端設計的，是透過與數十萬家小型企業合作從頭開始建立的。我們的平台獨特地使中小型企業能夠節省大量時間，同時獲得對其現金流的更多可見度和控制力。

We are always innovating to make our all-in-one platform for SMBs even more valuable by giving them more choice and flexibility in how they manage their finances. For example, as part of our priority to enrich existing payment offerings and provide new payment options, we delivered new payment innovations for both funding and disbursement.

我們始終不斷創新，為中小型企業提供更多選擇和靈活性來管理財務，從而使我們的一體化平台更有價值。例如，作為豐富現有支付產品和提供新支付選項的優先事項的一部分，我們為融資和支付提供了新的支付創新。

We recently enabled real-time funding options. This means that customers can now fund their payments with credit cards or ACH or real-time payments. Additionally, on the disbursement side, we were making our BILL Divvy card available to accounts payable customers as an alternative to making check and ACH payments.

我們最近啟用了即時融資選項。這意味著客戶現在可以使用信用卡或 ACH 或即時付款方式進行付款。此外，在付款方面，我們向應付帳款客戶提供 BILL Divvy 卡，作為支票和 ACH 付款的替代方式。

In addition to driving more spend on the BILL Divvy card, this will also create a simpler and easier upgrade path for our BILL AP customers to the full spend and expense platform. These examples are part of our initiatives to further integrate our solutions, provide more card options and drive more awareness of the robust capabilities of our platform.

除了推動 BILL Divvy 卡的支出增加之外，這還將為我們的 BILL AP 客戶創建一條更簡單、更輕鬆的升級路徑，升級到完整的支出和費用平台。這些範例是我們進一步整合解決方案、提供更多卡片選項並提高人們對我們平台強大功能的認識的舉措的一部分。

We also broadened the availability of international payment local transfer to more than two dozen countries. Our new capability enables businesses to receive their international payments days faster with less FX volatility, while saving on transaction fees. We are working to extend this value to additional countries.

我們也將國際支付本地轉帳的可用性擴大到了二十多個國家。我們的新功能使企業能夠更快地收到國際付款，並減少外匯波動，同時節省交易費用。我們正在努力將這一價值擴展到更多國家。

Beyond funding and payment capabilities, we are scaling our working capital solutions, solving one of the biggest pain points for SMBs, with their invoice financing offering, suppliers are getting paid weeks in advance of when they would typically get paid.

除了融資和支付能力之外，我們還在擴展我們的營運資金解決方案，解決中小企業最大的痛點之一，透過發票融資服務，供應商可以比通常情況提前幾週獲得付款。

We have proven product market fit and are seeing recurring usage with 70% of borrowers being repeat users of invoice financing. We have a long history of leveraging our proprietary data and AI to enhance our platform and offerings such as automated bill entry, payment acceleration and network matching.

我們已經證明產品適合市場，並且經常使用，70% 的借款人是發票融資的重複用戶。我們長期以來一直利用我們的專有數據和人工智慧來增強我們的平台和產品，例如自動帳單輸入、支付加速和網路匹配。

As part of our priorities to continue to simplify and enhance our platform experience, we are applying AI to more use cases to further simplify and personalize the user experience on our platform for SMBs. As an example, recently, we introduced an AI-powered guide, Sync Assist, which creates a more seamless experience when syncing with accounting systems. Our open platform allows businesses to work with any accounting software and automatically syncs with the top accounting systems that are used by over 80% of the SMB market.

作為我們繼續簡化和增強平台體驗的優先事項的一部分，我們正在將人工智慧應用於更多用例，以進一步簡化和個性化中小型企業平台上的使用者體驗。例如，最近，我們推出了一款由人工智慧驅動的指南 Sync Assist，它在與會計系統同步時創造了更無縫的體驗。我們的開放平台允許企業使用任何會計軟體，並自動與超過 80% 的中小企業市場使用的頂級會計系統同步。

And for accounting firms that support clients with multiple different accounting systems, our Sync is an invaluable tool. Tens of thousands of organizations have adopted our Sync Assist functionality to simplify the experience. One of them is EisnerAmper, a global accounting tax and advisory firm.

對於使用多種不同會計系統支援客戶的會計師事務所來說，我們的同步是一個非常寶貴的工具。數以萬計的組織已採用我們的同步輔助功能來簡化體驗。其中之一是全球會計稅務和諮詢公司 EisnerAmper。

Rod Nealy, Manager of Application Success Team said and I quote, Sync Assist, is absolutely fantastic. Our staff loves this new functionality. It does the work for you by generating actionable responses to empower our team to quickly resolve any sync issues on their own without leaving the BILL platform. BILL Sync Assist saves our staff so much time and headache. With hundreds of our clients on BILL, this is an absolute game changer.

應用程式成功團隊經理 Rod Nealy 表示，我引用的是 Sync Assist，這絕對是太棒了。我們的員工喜歡這個新功能。它透過產生可操作的回應來為您完成工作，使我們的團隊能夠在不離開 BILL 平台的情況下自行快速解決任何同步問題。 BILL Sync Assist 為我們的員工節省了大量時間並減少了麻煩。 BILL 擁有數百名客戶，這絕對是遊戲規則的改變者。

Another important point of significant differentiation for BILL is the large and diverse distribution ecosystem we have built which includes direct sales, partnerships with accounting firms, top financial institutions and more than 7 million network members. Within our direct channel, our heightened focus on high propensity to spend businesses is producing stronger engagement among new cohorts of customers, particularly new spend and expense customers and our dedicated programs focused on accounts attracted more accounting firms to BILL.

BILL 顯著差異化的另一個重要點是我們建立了龐大且多樣化的分銷生態系統，其中包括直接銷售、與會計師事務所、頂級金融機構的合作夥伴關係以及超過 700 萬網絡成員。在我們的直接管道中，我們對高消費傾向企業的高度關注正在增強新客戶群的參與度，特別是新的消費和費用客戶，而我們專注於帳戶的專門計劃吸引了更多會計師事務所加入BILL。

In the past year, more than 1,000 accounting firms joined the BILL platform to expand their business and simplify their customers' lives. We now partner with more than 8,500 accounting firms in the US. And together, we serve tens of thousands of SMBs. Our platform and ecosystem are foundational to the category of leadership and scale we have today.

去年，超過1000家會計師事務所加入了BILL平台，以擴展業務並簡化客戶的生活。我們現在與美國超過 8,500 家會計師事務所合作。我們共同為數以萬計的中小企業提供服務。我們的平台和生態系統是我們今天擁有的領導力和規模的基礎。

As we look ahead, we remain focused on expanding our lead and continuing to drive durable, profitable growth. Given the strength of our balance sheet, improving cash flow generation, we are continuing to make targeted investments to bolster our competitive advantages and expand our market opportunity. We believe that investing toward areas of the business, where we expect to see a high ROI will enable BILL to extend our competitive note, while simultaneously unlocking meaningful long-term value for shareholders.

展望未來，我們仍然專注於擴大領先地位並繼續推動持久的獲利成長。鑑於我們的資產負債表實力雄厚，現金流產生能力不斷改善，我們將繼續進行有針對性的投資，以增強我們的競爭優勢並擴大我們的市場機會。我們相信，對我們期望獲得高投資回報率的業務領域進行投資將使 BILL 能夠擴大我們的競爭優勢，同時為股東釋放有意義的長期價值。

A key area of investment is building our team for the next phase of growth and to expand our category leadership. We recently added Mary Kay Bowman to our executive team as EVP of Payments and Financial Services. Mary Kay is a world-class leader with significant experience driving innovation and growth at Fortune 500 companies. She brings a wealth of expertise from 20 years of experience building solutions in fintech, managing hundreds of products and serving millions of customers at leading companies, including Visa, Block, Formerly Square, and Amazon.

投資的一個關鍵領域是為下一階段的成長建立我們的團隊並擴大我們的類別領導地位。我們最近將 Mary Kay Bowman 加入我們的執行團隊中，擔任支付和金融服務執行副總裁。玫琳凱是世界級的領導者，在財富 500 強公司推動創新和成長方面擁有豐富的經驗。她擁有 20 年在金融科技領域建立解決方案、管理數百種產品並為 Visa、Block、Formerly Square 和 Amazon 等領先公司的數百萬客戶提供服務的經驗，帶來了豐富的專業知識。

We believe Mary Kay's proven track record in driving innovation and connecting buyers and sellers will be highly additive to the evolution of our payment and financial services offerings.

我們相信，玫琳凱在推動創新和連接買家和賣家方面的良好記錄將極大促進我們支付和金融服務產品的發展。

We are aggressively taking steps to extend our lead and expand the financial operations category. As we do this, we are being very thoughtful and intentional about balancing investments for the future with return of capital to shareholders. To that end, during the quarter, we repurchased $200 million of shares under the $300 million share repurchase program announced in August. These purchases reflect the conviction that the Board and management have in our growth potential and then bill as an investment opportunity with significant upside.

我們正在積極採取措施擴大我們的領先地位並擴大金融營運類別。當我們這樣做時，我們非常深思熟慮並有意平衡未來投資與股東資本回報。為此，在本季度，我們根據 8 月宣布的 3 億美元股票回購計畫回購了 2 億美元股票。這些收購反映了董事會和管理層對我們的成長潛力的信念，並將其視為具有顯著上升空間的投資機會。

In conclusion, BILL has meaningful and expanding scale. Our strong leadership in a highly compelling market enables us to focus on capitalizing on the significant opportunities ahead. The consistent execution of our strategy to help hundreds of thousands of businesses reimagine how financial operations can be done has both changed the game for our customers and built an exceptionally strong business that generates strong cash flows and drive durable profitable growth.

總之，BILL 具有有意義且不斷擴大的規模。我們在極具吸引力的市場中擁有強大的領導地位，使我們能夠專注於利用未來的重大機會。我們始終如一地執行策略，幫助成千上萬的企業重新構想如何進行財務運營，這不僅改變了我們客戶的遊戲規則，還建立了異常強大的業務，產生強勁的現金流並推動持久的盈利增長。

Looking ahead, we remain focused on strategically investing in areas of the business that we believe will further our category leadership and executing on our planned growth and profitability initiatives. We are deeply committed to supporting our customers and partners and realizing our vision to be the essential financial operations platform for SMBs.

展望未來，我們仍然專注於對我們認為將進一步加強我們的類別領導地位的業務領域進行策略性投資，並執行我們計劃的成長和獲利計劃。我們堅定地致力於支持我們的客戶和合作夥伴，並實現我們成為中小企業重要的金融營運平台的願景。

Now I'll turn the call over to John.

現在我將把電話轉給約翰。

Thanks, Rene. Before talking about our financial results, I'd like to start with an update on the progress we are making on our targeted investments through the first quarter of fiscal 2025.

謝謝，雷內。在談論我們的財務表現之前，我想先介紹一下我們在 2025 財年第一季的目標投資方面取得的最新進展。

As we discussed in our last earnings call, we are making incremental investments in fiscal 2025 to accelerate our strategic priorities and win the large greenfield market opportunity ahead. We believe these investments position us to deliver sustainable revenue growth and margin expansion over many years. The pacing of these investments will continue to scale over the year as we execute on incremental hiring plans.

正如我們在上次財報電話會議中所討論的那樣，我們正在 2025 財年進行增量投資，以加快我們的戰略重點並贏得未來的大型綠地市場機會。我們相信，這些投資使我們能夠在多年內實現可持續的收入成長和利潤率擴張。隨著我們執行增量招聘計劃，這些投資的步伐將在今年繼續擴大。

Our key investments include enhancing our virtual card, international payments and working capital solutions, augmenting the experience and go-to-market capabilities for suppliers, delivering new capabilities and deepening relationships with accounting firms and driving expansion of our embedded solutions.

我們的主要投資包括增強我們的虛擬卡、國際支付和營運資金解決方案，增強供應商的經驗和進入市場的能力，提供新功能並加深與會計師事務所的關係，以及推動我們嵌入式解決方案的擴展。

We are making progress executing against these investment priorities. A good example is our expansion of international payment local transfers to more than two dozen countries. The annual growth rates for both International FX payment volume and revenue increased by 10 percentage points compared to last quarter.

我們在執行這些投資優先事項方面正在取得進展。一個很好的例子就是我們將國際支付本地轉帳擴展到二十多個國家。國際外匯支付量和營收的年增率較上季成長10個百分點。

Another example is our invoice financing offering, where we've been iterating on the product and customer experience since our controlled launch last fiscal year. We're seeing strong demand from suppliers in our network for the product. And through Q1, we have funded nearly 200,000 loans, since launch.

另一個例子是我們的發票融資產品，自上一財年可控推出以來，我們一直在迭代產品和客戶體驗。我們看到我們網路中的供應商對該產品的強烈需求。自推出以來，截至第一季度，我們已為近 20 萬筆貸款提供了資金。

Additional highlights of progress made in our investment priorities include the recent introduction of real-time funding options and enabling the BILL Divvy card for AP payments.

我們在投資重點方面取得的進展的其他亮點包括最近推出的即時融資選項以及啟用 BILL Divvy 卡進行 AP 支付。

In addition, we've added leadership talent to our payments and accounting channel teams and launched our embedded solution with Xero, which is currently in beta. These early proof points add to our conviction in our ability to execute and capture the large market opportunity. We believe the investments we are making will accelerate our pace to bring financial operations mainstream for millions of SMBs and position us to deliver significant sustainable revenue growth and margin expansion over the long term.

此外，我們還為支付和會計管道團隊增加了領導人才，並推出了 Xero 嵌入式解決方案，目前處於測試階段。這些早期的證據增強了我們對執行和捕捉巨大市場機會的能力的信心。我們相信，我們正在進行的投資將加快我們將金融營運納入數百萬中小企業主流的步伐，並使我們能夠在長期內實現顯著的可持續收入成長和利潤率擴張。

Now moving on to a discussion of our Q1 results. We executed diligently against our top priorities in Q1 as we scaled our platform and drove strong market penetration. BILL stands out as an essential technology partner for SMBs and in Q1, this showed up in our strong customer acquisition numbers and growing payment volume per customer among newer cohorts. The profile of these newer cohorts is a direct result of our go-to-market focus on larger businesses and we're driving very good early results.

現在繼續討論我們的第一季業績。隨著我們擴展平台並推動強大的市場滲透，我們在第一季努力執行我們的首要任務。 BILL 脫穎而出，成為中小型企業的重要技術合作夥伴，在第一季度，這體現在我們強勁的客戶獲取數量以及新群體中每個客戶不斷增長的支付。這些新群體的形像是我們對大型企業的市場關注的直接結果，並且我們正在推動非常好的早期成果。

Our targeted approach in driving growth led to revenue and profitability results that exceeded the top end of our guidance range. We delivered strong profitable growth in Q1. As core revenue increased 19% year-over-year, non-GAAP operating income margin was 19% and free cash flow margin was 23%.

我們在推動成長方面採取的有針對性的方法導致收入和盈利能力結果超出了我們指導範圍的上限。我們在第一季實現了強勁的獲利成長。核心營收年增 19%，非 GAAP 營業利益率為 19%，自由現金流率為 23%。

Our operating income and free cash flow margins both expanded more than 700 basis points year over year. On the back of this momentum, we are investing in the foundation to drive core revenue growth acceleration and widen our leadership position in the market.

我們的營業收入和自由現金流利潤率均較去年同期成長超過 700 個基點。在此勢頭的支持下，我們正在投資基礎設施，以推動核心收入加速成長並擴大我們在市場中的領導地位。

Now for some more details about the quarter. Total revenue was $358 million in Q1, up 18% year over year. Core revenue, which includes subscription and transaction fees, was $315 million, up 19% year over year. Float revenue was $44 million.

現在了解有關本季的更多詳細資訊。第一季總營收為 3.58 億美元，年增 18%。核心收入（包括訂閱費和交易費）為 3.15 億美元，較去年同期成長 19%。浮動收入為 4400 萬美元。

Turning to an update on our integrated platform, which includes our BILL AP, AR and spend & expense solutions, but excludes the financial institution channel. Revenue from our integrated platform was $295 million in Q1, up 18% year over year. Within our integrated platform, revenue from our BILL AP, AR solution was $162 million, up 13% year over year. TPV grew 12% year over year and TPV per customer grew 2% year-over-year, slightly above recent quarters. Monetization or take rate was consistent with last quarter.

轉向我們整合平台的更新，其中包括我們的 BILL AP、AR 以及支出和費用解決方案，但不包括金融機構管道。第一季我們的整合平台營收為 2.95 億美元，年增 18%。在我們的整合平台中，BILL AP、AR 解決方案的收入為 1.62 億美元，較去年同期成長 13%。 TPV 年成長 12%，每位客戶的 TPV 年增 2%，略高於最近幾季。貨幣化或採用率與上季一致。

During the quarter, we added 4,800 net new BILL AP, AR customers and now have more than 156,000 customers using this solution. Also within our integrated platform, revenue from our BILL spend & expense solution was $133 million, up 25% year over year, driven by 26% card payment volume growth.

本季度，我們淨增加了 4,800 個 BILL AP、AR 客戶，現在有超過 156,000 個客戶在使用解決方案。同樣在我們的整合平台內，我們的 BILL 支出和費用解決方案帶來的收入為 1.33 億美元，較去年同期成長 25%，這主要得益於卡片支付量成長 26%。

As discussed in recent quarters, our go-to-market focus is on larger, higher propensity to Spend businesses, and we're seeing this focus lead to spending strength among newer cohorts of businesses. For example, we saw a step-up of more than 40% in card spend among the spending businesses we acquired in the last two quarters compared to the preceding two quarters.

正如最近幾季所討論的，我們進入市場的重點是規模更大、支出傾向更高的企業，我們看到這種重點導致了新一批企業的支出強勁。例如，與前兩個季度相比，我們在過去兩個季度收購的消費業務中，卡片消費成長了 40% 以上。

Spend & expense interchange fees were 260 basis points in the quarter. Rewards were 47% of spend & expense revenue. We added 1,600 net new spending businesses and had more than 36,000 spending businesses on our spend & expense solution at the end of the quarter, making us one of the largest providers of software-powered corporate card solutions.

本季支出和費用互換費為 260 個基點。獎勵佔支出和費用收入的 47%。截至本季末，我們淨新增 1,600 個支出業務，並且在我們的支出和費用解決方案上擁有超過 36,000 個支出業務，使我們成為最大的軟體驅動的公司卡解決方案提供商之一。

Revenue from our embedded & other solutions, which includes the financial institution channel, Invoice2go and other solutions was $20 million, up 28% year over year.

我們的嵌入式及其他解決方案（包括金融機構管道、Invoice2go 和其他解決方案）的收入為 2,000 萬美元，較去年同期成長 28%。

Moving on to additional financial highlights. Non-GAAP gross profit in Q1 was $307 million, up 17% year over year, and non-GAAP gross margin was 86%, which is above our targeted range for the low-80s due to float revenue and favorable product mix. Our highly efficient business model enables us to consistently deliver a gross margin that is among best in class for software and fintech companies.

接下來是其他財務亮點。第一季的非 GAAP 毛利為 3.07 億美元，年增 17%，非 GAAP 毛利率為 86%，由於浮動收入和有利的產品組合，高於我們為 80 歲以下的目標範圍。我們高效的業務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。

Non-GAAP operating income was $67 million, representing a 19% non-GAAP operating margin and an expansion of 8 percentage points year over year. We've created operating leverage from our core business as non-GAAP operating margin, excluding float revenue, expanded 10 percentage points year over year to 8%.

非 GAAP 營業收入為 6,700 萬美元，非 GAAP 營業利潤率為 19%，較去年同期成長 8 個百分點。我們從核心業務中創造了營運槓桿，非公認會計準則營運利潤率（不包括浮動收入）年增 10 個百分點，達到 8%。

Non-GAAP net income was $69 million, up 33% year over year, representing a 19% non-GAAP net income margin and an expansion of 2 percentage points year over year. Non-GAAP net income per fully diluted share was $0.63, up 43% year over year. Non-GAAP diluted share count declined 8.2 million shares or 7% year over year, primarily due to our initiatives to repurchase convertible notes and shares over the past 12 months.

非 GAAP 淨利潤為 6,900 萬美元，較去年同期成長 33%，非 GAAP 淨利率為 19%，較去年同期擴大 2 個百分點。非 GAAP 完全稀釋每股淨利為 0.63 美元，較去年同期成長 43%。非 GAAP 稀釋後股票數量年減 820 萬股，即 7%，這主要是由於我們在過去 12 個月內回購可轉換票據和股票的舉措。

During the first quarter, we repurchased $200 million worth of stock, retiring 3.7 million shares. Given the timing of stock repurchases during the quarter, our non-GAAP diluted share count was reduced by approximately 1.2 million shares related to these recent purchases.

第一季度，我們回購了價值 2 億美元的股票，註銷了 370 萬股。考慮到本季股票回購的時間，我們的非公認會計準則稀釋後股票數量減少了約 120 萬股，與最近的購買相關。

Shifting to our outlook. Our guidance continues to assume the macro and B2B spend environment remain consistent with recent quarters and that ad valorem payment volume growth and overall monetization rates increased modestly in the latter part of the fiscal year.

轉向我們的觀點。我們的指引繼續假設宏觀和 B2B 支出環境與最近幾季保持一致，並且從價支付量增長和整體貨幣化率在本財年後期小幅增長。

Now moving on to guidance. For fiscal Q2, we expect total revenue to be in the range of $355.5 million to $360.5 million. We expect core revenue to be in the range of $316 million to $321 million in Q2, which reflects 15% to 17% year-over-year growth. Float revenue is expected to be $39.5 million in Q2, which assumes our yield on FBO funds will be approximately 420 basis points.

現在繼續指導。對於第二財季，我們預計總營收將在 3.555 億美元至 3.605 億美元之間。我們預計第二季核心營收將在 3.16 億美元至 3.21 億美元之間，年增 15% 至 17%。假設我們的 FBO 基金收益率約為 420 個基點，第二季的浮動收入預計為 3,950 萬美元。

Turning to our profitability outlook. We expect a sequential increase in operating expenses as we accelerate the pace of hiring. For Q2, we expect to report non-GAAP operating income in the range of $47.5 million to $52.5 million, and non-GAAP net income in the range of $48 million to $52 million. We expect non-GAAP net income per diluted share in the range of $0.44 to $0.48 in Q2 based on a share count of 109 million diluted weighted average shares outstanding. As a reminder, our guidance for non-GAAP net income includes a non-GAAP provision for income taxes of 20%.

轉向我們的獲利前景。隨著我們加快招募步伐，我們預計營運費用將連續增加。對於第二季度，我們預計非 GAAP 營業收入將在 4,750 萬美元至 5,250 萬美元之間，非 GAAP 淨利潤將在 4,800 萬美元至 5,200 萬美元之間。基於 1.09 億股已發行稀釋加權平均股數，我們預計第二季非 GAAP 稀釋每股淨利將在 0.44 美元至 0.48 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。

Moving on to full-year guidance. For fiscal 2025, we expect total revenue to be in the range of $1.439 billion to $1.464 billion. We expect core revenue to be in the range of $1.291 billion to $1.316 billion, which reflects 15% to 17% year-over-year growth. We expect float revenue to be approximately $148 million in fiscal 2025 and which assumes a yield on FBO funds of approximately 400 basis points for the year and an exit Fed funds rate of 350 basis points as of June 2025.

轉向全年指導。 2025 財年，我們預計總營收將在 14.39 億美元至 14.64 億美元之間。我們預計核心營收將在 12.91 億美元至 13.16 億美元之間，年增 15% 至 17%。我們預計 2025 財年的浮動收入約為 1.48 億美元，假設當年 FBO 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。

On the bottom line, for fiscal 2025, we expect to report non-GAAP operating income in the range of $182.5 million to $207.5 million and non-GAAP net income in the range of $181.5 million to $201.5 million. We expect non-GAAP net income per diluted share to be $1.65 to $1.83 based on a share count of 110 million diluted weighted average shares outstanding.

總而言之，我們預計 2025 財年的非 GAAP 營業收入將在 1.825 億美元至 2.075 億美元之間，非 GAAP 淨利潤將在 1.815 億美元至 2.015 億美元之間。基於 1.1 億股稀釋後加權平均流通股數量，我們預期非 GAAP 每股稀釋淨利為 1.65 至 1.83 美元。

Note that our Q2 and full-year guidance for share count and non-GAAP net income per share do not reflect the impact of future purchases under our share repurchase program.

請注意，我們對第二季和全年的股份數量和非公認會計準則每股淨利潤的指導並未反映我們股票回購計畫下未來購買的影響。

For fiscal 2025, we expect stock-based compensation expenses to be less than 20% of total revenue. In closing, we are unlocking a vast market potential to automate financial operations for millions of SMBs. We believe BILL is uniquely positioned to capture this opportunity with our platform, large and expanding distribution ecosystem and talented team.

2025 財年，我們預期股票薪酬支出將低於總收入的 20%。最後，我們正在釋放巨大的市場潛力，為數百萬中小企業實現財務營運自動化。我們相信，BILL 憑藉我們的平台、龐大且不斷擴展的分銷生態系統和才華橫溢的團隊，擁有獨特的優勢來抓住這一機會。

We've built a durable business with multiple levers to drive growth, profitability and cash flow. We believe the investments we are making today will support years of strong growth and an attractive long-term profitability profile, which will lead to sustained shareholder value creation.

我們已經建立了一個持久的業務，透過多種槓桿來推動成長、獲利和現金流。我們相信，我們今天進行的投資將支持多年的強勁成長和有吸引力的長期獲利能力，從而持續創造股東價值。

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

現在我將開啟問答環節。

(Operator Instructions) Andrew Schmidt, Citigroup.

（操作員指示）Andrew Schmidt，花旗集團。

Great results here. I wanted to dig in on just BILL AP, AR. It sounds like you're having some success moving up mark there. If you could just drill down on the strategy and talk about what's working. And then just from a model perspective, maybe a little bit about how that should manifest in terms of TPV or TPV per customer moving forward?

這裡的結果很好。我想深入研究 BILL AP, AR。聽起來你在晉升方面取得了一些成功。如果你能深入研究該策略並談論哪些是有效的。然後，僅從模型的角度來看，也許可以稍微了解未來應如何在 TPV 或每位客戶的 TPV 方面體現這一點？

Thank you, Andrew. Yes, we really are focused in the past quarter on driving lot more functionality for customers, driving a lot more value for them, there's actually delivered results. And so we take seriously our commitments and our ability to accelerate revenue and profitability and kind of hit the Rule of 40 is something that we're excited about. It's because of what we're able to do for our customers. So in particular with AP and AR, what we were able to do is we focused on the priorities that we talked about last year.

謝謝你，安德魯。是的，我們在過去的季度確實專注於為客戶提供更多的功能，為他們帶來更多的價值，實際上已經交付了成果。因此，我們認真對待我們的承諾以及我們加快收入和盈利能力以及達到 40 規則的能力，這是我們感到興奮的事情。這是因為我們能夠為客戶做些什麼。因此，特別是在 AP 和 AR 方面，我們能夠做的就是專注於去年討論的優先事項。

Last quarter, I should say, and one of those was go-to-market and really focusing the team on driving more concentration on onboarding of customers that are larger and helping them to get success with the platform early. And that was one of the examples we quoted in the reported remarks, which was 40% increase in new spend for customers.

我應該說，上個季度，其中之一就是進入市場，真正讓團隊專注於吸引更大的客戶，並幫助他們儘早利用該平台取得成功。這是我們在報道中引用的例子之一，即客戶的新支出增加了 40%。

So definitely, our focused efforts on go-to market have made a difference. Our focused efforts around the platform made a difference. And we think there's a lot of opportunity to continue to drive adoption across the SMB landscape. Just as a reminder, we have 4% of the AP, AR customers across the country, and we gave the stat there that roughly 5% of the larger businesses have adopted an AP, AR solution. So there's a lot more room to go, and we feel really good about the opportunities that we have in front of us.

毫無疑問，我們在進入市場方面的集中努力已經產生了影響。我們圍繞該平台的集中努力產生了影響。我們認為有很多機會繼續推動整個中小企業的採用。提醒一下，我們在全國擁有 4% 的 AP、AR 客戶，我們提供的統計數據顯示，大約 5% 的大型企業已經採用了 AP、AR 解決方案。因此，還有很大的發展空間，我們對擺在我們面前的機會感到非常滿意。

In terms of TPV per customer part of the question, Andrew, so in the first quarter for the BILL AP, AR platform, the integrated platform, excluding FIs, we did about $433,000 per customer, which was up both 2% year over year and quarter to quarter. For the rest of the year, we're expecting that to be flattish, so pretty consistent with current results. And that just reflects some of the uncertainty that exists in the external environment.

安德魯，就問題中每個客戶的TPV 部分而言，在第一季度，對於BILL AP、AR 平台、整合平台（不包括金融機構），我們為每個客戶帶來了約433,000 美元，同比增長了2%，季度到季度。在今年剩下的時間裡，我們預計這一情況將持平，與目前的結果非常一致。這只是反映了外部環境存在的一些不確定性。

We are making progress, as Rene mentioned, attracting and retaining and growing with slightly larger businesses. Over a longer period of time, or in a more certain or more favorable economic environment, we would expect to see some expansion in that number. But short term, we're thinking that would be flattish.

正如雷內所提到的，我們正在取得進展，吸引、保留和發展規模稍大的企業。在較長一段時間內，或在更確定或更有利的經濟環境下，我們預計該數字會有所擴大。但短期來看，我們認為這將是平淡的。

Got it. And then maybe just on take rate, if you could just talk about just vendor acceptance trends. It looks like, obviously, the take rate came in pretty stable, up sequentially in year over year, but maybe you can just talk about just what you're seeing on that front.

知道了。如果您可以只談論供應商接受趨勢，那麼也許只是採用率。顯然，採用率看起來相當穩定，逐年上升，但也許你可以只談談你在這方面看到的情況。

Yes. We've had a very focused effort over the last few quarters on engaging with suppliers and understanding how they're using the platform, how they want to use the platform. And we've had a number of different initiatives around that.

是的。在過去的幾個季度中，我們非常專注於與供應商合作並了解他們如何使用該平台以及他們希望如何使用平台。我們圍繞這個問題採取了許多不同的措施。

The first, I would say, would be on kind of the go-to market. And what we've done there is working with new suppliers and helping them onboard and get value out of the experience from day one. And that has helped us when you look at the overall kind of ad valorem across the platform, we were able to grow that quarter-to-quarter for the last few quarters, and that feels really good.

我想說，第一個是進入市場。我們所做的就是與新供應商合作，幫助他們加入並從第一天起就從體驗中獲得價值。當您查看整個平台的整體從價時，這對我們很有幫助，我們能夠在過去幾個季度中逐季度增長，這感覺非常好。

I think the other area that we focused on is going to be to continue to really drive automation for those suppliers. And so if we look forward, this is not so much what we just did, but when we look forward for the rest of the year, we have automation capabilities that we're working on.

我認為我們關注的另一個領域將是繼續真正推動這些供應商的自動化。因此，如果我們展望未來，這並不是我們剛剛所做的，但是當我們展望今年剩餘時間時，我們擁有我們正在開發的自動化功能。

One that we have just launched in this quarter is more straight through processing for suppliers. So they get easier reconciliation, get to save time.

我們本季剛推出的一項服務是為供應商提供更直接的處理。這樣他們就可以更輕鬆地進行協調，節省時間。

In our conversations with suppliers, there's a number of other things that we know that we can do that will help their experience. And those are things that we've worked on an innovation road map for the latter part of the year, the teams are working on today and we expect we'll be able to continue to drive more growth across our ad valorem products in general because of that.

在我們與供應商的對話中，我們知道我們可以採取許多其他措施來改善他們的體驗。這些是我們在今年下半年制定的創新路線圖，團隊今天正在努力，我們預計我們將能夠繼續推動我們的從價產品整體成長，因為的。

Bryan Keane, Deutsche Bank.

布萊恩‧基恩，德意志銀行。

Congrats on the progress here. Good to see some of the volume pick up. I did want to follow-up on take rate, John. It sounds like it came in kind of where you expected it to be. I assume just thinking about the pluses and minuses going into next quarter, probably more stable.

恭喜這裡的進展。很高興看到成交量有所回升。我確實想跟進接受率，約翰。聽起來它就像你所期望的那樣。我認為只是考慮下個季度的優缺點，可能會更加穩定。

And then a little bit of a pickup, I think, in the second half is what you reiterated maybe you can just go through the cadence of the quarter and remind us what causes that pickup in the second half of the year for the volume take rate?

然後，我認為下半年會出現一點回升，這就是您所重申的，也許您可以回顧一下本季度的節奏，並提醒我們是什麼原因導致下半年成交量的回升？

Sure. Thanks, Bryan. Yes, we're expecting transaction monetization to be in the ballpark of Q1 as we get into Q2 here. Could be slightly up or slightly down, but this is mainly driven by the seasonally strong TPV volume that we see in the December quarter, which comes at a time when we are growing, as Rene mentioned, our ad valorem volume overall, but it's at a slower growth rate than that seasonal uptick will present.

當然。謝謝，布萊恩。是的，當我們進入第二季時，我們預計交易貨幣化將處於第一季的大致水平。可能會略有上升或略有下降，但這主要是由我們在12 月季度看到的季節性強勁TPV 銷量推動的，正如Rene 提到的那樣，我們的整體從價銷量正在增長，但目前處於成長階段。

So we feel good about the opportunity to grow that volume. And as that increases in the second half of the year, we are expecting a modest uptick in that degrade in monetization.

因此，我們對增加銷量的機會感到很高興。隨著下半年這一數字的增加，我們預期貨幣化的降幅將小幅上升。

Another, I think, point worth making is that we are continuing to grow transaction yields. So our transaction monetization is increasing, so transaction revenue per transaction for BILL AP, AR was up 5% year over year and 3% quarter to quarter in the first quarter, even though take rate was actually flat quarter to quarter. So I think a lot of the things that we're investing in, the levers that we have will start to show an uptick in the second half of the year.

我認為，另一個值得一提的點是我們正在繼續提高交易收益率。因此，我們的交易貨幣化正在增加，因此 BILL AP、AR 的每筆交易的交易收入同比增長 5%，第一季環比增長 3%，儘管採用率實際上環比持平。因此，我認為我們正在投資的許多東西，我們擁有的槓桿將在今年下半年開始顯示出上升趨勢。

Got it. And then can you just talk about the new client growth and what to expect with that? It looked like it beat our expectations, even though you are have a focus on larger clients, but the amount of total client count continues to show healthy growth.

知道了。然後您能談談新客戶的成長以及對此的期望嗎？看起來它超出了我們的預期，儘管您專注於較大的客戶，但客戶總數繼續顯示出健康的成長。

Yes. Thanks, Bryan. We have a ton of focus on different go-to-market teams across the business. The highlight of the larger businesses was just -- it was easy to kind of demonstrate the success of those teams on driving more spend on the platform. So that's why we talk about that.

是的。謝謝，布萊恩。我們非常關注整個企業的不同上市團隊。大型企業的亮點在於——很容易展示這些團隊在推動平台上更多支出方面所取得的成功。這就是我們談論這個的原因。

But as a reminder, when you think back about the overall go-to-market motion that we have. We have direct, we have accountants and we have our partners embed strategy. And so on the direct effort with accounts and our SMBs, we continue to have a lot of opportunity there.

但提醒一下，當你回想一下我們的整體上市行動時。我們有直接的，我們有會計師，我們有我們的合作夥伴嵌入策略。因此，透過與客戶和中小企業的直接努力，我們仍然有很多機會。

This is the roughly, we have 4% of SMBs that have employees across the country. We think there's a tremendous opportunity to drive that significantly higher. And what the teams work on every day is, okay, how do you reach them on digital marketing, how to reach them and serve them when it comes to serving the sales process and we continue to have, like I said, good traction there. So we know we have no shortage of opportunity, and the team's execution is what I'm excited about.

粗略地說，我們有 4% 的中小企業在全國各地擁有員工。我們認為有巨大的機會可以大幅提高這個數字。團隊每天的工作是，如何在數位行銷方面接觸他們，如何在銷售流程服務方面接觸他們並為他們提供服務，正如我所說，我們在這方面繼續擁有良好的吸引力。所以我們知道我們不缺乏機會，而團隊的執行力讓我感到興奮。

Tien-Tsin Huang, JPMorgan.

黃天進，摩根大通。

Just great results, of course, the $45 million investment, I just wanted to maybe get a little bit more there. Are you spending on time, on track with your plan and any learning so far that's worth sharing?

當然，只是取得了巨大的成果，4500 萬美元的投資，我只是想在那裡得到更多一點。您是否花時間、按計劃執行您的計劃以及迄今為止學到的任何值得分享的知識？

Yes. Thanks for the question. We are making progress with our investments, and we're starting to see some of the interesting business results that we highlighted a little bit earlier in the prepared remarks. We do expect that the spend profile associated with that $45 million pull forward to be a little more back-end loaded throughout the fiscal year. And this has just to do with the timing of hiring and getting people on the ground.

是的。謝謝你的提問。我們的投資正在取得進展，我們開始看到一些有趣的業務成果，這些成果是我們在準備好的評論中之前所強調的。我們確實預計，與這 4500 萬美元相關的支出情況在整個財年的後端負荷會稍微增加一些。這與招募和派人到現場的時機有關。

We do expect to fully spend that incremental investment amount and we'll grow into that with an increase in the pace of hiring as we get from Q2 to Q4 here. So we feel good about the progress we're making and the cadence of those investments and especially positive about the early signs of progress that we're seeing.

我們確實希望充分利用增量投資金額，並且從第二季到第四季度，隨著招募步伐的加快，我們將實現這一目標。因此，我們對我們正在取得的進展和這些投資的節奏感到滿意，尤其是對我們所看到的早期進展跡象感到樂觀。

All right. Great. And then I heard the comments on invoice financing. It sounds like that's doing well and spend expense is holding up very well. Just curious how you're thinking about your risk appetite and willingness to promote those products. Any change there? It does sound like TPV is getting better. So I'm not sure if you're feeling a little bit better about risk taking.

好的。偉大的。然後我聽到了關於發票融資的評論。聽起來效果不錯，而且支出也保持得很好。只是好奇您如何看待自己的風險偏好和推廣這些產品的意願。那裡有什麼變化嗎？聽起來冠捷確實正在變得更好。所以我不確定你是否對冒險感覺好一點了。

Yes, I'll start and then I'll let John fill in if he has any additional comments.

是的，我會開始，然後如果約翰有任何其他意見，我會讓他補充。

I mean, I think the first thing I would start with, Tien-Tsin, is that we have massive scale. We've got $220 billion a year on the platform. We've got a breadth and depth of payment products, 12 different front payment products cross platform that nobody else has. And that gives us a unique opportunity to leverage data, whether that's offering new products like invoice financing or managing the risk around new products like invoice financing.

我的意思是，我認為我要開始的第一件事是，天進，我們擁有巨大的規模。我們的平台每年有 2200 億美元的收入。我們擁有廣泛而深入的支付產品，12種不同的跨平台前置支付產品，這是其他人所沒有的。這為我們提供了利用數據的獨特機會，無論是提供發票融資等新產品，還是管理發票融資等新產品的風險。

And so we think that no one really comes close to our scale or our continuous innovation and that we are the leader, and everybody else is playing catch-up. So we really are going to continue to invest behind these new products. And from a risk perspective, it really comes back to the leveraging of the data that we have and the ability for us to really use the scale that we've developed in ways that are meaningful for our customers.

因此，我們認為沒有人能真正接近我們的規模或我們的持續創新，我們是領導者，其他人都在追趕。因此，我們確實將繼續投資這些新產品。從風險的角度來看，這實際上回到了對我們擁有的數據的利用以及我們以對客戶有意義的方式真正使用我們開發的規模的能力。

I'd just add, we do take a targeted approach on credit products, who we offer them to, the terms the structure of our offers. We know that in scaling new products such as our invoice financing solution, there is some testing and learning along the way and early in the life cycle of those products. It's pretty normal to see maybe higher loss rates than we will at scale.

我想補充一點，我們確實對信貸產品、我們向誰提供信貸產品、我們提供的條款和結構採取了有針對性的方法。我們知道，在擴展發票融資解決方案等新產品時，需要在這些產品的生命週期早期進行一些測試和學習。損失率可能比我們規模化時更高，這是很正常的。

And so we're investing in automation, in our data asset, as Rene mentioned, and we feel good about the progress we're making. We're not at scale yet. So there's a ways to go in both growing our credit capabilities, optimizing losses and scaling revenue growth, but we feel good about the trajectory that we're on.

因此，正如雷內所提到的，我們正在投資自動化和數據資產，我們對所取得的進展感到滿意。我們還沒有達到規模。因此，在提高信貸能力、優化損失和擴大收入成長方面還有很長的路要走，但我們對目前的發展軌跡感到滿意。

James Friedman, SIG.

詹姆斯·弗里德曼，SIG。

Let me echo the congratulations here. I'll just ask my two upfront. It's always helpful when you guys can characterize the health of small business. We see the increase in the TPV per business. Just wondering how durable you're thinking that is.

讓我在這裡表達祝賀。我先問我的兩個。當你們能夠描述小企業的健康狀況時，這總是有幫助的。我們看到每項業務的 TPV 有所增加。只是想知道你的想法有多持久。

That's the first one. And then Rene, in your prepared remarks, you talked about the release of the integrated platform and now you're adding the analytics layer. So if you could give us kind of an update on the product side, how important that may be. Those are the two.

這是第一個。然後，Rene，在您準備好的發言中，您談到了整合平台的發布，現在您正在添加分析層。因此，如果您能給我們提供產品方面的最新信息，那可能非常重要。就是這兩個人。

Okay. Thank you. I think on the health of SMBs, one of the things that a lot about serving SMBs is that they're just resilient, and they find ways to make things happen and to obviously serve their customers. And so the last year or so has required lots of resilience from SMBs. And what we've seen is that the -- it is -- while it's still more of a wait-and-see economy versus a growth economy, it is one that seems to be turning more positive, and that's something that we feel good about.

好的。謝謝。我認為，就中小型企業的健康狀況而言，為中小型企業提供服務的一大特點是，它們具有彈性，並且找到了使事情發生並顯然為客戶提供服務的方法。因此，過去一年左右的時間需要中小企業具備強大的韌性。我們所看到的是，儘管與成長經濟相比，它仍然更多地是一種觀望經濟，但它似乎正在變得更加積極，這是我們感覺良好的事情關於。

And it's because that we're able to really give them a lot of value back. I mean telling hearing from customers, which we hear all the time that we save them over 50% or $75,000 a year because of our platform that's meaningful, and that allows them to grow their business in ways that they're going to do without us. So I think the platform enables the resilience and SMBs are resilient on their own, and they're going to continue to find ways to grow their business.

這是因為我們能夠真正為他們帶來很多價值。我的意思是從客戶那裡聽到的，我們經常聽到我們每年為他們節省超過 50% 或 75,000 美元，因為我們的平台很有意義，並且允許他們以不需要我們的方式發展業務。因此，我認為該平台能夠實現彈性，而中小企業本身也具有彈性，他們將繼續尋找發展業務的方法。

On the second question, a lot of what we've been investing behind is really driving more functionality for our customers. And we've highlighted that obviously, last quarter and this quarter. But just to kind of give you some of the ways we think about that investment. We've done investment in go-to market to drive adoption. We've been investing in go-to market around helping new customers get to spend on the platform sooner rather than later.

關於第二個問題，我們一直在背後投資的許多東西實際上是為我們的客戶帶來更多功能。我們在上個季度和本季顯然強調了這一點。但只是為了向您提供我們對這項投資的一些看法。我們對進入市場進行了投資以推動採用。我們一直在投資進入市場，幫助新客戶儘早在平台上消費。

That was the 40% increase in new spend for the SMB customers. compared to two quarters prior. We've been driving increased spend for accounting customers as they come on. And this is all kind of go-to-market activities that have changed in the last 6 months where we've had that more heightened focus.

中小企業客戶的新支出增加了 40%。與前兩個季度相比。我們一直在推動會計客戶的支出增加。這是過去 6 個月中發生變化的所有上市活動，我們更加關注這些活動。

In addition, we've been focused on supplier experiences. Supplier experiences are super important, and it's not something that we were focused on prior to several quarters ago. And what we've been able to do as a supplier experience is to drive a 10-point increase in FX revenue growth rate. That's in large part because of just the attention to onboarding those suppliers and customers with an FX need as well as having capabilities in the product like local currency.

此外，我們一直關注供應商體驗。供應商體驗非常重要，這不是我們幾季前關注的重點。作為供應商，我們所做的就是推動外匯收入成長率提高 10 個百分點。這在很大程度上是因為我們專注於那些有外匯需求的供應商和客戶，以及擁有本地貨幣等產品的能力。

In addition, we've been engaged with the virtual card suppliers and understanding what they need and understanding how to help onboard them and to drive automation with straight-through processing. In addition on that front, we have lots of opportunity to drive card payments across the platform. We talked in general about ad valorem, the opportunity that BILL has to spend across the platform is something that we're always focused on.

此外，我們一直與虛擬卡供應商合作，了解他們的需求，了解如何幫助他們加入並透過直通式處理推動自動化。此外，在這方面，我們有很多機會推動整個平台的卡片支付。我們大致討論了從價，BILL 在整個平台上花費的機會是我們一直在關注的。

And so when it comes to driving ad valorem for suppliers, one of the ways that we are thinking about doing that is really driving this product that's inside of BILL, which lets customers use spend and expense capabilities at Divvy inside of the BILL AP products so they can actually pay suppliers with the card to supplier, you need a card and the customer is able to influence that experience there. So that will give us the opportunity in the future to drive more cross-sell with the spending expense platform.

因此，當談到推動供應商從價計價時，我們正在考慮的方法之一是真正推動 BILL 內部的這款產品，讓客戶能夠在 BILL AP 產品內部使用 Divvy 的支出和費用功能，從而他們實際上可以用卡向供應商付款，您需要一張卡，並且客戶能夠影響那裡的體驗。因此，這將使我們將來有機會透過支出平台推動更多交叉銷售。

So the highlight for me is that we have a rapid pace of innovation. We are growing in all of the different ways that we need to grow, while we're investing aggressively behind maintaining and expanding our leadership capabilities. When I think about what I hear in the market, others are investing to catch up, and we're investing to get ahead. We're widening the gap, and that really comes from a product and go-to-market perspective.

所以對我來說最重要的是我們的創新步伐很快。我們正在以我們需要的各種不同方式成長，同時我們積極投資以維持和擴大我們的領導能力。當我思考我在市場上聽到的情況時，其他人投資是為了趕上，而我們投資是為了領先。我們正在擴大差距，這確實來自產品和進入市場的角度。

Brad Sills, Bank of America.

布拉德·希爾斯，美國銀行。

I wanted to ask a question around where you saw the strength this quarter, incremental strength that is. Rene, early in the call, you had mentioned enhanced go-to-market was already having an impact. I mean, there's a lot that you're doing right now in the partner channel, in the direct channel. So I would love to get your perspective on what went well this quarter. Any color on that?

我想問一個問題，您認為本季的優勢在哪裡，即增量優勢。 Rene，在電話會議的早期，您曾提到增強的上市已經產生了影響。我的意思是，您現在在合作夥伴管道、直接管道中做了很多事情。因此，我很想了解您對本季進展的看法。那上面有什麼顏色嗎？

And then maybe for John, if you could help articulate a little bit, where you saw -- what did you see within the spend volume? Obviously, TPV per customer contributed to some of the upside this quarter. But if you could just comment on like the broad spend categories in your base and what you're seeing there on just the environment.

然後，也許對約翰來說，如果你能幫助闡明一下，你在哪裡看到了——你在支出中看到了什麼？顯然，每位客戶的 TPV 為本季的成長做出了一些貢獻。但是，如果您可以評論一下您的基礎中的廣泛支出類別以及您在環境方面所看到的情況。

Thank you, Brad. I think we talked about this last quarter. We have three main priorities across the business. One is to enhance the platform, make it simpler. Another is to expand payments across the platform.

謝謝你，布拉德。我想我們上個季度討論過這個問題。我們的整個業務有三個主要優先事項。一是增強平台，使其更簡單。另一個是擴大整個平台的支付範圍。

And the third is to deepen the ecosystem. And so when you asked the question about what went well, I would say things went well in all of those areas. On the enhancing the platform, the ability that I just talked about enhancing the capability of local FX transfers for customers that suppliers that are receiving an FX transaction. That was important, enhancing the onboarding process for suppliers receiving a virtual card, that was important.

三是深化生態系。因此，當你問什麼進展順利的問題時，我會說所有這些領域都進展順利。在增強平台方面，我剛剛談到了為接收外匯交易的供應商和客戶增強本地外匯轉帳的能力。這很重要，加強接收虛擬卡的供應商的入職流程，這很重要。

I think adding the capabilities of the spend & expense platform into the BILL platform so that we can get the customers involved in influencing how the suppliers receive payment. That's important. These are all things that are early stages, if you will, but we wanted to highlight them and they had an impact on the quarter.

我認為將支出和費用平台的功能添加到 BILL 平台中，以便我們可以讓客戶參與影響供應商如何接收付款。這很重要。如果你願意的話，這些都是早期階段的事情，但我們想強調它們，它們對本季產生了影響。

On the go-to market, I think the increased focus across the teams and understanding the segments that really drive different parts of growth and how we talk to them, that's just something that we're going to continue to get better at. That's again because of the scale we have.

在進入市場方面，我認為整個團隊更加關注並了解真正推動成長的不同部分的細分市場以及我們如何與他們交談，這只是我們將繼續做得更好的事情。這又是因為我們擁有的規模。

And then lastly, the ecosystem. We got to beta with our partner Xero. As a reminder, it's been less than a year since we've even talked about that partnership. We're moving fast. We're executing well.

最後是生態系。我們與合作夥伴 Xero 一起進行測試。提醒一下，距離我們談論這段合作關係還不到一年。我們進展很快。我們執行得很好。

There's a lot of opportunity with other partners in the ecosystem. And we're just in a very unique spot. So I think across the board, I think having clear strategies about what we're doing and executing on them. That's what's going well for the company right now, and it's something we're super focused on.

生態系統中的其他合作夥伴有很多機會。我們正處於一個非常獨特的位置。所以我認為，從整體上來說，我認為對我們正在做的事情和執行這些策略有明確的策略。這就是公司目前進展順利的事情，也是我們非常關注的事情。

To the -- Brad, to the spend volume part of the question, we've really seen stable volume for the last several quarters, if you think about the commentary, especially amongst larger customers. And I'd say now we're starting to see some green shoots. Again, also true with the larger businesses.

對於布拉德，對於問題的支出量部分，如果您考慮評論，特別是在大客戶中，我們確實在過去幾個季度中看到了穩定的交易量。我想說現在我們開始看到一些萌芽。同樣，對於大型企業也是如此。

In the past, we've talked about spend contraction in certain categories that are leading indicators like real estate and facility spend, physical footprint, things like that. Now we're starting to see expansion in those same categories on a same-store sales basis after four consecutive quarters of contraction.

過去，我們討論過某些類別的支出收縮，這些類別是領先指標，例如房地產和設施支出、實體足跡等。現在，在連續四個季度收縮之後，我們開始看到這些相同類別的同店銷售額出現擴張。

So that feels like a positive signal by itself, it's not needle moving for the BILL business overall, just the percentage of the total payment volume that represents. But we think it speaks to the psychology and perhaps the positive outlook that SMBs have if they're expanding their physical footprint. So the spend volume trends seem positive to us and definitely more stable than a while back.

因此，這本身就是一個正面的訊號，對於整個帳單業務而言，這並不是一個正面的訊號，而只是代表了總支付的百分比。但我們認為這反映了中小型企業在擴大其物理足跡時的心理，或許還有他們的正面前景。因此，支出量趨勢對我們來說似乎是正面的，而且肯定比前一段時間更穩定。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

Congratulations on a really solid quarter. Maybe spending a little bit on Brad's question. Core revenue growth, 19% in Q1, you guys are guiding for a deceleration into Q2. Anything in particular in Q1 that you don't expect to be repeated like as we go through the year or like how would you see that deceleration? Is that just you guys embedding conservatism within an environment that's still as you put -- not in [Grognil] yet.

恭喜這個季度的表現非常強勁。也許在布拉德的問題上花一點時間。第一季核心營收成長 19%，你們正在指導第二季減速。在第一季中，有什麼特別的事情是您不希望像我們今年經歷的那樣重複的，或者您如何看待這種減速？難道只是你們把保守主義嵌入一個仍然如你們所說的環境中－－而不是在[Grognil]中嗎？

Yeah, I'll start, and then I'll let John maybe give more specifics if I don't catch them. I mean the main thing is that we still see uncertainty in the economy, right? We just finished the election, and now that's behind us. And the businesses have less to kind of be distracted by, meaning that a week ago, there were two vectors that could have gone either way for the economy.

是的，我會開始，然後如果我沒聽清楚的話，我會讓約翰提供更多細節。我的意思是，最主要的是我們仍然看到經濟的不確定性，對嗎？我們剛結束了選舉，現在選舉已經過去了。而且企業的注意力也減少了，這意味著一週前，有兩個因素可能對經濟產生影響。

And now there's more clarity around the economy and the direction. And that will -- I think we are waiting for the clarity in the economy for SMBs to be able to make decisions about how to invest and grow.

現在，經濟和方向更加清晰。我認為，我們正在等待經濟形勢明朗，以便中小企業能夠就如何投資和成長做出決定。

And so we're just going to be prudent until we see that clarity because we don't want to obviously get in front of anything that we haven't seen yet. And so we're just being prudent. And I think the opportunity for us is to continue to execute on the core things that drive the business. So anything else, John?

因此，在我們看到這種清晰度之前，我們會保持謹慎，因為我們不想明顯地超越我們尚未看到的任何內容。所以我們只是保持謹慎。我認為我們的機會是繼續執行推動業務發展的核心業務。那麼還有別的事嗎，約翰？

No.

不。

Okay.

好的。

Got it. Yes, it would be fair to say you guys are still believers in that sort of longer-term path back to a 20%-plus growth rate?

知道了。是的，可以公平地說，你們仍然相信那種恢復 20% 以上成長率的長期道路嗎？

We absolutely are believers in the conviction that we have around driving growth for multiple years ahead. And I think this is something that we've demonstrated that we have those capabilities, and I'll let John speak with respect to the discussion we had at the end of FY24.

我們絕對堅信我們將在未來幾年推動成長。我認為我們已經證明了我們擁有這些能力，我將讓約翰就我們在 2024 財年末進行的討論發表講話。

Yes. I mean, look, there's obviously a growth company going after a large emerging market, and we expect to accelerate revenue growth from where we are today. If you look at our prepared remarks, we provided a handful of updates on key initiatives and the early impact that we're seeing from those initiatives. This only increases our confidence and conviction in our ability to accelerate growth.

是的。我的意思是，看，顯然有一家成長型公司正在追逐一個大型新興市場，我們預計收入將在目前的基礎上加速成長。如果您查看我們準備好的評論，您會發現我們提供了一些有關關鍵舉措的最新資訊以及我們從這些舉措中看到的早期影響。這只會增強我們對加速成長能力的信心和信念。

As we talk about the implications for FY26, we'll get into specifics on that as we end FY25. Obviously, we wanted to provide some early thinking on that as we did on our last call, in part to give some insights into how we're thinking about justifying incremental investments and the impact that we think those will have, and we'll obviously provide additional details as we exit this year.

當我們談論對 2026 財年的影響時，我們將在 2025 財年結束時詳細討論這一點。顯然，我們想提供一些早期的想法，就像我們在上次電話會議中所做的那樣，部分是為了深入了解我們如何考慮證明增量投資的合理性以及我們認為這些投資將產生的影響，我們顯然會在我們今年退出時提供更多詳細資訊。

Taylor McGinnis, UBS.

泰勒‧麥金尼斯，瑞銀集團。

And congrats on the quarter. Maybe just on the core revenue guide. If I look at the full-year guide, it looks like you guys raised it by more than the upside that you saw in 1Q. So in terms of what the drivers are of that, it sounded like take rate maybe was more in line with 1Q. Maybe you guys are seeing some green shoots on the TPV side.

恭喜本季。也許只是在核心收入指南上。如果我看一下全年指南，看起來你們的漲幅比第一季的漲幅還要大。因此，就驅動因素而言，聽起來採取率可能更符合第一季的情況。也許你們已經看到了冠捷方面的一些萌芽。

But could you just maybe talk about what you guys are seeing that drove that upside and what's giving you guys that visibility or feeling a little bit better.

但是，您能否談談您所看到的推動這一上升趨勢的因素以及是什麼讓您能夠看到或感覺好一點。

Yes. I think we talked about a few of these things already, but just to highlight them that the success we've seen in driving go-to-market adoption, except we've seen in driving payment and usage across the platform. We saw that in the quarter, and we have a lot more innovation opportunities in front of us. So the innovation machine that BILL is on fire right now, and I'm super excited about what we're doing and believe that we have a lot more opportunity to drive that.

是的。我想我們已經討論了其中一些事情，但只是為了強調我們在推動市場採用方面所取得的成功，除了我們在推動整個平台的支付和使用方面所看到的。我們在本季看到了這一點，我們面前有更多的創新機會。因此，比爾的創新機器現在正在燃燒，我對我們正在做的事情感到非常興奮，並相信我們有更多的機會來推動它。

Yes. Just some additional color on that, Taylor. We beat core revenue by $7.3 million in the first quarter or full-year '25 raise was $16 million at the midpoint, 17% year-over-year growth at the high end of that range. And it speaks to the stability that we see with the customer base, the suggests that we're having with slightly larger businesses, the continued growth in card spend across our platform, all forms of ad valorem payments. We're seeing growth. So we just -- we feel like the setup is good for us to continue to scale this year.

是的。只是一些額外的顏色，泰勒。我們第一季的核心營收超出了 730 萬美元，25 年全年的中位數增幅為 1,600 萬美元，年增了 17% 的上限。它說明了我們在客戶群中看到的穩定性，這表明我們與規模稍大的企業、我們平台上的卡片支出持續成長，以及所有形式的從價支付。我們看到了成長。所以我們只是 - 我們覺得這種設置有利於我們今年繼續擴大規模。

And I'd say so far and our expectations for the year, we're doing exactly what we said we'd do in fiscal '25, increasing our investments, driving progress in the year on a path towards acceleration over a multiyear period.

我想說的是，到目前為止，以及我們對今年的期望，我們正在做我們所說的在 25 財年要做的事情，增加投資，推動今年的進展，走上多年加速的道路。

Perfect. And then maybe last one, would just be on margins, like the outperformance in the quarter was really strong. So could you maybe talk about -- I know, John, you made comments about as you look into 2Q, accelerating hiring.

完美的。然後也許最後一個，只是處於邊緣狀態，就像本季的表現非常強勁一樣。那麼你能否談談——我知道，約翰，你在研究第二季度時發表了評論，加速招募。

So with some of the outperformance just a function of you guys maybe didn't like hit the hiring plans in 1Q? How much of that maybe was finding other areas of efficiency within the business? Maybe any additional color there and how we think about that going forward would be helpful.

那麼，有些表現出色只是你們的一個功能，可能不喜歡在第一季實現招募計畫？其中有多少可能是在企業內尋找其他效率領域？也許那裡的任何額外顏色以及我們如何看待未來都會有所幫助。

Sure. We do take the balance between growth and profitability seriously. So we are always looking for efficiencies in the business and creating operating leverage as we go. The incremental investments that we planned for fiscal '25, as I think I mentioned earlier, are a little bit backloaded in terms of the hiring plan. So we didn't see the full effect of hiring in the first quarter.

當然。我們確實認真對待成長和獲利之間的平衡。因此，我們一直在尋求業務效率並不斷創造營運槓桿。正如我之前提到的，我們計劃在 25 財年進行的增量投資在招聘計劃方面有些滯後。所以我們沒有看到第一季招募的全部效果。

We obviously had a nice revenue beat, and we flowed that through to operating income. We beat by $12.6 million, we did increase the full year by a little bit more than that, $13.8 million at the midpoint. So growth and increasing profitability are both things that we're trying to accomplish and feel good about the Q1 results being able to support that.

顯然，我們的收入表現不錯，並且我們將其轉化為營業收入。我們超過了 1260 萬美元，我們全年的增幅確實比這個多一點，中間值是 1380 萬美元。因此，成長和提高獲利能力都是我們正在努力實現的目標，並且對第一季的業績能夠支持這一目標感到滿意。

Ian Black, Needham & Company.

伊恩·布萊克，李約瑟公司。

Congrats on the strong accounting partner ads. I know you're making improvements to better serve spend & expense users in that channel? What traction are you seeing?

祝賀會計合作夥伴的廣告效果強勁。我知道您正在做出改進，以便更好地為該管道中的支出和費用用戶提供服務？您看到什麼吸引力？

Thank you, Ian. We are seeing a lot of focus in general internally on our accountants. So we have brought in new leadership. We've focused the teams on connecting with accounts more regularly. We've obviously highlighted the success with the Sync Assist, which really is for accounts that are supporting lots of different accounting platforms out there.

謝謝你，伊恩。我們發現內部的許多關注都集中在我們的會計師身上。因此，我們引入了新的領導層。我們讓團隊專注於更頻繁地與客戶建立聯繫。我們顯然強調了同步輔助的成功，這確實適用於支援許多不同會計平台的帳戶。

So what I would say is the success we're seeing on spend & expense is that it's early days, but accountants are very interested. They're adopting and there's a lot of opportunity for us to continue to drive adoption across all the accounting partners that we have.

因此，我想說的是，我們在支出和費用方面看到的成功還處於早期階段，但會計師對此非常感興趣。他們正在採用，我們有很多機會繼續推動我們擁有的所有會計合作夥伴的採用。

And there are no further questions. I'd like to turn the call back over to Rene Lacerte.

沒有其他問題了。我想把電話轉回雷內·拉塞特。

Thank you, everyone. Thanks for joining us today. I just want to thank the team for driving innovation at a really fast pace, while executing with strong rigor across the business. We believe the initiatives and investments we are making today will lead to strong market adoption and years of profitable growth. Have a great evening.

謝謝大家。感謝您今天加入我們。我只想感謝團隊以非常快的速度推動創新，同時在整個業務中嚴格執行。我們相信，我們今天所做的舉措和投資將帶來強勁的市場採用和多年的獲利成長。祝您有個美好的夜晚。

This concludes today's call. Thank you, everyone, for joining. You may now disconnect.

今天的電話會議到此結束。謝謝大家的加入。您現在可以斷開連線。