BILL Holdings Inc (BILL) 2025 Q2 法說會逐字稿

Good afternoon and welcome to BILL's second-quarter fiscal 2025 earnings conference call.

下午好，歡迎參加 BILL 2025 財年第二季財報電話會議。

Joining us for today's call are BILL's CEO and Founder, René Lacerte; President and CFO, John Rettig; and Vice President of Investor Relations, Karen Sansot.

參加今天電話會議的有 BILL 的執行長兼創辦人 René Lacerte；總裁兼財務長 John Rettig；以及投資者關係副總裁 Karen Sansot。

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

接下來，我想請 Karen Sansot 作開場發言。

Thank you, operator.

謝謝您，接線生。

Welcome to BILL's fiscal second-quarter 2025 earnings conference call.

歡迎參加 BILL 2025 財年第二季財報電話會議。

We issued our earnings press release a short time ago and furnished the related Form 8-K to the SEC.

我們不久前發布了收益新聞稿，並向美國證券交易委員會提交了相關的 8-K 表格。

The press release can be found on the Investor Relations section of our website at investor.bill.com.

您可以在我們網站 investor.bill.com 的投資者關係部分找到新聞稿。

With me on the call today are René Lacerte, Chairman, CEO, and Founder of BILL; and John Rettig, President and CFO.

今天與我一起參加電話會議的還有 BILL 董事長、執行長兼創辦人 René 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.

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。

If any of these risks or uncertainties develop or any of the assumptions prove incorrect, actual risk results could differ materially from those expressed or implied by our forward-looking statements.

如果任何這些風險或不確定性出現或任何假設被證明不正確，實際風險結果可能與我們的前瞻性陳述所表達或暗示的結果有重大差異。

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.

如需進一步討論，請參閱公司今天發布的新聞稿中的內容以及我們向美國證券交易委員會提交的定期報告，包括我們最近的 10-K 表年度報告和 10-Q 表季度報告。

We disclaim any obligation to update any forward-looking statements.

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.

在今天的電話會議上，我們將參考 GAAP 和非 GAAP 財務指標。

Please refer to today's press release for the reconciliation of GAAP to non-GAAP financial performance and additional disclosures regarding these measures.

請參閱今天的新聞稿，以了解 GAAP 與非 GAAP 財務績效的對帳以及有關這些指標的額外揭露。

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

現在，我將電話轉給 Rene。

Thank you, Karen.

謝謝你，凱倫。

Good afternoon, everyone.

大家下午好。

In Q2, we delivered strong financial results, launched innovative product updates, and continued our track record of execution across the company.

在第二季度，我們取得了強勁的財務業績，推出了創新的產品更新，並繼續在整個公司範圍內保持良好的執行記錄。

We are leveraging our leadership position to empower small and mid-sized businesses, and we are extending our lead by expanding the depth and breadth of our platform and diverse distribution ecosystem that includes accountants, partners, and network members.

我們正在利用我們的領導地位來為中小型企業提供支持，並透過擴大我們平台的深度和廣度以及包括會計師、合作夥伴和網路成員在內的多樣化分銷生態系統來擴大我們的領先地位。

Through focused and dedication, we are delivering robust financial performance and positioning BILL for long-term durable growth.

透過專注和奉獻，我們實現了強勁的財務業績，並為 BILL 的長期永續成長做好了準備。

Our second-quarter performance reflects our continued commitment to balance growth and profitability while generating strong cash flow.

我們第二季的業績反映了我們在創造強勁現金流的同時平衡成長和獲利的持續承諾。

Our leading AI-enabled platform, efficient go-to-market, and disciplined operation drove a 16% year over year quarter revenue growth for driving great margin expansion.

我們領先的人工智慧平台、高效的市場進入和規範的營運推動了季度營收年增 16%，從而推動了利潤率的大幅提升。

Non-GAAP operating margin was 17% and expanded 3 percentage points year over year.

非公認會計準則營業利益率為17%，較去年同期成長3個百分點。

Our focus on efficiency drove strong cash generation for the free cash flow margin of 20% in Q2.

我們對效率的重視推動了強勁的現金產生，第二季的自由現金流利潤率達到 20%。

During the quarter, our platform is used by more than 480,000 businesses to automate their financial operations.

本季度，超過 48 萬家企業使用我們的平台來實現其財務營運的自動化。

Customers transacted nearly 85 billion in payments volume across 30 million transactions using the BILL platform.

客戶使用 BILL 平台完成了 3,000 萬筆交易，支付總額近 850 億美元。

Our mission is clear.

我們的使命很明確。

We make it simple to connect and do business.

我們讓聯繫和做生意變得簡單。

We are winning in the SMB market.

我們正在中小企業市場中贏得勝利。

We are addressing a vast market opportunity to automate financial operations for millions of small and midsize businesses, and we are moving quickly to capture this opportunity. 99.9% of businesses in the US are small or mid-sized with fewer than 500 employees.

我們正在尋找一個巨大的市場機會，為數百萬中小型企業實現財務營運自動化，並且我們正在迅速採取行動來抓住這個機會。美國 99.9% 的企業都是員工人數少於 500 人的小型或中型企業。

These businesses drive our economy, employ nearly half of US workers, and contribute trillions of dollars to the US GDP, yet they are often underserved by technology because the market is highly fragmented and SMBs are difficult to reach.

這些企業推動著我們的經濟發展，僱用了近一半的美國工人，並為美國 GDP 貢獻了數萬億美元，但由於市場高度分散，中小企業難以接觸，它們往往得不到技術充分的服務。

This is why the majority of SMBs still use manual legacy processes and why BILL is still well positioned to automate their financial operations for the first time.

這就是為什麼大多數中小企業仍然使用手動遺留流程，以及為什麼 BILL 仍然能夠首次實現其財務營運自動化。

A great example of how our innovation powers growth across the SMB landscape is Ignite Medical Resorts, a company that pairs advanced medical rehabilitation with luxury hospitality.

Ignite Medical Resorts 是一家將先進的醫療康復與豪華酒店服務結合在一起的公司，它就是我們的創新如何推動整個中小企業領域成長的一個很好的例子。

Ignite Medical Resorts has been a customer of BILL since 2020, and during that time, it has grown from operating two facilities more than 23 across the US.

Ignite Medical Resorts 自 2020 年起一直是 BILL 的客戶，在此期間，該公司已從營運 2 家醫療機構發展到在全美營運 23 家醫療機構。

Shonna Hanscom, Executive Director for Ignite Medical Resorts said, and I quote, BILL has been a life changer by supporting our rapid growth.

Ignite Medical Resorts 執行董事 Shonna Hanscom 表示，我引用他的話，BILL 透過支持我們的快速發展改變了我們的生活。

We managed nearly 2,000 rehabilitation resource and process about 2,000 payments a month.

我們管理近2,000個復健資源，每月處理約2,000筆付款。

Before BILL, many AP tasks, including coding and improving bills, were handled manually.

在 BILL 出現之前，許多 AP 任務（包括編碼和改進帳單）都是手動處理的。

You can imagine how time-consuming it was running our back office that way.

你可以想像以這樣的方式經營我們的後台辦公室需要花費多少時間。

BILL completely changed the game for us.

BILL 徹底改變了我們的比賽。

It replaces the manual process with digitized and automated workflows and provides robust document management and collaboration tools, making it a breeze to pay thousands of bills each month.

它以數位化和自動化的工作流程取代手動流程，並提供強大的文件管理和協作工具，讓您輕鬆每月支付數千張帳單。

The financial back-office makeover did not just stop there.

財務後台的改造並未就此止步。

BILL also completely transformed our spend and expense management experience, and we are now running 95% of our expenses through its platform, end quote.

BILL 也徹底改變了我們的支出和費用管理體驗，現在我們 95% 的費用都是透過其平台來管理的。

BILL is the essential financial operations platform for Ignite Medical Resorts and for SMBs everywhere.

BILL 是 Ignite Medical Resorts 以及世界各地 SMB 的重要財務營運平台。

We transform and empower SMBs of all sizes across all types of industries.

我們為各行各業、各種規模的中小型企業提供轉型和支援。

Our solutions eliminate complexity and guesswork that have long burdened SMBs and their financial operations management and freeze them with automation so they can focus on growing their business.

我們的解決方案消除了長期困擾中小企業及其財務營運管理的複雜性和猜測，並透過自動化凍結它們，以便他們能夠專注於發展業務。

We've taken a different approach from other software and fintech companies in order to serve the broad and diverse S&B market at scale.

我們採取了與其他軟體和金融科技公司不同的方法，以便大規模服務廣泛且多樣化的 S&B 市場。

We architected our platform to support an end-to-end view of the transactions and the required workflows while building an ecosystem that lets us support SMBs wherever they are.

我們設計了我們的平台來支援交易和所需工作流程的端到端視圖，同時建立了一個生態系統，讓我們能夠為位於任何地方的中小企業提供支援。

AI has been deeply embedded since the beginning to eliminate data entry, accelerated payments, and easily match customers with suppliers within our network.

人工智慧從一開始就深深嵌入其中，以消除資料輸入，加速付款，並輕鬆地將客戶與我們網路內的供應商進行配對。

Our extensive platform, features, and automation tools, combined with our large proprietary data assets that include hundreds of millions of transactions and documents provide the foundation to expand our surface area, adding more solutions to the automated financial back office.

我們廣泛的平台、功能和自動化工具，加上我們包含數億筆交易和文件的大型專有數據資產，為擴大我們的覆蓋範圍提供了基礎，為自動化財務後台增加了更多的解決方案。

Through our continuous innovation, we broadened our ability to serve have an increasing range of an SMB's financial operations needs.

透過不斷創新，我們擴大了服務能力，以滿足中小企業日益廣泛的財務營運需求。

We have shared in recent quarters that as we see clear demand signals for our solutions from mid-market customers, we are building functionalities to more fully address the needs of this segment of the market and the accounts who serve them.

我們在最近幾個季度中分享過，當我們看到中端市場客戶對我們的解決方案的明確需求訊號時，我們正在建立功能以更全面地滿足這一部分市場及其服務帳戶的需求。

Some recent examples include our investments to create a game-changing procure-to-pay experience and powerful multi-entity tools that enable larger businesses to drive more automation and efficiency gains across all of their entities.

最近的一些例子包括我們投資創建改變遊戲規則的採購到付款體驗和強大的多實體工具，使大型企業能夠在其所有實體中推動更多的自動化和效率提升。

Customer and account reception into these newer capabilities is very positive.

客戶和帳戶對這些新功能的接受度非常積極。

The scale of the network and richness of our platform enables BILL to solve many of the most complex problems that business face on a daily basis.

我們網路的規模和平台的豐富性使 BILL 能夠解決企業日常面臨的許多最複雜的問題。

We are increasingly engaging with both sides of our two-sided network so that businesses can more seamlessly work together.

我們正在越來越多地與雙邊網路的雙方合作，以便企業能夠更無縫地合作。

For example, once a year, businesses have to file 1099s for payments made to certain suppliers.

例如，企業每年必須提交一次 1099 表格來記錄向某些供應商付款的情況。

It is a hassle and requires collecting tax information from suppliers one by one.

這是一件很麻煩的事，需要逐一向供應商收集稅務資訊。

After a short development cycle, we recently introduced embedded 1099 functionality to transform this into a seamless autonomous process for both our AP customers and their suppliers.

經過短暫的開發週期，我們最近引入了嵌入式 1099 功能，將其轉變為適合我們的 AP 客戶及其供應商的無縫自主流程。

Since January, over 5% of our customers have made nearly 200,000 1099 filings through our platform, demonstrating our two-sided networks in actions.

自一月以來，超過 5% 的客戶已透過我們的平台提交了近 200,000 份 1099 表格，充分展示了我們雙邊網路的實際作用。

In short order, we eliminated another headache of running a small business.

很快，我們就解決了經營小企業的另一個難題。

With a few clicks, our AP customers can now file and send all of their 1099s to all of their suppliers.

只需點擊幾下，我們的 AP 客戶現在就可以將所有 1099 歸檔並發送給所有供應商。

This functionality is really important as it not only automates worked for our AP customers, it also enables a dramatically better solution for suppliers paid via BILL.

此功能非常重要，因為它不僅可以自動化我們的 AP 客戶的工作，還可以為透過 BILL 付款的供應商提供更好的解決方案。

They can now operate one [W9] across all of their customers and then they can automatically receive electronic 1099s every January.

現在他們可以在所有客戶中操作一個 [W9]，然後他們可以在每年 1 月自動收到電子 1099。

This is an example of what it means to make it simple to connect and do business.

這是一個讓連接和做生意變得簡單的範例。

Turning to payments, we have significantly expanded our product portfolio, particularly card offerings.

在支付方面，我們大幅擴展了我們的產品組合，尤其是卡片產品。

The execution of our card strategy has led to card adoption among 80 in AR customers, more than tripling over the past two years.

我們的信用卡策略的實施已經使 80 家 AR 客戶採用了信用卡，這一數字在過去兩年中增長了兩倍多。

As part of this, we continue to make progress on enabling customers to use their BILL Divvy cards as an alternative to ACH and check payments by making a traditional AP payment.

作為其中的一部分，我們將繼續努力使客戶能夠使用他們的 BILL Divvy 卡作為 ACH 的替代方案，並透過傳統的 AP 付款來支票付款。

This product now leverages our AP customers relationship with their vendors to drive acceptance of card payments.

該產品現在利用我們的 AP 客戶與其供應商的關係來推動卡片支付的接受度。

We expect card adoption to expand as we create more differentiated card experiences.

我們預計，隨著我們創造更加差異化的卡片體驗，卡片的採用範圍將會擴大。

We are continuing our expansion into working capital to solve many of the cash flow needs of SMBs.

我們正在繼續擴展營運資本，以解決許多中小企業的現金流需求。

Cash flow is typically the number one challenge faced by SMBs.

現金流通常是中小企業面臨的首要挑戰。

In fact, the 2024 Goldman Sachs 10,000 Small Businesses Voices survey found that 77% of small businesses were concerned about their ability to access capital.

事實上，2024 年高盛 1 萬家小型企業之聲調查發現，77% 的小型企業擔心其獲取資金的能力。

We are leveraging our large-scale and unique proprietary data and network to build differentiated AI-powered underwriting capabilities that provide businesses with access to liquidity at the time that they need it.

我們正在利用我們大規模和獨特的專有數據和網路來建立差異化的人工智慧承保能力，為企業在需要時提供流動性。

Since our initial launch, more than 30,000 vendors have used our invoice financing products to access over $800 million in invoice advances.

自我們首次推出以來，已有超過 30,000 家供應商使用我們的發票融資產品獲得了超過 8 億美元的發票預付款。

Turning to our ecosystem, we partner with the top banks in the US and thousands of accounting firms, provide embedded solutions to various software companies, and have a large proprietary member network. for accounting firms, our solutions not only enable partners to transform the financial operations of their clients, but also their own.

談到我們的生態系統，我們與美國頂級銀行和數千家會計師事務所合作，為各種軟體公司提供嵌入式解決方案，並擁有龐大的專有會員網路。對於會計師事務所而言，我們的解決方案不僅使合作夥伴能夠改變其客戶的財務運營，還能夠改變他們自己的財務運營。

Take Jitasa for example, the nation's largest accounting and bookkeeping firm focused exclusively on serving nonprofits.

以 Jitasa 為例，它是美國最大的會計和簿記公司，專注於為非營利組織提供服務。

Our accounts payable and spending expense solutions have become an indispensable part of its tech stack for approximately 80% of their clients.

對於約 80% 的客戶來說，我們的應付帳款和支出費用解決方案已成為其技術堆疊中不可或缺的一部分。

Together with BILL, Jitasa modernized the B2B payment processes for their nonprofit clients, helping them to ensure cash flow health and drive better business decisions.

Jitasa 與 BILL 合作，為其非營利客戶實現了 B2B 支付流程的現代化，幫助他們確保現金流健康並做出更好的業務決策。

With the majority of its clients on BILL, Jitasa was able to streamline employee training and create more efficient operations, which led to a 20% gross margin improvement for their business.

由於大多數客戶都使用 BILL，Jitasa 能夠簡化員工培訓並創建更有效率的運營，從而使其業務的毛利率提高了 20%。

Accounts have been an important strategic part of our ecosystem from the very beginning, and we are doubling down on accounts to expand our leadership position.

從一開始，帳戶就是我們生態系統的重要策略組成部分，我們正在加倍投入帳戶以擴大我們的領導地位。

We are leveraging our customer feedback loop to do more for our existing accounting partners and to help them more strategically and efficiently serve their clients.

我們正在利用客戶回饋循環為現有的會計合作夥伴提供更多服務，並幫助他們更具策略性和更有效率地為客戶服務。

We are also investing in our go-to-market motion to drive more penetration across the omni-present accounting firm market.

我們也對我們的市場進入舉措進行了投資，以推動我們在無處不在的會計師事務所市場的進一步滲透。

There are more than 40,000 CPA firms in the US and more than 100,000 when you include bookkeeping firms.

美國有超過 40,000 家 CPA 公司，如果算上簿記公司則超過 100,000 家。

Accounts and larger businesses are asking for our embedded solutions, which opens up new avenues for SMBs to access our platform.

大型企業和帳戶都要求我們提供嵌入式解決方案，這為中小型企業存取我們的平台開闢了新的途徑。

Our learnings from working with the largest banks in the US serves as a great springboard for us to extend our product reach.

我們與美國最大銀行合作所獲得的經驗為我們擴大產品覆蓋範圍提供了良好的跳板。

In less than a year, we rolled out our Embed (inaudible) platform with tools for partners and customers.

在不到一年的時間裡，我們推出了 Embed（聽不清楚）平台，為合作夥伴和客戶提供工具。

We are making our leading workflow and payment functionalities available to our larger businesses and accounting firms so they streamline their operations.

我們正在向大型企業和會計公司提供我們領先的工作流程和支付功能，以便他們簡化營運流程。

We are rapidly expanding our capabilities here and during the quarter, we added the ability for customers to seamlessly integrate BILL spending expense with their existing systems.

我們正在迅速擴展我們的能力，在本季度，我們增加了讓客戶將 BILL 支出費用與其現有系統無縫整合的功能。

The reception has been strong with good early adoption by customers.

該產品的反應十分熱烈，客戶早期就採用了該產品。

With our vast distribution ecosystem, we have created an unparalleled network that capture the interactions between buyers and suppliers and generate a large amount of relational and transactional data.

憑藉我們龐大的分銷生態系統，我們創建了一個無與倫比的網絡，可以捕捉買家和供應商之間的互動並產生大量的關係和交易數據。

Over the past four years, we have more than doubled the size of our network to over 7 billion network members.

在過去四年裡，我們的網路規模擴大了一倍多，網路成員超過 70 億。

Serving suppliers is an important part of our expansion strategy.

服務供應商是我們擴張策略的重要組成部分。

We are continuing to reinvest and to enhance our platform experiences to simplify their automation while building direct relationships with our largest suppliers.

我們將繼續進行再投資並增強我們的平台體驗，以簡化其自動化，同時與我們最大的供應商建立直接關係。

These are important initiatives that drive and (technical difficulty) payment adoption across the network.

這些都是推動整個網路支付方式採用（技術難度）的重要措施。

Large suppliers on average, we see 5,000 check and ACH transactions per quarter through our platform, which presents a significant opportunity to help these businesses eliminate a large volume of manual work and streamline payment acceptance at scale.

對於大型供應商，我們平台平均每季會處理 5,000 筆支票和 ACH 交易，這為幫助這些企業減少大量手動工作和簡化大規模付款接受流程提供了重要機會。

We're investing in enhanced automations such as [straight through processing] and advanced ACH.

我們正在投資增強的自動化技術，例如直通式處理和先進的 ACH。

With these capabilities, we're adding specialized go-to-market teams focused on addressing specific needs and complexes of these large suppliers.

憑藉這些能力，我們正在增加專門的行銷團隊，專注於解決這些大型供應商的特定需求和複雜問題。

We believe this dedicated focus will translate into efficient and streamlined experiences that drive revenue.

我們相信，這種專注將轉化為高效、簡化的體驗，從而推動收入成長。

As we look ahead, we remain laser-focused on penetrating and serving the large market opportunity with differentiated solutions that bring SMBs more aha moments.

展望未來，我們仍將專注於透過差異化解決方案來滲透和服務巨大的市場機遇，為中小型企業帶來更多驚喜。

We are excited about the future to further empower SMBs and the progress we are making.

我們對未來進一步賦能中小企業以及我們正在取得的進步感到興奮。

Our vision of success attracts strong talent into the company.

我們的成功願景吸引了強大的人才加入公司。

We recently added two new directors to our Board, Keri Gohman and Dan Wernikoff, who have deep expertise that will help us advance our strategy.

我們最近增加了兩位新董事，Keri Gohman 和 Dan Wernikoff，他們擁有深厚的專業知識，將幫助我們推進策略。

Keri has an extensive track record of scaling SaaS in fintech businesses that are SMB-focused.

Keri 在以中小企業為中心的金融科技企業中擴展 SaaS 方面擁有豐富的經驗。

Dan has extensive experience leading business and consumer brands, including as EVP and General Manager at Intuit for both the small business and consumer groups.

Dan 在領導商業和消費者品牌方面擁有豐富的經驗，曾擔任 Intuit 小型企業和消費者集團的執行副總裁和總經理。

I look forward to working with them as we build on our momentum to widen our leadership position in the market.

我期待與他們合作，繼續鞏固我們的勢頭，擴大我們在市場上的領導地位。

In closing, we are making great progress enhancing our platform and payment experiences while delivering profitable growth.

最後，我們在實現獲利成長的同時，也取得了巨大進展，增強了我們的平台和支付體驗。

Hundreds of thousands of businesses trust BILL to run their financial operations and there are millions more to serve.

成千上萬的企業信賴 BILL 來管理他們的財務業務，另外還有數百萬的企業需要 BILL 的服務。

Our robust product and broad ecosystem position us second to none.

我們強大的產品和廣泛的生態系統使我們無與倫比。

We are capitalizing on this compelling market opportunity to be the de facto intelligent financial operations platform for SMBs.

我們正在利用這個引人注目的市場機會，成為中小企業事實上的智慧財務營運平台。

Now, I'll turn the call over to John.

現在，我將電話轉給約翰。

Thanks, René.

謝謝，蕾妮。

Q2 marked another quarter of BILL successfully balancing growth and profitability while investing in our strategic priorities to accelerate innovation for SMBs.

第二季標誌著 BILL 又一個季度成功平衡了成長與獲利，同時投資於我們的策略重點，以加速中小企業的創新。

We are seeing great early indicators of the potential impact of our investments to drive sustained value creation for SMBs and growth for BILL.

我們看到了很好的早期指標，表明我們的投資將產生潛在影響，為中小企業創造持續的價值，並為 BILL 帶來成長。

In August, we outlined our priority investment areas across payments and working capital, supplier solutions, accounting firms, and embedded finance.

8 月份，我們概述了支付和營運資本、供應商解決方案、會計師事務所和嵌入式金融等重點投資領域。

Over the first two quarters of the fiscal year, we've executed well against these priorities.

在本財政年度的前兩個季度，我們已經很好地執行了這些優先事項。

I'll cover a few examples of our progress.

我將介紹我們取得進展的幾個例子。

We are now live with an important enhancement to our virtual card solution with a launch of an additional straight-through processing provider in November.

我們將於 11 月推出額外的直通式處理供應商，對我們的虛擬卡解決方案進行重要的改進。

This opens up new payment routing with significant automation benefits for suppliers, including improved data integration with their ERP systems.

這為供應商開闢了新的支付路線，具有顯著的自動化優勢，包括改善與其 ERP 系統的資料整合。

We have also been advancing our direct connection with select suppliers as part of our ongoing product experience improvements with a focus on automation and efficiency in the payment acceptance process.

作為我們持續改善產品體驗的一部分，我們也一直在推進與精選供應商的直接聯繫，並專注於支付接受流程的自動化和效率。

We're also investing to expand our payment solutions to create more choices in addressing the unique needs of large volume payment receivers in the BILL network. to this end, we're in beta testing with our advanced ACH solution, which will provide tools to drive automation and efficiency that suppliers haven't had before.

我們也正在投資擴展我們的支付解決方案，以創造更多選擇，滿足 BILL 網路中大量支付接收者的獨特需求。為此，我們正在對先進的 ACH 解決方案進行 Beta 測試，該解決方案將提供供應商以前從未有過的推動自動化和效率的工具。

This new payment solution will redefine the payment receding processes for large suppliers, driving a fast, automatic, and scalable experience.

這種新的支付解決方案將重新定義大型供應商的付款退還流程，帶來快速、自動化和可擴展的體驗。

We expect to fully launch the solution this year.

我們預計今年將全面推出該解決方案。

On the international payment front, we expanded the availability of our local transfer offering to over 30 countries.

在國際支付方面，我們已將本地轉帳服務擴展至 30 多個國家。

We have started to create awareness among customers and network members about the significant improvements we've made in efficiency and payment speed, which is now approaching a real-time payment experience.

我們已經開始讓客戶和網路成員意識到我們在效率和支付速度方面所取得的重大改進，現在已經接近即時支付體驗。

Shifting to our go-to-market focus on accounting firms.

將我們的市場重點轉向會計師事務所。

We are investing in both new product capabilities, as Rene mentioned, as well as enhanced partnership support teams to create even greater engagement with accountants.

正如 Rene 所提到的，我們正在投資新產品功能以及增強的合作夥伴支援團隊，以與會計師建立更緊密的聯繫。

We have the platform of (inaudible) for accounting firms, and we are constantly raising the bar to improve our solutions to deliver more accountant-specific capabilities.

我們擁有針對會計公司的（聽不清楚）平台，我們正在不斷提高標準，改進我們的解決方案，以提供更多針對會計師的特定功能。

Some recent examples of product innovation that empower accountants to better serve their clients include multi-entity and bulk action solutions, purchase orders, and streamline 1099s.

最近的一些產品創新範例使會計師能夠更好地服務客戶，其中包括多實體和批量行動解決方案、採購訂單和簡化 1099。

We also expanded and enhanced our accountant coverage teams, which is driving better penetration with our existing partners and acquisition of new partners.

我們還擴大並加強了我們的會計師覆蓋團隊，這將提高我們與現有合作夥伴的滲透率並吸引新的合作夥伴。

Our product innovation and go-to-market initiatives are driving results.

我們的產品創新和行銷措施正在取得成果。

In Q2, net new adds in our accounting channel increased 38% from the same period a year ago.

第二季度，我們會計通路的淨新增客戶年增了 38%。

Turning to our embedded solutions, we launched a spend-and-expense integration for our [embed to Dato] solution, which enables businesses to onboard large numbers of employees and issue cards much faster at scale.

談到我們的嵌入式解決方案，我們為我們的 [嵌入到 Dato] 解決方案推出了支出和費用整合功能，使企業能夠大規模地吸收大量員工並更快地發卡。

We delivered this solution in the fall and now have over 200 customers using this embedded product.

我們於秋季推出了該解決方案，目前已有超過 200 個客戶使用該嵌入式產品。

We're pleased with the early signs of increased usage and higher card spend.

我們很高興看到信用卡使用量和消費額度增加的早期跡象。

We look forward to these early indicators of progress becoming material value creation levers for customers, partners, and suppliers in our network and growth drivers for BILL.

我們期待這些早期的進步指標成為我們網路中的客戶、合作夥伴和供應商的物質價值創造槓桿，以及 BILL 的成長動力。

Shifting from progress in our investments to our Q2 results, we delivered strong profitable growth in Q2 as core revenue increased 16% year over year and non-GAAP operating income increased 42% year over year.

從投資進展轉向第二季度業績，我們在第二季度實現了強勁的盈利增長，核心收入同比增長 16%，非 GAAP 營業收入同比增長 42%。

We created meaningful operating leverage in our business and produced a non-GAAP operating margin of 17%, which is up more than 300 basis points from a year ago.

我們在業務中創造了有意義的營業槓桿，實現了 17% 的非 GAAP 營業利潤率，比一年前高出 300 個基點以上。

Our free cash flow margin was 20%.

我們的自由現金流利潤率為20%。

On the back of this momentum, the investments we are making will add to our leadership position in the market.

在這勢頭的支持下，我們所做的投資將增強我們在市場上的領導地位。

Now for some more details about the quarter.

現在來了解本季的更多詳細資訊。

Total revenue was $363 million in Q2, up 14% year over year.

第二季總營收為 3.63 億美元，年增 14%。

Core revenue, which includes subscription and transaction fees, was $320 million, up 16% year over year.

核心收入（包括訂閱費和交易費）為 3.2 億美元，較去年同期成長 16%。

Float revenue was $43 million and our yield on FBO funds was 443 basis points in the quarter.

本季浮動收入為 4,300 萬美元，我們的 FBO 基金收益率為 443 個基點。

Revenue from our integrated platform, which includes our BILL AP/AR and spend-and-expense solutions, but excludes the financial institution channel, was $301 million in Q2, up 16% year over year.

我們的整合平台（包括我們的 BILL AP/AR 和支出與費用解決方案，但不包括金融機構通路）的營收在第二季為 3.01 億美元，較去年同期成長 16%。

Within our integrated platform, revenue for our BILL AP/AR solution was $167 million, up 13% year over year.

在我們的整合平台中，我們的 BILL AP/AR 解決方案的收入為 1.67 億美元，年成長 13%。

TPP grew 11% year over year and TPV per customer was 1% lower year over year.

TPP 年成長 11%，每位客戶 TPV 年減 1%。

Overall transaction monetization in Q2 was down slightly from the first quarter, primarily due to TPV seasonality combined with minimal volume growth on more established ad-born products, as well as FX losses from currency volatility.

第二季的整體交易貨幣化較第一季略有下降，主要原因是 TPV 的季節性，加上較成熟的廣告產品的交易量成長緩慢，以及貨幣波動造成的外匯損失。

We are making good progress to advance the features of our more established payment products and expand our payment portfolio with new solutions.

我們正在取得良好進展，改進我們更成熟的支付產品的功能，並透過新的解決方案擴展我們的支付組合。

Note that our total [advaorum] year-over-year growth rate in the second quarter from our AP/AR solution increased compared to the prior two quarters, driven by the adoption of newer solutions.

請注意，由於採用了較新的解決方案，我們第二季度的應付帳款/應收帳款解決方案的整體同比增長率與前兩個季度相比有所提高。

During the quarter, we continue to see momentum on penetrating the market with 4,500 net new bill AP/AR customers added.

本季度，我們繼續看到滲透市場的勢頭，新增 4,500 名淨新帳單應付帳款/應收帳款客戶。

Our strategic go-to-market investments in the accounting channel have accelerated adoption, deepened engagement with existing firms, and reduced client attrition.

我們對會計管道的策略性市場投資加速了採用，加深了與現有公司的合作，並減少了客戶流失。

Accelerated investment and deployment of AI within the sales journey is also driving increased sales efficiency.

銷售過程中對人工智慧的加速投資和部署也推動了銷售效率的提升。

We now have more than 160,000 customers using our BILL AP/AR solution.

目前，我們有超過 16 萬名客戶使用我們的 BILL AP/AR 解決方案。

This scale is a direct result of our go-to-market engine, the customer value proposition of our platform, and our expansive network.

這一規模直接得益於我們的行銷引擎、我們平台的客戶價值主張以及我們廣泛的網路。

Also within our integrated platform, revenue from our BILL spend-and-expense solution was $134 million, up 21% year over year, driven by 23% card payment volume growth.

此外，在我們的整合平台內，我們的 BILL 支出和費用解決方案的收入為 1.34 億美元，比去年同期成長 21%，這得益於 23% 的卡片支付量成長。

Spend-and-expense interchange fees were 257 basis points in the quarter, and rewards were 48% of spend and expense revenue.

本季支出和費用交換費為 257 個基點，獎勵佔支出和費用收入的 48%。

Both card payment volume growth and gross interchange fees were impacted by a mixed shift towards lower gross interchange merchant categories.

信用卡支付量成長和總交換費均受到轉換為較低總交換費商家類別的影響。

We added 1,400 net new spending businesses to our spend-and-expense solution in Q2 and ended the quarter with 37,800 spending businesses.

我們在第二季度為我們的支出和費用解決方案增加了 1,400 家淨新支出企業，本季結束時支出企業數量達到 37,800 家。

Our customer acquisition focus for spend and expense continues to be on larger businesses with a strong financial position.

我們在支出和費用方面的客戶獲取重點仍然是財務狀況良好的大型企業。

And we're doing well targeting and acquiring these businesses.

我們在鎖定目標和收購這些企業方面做得很好。

Revenue from our embedded and other solutions, which includes the financial institution channel, Invoice2go, and other solutions, was $19 million, up 16% year over year.

我們的嵌入式和其他解決方案（包括金融機構通路、Invoice2go 和其他解決方案）的收入為 1,900 萬美元，年增 16%。

Moving on to additional financial highlights, our focus on driving efficient growth enabled us to deliver non-gap gross profit of $309 million in Q2, up 13% year over year, and non-GAAP gross margin was 85%, significantly above our targeted range for the low 80s.

談到其他財務亮點，我們專注於推動高效成長，這使得我們在第二季度實現了 3.09 億美元的非差距毛利，同比增長 13%，非 GAAP 毛利率為 85%，遠高於我們設定的 80% 出頭的目標範圍。

We generated non-GAAP operating income of $63 million in Q2, representing a 17% non-GAAP operating margin, an expansion of more than 3 percentage points year over year.

我們第二季的非公認會計準則營業收入為 6,300 萬美元，非公認會計準則營業利潤率為 17%，較去年同期成長超過 3 個百分點。

We've created operating leverage from our core business as non-GAAP operating margin, excluding float revenue, expanded 6% points year over year to 6.5%.

我們從核心業務中創造了營業槓桿，因為非 GAAP 營業利潤率（不包括浮動收入）年增 6 個百分點至 6.5%。

Non-GAAP net income was $63 million for the quarter, representing a 17% non-GAAP net income margin, while non-GAAP net income per fully diluted share was $0.56. Non-GAAP diluted weighted average share count declined 4.8 million shares, or 4% year over year, primarily due to our convert and share repurchases over the last 12 months, partially offset by the issuance of new convertible notes.

本季非 GAAP 淨收入為 6,300 萬美元，非 GAAP 淨收入率為 17%，非 GAAP 每股攤薄淨收入為 0.56 美元。非公認會計準則稀釋加權平均股數減少 480 萬股，較上年減少 4%，主要由於過去 12 個月我們進行了轉換和股票回購，但發行新的可轉換票據部分抵銷了這一影響。

We have a very strong balance sheet with significant liquidity, and during the quarter we took proactive steps to strengthen our position further by completing an offering of [$1.4 billion] zero coupon convertible senior notes due 2030.

我們的資產負債表非常強勁，流動性充足，並且在本季度，我們採取積極措施進一步鞏固我們的地位，完成了 2030 年到期的 [14 億美元] 零息可轉換優先票據的發行。

We used approximately $539 million of the net proceeds to repurchase significant portions of our 2025 and 2027 convertible notes and approximately $200 million of the net proceeds to purchase 2.3 million shares of our common stock.

我們利用約 5.39 億美元的淨收益回購了 2025 年和 2027 年可轉換票據的大部分，並利用約 2 億美元的淨收益購買了 230 萬股普通股。

Our balance sheet and strong cash flow enable us to invest in initiatives that drive long-term growth and market leadership.

我們的資產負債表和強勁的現金流使我們能夠投資於推動長期成長和市場領導地位的計劃。

Shifting to our outlook, there is increased uncertainty related to potential fiscal and trade policy changes and how they may impact SMB sentiment and spend.

從我們的展望來看，潛在的財政和貿易政策變化以及它們如何影響中小企業情緒和支出的不確定性增加。

We are confident in the resilience of SMBs to successfully adapt to the macro environment that we are carefully monitoring policy changes for any near-term implications for SMBs.

我們對中小企業成功適應宏觀環境的韌性充滿信心，我們正在密切監測政策變化，以防對中小企業產生任何短期影響。

Our outlook for the second half of fiscal 2025 assumes that the macro and B2B spend environment remain consistent with recent quarters and that SMBs transact at similar rates to our historical averages.

我們對 2025 財年下半年的展望假設宏觀和 B2B 支出環境與最近幾季保持一致，且中小企業的交易率與我們的歷史平均水準相似。

Now moving on to guidance.

現在開始指導。

For fiscal Q3, we expect core revenue to be in the range of $317.5 million to $322.5 million, which reflects 13% to 15% year-over-year growth.

對於第三財季，我們預計核心營收在 3.175 億美元至 3.225 億美元之間，年增 13% 至 15%。

We expect total revenue to be in the range of $352.5 million to $357.5 million in Q3.

我們預計第三季總營收在 3.525 億美元至 3.575 億美元之間。

Float revenue is expected to be $35 million in Q3, which assumes our yield on FBO funds will be approximately 390 basis points.

預計第三季浮動收入將達到 3,500 萬美元，假設我們的 FBO 基金收益率約為 390 個基點。

Turning to our profitability outlook, we expect a sequential increase in operating expenses as some of our incremental investment spending that was backloaded in the fiscal year starts to take effect.

談到我們的獲利前景，我們預計營業費用將連續增加，因為本財年積壓的一些增量投資支出開始發揮作用。

For Q3, we expect to report non-GAAP operating income in the range of $38 million to $43 million and non-GAAP net income in the range of $42 million to $46 million.

對於第三季度，我們預計非 GAAP 營業收入在 3,800 萬美元至 4,300 萬美元之間，非 GAAP 淨收入在 4,200 萬美元至 4,600 萬美元之間。

We expect non-GAAP net income per diluted weighted average share in the range of $0.35 to $0.38 in Q3 based on a share count of 119.5 million diluted weighted average shares outstanding.

我們預計第三季非 GAAP 稀釋加權平均每股淨利潤將在 0.35 美元至 0.38 美元之間，基於 1.195 億股稀釋加權平均流通股。

Moving on to full year guidance, for fiscal 2025, we expect core revenue to be in the range of $1,297 million to $1,312 million, which reflects 16% to 17% year-over-year growth.

展望全年預期，對於 2025 財年，我們預計核心營收將在 12.97 億美元至 13.12 億美元之間，年增 16% 至 17%。

We expect total revenue to be in the range of $1,454 million to $1,469 million.

我們預計總收入在 14.54 億美元至 14.69 億美元之間。

We expect float revenue to be approximately $157 million in fiscal 2025, which assumes a yield on FBO funds of approximately 430 basis points for the year, and an exit Fed funds rate of 425 basis points as of June 2025.

我們預計 2025 財年的浮動收入約為 1.57 億美元，假設該年 FBO 基金收益率約為 430 個基點，截至 2025 年 6 月的退出聯邦基金利率為 425 個基點。

On the bottom line for fiscal 2025, we expect to report non-GAAP operating income in the range of $207.5 million to $222.5 million and non-GAAP net income in the range of $216 million to $228 million.

就 2025 財年的底線而言，我們預計非 GAAP 營業收入在 2.075 億美元至 2.225 億美元之間，非 GAAP 淨收入在 2.16 億美元至 2.28 億美元之間。

We expect non-GAAP net income per diluted weighted average share to be $1.87 to $1.97 based on a share count of $115.5 million diluted weighted average shares outstanding.

我們預計，基於 1.155 億美元的稀釋加權平均流通股數，非 GAAP 稀釋加權平均每股淨利潤為 1.87 美元至 1.97 美元。

Note that our Q3 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，我們對第三季和全年股票數量以及非公認會計準則每股淨收入的預期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.

對於 2025 財年，我們預期股票薪酬支出將低於總收入的 20%。

In conclusion, we built a great business by revolutionizing financial operations for hundreds of thousands of SMBs and creating a unique ecosystem to efficiently reach them.

總而言之，我們透過徹底改變數十萬中小企業的金融運作方式並創建獨特的生態系統來有效地接觸這些中小企業，從而建立了一個偉大的企業。

Investments we are making in our platform, distribution capabilities, and team are showing good progress.

我們對平台、分銷能力和團隊的投資正在取得良好進展。

This gives us confidence in our ability to extend our category leadership and further empower SMBs, which in turn positions us to drive years of strong growth and shareholder value creation.

這使我們對擴大我們的品類領導地位和進一步賦能中小企業的能力充滿信心，這反過來又使我們能夠推動多年的強勁成長和股東價值創造。

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

現在，我們開始問答環節。

(Operator Instructions) Chris Quintero, Morgan Stanley.

（操作員指示）摩根士丹利的 Chris Quintero。

Hey, Rene, hey John, thanks for taking the questions here.

嘿，雷內，嘿，約翰，感謝你們在這裡回答問題。

Maybe to start, I would want to dig a bit into the monetization here.

也許首先，我想深入探討這裡的貨幣化。

Obviously a lot of puts and takes with FX and seasonally higher TPV, but just curious if you can delineate between some of those headwinds and some of the improvements you all have made on the virtual card and product side.

顯然，外匯和季節性較高的 TPV 會帶來很多利弊，但我好奇您是否可以描述這些不利因素與您在虛擬卡和產品方面所做的一些改進。

How much of that was a contributing factor to the overall monetization here?

其中有多少因素對這裡的整體貨幣化起到了促進作用？

Yeah, thanks for the question, Chris.

是的，謝謝你的提問，克里斯。

Yeah, Q2 monetization was slightly lower than our expectation from discussions last quarter when we were anticipating flattish quarter to quarter.

是的，第二季的貨幣化水準略低於我們上個季度討論時的預期，當時我們預計季度環比成長將持平。

Several factors influenced that, including, I think, first seasonality, where just the December quarter uptick in overall TPV tends to result in a mixed shift in payment types.

有幾個因素影響了這一點，我認為，首先是季節性，12 月季度整體 TPV 的上升往往會導致支付類型的混合變化。

And this showed up as strength in check and ACH volume, which we actually saw 6% quarter-to-quarter growth rate.

這表現為支票和 ACH 交易量的強勁增長，我們實際上看到了 6% 的環比增長率。

And at the same time, our (inaudible) volume grew but at a rate lower than that check and ACH volume.

同時，我們的（聽不清楚）業務量有所成長，但成長速度低於支票和 ACH 業務量。

So that mix as a result has an influence on the take rate and then the quarter ended up a little bit lower.

因此，這種組合對接受率產生了影響，導致本季的接受率略有下降。

Another impact was we've seen increased FX volatility, particularly in the second quarter, and that's versus -- Q1, we did -- we saw a small gain in FX, changes, whereas Q2 we saw some losses.

另一個影響是，我們看到外匯波動性增加，特別是在第二季度，相較之下——第一季度，我們看到外匯波動小幅上漲，而第二季度則出現一些下跌。

So that change quarter to quarter also had an influence.

因此，季度之間的變化也會產生影響。

We've obviously been investing in a number of initiatives that we think ultimately have a positive impact on overall adorum growth.

我們顯然一直在投資一些舉措，我們認為這些舉措最終將對整體愛戴度成長產生正面影響。

We talked about in prepared remarks the accelerating growth rate, but in that December quarter, just not as fast as that flat rate payment type volume growth for check and ACH payments.

我們在準備好的評論中談到了加速的成長率，但在 12 月季度，其成長速度並不像支票和 ACH 支付的固定費率支付類型量成長那麼快。

So we do expect these initiatives to ultimately drive monetization expansion from here.

因此，我們確實希望這些措施最終能夠推動貨幣化擴張。

Thanks, John.

謝謝，約翰。

You bet.

當然。

Tien-Tsin Huang, JP Morgan.

摩根大通 (JP Morgan) 的黃天津 (Tien-Tsin Huang) 。

I just wanted to clarify the answer that you gave, John, to the last question.

約翰，我只是想澄清你對最後一個問題的答案。

So did you size the currency volatility, and can we expect the second half monetization rate to show modest improvement?

那麼，您是否衡量了貨幣波動的程度？ 我們是否可以預期下半年貨幣化率會出現適度改善？

I think you still called that out last quarter, so I was curious if that still applies.

我認為您在上個季度仍然提到了這一點，所以我很好奇這是否仍然適用。

And then the question I actually had was on the $45 million in targeted spend, are you on track with that spending and fair to say you're getting the returns that you expected originally here?

然後我實際上的問題是，關於 4500 萬美元的目標支出，您是否按照計劃完成了這筆支出，並且可以說您是否獲得了最初預期的回報？

Thank you.

謝謝。

Thanks for the question.

謝謝你的提問。

On the first part, going back to the prior question on monetization.

第一部分，回到之前關於貨幣化的問題。

Overall, our international payments monetization in the second quarter was about 0.3 basis points below what we would have expected, and a portion of that is related to this FX loss in the overall currency volatility.

總體而言，我們第二季的國際支付貨幣化比我們的預期低了約 0.3 個基點，其中一部分與整體貨幣波動中的外匯損失有關。

And as we've indicated before, we do expect monetization expansion in the second half of fiscal '25.

正如我們先前所指出的，我們確實預期 25 財年下半年貨幣化將擴大。

So no change in our outlook and what we're striving for there.

因此，我們的觀點和奮鬥目標並沒有改變。

Shifting to the incremental spend for FY25 that we outlined in August, $45 million.

轉向我們 8 月概述的 2025 財年增量支出，即 4500 萬美元。

We're making good progress against that as we indicated last quarter.

正如我們上個季度所指出的，我們在這方面取得了良好進展。

Some of that spending is actually backloaded into the year, so you'll see that flow through our guidance.

其中一些支出實際上已被推遲到今年，因此您將看到這些支出流經我們的指導方針。

We have some OpEx increases in the third quarter as a result of that.

因此，我們第三季的營運支出增加。

And I'd say we pointed out a few reference points, signs of progress both this quarter and last that are a reflection of the progress we're making against those investments, and we think that those begin to have a more material impact on our overall business and growth rates as we get further into fiscal '25 and into fiscal '26.

我想說的是，我們指出了一些參考點，本季和上季的進展跡象反映了我們在這些投資方面所取得的進展，我們認為，隨著我們進一步進入 25 財年和 26 財年，這些進展將對我們的整體業務和成長率產生更實質的影響。

Thanks, John.

謝謝，約翰。

I just wanted to add a few things on the investment areas.

我只是想就投資領域補充幾點。

So I think everybody knows that we have a singular focus.

所以我想大家都知道我們有一個單一的重點。

On financial operations, driving a lot of scale across our platform and with our diverse ecosystem, and we said at the annual call that we have four kind of priorities for the year.

在財務營運方面，我們透過平台和多樣化的生態系統推動大規模擴張，我們在年度電話會議上說過，我們今年有四個優先事項。

Those priorities were one, to increase the value proposition two, to augment our supplier experiences; three, to deepen our relationships with our accountants; and four, to expand the ecosystem.

這些優先事項包括：一是增加價值主張；二是增強我們的供應商體驗；三、加深與會計師的關係；四是擴大生態系。

And we made great progress across each of those in the quarter.

本季我們在各方面都取得了巨大進展。

And so on the increase in the value prop, we had an opportunity where we pulled together a team, built a product for our advanced ACH.

因此，隨著價值主張的增加，我們有機會組建一個團隊，為我們的高階 ACH 打造一款產品。

It is now in beta.

目前處於測試階段。

We also expanded our local transfer capabilities and we expanded our learning on invoice financing.

我們還擴大了我們的本地轉帳能力並擴展了我們對發票融資的學習。

That's one that we think will be an important driver for us in the future.

我們認為這將成為我們未來發展的重要動力。

On augmenting the supplier experience, we called out the 1099.

為了增強供應商體驗，我們提出了 1099。

The reason we called that out was just the power of the two-sided network.

我們之所以提出這一點，正是因為雙邊網路的力量。

This was something that the team came up with, really in very short order and drove a product definition, product experience for our customers and their suppliers, and was able to drive a very strong adoption in a short period of time.

這是團隊在很短的時間內想出來的主意，它為我們的客戶和他們的供應商提供了產品定義和產品體驗，並且能夠在短時間內推動非常強勁的採用。

And because we were able to drive that adoption because of the two-sided nature of our network, we have all the capabilities inside the 7.1 million network members we have to help both the buyer and the supplier.

由於我們網路的雙面性，我們能夠推動這種採用，我們擁有 710 萬網路成員的所有能力，可以幫助買方和供應商。

So that was a huge win for us.

所以這對我們來說是一個巨大的勝利。

We also added straight-through processing, which was important for the virtual card part of the business.

我們還增加了直通式處理，這對於業務的虛擬卡部分非常重要。

And we also have dedicated teams now focused on connecting and helping suppliers understand our offerings as well as understanding what suppliers need.

我們現在還有專門的團隊專注於聯繫和幫助供應商了解我們的產品以及了解供應商的需求。

Now that's all stuff that we've been building over the last quarter or so, and that investment continues to go well.

這些都是我們在過去一個季度左右一直在建立的東西，而且投資繼續進展順利。

The third area I said again was deepen the account relationships.

我再次提到的第三個領域是深化客戶關係。

We have a tremendous asset here.

我們在這裡擁有巨大的財富。

We have, close to, 8,500, I think is the last number we've said accountants on the platform.

我們有近 8,500 名會計師，我想這是我們平台上的最後一個數字。

That's out of around 100,000 accountant bookkeepers across the entire US ecosystem.

這是整個美國生態系統中約 10 萬名會計簿記員的數據。

And we have a unique opportunity to serve them with more and more capabilities.

我們擁有獨特的機會為他們提供越來越多的服務。

I referenced the customer, Jitasa, who has hundreds of clients that they're able to kind of really work in a nonprofit space in a much more efficient way because of what we do.

我提到了客戶 Jitasa，他們有數百名客戶，由於我們的工作，他們能夠以更有效率的方式在非營利領域工作。

An example of having all that capability, it creates great opportunities for us to drive new account adoption.

例如，擁有所有這些功能就為我們推動新帳戶的採用創造了巨大的機會。

And so one of the things we talked about on the prepared remarks was that overall, year by year, that net ads for accounts was up 38%.

因此，我們在準備好的發言中談到的一件事是，總體而言，逐年，帳戶淨廣告增加了 38%。

Now this is because of a focus on both products where we talked about, obviously, the capabilities around adding TOs, adding obviously the 1099s, adding the ability for us to drive multi-entity.

現在這是因為我們專注於這兩種產品，顯然，我們討論了添加 TO 的功能，顯然添加了 1099，增加了我們驅動多實體的能力。

These are all things that we're working on.

這些都是我們正在努力的事情。

They're ongoing product additions, but as we engage with accountants, we continue to hear how much that will make a difference for them, and they're excited about the platform and want to do more with us.

他們正在不斷增加產品，但隨著我們與會計師的接觸，我們不斷聽到這將為他們帶來多大的變化，他們對這個平台感到興奮並希望與我們做更多的事情。

It's also because we have a much stronger go-to-market focus on this than we've had in the past as part of the investments.

這也是因為我們比過去的投資更重視市場進入。

So then the last area that we said we were focused on this fiscal year was to expand our ecosystem.

因此，我們本財年關注的最後一個領域是擴大我們的生態系統。

This is really around the embed platform and everything that we've taken, all the learning we've learned from the banks and the financial decisions over the last 10 years, rolling that into experiences for both partners and our customers.

這實際上圍繞著嵌入式平台和我們所採取的一切，從銀行和過去 10 年的財務決策中學到的所有知識，並將其轉化為合作夥伴和客戶的體驗。

And so we highlighted that during the quarter we were able to pull together capabilities for our customers to access embed capabilities across the SMB platform.

因此，我們強調，在本季度，我們能夠整合各種功能，讓我們的客戶能夠存取整個 SMB 平台上的嵌入功能。

And what that means is that those customers that are adopting, we've had over 200 that they're able to add more customers, I should say, more employees on more cards on the spend, and that's driving usage across the platform.

這意味著，我們已經有超過 200 名採用我們的方案的客戶，他們可以增加更多的客戶，我應該說，增加更多的員工和更多的卡，從而推動整個平台的使用。

So all of these things really point to the investment we've been making.

所以所有這些事情實際上都表明我們一直在進行的投資。

There is obviously much more under the hood that we didn't talk about, but this is all why we expect and have confidence in growth happening in the second half of the year and in FY26.

顯然，還有很多我們沒有談論的幕後因素，但這就是我們預期並有信心在今年下半年和 26 財年實現成長的原因。

So thank you for the question, Tien-Tsin.

非常感謝 Tien-Tsin 的提問。

Just wanted to give some additional color there.

只是想在這裡添加一些額外的色彩。

Thank you for going through it.

感謝您的參與。

Andrew Schmidt, Citigroup.

花旗集團的安德魯·施密特。

Hi Rene, hi John, thanks for taking my questions this evening.

嗨，Rene，嗨，John，感謝你們今晚回答我的問題。

I just want to go back to the take rate for a second.

我只是想稍微回顧一下接受率。

John, I know you had some comments on ad valorem expansion, ex-international.

約翰，我知道你對國際範圍的從價稅擴張有一些評論。

Maybe you could just run through that real quick and just talk about what you saw in terms of supplier acceptance, virtual card growth, just curious on the stability on that side of things if we strip out the FX losses.

也許您可以快速瀏覽一下，並談談您在供應商接受度、​​虛擬卡增長方面看到的情況，只是好奇如果我們剔除外匯損失，這些方面的穩定性會如何。

Thanks so much.

非常感謝。

Sure, thanks for the question, Andrew.

當然，謝謝你的提問，安德魯。

Overall, ad valorem volume grew in the second quarter, so that's a positive for us.

總體而言，第二季從價貿易量有所增長，這對我們來說是正面的。

It actually accelerated versus the prior two quarters.

與前兩個季度相比，這一成長速度實際上有所加快。

Most of that growth is driven by newer products.

大部分的成長是由新產品推動。

So these are things like invoice financing, pay by card on the buyer's side, real-time payments.

這些包括發票融資、買方卡支付、即時支付等。

And some of our more established products, if we remove international payments for a second like virtual card, volume was consistent with the prior quarters, so no significant growth there.

而對於我們的一些比較成熟的產品，如果我們暫時去除虛擬卡等國際支付，其交易量與前幾季一致，因此沒有顯著的成長。

We have continued to see similar trends with card acceptance on the bill side, consistent volume, as I mentioned.

正如我之前提到的，我們繼續看到帳單方面的卡片接受度呈現類似的趨勢，數量保持穩定。

Some of our initiatives that Rene just outlined are now in the market and starting to be used by select suppliers, so we haven't seen a significant impact or material impact on those yet.

Rene 剛才概述的一些舉措目前已進入市場並開始被部分供應商採用，因此我們尚未看到對這些舉措產生重大或實質影響。

But there's no new trends in terms of acceptance across those more established ad valorem products than we've seen previously.

但與我們之前看到的不同，這些較成熟的從價稅產品的接受度並沒有出現新的趨勢。

Perfect, thank you so much for that.

太好了，非常感謝。

And maybe I could just sneak one more in just on the product engine.

也許我可以在產品引擎上再偷偷地加一個。

It does seem like there's a pretty significant step-up in terms of what you're rolling out recently.

就你們最近推出的產品而言，確實取得了相當大的進步。

Have there been any changes just to the product engine development cycle, things like that?

產品引擎開發週期等方面有變化嗎？

And then, when you think about opportunity to roll out more subscription products, or pool driving products and things like that, what does that opportunity look like just in general?

然後，當您考慮推出更多訂閱產品或池驅動產品等產品的機會時，這種機會通常是什麼樣子的？

Thanks so much.

非常感謝。

Thank you, Andrew.

謝謝你，安德魯。

I think one of the things that we're really benefiting from is the scale that we're at now.

我認為我們真正受益的事情之一是我們現在的規模。

We have significant scale.

我們的規模相當大。

You think about the size of the business from where it was just a few years ago and where it's at today.

想像一下幾年前的業務規模與現在的規模。

And getting the teams in place, we've been continuing to add to the team, the leadership to really drive clarity and focus and execution.

在組建團隊之後，我們一直在不斷擴充團隊，增加領導力，以真正推動清晰度、重點和執行力。

We had obviously John move into the present role to help drive some of that focus and clarity.

我們顯然讓約翰擔任現在的職務來幫助推動一些重點和清晰度。

And that clarity across the company is really driving, I think, the, if you will, the innovation inside of each of us, and that's the focus.

我認為，整個公司的這種清晰度確實在推動我們每個人內心的創新，這就是重點。

That's one of the goals I have across the company is to make sure that everyone is enabled and free to actually innovate.

這是我在整個公司範圍內的目標之一，就是確保每個人都有能力並且能夠自由地進行創新。

And we're seeing that, and I think the exciting thing for us is the number of ideas about how we can expand our experience for customers, making their lives easier, making their lives faster, making their lives more efficient.

我們看到這一點，我認為最讓我們興奮的是，我們有許多關於如何拓展客戶體驗的想法，讓他們的生活變得更輕鬆、更快、更有效率。

Like there's just -- the list is just phenomenal and so I think the teams are excited.

就像——這份名單太驚人了，所以我認為球隊都很興奮。

We're excited about how AI is helping us do that.

我們很高興看到人工智慧能夠幫助我們做到這一點。

There's lots of opportunities for us to continue to leverage AI internally as well as in the experiences for our customers.

我們有很多機會繼續在內部以及客戶體驗中利用人工智慧。

And so that excitement, I think, is driving some of the energy you're seeing and some of the clarity in our ability to kind of tie the priorities back to initiatives that really drive customer adoption.

所以，我認為，這種興奮正在推動你所看到的一些能量，也正在使我們的能力更加清晰，從而將優先事項與真正推動客戶採用的舉措聯繫起來。

Thank you very much, Rene.

非常感謝，Rene。

Thank you, Andrew.

謝謝你，安德魯。

Ken Suchoski, Autonomous Research.

蘇喬斯基（Ken Suchoski），自主研究。

Hey, Rene and John, thanks for taking the question.

嘿，Rene 和 John，感謝你們回答這個問題。

Maybe just to clarify on the take rate, the 0.3 basis points impact from FX losses.

也許只是為了澄清接受率，即外匯損失造成的 0.3 個基點的影響。

I guess is the right way to think about it that, on the take grade it was down, I guess sort of half a basis point quarter over quarter.

我想正確的思考方式是，從成績上看，它是下降的，我想大概是比上一季下降了半個基點。

If you add back the 0.3 basis points, you're actually down 0.2 basis points quarter over quarter on a normalized basis and then I guess the -- is the right jumping off point for fiscal 3Q?

如果您加上 0.3 個基點，那麼在正常化基礎上，您實際上會比上一季下降 0.2 個基點，那麼我猜這是財政第三季度的正確起點嗎？

It's not actually what you showed in fiscal 2Q, but it's actually a little bit higher just because you have to add back sort of that FX loss that you saw in the quarter.

它實際上並不是您在第二財季所顯示的數字，但實際上要高一點，因為您必須加回該季度看到的外匯損失。

Yeah, thanks for the clarifying question, Ken.

是的，謝謝你澄清的問題，肯。

I think that math is right.

我認為數學是正確的。

The 0.3 is referring to is the overall change in IP monetization of which the FX is a large component of that.

0.3 指的是 IP 貨幣化的整體變化，其中 FX 是很大一部分。

While that's not strictly a one-time item, we do expect with the speed of payments and other improvements we're making to the product, to be able to minimize FX volatility and gains and losses going forward.

雖然這嚴格來說不是一次性項目，但我們確實期望透過支付速度和對產品的其他改進，能夠最大限度地減少未來的外匯波動和收益和損失。

So the baseline for growth from here is certainly above the Q2 overall monetization as you suggested.

因此，正如您所說，從現在開始的成長基準肯定高於第二季的整體貨幣化。

Okay, great.

好的，太好了。

Thanks so much, guys.

非常感謝大家。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Okay, hey, it's Darrin Peller from Wolfe.

好的，嘿，我是 Wolfe 的 Darrin Peller。

I wanted to follow up a little bit more on TPV per customer and the volume trends you guys are seeing.

我想進一步了解每位客戶的 TPV 狀況以及你們看到的數量趨勢。

You've made -- I know you guys have made some progress on really having the whole business aligned to enable your customers to see more ability to use your platform for spend.

你們已經——我知道你們在真正協調整個業務方面取得了一些進展，使你們的客戶能夠更多地利用你們的平台進行消費。

And you've also worked with the suppliers and you've been seeing progress on generally TPV per customer to that effect.

而且您還與供應商進行了合作，並且您已經看到每個客戶的 TPV 總體上取得了進展。

More transactions, larger transactions.

交易越多，交易越大。

Help us understand what you saw in the past quarter around that relative to the prior quarters, maybe add on to it what you're seeing from a macro standpoint on TPV per customer, and then maybe the building blocks of what you can see in the next year or so from these initiatives on the magnitude of how much spend per customer we can expect?

請幫助我們了解與前幾季相比，您在上個季度看到的情況，也許還可以從宏觀角度補充一下您對每位客戶的 TPV 的看法，然後也許可以從這些舉措中看到未來一年左右每位客戶的支出規模？

Thank you, Darrin, for the question.

謝謝 Darrin 提出這個問題。

I think in general, with the macro, we're still seeing, I think, optimism from SMBs, but that's not really translating into action yet.

我認為，總體而言，從宏觀角度來看，我們仍然看到中小企業的樂觀情緒，但這並沒有真正轉化為行動。

It's kind of flattish in general, and John can talk more to that if there's a need, but what we are seeing and what we can't control obviously is increasing the share of wall across the platform.

總體來說，它有點平淡，如果有需要的話，約翰可以更多地談論這一點，但我們所看到的和我們無法控制的顯然是整個平台上牆的份額正在增加。

And so one of the things that we have been doing is obviously expanding card usage and opportunities across BILL to be able to leverage that.

因此，我們一直在做的事情之一顯然是擴大 BILL 中的卡片使用範圍和機會，以便能夠利用這一點。

Whether that's pay by card, which you talked about, whether that's the opportunity to actually do what we're talking about, would build spending expense inside of the AP products, so you can actually now make your AP payments using a card.

無論是您談到的用卡支付，還是實際上實現我們所談論的機會，都會在 AP 產品中增加支出費用，因此您現在實際上可以使用卡片進行 AP 支付。

And why we're excited about that is having suppliers engaged by their customer.

我們對此感到興奮的原因是供應商與他們的客戶密切合作。

That actually drives more opportunity for us to drive adoption on those products.

這實際上為我們推動這些產品的採用提供了更多機會。

So I think the overall gist is, overall TPV trends are consistent.

所以我認為整體要點是，TPV 的整體趨勢是一致的。

There is seasonality from quarter to quarter, and then there is this growing share of wallet that we continue to drive.

每個季度都有季節性，而我們繼續推動的錢包份額也在不斷增長。

Yeah, I would just add, Darrin, that TPV for customers is pretty much in line with our expectations for the quarter.

是的，我只想補充一點，達林，TPV 的客戶表現基本上符合我們對本季的預期。

We do see typically in the third quarter, this March quarter. a seasonally lower spend on a quarter-to-quarter basis will be consistent with Q2 in terms of year over year impact.

我們通常看到第三季度，也就是今年三月季度的情況。就同​​比影響而言，季度間季節性支出下降將與第二季保持一致。

There's no real pockets of significant change within spend categories.

支出類別中並沒有真正發生重大變化。

We still see strength in real estate and related industries, information technology, things like that.

我們仍然看到房地產及相關產業、資訊科技等領域的實力。

And we've seen a little bit of compression in construction-related categories, but, as Rene mentioned, our emphasis on larger businesses, the medium- to mid-market size segment of the market, I think over time will enable us to expand overall spend per customer.

我們看到建築相關類別的支出有所壓縮，但正如 Rene 所提到的，我們專注於大型企業，即中型到中型市場規模的部分，我認為隨著時間的推移，這將使我們能夠擴大每個客戶的整體支出。

Thanks, guys.

謝謝大家。

Samad Samana, Jefferies.

薩馬納（Samad Samana），傑富瑞（Jefferies）。

Hi, good evening, Rene and John, and thank you guys for -- hey, I hope you guys are doing well.

嗨，晚上好，雷內和約翰，謝謝你們——嘿，我希望你們一切都好。

Thanks for taking the questions.

感謝您回答這些問題。

Maybe first just zooming out, I get the specifics are on take rate, but maybe to an earlier point by a different analyst, you guys have innovated a lot.

也許首先只是縮小範圍，我得到的具體資訊是關於接受率，但也許對於不同分析師早期提出的觀點，你們已經進行了很多創新。

You've rolled out a lot of different payment types as well.

你們也推出了許多不同的付款類型。

I'm curious if it's becoming more difficult, John, to forecast what the monetization will be from quarter to quarter?

約翰，我很好奇，預測每季的貨幣化情況是否變得越來越困難？

And maybe related to that, are you thinking about -- have you made a change in how you're forecasting kind of that quarter-to-quarter trend that you're giving us to make the baseline off of?

也許與此相關，您是否考慮過—您是否對您為我們提供作為基準的季度趨勢預測方式進行了改變？

Just curious if maybe you're taking a more conservative swipe at it given that it's been volatile over the last couple quarters.

我只是好奇，考慮到過去幾季的波動性，您是否會對此採取更保守的看法。

Thanks for the question, Samad.

謝謝你的提問，薩馬德。

I wouldn't say it's more difficult to forecast.

我不會說預測更難。

We do have history where we are in a transition with some of our more established products to making significant enhancements.

我們確實有過這樣的經驗：我們正處於轉型期，對一些比較成熟的產品有重大的改進。

So we're early in, if you will, an upgrade cycle with both existing AP customers and suppliers.

因此，如果您願意的話，我們與現有 AP 客戶和供應商都處於升級週期的早期階段。

That is somewhat new to us.

這對我們來說有點新鮮。

I think we have really good clarity on the ultimate impact of those investments.

我認為我們非常清楚這些投資的最終影響。

So there's no changes in really philosophy.

因此實際上哲學上並沒有改變。

We try to present a balanced view of what we think the range of outcomes are based on primarily the things that we control, the levers that we have available to us.

我們試圖提出一個平衡的觀點，我們認為結果範圍主要基於我們控制的事物和我們可以利用的槓桿。

We're not expecting any significant change in the external environment that SMBs are operating in, but there is obviously some uncertainty there that we hear about from SMBs.

我們預計中小企業營運的外部環境不會發生任何重大變化，但是我們從中小企業那裡聽說顯然存在一些不確定性。

So it feels, to us, like we're continuing the philosophy that we've had in trying to call the near-term outlook for the rest of '25, how we see it.

因此，對我們來說，感覺就像我們正在延續我們一直以來的理念，試圖預測 2025 年剩餘時間的近期前景。

One thing I would just add is we've delivered what we said on core.

我想補充一點，我們已經兌現了我們的核心承諾。

We had a strong beat on the bottom line and on the overall total revenue, and we're continuing to innovate and invest the way we said we would.

我們的獲利和整體收入都取得了強勁成長，我們正在按照我們承諾的方式繼續創新和投資。

So we feel -- and our goal is always to present what we think is going to happen with the business and to guide everybody into obviously understanding how we're going to make the business grow.

所以我們認為——我們的目標始終是展示我們認為業務將會發生的事情，並引導每個人清楚地了解我們將如何使業務成長。

Understood, and then maybe just a follow-up on the spend-and-expense side, John, I think I heard you say in the prepared remarks that it was negatively impacted by a mix on that was -- I guess lower gross interchange.

明白，然後可能只是對支出和費用方面的跟進，約翰，我想我聽到你在準備好的評論中說過，它受到了混合因素的負面影響 - 我想是較低的總交換額。

Can you just maybe help us understand that dynamic?

您能幫助我們理解這種動態嗎？

Was that an impact to the revenue quarter over quarter or TPV or both?

這對季度營收、TPV 還是兩者有影響？

Just because it seemed a little bit more seasonally muted for December than I think we've seen in the past several years, admitting that the business is obviously much bigger.

只是因為與過去幾年相比，12 月的季節性表現似乎更加平淡，我承認業務顯然要大得多。

Yeah, thanks for the follow-up question, Samad.

是的，感謝您的後續提問，薩馬德。

Obviously, we had really strong growth with S&E product, 21% transaction revenue growth on 23% card volume growth.

顯然，我們的 S&E 產品實現了強勁成長，交易收入成長 21%，卡量成長 23%。

The reference in the prepared remarks to a mixed shift amongst merchant categories was really pointing to a declining growth rate that we saw in the advertising category.

在準備好的評論中提到的商家類別之間的混合轉變實際上是指我們在廣告類別中看到的成長率下降。

And so this was driven by the largest player in the online ad space making some proactive shifts to their payment acceptance policies which has the effect of moving volume from card payments to ACH payments.

這是由線上廣告領域最大的參與者對其支付接受政策做出的一些主動轉變所推動的，其結果是將交易量從卡片支付轉移到 ACH 支付。

As it relates to our S&E business, that impacts both gross interchange because the advertising category tends to be a higher interchange rate than our average overall for the spending expense business and then also had the effect of being a slight headwind to card spend.

就我們的 S&E 業務而言，這會影響總交換額，因為廣告類別的交換率往往高於我們的支出業務的平均總體交換率，同時也對信用卡支出產生輕微的阻力。

So when we step back and look at the impact of that shift in the quarter, it was about 4 points of revenue impact for S&E in the quarter.

因此，當我們回顧並看看該轉變對該季度的影響時，我們發現這對 S&E 的收入產生了約 4 個百分點的影響。

It's something that we factored into our estimates going forward, and so it did definitely impact both monetization and card spend.

這是我們在未來估算中考慮到的一個因素，因此它確實對貨幣化和卡片消費產生了影響。

Great.

偉大的。

Appreciate you taking my questions.

感謝您回答我的問題。

Bryan Keane, Deutsche Bank.

德意志銀行的布萊恩·基恩。

Yeah, hi guys, thanks for taking my questions.

是的，大家好，感謝你們回答我的問題。

I guess, John, on core revenue growth, it came in kind of in the midpoint at I think 16%, but you're guiding for third quarter to be, I think 13% to 15%, which is slightly down, even though I think you said monetization will be up.

約翰，就核心收入成長而言，我認為它處於中間水平，為 16%，但您預計第三季的收入將達到 13% 至 15%，這個數字略有下降，儘管我認為您說過貨幣化將會上升。

So just trying to make sure I understand why that would be and then.

所以只是想確保我理解為什麼會這樣。

The full year guidance on core revenue, it was raised the last quarter for the full year.

上個季度，我們上調了全年核心收入預期。

This quarter, it was actually cut, I think, about $4 million at the high end and just trying to make sure I understand why kind of the small reduction in core revenue growth for the full year.

本季度，我認為最高削減了約 400 萬美元，我只是想確保我理解為什麼全年核心收入成長會有小幅下降。

Yeah, so thanks for the question, Bryan.

是的，謝謝你的提問，布萊恩。

Obviously, we're providing our estimates for Q3 and Q4 for the first time implied.

顯然，這是我們首次提供第三季和第四季的隱含估計。

Estimates for Q4 and for the second half of the year we're essentially reaffirming the midpoint of our core revenue guidance.

對於第四季和下半年的預測，我們基本上重申了核心收入預期的中點。

We're passing through obviously the favorable performance we've had from Q2 in the first half of the year, and then we've layered in the benefit of higher interest rates for longer and the impact that has on both float revenue and profitability.

顯然，我們正在經歷上半年第二季度以來的良好表現，然後我們將長期較高利率帶來的好處及其對浮動收入和盈利能力的影響考慮在內。

In terms of core revenue growth, there's a mixed shift between Q3 and Q4, so we for the first time put out our Q3 numbers.

就核心收入成長而言，第三季和第四季之間存在著不同的變化，因此我們首次公佈了第三季的數據。

So we essentially increased Q4 and brought down Q3 slightly, the net effect of which is reaffirming our core revenue estimates.

因此，我們基本上增加了第四季度的收入並略微降低了第三季的收入，其淨效應是重申了我們的核心收入預測。

The range gets tighter in total as we move through the year, so that's the only reason for the change on the upper end.

隨著時間的推移，整體範圍變得越來越窄，所以這是上限變化的唯一原因。

Got it.

知道了。

That's helpful.

這很有幫助。

And then just maybe a follow-up, just curious on clients' appetite for enhanced ACH, the timing for that roll out.

然後可能只是進行後續行動，只是好奇客戶對增強型 ACH 的興趣以及推出的時間。

What are you hearing and when do you think it might have a more material impact to financials?

您聽到了什麼？

Thank you, Bryan, for the question.

謝謝布萊恩提出這個問題。

We are excited about the ability to enhance the relationship with suppliers, just a fact point which we kind of referenced in this in the prepared marks is our largest suppliers have 5,000 payments per quarter to build that are check or ACH, and so that's a lot of hassle for them.

我們很高興能夠加強與供應商的關係，我們在準備好的標記中提到的一個事實是，我們最大的供應商每季度需要建立 5,000 筆支票或 ACH 付款，所以這對他們來說很麻煩。

So when you ask about their excitement, their interest, it is strong.

因此當你問到他們的興奮程度和興趣時，他們的興奮程度和興趣都很強烈。

They definitely need tools and capabilities to make that part of their headache and managing their business go away, and we're excited that we're now in beta.

他們確實需要工具和能力來讓他們的頭痛和管理業務的部分消失，我們很高興我們現在處於測試階段。

And as we get a chance to learn from these customers and understand exactly what it is they need and how they need it, we'll be able to continue obviously evolving the product and roll that out.

當我們有機會向這些客戶學習並準確地了解他們的需求是什麼以及如何需求時，我們將能夠繼續改進產品並推出新產品。

We expect that will be rolled out in this calendar year and it'll -- we believe it will have an impact on the business.

我們預計它將在今年推出，並且我們相信它將對業務產生影響。

Thank you.

謝謝。

Alexander Markgraff, KeyBanc.

亞歷山大·馬克格拉夫（Alexander Markgraff），KeyBanc。

Great, thanks for taking the question.

太好了，謝謝您回答這個問題。

Just maybe a product question.

可能只是一個產品問題。

A couple of your peers have launched treasury and banking products.

你們的一些同行已經推出了財政和銀行產品。

I'm just curious if you think about sort of broadening your reach in the back office of the SMB?

我只是好奇，您是否考慮擴大您在中小企業後台的影響力？

Is that an area that expect to eventually participate in and just sort of maybe refresh us on how far reaching you think the build platform should or could be in the SMB back office?

這是您希望最終參與的一個領域嗎？

Yeah, I appreciate that question, Alex.

是的，我很感謝亞歷克斯的這個問題。

We have obviously a very broad payment platform.

我們顯然擁有非常廣泛的支付平台。

I think we have 12 different payment products and we obviously transact over $300 billion a year, 1% of GDP, and one of those products is actually what we call BILL balance.

我認為我們有 12 種不同的支付產品，我們每年的交易額顯然超過 3000 億美元，佔 GDP 的 1%，其中一種產品實際上就是我們所說的 BILL 餘額。

It is an early stage of, I would say, of what a treasury product would become.

我想說，這還處於財政產品的早期階段。

That allows customers to be able to have a balanced account that bill and be able to make, essentially instant payments to any of their suppliers.

這樣一來，客戶就可以擁有一個平衡的帳戶，可以向任何供應商進行計費，基本上是即時付款。

So I think your broad question is like, will we play in that space?

所以我認為你的廣泛問題是，我們會在那個空間玩嗎？

We already are playing in that space.

我們已經在那個空間裡玩耍了。

There's more capabilities that we can build to help customers leverage that.

我們可以建立更多功能來幫助客戶利用這一點。

And when you think about the overall platform that we have, the original name, just a little history lesson on BILL, was Cash View.

當你考慮到我們擁有的整體平台時，原來的名字，也就是 BILL 上的一點歷史課，就是 Cash View。

And so one of the missions that I've always had is to give customers insights to how to manage your cash flow so that they can manage their treasury function and to basically democratize treasury for all the customers' capabilities across all the things that we do.

因此，我一直以來的使命之一就是讓客戶了解如何管理現金流，以便他們能夠管理他們的財務職能，並從根本上使所有客戶都能在我們所做的所有事情中民主化財務管理。

And so I think that we'll go on our way and I think we're leading in defining that space to be able to do that and at the core is actually executing transactions and that's why we focus so much on all the different payment products and all the things we do.

所以我認為我們會繼續前進，我認為我們在定義這個領域方面處於領先地位，能夠做到這一點，而核心實際上是執行交易，這就是為什麼我們如此關注所有不同的支付產品和我們所做的所有事情。

Great.

偉大的。

Thank you.

謝謝。

Scott Berg, Needham & Company.

斯科特·伯格，Needham & Company。

Hi, Rene and John, thanks for taking my questions here.

你好，Rene 和 John，感謝你們在這裡回答我的問題。

I guess it's probably two pretty easy ones.

我想這可能是兩個相當簡單的問題。

I think the last person, last analyst that asked about, or maybe it was two ago that asked about guidance on core, and you all mentioned there's a shift between Q3 and Q4.

我想，上一位分析師詢問過，或者可能是兩天前詢問過核心指引，大家都提到第三季和第四季之間有轉變。

But Rene, how do we think about your prior stated objective to reaccelerate core revenue growth to that 20% level exiting this year?

但是 Rene，我們如何看待您之前提出的目標，即在今年年底將核心收入成長重新加速到 20％ 的水平？

Do you have a -- with what you saw in Q2, does that change your enthusiasm of how you think the year kind of progresses or are you still pretty excited about that target?

您是否認為——根據您在第二季度看到的情況，您對今年的進展有何看法，或者您仍然對這一目標感到非常興奮？

I'm definitely excited about the top target.

我對於最高目標確實感到興奮。

We have a lot of confidence in the initiatives that we're driving and the impact we're seeing that are early green shoots, if you will, and our focus is -- and something I've learned over 25 years of building companies is that it takes one, it takes a very strong mission and a strong focus across the team to execute and then deliver capabilities and then to iterate on all of that.

我們對我們正在推動的舉措和我們看到的影響非常有信心，如果你願意的話，這些舉措和影響是早期的綠芽，我們的重點是——我在 25 年的創業過程中學到的一點是，它需要一個非常強大的使命和整個團隊的高度關注來執行，然後交付能力，然後對所有這些進行迭代。

And you see us doing that iteration, using our scale to our advantage, using obviously the distribution ecosystem we have to our advantage, using the customer learning that we have to our advantage, and really helping drive the initiatives and what's going to make a difference in growth going forward.

您可以看到我們正在進行這種迭代，利用我們的規模優勢，顯然利用我們擁有的分銷生態系統優勢，利用我們擁有的客戶學習優勢，並真正幫助推動這些舉措以及未來的成長。

So when we step back this is kind of -- we reaffirmed what we thought we'd do for the year, and we've actually been able to pass through and obviously exceed on overall revenue as well as the bottom line.

因此，當我們回顧過去時，這有點像——我們重申了我們今年想要做的事情，而且我們實際上已經能夠實現並明顯超越總收入和底線。

So we feel exceptionally good about where we're at and the opportunity to drive innovation at the same time, which is something that is very dear and near to my heart, which is to make a difference to recipes every day, and they need innovation.

因此，我們對目前的狀況和同時推動創新的機會感到非常高興，這是我非常珍惜和關心的事情，即每天改變食譜，而它們需要創新。

They need it now.

他們現在就需要它。

They need it every day we have an opportunity to do something with the platform for them that others don't have.

他們每天都需要它，我們就有機會利用這個平台為他們做一些別人沒有的事情。

Understood, helpful.

明白了，很有幫助。

And then John, when you thought about the guidance for the rest of the year, you all have been a little cautious on the macro for several quarters now.

然後約翰，當您考慮今年剩餘時間的指導時，您會發現過去幾個季度以來，您都對宏觀經濟持謹慎態度。

Was there any incremental level of caution in the new guidance that the tag line you used seemed like it was maybe a little bit different than the last couple quarters?

新指南中是否有所警惕，您使用的標語似乎與前幾季略有不同？

But I didn't know if that was explicit or a reason or there's really just kind of no change on your cautious view?

但我不知道這是否明確或有原因，或者您的謹慎觀點真的沒有任何改變？

Thanks for the question, Scott.

謝謝你的提問，斯科特。

I'd say there's no real change in philosophy or the view.

我想說哲學和觀點並沒有真正的改變。

I'd say there's more moving parts to the macro environment obviously right now that need to play out for us to better understand the implications for SMBs, the environment that they're operating in, and how that translates eventually to B2B spend.

我想說，目前宏觀環境中顯然有更多變化的因素需要發揮作用，以便我們更好地理解這些因素對中小企業的影響、它們所處的營運環境，以及這些影響最終如何轉化為 B2B 支出。

And so we're watching that much more closely now given the number of moving parts.

因此，考慮到活動部件的數量，我們現在會更加密切地關注這一點。

I'd say we didn't explicitly factor in any of those considerations into guidance, but it's something that is top of mind for us.

我想說的是，我們沒有明確地將任何這些考慮納入指導，但這是我們最關心的問題。

Very helpful.

非常有幫助。

Thank you.

謝謝。

Brad Sills, Bank of America.

美國銀行的布拉德·西爾斯。

Great, thank you so much.

太好了，非常感謝。

I wanted to ask a question, another one on the take rate, if you kind of X out the currency impact this quarter and you just look at the monetization being a little bit lighter than you had expected on core ad valorem, which of the growth initiatives would you point to that give you that confidence that second half you'll see some improvement here?

我想問一個問題，另一個關於利率的問題，如果您將本季度的貨幣影響排除在外，並且您發現貨幣化程度比您對核心從價稅的預期要低一點，您會指出哪些增長舉措讓您有信心下半年會看到一些改善？

Would love to get some color on that.

我很想對此進行一些闡述。

Thank you.

謝謝。

Yeah, I'll start and then let John add.

是的，我先開始，然後讓約翰補充。

Thank you, Brad, for the question.

謝謝布拉德提出這個問題。

It's hard for me to pick one because we see success, green shoots, if you will, in many of the initiatives.

我很難挑選出一個，因為我們在許多舉措中都看到了成功或復甦的跡象。

The ability for us to continue to work with suppliers, understand what they need, help them understand the value of any of our products, whether it's a virtual card, whether it's advanced ACH or any other things, we think that's important and that's going to continue to make a difference.

我們能夠繼續與供應商合作，了解他們的需求，幫助他們了解我們任何產品的價值，無論是虛擬卡、高級 ACH 還是任何其他東西，我們認為這很重要，而且會繼續發揮作用。

We think the ability to drive the newer AP/AR products, whether that's pay by card or what we're calling spen-and-expense inside of BILL AP/AR obviously the invoice financing, those are all opportunities for us.

我們認為推動較新的 AP/AR 產品的能力，無論是透過卡片支付還是我們在 BILL AP/AR 中所說的支出和費用，顯然是發票融資，這些都是我們的機會。

And we see -- we have initiatives around each of those and we see things happening and good things on that front.

我們看到——我們針對每個問題都採取了舉措，並且看到了相關進展和積極的進展。

And I think we're going to continue to see overall growth and adoption of customers across the platform, right?

我認為我們將繼續看到整個平台的整體成長和客戶採用，對嗎？

We talked about the focus with the accountants, but we also had strong progress, especially on the spend and expense side.

我們與會計師討論了重點，但我們也取得了重大進展，特別是在支出和費用方面。

With respect to our larger customers, mid-market customers, one of the things that we have said and we feel good about our progress on that is being able to support those larger businesses out there.

對於我們的大客戶、中型市場客戶，我們說過的一件事是，我們能夠為那些較大的企業提供支持，並且我們對這方面的進展感到滿意。

And so when you look at year over year, the deal size of what the teams is 30% higher than it was a year ago.

因此，如果與去年同期相比，我們會發現這些球隊的交易規模比一年前高出了 30%。

So you combine all of those things and that's what really leads to obviously the overall confidence, but I also gave you some details on kind of the monetization side.

所以，你把所有這些因素結合起來，這顯然會真正帶來整體信心，但我也給了你一些關於貨幣化方面的細節。

With that, I think we're going to need to wrap it up, everybody.

至此，我想我們需要結束討論，各位。

And so first of all, thank you for joining the call.

首先，感謝您參加電話會議。

I really appreciate the time everybody puts into understanding BILL.

我非常感謝大家花時間了解 BILL。

I also want to thank the team for their dedication and innovation.

我還要感謝團隊的奉獻和創新。

We are executing well against our strategic initiatives, and we are looking forward to bringing more value to SMBs and their suppliers across the coming quarters.

我們正在順利執行我們的策略計劃，並期待在未來幾季為中小企業及其供應商帶來更多價值。

We believe these investments we are making today will lead to strong market adoption and long-term durable growth.

我們相信，我們今天所做的這些投資將帶來強勁的市場接受度和長期持久的成長。

Thank you, everyone.

謝謝大家。

Take care.

小心。

That concludes today's call.

今天的電話會議到此結束。

Thank you for your participation and enjoy the rest of your day.

感謝您的參與並祝您有個愉快的一天。