BILL Holdings Inc (BILL) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to BILL's Third Quarter Fiscal 2025 Earnings Conference Call. Joining us for today's call 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 BILL 2025 財年第三季財報電話會議。參加今天電話會議的有 BILL 執行長兼創辦人 Rene Lacerte、總裁兼財務長 John Rettig 和投資者關係副總裁 Karen Sansot。

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

接下來，我想將電話交給 Karen Sansot 做開場演講。卡倫？

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

謝謝您，接線生。歡迎參加 BILL 2025 財年第三季財報電話會議。我們不久前發布了收益新聞稿，並向美國證券交易委員會提交了相關的 8-K 表格。新聞稿可在我們網站 investor.bill.com 的投資者關係版塊查閱。今天與我一起參加電話會議的嘉賓包括 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 business, operations, targets, products and expectations of BILL that involve many assumptions, risks and uncertainties. If any of these risks or uncertainties develop or if any of the assumptions prove incorrect, actual results could differ materially from those expressed or implied by our forward-looking statements. For additional discussion, please refer to the text in the company's press release issued today and to our periodic reports filed with the SEC, including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q. We disclaim any obligation to update any forward-looking statements.

在我們開始之前，請記住，在本次電話會議期間，我們可能會對 BILL 的未來業務、營運、目標、產品和期望做出前瞻性陳述，其中涉及許多假設、風險和不確定性。如果出現任何這些風險或不確定性，或任何假設被證明不正確，實際結果可能與我們的前瞻性陳述所表達或暗示的結果有重大差異。如需進一步討論，請參閱公司今天發布的新聞稿中的文字以及我們向美國證券交易委員會提交的定期報告，包括我們最新的 10-K 表年度報告和 10-Q 表季度報告。我們不承擔更新任何前瞻性陳述的義務。

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

在今天的電話會議上，我們將參考 GAAP 和非 GAAP 財務指標。請參閱今天的新聞稿，以了解 GAAP 與非 GAAP 財務績效的對帳情況以及有關這些指標的額外揭露。

Now I'll turn the call over to Rene.

現在我將把電話轉給 Rene。

Thank you, Karen. Good afternoon, everyone. We delivered strong financial results in Q3 driven by disciplined execution of our strategy, investments in our powerful platform and strength of our efficient go-to-market approach.

謝謝你，凱倫。大家下午好。我們在第三季取得了強勁的財務業績，這得益於我們嚴格執行策略、對強大平台的投資以及高效的行銷方法。

Core revenue grew 14% year-over-year. Non-GAAP operating income margin was 15% and was well ahead of the expectations we set at the beginning of the quarter as we continue to drive efficiency across the business. In addition, free cash flow grew 44% year-over-year in Q3, representing a 25% margin.

核心營收年增14%。非公認會計準則營業利潤率為 15%，遠遠超出了我們在本季度初設定的預期，因為我們繼續提高整個業務的效率。此外，第三季自由現金流年增 44%，利潤率為 25%。

During the quarter, we made strong progress against our strategic priorities. We expanded our capabilities for larger businesses, enhance our payment portfolio, extended our lead in the accounting channel and added a new distribution channel to our ecosystem. In addition, we are accelerating our AI growth strategy to change the game again for SMBs.

本季度，我們在戰略重點方面取得了重大進展。我們擴展了針對大型企業的業務能力，增強了我們的支付組合，擴大了我們在會計管道的領先地位，並為我們的生態系統增加了新的分銷管道。此外，我們正在加速我們的人工智慧成長策略，以再次改變中小企業的遊戲規則。

In Q3, our solutions automated the financial operations for over 488,000 businesses and are critical to their everyday financial management. They trusted us to process $79 billion in total payment volume across our intelligent platform. With over 1% of GDP transacted on our platform, we believe our platform ecosystem and scale uniquely position us to serve SMBs everywhere.

第三季度，我們的解決方案為超過 488,000 家企業實現了財務營運自動化，對他們的日常財務管理至關重要。他們信任我們透過智慧平台處理總計 790 億美元的支付額。我們的平台上交易的 GDP 超過 1%，我們相信我們的平台生態系統和規模使我們能夠為世界各地的中小企業提供服務。

The fact remains that a majority of businesses still use manual legacy processes to manage their back office. At BILL, we are seizing the opportunity to transform the financial operations for the more than 6 million small and midsized businesses in the US, who make trillions of dollars in B2B payments annually. In addition to extending our reach, we continue to expand the solutions we offer SMBs and suppliers in our network.

事實上，大多數企業仍然使用手動遺留流程來管理其後台辦公室。在 BILL，我們正抓住機會改變美國 600 多萬家中小型企業的財務運營，這些企業每年的 B2B 支付金額高達數萬億美元。除了擴大我們的業務範圍之外，我們還繼續擴展我們為網路中的中小企業和供應商提供的解決方案。

Our value proposition is clear, making us the essential financial operations platform for SMBs. BILL was a trusted partner at SMBs across all types of industries. Our platform simplifies financial operations for businesses from a small family-owned business to fast-growing startups to establish and expanding mid-market companies. By removing complexity, providing more visibility and enhancing control, we free businesses from their back office headaches to focus on what they care about most.

我們的價值主張很明確，這使我們成為中小企業必不可少的金融營運平台。BILL 是各行各業中小型企業值得信賴的合作夥伴。我們的平台簡化了企業的財務運營，從小型家族企業到快速發展的新創企業，再到建立和擴張的中型市場公司。透過消除複雜性、提供更多可見性和增強控制力，我們讓企業擺脫後台辦公室的困擾，從而專注於他們最關心的事情。

We are investing from a position of strength to make our platform smarter and more powerful. Today, I'll cover how we are creating tangible value for our customers, suppliers and partners in four key areas: first, our advanced product suite for larger customers; second, progress on our supplier experience offerings; third, ecosystem expansion and the unlock of a new distribution channel; and fourth, our accelerated AI growth strategy.

我們正在從實力角度進行投資，使我們的平台更加聰明、更強大。今天，我將介紹我們如何在四個關鍵領域為我們的客戶、供應商和合作夥伴創造有形價值：第一，我們為大客戶提供先進的產品套件；第二，我們供應商體驗產品的進步；第三，生態系統的擴展和新分銷渠道的解鎖；第四，我們加速的人工智能增長戰略。

To start, we recently launched a suite of new advanced solutions for large businesses to help them with their more complex needs, such as multi-entity management, procurement and mass payments. Our advanced product suite creates ease, visibility and control across these processes. These innovations will not only free our customers from clunky and inefficient financial processes. It will also scale with their business expansion. These innovations solidify BILL as the financial operations platform that empowers businesses to grow and scale.

首先，我們最近為大型企業推出了一套新的先進解決方案，以幫助他們滿足更複雜的需求，例如多實體管理、採購和大規模支付。我們先進的產品套件使這些流程變得輕鬆、透明且易於控制。這些創新不僅將使我們的客戶擺脫繁瑣、低效的財務流程。它還將隨著業務的擴展而擴大。這些創新鞏固了 BILL 作為支持企業發展和擴大規模的金融營運平台的地位。

For example, AdvicePeriod, a Los Angeles-based firm with offices in five states is reinventing wealth management and using our new multi-entity functionality to drive efficiency. Christine Remington, accounts payable manager said, and I quote, we provide a range of financial services to our clients, including Bill Pay.

例如，AdvicePeriod 是一家總部位於洛杉磯、在五個州設有辦事處的公司，它正在重塑財富管理，並使用我們新的多實體功能來提高效率。應付帳款經理 Christine Remington 表示，我們為客戶提供一系列金融服務，包括 Bill Pay。

Oftentimes, we serve clients with multiple entities with some clients having over 30 active entities across the US. BILL's multi-entity function increases our efficiency, thus multiplying our productivity. This upgraded function provides visibility across our clients' businesses and enables us to prioritize and manage payments from a single location. We can do much more with fewer clicks. The enhanced multi-entity function has been one of the most impactful releases since I've worked with BILL. End quote.

通常，我們為擁有多個實體的客戶提供服務，有些客戶在美國擁有超過 30 個活躍實體。BILL的多實體功能提高了我們的效率，從而使我們的生產力倍增。此升級功能可讓我們全面了解客戶的業務，並使我們能夠從單一位置確定付款的優先順序並進行管理。我們可以用更少的點擊完成更多的事情。自從我與 BILL 合作以來，增強的多實體功能一直是最具影響力的版本之一。引言結束。

BILL was already providing significant productivity gains for AdvicePeriod. And our increased focus on serving larger businesses created another significant increase in time savings and accuracy. This solution not only strengthens our position with existing customers, but it also opens doors to serve larger mid-market companies. We also recently expanded our platform to include procurement solutions. We leverage our experience with more complex customers and adapted our smart AP and AR workflows to design and streamline procurement solution for all SMBs.

BILL 已經為 AdvicePeriod 帶來了顯著的生產力提升。我們更加重視為大型企業提供服務，從而進一步顯著提高了時間節省和準確性。該解決方案不僅加強了我們與現有客戶的地位，而且還為我們服務更大的中型市場公司打開了大門。我們最近也擴展了我們的平台以包括採購解決方案。我們利用與更複雜的客戶打交道的經驗，並調整我們的智慧 AP 和 AR 工作流程來為所有 SMB 設計和簡化採購解決方案。

Raymond, a top 10 accounting firm, is leveraging this new capability to further transform the financial operations of their clients. Michelle Hodges, Principal of Finance and Accounting solutions said, and I quote, BILL has been a great technology partner for us. It is supporting us to evolve our role to provide more strategic advice to our clients. We are excited about the new innovations coming from BILL. With BILL Procurement, we are now able to drive significant value by leveraging procurement services to solve another pain point for our clients. BILL's procure-to-pay solution provides efficiency, accuracy and compliance. End quote.

排名前十的會計師事務所之一的雷蒙德 (Raymond) 正在利用這項新功能進一步轉變其客戶的財務運作。財務和會計解決方案負責人米歇爾霍奇斯 (Michelle Hodges) 表示，我引用他的話，BILL 一直是我們優秀的技術合作夥伴。它支持我們發展我們的角色，為我們的客戶提供更多的策略建議。我們對 BILL 的新創新感到非常興奮。借助 BILL Procurement，我們現在可以利用採購服務來解決客戶的另一個痛點，從而實現巨大的價值。BILL 的採購到付款解決方案提供了效率、準確性和合規性。引言結束。

Our expansion into procurement is an important step on our product innovation roadmap. We are bringing the same simplicity and ease of use that redefine the core AP processes for hundreds of thousands of businesses to the painful, disconnected procurement process that most SMBs use today. This new capability gives businesses the ability to manage, approve and track purchase orders with speed, precision and control, while at the same time, providing a new module to increase the value of our platform payments. Our one-stop shop platform delivers leading solutions for accounts payable, accounts receivable, spend in expense management, forecasting, working capital solutions and now procurement. So businesses can gain control of their cash flow in one seamless experience.

向採購領域的擴展是我們產品創新路線圖上的重要一步。我們為數十萬家企業重新定義了核心 AP 流程，並將其簡單性和易用性帶入當今大多數中小企業使用的痛苦、脫節的採購流程。這項新功能使企業能夠快速、精確、有控制地管理、批准和追蹤採購訂單，同時提供一個新模組來提高我們平台支付的價值。我們的一站式平台為應付帳款、應收帳款、費用管理支出、預測、營運資金解決方案以及現在的採購提供領先的解決方案。因此，企業可以透過一次無縫體驗來控制其現金流。

Now I would like to focus on our evolving supplier experience. As the scale and reach of our network has grown, we are increasingly focusing on the value proposition we offer suppliers. We have launched a series of solutions focused on the supplier side of B2B transactions. Through our automated tools, we have made it simple for over 7 million members in our network to connect with their trading partners.

現在我想重點談談我們不斷發展的供應商體驗。隨著我們網路規模和覆蓋範圍的不斷擴大，我們越來越關注為供應商提供的價值主張。我們推出了一系列專注於B2B交易供應商端的解決方案。透過我們的自動化工具，我們網路中的 700 多萬會員可以輕鬆地與他們的貿易夥伴建立聯繫。

In addition to simplifying the connection process, we created a variety of payment options and financial services for both sides of transactions. With our core AP solution, we transformed the way buyers pay. Now we are transforming how suppliers receive funds. Some suppliers in our network received payments from thousands of their customers via the BILL platform. This puts us in a unique position to solve the challenges of delivering enterprise-grade solutions that streamline the receipt of payments, enhanced cash application processes and provide valuable insight for these large suppliers.

除了簡化連接流程外，我們還為交易雙方創建了多種付款選項和金融服務。透過我們的核心 AP 解決方案，我們改變了買家的支付方式。現在我們正在改變供應商的收款方式。我們網路中的某些供應商透過 BILL 平台收到了數千名客戶的付款。這使我們處於獨特的地位，可以解決提供企業級解決方案的挑戰，簡化付款接收，增強現金應用流程，並為這些大型供應商提供寶貴的見解。

We recently introduced a beta offering of an advanced ACH solution for large suppliers, which addresses an important need, simplifying the process of getting paid by thousands of small businesses. We expect to roll this solution out more broadly over the next several quarters. Processing and reconciling large volumes of transactions from customers of all sizes and multiple payment methods is complex, time-consuming and error-prone for these organizations.

我們最近為大型供應商推出了高級 ACH 解決方案的測試版，該解決方案解決了一項重要需求，簡化了數千家小型企業的付款流程。我們預計將在接下來的幾個季度內更廣泛地推出這項解決方案。對於這些組織來說，處理和協調來自各種規模的客戶和多種支付方式的大量交易是複雜、耗時且容易出錯的。

Our purpose-built solution significantly simplifies payment reconciliations by delivering consolidated daily remittance and payments. In addition, our advanced ACH solution automatically converts checks and ACH payments across our platform to advance ACH for these suppliers, which removes yet another layer of complexity in their acceptance process. With the value proposition of this solution, we believe we can scale it to serve large suppliers across the country with billions of dollars in payment volume over time.

我們的專用解決方案透過提供合併的每日匯款和付款，大大簡化了付款對帳。此外，我們先進的 ACH 解決方案可自動將我們平台上的支票和 ACH 付款轉換為這些供應商的預付 ACH，從而消除了他們接受過程中的另一層複雜性。憑藉該解決方案的價值主張，我們相信我們可以擴大其規模，以便為全國各地的大型供應商提供數十億美元的支付額度。

Our platform also makes it easy for smaller suppliers within our network to optimize their cash flows. Smaller suppliers manage their cash flow day-to-day, transaction by transaction and often have limited access to working capital solutions. We provide solutions that enable these suppliers to get paid faster, sometimes weeks in advance. Instant Transfer and invoice financing continue to show strong receptivity of suppliers and together have reached approximately $10 billion in cumulative payment volume since their launches. While we are still early in the adoption cycle, we are excited by the strong volume and high repeat usage for both offerings.

我們的平台還使網路中的小型供應商能夠輕鬆優化其現金流。較小的供應商每天逐筆交易地管理現金流，並且通常難以獲得營運資金解決方案。我們提供的解決方案使這些供應商能夠更快地獲得付款，有時甚至提前數週。即時轉帳和發票融資繼續受到供應商的強烈歡迎，自推出以來累計支付額已達到約 100 億美元。雖然我們仍處於採用週期的早期階段，但我們對這兩種產品的強勁銷售和高重複使用率感到興奮。

Turning to our ecosystem expansion. We made great progress in Q3, broadening our diverse ecosystem, which enables us to efficiently reach and serve SMBs wherever they are. Accountants are among our most important partners as they are an SMB's most trusted adviser. Over 9,000 accounting firms have chosen BILL to be their platform for client advisory services, and that has driven significant client adoption for BILL.

轉向我們的生態系統擴展。我們在第三季取得了巨大進展，拓寬了我們多樣化的生態系統，這使我們能夠有效地接觸和服務世界各地的中小企業。會計師是我們最重要的合作夥伴之一，因為他們是中小企業最值得信賴的顧問。超過 9,000 家會計師事務所選擇 BILL 作為其客戶諮詢服務平台，這推動了 BILL 被大量客戶採用。

Our initiative to double down on accounts is paying off. In Q3, net adds from the accounting channel grew sequentially and increased over 60% year-over-year. As we have discussed previously, our strategy with financial institution partners involves embedding multiple ad valorem payment offerings in our white label solutions.

我們加倍投入帳戶的措施正在取得成效。第三季度，會計通路淨增額季增，年增超過60%。正如我們之前討論過的，我們與金融機構合作夥伴的策略涉及在我們的白標解決方案中嵌入多種從價支付產品。

We are happy to report that we now have six banks that utilize at least one of our ad valorem products with one institution adopting four distinct offerings. We are leveraging this learning from our FI partnerships to unlock new distribution partners with our embed platform.

我們很高興地報告，現在我們有六家銀行至少使用我們的一種從價產品，其中一家機構採用了四種不同的產品。我們正在利用從 FI 合作夥伴關係中獲得的經驗，透過我們的嵌入式平台開拓新的分銷合作夥伴。

I'm pleased to share that Xero is now GA with our new embed platform. Together, we are helping small businesses to streamline their accounts payable and make cash flow management even easier and more accessible.

我很高興地告訴大家，Xero 現已推出 GA 版本，擁有我們新的嵌入平台。我們共同幫助小型企業簡化應付帳款，讓現金流量管理變得更加輕鬆便利。

Part of our strategy and investment behind our embed capabilities is to enable our larger customers to easily build the experiences they need with our APIs. We continue to see strong adoption momentum of our Spend & Expense API. Larger businesses value the simplicity and seamless integration of our solution. Notably, businesses utilizing the API at a spend level that is much higher than what we see on average.

我們嵌入功能背後的策略和投資的一部分是讓我們的大客戶能夠使用我們的 API 輕鬆地建立他們所需的體驗。我們繼續看到支出與費用 API 的強勁採用勢頭。大型企業重視我們的解決方案的簡單性和無縫整合。值得注意的是，企業使用 API 的支出水準遠高於我們所看到的平均水準。

The example shared today highlight the innovation progress across the company on supporting our FY25 strategic priorities of enhancing our platform, expanding our payment capabilities and deepening our ecosystem.

今天分享的例子凸顯了整個公司在支持我們 25 財年策略重點方面的創新進展，即增強我們的平台、擴展我們的支付能力和深化我們的生態系統。

Finally, I would like to focus on our AI initiatives. This year, we significantly increased our investment in AI for both internal and customer-facing experiences. We believe these investments will continue to drive efficiency and change the game for SMBs and how they manage their finances. We envision the future where even the smallest businesses can access the same financial operation capabilities as the Fortune 500 except without the large teams of people they employ.

最後，我想重點談談我們的人工智慧計劃。今年，我們大幅增加了對內部和客戶體驗的人工智慧的投資。我們相信這些投資將繼續提高效率並改變中小企業的經營方式及其財務管理方式。我們設想未來即使是最小的企業也可以獲得與財富 500 強相同的財務營運能力，只是不需要僱用龐大的團隊。

We are building a team of AI-powered finance agents. We are uniquely positioned to direct these agents at the payables, receivables, procurement and cash management processes that have always been a challenge for SMBs from both a time and accuracy perspective. We believe these agents will be a significant unlock for SMBs as it will free them to spend more time on the things that matter and provide them with additional insights to run their business. Our scale, deep experience and diverse payments ecosystem will provide SMBs with a competitive advantage on day 1.

我們正在組建一支人工智慧金融代理團隊。我們擁有獨特的優勢，可以指導這些代理商處理應付帳款、應收帳款、採購和現金管理流程，這些流程從時間和準確性的角度來說一直是中小企業面臨的挑戰。我們相信這些代理商將為中小企業帶來重大變革，因為他們可以騰出更多時間處理重要事務，並為他們提供更多見解來經營業務。我們的規模、豐富的經驗和多樣化的支付生態系統將在第一天為中小企業提供競爭優勢。

This vision is realized through two foundational assets inherent to our scale, an advanced data-driven understanding of customer behavior, and the rich granular data context we possess across the entire customer supplier ecosystem. The extensive and proprietary data asset derived from our platform, comprising billions of dollars and payments and millions of invoices and receipts will be the backbone our AI models rely on, providing critical insights into operational workflows, supplier relationships, payment preferences and risk management protocols.

這個願景透過我們規模固有的兩個基礎資產實現，即對客戶行為的先進數據驅動的理解，以及我們在整個客戶供應商生態系統中擁有的豐富的細粒度數據環境。我們的平台擁有廣泛的專有數據資產，包括數十億美元的付款和數百萬張發票和收據，將成為我們的人工智慧模型所依賴的支柱，為營運工作流程、供應商關係、付款偏好和風險管理協議提供關鍵見解。

Our data foundation enables the robust deployment of AI agents, driving highly contextual automation to redefine the efficiency of SMB financial operations. Since pioneering this category, we've continuously reinvented how we serve SMBs with innovative solutions. Now AI is accelerating our ability to transform financial operations and further eliminate the mundane tasks that burden SMBs. We're excited to share more AI-driven updates in the quarters ahead.

我們的數據基礎支援人工智慧代理的穩健部署，推動高度情境化的自動化，重新定義中小企業財務營運的效率。自從開創這一類別以來，我們不斷透過創新解決方案重塑我們為中小型企業提供服務的方式。現在，人工智慧正在加速我們轉變金融營運的能力，並進一步消除中小企業負擔的繁瑣任務。我們很高興在未來幾季分享更多人工智慧驅動的更新。

I am also very pleased about the caliber of talent we continue to attract to our team. We are thrilled to welcome Mike Cieri, as our EVP of Software Solutions. Mike is a world-class innovation leader with extensive experience in scaling product portfolios. He brings over 20 years of valuable expertise in building for SMBs, including at Square and Gusto. We are confident that Mike's proven track record in driving innovation, product expansion and adoption will significantly contribute to the expanding growth of our platform.

我也很高興看到我們團隊不斷吸引到高水準的人才。我們非常高興地歡迎 Mike Cieri 擔任我們的軟體解決方案執行副總裁。Mike 是一位世界級的創新領導者，在擴展產品組合方面擁有豐富的經驗。他在為中小企業建設方面擁有超過 20 年的寶貴專業知識，包括在 Square 和 Gusto 的工作經驗。我們相信，Mike 在推動創新、產品擴展和採用方面的卓越業績將為我們平台的不斷擴張做出重大貢獻。

Before I turn the call over to John to talk more about our results and outlook, I want to touch on the macro climate and provide some context on what we are observing.

在我將電話轉給約翰進一步談論我們的結果和前景之前，我想談談宏觀環境並提供一些我們正在觀察的背景資訊。

SMBs are adapting to the dynamic macro environment. Changes in behavior are emerging. We are seeing signals that businesses are managing their spend more closely by making fewer transactions and slightly decreasing their overall spend. We know that SMBs are agile and resilient, and they are looking to build to help them manage the current environment. We do that by transforming their financial back office from a source of frustration into a powerful and insightful command center.

中小企業正在適應動態的宏觀環境。行為正在改變。我們看到一些跡象表明，企業正在透過減少交易量和略微降低整體支出來更嚴格地管理支出。我們知道中小企業具有敏捷性和彈性，他們正在尋求建造來幫助他們管理當前環境。我們透過將他們的財務後台從一個令人沮喪的源頭轉變為一個強大而有洞察力的指揮中心來實現這一目標。

SMB's need for automation and control will only increase from here. The opportunity for BILL is vast and with our leading platform, diverse ecosystem and proven scale, we are very confident in our ability to capture this market and spearhead the adoption of Agentic financial operations for SMBs.

中小企業對於自動化和控制的需求只會越來越大。BILL 的機會是巨大的，憑藉我們領先的平台、多樣化的生態系統和成熟的規模，我們非常有信心能夠佔領這個市場並帶頭推動中小企業採用 Agentic 金融運營。

In conclusion, in Q3, we accomplished what we said we would do and more. We delivered strong revenue growth, strong profitability and significant cash flow. In addition, we invested in driving more innovation to expand the value we create for our customers and suppliers in our network. With our market leadership, we are driving and pushing the category forward. BILL is the essential financial operations platform for SMBs.

總而言之，在第三季度，我們完成了我們承諾要做的事情，甚至更多。我們實現了強勁的收入成長、強勁的獲利能力和充足的現金流。此外，我們還投資推動更多創新，以擴大我們為網路中的客戶和供應商創造的價值。憑藉我們的市場領導地位，我們正在推動和推動該類別的發展。BILL是中小企業必備的財務營運平台。

Now I'll turn the call over to John.

現在我將把電話轉給約翰。

Thanks, Rene. In Q3, we delivered profitable growth and meaningfully exceeded our non-GAAP operating income expectations. Our disciplined execution drove healthy monetization expansion, strong customer acquisition and significant free cash flow in the quarter.

謝謝，雷內。第三季度，我們實現了獲利成長，並大大超越了非公認會計準則營業收入預期。我們嚴格的執行推動了本季健康的貨幣化擴張、強勁的客戶獲取和顯著的自由現金流。

At the end of fiscal 2024, we identified key investment areas across our platform, supplier network and distribution ecosystem to drive long-term growth and capture the large market opportunity ahead. We have made significant progress on these priorities through the first three quarters of fiscal 2025, and we're seeing positive trends on customer adoption and payment adoption. I'll provide a few examples.

在 2024 財年末，我們確定了平台、供應商網路和分銷生態系統中的關鍵投資領域，以推動長期成長並抓住未來巨大的市場機會。在 2025 財年的前三個季度，我們在這些優先事項上取得了重大進展，並且我們看到客戶採用和支付採用方面的積極趨勢。我將舉幾個例子。

We enabled local transfer capabilities in dozens of countries, which is a notable enhancement to our international payment solution. This new feature allows near real-time delivery of cross-border payments. We are observing solid adoption of local transfer, which is driving wallet share gains with customers leveraging our international payment product for their cross-border transactions. This gives us confidence for the next wave of international payment innovations and our ability to drive adoption and growth.

我們在數十個國家實現了本地轉帳功能，這對我們的國際支付解決方案來說是一個顯著的增強。此新功能允許近乎即時地交付跨境支付。我們觀察到本地轉帳的穩定採用，這推動了錢包份額的成長，客戶利用我們的國際支付產品進行跨境交易。這使我們對下一波國際支付創新以及推動採用和成長的能力充滿信心。

In the quarter, we enhanced our card portfolio capabilities. We are deploying our comprehensive card portfolio to drive broader adoption. In addition to traditional virtual cards, we are enabling the BILL Divvy card for use by our AP customers to drive growth in virtual card acceptance, leveraging the existing relationships between buyers and suppliers. Our AP customers are getting the tremendous value of improved efficiency and reporting as well as lower transaction fees. We are seeing early signals of good adoption for this solution.

本季度，我們增強了信用卡組合能力。我們正在部署全面的卡片組合，以推動更廣泛的採用。除了傳統的虛擬卡外，我們還支援 BILL Divvy 卡供我們的 AP 客戶使用，以利用買家和供應商之間現有的關係來推動虛擬卡接受度的成長。我們的 AP 客戶獲得了效率和報告改進以及交易費用降低的巨大價值。我們已經看到了該解決方案被廣泛採用的早期訊號。

On the supplier experience front, we expanded our product offerings and go-to-market team to better enable enterprise suppliers to process large volumes of payments from their customers who use the BILL platform. Since BILL has substantial scale as an SMB payment aggregator for many large suppliers, they've asked for more tools tailored to the enterprise, and we're delivering rapidly.

在供應商體驗方面，我們擴大了產品供應和市場團隊，以便企業供應商能夠更好地處理使用 BILL 平台的客戶的大量付款。由於 BILL 作為許多大型供應商的 SMB 支付聚合器具有相當大的規模，他們要求提供更多針對企業量身定制的工具，而我們正在迅速提供這些工具。

Our new advanced ACH solution enables suppliers to reconcile payments at scale and with ease. We are excited by the potential of this product to drive value creation for suppliers and BILL through an ad valorem pricing model. In support of this opportunity, we are also building a supplier-focused sales team to expand and convert our pipeline.

我們新的先進 ACH 解決方案使供應商能夠輕鬆地大規模核對付款。我們對該產品透過從價定價模式為供應商和 BILL 創造價值的潛力感到非常興奮。為了抓住這個機會，我們也正在組建以供應商為中心的銷售團隊，以擴大和轉換我們的管道。

Shifting to our distribution ecosystem. We are broadening our reach with accounting firms. In addition to driving accelerated customer adoption of our AP and AR solution, our concerted efforts from both product and go-to-market are unlocking the accounting channel as a cross-sell engine. In Q3, accounting firms accounted for nearly half of spend and expense cross-sells.

轉向我們的分銷生態系統。我們正在擴大與會計師事務所的合作範圍。除了推動客戶加速採用我們的 AP 和 AR 解決方案之外，我們在產品和上市方面的共同努力正在將會計管道釋放為交叉銷售引擎。第三季度，會計師事務所佔支出和費用交叉銷售的近一半。

In our embed channel, we expanded our ability to seamlessly integrate BILL AP/AR workflows into the core tech stack of our customers and partners, leveraging our APIs, similar to our earlier initiative with Spend & Expense. This allows businesses to develop integrations customized to their operations and enables partners to build new offerings for their clients. Thousands of customers and accounting partners are already taking advantage of our APIs. This new capability leads to volume growth as on average, we experience higher TPV per customer when our APIs are used.

在我們的嵌入管道中，我們擴展了將 BILL AP/AR 工作流程無縫整合到客戶和合作夥伴的核心技術堆疊中的能力，利用我們的 API，類似於我們先前對 Spend & Expense 的舉措。這使得企業能夠開發適合其營運的客製化集成，並使合作夥伴能夠為其客戶建立新的產品。成千上萬的客戶和會計合作夥伴已經在利用我們的 API。這項新功能帶來了銷售成長，因為平均而言，當使用我們的 API 時，每位客戶的 TPV 都會更高。

In summary, we are enhancing the value proposition of our platform for SMBs and partners and expanding our target market as we execute diligently against our strategic priorities. We believe the progress we're making in fiscal 2025 will become material sources of value creation for customers, partners and suppliers and position us to deliver sustainable revenue growth and margin expansion over the long term.

總之，我們正在努力執行我們的策略重點，增強我們平台對中小企業和合作夥伴的價值主張，並擴大我們的目標市場。我們相信，我們在2025財年的進展將成為為客戶、合作夥伴和供應商創造價值的重要來源，並使我們能夠長期實現可持續的收入成長和利潤率擴大。

Now shifting to our Q3 results. We delivered profitable growth in Q3 with core revenue increasing 14% year-over-year. We drove efficiency in our business and produced a non-GAAP operating margin of 15%. Additionally, we generated $91 million in free cash flow, and our free cash flow margin was 25%.

現在轉向我們的第三季業績。我們在第三季實現了獲利成長，核心營收年增 14%。我們提高了業務效率，實現了 15% 的非 GAAP 營業利潤率。此外，我們產生了 9,100 萬美元的自由現金流，自由現金流利潤率為 25%。

Now for some more details about the quarter. Total revenue was $358 million in Q3, up 11% year-over-year. Core revenue, which includes subscription and transaction fees, was $320 million, up 14% year-over-year. Float revenue was $38 million, and our yield on FBO funds was 423 basis points in the quarter. Revenue from our integrated platform, which includes our BILL AP/AR and Spend & Expense solutions, but excludes the financial institution channel, was $302 million in Q3, up 15% year-over-year.

現在來了解本季的更多細節。第三季總營收為 3.58 億美元，年增 11%。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 14%。本季浮動收入為 3,800 萬美元，FBO 基金收益率為 423 個基點。我們的綜合平台（包括 BILL AP/AR 和 Spend & Expense 解決方案，但不包括金融機構通路）第三季的營收為 3.02 億美元，較去年同期成長 15%。

Within our integrated platform, revenue from our BILL AP/AR solution was $164 million, up 10% year-over-year. Total payment volume grew 10% year-over-year, which was slightly below our expectations. TPV per customer was 2% lower than the year ago period due to the leap year effect and SMBs proactively managing their expenses. In Q3, customers scaled back their spend on some purchases, resulting in lower TPV per customer and transactions per customer. Customers began to moderate spend in the wholesale trade, real estate payroll, and PEO and construction categories.

在我們的整合平台中，我們的 BILL AP/AR 解決方案的收入為 1.64 億美元，年成長 10%。總支付金額較去年同期成長10%，略低於我們的預期。由於閏年效應和中小企業主動管理費用，每位客戶的 TPV 比去年同期低 2%。第三季度，客戶縮減了部分購買支出，導致每位客戶的 TPV 和每位客戶的交易量下降。顧客開始減少在批發貿易、房地產工資、PEO 和建築類別的支出。

We delivered solid BILL AP/AR payment monetization expansion in Q3 and primarily fueled by the strength of our emerging ad valorem products, including Instant Transfer, Pay By Card and invoice financing. In addition, monetization benefited from payment mix due to seasonally softer TPV in the March quarter.

我們在第三季實現了穩健的 BILL AP/AR 支付貨幣化擴張，這主要得益於我們新興的從價產品的優勢，包括即時轉帳、卡片支付和發票融資。此外，由於 3 月季度 TPV 季節性疲軟，因此貨幣化受益於支付組合。

Our payment portfolio strategy is proving effective. The newer ad valorem offerings are contributing to monetization and are important levers as we navigate virtual card acceptance friction and cross-border trade uncertainty with international payments.

我們的支付組合策略已被證明是有效的。較新的從價支付產品正在促進貨幣化，並且是我們解決虛擬卡接受摩擦和跨境貿易不確定性與國際支付的重要槓桿。

During the quarter, FX loss has abated as we increased our FX trading frequency to minimize currency volatility exposure. In March, we raised prices on checks and ACH payments for new customers, though this had minimal impact on Q3, given the timing of the price change. These updated prices will be applied to our existing customer base starting in May.

本季度，由於我們增加了外匯交易頻率以盡量減少貨幣波動風險，外匯損失減少。3 月份，我們提高了新客戶的支票和 ACH 付款價格，但考慮到價格變動的時間，這對第三季的影響微乎其微。這些更新的價格將從五月開始適用於我們現有的客戶群。

In Q3, we continued our momentum penetrating the market, adding 4,200 net new BILL AP/AR customers, driven by strength in our accounting channel. We now have 164,800 customers using our BILL AP/AR solution. Also within our integrated platform, revenue from our BILL Spend & Expense solution was $138 million, up 21% year-over-year, driven by 22% card payment volume growth. Card spend per customer increased 3% year-over-year. We observed good growth in card spend on travel, entertainment and retail in Q3, though we are somewhat cautious that near-term uncertainty could introduce headwinds to these spend categories.

在第三季度，我們繼續保持滲透市場的勢頭，在會計管道實力的推動下，新增了 4,200 名 BILL AP/AR 客戶。我們目前有 164,800 名客戶使用我們的 BILL AP/AR 解決方案。此外，在我們的整合平台內，我們的 BILL Spend & Expense 解決方案的收入為 1.38 億美元，較去年同期成長 21%，這得益於卡片支付量成長 22%。每位顧客的信用卡消費額較去年同期成長 3%。我們觀察到第三季旅遊、娛樂和零售的信用卡消費成長良好，但我們仍有些謹慎，因為短期的不確定性可能會對這些消費類別造成阻力。

Spend & Expense interchange fees were 258 basis points in the quarter and rewards expense was 50% of Spend & Expense revenue. We added 1,800 net new spending businesses to our Spend & Expense solution in Q3 and bringing our total spending businesses to 39,500 as of the end of Q3. Our focus on accountants is working and contributing to growth in net adds. Revenue from our Embedded & Other Solutions, which includes the financial institution channel, Invoice2go and other solutions was $19 million.

本季 Spend & Expense 的交換費為 258 個基點，獎勵費用佔 Spend & Expense 收入的 50%。我們在第三季為支出和費用解決方案增加了 1,800 家淨新支出企業，截至第三季末，我們的總支出企業數量達到 39,500 家。我們對會計師的關注在於其工作和對淨增員工數量的成長做出貢獻。我們的嵌入式和其他解決方案（包括金融機構管道、Invoice2go 和其他解決方案）的收入為 1,900 萬美元。

Moving on to additional financial highlights. Our emphasis on driving efficient growth enabled us to deliver non-GAAP gross profit of $304 million in Q3, reflecting an 8% year-over-year increase and a non-GAAP gross margin of 85%. Furthermore, we generated non-GAAP operating income of $53 million, yielding a 15% non-GAAP operating margin. Note that this includes a onetime $5.7 million benefit due to the refinement of our methodology for estimating reserves for credit losses.

接下來介紹更多財務亮點。我們專注於推動高效成長，這使得我們在第三季度實現了 3.04 億美元的非 GAAP 毛利，年增 8%，非 GAAP 毛利率達到 85%。此外，我們實現了 5,300 萬美元的非 GAAP 營業收入，產生了 15% 的非 GAAP 營業利潤率。請注意，這包括由於我們改進了估算信貸損失準備金的方法而獲得的 570 萬美元的一次性收益。

Non-GAAP operating margin, excluding benefit of float revenue was 5%. Non-GAAP net income was $59 million for the quarter, representing a 16% non-GAAP net income margin, while non-GAAP net income per fully diluted share was $0.50, which exceeded the top end of our guidance range by $0.12. We have a strong balance sheet with significant liquidity, which provides us with important optionality to invest behind our growth strategy. We ended the quarter with $2.2 billion in cash, cash equivalents and short-term investments.

非公認會計準則營業利潤率（不包括浮動收入收益）為 5%。本季非公認會計準則淨利為5,900萬美元，非公認會計準則淨利率達16%，非公認會計準則每股完全攤薄淨利潤為0.50美元，超出我們預期範圍上限0.12美元。我們擁有強勁的資產負債表和充裕的流動性，這為我們投資成長策略提供了重要的選擇權。本季末，我們擁有 22 億美元的現金、現金等價物和短期投資。

Now shifting to our outlook. We are bullish on our prospects to capture a large share of the SMB market, and we are investing with discipline to accelerate growth. We believe our leading platform, unique distribution ecosystem, large network and product innovation roadmap will enable BILL to extend our leadership position and set the standard for enabling financial operations automation for SMBs.

現在轉向我們的展望。我們對佔據中小企業市場很大份額的前景充滿信心，並且我們正在有紀律地進行投資以加速成長。我們相信，我們領先的平台、獨特的分銷生態系統、龐大的網路和產品創新路線圖將使 BILL 擴大我們的領導地位，並為實現中小企業的財務營運自動化樹立標準。

While we are investing and executing to optimize for long-term growth, we're also navigating a more challenging near-term business climate. Current economic conditions present multiple uncertainties that SMBs are confronting including the impact of shifts in fiscal and trade policies. In Q3 and in April, we saw SMBs adjust their spend patterns in response to the environment they are operating in.

在我們進行投資和執行以優化長期成長的同時，我們也在應對更具挑戰性的短期商業環境。目前的經濟狀況為中小企業帶來了多重不確定因素，包括財政和貿易政策變化的影響。在第三季和四月份，我們看到中小企業根據其營運環境調整了支出模式。

Taking recent trends and increased uncertainty into consideration, we have adjusted our near-term outlook to account for the more challenging environment as we expect the early signals of B2B spend pattern changes will translate into constrained near-term TPV per customer growth and monetization expansion. We are confident in our ability to successfully execute in the current environment and that our fiscal 2025 investments provide the levers to accelerate revenue growth as conditions improve. We will continue our approach of balancing growth and profitability through this cycle. We will provide more color on our fiscal year 2026 growth and profitability outlook during our August earnings call.

考慮到最近的趨勢和日益增加的不確定性，我們調整了近期前景以應對更具挑戰性的環境，因為我們預計 B2B 支出模式變化的早期訊號將轉化為近期每位客戶 TPV 成長和貨幣化擴張的受限。我們有信心在當前環境下成功執行，隨著條件的改善，我們的 2025 財年投資將提供加速收入成長的槓桿。我們將在此週期內繼續平衡成長和獲利能力的方法。我們將在 8 月的收益電話會議上詳細介紹 2026 財年的成長和獲利前景。

Now on to guidance. For fiscal Q4, we expect core revenue to be in the range of $335 million to $345 million, which reflects 11% to 15% year-over-year growth. We expect total revenue to be in the range of $370.5 million to $380.5 million in Q4. Float revenue is expected to be $35.5 million in Q4, which assumes a yield on our FBO funds of approximately 400 basis points.

現在開始指導。對於第四財季，我們預計核心營收將在 3.35 億美元至 3.45 億美元之間，年增 11% 至 15%。我們預計第四季總營收將在 3.705 億美元至 3.805 億美元之間。預計第四季浮動收入將達到 3,550 萬美元，假設我們的 FBO 基金收益率約為 400 個基點。

Turning to our profitability outlook. We are managing the business closely to create efficiency and operating leverage as we scale. For Q4, we expect to report non-GAAP operating income in the range of $43 million to $48 million, which reflects proactive adjustments to operating expenses to increase efficiency, which includes embracing AI tools across the company.

談到我們的獲利前景。我們正在密切管理業務，以便在擴大規模的同時創造效率和營運槓桿。對於第四季度，我們預計非 GAAP 營業收入將在 4,300 萬美元至 4,800 萬美元之間，這反映了營運費用的主動調整以提高效率，其中包括在整個公司範圍內採用 AI 工具。

We expect non-GAAP net income in the range of $46.5 million to $50.5 million and non-GAAP net income per diluted weighted average share in the range of $0.39 to $0.43 in Q4 based on a share count of 118 million diluted weighted average shares outstanding.

我們預計第四季非公認會計準則淨收入將在 4,650 萬美元至 5,050 萬美元之間，非公認會計準則每股攤薄加權平均淨收入將在 0.39 美元至 0.43 美元之間（基於 1.18 億股攤薄加權平均流通股）。

Moving on to full year guidance. For fiscal 2025, we expect core revenue to be in the range of $1.290 billion to $1.300 billion, which reflects 15% to 16% year-over-year growth. We expect total revenue to be in the range of $1.450 billion to $1.460 billion. We expect float revenue to be approximately $160 million in fiscal 2025, which assumes that yield on FBO funds of approximately 435 basis points for the year and an exit Fed funds rate of 425 basis points as of June 2025.

繼續進行全年指導。對於 2025 財年，我們預計核心營收將在 12.9 億美元至 13.00 億美元之間，年增 15% 至 16%。我們預計總收入將在 14.5 億美元至 14.6 億美元之間。我們預計 2025 財年的浮動收入約為 1.6 億美元，假設當年 FBO 基金收益率約為 435 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 $226.2 million to $231.2 million and non-GAAP net income in the range of $236.7 million to $240.7 million. We expect non-GAAP net income per diluted weighted average share to be $2.06 to $2.09 based on a share count of 115 million diluted weighted average shares outstanding. Note that our Q4 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.

整體而言，對於 2025 財年，我們預計非 GAAP 營業收入在 2.262 億美元至 2.312 億美元之間，非 GAAP 淨收入在 2.367 億美元至 2.407 億美元之間。我們預計，基於 1.15 億股稀釋加權平均流通股，非 GAAP 稀釋加權平均每股淨收益為 2.06 美元至 2.09 美元。請注意，我們對第四季度和全年股票數量和非公認會計準則每股淨收入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 approximately 17% of total revenue, which is a reduction of approximately $40 million in expense from our beginning of the year estimates, reflecting our commitment to evolve our equity programs in order to create expense efficiency.

對於 2025 財年，我們預計股票薪酬支出約佔總收入的 17%，比年初估計的支出減少約 4000 萬美元，這反映了我們致力於發展股權計劃以提高支出效率的承諾。

In conclusion, we are pleased with our financial and operational results for the quarter. We delivered strong revenue, profitable growth and meaningful cash flows while driving rigorous execution and innovation at scale. There's a tremendous opportunity ahead for BILL to power SMBs forward. The progress we've been making strengthens our position to capitalize on the market opportunity. As we do so, we believe BILL's compelling value proposition, strong business model and capital structure will enable us to generate meaningful and sustained growth and value creation for shareholders.

總之，我們對本季的財務和營運表現感到滿意。我們在推動嚴格的執行和大規模創新的同時，實現了強勁的收入、獲利的成長和有意義的現金流。BILL 面臨著巨大的機會來推動中小企業向前發展。我們所取得的進展增強了我們利用市場機會的地位。我們相信，BILL 引人注目的價值主張、強大的商業模式和資本結構將使我們能夠為股東帶來有意義且持續的成長和價值創造。

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

現在我們開始問答環節。

(Operator Instructions) Ian Black, Needham & Company.

（操作員指示）伊恩·布萊克，Needham & Company。

I know you guys called out success with accountants adopting Divvy post integration. How are you seeing cross-sell now that it's natively integrated into the solution kind of amongst the broader phase?

我知道你們都說會計師採用 Divvy 後整合取得了成功。既然交叉銷售已經原生地融入到解決方案的更廣泛階段中，您如何看待它？

Thank you, Ian, for the question. We continue to invest behind the platform to make the simplest experience for customers to drive, obviously, all the payment products and solutions that we have across the customer base.

謝謝伊恩提出的問題。我們將繼續在該平台背後進行投資，為客戶提供最簡單的體驗，顯然，包括我們在整個客戶群中提供的所有支付產品和解決方案。

And the highlight on accounts is that as we continue to put more muscle behind that, both from a go-to-market perspective as well as from a product perspective, accounts are being receptive. We have a significant opportunity inside of the accountant base.

關於帳戶的亮點是，隨著我們繼續加大力度，無論是從市場進入的角度還是從產品的角度，帳戶都變得越來越受歡迎。我們在會計師領域擁有重大機會。

As a reminder, we have over 9,000 firms across the country that use our product. They've used our product to actually reinvent their practice. They have adopted the client advisory service category. And inside of their practice, they have many more customers than they're just on our ready-to-build platform.

提醒一下，全國有超過 9,000 家公司使用我們的產品。他們使用我們的產品來真正重塑他們的實踐。他們採用了客戶諮詢服務類別。在他們的實踐中，他們擁有的客戶比我們現成平台上的客戶多得多。

So we see the ability to actually drive cross-sell as an important indicator of the overall opportunity that we have with accounts as we continue to knit our solutions together and continue to expand the capabilities of our platform, we believe it's going to be a huge unlock for accounts to be able to drive more business inside of their practice, and that's going to be great for BILL. So super excited about the progress so far.

因此，我們認為，實際推動交叉銷售的能力是我們與帳戶相關的整體機會的重要指標，隨著我們繼續整合我們的解決方案並繼續擴展我們平台的功能，我們相信這將是一個巨大的解鎖，使帳戶能夠在其實踐中推動更多業務，這對 BILL 來說將是一件好事。我對迄今為止的進展感到非常興奮。

Tien-tsin Huang, J.P. Morgan.

黃天津，J.P.摩根。

I wanted to ask on the investments and if your confidence level has changed in the last 90 days with respect to the return that you're expecting, including a little bit of take rate expansion, which we saw as well as the acceleration in revenue? Just what's the progress report there since we last got together?

我想問一下關於投資的問題，以及在過去 90 天內，您對預期回報的信心水平是否發生了變化，包括我們看到的利率略有上升以及收入加速增長？自從我們上次聚會以來，那裡的進度報告是什麼？

Tien-Tsin. The confidence across the last 90 days from inside the company continues to increase. Obviously, that's different than outside the company. But what I see inside the company is the continued execution across the company is actually driving the results that we set out to do. Some of that's around the organization, the team, we've talked about that, continuing to add more folks onto the team that can kind of execute across the broad platform that we've built.

天津。過去 90 天，公司內部的信心持續增強。顯然，這與公司外部的情況不同。但我在公司內部看到的是，整個公司的持續執行實際上正在推動我們實現既定的目標。其中一些是圍繞著組織、團隊進行的，我們已經討論過這個問題，繼續向團隊中增加更多的人，以便在我們建立的廣泛平台上執行任務。

But the thing that we highlighted in the call was the investments we made this year around our key priorities and key initiatives we are executing on. We're getting things into market, product execution in the market. That allows customers and suppliers to experience things differently than what they had before.

但我們在電話會議中強調的是，我們今年圍繞關鍵優先事項和正在執行的關鍵舉措所做的投資。我們正在將產品推向市場，並在市場上推行產品。這使得客戶和供應商能夠體驗到與以前不同的事物。

And we think as we continue to simplify the experience, as we continue to add to the platform and continue to really drive more linkage between the front door and the back door, which is the buyer and the suppliers, we think that's going to actually drive the monetization, the material growth that we see over time. So I would say the confidence side of the company is we're seeing that there's lots more to go do, and we're super excited about what we've delivered to date.

我們認為，隨著我們不斷簡化體驗，隨著我們不斷擴展平台，並繼續真正推動前門和後門（即買家和供應商）之間的更多聯繫，我們認為這將真正推動貨幣化，推動我們隨著時間的推移所看到的物質增長。所以我想說，公司信心的一面是，我們看到還有很多事情要做，我們對迄今為止所取得的成果感到非常興奮。

Got it. Great. And then just my quick follow-up. Just I heard the update on the spending. And I'm curious just any interesting observations from the April trends, if there's something that you could share? And I know you've seen different cycles, and I know I asked you this before, but would you be able to compare what you're seeing with the questions around tariffs and confidence with SMBs, anything to learn from past cycles that might apply here?

知道了。偉大的。然後我再快速跟進。我剛剛聽到了有關支出的最新情況。我很好奇，對於四月份的趨勢有什麼有趣的觀察嗎？您可以分享一些嗎？我知道您已經看到了不同的週期，我也知道我之前問過您這個問題，但是您能否將您所看到的情況與有關關稅和中小企業信心的問題進行比較，從過去的周期中可以學到什麼可以應用於此？

It's a really great question, and we spend a lot of time thinking about this. And I would say at the highest level, I don't think SMBs have seen this much uncertainty since the beginning of COVID.

這是一個非常好的問題，我們花了很多時間思考這個問題。我想從最高層面來說，我認為自從新冠疫情爆發以來，中小企業從未見過如此大的不確定性。

The uncertainty brings lots of unknowns, unknowns actually leads to stifling growth. So instead of folks actually batting down the hatches and setting sales, they're just batting down the hatches, right? They're not able to do anything that's proactive. And so the signals that we've seen -- that we saw at the end of Q3 that informed how we look into the future is we saw fewer transactions per customer, and we saw slightly decreased spend per customer.

不確定性帶來許多未知數，而未知數實際上會導致成長受阻。所以，人們其實不是在努力工作並設定銷售目標，而是只是在努力工作，對嗎？他們無法採取任何積極主動的行動。因此，我們在第三季末看到的訊號告訴我們如何展望未來，我們發現每位客戶的交易量減少了，每位客戶的支出也略有下降。

And so the opportunity for us, obviously, is to continue to make sure that our platform is the thing that actually makes it easy for businesses to do just that manage their business. And so when I think about the uncertainty that's out there, I also think about the knowns that we have. And there are a lot of knowns across the business that are super viable and really kind of indicates the confidence that we have in the business.

因此，顯然，我們的機會是繼續確保我們的平台能夠真正讓企業輕鬆地管理他們的業務。因此，當我思考存在的不確定性時，我也會思考我們所知道的。整個業務中有很多已知的、非常可行的技術，這確實顯示了我們對業務的信心。

First is that we just have a massive market in front of us. We know SMB is better than anybody from a financial operations perspective. We've been doing this longer than anybody, and we've got the expertise internally and the scale from customers to be able to learn at a very fast pace.

首先，我們面前有一個龐大的市場。我們知道，從財務營運角度來看，中小企業比任何人都要好。我們從事這一行業的時間比任何人都長，我們擁有內部專業知識和客戶規模，因此能夠以非常快的速度學習。

And we also know that SMBs are resilient. So for them, this is a speed bump, it's not a road block. And we're just at the beginning of developing this market with 4% roughly penetration across the employee base in this country, there's lots of opportunity to do.

我們也知道中小企業具有很強的彈性。所以對他們來說，這是一個減速帶，而不是路障。我們才剛開始開發這個市場，這個國家的員工滲透率大約是 4%，還有很多機會。

And so another known we have is that we've built a platform and we are a platform company. We have pioneered a category that nobody else has done yet. And our ability to kind of leverage that learning from pioneering and that learning from all the data that comes together on the scale of nearly 1% of GDP that creates opportunities for results. And so the data set we have is another known. Our ability to leverage our robust and diverse ecosystem is another known when it comes to BILL.

所以我們所知的另一個事實是，我們已經建立了一個平台，我們是一家平台公司。我們開創了一個其他人尚未涉足的類別。我們能夠利用從開拓性工作中學習到的知識以及從佔 GDP 近 1% 規模的所有數據中學習到的知識，從而創造取得成果的機會。因此，我們擁有的資料集是另一個已知的資料集。談到 BILL，我們利用強大而多樣化的生態系統的能力是另一個眾所周知的因素。

And our opportunity to kind of make our platform the choice platform for SMBs, so they can manage their business in these times or any times, that's a known and that's proven. And so I feel really good about, obviously, what we're able to do to help SMBs understanding though that this is the greatest amount of uncertainty that they've seen since the beginning of COVID.

我們的機會是讓我們的平台成為中小企業的首選平台，以便他們可以在這些時候或任何時候管理他們的業務，這是眾所周知的，並且已經得到證實。因此，我感到非常高興，顯然，我們能夠幫助中小企業理解，這是自 COVID 爆發以來他們所見過的最大不確定性。

Kenneth Suchoski, Autonomous.

肯尼斯‧蘇喬斯基（Kenneth Suchoski），《自治》。

Maybe just following up on the macro. Can you give us a sense for how you're thinking about the impact from tariffs on the cross-border transaction revenue.

也許只是遵循宏觀規律。您能否告訴我們您如何看待關稅對跨境交易收入的影響。

And I guess related to that, I mean, how should we think about, one, I guess, the revenue exposure from cross-border transactions. Two, are you seeing any preference between US dollars over local currency payment options? And then, I guess, third, how do you think about the mix of that cross-border payments business at BILL? Is it 80/20 goods versus services?

我想與此相關的是，我們應該如何考慮跨境交易的收入風險。二、您是否認為美元支付方式比當地貨幣支付方式更受青睞？然後，我想，第三，您如何看待 BILL 的跨境支付業務組合？商品和服務的比例是 80/20 嗎？

And then any thoughts on the mix of geography? Just -- I know there's a lot in there, but we're getting some questions on it.

那麼對於地理混合有什麼想法嗎？只是——我知道這裡面有很多內容，但我們對此有一些疑問。

Thanks for the question, Ken. So let me start with the last part of your question, which is the mix. The vast majority of the transactions that our customers perform with international suppliers are for services.

謝謝你的提問，肯。那麼，讓我從問題的最後一部分開始，即混合。我們的客戶與國際供應商進行的絕大多數交易都是為了服務。

With that said, we do have a portion of spend that happens for goods. And that's where we've seen maybe the beginning of some shifting behaviors associated with some of the US dollar corridors like China and the potential for just movement between countries and different types of transactions. We haven't necessarily experienced any significant shift between USD and local currency at the moment.

話雖如此，我們確實有一部分支出用於購買商品。而這正是我們所看到的一些與一些美元走廊（如中國）相關的轉變行為的開始，以及國家之間和不同類型的交易之間公平流動的潛力。目前，我們還沒有經歷過美元和當地貨幣之間的任何重大轉變。

And part of that, I think, comes from the introduction that we've had recently of our improved international payment product with local transfer capabilities, increased speed, it lowers costs and increased certainty. And so we've seen some positives associated with that primarily driven -- or primarily resulting in increased share of wallet. So no signals yet on shifts between those two other than the increased share of wallet.

我認為，部分原因在於我們最近推出了改良的國際支付產品，該產品具有本地轉帳功能、速度更快、成本更低、確定性更強等特點。因此，我們看到了一些與此相關的積極因素，主要是推動因素——或者主要導致錢包份額增加。因此，除了錢包份額增加之外，目前還沒有跡象表明這兩者之間有任何轉變。

And in terms of overall FX exposure, the primary impact that we've seen with the volatility in the US dollar over the last couple of quarters has been FX gains and losses. And in the third quarter, we actually made significant progress on that. We reduced losses by approximately 65% as we implemented new hedging and trading guidelines. And so we're making positive momentum there.

就整體外匯風險敞口而言，過去幾季美元波動的主要影響是外匯收益和損失。在第三季度，我們確實在這方面取得了重大進展。由於實施了新的對沖和交易準則，我們減少了約 65% 的損失。因此，我們正在那裡取得積極的進展。

So all in all, there definitely is some uncertainty that needs to play out with international payments, but it feels like our product improvements are helping customers and where we do have exposure to FX in certain corridors, it's more contained than being our overall product revenue.

總而言之，國際支付中肯定存在一些不確定性，但感覺我們的產品改進正在幫助客戶，而且我們在某些​​管道確實接觸到外匯，但這比我們的整體產品收入更為有限。

Chris Quintero, Morgan Stanley.

摩根士丹利的克里斯昆特羅。

I wanted to -- and it's really great to see all the new capabilities that you're adding to the platform with procurement, obviously, Finmark, and so -- and you're bringing Mike in here, too, to the leadership team. So just curious how you're thinking about at a high level, maybe the pricing and packaging of the software platform now that you've added on all these capabilities and adding more value to your customers?

我希望——而且很高興看到你們透過採購、Finmark 等為平台添加的所有新功能——而且你們還將 Mike 帶入領導團隊。所以我很好奇您從高層次上是如何考慮的，既然您已經添加了所有這些功能並為您的客戶增加了更多價值，那麼軟體平台的定價和包裝呢？

I think, Chris, there's so much opportunity for us across the extension of the platform which we talked about. And part of what we've been doing over the last year is setting the table for us to take action on things like pricing. You've seen that we impacted our transactional pricing for checks and ACH. There's plenty of opportunity there. We'll talk more about that as we come up with the plans and share the plans with folks on their calls in the coming quarters.

克里斯，我認為，透過我們所談論的平台擴展，我們有很多機會。我們去年所做的工作之一就是為在定價等方面採取行動做好準備。您已經看到我們對支票和 ACH 的交易定價產生了影響。那裡有很多機會。當我們制定計劃時，我們會更多地談論這個問題，並在接下來的幾個季度與大家分享這些計劃。

But I would agree that the product set that we have becomes more and more valuable to businesses. And what we're seeing inside of the larger businesses that we serve, and the examples that we gave with AdvicePeriod and Raymond accounting firm, these capabilities when it comes to procurement and multi-entity, these complex things save a tremendous amount of time.

但我同意，我們的產品系列對企業來說越來越有價值。我們在所服務的大型企業中看到的情況以及我們與 AdvicePeriod 和 Raymond 會計師事務所提供的例子表明，這些涉及採購和多實體的能力以及這些複雜的事情節省了大量的時間。

And one of the things that I get totally jazzed about is that we invented a category that save people a lot of time. We've said in the past, it saves them 50% to 75% of the time. But when you think about AI and what AI is going to enable us to do, it's going to be significantly more time, and that is going to be a catalyst I think, for adoption across the SMB ecosystem. And it is something that's going to be a catalyst for how we think about pricing inside of the product as well. So thank you for the question.

讓我非常興奮的一件事是，我們發明了一個可以為人們節省大量時間的類別。我們過去曾說過，它可以為他們節省 50% 到 75% 的時間。但是當你考慮到人工智慧以及人工智慧將使我們能夠做什麼時，它將會花費更多的時間，我認為這將成為整個 SMB 生態系統採用它的催化劑。這也將成為我們思考產品內部定價的催化劑。謝謝你的提問。

Andrew Schmidt, Citigroup.

花旗集團的安德魯·施密特。

Maybe I could just ask two questions on just payments monetization within BILL AP/AR and I'll ask them both upfront. I guess the first is whether you could just decompose the take rate expansion in the fiscal third quarter. Obviously, it sounds like lower FX losses were part of that, ad valorem, mix, et cetera, but I'd love to get a better read on that.

也許我可以只問兩個有關 BILL AP/AR 中的支付貨幣化的問題，而且我會提前問他們。我想首先問題是，您是否可以分解第三財季的接受率擴張。顯然，聽起來較低的外匯損失是其中的一部分，從價稅、混合等等，但我希望對此有更好的了解。

And then the second is, clearly, you're rolling out a number of payment modalities here heading into FY26. Maybe going back to Tien-Tsin's question a little bit also. Maybe talk a little bit about sort of the early reads on some of the high -- sort of the high potential products, invoice financing, advanced ACH, et cetera? And then how those are shaping up to influence your confidence in take rate stability and expansion going forward into next year?

第二點顯然是，你們將在 2026 財年推出多種支付方式。也許還要稍微回顧一下 Tien-Tsin 的問題。也許可以稍微談談一些關於高潛力產品的早期解讀，例如發票融資、高級 ACH 等等？那麼這些因素將如何影響您對明年利率穩定性和擴張的信心呢？

Thanks for the question, Andrew. Regarding the Q3 take rate expansion, as you know, we have lots of levers at our disposal. We went into the quarter indicating we expected expansion in Q3, and that's exactly what we delivered.

謝謝你的提問，安德魯。關於第三季利率擴張，如您所知，我們有很多可用的槓桿。我們在進入本季時就表示，我們預計第三季將實現擴張，而我們也確實實現了這一目標。

I'd say there's three main drivers quarter-to-quarter. First and definitely most important was volume growth on some of our emerging ad valorem payment product. So that portfolio that includes Instant Transfer, Pay By Card, invoice financing and our AR payment offering all grew nicely. Second, as I mentioned earlier, we had lower FX losses in the quarter from some of the proactive changes we've made. And then third and finally, I'd say, as we mentioned in prepared remarks, there was also a small positive associated with lower seasonal TPV in the March quarter versus the December quarter.

我認為季度環比成長有三個主要驅動因素。首先，也是最重要的一點，是我們一些新興的從價支付產品的交易量成長。因此，包括即時轉帳、卡片支付、發票融資和應收帳款支付在內的產品組合都實現了良好的成長。其次，正如我之前提到的，由於我們採取了一些主動的改變，本季的外匯損失有所降低。第三點，也是最後一點，我想說，正如我們在準備好的評論中提到的那樣，與 12 月季度相比，3 月季度的季節性 TPV 較低也帶來了一點積極影響。

So these things combined led to the strength in Q3, and it played out pretty much as we were expecting. This portfolio approach that we're taking, which is a strategy we adopted some time ago, I think, positions us well.

因此，這些因素共同導致了第三季的強勁表現，其結果與我們預期的差不多。我們正在採取的這種投資組合方法，也是我們前段時間採用的策略，我認為它使我們處於有利地位。

And to the second part of your question around payment methods and how we think about FY26 and beyond. It's obviously early with some of the products that we mentioned in prepared remarks, including our advanced ACH product and other capabilities that we're launching. We're pretty far along the path with invoice financing in some of our real-time payment capabilities.

關於您問題的第二部分，涉及支付方式以及我們對 26 財年及以後的看法。顯然，我們在準備好的發言中提到的一些產品還處於早期階段，包括我們先進的 ACH 產品和我們正在推出的其他功能。在一些即時支付功能中，我們在發票融資方面已經取得了相當大的進展。

And I'd say, generally speaking, the feedback is very positive. We have a long way to go to drive adoption and see material financial growth and results flow through the P&L, but our early reads are constructive. It gives us confidence that the investments that we've made in fiscal '25 to set us up for growth in fiscal '26 and beyond have been working, and we're expecting a good ROI from the incremental investments we made in '25. And a large part of that has to do with our confidence in some of the payment monetization and payment adoption that we expect to drive in the near future.

我想說，整體來說，回饋非常正面。我們還有很長的路要走才能推動採用並看到實質的財務成長和結果流入損益表，但我們的早期解讀是建設性的。這讓我們有信心，我們在 25 財年進行的投資為我們在 26 財年及以後的成長奠定了基礎，並且我們預計 25 年的增量投資將獲得良好的投資回報率。這很大程度上與我們對不久的將來有望推動的某些支付貨幣化和支付採用的信心有關。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

So I'll echo the traction we saw in the payment monetization side was, we thought, strong sequentially. And I understand there's obviously [sickle] in the backdrop now, but when we think of the structural that you're benefiting off the take rate side, number one, I guess, is there any reason why that's not -- the trajectory is not sustainable from your perspective?

因此，我認為我們在支付貨幣化方面看到的牽引力是連續強勁的。而且我知道現在的背景顯然是[鐮狀]，但是當我們想到您從接受率方面受益的結構時，我想，首先，有什麼理由可以解釋為什麼從您的角度來看這種軌跡是不可持續的？

And I know you had originally thought the end of the year would be a better or similar or better take rate than the beginning of the year. I think you said flat year-over-year versus the beginning of the year. And so if you could just reiterate whether fourth quarter would be similar to first quarter again.

我知道您原本認為年底的收益率會比年初更好、相似或更好。我認為您說的是與年初相比同比持平。因此，如果您可以重申第四季度是否會與第一季相似。

And then more importantly, when we think of '26, again, you had talked about, I know hoping to get 20% type growth. Again, I understand it's a more shaky macro. But what are your thoughts there just given what you can control?

更重要的是，當我們想到 26 年時，正如您所說，我知道希望實現 20% 的成長。再次，我明白這是一個更不穩定的宏觀。但是考慮到你可以控制的事情，你的想法是什麼？

Thanks for the question, Darrin. So in terms of the BILL AP/AR take rate, you're right, we are originally expecting expansion on the heels of volume growth in Q4 across the entire ad valorem product portfolio. We have shifted our estimates and our expectation for this fourth quarter to be similar to the third quarter. And this is primarily related to some of the signals that we started to see in Q3 regarding some changing behaviors related to spend across discretionary categories, transactions per customer in certain AP customer industries.

謝謝你的提問，達林。因此，就 BILL AP/AR 收取率而言，您說得對，我們原本預計整個從價產品組合在第四季度銷售增長之後也會擴張。我們已調整了對第四季度的估計和預期，使其與第三季度相似。這主要與我們在第三季開始看到的一些訊號有關，這些訊號涉及可自由支配類別的支出、某些 AP 客戶行業中每位客戶的交易量等一些變化的行為。

And then, as we said, some expectation that we have around the implication for trade policy and things like that on the FX portion of our international payment volume. So all those things considered, we're expecting similar monetization in Q4 versus Q3.

然後，正如我們所說，我們對貿易政策以及國際支付量的外匯部分等的影響有一些預期。考慮到所有這些因素，我們預計第四季的貨幣化水準將與第三季相似。

But as it relates to FY26, obviously, there's many unknowns, there's a lot of uncertainty as it relates to the current environment. But as we look past the very short term, we believe we have many levers across the payment portfolio to return to consistent monetization expansion. How that plays out on a quarter-to-quarter basis and relates to payment volume and adoption of our products. We'll obviously lay that out when we get to August and talk about our FY26 overall plan.

但就 FY26 而言，顯然存在許多未知數，與當前環境相關的不確定性很多。但當我們放眼短期之後，我們相信，我們可以透過支付組合中的多種手段來恢復持續的貨幣化擴張。這是如何按季度進行的，以及與支付量和我們產品的採用之間的關係。我們顯然會在 8 月提出這一點並討論我們的 FY26 總體計劃。

Alexander Markgraff, KeyBanc.

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

Rene, curious on your comments on deploying agents across BILL and sort of the Agentic AP strategy. Just sort of curious what that looks like for a BILL user. And then if you could give some sense of how that could change, how customers are interacting with the platform, whether it's in the form of higher transaction intensity, better wallet share, speed of onboarding, things like that would be great to understand how that could benefit the BILL model.

Rene，我很好奇您對在 BILL 中部署代理程式以及 Agentic AP 策略的評論。只是有點好奇對 BILL 用戶來說這是什麼樣子。然後，如果您可以說明這種情況會如何變化，客戶如何與平台互動，無論是更高的交易強度、更好的錢包份額、入職速度等形式，這將有助於了解這如何使 BILL 模型受益。

Great. Thank you, Alex, for the question. I think you can hear that, obviously, we're excited. I think a lot of folks in the industry are excited about the opportunity that AI delivers to those in software and technology to actually make more of an impact.

偉大的。謝謝亞歷克斯提出的問題。我想你能聽出來，顯然我們很興奮。我認為業內很多人都對人工智慧為軟體和技術領域的人們帶來的機會感到興奮，並希望它能帶來更大的影響。

So we've been leveraging AI as part of the company for a while, right? It's been part of the money movement part of the data entry that we've done. And that's been a great learning point for us to understand how to actually take it to the next level and understanding how the tools have developed over the last year has really allowed us to think more freely about this Agentic experience.

所以我們已經將人工智慧作為公司的一部分有一段時間了，對嗎？它是我們所做的資料輸入中資金流動部分的一部分。這對我們來說是一個很好的學習點，讓我們了解如何真正將其提升到一個新的水平，並了解這些工具在過去一年中是如何發展的，這確實讓我們能夠更自由地思考這種 Agentic 體驗。

And so when I think about what SMBs have to deal with every day, they have a lot of craft that to deal with. It is hard to actually be in SMB. I've lived that life. My parents lived that life. It is super hard. And they have to wear many hats.

因此，當我想到中小企業每天要處理的事情時，他們有很多事情要處理。實際上，進入 SMB 是很困難的。我曾經過著那樣的生活。我的父母就過著那樣的生活。這非常困難。他們必須身兼數職。

And if you think about what a large multinational Fortune 500 company has, they've got teams of people doing things. And so the employees and the costs are something SMBs can't have and we are uniquely positioned to build agents that will be targeted at how do you simplify the payables process, the receivables process, the procurement process, the S&E process, the cash management processes.

如果您想想大型跨國財富 500 強公司擁有什麼，他們就擁有專門的團隊來做事。因此，員工和成本是中小企業無法擁有的，我們在建立代理商方面擁有獨特的優勢，這些代理商將專注於如何簡化應付帳款流程、應收帳款流程、採購流程、銷售與評估流程、現金管理流程。

These are things that are already part of our platform, but to use agents to actually do the task and the tee up the human and the loop, we think is a unique opportunity to really enable SMBs to be free to get back to what they love. And that's what's so exciting for me about AI is that people get a chance to actually do what they love instead of what they have to do. We eliminate the mundane task because of the agents.

這些已經是我們平台的一部分，但使用代理商來實際完成任務並啟動人力和循環，我們認為這是一個獨特的機會，真正讓中小企業能夠自由地回到他們喜歡的事情上。對我來說，人工智慧最令人興奮的地方在於，人們有機會真正做自己喜歡的事情，而不是必須做的事情。我們透過代理消除了單調乏味的任務。

And so the platform capabilities we have really rest on two unique skills that we've built over the years. The first is that we know customers. We -- all of us think of customers every day, first day in, last day out. We walk in their shoes. We think about them. We care about SMBs. We think they're critical as the glue to our society, and that deep understanding of what their pain points are, whether it comes from accounts, whether it comes from partners or comes from direct customers. It's a unique opportunity for us to actually leverage their experiences today and understand the technology so that we can actually apply agents. That's the first thing we have that's unique.

因此，我們擁有的平台能力實際上依賴於我們多年來建立的兩項獨特技能。首先，我們了解客戶。我們－我們所有人每天都會想著顧客，第一天上班，最後一天下班。我們設身處地為他們著想。我們思考著他們。我們關心中小企業。我們認為他們是我們社會的黏合劑，我們必須深刻理解他們的痛點，無論這些痛點來自帳戶、合作夥伴或直接客戶。這對我們來說是一個獨特的機會，讓我們能夠真正利用他們今天的經驗並了解技術，以便我們可以真正應用代理。這是我們擁有的第一件獨一無二的東西。

The next thing we have is just the data. We have such an incredible amount of data we always talk about, hey, 1% of GDP goes through BILL, and that's a massive number, and that represents a lot of transactions.

接下來我們要得到的只是數據。我們擁有如此驚人的數據量，我們總是在談論，嘿，1% 的 GDP 是透過 BILL 來處理的，這是一個巨大的數字，代表著大量的交易。

But what supports all those transactions is a significant amount of data underneath that comes in forms of documents, whether that document is a bill or an invoice or a receipt or a cleared payment or a reconciliation or some note that an employee puts on the bill. These are all things that are sitting on our platform and allow us to build agents that nobody else can go build. We have an opportunity to actually deliver so much freedom for the SMB, and that's what we're excited about doing.

但是，支持所有這些交易的都是以文件形式出現的大量數據，無論該文件是帳單、發票、收據、已清算的付款、對帳單還是員工在帳單上寫的某些註釋。這些都是我們平台上的東西，使我們能夠建立其他人無法建立的代理。我們有機會為中小企業提供如此多的自由，對此我們感到非常興奮。

And obviously, the space is moving fast. But what we see is a world that SMBs are free to get back to what they love. You've heard me say that before. I'll say it again, it's why anyone starts the business. It's not to do the stuff that we need to take care of under the hood. So we're super excited about it, and I think that the world is going to be much different for SMBs as we roll these out.

顯然，空間正在快速發展。但我們看到，中小企業可以自由地回到他們喜歡的領域。你以前聽我說過這句話。我再說一遍，這就是任何人創業的原因。這並不是為了做我們需要在幕後處理的事情。因此我們對此感到非常興奮，我認為隨著我們推出這些技術，中小企業的世界將會發生很大的變化。

Adib Choudhury, William Blair.

阿迪布·喬杜里、威廉·布萊爾。

This is Adib on for Andrew Jeffrey. We wanted to ask on advanced ACH, given that it's kind of been an area that monetizing has been challenging for a lot of B2B companies. What you kind of think is unique about your value prop and selling motion? And can you also kind of remind us of the time line of the rollout and time line for expected monetization?

我是 Adib，代表 Andrew Jeffrey 發言。我們想詢問有關高級 ACH 的問題，因為對於許多 B2B 公司來說，這是一個貨幣化具有挑戰性的領域。您認為您的價值主張和銷售動議有何獨特之處？您能否提醒我們推出的時間表和預期貨幣化的時間表？

Yes. I think the first, I'll start and let John add if there's any additional comments. But the first thing that we have is back to the last comment, just the amount of data we have.

是的。我認為首先，我先開始，然後讓約翰補充是否有任何其他評論。但我們首先要回到最後一則評論，也就是我們擁有的資料量。

So when you think about the large suppliers in our network, they're receiving thousands of payments from BILL customers today. We are one of the largest aggregators of small business payments in the country. And so when we get a chance to go talk to a supplier, no matter what their size is, we're already delivering a significant number of payments to them. Some of those payments are checked by the way, some of them are ACH, some of them are virtual card. They're getting payments in multiple forms and they want simplicity and execution of how they manage their the receivables process.

因此，當您想到我們網路中的大型供應商時，他們今天正在從 BILL 客戶那裡收到數千筆付款。我們是國內最大的小型企業支付聚合商之一。因此，當我們有機會與供應商交談時，無論他們的規模如何，我們都已經向他們提供了大量付款。順便說一下，其中一些付款是經過檢查的，其中一些是 ACH，一些是虛擬卡。他們以多種形式獲得付款，並希望管理應收帳款流程的方式簡單且執行力強。

And so the opportunity for us with the suppliers is to really change the game given the volume we have and our deep understanding about building customer experience. In this case, the customer would be the supplier the building experiences that will enable suppliers to really get out of the mundane tasks that they have and really leverage what they need from their customers. So we're super excited about that.

因此，鑑於我們擁有的產量以及我們對建立客戶體驗的深刻理解，我們與供應商合作的機會是真正改變遊戲規則。在這種情況下，客戶將成為供應商，建立經驗將使供應商能夠真正擺脫他們所擁有的平凡任務並真正利用他們從客戶那裡得到的東西。所以我們對此感到非常興奮。

We've announced that it's in beta the conversations that we continue to have with suppliers are that there is demand and a need for this. We continue to add on to the capabilities that we've already put into the beta application. And we'll continue to invest behind this because we know this is something that's super important.

我們已經宣布它處於測試階段，我們繼續與供應商進行的對話表明，對此存在需求。我們將繼續新增已放入測試版應用程式的功能。我們將繼續對此進行投資，因為我們知道這是一件非常重要的事情。

In order for the ecosystem to work well, we have to really fulfilled the promise of connecting buyers and suppliers in an ecosystem that delivers seamlessness and simplicity for everybody. And so we're definitely looking forward to getting more out in the market and very, very grateful that we have a position to leverage from.

為了使生態系統良好運轉，我們必須真正履行承諾，在為每個人提供無縫和簡單的生態系統中連接買家和供應商。因此，我們絕對期待在市場上獲得更多，並且非常感激我們擁有可以利用的地位。

Yes. I would just add regarding the part of the question about the unique selling motion, starting with -- that we have relationships with suppliers as it exists today. And what we're really in dialogue with them about is increasing the level of automation and efficiency and reducing complexity that they have and how we can bring those benefits to them quickly. And so we've established dedicated teams to work closely with large suppliers. We've seen good progress, interest and early results from those interactions and from usage of the product.

是的。我只想補充一下關於獨特銷售動議的問題部分，首先是——我們與供應商的關係就像現在這樣。我們與他們對話的真正目的是提高自動化和效率水平，降低複雜性，以及如何快速為他們帶來這些好處。因此，我們成立了專門的團隊與大型供應商密切合作。我們從這些互動和產品的使用中看到了良好的進展、興趣和早期成果。

And it's that progress that we're expecting to leverage as we get into FY26 and we go live with the product to a much larger number of suppliers. So we have a unique position in that we're tapping into existing relationships. We're already a large provider to these suppliers and now we're going to raise the bar on the capabilities of our product and the value we deliver for them.

隨著我們進入 26 財年，我們期望能夠利用這一進展，並向更多的供應商推出該產品。因此，我們在利用現有關係方面具有獨特的優勢。我們已經是這些供應商的大型供應商，現在我們將提高我們產品的功能和我們為他們提供的價值。

Perfect. And if I could sneak in a quick follow-up. Could you kind of give an update on spend mix at Divvy? Just trying to think through higher risk or more discretionary areas of spend mix.

完美的。如果我可以偷偷地快速跟進。您能否介紹一下 Divvy 的支出組合的最新情況？只是想思考支出組合中風險較高或更多可自由支配的領域。

Sure. On Spend & Expense, we continue, obviously, to produce good results, transaction revenue growing 21% year-over-year, we had very strong net adds in the quarter, acceleration from the prior quarter and overall card spend growth of 22%. So we feel good about the results.

當然。在支出和費用方面，我們顯然繼續取得良好的業績，交易收入年增 21%，本季淨增額非常強勁，較上一季有所加速，整體信用卡支出成長 22%。所以我們對結果感到滿意。

I'd say we've seen strength in some spend categories around T&E and retail and things like that. There's obviously a little bit more discretionary spend or variable spend, if you want to describe it that way, within our spending businesses with the S&E card. And so we are cautious about what that looks like in terms of the near term going back to some of the uncertainty that we talked about previously.

我想說，我們已經看到了差旅、娛樂、零售等一些支出類別的強勁成長。顯然，在我們的 S&E 卡支出業務中，可自由支配的支出或可變支出會稍微多一點（如果你想這樣描述的話）。因此，我們對短期內的情況持謹慎態度，回顧我們之前談到的一些不確定性。

But the value proposition is clear for that business. We're not overexposed or indexed to any particular category some of the friction that existed early in the year has obviously been reflected in our model, and we're expecting to grow through that as we get into FY26. So I think we're starting from a good place there, and we saw some strength in Q3 across a few spend categories, and we're still paying close attention to other spend categories that could be potentially negatively impacted by some of the macro uncertainty.

但該企業的價值主張是明確的。我們並沒有過度暴露或被歸類到任何特定類別，今年年初存在的一些摩擦顯然已經反映在我們的模型中，我們預計在進入 26 財年時將會克服這些摩擦。因此，我認為我們的起點很好，而且我們看到第三季一些支出類別表現出一些優勢，我們仍在密切關注可能受到一些宏觀不確定性負面影響的其他支出類別。

Andrew Harte, BTIG.

BTIG 的 Andrew Harte。

John, you mentioned how in March, you raised price for ACH and check. And then I think for the existing customers, it goes into effect in May. I saw online like the increase is about $0.59 per ACH now from $0.49. So I guess that's close to 20%, and you've talked about ACH in the past being 70% of total AP/AR transactions. So can you just help us think about how impactful some of those price increases can be next year and really what it can ultimately be for the take rate.

約翰，你提到了三月你如何提高 ACH 和支票的價格。然後我認為對於現有客戶來說，它將在五月生效。我在網路上看到，每筆ACH的收費從0.49美元漲到了現在的0.59美元。所以我猜漲幅接近20%，而你之前也提到過ACH佔應付/應收帳款總額的70%。那麼，您能否幫助我們思考一下這些價格上漲明年會產生多大的影響，以及最終對接受率會產生什麼影響。

Sure. Thanks for the question, Andrew. I'd say as it relates to fiscal 2025, our fourth quarter here, we're not expecting any material change in the numbers just based on the timing of rollout for new and existing customers starting in May. But there should be some positive benefit, obviously, when we look at the full year of fiscal 2026.

當然。謝謝你的提問，安德魯。我想說的是，就 2025 財年（我們的第四季）而言，僅基於從 5 月開始向新舊客戶推出服務的時間，我們預計數字不會發生任何重大變化。但當我們展望 2026 財年全年時，顯然應該會有一些正面的好處。

But I'd say this, we haven't adjusted pricing for a while now. I would look at this as the beginning of changes with a more sort of holistic approach to optimize the combination of the value we're delivering for customers and how we're packaging and bundling our products in order to increase overall ARPU for BILL.

但我想說的是，我們已經有一段時間沒有調整價格了。我認為這是變革的開始，我們將採取更全面的方法來優化我們為客戶提供的價值以及我們如何包裝和捆綁我們的產品，以提高 BILL 的整體 ARPU。

So this is one step that I think will help us make some progress there, but there's more to come as we think about optimizing pricing and packaging. And this is a combination of transaction and subscription fees. I think the subscription side of our model will be more important going forward as a growth driver than we've seen, say, over the last few years where we've relied primarily on transaction yield and monetization. But we do feel like there's still a lot of room to go as it relates to the value we're delivering versus the value that we're monetizing as it relates to both transactions and subscription fees.

因此，我認為這一步驟將幫助我們取得一些進展，但在我們考慮優化定價和包裝時，將會有更多的進展。這是交易費和訂閱費的組合。我認為，我們模式中的訂閱部分在未來作為成長動力將比我們所見的更重要，比如說，在過去幾年中，我們主要依靠交易收益和貨幣化。但我們確實覺得，就我們提供的價值與我們在交易和訂閱費方面貨幣化的價值而言，還有很大的提升空間。

We're now at the end of our Q&A session. So I'll turn the call back over to Rene for any closing comments.

我們的問答環節現在結束了。因此，我將把電話轉回給 Rene，請她發表任何結束語。

Thank you. Our mission is clear at BILL. We made the lives of SMBs better and making it simple to connect and do business. We did that this quarter. And we are excited about the future. We believe the initiatives and investments we are making today will enable us to change the game again for SMBs and that will lead to strong market adoption. I want to thank our customers and partners for the trust they place in us and all the work that the team at BILL does driving innovation at scale. Have a great evening.

謝謝。在 BILL，我們的使命很明確。我們讓中小企業的生活變得更好，讓連結和開展業務變得更加簡單。本季我們做到了這一點。我們對未來充滿期待。我們相信，我們今天採取的舉措和投資將使我們能夠再次改變中小企業的遊戲規則，並帶來強勁的市場採用。我要感謝我們的客戶和合作夥伴對我們的信任，以及 BILL 團隊為推動大規模創新所做的一切。祝您有個愉快的夜晚。

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

謝謝。今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。