BILL Holdings Inc (BILL) 2025 Q4 法說會逐字稿

Good afternoon. My name is Tamia, and I will be your conference operator today. At this time, I would like to welcome everyone to BILL's fiscal fourth quarter and fiscal year 2025 conference call. (Operator Instructions)

午安.我叫塔米亞 (Tamia)，今天我將擔任您的會議主持人。現在，我歡迎大家參加 BILL 第四財季和 2025 財年電話會議。（操作員指示）

I will now turn the call over to Jun Wang, Director, Investor Relations. You may begin your conference.

現在我將電話轉給投資者關係總監王軍。您可以開始您的會議了。

Thank you. Good afternoon, everyone. Welcome to BILL's fiscal fourth-quarter 2025 earnings conference call. We issued our earnings press release a short time ago and filed the related Form 8-K with the SEC. The press release can be found on our Investor Relations website at investor.bill.com. Joining me on the call today are Rene Lacerte, Chairman, CEO, and Founder; John Rettig, President and COO; and Rohini Jain, CFO.

謝謝。大家下午好。歡迎參加 BILL 2025 財年第四季財報電話會議。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。新聞稿可在我們的投資者關係網站 investor.bill.com 上查閱。今天參加電話會議的嘉賓包括：董事長、執行長兼創辦人 Rene Lacerte；總裁兼營運長 John Rettig；以及財務長 Rohini Jain。

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. Actual results could differ materially from those expressed or implied by our forward-looking statements. In addition to our prepared remarks, please refer to the information in the company's press release issued today, our Q4 '25 investor deck, and 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，在本次通話過程中，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。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。除了我們準備好的評論之外，請參閱公司今天發布的新聞稿中的信息、我們的 2025 年第四季度投資者演示文稿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。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 a reconciliation of GAAP to non-GAAP and additional information 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 的對帳以及有關這些措施的更多資訊。

With that, let me turn the call over to Rene. Rene?

說完這些，讓我把電話轉給 Rene。雷內？

Thanks, Jun. Good afternoon, everyone, and thank you for joining us. Fiscal 2025 was a pivotal year for BILL as we executed well against our innovation agenda. We launched new software and payment products made strategic investments to drive future growth and drove significant profitability expansion. We have a big opportunity in front of us.

謝謝，Jun。大家下午好，感謝你們加入我們。2025 財年對 BILL 來說是關鍵的一年，因為我們在創新議程方面執行得很好。我們推出了新的軟體和支付產品，進行了策略性投資以推動未來成長並實現了獲利能力的大幅擴張。我們面前有一個巨大的機會。

The investments we made in fiscal 2025, along with our durable and diversified business model, set the foundation for us to continue to expand profitability and accelerate revenue growth in the years ahead. During the call today, we will share our recent progress and outline our plans to deliver greater value to shareholders. In Q4 and throughout fiscal 2025, BILL strengthened our platform, increased our scale, expanded our market opportunity to serve larger, more complex businesses and strategically invested in financial operations agents for small and midsized businesses to accelerate BILL's growth and category leadership. The key highlights from our fiscal 2025 include first, growing total revenue to $1.5 billion with core revenue growth of 16% year over year. Second, we continued our track record of profitability improvements while also investing in key areas.

我們在2025財年進行的投資以及我們持久而多樣化的商業模式為我們在未來幾年繼續擴大盈利能力和加速收入增長奠定了基礎。在今天的電話會議中，我們將分享我們最近的進展並概述為股東提供更大價值的計劃。在第四季度以及整個 2025 財年，BILL 加強了我們的平台，擴大了我們的規模，擴大了我們的市場機會，為更大、更複雜的企業提供服務，並對中小型企業的金融運營代理進行了戰略性投資，以加速 BILL 的增長和類別領導地位。我們 2025 財年的主要亮點包括：首先，總營收成長至 15 億美元，核心營收年增 16%。其次，我們持續保持獲利能力提升的勢頭，同時對關鍵領域進行投資。

This resulted in non-GAAP operating income, exceeding the high end of our initial fiscal 2025 guidance by over 20%. Third, we built our Agentic AI platform that leverages the capabilities, data and scale acquired over the last 20 years across millions of SMBs and over $1 trillion in spend so that we can launch intelligent finance agents quickly and safely at scale. We are excited to leverage our platform, and we'll start rolling out our suite of financial operations agents to customers in Q2 of fiscal 2026. At BILL, we are not just building software and payments infrastructure. We are redefining the future for how the Fortune 5 million, the millions of small and midsized businesses that powered the US economy will manage, move, and maximize their money in order to grow and win.

這導致非公認會計準則營業收入超出我們最初 2025 財年指引的高端 20% 以上。第三，我們建立了 Agentic AI 平台，該平台利用過去 20 年在數百萬中小企業和超過 1 兆美元的支出中獲得的能力、數據和規模，以便我們能夠快速、安全地大規模推出智慧財務代理。我們很高興能夠利用我們的平台，並將在 2026 財年第二季開始向客戶推出我們的金融營運代理套件。在 BILL，我們不僅僅建立軟體和支付基礎設施。我們正在重新定義財富 500 萬強企業、推動美國經濟發展的數百萬中小型企業的未來，他們將如何管理、調動和最大化他們的資金，從而實現成長和成功。

BILL serves more SMBs and accounting firms than anyone in our category. We are in a trusted platform of choice for nearly 0.5 million small and midsized businesses and over 9,000 accounting firms, including nearly 90% of the top 100 accounting firms across the US. Throughout FY25, we continue to strengthen our platform. We launched amazing new products that create new value for our customers and their suppliers, extended our advantage through our powerful two-sided network, drive new monetization, and strategically increased our market opportunity.

BILL 為眾多中小型企業和會計師事務所提供服務，數量比我們同類公司都要多。我們是近 50 萬家中小型企業和 9,000 多家會計師事務所（包括全美前 100 家會計師事務所中的近 90%）值得信賴的首選平台。在整個25財年，我們將繼續加強我們的平台。我們推出了令人驚嘆的新產品，為我們的客戶及其供應商創造了新的價值，透過我們強大的雙邊網路擴大了我們的優勢，推動了新的貨幣化，並從策略上增加了我們的市場機會。

In Q4, we launched Supplier Payments Plus previously referred to as advanced ACH, which streamlines millions of payment transactions from SMBs and simplifies incoming payments at scale for suppliers. Supplier Payments Plus leverages BILL's expertise of unifying software and payments to solve a critical problem for suppliers, managing thousands of disparate weekly payments for millions of SMBs. With BILL, large suppliers can now do reconciliation at scale and convert the thousands of paper checks sent by their small business customers directly into faster digital payments with rich remittance data. This speeds the collection cycle and significantly reduces manual reconciliation efforts, which is much better for suppliers and for SMBs. This product will allow us to move from a flat fee ACH transaction paid by the buyer to an ad valorem fee paid by the supplier.

在第四季度，我們推出了 Supplier Payments Plus（以前稱為高級 ACH），它簡化了來自中小企業的數百萬筆支付交易，並簡化了供應商的大規模收款流程。Supplier Payments Plus 利用 BILL 在統一軟體和支付方面的專業知識來解決供應商的關鍵問題，為數百萬家中小企業管理每週數千筆不同的付款。借助 BILL，大型供應商現在可以大規模進行對賬，並將小型企業客戶發送的數千張紙本支票直接轉換為具有豐富匯款數據的更快的數位支付。這加快了收款週期並大大減少了手動核對工作量，對於供應商和中小企業來說都更好。該產品將使我們能夠從買方支付的固定費用 ACH 交易轉變為供應商支付的從價費用。

The value proposition resonates across industries with companies ranging from a national law firm to a global environmental and waste management company. Businesses are using Supplier Payments Plus to optimize their receivables from thousands of SMBs. In Q4, we delivered new products for midsize and complex businesses. Through the launch of BILL procurement, we have combined AP, AR spend in expense, procurement, and forecasting in a single intelligent platform, giving businesses control of their cash flow and one seamless experience. Our customers gain speed and control through automation and the power of integrated payments all in one place.

這項價值主張引起了各行各業的共鳴，從全國性律師事務所到全球性環境和廢棄物管理公司，不一而足。企業正在使用 Supplier Payments Plus 來優化來自數千家中小型企業的應收帳款。第四季度，我們為中型和複雜企業推出了新產品。透過推出 BILL 採購，我們將應付帳款、應收帳款支出、採購和預測整合到一個智慧平台中，讓企業能夠控制現金流並獲得無縫體驗。我們的客戶透過自動化和一站式整合支付功能獲得速度和控制力。

We also launched both payment capabilities, enhance our multi-entity workflows and introduced more solutions for businesses and accounts to embed, build APIs into their existing systems. So they can tell their financial workflows based on their preferences and unique needs. These APIs are part of our Embed 2.0 strategy. Overall, we continue to make strong progress on driving demand for our embedded products, which John will cover later. The BILL network consisting of our customers and suppliers they pay is the only one of its kind in our category, and it provides an unmatched advantage.

我們還推出了兩種支付功能，增強了我們的多實體工作流程，並為企業和帳戶引入了更多解決方案，以將 API 嵌入到他們的現有系統中。因此，他們可以根據自己的偏好和獨特需求來決定財務工作流程。這些 API 是我們 Embed 2.0 策略的一部分。總體而言，我們在推動嵌入式產品需求方面繼續取得強勁進展，John 稍後將對此進行介紹。由我們的客戶和他們付款的供應商組成的 BILL 網路是我們類別中唯一的網絡，它提供了無與倫比的優勢。

We recently hit a new milestone, surpassing 8 million members an increase of 18% from the previous year. As more businesses and suppliers join the BILL network, transactions get faster, more secure and more efficient. As our network has grown payment volume within the network has also increased. Today, 54% of payments on bill occur seamlessly between the payer and the receiver on our network, providing customers and suppliers with full visibility into both sides of the transaction and more options to choose payment methods that match their needs and preferences. As our network grows, our data advantage grows with it.

我們最近達到了一個新的里程碑，會員數量超過 800 萬，比前一年增長了 18%。隨著越來越多的企業和供應商加入 BILL 網絡，交易變得更快、更安全、更有效率。隨著我們網路的成長，網路內的支付量也增加了。如今，我們網路上 54% 的帳單支付在付款人和收款人之間無縫完成，為客戶和供應商提供了對交易雙方的全面了解，並提供了更多選擇符合其需求和偏好的支付方式的選項。隨著我們的網路不斷發展，我們的數據優勢也隨之增強。

Not only the scale of our data asset, but also the depth and richness of the intelligence and insights we have into the businesses that make up the SMB economy. It's this unique combination of scale and insights that positions BILL to win the category for intelligent financial operations. BILL is already a leader in delivering predictive and generative AI features to SMBs and accounts. Currently, more than 40,000 customers benefit from two or more AI features on our platform. More than 1.3 billion documents have been processed on Bill's platform.

不僅我們的資料資產規模龐大，而且我們對構成中小企業經濟的業務的情報和見解也具有深度和豐富性。正是這種規模和洞察力的獨特結合，使 BILL 贏得了智慧金融營運類別的冠軍。BILL 已經成為向中小型企業和客戶提供預測性和生成性 AI 功能的領導者。目前，已有超過 40,000 名客戶受益於我們平台上的兩項或多項 AI 功能。比爾的平台已經處理了超過 13 億份文件。

including nearly 500 million documents through our AI features and the bill intelligent virtual assistant. The scale and richness of our data provide a significant advantage in training our models to deliver new strategic finance capabilities and intelligence that SMBs can't access on their own or through other platforms. BILL is saving business is valuable time. Since the beginning of 2025, Bill's AI solution has increased the number of fully automated bills by 80%.

包括透過我們的人工智慧功能和帳單智慧虛擬助理處理的近 5 億份文件。我們的資料的規模和豐富性為訓練我們的模型提供了顯著優勢，從而提供中小企業無法自行或透過其他平台存取的新的策略財務能力和情報。BILL 正在為企業節省寶貴的時間。自2025年初以來，比爾的AI解決方案已使全自動帳單的數量增加了80％。

We are also increasing access to capital, which is critical to success of SMBs. In fiscal 2025, our AI features helped us to proactively identify when customers qualify for larger credit limits, enabling us to extend $200 million in proactive line increases for spend and expense customers. And BILL's AI-enabled fraud solutions protect the most important asset SMBs have, their cash. In FY25, our predictive AI solutions helped us stop over 8 million fraudulent attempts.

我們也正在增加資訊管道，這對於中小企業的成功至關重要。在 2025 財年，我們的 AI 功能可協助我們主動識別客戶何時有資格獲得更大的信用額度，使我們能夠為支出和費用客戶提供 2 億美元的主動信用額度增加。BILL 的人工智慧反詐騙解決方案可以保護中小企業最重要的資產——現金。在 25 財年，我們的預測性 AI 解決方案幫助我們阻止了超過 800 萬次詐騙企圖。

BILL's platform is proactive, predictive, and acts as the intelligence layer that powers financial operations across SMBs. We are investing in Agentic AI, building a new generation of intelligent agents that would deliver autonomous finance for SMBs and accelerate the shift from doing it with you to doing it for you. To be clear, we're not just adding agentic AI into workflows, we're eliminating the workflows themselves. Our first agents will transform how SMBs complete critical business tasks, paperwork, documentation, and onboarding vendors.

BILL 的平台具有主動性和預測性，可作為支援中小型企業財務營運的智慧層。我們正在投資 Agentic AI，打造新一代智慧代理，為中小企業提供自主融資，並加速從「與您一起做」到「為您做」的轉變。需要明確的是，我們不只是在工作流程中加入代理 AI，我們還在消除工作流程本身。我們的首批代理商將改變中小企業完成關鍵業務任務、文書工作、文件和入職供應商的方式。

We're also building new agents that provide additional security to keep money safe and flowing faster. We firmly believe our genic AI initiatives will further improve customer retention, accelerate multiproduct adoption and fuel customer acquisition as a result of the increased value we deliver. By the end of fiscal 2026, we expect the majority of customers will be using at least one build agent in addition to our AI solutions, extending BILL's leadership and delivering AI and strategic financial capabilities to SMBs. At BILL, we are shaping the future across all dimensions of financial operations for SMBs and carrying strong momentum into fiscal 2026 to deliver greater value to our customers, suppliers, partners and shareholders. Over the past year, we've added exceptional new talent to our executive team.

我們也正在建立新的代理，提供額外的安全保障，以確保資金安全並更快地流動。我們堅信，我們的基因人工智慧計畫將進一步提高客戶保留率，加速多產品採用，並透過我們提供的更高價值推動客戶獲取。到 2026 財年末，我們預計大多數客戶除了我們的 AI 解決方案之外還將使用至少一個構建代理，從而擴大 BILL 的領導地位並向中小型企業提供 AI 和戰略財務能力。在 BILL，我們正在塑造中小企業財務營運各個方面的未來，並保持強勁勢頭邁入 2026 財年，為我們的客戶、供應商、合作夥伴和股東創造更大的價值。在過去的一年裡，我們為管理團隊增添了傑出的新人才。

Most recently, we welcomed Rohini Jain as BILL's CFO. She is a standout global finance leader and has a strong track record for enabling growth and scaling top technology in Fortune 500 companies. We also added Michael Chery as EVP and GM of Software Solutions in the fourth quarter. Mike, combined with Mary Kay Bowman, EVP and GM of Payments and Financial Services, completes our team to align the strategy and execution around software and payments. In closing, we're operating at massive scale.

最近，我們歡迎 Rohini Jain 擔任 BILL 的財務長。她是一位傑出的全球金融領袖，在推動財富 500 強企業成長和擴展頂尖技術方面有著良好的記錄。我們也在第四季任命 Michael Chery 為軟體解決方案執行副總裁兼總經理。Mike 與支付和金融服務執行副總裁兼總經理 Mary Kay Bowman 共同組成了我們的團隊，以協調圍繞軟體和支付的策略和執行。最後，我們正在大規模運作。

More than 1% of U.S. GDP flows through our platform annually. That's a staggering number, and it's a reflection of the trust our customers and suppliers place in us to move their money, automate their workflows and give them visibility and control over their financial operations. And with BILL's network, we have built one of the most comprehensive and real-time financial maps of the SMB economy. We continue to leverage our scale and customer interactions to develop groundbreaking innovations.

每年有超過 1% 的美國 GDP 透過我們的平台流動。這是一個驚人的數字，它反映了我們的客戶和供應商對我們的信任，相信我們能轉移他們的資金，自動化他們的工作流程，並讓他們能夠清楚地了解和控制他們的財務運作。透過 BILL 的網絡，我們建構了中小企業經濟最全面、最即時的財務地圖之一。我們將繼續利用我們的規模和客戶互動來開發突破性的創新。

We're excited to simplify the lives of SMBs and accountants by harnessing the power of AI. We see a future where every business, regardless of size, has access to a strategic finance function from anywhere on any device. We believe our focus on serving the Fortune 5 million with our intelligent finance platform will enable them to move at the speed of business.

我們很高興能夠利用人工智慧的力量來簡化中小企業和會計師的生活。我們看到未來每家企業，無論規模大小，都可以透過任何設備在任何地方存取戰略財務功能。我們相信，我們專注於透過智慧金融平台為財富 500 萬人提供服務，這將使他們能夠跟上業務的發展速度。

I'll now turn it over to John to share more on our fiscal 2025 performance and our key initiatives for fiscal 2026.

現在我將把時間交給約翰，讓他進一步分享我們 2025 財年的表現以及 2026 財年的主要舉措。

Thanks, Rene. I've recently taken on the role of President and COO, and I'm energized to help scale our next chapter. I'll start with an update on fiscal 2025 progress against our priorities and then cover our fiscal 2026 focus areas. During fiscal 2025, we made great progress executing on our strategy to be the intelligent financial operations platform for SMBs. Throughout the year, we strategically invested to strengthen our core business and build the foundation for future growth.

謝謝，雷內。我最近擔任了總裁兼營運長一職，我充滿活力，能夠幫助我們開啟新的篇章。我將首先根據我們的優先事項介紹 2025 財年的進展情況，然後介紹 2026 財年的重點領域。在2025財年，我們在實施成為中小企業智慧財務營運平台的策略方面取得了巨大進展。全年我們進行了策略性投資，以加強我們的核心業務並為未來的成長奠定基礎。

I'll provide a few examples of our key accomplishments during the year. Payments are an integral part of our growth strategy. And in fiscal 2025, we rolled out our local transfer experience to over 30 countries. The improved payment speed resonated with customers, and we quickly drove strong adoption. In Q4, over 10,000 customers use this solution accounting for approximately half of our international payment FX volume.

我將提供一些我們今年取得的主要成就的例子。支付是我們成長策略不可或缺的一部分。在 2025 財年，我們將本地轉帳體驗推廣到 30 多個國家。支付速度的提高引起了客戶的共鳴，我們很快就推動了廣泛採用。第四季度，超過 10,000 名客戶使用該解決方案，約占我們國際支付外匯量的一半。

In addition, during fiscal 2025, we significantly grew the adoption of our BILL Debit Card among AP customers with volume increasing nearly 600% compared to fiscal 2024. On the supplier experience front, we launched Supplier Payments Plus in June, and we have already received strong positive feedback from large suppliers with significant SMB transaction volume. The solution streamlines the complex cash application process, and we believe this product can create meaningful transaction revenue as it scales among the largest suppliers in our network. Turning to the accounting channel. We delivered an upgraded console that provides accountants with deeper insights into the financial health of their clients.

此外，在 2025 財年，我們的 BILL 金融卡在 AP 客戶中的採用率顯著增加，與 2024 財年相比，使用量增加了近 600%。在供應商體驗方面，我們在 6 月推出了 Supplier Payments Plus，並且已經收到了來自中小企業交易量較大的大型供應商的強烈正面回饋。該解決方案簡化了複雜的現金應用流程，我們相信，隨著該產品在我們網路中最大的供應商之間擴展，它可以創造有意義的交易收入。轉向會計管道。我們提供了升級的控制台，讓會計師更深入了解客戶的財務狀況。

Our product enhancements and expanded sales coverage for accountants contributed to a 24% year-over-year increase in net new customer adds from the accounting channel. In fiscal 2025, we also achieved new milestones with our Embed 2.0 strategy. As the solution went live, we built out new features, and we refined our partner sales motion. We recently signed a strategic Embed partnership with a Fortune 500 software company that underscores our Embed opportunity. We'll share more details about this partnership as we get closer to launch.

我們對會計產品的改進和擴大的銷售覆蓋範圍促使會計管道淨新增客戶數量年增 24%。2025財年，我們也憑藉Embed 2.0策略實現了新的里程碑。隨著解決方案的上線，我們建立了新的功能，並完善了合作夥伴的銷售計劃。我們最近與一家財富 500 強軟體公司簽署了 Embed 策略合作夥伴關係，這凸顯了我們的 Embed 機會。隨著發布日期的臨近，我們將分享有關此次合作的更多細節。

We believe there is a large market for software companies interested in deploying our embedded finance solutions to support the financial operations needs of their clients. And over the long term, this could collectively translate into tens of thousands of lower mid-market businesses and hundreds of thousands of small businesses using our embedded products. The progress we made against our ambitious fiscal 2025 goals has improved the strength of our business and created strong momentum in the market for Bill. Shifting to our strategic priorities for fiscal 2026. We are starting the year with significant momentum.

我們相信，對於有興趣部署我們的嵌入式財務解決方案來支援其客戶的財務營運需求的軟體公司來說，這是一個巨大的市場。從長遠來看，這可能意味著數以萬計的中低端市場企業和數十萬的小型企業將使用我們的嵌入式產品。我們在實現雄心勃勃的 2025 財年目標方面所取得的進展增強了我們的業務實力，並為 Bill 在市場上創造了強勁的發展勢頭。轉向 2026 財年的策略重點。我們以強勁的勢頭開啟了新的一年。

We are focused on the following 3 strategic priorities. First is to drive growth from our integrated platform, which includes our AP/AR and Spend & Expense solutions; second is to expand our addressable market; and third, is to innovate with AI to drive a step function change in the value of our platform for SMBs. For each of these priorities, we are focused on executing with speed, driving tangible results and have defined clear metrics to measure our progress. Now let's dive into each of these priorities. First, to drive growth from our integrated platform, we have prioritized the following 3 foundational building blocks, front-end modernization, product-led cross-sell and ad valorem expansion.

我們將重點放在以下三個戰略重點。首先是透過我們的整合平台推動成長，該平台包括我們的應付帳款/應收帳款和支出與費用解決方案；其次是擴大我們的潛在市場；第三，透過人工智慧進行創新，推動我們平台對中小企業的價值發生階躍式變化。對於每一個優先事項，我們都專注於快速執行、推動實際成果，並制定了明確的指標來衡量我們的進展。現在讓我們深入探討一下每個優先事項。首先，為了推動我們整合平台的成長，我們優先考慮以下三個基礎建構模組：前端現代化、產品主導的交叉銷售和從價擴展。

We are accelerating efforts to modernize RUI to make it easier for SMBs to onboard efficiently and self-serve, which we believe will drive increased velocity of net new customer adds through higher conversion and retention. In addition, we are creating a more unified and intuitive experience that makes it easier for existing AP/AR customers to discover, adopt and benefit from our Spend & Expense solution. With tens of thousands of existing built customers who are great candidates for our Spend & Expense product, we believe these product improvements will enable significant expansion of multiproduct adoption by our customers. Another building block that supports growing usage of our integrated platform is the expansion of our payment portfolio. ACH and check collectively represent over $270 billion or 85% of our annual payment volume.

我們正在加快步伐實現 RUI 的現代化，以便中小企業能夠更有效率地加入並自助服務，我們相信這將透過更高的轉換率和保留率來提高淨新客戶增加的速度。此外，我們正在創造一種更統一和直觀的體驗，使現有的 AP/AR 客戶更容易發現、採用和受益於我們的支出和費用解決方案。我們現有的數以萬計的客戶都是我們的 Spend & Expense 產品的優秀候選人，我們相信這些產品改進將顯著擴大客戶對多產品的採用。支援我們整合平台使用率不斷提高的另一個基石是擴展我們的支付組合。ACH 和支票總計占我們年度支付額的 2,700 多億美元，占我們年度支付額的 85%。

We now have a broader portfolio of ad valorem offerings to address this opportunity. One that we're particularly excited about is Supplier Payments Plus. We are leveraging the launch momentum and positive feedback to double down on accelerating adoption of Supplier Payments Plus in the current fiscal year, which we expect, combined with the rest of our payment portfolio will accelerate ad valorem penetration. For our second priority of expanding our addressable market, we are focused on increasing adoption among mid-market businesses and scaling our Embed 2.0 solution. The depth of our advanced workflows and payment solutions have consistently resonated with upmarket businesses.

我們現在擁有更廣泛的從價產品組合來抓住這個機會。我們特別興奮的是供應商付款加 (Supplier Payments Plus)。我們正在利用發布的勢頭和積極的反饋，在本財年加倍加速採用供應商支付 Plus，我們預計，結合我們其他的支付組合，這將加速從價稅的滲透。對於擴大目標市場的第二個優先事項，我們專注於提高中型企業的應用並擴展我們的 Embed 2.0 解決方案。我們先進的工作流程和支付解決方案的深度一直與高端企業產生共鳴。

What began as an organic pull-up market is now a dedicated mid-market focus for Bill. In fiscal 2025, mid-market customer growth outpaced our overall bill AP/AR customer growth by 5 points, and this is just the beginning. There are approximately 300,000 mid-market businesses in the U.S., representing a very large opportunity for BILL in-market customers on our platform have 2x more TPB than the average SMB and twice as many users on our platform. In fiscal 2026, we will be enabling new capabilities to help global businesses using our AP and spend and expense solutions to easily manage financial operations. We are focused on simplifying the management of international subsidiaries and enabling global teams to spend smarter through our spend and expense solution.

最初作為有機拉拉市場，現在已成為比爾專注的中端市場。在 2025 財年，中型市場客戶成長速度比我們的整體應付帳款/應收帳款客戶成長速度高出 5 個百分點，而這只是個開始。美國大約有 30 萬家中型企業，這對我們平台上的 BILL 市場客戶來說是一個巨大的機會，他們的 TPB 比普通 SMB 多 2 倍，平台用戶數量是普通 SMB 的兩倍。在 2026 財年，我們將啟用新功能，協助全球企業使用我們的 AP 和支出及費用解決方案輕鬆管理財務營運。我們致力於簡化國際子公司的管理，並透過我們的支出和費用解決方案使全球團隊能夠更明智地支出。

We believe this focus on capabilities for larger customers will increase customer growth from the mid-market segment and overall TPV per customer for BILL. The second lever to support expanding our addressable market is the next phase of our Embed 2.0 strategy. We believe this solution can accelerate market penetration across multiple software verticals and SMB segments. Our progress here will be evaluated based on increasing market penetration as well as conversion of our embed partner pipeline. For our third strategic priority around AI, we couldn't be more excited about the momentum we have entering fiscal 2026.

我們相信，專注於為大客戶提供服務將會增加中端市場的客戶成長以及 BILL 的每位客戶的整體 TPV。支持擴大我們目標市場的第二個槓桿是我們 Embed 2.0 策略的下一階段。我們相信該解決方案可以加速多個軟體垂直領域和 SMB 領域的市場滲透。我們將根據不斷增加的市場滲透率以及嵌入式合作夥伴通路的轉換率來評估我們的進展。對於我們圍繞人工智慧的第三個戰略重點，我們對進入 2026 財年的勢頭感到無比興奮。

We are building innovative AI solutions to not only transform our platform but also disrupt the entire market for SMBs. AI has been an important part of BILL's advanced features for years, and we are seeing real traction with our AI capabilities generating tangible value for customers. This year, we will be leveraging the new AI infrastructure we delivered in fiscal 2025 to rapidly introduce finance agents for key workflows in our platform. With BILL finance agents, SMB can skip step-by-step automations to directly accomplish tasks while staying informed. As we introduce new agents, we will be focused on driving adoption across our customers and partners.

我們正在建立創新的人工智慧解決方案，不僅要改變我們的平台，還要顛覆整個中小企業市場。多年來，人工智慧一直是 BILL 先進功能的重要組成部分，我們看到我們的人工智慧功能正在為客戶創造實際的價值。今年，我們將利用 2025 財年交付的全新 AI 基礎設施，快速引入財務代理來執行我們平台的關鍵工作流程。透過 BILL 財務代理，中小企業可以跳過逐步的自動化流程，直接完成任務，同時隨時了解情況。當我們引入新代理商時，我們將專注於推動客戶和合作夥伴的採用。

With these strategic initiatives in fiscal 2026 we are positioning ourselves to accelerate our market penetration and drive greater product adoption among SMBs and their suppliers to enable us to capture the growth upside as macro recovers. I'm excited to officially welcome Rohini Jain as our new CFO. Having built and led high-performance teams in large multinational companies, she has seen firsthand what it takes to support growth at this stage. Her experience and perspective are critical and I look forward to working closely together as we build the next phase of Bill.

透過 2026 財年的這些策略舉措，我們將加速市場滲透，推動中小企業及其供應商更多地採用產品，從而使我們能夠在宏觀經濟復甦時抓住成長機會。我很高興正式歡迎 Rohini Jain 擔任我們的新任財務長。她在大型跨國公司組建並領導了高績效團隊，親眼目睹了在這一階段支持成長需要什麼。她的經驗和觀點至關重要，我期待在我們共同建立比爾的下一階段時密切合作。

I'll hand it over to Rohini to cover details of our financial performance and outlook for fiscal 2026.

我將把時間交給羅希尼 (Rohini)，介紹我們的財務表現和 2026 財年的前景。

Thank you, John, for your kind words. I'm truly excited to be joining the team at such a defining moment in BILL's journey as we work together to shape the company's transformation from a $1.5 billion revenue business into a thriving multibillion-dollar enterprise. Our commitment to leveling the playing field for the SMBs resonates deeply with me. Equally important, BILL has always had a culture of transparency and accountability, which strongly aligns with my values. I'm committed to carrying this forward through a simple but effective communication of our results, outlook and progress against our strategic priorities as we drive growth and shareholder value.

謝謝你，約翰，謝謝你的善意。我真的很高興能夠在 BILL 發展歷程中如此關鍵的時刻加入這個團隊，我們將共同努力，推動公司從一家營收 15 億美元的企業轉型為一家蓬勃發展的價值數十億美元的企業。我們致力於為中小企業提供公平的競爭環境，這引起了我的強烈共鳴。同樣重要的是，BILL 一直具有透明和負責的文化，這與我的價值觀非常一致。我致力於透過簡單但有效地傳達我們的成果、前景和進展，以符合我們的策略重點，推動成長和股東價值。

With these in mind, let's dive into our financial highlights. There are additional details in the supplemental section of our Q4 '25 investor deck, which can be found on the Investor Relations section of our website. In fiscal year '25, we achieved strong growth and margin expansion over delivering on the commitments that we had set out at the beginning of the year. Our core revenue grew 16% year-over-year despite headwinds from card acceptance and a muted spend environment. With disciplined management of investment dollars and portfolio efficiencies, we were able to fund and execute on our AI platform while exceeding the top end of our initial guidance for non-GAAP operating income by 23% or $45 million.

考慮到這些，讓我們深入了解財務亮點。我們的 2025 年第四季度投資者報告的補充部分中有更多詳細信息，您可以在我們網站的投資者關係部分找到。在25財年，我們實現了強勁的成長和利潤率的擴大，超出了我們在年初做出的承諾。儘管面臨信用卡接受度和消費環境低迷的阻力，我們的核心收入仍年增 16%。透過對投資資金和投資組合效率的嚴格管理，我們能夠在我們的人工智慧平台上進行融資和執行，同時超越我們最初非公認會計準則營業收入的最高預期 23% 或 4500 萬美元。

For the full year, we generated $240 million in non-GAAP operating income and improved our explore profitability. Non-GAAP operating margin explode expanded 345 basis points year-over-year. We delivered solid Q4 results, extending our track record of doing what we say. We accelerated core revenue growth to 15% year-over-year, landing at $346 million, exceeding the high end of our guidance. We delivered $56.4 million in non-GAAP operating income, 17% more than the top end of our guidance provided 1 quarter ago.

全年我們實現了 2.4 億美元的非公認會計準則營業收入，並提高了我們的探索獲利能力。非公認會計準則營業利益率較去年同期大幅擴大 345 個基點。我們取得了穩健的第四季業績，延續了我們言出必行的良好記錄。我們的核心收入年增 15%，達到 3.46 億美元，超過了我們預期的最高水準。我們實現了 5,640 萬美元的非公認會計準則營業收入，比一個季度前給出的最高預期高出 17%。

Moving on to some key highlights on our Q4 revenue performance. With our integrated platform, annual revenue growth for BILL AP/AR accelerated 3 points sequentially to 13%, primarily driven by transaction revenue strength. BILL AP/AR transaction revenue grew 15% year-over-year in Q4. Total payment volume came in strong and grew 13% year-over-year. In Q4, customers across different sizes increased their spend on the same-store sales basis by 4%.

接下來介紹我們第四季營收表現的一些關鍵亮點。憑藉我們的整合平台，BILL AP/AR 的年收入成長連續加速 3 個百分點至 13%，這主要得益於交易收入的強勁成長。第四季度，BILL AP/AR 交易收入年增 15%。總支付量表現強勁，較去年同期成長 13%。第四季度，不同規模的顧客同店銷售額支出均增加了 4%。

AP/AR monetization beat our forecast, primarily driven by strong adoption of our emerging ad valorem products and supported by the price increases on ACH and check as we continue to align pricing with customer value. The strong value proposition of our platform resonates with SMBs. In Q4, we accelerated market penetration, adding 4,700 net new build APAR customers, up from 4,200 in Q3. Our net revenue retention rate, inclusive of financial institutions, came in at 94%, reflecting the lower B2B spend environment during fiscal '25 and continued supplier cost sensitivity towards payment acceptance. Annual customer retention, however, remained very healthy at 86%, underscoring the value and stickiness of our platform.

AP/AR 貨幣化超出了我們的預期，主要原因是我們新興的從價稅產品的廣泛採用，以及由於我們繼續根據客戶價值調整定價，ACH 和支票的價格上漲。我們平台的強大價值主張引起了中小企業的共鳴。第四季度，我們加速了市場滲透，新增 4,700 個淨 APAR 客戶，高於第三季的 4,200 個。我們的淨收入保留率（包括金融機構）達到 94%，這反映了 25 財年 B2B 支出環境較低以及供應商對付款接受的成本敏感性持續存在。然而，年度客戶保留率仍然保持在 86% 的良好水平，凸顯了我們平台的價值和黏性。

Also within our integrated platform, BILL Spend & Expense sustained strong growth while delivering an improved contribution margin. Revenue totaled $151 million in Q4, up 19% year-over-year, driven by 22% card payment volume growth. On the go-to-market front, we continue to increase focus on businesses with higher capacity to spend. This led to a 5 basis points year-over-year increase in rewards as a percentage of card payment volume. Offsetting this, we significantly reduced credit and fraud losses by 14 basis points in Q4 compared to a year ago.

此外，在我們的整合平台內，BILL Spend & Expense 保持強勁成長，同時提高了貢獻利潤率。第四季總營收達到 1.51 億美元，年增 19%，這得益於信用卡支付量成長 22%。在市場進入方面，我們持續加大對具有較高消費能力的企業的關注。這導致獎勵佔信用卡支付額的百分比比去年同期增加了 5 個基點。與此相抵銷的是，與去年同期相比，我們在第四季大幅減少了 14 個基點的信貸和詐欺損失。

Our portfolio approach is working. On the software side, we are seeing increased multiproduct adoption across our customer base, which continues to be one of the key opportunities for growth. Joint customers using both BILL AP/AR and Spend & Expense grew nearly 40% to 15,800 by year-end '25. Our diverse payment portfolio remains a key growth driver. Spend & Expense continues to scale while our emerging ad balloon products, which consist of a buy cards, invoice financing, Instant Transfer and InstaPay grew year-over-year.

我們的投資組合方法正在發揮作用。在軟體方面，我們看到客戶群中多產品採用率的增加，這仍然是成長的關鍵機會之一。到 2025 年底，同時使用 BILL AP/AR 和 Spend & Expense 的聯合客戶數量增加了近 40%，達到 15,800 家。我們多樣化的支付組合仍然是主要的成長動力。Spend & Expense 持續擴大規模，而我們新興的廣告氣球產品（包括購買卡、發票融資、即時轉帳和 InstaPay）則逐年成長。

At the company level, overall ad valorem penetration ex FI increased to 14.3% in Q4, up from 13.8% a year ago. Turning to profitability. In Q4, we outperformed on all key metrics. Our non-GAAP net income exceeded the high end of guidance, reflying discipline in managing investments and benefits from leveraging AI and risk management. In Q4, we also reallocated resources to AI as we prepare to launch a suite of agents in the next few months.

從公司層級來看，第四季金融機構整體從價稅滲透率從一年前的 13.8% 上升至 14.3%。轉向盈利能力。在第四季度，我們在所有關鍵指標上均表現出色。我們的非公認會計準則淨收入超過了預期上限，這反映了管理投資的紀律以及利用人工智慧和風險管理的好處。在第四季度，我們也將資源重新分配給人工智慧，準備在未來幾個月推出一套代理。

Before providing detailed guidance, I want to outline our assumptions on overall customer spend and take rate for the year. Given external uncertainty, we are being prudent and assuming flat volume per customer year-over-year across the portfolio. In BILL AP/AR, we expect similar level of take rate expansion as we did in fiscal '25. We expect spend and expense take rate to be at lower end of our previously stated range of 250 to 260 basis points for fiscal '26. As we execute to accelerate growth, we are sharpening our focus on creating efficiency and driving cost optimization.

在提供詳細指導之前，我想先概述我們對今年整體客戶支出和接受率的假設。鑑於外部的不確定性，我們採取謹慎態度，假設整個投資組合中每個客戶的交易量比去年同期持平。在 BILL AP/AR 中，我們預期利率擴張水準與 25 財年類似。我們預計，26 財年的支出和費用收取率將處於我們先前所述的 250 至 260 個基點的低端。在我們實施加速成長的過程中，我們更加重視提高效率和推動成本優化。

Our fiscal '26 profitability guidance reflects a disciplined approach incorporating continued expense management and further structural efficiencies. Our confidence in SMB spending improves and our initiatives start to accelerate growth, we will adjust investment levels to capture additional growth opportunities. Now turning to guidance. For fiscal Q1 '26, we expect total revenue to be in the range of $385 million to $395 million, and core revenue to be in the range of $348 million to $358 million, reflecting 11% to 14% year-over-year growth. Note that Q1 will be the last quarter before we fully lap the impact of a major online advertising platforms changed to its payment acceptance policy.

我們對 26 財年的獲利預測反映了一種嚴謹的方法，包括持續的費用管理和進一步的結構效率。我們對中小企業支出的信心增強，我們的舉措開始加速成長，我們將調整投資水準以抓住更多的成長機會。現在轉向指導。對於 2026 財年第一季度，我們預計總營收將在 3.85 億美元至 3.95 億美元之間，核心營收將在 3.48 億美元至 3.58 億美元之間，年增 11% 至 14%。請注意，第一季將是我們全面了解大型線上廣告平台改變其支付接受政策的影響之前的最後一個季度。

On the bottom line for Q1, we expect to report non-GAAP operating income in the range of $53.5 million to $58.5 million. We expect non-GAAP net income in the range of $56.5 million to $60.5 million and non-GAAP EPS to be between $0.49 to $0.52. Shifting to full year guidance. For fiscal 2016, we expect total revenue to be in the range of $1.59 billion to $1.63 billion, which reflects 9% to 11% year-over-year growth. This guidance contemplates approximately 160 basis points impact from float revenue, implying core revenue range of $1.45 billion to $1.49 billion or 12% to 15%.

就第一季的底線而言，我們預計非 GAAP 營業收入將在 5,350 萬美元至 5,850 萬美元之間。我們預計非公認會計準則淨利潤將在 5,650 萬美元至 6,050 萬美元之間，非公認會計準則每股收益將在 0.49 美元至 0.52 美元之間。已調整為全年業績預期。對於 2016 財年，我們預計總營收將在 15.9 億美元至 16.3 億美元之間，年增 9% 至 11%。該指引考慮了浮動收入約 160 個基點的影響，這意味著核心收入範圍為 14.5 億美元至 14.9 億美元，即 12% 至 15%。

In the latter half of the year, we anticipate growth to improve, driven by our key initiatives and lapping of the full impact from the payment acceptance headwind I mentioned earlier. Turning to the bottom line. For fiscal '26, we expect to report non-GAAP operating income in the range of $240 million to $270 million, which represents a 15% to 17% range in non-GAAP operating margin. This implies an exploit operating margin expansion of approximately 190 basis points at the midpoint. We expect non-GAAP net income in the range of $236 million to $260 million and non-GAAP EPS to be between $2 to $2.20.

在下半年，我們預計成長將會改善，這得益於我們的關鍵舉措以及我之前提到的支付接受逆風的全部影響。回到底線。對於 26 財年，我們預計非 GAAP 營業收入將在 2.4 億美元至 2.7 億美元之間，這意味著非 GAAP 營業利潤率將在 15% 至 17% 之間。這意味著中間點的營業利潤率將擴大約 190 個基點。我們預計非 GAAP 淨收入將在 2.36 億美元至 2.6 億美元之間，非 GAAP 每股收益將在 2 美元至 2.20 美元之間。

For fiscal '26, we expect stock-based compensation expenses to be approximately $290 million, as the company matures, we are enhancing our focus on GAAP profitability. In that regard, together with our Board, we have extensively reviewed our stock-based compensation, inclusive of executive compensation. As a first step, our fiscal '26 plan incorporates a significant reduction in grant value with a tighter eligibility criteria and shorter vesting periods for fiscal '26 compared to prior years. These changes will reduce dilution impact and continue to drive meaningful benefits in the future years as stock-based compensation expenses related to prior grants wind down. Moving on to the balance sheet.

對於 26 財年，我們預計股票薪酬支出約為 2.9 億美元，隨著公司的發展，我們將更加關注 GAAP 獲利能力。在這方面，我們與董事會一起廣泛審查了我們的股票薪酬，包括高階主管薪酬。作為第一步，與前幾年相比，我們的 26 財年計畫大幅降低了贈款價值，並制定了更嚴格的資格標準和更短的歸屬期。這些變化將減少稀釋的影響，並隨著與先前授予相關的股票薪酬費用的減少，在未來幾年繼續帶來有意義的收益。繼續討論資產負債表。

We are well capitalized, which gives us the flexibility to deploy cash through a holistic investment framework. This framework has two priorities: Making accretive investments in the business to reaccelerate profitable growth and returning value to the shareholders. We are putting investments behind the key priorities that John outlined earlier. For each of these priorities, we have clear metrics that anchor our execution. We commit to providing regular updates on these leading performance indicators so that our shareholders can have visibility into our progress.

我們的資本充足，這使我們能夠透過整體投資框架靈活地部署現金。該框架有兩個優先事項：對業務進行增值投資以重新加速獲利成長並為股東帶來價值回報。我們正在對約翰先前概述的關鍵優先事項進行投資。對於每一個優先事項，我們都有明確的指標來支持我們的執行。我們承諾定期更新這些領先的績效指標，以便我們的股東能夠了解我們的進展。

and measure the effectiveness of our investments. During Q4 '25 and earlier this quarter, we repurchased a total of $100 million of our stock. We see buybacks as a disciplined investment, one that at current valuations provides compelling returns. We are reinventing financial operations for millions of SMBs, and we believe the exceptional customer value will translate to significantly greater value for BILL. Reflecting this conviction, the Board has approved a new share repurchase plan, we intend to execute up to $300 million in share repurchases in this fiscal year.

並衡量我們投資的有效性。在 2025 年第四季及本季早些時候，我們回購了總計 1 億美元的股票。我們認為回購是一種有紀律的投資，以目前的估值可以提供令人信服的回報。我們正在為數百萬中小企業重塑財務運營，我們相信卓越的客戶價值將轉化為 BILL 的更大價值。基於這項信念，董事會批准了一項新的股票回購計劃，我們打算在本財年執行高達 3 億美元的股票回購。

The impact of this repurchase is not contemplated in our guidance. In closing, we delivered another year of balanced growth and profitability while continuing to invest in the future. We expanded the breadth and depth of our platform and strengthened our distribution ecosystem. Looking ahead, our focus remains on scaling BILL into a much larger and more profitable business. I'm excited about the long-term potential of our company.

我們的指導方針中並未考慮此次回購的影響。最後，我們在繼續投資未來的同時，又實現了平衡成長和獲利的一年。我們拓展了平台的廣度和深度，並加強了分銷生態系統。展望未來，我們的重點仍是將 BILL 擴大為規模更大、利潤更高的業務。我對我們公司的長期潛力感到興奮。

We are not only operating in the category we created but reinventing it to bring greater ease and intelligence to millions of SMBs.

我們不僅在我們所創建的類別中運營，而且還對其進行了重塑，為數百萬中小企業帶來更大的便利和智慧。

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

現在我們開始問答環節。

(Operator Instructions) Tien-Tsin Huang, JPMorgan.

（操作員指令）Tien-Tsin Huang，摩根大通。

I want to ask first on the -- just on the revenue outlook here that assumes stable core growth at the high end versus the exit rate here in fiscal '25. So I'm just curious, what are the key factors that would drive any deceleration to the midpoint? And I'd love to hear what is holding the company back from achieving the core revenue growth acceleration that you guys were excited about early in the year.

我想先問一下——這裡的營收前景假設高端核心成長穩定，而 25 財年的退出率則為穩定。所以我很好奇，導致減速至中點的關鍵因素是什麼？我很想聽聽是什麼阻礙了公司實現年初你們所興奮的核心收入成長加速。

I appreciate the question. So let me start first and then Rohini can add some comments as well. First and foremost, let me just step back and just talk about -- there's a lot of static on this line. Sorry, I just want to make sure folks can hear okay before I give this answer.

我很感謝你提出這個問題。那麼，讓我先開始，然後羅希尼也可以添加一些評論。首先，讓我先退一步談談──這條線路上有很多靜電幹擾。抱歉，我只是想確保大家在回答之前能夠聽清楚。

Tien-Tsin, since you're on the call, can you hear me okay? And if you can, then I'll --

Tien-Tsin，既然你正在通話中，你能聽到我說話嗎？如果你能的話，我會--

Yeah, I can hear you. Let me mute on my side just in case, Rene. Sorry about that.

是的，我聽得到你的聲音。為了以防萬一，讓我把這邊靜音，雷內。很抱歉。

So anyways, I think the thing that gives us a lot of confidence and ability to be able to drive growth -- this is distracting, sorry. So the confidence and ability to drive growth really goes back to the foundational elements we built into the company and the product and the platform. And so when we think about what we were able to do this year, we drove a lot of good growth and strength across mid-market, across account, across the supplier, network capabilities across our payment engines and across the embedded capabilities. The agentic capabilities that we're adding are something that also gives us confidence. And so when we step back and look at the opportunity and believe to be able to drive growth and acceleration in business, it comes back to the foundational elements that we have and the opportunities that we have based on the years of building the platform across the last few decades.

所以無論如何，我認為這給了我們很大的信心和能力來推動成長——這很分散我們的注意力，抱歉。因此，推動成長的信心和能力實際上可以歸結為我們在公司、產品和平台中建立的基礎要素。因此，當我們思考今年我們能夠做什麼時，我們在中端市場、帳戶、供應商、支付引擎的網路功能以及嵌入式功能方面都實現了良好的成長和實力。我們正在添加的代理能力也給了我們信心。因此，當我們退後一步，審視機遇，並相信能夠推動業務成長和加速時，它又回到了我們所擁有的基礎要素以及我們在過去幾十年構建平台的過程中所擁有的機會。

So I think the opportunity really comes back to a tremendous amount of driving forward across the success that we've had. So we're going to -- can you just turn the volume off here? Sorry, sorry, everybody. It's quite distracting. Okay.

因此，我認為機會確實來自於我們憑藉已經取得的成功而不斷向前邁進的巨大動力。所以我們要──你能把這裡的音量關掉嗎？對不起，對不起各位。這確實讓人分心。好的。

So I think that's better. I think with that I'd like to have Rohini just discuss kind of the guide and how we're thinking about growth in the coming year and the factors affecting that.

所以我認為這樣更好。我想讓羅希尼討論一下指南，以及我們如何考慮來年的成長以及影響成長的因素。

Yeah, absolutely. One of the things I want to start with is we had a strong Q4. There were some strong spend -- we had some strong spend trends that we saw in Q4, especially on our international payments volume as well as the AP card adoption, which we are very excited about. But as we go into Q1 and the rest of the year, we -- our hypothesis was a Q4 strength.

是的，絕對是如此。首先我想說的是，我們的第四季表現強勁。有一些強勁的支出——我們在第四季度看到了一些強勁的支出趨勢，特別是我們的國際支付量以及 AP 卡的採用，我們對此感到非常興奮。但隨著我們進入第一季和今年剩餘時間，我們的假設是第四季度表現強勁。

A part of that was driven by some of the spend pull-in with the SMBs as they were starting to expect some of the tariff headwinds start to hit in fiscal year Q1 for us. So with that, we are being prudent and strong to estimate slightly lower TPV level for AP/AR. Similarly, as I mentioned in the F&E take rate side, over the last year, we've seen slight deceleration on the take rates. That's really a result of the portfolio mix that SME has. Last year, our TPV remained really strong and grew at 21% on F&E, but the take rate was a little bit impacted by the portfolio looks mix. As we extrapolate that into next year, we expect some of the advertising and the T&E spend that is a higher take rate, having to change a part of our portfolio to be under some pressure. As the tariff impact on the SMEs become real.

部分原因是由於中小企業開始預期我們在第一季第一季將面臨一些關稅阻力，因此他們開始增加支出。因此，我們謹慎而堅定地估計 AP/AR 的 TPV 水平會略低。同樣，正如我在 F&E 收取率方面提到的那樣，在過去的一年裡，我們看到收取率略有下降。這其實是中小企業投資組合的結果。去年，我們的 TPV 保持強勁，F&E 成長了 21%，但接受率受到投資組合組合的一點影響。當我們將其推斷到明年時，我們預計部分廣告和差旅與費用支出的收取率會更高，因此必須改變部分投資組合，從而承受一些壓力。隨著關稅對中小企業的影響變得真實。

They have finite wallet sizes. And as they're trying to accommodate the tariffs in their wallet, their spend on some of these discretionary areas starts to reduce. So those are the two key factors that are impacting us. But overall, we are super excited about all these things that we can control and what we are doing. And John talked a lot about that in his script, the three key priorities, again, to remind you: continuing to drive value from the integrated platform, expanding the market as we go up market as well as last, not the least, innovating with AI, where we expect to increase over time the subscription product portfolio.

他們的錢包容量有限。當他們試圖在錢包中容納關稅時，他們在一些可自由支配領域的支出開始減少。所以這是影響我們的兩個關鍵因素。但總的來說，我們對所有這些我們能夠控制的事情以及我們正在做的事情感到非常興奮。約翰在他的演講稿中多次談到了這一點，再次提醒大家三個關鍵優先事項：繼續從整合平台推動價值，隨著我們進入高端市場而擴大市場，最後但並非最不重要的是利用人工智慧進行創新，我們預計隨著時間的推移會增加訂閱產品組合。

So hopefully, that helps answer your question.

希望這有助於回答您的問題。

I'll be quick in case the line is bad on my side. Just, Rohini, for you, welcome to the call, of course. I just wanted to maybe get your early impressions. You've been here for a little bit at BILL. What have you learned about the company? Any surprises?

我會很快回复，以防我這邊的線路不好。羅希尼，當然，歡迎你來電。我只是想了解你的初步印象。您在 BILL 已經待了一段時間了。你對這家公司了解多少？有什麼驚喜嗎？

And I'd love to hear if you might do anything differently on the investor relations front including your approach to guidance.

我很想知道您是否會在投資者關係方面採取不同的做法，包括您的指導方法。

Yeah, absolutely. I love that question. And I've been for the last six to seven weeks of being here have been thinking deeply about this. One of the things that I feel most excited about is the product itself. The products we have are very sticky, really strong, customers love it, and make for a really strong business model and a resilient business model, which I'm very excited about.

是的，絕對是如此。我喜歡這個問題。我在這裡的過去六到七週一直在深入思考這個問題。最讓我興奮的事情之一就是產品本身。我們的產品非常具有黏性，非常強大，客戶喜歡它，並且形成了一個非常強大的商業模式和有彈性的商業模式，我對此感到非常興奮。

Secondly, the team that Rene has put together is -- has deep subject matter expertise. They are experts in their field, but are also really building a strong culture of execution and driving outcomes. So I really look forward to working with that for a very accomplished team to drive results in the future.

其次，Rene 組成的團隊擁有深厚的專業知識。他們是各自領域的專家，但也確實在建立強大的執行力和推動成果的文化。因此，我非常期待與一支非常有成就的團隊合作，推動未來取得成果。

On the things that I'm focused on in the coming months and weeks is really working very closely with you guys to start to strengthen our communication with the investor community overall. Trying to figure out better ways of strengthening our understanding of the business together and communicating the results in the most effective way. So that's going to be something that I look forward to doing with you.

在接下來的幾個月和幾週內，我將專注於與你們密切合作，開始加強我們與整個投資者群體的溝通。嘗試找出更好的方法來加強我們對業務的理解並以最有效的方式傳達結果。所以我期待和你們一起做這件事。

Trevor Dodds, Bank of America.

特雷弗·多茲（Trevor Dodds），美國銀行。

Yeah. Just one for me. Can you guys dive deeper into the agent's opportunity across payables and payments? And then just elaborate on what use cases might be?

是的。對我來說只有一個。你們能否更深入了解代理商在應付帳款和付款方面的機會？然後詳細說明可能的用例是什麼？

Thank you, Trevor. I really appreciate the question. It's something we are very excited about. Maybe before getting into some specific agent cases, let me just step back and kind of frame how I think about the market, the platform we've built, and how AI is going to impact SMBs.

謝謝你，特雷弗。我非常感謝你的提問。這是我們非常興奮的事情。在討論一些具體的代理案例之前，我先回顧一下我對市場、我們建立的平台以及人工智慧將如何影響中小企業的看法。

First and foremost, the example I think about is before BILL, it was a do-it-yourself model. Every business had to manage their financial operations on their own. They had to have filing cabinets, sticky notes, checks. They had to reconcile checks. They had to integrate with their ERPs and their accounting packages. This was a ton of work and a lot of time spent doing that that meant that these businesses weren't able to actually drive the strategy forward of the business.

首先，我想到的一個例子是在 BILL 之前，它是一個 DIY 模型。每個企業都必須自行管理其財務運作。他們必須有文件櫃、便條、支票。他們必須核對支票。他們必須將其 ERP 與會計軟體進行整合。這是一項艱鉅的工作，需要花費大量的時間，這意味著這些企業無法真正推動業務策略的發展。

We came along then and developed a do-it-with-you approach which is super valuable to the business because we help them along the way. Where I see AI going is taking the do-it-with-you approach and putting it into do-it-for-you model. What I mean by do-it-for-you is that many of the tasks that are inside of the financial operations category, they are mundane rote tasks that can be automated with great AI capabilities. And so if you think about what we've already done from an AI perspective, we've already leveraged AI from a data ingestion process. We have a product called IVA, the Inbox Virtual Assistant that has so far ingested over 500 million documents.

從那時起，我們就發展了一種「與您一起做」的方法，這種方法對企業來說非常有價值，因為我們會一路為他們提供幫助。我認為人工智慧的發展方向是採用「與你一起做」的方法並將其轉變為「為你做」的模式。我所說的「為你做」是指，許多屬於財務營運類別的任務都是一些平凡的、死記硬背的任務，可以透過強大的人工智慧功能實現自動化。因此，如果您從人工智慧的角度考慮我們已經做了什麼，我們已經從資料提取過程中利用了人工智慧。我們有一款名為 IVA 的產品，即收件匣虛擬助手，迄今已接收超過 5 億份文件。

In the last year, the time saved and the number of bills that actually have increased to over 80% of where it was a year ago of the no touch-based document being entered to the platform. In addition, we've used AI to increase the lending capabilities across the platform. When you think about the credit and extending the ability for our customers to be able to have more card access for their products across the business. We've also used it to obviously stop fraud, which I talked about.

去年，透過無接觸式文件輸入平台，節省的時間和帳單數量實際上比一年前增加了 80% 以上。此外，我們也利用人工智慧來提高整個平台的借貸能力。當您考慮信用並擴展我們的客戶能夠在整個業務範圍內為其產品提供更多卡片存取權限的能力時。我們也用它來明顯阻止欺詐，正如我所談到的。

And that's just the beginning. We've developed this a massive amount of scale, 1% of GDP. In some ways, it's staggering. But that's all predicated on the fact that we've got a tremendous amount of data and a tremendous amount of trust. And those are the key elements that actually will drive AI forward. without that, AI is not going to be successful. Businesses won't be able to use it to the advantage that we all expect.

而這只是個開始。我們已經將其發展到巨大的規模，佔GDP的1％。從某些方面來說，這是令人震驚的。但這一切都建立在我們擁有大量數據和大量信任的基礎上。這些才是真正推動人工智慧發展的關鍵要素。沒有這些，人工智慧就不會成功。企業將無法利用它來獲得我們所期望的優勢。

And so for us, the reason the do it for you is a game changer is because we're going to be able to take that trust and that data, and we're going to be able to wrap that into experiences where the customer no longer has to do the effort that it used to take to run their business. Our mission at BILL has always been and always will be to make it simple to connect and do business. The operative words there are connect and do. We have a network that has over 8 million entities in it now, and we do over 1% of GDP. And so when you take those two together, the agents that we're going to be able to complete and really add value to our customers for are going to be around intake.

因此，對我們來說，「為您做這件事」之所以會改變遊戲規則，是因為我們將能夠獲得這種信任和數據，並且我們將能夠將其融入體驗中，讓客戶不再需要像以前那樣付出努力來經營他們的業務。BILL 的使命一直是並將永遠是讓聯繫和做生意變得簡單。那裡的關鍵字是「連接」和「做」。我們現在擁有一個擁有超過 800 萬個實體的網絡，佔 GDP 的 1% 以上。因此，當你將這兩者結合起來時，我們將能夠完成並真正為我們的客戶增加價值的代理將圍繞攝入量。

So when we think about intake, this is collecting documents. This is entering documents. This is routing documents for our customers so that the approval process happens. It's going to be about supplier management. Last winter, we talked about 1099 capabilities, and the acquisition we did there.

因此，當我們考慮攝取量時，這就是收集文件。這是輸入檔。這是為我們的客戶傳送文件，以便完成審批流程。這將涉及供應商管理。去年冬天，我們討論了 1099 功能以及我們在那裡進行的收購。

We have an opportunity to really complete the network with supplier management done by agents so that buyers and suppliers are automatically connected. That's going to lead to tremendous opportunities from a payment execution perspective, giving businesses choice to be able to execute on the payments that they want. That's super, super bearable. And then I think the last area of agents that we're super excited about is all of that leads to an opportunity to self-serve and size the product and ultimately an ability to drive insights that businesses haven't had before. Small businesses, and I grew up with them and among them, they don't have the MBA.

我們有機會透過代理商進行供應商管理來真正完成網絡，以便買家和供應商自動連接。從支付執行的角度來看，這將帶來巨大的機會，讓企業能夠選擇執行他們想要的付款。這真是太、太能忍受了。然後，我認為讓我們非常興奮的最後一個代理商領域是，所有這些都帶來了自助服務和確定產品規模的機會，並最終帶來了推動企業以前從未有過的洞察力的能力。我和小型企業一起成長，其中他們沒有 MBA 學位。

I like to call my MBA, the dinner table MBA. That's what small businesses have. But we're going to be able to leverage that data and that trust that we have to create insights on the platform based on the trillions of dollars of spend that go through BILL billions of dollars of monthly transactions and the millions of transactions every month, we're going to be able to leverage that in a way that nobody else is able to do. We are uniquely positioned for this AI revolution, and we are super excited about what we're going to be able to do for our SMB customers.

我喜歡把我的 MBA 稱為「餐桌 MBA」。這就是小企業所擁有的。但我們將能夠利用這些數據和信任，我們必須根據透過 BILL 的數萬億美元的支出、每月數十億美元的交易和數百萬筆交易在平台上創建洞察力，我們將能夠以其他人無法做到的方式利用它。我們在這場人工智慧革命中佔據著獨特的地位，我們對能夠為我們的中小企業客戶所做的事情感到非常興奮。

Chris Quintero, Morgan Stanley.

摩根士丹利的克里斯昆特羅。

Congrats on joining the team here. I want to ask on the mid-market side of the business, really encouraging to see that be the faster growing part of the overall bill platform. But I'm curious, as you kind of have a more dedicated motion there and start to grow. How do you think about evolving the go-to-market motion there? And could you start to look at making more partnerships with like system integrators and other ISVs?

恭喜您加入這裡的團隊。我想問一下中端市場業務，看到它成為整個帳單平台中成長較快的部分真的令人鼓舞。但我很好奇，因為你在那裡有更專注的動作並且開始成長。您如何看待那裡的市場進入動議？您是否可以開始考慮與系統整合商和其他 ISV 建立更多的合作夥伴關係？

Like how do you think about that evolving over the next couple of years?

您認為未來幾年內這種情況會如何發展？

Yes. Thanks for the question. So we've had a lot of success with the mid-market focus, particularly in fiscal '25, where that segment of customers grew faster than the overall customer base. And -- we see the importance of this segment because they're just much larger businesses. They have twice the TPB than the average small business, 2x the number of users.

是的。謝謝你的提問。因此，我們在中端市場方面取得了巨大成功，特別是在 25 財年，這部分客戶的成長速度超過了整體客戶群。而且──我們看到了這個細分市場的重要性，因為它們的業務規模要大得多。他們的 TPB 是一般小型企業的兩倍，用戶數是一般小型企業的兩倍。

And so they contribute much faster to overall growth of Bill, including on a TPV per customer basis. So we have a super efficient go-to-market motion. As you know, we leverage multiple channels direct to small businesses. We partner with accounting firms and more recently with our Embed strategy, both banks and software companies. So we expect to continue to leverage those motions while increasing the allocation of resources that we have that are focused on the mid-market segment.

因此，他們對 Bill 整體成長的貢獻要快得多，包括按每個客戶的 TPV 計算。因此，我們有一個超高效率的上市措施。如您所知，我們利用多種管道直接面向小型企業。我們與會計師事務所合作，最近又透過我們的 Embed 策略與銀行和軟體公司合作。因此，我們希望繼續利用這些動議，同時增加我們專注於中端市場的資源配置。

The solutions that we have, the depth of capabilities around workflows and advanced features have resonated with mid-market customers for a long time, and we're continuing to see that. So we're also investing behind the capability to serve mid-market customers, in particular, international product capabilities with our spend and expense solution so we think we're going to continue to double down on the go-to-market motion that we have now and drive continued success.

我們擁有的解決方案、圍繞工作流程和高級功能的深度長期以來一直引起中端市場客戶的共鳴，而且我們將繼續看到這一點。因此，我們也正在投資服務中端市場客戶的能力，特別是透過我們的支出和費用解決方案提供國際產品能力，因此我們認為我們將繼續加倍努力，推動目前的市場進入動力，並推動持續的成功。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Congrats again. I just want to start off with a relook at guidance again because again, you ended the year with core revenue growth. And you called out that you're going to be lapping or anniversary-ing the headwind you had from the media customer that obviously stopped taking virtual card earlier later or earlier in the year. And so you have one quarter to grow over that. And so I would imagine that you'd have our opportunity to do better unless trends change.

再次恭喜。我只是想從重新審視指導開始，因為你們今年再次以核心收入成長結束了這一年。您曾說過，您將要克服來自媒體客戶的阻力，這些客戶顯然在今年稍早或稍後停止接受虛擬卡。因此，您還有一個季度可以實現成長。因此，我想，除非趨勢發生變化，否則我們還有機會做得更好。

And you obviously are showing good execution on the transaction take rate. So just help us understand a little more on the thought process on your outlook for the year, just how much is conservatism given the underlying macro dynamics. And then maybe either John or Rene if you could just rank order the drivers of sequential take rate expansion from here, where do we expect to end the year from an APA or take rate standpoint?

而且你們顯然在交易執行率方面表現出了良好的表現。因此，請幫助我們更多地了解您對今年展望的思考過程，考慮到潛在的宏觀動態，保守主義在多大程度上是合理的。然後，如果 John 或 Rene 可以將連續接受率擴張的驅動因素按順序排列，那麼從 APA 或接受率的角度來看，我們預計今年年底會是什麼樣子？

So let me start, and then John, you can add anything that I missed. So let's talk about take rate for a second. I did have some information on my prepared remarks, but I will unpack a little bit more for you. So on the AP/AR side, we expect -- we actually saw 0.4 basis points of take rate expansion in fiscal year '25. Going into fiscal year '26, we would expect a similar level of take rate expansion.

那麼讓我開始吧，然後約翰，你可以添加我遺漏的任何內容。那我們來討論一下接受率。我在準備好的發言中確實掌握了一些信息，但我會向你們透露更多信息。因此，在應付帳款/應收帳款方面，我們預計—25 財年的利率實際上將擴大 0.4 個基點。進入 26 財年，我們預期利率擴張幅度將達到類似水準。

We have some definitely macro headwinds that we are trying to contemplate within the guide. And if in the back half of the year, things start to ease up and the spend compression turns around. -- we will definitely be towards the higher end of our guidance, and that's why the range. So coming back to SME, over the last whole year, we see a sequential drop in the take rate. And as I said earlier to Tien-Tsin's question that a lot of that has to do with how the discretionary part of our SME portfolio spend is performing.

我們確實面臨一些宏觀阻力，我們正試圖在指南中考慮這些阻力。如果在今年下半年，情況開始緩和，支出壓縮的情況開始好轉，那麼我們肯定會達到預期的高端，這就是這個範圍的原因。回到中小企業，在過去一整年中，我們看到接受率持續下降。正如我之前回答 Tien-Tsin 的問題時所說的那樣，這在很大程度上與我們中小企業投資組合支出中可自由支配部分的表現有關。

As we started seeing the early results in we saw some of the Q4 trends normalized earlier on in the year and which is not unexpected. We were actually thinking that's probably going to happen. And that's really because SMBs have a finite wallet, and they are trying to absorb some of the costs of the tariffs, which is leading them less money to spend on advertising and T&E and such categories, which is suppressing the take rate within the SME portfolio. So again, as I said, we've been prudent. I wouldn't say conservative, but as the initiatives that we have in the pipeline start to deliver results as well as the macro environment turns, we expect to continue to be on the growth trajectory.

當我們開始看到早期結果時，我們發現第四季度的一些趨勢在今年早些時候已經正常化，這並不令人意外。我們實際上認為這可能會發生。這實際上是因為中小企業的資金有限，他們試圖吸收部分關稅成本，這導致他們在廣告、差旅費用和諸如此類的類別上的支出減少，從而抑制了中小企業投資組合中的接受率。所以，正如我所說，我們一直很謹慎。我不會說是保守的，但隨著我們正在實施的措施開始取得成果以及宏觀環境的變化，我們預計將繼續保持成長軌跡。

Just add to that, Darren, that we're really focused on driving penetration of ad valorem payments overall. We now have a pretty broad portfolio of solutions that address the needs of both large and small suppliers. We saw significant growth in our emerging portfolio in fiscal '25, 37% growth, that's across pay by card and and transfer and InstaPay. And so we're focused on continuing to scale that with the addition of Supplier Payments plus while also expanding our existing portfolio, the more established products around virtual card and international payments, where we actually had a lot of success in fiscal '25, both stabilizing volume and and growing volume on virtual card while managing through some of the volatility associated with international payments in the current environment they're operating in.

達倫，還要補充一點，我們真正關注的是推動從價支付的整體滲透。我們現在擁有相當廣泛的解決方案組合，可以滿足大型和小型供應商的需求。我們的新興投資組合在 25 財年實現了顯著成長，成長了 37%，涵蓋了卡片支付、轉帳和 InstaPay。因此，我們專注於透過增加供應商付款來繼續擴大規模，同時擴大我們現有的產品組合，圍繞虛擬卡和國際支付的更成熟的產品，我們在 25 財年實際上取得了很大成功，既穩定了交易量，又增加了虛擬卡的交易量，同時管理了當前運營環境下與國際支付相關的一些波動。

So these things, combined with our efforts around cross-sell of SME to the BILL base collectively give us confidence in the ability to expand the ad valorem portfolio, which, ultimately, that's going to be the biggest driver of expanding take rate or monetization over time.

因此，這些因素，加上我們圍繞 SME 向 BILL 基礎交叉銷售的努力，共同使我們對擴大從價組合的能力充滿信心，而這最終將成為擴大收費率或貨幣化的最大驅動力。

Very helpful. And then just, Rene or John, customer adds continue to trend pretty well. And I'm curious where your thought -- what your thoughts are around where we should expect to model that out for the remainder of the year in terms of your sequential customer adds on both sides of the business or collectively even. And what are the number one or two drivers of that -- that's incremental to the business, it's really helping you add more customers now again?

非常有幫助。然後，無論是 Rene 還是 John，客戶增加的趨勢都繼續保持得很好。我很好奇您的想法—對於我們在今年剩餘時間內應該如何模擬這種情況，您是如何看待業務雙方或整體上連續增加客戶的？那麼，其中最重要的或最重要的推動因素是什麼呢？這對業務來說是增量，它現在真的能幫助您再次增加更多客戶嗎？

Thanks, Darrin, for the question. There's a lot of activity across the business because of the breadth and depth of the platform that we have and how we go to market. So as a reminder, we go direct, we go through accounts and we go through partnerships. On the direct and accounting side, we've obviously talked about the focus of getting the right customer on the right time. And so for accounts, we had a very strong quarter with the net adds year-over-year going up significantly.

謝謝 Darrin 提出這個問題。由於我們擁有的平台的廣度和深度以及我們進入市場的方式，整個業務領域都有很多活動。因此提醒一下，我們直接聯繫，透過帳戶聯繫，透過合作夥伴聯繫。在直接和會計方面，我們顯然討論了在正確的時間獲得正確的客戶的重點。因此，就帳戶而言，我們本季表現非常強勁，淨增額較去年同期大幅上升。

And we believe that our focus in the next year will not really change in that accounts are -- we have, what, 9,000 accounting firms across the country. We are the ones that have helped them actually create a whole new business line of business for themselves, which is the cash practice. Roughly, by our estimates, 9,000 is around 10%. And of the overall accounting market. And so for our ability to continue to drive their success, that will be a critical factor for what we do.

我們相信，明年我們的重點不會真正改變，因為會計是——我們在全國有 9,000 家會計師事務所。我們實際上幫助他們為自己創建了一條全新的業務線，即現金業務。粗略地，根據我們的估計，9,000 約佔 10%。以及整個會計市場。因此，對於我們繼續推動他們成功的能力而言，這將是我們工作的關鍵因素。

I think at the highest level, when we think year-over-year, we're thinking roughly the same. -- targets that we've done this year. And -- but that -- I just want to call out this opportunity on the third wheel of our ecosystem, which is Embed and this wasn't your question, but I just want to make sure folks understand how impactful and how excited we are about the opportunity that we have. We've watched years to be able to have this opportunity where our platform can be extended into the right place at the right time for SMBs. Part of our philosophy all along is that you have to meet SMBs where they are, and we have an ecosystem that does that.

我認為，從最高層面來看，當我們回顧去年同期時，我們想到的大致相同——這是我們今年實現的目標。而且 — — 但 — — 我只是想指出我們生態系統的第三輪機會，也就是 Embed，這不是你的問題，但我只是想確保大家了解我們擁有的這個機會有多麼重要，以及我們對此有多麼興奮。我們多年來一直等待著這樣的機會，讓我們的平台能夠在正確的時間擴展到適合中小企業的正確位置。我們的理念始終如一，那就是必須在中小企業所在的地方與他們會面，而我們有一個可以做到這一點的生態系統。

And so our ability to kind of drive success in FY26 on Embed is predicated on success we had in FY25. Our Embed 2.0 platform is being well received. We mentioned a new deal with a Fortune 500 company that we're super excited about. This company serves lower mid-market to mid-market customers. has trillions of dollars of spend that their customers do on their platform and the opportunity for us to kind of tap into that support the customer activity that's happening already on their platform.

因此，我們在 Embed 上取得 26 財年成功的能力取決於我們在 25 財年取得的成功。我們的Embed 2.0平台受到了廣泛好評。我們提到了與財富 500 強公司達成的新交易，我們對此感到非常興奮。該公司服務於中低端市場到中端市場的客戶。他們的客戶在其平台上的支出達數萬億美元，我們有機會利用這一點來支援他們平台上已經發生的客戶活動。

our embedded solution is only because we did all the investments we did in '25 to enable Embed to be well positioned for this market. I'm super excited about that opportunity because of what we've already been able to accomplish on that opportunity. But I'm also excited about what we just recently signed up in the last couple of days here, another partnership that reaches hundreds of thousands of SMBs, again, leveraging the Embed 2 platform. And so when we think about adding customers going forward, we're going to consistently think about getting the right customers at the right time and from the right source. And part of that is going to be embed.

我們的嵌入式解決方案只是因為我們在 25 年所做的所有投資，使 Embed 能夠在這個市場上佔據有利地位。我對這個機會感到非常興奮，因為我們已經利用這個機會取得了一些成就。但我對我們最近幾天剛簽署的協議也感到很興奮，這是另一個覆蓋數十萬中小企業的合作夥伴關係，再次利用了 Embed 2 平台。因此，當我們考慮增加客戶時，我們會始終考慮在正確的時間從正確的來源獲得正確的客戶。其中一部分將被嵌入。

And I wanted to highlight these capabilities on Embed and these successes on Embed and we will share more as they become launched and available by our partners, but we are super excited about what we're seeing, the demand in the pipeline and the opportunity because of the platform we've built over the last few years.

我想強調 Embed 的這些功能和 Embed 的成功，當我們的合作夥伴推出和提供這些功能時，我們會分享更多，但我們對所看到的、渠道中的需求以及由於我們在過去幾年中構建的平台而帶來的機會感到非常興奮。

Scott Berg, Needham & Company.

伯格（Scott Berg），Needham & Company。

Hi, everyone, thanks for taking my questions. And René, if you didn’t know, my superpower is translating through static, so we’ll be just fine here. A couple of questions.

大家好，感謝你們回答我的問題。還有蕾妮，如果你不知道的話，我的超能力是透過靜態翻譯，所以我們在這裡會沒事的。有幾個問題。

I just wanted to take a look back at the fourth quarter. If we go back to three months ago when you guided the quarter, I think there was some extra conservatism around payment volumes and take rates. And payment volumes in particular for both categories, AP/AR and spend and expense, the growth rates accelerated quarter over quarter. I guess, what was better in the quarter than maybe what your slightly more conservative assumptions had 90 days ago?

我只是想回顧一下第四季。如果我們回顧三個月前您指導該季度的情況，我認為在支付量和收取率方面存在一些額外的保守態度。尤其是應付帳款/應收帳款以及支出和費用這兩個類別的支付量，成長率逐季度都在加快。我想，本季的情況與 90 天前您稍微保守的假設相比有什麼更好的呢？

So yeah, happy to take the question. What we saw in Q4 was primarily a couple of areas of strength. First of all, as I said earlier, our FX IP product performed really well, which you've heard from other people talk about it as well. We also saw AP card do really well. And that's actually really encouraging for us as we start to diversify our ad valorem portfolio. This is really some of the good green shoots that we're counting on and diversifying the growth of the portfolio.

是的，很高興回答這個問題。我們在第四季主要看到的是幾個優勢領域。首先，正如我之前所說，我們的 FX IP 產品表現得非常好，您也聽到其他人談論它。我們也看到 AP 卡表現非常出色。當我們開始實現從價稅組合多樣化時，這對我們來說確實是一個鼓舞人心的消息。這確實是我們所依賴的一些良好復甦跡象，可以實現投資組合的多樣化成長。

So those two were the specific areas. And overall, the spend environment in Q4 got better. And as I said, some of that was pulling off Q1 demand and spend that SMBs we're trying to do. And we are seeing the proof of that hypothesis come through now early in the quarter. So those, I would say, were the few things that helped us in Q4.

所以這兩個是特定的區域。整體而言，第四季的支出環境有所改善。正如我所說，其中一部分是為了滿足第一季的需求並支出我們正在努力實現的中小企業支出。在本季初，我們就看到了這個假設的證明。所以我想說，這些是第四季對我們有幫助的幾件事。

Helpful and understood. I guess as a follow-up, I know Rene spoke a lot about agents, and it was in John's script as well. How do you think about monetizing those? The future functionality seems very much up the, I guess, proverbial alley of what you all do and what the platform functions really surround, but how do you think about monetizing that?

有幫助且理解。我想作為後續，我知道雷內談了很多關於經紀人的事情，這也是約翰的劇本中的內容。您如何看待這些內容的貨幣化？我想，未來的功能似乎非常符合您們所做的工作以及平台功能真正圍繞的內容，但您如何考慮將其貨幣化？

It's a great question, Scott. One of the things that we've always done is to make sure that we're adding value for our customers and continue to drive their efficiency and their effectiveness in running their business. And so when we think about what we're going to be able to do with agents, we think it's going to be significant value that we're adding. And so it is going to be part of the evolution of the business will be how do we leverage and monetize those experiences for our customers.

這是一個很好的問題，斯科特。我們一直在做的事情之一就是確保為客戶增加價值，並繼續提高他們的業務營運效率和效力。因此，當我們思考我們將如何利用代理商時，我們認為這將具有重大的價值。因此，這將成為業務發展的一部分，即我們如何利用這些體驗為我們的客戶創造價值。

And I think, Rohini, you might have a few thoughts on that as well.

羅希尼，我想你可能也對此有一些想法。

Yeah, absolutely, Rene. I'm as excited as you are with all the AI agents going out into the market and especially its potential to accelerate or the subscription revenue growth rates as well to create a more balance between subscription and transaction revenue portfolio. So as you think about AI monetization, I think of it in three phases. The first phase is really get a lot of these agents out, driving value to the SMBs and have them adopt and use it so that we can make them the best product there is available. The second phase will be how we start to bring out the differentiated subscription pricing for some of these AI use cases that we have.

是的，絕對是，雷內。我和您一樣對所有人工智慧代理商進入市場感到興奮，特別是它加速訂閱收入成長率的潛力，以及在訂閱和交易收入組合之間創造更多平衡的潛力。因此，當您考慮人工智慧貨幣化時，我將其分為三個階段。第一階段是真正吸引大量這樣的代理商，為中小企業創造價值，並讓他們採用和使用它，這樣我們就可以為他們提供最好的產品。第二階段將是我們如何開始針對我們現有的一些人工智慧用例推出差異化的訂閱定價。

And over the longer term, we want to have sophisticated agents that are helping customers transaction by transaction and build the capabilities to be able to monetize that on a transaction basis as well. So that would be our evolution of how we think about AI monetization. I do want to reiterate our philosophy of, first, we drive value to the customers and have the pricing follow it when the customers start to see the value.

從長遠來看，我們希望擁有成熟的代理商，能夠幫助客戶完成每筆交易，並建立起在每筆交易中實現盈利的能力。這就是我們對人工智慧貨幣化看法的演進。我確實想重申我們的理念：首先，我們為客戶創造價值，當客戶開始看到價值時，定價就會隨之改變。

Kenneth Suchoski, Autonomous.

肯尼斯‧蘇喬斯基（Kenneth Suchoski），《自治》。

I was wondering if you could help us square the same-store sales growth of 4% in Bill AP/AR with the TPV per customer and roughly flat year-over-year. Is that 4-point gap consistent with what you've seen historically, meaning is that simply a function of newer customers coming on to the platform? Or is it driven by, I guess, onboarding smaller customers or churn or anything else?

我想知道您是否可以幫助我們將應付帳款/應收帳款的同店銷售額增長 4% 與每位顧客的總價值 (TPV) 相比較，並與去年同期大致持平。這 4 個百分點的差距是否與您過去所見的情況一致，也就是說，這只是新客戶加入平台的結果嗎？或者我猜這是由吸引小客戶、客戶流失或其他因素所驅動的？

Yes. Thanks for the question, Ken. I'd say it's primarily still a mix-related item, where we have smaller customers that make up an important part of the customer base, primarily by working with our accounting firm partners is where we reach most of those customers. But there's also some some level, as Rohini mentioned earlier, we're trying to be prudent with the environment that our SMB customers are operating in and make sure that our expectations are reflective of trends that we've seen in spend patterns and make sure that we're not getting ahead of our skis on expectations, just given the number of uncertainties that exist for small businesses.

是的。謝謝你的提問，肯。我想說這主要仍然是一個混合相關的項目，其中我們擁有較小的客戶，他們構成了客戶群的重要組成部分，主要透過與我們的會計師事務所合作夥伴合作，我們才能接觸到大多數客戶。但正如羅希尼之前提到的那樣，在某種程度上，我們正​​試圖謹慎對待我們的中小企業客戶的營運環境，並確保我們的預期能夠反映我們在支出模式中看到的趨勢，並確保我們不會超出我們的預期，因為小型企業存在許多不確定因素。

Yes. Okay. Great. And then maybe just one on subscription ARPU and BILL AP/AR, I mean that looks like that metric was down a little bit again quarter-over-quarter. So I was wondering if you could talk about the drivers of that.

是的。好的。偉大的。然後也許只有一個關於訂閱 ARPU 和 BILL AP/AR 的數據，我的意思是，看起來這個指標比上一季又略有下降。所以我想知道您是否可以談談造成這種情況的因素。

I was thinking that as you push out a market and you get these middle market customers, that would presell help that figure. So any thoughts there? And just any thoughts on how that metric will trend throughout the year.

我在想，當你開拓一個市場並獲得這些中階市場客戶時，預售將有助於提高這個數字。那麼有什麼想法嗎？以及關於該指標全年趨勢的任何想法。

Yeah, you bet. Great question. And you're right, we saw a slight decline in subscription ARPU. And the main driver there is a slightly lower number of users per customer. And I think that's directly in response to the environment that small businesses are operating and they're scaling back slightly Rohinii mentioned earlier, that they're typically managing within fixed cost budgets and things like that.

是的，沒錯。好問題。您說得對，我們發現訂閱 ARPU 略有下降。主要原因是每個客戶的用戶數量略有減少。我認為這直接反映了小型企業的經營環境，正如 Rohinii 之前提到的，他們的規模正在略微縮小，他們通常在固定成本預算等範圍內進行管理。

And again, the smaller customers are maybe a little bit more sensitive. So that's something that we're working through. There's also some multi-entity larger businesses that we work with through the accounting channel that could have some implication there, just the way the math works. But over time, I think you're right to suggest that we should see subscription ARPU expand by virtue of being more successful with the mid-market customers who are going to just be much larger on average, bring us more users and and more volume. And it will take a little while for the overall mix of our customer base to evolve such that we see that dynamic come through the ARPU number, but that is something that we're expecting.

而且，小客戶可能會比較敏感一些。所以這是我們正在努力解決的事情。我們也透過會計管道與一些多實體大型企業合作，這些企業可能會對此產生一些影響，就像數學運算一樣。但隨著時間的推移，我認為你的建議是正確的，我們應該看到訂閱 ARPU 的成長，這得益於中端市場客戶的平均規模更大，為我們帶來更多的用戶和更多的交易量。我們的客戶群的整體結構需要一段時間才能發生變化，這樣我們才能透過 ARPU 數字看到這種動態，但這是我們所期待的。

I would just add how excited we are about the AI agents as well. And over the long term, that would be a key lever for us to drive increased ARPU as well.

我只想補充一點，我們對人工智慧代理也感到非常興奮。從長遠來看，這也將成為我們提高 ARPU 的關鍵槓桿。

I would now like to pass the call back to the CEO, Rene Lacerte, for closing remarks.

現在，我想將電話轉回給執行長 Rene Lacerte，請他作最後發言。

Well, thank you, everyone, for joining us today. We closed FY25 with strong growth and profitability results while driving some strong momentum for SMBs. In FY26, we'll leverage our momentum and investments in AI to continue to transform the market. All of us that BILL, are energized by the opportunity ahead and look forward to sharing our progress with you. Take care, and have a great evening.

好吧，謝謝大家今天加入我們。我們以強勁的成長和獲利業績結束了 25 財年，同時為中小企業帶來了一些強勁的發展勢頭。在26財年，我們將利用我們在人工智慧方面的發展動能和投資來繼續改變市場。我們所有人都對未來的機會充滿熱情，並期待與您分享我們的進展。保重，祝您有個愉快的夜晚。

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

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。