BILL Holdings, Inc. (BILL) 2026 Q4 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to BILL's Fourth Quarter and Fiscal Year 2026 Earnings Call. (Operator Instructions)

大家好。感謝各位加入我們，歡迎參加 BILL 2026 會計年度第四季暨全年財報電話會議。(接線員指示)

I will now hand the conference over to Jack Andrews, Vice President, Investor Relations. Jack, please go ahead.

我現在把會議交給投資人關係副總裁 Jack Andrews。Jack，請開始。

Thank you. Good afternoon, everyone. Welcome to BILL's Fiscal Fourth Quarter 2026 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.

謝謝。各位下午好。歡迎參加 BILL 2026 會計年度第四季財報電話會議。我們稍早已發布財報新聞稿，並向美國證券交易委員會（SEC）提交了相關的 8-K 表格。新聞稿可於我們的投資人關係網站 investor.bill.com 查閱。

Joining me on the call today are Rene Lacerte, Chairman, CEO and Founder; and Rohini Jain, CFO. Our remarks today include forward-looking statements about our business, products and expectations that involve many assumptions, risks and uncertainties. Actual results could differ materially from those expressed or implied by such statements.

今天與我一同出席電話會議的有：董事長、執行長暨創辦人 Rene Lacerte，以及財務長 Rohini Jain。我們今天的發言包含關於公司業務、產品與預期的前瞻性陳述，涉及多項假設、風險與不確定性。實際結果可能與這些陳述所明示或暗示者有重大差異。

On today's call, we will also refer to both GAAP and non-GAAP financial measures. Please refer to our earnings press release and investor presentation posted today and to our periodic reports filed with the SEC for additional information about such risks and uncertainties and for reconciliations of non-GAAP measures to GAAP.

在今天的電話會議中，我們也會同時提及 GAAP 與非 GAAP 財務衡量指標。關於上述風險與不確定性的更多資訊，以及非 GAAP 指標與 GAAP 之間的調節表，請參閱我們今日發布的財報新聞稿與投資人簡報，以及我們向 SEC 提交的定期報告。

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

接下來，我把電話交給 Rene。

Thanks, Jack. Good afternoon, everyone, and thank you for joining us. Q4 was one of the most significant quarters in the history of BILL. We completed the significant organizational changes required to accelerate our transformation to be an AI-native company. We sharpened our view of the highest impact actions that power our growth.

謝謝你，Jack。各位下午好，感謝各位加入我們。第四季是 BILL 歷史上最具重要性的季度之一。我們完成了加速轉型為 AI 原生公司所需的重大組織調整。我們也更聚焦於能驅動成長、影響力最高的關鍵行動。

And at the same time, we drove good overall business performance in the quarter. Core revenue grew 16% year-over-year, while our non-GAAP operating margin exceeded 23%. With increased activity in the industry, it's clear that BILL's value proposition of an integrated platform continues to resonate with SMBs.

同時，我們在本季也交出整體良好的營運表現。核心營收年增 16%，非 GAAP 營業利益率超過 23%。隨著產業活動升溫，顯然 BILL「整合式平台」的價值主張持續獲得中小企業（SMB）的共鳴。

I'll first recap the highlights from Q4 then provide an update on our new organizational structure and then introduce our key priorities for FY 2027. As I shared on our last earnings call, innovating with AI represented our top priority during the past fiscal year.

我會先回顧第四季的重點，接著更新我們新的組織架構，然後介紹 2027 會計年度的關鍵優先事項。如同我在上次財報電話會議所分享的，過去一個會計年度中，以 AI 推動創新是我們的首要任務。

We continue to see strong momentum and adoption of our AI capabilities among our customer base. To date, we have had over 175,000 businesses using our agents to improve their financial operations across S&E and AP. The number of organizations using our W9 agents more than tripled sequentially to over 40,000.

我們持續看到客戶群對我們 AI 能力的強勁動能與採用。截至目前，已有超過 175,000 家企業使用我們的代理（agents），以改善其在 S&E 與 AP 的財務營運。使用我們 W9 代理的組織數量較前一季成長超過三倍，達到 40,000 家以上。

As a result, we have collected over 240,000 W9s with zero award from our customers. This agent handles outreach collection and validation with the IRS without anyone touching it, eliminating a job nobody wanted in the first place. Next up, BILL's invoice coding agent, which launched in February, has already been used by over 60,000 companies to eliminate around 90% of the coding steps for a multiline invoice.

因此，我們已收集超過 240,000 份 W9，且客戶零投入。這個代理可在無需人工介入的情況下，完成對外聯繫、收集與向 IRS 的驗證，消除了一項原本就沒有人想做的工作。接下來是 BILL 的發票編碼代理，於 2 月推出後，已被超過 60,000 家公司使用，為多行項目發票消除約 90% 的編碼步驟。

This has generated significant time savings, reducing the processing time across our AP customers by nearly half. In addition, our touchless transactions agent became generally available at the end of April through all of our spend and expense customers. Already, it has automated more than 7 million transaction fields for 30,000 customers.

這帶來顯著的時間節省，使我們 AP 客戶的處理時間幾乎減半。此外，我們的免觸交易代理在 4 月底已全面開放給所有支出與費用（spend and expense）客戶使用。目前它已為 30,000 名客戶自動化超過 700 萬個交易欄位。

Lastly, our [Pay 40] agent became generally available at the end of Q3 and completed over 30,000 card transactions without any human interaction during Q4. These examples are just some of the many AI capabilities we have and are building for customers. Given these successes, we are excited to launch major new AI-powered functionality over the coming months.

最後，我們的 [Pay 40] 代理在第三季末正式全面推出，並在第四季於完全無人工介入下完成超過 30,000 筆卡片交易。以上只是我們已具備、並正在為客戶打造的眾多 AI 能力中的一部分例子。基於這些成功，我們很期待在未來幾個月推出重大的全新 AI 驅動功能。

The value to BILL and customers from this technology will confirm better business outcomes with greater speed, control and efficiency. AI success is all about this. Period. It is easy to drive agent creation and code completion, but it takes great domain expertise to build products that customers never knew they wanted or needed.

這項技術為 BILL 與客戶帶來的價值，將以更快的速度、更高的控管力與效率，實現更佳的業務成果。AI 的成功就是關於這一點。就是如此。推動代理建立與程式碼完成很容易，但要打造出客戶從未意識到自己想要或需要的產品，則需要深厚的領域專業。

Our domain expertise and scale is long established. Customers know that we have built our platform to deliver better business outcomes, and that has built a brand trusted by businesses everywhere. We are making these AI investments to extend the significant value creation for SMBs that we are known for. It will help them save more time, maximize financial performance and leverage AI with confidence.

我們的領域專業與規模早已建立。客戶知道我們打造平台的目的，是為了交付更好的業務成果，而這也建立了在各地企業間廣受信賴的品牌。我們進行這些 AI 投資，是為了延伸我們一向為中小企業創造的重大價值。這將幫助他們節省更多時間、最大化財務表現，並有信心地運用 AI。

As a result, customers will spend more time on strategic work, catch risks that would otherwise be missed and focused on growing their businesses. Our commitment to constantly innovating and delivering software that optimizes and executes the workflows and decisions that run the financial operations for our customers has a real impact.

因此，客戶將能把更多時間投入策略性工作，捕捉原本可能被忽略的風險，並專注於拓展其業務。我們持續創新並交付能最佳化與執行工作流程與決策的軟體（這些流程與決策驅動客戶的財務營運），確實帶來實質影響。

They trust us. Let me share a customer quote from Matthew May, National Accounting Manager Partner at [Sorin], a large accounting firm. We handle some of the world's most sensitive data. So our philosophy is always security first. Rather than using generic AI tools, we trust solutions from embedded tech partners like BILL, who have proven their security with our clients' financial information.

他們信任我們。我想分享一段客戶引言，來自大型會計師事務所 [Sorin] 的全國會計經理合夥人 Matthew May。「我們處理的是全球最敏感的一些資料。因此，我們的理念永遠是安全第一。與其使用通用的 AI 工具，我們更信任像 BILL 這樣的嵌入式技術合作夥伴所提供的解決方案，因為他們已在客戶的財務資訊安全方面證明了自己。」

AI is an enabler but only with guardrails and the right partnerships, augmenting expertise and trust. When it comes to financial operations, trust is a critical factor in the purchasing decision. That trust is helping our integrated platform gain strong traction among the fastest-growing segments of SMB spend, AI-first businesses, technology services and professional services firms.

AI 是促成者，但必須有防護欄與正確的合作夥伴關係，才能在強化專業與信任的同時發揮作用。在財務營運領域，信任是採購決策中的關鍵因素。這份信任正協助我們的整合式平台在 SMB 支出成長最快的族群中取得強勁進展，包括 AI 優先（AI-first）企業、科技服務與專業服務公司。

These firms are scaling quickly and need financial infrastructure that keeps pace. Customer spend on AI through BILL grew over 50% year-over-year in Q4 and TPV from our AI-first customers nearly doubled from Q3 to Q4. AI is not only a game changer for our customers, but it is critical to how we build and operate at scale inside of BILL.

這些公司擴張迅速，需要能跟上速度的財務基礎設施。第四季透過 BILL 的 AI 相關客戶支出年增超過 50%，而我們 AI-first 客戶的 TPV 幾乎從第三季到第四季翻倍。AI 不僅對客戶是遊戲規則改變者，對於我們在 BILL 內部如何以規模化方式建置與營運也至關重要。

We are driving more and more internal efficiencies while improving execution across the entire company. One use case is having a direct impact on our financial results. A few quarters ago, we introduced a new AI underwriting model to assist with our invoice financing applications. This new model is built on singles and patterns based on how businesses pay and receive payments within the build network over time.

我們在提升全公司執行力的同時，也持續推動更多內部效率。其中一個使用案例正直接影響我們的財務結果。幾個季度前，我們推出新的 AI 承保模型，以協助我們的發票融資申請。這個新模型建立在訊號與模式之上，基於企業在 BILL 網路中隨時間推移的付款與收款行為。

Relationship level data allows the model to assess invoice level risk with a precision not replica from traditional credit bureaus. We are seeing a material impact on our invoice financing business. Both volume and revenue grew approximately 30% year-over-year in FY26 while the expected loss rate has improved by more than 50%.

關係層級資料使模型能以傳統信用局無法複製的精準度，評估發票層級風險。我們已在發票融資業務上看到實質影響。在 2026 會計年度，交易量與營收皆約年增 30%，同時預期損失率改善超過 50%。

This is a strong illustration of two of BILL's key moats, our massive proprietary data set and our network. As more and more transactions are executed on our platform, our models get smarter, our risk selection improves, and we can extend more credit at better economics for the customer and us. This is a compounding advantage that grows with scale.

這有力地說明了 BILL 兩項關鍵護城河：我們龐大的專有資料集與我們的網路。隨著越來越多交易在我們的平台上執行，我們的模型會更聰明、風險篩選更佳，並能以更好的經濟效益為客戶與我們自身提供更多信貸。這是一種隨規模擴大而複利增長的優勢。

Next, I'd like to provide an update regarding a number of organizational changes we completed during Q4. Over the last fiscal year, we have been working diligently and intently on structuring BILL for our next phase. We significantly simplified and reduced layers across the entire company.

接下來，我想就我們在第四季完成的多項組織調整提供最新進展。在上一個會計年度，我們一直勤奮且專注地為 BILL 的下一階段進行組織架構規劃。我們在全公司範圍內大幅簡化並減少管理層級。

In addition, we moved from a hybrid general manager structure to a functional model, the imperative to become an AI-native organization, combined with driving speed of execution on the initiatives that drive results across the business, is the primary motivation for these changes. We are moving fast with strong accountability and end-to-end ownership in order to drive velocity, impact and growth.

此外，我們從混合式的總經理架構轉為職能型模式；成為 AI 原生組織的迫切性，加上提升推動能為整體業務帶來成果之各項計畫的執行速度，是這些變革的主要動機。我們以高度問責與端到端的所有權快速推進，以提升速度、影響力與成長。

Simply stated, we built BILL to achieve what it needs to in the future. During Q4, we made some deliberate leadership changes to support this direction. I was pleased to welcome Jonathan Leaf to BILL as our new Chief Revenue Officer. Jonathan has a strong background and track record in scaling revenue organizations to serve lower end mid-market companies. He is responsible for all aspects of our go-to-market organization.

簡而言之，我們打造 BILL，是為了讓它在未來能達成所需目標。在第四季，我們進行了一些有意識的領導層調整以支持這個方向。我很高興歡迎 Jonathan Leaf 加入 BILL，擔任我們的新任首席營收長（CRO）。Jonathan 在擴大營收組織、服務中小型企業市場（偏中低端的中型市場）方面具備深厚背景與實績。他負責我們市場推進（go-to-market）組織的各個面向。

In addition, Mike Cherry, who joined BILL last year, has been promoted as Chief Product Officer. He now leads the end-to-end platform experience spanning software solutions, payments and financial services. This structure reflects how customers use all of BILL's capabilities together across a single integrated platform. Finally, Eric Chan has been appointed Chief Technology Officer.

另外，去年加入 BILL 的 Mike Cherry 已晉升為首席產品長（CPO）。他目前領導端到端的平台體驗，涵蓋軟體解決方案、支付與金融服務。此架構反映客戶如何在單一整合平台上共同使用 BILL 的所有能力。最後，Eric Chan 已被任命為首席技術長（CTO）。

As BILL's founding engineer, former CTO and Chief Architect, Eric has exceptionally strong knowledge of our technology, the team, the current technology landscape and operates with the speed this moment requires. We've done the work to assemble the right team and our focus, energize and position to win in our market.

作為 BILL 的創始工程師、前任 CTO 與首席架構師，Eric 對我們的技術、團隊與當前技術環境具備極其深厚的理解，並能以此刻所需的速度運作。我們已完成組建合適團隊的工作，並將重點放在聚焦、激發動能並做好定位，以在市場中勝出。

Entering FY 27, we are focused on the following three strategic priorities: our first and most important priority is to deliver AI experiences for our customers. Because this is our top priority, I'd like to spend a moment on what that means for BILL. Achieving an AI-native experience means that AI is so deeply embedded that removing it would make the products no longer work.

邁入 2027 財年，我們聚焦以下三項策略優先事項：第一且最重要的是為客戶提供 AI 體驗。由於這是我們的首要任務，我想花點時間說明這對 BILL 的意義。實現 AI 原生體驗意味著 AI 深度嵌入其中，以至於若將其移除，產品將無法運作。

Our success with over 175,000 customers leveraging AI capabilities is compelling. We are making a strategic pivot to an agentic platform that automates financial operations out of the box by default or nearly 0.5 million customers. We are building new front-end experiences that remove friction so that customers can instantly realize value from AI.

超過 175,000 名客戶運用 AI 能力所帶來的成功，令人信服。我們正策略性轉向代理式（agentic）平台，預設即可（或幾乎即可）開箱自動化財務營運，以服務近 50 萬名客戶。我們正在打造新的前端體驗以消除摩擦，讓客戶能立即從 AI 中實現價值。

Our knowledge of SMB-specific pain points and workflows combined with our proprietary data advantage, our network of over 9 million members and our robust payments infrastructure creates a powerful foundation to build trusted, accurate secure AI solutions, specifically aimed at the Fortune 5 million. Our second priority is to acquire higher ROI customers.

我們對 SMB 特有痛點與工作流程的理解，結合我們的專有數據優勢、超過 900 萬名成員的網路，以及強健的支付基礎設施，形成強大基礎，可打造值得信賴、準確且安全的 AI 解決方案，特別面向「Fortune 500 萬」（Fortune 5 million）。我們的第二項優先事項是獲取更高投資報酬率（ROI）的客戶。

One of the key areas of focus here is driving multiproduct adoption. In Q4, the number of joint customers leveraging both of our AP and spending expense solutions grew 35% year-over-year. Those who were customers both in Q4 and a year ago, exhibited a net revenue retention of 111%.

此處的關鍵聚焦領域之一，是推動多產品採用。在第四季，同時使用我們 AP 與支出費用解決方案的聯合客戶數年增 35%。那些在第四季與一年前皆為客戶者，呈現 111% 的淨營收留存率。

Given the success we have seen, we have made a change to our go-to-market strategy in FY '27. The entire sales team is now trained to sell BILL as a single platform rather than individual components. This is how we will engage with customers and prospects moving forward. Our Embed 2.0 strategy represents an efficient channel opportunity.

鑑於我們所見的成功，我們在 2027 財年調整了市場推進策略。整個銷售團隊如今都受訓以「單一平台」而非個別元件來銷售 BILL。這將是我們未來與客戶及潛在客戶互動的方式。我們的 Embed 2.0 策略代表一個高效率的通路機會。

We believe there's a large market for software companies interested in deploying our embedded finance solutions to support the financial operation needs of their clients. We are gaining traction with our Embed partners. As an example, one of our Embed partners, TPV and units more than tripled sequentially from Q3 to Q4.

我們相信，對於有意部署我們嵌入式金融解決方案、以支援其客戶財務營運需求的軟體公司而言，市場規模相當可觀。我們在 Embed 合作夥伴方面正取得進展。例如，我們的一家 Embed 合作夥伴，其 TPV 與單位數從第三季到第四季連續季增超過三倍。

And focusing on higher ROI go-to-market activities, we have made the decision to align our bank channel efforts with BILL's broader embedded strategy. We are investing in scalable and is embedded solutions. We need all of our partners to use all of our products and experiences.

此外，為聚焦於更高 ROI 的市場推進活動，我們已決定將銀行通路的投入與 BILL 更廣泛的嵌入式策略對齊。我們正在投資於可規模化且為嵌入式的解決方案。我們需要所有合作夥伴使用我們所有的產品與體驗。

Focus here will allow us to leverage a platform across all of our partners versus the multiple versions we support today. We do not expect that every existing bank channel relationship will carry forward. Our third priority is to expand value through BILL's platform. We aim to achieve this by providing greater value for customers in terms of new product introductions and enhancements.

在此聚焦將使我們能在所有合作夥伴之間槓桿同一平台，而非像目前一樣支援多個版本。我們不預期每一段既有的銀行通路合作關係都會延續。我們的第三項優先事項是透過 BILL 平台擴大價值。我們的目標是透過推出新產品與功能強化，為客戶提供更高價值以達成。

This, in turn, should result in greater value BILL from a monetization perspective. We have a strong track record of introducing new ad valorem payment products over time that have solved specific pain points for our customers while leading to broader monetization opportunities. One example of this is Supplier Payments Plus or SPP.

反過來，這也應能從變現角度為 BILL 帶來更高價值。我們在過去持續推出新的從價（ad valorem）支付產品方面有著強勁的實績，這些產品解決了客戶的特定痛點，同時帶來更廣泛的變現機會。其中一個例子是 Supplier Payments Plus（SPP）。

Driving adoption of our SPP offering remains a key area of focus to expand value for both customers and BILL. The early progress has not met our initial expectations. The enterprise sales motion required was new to BILL in FY '26. Over the last year, we have invested in building out this go-to-market motion, and we are now starting to see increased deal momentum and faster implementations.

推動 SPP 方案的採用仍是擴大客戶與 BILL 雙方價值的關鍵聚焦領域。早期進展未達我們最初的預期。在 2026 財年，所需的企業級銷售推進方式對 BILL 而言是新的。過去一年，我們投資建立這套市場推進機制，現在開始看到交易動能提升與更快的導入速度。

Our contracts with these large customers lock in new ACH monetization and preserve virtual card volume. Our committed TPV across all of our payment offerings from these early adoptive suppliers has reached almost $800 million. Building great products is hard work. It takes vision, execution, listening to customers and iterating over and over to create a great customer experience.

我們與這些大型客戶的合約鎖定了新的 ACH 變現，並保留虛擬卡交易量。這些早期採用供應商在我們所有支付方案上的承諾 TPV 已接近 8 億美元。打造優秀產品是一項艱鉅的工作。這需要願景、執行力、傾聽客戶並一再迭代，才能創造卓越的客戶體驗。

We have been doing that with SPP and the customer response is positive. I'd like to share a case study from one of our early customers describing the value they are deriving from SPP. We recently signed a business services company that is managing over $75 million in annual SMB payment volume through BILL.

我們在 SPP 上一直在做這些工作，而客戶回饋是正面的。我想分享一個早期客戶的案例研究，說明他們從 SPP 中獲得的價值。我們最近簽下了一家商業服務公司，透過 BILL 管理超過 7,500 萬美元的年度 SMB 支付交易量。

Prior to adopting SPP, they face a fragmented receivables operation with hundreds of separate accounts spread across multiple field locations. Half of all incoming payments were invisible to corporate treasury and posted manually with no automation. This is a painful way to run a business.

在採用 SPP 之前，他們的應收帳款作業相當分散，數百個獨立帳戶分布在多個現場據點。所有入帳款項中有一半對公司財資部門不可見，且需手動入帳，沒有任何自動化。這是一種非常痛苦的經營方式。

After deploying BILL Supplier Payments Plus, the company consolidated 168 accounts into 1 centralized corporate account in just 10 weeks, with zero IT involvement and no disruption to customers or field teams. The percentage of payment transactions that are processed and settled automatically without any manual intervention, jumped from 72% to 98% to 100%.

導入 BILL Supplier Payments Plus 後，該公司在僅 10 週內就將 168 個帳戶整併為 1 個集中式公司帳戶，零 IT 參與，且不影響客戶或現場團隊運作。在無需任何人工介入下即可自動處理並完成清算的支付交易占比，從 72% 躍升至 98%，再到 100%。

The company has recovered more than 400 hours of manual labor per month, time that is now redirected toward higher value customer-facing work. The customer summed it up in one word, efficient. AI dramatically expands what is possible, but the requirements of financial operation systems that serve critical functions remain the same: accuracy, control and security are paramount.

該公司每月回收超過 400 小時的人工工時，這些時間如今轉而投入更高價值、面向客戶的工作。客戶用一個詞總結：高效率。AI 大幅擴展了可能性，但承擔關鍵功能的財務營運系統之要求仍然相同：準確性、控制與安全性至關重要。

Our wealth of proprietary data, combined with our infrastructure, scale, reliability and experience having moved almost $2 trillion in spend gives BILL an advantage in the market that is not easily replicated at scale. Successfully executing hundreds of millions of transactions for hundreds of thousands of customers gives us invaluable learnings.

我們豐富的專有資料，結合我們的基礎設施、規模、可靠性，以及已處理近 2 兆美元支出的經驗，使 BILL 在市場上具備難以在同等規模下複製的優勢。為數十萬名客戶成功執行數億筆交易，為我們帶來無可取代的寶貴洞見。

We are uniquely positioned to develop and deliver AI native solutions that are best tailored to address the needs of the customers we serve. A year ago, we set out to do something hard, grow the business, return capital to shareholders and fundamentally reshape how BILL operates, all at the same time.

我們具備獨特優勢，能夠開發並交付 AI 原生解決方案，最貼切地滿足我們所服務客戶的需求。一年前，我們著手做一件困難的事：在同一時間推動業務成長、回饋股東資本，並從根本上重塑 BILL 的營運方式。

We did that. I couldn't be more proud of the team given the amount of change experience and the results delivered. The team I have beside me today is smaller, faster and more aligned. The product we are building is the most compelling it has ever been and the customers who trust us with their financial operations are telling us it is working. I'm excited and confident in where we are headed.

我們做到了。面對如此大幅度的變革與所交出的成果，我對團隊感到無比自豪。今天在我身旁的團隊更精簡、更敏捷，也更一致對齊。我們正在打造的產品比以往任何時候都更具吸引力，而將其財務營運託付給我們的客戶也告訴我們：這確實奏效。我對我們前進的方向感到興奮且充滿信心。

And with that, I'll turn it over to Rohini.

接下來，我把時間交給 Rohini。

Thanks, Rene. Before getting into the details of our quarterly results, I'd like to make some comments upfront regarding how we view the longer-term financial trajectory for BILL. During my first year here. Many investor conversations have focused on the importance of providing a financial framework for how we view both growth and margin opportunities over time.

謝謝你，Rene。在深入說明本季業績細節之前，我想先就我們如何看待 BILL 的長期財務軌跡做一些前置說明。在我加入這裡的第一年。許多與投資人的對話都聚焦在：我們如何提供一個財務框架，來說明我們對於長期成長與利潤率機會的看法。

There are three key pillars to our framework that I'd like to share now. First, BILL has built a durable business model, and we are well positioned to deliver low double-digit to mid-teens core revenue growth with expanding margins over time. Second, we are focused on driving progress towards the Rule of 40.

我們的框架有三個關鍵支柱，我現在想與各位分享。第一，BILL 已建立具韌性的商業模式，我們具備良好條件，能在時間推進下實現低雙位數到中十位數的核心營收成長，並同時擴大利潤率。第二，我們專注推動朝「40 法則」（Rule of 40）邁進。

We define this metric as growth in total revenue, less rewards plus non-GAAP operating margin. This is a measure we believe better reflects our underlying unit economics and improves comparability to peers. Our actions in FY26 have positioned us to be a Rule of 40 company, and we expect to exceed this threshold exiting FY '27.

我們將此指標定義為：總營收成長率，減去獎勵（rewards）後，再加上非 GAAP 營業利潤率。我們認為這個衡量方式更能反映我們底層的單位經濟效益，並提升與同業的可比性。我們在 FY26 的行動已使我們具備成為「40 法則」公司的條件，並預期在 FY '27 結束時超越該門檻。

Third, BILL is focused on achieving meaningful GAAP profitability in FY27 and expand it from there. Now let's dive into the financial results for the quarter. In Q4, we delivered $400.5 million in coal revenue, growing 16% year-over-year. Non-GAAP operating margin was 23%, expanding 370 basis points sequentially and 860 basis points year-over-year.

第三，BILL 專注於在 FY27 達成具意義的 GAAP 獲利，並在此基礎上持續擴大。現在讓我們深入本季財務結果。在 Q4，我們實現 4.005 億美元的核心營收（core revenue），年增 16%。非 GAAP 營業利潤率為 23%，較前一季擴大 370 個基點，較去年同期擴大 860 個基點。

Non-GAAP net income was $94 million, representing a 22% improvement sequentially and a 53% improvement year-over-year. The large profitability beat this quarter was driven by earlier-than-planned workforce reduction, timing and lower fraud and credit losses. Within our integrated platform, we saw double-digit growth in both AP/AR and spend in expense.

非 GAAP 淨利為 9,400 萬美元，較前一季提升 22%，較去年同期提升 53%。本季獲利大幅超預期，主要來自較原計畫更早的裁員、時點因素，以及較低的詐欺與信用損失。在我們的整合式平台內，AP/AR 與支出與費用（spend & expense）兩者皆呈現雙位數成長。

AP/AR core revenue grew 10% with subscription ARPU increasing by 1.4% year-over-year. Mid-market core ARPU from newly acquired customer cohorts grew 31% year-over-year as we continue to focus on higher quality customers. In Q4, we added approximately 1,800 net new customers, which is below recent trends.

AP/AR 核心營收成長 10%，訂閱 ARPU 年增 1.4%。隨著我們持續聚焦更高品質客戶，新取得客戶批次（cohorts）的中型市場核心 ARPU 年增 31%。Q4 我們新增約 1,800 名淨新客戶，低於近期趨勢。

In addition to our decision to deliberately prioritize signing the right customers for BILL, the organizational restructuring impacted this result. We decided to exit salespeople earlier than originally planned in order to familiarize the remaining sales team with their new pipeline and quota opportunities.

除了我們刻意優先簽下適合 BILL 的正確客戶之外，組織重整也影響了此結果。我們決定比原先規劃更早讓部分業務人員離開，以便讓留下的業務團隊熟悉新的銷售管道與配額機會。

Under Jonathan's leadership, we have moved quickly to a single platform selling motion with tighter execution across the team. The early indicators in Q1 are already trending in the right direction, which gives us confidence. AP/AR transaction revenue was $131 million, up 10% year-over-year.

在 Jonathan 的領導下，我們迅速轉向以單一平台為核心的銷售模式，並在團隊間以更緊密的執行力推進。Q1 的早期指標已朝正確方向發展，這讓我們更有信心。AP/AR 交易營收為 1.31 億美元，年增 10%。

We saw very strong TPV in Q4, exceeding our expectations by approximately 300 basis points. This came mainly from newly acquired larger customers and their ACH volumes. This TPDX resulted in an AP/AR take rate of 16.0%, which contracted by 0.5 basis points.

Q4 的 TPV 表現非常強勁，較我們預期高出約 300 個基點。這主要來自新取得的大型客戶及其 ACH 交易量。這項 TPV 表現使 AP/AR 抽成率（take rate）為 16.0%，收縮 0.5 個基點。

Normalizing for the large ACH TPV beat, take rate would have been in line with our Q3 guidance. TPV on a same-store sales basis grew 6% year-over-year, representing a sequential acceleration of 2 points and highest since Q1 FY23.

若將 ACH TPV 大幅超預期的因素正規化後，抽成率將與我們 Q3 的指引一致。以同店銷售（same-store sales）口徑計算，TPV 年增 6%，較前一季加速 2 個百分點，並創 FY23 Q1 以來新高。

By industry vertical, we saw increased spending in manufacturing, administrative services, information technology and construction. We saw decreased spending in retail trade and wholesale trade. Customer spend on AI increased over 50% year-over-year in Q4. In spend and expense, Q4 revenue totaled $185 million, up 23% year-over-year. Card payment volume grew 20% year-over-year.

按產業垂直領域來看，我們在製造業、行政服務、資訊科技與營建業看到支出增加。我們在零售貿易與批發貿易看到支出下降。Q4 客戶在 AI 上的支出年增超過 50%。在支出與費用（spend & expense）方面，Q4 營收合計 1.85 億美元，年增 23%。卡片支付量年增 20%。

Travel, entertainment and health and services drove that growth, more than offsetting the slight softness in advertising spend. Take rate for the quarter came in at 261 basis points, reflecting a favorable mix of high interchange verticals. Reward rate was 133 basis points, up 3 basis points sequentially, driven by higher-than-expected volume in our top rewards tier from a concentrated group of customers.

旅遊、娛樂、健康與服務帶動了該成長，並且足以抵消廣告支出略為疲弱的影響。本季抽成率為 261 個基點，反映高交換費（interchange）垂直領域的有利組合。獎勵率（reward rate）為 133 個基點，較前一季上升 3 個基點，主要因一小群集中客戶在我們最高獎勵等級的交易量高於預期。

We have renegotiated those commercial contracts moving forward. S&E fraud and credit losses continue to improve over time, driven by AI-enabled enhancements to our fraud platform and underwriting. In Q4, the percentage of TPV, it improved nearly 6 basis points sequentially. Turning to capital allocation.

我們已就未來重新協商這些商業合約。S&E 的詐欺與信用損失隨時間持續改善，主要受惠於我們在詐欺平台與承保（underwriting）方面的 AI 強化。以 TPV 的百分比衡量，Q4 較前一季改善近 6 個基點。接著談資本配置。

In the fourth quarter, we repurchased approximately $300 million of stock at an average price of $35.31 per share. We have now retired approximately 15 million shares, representing close to 14% of our common stock outstanding since our Q3 earnings call. As of today, we have $400 million remaining on our $1 billion repurchase authorization announced in May.

在第四季，我們以每股平均 35.31 美元回購約 3 億美元股票。自 Q3 財報電話會議以來，我們已註銷約 1,500 萬股，約占目前流通普通股的近 14%。截至今日，我們在 5 月宣布的 10 億美元回購授權中，尚餘 4 億美元可用。

Given our confidence in BILL's durable growth profile and free cash flow generation, we expect to execute the remaining authorization within the parameters we have established. Before turning to formal guidance, I want to highlight three factors that are shaping our near-term outlook. First, we are navigating through a lot of change in our go-to-market organization specifically.

基於我們對 BILL 具韌性的成長輪廓與自由現金流創造能力的信心，我們預期將在既定參數範圍內執行剩餘授權。在進入正式指引之前，我想強調三項正在形塑我們短期展望的因素。第一，我們正特別在 go-to-market 組織中因應大量變革。

We are in our first quarter of a new sales motion under new leadership, unified around a single platform sale. Second, on S&E, we are monitoring a dynamic environment regarding card acceptance that may impact a small number of merchants. Additionally, we are taking proactive commercial actions on certain higher reward tiers and contracts.

在新領導團隊之下，我們正處於新銷售模式的第一季，並以單一平台銷售為共同核心。第二，在 S&E 方面，我們正監測卡片受理（card acceptance）的動態環境，這可能影響少數商戶。此外，我們也正針對某些較高獎勵等級與合約採取主動的商業措施。

Third, as Rene noted, we are concentrating our Embed channel on new Embed 2.0 platform. This means moving away from custom 1.0 solutions we built for a small number of bank partners. This is a deliberate choice to consolidate on a scalable and standardized embedded platform that supports our full product suite. Given these aspects, we believe a measure of prudence appropriate in our forward outlook.

第三，如 Rene 所提，我們正將 Embed 通路聚焦於新的 Embed 2.0 平台。這意味著我們將逐步遠離為少數銀行合作夥伴打造的客製化 1.0 解決方案。這是我們刻意做出的選擇，目的是整合到一個可擴展且標準化的嵌入式平台，以支援我們完整的產品套件。基於這些面向，我們認為在前瞻展望中採取一定程度的審慎是恰當的。

I also want to address an accounting presentation change we are making. Beginning in Q1 of fiscal year 2027, we will present revenue net of rewards expense. Rewards expense will be recognized as a reduction of subscription and transaction fees rather than as a sales and marketing expense. This voluntary change better reflects the unit economics of our spend and expense business.

我也想說明我們正在進行的一項會計呈列變更。自 2027 會計年度第一季起，我們將以扣除獎勵費用後的淨額呈列營收。獎勵費用將認列為訂閱與交易手續費的減項，而非列為銷售與行銷費用。這項自願性變更能更貼切反映我們支出與費用（spend and expense）業務的單位經濟效益。

It will sharpen focus on the right customer segments, improve comparability with our peer group, and will help us drive profitable growth. The change has no impact on the operating income or net income. Total revenue and total operating expenses will each be reduced by the same amount. We will begin reporting under this new presentation in Q1.

這將使我們更聚焦於正確的客戶區隔、提升與同業群的可比性，並有助於推動獲利性成長。此變更對營業利益或淨利沒有影響。總營收與總營業費用將以相同金額同步減少。我們將自第一季起開始以此新呈列方式進行揭露。

I will now detail our guidance for our first quarter and fiscal year '27. In light of this accounting change, we will guide to our historical presentation of revenue and rewards today. However, beginning with Q1 of fiscal year '27, our guidance framework will be presented on a revenue net of rewards basis only.

接下來我將詳細說明我們對 2027 會計年度第一季與 2027 會計年度的財測指引。鑑於這項會計變更，我們今天仍將以過往的營收與獎勵呈列方式提供指引。然而，自 2027 會計年度第一季起，我們的指引架構將僅以「扣除獎勵後的淨營收」為基礎呈列。

For fiscal Q1 '27, on a historical presentation of revenue basis, we expect total revenue to be in the range of $432.5 million to $442.5 million. and coal revenue to be in the range of $398 million to $408 million, reflecting 11% to 14% year-over-year growth.

就 2027 會計年度第一季而言，按過往營收呈列口徑，我們預期總營收將介於 4.325 億至 4.425 億美元之間；核心營收將介於 3.98 億至 4.08 億美元之間，反映年增 11% 至 14%。

For fiscal Q1 '27, we expect the rewards expense to be $92.5 million, implying a core revenue net of rewards growth rate of 10% to 14%. Here are a few key assumptions that underpin our Q1 revenue guidance. First, on volume, we expect AP/AR TPV growth to be in line with FY26 volume growth. For spend and expense, we are assuming year-over-year volume growth of mid-teens in Q1. Second, turning to monetization, we expect AP/AR take rate in line with Q4 as we expect higher ACH TPV growth trends to continue. Moving to spend and expense. We expect the take rate to be approximately 260 basis points. On the bottom line for Q1, we expect to report non-GAAP operating income in the range of $112.5 million to $117.5 million. We expect non-GAAP EPS to be between $0.96 and $1. These EPS figures are based on fully diluted share count assumption of approximately 102 million shares. Turning to full year guidance. For fiscal year 2027, on a historical revenue presentation basis, we expect total revenue in the range of $1.807 billion to $1.857 billion, reflecting 9% to 12% year-over-year growth.

就 2027 會計年度第一季而言，我們預期獎勵費用為 9,250 萬美元，意味著扣除獎勵後的核心營收成長率為 10% 至 14%。以下是支撐我們第一季營收指引的幾項關鍵假設。第一，在交易量方面，我們預期 AP/AR TPV 的成長將與 FY26 的交易量成長一致。就支出與費用（spend and expense）而言，我們假設第一季交易量年增為十幾個百分點的中段。第二，談到變現能力（monetization），我們預期 AP/AR 抽成率（take rate）與第四季相當，因為我們預期較高的 ACH TPV 成長趨勢將持續。再看支出與費用。我們預期抽成率約為 260 個基點。在第一季的獲利面，我們預期非 GAAP 營業利益將介於 1.125 億至 1.175 億美元。我們預期非 GAAP 每股盈餘介於 0.96 至 1.00 美元。上述每股盈餘係以完全稀釋後股數約 1.02 億股為假設基礎。接著看全年指引。就 2027 會計年度而言，按過往營收呈列口徑，我們預期總營收介於 18.07 億至 18.57 億美元，反映年增 9% 至 12%。

We expect coal revenue in the range of $1.669 billion to $1.719 billion, reflecting 11% to 14% year-over-year growth. One modeling point to flag is that Q2 FY27 faces our highest prior year comparison, and we expect this to represent the trough of our growth trajectory for the year. Our guidance reflects 3 points of year-over-year growth headwind, 2 points from S&E dynamics and 1 point from bank channels.

我們預期核心營收介於 16.69 億至 17.19 億美元，反映年增 11% 至 14%。需要提醒的一個建模重點是，FY27 第二季將面臨去年同期最高的比較基期，我們預期這將是今年成長軌跡的谷底。我們的指引反映年增成長有 3 個百分點的逆風，其中 2 個百分點來自 S&E 動態，另 1 個百分點來自銀行通路。

For fiscal '27, we expect the rewards expense to be $401.5 million, implying a coal revenue net of rewards growth rate of 10% to 14%. Turning to bottom line. For fiscal 2027, we expect to report non-GAAP operating income in the range of $421 million to $451 million which represents a 23% to 24% range in non-GAAP operating margin. This implies an explode operating margin expansion of approximately 590 basis points at the midpoint.

就 2027 會計年度而言，我們預期獎勵費用為 4.015 億美元，意味著扣除獎勵後的核心營收成長率為 10% 至 14%。接著看獲利面。就 2027 會計年度而言，我們預期非 GAAP 營業利益介於 4.21 億至 4.51 億美元，對應非 GAAP 營業利益率約 23% 至 24%。這意味著在中位數下，預期營業利益率擴張約 590 個基點。

We expect non-GAAP net income in the range of $370.5 million to $394.5 million and non-GAAP EPS to be between $3.56 to $3.79, representing 33% year-over-year growth. These EPS figures are based on fully diluted share count assumptions of approximately 104 million shares. This accounts for the $600 million share repurchases completed under our $1 billion authorization.

我們預期非 GAAP 淨利介於 3.705 億至 3.945 億美元，非 GAAP 每股盈餘介於 3.56 至 3.79 美元，代表年增 33%。上述每股盈餘係以完全稀釋後股數約 1.04 億股為假設基礎。此已反映在我們 10 億美元授權額度下已完成的 6 億美元庫藏股回購。

As we mentioned, GAAP profitability is now a key focus area. We expect to generate well over $125 million of GAAP profits for the full year. Included in this guide is an expectation for stock-based compensation expenses to be approximately $190 million. As a percentage of total revenue, we expect stock-based compensation to represent 10% in fiscal year '27, down from 14% in fiscal year '26.

如我們所提到的，GAAP 獲利能力現在是關鍵聚焦領域。我們預期全年將產生遠超過 1.25 億美元的 GAAP 利潤。本次指引中包含對股票基礎薪酬費用約 1.9 億美元的預期。以總營收的百分比來看，我們預期 2027 會計年度股票基礎薪酬約占 10%，低於 2026 會計年度的 14%。

A year ago, we were company with questions around profitability. Today, that question is answered. We are a leaner organization with a sharper focus. Exiting Q4 '26, we are a Rule of 40 company, driving strong revenue growth and GAAP profitability.

一年前，市場對我們仍有關於獲利能力的疑問。今天，這個問題已經有了答案。我們是一個更精實、聚焦更清晰的組織。在 FY26 第四季結束時，我們已是一家符合「40 法則」（Rule of 40）的公司，同時推動強勁的營收成長與 GAAP 獲利。

We have made deliberate decisions to trade low-quality revenue for durable high-quality growth, anchored in AI-led initiatives, stronger unit economics and a platform our customer’s trust. FY27 is about executing against that foundation.

我們刻意做出取捨，以可持續的高品質成長取代低品質營收，並以 AI 驅動的計畫、更強的單位經濟效益，以及客戶信任的平台為根基。FY27 的重點是依此基礎落實執行。

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

接下來我們將開放問答。

(Operator Instructions)

（接線員指示）

Tien-Tsin Huang, JPMorgan.

Tien-Tsin Huang，摩根大通。

Good results here. I think I was going to ask on the restructuring charge maybe and that came in on the higher side. But just to get to that charge, we're doing everything land versus what we talked about last quarter in terms of head count reduction, savings run rate and reinvestments. I know you gave some initial views there.

這次的結果不錯。我原本想問一下重整費用（restructuring charge），看起來金額偏高一些。不過就這筆費用而言，想確認一下：相較於上季我們談到的人力縮減、節省金額的年化運行率（run rate）以及再投資，你們最後落點如何？我知道你們當時提供了一些初步看法。

Where did you land? And what's the assumption in the timeline for realization in fiscal '27?

你們最後落在哪裡？以及在 2027 會計年度實現（realization）的時間表假設是什麼？

Thank you so much for the question. And let me start by just letting you know the restructuring efforts went exactly as we had planned. So we had given you an initial estimate of about $110 million of gross savings. We came very, very close to that number. So that's good.

非常感謝你的提問。我先說明一下，重整工作完全如我們計畫般進行。我們先前給出的初步估計是約 1.1 億美元的總節省（gross savings）。我們非常、非常接近這個數字。所以這點很不錯。

We had given a range of investments back into the business of about $20 million to $30 million. We are right now anchoring those investments on the number [$30 million]. So that was our net benefit from this at around $80 million.

我們先前也給出回投到業務的投資區間約為 2,000 萬至 3,000 萬美元。目前我們把這些投資鎖定在[3,000 萬美元]。因此，這次重整帶來的淨效益約為 8,000 萬美元。

Okay. Terrific. And then maybe for you, Rene, just thinking big picture here. I heard the go-to-market change and you brought in the CRO as you talked about. Any big learnings worth sharing here from whether it be the employees of the clients that you talk to your partners, given the reorg, love to hear your thoughts on that.

了解。很好。接著可能想請教你，Rene，從更宏觀的角度來看。我聽到你提到 go-to-market 的變更，也如你所說引進了 CRO。在這次重組之後，無論是從員工、客戶、或你們交流的合作夥伴那邊，有沒有什麼值得分享的重要學習或觀察？想聽聽你的想法。

Yeah. Thank you, Tien-Tsin. Yes, it's a great question. I think the way that you're starting to hear us talk and the way that we're executing is really across the platform. We started on day one to build a platform and the platform that makes doing business simple.

是的。謝謝你，Tien-Tsin。是的，這是個很好的問題。我認為你開始聽到我們談論的方式，以及我們的執行方式，確實是橫跨整個平台。我們從第一天起就著手打造一個平台，而這個平台讓做生意變得更簡單。

We started with workflow. We started then adding AP, AR, SNE, but we do so much more than that. And I think the go-to-market changes that you're referencing and kind of the momentum and energy that we're feeling inside the company is that the platform capabilities we have matter to our customers. They matter to our partners.

我們從工作流程開始。接著我們加入了 AP、AR、SNE，但我們做的遠不止這些。我認為你所提到的上市策略（go-to-market）變化，以及我們在公司內部感受到的動能與活力，來自於我們的平台能力對客戶很重要。這也對我們的合作夥伴很重要。

They matter because that's how you get the most value out of the experience. And so when I look at the last 12 months, we did really, really important work that unified the platform and the organization. They go hand in hand. We've aligned both the products and the go-to-market organizations to specifically sell all of AP and SNE customer experiences.

它們之所以重要，是因為這是讓你從整體體驗中獲得最大價值的方式。因此回顧過去 12 個月，我們做了非常、非常重要的工作，把平台與組織整合為一體。兩者相輔相成。我們已將產品與上市（go-to-market）組織對齊，專門銷售涵蓋 AP 與 SNE 的完整客戶體驗。

They are now fully integrated across a new modern UI. We are leveraging that customer experience to start selling that platform. You heard me talk about that. And then we are seeing results. I mean, 35% growth in the multiproduct adoption is great in the course of the year.

它們現在已在全新的現代化 UI 中完全整合。我們正運用這個客戶體驗來開始銷售該平台。你也聽到我談到這點。而且我們正在看到成果。我的意思是，一年內多產品採用率成長 35% 非常出色。

And that success has accelerated our change from a go-to-market perspective to really look at the totality of the offering that we have and to make sure that the marketing, the selling, the supporting is thinking about a unified platform approach. The tight organizational changes that we made during the year are both supporting the shift and are in concert with this belief that the platform is the key to driving customer satisfaction and success.

而這項成功也加速了我們在上市（go-to-market）層面的轉變，讓我們真正從整體角度審視我們的完整產品組合，並確保行銷、銷售與支援都以統一平台的方法來思考。我們在一年中所做的緊密組織調整，既支援了這項轉變，也與我們「平台是推動客戶滿意度與成功的關鍵」這個信念一致。

And given what we've already seen, the excitement that we have across the impact only increases when we think about the broader platform that we're building. And so again, when you ask the question, like what's kind of giving you confidence, momentum or energy here, it is really this platform.

而且就我們已經看到的情況而言，當我們想到正在打造的更廣泛平台時，我們對其影響的興奮感只會更強。所以再回到你的問題：是什麼讓你在這裡更有信心、動能或能量？答案確實就是這個平台。

And just like to step back, we see this really resonating with customers. And it resonates because financial operations is complex. There's a lot of moving pieces with that. And if you think about a customer, doesn't want to have to make a lot of decisions about their financial operations the same way they don't want to have to make the decisions about building their own car.

再稍微退一步看，我們看到這點確實非常能引起客戶共鳴。之所以能引起共鳴，是因為財務營運很複雜。其中有很多變動的環節。如果你站在客戶角度，他們不想在財務營運上做一堆決策，就像他們也不想自己決定如何打造一台車一樣。

They would rather buy a fully loaded than finished product. And so we, at BILL, are the masters at simplifying that complexity behind financial operations. And we are increasingly, increasingly becoming the fully loaded finished product for our customers. So the core products the customers come for, we know that that's the AP, that's the S&E.

他們寧可買一台配備齊全、已完成的成品。因此我們 BILL 最擅長的，就是把財務營運背後的複雜性簡化。而且我們正越來越、越來越成為客戶所需要的「配備齊全的成品」。客戶最初會為核心產品而來，我們知道那就是 AP，也就是 S&E。

But we also know they come for way more than that. They come for all the payment capabilities. And just to give you an example about how the platform just was extended to create more value for our customers in the past year.

但我們也知道，他們來不只是為了這些。他們也為了所有的支付能力而來。我舉個例子，說明過去一年我們如何延伸平台，為客戶創造更多價值。

In the midst of all the restructuring that we've done, we now have SPP, a new product, new platform extension, that really is taking advantage of the multisided network that we have with over 9 million connections, close to $400 billion in annual spend and the data that actually allows us to understand what matters to our suppliers and really how to go target those suppliers.

在我們進行所有重組的過程中，我們現在推出了 SPP——一個新產品、也是平台的新延伸——它真正利用了我們的多邊網路：超過 900 萬個連結、每年接近 4,000 億美元的支出規模，以及讓我們能理解供應商在意什麼、並真正知道如何鎖定這些供應商的資料。

That data is what is behind the development of SPP. And nobody else has this data today. And so when we think about the platform play and again, what's giving me energy, what's giving me confidence it is seeing that the combined product mindset capabilities that we have in the company and that platform capabilities we have from the shared data capabilities that we have, we're doing stuff that nobody else can do.

這些資料正是 SPP 開發背後的基礎。而且目前沒有其他人擁有這些資料。因此當我們思考平台策略，以及再次回到「是什麼讓我有能量、讓我有信心」時，就是看到公司內部結合式的產品思維能力，加上我們透過共享資料能力所具備的平台能力，我們正在做一些別人做不到的事。

We have a really interesting opportunity. We see that in invoice financing. You can see from the prepared remarks that we're able to now extend obviously into small suppliers to help them get their funds faster. They don't have to wait. We can only do that because of the data graph we have. It's unique.

我們有一個非常有趣的機會。我們在發票融資上看到了這點。從事先準備的講稿你可以看到，我們現在顯然能延伸到小型供應商，幫助他們更快取得資金。他們不必等待。我們之所以能做到，只因為我們擁有的資料圖譜（data graph）。這是獨一無二的。

It enables us to make real-time offers based on patterns and documents that we see across the largest B2B payment network that we know of. And simply put, no one else has this capability at this scale today. The third thing I'd like to call out from a platform perspective is more looking forward in how we think about build cash.

它讓我們能根據我們在目前所知最大規模的 B2B 支付網路中看到的模式與文件，提供即時報價。簡單來說，今天沒有任何其他人能在這樣的規模下具備這種能力。從平台角度我想提出的第三點，是更往前看我們如何思考 BILL cash。

Again, it's a reminder of how we have built a platform that actually solves the financial complexities that are behind the operations of any business. So payments require speed, they require clarity and they require a comedian audit trail. And BILL cash delivers that. It's fast or same-day payments.

再次提醒，這展現了我們如何打造一個平台，實際解決任何企業營運背後的財務複雜性。支付需要速度、需要清晰度，也需要完整的稽核軌跡。而 BILL cash 就能提供這些。它提供快速或當日到帳的支付。

We have perfect visibility into every transaction when it's a BILL cash transaction. No FI has that. No accounting software has that today, and we're in a position to continue to create value for our customers and to really reinforce the trust and confidence that they have in our platform with build cash. Now it's early days on billed cash and already, I think we are seeing strong, good adoption from our early customers.

當交易是 BILL cash 交易時，我們能對每一筆交易做到完全可視化。沒有任何金融機構（FI）能做到這點。目前也沒有任何會計軟體能做到，而我們有能力持續為客戶創造價值，並透過 BILL cash 進一步強化他們對我們平台的信任與信心。現在 BILL cash 還在早期階段，但我認為我們已經看到早期客戶有強勁且良好的採用。

And one of the most important factors that we're seeing in that adoption is that they are moving spend that was off-line, spend that was never on the BILL platform before, and it's now becoming online. And so when you combine all the capabilities that we have from a core front end, the front door of AP, S&E and AR, you add all the payment capabilities and the extensions that we're doing suppliers and cash management, unbilled cash.

而我們在這些採用中看到的最重要因素之一，是他們正在把原本離線的支出、以前從未在 BILL 平台上的支出，移轉到線上。因此當你把我們在核心前端能力——也就是 AP、S&E 與 AR 的前門——再加上所有支付能力，以及我們在供應商端與現金管理、未開立帳單的現金（unbilled cash）所做的延伸。

And the ability for us to now start selling that platform that's what gets us excited. It's something that we've been building a long time to make happen. And we know that the scale that we have, we get scale, and we know that we have got a very large, successful and profitable business that we can invest from.

再加上我們現在開始銷售這個平台的能力，這就是讓我們感到興奮的地方。這是我們長期打造、為了讓它成真的事情。而且我們知道我們具備規模，我們取得規模；也知道我們擁有一個非常龐大、成功且獲利的業務，能作為投資的來源。

And we're now 100% line, thanks to the restructuring on how to go make that happen. So a lot of things that are kind of underneath that go-to-market consolidation, if you will, but it all comes back to the platform.

而現在，拜重組所賜，我們在如何推動這件事上已經 100% 對齊。所以在你所說的上市（go-to-market）整合之下，其實有很多底層工作，但最終都回到平台。

Scott Berg, Needham & Company.

Scott Berg，Needham & Company。

I guess two questions. Rene, we'll start off with all the AI usage on the platform. Your adoption rates are impressive and realized use cases are equally impressive, how they're saving your customers' time.

我想有兩個問題。Rene，我們先從平台上的 AI 使用談起。你們的採用率令人印象深刻，實際落地的使用案例同樣令人印象深刻，因為它們正在為客戶節省時間。

How do you think about the monetization strategy of your AI efforts so going forward, now that you have some for high-grade (inaudible) data and understanding how customers you use, you have both the existing functionality and the innovation you spoke about in the pipeline coming out this year.

您如何看待貴公司 AI 投入的變現策略？展望未來，現在您已擁有一些高品質（聽不清）資料，並了解客戶如何使用；同時，您既有現有功能，也有您提到今年將推出、正在管線中的創新。

Thank you, Scott. I think this is obviously a really important part of the strategic direction of the company. The pivot to really becoming AI-native gives us lots of opportunities. But the first and foremost thing to think about is that we are sitting on a massive opportunity. There are millions of businesses that need financial operational help.

謝謝你，Scott。我認為這顯然是公司策略方向中非常重要的一部分。轉型成為真正的 AI 原生（AI-native）為我們帶來許多機會。但首先也是最重要的是，我們正坐擁一個巨大的機會。有數以百萬計的企業需要財務營運方面的協助。

And we are in a position with the platform that we have to go reach them and support them in ways that they never knew was possible. And so the first thing from an AI perspective is going to be building the capabilities to actually drive significant improvement and opportunities around customer retention and adoption in the early stages of their life cycle with us.

而以我們現有的平台，我們有能力去觸及並支援他們，以他們過去從未想像過的方式。因此，從 AI 的角度來看，第一件事將是建立能力，實際在客戶與我們合作生命週期的早期階段，顯著提升客戶留存與採用，並創造機會。

So one of the ways that you'll see the monetization is that we will be really tracking holder sales accountable to driving better conversion, better retention, if you will, in the first 90 days. But the other thing that you will see us thinking about is the strategic rationale of from a pricing perspective. And so the reason I broke these up here is there's obviously customers that matter and then there's obviously the revenue per customer.

所以您會看到的一種變現方式是：我們會非常嚴格地追蹤並要求銷售團隊對於在前 90 天帶來更好的轉換率、更好的留存率負責。但您也會看到我們思考另一件事：從定價角度的策略性理由。我之所以把這兩者拆開，是因為顯然一方面是客戶數（客戶規模），另一方面則是每位客戶的收入。

And on the revenue per customer, we've been, I would say, tactical with some price increases in the last year. But as we roll out these AI capabilities, we're going to really be strategic. And one of the things that we know is that we are going to be inclined to move customers from a per seat basis to really a platform fee to really understanding the capabilities and the value that we're providing them as well as the usage consumption fee, if you will.

在每位客戶收入方面，我會說過去一年我們以戰術性的方式做了一些漲價。但隨著我們推出這些 AI 能力，我們會更具策略性。我們知道的一件事是：我們會傾向把客戶從按席位（per seat）計費，轉向以平台費（platform fee）為主，並真正理解我們提供的能力與價值，同時也會加入使用量／消耗（usage consumption）費用（如果你願意這麼稱呼）。

And so those are, I would say, the kind of the direction that we're moving towards. Agents will be grouped into different subscription tiers based on the value that they're creating for our customers. And obviously, we will have some consumption based as we roll these out.

所以我會說，這就是我們前進的方向。代理（Agents）將依其為客戶創造的價值，分組到不同的訂閱層級。而且很明顯地，隨著我們推出這些功能，也會有一些以使用量為基礎的計費。

So a lot of opportunity coming in the future, and obviously, it's predicated on us. Getting the agents that actually completely simplify the experience for SMBs, move them from a do-it-yourself approach to the do-it-for-me approach. And we think that's the key thing to the AI strategy.

因此未來有很多機會，而這顯然取決於我們。打造能真正為中小企業（SMBs）徹底簡化體驗的代理，讓他們從「自己動手（do-it-yourself）」轉向「交給我處理（do-it-for-me）」的方式。我們認為這是 AI 策略的關鍵。

Very helpful, Rene. From a follow-up we modeled this out a couple of times, what your operating kind of margin and structure will look like in this post-reduction in force environment in your Rule of 40 is, I think, a great strategy to be achieving here as you get through the year.

非常有幫助，Rene。追問一下：我們已經把這個模型推演了幾次，在裁員（reduction in force）後的環境下，你們的營運利潤率與成本結構會是什麼樣子；而你們的「40 法則（Rule of 40）」我認為是今年很值得達成的策略。

But where does incremental leverage in the model come from? Because we look at the model X rewards as well, and we think you'll be exiting this year at an already relatively high rate. There's always some additional room to move those margins up over time. But what does that incremental kind of next step come from now that this phase is kind of in the background?

但模型中的增量槓桿（incremental leverage）來自哪裡？因為我們也看了模型的 X 回報（rewards），我們認為你們今年年底的水準已經相對偏高。長期來看，利潤率當然還有一些上升空間。但在這個階段已經告一段落、退居背景之後，下一步的增量提升會來自哪裡？

Yes. Thank you for the question. And the way I think about it, we have done a lot of work in expanding the operating margins over the last year. I think this was the third year in a row that we doubled our operating margin ex float. So we want to continue in expanding the margins.

是的。謝謝你的問題。我的看法是：過去一年我們在擴大營運利潤率方面做了大量工作。我認為這是我們連續第三年把扣除浮存金（ex float）的營運利潤率翻倍。因此我們希望持續擴大利潤率。

We did a lot of work on labor-related OpEx and some on the other effects in the last year, where the additional opportunities will continue to come from is the AI led productivity. So we're starting out on that journey. We're starting to see some good examples across our risk teams, across CS teams, across engineering teams, but we would expect to see that mature further and drive additional operating leverage.

去年我們在與人力相關的營業費用（OpEx）以及其他一些費用項目上做了很多工作；接下來持續的額外機會將來自 AI 帶動的生產力提升。我們正開始這段旅程。我們已在風險團隊、客戶成功（CS）團隊、工程團隊等看到一些不錯的例子，但我們預期這會進一步成熟，並帶來更多營運槓桿。

Additionally, we're going to really move our focus on revenue growth. We have now really taken a very focused approach to durable and profitable revenue prioritization, and you will continue to see that happen through the year. And the easiest way to grow margin is to grow revenue, really. So I think driving the right product structure, making sure that the economics behind the product itself are robust. Those will be our next move.

此外，我們會把重心更聚焦在營收成長上。我們現在已採取非常聚焦的方法，優先推動可持續且具獲利性的營收，你們會在今年持續看到這點。而提升利潤率最簡單的方法其實就是成長營收。因此，我認為推動正確的產品結構、確保產品本身背後的經濟性（unit economics）穩健，將會是我們下一步的動作。

Chris Quintero, Morgan Stanley.

Chris Quintero，摩根士丹利。

I want to ask about the TPV upside, especially on the AP/AR side in the quarter. Could you maybe just unpack a little bit more of the details around? Won't really surprise you to the upside there, the drivers of that outperformance. We've heard from the airlines talking about some travel inflation. So curious if that was any impact.

我想問一下 TPV（總支付量）的上行空間，特別是本季在 AP/AR（應付／應收）端的表現。你能否再多拆解一些細節？那邊的超預期表現不會讓你太意外，但想了解驅動超預期的因素。我們也聽到航空公司提到一些旅遊通膨。所以也好奇這是否有任何影響。

And I think, Rene, you talked about AI spend on BILL being up 50% year-over-year in Q4. So just curious if you can unpack the drivers here for us.

另外我想，Rene，你提到 BILL 的 AI 支出在第四季年增 50%。所以也想請你為我們拆解一下這裡的驅動因素。

Yes, absolutely. So as I look at Q4 and the large overperformance on TPV, I would come back to how strong our ACH product is, it's only best-in-class, and we continue to see usage across ACH continuing to increase, our product gets better and better. So that's where we saw a majority of the uptick from -- now if you compare that to the verticals where we are seeing upside within our AP/AR platform.

是的，當然。所以當我看第四季以及 TPV 的大幅超預期時，我會回到我們的 ACH 產品有多強：它是同級最佳（best-in-class），而且我們持續看到 ACH 的使用量不斷增加，我們的產品也越做越好。因此，多數的增量上升來自這裡——而如果你把這與我們在 AP/AR 平台中看到上行的垂直產業相比。

We are seeing construction, the manufacturing side, some of these verticals that are very tied to the new AI flywheel that we are seeing in spending. So big ticket items, construction manufacturing type of verticals doing really well. That's impacting the ACH, TPV growth as well.

我們看到建築、製造等一些垂直產業表現強勁，這些產業與我們在支出端看到的全新 AI 飛輪（flywheel）高度相關。因此，大額項目、建築與製造類型的垂直產業表現非常好。這也同樣影響了 ACH、TPV 的成長。

Additionally, one very interesting dynamic is now emerging, which is our mid-market customers have some really large ticket size transactions that come on the platform, which they have more ACH. They have generally lower take rates than the rest of our portfolio, but they are extremely valuable customers to us because their ARPU is 3 times more than an average customer at BILL.

此外，還出現一個非常有趣的新動態：我們的中型市場（mid-market）客戶在平台上有一些非常大額的交易，因此他們使用更多 ACH。他們的抽成率（take rate）通常低於我們投資組合中的其他客群，但他們對我們而言是極其有價值的客戶，因為他們在 BILL 的 ARPU（每戶平均收入）是一般客戶的 3 倍。

The TPV is 4 times more. So as we continue to grow the mid-market segment of our business, we will see some of this dynamic continue to happen. One thing I would like to highlight is this additional TPV that's flowing through the system is actually giving us good benefit in terms of flow over performance you guys saw in Q4, we'd be float by close to $2 million.

TPV 是 4 倍。因此，隨著我們持續擴大業務中的中型市場客群，這種動態會持續發生。我想強調的一點是：這些額外流經系統的 TPV，實際上也帶給我們不錯的好處；就你們在第四季看到的浮存金（float）超預期而言，接近 200 萬美元。

And this is not due to the rate fluctuations. It's really because of more TPV flowing through the system. And I think this is just the flywheel of the product that Rene was talking about as well. We have multiple ways to monetize.

而這並不是因為利率波動。主要是因為有更多 TPV 流經系統。我認為這也正是 Rene 所談到的產品飛輪。我們有多種變現方式。

Yes. Very helpful. And then I wanted to follow up on subscription revenue. That line item, the growth rate there had been kind of stuck around this mid-single-digit type of range for a few quarters now. And in the past two quarters, you've seen it accelerate up to 11% this quarter.

是的。非常有幫助。接著我想追問一下訂閱營收。那個科目，過去幾季的成長率似乎一直卡在中個位數左右的區間。而在過去兩季，你們看到它加速成長，本季達到 11%。

So I was just curious if you can unpack what are some of the drivers there and considerations around that performance.

所以我只是好奇，你能否拆解一下其中的一些驅動因素，以及對這項表現的考量。

Yes, absolutely. On the specifically subscription ARPU side, over the last couple of quarters, we did see an sequential uptick, which drove the trend of flattish trend that we have seen in the past. And that's exciting. It was just showing we are going upmarket a little bit. We are -- we were doing some tactical changes with the pricing as well.

是的，當然可以。就訂閱 ARPU 這一塊而言，過去幾季我們確實看到環比的小幅上升，這也帶動了先前我們看到的那種相對持平的趨勢出現變化。這很令人振奮。這只是顯示我們稍微往中高端市場（upmarket）移動了一些。我們也——我們也在定價上做了一些戰術性的調整。

So that was starting to go up as a combination. What we continue to also see from a subscription ARPU side is larger -- the biggest number of customer adds that we get continue to be from the accounting channel. There is a mix element that plays out there where we continue to add a smaller set of customers at a faster clip.

因此這些因素結合起來，開始推動數字上升。另外，從訂閱 ARPU 的角度，我們持續看到：我們新增客戶中最大的一部分仍然來自會計通路。其中也存在組合（mix）因素：我們持續以更快的速度新增一小部分客戶。

And obviously, the bigger customers are fewer in numbers, although much higher in ARPU. So there is a little bit of that dynamic that will play out into the subscription number. Having said that, what we really focus on is the core for the total ARPU of the customer we're bringing in.

而且很明顯，大型客戶的數量較少，但 ARPU 高得多。所以這種動態會在訂閱數字上有所反映。話雖如此，我們真正關注的是我們帶進來的客戶，其整體 ARPU 的核心表現。

And as we rethink strategically what our pricing models and frameworks are going forward, based on usage and capacity usage, et cetera, this will continue to be more important. How many customers are we getting in and how are we monetizing them, which is the ARPU. So the core ARPU actually sequentially grew again 3% versus the last quarter, which continues to be a good trend.

當我們基於使用量與容量使用等因素，重新從策略面思考未來的定價模型與框架時，這會變得更加重要。我們帶進來多少客戶，以及我們如何將其變現，也就是 ARPU。因此核心 ARPU 相較上一季再次環比成長 3%，這仍然是一個不錯的趨勢。

Will Nance, Goldman Sachs.

Will Nance，高盛。

I wanted to follow up on some of the commentary on ACH volumes and maybe tie it back to some of the longer-term thoughts on growth that I think you talked about already in the prepared remarks. I'm just -- when we think about the longer-term growth rate, I think the guidance this year calls for a relatively flat take rate, I think you said.

我想追問一下你們對 ACH 交易量的一些評論，並且可能把它連結到你們在事先準備的講稿中已經談到的、對長期成長的一些看法。我只是——當我們思考長期成長率時，我想你說今年的指引是抽成率（take rate）相對持平。

And you called out some drivers there, ACH volume from larger customers as well as maybe some changes in virtual card acceptance in the near term. So maybe you can help unpack a little bit over the long term. How do you think about monetization and ad valorem mix over time?

你也點出了一些驅動因素，包括來自大型客戶的 ACH 交易量，以及短期內虛擬卡受理方面可能的一些變化。所以也許你可以協助拆解一下，從長期來看，你如何看待變現（monetization）以及從價（ad valorem）組合隨時間的變化？

And is take rate expansion still part of that algorithm over time? Or as you think about pricing and the answer that you just gave, are there other ways to kind of monetize consumption-based pricing beyond explicitly charging for some of the payment volumes? Curious how that thought process over the long.

以及抽成率擴張是否仍是你們長期算法（growth algorithm）的一部分？或者當你思考定價、以及你剛才給的回答時，是否還有其他方式，能在不只是明確對部分支付量收費的情況下，透過以消費/用量為基礎的定價來變現？好奇你們長期的思考脈絡。

Yes. Thank you for that question. There are a couple of things that you mentioned and some of them actually are AP/AR dynamics and some of them S&E dynamics. I'm going to try and unpack them one by one. So we've talked -- let's talk about S&E from a take rate perspective.

是的。謝謝你的問題。你提到的有幾個面向，其中一些其實是 AP/AR 的動態，另一些是 S&E 的動態。我會嘗試逐一拆解。所以我們談過——先從抽成率角度談 S&E。

We talked about some of the acceptance challenges more from an S&E side. We don't see that on the AP/AR side. And from that perspective, we do have a slight reduction in the volume growth rate on S&E. But on S&E, the take rate range we've given to you in the past is 250 to 260, and we expect the quarter and then going forward to be on the higher end of that range.

我們談到一些受理（acceptance）方面的挑戰，主要是在 S&E 端。在 AP/AR 端我們沒有看到這種情況。從這個角度來看，S&E 的交易量成長率確實略有下降。但就 S&E 而言，我們過去給你的抽成率區間是 250 到 260，我們預期本季以及往後會落在該區間的高端。

So that's where the revenue growth from an S&E perspective is going to be modeled. From AP/AR perspective, our ACH TPV continues to do much better than our expectations, which is kind of an isolated variable ad valorem TPV continues to grow at a healthy clip as well as we are seeing some of our established portfolio items are doing well. and the emerging portfolio continues to add to that growth as well.

因此，從 S&E 的角度，營收成長會以此來建模。從 AP/AR 的角度，我們的 ACH TPV 持續表現得比我們預期好很多；這是一個相對獨立的變數。

So I feel good about that. Just the math of the take rate because of the outsized ACH performance is compressing the number a little bit. So as we think about it, I would say a lot of the growth in the AP/AR will be based on the TPV and monetizing that TPV through multiple ways. And a bigger TPV number monetized at the same rate still gives you the growth.

所以我對此感到樂觀。只是因為 ACH 表現特別突出，從數學上看會讓抽成率（take rate）這個數字稍微被壓縮。因此當我們思考時，我會說 AP/AR 的成長很大一部分將取決於 TPV，以及透過多種方式將該 TPV 變現。而更大的 TPV 規模，即使以相同的費率變現，仍然能帶來成長。

So flat to slightly uptake rate from what we were at in Q4 is how I would guide you.

所以我會給你的指引是：相較於第四季，抽成率大致持平到略為上升。

Got it. That's very helpful. And just on the rewards change, obviously, I think that makes a lot of sense. I thought you said being netted against both subscription and transaction revenue. Just wondering if you could clarify that.

了解。這非常有幫助。另外關於獎勵（rewards）的變更，顯然我認為那很合理。我以為你說會同時在訂閱與交易營收中以淨額方式扣抵。想請你澄清一下。

Does it not all go through transactions? And then just separately, how do you think about breaking that out? Like do you expect to disclose that separately and talk about the rewards rate going forward? Or do you expect to largely talk about F&E dynamics as they kind of just like a net take rate from here on out?

它不是全部都走交易（transactions）嗎？另外，關於你們如何拆分揭露，你怎麼看？例如你們是否預期會單獨揭露並討論未來的獎勵率？或者你們預期之後主要會把它當作 F&E 的動態來談，也就是從現在起以淨抽成率的方式呈現？

Yeah. So just to clarify, the way we'll talk about our revenue will be net of what you see today as gross revenue line, minus the robust dollars number. So that will be our net revenue. We use those words just because it's exactly what we externally report. So more of an accounting thing. So it will be the net revenue. We will give periodic color to the performance of rewards as well.

是的。我澄清一下：我們談營收時，會以你今天看到的總營收（gross revenue）那一行，減去 robust dollars 的金額。因此那會是我們的淨營收（net revenue）。我們使用這些措辭，主要是因為這正是我們對外揭露的方式。所以比較偏會計處理。因此會是淨營收。我們也會不定期提供一些關於獎勵表現的補充說明。

But the way I think about rewards, it's a really great incentive and a tool for us to drive the right customers onto the platform. We are not in the business of trying to win on rewards basis only. The business we want to bring to our company is one that's profitable or when we are incentivizing our customers to use many products that aligned with what Rene has said about the platform approach.

但我對獎勵的看法是：它是一個很好的誘因，也是我們用來把合適的客戶導入平台的工具。我們並不是只靠獎勵來競爭、來贏得客戶的生意。我們希望帶進公司的是能獲利的業務，或者是在我們提供誘因時，能促使客戶使用多項產品——這也與 Rene 所說的平台策略一致。

Andrew Schmidt, KeyBanc Capital Markets.

Andrew Schmidt，KeyBanc Capital Markets。

I just want to dig into the FY27 core revenue outlook for a moment. I think it's 11% to 14%. Just how you're reporting today. But I think you called out 2 points from S&E dynamics, 1 point from the bank channel. And then I think you also -- it sounds like you're also baking in some prudence from go-to-market and reorg implications.

我想稍微深入一下 FY27 核心營收展望。我想是 11% 到 14%。以你們目前的揭露方式來看。但我記得你提到其中有 2 個百分點來自 S&E 的動態、1 個百分點來自銀行通路。另外我想你也——聽起來你們也把一些審慎因素納入考量，來反映 go-to-market 與組織重整（reorg）的影響。

Maybe just help us understand what's recurring, what's nonrecurring? And then sort of level set us in terms of how you think about the ongoing rate of growth for the business over the intermediate term considering some of these things seem transitory?

也許請協助我們理解哪些是經常性、哪些是非經常性？另外，考量其中一些因素看起來是暫時性的，能否也幫我們校準一下，你們如何看待在中期內這項業務的持續成長率？

Yes, I can take that question. Thank you. So as I think about the S&E business overall, right, we -- there are some short-term dynamics. We have the change in the approach that we are taking, both from a net revenue perspective as well as the whole team is now selling all of the products. We don't have a separate S&E sales team and a separate AP sales team.

好的，我可以回答這個問題。謝謝。就我對整體 S&E 業務的看法而言，對，我們——短期內確實有一些動態變化。我們正在調整我們採取的方法，包含淨營收的角度，以及整個團隊現在都在銷售所有產品。我們不再有一個獨立的 S&E 銷售團隊和一個獨立的 AP 銷售團隊。

So which means that there is training involved, there's ramping the structures changing, incentive changing, all of that. So it takes time to ramp some of that up to its full potential. So those are some of the things that are transitionary. I talked a little bit about the impact of one of the larger platforms and the card acceptance issues. Again, very concentrated towards some of the bigger customers.

這也意味著需要訓練、需要爬坡，組織架構在改變、激勵機制在改變，所有這些都在發生。因此，要把其中一些提升到完全發揮潛力需要時間。所以這些是一些過渡性的因素。我也稍微提到其中一個較大型平台的影響以及卡片受理的問題。同樣地，這些影響非常集中在一些較大的客戶身上。

So we'll see some impact from that also transitionary. Over time, we -- the net approach should help us get back to strong growth levels and drive more profitability in the business than we had in the past. So some of these dynamics that I talked about are in a shorter term. And that's why as we open, as I opened my scripted remarks, I had mentioned that the range in the midterm that we think of is low double-digit still mid-teens.

因此我們也會看到一些來自那部分的影響，而且同樣是過渡性的。隨著時間推進，我們——這種淨額（net）做法應該能幫助我們回到強勁的成長水準，並為業務帶來比過去更高的獲利能力。所以我剛才談到的其中一些動態是較短期的。也因此在我開場、也就是我照稿的開場發言中，我提到我們對中期的區間看法仍是低雙位數到中十位數（mid-teens）。

Got it. Very helpful. And then if I could just ask a follow-up just on the net new adds on BILL AP/AR. Understanding that there was some disruption in your quarter from the reorg and things like that. I just want to clarify what you're seeing.

了解。非常有幫助。接著如果我可以追問一下，關於 BILL AP/AR 的淨新增（net new adds）。我理解你們這一季因為重組等因素有一些干擾。我只是想釐清你們看到的情況。

Was there any sort of demand dynamics at play? Or do you think it was all sort of self-driven? And then as we think about just FY27, the trajectory for net new adds. It sounds like that's improving even intra-quarter. Maybe just talk about the expectation in terms of stature trend, understanding there's a lot of changes going on that are working through.

是否有任何需求面的動態在發生？還是你認為這完全是內部自發（self-driven）的因素？另外，當我們看 FY27 淨新增的走勢。聽起來即使在季度內也在改善。也許談談你們對趨勢的預期，並理解目前有很多變動正在消化中。

Sure. happy to talk about that. So just as a reminder, we have been talking for the last couple of quarters that we have a deliberate focus on the ICP or our ideal comer profile. We want to continue to focus on slightly better customers that we have in the past, which then is a trade-off between the number of customers we're getting on the platform and the quality of the customers beginning.

當然，很樂意談這個。先提醒一下，過去幾季我們一直在談，我們刻意聚焦在 ICP，也就是我們的理想客戶輪廓（ideal customer profile）。我們希望持續聚焦在比過去略好一些的客戶，這會在平台新增客戶數量與客戶品質之間形成取捨。

So we had indicated in the last earnings or two that we expect the trend to be not in line with what we had seen in the past and slightly lower.

因此在上一到兩次的財報中我們已指出，我們預期這個趨勢不會與過去看到的水準一致，而是會略低一些。

So we continue to be on that path. Nothing has changed in that regard. What has changed was the material organizational restructuring and the sales motion that we are now getting into. So what I mentioned earlier in my remarks also was that in July, and we started to see some great and recovery within the numbers, which we are actually quite eased about.

所以我們仍在這條路徑上前進。在這方面沒有任何改變。改變的是我們進行了重大的組織重整，以及我們現在正在導入的銷售動作（sales motion）。因此我在先前的發言也提到，7 月我們開始在數字上看到一些很好的——復甦，我們其實對此相當放心。

And as I think about the quarter, I could see us land at the range of 2,500 to 3,000 having made a large part of that recovery towards the number that we want to get to, which will be sort of higher than this range over the remaining part of the year, but this is the range I'm expecting for the quarter.

就這一季而言，我可以看到我們落在 2,500 到 3,000 的區間，因為我們已經把很大一部分的復甦做回來，朝向我們想達到的數字前進；而在今年剩餘期間，那個目標數字會高於這個區間，但就本季而言，我預期的區間就是這樣。

Nate Svensson, Deutsche Bank.

Nate Svensson，德意志銀行。

Rene, I wanted to ask about the second key priority you laid out in your prepared remarks of acquiring the higher ROI customers. So I mean, it sounds like the 35% growth you're seeing in the adoption of AP/AR and spend in expenses coming before all of these go-to-market changes.

Rene，我想問你在事先準備的發言中提到的第二個關鍵優先事項：取得更高 ROI 的客戶。所以我的意思是，聽起來你們在 AP/AR 採用率以及支出與費用（spend in expenses）方面看到的 35% 成長，是發生在所有這些 go-to-market 變更之前。

So I was hoping you could put some guardrails around kind of how to think about these go-to-market changes and how they can help improve the already strong trajectory growth that you're seeing today? And then just maybe the second one on that topic is just around the bank channel partners.

所以我希望你能提供一些框架，讓我們理解該如何看待這些 go-to-market 的變更，以及它們如何幫助提升你們目前已經很強勁的成長軌跡？另外第二個相關問題是關於銀行通路合作夥伴。

Could you maybe talk a little bit more about the decision to move away from the small number of those bank partners? And then maybe beyond that the success you're seeing with the incremental 2.0 opportunities that can help offset that?

你能否多談一點，為什麼決定從少數幾家銀行合作夥伴那邊撤出？以及除此之外，你們在新增的 Embed 2.0 機會上看到的成功，如何能幫助抵消那部分的影響？

Okay. Thank you, Nate, for the question. Yes, I think the summary, I would say, is that we understood our data, and that's why Rohini just mentioned, we focused on our larger customers, the larger SMBs are on the platform ones with more than 20 payments, for example.

好的。謝謝你，Nate，這個問題。是的，我想總結來說，我會說我們理解了我們的數據；也因此 Rohini 剛才提到，我們聚焦在我們較大的客戶，也就是平台上的較大型 SMB，例如付款筆數超過 20 筆的客戶。

And that focus means that we are, I would say, honing the product offerings for those customers as well as the go-to-market motions for those customers. And what we -- one of those honing exercises was to sell the platform that we were so hard to build.

而這樣的聚焦意味著，我會說，我們正在針對這些客戶打磨產品組合，以及針對這些客戶的 go-to-market 動作。而我們——其中一個打磨的工作，就是去銷售我們辛苦打造的平台。

And we are seeing, like I said, early success. That success has under Jonathan's leadership, we are positioned now to kind of leverage that success across the entire go-to-market team. And so positioning ourselves to sell the platform, which you heard me talk about at the beginning, I think, is a super important part of how we focus on the higher ROI customers that are in the portfolio and capable of coming into the business.

而且如我所說，我們已看到初步的成功。在 Jonathan 的領導下，這些成功讓我們現在能夠把這些成果槓桿化，推廣到整個 go-to-market 團隊。因此，讓自己能夠去銷售平台——你也聽到我在一開始談到——我認為是我們聚焦於更高 ROI 客戶（無論是既有組合中的，或是有能力成為新客戶的）的一個非常重要的部分。

So our focus is always going to be on filtering great customer experiences and driving value for them, extending that and that focus also applies to our partners. And so when we looked at the restructuring work that we did, we knew that we needed to create more focus across the business.

所以我們的重點永遠會放在提供很棒的客戶體驗並為他們創造價值；延伸來看，這個聚焦也同樣適用於我們的合作夥伴。因此當我們檢視我們所做的重整工作時，我們知道需要在整個業務上建立更高的聚焦度。

It's paramount, it's imperative, you named the word, like it is super critical that we have teams aligned and that we leverage the teams and the resources and the attention and a focused path so that we can execute well. And so that exercise led us to look at individual, I would say, product experiences and our approach with the bank channel over the last dozen or so years, has been more custom than we would like and more customer than we would do today.

這是首要之務、是必要條件——你用的那個詞——也就是說，讓團隊對齊是極其關鍵的；我們必須善用團隊、資源與注意力，並有一條聚焦的路徑，才能把執行做好。因此，這個過程也促使我們去檢視個別的——我會說——產品體驗；而我們過去十多年在銀行通路上的做法，比我們希望的更偏客製化，也比我們今天會採取的做法更偏向為單一客戶量身打造。

And that means we have multiple platforms that make it challenging to be able to actually offer all of the capabilities that BILL has for all of their customers. And so our decision was really to lean in on this focus initiative across the company and to say, this is where we're going to invest.

這也意味著我們有多個平台，讓我們很難把 BILL 的所有能力，真正提供給所有客戶。因此，我們的決策其實是要在公司內部推進這個聚焦的倡議，並且說：這就是我們要投資的方向。

This is where we're going to spend time, analyzing and working how to drive more results of the business, and that's the Embed 2.0 platform, that actually enables the entire platform for those customers. And so we are super excited about leveraging our platform into our partners, but we know we got to be disciplined in our approach to how we do that. And so as we made those decisions, we expect that not all of the banks will be able to make it.

這就是我們要投入時間去分析、去工作，以推動更多業務成果的地方——也就是 Embed 2.0 平台；它能讓這些客戶使用整個平台的能力。因此，我們對於把我們的平台延伸到合作夥伴端感到非常興奮，但我們也知道在做法上必須保持紀律。所以當我們做出這些決策時，我們預期並不是所有銀行都能跟得上。

Helpful color. Just for a follow-up, I wanted to ask on SPP. I think in the prepared remarks, you said the initial rollout hadn't tightened your expectations, some of that related to the different enterprise sales motion. So maybe you could talk more about some of the roadblocks you ran into and how you think the recent changes in go-to-market are going to help improve the trajectory for SPP in fiscal '27 and beyond.

很有幫助的補充說明。接著我想追問一下 SPP。我記得在事先準備的發言中，你提到初期的推行並沒有收緊你們的預期，其中一部分與不同的企業級銷售推進方式有關。所以也許你可以多談談你們遇到的一些障礙，以及你認為近期在上市策略（go-to-market）上的變化，將如何有助於改善 SPP 在 27 財年及之後的發展軌跡。

I think you also mentioned that the contracts are going to preserve virtual card volumes. I was hoping for more color on kind of what specifically is in those contracts that will allow you to maintain virtual card volume while adding the sort of incremental ACH volumes on top of that?

我想你也提到，這些合約將會保留虛擬卡的交易量。我希望能更具體了解，這些合約中到底有哪些條款，能讓你們在新增增量 ACH 交易量的同時，仍能維持虛擬卡交易量？

Yes. I think probably the most important thing in any customer offering is to get the customer experience right. And so we have spent a lot of time talking with suppliers, analyzing the data, like I mentioned, about our platform and the data we have is unique and understanding the payments and the flows and understanding how we can make their experiences better.

是的。我想任何客戶方案中最重要的，可能就是把客戶體驗做好。因此我們花了很多時間與供應商溝通、分析資料；如我提到的，我們的平台以及我們掌握的資料具有獨特性，並且去理解付款與資金流向，了解我們如何讓他們的體驗更好。

The case study I gave somebody with hundreds of accounts across build going down to one with no IT involvement. That's actually because of great product work. And so I think from a go-to-market perspective, having the right product is important, and that's part of the go-to-market, but then also having the right sales motion.

我舉的案例是：某個客戶原本在建置上有數百個帳戶，最後縮減到只剩一個，而且不需要 IT 介入。這其實是因為產品做得很好。所以我認為從上市策略的角度來看，擁有正確的產品很重要，這也是 go-to-market 的一部分；但同時也要有正確的銷售推進方式。

And enterprise sales is different than what we've ever done before. I think we knew that. And I think the learning year is that it just sometimes takes a little bit more time than you would like. But I feel very good about what we've learned and the opportunity to kind of extend that.

而企業級銷售與我們過去做過的都不一樣。我想我們早就知道這點。而這一年學到的是，它有時就是會比你希望的多花一些時間。但我對我們學到的東西以及把這個機會延伸擴大的可能性，感到非常有信心。

If you look at the number we called out there, $800 million under contract from a TPV perspective, that strong growth from the last time that we talked about this. And really, to your question around the virtual card, the under contract is important. These suppliers have -- you've received payments across all of our payment modalities. And so having an experience for them that is consistent is important.

如果你看我們提到的數字，從 TPV 的角度來看，已簽約的金額是 8 億美元，較我們上次談到這件事時有強勁成長。而回到你關於虛擬卡的問題，「已簽約」很重要。這些供應商——他們透過我們所有的付款方式都收過款。因此，為他們提供一致的體驗很重要。

And it's also important for us that if the customer wants to use a card that the card goes through as an example. And so that commitment is an important part of the conversations we have with the suppliers, and it's something that we'll continue to work with them to make sure they're getting the value that they need out of those experiences.

同時對我們來說也很重要的是，若客戶想用卡片付款，舉例來說，卡片交易就要能順利通過。因此，這樣的承諾是我們與供應商對話中的重要部分；我們也會持續與他們合作，確保他們能從這些體驗中獲得所需的價值。

Ken Suchoski, Autonomous Research.

Ken Suchoski，Autonomous Research。

I was just wondering if you can give us some more color on the dynamic you mentioned regarding the spend and expense card acceptance that's impacting volume growth. Is that just acceptance by the large ad providers like Meta and Google?

我想請問，你能否就你提到的、關於支出與費用卡（spend and expense card）受理情況影響交易量成長的動態，再多補充一些說明？這只是像 Meta 和 Google 這類大型廣告供應商的受理情況嗎？

And I guess do we have four quarters of slightly slower growth and then we're sort of ticking back higher once we lap that dynamic? Any thoughts there would be great.

另外，我想是不是會有四個季度的成長稍微放緩，然後等我們跨過（lap）這個因素後，成長就會回升一些？任何看法都很有幫助。

Yes, that's what we're referring to on the S&E side. I talked about -- just to clarify a little bit more. We talked about 2 points of headwind coming from that piece of the business. And this is just a part of it because there's other dynamics of us moving from gross to net and leading on the table some of the less profitable volume, et cetera, that is playing in a big new part of that. That's exactly right.

是的，我們在 S&E 這一端指的就是這個。我再多澄清一點。我們提到有 2 個百分點的逆風來自這一塊業務。而這只是其中一部分，因為還有其他動態，例如我們從總額轉為淨額（gross to net），以及把一些獲利較差的交易量留在桌上（不去追求）等等，這些也在其中扮演很大一部分。你說得完全正確。

And then here, we would lose that as it in the rollout low and it's quite concentrated to small number of customers that have large volume. But if you look at the same impact on a net basis, it will be much smaller because they're also the higher reward customers.

此外，在這裡，當推行處於低點時，我們會失去這部分影響，而且它相當集中在少數幾個交易量很大的客戶身上。但如果你看淨額口徑下的同樣影響，會小得多，因為他們同時也是回饋（reward）較高的客戶。

Okay. That makes sense. And maybe just for my follow-up, I think you're expecting to exceed the Rule of 40 threshold exiting fiscal year '27. I think if our math is right, we're at the Rule of 35 in fiscal 1Q based off of your guidance. So just curious how do we get to something above that Rule of 40 threshold exiting fiscal year '27?

好的。這就說得通了。那我再追問一下，我想你們預期在 27 財年結束時會超過「40 法則」（Rule of 40）的門檻。如果我們的計算沒錯，根據你們的指引，我們在第 1 財季 1Q 大約是在「35 法則」（Rule of 35）。所以想請教，我們要如何在 27 財年結束時達到並超過 40 法則的門檻？

Is it mostly on the adjusted EBIT side, or could we see core revenue growth accelerate throughout the rest of the year and into next year? So in my prepared remarks upfront, I actually defined our Rule of 40. And the definition we use is in line with how we will report revenue going forward.

主要是靠調整後 EBIT 端的改善嗎？還是我們會看到核心營收成長在今年剩餘期間以及明年加速？其實在我一開始的事先準備發言中，我有定義我們的 40 法則。而我們採用的定義，與我們未來將如何報告營收是一致的。

So it is the net revenue growth percentage along with the total operating margin of the company. So if you add those two, we were at a Rule of 40 at wise in Q4. And there will be in-quarter fluctuations, but we will exit FY27, exceeding the number.

因此，它是淨營收成長百分比加上公司整體的營業利益率。把這兩者相加，我們在第 4 季時就已達到 40 法則。季度內會有波動，但我們在 27 財年結束時將會超過這個數字。

We have reached the end of the Q&A session. I will now turn the call back to Rene Lacerte, Chairman, CEO and Founder, for closing remarks.

問答環節到此結束。接下來我將把電話交回給董事長、執行長兼創辦人 Rene Lacerte，請他做結語。

Thank you, everyone, for joining FY20 was a typical year for BILL. We accomplished a lot, restructuring the company, executing a significant share buyback and we are well positioned to drive profitable growth, leveraging our platform in AI. All of us at BILL are super excited about the future and look forward to continuing to update you on our progress as we go forward. Thank you.

感謝各位參與。20 財年對 BILL 來說是很典型的一年。我們完成了很多事情，包括公司重整、執行大規模庫藏股回購；同時我們也已做好準備，將運用我們在 AI 方面的平台來推動獲利性成長。BILL 的所有人都對未來感到非常振奮，也期待在未來持續向各位更新我們的進展。謝謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。