BILL Holdings Inc (BILL) 2022 Q3 法說會逐字稿

Hello, and welcome to Bill.com's Third Quarter Fiscal Year 2022 Earnings Conference Call. My name is Alex, and I will be coordinating the call today. (Operator Instructions) I will now hand over to your host, Karen Sansot, Vice President of Investor Relations. Over to you, Karen.

您好，歡迎來到 Bill.com 的 2022 財年第三季度收益電話會議。我的名字是亞歷克斯，我將在今天協調電話會議。 （操作員說明）我現在將移交給您的主持人，投資者關係副總裁 Karen Sansot。交給你了，凱倫。

Thank you, operator. Welcome to Bill.com's Fiscal Third Quarter 2022 Earnings Conference Call. We issued our earnings press release a short time ago and furnished the related Form 8-K to the SEC. The press release can be found on the Investor Relations section of our website at investor.bill.com.

謝謝你，接線員。歡迎來到 Bill.com 的 2022 財年第三季度收益電話會議。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。該新聞稿可在我們網站investor.bill.com 的投資者關係部分找到。

With me on the call today is Rene Lacerte, Chairman, CEO and Founder of Bill.com; and John Rettig, Executive Vice President and CFO.

Bill.com 董事長、首席執行官兼創始人 Rene Lacerte 今天與我同在。和執行副總裁兼首席財務官 John Rettig。

Before we begin, please remember that during the course of this call, we may make forward-looking statements about the operations and future results of Bill.com that involve many assumptions, risks and uncertainties. If any of these risks or uncertainties develop or if any of the assumptions prove incorrect, actual results could differ materially from those expressed or implied by our forward-looking statements.

在我們開始之前，請記住，在本次電話會議期間，我們可能會就 Bill.com 的運營和未來結果做出涉及許多假設、風險和不確定性的前瞻性陳述。如果出現任何這些風險或不確定性，或者任何假設被證明不正確，實際結果可能與我們的前瞻性陳述明示或暗示的結果大不相同。

For a discussion of the risk factors associated with our forward-looking statements, please refer to the text in the company's press release issued today and to our periodic reports filed with the SEC, including our most recent annual report on Form 10-K and quarterly report on Form 10-Q filed with the SEC and available on the Investor Relations section of our website. We disclaim any obligation to update any forward-looking statements.

有關與我們的前瞻性陳述相關的風險因素的討論，請參閱公司今天發布的新聞稿中的文本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 表格年度報告和季度報告向美國證券交易委員會提交的表格 10-Q 報告，可在我們網站的投資者關係部分查閱。我們不承擔更新任何前瞻性陳述的任何義務。

On today's call, we will refer to both GAAP and non-GAAP financial measures. The nonrevenue financial figures discussed today are non-GAAP unless stated that the measure is a GAAP number. Please refer to today's press release for the reconciliation of GAAP to non-GAAP financial performance and additional disclosures regarding these measures.

在今天的電話會議中，我們將參考 GAAP 和非 GAAP 財務指標。今天討論的非收入財務數據是非公認會計原則，除非聲明該衡量標準是公認會計原則數字。請參閱今天的新聞稿，了解 GAAP 與非 GAAP 財務業績的對賬以及有關這些措施的額外披露。

At times during this call, we will discuss organic or standalone results, which exclude Divvy and Invoice2go, which we acquired on June 1, 2021 and September 1, 2021, respectively, to help listeners understand our organic performance.

在本次電話會議期間，我們有時會討論有機或獨立結果，不包括我們分別於 2021 年 6 月 1 日和 2021 年 9 月 1 日收購的 Divvy 和 Invoice2go，以幫助聽眾了解我們的有機表現。

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

現在我將把電話轉給 Rene。雷內？

Thank you, Karen. Good afternoon, everyone. Thank you for joining us today. Bill.com produced great results in the third quarter. Total revenue increased 179% year-over-year. Bill.com's organic core revenue grew 74% year-over-year, and revenue from our Divvy spend management solution increased 155% year-over-year. Additionally, our non-GAAP gross margin was 85%, and our non-GAAP net loss was much lower than we expected.

謝謝你，凱倫。大家下午好。感謝您今天加入我們。 Bill.com 在第三季度取得了不錯的成績。總收入同比增長 179%。 Bill.com 的有機核心收入同比增長 74%，我們的 Divvy 支出管理解決方案的收入同比增長 155%。此外，我們的非 GAAP 毛利率為 85%，我們的非 GAAP 淨虧損遠低於我們的預期。

We are delivering meaningful growth at scale, while continuing our track record of efficient operational execution. We are the leader in helping small and midsized businesses transform and automate their financial operations so they can easily gain control of their spend and cash management. Our growth this quarter demonstrates that demand for our solution continues to be robust.

我們正在實現大規模的有意義的增長，同時繼續保持我們高效運營執行的記錄。我們在幫助中小型企業實現財務運營轉型和自動化方面處於領先地位，因此他們可以輕鬆控制自己的支出和現金管理。我們本季度的增長表明，對我們解決方案的需求繼續強勁。

As of the end of fiscal Q3, more than 380,000 businesses trusted Bill.com to manage their financial operations, and we processed over $55 billion of total payment volume on our platform. We know that in inflationary times, businesses increasingly seek cost-effective solutions that provide cash management control and increased visibility. The powerful combination of our platform and go-to-market ecosystem delivered more than 11,000 net new Bill.com organic customers in the third quarter. We experienced strong demand across all channels, particularly among financial institutions where our white-label platform for Bank of America's small business customers continue to roll out to new regions in the U.S.

截至第三財季末，超過 380,000 家企業信任 Bill.com 來管理他們的財務運營，我們在我們的平台上處理了超過 550 億美元的總支付量。我們知道，在通貨膨脹時期，企業越來越多地尋求具有成本效益的解決方案，以提供現金管理控制和提高可見性。我們的平台和上市生態系統的強大組合在第三季度帶來了超過 11,000 個淨新 Bill.com 有機客戶。我們在所有渠道都經歷了強勁的需求，特別是在金融機構中，我們為美國銀行的小企業客戶提供的白標平台繼續向美國的新地區推出。

During the quarter, we reorganized fully integrating the Divvy and Invoice2go employees into the Bill.com organization. We are now one team focused on building an integrated easy-to-use solution for customers. We are combining Bill.com's AP platform, powerful distribution capabilities and significant scale with Divvy's spend management expertise, customer success initiatives and modern design, and with Invoice2go's account receivables capabilities, mobile experiences and global reach. Having a combined team will enable us to move faster.

在本季度，我們重組了將 Divvy 和 Invoice2go 員工完全整合到 Bill.com 組織中。我們現在是一個專注於為客戶構建易於使用的集成解決方案的團隊。我們將 Bill.com 的 AP 平台、強大的分銷能力和巨大的規模與 Divvy 的支出管理專業知識、客戶成功計劃和現代設計以及 Invoice2go 的應收賬款能力、移動體驗和全球影響力相結合。擁有一個聯合團隊將使我們能夠更快地行動。

With the remote work capabilities now being essential for businesses of all sizes, SMBs increasingly need to reduce the complexity of their businesses. They want fewer solutions and tools to run their back office. A great example of how we help companies streamline their operations is InfluenceLogic, an online marketing platform that helps SMBs grow. Samantha Parzych, Director of Finance, said, and I quote, "Prior to adopting Bill.com, our international payment process was manual and time-consuming. We had to go to a bank for international payments and track AP with an Excel spreadsheet. Bill.com really simplified our process and improved the timeliness of our payments. We also adopted Divvy, which has become our go-to program for all payments outside of the accounts payable process. Having AP and spend management in one place makes managing and tracking payments and spend way more efficient. It reduces the amount of time spent toggling between different solutions and gives me more confidence in our financial operations."

由於遠程工作功能現在對於各種規模的企業都至關重要，因此中小型企業越來越需要降低其業務的複雜性。他們需要更少的解決方案和工具來運行他們的後台。我們如何幫助公司簡化運營的一個很好的例子是 InfluenceLogic，這是一個幫助中小企業成長的在線營銷平台。我引用了財務總監 Samantha Parzych 的話說：“在採用 Bill.com 之前，我們的國際支付流程是手動且耗時的。我們不得不去銀行進行國際支付並使用 Excel 電子表格跟踪 AP。 Bill.com 確實簡化了我們的流程並提高了付款的及時性。我們還採用了 Divvy，它已成為我們在應付賬款流程之外的所有付款的首選程序。將 AP 和支出管理放在一個地方可以進行管理和跟踪付款和支出的效率更高。它減少了在不同解決方案之間切換所花費的時間，讓我對我們的財務運營更有信心。”

Every employee at Bill.com is energized by the value we create for our customers and the very large market opportunity ahead of us with 30 million micro, small and midsized businesses in the U.S. and more than 70 million globally. A key component of our go-to-market is the relationships we have built with the strategic partners.

Bill.com 的每一位員工都為我們為客戶創造的價值以及我們面前的巨大市場機會所鼓舞，我們在美國擁有 3000 萬家微型和中小型企業，在全球擁有超過 7000 萬家企業。我們進入市場的一個關鍵組成部分是我們與戰略合作夥伴建立的關係。

These partners enable us to efficiently reach the long tail of SMBs who do not have the time or the resources to keep up on the latest trends in back-office automation. Accountants and banks are the most trusted advisers to SMBs. And as trusted advisers, SMBs look to them first to recommend new tools and technologies that can help improve their businesses.

這些合作夥伴使我們能夠有效地接觸那些沒有時間或資源跟上後台自動化最新趨勢的中小企業。會計師和銀行是中小企業最值得信賴的顧問。作為值得信賴的顧問，中小型企業首先希望他們推薦有助於改善其業務的新工具和技術。

We have been investing in our relationships with accounting professionals since Bill.com's inception. Our platform enables accounting firms to automate routine manual tasks, creating staff to offer value-added client advisory services called CAS to their clients. Accounting firms that have embraced CAS have strengthened their relationships with clients, expanding far beyond bookkeeping and tax preparation to become strategic advisers.

自 Bill.com 成立以來，我們一直在投資與會計專業人士的關係。我們的平台使會計師事務所能夠自動化日常手動任務，創建員工為其客戶提供稱為 CAS 的增值客戶諮詢服務。接受 CAS 的會計師事務所加強了與客戶的關係，遠遠超出了簿記和稅務準備，成為戰略顧問。

This quarter, we expanded our long-standing exclusive partnership with CPA.com, the business and technology arm of the American Institute of CPAs known as the AICPA, the world's largest member association representing the CPA profession. CPA.com serves more than 400,000 members of the AICPA by identifying emerging trends and technologies and providing education, training and other resources.

本季度，我們擴大了與 CPA.com 的長期獨家合作夥伴關係，CPA.com 是美國註冊會計師協會 (AICPA) 的業務和技術部門，該協會是代表註冊會計師行業的全球最大會員協會。 CPA.com 通過識別新興趨勢和技術並提供教育、培訓和其他資源，為超過 400,000 名 AICPA 會員提供服務。

In recognition of Divvy's leadership position in the spend management arena, CPA.com has selected Divvy as its exclusive partner for expense management, corporate cards and spend management. Erik Asgeirsson, President and CEO of CPA.com, said and I quote, "We are thrilled to build upon our long history of success with Bill.com, who has been instrumental in the evolution and broad adoption of CAS by accounting firms. And now with the powerful combination of Bill.com and Divvy, we will continue to help firms expand their role as the most trusted advisers as we define the next generation of CAS."

為表彰 Divvy 在支出管理領域的領導地位，CPA.com 選擇 Divvy 作為其在費用管理、公司卡和支出管理方面的獨家合作夥伴。 CPA.com 總裁兼首席執行官 Erik Asgeirsson 說，我引用的話：“我們很高興能在 Bill.com 的悠久成功歷史的基礎上再接再厲，Bill.com 在會計公司的發展和廣泛採用 CAS 方面發揮了重要作用。而且現在通過 Bill.com 和 Divvy 的強大組合，我們將繼續幫助公司擴大其作為最值得信賴的顧問的角色，因為我們定義了下一代 CAS。”

Moving on to financial institutions. During the quarter, we continued our planned rollout with Bank of America. The service is now available in all 50 states for new small business customers within the online banking experience. We are excited that this new white label platform extends our reach beyond Bank of America's commercial customers. We will continue to support BofA's rollout throughout calendar '22 to drive awareness and adoption of the new platform.

轉向金融機構。在本季度，我們繼續與美國銀行合作推出計劃。該服務現已在所有 50 個州面向在線銀行體驗中的新小企業客戶提供。我們很高興這個新的白標平台將我們的業務範圍擴展到美國銀行的商業客戶之外。我們將繼續支持美國銀行在 22 年日曆中的推出，以提高對新平台的認識和採用。

In addition to strengthening our strategic partnerships, we have continued our rapid pace of innovation as we broaden the portfolio of payment and funding options our customers have to choose from. During the quarter, we introduced an early version of enhanced ACH, which provides large vendors with faster payment speed and rich remittance data. This offering complements our menu of ad valorem payment offerings, including virtual card, cross-border, instant transfer and pay by card. These offerings enable us to provide more value to customers and, as a result, increase our share of wallet for their payment flows.

除了加強我們的戰略合作夥伴關係外，我們還繼續加快創新步伐，擴大客戶必須選擇的支付和融資選擇組合。本季度，我們推出了增強型 ACH 的早期版本，為大型供應商提供更快的支付速度和豐富的匯款數據。此產品補充了我們的從價支付產品菜單，包括虛擬卡、跨境、即時轉賬和卡支付。這些產品使我們能夠為客戶提供更多價值，從而增加我們在他們的支付流程中的錢包份額。

We are scaling our organization to address the large global opportunity ahead of us and to build a solid foundation for becoming a multibillion-dollar company. As we do so, our people continue to be the key to our success.

我們正在擴大我們的組織，以應對擺在我們面前的巨大的全球機遇，並為成為一家價值數十億美元的公司奠定堅實的基礎。當我們這樣做時，我們的員工仍然是我們成功的關鍵。

I'm happy to announce 2 new additions to the Bill.com team. First, we have a new Chief People Officer, Michael DeAngelo. I'm excited to work with Michael to tap his global experience [dealing with] teams and organizations from start-ups to large public companies, including Pinterest, Google and Microsoft. His experience aligns with our global ambitions. Michael takes over from Jackie Hendy, who has led our people team for the last 8 years. I would like to thank Jackie for all of her contributions to our success and for being a wonderful partner to me and the team.

我很高興地宣布 Bill.com 團隊新增了 2 位成員。首先，我們有一位新的首席人事官 Michael DeAngelo。我很高興能與 Michael 合作，利用他的全球經驗 [處理] 從初創企業到大型上市公司的團隊和組織，包括 Pinterest、谷歌和微軟。他的經歷與我們的全球雄心相一致。 Michael 接替了過去 8 年一直領導我們的人力資源團隊的 Jackie Hendy。我要感謝 Jackie 為我們的成功所做的所有貢獻，感謝她成為我和團隊的絕佳合作夥伴。

Second, we have added Aida Alvarez to our Board of Directors. Aida brings a wealth of experience from large public Boards like Walmart and HP. And having served in the first cabinet level position for the Small Business Administration under President Bill Clinton, she brings deep knowledge of SMBs.

其次，我們已將 Aida Alvarez 添加到我們的董事會。 Aida 帶來了來自沃爾瑪和惠普等大型公共董事會的豐富經驗。她曾在比爾克林頓總統領導下的小企業管理局擔任過第一個內閣級別的職位，她對中小企業有深入的了解。

In addition, Mark Lenhard, the CEO of Invoice2go and Bill.com's COO, will be leaving the company in September. Mark has helped us quickly complete organizational integration across the 3 companies, and the 1-year anniversary of the Invoice2go acquisition marks the right timing for Mark to pursue his entrepreneurial interest.

此外，Invoice2go 的首席執行官兼 Bill.com 的首席運營官 Mark Lenhard 將於 9 月離開公司。 Mark 幫助我們快速完成了 3 家公司的組織整合，Invoice2go 收購一周年標誌著 Mark 追求他的創業興趣的正確時機。

In closing, we delivered another strong quarter of results driven by focused execution against our objectives. Each of our 2,000 employees is inspired by the opportunity to help hundreds of thousands of businesses transform their financial operations so they can focus on their passions, the reasons they started their businesses.

最後，我們交付了另一個強勁的季度業績，這是由針對我們的目標的集中執行所推動的。我們的 2,000 名員工中的每一位都受到了幫助數十萬家企業轉變其財務運營的機會的啟發，這樣他們就可以專注於自己的熱情，以及他們創業的原因。

I'll now turn the call over to John to talk in more detail about our quarter.

我現在將電話轉給約翰，以更詳細地討論我們的季度。

Thanks, Rene. Today, I'll provide an overview of our fiscal third quarter 2022 financial results and discuss our outlook for the fiscal fourth quarter and full fiscal year 2022. As a reminder, today's discussion includes non-GAAP financial measures. Please refer to the tables in our earnings press release for a reconciliation from non-GAAP to the most directly comparable GAAP financial measure.

謝謝，雷內。今天，我將概述我們 2022 財年第三季度的財務業績，並討論我們對 2022 財年第四季度和整個財年的展望。提醒一下，今天的討論包括非公認會計準則財務指標。請參閱我們的收益新聞稿中的表格，了解非公認會計原則與最直接可比的公認會計原則財務指標的對賬。

We delivered strong Q3 financial results with total revenue growth of 179% year-over-year and non-GAAP gross margin of 84.6%. In Q3, organic core revenue grew 74% year-over-year. Divvy's standalone revenue growth was 155% year-over-year.

我們實現了強勁的第三季度財務業績，總收入同比增長 179%，非美國通用會計準則毛利率為 84.6%。第三季度，有機核心收入同比增長 74%。 Divvy 的獨立收入同比增長 155%。

Our revenue performance in Q3 led to a non-GAAP net loss per share that was significantly better than our expectations. We have excellent organic momentum across our solutions, and we're excited by our vision for a unified platform experience to enhance our market opportunity. We continue to invest behind opportunities with strong unit economics, which creates operating efficiency as we scale.

我們在第三季度的收入表現導致每股非 GAAP 淨虧損明顯好於我們的預期。我們的解決方案擁有出色的有機發展勢頭，我們對統一平台體驗的願景感到興奮，以增加我們的市場機會。我們將繼續投資於具有強大單位經濟性的機會，這會隨著我們的規模擴大而創造運營效率。

Before we jump into a discussion of our results, I'd like to comment on 2 top-of-mind macro factors and how they impact our business: inflation and interest rates. Regarding inflation, we have heard from customers that price increases for goods, services and employee salaries are collectively creating pressure in their businesses.

在我們開始討論我們的結果之前，我想評論兩個最重要的宏觀因素以及它們如何影響我們的業務：通貨膨脹和利率。關於通貨膨脹，我們從客戶那裡聽說，商品、服務和員工工資的價格上漲共同給他們的業務帶來了壓力。

The magnitude of the impact obviously varies by company. Because Bill.com provides visibility into spend and cash flow, our platform gives businesses looking for cost efficiencies the tools to redirect resources where they are needed most in the current environment. It is likely that inflation to date has had a positive impact on our total payment volume growth, but we believe the impact is immaterial overall. And like most businesses, Bill.com is also experiencing cost increases, and we're diligently managing this trend.

影響的大小顯然因公司而異。由於 Bill.com 提供支出和現金流的可見性，我們的平台為尋求成本效益的企業提供了將資源重定向到當前環境中最需要的地方的工具。迄今為止，通貨膨脹很可能對我們的總支付量增長產生了積極影響，但我們認為這種影響總體上並不重要。與大多數企業一樣，Bill.com 也在經歷成本增加，我們正在努力應對這一趨勢。

On the topic of interest rates, we generate float revenue from interest earned on funds held for customers. Assuming recent FBO balances of $3 billion to $3.5 billion, every 100 basis points increase in the Fed funds rate would result in approximately $30 million to $35 million in incremental annual float revenue though there will be a lag effect until current FBO investments mature and are reinvested in higher-yielding securities.

在利率方面，我們從為客戶持有的資金所賺取的利息中產生浮動收入。假設最近的 FBO 餘額為 30 億至 35 億美元，聯邦基金利率每增加 100 個基點，將導致大約 3000 萬至 3500 萬美元的年度浮動收入增加，儘管在當前的 FBO 投資成熟和再投資之前會有滯後效應在高收益證券中。

We also earn interest income on our corporate cash balances. While rising interest rates result in increased interest expense related to funding a portion of Divvy's card program, we expect this additional expense to be more than offset by increasing interest income. The net of these moving parts is that rising interest rates is a significant tailwind for Bill.com.

我們還從公司現金餘額中賺取利息收入。雖然利率上升導致與為 Divvy 的部分信用卡計劃提供資金相關的利息費用增加，但我們預計這筆額外費用將被增加的利息收入所抵消。這些移動部分的淨值是利率上升對 Bill.com 來說是一個重要的順風。

Now turning to an update on our key metrics. We delivered a record quarter for customer acquisition in Q3. We ended the fiscal third quarter with 146,600 Bill.com organic customers with net new adds of 11,600 in the quarter. New customers in the quarter exceeded our expectations driven by robust demand across channels and significant strength in our financial institution channel. Several of our financial institution partners added new customers at a much faster rate in Q3 driven by both faster rollout of the product across markets and new marketing initiatives that led to a step-up from Q2.

現在轉向我們關鍵指標的更新。我們在第三季度實現了創紀錄的客戶獲取季度。我們在第三財季結束時擁有 146,600 名 Bill.com 有機客戶，本季度淨新增 11,600 名。由於跨渠道的強勁需求和我們金融機構渠道的顯著實力，本季度的新客戶超出了我們的預期。我們的幾家金融機構合作夥伴在第三季度以更快的速度增加了新客戶，這得益於產品在市場上的更快推出以及新的營銷舉措導致第二季度的增長。

Without the step-up from financial institution partners, net new customer adds in Q3 exceeded the upper end of our expectations. We ended Q3 with 18,100 spending businesses using our Divvy spend management solution, representing growth of 2,600 net new adds in the quarter. This is more than double the total number of spending businesses from a year ago when we announced the Divvy acquisition. In addition, we ended fiscal Q3 with 221,400 subscribers using our Invoice2go AR solution. The slight decline in Invoice2go subscribers was due to the continued implementation of Bill.com's more rigorous onboarding flows that we discussed on our last call.

在沒有金融機構合作夥伴的推動下，第三季度淨新增客戶超出了我們預期的上限。在第三季度末，我們有 18,100 個使用我們的 Divvy 支出管理解決方案的支出業務，代表本季度淨新增 2,600 個。這比一年前我們宣布收購 Divvy 時的支出業務總數增加了一倍多。此外，我們在第三季度末使用我們的 Invoice2go AR 解決方案擁有 221,400 名訂閱者。 Invoice2go 訂戶的小幅下降是由於我們在上次電話會議上討論的 Bill.com 更嚴格的入職流程的持續實施。

We believe the application of Bill.com's flows will yield higher-value customers that generate more payment volume and revenue over time. We delivered strong organic total payment volume of $55 billion in Q3, representing 57% year-over-year growth and reflecting the expected seasonality that we shared with you on our last earnings call.

我們相信 Bill.com 流量的應用將產生更高價值的客戶，隨著時間的推移產生更多的支付量和收入。我們在第三季度實現了 550 億美元的強勁有機總支付量，同比增長 57%，反映了我們在上次財報電話會議上與您分享的預期季節性。

During the quarter, we processed 2.1 billion in card transactions from spending businesses using our Divvy spend management solution, which is an increase of 118% year-over-year.

在本季度，我們使用 Divvy 支出管理解決方案處理了來自支出業務的 21 億筆卡交易，同比增長 118%。

Moving on to the number of transactions. We processed 9.5 million payments on the Bill.com platform in Q3, reflecting 32% year-over-year growth. We also processed 5.9 million debit card transactions.

繼續討論交易數量。我們在第三季度在 Bill.com 平台上處理了 950 萬筆付款，同比增長 32%。我們還處理了 590 萬筆借記卡交易。

Now I'll review our reported consolidated Q3 results. Total revenue was $166.9 million, up 179% year-over-year. Core revenue, which consists of subscription and transaction fees, was $165.5 million, representing growth of 182% year-over-year. Organic Bill.com core revenue was $102.1 million, an increase of 74% year-over-year due to strong demand across channels and increased customer adoption of our ad valorem payment products. In addition to our organic core revenue strength, revenue from our spend management solution grew 155% year-over-year. These results were driven by stronger-than-expected spend given typical Q3 seasonality and interchange income at approximately 260 basis points in the quarter.

現在我將回顧我們報告的第三季度合併結果。總收入為 1.669 億美元，同比增長 179%。包括訂閱費和交易費在內的核心收入為 1.655 億美元，同比增長 182%。 Organic Bill.com 的核心收入為 1.021 億美元，同比增長 74%，原因是跨渠道的強勁需求以及客戶對我們從價支付產品的採用增加。除了我們的有機核心收入實力外，我們的支出管理解決方案的收入同比增長了 155%。鑑於典型的第三季度季節性和本季度約 260 個基點的互換收入，這些結果是由強於預期的支出推動的。

Subscription revenue increased to $52.2 million, up 78% year-over-year driven by our growing customer base across all segments and the inclusion of Invoice2go subscribers. Bill.com organic subscription revenue growth was 48% year-over-year.

訂閱收入增加到 5220 萬美元，同比增長 78%，這得益於我們在所有細分市場不斷增長的客戶群以及 Invoice2go 訂閱者的加入。 Bill.com 有機訂閱收入同比增長 48%。

Transaction revenue increased to $113.3 million, up 286% year-over-year due to TPV strength, increased adoption of our ad valorem products and increasing spend on Divvy, which totaled $53.6 million in transaction revenue for Q3. Bill.com organic transaction revenue growth was 101% year-over-year.

交易收入增加到 1.133 億美元，同比增長 286%，原因是 TPV 實力、我們從價產品的採用增加以及 Divvy 支出增加，第三季度交易收入總計 5360 萬美元。 Bill.com 有機交易收入同比增長 101%。

Turning to gross margin and our operating results for Q3. Non-GAAP gross margin was 84.6%, well above our expectations driven by a higher mix of interchange and variable transaction revenue. As a reminder, we manage a portfolio of payment offerings that have a range of margins entering various stages of adoption, and we currently have a very favorable payment mix. In the short term, we expect non-GAAP gross margin to be slightly above the 79% to 81% range we discussed previously.

轉向毛利率和我們第三季度的經營業績。非 GAAP 毛利率為 84.6%，遠高於我們的預期，這是由於互換和可變交易收入的混合增加所致。提醒一下，我們管理的支付產品組合具有一系列利潤率，進入不同的採用階段，我們目前擁有非常有利的支付組合。在短期內，我們預計非美國通用會計準則毛利率將略高於我們之前討論的 79% 至 81% 的範圍。

Non-GAAP operating expenses were $146.8 million, an increase of $17 million from Q2. We increased R&D investments related to integrating the products and technology from our recent acquisitions in addition to enhancing our platform capabilities, including development of new payment offerings.

非 GAAP 運營費用為 1.468 億美元，比第二季度增加了 1700 萬美元。除了增強我們的平台能力（包括開發新的支付產品）外，我們還增加了與整合我們最近收購的產品和技術相關的研發投資。

Our sales and marketing expenses increased primarily due to expanding our go-to-market initiatives and increased rewards expense associated with our spend management solution. Non-GAAP operating loss was $5.7 million. And our non-GAAP net loss was $8.7 million or a net loss per share of $0.08 based on 103.8 million basic weighted shares outstanding. Our non-GAAP net loss was significantly better than our expectations given our strong revenue performance.

我們的銷售和營銷費用增加主要是由於我們擴大了市場推廣計劃以及與我們的支出管理解決方案相關的獎勵費用增加。非美國通用會計準則營業虧損為 570 萬美元。我們的非 GAAP 淨虧損為 870 萬美元，或每股淨虧損 0.08 美元，基於 1.038 億股基本加權流通股。鑑於我們強勁的收入表現，我們的非公認會計原則淨虧損明顯好於我們的預期。

Moving on to the balance sheet. Cash, cash equivalents and short-term investments at the end of Q3 were $2.8 billion, flat quarter-over-quarter. We continue to be well capitalized, enabling us to invest in our platform, expand our go-to-market capabilities and extend our market leadership. As of March 31, 2022, we had $3 billion in customer funds on our balance sheet, which was down $337 million from the end of Q2 due to the previously mentioned PPP seasonality in Q3.

轉到資產負債表。第三季度末現金、現金等價物和短期投資為 28 億美元，環比持平。我們繼續資本充足，使我們能夠投資於我們的平台，擴大我們的上市能力並擴大我們的市場領導地位。截至 2022 年 3 月 31 日，我們的資產負債表上有 30 億美元的客戶資金，由於之前提到的第三季度的 PPP 季節性，這比第二季度末減少了 3.37 億美元。

Shifting to our financial outlook for the fiscal fourth quarter and full fiscal year 2022. As discussed earlier, we are closely monitoring the macro environment, and our fiscal 2022 outlook assumes that macro factors do not have a material negative impact on our business.

轉向我們對第四財季和整個 2022 財年的財務展望。如前所述，我們正在密切關注宏觀環境，我們的 2022 財年展望假設宏觀因素不會對我們的業務產生重大負面影響。

For fiscal Q4, we expect total revenue to be in the range of $182.3 million to $183.3 million. For Q4, Bill.com organic core annual revenue growth is expected to be approximately 60% on a standalone basis, while Divvy spend management revenue is expected to grow approximately 120% year-over-year from approximately $29 million in fiscal Q4 of 2021.

對於第四財季，我們預計總收入將在 1.823 億美元至 1.833 億美元之間。對於第四季度，Bill.com 的有機核心年收入獨立增長預計約為 60%，而 Divvy 支出管理收入預計將從 2021 財年第四季度的約 2900 萬美元同比增長約 120%。

We are beginning to see yields increase in our FBO funds, which should lead to float revenue of approximately $2.5 million in Q4. In terms of operating expenses, we expect to continue our rapid pace of innovation by investing in our platform, scaling with accounting and financial institution partners and enhancing our go-to-market capabilities.

我們開始看到我們的 FBO 基金的收益率增加，這應該會導致第四季度的浮動收入約為 250 萬美元。在運營費用方面，我們希望通過投資我們的平台、與會計和金融機構合作夥伴擴大規模以及增強我們的上市能力來繼續快速創新。

On the bottom line, for Q4, we expect to report a non-GAAP net loss in the range of $14.9 million to $13.9 million and a non-GAAP loss per share of $0.14 to $0.13 based on a share count of 104 million basic weighted shares outstanding.

最重要的是，對於第四季度，我們預計基於 1.04 億股基本加權股票的非 GAAP 淨虧損在 1490 萬美元至 1390 萬美元之間，非 GAAP 每股虧損為 0.14 美元至 0.13 美元傑出的。

For fiscal 2022, we expect total revenue to be in the range of $624 million to $625 million. This assumes organic or standalone Bill.com core revenue growth of approximately 73% in fiscal 2022.

對於 2022 財年，我們預計總收入將在 6.24 億美元至 6.25 億美元之間。這假設 2022 財年有機或獨立的 Bill.com 核心收入增長約為 73%。

We expect to report a non-GAAP net loss for fiscal 2022 in the range of $35.9 million to $34.9 million and a non-GAAP loss per share of $0.35 to $0.34 based on a share count of 101.7 million basic weighted shares outstanding. We are diligently executing against our fiscal 2022 strategic priorities, including integrating Divvy and Invoice2go, expanding our payment offerings and our platform, driving monetization of our products and extending our reach.

我們預計 2022 財年的非公認會計原則淨虧損在 3590 萬美元至 3490 萬美元之間，非公認會計準則每股虧損為 0.35 美元至 0.34 美元，基於已發行基本加權股數為 1.017 億股。我們正在努力執行我們 2022 財年的戰略重點，包括整合 Divvy 和 Invoice2go，擴展我們的支付產品和平台，推動我們產品的貨幣化並擴大我們的覆蓋範圍。

We've made substantial progress investing in these priorities. This, combined with our efficient go-to-market motion and strong unit economics, means we're also on track to deliver a net loss less than half of our initial outlook for fiscal 2022.

我們在投資這些優先事項方面取得了實質性進展。再加上我們高效的上市行動和強勁的單位經濟性，這意味著我們也有望實現不到 2022 財年初始展望一半的淨虧損。

We believe there is a significant greenfield opportunity ahead of us to help millions of businesses manage their cash flows and transform their financial operations. Our broad platform capabilities, diverse distribution ecosystem and increasing scale uniquely position us to be the de facto financial operations platform for companies ranging from sole proprietors and freelancers to mid-market companies.

我們相信，我們面前有一個重要的綠地機會，可以幫助數百萬企業管理其現金流並轉變其財務運營。我們廣泛的平台能力、多樣化的分銷生態系統和不斷擴大的規模使我們成為從獨資經營者和自由職業者到中型市場公司的公司事實上的金融運營平台。

Operator, we are now ready to take questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) Our first question for today comes from Darrin Peller of Wolfe Research.

（操作員說明）我們今天的第一個問題來自 Wolfe Research 的 Darrin Peller。

I wanted to touch on the customer adds. Given the magnitude of the numbers coming out of quarters where you were anywhere from 5,000 to 6,000, you had 8,000 last time, but had guided around 6,000, ended up with 10,000 plus. I think it was 10,000 to 11,000 net adds, so very strong. And I'm curious what -- if you could just give us more granularity on what's really driving that beyond including the financials and others? And maybe a little bit more color on the revenue pass-through from those incremental adds.

我想談談客戶的補充。考慮到從 5,000 到 6,000 的季度中出現的數量龐大，上次您有 8,000，但指導的大約是 6,000，最終超過 10,000。我認為這是 10,000 到 11,000 個淨添加，非常強大。我很好奇——如果你能給我們更多的細節，讓我們更詳細地了解除了財務和其他方面之外的真正推動因素是什麼？這些增量增加的收入傳遞可能會增加一點色彩。

Thank you, Darrin. It was definitely a great quarter. We've been building this multichannel distribution strategy for a long time. We're unique in the way that we go to market with our direct accountant and financial institution partners. And all channels delivered great results this quarter. But specifically, we had a really strong quarter in the financial institution. And that's in part because the Bank of America offering, where we are the default solution for their new small business customers when it comes to bill pay. That is now in pilot in all 50 states. So there's more to roll out there through the year, but that started coming on in this quarter, and that was great. And then we also had another regional bank that did some marketing efforts to consolidate multiple bill pay solutions onto our platform. So a couple of call-outs for the FIs, but in general, it goes back to that great distribution strategy that we've built over the coming years.

謝謝你，達林。這絕對是一個很棒的季度。長期以來，我們一直在構建這種多渠道分銷策略。我們與直接會計師和金融機構合作夥伴一起進入市場的方式是獨一無二的。本季度所有渠道都取得了不錯的成績。但具體來說，我們在金融機構有一個非常強勁的季度。這部分是因為美國銀行的產品，我們是他們新的小企業客戶在賬單支付方面的默認解決方案。現在所有 50 個州都在試點。因此，全年還有更多內容要推出，但從本季度開始，這很棒。然後，我們還有另一家區域銀行進行了一些營銷工作，將多種賬單支付解決方案整合到我們的平台上。因此，對 FI 進行了一些呼籲，但總的來說，它可以追溯到我們在未來幾年建立的偉大分銷策略。

All right. So it sounds broad, but the FI is obviously helping out quite a bit. Just to remind us, the revenue model with these FIs, if you don't mind just explaining that once more to -- one more time just given how much they're contributing now. And then also on the Divvy side, is there -- I mean, are we seeing the benefit of cross-sell in terms of customer numbers, either on Divvy's side or even on the Bill side to some degree yet?

好的。所以這聽起來很寬泛，但 FI 顯然提供了相當多的幫助。只是提醒我們，這些金融機構的收入模式，如果你不介意再解釋一次 - 再一次考慮他們現在貢獻了多少。然後在 Divvy 方面，是否存在 - 我的意思是，我們是否看到了交叉銷售在客戶數量方面的好處，無論是在 Divvy 方面，還是在某種程度上在 Bill 方面？

Yes, Darrin, let me take the first part of that question on the FIs and the model and how the revenue flow-through works. As Rene mentioned, we had great performance from the FI channel in the quarter. And the 11,000-plus net adds was in large part from the success there. There's a pretty significant lag effect before those adds actually contribute to revenue growth. Our arrangements with most of our financial institution partners are under sort of minimum guarantees with commitments to certain customer and adoption levels. And it takes many quarters, in some cases, a year or 2 to grow into those minimums. So it's a great indicator of how the platform is working and being successful in the market. And then over time, we expect that to produce revenue results.

是的，Darrin，讓我來談談這個問題的第一部分，關於 FI 和模型以及收入流轉如何運作。正如 Rene 所說，我們在本季度的 FI 渠道表現出色。超過 11,000 的淨增加在很大程度上來自那裡的成功。在這些增加真正促進收入增長之前，存在相當顯著的滯後效應。我們與大多數金融機構合作夥伴的安排都處於最低限度的保證之下，並承諾對某些客戶和採用水平作出承諾。並且需要許多季度，在某些情況下，一年或兩年才能增長到這些最小值。因此，這是平台如何運作以及在市場上取得成功的一個很好的指標。然後隨著時間的推移，我們預計這會產生收入結果。

The second part of the question, maybe I'll start and see if Rene has anything to add. On the Divvy cross-sell, as noted on the prepared remarks, we had great organic growth from Divvy. And the vast majority of that is actually still their organic momentum selling into the market. It's really early in the adoption cycle of spend management, expense management and the smart corporate card. And they're having great success in the market driving growth. We are starting to make progress with cross-sell and introducing the product to the Bill.com customer base, but I wouldn't say that's a significant contributor to the growth at this point. And Rene, I don't know if you have anything to add.

問題的第二部分，也許我會開始看看Rene是否有什麼要補充的。正如準備好的評論所述，在 Divvy 交叉銷售中，我們從 Divvy 獲得了巨大的有機增長。其中絕大多數實際上仍然是他們向市場銷售的有機動力。現在還處於支出管理、費用管理和智能公司卡採用周期的早期階段。他們在推動增長的市場上取得了巨大的成功。我們開始在交叉銷售方面取得進展，並將產品介紹給 Bill.com 客戶群，但我不會說這是目前增長的重要貢獻者。還有 Rene，我不知道你有什麼要補充的。

I think that's great.

我認為這很棒。

Our next question comes from Bryan Keane of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Keane。

Just wanted to ask about Instant Transfer and that rollout versus enhanced ACH and the target markets for that. And then how that all is going to roll up for maybe higher yields for you guys going forward.

只是想詢問一下 Instant Transfer 以及推出與增強型 ACH 的對比以及目標市場。然後，這一切將如何為你們未來帶來更高的收益。

Bryan, part of the unique sauce of Bill.com is the robust payment platform that we have, the ability to serve customers that are paying their bills and suppliers that are receiving those payments. And what you've seen over the last couple of years is us investing in payment options for the suppliers. And Instant Transfer is one of those examples where the supplier is able to say, "Hey, I'd like to have my money now versus the coming days via a check or maybe even a week if it's a check." And so that option is something that we obviously think is important. The enhanced ACH is also for suppliers, where there are some suppliers that would prefer to have more data on the transaction than what it's able to go through our normal transactions on the ACH rails. And so having the ability to kind of both provide the data and potentially accelerate the ACH payment for those suppliers is important.

Bryan，Bill.com 的獨特之處在於我們擁有強大的支付平台，能夠為支付賬單的客戶和接收這些付款的供應商提供服務。您在過去幾年看到的是我們為供應商投資支付選項。即時轉賬是供應商能夠說的那些例子之一，“嘿，我想現在通過支票獲得我的錢，而不是未來幾天，如果是支票，甚至可能是一周。”因此，我們顯然認為該選項很重要。增強的 ACH 也適用於供應商，有些供應商希望擁有更多的交易數據，而不是能夠通過 ACH 軌道上的正常交易獲得的數據。因此，能夠同時提供數據並可能加速這些供應商的 ACH 支付是很重要的。

So I think what you're seeing is just kind of the broad capabilities of our platform to continue to serve customers that are interested in us from a payables perspective and customers, suppliers, if you will, that need assistance in accepting payments and accelerating their payment timing. So all in all, it's something that we feel is going to be important for the business model and something that we work hard to provide the optionality that businesses need when they need it.

因此，我認為您所看到的只是我們平台的廣泛功能，可以繼續從應付賬款的角度為對我們感興趣的客戶以及在接受付款和加速他們的付款方面需要幫助的客戶、供應商（如果您願意）提供服務。付款時間。總而言之，我們認為這對商業模式很重要，我們會努力提供企業需要的可選性。

Got it. And then, John, any thoughts just on yields then and how that all rolls up?

知道了。然後，約翰，任何關於收益率的想法以及這一切是如何發生的？

Sure. Both Instant Transfer or real-time payments and the enhanced ACH product monetized at a similar level, it should be additive to our overall monetization. And it's -- I think there's, as Rene mentioned, a big opportunity to get the right payment method in front of the right supplier or a buyer. And so I think over time, both of them will contribute to a continued expansion of our monetization versus our overall monetization where we are today, which is still quite low.

當然。即時轉賬或實時支付和增強型 ACH 產品都以相似的水平貨幣化，它應該是我們整體貨幣化的補充。正如 Rene 所提到的，我認為這是一個在正確的供應商或買家面前獲得正確付款方式的大好機會。因此，我認為隨著時間的推移，它們都將有助於我們的貨幣化持續擴張，而我們今天的整體貨幣化水平仍然很低。

Our next question comes from Josh Beck of KeyBanc.

我們的下一個問題來自 KeyBanc 的 Josh Beck。

I wanted to ask a little bit of a macro angle. Certainly, inflation is really rearing its head. And so I'm just curious with respect to some of your customers, do you see them maybe delaying purchases in some cases? Or maybe just trying to be more prudent with some of their expenses? Just curious if there's any factors like that, that came into play this quarter or that we should be mindful of as we think about the future.

我想問一點宏觀的角度。當然，通貨膨脹確實在抬頭。所以我只是對你的一些客戶感到好奇，你認為他們在某些情況下可能會延遲購買嗎？或者也許只是想對他們的一些開支更加謹慎？只是好奇是否有任何類似的因素，本季度開始發揮作用，或者我們在考慮未來時應該注意。

Thank you, Josh. To date, we've seen very minimal immaterial impact from inflation environment. What I would note is that in an inflationary environment, businesses and small businesses we know are resilient. And they will look to ways to be more efficient in their business. Our business and the platform enables businesses to save 50% of the time it takes to manage those financial operations that we talk about. And that means you can save resources and allocate them to other parts of the business, save time for yourself, for your team so they can do more with the time that they have. We believe that this is a counter effect, basically counteracts the inflationary pressures that our product enables a much better experience for our customers. So we've not seen any pullback, and I believe that this is something that will continue to be part of the transformation, digital transformation.

謝謝你，喬希。迄今為止，我們看到通脹環境的非物質影響非常小。我要指出的是，在通貨膨脹的環境中，我們所知道的企業和小企業是有彈性的。他們將尋找提高業務效率的方法。我們的業務和平台使企業能夠節省 50% 的時間來管理我們談論的那些財務業務。這意味著您可以節省資源並將其分配給業務的其他部分，為您自己和您的團隊節省時間，以便他們可以利用所擁有的時間做更多事情。我們認為這是一種反作用，基本上抵消了我們的產品為我們的客戶帶來更好體驗的通脹壓力。所以我們沒有看到任何回調，我相信這將繼續成為轉型、數字化轉型的一部分。

Okay. Very helpful. And then maybe to follow up, I think, on Darrin's question about the synergies. There's lots of different avenues, if you will, when you think about obviously the Bill.com core customers, the suppliers, Divvy customers, Invoice2go. So there's just many different paths between them where you could obviously do a cross-sell. I'm just wondering, as we start to think about next fiscal year, are there certain ones out of the gate where maybe there's a clearer or stronger path to realizing those synergies? Or will they all kind of start to materialize at a similar cadence? Just curious if there's any other color you can share on that topic.

好的。很有幫助。我認為，然後可能會跟進達林關於協同效應的問題。如果你願意的話，有很多不同的途徑，當你想到 Bill.com 的核心客戶、供應商、Divvy 客戶、Invoice2go 時。因此，它們之間只有許多不同的路徑，您顯然可以進行交叉銷售。我只是想知道，當我們開始考慮下一財年時，是否有某些公司已經走出大門，可能有更清晰或更強大的途徑來實現這些協同效應？或者它們會以類似的節奏開始實現嗎？只是好奇您是否可以在該主題上分享任何其他顏色。

I think, in general, one of the things that you see from us is that we're a business that is at scale. We move over $200 billion, $220 billion on a run rate basis from a TPV perspective, 146,000 businesses now using the core Bill platform, 380,000 across all 3 offerings that we have. And what I see is that there are synergies as we continue to scale and grow. There are opportunities to lean in into the network. The last number we discussed was over $3 million in the network. The opportunity to lean in and have services for them such as the payment products we talked about, that's one thing. But there's opportunities on the core services that we have that we expect we'll be able to make progress on as we continue to scale and grow the business. So there definitely are synergies. It's something that we're starting to see and something that we're working on to enhance the experience for our customers.

我認為，總的來說，您從我們那裡看到的一件事是，我們是一家規模龐大的企業。我們轉移了超過 2000 億美元，從 TPV 的角度來看，按運行率計算 2200 億美元，現在有 146,000 家企業使用核心比爾平台，我們擁有的所有 3 種產品中有 380,000 家企業。我看到的是，隨著我們不斷擴大規模和發展，它們之間存在協同效應。有機會融入網絡。我們討論的最後一個數字是網絡中超過 300 萬美元。有機會為他們提供服務，比如我們談到的支付產品，這是一回事。但是，我們擁有的核心服務存在機會，我們希望隨著我們繼續擴大業務規模和發展業務，我們將能夠取得進展。所以肯定有協同作用。這是我們開始看到的東西，也是我們正在努力增強客戶體驗的東西。

Our next question comes from Brent Bracelin of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Brent Bracelin。

Maybe I'll start with John, a quick follow-up for Rene. John, on the guidance for June, it does look like you're guiding to a very strong quarter here. It looks like June could actually be stronger than the March quarter. Can you just talk a little bit about the monthly TPV trends you're seeing? Or as you see travel come back, is that helping either the Bill.com kind of business so far this quarter? Just any sort of color around TPV trends and what's giving you optimism for that June quarter.

也許我會從約翰開始，雷內的快速跟進。約翰，關於 6 月份的指導，看起來你正在指導一個非常強勁的季度。看起來六月實際上可能比三月季度更強勁。你能談談你看到的每月 TPV 趨勢嗎？或者當你看到旅行回來時，這是否有助於本季度迄今為止的 Bill.com 業務？只是圍繞 TPV 趨勢的任何顏色，以及什麼讓您對那個六月季度感到樂觀。

Sure. Thanks, Brent. Yes, we are, I think, excited about the growth prospects ahead and feel good about the fourth quarter in our fiscal year. And as expected, the Q3 seasonality in TPV did materialize. With our Divvy solution, we are able to get insights into travel and entertainment spend relative to other categories. Now it's not a huge category for Divvy, but we have seen some increases there throughout this calendar year. So it looks like there is the beginning of additional T&E spend flowing through to both Divvy and small businesses at large. Generally speaking, that doesn't move the needle for Bill.com's numbers overall, but I would expect to see progress with continuing to drive growth with TPV in our next quarter as suggested by our guidance.

當然。謝謝，布倫特。是的，我認為，我們對未來的增長前景感到興奮，並對我們財政年度的第四季度感覺良好。正如預期的那樣，冠捷第三季度的季節性確實實現了。借助我們的 Divvy 解決方案，我們能夠深入了解與其他類別相關的旅行和娛樂支出。現在它對 Divvy 來說並不是一個龐大的類別，但我們在整個日曆年中看到了一些增長。因此，看起來額外的 T&E 支出開始流向 Divvy 和整個小型企業。一般來說，這並不會影響 Bill.com 的整體數據，但我希望看到我們的指導建議在下一季度繼續推動 TPV 增長的進展。

Super helpful. And then, Rene, I'll ask the follow-up on the macro. As you can tell from this call, all of the inbound engagement with investors is really trying to understand the macro and how you're navigating it. So my question for you is, do you think this multichannel strategy can help somewhat insulate the business as you think about some of the headwinds going forward? I mean the step-up in new customer adds this quarter is huge. Just trying to think through the logic of can that continue going forward as we think up at -- as a potential offset to some of these macro headwinds out there, just -- or do you think there's an environment where more small businesses will turn to software in a challenging environment? Just trying to understand the huge step-up and how you plan to navigate these macro challenges.

超級有幫助。然後，Rene，我將詢問有關宏的後續工作。正如您從這次電話會議中可以看出的那樣，與投資者的所有入境互動實際上都是在試圖了解宏觀以及您如何駕馭它。所以我的問題是，當您考慮到未來的一些不利因素時，您認為這種多渠道戰略是否有助於在一定程度上隔離業務？我的意思是本季度新客戶的增加是巨大的。只是想通過我們所想的繼續向前發展的邏輯來思考-作為對某些宏觀逆風的潛在抵消，只是-或者您是否認為存在更多小企業將轉向的環境在充滿挑戰的環境中使用軟件？只是試圖了解巨大的進步以及您計劃如何應對這些宏觀挑戰。

Thank you, Brent. The short answer is, I think it's both, right? We've worked hard to build this multichannel strategy is unique. Our approach to being able to serve customers that -- the smallest businesses to large mid-market businesses, all of that in any particular vertical that a customer might be in across all the channels, that's hard stuff to do. But it does mean that in any market, there's lots of opportunity for resiliency. And so we saw with COVID that SMBs were resilient, and we're able to show growth through that. We see that the opportunity for the macro environment, in general, is that the channels and the numbers that we have delivered this quarter show the kind of the indicator and the power of having a multi-distribution channel strategy. And so yes, I think there's that.

謝謝你，布倫特。簡短的回答是，我認為兩者都是，對吧？我們一直在努力打造這種獨一無二的多渠道戰略。我們能夠為客戶提供服務的方法——從最小的企業到大型的中型市場企業，所有這些都在客戶可能在所有渠道中的任何特定垂直領域，這是很難做到的。但這確實意味著在任何市場中，都有很多彈性機會。因此，我們在 COVID 中看到 SMB 具有彈性，我們能夠通過它展示增長。我們看到，總體而言，宏觀環境的機會在於，我們本季度交付的渠道和數字顯示了指標的類型和擁有多分銷渠道戰略的力量。所以是的，我認為就是這樣。

I also think that there's going to be plenty of more, I guess, if you will, tailwind, which we talked about, the digital transformation coming out of COVID being a tailwind. There's going to be more interest and potentially pressure from an inflation perspective on businesses thinking about efficiency and on them thinking about how do you operate in a hybrid environment and thinking about how to manage their costs. And we know that customers can double their business without increasing their staff on our platform. So if the business is not growing as much, then you're looking for ways to save money, and we know we can help businesses with that as well.

我還認為，如果你願意的話，我想還會有更多的順風，正如我們所談到的，來自 COVID 的數字化轉型是順風。從通貨膨脹的角度來看，對於考慮效率的企業以及考慮如何在混合環境中運營以及如何管理成本的企業來說，將會有更多的興趣和潛在的壓力。而且我們知道，客戶可以在不增加我們平台上的員工的情況下使他們的業務翻倍。因此，如果業務增長不那麼快，那麼您正在尋找省錢的方法，我們知道我們也可以幫助企業。

Our next question comes from William Nance of Goldman Sachs.

我們的下一個問題來自高盛的威廉·南斯。

I wanted to ask a question actually on the competitive environment. We've gotten a number of questions from a few different angles on what competition in the space looks like over time as you get more new entrants in the space, particularly around some of the partners that you guys actually work with, with QuickBooks and Intuit. So I'm wondering if you could just maybe talk about the barriers to entry and maybe the head start that you guys have and how you think about the space getting kind of more competitive over time.

我想問一個關於競爭環境的問題。我們從幾個不同的角度收到了許多問題，隨著時間的推移，隨著更多新進入者進入該領域，特別是圍繞你們實際合作的一些合作夥伴，QuickBooks 和 Intuit，隨著時間的推移，該領域的競爭會是什麼樣子.所以我想知道你們是否可以談談進入的障礙，也許你們擁有的領先優勢，以及隨著時間的推移，你們如何看待這個領域變得更具競爭力。

Thank you, William. The most important thing about the market is it's just a massive market, right? And people today are using paper as the primary form of managing their financial operations. And so competitively, that's what we're dislodging. And having a platform that is robust and has the ability to do what we do across multiple, like I said earlier, any sized business essentially up to the large mid-market companies that we serve all the way down to the smallest businesses that are SOHOs, having that ability does provide, we think, a unique advantage in this go-to-market solution.

謝謝你，威廉。市場最重要的是它只是一個巨大的市場，對吧？今天的人們正在使用紙張作為管理其財務運營的主要形式。競爭如此激烈，這就是我們要拋棄的東西。並且擁有一個強大的平台，並且能夠像我之前所說的那樣跨多個領域做我們所做的事情，任何規模的企業基本上都可以從我們服務的大型中型市場公司一直到最小的 SOHO 企業，我們認為，擁有這種能力確實為這種進入市場的解決方案提供了獨特的優勢。

I think the competitive environment broadly is going to be focused on people switching from paper to digital. And I think our channel approach will allow us to get the awareness out to businesses of all sizes in all industries. And I think our head start on scale allows us to be able to really deliver value for customers at a very reasonable price.

我認為廣泛的競爭環境將集中於人們從紙質轉向數字化。而且我認為我們的渠道方法將使我們能夠向所有行業的各種規模的企業宣傳。而且我認為我們在規模上的領先優勢使我們能夠以非常合理的價格真正為客戶提供價值。

Our next question comes from Brad Sills of BofA Securities.

我們的下一個問題來自美國銀行證券的 Brad Sills。

Yes, nice result in the quarter. I wanted to ask about just the magnitude of upside. In the past, we've seen a bigger upside to your guidance. Just is there any change in guidance philosophy, John, that we should be thinking about going forward?

是的，本季度取得了不錯的成績。我想問一下上漲的幅度。過去，我們已經看到您的指導有更大的好處。約翰，指導理念是否有任何變化，我們應該考慮向前發展？

Thanks, Brad. Yes, no change in guidance. We work hard to let everyone know what we're seeing with the business and then follow through with -- try to do better on those results. It's reasonable to expect as we get bigger, we're going to come in closer to our expectations. The business is healthy. The fundamentals are strong. We're really happy with the growth that we delivered in the quarter, in particular the organic strength. And I think our guidance implies going forward that we expect additional growth.

謝謝，布拉德。是的，指導沒有變化。我們努力讓每個人都知道我們對業務的看法，然後堅持下去——努力在這些結果上做得更好。隨著我們變得更大，我們將更接近我們的期望，這是合理的預期。生意很健康。基本面很強。我們對本季度實現的增長感到非常滿意，尤其是有機實力。而且我認為我們的指導意味著我們期待進一步的增長。

Great to hear. And then one more, if I may, please. Just any color on virtual card cross-border. It looks like a nice result again this quarter in your step up and your continued monetization and the take rate there for transaction against TPV. Just any color on those 2 in particular. It looks like the Divvy number was very strong as well.

很高興聽到。如果可以的話，請再來一個。虛擬卡跨境隨便什麼顏色。在您的升級和持續的貨幣化以及針對 TPV 的交易中，本季度看起來又是一個不錯的結果。特別是那些2上的任何顏色。看起來 Divvy 數字也非常強大。

Yes. With regards to the virtual card product and cross-border payments, we continue to see incremental adoption from customers and suppliers that is adding to our monetization expansion. And we feel really good about that. We've been growing revenue per transaction north of 50% every quarter since we've been public, our annual growth rate. And we still have a long way to go, frankly, in driving adoption of some of those products relative to our longer-term penetration targets that we've talked about on the last few calls. So they continue to be good drivers. Our TPV growth this quarter was a little bit lower than last quarter, and we would expect, though, that with continued adoption of those products and growing TPV that there's good things ahead.

是的。關於虛擬卡產品和跨境支付，我們繼續看到客戶和供應商越來越多地採用，這增加了我們的貨幣化擴張。我們對此感覺非常好。自上市以來，我們每個季度的每筆交易收入都增長了 50% 以上，我們的年增長率。坦率地說，相對於我們在最近幾次電話會議中談到的長期滲透目標，我們還有很長的路要走。所以他們仍然是優秀的司機。我們本季度的 TPV 增長略低於上一季度，但我們預計，隨著這些產品的持續採用和 TPV 的增長，未來會有好的發展。

Our next question comes from Andrew Bauch of SMBC Nikko Americas.

我們的下一個問題來自 SMBC Nikko Americas 的 Andrew Bauch。

I want to drill into the CPA.com and Divvy relationship a little bit further. I mean obviously CPA.com has been a key variable to help Bill.com roll out the build -- core build platform to a lot of these accounting firms. So maybe there's 2 or 3 things that you've learned in doing that over the past that you can apply well to Divvy going forward.

我想進一步深入了解 CPA.com 和 Divvy 的關係。我的意思是顯然 CPA.com 一直是幫助 Bill.com 向許多此類會計師事務所推出構建核心構建平台的關鍵變量。因此，也許您在過去的工作中學到了 2 或 3 件事，可以很好地應用於 Divvy 的未來。

Thank you, Andrew. Yes, the CPA.com relationship has definitely been a part of our journey and success in reaching accountants, especially top 100 accounting firms and the top 5,000 across the country with over 5,500 firms on the platform. I do feel the experience like you referenced that we've learned in acquiring customers is going to be meaningful as we sell new services into the accounts such as Divvy. The opportunity with CPA.com was to really look at where accountants are today and to really think hard about how can we help accounts continue to evolve and adapt in the market as technology is becoming a more and more important part of how business is done.

謝謝你，安德魯。是的，CPA.com 的關係絕對是我們成功接觸會計師的旅程的一部分，尤其是在平台上擁有超過 5,500 家公司的 100 強會計師事務所和全國 5,000 強會計師事務所。我確實覺得你提到的我們在獲取客戶方面學到的經驗將是有意義的，因為我們向 Divvy 等賬戶銷售新服務。 CPA.com 的機會是真正了解當今會計師的情況，並認真思考隨著技術成為業務開展方式越來越重要的一部分，我們如何幫助賬戶繼續發展和適應市場。

And so with CPA.com, the partnership is an exclusive partnership where we will be the exclusive provider of spend management and expense management solutions on top of already being the exclusive provider for bill payments. And we think that allows focus from an awareness perspective and building the market the way it needs to be built. So the conversations with the top firms, the conversations at any of the conferences, having all of that be focused on how to help firms actually add clients and support their clients with more robust tools that enable efficiency and enable the firms to actually drive more revenue for them, that's the alignment that we have with CPA.com, and that's what we've shown that we were able to do to date. And this is just going to be another quiver in the boat, whatever the phrase is, I'm missing that up. But you know what I mean.

因此，與 CPA.com 的合作夥伴關係是一種獨家合作夥伴關係，我們將成為支出管理和費用管理解決方案的獨家供應商，同時我們已經是賬單支付的獨家供應商。我們認為，這可以從意識的角度集中註意力，並以需要建立的方式建立市場。因此，與頂級公司的對話，任何會議上的對話，都集中在如何幫助公司實際增加客戶並使用更強大的工具支持他們的客戶，從而提高效率並使公司能夠實際增加收入對他們來說，這就是我們與 CPA.com 的一致性，也是我們迄今為止能夠做到的。這將是船上的另一個顫抖，無論那句話是什麼，我都錯過了。但你知道我的意思。

Yes, it's a pretty effective mousetrap. My follow-up would be, looking at Slide #7, you guys have done a really great job executing in the United States, but I continue to think about that global opportunity and expanding the reach of the platform, particularly now as you have Invoice2go. I mean what are the real obstacles to your business in regards to expanding internationally? And what kind of things are you looking at that may accelerate that push?

是的，這是一個非常有效的捕鼠器。我的後續行動是，看看幻燈片 #7，你們在美國的執行工作做得非常出色，但我繼續考慮這個全球機會並擴大平台的覆蓋範圍，特別是現在有了 Invoice2go .我的意思是您的業務在國際擴張方面的真正障礙是什麼？你在看什麼樣的事情可能會加速這種推動？

Yes. One of the things that we were excited about with Invoice2go is the fact that they do operate customers in over 150 countries. You combine that with the international payments that we do, which is also in the hundreds of countries that we support and move money to, it gives us an opportunity to kind of think more aggressively in the long term about an international presence. And I would say the obstacles aren't so much obstacles as much as we just acquired 2 companies in the last year. We're uniting the platform. We have a team now that is unified across the entire company to create the synergies and the product offering and the go-to-market experience for our customers to really drive, we think, a different experience around financial operations for SMBs. So that's going to be our first focus.

是的。我們對 Invoice2go 感到興奮的一件事是，他們確實在 150 多個國家/地區經營客戶。你把它與我們所做的國際支付結合起來，這也是我們支持和轉移資金的數百個國家，它讓我們有機會從長遠來看更積極地思考國際存在。我想說的是，障礙並不像我們去年剛剛收購了兩家公司那麼大。我們正在聯合平台。我們現在有一個團隊，在整個公司範圍內統一起來，為我們的客戶創造協同效應、產品供應和上市體驗，我們認為，我們認為，這將為中小企業的金融運營帶來不同的體驗。所以這將是我們的第一個重點。

And once we have that focus, then obviously, money movement is different in all the countries. We can focus on the details and logistics of executing on a broader international strategy. But the fact is we are international today with Invoice2go and feel good about the opportunity to drive the product experience to those customers over time.

一旦我們有了這個重點，那麼很明顯，所有國家的資金流動都是不同的。我們可以專注於執行更廣泛的國際戰略的細節和後勤工作。但事實是，我們今天通過 Invoice2go 實現了國際化，並且對隨著時間的推移為這些客戶提供產品體驗的機會感到高興。

Our next question comes from Scott Berg of Needham & Company.

我們的下一個問題來自 Needham & Company 的 Scott Berg。

Rene and John, congrats on a great quarter. Kind of a little bit of a follow-up. I'm going to ask it, I guess, bluntly just the way I received it in an e-mail from one of your shareholders was, "Hey, that was a great net adds quarter. How can they repeat that?" I'll ask you a little bit more eloquently because I know you're not -- don't have the exact crystal ball. But given what the FIs did in the quarter and kind of where those contributions come from, I guess, what's the right framework or secret sauce to kind of put together over the next 6 to maybe 24 months to drive customer adds that are kind of in that range to start getting you over those minimum thresholds?

Rene 和 John，恭喜你取得了出色的成績。有點跟風。我想，我要直截了當地問，就像我在一封來自您的一位股東的電子郵件中收到的那樣，“嘿，那是一個很棒的淨增加季度。他們怎麼能重複呢？”我會更有說服力地問你，因為我知道你不是——沒有確切的水晶球。但考慮到金融機構在本季度所做的事情以及這些貢獻的來源，我猜，在接下來的 6 到 24 個月內，什麼是正確的框架或秘訣可以用來推動客戶添加那個範圍開始讓你超過那些最低門檻？

I think the first thing that I think about is obviously building a great experience. So if we just take BofA right now, they have redesigned their go-to-market experience for SMBs that joined the bank, and we are part of that solution. But there's a lot of work on both teams to actually execute on that and to make sure that it's the right experience for customers. And we feel good about the ability to do what we've done to date, and that's why you're seeing some of the numbers that we were able to put up today.

我認為我首先想到的顯然是建立一個很棒的體驗。因此，如果我們現在就選擇美國銀行，他們已經為加入該銀行的中小型企業重新設計了進入市場的體驗，我們是該解決方案的一部分。但是兩個團隊都有很多工作要實際執行，並確保它為客戶提供正確的體驗。我們對能夠完成迄今為止所做的事情感到滿意，這就是為什麼您會看到我們今天能夠提供的一些數字。

And I think over the long term, this is the power of the distribution strategy that we have. We have multiple channels, multiple partners, multiple ways to continue to add and grow our customer base. We're at 2% market penetration out of the 6 million businesses in the U.S. that have employees. There's so much opportunity in front of us. And having the multichannel approach, we think, is going to continue to drive the type of success we saw this quarter from quarter-to-quarter.

我認為從長遠來看，這就是我們擁有的分銷策略的力量。我們有多個渠道、多個合作夥伴、多種方式來繼續增加和發展我們的客戶群。在美國擁有員工的 600 萬家企業中，我們的市場滲透率為 2%。有很多機會擺在我們面前。我們認為，採用多渠道方法將繼續推動我們本季度每季度看到的成功類型。

Great. Helpful. And then a question for you, John. You talked earlier, I forgot whose question was, maybe it was Bryan about, maybe the upside to guidance going forward probably starts to narrow as the company scales in size, which I think we would certainly all understand. But turn that to the profitability range. You guys have been super impressive in your ability to drive leverage and create operational efficiencies given the growth rate. But as you start to get to what might be an $800 million or $900 million revenue range over the next 12 to 18 months, is, can you still continue to grow at the scale? And will you kind of burn cash or operate at what's pretty much a breakeven level? Or do we see some maybe additional leverage in the model coming here going forward?

偉大的。有幫助。然後問你一個問題，約翰。你之前說過，我忘了是誰的問題，也許是布萊恩的問題，也許隨著公司規模的擴大，未來指導的上行空間可能開始縮小，我想我們肯定都會理解。但把它轉向盈利範圍。鑑於增長率，你們推動槓桿和創造運營效率的能力令人印象深刻。但是，當您開始在未來 12 到 18 個月內達到 8 億美元或 9 億美元的收入範圍時，您是否還能繼續保持規模增長？你會燒錢還是在幾乎盈虧平衡的水平上運營？或者我們是否會在未來的模型中看到一些額外的槓桿作用？

Yes. Thanks for the question, Scott. We're feeling really good about our ability to balance growth, driving revenue adoption, penetrating the market with creating efficiency as we grow. In particular, we've done a good job since we've been public at expanding gross margins. And as you pointed out, we've operated with minimal losses. That's a recipe that we think works really well for us.

是的。謝謝你的問題，斯科特。我們對平衡增長、推動收入採用、滲透市場並在增長過程中創造效率的能力感到非常滿意。特別是，自從我們公開擴大毛利率以來，我們做得很好。正如你所指出的，我們以最小的損失運作。這是一個我們認為非常適合我們的食譜。

We have had minimal losses. We reduced actually our non-GAAP net loss expectations this year as reflected in our guidance for Q4 and fiscal 2022. We'll have more to say about, obviously, fiscal '23 and beyond in August when we delivered guidance for that year. But our continued commitment is to balance the size of the market opportunity with our growth and investments and the efficiency with which we're delivering these results.

我們的損失很小。正如我們對第四季度和 2022 財年的指導所反映的那樣，我們實際上降低了今年的非公認會計原則淨虧損預期。顯然，當我們在 8 月發布當年的指導時，我們將對 23 財年及以後有更多話要說。但我們的持續承諾是平衡市場機會的規模與我們的增長和投資以及我們提供這些結果的效率。

Our next question comes from Samad Samana from Jefferies.

我們的下一個問題來自 Jefferies 的 Samad Samana。

Guys, I just wanted to step back and say, I think it's pretty great to see 74% organic growth. I don't think any of us thought this around the time of the IPO that you'd still be posting this type of growth. So congrats on that. And so Rene, maybe that brings me to -- when I think about the core business, and I know it's been touched upon, but how are you seeing maybe lead flow to the top of the funnel? Has that changed? Has that increased? Or how is that trending? And maybe same question around conversion so far in May as well. Just as Bill has gotten bigger, you've deployed more sales and marketing dollars, and the brand is more well known. And what are you seeing in terms of inbound to your funnel?

伙計們，我只是想退後一步說，我認為看到 74% 的有機增長非常棒。我認為我們中的任何人在 IPO 期間都不會想到你仍然會發布這種類型的增長。恭喜你。所以 Rene，也許這讓我想到 - 當我想到核心業務時，我知道它已經被觸及，但你是如何看到潛在客戶流到漏斗頂部的？那改變了嗎？有沒有增加？或者趨勢如何？到目前為止，也許還有關於 5 月份轉換的相同問題。正如比爾變得更大一樣，您已經部署了更多的銷售和營銷資金，並且該品牌更加知名。您在渠道的入站方面看到了什麼？

Great question, Samad. That is part of the reason why I said that we've had great success across all our channels. The ability of the direct team to be able to drive more funnels at the -- leads at the top of the funnel and the sales team to close more, all that is around good, rigorous execution, which the team is doing. It also is around awareness. Like you said, some of our partners provide awareness. Obviously, being public provides some awareness, and the network provides awareness. And so the network, well over 3 million network members today, an opportunity for us to continue to grow that and to really create more opportunities for those entities to come into the fold as well.

好問題，薩馬德。這就是為什麼我說我們在所有渠道都取得了巨大成功的部分原因。直接團隊能夠推動更多漏斗的能力 - 導致漏斗頂部和銷售團隊關閉更多，所有這一切都圍繞著團隊正在做的良好、嚴格的執行。它也圍繞著意識。正如您所說，我們的一些合作夥伴提供了意識。顯然，公開提供了一些意識，而網絡提供了意識。所以這個網絡，今天有超過 300 萬的網絡成員，這對我們來說是一個繼續發展的機會，並真正為這些實體創造更多的機會。

So I think when we look at the success that we're having, it is going to be this multichannel approach that's going to drive success from quarter-to-quarter. And I think, ultimately, the awareness, capabilities continue to scale, obviously, as we have more customers.

所以我認為，當我們看到我們所取得的成功時，這種多渠道方法將推動每季度的成功。而且我認為，最終，隨著我們擁有更多客戶，意識和能力顯然會繼續擴大。

Great. And then, John, maybe a question for you, and maybe this also includes your perspective as a CFO of a company yourself. But when you think about times where businesses are getting kind of, let's call it, more constrained or feeling pressure like they're doing from inflation, do you think that products like virtual card and cross-border and local currency that have variable fees, are they more valuable because they kind of accelerate the cash conversion cycle? Or do you think that businesses are more sensitive to that? Just what are you seeing or hearing from your customers in that regard?

偉大的。然後，約翰，也許你有一個問題，也許這也包括你作為一家公司的首席財務官的觀點。但是，當您考慮到企業變得越來越受限製或感受到通貨膨脹的壓力時，您是否認為虛擬卡以及跨境和本地貨幣等收費可變的產品，它們是否更有價值，因為它們加速了現金轉換週期？還是您認為企業對此更敏感？在這方面，您從客戶那裡看到或聽到了什麼？

Great question, Samad. I think it really depends on the business and what their model is, but I think for almost all businesses, managing working capital and having quick access to cash in a way that can also create efficiency in the back office, so easy reconciliation, which means good data, those things are always in demand, probably more so in an environment where companies might be trying to create more efficiency or need cost savings or things like that. So I don't think it's the absolute, say, cost of a transaction or something like that, that's the big driver of decisions as much as the overall profile of the business and the way that they run their operations and create efficiency.

好問題，薩馬德。我認為這真的取決於業務和他們的模式是什麼，但我認為對於幾乎所有的企業來說，管理營運資金和快速獲取現金的方式也可以在後台創造效率，所以很容易對賬，這意味著好的數據，這些東西總是有需求的，在公司可能試圖提高效率或需要節省成本或類似事情的環境中，可能更是如此。所以我不認為這是絕對的，比如說，交易成本或類似的東西，這與企業的整體概況以及他們運營業務和創造效率的方式一樣，才是決策的主要驅動力。

Our next question comes from Jeff Cantwell of Wells Fargo.

我們的下一個問題來自富國銀行的 Jeff Cantwell。

Let's just maybe take a step back and think about where we are in this macro environment right now, think about your capabilities, the company that you've built. Can you tell us how you feel right now about your ability going forward to penetrate that SMB TAM you guys have? We could see the 147,000 Bill.com customers, and the customer growth has really been there over the past several quarters now, and payment volumes were $55 billion this quarter.

讓我們退後一步，想想我們現在在這個宏觀環境中的位置，想想你的能力，你建立的公司。你能告訴我們你現在對你未來滲透到你們所擁有的 SMB TAM 的能力的感受嗎？我們可以看到 Bill.com 的 147,000 名客戶，在過去的幾個季度中，客戶確實在增長，本季度的支付量為 550 億美元。

Cross-sell is getting more in trend. So maybe can you help us think out a little bit here. Any color in terms of what we should expect to see in terms of Bill.com customer adds as we think further out. Maybe talk about your confidence thinking through the next year, perhaps. Any color there would be great.

交叉銷售越來越流行。所以也許你能幫助我們在這裡思考一下。當我們進一步思考時，我們應該期望在 Bill.com 客戶方面看到的任何顏色都會增加。也許談談你對明年的信心，也許。任何顏色都會很棒。

Well, I mean, first -- thank you, Jeff. First, I would just focus on that we're at the beginning of a digital transformation of how business is done. Business has been using paper. It's 80% to 90% predominantly used by SMBs across the country as to how they manage. And that's just not sustainable. It's not efficient. It's not -- and obviously, in a hybrid environment, it's really not even possible to have paper in one place and be working someplace else. So we think that tailwind that maybe potentially started with COVID was probably there beforehand continues to grow just because more and more businesses are going to be on the platform.

嗯，我的意思是，首先——謝謝你，傑夫。首先，我只想專注於我們正處於業務運作方式的數字化轉型的開端。企業一直在使用紙張。全國中小型企業主要使用 80% 到 90% 來了解他們的管理方式。這是不可持續的。它效率不高。不是——顯然，在混合環境中，甚至不可能在一個地方擁有紙張並在其他地方工作。因此，我們認為可能從 COVID 開始的順風可能會在此之前繼續增長，因為越來越多的企業將進入該平台。

Examples of this suggests more and more transactions happen on our network than they've ever happened before. So more and more transactions are happening together between the dot-com entities. And so that's going to continue to grow. And so when I look out the long term, we're just at the beginning, 2% of the customer -- the employer market out there is on our platform. There's a lot of opportunity ahead of us, and we're going to focus on executing to deliver solutions for those businesses. And yes, John, I think you probably have something else to add.

這方面的例子表明，我們網絡上發生的交易比以往任何時候都多。因此，越來越多的交易在 .com 實體之間一起發生。所以這將繼續增長。因此，當我從長遠來看，我們才剛剛開始，2% 的客戶——外面的雇主市場在我們的平台上。我們面前有很多機會，我們將專注於執行為這些業務提供解決方案。是的，約翰，我想你可能還有其他要補充的。

I would just add like we're -- in addition to that confidence for being able to scale customer acquisition over the long term, given our investments in our go-to-market distribution, in the near term, we're still comfortable with net adds being around that 6,000 level mainly because of our current investment programs and the incremental step-ups that we've seen, the success that we've driven from our financial institution partners and accounting firms, we don't necessarily control the timing of those. So there could be some incremental upside associated with that. But given our current trajectory, we still feel like the closer to 6,000 is the recurring net new add engine that we have at the moment with some opportunity for upside.

我想補充一下，除了對能夠長期擴大客戶獲取的信心之外，鑑於我們對上市分銷的投資，在短期內，我們仍然對淨增加值在 6,000 左右，主要是因為我們目前的投資計劃和我們所看到的逐步提升，我們從金融機構合作夥伴和會計師事務所推動的成功，我們不一定控制時間那些。因此，可能會有一些與此相關的增量上行空間。但考慮到我們目前的軌跡，我們仍然覺得接近 6,000 是我們目前擁有的經常性淨新增引擎，有一些上漲的機會。

Okay. Great. Appreciate that. And then secondly, can you talk a little more about expectations for future profitability? What are your thoughts on time frame, et cetera, because we can see Divvy layering in now, and you've obviously had a couple of strong quarters in the row on the bottom line. So anything that you can talk about there to help us think through for next year and so forth would be great.

好的。偉大的。感謝。其次，您能否多談談對未來盈利能力的預期？您對時間框架等有什麼看法，因為我們現在可以看到 Divvy 分層，而且您顯然在底線的行中有幾個強勁的季度。因此，您可以在那裡談論任何可以幫助我們考慮明年等等的事情都會很棒。

Sure. Yes, we're very pleased with where we're at from a margin profile perspective. We focus in managing and balancing the investments and growth of the business. We focus predominantly on unit economics and making sure that we have a short payback period so we can deploy capital and get a return on that quickly. We've been operating for a number of years now with very small non-GAAP net losses. And I can't speak specifically to our fiscal '23 at this point about the profitability profile, but we look forward to coming back to you with specifics in August on that.

當然。是的，從利潤概況的角度來看，我們對我們所處的位置非常滿意。我們專注於管理和平衡業務的投資和增長。我們主要關注單位經濟學，並確保我們的投資回收期很短，這樣我們就可以部署資本並迅速獲得回報。我們已經運營了很多年，非公認會計原則的淨虧損非常小。而且我目前無法具體談論我們的 23 財年盈利狀況，但我們期待在 8 月份與您聯繫並提供具體細節。

Congrats on the results.

祝賀結果。

Thank you.

謝謝你。

Our next question comes from Brian Schwartz of Oppenheimer.

我們的下一個問題來自奧本海默的布賴恩施瓦茨。

Rene, I thought I'd just ask you for an update on the enablement and maybe in rolling out or cross-selling initiative with Invoice2go. I'm just wondering if that is still ahead or if you've begun maybe targeting that new base that I think you talked about, that you claimed up, in terms of the quality of opportunities with them.

Rene，我想我只是要求您提供有關啟用的最新信息，並可能與 Invoice2go 一起推出或交叉銷售計劃。我只是想知道這是否仍然領先，或者您是否已經開始針對我認為您談到的新基地，您聲稱，就與他們合作的機會質量而言。

Yes. Thank you, Brian, for the question. The first thing that just to call out is this quarter, we announced that we fully integrated the teams. And that's pretty much probably faster than we expected to do, but we saw the synergies. We saw the teams working all together, and we aligned all the teams into one organizational structure so that we could more quickly unite, I should say, create a unified platform experience for businesses across all experiences that they're having.

是的。謝謝你，布賴恩，你的問題。首先要說的是本季度，我們宣布我們完全整合了團隊。這可能比我們預期的要快得多，但我們看到了協同效應。我們看到團隊一起工作，我們將所有團隊整合到一個組織結構中，以便我們可以更快地團結起來，我應該說，為企業創建一個統一的平台體驗，涵蓋他們擁有的所有體驗。

So with that to -- that being in the motion, I would say that we're in the beginning days of understanding how to kind of do that cross-selling you're saying with Invoice2go. We've obviously started that with Divvy. The opportunity for us is with this unique opportunity with having one platform that serves the financial operations for all SMBs. And having that in place to be able to go to market is what I would look for from us in the future.

因此，有了這一點 - 在議案中，我想說我們正處於了解如何使用 Invoice2go 進行交叉銷售的初期。我們顯然是從 Divvy 開始的。對我們來說，機會在於這個獨特的機會，即擁有一個為所有中小企業提供金融運營服務的平台。並且能夠進入市場是我未來希望從我們這裡得到的。

And then, Rene, I wanted to ask if it was possible, an update on the machine learning, where the company is and if you see there's a monetization opportunity. The reason I ask is that your company has always been a technology leader in terms of machine learning. And then when you just think about all the data on the invoicing and now that all the transaction processing volume that you're doing there, we hear complaints from the finance department of not being able to get data being as predictive, fast enough and really kind of slows down their work. So I just want -- I was curious if you could maybe update where the company is in terms of the machine learning capabilities. And then if you think that there is a differentiation competitively or maybe even monetization opportunity. Then one quick follow-up for John.

然後，Rene，我想問一下這是否可能，機器學習的最新情況，公司在哪裡，以及你是否看到了貨幣化機會。我問的原因是，貴公司在機器學習方面一直是技術領先者。然後，當您只考慮發票上的所有數據以及您在那裡進行的所有交易處理量時，我們會聽到財務部門抱怨無法獲得具有預測性、足夠快和真實的數據有點減慢了他們的工作。所以我只是想 - 我很好奇你是否可以更新公司在機器學習能力方面的情況。然後，如果您認為存在競爭差異甚至可能是貨幣化機會。然後對約翰進行快速跟進。

Sure. Thank you, Brian. Yes, from the machine learning AI capability, we have been working on this and building into the platform for a number of years. The capabilities get stronger and stronger in every release. And what -- the example I would give you is the ability for us to auto connect to network members has gotten better and better. And the ability for us to really read the information, not the invoices that are coming to the platform, so there's no -- data entry has gotten better and better.

當然。謝謝你，布賴恩。是的，從機器學習 AI 能力來看，我們多年來一直致力於此並構建到平台中。這些功能在每個版本中都變得越來越強大。什麼——我給你的例子是我們自動連接到網絡成員的能力變得越來越好。我們能夠真正閱讀信息，而不是進入平台的發票，所以沒有 - 數據輸入變得越來越好。

The next step will be to continue to read detailed line items across the invoices and to use that data, as you're suggesting, in other ways to support our customers, help them understand their business better and potentially to monetize. We are going to focus first on building the right capability and the right experiences to get rid of paper. That's the #1 thing that we have focused on at the company. We're mission-driven about making it simple to connect and do business. And having that focus means we're going to focus on the experience of getting rid of that burden that is out there today. But you're right, there's a data monetization opportunity going forward.

下一步將是繼續閱讀發票中的詳細行項目，並按照您的建議，以其他方式使用這些數據來支持我們的客戶，幫助他們更好地了解他們的業務並有可能獲利。我們將首先專注於建立正確的能力和正確的經驗來擺脫紙張。這是我們在公司關注的第一件事。我們以使命為導向，致力於簡化連接和開展業務。擁有這種專注意味著我們將專注於擺脫今天存在的那種負擔的體驗。但你是對的，未來存在數據貨幣化機會。

And then the one follow-up I had for John. I just wanted to double check on the better-than-expected performance and the net loss that you delivered in Q3. I just want to make sure, was that all from the revenue upside? Or did any of the spend that maybe you had planned either on hiring or other investments, did that all get done in Q3?

然後是我對約翰的一項後續行動。我只是想仔細檢查一下您在第三季度交付的好於預期的性能和淨虧損。我只是想確定一下，這一切都來自收入的增長嗎？或者您計劃在招聘或其他投資方面的任何支出是否都在第三季度完成？

Thanks, Brian. Yes, it was primarily the revenue performance and our strong non-GAAP gross margins that flowed through to the bottom line performance that we delivered.

謝謝，布賴恩。是的，主要是收入表現和我們強勁的非公認會計原則毛利率流向了我們交付的底線業績。

We have time for one more question today, and that comes from Ken Suchoski from Autonomous Research.

今天我們有時間再回答一個問題，這個問題來自 Autonomous Research 的 Ken Suchoski。

Nice to see rolling out new products like enhanced ACH. I guess just a multipart question on that product. Can you talk about where you price that? And maybe talk about it relative to Instant Transfer. And then maybe you could talk about some of the steps you're taking to drive adoption on that payment type whether on the customer side or the supplier side. And then just any thoughts on long-term penetration.

很高興看到推出增強型 ACH 等新產品。我想這只是關於該產品的一個多部分問題。你能談談你在哪裡定價嗎？也許談論它與即時轉移有關。然後也許你可以談談你正在採取的一些步驟來推動這種支付類型的採用，無論是在客戶方面還是在供應商方面。然後是關於長期滲透的任何想法。

Thank you, Ken. Yes, the -- just to step back, when you think about the millions of transactions that we do every quarter, the billions of dollars that we do every quarter, there's lots of different sizes of suppliers in the network that are getting paid through the Bill.com solution. And when you think about the experiences that they need, they're all going to be different. So there are probably SOHOs, if you will, smaller businesses that might take the Instant Transfer as the best way to get paid to manage their cash flow, like John talked about, the working capital needs that they might have for a business. But there might be larger businesses that prefer to have more information, more streamlined. And that's what the enhanced ACH opportunity is for. And yes, there might be other businesses that prefer the virtual card offering because of the alignment they already have with their card processing capabilities.

謝謝你，肯。是的 - 退一步說，當您考慮我們每季度進行的數百萬筆交易，我們每季度進行的數十億美元時，網絡中有許多不同規模的供應商通過Bill.com 解決方案。當你考慮他們需要的體驗時，他們都會有所不同。因此，如果您願意的話，可能會有 SOHO 小型企業將即時轉賬作為獲得報酬以管理其現金流的最佳方式，就像約翰所說的那樣，他們可能對企業的營運資金需求。但可能有更大的企業更喜歡擁有更多信息，更精簡。這就是增強的 ACH 機會的用途。是的，可能還有其他企業更喜歡虛擬卡產品，因為他們已經與他們的卡處理能力保持一致。

So our goal here is to create solutions that allow businesses whether they're paying or getting paid the way that they want to be able to do that and on the time they want to be able to do that. So we feel good about the product offering. We think that the diverse capability we have enhances the overall network and platform that we've built, and we think it's an opportunity for us to continue to drive value for suppliers and for customers.

因此，我們的目標是創建解決方案，讓企業無論是支付還是獲得報酬，都可以按照他們想要的方式以及在他們想要的時間這樣做。因此，我們對產品供應感覺良好。我們認為我們擁有的多樣化能力增強了我們建立的整體網絡和平台，我們認為這是我們繼續為供應商和客戶創造價值的機會。

Just to add in terms of the monetization model for those products, Ken, it's order of magnitude between 75 and 100 basis points across Instant Transfer, real-time payments and enhanced ACH. They're a similar model delivered differently potentially to different suppliers, as Rene mentioned, but in that ballpark.

就這些產品的貨幣化模型而言，Ken 說，即時轉賬、實時支付和增強型 ACH 的數量級在 75 到 100 個基點之間。正如 Rene 所提到的，它們是一種類似的模型，可能以不同的方式交付給不同的供應商，但在那個範圍內。

Okay. All right. That's really helpful. And then just as my follow-up, and I'll let you guys go. I just wanted to ask about the new customers that are coming on given that more of them are from the FI channel. Can you just talk about the ARPU and the TPV per customer that you expect from these newer customers relative to the rest of your customer base? That would be really helpful.

好的。好的。這真的很有幫助。然後就像我的後續行動一樣，我會讓你們走。我只是想問一下即將到來的新客戶，因為他們中有更多來自 FI 渠道。您能否談談您對這些新客戶相對於您的其他客戶群的期望的 ARPU 和每位客戶的 TPV？那真的很有幫助。

Sure. Thanks, Ken. Yes, the uptick in new customers we've seen over the last couple of quarters, much of that has come from success with the financial institution partners. Just like with a direct Bill.com customer or through an accounting firm, it takes a number of months, we say about 6 to 9 months usually for these customers to fully get up and running on the platform. So there's a little bit of a lag in them getting to steady state. I'd say, on average, with some of the newer bank relationships we have now where we're starting to see customers adopt, they're about the average Bill.com small business. So it's similar in size to a small business customer for Bill.com.

當然。謝謝，肯。是的，我們在過去幾個季度看到的新客戶增加，其中大部分來自與金融機構合作夥伴的成功。就像 Bill.com 的直接客戶或通過會計師事務所，這需要幾個月的時間，我們說這些客戶通常需要大約 6 到 9 個月才能完全啟動並在平台上運行。所以他們在達到穩定狀態時會有一點滯後。我想說，平均而言，隨著我們現在開始看到客戶採用的一些較新的銀行關係，它們大約是普通的 Bill.com 小型企業。所以它的規模類似於 Bill.com 的小型企業客戶。

And we'll, as we get a little bit further into driving adoption within the financial institutional channel, I think, have more details to share about the demographics and profile as it relates to TPV and ARPU of those customers. But at this point, I can say they kind of look like the average small business customer for Bill.

我認為，隨著我們進一步推動金融機構渠道的採用，我們將有更多的細節來分享與這些客戶的 TPV 和 ARPU 相關的人口統計和概況。但在這一點上，我可以說他們有點像比爾的普通小企業客戶。

That concludes the Q&A for today. I will now hand back to Rene Lacerte for any closing remarks.

今天的問答到此結束。我現在將交還給 Rene Lacerte 的任何結束語。

Thanks, everyone, for joining us today. We delivered another quarter of very strong growth as we helped SMBs transform their financial operations. We look forward to communicating our progress as we pursue the tremendous opportunity ahead. Thank you.

謝謝大家，今天加入我們。隨著我們幫助中小型企業轉變其財務運營，我們實現了又一個季度的強勁增長。在我們追求未來的巨大機遇時，我們期待著傳達我們的進展。謝謝你。

Thank you for joining today's call. You may now disconnect.

感謝您加入今天的電話會議。您現在可以斷開連接。