0001628280-25-050328
SEC filingFY26Q1营收增10%但转亏，受重组费用及利率下行拖累。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $395.7M | $358.5M | +10% |
| Gross Profit | $318.7M | $293.8M | +9% |
| Gross Margin | 80.5% | 82.0% | -150 bps |
| Operating Income | -$20.7M | -$7.7M | -169% |
| Operating Margin | -5.2% | -2.1% | -310 bps |
| Net Income | -$3.0M | $8.9M | -133% |
| Diluted EPS | -$0.03 | $0.08 | — |
| Operating Cash Flow | $96.9M | $88.6M | +9% |
| Free Cash Flow | $82.3M | $81.5M | +1% |
FY26Q1营收增长10%至$395.7M，主要受Transaction fees驱动（+16%至$287.2M），反映客户采用度提升和TPV增长（+12%至$89.3B）。Subscription fees增长5%至$70.8M，客户数增至498,500（+5%）。然而，Interest on funds held for customers同比下滑13%至$37.7M，因利率下降，部分抵消增长。
盈利能力转弱，Gross margin下降150 bps至80.5%，主要因支付处理成本结构变化。Operating margin恶化310 bps至-5.2%，除毛利率影响外，还受Sales and marketing费用率上升（38% vs 35%）和$8.9M重组费用拖累。Rewards expense占Spend and Expense interchange revenue比例升至52%（去年同期47%），反映更高奖励率。
盈利质量方面，经营现金流$96.9M高于净亏损，主要因$58.8M股票补偿和$16.1M信用损失准备等非现金项目。剔除重组费用后，调整后经营亏损约$11.8M，仍较去年同期亏损扩大，反映费用增长快于收入。
| 分部 | 营收 | 同比 | 驱动 |
|---|---|---|---|
| BILL AP/AR | $178.6M | +10% | 核心平台交易与订阅增长 |
| BILL Spend and Expense | $157.3M | +19% | Divvy Card交易量增长，但奖励率上升 |
| Embedded and Other Solutions | $22.1M | +10% | 嵌入式合作伙伴及Invoice2go |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $2.3B | +$96.5M |
| Total Debt | $1.87B | +$151.3M |
| Acquired card receivables | $738.8M | +$53.7M |
| Operating Cash Flow | $96.9M | +$8.3M |
| Capex | $14.6M | +$7.5M |
| Free Cash Flow | $82.3M | +$0.7M |
债务增加主要因2025 Credit Facility借款$150M，用于购买card receivables。2021 Credit Facility借款$180M，利率已下调至1.95%+SOFR，期限延至2028年。公司流动性充足，现金及短期投资$2.3B，未使用信贷额度$270M。
资本配置：本季度回购1,694,720股，耗资$81.7M，新授权$300M回购计划，剩余$283.7M。无分红。
指引：未提供正式财务指引。
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