Now all of our products have different stages of where they’re at. But I have a lot of experience in this kind of cycle that you need to actually sometimes take two steps forward to be able to really make this opportunity happen. And that’s what we’ve just done in the last year. It was a lot to pull together, and we’re looking forward to continuing to adapt the offerings that we have and enhance the capabilities that we’ve built.
John Rettig: Let me just add, Will, on the cyclical comments around volumes. We agree with you, things are a little bit better than expected. That could be the beginning of a sustained improvement. It’s not something that we are expecting at the moment. And there’s no real change to our expectations around monetization take rate for the second half of the year. We’re not calling a return to normal quarterly expansion. At this point, something we’ll obviously come back to in fiscal ’25.
William Nance: Got it. That’s helpful. And then maybe just a question on the restructuring. Could you — is there any way you could quantify just the savings that resulted from the restructuring? And then as you think about the remainder of the year, is there a portion of those savings that will be reinvested? Or kind of how much are you thinking about letting fall to the bottom line there?
John Rettig: Sure. So we — as a part of our reduction in the workforce, we generated approximately $60 million in annualized non-GAAP operating expense savings, obviously, for half of the year, that’s $30 million. And this is related to compensation and benefits-related expenses and the closure of our Sydney office. We realized approximately $5 million in non-GAAP OpEx savings in Q2. And we expect to reinvest, if you will, about 50% or so of that $30 million into some of the both near-term and longer-term growth initiatives that Rene mentioned earlier.
William Nance: Got it. I appreciate you taking the questions.
John Rettig: Thank you.
Operator: Our next question comes from Brad Sills with Bank of America. Please proceed.
Brad Sills: Great. Thanks, guys. I wanted to ask a question about the new platform here. It sounds like, if I’m not mistaken, that might have been an area that kind of sourced somebody upside this quarter. In other words, that better integrated platform enabled a better on-ramp and cross-sell for cross-border virtual card. Is that correct?
John Rettig: Thanks, Brad, for the question. The new platform with the unified platform, we’ve seen from certainly the customers that are adopting it a lot of strong synergies. And that’s why I think the quote we had in the prepared remarks, the customer said that it was simply beautiful. The capabilities we have, we’re very excited about. But actually, rolling all of this out at the same time, the one brand, the one platform, and the one organization has actually created some inefficiencies in our go-to-market. So we have not yet seen the uplift that we would like to see from the new platform. We have seen uplifts, just not as much as we’d like to see yet.
Brad Sills: Okay. Thanks for that clarification. And then on the expanding ecosystem here, accounts, FI, embedded, there’s a lot there. Where is the focus and how does that map to your plan to go target businesses that have a higher propensity for upgrade and perhaps larger spend? Thank you.
Rene Lacerte: Yes. No, it’s a great question, something we’re excited about. The — from day one, we’ve built the platform to be able to serve SMBs wherever they come from, and we have great success with accountants, the 7,000 firms across the country, and we are continuing to build on that platform. So there’s more capabilities that we will be enabling. We were the kind of the first platform, if you will, that helps businesses and accountants actually work together in a unique way. And that category is now called Client Advisory Services, CAS and there are whole practices that build their practice around BILL. We’re continuing to expand the capabilities of AP, AR and Spend and Expense inside of the accounting console and we’re adding dashboards from the Finmark acquisition over the next year.
So these capabilities will enhance the account platform, which is one of the questions. But then if you take the learning’s that we’ve had from the accounts as well as the financial institutions, we have strong learning’s around how to embed our capabilities inside of others so they can serve their customers. And what we’re seeing in the market is that there is strong demand for other software providers to embed financial operations to be able to serve their customers. And so the capabilities that we referenced on the call with respect to APIs, we have hundreds of developers across thousands of customers that are taking advantage of the APIs. We’re just extending those capabilities and what we’ve done with FIs and what we’ve done with accounts to create a more unified experience, if you will, inside of that embed approach so that others can take advantage of the capabilities that BILL has built.
So we’re excited about that. That’s a long-term opportunity for us, just like the FIs are a long-term opportunity is something that we think is super important.
Brad Sills: Thanks, Rene.
Rene Lacerte: Great. Thank you, Brad. So thank you, everyone, for joining us today. We’ve built a great business over the years because of our commitment to SMBs. And we look forward to bringing the transformative financial operations experience to them. Thanks again for joining us. Take care.
Operator: That concludes today’s conference call. Thank you all for your participation. You may now disconnect your lines.
