直覺電腦 (INTU) 2022 Q1 法說會逐字稿

Good afternoon, my name is Latif, and I will be your conference facilitator. At this time, I would like to welcome everyone to Intuit's First Quarter Fiscal Year 2022 Conference Call. (Operator Instructions)

下午好，我叫拉蒂夫，我將擔任本次會議的主持人。現在，我謹代表Intuit公司歡迎各位參加2022財年第一季業績電話會議。 （操作說明）

With that, I'll now turn the call over to Kim Watkins, Intuit's Vice President of Investor Relations. Ms. Watkins?

接下來，我將把電話交給Intuit公司投資者關係副總裁金‧沃特金斯女士。沃特金斯女士？

Thanks, Latif. Good afternoon, and welcome to Intuit's First Quarter Fiscal 2022 Conference Call. I'm here with Intuit's CEO, Sasan Goodarzi; and Michelle Clatterbuck, our CFO.

謝謝，拉蒂夫。下午好，歡迎參加 Intuit 2022 財年第一季業績電話會議。今天與我一起參加會議的還有 Intuit 的首席執行官 Sasan Goodarzi 和首席財務官米歇爾·克拉特巴克 (Michelle Clatterbuck)。

Before we start, I'd like to remind everyone that our remarks will include forward-looking statements. There are a number of factors that could cause Intuit's results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 2021 and our other SEC filings. All of those documents are available on the Investor Relations page of Intuit's website at intuit.com. We assume no obligation to update any forward-looking statement.

在正式開始之前，我想提醒各位，我們的發言將包含前瞻性陳述。許多因素可能導致Intuit的實際表現與預期有重大差異。您可以在我們今天下午早些時候發布的新聞稿、2021財年10-K表格以及我們提交給美國證券交易委員會（SEC）的其他文件中了解更多關於這些風險的資訊。所有這些文件都可以在Intuit官網intuit.com的投資者關係頁面找到。我們不承擔更新任何前瞻性陳述的義務。

Some of the numbers in these remarks are presented on a non-GAAP basis. We've reconciled the comparable GAAP and non-GAAP numbers in today's press release. Unless otherwise noted, all growth rates refer to the current period versus the comparable prior year period, and the business metrics and associated growth rates refer to worldwide business metrics. A copy of our prepared remarks and supplemental financial information will be available on our website after this call ends.

本次發言中的部分資料以非公認會計準則（非GAAP）列示。我們已在今天的新聞稿中對相應的GAAP和非GAAP資料進行了核對。除非另有說明，否則所有成長率均指本期與去年同期相比的成長率，業務指標及相關成長率均指全球業務指標。本次電話會議結束後，您可在我們的網站上取得我們準備的發言稿及補充財務資訊。

With that, I'll turn the call over to Sasan.

接下來，我將把電話交給薩桑。

Great. Thanks, Kim, and thanks to all of you for joining us today. We're off to a strong start in fiscal year 2022 with continued momentum across the company, given our strategy of becoming a global AI-driven expert platform, powering the prosperity of consumers and small businesses. We have nearly a $300 billion addressable market, driven by digital tailwinds that include a shift to virtual solutions, acceleration to online and omnichannel capabilities and digital money offerings.

太好了。謝謝Kim，也謝謝各位今天蒞臨。有鑑於我們致力於成為全球人工智慧驅動的專家平台，協助消費者和小型企業繁榮發展的策略，我們在2022財年開局強勁，公司整體發展勢頭良好。我們擁有近3000億美元的潛在市場，這得益於數位化帶來的利多因素，包括向虛擬解決方案的轉型、加速發展線上和全通路能力以及數位貨幣產品。

First quarter revenue grew 52%, including 32 points from the addition of Credit Karma. Total revenue growth was fueled by Small Business and Self-Employed Group revenue growth of 22% and Credit Karma revenue of $418 million, another record quarter. Consumer Group and ProConnect Group revenue was in line with our expectations in a seasonally smaller quarter. As a result, both of our strong start to the year and the close of the Mailchimp transaction, we are raising our revenue and non-GAAP operating income and earnings per share guidance for fiscal year 2022. Michelle will cover this in detail later.

第一季營收成長52%，其中新增Credit Karma貢獻了32個百分點。總營收成長主要得益於小型企業和自營商業務板塊22%的營收成長以及Credit Karma 4.18億美元的營收，後者再次創下季度新高。消費者業務板塊和ProConnect業務板塊的營收符合預期，儘管本季通常是淡季。鑑於年初的強勁開局以及Mailchimp交易的完成，我們上調了2022財年的營收、非GAAP營業收入和每股收益預期。 Michelle稍後將對此進行詳細闡述。

Our AI-driven expert platform strategy is accelerating innovation and our 5 Big Bets are solving the largest problems our customers face. We continue to deliver strong proof points that demonstrate the success and are well positioned for durable growth in the future. As a reminder, these Big Bets are revolutionize speed to benefit, connect people to experts, unlock smart money decisions, be the center of small business growth and disrupt the small business mid-market.

我們以人工智慧驅動的專家平台策略正在加速創新，而我們的五大核心措施正在解決客戶面臨的最大難題。我們不斷提供強有力的證據來證明我們的成功，並為未來的永續成長奠定了堅實的基礎。再次強調，這五大核心舉措分別是：革新效益獲取速度、連接用戶與專家、助力明智理財決策、成為小型企業成長的核心以及顛覆小型企業中端市場。

Today, I'd like to highlight examples of our recent progress across 3 of these Big Bets. Our third Big Bet is to unlock SMART Money decisions. I'm extremely proud of the momentum we are seeing with Credit Karma. Credit Karma is a data platform with powerful network effects solving a 2-sided problem. We are focused on our goal of creating a personal financial assistant that helps consumers find the right financial products, put more money in their pockets and access financial expertise and insights.

今天，我想重點介紹一下我們在三大重點專案上的最新進展。我們的第三個重點項目是幫助使用者做出明智的理財決策。我對Credit Karma目前的發展勢頭感到非常自豪。 Credit Karma是一個擁有強大網路效應的資料平台，旨在解決一個雙邊問題。我們的目標是打造一個個人理財助手，幫助消費者找到合適的金融產品，增加收入，並獲得專業的金融知識和見解。

Credit Karma achieved record high revenue again in Q1. We continue to deliver innovation across all verticals fueled by our proprietary Lightbox platform, enabling personalized experiences for our members, creating a network effect.

Credit Karma 第一季再次創下營收新高。我們持續在所有垂直領域中推行創新，這得益於我們自主研發的 Lightbox 平台，該平台能夠為我們的會員提供個人化體驗，從而創造網路效應。

Within the core, partners' usage of Lightbox reached all-time highs across both credit cards and personal loans. Lightbox more than doubles the average approval rate for members who apply for credit cards on Credit Karma versus outside of Credit Karma.

在核心業務方面，合作夥伴對 Lightbox 的使用率在信用卡和個人貸款領域達到了歷史新高。 Lightbox 使透過 Credit Karma 申請信用卡的會員的平均審批通過率比透過 Credit Karma 以外的管道申請的會員高出一倍以上。

Within the growth verticals, we're solving a larger set of financial challenges for consumers. Karma Drive is giving U.S. members the opportunity to see if they can save money on auto insurance with usage-based pricing. We're actively exploring expansion opportunities with Lightbox in other verticals, including auto loans, building off of the successes we've seen in credit cards and personal loans.

在成長型垂直領域，我們正在為消費者解決更廣泛的金融難題。 Karma Drive 讓美國會員有機會透過基於使用量的定價模式來節省汽車保險費用。我們正積極探索與 Lightbox 在其他垂直領域的拓展機會，包括汽車貸款，並藉鏡我們在信用卡和個人貸款領域的成功經驗。

Within the emerging verticals, we remain focused on innovation with Credit Karma Money. We integrated Credit Karma Money into TurboTax last season and experimented with how we can best meet our customers' needs and announced an integration with QuickBooks Online Payroll. Given our learnings, we are excited about launching our improved experiences in the coming tax season. We believe Credit Karma Money is the key to driving growth in frequency of visits over time, one of the many key drivers of average revenue per monthly active user.

在新興垂直領域，我們始終專注於Credit Karma Money的創新。上個納稅季，我們將Credit Karma Money整合到TurboTax中，並嘗試如何更好地滿足客戶需求，隨後宣布與QuickBooks Online Payroll整合。基於這些經驗，我們對即將到來的納稅季推出改進後的用戶體驗充滿期待。我們相信，Credit Karma Money是提升用戶存取頻率的關鍵，而存取頻率是影響每月活躍用戶平均收入的眾多關鍵因素之一。

Zooming out, we continue to grow members and are focused on building trust by delivering personalized financial products right for members, helping members save money, pay down debt and get faster access to their money while providing insights and advice. Over time, we're creating a virtuous cycle, which we expect to increase the frequency of engagement, transactions and monetization across our ecosystem.

從宏觀角度來看，我們的會員數量持續增長，並致力於透過提供適合會員的個人化金融產品來建立信任，幫助會員節省資金、償還債務並更快地獲取資金，同時提供專業的見解和建議。隨著時間的推移，我們正在建立一個良性循環，預計這將提高我們整個生態系統的參與度、交易量和獲利能力。

Our fourth Big Bet is to become the center of small business growth by helping our customers get customers, get paid fast, manage capital, pay employees with confidence and grow in an omnichannel world. 60% of small businesses struggle with cash flow, and we are continuing to innovate to create solutions for customers to overcome this challenge.

我們的第四項重大措施是成為小型企業發展的中心，幫助客戶獲取客戶、快速收款、管理資金、安心支付員工薪酬，並在全通路環境中實現成長。 60% 的小型企業面臨現金流困境，我們將持續創新，為客戶打造解決方案，幫助他們克服這項挑戰。

In fiscal year 2021, total payments volume on our platform grew 40% year-over-year to over $90 billion, and online payments volume grew more than 60% driven by an increase in customers using our payments offering.

2021 財年，我們平台上的總支付額年增 40%，超過 900 億美元，線上支付額成長超過 60%，這主要得益於使用我們支付服務的客戶數量的增加。

As we continue to innovate for our customers in payments, those using QuickBooks Cash have nearly 3x higher engagement compared to customers who have just used QuickBooks Online. To accelerate engagement and usage of our platform, we recently introduced Get Paid Upfront, a game-changing innovation that will help qualified customers get paid soon after their invoice is sent.

我們不斷創新支付方式，致力於為客戶提供更優質的服務。使用 QuickBooks Cash 的用戶參與度幾乎是僅使用 QuickBooks Online 用戶的三倍。為了進一步提升用戶參與度和平台使用率，我們近期推出了「預付服務」（Get Paid Upfront），這項突破性創新將幫助符合資格的客戶在發票發出後儘快收到款項。

Our fifth Big Bet is to disrupt the small business mid-market with QuickBooks Online Advanced. We're seeing strong traction with QBO Advanced, with customers growing to 118,000 in fiscal year 2021, up 57% year-over-year. As we continue to move upmarket and serve these customers' most critical needs, we're seeing a services ecosystem ARPC that is 4x higher than the ARPC for QBO customers.

我們的第五項重大舉措是利用 QuickBooks Online Advanced 顛覆中小企業市場。 QBO Advanced 的發展勢頭強勁，2021 財年客戶數量成長至 11.8 萬，較去年同期成長 57%。隨著我們持續向高階市場拓展，滿足這些客戶最關鍵的需求，我們發現其服務生態系統的平均每用戶收入 (ARPC) 是 QBO 客戶的四倍。

We're pleased with our results and remain confident in our game plan to win. Across all of our Big Bets, we're building momentum and accelerating innovation, which we believe positions us well for durable growth in the future. This will be further fueled by Mailchimp.

我們對所取得的成績感到滿意，並對我們的致勝策略充滿信心。在所有重點項目中，我們都在積蓄力量，加速創新，我們相信這將為我們未來的永續成長奠定堅實的基礎。 Mailchimp 的加入將進一步推動這項進程。

I'm delighted that we closed the acquisition earlier this month, which seeks to significantly accelerate 2 of our Big Bets: to be the center of small business growth and to disrupt the small business mid-market. Getting and engaging customers remains a significant pain point for small and mid-market businesses. We are well on our way to becoming the source of truth for our customers to help them grow and run their business.

我很高興我們本月初完成了收購，這將顯著加速我們兩大戰略目標的實現：成為小型企業成長的中心，以及顛覆中小企業的中端市場。對於中小企業而言，獲取和維繫客戶仍然是一大痛點。我們正朝著成為客戶尋求權威資訊來源的目標穩步邁進，協助他們發展和經營業務。

We have 3 acceleration priorities with Mailchimp. First priority is to deliver on our vision of an end-to-end customer growth platform to help customers get their business online, market their business, manage their customer relationships, get paid, access capital, pay employees, manage cash flow and be compliant, with virtual experts at their fingertips all in one place; second, disrupting the mid-market by developing a full marketing automation, CRM and e-commerce suite for mid-market customers at an attractive price point, enabling mid-market customers to use the power of the platform to grow their business; and third, accelerating global growth with a holistic go-to-market approach.

我們與 Mailchimp 合作的三大加速重點是：首先，實現我們打造端到端客戶成長平台的願景，幫助客戶實現業務上線、行銷、客戶關係管理、收款、融資、員工薪酬、現金流量管理和合規運營，所有服務均可在同一平台上輕鬆獲取虛擬專家支援；其次，透過為中階客戶開發一套價格極具吸引力和電子商務解決方案，顛覆中端市場格局，使中端市場客戶能夠利用平台的強大功能發展業務；第三，透過全面的市場拓展策略加速全球成長。

With Mailchimp now part of the Intuit family, we are uniquely positioned to enable small and mid-market businesses to combine their customer data from Mailchimp and purchase data from QuickBooks to deliver actionable insights they need to grow and run their businesses with confidence. This is where the real magic happens. Our combined platform technology enables us to move with speed, and we've already seen strong interest from our customers. The teams are hard at work, and we are excited about the opportunity ahead.

隨著 Mailchimp 加入 Intuit 大家庭，我們擁有獨特的優勢，能夠幫助中小企業整合來自 Mailchimp 的客戶數據和來自 QuickBooks 的購買數據，從而獲得切實可行的洞察，幫助他們自信地發展和經營業務。這才是真正奇蹟發生的地方。我們整合後的平台技術使我們能夠快速行動，並且已經看到了客戶的濃厚興趣。團隊正在緊鑼密鼓地工作，我們對未來的機會充滿期待。

Foundational to our company's success is building a high-performance culture. I want to take a moment to acknowledge our progress with our diversity, equity and inclusion efforts. Last year, we declared our focus on increasing the percentages of women in technology roles and underrepresented minorities across our business. We achieved 30% and 13%, respectively, and we are inspired to accelerate our plans and push even harder as much work remains to be done.

公司成功的基石在於建構高效的企業文化。我想藉此機會肯定一下我們在多元化、公平性和包容性方面取得的進展。去年，我們宣布將重點放在提高女性在技術職位和少數族裔員工在公司各部門的比例。我們分別實現了30%和13%的目標，這激勵我們加快步伐，並更加努力地推進計劃，因為還有很多工作要做。

Additionally, we've made meaningful progress supporting our communities. First, we recently announced the Intuit Climate Action Marketplace, which will help 1 million U.S. small businesses find sustainable solutions to reduce carbon emissions. This is part of our decade-long climate positive goal to go beyond net carbon-neutral and reduce global carbon emissions by 2 million metric tons by 2030 or 50x greater than our 2018 operational footprint.

此外，我們在支持社區方面也取得了顯著進展。首先，我們近期宣布推出 Intuit 氣候行動市場，將協助 100 萬家美國小型企業找到永續的解決方案，以減少碳排放。這是我們為期十年的氣候正向目標的一部分，旨在超越淨碳中和，到 2030 年將全球碳排放量減少 200 萬噸，相當於我們 2018 年營運碳足跡的 50 倍。

We also recently announced a 23-year partnership with the Los Angeles Clippers that includes economic benefits for the local community with Intuit Dome, the team's future home. And finally, we launched Intuit Ventures to invest in the start-up community and accelerate fintech innovation for consumers and small businesses.

我們近期也宣布與洛杉磯快艇隊達成一項為期23年的合作關係，其中包括為當地社區帶來經濟效益，快艇隊未來的主場——Intuit Dome體育館將為此做出貢獻。最後，我們成立了Intuit Ventures，旨在投資新創企業，加速面向消費者和小型企業的金融科技創新。

All the work we do starts with our mission of powering prosperity around the world. And I'm proud of the momentum across the company in delivering on that mission for our customers and communities.

我們所做的一切都始於我們「助力全球繁榮」的使命。我為公司在履行這項使命、造福客戶和社區方面所取得的成就感到自豪。

Now let me hand it over to Michelle.

現在讓我把麥克風交給米歇爾。

Thanks, Sasan. Good afternoon, everyone, and I'd also like to welcome the Mailchimp team to Intuit. Now let me turn to the results.

謝謝，薩桑。大家下午好，我也想歡迎Mailchimp團隊加入Intuit。現在讓我們來看看結果。

For the first quarter of fiscal 2022, we delivered revenue of $2 billion; GAAP operating income of $195 million versus $209 million last year; non-GAAP operating income of $555 million versus $334 million last year; GAAP diluted earnings per share of $0.82 versus $0.75 a year ago; and non-GAAP diluted earnings per share of $1.53 versus $0.94 last year. Note that our GAAP results include a $39 million net gain on other long-term investments.

2022財年第一季，我們實現營收20億美元；以美國通用會計準則（GAAP）計算的營業利潤為1.95億美元，而去年同期為2.09億美元；以非美國通用會計準則（Non-GAAP）計算的營業利潤為5.55億美元，而去年同期為3.34億美元；以美國通用會計準則（GAAP）計算的稀釋後每股收益為0.82美元，而去年同期為0.75美元；以非美國通用會計準則（Non-GAAP）計算的稀釋後每股收益為1.53美元，而去年同期為0.94美元。請注意，我們的美國通用會計準則（GAAP）業績包含了其他長期投資的3,900萬美元淨收益。

Turning to the business segments. In the Small Business and Self-Employed Group, revenue grew 22% during the quarter, with Online Ecosystem revenue up 36%. With the aim of being the source of truth for small businesses, our strategic focus within Small Business and Self-Employed is threefold: grow the core, connect the ecosystem and expand globally.

接下來是業務板塊。在小型企業和自營商業務板塊，本季營收成長了22%，其中線上生態系統收入成長了36%。我們的目標是成為小型企業的權威資訊來源，因此我們在小型企業和個體經營者業務板塊的策略重點有三方面：發展核心業務、連結生態系統以及拓展全球業務。

First, we continue to focus on growing the core. QuickBooks Online accounting revenue grew 32% in fiscal Q1 driven mainly by customer growth, higher effective prices and mix shift.

首先，我們繼續專注於核心業務的成長。 QuickBooks Online會計業務收入在第一財季成長了32%，主要得益於客戶成長、實際價格上漲和產品組合調整。

Second, we continue to focus on connecting the ecosystem. Online Services revenue, which includes payroll, payments, capital and time tracking, grew 42% in fiscal Q1. Within payroll, we continue to see revenue tailwinds during the quarter from growth in payroll customers and a mix shift to our full-service offering. Within payments, revenue growth reflects ongoing customer growth, along with an increase in charge volume per customer.

其次，我們繼續專注於建構生態系統。第一財季，包括薪資、支付、資本和時間追蹤在內的線上服務收入成長了42%。在薪資方面，我們本季繼續受益於薪資客戶的成長以及客戶組合向全方位服務產品的轉變，從而推動了收入成長。在支付方面，收入成長反映了客戶的持續成長以及每位客戶交易額的增加。

Third, our progress expanding globally added to the growth of Online Ecosystem revenue during fiscal Q1. Total international online revenue grew 39% on a constant currency basis.

第三，我們在全球擴張方面的進展，也帶動了第一財季線上生態系統收入的成長。以固定匯率計算，國際線上總收入成長了39%。

We believe the best measure of the health and success of our strategy is Online Ecosystem revenue growth, which we expect to grow better than 30% organically over time. This is driven by 10% to 20% expected growth in both customers and ARPC.

我們認為衡量我們戰略健康狀況和成功與否的最佳指標是線上生態系統收入成長，我們預計其有機成長率將隨著時間的推移超過30%。這主要得益於客戶數量和平均每用戶收入（ARPC）預計將成長10%至20%。

Desktop Ecosystem revenue grew 7% in the first quarter. QuickBooks Desktop Enterprise revenue grew high single digits driven by strong customer growth and price increases we put in place late last year. As a reminder, this fall, we transitioned to a subscription model for this year's desktop offering, which we expect to be a headwind to revenue growth in the second half of the year. We expect the desktop business to decline longer term.

第一季桌面生態系統營收成長了7%。 QuickBooks Desktop Enterprise的收入實現了接近兩位數的成長，這主要得益於強勁的客戶成長以及我們去年底實施的價格上漲。需要提醒的是，今年秋季，我們已將今年的桌面產品轉型為訂閱模式，我們預計這將對下半年的營收成長構成不利影響。我們預計桌面業務的長期成長動能將放緩。

Moving on to Credit Karma. Revenue was $418 million in Q1, another record revenue quarter driven by high levels of monthly active users and revenue per monthly active user.

接下來是Credit Karma。第一季營收為4.18億美元，再次創下營收新高，主要得益於每月活躍用戶數和每月活躍用戶人均收入的顯著成長。

Within the core, we saw another record quarter driven by the combined strength in personal loans and credit cards. The growth verticals also achieved another strong quarter, reflecting momentum in home loans and auto loans. And we're developing the emerging vertical by focusing on innovation with Credit Karma Money, part of our digital money offering, so this is not a large revenue driver today.

在核心業務方面，個人貸款和信用卡業務的強勁表現再次推動我們創下季度新高。成長型垂直業務也取得了又一個強勁的季度業績，反映了房屋貸款和汽車貸款的良好成長勢頭。我們正在透過專注於數位貨幣產品 Credit Karma Money 的創新來發展新興垂直業務，因此目前這部分業務的收入貢獻不大。

We continue to expect pent-up demand across the core verticals to taper sometime in the second half of fiscal 2022 after a strong year of investment by our partners. We remain excited about the opportunities ahead.

我們預計，在合作夥伴經歷了強勁的一年投資之後，核心垂直領域的積壓需求將在2022財年下半年逐漸緩解。我們對未來的機會依然充滿信心。

Consumer Group revenue of $120 million in Q1 was in line with our expectations. Looking ahead to the upcoming tax season, we continue to focus on our strategy to expand our lead in DIY and transform the assisted segment with TurboTax Live. As for the ProConnect Group, revenue of $26 million in the quarter was also in line with our expectations.

第一季消費者業務集團營收為1.2億美元，符合預期。展望即將到來的報稅季，我們將繼續專注於鞏固自助報稅領域的領先優勢，並透過TurboTax Live革新輔助報稅服務市場。 ProConnect業務集團本季營收為2,600萬美元，也符合預期。

Turning to our financial principles. We remain committed to growing organic revenue double digits and growing operating income dollars faster than revenue. As I've shared before, as we lean into our platform strategy, we see the opportunity for margin expansion over time. We take a disciplined approach to capital management, investing the cash we generate in opportunities that yield an expected return on investment greater than 15%. We continue to reallocate resources to top priorities, with an emphasis on becoming an AI-driven expert platform. These principles guide our decisions and remain our long-term commitment.

接下來談談我們的財務原則。我們始終致力於實現兩位數的有機收入成長，並確保營業利潤的成長速度超過收入成長速度。正如我之前所說，隨著我們大力推動平台策略，我們看到了利潤率逐步提升的機會。我們採取嚴謹的資本管理方式，將產生的現金投資於預期投資報酬率超過15%的項目。我們將繼續把資源重新分配到最重要的事項上，重點是打造一個人工智慧驅動的專家平台。這些原則引導著我們的決策，也是我們長期的承諾。

Our first priority for the cash we generate is investing in the business to drive customer and revenue growth. We consider acquisitions to accelerate our growth and fill out our product road map. We return excess cash that we can't invest profitably in the business to shareholders via both share repurchases and dividends.

我們首要的任務是利用產生的現金投資於業務發展，以推動客戶成長和收入提升。我們會考慮透過收購來加速成長並完善產品路線圖。對於無法獲利性投資於業務的剩餘現金，我們會透過股票回購和分紅的方式返還給股東。

We finished the quarter with approximately $3.3 billion in cash and investments on our balance sheet. On November 1, we entered into a $4.7 billion term loan under a new credit agreement to partially fund the Mailchimp acquisition. We repurchased $339 million of stock during the first quarter. Depending on market conditions and other factors, our aim is to be in the market each quarter. The Board approved a quarterly dividend of $0.68 per share, payable January 18, 2022. This represents a 15% increase versus last year.

本季末，我們的資產負債表上現金及投資總額約33億美元。 11月1日，我們根據一項新的信貸協議簽訂了一筆47億美元的定期貸款，用於部分支付收購Mailchimp的費用。第一季度，我們回購了價值3.39億美元的股票。根據市場狀況和其他因素，我們的目標是每個季度都進行股票回購。董事會批准派發每股0.68美元的季度股息，將於2022年1月18日支付。這比去年同期成長了15%。

Moving on to guidance. We are raising our full year fiscal 2022 revenue and non-GAAP operating income and earnings per share guidance to reflect both the acquisition of Mailchimp and the stronger-than-expected start to the year in the Small Business and Self-Employed Group and Credit Karma.

接下來是業績指引。我們上調了2022財年全年營收、非GAAP營業收入和每股收益指引，以反映對Mailchimp的收購，以及小型企業和個體經營者集團以及Credit Karma年初強於預期的業績表現。

Our updated fiscal 2022 guidance includes revenue of $12.165 billion to $12.3 billion, growth of 26% to 28%, including Mailchimp as of November 1 and a full year of Credit Karma; excluding Mailchimp, revenue growth of 18% to 20%, up from our prior guidance of 15% to 16%; GAAP earnings per share of $7 to $7.16; and non-GAAP earnings per share of $11.48 to $11.64.

我們更新後的 2022 財年業績預期包括：營收 121.65 億美元至 123 億美元，年增 26% 至 28%（包括自 11 月 1 日起收購 Mailchimp 以及 Credit Karma 全年業績預期）；若不計入 chimp，營收成長 18% 至 18%；每股收益為 7 美元至 7.16 美元；非 GAAP 每股收益為 11.48 美元至 11.64 美元。

This updated fiscal 2022 guidance includes organic growth for the Small Business and Self-Employed segment of 16% to 17%, up from 12% to 14%; expected Mailchimp revenue of $760 million to $770 million and Credit Karma revenue of $1.54 billion to $1.565 billion, up from $1.345 billion to $1.38 billion.

此次更新的 2022 財年業績指引包括：小型企業和自僱業務的有機成長率為 16% 至 17%，高於先前的 12% 至 14%；Mailchimp 的預期收入為 7.6 億美元至 7.7 億美元；Credit Karma 的預期收入為 15.4 億美元至 7.7 億美元；Credit Karma 的預期收入為 15.4 億美元至 15.35 億美元，億美元。

As I shared before, we continue to see opportunities to leverage the platform and drive margin expansion over time. Excluding Mailchimp, our non-GAAP operating income guidance continues to imply approximately 60 basis points of margin expansion in fiscal 2022. Our guidance assumes the Mailchimp transaction is accretive to Intuit's non-GAAP earnings per share in full year fiscal 2022. However, we expect an approximately 80 basis point onetime step-down in non-GAAP operating margin, reflecting the impact of Mailchimp as we plan to invest aggressively in the business. We expect non-GAAP operating margin expansion to continue from this new level over time, in line with our financial principles.

正如我之前所述，我們持續看到利用平台並逐步提升利潤率的機會。剔除Mailchimp的影響，我們2022財年的非GAAP營業收入預期仍意味著利潤率將提升約60個基點。我們的預期基於Mailchimp交易將提升Intuit 2022財年全年的非GAAP每股收益。然而，由於我們計劃大力投資Mailchimp業務，預計非GAAP營業利潤率將出現約80個基點的一次性下降。我們預計，根據我們的財務原則，非GAAP營業利潤率將從這個新水準持續提升。

Our fiscal 2022 GAAP operating income guidance includes approximately $165 million for stock-based compensation associated with the acquisition of Mailchimp. In addition, our GAAP operating income guidance includes the impact of the Credit Karma acquisition, along with investments we are making in stock compensation to attract and retain talent. We're confident these are the right decisions to drive long-term growth. And we expect a GAAP tax rate of 18% in fiscal 2022.

我們2022財年GAAP營業收入預期包含約1.65億美元的股權激勵支出，該支出與收購Mailchimp相關。此外，我們的GAAP營業收入預期還包括收購Credit Karma的影響，以及我們為吸引和留住人才而進行的股權激勵投資。我們相信這些決策將推動公司長期成長。我們預計2022財年的GAAP稅率為18%。

Our guidance for the second quarter of fiscal 2022 includes revenue growth of 73% to 74%, GAAP earnings per share of $0.55 to $0.59 and non-GAAP earnings per share of $1.84 to $1.88.

我們對 2022 財年第二季的業績預期包括：營收成長 73% 至 74%，GAAP 每股盈餘 0.55 美元至 0.59 美元，非 GAAP 每股盈餘 1.84 美元至 1.88 美元。

You can find our full Q2 and updated fiscal 2022 guidance details in our press release and on our fact sheet.

您可以在我們的新聞稿和情況說明書中找到完整的第二季業績和更新後的 2022 財年業績指引詳情。

And with that, I'll turn it back to you, Sasan.

那麼，現在輪到你了，薩桑。

Great. Thank you, Michelle. We are off to a strong start this year with continued momentum across the company given our strategy of being an AI-driven expert platform that's powering prosperity for consumers and small businesses. I'm proud of what our employees have accomplished this quarter, and I'm excited about the opportunities ahead to find new, innovative ways to serve our more than 100 million customers.

太好了。謝謝你，米歇爾。今年開局強勁，公司上下都保持著良好的發展勢頭，這得益於我們打造人工智慧驅動的專家平台，協助消費者和小型企業繁榮發展的策略。我為我們員工本季的成就感到自豪，也對未來充滿期待，我們將探索更多創新方式，更好地服務我們超過1億的客戶。

Now let's open it up to your questions.

現在讓我們來回答大家的問題。

(Operator Instructions) Our first question comes from Ken Wong of Guggenheim.

（操作說明）我們的第一個問題來自古根漢美術館的 Ken Wong。

Sasan, look, the success of Lightbox has been very impressive. Just wondering, is there a way to quantify kind of where we are in terms of adoption of Lightbox within your core credit vertical and kind of what that potential adoption could look like? And then you touched on expanding into other verticals. What verticals do you think are appropriate to integrate into Lightbox?

Sasan，你看，Lightbox 的成功令人印象深刻。我想問一下，有沒有辦法量化 Lightbox 在您核心信貸領域的應用現狀，以及潛在的應用規模？您之前也提到拓展到其他領域。您認為哪些領域適合整合到 Lightbox 中？

Yes. Ken, thanks for the question. In terms of Lightbox, as we talked about at Investor Day, we've actually made significant progress year-over-year in terms of penetration. I think what we talked about at Investor Day is we had 50% and 40% penetration in credit cards and personal loans compared to, I think, 40%, 20% the year before. So one, we have significant penetration opportunity ahead of us. I think equally as important, if not more, is what financial institutions are seeing, which is really the payoff for their investments. And so more and more financial institutions are joining the platform, and this gives us really an opportunity to significantly increase penetration. I think that's the way I would probably give you the punchline. Our penetration in credit cards is, I think, less than 5%, just as an example; and personal loans and other verticals are even lower than that.

是的，肯，謝謝你的提問。關於Lightbox，正如我們在投資者日上討論的那樣，我們在市場滲透率方面確實取得了顯著的同比增長。我們在投資者日上提到，信用卡和個人貸款的滲透率分別達到了50%和40%，而前一年分別是40%和20%。所以，首先，我們還有龐大的市場滲透空間。我認為同樣重要，甚至更重要的是金融機構的回饋，也就是他們投資的回報。越來越多的金融機構正在加入我們的平台，這為我們大幅提升市場滲透率提供了絕佳的機會。我想這就是我想說的重點。舉個例子，我們信用卡的滲透率目前還不到5%；個人貸款和其他垂直領域的滲透率甚至更低。

So Lightbox, the trust we build with our members, the trust we're building with our partners, gives us an opportunity for significant penetration. And I think our sort of best years are ahead of us when you think about Lightbox and particularly penetration. In terms of your question around expansion, auto loans is just one example of where we can expand Lightbox. And there are other areas that we've not talked about publicly. I won't do it today until we see further proof points where we can further expand Lightbox. So I think this is 13 years of investments that now positions us to really deliver for members, partners and really create this network effect.

因此，Lightbox，以及我們與會員和合作夥伴之間建立的信任，為我們提供了大幅提升市場滲透率的機會。我認為，就Lightbox而言，尤其是考慮到市場滲透率，我們最好的時期還在未來。關於您提出的擴張問題，汽車貸款只是我們可以擴展Lightbox的一個例子。還有其他一些領域我們尚未公開討論。在看到更多可以進一​​步拓展Lightbox的跡象之前，我今天不會透露更多資訊。所以，我認為這13年的投資讓我們現在能夠真正為會員和合作夥伴提供服務，並真正創造網路效應。

Got it. Fantastic. I appreciate the color. And then if I could sneak one in for you, Michelle. When I look at that Mailchimp number, $760 million, $770 million, any way to help us understand what that growth might have looked like on sort of a 3-quarter basis versus last year?

明白了。太好了。我很喜歡這個顏色。還有，米歇爾，我可以再問你一個問題嗎？我看了一下Mailchimp的數據，7.6億美元，7.7億美元，你能不能幫我們了解一下，如果按三個季度來計算，與去年同期相比，這個增長情況如何？

Ken, yes, we're really excited about Mailchimp, and we think that we're going to do some great things together. Their revenue and their new paying user growth was negatively impacted during the pandemic. I would let you know that. And they did pull back on some of their marketing spend so they could preserve their profitability, and we did see their churn decline some there, too. We're going to be investing aggressively to drive their growth as we go forward. It won't happen overnight. But we're really excited about the opportunities we see to grow as we look forward. We haven't really given any additional details on what their growth was previously.

肯，是的，我們對Mailchimp充滿信心，相信我們能攜手共創佳績。疫情期間，他們的營收和付費用戶成長都受到了負面影響，這一點我得跟你說清楚。為了維持獲利能力，他們確實削減了一些行銷支出，我們也看到他們的用戶流失率下降。未來，我們將加大投資力度，推動他們的成長。這不會一蹴而就，但我們對未來的發展機會充滿期待。至於他們之前的成長情況，我們還沒有透露更多細節。

Our next question comes from Keith Weiss of Morgan Stanley.

下一個問題來自摩根士丹利的基斯‧韋斯。

Excellent. Really impressive quarter across the board, there's really nothing to pick on in here. I want to dig into the QuickBooks Online business a little bit, both sort of the subscriptions and the online services boasting acceleration in the quarter. Can you help us understand how much of that is kind of like the continued kind of reflation post the calendar '20 macro impact? And how much comes from just fundamentally improving attach rates? I know you guys are focusing on higher-level customers with QBO Advanced. Is that starting to improve the overall attach rate picture in that business?

太棒了！整個季度業績都非常出色，幾乎無可挑剔。我想深入探討 QuickBooks Online 業務，包括訂閱業務和線上服務，它們在本季度都實現了加速成長。您能否幫我們分析一下，其中有多少成長是 2020 年宏觀經濟影響後持續回升的結果？又有多少成長只是因為附加率的根本性提升？我知道你們正在重點關注 QBO Advanced 的高級客戶。這是否已經開始改善該業務的整體附加率？

Thanks for the question. I would say the majority, if not all, compared to previous quarters is simply customer growth. It's improved mix based on the traction of QuickBooks Advanced; QuickBooks Live, to a lesser degree; and things like full-service payroll; and just all the innovation we've been doing in payments with Instant Deposit, making it easier to use our payments offering; and now our new launch with Get Paid Upfront. So I would say the majority of what we're starting to experience is the actual innovation on the platform and the portfolio that we have solving a broad range of needs for our customers. The, I would say, bounce-back from the pandemic, of course, happened. And we started experiencing the pickup. But that was, I would say, 4 to 6 months ago. I think now we're seeing the actual true performance of the platform.

感謝您的提問。我認為，與前幾季相比，絕大部分成長（如果不是全部的話）都源自於客戶成長。這得益於QuickBooks Advanced的普及，QuickBooks Live的成長也起到了一定的作用，以及全方位薪資服務等其他服務；此外，我們在支付領域也進行了諸多創新，例如即時存款，讓用戶能夠更便捷地使用我們的支付產品；現在，我們又推出了預付服務。因此，我認為我們目前所經歷的大部分成長都源於平台和產品組合的創新，這些創新能夠滿足客戶的各種需求。當然，疫情後的復甦也已經到來，我們開始感受到業務回升。但那已經是四到六個月前的事了。我認為現在我們才真正看到了平台的真實表現。

Outstanding. And maybe a follow-up for Michelle. You called out again the potential impacts on the desktop business from a shift towards subscription. Any way you could help us quantify what like those impacts are going to be?

太棒了。或許可以問米歇爾一個後續問題。你再次提到了向訂閱模式轉型可能對桌面業務產生的影響。你能否幫我們量化一下這些影響究竟會有多大？

Keith, what I can tell you about desktop is, obviously, we saw the 7% growth in the Ecosystem in first quarter. And that was really driven by 2 different components. The majority of it was 2 components. First was we saw higher Desktop Enterprise customer growth and some price increases. Desktop Enterprise revenue growth was high single digits in Q1. The other half of that is really the desktop subscriber mix. Last year, what we saw was desktop subs grew 48% and outright units declined by 47%. And so that growth in subs last year, because of the way we do revenue recognition, you get like an extra pop of revenue from subscriber growth in Q1. And so that is what we saw. So we do expect to see some headwinds for that growth as we go further out through the rest of the year, especially with all the subscriber growth instead of outright.

Keith，關於桌面業務，我可以告訴你的是，顯然，我們在第一季看到了生態系統7%的成長。這主要由兩個因素驅動。首先，我們看到桌面企業客戶成長更快，價格也有所上漲。第一季桌面企業營收成長接近兩位數。另一半成長則取決於桌面使用者組成。去年，桌面用戶成長了48%，而實際銷量下降了47%。由於我們確認收入的方式，去年用戶成長在第一季會額外計入收入。這就是我們看到的情況。因此，我們預計隨著今年剩餘時間的推移，這種成長將面臨一些阻力，尤其是在用戶成長而非實際銷售成長的情況下。

Our next question comes from Kirk Materne of Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Kirk Materne。

This is Chirag Ved on for Kirk. Congratulations on the great quarter. I know it's still early days, but can you talk a little bit about the plan for the go-to-market with Mailchimp? For example, are you planning to approach customers or the one-stop shop vendor? Or do you think both will be sold separately given potential different buying centers and companies? Does Mailchimp expedite your plans to potentially expand QuickBooks into more geographies on a quicker time line? And I guess, how do you expect this to evolve over time as you reach steady-state?

我是 Chirag Ved，代表 Kirk 發言。恭喜你們本季業績斐然。我知道現在還處於初期階段，但您能否談談與 Mailchimp 合作的市場推廣計劃？例如，您打算直接面向客戶還是面向這家一站式供應商？或者考慮到潛在的採購中心和公司不同，您是否認為兩者會分開銷售？ Mailchimp 的加入是否會加速您將 QuickBooks 拓展到更多地區的計畫？另外，隨著業務逐漸穩定，您預計未來會如何發展？

Yes. Thanks for the question. I'll take you back to the 3 priorities that we've declared because I think it goes after the great question that you've asked. First and foremost, our #1 priority is really around creating one growth platform. And it's really a lot of the work behind the scenes in terms of building data pipelines and connecting the services so that the magical power of the data, both Mailchimp data and QuickBooks data, can come together for the customer to put the power of the insights in their hands. So first and foremost, it's all about the product and creating one growth platform.

是的，謝謝你的提問。我想先回顧我們之前提出的三大優先事項，因為這與你提出的問題息息相關。首先，也是最重要的，我們的首要任務是打造一個統一的成長平台。這其中涉及大量的幕後工作，例如建立資料管道和連接各項服務，以便將Mailchimp和QuickBooks的資料整合起來，讓客戶能夠充分利用這些資料洞察。所以，歸根究底，一切都圍繞著產品和打造一個統一的成長平台。

The second is we see a huge opportunity to serve mid-market. As you know, we're already doing that from a financial management solutions perspective with QuickBooks Advanced. Well, now we're going to, in essence, build out the capabilities on Mailchimp and really disrupt the mid-market because this is a huge need for mid-market. And I would say third is actually having a global playbook and accelerating our investments in go-to-market, which I think will get at the last question that you asked that I didn't answer yet. And that is, we want customers to have choice.

第二點是，我們看到了服務中端市場的巨大機會。如您所知，我們已經透過 QuickBooks Advanced 從財務管理解決方案的角度實現了這一點。現在，我們將著手擴展 Mailchimp 的功能，真正顛覆中階市場，因為這正是中階市場的巨大需求。第三點是，我們需要製定全球策略，並加快市場推廣的投資。我認為這正好可以解答您提出的最後一個問題，而我之前還沒有回答。那就是，我們希望客戶擁有選擇權。

So if customers first want to engage with Mailchimp to be able to take their business online, to market their business and use CRM tools, they can use Mailchimp, but we'll make sure everything is payment-enabled. And then over time, if they want to use all of the invoicing capabilities, payroll capabilities, access to capital, ensure that they're compliant, all of that will be enabled within Mailchimp. And the vice versa is true. If you're using QuickBooks and you want to start using capabilities to market your business and manage your customers, all the capabilities of Mailchimp will be available to you. And Mailchimp could end up being, for instance, a NAV item on the left-hand side.

因此，如果客戶最初希望使用 Mailchimp 來實現業務線上化、市場推廣和 CRM 工具，他們可以使用 Mailchimp，但我們會確保所有功能都已啟用支付功能。之後，如果他們需要使用所有發票功能、薪資管理功能、取得資金以及確保合規性，所有這些功能都將在 Mailchimp 中啟用。反之亦然。如果您正在使用 QuickBooks，並希望開始使用其功能進行市場推廣和管理客戶，Mailchimp 的所有功能都將對您開放。例如，Mailchimp 最終可能會成為左側導覽列中的專案。

So we will let customers make choice is I think the headline answer to your question. We will go to market separately. We will go to market together. We will raise awareness and ensure that customers know that there's one place where they can run their business and, more importantly, the power of all their data will be in one place to fuel their success. So that's the approach that we're taking.

所以，我認為您問題的答案最核心的一點是：讓客戶自己選擇。我們會分別進入市場，也會攜手進入市場。我們會提高品牌知名度，確保客戶知道他們可以在一個平台上管理業務，更重要的是，他們所有的數據都將集中在一個平台上，幫助他們取得成功。這就是我們採取的策略。

Our next question comes from Sterling Auty of JPMorgan.

我們的下一個問題來自摩根大通的斯特林·奧蒂。

It's Jackson on for Sterling tonight. The first one is actually on the better-than-expected performance for the remainder of the year from Credit Karma. And we're curious, I mean, is it driven more by a stronger bounce-back from an impact in 2020 in your traditional verticals? Or is it more about having increased confidence, Michelle, and I think what you mentioned on the home and auto loan side?

今晚Sterling節目由Jackson主持。第一個問題是關於Credit Karma今年剩餘時間業績優於預期。我們很好奇，這主要是因為傳統業務在2020年受到衝擊後強勁反彈嗎？還是更源自於信心增強，Michelle，以及你剛才提到的房屋和汽車貸款業務？

Yes. Thank you for the question. A couple of things I would start with. Last year, when you look at the full year of Credit Karma compared to the prior year, we grew 37%. And our new guidance for Credit Karma going forward is a range of 35% to 37%. And so I think what you see within that is there has been a macro bounce-back, but really a lot of what we're really seeing is the innovation on the platform, the power of Lightbox, the fact that members are getting better matches to things that they are looking for, financial institutions and insurance companies are seeing the power of the platform. And it's really just creating that network effect.

是的，謝謝你的提問。我想先談幾點。去年，Credit Karma 的全年業績與前一年相比增長了 37%。我們對 Credit Karma 未來成長的最新預期是 35% 到 37%。我認為這體現了宏觀經濟的反彈，但實際上，我們真正看到的是平台的創新，Lightbox 功能的強大，以及會員能夠更精準地找到他們想要的東西，金融機構和保險公司也看到了平台的強大之處。這一切都在形成一種網路效應。

So I think what we're gaining confidence in is just the innovation, the technology investments in Lightbox and in context of the macro environment as we look ahead that gives us confidence around the performance of Credit Karma. And again, I would just remind us, and this is more of a longer-term comment, credit Karma is a platform and we're creating an ecosystem effect here. Credit Karma is part of the TurboTax experience, and we're excited for all of you to see what we're going to be launching in the coming tax season. TurboTax as part of the Credit Karma experience. Credit Karma is part of the payroll experience. So really think about Intuit as one platform with many platforms that solve different problems. And that's really what fuels our confidence as we look ahead.

所以，我認為我們信心的來源在於創新，在於Lightbox的技術投資，以及展望未來宏觀環境所帶來的影響，這讓我們對Credit Karma的表現充滿信心。再次強調，從長遠來看，Credit Karma是一個平台，我們正在打造一個生態系統。 Credit Karma是TurboTax體驗的一部分，我們非常期待大家在即將到來的報稅季看到我們將推出的新功能。 TurboTax將融入Credit Karma體驗，Credit Karma也是薪資管理體驗的一部分。所以，請將Intuit視為一個擁有眾多平台的平台，這些平台可以解決不同的問題。這正是我們展望未來充滿信心的真正原因。

Okay. Great. And then a follow-up actually on the tax business. By the end of the second quarter, we'll kind of be into the tax season. So we're coming up on marketing time on TurboTax advertisement spend. So any color that you can give us on kind of what plans are for the marketing budget as we ramp up into January?

好的，太好了。接下來我想問稅務方面的業務。到第二季末，我們就差不多進入報稅季了。所以，TurboTax 的廣告投放也即將進入市場推廣階段。您能否透露一下，隨著我們逐步增加廣告預算，到一月份，市場推廣預算方面有什麼計劃？

Yes. Well, I'm not going to talk about the marketing budget, but what I will share with you is it's very consistent and durable in context of what you've seen in the last couple of years. We are very focused on really fundamentally changing how you get your taxes done if you need assistance, and you're going to continue to see us be assertive in terms of how we raise awareness with 88 million customers that need assistance and how there's a better way to get your assistance. And also the under-penetrated segments that we've talked about, which is Latinx, the investment community and the self-employed. So I think what you should expect is our investments on a platform has continued in those areas. We're really excited about the season coming up, and our marketing efforts will be really focused in those areas to continue to raise awareness.

是的。嗯，我不打算談論行銷預算，但我可以告訴大家的是，就過去幾年的情況來看，我們的預算非常穩定且持續。我們非常注重從根本上改變您需要幫助時辦理稅務的方式，並且我們將繼續積極主動地提高8800萬需要幫助的客戶的認知度，讓他們了解更便捷的報稅途徑。此外，我們也會關注先前提到的那些尚未充分滲透的群體，例如拉丁裔、投資界和自僱人士。因此，我認為您可以期待的是，我們在這些領域的平台投入將持續不斷。我們對即將到來的新一季充滿期待，我們的行銷工作也將重點放在這些領域，以持續提升公眾認知度。

Our next question comes from Siti Panigrahi of Mizuho.

我們的下一個問題來自瑞穗銀行的Siti Panigrahi。

Congratulations. Great quarter. Sasan, I want to ask you about the new customer acquisition trend that you're seeing. I remember you talked about a lagging effect to new business creation in the U.S., so wondering what sort of trend you're seeing in the QuickBooks new customer acquisition side and what sort of promotion or anything you are doing at this point.

恭喜！本季業績很棒。 Sasan，我想問你關於新客戶獲取趨勢的問題。我記得你之前提到過美國新業務成長存在滯後效應，所以想了解你在 QuickBooks 新客戶獲取方面觀察到的趨勢，以及你目前正在採取哪些推廣措施或其他策略。

Yes. Thank you for your kind comments and the question. I would say that it's very consistent with what we talked to you all about at Investor Day, and that is, that we're continuing to see the acquisition trends that we would expect in the U.S. across the board, both in the low end of the market but also the trends that we're seeing in the mid-market. So those trends are continuing. And as we've shared before, we're not overly reliant, by any means, on new business formations. So from just a health perspective, I would say U.S. is consistent with what we talked about with all of you a few months ago. And I would say outside of the U.S., again, very consistent with before. The recovery has not been like the U.S.

是的。感謝您的友善評論和提問。我想說，這與我們在投資者日上與大家討論的內容非常一致，即我們繼續看到美國整體的收購趨勢，無論是在低端市場還是中端市場，都符合預期。這些趨勢仍在持續。正如我們之前所說，我們絕不會過度依賴新業務的成立。因此，從整體健康角度來看，我認為美國的情況與我們幾個月前與大家討論的情況一致。而美國以外的地區，情況也與之前非常一致。復甦情況與美國有所不同。

Now if I were to double-click on that, I would say, behind the U.S. has been Canada. And I think we're going to start seeing U.K. and Australia start to come back -- sorry, U.K. and France. And then Australia is, I would say, behind the U.K. and France. So we do believe that in the next year or less, that international will start to slowly bounce back. And then the reason for just the slowness in international bouncing back is there's just been so many starts and stops that small businesses have just lost confidence, do I build up inventory, do I go hire more employees, do I increase my own marketing budget, that they've just been slower in bouncing back. But we believe, within the next year or so, we'll see that strength. But net-net, the headline news is U.S. continues to be strong and match what we've expected, and international will bounce back within a year.

如果我再詳細說說，我會說，加拿大一直落後美國。我認為我們會看到英國和澳洲——抱歉，應該是英國和法國——開始復甦。而澳大利亞，我認為，落後於英國和法國。所以我們相信，在未來一年或更短的時間內，國際市場將開始緩慢反彈。國際市場復甦緩慢的原因在於，經濟活動經歷了太多起伏，導緻小企業失去了信心，不知道該不該增加庫存、該不該招聘更多員工、該不該增加營銷預算，因此復甦速度較慢。但我們相信，在未來一年左右的時間裡，我們將看到這種復甦勢頭。總而言之，最主要的新聞是美國市場持續保持強勁，符合我們的預期，而國際市場將在一年內反彈。

That's great. And a follow-up to TurboTax question. This is probably the first year you're going to tap into the Credit Karma members who are not using TurboTax. What sort of strategy do you have at this point to tap into such a massive member base in Credit Karma?

太好了。關於TurboTax的問題，我還有一個後續問題。今年可能是你們首次嘗試利用Credit Karma上那些未使用TurboTax的會員群。目前你們有什麼策略來挖掘Credit Karma如此龐大的會員基礎呢？

Yes. We are really excited about just the possibilities of what we can do for Credit Karma members and TurboTax customers. And last year really was a learning year, and I think we're going to learn a lot more this year. Listen, our goal is we want every TurboTax customer to be using Credit Karma and all the benefits of Credit Karma. And we want every Credit Karma member to be using TurboTax, whether they want to do it themselves or they need assistance. And so I think we're going to be 1 year better than we were last year in terms of all of our experiences, in terms of just the investments that we've made in the experiences. And we're excited about it.

是的。我們對能夠為Credit Karma會員和TurboTax用戶提供的服務感到非常興奮。去年確實是學習的一年，我相信今年我們會學到更多。我們的目標是讓每位TurboTax用戶都能使用Credit Karma，並享受它的所有優勢。我們也希望每位Credit Karma會員都能使用TurboTax，無論他們是想自己操作還是需要協助。因此，我認為今年我們在所有方面都會比去年做得更好，無論是在用戶體驗方面的投入，還是其他方面。我們對此感到非常興奮。

Just to put it in context, at Investor Day, we shared with you our Horizon framework, Horizon 1 being sort of revenue impact within 0 to 18 months; Horizon 2 being 18 to 36 months; and Horizon 3 being 36 months plus. We actually put the impact of Credit Karma integrated as part of TurboTax and vice versa as almost 3 years out because we really want to nail the experience. But nevertheless, we're leaning in, and we're excited about the things we're going to be launching in the weeks to come.

為了便於理解，在投資者日上，我們向大家介紹了我們的「展望框架」。展望1指的是0到18個月內的收入影響；展望2指的是18到36個月；展望3指的是36個月及以後。我們把Credit Karma整合到TurboTax以及反過來TurboTax整合Credit Karma的影響預計在近3年後才會顯現，因為我們希望把使用者體驗做到極致。儘管如此，我們仍在積極推進，並且對未來幾週即將推出的各項功能感到非常興奮。

Our next question comes from Michael Turrin of Wells Fargo.

下一個問題來自富國銀行的麥可‧圖林。

Congrats on the amazing results to start off the fiscal year. We've talked about -- I mean, you've gotten a few questions on tax. We see this on the Live technology. We see you're now offering expert setup for QuickBooks as well. So wondering if you can just add any color on how far that expert-led vision extends? Is that something you could take into consumer finance or potentially even something like e-mail marketing with Mailchimp? It seems like a powerful addition to the product portfolio. And clearly, Big Bet, you've been focused on it, so would love to hear more.

恭喜貴公司在新財年伊始就取得如此驚人的成績。我們之前也討論過——我是說，你們收到了一些關於稅務方面的問題。我們在Live技術方面也看到了這一點。我們也了解到，你們現在也提供QuickBooks的專家設定服務。所以，我想請您詳細介紹一下，這種專家主導的理念究竟延伸到了哪些領域？你們是否會將這種理念拓展到消費金融領域，甚至是像Mailchimp這樣的郵件行銷領域？這似乎會成為產品組合中一個強而有力的補充。顯然，Big Bet，你們一直非常重視這方面，所以我們很想了解更多。

Yes, Michael, thank you for your kind words and great question. When we declared our bet around connecting people to experts and creating a virtual expert platform, we have been -- I think we're on to now, I don't know, 5-plus years, really investing in this virtual expert platform. There are so many underlying technology services where AI is being used to ensure that the platform, matches the right customer to the right expert, to make the platform simple and easy to use for experts. And we feel really confident relative to just where we are with the virtual expert platform. And our focus intentionally has been really about serving customers when it comes to tax time and helping small businesses with bookkeeping and eventually also with their taxes but, more importantly, just helping them run their business. And we have so much opportunity ahead of us just in that space.

是的，邁克爾，謝謝你的讚揚和很好的提問。當我們宣布要將重心放在連結用戶和專家、打造虛擬專家平台上時，我們已經投入了五年多的時間，真正在這個虛擬專家平台上耕耘。我們運用人工智慧技術開發了許多底層服務，確保平台能精準配對合適的客戶和專家，同時讓專家也能輕鬆上手使用。我們對虛擬專家平台目前的進展非常有信心。我們一直以來都專注於為客戶提供服務，尤其是在報稅季，幫助小型企業處理帳務，最終也幫助他們處理稅務問題。但更重要的是，幫助他們更好地經營業務。在這個領域，我們也擁有巨大的發展機會。

With that said, we do have a few, what we call, small mission-based teams that are exploring other spaces because we can leverage a lot of the capabilities of this virtual expert platform to serve spaces like marketing, potentially spaces like financial services. So we are doing experiments but very intentionally to ensure that we can learn. I think I will just end with, the opportunities of where we can take this virtual expert platform is endless. However, the biggest growth opportunity ahead of us right now is helping customers with taxes and helping small businesses run their business. And then as these other verticals become reality, we'll, of course, share our plans with all of you. But it is something that will extend over time horizontally into new verticals.

話雖如此，我們確實有一些小型任務型團隊正在探索其他領域，因為我們可以利用這個虛擬專家平台的許多人來服務行銷等領域，甚至可能包括金融服務領域。所以我們正在進行一些實驗，但都是有意識地進行，以確保我們能夠從中學習。我想最後總結一下，這個虛擬專家平台的發展潛力是無限的。然而，目前我們面臨的最大成長機會是幫助客戶處理稅務問題，以及幫助小型企業經營業務。隨著其他垂直領域的逐步實現，我們當然會與大家分享我們的計畫。但隨著時間的推移，這個平台將會橫向擴展到新的垂直領域。

That's a great answer. Michelle, you've historically not updated guidance before tax season. We've talked about some of the pockets of strength of Credit Karma. But in terms of breaking that historical pattern, are we just seeing a more diversified Intuit come through? Or any comments you can provide just around the change there?

回答得很好。米歇爾，你們歷來在報稅季前都不會更新業績指引。我們之前討論過Credit Karma的一些優勢領域。但就打破這個歷史慣例而言，我們是否只是看到了一個更多元化的Intuit？或者您能否就此變化提供一些看法？

Yes. Thanks, Michael. Yes, this is something that diverges from what we have done historically. Historically, also the Consumer Group has been such a large percentage of our business also. And now as other parts of the business are growing more, we're adding Credit Karma and overall, the composition of the business is just changing. And also, this is sort of one of the first times we've seen a real pandemic hit like this. And so the growth after the pandemic has also had some implications for recovery and so forth. So yes, it is a little bit different. Composition of the company is a little different. But we feel really good about what we're seeing and are very excited about the accelerated growth we're seeing in Credit Karma and in Small Business and ready to jump into tax season.

是的，謝謝，邁克爾。是的，這與我們以往的做法有所不同。過去，消費者業務在我們公司業務中佔比一直很高。現在，隨著其他業務部門的成長，我們收購了Credit Karma，整體業務結構正在改變。此外，這也是我們首次經歷如此嚴重的疫情衝擊。因此，疫情後的成長也對經濟復甦等方面產生了一定影響。所以，是的，情況確實有所不同。公司結構也略有變化。但我們對目前的情況感到非常滿意，並對Credit Karma和小型企業業務的加速成長感到興奮，我們已經準備好迎接報稅季的到來。

Our next question comes from Brad Zelnick of Deutsche Bank.

下一個問題來自德意志銀行的布拉德‧澤爾尼克。

Congrats, guys. My question, you had a price increase go into effect during the quarter in Small Business. Any discernible impact to retention across your various SKUs, particularly from those who haven't attached payments or payroll?

恭喜各位！我的問題是，你們的小企業產品在本季進行了價格上漲。這是否對你們各個 SKU 的客戶留存率產生了明顯影響，特別是那些尚未綁定付款或工資單的客戶？

Yes, Brad, thank you for your kind words and the question. I'll say 2 things. One, really, the majority of our growth continues to come from customer growth and mix and, a much lesser extent, price. So you should just be aware of that. And two, there's nothing that we've seen from the price increase that's outside of the balance of what we expected. So the short answer is no. It's within our control limit as we expected based on the testing that we had done.

是的，布拉德，謝謝你的讚揚和提問。我想說兩點。第一，我們大部分的成長仍然來自客戶數量的成長和客戶結構的調整，價格因素的影響則小得多。所以你應該要了解這一點。第二，我們目前觀察到的價格上漲並沒有超出預期。簡而言之，沒有超出預期。正如我們根據測試結果所預期的那樣，價格上漲在我們的控制範圍內。

Got it. And if I could just follow up with one more, Sasan. There's no doubt a significant opportunity with Credit Karma Money, and I believe you called out the opportunity for QuickBooks Payroll customers to deposit up to $232 billion of payroll funds into a CK money account. What traction have you seen on this so far? Or what percentage of QuickBooks Payroll payees do you think you can ultimately capture with something like this?

明白了。薩桑，我還能再問一個問題嗎？毫無疑問，Credit Karma Money蘊藏著巨大的商機，我相信您之前也提到過，QuickBooks Payroll 的客戶可以將高達 2320 億美元的工資資金存入 CK Money 帳戶。目前來看，這項服務的發展如何？或者說，您認為最終能吸引到多少比例的 QuickBooks Payroll 收款人使用這項服務？

Yes. Well, first of all, we've not divulged our traction other than I would tell you we generally are excited, as part of many things that we are providing in our portfolio to customers, giving them early access to wages. I think a lot of what we are learning and a lot of what we're excited about as we move forward depends on the customer and the cohort of customers. There are certain customers that, depending on their situation and how much they depend on living weekly -- connected to their weekly paycheck, if you live paycheck to paycheck, you are much more focused on can I get early access to that versus if you don't live week-to-week. So we're learning about those cohorts within our payroll, to your question, and where we can get traction and where it's just not a need for customers.

是的。首先，除了可以透露我們總體上對此感到興奮之外，我們並沒有透露具體的進展。作為我們為客戶提供的眾多服務之一，我們讓他們能夠提前支取薪資。我認為，隨著我們不斷推進，我們所學到的很多東西以及我們所興奮的事情，都取決於客戶以及客戶群。有些客戶的情況取決於他們的生活狀況以及他們對每週工資的依賴程度——如果你是月光族，那麼你就會更關注能否提前支取工資，而如果你不是月光族，情況則可能並非如此。所以，為了回答你的問題，我們正在了解薪資發放服務中的這些客戶群，以及哪些客戶群需要這項服務，哪些客戶群並不需要這項服務。

I would just say more broadly, we are excited about early access to wages, both providing it across payroll stand-alone, providing it through Credit Karma. And frankly, I think over time, this is just something that's going to be commodity. I think everybody is going to have a product feature that gives you early access to wages. For us, it's not just about the feature, it's about the ecosystem effect that it creates for our customers and our members.

更廣泛地說，我們對提前支取薪資的功能感到非常興奮，無論是透過獨立的薪資系統，還是透過 Credit Karma 平台。坦白說，我認為隨著時間的推移，這將成為一種普遍現象。我相信所有產品都會提供提前支取薪資的功能。對我們而言，這不僅僅是一個功能本身，更重要的是它能為我們的客戶和會員創造的生態系統效應。

Our next question comes from Brent Thill of Jefferies.

下一個問題來自傑富瑞集團的布倫特·蒂爾。

Sasan, you were clear when the Mailchimp deal closed that this is not just a mail company, that there was a broader platform play for marketing and signing up a website. I'm just curious, along that theme, what you're seeing in terms of the most excitement where you can bring Mailchimp into your clients and, ultimately, kind of this platform play for the front office and how that evolves, if you could cover that, that would be great.

薩桑，你當初在Mailchimp收購案完成時就明確表示，這不僅僅是一家郵件行銷公司，而是一個涵蓋行銷和網站註冊的更廣泛的平台。我很好奇，就此而言，你認為Mailchimp最能吸引客戶的是什麼？最終，這個平台在前台運作中的應用以及它的發展方向是什麼？如果你能談談這方面，那就太好了。

Yes, absolutely, Brent. One of our mechanisms that we have as a company is called our Big Bets review where we take our officers of the company through the experiences of each of the Big Bets, what we've learned, where we are and where we're headed. And this last Big Bet review happened to be one where we brought in Ben and the team from Mailchimp and actually walked through the experience and detail where we are and where we're going. And I would just tell you that we continue to even get more excited as we've closed the deal because the needs of our customers are in all the areas that you mentioned. And every customer is in a different place. But customers are really looking for ways to be able to engage getting new customers. It's their bread and butter. Almost 70% of our customers are looking for ways to get new customers.

是的，布倫特，沒錯。我們公司有一個機制叫做“重大項目回顧”，我們會帶領公司高管回顧每一項重大項目，總結我們從中吸取了哪些經驗教訓，以及我們目前的狀況和未來的發展方向。最近一次的重大專案回顧，我們邀請了Mailchimp的Ben和他的團隊，詳細講解了我們目前的情況以及未來的發展方向。我想說的是，隨著交易的完成，我們越來越興奮，因為客戶的需求涵蓋了您提到的所有方面。每個客戶的情況都不盡相同，但他們都在積極尋找獲取新客戶的方法。這關乎他們的生計。我們有近70%的客戶都在尋求獲取新客戶的方法。

We now have those capabilities, and we'll integrate it in the QuickBooks and vice versa, QuickBooks into Mailchimp. They want to be able to manage their existing customers in an automated way, in an insightful way where everything is automated. They don't have to know when do I follow up with a customer, what additional products can I sell them, all of that can get automated through Mailchimp. And one of the things people don't realize is one of the largest ways that you still engage customers, we see it through what we do in TurboTax, is actually e-mail. So now we have all those capabilities.

我們現在具備了這些功能，並將把它們整合到 QuickBooks 中，反之亦然，將 QuickBooks 整合到 Mailchimp 中。他們希望能夠以自動化、智慧化的方式管理現有客戶，實現一切自動化。他們無需知道何時跟進客戶、可以向他們銷售哪些附加產品，所有這些都可以透過 Mailchimp 實現自動化。人們往往忽略的一點是，電子郵件仍然是與客戶互動最重要的方式之一，正如我們在 TurboTax 中看到的那樣。所以現在我們擁有了所有這些功能。

We have abilities to put you on mega platforms with all of our digital assets, manage all of your existing relationships, all the e-mail capabilities. But more importantly, it's leveraging the power of the data, the customer data and the purchase data to help you understand who's the customer, who bought what, what did they not buy, who's leading your shopping card and how do you pursue them. So it's consistent with what we've talked about before. That's the opportunity ahead, and it's about the work that we do now on the product to put the power of those capabilities in the hands of our customers. So we couldn't be more excited to help our customers with their success. So stay tuned.

我們有能力將您整合到大型平台上，並整合我們所有的數位資產，管理您現有的所有客戶關係，以及所有電子郵件功能。但更重要的是，我們將利用數據的力量，包括客戶數據和購買數據，幫助您了解客戶是誰、他們購買了什麼、他們沒有購買什麼、誰在您的購物車中佔據主導地位，以及如何跟進這些客戶。這與我們之前討論的內容一致。這就是我們未來的機遇，也是我們目前在產品方面所做的工作，旨在將這些強大的功能交到客戶手中。我們非常高興能夠幫助客戶取得成功。敬請期待。

Our next question comes from Kartik Mehta of Northcoast Research.

我們的下一個問題來自 Northcoast Research 的 Kartik Mehta。

I wanted to ask you a little bit about TurboTax Live, maybe what the trends have been in terms of customers that are already TurboTax customers shifting to that product and new customers and how you anticipate that trend evolving this tax season.

我想問您一些關於 TurboTax Live 的問題，例如現有 TurboTax 用戶轉向該產品的趨勢，以及新用戶的成長情況，還有您預計這一趨勢在本報稅季將如何發展。

Yes. It's a great question. It's one of the things that just really excites us about the live platform. One, there's 88 million folks that use an assisted method today. Within the assisted method, you have 10 million folks every year where there's churn. They go jump from one assisted method to another. So from one account to another or from 1 store to an accountant. And then within the TurboTax base, the do-it-yourselfers, we have 4 million people that leave, and they ultimately go to an assisted method. So I think the answer to your question is it's all of the above.

是的，這是一個很好的問題。這也是即時平台最讓我們興奮的地方之一。首先，目前有8,800萬人使用輔助報稅方式。在這些輔助報稅方式的使用者中，每年有1000萬人流失，他們會從一種輔助報稅方式跳槽到另一種，例如從一個帳戶轉到另一個帳戶，或從一家報稅店轉到會計師事務所。此外，在TurboTax的自助報稅使用者群體中，每年也有400萬人流失，他們最終會轉而使用輔助報稅方式。所以我認為，你問題的答案是以上所有情況都有可能。

We've seen conversion improvements, retention improvements. We've seen TurboTax customers that did it themselves a year before where they had a life change or they just weren't sure if they did their home deductions the right way or if they had a kid and the kid went to college, how to ultimately account for those deductions where they're now using the Live platform. And vice versa, you may use the Live platform and have enough confidence, for the year after, you do it yourself. And then you may -- a day after that, bounce back. And now we're seeing 3, 4 years of trend. So really, it's all of the above, with the largest, I would say, driver being folks that use a different assisted method coming on to a platform and, of course, those that have life changes within TurboTax growing with TurboTax and using the Live platform. And we just see that continuing as we view this opportunity with a 10-year lens.

我們看到轉換率和用戶留存率都有提升。我們看到一些TurboTax用戶，他們一年前都是自己用TurboTax報稅，但後來生活發生了變化，或者不確定自己是否正確處理了房屋抵扣，又或者孩子上了大學，不知道該如何申報這些抵扣，於是他們現在開始使用Live平台。反之亦然，您可能在使用Live平台後信心十足，第二年又開始自己報稅。但可能才過了一天，您又會重新選擇自己報稅。現在我們看到的是過去三、四年來的趨勢。所以，實際上，以上所有因素都有影響，我認為最大的驅動力是那些使用其他輔助報稅方式的用戶轉而使用Live平台，當然還有那些在TurboTax使用過程中遇到生活變化的用戶，他們隨著TurboTax的成長而不斷進步。我們預計，從未來十年的角度來看，這種趨勢將會持續下去。

And just a question on Credit Karma. Sasan, you've talked about Credit Karma Money, and that sounds like a very interesting opportunity. I'm wondering, is there any concern that your customer will say, "Hey, you're competing with me now for deposits," and that causes issues?

關於Credit Karma，我還有一個問題。 Sasan，你之前提到Credit Karma Money，聽起來是個很有意思的機會。我想知道，你的客戶會不會擔心說：“嘿，你們現在跟我搶存款了”，從而引發一些問題？

One of the sort of essential strategic principles that we have within Credit Karma is that it is an agnostic platform. And our financial institutions and all our partners see the power of that, how diligent and intentional we are about not creating our own products but ensuring that we match members with a product that's right for them. And a lot of the capabilities that we have within Credit Karma ultimately has an institution that's participating in it. So that is not a concern that we have. Our say-do is very, very high with financial institutions. And we just believe that that's the beginning of it, especially with the traction of Lightbox, which actually delivers more success for members and more success for financial institutions. So it is not a concern of ours.

Credit Karma 的核心策略原則之一是打造一個中立的平台。我們的金融機構和所有合作夥伴都看到了這一點的優勢，我們始終致力於為會員配對最合適的產品，而不是開發自己的產品。 Credit Karma 的許多功能最終都需要金融機構的參與。因此，我們對此並不擔心。我們在金融機構中擁有非常大的話語權。我們相信這只是個開始，尤其是在 Lightbox 取得顯著成效之後，它不僅能為會員帶來更多成功，也能為金融機構帶來更多成功。所以，這並非我們的擔憂。

Our next question comes from Kash Rangan of Goldman Sachs.

我們的下一個問題來自高盛的卡什·蘭根。

Fantastic quarter, Sasan and Michelle. Sasan, I'm curious to get your take on the issues that are being faced by the U.S. economy. We've got unprecedented labor shortage. We've got a supply chain issue. We've got an inflation issue. A lot of these problems do pertain to the small business ecosystem. When you think of Intuit and the dramatic transformation you've undertaken very successfully betting on AI, what can Intuit do to solve these problems for small business customers as it plays to these near-term headwinds that we're facing from your product perspective?

薩桑和米歇爾，你們這一季表現出色。薩桑，我很想聽聽你對美國經濟目前面臨的問題的看法。我們面臨前所未有的勞動力短缺、供應鏈問題和通貨膨脹問題。許多問題都與小型企業生態系統息息相關。考慮到Intuit公司在人工智慧領域的巨大成功，以及你們為應對這些短期不利因素所做的巨大轉型，從你們的產品角度來看，Intuit可以採取哪些措施來幫助小型企業客戶解決這些問題呢？

Yes, Kash. One for your kind comments and it's a wonderful question on all those areas, right, the labor shortage, some of the supply chain challenges if you're a product-based business and certainly inflation is absolutely impacting small businesses. I would make a broad comment that I would say we are experiencing. When you couple what happened with the pandemic, starting in March of 2020, where it really, I think, forced everyone around the globe, whether you're a small business or not, but let's just stay focused on small businesses, to reinvent yourself. And it really accelerated the shift to virtual solutions. It accelerated the shift to going online, whether it's how you invoice and get paid, how you do your payroll, how you do your time tracking. And I think that movement, which is just simply continuing, I don't think we're ever going to go back to the old way, I think this pandemic really has accelerated the shift in those areas that I mentioned, in particular, of course, the digital money offering.

是的，Kash。感謝您的友好評論，您提出的問題非常好，涵蓋了所有這些方面，對吧？勞動力短缺、產品型企業面臨的供應鏈挑戰，當然還有通貨膨脹對小型企業的嚴重影響。我想就我們目前經歷的情況做一個總體評價。疫情從2020年3月開始爆發，我認為它迫使全球所有人，無論規模大小（我們在這裡主要關注小型企業），都必須轉型。疫情加速了向虛擬解決方案的轉變，加速了線上化進程，包括開票、收款、薪資發放和工時追蹤等各個面向。我認為這種趨勢仍在繼續，我們再也回不到過去的方式了。我認為疫情確實加速了我所提到的這些領域的轉變，尤其是數位支付方式的普及。

I think that, coupled with this not only labor shortage but also labor movement from job to job, some of the supply chain challenges that generally, we believe, as I talk to my peers, will start to get addressed by the second half of 2022, first half of 2023, and inflation, is actually causing small businesses to leverage more platforms. And so if I then bring that back to our platform and the fact that if you use our platform, you can get paid upfront. You can get instant deposit. You can do same-day payroll. You can use an expert to ensure that you've got the best deductions as a small business and to ensure that you're running your business effectively.

我認為，除了勞動力短缺和勞動力頻繁流動之外，一些供應鏈挑戰（我與同行交流後認為，這些挑戰通常會在2022年下半年或2023年上半年開始解決）以及通貨膨脹，實際上正在促使小型企業更多地利用各種平台。因此，回到我們的平台，如果您使用我們的平台，您可以預收款項，可以即時到賬，可以當天完成工資結算，還可以聘請專家來確保您作為小型企業獲得最佳的稅收減免，並確保您的業務高效運營。

And the fact that you can do more with less people if you use one platform, that's where the power of Mailchimp comes into play. Rather than having multiple tools where you're bouncing back and forth between tools, and you're not really sure what your customer profitability is, when you should follow up with the customer, how to acquire more customers, all of those things are a thrust for the use of our platform. And our platform is actually built to help you grow your business with less focus on labor and to be able to embrace as much as possible the inflation. Now ultimately, we have to address over time, and I believe it will get addressed, some of these supply chain issues and inflationary issues. But that's where our platform comes into play and why we're so well positioned for small businesses and the role we need to play to continue to educate them.

如果您使用單一平台，就能用更少的人力完成更多的工作，這正是 Mailchimp 的優勢所在。與其使用多個工具，在它們之間來回切換，導致您無法準確了解客戶的盈利情況、何時應該跟進客戶、如何獲取更多客戶，不如使用我們的平台，解決所有這些問題。我們的平台旨在幫助您減少對勞動力的投入，從而發展業務，並盡可能應對通貨膨脹。當然，隨著時間的推移，我們必須解決一些供應鏈問題和通貨膨脹問題，我相信這些問題終將得到解決。而這正是我們平台發揮作用的地方，也是我們能夠為小型企業提供如此強大支持的原因，以及我們需要持續為他們提供教育和幫助的原因。

Excellent. If I could, very quick one for Michelle. How do you assess the long-term margin drivers? I mean generally, the Street thinks that margin growth is somewhat linear. But generally, these things tend to go up in an S-curve. So we often underestimate the true profitability of companies in the long term. So in your case, what are the things that we should be looking for that could drive increased operating leverage in the future.

太好了。如果可以的話，我想問米歇爾一個簡短的問題。您如何評估長期利潤率的驅動因素？我的意思是，通常情況下，華爾街認為利潤率成長是線性的。但實際上，利潤率的成長往往呈現S型曲線。因此，我們常常低估了公司長期的真實獲利能力。那麼，就您而言，我們應該關注哪些因素，才能在未來推動營運槓桿的提升？

Thank you, Kash. I appreciate that. Well, in the current year, as I spoke about earlier, we will see a margin adjustment with the acquisition of Mailchimp. And so we do, though, believe that over time, we will continue to expand our margins as we've talked about from this new step-down level going forward. But as we become more and more of a platform, we see opportunities for us just across the company, whether it is in technology and being able to increase the velocity of development on our platform and driving more services, using things like money movement across the company and our fraud and risk capabilities not having to duplicate those across the company.

謝謝Kash，我很感激。正如我之前提到的，今年由於收購Mailchimp，我們的利潤率將會有所調整。不過，我們相信隨著時間的推移，正如我們之前討論的，我們將從目前的利潤率水準開始逐步提高利潤率。隨著我們越來越像一個平台，我們看到了公司各個層面的發展機遇，無論是在技術方面，例如加快平台開發速度、拓展服務範圍，還是利用公司內部的資金流動和反詐欺風險管理能力，我們都可以避免重複建設。

Customer success is another great example where we're scaling a common customer success platform so that we can more efficiently and effectively serve customers. And then also in the go-to-market area, really leveraging a common infrastructure to be able to more effectively target customers and manage our sales and marketing processes also. So we do see a number of opportunities all across the P&L that, as we look forward, there will be opportunities for us to leverage those.

客戶成功是另一個很好的例子，我們正在擴展一個通用的客戶成功平台，以便更有效率、更有效地服務客戶。此外，在行銷方面，我們也充分利用一般基礎設施，以便更有效地鎖定目標客戶，並管理我們的銷售和行銷流程。因此，我們看到損益表各個環節都有許多機會，展望未來，我們將有機會充分利用這些機會。

Our next question comes from Brad Sills of Bank of America Securities.

下一個問題來自美國銀行證券的布拉德·西爾斯。

Congratulations on a really nice quarter. I wanted to ask a question about TurboTax, if I might, please. With this being the second year of your targeting the full-service opportunity, what were the learnings from the last year, your first year, with this offering? Historically, you've seen this 1% to 2% share gain within do-it-yourself. Do-it-yourself is gaining 2 to 4 points as a category. Could this potentially accelerate those trends as you gain more intelligence, become more successful with this effort? And just generally, what are your expectations for this year with that offering?

恭喜你們本季業績斐然。我想問一個關於TurboTax的問題，可以嗎？今年是你們第二年瞄準全方位服務市場，從去年（也就是你們推出這項服務的第一年）的經驗來看，你們有哪些收穫？以往的經驗表明，自助報稅的市佔率成長了1%到2%。而自助報稅作為一個整體，市佔率正在成長2%到4%。隨著你們累積更多經驗，並在這項服務上取得更大的成功，這些成長趨勢是否有可能加速？總的來說，你們對今年這項服務的發展有何預期？

Yes. Thank you, Brad. I would say 2 big things. One is full service absolutely has a halo impact on confidence for the customer, which actually gets me to the second point and really the approach, which is we're a platform for our customers. And so really, if you think customer Mac, we want our customers to know that they have the ability to do it themselves. They can access an expert, if they need the expert to answer any questions that they have, and/or they can just have us do their taxes for them and do everything digitally. And by the way, midstream, if you choose an expert and utilize, you know what, I don't know if I just want help. I just want Intuit to do it all that for me. We'll do it all for you.

是的，謝謝你，布拉德。我想說兩點。第一，全方位服務絕對能提升客戶的信心，這其實引出了第二點，也是我們的核心理念，那就是我們是一個服務客戶的平台。所以，如果你想想客戶Mac，我們希望客戶知道他們有能力自己完成所有事情。如果他們需要專家解答任何問題，他們可以聯絡專家；或者，他們也可以讓我們幫他們報稅，所有流程都數位完成。順便說一句，如果你選擇使用專家服務，例如，如果你覺得我只是需要幫助，而希望Intuit全權負責，我們也會為你全權負責。

So really, our approach, and now that we've had several years of experimenting and learning with full service, is that now we have a true end-to-end platform where we can meet the needs of any customer. And the power is to actually grow with customers over time. If they just start out their career or if they're a student who have life changes, we have a platform that will meet all of their needs. So that's really, I would say, the headlines of the answers, plays a halo effect, which has informed our platform approach as we look ahead.

所以，實際上，經過幾年全方位服務的試驗和學習，我們現在擁有一個真正的端到端平台，可以滿足任何客戶的需求。我們的優勢在於能夠與客戶共同成長。無論他們是剛開始職業生涯，還是正在經歷人生變故的學生，我們的平台都能滿足他們的所有需求。因此，我認為，這才是問題的癥結所在，它產生了光環效應，並影響我們未來的平台策略。

Great to hear, Sasan. One more if I may, please, just on Credit Karma. Last year, you saw a nice upside in the tax quarters, converting TurboTax filers to Credit Karma. Could you remind us kind of where you are there? Was that some low-hanging fruit initially? What drove that success that you saw in that business? And kind of what is your outlook for that this year and going forward?

很高興聽到這個消息，Sasan。如果可以的話，我再問一個關於Credit Karma的問題。去年，你們在稅務季度取得了不錯的成長，成功將TurboTax的用戶轉化到了Credit Karma。您能跟我們說說你們當時的情況嗎？一開始是不是很容易就能實現？是什麼促成了你們在這項業務上的成功？你們對今年以及未來的發展前景有何展望？

Yes, sure. I would really put last year entirely in the bucket of just learning. And it doesn't mean that's going to change this year. We are a company that's all about moving fast, experimenting, pivoting and learning, all in context of being stubborn around the vision that we have. And so really, last year was a learning year, although there were some nice member growth impacts to Credit Karma from TurboTax. We're really excited and eager to see how our new innovations and experiences on the platform plays out this year and to see what we learn.

當然。我會把去年完全歸類為學習之年。但這並不意味著今年會有所不同。我們是一家以快速行動、不斷嘗試、靈活調整和學習為核心的公司，同時我們也始終堅持自己的願景。所以，去年確實是學習之年，儘管TurboTax為Credit Karma帶來了一些不錯的會員成長。我們非常興奮，也迫不及待地想看看今年我們在平台上推出的新創新和新體驗會帶來怎樣的效果，以及我們能從中學到什麼。

I'll take you back to the reason, at Investor Day, we put the opportunity of Credit Karma as part of TurboTax experience and TurboTax as part of the Credit Karma platform as a Horizon 3, is we're really focused on the customer and member experience and nailing that because we know, over time, we can monetize. So we're excited about the year ahead. We have 11 months under our belt learning and adjusting and preparing for this tax season. And we're excited about these experiences being launched and seeing how they play out in the next couple of months.

讓我回到投資者日那天，我們把Credit Karma整合到TurboTax體驗中，以及TurboTax整合到Credit Karma平台中作為「第三階段」計畫的原因。我們真正關注的是客戶和會員體驗，並致力於打造卓越的體驗，因為我們知道，隨著時間的推移，我們可以實現盈利。所以我們對未來一年充滿期待。過去11個月，我們一直在學習、調整和準備迎接這個報稅季。我們非常期待這些體驗的推出，並期待在未來幾個月看到它們的實際效果。

Our next question comes from Scott Schneeberger of Oppenheimer.

我們的下一個問題來自奧本海默公司的史考特‧施內伯格。

First question, in international, Sasan, 39% growth in Small Business. It's very nice. Could you just give a little summary of what you saw and where in the quarter? And then kind of part B to the question is, you mentioned Mailchimp should accelerate global growth, I'm just curious when and how we'll see it showing up in the category.

第一個問題，在國際市場方面，Sasan 的小型企業成長了 39%，這非常好。您能否簡要總結一下您在本季觀察到的情況以及具體是哪些方面？第二個問題，您提到 Mailchimp 應該會加速全球成長，我很想知道我們何時以及如何在相關類別中看到它的成長。

Yes. Sure, Scott. Thank you. First of all, on international, we saw some of the same trend given not only our execution but the macro environment, as we've seen in the last couple of quarters, there's certain countries like Canada that have bounced back a bit more strongly. Then there's places like Australia that really have been very slow to bounce back based on the fact that the economy keeps opening and shutting down. And again, our view is, within the next year, international should start to come back from a macro perspective. So net-net, our trends and our performance, although we're very pleased with it, we believe over time could paint a different picture as the macro environment comes back.

是的，斯科特，謝謝。首先，就國際市場而言，我們看到了一些類似的趨勢，這不僅取決於我們的執行情況，也取決於宏觀環境。正如我們在過去幾季所看到的，一些國家，例如加拿大，復甦勢頭更為強勁。而像澳洲這樣的國家，由於經濟持續重啟和關閉，復甦速度則非常緩慢。我們再次強調，我們認為，從宏觀角度來看，國際市場應該會在未來一年內開始復甦。總而言之，儘管我們對目前的趨勢和業績感到非常滿意，但我們相信，隨著宏觀環境的復甦，未來可能會呈現出不同的景象。

In terms of Mailchimp, our focus is the 3 priorities that I mentioned. We want to create an amazing product and platform that brings QuickBooks and Mailchimp together. We want to build the capabilities to go disrupt mid-market. And then as Michelle mentioned, we're going to be investing heavily in our global go-to-market. So I would say I wouldn't overly anticipate a significant change in our trajectory international because of Mailchimp. There's some fundamental things we want to get right to ensure that we can truly be the platform where you can grow your business and run your business. And over time, it will certainly have an impact internationally, and we're excited about that because it gives us another foot in the door outside of the U.S.

關於 Mailchimp，我們的重點是我之前提到的三個優先事項。我們希望打造一款卓越的產品和平台，將 QuickBooks 和 Mailchimp 完美融合。我們希望建構顛覆中端市場的能力。正如 Michelle 所提到的，我們將大力投資全球市場拓展。因此，我認為 Mailchimp 的加入不會對我們的國際發展軌跡產生重大影響。我們希望先做好一些基礎工作，確保 Mailchimp 真正成為您發展和經營業務的理想平台。隨著時間的推移，它必將在國際上產生影響，我們對此感到非常興奮，因為它為我們打開了美國以外市場的大門。

Great. And just for a last one. Congratulations on the Intuit Dome and maybe beating out Crypto.com on that one. But just curious on the overriding big thematic marketing push of the company in the last few years, just how should we think about that on the big scale.

太好了。最後一個問題。恭喜你們成功拿下 Intuit Dome，或許在這方面勝過了 Crypto.com。不過，我很好奇公司近幾年來大力推廣的主題行銷活動，我們該如何從宏觀角度看待它？

Yes. I would say, and I've said this for years, and I think you used to hear Brad talk about this. I think we're the world's biggest hidden secret. And we don't want that secret to hold true anymore. We want to make sure the world knows who it is and what our brands are. And we have data that shows that the more customers learn that TurboTax, Credit Karma, Mailchimp now and QuickBooks, when they learn that they're part of the Intuit brand and the platforms are all connected, it actually has a positive impact on our potential for growth.

是的。我一直都這麼說，而且我想你以前也聽過布萊德說過類似的話。我認為我們是世界上最大的秘密。我們不想再讓這個秘密繼續存在。我們希望讓全世界都知道我們是誰，我們的品牌是什麼。我們的數據顯示，當客戶了解到TurboTax、Credit Karma、Mailchimp以及QuickBooks，了解到它們都屬於Intuit品牌，並且所有平台都是互聯的，這實際上會對我們的成長潛力產生積極影響。

So the way we think about Intuit Dome, it is not for us a naming rights deal. We've had many opportunities where we've actually been pursued to be part of deals like this, and we passed them up over the years. We did this because, one, it's very technology-forward dome. We're going to be helping the community. And two, we're really going to be able to showcase our brands. And it will be yet another way to demonstrate the benefits that we bring to the market as one Intuit platform and the impact that we can have in the lives of consumers and small businesses.

所以，我們認為 Intuit Dome 並非冠名權交易。多年來，我們曾多次有機會參與類似的合作，但都婉拒了。我們選擇 Intuit Dome 的原因有二：首先，這是一個技術非常先進的場館。我們將為社區做出貢獻。其次，我們將有機會充分展示我們的品牌。這將是另一個展現 Intuit 平台優勢、以及我們能為消費者和小型企業帶來正面影響的平台。

So that's really how we think about it and why we're excited about it. And by the way, over time, we expect the same return on investment as we do with our marketing investments, and that's really what this is. It just goes beyond marketing to impacting the local communities in L.A., which we're excited about.

這就是我們思考這個問題的方式，也是我們對此感到興奮的原因。順便說一句，隨著時間的推移，我們期望它能像我們的行銷投資一樣獲得同樣的回報，而這正是它的本質所在。它超越了行銷的範疇，能夠對洛杉磯當地社區產生影響，這讓我們感到非常興奮。

Thank you. Ladies and gentlemen, would you like to close with any additional remarks?

謝謝。女士們、先生們，你們還有什麼要補充的嗎？

Yes, sure. Thank you. Well, first of all, really appreciate all the questions. And once again, I want to just thank our employees for their incredible hard work, our customers and our partners for the strong start to the year and the opportunity we have ahead of us. We're very passionate about fundamentally powering the prosperity of our customers and communities, and we're proud of our accomplishments and we continue to believe that we are just getting started. So thanks for your questions. Thanks for your time, and we will see you at our next earnings call. Bye, everybody.

好的，謝謝。首先，非常感謝大家提出的所有問題。再次感謝我們員工的辛勤付出，感謝我們的客戶和合作夥伴，感謝他們為我們今年的良好開局以及我們未來所擁有的機會。我們致力於從根本上促進客戶和社區的繁榮發展，我們為所取得的成就感到自豪，我們始終堅信，這只是個開始。感謝大家的提問，感謝大家抽空，我們下次財報電話會議再見。再見！

Ladies and gentlemen, thank you for participating. This concludes today's conference call.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。