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，我的名字是 Latif，我將成為您的會議主持人。在這個時候，我想歡迎大家參加 Intuit 的 2022 財年第一季度電話會議。 （操作員說明）

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

有了這個，我現在將把電話轉給 Intuit 投資者關係副總裁 Kim Watkins。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 財年第一季度電話會議。我和 Intuit 的首席執行官 Sasan Goodarzi 在一起；和我們的首席財務官米歇爾·克拉特巴克。

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.

在開始之前，我想提醒大家，我們的言論將包括前瞻性陳述。有許多因素可能導致 Intuit 的結果與我們的預期大相徑庭。您可以在我們今天下午早些時候發布的新聞稿、我們的 2021 財年 10-K 表格以及我們提交給美國證券交易委員會的其他文件中了解有關這些風險的更多信息。所有這些文件都可以在 Intuit 網站 intuit.com 的投資者關係頁面上找到。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.

這些評論中的一些數字是在非公認會計原則的基礎上提出的。我們在今天的新聞稿中對可比的 GAAP 和非 GAAP 數字進行了核對。除非另有說明，否則所有增長率均指當前期間與可比上年同期相比，業務指標和相關增長率是指全球業務指標。本次電話會議結束後，我們將在我們的網站上提供我們準備好的評論和補充財務信息的副本。

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

有了這個，我會把電話轉給 Sasan。

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.

偉大的。謝謝，Kim，也感謝大家今天加入我們。鑑於我們的戰略是成為全球人工智能驅動的專家平台，推動消費者和小企業的繁榮，我們在 2022 財年開局強勁，整個公司的勢頭持續強勁。在數字順風的推動下，我們擁有近 3000 億美元的潛在市場，包括轉向虛擬解決方案、加速在線和全渠道能力以及數字貨幣產品。

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.

第一季度收入增長了 52%，其中包括來自 Credit Karma 的 32 個百分點。小企業和個體經營集團收入增長 22% 和 Credit Karma 收入 4.18 億美元，又一個創紀錄的季度推動了總收入增長。 Consumer Group 和 ProConnect Group 的收入在季節性較小的季度中符合我們的預期。因此，無論是我們今年的強勁開端還是 Mailchimp 交易的結束，我們都在提高 2022 財年的收入和非公認會計準則營業收入以及每股收益指導。米歇爾稍後將詳細介紹這一點。

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.

我們的人工智能驅動專家平台戰略正在加速創新，我們的 5 大賭注正在解決我們客戶面臨的最大問題。我們將繼續提供強有力的證據來證明成功並為未來的持久增長做好準備。提醒一下，這些大賭注正在徹底改變速度，使人們受益，將人們與專家聯繫起來，解鎖明智的資金決策，成為小企業增長的中心，並擾亂小企業的中端市場。

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，我想強調一下我們最近在其中 3 個大賭注中取得的進展。我們的第三個大賭注是解鎖 SMART Money 決策。我對我們在 Credit Karma 看到的勢頭感到非常自豪。 Credit Karma 是一個具有強大網絡效應的數據平台，可解決雙面問題。我們專注於創建個人財務助理的目標，幫助消費者找到合適的金融產品，將更多的錢放在口袋裡，並獲得金融專業知識和見解。

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 在第一季度再次實現創紀錄的高收入。在我們專有的 Lightbox 平台的推動下，我們繼續在所有垂直領域提供創新，為我們的會員提供個性化體驗，創造網絡效應。

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.

在核心內，合作夥伴對 Lightbox 的使用在信用卡和個人貸款方面都達到了歷史最高水平。在 Credit Karma 上申請信用卡的會員與在 Credit Karma 之外申請信用卡的會員的平均批准率相比，Lightbox 增加了一倍以上。

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.

在垂直增長領域，我們正在為消費者解決更多的財務挑戰。 Karma Drive 讓美國會員有機會了解他們是否可以通過基於使用的定價來節省汽車保險費用。我們正在積極探索 Lightbox 在其他垂直領域的擴張機會，包括汽車貸款，以我們在信用卡和個人貸款方面取得的成功為基礎。

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.

在新興的垂直領域，我們仍然專注於 Credit Karma Money 的創新。上一季，我們將 Credit Karma Money 集成到 TurboTax 中，並嘗試如何最好地滿足客戶的需求，並宣布與 QuickBooks Online Payroll 集成。鑑於我們的經驗，我們很高興在即將到來的稅收季節推出我們改進的體驗。我們認為，Credit Karma Money 是推動訪問頻率隨時間增長的關鍵，也是每個月活躍用戶平均收入的眾多關鍵驅動因素之一。

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.

縮小範圍，我們繼續發展會員，並專注於通過為會員提供個性化的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得他們的資金，同時提供見解和建議。隨著時間的推移，我們正在創造一個良性循環，我們希望這會增加整個生態系統的參與、交易和貨幣化的頻率。

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.

我們的第四個大賭注是通過幫助我們的客戶獲得客戶、快速獲得報酬、管理資本、充滿信心地支付員工工資並在全渠道世界中成長，成為小企業增長的中心。 60% 的小企業都在為現金流苦苦掙扎，我們正在繼續創新，為客戶創造解決方案來克服這一挑戰。

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.

在 2021 財年，我們平台上的總支付量同比增長 40% 至超過 900 億美元，在線支付量增長超過 60%，這是由於使用我們支付產品的客戶增加。

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.

隨著我們繼續為客戶進行支付創新，使用 QuickBooks Cash 的客戶的參與度比剛剛使用 QuickBooks Online 的客戶高近 3 倍。為了加快我們平台的參與和使用，我們最近推出了 Get Paid Upfront，這是一項改變遊戲規則的創新，將幫助合格的客戶在發送發票後立即獲得付款。

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.

我們的第五個大賭注是通過 QuickBooks Online Advanced 打亂中小型企業市場。我們看到 QBO Advanced 的強大牽引力，客戶在 2021 財年增長到 118,000 家，同比增長 57%。隨著我們繼續向高端市場進軍並滿足這些客戶最關鍵的需求，我們看到服務生態系統 ARPC 比 QBO 客戶的 ARPC 高 4 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.

我們對我們的結果感到滿意，並對我們贏得比賽的計劃充滿信心。在我們所有的大賭注中，我們正在建立動力並加速創新，我們相信這為我們未來的持久增長奠定了良好的基礎。 Mailchimp 將進一步推動這一點。

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.

我很高興我們本月早些時候完成了收購，這旨在顯著加速我們的兩大賭注：成為小企業增長的中心，並擾亂小企業的中端市場。吸引和吸引客戶仍然是中小型企業的一個重要痛點。我們正在努力成為客戶的真相來源，以幫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.

Mailchimp 有 3 個加速優先級。首要任務是實現我們對端到端客戶增長平台的願景，以幫助客戶在線開展業務、營銷業務、管理客戶關係、獲得報酬、獲取資金、支付員工工資、管理現金流和合規，虛擬專家觸手可及；其次，以極具吸引力的價格為中端市場客戶開發完整的營銷自動化、CRM 和電子商務套件，從而顛覆中端市場，使中端市場客戶能夠利用平台的力量發展業務；第三，通過整體進入市場的方法加速全球增長。

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.

Mailchimp 現在是 Intuit 家族的一部分，我們具有獨特的優勢，使中小型企業能夠將他們來自 Mailchimp 的客戶數據和來自 QuickBooks 的購買數據相結合，以提供他們需要的可操作的洞察力，從而充滿信心地發展和經營他們的業務。這就是真正的魔法發生的地方。我們的綜合平台技術使我們能夠快速發展，我們已經看到客戶的強烈興趣。團隊正在努力工作，我們對未來的機會感到興奮。

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.

我們公司成功的基礎是建立高績效文化。我想花一點時間來承認我們在多元化、公平和包容性方面取得的進展。去年，我們宣布我們的重點是提高女性在技術崗位上的比例以及在我們的業務中代表性不足的少數族裔。我們分別實現了 30% 和 13%，我們受到鼓舞加快我們的計劃並更加努力地推進，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，我們在支持我們的社區方面取得了有意義的進展。首先，我們最近宣布了 Intuit 氣候行動市場，它將幫助 100 萬美國小企業找到減少碳排放的可持續解決方案。這是我們長達十年的氣候積極目標的一部分，即到 2030 年超越淨碳中和，將全球碳排放量減少 200 萬噸，或比我們 2018 年的運營足跡增加 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.

我們最近還宣布與洛杉磯快船隊建立 23 年的合作夥伴關係，其中包括為當地社區帶來經濟利益，以及球隊未來的主場 Intuit Dome。最後，我們推出了 Intuit Ventures 來投資初創社區，並為消費者和小企業加速金融科技創新。

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.

我們所做的所有工作都始於我們推動世界繁榮的使命。我為整個公司為我們的客戶和社區實現這一使命的勢頭感到自豪。

Now let me hand it over to Michelle.

現在讓我把它交給米歇爾。

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，薩珊。大家下午好，我也想歡迎 Mailchimp 團隊加入 Intuit。現在讓我談談結果。

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 財年第一季度，我們實現了 20 億美元的收入； GAAP 營業收入為 1.95 億美元，而去年為 2.09 億美元；非美國通用會計準則營業收入為 5.55 億美元，而去年為 3.34 億美元； GAAP 攤薄後每股收益為 0.82 美元，而一年前為 0.75 美元；非公認會計原則攤薄後每股收益為 1.53 美元，而去年為 0.94 美元。請注意，我們的 GAAP 結果包括其他長期投資的 3900 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.

轉向業務部門。在小型企業和個體經營群體中，本季度收入增長 22%，在線生態系統收入增長 36%。為了成為小型企業的真相來源，我們在小型企業和個體經營者中的戰略重點有三個：發展核心、連接生態系統和全球擴張。

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，我們繼續專注於發展核心。 QuickBooks Online 會計收入在第一財季增長了 32%，主要受客戶增長、有效價格上漲和組合轉變的推動。

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，我們繼續專注於連接生態系統。包括工資、支付、資本和時間跟踪在內的在線服務收入在第一財季增長了 42%。在薪資方面，我們繼續看到本季度的收入順風來自薪資客戶的增長以及向我們提供全方位服務的轉變。在支付方面，收入增長反映了持續的客戶增長，以及每位客戶收費量的增加。

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，我們在全球擴張的進展增加了第一財季在線生態系統收入的增長。按固定匯率計算，國際在線總收入增長了 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，衡量我們戰略健康和成功的最佳指標是在線生態系統收入增長，我們預計隨著時間的推移有機增長將超過 30%。這是由客戶和 ARPC 預期增長 10% 到 20% 推動的。

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.

桌面生態系統收入在第一季度增長了 7%。 QuickBooks Desktop Enterprise 收入增長高個位數，這是由於我們去年底實現的強勁客戶增長和價格上漲。提醒一下，今年秋天，我們為今年的桌面產品過渡到訂閱模式，我們預計這將成為下半年收入增長的逆風。我們預計台式機業務將長期下滑。

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.

繼續使用 Credit Karma。第一季度收入為 4.18 億美元，這是另一個創紀錄的季度收入，這得益於高水平的月度活躍用戶和每月活躍用戶的收入。

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.

在核心部分，我們看到了另一個創紀錄的季度，這是由個人貸款和信用卡的綜合實力推動的。垂直增長也取得了另一個強勁的季度，反映了住房貸款和汽車貸款的勢頭。我們正在通過專注於創新的Credit Karma Money（我們的數字貨幣產品的一部分）來發展新興的垂直領域，因此這在今天並不是一個很大的收入驅動力。

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.

在我們的合作夥伴進行了強勁的投資之後，我們繼續預計核心垂直領域被壓抑的需求將在 2022 財年下半年的某個時候逐漸減少。我們仍然對未來的機會感到興奮。

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.

第一季度消費者集團收入為 1.2 億美元，符合我們的預期。展望即將到來的稅收季節，我們將繼續專注於擴大我們在 DIY 領域的領先地位並通過 TurboTax Live 轉變輔助細分市場的戰略。至於 ProConnect 集團，本季度 2600 萬美元的收入也符合我們的預期。

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.

轉向我們的財務原則。我們仍然致力於實現兩位數的有機收入增長，並且營業收入的增長速度快於收入。正如我之前分享的那樣，隨著我們傾向於我們的平台戰略，我們看到了隨著時間的推移利潤率擴大的機會。我們採取嚴格的資本管理方法，將我們產生的現金投資於預期投資回報率超過 15% 的機會。我們繼續將資源重新分配給最優先事項，重點是成為人工智能驅動的專家平台。這些原則指導我們的決定，並且仍然是我們的長期承諾。

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.

我們產生現金的首要任務是投資業務以推動客戶和收入增長。我們考慮通過收購來加速我們的增長並完善我們的產品路線圖。我們通過股票回購和股息向股東返還我們無法從業務中獲利的多餘現金。

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.

本季度結束時，我們的資產負債表上有大約 33 億美元的現金和投資。 11 月 1 日，我們根據新的信貸協議簽訂了一筆 47 億美元的定期貸款，為收購 Mailchimp 提供部分資金。我們在第一季度回購了 3.39 億美元的股票。根據市場情況和其他因素，我們的目標是每個季度都進入市場。董事會批准了每股 0.68 美元的季度股息，於 2022 年 1 月 18 日支付。這比去年增加了 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.

繼續指導。我們正在提高我們的 2022 財年全年收入和非 GAAP 營業收入和每股收益指引，以反映對 Mailchimp 的收購以及小企業和個體經營集團和 Credit Karma 年初強於預期.

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.

我們更新的 2022 財年指引包括 121.65 億美元至 123 億美元的收入，增長 26% 至 28%，包括截至 11 月 1 日的 Mailchimp 和全年的 Credit Karma；不包括 Mailchimp，收入增長 18% 至 20%，高於我們之前 15% 至 16% 的指導； GAAP每股收益為7美元至7.16美元；非公認會計原則每股收益為 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.

更新後的 2022 財年指導包括小企業和個體經營者的有機增長，從 12% 上升到 17%，從 12% 上升到 14%；預計 Mailchimp 收入為 7.6 億美元至 7.7 億美元，Credit Karma 收入為 15.4 億美元至 15.65 億美元，高於 13.45 億美元至 13.8 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.

正如我之前分享的，隨著時間的推移，我們繼續看到利用該平台並推動利潤增長的機會。不包括 Mailchimp，我們的非 GAAP 營業收入指引繼續暗示 2022 財年利潤率將增長約 60 個基點。我們的指引假設 Mailchimp 交易會增加 Intuit 在 2022 財年全年的非 GAAP 每股收益。但是，我們預計非 GAAP 營業利潤率一次下降約 80 個基點，反映了 Mailchimp 的影響，因為我們計劃積極投資該業務。我們預計，隨著時間的推移，非 GAAP 營業利潤率將從這一新水平繼續擴大，這符合我們的財務原則。

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.

我們的 2022 財年 GAAP 營業收入指引包括約 1.65 億美元的與收購 Mailchimp 相關的股票薪酬。此外，我們的 GAAP 營業收入指導包括收購 Credit Karma 的影響，以及我們為吸引和留住人才而進行的股票薪酬投資。我們相信這些是推動長期增長的正確決定。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 財年第二季度的指導包括收入增長 73% 至 74%，GAAP 每股收益為 0.55 美元至 0.59 美元，非 GAAP 每股收益為 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我們的情況說明書中找到我們完整的第二季度和更新的 2022 財年指導細節。

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

有了這個，我會把它還給你，薩珊。

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.

偉大的。謝謝你，米歇爾。鑑於我們的戰略是成為人工智能驅動的專家平台，為消費者和小企業帶來繁榮，我們今年開局強勁，整個公司的勢頭持續強勁。我為我們的員工在本季度所取得的成就感到自豪，我對未來尋找新的創新方式為我們超過 1 億客戶提供服務的機會感到興奮。

Now let's open it up to your questions.

現在讓我們打開它來回答您的問題。

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

（操作員說明）我們的第一個問題來自古根海姆的 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。只是想知道，有沒有一種方法可以量化我們在您的核心信用垂直領域內採用 Lightbox 的情況，以及潛在的採用可能是什麼樣的？然後你談到擴展到其他垂直領域。您認為哪些垂直領域適合集成到 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，謝謝你的問題。就 Lightbox 而言，正如我們在投資者日所談到的那樣，我們實際上在滲透率方面逐年取得了重大進展。我認為我們在投資者日討論的是我們在信用卡和個人貸款方面的滲透率分別為 50% 和 40%，而我認為前一年為 40% 和 20%。因此，我們面臨著巨大的滲透機會。我認為金融機構所看到的同樣重要，甚至更重要，這才是他們投資的真正回報。越來越多的金融機構加入了這個平台，這給了我們一個顯著提高滲透率的機會。我想這就是我可能會給你的妙語。舉個例子，我認為我們在信用卡方面的滲透率不到 5%；而個人貸款和其他垂直行業則更低。

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，我們與成員建立的信任，我們與合作夥伴建立的信任，為我們提供了重大滲透的機會。而且我認為當您考慮 Lightbox 尤其是滲透率時，我們最好的幾年就在我們前面。關於您關於擴展的問題，汽車貸款只是我們可以擴展 Lightbox 的一個例子。還有其他一些我們沒有公開討論過的領域。在我們看到可以進一步擴展 Lightbox 的進一步證明點之前，我今天不會這樣做。所以我認為這是 13 年的投資，現在使我們能夠真正為會員、合作夥伴提供服務，並真正創造這種網絡效應。

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?

知道了。極好的。我很欣賞這種顏色。然後，如果我可以偷偷給你一個，米歇爾。當我查看 Mailchimp 的 7.6 億美元、7.7 億美元的數字時，有什麼方法可以幫助我們了解與去年相比，在 3 個季度的基礎上增長可能是什麼樣的？

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.

Ken，是的，我們對 Mailchimp 感到非常興奮，我們認為我們將一起做一些偉大的事情。在大流行期間，他們的收入和新的付費用戶增長受到了負面影響。我會讓你知道的。他們確實縮減了一些營銷支出，以便保持盈利能力，我們確實看到他們的客戶流失率也有所下降。在我們前進的過程中，我們將積極投資以推動他們的增長。它不會在一夜之間發生。但我們對我們看到的發展機會感到非常興奮，因為我們期待著。我們還沒有真正提供任何關於他們之前增長的更多細節。

Our next question comes from Keith Weiss of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Keith Weiss。

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?

優秀。真正令人印象深刻的季度，這裡真的沒有什麼可挑剔的。我想深入研究一下 QuickBooks Online 業務，包括訂閱和在線服務在本季度的加速增長。您能否幫助我們了解其中有多少類似於日曆 '20 宏觀影響後持續的通貨再膨脹？有多少來自從根本上提高附加率？我知道你們正在使用 QBO Advanced 專注於更高級別的客戶。這是否開始改善該業務的整體附加率情況？

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.

謝謝你的問題。我想說的是，與前幾個季度相比，如果不是全部的話，大部分只是客戶增長。它是基於 QuickBooks Advanced 的改進組合； QuickBooks Live，程度較低；以及諸如全方位服務工資單之類的東西；以及我們在即時存款支付方面所做的所有創新，使我們的支付產品更易於使用；現在，我們推出了預付費用的新產品。所以我想說，我們開始體驗的大部分是平台上的實際創新以及我們為客戶解決廣泛需求的產品組合。我想說的是，從大流行中反彈，當然發生了。我們開始體驗皮卡。但那是，我會說，4 到 6 個月前。我認為現在我們看到了該平台的真實性能。

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?

傑出的。也許是米歇爾的後續行動。您再次指出了向訂閱轉變對桌面業務的潛在影響。你有什麼辦法可以幫助我們量化這些影響將會是什麼？

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.

基思，關於桌面，我可以告訴你的是，很明顯，我們在第一季度看到了生態系統 7% 的增長。這實際上是由 2 個不同的組件驅動的。其中大部分是 2 個組件。首先是我們看到更高的桌面企業客戶增長和一些價格上漲。第一季度桌面企業收入增長為高個位數。另一半實際上是桌面用戶組合。去年，我們看到台式機訂閱量增長了 48%，而直接訂閱量下降了 47%。因此，由於我們進行收入確認的方式，去年訂閱人數的增長，你會從第一季度的訂閱人數增長中獲得額外的收入。這就是我們所看到的。因此，隨著我們在今年剩下的時間裡走得更遠，我們確實預計這種增長會遇到一些阻力，特別是在所有用戶增長而不是直接增長的情況下。

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?

這是 Kirk 的 Chirag Ved。祝賀偉大的季度。我知道現在還為時尚早，但你能談談 Mailchimp 的上市計劃嗎？例如，您打算接觸客戶還是一站式供應商？或者你認為考慮到潛在的不同採購中心和公司，兩者都會分開出售？ Mailchimp 是否會加快您的計劃，以更快的時間線將 QuickBooks 擴展到更多地區？我想，當你達到穩定狀態時，你如何期望這會隨著時間的推移而演變？

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。謝謝你的問題。我將帶您回到我們宣布的 3 個優先事項，因為我認為它是針對您提出的重要問題。首先，我們的第一要務實際上是圍繞創建一個增長平台。在構建數據管道和連接服務方面確實有很多幕後工作，以便將 Mailchimp 數據和 QuickBooks 數據的神奇力量匯集在一起，讓客戶發揮洞察力的力量在他們的手中。因此，最重要的是，這一切都與產品和創建一個增長平台有關。

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，我們已經從財務管理解決方案的角度使用 QuickBooks Advanced 做到了這一點。好吧，現在我們將在本質上構建 Mailchimp 的功能並真正擾亂中端市場，因為這是對中端市場的巨大需求。我想說第三個實際上是擁有一份全球手冊並加速我們對上市的投資，我認為這將解決你問的最後一個問題，我還沒有回答。也就是說，我們希望客戶有選擇權。

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，如果客戶首先希望與 Mailchimp 互動，以便能夠在線開展業務、營銷業務和使用 CRM 工具，他們可以使用 Mailchimp，但我們將確保一切都支持支付。然後隨著時間的推移，如果他們想使用所有的發票功能、工資單功能、資本訪問權，並確保它們合規，所有這些都將在 Mailchimp 中啟用。反之亦然。如果您正在使用 QuickBooks，並且想開始使用功能來營銷您的業務和管理您的客戶，那麼您可以使用 Mailchimp 的所有功能。例如，Mailchimp 最終可能會成為左側的 NAV 項目。

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.

所以我們會讓客戶做出選擇，我認為標題是對您問題的回答。我們將分別去市場。我們一起去市場。我們將提高認識並確保客戶知道他們可以在一個地方開展業務，更重要的是，他們所有數據的力量將在一個地方推動他們的成功。這就是我們正在採取的方法。

Our next question comes from Sterling Auty of JPMorgan.

我們的下一個問題來自摩根大通的 Sterling Auty。

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?

今晚是傑克遜的斯特林。第一個實際上是 Credit Karma 在今年剩餘時間裡的表現好於預期。我們很好奇，我的意思是，它是否更多地受到 2020 年對傳統垂直行業的影響的強勁反彈的推動？或者更多的是增加信心，米歇爾，我想你在房屋和汽車貸款方面提到了什麼？

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。感謝你的提問。我會從幾件事開始。去年，與上一年相比，Credit Karma 全年增長了 37%。我們對 Credit Karma 未來的新指導範圍為 35% 至 37%。所以我認為你在其中看到的是宏觀反彈，但我們真正看到的是平台上的創新，燈箱的力量，成員越來越匹配的事實對於他們正在尋找的東西，金融機構和保險公司正在看到平台的力量。它實際上只是在創造網絡效應。

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.

因此，我認為我們獲得信心的只是創新、對 Lightbox 的技術投資以及我們展望未來的宏觀環境，這讓我們對 Credit Karma 的表現充滿信心。再說一次，我想提醒我們，這更像是一個長期的評論，信用業力是一個平台，我們正在這裡創造一個生態系統效應。 Credit Karma 是 TurboTax 體驗的一部分，我們很高興大家看到我們將在即將到來的稅收季節推出什麼。 TurboTax 作為 Credit Karma 體驗的一部分。 Credit Karma 是工資單體驗的一部分。因此，請真正將 Intuit 視為一個擁有許多解決不同問題的平台的平台。這正是我們展望未來的信心所在。

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。偉大的。然後是關於稅務業務的後續行動。到第二季度末，我們將進入稅收季節。因此，我們即將推出 TurboTax 廣告支出的營銷時間。那麼，當我們進入 1 月份時，您可以告訴我們關於營銷預算的計劃是什麼？

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。好吧，我不打算談論營銷預算，但我要與您分享的是，在您過去幾年所看到的情況下，它非常一致且持久。我們非常專注於從根本上改變您在需要幫助時完成納稅的方式，並且您將繼續看到我們在如何提高 8800 萬需要幫助的客戶的意識以及如何有更好的獲得您的幫助的方式。還有我們談到的未充分滲透的細分市場，即拉丁裔、投資界和個體經營者。所以我認為你應該期待的是，我們在平台上的投資在這些領域繼續進行。我們對即將到來的賽季感到非常興奮，我們的營銷工作將真正集中在這些領域，以繼續提高知名度。

Our next question comes from Siti Panigrahi of Mizuho.

我們的下一個問題來自瑞穗的 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。很棒的季度。 Sasan，我想問一下你所看到的新客戶獲取趨勢。我記得你談到了美國新業務創建的滯後效應，所以想知道你在 QuickBooks 新客戶獲取方面看到了什麼樣的趨勢，以及你目前正在做什麼樣的促銷或任何事情。

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。感謝您的友好評論和問題。我想說這與我們在投資者日與大家討論的內容非常一致，也就是說，我們將繼續看到我們在美國全面預期的收購趨勢，無論是在低端市場以及我們在中端市場看到的趨勢。因此，這些趨勢仍在繼續。正如我們之前分享的那樣，我們無論如何都不會過度依賴新的業務形式。因此，僅從健康的角度來看，我想說美國與幾個月前我們與大家討論的內容一致。我想說的是，在美國以外，與以前非常一致。復甦並不像美國那樣

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.

現在，如果我要雙擊它，我會說，在美國之後是加拿大。而且我認為我們將開始看到英國和澳大利亞開始捲土重來——對不起，英國和法國。然後，我會說，澳大利亞落後於英國和法國。因此，我們確實相信，在未來一年或更短的時間內，該國際將開始緩慢反彈。然後國際反彈緩慢的原因是剛剛開始和停止的次數太多以至於小企業剛剛失去信心，我是否會增加庫存，是否要雇用更多員工，是否增加自己的營銷預算，他們只是在反彈方面變慢了。但我們相信，在未來一年左右的時間裡，我們會看到這種力量。但是net-net，頭條新聞是美國繼續強勁並符合我們的預期，國際將在一年內反彈。

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?

那太棒了。以及 TurboTax 問題的後續行動。這可能是您要利用不使用 TurboTax 的 Credit Karma 會員的第一年。您目前有什麼樣的策略來利用 Credit Karma 如此龐大的會員群？

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 客戶做的事情的可能性感到非常興奮。去年確實是一個學習年，我認為今年我們會學到更多。聽著，我們的目標是希望每個 TurboTax 客戶都能使用 Credit Karma 以及 Credit Karma 的所有好處。我們希望每個 Credit Karma 會員都能使用 TurboTax，無論他們是想自己做還是需要幫助。所以我認為就我們所有的經驗而言，我們將比去年好一年，就我們在這些經驗中所做的投資而言。我們對此感到興奮。

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.

簡而言之，在投資者日，我們與您分享了我們的 Horizon 框架，Horizon 1 是 0 到 18 個月內的收入影響；地平線 2 為 18 至 36 個月； Horizon 3 是 36 個月以上。實際上，我們將 Credit Karma 的影響整合為 TurboTax 的一部分，反之亦然，因為我們真的想確定體驗。但是，儘管如此，我們正在努力，我們對我們將在未來幾週內推出的東西感到興奮。

Our next question comes from Michael Turrin of Wells Fargo.

我們的下一個問題來自富國銀行的邁克爾·特林。

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.

祝賀本財年開始時取得的驚人成績。我們已經討論過——我的意思是，你已經收到了一些關於稅收的問題。我們在 Live 技術上看到了這一點。我們看到您現在也為 QuickBooks 提供專家設置。所以想知道您是否可以為專家主導的願景延伸多遠添加任何顏色？您是否可以將其用於消費金融，甚至可能使用 Mailchimp 進行電子郵件營銷？這似乎是對產品組合的強大補充。很明顯，大賭注，你一直專注於它，所以很想听聽更多。

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，謝謝你的客氣話和好問題。當我們宣布將人們與專家聯繫起來並創建一個虛擬專家平台的賭注時，我們已經——我想我們到現在，我不知道，5 年多來，真正投資於這個虛擬專家平台。有很多底層技術服務正在使用人工智能來確保平台將正確的客戶與正確的專家相匹配，從而使平台簡單易用，便於專家使用。我們對虛擬專家平台所處的位置感到非常自信。我們的重點是在納稅時間方面為客戶提供服務，幫助小企業記賬，最終也幫助他們納稅，但更重要的是，只是幫助他們經營業務。在那個領域，我們有很多機會擺在我們面前。

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，我們確實有一些我們稱之為基於任務的小型團隊正在探索其他空間，因為我們可以利用這個虛擬專家平台的許多功能來服務於營銷等空間，也可能是金融服務等空間。所以我們正在做實驗，但非常有意識地確保我們可以學習。我想我會結束，我們可以利用這個虛擬專家平台的機會是無窮無盡的。然而，目前擺在我們面前的最大增長機會是幫助客戶納稅並幫助小企業開展業務。然後，隨著這些其他垂直領域成為現實，我們當然會與大家分享我們的計劃。但隨著時間的推移，它會橫向延伸到新的垂直領域。

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?

這是一個很好的答案。米歇爾，你歷來沒有在報稅季前更新指導。我們已經討論了 Credit Karma 的一些優勢。但就打破這種歷史模式而言，我們是否只是看到了更加多元化的 Intuit 的出現？或者您可以就那裡的更改提供任何評論？

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，這與我們在歷史上所做的不同。從歷史上看，消費者群體在我們的業務中也佔有很大比例。現在，隨著業務的其他部分不斷增長，我們正在添加 Credit Karma，總體而言，業務的構成正在發生變化。而且，這是我們第一次看到像這樣的真正大流行病。因此，大流行之後的增長也對複蘇等產生了一些影響。所以是的，它有點不同。公司的組成略有不同。但我們對我們所看到的感覺非常好，並對我們在 Credit Karma 和小型企業中看到的加速增長感到非常興奮，並準備好進入稅收季節。

Our next question comes from Brad Zelnick of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brad Zelnick。

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，伙計們。我的問題是，您在本季度小型企業的價格上漲生效。對您的各種 SKU 的保留有任何明顯的影響，尤其是那些沒有附加付款或工資單的人？

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，謝謝你的客氣話和問題。我會說2件事。一，實際上，我們的大部分增長仍然來自客戶增長和組合，以及在較小程度上來自價格。所以你應該意識到這一點。第二，我們從價格上漲中沒有看到超出我們預期的平衡。所以簡短的回答是否定的。根據我們所做的測試，它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?

知道了。如果我可以再跟進一個，Sasan。 Credit Karma Money 無疑是一個重大機遇，我相信您已經為 QuickBooks Payroll 客戶提供了將高達 2320 億美元的工資資金存入 CK 貨幣賬戶的機會。到目前為止，您在這方面看到了什麼？或者您認為您最終可以通過這樣的方式捕獲多少百分比的 QuickBooks Payroll 收款人？

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。好吧，首先，我們沒有透露我們的吸引力，只是我會告訴你，我們通常很興奮，作為我們在我們的產品組合中提供給客戶的許多東西的一部分，讓他們儘早獲得工資。我認為我們正在學習的很多東西以及我們在前進過程中感到興奮的很多東西都取決於客戶和客戶群。有一些客戶，根據他們的情況和他們對每週生活的依賴程度——與他們的每週薪水有關，如果你靠薪水生活，你會更關注我能不能早點接觸到，而不是你不這樣做不是每週都住。因此，我們正在了解我們工資單中的這些群組，針對您的問題，以及我們可以在哪裡獲得牽引力以及在哪些方面不需要客戶。

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.

我只想更廣泛地說，我們對提前獲得工資感到興奮，既可以通過獨立的工資單提供，也可以通過 Credit Karma 提供。坦率地說，我認為隨著時間的推移，這將成為商品。我認為每個人都會有一個產品功能，可以讓你提前獲得工資。對我們來說，這不僅僅是關於功能，而是關於它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.

我們的下一個問題來自 Jefferies 的 Brent Thill。

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.

Sasan，當 Mailchimp 交易完成時，你很清楚這不僅僅是一家郵件公司，還有更廣泛的平台可用於營銷和註冊網站。我只是很好奇，沿著這個主題，你所看到的最令人興奮的是你可以將 Mailchimp 帶入你的客戶，最終，這種平台在前台的作用以及它如何發展，如果你可以的話蓋那個，那太好了。

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，絕對是，布倫特。作為一家公司，我們擁有的一種機制稱為“大賭注”審查，我們通過每個大賭注的經驗帶領公司的管理人員了解我們所學到的知識、我們所處的位置以及我們的發展方向。最後一次 Big Bet 評論恰好是我們從 Mailchimp 引入 Ben 和團隊的地方，並真正了解了我們所處的位置和未來的經驗和細節。我只想告訴你，當我們完成交易時，我們會更加興奮，因為我們客戶的需求在你提到的所有領域。每個客戶都在不同的地方。但客戶確實在尋找能夠吸引新客戶的方法。這是他們的麵包和黃油。我們近 70% 的客戶正在尋找獲得新客戶的方法。

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.

我們現在擁有這些功能，我們將把它集成到 QuickBooks 中，反之亦然，將 QuickBooks 集成到 Mailchimp 中。他們希望能夠以一種自動化的方式管理他們現有的客戶，以一種一切都自動化的有見地的方式。他們不必知道我何時跟進客戶，我可以向他們銷售哪些附加產品，所有這些都可以通過 Mailchimp 實現自動化。人們沒有意識到的一件事是您仍然吸引客戶的最大方式之一，我們通過我們在 TurboTax 中所做的看到它，實際上是電子郵件。所以現在我們擁有所有這些能力。

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.

我們有能力將您放在擁有我們所有數字資產的大型平台上，管理您所有現有的關係，所有電子郵件功能。但更重要的是，它利用數據、客戶數據和購買數據的力量來幫助您了解誰是客戶，誰買了什麼，他們沒有買什麼，誰在引導您的購物卡以及您如何追求他們。所以這與我們之前談到的一致。這就是未來的機會，它是關於我們現在在產品上所做的工作，以將這些功能的力量交到我們的客戶手中。因此，我們非常高興能夠幫助我們的客戶取得成功。所以請繼續關注。

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.

我想問你一點關於 TurboTax Live 的問題，也許已經是 TurboTax 客戶轉向該產品的客戶和新客戶的趨勢是什麼，以及你如何預測這個稅收季節的發展趨勢。

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。這是直播平台真正讓我們興奮的事情之一。一，今天有 8800 萬人使用輔助方法。在輔助方法中，每年有 1000 萬人流失。他們從一種輔助方法跳到另一種輔助方法。因此，從一個帳戶到另一個帳戶或從 1 個商店到會計師。然後在 TurboTax 基礎中，那些自己動手的人，我們有 400 萬人離開，他們最終會採用輔助方法。所以我認為你的問題的答案是以上所有。

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.

我們已經看到了轉化率的提高、留存率的提高。我們已經看到 TurboTax 客戶一年前自己做了，他們的生活發生了變化，或者他們只是不確定他們是否以正確的方式進行家庭扣除，或者他們是否有一個孩子並且孩子上過大學，如何最終考慮到他們現在使用 Live 平台的那些扣除額。反之亦然，您可以使用 Live 平台並有足夠的信心，在之後的一年，您自己做。然後你可能 - 在那之後的一天，反彈。現在我們看到了 3、4 年的趨勢。所以真的，以上都是，最大的，我想說，司機是那些使用不同輔助方法進入平台的人，當然，那些在 TurboTax 中生活發生變化的人隨著 TurboTax 的增長和使用 Live平台。當我們用 10 年的眼光看待這個機會時，我們只是看到這種情況仍在繼續。

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?

還有一個關於 Credit Karma 的問題。 Sasan，您談到了 Credit Karma Money，這聽起來是一個非常有趣的機會。我想知道，您的客戶是否擔心會說“嘿，您現在正在與我競爭存款”，這會導致問題嗎？

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.

我們在 Credit Karma 中擁有的基本戰略原則之一是它是一個不可知論的平台。我們的金融機構和我們所有的合作夥伴都看到了它的力量，我們不創造自己的產品，而是確保我們為會員匹配適合他們的產品是多麼勤奮和刻意。我們在 Credit Karma 中擁有的許多功能最終都有一個參與其中的機構。所以這不是我們所關心的。我們對金融機構的發言權非常非常高。我們只是相信這只是它的開始，尤其是在 Lightbox 的牽引下，它實際上為會員帶來了更多的成功，也為金融機構帶來了更多的成功。所以這不是我們關心的問題。

Our next question comes from Kash Rangan of Goldman Sachs.

我們的下一個問題來自高盛的 Kash Rangan。

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?

神奇的季度，薩珊和米歇爾。 Sasan，我很想知道你對美國經濟面臨的問題的看法。我們遇到了前所未有的勞動力短缺。我們遇到了供應鏈問題。我們遇到了通貨膨脹問題。許多這些問題確實與小企業生態系統有關。當您想到 Intuit 以及您在 AI 上非常成功地進行的巨大轉型時，Intuit 可以做些什麼來為小企業客戶解決這些問題，因為它從您的產品角度來看我們面臨的這些近期逆風？

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，卡什。如果您是一個以產品為基礎的企業，那麼對於所有這些領域來說，這是一個很好的問題，對，勞動力短缺，一些供應鏈挑戰，當然通貨膨脹絕對會影響小企業。我會發表一個廣泛的評論，我會說我們正在經歷。當你把從 2020 年 3 月開始的大流行病與發生的事情結合起來時，我認為它確實迫使全球每個人，無論你是否是一家小企業，但讓我們繼續專注於小企業，重塑自己.它確實加速了向虛擬解決方案的轉變。它加速了向在線的轉變，無論是你如何開具發票和獲得報酬，你如何做你的工資單，你如何做你的時間跟踪。而且我認為這種運動只是在繼續，我認為我們永遠不會回到舊的方式，我認為這種流行病確實加速了我提到的那些領域的轉變，特別是當然，數字貨幣產品。

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，再加上不僅勞動力短缺，而且勞動力從工作崗位轉移到工作崗位，我們相信，正如我與同行交談時，一般而言，一些供應鏈挑戰將在 2022 年下半年開始得到解決，2023 年上半年和通貨膨脹，實際上正在導緻小企業利用更多平台。因此，如果我將其帶回我們的平台，並且如果您使用我們的平台，您可以獲得預付款。您可以獲得即時存款。你可以做當天的工資單。您可以聘請專家來確保您作為小型企業獲得最佳扣除額，並確保您有效地經營您的業務。

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.

如果你使用一個平台，你可以用更少的人做更多的事情，這就是 Mailchimp 的力量發揮作用的地方。與其擁有多個工具，你在工具之間來回跳動，而且你不確定你的客戶盈利能力是什麼，當你應該跟進客戶，如何獲得更多客戶，所有這些事情都是推力使用我們的平台。我們的平台實際上旨在幫助您發展業務，減少對勞動力的關注，並能夠盡可能地應對通貨膨脹。現在最終，我們必須隨著時間的推移解決，我相信它會得到解決，其中一些供應鏈問題和通貨膨脹問題。但這就是我們的平台發揮作用的地方，也是我們為小企業做好準備的原因，以及我們在繼續教育他們方面需要發揮的作用。

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.

優秀。如果可以的話，非常快給米歇爾。您如何評估長期利潤驅動因素？我的意思是，華爾街認為利潤率增長在某種程度上是線性的。但一般來說，這些東西往往會呈 S 曲線上升。因此，我們經常低估公司長期的真正盈利能力。因此，在您的情況下，我們應該尋找哪些可以推動未來增加運營槓桿的東西。

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.

謝謝你，卡什。我很感激。好吧，正如我之前所說，在今年，我們將看到收購 Mailchimp 後的利潤率調整。因此，儘管如此，我們相信隨著時間的推移，我們將繼續擴大我們的利潤率，正如我們在這個新的降級水平上所談到的那樣。但隨著我們越來越成為一個平台，我們在整個公司都看到了機會，無論是在技術方面，還是在能夠提高我們平台上的開發速度和推動更多服務方面，使用諸如資金流動之類的東西。公司以及我們的欺詐和風險能力，而不必在整個公司內復制這些能力。

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，我們正在擴展一個共同的客戶成功平台，以便我們能夠更有效地為客戶服務。然後在上市領域，真正利用通用基礎設施能夠更有效地定位客戶並管理我們的銷售和營銷流程。因此，我們確實在損益表中看到了許多機會，正如我們所期待的那樣，我們將有機會利用這些機會。

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

我們的下一個問題來自美國銀行證券的 Brad Sills。

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?

祝賀一個非常好的季度。如果可以的話，我想問一個關於 TurboTax 的問題。這是您瞄準全方位服務機會的第二年，您從去年（即您的第一年）中學到了什麼？從歷史上看，您已經在自己動手中看到了 1% 到 2% 的份額增長。自己動手作為一個類別獲得 2 到 4 分。隨著您獲得更多情報，這是否可能會加速這些趨勢，並通過這種努力變得更加成功？總的來說，您對該產品今年的期望是什麼？

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。我想說兩件大事。一是全方位服務絕對會對客戶的信心產生光環影響，這實際上讓我想到了第二點，也是真正的方法，即我們是客戶的平台。真的，如果您認為客戶 Mac，我們希望我們的客戶知道他們有能力自己做。如果他們需要專家來回答他們的任何問題，他們可以聯繫專家，和/或他們可以讓我們為他們納稅並以數字方式完成所有事情。順便說一句，在中游，如果您選擇專家並使用，您知道嗎，我不知道我是否只是需要幫助。我只是想讓 Intuit 為我做這一切。我們會為你做這一切。

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.

所以說真的，我們的方法，現在我們已經有幾年的試驗和學習全方位服務，現在我們有一個真正的端到端平台，我們可以滿足任何客戶的需求。隨著時間的推移，真正的力量是與客戶一起成長。如果他們剛剛開始他們的職業生涯，或者如果他們是一名生活發生變化的學生，我們有一個平台可以滿足他們的所有需求。因此，我想說，答案的標題確實起到了光環效應，在我們展望未來時，它為我們的平台方法提供了信息。

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，薩珊。如果可以的話，請再來一個，就在 Credit Karma 上。去年，您在稅收季度看到了不錯的增長，將 TurboTax 申報者轉換為 Credit Karma。你能提醒我們你在哪裡嗎？最初是不是很容易實現？是什麼推動了您在該業務中看到的成功？您對今年和未來的展望如何？

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.

是的，當然。我真的會把去年完全放在學習的桶裡。這並不意味著今年會改變。我們是一家致力於快速行動、試驗、轉型和學習的公司，所有這些都是在我們對願景的頑固背景下進行的。確實，去年是一個學習年，儘管 TurboTax 對 Credit Karma 的會員增長產生了一些不錯的影響。我們真的很興奮，也很想看看今年我們在平台上的新創新和體驗如何發揮作用，看看我們學到了什麼。

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.

我會帶你回到原因，在投資者日，我們將 Credit Karma 的機會作為 TurboTax 體驗的一部分，並將 TurboTax 作為 Horizon 3 的 Credit Karma 平台的一部分，我們是否真的專注於客戶和會員體驗並牢記這一點，因為我們知道，隨著時間的推移，我們可以獲利。所以我們對未來的一年感到興奮。我們有 11 個月的時間學習、調整和準備這個稅收季節。我們對這些體驗的推出感到興奮，並看到它們在接下來的幾個月中將如何發揮作用。

Our next question comes from Scott Schneeberger of Oppenheimer.

我們的下一個問題來自 Oppenheimer 的 Scott Schneeberger。

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，在國際上，Sasan 的小型企業增長了 39%。這是很不錯的。您能否簡要總結一下您在本季度看到的情況以及在哪裡？然後問題的 B 部分是，你提到 Mailchimp 應該加速全球增長，我只是好奇我們何時以及如何看到它出現在該類別中。

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。當然，斯科特。謝謝你。首先，在國際上，我們看到了一些相同的趨勢，不僅是我們的執行力，還有宏觀環境，正如我們在過去幾個季度看到的那樣，加拿大等某些國家的反彈力度更大。還有像澳大利亞這樣的地方，基於經濟不斷開放和關閉的事實，反彈真的非常緩慢。同樣，我們的觀點是，在明年，國際應該開始從宏觀角度回歸。所以 net-net，我們的趨勢和我們的表現，雖然我們對它非常滿意，但我們相信隨著時間的推移，隨著宏觀環境的回歸，我們會描繪出不同的畫面。

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.

就 Mailchimp 而言，我們的重點是我提到的 3 個優先事項。我們希望創建一個令人驚嘆的產品和平台，將 QuickBooks 和 Mailchimp 結合在一起。我們希望建立顛覆中端市場的能力。然後正如米歇爾所說，我們將大力投資於我們的全球市場。所以我想說，我不會過度預期我們的國際發展軌跡會因為 Mailchimp 而發生重大變化。我們希望做一些基本的事情，以確保我們可以真正成為您可以發展業務和經營業務的平台。隨著時間的推移，它肯定會在國際上產生影響，我們對此感到興奮，因為它讓我們在美國以外的大門又邁出了一步。

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.

偉大的。只為最後一個。恭喜 Intuit Dome 並可能在其中擊敗 Crypto.com。但只是好奇公司在過去幾年中壓倒一切的大型主題營銷推動，我們應該如何大規模地考慮這一點。

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。我會說，我已經說了很多年了，我想你曾經聽過布拉德談論這個。我認為我們是世界上最大的秘密。而且我們不希望這個秘密再成為現實。我們希望確保全世界都知道它是誰以及我們的品牌是什麼。我們的數據顯示，當客戶了解 TurboTax、Credit Karma、Mailchimp now 和 QuickBooks 越多，當他們了解到他們是 Intuit 品牌的一部分並且平台都相互連接時，它實際上對我們的潛力產生了積極影響為了成長。

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.

因此，我們對 Intuit Dome 的看法，對我們來說並不是一項冠名權交易。我們曾經有過很多機會，實際上我們被要求參與這樣的交易，但多年來我們都放棄了。我們這樣做是因為，一，它是非常先進的技術圓頂。我們將幫助社區。第二，我們真的能夠展示我們的品牌。這將是展示我們作為一個 Intuit 平台為市場帶來的好處以及我們可以對消費者和小企業的生活產生的影響的另一種方式。

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.

所以這就是我們的想法，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，我們期望投資回報與我們的營銷投資一樣，這就是事實。它不僅僅是營銷，還影響了洛杉磯的當地社區，我們對此感到很興奮。

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

謝謝你。女士們，先生們，您想以任何補充說明結束嗎？

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.

是的，當然。謝謝你。好吧，首先，非常感謝所有的問題。再次，我要感謝我們的員工令人難以置信的辛勤工作，感謝我們的客戶和我們的合作夥伴，感謝他們在今年的強勁開局以及我們面前的機會。我們非常熱衷於從根本上推動我們的客戶和社區的繁榮，我們為我們的成就感到自豪，我們仍然相信我們才剛剛開始。所以謝謝你的問題。感謝您抽出寶貴時間，我們將在下一次財報電話會議上見到您。大家再見。

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

女士們，先生們，感謝您的參與。今天的電話會議到此結束。