直覺電腦 (INTU) 2021 Q4 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 Fourth Quarter and Fiscal Year 2021 Conference Call. (Operator Instructions) With that, I will now turn the call over to Kim Watkins, Intuit's Vice President of Investor Relations. Ms. Watkins?

午安.我是拉蒂夫，本次會議的主持人。現在，我謹代表Intuit公司歡迎各位參加2021財年第四季及全年電話會議。 （操作說明）接下來，我將把電話轉交給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 Fourth Quarter Fiscal 2020 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 2020財年第四季財報電話會議。今天與我一起參加會議的還有Intuit的執行長薩桑·古達爾齊和財務長米歇爾·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 2020 and our other SEC filings. All of these documents are available on the Investor Relations page of Intuit's website at intuit.com. We assume no obligation to update any forward-looking statements.

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、2020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。

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

接下來，我將把電話交給薩桑。

Thanks, Kim, and thanks to all of you for joining us today.

謝謝金，也謝謝各位今天蒞臨。

We had a very strong fourth quarter, capping off an outstanding year. Full year revenue grew 25%, including the addition of Credit Karma. Total revenue growth was fueled by 16% growth for the Small Business and Self-Employed Group and 14% growth for the Consumer Group, while Credit Karma had a very strong year, delivering another record quarter in Q4.

我們第四季業績表現強勁，為這一年畫下了圓滿的句點。全年營收成長25%，其中包括Credit Karma的業績成長。小型企業和自營商業務板塊成長16%，消費者業務板塊成長14%，推動了總營收的成長。 Credit Karma在這一年表現特別出色，第四季再次創下業績新高。

Combined platform revenue, which includes QuickBooks Online, TurboTax Online and Credit Karma grew 39% to $6.6 billion in fiscal year 2021. This includes 18 points from the addition of Credit Karma. I'm proud of what the team has accomplished this year, and our game plan to win remains durable.

2021財年，包括QuickBooks Online、TurboTax Online和Credit Karma在內的平台總營收成長39%，達到66億美元。其中，Credit Karma的加入貢獻了18個百分點。我為團隊今年所取得的成就感到自豪，我們制勝的策略依然有效。

Let me now turn over to tax. This year marks our fourth consecutive year of double-digit revenue growth. We've built a durable strategy, and we've made outstanding progress this year, with customer growth of 6% and our share of total returns up approximately 1 point. We extended our lead in the do-it-yourself category by focusing on under-penetrated segments, including investor customers, where we tripled the growth rate from last year.

現在讓我談談稅務方面。今年是我們連續第四年實現兩位數營收成長。我們制定了穩健的策略，並在今年取得了顯著進展，客戶成長了6%，總回報份額也提高了約1個百分點。我們透過專注於滲透率較低的細分市場（包括投資者客戶），進一步擴大了在自助服務領域的領先地位，其中投資者客戶的成長率比去年提高了兩倍。

We continued to transform the $20 billion assisted segment with TurboTax Live, accelerating total customer growth by nearly 100%. We have highly predictable model and a platform with significant runway for growth as we accelerate innovation.

我們憑藉TurboTax Live持續革新價值200億美元的輔助報稅市場，使客戶總數成長近100%。我們擁有高度可預測的商業模式和平台，隨著我們加速創新，該平台仍有巨大的成長空間。

Recently, we announced plans not to renew our participation in the IRS Free File program. We expect no impact to revenue from this decision. I want to make sure that you understand how this decision fits within our overall strategy. Free offerings are a critical part of our strategy to serve and grow with customers over time, offering benefits to power their prosperity. Intuit has delivered nearly 100 million free tax filings over the past 8 years and with nearly 90% of those free tax filings coming outside of the IRS Free File program. Looking ahead, with no IRS Free File program constraints, customers can enjoy all of the innovation we have to offer on our TurboTax, Credit Karma and Mint's platform.

近期，我們宣布計劃不再參與美國國稅局 (IRS) 的免費報稅計劃。我們預計此決定不會對收入造成任何影響。我想確保您了解此決定在我們整體策略中的位置。免費服務是我們服務客戶、與客戶共同成長策略的關鍵組成部分，旨在透過提供各種福利來協助客戶實現繁榮發展。過去八年，Intuit 已提供近 1 億份免費報稅服務，其中近 90% 的服務並非透過 IRS 免費報稅計畫完成。展望未來，擺脫 IRS 免費報稅計劃的限制後，客戶可以盡情享受我們在 TurboTax、Credit Karma 和 Mint 平台上提供的所有創新服務。

Our AI-driven expert platform strategy and 5 Big Bets are driving strong momentum and accelerating innovation across the company. These Big Bets are focused on the largest problems our customers face and represent durable growth opportunities for Intuit. 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. Today, I'll highlight the notable progress we've made this quarter on 3 of these Big Bets, and we'll provide a detailed update on all 5 Big Bets at Investor Day next month.

我們以人工智慧驅動的專家平台策略和五大重點項目正推動公司強勁發展勢頭，加速創新。這些重點項目聚焦於客戶面臨的最大挑戰，並為 Intuit 帶來可持續的成長機會。再次強調，這五大重點項目分別是：革新客戶獲益速度、連結用戶與專家、助力客戶做出明智的理財決策、成為小型企業成長的核心力量、顛覆中小型企業市場。今天，我將重點介紹本季度我們在其中三個重點項目上取得的顯著進展，並將在下個月的投資者日上詳細介紹所有五大重點項目的最新進展。

Our second Big Bet is to connect people to experts. We're solving one of the largest problems our customers face, lack of confidence, by connecting people to experts virtually with TurboTax Live and QuickBooks Live. With TurboTax Live, we're transforming the $20 billion assisted category by providing 86 million filers who have previously relied on in-person assistance, the opportunity to access tax experts to help them do their taxes or complete their return digitally. This expertise provides confidence for consumers and creates a halo effect for our entire TurboTax experience.

我們的第二個重大措施是連結用戶與專家。我們正在透過TurboTax Live和QuickBooks Live，將用戶與專家在線連接起來，從而解決客戶面臨的最大難題之一——缺乏信心。借助TurboTax Live，我們正在革新價值200億美元的輔助報稅市場，為8600萬此前依賴線下服務的用戶提供機會，讓他們能夠聯繫到稅務專家，幫助他們完成報稅或在線提交報稅表。這種專業知識增強了使用者的信心，並為我們的整個TurboTax體驗帶來了正面的影響。

The TurboTax Live funnel was strong this season. Customer awareness grew over 20% and TurboTax Live customers new to Intuit grew more than 100%. Our Full Service do-it-for-me offering attracted new customers from the assisted segment at a rate nearly 25% higher than our TurboTax Live do-it-with-me offering.

本季TurboTax Live的銷售漏斗表現強勁。客戶認知度成長超過20%，Intuit新用戶中TurboTax Live用戶成長超過100%。我們的「全套代寫服務」吸引的新客戶比例比「TurboTax Live協助報稅服務」高出近25%。

Our third Big Bet is to unlock SMART Money decisions. With Credit Karma's data platform and powerful network effects, we're making progress towards 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 advice. To deliver on this goal, our strategic focus is to grow the core, including credit cards and personal loans; expand growth verticals, including home loans, auto loans and insurance; and develop emerging verticals focused on digital money offerings, such as savings and checking accounts. Credit Karma also provides an additional monetization engine, increasing our combined wallet share with both free and paying customers.

我們的第三大措施是助力用戶做出明智的理財決策。憑藉 Credit Karma 的數據平台和強大的網路效應，我們正朝著打造個人理財助手的目標穩步邁進，該助手能夠幫助消費者找到合適的金融產品，增加收入，並獲得專業的理財知識和建議。為了實現這一目標，我們的策略重點是：發展核心業務，包括信用卡和個人貸款；拓展成長型垂直領域，包括房屋貸款、汽車貸款和保險；以及開發專注於數位貨幣產品的新興垂直領域，例如儲蓄和支票帳戶。 Credit Karma 還提供了一個額外的獲利引擎，能夠提升我們與免費用戶和付費用戶的綜合錢包份額。

Credit Karma achieved another record high revenue quarter in Q4, with the number of members reaching a new all-time high, fueled partly by the TurboTax integration, and monthly active users and frequency of member visits remain strong.

Credit Karma 在第四季再次創下營收新高，會員數量也創下歷史新高，部分原因是 TurboTax 的整合，每月活躍用戶數和會員訪問頻率依然強勁。

Within the core, credit card and personal revenue achieved another record high on a combined basis, reflecting an increase in transactions per member. The growth verticals also achieved an all-time revenue high again this quarter, reflecting strong momentum in auto insurance, followed by home loans and auto loans. And we're developing the emerging verticals by -- emerging verticals by focusing on innovation with Credit Karma Money, part of our digital money offering.

在核心業務方面，信用卡和個人業務的收入合計再創新高，反映出每位會員的交易量增加。成長型垂直業務本季也再次創下歷史新高，其中汽車保險業務成長勢頭強勁，其次是房屋貸款和汽車貸款。我們正在透過專注於創新來發展新興垂直業務，例如我們數位貨幣產品之一的 Credit Karma Money。

Just this past month -- or just this month, we announced the integration of QuickBooks Online payroll to deliver a better checking experience or a portion of our Small Business employees that help them manage all aspects of their finances all in one place. These results are evidence that successful innovation drives Credit Karma members to the platform, creating more opportunities to connect them with products that are right for them, resulting in more monetization opportunities for Intuit.

就在上個月——或者說就在本月——我們宣布整合 QuickBooks Online 薪資管理功能，旨在為部分小型企業員工提供更佳的支票帳戶體驗，幫助他們在一個平台上管理所有財務事宜。這些成果證明，成功的創新能夠吸引 Credit Karma 會員使用平台，創造更多機會將他們與適合他們的產品聯繫起來，從而為 Intuit 帶來更多盈利機會。

The all-time highs we achieved are driven by focused innovation in both bolstering our proprietary AI-powered Lightbox technology and investing in growth verticals such as home and auto, as well as pent-up demand from our partners. Lightbox enables Credit Karma to present offers to members that have a higher likelihood of approval. Partners' usage of Lightbox in Q4 is now at an all-time high, with over 50% of credit card and over 40% of personal loan transactions flowing through versus less than 40% and 20% a year ago.

我們所取得的歷史新高得益於以下幾點：一方面，我們專注於創新，不斷強化自主研發的AI驅動型Lightbox技術；另一方面，我們加大對房屋和汽車等成長型垂直領域的投資；此外，合作夥伴的積壓需求也發揮了重要作用。 Lightbox使Credit Karma能夠向更有可能獲得批准的會員展示優惠方案。第四季度，合作夥伴對Lightbox的使用率達到歷史新高，超過50%的信用卡交易和超過40%的個人貸款交易透過Lightbox完成，而一年前這兩個數字分別不足40%和20%。

This is the power of a network effect solving a 2-sided problem. We expect pent-up demand across the core verticals to taper this coming year after a very strong year of investments by our partners, returning to pre-COVID investment levels. I'm very pleased with our progress and excited about the upcoming innovations.

這就是網路效應解決雙邊問題的力量。我們預計，在合作夥伴經歷了強勁的投資年之後，核心垂直領域的積壓需求將在來年逐漸緩解，恢復到新冠疫情前的投資水準。我對我們所取得的進展感到非常滿意，並對即將推出的創新感到興奮。

I'll end by circling back to our first Big Bet, which is our foundational bet to revolutionize speed to benefit for our customers. Our goal is to put more money in our customers' pockets, eliminate friction and deliver confidence at every touch point by using AI and customer insights.

最後，我想再次強調我們最初的重大舉措，即透過革新速度來造福客戶。我們的目標是利用人工智慧和客戶洞察，在每個接觸點上，幫助客戶節省開支、消除摩擦並提升客戶信心。

This year, we accelerated our use of AI, increasing the number of models deployed across our platform by nearly 50%, saving our customers millions of hours of work. Our application of AI has dramatically increased the number of experiments we ran by more than 35% this year, made it easier for our TurboTax customers to never enter data, saving them millions of hours of manual entry, and modernize our payroll offering, tripling release velocity. We are very pleased with our results and remain confident in our game plan to win, accelerated by digital tailwinds.

今年，我們加快了人工智慧的應用，平台上的模型部署數量增加了近 50%，為客戶節省了數百萬小時的工作時間。人工智慧的應用使我們今年的實驗數量大幅增長了 35% 以上，讓 TurboTax 用戶無需手動輸入數據​​，節省了數百萬小時的手動輸入時間，並實現了薪資管理產品的現代化，發布速度提升了三倍。我們對所取得的成果非常滿意，並對我們在數位化浪潮推動下不斷前進的策略充滿信心。

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. We will continue to invest aggressively, including in key talent, to drive even faster innovation going forward.

在我們所有的重點投資項目中，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。我們將繼續大力投資，包括關鍵人才的培養，以推動未來更快的創新。

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.

謝謝薩桑。大家下午好。

For the fourth quarter of fiscal 2021, we delivered revenue of $2.6 billion, GAAP operating income of $402 million versus $483 million last year. Non-GAAP operating income of $715 million versus $616 million last year. GAAP diluted earnings per share of $1.37 versus $1.68 a year ago. And non-GAAP diluted earnings per share of $1.97 versus $1.81 last year.

2021財年第四季，我們實現營收26億美元，GAAP營業利潤為4.02億美元，去年同期為4.83億美元；非GAAP營業利潤為7.15億美元，去年同期為6.16億美元；GAAP攤薄後每股收益為1.37美元，去年同期為1.68美元；

Turning to the business segments. In the Small Business and Self-Employed Group, revenue grew 19% during the quarter and 16% in fiscal 2021. Online Ecosystem revenue grew 30% in the fourth quarter and 26% for the year. 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19%，2021財年全年成長16%。線上生態系統業務部門第四季營收成長30%，全年成長26%。我們致力於成為小型企業的權威資訊來源，因此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 28% in fiscal Q4, driven mainly by customer growth, mix shift and higher effective prices.

首先，我們繼續專注於核心業務的成長。 QuickBooks Online Accounting 第四財季營收成長了 28%，主要得益於客戶成長、產品組合調整和實際價格上漲。

Second, we continue to focus on connecting the ecosystem. Online services revenue, which includes payments, payroll, time tracking and capital, grew 35% in fiscal Q4. Within payments, revenue growth reflects ongoing customer growth, along with an increase in-charge volume per customer. Within payroll, we continued to see revenue tailwinds during the quarter from growth in payroll customers and a mix shift to our Full-Service offering.

其次，我們繼續專注於建構生態系統。第四財季，包括支付、薪資、時間追蹤和資本管理在內的線上服務收入成長了35%。在支付業務方面，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。在薪資業務方面，本季我們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，從而實現了收入的持續成長。

During the quarter, we continued migrating customers to our new Full-Service lineup, which added approximately 5 points to online services growth. We're also seeing the number of employees per customer back to pre-pandemic levels.

本季度，我們持續引導客戶遷移到全新的全方位服務產品線，這使線上服務成長了約 5 個百分點。同時，每位客戶的員工人數也已恢復到疫情前的水準。

Third, our progress expanding globally added to the growth of Online Ecosystem revenue during fiscal Q4. Total international online revenue grew 47% on a constant currency basis. 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% over time. This is driven by 10% to 20% expected growth in both customers and ARPC.

第三，我們在全球擴張的進展推動了第四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47%。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在線生態系統收入的成長，我們預計其長期增長率將超過30%。這主要得益於客戶數量和每位用戶平均收入（ARPC）預計將成長10%至20%。

Desktop ecosystem revenue grew 5% in the fourth quarter and 4% for the; full year. QuickBooks Desktop Enterprise revenue grew mid-single digits in fiscal 2021.

桌面生態系統營收在第四季成長了5%，全年成長了4%。 QuickBooks Desktop Enterprise在2021財年的營收實現了中等個位數的成長。

Consumer Group revenue grew 14% in fiscal 2021, above the high end of our longer-term expectation of 8% to 12%. Fiscal 2021 was the fourth consecutive year of double-digit revenue growth for the Consumer Group. TurboTax units grew 6% this season.

2021財年，消費者業務集團的營收成長了14%，高於我們先前8%至12%的長期預期上限。這是消費者業務集團連續第四年實現兩位數的收入成長。本季TurboTax的銷量成長了6%。

There are 4 primary drivers in our Consumer business. Note that these metrics exclude approximately 8 million stimulus filings last season. This data reflects the season through July 31, 2021 versus the prior season through July 31, 2020.

我們的消費業務主要受四大因素驅動。請注意，這些指標不包括上一季約800萬份刺激性申請。此數據反映的是截至2021年7月31日的季度情況，與上一季截至2020年7月31日的情況相比。

The first is the total number of returns filed with the IRS, which we estimate will be up approximately 3% this season, higher than our prior estimate of up approximately 1%. The second is the percentage of those returns filed using do-it-yourself software. We estimate the DIY category share of total IRS returns was down slightly this season versus our prior estimate of approximately flat.

第一個指標是向美國國稅局提交的報稅表總數，我們預計本季將成長約3%，高於先前約1%的增幅預期。第二個指標是使用自助軟體提交的報稅表所佔的百分比。我們估計，本季自助報稅表在國稅局報稅表總數中所佔的份額略有下降，而此前的預期為基本持平。

The third driver is our share. Our share of total tax returns expanded approximately 1 point to 31% this season, and our share of the DIY category grew approximately 1 point. Our total share, excluding Free File customers this season, was approximately 29%.

第三個驅動因素是我們的市場佔有率。本季，我們在全部報稅單中的份額增加了約1個百分點，達到31%；在自助報稅類別中，我們的份額也增加了約1個百分點。本季，若不計入免費報稅客戶，我們的總份額約為29%。

The fourth is average revenue per return, which increased again this season. This growth reflects a stronger contribution by TurboTax Live and mix shift to our premier offering, which is used by investors. We estimate our retention rate rose slightly year-over-year, excluding filers seeking stimulus payments last season that didn't return again this season, and we're pleased with these results. Including these filers, we estimate total retention was down approximately 2 points.

第四項指標是每份報稅單的平均收入，本季再次成長。這一成長反映了TurboTax Live貢獻的增強以及客戶結構向我們面向投資者的高端產品轉變。我們估計，剔除上季度尋求紓困金但本季未再次報稅的客戶後，我們的客戶留存率同比略有上升，我們對這一結果感到滿意。若將這些客戶納入統計，我們估計總留存率下降了約2個百分點。

Turning to the ProConnect Group. We reported $517 million of revenue in fiscal 2021, up 5%.

接下來是ProConnect集團。我們公佈2021財年營收為5.17億美元，成長5%。

Moving on to Credit Karma. Revenue was $405 million in Q4, another all-time high, reflecting record highs for both the core and growth verticals. Sequential growth predominantly reflects strength in credit cards and personal loans as transactions per member increased. As Sasan shared earlier, we expect pent-up demand across the core verticals to taper sometime in fiscal 2022 after a strong year of investment by our partners. We remain excited about the opportunities ahead for this platform.

接下來是Credit Karma。第四季營收達4.05億美元，再創新高，核心業務和成長業務均創歷史新高。環比成長主要得益於信用卡和個人貸款業務的強勁表現，每位會員的交易量有所增加。正如Sasan之前所說，在合作夥伴進行了一年的大力投資之後，我們預計核心業務的積壓需求將在2022財年逐漸緩解。我們對該平台未來的發展機會依然充滿信心。

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 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 $3.9 billion in cash and investments on our balance sheet. We repurchased $467 million of stock during the fourth quarter and $1 billion during fiscal 2021. The Board approved a new $2 billion repurchase authorization, giving us a total authorization of approximately $3.3 billion to repurchase shares. Depending on market conditions and other factors, our aim is to be in the market each quarter.

本季末，我們的資產負債表上現金及投資總額約39億美元。第四季我們回購了價值4.67億美元的股票，2021財年累計回購股票10億美元。董事會批准了一項新的20億美元回購授權，使我們的股票回購授權總額達到約33億美元。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。

The Board approved a quarterly dividend of $0.68 per share payable October 18, 2021. This represents a 15% increase versus last year.

董事會批准派發每股0.68美元的季度股息，將於2021年10月18日支付。比去年增長了15%。

Moving on to guidance. Our full year fiscal 2022 guidance includes revenue of $11.05 billion to $11.2 billion, growth of 15% to 16% including a full year of Credit Karma; GAAP earnings per share of $7.46 to $7.66; and non-GAAP earnings per share of $11.05 to $11.25. We expect a GAAP tax rate of 20% in fiscal 2022. Note that our revenue guidance for Credit Karma of $1.345 billion to $1.38 billion translates into 18% to 21% growth if we had a full year of Credit Karma revenue during fiscal 2021.

接下來是業績展望。我們對2022財年的全年業績展望包括：營收110.5億美元至112億美元，年增15%至16%（含Credit Karma全年營收）；GAAP每股收益7.46美元至7.66美元；非GAAP每股收益11.05美元至11.25美元。我們預計2022財年的GAAP稅率為20%。需要注意的是，我們對Credit Karma的營收展望為13.45億美元至13.8億美元，如果Credit Karma在2021財年全年營收，則年增18%至21%。

I'd like to provide some additional context around our operating margin expectations. As I've shared before, we continue to see opportunities to leverage the platform and drive margin expansion over time. However, our guidance implies GAAP operating margin decline just over 2 points in fiscal 2022 versus fiscal 2021. This reflects the impact of the Credit Karma acquisition along with investments we're making in stock compensation to attract and retain talent. We are confident these are the right decisions to drive long-term growth. On a non-GAAP basis, our guidance implies operating margin in fiscal 2022 expands approximately 60 basis points.

我想就我們的營業利潤率預期提供一些補充說明。正如我之前所說，我們持續看到利用平台優勢並逐步提升利潤率的機會。然而，我們的預期顯示，2022財年GAAP營業利潤率較2021財年將下降略超過2個百分點。這反映了收購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。我們相信這些決策對於推動長期成長至關重要。以非GAAP準則計算，我們的預期顯示，2022財年營業利益率將成長約60個基點。

As I shared last quarter, fiscal 2021 was a very unique year, as we took a conservative approach to investments during the first half of the year when we were deep in the pandemic, and then the business started to bounce back more quickly than we anticipated in the second half. Our fiscal 2022 non-GAAP operating margin implies, on average, a point of expansion each year since fiscal 2019, even though our initial guidance after closing the Credit Karma acquisition included a negative 2-point non-GAAP operating margin impact. We continue to see margin expansion opportunities ahead.

正如我上個季度所述，2021財年是一個非常特別的一年。上半年疫情情況嚴峻，我們採取了較保守的投資策略；而下半年業務復甦速度超出預期。儘管在完成對Credit Karma的收購後，我們最初的預期是非GAAP營業利潤率將下降2個百分點，但自2019財年以來，我們的2022財年非GAAP營業利潤率平均每年都實現了增長。我們預計未來仍有利潤率提升的空間。

Our Q1 fiscal 2022 guidance includes revenue growth of 36% to 38%, GAAP earnings per share of $0.14 to $0.19, and non-GAAP earnings per share of $0.94 to $0.99. You can find our full Q1 and fiscal 2022 guidance details in our press release and on our fact sheet.

我們對2022財年第一季的業績預期包括：營收成長36%至38%，GAAP每股收益0.14美元至0.19美元，非GAAP每股收益0.94美元至0.99美元。您可以在我們的新聞稿和概況介紹中找到完整的2022財年第一季及全年業績預期詳情。

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

好了，現在我把麥克風交還給薩桑。

Super. Thank you, Michelle.

太好了。謝謝你，米歇爾。

I'm proud of the team and always accomplished together, and I'm optimistic about the future. We have a large addressable market with digital tailwinds that include a shift to virtual solutions, acceleration to online and omnichannel capabilities, and digital money offerings. With our strategy of becoming an AI-driven expert platform and 5 Big Bets, we are positioned well for accelerated innovation and growth.

我為團隊感到自豪，我們一直以來都齊心協力，並且取得了卓越的成就，我對未來充滿信心。我們擁有龐大的潛在市場，並受益於數位化帶來的許多利好因素，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的普及。憑藉我們打造人工智慧驅動的專家平台策略以及五大重點項目，我們已做好充分準備，加速創新和成長。

Let's now open it up to your questions.

現在進入問答環節。

(Operator Instructions) Our first question comes from the line of Kirk Materne of Evercore ISI.

（操作說明）我們的第一個問題來自 Evercore ISI 的 Kirk Materne。

Congrats on a great fiscal year. Sasan, in the press release, you guys called out sort of online payments and payroll as 2 really important growth factors for Small Business. I was wondering if you could just unpack those a little bit more. What are you seeing there? And how sustainable do you think those trends are around those 2 parts of the offering?

恭喜你們度過了一個精彩的財年。 Sasan，在新聞稿中，你們提到線上支付和薪資管理是小型企業兩大重要的成長因素。我想請你們再詳細解釋一下。你們是如何看待這兩個領域的？你們認為這兩個領域的成長趨勢可持續嗎？

Yes. Thank you, Kirk. I'll just take us back to several years ago when we talked about the importance of having a platform that really allows our customers to not only grow their business, but to be able to manage their money and ensure that they're compliant. And we've been heavily investing in payments, making it very easy for our customers to discover, making sure that we provide them with choice, accelerating our innovation in areas like instant deposit, getting paid upfront, those sorts of things.

是的，謝謝你，柯克。我先回顧一下幾年前我們討論過的平台的重要性，這個平台不僅要能幫助客戶發展業務，還要能幫助他們管理資金並確保合規。我們一直在大力投資支付領域，讓客戶輕鬆發現各種支付方式，確保他們擁有多種選擇，並加速在即時存款、預付款等領域的創新。

And with that, along with our investments in payroll, similar areas where we're really focused on making the experience far better, innovating in things like same-day payroll or next-day payroll, the shift to full service, where we have experts to help run your payroll and help you with your taxes, those are just, of course, 2 very big and important illustrative examples where those innovations are really continuing to accelerate and beginning to pay off, especially in a time where we have digital tailwinds, where you have customers that are looking to move online, do more of their stuff online if they're already online. And that is starting to pan out when you look at our overall services revenue, whether it's payroll, payments, time tracking, all of those areas are contributing.

此外，我們也加大了在薪資管理方面的投入，以及其他類似領域的投入，致力於顯著提升用戶體驗，例如當日或次日薪資發放等創新服務，並向全方位服務轉型，由專家協助您處理薪資和稅務事宜。當然，這只是兩個非常重要且具代表性的例子，說明這些創新正在加速推進並開始取得成效，尤其是在數位化浪潮席捲全球的當下，客戶希望更多地在線處理業務，如果他們已經在使用網路的話。這一點在我們整體服務收入中得到了體現，無論是薪資管理、支付還是時間跟踪，所有這些領域都在做出貢獻。

And I think to your question, yes, this is sustainable. We are continuing to become the platform that customers look to be able to run their business. Our innovations are starting to pay off, and we're not standing still. Our innovations are, in fact, accelerating, and we would continue to expect that we'll be there for our customers and grow with them.

我認為對於您的問題，答案是肯定的，這是可持續的。我們正不斷努力，力求成為客戶開展業務的首選平台。我們的創新已初見成效，而且我們並未止步不前。事實上，我們的創新正在加速推進，我們將繼續致力於服務客戶，並與他們共同成長。

And I think last thing I would say, especially with our move into the mid-market where we're starting to serve larger customers, those are larger transactions. And as we continue to penetrate non-consumption in the mid-market, we would continue to see that pay off.

最後我想說的是，尤其是在我們進軍中端市場，開始服務規模更大的客戶，也就是進行更大額交易之後。隨著我們不斷拓展中端市場非消費領域，我們將繼續看到回報。

That's great. Maybe just one follow-up for Michelle on just the Credit Karma guide. I realize you guys called out the fact that there's a bit of pent-up demand in the back half of this year, your fiscal year. How should we think about that in terms of just the cadence of the growth over the course of the year? Obviously, it's a little bit lumpy given the -- we don't have full sort of year-over-year comps yet. But I was just kind of curious how we should maybe think about either first half year versus second half? Or any color around that would be helpful.

太好了。關於Credit Karma指南，我還有一個問題想跟Michelle問一下。我知道你們提到今年下半年（也就是你們的財政年度）存在一些積壓的需求。我們該如何看待這種需求，以及它如何影響全年的成長節奏呢？顯然，由於我們還沒有完整的年比數據，所以成長情況會有些波動。我只是好奇，我們該如何看待上半年和下半年的成長？或者，任何相關的分析都會很有幫助。

Kirk, thanks for your question. Yes. We're pretty excited about Credit Karma as we continue to look forward. Q4 was just they're all-time high for revenue. And so we felt really good about that as we see strength in both credit cards and personal loans and transactions per member increasing. Yes, you're right. As you heard, Sasan said we did see some of the pent-up demand. We expect that will taper in fiscal 2022. We had a pretty strong year of investment by our partners. So we do expect that to return to more pre-COVID investment levels.

Kirk，謝謝你的提問。是的，我們對Credit Karma的未來發展感到非常興奮。第四季他們的營收創歷史新高。我們對此感到非常滿意，因為我們看到信用卡和個人貸款業務都表現強勁，而且每位會員的交易量也在增長。是的，你說得對。正如你所聽到的，Sasan說我們確實看到了一些被壓抑的需求。我們預計這種情況會在2022財年有所緩解。我們的合作夥伴在過去一年投入了大量資金。因此，我們預計投資額將恢復到疫情前的水準。

As to how you might think about that across the year, there's not a whole lot of seasonality within CK. So -- but we -- obviously, we haven't guided the individual quarters yet except for Q1. But we are pretty excited about what we see, and we think there's still a lot of opportunity for Credit Karma next year.

至於如何看待全年業績，CK的季節性波動並不明顯。所以——當然，除了第一季之外，我們還沒有對其他季度的業績做出預測。但我們對目前的情況感到非常興奮，並認為Credit Karma明年仍然有很大的發展機會。

Our next question comes from Ken Wong of Guggenheim Securities.

下一個問題來自古根漢證券的 Ken Wong。

Great. I echo the sentiments on the strong year. First, maybe just touching on payroll. I think, Michelle, you mentioned 5 points of growth contribution on the Online Services side. Should we think of this as a tough comp? Or would you say that we're still very early in driving adoption of full-service and we could potentially see this be additive longer term?

太好了。我也贊同今年業績強勁的說法。首先，我想稍微談談薪資方面。米歇爾，你提到線上服務方面成長了5個百分點。我們是否應該認為這是一個比較高的數字？還是你認為我們仍在積極推廣全方位服務，長遠來看，這或許會帶來顯著的效益？

I'm sorry, I wasn't sure if that was for me or for (inaudible).

對不起，我不確定那是給我的還是給（聽不清楚）的。

I think either you or Sasan are more than qualified to answer that question.

我認為你或薩桑都完全有資格回答這個問題。

You know what? I'd be happy to chime in, and Michelle, please don't hesitate to jump in as well. First of all, I would just take you back to our longer-term expectations is to deliver 30% online revenue growth. And there's always going to be puts and takes relative to payments and payroll and accounting revenue. So please let your sort of Uber compass be 30% online revenue growth.

你知道嗎？我很樂意發表意見，米歇爾，也請你隨時加入討論。首先，我想重申我們的長期目標，那就是實現30%的線上收入成長。當然，支付、薪資和會計收入方面總是會有一些波動。所以，請把30%的線上收入成長當作你們的參考目標。

With that said, as I mentioned earlier, as I was answering Kirk's question, we are seeing the impact of our innovations pay off. And more and more of our customers are migrating to Full-Service payroll. More of our customers are actually wanting to get started on Full-Service payroll because of the capabilities that it has and it comes with expertise to help them solve the very problem that, frankly, is the biggest problem that is unsaid, and that is about confidence.

話雖如此，正如我之前在回答柯克的問題時所提到的，我們正在看到創新帶來的成效。越來越多的客戶正在遷移到全方位薪資服務。事實上，越來越多的客戶希望開始使用全方位薪資服務，因為它功能強大，而且擁有專業知識，可以幫助他們解決一個根本問題——坦白說，這是他們面臨的最大難題，但卻往往被忽視——那就是信心。

So we have runway ahead of us, Ken, when it comes to payroll, and I would just say your compass should be 30% online revenue growth.

所以，肯，就薪資方面而言，我們還有很大的發展空間，我只想說，你們的目標應該是實現 30% 的線上收入成長。

Got it. Fantastic. And then just a quick follow-up on the tax side. At a high level, any attempts to possibly share what some of the components of that 10% to 11% consumer growth is going to be coming from next year?

明白了，太好了。接下來我想快速問一下稅務方面的問題。能否大致說明一下，明年10%到11%的消費成長主要來自哪些面向？

Yes, Ken. And we'll, of course, unpack this to a more detailed level at our upcoming Investor Day. I would just tell you that I am delighted with our continued strategic progress. And that will really feed into our future growth, which I think is the element of your question. When you think about our performance, I know I'm repeating some of the stats, but I think they're worth repeating. One, we increased our total share of IRS returns by 1 point.

是的，肯。當然，我們會在即將舉行的投資者日上更詳細地探討這個問題。我只想說，我對我們持續的策略進展感到非常滿意。這將真正促進我們未來的成長，我認為這就是您問題的關鍵。說到我們的業績，我知道我重複了一些數據，但我認為它們值得再次提及。首先，我們在美國國稅局申報單中所佔的份額提高了1個百分點。

The 2 areas that really matter most that we're focused on, under-penetrated segments and transforming the assisted segments, we saw really superb results. Our overall investor volume tripled year-over-year. TurboTax Live awareness increased 20%. Our total customers grew 100%. Our new customers to the franchise, the TurboTax Live, grew over 100%. And with our Full-Service offering, it actually attracted new customers from the prior year assisted segment at a 25% higher rate than TurboTax Live do-it-with-me. And our retention rate stayed flat to a little bit up overall.

我們重點關注的兩個領域——滲透率較低的細分市場和輔助服務市場的轉型——都取得了非常顯著的成果。我們的投資者總額比去年同期成長了兩倍。 TurboTax Live 的知名度提高了 20%。我們的客戶總數增加了 100%。 TurboTax Live 新客戶數量成長超過 100%。此外，我們的全方位服務產品吸引的新客戶數量比去年使用輔助服務的 TurboTax Live 增加了 25%。而我們的客戶留存率則整體保持穩定並略有上升。

So when you look at all the key sort of metrics, knock on wood, it's very, very healthy, and we expect that to inform next year's growth. And we do assume, by the way, that IRS returns is going to be about flattish next year. So that's probably one important assumption that's worthwhile sharing. But this is just a continuation, as you probably heard me say multiple times. We're on a 10-year-plus run in these opportunity areas that we're focused on. And next year is just going to be another sort of important pivotal year in our quest to transform assisted and penetrated the under-penetrated segment.

所以，當我們審視所有關鍵指標時（但願如此），情況非常健康，我們預計這將對明年的成長起到推動作用。順便一提，我們預計明年美國國稅局的申報量將保持穩定。這或許是一個值得分享的重要假設。正如您可能多次聽到我所說，這只是我們持續發展的延續。我們在這些重點關注的機會領域已經深耕了十多年。明年將是我們轉型升級、擴展和滲透率不足市場的另一個重要轉捩點。

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. And echo on the congratulations. Really strong end to what was a pretty remarkable fiscal year for all the team at Intuit.

太棒了！我也要向你們表示祝賀。對Intuit團隊來說，這真是精彩的結束之作，也為這個相當出色的財年畫下了圓滿的句點。

I wanted to dig into the FY '22 guide a little bit, particularly around Small Business. Michelle, you've been talking about sort of a return to 30%-plus growth in the online ecosystem side of the equation. But if I'm doing my math right, and that's probably a big part of the equation here, if I could actually do math. But if I'm doing my math right, and we're growing Online 30% plus, that would imply, with your guide, that desktop is actually now shrinking and down 10% in FY '22 or 10% plus. Is something changing in desktop? Or am I just doing my math wrong? Or sort of how should we think about that balance between sort of what had been a very durable sort of revenue stream in desktop and a ramping Online business?

我想深入探討2022財年的績效指南，特別是關於小型企業的部分。米歇爾，你一直在說線上生態系統的成長率將恢復到30%以上。但如果我沒算錯的話（這可能是關鍵所在，如果我能算清楚的話），如果我的計算沒錯，在線業務增長超過30%，那麼根據你的指南，桌面業務實際上正在萎縮，在2022財年下降10%甚至更多。桌面業務方面是否發生了什麼變化？還是我的計算有誤？或者我們應該如何看待桌面業務（曾經是一個非常穩定的收入來源）和快速成長的線上業務之間的平衡？

Thanks for your question. Well, first of all, I'd say we've been really excited about how Small Business has performed this year. And obviously, you can see with next year, with our guide of 12% to 14%, we feel that it will be strong next year also. So we feel that you really need to continue to look at Online Ecosystem revenue growth, and we do expect that to be 30% or better over time. We haven't guided to it. We don't do it quarterly, but we do expect it to be there over the longer term, being driven by the 10% to 20% growth in both customers there, if you see.

感謝您的提問。首先，我想說我們對今年小型企業業務的表現感到非常興奮。顯然，正如您所看到的，根據我們12%到14%的預期，我們認為明年小型企業業務也將保持強勁成長。因此，我們認為您需要繼續關注線上生態系統的收入成長，我們預計長期來看，其成長率將達到30%甚至更高。我們並未給出具體的業績指引，因為我們不按季度發布業績指引，但我們預計長期來看，在客戶數量10%到20%增長的推動下，這一增長率將會實現。

Now when I go to the other side, which you were asking about around desktop, desktop we have over time, the last 2 years, we've seen some growth in it. And obviously, this past year, in 2021, we saw 4% growth. But we do anticipate that, that will just continue to decline over time. We've got more and more customers as they come in, they choose the Online versions. And so you've got 8, 9 out of 10 customers that come in and choose QBO. So that's where I would help you with your math on that.

現在，說到您剛才問到的桌面端，過去兩年，桌面端業務確實有所成長。當然，去年（2021年）的成長率為4%。但我們預計，隨著時間的推移，這一成長速度將會持續下降。越來越多的客戶選擇線上版本。也就是說，十個客戶中有八、九個選擇QBO。這就是我可以幫您計算一下的地方。

Got it. And just to be clear, is there any kind of structural change in terms of trying to more aggressively shift people from the desktop version to the online version? Or is this just sort of normal course business and this is the trend line that you've been seeing over time?

明白了。為了確認一下，在引導使用者從桌面版轉向線上版方面，是否有任何結構性調整？還是說這只是正常的課程運作模式，也是你們一直以來觀察到的趨勢？

We have -- we've chosen not to force people to move to online. We do think that there is a much better value proposition, and they just have a much better experience if they're using our Online products, but we want them to use whatever works for them. But we have seen more and more people, as they choose desktop, they're choosing the plus product, where they have the subscription. And so that is part of what we've been seeing.

我們選擇不強迫使用者遷移到線上平台。我們確實認為線上產品更有價值，使用者體驗也更好，但我們希望他們選擇最適合自己的方式。不過，我們也看到越來越多的用戶在選擇桌面版產品時，會選擇付費訂閱的Plus產品。這是我們觀察到的部分現象。

Our next question comes from Alex Zukin of Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Alex Zukin。

I echo again all the congratulations that are in order. I want to start with just digging a little bit on Credit Karma. Since the growth is so much better than I think we've been modeling and anybody's really been thinking, I want to maybe unpack both in the quarter and also in the guidance, what -- are you starting to see synergies that you're realizing, whether it's monetizing your -- the Intuit free user base with Credit Karma, or whether it's cross-selling to the Karma base? And then I have a quick follow-up on margins.

我再次向大家表示祝賀。我想先簡單談談Credit Karma。鑑於其成長遠超我們之前的預期，也超出了大家的想像，我想深入分析一下本季度業績以及業績指引，看看你們是否開始看到協同效應，例如透過Credit Karma將Intuit的免費用戶群變現，或者向Karma用戶群進行交叉銷售？最後，我也會簡單問一下利潤率方面的問題。

Sure, Alex. Thank you for your kind comments. On Credit Karma, let me just -- I'll briefly start at the top in terms of what we are seeing. First of all, the accelerated innovation that we are seeing with Credit Karma is really paying off. And that accelerated innovation is how we're using our combined data to be able to deliver personalized experiences, leveraging Lightbox for customers. It's then ensuring that we're providing relevant offers to customers in the areas that they need it most. And now, we can provide multiple relevant offers, whether it's cards, personal loans, auto insurance, home loans and beyond.

當然，Alex。謝謝你的好評。關於Credit Karma，我先簡單介紹一下我們目前的狀況。首先，Credit Karma的加速創新確實取得了成效。這種加速創新體現在我們如何利用整合的數據，透過Lightbox為客戶提供個人化體驗。同時，我們也確保在客戶最需要的領域提供相關的優惠。現在，我們可以提供多種相關的優惠，涵蓋信用卡、個人貸款、汽車保險、房屋貸款等等。

But I think then more importantly then when they -- the offers in front of them, we have the ability to actually help them with the the potential of their approval, make it very easy when they click to actually get the offer. And so those are all critical areas of innovation that are really paying off. And I think it's a testament to the platform that when our partners decided to really go after customer acquisition, that they invested a good chunk of their dollars on the platform. And it just demonstrates the network effect and the power of the data and the trust of the members that we have. So that's the first element that we just believe will continue given our accelerated innovation because our -- ultimately, our penetration rate maybe one of the highest in credit cards, but it's one of the lowest when you look at auto insurance. We have so much room for increased wallet share.

但我認為更重要的是，當他們看到眼前的優惠時，我們有能力幫助他們提高審核通過率，讓他們點擊後就能輕鬆獲得優惠。這些都是至關重要的創新領域，而且確實有了成效。我認為，當我們的合作夥伴決定真正拓展客戶時，他們將大量資金投入平台上，這充分證明了平台的價值。這也反映了網路效應、數據的力量以及我們會員的信任。我們相信，鑑於我們不斷加速的創新，這一點將會持續下去，因為我們的滲透率——雖然在信用卡領域可能是最高的之一——在汽車保險領域卻是最低的之一。我們在提升市場佔有率方面還有很大的空間。

In terms of synergies, Alex, we're actually quite bullish about the possibilities into the future, and I would want you to think about those synergies into the future. And there are really several areas of synergy. One is really making Credit Karma benefits part of the entire TurboTax experience. That's one big opportunity. The other big opportunity is making it seamless and contextual in terms of TurboTax as part of the Credit Karma experience to be able to do your taxes. And then third, what we just announced, which is Credit Karma being part of the payroll experience where our payroll customers can actually deposit their monies into a free checking and savings account and be able to access their money early over time if they wish.

亞歷克斯，就綜效而言，我們對未來的發展前景非常樂觀，我希望你也能思考這些綜效的未來發展。實際上，協同效應體現在幾個方面。首先，要將 Credit Karma 的各項權益真正融入 TurboTax 的整個使用體驗中。這是一個巨大的機會。另一個巨大的機會是，將 Credit Karma 的報稅功能無縫整合到 TurboTax 中，使其與用戶的報稅流程無縫銜接。第三，正如我們剛剛宣布的，Credit Karma 將與薪資管理功能結合，我們的薪資管理客戶可以將資金存入免費的支票和儲蓄帳戶，並可根據需要隨時提前支取。

So those are significant opportunities because the -- you're talking about millions and millions of TurboTax customers, payroll customers and, of course, over our -- well over 100 million Credit Karma customers that we're going to launch TurboTax to. This past year, and as I'll remind us, it feels like a long time, but we just closed Credit Karma in December. These past 8 months, we have been experimenting with incredible purpose, incredible speed and incredible intention. And it's informed what we are rolling out and what we're doing in the year to come. I would just say, in terms of those things turning into sort of material customer revenue growth. There -- we're not counting on that in the near term, we're counting on that more on the midterm because we want to really continue to nail the experience in creating ecosystem benefit across all of our members. So that's the way I would want you to think about not only what you're seeing in Credit Karma, but the growth rates that are ahead of us.

所以這些都是意義重大的機遇，因為──你們談論的是數百萬的TurboTax用戶、薪資用戶，當然還有我們超過1億的Credit Karma用戶，我們將把TurboTax推廣到這些用戶。過去一年，正如我提醒大家的，感覺好像過了很久，但我們去年12月才關閉了Credit Karma。在過去的8個月裡，我們以驚人的目標、驚人的速度和堅定的決心進行了大量的試驗。這些試驗也影響了我們未來一年的計畫和舉措。至於這些措施能否轉化為實質的顧客收入成長，我想說的是──我們並不指望短期內就能實現，我們更重視的是中期發展，因為我們希望繼續完善使用者體驗，為所有會員創造生態系統效益。所以我希望大家不僅要關注Credit Karma的現狀，也要關注我們未來的成長潛力。

That's super clear. And I appreciate the level of detail in that answer, Sasan. Michelle, maybe for you. I know myself, I was dealing with a lot of questions around margin leverage potential on the guide and versus the level of investment that you guys clearly see as an opportunity in the business. But I think you delivered, I think, it was your best incremental operating margin leverage guide in the last few years, at least. So I want to unpack both what you're trying to tell us with the ability to deliver both growth and margin leverage at this scale, and unpack it, if you can, from a gross margin versus OpEx savings perspective, right? I know -- I remember a few years ago, there was fear with lives, particularly coming into the model, it would be gross margin dilutive. And yet the gross margins have actually improved this year. So I want to understand a little bit about when you think about that incremental margin leverage, where is it coming from? And how should we think about the durability of that opportunity?

非常清楚。薩桑，我很欣賞你回答的詳細程度。米歇爾，也許對你來說是這樣。我自己也一直在思考，關於你們的績效指引中利潤率槓桿潛力的問題，以及你們顯然認為這是業務發展的一個機會，而你們的投資規模又如何呢？但我認為你們的業績指引至少是近幾年來最好的，它展現了你們在增量營運利潤率槓桿方面的優勢。所以我想深入探討一下，你們是如何在如此大規模下實現成長和利潤率槓桿的，以及你們能否從毛利率和營運支出節省的角度來分析一下，好嗎？我知道——我記得幾年前，人們擔心，尤其是在引入這種模式之前，生命安全問題會稀釋毛利率。然而，今年的毛利率實際上有所提高。所以我想了解一下，你們是如何看待增量利潤率槓桿的？它的來源是什麼？我們該如何看待這種機會的可持續性？

Great. Great question, Alex. Thank you. First of all, thank you for acknowledging the margin delivery we had this year. As you mentioned gross margin, and we have continued to say that we expect gross margin to remain fairly flat over time. You're right, we did have a lot of questions as we got into the TurboTax Live business as to whether that was going to deteriorate margins. But it has remained flattish over time. And that was the last expectation we gave -- that I gave last year at Investor Day. And our big focus is obviously then on op margin. And we see the opportunity there and continue to see opportunities to drive margin leverage really as we become more and more of a platform company.

太好了。 Alex，問得好。謝謝。首先，感謝您對我們今年利潤率表現的認可。正如您所提到的毛利率，我們一直預期毛利率將保持相對穩定。您說得對，當我們涉足TurboTax Live業務時，確實有很多疑問，例如這是否會拉低利潤率。但事實證明，毛利率一直保持穩定。這也是我們給的最後一個預期──我在去年的投資人日也提到。顯然，我們目前的重點是營業利益率。我們看到了這方面的機會，隨著我們越來越像一家平台型公司，我們將繼續看到提升利潤率的機會。

FY '21 was a little unique in that with the pandemic and full swing at the beginning. We weren't exactly sure how -- exactly how things were going to play out, and we were a little bit more conservative with investments. And then the business ended up bouncing back much more quickly than we thought. So as I mentioned earlier, when you look over all the way back from 2019, we've got about, on average, 1 point of margin expansion. And so we feel really good about that, and especially with our guide looking forward of 60 basis points.

2021財年有點特殊，因為疫情在年初就全面爆發。我們當時並不確定事態會如何發展，所以在投資方面也比較保守。但最終，業務的復甦速度遠超預期。正如我之前提到的，回顧2019年至今，我們的利潤率平均成長了約1個百分點。對此我們感到非常滿意，尤其是考慮到我們未來60個基點的業績指引。

So when I think about where we'll see the expansion, though, it is really all across the business is helping us drive it. Getting leverage, whether it's in technology and looking at how we can get rid of duplicate technology and use services more, whether it's in customer success and really leaning into a platform there to deliver for all our customers or opportunities we have in our go-to-market and enabling additional technology there. So we do think that we continue to have opportunities to drive that leverage.

所以，當我思考我們將在哪些方面實現擴張時，我認為整個業務都在為我們推動擴張提供助力。無論是在技術領域，思考如何消除重複技術並更多地利用服務；還是在客戶成功領域，真正打造一個能夠為所有客戶提供卓越服務的平台；亦或是我們在市場推廣方面擁有的機會，並在此基礎上啟用更多技術，我們都在努力提升自身實力。因此，我們認為我們仍然有機會繼續發揮這種優勢。

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, if you could expand on the small business side and what you're seeing on the international approach and the traction beyond the U.S. and how critical that is to this next year for you. And maybe just a quick follow-up for Michelle on QuickBooks Live, if you can give us an update in terms of traction and any trend lines you're seeing there.

薩桑，您能否詳細談談小型企業方面的情況，以及您觀察到的國際化策略和美國以外市場的成長情況，並說明這對您明年的發展有多重要？另外，關於 QuickBooks Live，米歇爾，能否給我們更新市場成長情況以及您觀察到的任何趨勢？

Great. Brent, just a follow-up question. The last question that you asked about trend lines, were those just general trend lines that we're seeing in Small Business? I want to make sure we captured your question correctly.

好的。布倫特，還有一個後續問題。你上次問的關於趨勢線的問題，是指我們在小型企業領域看到的整體趨勢線嗎？我想確認我們是否正確理解了你的問題。

More specifically to QuickBooks Online -- in QuickBooks Live, my apologies. QuickBooks Live.

更確切地說，是指 QuickBooks Online——抱歉，我指的是 QuickBooks Live。 QuickBooks Live。

Got it. Okay. Great. So let me start with your question around international. First of all, as I mentioned in the last earnings call, and I think the same trend continues, one thing that's unchanged is small businesses across the globe are still recovering. Some have recovered to -- back to pre-COVID levels. Some have actually accelerated their business because they changed the model. But at least what we see in our sort of data, 20%-ish of small businesses are still struggling. And struggling is defined by they have -- their net deposits are down over 25%. So I think it's important just as a general perspective to recognize that the small businesses are, in general, still in recovery mode.

明白了。好的。太好了。那我先回答你關於國際業務的問題。首先，正如我在上次財報電話會議上提到的，而且我認為同樣的趨勢仍在繼續，全球小企業仍在復蘇，這一點沒有改變。有些企業已經恢復到疫情前的水準。有些企業甚至因為改變了經營模式而加速發展。但至少從我們的數據來看，大約20%的小企業仍在苦苦掙扎。所謂苦苦掙扎，是指它們的淨存款下降了25%以上。所以我認為，從整體上看，重要的是要認識到，小企業總體上仍處於復甦階段。

With that said, our platform has become more critical than ever. And the digital nature of our platform to be able to run your business, grow your business, manage your cash flow and be compliant is more important than ever, which is why based on our innovation overall, we're seeing this acceleration.

綜上所述，我們的平台比以往任何時候都更重要。我們平台的數位化特性，對於您經營業務、發展業務、管理現金流以及確保合規性而言，比以往任何時候都更加重要。正因如此，基於我們整體的創新，我們看到了這種加速發展。

And then if I put that in context of geography, I would say U.S. has really bounced back in terms of the usage of our platform. And in fact, an acceleration probably above all has happened in the U.S. I would say Canada is sort of next in terms of the recovery. And I would just put countries like the U.K., France, Australia as really being much, much slower in the recovery.

如果從地理角度來看，美國在我們平台的使用上確實已經強勁反彈。事實上，美國的復甦速度可能比其他地方都快。加拿大緊隨其後，復甦勢頭強勁。而像英國、法國和澳洲這樣的國家，復甦速度則慢得多。

And really, the reason is, as you've seen, there's a lot of open, shutdown, open, shutdown, and that's really impacted just the sentiment of both accountants and small businesses. But even in that context, it's actually quite exciting that we delivered 47% revenue growth in constant currency last quarter and 43% for the whole year. But with that said, we're assuming a much slower recovery international than we are in the U.S. because I think it's just really important that we get out of this health crisis. And then once we do, we believe the small businesses will bounce back much, much faster outside the U.S.

事實上，如您所見，疫情期間頻繁的開閉交替，確實影響了會計師和小型企業的信心。但即便如此，我們上季以固定匯率計算的營收成長47%，全年成長43%，仍令人振奮。不過，我們預期國際市場的復甦速度將遠低於美國，因為我認為擺脫這場健康危機至關重要。一旦走出危機，我們相信美國以外的小型企業將會以更快的速度復甦。

International is still important for our future. But what I just shared is just how we've taken that into account strategically and both economically in our guidance as we look ahead.

國際化對我們的未來仍然至關重要。但我剛才分享的只是我們如何在戰略和經濟層面將這一點納入我們未來的發展方向。

And maybe with that, I'll turn it over to Michelle to answer your QuickBooks Live question.

接下來，我或許應該把麥克風交給米歇爾回答你關於 QuickBooks Live 的問題。

Great. Brent, I would say we're continuing to make some progress with QuickBooks Live. It actually goes back to what I mentioned earlier on the opportunities for platform leverage because it's actually built on the same platform as TurboTax Live, and that's what enabled us to bring it to market so much more quickly. Right now, we're still focused on achieving product market fit. Seeing some early signs here as a way to bring in customers who are new to Intuit, so help us with customer acquisition. And we do think that there's a great opportunity for us to use the Live product to help penetrate non-consumption, which, as you know, is a huge opportunity.

太好了。布倫特，我想說我們在 QuickBooks Live 方面繼續取得進展。這其實和我之前提到的平台優勢有關，因為它和 TurboTax Live 是建立在同一個平台上的，這讓我們能夠更快地將其推向市場。目前，我們仍專注於實現產品與市場的契合。我們已經看到一些初步跡象，表明它可以幫助吸引 Intuit 的新客戶，從而幫助我們獲得新客戶。而且我們認為，利用 Live 產品來拓展非消費市場是一個絕佳的機會，正如你所知，這是一個巨大的機會。

The pandemic over this last year has really been an opportunity as we've seen the acceleration to a virtual world. And so obviously, customers are much more anxious to -- or much more open to using these types of experiences. And so our platform really enables that. It does solve one of the biggest problems we have with Small Business customers, which is confidence. You also see that on the TurboTax side, too. Expert interest has continued to remain really strong. And so that's been a good thing for us to see.

過去一年的疫情確實帶來了機遇，我們見證了向虛擬世界的加速轉型。顯然，客戶更加渴望——或者說更樂於接受——這類體驗。而我們的平台恰好滿足了這項需求。它解決了小型企業客戶面臨的最大難題之一：信心。在TurboTax方面，我們也看到了這一點。專家們的興趣依然非常濃厚。這對我們來說無疑是個好消息。

A few customer pain points we're currently working on is on solving and streamlining and automating document collection. And then enabling messaging within the offering, so customers can more easily communicate with their bookkeeper. And then last thing I'd say is, last year, we launched the setup SKU so that we could really help small businesses come in, get set up on QuickBooks and have that confidence right from the get-go, and we've seen some good success with that.

我們目前正在努力解決一些客戶痛點，例如簡化和自動化文件收集流程。此外，我們還在產品中啟用訊息功能，以便客戶更輕鬆地與簿記員溝通。最後，我想說的是，去年我們推出了設定 SKU，旨在幫助小型企業快速上手 QuickBooks，從一開始就建立信心，目前看來效果不錯。

Next question comes from Kash Rangan of Goldman Sachs.

下一個問題來自高盛的卡什·蘭根。

Congratulations on an exciting finish to the fiscal year. Sasan, I wanted to get your thoughts on the Small Business Ecosystem. As you look at the business a few years out, and it looks like clearly the company is having increasing success with payroll and payments. But I'm curious, the outages with the small businesses perpetually underspend on IT, but that could be changing with digital transformation.

恭喜貴公司圓滿結束本財年。薩桑，我想聽聽您對小型企業生態系統的看法。展望未來幾年，貴公司在薪資和支付方面顯然取得了越來越大的成功。但我很好奇，小型企業長期以來在IT方面的投入不足，導致系統故障頻傳，而數位轉型或許能夠改變這個現狀。

So as you move slightly upmarket in Small Business and land bigger deals with QuickBooks Advanced, what are the things that you're learning about that part of the market that suits into it particularly well, given that you've got a wide range of assets, AI, Credit Karma, et cetera. So how do you bring those assets to bear in a way that you can get a big chunk of the IT spending that is -- that could potentially be unleashed in the higher end as you move up market in the Small Business ecosystem.

因此，當您在小型企業市場略微上調，並憑藉 QuickBooks Advanced 達成更大的交易時，考慮到您擁有人工智慧、Credit Karma 等一系列資產，您在這個特別適合的細分市場中學到了哪些經驗？您如何有效地利用這些資產，從而在小型企業生態系統中高端市場釋放出巨大的 IT 支出潛力？

Yes. Great question, Kash, and great to hear from you. I'll take you back to the bet that we have declared, which is we truly want to be the center of small business growth. And for us, it's really about helping customers grow their business. It's helping our customers manage all of their money flow. And it's also ensuring that they can take good care of their employees and be compliant.

是的，Kash，問得好，很高興收到你的來信。我先回到我們之前所做的承諾，那就是我們真心希望成為小型企業發展的中心。對我們而言，這實際上意味著幫助客戶發展業務，幫助他們管理所有資金流，並確保他們能夠妥善照顧員工並遵守相關法規。

And I think particularly, there are 2 areas to answer your question as we move up market, but it's also relevant. One of them is very relevant to just the smaller businesses that we're continuing to focus on. And that is, one, how do we help you grow your business? That's both relevant to the businesses that we serve today, but also very relevant to the mid-market customers. And so to be able to manage your marketing, your sales, your services is one element.

我認為，隨著我們向高端市場拓展，有兩個方面可以特別回答您的問題，而這個問題本身也很重要。其中一個面向與我們持續關注的小型企業息息相關。那就是，我們如何幫助您發展業務？這不僅與我們目前服務的企業相關，也與中端市場客戶息息相關。因此，能夠管理您的行銷、銷售和服務是其中一個關鍵要素。

I think the other element, which is particularly important for mid-market customers, is just all their G&A. And we believe that the live platform that we've created, the engines that we've created will actually help us go beyond bookkeeping taxes and accounting to be able to focus on some of their -- kind of how they run their business and particularly on G&A. So those are the 2 areas.

我認為另一個對中端市場客戶特別重要的因素是他們的所有一般及行政費用。我們相信，我們創建的即時平台和引擎將幫助我們超越簿記、稅務和會計的範疇，從而能夠專注於他們的一些業務運作方式，特別是一般及行政費用。以上就是兩個方面。

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。

I also echo my congratulations for a great end to this challenging year.

我也要向你們表示祝賀，祝賀你們圓滿結束了這充滿挑戰的一年。

Sasan, I want to ask you about follow-up into your TurboTax, mainly TurboTax Live Full-Service. This is the first year you guys launched. So I'm wondering, like what have you learned this year? And hopefully, next season, maybe we'll go back to normalcy like, so what's your expectation baked into your guidance in terms of adoption of Full Service?

Sasan，我想問你關於TurboTax的後續情況，主要是TurboTax Live全方位服務。今年是你們推出這項服務的第一年。所以我想知道，你們今年有哪些經驗教訓？希望下個季度我們能恢復正常，那麼你們對全方位服務的推廣應用有什麼預期？

Yes, Siti. And thank you for your kind words. I would just start with, really, this has been a very intentional multiyear effort to have one platform across TurboTax, where you can do your taxes yourself, you can get assistance to your taxes or we'll do your taxes for you, and a platform where you can choose to go back and forth within the year or in a multiyear period. We want to be the platform for your taxes. And of course, obviously, beyond that with the capabilities that we have with Credit Karma.

是的，Siti。謝謝你的讚揚。首先我想說，我們多年來致力於打造一個統一的TurboTax平台，讓用戶能夠自行報稅、獲得報稅協助，或由我們代為報稅。此外，用戶還可以選擇在一年內或多年內隨時切換使用。我們希望成為您報稅的首選平台。當然，除此之外，我們還擁有Credit Karma的強大功能。

Second element, I would say, is what we learned this year going to full launch is that Full Service offering has a halo effect and build confidence for customers, which is why we were able to attract new customers from prior assisted method at a 25% higher rate into Full Service because they know that they can digitally provide us all of their data, and we have excellent experts to be able to take very good care of them.

我認為，第二個因素是我們今年全面推出全方位服務後學到的，那就是全方位服務具有光環效應，能夠增強客戶的信心。正因如此，我們才能以高出 25% 的比例，將先前透過輔助方式獲得的客戶吸引到全方位服務中，因為他們知道他們可以透過數位化方式向我們提供所有數據，而且我們擁有優秀的專家團隊，能夠為他們提供非常好的服務。

So that's the biggest learning that we had. It was a hypothesis that we had from prior year experimentation. And we're going to continue to scale that as we look ahead. It's just a very critical part of our platform. And as I've said before, we believe that we're in the very, very early innings of a 10-year-plus opportunity here. And we just see Full Service playing a very important role as we look ahead.

這就是我們最大的收穫。這是我們去年實驗中提出的假設。展望未來，我們將繼續擴大規模。這確實是我們平台至關重要的一部分。正如我之前所說，我們相信我們目前正處於一個長達十年甚至更久的機會的初期階段。展望未來，我們預見全方位服務將發揮至關重要的作用。

The next question comes from Scott Schneeberger of Oppenheimer.

下一個問題來自奧本海默公司的史考特‧施內伯格。

Congratulations from me, too. Two tax questions. The first one, Sasan, if you could, I guess, use this opportunity to describe a little bit more the decision process to exit Free File Alliance. And then, I think Michelle mentioned, should not have a revenue impact. I'm just curious, any thoughts on margin impact for the go forward?

我也要祝賀你。我有兩個稅務方面的問題。第一個問題，Sasan，你能不能藉此機會詳細解釋一下退出Free File Alliance的決策過程？第二個問題，我想Michelle也提到過，應該不會對收入造成影響。我只是好奇，你覺得這會對未來的利潤率產生什麼影響？

Yes, sure. Thank you, Scott. First of all, just as a reminder, we were one of the founding members of the Free File Alliance program with the IRS. And it has been, frankly, an incredible partnership with the IRS and the private industry. And when we really founded this program with the IRS, there was really 2 goals, and I'll simplify it. Really the 2 goals were we wanted, at that time, to ensure that electronic filing was used by more than 80-plus percent of all consumers. And we wanted to make sure that free filing was available to 8% -plus of consumers.

好的，當然。謝謝你，斯科特。首先，提醒一下，我們是國稅局「免費報稅聯盟」計畫的創始成員之一。坦白說，我們與國稅局和私人企業建立了非常棒的合作關係。當初我們與國稅局共同創立這個計畫時，有兩個目標，我簡單概括一下。這兩個目標是：確保超過80%的消費者使用電子報稅；並確保超過8%的消費者可以享有免費報稅服務。

And when you forward the clock, mission accomplished on both. In fact, we've exceeded both metrics as an industry on both fronts. And free has now become prevalent across the entire industry. And so we felt that the time was right now that the mission has been accomplished to really sort of change our approach to how we can deliver benefits for customers. Free will always be an important part of the strategy, but there are constraints when you come in through the Free File Alliance program. And those constraints are, for instance, we can't provide you benefits on other platforms like our free Credit Karma platform.

隨著時間的推移，兩項任務都已圓滿完成。事實上，作為產業整體，我們在這兩方面都超額完成了指標。免費服務如今已成為整個產業的普遍現象。因此，我們認為現在正是時候，既然任務已經完成，就應該真正改變我們為客戶提供服務的方式。免費服務始終是我們策略的重要組成部分，但如果您透過「免費報稅聯盟」計劃加入，則會受到一些限制。例如，我們無法在其他平台（例如我們的免費信用評分平台 Credit Karma）上為您提供服務。

And so as we look ahead, not only will we be able to provide free tax offerings to our customers, but as they grow and we grow with them, they can benefit from Credit Karma, they can benefit from Mint. If they're a small business, they can benefit from QuickBooks, things that we ultimately couldn't talk to them about if they were part of the Free File Alliance program. So sort of mission accomplished, and that's the reason for why we chose to get out.

展望未來，我們不僅能夠為客戶提供免費的稅務服務，而且隨著客戶和我們共同成長，他們還能受益於Credit Karma和Mint等服務。如果他們是小型企業，也能受益於QuickBooks等工具。如果他們是Free File Alliance的成員，這些服務我們最終都無法向他們介紹。所以，我們的使命已經達成，這也是我們選擇退出的原因。

I just want to state again, the partnership with the IRS has absolutely been phenomenal and with private industry to achieve the goals of FFA.

我只想再次聲明，與美國國稅局以及私人企業的合作對於實現 FFA 的目標來說絕對是卓有成效的。

And just any thoughts on margin on the go forward?

關於未來的利潤率，您有什麼看法？

Sure. Yes. My apologies, I failed to answer that. No impact to margins, no impact to revenue. And some of the resources actually that were on FFA, we're reallocating them to really important work in TurboTax, so there's no impact.

當然。是的。抱歉，我之前沒能回答這個問題。對利潤率和收入都沒有影響。實際上，我們把之前投入到 FFA 的一些資源重新分配到了 TurboTax 的一些重要工作中，所以不會有任何影響。

Understood. And just a real quick follow-up from an earlier question. You mentioned a flattish IRS industry growth anticipated for next year. Is that because we saw what looks like 3% this year and just a tough comp? Or any other factors that go into that anticipation?

明白了。還有一個之前的問題想快速補充。您提到預計明年國稅局產業成長將趨於平緩。這是因為今年的成長似乎只有3%，而去年同期基數較高嗎？還是說還有其他因素影響了這種預期？

Yes. Scott, I'll just start with -- it's an assumption. We make an assumption every year as to what we think it will be because it's important for our planning. And because there's been 2 years of pretty strong total return growth, we're just assuming next year is going to be flat. We could be wrong, it could grow, but our assumption going in is it's flat.

是的，史考特，我先說明一下──這只是個假設。我們每年都會對未來做出預測，因為這對我們的規劃至關重要。鑑於過去兩年總回報成長強勁，我們假設明年將保持穩定。當然，我們的預測也可能出錯，明年可能會成長，但我們目前的假設是平穩。

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 strong results from me here. Going back to Credit Karma, I'm just wondering if there's anything you can add around how much visibility you have there in framing targets for the upcoming year relative to other segments of your business. I think the commentary is clear around the Q4 strength, but just wondering how to parse the 18% to 21% growth you referenced, which is a solid starting point and a guide that's modestly down relative to the run rate that segment just delivered.

我在此祝賀你們取得如此優異的業績。回到 Credit Karma，我想請教一下，你們在製定來年目標時，相對於其他業務板塊，對 Credit Karma 的可見性如何？我認為你們對第四季的強勁表現已經做了充分的說明，但我還是想了解你們提到的 18% 到 21% 的成長率是如何解讀的。這是一個不錯的起點，但相對於該板塊先前的成長率而言，這個數字略有下降。

Yes. Sure, Michael, and thank you for -- I know you've been waiting for a while in the queue here. We have very good visibility, and I'll just be specific. We have well over 100 million customers. We see the monthly active users, which has grown quite nicely. We actually, based on the data that we have and how we are leveraging that data with our customers' permission as part of Lightbox and number of partners that come in the Lightbox, we actually can see spend behaviors. We can see our customers' activity. We can see their financial situations and are -- continue to be better positioned to be able to offer them products that are right for them.

是的，當然可以，邁克爾，謝謝你——我知道你在這裡排隊等了很久了。我們的數據視覺性非常好，我具體說一下。我們擁有超過1億的客戶。我們看到每月活躍用戶數量成長得相當不錯。實際上，基於我們掌握的數據，以及我們如何在客戶許可的情況下利用這些數據（透過Lightbox平台）和Lightbox平台上的合作夥伴數量，我們能夠了解客戶的消費行為、活動和財務狀況，從而更好地為他們提供合適的產品。

So when we see our member growth, when we see our member activity, the number of transactions, which is the number of offerings that we now have, the activity of our partners, which we're very engaged with because our partners see this platform as a great growth opportunity for them. And the fact that we continue to be very intentional that we are an agnostic platform, we have pretty good visibility into the future with Credit Karma. And we feel, of course, good and confident about the guidance that we provided.

所以，當我們看到會員成長、會員活躍度、交易量（也就是我們目前提供的服務數量）以及合作夥伴的活躍度時，我們都非常關注這些指標。我們的合作夥伴將這個平台視為他們發展的絕佳機會。而且，我們始終堅持打造一個中立的平台，這使得我們對Credit Karma的未來發展有著相當清晰的預期。當然，我們對我們所提供的指導也充滿信心。

Our next question comes from Brad Reback of Stifel.

我們的下一個問題來自 Stifel 公司的 Brad Reback。

Sasan, I believe earlier in the call, you talked about retention rates in TurboTax being flat year-over-year. What types of things have to happen to see that tick up?

薩桑，我記得你在之前的電話會議中提到TurboTax的用戶留存率比去年同期持平。要讓這個數字上升，需要有哪些改變？

Yes. Thank you, Brad. First of all, with all of the sort of movement in the last couple of years with the pandemic and the growth that we've experienced, one, we're actually quite pleased with the retention rates. And I would tell you, the biggest lever around retention is what we are doing with TurboTax Live, which is ensuring that our customers know and understand that there's an expert to help them every step of the way.

是的，謝謝你，布拉德。首先，考慮到過去幾年疫情期間的各種變化以及我們自身的發展，我們對客戶留存率非常滿意。我認為，提高客戶留存率的關鍵在於我們透過TurboTax Live所做的工作，即確保我們的客戶知道並理解，在報稅的每一步都有專家為他們提供幫助。

But I think secondly, and we haven't talked much about this, and we'll spend a little bit of time on this at Investor Day, is how we are now leveraging data to never lose a customer. And I give a lot of credit to our TurboTax team where we've been working on this for several years. It's not a new body of work. But to shift from just a -- engaging you once a year when it's tax time, to actually understanding and leveraging what we know about you, if something has changed in your life, if you bought a house, if you bought a car, if you got married, if you got divorced, if you moved from one state to another, to actually engage you sort of year around relative to giving you confidence that those changes can be addressed by us.

但我認為第二點，也是我們之前討論得不多，並且會在投資者日花些時間詳細闡述的，是我們現在如何利用數據來確保客戶永不流失。我非常感謝我們的TurboTax團隊，他們在這方面已經耕耘多年。這並非一項全新的工作。但關鍵在於，我們不再僅僅在報稅季與您聯繫，而是真正了解並利用我們對您的認知，例如您生活中是否發生了變化，例如買了房、買了車、結婚、離婚、搬家等等，從而全年持續地與您互動，讓您相信我們能夠應對這些變化。

So it's the combination of leveraging data, apply AI to that data with our models to understand who could be at risk, and then engaging those customers proactively. And by the way, depending on their needs, not just with TurboTax, it could also be engaging them with the benefits of Credit Karma. Those are the 2 big things, data and AI and the capabilities of TurboTax Live, engaging customers year round, where we are quite confident over the long term, we can continue to increase our retention rates.

所以，關鍵在於充分利用數據，運用人工智慧技術，結合我們的模型分析數據，從而了解哪些客戶可能面臨風險，然後主動與這些客戶互動。順便一提，根據他們的需求，不僅限於TurboTax，我們還可以讓他們體驗Credit Karma帶來的各種好處。數據、人工智慧以及TurboTax Live的強大功能是兩大關鍵，它們能夠幫助我們全年與客戶保持互動。我們非常有信心，從長遠來看，我們能夠持續提高客戶留存率。

And then just one quick follow-up. High level, any sense of why DIY went backwards this year?

最後還有一個後續問題。從宏觀角度來看，您認為今年DIY產業倒退的原因是什麼？

Brad, the numbers are so lumpy. What's happened the last couple of years, so many people that don't have to file their taxes came in to do their taxes to get a stimulus check. And so what really matters are some of the underlying numbers that we provided and the fact that we gained share overall IRS returns and within DIY. Even though DIY went down, but it's just the wonkiness of the number of stimulus customers that came in that ultimately didn't have to file their taxes again this year. So that's the reasoning as we look at all the cohorts.

布拉德，這些數字波動很大。過去幾年，許多原本不需要報稅的人為了領紓困金而報稅。所以真正重要的是我們提供的一些基礎數據，以及我們在整體國稅局報稅量和自助報稅量上的份額增長。儘管自助報稅量有所下降，但這主要是因為前來報稅的紓困金領取者人數眾多，而他們最終並不需要再次報稅。這就是我們分析所有群體時所依據的原因。

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。

This is Jackson Ader on for Sterling tonight. The first one is on the Credit Karma side where you're expecting maybe to see some of the pent-up demand return to more normal levels. We're just curious whether that is more driven on the -- in the core markets, or some of the emerging markets.

這裡是傑克遜·阿德爾，今晚為您帶來Sterling的節目。首先，我們來看看Credit Karma的觀點，他們預期一些被壓抑的需求可能會恢復到更正常的水平。我們想知道，這種需求成長更多是由核心市場驅動，還是由一些新興市場驅動。

Yes. Thank you, Jackson. It's primarily originations in credit cards and personal loans. One data point that's public, the other one is in our own data that we see. They're up double digits strongly compared to pre-COVID levels, and we believe those are just going to, at some point, taper in the back half of the year. And it's primarily from what we see in credit cards and personal loans. And it's really our innovation on the platform that will continue the guidance growth that we provided of 18% to 21%, but it's really in credit cards and personal loans that we believe originations will go back to pre-COVID levels. Which were strong, it's just there was pent-up demand, so it grew double digits.

是的，謝謝你，傑克森。主要指的是信用卡和個人貸款的發放量。一個數據點是公開的，另一個是我們自己的數據。與疫情前相比，這兩項業務的發放量都實現了兩位數的強勁增長，我們認為這種增長勢頭會在下半年逐漸放緩。這主要體現在我們對信用卡和個人貸款的觀察上。我們平台上的創新將延續我們先前預測的18%至21%的成長，但我們相信，信用卡和個人貸款的發放量最終會恢復到疫情前的水平。疫情前的水準已經很強勁了，只是之前積壓的需求釋放出來，所以才實現了兩位數的成長。

Okay. Perfect. And then a follow-up for Michelle. The TurboTax Premier SKU, I think, being better than maybe you had expected entering the year. Can you just remind us what does Premier's retention rate look like relative to maybe the overall TurboTax platform?

好的，完美。接下來我想問Michelle一個問題。 TurboTax Premier這款產品，我覺得可能比你年初預期的還要好。可以簡單介紹一下Premier的用戶留存率相對於整個TurboTax平台的情況嗎？

Jackson, thanks for the question there. Yes. Premier, as you know, we've done a good amount of work on Premier over the last couple of years. It's specifically used by our investors. And so obviously, we've continued to see growth. It's one of the underpenetrated segments that we focus on. We have not provided any detailed information on our retention rates below our -- the higher level for TurboTax. So that's just not an area that we really delved into just because of the competitive nature.

傑克遜，謝謝你的提問。是的。如你所知，過去幾年我們在Premier上投入了大量精力。它主要面向我們的投資者。顯然，我們持續看到成長。這是我們重點關注的尚未充分滲透的細分市場之一。我們沒有提供低於TurboTax更高用戶留存率的任何詳細資訊。由於競爭激烈，我們並沒有深入研究這個領域。

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。

I'll echo the congratulations on a really nice finish to the year. One of the things that stands out to me is the outlook for Small Business, very strong relative to kind of how you provide outlook heading into the year historically.

我同樣祝賀你們圓滿結束了這一年。其中最讓我印象深刻的是小企業的前景，與你們以往對年初前景的預測相比，今年的前景非常強勁。

So my question is, is there a price increase in there? And just more generally, as you think longer term, historically, the company has raised price commensurate with more value that's delivered in the product for QuickBooks. How do you feel about your ability to just monetize more of the market with just more value-added features coming over the long term? What are some of those things that you think might enable you to take price over time?

所以我的問題是，價格會有上漲嗎？更廣泛地說，從長遠來看，公司歷來都會隨著 QuickBooks 產品價值的提升而提高價格。您認為隨著長期發展，透過推出更多增值功能來擴大市場份額的能力如何？您認為哪些因素能夠幫助您逐步提高價格？

Yes. Thank you, Brad, for your question, your kind words. Let me make a couple of comments. One, the -- really, our -- the majority of our growth is coming from customer growth and mix. And when I say mix, for instance, QuickBooks Advanced which slows after the mid-market type mix. It's really not driven by price, although we have increased price this year, it's the first time we've done it over the last couple of years.

是的。謝謝布拉德的提問和讚揚。我想補充幾點。首先，我們大部分的成長都來自於客戶成長和客戶結構的變化。說到客戶結構，例如QuickBooks Advanced，它在中端市場之後成長就放緩了。這並非價格驅動的，儘管我們今年確實提價了，但這是近年來我們第一次提價。

And I tell you, we run tests, and it's exactly as you said it. We look at a price value equation. We have very clear pricing principles. And with experimentation and data, we choose when to move forward with a price increase. And I would tell you that our innovation, just in the last couple of years, literally, last year, our innovation across the company, which includes Small Business, doubled year-over-year in terms of -- when we measure that by code deployment and impact, and it's doubled again this year.

我告訴你，我們做了測試，結果正如你所說。我們著眼於價格價值等式。我們有非常明確的定價原則。透過實驗和數據，我們決定何時漲價。而且我可以告訴你，就在過去幾年裡，確切地說，去年我們全公司（包括小型企業）的創新能力，以代碼部署和影響來衡量，同比增長了一倍，今年又翻了一番。

And that shows up in how we leverage data and AI across the platform to deliver insights to customers. It shows up in payments and payroll and time tracking. And then what we've announced, which is moving upmarket several years ago with QuickBooks Advanced, it's being able to serve product based businesses with QuickBooks Commerce. It's being able to go after nonconsumption with QuickBooks Live, which is a higher sort of price tag for our customers.

這一點體現在我們如何利用平台上的數據和人工智慧為客戶提供洞察。它體現在支付、薪資和時間追蹤等功能中。此外，我們幾年前推出的 QuickBooks Advanced 標誌著我們朝著高階市場邁進，而 QuickBooks Commerce 則能夠服務於產品型企業。我們也推出了 QuickBooks Live，旨在拓展非消費型業務，但其價格更高。

And then our disruptive offering with QuickBooks Cash, which is, in essence, you can start with a business bank account and be able to run your business through that. So just the innovation is, I would just say, staggering, focused on cohorts of customers and going after their needs. And with an open platform, we're able to really focus on what matters more customers and monetize. So we believe that capability is one that we'll have for years to come.

然後是我們顛覆性的 QuickBooks Cash 產品，本質上，您只需一個企業銀行帳戶即可透過它經營您的業務。這項創新可謂意義非凡，它專注於滿足各類客戶的需求。憑藉開放的平台，我們能夠真正專注於最重要的客戶群並實現盈利。因此，我們相信這項能力將在未來幾年持續發揮作用。

Our next question comes from Matt Pfau of William Blair.

下一個問題來自威廉布萊爾大學的馬特普法烏。

Just wanted to ask one question on the Small Business segment. And specifically around some of the key metrics there like gross to customer additions, charge volumes, employees and under payroll. Have you seen any change in some of those key metrics you track as COVID variants have started to impact various spots of the U.S.?

我想問一個關於小型企業板塊的問題。特別是關於一些關鍵指標，例如客戶新增總金額、交易量、員工人數和總薪資。隨著新冠疫情在美國各地蔓延，您追蹤的這些關鍵指標是否有任何變化？

Yes, Matt, thank you for your question. The short answer is no. We're continuing to see strength by industry, by geography, given some of the tailwinds in our innovation that I spoke about earlier. So with the Delta variant being the primary driver of the COVID cases and what we're seeing in different states within the U.S. having different impacts, we've really not seen an impact in our results in charge volume, number of employees. So the strength remains.

是的，馬特，謝謝你的提問。簡而言之，沒有。鑑於我之前提到的創新方面的一些利多因素，我們仍然看到各行業和各地區的業績持續強勁。雖然達美航空的疫情是新冠病例的主要驅動因素，而且我們在美國各州看到疫情的影響各不相同，但我們的收費量和員工人數等業績並未受到影響。因此，業績依然強勁。

Our next question comes from Michael Millman of Millman Research.

我們的下一個問題來自 Millman Research 的 Michael Millman。

So a couple of questions. On this year's -- next year's guidance or, I guess, this year's guidance, is that lower semi number related to your conservatism on last year's guidance? And what should we expect over a 2-year to 3-year range?

我有幾個問題。關於今年的業績指引（或明年的指引），這個較低的半數預期是否與您去年業績指引的保守態度有關？未來兩到三年內，我們該預期什麼？

And secondly, on last year's -- or current year's tax, to what extent did you have assisted benefit from people misunderstanding or concerned about the stimulus and wanting to sit down? And it was a 1-year phenomenon and we go back to reduced assisted and increasing do-it-yourself?

其次，就去年的（或今年的）稅而言，有多少人因為誤解或擔心刺激政策而選擇不參加報稅，從而獲得了政府補助？這種情況是否只持續了一年，之後政府補助減少，而自費報稅增加？

Yes. Thank you, Michael, for your question. A couple of things. I'll start with your first question. We're very excited about the innovation across the company, the customer segments we're pursuing and the impact that we are seeing. And in that context, we feel very good about our guidance and long-term expectations. Which gets to the second question, and that is the long term, what we'll do at Investor Day, as we do every year, is we'll share our long-term expectations. So we'll talk about that at Investor Day. So if you wouldn't mind maybe waiting another 3 weeks, we'll talk about that a little bit more.

是的。謝謝你，邁克爾，提出這個問題。有幾點要說明。我先回答你的第一個問題。我們對公司各方面的創新、我們正在拓展的客戶群以及我們所看到的影響都感到非常興奮。基於此，我們對業績指引和長期預期充滿信心。這就引出了你的第二個問題，也就是長期發展。我們將在投資者日上，像往年一樣，分享我們的長期預期。我們會在投資者日上詳細討論這個問題。所以，如果你不介意的話，請再等三週，我們會更深入地探討這個問題。

And the third part of your question around tax and assisted, and we have a blip from the pandemic. I would say the short answer is really no. This year, a lot of our -- a lot of accountants and stores were actually open. I think what you're seeing here is just -- it's the impact from our innovation. It's raising the awareness that we have, live expertise available for customers, whether we do it with you or do it for you. And in that context, this was not a blip because of the pandemic. If anything, most places were actually open, and this was just based on our strategy and the results of our execution.

關於您提出的第三部分問題，即稅務和輔助服務方面，以及疫情期間的業務波動，我的回答是：並非如此。今年，我們許多會計師事務所和門市其實都正常營業。我認為您現在看到的，正是我們創新帶來的成果。它提高了客戶的認知度，讓他們意識到我們擁有專業的即時服務，無論我們是與您合作還是為您提供服務。因此，這並非疫情造成的業務波動。事實上，大多數門市原本都正常營業，這完全得益於我們的策略和執行成果。

And ladies and gentlemen, I'm not showing any further questions. Would you like to close with any additional remarks?

女士們、先生們，我不再展示任何問題了。你們還有什麼要補充的嗎？

Yes. Thank you. Well, thank you very much for the wonderful questions. And I want to just thank our employees, our customers and our partners for another great quarter. And I wish all of you to be safe out there, and we'll talk to you next quarter. Thank you.

是的，謝謝。非常感謝大家提出的精彩問題。我也要感謝我們的員工、客戶和合作夥伴，感謝他們又一個季度以來的辛勤付出。祝大家一切平安，我們下個季度再見。謝謝。

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。