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?

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 的第四季度和 2021 財年電話會議。 （操作員說明）現在，我將把電話轉給 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 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 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 2020 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。

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

有了這個，我會把電話轉給 Sasan。

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

謝謝，Kim，也感謝大家今天加入我們。

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.

我們的第四季度表現非常強勁，為出色的一年畫上了句號。全年收入增長 25%，包括 Credit Karma 的加入。小企業和個體經營者集團增長 16%，消費者集團增長 14%，推動了總收入增長，而 Credit Karma 的表現非常強勁，第四季度再創紀錄。

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.

包括 QuickBooks Online、TurboTax Online 和 Credit Karma 在內的綜合平台收入在 2021 財年增長了 39%，達到 66 億美元。這包括增加 Credit Karma 帶來的 18 個點。我為球隊今年所取得的成就感到自豪，我們贏得比賽的計劃仍然持久。

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.

現在讓我談談稅收。今年是我們連續第四年實現兩位數的收入增長。我們制定了一個持久的戰略，今年我們取得了顯著的進步，客戶增長了 6%，我們在總回報中的份額提高了大約 1 個百分點。我們通過專注於滲透率較低的細分市場（包括投資者客戶）擴大了在自己動手類別中的領先優勢，我們的增長率比去年增加了兩倍。

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.

我們繼續通過 TurboTax Live 改造價值 200 億美元的輔助細分市場，將總客戶增長速度加快近 100%。隨著我們加速創新，我們擁有高度可預測的模型和具有重要增長通道的平台。

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.

最近，我們宣布了不再繼續參與 IRS 免費文件計劃的計劃。我們預計這一決定不會對收入產生影響。我想確保您了解此決定如何符合我們的整體戰略。免費產品是我們隨著時間的推移為客戶服務並與客戶共同成長的戰略的重要組成部分，為他們的繁榮提供好處。 Intuit 在過去 8 年中提供了近 1 億份免費納稅申報，其中近 90% 的免費納稅申報來自 IRS 免費文件計劃之外。展望未來，在沒有 IRS Free File 計劃限制的情況下，客戶可以享受我們在 TurboTax、Credit Karma 和 Mint 平台上提供的所有創新。

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.

我們的人工智能驅動的專家平台戰略和 5 大賭注正在推動整個公司的強勁勢頭並加速創新。這些大賭注專注於我們的客戶面臨的最大問題，並代表 Intuit 的持久增長機會。提醒一下，這些大賭注是：革新速度以受益，將人們與專家聯繫起來，解鎖 SMART Money 決策，成為小企業增長的中心，並擾亂小企業的中端市場。今天，我將重點介紹本季度我們在其中 3 個大賭注上取得的顯著進展，我們將在下個月的投資者日提供所有 5 個大賭注的詳細更新。

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.

我們的第二個大賭注是將人們與專家聯繫起來。我們正在通過 TurboTax Live 和 QuickBooks Live 虛擬地將人們與專家聯繫起來，解決客戶面臨的最大問題之一，即缺乏信心。借助 TurboTax Live，我們正在轉變價值 200 億美元的輔助類別，為 8600 萬以前依賴親自協助的申報人提供機會，讓他們有機會接觸稅務專家以幫助他們以數字方式納稅或完成報稅。這種專業知識為消費者提供了信心，並為我們的整個 TurboTax 體驗創造了光環效應。

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.

TurboTax Live 漏斗在本季表現強勁。客戶認知度增長了 20% 以上，TurboTax Live 新加入 Intuit 的客戶增長了 100% 以上。我們的 Full Service do-it-for-me 產品以比我們的 TurboTax Live do-it-with-me 產品高出近 25% 的速度從輔助領域吸引了新客戶。

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.

我們的第三個大賭注是解鎖 SMART Money 決策。憑藉 Credit Karma 的數據平台和強大的網絡效應，我們正在朝著創建個人理財助理的目標前進，該助理可以幫助消費者找到合適的金融產品，將更多的錢放在他們的口袋裡，並獲得金融專業知識和建議。為實現這一目標，我們的戰略重點是發展核心業務，包括信用卡和個人貸款；擴大增長垂直領域，包括住房貸款、汽車貸款和保險；並開發專注於數字貨幣產品的新興垂直領域，例如儲蓄和支票賬戶。 Credit Karma 還提供了一個額外的貨幣化引擎，增加了我們與免費和付費客戶的綜合錢包份額。

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 在第四季度再創歷史新高，會員數量創歷史新高，部分原因是 TurboTax 整合，每月活躍用戶和會員訪問頻率保持強勁。

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.

在核心內，信用卡和個人收入合計再創歷史新高，反映出每位會員的交易量有所增加。本季度增長垂直領域的收入也再次創下歷史新高，反映出汽車保險的強勁勢頭，其次是住房貸款和汽車貸款。我們正在通過專注於創新的新興垂直領域來開發新興垂直領域，Credit Karma Money 是我們數字貨幣產品的一部分。

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 - 或者就在本月，我們宣布集成 QuickBooks Online 工資單，以提供更好的檢查體驗或我們的小企業員工的一部分，幫助他們在一個地方管理財務的各個方面。這些結果證明，成功的創新推動 Credit Karma 成員加入該平台，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 帶來更多貨幣化機會。

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.

我們取得的歷史新高是由重點創新推動的，既支持我們專有的人工智能燈箱技術，又投資於家庭和汽車等增長垂直領域，以及我們合作夥伴被壓抑的需求。 Lightbox 使 Credit Karma 能夠向更有可能獲得批准的成員提供優惠。合作夥伴在第四季度對 Lightbox 的使用量目前處於歷史最高水平，超過 50% 的信用卡和超過 40% 的個人貸款交易流過，而一年前這一比例還不到 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.

這是解決雙面問題的網絡效應的力量。在我們的合作夥伴進行了非常強勁的一年投資之後，我們預計核心垂直領域被壓抑的需求將在明年逐漸減少，回到 COVID 之前的投資水平。我對我們的進步感到非常高興，並對即將到來的創新感到興奮。

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，我將回到我們的第一個大賭注，這是我們徹底改變速度以使我們的客戶受益的基本賭注。我們的目標是通過使用 AI 和客戶洞察力將更多的錢放在客戶的口袋裡，消除摩擦並在每個接觸點提供信心。

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，我們加快了對人工智能的使用，將我們平台上部署的模型數量增加了近 50%，為我們的客戶節省了數百萬小時的工作時間。我們的人工智能應用使我們今年運行的實驗數量顯著增加了 35% 以上，使我們的 TurboTax 客戶更容易從不輸入數據，為他們節省數百萬小時的手動輸入，並使我們的工資單產品現代化，三倍發布速度。我們對我們的結果感到非常滿意，並且對我們的遊戲計劃充滿信心，在數字順風的推動下，我們會贏得勝利。

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。我們將繼續大力投資，包括對關鍵人才的投資，以推動更快的創新向前發展。

Now let me hand it over to Michelle.

現在讓我把它交給米歇爾。

Thanks, Sasan. Good afternoon, everyone.

謝謝，薩珊。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.

在 2021 財年第四季度，我們實現了 26 億美元的收入，GAAP 營業收入為 4.02 億美元，而去年為 4.83 億美元。非美國通用會計準則營業收入為 7.15 億美元，而去年為 6.16 億美元。 GAAP 攤薄後每股收益為 1.37 美元，而一年前為 1.68 美元。非 GAAP 攤薄後每股收益為 1.97 美元，而去年為 1.81 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.

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 19%，2021 財年增長 16%。第四季度在線生態系統收入增長 30%，全年增長 26%。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 28% in fiscal Q4, driven mainly by customer growth, mix shift and higher effective prices.

首先，我們繼續專注於發展核心。 QuickBooks 在線會計收入在第四財季增長了 28%，主要受客戶增長、組合轉變和更高有效價格的推動。

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，我們繼續專注於連接生態系統。包括支付、工資、時間跟踪和資本在內的在線服務收入在第四財季增長了 35%。在支付領域，收入增長反映了持續的客戶增長以及每位客戶的收費量增加。在工資單方面，我們在本季度繼續看到收入順風，來自工資單客戶的增長以及向我們的全方位服務產品的混合轉變。

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.

在本季度，我們繼續將客戶遷移到我們新的全方位服務陣容，這為在線服務增長增加了大約 5 個百分點。我們還看到每位客戶的員工人數恢復到大流行前的水平。

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，我們在全球範圍內擴張的進展增加了第四季度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 47%。我們認為，衡量我們戰略健康和成功的最佳衡量標準是在線生態系統收入增長，我們預計隨著時間的推移增長將超過 30%。這是由客戶和 ARPC 預期增長 10% 到 20% 推動的。

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

第四季度桌面生態系統收入增長 5%，第四季度增長 4%；全年。 QuickBooks Desktop Enterprise 收入在 2021 財年增長了中個位數。

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.

消費者集團的收入在 2021 財年增長了 14%，高於我們長期預期 8% 至 12% 的高端。 2021 財年是消費者集團連續第四年實現兩位數的收入增長。 TurboTax 單位本季增長了 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.

我們的消費者業務有 4 個主要驅動力。請注意，這些指標不包括上一季大約 800 萬份刺激申請。該數據反映了截至 2021 年 7 月 31 日的季節與截至 2020 年 7 月 31 日的上一季節的對比。

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.

首先是向美國國稅局提交的申報表總數，我們估計本季度將增長約 3%，高於我們之前估計的約 1%。第二個是使用自己動手軟件提交的這些回報的百分比。我們估計，本季度 DIY 類別在 IRS 總回報中的份額略有下降，而我們之前的估計大致持平。

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份額。本季度我們在總納稅申報表中的份額增加了約 1 個百分點至 31%，我們在 DIY 類別中的份額增加了約 1 個百分點。我們的總份額，不包括本季的免費文件客戶，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.

第四是每次退貨的平均收入，本季再次增加。這一增長反映了 TurboTax Live 的更大貢獻以及向投資者使用的我們的首要產品的混合轉變。我們估計我們的保留率同比略有上升，不包括上一季尋求刺激支付但本季沒有再次返回的申報者，我們對這些結果感到滿意。包括這些申報者在內，我們估計總留存率下降了大約 2 個百分點。

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

轉向 ProConnect 集團。我們報告 2021 財年的收入為 5.17 億美元，增長 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.

繼續使用 Credit Karma。第四季度收入為 4.05 億美元，再創歷史新高，反映了核心和增長垂直領域的歷史新高。隨著每位會員交易量的增加，連續增長主要反映了信用卡和個人貸款的實力。正如 Sasan 早些時候分享的那樣，在我們的合作夥伴進行了強勁的一年投資之後，我們預計核心垂直領域被壓抑的需求將在 2022 財年的某個時候逐漸減少。我們仍然對這個平台的未來機會感到興奮。

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.

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 $3.9 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.

本季度末，我們的資產負債表上有大約 39 億美元的現金和投資。我們在第四季度回購了 4.67 億美元的股票，在 2021 財年回購了 10 億美元。董事會批准了一項新的 20 億美元的回購授權，總授權約 33 億美元回購股票。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。

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

董事會批准了每股 0.68 美元的季度股息，於 2021 年 10 月 18 日支付。這比去年增加了 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.

繼續指導。我們的 2022 財年全年指引包括 110.5 億美元至 112 億美元的收入，增長 15% 至 16%，其中包括全年的 Credit Karma； GAAP 每股收益為 7.46 美元至 7.66 美元；非公認會計原則每股收益為 11.05 美元至 11.25 美元。我們預計 2022 財年的 GAAP 稅率為 20%。請注意，如果我們在 2021 財年有全年的 Credit Karma 收入，我們對 Credit Karma 的收入指導為 13.45 億美元至 13.8 億美元，這將轉化為 18% 至 21% 的增長。

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額外的背景信息。正如我之前分享的那樣，我們繼續看到利用該平台並隨著時間的推移推動利潤增長的機會。但是，我們的指導意味著 2022 財年的 GAAP 營業利潤率與 2021 財年相比下降了 2 個百分點以上。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票補償投資。我們相信，這些都是推動長期增長的正確決定。在非公認會計原則的基礎上，我們的指導意味著 2022 財年的營業利潤率將擴大約 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.

正如我在上個季度分享的那樣，2021 財年是非常獨特的一年，因為我們在今年上半年深陷大流行病的時候採取了保守的投資方式，然後業務開始以比我們預期更快的速度反彈在下半場。我們的 2022 財年非 GAAP 營業利潤率意味著自 2019 財年以來每年平均增長一個點，儘管我們在完成對 Credit Karma 收購後的初步指導包括 2 個負的非 GAAP 營業利潤率影響。我們繼續看到未來的利潤率擴張機會。

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.

我們的 2022 財年第一季度指引包括收入增長 36% 至 38%，GAAP 每股收益為 0.14 美元至 0.19 美元，非 GAAP 每股收益為 0.94 美元至 0.99 美元。您可以在我們的新聞稿和情況說明書中找到我們完整的第一季度和 2022 財年指導細節。

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

有了這個，我會把它交還給 Sasan。

Super. Thank you, Michelle.

極好的。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，並且總是一起取得成就，我對未來感到樂觀。我們擁有一個龐大的可尋址市場，其中包括向虛擬解決方案的轉變、對在線和全渠道能力的加速以及數字貨幣產品。憑藉我們成為人工智能驅動的專家平台和 5 大賭注的戰略，我們為加速創新和增長做好了準備。

Let's now 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 the line of Kirk Materne of Evercore ISI.

（操作員說明）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?

祝賀一個偉大的財政年度。 Sasan，在新聞稿中，你們稱在線支付和工資單是小型企業的兩個真正重要的增長因素。我想知道你能不能再把它們拆開一點。你在那兒看到什麼？您認為圍繞產品的這兩個部分的這些趨勢的可持續性如何？

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。我將帶我們回到幾年前，當時我們談到擁有一個平台的重要性，該平台真正讓我們的客戶不僅能夠發展他們的業務，而且能夠管理他們的資金並確保他們合規。我們一直在大力投資支付，讓我們的客戶很容易發現，確保我們為他們提供選擇，加速我們在即時存款、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.

隨之而來的是，連同我們在工資單方面的投資，我們真正專注於改善體驗的類似領域，在當天工資單或次日工資單等方面進行創新，轉向全方位服務，我們有專家為了幫助您處理工資單並幫助您繳納稅款，當然，這些只是兩個非常重要的說明性示例，這些創新確實在繼續加速並開始獲得回報，尤其是在我們擁有數字順風的時代，如果您的客戶希望在線遷移，如果他們已經在線，則可以在網上做更多的事情。當您查看我們的整體服務收入時，這開始顯現出來，無論是工資單、付款、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.

對於你的問題，我認為，是的，這是可持續的。我們將繼續成為客戶希望能夠開展業務的平台。我們的創新開始得到回報，我們並沒有停滯不前。事實上，我們的創新正在加速，我們將繼續期待我們會為我們的客戶服務並與他們一起成長。

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.

我想我想說的最後一件事，特別是隨著我們進入中端市場，我們開始為更大的客戶提供服務，這些都是更大的交易。隨著我們繼續在中端市場滲透非消費，我們將繼續看到這種回報。

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.

那太棒了。可能只是 Michelle 對 Credit Karma 指南的一項後續行動。我意識到你們提到了一個事實，即今年下半年，即你們的財政年度，存在一些被壓抑的需求。僅從一年中的增長節奏來看，我們應該如何看待這一點？顯然，考慮到我們還沒有完整的年度比較，這有點混亂。但我只是有點好奇我們應該如何考慮上半年和下半年？或者周圍的任何顏色都會有幫助。

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.

柯克，謝謝你的提問。是的。隨著我們繼續向前看，我們對 Credit Karma 感到非常興奮。第四季度只是他們的收入創歷史新高。所以我們對此感覺非常好，因為我們看到信用卡和個人貸款以及每位會員的交易都在增加。你是對的。正如你所聽到的，Sasan 說我們確實看到了一些被壓抑的需求。我們預計這將在 2022 財年逐漸減少。我們的合作夥伴在這一年的投資非常強勁。因此，我們確實希望這將恢復到更多的 COVID 之前的投資水平。

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.

至於你如何看待這一年，CK 內部並沒有太多的季節性。所以 - 但我們 - 顯然，除了第一季度，我們還沒有指導各個季度。但我們對我們所看到的感到非常興奮，我們認為 Credit Karma 明年仍有很多機會。

Our next question comes from Ken Wong of Guggenheim Securities.

我們的下一個問題來自古根海姆證券公司的 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?

偉大的。我贊同對強勁年份的看法。首先，也許只是觸及工資單。我想，米歇爾，你提到了在線服務方面的 5 個增長點。我們應該認為這是一場艱難的比賽嗎？或者你會說我們在推動全面服務的採用方面還很早，我們可能會看到這在長期內是附加的？

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

對不起，我不確定那是為我還是為（聽不清）。

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

我認為無論是你還是 Sasan 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？我很樂意加入，米歇爾，也請不要猶豫加入。首先，我只想帶你回到我們的長期預期是實現 30% 的在線收入增長。並且總是會有與付款、工資和會計收入相關的看跌期權。所以請讓你的優步指南針在線收入增長 30%。

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，正如我之前提到的，當我回答柯克的問題時，我們看到我們創新的影響得到了回報。我們越來越多的客戶正在遷移到全方位服務工資單。我們的更多客戶實際上希望開始使用全方位服務工資單，因為它擁有的能力和專業知識可以幫助他們解決這個問題，坦率地說，這是最大的問題，沒有說出來，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.

因此，Ken，在工資單方面，我們前面有跑道，我只想說你的指南針應該是 30% 的在線收入增長。

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?

知道了。極好的。然後只是在稅收方面的快速跟進。在較高的層面上，是否有任何嘗試可能分享明年 10% 到 11% 的消費者增長的一些組成部分？

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，我們將在即將到來的投資者日將其解壓縮到更詳細的水平。我只想告訴你，我對我們持續的戰略進展感到高興。這將真正促進我們未來的增長，我認為這是你問題的要素。當你想到我們的表現時，我知道我在重複一些統計數據，但我認為它們值得重複。一，我們將 IRS 回報的總份額提高了 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.

我們關注的兩個最重要的領域，滲透不足的細分市場和輔助細分市場的轉型，我們看到了非常好的結果。我們的整體投資者數量同比增長了兩倍。 TurboTax Live 的知名度提高了 20%。我們的客戶總數增長了 100%。我們特許經營的新客戶 TurboTax Live 增長了 100% 以上。通過我們的全方位服務產品，它實際上以比 TurboTax Live do-it-with-me 高 25% 的速度從上一年的輔助細分市場中吸引了新客戶。我們的保留率總體上保持平穩，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.

因此，當您查看所有關鍵指標時，敲木頭，它非常非常健康，我們預計這將為明年的增長提供信息。順便說一句，我們確實假設美國國稅局的回報明年將持平。所以這可能是一個值得分享的重要假設。但這只是一個延續，正如你可能多次聽到我所說的那樣。在我們關注的這些機會領域，我們已經進行了 10 多年的努力。明年將是我們尋求轉型的又一個重要的關鍵一年，幫助並滲透到滲透不足的細分市場。

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

優秀。並表示祝賀。對於 Intuit 的所有團隊來說，這是一個非常了不起的財政年度，這是一個非常好的結束。

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?

我想深入研究一下 FY '22 指南，尤其是關於小型企業的指南。米歇爾，你一直在談論等式的在線生態系統方面恢復到 30% 以上的增長。但如果我的數學做對了，這可能是這裡等式的很大一部分，如果我真的能做數學的話。但是，如果我的數學計算正確，並且我們在線增長了 30% 以上，那麼根據您的指南，這意味著桌面現在實際上正在縮小並在 22 財年下降 10% 或 10% 以上。桌面有什麼變化嗎？還是我只是做錯了數學？或者我們應該如何考慮在台式機中非常持久的收入流與不斷增長的在線業務之間的平衡？

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.

謝謝你的問題。好吧，首先，我想說我們對 Small Business 今年的表現感到非常興奮。很明顯，你可以看到明年，我們的指導是 12% 到 14%，我們認為明年也會很強勁。因此，我們認為您確實需要繼續關注在線生態系統的收入增長，我們確實預計隨著時間的推移會達到 30% 或更好。我們沒有引導它。我們不是每季度進行一次，但我們確實預計它會在較長時期內出現，如果您看到的話，這是由那裡的兩個客戶增長 10% 到 20% 推動的。

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，當我談到另一邊時，您在桌面上詢問過，隨著時間的推移，我們擁有的桌面，在過去的兩年中，我們已經看到了一些增長。很明顯，在過去的一年，即 2021 年，我們看到了 4% 的增長。但我們確實預計，隨著時間的推移，這將繼續下降。我們有越來越多的客戶進來，他們選擇在線版本。因此，10 個客戶中有 8、9 個選擇 QBO。所以這就是我會幫助你做數學的地方。

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?

知道了。需要明確的是，在嘗試更積極地將人們從桌面版本轉移到在線版本方面，是否存在任何結構性變化？或者這只是一種正常的課程業務，這是您隨著時間的推移看到的趨勢線？

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.

我們有——我們選擇不強迫人們上網。我們確實認為存在更好的價值主張，如果他們使用我們的在線產品，他們只會獲得更好的體驗，但我們希望他們使用適合他們的任何東西。但是我們已經看到越來越多的人，當他們選擇台式機時，他們選擇了 plus 產品，他們有訂閱。這就是我們所看到的一部分。

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.

我再次附和所有的祝賀。我想先挖掘一下 Credit Karma。由於增長比我認為我們一直在建模並且任何人都真正在想的要好得多，我可能想在本季度和指導中解開包裝，你是否開始看到你正在意識到的協同效應，無論是通過 Credit Karma 將您的 Intuit 免費用戶群貨幣化，還是對 Karma 基礎進行交叉銷售？然後我對利潤進行了快速跟進。

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，亞歷克斯。感謝您的友好評論。關於 Credit Karma，讓我先簡單介紹一下我們所看到的內容。首先，我們通過 Credit Karma 看到的加速創新確實得到了回報。加速創新是我們如何使用我們的組合數據來提供個性化體驗，為客戶利用 Lightbox。然後確保我們在客戶最需要的領域為他們提供相關的優惠。現在，我們可以提供多種相關優惠，無論是信用卡、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 - 擺在他們面前的報價時，我們有能力真正幫助他們獲得批准的潛力，讓他們在點擊實際獲得報價時變得非常容易。因此，這些都是真正獲得回報的關鍵創新領域。我認為，當我們的合作夥伴決定真正追求客戶獲取時，他們在平台上投入了大量資金，這證明了該平台。它只是展示了網絡效應和數據的力量以及我們擁有的成員的信任。因此，鑑於我們的加速創新，這是我們認為將繼續存在的第一個要素，因為我們 - 最終，我們的滲透率可能是信用卡中最高的之一，但當你查看汽車保險時，它是最低的之一。我們有很大的空間來增加錢包份額。

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.

就協同效應而言，亞歷克斯，我們實際上非常看好未來的可能性，我希望你考慮未來的協同效應。確實有幾個協同作用的領域。一個是真正讓 Credit Karma 受益成為整個 TurboTax 體驗的一部分。這是一個很大的機會。另一個大機會是在 TurboTax 方面使其無縫和上下文相關，作為 Credit Karma 體驗的一部分，以便能夠為您納稅。第三，我們剛剛宣布的內容，即 Credit Karma 是工資單體驗的一部分，我們的工資單客戶實際上可以將他們的錢存入一個免費的支票和儲蓄賬戶，並且如果他們願意，他們可以隨著時間的推移儘早取用他們的錢。

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.

所以這些都是重要的機會，因為 - 你說的是數以百萬計的 TurboTax 客戶、工資客戶，當然還有我們的 - 超過 1 億個 Credit Karma 客戶，我們將向這些客戶推出 TurboTax。在過去的一年裡，我會提醒我們，感覺很長一段時間，但我們剛剛在 12 月關閉了 Credit Karma。在過去的 8 個月裡，我們一直在以不可思議的目的、不可思議的速度和不可思議的意圖進行試驗。它會告知我們正在推出的內容以及我們在來年所做的事情。我只想說，就那些轉化為實質性客戶收入增長的事情而言。那裡 - 我們在短期內不指望這一點，我們在中期指望更多，因為我們希望真正繼續在我們所有成員中創造生態系統利益的經驗。因此，我希望您不僅要考慮您在 Credit Karma 中看到的情況，還要考慮我們前面的增長率。

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?

這超級清楚。我很欣賞這個答案的詳細程度，Sasan。米歇爾，也許適合你。我知道我自己，我正在處理很多關於指南上的保證金槓桿潛力以及與你們清楚地視為業務機會的投資水平的問題。但我認為你提供了，我認為，這是你在過去幾年中最好的增量營業利潤率槓桿指南，至少。因此，我想解開你試圖告訴我們的內容，以提供這種規模的增長和利潤率槓桿的能力，如果可以的話，從毛利率與運營支出節省的角度來解開它，對吧？我知道——我記得幾年前，人們對生命感到恐懼，尤其是進入模型時，這會稀釋毛利率。然而，今年的毛利率實際上有所提高。所以我想了解一點，當你想到增量保證金槓桿時，它是從哪裡來的？我們應該如何考慮這個機會的持久性？

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.

偉大的。好問題，亞歷克斯。謝謝你。首先，感謝您對我們今年的保證金交割的認可。正如您提到的毛利率，我們繼續說我們預計毛利率會隨著時間的推移保持相當平穩。你是對的，當我們進入 TurboTax Live 業務時，我們確實有很多問題，關於這是否會降低利潤率。但隨著時間的推移，它一直保持平穩。這是我們給出的最後一個期望——我去年在投資者日給出的。我們的重點顯然是運營利潤率。隨著我們越來越成為一家平台公司，我們看到了那裡的機會，並繼續看到提高保證金槓桿率的機會。

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.

'21 財年有點獨特，因為大流行和一開始就如火如荼。我們不完全確定事情將如何發展，我們在投資方面更加保守。然後業務最終反彈的速度比我們想像的要快得多。所以正如我之前提到的，當你從 2019 年回顧過去時，我們平均有大約 1 個百分點的利潤率擴張。所以我們對此感覺非常好，尤其是我們的指南期待 60 個基點。

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.

因此，當我想到我們將在哪裡看到擴展時，實際上整個業務都在幫助我們推動它。獲得影響力，無論是在技術方面，看看我們如何擺脫重複的技術並更多地使用服務，無論是在客戶成功方面，還是在真正傾向於為我們的所有客戶提供平台或我們在我們的目標中擁有的機會- 在那裡銷售和啟用額外的技術。因此，我們確實認為我們將繼續有機會推動這種影響力。

Our next question comes from Brent Thill of Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

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.

Sasan，如果您可以在小企業方面進行擴展，以及您在國際方法和美國以外的吸引力方面所看到的情況，以及這對您明年的重要性。如果您可以在牽引力和您在那裡看到的任何趨勢線方面向我們提供更新，也許只是對 Michelle 在 QuickBooks Live 上的快速跟進。

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.

偉大的。布倫特，只是一個後續問題。您問的關於趨勢線的最後一個問題是我們在小型企業中看到的一般趨勢線嗎？我想確保我們正確地捕捉到了您的問題。

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

更具體地說，QuickBooks Online - 在 QuickBooks Live 中，我很抱歉。快書直播。

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.

知道了。好的。偉大的。所以讓我從你關於國際的問題開始。首先，正如我在上次財報電話會議中提到的那樣，我認為同樣的趨勢還在繼續，一件事沒有改變，那就是全球的小企業仍在復蘇。有些人已經恢復到 - 回到 COVID 之前的水平。有些人實際上加速了他們的業務，因為他們改變了模式。但至少我們在我們的數據中看到，20% 左右的小企業仍在苦苦掙扎。掙扎是由他們定義的——他們的淨存款下降了 25% 以上。因此，我認為從總體角度來看，重要的是要認識到小企業總體上仍處於復蘇模式。

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.

話雖如此，我們的平台變得比以往任何時候都更加重要。我們平台的數字化特性使您能夠經營您的業務、發展您的業務、管理您的現金流並保持合規性比以往任何時候都更加重要，這就是為什麼基於我們的整體創新，我們看到了這種加速。

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.

如果我把它放在地理背景下，我會說美國在我們平台的使用方面確實反彈了。事實上，美國可能首先出現了加速。我想說，就復甦而言，加拿大是下一個。我只想說英國、法國、澳大利亞等國家的複蘇速度要慢得多。

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.

真的，原因是，正如你所看到的，有很多開放、關閉、開放、關閉，這真的影響了會計師和小企業的情緒。但即使在這種情況下，我們在上個季度實現了 47% 的固定匯率收入增長和全年 43% 的收入增長，這實際上是非常令人興奮的。但話雖如此，我們假設國際經濟的複蘇速度比美國慢得多，因為我認為擺脫這場健康危機非常重要。然後一旦我們這樣做了，我們相信小企業會在美國以外的地方反彈得更快。

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.

國際對我們的未來仍然很重要。但我剛剛分享的是，我們在展望未來的指導中如何從戰略上和經濟上考慮到這一點。

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

也許有了這個，我會把它交給 Michelle 來回答你的 QuickBooks Live 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.

偉大的。 Brent，我想說我們在 QuickBooks Live 上繼續取得一些進展。它實際上可以追溯到我之前提到的平台槓桿機會，因為它實際上是建立在與 TurboTax Live 相同的平台上，這使我們能夠更快地將其推向市場。目前，我們仍然專注於實現產品市場匹配。在這裡看到一些早期跡像是吸引 Intuit 新客戶的一種方式，因此請幫助我們獲取客戶。我們確實認為我們有一個很好的機會來使用 Live 產品來幫助滲透非消費，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.

去年的大流行確實是一個機會，因為我們已經看到了虛擬世界的加速。很明顯，客戶更渴望——或者更願意使用這些類型的體驗。因此，我們的平台真正實現了這一點。它確實解決了我們在小型企業客戶中遇到的最大問題之一，那就是信心。您也可以在 TurboTax 方面看到這一點。專家的興趣仍然非常強烈。所以這對我們來說是一件好事。

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.

我們目前正在處理的一些客戶痛點是解決、簡化和自動化文檔收集。然後在產品中啟用消息傳遞，以便客戶可以更輕鬆地與他們的簿記員溝通。最後我要說的是，去年，我們推出了設置 SKU，這樣我們就可以真正幫助小企業進入，在 QuickBooks 上設置並從一開始就擁有這種信心，我們已經看到一些很好的成功。

Next question comes from Kash Rangan of Goldman Sachs.

下一個問題來自高盛的 Kash Rangan。

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.

祝賀本財年令人振奮地結束。 Sasan，我想听聽您對小企業生態系統的看法。當你看幾年後的業務時，很明顯該公司在工資單和付款方面取得了越來越大的成功。但我很好奇，小企業的中斷在 IT 上的支出永遠不足，但這可能會隨著數字化轉型而改變。

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，當您在小型企業中略微高端化並通過 QuickBooks Advanced 獲得更大的交易時，鑑於您擁有廣泛的資產，您正在了解哪些特別適合它的市場部分、人工智能、Credit Karma 等。那麼，您如何以一種可以獲得大量 IT 支出的方式來承受這些資產——隨著您在小型企業生態系統中的市場上升，這可能會在高端釋放。

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。好問題，Kash，很高興收到你的來信。我將帶您回到我們宣布的賭注，即我們真正希望成為小企業增長的中心。對我們而言，這實際上是幫助客戶發展業務。它正在幫助我們的客戶管理他們所有的資金流。它還確保他們能夠很好地照顧員工並遵守規定。

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.

我特別認為，隨著我們向市場移動，有兩個方面可以回答您的問題，但這也很重要。其中之一與我們繼續關注的小型企業非常相關。也就是說，第一，我們如何幫助您發展業務？這既與我們今天服務的業務相關，也與中端市場客戶非常相關。因此，能夠管理您的營銷、銷售和服務是其中一個要素。

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元素就是他們所有的 G&A。而且我們相信，我們創建的實時平台，我們創建的引擎實際上將幫助我們超越簿記稅和會計，能夠專注於他們的一些 - 他們如何經營他們的業務，特別是關於 G&A。所以這是兩個領域。

Our next question comes from Siti Panigrahi of Mizuho.

我們的下一個問題來自瑞穗的 Siti Panigrahi。

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

我也祝賀這一充滿挑戰的一年取得圓滿成功。

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 的後續工作，主要是 TurboTax Live Full-Service。這是你們推出的第一年。所以我想知道，你今年學到了什麼？希望下個賽季，也許我們會回到正常狀態，那麼在採用全面服務方面，您對指導的期望是什麼？

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，西蒂。謝謝你的客氣話。我首先要說的是，真的，這是一項非常有意識的多年努力，目的是在 TurboTax 上建立一個平台，您可以在其中自己納稅，您可以獲得稅收援助，或者我們將為您納稅，以及平台，您可以選擇在一年內或多年期內來回。我們希望成為您的稅收平台。當然，顯然，除了我們在 Credit Karma 方面的能力之外。

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.

第二個要素，我想說的是，我們在今年全面推出時了解到，全方位服務產品具有光環效應並為客戶建立信心，這就是為什麼我們能夠以 25% 的速度通過先前的輔助方法吸引新客戶獲得全面服務的比率更高，因為他們知道他們可以以數字方式向我們提供他們所有的數據，而且我們有優秀的專家能夠很好地照顧他們。

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.

所以這是我們最大的收穫。這是我們從前一年的實驗中得出的假設。展望未來，我們將繼續擴大規模。這只是我們平台的一個非常關鍵的部分。正如我之前所說，我們相信我們正處於 10 年以上機會的非常早期階段。我們只是看到全方位服務在我們展望未來時發揮著非常重要的作用。

The next question comes from Scott Schneeberger of Oppenheimer.

下一個問題來自奧本海默的 Scott Schneeberger。

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?

我也祝賀你。兩個稅務問題。第一個，Sasan，如果可以的話，我想，利用這個機會多描述一下退出自由文件聯盟的決策過程。然後，我認為 Michelle 提到，不應該對收入產生影響。我只是好奇，對前進的利潤影響有什麼想法嗎？

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.

是的，當然。謝謝你，斯科特。首先，提醒一下，我們是美國國稅局免費文件聯盟計劃的創始成員之一。坦率地說，它與美國國稅局和私營企業建立了令人難以置信的合作夥伴關係。當我們真正與美國國稅局建立這個項目時，真的有兩個目標，我會簡化它。當時我們真正想要的兩個目標是確保超過 80% 的消費者使用電子歸檔。我們希望確保 8% 以上的消費者可以免費申請。

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.

當你把時鐘向前推進時，兩者都完成了任務。事實上，作為一個行業，我們在這兩個方面都超過了這兩個指標。現在，免費已經在整個行業中流行起來。因此，我們認為現在是時候完成使命，真正改變我們為客戶提供利益的方式。免費將永遠是該戰略的重要組成部分，但是當您通過免費文件聯盟計劃加入時會受到限制。這些限制是，例如，我們無法在其他平台上為您提供好處，例如我們的免費 Credit Karma 平台。

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.

因此，展望未來，我們不僅能夠為我們的客戶提供免費的稅收優惠，而且隨著他們的成長以及我們與他們一起成長，他們可以從 Credit Karma 中受益，他們可以從 Mint 中受益。如果他們是一家小型企業，他們可以從 QuickBooks 中受益，如果他們是自由文件聯盟計劃的一部分，我們最終無法與他們談論這些內容。所以任務完成了，這就是我們選擇離開的原因。

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 IRS 的合作夥伴關係絕對是非凡的，並且與私營企業合作以實現 FFA 的目標。

And just any thoughts on margin on the go forward?

對前進的保證金有任何想法嗎？

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，我沒有回答這個問題。對利潤率沒有影響，對收入沒有影響。而實際上在 FFA 上的一些資源，我們正在將它們重新分配給 TurboTax 中非常重要的工作，所以沒有影響。

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。並且只是對早期問題的真正快速跟進。您提到了預計明年 IRS 行業增長將持平。那是因為我們看到了今年看起來像 3% 的情況，而且只是一個艱難的競爭嗎？或者任何其他因素導致這種預期？

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。斯科特，我將開始 - 這是一個假設。我們每年都會對我們的想法做出假設，因為這對我們的計劃很重要。而且因為有 2 年相當強勁的總回報增長，我們只是假設明年將持平。我們可能是錯的，它可能會增長，但我們的假設是它是平坦的。

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 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.

恭喜我在這裡取得了很好的成績。回到 Credit Karma，我只是想知道是否有什麼可以補充的，即相對於您的業務的其他部分，您在為來年制定目標時有多少可見度。我認為關於第四季度實力的評論很清楚，但只是想知道如何解析您提到的 18% 到 21% 的增長，這是一個可靠的起點，並且相對於該細分市場剛剛交付的運行率適度下降的指南。

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，Michael，謝謝你-- 我知道你在這裡排隊等候了一段時間。我們有很好的知名度，我將具體說明。我們擁有超過 1 億客戶。我們看到每月活躍用戶增長得相當不錯。實際上，根據我們擁有的數據以及我們如何在客戶許可下利用這些數據作為 Lightbox 的一部分以及加入 Lightbox 的合作夥伴的數量，我們實際上可以看到消費行為。我們可以看到客戶的活動。我們可以看到他們的財務狀況，並且繼續處於更好的位置，能夠為他們提供適合他們的產品。

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.

因此，當我們看到我們的會員增長時，當我們看到我們的會員活動時，交易數量，這是我們現在擁有的產品數量，我們合作夥伴的活動，我們非常參與，因為我們的合作夥伴看到了這個平台對他們來說是一個巨大的成長機會。事實上，我們繼續非常有意地成為一個不可知論的平台，我們對 Credit Karma 的未來有很好的了解。當然，我們對我們提供的指導感到良好和自信。

Our next question comes from Brad Reback of Stifel.

我們的下一個問題來自 Stifel 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?

Sasan，我相信在電話會議的早些時候，你談到 TurboTax 的保留率與去年同期持平。必鬚髮生哪些類型的事情才能看到這種情況？

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，隨著過去幾年大流行和我們所經歷的增長的所有類型的變化，我們實際上對保留率感到非常滿意。我會告訴你，關於留存率的最大槓桿是我們使用 TurboTax Live 所做的事情，它確保我們的客戶知道並理解有一位專家可以幫助他們的每一步。

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.

但我認為其次，我們還沒有談論太多，我們將在投資者日花一點時間在這方面，這就是我們現在如何利用數據來永不失去客戶。我非常感謝我們多年來一直致力於此的 TurboTax 團隊。這不是一項新的工作。但是，要從僅在納稅時間與您接觸一次轉變為真正了解和利用我們對您的了解，如果您的生活發生了變化，如果您買了房子，如果您買了車，如果如果你結婚了，如果你離婚了，如果你從一個州搬到另一個州，那麼實際上你一年左右的時間就可以讓你相信我們可以解決這些變化。

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.

因此，它結合了利用數據、將人工智能與我們的模型應用於該數據以了解誰可能面臨風險，然後主動吸引這些客戶。順便說一句，根據他們的需求，不僅僅是 TurboTax，它還可以讓他們受益於 Credit Karma 的好處。這是兩大要素，數據和人工智能以及 TurboTax Live 的功能，全年吸引客戶，從長遠來看，我們非常有信心，我們可以繼續提高保留率。

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

然後只是一個快速的跟進。高水平，你知道為什麼今年DIY倒退了嗎？

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，數字太亂了。過去幾年發生了什麼，很多不需要報稅的人來報稅以獲得刺激檢查。因此，真正重要的是我們提供的一些基本數字，以及我們在 DIY 中獲得了整體 IRS 回報的事實。儘管 DIY 下降了，但這只是刺激客戶數量的不穩定，最終今年不必再次報稅。這就是我們查看所有群組的原因。

Our next question comes from Sterling Auty of JPMorgan.

我們的下一個問題來自摩根大通的 Sterling Auty。

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.

這是傑克遜·阿德今晚代表英鎊。第一個是在 Credit Karma 方面，您預計可能會看到一些被壓抑的需求恢復到更正常的水平。我們只是好奇這是否更受核心市場或一些新興市場的推動。

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，傑克遜。它主要起源於信用卡和個人貸款。一個數據點是公開的，另一個是我們自己看到的數據。與新冠疫情之前的水平相比，它們大幅上升了兩位數，我們相信這些數字只會在今年下半年的某個時候逐漸減少。它主要來自我們在信用卡和個人貸款中看到的情況。實際上，我們在平台上的創新將繼續我們提供的 18% 至 21% 的指導增長，但我們認為信用卡和個人貸款的發放將回到 COVID 之前的水平。這很強勁，只是需求被壓抑，所以增長了兩位數。

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。完美的。然後是米歇爾的後續行動。我認為，TurboTax Premier SKU 可能比您進入今年的預期要好。您能否提醒我們相對於整個 TurboTax 平台而言，Premier 的保留率是什麼樣的？

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，謝謝你的問題。是的。 Premier，如您所知，在過去的幾年裡，我們在 Premier 上做了很多工作。它是我們的投資者專門使用的。很明顯，我們繼續看到增長。這是我們關注的未充分滲透的細分市場之一。我們沒有提供任何關於我們低於 TurboTax 更高水平的保留率的詳細信息。因此，這並不是我們真正深入研究的領域，因為它具有競爭性。

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。

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.

我將再次祝賀這一年取得了非常好的成績。對我來說突出的一件事是小型企業的前景，相對於您在歷史上提供的前景展望而言非常強勁。

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，那裡的價格會上漲嗎？更一般地說，從長遠來看，從歷史上看，該公司已經提高了與 QuickBooks 產品中提供的更多價值相稱的價格。從長遠來看，您如何看待您通過更多增值功能從更多市場中獲利的能力？您認為哪些東西可以讓您隨著時間的推移定價？

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。謝謝你，布拉德，你的問題，你的客氣話。讓我發表幾點意見。一，實際上，我們的大部分增長來自客戶增長和組合。例如，當我說混合時，QuickBooks Advanced 在中端市場類型混合之後會變慢。這真的不是由價格驅動的，雖然我們今年提高了價格，但這是過去幾年我們第一次這樣做。

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，我們運行測試，正如你所說的那樣。我們看一個價格價值方程。我們有非常明確的定價原則。通過實驗和數據，我們可以選擇何時提高價格。我會告訴你，我們的創新，就在過去的幾年裡，從字面上看，去年，我們整個公司的創新，包括小企業，在我們通過代碼衡量時，同比翻了一番部署和影響，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.

這體現在我們如何在整個平台上利用數據和人工智能為客戶提供洞察力。它顯示在付款和工資單和時間跟踪中。然後我們宣布，幾年前隨著 QuickBooks Advanced 進入高端市場，它能夠通過 QuickBooks Commerce 為基於產品的企業提供服務。它能夠通過 QuickBooks Live 追求非消費，這對我們的客戶來說是一種更高的價格標籤。

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.

然後是我們通過 QuickBooks Cash 提供的顛覆性產品，從本質上講，您可以從商業銀行賬戶開始，並通過該賬戶開展業務。因此，我只想說，創新是驚人的，專注於客戶群體並滿足他們的需求。借助開放平台，我們能夠真正專注於更重要的客戶並從中獲利。因此，我們相信這種能力是我們在未來幾年內將擁有的能力。

Our next question comes from Matt Pfau of William Blair.

我們的下一個問題來自 William Blair 的 Matt Pfau。

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.?

只想問一個關於小型企業領域的問題。特別是圍繞其中的一些關鍵指標，例如客戶增加總額、收費量、員工人數和工資不足。隨著 COVID 變體開始影響美國的各個地方，您跟踪的一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。最簡潔的答案是不。鑑於我之前談到的我們創新中的一些順風，我們將繼續從行業和地域中看到實力。因此，由於 Delta 變體是 COVID 病例的主要驅動因素，而且我們在美國不同州看到的情況具有不同的影響，因此我們確實沒有看到對收費量、員工人數的結果產生影響。所以實力還在。

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?

所以有幾個問題。關於今年 - 明年的指導，或者我猜是今年的指導，這個較低的半數是否與您對去年指導的保守主義有關？在 2 年到 3 年的範圍內，我們應該期待什麼？

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，關於去年或本年度的稅收，您在多大程度上幫助人們從誤解或擔心刺激計劃並希望坐下來？這是一個 1 年的現象，我們又回到了減少輔助和增加自己動手做？

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，你的問題。有幾件事。我將從你的第一個問題開始。我們對整個公司的創新、我們追求的客戶群以及我們所看到的影響感到非常興奮。在這種情況下，我們對我們的指導和長期期望感到非常滿意。第二個問題是長期的，我們將在投資者日所做的，就像我們每年所做的那樣，我們將分享我們的長期期望。所以我們將在投資者日討論這個問題。因此，如果您不介意再等 3 週，我們會再談一談。

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.

關於稅收和援助的問題的第三部分，我們從大流行中得到了一個小插曲。我會說簡短的答案是否定的。今年，我們的很多——很多會計師和商店實際上都開業了。我認為你在這裡看到的只是——這是我們創新的影響。它正在提高我們擁有的意識，為客戶提供現場專業知識，無論我們是與您一起做還是為您做。在這種情況下，這並不是因為大流行而出現的曇花一現。如果有的話，大多數地方實際上是開放的，這只是基於我們的策略和我們執行的結果。

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，我沒有提出任何進一步的問題。您想以任何其他評論結束嗎？

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。謝謝你。好吧，非常感謝您提出的精彩問題。我只想感謝我們的員工、我們的客戶和我們的合作夥伴，感謝他們又一個偉大的季度。我希望你們所有人都安全，我們將在下個季度與你們交談。謝謝你。

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。