直覺電腦 (INTU) 2021 Q3 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 Third Quarter Fiscal Year 2021 Conference Call. (Operator Instructions) With that, I'll 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財年第三季財報電話會議。 （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？

Thank you, Latif. Good afternoon, and welcome to Intuit's Third Quarter Fiscal 2021 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 2021財年第三季業績電話會議。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 those documents are available on the Investor Relations page of Intuit's website at intuit.com. We assume no obligation to update any forward-looking 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。

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

太好了。謝謝金，也謝謝今天所有到場的各位。

We had a very strong third quarter. Small Business and Self-Employed Group revenue accelerated to 20% this quarter, and Credit Karma performed very well with revenue at an all-time high for the quarter. Our tax results through the May 17 IRS tax filing deadline reflect another strong season. As a result, we are raising our revenue, operating income and earnings per share guidance for fiscal year 2021.

我們第三季業績表現非常強勁。小型企業和自僱業務的營收在本季加速成長20%，Credit Karma表現尤為出色，營收創下本季歷史新高。截至5月17日美國國稅局報稅截止日期，我們的稅務業績也反映了另一個強勁的季度。因此，我們上調了2021財年的營收、營業利潤和每股盈餘預期。

Let me start with tax. We're proud of how we delivered for our customers and executed our strategy of expanding our lead in the do-it-yourself category and transforming the assisted category. Based on our performance through the May 17 IRS tax filing deadline, we expect our consumer group revenue to grow 11% to 12% during fiscal year 2021. We expect total IRS returns to be up approximately 1%, and our share of total returns expand an estimated 1 point for the tax filing season. This results in expected total customer growth of 6% and double-digit revenue growth for the fourth year in a row.

首先，我想談談稅務業務。我們為能夠為客戶提供優質服務並成功執行策略而感到自豪，該策略旨在擴大我們在自助報稅領域的領先地位，並革新輔助報稅領域。根據截至5月17日美國國稅局報稅截止日期的業績，我們預計2021財年消費者業務收入將成長11%至12%。我們預計美國國稅局的退稅總量將增長約1%，而我們在退稅總量中的份額預計將在本報稅季增長1個百分點。這將帶來6%的客戶總數成長，並連續第四年實現兩位數的收入成長。

The average revenue per return increased, reflecting a stronger contribution by TurboTax Live and mix shift to our premier offering used by investors. We made significant progress this season.

每份報稅單的平均收入有所增長，反映出TurboTax Live的貢獻更大，以及投資者對我們首選產品的偏好轉變。本季我們取得了顯著進展。

Within the do-it-yourself category, we continue to double down on underpenetrated segments, including Latinx, Self-Employed and Investors. We saw a significant acceleration in Investor customer growth this season and expected to more than triple over last year. We expect the base of customers paying us nothing to grow 6% this season.

在自助式產品領域，我們繼續增加對滲透率較低的細分市場的投入，包括拉丁裔、自僱人士和投資者。本季度，投資者客戶的成長速度顯著加快，預計將比去年增長三倍以上。我們預計本季免費客戶群將成長6%。

Within transforming the assisted category, we continue to make progress connecting people to experts with TurboTax Live. We expect customers to grow more than 90% this season compared to 70% growth last year and TurboTax Live customers new to Intuit to be up more than 100%.

在推動輔助報稅服務轉型方面，我們持續推動TurboTax Live，協助使用者與專家建立聯繫。我們預計本季客戶數量將成長超過90%，高於去年的70%成長率；而TurboTax Live的新用戶數量（Intuit新用戶）則預計將成長超過100%。

More broadly, 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 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 in the fall.

更廣泛地說，我們以人工智慧驅動的專家平台策略和五大重點項目正在推動公司強勁的發展勢頭，並加速創新。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、連接用戶與專家、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以及顛覆小型企業中端市場。今天，我將重點介紹本季我們在其中三個重點項目上取得的顯著進展。我們將在秋季的投資者日上詳細介紹所有五大重點項目的最新進展。

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.

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；並開發專注於數位金融產品的新興垂直領域，例如儲蓄和支票帳戶。

Credit Karma also provides an additional monetization engine, increasing our combined wallet share with both free and paying customers. Credit Karma achieved its largest quarterly revenue ever in Q3, while the number of members, monthly active users and frequency of member visits reached all-time highs. Within the core, Credit Karma personal revenue was at a record high on a combined basis, reflecting an increase in both the number of partners and member engagement. The growth verticals also achieved all-time high revenue, reflecting strong momentum in auto insurance followed by home loans and auto loans. And we're developing the emerging verticals by focusing on innovation with Credit Karma Money, part of our digital money offering.

Credit Karma 還提供了一個額外的獲利引擎，提高了我們與免費用戶和付費用戶的錢包份額。 Credit Karma 在第三季實現了有史以來最高的季度收入，會員數量、每月活躍用戶數和會員訪問頻率也均創歷史新高。在核心業務方面，Credit Karma 的個人收入也創下歷史新高，這反映了合作夥伴數量和會員參與度的提升。成長型垂直業務的收入也達到了歷史新高，其中汽車保險業務成長強勁，其次是房屋貸款和汽車貸款。我們正透過專注於創新，利用 Credit Karma Money（我們數位貨幣產品的一部分）來發展新興垂直業務。

We continue to make great progress combining our capabilities to fuel the success of Credit Karma. Since the acquisition closed, TurboTax customers and migrating Turbo users accounted for 40% of new Credit Karma members, significantly accelerating new member growth. We're pleased with the initial performance of Credit Karma Money, which we integrated into TurboTax filing experience, offering approximately 36 million TurboTax customers the opportunity deposit up to $88 billion of tax refunds into note fee checking accounts.

我們持續推進自身優勢整合，協助 Credit Karma 成功。自收購完成以來，TurboTax 用戶和遷移而來的 TurboTax 用戶佔 Credit Karma 新會員的 40%，顯著加速了新會員的成長。我們對 Credit Karma Money 的初步表現感到滿意，該服務已整合到 TurboTax 的報稅流程中，為約 3,600 萬 TurboTax 用戶提供將高達 880 億美元的退稅款項存入免息支票帳戶的機會。

Providing this product integration helps members achieve their financial goals, drives member engagement and creates a new revenue stream for the company in the future. The more we successfully innovate for Credit Karma members, the more times members visit the platform and the more opportunities we have to offer members products that are right for them, resulting in more monetization opportunities for Intuit.

提供這種產品整合有助於會員實現財務目標，提升會員參與度，並為公司未來創造新的收入來源。我們為 Credit Karma 會員不斷創新，會員造訪平台的次數就越多，我們就能為會員提供更多適合他們的產品，從而為 Intuit 帶來更多盈利機會。

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

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

We are excited about our progress with QuickBooks Cash, a small business bank account that helps our customers manage working capital. QuickBooks Cash presents a full financial picture along with the ability to move money instantly and ensures that their money is working for them while taking advantage of the built-in accounting of QuickBooks. We achieved a milestone this quarter as QuickBooks Cash balances surpassed $100 million, and we're seeing strong active use among both new and existing customers.

我們很高興看到 QuickBooks Cash 的進展。 QuickBooks Cash 是一款小型企業銀行帳戶，旨在協助我們的客戶管理營運資金。它不僅提供全面的財務概覽，還能實現資金即時轉移，確保客戶的資金高效運轉，同時充分利用 QuickBooks 內建的會計功能。本季，QuickBooks Cash 的餘額突破 1 億美元，這是一個重要的里程碑。我們看到，無論是新客戶還是現有客戶，都在積極使用該帳戶。

Our fifth Big Bet is to disrupt small business mid-market with QuickBooks Online Advanced. The usage of services such as payments, payroll and time tracking with QBO Advanced customers is more than 30% higher than the next QBO offering in our lineup, contributing to higher ARPC while overall engagement is up over 10 points year-to-date. We're very pleased with our results and remain confident in our game plan to win, accelerated by digital tailwinds. 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.

我們的第五項重大舉措是利用 QuickBooks Online Advanced 顛覆中小型企業市場。 QBO Advanced 用戶對支付、工資和時間追蹤等服務的使用率比我們產品線中的其他 QBO 產品高出 30% 以上，這有助於提高平均每用戶收入 (ARPC)，同時，今年迄今為止的整體用戶參與度也提升了 10 個百分點以上。我們對所取得的成果非常滿意，並對我們的致勝策略充滿信心，數位化浪潮將加速這一進程。在所有重大舉措中，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。

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 third quarter of fiscal 2021, we delivered revenue of $4.2 billion, GAAP operating income of $1.9 billion versus $1.4 billion last year, non-GAAP operating income of $2.2 billion versus $1.5 billion last year, GAAP diluted earnings per share of $5.30 versus $4.11 a year ago, and non-GAAP diluted earnings per share of $6.07 versus $4.49 last year.

2021 財年第三季度，我們實現營收 42 億美元，GAAP 營業收入 19 億美元（去年同期為 14 億美元），非 GAAP 營業收入 22 億美元（去年同期為 15 億美元），GAAP 稀釋後每股收益 5.30 美元（去年同期為 4.11 美元），GAAP 稀釋後每股收益 5.30 美元（去年同期為 4.11 美元），每股收益為 GAAP 4. 4.474.50 .

Turning to the business segments. Consumer Group revenue grew 34% in Q3, reflecting a shift in the timing of the IRS tax filing window year-over-year. The revenue we're reporting today is for our third quarter ending April 30. That said, based on our performance through the May 17 tax filing deadline, we are raising our Consumer Group revenue guidance to 11% to 12% growth for fiscal 2021, up from 9% to 10% previously.

接下來談談業務板塊。第三季消費者集團營收成長34%，反映了美國國稅局報稅窗口期年比有所調整。我們今天公佈的營收數據為截至4月30日的第三季。儘管如此，根據截至5月17日報稅截止日期的業績，我們將2021財年消費者集團的營收成長預期從先前的9%至10%上調至11%至12%。

There are 4 primary drivers in our consumer business. Note that these levers exclude approximately 8 million stimulus filings last year. This data reflects our expectations for the season through July 31, 2021, versus the prior season through July 31, 2020. The first is the total number of returns filed with the IRS which we expect to be up approximately 1% by the end of the season. The second is the percentage of those returns filed using do-it-yourself software. We expect the DIY category share of total IRS returns to be approximately flat by the end of the season.

我們的消費者業務主要受四大驅動因素影響。請注意，這些數據不包括去年約800萬份刺激性申報。這些數據反映了我們對截至2021年7月31日的本季與截至2020年7月31日的上一季相比的預期。第一個驅動因素是向美國國稅局提交的報稅表總數，我們預計到本季末將增加約1%。第二個驅動因素是使用自助軟體提交的報稅表所佔的百分比。我們預計到本季末，自助申報在國稅局報稅表總數中所佔的份額將基本持平。

The third driver is our share. We expect our share of total tax returns to expand 1 point this season and our share of the DIY category to be up approximately 1 point. 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.

第三個驅動因素是我們的市場佔有率。我們預計本季我們在全部報稅訂單中的份額將增長1個百分點，在自助報稅類別中的份額也將增長約1個百分點。第四個驅動因素是每份報稅單的平均收入，本季此指標再次成長。這一成長反映了TurboTax Live貢獻的增強以及客戶群轉向我們面向投資者的高端產品。

Turning to the ProConnect Group. Revenue grew 22% in Q3, reflecting a shift in the timing of the IRS tax filing window year-over-year. For the full year, we expect ProConnect Group revenue growth of 2%. In the Small Business and Self-Employed Group, revenue grew 20% during the quarter, including 1 point from approximately $10 million of nonrecurring Paycheck Protection Program, or PPP revenue.

接下來是ProConnect集團。第三季營收成長22%，反映了美國國稅局報稅窗口期年比有所調整。我們預計ProConnect集團全年營收成長2%。小型企業和自營商集團本季營收成長20%，其中包括約1,000萬美元的非經常性薪資保障計畫（PPP）收入帶來的1個百分點成長。

Online Ecosystem revenue was up 28%, including 2 points of growth from approximately $7 million of PPP revenue. Our longer-term expectation remains 30% or greater Online Ecosystem revenue growth, driven by 10% to 20% growth in both customers and ARPC. We expect to return to 30% Online Ecosystem revenue growth at some point during fiscal '22.

線上生態系統收入成長了 28%，其中包括約 700 萬美元的 PPP 收入帶來的 2 個百分點的成長。我們長期預期線上生態系統收入將成長 30% 或更高，主要得益於客戶數量和 ARPC 均成長 10% 至 20%。我們預計線上生態系統收入將在 2022 財年某個階段恢復到 30% 的成長率。

our strategic focus within Small Business and Self-Employed is to grow the core, connect the ecosystem and expand globally. First, we continue to focus on growing the core. QuickBooks Online accounting revenue grew 24% in fiscal Q3, driven mainly by customer growth and mix shift. Second, we continue to focus on connecting the ecosystem. Online Services revenue, which includes payments, payroll, time tracking and capital, grew 34% in fiscal Q3 or 31% excluding PPP revenue.

我們在小型企業和個體經營領域的策略重點是發展核心業務、連結生態系統並拓展全球市場。首先，我們將繼續專注於發展核心業務。 QuickBooks Online會計業務收入在第三財季成長了24%，主要得益於客戶成長和產品組合的變化。其次，我們將繼續專注於連結生態系統。線上服務收入（包括支付、薪資管理、時間追蹤和資本管理）在第三財季成長了34%，若不計入PPP（薪資保護計畫）收入，則成長了31%。

Within payments, revenue growth reflects continued customer growth, along with an increase in charge volume per customer. Within payroll, we continue to see revenue tailwinds during the quarter from a mix shift to our full-service offering and growth in payroll customers.

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。在薪資管理業務方面，本季度我們繼續受益於客戶組合向全方位服務產品的轉變以及薪資管理客戶數量的增長，從而推動了收入增長。

During the quarter, we began migrating customers once again to our new Full-Service lineup. This did not have a significant impact on revenue during the quarter. Third, our progress expanding globally added to the growth of Online Ecosystem revenue during fiscal Q3. Total international online revenue grew 38% on a constant currency basis.

本季度，我們再次開始將客戶遷移到新的全方位服務產品線。這並未對本季營收造成顯著影響。第三，我們在全球擴張方面的進展也推動了第三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38%。

Desktop Ecosystem revenue grew 9% in the third quarter, including approximately $3 million of PPP revenue. As a reminder, in the third quarter last year, the Desktop business declined sharply, reflecting the impact of the pandemic. QuickBooks Desktop Enterprise revenue grew mid-single digits in Q3.

第三季桌面生態系營收成長9%，其中包括約300萬美元的PPP收入。值得注意的是，去年第三季桌面業務大幅下滑，反映了疫情的影響。 QuickBooks桌面企業版第三季營收實現了中等個位數成長。

Note that we discontinued the TurboTax and QuickBooks Self-Employed bundle this year. We remain committed to serving the Self-Employed segment. However, after years of experimentation, we determined that serving Self-Employed customers through separate TurboTax and QuickBooks offerings is most effective. There was no material impact to revenue or operating income from this decision.

請注意，我們今年已停止提供 TurboTax 和 QuickBooks 自僱人士套裝。我們仍然致力於服務自僱人士群體。然而，經過多年的試驗，我們認為透過單獨的 TurboTax 和 QuickBooks 產品為自僱人士客戶提供服務最為有效。此項決定並未對收入或營業利潤產生重大影響。

Moving on to Credit Karma. Revenue was $316 million in Q3 as the business continues to gain momentum, reflecting growing members, member engagement and expansion of new and existing partners across verticals. Revenue reached a record high in the quarter. We are also seeing engagement reach a new high-water mark with both monthly active users and frequency of member visits at all-time highs, giving us more opportunities to offer members products that are right for them.

接下來是 Credit Karma。第三季營收達 3.16 億美元，業務持續成長，這得益於會員數量的增加、會員參與度的提升以及新舊合作夥伴在各個垂直領域的拓展。本季營收創歷史新高。同時，會員參與度也達到了歷史新高，每月活躍用戶數和會員訪問頻率均創歷史新高，這讓我們有更多機會為會員提供更符合他們需求的產品。

Turning to our financial principles. We remain committed to growing organic revenue double digits and growing operating income dollars faster than revenue. As I 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 $4.1 billion in cash and investments on our balance sheet. We repurchased $380 million of stock during the third quarter. We have approximately $1.8 billion remaining on our authorization, and we expect to be in the market each quarter this year. The Board approved a quarterly dividend of $0.59 per share, payable July 19, 2021. This represents an 11% increase versus last year.

本季末，我們的資產負債表上現金及投資總額約41億美元。第三季度，我們回購了價值3.8億美元的股票。我們剩餘的授權額度約為18億美元，預計今年每季都會進行股票交易。董事會批准派發每股0.59美元的季度股息，將於2021年7月19日支付。這比去年同期成長了11%。

Moving on to guidance. Our guidance for fourth quarter fiscal 2021 includes revenue growth of 26% to 28%, GAAP earnings per share of $0.78 to $0.83 and non-GAAP earnings per share of $1.55 to $1.60. We are also raising our fiscal 2021 guidance following strong performance in the first 3 quarters of the year. Our new guidance includes revenue growth of 22%, up from prior guidance of 15% to 17%; GAAP earnings per share of $6.96 to $7.01; and non-GAAP earnings per share of $9.32 to $9.37. We now expect a GAAP tax rate of 21% in fiscal 2021. You can find our full Q4 and updated fiscal 2021 guidance details in our press release and on our fact sheet.

接下來是業績展望。我們對2021財年第四季的業績展望包括：營收成長26%至28%，GAAP每股收益0.78美元至0.83美元，非GAAP每股收益1.55美元至1.60美元。鑑於今年前三個季度的強勁表現，我們也上調了2021財年的業績展望。新的展望包括：營收成長22%，高於先前15%至17%的預期；GAAP每股收益6.96美元至7.01美元；非GAAP每股收益9.32美元至9.37美元。我們目前預計2021財年的GAAP稅率為21%。您可以在我們的新聞稿和概況介紹中找到完整的第四季度業績展望和更新後的2021財年業績展望詳情。

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。

Great. Thank you, Michelle.

太好了。謝謝你，米歇爾。

I'm very proud of our team and remain optimistic about the future. We have a large addressable market with secular 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're positioned well for accelerated innovation and growth.

我為我們的團隊感到非常自豪，並對未來充滿信心。我們擁有龐大的潛在市場，並且受益於許多長期利好因素，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。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 Keith Weiss of Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的基斯‧韋斯。

Excellent. Very nice quarter, good to see momentum really across all parts of the business heading into Q4. 2 questions, one for Sasan on Credit Karma. You talked a little bit about starting to see some of those revenue synergies between Credit Karma and TurboTax. Can you dive into that a little bit more in terms of -- versus your expectations, how well have those offers been working? I mean I saw them while I was doing my taxes in TurboTax and saw the offers for Credit Karma. Have you been taking you guys up on that, has that been a material contributor as of yet? And are there like kind of linkages that we should be thinking about on the QuickBooks side of the equation of where you're starting to create those connections as well?

太棒了！這個季度表現非常出色，很高興看到公司各個業務部門在進入第四季度時都保持著強勁的成長勢頭。我有兩個問題，第一個是關於Credit Karma的，問的是Sasan。您之前提到Credit Karma和TurboTax之間開始出現一些收入協同效應。您能否更詳細地談談，與您的預期相比，這些優惠活動的效果如何？我在TurboTax報稅的時候看到了Credit Karma的優惠活動。您是否已經採納了這些優惠？到目前為止，它們是否已經產生了實質的影響？另外，在QuickBooks方面，您是否也在著手建立類似的連結？

And then maybe one for Michelle. Now we're looking for 100 basis points of margin expansion this year in the revised guidance, that's awesome. Does this take away from future years? Are we getting sort of a pull-forward of operating margins? Or could we see consistency in this operating margin expansion on a go-forward basis?

然後也許還有一份給米歇爾的。現在，我們在修訂後的業績指引中預計今年的利潤率將成長100個基點，這太棒了。這會影響未來幾年的利潤率嗎？我們是否會看到營業利潤率提前成長？或者我們能否看到營業利潤率在未來幾年持續成長？

Thank you for your question. I have one clarifying question for you. You asked about QuickBooks. Was the QuickBooks question connected to Credit Karma? Or was that just...

感謝您的提問。我還有一個問題需要澄清。您問到了 QuickBooks。您提到的 QuickBooks 問題與 Credit Karma 有關嗎？還是僅僅是…

I'm sorry, yes.

對不起，是的。

That's a good question.

這是個好問題。

The jux of it -- the question is around Credit Karma, like the linkages between Credit Karma and TurboTax. And then if there are any linkages between Credit Karma and QuickBooks.

問題的關鍵在於──這個問題圍繞著Credit Karma展開，例如Credit Karma和TurboTax之間是否有關聯。以及Credit Karma和QuickBooks之間是否有任何關聯。

Yes. Got it. Very, very helpful. So I think the place I would start is, if you go back a year plus from the time we've been working with Credit Karma, really their focus, even during the pandemic, was to deliver benefits for customers from the perspective of how to manage their money, credit scores, how to get some of the COVID-19 Relief Act help. And one of the things that happened based on just the obsessive focus on customers is their engagement increased at a time where the pandemic was impacting the supply side of the equation.

是的，明白了。非常有幫助。所以我覺得首先要說的是，如果我們回顧一下我們與 Credit Karma 合作的一年多時間，就會發現，即使在疫情期間，他們的重點仍然是為客戶提供服務，包括如何管理資金、提升信用評分以及如何獲得新冠疫情救助法案的援助。正是由於他們對客戶的極致關注，在疫情衝擊金融供給面的情況下，他們的客戶參與度反而提高了。

In addition to that, their investment in Lightbox and getting partners to really understand a Lightbox, the value of Lightbox, how it's good for consumers and how it's good for partners, whether it's financial institutions and insurance companies, is now really paying off. Because what you're seeing now is because the member engagement was up and to the right, you have more transactions that are happening on Lightbox, which really for the consumer means a much better match and eligibility for the partner. It means they are able to also make a perfect match. All of those things is really what's resulting in the momentum that we see right now, not only in the core, which is credit cards and personal loans and the areas where the company has been investing in 13-plus years, but also in the last year plus new areas, which is auto insurance, auto loans and home loans.

除此之外，他們對Lightbox的投資，以及讓合作夥伴真正了解Lightbox及其價值，包括它對消費者和合作夥伴（無論是金融機構還是保險公司）的益處，如今都已初見成效。因為現在我們看到的是，由於會員參與度顯著提升，Lightbox上的交易量也隨之增加，這對消費者而言意味著更高的匹配度和更精準的資格，對合作夥伴而言也意味著更完美的匹配。所有這些因素共同促成了我們目前看到的強勁成長勢頭，不僅體現在公司過去13年持續投資的核心業務——信用卡和個人貸款領域，也體現在過去一年多來拓展的新領域，例如汽車保險、汽車貸款和房屋貸款。

So that's the acceleration that we're seeing. A lot of the synergy opportunities are going to pay off in the future. And particularly, there are several. One that we've talked about is ensuring that we, with customers' permission, move all their data records from TurboTax to Credit Karma so that they can get much more personalized offers that are right for them on the first click, the launching of Credit Karma, both in the TurboTax experience, but also launching TurboTax as part of the Credit Karma platform. This was really all about a learning year. We ran 40-plus experiments, Keith, learned a ton, made a number of adjustments, and I think it positions us for the months and the years ahead. So a lot of the opportunities that we think about are -- that are synergies between the 2 companies are coming in the future. And that really is what's exciting.

這就是我們看到的加速發展。許多協同效應的機會將在未來帶來回報。尤其值得一提的是，其中有幾個面向。我們討論過的一個方面是，在獲得客戶許可的情況下，確保將他們所有的資料記錄從TurboTax遷移到Credit Karma，這樣他們只需點擊一次就能獲得更加個人化、更符合自身需求的優惠。 Credit Karma的推出不僅體現在TurboTax的使用者體驗中，也體現在將TurboTax作為Credit Karma平台的一部分進行整合。今年確實是學習的一年。 Keith，我們進行了40多項實驗，從中獲益匪淺，並做出了一些調整。我認為這讓我們為未來幾個月甚至幾年的發展奠定了基礎。因此，我們認為許多機會來自兩家公司之間的協同效應，而這些協同效應將在未來顯現。這才是真正令人興奮的地方。

What I would say has been a near-term impact is the fact that 40% of the new Credit Karma members actually came from either TurboTax and/or the fact that we deprecated Turbo, and that has been an instant sort of a thrust for Credit Karma. But a lot of what I just described is yet to come, which is what's exciting about the platform.

我認為近期產生影響的是，40% 的新 Credit Karma 會員實際上來自 TurboTax，或者因為我們停止了 TurboTax 的服務，這立即推動了 Credit Karma 的發展。但我剛才提到的許多方面尚未到來，而這正是這個平台令人興奮的地方。

Specifically to your question around QuickBooks, that has been sequenced for some time down the road, Keith. We're very focused on what's most important, the biggest drivers of innovation and benefits for members. And QuickBooks is going to be something that we'll think about down the road, but it's been very intentionally sequenced so we don't distract the team.

關於你提到的 QuickBooks 的問題，Keith，我們已經把這部分工作安排在以後了。我們目前專注於最重要的事情，也就是那些能夠最大程度推動創新並為會員帶來最大利益的事情。 QuickBooks 的確是我們未來會考慮的事情，但我們特意安排了後續工作，以免分散團隊的精力。

Got it.

知道了。

And Keith, your question on margin expansion. We do believe that over the long term, the platform leverage is real, enabling us to expand margins. Last year, we had a point of expansion. This year, before Credit Karma, we had guided 110 basis points of expansion, and now our updated guide with Credit Karma is 90 basis points of expansion. So whether that's looking at technology or customer success or go-to-market, there are opportunities for us to continue to leverage the platform.

Keith，關於你提出的利潤率擴張問題。我們確實相信，從長遠來看，平台槓桿效應是實際存在的，它能夠幫助我們提升利潤率。去年，我們曾預測利潤率將有所提升。今年，在與 Credit Karma 合作之前，我們預計利潤率將提升 110 個基點，而現在，隨著 Credit Karma 的加入，我們更新的預測是利潤率將提升 90 個基點。因此，無論是從技術、客戶成功或市場推廣的角度來看，我們都有機會繼續利用平台優勢。

However, I would remind you that this year is just very unique. We were deep in the pandemic at the beginning of the year, and we were conservative with our spending. Specifically, if you look at something like Credit Karma, it really took a while even though they really started to bounce back much more quickly than we anticipated. But it took us a while to be able to ramp up the spend when we saw that, and we do feel like we will continue to invest to drive accelerated growth in there. So I would just say this year is a little bit a unique year with the pandemic.

不過，我想提醒各位，今年情況非常特殊。年初時我們正深陷疫情之中，因此在支出方面也比較謹慎。具體來說，以 Credit Karma 為例，儘管他們的復甦速度遠超預期，但我們仍然花了一段時間才開始加大投入。而且，我們認為會繼續投資，以推動該領域的加速成長。所以，我想說，受疫情影響，今年確實有些特殊。

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。

Sasan, I wanted to dive into TurboTax Live a little bit. You highlighted seeing 90% growth, a really nice step-up from the 70% last year. How should we think about where these customers came from? Is it from the assisted category? Was it from just upselling your existing base? And then any color you can provide on this initial year of full service, what that adoption rate look like?

薩桑，我想深入了解TurboTax Live。您提到成長了90%，比去年的70%有了顯著提升。這些客戶來自哪裡？是來自協助服務使用者嗎？還是來自現有客戶的追加銷售？您能否介紹一下全面服務推出第一年的情況，例如用戶採納率如何？

And then for Michelle, just also a quick question on spend. It looks like R&D saw a really big step-up this quarter. It looked like roughly 30% year-over-year. How should we think about kind of where those investments are being funneled? And is that kind of the right pace of growth, at least for the near-term future on the product side?

然後，Michelle，我還有個關於支出的問題想請教。本季研發投入似乎大幅成長，年增約30%。我們該如何看待這些投資的流向？至少就產品方面而言，這樣的成長速度是否合理？

Great, Ken, let me take the first part of your question, and thank you for the question. The thing I would start with is I would want all of you to think about TurboTax now as a platform, and it is a platform that allows you to do your taxes yourself or we give you the opportunity to provide an expert to help you get your taxes done with you. And/or you can, in essence, hand everything off to us and we'll do your taxes for you completely. And so the -- really the momentum of accelerating from 70% growth to 90% growth is the fact that we are continuing to build momentum.

好的，肯，讓我來回答你問題的第一部分，謝謝你的提問。首先，我想讓大家把TurboTax看成一個平台，它允許你自行報稅，或者我們可以為你提供專家協助你完成報稅。當然，你也可以完全委託我們，我們會為你完成所有報稅工作。所以，我們之所以能從70%的成長率加速到90%，是因為我們一直在維持成長動能。

We're improving the platform. We are doing a far better job raising awareness. More folks are considering getting help in this world, in a virtual world. And we'll -- we're delivering really excellent experiences where our product recommendation scores are continuing to be one of the best that we've seen across the company.

我們正在改進平台。我們在提升使用者認知度方面做得越來越好。越來越多的人開始考慮在現實世界，甚至虛擬世界中尋求幫助。而且，我們正在提供真正卓越的用戶體驗，我們的產品推薦評分也持續保持在公司最高水平之列。

So I bring that up just to say that what you're just experiencing and what we are experiencing is momentum. And Full Service just plays a halo effect role. The fundamental problem that we are solving for customers is one of confidence. And they want to know that if they need help that they can get access to an expert or even midstream, if they want to just hand everything off to somebody else to do their taxes, they can do it right off the bat. And so it provides a halo effect for the entire franchise that I can get my taxes done with TurboTax.

我之所以提起這一點，只是想說，你們現在所經歷的，也是我們所經歷的，是一種發展動能。而全方位服務則起到了光環效應的作用。我們為客戶解決的根本問題是信心。他們希望知道，如果需要幫助，他們可以聯繫到專家；甚至在過程中，如果他們想把所有事情都交給別人來處理報稅，他們也可以立即做到。因此，這為整個特許經營體系帶來了光環效應，讓客戶相信「我可以用TurboTax完成報稅」。

And whether or not I delegate everything now and next year perhaps just ask for an expert or even the year after that, do it myself, that all helps the franchise. So that's the role that it's playing, which is why we're seeing the accelerated growth. And we'll share some of the specific metrics perhaps at Investor Day, but the majority of these customers are continuing to come from the assisted category.

無論我現在是否將所有工作都委託出去，明年或許會請專家幫忙，甚至後年自己親力親為，這些都對加盟店的發展有所幫助。這就是它所扮演的角色，也是我們看到業務加速成長的原因。我們可能會在投資者日分享一些具體的指標，但這些客戶中的絕大多數仍來自需要協助的類別。

And then, Ken -- I'm sorry, your question on R&D. First of all, I would not focus too much on what you see just quarter-to-quarter changes. It can really get a little confusing when you do that. I look more at the year-to-date spend. But as for where we're investing our R&D funds, when you look at the increases year-over-year, it's really around how do we continue to make investments in the platform that will help us drive the Big Bets so we can accelerate growth across the company. And so that's really where we're tending to do more of the increases in our investments with R&D.

肯，不好意思，關於你提到的研發問題。首先，我建議不要過度專注於季度環比的變化，那麼很容易讓人產生誤解。我比較關注年初至今的研發支出。至於我們研發資金的投資方向，從年比增幅來看，關鍵在於我們如何持續投資於能夠幫助我們推動重大專案、進而加速公司整體成長的平台。因此，我們目前在研發方面的投入成長主要集中在這些方面。

Our next question comes from Kirk Materne of Evercore.

我們的下一個問題來自 Evercore 公司的 Kirk Materne。

Sasan, I was wondering if you can just talk a little bit more about the QBO business this quarter, just in terms of what you're seeing maybe geographically in terms of the reopening, how that's impacting not only new business formation, but the willingness for people to take on some of your higher quarter services, whether it's payroll, payments, even commerce, I realize that one's early on. But just maybe some more color on that front would be great.

薩桑，我想請你再詳細談談本季度QBO的業務情況，特別是從地域分佈來看，隨著各地重新開放，這對新企業成立以及人們對你們一些高價服務的接受度有何影響，比如工資管理、支付，甚至是電商服務。我知道現在談電商服務還為時過早，但如果能多一些這方面的細節就太好了。

And then maybe just a quick comment on the desktop side. It's actually a really strong quarter for desktops. So just curious if there was anything sort of seasonal about that, that we should be keeping in mind?

最後，我想簡單談談桌面端的情況。實際上，本季桌面端的表現非常強勁。所以我想問，這其中是否有任何季節性因素，是我們應該注意的？

Yes, sure. Thank you for the question, Kirk. A couple of things I would say. One, biggest thing that we've learned in the last year is just how resilient the platform is and how much customers need it in very tough times. And so we are seeing usage of our services across the board, up and to the right and better than pre-pandemic levels. And up and to the right, pretty much across all industries. And we are pleased with not only the existing core platform, but some of the new innovations that we have inclusive of things like QuickBooks Live and QuickBooks Advanced, which go after a certain segment of customers, but also have a higher ARPU.

當然可以。謝謝你的提問，柯克。我想說幾點。首先，過去一年我們最大的體會是平台的韌性，以及客戶在艱難時期對它的需求。因此，我們看到各項服務的使用量全面上升，甚至超過了疫情前的水準。而且，幾乎所有行業的使用量都在上升。我們不僅對現有核心平台感到滿意，也對一些創新產品感到滿意，例如 QuickBooks Live 和 QuickBooks Advanced，它們面向特定客戶群體，並且擁有更高的平均每用戶收入 (ARPU)。

What I would say is outside of the U.S. and Canada, recovery has been slower. So from a geographic perspective, the strength is really U.S. and Canada. And then particularly, answer your question on desktop. I think, as Michelle said, it's less about seasonality, but more from the perspective of desktop also saw a very deep decline this time last year. And what we're seeing is just a rebound compared to a weak quarter. But overall, we're very pleased with the small business trajectory and where we're headed with all the innovation.

我想說的是，除美國和加拿大以外，其他地區的復甦速度較慢。因此，從地理角度來看，強勁的成長動能主要來自美國和加拿大。至於您提到的桌面端問題，我認為正如米歇爾所說，這與其說是季節性因素，不如說是桌面端業務在去年同期也經歷了大幅下滑。我們現在看到的只是相對於疲軟季度的反彈。但總的來說，我們對小型企業的發展軌跡以及我們在創新方面的進展感到非常滿意。

Our next question comes from Kash Rangan of Goldman Sachs.

下一個問題來自高盛的卡什·蘭根。

Let me echo my congratulations to Sasan, Michelle and the team here. 2 questions. One, as you march up the food chain, if you will, on the QBO Advanced, I'm wondering if you have a perspective on how digital transformation of the back office is percolating into your end of the QuickBooks Ecosystem?

讓我再次向Sasan、Michelle和團隊表示祝賀。我有兩個問題。第一，隨著你們在QBO高級版中不斷晉升，我想了解一下，你們如何看待後台數位轉型對你們在QuickBooks生態系統中的影響？

And also secondly, as a company, what are the things that you've learned during the pandemic that has caused you to accelerate your own digital transformation into it and any lessons that we could take from your experiences as you basically transform yourself?

其次，身為一家公司，在疫情期間，你們學到了哪些經驗，促使你們加速自身的數位轉型？在你們轉型過程中，我們可以從你們的經驗中學到哪些教訓？

Yes. Thank you for the question, Kash. A couple of things I would say. One, we are pleased with what we're seeing with our -- not only with our move-up market, but some of the higher ARPU offerings. As I mentioned earlier, QuickBooks Advanced is not only doing -- the team doing a great job with penetration, but also our services are -- the usage of our services is up 30% compared to any other QBO in the lineup.

是的，謝謝你的提問，Kash。我想說幾點。首先，我們對目前市場的表現非常滿意──不僅是我們的升級市場，還有一些高ARPU值的產品。正如我之前提到的，QuickBooks Advanced不僅在市場滲透方面表現出色——我們的團隊做得非常棒——而且我們的服務使用率也比其他任何QBO產品高出30%。

And what that is an indication of is just the size of the businesses that we are serving. But also in some ways, the digital transformation for the mid-market is the same, if not a little bit behind the smaller businesses, which is why we're so excited about the possibilities with QuickBooks Advanced to truly give them, a customer as a platform that becomes a source of truth for their entire business.

這顯示我們所服務的企業規模相當龐大。但在某些方面，中型企業的數位轉型與小型企業並無二致，甚至可能略遜一籌。正因如此，我們對 QuickBooks Advanced 的潛力感到無比興奮，它能真正為他們打造一個以客戶為中心的平台，使其成為他們整個業務的權威資訊來源。

Specifically, to your question around internal, I would say that from some of the decisions that we made years ago with a lot of the tools that we use internally, one, are shipped today, WS, the collaboration tools that we use internally, these are decisions and choices that we made 3 to 4 years ago, and we're fortunate that we're now using a lot of these digital tools internally, along with, of course, our shift to AWS. So I would say that although the usage went up in the pandemic, it didn't inform a different set of decisions because I think as a team, these decisions were made proactively 4 to 5 years ago.

具體來說，關於您提出的內部工具問題，我想說，我們幾年前就做出了一些決定，選擇了很多我們現在仍在使用的內部工具，例如我們現在使用的 Web 服務（WS）等內部協作工具。這些決定和選擇是我們在三、四年前做出的，我們很幸運現在能夠繼續在內部使用這些數位化工具，當然，這也得益於我們向 AWS 的遷移。所以，儘管疫情期間這些工具的使用量有所增加，但這並沒有改變我們先前的決策，因為我認為，作為一個團隊，這些決策是四、五年前主動做出的。

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 got 2 quick ones. Maybe, Sasan, first, from a big picture perspective, if you zoom out and put this tax season into context for us, comparing it to last year and then pre-pandemic as well as how to think about it for the next few years around both unit versus ARPU growth, clearly, this year, ARPU growth was a big driver with live and assisted. But just stepping back, kind of put it into context for us, what do we learn? And what -- how should we think about that algorithm going forward?

我有兩個問題想快速回答。薩桑，首先，從宏觀角度來看，如果我們把今年的報稅季放在更大的背景下，與去年以及疫情前的情況進行比較，並展望未來幾年，思考如何從單位銷量和每用戶平均收入（ARPU）的增長角度來看待這個問題，就會發現，今年ARPU的增長是推動人工服務和輔助服務增長的主要因素。但是，退一步講，從這個角度來看，我們能從中學到什麼？以及，我們該如何看待未來演算法的調整？

Yes. Thank you for your question, Alex. Big picture, we're very pleased with what we experienced this season, and it's consistent with what we declared several years ago. Our biggest opportunity for continued growth is to be able to transform the assisted category. There's 86 million folks that, in essence, get assistance to get their taxes done. It's more than $20 billion in size. And beyond that, there's about an $8 billion business tax segment.

是的，謝謝你的提問，Alex。總的來說，我們對本季的業績非常滿意，這與我們幾年前的預期一致。我們持續成長的最大機會在於能夠改變稅務援助業務的現況。目前有8600萬人實際上需要稅務援助才能完成報稅，這個市場規模超過200億美元。除此之外，還有一個規模約80億美元的企業稅務市場。

And the second is underpenetrated segments, which is Investors, Self-Employed, Latinx. And when you look at our results this year, coming sort of out of the pandemic, our TurboTax Live platform accelerated to 90%. And we saw our Investors segment actually grow triple what it did last year. And we always want to continue to grow units, which will then result in ARPU.

第二個重點是滲透率較低的細分市場，包括投資者、自僱人士和拉丁裔群體。回顧我們今年的業績，疫情過後，TurboTax Live平台的市佔率成長了90%。投資者細分市場的成長更是達到了去年的三倍。我們始終希望用戶數量能持續成長，進而提高每用戶平均收入（ARPU）。

I think given that our biggest opportunity is not only under-penetrated segments and transforming assisted, we may just see more ARPU than units. It's more a result of our strategy and where we are focused and where the biggest opportunity is. So if I put this season in context of our strategy, I would say it is absolutely in line with our strategy and it's for us, it's more about just continuing to accelerate in the areas that we declared several years ago.

我認為，鑑於我們最大的機會不僅在於滲透率較低的細分市場和輔助駕駛模式的轉型，我們或許會看到每位用戶平均收入（ARPU）的成長高於銷售成長。這更取決於我們的策略、我們的關注重點以及最大的機會所在。因此，如果從我們的策略角度來看本季的情況，我會說它完全符合我們的策略，對我們而言，更重要的是繼續加速推進我們幾年前就已確定的領域。

Perfect. And then on Karma, clearly, I think, I guess just to Keith's point, are you seeing the synergies come sooner than you thought from the rest of the business? Is it more around improvements in the macro economy loosening lending standards? I think what is causing Credit Karma to be so strong so soon? And in your mind, the biggest driver for that, both for Q4 and beyond from here, help us model it because the seasonality can be -- clearly, this year is a little bit unique with that aspect.

完美。關於 Karma，我想，就像 Keith 剛才說的，您是否看到其他業務的協同效應比您預期的來得更快？這是否與宏觀經濟改善和貸款標準放寬有關？我認為是什麼原因導致 Credit Karma 這麼快就表現如此強勁？您認為，推動其在第四季及以後表現強勁的最大因素是什麼？請您幫我們建立模型，因為季節性因素可能會有所影響——顯然，今年的情況有點特殊。

Yes. The -- if you just step back, what really drives Credit Karma's growth is the number of members, the number of transactions per member and then the revenue per transaction. So that's sort of big picture metrics. The second is, if you think about Credit Karma, it's got well over 110 million customers and it's a data platform that creates a powerful network effect. And really, it's technology-driven via Lightbox.

是的。從宏觀角度來看，真正推動 Credit Karma 成長的是會員數量、每位會員的交易筆數以及每筆交易的收入。這些都是宏觀指標。其次，Credit Karma 擁有超過 1.1 億用戶，它是一個數據平台，能夠產生強大的網路效應。而這一切都離不開 Lightbox 的科技驅動。

And really, our opportunity is to continue to not only grow the products that we have today, which is credit cards and personal loans, but also the new products, which is auto and home insurance and home loans, but also the new areas that we're moving into, which is Credit Karma Money that we've talked about, which is savings, checking, early access to wages. And then ultimately, you can also get your taxes done on Credit Karma. And by the way, there's no boundary to what product verticals that we'll launch over time because we've got a relationship with over 100 million customers. We deliver personalized experiences, and they know that we're there for them. We're putting the power of their data in their hands.

實際上，我們的機會不僅在於繼續發展現有產品，例如信用卡和個人貸款，還在於拓展新產品，例如汽車保險、房屋保險和房屋貸款，以及我們正在進軍的新領域，例如我們之前提到的 Credit Karma Money，它涵蓋儲蓄、支票帳戶和提前支取工資等功能。最終，您也可以透過 Credit Karma 完成報稅。順便一提，我們未來推出的產品領域沒有限制，因為我們與超過 1 億客戶建立了聯繫。我們提供個人化的體驗，他們知道我們會一直支持他們。我們正在將他們自身的數據力量交到他們手中。

So I bring that up to say that during the pandemic, we were obsessively focused on benefits, even though the market was sort of in shambles. When I say the market because of the health crisis. And so what you're seeing now is, one, the benefit of a lot of the work that we did during the pandemic launching these new verticals, delivering benefits to customers that was about how to manage their money and their credit score. And our really member engagement went up into the right even during the pandemic.

我之所以提到這一點，是想說在疫情期間，我們始終專注於提升客戶利益，即便當時市場一片混亂。我之所以說市場混亂，是因為這場健康危機。所以，現在大家看到的成果，一方面是我們在疫情期間所做的諸多努力的回報，例如推出新的垂直業務，為客戶提供理財和信用評分方面的幫助。另一方面，即使在疫情期間，我們的會員參與度也顯著提升。

And so now with -- coming out of the pandemic and more financial institutions being in Lightbox, we're actually seeing more transactions in Lightbox which makes a more personalized match for not only the consumer, but it benefits significantly the financial institution. So this is not just a macro recovery, it's an end.

因此，隨著疫情逐漸消退，越來越多的金融機構加入Lightbox平台，我們看到Lightbox的交易量顯著增加，這不僅能為消費者提供更個人化的匹配，也使金融機構受益匪淺。所以，這不只是宏觀經濟的復甦，而是時代的終結。

And looking ahead, we believe that the combination of what I just described, being able to leverage our distribution of customers, combining the data that we have that we can continue to sustain the growth in Credit Karma. And of course, we'll talk more about that at Investor Day.

展望未來，我們相信，結合我剛才提到的各項優勢，利用我們廣泛的客戶群和現有的數據，我們可以繼續保持Credit Karma的成長動能。當然，我們會在投資者日上詳細討論這一點。

Perfect. Congratulations on a great quarter.

太棒了！恭喜你們本季業績出色！

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, on Small Business online, I was curious if you could just drill into international. You did see a pretty big deceleration from 51% growth in Q1 to 38%. And I'm just curious, going back to your, I think your earlier comment about the U.S. showing a good recovery. Is there anything going on there that is Intuit-specific? Or is this more specific to what's happening in the unevenness of those recovery of those small businesses?

Sasan，關於小型企業線上業務，我很好奇您能否深入分析國際業務。您確實發現，國際業務的成長率從第一季的 51% 大幅放緩至 38%。另外，我想回到您之前提到的美國經濟復甦良好的情況。這其中是否存在 Intuit 特有的因素？還是說，這更反映了小型企業復甦的不均衡性？

Yes. It's really, Brent, the latter part of your comment, we continue to invest in international, in fact, very similar to what I just described with we were heavily focused on delivering for customers in Credit Karma during the pandemic. We're really doing the same thing in international. It's really 2 big things: one, lapping price increases; and two, the recovery is just simply much slower outside of U.S. and Canada, and it's not Intuit-specific.

是的。布倫特，確實，你說的後半部很重要。我們一直在持續投資國際市場，實際上，這和我剛才描述的非常相似，疫情期間我們一直專注於為Credit Karma的客戶提供優質服務。我們在國際市場也採取了同樣的做法。這主要有兩個原因：一是因應物價上漲；二是美國和加拿大以外地區的經濟復甦速度明顯較慢，並非Intuit獨有的問題。

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。

Sasan, on the QBO side, 28% growth with lapping price in bridges, that's impressive. Just wondering what you're seeing in terms of new customer acquisitions given that in the U.S., we saw new business creation was phenomenal last 3 quarters? And also, it would be interesting to hear your -- what you're seeing on the retention side as well in the Small Business.

Sasan，QBO方面，橋樑業務價格上漲，成長率達到28%，令人印象深刻。鑑於過去三個季度美國的新業務成長非常迅猛，我想了解您在新客戶獲取方面的情況。另外，也想聽聽您在小型企業客戶留存方面的狀況。

Yes. Siti, thank you for your question. Both new acquisition and retention is very strong, both in U.S. and Canada. And we're seeing -- continuing to see an acceleration in both areas. And the businesses that tend to typically come to QuickBooks, they're a little bit more mature. So it's not directly tied to new business formations. This goes back to what I've been talking about for the last, frankly, 2 years before the pandemic, which is we're seeing a shift to virtual solutions, a shift to online and omnichannel and a shift to digital money offerings. And I think what we're just seeing here is the pandemic accelerated that 5-plus years. And so both new acquisition and retention continues to be strong.

是的，Siti，謝謝你的提問。無論是在美國還是加拿大，新用戶獲取和留存都非常強勁。而且我們看到，這兩個領域的成長動能都在持續加速。通常情況下，選擇 QuickBooks 的企業都比較成熟，所以這與新成立的企業沒有直接關係。這和我過去兩年（坦白說，在疫情爆發前）一直在談論的觀點不謀而合，那就是我們正在向虛擬解決方案、線上和全通路以及數位金融產品轉型。我認為，疫情加速了這一趨勢，而這一趨勢已經持續了五年多。因此，新用戶獲取與留存依然強勁。

And based on a lot of our innovation and just the economic recovery, we're seeing that same strength in payroll and payments, in time tracking and which is why, as Michelle mentioned earlier, we actually expect sometime in our fiscal year '22 to be at or above our 30% online ecosystem growth.

基於我們的大量創新以及經濟復甦，我們在工資和支付、時間追蹤方面也看到了同樣的強勁勢頭，因此，正如米歇爾之前提到的，我們預計在 2022 財年的某個時候，我們的線上生態系統成長率將達到或超過 30%。

Then quick follow-up on the TurboTax Live Full Service. I'm wondering, do you have any kind of technology advantage in terms of processing it faster, given that like all your competitors asking to drop the dot between to the Dropbox or anywhere, so is there any sort of technology advantage you guys have versus your competitors there?

接下來我想快速了解TurboTax Live Full Service。我想知道，鑑於你們的競爭對手都要求用戶將文件發送到Dropbox或其他任何地方，你們在處理速度方面是否有任何技術優勢？

Yes. I think let me just -- I'll talk about us, and that is that our biggest advantage is the technology. We have been building this platform and these capabilities for 8-plus years. And particularly, it's in the area of machine learning, knowledge, engineering and natural language processing. And everything that we are doing in TurboTax Live, whether it's providing you help with an expert or full-service is all technology-led. And our machine learning and knowledge engineering capabilities, not only continue to make the platform easier for the consumer, but also much, much easier and insightful for the expert, which means that our experts are far more effective, far more efficient and focused on the value that they bring to customers.

是的。我想讓我簡單談談我們自身的狀況，那就是我們最大的優勢在於科技。我們已經在這個平台和這些功能上投入了八年多的時間。尤其是在機器學習、知識工程和自然語言處理領域。我們在TurboTax Live中所做的一切，無論是專家協助還是全方位服務，都是以科技為主導的。我們的機器學習和知識工程能力不僅不斷提昇平台對消費者的便利性，也讓專家更輕鬆、更深入地了解客戶需求，這意味著我們的專家能夠更有效率、更專注於為客戶創造價值。

And really, a lot of our investments that we make in R&D go into our Live platform, which, by the way, also benefits QuickBooks Live. So it is a -- we believe we have a significant technology advantage and we've been adding over the last several years, process engineers that are also helping us improve our processes. And that, combined with technology, is really what's giving us the advantage that we have and the type of growth that we are experiencing because we also -- we measure not only recommendation scores by our consumers, but also for our experts and our recommendation scores for our experts are also up and to the right because of the ease of the platform.

事實上，我們在研發方面的大量投入都用於我們的Live平台，而QuickBooks Live也從中受益。因此，我們相信我們擁有顯著的技術優勢，並且在過去幾年中，我們一直在增加流程工程師，他們也在幫助我們改進流程。正是這些與科技結合，才真正賦予了我們優勢和成長動力。因為我們不僅衡量消費者的推薦評分，也衡量專家的推薦評分，而由於平台的易用性，我們專家的推薦評分也不斷提高。

Our next question comes from Scott Schneeberger of Oppenheimer.

我們的下一個問題來自奧本海默公司的史考特‧施內伯格。

Congratulations. Great job across all the segments. I'm going to focus on the tax segment. First off, Sasan, you all chose to wait until next quarter to depict your unit volume and your metrics in tax. And I assume that's largely because of the economic income payments from last year and making it tricky. But the question embedded here is what type of activity do you expect to see maybe as a percent of overall from May 18 to July 31, this year thinking back to past years? How much do you know is what I'm asking of the season now that you've seen the end of the tax season when you extrapolate this guidance to the end of July?

恭喜！各個環節都做得非常好。我主要想談談稅務環節。首先，Sasan，你們選擇等到下個季度才公佈稅務方面的銷售和指標。我猜這主要是因為去年的經濟收入支付比較複雜。但這裡的關鍵問題是，你們預計今年5月18日至7月31日期間的整體業務活動會達到什麼水準？ （以百分比表示）回顧往年情況，你們對今年的稅務季有多大把握？現在稅務季已經結束，你們如何根據目前的預測來推斷7月底的情況？

Yes. Sure, Scott. I'll say 2 things. One, we have pretty good visibility to the end of the tax season or through the end of our fiscal year, July. The main reason we didn't provide the table is the tax season is not done, places like Oklahoma, Louisiana and Texas, their deadlines have been extended to June 15. And last year, those were 10.5% of all of the federal filings. So it's a pretty significant amount of the federal filings. And so that was really why we wanted to provide the table when everything is conclusive.

是的，斯科特，沒問題。我來說兩點。第一，我們對報稅季結束或說到本財政年度結束（7月）的情況有相當清晰的了解。我們之所以沒有提供表格，主要是因為報稅季還沒有結束，像俄克拉荷馬州、路易斯安那州和德克薩斯州這樣的州，他們的截止日期已經延長到了6月15日。去年，這些州的報稅申請佔聯邦報稅總數的10.5%。所以，這部分聯邦報稅申請相當可觀。因此，我們希望等到所有情況都確定之後再提供表格。

With that said, we feel good about what we see because in some ways, 90% of the season is behind us. At the same time, the season is not done yet, and we're continuing to focus on winning every filer that's out there.

話雖如此，我們對目前的情況感到滿意，因為從某種程度上來說，賽季已經過去了90%。但同時，賽季尚未結束，我們將繼續專注於贏得每一場即將到來的比賽。

Great. And then really, a 2-parter for my follow-up. One, I'd love your view on category shift this year. We have seen for years DIY take category shift, and it sounds like it's going to be flattish this year. So just thoughts on the year-over-year comparison, and it's probably something I'm going to do with that. But your thoughts on that this year and then going forward?

好的。接下來我想問兩點。第一，我想聽聽你對今年品類轉變的看法。多年來，DIY 一直是品類轉變的主導力量，但聽起來今年似乎會比較穩定。所以，我想聽聽你對同比數據的看法，這或許也是我接下來要探討的內容。你對今年以及未來一段時間的趨勢有什麼看法？

And then the second part of the question is, with everything you've said about 90% up in TurboTax Live, customers and the premier category tripling, really implies a lot of revenue per return growth. I'm guessing that's being offset by free, of which you had a lot. So the second part of the question is, your thoughts on free this year and going forward?

問題的第二部分是，您剛才提到TurboTax Live用戶成長了90%，高級版用戶數量翻了三倍，這意味著每份報稅單的營收成長非常顯著。我猜想這部分成長可能被大量的免費報稅收入所抵消。所以問題的第二部分是，您對今年的免費報稅服務以及未來的發展有何看法？

Yes, sure, Scott. First of all, the way we keep score now is the total IRS returns. What we're really focused on is what is our share of all the returns. And so we're actually quite pleased that our total share of all of IRS returns is up 1 point. And the reason that's the way we keep score now is because of our TurboTax Live platform. So that's the first thing.

當然可以，斯科特。首先，我們現在的計分方式是統計國稅局的報稅總數。我們真正關注的是我們在所有報稅中所佔的份額。所以，我們很高興地看到，我們在國稅局報稅總數中所佔的份額提高了1個百分點。我們現在採用這種計分方式的原因在於我們的TurboTax Live平台。這是第一點。

I think the second thing I would say is if you look at last year, IRS total returns were up about 3% to 4%, and then the do-it-yourself category actually grew about 2 points. And this year was flat. And so when we think about the category, we actually look at it over a 2-year period because it's really not comparing apples-to-apples. It was a very unusual last year with all of the folks that came in because of the stimulus track. So we're actually quite pleased that when you look at this year in context of last year, that our share of total IRS went up 1 point. The category stayed flat, and then our share within the category went up 1 point. So we're very, very pleased with the results, but I also wanted to just emphasize how we really keep score.

我想說的第二點是，如果你回顧去年，美國國稅局 (IRS) 的總申報量增長了約 3% 到 4%，而自助申報類別的申報量實際上增長了約 2 個百分點。今年則持平。因此，當我們考慮這個類別時，實際上是以兩年為週期進行分析，因為這實際上並不具有可比性。去年由於刺激計劃的實施，申報量激增，情況非常特殊。所以，我們很高興地看到，與去年相比，我們佔 IRS 總申報量的份額增加了 1 個百分點。該類別整體保持穩定，而我們在該類別內部的份額增加了 1 個百分點。因此，我們對結果非常滿意，但我也想強調我們是如何進行統計的。

I think the second thing I would say is our free grew 6% this year, the pay nothing customers. And that compares to 20% growth last year. So we actually feel like free moderated, and it's in the vicinity that we would have predicted and assumed and really are -- growth came from the areas that are very strategic, which is both transforming the assisted category with TurboTax Live and then the underpenetrated segment, which is what we expect for continued growth as we look in the years ahead.

我想說的第二點是，今年我們的免費用戶成長了6%，也就是完全免費用戶。相比之下，去年的成長率為20%。所以我們感覺免費用戶的成長實際上有所放緩，這與我們先前的預測和預期基本一致。真正的成長來自一些策略性領域，包括透過TurboTax Live革新輔助報稅服務，以及我們預計未來幾年將繼續保持成長的、尚未充分滲透的細分市場。

Our next question comes from Michael Turrin of Wells Fargo Securities.

下一個問題來自富國證券的麥可‧圖林。

My congrats on executing through what was certainly a unique year here as well. Online Ecosystem showing signs of rebound as we get through the course of the year, 26% ex PPP, sounds like there's still confidence and ability to return to that 30-plus percent target level. Anything else you can add just around what provides confidence in reinforcing and getting back to that level given increasing scale and maybe how we should think about the mix between services and QBO?

恭喜你們成功度過了這確實非同尋常的一年。隨著年末的推進，線上生態系統已顯現復甦跡象，剔除購買力平價因素後達到26%，這似乎顯示大家仍有信心和能力恢復到30%以上的目標水準。鑑於規模不斷擴大，您還有什麼可以補充的，關於如何增強信心並恢復到這一水平？以及我們應該如何看待服務和QBO之間的組合？

Yes. Sure, Michael. Thank you for your question. What really gives us confidence is the fact that when you look at the total SMB market, nearly 70% of that market is service-based businesses and about 30% are product-based businesses. And the majority of all of those customers are what we call nonconsumption. They're not using a digital platform. They're managing their life and their business through a shoebox or a Google sheet or an Excel spreadsheet.

是的，當然，邁克爾。謝謝你的提問。真正讓我們充滿信心的是，縱觀整個中小企業市場，近70%是服務型企業，約30%是產品型企業。而且，這些客戶中的絕大多數都是我們所謂的「非消費型」客戶。他們不使用數位平台，而是透過鞋盒、Google表格或Excel表格來管理生活和業務。

And so what gives us confidence is really the innovation and the focus of our innovation in the last several years. One, we are now positioned to continue to deliver for service-based businesses with all of our innovation. We now have QuickBooks Commerce that gives us the opportunity to also serve product-based businesses. We're able to disrupt from the bottom with QuickBooks Cash, which is a business banking account. And really, we're able to go after nonconsumption with QuickBooks Live, which really solves the confidence problem and provides access to an expert for our customers, whether a onetime or an ongoing basis, and we're positioned to go upmarket with QuickBooks Advanced.

因此，真正讓我們充滿信心的，是過去幾年我們在創新方面所取得的成就以及對創新的專注。首先，憑藉我們所有的創新成果，我們現在能夠繼續為服務型企業提供優質服務。我們現在擁有 QuickBooks Commerce，這讓我們有機會服務產品型企業。我們能夠透過 QuickBooks Cash（一款企業銀行帳戶）從底層市場顛覆傳統模式。此外，我們能夠透過 QuickBooks Live 進入非消費領域，它真正解決了客戶的信任問題，並讓他們隨時獲得專家支援。同時，我們也已做好準備，透過 QuickBooks Advanced 進軍高階市場。

And so -- and within that, what I didn't mention is, of course, all of our innovation and payments, payroll, time tracking, et cetera. So what really gives us confidence is the fact that we're positioned well to serve the market in a meaningful way. We've continued to improve the experience of our platform. We have more partners on our platform, and we're a true open platform. And really, we are rethinking our go-to-market, both from a sales and marketing perspective. So it's really our innovation and transformation of sales and marketing that gives us confidence. And now that the economy is starting to come back, that is really what sort of is the ultimate confidence factor as we look at 30% plus online revenue growth.

所以——當然，我沒提到的是，我們在創新、支付、薪資、時間追蹤等方面所做的一切努力。真正讓我們充滿信心的是，我們已做好充分準備，能夠以有意義的方式服務市場。我們不斷改進平台體驗，平台上的合作夥伴越來越多，而且我們是一個真正的開放平台。事實上，我們正​​在從銷售和行銷的角度重新思考我們的市場策略。正是我們在銷售和行銷方面的創新和轉型給了我們信心。現在經濟開始復甦，這才是我們展望30%以上的線上收入成長時，真正讓我們充滿信心的根本原因。

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。

Great. It's Jackson Ader on for Sterling tonight. Actually, just a quick one from us, and it's on the investors. So tripling the investor base is certainly positive. And just curious what that retention rate looks like for those TurboTax and investor customers relative to maybe the entire TurboTax base?

太好了。今晚Sterling的節目由Jackson Ader主持。其實，我們這裡也簡單提一下，是關於投資人的。投資人群體翻三倍當然是好事。我們只是好奇，TurboTax投資者用戶的留存率相對於整個TurboTax用戶群來說如何？

Yes, sure. In looking at history, those that have used our premier offering have actually had one of the highest retention rates because of just the type of customer and the complexity of the customer. And this tripling this year was both new customers coming into the franchise and actually existing customers that upgraded to premier because they in essence took on investments that they may not have done in the past. And if I -- if we just look at the experience that we delivered for them, the product recommendation scores and history, we would feel good about the retention going forward.

當然。回顧歷史，那些使用我們高級服務的客戶，其留存率實際上最高，這主要歸因於客戶類型和客戶需求的複雜性。今年的三倍成長既包括新客戶的加入，也包括現有客戶升級到高級服務，因為他們實際上承擔了過去可能不會進行的投資。如果我們只專注於我們為他們提供的體驗、產品推薦評分和歷史記錄，我們對未來的客戶留存率充滿信心。

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。

Maybe pushing on the retention theme a little bit. Sasan, as you think about the early cohorts of TurboTax Live customers, have they, for the most part, remained in the live SKU? Or is it a fluid situation with some years they take it, some year, they move back to quick TurboTax?

或許可以稍微深入探討一下用戶留存這個話題。 Sasan，你回想一下TurboTax Live的早期使用者群體，他們中的大多數是否一直都在使用Live版本？還是說情況比較靈活，有些年份他們會繼續使用Live，有些年份又會轉回TurboTax Quick版本？

Yes, Brad, it's actually somewhat fluid, and we like it. We -- now that we're in our fourth year of TurboTax Live, one of the things that we love about it is customers that come in that we typically would have lost because they wouldn't have access to an expert, will upgrade to TurboTax Live. And we've not divulged the percentages, but good percentage will stay in TurboTax Live the second year. So I actually go back to TurboTax. And now this year, we saw some that started in Live, the year after went back to TurboTax and this year came back to TurboTax Live.

是的，布拉德，實際上它相當靈活，我們很喜歡這種變化。現在TurboTax Live已經推出四年了，我們喜歡它的一點是，那些原本因為無法獲得專家服務而可能流失的客戶，現在會升級到TurboTax Live。我們沒有透露具體比例，但相當一部分客戶會在第二年繼續使用TurboTax Live。所以，我自己也會重新選擇TurboTax。今年，我們看到一些最初使用Live的客戶，第二年又回到了TurboTax，而今年他們又重新選擇了TurboTax Live。

We've not divulged any of the percentages, but what's great about that is back to the uber point, which is we are solving a major confidence problem. And what we really care about is that we can solve the customer's problem and the confidence factor and that they stay in the franchise. And going back and forth between do it yourself, I need help with an expert or here's all my stuff just to it for me, is the cycle that we are seeing, and we're actually pleased with what we're seeing.

我們沒有透露任何具體百分比，但最重要的是，我們解決了一個重大的信心問題。我們真正關心的是，我們能夠解決客戶的問題和信心問題，讓他們繼續留在加盟店。目前，客戶在「自己動手做」、「我需要專家幫助」或「把所有東西都給我，讓我來做」之間搖擺不定，而我們對目前的情況感到滿意。

Our next question comes from Daniel Jester of Citi.

我們的下一個問題來自花旗銀行的丹尼爾·傑斯特。

Great. So maybe if I reflect on that 90% growth in Live, obviously, QuickBooks Live is also growing. If you -- to your comments that the economy is reopening, the macro economy looks better, how are you going to keep your expert partners on the platform in the year ahead? I suspect over the last 12 months, it was pretty easy to get folks in the door. But maybe talk about your retention strategy to keep those expert partners on the platform in the year ahead.

太好了。所以，如果我回顧一下 Live 90% 的成長，顯然 QuickBooks Live 也在成長。鑑於您之前提到經濟正在重啟，宏觀經濟情勢好轉，您打算如何在未來一年留住平台上的專家夥伴呢？我估計過去 12 個月裡，吸引新用戶應該比較容易。但或許您可以談談您的留存策略，以確保這些專家合作夥伴在未來一年繼續留在平台上。

Yes. Thank you for your question, Daniel. In fact, I would share with you that the last couple of years, it's not been easy because everybody is -- and I don't mean in our space, but everybody is actually trying to find ways to shift to a virtual world and the pandemic just simply accelerated. So as we look ahead, we're not looking at headwinds because we've actually been dealing with a market that's really going after these type of experts in multiple different industries. There's a couple of things that not only helps us retain our experts but acquire more. And this is, of course, based on verbatims when talking to our experts.

是的，謝謝你的提問，丹尼爾。事實上，我想告訴你，過去幾年並不容易，因為每個人都在努力轉型到線上——我指的不僅僅是我們這個行業，而是所有人都在嘗試尋找轉型的方法，而疫情只是加速了這一進程。展望未來，我們並沒有遇到任何阻力，因為我們所處的市場其實非常需要各行業的這類專家。有一些方法不僅能幫助我們留住現有專家，也能幫助我們吸引更多人才。當然，這些都是我們與專家直接交流後總結出來的。

One, it's our culture. It is the way we treat employees, it's the benefits that we deliver. It's the overall employee experience that they have. And they're truly able to work virtually with the setup that they need and to do what they love, which is deliver for customers and not have to market their services. We are unique in that we don't ask our experts to sell. We ask our experts to do one thing, which is deliver an awesome experience for our customers.

首先，這是我們的企業文化。它體現在我們對待員工的方式、我們提供的福利以及員工的整體體驗。員工們能夠真正地在所需的環境下遠距辦公，做他們熱愛的事情——為客戶提供服務，而不是推銷自己的產品。我們的獨特之處在於，我們不要求專家進行銷售。我們只要求專家做好一件事，那就是為客戶提供卓越的體驗。

And we've had a quite high retention rate. And we have been able to recruit the best of the best. And by the way, we actually have very high standards. We have what we call an A for A process, which is assessing for awesome. They have to pass certain hurdles to be able to join us. We measure the recommendation scores. And so there's a service standard that they have to be able to deliver against.

我們的員工留存率一直很高，而且我們招募到了最優秀的人才。順便說一句，我們的標準非常高。我們有一套叫做「A for A」的流程，也就是「卓越評估」。他們必須通過一定的考核才能加入我們。我們會評估建議評分，所以他們必須達到一定的服務標準。

And now we also provide certifications. And so we help them with education to get certified and to actually be able to grow their careers. And so we really -- we treat our experts like the way we would care for and treat employees. And that is, I would say, the differentiator beyond the course of benefits that we provide.

現在我們也提供認證服務。我們會幫助他們接受培訓，獲得認證，從而真正促進他們的職業發展。我們對待專家就像對待員工一樣，盡心盡力。我認為，這就是我們除了提供一系列福利之外，真正的優勢所在。

Our next question comes from Kartik Mehta of Northcoast Research.

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

Yes. I wanted to go back to your Credit Karma comments and the new customer growth. And I'm wondering if you look at the new customer growth that you've seen in the most recent quarter or maybe the last few months, are you kind of back to the pre-pandemic level? Obviously, not when Credit Karma started, but as the company matured and kind of if you look at 2019 and compare it to where you are today?

是的。我想回到您之前關於Credit Karma和新客戶成長的評論。我想知道，如果您觀察一下最近一個季度或過去幾個月的新客戶成長情況，是否已經恢復到疫情前的水平？當然，我指的不是Credit Karma剛起步時的水平，而是隨著公司的發展成熟，以及您回顧2019年並與現在的情況進行比較，您覺得情況如何？

Yes, Kartik, good to hear from you. I think without getting into the numbers, which, again, we'll talk about more at Investor Day, the place I would start is Credit Karma significantly during the pandemic, reduced their marketing and really focus on the 100 million customers that they had to really focus on ensuring that they could manage through the pandemic, which is a lot of the reasons why we're seeing the type of bounce that we're seeing now because they truly took good care of their customers during the pandemic.

是的，Kartik，很高興收到你的消息。我想先不談具體數字（我們會在投資者日上詳細討論），我想先說的是，Credit Karma在疫情期間大幅削減了市場營銷投入，轉而專注於服務他們那1億的客戶，確保他們能夠順利度過疫情難關。這正是我們現在看到業績反彈的主要原因，因為他們在疫情期間確實盡心盡力照顧了客戶。

And really, the big thrust is now we are starting to do marketing with Credit Karma, not only within app, but also outside of the app, and 40% of the customers that came in -- or members that came in were all Intuit customers that chose Credit Karma. So I would say, in some ways, we're probably above pre-pandemic levels, and we're excited about the possibilities as we look ahead.

現在，我們的主要重點是開始利用 Credit Karma 進行行銷，不僅在應用程式內，也在應用程式外。我們吸引到的客戶（或會員）中有 40% 是選擇 Credit Karma 的 Intuit 客戶。因此，我認為在某些方面，我們的業績可能已經超過了疫情前的水平，我們對未來的發展前景感到非常興奮。

And then just on the TurboTax Full Service solution, which you're having very good success with, as you look at the type of customers that are drawn to that solution, what's kind of the breakdown or what are greater number of customers? Are they ones that are using more simple services? Or are they -- do they have very complex returns?

然後，就您們非常成功的TurboTax全方位服務解決方案而言，當您觀察被該解決方案吸引的客戶類型時，您認為客戶群組成如何？或者說，哪些類型的客戶數量最多？他們是使用更簡單服務的客戶嗎？還是他們的報稅情況非常複雜？

It's a variety, Kartik. It comes down to confidence. Those customers that -- let me actually take a step back. Out of the 86 million folks that use an assisted method based on our own research that we did several years ago, 70 million are willing to switch to a digital solution as long as they can have access to an expert. And so really, these are folks that are choosing to use a digital platform as long as they can get expert help and their needs could vary. So it's not just the simple filers. It's really an individual that chooses to use a digital platform with expertise. And so we're getting all kinds of variety of folks that are choosing to come to TurboTax Live and not just TurboTax Full Service.

卡爾蒂克，情況很複雜。關鍵在於信心。那些客戶——讓我先退一步說說。根據我們幾年前的研究，在8,600萬使用輔助報稅方式的使用者中，有7,000萬人願意轉而使用數位化解決方案，前提是他們能夠獲得專家的幫助。所以，實際上，這些人選擇使用數位化平台的前提是能夠獲得專家的幫助，而他們的需求可能各不相同。因此，這不僅僅是簡單的報稅用戶。而是真正選擇使用數位化平台並尋求專家幫助的個人。所以，我們看到各種各樣的用戶選擇使用TurboTax Live，而不僅僅是TurboTax Full Service。

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 had a question around the free users that you've added over the past 2 years. A big part of the model has been the ability to bring customers in through free and then have them move up to other tiers as they experience certain life events. Are you seeing any difference in the cohorts that you brought in over the past 2 years in terms of that ability to potentially monetize these free users over time? And then are you also able to market Credit Karma to these customers? Or are there some restrictions around that depending upon how they come into the Intuit franchise?

我有一個關於過去兩年新增免費用戶的問題。你們的商業模式很大程度上是先透過免費管道吸引用戶，然後隨著他們經歷某些人生階段，逐步升級到其他等級的付費用戶。過去兩年新增的用戶群在利用這些免費用戶實現長期獲利方面，你們是否觀察到任何差異？另外，你們是否能夠向這些使用者推廣 Credit Karma？還是說，根據他們加入 Intuit 的方式，這方面會有一些限制？

Yes. Sure, Matt. Our strategy is unchanged. We want as many free customers as we can get for exactly the reasons that you mentioned. One, we want to serve those customers. But then, two, over time as their life situation changes, they may have different tax needs. But now with Credit Karma, we have an opportunity to provide other benefits beyond taxes.

是的，當然，馬特。我們的策略沒有改變。我們希望盡可能多地獲得免費用戶，原因正如你所說。首先，我們想服務這些用戶。其次，隨著時間的推移，他們的生活狀況會發生變化，他們的稅務需求也會隨之改變。但現在有了 Credit Karma，我們有機會為他們提供稅務以外的其他好處。

So our strategy is unchanged. I would say, if I use this year, particularly as an example, we have end-to-end focus on free and particularly with TurboTax Live basic, where we got quite a bit of folks that came in that were from the assisted category that we love because ultimately, it's about transforming the assisted category. So our strategy is unchanged. And the growth that we saw was really in line with what we would have expected.

所以我們的策略沒有改變。以今年為例，我們專注於全面推廣免費服務，特別是TurboTax Live基礎版，我們吸引了不少來自輔助報稅類別的用戶，我們非常歡迎他們加入，因為歸根結底，我們的目標是重塑輔助報稅類別。所以，我們的策略沒有改變。而且，我們看到的成長也與預期相符。

There are no restrictions with Credit Karma. As I mentioned earlier, we have one launched Credit Karma as a test as part of the TurboTax filing experience, and we have launched TurboTax as part of the Credit Karma platform. And we ran 40 tests this year just to learn, to understand how we could really nail the experience, and we're going to be able to now, given our learnings, scale to a different level as we look ahead. But there are no restrictions in terms of what we can and can't do. It's really all focused on the customer experience.

使用 Credit Karma 沒有任何限制。正如我之前提到的，我們最初將 Credit Karma 作為 TurboTax 報稅體驗的一部分進行測試，後來又將 TurboTax 作為 Credit Karma 平台的一部分正式推出。今年我們進行了 40 次測試，旨在學習和了解如何才能真正打造完美的使用者體驗。基於這些經驗，我們未來能夠將規模擴展到更高水準。但我們沒有任何限制，一切都以提升客戶體驗為中心。

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

下一個問題來自美國銀行的布拉德·西爾斯。

Great. And I'll add the congratulations on a real nice quarter. I wanted to ask about QuickBooks Advanced. You've obviously seen some real traction there, and it's an effort to kind of move upmarket. Is there a limit where perhaps you draw the line, north of which it's going to be difficult for QuickBooks to kind of go? Or is this really an opportunity, maybe even to go into the next tier, maybe the lower end of the mid-market at some point as you kind of move up market with QuickBooks Advanced? Obviously, there's that balance between optimizing for the Small Business and then features for larger organizations. So how are you thinking about that balance? And where would that limit potentially be?

太好了。恭喜你們本季業績斐然。我想問一下關於 QuickBooks Advanced 的問題。顯然，你們已經看到了它所取得的顯著成效，並且正在努力向高端市場拓展。你們是否認為 QuickBooks 的發展有一個上限，超過這個上限就很難再繼續深入？或者說，這其實是一個機會，甚至可以進軍下一個細分市場，例如在 QuickBooks Advanced 的基礎上，最終進入中階市場的低階部分？顯然，我們需要在優化小型企業功能和滿足大型企業需求之間找到平衡。那麼，你們是如何看待這種平衡的呢？這個上限可能在哪裡？

Yes. Sure, Brad. Thank you. First of all, our initial limit that we set just for the sake of focus and really nailing the experience has been small businesses that are between 10 to 100 employees. And we are very pleased with our progress. We're continuing to build out the platform to be able to continue to move up market even within that 10- to 100-employee segment.

是的，當然，布拉德，謝謝。首先，我們最初設定的目標群體是員工人數在10到100人之間的小型企業，這只是為了集中精力，力求打造最佳使用者體驗。我們對目前的進展非常滿意。我們正在繼續完善平台，以便能夠繼續拓展市場，即使在10到100人這個細分市場內也是如此。

With that said, to your question, we don't believe that there's a limit other than what we don't want to do is serve the Intuits of the world. We don't want to get into a place where we're serving a company the size of Intuit. And we don't want to get into a place where we get in the professional services, and we're having to customize the platform. We want it to be something that we can scale, and that is durable.

綜上所述，對於您的問題，我們認為除了不想服務像 Intuit 這樣的公司之外，沒有其他限制。我們不想服務像 Intuit 這樣規模的公司。我們也不想涉足專業服務領域，然後不得不對平台進行客製化。我們希望它能夠可擴展且持久穩定。

So the limit will not stop at 100. We put that limit on ourselves to ensure that we could really nail the experience and be very intentional and focused around our scaling. And at the right time, of course, we'll communicate to you all when we choose to go beyond the 100, but we believe that there's an opportunity beyond the segments that we serve today.

所以，人數上限不會止於100。我們為自己設定這個上限，是為了確保我們能夠真正打造卓越的使用者體驗，並在規模化發展方面更加謹慎和專注。當然，時機成熟時，我們會及時通知大家我們何時決定突破100這個數字，但我們相信，在我們目前服務的群體之外，還存在著巨大的發展機會。

That's great. Sasan, one more similar question on TurboTax. With the progress you're seeing in full service, do you feel you have the talent base within your CPA pool to be able to kind of go into even some of the most sophisticated tax returns as you move up into different tax brackets and complexity for returns?

太好了。 Sasan，關於TurboTax還有一個類似的問題。鑑於你們在全方位服務方面取得的進展，你們的註冊會計師團隊是否具備足夠的人才儲備，能夠處理隨著稅級和報稅複雜程度的增加而變得更加複雜的報稅情況？

Yes, sure. We do and we're providing our own training and certification because one of the things that's really exciting and unique about what we're doing is we are going after a confidence problem for both consumers and small businesses. And so as we recruit, we're not only recruiting to ensure that we have the right expertise that can deliver for customers that need to get their taxes done, but also for small businesses that not only need advice, but need to get their quarterly taxes done.

當然。我們提供培訓和認證，因為我們所做的工作最令人興奮和獨特之處在於，我們致力於解決消費者和小型企業面臨的信任問題。因此，我們在招募時，不僅要確保擁有能夠為需要報稅的客戶提供專業服務的人才，還要為那些不僅需要諮詢，而且需要完成季度報稅的小企業提供服務。

And so in addition to hiring the best of the best and looking at partners that are in the marketplace, we also are building our own capabilities around training and certification. So with both those dimensions, we feel really good about the type of skills that we'll be able to acquire and retain, but also how we can grow those skills.

因此，除了聘用最優秀的人才和尋找市場上的合作夥伴之外，我們還在建立自身的培訓和認證能力。憑藉這兩方面的優勢，我們對能夠獲得和留住的技能類型以及提升這些技能的能力都充滿信心。

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。

I guess it's a question of what accelerated means. So can I look at your bottom line and expect accelerated earnings? By that, I mean, 1 year at 15%, next year at 17% and so on? Second question sort of unrelated to that is on the TurboTax Live. How many returns did you actually report as assisted this year? And how does that compare with last year? And where do you think that number is going?

我想關鍵在於「加速」的具體意義。我能否根據你們的最終收益預期來判斷其成長速度？我的意思是，第一年增長15%，第二年增長17%，以此類推？第二個問題與此略有不同，是關於TurboTax Live的。今年你們實際申報了多少張輔助報稅表？與去年相比如何？你們預計這個數字會如何改變？

Great. Michael, thank you for your question. A couple of things I would say. One, of course, we've provided guidance for the remainder of the year, and we're very excited and pleased that we're able to raise our guidance. And we'll talk more at our Investor Day around guidance for not only FY '22, but one of the things Michelle and I will do as we did last year is beyond guidance, just talk about our long-term expectations. So I think I would say let's wait till Investor Day to have the conversation beyond the fiscal year that we are in.

好的。邁克爾，謝謝你的提問。我有幾點想說。首先，我們已經發布了今年剩餘時間的業績指引，而且我們非常高興能夠上調指引。我們會在投資人日上詳細討論2022財年的業績指引，但和去年一樣，我和米歇爾也會談談我們對未來的長期預期。所以，我認為我們應該等到投資人日再討論本財年之後的業績展望。

In terms of TurboTax Live, we intentionally do not report the actual numbers in TurboTax Live other than just our growth rate. I would just reiterate that it is the fastest, continues to be the fastest-growing platform and product in the company. We're very pleased that it actually accelerated growth from last year on top of a very good year last year. And then majority of these customers are coming to us from the assisted category that are -- and one of the things we're pleased about is we had a growth of 100% of customers that are completely new to Intuit that came to TurboTax Live. So those are some of the stats and numbers that we've chosen to share publicly, and we'll look forward to sharing more at Investor Day.

關於TurboTax Live，我們有意不公佈成長率以外的具體數據。我只想重申，它是該公司成長最快的平台和產品，而且這股勢頭還會持續下去。我們非常高興的是，在去年已經非常不錯的成績基礎上，它今年的成長速度更是突飛猛進。此外，這些客戶大多來自需要輔助報稅服務的客戶群——我們欣喜地看到，所有透過TurboTax Live加入Intuit的新客戶都實現了100%的成長。以上是我們選擇公開分享的部分統計數據，我們期待在投資者日分享更多資訊。

Can I assume, and roughly it's a wash. That is coming from assisted to you. On one hand, offset as those going into assisted?

我可以這樣假設嗎？大致來說，兩者差不多。這是從輔助模式到你的模式。一方面，偏移量就像那些進入輔助模式的人一樣？

No, I wouldn't call it a wash at all. It's actually why we're able to grow our total base of customers year after year. So no, no, it is not a wash. And the metrics that I shared earlier, when you look at the total number of IRS returns, our share of that total actually increased 1 point, which means that our base continues to increase. So no, it is not a wash. It is an increase in share by Intuit.

不，我完全不會稱之為「抵消」。事實上，這正是我們能夠逐年成長客戶總數的原因。所以，不，這絕不是抵銷。而且，正如我之前提到的，如果你看一下IRS申報表的總數，我們佔比實際上增加了1個百分點，這意味著我們的客戶群仍在持續成長。所以，不，這並非抵銷。這是Intuit市場份額的成長。

Our next question comes from Josh Beck of KeyBanc.

我們的下一個問題來自 KeyBanc 的 Josh Beck。

I wanted to ask maybe a 2-parter team. One is around Credit Karma Money. Certainly, you had a really good progress that you offered, $36 million direct deposits. I'm just wondering how important is it for you to really translate that into maybe a regular payroll direct deposit as you think about the strategy there.

我想問兩個問題。第一個問題是關於 Credit Karma Money 的。你們之前公佈的進展非常出色，實現了 3600 萬美元的直接存款。我想知道，在你們制定策略時，將這筆資金轉化為常規工資直接存款對你們來說有多重要。

And a little bit related, just with the amount of momentum and success that you're already seeing with Credit Karma, does it maybe make you revisit the M&A aperture and maybe want to consider more of these larger transformative types of deals?

另外，鑑於 Credit Karma 目前的進展和成功，您是否會重新審視併購領域，並考慮更多此類規模更大、具有變革意義的交易？

Yes. Great, Josh. Thank you. First of all, I just want to clarify one thing to make sure it was not misinterpreted. We have the opportunity and made Credit Karma Money available to 36 million TurboTax customers. I don't want you all to interpret that as 36 million customers actually took us up on Credit Karma money. I wish they did, and our goal is they will over time, but I want to just make sure that, that was clear.

是的，太好了，喬什，謝謝。首先，我想澄清一點，以免大家誤會。我們有機會也確實讓3600萬TurboTax用戶可以使用Credit Karma Money。我不希望大家誤以為這3,600萬用戶都使用了Credit Karma Money。我當然希望他們能這樣做，我們也希望他們最終都能使用，但我只是想確保這一點說清楚了。

To the question that you asked, actually a great question gives me an opportunity to just very quickly paint a picture, and that is the -- I'll go back to what I shared earlier, which is the more we provide services and benefits to Credit Karma members, the more they will come back to the platform through our notifications. And the more they will engage with the services. And the more we have an opportunity to actually present more products to them. And then over time, be able to monetize that to drive our revenue growth.

關於您提出的問題，這確實是一個很好的問題，讓我有機會快速闡述我的觀點。我會回到我之前分享的內容，那就是我們為Credit Karma會員提供的服務和福利越多，他們就越會透過我們的通知回到平台，越會積極使用我們的服務，我們也就更有機會向他們展示更多產品。隨著時間的推移，我們就能將這些優勢轉化為收益，進而推動營收成長。

So the power of Credit Karma Money is if you have a checking account with us or a savings account or you choose to pick us up on direct payroll deposits, so we can give you early access to your paycheck. Not everything is necessarily about monetizing every single benefit. But the more we bring you back, the more that we can offer you, hey, Josh, we have a pre-approved credit card that's right for you. Hey, Josh, it looks like you're paying X for your auto insurance. We have an offer based on your driving habits to pay 20% less.

所以，Credit Karma Money 的優點在於，如果您在我們這裡擁有支票帳戶或儲蓄帳戶，或者選擇透過薪資直接轉帳的方式使用我們的服務，我們可以讓您提前拿到薪水。並非所有優惠都必須轉化為實際收益。但我們越是讓您成為回頭客，就能為您提供越多的福利。例如，Josh，我們有一張預先批准的信用卡非常適合您。或者，Josh，您的汽車保險費用似乎是 X 美元。根據您的駕駛習慣，我們有一個優惠方案，可以幫您節省 20% 的費用。

So it becomes truly the vision that I described earlier, which is a financial assistant in your pocket where we are in your corner, to try to help you reduce your debt and put more money in your pocket. So we're not overly reliant on direct deposits by any means, but it just becomes another benefit and a reason to engage with the platform, which gives us opportunities to offer more products to you and then be able to monetize.

因此，它真正實現了我之前描述的願景，即成為您口袋裡的財務助手，我們站在您這邊，盡力幫助您減少債務，讓您口袋裡有更多錢。我們絕不會過度依賴直接存款，但這確實成為另一項福利，也是您使用我們平台的理由，這讓我們有機會為您提供更多產品，從而實現盈利。

And to your last question about M&A, our principles around M&A are steadfast. We, of course, have just based on some of the acquisitions we've made in the last several years and how well that they've done. We have a lot more confidence in our ability to execute because we truly studied our history in the last 10 years, what went well, what didn't go well, and that's informed, I mean, a lot of our approaches today.

關於您最後一個關於併購的問題，我們在併購方面的原則始終如一。當然，這主要基於我們過去幾年的一些收購案例及其成功經驗。我們對自身的執行能力更有信心，因為我們認真研究了過去十年的併購歷程，總結了哪些成功，哪些失敗，這些經驗都指導著我們今天的許多策略。

And really, for us, everything is about speed-to-market. And so if there are -- if there's talent we need to acquire, technology we need to acquire or a capability like Credit Karma, those principles were informed decisions. And of course, our confidence has continued to grow, given the execution of the recent acquisitions.

對我們而言，一切都關乎上市速度。因此，如果我們需要引進人才、技術或像Credit Karma這樣的能力，這些原則都是我們做出明智決策的基礎。當然，鑑於近期收購的成功，我們的信心也持續增強。

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，我不會再問任何問題了。您還有什麼要補充的嗎？

Yes. I'll be very brief. Thank you for your wonderful questions. And again, I want to thank our Intuit team and all of our partners for everything that they're doing to innovate for our customers, and we look forward to talking to you at our next earnings. Take care, everybody. Bye-bye.

是的，我會盡量簡短。感謝大家提出的精彩問題。再次感謝Intuit團隊和所有合作夥伴為客戶創新所做的一切努力，我們期待在下次財報電話會議上與大家交流。祝大家一切順利，再見。

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

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。