直覺電腦 (INTU) 2021 Q2 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 Second 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財年第二季財報電話會議。 （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？

Thanks, Latif. Good afternoon, and welcome to Intuit's Second Quarter Fiscal 2021 Conference Call. I'm here with Intuit's CEO, Sasan Goodarzi; and Michelle Clatterbuck, our CFO. Before we start, I'd like to remind everyone that our remarks will include forward-looking statements.

謝謝，拉蒂夫。下午好，歡迎參加Intuit 2021財年第二季業績電話會議。今天與我一同出席的還有Intuit執行長薩桑·古達爾齊和財務長米歇爾·克拉特巴克。在會議開始之前，我想提醒大家，我們接下來的發言將包含前瞻性陳述。

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.

有許多因素可能導致 Intuit 的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 表格以及我們向美國證券交易委員會 (SEC) 提交的其他文件中了解更多關於這些風險的資訊。所有這些文件均可在 Intuit 網站 (intuit.com) 的投資者關係頁面查閱。我們不承擔更新任何前瞻性聲明的義務。

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

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查閱我們所準備的演講稿及補充財務資訊。接下來，我將把電話交給Sasan。

Thanks, Kim, and thanks to all of you for joining us today. Second quarter results reflect strong momentum across the company. Small Business and Self-Employed Group grew double digits. Credit Karma performed very well, and we are very encouraged by our early results this tax season. We're on track for Intuit to deliver another year of double-digit revenue growth.

謝謝Kim，也謝謝各位今天蒞臨。第二季業績反映了公司整體強勁的成長動能。小型企業和個體經營者業務實現了兩位數成長。 Credit Karma表現非常出色，我們對本納稅季的早期業績感到非常鼓舞。我們可望帶領Intuit實現連續第二年兩位數的營收成長。

We are confident our game plan to win is durable, accelerated by digital tailwinds given the pandemic. Our platform is well positioned to help customers take advantage of a shift to virtual solutions, acceleration to online and omnichannel capabilities and new ways to reduce debt and save money. The velocity of our innovation is helping our customers at a time when they need us most and positions us to accelerate growth in light of these structural and behavioral changes.

我們相信，我們所製定的勝利策略具有持久性，並且得益於疫情帶來的數位化發展機遇，該策略將加速推進。我們的平台已做好充分準備，幫助客戶充分利用向虛擬解決方案的轉型、加速線上和全通路能力的提升，以及尋找新的減債和省錢途徑。在客戶最需要我們的時候，我們快速的創新能力正在為他們提供幫助，並使我們能夠在這些結構性和行為性變化的背景下加速成長。

We closed the acquisition of Credit Karma on December 3 and welcomed 1,300 Credit Karma employees to the Intuit family. We bring together a large customer base of 110 million Credit Karma members and 57 million Intuit customers to help them unlock SMART Money decisions. Credit Karma data platform creates powerful network effects through personalized financial offers, benefiting members and partners while adding a new monetization engines into it. We are off and running, executing on our innovation road map, which I will touch on shortly.

我們於12月3日完成了對Credit Karma的收購，並歡迎1300名Credit Karma員工加入Intuit大家庭。我們將Credit Karma的1.1億會員和Intuit的5700萬客戶整合在一起，幫助他們做出明智的理財決策。 Credit Karma的數據平台透過個人化的金融產品創造強大的網路效應，不僅惠及會員和合作夥伴，也為我們帶來了新的獲利模式。我們已全面啟動並執行創新路線圖，稍後我將詳細介紹。

Since we're in the middle of tax season, let's start there. We're very confident in our strategy and momentum, extending our lead in the do-it-yourself category, and transforming the assisted segment. We're making great progress serving fast-growing underpenetrated Latinx, self-employed and investor segments. This season, we also expanded our free eligibility to better serve customers receiving unemployment benefits. We continue to aggressively transform the assisted segment by reshaping how 86 million filers can get their maximum refund with confidence virtually. We feel great about how the season is progressing.

正值報稅季，我們就從這裡開始。我們對自身的策略和發展動能充滿信心，不僅在自助報稅領域進一步鞏固了領先地位，也在積極轉型輔助報稅服務。我們在服務快速成長但市場滲透率較低的拉丁裔、自僱人士和投資者群體方面取得了顯著進展。本季，我們也擴大了免費報稅服務的適用範圍，以便更好地服務領取失業救濟金的客戶。我們正持續積極轉型輔助報稅服務，透過線上方式，幫助8600萬報稅者更有信心地獲得最高退稅額。我們對本季的進展感到非常滿意。

Let me now shift to our Big Bets. We're seeing strong momentum and accelerating innovation across the business with our AI-driven expert platform strategy and 5 Big Bets. These Big Bets are focused on the largest problems our customers face and represent durable growth opportunities for Intuit. I'll highlight our progress, covering Big Bet #1 last as it accelerates innovation across our platform and is foundational to the other Bet.

現在，我想談談我們的五大重點。憑藉著人工智慧驅動的專家平台策略和五大重點舉措，我們看到了強勁的發展勢頭，業務創新也在加速推進。這些重點措施聚焦於客戶面臨的最大挑戰，並為 Intuit 帶來了可持續的成長機會。我將重點介紹我們的進展，最後再談第一項重點舉措，因為它加速了我們平台的創新，也是其他舉措的基礎。

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 the opportunity to access tax experts on our platform. We continue to lead the way in shaping the category, helping customers understand how they get their taxes done in a new way with our marketing campaigns and for a limited time, offering free live expertise to filers with very simple returns to attract them into the category. We have significantly improved the TurboTax Live platform by making it easier for customers to access an expert throughout the filing experience. And now with our innovative full-service offering, our customers can hand off their return to an expert who will prepare and file it for them.

我們的第二個重大措施是連結用戶與專家。我們正在透過TurboTax Live和QuickBooks Live，將用戶與專家在線連接起來，從而解決客戶面臨的最大難題之一——缺乏信心。借助TurboTax Live，我們正在革新價值200億美元的稅務輔助服務市場，讓8,600萬報稅者有機會透過我們的平台獲得稅務專家的協助。我們持續引領產業發展，透過行銷活動幫助客戶以全新的方式完成報稅，並在限定時間內為報稅非常簡單的用戶提供免費的線上諮詢服務，以吸引他們加入這一行列。我們大幅改善了TurboTax Live平台，讓客戶在整個報稅過程中更方便地聯絡專家。現在，憑藉我們創新的全方位服務，客戶可以將報稅工作交給專家，由專家代為準備和提交。

We continue to make progress with QuickBooks Live, which is built on the same expert platform. Entering our second peak this season with QuickBooks Live, our customer base has doubled from a year ago and retention rates are improving. Although it's early days for QuickBooks Live, we're confident in the long-term opportunity to penetrate nonconsumption.

我們基於同一專家平台打造的 QuickBooks Live 持續取得進展。 QuickBooks Live 在本季迎來了第二個高峰，我們的客戶群比去年同期翻了一番，客戶留存率也不斷提高。儘管 QuickBooks Live 目前仍處於發展初期，但我們對其長期發展前景充滿信心，並相信它能夠成功打入非消費市場。

Our third Big Bet is to unlock SMART Money decisions. We're making progress towards our goal of creating a personal financial assistance that helps consumers find the right financial products, puts more money in their pockets and access to financial experts and advice. 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 money innovation, including savings and checking accounts. As we make personalized financial offers to customers across our platform, Credit Karma provides an additional monetization engine, increasing our combined wallet share with both free and paying customers.

我們的第三大措施是助力用戶做出明智的理財決策。我們正朝著打造個人理財助理的目標穩步邁進，該助理旨在幫助消費者找到合適的金融產品，增加他們的收入，並提供金融專家諮詢服務。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；並開發專注於金融創新的新興垂直領域，例如儲蓄和支票帳戶。隨著我們透過平台為客戶提供個人化的金融方案，Credit Karma 為我們提供了額外的獲利引擎，從而提升了我們在免費用戶和付費用戶中的市場份額。

We've made great initial progress combining our capabilities to fuel success of the Credit Karma platform. First, to create a complete financial profile for existing and prospective members. With customer consent, we've combined income data from 26 million TurboTax returns with Crédit Karma. The combination of verified income data with credit history will enable Credit Karma to better personalize offers, driving engagement and creating a win-win-win for our members, partners and us over time. This enables us to grow in our core verticals for credit cards and personal loans and growth verticals for insurance and mortgages.

我們已取得顯著的初步進展，整合雙方優勢，協助Credit Karma平台取得成功。首先，我們為現有會員和潛在會員創建了完整的財務檔案。經客戶同意，我們將2,600萬份TurboTax報稅表的收入資料與Credit Karma的資料結合。將經過驗證的收入數據與信用記錄相結合，將使Credit Karma能夠更好地提供個人化服務，從而提升用戶參與度，並最終實現會員、合作夥伴和我們自身的三方共贏。這將使我們能夠在信用卡和個人貸款等核心業務領域以及保險和抵押貸款等新興業務領域中成長。

Second, we integrated Credit Karma Money into the TurboTax filing experience, providing approximately 36 million TurboTax customers ability to deposit up to 88 billion of tax refunds into a no-fee checking account.

其次，我們將 Credit Karma Money 整合到 TurboTax 報稅體驗中，使約 3,600 萬 TurboTax 用戶能夠將高達 880 億美元的退稅款存入免手續費支票帳戶。

And third, we're migrating turbo users to Credit Karma. We're very excited about the journey ahead of us.

第三，我們將把Turbo用戶移轉到Credit Karma。我們對未來的發展方向感到非常興奮。

Our fourth Big Bet is to become the center of small business growth by helping our customers get paid fast, manage capital, pay employees with confidence and grow in an omnichannel world. 60% of small businesses struggle with cash flow, and we're innovating with velocity 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，幫助客戶快速收款、管理資金、安心支付員工薪酬，並在全通路環境中實現成長。 60% 的小型企業面臨現金流困境，我們正在快速創新，為客戶打造解決方案，幫助他們克服這項挑戰。

We're making it even easier for customers to get paid fast with tools like payment-enabled invoices by auto enabling new customers to accept payments immediately increasing our charge volume. We continue to innovate with QuickBooks Cash, a small business bank account that helps our customers manage working capital by providing visibility into their full financial picture, along with the ability to move money instantly and ensure their money is working for them, while taking advantage of the built-in accounting of QuickBooks.

我們正在透過諸如自動開立付款發票等工具，讓客戶更輕鬆地快速收款，使新客戶能夠立即收款，從而提高我們的交易量。我們不斷創新，推出 QuickBooks Cash，這是一款小型企業銀行帳戶，它能幫助客戶管理營運資金，提供全面的財務概覽，並支援即時資金轉移，確保資金為客戶創造收益，同時還能充分利用 QuickBooks 的內建會計功能。

We integrated bill pay into the offering this quarter. We're seeing growing adoption and active users for QuickBooks Cash, including a meaningful increase in activation rates.

本季我們將帳單支付功能整合到了產品中。我們看到 QuickBooks Cash 的用戶數量和活躍用戶都在不斷增長，啟動率也顯著提高。

We're making good progress with QuickBooks Commerce launched last September. QuickBooks Commerce is designed to better serve the 1 million product based businesses on our platform and 6.4 million product-based businesses in our core markets. The offering provides inventory and order management tools small businesses need to grow their businesses in an omnichannel world.

我們去年九月推出的 QuickBooks Commerce 進展順利。 QuickBooks Commerce 旨在更好地服務我們平台上的 100 萬家產品型企業以及我們核心市場中的 640 萬家產品型企業。該產品提供小型企業在全通路環境下發展業務所需的庫存和訂單管理工具。

We continue to add new partner integrations, enabling a streamlined experience. We're further bolstering the offering with the acquisition of OneSaas in early February. OneSaas is an infrastructure platform that integrates data streams from multiple sources of e-commerce platforms. This will help our customers see a complete view in QuickBooks. It's still early for both QuickBooks Cash and QuickBooks Commerce, but we're encouraged by what we're seeing.

我們持續增加新的合作夥伴集成，從而打造更流暢的用戶體驗。 2月初，我們收購了OneSaas，進一步增強了我們的產品和服務。 OneSaas是一個基礎設施平台，能夠整合來自多個電商平台的資料流。這將有助於我們的客戶在QuickBooks中獲得更全面的資料視圖。 QuickBooks Cash和QuickBooks Commerce目前仍處於早期階段，但我們對目前的進展感到鼓舞。

Our fifth Big Bet is to disrupt small business mid-market with QuickBooks Online Advanced. The features we're introducing individually tailor the offering for the needs of small businesses with 10 to 100 employees at a disruptive price point. We continue to build out the offering and innovate to better serve these mid-market, small business customers by adding more deeply integrated partners important to both acquisition and retention.

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。我們推出的各項功能都經過精心定制，能夠以極具競爭力的價格滿足擁有 10 至 100 名員工的小型企業的特定需求。我們將不斷完善產品和服務，並透過引入更多深度整合的合作夥伴，更好地服務這些中小型企業客戶，這些合作夥伴對於客戶獲取和留存都至關重要。

And finally, our first Big Bet, revolutionize speed to benefit enables us to put more money in our customers' pockets to eliminate friction and deliver confidence at every touch point by using AI and customer insights.

最後，我們的第一個重大舉措是徹底改變速度，從而帶來更多收益。透過利用人工智慧和客戶洞察，我們可以讓客戶獲得更多收益，消除摩擦，並在每個接觸點上提供信心。

In TurboTax, we're leveraging advanced models to proactively offer customers the right resources at the right time to keep them engaged and give them confidence to file their taxes. And in QuickBooks Advanced, we're using AI to detect anomaly in price and quantity on customer invoices, saving our customers' time and frustration of having to resend an invoice. Our Live offerings are benefiting from a common AI platform that's creating efficiencies at scale, driving profitable growth.

在TurboTax中，我們利用先進的模型，主動在適當的時機為客戶提供合適的資源，從而保持他們的參與度，並增強他們報稅的信心。在QuickBooks Advanced中，我們運用人工智慧技術來偵測客戶發票中的價格和數量異常，從而節省客戶的時間，避免他們因發票需要重新發送而產生的麻煩。我們的Live產品受益於一個通用的人工智慧平台，該平台能夠大規模地提高效率，從而推動獲利成長。

Across all of our Big Bets, we're building momentum and accelerating innovation, which we believe positions us well for durable growth into the future. I'm excited about the opportunity we have ahead of us, and I'm proud of the progress we're making as a team. Now let me hand it over to Michelle.

在我們所有的重點項目中，我們都在積蓄力量，加速創新，我們相信這將使我們在未來實現永續成長。我對我們面前的機會感到興奮，也為我們團隊的進展感到自豪。現在，請米歇爾發言。

Thanks, Sasan. Good afternoon, everyone. For the second quarter of fiscal 2021, we delivered revenue of $1.6 billion, GAAP operating loss of $25 million versus operating income of $270 million last year. Non-GAAP operating income of $235 million versus $384 million last year. GAAP diluted earnings per share of $0.07 versus $0.91 a year ago. The GAAP earnings include a $30 million gain from the sale of a note receivable that was previously written off. And non-GAAP diluted earnings per share of $0.68 versus $1.16 last year.

謝謝，薩桑。大家下午好。 2021財年第二季度，我們實現營收16億美元，以美國通用會計準則（GAAP）計算，營業虧損2,500萬美元，去年同期營業利潤為2.7億美元。以非美國通用會計準則（Non-GAAP）計算，營業利潤為2.35億美元，去年同期為3.84億美元。以美國通用會計準則（GAAP）計算，稀釋後每股收益為0.07美元，去年同期為0.91美元。美國通用會計準則（GAAP）收益包含出售先前已註銷的應收票據所得的3,000萬美元收益。以非美國通用會計準則（Non-GAAP）計算，稀釋後每股收益為0.68美元，去年同期為1.16美元。

Turning to the business segments. Consumer Group revenue declined 71% in Q2, driven by the later IRS opening this year. We continue to focus on our strategy to expand our lead in DIY and transform the assisted segment with TurboTax Live. We remain confident in our plans and guidance of 9% to 10% growth in fiscal 2021.

接下來談談業務板塊。受美國國稅局今年推遲開放報稅的影響，消費者業務集團第二季收入下降了71%。我們將繼續專注於擴大自助報稅領域的領先優勢，並透過TurboTax Live革新輔助報稅服務市場。我們對2021財年9%至10%的成長目標和計畫仍充滿信心。

Turning to the ProConnect Group. Revenue declined 8% in Q2, reflecting a delay in forms availability. In the Small Business and Self-Employed Group, revenue grew 11% during the quarter, while Online Ecosystem revenue was up 22%. Our strategic focus within Small Business and Self-Employed is to grow the core, connect the ecosystem and expand globally. Our longer-term expectation remains 30% or greater Online Ecosystem revenue growth, driven by 10% to 20% growth in both customers and ARPC.

接下來是ProConnect集團。第二季營收下降了8%，主要原因是表單供應延遲。小型企業和自營集團的收入在本季度增長了11%，而線上生態系統收入增長了22%。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。我們長期的預期仍是線上生態系收入成長30%或更高，這主要得益於客戶數量和平均每筆交易收入（ARPC）10%至20%的成長。

First, we continue to focus on growing the core. QuickBooks Online accounting revenue grew 22% in fiscal Q2, driven mainly by customer growth and mix shift. We lapped a full quarter of a price increase last year, driving slower year-over-year growth versus last quarter.

首先，我們繼續專注於核心業務的成長。 QuickBooks Online會計業務收入在第二財季成長了22%，主要得益於客戶成長和產品組合的變化。由於去年我們經歷了整整一個季​​度的價格上漲，因此本季同比增速較上一季放緩。

Second, we continue to focus on connecting the ecosystem. Online Services revenue, which includes payments, payroll, time tracking and capital, grew 20% in fiscal Q2. 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.

其次，我們繼續專注於建構生態系統。第二財季，包括支付、薪資、時間追蹤和資本管理在內的線上服務收入增加了20%。在支付業務方面，收入成長反映了客戶的持續成長以及每位客戶交易額的增加。在薪資業務方面，我們本季持續受惠於客戶組合向全方位服務產品的轉變以及薪資客戶數量的成長。

Third, our progress expanding globally added to the growth of Online Ecosystem revenue during fiscal Q2. Total international online revenue grew 44%. The slower growth from last quarter was driven by lapping price increases a year ago and the lingering impact from lower retention and customer acquisition at the beginning of the pandemic.

第三，我們在全球擴張的進展推動了第二財季線上生態系收入的成長。國際線上總收入成長了44%。與上一季相比成長放緩，主要是由於去年同期價格上漲的影響以及疫情初期客戶留存率和獲客率下降的持續影響。

Desktop ecosystem revenue declined 2% in the second quarter, in line with our expectations for the business to decline longer term. Within this, QuickBooks Desktop Enterprise revenue grew mid-single digits. Small businesses are resilient, and we continue to help them put more money in their pockets when they need it most. We're pleased to see most QuickBooks indicators are back to or better than pre-pandemic levels. This includes growth in customer acquisition, the number of companies running payroll and payments charge volume. This reinforces the digital tailwinds and positioning of our platform and Big Bets Sasan touched on earlier.

第二季桌面生態系營收下降了2%，符合我們對該業務長期下滑的預期。其中，QuickBooks Desktop Enterprise的收入實現了中等個位數的成長。小型企業具有很強的韌性，我們將繼續幫助他們在最需要的時候增加收入。我們很高興地看到，QuickBooks的大多數指標已經恢復到疫情前的水平或更高。這包括客戶獲取量的成長、運行薪資的公司數量以及支付交易量的成長。這進一步鞏固了數位化帶來的利多因素，並強化了我們平台的市場定位，正如Sasan先前提到的「重磅投資」策略。

We closed the acquisition of Credit Karma on December 3, resulting in revenue of $144 million for the partial quarter. Our strategic focus with Credit Karma is to grow the core of credit cards and personal loans; expand growth verticals such as home loans, auto loans and insurance; and developed emerging verticals, focused on money innovation, including savings and checking accounts. I'll share more detail on each of these strategic focus areas.

我們於12月3日完成了對Credit Karma的收購，當季部分收入為1.44億美元。我們對Credit Karma的策略重點是：發展信用卡和個人貸款的核心業務；拓展房屋貸款、汽車貸款和保險等成長型垂直領域；並開發新興垂直領域，專注於金融創新，包括儲蓄和支票帳戶。我將詳細介紹每個戰略重點領域。

First, our focus is growing the core. We're seeing new credit card and personal loan partners onboarding, while overall partner activity continues to recover. Adoption of the industry-first Lightbox continues to grow. Lightbox enables Credit Karma to more tightly integrate with its financial partners, which helps match members to the products that are right for them. This now represents approximately 40% of credit card transactions and approximately 30% of personal loan transactions, up substantially year-over-year.

首先，我們的重點是發展核心業務。我們看到新的信用卡和個人貸款合作夥伴陸續加入，同時合作夥伴的整體業務活動也持續復甦。業界首創的Lightbox應用也持續成長。 Lightbox讓Credit Karma能夠與其金融合作夥伴更緊密地整合，從而幫助會員找到最適合他們的產品。目前，這部分業務約佔信用卡交易的40%和個人貸款交易的30%，較去年同期成長顯著。

Second, our focus is expanding growth verticals. Although it's early days, we're seeing strong growth in auto insurance, followed by home loans and then auto loans. January revenue in the growth vertical is up over 1.5x year-over-year. It's a high-water mark. During the quarter, we introduced Karma Drive, providing members an easy opportunity to qualify for an auto insurance discount based on actual driving habits.

其次，我們的重點是拓展成長型業務。雖然目前還處於早期階段，但我們看到汽車保險業務成長強勁，其次是房屋貸款，然後是汽車貸款。 1月增長型業務的營收年增超過1.5倍，創歷史新高。本季度，我們推出了Karma Drive，讓會員能夠根據實際駕駛習慣輕鬆獲得汽車保險折扣。

Third, our focus is developing emerging verticals, particularly money innovation, and we're just getting started with Credit Karma Money.

第三，我們的重點是發展新興垂直領域，特別是金融創新，而我們才剛開始涉足 Credit Karma Money。

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're starting to see the opportunity for faster margin expansion over time, and I'm proud of the progress the team is making. 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 focus on reallocating resources to top priorities, with an emphasis of 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，隨著我們大力推進平台策略，我們開始看到利潤率有望隨著時間的推移而更快提升，我為團隊取得的進展感到自豪。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。我們將繼續專注於將資源重新分配到最重要的事項上，重點是打造一個由人工智慧驅動的專家平台。這些原則將是我們長期的承諾。

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. We finished the quarter with approximately $2.7 billion in cash and investments on our balance sheet. We repurchased $175 million of stock during the second quarter. We have approximately $2.2 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 April 19, 2021. This represents an 11% increase versus last year.

我們首要任務是利用產生的現金投資業務，以推動客戶和收入成長。我們會考慮收購來加速成長並完善產品路線圖。對於無法獲利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。本季末，我們的資產負債表上約有27億美元的現金和投資。第二季度，我們回購了價值1.75億美元的股票。我們剩餘的授權額度約為22億美元，預計今年每季都會進行股票回購。董事會批准了每股0.59美元的季度股息，將於2021年4月19日支付。這比去年同期成長了11%。

Moving on to guidance. While macro uncertainty continues, we remain confident in how our business is performing in the current environment. Our guidance for third quarter fiscal 2021 includes revenue growth of 53% to 55%, GAAP earnings per share of $5.85 to $5.95 and non-GAAP earnings per share of $6.75 to $6.85. You can find our full Q3 and reiterated fiscal 2021 guidance details in our press release and on our fact sheet. With that, I'll turn it back over to Sasan.

接下來談談業績展望。儘管宏觀經濟情勢依然不明朗，但我們對公司在當前環境下的業務表現依然充滿信心。我們對2021財年第三季的業績展望包括：營收成長53%至55%，GAAP每股收益5.85美元至5.95美元，非GAAP每股收益6.75美元至6.85美元。您可以在我們的新聞稿和概況介紹中找到完整的第三季業績展望以及重申的2021財年業績展望詳情。接下來，我將把發言權交還給薩桑。

Great. Thanks, Michelle. I'm very proud of our team and all we've accomplished together, and I'm very optimistic about the future. So with that said, let's now open it up to your questions.

太好了，謝謝你，米歇爾。我為我們的團隊以及我們共同取得的成就感到非常自豪，我對未來充滿信心。那麼，現在就讓我們進入問答環節吧。

(Operator Instructions) Our first question comes from Scott Schneeberger of Oppenheimer.

（操作說明）我們的第一個問題來自奧本海默公司的史考特‧施內伯格。

I'm going to hone in on tax since we're in that season. And I'm just very curious on if you're seeing any activity pick up from all the new brokerage accounts opened in 2020, if you're seeing a lot of activity in your tops business from corresponding tax reporting from that? And just, Sasan, a few thoughts on that. Is that going to trigger near volume? Or do you think it's more likely something that would trigger an increase in the revenue per return since transactions might come in at a higher tier of offering?

鑑於現在正值報稅季，我打算專注於稅務方面的問題。我很好奇，2020年新開的經紀帳戶是否帶來了業務成長？你們的核心業務是否也因此增加了相應的稅務申報量？薩桑，您對此有什麼看法？這是否會導致交易量接近高峰？或者您認為更有可能的是，由於交易可能涉及更高層級的產品，因此會提高每份申報表的收入？

Thank you for your question, Scott. If I would take you back to what we declared several years ago, one element was underpenetrated segments. The investment community was one, of course, Self-Employed and Latinx. And the other element, of course, is about transforming the assisted segment, which also helps us serve that community well if they need expertise or if they want us to do their taxes for them. And what I would tell you, we all see the same stats. There's been really a significant increase in retail investors using all the different tools that are out there and not just in the United States, but particularly in Brazil, India and the U.S.

謝謝你的提問，斯科特。如果我回顧一下我們幾年前的計劃，其中一個要素是市場滲透率不足的細分領域。投資界當然是其中之一，還有個體經營者和拉丁裔群體。另一個要素當然是轉變需要協助的細分市場，這也有助於我們更好地服務這個群體，例如當他們需要專業知識或希望我們代為報稅時。我想告訴你的是，我們都看到了相同的數據。散戶使用各種工具的數量確實顯著增加，這不僅發生在美國，尤其是在巴西、印度和美國。

And so I feel good that we're very well positioned. And all of those segments that I mentioned, Latinx, Self-Employed and Premier, we are actually experiencing the kind of growth that we expected. And probably a tick up on our Premier offering, which really serves our investment community. So we are experiencing an accelerated growth, and it's really all sort of in context of what we had declared. And we'll have to see how the season plays out. And when we tally up our results, what it all looks like, but we're very, very pleased with the fact that we really positioned ourselves to serve this segment a few years ago. And I think we're positioned well for delivering for them this season, both with live platform and if you want to do it yourself.

所以我覺得我們目前處於非常有利的地位。我之前提到的所有細分市場，包括拉丁裔、自僱人士和高端客戶，都實現了預期的成長。高端客戶業務可能略有成長，這主要服務於我們的投資群體。因此，我們的成長速度正在加快，而且這一切都與我們先前宣布的目標基本一致。我們還需要觀察本季的最終結果，以及最終的業績。但我們非常高興幾年前就已做好充分準備，為這個細分市場提供服務。我認為，無論透過直播平台或自助服務，我們都能在本季為他們提供優質的服務。

And then staying on taxes. I'm just curious, kind of a high-level question, and you get this throughout the preseason, but now we're into the tax season. What type of federal returns do you expect this year versus last year? I saw recently that Texas, because of what's going on there in the last couple of weeks, has gotten to delay to June 25. So with that into account and then just the long tax season last year, a condensed, for most states, tax season this year, what are you expecting just for an industry growth year-over-year and anything that you're seeing in the early season to support that view?

然後繼續聊稅務問題。我只是好奇，這個問題比較宏觀，在季前賽期間常常會被問到，但現在報稅季正式開始了。您預計今年的聯邦報稅情況與去年相比會有什麼不同？我最近看到，由於過去幾週德州的情況，報稅截止日期推遲到了6月25日。考慮到這一點，再加上去年漫長的報稅季，以及今年大多數州報稅季的縮短，您預計整個行業的同比增長情況如何？在報稅季初期觀察到的哪些情況可以支持您的觀點？

Sure. A couple of things I would say. One, the assumptions that we made coming into this tax season is that IRS returns would be sort of flattish. And we expect to be able to grow our share of the total number of returns and particularly because of our focus on these underpenetrated segments that I mentioned and transforming the assisted segment with our live platform. So really, for us, it's about growing our share of the entire category. And as you know, we have such a massive opportunity with 86 million filers that today go to somebody else to do their taxes. And the fact that we have an opportunity to help them get their taxes done with the expert at their fingertips with any time that they needed. So really, our role is about growing the category and in context of a flattish IRS returns.

當然。我想說幾點。首先，我們進入本報稅季時假設國稅局的報稅量會比較平穩。我們預計能夠提高我們在報稅總量中的份額，尤其得益於我們專注於我之前提到的那些滲透率較低的細分市場，並透過我們的即時平台革新輔助報稅服務。所以，對我們來說，關鍵在於提高我們在整個報稅類別中的份額。如您所知，目前有8,600萬納稅人需要委託他人代為報稅，這為我們帶來了巨大的機會。而我們有機會幫助他們隨時隨地獲得專家的幫助，以便輕鬆完成報稅。因此，我們的目標是在國稅局報稅量預計平穩的背景下，推動整個報稅類別的成長。

All of our guidance just -- we made the assumption that it's April 15 finish. We contemplated the Texas announcement that was made yesterday. We're really just looking at past situations where there's been a disaster where IRS has extended the filing date. The behaviors are very different. Net-net, we feel very good about our progress. We feel very good about our momentum and really good about the potential that we have this season in the context of the guidance that we provided.

我們所有的指導方針都基於4月15日截止的假設。我們考慮了昨天德克薩斯州發布的公告。我們主要參考了以往發生災難性事件時國稅局延長申報截止日期的情況。現在的情況截然不同。總而言之，我們對目前的進展感到非常滿意。我們對目前的勢頭以及本季在我們提供的指導意見框架下的潛力感到非常樂觀。

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。

The first one for you, Sasan, also on tax. As you think about TurboTax Full-Service, not sure if you guys are starting to see some good traction there, but would love to get a sense of what kind of customers you're seeing utilize that particular product? Is it guys coming from accountants? Is it kind of net new filers who may have the greatest level of uncertainty just across the board? Any color you can give would be fantastic.

薩桑，第一個問題也是關於稅務的。關於TurboTax全方位服務，我不知道你們是否已經開始看到一些不錯的市場反響，但我很想了解一下你們的用戶群是什麼樣的？是會計師事務所的員工嗎？還是那些對報稅普遍感到困惑的新用戶？任何信息都非常感謝。

Sure, Ken. Good to hear from you. It's important just to remind ourselves that we're in the assisted segment, the biggest problem that we're solving is confidence. These 86 million filers need to know that they can ask a question from an expert at any time that they need to and have the ability to turn over their return if they so choose. And we are getting very good traction with Full-Service, but it really plays, I would say, a halo effect. What customers want to know is that they can come in and if they choose to ask for help that they can get it. And somewhere in the experience that they choose to just say here, let me give you all of my documents digitally that we can do it for them or even if they choose to make that choice upfront.

當然，肯。很高興收到你的來信。我們需要時時提醒自己，我們身處在輔助報稅領域，我們正在解決的最大問題是信心。這8600萬報稅者需要知道，他們可以隨時向專家諮詢，並且可以根據需要自行處理報稅表。我們的全方位服務發展勢頭良好，但我認為它實際上起到了一種光環效應。客戶想知道的是，他們可以隨時前來，如果需要幫助，就能得到幫助。而且，在服務過程中，如果他們選擇直接說“我把所有文件都以電子方式提交給您”，我們可以幫他們處理，或者他們也可以提前做出這個選擇。

So Full-Service beyond the actual number of customers that will end up using Full-Service really is playing a halo effect, which is what we learned in our test results last year, it really builds confidence for filers that come in from the assisted category that I can get my questions answered. There's always going to be an expert at my side. And as a reminder, last year, we experienced 70% plus growth in TurboTax Live. And a majority of those customers actually came from the assisted category. So it's playing the role exactly as we had assumed that it would. And so far, so good the season in terms of the traction that we're getting.

因此，除了實際使用全方位服務的客戶數量之外，全方位服務還產生了一種光環效應，正如我們去年測試結果所示，它確實增強了從輔助服務類別轉來的報稅者的信心，讓他們覺得所有問題都能得到解答，身邊總會有專家提供幫助。需要提醒的是，去年TurboTax Live的成長超過70%，其中大部分客戶實際上來自輔助服務類別。所以，它所發揮的作用正如我們所預期的。就目前的市場表現而言，本季的進展非常順利。

Great. Great. That's super helpful. And then a quick one for you, Michelle. You touched on Lightbox and seeing, I think a 40% of transaction, 30% of personal loans. Just wondering kind of where do you think those numbers could trend up to. And then as far as monetization, any color on kind of how monetization has improved for customers that are utilizing Lightbox?

太好了，太好了，這真的很有幫助。米歇爾，我還有一個問題想問你。你剛剛提到了Lightbox，好像佔了交易量的40%和個人貸款量的30%。我想知道你覺得這些數字未來可能會成長到什麼程度？另外，關於獲利方面，你能否談談使用Lightbox的顧客在獲利方面有哪些改進？

Ken, thanks for the question here. Lightbox is a great technology that really is -- enables us to have a winning experience for both the customer and for our partners, our financial institution partners as well as us. There's nothing more frustrating than for a customer to come in and not be able to get access to a financial product that they thought they would. And so it enables the financial institutions to be able to better target the products that they have and then customers are much more likely to actually be approved.

Ken，感謝你的提問。 Lightbox 確實是一項非常棒的技術，它能幫助我們為客戶和合作夥伴（包括我們的金融機構合作夥伴以及我們自身）創造雙贏的體驗。沒有什麼比客戶來諮詢卻無法獲得他們想要的金融產品更令人沮喪的了。因此，Lightbox 能幫助金融機構更精準地推送產品，進而大幅提高客戶的申請核准率。

So with the metrics that we have right now, we'll have to see how those trend over time. We're very excited about it. We want to continue to have more and more transactions go through Lightbox because, as we said, it's a better experience for the customer, and it also is a better experience for our partners.

所以，根據我們目前所掌握的指標，我們需要觀察這些指標隨時間推移的趨勢。我們對此感到非常興奮。我們希望越來越多的交易透過 Lightbox 進行，因為正如我們所說，這能為客戶帶來更好的體驗，也能為我們的合作夥伴帶來更好的體驗。

Our next question comes from Brad Zelnick of Crédit Suisse.

下一個問題來自瑞士信貸的布拉德·澤爾尼克。

Great. Sasan, we heard from Michelle's comments that many of the small business indicators, such as customer acquisition, number of companies running payroll payments, charge volumes, things like that are all trending positively. Can you maybe expand a little bit more on the indicators that you're looking at in terms of small business health? And from your perspective, kind of where we are in terms of small business recovery?

好的。薩桑，我們從米歇爾的演講中了解到，許多小型企業指標，例如客戶獲取量、發放工資的公司數量、交易量等等，都呈現積極的趨勢。能否再詳細說說您關注的這些小型企業健康狀況指標？以及從您的角度來看，我們目前小型企業的復甦情況如何？

Yes, sure. Let me start, Brad, with the actual recovery, depending on the geography, United States versus U.K. or different states within the U.S. Every geography is performing differently. And just to use an example, we've got places like Florida, Texas, Arizona, Georgia, that have actually recovered quite nicely. And then you have places like Michigan, Washington and California and New York that are lagging. And then within that, you have industries that have come back all the way and the industries that have and it's the natural ones that you would assume, it's fitness, restaurants, travel.

當然可以。布拉德，我先來說說實際的復甦情況。這取決於地理位置，例如美國和英國，或美國各州的情況。每個地區的表現都不一樣。舉個例子，像佛羅裡達州、德克薩斯州、亞利桑那州和喬治亞州這樣的地方復甦得相當不錯。而像密西根州、華盛頓州、加州和紐約州這樣的地方則比較落後。此外，有些產業已經完全恢復，而那些復甦的產業，如健身、餐飲和旅遊業，通常被認為是經濟支柱產業。

I bring that up in context of yet another data point, which is when we look across the data points that we see, about 25% of our customers, their net dollars in their bank account is down and nearly 50%. So I give you those data points just to say that small businesses are still working hard to come back to where they were, and they're not all the way back. That's really important context relative to how our trends are doing and what you heard from Michelle, which is we watch acquisition, we watch retention, of course. We watch our payments charge volume, the number of companies running payroll, the number of employees, core companies using payroll, time tracking, et cetera. And all of those indicators are at or above pre-COVID levels, except the number of employees at small businesses.

我之所以提到這一點，是因為它與另一個數據點有關。當我們查看所有數據點時，發現約25%的客戶銀行帳戶淨餘額下降，而有近50%的客戶則面臨相同的情況。我提供這些數據點，是為了說明小型企業仍在努力恢復到疫情前的水平，但尚未完全恢復。這對於理解我們的趨勢以及您剛才從Michelle那裡聽到的內容至關重要。 Michelle提到，我們會關注客戶獲取和留存情況。當然，我們也會關注支付交易量、運行薪資單的公司數量、員工人數、使用薪資單的核心公司數量、工時追蹤等等。所有這些指標都已達到或超過疫情前的水平，只有小企業的員工人數例外。

And that really tells you a lot about just the innovation that's happening on our platform, the power of our platform, and the fact that in times where small businesses are actually doing worse than they were prior to COVID, our actually platform metrics are at or better than pre-COVID. And so that actually really bodes well for us to not only deliver for our customers, but the growth rates that we would expect as we look ahead. So good momentum and actually bullish about where we are in the opportunities for the future.

這充分體現了我們平台的創新實力和強大功能，也印證了在小企業經營狀況實際上比疫情前更糟的情況下，我們平台的各項指標卻達到了甚至超過了疫情前水平。這不僅對我們服務客戶大有裨益，也預示著我們未來能夠實現預期的成長。因此，我們目前發展動能良好，對未來的發展機會充滿信心。

That's very helpful. And maybe just a follow on for Michelle. Credit Karma is off to a really strong start. And you're now just migrating Turbo users over and you've got so many growth opportunities ahead that you've talked about in your remarks. Can you just remind us perhaps of the seasonality of this business? Because if we just start annualizing the last 2 months, I think we'd all be getting a little bit ahead of ourselves. What should we keep in mind relative to what we've seen out of the gate versus what you're guiding for the full year?

這很有幫助。或許可以再問一下Michelle。 Credit Karma的開局非常強勁。你們現在正在將Turbo用戶遷移過來，正如你在演講中提到的，未來還有很多成長機會。可以提醒我們一下這個行業的季節性嗎？因為如果我們直接把過去兩個月的表現按年計算，我覺得我們都會有點操之過急。相對於目前的開局表現和你們對全年的預測，我們該注意些什麼？

Yes. Thank you, Brad. Good question. We are off to a strong start with Credit Karma. Feel really good about the progress that they're making. We're seeing the business bounce back more quickly from the pandemic than we had expected, not all the way back to pre-COVID levels but definitely making progress there. When you think about seasonality in the business, they do see a little bit stronger in the January, February time period, but there is a huge seasonality in the business. But I would say in January, February is a little bit more of an uptick as people are coming into the new year and some of those new year resolutions and so forth. But that's what I would say you guys should expect.

是的，謝謝你，布拉德。問得好。 Credit Karma 的開局非常強勁，我們對他們的進展感到非常滿意。我們看到他們的業務從疫情中恢復的速度比預期要快，雖然還沒有完全恢復到疫情前的水平，但肯定正在朝著這個方向發展。考慮到業務的季節性，一月和二月的業績確實會略微強勁一些，但業務的季節性影響非常大。不過，我認為一月和二月的業績會略有增長，因為人們正值新年伊始，制定了一些新年計劃等等。這就是我想說的，你們應該預料到的情況。

Our next question comes from Keith Weiss of Morgan Stanley.

下一個問題來自摩根士丹利的基斯‧韋斯。

A very nice quarter. I wanted to expand a little bit on Brad Zelnick's question. Can you help us understand now that the indicators are at or above kind of like the pre-crisis levels, how should we think about the mechanism of how those indicators and the time frame for when those indicators will translate into kind of the revenue growth rates that you guys have guided to longer term and that we're expecting? So like how should we moderate our expectations on to how quickly do indicators become sort of the actuality in terms of what we see on the income statement?

這是一個非常不錯的季度。我想就布拉德·澤爾尼克的問題再補充一點。現在各項指標都已達到或超過危機前水平，您能否幫助我們理解，這些指標是如何以及在多長時間內轉化為你們之前預測的、也是我們所期待的長期營收增長率的？也就是說，我們應該如何調整預期，才能更好地理解這些指標最終會以多快的速度反映在損益表上？

Yes. Thanks for your question, Keith. And in context of being a subscription business, a lot of the growth rate we're experiencing now is the things that were happening almost a year ago this time. And in context of slower acquisition, retention, dropping a couple of points starting in March of last year. And also, there are a number of things that have huge benefits for customers that we paused, things like payroll, full service migration we have a line for where you have to upgrade to QuickBooks Advanced. We sort of dropped that line for a while. So it was the combination of acquisition, retention, along with very intentional decisions we made around pricing and migration that has had an impact on the growth rates that we're seeing now.

是的，謝謝你的提問，基斯。就我們這種訂閱制企業而言，我們現在看到的許多成長速度其實都和一年前差不多是同一時期的情況類似。同時，獲客速度和留存率都在放緩，從去年三月開始下降了幾個百分點。此外，我們也暫停了一些對客戶來說非常有利的服務，例如薪資管理、全方位服務遷移等等。我們之前設定了一個升級到 QuickBooks Advanced 的門檻，但後來暫時取消了這項服務。所以，獲客、留存率以及我們在定價和遷移方面做出的一系列深思熟慮的決策，共同影響了我們目前的成長率。

And in addition to all of that, we're lapping price increases that we had done the same time last year. So the long answer to your short question is what we are starting to see now, we should expect the growth rates to be impacted in the year ahead because a lot of the metrics and the trends that we're experiencing now, we'll see the follow-on benefits in the quarters ahead. But I would say, almost think about a year out or so is the way -- is the best way to think about it.

除此之外，我們還要應對去年同期已經實施的價格上漲。所以，對於你提出的簡短問題，長話短說，我們現在開始看到的現象表明，未來一年的成長率將會受到影響，因為我們目前經歷的許多指標和趨勢，其後續影響將在接下來的幾個季度顯現。但我認為，最好以一年左右的時間來考慮這個問題。

Got it. Got it. And if I could ask a follow-up to Michelle, on the margin side of the equation. Really appreciate the continued kind of balance between good growth and faster margin expansion over time. Great to see that as part of the corporate philosophy. This quarter, in particular, we saw the SMB contribution margin up nicely on a year-on-year basis. But I know a lot of companies are talking to us about kind of onetime items or sort of crisis-related expense savings that we saw in the year past that might not sustains the year forward. Anything we should be aware of in terms of sort of expenses that might come on board that could upset -- or not upset, but could temporarily sort of reverse the margin expansion that we've been seeing?

明白了。明白了。如果可以的話，我想就利潤率方面再問米歇爾一個問題。我非常讚賞你們在良好成長和利潤率快速提升之間持續保持的平衡。很高興看到這成為公司理念的一部分。特別是本季度，我們看到中小企業貢獻利潤率年增率顯著。但我知道很多公司都在跟我們討論一些一次性專案或危機相關的支出節省，這些節省措施我們在去年看到，但可能無法持續到今年。關於可能出現的支出，有哪些需要我們注意的，這些支出可能會影響——或者不會影響，但可能會暫時逆轉我們目前看到的利潤率成長？

Our -- thanks for the question, Keith. First of all, for us, as we've been thinking about margins and margin expansion, really the biggest driver of any of that is us becoming more and more of an AI-driven expert platform. And so you may see some expenses here, there and obviously, you see margins move around a little bit quarter-to-quarter. But I would say, really focused on our guidance, which is, after last year, expanding margins a point. This year, we expect margins to expand approximately 110 basis points once you're excluding Credit Karma. And that is really us continuing to evolve to being more of a platform company and seeing those areas for us to drive margin expansion across the company, everything from technology to customer success to go-to-market. And so that is the biggest driver of margin expansion for us across the company.

謝謝你的提問，Keith。首先，就我們而言，在思考利潤率和利潤率擴張時，真正推動這一切的最大因素是我們正日益轉型為一個人工智慧驅動的專家平台。因此，你可能會看到一些費用調整，而且利潤率也會在季度間略有波動。但我想說的是，我們真正關注的是我們的業績指引，也就是在去年利潤率提升一個百分點之後，今年我們預計，剔除Credit Karma的影響後，利潤率將提升約110個基點。這其實是我們持續向平台型公司轉型，並致力於在公司各個層面（從技術到客戶成功再到市場推廣）推動利潤率提升。因此，這是我們公司利潤率提升的最大驅動因素。

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。

I think in some of the prepared remarks and the press release, there was the talk of the cross-sell of TurboTax going to Credit Karma. But I'm wondering what the expectations are in terms of the cross-sell and marketing that you could do to Credit Karma users for TurboTax for this tax season.

我認為在一些事先準備好的演講稿和新聞稿中，提到了將TurboTax交叉銷售給Credit Karma。但我很想知道，對於本報稅季，你們對向Credit Karma用戶推廣TurboTax的交叉銷售和行銷有何預期？

Yes, sure, Sterling. Let me just -- if I could take it up one notch, and I'll come back specifically and answer your question. There are a number of things that we have launched. We've launched Credit Karma Money at the end of the TurboTax experience, we're migrating Turbo customers with Turbo being deprecated to Credit Karma. And of course, then to your question, launching TurboTax as part of the Credit Karma platform.

當然可以，斯特林。讓我再詳細解釋一下，我稍後會專門回答你的問題。我們推出了一些新功能。我們在TurboTax體驗的最後階段推出了Credit Karma Money，我們正在將TurboTax用戶遷移到Credit Karma，因為TurboTax即將停用。當然，還有你提到的TurboTax作為Credit Karma平台的一部分推出的問題。

So there are a number of big things that we're doing. And all of them, Sterling, I would think about them as long-term opportunities with our focus being testing and experimenting right now to really nail the experience. So I wouldn't expect really big impacts from those in the near term. But we do expect these to deliver significant customer benefit and growth in the future because we're really just testing and experimenting. We want to really nail the experience before we launch things at scale. So hopefully, that answers your question.

所以我們正在做很多大事。史特林，我認為這一切都是長期的機遇，我們目前的重點是測試和實驗，力求打造完美的使用者體驗。因此，我不認為這些事會在短期內產生太大的影響。但我們確實期望它們在未來能為客戶帶來顯著的利益和成長，因為我們目前正處於測試和實驗階段。我們希望在正式大規模推出之前，真正把使用者體驗做到極致。希望這能解答你的疑問。

It does.

確實如此。

Our next question comes from Kash Rangan of Goldman Sachs.

下一個問題來自高盛的卡什·蘭根。

Congratulations on the quarter. Sasan, at the Analyst Day, you talked about a $24 billion U.S. tax opportunity. I'm wondering, what have you learned from live? And what are the things that you need to add to live in terms of capabilities to be able to address this in a larger scale? And also in the same vein, as you look at QBO Advanced, what are the things that you've learned with that product out at the higher end of the SMB market that you traditionally played in? And what are the things that you're looking to introduce in the product to make it address the full breadth of the TAM?

恭喜您本季業績出色。 Sasan，在分析師日上，您談到了美國240億美元的稅務機會。我想知道，您從實際操作中獲得了哪些經驗？為了更大規模地應對這項機遇，您需要在現有功能方面做出哪些改進？同樣地，當您審視QBO Advanced產品時，您在面向高端中小企業市場（您一直以來主要服務於該市場）的經驗中獲得了哪些啟發？您計劃在產品中引入哪些功能，以使其能夠涵蓋整個目標市場？

Sure, Kash. Good to hear from you. Let me start with live and the 86 million customers that today go to an assisted method. Based on research and work that we did several years ago, one of the learnings that we had is over 70 million of these 86 million customers are actually willing to use a digital platform as long as they can get help and expertise to be able to file their taxes with confidence. And in fact, they would like to get help beyond taxes, which is where Credit Karma comes in.

當然可以，Kash。很高興收到你的來信。首先，我想談談目前有8,600萬用戶選擇使用輔助服務的情況。根據我們幾年前的研究和工作，我們發現，這8,600萬用戶中，超過7,000萬人願意使用數位化平台，前提是他們能夠獲得幫助和專業知識，從而自信地完成報稅。事實上，他們希望獲得的幫助不僅限於報稅，而這正是Credit Karma的優勢所在。

And so to your question of what we have learned with our -- beginning our fourth year with the live platform, we're more bullish about the opportunity ahead of us than we were even 4 years ago when we launched TurboTax Live. Because in essence, what we've learned, and that's informing what we're executing this season is, one, we have 86 million folks that we need to get to consider the fact that there's a digital platform with an expert at their fingertips and the fact that they can actually hand everything off digitally for an expert, which is where you see what we're doing in our marketing campaigns. And you may only see what we're doing off-air on TV, but we've got an incredible campaign in educating our customers in multiple different digital channels to help them understand how this works because we're really shaping and reshaping the category. So one is about education, which is where a lot of our investment is going.

所以，關於您提到的我們從TurboTax Live平台運營的第四年中學到了什麼，我們現在對未來的機會比四年前剛推出TurboTax Live時更加樂觀。因為我們從中汲取的經驗，以及這些經驗指導著我們本季的行動，本質上是這樣的：首先，我們需要讓8600萬用戶意識到，他們可以透過數位平台輕鬆獲得專家的幫助，並且能夠將所有報稅工作都交給專家處理。這正是我們在行銷活動中著重強調的。您可能只能在電視廣告中看到我們的一些幕後工作，但我們正在透過多種數位管道進行卓有成效的客戶教育活動，幫助他們了解TurboTax Live的運作方式，因為我們正在重塑整個行業格局。所以，教育是我們投入大量資源的重要方向。

The second is when they come in, really nailing the first-time use. Immediately when they come in to help them understand how to get access to an expert, engaging with an expert, exchanging a document visually and seeing how easy it is. And then with now the launch of Full-Service, if you choose to upgrade the Full-Service or if you come in and choose Full-Service, how do we deliver instant benefit to you? An instant benefit, by the way, is confidence that there's an expert there.

第二點是當他們第一次來的時候，確保他們能順利上手。我們會立即幫助他們了解如何聯絡專家，如何與專家互動，如何進行視覺化文件交換，並讓他們體驗到操作的便利性。現在我們推出了全方位服務，如果您選擇升級到全方位服務，或直接選擇全方位服務，我們如何讓您立即受益？順便一提，其中一個即時益處就是：您可以確信有專家隨時為您提供協助。

Now which gets me to the other side of the equation, which I haven't mentioned, and that is our expert platform. That's really where we have advantage. A lot of our AI investments are actually improving our expert platform around scheduling, document exchange, making sure that we connect the right expert to the right customer, ensuring that we deliver insights to the expert because of our machine learning capabilities so that when the expert is talking to the customer, it actually -- they deliver confidence with their know-how and their knowledge. And then being able to, by the way, the culture we're creating with the experts that we have on our platform that love the Intuit culture, the income that they make and love the fact that they get to deliver for our customers in the comfort of their home. So those are the areas that we are focused on. And frankly, every day and season, we learn and we adjust and we love our momentum and the opportunities ahead.

現在，我要談談等式的另一面，也就是我之前沒提到的，那就是我們的專家平台。這才是我們真正的優勢。我們在人工智慧方面的大量投資實際上都用於改進我們的專家平台，包括日程安排、文件交換，確保將合適的專家與合適的客戶對接，並確保我們利用機器學習能力為專家提供洞察，這樣當專家與客戶溝通時，他們就能憑藉自身的專業知識和技能，讓客戶充滿信心。此外，我們正在努力創造一種獨特的企業文化，我們平台上的專家熱愛Intuit的企業文化，他們喜歡自己的收入，也喜歡在家辦公，為客戶提供服務。這些都是我們關注的重點領域。坦白說，我們每天、每季都在學習、調整，我們熱愛目前的良好發展勢頭，也對未來的機會充滿信心。

And what we'll learn over time is we're launching TurboTax Live as part of the Credit Karma platform. And what's unique in launching that as part of the Credit Karma platform is we'll actually be able to deliver a personalized experience because we'll know that you were a prior year assisted customer. And that, again, will pay off in the long-term but those are the things that we're testing now.

隨著時間的推移，我們會了解到，我們將TurboTax Live作為Credit Karma平台的一部分推出。將其作為Credit Karma平台的一部分推出的獨特之處在於，我們將能夠提供個人化的體驗，因為我們將知道您是往年的受助客戶。從長遠來看，這將帶來回報，但這些正是我們目前正在測試的內容。

In terms of your question around disrupting the mid-market with QuickBooks Advanced, I mean, there's a couple of things that we've learned. Frankly, we believe that we can even go higher in the market beyond 10 to 100 employees. Now our focus right now is 10 to 100 employees. But as we see the power of our platform and the ability for us to scale, we believe that we can actually serve even bigger mid-market customers at a disruptive price. And to your question, the things that we're continuing to add are things around like workflow management, automated invoice approval, batch increasing, getting very deep integration of critical apps that these customers need to be able to grow their business and run their business, some of which Michelle actually mentioned in the script around like DocuSign, HubSpot, Salesforce as just a few examples. And every day, we're learning what we need to add to the platform.

關於您提出的 QuickBooks Advanced 如何顛覆中階市場的問題，我們總結了一些經驗。坦白說，我們相信 QuickBooks Advanced 的市場規模可以超越 10 到 100 名員工。當然，我們目前的重點仍然是 10 到 100 名員工的企業。但隨著我們平台功能的強大以及可擴展性不斷提升，我們相信能夠以極具競爭力的價格服務規模更大的中階市場客戶。至於您提到的功能，我們正在持續改進，例如工作流程管理、自動發票批准、批量處理能力提升，以及與客戶業務發展和運營所需的關鍵應用程式進行深度整合。 Michelle 在演講稿中也提到了一些，例如 DocuSign、HubSpot 和 Salesforce 等。我們每天都在不斷學習，了解需要為平台添加哪些功能。

But it's a lot of what we do today, just a much, much higher scale. And the confidence it's given us is not only being able to go upmarket, but we're actually -- we have now 70% of the customers that we're getting are upgraders and 30% that are new to the franchise. And we're actually seeing our new to the franchise growing even at a faster rate than what we thought without the focus yet in place to be able to go after new to the franchise. So those are the few elements that I think are worth sharing, Kash.

但這與我們今天所做的很多事情並無太大區別，只是規模要大得多。它帶給我們的信心不僅在於能夠進入高端市場，實際上，我們現在70%的客戶都是升級客戶，30%是新客戶。事實上，我們發現新客戶的成長速度甚至比我們預想的還要快，要知道，我們之前並沒有專門針對新客戶進行拓展。所以，卡什，以上就是我認為值得分享的一些要點。

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。

Back on Small Business. I just wanted to drill and there were a handful of investor questions related to your comments around the pipeline yet Q1 to Q2, the growth rate decelerating in the small business, I think many believe that they would stabilize or build. And I just want to make sure we're truly understanding this that the comments that your -- or color that you're seeing in the pipeline and close rates and things behind the scenes are showing a much better growth rate than what that reported number is indicating. And I just want to make sure if there's any anomalies or any differences that investors should be aware of? There's a number of questions just to disconnect from the comment relative to the reported number.

回到小型企業業務的話題。我想深入探討一下，有一些投資者就您之前關於業務流程的評論提出了一些問題。您提到第一季到第二季小型企業業務的成長率有所放緩，許多人認為這種情況會趨於穩定或改善。我想確認一下，您評論中提到的業務流程、成交率以及其他一些幕後數據所顯示的成長率遠高於官方公佈的數字。我想確認一下，是否存在任何異常情況或差異是投資者應該注意的？還有一些問題，並非針對您之前提到的數字。

Yes. Sure, Brad. One of the things that we've been pretty consistent in communicating is that our growth rates would decline sequentially before they start bouncing and going back up. And that's really what we saw in Q2, is very consistent with what we expected. And it's consistent with what we expected on a couple of fronts. One, because this time last year or starting in March for several months, both acquisition slowed, but also our attrition popped. But in addition to that, there are things that, as I mentioned a few moments ago that we paused, like Full-Service migration, we paused our QuickBooks Advanced lineup for those upgraders that we didn't ask them to move up because we didn't want to have them experience that in the early COVID times.

是的，布拉德。我們一直以來都在強調，我們的成長率會先經歷一段週期性的下滑，然後才會開始反彈回升。第二季的情況也確實如此，與我們的預期非常吻合。而且，這種吻合體現在幾個方面。首先，去年這個時候，或者說從三月開始的幾個月裡，客戶獲取速度放緩，同時客戶流失率也大幅上升。除此之外，正如我剛才提到的，我們暫停了一些服務，例如全方位服務遷移，以及我們暫停了針對那些我們沒有要求升級的用戶的 QuickBooks Advanced 產品線升級服務，因為我們不想讓他們在疫情初期經歷這些。

And so what your -- what we're experiencing now is just a reflection of some of those key indicators that we experienced earlier in the year. And we are, on top of that, lapping a price increase that we did last year that we didn't do this year. So you put all of that together. We're actually quite pleased with the growth rate that we experienced in the quarter, although we expected it to be lower than last quarter. And then as we look ahead, as I mentioned, in the coming quarters and year ahead, a lot of the indicators that Michelle and I shared will start turning into revenue growth. But everything is per our expectation. I think the only thing that's not per our expectation is the business is actually performing better than what we thought in the pandemic. And therefore, we're bullish about the future.

所以，我們現在所經歷的，只是年初一些關鍵指標的體現。此外，我們也彌補了去年漲價而今年沒有漲價的損失。綜合所有因素來看，我們對本季的成長率相當滿意，儘管我們預期會低於上一季。展望未來，正如我之前提到的，在接下來的幾個季度和一年中，我和米歇爾提到的許多指標將開始轉化為營收成長。一切都符合我們的預期。我認為唯一出乎意料的是，疫情期間的業務表現實際上比我們預想的要好。因此，我們對未來充滿信心。

Our next question comes from Kirk Materne of Evercore ISI.

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

Actually, Sasan, I want to -- actually, maybe is for Michelle. Just per Brent's question. Didn't you get 4 points of benefit from the PPP program last quarter in your 24% so if we sort of normalize? And I guess, did you have any this quarter because if you normalize for that, you actually have accelerated from -- if I'm doing the math right, from 20, 22 this quarter. So I guess, just can you talk about the PPP program helped QBO ecosystem at all this quarter?

薩桑，其實我想──或許該問米歇爾。就布倫特的問題而言，你上個季度不是從PPP專案獲得了4個百分點的收益嗎？我們假設你的收益率是24%？我想問的是，你這個季度有獲得任何收益嗎？因為如果把PPP專案的影響考慮進去，你的收益率其實比上個季度——如果我沒算錯的話——從20%到22%都有所提升。所以我想，你能談談PPP計畫在這個季度對QBO生態系統的幫助嗎？

Yes. I would -- in a headline, what I would say -- oh, Michelle, please go ahead.

是的。如果用標題來寫，我會說——哦，米歇爾，請繼續。

No, that's okay. I was just going to say, Kirk, actually, the PPP revenue that we got, that was actually in Q4, we saw that. And so we did have about a 4 point decline, if my memory serves me correctly, for 28% Online Ecosystem revenue growth in Q4, which then dropped to 24 in Q1, and that was -- that actually had PPP in it. But we didn't have anything material in Q1.

不，沒關係。我正想說，柯克，實際上，我們獲得的PPP收入是在第四季度，我們已經看到了。如果我沒記錯的話，第四季我們的線上生態系統營收成長率為28%，下降了大約4個百分點，然後第一季降至24%，而這其中確實包含了PPP收入。但我們在第一季並沒有什麼實質的收入。

Okay. That's fine. I just wanted to double check that. But Sasan, I guess, just sort of on the Small Business, another question would be on the international growth. Clearly, the U.K. was under a pretty severe lockdown for a lot of this quarter. Did that impact you all at all, like international growth was still very strong in the mid-40s. But I was just kind of curious if that was one of the regions that perhaps was still maybe taking a little bit longer time to recover.

好的，沒問題。我只是想再確認一下。薩桑，關於小企業方面，我還想問問國際成長情況。顯然，英國在本季的大部分時間都處於相當嚴格的封鎖狀態。這是否對你們造成了影響？例如，國際成長是否仍然非常強勁，維持在40%以上？我只是有點好奇，英國是否是那些復甦速度可能稍慢一些的地區之一。

Yes, Kirk, it actually has. I mean, I would say if I look at it across the globe, the United States has really not just bounced back nicely, but just the resiliency of our platform, the innovation on the platform is really allowing us to see all the indicators get back to or better than pre-COVID levels. When we look at outside of the United States, countries like U.K., Australia, France, actually were hit much harder. And to your point, they're still, specifically U.K. and France, in a lockdown. So that has impacted the growth rate relative to what we see in the United States. But all of that is within the context of the guidance that we have provided. But it has been a hit.

是的，柯克，確實如此。我的意思是，如果放眼全球，美國不僅復甦良好，而且我們平台的韌性和創新能力也確實讓所有指標都恢復到了疫情前的水平，甚至更好。而美國以外的國家，如英國、澳洲和法國，受到的衝擊則嚴重得多。正如你所說，英國和法國目前仍處於封鎖狀態。因此，與美國相比，這些國家的成長率受到了影響。但所有這些都符合我們先前發布的預期。疫情確實造成了衝擊。

The 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。

Going back to Credit Karma, it looks like that segment outperformed what we were expecting on the partial quarter. Looking at what's implied for the rest of the year, it looks like it's still below the $1 billion that business was at in 2019. Can we just go back to what some of the factors are that could drive outperformance from that beyond what's assumed in your current outlook? And then on the margin there, is the 26% segment margin there a good building block for us to be thinking about? Or is the seasonality Michelle referenced somewhat impacting that number as well?

回到Credit Karma，看起來該業務板塊在本季部分時間內的表現超出了我們的預期。但從全年剩餘時間的業績來看，似乎仍低於2019年該業務10億美元的水準。我們能否探討一下，除了您目前預測的預期之外，還有哪些因素可能推動該業務板塊的表現超出預期？另外，關於利潤率，26%的業務板塊利潤率是否值得我們參考？或者，Michelle提到的季節性因素是否也會對這個數字產生一定影響？

Yes, sure. Michael, just as a quick refresher, there are 3 elements around growth in Credit Karma. It's growing the core, which is credit cards and personal loans. It's expanding our growth verticals, which is auto and home loans and insurance. And then emerging verticals, which is really all around assets, which is money innovation. And none of this growth is really coming from that third bucket. And the second point I would make is we sort of have a 75-25. About 75% of the revenue is coming from credit cards and personal loans and 25% coming from the growth verticals, which is auto and home loans and insurance, which has actually really improved versus about a year ago where it was 95% credit cards and personal loans.

當然可以。邁克爾，我簡單回顧一下，Credit Karma 的成長主要圍繞著三個面向。一是核心業務的成長，也就是信用卡和個人貸款；二是成長型垂直業務的拓展，包括汽車貸款、房屋貸款和保險；三是新興垂直業務，也就是圍繞資產的創新，也就是金融創新。而這些成長其實都不是來自第三個面向。第二點是，我們的收入組成大致是 75/25。約 75% 的收入來自信用卡和個人貸款，25% 來自成長垂直業務，也就是汽車貸款、房屋貸款和保險。相較於大約一年前信用卡和個人貸款佔比高達 95% 的情況，成長型垂直業務的佔比確實有了顯著提升。

And specifically, with that context to answer your question, we're seeing more partners come back on the platform. We're seeing new partners come on. We're starting to see higher spend and because of just the innovation with Lightbox and the better matching, we're getting more customers to actually get connected to the financial products that are right for them and partners benefiting from it. So the performance we experienced this quarter is just we're seeing stronger momentum when it comes to credit cards, personal loans, and then the growth vertical, specifically around auto insurance.

具體來說，基於以上背景回答您的問題，我們看到更多合作夥伴回歸平台，也有新合作夥伴加入。我們開始看到更高的消費額，這得益於Lightbox的創新和更精準的匹配，讓更多客戶能夠找到真正適合他們的金融產品，合作夥伴也從中受益。因此，本季我們的業績表現是，信用卡、個人貸款以及汽車保險等成長型垂直領域都呈現出更強勁的成長動能。

And when we look ahead, our overall guidance was just based on the trajectory that we assumed for the year, and we'll just have to continue to see how these verticals play out, but we like the momentum that we see. But that could be the reason in the long term for overperformance, to your question. Specifically around margin, really important to note that, one, we manage margins at the company level. And so really pay attention to the guidance that we provide at the company level.

展望未來，我們的整體業績指引是基於我們對全年發展軌蹟的預期，我們還需要繼續觀察各個垂直領域的實際表現，但我們對目前的發展勢頭感到滿意。至於您提到的長期業績超預期，這或許就是原因。具體到利潤率方面，需要特別注意的是，我們是在公司層級管理利潤率的。因此，請務必關注我們公司層面的績效指引。

Two, we are investing in Credit Karma. It is a -- we see it in the long term as a big growth engine for the company. The penetration, when you think about the 110 million members that Credit Karma has, the penetration with all these different financial products that I mentioned is actually still quite low. So it's actually quite exciting as we look ahead, the possibilities of increasing penetration.

第二，我們正在投資Credit Karma。我們認為，從長遠來看，它將成為該公司重要的成長引擎。 Credit Karma擁有1.1億會員，但就我提到的這些不同金融產品的滲透率而言，實際上仍然相當低。因此，展望未來，提高滲透率的可能性令人振奮。

And so we are investing dollars in Credit Karma, all within the context of the guidance and margin expansion guidelines that we have provided. So I wouldn't get too anchored on the current quarter margin rate. It was more because it performed better than what we thought, and some of the investments and hiring shifted between quarters. I would more focus on company level operating income that we provided and margin rates that we provided.

因此，我們正在對 Credit Karma 進行投資，所有投資都遵循我們先前發布的業績指引和利潤率擴張準則。所以，我建議不要過度關注本季的利潤率。之所以利潤率高，主要是因為它的表現超出了我們的預期，而且一些投資和招聘計劃在不同季度之間有所調整。我更關注的是我們提供的公司層面的營業收入和利潤率。

Our next question comes from Jennifer Lowe of UBS.

下一個問題來自瑞銀集團的珍妮佛洛。

Maybe just first one quick clarification for me relative to the question that Kirk asked earlier. Michelle, you clarified that Q4 had the PPP impact. And by Q1, there wasn't one. But given that, that program reopened, I think earlier this calendar year, can you just confirm whether there was an impact in Q2?

首先，關於柯克之前提出的問題，我需要快速確認一下。米歇爾，你之前說過第四季受到了PPP貸款的影響，而第一季就沒有影響了。但鑑於該專案在今年稍早重新啟動，你能否確認第二季是否受到了影響？

No, Jen. That program, the new PPP program has been moving. You may have seen it in the process has been moving much more slowly than anyone had anticipated. And no, we don't have anything in the -- anything material in the Q2 results.

不，珍。那個項目，新的PPP項目，一直在推進。你可能也注意到了，它的進展比任何人預期的都要慢得多。而且，我們第二季的業績中沒有任何實質進展。

Perfect. And then just following on some of the questions around the trajectory in small business. There's a couple of different factors that you called out. There's, first, the fact that the economic indicators have improved, but maybe not everything is back to pre-COVID levels. And then there's also sort of this lagging effect from some of the subscription businesses or some of the pauses that you took as everyone sort of navigated a very uncertain time. So I just want to clarify, if you think about the 30% plus type aspirations for the Online Ecosystem component, is that something you can get back to in the current environment and it's just a function of working through some of these sort of leftover impacts from the last 6 to 12 months? Or do you need to see continued improvement in the broader small business economy as well to get back to pre-pandemic levels to support that 30%?

好的。接下來我想繼續探討一下關於小企業發展軌跡的問題。您提到了幾個不同的因素。首先，經濟指標有所改善，但可能還沒有完全恢復到疫情前的水準。其次，一些訂閱業務或一些暫停營運的業務也存在滯後效應，因為大家都在努力應對這段充滿不確定性的時期。所以我想澄清一下，如果您考慮線上生態系統部分30%以上的成長目標，在當前環境下，這是否能夠實現？是否只需要克服過去6到12個月的一些遺留影響？還是說，您需要看到更廣泛的小型企業經濟持續改善，才能恢復到疫情前的水平，從而支撐這30%的成長目標？

Yes, Jen, thanks for your question. What I would say is the economic indicators are still below pre-COVID levels. It's more our own indicators and the performance of our platform that has bounced back, and in many cases, better than the pre-COVID levels, which gets, I think, that the essence of your question, and that is, our goal in the long term has not changed. We believe that we will get this business, specifically the online revenue growth back above 30%. And we just need to keep executing our game plan.

是的，Jen，謝謝你的提問。我想說的是，目前的經濟指標仍低於疫情前的水平。我們自身的指標和平台表現已經反彈，在許多情況下甚至超過了疫情前的水平。我認為這才是你問題的本質所在，那就是我們的長期目標沒有改變。我們相信我們能夠讓這項業務，特別是線上收入成長，恢復到30%以上。我們只需要繼續執行我們的計劃。

And I would tell you that we don't think it's heavily relied upon how the economy bounces back. Because if you look at where we are today versus 6 months ago, a lot of the performance that we are talking about is based on the performance of the platform and our execution and the innovation on our platform. Now at the end of the day, this economy does need stimulus -- fiscal stimulus to get people back into jobs. But that is not the anchor for us to get back to the growth rates that we believe we can get back to. It will just take some time.

我想說的是，我們並不認為業績很大程度取決於經濟的復甦情況。因為如果你看看我們今天和六個月前相比的情況，你會發現我們所謂的業績很大程度上取決於平台的表現、我們的執行力以及平台上的創新。當然，歸根結底，當前的經濟確實需要刺激——財政刺激來幫助人們重返工作崗位。但這並非我們恢復到預期成長率的唯一途徑。這需要一些時間。

Next question comes from Kartik Mehta of North Coast Research.

下一個問題來自北海岸研究公司的 Kartik Mehta。

Sasan, when you look at the QuickBooks business, obviously, you're lapping a price increase, but you haven't stopped innovation. I'm wondering what metrics you'll look at to feel comfortable to adjust pricing.

薩桑，就 QuickBooks 的業務而言，很明顯，你們正在經歷價格上漲，但你們並沒有停止創新。我想知道你們會參考哪些指標來決定是否要調整價格。

Yes. Kartik, thank you for your question. Our main focus around pricing will be when we believe it's the right time given how small businesses are performing and given the pandemic. It is actually not related to our innovation. But as you know, we now have innovation that allows us to go upmarket with both QuickBooks Advanced and QuickBooks Live, which is a much higher ARPU offering. We have the ability to garner a higher price from customers. But from a price increase perspective, it's less about the metrics and indicators that we see with our own platform, but more when we believe is the right time to raise prices with customers, given what they're experiencing and the challenges that they're experiencing for their business. So the 2 are in many ways unrelated in terms of the way we think about it.

是的，Kartik，謝謝你的提問。我們定價的主要考量是，根據小型企業目前的經營狀況以及疫情的影響，在我們認為合適的時機進行調整。這其實與我們的創新無關。但如你所知，我們現在擁有創新技術，讓我們透過 QuickBooks Advanced 和 QuickBooks Live 這兩款產品進軍高階市場，這兩款產品的平均每用戶收入 (ARPU) 也更高。我們有能力從客戶那裡獲得更高的價格。但從漲價的角度來看，我們關注的重點並非自身平台的各項指標，而是何時才是根據客戶的實際狀況和業務挑戰來決定提價的合適時機。因此，從我們的角度來看，這兩者在許多方面都是互不相關的。

And then just finally, when you look at the Credit Karma customers as far as tax customers, is the mix of the products they're using different than the core TurboTax customers, at least what you're seeing early on?

最後，當我們觀察 Credit Karma 的稅務客戶時，他們使用的產品組合是否與 TurboTax 的核心客戶有所不同，至少從目前來看是如此？

Yes. What I would share with you that we've learned about the Credit Karma base is a big portion of their customers actually use an assisted method. And that is actually what is exciting to us. Now because they have 110 million members, you can imagine they have a strong cross-section of folks in the U.S., whether Latinx, self-employed, those that are retail investors. So that cross-section is generally consistent with the customers we serve in TurboTax today. What's different is we've got a good majority of those customers that, in the prior year used an assisted method.

是的。我想和大家分享的是，我們從Credit Karma的用戶群中了解到，他們很大一部分用戶實際上都使用了輔助報稅方式。這讓我們感到非常興奮。 Credit Karma擁有1.1億會員，您可以想像，他們的使用者群體涵蓋了美國社會各個階層，包括拉丁裔、自僱人士以及散戶投資者。這個群體與我們TurboTax目前服務的客戶群基本一致。不同之處在於，我們的大多數客戶在前一年都使用了輔助報稅方式。

Our next question comes from Siti Panigrahi of Mizuho.

我們的下一個問題來自瑞穗銀行的Siti Panigrahi。

I wanted to ask about the feedback you got from that product-based businesses, mainly QuickBook Commerce that you launched a few months back. That seems like that's an acquisition from TradeGecko mainly has order inventory. I'm wondering like how far you can expand that offering. It feels like you can become the back office platform for these kind of businesses. So what sort of opportunity you are seeing and what sort of feedback you got so far?

我想問您從那些以產品為基礎的業務（主要是您幾個月前推出的 QuickBooks Commerce）那裡得到的回饋。它似乎是從 TradeGecko 收購的，主要業務是訂單庫存管理。我想知道您能將這項服務擴展到什麼程度。感覺您可以成為這類企業的後台平台。所以，您看到了哪些機會？目前為止您收到了哪些回饋？

Yes. Sure. Thank you, Siti. First of all, we're very excited about QuickBooks Commerce, and it's also very, very early innings with QuickBooks Commerce. And the acquisition we just made with OneSaas actually allows us to bring data into the platform from marketplaces, from POS providers, from fulfillment apps. And so it really actually helps us help a customer understand how they're doing and their profitability, which is what's most important for the customers.

是的，當然。謝謝你，Siti。首先，我們對 QuickBooks Commerce 感到非常興奮，但它目前還處於非常早期的階段。我們最近對 OneSaas 的收購，使我們能夠將來自市場、POS 機提供商和物流應用程式的資料匯入平台。這確實有助於我們幫助客戶了解他們的營運狀況和獲利能力，而這對客戶來說才是最重要的。

We actually had to restrict at the top of the funnel to ensure that we can nail the customer experience. And so our focus first was ensuring that we can serve new customers that don't use our inventory today. Our next focus will be existing QBO customers that don't use any of our inventory capabilities. And then third will be existing QBO customers that actually do use our inventory capabilities. And the reason that's important is we want to ensure that if a customer already has inventory that we can easily think all the product catalogs and their product numbers and to keep their books clean. So net-net, we're just getting started. We had to restrict the top of the funnel because of the demand and the excitement that was out there because we want to be very intentional in terms of building out the capability. Very early indicators are positive with the number of customers that we have on our platform. But again, think about QuickBooks Commerce, think about QuickBooks Cash as these are long-term plays in terms of when and how they will deliver growth. But so far, we're bullish about the early indicators.

為了確保提供卓越的客戶體驗，我們不得不限制潛在客戶的獲取管道。因此，我們首先關注的是目前尚未使用我們庫存管理功能的新客戶。其次，我們將重點放在尚未使用我們任何庫存管理功能的現有 QuickBooks Online (QBO) 客戶。最後，我們將關注已經使用我們庫存管理功能的現有 QBO 客戶。這一點至關重要，因為我們希望確保如果客戶已有庫存，我們能夠輕鬆取得所有產品目錄及其產品編號，從而保持帳簿的清晰。總而言之，我們才剛起步。由於市場需求旺盛且熱情高漲，我們不得不限制潛在客戶的獲取管道，因為我們希望在建立功能方面採取更加謹慎的態度。目前，我們平台上的客戶數量呈現積極的早期跡象。但要注意的是，QuickBooks Commerce 和 QuickBooks Cash 等產品需要長期發展才能實現成長，具體何時以及如何實現成長還有待觀察。但就目前而言，我們對早期跡象持樂觀態度。

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。

Great. Michelle, as we think about free cash flow generation over time, is there any reason it shouldn't closely mirror operating income growth?

太好了。米歇爾，當我們考慮自由現金流的長期成長時，它不應該與營業收入的成長緊密相關嗎？

I'm sorry, can you repeat that, Brad? I didn't hear the last part of it.

對不起，布拉德，你能再說一次嗎？我沒聽清楚最後一句。

Sure. As we think about free cash flow generation over time, is there any reason that shouldn't mirror operating income growth?

當然。當我們考慮自由現金流的長期成長時，它不應該與營業收入的成長同步成長嗎？

No, no. There shouldn't be any real big reason why you shouldn't see that. No.

不，不。你不應該有什麼重大的理由不去看那個。不。

Okay. That's great. And then maybe one quick tactical one. Sasan, you talked about QuickBooks Live retention getting better. Is that meaningfully different than QuickBooks Online retention right now?

好的，太好了。那我們再快速問一個具體問題。 Sasan，你之前提到QuickBooks Live的用戶留存率有提高。這和目前的QuickBooks Online的用戶留存率相比，有顯著差異嗎？

Yes. The biggest thing -- well, first of all, it's very early days. So we look at more cohort of customers versus the aggregate numbers. The biggest reason we're so focused on retention right now with QuickBooks Live is we're focused on understanding customer needs and really nailing the experience. Because with QuickBooks Live, there are customers that come in to get set up. There are customers that come in that want us to provide them advice, and they're just -- they're looking for bookkeeping advice. And there our customers actually want us to do their taxes for them and run their books for them.

是的。最重要的是──首先，現在還處於非常早期的階段。所以我們更關注客戶群體，而不是整體數據。我們目前如此重視 QuickBooks Live 的客戶留存率，最大的原因是我們專注於了解客戶需求，並真正打造完美的使用者體驗。因為使用 QuickBooks Live 的客戶中，有些是來諮詢設定服務的，有些是來尋求記帳建議的，還有一些是希望我們幫他們報稅和記帳的。

And what we're really being intentional about is understanding what are the needs, what are the experience that we need to deliver? And what does that look like on the platform, which is why you heard me mention retention. Retention right now is more focused on cohorts and it is lower than QBO only because we're looking at different cohorts of customers and their needs are very different. And before we really open up the top of the funnel, we want to make sure that every customer loves the experience that they're getting from us on QuickBooks Live. And the team is just innovating like crazy to close some of the gaps. And so we're excited about the possibilities.

我們真正專注的是了解使用者需求，以及我們需要提供什麼樣的體驗。這些體驗在平台上會如何呈現？這就是為什麼我剛才提到用戶留存的原因。目前，我們的用戶留存率更集中在用戶群組上，之所以低於 QuickBooks Online，只是因為我們關注的是不同的用戶群組，他們的需求也大不相同。在真正開放銷售漏斗頂端之前，我們希望確保每位用戶都能滿意他們在 QuickBooks Live 上獲得的體驗。團隊正在全力以赴地進行創新，以彌補一些不足。因此，我們對未來的發展充滿期待。

Our next question comes from Arvind Ramnani of Piper Sandler.

我們的下一個問題來自Piper Sandler公司的Arvind Ramnani。

I wanted to follow up on a question that was asked earlier around kind of the increase in brokerage accounts. And I just wanted to ask about potential lift from crypto users. This will be the first time these users will need to do -- some of them will be first-time filers, but many of them will certainly be adding the kind of the added product for capital gains or losses. Are you seeing any kind of lift from this segment of users?

我想就之前提出的關於證券帳戶增長的問題做個後續說明。我想問加密貨幣用戶是否會對帳戶成長產生影響。這些用戶可能第一次需要申報——其中一些是首次申報，但肯定有很多人會額外購買用於申報資本利得或損失的產品。您是否觀察到這部分用戶的成長？

Yes. Arvind, it's not particularly just from the crypto users. We're just -- there are just millions more of customers that are doing their own trading in the U.S. and outside the United States. And come tax time, they need to be able to do their taxes. And so we're just seeing an increase in our Premier product, both with Live because if you need assistance, you can use Live. And if you want to do it yourself, you just use, of course, our Premier Do It Yourself product. So we're seeing an overall increase based on an increase in retail investing. I couldn't call out something that's material on the crypto side.

是的，Arvind，這不僅僅來自加密貨幣用戶。我們還有數百萬客戶在美國境內外進行自主交易。到了報稅季，他們需要自行報稅。因此，我們看到Premier產品的需求量有所成長，這得益於Live服務。如果您需要協助，可以使用Live服務；如果您想自行報稅，當然可以使用我們的Premier自助報稅產品。所以，我們看到整體成長是基於零售投資的成長。至於加密貨幣方面，我暫時無法指出什麼實質的成長。

Great, great. And when you just think about the kind of the lift in revenues, I mean, I'm not looking for a specific quantification, but directionally, are you expecting more of a lift from increased ARPU or increased users?

太好了，太好了。說到收入成長，我的意思是，我不是想要具體的量化數據，而是從方向上看，您認為收入成長更多是來自每個用戶平均收入（ARPU）的成長，還是用戶數量的成長？

Yes. The way we designed our long-term growth rate is on the underpenetrated segments, which is investment community, self-employed and Latinx and it's TurboTax Live. And with TurboTax Live, just by design, it has a higher ARPU. Now right now, we are so early in the shaping of the category and being able to acquire customers that the best thing for you all to anchor on is what we shared at Investor Day, which is our long-term expectations just on the tax side is 8% to 12%. And probably the largest driver of the higher end is ARPU. And just know that we're being very intentional about right now raising awareness, both with our campaigns, but the free expertise that we are providing for those that have very simple returns just to create awareness in the category. But in the long term, it's ARPU because of the assisted segment.

是的。我們設計的長期成長策略是著眼於滲透率較低的細分市場，例如投資界、自僱人士和拉丁裔群體，而TurboTax Live正是實現這一目標的關鍵。 TurboTax Live的設計本身就具有較高的每位使用者平均收入（ARPU）。目前，我們仍處於該品類塑造和客戶獲取的早期階段，因此，大家最好記住我們在投資者日上分享的內容，即我們對稅務方面的長期預期是8%到12%。而ARPU可能是推動成長的主要因素。請大家了解，我們目前正在積極提升用戶認知度，不僅透過我們的行銷活動，也為那些報稅非常簡單的用戶提供免費的專業諮詢服務，旨在提高用戶對該品類的認知度。但從長遠來看，ARPU的提升主要得益於輔助報稅服務。

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。

A couple of questions. You mentioned that Credit Karma was getting some business from assisted. Can you talk about if that normal switching around between different methods? Or if this is particularly a Credit Karma-type business activity? Secondly, can you talk about -- and maybe you do this, whether you can use RALs to kind of speed up some of this movement, particularly from assisted. And I guess, well, let's talk start with those.

我有幾個問題。您提到Credit Karma透過輔助信用獲得了一些業務。您能否談談這是不同信用評分方式之間的正常轉換，還是Credit Karma特有的業務活動？其次，您能否談談——也許您確實有這方面的經驗——您是否可以利用RAL（信用評分等級）來加快這種轉換速度，特別是來自輔助信用的轉換速度？我想，我們就先從這些問題開始談吧。

Yes. Sure, Michael. Thank you for your question. The point I made earlier was twofold. One, that this is a learning year for us in launching TurboTax as part of the Credit Karma platform. And we're just running a lot of experiments to make sure that we can deliver a fantastic experience before we go big in the out-years. But the second comment that I made is that, that a good portion, we've not divulged the number of Credit Karma members, use the assisted segment. And it's very much connected to -- when you look at -- there's 155 million or 160 million IRS returns, 86 million are in the assisted segment. Proportionality is the same thing within the Credit Karma base. So that's the point that I was making earlier.

是的，當然，邁克爾。謝謝你的提問。我之前提到的兩點是：第一，今年對我們來說是TurboTax作為Credit Karma平台的一部分推出的學習之年。我們正在進行大量的實驗，以確保在未來幾年大規模推廣之前，能夠提供卓越的使用者體驗。第二點是，相當一部分Credit Karma會員（我們沒有透露具體人數）使用輔助報稅服務。這與——如果你看一下——美國國稅局（IRS）的報稅表數量，大約有1.55億到1.6億份，其中8600萬份是輔助報稅。 Credit Karma用戶群中的比例也是如此。這就是我之前提到的重點。

To your second question about RAL is really the biggest driver of getting a customer to use a digital platform is actually confidence are not early access to their money. They have to first have confidence that they can get their taxes done right with you, which is where our experts and expertise comes in. And that's really where a lot of our investments are going. We also provide early access to your refund. But really, the big driver is about ensuring that we deliver confidence to our experts.

關於您第二個問題，RAL（退稅服務）真正促使客戶使用數位平台的最大驅動力並非提前拿到退稅款，而是信任。他們首先必須相信，透過我們平台，他們的稅務問題能夠得到妥善解決，而這正是我們專家和專業知識的價值所在。這也是我們大量投資的重點。我們當然也提供提前拿到退稅的服務。但說到底，真正的驅動力在於確保我們的專家能贏得客戶的信任。

Do you see a big opportunity, added money to move with confidence over to eliminating RAL, kind of money?

你是否看到了巨大的機遇，獲得了額外的資金，從而有信心轉向消除 RAL？

Yes. Well, first of all, we're really focused on getting these customers that come to our platform by ensuring that they know that they can get access to an expert. So confidence is first and foremost. And of course, there are different methods that we can help these customers get early access to the refund that's very, very consumer-friendly. So the answer is yes, but it's secondary to providing expertise to these customers to use the platform.

是的。首先，我們非常注重吸引來到我們平台的客戶，確保他們知道可以獲得專家的幫助。所以，信任是重中之重。當然，我們也提供多種方便的方式，幫助客戶提前退款。因此，答案是肯定的，但為客戶提供平台使用的專業知識才是首要任務。

And thank you, everybody. I know we ran a little bit over. I appreciate everyone's questions. I wish everyone well, stay safe. Until next time. We'll talk to you next quarter. Thank you, everybody.

謝謝大家。我知道我們講得有點超時了。感謝大家的提問。祝大家一切順利，注意安全。下次再見。我們下個季度再聊。謝謝大家。

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。