直覺電腦 (INTU) 2021 Q1 法說會逐字稿

Good afternoon. My name is Latif, and I will be your conference facilitator. At this time, I would like to welcome everyone to Intuit's First Quarter Fiscal Year 2021 Conference Call. (Operator Instructions)

午安.我是拉蒂夫，將擔任本次會議的主持人。現在，我謹代表Intuit公司歡迎各位參加2021財年第一季業績電話會議。 （操作說明）

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

接下來，我將把電話交給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 First 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 財年第一季業績電話會議。今天與我一起參加會議的還有 Intuit 的首席執行官 Sasan Goodarzi 和首席財務官米歇爾·克拉特巴克 (Michelle Clatterbuck)。

Before we start, I'd like to remind everyone that our remarks will include forward-looking statements. There are a number of factors that could cause Intuit's results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 2020 and our other SEC filings. All of these documents are available on the Investor Relations page of Intuit's website at intuit.com. We assume no obligation to update any forward-looking statement.

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. I hope you're all doing well.

太好了。謝謝金，也謝謝今天所有到場的各位。希望你們一切都好。

We had a very strong start to fiscal year 2021. First quarter revenue grew 14%. Total revenue growth was driven by 13% growth in the Small Business and Self-Employed Group, while Consumer Group and ProConnect Group revenue was in line with our expectations in a seasonally small quarter. This is a great start to the year in a challenging environment, which reinforces the resiliency of our platform.

2021財年開局強勁。第一季營收成長14%。其中，小型企業和自營商業務板塊13%的成長是推動總營收成長的主要動力，而消費者業務板塊和ProConnect業務板塊的營收在淡季季度中符合預期。在充滿挑戰的環境下，這樣的開局非常出色，也進一步證明了我們平台的韌性。

We're growing more confident in how our business is performing in the current environment, although macro uncertainty remains. We continue to see recovering trends across our platform with many QuickBooks indicators back to pre-pandemic levels. Therefore, I'm happy to announce that we will provide guidance for fiscal year 2021, which Michelle will cover in more detail later.

儘管宏觀經濟情勢仍存在不確定性，但我們對公司在當前環境下的業務表現越來越有信心。我們平台上的各項指標持續呈現復甦趨勢，許多 QuickBooks 指標已恢復到疫情前水準。因此，我很高興地宣布，我們將發布 2021 財年業績指引，Michelle 稍後將對此進行更詳細的介紹。

At our September Investor Day, we shared the acceleration of innovation driven by our AI-driven expert platform strategy and our 5 Big Bets, highlighting our growth potential. During the Platform Immersion Experience, we demonstrated progress against each Big Bet. What I'd like to do is highlight a few of the innovations and cover Big Bet #1 last as it accelerates innovation across our platform and is foundational to the other bets.

在九月的投資者日上，我們分享了由人工智慧驅動的專家平台策略和五大重點項目推動的創新加速，重點介紹了我們的成長潛力。在平台沉浸式體驗活動中，我們展示了每個重點項目的進展。接下來，我想重點介紹其中幾項創新，並將第一項重點項目放在最後，因為它能夠加速整個平台的創新，也是其他專案的基礎。

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 with TurboTax Live and QuickBooks Live. We grew the number of TurboTax Live customers on our platform by nearly 70% last season, while increasing our expert product recommendation scores by 4 points. The team is hard at work as we prepare for the season ahead.

我們的第二個重點是連結用戶與專家。我們正在透過TurboTax Live和QuickBooks Live，將用戶與專家聯繫起來，從而解決客戶面臨的最大問題之一——缺乏信心。上個季度，我們平台上的TurboTax Live用戶數量增加了近70%，同時專家產品推薦評分也提高了4分。團隊正在緊鑼密鼓地為即將到來的季度做準備。

We're also proud of the progress we've made with QuickBooks Live, which is built on the same expert platform. We already have more than 600 experts serving customers today, with some of these experts serving both tax and small business customers.

我們也為 QuickBooks Live 取得的進展感到自豪，它同樣基於專家平台建置。目前，我們已有超過 600 位專家為客戶提供服務，其中一些專家同時服務稅務和小型企業客戶。

Our third Big Bet is to unlock SMART Money decisions. We expect our pending acquisition of Credit Karma to be more important than ever as we work to help consumers save money, get out of debt and have faster access to money. We expect to complete the acquisition before the end of this calendar year.

我們的第三項重大措施是幫助消費者做出明智的理財決策。我們預計，即將完成的 Credit Karma 的收購將比以往任何時候都更加重要，因為我們將致力於幫助消費者省錢、擺脫債務並更快地獲得資金。我們預計在今年年底前完成此次收購。

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. QuickBooks Cash helps small businesses manage working capital by providing visibility into their financial picture, while providing them with the ability to move money instantly and ensure their money is working for them, all while leveraging the built-in accounting of QuickBooks.

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。 QuickBooks Cash 透過提供財務狀況的清晰視圖，幫助小型企業管理營運資金，同時讓他們能夠即時調撥資金，確保資金發揮最大效益，所有這些都得益於 QuickBooks 內建的會計功能。

We launched QuickBooks Commerce in September to better serve the 1 million product-based businesses on our platform by providing inventory and order management tools they need to grow their businesses in an omnichannel world. We've also identified 6.4 million product-based businesses in the U.S., U.K., Canada and Australia that could benefit from this solution. And we'll innovate with high velocity to take advantage of this market opportunity. It's still early with both QuickBooks Cash and Commerce, but we're encouraged by what we're seeing.

我們於9月推出了QuickBooks Commerce，旨在更好地服務我們平台上的100萬家產品型企業，為他們提供在全通路環境下發展業務所需的庫存和訂單管理工具。我們也發現，美國、英國、加拿大和澳洲共有640萬家產品型企業可以從該解決方案中受益。我們將以高速創新，抓住這一市場機會。 QuickBooks Cash和Commerce目前都還處於早期階段，但我們對目前的發展勢頭感到鼓舞。

Our fifth Big Bet is to disrupt small business mid-market with QuickBooks Online Advanced and the features that we're introducing to individually tailor the offering to the needs of small businesses with 10 to 100 employees at a disruptive price point. We doubled our QuickBooks Online Advanced customers to 75,000 in fiscal year 2020, and we're continuing to build on this momentum.

我們的第五項重大舉措是利用 QuickBooks Online Advanced 及其新增功能，以顛覆性的價格，為擁有 10 至 100 名員工的小型企業量身定制解決方案，從而顛覆中小型企業市場。 2020 財年，我們的 QuickBooks Online Advanced 用戶數量翻了一番，達到 75,000 家，我們正持續保持這個成長動能。

We continue to pursue our premium app strategy and introduced integrations with Salesforce and HubSpot. We now have 2 of the largest CRM solutions available for our customers.

我們持續推動高端應用策略，並引進了與 Salesforce 和 HubSpot 的整合。現在，我們為客戶提供兩款業界領先的 CRM 解決方案。

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. Last year, we increased use of AI and increased the number of models deployed across our platform by over 50%, tripled the speed of delivery on our modern development platform and increased mobile application deployments by 60%. We're building on this momentum this year as we innovate rapidly to solve our customers' biggest problems.

最後，我們首個重大舉措——革新速度以帶來效益——將使我們能夠透過人工智慧和客戶洞察，在每個接觸點消除摩擦並增強客戶的信心，從而為客戶創造更多價值。去年，我們提高了人工智慧的使用率，平台上部署的模型數量增加了 50% 以上，現代化開發平台的交付速度提升了三倍，行動應用部署量增加了 60%。今年，我們將繼續保持這一勢頭，快速創新，以解決客戶面臨的最大難題。

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. We also believe the current environment continues to act as an accelerant to these bets. Most everyone is looking for virtual solutions. Small businesses are accelerating their shift to online and omnichannel commerce. And both consumers and small businesses are looking for ways to put more money in their pockets.

在我們所有的重點投資項目中，我們都在積蓄力量、加速創新，我們相信這將使我們在未來實現永續成長。我們也相信，目前的環境將持續加速這些投資項目的發展。幾乎每個人都在尋求虛擬解決方案。小型企業正在加速線上和全通路商務轉型。消費者和小型企業都在尋找增加收入的方法。

So to wrap up, I'm excited about the opportunity we have ahead of us. And now let me turn it over to Michelle.

最後，我想說，我對我們面前的機會感到非常興奮。現在，請米歇爾發言。

Thanks, Sasan. Good afternoon, everyone. For the first quarter of fiscal 2021, we delivered revenue of $1.3 billion, GAAP operating income of $209 million versus $10 million last year, non-GAAP operating income of $334 million versus $129 million last year, GAAP diluted earnings per share of $0.75 versus $0.22 a year ago and non-GAAP diluted earnings per share of $0.94 versus $0.41 last year.

謝謝，薩桑。大家下午好。 2021財年第一季，我們實現營收13億美元，GAAP營業收入2.09億美元，去年同期為1000萬美元；非GAAP營業收入3.34億美元，而去年同期為1.29億美元；GAAP攤薄後每股收益0.75美元，而去年同期為0.22美元；

Turning to the business segments. In the Small Business and Self-Employed Group, revenue grew 13% during the quarter. Online Ecosystem revenue was up 24% during the quarter. Growth slowed from Q4, reflecting the lagging impact of lower retention during fiscal 2020 and the lapping of price increases, which began during the middle of Q1 last year. Additionally, Q4 included 4 points of growth from nonrecurring revenue from the Paycheck Protection Program.

接下來看業務板塊。小型企業和自營商業務板塊本季營收成長13%。線上生態系統業務板塊本季營收成長24%。成長速度較第四季有所放緩，反映出2020財年顧客留存率下降的滯後影響，以及去年第一季中期開始的價格上漲所帶來的落後效應。此外，第四季還包含來自薪資保護計畫（PPP）的非經常性收入4個百分點的成長。

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.

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。我們的長期預期是，線上生態系統收入成長30%或更高，這主要得益於客戶數量和平均每用戶收入（ARPC）10%至20%的成長。

First, we continue to focus on growing the core. QuickBooks Live accounting revenue grew 28% in fiscal Q1, driven mainly by customer growth and mix shift. We began lapping a partial 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 Live會計業務收入在第一財季成長了28%，主要得益於客戶成長和產品組合的變化。由於去年部分季度的價格上漲已開始顯現，因此本季年增速較上一季放緩。

Second, we continue to focus on connecting the ecosystem. Online services revenue, which includes payments, payroll, time tracking and capital, grew 17% in fiscal Q1. 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。第一財季，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17%。在支付領域，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。在薪資領域，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 Q1. Total international online revenue grew 51%. Desktop Ecosystem revenue grew 3% in the first quarter, while QuickBooks Desktop Enterprise revenue grew mid-single digits. Desktop Ecosystem revenue growth also reflects the benefit of additional revenues from license updates and tailwinds from previously announced price increases in various products not fully reflected in the year ago quarter. We do not expect these tailwinds to recur in future quarters.

第三，我們在全球擴張的進展推動了第一財季線上生態系統收入的成長。國際線上總收入成長了51%。桌面生態系統收入在第一季成長了3%，而QuickBooks桌面企業版收入則實現了中等個位數的成長。桌面生態系收入的成長也得益於授權更新帶來的額外收入，以及先前宣布的各項產品價格上漲所帶來的利多因素（這些利多因素並未完全反映在去年同期）。我們預計這些利好因素在未來幾季不會再次出現。

Consumer Group revenue grew 19% in Q1. Looking ahead to the upcoming tax season, we continue to focus on our strategy to expand our lead in DIY, transform the assisted segment with TurboTax Live and disrupt consumer finance. Turning to the ProConnect Group. Revenue grew 21% in Q1, in line with our expectations.

消費者業務集團第一季營收成長19%。展望即將到來的報稅季，我們將繼續專注於鞏固自助報稅領域的領先優勢，透過TurboTax Live革新輔助報稅服務，並顛覆消費金融業。再來看ProConnect業務集團。該集團第一季營收成長21%，符合預期。

Let me turn to our acquisition of Credit Karma. I'm looking forward to welcoming the Credit Karma team to Intuit, and we're excited about the unprecedented benefits we can deliver for customers. I want to remind you that we continue to expect the acquisition to be accretive over time. However, Credit Karma's business was negatively impacted over the last 7 months as lenders tightened access to credit due to economic uncertainty related to the pandemic.

接下來我想談談我們對 Credit Karma 的收購。我非常期待 Credit Karma 團隊加入 Intuit，我們也對能為客戶帶來前所未有的益處感到興奮。我想提醒大家，我們仍預期此次收購將在未來持續提升公司業績。然而，由於疫情帶來的經濟不確定性，貸款機構收緊了信貸，Credit Karma 在過去七個月的業務受到了負面影響。

The business continues to recover after reaching a low point in June, with monthly revenue in October close to pre-COVID levels. Therefore, we expect the acquisition to be modestly dilutive to non-GAAP earnings per share in fiscal 2021 and neutral to modestly dilutive to non-GAAP earnings per share in the first full fiscal year after close in fiscal 2022. We're looking forward to all the innovation that we can deliver together for customers.

公司業務在6月觸底後持續復甦，10月份的月營收已接近疫情前水準。因此，我們預計此收購將在2021財年對非GAAP每股收益產生輕微稀釋，並在交易完成後的第一個完整財年（2022財年）對非GAAP每股收益產生中性或輕微稀釋。我們期待攜手為客戶帶來更多創新成果。

Turning to our financial principles. We remain committed to growing organic revenue double digits and growing operating income dollars faster than revenue. 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%.

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。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。

We continue to focus on reallocating resources to top priorities, with an emphasis on becoming an AI-driven expert platform. These principles remain our long-term commitment. Though we recognize that we may not be able to achieve them in the current environment or directly following the close of the Credit Karma transaction.

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。這些原則仍然是我們的長期承諾。儘管我們也意識到，在當前環境下，或者在完成對Credit Karma的交易後，我們可能無法立即實現這些目標。

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 $5.8 billion in cash and investments on our balance sheet. We expect to use approximately $3.6 billion of cash to fund part of the consideration for the Credit Karma acquisition. We did not repurchase any stock during the first quarter as we temporarily suspended share purchases in conjunction with the Credit Karma acquisition. We have approximately $2.4 billion remaining on our authorization, and we expect to be in the market in the future. The Board approved a quarterly dividend of $0.59 per share payable January 19, 2021. This represents an 11% increase versus last year.

本季末，我們的資產負債表上約有58億美元的現金和投資。我們預計將動用約36億美元的現金來支付部分收購Credit Karma的對價。由於我們為配合收購Credit Karma而暫時停止了股票回購，因此第一季我們沒有回購任何股票。我們目前還擁有約24億美元的授權額度，預計未來將繼續進行股票回購。董事會批准派發每股0.59美元的季度股息，將於2021年1月19日支付。這比去年同期成長了11%。

As you may have seen, we reached an agreement to settle the class action litigation regarding the IRS Free File Program. We have agreed to pay $40 million to put this matter behind us. By entering into this settlement, which is subject to court approval, we're not admitting any wrongdoing.

正如您可能已經看到的，我們已就美國國稅局免費報稅計劃相關的集體訴訟達成和解協議。我們同意支付4000萬美元以了結此事。這項和解協議尚需法院批准，但這並不意味著我們承認有任何不當行為。

Also, as I shared at Investor Day, Intuit is the target of a law firm whose standard approach seems to involve making a demand that companies pay a settlement amount to the law firm instead of paying fees associated with arbitration. An increasing number of companies are facing similar attacks by the same law firm. We recorded approximately $10 million in arbitration fees for Q1 of fiscal 2021 and $14 million in fiscal 2020. We'll be disclosing in our 10-Q that Intuit could incur arbitration fees of approximately $400 million related to those claims in future periods.

此外，正如我在投資者日上所分享的，Intuit 正面臨一家律師事務所的起訴，該律所的慣用伎倆似乎是要求公司向其支付和解金，而不是支付仲裁費用。越來越多的公司正遭受同一家律師事務所的類似攻擊。我們在 2021 財年第一季計入了約 1,000 萬美元的仲裁費用，2020 財年計入了約 1,400 萬美元。我們將在 10-Q 季度報告中披露，Intuit 未來可能因這些索賠而產生約 4 億美元的仲裁費用。

We're in the process of disputing these fees, and we believe this is an abuse of the arbitration system. If the court approves the settlement that I mentioned earlier, we believe it may significantly reduce exposure to mass arbitration claims being brought against us.

我們正在就這些費用提出異議，並認為這是對仲裁制度的濫用。如果法院批准我之前提到的和解方案，我們相信這將大大降低我們面臨大規模仲裁索賠的風險。

Moving on to guidance. While macro uncertainty remains, we're growing more confident in how our business is performing in the current environment. Our guidance for fiscal 2021 includes revenue growth of 8% to 10%, GAAP earnings per share of $7 to $7.15 and non-GAAP earnings per share of $8.40 to $8.55.

接下來談談業績展望。儘管宏觀經濟情勢仍存在不確定性，但我們對公司在當前環境下的業務表現越來越有信心。我們對2021財年的業績展望包括：營收成長8%至10%，GAAP每股盈餘7美元至7.15美元，非GAAP每股盈餘8.40美元至8.55美元。

Our fiscal 2021 guidance includes 110 basis points of operating margin expansion as we're starting to see the leverage of our platform, which I shared at Investor Day. We expect a GAAP tax rate of 23% and a non-GAAP tax rate of 24% for fiscal 2021. This compares to a GAAP tax rate of 17% and a non-GAAP tax rate of 23% for fiscal 2020.

我們2021財年的績效指引包括營業利潤率提升110個基點，因為我們開始看到平台槓桿效應的顯現，這點我在投資者日上已經分享過。我們預計2021財年的GAAP稅率為23%，非GAAP稅率為24%。相較之下，2020財年的GAAP稅率為17%，非GAAP稅率為23%。

These increases are driven primarily by state and IRS changes to the R&D tax credit and expected decrease to our excess tax benefits per share-based compensation. This equates to an impact of $0.53 to our GAAP earnings per share and $0.11 to our non-GAAP earnings per share guidance for the higher tax rate.

這些成長主要源自於州政府和美國國稅局對研發稅收抵免政策的調整，以及我們每股盈餘稅收優惠預期的減少。這意味著，在稅率提高的情況下，我們的GAAP每股盈餘將增加0.53美元，非GAAP每股盈餘預期將增加0.11美元。

Our Q2 fiscal 2021 guidance includes revenue growth of 8% to 9%, GAAP earnings per share of $0.89 to $0.92 and non-GAAP earnings per share of $1.31 to $1.34. You can find our full Q2 and fiscal 2021 guidance details in our press release and on our fact sheet.

我們對2021財年第二季的業績預期包括：營收成長8%至9%，GAAP每股收益0.89美元至0.92美元，非GAAP每股收益1.31美元至1.34美元。您可以在我們的新聞稿和概況介紹中找到完整的2021財年第二季業績預期詳情。

One final note on Q2. We're lapping a full quarter of a price increase in Q2, which we expect to negatively impact Small Business and Self-Employed revenue growth by a couple of points. Also, shortly after we close the Credit Karma acquisition, we will hold a call to discuss our revised guidance.

關於第二季度，還有最後一點需要說明。第二季我們經歷了整整一個季​​度的價格上漲，預計這將對小型企業和自僱人士的收入成長產生幾個百分點的負面影響。此外，在完成Credit Karma的收購後不久，我們將召開電話會議，討論我們修訂後的業績指引。

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. Team, I'm very proud of our organization and all that we've accomplished together, and I'm very optimistic about the future.

太好了。謝謝你，米歇爾。各位同事，我為我們的組織以及我們共同取得的所有成就感到非常自豪，我對未來充滿信心。

So with that, let's now open it up to your questions.

那麼，現在就讓我們來回答大家的問題吧。

(Operator Instructions) The first question comes from the line of Ken Wong of Guggenheim Securities.

（操作員說明）第一個問題來自古根漢證券的 Ken Wong。

Great. And really solid start to the year, guys. When looking at the guidance, specifically the SMB guidance, one might infer that you guys have removed the W and double W macro scenarios off the table. Is that the right way to think about it? Or is it just purely that your business has held up much better? And the realities are we still may run into those, but if we do, it will tilt towards this new 8% to 10% lower end?

太好了。今年開局非常穩健，各位。看了你們的業績指引，特別是針對中小企業的指引，可能會有人認為你們已經排除了W型和雙W型宏觀經濟情景的可能性。是這樣理解的嗎？還是說只是因為你們的業務表現遠超預期？實際上，我們仍然有可能遇到這些情景，但如果真的遇到，成長率應該會更接近現在這個8%到10%的下限吧？

Yes. Ken, good to hear from you. I think the best way I would describe it is, one, we're actually seeing how resilient our platform is and how small businesses are using our platform in this pandemic. I think to -- because of that, it just gives us confidence as we look ahead in terms of how small businesses are going to be able to maneuver through this current environment.

是的，肯，很高興收到你的來信。我覺得最好的描述方式是，首先，我們親眼見證了我們平台的韌性，以及小型企業在疫情期間如何使用我們的平台。正因為如此，這讓我們對小型企業未來如何在當前環境中生存更有信心。

So we're primarily going off of the key indicators that we see that are both leading and lagging, and that is really what has given us confidence to provide the guidance that we've given.

因此，我們主要依據我們所看到的關鍵指標，包括領先指標和落後指標，而這正是我們有信心提供我們所給予的指導的原因。

Of course, we'll all have to wait and see how things play out with the health crisis and the impact to the economic crisis. But given just what we're seeing in our business, that's really what's informed our guidance that we shared today.

當然，我們都需要拭目以待，看看這場健康危機及其對經濟危機的影響將如何發展。但就我們目前在業務中看到的情況而言，這正是我們今天分享的指導意見的基礎。

Got it. And if I could squeeze one in for Michelle. You mentioned the EBIT guidance is -- it looks like the margin expansion will be, give or take, 100, 110 basis points. And you did previously mention seeing more leverage going forward. Is this the right level of margin expansion that we should be expecting as we look ahead?

明白了。如果可以的話，我想問一下米歇爾。您提到息稅前利潤預期——利潤率擴張幅度似乎在100到110個基點左右。您之前也提到未來槓桿率會進一步提高。展望未來，我們應該預期這樣的利潤率擴張幅度嗎？

Ken, thanks. Going back to our financial principles, that really is the long-term commitment that we have, and that includes growing revenue double digits and growing operating income faster than revenue. And so we -- as I mentioned, yes, we do expect to see 110 basis points of expansion, excluding Credit Karma.

肯，謝謝。回到我們的財務原則，這確實是我們長期的承諾，其中包括實現兩位數的營收成長，以及營業利潤成長速度超過營收成長速度。所以，正如我剛才提到的，是的，我們預計營收將成長110個基點，不包括Credit Karma的貢獻。

As I shared at Investor Day, though, as we continue to evolve to more of an AI-driven expert platform, we do see opportunities for margin expansion across the P&L. And those opportunities can be in the areas of technology, where we're increasing the velocity of development on our actual technology platform so we can deliver faster and also using products and services across the company. We also see that in customer success, where we're scaling a common customer success platform, that drives efficiency and effectiveness serving across all products.

正如我在投資者日上分享的那樣，隨著我們不斷向人工智慧驅動的專家平台轉型，我們看到了損益表各方面利潤率提升的機會。這些機會體現在技術領域，例如我們正在加快技術平台的開發速度，以便更快地交付產品和服務，並應用於公司內部的各個環節。此外，我們也看到了客戶成功方面的機會，我們正在擴展一個通用的客戶成功平台，以提高所有產品的服務效率和效果。

And then also in go-to-market. We're able to leverage a common infrastructure so that we can more effectively target customers and manage our sales and marketing processes. So we do continue to see opportunities for us to expand margin going forward.

此外，在行銷方面，我們也能利用通用基礎設施，從而更有效地鎖定目標客戶並管理銷售和行銷流程。因此，我們仍然看到未來擴大利潤空間的機會。

Our next question comes from Keith Weiss of Morgan Stanley.

下一個問題來自摩根士丹利的基斯‧韋斯。

Excellent. The first question I was hoping to ask, although I'm not sure if you guys are going to comment on this, was just a current status update on your expectations on timing for Credit Karma, number one. And number two, whether all the sort of constituent pieces of Credit Karma are expected to come along because there was some speculation in the press that they might be selling off their tax business. Any chance you could comment on either of those?

太好了。我原本想問的第一個問題，雖然我不確定你們是否會對此作出回應，是關於Credit Karma目前的預計上線時間。第二個問題是，Credit Karma的各個組成部分是否都會陸續到位，因為媒體曾有傳言說他們可能會出售稅務業務。您能否就這兩個問題發表一下看法？

Yes. Sure, Keith. Good to hear from you. First of all, we do have pretty high confidence that we will close Credit Karma by the end of calendar year. So that's the first point. I think the second point is, as you know, we don't comment on rumors. But it's important to reinforce that the whole premise behind the Credit Karma acquisition was what we could do together to create a consumer finance platform, and it wasn't for the tax business. And so I think I will just leave it at that. But nevertheless, we're really excited and can't wait to close this so we can start doing amazing things together for consumers.

是的，當然，基斯。很高興收到你的消息。首先，我們非常有信心在年底前完成對Credit Karma的收購。這是第一點。第二點，如你所知，我們不對傳言置評。但要強調的是，我們收購Credit Karma的初衷是希望攜手打造一個消費金融平台，而不是為了涉足稅務業務。所以我就說到這裡吧。總之，我們非常興奮，迫不及待地想要完成收購，這樣我們就可以攜手為消費者創造更多價值。

Got it. If I could maybe sneak in one last one since that last one is like half of an answer. In the broader platform within SMB, when you're going into stuff like cash, when you're trying to do more of the commerce back-end, how is this changing your competitive environment? And have you seen a significant sort of change in kind of who you're going up against or sort of how you have to position the solutions for these newer solutions?

明白了。如果可以的話，我想再補充一個問題，因為最後一個問題已經算是回答的一部分了。在更廣泛的中小企業平台上，當你涉足現金交易等領域，當你嘗試做更多電商後端業務時，這會如何改變你的競爭環境？你是否注意到你的競爭對手發生了顯著變化，或者你需要如何針對這些新解決方案進行市場定位？

Yes. Keith, thanks for calling me out, buddy. In terms of your question, interesting timing. Our -- we had QuickBooks Connect yesterday, which is where we have thousands of small businesses and accountants and partners together. And of course, this one was far, far bigger than it ever has been because it was all virtual. And we rolled out a lot of our innovations. But particularly, to answer your question, we also rolled out QuickBooks Commerce and QuickBooks Cash to our customer base or at least gave visibility and awareness.

是的，基思，謝謝你點名，兄弟。關於你的問題，時機真巧。我們昨天舉辦了 QuickBooks Connect 大會，成千上萬的小型企業、會計師和合作夥伴齊聚一堂。當然，這次大會規模空前盛大，因為完全是線上舉辦。我們推出了許多創新功能。特別是，回答你的問題，我們也向客戶群推出了 QuickBooks Commerce 和 QuickBooks Cash，或至少讓他們了解並知道了這些產品。

And the feedback was just through the roof. Because if I start with accountants, accountants were very excited because now they can recommend QuickBooks to product-based businesses. And they love how QuickBooks Commerce works for product-based businesses, and they love the fact that they can, in essence, help a small business run their business through the platform. And 2 small businesses that were product-based businesses, they love Commerce. And by the way, they -- we got raving reviews on QuickBooks Cash because it's just a simple app where you can send and receive money to be able to run your business.

反饋簡直好到爆。就拿會計師來說，他們都非常興奮，因為現在他們可以向產品型企業推薦 QuickBooks 了。他們很喜歡 QuickBooks Commerce 對產品型企業的實用性，也很喜歡這個平台能幫助小型企業有效率地經營。我們訪談的兩家小型企業都是產品型企業，他們都對 Commerce 讚不絕口。順便一提，QuickBooks Cash 也獲得了極高的評價，因為它是一款簡單易用的應用程序，可以用來收發款項，方便企業日常運營。

And so I would say from a positioning standpoint, we're not doing anything differently in terms of going up against others. What we're really focused on is the customer problem and how we're raising awareness. And in fact, our team has done some great work. And in the months and the year ahead, what you'll see is we'll be, in essence, going to market with digital assets that helps small businesses understand that we can truly be the source of truth for their entire business versus the source of truth for their books and from an accounting lens.

因此，從市場定位的角度來看，我們在與其他公司競爭方面並沒有採取任何不同的策略。我們真正關注的是客戶問題以及如何提高客戶認知度。事實上，我們的團隊已經取得了顯著的成果。在接下來的幾個月和一年裡，您將會看到，我們將主要透過數位化資產進入市場，幫助小型企業了解我們能夠真正成為他們整個業務的權威資訊來源，而不僅僅是帳簿和會計方面的權威資訊來源。

And so it's more about what we're doing to raise awareness and shape the market versus doing anything differently given who we're going up against because it's, frankly, it's no different than what it's been in the past.

因此，更重要的是我們如何提高公眾意識和塑造市場，而不是因為我們面對的對手是誰而採取任何不同的做法，因為坦白說，這與過去並沒有什麼不同。

Our next question comes from Michael Turrin of WF Securities.

我們的下一個問題來自 WF Securities 的 Michael Turrin。

On guidance and the decision to bring that back, obviously, the bigger focus now is on Small Business. But looking ahead to tax, I mean, you've previously mentioned tough comps from the strong top-of-funnel activity you saw last year. Still guiding for 9% to 10% growth as a starting point there this year.

關於業績指引以及恢復該項工作的決定，顯然，目前的重點是小型企業。但展望稅收方面，您之前提到過，由於去年強勁的銷售旺季，今年的業績基數較高。我們仍預期今年稅收業務的成長將以9%至10%為起點。

Could you just help maybe frame out the base case there and maybe your confidence around ability to further monetize that uptick you saw this past year?

您能否幫忙闡述基本情況，以及您對進一步將去年看到的成長勢頭變現的能力的信心？

Yes. Sure, Michael. Very good to hear from you. First of all, as we talked about last quarter, our biggest uncertainty was around the macro environment and the impact to small businesses and how our platform would perform in the times of uncertainty.

是的，當然，邁克爾。很高興收到你的消息。首先，正如我們在上個季度所討論的那樣，我們最大的不確定因素是宏觀環境及其對小型企業的影響，以及我們的平台在不確定時期將如何運作。

So we've just learned a ton. One, all the credit to small businesses in terms of just their passion to do whatever it takes to survive; but then two, us better understanding how they use the platform to be able to deliver for customers.

所以我們學到了很多。首先，要特別讚揚小型企業，他們為了生存竭盡全力，展現出了極大的熱情；其次，我們也更了解了他們如何利用平台為客戶提供服務。

And so given that and given that we started experiencing businesses opening across the company and our confidence it at an improved level than it was a quarter ago. With that said, to your question around tax, we're bullish about our strategy, and we've continued to be bullish based on the results that we're seeing. And particularly, it's driven by 2 primary areas: one is who we focus on, and then the second is the how.

有鑑於此，鑑於我們公司各部門的業務開始陸續恢復，我們的信心也比一個季度前有所提升。因此，關於您提出的稅務問題，我們對目前的策略充滿信心，並且基於我們目前看到的成果，我們一直保持樂觀。這主要得益於兩個面向：一是我們關注的對象，二是我們採取的方式。

So who we focus on is we've doubled down several years ago on serving investors, serving self-employed and serving the Latinx market, all of which we are underpenetrated. And then two, really going after the market -- the assisted market and those that are looking for more confidence with TurboTax Live. And so although our comps compared to last year are tough comps, we do have confidence in our execution, our trajectory. And that's really what informed the guidance that we provided.

因此，我們幾年前就加倍投入，致力於服務投資者、自僱人士和拉丁裔市場，而我們在這些市場的滲透率都較低。其次，我們真正著力開拓的是輔助報稅市場以及那些希望在使用TurboTax Live時更有信心的用戶。儘管與去年相比，我們的業績比較基數較高，但我們對自身的執行力和發展軌跡充滿信心。而這正是我們給予業績指引的依據。

Got it. That's all clear. Certainly a nice start to the year.

明白了。一切都清楚了。這的確是個不錯的開年。

All right. Thank you very much.

好的，非常感謝。

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。

I wanted to drill down on the international growth because of the 51% was a pretty impressive number. And I think at Analyst Day, you exited fiscal '20 with around 14% growth in subs.

我想深入了解國際業務的成長情況，因為51%的成長率確實非常驚人。而且我記得在分析師日上，你們提到2020財年末的訂閱用戶成長率約為14%。

Obviously, pricing has been a pretty strong level. So can you just maybe break down or sort of decompose the components of that 51% growth? How much of that is potentially an improvement in the subscriber count that you're seeing there versus just continued success on pricing initiatives?

顯然，定價策略一直非常有效。那麼，您能否詳細分析這51%的成長組成？其中有多少成長可能來自用戶數量的提升，又有多少只是定價策略持續奏效的結果？

Yes. Jennifer, good to hear from you. It's both. Very consistent with what we shared at Investor Day, we continue to see strength in the U.K. and Canada. And we're seeing some of the emerging markets that we're focused on, like Brazil and France, really start their acceleration even in this current environment.

是的，珍妮弗，很高興收到你的消息。兩者兼而有之。與我們在投資者日上分享的內容非常一致，我們繼續看到英國和加拿大市場的強勁表現。同時，我們也看到一些我們重點關注的新興市場，例如巴西和法國，即使在當前環境下也開始加速成長。

And so really, it's the combination of being very focused on who we pursue, with what products we pursue and then also really intentional about pricing, and frankly, a lot less discounting, especially in places like Canada and U.K., where we created a network effect with small businesses using us, recommending us, with accountants using us and recommending us. And so we don't have to discount as much to get our names known.

所以，關鍵在於我們非常專注於目標客戶和產品，並且對定價策略非常謹慎，坦白說，我們很少打折，尤其是在加拿大和英國這樣的地區。在這些地方，我們透過小型企業和會計師建立了網路效應，他們使用我們的服務並推薦我們，會計師也使用我們的服務並推薦我們。因此，我們不需要大幅折扣就能提高知名度。

So it's very similar to what we talked about, which is it's a combination of customer growth and ARPC growth. And the ARPC growth has a lot to do with what we're selling and a lot less discounting.

所以這和我們之前討論的非常相似，也就是客戶成長和平均每筆交易收入（ARPC）成長的結合。而ARPC成長很大程度取決於我們銷售的產品，折扣力道則相對較小。

Great. And maybe just one more for me. So a little while ago over the summer as the world was changing with COVID-19, you, like many other companies, took some actions to sort of deemphasize some of the less growthy businesses and then plan to bring back that head count over time in some of the growthier parts of the business.

太好了。也許我還能再問一個問題。不久前，在夏季新冠疫情席捲全球之際，你們和許多其他公司一樣，採取了一些措施，減少了一些增長較慢的業務，併計劃隨著時間的推移，在一些增長較快的業務領域逐步恢復這些員工人數。

And I'm just curious where you are in that process at this point. And maybe specific to the margin guidance, what's the assumption and the pace of getting back into the hiring groove on your business and cost structure?

我很好奇你們目前進展到哪個階段了。具體到利潤率預期，你們對恢復招募、調整業務和成本結構有何假設，以及預計恢復的速度如何？

Yes. Sure. Just for a quick context, there are a couple of areas where we felt like we needed to double down in context of the bets that we've declared. It's the type of talent that we're pursuing, both in creating a modern operations and our customer success, but also the type of experts that we want to bring into customer success. And then in technology, it was more systems engineers, infrastructure engineers, cloud engineers that have lots of experience in building complex systems in the cloud.

是的，當然。簡單來說，在我們已做出的投資決策中，有幾個領域我們覺得需要加大投入。首先是我們正在尋求的人才類型，包括打造現代化營運和客戶成功團隊所需的人才，以及我們希望引入客戶成功團隊的專家類型。其次是技術面，我們需要更多在雲端建置複雜系統方面經驗豐富的系統工程師、基礎架構工程師和雲端工程師。

And we are aggressively hiring in those areas because they ultimately are very important in serving the bets that I talked about earlier and a lot of our innovation we've been talking about like commerce, cash advance, et cetera. So we feel good about the -- our hiring ramp. And I think I would just really focus on the guidance that Michelle talked about, which includes about 110 basis points of margin expansion. And all of our approach to hiring is all embedded in the guidance that we provided.

我們正在這些領域積極招聘，因為它們對於服務我之前提到的業務以及我們一直在討論的許多創新（例如電商、現金預支等）至關重要。因此，我們對目前的招募進度感到樂觀。我認為我應該專注於米歇爾提到的業績指引，其中包括約110個基點的利潤率提升。我們所有的招募策略都包含在我們提供的業績指引中。

Our next question comes from the line of Sterling Auty of JPMorgan.

我們的下一個問題來自摩根大通的斯特林·奧蒂。

Just one question from my side. You talked about the headwind from renewal rates from previous quarter impacted this quarter's revenue. Can you just give us an update? What did you see in terms of renewal rates through this quarter in the Small Business franchise?

我還有一個問題。您提到上一季續約率的下滑影響了本季的營收。能更新一下情況嗎？本季小型企業業務的續約率如何？

Yes. They're actually the tailwinds -- or the headwinds are in 3 buckets. One is, overall, as we shared at Investor Day, our retention dropped by a couple of points based on what we saw in the March, April, May time frame. That, along with lapping a price increase and actually not taking price action deliberately, plus the impact from acquisitions in those same months, is really what impacted our growth rate for the quarter that you see here. And our view is, effective the second quarter will be probably the lowest point of the year for the Small Business Group for the same exact reasons that I just mentioned.

是的。實際上，這些是順風——或者說逆風可以分為三類。第一類是，正如我們在投資者日上分享的，根據我們在三月、四月和五月期間觀察到的情況，我們的客戶留存率總體下降了幾個百分點。此外，由於未能及時跟進漲價，我們實際上並沒有採取任何主動的提價措施，再加上同期收購的影響，這些因素共同導致了您看到的本季度增長率下降。我們認為，由於我剛才提到的同樣原因，第二季很可能是小型企業集團今年業績的最低點。

As you know, we don't break out quarterly attrition and retention rates. We share once a year at Investor Day. So those are the main drivers of it.

如您所知，我們不公佈季度員工流失率和留存率。我們每年在投資者日上公佈一次。所以，這些都是影響流失率和留存率的主要因素。

Our next question comes from Brent Thill of Jefferies.

下一個問題來自傑富瑞集團的布倫特·蒂爾。

Sasan, if you could just talk about the shape of the recovery in SMB that you're seeing and the conviction level you have if that continues. Can you just give us a sense of how are you seeing that progress?

薩桑，您能否談談您目前看到的中小企業復甦形勢，以及您對這種復甦勢頭能否持續的信心？您能否簡要介紹一下您如何看待這項進展？

And then I just had a quick follow-up. You were showing the TurboTax full opportunity set on your website. You removed it. It seems really interesting in terms of the opportunity to outsource everything to you. Can you just walk through your intentions for that solution this year?

然後我還有一個後續問題。你們網站上之前展示了TurboTax的完整服務方案，現在又刪除了。考慮到可以把所有報稅工作外包給你們，這個方案看起來確實很有吸引力。能詳細介紹一下今年你們對這個方案的計畫嗎？

Yes. Sure, Brent. Good to hear from you. In terms of the shape of the recovery, it's actually quite consistent with what we shared at Investor Day. Most of our indicators are back to pre-pandemic levels, but charge volume is still several points lower. The number of companies running payroll is still several points lower. So although things have recovered, the reality is things are still below pre-pandemic levels.

是的，布倫特，很高興收到你的消息。就復甦的形態而言，實際上與我們在投資者日上分享的內容基本一致。我們的大多數指標都已恢復到疫情前的水平，但信用卡交易量仍比疫情前低幾個百分點。仍在發放薪資的公司數量也比疫情前低幾個百分點。因此，儘管情況有所復甦，但實際上仍低於疫情前的水平。

I think where we have more confidence, Brent, is now we are actually seeing how our platform is -- really how resilient it is and how it's delivering benefits for customers in these very tough times plus the innovation that we have across the platform. So just seeing how that platform is playing out and seeing the impact of our innovation is actually what gives us even more confidence. And from a recovery standpoint, not much has changed in the last 6 weeks and what we shared at Investor Day.

布倫特，我認為我們現在更有信心的地方在於，我們真正看到了我們平台的實際表現——它的韌性，以及在如此艱難的時期它如何為客戶帶來益處，再加上我們在整個平台上的創新。正是看到這個平台的實際運作情況以及我們創新帶來的影響，才讓我們更加充滿信心。從復甦的角度來看，過去六週的情況與我們在投資者日上分享的內容並沒有太大變化。

To turn to your second question, we're actually -- when you think about transforming the assisted segment and really helping customers do their taxes with confidence, there are those that choose to do it themselves. But at one point in time, they may want to hit a button and get an expert to come, talk to them, review their return to gain confidence.

關於你的第二個問題，實際上——當我們思考如何改善輔助報稅服務，真正幫助客戶自信地完成報稅時，有些人會選擇自己報稅。但他們可能在某個階段，希望只要點擊一個按鈕，就能讓專家上門，與他們溝通，審核他們的報稅表，從而增強信心。

So those that from the beginning may choose to have help along the way and pick TurboTax live as an actual offering right off the bat. And then there are those that may start and decide, you know what, I just want you to do my taxes for me, which is a lot of what we were testing in the last several months.

所以，有些用戶從一開始就可能選擇獲得協助，直接選擇TurboTax Live這項服務。而有些用戶則可能一開始就決定，不如讓TurboTax幫他們報稅，這正是我們過去幾個月一直在測試的功能。

And our plan is to actually launch the platform with all of those capabilities come -- this coming tax season, which, by the way, is right around the corner.

我們的計劃是在即將到來的報稅季正式推出具備所有這些功能的平台，順便說一句，報稅季馬上就要到了。

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 just want to ask about the trends you are seeing in terms of new customer acquisition because we saw this recent Q3 data, census data. There's a record number of small business creation. In Q3, I think, 1.6 million versus average of 800,000. So I guess most of these could be potentially QuickBooks customer. So how should we think about this opportunity and the current trend of this new customer acquisition?

我想了解您在獲取新客戶方面觀察到的趨勢，因為我們看到了最近的第三季數據和人口普查數據。數據顯示，小型企業的創建數量創下歷史新高。第三季度，小型企業數量達到了160萬家，而平均為80萬家。所以我猜想，大部分都可能是QuickBooks的潛在客戶。那麼，我們該如何看待這項機會以及目前的新客戶獲取趨勢呢？

Yes, Siti. Good to hear from you and a really good question. As I mentioned, there are a few of our key metrics that have recovered quite nicely, but they're still below the pre-COVID levels like charge volume and payroll. Acquisition is one that's actually rebounded quite nicely, and we're actually benefiting from some of what you shared, which is more new business formation.

是的，Siti。很高興收到你的來信，你的問題問得很好。正如我之前提到的，我們的一些關鍵指標已經恢復得相當不錯，但仍然低於疫情前的水平，例如交易量和工資支出。客戶獲取方面，我們的反彈效果特別顯著，而且我們也確實受益於你提到的新業務拓展情況。

So that's probably a metric above and beyond all of them that is probably more in the green, and we're benefiting from some of that recovery.

所以這可能是一項高於所有其他指標的指標，而且可能更偏向綠色，我們正在從中受益。

Our next question comes from Brad Zelnick of Credit Suisse.

下一個問題來自瑞士信貸的布拉德·澤爾尼克。

This is Yao on for Brad. It's a little bit specific, but also philosophical here, and it's around QuickBooks Commerce and the specific topic of discounting. I understand it's a new solution, and you want mass market adoption. But when I go to the website, it shows 92% off monthly list price for the first 12 months of service. I've never seen anything like that in software before. I guess what's the thought process here, especially as it sounds like you're being more thoughtful around optimizing for discounts in other areas of your business?

我是姚，替布萊德問的。這個問題有點具體，但也涉及到一些哲學層面，是關於 QuickBooks Commerce 以及折扣這個具體主題。我知道這是一個新解決方案，你們希望它能被大眾市場接受。但當我造訪你們的網站時，上面顯示前 12 個月的服務費可以享受 92% 的月費折扣。我以前從未見過這樣的軟體折扣。我想知道你們的思路是什麼？尤其是考慮到你們在其他業務領域似乎也更重視折扣優化？

Yes. Sure, Yao. Good to hear from you and very good question. Two things I would say. One is, we are actually very intentionally qualifying customers on top of the funnel to ensure that we only bring in customers that we can deliver against their expectations given just we literally just launched the platform.

是的，姚。很高興收到你的來信，你的問題問得很好。我想說兩點。第一，鑑於我們平台剛剛上線，我們確實在銷售漏斗的頂端對客戶進行嚴格篩選，以確保我們只引入那些能夠滿足他們期望的客戶。

Interesting enough, one thing that we're seeing is customers want to use it so bad, they go back to the top of the funnel and change their answers so they can qualify for it. So the demand is quite high.

有趣的是，我們發現客戶非常渴望使用這項功能，他們會回到購買流程的頂部，修改先前的答案，以便符合使用條件。所以，需求相當高。

I think you may have fallen into one of our test cells. There's a lot of different things that we're testing, different business models, different pricing. So I don't know exactly what you fell into, but it sounds like you fell into a test cell.

我覺得你可能誤入了我們的某個測試組。我們正在測試很多不同的東西，不同的商業模式，不同的定價策略。所以我不太清楚你具體進入了哪個測試組，但聽起來像是進入了某個測試組。

Got it. The other bit, I guess, around the 9% to 10% -- I'm sorry, the QuickBooks and Small Business growth scenario there. Just thinking about exogenous factors that may result in upside or downside, does a hypothetical government stimulus package, how does that help churn a business creation and how to think about that flowing through to your model?

明白了。至於另一部分，我想說的是9%到10%左右——抱歉，我說的是QuickBooks和小企業成長情境。我只是在思考可能導致成長或下降的外生因素，例如假設政府推出刺激計劃，這會如何促進企業創建，以及該如何將其融入你的模型中？

Yes. The stimulus, I would say, no pun intended, is not really going to be a big stimulus for small businesses. It's not going to make a difference between them going out of business or not. I'll hit on one element of your question, which is the range of the guidance. The low end of the guidance is really driven from how restrictive the state becomes, how restrictive the country becomes beyond what we're all seeing, which is you now no longer -- although every X state is a little different, you no longer can go into a fitness center, it's only if it's outside. You can't go eat inside at all. Now schools like the New York public schools just closed again. So everybody has to go work from home. That has implications to the local economy.

是的。恕我直言，這項刺激方案對小型企業來說並不會發揮太大作用。它不會改變它們能否倒閉的命運。我來談談你問題中的一個方面，那就是指導方針的範圍。指導方針的下限實際上取決於各州乃至全國的限制措施有多嚴格，而我們現在看到的限制措施遠不止於此。例如，雖然每個州的具體情況略有不同，但你現在不能去健身房了，只能在戶外進行。你也不能在室內用餐。現在，像紐約公立學校這樣的學校又關閉了。所以每個人都必須居家辦公。這會對當地經濟產生影響。

So the low end of the guidance is more how restrictive things get and then the impact on small businesses because we feel quite confident in our execution. And of course, the high end is the I would say the trends that we're experiencing and seeing right now. That's how we thought about it.

所以，指導意見的下限更反映了限制措施的嚴格程度以及對小型企業的影響，因為我們對自身的執行力相當有信心。當然，上限則反映了我們目前正在經歷和觀察到的趨勢。這就是我們的考慮。

Our next question comes from the line of Arvind Ramnani of Piper Sandler.

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

I just wanted to -- one of the tone changes I picked up at your recent Analyst Day was kind of really focusing on increasing revenue per customer. I just want to see if that was kind of something that you are looking to do to really increase revenue per customer and how you're planning to approach it over the next couple of years.

我只是想問一下——我在你們最近的分析師日活動上註意到，你們似乎非常重視提高每位客戶的收入。我想了解一下，這是否是你們計劃提高每位客戶收入的關鍵舉措，以及你們未來幾年將如何著手實現這一目標。

Sure. Arvind, good to hear from you. Let me just play back to your question because you were cutting in and out. I want to make sure I'm answering the question that you're asking.

當然可以。 Arvind，很高興收到你的消息。我先回放一下你的問題，因為你剛才說話斷斷續續的。我想確保我回答的是你真正想問的問題。

I think your question was we talked about revenue per customer increasing at Investor Day, and you were just wondering how we plan to achieve that. Did I play that back correctly?

我想你的問題是，我們在投資者日上討論了提高每位客戶的收入，你想知道我們打算如何實現這一目標。我表達清楚了嗎？

Yes. Yes. Yes. Right.

對。對。對。沒錯。

I would say a couple of über-messages. The first one is, it's because of the incredible innovation and the acceleration of the innovation from the team that's really going after delivering benefits that customers care about most. So if I decompose that with a couple of examples, what I would share is QuickBooks Live is -- has the potential to increase revenue per customer. The volume is not, of course, at the same rate, but the revenue per customer is.

我想強調兩點。首先，這得益於團隊卓越的創新能力和加速創新，他們致力於為客戶帶來他們最關心的利益。舉幾個例子來說，QuickBooks Live 有潛力提高每位客戶的收入。當然，交易量可能不會同步成長，但每位客戶的收入成長速度很快。

When you look at QuickBooks Advanced, which comes with it serving much larger customers, that has an opportunity and does move the needle when it comes to revenue per customer. And then there's the services, the services that go with QuickBooks Live, the services that go with QuickBooks Advanced. And then within all the services that we provide, payments, payroll, TSheets and now with the integration of TSheets and payroll full service, these services and the innovation and the impact themselves also deliver more revenue per customer.

QuickBooks Advanced 專為規模更大的客戶群服務，這為提升客戶單價帶來了機遇，並顯著提高了每位客戶的收入。此外，還有 QuickBooks Live 和 QuickBooks Advanced 的配套服務。我們提供的所有服務，包括支付、薪資管理、TSheets 以及現在 TSheets 與薪資管理全方位服務的整合，這些服務及其創新和影響本身也能帶來更高的客戶單價。

So when you put all of those together, those are the biggest drivers of increased revenue per customer, which is just driven by the innovation that the team is delivering for customers.

所以，把所有這些因素綜合起來，這些就是推動每位客戶收入成長的最大因素，而這完全是由團隊為客戶帶來的創新所驅動的。

Great. Terrific. And just a quick second question for me. How transformative is your relatively new integrated CRM solution? Should we expect this to be a big revenue growth driver? Or is it just another proof point of differentiated offering?

太好了。非常棒。我還有一個小問題。你們相對較新的整合式CRM解決方案究竟有多大的變革性？我們是否可以期待它成為營收成長的主要驅動力？或者它只是你們差異化產品的另一個例證？

I think it's just another important innovation and benefit for customers on our QuickBooks Advanced platform. Again, when you think about these customers -- because I'm assuming you're talking about like HubSpot and Salesforce, and these customers that are between 10 to 100 employees and even larger than that. They are looking for CRM solutions. So we invested quite a bit of time with, I'll use HubSpot as an example, to really deeply integrate. In fact, I was reviewing the demo several days ago, and it's a really cool experience for our customers.

我認為這對我們 QuickBooks Advanced 平台的客戶來說，是另一個重要的創新和優勢。再說一遍，想想這些客戶——我猜您指的是 HubSpot 和 Salesforce 這類客戶，他們通常擁有 10 到 100 名員工，甚至更多。他們都在尋找 CRM 解決方案。所以我們投入了大量時間，以 HubSpot 為例，進行深度整合。事實上，幾天前我還在觀看演示，這對我們的客戶來說確實是一個非常棒的體驗。

So this is -- it just positions us and allows us to not only serve our existing customers with QuickBooks Advanced, but also penetrate and get new customers.

所以，這讓我們能夠更好地定位自己，不僅可以為現有客戶提供 QuickBooks Advanced 服務，還可以開拓市場，獲得新客戶。

Our next question comes from the line of 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。

I was hoping, Sasan or Michelle, if you could elaborate, please, on the mix shift driving in QuickBooks Online Accounting? If you could delve in a little deeper, primary drivers and sustainability you foresee there.

薩桑或米歇爾，我想請你們詳細解釋一下QuickBooks Online會計軟體中推動業務組合轉變的原因。如果可以的話，能否更深入地探討一下主要驅動因素以及你們預見的可持續性？

Sure, Scott. I'll jump in, and if there's anything Michelle wants to add, she can jump in.

當然，斯科特。我會參與討論，如果米歇爾有什麼要補充的，她也可以參與。

It's very similar to what I just shared with Arvind. First of all, I'll start with the headline that it's very sustainable. We're just getting started. And when you look at the mix that gets driven by the platform with QuickBooks Live, it gets -- another one is QuickBooks Advanced. And both of these come with them services like payments and payroll and TSheets and then apps like HubSpot, as an example, that allows us to drive a mix shift. And so those are just examples.

這和我剛剛跟Arvind分享的內容非常相似。首先，我要強調的是，它非常永續。我們才剛起步。當你觀察QuickBooks Live平台所驅動的組合時，你會發現——另一個例子是QuickBooks Advanced。這兩款產品都包含支付、工資和TSheets等服務，以及像HubSpot這樣的應用程序，這些都使我們能夠實現組合的轉變。以上只是幾個例子。

And then QuickBooks Commerce, which really gives us the opportunity to serve product-based businesses that we've served for years in desktop, the million product-based services that we have on desktop. Now we have an opportunity to serve these customers with QuickBooks Commerce. So those are the drivers.

此外，QuickBooks Commerce 真正讓我們有機會服務我們多年來在桌面端服務的產品型企業，以及我們在桌面端提供的數百萬種產品型服務。現在，我們有機會透過 QuickBooks Commerce 為這些客戶提供服務。這就是推動因素。

And then the last one I would say is countries where we get the product market fit like Canada and U.K. We have an opportunity to expand the services that we provide and at higher prices and don't have to discount as much because our names are out there, the experience goes viral, and therefore, more customers want to use it. So those are the drivers of the mix shift and the ARPC shift, and that's quite durable.

最後我想說的是，在像加拿大和英國這樣產品與市場契合度較高的國家，我們有機會拓展服務範圍，並提高價格，而且無需大幅折扣，因為我們的品牌知名度很高，用戶體驗會迅速傳播，因此會有更多客戶願意使用我們的服務。這些因素推動了產品組合和平均每千次展示成本（ARPC）的轉變，而且這種轉變相當持久。

Great. And then as a follow-up, I'm just curious, just to view points on Small Business failures. Obviously, you feel confident enough to give guidance, and we've heard a lot of good things in discussion of stimulus as well. But just anecdotally, what are some of the things that you're seeing? And do you feel that the economy is around the corner, to the extent you can speak to that?

好的。接下來，我還想問一個關於小企業倒閉的問題。顯然，您很有信心給予指導，我們也聽到了很多關於經濟刺激計劃的正面評價。但就您觀察到的情況而言，您具體看到了哪些現象？您覺得經濟復甦即將到來嗎？能否就此談談您的看法？

Sure. Two things I would say. I think the most important lever for small businesses is we got to lead thoughtfully through this health crisis because leading thoughtfully through the health crisis will enable the country and the globe to actually bring jobs back and reduce unemployment. Those are the 2 largest levers that will impact Small Business failures.

當然。我想說兩點。我認為對小型企業來說，最重要的槓桿是我們必須以審慎的態度來應對這場健康危機，因為審慎的應對才能真正幫助國家乃至全球恢復就業，並降低失業率。這兩點是影響小企業倒閉的最重要因素。

And as we talked about at Investor Day, our retention dropped a couple of points because of the failures that we experienced. I think those 2 levers that I mentioned plus a fiscal stimulus, not just more stimulus money but a fiscal stimulus, along with getting out of this health crisis, and ultimately, getting back to lower unemployment is going to really drive the long-term health of that small businesses.

正如我們在投資者日上討論的那樣，由於我們遇到的失敗，客戶留存率下降了幾個百分點。我認為，我提到的兩個關鍵因素，再加上財政刺激——不僅僅是更多的刺激資金，而是真正的財政刺激——以及擺脫這場公共衛生危機，最終降低失業率，將真正推動小型企業的長期健康發展。

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 could dive a little bit deeper into the sort of announcement today with HubSpot. And maybe just your view on whether or not small businesses are now looking a little bit more for a one-stop shop. I mean, you guys obviously have financials. You added commerce, and this obviously expands you into CRM and marketing with them.

薩桑，我想請你更深入地談談今天 HubSpot 的公告。還有，你覺得小型企業現在是否更傾向選擇一站式服務平台？我的意思是，你們顯然已經涉足財務領域，現在又增加了電商功能，而這次的合作顯然會將你們的業務拓展到客戶關係管理 (CRM) 和行銷領域。

So is the feedback that you've been getting that this is, like we only want to deal with one vendor to really help us manage our business from customer acquisition through our finances, through commerce. I mean because that's what it sort of seems like. And do you think the market is moving there in a faster way due to COVID?

所以你得到的回饋是，我們只想和一家供應商合作，讓他們真正幫助我們管理業務，從客戶獲取到財務，再到銷售。我的意思是，看起來確實如此。你認為新冠疫情是否加速了市場朝這個方向的轉變？

Yes. You're very welcome. I would focus more on the customer pain that we are after. One of the things that we're really focused on is, one, to help our customers grow; and two, to be able to serve product based businesses. Because even in service-based businesses, traditionally, we've not solved the problem of helping them grow and get more customers well.

是的，不客氣。我會更關注我們想要解決的客戶痛點。我們真正關注的兩點是：第一，幫助客戶發展；第二，服務產品型企業。因為即使在服務型企業中，傳統上我們也未能有效解決幫助他們發展和獲取更多客戶的問題。

And so this integration with HubSpot, with Salesforce, is really an example of solving the problem of -- with our platform, we can help you grow your business. We can help you get paid. We can help you do payroll. We can give you access to capital. We can help you with time tracking. Of course, now we can help you set up on multiple different channels and be able to run your product-based business.

因此，與 HubSpot 和 Salesforce 的集成，正是解決以下問題的典範——透過我們的平台，我們可以幫助您發展業務。我們可以幫您收款。我們可以幫助您進行薪資管理。我們可以幫助您獲得資金。我們可以幫助您進行時間追蹤。當然，現在我們還可以幫助您在多個不同的管道上進行設置，並能夠經營您的產品型業務。

So we're really focused on the customer problem. And one of the things I preach probably more than the Board wants to hear at Intuit is, let's not focus on just creating a one-stop shop because that's not how a customer thinks. The customer thinks, "I need to solve my problem. Can you solve it for me?"

所以我們真正關注的是客戶問題。我在Intuit公司反覆強調的一點（可能比董事會想聽的還要多）是，我們不要只專注於打造一站式服務，因為客戶的想法並非如此。客戶會想：“我需要解決我的問題。你們能幫我解決嗎？”

With that said, we are seeing more and more customers begin to use our platform to be able to run their business. And we're seeing more and more customers tell us, "Hey, can you do some integrations with the following applications to be able to help me grow my business?" So those are the -- it's very customer back-driven.

也就是說，我們看到越來越多的客戶開始使用我們的平台來經營他們的業務。我們也看到越來越多的客戶告訴我們：「嘿，你們能不能把我們的平台和以下這些應用程式整合起來，幫助我發展業務？」所以，這些都是——以客戶需求為導向的。

And it's now several years of us being in the cloud where we're building out the platform to the point where you don't need to go anywhere else. You can run your entire business on our platform, which is exactly the same thing we're looking to do on the consumer side. We want a consumer platform where you can do your taxes, get early access to your paycheck, connect the financial products that are right for you and truly reach financial freedom. And so it really is -- it's consistent with what we're trying to do across the company for customers.

如今，我們已經在雲端運作多年，並不斷完善平台，力求讓您無需再去其他任何地方。您可以在我們的平台上經營所有業務，這正是我們希望在消費者領域實現的願景。我們希望打造一個消費者平台，讓您能夠報稅、提前支取薪資、連結適合您的金融產品，並真正實現財務自由。因此，這與我們公司為客戶所做的一切努力是完全一致的。

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。

Sasan, you've talked about QuickBooks business and not raising prices, obviously, considering the economic environment we're in. Do you think that same philosophy will apply to the tax business? Or is the tax business different? And do you think there's some different leverage points and price would be available for the upcoming season?

薩桑，你之前談到 QuickBooks 業務，以及考慮到當前的經濟環境，顯然不會提高價格。你認為同樣的理念也適用於稅務業務嗎？還是說稅務業務有所不同？你認為在即將到來的稅務季，稅務業務是否會有一些不同的價格優勢和可利用的定價策略？

Yes. Kartik, good to hear from you. I would think about this in a couple of dimensions. Both consumers and small businesses, we actually now have offerings that are disruptive, and they disrupt higher-priced alternatives. So when you look at QuickBooks Live, the price that customers have to pay with QuickBooks Live is actually a lot less than what they pay with if they have to go directly and find their own bookkeeper or enrolled agent.

是的，Kartik，很高興收到你的來信。我會從幾個方面來考慮這個問題。無論是對消費者還是對小型企業來說，我們現在都擁有一些顛覆性的產品和服務，它們會取代價格更高的替代方案。所以，當你查看 QuickBooks Live 時，你會發現客戶使用 QuickBooks Live 的價格實際上比他們直接尋找自己的簿記員或註冊代理人要低得多。

And you look at QuickBooks Advanced, we're actually that a disruptive price but yet have a lot of opportunity in terms of what we can do with pricing. Same thing goes for TurboTax Live, we're a much lower-cost alternative than going to somebody's home or store to get your taxes done.

你看 QuickBooks Advanced，我們的定價確實很有競爭力，但我們在定價方面還有很大的進步空間。 TurboTax Live 也是如此，與去別人家或店裡報稅相比，我們的價格要低得多。

So I think the way I would think about it is there are segments of customers we may intentionally, given the environment, not do price increases, but then there are certain segments of the customers where we will because we're actually very disruptive and far lower price alternative.

所以我認為，考慮到當前環境，我們可能會有意地對某些客戶群不提價，但對於某些客戶群，我們會提價，因為我們的產品具有很強的顛覆性，而且價格更低。

So that's the way we approach it and think about it internally.

所以，這就是我們內部處理和思考這個問題的方式。

Our next question comes from Chris Merwin of Goldman Sachs.

下一個問題來自高盛的克里斯·默溫。

Okay. I think you all talked about the Online Ecosystem getting back to 30% growth over time. And I guess, if we look at the '21 guidance for the segment as a whole and we assume desktop is flat, I think it would imply that QuickBooks Online would be maybe high-teens growth for this coming year. It sounds like their trends are very much getting back on track for QuickBooks Online.

好的。我想你們都討論過線上生態系統會逐漸恢復到30%的成長速度。我猜，如果我們看一下2021年整個業務板塊的預期，並假設桌面端業務持平，那麼QuickBooks Online明年的成長速度可能會達到10%左右。聽起來QuickBooks Online的發展趨勢正在穩定回升。

So just curious how we think about the progression back towards 30%-plus growth over time for that segment.

所以，我很好奇我們是如何看待該細分市場隨著時間的推移逐漸恢復到 30% 以上成長率的。

Yes. Sure, Chris. First of all, as you heard Michelle mention, our -- we have every intention, over time, to get to back to 30%-plus online revenue growth. And that will happen really by 2 levers. One is, our continued innovation to deliver value and the portfolio we now have; and two, it's the recovery of small businesses.

是的，克里斯。首先，正如你聽到米歇爾提到的，我們——我們完全有計劃，隨著時間的推移，將線上收入成長率恢復到30%以上。這主要透過兩個途徑實現。一是我們持續創新，為客戶創造價值，並完善我們現有的產品組合；二是小型企業的復甦。

Although our platform has demonstrated to be resilient. It's important to know that we're not out of this pandemic, and we need to make sure that we get through this health crisis and get unemployment back down and get to a more healthy economy.

儘管我們的平台已經展現出強大的韌性，但重要的是要明白，我們還沒有擺脫這場疫情，我們需要確保渡過這場健康危機，降低失業率，並實現更健康的經濟復甦。

And I think the combination of our innovation and getting to a better place in terms of the economy will allow us to get back to that 30%. And a lot of that is what informs the guidance that we provided.

我認為，我們的創新能力加上經濟狀況的改善，將使我們能夠重返30%的目標水準。而這正是我們所提供的指引的重要依據。

Okay. Great. And then maybe one just quick follow-up. I wanted to ask about QuickBooks Advanced just in terms of how that's doing relative to your expectations in the current environment. Are you seeing customers holding back on some of the larger system upgrades, say, relative to SMB? I mean -- or is that not the case? Just curious how you'd characterize the strength you're seeing in that business right now.

好的，太好了。然後可能還有一個後續問題。我想問一下 QuickBooks Advanced 在目前環境下的表現是否符合您的預期。您是否發現客戶，例如中小企業客戶，在進行一些大型系統升級方面有所保留？我的意思是——或者情況並非如此？我只是好奇您如何評價目前該業務的強勁勢頭。

Yes. I would say it's actually doing well. At Investor Day, if you recall, we talked about, now we have 75,000 customers, and that's 100% growth year-over-year. And we're seeing both customers upgrade to QuickBooks Advanced that are existing customers. And we're actually seeing new customers come in that have been using a bunch of different apps and manual processes. And they use QuickBooks Advanced, and they see it as an advantage to be able to grow their business.

是的，我認為它的表現確實不錯。如果您還記得，在投資者日上，我們提到過，我們現在擁有75,000名客戶，比去年同期成長100%。我們看到，現有客戶升級到QuickBooks Advanced，同時我們也看到一些新客戶之前一直在使用各種不同的應用程式和手動流程。他們使用QuickBooks Advanced後，認為它能幫助他們拓展業務，這是一個優勢。

So we're actually -- and because it's disruptive in terms of price versus alternatives, we are not seeing any holdbacks. And we're actually seeing the benefit of what a platform can do that's a disruptor, especially those small businesses that are deciding, you know what, me manually running my business is no longer going to work. I need to move to the cloud, especially because of the COVID environment. And QuickBooks Advanced becomes an accelerant.

所以實際上，由於它在價格方面具有顛覆性優勢，因此與替代方案相比，我們沒有看到任何阻礙。我們確實看到了顛覆性平台帶來的好處，尤其是對於那些意識到「手動經營業務已經行不通了，我需要遷移到雲端」的小企業而言，尤其是在新冠疫情的影響下。而 QuickBooks Advanced 正好可以加速這一進程。

Our next question comes from Michael Millman of Millman Research.

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

So if I've done the numbers roughly correct, there's about 100 million taxpayers who pay about $0.25 trillion. That's with a T, like TurboTax, dollars for no or 0 return.

所以如果我的計算大致正確的話，大約有1億納稅人繳了大約0.25兆美元的稅。這裡用了個T，就像TurboTax（美國稅務報稅軟體）一樣，指的是沒有報稅或報稅額為0美元的情況。

I was kind of wondering with this kind of opportunity maybe for you, what, if anything, you're doing now to get some of this money funneled into something that's earning? Or is Karma Credit -- Credit Karma doing anything? Does the IRS kind of stand up there and say, "Don't you dare fool with all this money?" Maybe you could help us think about this.

我很好奇，對你來說，這樣的機會或許很誘人，你現在有沒有採取什麼措施，讓這筆錢投入能賺錢的專案裡？或者說，你的信用額度（Credit Karma）帳戶在做什麼？美國國稅局會不會突然出現，警告你「別亂動這筆錢」？或許你能幫我們思考這個問題。

Sure, Michael. Yes. Let me take a shot at this to see if this addresses your question. First of all, we do see a very large opportunity. But the way we look at it is that there are about 86 million people that go to somebody else to have their taxes done. And they spend about $20 billion or more to get those taxes done. We just see a huge opportunity to be able to serve those customers with a digital platform where we can bring the help to their place of home or office at their convenience at a much lower price and provide them the confidence that they need to get the maximum refund.

當然可以，麥可。好的。讓我試著回答一下你的問題。首先，我們確實看到了龐大的商機。我們了解到，大約有8,600萬人需要找別人代辦報稅，他們為此花費了約200億美元甚至更多。我們看到了一個絕佳的機會，可以透過一個數位化平台為這些客戶提供服務，讓他們足不出戶就能獲得報稅幫助，而且價格更低，還能讓他們更有信心獲得最大退稅額。

So we do see the same opportunity that you do. Our figures are a bit different than what you were articulating, but that's really what we are pursuing with our Live platform.

所以我們看到的機會和你們看到的一樣。我們的數據和你們所說的略有不同，但這正是我們透過Live平台所追求的目標。

I was actually kind of thinking of no refund. Don't pay more than you need to. Invest that money.

我其實在考慮不退款。別花冤枉錢，把錢投資出去吧。

Oh, got you. I think I understand what you're asking. The whole purpose of our vision of what we want to do to create a consumer finance platform is to give consumers choice. It's to give them choice to connect to financial products like loans and insurance and credit cards that are right for them. It's to be able to give them choice when they get their tax refund, if they want to put it in a high-yield savings account, if they want early access to their tax refund, if they actually want early access to their paycheck to give them more choice because we have the ability with -- using their data with their permission to give them insights that otherwise they wouldn't get.

哦，明白了。我想我明白你的問題了。我們創造消費者金融平台的願景，其根本目的就是為消費者提供選擇。讓他們能夠選擇適合自己的金融產品，例如貸款、保險和信用卡。讓他們在收到退稅時擁有更多選擇，例如是否想把錢存入高收益儲蓄帳戶，是否想提前支取退稅款，甚至是否想提前支取薪資。我們能夠利用他們的數據（經他們授權），為他們提供他們原本無法獲得的洞察，從而賦予他們更多選擇。

Plus, by the way, if they wanted an expert to help them, we'll provide some advice, we can also help them with that. That's our vision of what we want to -- what we want to do with our Big Bet 3, which is unlock SMART Money decisions. And of course, that's where Credit Karma comes in and can really fuel that vision, and we're excited about it.

另外，如果他們需要專家協助，我們也會提供一些建議，我們也能在這方面提供協助。這就是我們對「三大重磅投資」的願景——幫助人們做出明智的理財決策。當然，Credit Karma 正是在這方面發揮作用，能夠真正幫助我們實現這個願景，我們對此感到非常興奮。

So you're thinking more of, after taxpayers get the refund, rather than saying you shouldn't -- there shouldn't be a refund, you should be using that money more productively than lending it to the IRS?

所以你的想法更多是，在納稅人獲得退稅之後，與其說不應該退稅，不如說應該更有效地利用這筆錢，而不是把它藉給國稅局？

Yes. Well, the refund is the consumers' money. So what where -- it's money that's theirs, and they earned it and they should get their refund. It's about how we help the consumer with what they can do with their refund is really our mission.

是的。退款是消費者的錢。所以，這筆錢本來就是他們的，是他們辛苦賺來的，他們理當得到退款。我們的使命在於如何幫助消費者妥善處理退款。

I see. Okay. And just quickly, the guidance you gave that is before Credit Karma? Or does that include Credit Karma?

我明白了。好的。還有一個問題，您提供的指導是在 Credit Karma 出現之前嗎？還是也包括 Credit Karma 呢？

Yes. That is excluding Credit Karma because we have not yet closed Credit Karma. And as Michelle mentioned, once we do close Credit Karma, we will actually have another call. And we will update our guidance, and it will include Credit Karma.

是的。這不包括 Credit Karma，因為我們尚未關閉 Credit Karma。正如 Michelle 所提到的，一旦我們關閉 Credit Karma，我們會再次召開電話會議。屆時我們將更新我們的指導意見，其中將包含 Credit Karma。

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

女士們、先生們，我不再展示任何問題了。您還有什麼要補充的嗎？

Yes. I'll be brief. Thank you, everyone, for your questions. And wish everyone that celebrates Thanksgiving a wonderful and safe Thanksgiving. And we'll speak to you very soon. And enjoy your holidays. Thank you.

是的，我會簡短發言。謝謝大家的提問。祝所有慶祝感恩節的朋友們節日快樂，平安健康。我們很快會再聯絡。祝大家假期愉快。謝謝。

Ladies and gentlemen, thank you for participating. And 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。