直覺電腦 (INTU) 2020 Q4 法說會逐字稿

Good afternoon. My name is Latif, and I will be your conference facilitator. At this time, I would like to welcome everyone to Intuit's Fourth Quarter and Fiscal Year 2020 Conference Call. (Operator Instructions)

午安.我的名字是拉蒂夫，我將擔任您的會議主持人。現在，我歡迎大家參加 Intuit 2020 年第四季和財年電話會議。 （操作員指令）

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

說完這些，我現在將電話轉給 Intuit 投資者關係副總裁 Kim Watkins。沃特金斯女士？

Thanks, Latif. Good afternoon, and welcome to Intuit's Fourth Quarter Fiscal 2020 Conference Call. I'm here with Intuit's CEO, Sasan Goodarzi; and Michelle Clatterbuck, our CFO.

謝謝，拉蒂夫。下午好，歡迎參加 Intuit 2020 財年第四季電話會議。我和 Intuit 的執行長 Sasan Goodarzi 一起來到這裡；以及我們的財務長 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 2019 and our other SEC filings. All of those documents are available on the Investor Relations page of Intuit's website at intuit.com. We assume no obligation to update any forward-looking statement.

在我們開始之前，我想提醒大家，我們的評論將包括前瞻性陳述。有許多因素可能導致 Intuit 的表現與我們的預期有重大差異。您可以在我們今天下午早些時候發布的新聞稿、2019 財年的 10-K 表格以及我們向 SEC 提交的其他文件中了解有關這些風險的更多資訊。所有這些文件均可在 Intuit 網站 intuit.com 的投資者關係頁面上找到。我們不承擔更新任何前瞻性聲明的義務。

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.

這些評論中的某些數字是以非公認會計準則為基礎呈現的。我們在今天的新聞稿中核對了可比較的 GAAP 和非 GAAP 數字。除非另有說明，否則所有成長率均指當期與去年同期相比，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，我們準備好的評論和補充財務資訊的副本將在我們的網站上提供。

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

現在，我將把電話轉給薩桑。

Thanks, Kim. Thanks to all of you for joining us today. I hope you're all safe and well.

謝謝，金。感謝大家今天的參與。我希望你們都平安無事。

We had a very strong fourth quarter, capping off a dynamic fiscal year 2020. Full year revenue were 13%, and operating margin expanded. Total revenue growth was fueled by 15% growth in the Small Business and Self-Employed Group, and 13% growth in the Consumer Group. QBO and TTO platform revenue totaled $4.8 billion in fiscal year 2020, growing 22% year-over-year. With our AI-driven expert platform strategy and the focus on our 5 big bets, we're building momentum and accelerating innovation in the current environment, which we believe positions us well for durable growth in the future.

我們在第四季表現非常強勁，為充滿活力的 2020 財年畫上了圓滿的句號。總收入的成長主要得益於小型企業和自僱群體 15% 的成長以及消費者群體 13% 的成長。 2020財年QBO和TTO平台營收總計48億美元，年增22%。憑藉我們以人工智慧為驅動的專家平台策略以及對五大賭注的關注，我們正在當前環境中積累動力並加速創新，我們相信這為我們未來的持久增長奠定了良好的基礎。

Since we just finished tax season, let's start there. This tax season was like no other, and our team delivered a strong season in uncertain environment by executing on our strategy of expanding our lead in the do-it-yourself category, transforming the assisted category and disrupting consumer finance.

因為我們剛結束納稅季，所以我們就從這裡開始吧。這個納稅季與其他季節不同，我們的團隊透過執行擴大我們在 DIY 類別中的領先地位、轉變輔助類別和顛覆消費金融的策略，在不確定的環境中取得了強勁的業績。

Based on our estimates, excluding stimulus filings of approximately $7 million to $8 million, the do-it-yourself category share grew over 2 points this season. We grew our share of total returns and posted 11% customer growth, the strongest in 4 years, while growing revenue double digits for the third year in a row. We grew the base of customers paying us nothing just over 20%, posted double-digit growth of new customers across underpenetrated segments, including Latinx, self-employed and customers with investments, and grew TurboTax Live customers nearly 70%.

根據我們的估計，不包括約 700 萬至 800 萬美元的刺激計劃申請，本季 DIY 類別的份額增加了 2 個百分點以上。我們的總回報份額增加，客戶成長率達到 11%，為 4 年來最強勁的成長，同時收入連續第三年實現兩位數成長。我們的不需支付任何費用的客戶群成長了 20% 多一點，在滲透率不足的細分市場（包括拉丁裔、自僱人士和有投資的客戶）的新客戶數量實現了兩位數成長，而 TurboTax Live 客戶數量增加了近 70%。

Now turning to Small Business. Revenue for the Small Business and Self-Employed Group grew 16% in the fourth quarter and 15% for the year. Online Ecosystem revenue grew 29% in the fourth quarter, including 4 points of nonrecurring revenue from the Paycheck Protection Program and 31% for the year. We are seeing the resiliency of our platform following a dip in demand earlier this year when shelter in place shut down many small businesses. We're now seeing recovering trends across our platform, including improved retention rates, payments volume and employees paid with our payroll offerings, as customers continue to allow on QuickBooks as the source of truth for their business. With that said, there remains a great deal of uncertainty in the market, particularly for small businesses, as the pandemic continues to run its course.

現在轉向小型企業。小型企業和自營商團體的收入在第四季度增長了 16%，全年增長了 15%。線上生態系統收入在第四季度增長了 29%，其中包括來自薪資保護計劃的非經常性收入的 4 個百分點，全年增長了 31%。今年早些時候，由於「居家避疫」措施導致許多小型企業關閉，需求下降，現在我們看到了我們平台的彈性。現在，我們看到整個平台呈現復甦趨勢，包括留存率提高、支付量增加以及使用我們的工資產品支付員工工資，因為客戶繼續允許使用 QuickBooks 作為其業務的真實來源。儘管如此，隨著疫情的持續發展，市場仍然存在很大的不確定性，特別是對於小型企業而言。

Next, I'll turn to the progress of our AI-driven expert platform strategy and how we are executing against our 5 big bets. These big bets focus on the largest problems our customers face and represent durable growth opportunities for Intuit. I will cover big bet #1 last as it accelerates innovation across our platform and is foundational to the other bets.

接下來，我將介紹我們的人工智慧驅動專家平台策略的進展，以及我們如何執行我們的五大賭注。這些大賭注集中在我們的客戶所面臨的最大問題，並為 Intuit 帶來持久的成長機會。我將最後介紹大賭注#1，因為它加速了我們整個平台的創新，並且是其他賭注的基礎。

Big bet #2 is connect people to experts. One of the largest problems our customers face is lack of confidence to do their own taxes and to manage their business. We're connecting customers to experts on our platform to solve this problem with TurboTax Live and QuickBooks Live, allowing us to reach more customers, deepen our engagement and grow ARPC.

第二個大賭注是將人們與專家聯繫起來。我們的客戶面臨的最大問題之一是缺乏對自己納稅和管理業務的信心。我們正在將客戶與我們平台上的專家聯繫起來，使用 TurboTax Live 和 QuickBooks Live 解決這個問題，讓我們能夠接觸到更多的客戶，加深我們的參與度並發展 ARPC。

Within TurboTax Live, we had a terrific season. The number of TurboTax Live customers grew nearly 70%. We provided new ways for customers to access an expert throughout the filing process, contributing to first-year retention and conversion rates increasing several points. And almost 70% of new TurboTax customers who use our Live offering came from an assisted method the prior year, a higher percentage than TurboTax Online. For experts on our platform, we saw higher satisfaction scores and lower attrition as we focus on improving the expert experience.

在 TurboTax Live 中，我們度過了一個非常棒的季節。 TurboTax Live 客戶數量增加了近 70%。我們為客戶提供了在整個申請過程中聯繫專家的新方式，這有助於第一年的保留率和轉換率提高幾個點。而且，在使用我們 Live 產品的新 TurboTax 客戶中，幾乎 70% 的人去年都是透過輔助方法獲得客戶的，這一比例高於 TurboTax Online。對於我們平台上的專家，由於我們專注於改善專家體驗，我們看到了更高的滿意度分數和更低的流失率。

For QuickBooks Live, we're proud of the progress we've made this year, building on the virtual expert platform we created for TurboTax Live. With the rapid adoption of virtual solutions, we continue to see encouraging early signs for QuickBooks Live as we further develop the offering with a higher percentage than expected of customers upgrading to a monthly subscription from our setup offering we introduced in January.

對於 QuickBooks Live，我們為今年的進步感到自豪，這是在我們為 TurboTax Live 創建的虛擬專家平台的基礎上取得的。隨著虛擬解決方案的快速採用，我們繼續看到 QuickBooks Live 令人鼓舞的早期跡象，因為我們進一步開發了該產品，從我們在一月份推出的安裝服務升級到按月訂閱的客戶比例高於預期。

Our third big bet is to unlock smart money decisions by connecting customers with financial offerings that help put more money in their pockets. In its third season, we more than doubled monthly active use for Turbo and increased customer retention rates as we grew registered users by 8 million to 22 million. This suggests customers are finding value from our recently introduced innovations, such as refund tracking and bill setting. We expect our pending acquisition of Credit Karma to be more important than ever in this challenging environment as we work to help consumers save money, get out of debt and have faster access to money. We continue to expect the transaction to close the second half of calendar year 2020.

我們的第三個大賭注是透過向客戶提供能夠幫助他們賺更多錢的金融產品來解鎖明智的理財決策。在第三季，Turbo 的每月活躍使用量增加了一倍多，註冊用戶增加了 800 萬，達到 2,200 萬，客戶保留率也提高了。這表明客戶從我們最近推出的創新中發現了價值，例如退款追蹤和帳單設定。我們預計，在這種充滿挑戰的環境下，我們對 Credit Karma 的收購將比以往任何時候都更加重要，因為我們致力於幫助消費者省錢、擺脫債務並更快地獲得資金。我們仍預計該交易將於 2020 年下半年完成。

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.

我們的第四大賭注是成為小型企業成長的中心，幫助我們的客戶快速獲得付款、管理資金、自信地支付員工工資並在全通路世界中成長。

We recently launched QuickBooks Cash, a small business bank account that provides full visibility into small businesses' current and future financial picture, with the ability to move money instantly and to ensure this money is working for them while leveraging the built-in accounting capabilities of QuickBooks. The Cash account earns an attractive interest rate, enables small businesses to set aside funds for upcoming expenses and envelopes and comes with a debit card. It's fully integrated with QuickBooks Payments and Payroll, enabling a small business to pay a worker or vendor the same day they receive the funds from a customer. It also includes an integrated cash flow planner to predict future cash needs. We're very excited to learn fast and scale this new innovation.

我們最近推出了 QuickBooks Cash，這是一個小型企業銀行帳戶，可讓企業全面了解其當前和未來的財務狀況，能夠即時轉移資金並確保這些資金為他們服務，同時利用 QuickBooks 的內建會計功能。現金帳戶可以獲得誘人的利率，使小型企業能夠留出資金用於即將到來的開支和信封，並附帶借記卡。它與 QuickBooks Payments 和 Payroll 完全集成，使小型企業能夠在收到客戶資金的同一天向工人或供應商付款。它還包括一個綜合現金流規劃器來預測未來的現金需求。我們非常高興能夠快速學習並擴展這項新創新。

We continue to support our small business customers by helping them access the Paycheck Protection Program, or PPP, through QuickBooks Capital. As of July 31, Intuit helped make available just over $1.2 billion of approved small business loans to customers. We've helped approximately 37,000 small businesses access loans, with an average loan of nearly $38,000, keeping over 220,000 employees on payrolls.

我們將繼續支持我們的小型企業客戶，協助他們透過 QuickBooks Capital 存取薪資保護計畫（PPP）。截至 7 月 31 日，Intuit 已協助向客戶提供了超過 12 億美元的已批准小型企業貸款。我們已幫助約 37,000 家小型企業獲得貸款，平均貸款額接近 38,000 美元，並讓超過 220,000 名員工繼續領取薪水。

Finally, following the announced acquisition of TradeGecko's robust inventory and order management system, we look forward to sharing more with you at Investor Day about how we will integrate these capabilities into QuickBooks to help small businesses manage and grow in an omnichannel environment.

最後，在宣布收購 TradeGecko 強大的庫存和訂單管理系統之後，我們期待在投資者日與您分享更多有關如何將這些功能整合到 QuickBooks 中以幫助小型企業在全通路環境中進行管理和發展的信息。

Our fifth big bet is to disrupt the small business mid-market with QuickBooks Online Advanced, designed to address the needs of small businesses with 10 to 100 employees. Throughout the last year, we introduced features to help customers individually tailor the offerings to their needs, including workflow automation, build your own dashboard, custom fields for expense transactions and batch invoicing and payments. We also continue to work closely with partners to establish deeper integrations with premium apps, with the goal to save our customers' time by personalizing the offering and improving their experience. Now more than ever, a simple, flexible cloud offering is needed by mid-market customers at a disruptive price.

我們的第五個大賭注是用 QuickBooks Online Advanced 顛覆小型企業中端市場，該產品旨在滿足擁有 10 到 100 名員工的小型企業的需求。在過去的一年裡，我們推出了各種功能來幫助客戶根據自己的需求自訂產品，包括工作流程自動化、建立自己的儀表板、費用交易的自訂欄位以及批量發票和付款。我們也繼續與合作夥伴密切合作，與優質應用程式建立更深層的整合，目標是透過個人化產品和改善客戶體驗來節省客戶的時間。現在，中階市場客戶比以往任何時候都更需要以顛覆性的價格獲得簡單、靈活的雲端產品。

Let me wrap up our big bets by circling back to big bet #1, which is our foundational bet to revolutionize speed to benefit for our customers. Our goal is to put more money in our customers' pockets, eliminate friction and deliver confidence at every touch point by using AI and customer insight.

讓我透過回到第一個大賭注來總結我們的大賭注，這是我們徹底改變速度以造福客戶的基礎賭注。我們的目標是利用人工智慧和客戶洞察，讓客戶賺更多的錢，消除摩擦，並在每個接觸點上傳遞信心。

Here are a couple of examples of the progress that we're making. First, we accelerated use of AI and increased the number of models deployed across our platform by over 50% this year. This increased use of AI drove a variety of customer benefits including saving customers 25,000 hours with self-help and cutting expert review time in half, improving customer confidence.

以下是我們取得的進展的幾個例子。首先，我們加速了人工智慧的使用，今年我們平台上部署的模型數量增加了50%以上。人工智慧的使用範圍擴大，為客戶帶來了多種益處，包括透過自助方式為客戶節省了 25,000 小時，將專家審核時間縮短了一半，從而提高了客戶信心。

Second, we completed the migration of our data centers to the cloud while expanding our core technology capabilities. This enabled us to decrease downtime by 30%, triple the speed of delivery on our modern development platform and increased mobile application deployments by 60%. We can now launch new features in a fraction of the time it once took and deliver customer benefit with even greater speed.

第二，我們完成了資料中心向雲端的遷移，同時擴展了我們的核心技術能力。這使我們能夠將停機時間減少 30%，將現代開發平台的交付速度提高三倍，並將行動應用程式部署提高 60%。我們現在可以在很短的時間內推出新功能，並以更快的速度為客戶帶來利益。

As I shared earlier, we believe the current environment is acting 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.

正如我之前所說，我們相信當前的環境正在加速這些賭注。幾乎每個人都在尋找虛擬解決方案。小型企業正在加速向線上和全通路商務轉變。消費者和小企業都在尋找辦法賺取更多的錢。

To wrap up, I am incredibly proud of our accomplishments this year. We remain focused on what matters most to our customers and what we can control during this time of uncertainty.

總而言之，我為我們今年的成就感到無比自豪。我們仍然專注於對客戶最重要的事情以及在這個不確定的時期我們能夠控制的事情。

Now let me hand it over to Michelle.

現在讓我把它交給米歇爾。

Thanks, Sasan. Good afternoon, everyone. We are successfully executing on the principles we laid out last quarter for operating in a downturn. These principles are designed to accelerate our execution and help both our customers and Intuit emerge from a downturn stronger than ever.

謝謝，薩桑。大家下午好。我們正在成功執行上個季度製定的經濟低迷時期營運的原則。這些原則旨在加速我們的執行，並幫助我們的客戶和 Intuit 以前所未有的強大力量擺脫經濟衰退。

Let me now turn to our results. As a reminder, fourth quarter reflects -- fourth quarter results reflect a shift of a significant portion of tax filings out of the third quarter and into the fourth quarter.

現在讓我來談談我們的結果。提醒一下，第四季的業績反映出，很大一部分報稅從第三季轉移到了第四季。

For the fourth quarter of fiscal 2020, we delivered revenue of $1.8 billion, GAAP operating income of $483 million versus a loss of $153 million last year, non-GAAP operating income of $616 million versus a loss of $47 million last year, GAAP diluted earnings per share of $1.68 versus a loss per share of $0.17 a year ago and non-GAAP diluted earnings per share of $1.81 versus a loss per share of $0.09 last year.

2020財年第四季，我們實現營收18億美元，GAAP營業收入4.83億美元，去年同期虧損1.53億美元，非GAAP營業收入6.16億美元，去年同期虧損4,700萬美元，GAAP稀釋每股收益1.68美元，去年同期每股虧損0.17美元，非每股收益每股收益。

Turning to the business segments. Consumer Group revenue grew 13% in fiscal 2020. TurboTax units grew 11%, and our retention rate increased again this year for our online tax customers.

轉向業務部門。 2020 財年，消費者集團營收成長了 13%。

There are 4 primary drivers in our Consumer business. The first is the total number of returns filed with the IRS. Based on the latest IRS data through July 24, we estimate total returns, including paper filings, grew 3% to 4%. This excludes approximately $7 million to $8 million stimulus-only filings.

我們的消費者業務有四個主要驅動力。第一個是向美國國稅局提交的納稅申報表總數。根據截至 7 月 24 日的最新 IRS 數據，我們估計包括紙本文件在內的總退稅額增加了 3% 至 4%。這還不包括約 700 萬至 800 萬美元的僅用於刺激計劃的申請。

The second is the percentage of those returns filed using do-it-yourself software. Excluding stimulus-only filings, we estimate category share grew over 2 points this season, the fastest pace in 15 years. As a reminder, DIY category growth is our largest revenue growth lever.

第二個是使用自助軟體提交的申報表的百分比。不包括僅用於刺激計劃的申請，我們估計本季類別份額增長了 2 個百分點以上，是 15 年來的最快速度。提醒一下，DIY 類別的成長是我們最大的營收成長槓桿。

The third driver is our share within DIY. Excluding stimulus-only filings, we estimate our share of total tax returns grew over 1.5 points, and our share of the category was flat.

第三個驅動因素是我們在 DIY 中的份額。不包括僅限刺激計劃的申報，我們估計我們在總納稅申報中的份額增長了 1.5 個百分點以上，而我們在該類別中的份額持平。

The fourth is average revenue per return, which increased again this season. The growth reflects the stronger contribution by TurboTax Live and minor price increases in the Premier product and state attach.

第四是平均每次回歸的收入，本季再次增加。這一增長反映了 TurboTax Live 的更大貢獻以及 Premier 產品和國家附加費的小幅價格上漲。

Turning to the Strategic Partner Group. We reported $493 million of professional tax revenue in fiscal 2020, up 4%.

轉向策略合作夥伴集團。我們報告稱，2020 財年的專業稅收收入為 4.93 億美元，成長 4%。

In the Small Business and Self-Employed Group, revenue grew 16% during the quarter and 15% in fiscal 2020 including nonrecurring PPP revenue. Excluding PPP, Small Business and Self-Employed Group revenue grew 13% during the quarter and 14% in fiscal 2020, reflecting the impact of the pandemic on small businesses.

在小型企業和自營商集團，包括非經常性 PPP 收入在內的本季營收成長了 16%，2020 財年營收成長了 15%。不包括PPP，小型企業和自僱人士團體收入在本季成長了13%，在2020財年成長了14%，反映了疫情對小型企業的影響。

Online Ecosystem revenue remained resilient with growth of 29% during the quarter and 31% during the year including nonrecurring PPP revenue. Excluding PPP, online ecosystem revenue grew 25% in fiscal Q4, and 30% in fiscal 2020.

線上生態系統營收保持強勁，本季成長 29%，全年成長 31%，其中包括非經常性 PPP 收入。不包括PPP，線上生態系統營收在第四財季成長了25%，在2020財年成長了30%。

Our strategic focus within Small Business and Self-Employed is to grow the core, connect the ecosystem and expand globally. Last quarter, I shared recent business trends, and I'd like to update you on those same trends compared to pre-COVID levels in the first half of the third quarter.

我們在小型企業和自僱領域的策略重點是發展核心、連結生態系統和擴展全球業務。上個季度，我分享了最近的業務趨勢，我想向大家介紹一下與第三季上半月疫情之前的水平相比這些趨勢的變化。

First, we continue to focus on growing the core. QuickBooks Online accounting revenue grew 34% in fiscal Q4, driven mainly by customer growth, higher effective prices and, to a lesser extent, mix shift. During the fourth quarter, QBO new customer acquisition accelerated by approximately 10 points versus the second half of the third quarter but is still down 5 points from pre-COVID levels. Retention within the existing customer base improved during Q4, but full year QBO retention is down 2 points to 77%.

首先，我們持續注重核心業務的成長。 QuickBooks Online 會計收入在第四財季成長了 34%，主要得益於客戶成長、實際價格上漲以及（在較小程度上）產品組合轉變。第四季度，QBO 新客戶獲取量較第三季後半段加速約 10 個百分點，但仍比疫情前的水準下降 5 個百分點。第四季度現有客戶群的保留率有所提高，但全年 QBO 保留率下降 2 個百分點至 77%。

Second, we continue to focus on connecting the ecosystem. Online services revenue grew 21% in fiscal Q4, driven by payments, PPP loans, payroll and time tracking. Excluding nonrecurring PPP revenue, online services revenue grew 12%.

第二，我們繼續注重連結生態系。在支付、PPP 貸款、薪資單和時間追蹤的推動下，第四季度線上服務收入成長了 21%。不包括非經常性PPP收入，線上服務收入成長了12％。

Within payroll, we continue to see revenue tailwinds during the quarter from a mix shift to our full-service offering. The number of workers paid was roughly flat year-over-year in the fourth quarter, improving from a 10% year-over-year decrease during the second half of the third quarter but still 20 points below pre-COVID levels.

在薪資方面，我們繼續看到本季收入從混合轉變到全方位服務帶來的順風。第四季度，有薪工人數量與去年同期基本持平，較第三季後半段 10% 的年減幅有所改善，但仍比疫情前的水平低 20 個百分點。

Similarly, the number of companies running payroll grew approximately 10% year-over-year in the fourth quarter, improving from flat year-over-year in the second half of the third quarter. This is still 5 points below pre-COVID levels.

同樣，第四季發放薪資的公司數量年增約 10%，較第三季後半段的年持平有所改善。這仍然比新冠疫情之前的水平低 5 個百分點。

Within payments, revenue growth reflects continued customer growth along with an increase in charge volume per customer. Payment charge volume grew 15% in the fourth quarter, improving from flat year-over-year in the second half of the third quarter. This is still 15 points below pre-COVID levels.

在支付領域，收入成長反映了客戶的持續成長以及每個客戶的收費量的增加。第四季支付費用總額增加了15%，較第三季後半段的年持平有所改善。這仍比新冠疫情前的水準低 15 個百分點。

Third, our progress expanding globally added to the growth of Online Ecosystem revenue during fiscal Q4. Total international online revenue grew 31%, reflecting subscriber and ARPC growth earlier in the fiscal year.

第三，我們在全球擴張方面的進展促進了第四季度線上生態系統收入的成長。國際線上總收入成長了 31%，反映了本財年早些時候用戶和 ARPC 的成長。

Desktop Ecosystem revenue was up 3% in the fourth quarter and roughly flat for the year. Excluding nonrecurring PPP revenue, Desktop Ecosystem revenue was flat in the fourth quarter. The decline in desktop units moderated in the fourth quarter, and QuickBooks Desktop Enterprise revenue grew mid-single digits.

桌面生態系統營收第四季成長 3%，全年基本持平。除非經常性 PPP 收入外，桌面生態系統收入在第四季度持平。第四季桌上型電腦銷售的下滑勢頭有所緩和，QuickBooks Desktop Enterprise 收入實現了中等個位數成長。

Intuit helped facilitate more than $1.2 billion in small business loans from the Paycheck Protection Program through QuickBooks Capital. This resulted in approximately $30 million in nonrecurring revenue in the fourth quarter.

Intuit 透過 QuickBooks Capital 協助從薪資保護計畫中獲得了超過 12 億美元的小型企業貸款。這導致第四季的非經常性收入約為3000萬美元。

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%. 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.

談談我們的財務原則。我們仍致力於使有機收入達到兩位數成長，並使營業收入的成長速度快於收入的成長速度。我們採取嚴謹的資本管理方法，將產生的現金投資於預期投資報酬率超過 15% 的機會。我們將繼續致力於將資源重新分配到首要任務上，並致力於成為一個人工智慧驅動的專家平台。儘管我們認識到在當前環境下我們可能無法實現這些原則，但這些原則仍然是我們的長期承諾。

During the fourth quarter, we refocused our investments to ensure our capabilities are aligned against our AI-driven expert platform strategy and big bets. This resulted in the departure of over 700 employees and a onetime charge of $43 million in both GAAP and non-GAAP results. We plan to hire about 700 employees in our most strategic areas, including systems, full stack and data engineering, data science, customer success and sales.

在第四季度，我們重新調整了投資重點，以確保我們的能力與我們的人工智慧驅動的專家平台策略和大賭注保持一致。這導致超過 700 名員工離職，並對 GAAP 和非 GAAP 業績產生 4,300 萬美元的一次性費用。我們計劃在最具戰略意義的領域招募約 700 名員工，包括系統、全端和資料工程、資料科學、客戶成功和銷售。

Turning back to our financial principles. 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 $7.1 billion in cash and investments on our balance sheet.

回到我們的財務原則。我們的首要任務是投資業務以推動客戶和收入成長。我們考慮透過收購來加速我們的成長並完善我們的產品路線圖。我們透過股票回購和股利將無法在業務中獲利投資的多餘現金回饋給股東。本季結束時，我們的資產負債表上現金和投資約為 71 億美元。

In June, we issued $2 billion in senior notes to fund a portion of the Credit Karma acquisition and for other general corporate purposes. These notes carry a blended coupon rate of 1.15%. Following the end of the quarter, we repaid the $1 billion balance on our revolver.

6 月份，我們發行了 20 億美元的優先票據，為 Credit Karma 收購提供部分資金以及其他一般公司用途。這些票據的混合票面利率為 1.15%。本季結束後，我們償還了循環信貸的 10 億美元餘額。

We did not repurchase any stock during the fourth quarter as we have 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.

由於我們暫停了與 Credit Karma 收購相關的股票購買，因此我們在第四季度沒有回購任何股票。我們的授權金額還剩餘約 24 億美元，我們預計未來將進入市場。

The Board approved a quarterly dividend of $0.59 per share, payable October 19, 2020. This represents an 11% increase versus last year.

董事會批准每股 0.59 美元的季度股息，將於 2020 年 10 月 19 日支付。

Looking ahead to fiscal 2021. While we are not providing company-level guidance today, reflecting uncertainty in small business trends, we believe the current environment accelerated our consumer results this season, creating a more challenging comparison for next year.

展望 2021 財年。

We see several scenarios for how the economic recovery may impact our Small Business performance and that we are considering as we run the business. The first scenario is that the pace of economic recovery continues at its current pace, reaching normalized growth in the spring of 2021. Under this scenario, we could see Small Business and Self-Employed Group revenue grow high single digits.

我們看到了經濟復甦可能如何影響我們小型企業績效的幾種情況，我們在經營企業時也會考慮這些情況。第一種情景是，經濟復甦步伐繼續以目前的速度進行，並在2021年春季達到正常化增長。

The second scenario is a more gradual opening of the economy, including ongoing headwinds from small business failures. This W-shaped recovery assumes cases increase during the winter months, coinciding with our peak season in the U.S. Under this scenario, we could see Small Business and Self-Employed Group revenue grow mid-single digits.

第二種情況是經濟較為漸進開放，包括小企業倒閉帶來的持續阻力。這種 W 型復甦假設病例在冬季增加，恰逢美國的疫情旺季。

The third scenario is a choppy recovery and more than one wave of small business failures or shutdowns, creating a double W-shaped recovery. Under this scenario, we could see Small Business and Self-Employed Group revenue flat to up low single digits.

第三種情況是經濟復甦波動，出現多波小企業倒閉或倒閉潮，形成雙W型復甦。在這種情況下，我們可以看到小型企業和自營團體的收入持平或上漲個位數。

In addition, we expect slower Small Business and Self-Employed revenue growth in the first half as compared to the second half of fiscal 2021. We supported customers during the second half of 2020 by delaying price increases, migration to our new payroll offerings and upgrades to QBO Advanced.

此外，我們預計上半年小型企業和自僱人士的收入成長將比 2021 財年下半年放緩。

As a reminder, we began rolling out a QBO price increase in first quarter of fiscal 2020, and we'll start lapping the full impact of that increase in the second quarter of fiscal 2021. Keep in mind that there's also a lagging impact to QuickBooks Online accounting revenue from the slower customer acquisition and higher attrition we experienced during third quarter.

提醒一下，我們在 2020 財年第一季開始推出 QBO 價格上漲，並且我們將在 2021 財年第二季度開始全面承擔此次上漲的影響。

To reiterate, our long-term expectations include revenue growth of 8% to 12% for the Consumer Group and 10% to 15% for the Small Business and Self-Employed Group. We continue to expect Online Ecosystem revenue growth of more than 30% longer term. Lastly, we expect the GAAP and non-GAAP tax rate of 23% for fiscal 2021.

重申一下，我們的長期預期是消費者集團的營收成長 8% 至 12%，小型企業和自僱人士集團的營收成長 10% 至 15%。我們繼續預期線上生態系統收入長期成長率將超過30%。最後，我們預期 2021 財年的 GAAP 和非 GAAP 稅率為 23%。

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

說完這些，我會把話題轉回給薩桑。

Great. Thanks, Michelle. I'm very proud of the team and all that we've accomplished together in fiscal year 2020. We're uniquely positioned to make a positive impact on the world as our mission has never been more meaningful than now: to power prosperity around the world.

偉大的。謝謝，米歇爾。我為我們的團隊以及我們在 2020 財年共同取得的成就感到非常自豪。 我們擁有獨特的優勢，可以對世界產生積極影響，因為我們的使命從未像現在這樣有意義：為世界各地的繁榮提供動力。

I look forward to sharing with you how our strategy of an AI-driven expert platform and our 5 big bets are accelerating innovation at our Virtual Investor Day on September 23.

我期待在 9 月 23 日的虛擬投資者日上與大家分享我們的人工智慧驅動專家平台策略以及五個賭注如何加速創新。

Let's now open it up to your questions.

現在讓我們來回答你們的問題。

(Operator Instructions) Our first question comes from the line of Brad Zelnick of Crédit Suisse.

（操作員指示）我們的第一個問題來自瑞士信貸的布拉德·澤爾尼克 (Brad Zelnick)。

Excellent. Congrats on a really strong finish to the year. Sasan, I wanted to get your take on some recent forecasts that have been made by the IRS that there would be about 37 million fewer W-2 employee-classified jobs in 2021 with this lower level of employment persisting through 2027. And they also see fewer filings of 1099 forms and about 1.6 million more gig workers. So number one, how important or accurate do you think these forecasts are? And two, does this reality or environment impact how you'll be thinking about the medium-term growth algorithm of the tax business, especially as it relates to overall filings?

出色的。恭喜您順利完成了今年的收官。 Sasan，我想聽聽您對美國國稅局最近做出的一些預測的看法。那麼第一點，您認為這些預測有多重要或準確？第二，這種現實或環境是否會影響您對稅務業務中期成長演算法的看法，尤其是與整體申報相關的演算法？

Sure. Thanks, Brad. I hope all is well with you, my friend. So let me -- I'm aware of the stats. Maybe if I can just touch on history and touch on how we think about the future. If I take us back to the recession in 2008 and the way that played out in '08 and '09, what we in essence saw with filings that were kind of flat to down just a little bit. And so even in very tough times, you saw a general flat environment when it came to a number of filings. Now these times are a bit different than '08 and '09, but history is always important to look at.

當然。謝謝，布拉德。我希望你一切都好，我的朋友。所以讓我——我知道統計數據。也許我可以談談歷史並談談我們對未來的看法。如果回顧 2008 年的經濟衰退以及 2008 年和 2009 年的情形，我們基本上看到的是申請數量持平或略有下降。因此，即使在非常困難的時期，當涉及大量申請時，你會看到整體平穩的環境。現在的情況與2008年和2009年有些不同，但回顧歷史總是很重要的。

When we look ahead, a couple of things. One is unemployment was very low at the beginning of this fiscal year, and unemployment also gets taxed. And so when we think about 2021 and beyond, they're maybe -- the filings may be down a bit, or they're maybe close to flat. It does not at all change our strategic focus. And just as a refresher, we're really focused on expanding our lead in the do-it-yourself category. There's still a massive opportunity that I believe we're just getting started in transforming the assisted category. And so when you look at our penetration in the assisted category, when you look at the opportunity we still have in expanding the do-it-yourself category, we believe that the long-term expectations of what we've set around 8% to 12% Consumer Group revenue growth still stands. But that's how we think about the couple of years that are upcoming given the number of folks that are unemployed.

當我們展望未來時，有幾件事。一是本財年初失業率很低，失業人口也要課稅。因此，當我們考慮 2021 年及以後時，申請數量可能會下降，也可能接近持平。這絲毫不會改變我們的戰略重點。需要提醒的是，我們真正專注於擴大我們在 DIY 類別中的領先地位。我相信，我們在轉變輔助類別方面才剛開始，仍然存在著巨大的機會。因此，當您看到我們在輔助類別的滲透率時，當您看到我們在擴大 DIY 類別方面仍有機會時，我們相信，我們設定的 8% 至 12% 左右的消費者集團收入增長的長期預期仍然有效。但考慮到失業人數，我們對未來幾年的情況就是這樣的。

And Michelle, if I could just follow-up with you on your comments about a difficult compare and tax into this year, specifically, if we think about the very strong penetration and growth in TTO. Is it fair to say that investors should expect slowing of the penetration rate just because -- I mean this year seems to have been clearly a perfect storm if anybody were to enter the category and especially to try TTO. How are you thinking about that?

米歇爾，如果我可以跟進您關於今年困難的比較和稅收的評論，具體來說，如果我們考慮到 TTO 非常強勁的滲透和增長。是否可以公平地說，投資者應該預期滲透率會放緩，因為——我的意思是，如果有人要進入這個類別，特別是嘗試 TTO，今年似乎顯然是一場完美風暴。您對此有何看法？

Brad, I hope you're doing well, too. I would say a couple of things. I mean what Sasan just said applies to your question. Our strategic focus is not changing. We continue to focus on expanding our lead in DIY and also transforming assisted with the TurboTax Live product. There may have been some -- a little bit more of a challenge this year, more people filing from home. But we think that there's just a large opportunity for us to continue to focus on our strategy of bringing folks into the category and bringing folks into TurboTax Live. We're really proud of the progress we made this year with the 70% increase in customers. And we do believe that we will continue to build on the tailwinds from this year.

布拉德，我也希望你一切順利。我想說幾件事。我的意思是 Sasan 剛才說的話適用於您的問題。我們的戰略重點沒有改變。我們繼續致力於擴大我們在 DIY 方面的領先地位，並藉助 TurboTax Live 產品進行轉型。今年可能會有一些更大的挑戰，因為有更多的人在家提交申請。但我們認為，我們有很大機會繼續專注於我們的策略，將人們帶入該類別並將人們帶入 TurboTax Live。今年客戶數量增加了 70%，我們對所取得的進步感到非常自豪。我們確實相信，我們將繼續利用今年的順風優勢。

Thank you so much...

太感謝了...

Yes, one thing I would add -- oh, sorry, Brad. Just one thing I would add that's complementary to what Michelle just shared, the facts are always friendly, right? And when you think about those 86 million folks that are in the assisted category, it's a $20 billion TAM, and this is now heading into our sort of fourth year in transforming the category. We've not really even hit the inflection point of what's possible. So just -- it's an important reminder that we're in the early days of transforming the assisted category.

是的，我想補充一點——哦，對不起，布拉德。我只想補充一點，與米歇爾剛才分享的內容相輔相成，事實總是友好的，對嗎？當您考慮到那些屬於輔助類別的 8,600 萬人時，其潛在市場規模為 200 億美元，而現在我們正進入轉型該類別的第四年。我們甚至還沒有真正達到可能實現的轉折點。所以，這是一個重要的提醒，我們正處於輔助類別轉型的早期階段。

Your next question comes from the line of Ken Wong of Guggenheim Securities.

您的下一個問題來自古根漢證券公司的 Ken Wong。

Great. This first question is for you, Sasan. In the past, you've mentioned e-commerce as being a top priority. You guys made the acquisition of TradeGecko earlier. Just wondering kind of where we are in terms of that particular strategy. Anything else that needs to be tacked on here? Just would love to get some color on kind of how you're envisioning that part of your business, especially with the shift to e-commerce so evident this year.

偉大的。第一個問題是問你的，Sasan。過去您曾提到電子商務是重中之重。你們早些時候收購了 TradeGecko。我只是想知道我們在這一特定策略方面處於什麼位置。還有什麼需要在這裡補充的嗎？我只是很想了解您對這部分業務的設想，尤其是今年電子商務的轉變如此明顯。

Sure. Ken, I hope you're doing well. In terms of the question around e-commerce, I think the place I would start is one of the company's 5 big bets is about being the center of small business growth with a particular focus on transforming omnichannel commerce. And the biggest thing that we have found in our Follow-Me-Homes and the tests that we've run this past year is, for our customers, it's actually quite easy to launch on new channels, whether it's Etsy, whether it's Instagram, whether it's Facebook, Amazon. The biggest challenge they have is they actually choke their growth because they really lose sight of which customers are coming from which channels, the profitability, the connection to their inventory and, ultimately, fulfillment. So the worst thing for a small business, particularly the ones that we serve, is not being able to fulfill an order.

當然。肯，我希望你一切都好。關於電子商務的問題，我認為我要從公司五大賭注之一開始，那就是成為小型企業成長的中心，特別注重轉型全通路商務。我們在「Follow-Me-Homes」專案和去年進行的測試中發現的最大問題是，對於我們的客戶來說，在新的管道上推出產品實際上相當容易，無論是 Etsy、Instagram、Facebook 還是亞馬遜。他們面臨的最大挑戰是他們實際上抑制了自己的成長，因為他們實際上忽略了哪些客戶來自哪些管道、獲利能力、與庫存的連結以及最終的履行情況。因此，對於小型企業（特別是我們服務的小型企業）來說，最糟糕的事情就是無法完成訂單。

So really, our focus is to truly be an agnostic open platform to partner with the channels that are out there, again, the ones that I mentioned, also partner with those that provide websites and also the POS providers while really focusing on the core of what matters most to our customers and our core competency, which is around helping customers -- our customers with understanding the profitability by channel, connecting into inventory. And so our acquisition of TradeGecko is, I think, a huge first step -- and we'll share what we're launching at Investor Day -- that really focuses on inventory and order management and allows our customers to really take control of the thing that right now they don't have control of to give them the confidence to then open up across other channels.

因此，我們的重點是真正成為一個中立的開放平台，與現有的管道合作，再次強調，就是我提到的那些，也與那些提供網站和 POS 提供商合作，同時真正專注於對我們的客戶和核心競爭力最重要的核心，即幫助客戶——我們的客戶了解渠道的盈利能力，連接到庫存。因此，我認為，我們收購 TradeGecko 是邁出的重要一步——我們將在投資者日分享我們推出的產品——該產品真正專注於庫存和訂單管理，讓我們的客戶真正掌控他們現在無法控制的事情，讓他們有信心開拓其他管道。

And so we'll not only share what we are launching at Investor Day, but we'll also reiterate the vision and where we're headed and what you can expect from us in the years to come. But this is a really important first step given all the work that we've done in the last year to be positioned to go after the, I would say, the highest-order problem that our customers say.

因此，我們不僅會在投資者日分享我們將推出的產品，而且還會重申我們的願景和發展方向以及未來幾年您可以對我們的期望。但考慮到我們去年所做的所有工作，這確實是一個重要的第一步，我們準備好解決客戶所說的最棘手的問題。

Okay. Perfect. And then, Michelle, a quick question for you. You gave us a rough sense of what the PPP impact was on revenue. Just wondering if you could maybe give us a sense of how that might have impacted margins and earnings just so we make sure that we don't kind of rattle through profitability that might be more onetime-ish.

好的。完美的。然後，米歇爾，我想問你一個簡單的問題。您向我們大致介紹了 PPP 對收入的影響。我只是想知道您是否可以告訴我們這可能會對利潤率和收益產生什麼影響，以便我們確保不會影響一次性的獲利能力。

Thanks, Ken. Yes. We're really proud of the work that the team did: utilizing our platform and our modern technology to be able to turn so quickly to provide a $1.2 billion in access to PPP loans for our small business customers in such a rough environment. As for margins, I would say, we really do manage our margins at the company level, and that's really how we think about this $30 million of revenue.

謝謝，肯。是的。我們為團隊所做的工作感到自豪：利用我們的平台和現代技術，能夠在如此艱難的環境下如此迅速地為我們的小型企業客戶提供 12 億美元的 PPP 貸款。至於利潤率，我想說，我們確實是在公司層級管理我們的利潤率，這也是我們對這 3,000 萬美元收入的看法。

Also, I would tell you that given the environment, the tightening of credit that we had done, this was really more of a trade-off for the QuickBooks Capital team and really putting the majority of their focus on PPP versus extending credit through QuickBooks Capital.

此外，我想告訴你，考慮到環境，我們已經收緊了信貸，這對 QuickBooks Capital 團隊來說實際上是一種權衡，他們將大部分精力放在 PPP 上，而不是透過 QuickBooks Capital 提供信貸。

Our next question comes from the line of Alex Zukin of RBC.

我們的下一個問題來自 RBC 的 Alex Zukin。

This is Robert Simmons on for Alex. So you kind of hinted at this, but with the acquisition, can you talk about what else you need to do to deliver on your omnichannel plans?

這是羅伯特·西蒙斯為亞歷克斯主持的節目。所以您暗示了這一點，但是對於此次收購，您能談談您還需要做些什麼來實現全通路計劃嗎？

Yes, Robert. Sure. I think the way you ought to think about it is when you put yourself in the shoes of a small business, there's a few things that they need to be able to do. They, depending on their products, may want to get set up on what we call the mega channels. Again, it could be the walmart.com, Etsy, Amazon, Instagram. They may want to be able to also have their own store setup. They may want to ensure that they have a POS provider to be able to transact with customers in a physical world.

是的，羅伯特。當然。我認為你應該這樣思考：當你站在小型企業的角度時，他們需要能夠做些什麼。根據他們的產品，他們可能希望在我們所謂的大型頻道上進行設定。再一次，它可能是 walmart.com、Etsy、Amazon、Instagram。他們可能也希望能夠擁有自己的商店。他們可能希望確保自己擁有 POS 供應商，以便能夠在現實世界中與客戶進行交易。

But then they also need to be able to manage all of their finances. They need to understand the profitability of their customers. It's got to be connected to inventories so inventory can automatically remind them that they're about to run out of inventory and to order more and to be able to fulfill their orders on time and so shipment and delivery on time; and also ensuring that their accounting is done right, that they're compliant; and if they need access to money and loans, that they have that ability. And in that context of making sure -- when you think about our platform, we've really been positioned over the years to deliver for service-based businesses. And this is an area where we believe we have a right to win to deliver product-based -- for our product-based businesses when it comes to financial compliance.

但他們也需要能夠管理所有的財務。他們需要了解客戶的獲利能力。它必須與庫存相連，這樣庫存就可以自動提醒他們庫存即將用完，需要訂購更多，並且能夠按時完成訂單，從而按時裝運和交貨；並確保他們的會計工作正確完成、合規；如果他們需要獲得資金和貸款，他們就有這個能力。在這種背景下，當您想到我們的平台時，我們會確保多年來我們一直致力於為服務型企業提供服務。我們相信，在這一領域，我們有權在財務合規方面贏得基於產品的業務——為我們基於產品的業務。

So right now, our initial focus is really just nailing order management and inventory management. It's actually critical to ensuring that our customers have the confidence they can fulfill orders and actually understand their profitability while we then establish partnerships beyond that with some of the channels that I mentioned, the POS providers and even some of the website builders. We truly want to be an open, agnostic platform to focus on the problems that matter most. And we believe an open platform is necessary to be able to ensure that customers have choice in how they choose to run their business.

所以現在，我們最初的重點實際上只是確定訂單管理和庫存管理。事實上，確保我們的客戶有信心完成訂單並真正了解他們的獲利能力至關重要，同時我們也要與我提到的一些管道、POS 提供者甚至一些網站建立者建立合作夥伴關係。我們真正希望成為一個開放的、不可知的平台，專注於最重要的問題。我們相信，開放平台是必要的，以確保客戶有權選擇如何經營自己的業務。

So initial focus is inventory and order management. And this is really about rapid testing, experimentation and scaling what works well, and that's the way we're thinking about it.

因此最初的重點是庫存和訂單管理。這其實是關乎快速測試、實驗和擴大有效的方法，這就是我們思考的方式。

Got it. Great. That makes sense. And then you also talk about what you've seen in terms of retention so far. Is this the area -- well, it's only been not quite 4 weeks, but kind of have you seen it stabilize or has improved? And what are you expecting going forward?

知道了。偉大的。這很有道理。然後您還會談談迄今為止在保留方面所看到的情況。這是該區域嗎——嗯，雖然才過了不到 4 週，但您是否看到它已經穩定下來或有所改善？您對未來有何期待？

Yes. We have -- as you heard Michelle talk to, we have experienced really all of our key trends improve. And retention, specific to your question, has improved from what we talked about last quarter. We do expect that it will be down approximately 2 points for the year, but we have seen an improvement over the last quarter.

是的。正如米歇爾您所聽到的，我們確實經歷了所有主要趨勢的改善。針對您的問題，我們談到的保留率比上個季度有所提高。我們確實預計今年的成長率將下降約 2 個百分點，但我們看到上個季度的成長率有所改善。

And I think more broadly, I would say that being the source of truth for our customers' business has always been the case. But I think this pandemic has actually even made us more relevant because the shift to online, whether it's payments, payroll, accounting, compliance, has just become even more critical than it was 4, 5 months ago. And so that, over time, may actually even impact retention more so, but we expect to be down 2 points for the year. And again, the trends have improved.

從更廣泛的角度來看，我認為我們始終是客戶業務的真相來源。但我認為這場疫情實際上使我們變得更具相關性，因為無論是支付、工資單、會計還是合規，向線上的轉變都比 4、5 個月前變得更加重要。因此，隨著時間的推移，這實際上可能會對保留產生更大的影響，但我們預計今年的保留率將下降 2 個百分點。而且，趨勢已經改善。

Our next question comes from Siti Panigrahi of Mizuho.

下一個問題來自瑞穗的 Siti Panigrahi。

Congratulations on a great quarter. Just want to ask you, Sasan, on your big bet #2, about connecting experts with Live platform. First on the TurboTax Live, I think the question would be retaining those Live customer, although it's too hard to say at this point. But could you share what kind of Net Promoter Score or any kind of feedback that your experts got from those new customer? That would be helpful.

恭喜您本季取得優異成績。我只想問你，Sasan，關於你的第二個大賭注，關於將專家與 Live 平台聯繫起來。首先關於 TurboTax Live，我認為問題在於留住那些 Live 客戶，儘管目前還很難說。但是您能否分享您的專家從這些新客戶那裡獲得了什麼樣的淨推薦值或任何類型的回饋？那將會很有幫助。

Yes, sure. Good to hear from you, Siti, and thank you for your kind words. We're really proud of the progress in TurboTax Live. Just as a reminder, one of the biggest things that we learned last year is we needed to really improve the first-time experience and the first-use experience for our customers. We needed to make sure that they had really access to an expert throughout the offering and actually reminding them that they have an access to an expert along the way; and on the other side, making the experience just really drop-dead easy for our experts, making sure that at the fingertips of our experts is insight for our customers so the moment they engage them, whether through chat or through video, that they can resolve their issue. Because this is really -- this is a digital platform, and it's a service offering, so the expert plays such a critical role in the experience.

是的，當然。很高興收到您的來信，Siti，感謝您的善意言語。我們對 TurboTax Live 的進步感到非常自豪。提醒一下，我們去年學到的最重要的事情之一就是我們需要真正改善客戶的首次體驗和首次使用體驗。我們需要確保他們在整個服務過程中都能真正接觸到專家，並實際上提醒他們，他們可以在整個過程中接觸到專家；另一方面，讓我們的專家獲得極其便捷的體驗，確保我們的專家能夠輕鬆獲取客戶的見解，以便客戶在與專家互動的那一刻，無論是透過聊天還是視頻，都能解決他們的問題。因為這確實是一個數位平台，是一項服務產品，所以專家在體驗中扮演著至關重要的角色。

And I would tell you that across the board, the metrics that we look at, our retention, conversion, it's PRS, product recommendation score, for both the customer that is using the platform and also the expert. Because the happier the expert is, the more they feel like they can solve the customer's problem, the higher, in essence, recommendation score that they give. And then we also look at efficiency. Are they effectively able to solve the customer's problem? And across the board, across every metric, it's been up and to the right. And so we have a lot of confidence. We're better this year than we were last year, and I have every bit of confidence we'll be better a year from now.

我要告訴你，我們全面關注的指標包括保留率、轉換率、PRS、產品推薦分數，無論是對於使用該平台的客戶還是專家而言。因為專家越高興，就越覺得自己能夠解決客戶的問題，所以他們給予的推薦分數其實就越高。然後我們還要看效率。他們能有效解決客戶的問題嗎？從各方面來看，它都是向上、向右的。因此我們非常有信心。我們今年的表現比去年更好，我完全有信心，一年後我們會更好。

But across all those key metrics, we significantly improved and so I would just expect our momentum and the kind of obsessive focus that our employees have on our customers to deliver better experiences both for our customers and for our experts. But that's a little bit of a snapshot as to the progress that we've made, up and to the right on all the key metrics.

但從所有這些關鍵指標來看，我們都取得了顯著的進步，因此我希望我們的動力以及我們的員工對客戶的那種執著關注能夠為我們的客戶和專家提供更好的體驗。但這只是我們對所取得進展的一個快照，所有關鍵指標都有所提升。

And a quick follow-up on the QBO side. It's actually surprising to see that 10-point acceleration of new customer acquisition. So this is your full quarter of the pandemic impact. I'm wondering what's driving that new customer growth at this point, although it's still below pre-COVID level. Or is it more people realized the complexity of PPP or any other driver? That will be helpful.

並對 QBO 方面進行快速跟進。新客戶獲取量加速 10 個百分點確實令人驚訝。這就是疫情對你們整個季度的影響。我想知道目前是什麼推動了新客戶的成長，儘管目前新客戶數量仍低於疫情之前的水平。或者是更多的人意識到了 PPP 或任何其他驅動程式的複雜性？這將會很有幫助。

Yes. One of the things that we have seen, and we're fortunate that our big bets are the core of the shift, which is we're seeing more and more folks shift to a virtual world. We're seeing more and more folks want to shift to online solutions and omnichannel solutions. And then third is money matters more than ever, whether you're a consumer, self-employed or a small business.

是的。我們看到的事情之一，也是我們幸運的是，我們的大賭注是這種轉變的核心，那就是我們看到越來越多的人轉向虛擬世界。我們看到越來越多的人希望轉向線上解決方案和全通路解決方案。第三，金錢比以往任何時候都更重要，無論您是消費者、自僱人士還是小型企業。

And I think the thing that we are experiencing, although, to your good point that we're not at pre-COVID level yet -- levels yet, is I think customers are seeing that using our cloud offering gives them the ability to be able to engage with customers in the cloud can help them avoid interaction in the physical world, higher usage of payments and payroll, potentially, over time and, frankly, being compliant because a lot of customers realized if they weren't compliant, it was hard for them to get access to loans.

我認為，儘管正如您所說，我們還沒有達到新冠疫情之前的水平，但我們正在經歷的是，客戶發現使用我們的雲端產品可以讓他們能夠在雲端與客戶互動，可以幫助他們避免在現實世界中的互動，隨著時間的推移，支付和工資的使用率可能會更高，而且坦率地說，合規性也會更高，因為不合規

So I think this environment has just -- we're seeing that shift to the cloud. And I think that's why we've seen an acceleration in our acquisition compared to where we were just a quarter ago, although still below the pre-COVID levels.

所以我認為這個環境剛剛——我們正在看到向雲端的轉變。我認為這就是為什麼我們的收購與一個季度前相比有所加速，儘管仍低於新冠疫情之前的水平。

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。

Sasan, I was just wondering if you could talk a little bit on the Small Business side. Just how sensitive are customers to pricing changes right now given the economic backdrop? And I guess, how does that influence your strategy around maybe some of your higher-value products like QBO Live and QBO Advanced as you go into fiscal '21? Just trying to get a sense on does the macro dynamic have an influence on your strategy around that.

Sasan，我只是想知道您是否可以談談小型企業方面的情況。考慮到目前的經濟背景，消費者對價格變化的敏感度到底有多高？我想，當您進入 21 財年時，這會對您圍繞一些高價值產品（如 QBO Live 和 QBO Advanced）的策略產生什麼影響？只是想了解宏觀動態是否對你的策略有影響。

Sure, Kurt. Good to hear from you, and I hope you're safe and well. Particularly, in the area that you asked the question, we're actually the low-cost alternative, both with QuickBooks Live and QuickBooks Advanced. When you look at QuickBooks Advanced, first of all, this is one of the teams that's just innovating at a very rapid pace to ensure that our mid-market customers have all the capabilities that they need to be able to run their business, whether it's something we built or other apps that our partners build on our platform, but at a very disruptive price. So I would say in some ways, QuickBooks Advanced becomes even more attractive than otherwise in this current environment because we're the low-cost provider.

當然，庫爾特。很高興收到您的來信，希望您一切平安。特別是，在您提出問題的領域，我們實際上是低成本的替代方案，包括 QuickBooks Live 和 QuickBooks Advanced。首先，當您查看 QuickBooks Advanced 時，這是一支正在以非常快的速度進行創新的團隊，以確保我們的中端市場客戶擁有運營業務所需的所有功能，無論是我們構建的產品還是我們的合作夥伴在我們的平台上構建的其他應用程序，但價格卻極具顛覆性。因此我想說，從某種程度上來說，QuickBooks Advanced 在當前環境下變得比其他產品更有吸引力，因為我們是低成本供應商。

And I would say the same thing for QuickBooks Live. These are folks that ultimately come to us that have been using -- bookkeepers and accountants, and they're very dialed into what they've been paying. And they really come to us because of the experience that they've had potentially with their bookkeepers and accountants, whereas we have a set of standards around what we expect in terms of experience that our bookkeepers need to deliver for our customers. And so in that case, we also tend to be the low-cost provider. And so we become even more attractive in an environment like this.

我對 QuickBooks Live 也有相同的看法。這些人最終來找我們，他們一直在使用簿記員和會計師，他們非常關心他們所支付的費用。他們之所以來找我們，是因為他們可能與簿記員和會計師有過合作，而我們對簿記員需要為客戶提供的經驗有一套標準。在這種情況下，我們也傾向於成為低成本供應商。在這樣的環境中我們變得更具吸引力。

So that's the way we think about pricing. We believe that in these 2 areas, we are actually probably more attractive a choice than others.

這就是我們對定價的看法。我們相信，在這兩個領域，我們實際上可能比其他公司更具吸引力。

Okay. And then just the second question for me would be just in the SMB area -- sort of area of your business. Any major changes in what you're seeing in terms of either customer acquisition or retention rate when you think about the U.S. versus some of your smaller regions, the U.K., international regions? I was just wondering if you're seeing real differences in -- from a geographic perspective.

好的。那麼對我來說第二個問題就只是關於 SMB 領域——也就是您的業務領域。當您考慮美國與一些較小的地區（英國）和國際地區相比時，在客戶獲取率或保留率方面，您看到什麼重大變化嗎？我只是想知道從地理角度來看您是否看到了真正的差異。

Sure. Absolutely. From a geographic perspective, I would say the U.S. is probably holding up the strongest, probably next followed by Canada and then the U.K. But I would say U.S. has held up the strongest. And I think a lot of it just has to do with the nature of how the health crisis is being managed than how open the economy is because all these small businesses have one common need across the world. They're passionate about what they do, and it's the way they earn their living. But with that said, U.S. has been the strongest.

當然。絕對地。從地理角度來看，我認為美國可能是表現最強大的國家，其次是加拿大，然後是英國。我認為這在很大程度上與如何應對健康危機的性質有關，而不是與經濟的開放程度有關，因為全球所有這些小型企業都有一個共同的需求。他們對自己所做的事情充滿熱情，並以此謀生。但話雖如此，美國仍然是最強的。

And of course, from the trends perspective, as you heard from Michelle, we have seen across the board our trends improve and now stabilized. They're not at pre-COVID levels, but I would say a solid improvement just in the last 3 months as the economy has opened up a bit.

當然，從趨勢的角度來看，正如您從米歇爾那裡聽到的，我們已經全面看到我們的趨勢有所改善並且現在已經穩定下來。它們還沒有達到新冠疫情之前的水平，但我想說，隨著經濟開放，過去 3 個月內出現了穩定改善。

Our next question comes from the line of Brent Thill of Jefferies.

我們的下一個問題來自傑富瑞（Jefferies）的布倫特·希爾（Brent Thill）。

Sasan, just following up on Kurt's comments on SMB. I guess you've seen such a surge in the front office with CRM, Wix, a number of the companies doing extremely well. And I think part of the logic many investors are following is that, inevitably, companies have to turn back to the back office to innovate. And if you're driving all this online traffic, you've got to drive the back office as well. And more around kind of the shape of the recovery. And do you believe that you can benefit from the surge you're seeing in the front office that, that is an indication that it's good signs for your SMB business going forward? And maybe if you could just highlight where you think the biggest opportunities are.

Sasan，只是想跟進一下 Kurt 對 SMB 的評論。我想你已經看到前台業務的蓬勃發展，例如 CRM、Wix 等許多公司都表現得非常好。我認為許多投資者遵循的邏輯之一是，公司不可避免地必須回到後台進行創新。如果你要掌控所有這些線上流量，那麼你也必須掌控後台辦公室。以及有關復甦形態的更多資訊。您是否相信您可以從前台業務的成長中獲益，這是您未來中小企業業務發展的好兆頭？也許您可以強調一下您認為最大的機會在哪裡。

Yes. Sure, Brett. Good to hear from you. And again, hope you're safe and well. First of all, I would start with the point you made, which is exactly right. At the end of the day, getting a store set up to be able to do business, you have to be able to accept payments. You have to -- if you want to hire contractors or full-time employees, you have to use payroll. Especially if you're a younger, smaller business, you need access to loans. And so -- and then you need to make sure that you're compliant. And so that's where all of our services come in and why they -- why even in this environment, as we look ahead, our services become even more critical to ensure a customer can be organized, get paid and run their business profitability.

是的。當然，布雷特。很高興收到你的來信。再次祝福您平安健康。首先，我想先說一下你提出的觀點，這是完全正確的。歸根結底，為了建立一家商店來開展業務，您必須能夠接受付款。你必須—如果你想僱用承包商或全職員工，你必須使用薪資單。特別是如果你是一家較年輕、規模較小的企業，你需要獲得貸款。所以 — — 然後你需要確保你是合規的。這就是我們提供的所有服務的用武之地，也是為什麼即使在這種環境下，展望未來，我們的服務變得更加重要，以確保客戶能夠組織起來、獲得付款並實現業務盈利。

So with that as context, I think the second context I would just bring up is it is remarkable how resilient our platform and business model is. I mean you saw what happened last quarter when we talked about some of the trends and how the trends had kind of fallen off given, that we shut down the economy in the U.S. and how they have bounced back. Again, also not at pre-COVID levels, but they bounced back.

因此，基於此背景，我認為我要提出的第二個背景是，我們的平台和商業模式具有驚人的彈性。我的意思是，當我們談論上個季度發生的一些趨勢時，你看到了它們是如何發生的，考慮到我們關閉了美國經濟，這些趨勢是如何下降的，以及它們是如何反彈的。雖然還沒達到疫情前的水平，但已經反彈了。

And so really to, I think, the second part of your question, the way we're thinking about the future is in context of what you heard from Michelle. If the economy continues on the track that it's on and gets to normalized levels in spring of 2021, as long as small businesses are able to do business, I think our platform is going to benefit. So a lot of our performance, because the platform is resilient, the business model is resilient, it's -- more than ever, it's times like this when customers need our platform. I think a lot of it will just depend on how the economy opens up.

所以，我認為，關於你問題的第二部分，我們對未來的思考是基於你從米歇爾那裡聽到的內容的。如果經濟繼續保持目前的軌道並在 2021 年春季恢復正常水平，只要小型企業能夠開展業務，我認為我們的平台就會受益。因此，我們的許多表現，都是因為平台具有彈性，商業模式具有彈性，所以客戶比以往任何時候都更需要我們的平台。我認為這很大程度取決於經濟如何開放。

Because we're in the cloud, we have capabilities in the cloud, and our customers need our capabilities. Plus, we're an agnostic platform. We believe the way you deliver for customers is to have partnerships with all these key players, and I just think that advantages our network. But that's the way we think about it.

因為我們在雲端，所以我們擁有在雲端的能力，而且我們的客戶需要我們的能力。此外，我們是一個不可知論的平台。我們相信，為客戶提供服務的方式是與所有這些關鍵參與者建立合作關係，我認為這對我們的人脈有利。但我們就是這麼想的。

Our next question comes from the line of Keith Weiss of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Keith Weiss。

This is Mark Rende on for Keith Weiss. Congrats on the strong results. I just wanted to ask, you discussed the TurboTax share within the -- in the DIY category was flat year-over-year compared to prior year's TurboTax gain share. So what are you seeing in the competitive environment and just like the competitive intensity in the DIY online filing market?

這是 Keith Weiss 的 Mark Rende。恭喜您取得如此優異的成績。我只是想問一下，您討論了 TurboTax 在 DIY 類別中的份額，與前一年 TurboTax 的增長份額相比，與去年相比持平。那麼，您在競爭環境中看到了什麼？

Yes. Very good question. And it's actually -- we think about the category very differently now than we did 4 to 5 years ago. And for us, it's about the entire category of filers, and not just about the do-it-yourself category. Because it's just -- if I could refresh us on the fact, the do-it-yourself category is about $3 billion in TAM. The assisted category is about $20 billion in TAM. And of course, what we've declared is disrupting consumer finance is north of $55 million in TAM. And so for us, what's most important is the share that we have in the entire category. And so we are very, very pleased with the fact that our share of the entire category is up 1.5 points. And that is really how we measure success, and that is really our goal line because when you think about the dollar share of the do-it-yourself category, we have the majority of the share we're focused on the assisted category where there's $20 billion of opportunity for us.

是的。非常好的問題。事實上──我們現在對這個類別的看法與四、五年前截然不同。對我們來說，這關係到整個歸檔類別，而不只是關係到 DIY 類別的歸檔者。因為它只是——如果我可以讓我們重新認識這個事實的話，DIY 類別的 TAM 約為 30 億美元。受援助類別的 TAM 約為 200 億美元。當然，我們已經宣布顛覆消費金融的業務規模已超過 5,500 萬美元。因此對我們來說，最重要的是我們在整個類別中的份額。因此，我們對我們的整個類別的份額上升了 1.5 個百分點感到非常高興。這實際上是我們衡量成功的標準，也是我們的目標，因為當你考慮到 DIY 類別的美元份額時，我們佔據了大部分份額，我們專注於輔助類別，這對我們而言有 200 億美元的機會。

Got it. That's really helpful. And then maybe one quick one. Just in terms of -- it's been asked a couple of times but asked slightly differently. Have you seen a change in kind of the profile of new QuickBooks subscribers, maybe post-COVID versus pre-COVID? Like for instance, has there been uptick in kind of acquisitions with QuickBooks Self-Employed? And kind of if so, like, what kind of impact could that have on ARPC moving forward?

知道了。這真的很有幫助。然後也許還有一個快速的。只是就——這個問題已經被問過幾次了，但是問法略有不同。您是否發現 QuickBooks 新訂戶的資料發生了變化，也許是疫情後與疫情前相比？比如說，使用 QuickBooks Self-Employed 的收購是否有增加？如果是這樣，那麼這會對 ARPC 的發展產生什麼樣的影響？

So a couple of things I would say. One is it is inspirational and remarkable how resilient small businesses are and how they are looking to adjust how they can still serve their customers. And I would just say that's an uber point where if one door shut for them, they open up another door to figure out if there's a different way to serve their customers. So that's really important to recognize, that as long as they can manage their cash flow, they're going to find other ways to be able to serve their customers, which really gets to the second point, and that is, I think they're -- it's become very apparent, one, how meaningful and relevant we are in this environment to help our customers operate in the cloud. If there was an element of, well, I can just manage through multiple different -- use paper and pen and my bookkeeper to run my business, I think people are now seeing, "Hey, you know what? I can be far more effective invoicing and getting paid instantly, being able to do payroll and ensure that I'm accurate in my payroll so I'm not paying penalties or ensuring that I'm organized so I understand my cash flow," especially with a lot of the launches that we talked about with our QuickBooks Cash and Cash Flow Planner to be effective.

我想說幾點。一是小型企業的韌性以及它們不斷調整服務客戶的方式令人鼓舞且驚嘆。我想說，這是一個非常重要的觀點，如果一扇門為他們關閉了，他們就會打開另一扇門，以探索是否有不同的方式為他們的客戶服務。因此，認識到這一點非常重要，只要他們能夠管理好現金流，他們就會找到其他方式來服務客戶，這實際上涉及到第二點，那就是，我認為他們——這變得非常明顯，第一，我們在這個環境中幫助客戶在雲端運作是多麼有意義和相關性。如果有一個因素，那麼我可以通過多種不同的方式進行管理 - 使用紙和筆以及我的簿記員來經營我的業務，我想人們現在會看到，“嘿，你知道嗎？我可以更有效地開具發票並立即獲得付款，能夠進行工資單並確保我的工資準確無誤，這樣我就不會支付罰款或確保我有理，這樣我就可以確保我有許多的有效性來理解

So I think what you're seeing is I have an opportunity to be much more effective and efficient with my cash flow using Intuit's platform in the cloud. And the resiliency of our small businesses just finding new and unique ways to do business is why we're -- I think experienced the bounce back relative to last quarter, again, reminding us, though, that they are still not at the pre-COVID levels.

所以我認為你所看到的是，我有機會使用 Intuit 的雲端平台來更有效、更有效率地管理我的現金流。我們的小型企業憑藉其韌性，不斷尋找新的獨特經營方式，我認為，相對於上個季度，我們的小企業經歷了反彈，但這再次提醒我們，它們仍未達到疫情之前的水平。

Our next question comes from Scott Schneeberger of Oppenheimer.

我們的下一個問題來自奧本海默公司的史考特‧施內伯格。

Yes, it was a really strong quarter in Consumer. I'm curious, kind of the high-level question is, how should we think about margin in that segment going forward? I see it was down about 100 bps year-over-year for the full year. And I'm guessing, if you could elaborate, you got some nice leverage in TurboTax Live, staffing, getting more efficient there. And clearly, you got good volume growth and revenue per return growth. But I know you spent a little higher marketing in the fiscal fourth quarter just due to the change in the year and then a lot more Free File Alliance clients this year. You addressed the percentage of folks that you serve free. So just if you could address how we would think about that going longer-term and maybe some of the puts and takes in the quarter -- or in the year, rather.

是的，該季度消費者業務表現非常強勁。我很好奇，高層次的問題是，我們該如何看待未來該領域的利潤？我發現全年同比下降了約 100 個基點。而且我猜，如果您可以詳細說明的話，您會在 TurboTax Live 中獲得一些很好的槓桿作用，人員配備，從而提高效率。顯然，您獲得了良好的銷售成長和每回報收入成長。但我知道，由於年份的變化，你們在第四財季的行銷支出略有增加，而且今年的免費文件聯盟客戶也多了許多。您提到了免費服務的人群的百分比。所以，如果您能談談我們如何看待這個長期問題，以及本季度或年度的一些收益和利弊。

Sure. Yes. Sure, Scott. Good to hear from you. I hope you're well. I would focus on the fact that we truly manage investments and margins at the company level. What really matters most is that we delivered 13% revenue and 17% operating income, both GAAP and non-GAAP, and EPS grew to 16%. And so our leverage is more and more at the company level because we are truly more and more building services across our platform at the company level. And so margin levels moving up or down a point, I wouldn't get overly excited about at the segment level because of the fact that we're making our investment choices -- the way we're running the company is more and more as a platform across the company.

當然。是的。當然，斯科特。很高興收到你的來信。我希望你一切都好。我要強調的是，我們確實在公司層級管理投資和利潤。最重要的是，我們實現了 13% 的收入和 17% 的營業收入（GAAP 和非 GAAP），每股收益成長至 16%。因此，我們的槓桿作用越來越多地體現在公司層面，因為我們確實越來越多地在公司層面上跨越我們的平台建立服務。因此，無論利潤率水準上升或下降多少，我不會對分部層面的情況感到過於興奮，因為我們在做出投資選擇——我們經營公司的方式越來越多地成為整個公司的平台。

So I would really look at company-level performance and not just segment level performance because of how we're making our investment choices. And we're getting a lot of leverage because of the way we're doing it.

因此，在做出投資選擇時，我會真正專注於公司層面的業績，而不僅僅是細分層面的績效。而且由於我們的做法，我們獲得了很多優勢。

Okay. And on a follow-up, it's kind of a two-parter, and I'm not sure how much you're going to address. But your main tax competitor mentioned that they'd probably leave or almost definitively would leave the Free File Alliance going forward. I'm just curious your take on that program. And obviously, you addressed the free customers you serve this year.

好的。關於後續問題，它分為兩個部分，我不確定你會講多少。但您的主要稅務競爭對手錶示，他們可能會離開或幾乎肯定會離開免費文件聯盟。我只是好奇你對該計劃的看法。顯然，您已經解決了今年所服務的免費客戶的問題。

And then also with Credit Karma, there are tax customers in that. Just any comments about that and the deal that you could comment on.

然後對於 Credit Karma 來說，也有稅務客戶。您可以就此事以及該交易發表任何評論。

Sure. Absolutely. So let me just first share with you the objectives that we have that we've shared in previous years when it comes to taxes: One is we're a big believer in voluntary tax. Two, we're a big believer that those that are deserving, whether it's income levels and military, that we want to make sure that they can get their taxes done for free, and in some cases, it could be through philosophy. And last but not least is we always want to enhance our reputation. So that's kind of one bucket of objectives to think about.

當然。絕對地。因此，首先讓我與大家分享我們前幾年在稅收方面所分享的目標：一是我們非常相信自願納稅。二，我們堅信，無論是收入水平還是軍隊，那些值得納稅的人都應該確保他們能夠免費納稅，在某些情況下，這可以透過哲學來實現。最後但同樣重要的一點是，我們始終希望提高我們的聲譽。這就是需要考慮的一系列目標。

The second is our strategy, and it's very much intertwined. When we talk about the notion of expanding our lead in the do-it-yourself category, transforming the assisted category and disrupting consumer finance, a core part of our strategy is actually for those that deserve it, to give them the ability to do their taxes for free because, over time, they can not only grow with us, but also we can solve other problems beyond tax.

第二個是我們的策略，它是緊密相連的。當我們談論擴大我們在 DIY 類別中的領先地位、改變輔助類別並顛覆消費金融的想法時，我們策略的核心部分實際上是為那些值得的人提供免費報稅的能力，因為隨著時間的推移，他們不僅可以與我們一起成長，而且我們還可以解決稅收以外的其他問題。

So that's the way we think about our strategy, that's the way we think about our innovation, and we are very dedicated to helping those that deserve it most to get their taxes done for free. So that's the -- that's -- those are the things that ultimately inform how we think about FFA.

這就是我們對策略的看法，這就是我們對創新的看法，我們致力於幫助最需要幫助的人免費完成納稅。所以這就是——這就是——這些最終決定了我們如何看待 FFA。

Our next question comes from Sterling Auty of JPmorgan.

下一個問題來自摩根大通的 Sterling Auty。

I wonder if you could remind us, what portion of the QuickBooks users also are using payroll at this point? In other words, what visibility do you have in terms of the potential of impending business closures and when that kind of headwind might peak and start to subside for you?

我想知道您是否可以提醒我們，目前 QuickBooks 用戶中有多少比例也在使用薪資單？換句話說，對於即將發生的企業關閉的可能性，您有何預見，以及這種不利因素何時會達到頂峰並開始消退？

Yes, Sterling. Thank you for the question. First of all, we don't break out what the percentage of our base is that uses payroll. But what I would share is some of the stats -- take you back to some of the stats that Michelle shared, which is we've actually seen a nice bounce back of companies, in essence, running payroll. It's still below pre-COVID levels, but we've seen a nice bounce back. They have less employees, but the number of companies running payroll has bounced back nicely. I think that's one indication that we look at.

是的，斯特林。感謝您的提問。首先，我們沒有公佈使用薪資單的基數佔比是多少。但我想分享的是一些統計數據——回顧米歇爾所分享的一些統計數據，那就是我們實際上已經看到公司在本質上運行工資單方面出現了良好的反彈。它仍然低於新冠疫情之前的水平，但我們已經看到了良好的反彈。雖然員工數量減少了，但發放薪資的公司數量卻強勁回升。我認為這是我們所關注的一個跡象。

I think the broader indication that we look at is really cash flow. And when we look at across our base -- and remember, 70% of our base of service-based businesses. Whether it's real estate, landscaping, bookkeeping, computer and software, we look across who we serve, and we also look by state, which is very different. We're seeing a nice bounce back in places like North Carolina, Georgia and New Jersey and Arizona. But on the other hand, states that are recovering slower are New York, California and Michigan, just to give a couple of examples.

我認為我們所關注的更廣泛的指標實際上是現金流。當我們縱觀我們的基礎時——請記住，我們基礎的 70％ 是基於服務的企業。無論是房地產、園林綠化、簿記、電腦和軟體，我們都會關注我們所服務的對象，我們也會按州查看，這是非常不同的。我們看到北卡羅來納州、喬治亞州、新澤西州和亞利桑那州等地出現了良好的復甦跡象。但另一方面，復甦較慢的州有紐約州、加州和密西根州，僅舉幾個例子。

And when we look across industries and across those states -- this is based on our own analysis of those that have connected to QuickBooks their bank accounts -- we see their bank averages could range from being down 10% to up towards of 20%. So what we really monitor is cash flow because that is ultimately the biggest indication as to whether or not they going to be able to make it through these times. And that is really what we're -- what some of the indicators that you heard Michelle talk to.

當我們觀察各個行業和各州時 — — 這是基於我們對那些將銀行帳戶連接到 QuickBooks 的客戶的分析 — — 我們發現他們的銀行平均利率可能在下降 10% 到 20% 之間。因此，我們真正監控的是現金流，因為這最終是他們是否能夠度過這些時期的最大指標。這其實就是米歇爾談到的一些指標。

And then last but not least, we expect our retention to be down about 2 points this year given some of what we experienced with our customers being shut down.

最後但同樣重要的一點是，考慮到我們遇到的一些客戶被關閉的情況，我們預計今年我們的保留率將下降約 2 個百分點。

Our next question comes from the line of Jennifer Lowe of UBS.

我們的下一個問題來自瑞銀的珍妮佛洛 (Jennifer Lowe)。

I just wanted to touch quickly on TurboTax Live. And you gave a stat earlier about the very strong adoption. You saw TurboTax Live within customers that had converted off of Pro this tax season. This season was obviously a very unusual one all around. But I'm curious if that uptake or that experience -- and you've always had sort of this weighting between increased retention of existing customers and not having them go to Pro versus pulling customers away from Pro. Does that give you any conviction that maybe it's -- there's more opportunity to put a marketing push behind getting customers away from Pro and onto TurboTax Live than maybe you would have thought before the season?

我只是想快速了解一下 TurboTax Live。您之前給出了關於非常強勁的採用率的統計數據。您可以在本稅季節從 Pro 轉換而來的客戶中看到 TurboTax Live。顯然，這個季節從各方面來說都是非常不尋常的。但我很好奇這種吸收或體驗——你一直在增加現有客戶的保留率和不讓他們轉向 Pro 與將客戶從 Pro 中拉走之間進行權衡。這是否讓您確信，也許——在吸引客戶離開 Pro 轉而使用 TurboTax Live 方面，有更多的機會進行行銷，而這可能比您在賽季開始前想像的要多？

Yes, Jen, thank you for your question and hope you're well and safe. We have never lacked conviction around TurboTax Live. We believe that we are just at the beginning of really creating a platform that goes viral because the more people that do their taxes digitally with help coming to them in any frame that they need it, whether it's in their home or in their office, the more they're going to tell others and the more this will go viral. And I think as I've shared before, based on the research and work that we've done out of the 86 million folks that use an assisted method, about 70 million or so are willing to switch.

是的， Jen，謝謝你的提問，希望你一切安好。我們對 TurboTax Live 從未缺乏信心。我們相信，我們才剛開始真正創建一個病毒式傳播的平台，因為越多的人透過數位化方式辦理稅務並在任何他們需要的環境中獲得幫助，無論是在家裡還是在辦公室，他們就越會告訴其他人，而這個平台的傳播就會越廣。我認為，正如我之前所分享的，根據我們所做的研究和工作，在 8600 萬使用輔助方法的人中，大約有 7000 萬人願意轉換。

So our focus has been experimenting, learning, looking at our results both in terms of how we raise awareness, how we bring folks into consideration and then the experience that we deliver on the platform. And I would just tell you that a year later, we're a lot better than we were this time last year. Particularly this extended tax season, albeit we all wish it would have ended in April given the tax that it put on our employees, we were able to actually experiment for another 3 months. And so we ran a lot of test on our platform and both in terms of how to raise awareness but also how to really nail the experience when customers come in. And as I mentioned earlier, all of our metrics, conversion, retention, PRS for both customers and our experts were all up and to the right.

因此，我們的重點一直是實驗、學習和觀察我們的成果，包括我們如何提高知名度、如何讓人們考慮到我們，以及我們在平台上提供的體驗。我只想告訴你們，一年後，我們比去年這個時候好多了。特別是這個延長的納稅季，儘管考慮到我們員工的納稅情況，我們都希望它能在四月結束，但實際上我們能夠再試驗三個月。因此，我們對我們的平台進行了大量測試，既針對如何提高知名度，也針對如何真正確定客戶進入時的體驗。 正如我之前提到的，我們針對客戶和專家的所有指標、轉換率、保留率、PRS 都是正確的。

So based on what we learned this year, not just the results but, more importantly, the learnings, it actually gives us a lot more conviction what we need to do for this coming tax season and even beyond. And so we feel blessed with the insights and learnings, and we will absolutely be leaning in but not just because of our results. We've got a lot of conviction, but just because of our learnings, it allows us to be clear in terms of where we point our innovation.

因此，根據我們今年的經驗，不僅僅是結果，更重要的是學習成果，它實際上讓我們更加確信在即將到來的納稅季節甚至以後我們需要做些什麼。因此，我們很慶幸能獲得這些見解和知識，我們絕對會繼續努力，但不僅僅是因為我們的成果。我們有著堅定的信念，但正是憑藉著我們的學習，我們才能夠清楚的知道我們的創新方向。

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 do you believe that assuming businesses have a tough time going forward, virus continues, that many of those unemployed will turn to being self-employed and, in fact, yes, that your numbers will actually increase?

那麼，您是否認為，如果企業未來發展困難，病毒持續蔓延，許多失業者將轉而從事個體經營，而且事實上，您的失業人數實際上會增加？

And also, on the tax, do you believe that people who've done their taxes at home this year are unlikely to switch back if, indeed, they are physically able to switch back?

另外，關於稅收，您是否認為，如果今年已經在家報稅的人確實身體條件允許，那麼他們不太可能再轉換回來？

Yes, Michael. Thank you for your question, and I also hope you are safe and well. Let me hit on 2 things. I mean, I think, one, what I would say, based on history, we know that we are a globe of entrepreneurs. And sometimes, it's not a passion for the idea that you have. Sometimes, it's because you need to figure out a way to create income. And so at the end of the day, we don't build our business on hoping that there will be a lot of SMB new starts. But certainly, an environment like this could be a trigger for new self-employed and small businesses, and we certainly want to be there for them the moment they have an idea and passion to pursue something. And as you heard from Michelle earlier, just a lot of it depends on just how we see the health crisis play out and, therefore, the impact on the economy.

是的，邁克爾。感謝您的提問，我也希望您一切平安。讓我談一下兩件事。我的意思是，我認為，首先，根據歷史，我們知道我們是一個企業家的世界。有時，這並不是對你的想法的熱情。有時，這是因為您需要想辦法創造收入。所以說到底，我們並不是寄望有大量中小企業創立才建立我們的事業。但可以肯定的是，這樣的環境可能會激發新的個體經營者和小企業的活力，我們當然希望在他們有了想法和熱情去追求某件事時，能夠為他們提供幫助。正如您之前從米歇爾那裡聽到的，這很大程度上取決於我們如何看待這場健康危機的發展，以及它對經濟的影響。

On the tax side and your question about the experience that folks that may have gotten whether or not they would be unlikely to switch back to the old method. The thing that we have learned over the years, this isn't the first year that we have gotten a lot of our customers from the assisted segment. It all comes down to the experience and the confidence that they have in doing their taxes right, the confidence that they have in getting their maximum refund. And we feel good about the experience that we delivered this year for customers based on our product recommendation scores.

在稅收方面，您問到關於人們可能有的經驗，他們是否不太可能轉換回舊的方法。我們多年來學到的是，這不是我們第一次從輔助領域獲得大量客戶。這一切都取決於他們正確納稅的經驗和信心，以及他們獲得最高退稅的信心。根據我們的產品推薦分數，我們對今年為客戶提供的體驗感到滿意。

And so -- by the way, we also learned a lot in terms of what we need to do to continue to improve our platform. So we would hope that our retention rates play out next year the way they have in previous years, but it's primarily because of the type of experience that we delivered and, of course, this time next year will be far better in terms of the experiences that we will deliver than we are even now given our rapid testing and learning mindset.

順便說一句，我們也學到了很多關於如何繼續改進我們的平台的知識。因此，我們希望明年我們的留存率能夠與前幾年一樣，但這主要取決於我們提供的體驗類型，當然，考慮到我們快速測試和學習的心態，明年這個時候我們提供的體驗將比現在好得多。

So that's the way I would think about your 2 questions.

這就是我對你的兩個問題的看法。

Our next question comes from the line of Michael Turrin of Wells Fargo.

我們的下一個問題來自富國銀行的邁克爾·圖林。

We've touched on margin a few times, but we were impressed you were able to actually expand margin this year given the extended tax filing season even with the PPP offset. Was that within your own internal expectations given the spillover on the tax side? And is there any additional color you can add around whether that improvement could prove more durable as you continue to drive towards delivering higher value on both segments?

我們已經多次談到利潤率，但令我們印象深刻的是，考慮到今年延長的報稅季，即使有 PPP 抵消，您仍然能夠真正擴大利潤率。考慮到稅收方面的溢出效應，這是否符合您自己的內部預期？您能否補充說明一下，隨著您繼續努力在兩個領域提供更高的價值，這種改善是否會更加持久？

Yes, Michael. Thank you for your question. First of all, I would start with the principles that Michelle talked about earlier, and I'll just touch on a few of them as a starting point to answer your question because it is how we run the company. And ultimately, our principles are we want to grow revenue double digits, we want to grow operating income faster than revenue and we want to make sure that we get 15% return on our investments and ensure that we solve our customers' most important problems.

是的，邁克爾。感謝您的提問。首先，我想先從米歇爾之前談到的原則開始，我只會談及其中的幾個原則作為回答你的問題的起點，因為這就是我們經營公司的方式。最終，我們的原則是，我們希望收入成長兩位數，我們希望營業收入成長速度快於收入成長，我們希望確保獲得 15% 的投資回報，並確保解決客戶最重要的問題。

In that context, and you've heard Michelle and I talked about it in the last year, that we're really just continuing to be at the beginning of our platform journey. And that journey really means that we're going to continue to get better at building services once so that they can be reused across the company. You heard some of our metrics around 50% increase in the number of AI models we deployed this year, our velocity being up 3x compared to last year. That's on innovation, but that's also efficiency and effectiveness. And although we don't set out a specific goal of increasing operating margins because we want to make sure that we can simply deliver against the principle of operating income growing faster than revenue, I think the result of becoming more effective and efficient could suggest that, over time, our operating margin will expand.

在這種背景下，正如大家聽到米歇爾和我去年談論過的那樣，我們實際上才剛開始我們的平台之旅。這一歷程實際上意味著我們將繼續更好地建立服務，以便它們可以在整個公司內重複使用。您聽到了我們的一些指標：今年我們部署的 AI 模型數量增加了約 50%，速度比去年增加了 3 倍。這是關於創新，但這也是關於效率和效力。儘管我們沒有製定提高營業利潤率的具體目標，因為我們想確保能夠簡單地實現營業收入成長快於收入的原則，但我認為，隨著時間的推移，更有效、更有效率的結果可能意味著我們的營業利潤率會擴大。

And as you said yourself, we did actually spend more money in tax this year because of the extended season. It was both in marketing and customer success because we wanted to be there for our customers because, in essence, we had 2 tax seasons in 1. So we actually did spend more money. And as you saw, we expanded our operating margins because I think we're starting to see the leverage of our platform, and that was not by accident.

正如您自己所說，由於賽季延長，今年我們確實在稅收上花費了更多錢。這既體現在行銷上，也體現在客戶成功上，因為我們想為客戶提供服務，因為從本質上講，我們在一個納稅季裡經歷了兩個納稅季。正如您所看到的，我們擴大了營業利潤率，因為我認為我們開始看到我們平台的槓桿作用，而這並非偶然。

Our next question comes from the line of Josh Beck of KeyBanc.

我們的下一個問題來自 KeyBanc 的 Josh Beck。

I wanted to ask about QuickBooks Cash. It seems like an interesting extension of your services and really gets you a little bit more into banking and debit cards. So it's probably a little too early, I'm guessing, to talk about the adoption curves. But would love to hear just kind of your ambitions for this product and where it could go over a multiyear period.

我想問有關 QuickBooks Cash 的問題。這似乎是您服務的一個有趣延伸，確實讓您更了解銀行業務和借記卡。因此，我猜現在談論採用曲線可能還為時過早。但我很想聽聽您對這款產品的期望，以及它在未來幾年的發展方向。

Yes. Thank you for your question, Josh, and hope you are safe and well. The -- first of all, you said it. This is -- we're very, very early. We've been working on this for some time, but we're very early and -- but we're very excited. And I wouldn't think about QuickBooks Cash as a service. I would think about it as a very disruptive way for achieving this notion of truly being the source of truths for a customer's business. And just think about it in very simple terms of a place where you can receive and send money. And so when you do work for a customer and you invoice them, it automatically gets dumped into your QuickBooks Cash account where you can, in essence, have interest that you gain on your money, a place that you can just pay your employees right out of your QuickBooks Cash account, a place where you can buy inventory from your QuickBooks Cash account, a place where you can get access to capital from your from QuickBooks cash account. And by the way, while you're doing all that, because it's all happening in your QuickBooks Cash account, the accounting is actually getting done for you. And so you don't actually have to do a bunch of reconciliation.

是的。謝謝你的提問，喬希，希望你一切平安。首先，您這麼說過。這是——我們還非常早。我們已經為此工作了一段時間，但還處於早期階段——但我們非常興奮。我不會將 QuickBooks Cash 視為一項服務。我認為這是一種極具顛覆性的方式，可以真正實現成為客戶業務真相來源這一理念。我們可以簡單地把它想像成一個可以收發錢的地方。因此，當您為客戶工作並向他們開立發票時，款項會自動轉入您的 QuickBooks Cash 帳戶，從本質上說，您可以從該帳戶獲得利息，您可以直接從 QuickBooks Cash 帳戶向員工支付工資，您可以從 QuickBooks Cash 帳戶購買庫存，您可以從 QuickBooks 現金帳戶中提取資金。順便說一句，當您進行所有這些操作時，由於這一切都發生在您的 QuickBooks Cash 帳戶中，因此會計工作實際上是為您完成的。因此您實際上不必做大量的協調工作。

That's really what we are focused on really creating in terms of a benefit for our customers. It's something that customers won't tell you that they need this, but when you really listen to what gets in their way, it's just kind of have something that everything gets done for me. And that's really the intent of QuickBooks Cash. We're just excited with the launch. We're excited to learn, to adjust, to test and to scale this very fast, and that's actually something we're going to talk about at our virtual gallery walk at Investor Day in September. So hopefully, that entices you to show up. It should be fun.

這確實是我們致力於為客戶創造的真正利益。客戶不會告訴你他們需要這個，但是當你真正傾聽他們遇到的問題時，你會發現他們確實需要這個，一切都已經為他們做好了。這確實是 QuickBooks Cash 的目的。我們對這次發布感到非常興奮。我們很高興能夠快速學習、調整、測試和擴展這一點，這實際上是我們將在 9 月份投資者日的虛擬畫廊漫步中討論的內容。所以希望這能吸引您出現。這應該會很有趣。

Yes. That's a great pitch there for the day, so excited about that. And just quickly on Live, the 70% growth -- or nearly 70% in customers seems like a really good result. So I'm just curious, was that ahead of plan? And anything that stood out there and maybe how we could think about the retention of Live customers from the prior season versus the kind of net new that you got this season?

是的。今天的推介非常精彩，我非常興奮。在 Live 上，客戶數量迅速增加了 70%（或接近 70%），這似乎是一個非常好的結果。所以我很好奇，這是提前計劃的嗎？有什麼突出的面向嗎？

Yes. I would tell you that, as a position we'd hold for Intuit, we always set very, very ambitious goals for ourselves for the near-term and for the long-term because it really just forces us to take bigger swings for our customers. So I won't get into how we did versus our internal goals. But what I would tell you is we feel truly terrific about the results. Because, literally, on every dimension that you look at it, new customers growing 70%, 70% coming from the assisted segment, conversion being up year-over-year, retention being up year-over-year, PRS being up for our customers, PRS being up for our experts, our experts actually being very efficient, delivering the 60 million hours that they engage with our customers, we're really happy with the end-to-end results because it was truly an end-to-end experience that the team delivered.

是的。我想告訴你，身為 Intuit 的員工，我們總是為自己的短期和長期設定非常非常雄心勃勃的目標，因為這實際上迫使我們為客戶做出更大的努力。所以我不會談論我們的表現與內部目標相比如何。但我想告訴你們的是，我們對結果感到非常滿意。因為從字面上看，從每個維度來看，新客戶增長了 70%，70% 來自輔助部分，轉換率同比增長，保留率同比增長，客戶的 PRS 同比增長，我們專家的 PRS 同比增長，我們的專家實際上非常高效，為我們的客戶提供了 6000 萬個小時的

And we learned a ton. We learned what is not working. We learned how to be more effective. We learned how to deploy our AI models even more effectively so that we can have the insights at the fingertips of our experts so they can deliver for customers because this is truly a digital service experience. And so we're excited for next year and the next 5 years to come.

我們學到了很多。我們了解了什麼地方不起作用。我們學習如何提高效率。我們學習瞭如何更有效地部署我們的人工智慧模型，以便我們的專家能夠隨時獲得洞察力，從而為客戶提供服務，因為這是一種真正的數位服務體驗。因此，我們對明年以及未來五年充滿期待。

Our next question comes from the line of Kartik Mehta of Northcoast Research.

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

Sasan, interested in your thoughts on QBO. I think you and Michelle talked about price increases. And obviously, they're going to be a little bit more difficult in the upcoming fiscal year. And I'm wondering, at what point do you feel comfortable increasing prices on the QBO SKUs?

Sasan，我對您對 QBO 的想法很感興趣。我想您和米歇爾談論了價格上漲的問題。顯然，他們在即將到來的財政年度將面臨更多困難。我想知道，在什麼情況下您會願意提高 QBO SKU 的價格？

Yes. Kartik, good to hear your voice, and I hope you are also keeping well, my friend. So I think the uber point I would say is we are just obsessively focused on our customers. When you think about what our teams did in the last 12 weeks with PPP; with the GoFundMe platform that's funded $37 million; with our instant deposit being free through July, just to name a few; extending the deferred payment of our QuickBooks Capital customers, those that were really struggling and needed the help, we will make the right choice for our customers. And ultimately, we want to make sure that the value equation makes sense based on the rapid progress of our innovation, the fact that our speed of innovation is up 3x versus last year. So we always want to make sure the value equation makes sense.

是的。 Kartik，很高興聽到你的聲音，我希望你也一切都好，我的朋友。所以我認為最重要的一點是我們非常關注我們的客戶。當你想到我們的團隊在過去 12 週內使用 PPP 所做的工作；透過 GoFundMe 平台籌集的資金已達 3,700 萬美元；僅舉幾例，我們的即時存款在整個 7 月都是免費的；延長 QuickBooks Capital 客戶的延期付款期限，對於那些真正陷入困境並需要幫助的客戶，我們將為客戶做出正確的選擇。最終，我們希望確保價值方程式在我們創新的快速進步的基礎上合理，事實上我們的創新速度比去年提高了 3 倍。因此我們始終希望確保價值方程式是合理的。

But we're just going to see how the health crisis plays out and how the economy plays out and make our pricing decisions based on the principles that we have at the right time. And this isn't the time to share when that is because we really want to see how things play out. But that's principally, the way we think about it.

但我們只是要觀察健康危機如何發展以及經濟如何發展，並根據我們掌握的原則適時做出定價決策。現在不是分享的時候，因為我們真的想看看事情如何發展。但這主要是我們思考這個問題的方式。

And then just as a follow-up, Sasan, would -- in the past, you've always added capabilities to QBO, making the product better and better. If the economy doesn't allow for a price increase, would you continue to add capabilities and try to capture the value at some later point?

然後，就像後續一樣，Sasan，過去，您一直在為 QBO 添加功能，使產品越來越好。如果經濟不允許漲價，你會繼續增加功能並嘗試在以後的某個時候獲取價值嗎？

Absolutely. And in fact, I would tell you that we play the long game here when it comes to our R&D investments. And as I mentioned earlier, I think we're just picking up momentum, truly operating as a platform company. And the innovation that we've delivered this year was just -- it got accelerated from just even a year ago. And by the way, that's been the trend we've been on as a company for the last 37 years. And so we're actually -- we use opportunities like this to accelerate innovation and become much more effective because we know one day, we're going to get the value for it, for our customers and for our shareholders. So the short answer -- or the long answer, I should say, is absolutely yes.

絕對地。事實上，我想告訴你，當談到我們的研發投資時，我們是打著長遠的主意。正如我之前提到的，我認為我們正在獲得發展動力，真正作為一家平台公司運作。我們今年的創新比一年前有了加速。順便說一句，這是我們公司過去 37 年來一直堅持的趨勢。因此，我們實際上——我們利用這樣的機會來加速創新並變得更加有效，因為我們知道有一天，我們將為我們的客戶和股東獲得價值。因此，簡短的回答——或者​​詳細的回答，我應該說，絕對是肯定的。

Our next question comes from Brian Reback of Stifel.

我們的下一個問題來自 Stifel 的 Brian Reback。

Great. And just following up on that last line of questioning. Sasan, from a high level, as you add more product to the QuickBooks platform, how do you decide what should be bundled and what should be charged for?

偉大的。這只是對最後一條問題的後續跟進。 Sasan，從高層次來看，當您在 QuickBooks 平台上添加更多產品時，您如何決定應該捆綁哪些產品以及應該對哪些產品收費？

Yes. Brad, I hope you're well and safe. Ultimately, it's the test that we run. It's very similar to what we do in TurboTax and across the Live platform. At the end of the day, it comes down to understanding the benefit that you're delivering and whether or not a customer is willing to pay for it. But we also think about it relative to the impact on retention in the long term. And so based on those, in essence, levers, that informs the things that we test, inclusive of even tests to come where we may choose to have accounting be free but then charge for services. So it really comes down to the experiments that we run, and we let the data help inform strategically the choices that we make. And that's primarily the way we've operated for years across the company.

是的。布拉德，我希望你一切安好。最終，這是我們進行的測試。這與我們在 TurboTax 和 Live 平台上所做的非常相似。歸根結底，這取決於了解您所提供的利益以及客戶是否願意為此付費。但我們也會考慮它對長期保留的影響。因此，從本質上來說，基於這些槓桿，我們可以決定測試哪些內容，甚至包括未來的測試，我們可以選擇讓會計免費，但隨後收取服務費。所以這實際上取決於我們所進行的實驗，我們讓數據幫助我們從策略上引導我們所做的選擇。這也是我們公司多年來一直實行的主要運作方式。

Ladies and gentlemen, I'm not showing any further questions.

女士們、先生們，我沒有其他問題。

Would you like to close with any additional remarks?

最後您還想補充一些什麼嗎？

Yes, I will. I just wanted to thank everyone for your time and all the great questions today. And I want to just close by once again thanking our employees, our customers and partners. We would not be where we are without the incredible stakeholders that we serve.

是的，我會。我只是想感謝大家今天抽出時間並提出所有精彩的問題。最後，我想再次感謝我們的員工、客戶和合作夥伴。如果沒有我們所服務的這些傑出的利害關係人，我們就不會取得如今的成就。

And we look forward to seeing all of you at our Virtual Investor Day in September. Until then, be safe and be well.

我們期待在九月的虛擬投資者日上見到大家。在那之前，祝您平安健康。

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

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。