直覺電腦 (INTU) 2020 Q3 法說會逐字稿

Good afternoon. My name is Latif, and I will be your conference facilitator. At this time, I would like to welcome everyone to Intuit's Third Quarter Fiscal Year 2020 Conference Call. (Operator Instructions) With that, I'll now turn the call over to Kim Watkins, Intuit's Vice President of Investor Relations. Ms. Watkins?

午安.我是拉蒂夫，本次會議的主持人。現在，我謹代表Intuit公司歡迎各位參加2020財年第三季財報電話會議。 （操作說明）接下來，我將把電話轉交給Intuit公司投資者關係副總裁金‧沃特金斯女士。沃特金斯女士？

Thanks, Latif. Good afternoon, and welcome to Intuit's Third 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財年第三季財報電話會議。今天與我一起參加會議的還有Intuit的執行長薩桑·古達爾齊和財務長米歇爾·克拉特巴克。

Before we start, I'd like to remind everyone that our remarks will include forward-looking statements. There are a number of factors that could cause Intuit's results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 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 statements.

在正式開始之前，我想提醒各位，我們的發言將包含前瞻性陳述。許多因素可能導致Intuit的實際表現與預期有重大差異。您可以在我們今天下午早些時候發布的新聞稿、2019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.

本文中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。業務指標及其相關成長率均指全球業務指標。

A copy of our prepared remarks and supplemental financial information will be available on our website after this call ends.

本次電話會議結束後，我們將在網站上提供我們準備好的演講稿和補充財務資訊。

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

接下來，我將把電話交給薩桑。

Thanks, Kim, and thanks to all of you for joining us today. I'm going to cover 4 topics on today's call to help you understand our performance in the quarter and our outlook longer term in context of the global COVID-19 pandemic. I'll start by sharing how we responded to the pandemic with our employees, customers, share our results for the quarter and highlight recent trends in our business. Then I'll put these results in context of our long-term strategy and finish by talking about our playbook for leading in a downturn to accelerate our performance.

謝謝Kim，也謝謝各位今天參加我們的電話會議。今天的會議我將圍繞著四個主題展開，幫助大家了解我們本季的業績以及在全球新冠疫情背景下的長期展望。首先，我會分享我們如何應對疫情，包括如何與員工和客戶溝通，然後介紹本季的業績，並重點闡述我們業務的近期趨勢。接下來，我將這些業績與我們的長期策略連結起來，最後談談我們在經濟低迷時期如何引領公司發展，從而加速業績成長。

Let's start with our response to the pandemic where unprecedented uncertainty, along with widespread shelter-in-place initiatives, have changed our daily lives. At the onset of the pandemic, we created an enterprise crisis team to drive 4 work streams: first, keeping our employees safe and healthy, this has been and will continue to be our #1 priority; second, ensuring that we run the business effectively and continue to deliver for our customers; third, keeping our workforce engaged and productive; and fourth, supporting our customers, our partners and the communities where we live and operate.

讓我們先來談談我們應對疫情的措施。前所未有的不確定性，加上大規模的居家隔離措施，徹底改變了我們的日常生活。在疫情初期，我們成立了企業危機應變小組，負責推進四項工作：第一，保障員工的安全和健康，這始終是並將繼續是我們的首要任務；第二，確保業務高效運轉，並持續為客戶提供服務；第三，保持員工的積極性和生產力；第四，支持我們的客戶、合作夥伴以及我們生活和運營所在的社區。

I'm proud of how our employees adapted to this sudden change and how seamlessly we transitioned our 10,000-person workforce around the world to a work-from-home environment. I'm even more proud of how, in the face of uncertainty, our employees' commitment to customers has grown even stronger. The challenges facing consumers and small businesses during this difficult time have inspired our teams to innovate with speed and apply platform capabilities to help solve several problems caused by this pandemic. As a result, let me share 3 examples of how we're helping consumers and small businesses get access to aid and relief.

我為我們的員工能夠如此迅速地適應這一突如其來的變化而感到自豪，也為我們能夠如此順利地將全球1萬名員工過渡到居家辦公模式而感到驕傲。更令我自豪的是，面對不確定性，我們的員工對客戶的承諾反而更加堅定。在這段艱困時期，消費者和小型企業面臨的挑戰激勵我們的團隊快速創新，並運用平台功能來幫助解決疫情帶來的許多問題。因此，我想分享三個我們如何幫助消費者和小型企業獲得援助和救濟的案例。

First, in less than a week, following the IRS announcement, we introduced 3 free stimulus registration tools in partnership with the IRS. These offerings helped more than 10 million Americans not required to file a tax return to easily register with the IRS to get their stimulus money. We're proud to have donated our time and expertise to help the IRS quickly disperse billions of dollars in stimulus payments to Americans.

首先，在國稅局宣布紓困金計畫後不到一周，我們就與國稅局合作推出了三款免費的紓困金註冊工具。這些工具幫助超過一千萬無需報稅的美國民眾輕鬆註冊，領取紓困金。我們很榮幸能夠貢獻我們的時間和專業知識，幫助國稅局迅速向美國民眾發放數十億美元的紓困金。

Second, we launched Intuit Aid Assist to simplify the process of quickly connecting small businesses to the right relief funding programs based on eligibility. Intuit Aid Assist uses artificial intelligence to distill the complexity of hundreds of pages of the CARES Act and convert it into an easy to understand user experience, delivering a personalized and actionable recommendation. This new tool is based on the same knowledge engineering, which is used by TurboTax to simplify the tax code.

其次，我們推出了 Intuit Aid Assist，旨在簡化小型企業根據自身資格快速對接適當的救助資金項目的流程。 Intuit Aid Assist 利用人工智慧技術，將《新冠病毒援助、救濟和經濟安全法案》（CARES Act）數百頁的複雜條款提煉成易於理解的使用者體驗，並提供個人化且切實可行的建議。這款新工具基於與 TurboTax 相同的知識工程技術，該技術也用於簡化稅法。

Third, as of May 20, Intuit helped make available over $875 million of approved small business loans to customers from the Paycheck Protection Program, or PPP, through QuickBooks Capital. The team rapidly developed a solution to simplify and automate the PPP loan application process to help the very small businesses access this program. We've helped approximately 25,000 small businesses access loans with an average loan of approximately $35,000, keeping up to approximately 150,000 employees on the payroll. These offerings are a testament to our unique platform and technology capabilities, and we will continue to find new, innovative ways to help our customers during this time of need.

第三，截至5月20日，Intuit透過QuickBooks Capital幫助客戶獲得了超過8.75億美元的「薪資保護計畫」（PPP）批准的小型企業貸款。我們的團隊迅速開發了一套解決方案，簡化並自動化了PPP貸款申請流程，幫助小型企業獲得該計劃的資助。我們已協助約25,000家小型企業獲得貸款，平均貸款額約為35,000美元，使多達150,000名員工得以繼續領取工資。這些成果充分證明了我們獨特的平台和技術能力，我們將繼續探索創新方法，在這個特殊時期為客戶提供幫助。

Now turning to the fiscal third quarter results. Through the first part of the third quarter, we saw a continuation of great momentum we built during the first half of the year when revenue grew 14%. At the same time, the impact of the pandemic on taxpayers and small businesses is real. The extension of the IRS tax filing deadline and local shelter-in-place directives negatively impacted performance beginning in mid-March. As a result, our total revenue declined 8% in the quarter.

現在來看第三財季的業績。第三季前半段，我們延續了上半年強勁的成長勢頭，營收成長了14%。同時，疫情對納稅人和小企業的影響是實實在在的。美國國稅局延長報稅截止日期以及各地實施的居家隔離令，從3月中旬開始對業績產生了負面影響。因此，本季總營收下降了8%。

Let me go into more detail with how the quarter played out, starting with our Consumer Group.

讓我更詳細地介紹一下本季的情況，首先從我們的消費者集團說起。

The extension of the IRS tax filing deadline from April 15 to July 15 has shifted the timing of millions of tax filings to later in the season, resulting in 15% decline in Consumer Group revenue during the fiscal third quarter. Based on the latest IRS data, total returns are down 9.4%, reflecting the later July 15 tax filing deadline.

美國國稅局將報稅截止日期從4月15日延長至7月15日，導致數百萬份報稅表的提交時間推遲到季末，使得消費者集團第三財季的收入下降了15%。根據國稅局的最新數據，總退稅額下降了9.4%，這反映了報稅截止日期延至7月15日的影響。

The do-it-yourself software category is performing notably better than assisted, and as the category leader, we're driving category awareness and growth, so we are encouraged by this result. Through May 8, IRS data shows total e-file returns are down 9.6%, with self-prepared e-files up 2.2% and assisted e-files down 18.8%. Because this data includes stimulus filings for individuals not usually required to file a tax return, it is not comparable to prior year data.

自助報稅軟體類別的表現明顯優於輔助報稅軟體，作為該類別的領導者，我們正在推動該類別的認知度和成長，因此我們對這一結果感到鼓舞。截至5月8日，美國國稅局的數據顯示，電子報稅總量下降了9.6%，其中自助報稅量增加了2.2%，而輔助報稅量下降了18.8%。由於該數據包含了通常無需報稅的個人提交的刺激經濟補貼申請，因此無法與往年數據進行比較。

As of May 8, our data also indicates a majority of expected April higher-value customers with the most complex returns, and those with balance due have yet to file. Therefore, we're proud of our progress so far and feel good about where we stand with the TurboTax Online share and ARPC, keeping us on track entering the last 2 months of the season.

截至5月8日，我們的數據顯示，預計4月份高價值客戶（包括報稅金額較高、報稅較為複雜的客戶以及有欠款的客戶）中的大多數尚未提交報稅表。因此，我們對目前的進展感到自豪，並對TurboTax Online的市場份額和平均每用戶收入（ARPC）感到滿意，這使我們能夠在報稅季的最後兩個月保持正軌。

Our strategy is working. We're accelerating our innovation and are well positioned for the remainder of the season. We're making progress on serving fast-growing, underpenetrated segments, including Latinx, self-employed and customers with investments. We are focused on increasing customer confidence through access to experts with TurboTax Live. And we're seeing a positive impact on both conversion and retention when these customers interact with an expert.

我們的策略正在奏效。我們正在加速創新，並為本季剩餘時間做好充分準備。我們在服務快速成長但市場滲透率較低的細分市場方面取得了進展，包括拉丁裔、自僱人士和擁有投資的客戶。我們致力於透過TurboTax Live平台讓客戶接觸專家，進而增強客戶信心。當這些客戶與專家互動時，我們看到轉換率和留存率都得到了積極提升。

The extension of the season has also given us the opportunity to run additional experiments to improve the experience, product lineup and pricing for the future.

賽季的延長也讓我們有機會進行更多實驗，以改善未來的體驗、產品陣容和定價。

Let me turn to Small Business. We began to see an impact from COVID-19 on our business in mid-March as many small businesses began closing or significantly scaling back their operations, leading to a loss of income and rising unemployment. Despite these headwinds, Small Business and Self-Employed Group revenue grew 11%, and online ecosystem revenue grew 28%.

接下來我想談談小型企業。 3月中旬，隨著許多小型企業開始關閉或大幅縮減業務規模，導致收入損失和失業率上升，我們開始感受到新冠疫情對我們業務的影響。儘管面臨這些不利因素，小型企業和自營商集團的收入仍成長了11%，線上生態系統的收入成長了28%。

Let me share some of the recent trends in our business. During the second half of the quarter, QuickBooks Online new customer acquisition decelerated approximately 15 points versus the first half, and retention within the existing customer base decreased by 2 points versus a year ago. We continue to expect the Small Business customer base and ARPC to grow in fiscal year 2020. The services offerings within QuickBooks Online have experienced an even greater impact. For example, after growing approximately 30% year-over-year through mid-March, payment charge volume was flat year-over-year during the second half of the quarter. Within our online payroll offering, after an increase of 20% year-over-year and workers paid through mid-March, workers paid decreased 10% year-over-year during the second half of the quarter. Similarly, after the total number of companies running payroll grew 15% year-over-year through mid-March, the number of companies running payroll was approximately flat during the second half of the quarter. These trends could result in higher attrition and lower revenue in the future. Despite limited visibility near term, we are more inspired than ever to achieve our 2025 prosperity, reputation and growth goals.

讓我分享一下我們業務近期的一些趨勢。本季下半段，QuickBooks Online 的新客戶獲取速度較上半段放緩了約 15 個百分點，現有客戶留存率也較去年同期下降了 2 個百分點。我們仍預期小型企業客戶群和平均每筆交易收入 (ARPC) 在 2020 財年將保持成長。 QuickBooks Online 的各項服務受到更大的影響。例如，截至 3 月中旬，支付業務量年增約 30%，但在本季下半段與去年同期持平。我們的線上薪資管理服務在截至 3 月中旬同比增長 20% 並支付了員工薪資後，在本季度下半段同比下降了 10%。同樣，截至 3 月中旬，使用薪資管理服務的公司總數年增 15%，但在本季下半段與去年同期基本持平。這些趨勢可能導致未來客戶流失率上升和收入下降。儘管短期內能見度有限，但我們比以往任何時候都更有動力實現2025年的繁榮、聲譽和成長目標。

As a reminder, our prosperity goals are to double household savings rate and improve the success rate of small businesses by 10 points better than benchmark for anyone on our platform. We will do so by becoming an AI-driven expert platform and doubling down on our 5 big bets. As we look into the future, we have resourced our big bets for acceleration. Let me share our progress on each of these bets.

再次提醒大家，我們的繁榮目標是讓家庭儲蓄率翻一番，並將平台上所有用戶的小型企業成功率提升至基準水平以上10個百分點。我們將透過打造人工智慧驅動的專家平台，並加倍投入五大重點領域來實現這些目標。展望未來，我們已為這些重點領域投入資源，以加速推進。接下來，我將逐一介紹我們在這些領域的進展。

Big bet #1 is foundational to accelerate innovation across our platform. I'll come back to this one in a minute since it supports the other 4 big bets.

第一項重大舉措是加速我們平台創新發展的基礎。稍後我會詳細闡述這一點，因為它支撐著其他四項重大舉措。

Big bet #2 is all about connecting 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 engagement and grow ARPC. Within TurboTax Live this season, we've improved access to an expert through real-time chat and a floating Live Help button, contributing to improving customer conversion and retention. On the expert side of the platform, we're using AI to improve the experience by automating repetitive tasks and presenting experts with a contextual customer information based on the location of the customer within the product experience. As a result, we've seen average session handle time decline nearly 20% this season, while at the same time providing a better experience for our customers. This season, we've earned the highest customer satisfaction scores for TurboTax Live ever.

第二大措施是連結用戶與專家。我們的客戶面臨的最大問題之一是缺乏自行報稅和管理業務的信心。我們正透過TurboTax Live和QuickBooks Live平台，將客戶與專家連接起來，以解決這個問題，從而觸達更多客戶，加深客戶互動，並提昇平均每用戶收入 (ARPC)。本季，我們透過TurboTax Live的即時聊天和懸浮式「線上幫助」按鈕，改進了用戶聯繫專家的途徑，從而提升了客戶轉換率和留存率。在平台專家端，我們利用人工智慧技術，透過自動化重複性任務，並根據客戶在產品體驗中的位置，向專家提供相關的客戶訊息，從而改善用戶體驗。因此，本季平均會話處理時間下降了近20%，同時為客戶提供了更優質的體驗。本季，TurboTax Live的顧客滿意度評分創歷史新高。

For QuickBooks Live, we're seeing promising early results. With the rapid shift to virtual solutions, we're seeing better-than-expected customer acquisition, and we continue to experiment across the lineup. For example, we further refined the setup offering we introduced in January. We're seeing an encouraging number of customers who have used the setup offering to upgrade their monthly subscription, making us optimistic that it's a great way to introduce customers to the benefits of QuickBooks Live.

QuickBooks Live 目前取得了令人鼓舞的初步成果。隨著使用者快速轉向虛擬解決方案，我們的客戶獲取量超出預期，我們也持續對產品線進行測試。例如，我們進一步完善了 1 月推出的設定服務。令人欣喜的是，許多客戶透過該設定服務升級了他們的月度訂閱，這讓我們相信，這是向客戶介紹 QuickBooks Live 優勢的絕佳途徑。

Our third big bet is to unlock smart money decisions for customers by connecting them to financial tools and partners that help put more money in their pockets. In its third season, we're on track to nearly double active use for Turbo. This suggests customers are finding value from our recently introduced innovations like mobile refund tracking and weekly credit card -- credit score updates.

我們的第三大措施是透過將客戶與金融工具和合作夥伴連結起來，幫助他們做出明智的理財決策，從而增加他們的收入。 Turbo 服務進入第三季，活躍用戶數量可望翻倍。這表明客戶正在從我們近期推出的創新功能中獲益，例如行動退款追蹤和每週信用卡/信用評分更新。

And in this challenging environment, our pending acquisition of Credit Karma is more important than ever as we help consumers make better financial decisions.

在當前充滿挑戰的環境下，我們即將收購 Credit Karma 顯得比以往任何時候都更加重要，因為我們將幫助消費者做出更好的財務決策。

Our fourth big bet is to become the center of small business growth by helping our customers sell in an omnichannel world, get paid fast, manage capital and pay employees with confidence. We recently launched Cash Flow Planner in QuickBooks Online. Managing cash flow is the biggest problem our customers face, one that is only magnified during this difficult period. Cash Flow Planner is an AI-powered interactive tool that looks at small businesses' financial history to predict future money in and money out events, enabling a small business customer to forecast its cash needs more accurately.

我們的第四大措施是成為小型企業發展的中心，幫助客戶在全通路環境下銷售產品、快速收款、管理資金並自信地支付員工薪資。我們最近在 QuickBooks Online 中推出了現金流規劃工具。現金流管理是客戶面臨的最大難題，在當前經濟情勢下更是如此。現金流規劃工具是一款由人工智慧驅動的互動式工具，它會分析小型企業的財務歷史，預測未來的資金流入和流出，從而幫助小型企業客戶更準確地預測其現金需求。

Within payments, we're offering our payments customers free access to instant deposits to put more money in their hands even faster. Since this free offer became available, the volume of payments received instantly by our customers has more than doubled. This offering is in its early days.

在支付領域，我們為支付客戶提供免費的即時存款服務，讓他們更快收到更多資金。自從這項免費服務推出以來，客戶收到的即時付款金額已翻了一番以上。這項服務目前尚處於初期階段。

Within payroll, we're enabling our small business customers to hold on to their money longer by using our money movement capabilities to pay employees next day. As a result, we've reduced the time between running payroll and paying employees by 1/3, driving product recommendation scores up 10%.

在薪資管理方面，我們利用資金周轉功能，幫助小型企業客戶更長時間保留資金，實現員工隔天即可收到薪資。因此，我們將薪資處理到員工薪資發放的時間縮短了三分之一，產品推薦分數也因此提升了 10%。

Our fifth big bet is to disrupt the mid-market with QuickBooks Online Advanced, our online offering designed to address the needs of small business customers with 10 to 100 employees. We developed this offering to help us increase retention of larger customers and attract new mid-market customers who are overserved by higher-priced competitive offerings. We introduced several new features to help our customers individually tailor the product to their needs, including building their own dashboard and additional custom fields for expense transactions. We continue to work closely with partners to develop integrations that save our customers' time and improve their experience. Now more than ever, a cloud offering is needed by mid-market customers at a disruptive price.

我們的第五項重大舉措是利用 QuickBooks Online Advanced 顛覆中階市場。這款線上產品專為擁有 10 至 100 名員工的小型企業客戶量身打造。我們開發這款產品的目的是為了提高大型客戶的留存率，並吸引那些被價格更高的競爭對手產品過度服務的中端市場新客戶。我們推出了多項新功能，幫助客戶根據自身需求客製化產品，包括建立自訂儀表板和新增用於費用交易的自訂欄位。我們將繼續與合作夥伴緊密合作，開發能夠節省客戶時間並提升使用者體驗的整合方案。如今，中階市場客戶比以往任何時候都更需要價格極具競爭力的雲端產品。

Now let me wrap up our big bets by circling back to bet #1, which is our foundational bet to revolutionize speed to benefit for our customers. Our goal is to deliver benefits to our customers instantly and to make the interactions with our offerings frictionless by accelerating the application of AI. Earlier, I shared several examples of how we're using AI to provide customers access to help through Intuit Aid Assist and PPP funds through QuickBooks Capital, or how our customers are accessing funds with instant deposit, managing cash flow with Cash Flow Planner, or how we're improving the experience for experts with AI. We are uniquely positioned to use AI to unlock the power of data and service to our customers, both the velocity and impact of our innovation.

現在，讓我回到我們的首要任務——徹底革新客戶體驗速度，以此來總結我們的重大舉措。我們的目標是讓客戶立即受益，並透過加速人工智慧的應用，使客戶與我們產品和服務的互動更加順暢無阻。先前，我分享了一些案例，例如我們如何利用人工智慧，透過 Intuit Aid Assist 為客戶提供協助，透過 QuickBooks Capital 為客戶提供 PPP 資金；如何幫助客戶即時到賬，如何利用 Cash Flow Planner 管理現金流；以及如何利用人工智慧提升專家的體驗。我們擁有獨特的優勢，能夠利用人工智慧釋放數據和服務的力量，進而提升創新的速度和影響力。

Now let me share our thoughts on the bigger picture in the current environment. We expect this environment to act as an accelerant to the bets we've declared. First, we expect to see an accelerating shift to our virtual world. This aligns with our big bet to connect people to experts using technology to improve confidence. Second, the need for small businesses to increase their online presence and commerce will become more essential. This aligns with our big bet to be the center of small business growth by providing tools and visibility for customers to better manage their cash flow. Finally, as we've seen in previous times of hardship, we expect consumers to put a high premium on offerings that can improve their financial health, which aligns with our bet to help consumers unlock smart money decisions. This includes helping our customers with saving more money and getting out of debt and becoming a trusted financial assistant in their pocket with our pending acquisition of Credit Karma.

現在，我想分享我們對當前環境下大局的看法。我們預計，當前的環境將加速我們既定策略的實施。首先，我們預期人們將加速轉移到虛擬世界。這與我們利用科技連結用戶與專家、提升用戶信心的策略目標不謀而合。其次，小型企業將更迫切地需要提升其線上業務和電商能力。這與我們致力於成為小型企業成長中心、為客戶提供工具和訊息，幫助他們更好地管理現金流的策略目標相符。最後，正如我們在過去的經濟困境中所看到的，我們預期消費者會高度重視能夠改善其財務狀況的產品和服務，這與我們幫助消費者做出明智的理財決策的策略目標相符。這包括幫助我們的客戶節省更多資金、擺脫債務，並透過我們即將完成的對Credit Karma的收購，成為他們值得信賴的「掌上財務助理」。

Our strategy in big bets position us better than ever before. We have a proven playbook that focuses our investments on accelerated innovation and what matters most. In that context, we have aligned the company to invest in what's most important for future growth while delivering against our financial principles. We intend to play offense during this downturn by investing in the largest opportunities for the future, our big bets.

我們採取的重大投資策略使我們比以往任何時候都更具優勢。我們擁有行之有效的策略，將投資重點放在加速創新和最重要的事項上。在此背景下，我們調整了公司策略，在履行財務原則的同時，投資於對未來成長至關重要的領域。我們計劃在當前經濟低迷時期採取積極主動的策略，投資未來最具發展潛力的重大項目。

When we do our job well, we believe we will come out of this downturn stronger than ever before.

我們相信，只要我們把工作做好，就能比以往任何時候都更強大地走出這次經濟低迷期。

To wrap up, I'm incredibly proud of our accomplishments this quarter. We remain focused on what matters most to our customers and those things that we can control during this time of uncertainty.

總而言之，我為我們本季所取得的成就感到無比自豪。我們將繼續專注於對客戶而言最重要的事，以及在這個充滿不確定性的時期，我們能夠掌控的事情。

Now let me hand it over to Michelle.

現在讓我把麥克風交給米歇爾。

Thanks, Sasan. Good afternoon, everyone. I'll start by adding my thoughts on the playbook we're using to run the business during these challenging economic times and then provide an overview of our financial results this quarter.

謝謝薩桑。大家下午好。首先，我想談談我們在當前充滿挑戰的經濟環境下經營業務的策略，然後再概述我們本季的財務表現。

As Sasan shared, we've been through tough economic times before and have developed a playbook of principles for operating in a downturn. These principles are designed to accelerate our execution in the future and help both our customers and Intuit emerge from a downturn in a stronger position than when it began.

正如薩桑所說，我們之前也經歷過經濟低迷時期，並制定了一套應對經濟衰退的營運原則。這些原則旨在加快我們未來的執行速度，幫助我們的客戶和Intuit公司在經濟衰退後以比衰退前更強大的姿態重新出發。

One of those principles is focusing on controlling what we can, including discretionary spending to deliver bottom line results. Roughly 3/4 of Intuit's expense base is variable over time. We're scrutinizing all expenses and carefully managing what we can control in this environment, such as travel, marketing spend and hiring decisions.

其中一項原則是專注於控制我們所能控制的因素，包括可自由支配的支出，以實現最終的獲利目標。 Intuit公司約有四分之三的支出會隨時間變化。我們正在仔細審查所有支出，並謹慎管理在當前環境下我們能夠控制的事項，例如差旅、行銷支出和招聘決策。

Let me now turn to our results.

現在讓我來看看我們的結果。

As Sasan mentioned, we saw a continuation of the strong momentum we built through the second quarter during the first half of the third quarter, followed by a slowdown in our business beginning in mid-March. For the third quarter of fiscal 2020, we delivered revenue of $3 billion, down 8% year-over-year. GAAP operating income of $1.4 billion, a 21% decrease. Non-GAAP operating income of $1.5 billion, an 18% decrease. GAAP diluted earnings per share of $4.11, a 21% decrease. And non-GAAP diluted earnings per share of $4.49, a 19% decrease.

正如薩桑所提到的，我們在第三季上半年延續了第二季以來的強勁成長勢頭，但從3月中旬開始業務成長放緩。 2020財年第三季度，我們實現營收30億美元，年減8%。 GAAP營業利潤為14億美元，較去年同期下降21%。非GAAP營業利潤為15億美元，較去年同期下降18%。 GAAP攤薄後每股收益為4.11美元，較去年同期下降21%。非GAAP攤薄後每股收益為4.49美元，年減19%。

Turning to the business segments. Consumer Group revenue was $1.8 billion, down 15% in the third quarter. This decline reflects the delay of the IRS tax filing deadline to July 15, which is shifting revenue out of the third quarter and into the fourth quarter. We're pleased with what we've seen season-to-date. The do-it-yourself category continues to grow faster than assisted, and we feel good about where we stand with TurboTax Online share. With 2 months still to go in the season, it's difficult to know if these trends will continue or whether more consumers will choose to file an extension. Either way, we expect the DIY category to gain share again this season, as it has for more than a decade.

接下來是業務板塊。消費者集團第三季​​營收為18億美元，年減15%。這一降幅反映了美國國稅局將報稅截止日期延至7月15日，導致部分營收從第三季轉移到第四季。我們對本季迄今的業績感到滿意。自助報稅類別持續維持高於輔助報稅類別的成長速度，我們對TurboTax Online的市佔率也感到樂觀。距離報稅季結束還有兩個月，目前尚難判斷這些趨勢是否會持續，或者是否會有更多消費者選擇延期報稅。無論如何，我們預計自助報稅類別將在本季再次擴大市場份額，就像過去十多年來一樣。

And in the Strategic Partner Group, professional tax revenues declined 18% in the third quarter, reflecting the impact of the delayed tax filing deadline on the timing of consumer tax filings completed by accountants. We grew Small Business and Self-Employed Group revenue 11% during the third quarter, driven by online ecosystem revenue growth of 28%. Our strategic focus within Small Business and Self-Employed is to grow the core, connect the ecosystem and expand globally.

在策略夥伴集團，第三季專業稅務收入下降了18%，這反映了報稅截止日期延遲對會計師完成消費者報稅時間的影響。第三季度，小型企業和自僱人士集團的收入成長了11%，主要得益於線上生態系統收入成長了28%。我們在小型企業和自僱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。

Starting with grow the core, QuickBooks Online accounting revenue grew 36% in fiscal Q3, driven mainly by customer growth, higher effective prices and, to a lesser extent, mix shift. During the second half of the quarter, we saw the pace of new customer acquisition and retention both decline, especially among lower ARPC customers. Keep in mind that there is a lagging impact to QuickBooks Online accounting revenue, although we do expect both our subscriber base and ARPC to grow during fiscal year 2020.

首先來看核心業務的成長，QuickBooks Online會計業務收入在第三財季成長了36%，主要得益於客戶成長、實際價格上漲以及產品組合調整（儘管影響較小）。在第三財季後半段，新客戶獲取和留存速度均有所放緩，尤其是在平均每用戶收入較低的客戶群中。需要注意的是，這種影響會落後於QuickBooks Online會計業務收入，但我們預期2020財年用戶數和平均每用戶收入都會成長。

Second, we continue to focus on connecting the ecosystem. Online services revenue, which includes payroll, payments, time tracking and capital, grew 16% in fiscal Q3. Within payroll, we continue to see revenue tailwinds during the quarter from a mix shift to our full-service offering. Roughly 2/3 of online payroll revenue is generated from monthly subscription fees, and 1/3 is generated from per employee monthly fees. Within payments, revenue growth reflects continued customer growth, along with an increase in charge volume per customer. During the second half of the quarter, charge volume decelerated. Fewer workers were paid and fewer companies ran payroll. These leading indicators could result in higher attrition and lower revenue for these offerings in the future.

其次，我們繼續專注於連結整個生態系統。第三財季，包括薪資管理、支付、工時追蹤和資本管理在內的線上服務收入增加了16%。在薪資管理方面，由於業務組合向全方位服務產品轉型，本季營收持續成長。線上薪資管理收入約三分之二來自每月訂閱費，三分之一來自按員工人數收取的月費。在支付方面，收入成長反映了客戶的持續成長以及每位客戶交易額的增加。本季後半段，交易額成長放緩。領取薪水的員工人數減少，運作薪資管理的公司數量也減少。這些先行指標可能導致未來這些業務的客戶流失率上升和收入下降。

Third, our progress expanding globally added to the growth of online ecosystem revenue during fiscal Q3. Total international online revenue again grew over 50%, reflecting subscriber and ARPC growth earlier in the fiscal year. However, this momentum has slowed and could result in decelerating revenue growth in the future.

第三，我們在全球擴張的進展推動了第三財季線上生態系統收入的成長。國際線上總收入再次成長超過50%，反映了本財年早些時候用戶數量和平均每用戶收入的成長。然而，這一成長勢頭已經放緩，未來收入成長可能會出現下滑。

Desktop ecosystem revenue declined to 6% in the third quarter. Desktop units declined sharply, reflecting lower sales through the retail and direct channels beginning in mid-March. This was offset by mid-single-digit QuickBooks Desktop Enterprise revenue growth. Within our desktop payroll offering, nearly 10% fewer workers were paid during the second half of the quarter versus a year ago. This compares to growth in the mid-single digits during the first half of the quarter through mid-March. Desktop payments charge volume growth declined just over 20% in the second half of the quarter.

第三季桌面生態系營收下降至 6%。桌上型電腦銷量大幅下滑，反映出自 3 月中旬以來零售和直銷通路的銷售額下降。 QuickBooks Desktop Enterprise 的收入實現了中等個位數成長，部分抵消了這一影響。在我們的桌面薪資管理產品中，與去年同期相比，本季下半段支付薪資的員工人數減少了近 10%。相比之下，本季上半段（截至 3 月中旬）實現了中等個位數成長。本季下半段桌面支付交易量下降了略高於 20%。

As we've shared, Intuit is helping small businesses obtain loans from the Paycheck Protection Program through QuickBooks Capital. We're working in partnership with an SBA-approved bank, and we're also directly funding a portion of these loans. We don't expect to hold these loans on our balance sheet, and revenue from these loans was immaterial during the quarter.

正如我們之前所述，Intuit 正在透過 QuickBooks Capital 幫助小型企業獲得薪資保護計劃 (PPP) 貸款。我們與一家經美國小型企業管理局 (SBA) 批准的銀行合作，並直接為部分貸款提供資金。我們預計不會將這些貸款保留在我們的資產負債表上，而且本季這些貸款產生的收入微乎其微。

Let me turn to our pending acquisition of Credit Karma. We expect the acquisition to be accretive over time. But given the current environment, we don't have visibility into whether it will be neutral to accretive in the first full fiscal year after closing. We continue to expect the transaction to close during the second half of calendar year 2020, and we're excited about the unprecedented benefits we can deliver together for customers.

接下來我想談談我們即將進行的Credit Karma的收購。我們預期此次收購將長期帶來收益成長。但鑑於目前的經濟環境，我們無法確定在交易完成後的第一個完整財年內，此次收購能否帶來中性或收益成長。我們仍然預計該交易將於2020年下半年完成，並且我們對雙方攜手為客戶帶來的前所未有的益處感到非常興奮。

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 as a company, with an emphasis on becoming an AI-driven expert platform. These principles remain our long-term commitment, although we recognize that we may not be able to achieve them in the current environment.

回到我們的財務原則。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。我們將繼續專注於將資源重新分配到公司最重要的優先事項上，重點是打造一個人工智慧驅動的專家平台。這些原則仍然是我們的長期承諾，儘管我們也意識到在當前環境下可能無法完全實現這些目標。

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 share repurchases and dividends.

我們首要的任務是利用產生的現金投資於業務發展，以推動客戶成長和收入提升。我們會考慮透過收購來加速成長並完善產品路線圖。對於無法獲利性投資於業務的剩餘現金，我們會透過股票回購和分紅的方式返還給股東。

We finished the quarter with approximately $4 billion in cash and investments on our balance sheet. On May 7, we drew down the full amount of our $1 billion revolving credit facility to maintain financial flexibility. We repurchased $40 million of stock in the third quarter but have temporarily suspended share purchases in conjunction with the Credit Karma acquisition, as is typical during a stock transaction. We have approximately $2.4 billion remaining on our authorization, and we expect to be in the market in the future.

本季末，我們的資產負債表上現金及投資總額約40億美元。 5月7日，我們提取了10億美元循環信貸額度，以保持財務彈性。第三季度，我們回購了價值4000萬美元的股票，但由於收購Credit Karma，我們已暫時停止股票回購，這在股票交易中屬於正常情況。我們目前仍有約24億美元的授權額度，預計未來仍將參與市場交易。

The Board approved a quarterly dividend of $0.53 per share, payable July 20, 2020. This represents a 13% increase versus last year. We will not be providing guidance today. As a reminder, we withdrew our fiscal 2020 guidance earlier this month, reflecting uncertainty in current small business trends.

董事會批准派發每股0.53美元的季度股息，將於2020年7月20日支付。比去年同期成長13%。我們今天不提供業績指引。需要提醒的是，由於當前小型企業發展趨勢存在不確定性，我們已於本月初撤回了2020財年的業績指引。

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

這樣，我就把麥克風交還給薩桑了。

Great. Thanks, Michelle. We are uniquely positioned to make a positive impact on the world during this time. I'm proud of the actions that we've taken as a company to support our customers when they need us most. We've acted with speed, enabled our employees to be safe and productive working from home and continuing to innovate for our customers. We're using our capabilities to rapidly deploy solutions to help consumers and small businesses access the products and relief that they need during this difficult time. I'm confident we'll emerge an even stronger company.

太好了，謝謝你，米歇爾。在這個特殊時期，我們擁有得天獨厚的優勢，能夠對世界產生正面的影響。我為公司在客戶最需要我們的時候所採取的行動感到自豪。我們迅速行動，確保員工在家辦公安全高效，並持續為客戶創新。我們正在利用自身能力快速部署解決方案，幫助消費者和小型企業在這個艱難時期獲得所需的產品和援助。我相信，我們將變得更強大。

So with that, let me turn it over to you, Latif.

那麼，接下來就交給你了，拉蒂夫。

(Operator Instructions) Our first question comes from the line of Kirk Materne of Evercore ISI.

（操作說明）我們的第一個問題來自 Evercore ISI 的 Kirk Materne。

Sasan, maybe just to start with you. When you think about sort of this environment and what you all have to do to sort of help your client base out, is there anything you've done differently, I guess, in terms of either invoicing duration or obviously discounting? I guess just how do you think about sort of -- and balance really the short term versus the long term? Obviously, you mentioned that the shift towards virtual is clearly going to happen faster, and I think nobody would argue with you about that. But could you just talk about sort of how you're talking or thinking about, I guess, pricing when it gets down to it and invoicing with your clients in this very difficult environment for a lot of them?

薩桑，或許我們可以先從你開始。考慮到目前的環境以及你們為了幫助客戶所做的一切，你們在發票處理週期或折扣方面有沒有採取什麼不同的做法？你們是如何權衡短期和長期的利益？你提到過，向線上模式的轉變速度肯定會加快，這一點我想大家都會同意。那麼，在目前這種對許多客戶來說都非常艱難的環境下，你們是如何與客戶溝通定價和開票的呢？

Yes, Kirk, great to hear your voice, and I hope you're doing well. And thank you for your question. Let me take it in maybe 2 ways. One, maybe mid longer-term and then the other is the here and now. First of all, we have a playbook for times like this. And our playbook is really about focusing on customers, focusing on innovation and putting our investment dollars in the areas that matter the most, but then, as you heard from Michelle, being very diligent in terms of our expense envelope.

是的，柯克，很高興聽到你的聲音，希望你一切都好。謝謝你的提問。我可以從兩個方面來回答。一方面，從中長期角度來看；另一方面，從當下情況來看。首先，我們有應對這種情況的方案。我們的方案的核心是：以客戶為中心，專注於創新，並將投資投入最重要的領域；同時，正如你從米歇爾那裡聽到的，我們也會嚴格控制支出。

With that said, as we look at the long term, we're actually quite excited about the current environment, not the health element of it, but the fact that it will accelerate folks moving to a virtual world, folks moving to having more online presence and commerce capabilities. And then money has always been important, but we believe more than ever, ways to save money and get out of debt is going to be more important than ever before. And our big bets are squarely focused on the things that matter the most. And we happen, by the way, to be going through our 1- and 3-year planning process, which literally was happening in parallel of when the pandemic started. And it was at that time where we actually used the opportunity not only to be clear about a conservative investment envelope for our next fiscal year, but to really ensure that we can take the dollars that we have allocated and use them as an accelerant for our bets. And we just finalized our 1- and 3-year plan internally and have allocated our dollars to the big bets and the ones that matter most and, in fact, again, using it as an opportunity to accelerate.

話雖如此，從長遠來看，我們對當前的環境其實相當樂觀，並非指疫情本身，而是因為它將加速人們向虛擬世界轉型，增強線上業務和商務能力。資金固然重要，但我們相信，節約資金和擺脫債務的方法比以往任何時候都更重要。我們所有的重大投資都集中在最關鍵的領域。順便一提，我們目前正在進行一年和三年的規劃，而這恰好與疫情爆發的時間同步。正是在那時，我們抓住機會，不僅明確了下一財年的保守投資預算，而且確保能夠將已分配的資金轉化為投資的加速器。我們剛剛在內部敲定了 1 年和 3 年計劃，並將資金分配給了重點投資和最重要的項目，事實上，我們再次利用這個機會加速發展。

So we actually feel good about the things that we can control and the things that we need to do for our customers to come out of this even stronger.

所以，對於我們能夠控制的事情以及為了讓客戶從這場危機中變得更強大而我們需要做的事情，我們感到非常滿意。

With that said, and going to the very, today, here and now, elements of your question, part of our playbook is to ensure that we really bend over backwards and do what's right for customers in this kind of an environment. And beyond the innovations that you heard that we kind of turned on a dime to deliver like instant deposit for free, PPP, the free stimulus offerings that we, in essence, brought to the marketplace, there are elements of things that we're doing for our customers, such as we paused any price increases that we plan. We paused our full-service payroll migration, which has significant benefits for customers and those that migrate to [upgrade], but we didn't want to have our customers think about payroll migration in a time like this.

綜上所述，回到您問題的核心—當下，我們始終堅持竭盡全力，確保在這種環境下為客戶提供最佳服務。除了您提到的我們迅速推出的創新舉措，例如免費即時存款、PPP貸款（我們實際上是為市場帶來了免費的​​刺激性產品）之外，我們還採取了一些其他措施來保障客戶利益，例如暫停所有原定的價格上漲計劃。我們也暫停了全方位薪資系統遷移服務，這項服務對現有客戶和升級用戶來說意義重大，但我們不希望客戶在這種特殊時期還要考慮薪資系統遷移的問題。

As we've communicated in the past, we, in essence, launched a new lineup in QuickBooks, one element of it being QuickBooks Advanced, which allows us to serve mid-market customers. That comes with very clear lines of number of users, number of invoices that you can pay, the number of transactions. And for now, we've actually paused that important line where you have to migrate to QuickBooks Advanced, all of which, at the right time, we will put back in place. But we're being very diligent to do what's right for customers. And we're getting a lot of great feedback from customers, inclusive of some of the discounting that we put in place to acquire new customers in these very uncertain times.

正如我們之前溝通的那樣，我們實際上在 QuickBooks 中推出了新的產品線，其中就包括 QuickBooks Advanced，它旨在服務中端市場客戶。新版本對用戶數量、可支付的發票數量以及交易數量都有非常明確的限制。目前，我們暫停了使用者必須移轉到 QuickBooks Advanced 的流程，待時機成熟後，我們會重新啟用該功能。我們始終致力於為客戶提供最佳服務。我們也收到了許多客戶的正面回饋，包括我們為在當前充滿不確定性的時期吸引新客戶而推出的一些折扣優惠。

So those are just some of the examples of the things that we're doing. We have a proven playbook. We're really -- the team is executing quite well against it.

以上只是我們正在採取的一些措施的例子。我們有一套行之有效的策略。而且，球隊執行得也相當出色。

And just if I could ask just a really quick follow-up. I assume, given what's going on, has really no impact on sort of your initial thought process around sort of the integration plan for Credit Karma. Is that correct?

我能否再快速問一個後續問題？鑑於目前的情況，我假設這不會對您最初關於Credit Karma整合計劃的設想產生任何影響，對嗎？

It does not. We're actually more excited about what we can do with Credit Karma to accelerate, helping customers save money and reduce debt. So it has not changed our plans.

並沒有。事實上，我們更興奮的是能夠利用 Credit Karma 加速發展，幫助客戶省錢並減少債務。所以，這並沒有改變我們的計劃。

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。

Mark Rende on for Keith Weiss here. So I wanted to dig in a little bit to the TurboTax side. So obviously, a big shift in revenues related to the filing extension. But have you guys seen any change in the mix of free files? Was that any reason for the kind of push on revenues? Any detail around that free filing mix would be helpful.

我是 Mark Rende，替 Keith Weiss 來。我想稍微深入探討一下 TurboTax 這方面的情況。顯然，由於報稅延期，收入出現了大幅波動。但是你們有沒有註意到免費報稅用戶組成方面的變化？這是否是你們努力提升收入的原因？關於免費報稅用戶組成方面的任何細節都將不勝感激。

Sure, Mark. Thanks for your question. First of all, I'll just remind us that when you look at the categories that we serve, the DIY category is about $3 billion in TAM. The assisted category is about $20 billion in TAM. And then the consumer finance space, which we're going to be able to accelerate serving with Credit Karma, is about $57 billion in TAM.

當然可以，馬克。謝謝你的提問。首先，我想提醒一下，在我們服務的幾個類別中，自助服務類別的潛在市場規模約為30億美元；輔助服務類別的潛在市場規模約為200億美元；而消費金融領域，我們將藉助Credit Karma加速拓展這一領域，其潛在市場規模約為570億美元。

In that context, very specifically to your question, this is actually the part of the season that is our strength. Really, the revenue that shifted into the fourth quarter is because of the fact that the IRS deadline shifted. And these are actually the more high-value customers, the more complex customers and the ones that have balanced due. And it's actually our strength. This part of the season is our strength because it's our customers with the highest retention over the years.

就您的問題而言，實際上，這正是我們的優勢所在。收入之所以轉移到第四季度，是因為美國國稅局的截止日期延遲了。這些客戶往往是高價值客戶、業務更複雜的客戶，以及那些欠款餘額較高的客戶。而這正是我們的優勢所在。我們之所以在這個階段保持優勢，是因為這些客戶多年來的留存率最高。

And so given where we are with the category growth and given that we're the champions of the do-it-yourself category with the category growth and what we see with share in our ARPC, we feel good about where we are, and we feel -- and we're excited about playing our game in the last 2 months of the season, which is our strength. And we've really not seen anything outside of what we would expected from an FFA perspective. So really, the revenue shift is entirely because of the shift in the deadline.

鑑於我們目前的品類成長情況，以及我們在DIY品類成長方面的領先地位，再加上我們ARPC的市場份額，我們對目前的狀況感到滿意，並且對賽季最後兩個月的比賽充滿期待，因為這是我們的優勢所在。從FFA的角度來看，我們並沒有看到任何超出預期的情況。所以，收入的變動完全是因為截止日期的調整所造成的。

Excellent. Really helpful. If I could sneak in one quick follow-up. So there's obviously been a big uptick in share gains this season in DIY. How do you expect that -- do you expect it to normalize into the back half of the season as like shelter-in-place kind of restrictions come off and ease and people can go to a tax professional or a CPA? Or do you see this being relatively durable throughout the rest of the season?

太好了，真的很有幫助。如果可以的話，我想再補充一個問題。顯然，本季DIY（個人理財）領域的市佔率大幅成長。您認為這種情況會如何發展？隨著居家隔離等限制措施的解除和放鬆，人們可以去找稅務專業人士或註冊會計師（CPA）諮詢，您認為這種情況會在下半季恢復正常嗎？還是您認為這種成長勢頭會持續到本季結束？

Yes. I'll make 2 comments. One is I think this pandemic will drive structural and behavior changes across many industries, whether it's education, whether how you get mortgage loans, to how you manage your business, to how you do your taxes. And the great news is we're positioned well with our digital platform to serve customers with assistance to really take advantage of the opportunity, and there's just simply a tailwind of more and more folks wanting to be able to do their taxes themselves and if they need help to be able to get that assistance in the comfort of their home. We'll have to see how the season plays out. I don't want to second-guess whether these current trends will continue or not. But what I would tell you is that the shift to a virtual world probably accelerated by 5 years across many, many different industries, and I think that will be the same thing that we'll see play out when it comes to doing your taxes and/or helping small businesses manage their books, which is where QuickBooks Live comes into play.

是的。我想說兩點。首先，我認為這次疫情將推動許多產業的結構性和行為模式改變，無論是教育、房貸、企業管理或報稅方式。好消息是，我們的數位化平台已經做好充分準備，能夠為客戶提供協助，讓他們真正抓住這個機會。越來越多的人希望能夠自己報稅，如果需要幫助，他們也可以在家中輕鬆獲得支持，這無疑是一個好因素。我們還需要觀察疫情的發展。我不想妄加揣測這些趨勢是否會持續下去。但我可以肯定的是，向虛擬世界的轉型可能在許多行業加速了五年，我認為在報稅和/或幫助小型企業管理帳務方面，我們也會看到同樣的趨勢，而這正是 QuickBooks Live 的用武之地。

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。

Many companies have been giving us a little bit of color into the current month, and I'm curious if there's any color about what you're seeing from the perspective of April carrying into May. Any notable items would be helpful.

許多公司都透露了一些本月的情況，我很想知道您從四月到五月的視角來看，有什麼看法。任何值得關注的資訊都將不勝感激。

Yes. Sure, Brett. Good to hear your voice, and hope you're safe and sound. So what I would say is, if I just touch on the first couple of weeks in May, we have seen a stabilization. To be specific, we've seen stabilization in charge volume, the number of payroll companies that are paying their employees. We've seen stabilization in the number of companies that are tracking their time through TSheets. We've been seeing the same thing with acquisition of new customers, and we've seen stabilization on the retention front. And on desktop, we've seen a little bit of an uptick because we deliberately slowed down the communication of upgrades to our desktop customers because the timing of doing so was really right in line with when the pandemic hit. And so now that we've started that communication, there's been a little bit of an uptick.

是的，當然，Brett。很高興聽到你的聲音，希望你一切安好。我想說的是，如果我只談談五月的前兩週，我們看到情況趨於穩定。具體來說，我們看到收費量趨於穩定，也就是支付員工薪資的薪資公司數量趨於穩定。我們看到使用 TSheets 追蹤工時的公司數量趨於穩定。新客戶的取得情況也趨於穩定，客戶留存率方面也趨於穩定。桌面端方面，我們看到略有回升，因為我們特意放慢了向桌面客戶推送升級訊息的節奏，因為推送訊息的時機恰好與疫情爆發的時間吻合。現在我們開始推送升級訊息，所以出現了一些回升。

I think what's really important, if I put all of this in context, is it's several weeks of trends. And we want to make sure that we don't portray several weeks of trends into a trend, but we have seen a stabilization in the first 2 weeks, but we clearly want to see the economy come back and ultimately see small businesses open up and see if that trend continues.

我認為，如果把所有這些放在一起分析，真正重要的是要認識到，這是幾週以來的趨勢。我們希望確保不要把幾週的趨勢簡單地歸結為一種趨勢，雖然在前兩週我們看到了穩定的跡象，但我們顯然希望看到經濟復甦，最終看到小型企業重新開業，並觀察這種趨勢是否能夠持續。

Our next question comes from Robert Simmons of RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的羅伯特‧西蒙斯。

So can you talk about how you've adjusted with the amount and the timing of your advertising spending and the overall market across the different segments, given the tax season is more spread out this year and other factors?

鑑於今年的報稅季持續時間更長以及其他因素，您能否談談您是如何調整廣告支出金額和時間，以及在不同細分市場中如何應對整體市場的？

Yes, sure, Robert. Thank you for your question. Let me make 2 points. One, when this pandemic hit beyond the fact that we were right in the middle of our 3- and 1-year planning, and it was a great opportunity for us to agree to a conservative investment envelope as we look ahead to really continue to build our muscle in terms of prioritization and resource allocation, we also then looked at the here and now and what changes we would make. And we did reduce discretionary funds in areas that we were very comfortable with. Of course, travel is a given, but hiring and marketing across the board.

好的，羅伯特。謝謝你的提問。我想補充兩點。第一，疫情爆發時，我們正處於製定三年和一年計劃的關鍵階段，這給我們提供了一個絕佳的機會，讓我們能夠制定一個保守的投資方案，以便在未來更好地提升優先級排序和資源分配能力。同時，我們也檢視了當下，思考需要做出哪些調整。我們確實削減了一些我們認為可以承受的領域的自由支配資金。當然，差旅支出是不可避免的，但招聘和行銷等各個方面都需要削減。

And specifically in TurboTax, both customer success and marketing, we, of course, needed to kind of replan, which the team has done, we have a playbook around this, and extend it between now and July 15. And so we've done that. But I would say, overall, the company's discretionary spend are down because we lowered it for all the right reasons, but particularly in tax, we just simply extended it through the end of July.

具體到TurboTax，無論是客戶成功部門還是行銷部門，我們當然都需要重新規劃，團隊也已經完成了這項工作，我們為此制定了一套方案，並將截止日期延長至7月15日。我們已經做到了這一點。但我想說的是，總體而言，公司的可自由支配支出有所下降，因為我們出於各種正當理由降低了支出，尤其是在稅務方面，我們只是簡單地將截止日期延長至7月底。

We expect, by the way, just so it's not a black box, that we'll need to spend up to $20 million in both customer success and marketing because of the extension of the tax season to ensure that we're there for our customers, but we've also reallocated dollars from other places in the company to make up for it.

順便提一下，為了避免資訊混亂，我們預計由於報稅季延長，我們需要在客戶成功和行銷方面投入高達 2000 萬美元，以確保我們能夠為客戶提供服務，但我們也從公司其他部門重新分配了資金來彌補這一損失。

Got it. That makes sense. And then can you talk to how the economics of PPP work for Intuit in terms like what kind of cut of the fees you keep and that sort of thing?

明白了，這說得通。那麼，您能否談談PPP模式對Intuit的經濟影響，例如您能從費用中抽取多少分成等等？

Yes, sure. Maybe if I could just ask Michelle to take that?

當然可以。也許我可以請米歇爾幫忙拿一下？

Absolutely. We haven't talked specifically about the monetization. As Sasan talked about earlier, we did say that we've provided $875 million of PPP small business loans. And we're working with an SBA-approved bank to fund these loans. We're funding some directly, but it's a small amount, and we don't expect to hold those.

當然。我們還沒有具體討論過資金變現的問題。正如薩桑之前提到的，我們確實說過，我們已經提供了8.75億美元的PPP小型企業貸款。我們正在與一家經美國小型企業管理局（SBA）批准的銀行合作，為這些貸款提供資金。我們也會直接提供部分資金，但金額很小，而且我們預計不會持有這些資金。

We will expect to earn about 3% to 4%, including servicing, on the loans themselves.

我們預計貸款本身（包括服務費）的收益率約為 3% 至 4%。

Our next question comes from Brad Zelnick of Crédit Suisse.

下一個問題來自瑞士信貸的布拉德·澤爾尼克。

It's Yao Chew on for Brad Zelnick. And thanks for what you're doing for small businesses out there. I have a question as it relates to Intuit capital and potentially Credit Karma. From my understanding, the business models of these segments rely on algorithms that are basically a combination of historical behavior and real-time data. One of the criticisms of fintech is that every crisis has driven from the next and that some of these algorithms may be building data from the last cycle that may not be so relevant in the current one.

我是姚秋，代表布拉德‧澤爾尼克發言。感謝您為小型企業所做的一切。我有一個關於Intuit Capital以及可能還有Credit Karma的問題。據我了解，這些領域的商業模式依賴演算法，而這些演算法本質上是歷史行為和即時數據的結合。金融科技的一個弊端是，每一次危機都可能引發下一次危機，而這些演算法可能仍基於上一個週期的數據，這些數據在當前週期可能並不適用。

As we look our way through this, can you share some thoughts on a couple of things? Firstly, how well these businesses and algorithms are working? And does the value proposition remain intact for these data-centric plays? And where are the main gaps or differences in behavior where you may have needed to intervene? And I guess, based on that, do you think managing through this crisis inherently increases the value of these assets in the longer term, playing through both the downswing and the recovery?

在探討這些問題時，能否分享一些看法？首先，這些企業和演算法的運作如何？這些以數據為中心的業務的價值主張是否依然成立？在哪些方面存在主要差距或行為差異，您可能需要介入？基於上述分析，您認為成功應對此次危機是否會從長遠來看提升這些資產的價值，使其在經濟下行和復甦階段都受益？

Thank you for the question, Yao, and good to hear your voice and hope all is well. Let me make a general comment, maybe 2 general comments and then get more specific to your question.

姚，謝謝你的提問，很高興聽到你的聲音，希望一切都好。我先說兩點，然後再具體回答你的問題。

I think that, first of all, as you know us and Credit Karma are operating as 2 separate companies. But what I can tell you from the due diligence that we did, we were very impressed with their machine learning capabilities, their ability to do quality checks to watch for bias and adjust their models on a daily basis because they use 2,600-plus data points per customer to run their models, and so they're always adjusting. But let me -- that's in context of the due diligence that we did. And I would just say the second macro point is, this is one of the reasons why we believe that this environment is actually an accelerant for us to find ways to help customers put more money in their pocket, save money and get out of debt because of all the machine learning capabilities that we have, both Credit Karma has and that we have, that in this current environment, done the right way, actually allows us to adjust our models to better serve customers.

首先，如您所知，我們和Credit Karma是兩家獨立營運的公司。但就我們所做的盡職調查而言，Credit Karma的機器學習能力給我們留下了深刻的印象，他們能夠進行品質檢查，監控偏差，並每天調整模型，因為他們使用每個客戶超過2600個數據點來運行模型，所以他們一直在進行調整。但需要說明的是，這只是我們盡職調查的結果。其次，我想強調的是，正是由於我們和Credit Karma都擁有強大的機器學習能力，我們才相信當前的環境實際上會加速我們找到幫助客戶增加收入、節省開支和擺脫債務的方法。在目前環境下，如果運用得當，Credit Karma和我們都能利用這些能力來調整模型，以便更好地服務客戶。

Now let me get more specific, I think, to your question, around the QuickBooks Capital. We have -- this QuickBooks Capital and the machine learning capabilities in the platform is something that we've been working on for years, both cleaning up the data, so we can use 26 billion data sources and the 360 information that we have from our customers and with their permission to be able to use to, in essence, know what loans that they can be able to take on, what capacity, the number of months and how quickly we can adjust our dial. And one of the things that the team has done that's a wonderful progress is that we do checks for biases. In -- whether in this environment or in a different environment, we're always checking for biases so we can adjust the model. And the model is built in such a way where we can adjust it on a daily basis, so we can learn very, very quickly. And we -- what we see in this environment is that it's actually a great opportunity to accelerate our learning so that we can be much more pinpointed in terms of what we can do for customers and when we can do it for the customer. So I'm proud of our QuickBooks Capital team and what they've been able to actually accomplish, and we're learning and adjusting more daily.

現在，我想更具體地回答您關於 QuickBooks Capital 的問題。我們多年來一直在致力於 QuickBooks Capital 及其平台中的機器學習功能，包括資料清理（以便我們能夠利用 260 億個資料來源）以及我們從客戶那裡獲得的 360 度全方位資訊（經客戶許可），從而了解他們可以申請哪些貸款、貸款額度、還款期限以及我們調整策略的速度。團隊取得的一項重大進展是，我們會進行偏差檢查。無論是在當前環境還是其他環境中，我們都會持續檢查偏差，以便調整模型。該模型的設計使其可以每日進行調整，從而實現快速學習。我們看到，在這種環境下，這實際上是一個加速學習的絕佳機會，讓我們能夠更精準地了解我們可以為客戶提供什麼服務，以及何時能夠為客戶提供服務。所以我為QuickBooks Capital團隊及其所取得的成就感到自豪，我們也不斷學習和調整。

And by the way, those capabilities is not just for QuickBooks Capital. We use those same capabilities for instant deposits, same-day payments. We use those same capabilities for same-day payroll. And so these capabilities are truly platform capabilities that we can use across the company.

順便一提，這些功能並非 QuickBooks Capital 獨有。我們也利用這些功能進行即時存款、當日付款，以及當日工資結算。因此，這些功能是真正的平台功能，我們可以在整個公司範圍內使用。

Great. If I may sneak one more quick one in. What are the main constraints on distributing PPP funds faster at this point?

太好了。如果可以的話，我再快速問一個問題。目前加快發放PPP資金的主要限制因素是什麼？

I'm sorry. Could you ask your question one more time?

抱歉，您能再問一次您的問題嗎？

Yes. I know you've distributed about 800 -- a bunch of PPP funds to date, are there -- can you talk to the main constraints on the ability to distribute the funds faster to your base?

是的。我知道你們迄今為止已經發放了大約 800 筆——一大批 PPP 資金，是嗎？ ——您能否談談在更快地將資金發放給您們的基層組織方面的主要限制因素是什麼？

Yes. First of all, we truly admire what the team in Treasury and SBA has done to make these loans available and all the checks that they've had to do on privacy and security to be able to distribute these loans. So they truly deserve an applause for the work that they've done.

是的。首先，我們非常欽佩財政部和小型企業管理局的團隊為提供這些貸款所做的工作，以及他們為了發放這些貸款而進行的隱私和安全方面的各項審核。他們所做的工作確實值得讚揚。

To get to your question, we actually have been able to move quite fast and quite rapidly because of the fact that we know our customers' data, whether it's QuickBooks Payroll customers or QuickBooks Desktop payroll customers or self-employed that have actually filed their taxes with us and be able to very quickly help them apply for the loan. Really, the biggest inhibitor has been all of those that are applying for the loan and having to wait in line to be able to get the loans approved by the SBA. And so really, that's where the bottleneck is. And by the way, the SBA is actually moving quite fast. It's just the number of loans that's coming out on loan request and how they have to process it and ensure that they reduce fraud, that's, I think, probably the most difficult part.

回到您的問題，我們之所以能夠如此迅速地推進貸款申請，是因為我們掌握了客戶的數據，無論是 QuickBooks Payroll 用戶、QuickBooks Desktop Payroll 用戶，還是透過我們提交過稅務申報的個體經營者，我們都能快速有效地幫助他們申請貸款。實際上，最大的阻礙在於所有貸款申請者都需要排隊等待美國小型企業管理局 (SBA) 的批准。所以，這才是真正的瓶頸所在。順便說一句，SBA 的審批速度其實很快。困難在於如何處理大量的貸款申請，並確保減少詐欺行為，我認為這才是最棘手的部分。

But on our end, we've been able to move very, very rapidly, and we don't really have too many obstacles in front of us.

但就我們而言，我們進展非常非常迅速，我們面前並沒有太多障礙。

Our next question comes from the line of Siti Panigrahi of Mizuho.

我們的下一個問題來自瑞穗銀行的 Siti Panigrahi。

Sasan, you talked about one of the bets is in like selling in omnichannel world. In fact, we are seeing small businesses, they are trying to have their online presence are moving to more of e-commerce environment. So could you give us some color like how Intuit can help? And how big is an opportunity for Intuit from helping SMB moving to online?

薩桑，你剛才提到，其中一個重點是全通路銷售。事實上，我們看到許多小型企業都在努力拓展線上業務，並向電商環境轉型。那麼，你能否具體介紹一下Intuit能如何提供協助呢？幫助中小企業轉型線上，對Intuit來說究竟蘊藏多大的商機？

Yes. Thank you for your question. Again, great to hear your voice and hope you're safe and sound. When you think about Intuit's base, we serve primarily service-based businesses. And one of the core drivers behind our bet #4, which is being the center of small business growth, and one element of it being really a -- providing transformative experiences to make it easy for our customers to do commerce across multiple channels is to actually be able to accelerate serving and penetrating product-based businesses. But it's interesting what this environment is causing, so now let me get to answer your question in 2 ways.

是的，謝謝你的提問。再次感謝你的來信，希望你一切安好。 Intuit 的客戶群主要以服務型企業為主。我們第四項策略的核心驅動力之一是成為小型企業成長的中心，而實現這一目標的關鍵在於——提供變革性的體驗，讓我們的客戶能夠輕鬆地跨渠道開展業務——從而加速服務和滲透到產品型企業。但當前的環境確實帶來了一些有趣的變化，現在我將從兩個方面來回答你的問題。

One is even service-based businesses, they're actually -- if you remember at Investor Day, we shared last year that we have 400-million-plus invoices that our customers send out, but about 12% are payment-enabled. We're actually seeing more and more service-based businesses that are actually looking to make all of their payments payment-enabled, so they can actually get paid online faster and be able to get out of the paper world. And so this is having a -- this is going to, over time, have an impact on service-based businesses to get out of doing manual payroll and doing it online because they've seen with the Paycheck Protection Program, if you can't prove your payroll data, you're not really -- you're not going to be able to be first in line to get a loan. And so it's going to impact more and more service-based businesses going online, which is where our sweet spot is.

其中一個方面是服務型企業。如果您還記得去年的投資者日，我們分享過，我們的客戶每年發出超過4億張發票，但其中只有約12%支持線上支付。我們看到越來越多的服務型企業正在尋求將所有支付方式都改為線上支付，以便更快地收到款項，擺脫紙質帳單的束縛。隨著時間的推移，這將對服務型企業產生影響，促使他們擺脫手工工資核算，轉而在線處理工資。因為他們已經從薪資保護計劃（PPP）中了解到，如果您無法提供工資數據，您就無法優先獲得貸款。因此，這將影響越來越多的服務型企業轉向線上運營，而這正是我們的優勢所在。

The second element, though, was the question that you asked, which is omnichannel. And really, the core problem that we want to solve based on well over a year of conversations with our customers is, it's actually quite easy for our customers to get set up on different channels, whether it's Instagram, Facebook, Etsy, Amazon, that's not their biggest issue. Their biggest issue is they lose sight of which customer is coming from which channel, which customer is profitable, are they getting paid on time across the different channels, how that connects to their inventory, because clearly, you don't want to run out of inventory and fulfillment is critical. And so the problem that we want to solve is really, if I put it in simple terms, having an app where you can actually see all the orders that came in through all the different channels in one place. You can ultimately, over time, see the profitability of your payment. It connects to profitability of your customers. You can see how it connects to your inventory and it automatically tells you that you're going to have to fulfill your inventory.

第二個要素，也就是您提出的問題，就是全通路。事實上，我們基於一年多來與客戶的交流，想要解決的核心問題是：客戶其實很容易就能在不同管道上架，無論是 Instagram、Facebook、Etsy 還是亞馬遜，這並非他們面臨的最大問題。他們最大的問題是難以掌握哪些客戶來自哪個管道，哪些客戶獲利，以及他們是否能按時收到來自各個管道的款項，以及這些款項與庫存之間的關聯——顯然，誰都不想出現庫存不足的情況，而訂單履行至關重要。因此，我們想要解決的問題，簡單來說，就是開發一款應用，讓使用者能夠在一個地方查看所有管道的訂單。最終，隨著時間的推移，您可以了解收款情況的獲利能力，以及客戶獲利能力。您也可以查看收款狀況與庫存之間的關聯，應用程式也會自動提醒您何時需要補貨。

We're in the very early stages of solving that problem, but we're very clear on what the problem is. And we believe this environment will not only, over time, help us penetrate service-based businesses, but it will position us, bet #4, to serve product-based businesses. So that's the way we see it, and that's the way we think about it.

我們目前還處於解決這個問題的初期階段，但我們非常清楚問題所在。我們相信，隨著時間的推移，這種環境不僅會幫助我們滲透到服務型企業，而且還會讓我們做好準備，朝著服務產品型企業的方向發展（這是我們的第四個策略）。這就是我們看待和思考這個問題的方式。

Yes. And if I could ask one question on tax. This is unusual tax filing year. Now it's shifted from 15 to July 15 from April 15. So what percent of the people have -- usually those file taxes, if you exclude the people, those who file for stimulus check, what percentage have now not yet filed and moved to maybe for this quarter? And also, what are the trends you are seeing in terms of TurboTax Live adoption so far?

是的。如果可以的話，我想問一個關於稅務的問題。今年的報稅季很特殊，截止日期從4月15日延後到了7月15日。那麼，通常情況下，人們都會報稅，如果排除那些申請紓困金的人，那麼現在還有多少人尚未報稅，可能要等到本季才能報稅呢？另外，到目前為止，您觀察到的TurboTax Live用戶成長趨勢如何？

Sure. Well, first of all, I'll start by affirming it is very unusual season because I don't think we've been in a place where tax season has been extended. But in many ways, it's affording us new opportunities because our team has built for times like this and things like experimenting in ways that we otherwise wouldn't be able to. So our team is doing a wonderful job leveraging the current opportunity.

當然。首先，我要強調的是，今年的報稅季確實非常特殊，因為我們之前從未遇到過報稅季延長的情況。但從很多方面來看，這也為我們帶來了新的機遇，因為我們的團隊已經為應對這種情況做好了準備，並開展了一些平時無法進行的嘗試。所以，我們的團隊在利用當前機會方面做得非常出色。

If you think about last year, there was 155 million returns filed, and I think there's 110-ish million that have been filed already, and the actual specific numbers are on the IRS website. But nevertheless, that would tell you that you've got 40 million, 45 million customers that still need to file their taxes between now and July 15. So that kind of gives you a feel for what's left to come.

想想去年，總共提交了1.55億份報稅表，而我認為今年已經提交了大約1.1億份，具體數字可以在美國國稅局網站上查到。但即便如此，這也意味著還有4,000萬到4,500萬納稅人需要在7月15日前完成報稅。所以，這多少能讓你對接下來的工作量有所了解。

In terms of TurboTax Live, we focus this year on improving first-time use. We really focused on providing more access to experts because when our customers engage an expert, our conversion and retention goes up. And we're really focused on improving the expert side of the platform, meaning that experts would contextually know where the customer is and how to best serve them and help them very, very quickly. And so far, TurboTax Live is really delivering within the expectations that we have had for it. And we've got 2 months of the most complex filers that are still left to come. And so we're excited to serve as many customers as we can between now and then through TurboTax Live.

就 TurboTax Live 而言，我們今年的重點是提升用戶首次使用體驗。我們專注於提供更多專家諮詢管道，因為當客戶與專家互動時，轉換率和留存率都會提升。我們致力於改善平台的專家服務，這意味著專家能夠根據客戶的具體情況，提供最佳服務，並快速有效地幫助他們。目前為止，TurboTax Live 的表現完全符合我們的預期。接下來還有兩個月，我們將迎來最複雜的報稅高峰期。因此，我們非常期待在接下來的兩個月裡，透過 TurboTax Live 為盡可能多的客戶提供服務。

Our next question comes from Ken Wong of Guggenheim Securities.

下一個問題來自古根漢證券的 Ken Wong。

Great. And thanks for all the good color on the first half, second half splits. Maybe I'll steer this question towards Michelle. So obviously, lots of unknowns in kind of going forward, but as we think about your kind of ability to guide, or I guess lack thereof, is this more a matter of kind of magnitude in terms of things could get worse? Or just an issue of duration in terms of not understanding how long this might play out?

太好了。感謝你對上半場和下半場的精彩分析。或許我應該把這個問題轉給米歇爾。顯然，未來有很多未知數，但考慮到你指導的能力（或者說缺乏指導能力），這更多的是一個事態可能惡化的程度問題嗎？還是只是持續時間的問題，也就是我們無法預知這件事會持續多久？

Ken, thanks for the call -- question. First of all, I would say that, as Sasan said, we are starting to see a few trends in the business that are stabilizing, and he enumerated those a minute ago. But it just doesn't make sense off of 2 weeks of data to be able to predict going forward. So that is really the biggest issue there.

肯，謝謝你的來電——我有個問題。首先，正如薩桑所說，我們開始看到一些業務趨勢趨於穩定，他剛才也列舉了一些。但是，僅憑兩週的數據來預測未來是遠遠不夠的。所以，這才是最大的問題。

But I would say, don't confuse the lack of guidance with the lack of confidence in our business and our strategy. So in fact, we've never been more confident in our business, our strategy of becoming an AI-driven expert platform and the 5 big bets that we've declared. But confidence doesn't mean certainty, and we're in a very uncertain environment, as we've discussed. And so that's actually why we're not issuing guidance. It's really around the uncertainty.

但我想說，不要把缺乏業績指引與我們對自身業務和策略缺乏信心混為一談。事實上，我們從未像現在這樣對我們的業務、我們打造人工智慧驅動的專家平台的策略以及我們宣布的五大重點項目充滿信心。但信心並不意味著確定無疑，正如我們之前討論過的，我們正處於一個充滿不確定性的環境中。因此，這正是我們不發布業績指引的原因。真正的原因在於這種不確定性。

Our next question comes from Daniel Jester of Citi.

我們的下一個問題來自花旗銀行的丹尼爾·傑斯特。

Great. Another one on QuickBooks Capital, if I can. For the loans that you've made for PPP, how many of those customers were brand-new and never really used the QuickBooks Capital loan program before? Maybe you can just kind of -- just in terms of repeat usage there, I'd be interested to see if you're expanding the ability on the back end of this to get people already in your system to use QuickBooks Capital?

太好了。如果可以的話，我想再問一個關於 QuickBooks Capital 的問題。就你們所發放的 PPP 貸款而言，有多少客戶是全新的，之前從未真正使用過 QuickBooks Capital 貸款專案？或許你們可以稍微改進一下——就重複使用而言，我很想知道你們是否正在後台擴展功能，讓系統中已有的用戶也能使用 QuickBooks Capital？

And then just are there any learnings, either from the regulatory or the go-to-market there, that could accelerate Quickbooks Capital in the back end of this?

那麼，無論是監管方面還是市場推廣方面，是否有任何經驗可以加速 QuickBooks Capital 在後端的發展呢？

Yes, sure. Thanks for your question, and Kim and/or Michelle will keep me honest on this. Our goal was to serve as many small businesses as we could. And of course, we started with our existing base. And I believe that all of the current customers that we serve are all existing QuickBooks customers. So I'll get confirmation if I got that wrong, but it's been primarily all existing customers.

當然可以。謝謝你的提問，Kim 和/或 Michelle 會監督我，確保資訊準確無誤。我們的目標是盡可能多地服務小型企業。當然，我們先從現有客戶群入手。而且我相信，我們目前服務的所有客戶都是 QuickBooks 的現有客戶。如果我說錯了，我會找人確認，但目前來看，我們主要服務的客戶都是現有客戶。

And I would tell you, to the second part of your question, it's incredible, the halo effect that we've gotten by all the things that I mentioned earlier from very quickly partnering with the IRS to launch the stimulus offerings, to what we've done with the PPP program, to what we've done to fund and partner with GoFundMe and -- which is a crowd-sourcing platform to help small businesses get access to money, which I think has been almost close to $40 million of small businesses have gotten access to just a number of things that we've done has gotten really a lot of attention for QuickBooks as a brand that can help customers. And I think this current environment and what we have to do very specifically around PPP just really made our machine model -- machine learning models stronger, which allows us to make our services stronger, which allows us to really, over time, helps us better serve payments, payroll and ultimately, QuickBooks Capital customers.

至於你問題的第二部分，我想說的是，我們之前提到的一系列舉措產生了巨大的正面影響，這令人難以置信。從我們迅速與美國國稅局合作推出經濟刺激計劃，到我們參與的薪資保護計劃 (PPP)，再到我們資助並與眾籌平台 GoFundMe 合作，幫助小型企業獲得資金——據我所知，已有近 4000 萬美元的資金幫助小型企業。我們所做的這些舉措，確實讓 QuickBooks 作為一個能夠幫助客戶的品牌獲得了廣泛的關注。我認為，目前的情況，尤其是我們圍繞 PPP 所做的工作，確實增強了我們的機器學習模型，從而使我們能夠改進服務，並最終更好地服務於支付、薪資以及 QuickBooks Capital 的客戶。

Great. And then on Turbo and Mint, I think you, in your prepared remarks, talked a bit about engagement. I'm just wondering if you could provide a little bit more color there. Does engagement mean clicks? Or does it mean actually going through and purchasing a credit card or a loan through your partner? I'm just wondering if you could give some more color there.

好的。關於Turbo和Mint，我想您在準備好的演講稿中談到了用戶參與度。我想請您再詳細解釋一下。用戶參與度是指點擊量嗎？還是指實際透過您的合作夥伴購買信用卡或貸款？我想請您再詳細說明一下。

Sure, yes. Yes, absolutely. So we have seen more demand, less supply. And so on the demand side means that customers are really interested in their credit score. They're really interested in setting goals for their credit score and learning from us how to improve their credit score by potentially making payments on time or checking on the status of their refund and, of course, more interested in then getting access to whether it's personal loans, credit cards, those sorts of things.

當然，沒錯。絕對是這樣。我們看到的是需求增加，供應減少。需求方面，這意味著客戶非常關注自己的信用評分。他們非常希望設定信用評分目標，並向我們學習如何透過按時還款或查詢退款狀態來提高信用評分。當然，他們也更希望獲得個人貸款、信用卡等服務。

What we've seen an impact on is on the supply side because in this kind of an environment, although the digital platform has the highest return for financial institutions, we've seen some financial institutions pull back temporarily off of the Turbo and Mint platform, but it's also the first place qualitatively that they told us they want to come back to. They're just waiting for the current environment, specifically unemployment, to stabilize, so they can then come back onto the platform. So higher demand, less supply from a financial institution side, which means less monetization.

我們看到受影響的面向主要體現在供給面。在這種環境下，儘管數位平台能為金融機構帶來最高的收益，但我們看到一些金融機構暫時撤出了Turbo和Mint平台。不過，他們也告訴我們，這些平台是他們最想回歸的。他們只是在等待當前的環境，特別是失業率，穩定下來，以便重新回到平台上。因此，需求增加，金融機構的供給減少，這意味著變現能力下降。

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。

The -- my first question is during fiscal '09 global financial crisis, Small Business was relatively flattish. I think the revenue was down only 1%. And Sasan, I'd love to hear your thoughts, just high level conceptually, about just a compare and contrast about that time versus this time, what we're seeing and what could be good case, bad case?

我的第一個問題是，在2009財年全球金融危機期間，小型企業相對穩定。我記得收入只下降了1%。薩桑，我很想聽聽你的看法，從宏觀概念上來說，比較一下當時和現在的情況，看看我們現在看到的現像有哪些不同，哪些是好兆頭，哪些是壞兆頭？

Sure. Sure. Well, what I would start with is to build on your point. In '08, '09 time frame, what you, in essence, saw was, in essence, the total number of small businesses that went out of business, it up ticked a couple of points. The number of businesses that started down ticked a couple of points. So there was kind of a 3-, 4-point impact on the total number of small businesses. And the second thing I would say is things are, in some ways, very different than '08 and '09 on 2 dimensions. One is '08 and '09 was actually a recession caused by the health of financial institutions. This is a pandemic that's health-driven, where, in essence, small businesses have been completely shut down. The economy was actually quite healthy, but now it's not because of the shutdown of small businesses, which has also caused a recession. So in some ways, they're very different. But in many ways, the impact that we're seeing is the same, which is customer acquisition, as I mentioned earlier, has slowed down. Retention has down ticked a few points. Charge volume has down ticked from being up 30 to now it's been flat post mid-March COVID impact. And so that's the impact, of course, that we're seeing now, but our business is also very different.

當然。當然。嗯，我想先補充一下你的觀點。在2008、2009年，你看到的基本上是，倒閉的小企業總數略有上升，而新成立的小企業數量也略有下降。所以，小企業總數受到了大約3到4個百分點的影響。其次，我想說的是，現在的情況在某些方面與2008、2009年截然不同，主要體現在兩個方面。首先，2008、2009年的經濟衰退其實是由金融機構的健康狀況所造成的。而這次疫情是由公共衛生問題引發的，基本上導緻小企業全部停業。當時的經濟狀況其實相當不錯，但現在情況並非如此，因為小型企業的停業也導致了經濟衰退。所以，在某些方面，兩者非常不同。但在許多方面，我們看到的影響是相同的，正如我之前提到的，客戶獲取速度已經放緩。客戶留存率略有下降。收費額也從30%的成長降至3月中旬新冠疫情爆發後趨於穩定。當然，這就是我們目前看到的影響，但我們的業務也發生了很大的變化。

We have a larger portion of our small business is subscription-based, and it's in the cloud. Whereas back then, it was primarily desktop, which sees a sharper decline but also a sharper rebound. So with all of that said, those are the 2, 3 things that from 2 perspective are different. I would reiterate what I mentioned earlier, we are not trying to second-guess the market, or meaning, how fast things will rebound or how long this is going to -- this impact will stay in place. So we're very focused on our controllables, which is accelerating our focus on our big bets, helping our customers in times like this, just to ensure that we are positioned to come out of this much, much stronger than when we even went into it.

在我們的小型企業業務中，訂閱模式佔比更大，而且都部署在雲端。而以前，我們的業務主要依賴桌面端，桌面端業務下滑幅度更大，但反彈也更強勁。綜上所述，從兩個角度來看，這三點是截然不同的。我想重申我之前提到的，我們不會試圖預測市場走向，也就是說，我們不會去預測市場反彈的速度或持續時間——這種影響將會持續存在。因此，我們非常專注於可控因素，加快推進我們的重點項目，在這樣的時期為客戶提供幫助，以確保我們能夠比疫情前更強大地走出困境。

And as a follow-up over on the tax side. Just curious what insight you have from the IRS thus far with regard to the stimulus filings. And I believe, in your April 13 press release, you said you thought that would be for more than 10 million Americans, but not a very clear number. Do you have an idea what type of impact that number will be on the IRS volume results this year for tax filing?

關於稅務方面，我還有個後續問題。我很好奇您目前從美國國稅局（IRS）了解到的有關刺激經濟計劃申報的資訊。我記得您在4月13日的新聞稿中提到，您認為會有超過1000萬美國人參與，但並沒有給出非常具體的數字。您是否了解這個數字會對今年美國國稅局的報稅量產生怎樣的影響？

Sure. We're -- we -- of course, as I mentioned earlier, the numbers, the stimulus numbers are actually in the current filings, and we believe, at some point, the IRS will hopefully separate them, so there's visibility for our investment community, what the actual tax returns are versus stimulus returns.

當然。正如我之前提到的，刺激計劃的相關數據實際上已經包含在目前的申報文件中，我們相信，在某個時候，美國國稅局有望將它們分開，這樣我們的投資界就能清楚地看到實際的納稅申報表和刺激計劃帶來的收益之間的區別。

80% of folks have actually been eligible for the stimulus money. The point that we tried to be clear about earlier is that there are 10 million people that don't typically have to file their taxes that are also eligible, and so they have to go through the stimulus offering to be able to get access to the funds. And we believe at some point, by the end of the tax season, the IRS will flesh that out and communicate what the actual tax returns are versus stimulus filings.

實際上，80%的人都符合領取紓困金的資格。我們之前已經明確指出，還有1000萬人通常無需報稅，他們也符合領取資格，因此他們必須透過紓困金申請流程才能獲得資金。我們相信，在報稅季結束前，美國國稅局會詳細說明，並闡明實際的報稅和紓困金申請之間的差異。

What we should be left with is it doesn't change the perspective that we shared about the business. The do-it-yourself category is growing. We're seeing a larger and faster shift to the category. We feel good about where we are relative to our online share in ARPC. And this is the part of the season that's our strength, and we're looking forward to finishing the next couple of months out.

我們應該記住的是，這不會改變我們之前對業務的看法。 DIY品類正在成長，我們看到消費者正以更快的速度轉移到該品類。我們對目前線上銷售佔比（ARPC）的水平感到滿意。現在正是我們的優勢時期，我們期待接下來幾個月的銷售佳績。

Our next question comes from Brad Reback of Stifel.

我們的下一個問題來自 Stifel 公司的 Brad Reback。

Great. Michelle, you had mentioned earlier about 3/4 of the expense base is variable and taken some actions and enforcing some actions around travel, marketing and hiring. Can you give us a sense on what amount you're saving right now with those things?

太好了。米歇爾，你之前提到大約四分之三的支出是可變的，並且已經針對差旅、行銷和招聘採取了一些措施，也正在加強這方面的控制。你能大概說說目前這些措施能省多少錢嗎？

Brad, thanks for the question. What I would start with is, I would say that we have principles around leading through a downturn, and they have been proven out. One of the principles in our playbook, as I mentioned, is really around controlling what we can, discretionary spend so that we can deliver our bottom line results. We're looking at all of our expenses. Some of those that are easiest to control though are the travel, the marketing spend and the hiring decisions. I'm personally, along with everyone on Sasan's staff, making sure that we're really thinking about what we can do in the short term, but we're also taking a look at things that may have a longer-term impact, things like our real estate decisions and working remotely.

布拉德，謝謝你的提問。首先，我想說的是，我們有一套應對經濟低迷的領導原則，而這些原則已經被實踐檢驗。正如我之前提到的，我們行動方案中的一項原則就是控制我們可以控制的支出，也就是可自由支配的開支，從而確保我們能夠實現獲利目標。我們正在審視所有的支出。其中一些比較容易控制的支出包括差旅費、行銷費用和招募決策。我和薩桑公司的所有員工都在努力確保我們認真思考短期內可以採取的措施，同時也關注那些可能產生長期影響的因素，例如我們的房地產決策和遠距辦公政策。

As Sasan also mentioned a little bit ago, we will have some increases in expenses that's for the tax season, the extended season, about $20 million. That's marketing and customer success. But we have been able to offset some of that with the discretionary spend. We haven't given a specific number, but we feel very good about the actions that we've been taking in order to get our spend in line and set ourselves up for next year.

正如薩桑剛才提到的，由於報稅季延長，我們的支出將會增加約2000萬美元，主要涉及行銷和客戶成功方面。不過，我們已經透過可自由支配的支出抵消了一部分。我們沒有給出具體數字，但我們對控制支出、為明年做好準備的措施感到非常滿意。

Our next question comes from Josh Beck of KeyBanc.

我們的下一個問題來自 KeyBanc 的 Josh Beck。

Congrats on all the great work you've done for your customers. Probably a higher-level question for Sasan. You talked about this idea of virtual acceleration. And just given your purview and that you see how businesses and consumers are behaving, I'm just wondering if there's any areas where it seems like it could be notably strong on potentially the other side of this pandemic. So any color you can give there would be great.

恭喜您為客戶所做的出色工作。可能這個問題需要薩桑來解答。您提到了虛擬加速的概念。鑑於您的專業視野以及您對企業和消費者行為的觀察，我想知道在疫情結束後，虛擬加速在哪些領域可能會特別強烈？如果您能提供一些見解，那就太好了。

Sure. I'll start with what I think all of you see, and then I'll make it specific to us. But as I talked to a lot of my peers across many different industries, whether it's CEOs of companies or investors in many, many companies across many industries, whether it's from how you used to get your workout in and training, if you were -- if you went to a trainer and how that is shifting to a virtual world, Peloton being one example of that, where it's accelerating to education world where now you have to figure out how you get your education online, to more and more people now shifting to be able to engage with for medical help online, so getting your taxes done to being able to manage your business and bookkeeping. And so we believe that this pandemic will have a structural and behavioral impact in several areas. One is just you're going to first think about how to potentially engage in a virtual world, not in a physical world. It doesn't mean we won't go back to a physical world, but I think this will have a fundamental behavioral impact over time.

當然。我先說說我認為大家都能看到的，然後再具體談談我們的狀況。我和許多不同行業的同行交流過，包括公司CEO和投資者，他們都提到，無論是以前的健身方式（比如找私人教練），還是現在的線上健身平台（比如Peloton），這種轉變都在加速，教育領域也面臨著同樣的問題，人們現在必須想辦法在線學習，越來越多的人開始在線尋求醫療幫助，報稅、管理業務和記賬稅等等。因此，我們認為這次疫情將在多個領域產生結構性和行為性的影響。首先，人們會先考慮如何在虛擬世界中生活，而不是在現實世界中生活。這並不意味著我們不會回到現實世界，但我認為隨著時間的推移，這將對我們的行為產生根本性的影響。

Two is to ensure that you're doing most of your stuff online, whether it's how you do payments, whether it's how you do payroll, whether it's how you conduct commerce. Even if you're a service business, moving some of your things, to now be able to conduct it online is going to be important. And then more important than ever, how do you ensure that you can save money and reduce that?

第二點是確保你的大部分業務都在線上完成，無論是支付方式、薪資發放或商業活動。即使你是一家服務型企業，將部分業務轉移到線上也至關重要。此外，更重要的是，如何確保能夠節省開支並降低成本？

So we believe that structurally and behaviorally, those 3 areas are going to accelerate, and it's anybody's guess by how much. But literally, if you think about it overnight, these areas have shifted. And I just think we've progressed 5 years in this area of moving to a virtual world, the area of more being online and the importance of money. And that's one of the things that excites our leadership team and the whole company around what is possible for us to accelerate to ensure that we can deliver for our customers given these shifts that we're seeing.

所以我們相信，從結構和行為層面來看，這三個領域的發展速度將會加快，至於加快的幅度，目前還難以預測。但實際上，如果你仔細想想，這些領域在一夜之間就發生了轉變。我認為，在過去的五年裡，我們在向虛擬世界轉型、更多地依賴網路以及金錢的重要性等方面取得了長足的進步。正是這些轉變讓我們的領導團隊和整個公司感到興奮，因為我們看到了加速發展的可能性，從而確保我們能夠更好地服務客戶。

Our next question comes from Matt Pfau of William Blair.

下一個問題來自威廉布萊爾大學的馬特普法烏。

I just wanted to ask on the QuickBooks business if you're seeing any difference in terms of behavior between U.S. customers or international customers and then self-employed relative to small businesses?

我想問一下，在 QuickBooks 業務方面，您是否發現美國客戶或國際客戶在行為上有任何差異？此外，個體經營者與小型企業在行為上是否有差異？

Yes. Thanks, Matt. Although our trends were all at the small business level, what I would just tell you is we've seen U.S. be a bit more resilient than countries outside of the U.S. and all those metrics that we shared.

是的，謝謝你，馬特。雖然我們的趨勢都是針對小型企業的，但我只想告訴你，我們發現美國比美國以外的國家以及我們分享的所有指標都更具韌性。

And then the second thing is on the self-employed side, what's interesting is, although the macro numbers that we shared, which is acquisition being down 15 points before and after -- or after COVID, with some of the discounting that we are doing, we're actually seeing interest probably more than before on the self-employed side. That, of course, in no way covers the impact that we're seeing on acquisition. But we're actually seeing -- what we're looking to learn is are these new self-employed businesses are being born and they're using our self-employed app or what they may be. We're doing the analysis right now and looking at our data. But the bumper sticker is, I would say, U.S. is more resilient than countries outside the U.S. And we're seeing interesting acquisition trends on SE, early days. We need to analyze it to understand where they're coming from. It doesn't change the bigger picture of what we shared, which is post mid-March, we were down 15 points, and we've seen that stabilize. But SE is a little bit of a green shoot that we're looking to learn more about.

其次，關於自僱者方面，有趣的是，儘管我們之前分享的宏觀數據顯示，在新冠疫情前後（或者說疫情后，考慮到我們採取的一些折扣措施），個體經營者的需求實際上可能比以前更高了。當然，這並不能完全反映疫情對自營商的影響。我們正在努力了解的是，這些新的個體經營者是否正在湧現，以及他們是否正在使用我們的個體經營者應用程式。我們目前正在進行數據分析。但總的來說，我認為美國比其他國家更具韌性。我們在SEO上看到了一些有趣的自僱趨勢，尤其是在早期階段。我們需要分析這些數據，以了解他們的來源。但這並不會改變我們先前分享的整體狀況，也就是3月中旬之後，我們的用戶量下降了15個百分點，但現在已經趨於穩定。但SE（搜尋引擎優化）就像一棵新生的樹苗，我們很想了解更多。

At this time, our final question for the session comes from the line of Kash Rangan of Bank of America.

此時，我們本次會議的最後一個問題來自美國銀行的卡什·蘭甘。

I have a couple of quick questions, and thanks for the extended time that you've spent on the conference call. Really appreciate it.

我還有幾個問題想問一下，非常感謝您抽空參加電話會議。真的非常感謝。

One is, Sasan, what are the indicators you're looking for that small business activity could be starting to not just stabilize, but starting to pick up some fundamental ground indicators that since you've been in the business such a long time, I'm sure that there are some things you're keenly watching for. I'm just curious what they are. And also if you could share your thoughts, Michelle or Sasan, how to think about this year's unemployment because it's going to weigh on next year's taxes. I'm curious, what are the things that Intuit can do because the story has been that you've been gaining market share every single year, but this year is an exceptionally bad year for unemployment, sadly. I'm curious, what is Intuit going to be doing differently to keep its growth profile as strong as it has been on the consumer tax side going into next year?

薩桑，首先，您認為哪些指標可以顯示小型企業活動不僅開始趨於穩定，而且開始出現一些基本面的跡象？鑑於您在這個行業從事多年，我相信您一定密切關註一些關鍵指標。我只是好奇您關注的是什麼。另外，米歇爾或薩桑，能否分享一下您對今年失業率的看法？因為這將對明年的稅收產生影響。我很好奇，Intuit可以採取哪些措施？因為一直以來，你們的市佔率都在成長，但遺憾的是，今年的失業率異常高。我很好奇，Intuit將採取哪些不同的措施，才能在明年繼續保持其在消費者稅收方面的強勁成長動能？

Sure, Kash. Great to hear your voice, and I hope you're doing well and safe and sound.

當然，卡什。很高興聽到你的聲音，希望你一切都好，平安無事。

Let me start with your last question first. And you're very right. It is sad to see this kind of an unemployment rate, and we are all hopeful that at some point, things will rebound and folks will be able to get back to work. I think what I would say is because unemployment rate was actually very low through March, that -- and when you get unemployment income, we don't actually foresee an impact to tax next year because you still have to do your taxes because you were employed and you have unemployment income, and so which means you have to do your taxes. So we actually do not see an impact from the number of people that will need to file IRS. When I look at the total number of IRS returns, this shouldn't have a dramatic impact for the reasons that I mentioned.

讓我先回答你最後一個問題。你說得對。看到這樣的失業率確實令人難過，我們都希望情況能有所好轉，人們能夠重返工作崗位。我想說的是，由於3月份之前的失業率實際上非常低，而且領取失業救濟金後，我們預計不會對明年的稅收產生影響，因為你仍然需要報稅，因為你之前有工作，現在又有失業救濟金，所以你仍然需要報稅。因此，我們實際上預計需要向美國國稅局（IRS）提交報稅表的人數不會受到影響。從我剛才提到的原因來看，考慮到IRS的報稅總量，這應該不會造成太大的影響。

The second is we are very focused on how we help serve these customers through our live platform. And we believe that this could really be an impetus to deliver a great experience to deliver higher confidence and for you to be able to do it from the comfort of your home. So that's the answer to the question around unemployment. Headline news is folks are going to still have to do their taxes because unemployment rate was so low for the first several months of the year, and you have to do your taxes because of unemployment income.

第二點是，我們非常注重如何透過我們的線上平台更好地服務這些客戶。我們相信，這能夠真正推動我們提供卓越的體驗，增強客戶的信心，並讓您足不出戶即可完成所有操作。所以，這就是關於失業問題的答案。主要新聞是，人們仍然需要報稅，因為今年前幾個月的失業率非常低，而失業救濟金也需要繳稅。

The second in terms of indicators that we're looking at, I would say there are a few. One is just the number of workers and employees that are, for instance, tracking their time or getting paid -- tracking their time through TSheets or getting paid through payroll or the number of payroll companies that are paying their employees, that is one very important indicator for us. The second is just what happens with charge volume. That is a very important indicator because it shows the strength of consumer spending with small businesses and small businesses' small business spending. So that's the second.

第二個指標，也就是我們關注的幾個面向。首先是員工人數，例如，有多少員工透過 TSheets 等工具記錄工時或領取工資——或者透過工資系統領取工資，或者有多少工資公司在為員工支付工資——這對我們來說是一個非常重要的指標。其次是交易量。這也是一個非常重要的指標，因為它反映了消費者對小型企業的支出強度以及小型企業本身的支出狀況。以上就是第二個指標。

And then third is the rate of acquisition and the rate of attrition. Those are all the trends that we look at.

第三點是獲客率和流失率。這些都是我們關注的趨勢。

And I would just highlight one subset of all of this, which is how QuickBooks Live performs in this environment. It's less about just QuickBooks Live but the notion of getting help. Although very early days with QuickBooks Live, we've been happy with the -- as we said earlier, with the acquisition trend that we've seen because more and more folks are not only looking to do things in a virtual world, but are actually looking in this time frame to get help to clean up their books, to ensure they're compliant and to become far more effective and efficient in how they run their business because, again, money matters more than ever before.

我想重點強調其中的一個子集，那就是 QuickBooks Live 在這種環境下的表現。這不僅關乎 QuickBooks Live 本身，更關乎如何獲得協助。儘管 QuickBooks Live 還處於早期階段，但我們對用戶獲取趨勢感到滿意——正如我們之前提到的，越來越多的人不僅希望在虛擬環境中開展業務，而且還希望在這個時期獲得幫助，以清理賬目、確保合規，並顯著提高業務運營效率。畢竟，如今資金比以往任何時候都更重要。

So those are the 3, 4 indicators that we are looking at and doubling down on the bets that I mentioned earlier because we believe just there's a huge opportunity to help customers shift to online to help customers shift to a virtual world and to be able to find ways to put more money in their pocket.

所以，這就是我們正在關注的 3、4 個指標，我們會加倍投入我之前提到的那些投資，因為我們相信，幫助客戶轉向線上、轉向虛擬世界，並找到讓他們賺更多錢的方法，這是一個巨大的機會。

Thank you. And ladies and gentlemen, that is all the time we have for questions today. Would you like to close with any additional remarks?

謝謝。女士們、先生們，今天的提問時間就到這裡了。您還有什麼要補充的嗎？

Yes, I will. First of all, thank you for everyone's time and for joining today and your thoughtful questions. I would like to just close by once again thanking our employees for just the incredible work that they've done being by the side of our customers and being empathetic and compassionate for what they're having to go through and also just the partnerships with our partners. I wish all of you on the call well. Please stay healthy. Take care of yourself, and we look forward to talking to you at the next earnings call. Take care, everybody.

是的，我會的。首先，感謝大家抽空參加今天的會議，也感謝大家提出的寶貴問題。最後，我想再次感謝我們的員工，感謝他們一直以來為客戶所做的出色工作，感謝他們對客戶所經歷的一切感同身受，也感謝他們與合作夥伴的緊密合作。祝福所有參加電話會議的各位一切順利，身體健康，保重身體。我們期待在下次財報電話會議上與大家再次交流。祝大家一切安好。

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。