直覺電腦 (INTU) 2020 Q2 法說會逐字稿

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

午安.我叫拉蒂夫，我將擔任本次會議的主持人。在此，我謹代表 Intuit 公司歡迎各位參加 2020 財年第二季電話會議。（操作說明）

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

接下來，我將把電話交給 Intuit 的投資者關係副總裁 Kim Watkins。沃特金斯女士？

Thanks, Latif. Good afternoon, and welcome to Intuit's Second Quarter Fiscal 2020 Conference Call. I'm here with Intuit's CEO, Sasan Goodarzi; and Michelle Clatterbuck, our CFO. We are also joined by Ken Lin, Founder and CEO of Credit Karma.

謝謝你，拉蒂夫。下午好，歡迎參加 Intuit 2020 財年第二季電話會議。我今天和 Intuit 的執行長 Sasan Goodarzi 以及我們的財務長 Michelle Clatterbuck 在一起。我們也邀請了 Credit Karma 的創辦人兼執行長 Ken Lin。

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 these documents are available on the Investor Relations page of Intuit's website at intuit.com.

在開始之前，我想提醒大家，我們的發言將包含前瞻性陳述。有許多因素可能導致 Intuit 的表現與我們的預期有重大差異。您可以查看我們今天下午早些時候發布的新聞稿、2019 財年的 10-K 表格以及我們向美國證券交易委員會提交的其他文件，以了解有關這些風險的更多資訊。所有這些文件都可以在 Intuit 網站 (intuit.com) 的投資者關係頁面上找到。

We assume no obligation to update any forward-looking statements.

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 refers to current period versus the comparable prior year period and the business metrics and associated growth rates refer to worldwide business metrics.

這些發言中的一些數字是按非公認會計準則 (non-GAAP) 編製的。我們在今天的新聞稿中對可比較的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目前期間與去年同期相比的成長率，業務指標及相關成長率均指全球業務指標。

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 it over to Sasan.

接下來，我將把麥克風交給薩桑。

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

偉大的。謝謝金，也謝謝各位的參與。

We posted strong results for the first half of fiscal year 2020. I'm also excited to announce that we've reached an agreement to acquire Credit Karma, a pioneer in the financial technology sector, for approximately $7.1 billion. I could not be more enthusiastic about this transformational transaction, and I'm thrilled to welcome the talented Credit Karma team. Ken Lin, the Founder and CEO of Credit Karma, is with us today to talk about our shared excitement and commitment to one simple goal: empowering consumers to make smart decisions about their money. We posted a slide deck on our website containing an overview of the agreement which provides more details.

我們在2020財年上半年取得了強勁的業績。我也很高興地宣布，我們已達成協議，將以約 71 億美元的價格收購金融科技領域的先驅 Credit Karma。我對這項具有變革意義的交易感到無比興奮，並熱烈歡迎才華橫溢的 Credit Karma 團隊加入我們。Credit Karma 的創辦人兼執行長 Ken Lin 今天來到我們這裡，與我們談談我們共同的熱情和對一個簡單的目標的承諾：幫助消費者做出明智的理財決策。我們在網站上發布了一份幻燈片，其中包含協議概述和更多詳細資訊。

Let me start with a quick recap of the quarter. We're halfway through fiscal year 2020 and continue to see strong momentum across the company as we make progress on our strategy to become an AI-driven expert platform. Second quarter revenue grew 13% overall, fueled by 17% growth in the Small Business and Self-Employed Group and 8% growth in the Consumer Group. Revenue for the Strategic Partner Group grew 8%. With this strong performance, we remain on track to deliver our full year revenue, operating income and EPS guidance.

首先，讓我快速回顧一下本季的情況。2020 財年已經過半，隨著我們朝著成為人工智慧驅動的專家平台這一戰略目標不斷取得進展，公司各方面都保持著強勁的發展勢頭。第二季總營收成長了 13%，其中小型企業和自僱人士集團成長了 17%，消費者集團成長了 8%。戰略合作夥伴集團的收入成長了 8%。憑藉這一強勁的業績，我們仍有望實現全年營收、營業收入和每股盈餘預期。

Let me remind you of the customer problems that we are addressing. All of our customers are consumers and have a common set of needs. They are all trying to make ends meet, maximize their tax refund, save money and pay off debt. And those who've made the bold decision to become entrepreneurs and go into business for themselves have an additional set of needs. They want to find and keep customers, get paid, access capital to grow and ensure their books are right. To solve our customers' most pressing problems, we remain focused on becoming an AI-driven expert platform.

讓我提醒各位，我們正在解決的客戶問題是什麼。我們所有的客戶都是消費者，他們有共同的需求。他們都在努力維持生計，爭取最大程度的退稅，存錢還債。而那些毅然決定成為創業家、自主創業的人，還有一系列額外的需求。他們希望找到並留住客戶，收到款項，獲得發展所需的資金，並確保帳目正確。為了解決客戶最迫切的問題，我們將繼續專注於成為一個人工智慧驅動的專家平台。

We're working to achieve this strategy by pursuing 5 big bets. These include: revolutionize speed to benefit so our customers fall in love with the product instantly; connect people to experts to improve confidence; unlock smart money decisions to put more money back in our customers' pockets; become the center of small business growth by fueling our customers' growth; and disrupt the small business mid-market with QuickBooks Online Advanced. Throughout the call, I'll update you on where we stand on these bets.

我們正透過進行 5 項重大投資來實現這項策略。這些舉措包括：徹底革新速度，讓客戶立即愛上我們的產品；將用戶與專家聯繫起來，增強他們的信心；幫助用戶做出明智的理財決策，從而讓他們的口袋裡多出更多錢；透過助力客戶發展，成為小型企業發展的中心；以及透過 QuickBooks Online Advanced 顛覆小型企業中端市場。在通話過程中，我會隨時向您報告我們這些賭注的最新進展。

With that context, let me start with tax. We are confident in our strategy and are on track to deliver and achieve our full year guidance. As a reminder, there are 4 key drivers of our consumer tax business: the first is total number of returns that's filed with the IRS, the second is the percentage of those returns filed using DIY software, the third is our share within the DIY software category, and the fourth is the average revenue per return.

基於以上背景，我們先從稅務問題談起。我們對我們的策略充滿信心，並有望實現全年目標。提醒一下，我們的消費者稅務業務有 4 個關鍵驅動因素：第一是向美國國稅局提交的報稅表總數，第二是使用自助報稅表的平均收入。

Based on the latest IRS data [then] the DIY software category is performing better than assisted and has for more than a decade. As the category leader, we view it as our responsibility to drive category awareness and growth, so we are pleased with this result. Through February 7, IRS data shows total e-filed returns are up 0.6%, with self-prepared e-files up 3.5% and assisted e-files down 3.7%. Based on what we're seeing, our share within the DIY category is up year-over-year. We are growing the category and growing our share, which is right where we want to be.

根據美國國稅局的最新數據，DIY軟體類別的表現優於輔助軟體，這種情況已經持續了十多年。身為品類領導者，我們認為推動品類認知度和成長是我們的責任，因此我們對此結果感到滿意。截至 2 月 7 日，美國國稅局數據顯示，電子申報的報稅總數增加了 0.6%，其中自行準備的電子申報增加了 3.5%，而協助申報的電子申報下降了 3.7%。根據我們目前觀察到的情況，我們在DIY類別中的份額同比增長了。我們正在擴大品類，擴大市場份額，這正是我們所希望達到的目標。

Our strategy for the Consumer Group is to expand our lead in the DIY category, transform the assisted tax preparation category and disrupt consumer finance. This is all in service of helping our customers make ends meet and get the largest tax refund. Let me share a few examples of how we're delivering for our customers this season.

我們針對消費者集團的策略是擴大我們在自助服務領域的領先地位，變革輔助報稅領域，並顛覆消費金融。這一切都是為了幫助我們的客戶維持生計並獲得最大的退稅額。讓我分享幾個我們本季如何為客戶提供服務的例子。

Within the DIY category, which is $3 billion in TAM, we are delivering enhancements to our Premier offering to better serve customers with investments. We are driving faster growth in underpenetrated segments, including Latinx and self-employed. We're also expanding free eligibility to include all enlisted active duty military and reservists and providing historical tax return access for all customers.

在市場規模達 30 億美元的 DIY 類別中，我們正在對我們的 Premier 產品進行改進，以便更好地服務投資型客戶。我們正在推動滲透率較低的細分市場（包括拉丁裔和自僱人士）實現更快成長。我們還將免費服務範圍擴大到所有現役軍人和預備役軍人，並為所有客戶提供歷史報稅表存取權。

In the assisted category, which is $20 billion in TAM, we continue to make progress with our second bet to connect people to experts with TurboTax Live. We're working to further increase customer confidence on our platform by enhancing first time use. This season, we improved accessibility to experts by offering customers the option to connect with an expert when they first sign in to TurboTax Live to address top-of-mind questions. We also introduced real-time chat and a floating Live Help button to make it easier to connect with live help at all stages of the return process. We continue to accelerate the application of AI to create tools for experts to automate repetitive tasks, increase efficiency and drive an even better customer experience.

在市場規模達 200 億美元的輔助報稅類別中，我們繼續透過 TurboTax Live 將人們與專家聯繫起來，這是我們的第二個重要舉措。我們正努力透過提升用戶首次使用體驗，進一步增強用戶對我們平台的信心。本季，我們提高了客戶聯繫專家的便利性，客戶首次登入 TurboTax Live 時即可選擇聯絡專家，以解決他們最關心的問題。我們還引入了即時聊天和浮動式線上說明按鈕，以便在退貨流程的各個階段都能更輕鬆地聯繫到線上協助。我們將持續加速人工智慧的應用，為專家打造工具，以實現重複性任務的自動化，提高效率，並帶來更好的客戶體驗。

Beyond tax, we continue to make progress disrupting consumer finance, which represents $29 billion in TAM. This aligns with our third big bet, to unlock smart money decisions. Through our Turbo offering, we're addressing key customer problems like managing debt, saving money and improving financial health overall. We are building on last season's success by expanding the financial marketplace. We're now live with prequalification partners offering both credit cards and personal loans to help customers save money and to provide partners with more qualified leads.

除了稅收之外，我們在顛覆消費金融領域也持續取得進展，該領域總市場規模達 290 億美元。這與我們第三個重大投資目標相符，即解鎖明智的理財決策。透過我們的 Turbo 服務，我們正在解決客戶面臨的關鍵問題，例如管理債務、節省金錢和改善整體財務狀況。我們正在上一季成功的基礎上，擴大金融市場。我們現在已與預審合作夥伴上線，他們提供信用卡和個人貸款，以幫助客戶省錢，並為合作夥伴提供更多合格的潛在客戶。

Nearly 25% of our weekly active users have a set credit score, savings or debt-related goal in Turbo, and we expect this to drive higher engagement over time. Acquiring Credit Karma expands our TAM from $29 billion to $57 billion, accelerating our time to market moving beyond tax while also developing new ways to monetize our offerings.

近 25% 的每週活躍用戶在 Turbo 中設定了信用評分、儲蓄或債務相關目標，我們預計這將隨著時間的推移推動更高的參與度。收購 Credit Karma 將我們的 TAM 從 290 億美元擴大到 570 億美元，加快了我們超越稅收限制進入市場的速度，同時也開發了新的產品獲利方式。

Now turning to small business. We delivered another strong quarter in our Small Business and Self-Employed Group with Online Ecosystem revenue growth of 35%, exceeding our target to grow more than 30%. We continue to solve key customer pain points as we execute on our big bets.

現在轉向小型企業。我們的小型企業和自僱人士集團又迎來了一個強勁的季度，線上生態系統收入成長了 35%，超過了我們 30% 以上的成長目標。我們不斷解決客戶的關鍵痛點，同時推進我們的重大專案。

We remain encouraged with our early results with QuickBooks Live, part of our second big bet to connect people to experts, opening access to a $10 billion bookkeeping opportunity. QuickBooks Live solves one of the customers' biggest needs, confidence and peace of mind while helping experts grow their business and find new customers. We're now also offering set-up help, providing customers with confidence from the moment they subscribe.

我們對 QuickBooks Live 的早期成果感到鼓舞，這是我們第二次大力投資，旨在將人們與專家聯繫起來，從而打開價值 100 億美元的簿記機會。QuickBooks Live 解決了客戶最大的需求之一——信心和安心，同時幫助專家發展業務並找到新客戶。我們現在也提供設定協助，讓客戶從訂閱的那一刻起就充滿信心。

We're working to achieve our vision of being the center of small business growth, our fourth big bet, by helping our customers get paid faster, manage capital and pay employees with confidence. We introduced a new payroll lineup featuring full-service across all offerings, as well as TSheets integration for time tracking that's resulting in customers adopting TSheets at 3x the rate they did prior to launching the integrated offering and a tax penalty-free guarantee for select offerings. We also introduced a feature that double checks customers' overtime calculations, reducing the likelihood of fines and penalties.

我們正努力實現成為小型企業發展中心的願景，這是我們的第四大投資，透過幫助客戶更快地收到款項、管理資金並有信心支付員工薪資來實現這一目標。我們推出了全新的薪資管理產品線，所有產品均提供全方位服務，並整合了 TSheets 時間追蹤功能，這使得客戶採用 TSheets 的速度比推出整合產品之前快了 3 倍，並且我們還為部分產品提供免稅保證。我們還引入了一項功能，可以對客戶的加班計算進行雙重核查，從而降低罰款和處罰的可能性。

We continue to make progress on our fifth big bet, disrupting 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 over-served by higher-priced competitive offerings. Approximately 75% of our current QBO Advanced customers have traded up from our existing QBO product, unlocking benefits such as faster invoicing with batch import tools, automation and more customized fields and user permissions.

我們第五項重大投資正穩步推進，透過 QuickBooks Online Advanced 顛覆中階市場。 QuickBooks Online Advanced 是我們專為滿足擁有 10 至 100 名員工的小型企業客戶的需求而設計的線上產品。我們開發這項服務是為了幫助我們提高大客戶的留存率，並吸引那些被價格較高的競爭對手服務過度的中端市場客戶。我們目前約有 75% 的 QBO Advanced 客戶是從我們現有的 QBO 產品升級而來，從而解鎖了諸如使用批量導入工具更快地開票、自動化以及更多自定義字段和用戶權限等優勢。

Now I want to address the very exciting news we announced today to acquire Credit Karma. I have long been an admirer of the company that Ken and his team have built. As we've gotten to know each other, Ken and I realized we both share one simple goal: empowering consumers to make smart decisions about their money.

現在我想談談我們今天宣布的非常令人興奮的消息——收購 Credit Karma。我一直很欣賞肯和他的團隊所創立的這家公司。隨著我們彼此了解的加深，我和肯意識到我們都有一個簡單的目標：幫助消費者做出明智的理財決策。

This combination fits directly with Intuit's mission and long-term strategy. Our mission is to power prosperity around the world. And our bold goal for 2025 is to double the household savings rate for customers on our platform. This acquisition is a giant step forward in achieving that goal and significantly accelerates execution of our big bet to unlock smart money decisions. This big bet is aimed at helping consumers address the personal finance problems they face today, helping them reduce debt, maximize savings and put more money in their pockets.

這種組合與 Intuit 的使命和長期策略完全契合。我們的使命是為世界各地的繁榮發展提供動力。我們為 2025 年設定的宏偉目標是，使我們平台上的客戶家庭儲蓄率翻倍。此次收購是實現該目標的一大步，並大大加快了我們為解鎖明智的資金決策而進行的重大投資的執行速度。這項重大措施旨在幫助消費者解決目前面臨的個人財務問題，幫助他們減少債務、最大限度地節省開支，並讓他們的口袋裡有更多的錢。

Today, many consumers struggle with not knowing or fully understanding where they stand with their finances, and they struggle to make ends meet. Household debt in the United States hit $14.1 trillion. 23 million consumers rely on at least one payday loan in 2018 to get faster access to cash. If consumers just had the tools to better understand their financial health and opportunities to improve it, they could unlock billions of dollars of potential savings.

如今，許多消費者不清楚或不完全了解自己的財務狀況，難以維持生計。美國家庭債務總額達14.1兆美元。2018 年，有 2,300 萬消費者依靠至少一筆發薪日貸款來更快獲得現金。如果消費者擁有能夠更了解自身財務狀況和改善財務狀況機會的工具，他們就能釋放數十億美元的潛在節省。

For example, understanding the difference and availability of lower-cost personal loans versus high-cost credit cards could save consumers $20 billion to $40 billion. And Credit Karma estimates that 80% of Americans overpay on car loans to the tune of $37 billion as there's no way to compare offerings. Consumers want to do better and 60% say they're trying to improve their credit score, but they need help.

例如，了解低成本個人貸款與高成本信用卡之間的差異和可用性，可以為消費者節省 200 億至 400 億美元。Credit Karma 估計，由於沒有辦法比較不同的貸款產品，80% 的美國人在汽車貸款上多付了 370 億美元。消費者希望改善自身財務狀況，60% 的消費者表示他們正在努力提高信用評分，但他們需要幫助。

We aspire to do more and Credit Karma is the perfect partner to help us do this. Credit Karma shares our goal of making it simple for consumers to make better decisions with their money through a platform that works like a personalized financial assistant, helping consumers find the right financial products, putting more money in their pockets and providing them with insights and advice. This platform will provide consumers with transparent access to their critical personal information, including their income, spending and credit history to help them better understand their complete financial picture and use it to their advantage, such as obtaining better interest rates. The result will be a complete financial profile that puts the power in consumers' hands so they can take the steps necessary to improve their financial health.

我們渴望做得更多，而 Credit Karma 是幫助我們實現這一目標的完美合作夥伴。Credit Karma 與我們有著共同的目標，透過一個類似個人化財務助理的平台，讓消費者更容易做出更好的理財決策，幫助消費者找到合適的金融產品，讓他們的口袋裡有更多錢，並為他們提供見解和建議。該平台將為消費者提供對其關鍵個人資訊的透明訪問，包括收入、支出和信用記錄，以幫助他們更好地了解自己的完整財務狀況並利用這些資訊為自己謀利，例如獲得更好的利率。最終將形成一份完整的財務概況，讓消費者掌握主動權，從而採取必要措施改善自身的財務狀況。

Let me tell you what this will look like. To find the right financial products, we will match consumers with preapproved offers on personal loans, home loans, credit cards and insurance. We will put more money in their pockets by connecting them to higher-yield savings accounts and faster access to their hard-earned paycheck. We will also provide insights and connect them to experts to help consumers make better decisions about their money and improve their credit score. All of this will be done by leveraging artificial intelligence and connecting consumers to over 100 financial partners on the platform, solving a two-sided problem.

讓我來告訴你這會是什麼樣子。為了找到合適的金融產品，我們將為消費者配對預先批准的個人貸款、房屋貸款、信用卡和保險產品。我們將透過讓他們開通收益更高的儲蓄帳戶，並讓他們更快拿到辛苦賺來的工資，從而讓他們口袋裡有更多的錢。我們還將提供相關見解，並將消費者與專家聯繫起來，以幫助消費者更好地管理資金並提高信用評分。所有這一切都將透過利用人工智慧，將消費者與平台上的 100 多家金融合作夥伴聯繫起來，從而解決雙邊問題。

This consumer finance platform offers compelling value for our financial institution partners as we provide efficient access to a broad set of qualified customers. While consumers strive to be more informed about their finances and want personalized offers from a trusted source, financial institutions want high-quality leads and face real challenges matching their products to the right customers. We can help them target their offers based on metrics like verified income and credit history, giving them the ability to reach qualified prospects.

這個消費金融平台為我們的金融機構合作夥伴提供了極具吸引力的價值，因為我們能夠有效率地接觸到廣泛的合格客戶群。消費者努力提高對自身財務狀況的了解，並希望從值得信賴的來源獲得個人化優惠，而金融機構則希望獲得高品質的潛在客戶，並在將產品與合適的客戶匹配方面面臨著真正的挑戰。我們可以幫助他們根據已核實的收入和信用記錄等指標來精準投放廣告，使他們能夠接觸到合格的潛在客戶。

Ken will get into this shortly, but Credit Karma's history is remarkable. The Credit Karma platform has attracted more than 100 million members, with 88% engagement via mobile among active users and over 1/3 of which are active on the platform each month. The platform has a Net Promoter Score of 69. The company recorded revenue of approximately $1 billion in calendar year 2019, growing 20% year-over-year. Impressively, over 90% of Credit Karma's annual revenue results are from existing members returning to the platform. Together, we can deliver unprecedented benefits to customers, combining the benefits of scale, trust and data.

Ken 稍後會詳細介紹，但 Credit Karma 的發展歷程非常值得關注。Credit Karma 平台已吸引了超過 1 億會員，其中 88% 的活躍用戶透過行動裝置參與，超過三分之一的用戶每月都會活躍在該平台上。此平台的淨推薦值 (NPS) 為 69。該公司2019日曆年的營收約為10億美元，年增20%。令人印象深刻的是，Credit Karma 超過 90% 的年度收入都來自現有會員的回歸。攜手合作，我們可以為客戶帶來前所未有的利益，將規模、信任和數據優勢結合起來。

Let me turn it over to Ken, Credit Karma's Founder and CEO, to share his perspective on the transaction.

讓我把麥克風交給 Credit Karma 的創辦人兼執行長 Ken，讓他分享一下他對這筆交易的看法。

Thanks, Sasan. I'm incredibly excited about today's announcement. As Sasan mentioned, through many conversations, we have found a real shared goal for changing personal finance for the better of consumers.

謝謝你，薩桑。我對今天的公告感到無比興奮。正如薩桑所提到的，透過多次交流，我們發現了一個真正的共同目標，那就是改善消費者的個人財務狀況。

When we started the company in 2007, we had a fundamental belief that consumers are being left behind in financial services innovation. We started the company with a mission to Champion Financial Progress for All with the intention of leveling the playing field for all consumers.

2007 年我們創辦公司時，我們堅信消費者在金融服務創新方面被遠遠拋在了後面。我們創辦這家公司的使命是倡導全民金融進步，旨在為所有消費者創造公平的競爭環境。

In 2008, we launched the Credit Karma platform by providing consumers completely free credit scores. Now 12 years later, we have provided more than 4 billion credit scores and created a platform with over 100 million members, over 1/3 of which are active on the site every month. Notably, we're helping a new generation better manage their finances as more than half of our members are under the age of 44. We use the term members because our users are unique, have verified information from a third party and begin an engagement loop with our products.

2008年，我們推出了Credit Karma平台，為消費者提供完全免費的信用評分。12 年後的今天，我們已經提供了超過 40 億個信用評分，並創建了一個擁有超過 1 億會員的平台，其中超過三分之一的會員每月都在網站上活躍。值得一提的是，我們正在幫助新一代更好地管理他們的財務，因為我們超過一半的會員年齡都在 44 歲以下。我們使用「會員」一詞，因為我們的用戶是獨一無二的，他們擁有來自第三方的驗證訊息，並開始與我們的產品互動。

When we started the business, we saw consumers lost in a sea of complexity and the opportunity for technology to make a difference. Today, we are leaders and our business model is quite simple. We help consumers find the right product for them based on their credit and financial profile with their consent. Intuit enables us to strengthen this ability by allowing consumers to add income data to that profile, enabling members to see more offers for which they qualify. Then we simplify the application process. We help members significantly increase their probability of approval and we help members transparently compare rates and features. We do this for credit cards, personal loans, auto lending, mortgages, high-yield savings account, auto insurance, home insurance and other verticals to come. So this opportunity is also meaningful and exciting for all our trusted partners who believe in us and support us throughout our history.

我們創辦這家公司時，看到消費者迷失在複雜的資訊海洋中，而科技有機會改變這一切。如今，我們是產業領導者，我們的商業模式非常簡單。經消費者同意，我們會根據他們的信用和財務狀況，幫助他們找到合適的產品。Intuit 使我們能夠透過讓消費者在個人資料中添加收入資料來增強這種能力，從而使會員能夠看到更多他們符合條件的優惠。然後我們簡化申請流程。我們幫助會員大幅提高審批通過率，並幫助會員透明地比較費率和功能。我們為信用卡、個人貸款、汽車貸款、抵押貸款、高收益儲蓄帳戶、汽車保險、房屋保險以及未來將推出的其他垂直領域提供這種服務。因此，對於所有信任我們、一路支持我們的合作夥伴來說，這也是一個意義非凡、令人振奮的機會。

These personalized recommendations are embedded by technology and 8 billion daily model predictions. Perhaps what I am most excited about is the real impact we've had on consumers' lives. As one example, we have seen meaningful increases in credit scores for members who regularly engage on our platform over time.

這些個人化推薦是透過技術和每天 80 億次的模型預測來實現的。或許我最興奮的是我們對消費者生活產生的真正影響。例如，我們發現，經常在我們平台上活動的會員的信用評分隨著時間的推移有了顯著提高。

There are many reasons why it makes sense to join forces with Intuit right now. First and foremost, we have the ability to collaborate and bring technology solutions to solve real consumer problems. We see a platform which provides consumers with transparent access to their critical personal financial information, including their income, spending and credit history to help them better understand their complete financial picture and use it to their advantage, such as obtaining a better interest rate.

現在與 Intuit 合作有很多合理的理由。首先，我們有能力進行合作，並提供技術解決方案來解決消費者的實際問題。我們看到一個平台，它為消費者提供透明地訪問其關鍵個人財務資訊的途徑，包括收入、支出和信用記錄，以幫助他們更好地了解自己的完整財務狀況，並利用這些資訊為自己謀利，例如獲得更好的利率。

Our insights will significantly accelerate Credit Karma's mission and we'll be able to make a larger impact on our customers more quickly than either of us are able to alone. With millions of customers, more financial partners and more resourcing, I'm convinced we'll be able to build a more valuable business that enables us to achieve our combined goals.

我們的洞察力將極大地加速 Credit Karma 的使命，我們將能夠比我們任何一方單獨行動時更快地對客戶產生更大的影響。憑藉數百萬客戶、更多金融合作夥伴和更多資源，我相信我們將能夠打造一個更有價值的企業，從而實現我們的共同目標。

I also have to say that the culture and the team Sasan has put in place are critical factors in our decision to join together. We are inspired by Intuit's mission to power prosperity around the world and our team is ready to join Intuit on that journey.

我還要說，Sasan 所建立的企業文化和團隊是我們決定加入該公司的關鍵因素。我們深受 Intuit 致力於為全球繁榮賦能的使命鼓舞，我們的團隊已準備好與 Intuit 一起踏上這段旅程。

To each of my 1,300 Credit Karma colleagues, Karmanauts, thank you. I'm deeply proud of the company we've built and the culture we have created. We've worked long and hard to get to this day, yet as I've always said, this is one step in our journey together. Our mission to champion our members' financial progress remains the same. Now with our partner with Intuit, we'll have the resources and capabilities to achieve our goals in a remarkable and significant and impactful way.

感謝我的 1300 位 Credit Karma 同事，感謝 Karmanauts。我為我們所建立的公司和我們所創造的企業文化感到無比自豪。我們一路走來付出了巨大的努力和汗水，才走到今天這一步，但我一直都說，這只是我們共同旅程中的一步。我們致力於促進會員財務進步的使命始終不變。現在有了與 Intuit 的合作，我們將擁有實現目標所需的資源和能力，從而以卓越、意義重大且影響深遠的方式取得成效。

I'll pass it back to you, Sasan.

薩桑，我把它還給你。

Awesome. Thanks, Ken. I'd like to add that while we see a lot of innovation and investment in the marketplace, we don't see anyone with our collective capabilities pursuing a personalized financial assistant. This is why we believe this combination can transform FinTech and power the economy. We have the ability to bring together consumers and financial institutions in innovative ways that lowers costs for all those involved and levels the playing field for consumers of all economic status.

驚人的。謝謝你，肯。我想補充一點，雖然我們看到市場上有很多創新和投資，但我們還沒有看到任何擁有我們這樣集體能力的公司去開發個人化的財務助理。這就是我們為何相信這種組合能夠改變金融科技並推動經濟發展的原因。我們有能力以創新的方式將消費者和金融機構連結起來，從而降低所有相關方的成本，並為所有經濟狀況的消費者創造公平的競爭環境。

After the transaction closes, Ken will report to me and continue to lead the Credit Karma team from its headquarters in San Francisco. Credit Karma will continue to operate under its current brand. Michelle will share the financial details of the transaction in a few minutes.

交易完成後，Ken 將向我報告工作，並繼續在舊金山總部領導 Credit Karma 團隊。Credit Karma將繼續以其現有品牌營運。米歇爾將在幾分鐘後公佈這筆交易的財務細節。

To wrap up, we're pleased with the continued momentum of our Small Business and Self-Employed Group, we remain laser-focused delivering for our customers during tax season, and I could not be more excited about the Credit Karma acquisition and the opportunity it provides us to power prosperity for our customers.

總而言之，我們對小型企業和自僱人士集團的持續發展勢頭感到滿意，我們將繼續專注於在報稅季為客戶提供服務，我對收購 Credit Karma 以及它為我們提供的機會，助力客戶實現繁榮發展感到無比興奮。

Now let me turn it over to Michelle.

現在把麥克風交給米歇爾。

Thanks, Sasan. Good afternoon, everyone. I'll start by providing an overview of financial results in the quarter and then share more details on the proposed acquisition of Credit Karma we announced today.

謝謝你，薩桑。大家下午好。我將首先概述本季的財務業績，然後分享我們今天宣布的擬議收購 Credit Karma 的更多細節。

For the second quarter of fiscal 2020, we delivered revenue of $1.7 billion, up 13% year-over-year; GAAP operating income of $270 million, a 16% increase; non-GAAP operating income of $384 million, a 13% increase; GAAP diluted earnings per share of $0.91 versus $0.72 a year ago, a 26% increase; and non-GAAP diluted earnings per share of $1.16, up from $1 last year, a 16% increase.

2020 財年第二季度，我們實現營收 17 億美元，年增 13%；GAAP 營業收入 2.7 億美元，成長 16%；非 GAAP 營業收入 3.84 億美元，成長 13%；GAAP 稀釋後每股收益 0.91 美元，而去年同期為 0.72 美元，而去年同期為 1.5% 1 美元，成長 16%。

Turning to the business segments. Consumer Group revenue was $499 million, up 8% for the second quarter. As we enter our third year of TurboTax Live, our technology-first approach continues to give us confidence we can expand our Live offering and maintain attractive Intuit operating margin longer term. As Sasan shared earlier, we're now using AI to automate repetitive tasks for experts on our platform, which we expect to increase efficiency and drive an even better customer experience. Based on data published by the IRS, the broader tax season got off to a slow start through January, when total e-filed returns were down 0.7%. We remain confident in our plans and guidance for the year.

接下來我們來看業務區。消費者集團第二季營收為 4.99 億美元，較去年同期成長 8%。TurboTax Live 進入第三年，我們以技術為先的方針讓我們有信心能夠擴展 Live 產品，並在更長的時間內保持 Intuit 具有吸引力的營業利潤率。正如 Sasan 之前分享的那樣，我們現在正在使用人工智慧來自動化我們平台上專家的重複性任務，我們預計這將提高效率並帶來更好的客戶體驗。根據美國國稅局公佈的數據，整個報稅季在1月開局緩慢，電子申報的報稅總數下降了0.7%。我們對今年的計劃和方向依然充滿信心。

And in the Strategic Partner Group, professional tax revenue grew 8% in the second quarter, reflecting delivery of more forms during the second quarter as compared to the same period last year.

在策略夥伴集團中，第二季專業稅務收入成長了 8%，反映出第二季提交的表格數量比去年同期增加。

In Small Business and Self-Employed, revenue grew 17% during the second quarter, fueled by Online Ecosystem revenue growth of 35%. Our strategic focus within Small Business and Self-Employed is to grow the core, connect the ecosystem and expand globally.

在小型企業和自僱領域，第二季度營收成長了 17%，這主要得益於線上生態系統收入成長了 35%。我們在小型企業和個體經營領域的策略重點是發展核心業務，連結生態系統，並擴展全球市場。

Starting with grow the core, QuickBooks Online accounting revenue grew 43% in fiscal Q2, driven mainly by strong customer growth and to a lesser extent, higher effective prices and mix shift.

首先是核心業務的成長，QuickBooks Online 會計收入在第二財季成長了 43%，主要得益於強勁的客戶成長，其次是較高的有效價格和產品組合的變動。

Second, we continue to make progress connecting the ecosystem. Online Services revenue, which includes payroll, payments, time tracking and capital, grew 23% in fiscal Q2. Within QuickBooks Online payroll, we continue to see revenue tailwinds from a mix shift to our full-service offering. Within QuickBooks Online payments, revenue growth reflects continued customer growth, along with an increase in charge volume per customer.

第二，我們在連結生態系統方面持續取得進展。線上服務收入（包括工資、支付、時間追蹤和資本）在第二財季增長了 23%。在 QuickBooks Online 薪資管理方面，我們持續看到收入成長，這得益於客戶組合向全方位服務產品的轉變。在 QuickBooks Online 支付方面，收入成長反映了客戶的持續成長，以及每位客戶的收費額的增加。

Third, our progress expanding globally added to the growth of Online Ecosystem revenue during fiscal Q2. Total international online revenue again grew over 60%. We believe the best measure of the health and success of our strategy going forward is Online Ecosystem revenue growth, which we continue to expect to grow better than 30%.

第三，我們在全球擴張方面的進展，也帶動了第二財季線上生態系收入的成長。國際線上總收入再次成長超過 60%。我們認為衡量我們未來戰略健康狀況和成功與否的最佳指標是線上生態系統收入成長，我們繼續預期其成長將超過 30%。

Desktop Ecosystem revenue was up 1% in the second quarter, in line with our expectations, as QuickBooks Desktop Enterprise revenue grew at a double-digit pace in the quarter.

第二季度桌面生態系統營收成長了 1%，符合我們的預期，因為 QuickBooks Desktop Enterprise 的營收在本季實現了兩位數的成長。

Let me now spend a minute on the Credit Karma acquisition that Sasan and Ken described earlier. Intuit has agreed to pay total consideration of approximately $7.1 billion to acquire Credit Karma, comprised of half cash and half stock. The total consideration is subject to customary adjustments and includes an estimated $1 billion of equity awards that will be expensed over a period of up to 3 years.

現在讓我花一分鐘時間談談Sasan和Ken之前提到的Credit Karma收購案。Intuit 已同意支付約 71 億美元的總對價收購 Credit Karma，其中一半為現金，一半為股票。總對價需進行慣例調整，其中包括預計價值 10 億美元的股權獎勵，該獎勵將在最多 3 年內攤提。

We will also deliver approximately $300 million of retention equity through restricted stock awarded to Credit Karma employees that will be expensed over 4 years. We plan to finance the cash portion of the transaction through cash and our existing unsecured line of credit. We expect the transaction to close in the second half of calendar year 2020, subject to regulatory approval and other customary closing conditions. We do not foresee an impact to maintaining our dividend and share repurchase principles due to the Credit Karma transaction.

我們也將透過向 Credit Karma 員工授予限制性股票的方式，提供約 3 億美元的留任股權，這些股權將在 4 年內分攤到支出中。我們計劃透過現金和我們現有的無擔保信貸額度來為交易的現金部分提供資金。我們預計該交易將於 2020 年下半年完成，但需獲得監管部門批准並滿足其他慣例成交條件。我們預期 Credit Karma 交易不會對我們維持股利和股票回購原則產生影響。

We expect the transaction to be neutral to accretive to Intuit's non-GAAP earnings per share in the first full fiscal year after the transaction closes. We will provide updated Intuit guidance once the transaction is closed.

我們預計，在交易完成後的第一個完整財年，該交易對 Intuit 的非 GAAP 每股收益將產生中性或增值影響。交易完成後，我們將提供最新的 Intuit 指南。

Now turning to our financial principles. We remain committed to growing organic revenue double digits and growing operating income dollars faster than revenue. Our financial principles in total have not changed and remain a durable framework for us. We finished the quarter with $2.3 billion in cash and investments on our balance sheet. We repurchased $139 million of stock in the second quarter. We have approximately $2.4 billion remaining on our authorization, and we expect to be in the market each quarter. The Board approved a quarterly dividend of $0.53 per share, payable April 20, 2020. This represents a 13% increase versus last year.

現在我們來談談我們的財務原則。我們將繼續致力於實現有機收入兩位數成長，並使營業收入成長速度超過收入成長速度。我們的財務原則總體上沒有改變，仍然是我們持久有效的框架。本季末，我們的資產負債表上擁有23億美元的現金和投資。我們在第二季回購了價值 1.39 億美元的股票。我們剩餘的授權額度約為 24 億美元，預計每季都會進入市場。董事會批准派發每股 0.53 美元的季度股息，將於 2020 年 4 月 20 日支付。比去年增長了13%。

Turning to guidance. Our Q3 fiscal 2020 guidance includes revenue growth of 10% to 11%; GAAP earnings per share of $5.53 to $5.58; and non-GAAP earnings per share of $5.90 to $5.95. We expect a GAAP tax rate of 21% for fiscal 2020. You can find our Q3 and fiscal 2020 guidance details in our press release and on our fact sheet.

尋求指導。我們對 2020 財年第三季的業績預期包括：營收成長 10% 至 11%；GAAP 每股盈餘 5.53 美元至 5.58 美元；非 GAAP 每股盈餘 5.90 美元至 5.95 美元。我們預計 2020 財年的 GAAP 稅率為 21%。您可以在我們的新聞稿和情況說明書中找到我們 2020 年第三季和財年的業績指引詳情。

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

好了，現在我把麥克風交還給薩桑。

Great. Thank you, Michelle.

偉大的。謝謝你，米歇爾。

I'd like to thank our employees, our customers and partners for another strong quarter. I'm excited about joining forces with Credit Karma and the transformative experience we can offer customers together. We will share more about our progress in the coming months.

我要感謝我們的員工、客戶和合作夥伴，感謝他們又一個季度所取得的優異成績。我很高興能與 Credit Karma 攜手合作，共同為客戶提供變革性的體驗。我們將在未來幾個月分享更多進展。

Now let's open it up for questions to hear what's on your mind.

現在我們來開放提問環節，聽聽大家的想法。

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

（操作說明）我們的第一個問題來自瑞士信貸的 Brad Zelnick。

Excellent. Congrats on the deal today. Certainly, a company that we've been an admirer of for a long time as well. But Sasan, if I can ask, Intuit's history includes some of the best acquisitions of all-time in software and some deals that maybe were a bit less than great. And Credit Karma, now the largest in the company's history, I really have 2 questions. Why is this the right time for Credit Karma and the push into consumer finance just given the heightened awareness on data privacy and where we are in the consumer credit cycle?

出色的。恭喜你今天達成交易。當然，我們一直以來也都很欣賞這家公司。但薩桑，恕我冒昧，Intuit 的發展歷程中既包括軟體史上一些最成功的收購，也包括一些可能不太成功的交易。至於 Credit Karma，現在是該公司史上規模最大的客戶群，我真的有兩個問題。為什麼現在是 Credit Karma 進軍消費金融領域的最佳時機？畢竟，人們對資料隱私的意識日益增強，而且我們正處於消費信貸週期的哪個階段？

And then two, what's the approach with this asset that will be different this time?

其次，這次對待這項資產的方式會有哪些不同？

Great. Brad, thank you for your question. We are equally admirers of Credit Karma. A couple of things I would say. Let me start with your question as to why now. This is very core to what we've declared around helping our customers make ends meet. It's very core to the strategy that we've declared, which is about an AI-driven expert platform. And what we declared is that because everyone that we serve are consumers, we are very focused on unlocking smart money decisions. And together with Credit Karma, there are things that we can do to benefit consumers that we believe are significant.

偉大的。布拉德，謝謝你的提問。我們同樣欣賞 Credit Karma。我有幾點想說。讓我先回答你關於為什麼是現在的問題。這正是我們一直以來所宣稱的幫助客戶維持生計的核心所在。這正是我們所宣布的策略的核心所在，即打造一個由人工智慧驅動的專家平台。我們宣稱，因為我們服務的都是消費者，所以我們非常注重幫助他們做出明智的理財決策。我們與 Credit Karma 攜手，可以做一些我們認為對消費者有益的事情。

First and foremost, consumers are in significant debt. They overpay on fees, whether it's credit cards, whether it's home loans, auto loans, whether it's insurance. They don't have access to advice in terms of what are the things that they need to do to improve their credit score and their credit rating, which matters a lot when it comes to the interest that they pay. And also just -- the other side of it which is, how do they save money and how do they ultimately grow that money?

首先，消費者背負著龐大債務。他們在各種費用上支付過多，無論是信用卡、房屋貸款、汽車貸款或保險。他們無法獲得有關如何提高信用評分和信用評級的建議，而這對他們支付的利息來說非常重要。另一方面，他們如何省錢，最後又如何讓錢增值呢？

And in order to really be able to deliver against that, what we bring together with Credit Karma is scale and capability. It's scale of customers and it's scale of customers' data and it's the capability that we have. And so ultimately, now, customers are going to be able to leverage their own data, their income data, their spending data, their credit history, their life situations. I mean together with Credit Karma, we will -- the customers will have access to all their information in one place, and then we'll be able to match them with financial products that are right for them. We'll be able to connect them to savings accounts. We'll be able to help them get access -- early access to their paycheck. And we'll be able to provide insights and advice so they can actually continue to improve their financial habits.

為了真正實現這一目標，我們與 Credit Karma 合作帶來的是規模和能力。關鍵在於客戶規模、客戶資料規模以及我們所擁有的能力。因此，最終，現在客戶將能夠利用自己的數據，包括他們的收入數據、消費數據、信用記錄和生活狀況。我的意思是，透過與 Credit Karma 合作，我們將——客戶可以在一個地方訪問他們的所有信息，然後我們將能夠為他們匹配合適的金融產品。我們將能夠將它們與儲蓄帳戶關聯起來。我們將能夠幫助他們提前拿到薪水。我們將能夠提供見解和建議，以便他們能夠真正持續改善自己的理財習慣。

So in terms of why is this the right time? It's absolutely core to what we've declared. It's core to the goals that we've set. And we believe that together we can truly do things that benefit consumers and benefit financial institutions because we will provide them also more choice. So that's why it's the right time.

那麼，為什麼現在是適當的時機呢？這絕對是我們所宣稱內容的核心。這是我們所設定目標的核心。我們相信，攜手合作，我們一定能真正造福消費者和金融機構，因為我們將為他們提供更多選擇。所以說，現在正是時候。

I think in terms of acquisitions, I would just say that the last several that we've made had been extremely successful. And we've actually held them up as role models internally and we've recently talked to our Board about it. TSheets, Applatix, just 2 of the latest 3. And the reason is we've studied our history and we've learned what works and what doesn't work. And the clarity that we have around 3 things that matter: one is the mission and purpose, the alignment that we have with Ken and the team; the two, the absolute alignments that we have on priorities; and third, and I would say equally as important is Ken is in charge. Our goal is to fuel his success and Credit Karma's success. And just how we've organized around the work is essential to the success. So across the board, which we have a lot of confidence and are very clear about how to manage the risks.

就收購而言，我認為我們最近幾次收購都非常成功。事實上，我們一直將他們視為公司內部的榜樣，最近我們也和董事會討論過此事。TSheets、Applatix，只是最近推出的三款產品中的兩款。原因是我們研究了自身的發展歷程，並從中吸取了經驗教訓，明白了哪些方法有效，哪些無效。我們對三件重要的事情有了清晰的認識：一是使命和目標，即我們與 Ken 和團隊的一致性；二是我們在優先事項上的絕對一致性；三是同樣重要的，Ken 負責。我們的目標是助力他和Credit Karma取得成功。而我們圍繞著這項工作所採取的組織方式，對成功至關重要。因此，我們對各個方面都充滿信心，並且非常清楚如何管理風險。

Sasan, if I could just sneak in one for Ken. Ken, can you talk about the concept of autonomous finance and why being on Intuit's platform can help to accelerate that vision?

薩桑，如果我能偷偷給肯加一個就好了。Ken，可以談談自主金融的概念，以及為什麼加入 Intuit 的平台可以幫助加速實現這個願景嗎？

Yes, absolutely. So thanks for the question. So autonomous finance for us is really our ability to help consumers automate their financial life in a way that reduces friction, increases certainty and creates more transparency and efficiency.

是的，絕對的。謝謝你的提問。因此，對我們來說，自主金融的真正意義是我們能夠幫助消費者實現財務生活的自動化，從而減少摩擦，增加確定性，並創造更高的透明度和效率。

So if you look at the problems that exist today, most consumers don't know which are the right products for them, they don't know how to apply for those perpetual products and there's just so much friction to making it happen. So for us, our platform is really predicated on integrating with financial institutions so that you can make it easy; moving the dollars or automating the process itself so it does not require as much work and therefore, friction; and then lastly, adding a layer of education so consumers understand what is absolutely best for them. And if you do that, we fundamentally believe we can level the playing field for the most disadvantaged and most vulnerable consumers in the system.

所以，如果你看看現在存在的問題，大多數消費者不知道哪些產品適合他們，他們不知道如何申請這些永久產品，而實現這些產品存在著許多阻礙。因此，對我們來說，我們的平台真正基於與金融機構的整合，以便簡化資金轉移或流程自動化，從而減少工作量和摩擦；最後，增加教育環節，讓消費者了解什麼才是對他們最有利的。我們相信，如果這樣做，就能為體系中最弱勢、最容易受傷的消費者創造公平的競爭環境。

Our next question comes from Keith Weiss of Morgan Stanley.

下一個問題來自摩根士丹利的基斯‧韋斯。

Excellent. A question on the sort of the overlap within the product lines between Credit Karma and the TurboTax line. On -- how we should think about that on a going-forward basis? Credit Karma does tax and has a free tax offering and obviously, TurboTax does a lot of tax. I always thought of Turbo as a competing solution to sort of the core Credit Karma solution in terms of giving people more visibility into their financial health and giving offers.

出色的。關於 Credit Karma 和 TurboTax 產品線之間是否存在重疊的問題。那麼──我們該如何看待這個問題，並展望未來呢？Credit Karma 提供稅務服務，並提供免費稅務服務；當然，TurboTax 也提供許多稅務服務。我一直認為 Turbo 是 Credit Karma 的核心解決方案的競爭對手，因為它能讓人們更清楚地了解自己的財務狀況並提供優惠。

So if Credit Karma is going to be a stand-alone that's going to still exist as a separate brand, is it going to be competing offerings under the same umbrella of Intuit or how should we think about that product overlap on a go-forward basis?

如果 Credit Karma 將成為一家獨立公司，繼續作為獨立品牌存在，那麼它會與 Intuit 旗下的其他產品形成競爭關係嗎？或者我們應該如何看待未來產品重疊的問題？

Got it. Great. Thank you, Keith, for the question. Let me just start with tax. Our intent is to keep the free tax software within Credit Karma because we believe in what they're doing and the fact that customers should have a choice. And we are not doing this deal because of tax. They have 106 million customers. And really, we're doing this because we believe that we can truly create a consumer finance platform that can serve as a financial assistant to really power the prosperity of customers. So that is really the strategic rationale and reason for the deal. And we'll continue to offer taxes for free through Credit Karma and through TurboTax, and we're very confident in that go-forward approach.

知道了。偉大的。謝謝你的提問，基斯。我先從稅收說起。我們的目的是將免費報稅軟體保留在 Credit Karma 中，因為我們相信他們所做的一切，並且相信客戶應該有選擇權。我們達成這筆交易並非出於稅務原因。他們擁有1.06億客戶。事實上，我們這樣做是因為我們相信我們能夠真正創造一個消費者金融平台，作為金融助手，真正幫助客戶實現繁榮。所以，這才是這筆交易的真正戰略依據和原因。我們將繼續透過 Credit Karma 和 TurboTax 提供免費報稅服務，我們對這一未來的發展方向非常有信心。

In terms of Mint and Turbo, I think I would go back to what I shared a moment ago with Brad. We're very focused on helping customers make ends meet and we're very focused on unlocking smart money decisions for our customers. And ultimately, this is really about speed to market. This is really about bringing the capabilities of the 2 companies together, the scale of the customers' data and capabilities to be able to move much faster to help these customers that are really underserved, struggling and are looking for help. And that's really the rationale for why we're doing this. And specifically around Mint and Turbo, our game plan over time is actually to combine that into one app. And we want to focus entirely on Credit Karma's growth, and we don't actually want to distract Credit Karma at all with the fact that there's Turbo and there's Credit Karma. The reality is customers have choice, and they'll be able to pick the product that's right for them.

至於 Mint 和 Turbo，我想我還是會回到剛才和 Brad 分享的內容。我們非常注重幫助客戶維持生計，也非常注重幫助客戶做出明智的理財決策。歸根究底，這其實關乎產品上市的速度。這實際上是將兩家公司的能力結合起來，利用客戶資料的規模和能力，更快地幫助那些真正缺乏服務、正在苦苦掙扎並尋求幫助的客戶。這就是我們這樣做的真正原因。具體來說，針對 Mint 和 Turbo，我們的長期計劃是將它們合併成一個應用程式。我們希望完全專注於 Credit Karma 的發展，我們不想讓 Turbo 和 Credit Karma 這兩個平台的存在分散 Credit Karma 的注意力。事實上，顧客有選擇權，他們能夠挑選到適合自己的產品。

Yes. And from our perspective at Credit Karma...

是的。從Credit Karma的角度來看…

So just to be clear, will Turbo come...

所以說清楚點，Turbo會來嗎…

Sorry, go ahead.

抱歉，請繼續。

So just to be clear, will the Mint and Turbo apps, will those consolidate into one app with Credit Karma or is there going to be a separate Mint, Turbo app and a separate Credit Karma app?

所以，為了明確起見，Mint 和 Turbo 應用會與 Credit Karma 合併成一個應用，還是會分別保留 Mint、Turbo 和 Credit Karma 這兩個應用？

No, no. They will be -- ultimately, they will be separate. They will not be combined into one app only because I think our focus is, we have a huge opportunity to ensure that we can fuel Credit Karma's growth, and we don't want to have any distractions other than ensuring that they can deliver for customers so they will be separate apps.

不，不。它們最終會分開。它們不會合併成一個應用程序，因為我認為我們的重點是，我們有一個巨大的機會來確保能夠推動 Credit Karma 的成長，我們不想受到任何其他因素的干擾，只想確保它們能夠為客戶提供服務，所以它們將是獨立的應用程式。

Okay. That's clear.

好的。這一點很清楚。

Yes. And Keith, just a note on Credit Karma. I think from our perspective, we're neither a credit score company nor are we a tax company. We focus on solving consumer problems. So for us, our members who are coming to us asking for credit scores are really asking for, how can they borrow at the best rates possible. And on the opposite side of that when consumers are coming to us for our tax product, it's really about getting their dollars back from the government and sort of doing the necessities. So we think of it not as a product per se, but really the problems or the challenges that we're solving on behalf of our members.

是的。Keith，關於Credit Karma，我只想提一點。我認為從我們的角度來看，我們既不是信用評分公司，也不是稅務公司。我們專注於解決消費者問題。所以對我們來說，前來諮詢信用評分的會員實際上是在問，如何才能以盡可能低的利率借款。另一方面，當消費者來找我們購買稅務產品時，他們真正的目的是從政府那裡拿回他們的錢，並滿足一些基本需求。因此，我們不把它看作是產品本身，而是我們代表會員解決的問題或挑戰。

Got it. And if I can throw in one follow-up for Michelle. To get to a neutral-to-accretive situation with Credit Karma, is there any synergies you're assuming on that either on the revenue side or the expense side of the equation or is it just the profitability of Credit Karma today can get you there on an accretive basis?

知道了。如果可以的話，我想對米歇爾補充一點。要讓 Credit Karma 達到中性或增值狀態，您是否假設在收入方面或支出方面存在任何協同效應，還是僅依靠 Credit Karma 目前的盈利能力就能實現增值？

When we look at Credit Karma, they really bring a big track record of success with the beyond user paid business model. They have revenue of approximately $1 billion in calendar year 2019 which was growing at 20%, and they reach scale with high engagement, robust marketplace. We're really not able to share any of the profitability information at this point in time, but we do feel good about their platform model and the company's commitment to really serving and engaging their members. And then as we stated, we do believe that we will be in a neutral-to-accretive position in our non-GAAP earnings per share in the first full fiscal year after the transaction closes.

當我們審視 Credit Karma 時，會發現他們在超越用戶付費的商業模式方面確實取得了巨大的成功。他們在 2019 年的收入約為 10 億美元，成長率為 20%，並透過高參與度和強大的市場實現了規模化。目前我們還無法透露任何盈利信息，但我們對他們的平台模式以及公司致力於真正服務和吸引會員的承諾感到滿意。正如我們之前所說，我們相信在交易完成後的第一個完整財年，我們的非GAAP每股盈餘將處於中性至成長狀態。

Our next question comes from Alex Zukin of RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Alex Zukin。

This is Robert Simmons on for Alex. Can you talk about the results so far this season for Live? Surely, you won't triple again this year, but how is it tracking?

這裡是羅伯特·西蒙斯替亞歷克斯解說。您能談談本賽季迄今為止Live的成績嗎？今年肯定不會再翻三倍了，但目前的進展如何呢？

We're actually very pleased with the progress and the results that we're making. I mean, first, I would start by saying, as the category leaders, our focus is to grow the category, which we feel like we've had a large part in doing so given the stats I shared earlier that the do-it-yourself category is growing faster than assisted and we've been able to increase our share. And a driver of us being able to increase our share is the continued traction and growth with TurboTax Live. And we're very pleased with the results that we're seeing and it's in line with what we would expect through this early part of the season. And I think I would just remind that we are so early in our journey of going after this $20 billion market of transforming the assisted marketplace that we expect continued accelerated growth from TurboTax Live given that it's a seamless platform for customers to use at the ease of their home or office, and they can get access to expertise at any time they wish throughout the experience. So we're just at the beginning of the journey of what's possible with TurboTax Live.

我們對目前的進展和成果非常滿意。首先，作為品類領導者，我們的重點是發展品類，鑑於我之前分享的數據，我們感覺我們在這方面發揮了很大作用，因為DIY品類的增長速度比輔助品類更快，而且我們已經能夠提高我們的市場份額。我們能夠提高市場佔有率的一個驅動因素是 TurboTax Live 的持續成長和發展。我們對目前所取得的成績非常滿意，這與我們對賽季初期階段的預期相符。我想提醒大家，我們進軍這個價值 200 億美元的輔助報稅市場還處於起步階段，但我們預計 TurboTax Live 將繼續加速成長，因為它是一個無縫平台，客戶可以在家中或辦公室輕鬆使用，並且在整個過程中隨時獲得專業知識。所以，我們才剛開始探索 TurboTax Live 的無限可能。

Got it. Great. And then have you noticed any competitor change from others doing similar things such as H&R Block?

知道了。偉大的。那麼，您是否注意到其他從事類似業務的競爭對手（例如 H&R Block）發生了任何變化？

I can't comment on H&R Block other than I really love what we're seeing in our results. We're growing the category. We're taking share and we're seeing the growth that we would have expected in TurboTax Live and continuing to benefit from our focus around first-time use, more access points for experts and making the expert platform easier that gives us the opportunity to ensure efficiency and expanding margins over time. So we -- and by the way, we also have experienced the more folks that enter the category, the more we're actually able to accelerate the growth in the category. So, so far, what we're seeing is exactly what we would have expected.

除了對我們所取得的成果非常滿意之外，我無法對 H&R Block 做任何評論。我們正在拓展這一品類。我們正在擴大市場份額，我們看到了TurboTax Live的預期成長，我們繼續受益於我們專注於首次使用、為專家提供更多存取點以及使專家平台更易於使用，這使我們有機會確保效率並隨著時間的推移擴大利潤率。所以——順便說一句，我們也發現，進入這個領域的人越多，我們實際上就越能加速這個領域的成長。所以，到目前為止，我們看到的情況和我們預期的完全一致。

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。

This is John Byun for Brent Thill. Congrats on the deal again. Just wanted to add another question on that, with the first question. But I think some of the questions that we're getting, is this a signal at all of maybe anything in your core business slowing? Is there any slowdown? Or does this really just open up an adjacent market with a lot of new opportunities for you?

這是約翰·拜恩為布倫特·希爾所作的報道。再次恭喜達成交易。我想就第一個問題再補充一個問題。但我認為我們收到的一些問題是，這是否預示著您的核心業務可能會放緩？是否有放緩的跡象？或者，這實際上只是為你開闢了一個相鄰的市場，帶來了許多新的機會？

Yes. This is about acceleration. The way you should think about this is, we get to expand our TAM. We're acquiring a business that has incredible capabilities; that's $1 billion, growing 20-plus percent; with a platform model that has the ability to grow operating margins over time; and frankly, more importantly, all of that is possible because we're able to do things for consumers and provide them more choice and more benefits and do the same for financial institutions. I would look at this as, it's squarely focused on 1 of our 5 bets that we declared, and it's all about acceleration while we continue to see acceleration really connecting people to experts with TurboTax Live, QuickBooks Live and some of what we're doing on the small business front. So this is about acceleration.

是的。這是關於加速度的。你應該這樣理解：我們可以擴大我們的潛在市場規模。我們正在收購一家擁有強大實力的企業；這家企業價值 10 億美元，成長率超過 20%；其平台模式能夠隨著時間的推移提高營運利潤率；坦白說，更重要的是，所有這一切都成為可能，因為我們能夠為消費者提供服務，為他們提供更多選擇和更多好處，並為金融機構提供同樣的服務。我認為，這完全聚焦在我們宣布的 5 項投資中的一項，那就是加速發展。我們將繼續看到加速發展真正將人們與專家聯繫起來，例如 TurboTax Live、QuickBooks Live 以及我們在小型企業領域所做的一些工作。所以，這是關於加速度的。

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。

Maybe first, back to the Credit Karma transaction. I think we all understand what great brands both TurboTax and Credit Karma are and we see maybe the long-term synergies on the consumer side. Just wondering, is there any benefit to or from your Small Business division that we might be missing in terms of how it might interplay with this transaction here.

或許首先，讓我們回到 Credit Karma 的交易上來。我認為我們都明白 TurboTax 和 Credit Karma 都是非常優秀的品牌，我們也看到了它們在消費者方面可能存在的長期綜效。我想問一下，貴公司的小型企業部門能否為我們帶來任何我們可能忽略的好處，尤其是在它如何與這筆交易相互作用方面？

Let me start and I'll have Ken add. One of the things that we've been very intentional in working with Ken and the team on is alignment on purpose and vision, alignment on priorities and ensuring that Ken is in charge and has what he needs to be able to deliver for customers and accelerate Credit Karma's growth. And so we believe that there is an opportunity serving small businesses, but ultimately, over time, Ken will decide when is that right time. Because ultimately, we want to -- there's so much opportunity ahead of us. But let me let Ken jump in because I know he's been thinking about small businesses for some time.

我先開始，然後讓肯補充。在與 Ken 和團隊合作的過程中，我們一直非常注重的一點是，在目標和願景上保持一致，在優先事項上保持一致，並確保 Ken 能夠負責並擁有他所需的資源，以便為客戶提供服務並加速 Credit Karma 的成長。因此，我們相信服務小企業是一個機會，但最終，隨著時間的推移，肯會決定何時才是合適的時機。因為歸根究底，我們想要──我們面前還有很多機會。不過，還是讓肯插句話吧，因為我知道他已經思考小企業的問題已經有一段時間了。

Yes, thanks. Well, if you think about what Credit Karma does from a business model perspective, it's, again, providing consumers with the certainty of finding the right product at a great rate and some of the best rates in the market. That same problem exists for small business users. And historically, for Credit Karma, is that it's been challenging to determine who are small business owners. I think that's an opportunity for us to work together in the sense that we are now able to solve that problem for not just consumers, but small business owners as well. So we think that's a big upside in the future.

好的，謝謝。如果你從商業模式的角度來看Credit Karma的業務，它其實就是為消費者提供找到合適產品並享受優惠利率的確定性，以及市場上一些最優惠的利率。小型企業用戶也面臨同樣的問題。從歷史角度來看，對於 Credit Karma 而言，確定哪些人是小企業主一直是個挑戰。我認為這是一個讓我們攜手合作的機會，因為我們現在不僅能夠為消費者解決這個問題，也能為小企業主解決這個問題。所以我們認為這在未來是一個很大的優勢。

Got it. Great. And then maybe a follow-up. Sasan, you did go through some of the tax dynamics this year. But on that fourth driver, ARPU, you guys didn't really run into that too much. Just wondering if you can provide some color in terms of what you might be seeing on the ARPU side, especially, it seems like your early marketing has less of a focus on free versus last year.

知道了。偉大的。然後或許會有後續報道。薩桑，你今年確實了解了一些稅務上的問題。但是對於第四個驅動因素，ARPU，你們似乎並沒有遇到太多問題。我想了解您能否就 ARPU 方面的情況提供一些信息，特別是，與去年相比，您今年的早期行銷似乎不太注重免費服務。

Well, as you know, when we talked about our long-term expectations and in essence shared that it's between 8% to 12%, one of the larger drivers of that was ARPU, simply from the standpoint that we are focused on transforming assisted with our platform and there's just an opportunity to increase our ARPU. We'll share after season how that's performing. But I would tell you, everything that we see so far in early season. There's results that you see because there was 3 to 4 days of IRS opening, which is very small portion of the results and there's what we see through year-to-date and season-to-date, and it's really in line with what we had assumed. And again, we like what we see.

如您所知，當我們談到我們的長期預期，並實質上分享了成長幅度在 8% 到 12% 之間時，其中一個主要驅動因素是 ARPU，這僅僅是因為我們專注於透過我們的平台進行轉型，並且有機會提高我們的 ARPU。賽季結束後我們會分享它的表現。但我可以告訴你，就目前我們在賽季初期看到的所有內容而言。我們看到的結果一部分是由於國稅局開放了 3 到 4 天，但這只佔結果的一小部分。另一部分是年初至今和本季至今的結果，這些結果與我們的預期基本一致。我們再次對所看到的感到滿意。

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。

Yes, and I'll echo the congrats on the acquisition.

是的，我也要祝賀你們成功收購。

Maybe starting there, Sasan, I think it makes tons of sense in terms of the strategic vision and why you obviously want to leave Credit Karma on its own to continue its growth. However, on the back end of the businesses, there's obviously a lot of potential synergies in terms of the data you're both collecting, the ability to apply AI to that to drive greater synergies for both. So how are you thinking about sort of the independent factor versus some of the maybe combined benefits of bringing the businesses together from a data perspective?

薩桑，或許可以從這裡開始，我認為這在戰略願景方面非常有意義，也解釋了為什麼你顯然想讓 Credit Karma 獨立發展。然而，在業務的後端，顯然存在著許多潛在的協同效應，例如你們雙方收集的數據，以及將人工智慧應用於這些數據的能力，從而為雙方帶來更大的協同效應。那麼，從數據角度來看，您如何看待將企業整合在一起所帶來的獨立因素與可能帶來的綜合效益之間的關係？

Sure. Thank you, Kirk, for your question. Let me kick this off and I'll let Ken chime in because the business plan that's been developed has been jointly developed that will be executed after close.

當然。謝謝你的提問，柯克。讓我先拋磚引玉，然後讓肯插話，因為目前製定的商業計劃是雙方共同製定的，並將在交易完成後執行。

First of all, as I mentioned, there is alignment around mission and purpose and we've also aligned around priorities. The priorities that we've aligned around is grow the core, it's expand growth verticals and it's developing emerging verticals. And specifically, grow the core is really about growing credit cards and personal loans, expanding growth verticals is about auto and home loans and insurance, and then developing emerging vertical is really about providing offerings like savings, checking, and then over time, early access to your paycheck, et cetera. So those are the 3 priorities that we've agreed to.

首先，正如我所提到的，我們在使命和目標上達成了一致，在優先事項上也達成了一致。我們確定的優先事項是發展核心業務、拓展成長型垂直業務和開發新興垂直業務。具體來說，核心業務成長實際上是指信用卡和個人貸款業務的成長，垂直業務成長實際上是指汽車貸款、房屋貸款和保險業務的成長，而新興垂直業務發展實際上是指提供儲蓄、支票帳戶等服務，並隨著時間的推移，提供提前支取薪資等服務。所以，以上就是我們共同商定的三個優先事項。

Now what's wonderful on behalf of consumers is the capabilities that we can bring together. And so the first is creating a financial identity for the consumer. What that means is the consumer now, based on the data that we have, the 50 million customers and the 106 million customers that Credit Karma has, the consumer now has access to their data in one place. Their income data, their spending data, their credit history data, their life situation. I mean Credit Karma has 2,600 data points for each of their customers on average. And so creating a financial identity for the customer so they can use their data for their benefit is one thing that we will do together.

現在，對消費者來說最棒的是我們能夠整合的各種能力。因此，第一步是為消費者建立財務身分。這意味著，根據我們擁有的數據（5000萬客戶和Credit Karma擁有的1.06億客戶），消費者現在可以在一個地方存取他們的數據。他們的收入數據、支出數據、信用記錄數據、生活狀況。我的意思是，Credit Karma 平均每個客戶都有 2600 個數據點。因此，為客戶創建財務身份，以便他們能夠利用自己的數據為自己謀利，是我們共同要做的事情之一。

The second is making our money movement capabilities, the services available for Ken and the team. That's all of our risk and fraud capabilities that we use for same-day payroll, same-day payments. All of that is necessary for Ken, over time, to be able to provide early access to consumers' paychecks as an example.

第二點是提升我們的資金流動能力，以及為 Ken 和團隊提供的服務。這就是我們用於當日工資發放和當日付款的所有風險和欺詐防範能力。所有這些對 Ken 來說都是必要的，隨著時間的推移，他才能為消費者提供提前支取工資的機會。

And then last but not least, we will make our financial data platform capabilities and services available to Ken, so he can deliver benefits to customers. And this is where we have 20,000 partners in our financial data platform where, again, all of this will be used on the -- with the customer's consent and to their benefit.

最後，我們將向 Ken 提供我們的財務數據平台功能和服務，以便他能夠為客戶帶來利益。而我們的金融數據平台擁有 20,000 個合作夥伴，所有這些數據都將在徵得客戶同意後用於客戶的利益。

So when I talk about allowing Ken to be in charge in running Credit Karma, we will make those data elements and services with the customer's consent available on the back end so that ultimately, Ken can deliver more benefit for credit card -- Credit Karma customers over time, and that's where we see the acceleration. And we don't want to distract Ken and Credit Karma with anything else other than what's most important to deliver for customers. So that's the approach that we're taking.

所以，當我談到讓 Ken 負責營運 Credit Karma 時，我們會在獲得客戶同意後，在後端提供這些資料元素和服務，以便最終 Ken 能夠隨著時間的推移為信用卡 Credit Karma 用戶帶來更多好處，而這正是我們看到加速發展的地方。我們不想讓 Ken 和 Credit Karma 被其他任何事情分散注意力，而應該專注於為客戶提供最重要的服務。所以這就是我們採取的方法。

Yes. And maybe just to give you a little color on how you actually turn that into product. When Sasan talked about income and financial identity, one of the things that we observe in this space is that credit is a great predictor of underwriting about 80% of the time. Income and assets, they're the other piece. And as you may know, 81% of consumers -- sub-prime consumers are declined for credit card offers. So if we actually have a full picture and the full financial identity of that consumer, we're able to provide them certainty in the space. And again, going back to them as the most vulnerable people, when you apply for a credit product and your score -- and you are declined, your score goes down and you get into this vicious cycle of getting into predatory lending and products that aren't good for you.

是的。或許還可以給你簡單介紹一下，你是如何將這些想法轉化為產品的。Sasan 在談到收入和財務狀況時指出，我們觀察到，信用在 80% 的情況下都是承保的良好預測指標。收入和資產是另一部分。您可能知道，81% 的消費者（次級信用消費者）的信用卡申請會被拒絕。因此，如果我們真正掌握了消費者的完整資訊和完整的財務狀況，我們就能為他們提供這方面的保障。再說，他們是最弱勢的群體，當你申請信貸產品並被拒絕時，你的分數就會下降，然後你就會陷入這種惡性循環，被迫購買掠奪性貸款和對你不利的產品。

To Sasan's note around the data platform, with it we'll be able to do things like automation of our cash flow. We'll be able to -- autonomous finance for us is moving money in such a way that you can minimize the interest that you're paying. You can move money in a way that your credit score and your outstanding balances are at lowest so you can actually get those other products to help you get through life. And then when it comes to access to other data points, I think it implies improving savings where approximately half the country don't have $400 in savings. We can help improve that savings rates with our ability to foster money movement.

關於 Sasan 提到的數據平台，有了它，我們將能夠實現現金流自動化等功能。我們將能夠－對我們來說，自主金融是指以某種方式轉移資金，從而最大限度地減少您支付的利息。你可以透過合理安排資金，讓你的信用評分和未償餘額降至最低，從而獲得其他產品來幫助你度過難關。至於取得其他數據點，我認為這意味著要提高儲蓄率，因為全國大約有一半的人口儲蓄不到 400 美元。我們可以透過促進資金流動來幫助提高儲蓄率。

Our next question comes from Kash Rangan of Bank of America.

下一個問題來自美國銀行的卡什·蘭根。

Sorry for my overhead noise here. The acquisition feels a little bit -- has a bit of a similarity to Microsoft acquiring LinkedIn where Microsoft bought a network. And so you guys are buying effectively a network. And Sasan and team, I'm just curious to get your thoughts on how we should think about the TAM.

抱歉，我這邊有噪音。這次收購感覺有點像微軟收購 LinkedIn，微軟當時收購的是一個社群網路。所以你們其實是在購買一個網路。Sasan 和團隊，我很好奇你們對我們應該如何看待 TAM 有什麼看法。

So the Intuit TAM has been a very simple one. You have TurboTax units multiplied by ASP that you add value, et cetera. Same thing with QuickBooks. And this is a very different monetization model. I'm curious to get your thoughts on how the monetization model -- I mean, conceptually, I get the story, but from a long-term standpoint of building a multibillion-dollar business, how do we think about the monetization from a dollars and cents perspective? Just curious what synergies can Intuit bring to Credit Karma that Credit Karma could not do for itself? And congratulations again.

所以 Intuit 的技術需求模型非常簡單。您擁有的 TurboTax 單位乘以 ASP，您為其增添價值，等等。QuickBooks也是一樣。這是一種截然不同的獲利模式。我很想聽聽你對這種獲利模式的看法——我的意思是，從概念上講，我理解這個故事，但從建立一個數十億美元企業的長期角度來看，我們如何從金錢的角度考慮盈利呢？我很好奇 Intuit 能為 Credit Karma 帶來哪些 Credit Karma 本身無法實現的綜效？再次恭喜。

Great. Thank you, Kash. Let me hit on a couple of these and then I'm going to ask, actually, Ken to jump in and share more around the business model.

偉大的。謝謝你，卡什。讓我先談談其中幾個問題，然後我會請 Ken 來詳細介紹商業模式。

First of all, this is really one view of having a network effect. It truly solves a 2-sided problem. The more consumers consent with their data being used, the more financial institutions and others participate on the platform, the stronger the platform here gets to deliver for the end consumer, the more choice that it provides. And so from a network effect perspective, this has some of those characteristics.

首先，這其實是網路效應的一種解釋。它確實解決了一個雙重問題。消費者越同意使用自己的數據，參與平台的金融機構和其他機構就越多，平台就越能更好地為最終消費者提供服務，提供的選擇也就越多。因此，從網路效應的角度來看，這具有其中一些特徵。

In terms of synergy, it's really what we were just describing earlier. Really, what you're now able to bring together with the 2 companies is the customer's entire financial identity where they can use their data to get access to the best personal loans that are right for them. The best credit cards that are right for them. The best, by the way, insurance. It can be home insurance, auto insurance, renter's insurance. Because when the customer doesn't have all their data in one place, they, in essence, have experiences that Ken was just talking about earlier where they may get something where they're preapproved for, but when they actually try to go through the process, 80% of them get rejected. And now by the data being in one place, it actually accelerates us delivering the benefits, and that's where the real synergy comes into place. It's where we can do things together that we couldn't do apart.

就協同效應而言，這正是我們剛才所描述的。實際上，現在這兩家公司能夠整合的是客戶的全部財務信息，客戶可以利用這些信息獲得最適合他們的個人貸款。最適合他們的信用卡。順便說一句，這是最好的保險。它可以是房屋保險、汽車保險、租屋保險。因為當客戶沒有將所有資料集中在一個地方時，他們實際上就會遇到 Ken 剛才提到的情況：他們可能獲得了預先批准，但當他們真正嘗試完成整個流程時，80% 的人會被拒絕。現在，由於資料集中到一個地方，實際上加快了我們實現效益的速度，這才是真正協同效應發揮作用的地方。在這裡，我們可以一起做一些我們單獨做不了的事情。

In terms of ASP, maybe let me let Ken just talk about the business model and how it works because that will be really the key characteristics moving forward.

關於ASP，或許應該讓Ken來談談它的商業模式和運作方式，因為這才是未來發展的關鍵特徵。

Yes. First, let me frame the problem in the industry. So banks spend tens of billions of dollars each and every year marketing their financial services products. And the challenge in this space is that each of those banks have a specific credit profile that they are looking for along with an ability to pay around income.

是的。首先，讓我來闡述這個行業存在的問題。因此，銀行每年花費數百億美元推廣其金融服務產品。這個領域的挑戰在於，每家銀行都有自己特定的信用狀況要求，以及償還能力與收入相符。

Now imagine a bank that spends $100 million a year in acquire -- in marketing. Maybe only 20% of those dollars are efficient because the other 80% go to people who are simply not qualified for that particular product. What we are able to do, and speaking to this note around financial identity, we're able to help banks find those exactly right customers. And I think that's the problem that we solve for our financial services partners.

現在想像一下，一家銀行每年花費 1 億美元用於客戶獲取——也就是行銷。或許只有 20% 的資金是有效的，因為其餘 80% 的資金流向了根本不適合購買該產品的人。我們能夠做到的是，就金融身分而言，我們能夠幫助銀行找到最合適的客戶。我認為這就是我們為金融服務合作夥伴解決的問題。

For the consumer, what they see is a landscape full of teaser rates, i.e., rates that are for "extremely well-qualified buyers". You actually can't tell if you're an extremely well-qualified buyer because the banks use hundreds of different variables to determine your eligibility. And what we're able to do is solve that particular problem for the consumer.

對消費者而言，他們看到的是充斥著誘人價格的市場，也就是只針對「條件非常好的買家」的價格。實際上，你無法判斷自己是否是資質極佳的購屋者，因為銀行會使用數百個不同的變數來決定你的資格。我們能夠做的就是為消費者解決這個特定問題。

So for our banking partners, they have access to a large scale of users that are highly qualified. For our members, we're able to provide a service that gives them certainty and transparency of all the offers in the market. And as a business model, what we do is we charge success fee from when we're able to match a consumer with the right financial services product, and that is our business model and looking to capture all of those dollars that are being spent in digital and offline marketing today.

因此，對於我們的銀行合作夥伴來說，他們可以接觸到大量高素質用戶。對於我們的會員，我們能夠提供一項服務，讓他們能夠確定並了解市場上所有優惠資訊。我們的商業模式是，當我們能夠將消費者與合適的金融服務產品配對時，我們會收取成功費用。這就是我們的商業模式，我們希望能夠抓住如今在數位和線下行銷中投入的所有資金。

Our next question comes from Josh Beck of KeyBanc.

我們的下一個問題來自 KeyBanc 的 Josh Beck。

One of the things that really stood out to me in the Credit Karma deck was the engagement. And 4 times per month, I think, is quite strong. I imagine TurboTax has good engagement but it's -- it tends to be more seasonal. So maybe you could just talk a little bit about how you've gotten to those levels, if it's expanding verticals or finding more relevant offers?

Credit Karma 卡組中最讓我印象深刻的一點是參與度。我覺得一個月四次已經相當頻繁了。我估計TurboTax的用戶參與度應該不錯，但是——它的用戶參與度往往更具季節性。所以，您能否稍微談談您是如何達到這些水平的，例如拓展垂直領域或尋找更相關的產品/服務？

And then the second part of my question is really tied to the competitive set with Credit Karma. When I think about some of the longer-term items that Sasan mentioned, I'm just wondering, is it changing in that you're competing maybe with a different audience than you used to? So I would love to get some color on that.

然後，我問題的第二部分實際上與 Credit Karma 的競爭格局有關。當我想到薩桑提到的一些長期因素時，我就在想，這是否意味著你們的競爭對手可能與以前不同的受眾群體正在改變？所以我很想為它增添一些色彩。

Yes. Great. Thank you for your question. Let me kick it off and then I'm going to turn it over to Ken to talk about all the incredible work they've done that drives all the engagement and then some of the new verticals that Ken described that we're going into.

是的。偉大的。謝謝你的提問。讓我先拋磚引玉，然後我將把麥克風交給 Ken，讓他談談他們所做的所有令人難以置信的工作，這些工作推動了所有的參與度，以及 Ken 所描述的我們正在進入的一些新的垂直領域。

I think to your first part of your question, from a strategic perspective, in context of going after the pain point of making ends meet, this really, for the consumer front, for the most part, shifts us from engaging very infrequently and maybe once or twice a year to now engaging customers year-round and delivering significant benefit. And as we talked about earlier, you got 106 million members, 37 million that are monthly active. And those that are monthly active, they engage 4 times a year. And the excitement that we have around benefits that we can deliver and what's possible in the long-term is the more offerings that we can provide, truly becoming this financial assistant in the pocket of our customers where they can get access to credit cards at the best rates that are right for them, personal loans; home loans; auto loans; insurance, whether it's renter's insurance or home insurance; savings accounts; early access to their paycheck. That drives real benefit, real engagement and higher engagement over time, but what's remarkable about the company Ken and the team have created is it's just at massive scale already. Now with that said, maybe, Ken, you can jump into engagement drivers.

我認為，對於你問題的第一部分，從戰略角度來看，就解決收支平衡的痛點而言，這實際上在很大程度上改變了消費者層面，使我們從很少與客戶互動（可能一年一兩次）轉變為全年與客戶互動並帶來顯著利益。正如我們之前討論過的，你們有 1.06 億會員，其中 3700 萬是每月活躍會員。而每月活躍的用戶，每年平均參與 4 次。我們對能夠提供的福利以及長遠發展的可能性感到興奮，因為我們可以提供更多的產品和服務，真正成為客戶口袋裡的財務助手，讓他們能夠以最優惠的利率獲得信用卡、個人貸款、房屋貸款、汽車貸款、保險（無論是租房保險還是房屋保險）、儲蓄帳戶以及提前支取工資。這帶來了真正的好處、真正的參與度和隨著時間的推移而更高的參與度，但 Ken 和他的團隊所創建的這家公司最令人矚目的是，它已經達到了巨大的規模。既然如此，肯，或許你可以開始探討用戶參與度驅動因素了。

Yes, absolutely. So I think when we first started, people really questioned how engaging was the credit score. And I think the reality is credit scores are something that take years to build. And for many consumers, it is the hallmark of their financial health. So as a result, people tend to be very engaged in it. So your credit score changes, on average, once per month. We continue to add new products like credit monitoring; ID protection; Direct Dispute, which is a product that actually helps you to remove erroneous trade lines and debts from your credit report; the launch of our high-yield savings product. All of these are product features that are created to help drive engagement because we know consumers, one, care about it, but 2, it's an important aspect of our business model and a key business driver.

是的，絕對的。所以我覺得，在我們剛開始的時候，人們真的很質疑信用評分的吸引力有多大。我認為現實情況是，信用評分需要多年時間才能建立。對許多消費者來說，這是他們財務狀況的標誌。因此，人們往往會非常積極地參與其中。所以，你的信用評分平均每個月會變動一次。我們不斷推出新產品，例如信用監控；身分保護；直接爭議解決（該產品實際上可以幫助您從信用報告中刪除錯誤的交易記錄和債務）；以及我們高收益儲蓄產品的推出。這些都是旨在幫助提高用戶參與度的產品功能，因為我們知道，第一，消費者關心用戶參與度；第二，這是我們商業模式的重要組成部分，也是關鍵的業務驅動因素。

Our next question comes from Scott Schneeberger of Oppenheimer.

我們的下一個問題來自奧本海默公司的史考特‧施內伯格。

Congratulations to all. Ken, if I could start off asking the -- just the very last line of the pitch deck with regard to Credit Karma background, consumer, on average, used 1.1 financial products a year. Can you just define what that is? How you use that as a driver of the business? What you've done to improve it? And what benefits you think might you gain now as part of the combination?

恭喜各位。Ken，如果我可以先問一下——關於 Credit Karma 的背景，簡報的最後一行，消費者平均每年使用 1.1 種金融產品。你能解釋一下那是什麼嗎？如何將其作為業務發展的驅動力？你做了哪些改進工作？那麼，您認為透過這種組合方式，現在能獲得哪些好處呢？

Yes. One of the neat aspects of our business is we can actually see how many trade lines are originated each and every year. And what we find is that, on average, it is 1.1 new trade lines. And what that means is, on average, a typical consumer will take out 1.1 new credit card, new auto loan, an auto refinance, a mortgage, a store credit card. So anything that shows and appears on your trade line are on your credit report. We get to see that and we know that average is 1.1.

是的。我們業務的一個有趣之處在於，我們可以清楚地看到每年產生了多少筆貿易交易。我們發現，平均而言，新增貿易額為 1.1 條。這意味著，平均而言，一個典型的消費者會申請 1.1 張新信用卡、1.1 新汽車貸款、1.1 筆汽車再融資、1.1 張抵押貸款和 1.1 張商店信用卡。因此，任何顯示在您的交易記錄上的資訊都會出現在您的信用報告中。我們可以看到這一點，我們知道平均值是 1.1。

Now specific to the business itself, what is really great is that it is highly predictable. So we are going on our 12th year of operation. So we have cohorts that go back 12 years and what we can see is that, over time, that consumers, as they go through their life cycle of their own life journey, they're able to sort of follow this pattern. And we know that those credit originations are always in the market and we have an ability to both track our progress against it, but also anticipate what products consumers will need based on that rich data history that we have.

就業務本身而言，真正了不起的是它的高度可預測性。我們即將迎來營運的第12年。因此，我們有可以追溯到 12 年前的隊列，我們可以看到，隨著時間的推移，消費者在經歷他們人生旅程的生命週期時，能夠大致遵循這種模式。我們知道，這些信貸產品一直​​存在於市場上，我們既可以追蹤我們在這方面的進展，也可以根據我們擁有的豐富數據歷史來預測消費者需要哪些產品。

Great. I appreciate that. And then shifting gears a little bit. Michelle, I guess, I'll bring you in here.

偉大的。我很感激。然後稍微轉換一下話題。米歇爾，我想我會帶你進來。

The -- it was strong EPS outperformance relative to your guide in the second quarter, and it looks like the third quarter guide is a little light. I saw the 300 basis points of operating margin expansion year-over-year in small business and self-employed. Just curious if there's a pull forward? What's driving that, the delta between the 2 quarters and just kind of the -- some of the intricacies of this quarter and next?

第二季每股盈餘表現遠超預期，而第三季的預期似乎略低。我看到小型企業和個體經營者的營業利潤率年增了 300 個基點。只是好奇是否有拉力賽？造成這種差異的原因是什麼？是兩個季度之間的差距，還是本季和下一季的一些複雜因素？

Scott, thanks. First of all, I would say -- so when we really look at our expenses and our operating margin, we don't get overly focused on quarter-by-quarter. So we're really managing it, number one, on an annual basis; and we're also managing it at the

斯科特，謝謝。首先，我想說——所以當我們真正審視我們的支出和營業利潤率時，我們不會太關注每季的情況。所以，首先，我們實際上是在按年度進行管理；其次，我們也在進行管理…

(technical difficulty)

（技術難題）

so that's why if you start to look at quarter-by-quarter, you start to look at segment-by-segment, you might get a little wrapped up in some numbers that aren't going to be as helpful to you. So we are focusing on total year at the company level.

所以，如果你開始逐季度、逐個部門地查看，你可能會被一些對你來說不太有用的數字所困擾。因此，我們關注的是公司層面的全年整體表現。

Yes, we did come in with operating expenses a little lower in Q2. And some of that is really being driven by different decisions -- investment decisions we're making and also driven by some staffing, staffing costs and so forth that came in a little lighter in Q2.

是的，我們第二季的營運費用確實略有下降。其中一部分實際上是由不同的決策驅動的——我們正在做出的投資決策，以及一些人員配備、人員成本等等，這些在第二季度有所減少。

But we're not changing our full year operating income guidance and so I wouldn't get too focused on the individual quarters.

但我們不會改變全年營業收入預期，所以我認為不必過度關注個別季度。

Our next question comes from Chris Merwin of Goldman Sachs.

下一個問題來自高盛的克里斯·默溫。

In terms of the current members of Credit Karma, obviously, I saw the numbers. 106 million is a huge number. And just thinking in terms of overlap with TurboTax, can you talk about what that might look like and any way that you can, through integrations or anything kind of in the workflow, people go through those apps that they could either cross-sell opportunity to either platform?

至於 Credit Karma 目前的會員數量，我當然看到了。1.06億是個巨大的數字。就與 TurboTax 的重疊部分而言，您能否談談這可能會是什麼樣子，以及您是否可以透過整合或工作流程中的任何方式，讓用戶在使用這些應用程式時，有機會向這兩個平台交叉銷售產品？

Yes. It's not something, at this point, that we even know what the overlap is and the one that we can communicate. All we can tell you is when we look at what's possible based on the benefits that we can deliver for customers, there's a lot of upside and we're excited about the opportunity, but it's not something, at this point, that we even have the data to share with you.

是的。目前，我們甚至還不知道重疊部分是什麼，也不知道我們可以溝通的部分是什麼。我們只能告訴您，當我們根據能夠為客戶帶來的好處來審視各種可能性時，會發現有很多上升空間，我們對這個機會感到興奮，但目前我們甚至還沒有數據可以與您分享。

Got it. And just a quick follow-up on marketing. I know last quarter you talked about a pull-forward on marketing spend to reach some of the earlier -- early filers for TurboTax. And looking at the consumer revenue growth rate, I think it was up 8% in the quarter, that's just below the full year guidance. So can you talk about some of the moving pieces in the quarter for consumer and your confidence level on, I guess, represent an acceleration there into 3Q?

知道了。最後再簡單跟進一下行銷方面的問題。我知道上個季度您談到提前增加行銷支出，以吸引一些較早的 TurboTax 報稅用戶。從消費者營收成長率來看，我認為本季成長了 8%，略低於全年預期。那麼，您能否談談本季消費者方面的一些變化因素，以及您對第三季消費者成長加速的信心程度？

Sure, sure. Well, first of all, I'm confident in our strategy. I'm confident in our execution and what we're seeing. And as I mentioned earlier, we're growing the category, we're taking share. And knock on wood, our teams have done an incredible job with the experiences that we're delivering for customers, so that's bucket 1.

當然，當然。首先，我對我們的策略充滿信心。我對我們的執行情況和目前所取得的成果充滿信心。正如我之前提到的，我們正在擴大這個品類，我們正在搶佔市場份額。謝天謝地，我們的團隊在為客戶提供體驗方面做得非常出色，所以這是第一項。

Bucket 2 is very similar to what you heard from Michelle. There's only a few days of e-file revenue in that number. So actually, our marketing dollar spend and our revenue were not really correlated. It's really the number of days of open e-file. And you'll see our full year results after we get through the next season. We are seeing better traction than even last year when it comes to raising awareness, consideration and just the return that we're getting on our marketing dollars. So again, we -- things are in line with what we would have expected internally, and we had high expectations.

第二桶的內容和米歇爾告訴你的非常相似。這個數字中只有幾天的電子申報收入。所以實際上，我們的行銷支出和收入並沒有真正的相關性。實際上是指電子申報開放的天數。等下個賽季結束後，你們就會看到我們全年的業績報告了。在提高知名度、提升品牌認知度以及行銷投入的回報方面，我們看到了比去年更好的進展。所以，事情進展符合我們內部的預期，而我們原本的預期很高。

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。

Yes. Great. Just going back to Credit Karma. Obviously that affects one of your 5 big bets, but how should we think about how you're prioritizing kind of incremental investments in the other 4 big bets over the next year or 2 while you're focused on closing this transaction and integration? And I guess, I'm getting at is should we view this as kind of 1 really big bet and 4 medium-sized bets over the next year or 2?

是的。偉大的。還是回到Credit Karma吧。顯然，這會影響到你的五大投資之一，但是，在你專注於完成這筆交易和整合的同時，我們應該如何考慮你在未來一兩年內如何優先考慮對其他四大投資進行增量投資呢？我想說的是，我們是否應該把這看作是未來一兩年內的一次大賭注和四次中等規模的賭注？

And then, I guess, secondly, does this acquisition preclude you from doing anything kind of smaller or bolt-on in the rest of the business from an acquisition perspective?

其次，我想問的是，這次收購是否會妨礙您從收購的角度對公司其他業務進行較小或補充性的收購？

Yes. Great. Thank you for the question. So first of all, when we declared these 5 big bets and as we shared at Investor Day, they're grounded in fairly large customer problems that are very durable and areas where we believe that it's our obligation and our right to solve these customer problems, and it's very durable and it also will result in the largest growth drivers for the company.

是的。偉大的。謝謝你的提問。首先，正如我們在投資者日上分享的那樣，我們宣布了這 5 個重大投資項目，這些項目都基於相當大的客戶問題，這些問題非常持久，我們認為解決這些客戶問題是我們的義務和權利，而且這些問題非常持久，也將成為公司最大的成長動力。

In a couple of the bets, our gaps are probably larger than the other bets. First of all, they are -- they're all created equal. They're 5 big bets, but we deliberately stack rank them the way we have because we believe that if we had to make trade-off choices, that we could be crystal clear how we would make trade-off choices. We have staffed all 5 bets to win internally. We made some significant investment and capital reallocations in the last year and we continue to do so to ensure that these big bets are resourced to win.

在某些投注中，我們的賠率差距可能比其他投注更大。首先，它們生而平等。這是 5 個大賭注，但我們故意這樣排列它們的優先級，因為我們相信，如果我們必須做出權衡選擇，我們可以非常清楚地知道我們將如何做出權衡選擇。我們已經安排好所有 5 個投注項目的內部人員，確保它們都能獲勝。去年我們進行了一些重大投資和資本重新配置，我們將繼續這樣做，以確保這些大手筆的投資能夠成功。

And with that as context, it actually doesn't change our M&A principles. I wouldn't conclude that we now have 4 large acquisitions coming because we have 4 other big bets. This is really about following our acquisition or our M&A principles around what are the largest customer problems and what are the gaps that we have and are there opportunities for us to be able to close that gap and increase speed to market. And it just so happened that this bet, because really it's about serving consumers and helping them make ends meet, that this just, from our perspective, is a great opportunity to bring 2 companies together to achieve greatness for our end customers.

以此為背景，這其實並沒有改變我們的併購原則。我不會因為我們已經進行了 4 項大投資就斷定我們現在會有 4 項大型收購。這實際上是遵循我們的收購或併購原則，圍繞著客戶最大的問題是什麼，我們有哪些差距，以及我們是否有機會彌合這些差距並加快產品上市速度。而恰好，這項合作的真正目的是為了服務消費者，幫助他們維持生計，從我們的角度來看，這是一個讓兩家公司走到一起，為我們的終端客戶創造輝煌的絕佳機會。

So that's the way I would think about it. Our M&A principles have not changed. Every bet is resourced to win. This was one of them where we felt like there was an opportunity to increase and improve speed to market.

這就是我的想法。我們的併購原則並沒有改變。每筆投注都力求獲勝。我們認為這是有機會加快產品上市速度的案例之一。

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。

Wanted to switch back to tax and specifically, on some of the changes around the Free File Alliance agreement related to marketing. Just curious if you're seeing any impact from that, whether it be from traffic to your paid site or free-to-paid conversion or attach on of additional products like Audit Defense, anything there?

想回到稅務方面，特別是關於免費報稅聯盟協議中與行銷相關的一些變化。我只是好奇你是否看到了任何影響，無論是付費網站的流量，還是免費用戶轉為付費用戶的轉換率，或者附加像審計防禦這樣的其他產品，這方面有什麼變化嗎？

We're -- just as context and a reminder, the Free File program is a philanthropic effort and we abide by the memorandum of understanding, along with other industry players, which MITRE reaffirmed when the report was published, I think, in the fall. And with that as context, we don't see anything outside of the norm based on the way the season is playing out this year in FFA.

作為背景和提醒，免費文件計劃是一項慈善活動，我們與其他行業參與者一起遵守諒解備忘錄，MITRE 在秋季發布報告時重申了這一點。以此為背景，根據今年 FFA 賽季的進行情況來看，我們沒有看到任何不尋常的事情發生。

Our next question comes from Michael Turrin of Wells Fargo.

下一個問題來自富國銀行的麥可‧圖林。

Looking at some of the available information here, it looks like the Credit Karma revenue base has been slowing over the past couple of years. It sounds like some of what Sasan and Ken have already mentioned here around data and financial partners can help stabilize that trajectory, but maybe it would be useful to hear more from Ken's perspective around how this combination of Credit Karma and the Intuit ecosystem can help stabilize and maybe even improve that trajectory going forward.

從這裡現有的一些資訊來看，Credit Karma 的收入基礎在過去幾年似乎一直在放緩。聽起來 Sasan 和 Ken 已經提到的一些關於數據和金融合作夥伴的內容可以幫助穩定這一發展軌跡，但或許從 Ken 的角度來看，了解 Credit Karma 和 Intuit 生態系統的結合如何能夠幫助穩定甚至改善這一發展軌跡會更有幫助。

Sure. So if you really look at the history of Credit Karma, what we've been focused on, I often think about the first 12 years of our history as really helping consumers save money when they borrow, i.e., investing in our credit cards vertical, in our mortgage vertical and our auto lending vertical. As we continue to grow, we have now focused on the other side of the balance sheet, i.e., high-yield savings and other asset plays.

當然。所以，如果你仔細研究 Credit Karma 的歷史，你會發現我們一直專注在什麼。我常常想到，我們成立後的前 12 年，我們真正致力於幫助消費者在藉貸時省錢，也就是投資於我們的信用卡業務、抵押貸款業務和汽車貸款業務。隨著我們不斷發展壯大，我們現在將重點放在了資產負債表的另一邊，即高收益儲蓄和其他資產投資。

And what's key for our platform goes back to this note around engagement. And the way that we think about accelerating revenue and what our model show is that the more engagement we have, there is a direct correlation to our revenue.

而對我們的平台來說，關鍵還是在於參與。我們思考如何加速收入成長的方式，以及我們的模型所顯示的，就是用戶參與度越高，我們的收入就越高。

And where the opportunities come in is that a lot of the financial identity components that, the combination of Credit Karma and Intuit have together, those are big growth drivers of engagement. And we believe that, over time, that will both drive the SDUs or sort of the engagement numbers that we track, which leads to monetization and our ability to move into other verticals outside of traditional credit cards and personal loans. Those are sort of key growth drivers that we see in the business.

而機會在於，Credit Karma 和 Intuit 的結合，使得許多金融身分組成部分成為提升用戶參與度的巨大成長動力。我們相信，隨著時間的推移，這將推動我們追蹤的 SDU 或參與度指標的成長，從而實現盈利，並使我們能夠進入傳統信用卡和個人貸款以外的其他垂直領域。這些是我們在這個行業中看到的關鍵成長驅動因素。

Our next question comes from Sterling Auty of JPMorgan.

我們的下一個問題來自摩根大通的斯特林·奧蒂。

This is Jackson Ader on for Sterling tonight. Just a quick follow-up on that last answer you gave, Ken. Should we be thinking maybe about the growth forward coming more from having the monthly active members increase as a percent of the total number of members? Or will it be that total membership growth and the monthly active members should grow about in line with that?

今晚為史特林隊出戰的是傑克森·阿德爾。肯，我再補充一下你上次的回答。我們是否應該考慮，未來的成長更多來自於每月活躍會員佔會員總數的百分比的增長？或者說，會員總數的增長和每月活躍會員數量的增長應該大致與此保持一致？

I don't have an exact break out, but we know that both are both extremely important aspects of our business. One of the nice key points of our business today is any given quarter, approximately 90% of our revenues are repeating users or members that registered from prior quarters, i.e., 10% are from new users.

我沒有具體的細分數據，但我們知道這兩者都是我們業務中極其重要的方面。我們目前業務的一個顯著優勢是，在任何一個季度，我們約 90% 的收入來自先前季度註冊的回頭客或會員，也就是說，只有 10% 來自新用戶。

So we see a combination. Our ability to drive new users drives revenue and our ability to drive existing users back drive revenue. So both are really important and fundamental to the business model in the key metrics that we track.

所以我們看到的是一種組合。我們吸引新用戶的能力能帶來收入，我們吸引現有用戶再次造訪的能力也能帶來收入。因此，這兩項指標對於我們追蹤的關鍵指標而言，對於商業模式來說都非常重要且至關重要。

And if I could just add one thing, this is just from a go-forward perspective. I think what's very -- just remarkable with respect to the company that Ken has built is when you have 106 million customers that -- or members that use you, trust you and you ultimately have -- give the customer the ability to be able to leverage their data to be able to benefit from more and more choice, the opportunity that we have over time -- and again, Ken started the company with credit cards, personal loans and now auto and home, but auto and home loans and insurance is actually kind of just at the beginning of what's possible and then there's this new vertical that's around savings, getting early access to your paycheck over time. So what you -- what I want you all to imagine is this truly being a consumer finance platform where it serves as a financial assistant in the pocket of consumers. And the more we can deliver more benefits, the more engagement that we drive over time and the more we can actually help financial services industry members be efficient and then, therefore, drive up ARPU and revenue. And so this is just -- there's a kind of many years of opportunity to capture the TAM that we described earlier.

如果我能補充一點，這只是從未來發展的角度來看。我認為肯創立的公司最令人矚目的地方在於，它擁有 1.06 億客戶——或者說會員——他們使用你的服務、信任你，最終你能夠讓客戶利用他們的數據，從越來越多的選擇中受益，隨著時間的推移，我們擁有了這樣的機會。肯最初創辦公司時，業務涵蓋信用卡、個人貸款，現在又擴展到汽車和房屋貸款，但汽車和房屋貸款以及保險實際上只是冰山一角，未來還有更多可能性，例如儲蓄，以及隨著時間的推移，提前支取工資。所以，我希望你們——我希望你們所有人想像一下，這真的是一個消費金融平台，它就像消費者口袋裡的金融助手一樣。我們提供的福利越多，隨著時間的推移，我們就能推動更多的參與，從而真正幫助金融服務業的成員提高效率，進而提高每位用戶平均收入和收入。所以，這就意味著──我們有多年的機會去抓住我們之前描述過的TAM市場。

Yes. One final note is that a lot of that data is highly scalable. So the data that is used to determine your eligibility for a credit card, to a personal loan, to a mortgage tends to be the same. So as we move into new verticals, your cost base is relatively fixed, but you get a bunch of scale out of those operating cost bases. So as you're moving into new verticals, you oftentimes get to expand your margins.

是的。最後一點是，許多這類數據都具有很高的可擴展性。因此，用於確定您是否有資格獲得信用卡、個人貸款或抵押貸款的資料往往是相同的。因此，當我們進入新的垂直領域時，你的成本基礎相對固定，但你可以從這些營運成本基礎中獲得大量的規模效益。因此，當你進軍新的垂直領域時，通常可以擴大利潤空間。

Okay, that makes a lot of sense. And then just a quick follow-up. So the last couple of years maybe, has that monthly active member number, has that grown in line with revenue, maybe below the revenue growth rate or even above?

嗯，這很有道理。然後還有一個簡短的後續問題。那麼，在過去幾年裡，每月活躍會員數量是否與收入同步成長，還是低於收入成長率，甚至高於收入成長率？

Yes. Historically, our engagement numbers have grown slightly faster than revenue. And what we tend to find is the -- our ability to launch new products like ID protection, Direct Dispute, some of the ones I mentioned before, high-yield savings, we know that these directly correlate to the overall engagement of our user base, which is why we're so focused on driving an excellent customer experience because we know those 2 things are highly correlated.

是的。從歷史數據來看，我們的用戶互動量成長速度略快於收入成長速度。我們發現，我們推出新產品（如身分保護、直接爭議解決、我之前提到的一些產品以及高收益節省）的能力，與用戶群的整體參與度直接相關，這就是為什麼我們如此專注於打造卓越的客戶體驗，因為我們知道這兩者高度相關。

Your next question comes from Kartik Mehta of Northcoast Research.

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

Yes, Sasan. You talked about engagement maybe throughout the year with the TurboTax customers now that you have the Credit Karma platform or will have the Credit Karma platform. So I'm wondering, will you change the branding? Or how will the branding work so that customers know that Credit Karma is part of the Intuit family?

是的，薩桑。您提到，既然您現在擁有或即將擁有 Credit Karma 平台，或許可以全年與 TurboTax 用戶互動。所以我想知道，你們會更改品牌形象嗎？或者，如何進行品牌推廣，才能讓顧客知道 Credit Karma 是 Intuit 旗下公司？

Yes. What we will do is when we -- just like today, when we raise awareness, and if that's TurboTax or if it's QuickBooks, you see Intuit, you see QuickBooks by Intuit or TurboTax by Intuit. So over time, we'll work with Ken and make sure that, over time, people know that Credit Karma is part of Intuit.

是的。我們將採取的措施是，就像今天一樣，當我們提高公眾意識時，無論是 TurboTax 還是 QuickBooks，你都會看到 Intuit，你會看到 Intuit 的 QuickBooks 或 Intuit 的 TurboTax。所以隨著時間的推移，我們將與 Ken 合作，確保隨著時間的推移，人們會知道 Credit Karma 是 Intuit 的一部分。

What we won't do is change the brand of Credit Karma. It's established an incredible brand that stands for choice and benefits for consumers. And that is something that we wouldn't change because it's got a strong brand like QuickBooks or TurboTax has.

我們不會改變 Credit Karma 的品牌。它打造了一個令人矚目的品牌，代表著消費者的選擇權和利益。我們不會改變這一點，因為它擁有像 QuickBooks 或 TurboTax 那樣強大的品牌。

And then you mentioned one of the opportunities is to leverage some of the information now that customers have with their tax returns. And I'm wondering what type of success you have or what percentage of customers are allowing you to use their financial information from a tax return so that you can assist them in other areas?

然後您提到，其中一個機會是利用客戶現在擁有的報稅資料。我想知道你們取得了怎樣的成功，或者說有多少比例的客戶允許你們使用他們納稅申報表中的財務信息，以便你們在其他方面為他們提供幫助？

Yes. If you recall, one of the things we shared at Investor Day, so the -- it's a high number. At Investor Day, we shared that we have 37 million registered users that have actually agreed for their data to be used for benefits for them and then we have 4 million active users. So consumers are very much willing to consent for their data to be used for their benefit as long as they are in control of it. And so we've actually seen very nice traction since we've launched Turbo.

是的。如果你還記得的話，我們在投資人日上分享過一件事，那就是──這是一個很高的數字。在投資者日上，我們分享了我們擁有 3,700 萬名註冊用戶，他們實際上同意將其數據用於為他們帶來利益，此外我們還有 400 萬活躍用戶。因此，只要消費者能掌控自己的數據，他們就非常願意同意將自己的數據用於自身利益。因此，自從我們推出Turbo以來，實際上已經看到了非常好的市場反應。

And then just one last question, Michelle. If you look -- I know you don't want to give out financial information on Credit Karma and then maybe revenue, but if you look at the revenue profile -- the margin profile of Credit Karma, is it at, above or below kind of corporate averages for Intuit?

最後一個問題，米歇爾。我知道你不想透露 Credit Karma 的財務信息，也不想透露收入信息，但如果你看一下 Credit Karma 的收入情況和利潤率情況，它是否達到、高於還是低於 Intuit 公司的平均水平？

Kartik, you're right, we're actually not in a position to give out any of the profitability information for Credit Karma. However, we do believe they are a platform and they have been driving some great engagement and scale. And so we think that that's a great thing. But yes, we aren't actually able to share any of that information. Thank you, though.

Kartik，你說得對，我們目前確實無法透露 Credit Karma 的任何獲利資訊。但是，我們確實認為它們是一個平台，並且它們已經推動了相當大的用戶參與度和規模。所以我們認為這是一件好事。但確實，我們無法透露任何此類資訊。不過，還是要謝謝你。

And ladies and gentlemen, I'm showing we have reached our time for questions. Would you like to close with any additional remarks?

女士們、先生們，現在到了提問時間。還有什麼補充說明嗎？

Yes, please. So first of all, thank you very much for all the questions and everybody's time today. I'm truly excited for the progress that we're making, the acceleration that we have ahead with Credit Karma. And I would just like to close by thanking our employees. Last week, we were named #11 in Fortune's Top 100 Companies to Work For in the U.S. And this is our second-highest ranking in the 19 years that we've been on this list. And our employees' passion and commitment to really deliver for our customers and power their prosperity and to contribute in the communities that we serve really is what fuels our impact. So it's an absolute honor to work alongside each and every one of our employees.

好的，謝謝。首先，非常感謝大家提出的所有問題，也感謝大家今天抽出時間。我對我們的進展以及Credit Karma即將迎來的加速發展感到非常興奮。最後，我還要感謝我們的員工。上週，我們被《財星》雜誌評為全美最佳100家雇主公司之一，排名第11名。這是我們19年來首次登上該榜單，排名第二高。我們員工的熱情和奉獻精神，真正為我們的客戶帶來價值，幫助他們的繁榮發展，並為我們服務的社區做出貢獻，這正是我們產生影響的動力。因此，能夠與我們每一位員工並肩工作，我感到無比榮幸。

And again, I want to thank everyone for joining and we look forward to speaking with you at the next earnings call. Thank you.

再次感謝大家的參與，我們期待在下次財報電話會議上與大家交流。謝謝。

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

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。