直覺電腦 (INTU) 2020 Q1 法說會逐字稿

Good afternoon. My name is Lateef, and I will be your conference facilitator. At this time, I would like to welcome everyone to Intuit's First 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 財年第一季電話會議。（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, Lateef. Good afternoon and welcome to Intuit's First Quarter Fiscal 2020 Conference Call. I'm here with Intuit's CEO, Sasan Goodarzi; and Michelle Clatterbuck, our CFO.

謝謝你，拉蒂夫。下午好，歡迎參加 Intuit 2020 財年第一季電話會議。我今天和 Intuit 的執行長 Sasan Goodarzi 以及我們的財務長 Michelle Clatterbuck 在一起。

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

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。我們不承擔更新任何前瞻性聲明的義務。

Some of the numbers in these remarks are presented on a non-GAAP basis. We've reconciled the comparable GAAP and non-GAAP numbers in today's press release. Unless otherwise noted, all growth rates refer to the current period versus the comparable prior year period and the business metrics and associated growth rates refer to worldwide business metrics.

這些發言中的一些數字是按非GAAP準則列示的。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 the call over to Sasan.

接下來，我將把電話交給薩桑。

Great. Thanks, Kim, and thanks for everyone for joining us today.

偉大的。謝謝金，也謝謝今天所有到場的各位。

We're off to a strong start through first quarter of fiscal 2020 and continue to make progress on our strategy of becoming an AI-driven expert platform. First quarter revenue grew 15% overall, fueled by 15% growth in the Small Business and Self-Employed Group. Online Ecosystem revenue grew 35%, exceeding our target to grow 30% or more. Consumer Group revenue grew 11% and Strategic Partner Group revenue was in line with our expectations. This is a great start to the year.

2020 財年第一季度，我們取得了強勁的開局，並繼續朝著成為人工智慧驅動的專家平台的策略目標邁進。第一季整體營收成長了 15%，其中小型企業和自僱人士集團成長了 15%。線上生態系統收入成長了 35%，超過了我們 30% 或以上的成長目標。消費者集團收入成長了 11%，策略夥伴集團收入符合我們的預期。這是今年的一個好開始。

At Investor Day, I shared our top 5 priorities, which we call our big bets. These big bets focus on the largest problems our customers face and also represent durable growth opportunities for Intuit. I'd like to share our progress on each of these.

在投資者日上，我分享了我們的五大優先事項，我們稱之為我們的「重頭戲」。這些大手筆投資旨在解決客戶面臨的最大問題，同時也為 Intuit 帶來了持久的成長機會。我想和大家分享我們在這些方面所取得的進展。

Our first bet is to revolutionize speed to benefit for our customers when they use our products and services. We aim to deliver instant benefit and make the interactions with our offerings frictionless by accelerating the application of artificial intelligence. This big bet is foundational to everything we do for our customers and positions us to accelerate execution across our other 4 bets. Here are a couple of examples of the progress that we're making.

我們首先要革新速度，讓我們的客戶在使用我們的產品和服務時受益。我們旨在透過加速人工智慧的應用，為用戶帶來即時利益，並使用戶與我們產品和服務之間的互動更加順暢。這項重大投資是我們為客戶所做的一切的基礎，並使我們能夠加快其他 4 項投資的執行速度。以下是我們取得進展的幾個例子。

First, we're on a path to triple the number of customers who can apply for working capital loans through QuickBooks Capital by extending eligibility to our desktop customers using machine learning. QuickBooks Capital leverages customers' data to provide loans to small businesses, nearly 60% of whom may not qualify for loans elsewhere.

首先，我們正在努力使能夠透過 QuickBooks Capital 申請營運資金貸款的客戶數量增加兩倍，方法是利用機器學習將資格範圍擴大到我們的桌面客戶。QuickBooks Capital 利用客戶資料向小型企業提供貸款，其中近 60% 的小型企業可能不符合其他地方的貸款條件。

Second, we're enhancing our ability to answer customer questions more efficiently through TurboTax self-help. By leveraging AI, we are delivering more relevant answers at the point of need and using natural language processing to expand personalized answers with TurboTax Assistant. In fiscal 2019, we handled millions of calls from customers needing help while using TurboTax. We expect this capability to help improve the customer satisfaction survey results and reduce customer contact rates by helping customers find answers to their questions more easily.

其次，我們正在透過 TurboTax 自助服務來提高回答客戶問題的能力，從而提高效率。透過利用人工智慧，我們可以在使用者需要時提供更相關的答案，並利用自然語言處理技術，透過 TurboTax Assistant 擴展個人化答案。在 2019 財年，我們處理了數百萬位客戶在使用 TurboTax 時需要協助的電話。我們期望這項功能能夠幫助客戶更輕鬆地找到問題的答案，從而提高客戶滿意度調查結果並降低客戶聯繫率。

Our second big bet is to connect people to experts. One of the largest problems our customers face is lack of confidence -- to do their own taxes and to manage their business. We're connecting customers to experts on our platform to solve this problem, allowing us to gain share and grow average revenue per customer or ARPC. We're happy with the progress that we're making.

我們的第二個重大舉措是將人們與專家聯繫起來。我們的客戶面臨的最大問題之一是缺乏信心——無論是自己報稅還是管理自己的業務。我們正在透過我們的平台將客戶與專家聯繫起來，以解決這個問題，從而使我們能夠獲得市場份額並提高每位客戶的平均收入（ARPC）。我們對目前的進展感到滿意。

We launched QuickBooks Live, connecting small businesses with live experts, opening up access to a new $10 billion market opportunity. This offering is intended to increase our small business customers' confidence, helping them get set up, close their books each month and ensure their records are accurate and up to date. Over the last 6 months, we've run more than 50 tests to learn what customers truly need, helping us develop the offering and refine our go-to-market and pricing strategies. At the same time, we continue to build out the expert pipeline as 90% of TurboTax Live experts expressed interest in working with QuickBooks Live.

我們推出了 QuickBooks Live，將小型企業與即時專家聯繫起來，從而開啟了價值 100 億美元的新市場機會。這項服務旨在增強我們小型企業客戶的信心，幫助他們完成設定、每月結帳，並確保他們的記錄準確無誤且及時更新。在過去的 6 個月裡，我們進行了 50 多次測試，以了解客戶真正需要什麼，這有助於我們開發產品並改善我們的市場推廣和定價策略。同時，我們繼續擴充專家人才庫，因為 90% 的 TurboTax Live 專家表示有興趣與 QuickBooks Live 合作。

In TurboTax Live, we continue to innovate, making our experts more accessible at different touch points as we see a 32 point improvement in conversion for first-time filers when engaging with an expert. This season, we're launching real-time chat, an enhancement our customers have asked for since the inception of TurboTax Live.

在 TurboTax Live 中，我們不斷創新，讓專家在不同的接觸點更容易聯繫到，我們發現，首次報稅者與專家互動時的轉換率提高了 32 個百分點。本季，我們將推出即時聊天功能，這是自 TurboTax Live 推出以來，我們的客戶一直要求的增強功能。

Our third big bet is to unlock smart money decisions for customers by connecting them to financial tools, partners and benefits that help put more money in their pockets. Through our offerings, we are addressing key customer problems by helping them reduce high cost debt, grow emergency funds and improve their financial habits. Based on what we've learned from the tests we ran during the extension season, we're optimistic about our ability to go beyond tax to help our customers make ends meet. For example, we introduced credit score goal setting and payment history tracking in Turbo to help customers improve their credit score. This is a key step in improving their overall financial health.

我們的第三大措施是透過將客戶與金融工具、合作夥伴和福利聯繫起來，幫助他們做出明智的理財決策，從而增加他們的收入。我們透過提供的服務，幫助客戶減少高成本債務、增加緊急資金並改善財務習慣，進而解決客戶的關鍵問題。根據我們在延期期間進行的測試所了解到的情況，我們對能夠超越稅收來幫助我們的客戶維持生計的能力充滿信心。例如，我們在 Turbo 中引入了信用評分目標設定和付款歷史追蹤功能，以幫助客戶提高信用評分。這是改善他們整體財務狀況的關鍵一步。

Our fourth big bet is to become the center of small business growth by helping our customers get paid fast, manage capital and pay employees with confidence. We introduced new QuickBooks innovations at our flagship QuickBooks Connect conference earlier this month to further support our customers' small business growth. For example, we announced a cash flow planner to help our small business customers make better decisions as they grow. We also announced receipt capture in the mobile app and enhanced mileage tracking to enable our customers to automatically deduct expenses seamlessly. All of these innovations put more money in our customers' pockets and should increase their success. Over time, we see an opportunity to better serve product-based business by transforming omnichannel commerce, benefiting customers who sell products through multiple channels.

我們的第四大措施是成為小型企業發展的中心，幫助我們的客戶快速收款、管理資金並自信地支付員工薪資。本月初，我們在旗艦級 QuickBooks Connect 大會上推出了 QuickBooks 的全新創新功能，以進一步支持客戶的小型企業發展。例如，我們推出了一款現金流規劃工具，以幫助我們的小型企業客戶在發展過程中做出更好的決策。我們還宣佈在行動應用程式中啟用收據採集功能，並增強里程追蹤功能，以便我們的客戶能夠自動無縫地扣除費用。所有這些創新都能為我們的客戶帶來更多收益，並有助於他們取得成功。隨著時間的推移，我們看到了一個機會，可以透過變革全通路商務來更好地服務以產品為基礎的業務，從而使透過多個管道銷售產品的客戶受益。

Our fifth big bet is to disrupt the mid-market with QuickBooks Online Advanced, our online offering designed to address the needs of small business customers with 10 to 100 employees. This offering will help us increase retention of these larger customers, attract new mid-market customers who are over-served by higher-priced competitive offerings. We continue to make progress building out the offering since launching last year. For example, we recently introduced a revenue streams dashboard that allows customers to easily compare revenue across products, services, projects, customers and employees and other attributes to better understand their business performance.

我們的第五大賭注是利用 QuickBooks Online Advanced 顛覆中端市場，這是我們專為滿足擁有 10 到 100 名員工的小型企業客戶的需求而設計的線上產品。這項服務將幫助我們提高這些大客戶的留存率，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。自去年推出以來，我們在完善產品和服務方面持續取得進展。例如，我們最近推出了收入流儀表板，讓客戶能夠輕鬆比較產品、服務、專案、客戶、員工和其他屬性的收入，以便更好地了解他們的業務績效。

In summary, the entire company is focused on executing against these big bets to deliver for our customers and accelerate growth.

總而言之，整個公司都專注於執行這些重大舉措，以交付成果並加速成長。

Before I hand it over to Michelle, I wanted to address the questions we've been getting on our free strategy. While the debate continues around whether the government should present a tax bill or taxpayers should prepare their own returns, our primary focus remains on meeting our customers' needs, helping them maximize their tax refund and going beyond tax to help them make ends meet. Let me give you some additional context around free.

在把發言權交給米歇爾之前，我想先回答一下大家對我們免費策略的一些問題。儘管關於政府是否應該開具稅單還是納稅人應該自行申報的爭論仍在繼續，但我們的主要關注點仍然是滿足客戶的需求，幫助他們最大限度地獲得退稅，並超越稅收的範疇，幫助他們維持生計。讓我再補充一些關於「免費」的背景資訊。

Based on IRS estimates, nearly 104 million Americans are eligible to file for free through the IRS Free File program. However, that number does not tell the whole story. Recently, the IRS asked an independent organization, MITRE, to conduct a study of the Free File program. The study concluded that overall, the Free File program was effective and that the majority of these 104 million taxpayers make a personal choice to use an alternative filing method for a variety of reasons. For example, many taxpayers -- regardless of their income or complexity -- prefer to have assistance as they lack the confidence to file on their own. As a result, the study concluded that the actual number of filers using do-it-yourself software and eligible to use Free File is roughly 30 million customers.

根據美國國稅局的估計，近 1.04 億美國人有資格透過美國國稅局免費報稅計劃免費報稅。然而，這個數字並不能說明一切。最近，美國國稅局委託獨立機構MITRE對免費報稅計畫進行研究。該研究得出結論，總體而言，免費報稅計劃是有效的，這 1.04 億納稅人中的大多數人出於各種原因，自行選擇使用其他報稅方式。例如，許多納稅人——無論其收入或情況的複雜程度如何——都更喜歡獲得幫助，因為他們缺乏自行申報的信心。因此，該研究得出結論，使用自助報稅軟體且有資格使用免費報稅服務的實際報稅人數約為 3,000 萬人。

Over 20 million taxpayers are already filing for free, either through the Free File or commercial-free offerings, including many that are not eligible for Free File. And roughly 13 million of those Americans filing for free use TurboTax software and paid Intuit nothing. This is a testament to the quality of our free offerings, both the product we donate to the IRS Free File program and our commercial-free offering. We offer millions of customers the option to file for free because we believe they will stick with us over time as their life changes and their tax situation becomes more complex in the future. Therefore, we remain very confident in our durable free strategy.

已有超過 2,000 萬名納稅人透過免費報稅服務或無廣告服務免費報稅，其中許多人並不符合免費報稅的條件。其中約有 1,300 萬美國人免費使用 TurboTax 軟體報稅，而沒有向 Intuit 支付任何費用。這證明了我們免費產品的質量，包括我們捐贈給美國國稅局免費報稅計劃的產品和我們不含廣告的產品。我們為數百萬客戶提供免費報稅的選擇，因為我們相信，隨著他們生活的變化和未來稅務狀況的日益複雜，他們會繼續選擇我們。因此，我們對我們持久的自由市場策略仍然充滿信心。

To wrap up, we're very pleased with our results in the first quarter, and we remain focused on delivering against our objectives in fiscal 2020. Thank you, and now let me hand it over to Michelle to walk you through the financial details.

總而言之，我們對第一季的業績非常滿意，我們將繼續專注於實現 2020 財年的目標。謝謝，現在我把麥克風交給米歇爾，請她來為您詳細介紹財務細節。

Thanks, Sasan. Good afternoon, everyone.

謝謝你，薩桑。大家下午好。

For the first quarter of fiscal 2020, we delivered revenue of $1.2 billion, up 15% year-over-year; GAAP operating income of $10 million versus a loss of $10 million a year ago; non-GAAP operating income of $129 million versus $102 million last year; GAAP diluted earnings per share of $0.22 versus $0.13 a year ago; and non-GAAP diluted earnings per share of $0.41, up from $0.29 last year.

2020 財年第一季，我們實現營收 12 億美元，年增 15%；GAAP 營業收入 1,000 萬美元，而去年同期虧損 1,000 萬美元；非 GAAP 營業收入 1.29 億美元，而去年同期為 1,02 億美元；GAAP 稀釋後每股收益 GAAP 每股收益為 G 0.41 美元，高於去年同期的 0.29 美元。

Turning to the business segments. In Small Business and Self-Employed, revenue grew 15% during the first 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.

接下來我們來看業務區。在小型企業和自僱領域，第一季營收成長了 15%，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 41% in fiscal Q1, 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 會計收入在第一財季成長了 41%，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化。

Second, we continue to make progress connecting the ecosystem. Online services revenue, which includes payroll, payments, time tracking and capital, grew 27% in fiscal Q1. Within QuickBooks Online payroll, we continue to see revenue tailwinds from a mix shift to our full-service offering which is priced 75% higher than self-service. 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。包括工資、支付、時間追蹤和資本在內的線上服務收入在第一財季增長了 27%。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，該產品的價格比自助服務高出 75%。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 Q1. Total international online revenue grew over 60%. I'm also excited to share that in the U.K., we now hold the #1 position for cloud accounting subscribers. 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，也帶動了第一財季線上生態系統收入的成長。國際線上總收入成長超過 60%。我也很高興地宣布，在英國，我們的雲端會計訂閱用戶數量目前排名第一。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 first quarter, in line with our expectations. Note that the first quarter is our largest desktop quarter of the year, reflecting the annual launch of our new version of QuickBooks Desktop software.

第一季桌面生態系統營收成長了 1%，符合我們的預期。請注意，第一季是我們一年中桌面版業務量最大的季度，這反映了我們每年都會推出新版 QuickBooks Desktop 軟體。

Consumer Group revenue grew 11% in fiscal Q1. During the October tax extension season, we ran 3x the number of tests we did 2 years ago. These tests will inform our tax offerings for the upcoming season. We're gearing up for our third season offering TurboTax Live. We're continuing to test new customer experiences as we work to provide our customers an even higher level of confidence this season. We're also seeing great engagement from experts, and over 90% of those we asked back plan to return this season. Our technology-first approach gives us confidence we can expand our Live offerings and maintain attractive Intuit operating margin longer term.

消費者業務集團第一財季營收成長11%。在 10 月的稅務延期申報季期間，我們進行的測試數量是兩年前的 3 倍。這些測試結果將為我們下一季的稅收優惠政策提供基礎。我們正在為推出TurboTax Live的第三個季度做準備。我們正在持續測試新的客戶體驗，力求在本季為客戶帶來更高水準的信心。我們也看到專家們的積極參與，在我們詢問過的專家中，超過 90% 的人計劃在本季回歸。我們以技術為先的方法使我們有信心擴展我們的 Live 產品，並長期保持 Intuit 具有吸引力的營運利潤率。

And in the Strategic Partner Group, professional tax revenue grew 6% in the first quarter, in line with our expectations.

策略夥伴集團第一季專業稅收收入成長了 6%，符合我們的預期。

We've gotten a lot of questions about the macro environment and what we're seeing in our business. At this time, we're not seeing any evidence of a slowdown in our business related to the macroeconomic environment. Charge volume trends remain strong, and the number of employees being paid in our ecosystem remains on trend.

我們收到了很多關於宏觀環境以及我們業務現狀的問題。目前，我們沒有看到任何跡象表明我們的業務將因宏觀經濟環境而放緩。收費額成長趨勢依然強勁，我們生態系統中領取薪資的員工人數也維持了正常水準。

Turning to our financial principles. We remain committed to growing organic revenue double digits and growing operating income dollars faster than revenue. We take a disciplined approach to capital management, investing the cash we generate in opportunities that yield an expected return on investment greater than 15%. We continue to focus on reallocating resources to top priorities at the company with an emphasis on becoming an AI-driven expert platform.

回到我們的財務原則。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。我們採取嚴謹的資本管理方法，將產生的現金投資於預期投資報酬率超過 15% 的機會。我們將繼續專注於將資源重新分配到公司的首要任務上，重點是成為一個人工智慧驅動的專家平台。

Our first priority for the cash we generate is investing in the business to drive customer and revenue growth. We consider acquisitions to accelerate our growth and fill out our product road map. We return excess cash that we can't invest profitably in the business to shareholders via both share repurchases and dividends.

我們首先將產生的現金用於投資業務，以推動客戶和收入成長。我們考慮透過收購來加速成長並完善產品路線圖。我們將無法在業務中進行獲利性投資的剩餘現金透過股票回購和分紅的方式返還給股東。

We finished the quarter with $2.3 billion in cash and investments on our balance sheet. We repurchased $139 million of stock in the first quarter. We have approximately $2.5 billion remaining on our authorization, and we expect to be in the market each quarter.

本季末，我們的資產負債表上擁有23億美元的現金和投資。第一季我們回購了價值 1.39 億美元的股票。我們剩餘的授權額度約為 25 億美元，預計每季都會進入市場。

The Board approved a quarterly dividend of $0.53 per share payable January 21, 2020. This represents a 13% increase versus last year.

董事會批准派發每股 0.53 美元的季度股息，將於 2020 年 1 月 21 日支付。比去年增長了13%。

Turning to guidance. Our Q2 fiscal 2020 guidance includes revenue growth of 11% to 13%, GAAP earnings per share of $0.70 to $0.73, and non-GAAP earnings per share of $1 to $1.03. This earnings guidance reflects a shift of marketing investments for the Consumer Group into our fiscal second quarter. We expect a GAAP tax rate of 21% for fiscal 2020. You can find our Q2 and fiscal 2020 guidance details in our press release and on our fact sheet.

尋求指導。我們對 2020 財年第二季的業績預期包括：營收成長 11% 至 13%，GAAP 每股收益 0.70 美元至 0.73 美元，非 GAAP 每股收益 1 美元至 1.03 美元。這項獲利預期反映了消費者集團的行銷投資轉移到了我們第二財季。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 年第二季和財年的業績指引詳情。

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

這樣，我就把麥克風交還給薩桑了。

Great. Thanks, Michelle.

偉大的。謝謝你，米歇爾。

As I shared with you at Investor Day, all of our customers have a common set of needs. They're all trying to make ends meet, maximize their tax refund, save money and pay off debt. And those who 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. We remain focused on becoming an AI-driven expert platform to solve our customers' most pressing problems.

正如我在投資者日上與大家分享的那樣，我們所有的客戶都有一些共同的需求。他們都在努力維持生計，爭取最大程度的退稅，存錢還債。而那些大膽決定成為企業家、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。我們將繼續致力於成為人工智慧驅動的專家平台，以解決客戶最迫切的問題。

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 Ken Wong of Guggenheim Securities.

（操作員說明）我們的第一個問題來自古根漢證券的 Ken Wong。

Great. I'm not sure if this goes to Sasan or Michelle. But Michelle, towards the end, you mentioned that you guys are going to bring some marketing spend into 2Q. Can you help us understand just based on your learnings from last year what kind of returns you guys are looking for? What are some of the areas channel-wise that you guys might be putting this money behind? And when we think about kind of that incremental spend, is it fair to assume that, that's pretty much just all sales and marketing and not kind of other line items?

偉大的。我不確定這封信是寄給薩珊還是米歇爾。但是米歇爾，在節目的最後，你提到你們將在第二季增加一些行銷支出。根據去年的經驗，您能否幫我們了解你們希望獲得什麼樣的回報？在通路方面，你們可能會把這筆資金投入哪些領域？當我們考慮這種增量支出時，是否可以合理地假設，這基本上只是銷售和行銷支出，而不包括其他項目？

Thanks for your question. This is Sasan. First of all, it is all pretty much marketing. And it's really focused on ensuring that we can raise awareness to transform the assisted category. As we talked about before, really last year was our first year in raising awareness in terms of, you can do your taxes and we'll be there every step of the way for you and we can help you. We're really doubling down on that this year. And based on the behaviors that we learned last year, we felt that shifting more dollars to raise awareness early in the season and then throughout the season will give us the opportunity to serve as many customers as we can. So that's really the primary driver for it.

謝謝你的提問。這是薩桑。首先，這一切基本上都是行銷手段。它的重點在於確保我們能夠提高人們對輔助生活領域的認識，從而改變這一領域。正如我們之前討論過的，去年是我們提高公眾意識的第一年，我們想告訴大家，您可以自己報稅，我們會全程陪伴您，並為您提供幫助。今年我們真的會加倍投入這項工作。根據我們去年了解到的情況，我們認為，在賽季初期以及整個賽季中投入更多資金來提高知名度，將使我們有機會服務盡可能多的客戶。所以這才是真正的主要驅動因素。

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。

I'll follow-up on the second quarter guidance question just on, it sounds like it's entirely a pull forward of marketing spend that has an adverse impact in the second quarter uniquely. I was just curious, what is your expectation for the start of the tax season? I don't think the IRS has announced it yet. I'm just curious what you're expecting and how that affects the 2Q guide.

我稍後會跟進第二季業績指引的問題，聽起來完全是提前撥付的行銷支出，這對第二季產生了獨特的負面影響。我只是好奇，您對報稅季的開始有什麼期待？我認為美國國稅局尚未正式宣布此事。我只是好奇你有什麼期望，以及這會對第二季指南產生什麼影響。

First of all, you're absolutely right. It's all marketing based on what I just described earlier. And what we expect based on customer behavior and when the IRS opens is that just like we've seen in previous years, the moment the W-2s hit the door, those early filers are going to be ready to file and we're going to be there for them. Wanted to make sure that we raise awareness so they know we're ready for them and that they can have help if they need it. And then, two, give them the ability to be able to file their taxes and get their refunds right away. And so we're really obsessively focused on our customers and making sure that they're ready to file the moment the IRS opens.

首先，你說得完全正確。這一切都是基於我剛才所描述的行銷手段。根據客戶行為和美國國稅局的開放時間，我們預計就像往年一樣，W-2 表格一到，那些提前報稅的人就會準備好報稅，而我們將為他們提供服務。我們希望確保提高公眾意識，讓他們知道我們已經準備好迎接他們，如果他們需要幫助，可以尋求幫助。其次，要讓他們能夠申報納稅並立即獲得退稅。因此，我們非常注重客戶，確保他們能在美國國稅局開放報稅的那一刻做好報稅準備。

Just not looking for much of a change in year-over-year as far as the start of the tax season, though, just to the extent you can answer that.

不過，就報稅季的開始時間而言，我預計不會有太大的變化，希望您能就此作答。

Yes. Not really much of a change other than, again, what we've learned and what we're going to do differently from an execution perspective. We don't expect much of a behavior change. And that's all of what has informed our guidance for the quarter. And we remain, of course, committed for the year.

是的。除了我們從中吸取了哪些經驗教訓，以及我們將從執行角度做出哪些不同的改變之外，其實並沒有太大的改變。我們預期行為上不會有太大改變。以上就是我們制定本季業績指引的全部依據。當然，我們今年的承諾依然不變。

And then I recently attended the QuickBooks Connect, very dynamic event for sure. I was just curious if you could give us an update just on comparing and contrasting what you're seeing thus far with QuickBooks Live customers and staffing relative to when you initiated TurboTax Live?

最近我參加了 QuickBooks Connect 大會，那絕對是個非常精彩的盛會。我只是想了解一下，您能否就目前為止您看到的 QuickBooks Live 客戶和員工情況與您剛開始使用 TurboTax Live 時相比有哪些對比和差異，給我們提供一些最新信息？

First of all, thank you for attending QuickBooks Connect. I was truly blown away by just the number of innovations from our team. And they used QuickBooks Connect as the opportunity to launch many innovations across many fronts and of course, inspired by our customers and their passion.

首先，感謝您參加 QuickBooks Connect 大會。團隊的創新數量之多，著實讓我震驚。他們利用 QuickBooks Connect 的機會，在多個領域推出了許多創新，當然，這些創新也受到了我們客戶及其熱情的啟發。

We actually use QuickBooks Connect as really an opportunity to activate QuickBooks Live. We had thousands of accountants and pros there. And it was a great opportunity just to share the fact that we're solving a 2-sided platform or a 2-sided problem, I should say, and the opportunity they have to solve those very problems on our platform for our customers and generate more income. And I would tell you, in the 2 sessions that we did, it was standing room only, with folks knocking on the door after they got their questions answered to figure out how to participate on joining the platform.

我們實際上將 QuickBooks Connect 視為啟動 QuickBooks Live 的機會。當時那裡有數千名會計師和專業人士。這是一個絕佳的機會，可以分享我們正在解決雙邊平台或雙邊問題的事實，以及他們有機會在我們的平台上為我們的客戶解決這些問題並創造更多收入。我可以告訴你，在我們舉辦的兩場講座中，場場爆滿，人們在問題得到解答後都來敲門，想了解如何參與或加入平台。

In terms of customer insights and learnings, we ran over 50 tests in the last 6 months, both in terms of really getting the product market fit, thinking through go-to-market and pricing strategies. And we feel that we're really positioned for something that's very early in its journey going into busy season, helping customers get set up, providing help along the way when they need it and in some cases, doing it for them. So we're excited heading into busy season in January knowing that our primary focus is to learn. But so far, both on the pro side and customer demand side, it's been exciting to watch.

在客戶洞察和學習方面，過去 6 個月我們進行了 50 多次測試，包括真正了解產品市場契合度、思考上市策略和定價策略。我們感覺我們已經做好了充分的準備，迎接即將到來的旺季，幫助客戶進行設置，在他們需要的時候提供幫助，在某些情況下，甚至可以為他們代勞。因此，我們很興奮地迎接一月份的旺季，因為我們知道我們的主要重點是學習。但就目前來看，無論是專業人士還是客戶需求方面，都令人興奮。

Our next question comes from Matthew Wells with Citi.

下一個問題來自花旗銀行的馬修威爾斯。

Can you talk a little bit about the customer cohorts that are purchasing QuickBooks Advanced? Are they existing Desktop Ecosystem customers or are they net new to the Intuit platform?

您能否談談購買 QuickBooks Advanced 的客戶群狀況？他們是 Intuit Desktop Ecosystem 的現有客戶，還是 Intuit 平台的新用戶？

Yes. The primary focus that we have are customers that have between 10 to 100 employees, but it's not a hard line. It really depends on the number of customers that they have, the number of invoices that they have to do, the number of accounts payables that they have and just the scale in which they operate. And so far, our primary focus has been ensuring that we take care of our existing customers, those that are ready to upgrade to a platform that can better serve them and perform for them while we build our capabilities to also acquire new.

是的。我們的主要目標客戶是擁有 10 到 100 名員工的客戶，但這並非硬性規定。這實際上取決於他們的客戶數量、需要處理的發票數量、應付帳款數量以及他們的經營規模。到目前為止，我們的主要重點一直是確保我們照顧好現有客戶，那些準備升級到能夠更好地為他們服務和提升性能的平台的客戶，同時我們也在努力提升自身能力，以獲取新客戶。

So we've seen about a 75%, 25% mix, 75% existing customers upgrading and 25% new. And over time, we expect that to evolve a bit because we want to actually accelerate the acquisition of new customers. We have, as we've shared before, there's about 180,000 customers within our QBO base that are a fit for QBO Advanced. And so our primary initial focus in the coming kind of year and 18 months is our existing customers. But that's the mix we're seeing so far when new customers find out that we have the capability, they're just naturally coming over to the platform.

所以我們看到，現有客戶升級到新系統的比例約為 75%，新客戶升級到新系統的比例約為 25%。隨著時間的推移，我們預計這種情況會有所改變，因為我們實際上想要加快獲取新客戶的速度。正如我們之前分享過的，我們的 QBO 用戶群中大約有 18 萬名客戶適合使用 QBO Advanced。因此，在接下來的1年半時間裡，我們的首要重點是現有客戶。但目前我們看到的情況是，當新客戶發現我們具備這種能力時，他們自然而然就會加入我們的平台。

That's really helpful color. And switching gears to the consumer segment. With the pull forward of marketing spend, are there any specific products you plan to lean into here? Is it going to be focused on TurboTax Live or some of the lower-tier SKUs?

這個顏色真的很有幫助。接下來，我們將目光轉向消費者領域。隨著行銷支出提前到位，你們計劃重點推廣哪些特定產品？這次的重點會放在TurboTax Live上，還是放在一些低階產品？

It's all of the above. Our teams have worked really hard this year in the context of enabling us to expand our lead in the do-it-yourself category, enabling us to transform the assisted category and going beyond tax and finding ways to provide benefits beyond tax. And so really, the focus area has been self-employed. It's been Latinx. It's been improving our experiences for those that have investments in stocks while at the same time making sure help is available through TurboTax Live for all the cohorts.

以上皆是。今年，我們的團隊付出了巨大的努力，使我們能夠擴大在自助服務領域的領先地位，改變輔助服務領域，並超越稅收範疇，尋找提供稅收以外福利的方法。因此，重點領域實際上是自僱人士。一直是拉丁裔。它一直在改善那些投資股票的人的體驗，同時確保所有用戶群體都能透過 TurboTax Live 獲得幫助。

So really, what we've learned in the last couple of years is, all customers seek help from Day 1. And so we're ready to provide that both through if you want to do it yourself or through Live. While at the end of the tax experience, helping you understand that there's ways to save money, there's ways to connect to financial products that are right for you to get out of debt over time. So we're really ready on all those fronts from Day 1 because what we've learned is, customers have those needs from Day 1 when tax season opens up.

所以，過去幾年我們了解到，所有客戶從第一天起就尋求協助。因此，我們隨時準備為您提供協助，無論您是想自己動手還是透過線上服務。在稅務體驗的最後，我們會幫助您了解省錢的方法，以及如何找到適合您的金融產品，從而逐步擺脫債務。因此，從第一天起，我們就已在各個方面做好了充分準備，因為我們了解到，報稅季一開始，客戶就有了這些需求。

Our next question comes from Keith Weiss of Morgan Stanley.

下一個問題來自摩根士丹利的基斯‧韋斯。

Mark Rende here on for Keith Weiss. So first, maybe on QuickBooks Live. How much of the existing QBO base do you think will be interested in that? And kind of just how traction has been going? And do you expect this to be a material contributor to revenue growth this year or maybe next year? Any color on that would be helpful.

馬克·倫德代替基斯·韋斯為您報道。所以首先，或許可以在 QuickBooks Live 上試試看。您認為現有QBO用戶中有多少人會對此感興趣？那麼，目前的市場反應如何呢？您預計這將對今年或明年的收入成長做出實質貢獻嗎？如果能加上任何顏色就更好了。

Sure. First of all, it's important reminder that we're very early in our journey with QuickBooks Live. Literally, we just went GA and used QuickBooks Connect to activate it. And we're excited about what more we can learn. So it's very early in the journey.

當然。首先，要提醒大家的是，我們與 QuickBooks Live 的緣分還處於非常早期的階段。實際上，我們只是簡單地完成了正式發布，然後使用 QuickBooks Connect 啟動了它。我們對還能學到更多東西感到興奮。所以，現在還處於旅程的早期階段。

There are a lot of similarities to TurboTax Live, and the similarities are because of customer behaviors. The largest problem our customers face, whether it's a consumer or a small business, is confidence. It's confidence whether or not they're making good business decisions, whether they need access to capital, whether they're going to be able to make their payroll this coming week, how to think about profitability for their customers. So it's really a confidence problem and a confidence question that they have, which means that this will apply to a cohort and a portion of our existing base. Plus, it's really an opportunity to penetrate nonconsumption, a lot of customers that sit on the sidelines and use Google Sheets and Excel and then just use a pro to help them run their business. This becomes the potential trigger for them to switch.

它與 TurboTax Live 有很多相似之處，而這些相似之處是由於客戶行為造成的。無論是消費者或小型企業，我們的客戶面臨的最大問題是信心。這關係到他們是否能夠做出正確的商業決策，是否需要獲得資金，下週能否支付員工薪資，以及如何為客戶考慮獲利能力。所以這實際上是一個信心問題，也是他們面臨的一個信心疑問，這意味著這將適用於一部分群體和我們現有客戶群的一部分。此外，這確實是一個打入非消費市場的機會，許多客戶只是坐在一旁使用 Google Sheets 和 Excel，然後才聘請專業人士來幫助他們經營業務。這有可能成為他們轉變立場的觸發因素。

And we're seeing all of that. We're seeing existing customers opt for help. And we're seeing new customers that will come in opting for either getting set up or engaging for help along the way because they need advice. So thus far, we're seeing it across the spectrum.

而我們正在目睹這一切。我們看到現有客戶選擇尋求協助。我們看到一些新客戶前來諮詢，他們要么選擇進行設置，要么在過程中尋求幫助，因為他們需要建議。所以到目前為止，我們已經在各個方面都看到了這種情況。

We really have not accounted for this to be a material impact for our revenue in this coming year. Again, we're early in the journey. But this is 1 of the company's 5 big bets, and we believe that it's a huge customer problem and a big growth driver for the company in the future.

我們並未預料到這會對我們來年的收入產生實質影響。再次強調，我們還處於旅程的早期階段。但這是公司五大賭注之一，我們相信這將是一個巨大的客戶問題，也是公司未來發展的巨大動力。

Great. And then maybe one more quick one. On the U.K. subscribers, where you now hold the #1 position, can you talk a little bit about the driver of that growth? Is like the Making Tax Digital Act still a big tailwind? And how do you see that trending, I guess, for the rest of the year?

偉大的。然後或許再來一個速戰速決的。在英國，你們的訂閱用戶數量目前排名第一，能否談談推動這項成長的因素？《數位化稅務法案》是否仍對稅務界產生巨大推動作用？那麼，您認為今年剩餘時間裡，這種趨勢會如何發展呢？

Yes. I am extremely proud of our team. 5 years ago, we weren't even on the map in the U.K. and they set a goal to maniacally focus on customers, getting the product market fit. And when we do, making sure that we really execute against our go-to-market strategies and raise awareness. And I would say, it's their hard work and focusing on product market fit that's gotten us to the #1 position because making taxes digital has been an opportunity for everyone. But our team has really done an incredible job nailing the product experience. Of course, we always have room to improve and really accelerating marketing investments. And now our expectations are to really hold that #1 position and continue to grow.

是的。我為我們的團隊感到無比自豪。5 年前，我們在英國甚至還默默無聞，他們設定了一個目標，就是瘋狂地專注於客戶，實現產品與市場的契合。而且，當我們這樣做時，要確保我們真正執行市場推廣策略並提高知名度。我認為，正是他們的辛勤工作和對產品市場契合度的專注，才使我們取得了第一名的成績，因為數位化報稅為每個人帶來了機會。但我們的團隊在打造產品體驗方面確實做得非常好。當然，我們始終有改進的空間，並且需要真正加快行銷方面的投資。現在我們的目標是真正保持第一的位置，並繼續發展壯大。

Our next question comes from Jennifer Lowe of UBS.

下一個問題來自瑞銀集團的珍妮佛洛。

Great. I think this one is a Michelle question to start with. But given the commentary of international growth being greater than 60%, if I look at some of the metrics we got in the past, namely international subs growth in the high 50s, I think at Analyst Day last year or earlier this year was discussed that average revenue per customer is actually down in international. It feels like that's an acceleration, but I'm also comparing apples and oranges a little bit. So maybe just can you comment a little bit on that. How should we sort of put 60%, north of 60% growth in the context of some of the metrics we've gotten in the past and what that trajectory looks like?

偉大的。我覺得這個問題應該先問米歇爾。但考慮到國際成長超過 60% 的說法，如果我看一下我們過去獲得的一些指標，特別是國際訂閱用戶成長在 50% 以上，我認為在去年或今年早些時候的分析師日上討論過，國際用戶的平均收入實際上有所下降。感覺像是加速發展，但我也覺得這有點像是拿蘋果和橘子來做比較。所以，您能否就此稍作評論呢？我們應該如何將 60% 甚至超過 60% 的成長率，與我們過去獲得的一些指標以及該趨勢的走向聯繫起來？

Yes. The total international online revenue growth for Q1 was 60%. And obviously, a lot of that was driven through the U.K. As Sasan just mentioned, with the move into first with online accounting subs in the U.K., that has been a driver of the revenue growth. We're very pleased with what we're seeing. We do believe that international longer term is a large opportunity for us. Right now, the revenue from international is still a very small portion of our overall, but we are seeing the U.K. picking up steam there and we would expect that to continue.

是的。第一季國際線上收入總成長率為 60%。顯然，這很大程度上是由英國推動的。正如薩桑剛才提到的，英國率先推出線上會計訂閱服務，這已成為營收成長的驅動力。我們對目前的情況非常滿意。我們堅信，從長遠來看，國際市場對我們來說是一個巨大的機會。目前，國際業務收入在我們總收入中所佔比例仍然很小，但我們看到英國市場正在加速成長，我們預計這種情況會持續下去。

Okay. Great. And then just one more on QBO for me. You mentioned sub growth being the majority of the driver, but also higher effective prices in QBO and a few reasons why that could be. But can you just give us a little color on what is driving that higher effective price and what the durability of that might look like as we move through the year? I mean is it just sort of going up on pricing or is it mix or how should we think about that going forward?

好的。偉大的。然後我在QBO上再買一張。您提到使用者成長是主要驅動因素，但 QBO 中較高的有效價格也是原因之一，並列舉了一些可能的原因。您能否簡要介紹一下導致實際價格上漲的原因，以及這種上漲趨勢在今年餘下的時間裡可能會持續多久？我的意思是，價格上漲是單純的上漲，還是產品組合上漲？或者我們應該如何看待這個問題？

We're really pleased. When we think about small business, we have the 3 pillars of the strategy of grow the core, connecting the ecosystem and expanding globally. And we're pleased with the growth we saw in grow the core with online accounting in Q1 of 41%. The majority of that was driven by customer growth, the vast majority of that. Part of that, and to a lesser extent though, was our higher ARPC. The higher effective prices there, that is some price increase, but it's also lower discounting. And then we also had the impact of some mix shift to higher-priced products, which is like QBO Advanced. And that's really what's driving that.

我們非常高興。當我們思考小型企業時，我們的策略有三大支柱：發展核心業務、連結生態系統和拓展全球市場。我們對第一季線上會計核心業務成長 41% 感到滿意。其中絕大部分是由客戶成長驅動的，絕大部分都是。部分原因（儘管程度較輕）是我們較高的 ARPC。那裡的實際價格更高，也就是說價格上漲，但折扣也更少。此外，我們也受到了產品組合轉移到高價產品的影響，例如 QBO Advanced。而這才是真正驅動這一切的原因。

Our next question comes from Brad Zelnick of Crédit Suisse.

下一個問題來自瑞士信貸的布拉德·澤爾尼克。

This is Yao Chew on for Brad Zelnick. Congrats on the quarter. Just had a question on competition here. H&R Block seems to be coming out earlier this year on pricing in a very aggressive way, especially on free online, where they continue to message their differentiation from TurboTax. Any initial comment on that in terms of pricing, especially in the free SKU? And is this related to the pull forward in marketing spend in the next quarter in any way?

這裡是姚秋，為您報道布拉德‧澤爾尼克。恭喜你本季取得佳績。我這裡有個關於競爭的問題。今年 H&R Block 似乎在定價方面採取了非常激進的策略，尤其是在免費線上報稅方面，他們不斷強調自己與 TurboTax 的差異。關於定價方面，特別是免費產品的價格，您有什麼初步看法嗎？這是否與下一季行銷支出提前到位有任何關係？

Yes. Thank you for your question. Our choices in investments are really focused on our beliefs around what we can execute against and really grow the category and grow share. It has not anything to do with any choices that H&R Block has made. And I can't comment on the choices that they've made, but I have a lot of confidence in the choices that we've made and our focus as we head into season.

是的。謝謝你的提問。我們在投資方面的選擇，真正關注的是我們認為能夠有效執行並真正發展壯大該品類、擴大市場份額的領域。這與H&R Block所做的任何選擇都無關。我無法評論他們所做的選擇，但我對我們所做的選擇以及我們進入新賽季的重點充滿信心。

Great. And the second question here just moving to the U.K. again. Congrats on the #1 position. Can you remind us of the offering there internationally. Is payroll and payments available? Has QBO Live or Advanced started to scale? Or if so, when will these be made available on an international basis?

偉大的。第二個問題就是再次搬到英國。恭喜獲得第一名！可否提醒我們一下貴公司在國際上提供的產品和服務？是否提供薪資和支付服務？QBO Live 或 Advanced 是否已經開始擴展規模？或者，如果屬實，這些服務何時才能在全球範圍內提供？

Yes. So in terms of what's available in the U.K., it is our QBO platform and we have app partners that solve some of the most pressing problems for our customers. The primary problem is around paying employees like payroll and payments is all through partners. So we do solve those very important problems, but they're all through partners.

是的。因此，就英國市場而言，我們提供的是 QBO 平台，我們還有一些應用程式合作夥伴，可以解決客戶面臨的一些最迫切的問題。主要問題在於員工薪酬方面，例如薪資發放和支付都是透過合作夥伴進行的。所以我們確實解決了這些非常重要的問題，但都是透過合作夥伴解決的。

Our intent is ultimately to roll out QuickBooks Advanced and QuickBooks Live in the U.K. and beyond. There are critical opportunities to solve customer problems and they're drivers of growth for the future. So we've been very deliberate about getting the product market fit in the U.S. while the platform is global ready and building the capabilities to roll this out globally and U.K. and then Canada will be the first stops.

我們的最終目標是在英國及其他地區推出 QuickBooks Advanced 和 QuickBooks Live。解決客戶問題蘊藏著巨大的機遇，而這些機會正是未來成長的驅動力。因此，我們非常注重在美國實現產品市場契合度，同時平台已做好全球部署的準備，並正在建立在全球範圍內推廣該產品的能力，英國和加拿大將是第一站。

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。

Nice to see the U.K. in the pole position. If you look at other surrounding international countries and kind of stack rank where you're most excited, can you walk through where you're at and maybe perhaps too some areas that you wish you would be making bigger improvements that you think that may take a little bit longer time? But are there any other markets that you're seeing that could be in the U.K. position here shortly?

很高興看到英國位居榜首。如果你看看周邊其他國家，並對你最感興趣的國家進行排名，你能否談談你目前的情況，以及你希望在哪些方面做出更大的改進，而這些改進可能需要更長的時間？但您認為還有哪些市場可能很快就會像英國一樣？

Sure. Sure. First of all, just if I could remind all of us that outside the U.S., we're in U.K., Canada and Australia, where we've gotten the product market fit. And then there are emerging markets that we're focused on, which is France, Brazil and India. And we are excited about the U.K., but we are very hungry because I think we just think we're getting started in the U.K., especially to solve customer problems in a way that will drive revenue growth.

當然。當然。首先，我想提醒大家，在美國以外，我們在英國、加拿大和澳洲已經實現了產品與市場的契合。此外，我們也關注新興市場，例如法國、巴西和印度。我們對英國市場充滿期待，但我們也充滿幹勁，因為我們認為我們在英國才剛起步，尤其是在解決客戶問題方面，我們希望能夠推動營收成長。

Our focus has been growing our customer base and growing share, and now it's about accelerating to build a big business over time. So that's from just a, if I could paint a picture of where we are in the U.K., I would just say we're just getting started in terms of the opportunity ahead.

我們一直專注於擴大客戶群和提高市場份額，現在則要加速發展，逐步打造大型企業。所以，如果我能描繪一下我們在英國的現狀，我會說，就未來的機會而言，我們才剛起步。

And I would say we're in the same place in Canada. The growth in Canada based on just the market dynamics is a bit slower, but the same opportunity still exists in Canada. And so those are 2 markets where we believe that there's an opportunity for, over time, contribution to revenue growth.

我認為我們在加拿大也處於同樣的境地。單從市場動態來看，加拿大的成長速度稍慢，但同樣的機會依然存在於加拿大。因此，我們認為這兩個市場隨著時間的推移，有機會為收入成長做出貢獻。

In terms of the emerging markets, the 2 that we are continuing to see progress, it's not yet material from the lens of how much it contributes, but we're excited about is France and Brazil. We're seeing really good traction in France. We're seeing good traction in Brazil. Those are markets that are very different, but the opportunities are in the long term ones that we like. And India is one that we continue to focus on product market fit. We have not made the progress that we would want to see ourselves make in India. And we're really still searching for product market fit. But when I look at U.K., Canada, Australia, France and Brazil, I just view that we have good opportunities outside of the U.S. and it's sufficient. And we're being very intentional and deliberate in India in terms of the deliverables and what we're focused on to see if we can get the product market fit.

就新興市場而言，我們持續看到進展的兩個國家是法國和巴西，從貢獻程度來看，它們還不夠重要，但我們對這兩個國家感到興奮。我們在法國的業務發展勢頭非常好。我們在巴西取得了良好的發展動能。這些市場截然不同，但我們看好的是那些長期市場，它們蘊藏著巨大的機會。印度是我們持續關注產品市場契合度的國家之一。我們在印度還沒有取得我們希望看到的進步。我們仍在努力尋找產品與市場的契合點。但當我審視英國、加拿大、澳洲、法國和巴西時，我認為我們在美國以外有很多好的機會，這就足夠了。在印度，我們非常注重交付成果和重點關注的方面，力求實現產品與市場的契合。

And just a quick follow-up for Michelle, nice earnings beat. Was there anything that didn't get spent that you were hoping to spend that it seems like you're maybe pushing some things around that maybe that marketing spend didn't get fully flushed through in Q1 that goes to the next quarter or was it not the case?

還有一點要跟米歇爾說，獲利超出預期，很不錯。是否有一些你原本希望花掉但最終沒有花掉的錢，導致一些行銷支出沒有在第一季完全支出，而是留到了下一季？或者情況並非如此？

No. For Q1, we really didn't see much of that. As we called out, we are pulling in some of the marketing expense to Q2 for the consumer group. But when you look at our Q1 and what we were trying to accomplish there, our spend was pretty much where we had anticipated it to be.

不。第一季度，我們並沒有看到太多這種情況。正如我們之前提到的，我們將把部分消費者集團的行銷費用計入第二季。但如果你看看我們第一季的狀況以及我們當時想要達成的目標，你會發現我們的支出基本上符合預期。

Our next question comes from Sterling Auty of JPMorgan.

我們的下一個問題來自摩根大通的斯特林·奧蒂。

I actually want to follow up on that last point. Obviously, you overperformed very nicely on revenue. But just given the operating income guidance that you gave, it does look mathematically like you underspent on total expenses in the quarter. So maybe not in marketing, but was there anything else in cost of revenue or something else that led to the total expenses coming in shy of what the operating income guidance would have implied?

我其實想就最後一點再補充一點。顯然，你們的營收表現非常出色。但僅根據您給出的營業收入預期，從數學角度來看，您本季的總支出似乎低於預期。所以也許行銷方面沒有問題，但是收入成本或其他方面是否有任何因素導致總支出低於營業收入預期？

When we really look at our guide for the year, I would continue to encourage you to look at the guide for the year. When we look at our spend, I don't get really concerned with quarter-to-quarter. There's always going to be some quarter-to-quarter shift in some expenses. And so that's why I would continue to focus on the total year. We did reiterate the year for our guide. And so, yes, there's always going to be a little bit of movement between quarters. That's just something that I don't get overly focused on because we really do look at the total year and the total company and not worry too much about the individual quarters.

當我們認真審視今年的指南時，我將繼續鼓勵大家查看今年的指南。當我們審視支出情況時，我並不太關注季度之間的變化。某些費用總是會存在季度間的波動。所以這就是為什麼我會繼續關注全年整體情況的原因。我們再次確認了指南的年份。所以，是的，季度之間總是會有一些波動。我個人不會過度關注這一點，因為我們真正關注的是全年和整個公司的情況，而不是個別季度的業績。

That's fair. And then, Sasan, you had talked about some of the big bets and initiatives. I didn't hear one of the things on QuickBooks was to help the product-based businesses, specifically with consolidating orders, I think, was the imperative. Any update on that initiative?

這很合理。然後，薩桑，你談到了一些重大投資和舉措。我沒有聽說 QuickBooks 的功能之一是幫助產品型企業，特別是幫助企業整合訂單，我認為這才是當務之急。該計劃有任何最新進展嗎？

Yes. So you suggest that one of our bets is about being the center of small business growth, and one element of that is to be really be able to transform omnichannel commerce. And our focus, first and foremost, we do have a road map of what problems we want to solve and when. And the first set of deliverables are really about enabling customers to see all their orders in one place. So if they sell on Etsy, if they sell on Amazon and then that there's orders coming in from their own website, one of the biggest challenges they have is actually seeing everything in one place and then eventually understanding their profitability and having it tied to inventory. So the first step in terms of what our teams are focused on is delivering that on the road map. And we've not yet delivered it, but we're excited about the clarity that we have in terms of what we need to do for customers and then a road map that we've got the right team behind. So we'll, certainly, on a quarterly basis, provide an update to you all, but we're excited about the progress that the team is making.

是的。所以你的意思是，我們的一個賭注是成為小型企業發展的中心，而其中一個要素就是真正能夠改變全通路商務。首先，我們的重點是，我們確實有一個路線圖，明確了我們想要解決哪些問題以及何時解決。第一批交付成果實際上是讓客戶能夠在一個地方查看他們所有的訂單。所以，如果他們在 Etsy 上銷售，在亞馬遜上銷售，並且還有來自他們自己網站的訂單，他們面臨的最大挑戰之一實際上是在一個地方看到所有信息，然後最終了解他們的盈利能力並將其與庫存聯繫起來。因此，我們團隊目前的工作重點是落實路線圖上的各項內容。雖然我們尚未實現目標，但我們對需要為客戶做什麼有了清晰的認識，並且制定了路線圖，而且我們有合適的團隊支持，這讓我們感到非常興奮。因此，我們肯定會按季度向大家提供最新進展報告，但我們對團隊的進展感到非常興奮。

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。

This is Kevin on for Chris. We see a lot of third-party solutions in the QuickBooks ecosystem, including acquisitions Intuit has made, such as TSheets. I guess, as the growth focus shifts more towards revenue per sub, does it make more sense to do strategic acquisitions to more fully monetize the ARPU opportunity?

這裡是凱文，替克里斯發言。我們在 QuickBooks 生態系統中看到了許多第三方解決方案，包括 Intuit 收購的 TSheets 等。我認為，隨著成長重點更多地轉向每用戶收入，進行策略性收購以更充分地實現每用戶平均收入 (ARPU) 的機會是否更有意義？

Yes. Our principles really are clear in terms of what guides the decisions that we make. First and foremost, it's about what's most important to our customers. The second is actually being able to solve that extremely well. And then the third is really assessing whether it's core versus context and how critical it is to the masses.

是的。我們的原則非常明確，它指導著我們所做的決定。首先，最重要的是要考慮客戶最重視的是什麼。第二點是能夠非常出色地解決這個問題。第三點是真正評估它是核心內容還是背景內容，以及它對大眾的重要性。

And if it's core, like TSheets is a great example of, although we were partners with TSheets, what we learned and found out over time is that time tracking is very core to us. And the reason it's core to us is that it's a big input into automating the data that we get and therefore, how we leverage the data, applying artificial intelligence to it to really deliver more innovation for our customers. And so those are the principles that then drive whether it's partnership versus acquisition. It's less about just monetization. Of course, monetization matters over time. But first and foremost, it's about customer problem, can we solve it well and is it core versus context, and then we let that drive whether it's a potential build, acquisition or if it's a partnership.

如果時間追蹤是核心功能，就像 TSheets 是一個很好的例子，雖然我們曾經是 TSheets 的合作夥伴，但隨著時間的推移，我們了解到時間追蹤對我們來說非常重要。而它對我們至關重要的原因是，它是我們實現數據自動化的重要輸入，因此，它決定了我們如何利用這些數據，如何應用人工智慧來真正為我們的客戶帶來更多創新。因此，這些原則決定了最終是選擇合作還是收購。這不僅僅是盈利的問題。當然，從長遠來看，獲利模式很重要。但首先，最重要的是客戶的問題，我們能否很好地解決它，以及它是核心問題還是背景問題，然後我們根據這些因素來決定是否進行潛在的自主開發、收購或合作。

Our next question comes from Kirk Materne of Evercore.

我們的下一個問題來自 Evercore 公司的 Kirk Materne。

Sasan, I wanted to circle back just on QuickBooks Connect. And maybe just some of your takeaways, I guess, in terms of when you look at QuickBooks Live, in particular, what are maybe some of the things we should think about that could either help throttle adoption faster or the things that maybe people are sort of worried about or things you think some of the accountants just have to kind of get more comfortable with to maybe see some real acceleration in adoption? I'm sure you're expecting good adoption already. But just kind of wondering if you had any quick takes on that in terms of some of the questions you were getting back more specifically?

Sasan，我想再跟你確認 QuickBooks Connect 的問題。那麼，就 QuickBooks Live 而言，我想請您分享一些心得體會。您認為我們應該考慮哪些因素，才能加快普及速度？或者，人們可能有哪些擔憂？或者，您認為會計師需要更適應哪些方面，才能真正加速普及？我相信你已經對收養過程充滿期待了。不過，我只是想問，對於你收到的一些具體問題，你有沒有什麼簡短的看法？

Sure, absolutely. If I could start with broader context. The whole purpose of QuickBooks Connect, which is something we started about 5 years ago, was really to bring the ecosystem together. It's the ecosystem of our partners, our customers, our employees and really leveraging it as a launching pad for new innovation, for training for our customers, actually providing best practices in terms of how do you grow your firm, how do you grow your practice, how do you grow your business. And it's something now that we stream outside of the 5,000 folks that attended really as a platform to launch big innovation, teach how to grow your business, and it's a huge opportunity for us to learn.

當然可以。如果我能先從更廣泛的背景談起的話。QuickBooks Connect 的全部目的（我們大約 5 年前啟動的專案）就是為了將整個生態系統連接起來。這是由我們的合作夥伴、客戶和員工組成的生態系統，我們真正利用它作為新創新的跳板，為客戶提供培訓，並切實提供最佳實踐，指導您如何發展您的公司、如何發展您的業務、如何發展您的業務。現在，我們不僅向現場 5000 名觀眾直播，還將其作為推出重大創新、教授如何發展業務的平台，這對我們來說也是一個巨大的學習機會。

And so at QuickBooks Connect, there's a number of things that we launched, whether it's the lineup for payroll and some of the new innovations around auto pay, integration to TSheets or cash flow planning, where a small business can now understand their cash flow issues, plan for their cash flow so that they can make better decisions, which is the #1 reason why small businesses go out of business, to many innovations and launches on the accounting platform to help accountants do a better job running their business and running their firm. So I wanted to start with a broader context that there's many aspects of and many areas across the platform where we shared new innovations across the board.

因此，在 QuickBooks Connect 上，我們推出了一系列新功能，包括薪資功能、自動支付的創新、與 TSheets 的整合以及現金流規劃。透過這些功能，小型企業現在可以了解自身的現金流問題，制定現金流計劃，從而做出更好的決策。現金流問題是小型企業倒閉的首要原因。此外，我們還在會計平台上推出了許多創新功能，以幫助會計師更好地管理企業和事務所。因此，我想先從一個更廣泛的背景入手，那就是這個平台涉及許多方面和領域，我們在各個方面都分享了新的創新。

Specifically on QuickBooks Live, although we ran 50 tests over the last 6 months and have been in the market and learning, along with making sure that accountants are aware of our narrative, of what we're trying to do here, we really use QuickBooks Connect as an activation platform.

具體來說，關於 QuickBooks Live，雖然我們在過去 6 個月裡進行了 50 次測試，並且一直在市場上學習，同時確保會計師了解我們的理念，了解我們在這裡想要做的事情，但我們實際上將 QuickBooks Connect 用作​​激活平台。

And I would tell you that once we got through these 2 standing room only sessions, there was incredible excitement about being part of the platform because, ultimately, they have the ability to grow their income, grow their practice and serve customers and do something that they don't like, which is marketing. We also addressed concerns. Because if you are not aware of the narrative as an accountant, you have a natural concern which is, is Intuit trying to compete with me and is Intuit trying to take business away from me? We believe, by the way, that will always be a concern that will be out there until we get our narrative to every single pro and enrolled agent and accountant that's out there. And so we were excited about QuickBooks Connect because we were able to address some of those questions, some of those concerns face-to-face. And we had, by the way, well over 1,000 folks that wanted to sign up on the platform after those events, which, by the way, blew us away. We did not have those high of expectations.

我可以告訴你，在經歷了這兩場座無虛席的會議之後，大家對加入這個平台感到無比興奮，因為最終，他們有機會增加收入、發展業務、服務客戶，並做一些他們不喜歡的事情——行銷。我們也回應了各方提出的問題。因為如果你身為會計師不了解其中的緣由，你自然會產生這樣的擔憂：Intuit 是否想與我競爭？ Intuit 是否想搶走我的生意？順便說一句，我們認為，在我們把我們的觀點傳達給每一位專業人士、註冊代理人和會計師之前，這個問題將一直存在。因此，我們對 QuickBooks Connect 感到非常興奮，因為我們能夠面對面地解決其中的一些問題和擔憂。順便說一句，活動結束後，有超過 1000 人想要註冊平台，這讓我們非常驚訝。我們並沒有抱持那麼高的期望。

So net-net, this is a 2-sided problem. The most important to solving the problem for small businesses and solving the problem for pros, which is helping them grow their practice. And we feel good about what we're learning. We feel good about our progress, and QuickBooks Connect was a great activation event.

總而言之，這是一個雙向問題。解決小型企業和專業人士的問題，最重要的是幫助他們發展業務。我們對所學到的知識感到很滿意。我們對所取得的進展感到滿意，QuickBooks Connect 是個非常棒的推廣活動。

Our next question comes from Brad Reback of Stifel.

我們的下一個問題來自 Stifel 公司的 Brad Reback。

Great. On TurboTax Live, do you expect to increase headcount this year?

偉大的。TurboTax Live 今年預計會增加員工人數嗎？

Well, let me start with, we are still very early in the journey of TurboTax Live. As we've talked about before, there are 86 million folks that go to someone else to have them do their taxes for them. It's a $20 billion opportunity, and we just got started a couple of years ago.

首先，我想說的是，TurboTax Live 的發展歷程還處於非常早期的階段。正如我們之前討論過的，有 8,600 萬人會找別人代他們報稅。這是一台價值 200 億美元的商機，而我們才剛起步。

And so our #1 focus is customer growth. And we're very focused this year on first time use, additional access points so that you can get access to experts and improving the experience for experts.

因此，我們首要關注的是客戶成長。今年，我們將專注於首次使用、增加存取點以便用戶能夠接觸到專家，以及改善專家的體驗。

We do expect to increase the number of pros because now we're actually, it's both for QuickBooks Live and TurboTax Live. And actually, that's where being a platform and leading this in a digital way really comes into play because it's about having experts for both platforms. But we do expect to grow it. We do not expect to grow it in any way, shape or form as fast as our revenue will grow, but being very intentional to ensure that we have enough people to serve our customers.

我們預計專業人員的數量將會增加，因為現在我們實際上同時支援 QuickBooks Live 和 TurboTax Live。實際上，這正是平台和數位化引領潮流的關鍵所在，因為兩個平台都需要專家。但我們預計它會成長。我們並不期望公司規模的成長速度能與收入的成長速度一樣快，但我們會非常有意識地確保有足夠的人手為客戶服務。

And I think I would just remind us that this is a technology-driven expert platform, which means that we're really applying AI to efficiently and effectively deliver experiences for our customers. And we do not see this as an impact on margin at all this year or beyond.

我想提醒大家，這是一個技術驅動的專家平台，這意味著我們正在真正應用人工智慧來高效、有效地為我們的客戶提供體驗。我們認為這不會對今年的利潤率或未來幾年的利潤率產生任何影響。

Great. And then just one unrelated follow-up. With the Windows 10 upgrade cycle looking to abate in the first half of calendar '20, should we expect that to have any impact on the desktop business post that?

偉大的。然後，還有一個無關的後續問題。隨著 Windows 10 升級週期在 2020 年上半年逐漸放緩，我們是否應該預期這會對之後的桌面業務產生任何影響？

We've not included any expectations of that sort in our guidance nor do we expect that just from an execution perspective. But of course, we are ready for our customers.

我們在指導意見中沒有包含任何此類預期，而且從執行角度來看，我們也不預期會發生這種情況。當然，我們已經為顧客做好準備了。

Our next question comes from Alex Zukin of RBC.

我們的下一個問題來自加拿大紅血球銀行的 Alex Zukin。

I wanted to ask a question about QB Desktop. And it had a really strong quarter in Q1. I guess, do you expect that to continue? And then, Sasan, how do you think about QuickBooks Online or sorry, QuickBooks Live as being a potential accelerant for conversions from QB Desktop to QBO?

我想問一個關於 QuickBooks Desktop 的問題。它在第一季表現非常強勁。我想問的是，你認為這種情況會持續下去嗎？那麼，Sasan，你認為 QuickBooks Online（或抱歉，QuickBooks Live）能否加速使用者從 QB Desktop 過渡到 QBO？

Yes. So when we think about desktop in the long term, first and foremost, we are obsessively focused on delivering for our desktop customers while educating them on the benefits of the cloud. Because they can, over time, they can run their business in a much more effective way on the cloud.

是的。因此，從長遠來看，當我們考慮桌面業務時，首先也是最重要的，是我們全心全意地為桌面客戶提供服務，同時向他們普及雲端的優勢。因為隨著時間的推移，他們可以在雲端以更有效率的方式經營業務。

But what's important and what we learned through our own experiences is educating them on the benefits of the cloud and also educating them in terms of what's different on a cloud platform versus the desktop platform is very important. Because our desktop customers, whether TurboTax or QuickBooks, they love their desktop. So that's point number one.

但重要的是，我們從自身的經驗中學到的是，要讓他們了解雲端運算的好處，還要讓他們了解雲端平台與桌面平台有何不同，這點非常重要。因為我們的桌面用戶，無論是使用 TurboTax 還是 QuickBooks，他們都非常喜歡他們的桌上型電腦。這是第一點。

We do expect that this is a business that will decline over time. What's really kept it at the level that it's been at has been our enterprise desktop business that's been growing double digits. But the expectations that we've shared on desktop with you all still stand.

我們預計這項業務會隨著時間的推移而衰落。真正讓公司業績保持在目前水準的是我們的企業桌面業務，該業務一直保持著兩位數的成長。但是，我們在桌面端與大家分享的期望仍然有效。

In terms of QuickBooks Live, it certainly could be a potential catalyst. We have no proof at this point that it is because we're really focused on our online customers. The real catalyst will be educating our desktop customers to the benefits of online and making sure that they're prepared to make that jump. And I think we will just see a natural migration as we've seen over the last several years.

就 QuickBooks Live 而言，這無疑可能是個潛在的催化劑。目前我們還沒有證據表明這是因為我們真正專注於我們的線上客戶。真正的催化劑在於教育我們的桌面用戶了解線上的優勢，並確保他們做好迎接這項轉變的準備。我認為我們會看到像過去幾年那樣的自然遷移。

And QuickBooks Live could play a role. At this point, we don't have proof that it will. And the biggest opportunity is really with nonconsumption and current customers.

QuickBooks Live 也可能發揮作用。目前我們還沒有證據證明它會成功。而最大的機會其實在於非消費群和現有客戶。

Perfect. And then just as a follow-up to that on QuickBooks Live. With some of the early testing you've done and the feedback you've gathered, have you had any surprises, either positive or negative, that were unexpected?

完美的。然後，作為對 QuickBooks Live 的後續說明。在您進行的早期測試和收集到的回饋中，您是否遇到任何意想不到的驚喜，無論是正面的還是負面的？

Was your question around QuickBooks Live?

您的問題是否與 QuickBooks Live 有關？

Yes.

是的。

Got it. Sorry, you cut out on me. I would say the biggest surprise that we've had is the varied number of needs that the customers have. There are customers that will come in and just say, hey, here's all of my stuff from Word, from Excel, from Google Sheets, all the receipt boxes that I have. Can you just help me get set up so I know what's going on in my business with QuickBooks and help me understand how to then run QuickBooks. So that the whole notion of setup has been a huge need for customers.

知道了。抱歉，你突然斷線了。我認為我們遇到的最大驚喜是客戶需求的多樣性。有些顧客會進來，然後說：“嘿，這是我所有的東西，來自 Word、Excel、Google Sheets，還有我所有的收據盒。”您能幫我設定一下嗎？這樣我就可以了解我的業務在使用 QuickBooks 時的情況，並幫助我了解如何執行 QuickBooks。因此，設置的概念一直是客戶的巨大需求。

And then the other is actually just advice. This is my cash flow. This is my net income. Now that I understand it, what choices can I make? When will I need access to capital? Is it worth for me to take out capital? Should I buy more inventory?

而另一條其實只是建議。這是我的現金流。這是我的淨收入。現在我明白了，我可以做出哪些選擇？我什麼時候需要資金？我值得提領資金嗎？我應該增購庫存嗎？

I've sat multiple times in different sessions listening to calls between our bookkeepers and small businesses, and just the amount of reliance and need that they have to understand what's going on in their business, what choices that they have, intellectually, we all understand it. But when you really listen to these calls, you get how important advice is, how important expertise is and how much they lack confidence. And so that's not a surprise. But just when you listen to these calls, it just amplifies how important it is. But I would say this whole notion of getting set up and understanding what's going on in my business and how blind they are in what's happening has been probably the biggest surprise and the biggest need that we're looking to figure out how to solve.

我曾多次參加不同的會議，旁聽我們的簿記員和小企業主之間的通話，他們非常依賴我們，也非常需要了解他們的業務狀況以及他們有哪些選擇，從理智上講，我們都能理解。但當你真正聽這些通話時，你就會明白建議有多重要，專業知識有多重要，以及他們有多缺乏自信。所以這並不令人意外。但當你聽了這些通話錄音後，就會更加深刻地體會這件事的重要性。但我認為，了解我的業務現狀以及他們對現狀的無知，可能是最大的驚喜，也是我們正在努力解決的最大需求。

Our next question comes from Josh Beck of KeyBanc.

我們的下一個問題來自 KeyBanc 的 Josh Beck。

I wanted to ask about QuickBooks Capital. Certainly, AI and underwriting has been one of the focus areas, I think, underneath that theme. So are you getting to a point when you think about inflecting that business and growing it quicker and you think about maybe some of the ancillary announcements that you just mentioned, like cash flow planner, that we're maybe on the cusp of seeing more loans facilitated or is it more likely to be kind of a steadier pace as we've seen in terms of the additional origination volumes?

我想諮詢一下 QuickBooks Capital。當然，我認為，人工智慧和保險承保一直是這個主題下的重點領域之一。所以，您是否開始考慮調整業務方向，加快業務成長速度？您是否考慮過您剛才提到的一些輔助性公告，例如現金流規劃工具，認為我們可能即將看到更多貸款的發放，還是更有可能像我們之前看到的額外貸款發放量那樣，保持一個更穩定的速度？

Yes. First of all, I'll step back and reiterate how the ecosystem works together. And what we're excited about is the notion of a customer being on our platform to get organized, to be able to invoice and get paid, to be able to pay their employees. And with cash flow planner, we can now give customers insight as to whether or not they even need access to a loan.

是的。首先，我將退後一步，重申這個生態系統是如何協同運作的。我們感到興奮的是，客戶可以透過我們的平台進行組織管理，開立發票並收款，以及支付員工薪資。借助現金流量規劃工具，我們現在可以幫助客戶了解他們是否真的需要貸款。

But the loan is not the only way to solve their problem. It's also do you want us to follow up with some of your customers that are overdue to get paid, do you want to slow down paying a few vendors so you can make your payroll on Friday? So the cash flow planner is really there to help them thrive, to help them make better decisions because they're lonely in running their business. They don't have business partners to give them analytics. And cash flow planner really is just going to be the beginning of something that will be their, kind of their assistant in their pocket, if I may, to then offer ways for them to run their business, access to capital could be one.

但貸款並不是解決他們問題的唯一途徑。另外，您是否希望我們跟進一些逾期未付款的客戶？您是否希望放慢一些供應商的付款速度，以便您能在周五按時發放工資？所以現金流規劃師的真正目的是幫助他們成長壯大，幫助他們做出更好的決策，因為他們在經營業務時感到孤獨。他們沒有商業夥伴為他們提供分析服務。現金流規劃工具實際上只是一個開始，它將成為他們的“口袋助手”，為他們提供經營業務的各種方式，而獲取資金可能就是其中之一。

The second element to get to your question, there are 2 ways that we provide capital. One is the marketplace. One is through our own capital, where we are partnered with a blue-chip financial firm where they have no recourse. But we also provide access in that way. And based on the growth that we see, we continue to both leverage our blue-chip partner and the marketplace. And it's all really driven by the demand that we see, both in our online platform and our desktop platform. So it's an important retention driver. Over time, it could be a growth driver. But most importantly, what it's doing is helping our customers thrive and be able to get through the tougher earlier years to be able to survive as a business and improve their success rate.

第二個要回答你的問題的要素是，我們提供資金的方式有兩種。一是市場。一種方法是透過我們自己的資金，我們與一家藍籌金融公司合作，這樣他們就沒有任何追索權。但我們也以這種方式提供存取權限。根據我們看到的成長情況，我們將繼續利用我們一流的合作夥伴和市場優勢。這一切都是由我們看到的線上平台和桌面平台的需求所驅動的。所以它是重要的用戶留存驅動因素。從長遠來看，它可能會成為成長動力。但最重要的是，它正在幫助我們的客戶蓬勃發展，度過創業初期較為艱難的時期，從而能夠生存並提高他們的成功率。

Okay. Very helpful. And then just a quick follow-up maybe for Michelle. I know it's a very modest deceleration in the online services growth. Should we be thinking that's driven by things like law of large numbers, obviously, international mix seems to be going up. So I imagine that would probably maybe pressure this line. So anything to call out on the modest decel that we've seen there?

好的。很有幫助。然後，或許可以給米歇爾簡單提個醒。我知道這只是在線服務增長速度非常輕微的放緩。我們是否應該認為這是由大數定律之類的因素所驅動的？顯然，國際融合似乎正在加劇。所以我認為這可能會對這條生產線造成壓力。那麼，對於我們目前看到的這種小幅放緩，有什麼需要特別指出的嗎？

Well, for online services, first of all, I'd say that we continue to be focused on our Online Ecosystem revenue growth of greater than 30%, and that was 35% for the quarter.

首先，就線上服務而言，我想說我們繼續專注於實現線上生態系統收入成長超過 30%，而本季這一數字達到了 35%。

In online services for the quarter, we did grow 27%. And the 2 major drivers there were QuickBooks payroll and payments and then to a lesser degree, time tracking and QuickBooks Capital.

本季度，我們的線上服務業務成長了 27%。其中兩個主要驅動因素是 QuickBooks 工資和支付，其次是時間追蹤和 QuickBooks Capital。

One of the things that I would remind everyone about what you may be seeing is that online services has parts that are growing very nicely, but it also has a part of it, about 25% of online services, that's non-integrated payroll and payments offering, and that isn't growing. And so that's some of what you're seeing there. But we're very pleased with the growth that we've seen there and expect that to continue.

我想提醒大家的是，你們可能看到的是，線上服務中有些部分發展得非常好，但其中也有一部分（約佔線上服務的 25%）是未整合的薪資和支付服務，而這部分並沒有成長。所以，這就是你在那裡看到的一些內容。但我們對那裡取得的成長非常滿意，並期待這種成長勢頭能夠繼續下去。

Our next question comes from Jacqueline Cheong of Bank of America.

下一個問題來自美國銀行的 Jacqueline Cheong。

This is on behalf of Kash Rangan. I have a couple of questions around QBO Advanced. What's the go-to-market strategy for this product and what has initial customer feedback been like? And then finally, can QBO Advanced be a catalyst for more QuickBooks Desktop customers to move to QBO?

這是代表卡什·蘭甘。關於QBO高級版，我有幾個問題。該產品的上市策略是什麼？初步的客戶回饋如何？最後，QBO Advanced 能否成為促使更多 QuickBooks Desktop 用戶遷移到 QBO 的催化劑？

Sure. I'll start at the top, which is there's about 1.5 million customers in the mid-market. And we define mid-market as 10 to about 100 employees. And it's about a $40 billion market based on the math that we've done when you include services.

當然。我先從最頂層說起，那就是中階市場大約有 150 萬客戶。我們將中型市場定義為擁有 10 到 100 名員工的企業。根據我們的計算，如果將服務業也包括在內，那麼市場規模約為 400 億美元。

And when we think about our go to market, our initial focus is our existing customers. We have about 180,000 QBO customers that outgrow QBO. And ultimately, maybe the platform that can perform at a different level, that has rules and permissions, that has integrations with CRMs that meet their needs, just as an illustrative example.

當我們考慮如何進入市場時，我們首先關注的是現有客戶。我們有大約 18 萬 QBO 用戶，他們的需求已經超過了 QBO 的服務範圍。最終，或許會有一個平台能夠達到更高的水平，擁有規則和權限，並與 CRM 系統整合以滿足他們的需求，這只是一個範例。

And so our go to market is really making sure our existing customers are aware of the platform. And right now, we're actually seeing 75% of our growth coming from existing customers and about 25% of the customers are new.

因此，我們的市場推廣策略實際上是確保我們現有的客戶了解該平台。目前，我們實際上看到 75% 的成長來自現有客戶，約 25% 的客戶是新客戶。

Eventually, over time, we're right now building the capability. We're studying the best practices externally of those that have served the mid-market very well, putting together a great talented team that knows how to serve the mid-market. And then ultimately, our plan is to raise awareness top of the funnel and pursue these mid-market customers that typically, by the way, are still running their business on Excel, on Google Sheets are stretched thin, use multiple accountants. And so we foresee the combination of QuickBooks Advanced and QuickBooks Live working very well together. In fact, a certain percentage of our current QuickBooks Live customers are QuickBooks Advanced customers.

最終，隨著時間的推移，我們正在逐步建立這種能力。我們正在研究外部那些服務中階市場的優秀企業的最佳實踐，組成一支懂得如何服務中端市場的優秀人才團隊。最終，我們的計劃是提高漏斗頂端的認知度，並爭取這些中端市場客戶，順便說一句，這些客戶通常仍然使用 Excel 和 Google Sheets 來經營業務，人手不足，並且使用多個會計師。因此，我們預計 QuickBooks Advanced 和 QuickBooks Live 的結合將非常有效。事實上，我們目前的 QuickBooks Live 客戶中有一定比例是 QuickBooks Advanced 客戶。

And so when you think about our bets at, one, connecting people to experts and then the second is disrupting the mid-market, they actually play very well together hand-in-hand. And what we've seen so far is a lot of delight from our existing customers where they see that this platform can meet their need. Over time, it can be a source of reason for migration from desktop to QuickBooks Advanced. But right now, our main focus is existing QBO customers.

因此，當你思考我們押注的兩件事時，第一件事是將人們與專家聯繫起來，第二件事是顛覆中端市場，它們實際上是相輔相成的，配合得非常好。到目前為止，我們看到的是現有客戶對這個平台能夠滿足他們的需求感到非常滿意。隨著時間的推移，這可能會成為從桌面版遷移到 QuickBooks Advanced 的原因之一。但目前，我們的主要關注點是現有的QBO客戶。

Our next question comes from Raimo Lenschow of Barclays.

下一個問題來自巴克萊銀行的雷莫·倫肖。

A lot of questions were asked so I'd make it a short one. You talked earlier about the international and the U.K., Canada and then that you're still working on market fit for India. The other 2 that you had done a lot of work around was France and Brazil. Can you just double-click on that one, where we are in the evolution there?

大家問了很多問題，所以我長話短說。您之前談到了國際市場，包括英國和加拿大，然後又提到您仍在努力尋找適合印度市場的方案。你之前投入大量精力考察的另外兩個國家是法國和巴西。您能雙擊一下那個頁面嗎？我們目前就處於進化階段的那個頁面。

Yes, for sure. So France is really where the U.S. was about 15 to 20 years ago. There's already a financial management solutions category, primarily on desktop. Most accountants are on desktop and like desktop, but now we're seeing small businesses want to use the cloud because they see that it's far better to be able to use a cloud platform to be able to run their business. And they are now engaging accountants to be able to pull accountants to be able to come to the cloud so they can, in essence, help them run their business on the cloud. And that's really where the U.S. was 15 to 20 years ago. And our team has done really a wonderful job of getting the product market fit by block. And what I mean by that is, we're focused on a street in Paris and making sure that we nail the experiences for that street in Paris and then go to the second street in Paris.

是的，當然。所以法國現在的狀況，其實跟美國15到20年前的情況差不多。目前已經存在一個財務管理解決方案類別，主要面向桌面用戶。大多數會計師都使用桌上型電腦，也喜歡桌上型電腦，但現在我們看到小型企業想要使用雲端服務，因為他們意識到使用雲端平台來經營業務要好得多。他們現在聘請會計師，以便能夠將會計師遷移到雲端，從而本質上幫助他們在雲端運營業務。而這正是美國15到20年前的真實寫照。我們的團隊在逐步實現產品市場契合度方面做得非常出色。我的意思是，我們專注於巴黎的一條街道，確保我們完美呈現這條街道的體驗，然後再去巴黎的第二條街道。

And now we're starting to expand across Paris because it's the fastest way to get the product market fit is one customer at a time. And so we're seeing a nice acceleration. And we foresee given our progress that France could be interesting and material 3 to 5 years from now. And again, it's where the U.S. was about 15 years ago.

現在我們開始在巴黎擴張，因為讓產品與市場契合最快的方法就是一次服務一位客戶。因此，我們看到了一種良好的加速成長。鑑於我們的進展，我們預見法國在未來 3 到 5 年內可能會變得有趣且重要。而這，正是美國大約 15 年前的處境。

Brazil has a large compliance marketplace. It's mainly an accountant marketplace. Brazil is a market where they rely heavily on services. And so the likes of QuickBooks Live, if I could use that as an example, is a natural thing that they would actually go to, which is they would love for an accountant to do all their business taxes for them and to be able to provide advice for them. And so those are some of the tests that we are now running in Brazil, which is shifting more towards services because that's what the market is oriented towards. So very different marketplaces and very different places. And I like the progress of our team. But again, these are more, think about these opportunities 3, 5 years out from now, don't look at them as near-term opportunities.

巴西擁有龐大的合規市場。它主要是一個會計師交易平台。巴西是一個高度依賴服務的市場。因此，像 QuickBooks Live 這樣的軟體，如果我可以以此為例的話，是他們自然而然會選擇的工具，因為他們希望會計師能夠為他們處理所有商業稅務，並能夠為他們提供建議。因此，這些是我們現在在巴西進行的一些測試，巴西正在更多地轉向服務業，因為這是市場的發展方向。所以，這是截然不同的市場，也是截然不同的地方。我對我們團隊的進步感到滿意。但再次強調，這些是未來 3 年、5 年的機遇，不要把它們看作是近期機會。

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

女士們先生們，我不再回答任何問題了。還有什麼補充說明嗎？

Yes. Thank you very much for your questions, and we look forward to chatting with you at our next earnings call. Have a great rest of the day and great rest of the week. Bye-bye.

是的。非常感謝您的提問，我們期待在下次財報電話會議上與您交流。祝您今天餘下的時間以及本週餘下的時間都過得愉快。再見。

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。