直覺電腦 (INTU) 2022 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 2022 Results Conference Call. (Operator Instructions) With that, I'll now turn the call over to Kim Watkins, Intuit's Vice President of Investor Relations.

午安.我是拉蒂夫，將擔任本次電話會議的主持人。現在，我謹代表Intuit公司歡迎各位參加2022財年第二季業績電話會議。 （操作說明）接下來，我將把電話會議交給Intuit公司投資者關係副總裁金‧沃特金斯女士。

Thanks, Latif. Good afternoon, and welcome to Intuit's Second Quarter Fiscal 2022 Conference Call. I'm here with Intuit's CEO, Sasan Goodarzi; and Michelle Clatterbuck, our CFO. Unfortunately, Michelle has lost her voice, so I will be reading her prepared remarks today. Sasan and I will take your questions during Q&A.

謝謝，拉蒂夫。下午好，歡迎參加 Intuit 2022 財年第二季財報電話會議。今天與 Intuit 首席執行官 Sasan Goodarzi 和首席財務官米歇爾·克拉特巴克 (Michelle Clatterbuck) 一起出席。很遺憾，米歇爾嗓子啞了，所以我今天將代她宣讀事先準備好的演講稿。薩桑和我將在問答環節回答大家的問題。

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 2021 and our other SEC filings. All of those documents are available on the Investor Relations page of Intuit's website at intuit.com. We assume no obligation to update any forward-looking statements.

在正式開始之前，我想提醒各位，我們的發言將包含前瞻性陳述。許多因素可能導致Intuit的實際表現與預期有重大差異。您可以在我們今天下午早些時候發布的新聞稿、2021財年10-K表格以及我們提交給美國證券交易委員會（SEC）的其他文件中了解更多關於這些風險的資訊。所有這些文件都可以在Intuit官網（intuit.com）的投資者關係頁面找到。我們不承擔更新任何前瞻性陳述的義務。

Some of the numbers in these prepared remarks are presented on a non-GAAP basis. We've reconciled the comparable GAAP and non-GAAP numbers in today's press release. Unless otherwise noted, all growth rates refer to the current period versus the comparable prior year period, and the business metrics and associated growth rates refer to worldwide business metrics. A copy of our prepared remarks and supplemental financial information will be available on our website after this call ends.

本次發言稿中的部分資料以非公認會計準則（非GAAP）列示。我們已在今天的新聞稿中對相應的GAAP和非GAAP資料進行了核對。除非另有說明，否則所有成長率均指本期與去年同期相比的成長率，業務指標及相關成長率均指全球業務指標。本次電話會議結束後，您可在我們的網站上取得發言稿及補充財務資訊。

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

接下來，我將把電話交給薩桑。

Thank you, Kim, and thanks to all of you for joining us today.

謝謝金，也謝謝各位今天蒞臨現場。

Second quarter results reflect continued strong momentum across the company as we execute on our strategy to be a global AI-driven expert platform, powering the prosperity of consumers and small businesses. We have a nearly $300 billion addressable market, driven by tailwinds that include a shift to virtual solutions and acceleration to online and omnichannel capabilities and digital money offerings. This, combined with the team's excellence and execution, is contributing to the strength of our performance.

第二季業績反映出公司持續強勁的發展勢頭，我們正穩步推進策略，致力於成為全球人工智慧驅動的專家平台，協助消費者和小型企業繁榮發展。我們擁有近3000億美元的潛在市場，這得益於許多好因素，包括向虛擬解決方案的轉型、線上和全通路能力的加速發展以及數位貨幣產品的普及。這些因素，再加上團隊的卓越表現和高效執行，共同成就了我們強勁的業績。

Second quarter revenue of $2.7 billion was driven by strong results from our Small Business and Self-Employed Group, Credit Karma and reflects an earlier start to the tax season compared to last year in the Consumer Group. Since tax season is now underway, let me start there.

第二季營收達27億美元，主要得益於小型企業和自僱業務集團以及Credit Karma的強勁業績，同時也反映出消費者業務集團的報稅季比去年提前開始。既然報稅季已經開始，我們就從這裡開始談起吧。

We are confident in our strategy of extending our lead in the do-it-yourself category and transforming the assisted segment. Based on our analysis, we are on track to gain share overall again this season. This and other early indicators gives us reason to be excited about our innovation and go-to-market decisions.

我們對擴大在DIY品類領先地位並革新輔助工具市場的策略充滿信心。根據我們的分析，本季我們預計將再次提升整體市場份額。這一結果以及其他早期跡像都讓我們對我們的創新和市場策略充滿信心。

Our focus this season is threefold. First, we continue to aggressively transform the assisted category by reshaping how 88 million filers get their maximum refund with confidence virtually. This opens up the $20 billion assisted tax prep category for Intuit. Second, we're serving the underpenetrated segments of Latinx, Self-Employed and investor segments, which are growing faster than the overall tax filing. And third, we're serving millions of members on the Credit Karma platform with personalized experiences.

本季我們的工作重點有三方面。首先，我們將繼續大力推動輔助報稅領域的轉型，幫助8,800萬報稅者在線上自信地獲得最高退稅額。這將為Intuit開拓價值200億美元的輔助報稅市場。其次，我們致力於服務拉丁裔、自僱人士和投資者等尚未充分開發的群體，這些群體的成長速度超過了整體報稅量。第三，我們透過Credit Karma平台為數百萬會員提供個人化服務。

Our team has developed a strong game plan to win this season, and we are on track to achieve our full year consumer group guidance of 10% to 11% revenue growth. Our AI-driven expert platform strategy is accelerating innovation, and our 5 Big Bets are solving the largest problems our customers face. We continue to deliver strong proof points that demonstrate the success and are well positioned for durable growth in the future. As a reminder, these Big Bets are: revolutionize speed to benefit, connect people to experts, unlock SMART Money decisions, be the center of small business growth and disrupt the small business mid-market.

我們的團隊制定了強而有力的賽季制勝策略，並有望實現全年消費者業務10%至11%的營收成長目標。我們以人工智慧驅動的專家平台策略正在加速創新，而我們的五大重點項目正在解決客戶面臨的最大難題。我們持續提供強有力的證據，證明我們已取得成功，並為未來的永續成長奠定了堅實的基礎。再次強調，這五大重點項目是：革新服務速度，連結使用者與專家，協助使用者做出明智的理財決策，成為小型企業發展的中心，以及顛覆小型企業中端市場。

Today, I'd like to highlight examples of our recent progress across 3 of these Big Bets. Our second Big Bet is to connect people to experts. We're solving one of the largest problems our customers face, lack of confidence, by connecting people to experts virtually with TurboTax Live and QuickBooks Live. With TurboTax Live, we're transforming the $20 billion assisted category by providing the 88 million filers who have previously relied on an in-person assistant the opportunity to access expert help or have an expert to file their taxes for them. We have improved the experience for customers by applying artificial intelligence to match them with an expert who's right for their specific situation and to deliver insights to experts so they can provide excellent service. These capabilities are also now available in the Credit Karma app for members that use an assisted method to file their taxes last year.

今天，我想重點介紹一下我們在三大重點領域近期的進展。我們的第二個重點是連結用戶與專家。我們正在透過TurboTax Live和QuickBooks Live，將用戶與專家進行虛擬連接，從而解決客戶面臨的最大難題之一——缺乏信心。借助TurboTax Live，我們正在革新價值200億美元的輔助報稅市場，為之前依賴線下助手的8800萬報稅者提供獲得專家幫助或由專家代為報稅的機會。我們運用人工智慧技術，根據使用者的具體情況來配對合適的專家，並為專家提供洞察分析，從而提升使用者體驗，使他們能夠提供卓越的服務。此外，去年使用輔助報稅方式的Credit Karma用戶現在也可以在Credit Karma應用程式中使用這些功能。

We are off to a strong start in our busy season with QuickBooks Live. We're now giving customers earlier visibility as to how their business is performing, getting their books cleaned up faster, and connecting them with an expert easier. We've seen some of our strongest weeks of new customer acquisition in January and retention rates in our target customer segment increased several points versus a year ago. We believe QuickBooks Live will enable us to reach small and mid-market businesses that have not used financial management software. And we are eager to continue accelerating our momentum for this offering.

QuickBooks Live 的推出為我們繁忙的銷售季開了個好頭。現在，客戶可以更早了解自身業務的營運狀況，更快地清理帳目，並更方便地聯繫專家。一月份，我們新增客戶數量創下歷史新高，目標客戶群的留存率也比去年同期提高了幾個百分點。我們相信，QuickBooks Live 將幫助我們接觸到那些尚未採用財務管理軟體的中小型企業。我們渴望繼續加速推進這項產品的銷售。

Our third Big Bet is to unlock SMART Money decisions. Credit Karma is a data platform with powerful network effects solving a 2-sided problem. Our vision is to unlock SMART Money decisions by creating an autonomous financial platform that helps consumers find the right financial products, puts more money in their pockets and connects them to insights and advice.

我們的第三大措施是助力用戶做出明智的理財決策。 Credit Karma 是一個擁有強大網路效應的資料平台，旨在解決一個雙邊問題。我們的願景是透過創造一個自主的金融平台，幫助消費者找到合適的金融產品，增加他們的收入，並為他們提供相關的洞察和建議，從而幫助他們做出明智的理財決策。

In Credit Karma, we are innovating across all verticals. Our proprietary Lightbox technology allows us to better personalize and connect members to the products that are right for them, providing more certainty. Credit Karma's data platform and engagement model creates powerful network effects.

在 Credit Karma，我們致力於在所有垂直領域進行創新。我們獨特的 Lightbox 技術能夠更好地為會員提供個人化服務，並將他們與最適合的產品聯繫起來，從而提升他們的信心。 Credit Karma 的資料平台和互動模式能夠產生強大的網路效應。

We continue to see strength in credit cards and personal loans. Lightbox approximately doubles the average approval rate for members who apply for credit cards on Credit Karma versus outside of Credit Karma, making it a competitive differentiator for both our members and partners. We are solving a larger set of financial challenges for consumers in the auto and home verticals. And in auto insurance, we'll continue to strengthen the Karma Drive program. We launched new features and experiences this tax season designed to help the majority of Credit Karma members file easily with TurboTax and gain deeper insights into their finances. We're also offering tax filers early access to their refunds through direct deposit and refund advance program.

信用卡和個人貸款業務持續強勁成長。 Lightbox 讓透過 Credit Karma 申請信用卡的會員的平均獲批率比透過其他管道申請的會員高出近一倍，這使其成為我們會員和合作夥伴的競爭優勢。我們正在為汽車和房屋保險領域的消費者解決更多金融難題。在汽車保險方面，我們將繼續加強 Karma Drive 專案。在本報稅季，我們推出了一系列新功能和體驗，旨在幫助大多數 Credit Karma 會員輕鬆使用 TurboTax 報稅，並更深入地了解自身財務狀況。此外，我們也為報稅者提供透過直接存款和預支退稅計畫提前領取退稅款的服務。

First, Credit Karma launched a capability for members who previously filed with TurboTax to provide them with insights about their finances and taxes. Second, most Credit Karma members are able to file with TurboTax within the Credit Karma app and are eligible for special offers. And third, tax filers who choose to deposit their refund into a Credit Karma Money account will receive their refund up to 5 days early with direct deposit or get a portion of their refund in as little as 1 hour after the return is accepted through the TurboTax Refund Advance program. These TurboTax customers drive Credit Karma member growth and get access to personalized products across the platform, which accelerates the engagement over time.

首先，Credit Karma 為先前使用 TurboTax 報稅的會員推出了一項新功能，旨在為他們提供財務和稅務方面的洞察分析。其次，大多數 Credit Karma 會員都可以在 Credit Karma 應用程式內使用 TurboTax 報稅，並享有專屬優惠。第三，選擇將退稅款項存入 Credit Karma Money 帳戶的報稅者，可以透過直接存款的方式提前最多 5 天收到全額退稅，或者透過 TurboTax 退稅預支計劃，在報稅被接受後最快 1 小時內收到部分退稅款項。這些 TurboTax 用戶不僅推動了 Credit Karma 會員的成長，還能獲得平台上的個人化產品，從而隨著時間的推移提升了用戶參與度。

Big picture, we continue to grow members by delivering personalized financial products, helping members save money, pay down debt and get faster access to their money while providing insights and advice. Over time, we are creating a virtuous cycle, which we expect to increase the frequency of engagement, transactions and monetization across our ecosystem.

從宏觀角度來看，我們透過提供個人化的金融產品，幫助會員節省開支、償還債務並更快地獲取資金，同時提供專業的見解和建議，從而持續發展會員。隨著時間的推移，我們正在建立一個良性循環，預計這將提升我們整個生態系統的參與度、交易量和獲利能力。

Our fourth Big Bet is to become the center of small business growth by helping our customers get customers, get paid fast, manage capital, pay employees with confidence and grow in an omnichannel world. 60% of small businesses struggle with cash flow, and we continue to innovate to help customers overcome this challenge.

我們的第四項重大措施是成為小型企業發展的中心，幫助客戶獲取客戶、快速收款、管理資金、安心支付員工薪酬，並在全通路環境中實現成長。 60% 的小型企業面臨現金流困境，我們將持續創新，幫助客戶克服這項挑戰。

In payments, we continue to improve discoverability, increase usage of features like instant deposit and roll out new innovations like Get Paid Upfront to help qualified customers get paid soon after the invoice is set. All of this innovation is driving strength in our charge volume. And in payroll, we continue to focus on making it easier for small businesses to pay their employees and provide them with expanded benefits. Nearly 40% of Americans say that they would struggle to pay an unexpected $400 emergency expense. We recently announced QuickBooks Early Pay, which will allow eligible employees pay through QuickBooks Online payroll to access money between paydays.

在支付領域，我們持續提升服務可發現性，提高即時到帳等功能的使用率，並推出「預付」等創新功能，幫助符合資格的客戶在發票開立後儘快收到款項。所有這些創新都推動了我們交易量的成長。在薪資管理方面，我們持續致力於讓小型企業更輕鬆支付員工薪資，並為他們提供更多福利。近40%的美國人表示，他們難以支付400美元的意外緊急支出。我們近期推出了QuickBooks Early Pay功能，讓符合資格的員工透過QuickBooks Online薪資系統提前分薪水。

Getting and engaging customers remains a significant pain point for small and mid-market businesses. With Mailchimp, we are well on our way to becoming the source of truth for our customers to help them grow and run their business. We have 3 acceleration priorities with Mailchimp. First is to deliver on our vision of an end-to-end customer growth platform; second, disrupting the mid-market by developing a full marketing automation, CRM and e-commerce suite; and third, accelerating global growth with a holistic go-to-market approach.

對於中小企業而言，獲取和維繫客戶仍然是一大痛點。借助 Mailchimp，我們正朝著成為客戶的資訊權威來源的目標穩步邁進，幫助他們發展和經營業務。我們與 Mailchimp 的合作有三個加速發展重點。首先，實現我們打造端到端客戶成長平台的願景；其次，透過開發完整的行銷自動化、客戶關係管理 (CRM) 和電子商務套件，顛覆中端市場；第三，透過整體市場拓展策略，加速全球成長。

Since the acquisition closed in November, we've been moving with speed to deliver for our customers. We're aggressively building a seamless integration between QuickBooks and Mailchimp to create a growth platform, investing in marketing and introducing the Intuit leadership playbook and operating system to execute at scale. Together, we are uniquely positioned to enable small and mid-market businesses combine their customer data from Mailchimp and purchase data from QuickBooks to deliver actionable insights they need to grow and run their businesses with confidence. And this is where the real magic happens.

自去年11月完成收購以來，我們一直在快速推進，力求為客戶提供優質服務。我們正積極建構QuickBooks和Mailchimp之間的無縫集成，打造成長平台，同時增加行銷投入，並引進Intuit的領導手冊和營運體系，以實現規模化營運。我們擁有獨特的優勢，能夠幫助中小企業整合來自Mailchimp的客戶數據和來自QuickBooks的購買數據，從而獲得切實可行的洞察，幫助他們自信地發展和經營業務。而這，正是真正奇蹟發生的地方。

Now shifting to the long term. We're also looking far ahead to anticipate our customers' future needs through our 6-year planning process, a part of Intuit's operating system, which we use to run the company. In December, our top leaders studied our customer problems and industry trends, the progress we've made since declaring our Big Bets 3 years ago and where we can have the largest impact in the future. This led to refreshing our 5 Big Bets to accelerate innovation, powering the prosperity of those that we serve.

現在，讓我們將目光轉向長期發展。我們正透過六年規劃流程（Intuit營運系統的一部分，也是我們公司營運的基石）展望未來，預測客戶的未來需求。去年12月，我們的高層領導深入研究了客戶痛點和行業趨勢，回顧了自三年前宣布「五大重點」以來的進展，並探討了未來我們可以發揮最大影響力的領域。基於此，我們更新了“五大重點”，旨在加速創新，助力我們所服務對象的繁榮發展。

While our strategy remains durable and the essence of our Big Bets are the same, we have expanded the customer problems we want to solve and our vision for each Big Bet. For instance, as part of first Big Bet, revolutionize speed to benefit, we are accelerating investments in decentralized technologies such as blockchain and cryptocurrency, enabling us to help customers put more money in their pockets faster. As part of our second Big Bet, connecting people to experts, we're reframing how we think about virtual experiences by exploring metaverse technologies and expanding the segments we serve beyond tax and accounting to play a more meaningful role in our customers' lives. We'll unpack this evolution in more detail at our Investor Day in the fall.

儘管我們的策略依然穩健，各項重大舉措的核心內容也保持不變，但我們已拓展了希望解決的客戶問題範圍，並深化了每項重大舉措的願景。例如，作為第一項重大舉措——革新收益獲取速度——的一部分，我們正在加速投資區塊鏈和加密貨幣等去中心化技術，幫助客戶更快地最大化收益。作為第二項重大舉措——連結用戶與專家——的一部分，我們正在探索元宇宙技術，重新定義虛擬體驗，並將服務範圍拓展到稅務和會計以外的領域，從而在客戶的生活中扮演更重要的角色。我們將在秋季的投資者日上詳細闡述這一發展趨勢。

We remain focused on our role as a strong corporate citizen and the impact we are making on the communities where we live and work to further our mission. Intuit was recently recognized by JUST Capital on its JUST 100 Top-Performing Companies list for 2022 for our progress on DEI, along with our focus on climate change, worker wellness, job creation and customer privacy.

我們始終致力於履行企業公民責任，並努力對我們生活和工作的社區產生積極影響，以推進我們的使命。 Intuit 近期榮獲 JUST Capital 頒發的 2022 年 JUST 100 強企業獎，這得益於我們在多元化、公平和包容性 (DEI) 方面取得的進展，以及我們對氣候變遷、員工福祉、創造就業機會和客戶隱私的關注。

Wrapping up, our strong business fundamentals, including our balance sheet, our speed of innovation and demand for our platform continue to put Intuit in a position of strength. Despite macro conditions such as rising inflation, supply chain issues, the great reshuffling and geopolitical conflicts, our platform continues to thrive as digitization is more important now than ever, supporting our customers' needs to put more money in their pockets and helping them run and grow their businesses.

綜上所述，我們穩健的業務基本面，包括良好的資產負債表、快速的創新能力以及市場對我們平台的強勁需求，都使 Intuit 始終處於優勢地位。儘管面臨通貨膨脹加劇、供應鏈問題、市場格局重組和地緣政治衝突等宏觀環境挑戰，我們的平台依然蓬勃發展，因為數位化比以往任何時候都更加重要，它能夠滿足客戶增加收入的需求，並幫助他們運作和發展業務。

We are proud to be the platform of choice for over 100 million customers around the world who rely on Intuit to prosper. Now let me turn it over to Kim.

我們很自豪能成為全球超過1億客戶的首選平台，他們靠著Intuit取得成功。現在，讓我把麥克風交給Kim。

Thanks, Sasan.

謝謝你，薩桑。

For the second quarter of fiscal 2022, we delivered revenue of $2.7 billion, up 70%, including 31 points from the addition of Mailchimp and Credit Karma. GAAP operating income of $56 million versus an operating loss of $25 million last year, non-GAAP operating income of $612 million versus $235 million last year, GAAP diluted earnings per share of $0.35 versus $0.07 a year ago and non-GAAP diluted earnings per share of $1.55 versus $0.68 last year.

2022財年第二季度，我們實現營收27億美元，年增70%，其中Mailchimp和Credit Karma的併購貢獻了31個百分點。以美國通用會計準則（GAAP）計算，營業利潤為5,600萬美元，而去年同期營業虧損為2,500萬美元；以非美國通用會計準則（Non-GAAP）計算，營業利潤為6.12億美元，而去年同期為2.35億美元；以美國通用會計準則（GAAP）計算，稀釋後每股收益為0.35美元，而去年同期為0.07美元；以非美國通用會計準則（Non-GAAP）計算，稀釋後每股收益為1.55美元，而去年同期為0.68美元。

After the quarter ended, we entered into an agreement that will resolve the majority of pending arbitration claims related to the free file litigation without admitting any wrongdoing. This resulted in an immaterial charge reflected in our fiscal Q2 GAAP and non-GAAP results.

季度結束後，我們達成了一項協議，該協議將在不承認任何不當行為的情況下，解決與免費立案訴訟相關的大部分待決仲裁索賠。這導致我們在第二財季的GAAP和非GAAP業績中產生了一筆數額不大的費用。

Turning to the business segments. In the Small Business and Self-Employed Group, revenue grew 47% during the quarter or 27% on an organic basis, excluding $240 million in revenue from Mailchimp. Online Ecosystem revenue grew 74% or 37% excluding Mailchimp. With the aim of being the source of truth for small businesses, our strategic focus within the Small Business and Self-Employed Group is threefold: grow the core, connect the ecosystem and expand globally.

接下來是業務板塊。在小型企業和自營商業務板塊，本季營收成長47%，若不計入Mailchimp貢獻的2.4億美元收入，則有機成長27%。線上生態系統業務收入成長74%，若不計入Mailchimp收入，有機成長37%。我們的目標是成為小型企業的權威資訊來源，因此，我們在小型企業和個體經營者業務板塊的策略重點有三方面：發展核心業務、連結生態系統以及拓展全球業務。

First, we continue to focus on growing the core. QuickBooks Online accounting revenue grew 35% in fiscal Q2, driven mainly by higher effective prices, customer growth and mix shift.

首先，我們繼續專注於核心業務的成長。 QuickBooks Online會計業務收入在第二財季成長了35%，主要得益於實際價格上漲、客戶成長和產品組合調整。

Second, we continue to focus on connecting the ecosystem. Online services revenue, which includes Mailchimp, payroll, payments, capital and time tracking grew 139% in fiscal Q2. Excluding Mailchimp, online services revenue grew 39%. Mailchimp revenue recorded in online services was $240 million in the quarter. This was in line with our expectations. Within payroll, we continue to see revenue tailwinds during the quarter from growth in payroll customers and a mix shift to our full-service offering. Within payments, revenue growth reflects an increase in charge volume per customer and ongoing customer growth.

其次，我們繼續專注於建構生態系統。第二財季，包括Mailchimp、薪資管理、支付、資本和時間追蹤在內的線上服務收入成長了139%。若不計入Mailchimp，線上服務收入成長了39%。 Mailchimp在本季計入線上服務的營收為2.4億美元，符合我們的預期。在薪資管理方面，本季我們繼續受益於薪資管理客戶的成長以及客戶組合向全方位服務產品的轉變，從而獲得收入成長。在支付方面，收入成長反映了每位客戶交易金額的增加以及客戶的持續成長。

Third, we continue to make progress expanding globally. Total international Online Ecosystem revenue grew 226% in fiscal Q2 on a constant currency basis and 33% on an organic basis, excluding Mailchimp. We believe the best measure of the health and success of our strategy is Online Ecosystem revenue growth, which we expect to grow better than 30% organically over time. This is driven by 10% to 20% expected growth in both customers and ARPC.

第三，我們在全球擴張方面持續取得進展。以固定匯率計算，第二財季國際線上生態系總營收成長了226%，不計Mailchimp，有機成長了33%。我們認為，衡量我們戰略健康狀況和成功與否的最佳指標是在線生態系統收入成長，我們預計其有機成長率將長期超過30%。這主要得益於客戶數量和平均每用戶收入（ARPC）預計將成長10%至20%。

Desktop Ecosystem revenue grew 6% in the second quarter. QuickBooks Desktop Enterprise revenue grew low double digits, driven by strong customer growth and price increases. As a reminder, this fall, we transitioned to a subscription model for this year's desktop offering, which we expect to be a headwind to revenue growth in the second half of the year. Longer term, we expect the desktop business to decline.

第二季桌面生態系營收成長了6%。 QuickBooks Desktop Enterprise的營收實現了兩位數的低成長，這主要得益於強勁的客戶成長和價格上漲。需要提醒的是，今年秋季，我們已將桌面產品轉型為訂閱模式，預計這將對下半年的營收成長構成不利影響。從長遠來看，我們預計桌面業務將會下滑。

Consumer Group revenue of $411 million grew 180% in Q2, reflecting the earlier IRS opening this year. We are seeing a slower forming tax season taking into consideration both the earlier IRS open date this year and the latest IRS data. While still early in the season, our analysis shows we are on track to gain share overall, excluding users with the TurboTax free file offering in prior year periods. We remain confident in our plans and guidance of 10% to 11% revenue growth for fiscal 2022. We continue to focus on our strategy to extend our lead in DIY and transform the assisted segment with TurboTax Live.

消費者集團第二季營收達 4.11 億美元，年增 180%，主要得益於美國國稅局 (IRS) 今年提前開放報稅服務。考慮到今年 IRS 提前開放報稅服務以及 IRS 的最新數據，我們預計報稅季的進展將較為緩慢。儘管報稅季仍處於初期階段，但我們的分析顯示，若不計入往年同期使用 TurboTax 免費報稅服務的用戶，我們有望實現整體市場份額的成長。我們對 2022 財年 10% 至 11% 的營收成長目標和預期依然充滿信心。我們將繼續專注於鞏固我們在自助報稅領域的領先優勢，並透過 TurboTax Live 革新輔助報稅服務市場。

As a reminder, there are 4 key drivers of our Consumer Tax business. The first is the total number of returns filed with the IRS. The second is the percentage of those returns filed using do-it-yourself software. The third is our share, and the fourth is average revenue per return. Turning to the ProConnect Group. Revenue grew 14% in Q2, also reflecting the earlier IRS opening this year.

再次提醒，我們的消費者稅務業務有四個關鍵驅動因素。首先是向美國國稅局 (IRS) 提交的報稅表總數。其次是使用自助軟體提交的報稅表所佔的百分比。第三是我們自己的市場份額，第四是每份報稅表的平均收入。再來看 ProConnect 集團。第二季營收成長了 14%，也反映了美國國稅局今年提前開放報稅。

Moving on to Credit Karma. Revenue was $444 million in Q2, another record revenue quarter, driven by high levels of monthly active users and revenue per monthly active user. Within the quarter, we saw another record quarter driven by the combined strength in personal loans and credit cards. The growth verticals reflected momentum year-over-year in auto loans and home loans. And we are developing the emerging vertical by focusing on innovation with Credit Karma Money, which we believe is key to growing the frequency of visits over time. We remain excited about the opportunities ahead.

接下來談談Credit Karma。第二季營收達4.44億美元，再次創下營收新高，主要得益於每月活躍用戶數和每月活躍用戶平均收入的顯著成長。本季度，個人貸款和信用卡業務的強勁表現再次刷新了營收紀錄。汽車貸款和房屋貸款業務的成長動能也與去年同期相比有所提升。我們正在透過Credit Karma Money這項新興業務部門的創新來發展壯大，我們相信這對於提升用戶訪問頻率至關重要。我們對未來的發展機會充滿信心。

Turning to our financial principles. We remain committed to growing organic revenue double digits and growing operating income dollars faster than revenue. As we shared before, as we lean into our platform strategy, we see the opportunity for margin expansion over time. 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 reallocate resources to top priorities with an emphasis on being an AI-driven expert platform. These principles guide our decisions and remain our long-term commitment.

接下來談談我們的財務原則。我們始終致力於實現兩位數的有機收入成長，並確保營業利潤的成長速度超過收入成長速度。正如我們之前所述，隨著我們大力推進平台策略，我們看到了利潤率逐步提升的機會。我們採取嚴謹的資本管理方式，將產生的現金投資於預期投資報酬率超過15%的項目。我們將繼續把資源重新分配到最重要的事項上，重點是打造一個人工智慧驅動的專家平台。這些原則引導著我們的決策，也是我們長期的承諾。

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 returned excess cash that we can't invest profitably in the business to shareholders via both share repurchases and dividends.

我們首要的任務是利用產生的現金投資業務，以推動客戶成長和收入成長。我們會考慮透過收購來加速成長並完善產品路線圖。對於無法獲利投資的剩餘現金，我們會透過股票回購和分紅的方式回饋給股東。

We finished the quarter with approximately $1.4 billion in cash and investments on our balance sheet. We repurchased $519 million of stock during the second quarter. Depending on market conditions and other factors, our aim is to be in the market each quarter. The Board approved a quarterly dividend of $0.68 per share, payable on April 18, 2022. This represents a 15% increase versus last year.

本季末，我們的資產負債表上約有14億美元的現金和投資。第二季度，我們回購了價值5.19億美元的股票。根據市場狀況和其他因素，我們的目標是每個季度都進行股票交易。董事會批准了每股0.68美元的季度股息，將於2022年4月18日支付。這比去年同期成長了15%。

Now turning to guidance. We are reaffirming our fiscal 2022 guidance, including 26% to 28% revenue growth or 18% to 20% growth excluding Mailchimp. Our guidance for the third quarter of fiscal 2022 includes revenue growth of 32% to 33%, GAAP earnings per share of $6.18 to $6.24 and non-GAAP earnings per share of $7.51 to $7.57. You can find our full Q3 and fiscal 2022 guidance details in our press release and on our fact sheet.

現在來看業績展望。我們重申2022財年業績展望，包括營收成長26%至28%，若不計入Mailchimp，則營收成長18%至20%。我們對2022財年第三季的業績展望包括營收成長32%至33%，GAAP每股收益6.18美元至6.24美元，非GAAP每股收益7.51美元至7.57美元。您可以在我們的新聞稿和概況介紹中找到完整的第三季及2022財年業績展望詳情。

As you are aware, we completed the acquisition of Mailchimp, the largest transaction in Intuit's history, during the second quarter. We are working to finalize the purchase price accounting process, which could result in a onetime impact to our second quarter GAAP-only results and full year fiscal 2022 GAAP-only guidance we issued today. This process will not result in a change to the total consideration of the transaction. We expect to complete this process before we file our 10-Q.

如您所知，我們已於第二季完成了對 Mailchimp 的收購，這是 Intuit 史上規模最大的一筆交易。我們正在敲定收購價格的會計處理流程，這可能會對我們今天發布的僅按美國通用會計準則 (GAAP) 計算的第二季度業績以及 2022 財年全年業績指引產生一次性影響。此流程不會導致交易總對價變動。我們預計將在提交 10-Q 表格之前完成此流程。

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, Kim.

太好了。謝謝你，金。

During our busiest season of the year, we are seeing continued momentum across the company given our strategy of being an AI-driven expert platform that is powering the prosperities for consumers and small businesses. I'm proud of what the team has accomplished this quarter, and I'm excited about the opportunities ahead to find new innovative ways to serve our more than 100 million customers.

在一年中最繁忙的時期，憑藉我們打造人工智慧驅動的專家平台，協助消費者和小型企業繁榮發展的策略，公司整體發展勢頭依然強勁。我為團隊本季的成就感到自豪，也對未來充滿期待，希望能找到更多創新方式，更好地服務我們超過1億的客戶。

Now let's open it up to your questions.

現在讓我們來回答大家的問題。

(Operator Instructions) Our first question comes from the line of Scott Schneeberger of Oppenheimer.

（操作說明）我們的第一個問題來自奧本海默公司的史考特‧施內伯格。

I guess I'd like to start with -- Sasan, what do you view -- I know we don't have a lot of color from the IRS, but could you go in a little bit to -- we started the tax season earlier, but it's a little uncommon because it seems to be starting slow. Could you speak a little bit to what's behind that? And then a follow-up to something else on that topic.

我想先問一個問題──薩桑，您怎麼看？我知道國稅局那邊的資訊不多，但您能稍微談談嗎？雖然今年的報稅季開始得比較早，但這有點不尋常，因為感覺進展比較緩慢。您能解釋一下背後的原因嗎？之後，我們再就這個話題討論一下其他問題。

Yes. Sure, Scott. I would tell you, it's nothing unusual. Every year, I've been with the company 17 years and ran the TurboTax business for 3 years and every day -- every year, there seems to be a shift of consumer behavior shifting later and later in the year -- in the tax year. And primarily, it's because they know that they can. And especially now, I would say, with the fact that you can get access to an expert through our services versus relying on an in-person assistance and/or you can do it yourself, it's just consumer behavior shifting. I wouldn't read anything into it. It's not unusual. It is a trend that's been happening for years and it's continued this year.

是的，斯科特。我告訴你，這沒什麼不尋常的。我在公司工作了17年，負責TurboTax業務也有3年了，每年——確切地說是每天——消費者的行為似乎都在變化，報稅時間越來越晚。主要原因是他們知道可以這樣做。尤其現在，我認為，由於可以透過我們的服務獲得專家的幫助，而不是依賴面對面的協助，或者也可以自己報稅，這只是消費者行為的轉變。我不會對此過度解讀。這很正常。這是一個持續多年的趨勢，今年仍在繼續。

Great. And obviously, that's what's behind the reinstatement of the guidance and the comfort in the full season. I guess just a double follow-up on this topic. I heard in Kim's remarks, Free File Alliance, it sounds like people who utilized TurboTax through Free File Alliance in the past may have stuck with you this year. If you could elaborate on that a little bit? And then also if you could touch upon last year, you saw a boon of premier customers from investments. Could you just speak to how that is trending this year?

太好了。顯然，這正是恢復指導和讓大家安心使用整個報稅季的原因。關於這個主題，我還有第二個問題。我從Kim的發言中了解到，透過Free File Alliance使用TurboTax的用戶今年可能仍然選擇你們。能否詳細解釋一下？另外，去年你們的投資類高階客戶數量激增，您能否談談今年的趨勢？

Yes, yes. For sure. Well, first of all, let me start with what Kim stated. The point Kim was trying to make was twofold. One, the fact that it is early in the season, but we are really happy with the fact that we are, in fact, taking share and that share that we are taking, we're just being explicit excludes those that filed in the Free File program. We'll see throughout season if some of those folks come back to us, which would be great. But that was really her comment.

是的，是的。當然。首先，讓我先說說金剛才說的。金想表達的觀點有兩點。第一，雖然現在才賽季初期，但我們很高興能夠取得一定的市場份額，而且我們明確指出，我們取得的市場份額不包括那些透過免費報稅計畫提交申請的人。我們會看看整個賽季中是否會有一些人重新加入我們，如果會的話那就太好了。但這就是她想表達的全部意思。

What you should take away is the way we keep score, which is our total share increasing as a total part of IRS returns, we are increasing share, and we're happy with our progress. Two, in terms of your question around investors, I would just say that as we've talked about often, there are really -- if I were to simplify, 2 big strategic focus areas for us. One is really to fundamentally, make it easier for those that need assistance to get their taxes done through TurboTax Live. And then two, we are focused on 3 underpenetrated segments, investors, Latinx and those that are self-employed.

你應該記住的是我們衡量業績的方式，也就是我們在美國國稅局申報表中所佔份額的成長。我們的份額正在成長，我們對目前的進展感到滿意。其次，關於你提到的投資者問題，我想說的是，正如我們多次討論過的，我們主要有兩個戰略重點領域。一是真正從根本上簡化TurboTax Live的報稅流程，讓需要幫助的人更容易完成報稅。二是專注於三個尚未充分滲透的群體：投資者、拉丁裔和自僱人士。

And we feel good about the way the season has started, the way it's trending, and given that there are simply is more people that have personally done stock trades, whether it's a stock or it's cryptocurrencies, we feel we're very well positioned with not only the experience that we have improved and how easy we make it for you to bring in your trade, but also the fact that we have an expert that -- or experts in this specific area around trading in cryptocurrency.

我們對本季的開局和發展趨勢感到滿意。鑑於越來越多的人親自進行過股票交易，無論是股票還是加密貨幣，我們都認為我們擁有非常有利的地位，這不僅是因為我們改進了用戶體驗，讓您能夠輕鬆進行交易，還因為我們擁有加密貨幣交易領域的專家。

And we've also upped our game in terms of how we are raising market awareness. We're being very clear that for those that have done trades, whether it's with cryptocurrencies or otherwise, we've got our experts that know and understand your situation, and we're delivering great experiences for them for those that are coming in. So we're very excited about our progress, and we're excited about the rest of the season as it relates to all 3 of those segments and particularly the investor segment that you asked about.

而且，我們在提升市場認知度方面也做得更好了。我們非常明確地表示，對於那些已經進行過交易的人，無論交易的是加密貨幣還是其他資產，我們都有了解並理解你們情況的專家，並且我們正在為新加入的客戶提供優質的體驗。因此，我們對目前的進展感到非常興奮，也對本季剩餘時間裡所有三個板塊（特別是您提到的投資者板塊）的發展充滿期待。

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 wanted to follow up on the consumer tax side. Based on what you know now, as you look at your targets for the year, has anything changed in terms of your assumptions on how you would achieve them in terms of how much of the growth would come from unit volume versus increased revenue per return?

我想就消費者稅收方面的問題再進一步了解。根據您目前掌握的信息，在您審視今年的目標時，您在實現目標的方式上，例如增長將主要來自銷量增加還是來自單次回報收入增加，您的假設是否有所改變？

Yes, Sterling, thank you for your question. The short answer is no. We -- things are playing out the way we had assumed, which is both a combination of really going after the assisted segment, along with the 3 underpenetrated segments that I just mentioned. And thus far, it's playing out as we'd assumed. So no change in our assumptions based on everything that we are seeing with our KPIs.

是的，斯特林，謝謝你的提問。簡而言之，答案是否定的。目前的情況正如我們預期的那樣發展，這既包括大力拓展輔助服務客戶群，也包括我剛才提到的三個滲透率較低的細分市場。到目前為止，一切都如我們所料。因此，根據我們各項關鍵績效指標（KPI）的觀察，我們的預期並沒有改變。

All right. Great. And then one quick follow-up on Credit Karma. I get this a lot from investors. Any sense that you can give investors as to what a rising interest rate environment might do to the business profile or business trends for Credit Karma, either positive or negative?

好的，太好了。接下來我想快速問一下關於Credit Karma的問題。我經常收到投資者的這個問題。您能否就利率上升的環境可能對Credit Karma的業務狀況或業務趨勢產生的影響（無論是積極的還是消極的）向投資者提供一些看法？

Yes. We don't really see an impact with rising interest rates, and I'll put it in 2 dimensions. One is consumers are always looking to access financial products, whether it's credit cards, personal loans, mortgage, auto loans, insurance, et cetera. So the demand continues, whether the interest rates are high or low because they're looking to access financial products.

是的。我們並沒有看到利率上升帶來的影響，我可以從兩個方面來解釋。首先，消費者總是需要獲得各種金融產品，無論是信用卡、個人貸款、抵押貸款、汽車貸款、保險等等。因此，無論利率高低，需求都會持續存在，因為他們需要獲得金融產品。

And two, financial institutions continue to invest even in a high interest rate market, especially in our platform because, in essence, their conversion is much higher on our platform because of Lightbox. And that's, by the way, why the demand will continue to be higher on our platform given that we have the Lightbox technology that really delivers a personalized financial product that's right for you at the lowest rate. So that's really one element.

第二，即使在高利率市場，金融機構仍然會繼續投資，尤其是在我們的平台上，因為本質上，由於Lightbox技術，他們在我們平台上的轉換率要高得多。順便說一句，鑑於我們擁有Lightbox技術，能夠以最低的利率為您提供真正適合您的個人化金融產品，因此我們平台的需求將會持續高漲。這確實是其中一個因素。

And I think the other element I would just remind us of is we are extremely low shared when you -- if I just use personal loans and credit cards as an example, what we shared at Investor Day, we have less than 5% share. So the more we continue to make a perfect match delivering personalized experiences for consumers, the more they're going to come on our platform, which is what we're seeing. And then the more financial institutions will invest in ensuring that their credit models' on our Lightbox because they ultimately increase their conversion and their return on investment.

我想提醒大家的是，我們的市佔率非常低——以個人貸款和信用卡為例，我們在投資人日上分享的數據顯示，我們的市佔率不到5%。因此，我們越是努力為消費者提供個人化的體驗，就越能實現精準匹配，吸引更多用戶使用我們的平台，而我們也看到了這樣的趨勢。這樣一來，越來越多的金融機構會投資於我們的Lightbox平台，確保他們的信貸模式能夠更好地適應我們的產品，因為這最終會提高他們的轉換率和投資報酬率。

So again, that was a long answer to your short question. I wanted to unpack it. But we don't see an impact because the demand is going to be there. And right now, financial institutions are really continuing to see a better trajectory than they did even a year or 2 years ago being on our platform.

所以，我剛才的回答有點長，而你的問題很簡短。我想詳細解釋一下。但我們預計不會受到影響，因為需求仍然存在。而且目前，金融機構在我們平台上的發展勢頭確實比一兩年前好得多。

Our next question comes from Kash Rangan of Goldman Sachs.

下一個問題來自高盛的卡什·蘭根。

Sasan, I'm always petrified of paying taxes, so I will avoid taxes. I'll ask about the QuickBooks Online Ecosystem. I've been watching the company embark on this journey of being able to get better attach rates for its payments and payroll products. It's been a very nice journey that's come along. And you -- at the point where you're breaking out online services as a separate business, which is fantastic. Can you talk to us a little bit about what are your aspirations for payment and payroll attached for your Small Business installed base? Where do you see that going? Especially with QuickBooks Advanced, do you see yourself being able to attack a different lens of the market opportunity, throwing Mailchimp, everything gets a little bit more interesting. But just curious to see how much more upside is there in that business? Because that seems like it's a very small business, but it could be potentially large given the size and volume of payments that are going through your platform.

薩桑，我一直很害怕繳稅，所以我會盡量避免繳稅。我想問關於 QuickBooks Online 生態系統的情況。我一直在關注貴公司如何努力提高其支付和工資產品的附加費率。這真是一段非常美好的旅程。而你們現在正將線上服務拆分成一個獨立的業務，這太棒了。能否跟我們談談你們對小型企業用戶群的支付和薪資附加費率有何展望？你們認為這項業務未來的發展方向是什麼？特別是 QuickBooks Advanced，你們是否認為自己能夠從不同的角度看待市場機會？如果再加上 Mailchimp，一切都會變得更有趣。我很好奇這項業務還有多少成長空間？因為這看起來似乎是一項規模很小的業務，但考慮到透過你們平台處理的支付規模和數量，它的潛在規模可能非常大。

Yes. Sure, Kash. Great question. First of all, petrified or not, you're going to have to get your taxes done by April 15. That's a wonderful...

是的，當然，卡什。問得好。首先，不管你嚇不嚇到，你都必須在4月15日前完成報稅。真是太好了…

No question.

毫無疑問。

Wonderful reason for us being in the tax business. Slow-forming or not, taxes will get done by April 18. With that said, to answer your question, I'll start at the highest level and do maybe a couple of double clicks. One, one of the many reasons why we are so excited about the small business opportunities, it is a very, very large TAM. And our penetration in that total customer TAM is still well below 10% when you look at the number of customers we have and the addressable market in the countries that we are in.

這就是我們從事稅務業務的絕佳理由。無論進展如何，稅款都將在4月18日之前完成。話雖如此，為了回答您的問題，我將從最宏觀的角度入手，並可能稍作贅述。首先，我們對小型企業機會如此興奮的原因有很多，其中之一是其潛在市場規模非常龐大。考慮到我們現有的客戶數量以及我們在各個國家的潛在市場規模，我們在該市場的滲透率仍然遠低於10%。

So one, penetration is low, which is a big fuel for our current growth and our continued growth. The second is even within the customers that we have, our penetration of the services that they use, which are primarily manual, is even lower. So if you start at the top with low penetration, both customer TAM and then services TAM, because it's primarily manual, it's not yet digital, one paints the factual picture of how large the opportunity is.

首先，市場滲透率較低，這正是我們目前成長和持續成長的重要動力。其次，即使在我們現有的客戶群中，他們所使用的服務（主要依賴人工操作）的滲透率也更低。因此，從滲透率低的層面來看，無論是客戶的潛在市場規模，還是服務的潛在市場規模（因為服務主要依賴人工操作，尚未實現數位化），都清晰地展現了市場機會的巨大規模。

I think then secondly, you asked the question about our aspiration, and I mean this very intentionally. Our aspiration is that we want every customer on our platform to be able to use the services that we have, and we want 100% of the customers to use 100% of the services as long as it is relevant to them, which is why our quest is continue to make it drop-dead easy for customers to use our services.

其次，您問到了我們的願景，我特意提一下。我們的願景是，我們希望平台上的每位客戶都能使用我們提供的服務，並且只要服務與他們相關，我們希望所有客戶都能使用所有服務。正因如此，我們不斷努力，力求讓客戶使用我們的服務變得無比輕鬆便捷。

Which I think gets to the third point, and we are such a different company than even a year ago, than 2 years ago, we truly have a very powerful network and ecosystem of services, from managing your money in and money out and helping you get organized on accounting, to helping you with payments, both receiving and sending payments, to not only payrolls, but ultimately, benefits that we offer employees, to then lending capabilities. And then ultimately, all the capabilities that we are -- we now have and are integrating to be able to help you grow your business, to put your business online, market your business and all the CRM capabilities. So we truly now have a suite of services to fuel the success of small businesses. And the reason we're seeing the services growth is because small businesses are seeing that by being on our platform and digitizing everything, it actually not only helps them grow, that helps them manage their cash and put more money in their pocket, but it helps them understand the profitability of their customers.

我認為這引出了第三點，我們現在與一年前、兩年前相比已經截然不同。我們擁有非常強大的服務網絡和生態系統，涵蓋從資金收支管理、會計整理到收付款、工資發放（包括員工福利）以及貸款等各個方面。此外，我們還整合了所有現有和正在整合的功能，以幫助您拓展業務、實現線上營運、進行行銷以及提供全面的客戶關係管理 (CRM) 服務。因此，我們現在擁有一套完整的服務，能夠幫助小型企業取得成功。我們之所以看到服務成長，是因為小型企業意識到，透過我們的平台實現數位轉型，不僅能夠幫助他們發展業務、管理現金流、增加收入，還能幫助他們了解客戶的獲利能力。

And then the last thing I would say is actually what you just raised, which is very well positioned versus even where we were a couple of years ago in that we are not going upmarket to serve mid-market with QuickBooks Advanced. With that comes a 4x higher ARPC because they use more of the services that we have. And with QuickBooks Live, although very, very early days, because you're in essence engaging with advice and an expert, we are seeing higher engagement in services than if you don't use those services.

最後我想說的其實就是您剛才提到的，這與我們幾年前的定位非常契合，因為我們並沒有像以前那樣，為了迎合中端市場而推出 QuickBooks Advanced。這樣做的好處是，他們的 ARPC 會提高 4 倍，因為他們會使用我們提供的更多服務。而 QuickBooks Live 雖然還處於非常早期的階段，但由於它本質上是提供諮詢和專家指導，我們發現用戶使用這些服務的頻率比不使用服務的用戶要高得多。

So when you take all of that into account, I think the headline is large TAM, low penetration. We've got the services that we need on our platform, and it's really about just delivering for our customers, and we have years of growth ahead of us.

所以綜合所有因素來看，我認為關鍵在於市場潛力巨大，但滲透率較低。我們的平台已經具備了所需的服務，現在最重要的是為客戶提供優質服務，未來幾年我們將有很大的成長空間。

Thank you, Kash. And do your taxes by April 15.

謝謝你，卡什。還有，請在4月15日前完成報稅。

No choice.

別無選擇。

Our next question comes from Siti Panigrahi of Mizuho.

我們的下一個問題來自瑞穗銀行的Siti Panigrahi。

Just wanted to ask about your comment about new customer acquisition trend. You talked about earlier the lagging effect from new business creation. So as you looked at new business creation trend, how should we think about new customer acquisition as a growth driver for a QuickBooks? And also, as you're seeing the new cohort coming in, what kind of mix safety you're seeing for the higher ASP, like QuickBooks Advanced or other higher ASP product?

我想問一下您之前關於新客戶獲取趨勢的評論。您之前提到新業務創建帶來的滯後效應。那麼，在您分析新業務創建趨勢時，我們應該如何看待新客戶獲取作為 QuickBooks 成長驅動力的作用呢？另外，隨著新用戶群的湧入，您認為高平均售價（ASP）產品（例如 QuickBooks Advanced 或其他高 ASP 產品）的混合模式安全性如何？

Yes, Siti, thank you for your question. First of all, I'll start by reminding all of us that the way we want you all to think about the model to make it simplistic is that we expect to grow new customers between 10% to 20%. And we expect to grow our ARPC between 10% to 20%, and that's ultimately how we will achieve -- achieving the online revenue growth, ecosystem revenue growth of 30% plus. So new customer acquisition is important to us, and we have many ways now to do it, both from serving the lower end of the market, which is, in essence, with QuickBooks Checking, all the way to the top end of the market with QuickBooks Advanced, which serves the mid-market customers. The -- and as I mentioned just a moment ago, we have a very large TAM with low penetration.

是的，Siti，謝謝你的提問。首先，我想提醒大家，為了簡化理解，我們希望大家這樣看待這個模型：我們預期新客戶成長率在10%到20%之間。同時，我們也預期平均每用戶收入（ARPC）成長率在10%到20%之間，最終我們將實現線上收入成長和生態系統收入成長超過30%的目標。因此，獲得新客戶對我們至關重要，我們現在有很多方法可以做到這一點，從服務於低端市場（本質上就是QuickBooks Checking）到服務高端市場（QuickBooks Advanced，服務中端市場客戶）。正如我剛才提到的，我們擁有非常大的潛在市場，但市場滲透率較低。

The new customer comment that I made was in context of QuickBooks Live. We are now, I think, in our third year in QuickBooks Slide. We've worked really hard to understand our customers' needs and get the product market fit. And just in the month of January, which is where the really, the busy season started, we saw some of our best weeks of customer acquisition. And -- which means, one, we're proud; two, we're learning a ton, which positions us not only for the months to come, but for next year.

我之前提到的新客戶評價是針對 QuickBooks Live 的。現在，我想我們已經使用 QuickBooks Live 三年了。我們一直努力了解客戶的需求，並努力使產品與市場契合。就在一月份，也就是真正的旺季開始的時候，我們迎來了客戶獲取量最高的幾週。這意味著——首先，我們為此感到自豪；其次，我們從中學到了很多，這不僅讓我們為未來幾個月做好準備，也為明年的發展奠定了基礎。

And lastly, regarding new business formation, ultimately, the businesses that start using us are a bit more established. So we don't really rely on these business formations, although it's in the long term good for us because ultimately, all roads lead to QuickBooks platform especially now that we have capabilities to grow your business and run your business. But we don't get impacted significantly one way or the other with near-term new business formations. It's more established businesses.

最後，關於新成立的公司，最終選擇與我們合作的企業往往發展得比較成熟。因此，我們並不特別依賴這些新成立的公司，儘管從長遠來看，這對我們是有利的，因為最終所有業務都會匯聚到 QuickBooks 平台，尤其是在我們擁有幫助您發展和經營業務的能力之後。但短期內新成立的公司並不會對我們產生顯著影響。我們主要服務於那些已經發展成熟的企業。

Our next question comes from Keith Weiss from Morgan Stanley.

下一個問題來自摩根士丹利的基斯‧韋斯。

Congratulations on a really nice quarter. And maybe expanding a little bit on Siti's question there. Obviously, there's some pretty extraordinary events going on all around us right now, whether it's what's going on in Europe, whether it's the inflation numbers that we've been dealing with or in a Fed rate hiking cycle, which is difficult. It's a very volatile market environment.

恭喜你們本季業績出色。或許我可以稍微補充Siti所提出的問題。顯然，我們周圍正在發生一些非常特殊的事件，無論是歐洲的局勢，還是我們一直在應對的通膨數據，亦或是聯準會正在進行的升息週期——這確實很棘手。市場環境非常動盪。

You guys have a great perspective on overall small business health. Can you give us an update kind of what you're seeing? Is any of this volatility starting to impact small businesses at all? And have you put any of that potential caution, if you will, because of this volatile environment into not raising your guidance because you guys had a really good Q2, particularly on the Small Business and Credit Karma side of the equation, but the full year guide doesn't really move?

你們對小企業的整體健康狀況有著獨到的見解。能否給我們更新一下你們的觀察結果？這種波動是否已經開始對小型企業產生影響？鑑於當前動盪的環境，你們是否出於謹慎考慮而沒有上​​調業績指引？因為你們第二季業績非常出色，尤其是在小型企業和Credit Karma方面，但全年業績指引卻沒有改變。

Yes. Keith, thank you for your question. And let me parse it into 2 pieces. One, I'll just remind us that when you look at the total small business market that we serve, which is up to 100 employees, almost 70% of those businesses are service-based businesses and about 30% are product-based businesses. And frankly, what we've seen, which is why I was intentional about putting this in my opening remarks, with the combination of what happened in COVID where everybody got stuck at home, and what's happening with inflation and supply chain issues, which doesn't really overall impact our service base business as much, it's more of the product-based businesses. There's just a shift to digitization, because ultimately, small businesses see that they can be much more effective, much more efficient in running their business on our platform, and in fact, expanding the services that they use to digitize everything.

是的，基思，謝謝你的提問。讓我從兩個方面來解釋。首先，我想提醒大家，在我們服務的小型企業市場中（員工人數不超過100人），近70%是服務型企業，約30%是產品型企業。坦白說，正如我特意在開場白中提到的，新冠疫情導致大家居家隔離，再加上通貨膨脹和供應鏈問題，雖然這些問題對我們的服務型企業影響不大，但對產品型企業的影響更大。目前，企業正在數位化轉型，因為小型企業最終意識到，在我們的平台上經營業務可以更加高效，而且他們也在不斷擴展服務範圍，實現全面數位化。

So we are actually seeing that this environment, although none of us want to see supply chain issues, none of us want to see geopolitical issues, it is actually -- from a health standpoint, there's acceleration to I want to use digital platform. So that's, first and foremost, what we're seeing. And just remember that the majority of our revenue is in the U.S. And although our aspirations are to be much, much more global, and we have 30% of our QuickBooks space outside of the U.S., the macro issues that impact -- that we got impacted with relative to COVID are already baked into what we see internationally. And so the strength of what we're talking about is based on the fact that small businesses, again, see this as an opportunity to digitize, and we just think it's the beginning of it. It is a secular shift.

所以，我們實際上看到，儘管我們都不希望看到供應鏈問題，也不希望看到地緣政治問題，但從健康角度來看，人們加速轉向使用數位化平台。這是我們首先看到的現象。請記住，我們的大部分收入來自美國。雖然我們渴望實現更大的全球化，目前我們QuickBooks業務的30%位於美國以外，但影響我們業務的宏觀問題——尤其是新冠疫情帶來的影響——已經滲透到我們在國際市場上看到的趨勢中。因此，我們所討論的趨勢之所以如此強勁，是因為小型企業再次將此視為數位轉型的契機，而我們認為這只是個開始。這是一場長期的變革。

Let me actually answer your second question around guidance. We -- as I mentioned in my remarks, we are seeing strength in Small Business and in Credit Karma. And we actually are not seeing a tapering that we initially thought we would see in Credit Karma. So there's strength across every segment of the company. And that includes tax. It's just a slower-forming season. And with that said, as you know, we raised our guidance in the first quarter of the year, which is very, very unlike us. And we simply just want to get through tax season, and we'll relook at our guidance next quarter. But we are continuing to see strength in all the segments.

讓我來回答您關於業績指引的第二個問題。正如我剛才提到的，我們看到小型企業業務和Credit Karma業務表現強勁。而且，我們並沒有看到Credit Karma業務出現先前預期的下滑趨勢。因此，公司各個業務部門都表現強勁，包括稅務業務。只是稅務業務的復甦速度相對較慢。話雖如此，您也知道，我們在今年第一季提高了業績指引，這非常反常。我們現在只想順利度過稅務季，下個季度再重新評估業績指引。但我們所有業務板塊都持續保持強勁勢頭。

Got it. And on the Credit Karma, I did notice the strength in credit card, also the strength in Credit Karma margins. I know Michelle doesn't have a voice right now, but I know you could take it. Anything that we should be thinking about in terms of the second half of the year, why those margins wouldn't be sustainable?

明白了。關於Credit Karma，我確實注意到信用卡業務表現強勁，Credit Karma的利潤率也很高。我知道Michelle現在沒有發言權，但我相信你能勝任。關於下半年，我們是否應該考慮一下，為什麼這些利潤率可能無法持續？

Yes. Keith, in general, I would not pay too much attention to the ups or downs in our margins by segment. We truly manage the company margins at the company level -- and we not just -- we don't manage it just for the sake of managing it at the company level. The number of investments that we make across the platform to fuel our innovation forces us to really think holistically to ensure that we don't shortchange any segment at the company level.

是的。基思，一般來說，我不會過度關注各個業務板塊利潤率的波動。我們真正是從公司層級管理公司利潤率的——而且我們並非為了管理而管理。我們在整個平台上投入大量資金來推動創新，這迫使我們從整體角度思考問題，以確保公司層面不會忽略任何一個業務板塊的利益。

So if it's too high 1 quarter, I wouldn't get too excited. If it's low 1 quarter, I wouldn't wonder why it's low. We managed it at the company level. And as you know, we've been expanding margins and it's built into our guidance. And I feel good about our margin expansion. I just wouldn't pay too much attention to the segment level.

所以，如果某個季度的利潤率過高，我不會過於樂觀。如果某個季度的利潤率過低，我也不會感到疑惑。我們在公司層面已經控制住了局面。而且如您所知，我們一直在提升利潤率，這已經納入了我們的業績指引。我對利潤率的提升感到滿意。我只是覺得沒必要過度關注各個業務部門的利潤率。

Sasan, that's remarkable. It's exactly the same answer Michelle would have given.

薩桑，這真是太不可思議了。這和米歇爾會給的答案完全一樣。

Well, that's why we're partners in crime.

這就是我們成為犯罪搭檔的原因。

Exactly. Excellent. Congratulations...

沒錯。太好了。恭喜！

She's smiling, you can't see it.

她其實在笑，只是你看不見。

Our next question comes from Brad Zelnick of Deutsche Bank.

下一個問題來自德意志銀行的布拉德‧澤爾尼克。

Excellent. And I'll echo the congrats on a great quarter. Sasan, I listened carefully to your response to the first question to say that perhaps TurboTax Live was one factor that helped to get filers more comfortable, that they can be more relaxed and maybe file a little bit later. Is there anything that you see specifically in terms of live adoption that gives you optimism for what it can be as a percentage of the mix for the full season?

太好了。我也要恭喜你們本季表現出色。 Sasan，我仔細聽了你對第一個問題的回答，我想說，TurboTax Live或許是讓報稅者感到更安心、更放鬆，甚至可能晚一些報稅的一個因素。就TurboTax Live的普及率而言，你認為有哪些具體因素讓你對它在整個報稅季的佔比感到樂觀？

Yes, Brad, thank you for your question. I'll tell you, I'm starting to lose count, but I think this is our fourth year with TurboTax Live. And as you know, this year, we are -- TurboTax is truly a platform. You can bounce back and forth between the platform from doing it yourself to getting access to an expert to help you in any which way you want, to ultimately doing your taxes for you. And really where we've upped our game this year, which is a true differentiator to get folks to switch is the expertise of the experts. Because ultimately, what customers care about is if I'm a plumber or if I'm an investor or if I'm self-employed, if I worked in 2, 3 states, I want to know that you understand my situation, which is why we've invested so much time not only in improving that matching by applying AI, but also making sure that the collaboration experience is seamless because a lot of this advice can also be done through AI.

是的，布拉德，謝謝你的提問。說實話，我都快數不清了，但我想這應該是我們與TurboTax Live合作的第四年了。如你所知，今年，TurboTax真正成為了一個平台。你可以在平台內自由切換，從自行報稅到尋求專家幫助，以任何你想要的方式獲得支持，最終甚至可以完全由我們幫你報稅。而今年我們真正提升的，也是吸引用戶轉投我們平台的關鍵所在，就是專家的專業水準。因為歸根究底，客戶最關心的是，無論我是水管工、投資者還是個體戶，無論我是否在兩三個州工作過，我都希望你們能夠理解我的情況。正因如此，我們投入了大量時間，不僅透過應用人工智慧來改善匹配機制，還確保協作體驗流暢無縫，因為許多建議也可以透過人工智慧來實現。

That was a long way to answer your question. We are bullish about TurboTax Live. We are bullish about the 10 million customers that have churned within the assisted category. What we talked about at Investor Day last year, which is 17 million people that started TurboTax but never finished. And we like what we see, and we'll report out on where it all ended in our earnings in May. But it's playing a big role in what we would expect, both going after assisted, but also going after the underpenetrated segments, which actually look to assistance more than otherwise.

回答您的問題有點繞彎了。我們非常看好TurboTax Live。我們也看好在輔助報稅類別中流失的1000萬用戶。正如我們在去年投資者日上提到的，有1700萬用戶開始使用TurboTax但最終沒有完成。我們對目前的情況感到滿意，並將在5月的財報中公佈最終結果。這在我們預期中扮演著重要角色，我們不僅要拓展輔助報稅用戶群體，還要開拓那些滲透率較低的細分市場，因為這些用戶群體實際上更傾向於使用輔助報稅服務。

That's very helpful, Sasan. And maybe just a follow-up, either for you or for Kim. I think in your prepared remarks, and I think it was a small business comment, you talked about retention in target customers increasing several points. I just want to make sure I have that right. And if you can clarify it and unpack that first, that'd be great.

薩桑，這很有幫助。或許我還有一個後續問題，可以問你或問金。我記得你在準備的發言稿裡（好像是關於小型企業的發言），提到目標客戶的留存率提高了好幾個百分點。我只是想確認一下我的理解是否正確。如果你能先解釋一下，那就太好了。

Yes, yes, for sure, Brad. Let me parse it into 2 parts. One, what we talked about relative to last year was that our overall retention rates in Small Business were actually up full stop. What I -- the comment that I made in our opening remarks was that we're seeing a lot of goodness in QuickBooks Live, both in the start of the season, both in terms of new customer acquisitions where we've had record weeks and for the cohort of customers that we are focused on in certain segments, our retention is up in QuickBooks Live.

是的，是的，當然，布拉德。讓我分兩部分解釋一下。第一，我們之前討論過，與去年相比，我們小型企業的整體客戶留存率確實提高了。我在開場白中提到，QuickBooks Live 的表現非常出色，無論是在新客戶獲取方面（我們創下了數週的新紀錄），還是在我們重點關注的特定細分市場客戶群中，QuickBooks Live 的客戶留存率都有所提高。

And both of those are really, really important because we want to not only acquire the customers, but deliver the service that they need so they stay with us and come back, and that was -- that was the point I alluded to in the remarks.

這兩點都非常重要，因為我們不僅想要獲得客戶，還要提供他們需要的服務，這樣他們才能留下來並再次光顧，而這正是我在演講中提到的重點。

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。

I'll echo the congrats on a nice quarter. Sasan, can you just talk about some of the early learnings maybe from Mailchimp just in terms of go-to-market, what you've learned about sort of the cross-pollination of your clients? And also, how far out are we in terms of having a bit more harmonized back end between Mailchimp and QuickBooks. And what should we expect on that from a sort of technical integration perspective?

我也要祝賀你們本季業績出色。 Sasan，您能否談談從Mailchimp那裡獲得的早期經驗，例如市場推廣方面，以及您在客戶交叉融合方面學到了什麼？另外，Mailchimp和QuickBooks的後端整合還有多遠？從技術整合的角度來看，我們應該期待些什麼？

Yes, yes. Sure, Kirk. So let me just quickly touch on -- there's 3 priorities that we have that we're maniacally focused on. One is to create this growth platform where really the magic is what we do behind the scenes with the data. It's combining the customer data, along with the purchase data, to really help them understand where to target, where they can grow wallet share what the profitability of their customers are, et cetera. And that's extremely powerful for our customers, not only to grow the services within our overall platform, but also to acquire new customers, because the reality is we will be the only platform that has this capability in one place.

是的，好的，柯克。那我簡單提一下——我們目前有三個重點工作，我們正全力以赴。第一個是打造一個成長平台，而真正的魔力在於我們幕後對資料的運用。我們將客戶數據和購買數據結合起來，幫助他們了解目標客戶群體，如何提升客戶份額，以及客戶的獲利能力等等。這對我們的客戶來說非常強大，不僅能幫助他們拓展平台內的服務，還能幫助他們獲取新客戶，因為事實上，我們將是唯一一個能夠將所有這些功能整合在一起的平台。

The second is to position ourselves together to pursue mid-market because this is even a bigger need as you could imagine, in mid-market. And then third, half of their business is outside of the U.S. And frankly, other than having a wonderful, drop-dead easy platform you haven't spent a lot of efforts internationally, and we are doubling down international.

第二點是我們要齊心協力開拓中端市場，因為正如你所想，中端市場的需求更大。第三點是，他們一半的業務都在美國以外。坦白說，除了擁有一個非常棒、極其易用的平台之外，你們在國際市場並沒有投入太多精力，而我們正在加倍投入國際市場。

To answer your question, one, several months in, we're more excited about the capabilities of what is possible than we were even before, and are even more intentional about the work that we need to do to bring these 3 priorities to life.

為了回答你的問題，首先，幾個月過去了，我們對各種可能性感到比以前更加興奮，也更有意識地致力於實現這三個優先事項。

If I were to paint a sort of general picture, I would say we'll probably be in a place in about a year where we're really seeing the impact of the momentum of these priorities as it relates to our outcomes and our results because we have -- we've inserted in Mailchimp some of our best product people that really understand QuickBooks, really understand this space that are building out the platform with, of course, the Mailchimp engineers, which are all part of Intuit.

如果讓我描繪一幅整體圖景，我會說，大約一年後，我們可能會真正看到這些優先事項的勢頭對我們的成果和結果的影響，因為我們已經——我們已經將一些真正了解 QuickBooks、真正了解這個領域的最佳產品人員加入到 Mailchimp 中，他們正在與 Mailchimp 的工程師們一起構建平台，當然，他們都是 Intuit 的一部分。

And we think getting this right and we know how to get it right, we think about a year or so, we'll start seeing the impact of the priorities that we are focused on. The good news is we know how to do it, and there's no surprises there.

我們認為，只要把這件事做好，而且我們也知道如何做好，大約一年左右，我們就能開始看到我們所關注的優先事項所產生的影響。好消息是我們知道該怎麼做，所以不會有任何意外。

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。

Nice job to Kim stepping in there. We've seen and enjoyed the ad campaigns of late. Is there anything you can add around engagements or early returns you're seeing on some of those programs? And maybe Sasan if you could expand on your view around striking the right balance between maintaining the powerful brand of each individual property, I think they're all fairly well known and established as separate entities versus presenting Intuit as a more holistic platform, that'd be great.

Kim 的介入很有幫助。我們最近都看到了並且很喜歡這些廣告宣傳活動。關於這些項目的互動或早期回饋，您還有什麼可以補充的嗎？ Sasan，如果您能詳細談談您對於如何在保持每個獨立品牌強大影響力（我認為它們作為獨立實體都相當知名且成熟）和將 Intuit 打造成一個更全面的平台之間取得平衡的看法，那就太好了。

Yes. Great. Thank you for your question, Michael. I'll start with the latter one first. And I think you really importantly stated it in your question. We have very powerful brands that our customers love and use in Mailchimp, TurboTax, Credit Karma and QuickBooks. And our intent is to really from a brand perspective, convey that they are connected and connected means that you get more benefit as a customer and the power of those benefits in really fueling your success as an individual or as a business. So all that means is the brands are powerful, the brands are not going to go away. It's about how we invest to make the connection in the minds of customers that this is all Intuit, and by the way, here's why you should care.

是的，太好了。謝謝你的提問，Michael。我先回答你的第二個問題。我認為你在問題中已經非常明確地指出了這一點。我們擁有強大的品牌，深受客戶喜愛，例如 Mailchimp、TurboTax、Credit Karma 和 QuickBooks。我們的目標是從品牌角度出發，傳達這些品牌之間的關聯性。這種關聯性意味著作為客戶，您將獲得更多益處，而這些益處將真正助力您個人或企業的成功。所以，這一切都意味著這些品牌非常強大，它們不會消失。關鍵在於我們如何投資，在客戶心中建立這些品牌之間的聯繫，讓他們意識到它們都屬於 Intuit。順便說一句，這就是您應該關注這一點的原因。

The second element around the campaigns, it's -- it's early, but we're actually -- and my comment's specifically around TurboTax because I assume that's what you were asking about, if it's broader. Please come back and ask the other elements of your question. We're really pleased with our campaign so far this year. And our intent going in was to really communicate this year that we have experts that understand your situation. If you look at our campaigns, both on-air and digitally, you'll see things around communicating to those that are self-employed, communicating to those that have moved multiple states, communicating to those that have made investments and helping them understand no matter what your situation is, we have an expert that can help your situation. And we've invested heavily in not only who we bring on board, but also our AI capabilities, not only to make that perfect match but also to deliver insights to those experts to make them much more effective and productive so we can do things at scale. So the consideration, awareness and understanding of what we're trying to communicate, so far has been very well received. And then, of course, we'll know more as we go through season.

關於宣傳活動的第二個方面——現在還處於早期階段，但實際上——我的評論主要針對TurboTax，因為我猜您問的就是這個，如果您的問題範圍更廣，請稍後再來問其他方面。我們對今年的宣傳活動目前為止的成果非常滿意。我們今年的目標是真正傳達這樣一個訊息：我們擁有了解您情況的專家。如果您查看我們的宣傳活動，包括電視和數位媒體，您會發現我們專注於與自僱人士、搬遷到多個州的人以及進行過投資的人溝通，幫助他們了解無論您的情況如何，我們都有專家可以為您提供幫助。我們不僅在人才引進方面投入巨資，還在人工智慧能力方面投入巨資，不僅是為了實現精準匹配，也是為了向這些專家提供洞察，從而提高他們的效率和生產力，使我們能夠大規模地開展工作。因此，到目前為止，我們所傳達的訊息得到了廣泛的認可和理解。當然，隨著賽季的進行，我們會了解更多。

That's about just our results, but we do a lot of mix -- marketing mix modeling work to understand what was effective, how can we improve our game going forward. And we did this across the company, but we'll better understand the impact with data. So far, the qualitatively and early data has been very positive.

以上只是我們目前的成果，但我們做了大量的組合行銷建模工作，以了解哪些策略有效，以及我們未來如何改進。我們在公司內部開展了這項工作，但數據將幫助我們更好地了解其影響。到目前為止，定性分析和早期數據都非常積極。

We saw the DJ Khaled commercials at the Super Bowl as well. Those were also great.

我們在超級盃期間也看到了DJ Khaled的廣告，那些廣告也很棒。

Thank you.

謝謝。

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。

Fantastic. I wanted to just touch on Credit Karma as a channel for TurboTax. Last year, very effective in terms of driving new customer adoption. I kind of saw last year was the trial year and this year is the first real push. Just would love a sense of what you're seeing from a consumer engagement perspective the first few weeks of tax season.

太棒了。我想簡單談談 Credit Karma 作為 TurboTax 的一個管道。去年，它在推動新用戶採用方面非常有效。我覺得去年算是試水年，今年才是真正意義上的推廣年。我很想了解一下，在報稅季的前幾週，您從用戶互動角度觀察到的情況。

Yes, Ken, great question. Let me just say it's twofold. One, we've gone in really big within TurboTax exposing TurboTax customers to Credit Karma where they can put their refund on a Credit Karma Money account, where they will get 5 days early access and really tax time, it's all about the money. And then these folks become new Credit Karma members and that we can expose them to the Credit Karma platform. We're really pleased with where that's going and the progress that we made. Of course, I won't share any stats with you, but we are -- I'll just leave it as we're very pleased.

是的，肯，問得好。我簡單說一下，主要有兩方面。首先，我們在TurboTax中大力推廣Credit Karma，讓TurboTax用戶能夠將退稅款項存入Credit Karma Money帳戶，這樣他們就能提前5天拿到退稅款。畢竟，報稅季，一切都圍繞著錢。其次，這些用戶會成為Credit Karma的新會員，我們也能藉此機會向他們推薦Credit Karma平台。我們對目前的發展狀況和所取得的進展非常滿意。當然，我不會透露具體數據，總之，我們非常滿意。

The second is last year, it almost wasn't even a trial year in Credit Karma. We sort of threw in TurboTax into the Credit Karma app. This year is really the first year where TurboTax, you can actually get your taxes done within the Credit Karma app. And for most cases, you don't actually have to go to TurboTax, which is a far, far better experience.

第二點是去年，Credit Karma 幾乎不算是試用年。我們只是把 TurboTax 整合到了 Credit Karma 應用中。今年才是真正意義上第一年，使用者可以直接在 Credit Karma 應用程式內使用 TurboTax 完成報稅。而且在大多數情況下，用戶甚至無需打開 TurboTax，這帶來了遠勝於其他方式的體驗。

We're getting wonderful learnings and adjusting real-time. We are, for the long term, really bullish about the -- not only all TurboTax customers using Credit Karma, but hopefully getting all Credit Karma members that already don't do their taxes with TurboTax to be a TurboTax user. So, so far, we love what we're learning, the adjustments that we're making, and we continue to remain very bullish about just the whole prospect of why we're doing the integration between these 2 platforms and the impact that it's having for our members and TurboTax customers.

我們正在不斷學習，並且即時調整。從長遠來看，我們對Credit Karma的前景非常樂觀——不僅希望所有TurboTax用戶都能使用Credit Karma，而且希望所有尚未使用TurboTax報稅的Credit Karma會員都能轉而使用TurboTax。因此，到目前為止，我們對所學到的知識和所做的調整都非常滿意，我們對整合這兩個平台的前景以及它對我們的會員和TurboTax用戶的影響仍然充滿信心。

Our next question comes from Alex Zukin of Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Alex Zukin。

Sasan, maybe just one multipart one for me. I'm looking at the SMB online ecosystem number, and it looks like ex Mailchimp, growth there was about 4% sequentially. And I want to understand if you could unpack what's driving that? Because I'm trying to understand was Q1 like unseasonably strong and Q2 is kind of back to normal? Or what's the right way to think about that, unpack maybe the drivers between payroll payments and capital and time tracking? And how do we think about that in the second half of the year growing sequentially, because year-over-year, it's accelerating and it's fantastic. But just looking back at history, understanding that a little bit better, I think, would be helpful.

Sasan，我可能只需要一個多部分的問題。我正在研究中小企業線上生態系統的數據，看起來除去 Mailchimp，季增了約 4%。我想了解是什麼因素推動了這個成長？因為我想弄清楚，第一季是否異常強勁，而第二季是否已經恢復正常？或者，更恰當的思考方式是什麼？例如，分析一下工資支付、資本支出和時間追蹤之間的驅動因素？我們該如何看待下半年的環比成長？因為與去年同期相比，成長速度加快，這非常棒。但回顧歷史，更好地理解這一點，我認為會很有幫助。

Yes. Sure, Alex. Very good question. So first of all, I'll start with the obvious, which is overall, Small Business grew 24%. This is all excluding Mailchimp. And our Online Ecosystem revenue growth grew 37%. And as you know, our goal is to grow over 30%. So we actually had a extremely strong quarters. So I'm not sure what the sequential number is that you were throwing out there, but we had a very, very strong quarter, well above our 30% mark. And it's based on strength and volume and the mix of customers that are coming in, and particularly the services that they are using across payments, payroll, time tracking and QuickBooks Capital.

是的，Alex，問得好。首先，我先說最顯而易見的，小型企業整體成長了24%。這還不包括Mailchimp。我們的線上生態系統收入成長了37%。如你所知，我們的目標是成長超過30%。所以，我們這幾季的表現都非常強勁。我不確定你剛才提到的具體數字是多少，但我們這幾季的表現確實非常出色，遠遠超過了30%的目標。這得益於業務的強勁成長、業務量的成長以及客戶類型的多元化，尤其是他們在支付、薪資管理、時間追蹤和QuickBooks Capital等服務方面的出色表現。

And as I mentioned earlier, we expect to continue to see strength in Small Business and Credit Karma in the second half of the year. We don't expect a tapering. And as I mentioned earlier, we just really want to get through tax season and talk about our guidance after the quarter.

正如我之前提到的，我們預計下半年小型企業業務和Credit Karma業務將繼續保持強勁成長勢頭，不會放緩。而且，正如我之前提到的，我們現在只想順利度過報稅季，並在本季結束後再討論我們的業績指引。

So I wouldn't read anything into the fact that Small Business is going to taper. I would say, focused on our compass, which is we want to grow north of 30% with our Online Ecosystem revenue, and we actually are seeing great strength.

所以，我不認為小企業的成長會放緩。我認為，我們應該專注於自身的發展目標，那就是實現線上生態系統收入30%以上的成長，而我們目前也看到了強勁的成長動能。

And then, Sasan, you mentioned Credit Karma a couple of times. You've gotten asked the question and kind of how you're seeing even more strength than you anticipated to some extent, no tapering, if you will. How is the progression of synergies going with Credit Karma within the Online Ecosystem business specifically? What are you seeing there? What learnings? And if you look at areas where you feel like there's an ability to double down and see even more growth, where would those be?

薩桑，你之前幾次提到Credit Karma。有人問過你，Credit Karma的發展勢頭甚至比你預期的還要強勁，沒有任何放緩的跡象。具體來說，Credit Karma在線上生態系統業務中的協同效應進展如何？你看到了什麼？有哪些經驗教訓？如果你覺得在哪些領域還有進一步發展的空間，你認為這些領域有哪些？

Yes, Alex, the -- strategically, the biggest area that we've been focused on has been really integrating Credit Karma into the TurboTax experience and then vice versa. So what that means is if you're a TurboTax customer at the end, one of the first options that you get is to put your refund on a Credit Karma Money account. And as I mentioned a moment ago, that was a strategic thesis that we had, and it's going really well. And these become new Credit Karma members, and then we can expose other benefits on the Credit Karma platform to those customers.

是的，Alex，從策略角度來看，我們一直專注於的領域是真正將Credit Karma整合到TurboTax的體驗中，反之亦然。這意味著，如果您是TurboTax的用戶，最終您會看到的第一個選項就是將退稅款項存入Credit Karma Money帳戶。正如我剛才提到的，這是我們的策略構想，而且進展非常順利。這些用戶會成為Credit Karma的新會員，然後我們可以向這些會員展示Credit Karma平台上的其他權益。

The second is building out within the Credit Karma app the TurboTax experience and contextually engaging customers with helping them get their taxes done. And to say we're in the early days is interesting, right, because we're only a year in. We like the progress that we're seeing, and that's the area where we're more than doubling down because we're literally only a year-end, and there's just so much opportunity ahead of us, and we're actually seeing the green shoots.

第二點是在Credit Karma應用程式中建立TurboTax體驗，並根據客戶的具體情況，引導他們完成報稅。說我們目前還處於早期階段很有意思，對吧？因為我們才開展了一年。我們對目前的進展感到滿意，並且正在加倍投入這個領域，因為現在才到年底，未來還有很多機會，我們已經看到了積極的跡象。

The other, Alex, is integrating Credit Karma as part of the payroll platform. So if you want to ultimately get earlier access to your money, you can put your money on a Credit Karma Money account, that's another area. But the primary focus has been creating this one consumer platform between TurboTax and Credit Karma.

另一位負責人 Alex 正在將 Credit Karma 整合到薪資平台中。所以，如果您最終想要更早使用您的資金，您可以將資金存入 Credit Karma Money 帳戶，這是另一個方面。但主要目標是打造 TurboTax 和 Credit Karma 之間的一體化消費者平台。

Our next question comes from Brent Thill of Jefferies.

下一個問題來自傑富瑞集團的布倫特·蒂爾。

Sasan, you've had some pretty healthy price hikes from the full-service solution, anywhere between 25% and 50% from last year's tax season. I'm just curious if you could just give us a sense of how that's resonating. And they are fairly healthy in terms of hike. What -- in terms of just the justification of how big that was, can you just walk through what drove that decision on the pricing side?

薩桑，你們的全套服務價格上漲幅度相當大，比去年報稅季上漲了25%到50%。我很好奇你們能否談談這次漲價的反應如何。漲幅確實很大。那麼，你們能否解釋一下這次漲價的合理性，具體來說，是什麼因素促成了這個定價決策？

Yes, sure, Brent. As we always do, we have pricing principles, and we run a lot of tests, and there are multiple holistic things that we did in our lineup this year. And let me start with where you didn't ask the question because it's relevant to the overall answer to your question. One, for our free customers, we actually expanded it to include student loans for free and refund transfer for free. That was one very important decision that we made.

當然可以，布倫特。和以往一樣，我們有自己的定價原則，也做了許多測試，今年在產​​品線中也做了多項整體性的調整。我想先說說你沒問到的部分，因為它和你的問題整體答案息息相關。首先，對於我們的免費用戶，我們實際上擴大了服務範圍，現在也包括免費學生貸款和退款轉帳。這是我們所做的一個非常重要的決定。

When we looked at our TurboTax Live platform, to continue to really accelerate bringing more customers into the category from prior assisted, we also, for simple filers, announce, you can do it anyway you wish, do it yourself or with a live platform for a certain time period and you pay nothing. And we like the progress and the impact that we're seeing there. The third is we ran a lot of tests for TurboTax Live and particularly full service. and what we learned, in some ways, unsurprisingly, is price is not a big factor. It's about confidence and access to an expertise.

當我們審視TurboTax Live平台時，為了繼續加速吸引更多用戶從先前的輔助報稅模式轉向該模式，我們還宣布，對於簡單的報稅用戶，您可以自由選擇報稅方式：在一定時間內，您可以選擇自行報稅，也可以使用實時平台，而且無需支付任何費用。我們對目前所取得的進展和所取得的成效感到滿意。第三點是，我們對TurboTax Live，特別是完整服務進行了大量的測試。測試結果表明，在某種程度上，價格並不是主要因素，這並不令人意外。關鍵在於用戶對平台的信任以及能否獲得專業支援。

And what we realized is having early season pricing and then later season pricing didn't really have much of an impact. So one, there is no early or late season pricing. It's one flat pricing. And two, we had a lot of room to move up on pricing, and we made a decision based on a lot of testing to move the price up. So those were a few strategic decisions that we've made. And as we back-test our decisions, it's playing out exactly as we thought, which is these are not really that price-sensitive customers, although they love our price versus other alternatives. It's more, can I get access to the expert that I want? And can I get -- confidently have somebody to get my taxes done for me, and that's what we're seeing.

我們發現，早季和晚季不同的定價策略並沒有太大影響。所以，首先，我們取消了早季和晚季定價，採用統一的統一價格。其次，我們有很大的價格提升空間，經過大量的測試，我們決定提高價格。以上是我們所做的一些策略決策。回測結果也證實了我們的預期，這些客戶其實對價格並不十分敏感，儘管他們很喜歡我們相對於其他選擇的價格。他們更關心的是能否找到合適的專家，能否找到可靠的報稅服務，而這正是我們所看到的。

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。

I almost apologize for the question, Sasan, but the Desktop is an area that we understand it's not your focus, et cetera. But like you just keep reporting actually numbers that are better. Can you talk -- better than you talked to. Can you talk a little bit about some of the drivers there in the sustainability?

薩桑，我幾乎要為這個問題道歉了，但我們知道桌面端並非您的重點領域等等。但您一直在報告一些實際上有所改善的數據。您能談談嗎？比您之前談到的更詳細一些。您能談談可持續發展方面的一些驅動因素嗎？

Sure. I think I'll just say 2 things. One, these are resilient customers and they continue to love their Desktop products, and they always surprise us relative to wanting to come back to desktop. And really, that's a simple answer to your question on what we continue to see.

當然。我想我只想說兩點。第一，這些客戶非常忠誠，他們一直很喜歡桌面產品，而且他們總是出乎意料地想要回歸桌面平台。實際上，這就是你問的我們持續觀察到的情況的簡單答案。

I think the second thing that we're very excited about and so I would say our -- the majority of our customers is really moving to a subscription-based approach where they can leverage a lot of the services that we now create in the cloud, and that will drive even a higher subscription element of our business and it will also give our customers the ability to access more features and functionalities, and that's something that we started rolling out this year and will be primarily subscription-based as we look into the future.

我認為我們非常興奮的第二件事，也是我們的大多數客戶正在轉向訂閱模式，他們可以利用我們現在在雲端創建的許多服務，這將進一步提高我們業務的訂閱比例，並使我們的客戶能夠訪問更多特性和功能。這是我們今年開始推出的，展望未來，我們將主要採用訂閱模式。

If I could add 2 things to that, Raimo, just to remind you of some things that were mentioned in the script, too. The big growth driver in the quarter was Desktop Enterprise, which grew low double digits in the second quarter, and that's up from high single digits in the first quarter. Similar to what Sasan mentioned. That was -- that specifically for the Desktop Enterprise with customer growth and price increases there. So really something to consider. That's the piece that's growing within that. And then longer term, we're not expecting this business to decline, especially headwinds from the subscription model transition in the second half of this year.

雷莫，我再補充兩點，也提醒你腳本裡提到的一些內容。本季最大的成長動力來自桌面企業版，第二季實現了兩位數的低成長，高於第一季的個位數高成長。這和薩桑提到的情況也類似。桌面企業版的成長主要得益於顧客成長和價格上漲。所以這確實值得關注。這是整個業務中成長最快的部分。從長遠來看，我們預計這項業務不會下滑，尤其是在今年下半年訂閱模式轉型帶來的不利影響方面。

Our next question comes from Kartik Mehta of Northcoast Research.

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

Sasan, I wanted to ask you a little bit about Credit Karma. Last year was just an amazing year in terms of the number of credit cards issued, and it seems like credit card issuers really battling for customers. I'm wondering, in your opinion, does that cause any comparison issue for you guys as you look at this year? And do you see that demand waning at all?

Sasan，我想問你一些關於Credit Karma的問題。去年信用卡發行量驚人，發卡機構之間的競爭也異常激烈。我想知道，在你看來，這是否會對你們今年的業績比較造成影響？你們是否認為這種需求會減弱？

Yes, Kartik, thanks for your question. If you recall, probably a couple of quarters ago, Michelle and I both talked about the fact that we expect a tapering of originations in the second half of the year, we would expect to continue to see strength because of our execution and because of Lightbox and the fact that we really deliver personalized experiences, which is good for members and good for partners, but we expect a tapering of origination. And we haven't seen the type of tapering that we thought we would see, which is why we continue to see the strength that we're experiencing and what we would expect in the second half of the year.

是的，Kartik，謝謝你的提問。如果你還記得的話，大概兩個季度前，我和Michelle都討論過，我們預計下半年新發貸款業務量會放緩。我們預計，由於我們高效的執行力、Lightbox平台以及我們真正提供的個人化體驗（這對會員和合作夥伴都有好處），業務量仍會保持強勁成長。但我們預期新發貸款業務量會放緩。然而，我們並沒有看到預期的放緩，這就是為什麼我們目前業務依然強勁，並且符合我們對下半年業務的預期。

And then just one on tax, Sasan. From a competitive standpoint, have you seen anything that you're surprised by that competitors are doing, that -- ones that would say to you, hey, we need to make any changes? Just any changes that you're surprised by from a competitive standpoint?

薩桑，關於稅務方面，你還有什麼問題嗎？從競爭的角度來看，你有沒有看到競爭對手採取什麼讓你感到驚訝的措施？有沒有哪些舉措會讓你覺得「嘿，我們需要做出一些改變」？從競爭的角度來看，有沒有什麼改變讓你感到驚訝？

Part of our playbook is -- as a company is we do a lot of scenario planning customer back, and it's really primarily focused on making sure we're obsessed with our customers and what other alternatives could be presented to our customers that could be far more compelling. So just as part of our playbook, we do that quite well, and we particularly are probably one of the best at it across the company in tax. So just know that, that is part of our playbook.

我們公司的一項重要策略是——我們做了很多情境規劃，主要面向客戶——其核心在於確保我們始終以客戶為中心，並思考如何為客戶提供更具吸引力的替代方案。我們在這方面做得非常出色，尤其是在稅務領域，我們可能是公司裡最擅長的部門之一。請記住，這是我們策略的一部分。

And I would just tell you that this year, we've probably been the least surprised. And so no, it is not -- there's no surprises that's informing anything differently that we're doing the rest of the season.

我想說的是，今年我們可能是最不出所料的一年。所以，不，沒有任何意外會影響我們本季剩餘比賽的安排。

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。

Sasan, obviously, it's a difficult hiring environment out there. Do you guys feel pretty good about where you are for the Live product to meet demand here in the next couple of weeks from a headcount perspective?

Sasan，很顯然，現在的招募環境很艱難。從人員配置的角度來看，你們覺得未來幾週 Live 產品能否滿足需求？

Yes. Thanks, Brad. The very short answer is absolutely. We actually, believe it or not, feel the best this year than we have in prior years just because we've gotten so good at what we need to do. We're several years into this, and because many experts actually want to be on our platform. So we are absolutely fine on hiring.

是的，謝謝你，布拉德。簡而言之，答案是肯定的。說實話，我們今年的狀態比往年都好，因為我們在自身業務方面做得越來越出色。我們已經在這個行業耕耘了好幾年，而且很多專家都渴望加入我們的平台。所以，我們在招募方面完全沒有問題。

At this time, I'd like to turn the call back over for any remarks.

現在，我想把通話交還給對方，請問大家還有什麼要補充的。

All right. Excellent. Well, listen, everyone, thank you so much for all of your wonderful questions. Be safe out there. Take good care of yourselves, and we look forward to talking to you in May. Thank you, everybody.

好的，太好了。各位，非常感謝你們提出的所有精彩問題。請注意安全，好好照顧自己，我們期待五月與你們再次交流。謝謝大家。

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。