直覺電腦 (INTU) 2015 Q1 法說會逐字稿

Good afternoon.

午安.

My name is Sayid, and I will be your conference facilitator.

我的名字是 Sayid，我將成為你們的會議主持人。

At this time, I would like to welcome everyone to Intuit's first quarter FY15 conference call.

此時此刻，我謹歡迎大家參加 Intuit 2015 財年第一季電話會議。

(Operator Instructions)

（操作員說明）

With that, I'll now turn the call over to Matt Rhodes, Intuit's Vice President of Investor Relations.

現在，我將把電話轉給 Intuit 投資者關係副總裁 Matt Rhodes。

Mr. Rhodes, you may begin.

羅德先生，您可以開始了。

Thank you, sir.

謝謝你，先生。

Good afternoon, everyone.

大家下午好。

Welcome to Intuit's first-quarter FY15 conference call.

歡迎參加 Intuit 2015 財政年度第一季電話會議。

I'm here with Brad Smith, our President and CEO, and Neil Williams, our CFO.

我和我們的總裁兼執行長布拉德史密斯以及我們的財務長尼爾威廉斯一起來到這裡。

Before we start, I'd like to remind everyone that our remarks will include forward-looking statements.

在開始之前，我想提醒大家，我們的言論將包含前瞻性陳述。

There are a number of factors that could cause Intuit's results to differ materially from our expectations.

有許多因素可能導致 Intuit 的結果與我們的預期有重大差異。

You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for FY14, and our other SEC filings.

您可以在我們今天下午早些時候發布的新聞稿、2014 財年 10-K 表格以及我們向 SEC 提交的其他文件中了解有關這些風險的更多資訊。

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

所有這些文件均可在 Intuit 網站 Intuit.com 的投資者關係頁面上取得。

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

我們不承擔更新任何前瞻性聲明的義務。

Some of the numbers in this report are presented on a non-GAAP basis.

本報告中的一些數字是根據非公認會計原則提供的。

We reconcile the comparable GAAP and non-GAAP numbers in today's press release.

我們在今天的新聞稿中對可比較的公認會計原則和非公認會計原則數據進行了核對。

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.

除非另有說明，否則所有成長率均指本期與去年同期的比較，業務指標及相關成長率指全球業務指標。

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，我們將在我們的網站上提供我們準備好的評論和補充財務資訊的副本。

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

接下來，我會將電話轉給布萊德史密斯。

All right.

好的。

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

謝謝馬特，也謝謝大家加入我們。

We're out of the gate strong in FY15.

我們在 2015 財年表現強勁。

We grew revenue 8% in the first quarter, and exceeded our QuickBooks Online subscriber and our Company financial targets.

第一季我們的營收成長了 8%，超越了我們的 QuickBooks Online 用戶和公司的財務目標。

It's a great start, but it's still early in the year, and there's a lot of game left to be played.

這是一個很好的開始，但現在還為時過早，還有很多比賽要做。

Let me provide a brief overview of what's driving these results, beginning with our Small Business performance.

讓我簡要概述一下推動這些結果的因素，首先是我們的小型企業績效。

We're continuing to accelerate growth in our Online Ecosystem.

我們正在繼續加速線上生態系統的成長。

QuickBooks Online is generating new customer acquisition, with over 75% of QuickBooks Online customers being new to the Intuit franchise.

QuickBooks Online 正在吸引新客戶，超過 75% 的 QuickBooks Online 客戶是 Intuit 特許經營的新客戶。

We're also actively marketing QuickBooks Online to desktop customers, who are cloud-ready.

我們也積極向支援雲端的桌面客戶行銷 QuickBooks Online。

The QuickBooks Online ecosystem is building momentum.

QuickBooks Online 生態系統正在形成動能。

We grew total QuickBooks Online subscribers by 43% in the first quarter, up from 40% growth in the previous quarter.

第一季度，我們的 QuickBooks Online 訂戶總數增加了 43%，高於上一季 40% 的增幅。

We closed Q1 with 739,000 paying subscribers worldwide.

第一季末，我們在全球擁有 739,000 名付費訂閱者。

Outside of the US, QuickBooks Online subscribers were up more than 170% to 103,000, further accelerating from last quarter, and the improvements we're seeing in the leading indicators are quite promising, with new user attach rates of 12% for payments and 31% for payroll, up from 6% and 20% respectively a year ago.

在美國以外，QuickBooks Online 訂戶成長了170% 以上，達到103,000 名，比上季度進一步加速，我們在領先指標中看到的改善非常有希望，新用戶的支付附加率為12%，支付附加率為31%。總薪資百分比分別高於一年前的 6% 和 20%。

We remain squarely focused on driving customer growth and increasing market penetration.

我們仍然專注於推動客戶成長並提高市場滲透率。

QuickBooks Online has a very low penetration when you reflect our total addressable market of more than 160 million small businesses globally.

當您反映我們全球超過 1.6 億小型企業的潛在市場總量時，QuickBooks Online 的滲透率非常低。

Although we're still early in terms of taking QuickBooks Online global, we're excited about the huge market opportunity.

儘管我們在將 QuickBooks Online 推向全球方面還處於早期階段，但我們對巨大的市場機會感到興奮。

Adding just one additional point of penetration would more than double our QuickBooks Online subscriber base.

只要增加一個額外的滲透點，我們的 QuickBooks Online 用戶群就會增加一倍以上。

The capstone to the quarter for our Small Business team was our first of its kind QuickBooks Connect event, that was held in October.

我們小型企業團隊本季的頂峰是我們於 10 月舉辦的首次 QuickBooks Connect 活動。

We hosted more than 3,500 attendees, including accounting professionals, small business owners, entrepreneurs, and developers.

我們接待了超過 3,500 名與會者，其中包括會計專業人士、小型企業主、企業家和開發人員。

The attendees found inspiration from the main stage, while learning practical advice on how to start and grow their businesses from renowned experts and breakout sessions.

與會者從主舞台上找到了靈感，同時從知名專家和分組會議中學習了有關如何創業和發展業務的實用建議。

At the event, we introduced more than 100 product enhancements, and featured a line-up of dynamic speakers that wowed the audience.

在此次活動中，我們推出了 100 多項產品增強功能，並展示了一系列令觀眾驚嘆不已的動態揚聲器。

I'm glad some of you on the call were able to attend, and I encourage everyone to consider checking out QuickBooks Connect next fall.

我很高興電話會議中的一些人能夠參加，我鼓勵大家考慮明年秋天查看 QuickBooks Connect。

With that context around our Small Business performance, let me now shift to Tax.

圍繞著我們的小型企業績效的背景，現在讓我轉向稅收。

FY15 is the second year of a multi-year journey to achieve our product vision of taxes are done.

2015 財年是我們實現稅收產品願景的多年旅程的第二年。

We're excited about the progress we're making in preparation for the upcoming tax season, but there's still much to do over the next several years.

我們對即將到來的納稅季節做準備所取得的進展感到興奮，但未來幾年仍有許多工作要做。

We'll continue our focus on improving conversion, with a more simple and responsive experience that leverages data, to get customers through their tax return with ease and confidence.

我們將繼續專注於提高轉換率，透過利用數據提供更簡單、反應更快的體驗，讓客戶輕鬆、自信地完成報稅表。

We'll also focus on delivering a unified help and answer experience, driving TurboTax customers to clear explanations on everything tax-related, including the Affordable Care Act.

我們也將專注於提供統一的幫助和解答體驗，推動 TurboTax 客戶對所有與稅務相關的事情（包括《平價醫療法案》）獲得清晰的解釋。

We're looking forward to getting our new line-up of solutions out to market in the next few weeks.

我們期待在未來幾週內將新的解決方案系列推向市場。

In the professional tax business, we're seeing strong new customer growth early in the season, and our shift to the cloud continues to pick up steam.

在專業稅務業務中，我們在本季初期看到了強勁的新客戶成長，我們向雲端的轉變繼續加速。

We intend to build on our leadership position, and capitalize on this once in a generation shift to the cloud for accountants.

我們打算鞏固我們的領導地位，並利用會計師這一代人向雲端的轉變。

So in a nutshell, we're off to a great start in FY15.

簡而言之，我們在 2015 財政年度有了一個好的開始。

I'm energized by our results as we continue to accelerate customer growth in our Online Ecosystems.

隨著我們繼續加速線上生態系統中的客戶成長，我對我們的成果感到鼓舞。

These results reinforce our confidence in the near and long term financial outlooks that we with have provided.

這些結果增強了我們對我們提供的近期和長期財務前景的信心。

And on that note, I'll turn it over to Neil to walk you through the financial details.

關於這一點，我將把它交給尼爾，讓他向您介紹財務細節。

Thanks, Brad.

謝謝，布拉德。

Let's start with overall Company results.

讓我們從公司的整體業績開始。

For the first quarter of FY15, we reported revenue of $672 million, up 8%, non-GAAP operating loss of $36 million, GAAP operating loss of $114 million, non-GAAP loss per share of $0.10, and a GAAP loss per share of $0.29.

2015 財年第一季，我們報告營收為 6.72 億美元，成長 8%，非 GAAP 營運虧損 3,600 萬美元，GAAP 營運虧損 1.14 億美元，非 GAAP 每股虧損 0.10 美元，GAAP 每股虧損0.29 美元。

As Brad just said, we're off to a strong start, a little ahead of our expectations for the first quarter.

正如布拉德剛才所說，我們有一個良好的開端，略高於我們對第一季的預期。

Turning to the business segments, total Small Business group revenue grew 5% for the first quarter.

至於業務部門，第一季小型企業集團總收入成長了 5%。

Small Business Online Ecosystem revenue grew 30%, and customer acquisition in our Online Ecosystem continues to drive growth.

小型企業線上生態系統收入成長了 30%，線上生態系統中的客戶獲取繼續推動成長。

QuickBooks Online subscribers grew 43%, accelerating from the previous quarter.

QuickBooks Online 訂戶成長了 43%，較上一季加速。

Total online active Payments customers grew 3%.

在線上活躍支付客戶總數增加了 3%。

Online Payments charge volume grew 22%, driven by strong growth in Payments customers connected to QuickBooks Online.

由於連接 QuickBooks Online 的支付客戶數量強勁成長，線上支付收費量成長了 22%。

Online Payroll customers grew 24%, and full-service Payroll customers nearly doubled.

線上薪資客戶成長了 24%，全方位服務薪資客戶幾乎翻了一番。

Rounding out the Online Ecosystem, Demandforce customers grew 27% for the quarter.

使線上生態系統更加完善，Demandforce 客戶本季成長了 27%。

Switching to the desktop side, total desktop ecosystem revenue declined 2%, and QuickBooks Desktop units declined 23%.

轉向桌面端，桌面生態系統總收入下降了 2%，QuickBooks 桌面單位下降了 23%。

This is in line with our expectations, as we continue to emphasize QuickBooks Online.

這符合我們的預期，因為我們繼續強調 QuickBooks Online。

QuickBooks' total paying customers grew 22% in the first quarter.

QuickBooks 第一季的付費客戶總數成長了 22%。

As we move through the year, we will continue to experiment with our QuickBooks product line-up and our pricing, to maximize long-term customer and revenue growth across Small Business.

在這一年中，我們將繼續試驗我們的 QuickBooks 產品系列和定價，以最大限度地提高小型企業的長期客戶和收入成長。

Within the consumer group, Consumer Tax revenue was up 36% versus the first quarter last year.

在消費者群體中，消費者稅收收入比去年第一季成長了 36%。

As you know, our Consumer Tax business is highly seasonal, and our first quarter is a light one.

如您所知，我們的消費者稅業務具有很強的季節性，而第一季的業務量較少。

We will continue to invest in the product experience, and to prioritize growth in share and customers, above market expansion.

我們將繼續投資於產品體驗，並將份額和客戶的成長置於市場擴張之上。

The quarter's also seasonally light for our pro tax group, with revenue growth of 46%.

對於我們的專業稅務團隊來說，本季的季節性表現也很清淡，營收成長了 46%。

We continue to take a disciplined approach to capital management, investing the cash we generate in opportunities that yield a return on investment greater than 15%.

我們繼續採取嚴格的資本管理方法，將我們產生的現金投資於投資回報率超過 15% 的機會。

With approximately $1.6 billion in cash and investments on our balance sheet, our first priority is investing for customer growth.

我們的資產負債表上約有 16 億美元的現金和投資，我們的首要任務是投資於客戶成長。

We also look for inorganic opportunities, and in the first quarter, we made two acquisitions totaling $10 million.

我們也尋找無機機會，在第一季度，我們進行了兩項總計 1000 萬美元的收購。

When it's the best use of cash, we'll return cash to shareholders via share repurchases.

當現金得到最佳利用時，我們將透過股票回購將現金回饋給股東。

We repurchased $114 million of shares in the first quarter, and we have about $1.8 billion remaining on our authorization.

我們在第一季回購了 1.14 億美元的股票，我們的授權剩餘約 18 億美元。

We intend to be in the market consistently during the year.

我們打算在這一年持續進入市場。

Our Board approved a $0.25 dividend per share for our fiscal second quarter, payable on January 20.

我們的董事會批准了第二財季每股 0.25 美元的股息，將於 1 月 20 日支付。

This represents a 32% increase versus last year, and reflects our large and growing cash position, as well as more recurring and predictable revenue streams.

這比去年增長了 32%，反映了我們龐大且不斷增長的現金狀況，以及更多經常性和可預測的收入來源。

We provided our guidance for the second quarter and reiterated our guidance for full FY15 in our press release.

我們在新聞稿中提供了第二季的指引，並重申了 2015 財年全年的指引。

As a reminder, we'll provide tax unit updates in February, concurrent with our second quarter earnings release, and in late April after the tax season.

謹此提醒，我們將在二月與第二季財報發布同時以及四月下旬報稅季之後提供稅務單位更新。

Back to you, Brad.

回到你身邊，布拉德。

All right, thank you, Neil.

好的，謝謝你，尼爾。

It's obviously early in our fiscal year, but we are off to a strong start.

顯然現在還處於我們財年的早期，但我們已經有了一個好的開始。

QuickBooks Online is accelerating our transition to the cloud, which is driving value for our customers, as well as for Intuit and our shareholders.

QuickBooks Online 正在加速我們向雲端的過渡，這為我們的客戶、Intuit 和我們的股東帶來了價值。

As I mentioned, I am really pleased with the strong turn-out at our inaugural QuickBooks Connect event last month, which helped build awareness of our growing online ecosystem.

正如我所提到的，我對上個月舉行的首屆 QuickBooks Connect 活動的踴躍參與感到非常高興，這有助於提高人們對我們不斷發展的線上生態系統的認識。

We now have 425 third-party applications on our partner platform, which is up over 4X from where it was last year.

現在，我們的合作夥伴平台上有 425 個第三方應用程序，比去年增加了 4 倍以上。

375 accountants became QuickBooks Online Certified at the event itself, and collectively, the conference attendees touch more than 1 million Small Businesses.

375 名會計師在活動中獲得了 QuickBooks Online 認證，與會者總共接觸了超過 100 萬家小型企業。

We're planning to build on the power of these connections throughout the year.

我們計劃全年利用這些聯繫的力量。

We're also gearing up for tax season, and we're looking forward to getting our new offerings in the market in the coming weeks.

我們也正在為報稅季做準備，我們期待在未來幾週內將我們的新產品推向市場。

So we're heading into our busiest time of the year and we are excited about the momentum that we're continuing to build.

因此，我們即將進入一年中最繁忙的時期，我們對我們繼續建立的勢頭感到興奮。

As always, I want to thank our employees for their hard work and their ongoing focus, and with that Sayid, let's open it up to hear what's on everyone's mind.

像往常一樣，我要感謝我們的員工的辛勤工作和持續關注，讓我們以 Sayid 的身份敞開心扉，聽聽每個人的想法。

(Operator Instructions)

（操作員說明）

Our first question comes from Walter Pritchard from Citigroup.

我們的第一個問題來自花旗集團的華特·普里查德。

Hi, thanks.

你好謝謝。

Just one question on Small Business, and one question on Tax.

只有一個關於小型企業的問題和一個關於稅收的問題。

Could you help us understand on the Tax side, we've had a variety of seasonal anomalies over the last several years, in terms of more of a front-end loaded or back-end loaded tax season.

您能否幫助我們了解稅收方面的情況，過去幾年我們出現了各種季節性異常情況，更多的是前端加載或後端加載的稅收季節。

Could you help us understand how you're thinking about the shape of the tax season, as it compares to some of the prior years we've seen here?

您能否幫助我們了解您如何看待報稅季的形狀（與我們在此看到的前幾年相比）？

Okay, Walter, so right off the bat, one of the things that's happened in the last several years has been a delayed tax season, because Congress has acted late to pass certain laws, and then the IRS hasn't been able to open up season on time.

好的，沃爾特，那麼，過去幾年發生的事情之一就是納稅季節延遲，因為國會在通過某些法律方面行動遲緩，然後國稅局無法開放準時季節。

While that still remains a potential reality, and there have been letters written by the IRS Commissioner to Congress, we're still banking on the fact the season is going to open up around January 20, but of course we have contingencies in place, in the event it does get pushed out for any reason.

雖然這仍然是一個潛在的現實，而且國稅局局長已經給國會寫了信，但我們仍然相信這個季節將在 1 月 20 日左右開始，但當然我們有應急措施，如果它確實因任何原因被推出。

Beyond that, I think the natural seasonality is what it has been, and that's an increasing procrastination with more people waiting until later in the season to file.

除此之外，我認為自然的季節性就是如此，而且隨著越來越多的人等到季節晚些時候才提交申請，這越來越拖延。

We've tried to reflect that in our forecast, but ultimately we'll have to wait and see how the customer behaves in terms of the tax filing behavior.

我們試圖在預測中反映這一點，但最終我們將不得不等待，看看客戶在報稅行為方面的表現如何。

And then, Neil, for you, on Small Business expenses, if we just back into that, based on your operating income in Small Business, and it looked like you grew your expenses in small business about 8% year-over-year, which is actually less than you grew it in the second half of last year.

然後，尼爾，對於您來說，關於小型企業支出，如果我們回到這個問題，根據您在小型企業的營業收入，看起來您在小型企業的支出同比增長了約 8%，這實際上比去年下半年的成長要少。

And it felt like at the Analyst meeting, you were talking about accelerating some of your investments in Small Business, and you noted you had Connect during the quarter.

感覺就像在分析師會議上，您正在談論加速對小型企業的一些投資，並且您指出您在本季度擁有 Connect。

I guess it seems like you're spending less than we expected in that area.

我想您在該領域的支出似乎比我們預期的要少。

Could you give us some color on that, and do you expect that spending ramps as we move through the year?

您能否給我們一些解釋？您預計隨著這一年的推移，支出會增加嗎？

Walter, I would say two things about that.

沃特，對此我想說兩件事。

First and foremost, our Small Business team has gone through an extensive resource reallocation during the summer, and some of our plans around recommitting to the online products, around our bold initiative, really drove a more extensive resource reallocation.

首先也是最重要的是，我們的小型企業團隊在夏季經歷了廣泛的資源重新分配，我們圍繞著重新致力於線上產品的一些計劃，圍繞我們大膽的舉措，確實推動了更廣泛的資源重新分配。

Secondly, I would caution you that the first quarter is just the first one out of the gate and some of the expenses may show up later in the year, particularly as we roll out additional product offerings and have marketing and things around those events, so I wouldn't read too much in the first quarter run rate or necessarily assume that's indicative of the full year.

其次，我要提醒您，第一季度只是第一個季度，一些費用可能會在今年晚些時候出現，特別是當我們推出額外的產品並圍繞這些活動進行營銷和活動時，所以我不會過多地了解第一季的運行率，也不會認為這代表了全年。

And then just last one for you, Neil.

最後一個是給你的，尼爾。

I calculate your billings were up high teens, and I'm wondering, I know most of your business is billed on a monthly basis, and I'm wondering if we should be looking at revs plus change in deferred as any sort of metric for your business, what are your thoughts there?

我計算出您的賬單高達十幾歲，我想知道，我知道您的大部分業務都是按月計費，我想知道我們是否應該將轉速加上遞延變化作為任何指標你的生意，你有什麼想法？

Yes, it's a good question, Walter, and if you look at the first quarter, you don't see a huge build up right there, because our Desktop products really didn't go on sale until the first part of October, and so what you see in the first two months of our first quarter is really the Desktop sales still under the upfront revenue recognition, before the switch to ratable.

是的，這是一個很好的問題，沃爾特，如果你看看第一季度，你不會看到那裡有巨大的增長，因為我們的桌面產品實際上直到十月上旬才開始銷售，所以您在第一季的前兩個月看到的是，在轉向可評級之前，桌上型電腦銷售實際上仍處於前期收入確認之下。

So it's probably worth maybe a point or two maybe in the first quarter, would probably be in the total Company, probably be in the low teens, without the effects of ratable.

因此，在第一季度，它的價值可能是一兩個點，可能在整個公司中，可能在十幾歲以下，沒有評級的影響。

It will be much more prominent in second and third quarter.

在第二季度和第三季度，這一點將更加突出。

One other thing I'd point out quickly Walter, this is Matt.

我要快速指出的另一件事是沃爾特，這是馬特。

The Desktop payroll business generates some deferred revenue as well, and we saw pretty good growth there this quarter, so that's showing up in the deferred balance overall for the Company too.

桌面薪資業務也產生了一些遞延收入，本季我們看到了相當不錯的成長，因此這也體現在公司整體遞延餘額中。

Great, thank you.

太好了謝謝。

Thank you.

謝謝。

Our next question comes from Brent Thill from UBS.

我們的下一個問題來自瑞銀集團的布倫特希爾。

Thanks, good afternoon.

謝謝，下午好。

Brad, you mentioned outside the US, you saw accelerating momentum, and I know it's early days, but maybe if you could just walk through what you're seeing there, and help us understand the prioritization of what is a pretty big opportunity for you, when you look outside the US?

布拉德，你提到在美國以外的地區，你看到了加速的勢頭，我知道現在還為時過早，但也許你能回顧一下你在那裡看到的情況，並幫助我們了解對你來說是一個相當大的機會的優先順序，當你看看美國以外的地方？

Yes, Brent.

是的，布倫特。

Happy to do that.

很高興這樣做。

So as we discussed we have four priority markets outside the US.

正如我們所討論的，我們在美國以外有四個優先市場。

Those are Canada, the UK, Australia and India, and we have now put a tiger team on the ground in France, and we're in the early days of discovering there, and getting the product more localized, and making sure the compliance fits the local market needs.

這些是加拿大、英國、澳洲和印度，我們現在在法國派駐了一支老虎團隊，我們正處於在那裡發現的早期階段，使產品更加本地化，​​並確保合規性當地市場的需求。

In terms of prioritization, we're treating each country as a market of one, so we don't have one prioritized over the other, plus we're testing different concepts.

在優先順序方面，我們將每個國家視為一個市場，因此我們不會將一個國家優先於另一個國家，而且我們正在測試不同的概念。

And right now, we're seeing acceleration in all four of those markets.

現在，我們看到這四個市場都在加速發展。

We're seeing increasing gross new subs on a weekly basis.

我們發現每週新訂閱者總數都在增加。

We're learning and getting more accountants aware of the product, and signed up for our pro advisor program.

我們正在學習並使更多的會計師了解該產品，並註冊了我們的專業顧問計劃。

We're becoming much more effective at direct selling through the websites, and we're also getting very good reviews from the customers and the accountants on how the product stacks up versus competition.

我們在透過網站進行直銷方面變得更加有效，而且我們也從客戶和會計師那裡得到了關於產品與競爭對手相比的非常好的評價。

We had mentioned in the last call we had done a study, an independent study in Australia, where we actually outperformed the leading online competitor there 2 to 1 in terms of ease-of-use.

我們在上次電話會議中提到，我們在澳洲進行了一項獨立研究，在易用性方面，我們實際上以 2 比 1 的比例超越了那裡領先的線上競爭對手。

We just replicated that study in the UK, and got the same results.

我們剛剛在英國重複了這項研究，並得到了相同的結果。

So across-the-board, we're continuing to see strong performance in these countries, and now we're at the process of looking at that fifth country being France, and beyond that, I would just say that the teams continue to learn every week, they're running rapid experiments, and things are looking good.

因此，總的來說，我們繼續看到這些國家的強勁表現，現在我們正在考慮第五個國家/地區，即法國，除此之外，我想說的是，團隊繼續學習每週，他們都會進行快速實驗，而且一切看起來都很好。

Okay, Neil, I realize you still have a long way to go on the authorization on the buyback; the beginning of the year you took an accelerated approach to this.

好吧，尼爾，我知道你在回購授權方面還有很長的路要走；今年年初，你們對此採取了加速措施。

Is this something we should continue to factor in the model, just steady ongoing adoption of that buyback, or just would like to get your thoughts on that.

這是我們應該繼續在模型中考慮的因素，只是穩定地持續採用回購，還是只是想了解您對此的想法。

Thank you.

謝謝。

We had a little over half a billion dollars in buybacks embedded in the guidance we gave you on the share count back in August, and so we'll see how that plays out.

我們在 8 月向您提供的有關股票計數的指導中嵌入了略多於 5 億美元的回購，因此我們將看看結果如何。

We executed in Q1 against that plan, but we'll see how it plays out.

我們在第一季執行了該計劃，但我們將看看它的效果如何。

It depends on what other uses we have for our cash, and what other opportunities we have in the marketplace.

這取決於我們的現金還有哪些其他用途，以及我們在市場上有哪些其他機會。

So I feel comfortable with the reduction in share count we've guided for 2015.

因此，我對 2015 年指導的股份數量減少感到滿意。

We'll see if there are opportunities to go beyond that.

我們將看看是否有機會超越這一點。

Great, thanks.

萬分感謝。

Thank you.

謝謝。

Our next question comes from Sterling Auty from JPMorgan.

我們的下一個問題來自摩根大通的斯特林·奧蒂。

Two questions here on QuickBooks Online.

關於 QuickBooks Online 有兩個問題。

You mentioned in the prepared remarks that you're already marketing the solution to the Desktop users that are ready.

您在準備好的評論中提到，您已經向準備好的桌面用戶推銷該解決方案。

Can you just talk us through a little bit more color, how you're reaching out and marketing to them And remind us, I think you talked about 70% of them are probably able to make the switch, so how should we think about you increasing that marketing as you can reach out to, when 100% are ready to make the switch?

你能告訴我們更多的顏色，你如何接觸和行銷他們並提醒我們，我認為你談到他們中的 70% 可能能夠做出轉變，所以我們應該如何看待你當100% 的人準備好進行轉變時，您可以擴大行銷力道嗎？

Sterling, it's Brad.

史特林，是布拉德。

First of all, we're continuing to reach out to our Desktop customers through both their accountant, who is the most trusted advisor, because we find one out of two decisions are actually directed by the accountant, so we've been working with them, with the new QuickBooks Online for Accountants.

首先，我們將繼續透過他們的會計師（他們是最值得信賴的顧問）與桌面客戶聯繫，因為我們發現二分之一的決定實際上是由會計師指導的，所以我們一直在與他們合作，以及新的QuickBooks Online for Accountants。

We have a very compelling Pro Advisor program that gives them incentives to help them get their clients over to the cloud.

我們有一個非常引人注目的專業顧問計劃，該計劃可以激勵他們幫助他們的客戶轉向雲端。

Of course the other thing we've been doing is, we've been directly marketing to our own customer base and we do that through both direct response, as well as in the product, and we're getting really good receptivity.

當然，我們一直在做的另一件事是，我們一直在直接向我們自己的客戶群進行行銷，我們透過直接回應以及產品來做到這一點，並且我們獲得了非常好的接受度。

In terms of the actual number of customers who can migrate now, our goal is to have as many as 70% by the end of this fiscal year.

就現在可以遷移的實際客戶數量而言，我們的目標是在本財政年度結束時達到 70%。

Right now it's more in the neighborhood of about a third.

目前，這一比例約為三分之一。

A third of the customers could move over.

三分之一的顧客可能會搬過去。

And what we're doing to close that gap is basically closing out some feature functionality things that they are used to having in Desktop like advanced inventory, job costing, sales form customization, and then the other thing we're doing is we're just making the migration process seamless for them, not only for accounting, but also for Payroll and Payments.

我們正在做的事情來縮小這一差距基本上是關閉他們習慣在桌面上擁有的一些功能，例如高級庫存，工作成本核算，銷售表格定制，然後我們正在做的另一件事是我們只是讓他們的遷移過程變得無縫，不僅適用於會計，還適用於薪資和付款。

So when you put it together, we're working with the accountant to get them comfortable and encourage them to recommend.

因此，當你把它們放在一起時，我們正在與會計師合作，讓他們感到舒適並鼓勵他們推薦。

We're directly marketing to the customer base through direct response, and in the product, and then we're also closing out those remaining feature gaps so that more of those customers can make that move.

我們透過直接回應和產品直接向客戶群進行行銷，然後我們也縮小了剩餘的功能差距，以便更多的客戶能夠採取行動。

And then the follow-up is, when we look at the subscriber additions throughout the fiscal year, how should we think about the seasonality, meaning which of the quarters are naturally going to see probably stronger subscriber growth versus others?

接下來的問題是，當我們查看整個財年的訂戶增加情況時，我們應該如何考慮季節性，這意味著哪些季度自然會看到比其他季度更強勁的訂戶成長？

Yes, so what we're saying still is there's a natural time frame in the first of the calendar year where many small businesses will consider making a switch, or many accountants figure that's a good time to get their client to start something new.

是的，所以我們仍然要說的是，在日曆年的第一天，有一個自然的時間框架，許多小型企業會考慮進行轉換，或者許多會計師認為這是讓他們的客戶開始新事物的好時機。

But when you start thinking about small businesses overall, a lot of that behavior was shaped from the fact that we were Desktop software, and we used to send a new version out on Black Friday, and then, ultimately people would start to make the switch in the new calendar year.

但是，當您開始整體考慮小型企業時，許多行為都是由於我們是桌面軟體這一事實而形成的，我們過去常常在黑色星期五發布新版本，然後，最終人們會開始做出轉變在新的歷年裡。

So there isn't as much seasonality in the cloud as there was in Desktop, but there is still this first of the year phenomenon, so you will see more customers start to consider that switch in the January time frame.

因此，雲端中的季節性不如桌面中的季節性，但仍然存在新年現象，因此您會看到更多的客戶開始考慮在一月份的時間範圍內進行切換。

But you're going to start to see a little more easing out over four quarters versus what we used to experience in the Desktop.

但與我們過去在桌面上經歷的情況相比，您將開始在四個季度中看到更多的緩解。

Great, thank you.

太好了謝謝。

Thank you.

謝謝。

Our next question comes from Kash Rangan from Merrill Lynch.

我們的下一個問題來自美林證券的 Kash Rangan。

Hi, my goal is to ensure that I'm not asking a strong question on the Intuit call, so--

你好，我的目標是確保我不會在 Intuit 電話會議上提出強烈的問題，所以——

Kash, we'll take any question you want to ask.

卡什，我們會回答你想問的任何問題。

I'll ask a question on Autodesk on your call.

我將在您的通話中詢問有關 Autodesk 的問題。

I'm kidding.

我在開玩笑。

With respect to your QBO, obviously nice start in the quarter.

就 QBO 而言，本季的開局顯然不錯。

Can you give us a sense, Brad and Neil, of the new QBO subscribers that you brought on board?

Brad 和 Neil，可以為我們介紹一下您帶來的新 QBO 訂閱者嗎？

What attach rate did you experience for Payments and Payroll and how do you compare the trend in recent quarters?

您的付款和薪資附加率是多少？您如何比較最近幾季的趨勢？

And I'm also curious to get your perspective on as a result of getting this first quarter out of the way, how much more incrementally confident are you in the 2 million sub goal, and the associated attach metrics for Payroll and Payments?

我也很想知道您對第一季的進展有何看法，您對 200 萬個子目標以及薪資和付款的相關附加指標的信心有多大？

Thank you.

謝謝。

Okay, Kash, happy to do that.

好的，卡什，很高興這樣做。

This is Brad.

這是布拉德.

So first and foremost, we're really excited with the momentum in QuickBooks Online, in terms of subscriber growth.

首先，我們對 QuickBooks Online 的訂戶成長動能感到非常興奮。

We had anticipated a neighborhood of 715,000 for the quarter, as you know, we provided that guidance.

如您所知，我們預計本季的社區人口將達到 715,000 人，我們提供了這項指導。

We closed the quarter in the neighborhood of 739,000, so we're ahead on subscriber growth.

本季結束時，我們的用戶數量約為 739,000 人，因此我們在用戶成長方面處於領先地位。

Perhaps what's equally, if not more, exciting is the attach rates for new users.

也許同樣（如果不是更）令人興奮的是新用戶的附加率。

In terms of the actual payments attach rate, it was 12% for new users.

從實際付費率來看，新用戶為12%。

That's up from 6% a year ago.

這比一年前的 6% 有所上升。

And for payroll attach rate it's 31% for new users, and that's up from 20% a year ago.

新用戶的薪資附加率為 31%，高於一年前的 20%。

So not only are the subscriber base growing faster than we had forecasted, but the attach rates are much healthier than they were 12 months ago.

因此，不僅訂戶基數成長速度快於我們的預測，而且附加率也比 12 個月前健康得多。

In terms of confidence, you might imagine that gives us continuing and increasing confidence, and the guidance that we provided, both for this year, as well as over the next three years.

就信心而言，您可能會認為這給了我們持續不斷的信心，以及我們為今年以及未來三年提供的指導。

We also readily admit we're one quarter into this journey, so there's still a lot of game and a lot of time left on the clock, but if we keep this momentum up, we're feeling very good.

我們也承認我們已經進入了這趟旅程的四分之一，所以還有很多比賽和時間，但如果我們保持這種勢頭，我們感覺非常好。

Great, and if I could, you don't have to answer it if there's no answer, but what are the things that you are watching and we should be watching that will give you confidence to alter your longer-term outlook?

太好了，如果我可以的話，如果沒有答案，你就不必回答它，但是你正在關注的、我們應該關注的事情有哪些會讓你有信心改變你的長期前景呢？

I think you have a goalpost of about 2 million QBO subs.

我認為你們的目標是大約 200 萬 QBO 訂閱者。

What are the things you're looking for qualitatively, quantitatively, that would help you revisit that number?

您在定性、定量上尋找哪些東西可以幫助您重新審視該數字？

That's it for me, thank you.

對我來說就是這樣，謝謝。

Kash, this is Neil.

卡什，這是尼爾。

Probably the best thing we can do is just continue to post good increases quarter after quarter, and we've talked about a guidance of 800,000 subscribers by the end of Q2, which would put us right on track for the guidance we've given for this full year.

也許我們能做的最好的事情就是繼續一個又一個季度地實現良好的增長，我們已經討論過到第二季度末訂閱者數量達到800,000 的指導，這將使我們走上我們給出的指導的正軌這一整年。

So one of the great things about monitoring this quarter by quarter is, we'll be able to see, and you'll be able to see as well, if we're trending to the guidance and the outlook that we gave for 2015, as well as for 2017, so we really can't point to anything beyond that.

因此，逐季監測的一大好處是，我們將能夠看到，您也將能夠看到，我們是否趨向於我們為 2015 年提供的指導和前景，以及2017 年，所以我們真的無法指出除此之外的任何內容。

Thank you.

謝謝。

Our next question comes from Jennifer Lowe from Morgan Stanley.

我們的下一個問題來自摩根士丹利的珍妮佛洛。

Great, thank you.

太好了謝謝。

I wanted to double back a little bit on the comment that around a third of the base is now potentially primed to move over to QuickBooks Online, and you'd like to see that go to 70% by the end of this year.

我想重申這樣的評論：大約三分之一的用戶現在可能準備好轉向 QuickBooks Online，並且您希望看到這一比例到今年年底達到 70%。

As you think of those customers in the Desktop base that have the potential to move to QuickBooks Online, what are the things preventing that from happening right now?

當您想到桌面基礎上的那些有可能遷移到 QuickBooks Online 的客戶時，目前有哪些因素阻止這種情況發生？

Is it just the change management around moving to a new solution?

只是圍繞遷移到新解決方案的變更管理嗎？

Is it price?

是價格嗎？

How do you think about those blockers, and what you can do to get people past them?

您如何看待這些障礙？您可以採取哪些措施讓人們通過它們？

Yes, Jennifer, it's Brad.

是的，珍妮佛，是布萊德。

First of all, I think the most important thing is we don't need to get that customer base to move over, if they are not comfortable.

首先，我認為最重要的是，如果客戶群感到不舒服，我們不需要讓他們搬走。

We're getting 75% of our customers new to the franchise, and that's really what we're about, is trying to increase the penetration into the total addressable market.

我們有 75% 的客戶是特許經營的新客戶，這就是我們的真正目的，即努力提高對整個目標市場的滲透率。

The migration of these customers is really based upon their comfort level, their accountant's comfort level, and us having the product ready to the point where they can move over and not lose any important functionality.

這些客戶的遷移實際上取決於他們的舒適度、會計師的舒適度以及我們是否已準備好產品，使他們可以遷移而不會失去任何重要功能。

So what's really today slowing that migration is the fact that we still have some areas like inventory, job costing, some sales forms customization that some of these customers want to have, and so we need to make sure we have that built out and in a place where they are going to feel comfortable moving over.

因此，今天真正減緩遷移的事實是，我們仍然有一些領域，如庫存、作業成本核算、一些銷售表格定制，這些客戶中的一些人希望擁有這些，因此我們需要確保我們已經建立並建立了這些領域。他們搬過去會感到舒服的地方。

The second thing is just making the migration process seamless.

第二件事是讓遷移過程變得無縫。

We have a three clicks, three minutes conversion of your data from Small Business Accounting, but at the same time, we have to make that just as easy to move your Payments and Payroll data.

我們只需點擊三下滑鼠，三分鐘即可轉換來自小型企業會計的數據，但同時，我們必須讓您的付款和薪資數據的移動變得同樣容易。

And so we've been working on that, and it's a combination of the features, as well as having that migration process mapped out.

因此，我們一直在努力解決這個問題，它是功能的組合，以及規劃的遷移過程。

For us, the big juice is the accountant, and the accountant is increasingly excited about QuickBooks Online for their clients, and now that we've rolled out the new version of QuickBooks Online for the accountant, which we unveiled at QuickBooks Connect, we are seeing a much more excited and enthusiastic accountant base wanting to get their clients over to the cloud.

對我們來說，最重要的是會計師，會計師對為其客戶提供的 QuickBooks Online 越來越感到興奮，現在我們已經為會計師推出了新版本的 QuickBooks Online（我們在 QuickBooks Connect 上推出），我們看到更興奮和熱情的會計師群希望讓他們的客戶轉向雲端。

So it's those things that are really going to help these customers migrate.

因此，正是這些東西真正能夠幫助這些客戶遷移。

Keep in mind though, we're agnostic, whether they stay in QuickBooks Desktop or move to QuickBooks Online, it's all goodness for us, and we're ultimately trying to just increase the penetration into the total addressable market.

但請記住，我們是不可知論者，無論他們留在 QuickBooks Desktop 還是遷移到 QuickBooks Online，這對我們來說都是好事，我們最終只是想提高對整個潛在市場的滲透率。

And then just one last one for me.

然後是我的最後一件事。

I think Neil, in your prepared remarks, you mentioned that in FY15 there would be some experimentation with the QuickBooks line-up, and with pricing, to try and maximize adoption.

我認為 Neil，在您準備好的發言中提到，在 2015 財年，將會對 QuickBooks 系列和定價進行一些實驗，以嘗試最大限度地提高採用率。

Can you just provide a little bit more color there, whether that's relevant to new users, existing users, both, how should we think about what potentially could play out?

您能否提供更多的顏色，無論這是否與新用戶、現有用戶或兩者有關，我們應該如何考慮可能會發生什麼？

Sure, Jennifer.

當然，珍妮佛。

Some of this, you've already seen.

其中一些，您已經看過了。

We raised the price of Desktop when the new release came out this year, to rebalance the price-value equation, and as Brad said, make us agnostic as to which product the customer chooses.

今年新版本發佈時，我們提高了桌面版的價格，以重新平衡價格與價值等式，正如布拉德所說，讓我們不知道客戶選擇哪種產品。

We introduced QuickBooks Online Self-Employed, which is a simpler, less expensive version to add to the line-up, and we're testing the way we present those choices to customers in the line-up.

我們推出了 QuickBooks Online Self-Employed，這是一個更簡單、更便宜的版本，可以添加到產品陣容中，我們正在測試向產品陣容中的客戶提供這些選擇的方式。

And one of the beautiful things about online is you can do a lot of A/B testing to determine what resonates with the customers most.

在線的美妙之處之一是您可以進行大量 A/B 測試，以確定什麼最能引起客戶的共鳴。

And I expect we'll continue to experiment with that, with our promotional strategy, and things like that throughout the year, to determine what's the right equilibrium for customers.

我預計我們將繼續透過全年的促銷策略以及類似的事情進行試驗，以確定對客戶來說正確的平衡。

And we certainly don't want the price value equation to be a barrier for someone to convert to QuickBooks Online.

我們當然不希望價格價值等式成為人們轉向 QuickBooks Online 的障礙。

So those are a couple things out in the market already, and I think we'll continue to experiment with things like that as the year goes on.

這些都是市場上已經出現的一些東西，我認為隨著時間的推移，我們將繼續嘗試類似的東西。

Okay, thank you.

好的謝謝。

Thank you.

謝謝。

Our next question comes from Greg Dunham from Goldman Sachs.

我們的下一個問題來自高盛的格雷格鄧納姆。

Frank Robinson on for Greg Dunham.

弗蘭克羅賓遜 (Frank Robinson) 換下格雷格鄧納姆 (Greg Dunham)。

The QuickBooks Desktop unit sales declined 23%, much more meaningfully than the 10%, 11% from last year and last quarter.

QuickBooks 桌面版銷量下降了 23%，比去年和上季度的 10%、11% 下降幅度要大得多。

What are your thoughts or expectations for that going forward?

您對此有何想法或期望？

Yes, Frank it's Brad.

是的，法蘭克，這是布拉德。

First of all, the Desktop decline for the outright sales, the people who purchased it, and just have a three-year license was in the zip code of what we expected.

首先，桌上型電腦的直接銷售量下降，購買它的人以及只有三年期許可證的人符合我們的預期。

We expected a decline of 20% to 25%.

我們預計將下降 20% 至 25%。

What you also have to look at on the fact sheet is the number of people signing up for QuickBooks Desktop subscriptions, and when you add in that growth of people who have moved off of an outright sale to subscriptions, and then you also add in the Desktop sales, the total base on QuickBooks Desktop is only down about 2%.

您還必須在情況說明書上查看註冊 QuickBooks Desktop 訂閱的人數，當您添加從直接銷售轉向訂閱的人數增長時，您還添加了桌上型電腦銷量方面，QuickBooks Desktop 的總基數僅下降了約 2%。

And so net-net, it's where we expected it to be, 20% ti 25% is what we anticipated on the outright sales.

所以淨淨，這就是我們預期的情況，20% 到 25% 是我們對直接銷售額的預期。

We saw the migration moving to subscriptions and/or to the cloud version of the product, so we're right where we thought we would be in terms of the Desktop performance.

我們看到了向訂閱和/或雲端版本產品的遷移，因此我們在桌面效能方面處於我們預期的位置。

Great, thanks.

萬分感謝。

Thank you.

謝謝。

Our next question comes from Brad Zelnick from Jefferies.

我們的下一個問題來自 Jefferies 的 Brad Zelnick。

Thank you.

謝謝。

This is Yun Kim for Brad.

這是布萊德的金允。

Again, very strong QBO subscriber number, Brad.

Brad，QBO 的訂閱者數量再次非常強勁。

Another strong quarter of attach rate improvement for new QBO subs, which to me indicates that the quality of new subs was pretty strong.

新 QBO 潛艇的附著率又一個強勁的季度改善，對我來說，這表明新潛艇的品質相當強。

Would we ever see a case, or are you willing to accelerate subscriber adds, that may be of lower quality, and may not result in attach improvement?

我們是否會遇到這樣的情況，或者您是否願意加速訂閱者添加，但品質可能較低，並且可能不會導致附加改進？

And along that line, if the attach rate improvement is driven by Desktop QuickBooks transition, who may have a higher attach rate finance than the new QBO to the franchise?

沿著這條線，如果附加率的提高是由桌面 QuickBooks 過渡推動的，那麼誰可能比新的 QBO 擁有更高的附加率財務？

Could you just repeat the second part of your question?

您能重複一下您問題的第二部分嗎？

I missed that.

我錯過了。

Yes, sure.

是的，當然。

So I am assuming that the transition from Desktop to the Online have a higher attach rate than the people who are new to the QBO franchise.

因此，我假設從桌面版到線上版的過渡比 QBO 專營權的新手有更高的附加率。

Just wondering, how is that improvement, how are you actually addressing that attach rate, on when people are transitioning from Desktop to Online?

只是想知道，當人們從桌面過渡到線上時，這種改進是如何的，您實際上是如何解決附加率的？

Got it.

知道了。

Okay, thank you, Yun.

好的，謝謝雲。

So first of all, the quality of the new subs, the QuickBooks Online is a very healthy, and we're excited about the lifetime value of those customers.

首先，新訂閱者 QuickBooks Online 的品質非常健康，我們對這些客戶的終身價值感到興奮。

We talked about the attach rates earlier for new users.

我們之前討論過新用戶的附加費率。

We are opening up the funnel increasingly in two ways.

我們正在透過兩種方式越來越多地開放管道。

One is, as we begin to move globally, we're reaching into countries where we don't yet have Payroll and Payment, so I think what you're going to see is an early stage where we may have a Small Business accounting customer, and then we'll work with partners to close the Payroll and Payments gaps, and then over time, we'll round that ecosystem out on our own.

一是，當我們開始走向全球時，我們正在進入那些還沒有工資和付款的國家，所以我認為您將看到的是我們可能擁有小型企業會計客戶的早期階段，然後我們將與合作夥伴合作，縮小薪資和付款方面的差距，然後隨著時間的推移，我們將自行完善該生態系統。

In fact, the two acquisitions we did in the first quarter this year were both global acquisitions.

事實上，我們今年第一季做的兩筆收購都是全球性的收購案。

And so one of them was actually a payroll provider in the UK, so that's one of the things you'll see, in terms of what you categorized as maybe a lower-quality customer for attach.

其中之一實際上是英國的薪資提供者，因此這是您將看到的事情之一，就您將其歸類為可能較低品質的附加客戶而言。

We actually don't view it as a lower quality.

我們實際上並不認為它的品質較低。

We simply view it as an earlier-stage customer, or an earlier market for us, where we're still building out the ecosystem.

我們只是將其視為早期客戶，或我們的早期市場，我們仍在建立生態系統。

The other way that you'll see the attach rate potentially getting impacted is we go after QuickBooks Self-Employed.

您會發現附加率可能受到影響的另一種方式是我們追隨 QuickBooks 自營工作者。

These are customers who today don't believe they are big enough to need a Small Business accounting product, but they do need to separate their personal from their business expense, and then come tax time, be able to send that data to TurboTax or to an accountant to be able to file a Schedule C. And so they may not have payroll needs, because they are a sole proprietor, and they probably do need Payments, but they may not have the same lifetime value.

這些客戶今天認為自己的規模還不夠大，不需要小型企業會計產品，但他們確實需要將個人支出與業務支出分開，然後到了報稅時間，能夠將這些數據發送到 TurboTax 或因此，他們可能沒有工資需求，因為他們是獨資經營者，而且他們可能確實需要付款，但他們可能沒有相同的終身價值。

So those are the two things you'll see ultimately impact how big the funnel is, and what the attach rates will be over time.

因此，您將看到這兩件事最終會影響漏斗的大小以及隨著時間的推移附加率的變化。

Desktop to Online, you're absolutely correct.

從桌面到在線，你是完全正確的。

We expect those attach rates from Desktop customers moving over, they tend to be more established, those should be healthier attach rates on things like Payroll and Payments, and so we're excited as more customers get comfortable moving to the cloud, that's only a tail wind for us.

我們預計桌面客戶的附加費率會轉移，他們往往會更加成熟，在工資和支付等方面的附加費率應該會更健康，因此，隨著越來越多的客戶願意遷移到雲，我們感到很興奮，這只是一個我們的順風。

Okay, great and then just the same attach rate question.

好的，很好，然後就是同樣的附加率問題。

What was the improvement, if any, for the existing QBO install base?

對於現有的 QBO 安裝基礎來說，有哪些改進（如果有）？

Well, we track that in terms of total penetration into the base, and Payroll is now at about 19% penetration, and it was from a base of 16% penetration a year ago, so that's 300 basis points, which is pretty healthy against a total base.

嗯，我們追蹤了總滲透率的基礎情況，薪資現在的滲透率約為 19%，而一年前的滲透率為 16%，所以這是 300 個基點，這相對於總基數。

And Payments is now about 5%, and that's up from about 3% penetration a year ago.

支付現在的滲透率約為 5%，高於一年前約 3% 的滲透率。

So once again, almost double.

所以再一次，幾乎翻了一番。

So the total base is benefiting here, as well.

因此，整個基地也從中受益。

Okay, great.

好的，太好了。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Our next question comes from Jim Macdonald from First Analysis.

我們的下一個問題來自 First Analysis 的 Jim Macdonald。

You talked about the QuickBooks Desktop price.

您談到了 QuickBooks Desktop 的價格。

Any other price built into your assumptions for this year?

您對今年的假設還有其他價格嗎？

Jim, in Small Business or across the Company or?

吉姆，在小型企業還是整個公司？

Well I know you probably don't want to talk about tax too much.

好吧，我知道您可能不想過多談論稅收。

Mostly Small Business.

主要是小型企業。

Obviously our pricing strategy is what we call pricing for value, so on the lower end of the market, we often start with free, or we introduce new products, things like QuickBooks Self-Employed, which are a little more affordably priced.

顯然，我們的定價策略就是所謂的價值定價，因此在低階市場，我們通常從免費開始，或是推出新產品，例如 QuickBooks Self-Employed，價格更實惠一些。

And then on the higher end of the market, we'll look for opportunity to take price increase, and you've seen us do some of that with QuickBooks Enterprise, including moving to subscription versions of QuickBooks Enterprise.

然後在高端市場，我們將尋找機會提高價格，您已經看到我們在 QuickBooks Enterprise 上做了一些這樣的事情，包括轉向 QuickBooks Enterprise 的訂閱版本。

In Payroll, we introduced a new pricing philosophy, which basically the pay by employee, so the number of employees, you actually have a charge for each employee you add, and it gives us a little pricing leverage as well.

在薪資方面，我們引入了一種新的定價理念，基本上是按員工支付工資，因此員工數量，實際上為您添加的每位員工收取費用，這也給了我們一點定價槓桿。

But by and large, there hasn't been a fundamental change in our pricing strategy.

但總的來說，我們的定價策略並沒有根本性的改變。

It's price for value, stay really competitive on the low end, make sure that we're disruptive, but taking value on the high end.

這是物有所值的價格，在低端市場保持真正的競爭力，確保我們具有顛覆性，但在高端市場中獲取價值。

Great.

偉大的。

As a follow-up, I think you've said in your remarks that your full service payroll doubled or nearly doubled.

作為後續行動，我認為您在演講中說過，您的全方位服務工資增加了一倍或接近一倍。

Maybe you could talk a little more about that?

也許你可以多談談這個？

Yes, it did.

是的，它確實。

As you know, that is an exciting product for us, that we introduced a couple years ago.

如您所知，這對我們來說是一個令人興奮的產品，我們幾年前推出了。

It's still early days, the subscriber base continues to build up.

現在還處於早期階段，訂戶群仍在不斷擴大。

We're roughly now about 25,000 active customers in full service payroll.

目前，我們擁有約 25,000 名提供全方位服務的活躍客戶。

We just introduced the ability now to also sell it to QuickBooks Online customers, so there's seamless integration between QuickBooks Online, which we think is really going to be an accelerant for this business.

我們現在剛剛推出了將其出售給 QuickBooks Online 客戶的功能，因此 QuickBooks Online 之間存在無縫集成，我們認為這確實會成為這項業務的促進劑。

It's priced about a third cheaper than the payroll outsourcers, and yet provides the same value and benefit in terms of protecting you against any errors, and so this is an exciting product for us, and we think there's nothing but upside in this full-service Payroll product.

它的價格比薪資外包商便宜約三分之一，但在保護您免受任何錯誤方面提供相同的價值和好處，因此這對我們來說是一個令人興奮的產品，我們認為這種全方位服務除了優點之外別無他物薪資產品。

Great.

偉大的。

Thanks a lot.

多謝。

Thank you.

謝謝。

Our next question comes from Scott Schneeberger from Oppenheimer.

我們的下一個問題來自奧本海默的斯科特·施尼伯格。

Thanks, good afternoon.

謝謝，下午好。

Neil--

尼爾——

Scott, we lost you buddy.

史考特，我們失去了你，老兄。

Sir if you have your phone on mute, unmute your phone, please.

先生，如果您的手機處於靜音狀態，請取消手機靜音。

Our next question comes from Ross McMillan from RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的羅斯·麥克米倫。

Thanks a lot, and apologies for my voice.

非常感謝，並對我的聲音表示歉意。

I've got a cold, so hopefully you can hear me.

我感冒了，希望你聽得到我的聲音。

I had a question, just going back to attach.

我有一個問題，只是回去附加。

I think what you're saying is that your QBO, that cohort of new customers, actually now not only has a higher attach across Payroll and Payments relative to last year, but I think higher than the aggregate base across the entire QuickBooks install base, including Desktop users.

我認為你的意思是，你的 QBO，即這批新客戶，實際上現在不僅在工資和付款方面比去年有更高的附加價值，而且我認為高於整個 QuickBooks 安裝基礎的總基數，包括桌面用戶。

So I guess just, if that's true, which I think is true, what is your expectation for how that evolves?

所以我想，如果這是真的，我認為這是真的，你對事情的發展有何期望？

Do you think that there's going to be a shift back, so that the QBO customers in aggregate will have maybe a lower attach than that cohort in the future?

您是否認為這種情況會發生逆轉，從而使 QBO 客戶的整體黏性在未來可能會低於該群體？

Just maybe help me understand how you expect that to evolve, that would be helpful, thanks.

也許可以幫助我了解您期望如何發展，這會很有幫助，謝謝。

Yes, Ross, so first of all, your hypothesis is true.

是的，羅斯，所以首先，你的假設是正確的。

Not only are the cohorts attaching at a higher rate than prior QuickBooks Online, they are also attaching at a higher rate than Desktop.

這些群組的附加率不僅高於先前的 QuickBooks Online，而且也高於桌面版。

And this has been the thesis we've had all along.

這是我們一直以來的論點。

It's much easier to sell additional services in the cloud than it is in a Desktop product.

在雲端銷售附加服務比在桌面產品中銷售要容易得多。

It's just a seamless part of the experience.

這只是體驗的無縫部分。

It's built into the workflow.

它內建於工作流程中。

And we've often said that we felt that we were not anywhere near the total potential of selling additional services to our install base.

我們經常說，我們認為我們還沒有充分發揮向安裝基礎銷售附加服務的全部潛力。

It was a matter of execution and making it seamless for customers.

這是一個執行的問題，並為客戶提供無縫服務。

So just think about Payroll today.

所以今天就想想薪水吧。

In the Small Business base of QuickBooks Desktop customers, of the 4 million, roughly 2.5 million of them actually have employees and pay a payroll service, and today we only have about a million of then as customers, so we never reached our full potential in Desktop.

在 QuickBooks Desktop 客戶的小型企業基礎中，在 400 萬客戶中，大約有 250 萬實際上擁有員工並支付工資服務，而今天我們只有大約 100 萬客戶，因此我們從未充分發揮我們的潛力桌面。

When it transfers to the cloud, it makes it a lot easier for us to introduce them to additional services.

當它轉移到雲端時，我們可以更輕鬆地向他們介紹其他服務。

Same thing goes on with Payments.

支付也發生同樣的情況。

One out of two small businesses are accepting credit and debit cards today.

如今，有二分之一的小型企業接受信用卡和金融卡。

We had single digit penetration as we moved to the cloud.

當我們遷移到雲端時，我們的滲透率只有個位數。

We think it's a real opportunity for us to really increase that penetration.

我們認為這對我們來說是一個真正提高滲透率的機會。

So there's upside here, and I think you're going to continue to see these numbers outperform the base, as well as improve in terms of the cohorts.

所以這裡有好處，我認為你將繼續看到這些數字跑贏基礎，並且在群體方面有所改善。

That's very helpful.

這非常有幫助。

Just a quick follow-up on aggregate QuickBooks customer growth.

只是對 QuickBooks 客戶整體成長的快速跟進。

I know you said 22%, but it's a bit of a funky number because it includes perpetual units in period and subscribers, which is obviously a growing pool of users.

我知道你說的是 22%，但這個數字有點奇怪，因為它包括期間內的永久單位和訂閱者，這顯然是一個不斷增長的用戶群。

My adjustments suggest something around 5% growth, if I annualize the perpetual units, and I think that's more in keeping with the 6% you saw last year.

如果我將永續單位按年計算，我的調整建議成長率約為 5%，我認為這與去年看到的 6% 更相符。

So I guess my question is, what are your views on total QuickBooks customer growth?

所以我想我的問題是，您對 QuickBooks 客戶整體成長有何看法？

Are we likely to see that total pool of customers continue to grow, and do you think it could actually even accelerate from the 6%?

我們是否有可能看到客戶總數繼續增長？您認為它實際上可能會從 6% 加速成長嗎？

Thanks.

謝謝。

Yes, so Ross, I'll tell you I think first of all, as you did the math, you're in the zip code of what we're seeing too.

是的，所以羅斯，我會告訴你，我認為首先，正如你所做的數學計算一樣，你也在我們所看到的郵政編碼中。

So when you make all of the adjustments, that's pretty much in the zip code of where we are.

因此，當您進行所有調整時，這幾乎就在我們所在位置的郵遞區號中。

And we do think that will continue to grow over time.

我們確實認為隨著時間的推移，這一數字將繼續增長。

As we introduce QuickBooks Online to a whole new base of customers, and three out of four are new to the Intuit franchise, it's going to deepen our penetration into our existing markets.

當我們向全新的客戶群推出 QuickBooks Online 時，四分之三的客戶都是 Intuit 特許經營商的新客戶，這將加深我們對現有市場的滲透。

And as we introduce QuickBooks Online in new countries, that introduces new opportunities for us to grow the customer base.

隨著我們在新的國家推出 QuickBooks Online，這為我們擴大客戶群帶來了新的機會。

But right now, in terms of the aggregate number that you talked about, that's the way we're viewing it, and we think there's only upside potential there.

但現在，就你談到的總數而言，這就是我們看待它的方式，我們認為那裡只有上升潛力。

Great and maybe one very quick short last one on tax.

太棒了，也許是最後一篇關於稅收的非常快速的文章。

Just curious.

只是好奇。

Do you have any view as to whether the additional forum surrounding ACA this year could have an influence on the timing of when parts of the filer base might actually file, thinking that it could create even more delays for a portion of the filer base.

對於今年圍繞 ACA 的額外論壇是否會影響部分申報人實際提交申請的時間，您是否有任何看法，認為這可能會為部分申報人造成更多延遲。

What are your thoughts around that?

您對此有何想法？

Thanks.

謝謝。

Yes, Ross, I think this is one we're going to have to wait and see how the consumer behavior plays out.

是的，羅斯，我認為我們必須等待，看看消費者行為如何發揮作用。

Obviously, we feel very good as we're heading into season, with what our team has been able to achieve, and what we've tested over the summer.

顯然，隨著我們進入賽季，我們感覺非常好，我們的團隊已經取得了成就，我們在夏天也進行了測試。

For the majority of our customers, the only thing they will have to do is check a box to be compliant with ACA.

對於我們的大多數客戶來說，他們唯一要做的就是選中一個複選框以符合 ACA。

And then for those who actually have the Form 8962 we've turned that into a simple interview-like question, just like we do in TurboTax and we think we're going to make that pretty simple, as well.

然後，對於那些真正擁有 8962 表格的人，我們將其變成一個簡單的類似面試的問題，就像我們在 TurboTax 中所做的那樣，我們認為我們也會讓這個問題變得非常簡單。

Now whether or not someone sits at home and waits to file because they're trying to process the healthcare implications, is something no one knows.

現在，沒人知道是否有人因為試圖處理醫療保健影響而坐在家裡等待提交文件。

We're just going to have to wait and see, but we haven't seen any behavior so far that tells us that's a guarantee.

我們只能拭目以待，但到目前為止，我們還沒有看到任何行為表明這是一個保證。

Great, thanks again and congrats on the numbers.

太好了，再次感謝並祝賀這些數字。

Our next question comes from Scott Schneeberger from Oppenheimer.

我們的下一個問題來自奧本海默的斯科特·施尼伯格。

Hope you can hear me this time.

希望這次你能聽到我的聲音。

I'm going to ask two questions up front, just so I don't before I get dropped.

我要先問兩個問題，這樣我就不會在被拒絕之前問了。

I know I'm in a bad spot.

我知道我的處境很糟。

First one, Neil, I know retention is very important to QuickBooks Online over the long term.

首先，Neil，我知道從長遠來看，保留率對於 QuickBooks Online 非常重要。

If you could just elaborate on that and how things are going near term, just any comments on retention rate.

如果您能詳細說明這一點以及近期的進展情況，請對保留率發表任何評論。

And then the second question is, just progress on your Check acquisition from earlier this year, and you gave a little color on one of the two acquisitions you made in the quarter, maybe discuss the other one please, thanks.

第二個問題是，從今年稍早開始，您對 Check 的收購取得了進展，您對本季度進行的兩項收購中的一項進行了一些說明，也許可以討論另一項，謝謝。

Do you want to talk about QBO retention and I'll take Check?

你想談談 QBO 保留問題嗎？我會選擇 Check 嗎？

You're right, Scott.

你是對的，斯科特。

Retention is probably one of the biggest levers we have to improve the lifetime value of QuickBooks Online long term; that's one of the things we are critically focused on.

保留率可能是我們長期提高 QuickBooks Online 生命週期價值的最大槓桿之一；這是我們非常關注的事情之一。

We were really pleased with our retention numbers for Q1, and we're looking hard to see what we can do to increase and improve that, as we move throughout the year.

我們對第一季的留存人數感到非常滿意，隨著我們全年的發展，我們正在努力尋找可以採取哪些措施來增加和改善這一數字。

There are a number of things, from the quality of the release when it goes out, to our care experience, to the agents, and we've talked about it back in August that we've moved a lot of our care resources back onshore.

有很多事情，從發佈時的質量，到我們的護理體驗，到代理商，我們在八月份就已經討論過，我們已經將很多護理資源移回了岸上。

We think it's a critical part to ensuring customers who are using QBO get the benefits and experience they expect when they subscribe, and keeping them in the franchise.

我們認為，這是確保使用 QBO 的客戶在訂閱時獲得他們期望的好處和體驗並保持他們的特許經營權的關鍵部分。

And as you well know it's much easier to drive engagement and to be connected to those customers when they are using it online.

如您所知，當客戶在線上使用它時，提高參與度並與他們建立聯繫要容易得多。

So we like where retention started out in Q1.

所以我們喜歡第一季留存率的開始。

We think there's still opportunities to improve that, and we certainly want to keep it high.

我們認為仍有機會改進這一點，而且我們當然希望保持高水準。

And Scott it's Brad I'll take the Check acquisition.

史考特，布拉德，我將收購支票。

I was just in Israel visiting the team last week.

上週我剛在以色列拜訪了球隊。

Very excited about the opportunities here.

對這裡的機會感到非常興奮。

We have sequenced and prioritized the work they're taking on in the first year.

我們對他們在第一年所做的工作進行了排序和優先排序。

Any time you bring two companies together, there's new ways of working together you want to work through.

每當您將兩家公司合併在一起時，您都會希望採用新的合作方式。

So their number one priority right now is getting the check, bill pay capability built into Mint, renamed as Mint Bills, and they are also working with our Quicken base to do the same thing, and we have a team working in concert with QuickBooks Online, to begin to look at ways to facilitate payments between consumers and the small businesses who use QuickBooks Online.

因此，他們現在的首要任務是在 Mint 中內建支票、帳單支付功能，並將其重新命名為 Mint Bills，他們也在與我們的 Quicken 基地合作做同樣的事情，我們有一個團隊與 QuickBooks Online 合作，開始尋找促進消費者和使用QuickBooks Online 的小型企業之間付款的方法。

So those are their top three priorities, in that order.

因此，這些是他們的三大優先事項（按順序排列）。

In terms of the teams coming together and how the employees are feeling, they are very excited.

就團隊的聚集以及員工的感受而言，他們非常興奮。

They were energized to be a part of this process, and they see big opportunity ahead of them.

他們充滿活力地參與這一過程，並且看到了前方巨大的機會。

And so, we're pretty bullish right now on the Check opportunity.

因此，我們現在非常看好支票機會。

The other acquisition, Scott was a Company called KDK in India, and this is a company that does professional tax software in India.

另外一個收購，Scott是印度一家叫KDK的公司，這是一家在印度做專業稅務軟體的公司。

But the interesting thing about them to us is they have relationships with over 20,000 accountants in India, which as you know, is a key means for us to get deeper penetration with QuickBooks Online.

但對我們來說有趣的是，他們與印度 20,000 多名會計師有關係，正如您所知，這是我們深入滲透 QuickBooks Online 的關鍵手段。

So we're delighted with that.

所以我們對此感到很高興。

The team that came over from KDK is very engaged, very excited to be part of Intuit, and we're really just getting started but we're delighted with the ability to reach more accountants with QBO, and therefore small business customers through the accountant relationship.

來自 KDK 的團隊非常投入，非常高興能夠成為 Intuit 的一員，我們確實才剛開始，但我們很高興能夠透過 QBO 接觸到更多的會計師，因此透過會計師接觸到小型企業客戶關係。

Great.

偉大的。

Thanks very much.

非常感謝。

(Operator Instructions)

（操作員說明）

Our next question comes from Michael Millman from Millman Research.

我們的下一個問題來自米爾曼研究公司的邁克爾·米爾曼。

Thank you.

謝謝。

I'm following up on your discussion about during the summer, working with some of your tax clients regarding ACA, whether you get or can describe fear or no concern about doing it on the parts of at least those you spoke with.

我正在跟進您在夏季期間與您的一些稅務客戶就 ACA 進行合作的討論，無論您是否感到或可以描述至少在與您交談的人中對此感到恐懼或不擔心。

And in the last two years, could you tell us the percentage, or I guess repeat the percentage, of your new tax users that came from assisted?

在過去兩年中，您能否告訴我們來自援助的新稅務用戶的百分比，或者我想重複百分比？

Trying to get some notion of how important that is and whether that could be delayed because of ACA?

試圖了解這有多重要以及是否會因為 ACA 而被推遲？

Okay, Michael.

好吧，麥可。

First of all, in terms of the test over the Summer, what we found was a great sense of relief.

首先，就夏季的測試而言，我們發現有一種很大的輕鬆感。

While it's clearly something that sounds complicated on the surface, and many of our competitors are trying to make that more complicated and scary when they get in and find just how user friendly the tools are, like the Affordable Care Act Calculator, our TurboTax exemption check process, where you can go in for free and see whether or not you qualify for an exemption to the penalty, there's a tremendous sense of relief.

雖然這顯然是表面上聽起來很複雜的事情，但我們的許多競爭對手在進入並發現這些工具（例如平價醫療法案計算器、我們的TurboTax 豁免檢查）是多麼用戶友好時，都試圖讓事情變得更複雜和可怕。在這個過程中，你可以免費進入並查看你是否有資格獲得處罰豁免，這會讓你有一種巨大的解脫感。

And ultimately, as you know, about 100 million people visit TurboTax.com every year.

最終，如您所知，每年約有 1 億人造訪 TurboTax.com。

So we've got a large audience coming in, and I think we're able to break through that fear, uncertainty and doubt with very simple tools, and ways to help people understand this isn't as scary as some people would like you to believe.

所以我們有大量的觀眾進來，我認為我們能夠透過非常簡單的工具來突破恐懼、不確定性和懷疑，並幫助人們理解這並不像有些人希望的那樣可怕相信。

The second piece of it is, sorry?

第二部分是，抱歉？

You were asking about the share we took from assisted, Michael.

你問的是我們從受助者那裡獲得的份額，麥可。

Yes, go ahead.

好，去吧。

This is Matt.

這是馬特。

When we look at the category overall within software, we took a couple points of share.

當我們審視軟體的整體類別時，我們得到了幾點看法。

And as you can see, the software category grew about 5% last year, a little better, and assisted was roughly flat.

正如你所看到的，軟體類別去年增長了約 5%，稍好一些，而輔助則大致持平。

So we think we took share across-the-board, and we'll continue to.

因此，我們認為我們全面佔據了份額，而且我們將繼續這樣做。

One of the things we want to focus on is driving an experience online for our customers, that gives them the confidence to do it themselves, at about a quarter of the cost of going to assisted.

我們想要關注的事情之一是為我們的客戶提供線上體驗，讓他們有信心自己做，而費用約為尋求協助的四分之一。

So that will continue to be our focus.

因此，這將繼續是我們的重點。

Okay, so is it fair to say that you don't see those unassisted staying where they are because of some uncertainty?

好吧，那麼可以公平地說，您不會看到那些無人協助的人因為某些不確定性而留在原地嗎？

Michael, we don't believe that's the case.

邁克爾，我們不相信情況是這樣的。

We've shared before that when you look at, when Massachusetts introduced a similar concept years ago, there was no behavior change in terms of people wanting to stay entrenched, or even switch methods.

我們之前已經分享過，當你看到馬薩諸塞州幾年前引入類似的概念時，人們想要保持根深蒂固的態度，甚至改變方法，沒有任何行為改變。

We continue to see a shift towards do-it-yourself software there, and we believe that's going to continue to be the case here with the federal program of the Affordable Care Act.

我們繼續看到那裡向DIY軟體的轉變，我們相信《平價醫療法案》聯邦計劃的情況將繼續如此。

Great, thank you.

太好了謝謝。

Gentlemen I'm showing no further questions at this time.

先生們，我現在不會再提出任何問題。

Would you like to close with any additional remarks?

最後您想補充一些意見嗎？

Yes, Sayid, I would.

是的，薩伊德，我會的。

I just want to thank everybody for the questions today.

我只想感謝大家今天提出的問題。

We're off to a strong start, and we're clearly building momentum, and we're looking forward to our peak season, which is coming up in the next couple months.

我們有了一個良好的開端，並且顯然正在積蓄動力，我們期待未來幾個月即將到來的旺季。

We want to wish everybody a safe and happy holiday season, and hopefully we'll get the chance to speak with you soon.

我們祝福大家度過一個安全、快樂的假期，並希望我們很快就能有機會與您交談。

And with that we'll sign off, so thanks a lot.

我們就這樣結束了，非常感謝。

Ladies and gentlemen thank you for participating in today's conference.

女士們、先生們，感謝你們參加今天的會議。

This concludes today's conference call.

今天的電話會議到此結束。

You may disconnect and have a wonderful day.

您可能會斷開連接並度過美好的一天。