直覺電腦 (INTU) 2016 Q1 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 first-quarter FY16 conference call.

午安.我叫拉蒂夫，我將擔任本次會議的主持人。此時此刻，我謹代表 Intuit 公司歡迎各位參加 2016 財年第一季財報電話會議。

(Operator Instructions)

（操作說明）

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

接下來，我將把電話交給 Intuit 的投資者關係副總裁 Matt Rhodes。羅茲先生？

Thank you, very much. Good afternoon, everyone, and welcome to Intuit's first-quarter FY16 conference call. I'm here with Brad Smith, our President and CEO; and Neil Williams, our CFO.

非常感謝。各位下午好，歡迎參加 Intuit 2016 財年第一季電話會議。我今天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在一起。

Before we start, I'd like to remind everyone that our remarks will include forward-looking statements. There are a number of factors that could cause Intuit's results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for FY15, 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 statement.

在開始之前，我想提醒大家，我們的發言將包含前瞻性陳述。有許多因素可能導致 Intuit 的表現與我們的預期有重大差異。您可以查看我們今天下午早些時候發布的新聞稿、2015 財年的 10-K 表格以及我們向美國證券交易委員會提交的其他文件，以了解有關這些風險的更多資訊。所有這些文件都可以在 Intuit.com 網站的投資者關係頁面上找到。我們不承擔更新任何前瞻性聲明的義務。

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

本報告中的部分資料以非GAAP準則列示。我們在今天的新聞稿中對可比較的GAAP和非GAAP資料進行了核對。除非另有說明，否則所有成長率均指目前期間與去年同期相比的成長率，業務指標及相關成長率均指全球業務指標。

Also, all reported results and guidance, except GAAP EPS, exclude Demandforce, QuickBase, and Quicken, which have been declared held for sale and reclassified to discontinued operations. A copy of our prepared remarks and supplemental financial information will be available on our website after this call ends, and with all that, I'll turn the call over to Brad Smith.

此外，除 GAAP 每股盈餘外，所有已公佈的業績和指引均不包括 Demandforce、QuickBase 和 Quicken，這三家公司已被宣布持有待售並重新分類為終止經營業務。本次電話會議結束後，我們將在網站上提供我們準備好的演講稿和補充財務資訊。接下來，我將把電話會議交給布拉德史密斯。

All right. Thanks, Matt, and thanks to all of you for joining us. We're off to a strong start in FY16. In our first quarter of the year, we grew revenue 17%, and exceeded our QuickBooks Online subscriber and our overall financial targets. While it's still early, we're raising our EPS guidance for FY16 based on the strength we've seen, and the substantial number of shares that we?ve repurchased in the first quarter.

好的。謝謝馬特，也謝謝各位的參與。我們在2016財年開局強勁。今年第一季度，我們的營收成長了 17%，並且超額完成了 QuickBooks Online 訂閱用戶數量和整體財務目標。雖然現在下結論還為時過早，但鑑於我們目前看到的強勁勢頭以及我們在第一季回購的大量股票，我們上調了 2016 財年的每股收益預期。

We are generating strong new user growth in the online ecosystem. Over 80% of QuickBooks Online customers continue to be new to the Intuit franchise, and total QuickBooks' paying customer growth was also healthy, as our desktop business posted a strong quarter.

我們在線上生態系統中實現了強勁的新用戶成長。QuickBooks Online 的客戶中有超過 80% 是 Intuit 的新客戶，QuickBooks 的付費客戶總數成長也很健康，因為我們的桌面業務在本季表現強勁。

QuickBooks Online continues to build momentum. We grew total QuickBooks Online subscribers 57% in the first quarter. This resulted in the addition of over 80,000 QBO subscribers in the quarter, bringing us to 1,159,000 paid subs worldwide at the end of October. Roughly 35,000 of our QBO subscribers are using the QuickBooks self-employed SKU, which is up from 25,000 last quarter.

QuickBooks Online持續維持成長動能。第一季度，QuickBooks Online 用戶總數增加了 57%。該季度新增了超過 8 萬名 QBO 訂閱用戶，截至 10 月底，全球付費訂閱用戶總數達到 115.9 萬。大約有 35,000 名 QBO 訂閱用戶正在使用 QuickBooks 自僱版 SKU，比上一季的 25,000 名有所增加。

Outside the US, QuickBooks Online more than doubled, to 215,000 paying subscribers. We remain focused on executing against a compelling long-term growth opportunity. QuickBooks Online has very low penetration, when you consider our total addressable market of more than 65 million small businesses, in our prioritized countries, and more than 40 million self-employed individuals in the United States and the UK. We are encouraged by the continued momentum and the opportunity ahead of us, if we continue to execute well.

在美國以外，QuickBooks Online 的付費用戶數量翻了一番多，達到 21.5 萬人。我們將繼續專注於掌握極具吸引力的長期成長機會。考慮到我們在重點國家擁有超過 6500 萬家小型企業的潛在市場，以及在美國和英國擁有超過 4000 萬自僱人士的潛在市場，QuickBooks Online 的滲透率非常低。我們對目前的良好勢頭和未來的機會感到鼓舞，如果我們繼續保持良好的執行力，前景將更加光明。

With that overview on small business, let me now shift to tax. We're looking forward to the kick-off of the upcoming tax season, where our game plan is a continuing focus on driving customer growth and market share.

在概述了小型企業之後，現在讓我來談談稅務問題。我們期待即將到來的報稅季的開始，我們的策略是繼續專注於推動客戶成長和市場份額。

Security will remain a critical priority for us. We're working closely with the IRS, state governments, and the tax-preparation industry to create and deploy a new set of common security standards and data protocols to accelerate the fight against tax fraud.

安全始終是我們的首要任務。我們正與美國國稅局、州政府和報稅業密切合作，制定和部署一套新的通用安全標準和數據協議，以加快打擊稅務詐欺的步伐。

Across the Company, we're where we want to be at the early juncture of this new fiscal year, and we remain confident in the long-term growth trajectory, as demonstrated by our share repurchase activity in the first quarter. So on that note, I'm going to hand it over to Neil to walk you through the financial details and our guidance.

在新財年伊始，公司各方面都達到了預期目標，我們對長期成長前景充滿信心，第一季的股票回購活動也證明了這一點。那麼，接下來我將把麥克風交給尼爾，讓他為大家詳細介紹財務細節和我們的指導。

Thanks, Brad. For the first quarter of FY16, we delivered revenue of $713 million, up 17%. This growth reflects the changes we made to our desktop software offerings in FY15, resulting in ratable revenue recognition.

謝謝你，布拉德。2016 財年第一季度，我們實現了 7.13 億美元的收入，成長了 17%。這一增長反映了我們在 2015 財年對桌面軟體產品所做的改變，從而產生了可調整的收入確認。

We also delivered non-GAAP operating income of $46 million, a GAAP operating loss of $29 million, GAAP earnings per share of $0.09, and a GAAP loss per share of $0.11. I'm pleased to report that we had non-GAAP operating income, instead of the loss we typically report in the first quarter. This is a result of our ongoing business model shift, which is driving more predictable and stable revenue streams.

我們也實現了非GAAP營業收入4600萬美元，GAAP營業虧損2900萬美元，GAAP每股收益0.09美元，GAAP每股虧損0.11美元。我很高興地報告，我們實現了非GAAP營業收入，而不是像往常一樣在第一季虧損。這是我們持續進行商業模式轉變的結果，而這種轉變正在帶來更可預測、更穩定的收入來源。

Turning to the business segments, total small business segment revenue increased 5% for the quarter. Small business online ecosystem revenue grew approximately 28% for the quarter, as customer acquisition continues to drive growth. QuickBooks Online subscribers grew 57%, online payments customers grew 4%, and online payments charge volume grew 14%. Online payroll customers grew 17%.

從業務部門來看，小型企業板塊的總收入在本季成長了 5%。小型企業線上生態系統營收在本季成長了約 28%，客戶獲取持續推動成長。QuickBooks Online 用戶成長了 57%，線上支付用戶成長了 4%，線上支付交易額成長了 14%。線上薪資客戶成長了 17%。

Switching to desktop, total desktop ecosystem revenue declined 1% for the quarter. QuickBooks desktop units were flat in the quarter, as we continue to emphasize QuickBooks Online. That said, our desktop performance in the first quarter was a bit stronger than we expected, and as a reminder, our plan assumes units will decline for the year with desktop ecosystem revenue roughly flat versus last year.

轉而關注桌面端，本季桌面生態系統總收入下降了 1%。本季 QuickBooks 桌面版銷售持平，因為我們繼續專注於推廣 QuickBooks Online。儘管如此，我們第一季的桌上型電腦業績比預期略好，需要提醒的是，我們的計畫假設全年銷售將下降，桌上型電腦生態系統收入與去年大致持平。

Consumer tax revenue was the same as the first quarter last year. As you know, our consumer tax business is highly seasonal, and our first quarter is a light one. To help with your modeling, we expect second-quarter consumer tax revenue to be significantly higher than last year, reflecting a shift from the third quarter to the second quarter, primarily driven by an extra weekend day in January 2016. We will continue to invest in the product experience, and to prioritize growth in share and customers above margin expansion in consumer tax.

消費者稅收與去年第一季持平。如您所知，我們的消費者稅務業務具有很強的季節性，第一季業務量較少。為了幫助您進行建模，我們預計第二季度消費者稅收收入將比去年同期大幅增加，這反映出稅收收入從第三季度轉移到了第二季度，主要原因是 2016 年 1 月多了一個週末。我們將繼續投資於產品體驗，並將市場份額和客戶成長置於消費者稅收利潤率擴張之上。

Our ProTax group grew revenue more than 200% to $110 million, driven by changes in our desktop offerings, where revenue is now recognized ratably as services are delivered. For the second quarter of FY16, we expect ProTax revenue of approximately $75 million. For the third and fourth quarters, ProTax revenue should be roughly the same as FY15.

我們的 ProTax 集團營收成長超過 200%，達到 1.1 億美元，這得益於我們桌面產品的變化，現在收入是按服務交付比例確認的。我們預計 2016 財年第二季 ProTax 的營收約為 7,500 萬美元。第三季和第四季，ProTax 的營收應該與 2015 財年大致相同。

We continue to take a disciplined approach to capital management, investing the cash we generate in opportunities that yield an expected return on investment greater than 15% over five years. Our first priority is investing for customer growth. We repurchased $1.3 billion worth of shares in the first quarter, at an average price of $88.50 per share. We have about $1.4 billion remaining on our authorization and we expect to be in the market each quarter.

我們繼續採取嚴謹的資本管理方法，將產生的現金投資於五年內預期投資報酬率超過 15% 的機會。我們的首要任務是投資於客戶成長。第一季度，我們以每股 88.50 美元的平均價格回購了價值 13 億美元的股票。我們剩餘的授權額度約為 14 億美元，預計每季都會進入市場。

Our cash and investments balance was $474 million at the end of the first quarter, including $350 million from our revolving line of credit. Our Board approved a $0.30 dividend per share for our fiscal second quarter, payable on January 19. This represents a 20% increase versus last year.

第一季末，我們的現金和投資餘額為 4.74 億美元，其中包括來自循環信貸額度的 3.5 億美元。董事會批准了第二財季每股0.30美元的股息，將於1月19日支付。比去年增長了20%。

And one final note on capital allocation, the process to sell Demandforce, QuickBase and Quicken is going as planned, and we expect to complete the divestiture process in early 2016.

關於資本配置，最後一點需要說明的是，出售 Demandforce、QuickBase 和 Quicken 的流程正在按計劃進行，我們預計將在 2016 年初完成資產剝離流程。

Turning to guidance, we have provided our guidance for the second quarter in our press release. We raised our EPS guidance for full FY16 reflecting the stepped-up share repurchase activity in the first quarter. We also reiterated our full-year revenue and operating income guidance.

關於業績展望，我們在新聞稿中提供了第二季的業績展望。我們上調了 2016 財年全年每股收益預期，以反映第一季加強的股票回購力度。我們也重申了全年營收和營業利潤預期。

As a reminder, we expect to provide a tax unit update in late February, concurrent with our second-quarter earnings release. Our release in February will be a little later this year, based on the way the calendar falls. We'll also provide a final unit update in late April, after the tax season ends.

再次提醒大家，我們預計 2 月下旬發布稅務部門最新進展，屆時將與第二季財報同時發布。由於日曆安排的原因，我們原定於二月發布的產品，今年的發佈時間會稍晚一些。我們也將在四月下旬，也就是報稅季結束後，提供最終的單元更新報告。

And with that, I'll turn it back to Brad to close.

那麼，接下來就交給布萊德來結束今天的節目了。

Thank you, Neil. It's obviously early in our fiscal year, and there's a lot of game left to be played, but we are off to a great start. This past year we made huge strides in increasing our strategic focus, and defining a clear set of Company-wide priorities that are designed to make the Intuit ecosystem even stronger. With the shift to the cloud and mobile devices we're growing our categories faster than historical rates. New customers are choosing our cloud solutions, and we're bringing new users into the category, as we expand into new customer segments such as self-employed, and enter new geographies across the globe.

謝謝你，尼爾。顯然，現在才剛開始我們的財政年度，還有很多工作要做，但我們已經有了一個好的開始。過去一年，我們在加強策略重點方面取得了巨大進步，並制定了一套清晰的公司範圍內的優先事項，旨在使 Intuit 生態系統更加強大。隨著向雲端和行動裝置的轉變，我們的產品類別成長速度超過了以往水準。隨著我們拓展到新的客戶群（例如自僱人士）並進入全球新的地區，越來越多的新客戶選擇我們的雲端解決方案，我們也正在為該類別吸引新的用戶。

The proof points are evident, and the momentum that we're building as the QuickBooks online ecosystem continues to grow at a very healthy rate. We're also gearing up for tax season and looking forward to getting our new offerings out into the market in the coming weeks. As always, I want to thank our employees for their hard work and their ongoing focus.

事實證明，QuickBooks Online 生態系統正以非常健康的速度持續成長，我們正在建立的勢頭也印證了這一點。我們也在為報稅季做準備，並期待在未來幾週內將我們的新產品推向市場。一如既往，我要感謝員工的辛勤工作和持續專注。

And lastly, I want to thank our outgoing Chairman, Bill Campbell, who has been instrumental in moving this Company to new heights. Bill has been inspiring Intuit for more than two decades, and it has been a privilege and an honor to serve with him. And with that, we'll turn it over to you to hear what's on your mind. Latif?

最後，我要感謝即將卸任的董事長比爾坎貝爾，他為公司邁向新的高度做出了卓越貢獻。二十多年來，比爾一直激勵著 Intuit 公司，能夠與他共事是我的榮幸。那麼，接下來就交給您，聽聽您的想法吧。拉蒂夫？

(Operator Instructions)

（操作說明）

Brent Thill, UBS.

瑞銀集團的布倫特·蒂爾。

Brad, maybe if you could just level set us going into this year's tax season, what you see as similarity to last year, and maybe the things that are a little different? And for Neil, that was an impressive buyback number. I think you bought more stock back in Q1 then you bought all last year. It sounds like you've still got more room to go there, but can you just walk through how you're thinking about the remaining portion? That would be helpful. Thank you.

布萊德，或許你能幫我們理清今年報稅季的情勢，你覺得今年和去年有哪些相似之處，又有哪些不同之處？對尼爾來說，這是一個令人印象深刻的回購數量。我認為你在第一季買入的股票比去年全年買入的都多。聽起來你還有很大的發展空間，可以詳細說說你​​對剩餘部分的規劃嗎？那會很有幫助。謝謝。

Okay, Brent. I'll start first. This is Brad, talking about tax season. So we see as the same is a continued shift towards do-it-yourself software, which you have for the last decade, which has been growing mid-single digits, while the assisted methods have been flat to slightly down.

好的，布倫特。我先開始。這是布拉德，他正在談論報稅季。因此，我們看到，人們繼續轉向自助式軟體，這種趨勢在過去十年中一直保持著中等個位數的成長，而輔助方法則持平或略有下降。

We also continue to see an opportunity for us to step forward in our multi-year journey towards our vision of taxes are done, so you're going to see innovation coming out in our products that make it a lot easier and simpler for customer to get the maximum refund in the shortest amount of time. Ultimately, you're also going to see us continue to push towards, and you'll see others as well, how to continue to make the Affordable Care Act simple to execute. So far, that has had no impact in the tax industry, and we don't foresee that changing this year either. The last thing I would say is you are going to see the continued competitive intensity that we have witnessed in this category for more than a decade. Lots of competitors, including us, continuing to step up their game, which is only good news for the taxpayers.

我們也看到了一個機會，讓我們能夠朝著「稅收終結」的願景邁進多年，因此您將會看到我們的產品不斷創新，讓客戶能夠更輕鬆、更便捷地在最短的時間內獲得最大的退稅額。最終，你也會看到我們繼續努力，其他人也會繼續努力，讓《平價醫療法案》更容易執行。到目前為止，這還沒有對稅務產業產生任何影響，我們預計今年也不會改變這一現狀。最後我想說的是，你們將會看到這個領域持續存在的激烈競爭，這種競爭已經持續了十多年。包括我們在內的許多競爭對手都在不斷提升自身實力，這對納稅人來說無疑是個好消息。

What will be different this year I think, are a couple of things. One is just calendar, you heard Neil mention earlier we're going to have an extra weekend in January, so that will shift some revenues around a little bit, but we have tried to articulate that by saying expect a bigger second quarter than a third quarter in terms of last year's comparison, you'll see a bigger second quarter now.

我認為今年會有所不同的地方有兩點。一方面是日曆方面的原因，正如尼爾之前提到的，一月份我們會多一個週末，所以收入會稍微有所變化，但我們已經嘗試通過以下方式來闡明這一點：預計第二季度的業績會比去年第三季度的業績更大，與去年同期相比，你現在會看到第二季度的業績更大。

The second is, we now have a systemic approach to fighting tax fraud at the federal level, the state level, and all of private industry. We have over two dozen companies sitting around the table, we've been meeting regularly, we have multiple work streams, we have the states and the federal government all collaborating. And we collectively have agreed upon a set of common standards and data protocols. We have agreed upon a set of leads reporting and a frequency of communicating information with the federal and state levels. We've also agreed to more information sharing, so as private industry, we can tune our algorithms into a better job of identifying suspicious activity for the government agencies. And we've also adopted some best practices called a NIST framework, which is basically what the financial services industry has adopted.

第二點是，我們現在有了一套系統性的方法，從聯邦層級、州層級以及所有私人企業層級打擊稅務詐欺。我們有二十多家公司圍坐在桌旁，我們一直在定期開會，我們有多個工作流程，各州和聯邦政府都在合作。我們共同製定了一套通用標準和數據協議。我們已經就一系列線索報告以及與聯邦和州政府溝通訊息的頻率達成了一致。我們也同意加強資訊共享，以便作為私人企業，我們可以調整演算法，更好地為政府機構識別可疑活動。我們也採納了一些最佳實踐，稱為 NIST 框架，這基本上也是金融服務業所採用的。

So a lot of things are the same. Continuing innovation, a continued shift to do-it-yourself software. The changes are the calendar moved a little bit on us, which will simply mean we'll move a little bit of revenue into the second quarter, and you are going to see a more holistic approach to fighting tax fraud, both between private industry and the government.

所以很多方面都一樣。持續創新，持續轉型為自助式軟體。變化之處在於，日曆稍微調整了一下，這意味著我們將把一部分收入轉移到第二季度，同時，你們將會看到在打擊稅務詐欺方面採取更全面的方法，無論是在私營企業還是政府之間。

And so, Brent, speaking about the share repurchase, we think that share repurchase has been a consistent way for us to execute, and an effective way to return capital to shareholders. Clearly, we thought the values we saw in the first quarter provided a great return opportunity, well in excess of our thresholds, and so we took advantage of that opportunity, and this is what we talked about in terms of borrowing money for opportunistic reasons, and this is a great opportunity to use our revolving line of credit and take advantage of what we felt like was a valuation situation that did not reflect our long-term plan, and the return we expect to deliver. So we revised our share count for the year to reflect that we do expect to be in the market for the balance of the year, and so we'll see how that plays out. But we like share repurchases. I think it's been an effective tool for us, and we'll continue to use it.

所以，布倫特，說到股票回購，我們認為股票回購一直是我們執行計畫的穩定方式，也是向股東返還資本的有效方式。顯然，我們認為第一季的估值提供了巨大的回報機會，遠遠超過了我們的預期，因此我們抓住了這個機會。這就是我們之前討論的出於機會主義原因借款的原因。這是一個利用我們的循環信貸額度，並利用我們認為未能反映我們長期計劃和預期回報的估值情況的絕佳機會。因此，我們修訂了本年度的股份數量，以反映我們預計在今年剩餘時間內將繼續持有股份，讓我們拭目以待。但我們喜歡股票回購。我認為它對我們來說是一個有效的工具，我們會繼續使用它。

Thank you.

謝謝。

Walter Prichard, Citi.

華特‧普里查德，花旗集團。

Brad, I wondered if you could talk about the combination of stronger desktop units, and also pretty strong US online sub add. It seems like in the past, you have had a little bit of a trade-off sometimes between those, and wondering where promotions factored in and other things like that, on that strength in desktop.

布拉德，我想請你談談更強大的桌上型電腦單元以及相當強大的美國線上訂閱用戶成長的組合。過去，似乎你有時需要在這些方面做出一些權衡，並且想知道促銷活動和其他類似因素在桌面端的優勢中起到了什麼作用。

Yes, Walter. We had talked over the last few quarters that we continue to test what's the right level of promotions, pricing, on desktop while we also continue to drive the QBO subs growth. And I would say in the last two quarters, we've really started to find the sweet spot there. What we've learned is the desktop customers aren't going anywhere, if they're not choosing our cloud solution. At the same time, we started to notice a pattern where they were delaying their repurchase, and looking for promotion or waiting a little bit further into the discontinuation period. So you know they're good for three years using licensed software, and we want to make sure that we give them a reason to move, and make a purchase decision if we have good features or we have something we think is a good opportunity for them.

是的，沃爾特。在過去的幾個季度裡，我們一直在討論，我們將繼續測試桌面端促銷和定價的合適水平，同時我們也將繼續推動 QBO 訂閱用戶的成長。我想說，在過去的兩個季度裡，我們已經真正開始找到最佳平衡了。我們發現，如果桌面用戶不選擇我們的雲端解決方案，他們就不會離開。同時，我們開始注意到一種模式，即他們會推遲回購，尋找促銷機會，或等待停產期再延長一些。所以你知道，他們可以使用授權軟體三年，我們希望確保我們能給他們一個遷移的理由，如果我們有好的功能或我們認為對他們來說是一個很好的機會，就能促使他們做出購買決定。

So what we did this last quarter is, in addition to continuing the QuickBooks Online subscriber momentum at 57% growth, we were able to find the right level of activity in terms of price and promotion to get the desktop customers to also to continue to use the product, and I think that's something that we are feeling pretty good about now, because it's not cannibalizing QuickBooks Online, but it's keeping our desktop customers active in the base, and that's a win-win for everybody. And I think that's what you saw in the first quarter.

所以，上個季度，除了保持 QuickBooks Online 用戶成長 57% 的良好勢頭外，我們還找到了合適的價格和促銷策略，讓桌面版用戶也繼續使用該產品。我認為我們現在對此感到非常滿意，因為這並沒有蠶食 QuickBooks Online 的市場份額，反而讓我們的桌面版用戶保持活躍，這對每個人來說都是雙贏的。我認為這就是你在第一季看到的情況。

And then just to follow up on the security side, when you think about what happened last year and again, sort of something that caught the industry by surprise, how are you thinking about the additional measures that may have to be put in place during tax season, and what impact that could have on just overall unit growth and the inconvenience factor of adding measures like that in, in terms of bringing new self-service users into the base?

然後，關於安全方面，考慮到去年發生的事情，以及一些令整個行業措手不及的事情，您如何看待在報稅季可能需要採取的額外措施，以及這些措施會對整體單位增長產生什麼影響，以及在吸引新的自助服務用戶方面，增加此類措施會帶來哪些不便？

Yes, I would say, first of all, the collective industry has a common goal and this is in conjunction with the governments. We want tax fraud out of the US tax system, so we've all agreed to a common set of standards that will make it difficult, no matter which route you go, whether you go to a tax store and you use a CPA, you use do-it-yourself software, we don't want any corner of the tax system to be vulnerable to someone coming in and trying to do something that's not appropriate. So that's bucket one.

是的，首先我想說，整個產業有一個共同的目標，那就是與政府的目標一致。我們希望美國稅收體系中徹底杜絕稅務欺詐，因此我們都同意採用一套共同的標準，無論你選擇哪種途徑，無論是去稅務商店聘請註冊會計師，還是使用自助軟體，這些標準都會使稅務欺詐變得困難。我們不希望稅收體系的任何環節容易受到不法份子的鑽空子，讓他們有機可乘。這是第一個桶子。

And then bucket two is, we continue to make that as frictionless as possible for the end user. And so whether it's Affordable Care Act, which we been able to show we can make something pretty complex pretty simple for customers over the last several years. Or in this case, using security, we are continuing to lean in to make those innovative techniques, so that it doesn't make it harder for the customer, but continues to protect their information. So I don't think you're going to see shifts moving around because of security, because everyone has agreed to a very common set of approaches, and we're collectively leaning in to get tax fraud out of the system.

其次，我們將繼續盡可能減少最終用戶的使用摩擦。因此，無論是《平價醫療法案》（我們在過去幾年中已經證明，我們可以將非常複雜的事情變得非常簡單，方便客戶理解），還是其他方面，我們都做到了。或者在這種情況下，在安全方面，我們將繼續致力於採用這些創新技術，這樣既不會給客戶帶來困難，又能繼續保護他們的資訊。所以我認為不會因為安全問題而導致輪班安排發生變化，因為每個人都同意採用一套非常共同的方法，我們正在共同努力將稅務詐欺從系統中清除出去。

Great. Thanks, Brad.

偉大的。謝謝你，布拉德。

Brad Zelnick, Jefferies.

Brad Zelnick，傑富瑞集團。

Fantastic, and thanks for taking my questions. It's great to see you maintain the strong QuickBooks Online subscriber momentum, but the guidance for Q2 seems to imply significant acceleration, and you are retaining the full year versus raising it. Is there any reason to think that seasonality is different versus your original expectations, or anything unique, as we look into Q2?

太棒了，謝謝你回答我的問題。很高興看到 QuickBooks Online 用戶數量保持強勁成長勢頭，但第二季的業績指引似乎暗示著顯著的加速成長，而且你們維持全年預期，而不是提高預期。展望第二季度，是否有任何理由認為季節性與您最初的預期有所不同，或有什麼特殊之處？

Brad, there really isn't. Obviously, we're very excited about the continued momentum, as we just posted in the first quarter. It's still early in the game, and so we want to see a couple more months and potentially a quarter or two here of this kind of acceleration, and if we feel that our guidance as a result of that may be a little too conservative, then we'll update it then. But there isn't anything in terms of seasonality or anything in the balance of the year that would lead us to believe that there's a shift. It's just basically, it's still early in the game, and we want to see this momentum continue before we talk about whether or not we need to be looking at a higher number in our QBO subs guidance.

布拉德，真的沒有。顯然，我們對目前的良好勢頭感到非常興奮，正如我們剛剛發布的第一季財報所示。現在還處於早期階段，所以我們希望再觀察幾個月甚至一兩個季度這種加速成長的勢頭，如果我們認為由此導致的預期可能過於保守，那麼屆時我們會進行更新。但從季節性或一年中的其他因素來看，沒有任何跡象表明情況正在改變。基本上，現在還處於早期階段，我們希望看到這種勢頭繼續下去，然後再討論是否需要提高我們的 QBO 訂閱用戶預期數字。

That's fair Brad, that it's early in the year. If I could just follow up on average revenue per customer. Can you maybe share any commentary if you break down the QBO base into its various cohorts, how are things trending there, as we come out of Q1?

布萊德，你說得對，現在才年初。如果我能跟進每位客戶的平均收入就好了。能否請您將QBO用戶群體細分為不同的群體，並就第一季末的趨勢發表一些評論？

Each one of them are moving up and to the right, and so QBO US, continues to get stronger in terms of its average revenue per customer, QBO non-US, the global entities, if you look at the cohort analysis, also continues to get stronger. You have the QuickBooks Self-Employed, which we continue to get more customers signing up for that service, and that's also improving. And of course the desktop business we talked about a few minutes ago. What is happening, obviously is the mix, and as the mix shifts, it will bring the combined average revenue per user down a little bit. But each of the cohorts are actually moving up to the right. And as our teams get wiser on things like promotions and discounts, we just continue to see that as an opportunity to improve.

它們都在向上向右發展，因此，QBO 美國的平均客戶收入持續成長，QBO 非美國地區（全球實體）的業績，如果你查看群體分析，也會持續成長。QuickBooks Self-Employed 服務正在不斷發展壯大，越來越多的客戶開始註冊這項服務，而且這項服務也不斷改進。當然還有我們幾分鐘前談到的桌面業務。顯然，現在的問題是產品組合的變化，隨著產品組合的變化，每位使用者的平均綜合收入將會略微下降。但實際上，每個群體都向右上方移動。隨著我們團隊對促銷和折扣等方面的了解越來越深入，我們始終將其視為改進的機會。

Thanks, Brad.

謝謝你，布拉德。

Sterling Auty, JPMorgan.

斯特林奧蒂，摩根大通。

On the security front, you answered the revenue question, but what I'm a little bit curious about is how much incremental spend is necessary to put all of these processes and systems in place? And how should we think about that impacting the margins in the consumer tax business through this year?

在安全方面，您已經回答了收入問題，但我有點好奇的是，要建立所有這些流程和系統，需要多少額外的支出？那麼，我們該如何看待這種情況對今年消費者稅業務利潤率的影響呢？

Sterling, this is Neil. We talked about this last season and said we're going to spend whatever it takes to be sure that we have the absolute best security and privacy features in all of our tax products. You can assume that we've allocated that appropriately, and it's baked into the guidance we've given. We've talked about keeping our consumer tax margin in the 60s, and I'm pretty confident we can spend what we need to spend in that area, and still be true to that profitability goal. We've got some flexibility, in terms of how we allocate costs in that business, and we really started it early in the season last year. So based on what we see at this point, I think we've got things covered within the guidance that we provided.

斯特林，我是尼爾。上個季度我們就討論過這個問題，並表示我們將不惜一切代價，確保我們所有的稅務產品都具備絕對最好的安全性和隱私功能。您可以認為我們已經合理分配了這筆資金，而這已經體現在我們給予的指導意見中。我們已經討論過將消費者稅基保持在 60% 左右，我很有信心我們可以在這個領域投入必要的資金，同時仍然能夠實現盈利目標。我們在成本分配方面有一定的彈性，而且我們在去年賽季初就開始了這項工作。所以根據我們目前所看到的情況，我認為我們已經在我們提供的指導方針中涵蓋了所有事項。

Okay. And then my follow-up would be on the QBO side, you talked about the 80/20 split continues as you've seen it. Any new update on the programs and the things that you're doing to try to motivate further conversion of the desktop users, the existing desktop users?

好的。然後我的後續問題是關於QBO的，你提到了80/20的分成比例會繼續保持，正如你所看到的。關於旨在進一步激勵桌面用戶（包括現有桌面用戶）轉換的計劃和措施，是否有任何新的進展？

Yes, Sterling, it's Brad. So we're continuing to add the feature functionality to QuickBooks Online. This month, we're adding deeper inventory capability that we've been talking to you about, so that'll help us get more product-based businesses in. We think between now and the spring, we'll start to see some of those inventory-based businesses from desktop now have an opportunity to potentially move to QuickBooks Online.

是的，史特林，我是布萊德。因此，我們將繼續為 QuickBooks Online 新增此功能。本月，我們將增加我們先前跟您提到的更深入的庫存管理能力，這將有助於我們吸引更多以產品為基礎的企業加入。我們認為從現在到春季，我們將開始看到一些基於庫存的桌面企業有機會遷移到 QuickBooks Online。

We're on a good road map to get job costing, which is another important feature, into the product for QuickBooks Online towards the end of this fiscal year or early fall. That will also open up an avenue for other customers who may want to move to the cloud to move over. And so those, in addition to continuing to work and educating the customer on the benefit of the cloud, and working with their accountant to get them comfortable and recommending it, are those primary methods that we're using, and we continue to see good momentum there.

我們正在按計劃推進工作，爭取在本財年末或初秋將作業成本核算功能（這是另一個重要功能）整合到 QuickBooks Online 產品中。這也為其他可能想要遷移到雲端的客戶開闢了一條遷移途徑。因此，除了繼續努力向客戶普及雲端運算的好處，並與他們的會計師合作，讓他們感到放心並推薦雲端運算之外，這些就是我們正在使用的主要方法，而且我們繼續看到良好的發展勢頭。

We've also got the Chooser SKU, that's up this year. Where customers who buy a desktop version can try QBO without actually converting from desktop, they can try the two in parallel. So that's another way to give people an opportunity on the desktop side, to try the online product without having to commit all in.

我們今年也推出了 Chooser SKU。購買桌面版的使用者無需實際從桌面版轉換即可試用 QBO，他們可以同時試用這兩個版本。所以，這也是讓用戶在桌面端有機會試用線上產品而無需完全投入的另一種方式。

Great. Thank you.

偉大的。謝謝。

Nandan Amladi, Deutsche Bank.

Nandan Amladi，德意志銀行。

So, the recent QuickBooks connect conference was quite a bit larger than last year, you had a lot more partners at the event. What was the feedback that you got, and how does that influence both your pricing, as well as your road map for the next year or two?

所以，最近的 QuickBooks Connect 大會比去年規模大得多，參加活動的合作夥伴也多了許多。你收到了哪些回饋？這些回饋將如何影響你的定價策略以及未來一兩年的發展規劃？

Yes, thank you, Nandan. This is Brad. First of all, for those who don't know, QuickBooks Connect was our customer user conference, and this included not only small businesses, but accountants and third-party software developers. The attendance blew past last year, and last year was an awesome event for us. For those who had the chance to follow, we had keynote speeches from individuals like Oprah Winfrey, we obviously, had members of the Shark Tank there. We had Bill Rancic, we had Jessica Alba, and so a really star-studded lineup.

是的，謝謝你，南丹。這是布拉德。首先，對於那些不了解的人來說，QuickBooks Connect 是我們的客戶用戶大會，與會者不僅包括小型企業，還包括會計師和第三方軟體開發人員。今年的出席人數遠遠超過了去年，而去年對我們來說已經是一次非常棒的活動了。對於有機會關注此事的人來說，我們邀請到了奧普拉·溫弗瑞等名人發表主題演講，當然，還有《創智贏家》（Shark Tank）節目的成員到場。我們邀請了比爾·蘭西克，還有傑西卡·阿爾芭，所以陣容真是星光熠熠。

The feedback has been incredible. Not only have we gotten great feedback from the developers, we had a hackathon that occurred, and we had third-party developers showing up with apps that are even much more exciting than we saw last year, and as you saw, last year we had about 500 apps working with the QuickBooks Online platform. Now we're over 1,600 and we think this is just going to fuel that momentum.

收到的回饋非常棒。我們不僅從開發者那裡獲得了很好的回饋，還舉辦了一場黑客馬拉松，第三方開發者帶來了比去年更令人興奮的應用程式。正如你所看到的，去年我們有大約 500 個應用程式與 QuickBooks Online 平台搭配使用。現在我們已經超過 1600 人，我們認為這只會進一步推動這一成長勢頭。

The feedback from the accountants was incredible. They had the opportunity to learn about important tools. They met as a sub-group for a full day on their own, and they learned from each other, and they learned how to use the tools to make themselves more productive. And the small businesses, I have all kinds of notes for those who actually follow any of the Facebook or Twitter or LinkedIn. You'll see customers posting quotes like, this was life-changing for me. And life-changing, because honestly, the things that were shared by some of these keynote speakers, as well as their peers, gave them ideas that helped them get pain out of their life and helped them do more productive things. And so it really was positive, and we expect this to be another catalyst for our growth going forward.

會計師們的回饋令人難以置信。他們有機會學習一些重要的工具。他們以小組形式自行進行了一整天的會面，互相學習，並學習如何使用工具來提高自己的工作效率。至於小型企業，我有很多建議，可以給那些關注他們在 Facebook、Twitter 或 LinkedIn 上動態的人。你會看到客戶發布這樣的評價：“這改變了我的生活。”而且，這些演講改變了他們的人生，因為說實話，一些主題演講嘉賓以及他們的同行分享的內容，給了他們一些想法，幫助他們擺脫生活中的痛苦，並幫助他們做更多有意義的事情。所以這確實是一件好事，我們預計這將成為我們未來發展的另一個催化劑。

Thank you. And a quick follow-up if I might to Neil, CapEx guidance raised significantly. I know you are planning to buy a campus in San Diego. Is that the only major change there, or was there anything else?

謝謝。另外，如果可以的話，我想快速補充尼爾的問題，資本支出預期會大幅提高。我知道你打算在聖地牙哥購買一個校園。這是唯一的重大變化嗎？還是還有其他變化？

That's right. We got an opportunity to buy our campus in San Diego. This is the home of TurboTax and a number of our corporate functions. The campus there was really built to our specifications, and we moved in back in 2007, so the lease was going to come up for renewal next year. And we got an opportunity to acquire the campus at a level that reduces our operating costs going forward, and meets all of our investor growth criteria. So that's the primary cost of the increase in CapEx, and I know we haven't talked a lot the proceeds from the Denali assets, but I would just tell you, that I think we'll more than offset our CapEx plan for this year when those assets are sold.

這是正確的。我們獲得了一個購買我們在聖地牙哥的校園的機會。這裡是TurboTax的所在地，也是我們許多公司職能部門的所在地。那裡的校園完全是按照我們的要求建造的，我們在 2007 年搬了進去，所以租約明年就要續約了。我們有機會以降低未來營運成本的價格收購該園區，並且滿足了我們所有投資者的成長標準。所以，這就是資本支出增加的主要成本。我知道我們還沒有過多討論德納利資產的收益，但我只想告訴你們，我認為出售這些資產後，我們將完全抵消今年的資本支出計劃。

And just as reference, Denali is code name for the three assets held for the sale, so Demandforce, QuickBase and Quicken. Just wanted to make sure, sometimes our internal vocabulary.

順便提一下，Denali 是待售三項資產的代號，分別是 Demandforce、QuickBase 和 Quicken。只是想確認一下，有時候我們內部使用的詞彙量有限。

What a code name.

這代號真夠特別的。

It's all good, buddy.

沒事的，兄弟。

Thank you.

謝謝。

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

Congratulations on the great start to the year. Two questions from my side. First, Brad, can you talk a little bit about the upsell opportunities around payroll and online? I did -- I think I remember, I asked that question on online last quarter, and you talked about tougher, comps et cetera, but how do we have to think about the growth rates there? And then one question, the other question was on the tax updates. Now that we have eliminated a lot more of the fraud, will there be an issue for us if you compare year-over-year units there that we need to adjust it? So not that we all get a shock when the first update comes and it all looks like lower numbers? Thank you.

恭喜你今年開局順利。我有兩個問題。首先，布拉德，你能談談圍繞薪資管理和線上服務的追加銷售機會嗎？我記得，我上個季度在網路上問過這個問題，你談到了更艱難的競爭等等，但我們該如何看待那裡的成長率？然後還有一個問題，另一個問題是關於稅務的最新情況。既然我們已經消除了大部分詐欺行為，那麼如果將同比數據進行比較，是否會為我們帶來問題，導致我們需要進行調整？所以，當第一次更新發布，所有數據都下降時，我們並沒有感到震驚吧？謝謝。

Yes and Raimo let me ask you for clarification on your first question, when you talked about upsell on payroll and online. Are you asking the question around attach rates for QuickBooks Online for payroll and payments, or what specifically would be helpful for you?

是的，Raimo，我想請你澄清一下你的第一個問題，就是你提到的薪資單和線上追加銷售。您是想諮詢 QuickBooks Online 薪資和付款的額外費率，還是想了解哪些方面對您有幫助？

Yes. The attach rates, and I think around it the analyst day, we talked a little bit about, you weren't 100% happy maybe with what's going on in payment and any kind of comment around the progress there? Thank you.

是的。關於附加率，我想在分析師日那天，我們也稍微談到了這一點，您可能對支付方面的情況不太滿意，您對這方面的進展有什麼看法嗎？謝謝。

Got it. All right. Thank you. So first of all, the attach rates continue to be very strong in QuickBooks Online for payroll and payments. New users attaching to payroll were roughly 21% this quarter. That's optically down a little bit from last quarter, but it's really just the growth of QuickBooks Self-Employed. If you back them out, the attach rates would be pretty similar, it's about 24%. Payments actually increased in attach rate. Up 12% this quarter, up from 11% last quarter, so we continue to get new customers opting in for these additional services, which really bodes well down the road.

知道了。好的。謝謝。首先，QuickBooks Online 在薪資和付款方面的附加率仍然非常強勁。本季新增加入薪資系統的用戶約佔 21%。雖然表面上比上一季略有下降，但這實際上只是 QuickBooks Self-Employed 的成長。如果把它們排除在外，附加率將非常相似，約為 24%。支付額實際上隨著附加率的增加而增加。本季成長 12%，高於上季的 11%，因此我們持續獲得新客戶選擇這些附加服務，這預示著未來發展前景良好。

In terms of the desktop performance in payroll and payments, we have had solid performance in the payroll side. On the payments side, we've acknowledged we've had some execution misses. In particular, as we focus more to the cloud, we've allowed our payments service on the desktop side to become less flexible, and ultimately, we weren't really providing the kind of service to high-value customers that we should. Our team has gotten underneath that, and gotten to root cause. We put some good plans in place, and over the last several months, we've seen an improvement there. So we anticipate we're going to be able to stem the tide on the QuickBooks payments side, and we're going to continue lean into the cloud, which is where the growth is.

就薪資和支付方面的桌面表現而言，我們在薪資方面表現穩健。在支付方面，我們承認我們出現了一些執行失誤。特別是，隨著我們越來越重視雲端技術，我們桌面端的支付服務變得不夠靈活，最終，我們並沒有真正為高價值客戶提供我們應該提供的服務。我們的團隊已經深入調查，找到了問題的根本原因。我們制定了一些不錯的計劃，在過去的幾個月裡，我們看到情況有所改善。因此，我們預計能夠扭轉 QuickBooks 支付方面的頹勢，並將繼續向雲端運算領域發展，因為成長就在那裡。

Tax updates and security. Honestly, Raimo, we are collectively as an industry unsure of just what exists in the United States tax system, in terms of fraud. We've been doing our parts and trying to keep bad guys out, and ultimately report anything that's suspicious to the government, who ultimately has to decide whether it's a real or a fraudulent filing, and the IRS has historically not been able to share any information back with us, until recently as a result of this summit, where they've got approval now to begin to do information sharing with private companies. So I think we're all collectively just going to have to navigate through this. But I think what you're going to see is if there is any reset, it will be system-wide. It won't necessarily be company specific. It will be everybody who will start to see a change, and we'll do our best to try to explain any of that if that happens. But right now, we're just excited, everybody's lined up against a common enemy, which is cyber threats.

稅務更新和安全性。說實話，雷莫，我們整個產業都不確定美國稅收制度中究竟存在哪些詐欺行為。我們一直在盡自己的一份力，努力阻止壞人進入，並最終將任何可疑情況報告給政府，由政府最終決定申報是真實的還是欺詐性的。美國國稅局歷來無法與我們分享任何信息，直到最近，由於這次峰會，他們才獲得批准開始與私營公司共享信息。所以我覺得我們所有人都要一起努力渡過難關。但我認為你會看到，如果出現任何重置，那都將是系統範圍的重置。不一定是特定公司才會遇到的情況。每個人都會開始感受到變化，如果發生這種情況，我們會盡力解釋清楚。但現在，我們感到非常興奮，大家都在團結起來對抗共同的敵人——網路威脅。

Perfect. Thank you. That's really helpful.

完美的。謝謝。這真的很有幫助。

Ross MacMillan, RBC Capital Markets.

Ross MacMillan，加拿大皇家銀行資本市場。

Congrats from me as well. Brad, I had a question on the desktop QuickBooks product. Flat units is obviously a lot better than the trends you saw last year, but it does sound like you still expect those units to trend down. I had a question on pricing. Can you just outline what you're doing on pricing on the desktop product this year, both what you've done so far, and what you maybe plan to do, if you plan make any changes that needs to be?

我也要向你表示祝賀。布拉德，我有一個關於桌面版 QuickBooks 產品的問題。平倉單元的出現顯然比去年的趨勢要好得多，但聽起來你仍然預計這些單元的數量會下降。我有一個關於定價的問題。能否簡要概述今年桌面產品的定價策略，包括目前為止的策略以及未來的計劃（如果需要做出任何更改）？

You got it, Ross. Thanks for the question, and thank you for the feedback on the quarter. So let me start first with the desktop unit. As we just reported, we did have a stronger quarter than we had originally forecast.

明白了，羅斯。感謝您的提問，也感謝您對本季的回饋。那麼，我先從桌上型電腦開始說起。正如我們剛才報道的那樣，我們本季的業績確實比我們最初預測的要好。

We aren't at this point going to bring our original guidance -- we're not going to change it, but if we see another quarter like this, then we're going to need to rethink whether or not the desktop is going to decline as quickly as we thought. And that's only good news for us, because that means more paid QuickBooks customers, both in the cloud and desktop. So right now, I would tell you that we're treating this one as a welcome set of good news. And if we continue to see this good news, then we'll talk to you about whether or not the desktop will continue to decline at the rate we originally forecast.

目前我們不會採納先前的預期——我們不會改變預期，但如果再出現一個類似的季度，那麼我們就需要重新考慮桌面電腦市場是否會像我們預想的那樣迅速下滑。這對我們來說絕對是好消息，因為這意味著 QuickBooks 的付費客戶數量將會增加，無論是在雲端還是在桌面端。所以現在，我會告訴大家，我們把這件事看成是一系列令人欣喜的好消息。如果我們繼續看到這樣的好消息，那麼我們將和大家討論桌上型電腦市場是否會繼續以我們最初預測的速度下滑。

In terms of pricing, it's really -- it's more strategic pricing, QuickBooks enterprise, we were able to take the price up, and that continues to show strong unit growth, as well as revenue growth. In the QuickBooks Pro and Premier line, we have found that promotional discounts to get the customer to basically come in and go ahead and make the purchase are working well for us, and they're not cannibalizing QuickBooks Online.

就定價而言，這實際上是更具策略性的定價，QuickBooks 企業版，我們能夠提高價格，銷售和收入也持續強勁成長。在 QuickBooks Pro 和 Premier 系列產品中，我們發現促銷折扣能夠有效地吸引顧客進店購買，而且不會蠶食 QuickBooks Online 的市場份額。

So I'll give you an example. If we promote around $199 in QuickBooks Pro, we actually see good strong unit lift, and it's incremental to the overall revenue, and it does not cannibalize desktop, or excuse me -- it does not cannibalize QuickBooks Online. So net-net, it's really just getting smarter about the pulse promotions that we work with retail channels, and we've been raising price where it makes sense, like QuickBooks Enterprise, and that collectively is adding up to the strength you saw in the first quarter.

我舉個例子。如果我們推廣 QuickBooks Pro，價格在 199 美元左右，我們實際上可以看到銷量大幅增長，而且對整體收入有增量作用，並且不會蠶食桌面版，或者抱歉——不會蠶食 QuickBooks Online。總而言之，我們只是在與零售通路合作進行促銷活動方面變得更加精明，並且我們在適當的時候提高了價格，例如 QuickBooks Enterprise，這些因素共同促成了您在第一季度看到的強勁業績。

That's great. And just a quick follow-up on the international QBO add, should I view that number really as telling me that you'll be selective about the quality and/or the ARPU of the international ads that you are targeting now? Thanks.

那太棒了。關於國際 QBO 廣告投放，我還有一個後續問題：這個數字是否意味著你們會更重視國際廣告的品質和/或 ARPU（每位用戶平均收入）？謝謝。

Yes, Ross, that's exactly the way we are looking at it. So we love the strong growth continuing, it's more than double, 110% up to 215,000 paid subs. However, we've seen some opportunities that we think we're going to continue to refine. For example, in India, we've taken the price up, and as a result, that's had a modest impact on the subs growth, but we're getting a much higher revenue per customer, which we think makes sense for the long term.

是的，羅斯，我們正是這樣看待這個問題的。我們很高興看到強勁的成長勢頭持續下去，付費用戶數量翻了一番還多，成長了 110%，達到 215,000。但是，我們發現了一些機會，我們認為我們會繼續完善這些機會。例如，在印度，我們提高了價格，因此對用戶成長產生了一定的影響，但我們獲得了更高的每位客戶收入，我們認為從長遠來看，這是有意義的。

We've also sold some things like in Canada, where we were selling QuickBooks Online in a box at retail, we had already pulled that out of the United States because we didn't like the attrition rate it was causing, and we started to see similar patterns in Canada, so we pulled back on that as well. So it's really just getting refined thinking around what is the right price in each of these countries, while continuing to sustain strong subscriber growth, and that?s what you saw show up in our non-US numbers.

我們也賣掉了一些東西，例如在加拿大，我們之前在零售店裡銷售盒裝的 QuickBooks Online，我們已經從美國撤出了這款產品，因為我們不喜歡它造成的客戶流失率，而且我們在加拿大也開始看到類似的趨勢，所以我們也撤出了這款產品。所以，我們真正要做的就是不斷完善思考，確定每個國家的合適定價，同時繼續保持強勁的用戶成長，而這正是你們在我們非美國地區的數據中所看到的。

Thanks so much.

非常感謝。

Jim Macdonald, First Analysis.

吉姆·麥克唐納，第一分析。

How is your new finance offering going at where you're going to help small businesses get loans?

你們新推出的幫助小型企業獲得貸款的融資方案進展如何？

Yes, Jim, it's good to talk to you. QuickBooks Financing is going incredibly well right now. We've been able to facilitate over $250 million worth of loans with qualified lenders and qualified small businesses. We have good demand from alternative lenders and banks coming in and wanting to connect to the platform, and we're seeing customers actually get approved in a matter of hours. And so we like the early results of this, and we're going to continue to lean in.

是的，吉姆，很高興和你聊天。QuickBooks融資目前進展非常順利。我們已促成超過 2.5 億美元的貸款，貸款方均為合格的貸款機構和合格的小型企業。我們看到來自其他貸款機構和銀行的良好需求，他們都希望連接到我們的平台，我們看到客戶實際上在幾個小時內就獲得了批准。因此，我們對目前的初步成果感到滿意，並將繼續加大投入。

Okay, great. Could you just explain again the quarterly impact for TurboTax? I guess I didn't hear it properly.

好的，太好了。您能否再解釋一下TurboTax的季度影響？我猜我沒聽清楚。

Do you want to take that one, Neil?

尼爾，你想接那個嗎？

Sure. First quarter this year, Jim, is about the same as last year. What we've signaled here is that we think the quarterly -- for second quarter is going to be significantly higher than we had last year. It's going to be a pull in from Q3 because we got a few more weekend days in January for the tax -- in our second quarter this year than in the past. If you go back a ways and you look back to 2012, and some of those early years, you're going to see a little more -- a slight seasonal shift, we think, into Q2 from Q3. Still going to be the same guidance we talked about for the full year, but we're anticipating now a little more in Q2, a little less in Q3.

當然。吉姆，今年第一季的情況和去年差不多。我們已經發出訊號，我們認為第二季的季度業績將比去年同期顯著提高。由於今年第二季（1 月份）的周末假期比往年多，所以第三季的業績將會有所提升——因為 1 月份的周末假期比往年多，可以用於繳稅。如果你把時間往前推，看看 2012 年以及更早的幾年，你會發現一些變化——我們認為，從第三季到第二季出現了輕微的季節性轉變。全年業績指引仍將與之前相同，但預計第二季業績會略有成長，第三季業績會略有下降。

Okay. Thanks a lot.

好的。多謝。

The last couple of years have been a little more skewed due to unusual situations that at this point, we don't see coming up this year.

過去幾年由於一些特殊情況，市場波動較大，但目前來看，今年應該不會再出現類似情況。

So Jim, that headline that Neil hit on there was FY12 was probably a pretty decent proxy in terms of seasonality, so for those out there looking at the models, if you go back to FY12, that is probably a little more like what we anticipate.

所以吉姆，尼爾提到的標題是 2012 財年，就季節性而言，它可能是一個相當不錯的參考值，所以對於那些正在研究模型的人來說，如果回顧 2012 財年，那可能更接近我們的預期。

Exactly.

確切地。

Yes.

是的。

Got it.

知道了。

Gil Luria, Wedbush Securities.

吉爾‧盧裡亞，韋德布希證券公司。

There was a little IPO today, Square, it's a partner and then sometimes a competitor of yours. And they've raised a couple of interesting questions in how they approach this strategy in terms of decisions you've made and are making. One is, they have this strategy of using payments as a razor, and trying to sell other products such as payroll, for instance, as a razor blade. That's something that you decided a year ago not to do. Could you get into why you don't think that worked as a model, and why you just made that decision?

今天有一家小型 IPO 公司上市了，Square，它是你的合作夥伴，有時也是你的競爭對手。他們提出了一些有趣的問題，即他們如何看待這項策略，以及你已經做出和正在做出的決定。其中一個策略是，他們把付款當作剃刀，然後試圖把其他產品（例如薪資）當作剃刀刀片來推銷。那是你一年前就決定不做的事。你能詳細說說你​​為什麼認為這種模式行不通，以及為什麼做出這個決定嗎？

And then, you brought up of the $250 million of small business loans that have been made off your platform. Again, they have already, in just a few short months, extended even more credit than that, based on the fact that they have the visibility into the revenue, and access to the payments to these merchants. You have access to the entire set of financials through QuickBooks, and then you've been serving this ecosystem for a very long time. Why not accelerate, or why are you not accelerating the growth of that business? What are the things that are making you grow it at the rates that you been growing, as opposed to you trying to accelerate the QuickBooks financing option?

然後，你提到了透過你的平台發放的 2.5 億美元小型企業貸款。而且，短短幾個月內，他們就提供了比這更多的信貸，因為他們能夠了解收入狀況，並能獲得支付給這些商家的款項。您可以透過 QuickBooks 存取所有財務數據，並且您已經為這個生態系統服務了很長時間。為什麼不加快業務成長速度？或者說，為什麼你們不加快業務成長速度？是什麼因素促使你以目前的速度發展，而不是試圖加速 QuickBooks 融資方案的實施？

Yes. Thanks, Gil. First of all, we?re excited to see Square's success coming out. They're a good partner for us. It's good news for small businesses. Over half of small businesses still don't accept electronic payments.

是的。謝謝你，吉爾。首先，我們很高興看到Square成功。他們是我們很好的合作夥伴。這對小型企業來說是個好消息。超過一半的小型企業仍不接受電子支付。

The more players who get into this space, get small businesses looking for new solutions. And of course, we want every one of these payments providers to work with QuickBooks. And so that's why having them as a partner is good news for small businesses, because their data flows seamlessly from their payments into their accounting. And it's good news for us, because it makes QuickBooks Online the operating system that small businesses all depend on. So we're wildly excited about their success and pleased to hear the results.

進入這個領域的參與者越多，小型企業就越需要尋找新的解決方案。當然，我們希望所有這些支付服務提供者都能與 QuickBooks 相容。因此，與他們合作對小型企業來說是個好消息，因為他們的數據可以從支付無縫流入會計系統。這對我們來說是個好消息，因為這使得 QuickBooks Online 成為所有小型企業都依賴的作業系統。因此，我們對他們的成功感到無比興奮，也很高興聽到這樣的結果。

In terms of their approach to payments as a razor, and then opening up to other blades, that's not unlike our own approach. We just happen to believe, and we already have a center of gravity called small business accounting, where people get money in and money out. They either have to accept the money or owe somebody money, and that happens to be called accounting. And with that, we have razor blades like payroll, payments, and other services, including third parties.

就他們對待支付方式的態度而言，就像用剃刀剃須一樣，然後逐漸引入其他刀片，這與我們自己的方式非常相似。我們恰好相信這一點，而且我們已經有一個名為「小型企業會計」的重心，人們透過它進行資金流入和流出。他們要嘛接受這筆錢，要嘛就得欠別人錢，而這剛好就叫做會計。由此，我們便有了薪資單、支付和其他服務（包括第三方服務）等刮鬍刀片。

Why we chose not to go the route of payments being the open door was quite frankly, our payments products was not architected to unlock into another product. We've been working on that with QuickBooks -- excuse me -- the QuickBooks payments Go Payment product is now working with QuickBooks Online, and so if you come in with Go Payment, we want to have you be able to unlock into accounting and other services. So we think the strategy makes sense. It just happens to be for us, we believe the center of gravity, the operating system is small business accounting.

坦白說，我們之所以沒有選擇將支付作為開放管道，是因為我們的支付產品在設計之初並沒有考慮解鎖到另一個產品。我們一直在與 QuickBooks 合作——抱歉——QuickBooks Payments Go Payment 產品現在可以與 QuickBooks Online 搭配使用，因此，如果您使用 Go Payment，我們希望您能夠解鎖會計和其他服務。所以我們認為這個策略是合理的。對我們來說，它恰好是我們認為的重心，作業系統，是小型企業會計。

The other piece was financing, and the honest answer is why are we not ramping as quickly as maybe Square did, is because we chose not to. We were in test mode. We were in beta, we were testing the quality of lenders. We were testing whether or not we could get the lowest rates for small businesses, and we wanted to make sure the Net Promoter score was superior. As we started to see those things all go green in the direction that we wanted, we started to open up the throttle.

另一個問題是融資，而我們為什麼沒有像 Square 一樣快速擴張，誠實的答案是，因為我們選擇不這麼做。我們當時處於測試模式。我們當時處於測試階段，正在測試貸款機構的品質。我們當時正在測試能否為小型企業爭取到最低的費率，並且我們希望確保淨推薦值 (NPS) 達到最高水準。當我們看到所有事情都朝著我們想要的方向發展時，我們開始加大油門。

So we haven't been in the market as long or as aggressively. We have been talking to you about it, as it's been in test mode, but we've just recently said, this is exactly where we want it to be, and we're leaning in. So I think you're going to see this continue to ramp.

因此，我們進入市場的時間沒有那麼長，力道也沒有那麼大。我們一直在和你們討論這個問題，因為它一直處於測試階段，但我們最近表示，這正是我們想要達到的效果，我們正在全力以赴。所以我認為你會看到這種情況繼續加劇。

Got it. Then a quick follow-up on tax. I know these are the very small quarters, the last couple of quarters are the really small quarters, but you grew 8% during the season. The last couple of quarters have declined. Again, I realize they're very small quarters, but is there anything to call out as to why the last six months of results in consumer tax are down year over year?

知道了。然後快速跟進稅務問題。我知道這些季度都很小，最近幾季尤其小，但你們本季成長了 8%。最近兩季度有所下滑。我知道這些季度數據量很小，但是，有沒有什麼特別的原因可以解釋為什麼過去六個月的消費者稅收業績年減？

No. In fact, if you look at the total numbers that get published by the industry overall, whether it's competitors or it's what comes out of the IRS, there's been no shift in share, there's been no shift between methods. There's nothing that's happening out of the normal. It just happens to be every year sometimes people file their taxes on time, sometimes people file their taxes a little bit later, and we just want to make sure that in the absolute universe, that we are continuing to hold or gain share, and right now, we're seeing that happen.

不。事實上，如果你看一下整個行業公佈的總數字，無論是競爭對手公佈的數據還是美國國稅局公佈的數據，你會發現市場份額沒有發生變化，方法之間也沒有發生變化。一切正常。每年總是有人按時報稅，有人晚些報稅，我們只是想確保在絕對範圍內，我們能夠繼續保持或擴大市場份額，而現在，我們看到這種情況正在發生。

Great. Thank you very much.

偉大的。非常感謝。

Scott Schneeberger, Oppenheimer.

史考特‧施內伯格，奧本海默。

Neil, I know you spoke to the CapEx change in an earlier question, but could you talk a little bit to when the purchase of the San Diego campus, is that all -- is all the money outflow going to be in FY16? And did I hear that it sounds like you may be selling your other three business units sooner than later, and that may reduce the CapEx absent the San Diego purchase?

尼爾，我知道你在之前的問題中談到了資本支出的變化，但是你能稍微談談購買聖地牙哥校區的情況嗎？所有資金流出是否都將在 2016 財政年度發生？我聽說您可能很快就會出售其他三個業務部門，如果沒有收購聖地牙哥的業務，這可能會減少資本支出？

Scott, first of all, we -- it looks like now we'll close on the San Diego campus in January. And so, yes, all the money will flow out on that, whatever that transaction is completed. We don't have a date set yet, but I would expect it to be in the second quarter, probably in January.

史考特，首先，我們－現在看來我們將在1月完成聖地牙哥校區的收購。所以，是的，無論這筆交易最終完成與否，所有的資金都會流向這筆交易。我們還沒有確定具體日期，但我預計會在第二季度，可能是在一月。

As far as the sale of the three businesses, Demandforce, QuickBase, and Quicken, those are actually on the track that we set out back when we announced this back in August. And so will it be in the second quarter or early third-quarter? I'm not sure at this point, but I can tell you we're making good progress on them. And we haven't talked explicitly about the proceeds we expect to receive in those businesses, but suffice it to say I think it'll be well above our total CapEx outlay for this year. So, I can view that as offsetting the money we're paying out. And by the way, the money were investing in this real estate is going to be a help for us in our margin expansion in the later part of this year and next year, too. So, should come within a few months of offsetting the cash in and cash out.

至於 Demandforce、QuickBase 和 Quicken 這三家公司的出售事宜，實際上正按計劃進行，正如我們在 8 月宣布的那樣。那麼，會在第二季還是第三季初呢？目前我還不能確定，但我可以告訴你，我們在這方面取得了良好的進展。我們還沒有明確討論我們預計從這些業務中獲得的收益，但可以肯定的是，我認為它將遠高於我們今年的總資本支出。所以，我可以把它看作是抵銷了我們支付的款項。順便說一句，我們投資於這棟房地產的資金，也將在今年下半年和明年幫助我們擴大利潤率。因此，應該在幾個月內就能抵消現金流入和流出。

Great. Thanks. And as a follow-up, just on ProTax and consumer tax, on ProTax first, when we look ahead to FY17, should we look at a similar quarterly cadence, as you've just provided on this call for FY16? And then, on consumer tax, you mentioned you are looking for similar margins with -- someone asked on fraud spend, anything different on marketing spend, timing, or magnitude this year? Thank you.

偉大的。謝謝。作為後續問題，僅就 ProTax 和消費者稅而言，首先是 ProTax，當我們展望 2017 財年時，我們是否應該考慮與您在本次電話會議上對 2016 財年所做的類似的季度節奏？然後，關於消費者稅，您提到您希望獲得類似的利潤率——有人問到欺詐支出，今年的營銷支出、時間安排或規模是否有任何不同？謝謝。

Yes, Scott. The cadence you see for ProTax for 2016 ought to be the right cadence for next year. All the changes we made to the products and to the way we deliver those services for this year ought to track right into next year, so modeling ought to be very similar. Brad, do you want to speak to the marketing on consumer tax?

是的，斯科特。您在 2016 年看到的 ProTax 更新頻率應該也是明年的正確頻率。今年我們對產品以及服務提供方式所做的所有改變都應該延續到明年，因此建模方式應該非常相似。布拉德，你想跟行銷部談談消費者稅嗎？

Yes. Happy to do that. Scott, we're continuing to focus on effectiveness, and that will actually drive efficiency. So in terms of the marketing campaigns, our whole category -- our approach is to expand the category and continue to gain share, and do that by empowering taxpayers to know that they are more capable than they may think to do their own taxes and get a great outcome. In terms of the dollar spend, we aren't looking to increase that dollar spend year over year, but to get a bigger bang for every dollar we do spend, and I really like the plan that the team has in place, and we're looking forward to the tax season and kicking off here in a couple weeks.

是的。我很樂意這樣做。斯科特，我們將繼續專注於提高效率，這實際上會提高效率。因此，就行銷活動而言，我們整個品類的策略是擴大品類並繼續獲得市場份額，而實現這一目標的方式是賦予納稅人權力，讓他們知道他們比自己想像的更有能力自己報稅並獲得良好的結果。就支出而言，我們並不打算逐年增加支出，而是希望每一美元都能發揮更大的作用。我非常喜歡團隊制定的計劃，我們期待幾週後報稅季的到來。

Great. Thanks very much.

偉大的。非常感謝。

Kartik Mehta, Northcoast Research.

Kartik Mehta，北海岸研究公司。

Brad, just on the tax side, do you anticipate anything different in terms of pricing or maybe products from your competitors?

布拉德，就稅務方面而言，你預期競爭對手的價格或產品會有什麼不同嗎？

Kartik, every year, we continue to anticipate the most competitive environment that you can imagine for tax, because it's been that way for quite some time. So my anticipation is that all of our competitors, like us, will continue to put innovation into their products, to make their products easier for taxpayers, and I think the pricing will continue to be competitive. I'm not sure we can get more competitive than zero, absolute zero and free, which is where we've been, but I certainly would be prepared for a very competitively intense tax season, and quite frankly, that won't be new. That will not be unique to this year.

Kartik，每年我們都預期稅務領域將面臨你能想像到的最激烈的競爭環境，因為這種情況已經持續相當長一段時間了。因此，我預計所有競爭對手都會像我們一樣，繼續在產品中註入創新，使納稅人更容易使用他們的產品，我認為價格將繼續保持競爭力。我不確定我們還能不能比零、絕對零和免費更具競爭力，而這正是我們一直以來所處的境地，但我肯定會做好迎接競爭非常激烈的報稅季的準備，坦白說，這對我來說並不新鮮。這種情況不會只發生在今年。

You talked about the ACA and obviously, you have a product to help consumers with that, but it seems like the key is going to be communicating to the consumers that they can easily finish their tax returns using your product. And I'm wondering, you talked about not spending more on marketing. Is it that you're just going to allocate more to communicating about ACA, or do you think that that isn?t necessary, and you'll just do your normal marketing about the product itself?

您談到了《平價醫療法案》(ACA)，顯然，您有一款產品可以幫助消費者應對該法案，但關鍵似乎在於如何向消費者傳達他們可以使用您的產品輕鬆完成納稅申報的信息。我想問的是，您之前說過不會增加行銷方面的支出。你是打算投入更多資源來宣傳《平價醫療法案》（ACA），還是認為沒有必要這樣做，而只會像往常一樣進行產品本身的行銷？

Well, I think the good news here, two parts on ACA. We shared with you last year that one of the highest conversion portions of TurboTax.com was actually the Affordable Care Act section, where people who came to TurboTax.com to get questions answered, they could use the free tools that we had to help them figure out their income or their subsidies due, or their potential penalties, and then they converted right into the product. Which takes us to marketing.

我認為好消息是，ACA 有兩個面向。去年我們曾向大家透露，TurboTax.com 轉換率最高的部分實際上是《平價醫療法案》部分，那些來到 TurboTax.com 尋求問題解答的人，可以使用我們提供的免費工具來幫助他們計算收入、應得補貼或潛在罰款，然後他們就直接購買了我們的產品。這就引出了行銷的話題。

And right now, we're in the neighborhood of having almost 100 million people in the United States, out of 150 million, already coming to TurboTax.com. So it's not about getting even more people to the website, it's about getting more of that 100 million roughly between the US and Canada to convert into paying customers. So for us, it's about doing our job better. Continuing to make our products easier to use, and helping people get the questions they have around the Affordable Care Act answered, and that's why you hear us saying that we think we've got the right tools, we think we have the right marketing mix, and it's going to be a matter now of getting in the season and trying to match those words with the results.

目前，美國已有近 1 億人（總人口 1.5 億）正在使用 TurboTax.com。所以，關鍵不在於吸引更多的人造訪網站，而是讓美國和加拿大大約 1 億用戶中的更多人轉換為付費用戶。所以對我們來說，關鍵在於把我們的工作做得更好。我們將繼續努力使我們的產品更易於使用，並幫助人們解答有關《平價醫療法案》的問題，這就是為什麼你會聽到我們說我們認為我們擁有合適的工具，我們認為我們擁有合適的營銷組合，現在的問題是如何進入這個季節，並努力將這些話與結果聯繫起來。

Thanks, Brad. I appreciate it.

謝謝你，布拉德。謝謝。

Michael Millman, Millman Research.

Michael Millman，Millman Research。

On the fraud work that you've done, lots of people think that the EIC was -- at least a lot of it related to EIC filers, so wondering to what extent do you think the changes will either reduce some of it, not only reduce some of the fraud, but reduce some of the actual EIC filing. To what extent do you think it might push some of that filing away from do-it-yourself to assist it? And I also have a question regarding what Ryan is pushing to do in terms of simplification that might have more legs than a typical political talk. To what extent do you think your mobile solutions will benefit from that, or to what extent might the whole industry lose some momentum regarding a Ryan policy? Thank you.

關於你所做的詐欺工作，很多人認為EIC（低收入家庭福利）——至少很多都與EIC申報者有關——所以我想知道你認為這些改變在多大程度上能夠減少一些欺詐，不僅減少一些欺詐，而且減少一些實際的EIC申報。你認為這會在多大程度上促使一些歸檔工作從自助式歸檔轉向輔助歸檔？我還有一個關於瑞安在簡化方面所推動的措施的問題，這個問題可能比一般的政治演講更有說服力。您認為您的行動解決方案會在多大程度上受益於此？或者，整個產業在瑞安政策方面可能會在多大程度上失去發展動能？謝謝。

All right. Thank you, Michael. You got some good meaty questions in there, so we'll try to take them one at a time. Let me talk about earned income tax credit, which is a very important subsidy for a deserving group of taxpayers out there. It's unfortunately been a very complicated area. There was a lot of testimony actually covered in the Senate Finance Committee on September 30, and if you get the chance there's a public link out there that will allow you to hear the points of view of leading senators from all around the nation, as well as those people involved in the GAO which is the controllers, the US Comptroller's office.

好的。謝謝你，麥可。你提了一些很有深度的好問題，所以我們盡量逐一解答。讓我來談談勞動所得稅抵免，這是一項對符合資格的納稅人非常重要的補貼。不幸的是，這方面的情況非常複雜。9 月 30 日，參議院財政委員會實際上聽取了許多證詞。如果你有機會，可以透過一個公開鏈接，聽到來自全國各地的參議員以及美國審計長辦公室（即美國財政總署）相關人員的觀點。

But in a headline, we have seen no shift and no aggressive growth of Earned Income Tax credit in our DIY business. It's basically grown in line with e-filing overall. So the data that we see does not suggest there's been a shift of Earned Income Tax credit from one model to another. As you know, we are in the assisted business with our ProTax products, and we're in the do-it-yourself business with TurboTax.

但就目前來看，在我們的DIY業務中，勞動所得稅抵免並沒有出現任何變化或大幅成長。它基本上與電子申報的整體發展趨勢一致。因此，我們看到的數據並沒有顯示勞動所得稅抵減模式已經從一種模式轉變為另一種模式。如您所知，我們透過 ProTax 產品從事輔助報稅業務，並透過 TurboTax 從事自助報稅業務。

With that said, we are collectively as an industry looking to get rid of tax fraud in all of its shapes and forms, and so we are running experiments with the Department of Treasury as we speak. And we're trying to run experiments to say how can we continue to make sure that people who deserve Earned Income Tax credit can get those subsidies, and how do we make sure that no bad guys can get into that system and try to defraud the system? And I like some of the pilot work we are doing, and we're sharing that across the industry as well.

也就是說，我們整個行業都在努力消除各種形式的稅務欺詐，因此，我們正在與財政部進行試驗。我們正在嘗試進行實驗，以了解我們如何繼續確保有資格獲得勞動所得稅抵免的人能夠獲得這些補貼，以及如何確保沒有壞人能夠進入該系統並試圖欺詐該系統？我喜歡我們正在進行的一些試點工作，我們也在業界分享這些經驗。

So the net-net on this is, it's going to be hard to know until we get into the season, whether we are collectively being successful in stopping Earned Income Tax credit fraud. But I would encourage you and anyone out there who has a question about whether there is a shift between assisted or do-it-yourself, to go look at the link that the Senate Finance Committee actually debated for quite some time, around this Earned Income Tax credit. Because you will hear facts out there as represented by the government, that would help everybody understand how we're collectively trying to line up and fight this.

所以總而言之，在賽季開始之前，很難知道我們是否能夠共同成功地阻止勞動所得稅抵免詐欺。但我鼓勵你以及任何對「協助辦理」和「自助辦理」之間是否存在轉變有疑問的人，去看看參議院財政委員會就勞動所得稅抵免問題進行了相當長時間辯論的連結。因為你會聽到政府所陳述的事實，這將有助於所有人理解我們是如何團結起來共同對抗這場危機的。

The second piece was around Ryan's simplification efforts; the House Speaker. And in a headline, we are for tax simplification. We have been from day one, quite frankly, that's what our business is. Trying to take a complicated tax code and make it simple for people to comply with, and to be able to get their tax obligations done, and obviously, to get the money back in their pocket if they overpaid.

第二部分是關於瑞安的簡化努力；眾議院議長。簡而言之，我們支持簡化稅制。坦白說，從一開始我們就一直是這樣做的，這就是我們的業務。試圖簡化複雜的稅法，使人們能夠遵守，履行納稅義務，當然，如果多繳了稅款，還能把錢拿回來。

It will be very hard to tell whether this is the year that something happens or not, but we hope so. Because at the end of the day, the simpler it is for the tax people to file their taxes, the more willing they're going to say, maybe I can do this on my own; and we think that only bodes well for the do-it-yourself category overall. And so, we're hopeful that something will happen. At the same time, if it doesn't, we're in the job of simplifying it for the consumer, and that's what we're going to continue to do.

很難說今年會不會發生什麼大事，但我們希望如此。歸根究底，納稅人報稅越簡單，他們就越願意說，也許我可以自己報稅；我們認為這對整個自助報稅行業來說都是個好兆頭。所以，我們希望會有事情發生。同時，如果情況沒有好轉，我們的職責就是簡化流程，方便消費者使用，而這正是我們將繼續努力的方向。

Thanks, Brad.

謝謝你，布拉德。

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

我不會再問其他問題了。還有什麼補充說明嗎？

Yes, Latif, I would. Thank you, and I want to thank everybody for your questions. Obviously, we're off to a strong start, but we have plenty of game left to be played. We're looking forward to the upcoming season, both the peak period in tax, as well as the continuation of QBO and our small business ecosystem. We want to wish everybody out there a safe and happy holiday season, and we're looking forward to talking to you soon. So thanks for the questions, and we'll speak with you next time.

是的，拉蒂夫，我會的。謝謝大家，也謝謝大家提出的問題。顯然，我們開局不錯，但比賽還有很長的路要走。我們期待即將到來的季節，既包括稅務高峰期，也包括QBO和我們小型企業生態系統的持續發展。我們祝福大家假期平安快樂，期待盡快與您聯繫。謝謝大家的提問，我們下次再聊。

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。