直覺電腦 (INTU) 2016 Q3 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 third 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 財年第三季電話會議。

(Operator Instructions)

（操作說明）

With that, I'll now 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, Latif. Good afternoon, everyone, and welcome to Intuit's third quarter FY16 conference call. I'm here with Brad Smith, our Chairman and CEO, and Neil Williams, our CFO.

謝謝你，拉蒂夫。各位下午好，歡迎參加 Intuit 2016 財年第三季電話會議。我今天和我們的董事長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 statements.

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 官網 (Intuit.com) 的投資者關係頁面上找到。我們不承擔更新任何前瞻性陳述的義務。

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. Also, all reported results and guidance, except GAAP net income and EPS, exclude Demandforce, QuickBase, and Quicken, which have been sold and reclassified to discontinued operations.

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。此外，除 GAAP 淨收入和每股盈餘外，所有報告的業績和指引均不包括 Demandforce、QuickBase 和 Quicken，這些公司已被出售並重新分類為終止經營業務。

A copy of our prepared remarks and supplemental financial information will be available on our website after this call ends. And with that, I'll turn the call over to Brad Smith.

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，我將把電話交給布拉德史密斯。

All right. Thank you, Matt. And thanks all of you for joining us. As you already know, we had an outstanding tax season. We're also pleased with our performance in Small Business. At the company level in our fiscal third quarter, we came in ahead of our guidance across the board. And as a result, we're raising our revenue, operating income and earnings per share guidance for the year.

好的。謝謝你，馬特。感謝各位的參與。如您所知，我們度過了一個非常出色的報稅季。我們對自己在小企業領域的表現也感到滿意。公司層面，第三財季，我們各項業績都超乎預期。因此，我們提高了今年的營收、營業收入和每股盈餘預期。

Since tax is on everyone's mind, let's start there. We feel great about the product innovation that we delivered in TurboTax this year, as well as the results enabled by that innovation. As you know, there are four key drivers to our Consumer Tax business.

既然稅收是每個人都關心的問題，我們就從這裡開始談起吧。我們對今年TurboTax的產品創新以及該創新帶來的成果感到非常滿意。如您所知，我們的消費者稅業務有四大關鍵驅動因素。

The first driver is the number of returns filed with the IRS. The latest IRS data indicates that total returns were up about 1.5%. That was a bit stronger than we expected, so it was a modest tailwind.

第一個驅動因素是向美國國稅局提交的報稅單數量。美國國稅局最新數據顯示，總回報金額增加了約1.5%。風力比我們預想的要強一些，所以算是一股適度的順風。

The second driver is the percentage of those returns filed using do-it-yourself software. This season, the category grew nearly 6% versus the assisted category, which was up only slightly. This suggests the do-it-yourself software category gained more than 1 point of share again this year, driving more than 3 points of revenue growth for TurboTax.

第二個驅動因素是使用自助軟體提交的報稅表所佔的百分比。本賽季，該類別增長了近 6%，而輔助類別僅略有增長。這表明，今年自助報稅軟體類別的市佔率再次成長超過 1 個百分點，推動 TurboTax 的營收成長超過 3 個百分點。

The third driver is TurboTax's share within the do-it-yourself software category. For the third consecutive year, we gained share within the category. In fact, this season we gained more than 3 points of share, bringing our total software category share to roughly 65%.

第三個驅動因素是 TurboTax 在自助報稅軟體類別中的份額。我們連續第三年在該類別中獲得了市場份額。事實上，本季我們的市佔率成長了 3 個百分點以上，使我們在軟體類別中的總份額達到約 65%。

And the fourth driver is revenue per return. As you know, our goal is to grow customers faster than revenue, which yields a positive lifetime value pay-off as their tax situations grow more complex over time. Our strategy to gain share of the less complex returns continued to bear fruit, enabling unit growth of 12% overall, which was faster than our revenue growth of over 9%. With that said, our revenue growth for the segment far outpaced our original outlook of 5% to 7% at the beginning of the fiscal year.

第四個驅動因素是每回報的收入。如您所知，我們的目標是客戶成長速度超過收入成長速度，隨著客戶的稅務狀況隨著時間的推移變得越來越複雜，這將帶來積極的終身價值回報。我們爭取在不太複雜的回報領域獲得份額的策略繼續取得成效，使整體銷量增長了 12%，超過了我們超過 9% 的收入增長。儘管如此，該業務部門的營收成長遠遠超過了本財年初我們最初預期的 5% 至 7%。

Bottom line, it was a very successful tax season for TurboTax. So what drove the performance? The answer is simple, an awesome, innovative product experience. But what's behind the awesome experience is not so simple. It is driven by deep data science and rigorous execution from a very talented TurboTax team. We began this multi-year journey three years ago to reimagine the tax prep experience in support of a grand vision of taxes are done. And this season, we began to really see it pay off. We remain committed to continuing to invest and build on our competitive advantage, driving share gains for the category and for TurboTax.

總而言之，對於TurboTax來說，這是一個非常成功的報稅季。那麼，是什麼因素促成了這項佳績？答案很簡單，那就是令人驚艷、極具創新性的產品體驗。但這種美妙體驗背後的原因卻並非如此簡單。這是由TurboTax一支才華橫溢的團隊憑藉深厚的數據科學基礎和嚴謹的執行力實現的。三年前，我們開始了這項為期多年的旅程，旨在重新構想報稅體驗，以實現「報稅不再是難題」的宏偉願景。而本季，我們開始真正看到成效。我們將繼續致力於投資並鞏固我們的競爭優勢，從而提升該品類和TurboTax的市場份額。

This season, our team more than tripled its pace of innovation, introducing over 20 new product improvements. We coupled this product innovation with a great demand generation campaign that really resonated: it doesn't take a genius to do your taxes. We made the complex simple, which, when you get down to it, is what Intuit does every day. Our seamless cloud-based experience drove increased mobile discovery and usage. Our mobile app downloads were up 85% versus last season and the number of completed returns through the mobile app and through mobile browsers doubled. This year, customers snapped 5 million photos of tax documents with mobile devices. That is up four times greater than it was last year. This represented 25% of all the documents imported into TurboTax, which saved time and reduced errors while delighting customers.

本季，我們的團隊創新速度提高了三倍多，推出了 20 多項新的產品改進。我們將這項產品創新與一項真正引起共鳴的出色需求創造活動相結合：報稅並不需要天才。我們將複雜的事情變得簡單，而歸根結底，這正是 Intuit 每天都在做的事情。我們流暢的雲端體驗推動了行動裝置的發現和使用量成長。我們的行動應用程式下載量比上個季度增加了 85%，透過行動應用程式和行動瀏覽器完成的退貨數量翻了一番。今年，客戶使用行動裝置拍攝了 500 萬張稅務文件照片。這比去年同期增長了四倍。這佔導入 TurboTax 的所有文件的 25%，既節省了時間，減少了錯誤，又讓客戶感到滿意。

We also continue to reimagine the entire product experience, using data to help customers finish their taxes faster, with increased confidence. For example, we broke down the Affordable Care Act into simple questions and provided new confidence building features, like Explain Why and SmartLook. These innovations helped reduce the tax prep time by 40%, on average, for our customers. We also delivered an excellent customer care experience and continued to invest in security, working with the industry and the government to protect our customers and to reduce fraud.

我們也不斷重新構想整個產品體驗，利用數據幫助客戶更快、更有信心地完成報稅。例如，我們將《平價醫療法案》分解成簡單的問題，並提供了新的增強信心的功能，例如「解釋原因」和「智慧檢視」。這些創新平均幫助我們的客戶減少了 40% 的報稅準備時間。我們還提供了卓越的客戶服務體驗，並持續投資於安全保障，與業界和政府合作，保護我們的客戶並減少詐欺行為。

On top of all of that product improvement, we continue to focus on serving an important segment that we feel is under served and over charged, the simple return segment. Absolute Zero gives these taxpayers the most affordable option, a great product that costs them nothing. But Absolute Zero is just one of the reasons that we won this year. In fact, TurboTax gained share versus software competitors who matched the Absolute Zero offer and we even gained share at the end of season at full price. All in all, TurboTax grew units double digits and expanded share. We also grew revenue more than 9% and we improved margins in an already very profitable business. This was simply a great season for TurboTax.

除了上述產品改進之外，我們還繼續專注於服務一個我們認為服務不足且收費過高的重要細分市場，即簡單的退貨細分市場。Absolute Zero 為這些納稅人提供了最經濟實惠的選擇，一款物超所值的產品，而且完全免費。但《絕對零度》只是我們今年獲勝的原因之一。事實上，TurboTax 相對於那些提供與 Absolute Zero 優惠相同的軟體競爭對手獲得了市場份額，即使在季末以全價出售時，我們也獲得了市場份額。總而言之，TurboTax 的銷售量實現了兩位數成長，市佔率也擴大了。我們的營收成長超過 9%，並且在原本就非常獲利的業務中提高了利潤率。對於TurboTax來說，這絕對是一個非常棒的賽季。

Now let me shift to the Pro Tax business, which we recently rebranded as the Pro Connect Group, given the strategic role this business plays in our ecosystem. The Pro Connect Group supports both of our strategic goals, to do the nation's taxes and to be the operating system behind small business success. In support of doing the nation's taxes, we're doing just that. We grew individual returns about 1% in this business this year, which is faster than the overall assisted category group. New customers were a bit soft, so we did a nice job with retention, leading to modest customer and return growth. Looking ahead, we're focused on growing the Pro Tax business in ways that are less reliant on price. We're leaning into the cloud, with Intuit Tax Online, and we're innovating with new attached solutions, like refund transfer and e-signatures. We've got some work to do to drive faster adoption of these services, but we're optimistic about the future.

現在讓我來談談 Pro Tax 業務，鑑於該業務在我們生態系統中發揮的戰略作用，我們最近將其更名為 Pro Connect Group。Pro Connect Group 支持我們的兩個策略目標：一是為全國人民提供稅務服務，二是成為小型企業成功背後的營運系統。為了支持國家徵稅工作，我們正在這樣做。今年，我們這項業務的個人收益成長了約 1%，比整個輔助類別的成長速度更快。新客戶數量略顯不足，因此我們在客戶留存方面做得不錯，從而實現了客戶數量和回頭客數量的適度增長。展望未來，我們將專注於以不那麼依賴價格的方式來發展專業稅務業務。我們正在大力發展雲端運算，例如 Intuit Tax Online，並且我們正在透過新的附加解決方案進行創新，例如退款轉帳和電子簽名。我們還有一些工作要做，以加快這些服務的普及，但我們對未來充滿信心。

The new name reflects Pro Connect Group's expanded efforts to support small business success. The more we connect our accountant customers with our small business customers, the more successful they all are and the healthier our ecosystem becomes. For example, we know QuickBooks Online retention is 11 points better when a small business works with an accountant, so we're tapping into our accountant network to make these connections. Nearly 600,000 QuickBooks Online subscribers are now linked to an accountant. That is up 70% versus last year. This all nets out to a strategically important, highly profitable business, albeit with a slower growth rate than TurboTax or the Small Business Group. Neil will talk more about our expectations for this business in a minute.

新名稱體現了 Pro Connect Group 為支持小型企業成功所做的更大努力。我們越是將會計師客戶與小型企業客戶聯繫起來，他們就越成功，我們的生態系統就越健康。例如，我們知道，當小型企業與會計師合作時，QuickBooks Online 的用戶留存率會提高 11 個百分點，因此我們正在利用我們的會計師網絡來建立這些聯繫。目前已有近 60 萬名 QuickBooks Online 用戶與會計師建立了聯繫。與去年相比成長了70%。這一切最終成就了一項具有重要戰略意義且利潤豐厚的業務，儘管其成長速度比 TurboTax 或小型企業集團要慢。尼爾稍後會詳細談談我們對這項業務的期望。

With that overview on the Tax side of the house, let's transition to Small Business. We continue to generate strong new user growth in our online ecosystem. Again this quarter, more than 80% of QuickBooks Online customers were new to the Intuit franchise and total QuickBooks paying customer growth remained healthy. Year-to-date across Desktop and Online, new customers are up 16%, which is an acceleration from last year.

了解了稅務方面的概況之後，讓我們轉到小型企業部分。我們的線上生態系統持續保持強勁的新用戶成長。本季度，QuickBooks Online 的客戶中有超過 80% 是 Intuit 的新客戶，QuickBooks 付費客戶總數的成長仍然保持良好勢頭。今年迄今為止，桌面端和線上端的新客戶數量成長了 16%，比去年同期成長速度加快。

QuickBooks Online continued to build momentum. We grew total QuickBooks Online subscribers 45% in the third quarter. This resulted in the addition of 140,000 QBO subscribers in the quarter, bringing us to 1,397,000 paid subs worldwide at the end of the April, which was ahead of our guidance. Roughly 75,000 of those QBO subscribers are using QuickBooks Self-Employed, which is up from 50,000 last quarter. Outside the US, QuickBooks Online grew roughly 60%, to 255,000 paying subscribers. In total, we're executing well and we're on track to meet our subscriber targets for FY16 and FY17. Also, it's important to note that revenue per customer is coming in a bit stronger than we expected so far this year. As we said at Investor Day, we're expecting to land at 2 million to 2.2 million QBO subs at the end of FY17.

QuickBooks Online持續維持成長動能。第三季度，QuickBooks Online 用戶總數增加了 45%。該季度QBO新增14萬訂閱用戶，截至4月底，全球付費訂閱用戶達139.7萬，超乎預期。在這些 QBO 用戶中，約有 75,000 人正在使用 QuickBooks Self-Employed，比上一季的 50,000 人有所增加。在美國以外，QuickBooks Online 的付費用戶成長了約 60%，達到 255,000 人。整體而言，我們的執行情況良好，預計將實現 2016 財年和 2017 財年的訂閱用戶目標。另外，值得注意的是，今年到目前為止，每位客戶的收入略高於我們的預期。正如我們在投資者日上所說，我們預計到 2017 財年末，QBO 的訂閱用戶將達到 200 萬至 220 萬。

Now we're also improving customer retention, and we fully expect retention to continue to improve next year, as more of our QBO customers are acquired through or work with an accountant. Attach of payroll, payments, and third-party apps also improves retention and we're building solid traction there, as well. For example, we now have over 100,000 QuickBooks Online accountant customers who have at least three of their own clients on QBO. That's more than double what it was a year ago. We now also have 2,500 third-party apps in our ecosystem. That's up from 1,100 a year ago. And approximately 15% of QuickBooks Online customers are connecting to at least one third-party app. That's up from 9% a year ago. Payroll and payments, as you know, are drivers of retention and they also help drive revenue per customer, and the attached rates for these products remain healthy, at 19% for Payroll and 8% for Payments.

現在我們也在努力提高客戶留存率，我們完全預期明年留存率會繼續提高，因為越來越多的 QBO 客戶是透過會計師或與會計師合作而獲得的。整合薪資、支付和第三方應用程式也能提高用戶留存率，我們在這方面也取得了顯著進展。例如，我們現在有超過 10 萬名 QuickBooks Online 會計師客戶，他們各自至少有三位客戶在使用 QBO。比一年前翻了一番還多。現在我們的生態系統中還有 2500 個第三方應用程式。比一年前的1100人增加。約有 15% 的 QuickBooks Online 用戶連接到至少一個第三方應用程式。比一年前的9%上升。如您所知，薪資和支付是提高客戶留存率的驅動因素，同時也有助於提高每位客戶的收入，而且這些產品的附加費率仍然很健康，薪資為 19%，支付為 8%。

So that's the story at the high level. Our teams have driven significant innovation across all of our offerings and it's resulted in strong financial results for the quarter and for the year. So with that, I'm going to turn it over to Neil to walk you through the financial details.

以上就是事件的大致狀況。我們的團隊在所有產品和服務方面都進行了重大創新，這為本季和本年度帶來了強勁的財務業績。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。

Thanks, Brad, and good afternoon, everyone. For the third quarter of FY16, we delivered revenue of $2.3 billion, up 8%. This growth reflects a shift of approximately $30 million of Consumer Tax revenue from Q3 into Q2 relative to last season. We delivered non-GAAP operating income of $1.4 billion, up 11%, GAAP operating income of $1.3 billion, up 21%, non-GAAP earnings per share of $3.43, up 20%, and GAAP earnings per share of $3.94, which reflects an after tax gain of $0.67 per share on the divestiture of Quicken, QuickBase, and Demandforce.

謝謝你，布拉德，大家下午好。2016 財年第三季度，我們實現了 23 億美元的收入，成長了 8%。這一增長反映出，與上一季相比，消費者稅收收入從第三季度轉移到了第二季度，約有 3000 萬美元的收入增加。我們實現了非GAAP營業收入14億美元，成長11%；GAAP營業收入13億美元，成長21%；非GAAP每股收益3.43美元，成長20%；GAAP每股收益3.94美元，這反映了出售Quicken、QuickBase和Demandforce後每股0.67美元的稅後收益。

Turning to the business segments, total Small Business segment revenue increased 12% for the quarter. Small Business Online ecosystem revenue grew approximately 24% for the quarter, as customer acquisition in our online ecosystem continues to drive growth. QuickBooks Online subscribers grew 45%, Online active Payments customers grew 6%, and Online Payments charge volume grew 18%. 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 12%。本季小型企業線上生態系統營收成長約 24%，因為我們線上生態系統中的客戶獲取持續推動成長。QuickBooks Online 用戶成長了 45%，線上活躍支付用戶成長了 6%，線上支付交易額成長了 18%。線上薪資管理客戶成長了 17%。

Switching to the desktop side, total desktop ecosystem revenue increased 8%. QuickBooks desktop units were up 3% in the third quarter. And for the full year, we expect desktop units and revenue will be up slightly.

轉而關注桌面端，桌面生態系統總收入成長了 8%。QuickBooks桌面版銷量在第三季成長了3%。我們預計全年桌上型電腦銷量和收入將略有成長。

I know it's been difficult to correlate the growth rate and QBO subscriptions to our online ecosystem revenue growth rate. Here's some detail on Online revenue that should help with your modeling. In the third quarter, Online Payroll revenue grew 21% and Online Payments revenue grew 13%. About 40% of our Online Payroll customers are attached to QBO, while 60% are not. We sell standalone Online Payroll through partners and accountants. This is a good, profitable business, but one that grows much slower than Payroll attached to QuickBooks Online. The revenue mix is closer to 50/50. We expect Payroll customers attached to QuickBooks Online to grow around 25% this year and revenue from those customers to grow nearly 40%.

我知道將成長率和 QBO 訂閱量與我們的線上生態系統收入成長率連結起來一直很困難。以下是一些關於線上收入的詳細信息，應該對您的建模有所幫助。第三季度，線上薪資收入成長了 21%，線上支付收入成長了 13%。我們約有 40% 的線上薪資管理客戶使用 QBO，而 60% 的客戶沒有使用 QBO。我們透過合作夥伴和會計師銷售獨立的線上薪資管理系統。這是一個不錯的、有利可圖的業務，但其成長速度遠低於與 QuickBooks Online 關聯的薪資管理業務。收入組成接近 50/50。我們預計今年使用 QuickBooks Online 的薪資管理客戶將成長約 25%，這些客戶的收入將成長近 40%。

Now let's look at Payments through the same lens. The customer and revenue mix for attached and non-attached solutions is about 50/50, but the story is a little different. We are not currently focused on standalone payments channels, like GoPayment and online processing that are not attached to QBO. The QBO attached business is growing very fast and the non-attached business is shrinking. We expect Payments customers and revenue attached to QuickBooks Online to grow more than 50% this year.

現在讓我們用同樣的視角來看待支付問題。附加解決方案和非附加解決方案的客戶和收入組成約為 50/50，但實際情況略有不同。我們目前並未專注於獨立支付管道，例如 GoPayment 和與 QBO 無關的線上處理。QBO 線上成長迅速，而非線上業務則在萎縮。我們預計今年 QuickBooks Online 的支付客戶和相關收入將成長超過 50%。

Consumer Tax revenue was up 7% versus the third quarter last year; and for the year, we expect Consumer Tax revenue growth of approximately 9%. As a reminder, third quarter consumer tax revenue reflects a shift from the third quarter to the second quarter, primarily driven by an extra weekend day in January this year. One thing I'd like to call out as we start thinking about next season and next year's guidance, we're investing to improve the total TurboTax product experience, thus delivering the results you saw this season. This remains a high margin business at over 60%. We remain focused on growing customers, gaining share, and increasing profit dollars, rather than margin expansion.

消費者稅收收入比去年第三季成長了 7%；我們預計今年消費者稅收收入將成長約 9%。需要提醒的是，第三季消費者稅收收入反映了從第三季到第二季的轉移，這主要是由於今年一月多了一個週末。在開始考慮下一季和明年的業績指引時，我想強調一點：我們正在投資改進TurboTax的整體產品體驗，從而帶來您在本季看到的成果。這個行業的利潤率仍然很高，超過 60%。我們仍然專注於增加客戶、擴大市場份額和增加利潤，而不是擴大利潤率。

Our Pro Connect Group Professional Tax revenue was $126 million in the third quarter. For the fourth quarter, we expect Pro Connect revenue to be approximately the same as in the fourth quarter of FY15. As Brad said, we're focused less on price on the Pro Tax side and investing in our accountant offerings to enhance growth in the QuickBooks Online ecosystem. We expect revenue to be roughly flat in FY17, with margins remaining above 60%.

第三季度，我們的 Pro Connect Group 專業稅務收入為 1.26 億美元。我們預計第四季 Pro Connect 的營收將與 2015 財年第四季大致相同。正如布拉德所說，我們不太關注專業稅務方面的價格，而是投資我們的會計師服務，以促進 QuickBooks Online 生態系統的成長。我們預計 2017 財年營收將大致持平，利潤率將維持在 60% 以上。

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. We repurchased $465 million of shares in the third quarter and we have $435 million remaining on our authorization. Our cash and investment balance was $1.6 billion at the end of the third quarter and our Board approved a $0.30 dividend per share for our fiscal fourth quarter, payable on July 18. This represents a 20% increase versus last year. Year-to-date, we've returned nearly $2.5 billion in cash to our shareholders via share repurchases and dividends. We provided guidance for the fourth quarter in our press release. We also raised our full-year revenue, operating income, and EPS guidance, and now we expect revenue growth of 11% to 12% for the year. We reiterated our full year FY16 guidance for QuickBooks Online subscribers.

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。我們在第三季回購了價值 4.65 億美元的股票，目前授權額度還剩 4.35 億美元。截至第三季末，我們的現金和投資餘額為 16 億美元，董事會批准了第四財季每股 0.30 美元的股息，將於 7 月 18 日支付。比去年增長了20%。今年迄今為止，我們已透過股票回購和分紅向股東返還了近 25 億美元的現金。我們在新聞稿中提供了第四季的業績指引。我們也提高了全年營收、營業收入和每股盈餘預期，現在我們預計全年營收成長11%至12%。我們重申了 2016 財年 QuickBooks Online 訂閱用戶的全年業績預期。

As we look forward to FY17, we are pleased that our trajectory is in line with the long-term customer and financial plans that we shared last year. Small Business and Consumer Tax remain quite healthy. We'll continue to invest in awesome products, security, and customer care. The investments we're making outside the US will pay off over a longer term horizon.

展望 2017 財年，我們很高興看到我們的發展軌跡與去年分享的長期客戶和財務計畫相符。小企業和消費者稅收仍保持良好狀態。我們將持續增加對優質產品、安全保障和客戶服務的投入。我們在美國以外的投資將在長期內獲得回報。

Taking all this into consideration, I still believe that $4.30 is the best estimate of where non-GAAP EPS will come in next year. We'll share more when we provide FY17 guidance in August. And with that, I'll turn it back to Brad to close.

綜合考慮以上因素，我仍然認為 4.30 美元是明年非 GAAP 每股收益的最佳估計值。我們將在8月發布2017財年業績指引時分享更多資訊。那麼，接下來就交給布萊德來結束今天的節目了。

Thank you, Neil. In a headline, we're having a great year. Customer growth is as strong as it's ever been in Small Business and TurboTax and our accountant facing teams are driving adoption and help across the ecosystem. We're further penetrating large addressable markets and we remain deeply committed to accelerating customer and revenue growth.

謝謝你，尼爾。簡而言之，我們今年過得非常棒。小型企業客戶成長勢頭強勁，TurboTax 和我們面向會計師的團隊正在推動整個生態系統的採用和幫助。我們正在進一步開拓大型目標市場，並將繼續致力於加速客戶和收入成長。

Now before I close, I'd like to share a few words about our dear friend, Bill Campbell. Personally and professionally, Bill's larger than life persona, his colorful language, his brilliance and his leadership stretched from coast to coast. Respected by all as the coach, his influence shaped men and women from football fields to corporate boardrooms, and to his table at the Old Pro Sports Bar in Palo Alto, California. He was indeed one of a kind. And while Bill can never be replaced, he will always be remembered. So with that, let's turn it over to you to hear what's on your mind. Latif?

在結束之前，我想簡單談談我們親愛的朋友比爾坎貝爾。無論在個人生活或職業生涯中，比爾都以其超凡脫俗的個性、生動的語言、卓越的才華和領導才能享譽全國。作為一位受人尊敬的教練，他的影響力遍及從足球場到公司董事會，再到加州帕洛阿爾托老職業運動酒吧的餐桌旁的男女。他確實是獨一無二的。雖然比爾永遠無法被取代，但他將永遠被人們記得。那麼，接下來就交給你了，聽聽你的想法吧。拉蒂夫？

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Our first question comes from the line of Walter Pritchard of Citi.

我們的第一個問題來自花旗銀行的華特‧普里查德。

I know you get this question a lot on the Desktop versus online, but I'm wondering if you could maybe walk us through some of the factors that you saw in the April quarter that drove growth in Desktop and maybe online subs a little lower than we were expecting, although pretty much spot on. Just trying to understand if there's anything new going on there as we got through the last three months.

我知道你經常被問到桌面端和線上端之間的差異，但我很想知道你是否可以為我們詳細介紹一下你在四月份季度觀察到的一些因素，這些因素推動了桌面端的增長，而在線訂閱用戶數量可能略低於我們的預期，儘管基本符合預期。我只是想了解一下，在過去的三個月裡，那邊有沒有什麼新的情況發生。

Walter, it's Brad. Thank you.

沃特，我是布拉德。謝謝。

First of all, I would tell you the important thing to think about is that Desktop and online are not a zero sum game. In fact, what we're doing is we're expanding the total addressable market.

首先，我想告訴大家，需要考慮的重要一點是，桌面端和線上端並不是零和遊戲。事實上，我們正​​在做的是擴大潛在市場總量。

And I know that I've had a couple of shareholders ask me questions about the fact sheet we used to report years ago that included the number of Desktop customers that run the last three year version. We don't report that anymore. And so there was a question of, hey, is that number actually decreasing faster than online subs are growing and are you losing customers? So I'll tell you what, we'll share some information at this moment that actually is stuff that we used to publish, just so everyone's got the same data.

我知道有幾位股東問過我一些關於我們幾年前發布的概況介紹的問題，其中包括運行過去三年版本的桌面客戶數量。我們不再報道這類事件了。因此就出現了這樣一個問題：嘿，這個數字的下降速度是否真的比線上訂閱用戶的成長速度更快？你們是否正在流失客戶？所以，我告訴你們，我們現在要分享一些我們以前發布過的信息，這樣大家就能獲得相同的數據了。

If you take the total number of QuickBooks Desktop customers and look at the ones that are on the last three years' version, those are the active customers, and then you add that to the online subscribers and the Desktop subscribers, the total base is up 4%. That is the first time that base has grown in over a decade.

如果統計 QuickBooks Desktop 用戶的總數，並找出最近三年內使用相同版本的用戶，這些就是活躍用戶，然後將這些用戶與線上訂閱用戶和 Desktop 訂閱用戶加在一起，總用戶基數增長了 4%。這是該用戶群十多年來首次成長。

If you then take that number and say, how many actually paid us this year, they either bought a version of Desktop in the last 12 months or they got a subscription from us, that number is up 20%. And then if you look at total new users, whether they bought Desktop or online, that's up 16%. So no matter how you cut it, the headline is we're expanding TAM, we're growing our base, we're entering new markets, and we feel very good that both the Desktop and the online business are growing.

如果你再看看這個數字，再看看今年實際上有多少人向我們付費，他們要么在過去 12 個月內購買了桌面版，要么從我們這裡獲得了訂閱服務，那麼這個數字增長了 20%。然後，如果你看一下新增用戶總數，無論他們購買的是桌面版還是線上版，都會成長 16%。所以無論從哪個角度來看，重點是我們正在擴大 TAM，我們正在擴大我們的用戶群，我們正在進入新市場，我們對桌面業務和線上業務的成長都非常滿意。

In terms of Desktop, the thing that we discovered is what we talked about on the last call. We have a group of customers that even with feature parity and even with pricing concessions do not want to move to the cloud right now, either because their accountant isn't yet on the cloud or the small business likes the product the way they have it and they don't want to make the move.

就桌面端而言，我們發現的問題正是我們在上次通話中討論的內容。我們有一部分客戶，即使功能相同，價格也優惠，他們現在也不想遷移到雲端，要么是因為他們的會計師還沒有使用雲端，要么是因為這家小企業喜歡他們目前使用的產品，不想做出改變。

We want to make sure they remain active customers of Intuit and that they're buying Payroll and Payment services. So we want to keep them delighted. So we're making sure that the Desktop customers are happy, the cloud customers are happy, and that those who want to move over, we want to make it easy for them to do that.

我們希望確保他們繼續成為 Intuit 的活躍客戶，並且購買薪資和支付服務。所以我們希望讓他們感到高興。所以我們要確保桌面用戶滿意，雲端用戶滿意，並且要讓那些想要遷移的用戶能夠輕鬆遷移。

So net-net, we have a very vibrant ecosystem right now. It's growing in total. And the online subs for us actually was right on our expectations.

總而言之，我們現在擁有一個非常充滿活力的生態系統。整體上還在增長。而我們收到的線上訂閱服務也確實符合我們的預期。

I felt great about 45% growth. I feel good about the momentum we have in the countries outside the US. And most importantly, I love the fact that we're expanding TAM, both new countries, as well as self-employed, which gives us a lot of runway for the future. So that's how we felt about the QuickBooks business overall.

我對45%的成長感到非常滿意。我對我們在美國以外國家的進展勢頭感到滿意。最重要的是，我很高興我們正在擴大 TAM，包括拓展新國家和自僱人士市場，這為我們未來的發展提供了很大的空間。這就是我們對 QuickBooks 業務的整體看法。

Got it. Sounds like Matt shouldn't have taken that off the metric sheet.

知道了。聽起來馬特不應該把那個從計量單位表中刪除。

On the international side, could you just update us on how you're thinking about customer acquisition costs versus lifetime revenue in some of the international countries? It seems like to us there's a varying degree of competition in some of the markets you've entered in the last year or 18 months.

在國際業務方面，您能否簡要介紹一下您在一些國際市場中如何看待客戶獲取成本與客戶終身收入之間的關係？在我們看來，您在過去一年或一年半的時間內進入的一些市場中，競爭程度似乎有所不同。

Yes, I can. As you might imagine, it's a country by country story. So in each country, we have a different set of strategic outcomes.

是的，我可以。正如你所料，這是一個逐個國家講述的故事。因此，每個國家都有不同的戰略目標。

We fundamentally believe that certain markets right now, we have a real advantage and we have momentum and we're going to invest to win in that market. In other countries, we know that we're moving in and we're the second place player. And so we want to be a challenger in that market. And for every specific country, Neil and I have sat with the country managers and we're agreed upon an LTV to [CAC], and it's a multi-year target.

我們從根本上相信，目前在某些市場，我們擁有真正的優勢和發展勢頭，我們將投資以贏得這些市場。在其他國家，我們知道我們正在進入市場，我們是第二名。因此，我們希望成為該市場的挑戰者。對於每個具體國家，我和尼爾都與國家經理坐下來商定了 LTV 到 [CAC] 的協議，這是一個多年目標。

So we actually have, where should we be a year from now, two years from now, three years from now? In some cases, we push that number a little further out for strategic reasons. In other cases, we say we think we can get the profitability a little bit sooner. But it truly is a country by country formula.

所以，我們實際上要考慮的是，一年後、兩年後、三年後我們應該在哪裡？在某些情況下，出於戰略原因，我們會將該數字再往後推一些。在其他情況下，我們會說我們認為我們可以更快地實現盈利。但這確實是一個因國而異的方案。

And make no mistake, we see a lot of upside. And the number one focus we have is expanding TAM and accelerating customer growth, because we know lifetime value will come over time. We just want to make sure we're doing that prudently with the right cost to acquire.

毫無疑問，我們看到了許多上漲空間。我們目前的首要重點是擴大潛在市場規模並加速客戶成長，因為我們知道終身價值會隨著時間的推移而實現。我們只是想確保我們以謹慎的方式，以合適的成本來獲取這些資源。

Okay. Thanks, Brad.

好的。謝謝你，布拉德。

Our next question comes from the line of Keith Weiss of Morgan Stanley.

我們的下一個問題來自摩根士丹利的基斯‧韋斯。

Thank you guys for taking the question, and very nice quarter. If I may, one question on Tax and one question digging in on the QuickBooks side of the equation.

謝謝各位回答這個問題，這個季度過得非常愉快。如果可以的話，我想問一個關於稅務的問題，以及一個關於 QuickBooks 方面的問題。

On Tax, again, a very good year of market share gains. As we think of that rolling forward, any reason to believe in terms of perhaps stuff that you saw from your competitors, structural things within the marketplace, that these share gains shouldn't be sustainable on a going forward basis?

在稅務方面，今年的市佔率又取得了非常好的成績。展望未來，從競爭對手的情況、市場結構性因素等方面來看，是否有任何理由認為這些市佔率的成長在未來是不可持續的？

You are getting some pretty big numbers there. So perhaps it's just law of large numbers. But any reason then why we shouldn't be extracting that on a going forward basis on the Tax side?

你得到的數字相當大。所以，這或許只是大數定律在運作。那麼，我們有什麼理由不繼續在稅務方面提取這部分資金呢？

Okay. And Keith, did you want to put your second question out there, or do you want me to take them one at a time?

好的。基思，你是想先提出第二個問題，還是想讓我一個一個回答？

Sure. I'll put the second question out there, as well.

當然。我也想提出第二個問題。

On the QuickBooks Online side of the equation, if we just look at the numbers from face value, where you guys are expecting to get to at the end of FY16 and then look at where you're expecting to get to at the end of FY17, it does seem like you need to see an acceleration in quarterly net sub adds into next year. The question is, are we looking at that right? And if so, what causes that acceleration, that bigger number of quarterly sub adds into next year, or are there other factors in play, the improving renewal rates or the like?

就 QuickBooks Online 而言，如果我們只從表面上看數字，看看你們預計在 2016 財年末達到的水平，然後再看看你們預計在 2017 財年末達到的水平，似乎你們需要在明年看到季度淨新增用戶數的加速增長。問題是，我們看待這個問題的方式是否正確？如果真是如此，是什麼原因導致明年季度新增訂閱用戶數量加速成長，還是有其他因素在起作用，例如續訂率的提高等等？

Got it. Thank you, Keith. First of all, thanks for the feedback on the quarter.

知道了。謝謝你，基斯。首先，感謝您對本季的回饋。

Let me talk to Tax first. The results you saw this year are the results of a multi-year investment we've been making in products and innovation which is not easily matched by competition. I mentioned a couple things in my opening talk track, that even though we had success with Absolute Zero, we also had success when competitors matched Absolute Zero and we were head-to-head and we took share. And we also had success after Absolute Zero was done and we were at full price.

我先跟稅務部門談談。今年你們看到的成果，是我們多年來在產品和創新方面持續投資的成果，這是競爭對手難以匹敵的。我在開場演講中提到了幾件事，雖然我們憑藉 Absolute Zero 取得了成功，但當競爭對手推出與 Absolute Zero 類似的產品，我們與他們正面交鋒並取得市場份額時，我們也取得了成功。而且，在《絕對零度》完工後，即使我們以全價出售，我們也取得了成功。

What's happening right now is we are really making big advances towards taxes completely going away and having no friction for customers to get to their refund. And you heard me talk about, this year on average, customers spent 40% less time having to do their taxes. That is not stuff that competition can match.

我們現在正在取得重大進展，目標是徹底取消稅收，讓客戶能夠毫無阻礙地獲得退稅。正如我之前所說，今年客戶平均花費在報稅上的時間減少了 40%。這是其他競爭對手無法比擬的。

Now at the same time, I'll tell you, we have a lot of respect for our competition. We don't underestimate them and we know every year is going to be competitive. But do I believe this team can continue to advance our product innovation and as a result continue to win more customers and take share? I do.

同時，我要告訴大家，我們非常尊重我們的競爭對手。我們不會低估他們，我們也知道每年的競爭都會很激烈。但我相信這個團隊能夠繼續推動我們的產品創新，從而繼續贏得更多客戶並擴大市場份額嗎？我願意。

That's the expectation we have of ourselves and that's the expectation we want to deliver for our customers as a product, basically get them closer to taxes are done. Said another way, I don't buy the law of the large numbers, in our case. We're going to continue to work hard to get at that number.

這就是我們對自己提出的期望，也是我們希望透過產品為客戶實現的期望，基本上就是幫助他們更快完成稅務申報。換句話說，就我們的情況而言，我不相信大數定律。我們將繼續努力，爭取達到這個目標。

The second is QBO and acceleration. You're right, for us to deliver the 2 million to the 2.2 million subs growth, you're going to continue to see an acceleration in terms of the net adds we bring in on a quarterly basis. We fully know that and we continue to reinforce our confidence in that. And you may ask why.

第二點是準雙週期振盪和加速振盪。你說得對，為了實現 200 萬到 220 萬用戶的成長目標，我們每季新增用戶的淨成長速度將會持續加快。我們對此深信不疑，並且我們將繼續增強我們對這一點的信心。你可能會問為什麼。

Well, remember, one of the things we talked about when we gave that forecast is we needed to have total subs growth on a 40% compounded annual growth rate. This quarter was 45%.

記住，我們在做出預測時談到的一件事是，我們需要實現訂閱用戶總數40%的複合年增長率。本季為 45%。

The second thing is while we've made some adjustments outside the US and Canada and India, we've got a clear path to how to get those countries repositioned in a good way. UK and Australia are on fire and we just brought on two new countries, Brazil and France. And so we believe with the expanding TAM and the fact that we're early innings in both Self-Employed and Global, as well as the fact that the US grew in the mid 30s, we see our way to the 2 to 2.2.

第二點是，雖然我們在美國、加拿大和印度以外的地區做出了一些調整，但我們已經明確瞭如何讓這些國家重新定位的途徑。英國和澳洲的疫情情況嚴峻，而我們迎來了兩個新國家：巴西和法國。因此，我們相信，隨著 TAM 的擴大，以及我們在自僱人士和全球市場都處於早期階段，再加上美國市場在 30 多歲實現了成長，我們有望達到 2 到 2.2 的成長率。

We're not batting an eye. And your math is correct. We think that is doable.

我們毫不在意。你的計算是正確的。我們認為這是可行的。

Excellent. Thank you very much, guys.

出色的。非常感謝各位。

All right, Keith. Thank you.

好的，基斯。謝謝。

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

下一個問題來自美國銀行美林證券的卡什·蘭根。

Hello, guys. Congratulations on the Tax numbers in the Consumer side. My question is more on the QBO side.

大家好。恭喜你們在消費者稅方面取得佳績。我的問題更多是關於QBO方面的。

Granted that you guys have been putting up very good growth in QBO sub base, I would have thought that the attached rate of Payroll and Payments, which are quite healthy at 19%, 8%. But I would have thought that those businesses should be growing even faster. And it's a little bit surprising that QBO base business, although it's larger than Payroll and Payments, it's actually growing faster and adding more new dollars than the other two businesses.

鑑於你們在 QBO 用戶基礎方面取得了非常好的成長，我認為附帶的薪資和支付成長率（分別為 19% 和 8%）也相當健康。但我原以為這些企業的發展速度會更快。令人驚訝的是，QBO 基礎業務雖然比工資和支付業務規模更大，但其成長速度實際上更快，新增收入也比其他兩項業務更多。

Can you help us understand when could we see the inflection point where the attached rate starts to inflect pretty materially that you could realize your growth objectives, which I'm sure are pretty aggressive with respect to Payments and Payroll? It seems to me there's something limiting these attach rates from going potentially very high. I'm sure that you've thought through this as much as anybody else, but just wanted to get your perspective. Thank you.

您能否幫助我們了解一下，何時才能看到成長率開始發生實質變化的轉折點，使您能夠實現您的成長目標？我相信您在支付和工資方面的成長目標一定非常激進。在我看來，似乎有什麼因素限制了這些附加率達到非常高的水平。我相信你肯定和其他人一樣仔細考慮過這個問題，但我只是想聽聽你的看法。謝謝。

Yes, Kash, thank you. I'd say first of all at face value, the one thing we have to keep in mind is we have a growing base of self-employed customers in these QBO numbers. And so those self-employed customers, by definition, don't have employees, so they don't need Payroll. And many times, they're driving for Uber or Lyft or somebody else, and they don't need Payments.

是的，卡什，謝謝你。首先，從表面上看，我們必須記住的一點是，在這些QBO用戶中，自僱人士客戶群正在不斷成長。因此，這些自僱客戶，顧名思義，沒有僱員，所以他們不需要工資單服務。很多時候，他們會為 Uber、Lyft 或其他公司開車，並不需要收款。

And so if you actually look at it on an apples-to-apples basis, our attach rate remains very healthy compared to where it was a year ago. At the same time, we do see opportunities to continue to improve the attach rate. We are focused on first use, making sure we reduce the friction in the customer experience and continuing to get those services available outside the US in the non-US countries, which will allow us to bring that penetration and that attach rate up for the total base.

因此，如果真正進行同等比較，我們的附加率與一年前相比仍然非常健康。同時，我們也看到了持續提高附加率的機會。我們專注於首次使用，確保減少客戶體驗中的摩擦，並繼續在美國以外的非美國國家提供這些服務，這將使我們能夠提高整體用戶群的滲透率和附加率。

So you're correct, we do think that there's still opportunity there. We're working on it hard. But one of the things you have to look at right now in the absolute numbers, is keep in mind that last quarter, we had 50,000 QBO Self-Employed. This quarter we have 75,000.

所以你說得對，我們認為那裡仍然存在著機會。我們正在努力。但你現在必須關注的絕對數字之一是，請記住上個季度我們有 50,000 名 QBO 自僱人士。本季我們有75,000人。

And that number doesn't come with Payroll and Payments opportunities today. And so that basically makes the attach rates look the way they do.

而且，如今的薪資和支付服務並不包含這些服務。所以，這基本上就造成了附加率呈現出現在的樣子。

The other thing I would say about the ability to improve the revenue, the ecosystem, in addition to attach, is obviously we've shared with you in the past, we have customers that come in that first year on a promotional pricing period. When they hit the 13th month, that average revenue per customer for that unit goes up about 50%. And we're going to have customers rolling off that promotional pricing period and that's going to help us bring revenue up.

關於提高收入和生態系統的能力，除了附加功能之外，我還想說的是，我們過去也和你們分享過，我們有一些客戶在第一年享受促銷價格。到第 13 個月時，該單元的每位客戶的平均收入將成長約 50%。隨著促銷價格期的結束，部分顧客的訂單將會陸續到期，這將有助於我們提高收入。

The last piece I'll add, so in addition to attach rates and moving off of promotional pricing, is retention. A year ago, we would talk to you about retention in the low to mid 70%s. We now talk to you in QBO about retention in the high 70%s and starting to tickle the low 80%s. And every point of retention adds a net 15,000 subs. And so that number is also a lever that we continue to improve and we've improved it significantly over the last 12 months.

最後我要補充一點，除了提高附加費率和取消促銷定價之外，還有客戶留存率。一年前，我們會跟你談論70%左右的客戶留存率。現在我們在 QBO 中與您討論的是 70% 以上的用戶留存率，並開始接近 80% 左右。每次留存率提高，就能淨增 15,000 位訂閱用戶。因此，這個數字也是我們不斷改進的指標，而且在過去的 12 個月裡，我們已經取得了顯著的進步。

So those are the pieces, Kash -- I know there's a lot of math in there -- those are the pieces that lead us to the confidence we have in the actual Online ecosystem revenue. It is attach rate. It is retention. And it is rolling off the promotional pricing.

所以，Kash，以上就是各個組成部分——我知道這裡面有很多數學計算——正是這些組成部分讓我們對實際的線上生態系統收入充滿信心。這是附著率。這是保留率。而且促銷價格即將結束。

Got it. That's all very Adobe-esque and very positive.

知道了。這一切都非常符合 Adob​​e 的風格，而且非常積極向上。

Brad, if I could sneak in one, what would be your longer term objective for Payroll and Payment attached rates on your QBO ecosystem? That's it for me. Thank you.

Brad，如果我可以偷偷問一個問題，您在QBO生態系統中對工資和支付相關費率的長期目標是什麼？就這些了。謝謝。

Kash, I appreciate the feedback and the compliment comparing us to our friends here in the Valley. We have a lot of respect for them.

Kash，我很感謝你的回饋和讚揚，感謝你將我們和山谷裡的朋友相提並論。我們非常尊重他們。

This is one of those mindset things, it's hard in management to say, what is the limitation? So we actually look at the number of people that are paying employees and saying we should have 100% of them, if they're using QBO. And how many are accepting their credit card? And we should say, hey, we should have 100% of them.

這是思考方式的問題之一，在管理上很難說，限制是什麼？所以，我們實際上會查看有多少人正在支付員工工資，並表示如果他們使用 QBO，那麼我們應該有 100% 的員工都在使用 QBO。有多少家接受他們的信用卡？我們應該說，嘿，我們應該擁有100%的這種能力。

We know right now about half of small businesses accept payments. So we think that number is a good aspirational goal. Somewhere between here and there is reality. But right now, I'd hate to limit our potential by putting a number out there that our employees think is, okay, the best we can be.

我們目前了解到，大約一半的小型企業接受付款。所以我們認為這個數字是一個很好的奮鬥目標。現實就介於此地與彼地之間。但就目前而言，我不想因為公佈一個員工認為「好吧，這就是我們能達到的最好水平」的數字而限制我們的潛力。

Payroll for us is typically, we say, about 40% to 50% of Desktop customers. Since right now, our QBO feature functionality is a little more service oriented, I'd say somewhere in the 30% to 40% is the near term. But I think over time, you're looking at half of the base using Payroll, as well.

我們通常會說，薪資支出約佔桌面客戶總數的 40% 到 50%。由於目前我們的 QBO 功能更偏向服務，我認為短期內佔比應該在 30% 到 40% 之間。但我認為隨著時間的推移，你會發現有一半的員工也會使用薪資系統。

Wonderful. Thanks so much, Brad.

精彩的。非常感謝你，布拉德。

Our next question comes from Brent Thill of UBS.

我們的下一個問題來自瑞銀集團的布倫特·蒂爾。

Thank you. Brad, just on QBO, you raised the full year guide, but you reiterated your goal. And I think there are a few investor questions about the deceleration of growth, especially outside the US, where the growth rate is still obviously very healthy but decelerating very quickly.

謝謝。Brad，在QBO上，你提高了全年指導價，但你重申了你的目標。我認為投資者對成長放緩有一些疑問，尤其是在美國以外的地區，雖然成長率顯然仍然非常健康，但放緩速度非常快。

If you could just put that into context of your targets on QuickBooks Online, where you feel like you're hitting, are you hitting the stride that you'd like to hit? You mentioned some of the reorganization in the process in India and in Canada. How long will that take to stabilize to help that base grow again?

如果你能把這些放在 QuickBooks Online 的目標背景下思考，你覺得自己達到了什麼目標，你是否達到了你想要達到的水平？您提到了印度和加拿大正在進行的一些重組工作。需要多久才能穩定下來，幫助這個群體再次發展壯大？

Brent, I'd be happy to do that. I'll start with it was just a short time ago, in the fall at Investor Day, when we removed the original target of 2 million subs, which was the original outlook for 2017 and we raised it to 2 million to 2.2 million. And we said, hey, that's a new goal. And that was about nine months ago, not even nine months ago.

布倫特，我很樂意這麼做。首先，就在不久前的秋季投資者日上，我們取消了 2017 年最初的 200 萬用戶目標，並將其提高到 200 萬至 220 萬。我們說，嘿，這是一個新目標。那大概是九個月前的事了，不，應該說不到九個月前。

And then from there, of course, we've been accelerating and said, to do that, we have to deliver 40%-plus CAGR. And we've been above that number. And so we actually are achieving the outcomes that we set for ourselves internally.

當然，從那時起，我們就一直在加速發展，並表示，為了實現這一目標，我們必須實現 40% 以上的複合年增長率。我們一直都高於這個數字。因此，我們實際上正在實現我們內部設定的目標。

Now along the way, we've had some learning. One was Canada. As you know, we found out that we were selling units through retail and then they weren't retaining at the levels we expected them to. And so we shut down that channel. I will tell you the Canada pivot is now behind us and the momentum is rebuilding in Canada, and we feel very good about the Canada outlook right now.

一路走來，我們也學到了一些東西。其中一個是加拿大。如您所知，我們發現我們透過零售通路銷售產品，但他們的留存率並沒有達到我們預期的水平。於是我們就關閉了那個頻道。我可以告訴大家，加拿大市場的轉型已經過去，發展動能正在重建，我們目前對加拿大市場的前景感到非常樂觀。

The other area was India. And India is where we didn't take the time to localize the product and get all the compliance features at the level that an accountant would have confidence to recommend it. As a result, they were recommending our product in conjunction with another product and it was becoming a companion app. We did not want that to be the brand. And so we have now stopped that.

另一個地區是印度。而在印度，我們沒有花時間對產品進行在地化，也沒有使其具備會計師會放心推薦的所有合規功能。因此，他們將我們的產品與另一款產品搭配推薦，使其成為一款配套應用。我們不希望那樣成為我們的品牌。所以，我們現在已經停止了這種做法。

We've actually been finalizing the product localization and we're now starting to go direct to small businesses while we get back out to accountants and let them know the new version. That one is not as far along as Canada, but we're already seeing the progress in India, as well.

我們實際上已經完成了產品在地化工作，現在我們開始直接面向小型企業，同時也會重新聯繫會計師，讓他們了解新版本。雖然印度的進展不如加拿大那麼快，但我們也已經看到印度在這方面取得了進展。

The last two are the new countries, Brazil, which has now ported its acquisition we did a year ago called ZeroPaper, reporting over onto QBO and we're starting to accelerate there. And then France, we just did general release.

最後兩個是新加入的國家，巴西，它已經將其一年前收購的名為 ZeroPaper 的產品移植到 QBO 上，我們正​​在那裡加速發展。然後，在法國，我們直接進行了全面發行。

So when you put that together, US remains strong, Self-Employed is opening a new market, Canada is back on track, India has made its turn, Brazil and France are ramping up, and the UK and Australia remain gang busters. And so we feel good about our 2 million to 2.2 million.

綜上所述，美國依然強勁，自營商正在開拓新市場，加拿大重回正軌，印度已經扭轉頹勢，巴西和法國正在加速發展，英國和澳洲依然勢頭強勁。因此，我們對200萬到220萬的目標感到滿意。

I understand, there's a little bit of you have to have faith and confidence if you take a look at what we've delivered so far. But I hope that we can demonstrate through the first quarter, the second quarter, that we're going to be on track to deliver those numbers, because we certainly feel good about them or we wouldn't reiterate the guidance.

我明白，如果你看看我們目前的成就，就會明白你需要一些信念和信心。但我希望我們能夠透過第一季和第二季的業績證明，我們將能夠實現這些數字，因為我們對此充滿信心，否則我們不會重申這一預期。

Okay. And Neil, you got out to a really good start early on in Tax. Were you able to accelerate any investments this quarter that maybe you wanted to put in that you got more confident that you could put in, given the trajectory of the Tax business out of the gate?

好的。尼爾，你在稅務方面開局非常出色。鑑於稅務業務開局良好，您是否能夠加快本季度一些您原本想進行、並且您更有信心進行的投資？

You know, Brent, we've been testing product experiments all along in the Tax business. I can tell you, we invested everywhere we saw a favorable payback. And you see that with the unit growth we've had this year. We didn't leave any investment dollars on the shelf, you can rest assured with that.

你知道嗎，布倫特，我們在稅務業務中一直都在進行產品實驗。我可以告訴你，只要看到有利可圖的回報，我們都會進行投資。從我們今年的銷售成長就能看出這一點。您可以放心，我們沒有浪費任何投資資金。

And we think, as Brad said, this is a multi-year journey. And so there are more things that we want to do next season. And we made some investments this season. I think it will pay off next year, as well.

正如布拉德所說，我們認為這將是一段需要多年才能完成的旅程。所以下個賽季我們還有更多想做的事情。本季我們也進行了一些投資。我認為明年也會有回報。

Thank you.

謝謝。

Our next question comes from Ross MacMillan of RBC Capital Markets.

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 so much and apologies for the background noise. I'm at an airport. Brad, I had a couple of questions.

非常感謝，也為背景噪音道歉。我在機場。布拉德，我有幾個問題。

Congrats from me on the tax season, as well. Great effort. I actually had two questions on QBO.

我也要恭喜你順利完成報稅季。努力。我其實有兩個關於QBO的問題。

The first is when we look at the core US subs ex-international and self-employed, the net adds have flattened a little bit here in the last couple of quarters. And I'm just curious, as we think forward, especially towards the 2 million to 2.2 million goal, would you expect that the, call it, core domestic sub adds would reaccelerate again? Or I'd love your thoughts around that.

首先，當我們觀察美國核心子公司（不包括國際子公司和自營子公司）時，近幾季的淨新增數量略有趨於平緩。我很好奇，展望未來，特別是朝著 200 萬到 220 萬的目標邁進時，您是否預期核心國內用戶數量的成長會再次加速？或者我很想聽聽你對此的看法。

And then the second question is, you had the QBO announcement and you talked about the QBOA and the importance of the accounting channel. Maybe you could restate the importance there. It sounds like it has implications for churn and other aspects here, so I'd love to get your quotes of color there. Thanks.

第二個問題是，你們發布了 QBO 公告，談到了 QBOA 以及會計管道的重要性。或許你可以重申這一點的重要性。聽起來這會對客戶流失率和其他方面產生影響，所以我很想聽聽你們的看法。謝謝。

Thank you, Ross, and no problem on the background noise. I know you're a busy man out there traveling and appreciate you dialing in.

謝謝你，羅斯，背景噪音沒問題。我知道您經常出差，很忙，感謝您抽空接聽電話。

Let me start with QBO for a minute, core US. I think one of the things that we're working hard to help everybody understand inside the Company and outside is last year when we introduced QuickBooks Self-Employed, we actually eliminated the low end SKU in QuickBooks Online, which was called QuickBooks Online Simple Start. And so we always used to count QuickBooks Online Simple Start as the core QuickBooks Online product lineup, because there is a low-end customer who quite frankly was over served by that product and we shut it down and replaced it with QuickBooks Self-Employed.

讓我先簡單介紹一下QBO，也就是美國核心市場。我認為我們正在努力幫助公司內外所有人理解的一件事是，去年我們推出 QuickBooks Self-Employed 時，實際上取消了 QuickBooks Online 中的低端 SKU，即 QuickBooks Online Simple Start。因此，我們一直將 QuickBooks Online Simple Start 視為 QuickBooks Online 的核心產品系列，因為坦白說，該產品服務於低階客戶群過剩，所以我們關閉了該產品，並用 QuickBooks Self-Employed 取而代之。

So I think it's a little bit of a misnomer to say pull out Self-Employed and just tell us how the rest of QuickBooks Online is growing. So that would be similar to saying, pull out TurboTax Deluxe and just look at the rest of product lineup. I think it is something we all have to get our head around is it is a part of the core product lineup, and honestly, it's expanding TAM. There's 30 million to 50 million people in that space that the original QuickBooks Simple Start didn't serve.

所以我覺得，如果只說“把自僱人士功能單獨拿出來，然後告訴我們 QuickBooks Online 的其他部分是如何增長的”，這有點名不副實。這就好比說，拿出 TurboTax Deluxe，看看其他產品線的情況一樣。我認為這是我們所有人都需要理解的一點，它是核心產品線的一部分，而且說實話，它正在擴大TAM（潛在市場規模）。原版 QuickBooks Simple Start 未能服務 3,000 萬至 5,000 萬用戶。

So I think that would be the first thing. And I just want to make sure that you know that's how we look at it.

所以我覺得那應該是第一點。我只是想確保你知道我們是這樣看待這件事的。

Now when you back that out and say, how is the QuickBooks Online core US business growing? What I like about it is it's doing exactly what we wanted it to do. It's expanding TAM.

現在，當你把這些因素排除在外，然後問：QuickBooks Online 的核心美國業務成長如何？我喜歡它的一點是，它完全達到了我們想要的效果。它正在擴大TAM（潛在市場規模）。

So the Desktop customers are still growing. QBO, 80% of the customers are new to the franchise. They've never used QuickBooks or accounting before. Self-Employed is going after a category that they could have never been served before with the old QuickBooks Online Simple Start.

所以桌面用戶數量仍在增加。QBO，80% 的客戶都是該加盟店的新客戶。他們以前從未使用過 QuickBooks 或會計軟體。自僱人士正在瞄準一個他們以前使用舊版 QuickBooks Online Simple Start 從未涉足的領域。

And you put it all together and in the US, that number is, without Self-Employed, growing in the mid 30%s, which is a very healthy number. But if you add back in Self-Employed, since we used to have Simple Start in there, the number is even better. So that would be the way we look at it in terms of core. And I do think there's continued opportunity to keep that healthy above 30% and even potentially accelerate it as we get wiser about how to market the Self-Employed product.

把所有這些加起來，在美國，不包括自僱者在內，這個數字增加了30%左右，這是一個非常健康的數字。但如果你把自僱人士也算進去（因為我們以前把簡易起步計畫也算進去了），這個數字就更好了。所以，這就是我們從核心角度看待這個問題的方式。而且我認為，隨著我們對如何推廣自僱人士產品越來越了解，我們仍然有機會將這一比例保持在 30% 以上，甚至有可能加速成長。

So that's on the Self-Employed side. On the accountant side, you're absolutely right. This business is strategic.

以上是關於個體經營者的情況。從會計角度來說，你的說法完全正確。這項業務具有戰略意義。

We've known for years two realities about the accountants being involved in a small business choice. The first is the success rate of the small business goes up 89% if they work with an accountant. The second is over half of all Accounting, Payroll, and Payment decisions are made because the accountants influenced them and told them to buy it. So they are a tremendous decision-making advocate for our products.

多年來，我們已經了解了會計師參與小型企業決策的兩個現實。首先，如果小型企業與會計師合作，其成功率將提高 89%。第二點是，超過一半的會計、薪資和支付決策都是因為會計師影響了他們，並告訴他們去買。因此，他們是我們產品極具影響力的決策支持者。

The third piece is a piece that we talked about today in the opening point. If the accountant is working with a small business, the retention of QuickBooks Online goes up 1,100 basis points, 11 points. And 1 point of retention is incredible for us in our subs business.

第三部分是我們今天在開頭就討論過的內容。如果會計師服務的是小型企業，QuickBooks Online 的保留率將提高 1100 個基點，即 11 個百分點。對於我們這樣的分包商來說，1個百分點的客戶留存率是不可思議的。

So the importance of the accountants has never been more critical as we move to SaaS. And we also think they're going to be the catalyst to get a lot of these customers to adopt the cloud, which is why we're leaning in so heavily with QuickBooks Online for accountants.

因此，隨著我們向 SaaS 轉型，會計師的重要性從未像現在這樣關鍵。我們也認為，它們將成為促使許多客戶採用雲端技術的催化劑，這也是為什麼我們如此大力推廣面向會計師的 QuickBooks Online 的原因。

So that's the summary on the accountants side, and I hope I also helped clear up a little bit about how we look at core QBO, especially as it relates to Simple Start -- or Self-Employed, I'm sorry. I got the old term in there, Matt.

以上是會計師的總結，希望我也能幫助大家更清楚地了解我們如何看待 QBO 的核心功能，特別是與 Simple Start（或 Self-Employed，抱歉）相關的功能。馬特，我把舊說法加進去了。

Our next question comes from the line of Scott Schneeberger of Oppenheimer.

我們的下一個問題來自奧本海默公司的史考特‧施內伯格。

Thank you. Brad, I have one multi-part for you on TurboTax and then one for Neil.

謝謝。布萊德，我這裡有一份關於TurboTax的多部分內容要給你，還有一份要給尼爾。

On TurboTax, you had mentioned on an earlier question after you turned off Absolute Zero, you still grew very nicely on a relative basis. Could you please elaborate on this year versus past years?

您在先前的問題中提到，即使關閉了「絕對零成長」功能，TurboTax 的相對成長率仍然非常不錯。您能否詳細說明今年與往年相比有哪些不同之處？

And then as the follow-on, could you elaborate on the ACA and the fraud dynamic this year and how you're looking forward to next year? Thanks. And then I'll come back later with Neil's.

接下來，您能否詳細說明今年的《平價醫療法案》(ACA) 和詐欺情況，以及您對明年的展望？謝謝。之後我再帶著尼爾的回來。

Yes, Scott, thanks for the question. In terms of elaborating on TurboTax, as you know, the full season we picked up a little over 3 points of share. As you look at it in pieces and parts, sort of early season, what happened in the core season while Absolute Zero was an offering and then what happened at the end of season when Absolute Zero stopped being offered by us, although one of our competitors continued to offer a version of it out there and we went back to full price, we took equal parts share throughout the season. So we didn't have any variation that said, hey, this was all the result of this.

是的，斯科特，謝謝你的提問。至於TurboTax的具體情況，如您所知，整個季度我們的市佔率成長了3個百分點多一點。如果把整個賽季拆開來看，先看看賽季初期的情況，看看核心賽季期間「絕對零度」產品上市時的情況，再看看賽季末「絕對零度」產品停售時的情況（儘管我們的一個競爭對手繼續在市場上銷售類似產品，而我們也恢復了全價銷售），我們在整個賽季中都獲得了相同的市場份額。所以，我們沒有任何變化表明，嘿，這一切都是這個結果造成的。

And then you step back and say, well, what drove that? When you look at it this year, the team put out 3x -- three times more the product innovation than we did last year. Over 20 new products feature functionality and innovations were put into the product. And that, plus a really good campaign that I think resonated, where people really felt more self-empowered, was what actually drove our competitive advantage this year. And so that's really the TurboTax piece.

然後你退後一步，思考：是什麼導致了這種情況？今年，團隊推出的產品創新數量是去年的三倍。超過 20 款新產品融入了新功能和創新技術。再加上一場非常成功的宣傳活動，我認為這場活動引起了共鳴，讓人們真正感受到了自我賦能，這才是我們今年真正獲得競爭優勢的原因。這就是TurboTax的部分了。

In terms of ACA and fraud, we've been pretty consistent on ACA. It's just the next piece of legislation that's been introduced by government that causes people to say uh-oh, this is complicated. And our job is to say no, you're capable of doing it, we'll make it simple.

就《平價醫療法案》和詐欺問題而言，我們在《平價醫療法案》議題上的立場一直相當一致。政府又推出了一項新的立法，讓人們不禁感嘆：哎呀，這下麻煩了。而我們的工作就是說「不，你有能力做到，我們會讓它變得簡單」。

And we worked really hard for three years to do that. And the Affordable Care Act has not been a headwind at all. In fact, it's been one of the highest converting aspects of our website.

我們為此付出了三年的努力。《平價醫療法案》根本沒有構成任何阻礙。事實上，它是我們網站轉換率最高的功能之一。

In terms of fraud, we'll have a summit again in the summertime with the rest of the industry and the IRS Commissioner, but I think we all collectively feel good that we made big advances this year as an industry. And we think that those advances will continue as we look ahead to next year and we remain committed to getting bad actors out of the US tax system.

關於詐欺問題，我們將在夏季再次與業內其他人士和美國國稅局局長舉行峰會，但我認為我們都對今年整個行業的巨大進步感到欣慰。我們認為，展望明年，這些進展還將繼續，我們將繼續致力於將不良行為者從美國稅收體系中清除出去。

Great. Thanks so much for that, Brad.

偉大的。非常感謝你，布拉德。

And then Neil, you alluded in prepared remarks that $4.30 still looks like the most reasonable shakeout points for FY17 EPS. At Investor Day, you discussed some things that would drive you toward the low and the high end of the range. Could you somewhat address that and tell us how you're seeing each of those items progressing now that we've moved a couple quarters since the Investor Day? Thanks so much.

尼爾，你在事先準備好的演講稿中暗示，4.30 美元仍然像是 2017 財年每股收益最合理的調整點。在投資者日上，您討論了一些會影響您預期價格區間高低的因素。您能否就此稍作回應，並告訴我們，自投資者日以來已經過去了幾個季度，您如何看待這些項目的進展情況？非常感謝。

Sure, Scott. I think the thing that this season's confirmed for us is that when we have an opportunity to increase our share and grow our customer counts, it's a great way to grow our top line revenue and also our earnings per share. Just like we talked about back in August, I think as we see opportunities to grow the top line more through customer acquisition, it tends to move us up and we tend to see move on the top side.

當然可以，斯科特。我認為本季已經證實，當我們有機會提高市場份額和增加客戶數量時，這是提高總收入和每股收益的絕佳途徑。就像我們在八月討論的那樣，我認為，隨著我們看到透過客戶獲取來增加收入的機會，這往往會推動我們前進，我們往往會看到業績提升到頂峰。

We are looking to invest and make the product better every day, both in Small Business and in Consumer Tax. As you can imagine, this time of year we have a lot of ideas, a lot of suggestions for ways to take advantage of that expanded addressable market that Brad mentioned and to grow the product faster. We're running tests and we're running experiments now to determine which of those we think would have the biggest impact next year, both in Small Business and in Consumer Tax.

我們希望在小型企業和消費者稅務領域持續投資，讓產品每天都變得更好。正如你所想，每年的這個時候，我們都會有很多想法和建議，來利用布拉德提到的擴大的潛在市場，並更快地發展產品。我們現在正在進行測試和實驗，以確定我們認為哪些措施明年會對小型企業和消費者稅收產生最大的影響。

We consider the markets that we're in. We've talked about some adjustments we've made to some of our markets outside the US already.

我們會考慮我們所處的市場。我們已經討論過我們對美國以外的一些市場所做的一些調整。

Those are things that help us balance, Scott, between delivering what we consider is a very strong mid-teens improvement in EPS, at the same time while continuing to invest in the future to be sure that we have a good FY18 and FY19 after FY17. So that's the way we're looking to balance it off for the balance of this year, and say more about that when we give guidance in August at Investor Day.

史考特，這些因素有助於我們在實現我們認為非常強勁的每股盈餘（EPS）成長（達到兩位數中段）的同時，繼續投資未來，以確保我們在 2017 財年之後，2018 財年和 2019 財年都能取得良好的業績。所以，這就是我們今年餘下時間尋求平衡的方式，我們將在 8 月份的投資者日上提供業績指引時詳細說明。

Our next question comes from the line of Michael Nemeroff of Credit Suisse.

我們的下一個問題來自瑞士信貸的邁克爾·內梅羅夫。

Thank you for taking my questions. You gave a lot of detail specifically around the blended retention rate. I was curious if you could maybe break out the retention rates or give us a sense of the retention rates, the differences between the different subscribers and QBO, the US, the international, and specifically the SE, since it's grown so fast.

謝謝您回答我的問題。您詳細介紹了混合留存率。我很好奇您是否可以細分一下用戶留存率，或者讓我們了解用戶留存率，以及不同訂閱用戶和 QBO 用戶、美國用戶、國際用戶，特別是東南亞用戶的留存率差異，因為東南亞用戶成長非常迅速。

And then on the delta in the contribution between a QBO sub and the Desktop customer, I'm curious, how many years do you anticipate before there's parity between those two customers in the future?

那麼，關於 QBO 訂閱用戶和桌面版用戶在貢獻上的差異，我很好奇，您預計未來需要多少年才能使這兩個用戶之間的貢獻達到平衡？

Okay, Michael, I'll take the first one and have Neil jump in and help on the second one.

好的，邁克爾，第一個我來做，第二個讓尼爾來幫忙。

We are pretty guilty of sharing lots of facts and factoids, and our fact sheet is pretty rich. One of the things we haven't shared at this point is breaking out the retention rates for the different SKUs in QuickBooks Online. We don't tend to do that for the other product lines either, so QuickBooks Online Self-Employed versus its bigger brothers and sisters in US and non-US.

我們經常分享大量的事實和趣聞軼事，我們的情況介紹表內容非常豐富。目前我們還沒有分享的內容之一是 QuickBooks Online 中不同 SKU 的留存率細分。我們對其他產品線也不傾向於這樣做，例如 QuickBooks Online Self-Employed 與其在美國和非美國地區的更大型的同系列產品。

I can tell you what we did talk about, which is we began the year in the low to mid 70%s and we're finishing up the fiscal year with retention in the high 70%s. That's pretty significant improvement in a 12-month period, and we see opportunity to continue to improve that as we go into next year.

我可以告訴你我們談了些什麼，那就是年初我們的留存率在 70% 左右，而本財年結束時，我們的留存率已經達到了 70% 以上。在短短 12 個月內取得如此顯著的進步，我們看到了明年繼續改進的機會。

But unfortunately, we aren't breaking out at the level that you would like to hear it today. And over time, if we think that becomes more meaningful and material, then we'll consider doing that. And Neil, the second question was QBO subs and Desktop.

但遺憾的是，我們今天取得的成績還沒有達到您希望聽到的水平。隨著時間的推移，如果我們認為這件事變得更有意義、更有實質內容，那麼我們會考慮去做。尼爾，第二個問題是關於 QBO 的訂閱和桌面版。

On the average revenue per user, Michael, there's a pretty big gap right now. We talked about around $425 a year for the US subscriber versus something around $125 a year for a subscriber outside the US. And what we said was we clearly expect to see that revenue per user grow for each one of those segments. And as Brad mentioned in the script, that's certainly our experience so far this year.

邁克爾，就每位用戶平均收入而言，目前存在相當大的差距。我們討論過，美國用戶每年的費用約為 425 美元，而美國以外用戶每年的費用約為 125 美元。我們明確表示，我們預期每個細分市場的每用戶收入都會成長。正如布拉德在劇本中提到的那樣，這的確是我們今年迄今為止的親身經歷。

But we don't see that gap actually closing. And we don't see a QBO subscriber outside the US getting to the same average revenue per user we see in the US for a considerable time period.

但我們並沒有看到這種差距真正縮小。而且，在相當長的一段時間內，我們沒有看到美國以外的 QBO 用戶獲得與美國用戶相同的平均每用戶收入。

We don't really have the Payroll and Payments attach opportunities that you see in the US outside the US. And that's where a lot of the revenue comes from, as you well know. And so we think that disparity is going to exist for a while. Are you speaking of Online primarily or are you thinking of Desktop?

在美國以外的地方，我們並沒有像在美國那樣提供薪資和支付相關的附加服務。如你所知，很多收入都來自於此。因此，我們認為這種差距還會持續一段時間。您主要指的是線上平台還是桌面平台？

Both actually, but that answers the question. Thank you very much.

兩者兼有，但這已經回答了這個問題。非常感謝。

Our next question comes from Yun Kim of Brean Capital.

我們的下一個問題來自 Brean Capital 的 Yun Kim。

Hello, Brad. On the QBO Payroll and Payment attach rates, can you just talk about what efforts are being made to improve the attach rates for existing QBOs rather than focusing only on the new QBOs? So if you take out the QBO Self-Employed, are the overall attach rates for QBO subs improving?

你好，布拉德。關於 QBO 工資和付款附加率，您能否談談為提高現有 QBO 的附加率所做的努力，而不是只專注於新的 QBO？若剔除 QBO 自僱人士，QBO 訂閱用戶的整體附加率是否有提升？

Yes, so let me just start with the second part of the question first. If you back out the Self-Employed and the non-US QBO subs, I'm looking at Matt and Jerry, I know we had done some math on that and I believe the answer is yes, they are a little bit year-over-year. So thank you for that. We've got so many different pieces of math here.

好的，那我就先回答問題的第二部分吧。如果剔除自僱人士和非美國 QBO 訂閱用戶，我指的是 Matt 和 Jerry，我知道我們已經對此進行了一些計算，我相信答案是肯定的，他們的業績比上一年略有增長。所以，謝謝你。這裡涉及到很多不同的數學概念。

The second piece was then what are we doing in addition to new? And the good news is when someone's coming in and making an accounting decision, the best time to get them signed up for Payroll and Payments is in that first 90-day window. But that doesn't mean we can't go back and continue to drive penetration into the base.

第二個問題是：除了創新之外，我們還在做什麼？好消息是，當有人來公司做會計決定時，讓他們註冊薪資和支付系統的最佳時機是在最初的 90 天窗口期內。但這並不意味著我們不能回去繼續深入敵方基地。

And in a SaaS product, you're able to do that with special offers. You're able to do that with special offers, you're able to do that with moment of truth pop-ups and things that will say, hey, you just added another employee, would you like to sign up for payroll services? And just as we're learning at TurboTax, we can use machine learning and data science to look for more creative ways to expose them to these kinds of offers.

在 SaaS 產品中，您可以透過特別優惠來實現這一點。你可以透過特別優惠來實現這一點，你也可以透過關鍵時刻彈出視窗來實現這一點，例如，嘿，你剛剛添加了一名員工，你想註冊工資服務嗎？正如我們在 TurboTax 所了解到的，我們可以利用機器學習和資料科學來尋找更具創意的方式，向他們展示這類優惠。

And so I have to tell you, TurboTax has been leading the way in using data as a way to attach products and services, and we're now bringing that same level of rigor to the QuickBooks Online team. And we're trying to use that as a way to improve the attach rates for Payroll and Payments, as well.

因此，我必須告訴大家，TurboTax 一直走在利用數據來關聯產品和服務的前沿，現在我們將同樣的嚴謹性帶到了 QuickBooks Online 團隊。我們也正嘗試利用這一點來提高工資和支付的附加率。

We're early days, but we think there's a lot of opportunity there. And we feel the same way many of you on this call have, which is looks like a lot of upside there, are you going after it aggressively? And our answer is yes, we are. And we agree, we have a lot of opportunity to continue to improve.

現在還處於早期階段，但我們認為那裡有很多機會。我們和在座的許多人一樣，都認為這裡有很多上漲空間，你們會積極追趕嗎？我們的答案是肯定的。我們一致認為，我們還有很大的機會繼續進步。

Okay. And then just on the QuickBooks Desktop unit sales has been pretty resilient over the past several quarters. I think last quarter you talked about some pricing was driving some of that resiliency. When can we expect that unit sales to go back to double-digit decline versus right now it's been pretty strong?

好的。而且，QuickBooks Desktop 的銷售在過去幾季一直保持著相當強的韌性。我認為上個季度你提到過，定價是推動這種韌性的部分原因。我們預計銷售何時會再次出現兩位數下滑，而目前銷量一直相當強勁？

You know, so far, Yun Kim, I've been wrong on every Desktop forecast we've made. Because one of the things that we assumed was that that customer behavior was predictable based upon what we saw in other product lines, like TurboTax and Desktop, and it's not.

你知道嗎，Yun Kim，到目前為止，我們做出的每一個桌面預測我都錯了。因為我們之前假設的一件事是，根據我們在其他產品線（如 TurboTax 和 Desktop）中看到的情況，這種客戶行為是可以預測的，但事實並非如此。

What we're seeing right now is there's a very delighted group of QuickBooks Desktop customers. And when we try creative things like raising the price on them, lowering the price on the cloud, getting feature parity, that didn't move them. All it did was cause them to delay purchasing the newest version of QuickBooks Desktop.

我們現在看到的是，QuickBooks Desktop 的使用者群體非常滿意。當我們嘗試提高產品價格、降低雲端價格、實現功能對等等創新方法時，他們並沒有被打動。這樣做只會讓他們推遲購買最新版 QuickBooks Desktop。

So then we went back and we tested some pricing promotions. It's not an everyday low price. We just advertise at the price that it used to be before we raised it. And sure enough, those customers went out and bought the newer version of QuickBooks Desktop.

所以，我們隨後又測試了一些價格促銷活動。這不是每天都能遇到的低價。我們只是以漲價前的價格進行宣傳。果不其然，這些客戶都去買了新版的 QuickBooks Desktop。

So the good news is they're staying with us. They're not going anywhere. And they're not hurting QuickBooks Online subscribers.

好消息是他們會和我們在一起。他們哪兒也不去。而且他們並沒有損害 QuickBooks Online 用戶。

So really what we're doing now is we're making sure that we keep those customers happy. We continue to expose them to attached services, like Payroll and Payments, and we continue to let them know that there's a cloud-based version that's great for them, should they ever decide to move. But our hope right now is that we keep them in the franchise regardless of which product they choose.

所以，我們現在所做的，實際上就是確保讓這些客戶滿意。我們會繼續向他們介紹相關服務，例如薪資和支付服務，我們將繼續讓他們知道，如果他們將來決定遷移，雲端版本對他們來說非常棒。但我們現在的希望是，無論他們選擇哪種產品，都能讓他們繼續留在加盟店。

Okay. Great. Thank you so much.

好的。偉大的。太感謝了。

Our next question comes from Nandan Amladi of Deutsche Bank.

下一個問題來自德意志銀行的南丹‧阿姆拉迪。

Thank you. I'm at the airport, as well, so pardon the background noise.

謝謝。我也在機場，所以請原諒背景噪音。

I was going to ask about the media partnership that you announced yesterday. Can you put that in the context of the co-advisor networks you have and what segments and geographies this media partnership is intended to do and what your expectations are for revenue contribution?

我本來想問您昨天宣布的媒體合作事宜。您能否結合您現有的聯合顧問網絡、此次媒體合作的目標受眾和地理範圍，以及您對收入貢獻的預期，來闡述一下這個問題？

Great, Nandan. Thank you for the question.

太好了，南丹。謝謝你的提問。

As we talked a few minutes ago, accountants are critical. We've had a program for years called Pro Advisor. In the last couple years, as we've leaned into the cloud, we've put a cloud-based set of services together for them that includes QuickBooks Online for Accountants and a lot of other value added services. I mentioned the fact that we have 600,000 of our customers now that are linked to an accountant, and that's up 70% from last year.

正如我們幾分鐘前所談到的，會計師至關重要。我們多年來一直有一個名為「專​​業顧問」的計畫。在過去的幾年裡，隨著我們向雲端運算轉型，我們為他們整合了一套基於雲端的服務，其中包括會計師專用的 QuickBooks Online 以及許多其他加值服務。我提到過，我們現在有 60 萬客戶與會計師建立了聯繫，比去年成長了 70%。

And this announcement that we announced yesterday of BDO is just another example of we're working with accounting firms of all sizes, not just the independent firms, also the ones that buy our ProSeries and Lacerte product to do taxes, and also larger firms like BDO. At this point in time, we're working together to come up with a set of goals that we think are realistic in the first year as we get their firms trained and get them prepared to be good consultants for QuickBooks Online. So we haven't announced any public goals.

我們昨天宣布的關於 BDO 的公告，再次表明我們正在與各種規模的會計師事務所合作，不僅是獨立事務所，還包括購買我們的 ProSeries 和 Lacerte 產品進行稅務申報的事務所，以及像 BDO 這樣的大型事務所。目前，我們正在共同努力，制定一系列我們認為在第一年內切實可行的目標，以便對他們的公司進行培訓，並使他們做好準備，成為 QuickBooks Online 的優秀顧問。所以，我們還沒有公佈任何公開目標。

I can tell you, we're very excited about the partnership. They're a world-class firm. It's very relevant to the customers that we serve, and we think it will be value added for their firms, as well.

我可以告訴你，我們對這次合作感到非常興奮。他們是一家世界一流的公司。這與我們服務的客戶息息相關，我們認為這對他們的公司也具有附加價值。

Thank you.

謝謝。

Our next question comes from David Togut of Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Togut。

Thank you for taking my question. Brad, you talked about promotional pricing rolling off for QBO. Can you help us think about FY17 and FY18 pricing both for QBO and TurboTax? What should we expect on a year-over-year basis apples-to-apples unit price?

感謝您回答我的問題。布拉德，你之前提到QBO的促銷價格即將到期。您能否幫我們考慮QBO和TurboTax在2017財年和2018財年的定價？如果以同比計算，單位價格會是多少？

David, want to be wary of sharing any of our pricing decisions too far in advance, because obviously we have competition that would love to know the answers to these questions. But that being said, we have a tailwind. And our tailwind is, as you know, we offer a promotional discount in the first 30 days or sometimes the first 90 days for someone to come in to QuickBooks Online. They'll begin to use it for free, then they'll get a discount of like 30%, then they work their way up to full price.

大衛，我們希望謹慎行事，不要過早透露任何定價決策，因為我們的競爭對手顯然很想知道這些問題的答案。但即便如此，我們還是順風的。如您所知，我們的利多因素是，我們為新用戶提供前 30 天或有時是前 90 天的 QuickBooks Online 促銷折扣。他們一開始可以免費使用，然後可以享受 30% 的折扣，之後再逐步過渡到全價。

And imagine the large base of net adds we've been putting in that will anniversary off of that at the 13th month and then will basically become full price at a roughly $24, $25 a month. And we have a nice tail wind of that base that's going to be rolling off that promotional pricing. So what you should expect in FY17 and going into FY18 is continuing improvement in average revenue per customer.

想像一下，我們投入的大量淨新增用戶，在第 13 個月將按週年價結算，然後基本上會變成全價，每月大約 24 或 25 美元。而且，我們還有來自這個龐大客戶群的良好順風，這將得益於促銷價格的持續上漲。因此，您可以預期在 2017 財年以及進入 2018 財年後，每位客戶的平均收入將持續改善。

This is where Neil's answer a few minutes ago comes in to play. We've got three cohorts of customers. We have QuickBooks Online US, QuickBooks Online non-US, and of course, the mix effect of QuickBooks Self-Employed. All of those are actually getting stronger every 90 days in terms of average revenue per customer.

這就引出了尼爾幾分鐘前的回答。我們有三類客戶。我們有 QuickBooks Online 美國版、QuickBooks Online 非美國版，當然還有 QuickBooks Self-Employed 的混合版本。從每位客戶的平均收入來看，所有這些指標實際上每 90 天都在成長。

But depending upon which one of those grows the fastest, it could actually bring the blended mix down a little bit. But we would tell you we look at it on a marginal contribution basis for each of those cohorts, and all of them are getting better and will continue to get better in FY17 and FY18.

但是，根據其中哪一種生長速度最快，實際上可能會使混合比例略微下降。但我們會告訴你，我們是從每個群體邊際貢獻的角度來看這個問題的，所有群體都在進步，並且在 2017 財年和 2018 財年將繼續進步。

Thank you. That's very helpful. Just a quick follow-up.

謝謝。那很有幫助。再補充一點。

You had mentioned that you had essentially equivalent functionality at this point between QB Desktop and QBO. Is the functionality for manufacturing customers, which I think is about 33% of the QB Desktop base, particular advance job costing and advance inventory management? Do you have equivalent functionality for those customers now on QBO versus QB Desktop?

您曾提到，目前 QB Desktop 和 QBO 的功能基本上相同。對於製造業客戶（我認為約佔 QuickBooks Desktop 用戶群的 33%）而言，其功能是否特別是高階作業成本會計和進階庫存管理？對於目前使用QBO的客戶，你們是否提供了與QB桌面版相同的功能？

Yes, David, thanks for the question. And I didn't mean to suggest we had 100% feature parity, because we don't. We're still in that 70%-plus percent range.

是的，大衛，謝謝你的提問。我並不是說我們的功能完全一致，因為我們並沒有。我們仍然處於70%以上的水平。

We just made some decisions last week to continue to invest in building out feature parity to get it up to Premier and eventually to QuickBooks enterprise level. That will be a multi-year journey.

我們上週做出了一些決定，將繼續投資完善功能，使其達到 Premier 版本，並最終達到 QuickBooks 企業版的水平。這將是一段長達數年的旅程。

But I will put it into context for you. No, we don't have those advanced inventory capabilities today. We have foundational inventory which is different than it was six months ago, and it's getting stronger every day. But it's not advanced yet. We don't have the job costing in there yet.

但我會為你解釋清楚。不，我們目前還沒有那種先進的庫存管理能力。我們的基礎庫存與六個月前相比已經有所不同，而且每天都在增強。但它還不夠先進。我們還沒有把這項工作的成本計算進去。

But I think it's important for us to think about of the 3.5 million Desktop customers we have today, 2.5 million do have feature parity. 2.5 million could move over tomorrow if that was the only decision they were waiting on. And as we know, we've moved about 100,000 over through the first three quarters of this year. That's up 22% last year, but that's not 2.5 million.

但我認為我們應該考慮到，在我們目前擁有的 350 萬桌面用戶中，有 250 萬用戶的功能與桌面用戶完全相同。如果只等這個決定，那麼明天就有250萬人可以搬過來。我們知道，今年前三個季度我們已經轉移了大約 10 萬個。這比去年增長了 22%，但還不到 250 萬。

So we're going to continue to build up feature parity. We think that's important for the long term. We're going to continue to try to get the accountants to encourage the Desktop customer to look at the cloud. And we'll continue to do things like promotional pricing.

因此，我們將繼續努力實現功能上的對等。我們認為這對於長遠發展至關重要。我們將繼續努力，讓會計師鼓勵桌面使用者考慮使用雲端服務。我們將繼續推行促銷定價等措施。

But I think at the end of the day, we've just got to get that small business comfortable that it's good to be in the cloud. And I think that's just going to be a matter of time.

但我認為歸根究底，我們只需要讓小型企業相信使用雲端服務是件好事。我認為這只是時間問題。

Understood. Thanks so much for the helpful detail.

明白了。非常感謝您提供的詳細資訊。

Our next question comes from Patrick Coville [Rett] Research.

我們的下一個問題來自 Patrick Coville [Rett] 研究。

Hello there. Thank you so much for taking my question.

你好呀。非常感謝您回答我的問題。

Going to ask you about the profitability in the Small Business segment, really nice uptick there that was notable. And some color on whether that was driven by the Desktop business or whether there was some moving parts in Online that are worth highlighting to us?

我想問您關於小型企業領域的獲利情況，那裡的成長非常顯著，確實很不錯。能否詳細說明一下，這是由桌面業務驅動的，還是在線業務中存在一些值得我們重點關注的變動因素？

This is Neil. I think the big thing you're seeing there is the impact of the ratable accounting change we made last year that has some impact on this year, as well. The overall business unit contributions in the segment, if you take that into account, have been in the low 40%s, high 30%s. And that's where it ought to be and where we expect it to be.

這是尼爾。我認為你現在看到的最主要的影響是我們去年進行的會計調整，這種調整對今年也有一定的影響。如果把這一點考慮進去，該業務部門在該細分市場的整體貢獻率在 30% 到 40% 之間。它就應該在那裡，我們也希望它在那裡。

Got it. And then looking forward to next year, the way that I model it out to get to your $4.30 EPS estimate, I think you guys will need a quite aggressive continuation in profitability in the Small Business segment. Is that right? And if so, what are the levers that I can expect you guys to pull on to achieve that?

知道了。展望明年，根據我的模型預測，要達到你們 4.30 美元的每股盈餘目標，我認為你們需要在小型企業業務領域保持相當強勁的獲利成長動能。是這樣嗎？如果真是這樣，我可以期待你們採取哪些措施來實現這個目標？

Think about, Patrick, a couple things. On the plus side, we definitely continue to see improvements in average revenue per user and growth in customers.

派崔克，想想這兩件事。好的一方面是，我們確實看到每位用戶平均收入和客戶數量持續成長。

This is also the side, though, where we have opportunities to grow and expand to invest in the markets where we're already entering the space, but where as Brad said, we're not the number one player. And we may consider additional markets next year. So this is a great area where we have big opportunities to draw revenue and increase revenue in the short run, but also big investment opportunities that don't pay off in the short run, either.

不過，這也是我們有機會發展壯大，並投資於我們已經進入的市場的領域，但正如布拉德所說，我們並不是第一名。我們明年可能會考慮開拓其他市場。所以這是一個我們有機會在短期內獲得收入和增加收入的大領域，但同時也存在著一些短期內無法獲得回報的大投資機會。

So we're balancing those two things in our planning process for a multi-year profit plan to be able to generate good cash and good profitability in the short run. But make sure that we're investing for the long haul, too, so that growth is sustainable and accelerating beyond 2017.

因此，我們在製定多年獲利計畫的過程中，要平衡這兩件事，以便在短期內產生良好的現金流和獲利能力。但也要確保我們進行長期投資，這樣才能確保成長的可持續性，並在 2017 年後加速成長。

Got it. Got it. Thank you so much and well done on a brilliant three months.

知道了。知道了。非常感謝，這三個月過得非常出色。

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

謝謝。各位，我不再提問了。還有什麼補充說明嗎？

Yes, I would, Latif. I want to thank everybody for the questions today.

是的，我會的，拉蒂夫。感謝大家今天提出的問題。

As we're entering the final stretch of our fiscal year, we feel like we're building some really strong momentum. Our strategy is working. The innovation we're putting into our products is not easily replicated and matched by our competitors. And we're still on the early innings of penetrating this large and growing total addressable market.

隨著本財年進入最後階段，我們感覺我們正在積蓄非常強勁的發展勢頭。我們的策略奏效了。我們在產品中融入的創新，是競爭對手難以複製和匹敵的。我們目前仍處於打入這個龐大且不斷成長的潛在市場的初期階段。

So we're excited and we're looking forward to talking to you again soon. And until then, everyone have a good day. Take care.

我們感到非常興奮，期待很快能再次與您交談。在此之前，祝大家今天過得愉快。小心。

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。