直覺電腦 (INTU) 2016 Q4 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 fourth-quarter and full-year FY16 conference call.

午安.我叫拉蒂夫，我將擔任本次會議的主持人。在此，我謹代表 Intuit 公司歡迎各位參加 2016 財年第四季及全年業績電話會議。

(Operator Instructions)

（操作說明）

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

接下來，我將把電話轉接給 Intuit 的投資者關係副總裁 Matt Rhodes。羅茲先生。

Thank you, sir. Good afternoon and welcome to Intuit's fourth-quarter FY16 conference call.

謝謝您，先生。下午好，歡迎參加 Intuit 2016 財年第四季電話會議。

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

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。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。

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.

您可以查看我們今天下午早些時候發布的新聞稿、2015 財年 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. 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當期與去年同期相比的成長率。業務指標和相關成長率指的是全球業務指標。

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. A copy of our prepared remarks and supplemental financial information will be available on our website after this call ends.

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。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。

Finally, I'm excited to let you all know that I'll soon be moving to Texas to lead Finance for our ProConnect business. Therefore, today will be my last earnings call in the Investor Relations seat. It's been a pleasure working with you all over the past six years and I leave you in good hands. Jerry Natoli will continue to head up Investor Relations following my transition in early September.

最後，我很高興地告訴大家，我即將搬到德州，負責我們 ProConnect 業務的財務工作。因此，今天將是我最後一次以投資者關係為代表的身份參加財報電話會議。過去六年與大家共事非常愉快，我相信你們會得到很好的照顧。在我於 9 月初卸任後，Jerry Natoli 將繼續負責投資者關係。

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

接下來，我將把電話交給布拉德史密斯。

Thank you, Matt, and thanks for an amazing six years in the Investor Relations seat. I got to tell you, we are super excited to see the impact you're going to have in our ProConnect business going forward.

謝謝你，馬特，謝謝你過去六年在投資人關係崗位上做出的卓越貢獻。我必須告訴你，我們非常興奮地看到你未來將對我們的 ProConnect 業務產生的影響。

Good afternoon, everyone, and thank you for joining us. I'll tell you, we had an excellent finish to the fiscal year. For the fourth quarter, we delivered revenue of $754 million, which was up 8%. We've continued to build on our momentum throughout the year, with FY16 revenue coming in at $4.7 billion, up 12%.

各位下午好，感謝各位的參與。我告訴你，我們本財年以非常優秀的成績收官。第四季度，我們的營收為 7.54 億美元，年增 8%。我們全年都保持著成長勢頭，2016 財年營收達到 47 億美元，成長了 12%。

Let me begin by sharing a few reflections on our business performance and I'll start with small business. With the shift to the cloud and mobile solutions, the opening of our platform to enable third parties to connect, and our expansion into new geographies outside the US, we have more than doubled our total addressable market. Our primary goal is to penetrate this large addressable market, growing our customer base and expanding share in every geography.

首先，我想分享一下我對公司績效的一些思考，我先從小型企業說起。隨著向雲端和行動解決方案的轉型，我們開放平台以允許第三方連接，並擴展到美國以外的新地區，我們的潛在市場規模已經翻了一番還多。我們的主要目標是打入這個龐大的潛在市場，擴大客戶群，並在各個地區擴大市場份額。

Our small business ecosystem remains vibrant, with total QuickBooks Online subscribers growing 41% this year to more than 1.5 million subs. We added more than 400,000 QuickBooks Online subscribers over the past 12 months.

我們的小型企業生態系統仍然充滿活力，QuickBooks Online 的用戶總數今年成長了 41%，超過 150 萬用戶。過去 12 個月，我們新增了超過 40 萬名 QuickBooks Online 用戶。

We're leaning into new offerings like QuickBooks Self-Employed, while continuing to post strong growth in QuickBooks Online overall. We finished the year with about 85,000 Self-Employed subscribers, which is up from 25,000 just one year ago. Outside the US, QuickBooks Online grew 45% to 287,000 paying subs.

我們正在大力發展 QuickBooks Self-Employed 等新產品，同時 QuickBooks Online 的整體成長動能依然強勁。今年年底，我們的自僱人士訂閱用戶約為 85,000 人，比一年前的 25,000 人有所增加。在美國以外，QuickBooks Online 的付費用戶成長了 45%，達到 287,000 人。

In short, QuickBooks Online continues on a strong trajectory and we're executing well against a consistent set of priorities. We're realizing our goals to be the operating system behind small business success, helping small businesses save time and money so they can thrive when times are good and they can remain resilient when times are tough.

簡而言之，QuickBooks Online 繼續保持強勁的發展勢頭，我們按照一套一致的優先事項執行得非常出色。我們正在實現我們的目標，成為小型企業成功背後的作業系統，幫助小型企業節省時間和金錢，使它們在順境中蓬勃發展，在逆境中保持韌性。

We're also delivering outstanding results against our other strategic goal, to do the nation's taxes. For the fiscal year, Consumer Tax revenue grew 10%, with Turbo Tax online units growing 15% and total Turbo Tax unit growing 12%. We've performed extremely well this past year, introducing two dozen innovations in Turbo Tax, which helped expand the do-it-yourself software category while increasing our share in the category as well. We fully anticipate another competitive tax season next year and our teams are already hard at work building on the next wave of innovations at a pace that promises to exceed this year's.

我們在實現另一個戰略目標——為全國徵稅——方面也取得了卓越的成果。本財年，消費者稅收入成長了 10%，Turbo Tax 線上用戶成長了 15%，Turbo Tax 總用戶成長了 12%。過去一年，我們取得了非常好的成績，在 Turbo Tax 中推出了二十多項創新，這不僅幫助擴大了自助報稅軟體類別，也提高了我們在該類別中的份額。我們完全預料到明年的報稅季又將充滿競爭，我們的團隊已經開始努力開發下一波創新，其速度預計將超過今年。

On the ProConnect side, revenue came in as expected at $428 million. Our ProConnect team is continuing to increase the focus on multi-service accountants. Those are accountants who do both books and taxes for their clients. This is in service to driving those accounting firms success as well as growing our own small business ecosystem.

ProConnect方面，營收如預期般達到4.28億美元。我們的 ProConnect 團隊將繼續加強對提供多項服務的會計師的關注。這些會計師既為客戶做賬，也為客戶報稅。這樣做既有助於推動這些會計事務所成功，也有助於發展我們自己的小型企業生態系統。

To sum it up, FY16 was a strong year from start to finish. The QuickBooks Online ecosystem is driving small business growth and our tax businesses are celebrating a successful season. We're heading into FY17 with the wind at our backs and we have some exciting plans under way as we look ahead.

總而言之，2016財年從頭到尾都是表現強勁的一年。QuickBooks Online 生態系統正在推動小型企業的發展，我們的稅務業務也迎來了成功的一年。2017 財年伊始，我們勢頭良好，展望未來，我們有一些令人興奮的計劃正在進行中。

With that, let me turn it over to Neil, who will walk you through the financial details.

接下來，我將把發言權交給尼爾，他將為大家詳細介紹財務細節。

Thanks, Brad, and good afternoon, everyone.

謝謝你，布拉德，大家下午好。

For the fourth quarter we delivered revenue of $754 million, up 8%; non-GAAP operating income of $36 million; a GAAP operating loss of $56 million; non-GAAP diluted earnings per share of $0.08; and a GAAP loss per share of $0.16. For the full year, we delivered revenue of $4.7 billion, up 12%; non-GAAP operating income of $1.6 billion, up 36%; GAAP operating income of $1.2 billion, up 68%; non-GAAP diluted earnings per share of $3.78, up 46%; and GAAP diluted earnings per share of $3.69, up from $1.28 a year ago. As a reminder, our GAAP results for FY15 and FY16 reflect a decision to divest certain businesses in FY15 and the sale of those businesses in FY16. You can refer to our press release for more details.

第四季度，我們實現營收 7.54 億美元，成長 8%；非 GAAP 營業收入 3,600 萬美元；GAAP 營業虧損 5,600 萬美元；非 GAAP 稀釋後每股收益 0.08 美元；GAAP 每股虧損 0.16 美元。全年來看，我們實現營收 47 億美元，成長 12%；非 GAAP 營業收入 16 億美元，成長 36%；GAAP 營業收入 12 億美元，成長 68%；非 GAAP 稀釋後每股收益 3.78 美元，成長 46%；GAAP 稀釋後每股收益 3.69 美元，高於去年同期的 1.28 美元。提醒各位，我們 2015 財年和 2016 財年的 GAAP 業績反映了 2015 財年剝離某些業務的決定以及 2016 財年出售這些業務的情況。更多詳情請參閱我們的新聞稿。

Turning to the business segments, total small business segment revenue grew 10% for the quarter and 9% for the year. QuickBooks Online subscriber growth finished the year strong at 41% as we crossed the high end of our guidance to finish with 1.513 million paid subs.

從業務部門來看，小型企業板塊的總收入本季成長了 10%，全年成長了 9%。QuickBooks Online 用戶成長強勁，年末增幅達 41%，超過了預期上限，付費用戶達到 151.3 萬。

Small business online ecosystem revenue grew 25% for the full year and we expect some acceleration in FY17. Within the online eco system, our payroll and payments businesses posted healthy growth for the year. Online payroll customers grew 17%, online active payment customers grew 6% and online payments charge volume grew 15%.

小型企業線上生態系統營收全年成長了 25%，我們預計 2017 財年將加速成長。在線上生態系統中，我們的薪資和支付業務今年實現了健康成長。線上薪資客戶成長了 17%，線上活躍支付客戶成長了 6%，線上支付交易額成長了 15%。

While QuickBooks Online is driving the majority of our new customer acquisition, QuickBooks Desktop remains a resilient and important part of the business. Desktop units grew 14% in the quarter and 8% for the year, as we saw a bump-up in customer upgrades.

雖然 QuickBooks Online 為我們帶來了大部分新客戶，但 QuickBooks Desktop 仍然是業務中一個穩定且重要的組成部分。由於客戶升級需求增加，桌上型電腦銷量在本季成長了 14%，全年成長了 8%。

Roughly two-thirds of the Desktop units we sold in FY16 were upgrades as opposed to new units. New Desktop customers were essentially flat year-over-year. Total small business Desktop ecosystem revenue grew 4% for the year. For FY17, we expect units to decline modestly and Desktop ecosystem revenue to be flat to up slightly.

2016 財年我們賣出的桌上型電腦中，約有三分之二是升級換代產品，而不是新購產品。新增桌面用戶數與去年同期基本持平。小型企業桌面生態系統總收入全年成長 4%。我們預計 2017 財年銷售量將小幅下降，桌上型生態系統營收將持平或略有成長。

Moving over to tax, Consumer Tax revenue grew 10% for the year. As Brad said, we will continue to invest in the product experience and to prioritize growth in customers above margin expansion. ProConnect revenue grew 51% for the year, due to changes in our offerings that resulted in lower ratable revenue recognition in FY15. As I mentioned on the earnings call in May, we expect ProConnect revenue to be roughly flat in FY17.

再來看稅收方面，消費者稅收收入本年度成長了 10%。正如布拉德所說，我們將繼續投資於產品體驗，並將客戶成長置於利潤擴張之上。由於我們的產品和服務發生變化，導致 2015 財年可確認的應稅收入減少，ProConnect 的收入在本年度增長了 51%。正如我在 5 月的財報電話會議上提到的那樣，我們預計 ProConnect 在 2017 財年的營收將大致持平。

We continue to take a disciplined approach to capital management, investing the cash we generate in opportunities that yield a return on investment greater than 15%. With approximately $1.1 billion in cash and investments on our balance sheet, our first priority is investing for customer growth. When it's the best use of cash, we'll return cash to our shareholders via share repurchases. In FY16, we repurchased $2.3 billion worth of shares at an average price of $91.

我們繼續採取嚴謹的資本管理方法，將產生的現金投資於投資報酬率超過 15% 的機會。我們資產負債表上擁有約 11 億美元的現金和投資，我們的首要任務是投資於客戶成長。當資金需要被最佳利用時，我們將透過股票回購的方式將資金回饋給股東。2016 財年，我們以平均每股 91 美元的價格回購了價值 23 億美元的股票。

We reduced our weighted average share count by 7% net in FY16 and we expect to be in the market consistently in FY17. We have a total of $2.4 billion on our repurchase authorization, including $2 billion recently approved by our Board.

我們在 2016 財年淨減少了 7% 的加權平均股份數量，我們預計在 2017 財年將持續保持市場地位。我們總共有 24 億美元的回購授權，其中包括董事會最近批准的 20 億美元。

Our plans include a cash dividend of up to $1.36 per share for FY17, with the first-quarter dividend of $0.34 per share payable on October 18. This represents a 13% increase versus last year and reflects our confidence in our business strategy, as well as more recurring and predictable revenue streams.

我們的計劃包括 2017 財年每股派發現金股息最高可達 1.36 美元，第一季股息每股 0.34 美元將於 10 月 18 日支付。這比去年成長了 13%，反映了我們對自身業務策略的信心，以及更穩定、更可預測的收入來源。

You can find guidance details in our press release and on our fact sheet. Here are the highlights for FY17. QuickBooks Online subscribers of 2 million to 2.2 million, growth of 32% to 45%. Revenue of $5 billion to $5.1 billion, growth of 7% to 9%. Non-GAAP operating income of $1.675 billion to $1.725 billion, growth of 8% to 11%. GAAP operating income of $1.33 billion to $1.38 billion, growth of 7% to 11%.

您可以在我們的新聞稿和情況說明書中找到詳細的指導資訊。以下是2017財年的亮點。QuickBooks Online 用戶數從 200 萬增加到 220 萬，成長了 32% 至 45%。營收50億至51億美元，成長7%至9%。非GAAP營業收入為16.75億美元至17.25億美元，成長8%至11%。GAAP 營業收入為 13.3 億美元至 13.8 億美元，成長 7% 至 11%。

Non-GAAP diluted earnings per share of $4.30 to $4.40, or growth of 14% to 16%. GAAP diluted earnings per share of $3.35 to $3.45, versus $3.69 in FY16. FY16 earnings per share includes $0.65 net income per share from discontinued operations. We feel confident in our ability to deliver against our financial principles and our long-term strategic goals and we look forward to sharing our progress with you throughout this fiscal year.

非GAAP稀釋後每股盈餘為4.30美元至4.40美元，成長14%至16%。GAAP稀釋後每股收益為3.35至3.45美元，而2016財年為3.69美元。2016 財年每股收益包含來自已終止經營業務的每股淨收益 0.65 美元。我們對實現財務原則和長期策略目標的能力充滿信心，並期待在本財年與您分享我們的進展。

On a personal note, we will miss Matt's outstanding contribution to Investor Relations. We are very fortunate to be adding his experience and business acumen to our ProConnect Group as we strengthen the connection between our accountant community and our small business ecosystem.

就個人而言，我們將懷念 Matt 對投資者關係的傑出貢獻。我們非常榮幸能將他的經驗和商業才能融入我們的 ProConnect 集團中，以加強我們的會計師社群與小型企業生態系統之間的聯繫。

With that, I'll turn it back to Brad.

這樣，我就把麥克風交還給布萊德了。

All right. Thank you, Neil.

好的。謝謝你，尼爾。

To recap, we are pleased with our FY16 results. I'm encouraged by our trajectory, our trajectory in small business as we continue to grow QuickBooks Online in the US and in our prioritized markets around the globe. At the same time, we're expanding the category by solving new customer problems with QuickBooks Self-Employed.

總而言之，我們對2016財年的業績感到滿意。我對我們的發展軌跡感到鼓舞，尤其是在小型企業領域，我們將繼續在美國和全球重點市場發展 QuickBooks Online。同時，我們正在透過 QuickBooks Self-Employed 解決客戶的新問題，從而拓展產品類別。

Our tax businesses had another strong year, turning up the innovation machine to compete effectively in the marketplace. We look forward to building on this success in FY17. We'll talk more about these priorities and our strategy to execute against them at our Investor Day which we're going to be holding at our Mountain View campus on September 21st. We look forward to seeing all of you there.

我們的稅務業務又取得了強勁的業績，加強了創新力度，在市場上有效展開競爭。我們期待在2017財年延續這項成功。我們將在9月21日於山景城園區舉行的投資者日活動上，詳細討論這些優先事項以及我們為實現這些優先事項而採取的策略。我們期待在那裡見到大家。

With that, let's open it up to you to hear what's on your mind. Latif, I'll give it back to you.

那麼，讓我們敞開心扉，聽聽你的想法。拉蒂夫，我會還給你的。

Thank you, sir.

謝謝您，先生。

(Operator Instructions)

（操作說明）

Our first question comes from the line of Brent Thill of UBS. Your line is open.

我們的第一個問題來自瑞銀集團的 Brent Thill。您的線路已開通。

Good afternoon. Congrats, Matt, on the new role. Brad and Neil, on the operating margin side, you had a really solid year of operating margin improvement, up over 700 basis points year over year. The guidance implies a much slower rate of operating margin improvement. Can you talk a little bit about why that is, where you're spending?

午安.恭喜馬特榮任新職。Brad 和 Neil，在營業利潤率方面，你們今年的營業利潤率有了非常穩健的提升，比去年同期成長超過 700 個基點。該指引意味著營業利益率的改善速度將大幅放緩。可以稍微談談原因，以及你的錢都花在哪些方面了嗎？

Sure, Brent. Happy to. You have to factor in the effect of ratable on the improvement in increase in 2016 over 2015. The thing I feel really good about in our 2017 outlook is the amount of money that we are putting into the product itself to improve the product experience in the markets where we're focused. Really nice go-to-market plans and programs there to capitalize on the TAM opportunity we see before us.

當然可以，布倫特。樂意之至。你必須考慮稅率對 2016 年比 2015 年成長幅度的影響。我對我們在 2017 年的展望感到非常滿意的一點是，我們投入了大量資金用於產品本身，以改善我們所關注市場的產品體驗。確實有非常好的市場推廣計劃和方案，可以充分利用我們眼前看到的潛在市場機會。

I think we've given ourselves some good opportunities on the revenue side by not focusing on price increase to drive revenue growth. The revenue growth that you're going to see in 2017 is largely driven by customer growth and customer counts and as you saw this year in Consumer Tax in 2016, we think they're just big opportunities to grow our customer base and continue to expand. I think the margin expansion you're going to see in 2017 is going to be very well balanced between investments to drive growth and product improvements and also a very reasonable approach on the pricing side.

我認為，我們沒有專注於透過漲價來推動收入成長，而是為自己創造了一些很好的收入成長機會。2017 年的收入成長主要由客戶成長和客戶數量增加所驅動，正如您在 2016 年的消費者稅收中所看到的，我們認為這些都是擴大客戶群和繼續擴張的巨大機會。我認為 2017 年利潤率的擴張將在推動成長和產品改進的投資與定價方面採取非常合理的策略之間取得良好的平衡。

Brent, this is Brad. Just to add to Neil's thoughtful answer around where the investments are going, the other thing that we feel good about is when we moved to ratable in 2015, we provided a long-term guidance we would return margins back to the mid-30%s in 2017. With all those investments that Neil's talking about, we are going to be coming in where we said we would several years ago. We feel very good. We have a very strong business model that continues to get operating margin expansion but at the same time we continue to invest for the long-term growth.

布倫特，這位是布拉德。關於投資方向，Neil 的回答很有見地，我還要補充一點：我們感到欣慰的另一件事是，2015 年我們轉向按稅率計息時，我們給出了長期指導，即到 2017 年利潤率將恢復到 30% 左右。尼爾提到的那些投資，將使我們實現幾年前就承諾的目標。我們感覺很好。我們擁有非常強大的商業模式，能夠持續擴大營業利潤率，同時我們也持續投資以實現長期成長。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you. Our next question comes from the line of Walter Pritchard of Citi. Your line is open.

謝謝。我們的下一個問題來自花旗銀行的華特‧普里查德。您的線路已開通。

Hi. Thanks. I'm wondering if you could, Brad, maybe update us on the composition of the sub adds you expect to see in 2017. It feels like your International subs are slowing more than I would have expected and your US regular way subs are actually doing quite well. Maybe you could contrast kind of where you were a year ago when you looked at that 2 million to 2.2 million and where you think the contribution is as you get to it next year.

你好。謝謝。Brad，我想問你能否向我們介紹一下你預計在 2017 年看到的子廣告的組成。感覺你們的國際訂閱量比我預期的要慢，而你們的美國常規訂閱量實際上做得相當不錯。或許你可以比較一下一年前你認為200萬到220萬的貢獻額，以及你認為明年到那時貢獻額會是多少。

Walter, this is Brad. I'll jump in on that. If Neil wants to add something, feel free to do that, Neil. Today on our net adds, about two-thirds are coming from QuickBooks Online in the US. Another third is coming from outside the US with QBO and of course QuickBooks Self-Employed.

沃特，這位是布拉德。我也會參與。如果尼爾想補充什麼，請隨意補充，尼爾。今天，我們網路新增用戶中約有三分之二來自美國的 QuickBooks Online。還有三分之一來自美國以外，用戶使用 QBO，當然還有 QuickBooks Self-Employed。

We do feel the same way you do, that we believe we have more opportunity ahead of us in QuickBooks Online outside the US. I'm constructively dissatisfied, as is the team, with our current growth rate, but that's not without a lack of very solid plans that give me increased confidence as we look ahead. We have an increased focus on product market fit. We have really good lessons learned from this year in terms of go-to-market plans on a country-by-country basis. We've been adding incredible talent. You probably saw the announcement of Lucas Watson joining us after 17 years of global experience at Procter & Gamble and five years over at Google.

我們和您一樣，認為在美國以外的 QuickBooks Online 領域，我們還有更多的發展機會。我和團隊一樣，對我們目前的成長速度感到不滿，但這並不意味著我們沒有非常可靠的計劃，這讓我對未來更有信心。我們更重視產品與市場的契合度。今年我們在製定各國市場推廣計畫方面吸取了很多寶貴的經驗教訓。我們一直在吸收傑出的人才。您可能已經看到了盧卡斯·沃森加入我們的消息，他曾在寶潔公司擁有 17 年的全球經驗，並在谷歌工作了 5 年。

We just feel good about the outlook. As we look ahead, we still feel good with our 2 million to 2.2 million. We think there's more opportunity in the levers in both outside the US with global as well as with QBSE. We're going to be leaning into that. We'll talk to you more about it when we see you at Investor Day, but that's sort of the headline.

我們對前景感到樂觀。展望未來，我們仍對200萬至220萬的目標感到滿意。我們認為，無論是在美國以外的全球市場，或是QBSE領域，都存在著更大的發展機會。我們將著重考慮這一點。我們將在投資者日與您見面時詳細討論此事，但這大概就是重點。

Can you maybe update us on any changes you're seeing in terms of attach, any trends there that are notable, particularly on the QBO side with payroll and payments?

您能否向我們介紹您在附件方面看到的任何變化，以及有哪些值得注意的趨勢，尤其是在 QBO 的工資和支付方面？

Yes, we can. One of the things we would say is for us attach is an input metric. The most important metric at the end of the day is the penetration into the base which leads to an average revenue per customer. On the attach rates this past quarter for new users, payroll was at 19%. Keep in mind, that has an increasing base of QuickBooks Self-Employed. As you add more self-employed customers who by definition don't have employees, you're going to have an attach rate that looks like it's going in the wrong direction but that's healthy when you actually normalize it.

是的，我們可以。其中一點是，對我們來說，附加功能就是一個輸入指標。歸根究底，最重要的指標是客戶滲透率，它直接影響每位客戶的平均收入。上個季度新用戶的附加率，工資率為 19%。請記住，QuickBooks 自僱人士的用戶群正在擴大。隨著自僱客戶數量的增加（自僱客戶的定義就是沒有員工），附加率看起來似乎朝著錯誤的方向發展，但當你將其正常化後，你會發現這是健康的。

Our payments attach was at 11%. Right now we feel good with those leading indicators. We think there's room to improve and we have a focused effort to do that, particularly with the first-time use experience. They're all moving in the direction we want and we expect to have improved attach rates as we go into next year.

我們的付款附加率為 11%。目前我們對這些領先指標感到滿意。我們認為還有改進的空間，我們正在集中精力改進，尤其是在首次使用體驗方面。它們都在朝著我們想要的方向發展，我們預計明年附加率會有所提高。

Great. Thanks. Matt, good luck. Tough shoes to fill there to keep the management team there shielded from our nagging. It's been good working with you.

偉大的。謝謝。馬特，祝你好運。要填補這個空缺，並讓管理團隊免受我們的嘮叨，難度可想而知。和你一起工作很愉快。

Thanks.

謝謝。

Next question comes from the line of Kash Rangan of Bank of America-Merrill Lynch. Your line is open.

下一個問題來自美國銀行美林證券的卡什·蘭甘。您的線路已開通。

Hey, I'll echo my congrats, Matt. One of the best in the business. Look forward to hearing more about your success in the business. Couple of questions for Brad and Neil. One is can you talk a little bit more about what Lucas Watson's particular emphasis in the Company is going to be? What specifically about him attracted you? What do you think he could achieve for you guys in the next three to four years? Then I have a follow-up question with respect to payments. Thank you so much.

嘿，我也要向你表示祝賀，馬特。業界頂尖人物之一。期待聽到更多關於您在事業上取得成功的消息。我有幾個問題想問布拉德和尼爾。第一個問題是，您能否再詳細談談盧卡斯·沃森在公司中的工作重點是什麼？你究竟被他身上的哪些特質所吸引？你認為他未來三到四年能為你們帶來什麼成就？然後我還有一個關於付款的後續問題。太感謝了。

Yes, Kash, happy to do that. For us, we were looking to replace someone who is almost irreplaceable. Caroline Donahue has been our Chief Sales and Marketing Officer and she's a 21-year veteran of Intuit. She reached a chapter in her life where she wanted to step away. Both girls are now at college. We love her, we celebrate her and we've taken a one-year victory lap because she let us know some time ago she was going to do that.

是的，Kash，我很樂意這麼做。對我們來說，我們想找的人幾乎是不可取代的。Caroline Donahue 曾擔任我們的首席銷售和行銷官，她在 Intuit 工作了 21 年。她的人生到了一個想要離開的階段。兩個女孩現在都在上大學。我們愛她，我們為她慶祝，我們慶祝她一周年，因為她之前告訴我們她要這樣做。

We began a very concerted search to look for someone who had digital experience, someone who had clear mobile experience and someone who had world-class marketing skills. Sometimes you'll find classical marketers from packaged goods who may not have as much digital experience or you'll find those who grew up in the digital world but they don't really understand the classical marketing aspects.

我們開始有條不紊地尋找一位擁有數位經驗、擁有清晰的行動經驗以及擁有世界一流行銷技能的人。有時你會發現一些來自包裝消費品行業的傳統行銷人員，他們可能缺乏數位經驗；或者你會發現一些在數位世界中成長的人，但他們並不真正了解傳統行銷的方面。

We think we found a ringer in Lucas. As I mentioned, 17 years at Procter & Gamble through a range of different product lines leading him across the globe. He also took P&G online and led their digital efforts and then from there was recruited away by Google and he helped monetize YouTube and more recently has been leading their innovative global solutions around the world.

我們認為盧卡斯是個很適合的人選。正如我之前提到的，他在寶潔公司工作了 17 年，負責過各種不同的產品線，足跡遍佈全球。他也帶領寶潔公司走向線上，領導其數位轉型，之後被谷歌挖走，幫助谷歌實現 YouTube 的商業化，最近又領導谷歌在全球範圍內的創新解決方案。

We're excited to have him because he brings both the classical marketing as well as digital experience. What he'll be doing is leading our sales channels. He'll be leading the Company's marketing efforts and the global country managers report directly into him. He'll have the non-US locations and that's where his expertise will come to bear and he'll work very closely with our general managers in the US to try to help our global expansion.

我們很高興他能加入我們，因為他既有傳統的行銷經驗，也有數位行銷經驗。他將負責領導我們的銷售管道。他將領導公司的行銷工作，全球各國經理直接向他報告。他將負責美國以外的地區，他的專業知識將在那裡發揮作用，他將與我們在美國的總經理們密切合作，努力幫助我們實現全球擴張。

Got it. My follow-up and final question. What was the attach rate for online payroll, online payment this quarter and what are your longer-term objectives in that regard. Thank you very much. Look forward to seeing you at the Analyst Day.

知道了。我的後續也是最後一個問題。本季線上薪資和線上支付的附加率是多少？在這方面，你們的長期目標是什麼？非常感謝。期待在分析師日上見到您。

I'm sorry, we were just looking because the attach rates for online payroll and payments, I mentioned these a couple seconds ago. The payroll numbers are 19% but that includes a base of QuickBooks Self-Employed in there. The second is on payments. It's at 11%. Those were the attach rates. I just wanted to make sure I heard the question correctly, Kash.

抱歉，我們剛才在查看線上工資和支付的附加費率，我幾秒鐘前提到過這些。薪資總額佔比為 19%，但其中包含了 QuickBooks 自僱人士的基本資料。第二點是關於支付。目前是11%。這些是附著率。卡什，我只是想確認一下我是否聽對了問題。

Correct. Also your objectives, Brad, for where you would like that to be in the FY17, FY18 time frame?

正確的。布拉德，你對2017財年和2018財年的目標是什麼？

I talk about this in terms of the total addressable market. With know that about half of small businesses today accept credit cards and so we think there's a nice penetration of upside opportunity in payments. In payroll today you look at the audience of customers who have employees and we think we've got the opportunity to drive that number up north of 30%. In terms of what we'll achieve the next 12 to 24 months, we want to continue to see sustained improvement. We don't have a target that we've published externally that said at the end of 12 months we want to be here but I can assure you that internally we have goals and objectives to improve that number and get them closer to the numbers I just talked about.

我從潛在市場總量的角度來談論這個問題。我們知道，目前大約有一半的小型企業接受信用卡，因此我們認為支付領域存在著不錯的成長機會。如今在薪資管理領域，我們關注的是擁有員工的客戶群，我們認為我們有機會將這一數字提高到 30% 以上。展望未來 12 至 24 個月，我們希望看到持續的進步。我們沒有對外公佈的目標，即在 12 個月結束時我們希望達到這個目標，但我可以向你保證，在內部，我們有目標和計劃來提高這個數字，並使其更接近我剛才提到的數字。

Fantastic. Thank you very much.

極好的。非常感謝。

Thank you.

謝謝。

Thank you. Our next question comes from Jesse Hulsing of Goldman Sachs. Your question, please.

謝謝。下一個問題來自高盛的傑西·赫爾辛。請問您的問題。

Yes, guys. Thanks for taking my question. The total number of QuickBooks paying customers, including desktop, really inflected this year, growing it looks like by my calculation something like 23%. If you exclude international and Self-Employed, it was up I think 18% which in the US would be pretty strong growth. I'm wondering what you think is driving that. Is it the economy? Is it share gains? Is it something else? Do you view this type of double-digit growth for total QuickBooks paying customers as sustainable moving forward?

是的，各位。謝謝您回答我的問題。今年 QuickBooks 付費用戶總數（包括桌面版用戶）確實出現了顯著增長，據我計算，增長幅度約為 23%。如果排除國際和自僱者，我認為成長了 18%，這在美國將是一個相當強勁的成長。我想知道你認為是什麼原因導致這種情況發生的。是經濟問題嗎？這是股份收益嗎？是別的什麼事嗎？您認為 QuickBooks 付費用戶總數持續保持兩位數成長是否可持續？

Thank you, Jesse. We feel good about that. For those who are looking at the fact sheet, the total paying customers were up 23%. We saw healthy growth across the board. We saw QuickBooks Online subs at 41%. We saw the desktop customers growing 8%. If you look at those that are new to the franchise in QBO it was north of 80%, it was 84% this quarter.

謝謝你，傑西。我們對此感到欣慰。對於那些查看情況說明書的人來說，付費客戶總數增加了 23%。我們看到各方面都實現了健康成長。我們看到 QuickBooks Online 的訂閱用戶佔 41%。我們看到桌面用戶成長了 8%。如果你看一下QBO中新加入該系列遊戲的玩家，這個比例超過80%，本季達到了84%。

There's just healthy growth across the board. What's driving it is we're expanding the TAM. We're expanding the TAM in three ways. With the shift to the cloud and mobile, more people are now considering accounting software than they would have in the past because they can come in and try it for free and then sign up for it if it's actually improving their effectiveness.

各方面都呈現健康成長。推動這一趨勢的原因是我們正在擴大潛在市場規模。我們正在透過三種方式擴大TAM（潛在市場規模）。隨著向雲端和行動端的轉變，現在有更多的人考慮使用會計軟體，因為他們可以免費試用，如果確實能提高效率，再註冊購買。

The second thing that's helping us is we're getting the opportunity to connect our products with other products like PayPal, American Express. That gives us more consideration. And last but not least is global expansion, which has opened up tens of millions of more prospects to our product that we couldn't have served a couple years ago. That's one big bucket. It's just expanding the TAM.

第二件對我們有幫助的是，我們有機會將我們的產品與其他產品（如 PayPal、美國運通）連結起來。這讓我們有更多思考。最後但同樣重要的是全球擴張，這為我們的產品帶來了數千萬潛在客戶，而幾年前我們無法服務這些客戶。那可真是一個大桶。這只是擴大了潛在市場規模。

The second is we did see a strong repurchase cycle in desktop this year. So the desktop units rebounded and it was primarily because we saw people who were coming at the end of their three-year cycle and they upgraded and they were able to buy the newest version of QuickBooks desktop and that gave us a little bit of bump here in the last half of this fiscal year. By and large, we do think this is sustainable. We've opened up the total addressable market. We think that cloud and mobile is going to help us. And we think there will be a group of customers that will still want be on desktop and we plan to have a great desktop product as well.

第二點是，我們今年確實看到了桌上型電腦市場強勁的回購週期。所以桌上型設備的銷售回升了，這主要是因為我們看到一些用戶在三年周期結束時進行了升級，他們能夠購買最新版本的 QuickBooks 桌面版，這在本財年的下半年給我們帶來了一些增長。總的來說，我們認為這是可持續的。我們已經開拓了全部潛在市場。我們認為雲端運算和行動技術將對我們有所幫助。我們認為會有一部分客戶仍希望使用桌面系統，我們也計劃推出一款優秀的桌面產品。

Thanks. A quick follow-up on margins. Your segment margin for small business was up about 500 basis points this year. I'm wondering when you look to your implied margin guidance for FY17, how much of that is driven by small business continuing to expand its margins and I guess longer term, where do you think you can get small business margins to? Thank you.

謝謝。關於利潤率的簡要後續說明。今年貴公司小型企業業務的利潤率提高了約 500 個基點。我想知道，在您展望 2017 財年隱含利潤率預期時，有多少是由小型企業利潤率持續成長所驅動的？長遠來看，您認為小型企業利潤率還能達到什麼水準？謝謝。

Yes, Jesse. This is Neil. The lion's share of that improvement really is driven by the shift in ratable. I tell you, as we go forward as we reduce our hosting cost and see other changes made in our processing infrastructure, that's going to be an opportunity for margins to expand a little bit in the small business space. This is also where we're investing heavily in R&D and in go-to-market. This is a key area where we do not focus on margin percentages in the small business group.

是的，傑西。這是尼爾。這項改善的大部分實際上是由應稅收入的變化所推動的。我告訴你，隨著我們降低託管成本，以及處理基礎設施的其他方面發生變化，這將為小型企業的利潤率帶來一些成長機會。這也是我們在研發和市場推廣上投入大量資金的領域。這是我們不關注小企業群體利潤率的關鍵領域。

We are doing everything we can to encourage customer growth in this area and deeper penetration into those addressable markets you just heard Brad mention. We're intentionally not encouraging the team to expand the margins necessarily in small business but to really focus on the top-line growth. I think what you're seeing now is really more driven by some changes we've made in our hosting infrastructure and more, predominantly the shift we made from ratable last year.

我們正在盡一切努力促進該領域的客戶成長，並更深入地滲透到您剛才聽到布拉德提到的那些目標市場。我們有意不鼓勵團隊在小企業中追求利潤率的提升，而是真正專注於營收成長。我認為你現在看到的情況，實際上更多是由於我們對託管基礎設施進行的一些更改，以及更主要的，去年我們從可評級模式轉向其他模式所致。

Perfect. Thanks, guys.

完美的。謝謝各位。

Thank you. Our next question comes from the line of Ross MacMillan of RBC Capital Markets. Your line is open.

謝謝。我們的下一個問題來自加拿大皇家銀行資本市場的羅斯·麥克米倫。您的線路已開通。

Thanks a lot and my congrats to Matt as well for the move to the business unit. You'll be missed. Brad, one for you, just on International QuickBooks. Can you just remind us which countries came online this year and is there anything we can talk about in terms of incremental countries as we look forward into FY17? Thanks.

非常感謝，也恭喜 Matt 調任到業務部門。我們會想念你的。布拉德，告訴你一個關於國際版 QuickBooks 的問題。能否提醒我們一下今年有哪些國家接入了網路？展望 2017 財年，關於新增接取國家方面，我們有什麼可以討論的嗎？謝謝。

Thanks, Ross. Really the country that came online this year was France. We entered the first half of fiscal year in beta and they went to general release and it's now up and running and we've got a V1 of the product out there and we're feeling good with the early trajectory. I would also say that Brazil, even though it came on at the end of last year, really started to hit its stride this year. That was through an acquisition of a Company called ZeroPaper and then we introduced QuickBooks Online in Brazil.

謝謝你，羅斯。今年真正實現網路普及的國家是法國。本財年上半年我們以測試版的形式進入市場，之後產品正式發布，現在已經上線運行，我們已經推出了產品 V1 版本，對目前的進展感到滿意。我還要說，巴西隊雖然是去年年底才開始嶄露頭角，但今年才真正開始進入狀態。我們透過收購一家名為 ZeroPaper 的公司，將 QuickBooks Online 引入了巴西市場。

All the other countries we have been out there for several years now and in terms of new markets, we currently have a rest-of-world strategy where we're testing product market fit and we're looking at the download of customers looking for the product and using it. We have not announced any new countries or any plans to expand at this point. We want to wait and see that we truly have a proven product market fit before we put people in the market and begin to develop it. Right now I would say we're focused on these half dozen countries we're in and we have opportunity with Brazil and France to get them up to critical mass.

在其他所有國家，我們已經開展業務好幾年了。就新市場而言，我們目前製定了世界其他地區的策略，我們正在測試產品與市場的契合度，並觀察尋找和使用該產品的客戶下載量。目前我們尚未宣布任何新的國家或擴張計劃。我們希望等到產品真正與市場契合後，再將人員投入市場並開始開發。目前，我們的重點是這六個國家，我們有機會與巴西和法國合作，使它們達到臨界規模。

Great. A quick follow-up, obviously this year benefited from some of the ratable revenue shift and a very strong tax season and that's part of the reason why the growth revenue guidance for FY17 is lower. I'm just curious, the 7% to 9% range versus your double-digit sort of ambition, do you have any thoughts on when we might get back to double-digit growth on the top line, assuming that's still part of the strategic intent? Thanks.

偉大的。快速跟進一下，顯然今年受益於部分應稅收入轉移和非常強勁的納稅季，這也是 2017 財年增長收入預期下調的部分原因。我只是好奇，7%到9%的成長區間，與你們兩位數的成長目標相比，你們認為我們什麼時候才能恢復兩位數的營收成長？假設這仍然是戰略意圖的一部分。謝謝。

Yes, Ross. We absolutely see that as part of our strategic intent. We share our financial principles that we believe are enduring and we believe that we have a portfolio that can sustain double-digit organic growth over the long term. You also hear us talk a lot about the first priority is expand our categories and to grow our customer bases and if you look at the focus on customer growth this year, you saw Turbo Tax Online growing 15%. You saw QBO growing 41%, and even QuickBooks desktop growing at 8%. We know if we get that flywheel going, our ability to monetize those customers and make accelerated revenue growth over time is the proven formula. So right now our guidance is 7% to 9% given where we are, but our full intent to is to continue to look for double-digit growth on a sustained basis. I don't know, Neil, if you want to add anything to that.

是的，羅斯。我們完全將其視為我們戰略意圖的一部分。我們秉持著我們認為具有持久性的財務原則，我們相信我們的投資組合能夠在長期內維持兩位數的內生成長。您也會經常聽到我們談到首要任務是擴大產品類別和發展客戶群，如果您看看今年我們對客戶成長的關注程度，就會發現 Turbo Tax Online 成長了 15%。您看到 QBO 成長了 41%，就連 QuickBooks 桌面版也成長了 8%。我們知道，如果我們能讓這個飛輪運轉起來，我們就能將這些客戶變現，並隨著時間的推移實現收入的加速增長，這已被證明是行之有效的方法。鑑於我們目前的狀況，我們目前的預期成長率為 7% 至 9%，但我們的目標是繼續尋求持續的兩位數成長。尼爾，我不知道你是否還有什麼要補充的。

I think that's perfect, Brad. When see opportunities to grow customers faster than we might expect otherwise, we're going to go for that heavily and I think the payoff comes when you expect to see that double-digit growth is when we begin to monetize those customers in later years. We see a big opportunity in front of us in 2017 and we've intentionally really focused on the best ways to get those customers in.

我覺得這樣就完美了，布萊德。當我們發現客戶成長速度可能超出預期時，我們會大力抓住機會。我認為，當我們預期實現兩位數成長，並在之後幾年開始從這些客戶身上獲利時，回報就會顯現。我們看到2017年擺在我們面前的巨大機遇，因此我們特意專注於如何以最佳方式吸引這些客戶。

Thank you.

謝謝。

Thank you. Our next question comes from Scott Schneeberger of Oppenheimer. Your line is open.

謝謝。我們的下一個問題來自奧本海默公司的史考特‧施內伯格。您的線路已開通。

Thanks. Good afternoon. Congratulations, Matt. I was curious on the -- you mentioned disappointment in International QuickBooks. Could you give us an update report on Canada and India, please, and just elaborate on the statement and some of the things you have planned going forward? Thanks.

謝謝。午安.恭喜你，馬特。我很好奇——你提到對國際版 QuickBooks 感到失望。請您提供一份關於加拿大和印度的最新情況報告，並詳細說明您先前的聲明以及您未來的一些計劃？謝謝。

Let me start with the disappointment first. We're pretty candid. We'll stand up in front of you and share the things we feel good about and the areas we think we can improve and when we stand up in front off you at Investor Day I'll show you the same thing I showed the Board in July. When we have a base of 287,000 paying subs and we're growing at 45% and then you have a base of 1.5 million when you include the US and it's growing at 41%, a 400 basis point disparity in growth rate, I don't believe it's sufficient for the size of the base.

先說說令人失望的地方。我們相當坦誠。我們會站在你們面前，分享我們感到滿意的地方和我們認為可以改進的地方。在投資人日當天，我會向你們展示我在7月向董事會展示的相同內容。當我們擁有 287,000 名付費用戶，成長率為 45% 時，而如果將美國用戶也計算在內，用戶基數為 150 萬，增長率為 41%，增長率相差 400 個基點，我認為這不足以支撐如此龐大的用戶基數。

We know we're capable of more. We have good products and we know we have the opportunity to get out there and accelerate the total addressable market and penetrating that market. That's just the candid reality. We talk about it that way inside the Company. That said, I've got to tell you, we have some real momentum being built up in the UK. Early start in France and Brazil and strong momentum in Australia.

我們知道我們有能力做得更多。我們擁有優質的產品，我們知道我們有機會走出去，加速拓展目標市場並滲透到該市場。這就是赤裸裸的現實。公司內部我們就是這麼討論的。話雖如此，我必須告訴你，我們在英國已經累積了一些真正的動力。法國和巴西起步較早，澳洲勢頭強勁。

Canada has rebounded. So as we told you, our one issue with he had in Canada is we had tried to sell QuickBooks Online in a box in a retail store. It was an experiment we had tried in the US. It didn't work and we shut it down but we let it go in Canada a little while longer. We saw the same sort of attrition issues so we pulled it out and we created a grow-over problem. That's now in our rear view mirror. Canada's moving in the right direction.

加拿大經濟已經復甦。正如我們之前所說，我們在加拿大遇到的唯一問題是，我們曾試圖在零售店裡以盒裝形式銷售 QuickBooks Online。這是我們在美國嘗試過的實驗。它沒成功，我們就把它關閉了，但在加拿大我們讓它繼續運作了一段時間。我們發現了類似的人員流失問題，所以我們把它撤了出來，結果卻造成了人員成長過快的問題。那些都已成為過去。加拿大正朝著正確的方向發展。

India is the one that we're trying to develop a model that shifts away from the accountant and focuses directly on small business and then looks for ways to monetize that over the long term. We're running a series of experiments in India but it's a very small part of the base. That's the one that I would tell you that we still have several alternatives we're exploring but we don't have the go-to-market model figured out in India yet.

印度是我們正在嘗試發展一種模式的國家，這種模式擺脫了會計師的角色，直接關注小型企業，然後尋找長期獲利的方法。我們在印度進行了一系列實驗，但這只是我們基地的一小部分。我想告訴大家的是，我們仍在探索幾個替代方案，但我們還沒有在印度找到合適的市場推廣模式。

That's how I feel about overall global. I don't want to paint a black picture over this. I think there's some really shining areas. But when you put it all together, 287,000 paid subs growing at 45%, I know we're capable of more and our aspirations are to accelerate that performance.

這就是我對全球整體的看法。我不想把這件事描繪得過於悲觀。我認為有一些非常出色的領域。但綜合來看，287,000 名付費用戶以 45% 的速度成長，我知道我們有能力做得更好，我們的目標是加快這一成長速度。

Great. Thanks for that. Neil, could you elaborate on acquisition pipeline and strategy there, some dividend increase, you had been active in repurchase, share repurchase, so just thinking going forward about capital allocation. Your trend has been a bunch of small tuck-in [by talent] acquisitions. How should we think going forward just on this side? Thank you.

偉大的。謝謝。Neil，你能詳細說明一下收購計畫和策略嗎？還有一些提高股利的計劃，你們一直在積極進行股票回購，所以現在正在考慮未來的資本配置。你們的策略是進行一系列小規模的（人才）收購。我們接下來該如何看待這一方面？謝謝。

Yes, Scott, I think we're going to continue to look for opportunities to build out our product road map, to add feature functionality and add new technology really across the board. Some of it internal that we use on things like privacy and security and infrastructure management. Some delivering feature functionalities like we talked about in the past. We've proven adding teams and adding technology really accelerates our product development cycle and so we're keen to do that.

是的，斯科特，我認為我們將繼續尋找機會來完善我們的產品路線圖，增加功能特性，並在各個方面引入新技術。其中一些是我們內部使用的，用於隱私、安全和基礎設施管理等方面。有些功能是像我們之前討論過的那樣提供的。我們已經證明，增加團隊和技術確實可以加快我們的產品開發週期，因此我們很樂意這樣做。

You'll probably -- you'll continue to hear about activities in that space. They are typically relatively small and so it's not a big commitment on our overall capital planning. Our -- as you saw, our CapEx guidance for 2017 is much -- is back to more normalized levels. The cash flow generation of the Company is very strong and so we're comfortable that we've got plenty of room to do the acquisitions we need to fund this increase in the dividend of 13% and continue to be active in share repurchase as well.

你可能會—你會繼續聽到有關該領域活動的報導。它們通常規模相對較小，因此不會對我們的整體資本規劃造成太大影響。正如您所看到的，我們 2017 年的資本支出指引已恢復到更正常的水準。公司現金流產生能力非常強勁，因此我們有信心有足夠的空間進行必要的收購，以支付13%的股息成長，並繼續積極進行股票回購。

Thanks.

謝謝。

Thank you. Our next question comes from the line of Yun Kim of Brean Capital. Your question, please.

謝謝。我們的下一個問題來自 Brean Capital 的 Yun Kim。請問您的問題。

Thank you. Brad, can you just talk about the cost of a subscriber acquisition cost for QBO subs and how that has been trending? Just trying to better understand the overall cost structure around the overall QBO sub adds. Is there a big difference in acquisition cost between the regular QBO subs, the self-employed versus International subs?

謝謝。Brad，可以談談QBO訂閱用戶的取得成本以及該成本的趨勢嗎？我只是想更了解QBO訂閱服務的整體成本結構。普通 QBO 子帳戶、自僱人士子帳戶和國際子帳戶的購買成本是否有較大差異？

Yes, so let me take this, Yun, and then Neil and I can tag team. I'll start first with LTV to CAC, which lifetime value of cost to acquire a customer which we all know is the metric for a SaaS business. In the US, our LTV to CAC is north of [5.5]. It's a very healthy number with an opportunity to continue to improve as we become more efficient. Outside the US, as we're building the market and we're building up our brand, our LTV to CAC is not at that level but it continues to improve with every cohort of customer group we bring on.

好的，那就讓我來吧，雲，然後我和尼爾可以搭檔。我首先要從 LTV 與 CAC 的比值說起，也就是客戶終身價值與客戶取得成本的比值，我們都知道這是 SaaS 業務的衡量指標。在美國，我們的 LTV 到 CAC 比值高於 [5.5]。這是一個非常健康的數字，隨著我們效率的提高，還有繼續提升的空間。在美國以外，隨著我們開拓市場和打造品牌，我們的 LTV 與 CAC 比值尚未達到美國水平，但隨著我們引入的每一批客戶群，該比值都在不斷提高。

We have an overall rigor that we focus on LTV to CAC as we try to expand into new geographies and try to accelerate our customer base growth. In terms of QBSE, I do not believe that we have reported or talked about LTV to CAC. I'm turning to you, Neil.

我們整體上非常注重客戶終身價值 (LTV) 與客戶獲取成本 (CAC) 的比值，因為我們正努力拓展新的地理市場，並努力加速客戶群的成長。就 QBSE 而言，我認為我們還沒有向 CAC 報告或討論過 LTV。尼爾，我該向你求救了。

No, there's not. Right.

不，沒有。正確的。

Yun, that's sort of the amount of material or the information we've shared at this point. I don't know if that answers your question or not.

Yun，這就是我們目前為止分享的資料或資訊量。我不知道這是否回答了你的問題。

It helps a little bit. It kind of leads me to next question which is you guys maintained a QBO sub target for the year at 2 million to 2.2 million, which is fairly wide. Is it fair to say that you guys are keeping your options open regarding your spend or is there some other dynamics in there that's kind of keeping you -- the range that wide for the year.

有點幫助。這自然引出了我的下一個問題，你們今年的 QBO 子目標維持在 200 萬到 220 萬之間，這個範圍相當廣泛。你們在支出方面是否保持開放態度，還是說還有其他因素導致你們今年的支出範圍如此之大？

Thank you, Yun for the question. Let me step back and talk about that for a minute, because we have a philosophy that we'll update our guidance when we have a change in our outlook and right now there is no change in our outlook. We've been trying to message for some time that our goal is to keep our subscriber growth north of 40% and our QBO ecosystem revenue growth between 25% and 30%. This quarter once again showed that we were in those zip codes. We didn't feel the need to go out and change the guidance which we had provided a year ago in the fall.

謝謝雲的提問。讓我先退後一步，談談這個問題，因為我們的理念是，當我們的觀點改變時，我們會更新我們的指導方針，而目前我們的觀點沒有任何變化。我們一直試圖傳達的訊息是，我們的目標是保持訂閱用戶成長率在 40% 以上，QBO 生態系統收入成長率在 25% 到 30% 之間。本季再次證明，我們確實身處那些郵遞區號區域。我們認為沒有必要改變一年前秋季發布的指導意見。

I do want to remind us that when we first set guidance for QBO subs a year ago at Investor Day, the number had been 2 million in 2017. Last fall we said we're going to move it from 2 million to 2 million to 2.2 million. If you kind of take our current trajectory and you do the 40% growth rate it will put you squarely in the middle of that guidance range. We'll talk to you at Investor Day about levers we're looking at around global -- excuse me, global growth, QBSE and other things that could move us up in that guidance range but since there is nothing meaningfully different we did not want to change the guidance and signal anything that, quite frankly, hasn't changed.

我想提醒大家，一年前我們在投資人日首次設定 QBO 訂閱用戶數預期時，2017 年的數字是 200 萬。去年秋天我們說過，我們要把目標從 200 萬提高到 200 萬，再提高到 220 萬。如果按照我們目前的發展軌跡，以 40% 的成長率計算，就能準確達到預期目標範圍的中間位置。我們將在投資者日上與您討論我們正在關注的全球成長、QBSE 以及其他可能使我們上調業績指引範圍的因素，但由於沒有任何實質性的變化，我們不想改變業績指引，也不想發出任何坦率地說沒有改變的信號。

I would just add, Brad, if I could just add, the cost in the acquisition cost is really not the constraint between the low and the high end of the range. We do measure very rigorously our acquisition cost by channel and by market. Where we have opportunities to bring in customers that are going to be profitable over the long term, we have plenty of resources and we're more than willing to invest in those. When we pull back investments it's because we had concerns about the quality of the sub long term or about their ability to stick with us over a long period of time and really monetize at the rate we expected.

布拉德，如果可以的話，我想補充一點，購買成本實際上並不是價格區間低端和高端之間的限制因素。我們會非常嚴格地以通路和市場衡量獲客成本。對於能夠帶來長期獲利的客戶，我們擁有充足的資源，並且非常願意投資。當我們撤回投資時，是因為我們擔心子公司的長期質量，或者擔心他們能否長期與我們合作，並真正以我們預期的速度實現盈利。

We are more than ready to invest when we see a channel, a product opportunity, or market that's really going gang busters. The investment level or the resource allocations are not a governing factor on the resource range at all. It really is a factor of the opportunity size with how effective we're being with our product, customization and localization with the market and our go-to-market campaigns.

當我們看到某個通路、產品機會或市場發展迅速時，我們隨時準備進行投資。投資水準或資源分配根本不是決定資源範圍的決定性因素。這實際上取決於市場機會的大小，以及我們在產品、市場客製化和在地化以及市場推廣活動方面的有效性。

Good add. Thank you, Neil.

不錯的補充。謝謝你，尼爾。

Great. Thank you so much. Just wanted to say good luck to Matt and thanks for all the help over the years.

偉大的。太感謝了。只想祝馬特好運，並感謝他這些年來的幫助。

Sure. Thanks, Yun.

當然。謝謝，雲。

Thank you. Our next question comes from Kartik Mehta of Northcoast Research. Your line is open.

謝謝。我們的下一個問題來自 Northcoast Research 的 Kartik Mehta。您的線路已開通。

Good evening, Brad and Neil. Question on the tax side, Brad. You talked about you expect a competitive tax season. I'm wondering, do you think that will only be in the online or would you anticipate any changes on the assisted side as well for the upcoming season?

晚上好，布拉德和尼爾。布拉德，我有個關於稅務方面的問題。你曾說過你預計報稅季會競爭激烈。我想知道，您認為這種情況只會出現在線上模式中，還是您預計下個賽季在輔助模式方面也會有任何變化？

Good evening, Kartik. Every year, as you know, it gets highly competitive in the tax arena and I would anticipate another season like that. I think that we have great competition. They have very proactive plans to continue to try to grow their customer bases and I think that would occur both online as well as in their stores. I know that's a hotly contested market as well. I would anticipate a competitive tax season from great competitors across the board.

晚上好，卡爾蒂克。如你所知，每年稅務領域的競爭都非常激烈，我預計今年也會如此。我認為我們面臨激烈的競爭。他們制定了非常積極的計劃，繼續努力擴大客戶群，我認為這將在線上和實體店同時實現。我知道那也是一個競爭非常激烈的市場。我預計今年的報稅季將會競爭激烈，各路競爭對手都會非常強大。

Then as you look at your guidance for FY17 on the tax side, what would you anticipate in terms of mix and price? I'm assuming you would anticipate greater volume than price but I'm just interested how you'd break that 6% to 8% down.

那麼，在您展望 2017 財年稅收政策時，您對稅收組合和價格有何預期？我猜您預期銷量會高於價格，但我只是好奇您會如何解釋這 6% 到 8% 的增長。

As you know, we have a pretty consistent rule thumb, which is to expand the category and grow our share and grow our customers faster than we grow our revenue. Really nothing has changed there. We're in the fourth year now of a multi-year journey to basically get taxes done with little to no effort at all and we've been putting a lot of innovation into the product.

如您所知，我們一直遵循一條相當一致的原則，那就是擴大產品類別、提高市場份額和增加客戶數量的速度要比收入成長的速度更快。那裡真的什麼都沒變。我們現在正處於一項多年計劃的第四年，該計劃旨在讓用戶幾乎無需任何努力就能完成報稅，我們一直在產品中投入大量創新。

Last year there were two dozen innovations we introduced in Turbo Tax. The typical year was six. That platform is in place and we anticipate as many or even more innovative new ideas going into the product this coming season. It's really going to be about the product doing a better job and is growing our customer base. We're not going to rely on price increases and we're just going to rely on continuing to expand the category and grow share.

去年，我們在TurboTax中推出了二十多項創新。通常情況下，一年是六年。該平台已經搭建完畢，我們預計在即將到來的產品季中，將會有同樣多甚至更多創新理念融入其中。關鍵在於產品性能的提升和客戶群的不斷擴大。我們不會依賴提價，而是會繼續擴大產品類別並提高市場佔有率。

One last question, Neil. As you look at the upcoming year, you've talked about investment and obviously growing QBO clients and tax clients. I'm wondering, at what point would you say you'd want to increase the investment? What would you have to see to say we should increase the investment because in the long run that will be beneficial for Intuit?

最後一個問題，尼爾。展望來年，您談到了投資，顯然也談到了增加 QBO 客戶和稅務客戶。我想知道，您會在什麼情況下增加投資？您認為應該增加投資，因為從長遠來看，這對 Intuit 有利，需要看到什麼情況？

As you can imagine, Kartik, we have assumptions internally about the growth we expect in terms of customers that equate to the revenue that we're guiding and the expenses that we're setting aside. If we see those customer growth rates expand faster than we expected, we see investments playing off, then we have opportunities to reallocate within the Company and put dollars to where they're getting the best return and the best outlook. I think we have a pretty rigorous process, though, of reallocating internally to things that are working really well and dialing back things that are not generating what we expected when we built the plan together.

卡爾蒂克，你可以想像，我們內部對客戶成長的預期與我們預期的收入以及我們預留的費用都有一些假設。如果客戶成長率超過預期，投資開始產生效益，那麼我們就有機會在公司內部重新分配資金，將資金投入到回報最高、前景最好的領域。我認為我們有一套相當嚴格的流程，可以對內部資源進行重新分配，優先投入到那些運作良好的項目中，並削減那些沒有達到我們共同製定計劃時預期效果的項目。

We have an internal process I think works pretty well. We look at the customer growth and how we're doing with revenue per customer quite frequently, LTV to CACs, Brad's already mentioned. We have opportunities to adjust and reallocate money that we're going to spend internally pretty frequently throughout the year and we do that, as a matter of fact.

我們內部有一套流程，我認為效果相當不錯。我們會經常關注客戶成長情況以及每位客戶的收入狀況，LTV 與 CAC 的比值，Brad 已經提到過了。我們有機會在一年中相當頻繁地調整和重新分配內部支出資金，事實上，我們也確實這麼做了。

Matt, I'll look forward to talking to you offline about your decision.

馬特，我很期待私下和你談談你的決定。

Sound good. Thanks, Kartik.

聽起來不錯。謝謝你，卡爾蒂克。

Thank you. Our next question comes from Sterling Auty of JPMorgan. Your question, please.

謝謝。我們的下一個問題來自摩根大通的斯特林·奧蒂。請問您的問題。

Thanks. Hi, guys. Congratulations, Matt. Brad, you mentioned that there was a bit of a refresh cycle in terms of the desktop side. I'm kind of curious, what do you think at this point is the major gating factor that prevented a bigger portion of those desktop users to moving to online?

謝謝。嗨，大家好。恭喜你，馬特。布拉德，你提到桌面端方面經歷了一次更新換代。我很好奇，你認為目前阻礙更多桌面用戶轉向線上使用的主要因素是什麼？

Sterling, I would say first of all there really isn't a major gating factor other than their willingness to adopt to cloud. In fact, the number of migrations to move from desktop to QuickBooks Online this year within our own customer base was up 25%. We've done work with our customer base in the desktop to figure out why they aren't interested in the cloud and reasons one through five are all basically I'm not ready to move to the cloud. I don't want to put my data in the cloud. I don't want to move to subscription service. My current product is working just fine. My accountant's working with me and they've got a desktop version.

史特林，首先我想說，除了他們是否願意採用雲端運算之外，真的沒有什麼主要的阻礙因素。事實上，今年我們自己的客戶群中，從桌面版遷移到 QuickBooks Online 的用戶數量增加了 25%。我們已經與桌面用戶群合作，了解他們為什麼對雲端不感興趣，而原因一到五基本上都是「我還沒準備好遷移到雲端」。我不想把資料放在雲端。我不想轉為訂閱服務。我目前的產品運作良好。我的會計師正在和我一起工作，他們使用的是桌面版。

Those are the kinds of reasons. In fact, only 14% cite feature parity. We want to make sure we keep these customers in the franchise. We want to continue to get their accountant comfortable with using the cloud version and we want to continue to let them know that we can help them migrate to the cloud when they're ready. As long as they stay with Intuit, we're happy. Right now, that's sort of bucket one, which is there really aren't any major barriers other than their mind set and comfort level with the cloud.

就是這些原因。事實上，只有 14% 的人認為功能對等。我們希望確保這些顧客繼續留在加盟店。我們希望繼續幫助他們的會計師熟悉雲端版本的使用，我們希望繼續讓他們知道，當他們準備好時，我們可以幫助他們遷移到雲端。只要他們繼續留在Intuit，我們就很開心。目前，這算是第一類情況，也就是說，除了他們的思考方式和對雲端運算的接受程度之外，真的沒有任何重大障礙。

The second side is the repurchase cycle. We see this happen. Last year we had raised the price on desktop. We did it for the first half of the year thinking that might actually drive people to the cloud. What we now realize is it that wasn't a price issue, it was a mindset, so when we brought it back down to more normalized promotions we started to see the regular repurchase cycle happen again and that's what carried into this year. I think what we see is a group of people who probably delayed an upgrade last year and then this year they came back in on their normal rhythm.

第二方面是回購週期。我們看到這種情況發生了。去年我們提高了桌上型電腦的價格。今年上半年我們這麼做，是希望這能真正促使人們遷移到雲端。我們現在意識到，那不是價格問題，而是一種心態問題。所以，當我們把促銷活動恢復到更正常的水平時，我們開始看到正常的複購週期再次出現，而這正是延續到今年的原因。我認為我們看到的是一群人，他們去年可能推遲了升級計劃，然後今年他們又恢復了正常的節奏。

That makes sense. Just one follow-up on the tax side. Given we are in election year, is there anything that you're seeing out of either party that you think would have a material impact to the positive or the negative on your tax franchise?

這很有道理。關於稅務方面，還有一個後續問題。鑑於今年是選舉年，您認為兩黨有哪些措施可能會對您的稅收權益產生實質的正面或負面影響？

Sterling, at this point we just want to remain focused working with whoever ends up winning the election. We're big supporters of tax simplification. That's the business we're in. We're big supporters of voluntary compliance, which is helping people voluntarily file their taxes and if the government disagrees let the government contest that. At the end of the day we want to make sure we're helping people keep their hard-earned dollars in their pocket, only pay the stuff that they owe the government. Whether it's a Republican, a Democrat, an Independent, we have a lot of years of working with both sides to try to make sure that we keep those three things front and center.

斯特林，目前我們只想專注於與最終贏得選舉的人合作。我們非常支持簡化稅制。這就是我們所從事的行業。我們非常支持自願納稅，也就是幫助人們自願申報納稅，如果政府不同意，就讓政府質疑。歸根究底，我們希望確保幫助人們把辛苦賺來的錢留在自己的口袋裡，只支付他們欠政府的稅金。無論是共和黨人、民主黨人還是獨立人士，我們多年來一直與兩黨合作，努力確保這三件事始終放在首位。

Thanks.

謝謝。

All right.

好的。

Thank you. Our next question comes from the line of Jim Macdonald of First Analysis. Your line is open.

謝謝。我們的下一個問題來自 First Analysis 公司的 Jim Macdonald。您的線路已開通。

Good afternoon, guys. You talk about accelerating small business growth rates. I assume that has to do with better monetization, but maybe you could talk a little bit more about how that's going to work.

下午好，各位。你談到要加快小企業的成長速度。我猜這與更好的盈利模式有關，但您能否再詳細談談這將如何運作？

Sure, Jim. First of all it has to do with both customers and monetization. On the customer side, while we continue to see strong growth in QBO in the US, we believe we have upside opportunity with better execution, stronger product market fit and just continued learning curve outside the US and also we're in the early days of QuickBooks Self-Employed. 85,000 paying subs now versus 25,000 12 months ago and we really learned a lot this year as we put the bundle together with Turbo Tax and we went after people like the Uber drivers and the Lyft drivers. We think there's a lot of opportunity to continue to grow the customer base.

當然可以，吉姆。首先，這與客戶和獲利模式都有關。在客戶方面，雖然我們繼續看到 QBO 在美國的強勁成長，但我們相信，透過更好的執行、更強的產品市場契合度以及在美國以外地區持續的學習曲線，我們還有成長的機會，而且我們目前還處於 QuickBooks Self-Employed 的早期階段。現在付費用戶有 85,000 人，而 12 個月前只有 25,000 人。今年我們與 Turbo Tax 合作推出捆綁服務，並瞄準了 Uber 司機和 Lyft 司機等群體，從中我們學到了很多。我們認為客戶群還有很大的成長空間。

Then when you get to monetization, there is an opportunity there and we can see the tailwind at our back, or we can feel the tailwind at our back, rather. One is we see opportunities to continue to improve attach. The second is as those customers move off of promotional pricing and they hit their 13th month, the average revenue per customer goes up about 50%. The third is we did just pass through a modest price increase in QuickBooks Online. It's gone out to the new customers and we're in the process of rolling it out to existing base and those three things combined help us drive the average revenue per customer which ultimately drives up the QBO revenue. It's those two things that we see continuing to drive improved performance in QBO.

然後，當談到盈利時，就會出現機會，我們可以看到順風，或者更確切地說，我們可以感受到順風。一是我們看到了繼續改進附件的機會。第二點是，當這些客戶不再享受促銷價格，並且進入第 13 個月時，每位客戶的平均收入將增加約 50%。第三點是，我們剛剛經歷了 QuickBooks Online 的小幅漲價。我們已經向新客戶推出了這項服務，並且正在逐步推廣到現有客戶群，這三件事結合起來有助於我們提高每位客戶的平均收入，最終提高 QBO 的收入。我們看到正是這兩點持續推動QBO效能的提升。

Great. Over on ProConnect, could you remind me why you're expecting a decline next year and kind of what you expect maybe longer term for ProConnect?

偉大的。關於 ProConnect，您能否提醒我一下，您為什麼預計明年 ProConnect 的業績會下滑，以及您對 ProConnect 的長期發展有何預期？

Yes, I can. I'll start first with the strategic role ProConnect plays in the business. The accountants are not only the key to small businesses making their accounting, payroll and payments decisions, so they have a very important role to help us work with small businesses and help them be successful, but obviously they also have a business that they monetize where they do tax returns for consumers and small businesses. We are laser focused on the multi-service firm, those are the people who do both books and taxes, not only for consumers but also for small businesses. That's a very large population.

是的，我可以。我首先要談談ProConnect在公司業務中扮演的策略角色。會計師不僅是小型企業進行會計、薪資和付款決策的關鍵，他們在幫助我們與小型企業合作並幫助他們取得成功方面發揮著非常重要的作用，但顯然他們也有自己的盈利業務，即為消費者和小型企業提供報稅服務。我們專注於提供多元化服務的公司，這些公司不僅為消費者，也為小型企業提供記帳和稅務服務。那是一個非常龐大的人口群體。

One of the things we've chosen to do is we've stepped back and said let's look at how we lined up our product and pricing to better serve those customers. And some of it requires us building better collaboration between QuickBooks and their tax products, so we're in the process of building that R&D out. Some of it is we needed to stop pricing for every single piece that we were giving the accountant. For example, this year we've chosen to give QuickBooks Online for accountants to the accountants for free. We don't charge them.

我們選擇採取的措施之一是退後一步，重新審視我們的產品和定價策略，以便更好地服務客戶。其中一部分工作需要我們在 QuickBooks 及其稅務產品之間建立更好的協作，因此我們正在進行這方面的研發工作。部分原因是我們需要停止對提交給會計的每一件商品進行定價。例如，今年我們選擇免費向會計師提供 QuickBooks Online for accountings。我們不向他們收費。

Another thing we chose to do this year is not to take a price increase at the normal levels we would on the tax product. Instead we're starting to build that into the accounting product. We stopped taking price everywhere we historically did and as a result of that we're kind of backing off on the revenue growth short term on the pro tax side for the house but we think long term that's going to accelerate the overall revenue growth for the Company.

今年我們選擇的另一項措施是，不以往常的水平提高稅收產品的價格。相反，我們正在開始將此功能整合到會計產品中。我們不再像過去那樣在所有地方都進行價格評估，因此，短期內我們在稅收方面會放緩公司的收入成長，但我們認為從長遠來看，這將加速公司的整體收入成長。

Great. Thanks.

偉大的。謝謝。

You're welcome.

不客氣。

Our next question comes from the line of Nandan Amladi of Deutsche Bank. Your question, please.

我們的下一個問題來自德意志銀行的南丹·阿姆拉迪。請問您的問題。

Hi. Good afternoon. Thanks for taking my question. You touched on a little bit of this, Brad, but I was wondering, as you look at the ProAdvisor network as it stands with your desktop ecosystem and as you think about building that out on the QuickBooks Online side, what are some of the puts and takes or the major differences that you see?

你好。午安.謝謝您回答我的問題。Brad，你剛才稍微提到了這一點，但我很想知道，當你審視目前 ProAdvisor 網路及其桌面生態系統，並考慮將其擴展到 QuickBooks Online 時，你認為有哪些取捨或主要區別？

Building out the ProAdvisor network on the -- I missed the second part of the question.

在…上建立 ProAdvisor 網路——我錯過了問題的第二部分。

On the QuickBooks Online side. Is it an additional -- what's your approach, I guess? Are you trying to convert your accountants over? Are you net growing it, because a lot of the growth in the QuickBooks Online franchise is coming from self-employed and international. Perhaps the target group is a little bit different even in the accounting community. Just trying to contrast the differences between the traditional desktop ecosystem versus online accountant ecosystem.

在 QuickBooks Online 方面。這是額外的——我想問你的做法是什麼？你們是想讓你們的會計師轉職嗎？你的業務是否實現了淨成長？因為 QuickBooks Online 特許經營業務的許多成長都來自自僱者和國際用戶。即使在會計界，目標群體或許也略有不同。我只是想比較一下傳統桌面會計生態系統和線上會計生態系統之間的差異。

I got it. Thank you so much. I appreciate the clarification. First of all, one of the pieces of good news is anyone who was in the desktop ProAdvisor network is also now on the cloud network. We gave them a cloud package. We've trained them. We've certified them.

我得到了它。太感謝了。感謝您的解釋。首先，一個好消息是，所有先前在桌面版 ProAdvisor 網路中的使用者現在也都加入了雲端網路。我們為他們提供了一套雲端服務方案。我們已經訓練過他們了。我們已經對他們進行了認證。

They're increasingly recommending their customers to use QuickBooks Online. In fact, the last numbers I saw we were north of 600,000 accountants who had at least one customer on QBO and then those who actually have three-plus customers has more than doubled in the last 12 months and we see those as great leading indicators of not only cloud adoption on the accountant side but them recommending it to their clients. That's one thing, which is desktop ProAdvisors that come along with us.

他們越來越傾向於向客戶推薦 QuickBooks Online。事實上，我看到的最新數據顯示，超過 60 萬名會計師至少有一位客戶使用 QBO，而擁有三位以上客戶的會計師在過去 12 個月中增加了一倍多，我們認為這些不僅是會計師採用雲端技術的絕佳領先指標，也是他們向客戶推薦雲端技術的有力指標。其中一點就是我們附帶的桌面版 ProAdvisor。

The second is our ProAdvisor program is a global program. We're enrolling accountants in all the countries and as I think you alluded to in your question, in some countries the accountant's recommendation carries more weight than it does in the US. There are some countries where, for example, France, the accountant is the end-all and be-all in terms of making the final decision on whether this product is ready for a small business client to use. We partner very closely with those accounting professionals to make sure that they feel good, they're certified and they're endorsing our product.

第二點是，我們的ProAdvisor計畫是一個全球性計畫。我們正在所有國家招募會計師，我認為你在問題中也提到了這一點，在某些國家，會計師的建議比在美國更有分量。在某些國家，例如法國，會計師在最終決定該產品是否適合小型企業客戶使用方面擁有最終決定權。我們與這些會計專業人士密切合作，以確保他們感覺良好、獲得認證並認可我們的產品。

By and large, what you see is on a case-by-case basis, this cloud-based product is available to desktop. It's available in all the countries. We have a similar approach where we work with those local accounting professionals to make sure it meets their needs so they in turn will endorse it with their clients.

總的來說，根據具體情況而定，這款基於雲端的產品可以用於桌面端。所有國家均可使用。我們採取了類似的方法，與當地的會計專業人士合作，確保滿足他們的需求，這樣他們反過來就會向他們的客戶推薦它。

Is QuickBooks Online made available for free across the globe to advisors?

QuickBooks Online是否在全球免費提供給顧問？

It is. Yes, QuickBooks Online for accountants is available for free to accountants across the globe.

這是。是的，全球會計師都可以免費使用 QuickBooks Online for accountings。

Thank you. That's all from me.

謝謝。我的內容就這些了。

You're welcome. Thank you.

不客氣。謝謝。

Our next question comes from the line of David Togut of Evercore ISI. Your question please.

我們的下一個問題來自 Evercore ISI 的 David Togut。請問您的問題是什麼？

This is Rayna Kumar on for David Togut. I notice that QBO pricing revenue per subscriber increased for the quarter roughly 1%. This is the first time I've seen that after nine consecutive quarters of decline. What were the drivers of that increase?

這裡是雷娜‧庫瑪爾，替大衛‧托古特為您報道。我注意到，QBO 的定價模式，每個訂閱用戶的營收在本季成長了約 1%。這是連續九個季度下滑後，我第一次看到這種情況。導致這成長的因素是什麼？

Will you take that one, Neil?

尼爾，你願意接下這個嗎？

Sure. I think Brad's mentioned to you and just talked about, as customers are maturing in the QBO Online ecosystem, they're coming off promotional pricing and our attach has improved a little bit. It's a small increase and honestly we would prefer to see the customers growing really faster. This is kind of an unintended consequence, Rayna, to be honest with you.

當然。我想布萊德已經跟你提過，剛才也談過​​，隨著顧客在 QBO Online 生態系統中日益成熟，他們不再享受促銷價格，我們的附加價值也略有提高。這只是小幅成長，老實說，我們更希望看到客戶成長得更快。雷娜，說實話，這算是意料之外的後果。

I think the more -- the healthier statistic longer term is to see the customer growth accelerate, but that's the main driver between the improvement you see in the fourth quarter is just more of those customers coming off. We had a couple of big quarters a year ago, which meant that in the late third quarter, early fourth quarter, you had a little bit more customers than usual coming off that promotional period and paying the full price. That's just an indication that retention rates were holding up quite nicely as those customers do come off that promotional pricing. Once they've used the product for longer than a few months, they're pretty sticky.

我認為，從長遠來看，更健康的統計數據是客戶成長加速，但第四季業績改善的主要原因是更多客戶流失。一年前我們經歷了幾個銷售旺季，這意味著在第三季末、第四季初，促銷期結束後，會有比平常更多的顧客支付全價。這表明，隨著促銷價格的結束，客戶留存率一直保持得相當不錯。他們使用該產品超過幾個月後，就會變得非常黏膩。

Thank you.

謝謝。

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

各位，我不再回答任何問題了。還有什麼補充說明嗎？

Yes. Thank you, Latif. First of all, I want to thank everybody for their acknowledgement of Matt. It's nice. He's sitting here and he's been blushing through the call but we feel the same way you do. He's incredible. The good news is Jerry Natoli is sitting right here next to him and he's ready to step in and take the game to the next level.

是的。謝謝你，拉蒂夫。首先，我要感謝大家對馬特的認可。挺好的。他坐在這裡，通話過程中一直臉紅，但我們和你的感覺一樣。他太棒了。好消息是，傑裡·納托利就坐在他旁邊，他已經準備好挺身而出，將比賽提升到一個新的水平。

We also want to just echo, we feel good about our results in FY16. We also really see momentum as we head into FY17 and we're looking forward to continuing to build this franchise over the long term. More importantly, we're excited to share with you those plans and those ideas when we see you in the Mountain View campus on September 21 at Investor Day. Until then, we look forward to speaking with you soon. Take care.

我們也要重申一下，我們對 2016 財年的表現感到滿意。我們也看到了進入 2017 財年後的發展勢頭，我們期待在長期內繼續發展壯大這個品牌。更重要的是，我們非常期待在 9 月 21 日投資者日當天，在 Mountain View 園區與您分享這些計劃和想法。在此之前，我們期待盡快與您聯繫。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。