直覺電腦 (INTU) 2017 Q2 法說會逐字稿

Good afternoon my name is Latif, and I will be your conference facilitator. At this time, I would like to welcome everyone to Intuit's second quarter 2017 conference call.

下午好，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 2017 年第二季財報電話會議。

(Operator Instructions)

（操作說明）

With that, I'll now turn the call over to Jerry Natoli, Intuit's Vice President of Finance and Treasurer. Mr. Natoli?

接下來，我將把電話交給 Intuit 的財務副總裁兼財務主管 Jerry Natoli。納托利先生？

Thanks, Latif. Good afternoon, and welcome to Intuit's second quarter FY17 conference call. I'm here with Brad Smith, our Chairman and CEO; and Neil Williams, our CFO.

謝謝你，拉蒂夫。下午好，歡迎參加 Intuit 2017 財政年度第二季電話會議。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 FY16, and our other SEC filings. All of those documents are available on the Investor Relations page of Intuit's website and Intuit.com. We assume no obligation to update any forward-looking statement.

在開始之前，我想提醒大家，我們的發言將包含前瞻性陳述。有許多因素可能導致 Intuit 的表現與我們的預期有重大差異。您可以查看我們今天下午早些時候發布的新聞稿、2016 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 網站的投資者關係頁面和 Intuit.com 上找到。我們不承擔更新任何前瞻性聲明的義務。

Some of the numbers in these remarks are presented on a non-GAAP basis. We've reconciled the comparable GAAP and non-GAAP numbers in today's press release. Unless otherwise noted, our 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.

這些發言中的一些數字是按非GAAP準則列示的。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，我們的成長率是指目前期間與去年同期相比的成長率，而業務指標和相關成長率是指全球業務指標。

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

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。這樣，我就把電話交給布萊德了。

Thanks, Jerry, and thanks to all of you for joining us. Our second fiscal quarter once again reflected strong momentum across the business. QuickBooks Online subscribers and online ecosystem revenue demonstrated continuing acceleration from prior periods.

謝謝傑瑞，也謝謝各位的參與。第二財季再次反映了公司各業務部門的強勁發展動能。QuickBooks Online 使用者數量和線上生態系統收入較前期持續成長。

As a result, we now expect third quarter QBO subscribers to be roughly 2 million, which had been the low end of our original guidance for the full fiscal year. Looking beyond Q3, we now expect to exit the fiscal year with 2.2 million subscribers, which had been the high end of that range.

因此，我們現在預計第三季 QBO 訂閱用戶數約為 200 萬，這原本是我們先前對整個財年預測的下限。展望第三季之後，我們現在預計本財年結束時用戶數將達到 220 萬，原本是預期範圍的上限。

I'll talk more about what's driving these results in a minute, but given it's tax season, let's focus there first. Despite the slow start to tax season, we remain confident it's simply a shift in timing, with the do-it-yourself software category and TurboTax performing well season-to-date. This timing shift did lead us to update our outlook for the quarter, while reaffirming our full-year guidance.

稍後我會詳細談談造成這些結果的原因，但鑑於現在是報稅季，我們先集中精力討論一下報稅問題。儘管報稅季開局緩慢，但我們仍然相信這只是時間上的變化，因為自助報稅軟體類別和 TurboTax 在本季迄今為止的表現都很好。這項時間調整促使我們更新了本季的業績展望，同時重申了全年業績指引。

Each tax year is different, this one is no exception. The IRS data released this morning showed total e-filed returns are down 13%, with self-prepared e-files down 11%, and assisted e-files down 16%. When you compare these results to the data that we released today, the conclusion we reach is the do-it-yourself category is performing better than assisted, and we are performing well within the do-it-yourself category. So it's helpful to put our season-to-date results into this context.

每個課稅年度的情況都不一樣，今年也不例外。美國國稅局今天早上公佈的數據顯示，電子申報的報稅總數下降了 13%，其中自行準備的電子申報下降了 11%，而獲得協助的電子申報下降了 16%。將這些結果與我們今天發布的數據進行比較，我們得出的結論是，DIY類別的表現優於輔助類別，而我們在DIY類別中的表現也很好。因此，將我們本賽季迄今為止的成績放在這個背景下進行分析是很有幫助的。

Now let me take a minute, and remind you of the four main drivers for the consumer tax business. The first, is the total number of returns filed with the IRS. The second, is the percentage of those returns filed using do-it-yourself software. The third is our share within the do-it-yourself software category, and the fourth is the average revenue per return.

現在讓我花一分鐘時間，提醒大家消費者稅務業務的四個主要驅動因素。第一個指標是向美國國稅局提交的申報表總數。第二點是使用自助軟體提交的報稅表所佔的百分比。第三項是我們在自助軟體類別中的份額，第四項是每次回報的平均收入。

Total returns filed with the IRS have grown on average 1% per year over the last five years. Now we've grown quite a bit faster than that, by focusing on growing the do-it-yourself software category, and then growing our share within that category. So despite the slow start to the season, do-it-yourself software is once again growing faster than other methods, and our volume suggests that we are performing well within the category.

過去五年，向美國國稅局提交的納稅申報總額​​平均每年增長 1%。現在，我們的成長速度比以前快得多，因為我們專注於發展自助式軟體類別，然後提高我們在該類別中的市場份額。儘管本季開局緩慢，但 DIY 軟體的成長速度再次超過其他方法，我們的銷量表明我們在該類別中表現良好。

Now the question on everybody's mind is, what's behind the slow start to the filing season? There could be several reasons. The IRS suggested in its release that the PATH Act has led some to delay their tax filing.

現在大家都在關注的問題是，報稅季開局緩慢的原因是什麼？可能有很多原因。美國國稅局在聲明中指出，《保護美國人免受歧視法案》（PATH Act）導致一些人推遲報稅。

Now as a reminder, the PATH Act is new legislation in service to fighting tax fraud that delayed refund processing to February 15 or later, for anyone who is filing for the earned income or additional child tax credit. Now regardless of the root cause, we remain laser-focused on making sure we have the best offering, and an awesome end-to-end experience for our customers.

提醒大家，《PATH 法案》是一項旨在打擊稅務詐欺的新立法，它將退稅處理時間推遲到 2 月 15 日或之後，適用於所有申請勞動所得稅抵免或額外兒童稅收抵免的人。現在，無論根本原因是什麼，我們仍然會全力以赴，確保為客戶提供最好的產品和服務，以及卓越的端到端體驗。

Now there's no question this is a fiercely competitive tax season, with new entrants joining the completely free category. Free offerings are not new to the category, and they're not new to us. And our strategy to win with free remains unchanged.

毫無疑問，今年的報稅季競爭異常激烈，越來越多的新公司加入到完全免費的報稅行列。免費贈品在這個領域並不新鮮，對我們來說也不新鮮。我們以免費取勝的策略依然不變。

We are firm believers that not all free products are the same. Having the best free offer and a delightful end-to-end experience is what sets us apart. With Absolute Zero, we continue to believe that we have that winning experience. It's an alternative that is innovative for more than 60 million people who file a simple return, and may be overpaying for this service somewhere else.

我們堅信，並非所有免費產品都一樣。我們與眾不同之處在於，我們提供最優惠的免費內容和令人愉悅的全程體驗。我們依然相信，憑藉 Absolute Zero，我們擁有那種制勝的經驗。對於超過 6,000 萬提交簡易報稅表的人來說，這是一種創新的替代方案，他們可能在其他地方為這項服務支付了過高的費用。

In fact, roughly 30 million of these 60 million Americans visited a tax store or a tax professional, simply because they have a nagging question. In the end, they pay hundreds of dollars to file their taxes. This is where SmartLook comes in, providing access to an expert at the touch of a screen, for a much lower cost.

事實上，這 6,000 萬美國人中約有 3,000 萬人曾光顧稅務商店或諮詢稅務專業人士，僅僅是因為他們心中有一個揮之不去的疑問。最終，他們要花數百美元來報稅。而 SmartLook 正好可以解決這個問題，它只需輕觸螢幕即可獲得專家的幫助，而且成本也低得多。

Now this is simply one of the many innovations that our tax team delivered this season. Other innovations include improving data import, through taking a picture on a smart phone, while continuing to expand available W-2 and 1099 forms for direct download. We've also been applying machine learning and artificially intelligent algorithms to the data, to get maximum deductions in less time.

這只是我們稅務團隊本季推出的眾多創新措施之一。其他創新包括改進資料匯入方式（透過智慧型手機拍照），同時繼續擴大可供直接下載的 W-2 和 1099 表格的範圍。我們也運用機器學習和人工智慧演算法處理數據，以便在更短的時間內獲得最大的效益。

We're transforming TurboTax from an application to a platform, with our first partner providing the ability for customers to refinance their student loan at a much lower rate. And we're delivering a free credit score to all TurboTax customers.

我們正在將 TurboTax 從一個應用程式轉變為一個平台，我們的首個合作夥伴將為客戶提供以更低利率為其學生貸款進行再融資的能力。我們將向所有TurboTax用戶提供免費信用評分。

On top of these innovations, we also introduced TurboTax Self-Employed this season. This offering includes a 12 month subscription to our QuickBooks Self-Employed accounting solution, connecting our market-leading QuickBooks platform to TurboTax.

除了這些創新之外，我們本季還推出了 TurboTax 自僱版。此優惠包含 12 個月的 QuickBooks 自僱人士會計解決方案訂閱，將我們市場領先的 QuickBooks 平台與 TurboTax 連接起來。

So to put a bow around the tax season to-date, we remain confident about the plans we have in place. When it's all said and done, we know taxpayers will still need to file by April 18, so we're focused on executing with excellence.

綜上所述，我們對目前為止的報稅季仍充滿信心。歸根結底，我們知道納稅人仍然需要在 4 月 18 日之前提交申報表，所以我們專注於出色地完成這項工作。

On the ProConnect side, we continue to focus on winning with multi-service accountants who do both books and tax. We're off to a strong start, and our important accountant relationships are helping to drive QuickBooks growth opportunities.

在 ProConnect 方面，我們繼續專注於贏得那些同時提供帳務和稅務服務的綜合型會計師的青睞。我們開局良好，與會計師建立的重要關係正在幫助推動 QuickBooks 的成長機會。

Shifting to small business, we continue to be pleased with the growth in our QuickBooks Online ecosystem. Subscriber growth is accelerating, driven by product and platform innovation, improved product market fit outside of the United States, and a further expansion of our addressable market by targeting the self-employed segment. Total QuickBooks Online subscribers grew 49% in the quarter, up from 41% growth in the first quarter, and now shows more than 1.8 million subs.

轉向小型企業領域後，我們對 QuickBooks Online 生態系統的成長感到滿意。在產品和平台創新、美國以外地區產品市場契合度提高以及透過瞄準自僱者群體進一步擴大目標市場等因素的推動下，用戶成長正在加速。QuickBooks Online 的總訂閱用戶數在本季成長了 49%，高於第一季的 41%，目前已超過 180 萬訂閱用戶。

Outside the United States, our subscriber base grew 61% year-over-year to approximately 370,000 paying subscribers, which is up from 50% growth in Q1. We saw a notable pickup in markets where our product market fit meets our test of readiness, including the UK, Australia and Canada. In fact, both the UK and Canada surpassed 100,000 subscribers in Q2.

在美國以外，我們的付費用戶數量年增 61%，達到約 37 萬，高於第一季的 50%。我們看到，在英國、澳洲和加拿大等市場，我們的產品市場契合度達到了我們的準備度測試標準，市場出現了明顯的成長。事實上，英國和加拿大在第二季的用戶數都超過了 10 萬。

We introduced several innovations on the QuickBooks Online platform this quarter, including a complete re-imagination of QuickBooks.com, and the QuickBooks Online first-time use experience, all in an effort to increase awareness, trials and conversion. This is complemented by new matchmaking service that connects small businesses with an accountant.

本季度，我們在 QuickBooks Online 平台上推出了多項創新，包括對 QuickBooks.com 的全面重新設計，以及 QuickBooks Online 的首次使用體驗，所有這些都是為了提高知名度、試用率和轉換率。此外，該公司還推出了一項新的配對服務，將小型企業與會計師聯繫起來。

In addition, we're also building momentum behind QuickBooks Self-Employed. Roughly 180,000 of our QuickBooks Online subscribers are using QuickBooks Self-Employed, up from 110,000 subs last quarter, and 50,000 subscribers just one year ago.

此外，我們也大力推廣 QuickBooks Self-Employed。大約有 18 萬 QuickBooks Online 用戶正在使用 QuickBooks Self-Employed，高於上季的 11 萬用戶，也高於一年前的 5 萬用戶。

In the quarter, we expanded QuickBooks Self-Employed to Canada, adding another major geography to the current distribution that we have in the United States, in the UK and Australia. Finally, we launched a new QuickBooks Self-Employed and TurboTax experience as well. While it's early days for all of these innovations, the accelerating growth gives us confidence that our strategy is working. In fact, online ecosystem revenue posted 30% growth in the quarter, up from 26% in Q1.

本季度，我們將 QuickBooks Self-Employed 擴展到了加拿大，在我們目前在美國、英國和澳洲的銷售網絡基礎上，又增加了一個主要地區。最後，我們也推出了全新的 QuickBooks Self-Employed 和 TurboTax 體驗。雖然這些創新還處於早期階段，但加速成長讓我們相信我們的策略是有效的。事實上，本季線上生態系統營收成長了 30%，高於第一季的 26%。

To continue this momentum, we're investing, investing to improve the experience for customers and partners, while getting the message out to more potential customers through events like QuickBooks Connect. Our first QuickBooks Connect conference outside of the United States will be held in the UK in March, with Australia and Canada soon to follow. So with that overview, I'm going to hand it over to Neil to walk you through the financial details.

為了保持這種勢頭，我們正在加大投入，以改善客戶和合作夥伴的體驗，同時透過 QuickBooks Connect 等活動將訊息傳遞給更多潛在客戶。我們將於 3 月在英國舉辦首屆美國以外的 QuickBooks Connect 大會，隨後澳洲和加拿大也將舉辦該大會。綜上所述，接下來我將把講解交給尼爾，讓他為大家詳細介紹財務細節。

Thanks, Brad, and good afternoon, everyone. For the second quarter of FY17, we delivered revenue of $1.016 billion, up 10% year-over-year. GAAP operating income of $22 million, versus $42 million a year ago. Non-GAAP operating income of $106 million versus $114 million a year ago, GAAP diluted earnings per share of $0.05 versus $0.09 last year, and non-GAAP diluted earnings per share of $0.26, up from $0.25 last year. These results reflect the revenue shift we announced on February 8.

謝謝你，布拉德，大家下午好。2017 財年第二季度，我們實現了 10.16 億美元的收入，年增 10%。以美國通用會計準則計算，營業收入為 2,200 萬美元，而去年同期為 4,200 萬美元。非GAAP營業收入為1.06億美元，去年同期為1.14億美元；GAAP稀釋後每股收益為0.05美元，去年同期為0.09美元；非GAAP稀釋後每股收益為0.26美元，高於去年同期的0.25美元。這些結果反映了我們在2月8日宣布的收入變化。

Turning to the business segments, consumer tax revenue was $285 million for Q2. Brad already walked you through our analysis of the season so far. TurboTax processed e-files were down 10% through February 18, performing slightly better than the do-it-yourself category. We remain confident in our overall plans for the year, and for consumer tax revenue to grow 6% to 8% in FY17.

從業務部門來看，第二季消費者稅收為 2.85 億美元。布拉德已經向你詳細介紹了我們對本季至今的分析。截至 2 月 18 日，TurboTax 處理的電子報稅文件數量下降了 10%，略優於自助報稅類別。我們對今年的整體計畫仍然充滿信心，預計 2017 財年消費者稅收將成長 6% 至 8%。

ProConnect revenue was $99 million for Q2. We continue to expect revenue to be roughly flat in FY17. While the growth rate was stronger than our long-term expectation this quarter, it was driven largely by the timing of forms availability, which we expect to normalize by fiscal year end.

ProConnect第二季營收為9,900萬美元。我們仍預計2017財年的營收將大致持平。雖然本季的成長率高於我們的長期預期，但這主要是由於表格的供應時間所致，我們預計到本財年末這種情況將恢復正常。

Moving over to small business, total small business revenue grew 12% for the quarter. As Brad mentioned, QuickBooks Online subscriber growth remains strong, and we exceeded our guidance for the quarter, reaching 1,871,000 subscribers, up 49% year-over-year. Small business online ecosystem revenue grew 30% for the quarter, accelerating from 26% in Q1.

再來看小型企業，小型企業總收入在本季成長了 12%。正如布拉德所提到的，QuickBooks Online 的用戶成長依然強勁，我們超出了本季的預期，用戶數量達到 1,871,000，年成長 49%。小型企業線上生態系統營收本季成長 30%，較第一季的 26% 增速加快。

The online ecosystem revenue growth is at the high end of our 25% to 30% expectation that we've talked about, and it's [evident] of our ability to improve the monetization of our online subscribers. Our online payroll and payments businesses remain healthy. Online payroll subscribers grew 19% in Q2. Online active payments customers grew 13%, and online payments charge volume grew 17%.

線上生態系統收入成長達到了我們之前討論過的 25% 到 30% 的預期上限，這[顯然]證明了我們有能力提高線上訂閱用戶的獲利能力。我們的線上薪資和支付業務依然保持良好狀態。第二季度線上薪資用戶成長了 19%。線上活躍支付用戶成長了 13%，線上支付交易額成長了 17%。

Now you'll note that our attach rates for both payroll and payments dipped in Q2, coinciding with continued acceleration of global and self-employed QBO subscribers. As we've discussed before, the subscribers don't have the same attach characteristics as our traditional QBO subscriber base. That's why attach rates aren't as useful as they've been in the past, to predict revenue for this business.

現在您會注意到，我們的薪資和付款附加率在第二季度有所下降，這與全球和自營的 QBO 訂閱用戶持續加速成長的情況相吻合。正如我們之前討論過的，這些訂閱用戶與我們傳統的 QBO 訂閱用戶群的依附特徵並不相同。這就是為什麼附加率對於預測該業務的收入不如過去那麼有用的原因。

Our desktop ecosystem revenue grew 6%, while units declined 5% year-over-year. For FY17, we continue to expect units to decline modestly, and desktop ecosystem revenue to be up slightly to flat.

我們的桌面生態系統收入成長了 6%，而銷量較去年同期下降了 5%。對於 2017 財年，我們仍然預期銷量將小幅下降，而桌上型電腦生態系統收入將略有成長或持平。

Turning to our financial principles, 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%. We ended the quarter with approximately $637 million in cash and investments on our balance sheet. Our first priority is investing for customer growth. We also intend to use our strong Q3 cash flow to repay $500 million of Senior Notes when they come due in March.

回到我們的財務原則，我們繼續採取嚴謹的資本管理方法，將我們產生的現金投資於投資回報率超過 15% 的機會。本季末，我們的資產負債表上約有 6.37 億美元的現金和投資。我們的首要任務是投資於客戶成長。我們也計劃利用第三季強勁的現金流，在3月份5億美元高級票據到期時償還這些票據。

We returned cash to shareholders via both share repurchases and dividends. We repurchased $198 million worth of shares in the second quarter, and $2 billion remains on our authorization. The Board approved a cash dividend of $0.34 per share payable on April 18, 2017.

我們透過股票回購和分紅兩種方式向股東返還了現金。我們在第二季回購了價值 1.98 億美元的股票，目前我們還有 20 億美元的授權額度。董事會批准派發每股0.34美元的現金股息，將於2017年4月18日支付。

You can find our FY17 Q3 guidance details in our press release, and on our fact sheet. Note that this guidance takes into account, the tax unit performance since January 31, as described in our unit release today. We reiterated our full-year revenue, operating income and EPS guidance.

您可以在我們的新聞稿和情況說明書中找到我們 2017 財年第三季業績指引的詳細資訊。請注意，本指南已考慮自 1 月 31 日以來稅務部門的業績，如我們今天發布的部門報告中所述。我們重申了全年營收、營業收入和每股盈餘預期。

As a reminder, we expect to provide a final tax unit update in April, after the tax season ends. And with that, I'll turn it back to Brad to close.

再次提醒，我們預計將在報稅季結束後的四月提供最終的稅務部門更新報告。那麼，接下來就交給布萊德來結束今天的節目了。

Thank you, Neil. To recap, we're pleased with our performance in the first half of FY17. We're in the heat of another competitive tax season, but there's a lot of time left on the clock.

謝謝你，尼爾。總而言之，我們對2017財年上半年的表現感到滿意。我們正處於又一個競爭激烈的報稅季的白熱化階段，但時間還很充裕。

We remain confident in our ability to compete and win, driven by our laser focus on a delightful product experience that puts more money in our customers' pockets. We're continuing to gain momentum in our QuickBook Online franchise as well, with strong growth in the US and select markets around the world, driving acceleration in subscriber growth and in online ecosystem revenue.

我們始終對自身的競爭力和競爭力充滿信心，並相信自己能夠贏得市場，這得益於我們始終專注於提供令人愉悅的產品體驗，從而為客戶創造更多價值。我們的 QuickBooks Online 產品線也持續發展壯大，在美國和全球部分市場實現了強勁成長，推動了用戶成長和線上生態系統收入的加速成長。

We're also expanding the category with QuickBooks Self-Employed, and our new TurboTax Self-Employed offering connects our TurboTax and QuickBooks platforms, providing further runway for growth across our ecosystem. That's the halftime report. And with that, let's open it up to you, to hear what's on your mind. Latif?

我們也透過 QuickBooks Self-Employed 擴展了這個類別，而我們新的 TurboTax Self-Employed 產品將我們的 TurboTax 和 QuickBooks 平台連接起來，為我們整個生態系統的成長提供了進一步的空間。這是中場報告。那麼，現在就讓我們敞開心扉，聽聽你的想法吧。拉蒂夫？

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

Hey, guys, thank you for taking the question, and a nice job on the QuickBooks Online side of the equation, looked really strong there. I wanted to dig in a little bit on that, in terms of the profitability of QuickBooks Online on a going forward basis.

嘿，各位，謝謝你們回答這個問題，你們在 QuickBooks Online 方面做得非常出色，看起來非常強大。我想深入探討一下 QuickBooks Online 未來的獲利能力。

If we look at the contribution margins you gave, you did see a little bit of a dip in margins from Q1 into Q2. You talked about it on the call, some additional investments that you're doing, in getting the word out, and sort of the distribution side of the equation there. How should we think about the profitability of QuickBooks Online on a going forward basis, particularly as you see such good growth in emerging areas like self-employed and international?

如果我們看一下您提供的貢獻毛利率，確實可以看到從第一季到第二季毛利率略有下降。你在電話會議上談到了這一點，你正在進行一些額外的投資，以擴大宣傳範圍，以及解決分銷方面的問題。我們應該如何看待 QuickBooks Online 未來的獲利能力，尤其是在自僱人士和國際市場等新興領域取得如此良好成長的情況下？

Hi, Keith, this is Neil. There's no question that in the newer markets, as growth ramps up, the profitability is less in QBO than it is in the US, where we have a more mature, stable, traditional base. But what you're seeing is a big growth rate, accelerate in our online ecosystem, certainly from Q1 to Q2, and over last year. And as we've talked about in the past, more of the revenue in the online ecosystem is coming from the accounting product itself, from QBO.

你好，基思，我是尼爾。毫無疑問，在新興市場，隨著成長加速，QBO 的獲利能力不如美國，因為我們在美國擁有更成熟、穩定、傳統的客戶基礎。但你看到的是，我們的線上生態系統實現了快速成長，尤其是在第一季到第二季以及去年同期。正如我們過去討論過的，在線上生態系統中更多的收入來自會計產品本身，也就是 QBO。

And as these customers come off the trial period, as they get past their anniversary cycle, you're seeing some of the increased revenue kick in. And that's what's really driving some of the growth in the revenue, and in the profitability.

隨著這些客戶結束試用期，度過週年紀念週期，你會看到一些收入成長開始顯現。而這正是推動營收和獲利能力成長的真正因素。

Yes, Keith, this is Brad. I just want to add a couple points for you. As we've talked about these emerging markets, one of the key indicators is life-time value to the cost of acquiring a customer, LTV to [CAC].

是的，基思，這是布萊德。我只想補充幾點。正如我們討論這些新興市場時所提到的，關鍵指標之一是客戶終身價值與客戶獲取成本比率（LTV 與 CAC）。

As you know, the [SaaS] standard is anything north of 3 to continue to invest. Right now in the United States, our QBO LTV to CAC is 5.5. If you've add in desktop, it's 6.9. And if you actually do a worldwide blended number, it's 4.5. So we feel good that we have a proxy, and know that we're driving towards good profitable growth.

如您所知，[SaaS] 標準是任何高於 3 的值，才能繼續投資。目前在美國，我們的QBO LTV與CAC比率為5.5。如果你加入了桌面版，版本號碼是 6.9。如果實際計算全球綜合數據，結果是 4.5。所以我們很高興有了代理人，並且知道我們正在朝著良好的獲利成長方向努力。

And the second thing is, Neil and I worked with the businesses, and we have a guideline for the small business group that's keeping up business unit contribution, while we're in this investment phase around 40%. It may go up or down 1 point or 2, based upon choices that we make, but that's a very good, healthy margin for a business that's in good growth, but also continuing to deliver the kind of rigor we want on the bottom line. So I just wanted to added that, to the two pieces that Neil just put out there as well.

第二點是，尼爾和我與各企業合作，我們為小型企業集團制定了指導方針，以維持業務部門的貢獻，而我們目前正處於投資階段，貢獻率約為 40%。根據我們所做的選擇，利潤率可能會上下波動 1 或 2 個百分點，但這對於一家發展良好、同時又能繼續保持我們所期望的盈利能力的企業來說，是一個非常好的、健康的利潤率。所以，我也想補充一點，加上尼爾剛發布的這兩篇文章。

Got it. So when we look at the 2 percentage point decline sequentially in Q1 into Q2 and the contribution margin, is that just as noise on a quarter-to-quarter mix, or some recent investments? Or is that just the current sort of mix shift down, in terms of self-employed and international?

知道了。所以，當我們觀察第一季到第二季較上季下降 2 個百分點以及貢獻毛利率時，這僅僅是季度間組合的波動，還是最近的一些投資造成的？或者這只是目前自僱人士和國際人士比例下降的趨勢？

Keith, the way I would think about that, is more a function of the rapid growth and acceleration of growth there, where clearly, there have been some investments to drive that growth, both in marketing and in product. And at the earlier days, as you know from the subscriber life period, they're not paying the full rate in many cases. So I think it's more a function of the growth curve, and where we are on it.

基思，依我看來，這更與當地的快速成長和加速成長有關，顯然，為了推動這種成長，當地在行銷和產品方面都進行了一些投資。而且，正如您從訂閱用戶生命週期中了解到的，在早期階段，許多情況下他們並沒有支付全額費用。所以我認為這更取決於成長曲線，以及我們所處的成長階段。

Got it. That's very helpful. Again, a really nice job, building out that subscriber base.

知道了。那很有幫助。再次強調，你們在拓展用戶群方面做得非常出色。

Thank you, Keith.

謝謝你，基斯。

Scott Schneeberger, Oppenheimer.

史考特‧施內伯格，奧本海默。

Thanks. Hey, guys. I'm going to focus a bit on the tax side. Brad, I was a little bit confused by the quote in the release of the data, that the [Dan Wernikoff] profit quote about the TurboTax e-filed returns down 10% versus prior year? Could you clarify that relative to the table?

謝謝。嘿，夥計們。我打算重點談談稅務方面的問題。布拉德，我對數據發布中的一段引述有點困惑，[丹·沃尼科夫]關於TurboTax電子報稅收入比上一年下降10%的利潤引述是什麼？能根據表格具體說明一下嗎？

Yes. I'm going to have Neil and the team here reconcile with the table. But as you know, one of the things we try to do is translate our unit growth in to e-files sent. And you know the noise here, you followed the business for a lot of years. A desktop unit has an average of two e-files each, and then a TurboTax unit is one for one.

是的。我要讓尼爾和他的團隊與談判桌進行和解。但正如您所知，我們努力實現的目標之一就是將我們的單位增長轉化為發送的電子文件數量。你了解這裡的各種傳聞，你已經關注這個行業很多年了。桌上型電腦平均每個設備可以處理兩個電子文件，而 TurboTax 設備則每個設備只能處理一個電子文件。

And so, what we try to do, since the IRS reports the number of the e-files received, we try to then tell you how many we actually processed. And what you saw with IRS data release this morning, is the self-prepared e-files are down about 11% year-over-year through 17th. Our data shows that we're down about 10% through the 18th. And so, the net-net on that is, we're basically holding to slightly up, in terms of our category, our share in the category. Now looking at the table, is there something is the table that we need to clarify?

因此，由於美國國稅局報告了收到的電子申報數量，我們也試圖告訴您我們實際處理了多少份申報。從今天早上美國國稅局公佈的數據可以看出，截至 17 日，自行準備的電子報稅表數量比去年同期下降了約 11%。我們的數據顯示，截至18日，我們下降了約10%。因此，總而言之，就我們所處的類別而言，我們的份額基本上保持穩定，甚至略有上升。現在看一下表格，表格中是否有我們需要澄清的地方？

It's just basically the fact that units, are including the retail units.

基本上，這些單元包括零售單元。

Got it.

知道了。

Where you typically get two files from each one of those. And those come in later.

通常情況下，從這些操作你會得到兩個檔案。這些是之後才會出現的。

Yes, so Scott, right now with the headline is, units are down five, our e-files, if we translate that into e-files, are down 10%. And then the IRS, on an apples-to-apples is down roughly 11% for the self-prepared category, which basically says, what Dan's quote is, we feel good about how we are performing thus far season-to-date.

是的，史考特，目前最主要的新聞是，銷量下降了5%，如果我們把銷量換算成電子申報量，則下降了10%。然後，如果進行同等比較，美國國稅局 (IRS) 的自備稅類別下降了約 11%，這基本上表明，正如丹所說，我們對本季迄今為止的表現感到滿意。

Got it, thanks for the clarification. That's what I thought. I'm just curious, the -- and I'm not sure that you -- how much clarity you will provide, did the one day make a difference on you comping February 18 versus the IRS February 17 this year? And if you don't want to answer that directly, just what have you seen in the subsequent days? Do we have the same decelerating negative trend that has shown up in the first few weeks of the IRS data, for you and TurboTax?

明白了，謝謝你的解釋。我也是這麼想的。我只是好奇——我不確定你——你能提供多少清晰的信息，這一天對你今年將 2 月 18 日與 2 月 17 日提交給美國國稅局的表格進行比較有影響嗎？如果你不想直接回答這個問題，那麼接下來的幾天你都看到了什麼？您和TurboTax是否也出現了與美國國稅局數據前幾週相同的下降趨勢減緩的情況？

Yes. No, thanks for the question, Scott. Actually, we have reconciled against the IRS, and the answer is, it does not change materially the outcome that we just subscribed, which is we're performing slightly better than the DIY category, and certainly better than the overall IRS returns, and much better than assisted. So no real material difference there in that one day difference.

是的。不，謝謝你的提問，斯科特。實際上，我們已經與美國國稅局核對過，答案是，這並沒有實質性地改變我們剛剛訂閱的結果，即我們的表現略好於 DIY 類別，當然也好於美國國稅局的整體申報，並且比協助申報要好得多。所以，這一天的差別並沒有造成實質的影響。

All right, great, thanks. And then lastly, if I could sneak another in, just the marketing this year, and the slow start to the tax season. Neil, I guess for you, is there, are you guys calling any audibles on marketing, because we have this shift? Or was it -- how is the timing of the marketing and magnitude of it on the tax side this year? Thanks so much.

好的，太好了，謝謝。最後，如果可以的話，再補充一點，就是今年的行銷，以及報稅季的緩慢開局。尼爾，我想問一下，你們有沒有因為這種轉變而在行銷上做出一些調整？或者說－今年的行銷時機和規模在稅務方面如何？非常感謝。

Yes, Scott, we've definitely made some audibles as you call it, to be sure that the messaging is out in the market, at the time when customers are shopping, and deciding to file their taxes. So we've made some choices to extend our advertising and marketing a little longer in the season, than we might have expected at the very beginning. But we've done some internal reallocation of our resources, and we think it's still going to fit inside the same resource envelope we had, when we started the year for the full company.

是的，斯科特，正如你所說，我們確實做出了一些調整，以確保在顧客購物和決定報稅的時候，相關資訊能夠及時傳達到市場上。因此，我們做出了一些選擇，將廣告和行銷活動延長一些，比我們最初預期的要長一些。但我們已經對內部資源進行了一些重新分配，我們認為它仍然會符合我們年初時整個公司所擁有的資源規模。

Great. Thanks, guys.

偉大的。謝謝各位。

All right.

好的。

Jesse Hulsing, Goldman Sachs.

傑西·赫爾辛，高盛集團。

Yes, thank you. Thank you for taking my question. It looks like, by my math, that QBO growth accelerated internationally within Self-Employed, and also in the US ex Self-Employed. I wanted to drill, into what might be driving that? So I guess, maybe this is for Brad. Do you think it's due to a ramp up in marketing, or are you seeing an increase in velocity and conversion versus your expectations?

是的，謝謝。感謝您回答我的問題。根據我的計算，QBO 在國際自僱人士群體中成長加速，在美國非自僱人士群體中成長也加速。我想深入探究一下，究竟是什麼原因導致了這種情況？所以我想，這或許是給布萊德的。您認為這是由於行銷力度加大所致，還是因為銷售速度和轉換率超出了您的預期？

Yes. Thanks for the question, Jesse. The answer is we're seeing strength across the board. What's really driving it, the US is up about 36%. Outside the US, you just mentioned acceleration from 50% last quarter to [61]%. And then you add on top of that, QuickBooks Self-Employed, which in the quarter added about 70,000 active users, and that's more than all of last year's 60,000.

是的。謝謝你的提問，傑西。答案是，我們看到各方面都表現強勁。真正推動這一趨勢的是，美國經濟成長了約 36%。在美國以外，你剛才提到了從上季的 50% 加速到 [61]%。此外，QuickBooks Self-Employed 在本季新增了約 7 萬活躍用戶，比去年全年的 6 萬活躍用戶還要多。

But the real driver behind is product market fit. As you know we have a test of readiness, which is in every market, are we able to deliver the benefit the customer says is most important? And is our ability to deliver that benefit better than the best alternatives in the market? And once we see that light go green, then we lean in into the accountant channel, and we'll start to make more increased investments in advertising.

但背後真正的驅動力是產品與市場的契合度。如您所知，我們在每個市場都會進行一項準備情況測試，即我們是否能夠提供客戶認為最重要的利益？我們實現這一目標的能力是否優於市場上最好的替代方案？一旦我們看到那個訊號變綠，我們就會增加對會計管道的投入，並開始增加廣告方面的投資。

So the product is really driving the acceleration of velocity, and then we put top spin on it, by putting more marketing into those markets, because we feel good about the product market fit, and that is currently in Canada, the UK and Australia. And we've mentioned to you, we haven't taken our eye off the ball in India, France, and Brazil, and we see a springtime window for those to go green. And then, we'll start to lean in there as well. So overall it is accelerating velocity.

所以，產品確實推動了速度的提升，然後我們透過加強對這些市場的行銷來加速發展，因為我們對產品的市場契合度感到滿意，目前在加拿大、英國和澳洲都是如此。我們已經向你們提到過，我們一直密切關注著印度、法國和巴西，我們認為春季是這些國家實現綠色轉型的窗口期。然後，我們也會開始深入其中。所以總體而言，它的速度是加快的。

Got you. And a couple quick follow-ups. First, how is retention trending, if you look at it on a -- I guess, a cohorted basis? I think it had been improving across the board prior to this quarter. And second, along the same lines, how is ARPU trending on a cohorted basis within each QuickBooks segment? Thank you.

抓到你了。還有幾個後續問題。首先，如果從分組的角度來看，使用者留存率的趨勢如何？我認為在此季度之前，各方面都在逐步改善。其次，同樣地，在 QuickBooks 的每個細分市場中，ARPU 的趨勢如何？謝謝。

Yes, you're welcome. So retention continues to look healthy for us. Even with this influx of new users, we're still looking at that first year cohort of around 70%. As they anniversary off that first year, it's pushed out of that high 70%s, and now it's tickling the 80% range. So it continues to get healthier.

不客氣。因此，我們的客戶留存率依然保持良好水準。即使有這麼多新用戶湧入，我們第一年的用戶群仍然佔大約 70%。隨著他們迎來第一個週年紀念日，這一數字已經突破了 70% 的高位，現在正逼近 80% 的區間。所以它的身體狀況會持續好轉。

ARPU for us is no different than what Neil shared at Investor Day. We continue to see the cohorts of QBO or non-US QBO or Self-Employed continue to remain healthy. When you put them in the mix, it looks like ARPU is coming down a little bit. That's why we say this is more about staying focused on the ecosystem revenue growth, which went from 26% up to 30%. We think that is the best indicator of the long-term health of this business.

我們的平均每用戶收入 (ARPU) 與 Neil 在投資者日上分享的數據並無不同。我們繼續看到 QBO（準線上投資者）、非美國 QBO 或自僱群體保持健康發展。把這些因素考慮進去之後，ARPU（每位使用者平均收入）似乎略有下降。這就是為什麼我們說，這更多的是關於繼續專注於生態系統收入成長，該成長已從 26% 上升到 30%。我們認為這是衡量這項企業長期健康狀況的最佳指標。

Thank you, Brad.

謝謝你，布拉德。

All right. Thank you, Jesse.

好的。謝謝你，傑西。

Ross MacMillan, RBC Capital Markets.

Ross MacMillan，加拿大皇家銀行資本市場。

Thanks so much. I have two, maybe first just on tax. I know it's early, Brad, but just wondered, what are you seeing in terms of price realization, just given the more aggressive competitive environment this season?

非常感謝。我有兩個，可能第一個只是關於稅的。我知道現在還早，布拉德，但我只是想知道，考慮到本賽季更加激烈的競爭環境，你認為價格實現如何？

Well, I think, Ross, the first is, this is a competitive season but it was not unanticipated. I mean, many of us were talking in the off-season, and we knew that everyone is going to be coming after the market aggressive. But as I shared in my opening comments, free offerings are not new to the category, and certainly not new to us. It comes down to who has the best end-to-end experience and product experience, and we feel about our position right now.

嗯，我認為，羅斯，首先，這是一個競爭激烈的賽季，但這並非意料之外的事。我的意思是，我們很多人在休賽期都在討論這個問題，我們都知道每個人都會積極地進入市場。但正如我在開場白中所說，免費贈品在這個領域並不新鮮，對我們來說也絕非新鮮事。歸根結底，這取決於誰擁有最佳的端到端體驗和產品體驗，而我們目前對自己的處境感到滿意。

The other thing that we talked about going into this season, and Dan Wernikoff did a wonderful job at Investor Day, is we're looking to add more value to our product line up, to attract higher value customers into the category, and ultimately into TurboTax's franchise.

我們在進入本季時也談到了另一件事，丹沃尼科夫在投資者日上也做得非常出色，那就是我們希望為我們的產品線增加更多價值，以吸引更高價值的客戶進入該類別，並最終加入 TurboTax 的特許經營體系。

So SmartLook right now is focused on those customers who historically have paid hundreds of dollars to go to an assisted method, and we're bringing them into our category. The other thing is TurboTax Self-Employed, right now is at an $89 price point, and by hooking that up with QuickBooks Self-Employed, we're getting more of those kinds of customers as well.

所以 SmartLook 目前專注於那些過去花費數百美元接受輔助治療的客戶，我們將他們納入我們的產品類別。另外，TurboTax Self-Employed 目前的價格是 89 美元，透過將其與 QuickBooks Self-Employed 結合使用，我們也獲得了更多這類客戶。

So I think you're going to see price realization continue to be a little healthier, if we continue to bring these higher value customers into the category, while we remain competitive on free on the low end. So at the end of the season, we'll have a better read on that. But that's our strategy going in, is winning more share of dollars, while also continuing to extend our lead in shared units, and that's our multi-pronged approach.

所以我認為，如果我們繼續將這些高價值客戶引入這個類別中，同時在低端保持免費服務的競爭力，那麼價格實現將會繼續保持較為健康的水平。所以賽季結束後，我們就能更了解狀況了。但這就是我們進入市場的策略，即贏得更多市場份額，同時繼續擴大我們在市場份額上的領先優勢，這就是我們的多管齊下的方法。

That's great. And then, just my follow-up. Obviously, really strong QBO sub adds, really across the board. I want to just double-click the core US ads, which I think were about 116,000. That's by far and away, the best number you've ever put up for that number. Were there any particular promotions, or was there any other driver in your mind, of why that stepped up so materially? Thanks so much.

那太棒了。然後，我再補充一點。顯然，QBO 的訂閱用戶數量大幅增加，而且是全面成長。我只想雙擊美國核心廣告，我認為大約有 116,000 個。這是你迄今為止為這個號碼打出的最佳成績。是否有特別的促銷活動，或是您認為還有其他什麼因素促使業績大幅提升？非常感謝。

Yes, actually I'm excited to say, that that team has really leaned in to the product experience. In fact, they prioritized really making the first-time use experience for new to the franchise customers amazing. They had goals they put in place, to get to a first P&L in five minutes or less, the ability to send an invoice quickly.

是的，我很高興地說，這個團隊真的非常注重產品體驗。事實上，他們優先考慮的是真正讓新加盟客戶的首次使用體驗非常棒。他們制定了目標，例如在五分鐘或更短時間內產生第一份損益表，以及快速發送發票。

They've spent a lot of time looking on what the best leading indicators are, to someone who will turn into an active user. And that's really what's driven the growth, not only in the US, but around the globe. There has not been increased promotions, or anything else, it really has been the product.

他們花了很多時間研究哪些是能夠吸引活躍用戶的最佳領先指標。而這正是推動成長的真正動力，不僅在美國，而且在全球範圍內都是如此。沒有加強促銷力度，也沒有做其他改變，這完全是產品本身的問題。

That's great. Congratulations, good numbers. Thank you.

那太棒了。恭喜，數據不錯。謝謝。

Thank you.

謝謝。

Michael Nemeroff, Credit Suisse.

瑞士信貸的邁克爾·內梅羅夫。

Hi, this is actually Chris Rochester on for Michael. Thanks for taking my question. Regarding the recently announced partnership between Intuit Canada and Uber. Could you maybe discuss any details on the economic relationship there? Or is it more going to be [lead-on] for SE, and is there any chance of that relationship expands to the US?

大家好，我是克里斯·羅切斯特，替邁克爾為您報道。謝謝您回答我的問題。關於 Intuit Canada 和 Uber 最近宣布的合作關係。能否談談兩國經濟關係的具體情況？或者，這更像是為東南亞市場鋪路，而這段關係有沒有可能擴展到美國？

Actually, Chris, we have a relationship with Uber already in the United States, and we simply expanded it into Canada. We have been working with Uber over the tax season last year, and have worked aggressively in the post-season, to try to make sure that we're helping them with their drivers, be able to separate their personal from their business expense, to be able to keep the mileage log that was up to date and active. And have the ability for them to file their taxes, and on average, they're saving about $4,300 in tax savings by using our product.

事實上，克里斯，我們在美國已經與 Uber 建立了合作關係，我們只是將這種關係​​擴展到了加拿大。去年報稅季期間，我們一直與 Uber 合作，並在報稅季結束後積極開展工作，以確保我們能夠幫助他們的司機，使他們能夠將個人支出與業務支出分開，並保持里程記錄的更新和有效。而且他們還可以使用我們的產品報稅，平均而言，他們透過使用我們的產品可以節省約 4300 美元的稅款。

The other thing is the benefit for Uber, is many times last year, the number one call they got from those who were driving for their service was, hey, how do I -- what do I owe for taxes? So the partnership is a win for them, it's win for the driver, and it's certainly win for us. And the relationship has been in place in the US, and obviously, you mentioned the one in Canada as well. And we look that to continue to expand that, and many other relationships, as we focus on the self-employed segment.

另一件事是，Uber 也從中受益。去年，他們接到的司機諮詢電話中，最多的是“嘿，我該如何——我應該繳納多少稅款？”所以，這種合作對他們來說是雙贏，對車手來說是雙贏，對我們來說當然也是雙贏。這種關係在美國已經存在，顯然，你也提到了在加拿大的關係。我們期待繼續擴大這種關係以及其他許多關係，因為我們將重點放在自僱者群體上。

Great. That's helpful. Just to clarify also, a quick follow-up maybe on the SE number. Is there any chance you can split that out between US and international, just to get a cleaner sort of QBO US number?

偉大的。那很有幫助。另外，為了澄清一下，可能需要快速跟進SE編號的問題。能否將數據拆分成美國和國際數據，以便更清楚顯示 QBO 美國號碼？

Yes, I would say, Chris, we might consider doing that at Investor Day. We'll think about it toward the end of the year then, and see if that makes sense. We always reconsider updating the statistics at the end of the year, to help you in your modeling. So we'll take a look at that.

是的，克里斯，我會說，我們可以考慮在投資者日上這樣做。那我們到年底的時候再考慮一下，看看是否可行。為了幫助您進行建模，我們總是會在年底重新考慮更新統計資料。所以我們會仔細看看。

Okay, appreciate it. Thanks, guys.

好的，謝謝。謝謝各位。

All right. Take care.

好的。小心。

Sterling Auty, JPMorgan.

斯特林奧蒂，摩根大通。

Yes, thanks. Hi, guys. You mentioned some of the new entrants on the competitive landscape. I'm just kind of curious, looking at the change in advertising, I think this year out of H&R Block, where are you seeing the competitive pressures? Is at the new entrants or the existing, established players like H&R Block?

好的，謝謝。嗨，大家好。您提到了一些競爭格局中的新進者。我只是有點好奇，觀察廣告業的變化，我覺得今年 H&R Block 面臨的競爭壓力主要體現在哪些方面？是指新進業者還是像 H&R Block 這樣的現有老牌企業？

Sterling, it's across the board, I think everyone continues to lean in, and put their best game on the field, and that's good for the category. If you go back, and look over three decades, anytime a lot of players either get more competitive who are already in the game or new entrants come in, everyone leans into the advertising and marketing muscle. And that gets more people to raise their head, and say hey, I'm paying hundreds of dollars to go to this service, why don't I try that instead?

斯特林，我認為各方面都是如此，每個人都在繼續全力以赴，在場上發揮出最佳水平，這對這個類別來說是件好事。回顧過去三十年，每當市場上的競爭加劇，或是有新的競爭者加入時，大家都會加強廣告和行銷。這樣一來，更多的人就會抬起頭來，說：“嘿，我花了數百美元來享受這項服務，為什麼不試試這個呢？”

I think this is going to be net-net good for the category, it's going to get more people in the do-it-yourself category, and then it comes down to, who has the best offering. But right now, of course, you've seen H&R Block, a really worthy competitor, someone we have respect for out there. And they've been aggressive this year. You've got new entrants coming in, and of course, we've been out there, banging the drum as well. So I think that, net, we're getting a lot of people excited about the do-it-yourself category, which is good news for the long-term.

我認為這對這個品類來說總體上是件好事，它會吸引更多的人進入DIY領域，然後最終取決於誰能提供最好的產品。但就目前而言，您當然也看到了 H&R Block，一個非常值得尊敬的競爭對手，我們非常尊重他們。他們今年的策略非常激進。有新的競爭者加入，當然，我們也一直在積極宣傳推廣。所以我覺得，總的來說，我們正在激發很多人對DIY類別的興趣，這對長遠來說是個好消息。

And then, you talked about penetrating the multi-service accountants. Is there a way to think about what portion of that CPA market that represents?

然後，你談到如何打入提供多種服務的會計師事務所。有沒有辦法計算出這在 CPA 市場中所佔的份額？

We may have shared -- we'll have to go back and see -- I'm trying to go from memory, if we actually sized that in our Investor Day materials. I can't remember off the top of my head, how many of the 400,000 firms are multi-service firms. I'm thinking, it's somewhere in the [200-some-thousand]. Did we size that? (inaudible) Yes I'm sorry. I'm going to be guessing, Sterling. Let us, let's get that answer, and then we'll make sure we get that out to everybody. But I thought it in [PC] section, that she had sized it in the ProConnect update maybe --

我們可能分享過——我們得回去看看——我盡量憑記憶說，我們是否真的在投資者日材料中提到過這一點。我一時想不起來這 40 萬家公司中有多少家是多元化服務公司。我估計，大概在[20多萬]左右。我們量過尺寸了嗎？（聽不清楚）是的，對不起。史特林，我只能靠猜了。讓我們先找到答案，然後確保把答案告訴大家。但我認為在[PC]部分，她可能在ProConnect更新中調整了尺寸——

No worries.

不用擔心。

Okay. Sorry about that.

好的。抱歉。

That's okay.

沒關係。

It's a good number.

這是一個不錯的數字。

It's okay.

沒關係。

It's a healthy number, I'll tell you that. It's not 10.

我告訴你，這是一個相當健康的數字。不是10。

(Laughter) I hear you. Thanks a lot, guys.

（笑聲）我明白了。非常感謝各位。

All right. Thank you.

好的。謝謝。

Jim McDonald, First Analysis.

吉姆·麥克唐納，第一分析。

Thanks, guys. Could you talk about how you're thinking about revenue this year for TurboTax versus units, and anything from the offers or mix or price?

謝謝各位。您能否談談您今年是如何看待TurboTax的營收與銷售之間的關係，以及從產品組合、定價等方面來看有哪些考量？

Yes, Jim. We've had a pretty consistent set of guiding principles out there, and then I'll add the asterisks onto this year, as we shared at Investor Day. So the principles are, the four main drivers of the number of units, or the a number of returns filed with the IRS, and then what percent of those are actually going to the do-it-yourself category. Underneath that, we fight for share. And then also, when we try to get a good revenue per return. As we were going into this year, we always say we like to see units go faster than revenue, and we like to see the category grow faster than the alternative method, because that sets up a good lifeline for future monetization.

是的，吉姆。我們一直以來都有一套相當一致的指導原則，但今年我會加上一些星號，就像我們在投資者日上分享的那樣。所以原則是，影響報稅單位數量（或向美國國稅局提交的報稅表數量）的四個主要因素，以及其中有多少百分比實際上屬於自助報稅類別。歸根究底，我們爭奪的是份額。此外，當我們試圖獲得良好的回報率時，也會遇到這種情況。今年年初，我們一直都希望銷售成長速度超過營收成長速度，也希望品類成長速度超過其他成長方式，因為這能為未來的獲利奠定良好的基礎。

Now what we did this year, in addition to that, so nothing has changed in our strategy, what we've done in addition to that, is we've leaned into higher value opportunities. So SmartLook is trying to get these higher-paying customers out of the assisted method, and we've also leaned into TurboTax Self-Employed.

今年，除了上述措施之外，我們的策略並沒有改變，而是更重視高價值的機會。因此，SmartLook 正在努力讓這些高收入客戶擺脫輔助報稅方式，我們也大力推廣 TurboTax Self-Employed。

So we'll see what that does to revenue per return at the end of the year, and ultimately what that does to revenue. But we're still striving to have healthy unit growth. And in a good situation, we like to have units outpace revenue.

所以，我們將看看這在年底會對每筆回報的收入產生什麼影響，以及最終會對收入產生什麼影響。但我們仍在努力實現健康的單位成長。在理想情況下，我們希望銷量超過收入。

And just as a follow-up. Do you think the new products like the refinance your student loan offer, and those kinds of products will have any significant impact in that kind of delta this year?

作為後續補充。你認為像學生貸款再融資這類新產品，以及類似的產品，今年會對這種程度的差異產生任何重大影響嗎？

I'd say, Jim, it's early days this year. We're getting a lot of good learning, and this is the first of a platform strategy, you saw play out in QuickBooks, that we're now brings TurboTax. So I think it's going to be fairly immaterial this year, but I think we're going to leave here with a wiser set of ideas and thoughts, as we enter into next season, and we're playing that for the long game. So I'd say, it will be relatively immaterial this year.

吉姆，我覺得現在還為時過早。我們從中獲得了許多寶貴的經驗，這是我們平台策略的第一步，您在 QuickBooks 中已經看到了這項策略的實施，現在我們將其引入了 TurboTax。所以我覺得今年這無關緊要，但我覺得我們離開這裡的時候會擁有更明智的想法和思路，進入下個賽季，我們著眼於長遠發展。所以我覺得，今年這方面的影響相對較小。

Okay. Great. Thanks.

好的。偉大的。謝謝。

You're welcome, Jim.

不客氣，吉姆。

Michael Millman, Millman Research.

Michael Millman，Millman Research。

Thank you. I guess, some more tax stuff. I guess, since the last questioner brought up H&R Block, I was wondering if indeed you're seeing some competition from increased RAs, and in their case, Watson? In addition, I was interested in, if what you're seeing in terms of people going into your website, to check on a product, or how that rates with what you've seen in the past? And sort of in the same vein, I was interested in what you're seeing in conversion, and where you stand on retention?

謝謝。看來，又是一些稅務方面的事情。我想，既然上一位提問者提到了 H&R Block，我想知道您是否確實感受到了來自 RA（註冊助理）增加帶來的競爭，而就他們而言，還有 Watson？此外，我還想了解一下，您目前觀察到的人們造訪您網站查看產品的情況，與您過去觀察到的情況相比如何？同樣地，我對你們在轉換率方面看到的情況以及你們在用戶留存方面的看法很感興趣？

Hey, Michael, I appreciate the questions as always. Let me start first with, we have a lot of respect for all of our competition. As I mentioned a few minutes ago, everyone out there is being aggressive.

嗨，邁克爾，一如既往，感謝你的提問。首先我想說的是，我們非常尊重所有競爭對手。正如我幾分鐘前提到的，現在每個人都很咄咄逼人。

Let me talk specifically to IBM Watson that you referred to. We've been talking about machine learning and artificial intelligence for some time. In fact, it's not new, and we have been leaning into aggressively since 2010.

讓我具體談談您提到的IBM Watson。我們已經討論機器學習和人工智慧一段時間了。事實上，這並不是什麼新鮮事，我們從 2010 年起就一直在積極推進。

To give you a couple of stats, we have over 100 patents pending right now on machine learning and artificial intelligence technologies. We have 30 already in the market. These are algorithms, these are machine learning capabilities, that do things like helping somebody in TurboTax, understand quickly whether they should just go with the standardized deduction, or do itemized deductions, and that can save us as much as 40% of the time, it takes to do the return.

舉幾個例子，我們目前有超過 100 項機器學習和人工智慧技術的專利正在申請中。我們目前已有 30 台產品推出市場。這些是演算法，這些是機器學習功能，它們可以幫助 TurboTax 用戶快速了解他們應該選擇標準扣除還是逐項扣除，這可以節省我們高達 40% 的報稅時間。

In QuickBooks, we have thing called SmartSort, which is the ability to automatically categorize whether something is a personal or business expense, which allows you to basically to make the right kind of decisions when you file a Schedule C. And there's a whole host of other things that we're doing with artificial intelligence. So we are excited about the capabilities.

在 QuickBooks 中，我們有一個名為 SmartSort 的功能，它可以自動將某項支出分類為個人支出還是企業支出，這基本上可以幫助您在填寫附表 C 時做出正確的決定。此外，我們也正在利用人工智慧進行許多其他方面的開發。我們對這些功能感到非常興奮。

We are always leaning into the future. And for us, this isn't a new announcement, we've been talking about it for some time. And it's been showing up, we believe, not only in our product scores, but also in our market share gains.

我們始終著眼於未來。對我們來說，這並不是什麼新消息，我們已經討論這件事一段時間了。我們相信，這一點不僅體現在我們的產品評分上，也體現在我們的市佔率成長上。

The second is on the website. Right now, we haven't broken down our funnel metrics. We'll do that, and we always do that pretty transparently at Investor Day.

第二個連結在網站上。目前，我們還沒有對銷售漏斗指標進行細分。我們會這樣做，而且我們在投資者日上總是會非常透明地這樣做。

We don't tend to do it mid season, but you heard us reaffirm our confidence for the full-year. So that gives you some insight, into how we are feeling about our funnel metrics, which include conversion and retention. I think beyond that at this point, we need to see how the full season plays out.

我們通常不會在賽季中期這樣做，但你們已經聽到我們重申了我們對全年的信心。這樣您就能大致了解我們對轉換率和留存率等銷售漏斗指標的看法了。我認為，除此之外，我們還需要觀察整個賽季的最終結果。

Thank you, Brad.

謝謝你，布拉德。

John Byun, UBS.

John Byun，瑞銀集團。

Hi, thank you. So I think this question may have been asked in a slightly differently way, but wanted to try again. In terms of the tax trends, given the slow start, I mean, how do you feel about the recovery pace so far? I mean, realizing you really need the full-year, but is it going at the pace you need it to, or does it kind of need to accelerate in the back half of the season?

您好，謝謝。所以我覺得這個問題可能之前有人用稍微不同的方式問過，但我還是想再試一次。就稅收趨勢而言，鑑於開局緩慢，我的意思是，您對目前的復甦速度有何看法？我的意思是，意識到你確實需要一整年的時間，但是進度是否符合你的要求，或者是否需要在賽季後半段加快速度？

Yes, John, thank you for that question. I think the solace that we all take some comfort in, is that everyone has until April 18 to file. So whether they jumped in right now, and it's coming back at the pace we hope, or they're going to wait until April 13, 14, and 15, and dive across the finish line, we're prepared for any of those scenarios.

是的，約翰，謝謝你的提問。我認為讓我們都感到些許安慰的是，每個人都可以在4月18日之前提交申請。所以，無論他們現在就投入其中，並以我們希望的速度恢復，還是等到 4 月 13 日、14 日和 15 日再衝過終點線，我們都已為任何一種情況做好準備。

We're out there, as Neil said, making sure that our message is out there today, as they're making decisions. But we're going to stay in the game, all the way until April 18. I think there's a lot of pace that's going to have to pick up, between where we sit today and April 18, but that deadline is coming. And so, I think it's just a matter of when.

正如尼爾所說，我們正在努力確保我們的訊息能夠傳達出去，讓他們在做決定的時候能夠聽到。但我們會堅持到4月18日。我認為從今天到 4 月 18 日之間，我們需要加快很多步伐，但最後期限即將到來。所以，我認為這只是時間問題。

Great. That's helpful. And then as a follow up, the competition specifically, Credit Karma and H&R Block doing a lot more on the free side, I mean, have you done anything to tweak your execution, or any sort of response in your day-to-day? And that's it for me. Thank you.

偉大的。那很有幫助。然後，作為後續問題，特別是競爭對手 Credit Karma 和 H&R Block 在免費方面投入了更多資源，我的意思是，您是否採取了任何措施來調整您的執行方式，或者在日常工作中採取任何應對措施？我的故事就到此為止了。謝謝。

No, you're welcome, John. I didn't mean to interrupt you. I was going to say, we came in anticipating a pretty aggressive season, and we knew that there were going to be players that were going to mirror our Absolute Zero. And so, we haven't had to tweak anything from a product perspective.

不，不用謝，約翰。我不是故意打斷你的。我本來想說，我們預料到這將是一個競爭非常激烈的賽季，我們也知道會有一些球員會像我們的絕對零度隊一樣。因此，從產品角度來看，我們無需進行任何調整。

As Neil did suggest though, we did start to make some adjustments to how we get our marketing message out there, since the season got started a little later than we anticipated. But we've being able to reallocate resources and kind of self-fund that. So that's really been the adjustment. Now you might imagine, we have a lot of contingency plans in place, if then scenarios, and those are still sort of in our back pocket. And we'll just keep an eye on the competition, and we'll make the right kinds of decisions as things move.

正如尼爾所建議的那樣，由於賽季開始的時間比我們預期的要晚一些，我們開始調整行銷訊息的發布方式。但我們有能力重新分配資源，並進行某種程度的自籌資金。這就是我需要做出的調整。你可能會想到，我們制定了許多應急計劃和應對方案，這些計劃仍然處於我們的備選方案狀態。我們會密切注意競爭對手，並根據情況變化做出正確的決定。

Great. Thanks, again.

偉大的。再次感謝。

Okay. I did have one -- I realized, Michael, I did not mean to not answer one of your questions. This is for Michael Millman. You had asked about RAs, the refund advances. I think that, we talked about this in the past, that we exited that refund advance, or refund anticipation loan business about a decade ago. That we didn't feel that was the right approach for families who were looking to get money in their pocket.

好的。我確實有一個問題沒回答──邁克爾，我意識到，我並非故意不回答你的問題。這是給邁克爾·米爾曼的。你之前問過關於 RA（退款預付款）的問題。我認為，我們過去也曾討論過這個問題，大約十年前我們就退出了退款預支或退款預期貸款業務。我們認為，對於那些想要賺錢的家庭來說，這不是正確的方法。

And so ultimately, we haven't had that offering for some time. And during that period of time, the do-it-yourself\-category has grown, and we've gained market share. So we don't feel we're at a disadvantage this year, any different than we have been for the last decade. We think the category still going to grow, and we're still going to gain share. Latif, were there any others?

因此，我們已經有一段時間沒有提供這項服務了。在此期間，DIY品類不斷發展壯大，我們也獲得了市場份額。因此，我們並不覺得今年我們處於劣勢，與過去十年並無不同。我們認為這個品類還會持續成長，我們也會繼續擴大市場佔有率。拉蒂夫，還有其他人嗎？

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

我不會再問其他問題了。還有什麼補充說明嗎？

Yes, I'd be happy to do that. First of all, we want to thank to everybody for your questions today. Obviously, we're still in the midst of this peak season, and we do like the momentum we're continuing to build in the small business. And you heard us reiterate our confidence in the game plan for tax.

是的，我很樂意這樣做。首先，我們要感謝大家今天提出的問題。顯然，我們仍處於旺季，我們很喜歡目前在小型企業領域持續保持的成長勢頭。你們也聽到了我們重申對稅收方案的信心。

We all know there's a lot of time left on the clock, and your questions suggest there's still a lot of time for people to get to the tax filing in. We know that's going to have to happen, between now and April 18. So we're looking forward to staying laser-focused and executing. And we'll catch up with you in the after calls, as well as talk again at the end of tax season. So thanks, everybody, and have a good weekend.

我們都知道時間還很充裕，而你們的問題也表明，人們還有很多時間來完成報稅。我們知道這件事必須在4月18日之前發生。所以，我們期待繼續保持高度專注並且有效率地執行。之後我們會透過電話與您聯繫，並在報稅季結束時再次交談。謝謝大家，祝大家週末愉快。

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。