直覺電腦 (INTU) 2017 Q3 法說會逐字稿

Good afternoon. My name is Brian, and I will be the conference facilitator. At this time, I would like to welcome everyone to Intuit's Third Quarter 2017 Conference Call. (Operator Instructions)

午安.我叫布萊恩，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 2017 年第三季財報電話會議。（操作說明）

With that, I will 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, Brian. Good afternoon, and welcome to Intuit's Third Quarter Fiscal 2017 Conference Call. I'm here with Brad Smith, our Chairman and CEO; and Neil Williams, our CFO.

謝謝你，布萊恩。下午好，歡迎參加 Intuit 2017 財年第三季電話會議。我今天和我們的董事長兼執行長布拉德史密斯，以及我們的財務長尼爾威廉斯在一起。

Before we start, I'd like to remind everyone that our remarks will include forward-looking statements. There are a number of factors that could cause Intuit's results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 2016 and our other SEC filings. All of those documents are available on the Investor Relations page of Intuit's website at intuit.com. We assume no obligation to update any forward-looking statement.

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

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, all growth rates refer to the current period versus the comparable prior year period and the business metrics and associated growth rates refer to worldwide business metrics.

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，否則所有成長率均指目前期間與去年同期相比的成長率，業務指標及相關成長率均指全球業務指標。

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

本次電話會議結束後，我們將在網站上提供我們準備好的演講稿和補充財務資訊。

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

這樣，我就把電話交給布萊德了。

All right. Thanks, Jerry, and thanks to all of you for joining us. We're pleased with our performance in our third fiscal quarter. As you know, this is our largest quarter of the year and we successfully delivered strong financial results in a complicated tax season.

好的。謝謝傑瑞，也謝謝各位的參與。我們對第三財季的業績感到滿意。如您所知，這是我們一年中最重要的季度，我們在複雜的稅務季中成功取得了強勁的財務業績。

Exiting the quarter, our Consumer Tax revenue was up 9% year-to-date and is on track to finish at the high end of our guidance range for the full fiscal year. We're also driving continued momentum in our Small Business franchise with QuickBooks Online subscriber growth accelerating to 59% and over 2.2 million subscribers, which is above the upper end of the target we had established for the full fiscal year.

截至本季末，我們的消費者稅收收入年增 9%，可望達到我們全年預期範圍的高端。我們的小型企業業務也持續保持成長勢頭，QuickBooks Online 用戶成長加速至 59%，用戶超過 220 萬，超過了我們為整個財年設定的目標上限。

As a result, we're raising our outlook for QBO subscribers to 2.3 million. We're raising our full year revenue guidance and we're tightening the EPS range to the high end. All in all, we're on track to deliver another good year.

因此，我們將 QBO 用戶預期上調至 230 萬。我們將提高全年營收預期，並將每股盈餘預期範圍收窄至高端。總而言之，我們可望再創佳績。

With that overview, let me click down into the drivers of our performance in the third quarter, beginning with our tax results. This tax season proved to be eventful from beginning to end, with a delayed start to the tax filings compared to prior years, a renewed competitive environment in the free category and new IRS requirements designed to reduce fraud.

有了以上概述，接下來讓我深入探討我們第三季業績的驅動因素，首先從我們的稅務業績說起。今年的報稅季從頭到尾都充滿了各種事件，與往年相比，報稅開始時間有所延遲，免費報稅類別的競爭環境再次變得激烈，而且美國國稅局還出台了旨在減少欺詐的新規定。

The combination of these factors were reflected in the 4 drivers of the tax business that we discuss with you on a regular basis. The first driver is overall growth in the number of tax returns filed with the IRS. The latest IRS data indicates that total returns are down slightly, below the 0% to 1% growth that we had forecasted. If this trend plays out for the remainder of the tax filing year, it will be the slowest growth in total tax returns since the year 2013.

這些因素的綜合體現在我們定期與您討論的稅務業務的 4 個驅動因素中。第一個驅動因素是向美國國稅局提交的納稅申報表數量的整體增長。美國國稅局最新數據顯示，總回報率略有下降，低於我們先前預測的 0% 至 1% 的增長。如果這一趨勢在本納稅年度剩餘時間內持續下去，這將是自 2013 年以來納稅申報總量增長最慢的一年。

The second driver is the percentage of returns filed using do-it-yourself software. To-date, DIY category share has grown about 0.2 points, less than the 1.2 points that we expected. With that said, DIY category growth once again outpaced the year-over-year decline in the assisted tax prep methods.

第二個驅動因素是使用自助軟體提交的報稅表的百分比。截至目前，DIY類別的市佔率成長了約0.2個百分點，低於我們預期的1.2個百分點。儘管如此，DIY類別的成長速度再次超過了輔助報稅方式較去年同期下降的速度。

The third driver is TurboTax's share within the do-it-yourself category. After strong share gains the past several years, our share of DIY e-files this season was flat. This performance is below the 1 point of share gain that we strive to achieve each year and we're already designing innovative ways to accelerate customer growth as we look ahead to next season.

第三個驅動因素是 TurboTax 在自助報稅類別中的份額。在過去幾年市佔率大幅成長之後，本季我們在 DIY 電子文件領域的市佔率持平。這項業績低於我們每年力爭實現的 1 個百分點的市佔率成長目標，展望下一季，我們已經在設計創新的方法來加速客戶成長。

The fourth driver is revenue per return, which finished stronger than our multiyear average of 1%. Our pricing was relatively stable this season so the benefit resulted from a mix shift to the higher end of our product lineup.

第四個驅動因素是每回報收入，其表現強於我們多年來的平均 1%。本季我們的定價相對穩定，因此收益來自於產品組合轉向高端產品的轉變。

So while the drivers of our tax results played out differently than expected, I am proud of the agile execution and innovation the team delivered this season.

雖然我們稅收表現的驅動因素與預期有所不同，但我為團隊本季展現出的敏捷執行力和創新能力感到自豪。

If you recall the game plan that we shared at our Investor Day in the fall, we outlined the plan to extend our leadership in do-it-yourself tax, began transforming the assisted tax category and run experiments to evolve beyond tax through a trusted open platform. This season, we made progress across several fronts.

如果您還記得我們在秋季投資者日上分享的策略規劃，我們概述了擴大我們在自助報稅領域領先地位的計劃，開始改造輔助報稅類別，並透過值得信賴的開放平台開展實驗，以超越稅務領域。本賽季，我們在多個方面都取得了進展。

We leaned into SmartLook, providing broad access to an expert with the simple touch of a finger at a much lower cost than going to a tax store. We also began driving value through the broader Intuit ecosystem, leveraging the credit score functionality in Mint to provide more than 1.3 million free credit scores to TurboTax customers this season. And we introduced the self-employed bundle of QuickBooks and TurboTax, targeting the freelancer and gig economy, driving strong results, which I'll discuss in greater detail in a minute.

我們大力推廣 SmartLook，只需輕輕一點，就能以遠低於去稅務店的成本，讓用戶廣泛獲得專家的幫助。我們也開始透過更廣泛的 Intuit 生態系統創造價值，利用 Mint 中的信用評分功能，在本季度為 TurboTax 用戶提供了超過 130 萬個免費信用評分。我們也推出了 QuickBooks 和 TurboTax 的自僱人士套裝，目標客戶是自由工作者和零工經濟從業者，並取得了顯著成效，我稍後會詳細討論這一點。

All of this was built on the investments we've made in innovation over the past several years in areas such as artificial intelligence where we've applied for more than 100 patents and have more than 30 AI applications in market across the company.

這一切都建立在我們過去幾年在人工智慧等領域的創新投資之上，我們在人工智慧領域申請了 100 多項專利，公司內部有 30 多個人工智慧應用產品推向市場。

Putting a bow around Consumer Tax, we're exiting this season with strong financial results, although generated in ways that were different than what we'd expected. We'll learn from our experience this season and continue to invest in our multiyear strategy to deliver against the long-term objectives that we set for ourselves. We'll share more details on our results and our long-term strategy at our Annual Investor Day in the fall.

為消費者稅季畫下圓滿的句號，我們以強勁的財務業績結束了本季度，儘管這些業績的取得方式與我們預期的不同。我們將從本賽季的經驗中吸取教訓，並繼續投資我們的多年策略，以實現我們為自己設定的長期目標。我們將在秋季的年度投資者日上分享更多關於業績和長期策略的細節。

With that overview on Consumer Tax, let's shift to the assisted tax results in ProConnect. This business delivered results that were better than our expectations with year-to-date revenue growth of 2%. ProConnect plays an important role across our ecosystem with approximately 60% of the TurboTax SmartLook agents being staffed by our ProConnect tax experts this season. We've also seen early success in driving QBO subscribers through our tax sales efforts, fostering growth within the QBO franchise.

在了解了消費者稅的概況之後，讓我們來看看 ProConnect 中的輔助稅務結果。該業務的業績超出預期，年初至今的收入成長了 2%。ProConnect 在我們的生態系統中扮演著重要的角色，本季 TurboTax SmartLook 代理商中約有 60% 由我們的 ProConnect 稅務專家組成。我們也透過稅務拍賣活動，在推動 QBO 訂閱用戶方面取得了初步成功，促進了 QBO 特許經營權的成長。

With that overview on tax, let me now shift to Small Business. Subscriber growth continues to accelerate, driven by improvements across our platform that serves self-employed, small businesses and accountants. We've also increased our marketing effectiveness and expanded our addressable footprint internationally in the self-employed segment. As I mentioned earlier, total QBO subscribers grew 59% in the quarter, up from 49% growth in the second quarter. Our TurboTax Self-Employed offering contributed 11 points to this subscriber growth.

概述完稅務方面的內容後，現在讓我來談談小型企業。訂閱用戶成長持續加速，這得益於我們為自僱人士、小型企業和會計師提供的平台的不斷改進。我們也提高了行銷效率，並擴大了在國際自僱人士領域的覆蓋範圍。正如我之前提到的，本季 QBO 用戶總數成長了 59%，高於第二季的 49%。我們的 TurboTax 自僱版產品為用戶成長貢獻了 11 個百分點。

We continue to drive strong growth in both our core U.S. business and international markets. Outside the U.S., our subscriber base grew 70% year-over-year to 433,000 subscribers. That's up from 61% growth in Q2.

我們在美國核心業務和國際市場均持續保持強勁成長。在美國以外，我們的訂閱用戶數量年增 70%，達到 433,000 人。這一數字高於第二季的 61%。

Within QuickBooks Online, the QuickBooks Self-Employed subscribers doubled to 360,000, up from 180,000 last quarter and 75,000 just 1 year ago. During Q3, we launched QuickBooks Self-Employed in Singapore, adding another geography to our lineup, and we expect to launch in Hong Kong and South Africa soon.

QuickBooks Online 中的 QuickBooks Self-Employed 用戶數量翻了一番，達到 36 萬，高於上季的 18 萬和一年前的 7.5 萬。第三季度，我們在新加坡推出了 QuickBooks Self-Employed，為我們的產品線增加了一個新的地區，我們預計很快就會在香港和南非推出。

Finally, our TurboTax Self-Employed offering has contributed approximately 160,000 subscribers to the QuickBooks Self-Employed total so far this year. Our tax customer base is proving to be a great channel for reaching the self-employed and we know nearly 4 million TurboTax customers are self-employed tax filers. I'm also pleased to report that QuickBooks Self-Employed customers who come through the TurboTax channel have a higher product recommendation score as well.

最後，我們的 TurboTax Self-Employed 產品今年迄今為 QuickBooks Self-Employed 的總用戶數貢獻了約 16 萬用戶。我們的稅務客戶群已被證明是接觸自僱人士的絕佳管道，我們知道近 400 萬 TurboTax 用戶是自營的報稅者。我也很高興地報告，透過 TurboTax 管道購買 QuickBooks Self-Employed 的客戶的產品推薦評分也更高。

Our momentum in QBO subscriber growth is driving top line revenue, with online ecosystem revenue growing 30% again this quarter, at the high end of our 25% to 30% target range. We expect online accounting to be the primary driver of online ecosystem revenue for the foreseeable future as we prioritize seeding the global market with QuickBooks Online.

QBO 用戶成長勢頭強勁，帶動了營收成長，本季線上生態系統營收再次成長 30%，達到我們 25% 至 30% 目標範圍的高端。我們預計，在可預見的未來，線上會計將成為線上生態系統收入的主要驅動力，因為我們將優先考慮透過 QuickBooks Online 開拓全球市場。

Add-on services such as payroll and payments, the blades to the QBO razor, certainly remain important and they'll play an increasingly larger role in later chapters, but our strategic priority at this time is getting more QBO razors in the market. This playbook should sound familiar because it's served us well for decades in the QuickBooks Desktop franchises.

工資和支付等附加服務，就像 QBO 剃刀的刀片一樣，當然仍然很重要，而且在以後的章節中它們將發揮越來越大的作用，但我們目前的戰略重點是讓更多的 QBO 剃刀進入市場。這套操作指南聽起來應該很熟悉，因為它在 QuickBooks Desktop 系列產品中已經為我們服務了幾十年。

Putting it all together, our strategy of a vibrant One Intuit Ecosystem is gaining real momentum. We're seeing proof points with more ecosystem connections between customers and products that are creating greater value for our customers and building sources of competitive advantage for Intuit. Whether it's TurboTax driving self-employed customers for QuickBooks, it's ProConnect accountants serving TurboTax customers through SmartLook, or it's the Mint credit scores being delivered to TurboTax customers, we're unleashing the power of the many for the prosperity of one.

綜上所述，我們打造充滿活力的「一個 Intuit 生態系統」的策略正在獲得真正的發展動力。我們看到越來越多的生態系統連結在客戶和產品之間建立起來，這為我們的客戶創造了更大的價值，並為 Intuit 建立了競爭優勢。無論是 TurboTax 為 QuickBooks 的自營客戶帶來收益，或是 ProConnect 會計師透過 SmartLook 為 TurboTax 客戶提供服務，亦或是 Mint 信用評分提供給 TurboTax 客戶，我們都在釋放眾人的力量，為個人的繁榮做出貢獻。

You will hear more from us on this front in the coming months. But with that overview, I'm going to hand it over to Neil to walk you through the financial details.

未來幾個月，我們將就此方面發布更多消息。但有了上述概述，接下來我會把講解交給尼爾，讓他為大家詳細介紹財務細節。

Thanks, Brad, and good afternoon, everyone.

謝謝你，布拉德，大家下午好。

For the third quarter of fiscal 2017, we delivered revenue of $2.5 billion, up 10% year-over-year; GAAP operating income of $1.4 billion versus $1.3 billion a year ago; non-GAAP operating income of $1.5 billion versus $1.4 billion last year; GAAP diluted earnings per share of $3.70 versus $3.94 last year; and non-GAAP diluted earnings per share of $3.90, up from $3.43 last year. As a reminder, our GAAP results last year included $0.68 per share from the sale of discontinued operations.

2017 財年第三季度，我們實現營收 25 億美元，年增 10%；GAAP 營業收入 14 億美元，而去年同期為 13 億美元；非 GAAP 營業收入 15 億美元，而去年同期為 14 億美元；GAAP 稀釋後每股收益 3.70 美元，而去年同期的每股收益為 GAAP 3. 3.43 美元。提醒一下，我們去年的 GAAP 業績包括出售已終止經營業務所得的每股 0.68 美元。

Turning to the business segments. Consumer Tax revenue was up 10% in the quarter, 9% year-to-date. Our unit growth was 2% and we saw a mix shift in the higher end of our product lineup, increasing our average revenue per customer. We held share in the category this year, but we did not grow units faster than revenue. This is not consistent with our long-term principle and we're addressing it in our strategy for next year.

接下來我們來看業務區。本季消費者稅收收入成長了 10%，今年迄今成長了 9%。我們的銷售量成長了 2%，我們看到產品線高端產品的組合發生了變化，提高了每位客戶的平均收入。今年我們維持了在該品類的市佔率，但我們的銷售成長速度並未超過營收成長速度。這與我們長期的原則不符，我們將在明年的策略中解決這個問題。

We've had questions on the difference between unit and e-file growth this season so let me explain. We grew units 2% this season, but our e-file growth was flat. New Internal Revenue Service security measures this tax year mandated the only way to e-file is to enter the prior year adjusted gross income or your existing filing PIN. Many of our new customers had difficulty with this, causing them to print and mail their returns inside of e-filing. Although these returns were prepared with our software and customers paid for them, the mail returns are not included in e-file results reported by the IRS nor are they counted in our share calculations, which are based on e-file returns. We saw at least an incremental 500,000 returns this year that were paid for, but not e-filed.

本季度我們收到了一些關於單位增長和電子申報增長之間區別的問題，所以讓我來解釋一下。本季我們的銷量成長了 2%，但電子報稅量成長停滯。美國國稅局本納稅年度採取了新的安全措施，規定電子申報的唯一方法是輸入上一年度調整後的總收入或您現有的申報 PIN 碼。許多新客戶都遇到了這方面的困難，導致他們不得不在電子申報過程中列印並郵寄申報表。雖然這些申報表是用我們的軟體準備的，而且客戶也為此付費，但郵寄申報表並未計入美國國稅局報告的電子申報結果中，也沒有計入我們基於電子申報表的份額計算中。今年我們發現至少新增了 50 萬份已付費但未進行電子申報的報稅表。

ProConnect revenue was $116 million in Q3, down 8% from Q3 last year. This reflects the timing shifts from forms availability we discussed last quarter. Year-to-date, our ProConnect revenue was $327 million, a little better than our expectations and last year.

ProConnect 第三季營收為 1.16 億美元，比去年第三季下降 8%。這反映了我們上個季度討論的表格供應時間的變化。今年迄今為止，我們的 ProConnect 收入為 3.27 億美元，略高於我們的預期和去年同期水準。

Moving to Small Business. Total Small Business revenue grew 16% in the quarter. QuickBooks Online subscriber growth remained strong and we exceeded our guidance for the quarter and the full year, reaching 2,220,000 subscribers, up 59% year-over-year. TurboTax was a significant channel for QuickBooks Self-Employed in Q3, accounting for 11 points of growth. Small Business online ecosystem revenue grew 30% for the second consecutive quarter. This is at the high end of the 25% to 30% growth range we've talked about and is driven by continued growth of online accounting revenue.

轉型為小型企業。本季小型企業總收入成長了 16%。QuickBooks Online 用戶成長依然強勁，我們超越了季度和全年的預期，用戶數量達到 2,220,000，年成長 59%。在第三季度，TurboTax 是 QuickBooks Self-Employed 的一個重要管道，貢獻了 11 個百分點的成長。小型企業線上生態系統營收連續第二季成長30%。這處於我們之前討論的 25% 到 30% 成長範圍的高端，並且是由線上會計收入的持續成長所驅動的。

Our Online Payroll and payment businesses remain healthy, growing 19% and 9% this quarter, respectively. As we've told you before, a portion of each of these businesses are attached to QuickBooks Online and a portion is made up of stand-alone customers who are not connected to QuickBooks.

我們的線上薪資和支付業務依然保持健康發展，本季分別成長了 19% 和 9%。正如我們之前告訴過您的，這些企業中有一部分與 QuickBooks Online 相關聯，另一部分則是由未連接到 QuickBooks 的獨立客戶組成。

Online Payroll revenue attached to QuickBooks makes up about 45% of Online Payroll revenue. That revenue grew 35% in the quarter, with subscriber growth of 21%. In contrast, Online Payroll revenue unattached to QuickBooks grew 1%.

與 QuickBooks 相關的線上薪資收入約佔線上薪資收入的 45%。該季度營收成長了 35%，用戶成長了 21%。相比之下，與 QuickBooks 無關的線上薪資收入成長了 1%。

Online payments revenue attached to QuickBooks makes up about 60% of our online payments revenue. That revenue grew 33% in the quarter, with active payments customer growth of 47%. As we've mentioned in the past, we're not investing in acquiring stand-alone payments customers and that portion of the portfolio is declining. Revenue for these online payments customers not attached to QuickBooks fell 15%.

與 QuickBooks 相關的線上支付收入約占我們線上支付收入的 60%。該季度營收成長了 33%，活躍支付客戶成長了 47%。正如我們之前提到的，我們不再投資獲取獨立支付客戶，而且這部分業務組合正在萎縮。這些未與 QuickBooks 關聯的線上支付客戶的收入下降了 15%。

Our Small Business desktop ecosystem revenue grew 12%. About 6 points of this revenue growth is related to a SKU we introduced at retail last year. This SKU gave desktop customers a QuickBooks license and the right to access QuickBooks Online service for 1 year at no additional charge. This required us to defer a portion of the related revenue. These rights expired in Q3, resulting in recognition of this revenue.

我們的小型企業桌面生態系統收入成長了 12%。其中約 6 個百分點的營收成長與我們去年在零售通路推出的一款 SKU 有關。此 SKU 為桌面用戶提供 QuickBooks 許可證，並允許其免費存取 QuickBooks Online 服務 1 年。這導致我們需要延後一部分相關收入的確認。這些權利在第三季到期，因此確認了這部分收入。

Desktop units declined 15% year-over-year and units were 3% below last year on a year-to-date basis. For fiscal 2017, we expect QuickBooks Desktop units to decline mid-single digits and desktop ecosystem revenue to be up mid-single digits. That growth is driven by ratable revenue recognition and continued strength in our QuickBooks Enterprise business.

桌上型電腦銷量較去年同期下降 15%，年初至今銷量較去年同期下降 3%。預計 2017 財年 QuickBooks Desktop 的銷售量將出現中等個位數的下降，而桌面生態系統的營收將出現中等個位數的成長。這一成長得益於可確認的收入以及 QuickBooks Enterprise 業務的持續強勁表現。

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 growth of 15%. With approximately $1.6 billion in cash and investments on our balance sheet, our first priority is investing for customer growth. Our goal is to drive double-digit revenue growth and to grow operating income in the mid-teens.

回到我們的財務原則。我們繼續採取嚴謹的資本管理方法，將產生的現金投資於能夠帶來 15% 投資報酬率成長的機會。我們資產負債表上擁有約 16 億美元的現金和投資，我們的首要任務是投資於客戶成長。我們的目標是實現兩位數的收入成長，並將營業收入提高到十幾個百分點。

We return excess cash to shareholders via both share repurchases and dividends. We repurchased approximately $90 million of shares in the third quarter and $1.9 billion remains on our authorization.

我們將多餘的現金透過股票回購和分紅的方式回饋給股東。我們在第三季回購了約 9,000 萬美元的股票，目前我們還有 19 億美元的授權額度。

We used some of our operating cash to repay $500 million in senior notes that matured in March and $150 million on our revolver.

我們利用部分經營現金償還了 3 月到期的 5 億美元優先票據和 1.5 億美元循環信貸。

The board approved the dividend of 3 -- $0.34 per share payable on July 18, 2017.

董事會批准派發每股 0.34 美元的股息，股息日為 2017 年 7 月 18 日。

We're raising our full year QBO subscribers and total company revenue guidance and narrowing operating income and EPS to the high end of the range. We now expect total company revenue growth of 9% to 10% for the year. You can find our fiscal 2017 Q4 guidance details in our press release and on our fact sheet.

我們將全年QBO訂閱用戶數和公司總收入預期上調，並將營業收入和每股盈餘預期收窄至預期範圍的高端。我們現在預計公司全年總收入將成長9%至10%。您可以在我們的新聞稿和情況說明書中找到我們 2017 財年第四季業績指引的詳細資訊。

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

那麼，接下來就交給布萊德來結束今天的節目了。

Thank you, Neil. Q3 was another strong quarter for Intuit with a hard-fought tax season that brought some bright spots as well as opportunities to improve, but ultimately delivered at the high end of our revenue guidance for the tax business.

謝謝你，尼爾。第三季度對於 Intuit 來說又是強勁的季度，儘管經歷了艱苦的報稅季，帶來了一些亮點和改進的機會，但最終實現了我們對稅務業務收入預期的高端水平。

Small Business continues to gain momentum, with accelerating QBO subscriber growth leading to an increase in our full year subscriber outlook and online ecosystem revenue topping the high end of our 25% to 30% target range for the second consecutive quarter.

小型企業持續成長勢頭強勁，QBO 用戶成長加速，帶動全年用戶成長預期上調，線上生態系統收入連續第二季超過我們 25% 至 30% 的目標區間上限。

Collectively, we're driving strong progress with our One Intuit Ecosystem strategy, creating greater value for our customers and building new sources of competitive advantage.

我們齊心協力，透過「一個 Intuit 生態系統」策略取得了顯著進展，為客戶創造了更大的價值，並建立了新的競爭優勢來源。

So with that overview and summary, Brian, let's hand it back to you to hear what's on everybody's mind.

布萊恩，有了上述概述和總結，現在讓我們把麥克風交還給你，聽聽大家的想法。

(Operator Instructions) Our first question will come from the line of Kash Rangan with Bank of America Merrill Lynch.

（操作員說明）我們的第一個問題將來自美國銀行美林證券的 Kash Rangan 的諮詢熱線。

It looks like the additional discovery that you had for 4 million self-employed individuals that are also TurboTax customers, how near-term of an opportunity would this be to the QBO franchise as regards your ability to make this something of a bigger -- I know 2.2 million is fantastic. But at what point in time are we looking for and shooting for a 5 million type target, which all the more, given your disclosure, looks feasible given the correlation and the data that you uncovered?

看來您額外發現的 400 萬名自僱人士也是 TurboTax 的客戶，這對 QBO 特許經營權來說，在短期內會是一個多大的機會，讓您能夠將其發展壯大——我知道 220 萬已經很棒了。但是，我們究竟在什麼時候才能達到 500 萬美元的目標呢？考慮到你披露的資訊以及你發現的數據，這個目標看起來更可行。

Thank you, Kash. I love your optimism and your positive view on the business. We feel the same way about the opportunity with self-employed. We know that this is a secular trend that continues to build momentum around the globe. And we discovered in TurboTax, we do indeed have a channel with 4 million of those tax filers being self-employed and we discovered, now with the bundle, that this year was really the first full year of having it in season that we know how to optimize that conversion and get more of those customers in the funnel. So we haven't put any outlook out there yet. We'll talk more about fiscal year '18 in August. But like you, we see the real opportunity here and we think this is just the early innings of what could be a long-term growth driver for the company.

謝謝你，卡什。我欣賞你的樂觀精神和對事業的正面看法。我們對自僱人士的機會也有同樣的看法。我們知道，這是一種長期趨勢，並且正在全球範圍內持續發展壯大。我們在 TurboTax 中發現，我們確實有一個管道，其中有 400 萬納稅人是自僱人士。而且我們發現，現在有了捆綁包，今年才是真正意義上第一個完整的報稅季，我們知道如何優化轉換率，並將更多這類客戶引入銷售漏斗。所以我們目前還沒有發布任何展望報告。我們將在八月詳細討論2018財年的情況。但和你們一樣，我們看到了這裡真正的機遇，我們認為這只是公司長期成長動力的開端。

Our next question will come from the line of Michael Nemeroff with Crédit Suisse.

我們的下一個問題將來自瑞士信貸的邁克爾·內梅羅夫。

Just digging in a little bit on the tax season. A lot of your paid subscribers in the next year come from your free filers in the previous year. So I'm wondering what, if any, impact do you think the flat market share in 2017 is going to impact the 2018 tax season?

稍微了解一下報稅季的情況。明年你們的許多付費用戶都來自前一年的免費用戶。所以我想知道，您認為2017年市佔率持平會對2018年的報稅季產生什麼影響（如果有的話）？

Yes. Thanks for the question, Michael. Let me start by saying that we do believe that we left opportunity on the table. We have very clear principles to grow our customers faster than our revenue and we want to continue to take share in the category. This year, we did not do either of those. We actually did not grow our customers faster than revenue and we held share. But I would also tell you that, that doesn't mean next year's not going to be a good year for us. If you go back to 2013, that was a year where we grew our units at about 3%. We stepped back. We took the lessons. We laid out a game plan. And in 2014, we grew units 9%, 3x. And I can assure you, we've got a highly motivated team. And as Neil would say, bad batch, not a bad recipe. So we're back to the cooking table and we're ready to do it again.

是的。謝謝你的提問，麥可。首先我想說的是，我們確實認為我們錯失了一些機會。我們有著非常明確的原則，那就是讓客戶成長速度超過收入成長速度，並且我們希望繼續擴大在該領域的市場份額。今年，我們這兩項都沒做。實際上，我們的客戶成長速度並沒有超過收入成長速度，但我們仍然保持了市場份額。但我還要告訴你，這並不代表明年對我們來說不會是好年。回顧 2013 年，那一年我們的銷量成長了約 3%。我們後退了一步。我們上了課。我們制定了作戰計畫。2014 年，我們的銷量成長了 9%，成長了 3 倍。我可以向你保證，我們擁有一支積極性很高的團隊。正如尼爾會說的那樣，問題出在批次上，而不是配方上。所以我們又回到了烹飪台前，準備再次開工。

Our next question will come from the line of Walter Pritchard with Citi.

我們的下一個問題將來自花旗銀行的華特·普里查德。

Another tax question on -- on the SKU mix, is there any way you could give us a sense as to what your mix looked like of -- the Free, the Deluxe, the Premier? Any color there? Is it -- was it a mix within those categories? Or did you actually see higher prices in certain categories that helped on the revenue per filing?

關於 SKU 組合，還有一個稅務問題——您能否讓我們了解一下您的產品組合情況——免費版、豪華版、高級版？那裡有顏色嗎？它是——它是這些類別之間的混合嗎？或者您確實看到某些類別的價格上漲，從而提高了每次申報的收入？

Yes, Walter. Let me break it down a little bit. And I'll break it into a 60, 20 and 20 sort of bucketing for you. The reason why we're able to still grow revenue at the high end of the range, 9% year-to-date, while we grow unit 2%, that's primarily because of mix. 60% of that effect was the fact that we did not get as many free, free customers as we set out to do every year. And as I just mentioned in my prior response, we're going to sharpen our pencils and get back at that next year because we want to continue to grow the category and we want to continue to grow share. So by taking free, free out of the mix, that means that your average revenue per return or revenue per customer for the remainder is going to be higher. That takes me to the 20% tranche. And that 20% is we have continued to get more sophisticated in finding ways to add value to customers that they're willing to pay for. Some of those may have been prior year free customers, some of those could be existing pay customers that they see value bundles that they think are worthy of them actually paying and that's helped us increase our revenue. And then, the third bucket is the higher end of the product line, in particular TurboTax Self-Employed. With that success we just talked about QuickBooks Self-Employed, there's a real winner there and that's the most expensive or the highest priced product in our product lineup. So when you put that all together: it was fewer free, free, which we actually view as an execution opportunity; we continue to get better at creating value that customers are willing to pay for; and we're also seeing some early success at the higher end of our product line, which we think bodes well for the future.

是的，沃爾特。讓我稍微解釋一下。我會把它分成 60%、20% 和 20% 三個部分給你。我們之所以能夠維持營收在較高水準（今年迄今成長 9%），而銷量僅成長 2%，主要原因在於產品組合。其中 60% 的影響是，我們沒有像每年計劃的那樣獲得那麼多免費的客戶。正如我在先前的回覆中提到的，我們將認真研究，明年繼續推進這項工作，因為我們希望繼續發展該品類，並繼續擴大市場份額。因此，如果將免費贈品排除在外，那麼剩餘部分的平均每次退貨收入或每位客戶的收入將會更高。這就引出了20%的部分。這 20% 的提升來自於我們不斷改進方法，為客戶創造他們願意付費的價值。其中一些可能是往年的免費用戶，有些可能是現有付費用戶，他們看到了物超所值的套餐，認為值得付費，這幫助我們增加了收入。然後，第三個類別是產品線的高端產品，特別是 TurboTax 自僱版。憑藉我們剛才提到的 QuickBooks Self-Employed 的成功，它確實是一款非常成功的產品，也是我們產品線中最昂貴的產品。所以，綜合所有因素來看：免費產品減少了，我們實際上將其視為一個執行機會；我們不斷提高創造客戶願意付費的價值的能力；而且我們在高端產品線也取得了一些早期成功，我們認為這預示著美好的未來。

Got it. And then, just on -- for Neil, on the margin. So, I mean, I hear you talking about wanting to drive Small Business subscribers and you have a history of monetizing those over time, which I'd agree. But I look at your margins in Small Business from Q1 to Q2 to Q3, they actually improved -- have improved every quarter here if I look year-over-year and you're showing some nice margin expansion in Q3 in Small Business over where you were last year. Is there something anomalous there? Or is that a -- are you able to kind of do both at once?

知道了。然後，就到了——對尼爾來說，就在邊緣。所以，我的意思是，我聽你說過你想吸引小企業用戶，而且你也有透過這些用戶獲利的經驗，這一點我同意。但我查看了你們小企業業務從第一季度到第二季度再到第三季度的利潤率，實際上有所提高——如果我同比來看，每個季度都有所提高，而且你們小企業業務第三季度的利潤率比去年同期有了不錯的增長。那裡有什麼異常情況嗎？或者說——你能同時做到這兩件事嗎？

No. I think we're trying to balance, Walter, to do both at once where there are opportunities to grow and expand by investing in the product and marketing, but those have to be at a positive NPV. And so at the midpoint of our range this year, we think we'll see maybe 50 basis points of margin expansion, which I think is a really good balance between funding the growth opportunities we see in front of us, taking advantage of those and being true to our financial principles.

不。沃爾特，我認為我們正在努力平衡兩者，既要抓住投資產品和行銷來發展壯大的機會，又要確保這些投資能帶來正的淨現值。因此，我們認為今年利潤率區間的中點可能會有 50 個基點的擴張，我認為這在為我們眼前看到的成長機會提供資金、抓住這些機會以及忠於我們的財務原則之間取得了很好的平衡。

Our next question will come from the line of Jesse Hulsing with Goldman Sachs.

我們的下一個問題將來自高盛的傑西·赫爾辛。

Brad, I think you mentioned or maybe it was Neil, the razor-razorblade model for QBO. And you've used that in your Small Business segment for decades now. I'm curious, when you look at self-employed, how do you see that evolving? How do you -- where do you see opportunity to drive incremental add-ons into that self-employed base which is -- which doubled quarter-over-quarter and seems to be on pace to pretty quickly get to north of 1 million subscribers? I'm wondering what can you sell into those users that's incremental? And how do you see that business evolving?

布拉德，我想是你提過，也可能是尼爾提過，QBO 的剃刀刀片模型。而且，你們在小型企業領域已經運用這種方法幾十年了。我很好奇，您如何看待自僱人士這個群體的發展趨勢？您認為如何為這個自僱人士群體（該群體季度環比翻番，並且似乎很快就能突破 100 萬訂閱用戶）帶來更多增值服務？我想知道你能向這些用戶銷售哪些增量產品？您認為這個產業將如何發展？

Yes. Thank you, Jesse. First of all, I would say that we don't need to sell anything else to a self-employed customer for that to be a great business. There's hundreds of millions of these prospects around the world. And as we look at that opportunity and even at our current price at roughly $10 a month, so $120 a month, with the low cost to acquire those customers, that is a very good and profitable business that could be substantial for the company. So with that said, we're discovering already they have additional problems to be solved that they're willing to pay us for if we solve them well. A great example is we added invoicing functionality into self-employed, and that connects to payments. And the ability for us to have them actually send an invoice and get paid in a matter of 8 days versus 28 days is a real opportunity for us to have razorblades. Another example is the one we talked about earlier in the opening comments, which is tax returns. The ability to have them do their self-employed, separating personal from business, management throughout the year and then come tax time, press a button and have it go into TurboTax or go to one of our accountants to do a pro return, that's also another razorblade. And we'll stay focused on other opportunities down the road, but by and large, the opportunity is getting more of these units and then solving additional problems, whether it's getting paid faster with an invoice or doing a tax return, and those are the razorblades that are already emerging. And we're still on the very early innings.

是的。謝謝你，傑西。首先，我認為，即使我們不需要向自僱客戶銷售任何其他產品，這本身就是一項很棒的生意。全世界有數億這樣的潛在客戶。當我們審視這個機會，即使以我們目前每月約 10 美元的價格，也就是每月 120 美元，考慮到獲取這些客戶的成本很低，這仍然是一項非常好的、有利可圖的業務，對公司來說可能相當可觀。因此，我們已經發現他們還有其他問題需要解決，如果我們能把這些問題解決得很好，他們願意為此付費。一個很好的例子是，我們在自僱人士中增加了發票功能，並且該功能與支付功能相連。讓他們在 8 天內（而不是 28 天）發送發票並收到付款的能力，對我們來說是一個真正的機會，讓我們獲得剃須刀片。另一個例子就是我們在開場白中提到的報稅表。讓他們能夠進行自僱交易，將個人事務與商業事務分開，全年進行管理，然後在報稅時，按下一個按鈕，將信息導入 TurboTax 或交給我們的會計師進行專業報稅，這也是一大優勢。我們將繼續關注未來的其他機會，但總的來說，機會在於獲得更多此類設備，然後解決其他問題，無論是透過發票更快地收到付款還是進行納稅申報，這些都是已經出現的創新點。我們現在還處於比賽的初期階段。

Got it. And then, a quick follow-up on international, which, again, was strong and accelerated. How are you feeling about where Brazil and France are? And are you looking at launching in any other geographies with QuickBooks Online?

知道了。然後，我們快速跟進了國際市場的情況，國際市場再次表現強勁且發展迅速。你覺得巴西和法國的現況如何？你們是否考慮在其他地區推出 QuickBooks Online？

Yes. So we are proud of that momentum we're seeing. Obviously, the 3 countries that drove the bulk of that were Canada and the U.K. and Australia where we've got product market fit right coming out of the last summer and we've really been hitting the accelerator. Brazil was on track, looking good. We're feeling confident that as we head into the summer months that, that looks closer to flicking into that green light that we're looking for on product market fit. France is right on its heels and we're still in the investigator phases of how to really figure out India. The good news is there's changes in India with GST, which is basically a new tax legislation that will drive more compliance. And so our teams are really rolling up their sleeves to take advantage of that. In terms of additional countries, we're leading now with QuickBooks Self-Employed. We have found that to be the fastest, lightweight, easy to get into market and solve a problem and build a base. So I just mentioned that we introduced QuickBooks Self-Employed in Singapore in the last quarter and we are going to be introducing it in Hong Kong and South Africa soon. And then, from there, we'll talk about, in the fall, whether we see other countries that we'll take QBO to. But right now, self-employed will be the point of the sphere.

是的。因此，我們對目前所取得的這種發展動能感到自豪。顯然，推動這一成長的主要三個國家是加拿大、英國和澳大利亞，我們在去年夏天之後已經實現了產品與市場的契合，並且我們一直在加速發展。巴西隊狀態良好，看起來不錯。我們有信心，隨著夏季的到來，我們離實現產品市場契合度的目標越來越近了。法國緊隨其後，而我們仍處於探索階段，試圖真正了解印度。好消息是，印度的商品及服務稅（GST）帶來了變化，基本上是一項新的稅收立法，將促使人們更加遵守稅法。因此，我們的團隊正在全力以赴，充分利用這個機會。就新增國家而言，我們目前在 QuickBooks Self-Employed 方面處於領先地位。我們發現，這是進入市場、解決問題和建立用戶基礎的最快、最輕、最容易的方式。我剛才提到，我們在上個季度在新加坡推出了 QuickBooks Self-Employed，我們很快就會在香港和南非推出它。然後，我們將在秋季討論是否會將 QBO 推廣到其他國家。但就目前而言，自僱人士將是該領域的重點。

Our next question will come from the line of Keith Weiss with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的基思·韋斯。

This is Sanjit Singh for Keith Weiss. Just another sort of question on the tax business. If you sort of give us a sense sort of behind the scenes, as you saw the tax season progress, were there certain initiatives that you guys put in place? And if so, if we think through into next year, is this a situation where you guys have so much flexibility, given the strong franchise in tax, that you guys can sort of toggle strategies in the middle of the tax season?

這是桑吉特·辛格為基斯·韋斯所做的報導。關於稅務方面的問題又多了一道。如果您能為我們介紹幕後情況，例如在報稅季期間，您是否採取了一些具體的舉措？如果是這樣，如果我們展望明年，鑑於你們在稅務方面的強大實力，你們是否擁有很大的靈活性，可以在報稅季中途調整策略？

Yes. Behind the scenes, you might imagine, there's a lot of scenario planning and a lot of adjusting on the fly. It's a highly instrumented business. We're able to see, at any moment in time, how many people are in the product versus the same minute of the same day last year and then our teams are able to look at that and say, okay, do we need to adjust anything as we look ahead? We made adjustments throughout the season. I think we talked about a little bit of this on our last call. We had put some investment in advertising early in the season. And then, when we saw the delays to the tax filing, we had to go ahead and belly up to the bar and put a little more money into what we would typically think of as the trough, which is after the season gets started, there's a little bit of a lull before the back half procrastinators jump in. But we advertised through the trough this year because we said they're going to have to come at some point, and that paid off for us. In terms of next year, I'll say this. We don't take anything for granted. We're telling you now, we know there are things we could have done differently and better. And the neat thing about this business is we'll step back and we'll sharpen our pencils there and we'll lay out our game plan and we'll be ready for next year. And I anticipate another very competitive season next year, but I think this year demonstrates we have the ability to adjust, make the right calls and deliver the results that we're promising. So that's what we're looking forward to.

是的。你可以想像，幕後有很多方案規劃，也有很多臨場調整。這是一個高度依賴儀器的行業。我們可以隨時查看有多少人使用該產品，並與去年同一天同一分鐘的數據進行比較，然後我們的團隊可以查看這些數據，並說，好的，展望未來，我們是否需要進行任何調整？我們在整個賽季中不斷進行調整。我想我們上次通話時已經稍微談到這個問題了。我們在賽季初期投入了一些資金用於廣告宣傳。然後，當我們看到報稅延遲時，我們不得不去酒吧多喝幾杯，往我們通常認為的“低谷期”投入更多資金，也就是賽季開始後，在賽季後半段拖延者湧入之前會有一段平靜期。但我們今年在市場低迷時期也堅持做廣告，因為我們說他們遲早都會來，而這最終得到了回報。至於明年，我只想說：我們不會把任何事情視為理所當然。我們現在就告訴你們，我們知道有些事情我們可以做得更好。而這個行業最棒的地方在於，我們可以退後一步，仔細審視問題，制定計劃，為明年做好準備。我預計明年又將是一個競爭非常激烈的賽季，但我認為今年已經證明我們有能力做出調整，做出正確的決定，並取得我們承諾的成績。這就是我們所期待的。

Great. And then, one quick follow-up just on mark-to-market on the Desktop business. You guys guided that's going to be down mid-single digits. Any sort of update on whether those desktop customers are making the shift to QBO? Or is it still in line with what we've seen over the last couple of years?

偉大的。然後，再快速跟進桌面業務的市值。你們預測降幅會降到個位數中段。桌面版用戶是否正在遷移到QBO？是否有任何最新消息？或者，它仍然與我們過去幾年看到的情況一致？

Yes. It's a little bit faster, but let me give you some context. I am excited to tell you now that customers that are coming in to the QBO franchise, QuickBooks Online, if you throw in self-employed, it's now over 90% are new to the Intuit franchise. And so that is an acceleration of even getting further category expansion and people into our business for the first time. And then, if you look at the desktop, we have, through 3 quarters now, 132,000 people who've migrated from desktop to QBO. That's up about 25% year-over-year. And so we've basically done in 3 quarters what we did in 4 quarters last year, but that's not driving the bulk of this growth. 90% of these customers are new to the franchise, which is exactly what we wanted. That's driving our overall active base and it's enabling us to capitalize on the TAM.

是的。速度確實快了一點，但讓我先給你解釋一下背景。我很高興地告訴大家，現在加入 QuickBooks Online (QBO) 特許經營體系的客戶，如果算上自僱者，超過 90% 都是 Intuit 特許經營體系的新客戶。因此，這將加速我們進一步拓展產品類別，並吸引更多人首次加入我們的業務。然後，如果你看一下桌面端，到現在為止，已有 132,000 人從桌面端遷移到 QBO。與去年同期相比成長了約25%。因此，我們基本上在三個季度內完成了去年四個季度才能完成的工作，但這並不是推動成長的主要因素。這些顧客中有 90% 是新顧客，這正是我們所希望的。這推動了我們整體活躍用戶群的成長，也使我們能夠充分利用TAM（潛在市場規模）。

Our next question will come from the line of Kartik Mehta with Northcoast Research.

我們的下一個問題將來自 Northcoast Research 的 Kartik Mehta。

Brad, I wanted to get your perspective a little bit on the tax business. If you look this year, there wasn't as much growth in the DIY category. And I'm wondering if, going forward, you anticipate any changes or if you think this was an anomaly?

布拉德，我想聽聽你對稅務業的看法。如果觀察今年的數據，DIY類別的成長並不明顯。我想知道，展望未來，您是否預期會有任何變化，或者您認為這只是一個異常現象？

Yes, Kartik. I would say, first of all, we take the responsibility, as the champion of the do-it-yourself category, to grow the category. We have a 65 share. And I believe, this year, a combination of things. There was a little bit of funkiness in the overall tax season that everyone's still seeking to explain and no one yet has answers, including the IRS. So we'll have to sort through that. And then, this year, we definitely leaned our advertising and marketing more into the transform-assisted strategy, which is showing people they would never be alone. And with SmartLook, you would have the access to an expert. And that certainly played out well for what we wanted to do, but I'm not sure that, that succeeded in helping us expand the DIY category at large. And so we'll step back and take responsibility of what can we do to continue to accelerate that growth. What we do know is we've got secular tailwinds. And the secular tailwinds are showing that DIY is still growing faster than the assisted methods and we just have to find ways to continue to accelerate that secular trend. And we will do that as we look to next year.

是的，卡爾蒂克。首先，身為DIY領域的領導者，我們有責任發展壯大這個領域。我們持有65%的股份。我相信，今年是多種因素共同作用的結果。今年的報稅季出現了一些奇怪的現象，大家仍在試圖解釋，但包括美國國稅局在內，沒有人能給出答案。所以我們需要好好梳理一下。今年，我們更重視廣告和行銷，致力於幫助人們轉變，讓他們知道自己永遠不會孤單。有了 SmartLook，您就可以獲得專家的協助。這當然對我們想要做的事情很有幫助，但我不太確定這是否成功地幫助我們擴大了 DIY 類別。因此，我們將退後一步，承擔起責任，思考我們能做些什麼來繼續加速這一成長。我們確切知道的是，我們擁有長期發展的有利因素。長期來看，DIY 的成長速度仍然比輔助方法更快，我們只需要找到方法來繼續加速這一長期趨勢。展望明年，我們將繼續這樣做。

And then finally, Brad, this year, we saw some aggressive competition on the DIY side from a product standpoint and what people were willing -- companies were willing to offer. Now how do you see this changing the landscape of the industry over the next couple of years?

最後，布拉德，今年我們看到 DIY 領域在產品方面出現了激烈的競爭，人們願意——公司願意提供——各種各樣的產品。那麼，您認為這將如何改變未來幾年產業的格局？

Yes, Kartik, I think it will actually tie to your prior question. This is good news for the category. As you know, we've had lots of very good competition across many of our franchises over the years, and every time a new competitor comes in, especially one that is well funded and they're aggressive in advertising and in pricing, that tends to accelerate the category growth because it gets more people in other methods to raise their head and get out of spreadsheets or come out of stores and say, wow, there might be a better way to do this. So I believe you saw the early days of what hopefully is going to be a continuing advertising and marketing message that says there is a much better way to get your taxes done. And if we didn't do what we know we have to do, have the best product and have the cleanest value prop, I think that's going to be good news for the category and good news for us. So I anticipate a continuation of this year's ultra-aggressive competition, and I think that's a good thing for consumers and I think it's a good thing for the category.

是的，卡爾蒂克，我認為這實際上與你之前的問題有關。這對這個類別來說是個好消息。如你所知，多年來，我們的許多加盟店都面臨著激烈的競爭，每當有新的競爭對手出現，尤其是資金雄厚、廣告和定價策略激進的競爭對手，這往往會加速品類的增長，因為這會促使更多人從其他渠道抬起頭來，走出電子表格或商店，然後說，哇，也許有更好的方法來做這件事。所以我相信你們看到的，是我們希望能夠持續進行的廣告和行銷訊息的早期階段，這些訊息旨在告訴大家，有一種更好的報稅方式。如果我們沒有做到我們必須做的事情——擁有最好的產品和最清晰的價值主張，我認為這對這個行業來說是個好消息，對我們來說也是個好消息。所以我預計今年的競爭將會非常激烈，我認為這對消費者來說是件好事，對整個品類來說也是件好事。

Our next question will come from the line of Raimo Lenschow with Barclays.

我們的下一個問題將來自巴克萊銀行的雷莫·倫肖。

2 quick questions. First of all, Brad, a couple of years ago, when we talked about QuickBooks Online as a QuickBooks full category, we always said there's a big, wide greenfield opportunity. 40% of guys are still doing it in Excel, et cetera, et cetera. And I'm going back quite a few years now. How do you think, if you look at the self-employed category, are those the guys that kind of you were talking about back then? Or is this kind of like because of the change in the economy, like a whole new growing kind of wave that is coming our way? That's the first question. And then one for Neil quickly. Any update on 606, with that coming obviously soon at some point?

兩個簡短的問題。首先，布拉德，幾年前，當我們把 QuickBooks Online 作為 QuickBooks 的一個完整類別來討論時，我們總是說這是一個巨大的、廣闊的全新市場機會。40% 的男性仍在使用 Excel 等軟體進行工作。我現在要追溯到好幾年前了。你覺得，如果把目光放在自僱者這個群體上，他們是不是就是你當時談論的那類人？或者，這是因為經濟變化，就像一股全新的成長浪潮正向我們襲來？這是第一個問題。然後迅速給尼爾也來一個。關於606號伺服器，有什麼最新消息嗎？顯然它很快就會發布了。

Yes. Thanks, Raimo. We'll divide and conquer on this. So let me start with the first one on the number of small businesses that are still not in the accounting software category. They're using spreadsheets, shoeboxes, ink pens and checks, and that number is still, believe it or not, 42%. And it is equal -- not only those that are self-employed, but those that clearly could be in QuickBooks Online. In fact, in the U.S., the number of people who are ripe for QuickBooks Online are about 20 million, and we have 1.8 million of them today. So there's a huge opportunity for us to show that there's a better way and that's why we're starting to lean in with more advertising and more category awareness in addition to working with accountants. So still a lot of greenfield, and that represents itself not only in the U.S., but all the countries we're going to around the globe. Let me hand it over to Neil to talk about 606.

是的。謝謝你，雷莫。我們將分而治之。那麼，讓我先從第一個問題說起，那就是目前還有多少小型企業尚未採用會計軟體。他們還在使用電子表格、鞋盒、鋼筆和支票，但不管你信不信，這個數字仍然是 42%。而且，這不僅適用於自僱者，也適用於那些顯然可以使用 QuickBooks Online 的人。事實上，在美國，大約有 2,000 萬人適合使用 QuickBooks Online，而我們目前已經擁有其中的 180 萬人。因此，我們有一個巨大的機會來證明有更好的方法，這就是為什麼除了與會計師合作之外，我們開始加大廣告投入，提高品類認知度的原因。所以還有很多未開發的領域，這不僅在美國如此，在我們即將前往的全球所有國家也是如此。讓我把麥克風交給尼爾，讓他來談談606號公路。

Sure, Raimo. We've been working on this for quite some time. But for us, 606 won't be applicable until our fiscal year 2019. And based on what we've seen so far in our analysis, there's really not incentive for us to adopt early. We can't really say, at this point, what the impact will be on our financial results because we haven't completed the analysis and work with our external accounting firm. But you can just remember that the desktop products we have are declining as a percentage of our total revenue, and the percentage of those desktop products that involve a long-term contract or long-term commitment is even smaller than that. So we'll keep you posted, but just remember, for us, it's probably a fiscal year 2019 issue and we'll keep you updated as we move along.

當然，雷莫。我們為此已經努力了相當長一段時間。但對我們來說，606 條款要到 2019 財政年度才會適用。根據我們目前的分析，我們並沒有動力去儘早採用。目前我們還無法確切地說這將對我們的財務表現產生什麼影響，因為我們還沒有完成分析，也沒有與外部會計師事務所合作。但你要記住，我們桌面產品的收入佔總收入的比例正在下降，而涉及長期合約或長期承諾的桌面產品收入佔比甚至更低。我們會隨時向您報告最新進展，但請記住，對我們來說，這可能是 2019 財年的問題，我們會隨著事態發展及時向您更新資訊。

Our next question will come from Ross MacMillan with RBC Capital Markets.

下一個問題將來自加拿大皇家銀行資本市場的羅斯·麥克米倫。

I had 2 questions, Brad. First, on tax, was there any price mix benefit this year from your traditional raising of prices as you move through the season? I wondered if that happened any earlier this season and whether that was a contributor to the price mix. And related to that, I wondered if there was any comment on non kind of core revenues, such as audit insurance or fraud protection fees or other avenues of revenue generation that you might be starting to see. And then I have a quick follow-up.

布拉德，我有兩個問題。首先，關於稅收，今年隨著季節更迭，你們傳統的漲價方式是否帶來了價格組合的好處？我想知道本賽季早些時候是否發生過這種情況，以及這是否對價格構成影響。與此相關的是，我想知道您是否對非核心收入有任何評論，例如審計保險費或詐欺保護費，或您可能開始看到的其他創收途徑。然後我還有一個簡短的後續問題。

Okay. Thanks, Ross. The answer to your first question is no. We really did not have any material changes in pricing or even the timing of pricing that would have affected the results the way that we're talking about here. In terms of the noncore revenue, I think is the question, we have created value bundles and we marketed those this year, bundles that include, we call them, [Flots], and other kinds of bundles that had things like fraud, audit defense and the ability to make sure that if anything happened, we had the ability for you to go in and keep an eye on your credit card and your credit reports. Those value-added bundles, they were ways that we were able to basically continue to help customers see value and pay for it. But there wasn't anything that jumped out that was meaningfully different than any prior year trends, to be honest with you. You said you had another question after that?

好的。謝謝你，羅斯。你的第一個問題的答案是否定的。我們實際上並沒有在定價或定價時間方面進行任何實質的變化，從而對結果產生我們這裡所說的這種影響。就非核心收入而言，我認為關鍵在於，我們創建了價值套餐，並在今年進行了推廣，這些套餐包括我們稱之為 [Flots] 的套餐，以及其他類型的套餐，其中包含欺詐、審計辯護等功能，並確保如果發生任何事情，我們都能讓您隨時查看您的信用卡和信用報告。這些增值套餐，是我們能夠繼續幫助客戶看到價值並為此付費的方式。但說實話，並沒有什麼特別突出的地方，與往年的趨勢相比並沒有什麼實質的差異。你說之後你還有另一個問題？

Just one for Neil or maybe Jerry. Just a clarification that when we look at the QuickBooks Online subscribers and we look at 360,000 self-employed, 433,000 international, are those mutually exclusive? Or is some of the international include self-employed, and if so, do you have a sense of how much?

就給尼爾或傑瑞一杯吧。需要澄清的是，當我們查看 QuickBooks Online 的訂閱用戶時，我們發現其中有 36 萬名自僱者，43.3 萬名國際用戶，這兩者是否互斥？或者，國際企業中是否包括個體經營者？如果包括，您知道大概有多少嗎？

Yes, Ross, some of those international subs do include QuickBooks Self-Employed. We've had self-employed out there in the U.K. and in Australia now and in Canada, that we've just launched, as Brad said, a minute ago. We haven't broken out that specific number for QuickBooks Self-Employed within the 433,000 international. It's a pretty small fraction at this point, yes.

是的，羅斯，其中一些國際子版本確實包含 QuickBooks Self-Employed。正如布拉德剛才所說，我們在英國、澳洲和加拿大都推出了自僱人士服務，而加拿大的自僱人士服務我們剛剛推出。在 433,000 名國際用戶中，我們還沒有單獨列出 QuickBooks Self-Employed 的具體用戶數量。是的，目前這部分比例還很小。

Our next question will come from the line of Scott Schneeberger with Oppenheimer.

我們的下一個問題將來自斯科特·施內伯格和奧本海默的連線。

Brad, could you comment? We haven't heard a lot about fraud this year. And obviously, the -- some of the late start to the year was probably related to some IRS changes, and I know you're not going to share your strategies for next year at this juncture. But what are you hearing and seeing out of the IRS for how the tax season may start next year? And then again, circling back to that fraud discussion and what you saw year-over-year, just as an industry perspective.

布拉德，你能否發表一下看法？今年我們很少聽到有關詐騙的報道。顯然，今年開局較晚可能與美國國稅局的一些變化有關，我知道你現在不會透露明年的策略。但你從美國國稅局那裡聽到和看到什麼關於明年報稅季如何開始的消息？然後，我們再回到之前關於詐欺的討論，以及你從產業角度看到的逐年變化。

Yes, Scott, I would say what we saw was incredibly encouraging. The industry once again locked arms, not only the do-it-yourself industry, the professional tax preparers and the banking industry as well as the IRS at the federal and in the state level too. And I think we all feel like we continue to push the ball forward in terms of getting the bad guys out of the system. We won't know the dimensions of how much we were able to do until the IRS comes out and reports that out in late summer, early fall. But every one of us collectively believe that we continue to advance the cause, and we're going to stay at this. It's going to be a multiyear ongoing effort until we get every cybercriminal out of the system that we can. So that's sort of bucket 1. Now what are the impacts to next year? There are a lot of things this season that everyone's still processing, things that we ended up requiring tax filers to do. Next year, we hope to be able to do with less friction, and one of them was the one that Neil mentioned in his opening comments, which is in an effort to try to ensure we got cybercriminals out, if you did not know your prior year adjusted gross income or you didn't know your tax filing PIN, then you were able to process your return using our software, but then you had to print it out and mail it. You could not e-file it without those 2 pieces of information. And that ended up, in our case, with about 0.5 million people who were able to do their taxes in TurboTax but had to put it in an envelope and send it into the IRS. So I think next year, industry and the IRS and the states will say that's the experience we want to continue or is there something we can do that's just as equally protective but less friction for the taxpayer. But right now, it's too early to know what those are. We'll work those over the summer and talk to you about them in the fall when we do our Investor Day.

是的，斯科特，我認為我們所看到的令人非常鼓舞。整個產業再次團結起來，不僅包括自助報稅業、專業報稅人員和銀行業，還包括聯邦和州級的國稅局。我認為我們都覺得，在將壞人從系統中清除出去方面，我們一直在繼續前進。我們只有在國稅局於夏末秋初公佈報告後，才能知道我們究竟做了多少工作。但我們每個人都一致認為，我們將繼續推進這項事業，我們將繼續堅持下去。這將是一項持續多年的努力，直到我們把所有能抓到的網路犯罪者都清除出系統。這是第一類情況。那麼，對明年會有什麼影響呢？本季有很多事情大家仍在消化，有些事情我們最後要求報稅者去做。明年，我們希望能夠減少摩擦，其中一項就是尼爾在開場白中提到的那項，那就是為了確保我們能夠清除網路犯罪分子。如果您不知道上一年的調整後總收入或不知道您的報稅 PIN 碼，那麼您仍然可以使用我們的軟體處理您的報稅表，但之後您必須將其列印出來並郵寄出去。如果沒有這兩項信息，您將無法進行電子申報。最終，在我們這裡，大約有 50 萬人可以使用 TurboTax 報稅，但必須將報稅表裝進信封寄給美國國稅局。所以我認為明年，業界、國稅局和各州將會表示，我們是否希望繼續這種做法，或者我們是否可以採取一些同樣具有保護作用但對納稅人摩擦更小的措施。但現在判斷這些是什麼還為時過早。我們將在夏季處理這些問題，並在秋季的投資者日上與大家討論。

All right. And then just following up, Neil, and you may have already covered it in your discussion of return of capital, but year-to-date, a little bit lighter than would have been expected, I think, on share repurchases. I realize there were some debt reduction going on in this recent quarter. But is there any -- yes, well, thoughts to share count for the full year, any change to that outlook or any catch-up anticipated back to prior year levels? And you may not want to address this year because it's near term, but how should we think about share repurchase going out on a run rate a few years out?

好的。尼爾，我再補充一點，你可能已經在討論資本回報時提到過了，但就今年迄今為止的股票回購而言，我認為比預期要少一些。我注意到最近一個季度公司進行了一些債務削減。但是，對於全年情況，是否有任何——是的，嗯，有一些想法可以分享，這種展望是否有任何變化，或者是否預期會恢復到上一年的水平？您可能不想討論今年的情況，因為時間緊迫，但我們應該如何看待幾年後按計劃進行的股票回購？

Yes, Scott, I would tell you that I think Q3 is a bit of an anomaly. As you mentioned, we did have those senior notes that were due in March. And so we had some cash we allocated to debt reduction. And frankly, the matrix we had in our 10b5 also was a little more conservative at higher stock prices. So we didn't buy as many shares at some of the higher price points at times, during the quarter, when we had to be out in the market for other reasons. So our stock repurchase plan has worked really great for us, and so I would view Q3 being more of an anomaly than a trend going forward.

是的，斯科特，我認為第三季度有點反常。正如您所提到的，我們確實有一些畢業論文需要在三月提交。因此，我們撥出了一些現金用於償還債務。坦白說，我們在 10b5 的矩陣在高股價時也更加保守一些。因此，在本季某些較高價位，當我們因其他原因不得不退出市場時，我們並沒有買那麼多股票。因此，我們的股票回購計畫對我們來說非常有效，所以我認為第三季的情況更像是一個異常現象，而不是未來的趨勢。

Our next question will come from the line of Kirk Materne with Evercore ISI.

我們的下一個問題將來自柯克·馬特恩 (Kirk Materne) 和 Evercore ISI 公司。

Brad, I think in your prepared comments, you mentioned that there was about an 11% contribution from TurboTax on the QBO business. And I was wondering if you could just sort of comment on was that about as expected? Was it better than you thought? I'm just trying to get a sense on you guys obviously were expecting some contribution from TurboTax to QBO. Did that outperform and I guess was there any specific reason why when you look back at the strength in the quarter in QBO subs?

Brad，我想你在事先準備好的評論中提到，TurboTax 對 QBO 業務的貢獻約為 11%。我想問您，這是否符合預期？比你想像的好嗎？我只是想了解你們的想法，顯然我們都希望TurboTax能為QBO做出一些貢獻。這個表現是否優於預期？如果是的話，回顧QBO訂閱用戶在本季的強勁表現，有沒有什麼具體原因可以解釋這種現象？

Yes. Thanks, Kirk. So you're referring to the 11 points of QuickBooks Online growth that we got from TurboTax Self-Employed, sending customers over. That was healthy. We had aspirations that we thought would be very positive. I've got to tell you that we were delighted and surprised that we saw the strength in the TurboTax channel feeding QuickBooks Self-Employed, which gives us even more reason to lean in more aggressively next year. And so I would say that we did not have 11 points modeled in, at the same time, we'll take it and we're going to say how do we blow on that ember and turn it into a raging fire as we look at next year.

是的。謝謝你，柯克。所以你指的是我們從 TurboTax Self-Employed 帶來的 QuickBooks Online 11 個百分點的成長，也就是客戶轉移到 QuickBooks Online 所實現的成長。那很健康。我們曾經懷抱著一些美好的願望，我們認為這些願望會得到非常正面的成果。我必須告訴你們，我們很高興地看到 TurboTax 頻道為 QuickBooks Self-Employed 帶來了強勁的成長勢頭，這讓我們更有理由在明年更加積極地投入其中。所以我想說，雖然我們沒有把這 11 個點納入模型，但同時，我們會接受它，並且我們會思考如何讓這顆火星變成熊熊烈火，展望明年。

And if I could ask just one quick follow-up. I assume, when you're getting benefits from the TurboTax channel, that tends to be more disproportionate in the U.S. -- on the U.S. QBO business than on the international, just based on sort of where your channel space is right now. Is that fair?

我可否再問一個後續問題？我猜想，當你從 TurboTax 管道獲得好處時，這種好處在美國往往更加不成比例——尤其是在美國 QBO 業務方面，而不是在國際業務方面，這僅僅是基於你目前的通路空間所處的位置。這樣公平嗎？

It is. We have TurboTax in the U.S. and Canada. So we'll have the ability to pass into that channel that way. But we're also working with QuickBooks Self-Employed in all the other countries to say it doesn't have to go to an Intuit tax product, they can feed in accountants. And as a result, accountants will recommend QuickBooks Self-Employed to get more tax customers. So think about this being a strategy that works everywhere. It just may not go into TurboTax like it does in the U.S. and Canada.

這是。美國和加拿大都有TurboTax報稅軟體。這樣我們就可以透過這種方式進入那個頻道。但我們也正在與其他國家的 QuickBooks Self-Employed 合作，告訴大家不必使用 Intuit 的稅務產品，他們可以接入會計師。因此，會計師會推薦 QuickBooks Self-Employed 來獲得更多稅務客戶。所以，不妨把這當作是一種在任何地方都適用的策略。它可能不會像在美國和加拿大那樣導入到TurboTax。

Our next question will come from the line of Jim MacDonald with First Analysis.

我們的下一個問題將來自 First Analysis 的 Jim MacDonald。

Just following up on Scott's question on fraud. Do you think that affected the unit growth in the market as a whole and maybe will affect unit growth in future years?

我只是想就 Scott 關於詐欺的問題做個後續說明。您認為這是否影響了整個市場的銷售成長，以及未來幾年是否會影響銷售成長？

Jim, I really wish I knew the explanation on the unit growth at the IRS level. We can go back to 2013, where the industry really lined up and everyone got aggressive and we were all trying to get security beefed up and kind of get cybercriminals out. And in 2014, we actually saw the IRS return to grow over 1%. So even though we took a big bite at the apple then, it didn't slow down total tax returns. Now we continue to get better and better each year. So I really can't tell you, and we are trying to hesitate to put out other hypotheses because I probably heard a half a dozen myself just having conversations. I think we'll have to wait and see what the IRS comes out with, and then we'll be able to compare their data with ours and we will be as transparent as possible at Investor Day of what we think ultimately led to this very unusual tax filing season with the IRS.

吉姆，我真希望我能知道美國國稅局層級關於單位成長的解釋。我們可以回顧 2013 年，當時整個產業真正團結起來，每個人都變得積極主動，我們都在努力加強安全，把網路犯罪分子趕出去。2014 年，我們看到美國國稅局的成長率實際上超過了 1%。所以，即使我們當時大肆揮霍，也沒有減緩整體的稅務申報速度。現在我們每年都在不斷進步。所以我真的無法告訴你，我們也盡量避免提出其他假設，因為我自己在交談中可能就聽到了五、六種不同的假設。我認為我們必須等待美國國稅局公佈結果，然後我們才能將他們的數據與我們的數據進行比較，並在投資者日上盡可能透明地說明我們認為最終導致今年與美國國稅局出現如此不尋常的報稅季的原因。

Okay. Great. And just a quick follow-up. You haven't given a number, but is it proper math to say if you grew TurboTax units -- or revenue 9% and units 2%, that the price mix impact was 7%? Or is that incorrect math?

好的。偉大的。還有一個後續問題。您沒有給出具體數字，但是如果 TurboTax 的銷量成長了 9%（營收成長了 9%），銷量成長了 2%，那麼價格組合的影響是否為 7%？這種說法是否符合數學法則？或者說，我的計算有誤？

You know what, that math works for me. Coming from where I come from, that's exactly the way we calculated it too.

你知道嗎，這套數學方法對我來說很有效。就我所知，我們也是這麼計算的。

Okay. Just trying to figure out if units had a bigger impact in some way, shape or form.

好的。我只是想弄清楚單位是否在某些方面產生了更大的影響。

No, you actually got it. We looked at it. We actually broke it down and looked at the revenue per return, and it's roughly 7% as well. And it was driven by that 60-20-20 mix I mentioned a little while ago.

不，你其實答對了。我們看過了。我們實際上將其細分並查看了每次回報的收入，結果也約為 7%。而這正是由我剛才提到的 60-20-20 比例所驅動的。

Our next question will come from the line of Michael Millman with Millman Research Associates.

下一個問題將來自 Millman Research Associates 的 Michael Millman。

Well, just quickly following up on your -- on the last question. To what extent did the 500,000 returns that didn't get counted as do-it-yourself get counted however in tax, in your tax revenue? And then I have several more.

好的，我只是想快速跟進你上一個問題。那麼，那 50 萬份未被計入「自行申報」的報稅單，在多大程度上被計入了稅收，計入了你們的稅收收入呢？然後我還有好幾個。

Yes, Michael. So let me take this one then, and then we'll get back to your other ones. That 500,000, they ended up processing using our product and paying us. So that's in that revenue per return. But then when they showed up at the IRS, the IRS counted them as paper because they showed up in an envelope and not coming through an e-file. So if you had to throw those 500,000 back into the mix, which is why you heard Neil say those don't show up in the IRS category growth numbers and they don't show up in our share count because we always compare our stuff against the IRS. But there's 500,000 that we did get paid for, so that shows up in our revenue, but it doesn't necessarily show up when the IRS prints its numbers and says, whoa, paper grew for the first time in a few years. Well, that was because people processed with software and then had to mail it in because they didn't know their PIN.

是的，邁克爾。那我就先回答這個問題，之後我們再來回答你的其他問題。那50萬​​最終他們用我們的產品完成了交易，並支付了我們費用。所以這就是每回報收益的一部分。但當這些文件送到美國國稅局時，國稅局卻將它們視為紙本文件，因為它們是用信封寄來的，而不是透過電子文件提交的。所以，如果你必須把這 50 萬重新算進去，這就是為什麼你聽到尼爾說這些數字不會出現在 IRS 類別的增長數字中，也不會出現在我們的股份數量中，因為我們總是將我們的數據與 IRS 進行比較。但是，我們已經收到了 50 萬美元的款項，這筆款項計入了我們的收入，但這筆款項不一定會在美國國稅局公佈數據時顯示出來，國稅局可能會說：“哇，紙張用量幾年來首次增長了。”那是因為人們使用軟體處理訊息，然後因為不知道自己的PIN碼而不得不郵寄出去。

Okay. So it would suggest that the 7% that you just talked about, increase in price, really, that doesn't particularly jive with what you just said about increased number of returns...

好的。所以，這似乎表明，你剛才提到的7%的價格上漲，實際上與你剛才說的退貨數量增加並不完全吻合…

I'm sorry, yes. We're not tracking the same way. Go ahead, Neil.

對不起，是的。我們的追蹤方式不同。請繼續，尼爾。

The 500,000, Michael, are in our unit number that we disclosed that we said was up 2%.

邁克爾，這 50 萬指的是我們之前披露的那個增加了 2% 的單位數。

Oh, so they are in your numbers.

哦，原來它們也在你的隊伍裡。

They're in our unit numbers, yes.

是的，它們包含在我們的單元編號中。

Yes, we're talking 2 different things here, Michael. I'm sorry. We're talking units, which we said were up 2%. E-files, which are ultimately the IRS when you receive those and then they count those as were those paper or software, that's where the numbers get a little bit out of sorts. But our numbers are 2% unit growth, 9% year-to-date revenue growth, and the average revenue per unit went up about 7% and that was the math that Jim was just asking about a few minutes ago as well.

是的，邁克爾，我們說的是兩件不同的事。對不起。我們說的是銷量，我們說過銷量成長了 2%。電子申報最終由美國國稅局 (IRS) 接收，然後他們會將這些申報與紙本申報或軟體申報進行統計，這就是數字出現偏差的原因。但我們的數據顯示，銷量成長了 2%，年初至今的營收成長了 9%，每單位平均收入成長了約 7%，這和吉姆幾分鐘前問的也是同樣的數據。

Okay. So it does seem, when you look at your numbers down from up 15% to 2%, the IRS 5 7 down to kind of 0.2, that it was a bigger -- you had a bigger effect than the IRS and that kind of leads to sort of the next question, is that you indicated that you were affected at the low end or the free end. And so I kind of wonder, to what extent that was blocked doing many more free but also increasing what free covered, which would seem to hurt your potential complexity. I was kind of also interested in the effect of [Comer], which a lot of people talked about, but maybe you can give us some numbers on it. And then the other side of the coin is TaxACT going the other way. And we see that as having some impact on the industry.

好的。所以，當你看到你的數字從上升 15% 下降到 2%，而 IRS 從 5 7 下降到 0.2 左右時，似乎你的影響更大——你的影響比 IRS 更大，這就引出了下一個問題，你表示你受到的影響是低端還是自由端。所以我很好奇，這在多大程度上阻礙了更多免費服務的發展，同時也阻礙了免費服務覆蓋範圍的擴大，這似乎會損害其潛在的複雜性。我對 [科默] 的影響也挺感興趣的，很多人都在談論它，也許你能給我們一些數據。另一方面，TaxACT 的發展方向卻截然相反。我們認為這會對產業產生一定影響。

Okay, Michael. So let me try to parse that, and I'll say that I think it was the collective competitive environment with all the names that you mentioned, including us, that led to a little more of an even distribution of who got the free, free customers. And over the last several years, we were out there pretty much alone with the Absolute Zero program. And this year, everyone dove in and decided they wanted a piece of that pie. Now it happened to coincide with the fact that after 3 years of that being our main message, we chose to pivot our broadcast, our TV advertising to more SmartLook, which was the assisted -- transform assisted. So we sort of went dark in terms of broadcast media. On the free message, we still had that in digital. And they all came out with TV ads. And so I think that's why we allowed ourselves to kind of let some of this free, free customers go elsewhere. And suffice it to say, regardless of whether it was the competitors you named or others, we don't plan to play the game the same way next year.

好的，麥可。讓我試著分析一下，我認為正是你提到的所有公司（包括我們）之間的競爭環境，才使得免費客戶的分配更加平衡。在過去的幾年裡，我們幾乎是獨自一人開展「絕對零度」計畫。今年，每個人都蜂擁而至，都想分一杯羹。現在，恰好與以下事實相吻合：在 3 年來我們一直以此為主要訊息之後，我們決定將我們的廣播、電視廣告轉向更聰明的外觀，也就是輔助轉型輔助。所以，我們在廣播媒體方面基本上已經消失了。關於免費信息，我們仍然透過數位管道提供。他們都投放了電視廣告。所以我覺得這就是為什麼我們允許一些免費的客戶流失到其他地方的原因。總之，無論是你提到的那些競爭對手還是其他競爭對手，我們明年都不打算以同樣的方式參與競爭。

Our next question will come from the line of Patrick Colville with Arete Research.

我們的下一個問題將來自 Arete Research 的 Patrick Colville。

Can you help me understand the acceleration in self-employed? So I mean, judging by the other questions asked in the call, it's clear that was just an inflection in growth in the U.S. So what was the cause of that inflection?

您能幫我理解一下自僱人士就業成長加速的原因嗎？所以我的意思是，從電話會議中提出的其他問題來看，很明顯，這只是美國經濟成長的轉捩點。那麼，造成這種轉捩點的原因是什麼呢？

Yes, so, Patrick, it's a combination of things. First of all, there's just a secular trend of the gig economy. It's now estimated to be about 34% of the workforce and expected to be 43% by the year 2020. And these individuals have complexity to have to separate their personal and business expense, and then in the case of the United States, they have to follow Schedule C. And so ultimately, when you put that together, you say there's a lot more of them. We've been signing partnerships with Uber, Lyft, TaskRabbit, DoorDash, you name it, we've got all kinds of partnerships out there. And we've been working aggressively with the accountant channel because for the accountants, these are some of the hardest customers to serve because they don't have their steps sorted out, they come in at tax time, and it's really laborious for the accountant to get the stuff all separated. So the accountants and the partnerships have been driving it. Then the second thing is we have 60 million people who come to QuickBooks Online and QuickBooks.com every year. That is a huge funnel. And now by introducing this as one of the product lineup SKUs, we're able to capitalize on our own web traffic and convert those into customers. The last piece I would say is 2 parts. One is new channels. One was TurboTax.com, which added 160,000 QuickBooks Self-Employed units in the last quarter; and the other was new geographies, where we just introduced it in Singapore and we'll be opening up to other countries as well. So I'll put a bow around it and say, secular trends, we have channels with accountants and our own web marketing and partnerships like with Uber that are growing the core business. You add to that the opportunity to go with TurboTax as a channel and then open new geographies, and we think self-employed has a lot of opportunity for growth as we look ahead.

是的，派崔克，這是多種因素共同作用的結果。首先，零工經濟本身就是長期趨勢。目前估計約佔勞動力的 34%，預計到 2020 年將達到 43%。這些人需要區分個人開支和企業開支，這很複雜；而且，就美國而言，他們還必須遵守附表 C。所以最終，當你把這些因素綜合起來，你會發現這類情況要多得多。我們已經與 Uber、Lyft、TaskRabbit、DoorDash 等眾多公司簽署了合作協議，可以說，我們與各種各樣的公司都有合作關係。我們一直在積極與會計師管道合作，因為對於會計師來說，這些客戶是最難服務的，因為他們沒有理清流程，在報稅季才來找我們，會計師要把所有東西都整理好真的非常費力。所以，會計師和合夥企業一直在推動這件事。其次，每年有 6,000 萬人造訪 QuickBooks Online 和 QuickBooks.com。那真是個龐大的漏斗。現在，透過將此產品作為產品線 SKU 之一推出，我們能夠利用我們自己的網站流量，並將這些流量轉化為客戶。最後我想說的是，這部分分成兩個部分。一是新通路。一個是 TurboTax.com，上個季度新增了 16 萬套 QuickBooks Self-Employed 設備；另一個是新的地理區域，我們剛剛在新加坡推出了這項服務，未來也將拓展到其他國家。所以，我最後總結一下，從長期趨勢來看，我們擁有與會計師的管道、我們自己的網路行銷以及與 Uber 等公司的合作關係，這些都在促進核心業務的成長。此外，還可以選擇 TurboTax 作為銷售管道，開拓新的市場，我們認為，展望未來，自營商擁有巨大的成長潛力。

Got it. Got it. And can I just quickly follow up? So do you think this, the self-employed, is expanding the category? Or is there some small amount of cannibalization at the low end of kind of the desktop products?

知道了。知道了。可以簡單跟進一下嗎？所以你認為自僱人士是否擴大了這個類別？或者說，低階桌面產品是否存在少量的市場蠶食現象？

I am so happy you asked that question. I have been dying to share this data. I had truly been waiting. I was even going to add it to my closing comments if no one asked. So over the last several quarters, actually, the last couple of years, we've been talking about what percent of customers are new to the franchise coming into QuickBooks and then what percent of new customers are choosing an online version versus desktop. We used to say 80% of all the customers coming into QBO were new to the franchise. Well, now with self-employed, it moved above 90%. The other thing is, now when you have a customer going to our website and saying, do I want the desktop version or online, we now have over 80% of them choosing an online version of the product, whether it's self-employed or QBO. That was 70% just a quarter ago and it was just in the 60s 12 months ago. So this is expanding the category. And what's that mean? If you count the number of customers who bought one of our products and paid for it in the last 12 months, that total paying customer base is up 40%, and that's up from 34% just 90 days ago. So it is expanding the category with some pretty exciting opportunities ahead of us.

很高興你問了這個問題。我一直很想分享這些數據。我真的一直在等待。即使沒人問，我甚至打算把它加到我的結束語裡。因此，在過去的幾個季度，實際上是過去幾年裡，我們一直在討論有多少百分比的新客戶加入了 QuickBooks，以及有多少百分比的新客戶選擇線上版本而不是桌面版本。我們過去常說，來QBO購物的顧客中有80%都是新顧客。現在，自僱人士的比例已經超過了 90%。另外，現在當客戶造訪我們的網站並詢問「我想要桌面版還是線上版」時，超過 80% 的客戶會選擇產品的線上版本，無論是自僱人士還是 QBO 用戶。就在三個月前，這個數字還是 70%，而 12 個月前，這個數字也只有 60% 左右。所以這擴大了該類別的範圍。那是什麼意思？如果統計過去 12 個月內購買並支付了我們產品的客戶數量，付費客戶總數增加了 40%，而就在 90 天前，這一數字還是 34%。因此，它正在拓展這一領域，並為我們帶來一些非常令人興奮的機會。

Our next question will come from the line of Yun Kim with Benchmark.

我們的下一個問題將來自Benchmark的Yun Kim。

Can you just talk about what are -- what you are thinking about the overall ASP headwind that you are obviously experiencing in some level as your self-employed mix becomes larger and larger? If I did my math right, I think about half of the new QBO subs -- sub-adds in the quarter was driven by self-employed. Obviously, given the opportunity to aggressively add new QBO subs, especially around self-employed subs, what are some of the parameters and metrics that you are monitoring or using to ensure some cost discipline around the QBO acquisition cost?

能否談談您對整體平均售價逆風的看法？隨著您的自僱客戶比例越來越高，您顯然在某種程度上感受到了這種逆風。如果我計算正確的話，我認為本季新增的 QBO 用戶中大約有一半是由自僱人士推動的。顯然，如果有機會積極增加新的 QBO 訂閱用戶，特別是自僱訂閱用戶，那麼您正在監控或使用哪些參數和指標來確保 QBO 獲取成本方面的成本控制？

Sure, thank you. First of all, I would say, this is why we've tried to articulate the 2 things that we measure inside and we talk about in our operating reviews and with our board, and it is growing the subscriber base north of 40% and growing the total online ecosystem revenue 25% to 30%. And we just posted 59% on the first number, and we just posted the second consecutive quarter of online ecosystem revenue growing at 30%. So it's the high end of that 25% to 30%. The second point I would say is our emphasis right now is razors, not blades. Whether it's self-employed going after the hundreds of millions around the world at the point of the spear, or it's QuickBooks Online, where we're trying to continue to accelerate and get new customers into the franchise and out of spreadsheets, that is our absolute top priority. And as you can see, that is driving online ecosystem revenue growth, where we're at the high end of the range at 30% 2 quarters in a row. In terms of the discipline, Neil referred to this a few minutes ago when we were asked about the margins continuing to expand even while we're in a pretty heavy investment mode to expand into new countries. And that's because we watch LTV to CAC, the lifetime value divided by the cost to acquire a customer. And every country has a target, and as you know, we've collectively been driving our LTV to CAC. If you look at QBO across the globe, it's around 5.5., 5.5. And if you throw in desktop, it's about 6.9. So we are maintaining that discipline. But we're focused on the razors, whether it's self-employed or it's QBO. We aren't worried about whether one is $10 a month or one is $24 a month because we focus on LTV to CAC to make sure we have the right discipline and cost to acquire, and that's driving overall revenue growth and margin expansion.

當然，謝謝。首先，我想說，這就是為什麼我們試圖闡明我們在內部衡量並在營運審查和與董事會討論的兩件事的原因：用戶群增長超過 40%，以及整個線上生態系統收入增長 25% 至 30%。我們剛剛公佈了第一個數字的 59%，並且連續第二個季度線上生態系統收入成長了 30%。所以，這是25%到30%之間的高端值。第二點我想說的是，我們現在的重點是剃刀，而不是刀片。無論是針對全球數億自僱人士的市場推廣，或是 QuickBooks Online 的市場推廣（我們正在努力繼續加速發展，讓新客戶加入特許經營體系，擺脫電子表格），這都是我們絕對的首要任務。正如你所看到的，這正在推動線上生態系統收入成長，我們連續兩個季度都達到了 30% 的較高水準。就紀律而言，尼爾幾分鐘前在被問及即使我們正處於大力投資以拓展新國家的情況下，利潤率是否仍在繼續擴大時提到了這一點。這是因為我們關注的是 LTV 與 CAC 的比值，也就是客戶終身價值除以客戶獲取成本。每個國家都有自己的目標，正如你所知，我們一直在共同努力，將客戶終身價值 (LTV) 轉化為客戶獲取成本 (CAC)。如果放眼全球，QBO 大約是 5.5，5.5。如果算上台式機，那就是 6.9 了。所以我們正在保持這種紀律。但我們專注於刮鬍刀，無論是自僱人士還是透過QBO（快速線上辦公室）平台購買。我們並不關心某個客戶每月收費 10 美元還是 24 美元，因為我們關注的是 LTV 與 CAC 的比值，以確保我們擁有正確的獲客策略和成本，而這正是推動整體營收成長和利潤率擴張的關鍵因素。

Okay, great. Real quick on the tax business. It's just a quick fundamental question, Brad. Are you still committed to going after the new taxpayers coming into the market, even if this means that there could be some incremental margin headwind to get those customers given the increasing competition for those customers?

好的，太好了。關於稅務問題，簡單說幾句。布拉德，這只是一個簡單基本的問題。即使考慮到市場競爭日益激烈，爭取這些客戶可能會帶來一些利潤率上的不利因素，您是否仍然致力於爭取進入市場的新納稅人？

Yes.

是的。

Thank you. Ladies and gentlemen, I'm showing no further questions. Would you like to close with any additional remarks?

謝謝。女士們先生們，我不再提問了。還有什麼補充說明嗎？

Sure, Brian, I'll keep it short. Well, we want to thank everybody for the questions today. Obviously, we're feeling good with the quarter. More importantly, we feel like we have momentum that we're building as we enter the fourth quarter, and we have some important lessons learned that will sharpen our thinking as we look ahead to next year. So looking forward to catching up with you soon. And with that, thanks for the time this afternoon. Take care.

當然，布萊恩，我會長話短說。好的，我們要感謝大家今天提出的問題。顯然，我們對本季的業績感到滿意。更重要的是，我們感覺進入第四季度後，我們正保持著良好的發展勢頭，並且吸取了一些重要的經驗教訓，這將使我們在展望明年時思路更加清晰。非常期待盡快與你見面。那麼，感謝您今天下午抽出時間。小心。

Ladies and gentlemen, thank you for your participation. This concludes today's conference.

女士們、先生們，感謝各位的參與。今天的會議到此結束。