直覺電腦 (INTU) 2018 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 Fiscal Year 2018 Conference Call. (Operator Instructions) With that, I'll turn the call over to Jerry Natoli, Intuit's Vice President of Finance and Treasurer. Mr. Natoli?

午安.我叫拉蒂夫，我將擔任本次會議的主持人。在此，我謹代表 Intuit 公司歡迎各位參加 2018 財年第二季電話會議。（操作員指示）接下來，我將把電話轉交給 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 Fiscal 2018 Conference Call. I'm here with Brad Smith, our Chairman and CEO; and Michelle Clatterbuck, our CFO.

謝謝你，拉蒂夫。下午好，歡迎參加 Intuit 2018 財年第二季電話會議。我今天和我們的董事長兼執行長布拉德史密斯，以及我們的財務長米歇爾克拉特巴克在一起。

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 expectation. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 2017 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 的結果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、2017 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. A copy of our prepared remarks and supplemental financial information will be available on our website after this call ends.

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。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 midway through the fiscal year, and we are encouraged by our performance so far.

好的。謝謝傑瑞，也謝謝各位的參與。本財年已過半，我們對目前的業績感到鼓舞。

Second quarter revenue grew 15% overall, fueled by 19% revenue growth in the Small Business & Self-Employed Group and 12% revenue growth in the Consumer Group. While the tax season started out slower than we expected, we remain on pace to deliver against our full year revenue and operating income outlook. We expect our net income and our earnings per share for the full year to be above our original expectations as a result of the corporate tax legislation changes. This was reflected in our updated guidance on February 9. We'll talk more about that in a minute, but first things first. Let's talk about tax.

第二季總營收成長了 15%，其中小型企業和自僱人士集團的營收成長了 19%，消費者集團的營收成長了 12%。雖然報稅季的開局比我們預期的要慢，但我們仍有望實現全年營收和營業收入預期目標。由於企業稅法的變化，我們預計全年淨收入和每股盈餘將高於我們最初的預期。這一點已體現在我們2月9日更新的指導下。我們稍後會詳細討論這一點，但首先，讓我們先來看看一些其他事情。我們來談談稅收吧。

Every tax year is different, and this season is no exception. The IRS officially opened the start to the tax season on January 29, which is about a week later than last year. Even with the delayed opening, we've come out of the gate strong. The delayed opening did shift some revenue and operating income from our second fiscal quarter into our third, which led us to update our outlook for the second quarter while reaffirming our full year revenue and operating income guidance.

每個課稅年度的情況都不一樣，今年也不例外。美國國稅局於1月29日正式開啟報稅季，比去年晚了約一週。儘管開業時間有所延遲，但我們開局強勁。由於開業延遲，部分收入和營業利潤從第二財季轉移到了第三財季，這導致我們更新了第二財季的展望，同時重申了全年收入和營業利潤的預期。

As a reminder, there are 4 key drivers behind our Consumer 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 DIY software category. And the fourth is the average revenue per return.

再次提醒大家，我們的消費者事業背後有 4 個關鍵驅動因素。第一個是向美國國稅局提交的申報表總數。第二項是使用自助軟體提交的報稅表所佔的百分比。第三點是我們在DIY軟體類別中的份額。第四個指標是每次報酬的平均收益。

The IRS data through February 16 shows total e-filed returns are down 1%. Self-prepared or do-it-yourself e-files grew 1%, and assisted e-files are down 4%. In comparison, TurboTax e-filed returns through the same period grew 2%. While the DIY category is performing better than assisted, we are once again holding our own within the category. And product innovation is the key to our strategy. Let me share a few examples.

美國國稅局截至2月16日的數據顯示，電子申報的報稅總數下降了1%。自行準備或DIY電子申報增加了1%，而協助電子申報則下降了4%。相比之下，同期TurboTax電子報稅量增加了2%。雖然DIY類別的表現優於輔助類別，但我們在該類別中再次保持了自己的地位。產品創新是我們策略的關鍵。我舉幾個例子。

We improved the TurboTax customer experience again this year by further automating data entry, improving the on-boarding experience and simplifying the help function by leveraging artificial intelligence and machine learning. TurboTax Self-Employed is a part of our lineup again this season, targeting approximately 4 million self-employed who use TurboTax. TurboTax Self-Employed also comes with a 12-month subscription to QuickBooks Self-Employed. So these customers can benefit from tracking their financials throughout the year.

今年，我們透過利用人工智慧和機器學習進一步自動化資料輸入、改進新用戶註冊體驗和簡化幫助功能，再次提升了 TurboTax 的客戶體驗。本季，TurboTax Self-Employed 再次成為我們產品陣容的一部分，目標用戶則是約 400 萬名使用 TurboTax 的個體經營者。TurboTax Self-Employed 還附贈 12 個月的 QuickBooks Self-Employed 訂閱服務。因此，這些客戶可以透過全年追蹤財務狀況而受益。

We also introduced TurboTax Live, leveraging one-way video technology, enabling our customers to access an expert to answer those nagging questions that erode confidence when completing a return on their own. We've built an end-to-end expert platform that enables approximately 2,000 certified public accountants and enrolled agents to serve our customers. This has opened up the nearly $20 billion assisted market to Intuit, providing an opportunity to grow our dollar share of the tax prep market while increasing our average revenue per return.

我們也推出了 TurboTax Live，利用單向視訊技術，讓我們的客戶能夠聯繫到專家，解答那些在自行完成報稅時令人煩惱、削弱信心的各種問題。我們建立了一個端到端的專家平台，使大約 2,000 名註冊會計師和註冊代理人能夠為我們的客戶提供服務。這為 Intuit 打開了近 200 億美元的稅務輔助市場，為我們提供了在稅務準備市場中擴大市場份額並提高每份申報表平均收入的機會。

Finally, we launched our new Turbo offering last month, our first step toward expanding beyond the tax offering to a consumer platform. Turbo provides customers a full view of their overall financial health by combining a credit score, verified income data and a debt-to-income ratio to show customers where they truly stand. Customers have the option to transfer their tax data into a Turbo account when they complete their return this season. With these innovations, we expect 2 of the 4 key drivers that I mentioned earlier, do-it-yourself category growth and increased revenue per return, to propel our business this season.

最後，我們上個月推出了全新的 Turbo 產品，這是我們從稅務產品擴展到消費者平台的第一步。Turbo 透過結合信用評分、經核實的收入數據和債務收入比，為客戶提供其整體財務狀況的全面視圖，向客戶展示其真實的財務狀況。客戶在本季完成報稅時可以選擇將稅務資料傳輸到 Turbo 帳戶。憑藉這些創新，我們預計我之前提到的 4 個關鍵驅動因素中的 2 個——DIY 品類成長和每次退貨收入增加——將在本季推動我們的業務發展。

Now turning to Small Business. We delivered another strong quarter in our Small Business & Self-Employed group. QuickBooks Online subscriber growth continued at a rapid pace, and online ecosystem revenue grew 39%. We exited the quarter with over 2.8 million QuickBooks Online subscribers, a 51% increase year-over-year. And growth remains strong across geographies, with the U.S. subscribers growing 47% to approximately 2.2 million and international growing 69% year-over-year to about 630,000 subscribers. Within QuickBooks Online, self-employed subscribers grew to roughly 490,000. That's up from 425,000 last quarter and 180,000 1 year ago.

現在轉向小型企業。我們的小型企業和個體經營者群體又迎來了一個強勁的季度業績。QuickBooks Online 用戶數量持續快速成長，線上生態系統收入成長了 39%。本季末，QuickBooks Online 用戶超過 280 萬，年增 51%。各地區的成長動能依然強勁，美國用戶成長了 47%，達到約 220 萬，國際用戶年增了 69%，達到約 63 萬。QuickBooks Online 的自營用戶成長到約 49 萬人。這比上季度的 42.5 萬和一年前的 18 萬都有所增加。

We continue to focus on delivering innovation that delights our customers and drives QBO subscriber and online ecosystem revenue growth. Let me share a few examples. We're putting more money in our customers' pockets and providing access to capital for small businesses. Today, only 20% of small businesses have access to the funding that they need to grow. We're leveraging our innovative model to enable small businesses to use the QuickBooks data to get full credit for their business performance and gain access to much-needed capital.

我們將繼續專注於提供能夠讓客戶滿意並推動 QBO 用戶和線上生態系統收入成長的創新。我舉幾個例子。我們正在為客戶增加收入，並為小型企業提供資金管道。如今，只有 20% 的小型企業能夠獲得發展所需的資金。我們正在利用我們的創新模式，使小型企業能夠使用 QuickBooks 數據，從而獲得對其業務績效的充分認可，並獲得急需的資金。

We're also harnessing the power of data so that our customers experience little to no work when using our products. For example, we're automating expense categorization, and we're putting a voice-driven virtual assistant in the palm of their hand.

我們也在利用數據的力量，讓我們的客戶在使用我們的產品時幾乎不需要任何操作。例如，我們正在實現費用分類自動化，並將語音驅動的虛擬助理送到他們的手中。

Finally, we're helping our customers make decisions with complete confidence by matching them with an accountant and by making it easier to onboard workers, whether those workers are employees or contractors. These and other innovations have enabled us to achieve a global QBO Net Promoter Score that is 10 points higher on average when compared to the next best alternative in the market.

最後，我們透過將客戶與會計師配對，並簡化員工（無論是員工還是承包商）的入職流程，幫助客戶充滿信心地做出決策。這些創新以及其他創新使我們的全球 QBO 淨推薦值平均比市場上次優替代方案高出 10 分。

Following our playbook, which is grounded in this evidence of a strong product market fit, we have now leaned into marketing and launched a new brand campaign, QuickBooks: Backing You. We're encouraged by the early data we're seeing with respect to the campaign's impact on both QuickBooks brand awareness and driving more prospective customers to our website.

根據我們基於產品與市場契合度強的證據而製定的策略，我們現在加大了行銷力度，推出了新的品牌宣傳活動「QuickBooks：支持您」。我們從目前的數據中看到了鼓舞，這些數據表明，這項活動對提高 QuickBooks 品牌知名度和吸引更多潛在客戶造訪我們的網站都產生了積極影響。

We also completed 3 acquisitions this quarter, aligned with our merger and acquisition strategy to pursue opportunities that enhance product functionality and grow our employee talent pool. The largest of these is a time-tracking solution called TSheets, which has been one of the most popular apps on Intuit's open platform. Our long-term partnership over more than 7 years gave us a front row seat to see how TSheets was addressing customers' pain points, so the transaction was a natural evolution of our relationship.

本季我們也完成了 3 項收購，這符合我們的併購策略，旨在尋求能夠增強產品功能和擴大員工人才庫的機會。其中規模最大的是一款名為 TSheets 的時間追蹤解決方案，它是 Intuit 開放式平台上最受歡迎的應用程式之一。我們與 TSheets 建立了超過 7 年的長期合作關係，這讓我們有機會近距離了解 TSheets 如何解決客戶的痛點，因此此次交易是我們關係的自然發展。

Moving on to the Strategic Partner Group. Our professional tax revenue was in line with our expectations for the quarter. We continue to focus on multiservice accounting firms that do both books and taxes. This is in service to driving our accountants' success while growing our Small Business ecosystem.

接下來是策略合作夥伴組。本季我們的專業稅收收入符合預期。我們繼續關注提供簿記和稅務等多項服務的會計事務所。這樣做是為了幫助會計師成功，同時發展我們的小型企業生態系統。

Now before I close, I want to talk about how we're applying our philosophy and our principles to the benefits from the new corporate tax legislation. Our philosophy is to build our business for both the short and the long term. To do that, we invest in talent to deliver for customers and to achieve our strategic priorities while applying our financial principles to assess which investments are best to make. When we look at where we are today, we believe our fiscal year 2018 operating plan already includes the right mix of investments in employees, technology and product development to benefit our customers.

在結束之前，我想談談我們如何將我們的理念和原則應用於新的企業稅收立法所帶來的好處。我們的理念是兼顧短期和長期發展來建立我們的業務。為此，我們投資於人才，為客戶提供服務，實現我們的策略重點，同時運用我們的財務原則來評估哪些投資最值得進行。回顧我們目前的狀況，我們相信 2018 財年的營運計畫已經包含了對員工、技術和產品開發進行適當投資的組合，這將使我們的客戶受益。

Therefore, as a result of the lower tax rate, for fiscal year 2018, we increased our GAAP earnings per share guidance by $0.20 and we increased our non-GAAP earnings per share guidance by $0.40. We'll continue to assess investment opportunities when we engage in our long-term planning this summer and as we create our game plan for fiscal year 2019 and beyond.

因此，由於稅率降低，對於 2018 財年，我們將 GAAP 每股盈餘預期提高了 0.20 美元，並將非 GAAP 每股盈餘預期提高了 0.40 美元。今年夏天，我們將進行長期規劃，並制定 2019 財年及以後的發展計劃，屆時我們將繼續評估投資機會。

So putting a bow around the quarter, it's halftime in fiscal year 2018. We remain on a strong path. We're pleased with the continued momentum of our Small Business & Self-Employed Group, and we remain laser-focused on executing with excellence as we sprint towards the April 17 tax filing deadline.

綜上所述，2018 財年已過半。我們依然走在一條強勁的道路上。我們對小型企業和自僱團隊的持續發展勢頭感到滿意，我們將繼續全力以赴，力求在 4 月 17 日的報稅截止日期前取得卓越成果。

And with that overview, let me hand it over to Michelle to walk you through the financial details. Michelle, it is awesome to have you on the call.

有了以上概述，接下來就交給米歇爾，讓她為大家詳細介紹財務細節。米歇爾，很高興你能參加通話。

Thanks, Brad, and good afternoon, everyone. For the second quarter of fiscal 2018, we delivered revenue of $1.2 billion, up 15% year-over-year, GAAP operating income of $20 million versus $22 million a year ago, non-GAAP operating income of $120 million versus $106 million last year, GAAP loss per share of $0.08 versus diluted earnings per share of $0.05 last year. This GAAP loss reflects a $39 million tax charge related to the remeasurement of our net deferred tax assets, as described in our press release. And non-GAAP diluted earnings per share of $0.35, up from $0.26 last year.

謝謝你，布拉德，大家下午好。2018 財年第二季度，我們實現營收 12 億美元，年增 15%；GAAP 營業收入 2,000 萬美元，而去年同期為 2,200 萬美元；非 GAAP 營業收入 1.2 億美元，而去年同期為 1.06 億美元；GAAP 每股虧損 0.08 美元，而去年同期為每股收益 0.050 美元，而去年同期每股收益為 0.08 美元，而去年同期每股收益 0.050 美元。根據我們的新聞稿，此次 GAAP 虧損反映了與重新計量我們的淨遞延所得稅資產相關的 3,900 萬美元稅款支出。非GAAP稀釋後每股盈餘為0.35美元，高於去年的0.26美元。

Consumer Group revenue was $334 million for the second quarter. Brad has already walked you through our analysis of the season so far.

第二季消費者集團營收為3.34億美元。布拉德已經向大家詳細介紹了我們對本季至今的分析。

TurboTax e-filed returns grew 2% through February 16, outperforming e-files in the DIY category, which grew 1% in the same period. We remain confident in our overall plans for the year and for consumer revenue to grow 7% to 9% in fiscal 2018.

截至 2 月 16 日，TurboTax 電子申報的報稅量增加了 2%，超過了同期 DIY 電子申報量 1% 的成長。我們對今年的整體計劃以及 2018 財年消費者收入成長 7% 至 9% 的目標仍然充滿信心。

Strategic Partner Group reported $95 million of professional tax revenue for the second quarter. We continue to expect revenue in this business to grow 0% to 2% in fiscal 2018.

戰略合作夥伴集團公佈第二季專業稅收收入為 9,500 萬美元。我們仍預期該業務在 2018 財年的營收將成長 0% 至 2%。

Total Small Business & Self-Employed revenue grew 19% in the quarter. QuickBooks Online subscriber growth remains strong at 51%, ending the quarter with 2.8 million subscribers. Online ecosystem revenue accelerated to grow 39% in the second quarter, up from 35% in the first quarter. Online accounting continues to drive this revenue growth.

本季小型企業和個體經營者的總收入成長了 19%。QuickBooks Online 用戶成長依然強勁，達到 51%，本季末用戶數達到 280 萬。線上生態系統營收在第二季加速成長 39%，高於第一季的 35%。線上會計服務持續推動收入成長。

As we said last quarter, we expect year-over-year QuickBooks Online subscriber growth to slow in the second half of the year following the introduction of the Self-Employed bundle last tax season. We remain confident in our outlook for growth in QuickBooks Online subscribers, as reflected in our fiscal 2018 guidance of 3.275 million to 3.375 million subscribers. We also continue to expect online ecosystem revenue to grow better than 30%.

正如我們上個季度所說，隨著上個報稅季自僱人士套餐的推出，我們預計 QuickBooks Online 用戶同比增長率將在今年下半年放緩。我們對 QuickBooks Online 用戶成長前景依然充滿信心，正如我們在 2018 財年預測中所說的那樣，用戶數量將達到 327.5 萬至 337.5 萬。我們也繼續預期線上生態系統收入將成長超過 30%。

Desktop ecosystem revenue grew 9% in the quarter, driven by QuickBooks Enterprise strength. QuickBooks Desktop units fell 15%. For fiscal 2018, we expect QuickBooks Desktop units to decline mid-teens and desktop ecosystem revenue to be up mid-single digits.

受 QuickBooks Enterprise 的強勁表​​現推動，桌面生態系統營收在本季成長了 9%。QuickBooks Desktop 的銷量下降了 15%。我們預計 2018 財年 QuickBooks Desktop 的銷售量將下降 15% 左右，而桌面生態系統的營收將成長 5% 左右。

As Brad mentioned, when considering how to leverage the benefits from tax legislation changes, we apply our philosophy of building our business for both the short and long term and then follow our financial principles. As a reminder, we updated our fiscal year 2018 guidance earlier this month based upon these principles, flowing through the benefits of tax legislation changes. Our guidance includes GAAP diluted earnings per share of $4.20 to $4.30, an increase of 13% to 16%. This is based on a GAAP tax rate of 26% and reflects the remeasurement of our net deferred tax assets discussed earlier. Our guidance also includes non-GAAP diluted earnings per share of $5.30 to $5.40, an increase of 20% to 22%. This is based on a non-GAAP tax rate of 27%. Beyond fiscal year 2018, we estimate our GAAP and non-GAAP tax rates to be roughly 23%.

正如布拉德所提到的，在考慮如何利用稅收立法變化帶來的好處時，我們秉持著兼顧短期和長期發展業務的理念，並遵循我們的財務原則。再次提醒大家，本月初我們根據這些原則更新了 2018 財年的業績指引，並充分考慮了稅收立法變化帶來的好處。我們的預期包括以美國通用會計準則計算的稀釋後每股收益為 4.20 美元至 4.30 美元，成長 13% 至 16%。這是基於 26% 的 GAAP 稅率，反映了我們之前討論過的淨遞延所得稅資產的重新計量。我們的預期還包括非GAAP稀釋後每股盈餘5.30美元至5.40美元，成長20%至22%。這是基於 27% 的非公認會計準則稅率計算的。2018 財政年度後，我們預期 GAAP 和非 GAAP 稅率約為 23%。

We'll continue to apply our financial principles going forward as we take a disciplined approach to capital management. As a reminder, those principles are: investing in the business to drive customer and revenue growth, targeting opportunities returning 15% or more over 5 years; using acquisitions to accelerate our growth and fill out our product road map; and returning cash that we can't invest profitably in the business to shareholders via both share repurchases and dividends. We'll continue to assess investment opportunities as we revisit our long-term plan this summer.

我們將繼續秉持我們的財務原則，採取嚴謹的資本管理方式。再次提醒，這些原則是：投資業務以推動客戶和收入成長，瞄準五年內回報率達到 15% 或以上的機會；利用收購來加速我們的成長並完善我們的產品路線圖；以及透過股票回購和分紅將我們無法盈利地投資於業務的現金返還給股東。今年夏天，我們將重新審視長期計劃，並繼續評估投資機會。

We finished the quarter with $726 million in cash and investments on our balance sheet. We repurchased $83 million of shares in the second quarter. Approximately $1.3 billion remains on our authorization. We completed 3 acquisitions with cash and other consideration totaling approximately $400 million. The board approved a quarterly dividend of $0.39 per share payable April 18, 2018, an increase of 15% over last year.

本季末，我們的資產負債表上擁有7.26億美元的現金和投資。我們在第二季回購了價值 8,300 萬美元的股票。我們授權的資金還剩約13億美元。我們以現金和其他對價完成了 3 項收購，總額約 4 億美元。董事會批准了每股 0.39 美元的季度股息，將於 2018 年 4 月 18 日支付，比去年增長 15%。

Our third quarter fiscal 2018 guidance includes revenue growth of 10% to 12%, GAAP diluted earnings per share of $4.32 to $4.37 and non-GAAP diluted earnings per share of $4.57 to $4.62. You can find our Q3 and fiscal 2018 guidance details in our press release and on our fact sheet.

我們對 2018 財年第三季的業績預期包括：營收成長 10% 至 12%，GAAP 稀釋後每股收益為 4.32 美元至 4.37 美元，非 GAAP 稀釋後每股收益為 4.57 美元至 4.62 美元。您可以在我們的新聞稿和情況說明書中找到我們 2018 年第三季和財年的業績指引詳情。

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

那麼，布拉德，接下來就交給你來總結了。

Thank you, Michelle. As we shared with all of you at Investor Day in September, we've entered the next chapter of our company's evolution in service to our new mission of powering prosperity around the world. This chapter is being driven by our One Intuit ecosystem strategy that unlocks the power of the many for the prosperity of each and every one of our individuals who are participating on our platform. Said another way, our assets and our customers are stronger when working together than they are apart.

謝謝你，米歇爾。正如我們在 9 月的投資者日上與大家分享的那樣，為了實現我們為世界各地繁榮發展提供動力的新使命，我們已經進入了公司發展的新篇章。本篇章的推進得益於我們的「一個 Intuit」生態系統策略，該策略旨在釋放眾人的力量，從而促進參與我們平台的每位用戶的繁榮發展。換句話說，我們的資產和客戶攜手合作比各自為戰更強大。

In support of this ecosystem strategy, we launched our first-ever Intuit brand campaign, which debuted just a few weeks ago. The early results have exceeded our expectations. If you haven't been introduced to the Intuit Giant, it's a metaphor for how Intuit's ecosystem unlocks the power of many for the prosperity of one, helping our customers rise to new heights through the combined power of TurboTax, QuickBooks and Mint, and I encourage you to check it out on YouTube if you get a minute.

為了支持這項生態系統策略，我們推出了首個 Intuit 品牌宣傳活動，該活動於幾週前首次亮相。初步結果超出了我們的預期。如果你還沒聽過 Intuit Giant，它像徵著 Intuit 的生態系統如何釋放眾多力量，為單一使用者帶來繁榮，幫助我們的客戶透過 TurboTax、QuickBooks 和 Mint 的綜合力量達到新的高度。如果你有時間，我鼓勵你在 YouTube 上看看。

With that, we're pleased with our results through the first half. But we still have plenty of time left on the clock as we enter the back half of the fiscal year, so we remain focused on execution until that final whistle blows.

因此，我們對上半年的成績感到滿意。但由於我們已進入本財年的下半年，時間仍很充裕，因此我們將繼續專注於執行，直到最後一刻的哨聲響起。

That's it for our opening comments, and now let's open it up to you to hear what's on your mind.

我們的開場白就到這裡，現在讓我們聽聽你們的想法。

(Operator Instructions) Our first question comes from the line of Michael Nemeroff of Crédit Suisse.

（操作說明）我們的第一個問題來自瑞士信貸的邁克爾·內梅羅夫。

Brad, would you mind giving us maybe some hard data around the TurboTax Live offering and how that's tracking versus your expectations and whether you need to maybe tweak the go-to-market strategy, the pricing of the product or the marketing around it?

Brad，您能否提供一些關於 TurboTax Live 產品的具體數據，例如它的實際效果與您的預期相比如何，以及您是否需要調整行銷策略、產品定價或行銷策略？

Yes. Thanks, Michael. First of all, we're very encouraged, although it's still early days for TurboTax Live. As you know, it tends to be more simple filers in the early part of the season and then those who get a little more complicated towards the back half. But so far, coming out of the gates, we're delighted with the customer feedback on TurboTax Live as well as the experts that are actually manning the platform and answering the questions. And in terms of any adjustments on go-to-market, we have multiple tests running at the same time, but so far, there is no need to pivot. We actually like what we're seeing, and we're looking forward to the back half of the season.

是的。謝謝你，麥可。首先，我們感到非常鼓舞，儘管TurboTax Live仍處於早期階段。如你所知，賽季初期的參賽者往往比較簡單，而到了賽季後半段，他們的參賽者就會變得比較複雜。但就目前來看，TurboTax Live 上線以來，我們收到的客戶回饋以及實際負責平台營運並解答問題的專家們都讓我們感到非常滿意。至於市場推廣方面的任何調整，我們同時進行了多項測試，但到目前為止，還沒有轉向的必要。我們很喜歡目前的情況，也很期待下半季的到來。

Our next question comes from Ross MacMillan of RBC.

我們的下一個問題來自加拿大皇家銀行的羅斯·麥克米倫。

Brad, actually 2, if I can. Just on -- following on, on that TurboTax Live. I think this year, you said that it probably is going to be more aimed at mitigating some of the churn you see from folks that have life events or other reasons that they would move off from TurboTax. And I was just curious as to -- when you think about that opportunity, I think it's 3 million churn-off a year. Can you maybe parameterize what would be a sort of good result in terms of keeping would-be churners through TurboTax Live? Do you have any views on kind of how you would view a good event versus a bad event? And then I had one follow-up.

布拉德，其實是2歲，如果可以的話。繼續－接著，繼續使用TurboTax Live。我認為今年，正如你所說，它可能更側重於緩解因生活變故或其他原因而導致用戶流失的問題。我只是好奇——當你想到這個機會時，我認為每年會有 300 萬客戶流失。您能否設定一個參數，說明在留住潛在流失使用者方面，什麼樣的結果才算理想？你對如何看待一件好事和一件壞事有什麼看法？然後我還有一次後續跟進。

Okay. Thanks, Ross. So let me tackle the first one. You're right. The strategic context for why we launched TurboTax Live is 2 parts. The first is we lose about 3 million customers a year to an assisted method, and it's primarily because they had a question where they lost confidence and felt like they needed to go to someone who could help them through it. The second opportunity, and perhaps the bigger, is there are tens of millions of people who go to an assisted tax prep method today who also have one simple nagging question, that if they knew they had access to an expert, they would be willing to file their taxes basically with a self-prepared product like ours. So if you step back, the first part of your question, which is retention, we would look at the retention improvement, and we would ask ourselves, are we retaining more customers than we were in the prior year now that we have TurboTax Live? Are we stopping some of the 3 million from leaving? The other one, which you'll look at, is as we look at growing new users, how many of those users came from an assisted tax prep method last year. And those are really the 2 primary drivers we're looking at in terms of growth. Of course, we look at Net Promoter for both the tax filer and the pro to see if the quality of the experience is where it needs to be.

好的。謝謝你，羅斯。那麼，讓我來解答第一個問題。你說得對。我們推出 TurboTax Live 的策略背景包含兩個部分。首先，我們每年大約有 300 萬客戶因為尋求協助而流失，這主要是因為他們在遇到問題時失去了信心，覺得需要找人幫忙解決。第二個機會，或許也是更大的機會，是如今有數千萬人選擇輔助報稅方式，他們心中也有一個簡單而揮之不去的疑問：如果他們知道自己可以獲得專家的幫助，他們就願意使用像我們這樣的自助報稅產品來報稅。所以，退一步來看，對於你問題的第一部分，也就是客戶留存率，我們會關注客戶留存率的提升情況，我們會問自己，自從有了 TurboTax Live 之後，我們是否比上一年留住了更多的客戶？我們能否阻止這300萬人中的一部分人離開？另一個值得關注的問題是，當我們觀察新用戶成長時，去年有多少用戶是透過輔助報稅方式獲得的。而這正是我們關注的推動成長的兩大主要因素。當然，我們會查看納稅人和專業人士的淨推薦值，以了解體驗品質是否達到要求。

Great. That's helpful. And then maybe just a quick one on the self-employed net adds. Slightly down year-over-year, but I assume there's some impact from TurboTax Self-Employed and the fact that the tax season has got off to a later start. So does that imply a similar pattern that we would see a little bit of that seasonality more pronounced in Q3 for the Self-Employed adds this year?

偉大的。那很有幫助。然後也許可以快速瀏覽一下自由工作者的網路廣告。同比略有下降，但我認為這主要是由於 TurboTax Self-Employed 的推出以及報稅季開始時間較晚所致。那麼，這是否意味著今年第三季自僱人士新增就業人數的季節性波動會更加明顯？

Yes. First of all, we're excited about Self-Employed. As you know, we've been expanding it into new markets. 490,000 subs this year versus 180,000 a year ago is some pretty strong growth. We have been trying to set expectations that we're now starting to grow over last year's introduction to this big TurboTax channel as well as the fact that we're really starting to get our sea legs on the offering itself. So we're kind of growing over some strong numbers. That does not diminish our belief that the Self-Employed product is going to be a real growth driver in the future, but I do believe you're going to start to get some tough compares. And your point is a very strong hypothesis. The fact that we're opening up a week later and yet growing over some numbers from last year in Self-Employed could be part of what you see in terms of slowing down that growth rate a little bit.

是的。首先，我們對「自僱人士」這個職業感到非常興奮。如您所知，我們一直在將這項業務拓展到新的市場。今年訂閱用戶數達到 49 萬，而去年同期為 18 萬，這是一個相當強勁的成長。我們一直努力讓大家明白，我們現在正開始發展壯大，超越去年引入TurboTax這個大型通路的成果，而且我們也真正開始在產品本身方面站穩腳跟。所以，我們的成長勢頭強勁。但這並不影響我們對自僱人士產品未來將成為真正成長驅動力的信念，但我相信你們將會開始面臨一些嚴峻的比較。你的觀點是一個非常有力的假設。雖然我們比去年晚了一周才開業，但自僱人士的數量仍然比去年有所增長，這可能是導致增長速度略有放緩的原因之一。

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

我們的下一個問題來自花旗銀行的華特‧普里查德。

Similar question, Brad, on the Self-Employed. I'm wondering if you could talk about -- I think you're probably starting to renew some of those folks that signed on a year ago with [tax attach]. Can you talk about what you're seeing there? And then I had a follow-up as well for Michelle.

布拉德，關於自僱人士也有類似的問題。我想問一下，您是否可以談談——我認為您可能正在與一年前簽約[稅務附件]的一些人續約。你能說說你在那裡看到了什麼嗎？然後我又寄了一封後續電子郵件給米歇爾。

Sure, Walter. It's still fairly early because that subscription from last year runs through April 30. However, we have leading indicators and cohort analysis that tells us that our aspirations for retention are being met and, quite frankly, slightly exceeded at this point. But we'll know more as we get through the rest of the tax season. So we'll share some of that data once we get through tax season and go into Investor Day, but right now, it is a green light from our perspective.

當然可以，沃爾特。現在還為時過早，因為去年的訂閱有效期到4月30日。然而，我們的領先指標和隊列分析表明，我們目前的留任目標正在實現，坦白說，甚至略有超出預期。但隨著報稅季的進行，我們會了解更多情況。所以，等我們度過報稅季，參加投資者日的時候，我們會分享一些相關數據，但就目前而言，從我們的角度來看，一切都已就緒。

Got it. And then for Michelle, just on cash flow. You note the increase in the earnings range for the year based on tax. I know you don't guide cash flow, but would it be fair to say we would see a commensurate increase in cash flow based on what's happening on the tax side? Or is it not really a cash impact, more of a P&L impact, for the year?

知道了。至於米歇爾，就只考慮現金流了。您注意到，由於稅收的影響，本年度的收入範圍有所增加。我知道您不負責現金流的預測，但根據稅務方面的情況，我們是否可以說現金流也會有相應的成長？或者說，這其實並非現金流量的影響，而是對年度損益表的影響？

No, you're exactly right. You're right. We don't actually guide that. But that's right. It does make sense that you would see an increase there on the cash flow side. It's not just the P&L.

不，你說得完全正確。你說得對。我們實際上並沒有指導這方面的工作。沒錯。現金流方面出現成長是合乎邏輯的。不僅僅是損益表。

Our next question comes from Brent Thill of Jefferies.

下一個問題來自傑富瑞集團的布倫特·蒂爾。

Anything new competitively that you're sensing and feel that maybe you haven't seen historically? I'm just curious if you could give us -- I know it's really early, but any changes this year that you're detecting?

你感覺到或認為在競爭方面出現了哪些以前從未見過的新情況？我只是好奇您能否告訴我們——我知道現在還很早，但您今年是否察覺到任何變化？

Yes, Brent. First of all, the competition, as we always say, we have a lot of respect for them, there's great leaders, good products, strong brands. And everyone's continuing to innovate and try to reimagine how to help these customers file taxes in a frictionless way. And so every year is a little different. We're seeing fresh advertising campaigns. We're seeing changes to products. We're seeing people start to move into this hybrid between do-it-yourself and having an expert. And it really comes down to who does that the best and has the highest-quality product experience. But to be frank with you, we have hypothesized that, that would be the actions others will be taking. And of course, we've been moving down that path as well. And so there really hasn't been a massive, "Gosh, we didn't see that coming." But that's not the takeaway from our competition. They're doing a good job, and we have to stay on our toes and continue to do better.

是的，布倫特。首先，說到競爭對手，正如我們一直所說，我們非常尊重他們，他們中有優秀的領導者、優秀的產品和強大的品牌。每個人都在不斷創新，努力重新構想如何以無摩擦的方式幫助這些客戶報稅。所以每年情況都略有不同。我們看到了一些全新的廣告宣傳活動。我們看到產品正在改變。我們看到人們開始轉向一種介於自己動手和聘請專家之間的混合模式。歸根究底，還是要看誰能把這件事做得最好，誰能提供最高品質的產品體驗。但坦白說，我們推測，其他人也會採取同樣的行動。當然，我們也一直朝著這個方向努力。所以，並沒有出現那種「天哪，我們真沒想到會這樣」的強烈反應。但這並不是我們從競爭對手身上該學到的教訓。他們做得很好，我們必須保持警惕，繼續做得更好。

And on the M&A side, 3 acquisitions for you in the quarter. You haven't really been known as an acquisition machine, and that is a step-up as it relates to what you've been doing. Is this a change in tone from your direction going forward and how you're thinking about doing deals? Or is this just -- this just happened to be in one quarter and these are smaller tuck-ins, and we shouldn't really read into this?

在併購方面，本季您將完成 3 項收購。你以前並不以收購機器而聞名，而就你一直以來所做的事情而言，這算是一個進步。這是否預示著您未來的發展方向以及您在交易方式上的想法發生了變化？或者這只是——這只是恰好出現在一個季度中，而且這些都是較小的插曲，我們不應該對此過度解讀？

Yes, I think it's the latter, Brent. We've always said that we would look at organic and inorganic opportunities, whether they're strategic partnerships like we work with Stripe or other companies or they would be acquisitions like the 3 we did this quarter. We have learned some lessons from our scar tissue. The best acquisitions we can do either bring talent in that we need, like data scientists and designers and mobile engineers, or they fill out a feature gap that we have in one of our core products that accelerates our time to market. And the 3 acquisitions we did this quarter did both of those things. And the neat thing about it is that the platform now, we've learned that we don't have to do a spreadsheet to decide if it will be successful. We can actually look at how well the partnership has worked in the market, and that sort of derisks the acquisition. And that's what we did with TSheets. We actually studied them for 7 years, and we're a partner with them for a pretty long time. So I think we have a more informed M&A strategy. But I wouldn't look at 3 in a quarter as being a predictor for how aggressive we're going to be with acquisitions. I think we're just going to continue to take advantage of opportunities when they pop up.

是的，我認為是後者，布倫特。我們一直表示，我們會專注於有機成長和非有機成長的機會，無論是像我們與 Stripe 或其他公司合作那樣的策略夥伴關係，還是像我們本季完成的 3 項收購那樣的收購。我們從自身的傷疤中學到了一些教訓。我們能做的最好的收購要么是引進我們需要的人才，例如資料科學家、設計師和行動工程師，要么是填補我們核心產品的功能空白，從而加快產品上市速度。我們本季完成的3項收購都實現了這兩個目標。而這個平台最棒的地方在於，我們現在了解到，我們不必再用電子表格來決定它是否會成功。我們可以看看這種合作關係在市場上運作得如何，這在某種程度上降低了收購的風險。我們就是這樣開發出 TSheets 的。我們實際上研究了他們7年，而且我們和他們也合作了很長時間。所以我認為我們現在擁有了更完善的併購策略。但我不會把一個季度 3 次收購視為預測我們未來收購力道的指標。我認為我們應該繼續抓住出現的機會。

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

我們的下一個問題來自美國銀行美林證券的卡什·蘭甘。

Congratulations to Michelle on your first investor call. I would like to just ask you a question in regards to TurboTax Live. What is the longer-term play here? Is this potentially something that could disrupt the bricks-and-mortar? Because I certainly cannot imagine I've got -- I'm sure I cannot imagine my 11-year-old going to a tax store to do his taxes, and then he's able to do it. I would presume that the whole world is going virtual in many aspects of how we do business and even in our personal lives. So what is the longer-term play here? What are you going for? Is this a home run kind of an opportunity for Intuit? Or is this something that you're going to slowly, incrementally improvise and provide [prices, see] how this thing goes with respect to the broader ambition of the do it -- unlocking the broader tax prep market and making it really DIY/assisted?

恭喜米歇爾首次成功與投資者通話。我想問您一個關於TurboTax Live的問題。從長遠來看，這種策略是什麼？這是否有可能對實體經濟造成衝擊？因為我絕對無法想像──我絕對無法想像我11歲的孩子去稅務商店報稅，而他居然能夠自己報稅。我認為，在商業運作甚至個人生活的許多方面，全世界都走向虛擬化。那麼，從長遠來看，這樣做的目的是什麼？你的目標是什麼？這對 Intuit 來說是不是一次千載難逢的機會？或者，你們打算慢慢地、逐步地​​進行改進，並提供價格，看看這件事在實現更廣泛的目標——即開放更廣泛的報稅市場並使其真正實現自助/輔助報稅——方面進展如何？

Yes. Thank you, Kash, and thank you for calling out Michelle being on the call. It's great to have her, and she and Neil did a wonderful job in the transition. It has truly been seamless inside the company. You really hit the high point there. TurboTax Live, we believe, has the potential to be transformational. It's happening across multiple industries, where you provide a platform that reduces friction between the interaction of 2 different parties. And we have tax professionals who are looking for the chance to have many more prospects to serve, and we're looking for many people who are looking for access to an expert if and when they need it and making that a more flexible option as opposed to a binary decision. In the past, you had to say, I'm going to an expert or I'm going to try to do it myself. Now you can actually get on the platform, and you can go as far as you need to. And then if you need a little help, you can have an expert at the click of a button. And if you want, an expert can eventually take over the return if you just don't want to have to bother with it. So I think this is going to be a fundamental potential game-changer. And then the question is going to be how are we going to go after it. Well, we went after it pretty aggressively this year. We took last year's SmartLook technology, and this year, we scaled the platform with over 2,000 experts. I think we're going to get a ton of learning this year, and that learning will inform how much more aggressive will we go after it in the coming years. But I would suffice it to say we think we're on something here. We like the results, and we're just going to continue to lean in, and we'll learn as we go.

是的。謝謝你，卡什，也謝謝你指出米歇爾當時正在通話中。她的加入非常棒，她和尼爾在過渡期間做得非常出色。公司內部的運作確實非常順暢。你真的說到重點了。我們相信，TurboTax Live 有潛力帶來改變。這種情況正在多個產業中發生，你提供的平台可以減少兩個不同參與者之間的互動摩擦。我們擁有許多稅務專業人士，他們渴望服務更多的潛在客戶；我們也正在尋找許多希望在需要時能夠獲得專家幫助的人，使之成為一個更靈活的選擇，而不是非此即彼的決定。過去，你必須說，我要去看專家，或者我要自己嘗試做。現在你真的可以登入這個平台了，而且你可以做到你需要的任何程度。如果您需要一些幫助，只需點擊一下按鈕，即可獲得專家的幫助。如果你不想操心退稅，也可以請專家最後接手退稅事宜。所以我認為這將會是個具有根本潛在改變意義的事件。接下來的問題就是，我們要如何去爭取它。今年我們採取了相當積極的策略。我們沿用了去年的 SmartLook 技術，今年，我們擴大了平台規模，吸引了 2,000 多名專家參與。我認為我們今年會學到很多東西，這些經驗將決定我們未來幾年會採取多麼積極的行動。但我可以肯定地說，我們認為我們在這裡找到了一些有價值的東西。我們很滿意目前的結果，我們會繼續努力，邊做邊學。

Our next question comes from Scott Schneeberger of Oppenheimer.

我們的下一個問題來自奧本海默公司的史考特‧施內伯格。

Brad, just curious your thoughts on the late start again to the tax season. Do you think it's PATH? Do you think it has something to do with the uncertainty around tax reform and customer mindset? Just curious on the behavioral view there.

布拉德，我很好奇你對報稅季再次推遲開始有什麼看法。你認為這是 PATH 嗎？你認為這與稅制改革的不確定性以及消費者的心態有關嗎？只是好奇這方面的行為學觀點。

Yes, I would say, Scott, to a large extent, it was just the fact that the gates weren't open until 6 days later. We've seen a pretty strong volume uptick. As you could see, the IRS has gone from their first numbers now down just 1%. And of course, we've been picking up steam, too. And right now, we're, in an e-file perspective, up about 2 points, and that's above the category and the overall number of returns. And I think that momentum has continued to pick up. I think last year was a learning curve that most people got behind them on the PATH Act. So I think this is really primarily just the fact that the season got opened up about a week later than last year.

是的，斯科特，我認為很大程度上是因為大門直到 6 天後才打開。我們看到成交量出現了相當強勁的成長。正如你所看到的，美國國稅局的數據已經從最初的數字下降了1%。當然，我們的發展勢頭也越來越強勁。而目前，從電子申報的角度來看，我們領先約 2 個百分點，高於類別和申報總數。我認為這種勢頭還在持續增強。我認為去年是一個學習的過程，大多數人都開始支持《PATH法案》。所以我認為這主要是因為今年的賽季比去年晚了一周左右才開始。

Okay. And then the -- there were some rate increases in Deluxe and Premier this year online. I know you're probably not going to share too much. But with each of the tiers that you offer, are you happy? Anything surprising? Do you like the retention levels? Anything good, bad or otherwise specifically by tiers in TurboTax this year?

好的。而且，今年網路豪華套餐和高級套餐的價格也有所上漲。我知道你可能不會透露太多。但是，對於你們提供的每個等級，你們都滿意嗎？有什麼意想不到的事情發生嗎？你對目前的留存率滿意嗎？今年TurboTax各級別版本之間有什麼特別好、壞或其他方面的改進嗎？

Yes, thanks, Scott. So far, so good. We had a game plan that we mapped out in August. We ran some scenarios through third peak, which is October, for those that don't speak tax lingo, those last filers. And we went into this year with some choices we make, where we were able to price for value, where we felt like we had untapped value in the product. And in other places, we went more aggressive and free, which you've seen with some of our TV ads and our digital ads. And we like how the season is playing out. So there isn't anything that I would say is a warning flag for us. So far, if we just keep executing, we're feeling pretty good about the season.

是的，謝謝你，斯科特。到目前為止，一切都很好。我們在八月就制定了行動計畫。我們模擬了第三波高峰（10 月）的一些情景，對於不懂稅務術語的人來說，就是最後一批報稅者。今年我們做了一些選擇，我們能夠根據價值定價，因為我們覺得我們的產品還有尚未開發的價值。而在其他一些地方，我們採取了更激進、更自由的方式，正如你們在我們的一些電視廣告和數位廣告中看到的那樣。我們很喜歡本賽季目前的進展。所以，我認為沒有什麼事情值得我們警惕。目前來看，只要我們繼續保持這種狀態，我們對這個賽季的前景相當樂觀。

Our next question comes from Adam Holt of MoffettNathanson.

我們的下一個問題來自 MoffettNathanson 公司的 Adam Holt。

Michelle, I'll echo the congrats and the welcome. I had 2 questions, one for Brad and one for Michelle. Brad for you, if we look at the tax business in the quarter, obviously, units were weaker, but you were still able to grow 12%, which by my quick math would suggest that the average selling prices were up quite a bit year-on-year, possibly even as much as 20%. Could you talk a little bit about what was behind that given your comments earlier about the complexity this season really accruing to the back end. How are ASPs so good and what does that portend for the rest of the season? And then one for you, Michelle.

米歇爾，我也要向你表示祝賀和歡迎。我有兩個問題，一個問布拉德，一個問米歇爾。Brad，如果你看一下本季的稅務業務，顯然，銷量有所下降，但你仍然實現了 12% 的增長，根據我的簡單計算，這意味著平均售價同比上漲了相當多，甚至可能高達 20%。鑑於您之前提到本賽季的複雜性主要集中在賽季末段，您能否稍微談談這背後的原因？ASP為何如此高？這對本賽季剩餘的比賽又意味著什麼？那還有一首是給你的，米歇爾。

Sure. Thanks, Adam. First of all, as I had mentioned in my opening comments, we feel this year's drivers will be primarily category growth, which will grow the pie of customers and our opportunity to try to grow share. And then the second's going to be average revenue per return. And average revenue per return's got to be a factor of a few things. How many of prior year pay customers did we win back? So did we retain those customers that might have lost -- we might have lost to an assisted. By having some buy TurboTax Live, did we retained paying customers? The second, did we win paying customers from others. And then the third is, do they move up our product lineup, up to and including TurboTax Live, which you know is somewhere between $150 and $180 in terms of the revenue per return. So it's that factor right now that's driving our strong revenue growth. And I know when we gave guidance this year and we talked about 7% to 9%, there was some worry about do we have enough gas in the tank to do that given last year's unit growth? We believe we do. That's why we reaffirmed our guidance. We think that right now, because we have a healthy mix of pay customers, we have a good product lineup in the upper end of our products SKUs, and we also have TurboTax Live that we can continue to sustain strong revenue per return growth, and we're going to also continue to go aggressively after customers.

當然。謝謝你，亞當。首先，正如我在開場白中提到的，我們認為今年的主要驅動力將是品類成長，這將擴大客戶群體，並為我們帶來擴大市場份額的機會。第二個指標是每次投資的平均收益。每次投資的平均收益必然受到多種因素的影響。我們贏回了多少往年的付費客戶？那麼，我們是否留住了那些可能流失的客戶——我們可能因為有輔助服務而失去這些客戶。透過讓部分用戶購買 TurboTax Live，我們是否留住了付費用戶？第二，我們是否從其他公司贏得了付費客戶？第三，他們是否會升級到我們的產品線，包括 TurboTax Live，你知道，就每份報稅單的收入而言，它大約在 150 到 180 美元之間。所以，正是這個因素目前推動了我們強勁的營收成長。我知道，今年我們給出業績指引時，談到了 7% 到 9% 的成長目標，當時有人擔心，考慮到去年的銷售成長，我們是否還有足夠的動力來實現這個目標？我們相信我們做到了。這就是我們重申指導方針的原因。我們認為，目前由於我們擁有健康的付費客戶組合，我們在高端產品 SKU 方面擁有良好的產品線，而且我們還有 TurboTax Live，我們可以繼續保持強勁的單次報稅收入增長，我們也將繼續積極爭取客戶。

That's terrific. And then for Michelle, if I look at the Q3 operating income and earnings guidance, you made the comment that you had some operating income that shift from Q2 into Q3, which should be additive. But it looks like you're actually guiding operating margins down on a year-on-year basis. Can you reconcile those 2 elements and maybe walk us through the guide for Q3 on the operating income side?

太棒了。還有，米歇爾，如果我看一下第三季度的營業收入和盈利預期，你曾說過，你們有一些營業收入從第二季度轉移到了第三季度，這應該會有所增加。但看起來你們其實是在引導營業利潤率逐年下降。您能否解釋一下這兩個要素之間的聯繫，並為我們講解一下第三季營業收入的指導原則？

Adam, thanks for the question. To put it shortly, I wouldn't get too wrapped up around the quarter. It really is -- yes, we have had some revenue in the tax business that shifted from Q2 to Q3. Of course then, not all the costs shift from 2 to 3, some of those remained in Q2. And so I really wouldn't get too concerned about the various quarters. I'd focus on the full year. And we feel very confident in the full year guide that has been reaffirmed for this year.

亞當，謝謝你的提問。簡而言之，我不會對這個季度過於執著。確實如此——是的，我們的一些稅務業務收入從第二季轉移到了第三季。當然，並非所有成本都從 2 轉移到 3，其中一些成本仍然保留在第二季。所以我覺得大家不必太擔心各方面。我會把重點放在全年的事情上。我們對今年再次確認的全年業績指引非常有信心。

Yes. And Adam, I'll just put a fine point on what Michelle said, because it really is seasonal shift. And will tell you, we've been tracking, some have been a little overly aggressive in how much they thought would shift from Q2 to Q3. Others might have been a little conservative. I'd say we're sort of in the sweet spot in the middle there. But if you look at the full year, our game plan is to continue to deliver that revenue and operating income that we guided when we set out the year and we reaffirmed again at Investor Day. And that includes a little bit of operating leverage, a little bit of margin expansion. Now we said we're going for operating dollar growth, not margin growth. But with that, we do see a little chance here to continue to get a little operating leverage. So that quarter-to-quarter shift is going to be optically a little misleading. So back to Michelle's point, focusing on the full year is probably the best thing we can have everybody do right now.

是的。亞當，我只想補充一下米歇爾剛才說的，因為這確實是季節性變化。我會告訴你，我們一直在追踪，有些人對第二季到第三季的變化幅度估計得有點過於樂觀了。其他人可能就比較保守了。我覺得我們現在正處於一個比較理想的中間位置。但從全年來看，我們的計劃是繼續實現我們在製定年度目標時所預期的收入和營業利潤，我們在投資者日上再次重申了這一目標。這其中包括一些經營槓桿效應和一些利潤率擴張。現在我們說了，我們的目標是實現營業額成長，而不是利潤率成長。但這樣一來，我們確實看到了繼續獲得一些經營槓桿的機會。因此，季度間的這種變化在表面上可能會有些誤導性。所以回到米歇爾的觀點，現在我們能做的最好的事情可能是讓大家專注於全年的計劃。

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

我們的下一個問題來自摩根士丹利的基斯‧韋斯。

Digging in on the margins a little bit. This is the first year of really sort of having a big effort behind TurboTax Live. Is there any appreciable impact on margins that we should be thinking about into Q3 as you kind of ramp up that effort? And the second question on margins is, with the recent M&A, I'm assuming that's probably pretty small revenues, in fact, not really material. Is there any materiality in terms of the expense that we're adding into the equation with that M&A?

稍微深入挖掘一下邊緣地帶。今年是TurboTax Live真正投入大量精力的第一年。隨著你們加強力度，第三季利潤率是否會受到明顯影響？我們應該考慮這些影響嗎？關於利潤率的第二個問題是，考慮到最近的併購，我假設這部分收入可能非常小，實際上並不重要。就我們透過此次併購增加的費用而言，是否有實質影響？

Got it. Thanks, Keith. I'll start with the TurboTax Live margins and say, no, there isn't going to be a meaningful impact. A couple of reasons. One is we manage margin at the company level and we ask the business leaders to focus on LTV-to-CAC. And then the second is, as you know, we talk about growing our operating income dollars mid-teens. And we often joke inside the company that we take dollars to the bank, not percentages. So with that being said, TurboTax Live is a higher-revenue per return product, and we have a pretty efficient platform we've been able to put out there that hosts over 2,000 experts. So at $150 to $180 and then with the pricing model we have at the those experts, we do not see this as being margin dilutive to an extent where it's going to bring the overall margin of the business or the company down. So that's sort of TurboTax Live. In terms of M&A, 2 of those 3 acquisitions were really sort of acquihires. They were gone-after talent. And so we were able to get them efficiently. And what that does is that, that offsets a recruiting process where we have to go at them one at a time. So that's really efficient thing, and it wasn't big dollars. And then basically, what we're getting with the TSheets is there is a slight dilutive effect in terms of how much revenue will hit this particular year because it's a stub year versus the expense. But it's not enough for us to have adjusted our guidance, so we've baked all that in to the guidance we've given you for the year.

知道了。謝謝你，基斯。我先從 TurboTax Live 的利潤率說起，我可以肯定地說，不會產生實質的影響。原因有二。一是我們在公司層級管理利潤率，我們要求業務領導者專注於 LTV 與 CAC 的比值。其次，如您所知，我們談到要將營業收入提高到十幾美元。我們公司內部常開玩笑說，我們存的是美元，而不是百分比。綜上所述，TurboTax Live 是一款單次報稅收入更高的產品，而且我們已經推出了一個非常高效的平台，該平台匯集了 2000 多名專家。因此，在 150 美元到 180 美元的價格區間內，結合我們專家的定價模型，我們認為這不會稀釋利潤率到足以降低企業或公司整體利潤率的程度。這就是TurboTax Live的大致情況。就併購而言，這 3 項收購中有 2 項實際上屬於人才收購。他們追逐人才。因此，我們能夠有效率地獲得它們。這樣做的好處是，可以避免我們不得不一個一個地進行招募。所以這確實是一個很有效的方法，而且花費也不高。基本上，TSheets 帶來的問題是，由於今年是過渡年，而支出較大，因此今年的收入會產生輕微的稀釋效應。但僅僅調整我們的指導意見是不夠的，所以我們已經將所有這些因素都納入了我們今年向你們提供的指導意見中。

Our next question comes from Sterling Auty of JPMorgan.

我們的下一個問題來自摩根大通的斯特林·奧蒂。

Just one from my side. You talked about in terms of the QBO sub growth. You reiterated the idea of slowing here in the second half as we lap the self-employed. But I'm just kind of curious, if you back out the self-employed units and just look at the rest of the QBO units, how should we think about the growth dynamics or the growth trends in the rest of that QBO base moving forward?

我這邊只有一張。您剛才談到了QBO用戶成長的情況。你重申了下半場放慢速度的想法，因為我們要超越自僱者。但我有點好奇，如果剔除自僱人士單元，只看 QBO 的其他單元，我們該如何看待 QBO 其餘用戶群未來的成長動態或成長趨勢？

Sterling, we see them continuing at this point up into the right. I say that with facts behind it. Our Net Promoter Scores, I have been incredibly excited and impressed with the team as they continue to get at the most nagging problem getting in customers' ways, and they're making improvements to the product. And this Net Promoter Score now, on average, is a 10-point advantage over the competitors in each of the markets. We have some markets that we're not completely where we want to be, but other markets, we are far ahead of the 10-point advantage. And that gave us enough confidence to lean in to a pretty aggressive advertising and marketing campaign, which is really propelling the number of prospects that are coming into the products. So we seek QBO core, without self-employed, continuing to grow at an accelerating rate. And then self-employed for us is just a greenfield opportunity that's just icing on the cake.

我們看到，從這一點來看，斯特林繼續向右上方移動。我這麼說是有事實根據的。我們的淨推薦值讓我非常興奮和印象深刻，因為團隊一直在努力解決阻礙客戶的最棘手的問題，並且他們正在改進產品。目前，該淨推薦值平均比各市場的競爭對手高出 10 分。有些市場我們還沒有完全達到預期目標，但在其他市場，我們遠遠領先10個百分點。這給了我們足夠的信心，讓我們能夠進行相當積極的廣告和行銷活動，這確實推動了產品潛在客戶數量的成長。因此，我們尋求 QBO 核心業務，無需自僱人士，並繼續以加速的速度成長。對我們來說，自主創業就像是全新的機遇，是錦上添花。

So that growth rate has actually kind of tailed a little bit? So you think it'll reaccelerate from these levels?

所以增長率實際上已經略有放緩？所以你認為它會從目前的水平重新加速成長嗎？

We -- what we have right now, the answer is yes. And there is reason to believe, both in terms of the quality of the product and the go-to-market starting to kick in, which we started back in the fall. As you might imagine, we're getting a little smarter in some of these markets outside the U.S. where we were waiting for product/market fit to kick in. And so I think as you look about -- and we talked about this business not in the next 90 days, is we're looking at it and looking the next several years, we do see opportunity to continue to accelerate core QBO.

就我們目前的情況而言，答案是肯定的。有理由相信，無論是從產品品質還是從我們去年秋天開始的市場推廣活動來看，情況都是如此。正如你可能想像的那樣，在美國以外的一些市場，我們正在變得更加精明，因為我們一直在等待產品/市場契合度的出現。所以我認為，當我們環顧四周——我們討論的不是未來 90 天的業務，而是未來幾年的業務——我們確實看到了繼續加速核心 QBO 的機會。

Our next question comes from Jesse Hulsing of Goldman Sachs.

下一個問題來自高盛的傑西·赫爾辛。

Brad, historically, you've talked about unit growth kind of being the most important thing for your tax business. But this year, it seems like there's a lot of ARPU levers, and a lot of which you're doing on the product side is kind of moving upmarket. Is that strategy shifting? Is this becoming more of a -- a move up market, ARPU-driven business over the next few years? Or is the way that you think about this business still very focused on underlying unit growth?

布拉德，從以往的經驗來看，你曾多次提到，業務成長對你的稅務業務來說是最重要的。但今年，似乎有很多影響每位用戶平均收入 (ARPU) 的因素，而你在產品方面所做的許多努力都是為了朝高端市場邁進。這是戰略轉變嗎？未來幾年，這是否會演變成一個以提升市場價值、以每位用戶平均收入 (ARPU) 為導向的業務？或者，您對這項業務的思考方式仍然非常注重單位銷售的成長？

Jesse, it's an insightful question, and the answer is it's an and. We still have a priority that says we want to expand the number of people who have confidence in themselves to file taxes on their own. So that's expand the do-it-yourself category. And in doing that, we want to win our fair share of those, which is customer and unit growth. But the other thing is we have admitted that we've been a little myopic. There's $20 billion worth of spend in the assisted tax prep method. And we believe now with the platform that has 2,000 experts answering questions, we can also go after share of dollars, not just share of market. Now as you might imagine, when you're at a multiyear strategy, in one given year, you may lean more into one area than the other. And so we're fighting right now a very competitive free market while we're trying to go out and disrupt what we think to be a pretty vulnerable assisted market. And so you're starting to see a little more ARPU come in, but that has not changed our strategy, which is we think customer growth continues to be the lifeblood long term. So we think we can do that and grow ARPU at the same time.

傑西，這是一個很有見地的問題，答案是「和」。我們仍將擴大有信心自行報稅的人數作為優先事項。這樣就擴大了DIY類。這樣做，我們希望贏得我們應得的份額，也就是客戶和銷售量的成長。但另一方面，我們也承認自己有點目光短淺。輔助報稅方式的支出高達 200 億美元。我們相信，現在有了這個擁有 2000 名專家回答問題的平台，我們不僅可以追求市場份額，還可以追求美元份額。現在你可以想像，當你制定多年策略時，在某一年，你可能會更專注於某個領域而不是另一個領域。因此，我們現在一方面要與競爭激烈的自由市場奮戰，另一方面又要試圖顛覆我們認為相當脆弱的輔助市場。因此，您開始看到 ARPU 略有成長，但這並沒有改變我們的策略，我們認為客戶成長仍然是長期的生命線。所以我們認為我們可以做到這一點，同時也能提高每位用戶平均收入 (ARPU)。

So -- and then a quick follow-up, if I may. Turbo, the new kind of consumer platform. How has conversion been into that product from early TurboTax filers?

那麼——如果可以的話，我想快速補充一點。Turbo，一種新型的消費者平台。從早期使用TurboTax的用戶到該產品的轉換率如何？

Yes, I think your operative word there is early. We still have a lot of season to play. But I will share this. We have been very excited, as have our partners who are already working on the Turbo platform, whether it's [Ask Marcus] or it's Quicken Loans and some of the other partners out there, and we've been in conversations with them. The quality of the product, the number of people who are opting into the product and the people who are clicking to transfer data after they've completed their tax return is so far ahead -- right now, it is ahead of the expectations we had, and we're still learning as we go. So right now I would say it's early days, which is sort of what you referred to. We'll have a better read at the end of the season, but we like the leading indicators.

是的，我認為你這裡用到的關鍵字是「早」。我們還有很長的賽季要打。但我會分享這件事。我們和已經在使用 Turbo 平台的合作夥伴們一樣感到非常興奮，無論是 [Ask Marcus] 還是 Quicken Loans 以及其他一些合作夥伴，我們都一直在與他們進行交流。產品品質、選擇使用該產品的人數以及在完成報稅後點擊傳輸資料的人數都遠遠超出了預期——目前，它已經超出了我們的預期，而且我們仍在不斷學習進步。所以現在還處於早期階段，這大概就是你剛才提到的情況。賽季結束後我們會有更清晰的判斷，但我們更看好這些領先指標。

Our next question comes from Kirk Materne of Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Kirk Materne。

Brad, I just had one question just on international QBO subscribers. At the Analyst Day, you talked about you're seeing the right type of CAC rates to -- for a lot of these different geographies that you're going after. I was wondering if you can just give us a little bit update on how that's going in terms of the cost of going after these subs. And then I was wondering if there's any real difference now that business has gotten a little bit more critical mass just in terms of the renewal rates on the international base maybe versus the domestic.

Brad，我只有一個關於國際QBO訂閱用戶的問題。在分析師日上，您談到您看到了合適的 CAC 費率——對於您正在瞄準的許多不同地區而言。我想問一下，您能否簡要介紹一下在追捕這些潛艇的成本方面進展如何？然後我就在想，現在業務規模已經擴大了一些，國際續約率和國內續約率之間是否有真正的差異。

Yes, Kirk. So we haven't broken down our LTV-to-CAC beyond what we shared at Investor Day so I can give you qualitative and then we'll once again use that annual opportunity to give you an update on the numbers. But our numbers are still blending at around 6.9 for desktop in the U.S. for QuickBooks. And then QBO in the U.S. of 5.5. And if you blend in the global market, it's 4.5. So our LTV-to-CAC is still very healthy, all blended, all-in, at 4.5. Each of the individual countries have an individual target depending upon where they are in their maturity curve. Countries that are closer to the U.S., like you may think Canada, have a higher CAC target or a lower CAC target, a higher LTV-to-CAC ratio than some of these other countries like France and India, we're in the early days of trying to build the brand and get the product to market. So we haven't broken out that level of detail. I can tell you this, when you see us lean in and start to do TV campaigns in markets, which we've done in countries like Australia, the U.K. and Canada, that should be a signal that we like the LTV-to-CAC and we're going to continue to invest in marketing. When you don't see us doing that, and I can give you those countries, Brazil, France and India, that's because we don't feel we have that number where we want it to be yet. We want the product to do more of the work right now.

是的，柯克。因此，除了在投資者日上分享的內容之外，我們還沒有對 LTV 與 CAC 進行更詳細的分析，所以我可以先提供一些定性信息，然後我們將再次利用這個年度機會向大家提供最新的數據。但是，我們在美國桌面版 QuickBooks 的用戶數量仍然穩定在 6.9 左右。然後是美國的QBO為5.5。如果把全球市場考慮進去，那就是 4.5。因此，我們的 LTV 與 CAC 的比值仍然非常健康，綜合起來，為 4.5。每個國家都有各自的目標，這取決於它們在發展成熟度曲線中的位置。與美國距離較近的國家，例如你可能認為的加拿大，其客戶獲取成本 (CAC) 目標較高或較低，客戶終身價值與客戶獲取成本 (LTV/CAC) 比率也高於法國和印度等其他國家。我們目前還處於品牌建立和產品上市的早期階段。所以，我們還沒有細化到那種程度。我可以告訴你，當我們在市場中加大投入並開始進行電視廣告宣傳時（我們已經在澳大利亞、英國和加拿大等國家這樣做過），這應該是一個信號，表明我們喜歡 LTV 與 CAC 的比值，我們將繼續投資於行銷。當你沒有看到我們這樣做時，我可以告訴你這些國家是巴西、法國和印度，那是因為我們覺得我們還沒有達到我們想要的數字。我們希望產品現在就能承擔更多的工作。

Our next question comes from Michael Millman of Millman Research.

我們的下一個問題來自 Millman Research 的 Michael Millman。

Talking again about TurboTax Live. Can you give us some quantification as to -- I'm sure you could -- would you give us some quantification as to what you're seeing in terms of retaining those $3 million and picking up from the assisted? Secondly, just so we have some better grasp of how fast things are improving in the market, tell us what your increase or your change in the latest week was? And thirdly, could you talk about [RAs]? Is it the first year you're doing them? How many have you done this year? What does it cost you to do them? And anything else -- and why haven't you gone up to where the market is?

再說一次TurboTax Live。您能否量化一下——我相信您能——您能否量化一下您在保留這 300 萬美元和從受助者那裡獲得收益方面所看到的情況？其次，為了更了解市場改善的速度，請告訴我們您最近一週的成長或變化是多少？第三，您能談談[研究助理]嗎？這是你第一年參加嗎？今年你完成了多少項？做這些事需要花你多少錢？還有什麼其他事情嗎？ ——為什麼你還沒去市場那裡看看？

Yes, thank you, Michael. I love, each quarter, the questions you ask. And I appreciate that you try to go for the things that we sometimes can't reveal, but it's always worth asking. So let me start with TurboTax Live. And I'll say what I said a few minutes ago, we are very encouraged, although it's still early in the season, the more complex files -- returns will be filed later in the season. But right now, I can tell you, on a cohort basis, we like the trajectory of our retention number. So that, I'll just share. The second thing I would say is our new user growth looks strong and our sources of new users, which include those who were filing last year an assisted method, is also encouraging. We'll unpack those numbers with much more definitive detail at Investor Day, which is what we always do. But I'll give you a little bit of a sneak peek there with just talking in broad terms. In terms of last week, can't do that. Want to keep it in an apples-to-apples basis, and this is the second quarter update. We didn't move the numbers up through February 16 because since the IRS had reported through there, we wanted to at least give you a couple of weeks into February. But I really don't want to get into sharing things beyond that. There's a lot of other people who listen to these calls beyond just you and me and I want to try to keep that powder dry. And then the last piece is the refund advance, or what had been known in years past as refund anticipation loans, what's really happened here is, for a lot of years, as you know, we chose not to be in that category because we felt like it was usury rate and it was taking advantage of customers. And over the years, a lot of the industry abandoned it as well. The government frowned on it and we didn't want to be a part of that. What happened now is a couple of things. One is with changes in legislation and delays and people like earned income tax filers for their earned income tax credit, happen to wait until later in the season to get a check. There's an opportunity for us to come back in and in a very consumer-friendly way help those people get access to money, and it's a partial loan, to bridge them over until they get their tax refund. Now what you see us having in-market is we're testing various levels, $250 partial loan, $500, $750 and $1,000. And it is 0 interest, no fees. So there is no usurious rates out there. We make our money only on the interchange fees on the card and the customer doesn't pay that. And we're running it right now as a test. And it's because it still aligns with our principles, and we'll see how it works this year and then we'll decide if it's something we want to go after bigger in future years.

是的，謝謝你，麥可。我非常喜歡你們每季提出的問題。我很感激你努力去了解我們有時無法透露的事情，但問總是值得的。那麼，就讓我先從TurboTax Live開始吧。我再說一次我幾分鐘前說過的話，我們感到非常鼓舞，雖然現在還是賽季初期，但更複雜的文件——申報表將在賽季後期提交。但就目前而言，我可以告訴你，從用戶群來看，我們對用戶留存率的成長趨勢感到滿意。所以，我就分享一下。第二點我想說的是，我們的新用戶成長勢頭強勁，新用戶來源（包括去年使用輔助方式提交申請的用戶）也令人鼓舞。我們將在投資者日上更詳細地解讀這些數據，這也是我們一貫的做法。但我會先給你簡單透露一下，僅作概括性描述。至於上週的情況，那是不可能的。為了確保比較的公平性，這是第二季的更新報告。我們沒有將數據更新到 2 月 16 日，因為美國國稅局已經報告到那時了，我們想至少讓您了解 2 月份的幾週情況。但我真的不想分享更多細節。除了你我之外，還有很多人會聽這些電話，我想盡量保密。最後一部分是退款預付款，或過去被稱為退款預期貸款。如你所知，多年來，我們一直選擇不屬於這一類，因為我們覺得它的利率是高利貸，是在剝削客戶。多年來，業內許多企業也放棄了它。政府對此表示反對，我們也不想參與其中。現在發生的事情有兩點。一是立法變更和延誤，二是像所得所得稅申報者這樣的人，為了獲得所得所得稅抵免，往往要等到季末才能收到支票。我們有機會重新介入，以非常方便消費者的方式幫助這些人獲得資金，這是一筆部分貸款，可以幫助他們渡過難關，直到他們收到退稅款。現在您在市場上看到的是，我們正在測試各種級別的貸款，250 美元的部分貸款，500 美元，750 美元和 1000 美元。而且零利息，無手續費。所以根本不存在高利貸利率。我們只從信用卡交易手續費中賺錢，客戶無需支付這筆費用。我們現在正在進行測試。這是因為它仍然符合我們的原則，我們將看看它今年的效果如何，然後再決定是否在未來幾年加大投入。

I actually meant what does it cost you, not what it cost. I know it doesn't cost -- you don't charge the consumer.

我其實想問的是這會為你帶來什麼成本，而不是實際成本是多少。我知道這不需要成本——你們不向消費者收費。

Well, that information, I wouldn't want to share right now because we've got other people who are offering the same thing, and I want to make sure that we keep our cost structure competitive. But I appreciate you asking the question.

嗯，這個資訊我現在不想分享，因為還有其他人提供相同的服務，我想確保我們的成本結構保持競爭力。但我很感謝你提出這個問題。

And can you be competitive in a 5- to 10-day wait compared to 24 hours?

與 24 小時相比，等待 5 到 10 天你能保持競爭力嗎？

I'm -- are you talking about what we have in the market right now compared to others?

我是說——你是在說我們目前市場上的產品與其他產品相比如何嗎？

Yes.

是的。

We fully believe that what matters most to the customers, we're going to make sure we're competitive on. And sometimes features may or may not be important. But we certainly do know getting access to money in a timely fashion is. And so that's why this year, we're running tests and experiments to see what are the most important things for customers. But I can promise you, if that's the most important thing, we won't roll a product out if we can't be competitive.

我們堅信，對於客戶而言最重要的事情，我們將確保我們在這些方面保持競爭力。有時，某些功能可能重要，也可能不重要。但我們當然知道及時獲得資金是多麼困難。所以，今年我們正在進行測試和實驗，以了解客戶最重視的是什麼。但我可以向你保證，如果這是最重要的，如果我們無法具備競爭力，我們就不會推出產品。

Our next question comes from the line of Raimo Lenschow of Barclays.

我們的下一個問題來自巴克萊銀行的雷莫·倫肖。

Two questions. First, Brad, can you -- a lot of my questions were answered, but the -- can you talk a little bit about the desktop business where you're running on revenue at a very healthy clip and obviously, units are suffering a little bit? How sustainable is that momentum that you see here?

兩個問題。首先，布拉德，我的許多問題都得到了解答，但是——你能談談你們的桌上型電腦業務嗎？你們的收入成長非常健康，但顯然銷量略有下滑？你看到的這種發展動能持續多久？

Yes, Raimo. So we have anticipated for some time now that we're going to see mid-teens decline in units on desktop as we see more customers who come into the franchise opt for the cloud. In fact, 8 out of 10 now choose QBO over desktop. And then we also have some customers in desktop that are moving to the subscriber or subscription version of desktop. In fact, that grew about 8% this quarter. So when you put in desktop sold through retail and then blend that with those who bought a desktop subscription, the combined numbers were down just about 1%. So roughly flat. And we believe that's going to be sustainable. What's driving the revenue is those that are staying on desktop tend to have more feature functionality, they do tend to have more attach services like payroll and payment and many are QuickBooks Enterprise. And QuickBooks Enterprise is growing and continuing to grow. And so that's bringing the overall revenue per customer up, and that's why you're going to see mid- to high-single-digit growth, even with a 15 points decline in units.

是的，雷莫。因此，我們早就預料到，隨著越來越多的加盟主選擇雲端服務，桌面端的銷售量將會下降十幾個百分點。事實上，現在十個人中有八個選擇使用QBO而不是桌面版。此外，我們還有一些桌面用戶正在遷移到桌面訂閱版或訂閱版。事實上，本季成長了約 8%。因此，如果將透過零售通路售出的桌上型電腦數量與購買桌上型電腦訂閱的用戶數量加在一起，總數字僅下降了約 1%。大致平坦。我們相信這將是可持續的。推動收入成長的因素是，那些持續使用桌面版軟體的用戶往往擁有更多功能，他們也傾向於擁有更多附加服務，例如薪資和支付服務，而且許多用戶使用的是 QuickBooks Enterprise。QuickBooks Enterprise 正在不斷成長。因此，這提高了每位客戶的整體收入，這就是為什麼即使銷售量下降了 15 個百分點，你也會看到個位數中高段的成長。

Perfect. And a quick question for Michelle. On the last few quarters, you were talking about the higher investment levels as you kind of change over the platform, move over to AWS and take -- use the different opportunities to invest more into the business. Where are you in terms of -- after being in the seat now for a little bit, where are you in terms of, like, kind of pushing on with these investments? And is there any change coming from you?

完美的。我還有一個問題想問米歇爾。在過去的幾個季度裡，您一直在談論更高的投資水平，因為您正在對平台進行某種程度的改造，遷移到 AWS，並利用不同的機會對業務進行更多投資。您上任一段時間後，在推動這些投資方面，您目前的進展如何？你那邊會有什麼改變嗎？

You're right. We have over this last year specifically, we've talked about how we have focused on really freeing up some of our spend. We said about 10%. To then take that, to reinvest it and focus in 4 key areas, one of which, as you mentioned, is transitioning to AWS. We're also reallocating funds into artificial intelligence and machine learning into our engineering team overall and into our Intuit brand campaign, which you've seen. From my standpoint, those continue to be, and for the company, continue to be some of the strategic priority focus areas for us. And so we're going to continue to increase or have that spend reallocated over this year. And then as we go into the summer, we'll go through our planning process, where we always look at what our top priorities are for spending.

你說得對。在過去一年裡，我們一直在討論如何集中精力真正削減一些開支。我們說大約是10%。然後，將這些資金重新投入並專注於 4 個關鍵領域，其中一個領域正如您所提到的，就是過渡到 AWS。我們也將資金重新分配到人工智慧和機器學習領域，投入到我們的整個工程團隊以及你們已經看到的 Intuit 品牌推廣活動中。從我的角度來看，這些仍然是，對公司而言，也仍然是我們一些策略優先關注的領域。因此，我們將繼續增加或重新分配今年的這筆支出。然後，隨著夏季的到來，我們將進行規劃，我們將始終考慮支出方面的首要優先事項。

Our next question comes from the line of Siti Panigrahi of Wells Fargo.

我們的下一個問題來自富國銀行的 Siti Panigrahi。

Yes, just going back to that payroll and payment. I know you guys stopped giving the attach rate. But just wanted to understand the trends you are seeing on the payroll and payment to QBO business and how strategic those 2 business.

是的，我們還是回到薪水和支付的問題上來吧。我知道你們已經停止提供附加率數據了。我只是想了解您在薪資單和向 QBO 付款方面看到的趨勢，以及這兩項業務的策略意義。

Yes, we believe both those businesses are strategic. There are important problems that small businesses need to have solved in a simple and elegant way. And we continue to like the fact that we're seeing online ecosystem revenue in aggregate grow from 35% last quarter to 39% this quarter. And of course, in there is not only the accounting, but also the payroll on the payments numbers. Now we would tell you that we remain focused on trying to accelerate those results. There's lots of things our teams are working on inside, but there is no new news in terms of payroll and payments besides what we shared with you in the fall.

是的，我們認為這兩項業務都具有戰略意義。小企業需要以簡單而優雅的方式解決一些重要問題。我們仍然樂見線上生態系統總收入從上個季度的 35% 成長到本季的 39%。當然，其中不僅包括會計數據，還包括薪資支付數據。現在我們可以告訴大家，我們仍然專注於努力加快取得這些成果。我們的團隊內部有很多工作要做，但除了秋天與大家分享的內容之外，在工資和支付方面沒有任何新消息。

And just asking on the Turbo capital that you guys lost last year. Is there any update or anything that you have seen initial response from your customer base?

還有，我想問你們去年損失的Turbo資金的情況。是否有任何更新訊息，或者您是否已收到來自客戶群的初步回饋？

It continues to be a forward-momentum business. In fact, we're spending time in the upcoming board meeting in May talking about the exciting lessons we've learned so far. The thing that gets us most encouraged is those that are getting loans through QuickBooks Capital, 60% of them were considered unlendable by other financial lenders up til this point. So we're going after a category and a market that isn't being served well. And we like the economics of the business. So right now, nothing that we would reveal that's more specific than that other than you ought to hear a general tone. And I believe that we think this is a real opportunity that we'll continue to lean into.

這是一個持續向前發展的行業。事實上，我們將在五月即將召開的董事會上花時間討論我們迄今為止學到的令人興奮的經驗教訓。最令我們感到鼓舞的是，那些透過 QuickBooks Capital 獲得貸款的人，其中 60% 的人先前被其他金融機構認為無法獲得貸款。所以，我們瞄準的是一個尚未被充分滿足的品類和市場。我們喜歡這個產業的經濟模式。所以目前我們沒有更具體的消息可以透露，除了你應該能聽到一個大致的基調。而且我相信，我們認為這是一個真正的機遇，我們會繼續努力把握它。

Our next question comes from the line of Brad Reback of Stifel.

我們的下一個問題來自 Stifel 公司的 Brad Reback。

Brad, the online ecosystem sort of pretty significant sequential acceleration on a much harder comp year-over-year. Can you maybe dig into what was driving that?

布拉德，線上生態系統在比去年同期更嚴峻的競爭環境下，實現了相當顯著的連續加速成長。您能否深入調查一下導致這種情況發生的原因？

Yes. I would say, Brad, there's 2 things driving it. One is as we continue to improve the quality of the product, then we're able to back off in some of the non-U. S. markets on super aggressive discounts and promotions. I would tell you upfront that our teams and we leaned into that early on to get customers on the platform. And as we've improved the product, we found it less important to do that. So I think we're getting a little wiser in our discounting. And then the second thing I would say is we're building out the ecosystem. So we're getting healthier ecosystem results. Our payments results, I'm very excited about. Our teams continue to lean in there. Payroll, we're continuing to push ahead and we're getting learnings every day. And so I think it's the aggregate of those 3 things that are helping us drive ecosystem revenue.

是的。布拉德，我認為有兩個因素在驅動這件事。一方面，隨著我們不斷提高產品質量，另一方面，我們能夠在一些非美國市場減少投入。美國市場採取極具競爭力的折扣和促銷活動。我先坦白告訴你，我們的團隊很早就開始重視這一點，以便讓客戶使用這個平台。隨著產品的改進，我們發現這樣做的重要性降低了。所以我覺得我們在折扣方面越來越明智了。其次，我想說的是，我們正在建立生態系統。因此，我們獲得了更健康的生態系統結果。我對我們的付款結果非常滿意。我們的團隊繼續全力投入其中。薪資方面，我們正在繼續推進，並且每天都在吸取經驗教訓。所以我認為正是這三件事的綜合作用，幫助我們推動了生態系收入的成長。

Our next question comes from Jim MacDonald of First Analysis.

我們的下一個問題來自 First Analysis 公司的 Jim MacDonald。

Yes, guys. I just want to follow up on that last one. And you're now at 39% online growth. You're talking about over 30%. Should we expect you to raise your long-term view for online growth?

是的，各位。我只是想就最後一個問題做個後續說明。你們目前的線上成長率達到了 39%。你說的是超過30%。我們是否應該期待您提高對線上成長的長期展望？

Thanks, Jim. You sound like me when I sit with our teams and they tell me they're finding results and I want to raise their quota. Honestly, what we try to do right now is we try to peg a multiyear objective that is both aggressive but also something that we think we can sustain for more than a couple of quarters. And so right now, what I think is most important is that we keep the team focused on 40% subscriber growth and 30% ecosystem revenue growth. That produces an incredibly healthy business and a very strong opportunity for the company to continue to grow at the rates we've talked about. Now if we see a continuing trend that is way above that 30% and we think that's sustainable, then we will certainly both have that conversation inside, and then talk to you about it at an event. But right now, I don't think that one quarter going 35% to 39% is enough for us to say, "Let's raise our long-term outlook." But it certainly is encouraging and we like it and we're going to continue to lean in to see how far we can push it.

謝謝你，吉姆。你聽起來就像我跟團隊成員坐在一起，他們告訴我他們取得了成果，而我卻想提高他們的績效指標時一樣。說實話，我們現在努力的目標是製定一個多年目標，這個目標既要具有挑戰性，又要確保我們能夠持續幾個季度以上。所以現在，我認為最重要的是，我們要讓團隊專注於實現 40% 的用戶成長和 30% 的生態系統收入成長。這造就了公司極其健康的經營狀況，也為公司繼續以我們之前討論的速度成長提供了非常強勁的機會。如果我們看到這種趨勢持續遠超 30%，並且我們認為這是可持續的，那麼我們肯定會在內部進行討論，然後在某個活動上與大家討論。但就目前而言，我認為一個季度35%到39%的成長還不足以讓我們說「讓我們提高長期預期」。但這當然令人鼓舞，我們對此感到滿意，並將繼續努力，看看我們能將其推向何種高度。

Great. And my follow-up is, on TSheets, any thoughts you can give us on how you plan to run that business differently at all? Or what you plan -- any plans for TSheets now that you own them?

偉大的。我的後續問題是，關於 TSheets，您能否分享一下您計劃如何以不同的方式經營這項業務？或者您有什麼計劃——既然您現在擁有了 TSheets，有什麼計劃嗎？

Yes, thanks. You knew TSheets and the accounting profession knows them well out there too, is they are a great company. They have a world-class leader in Matt Rissell and they have a top-performing Best Place to Work in their home state. And they have really high Net Promoter Scores with accountants and with business owners. Right now, our game plan is to do no harm in terms of their culture and to look for ways where we can accelerate their growth by having them actually get access to our large customer base as well as some of our infrastructure. So we have a very thoughtful integration plan. We have learned over the years that we can bear hug you and squeeze all the entrepreneurial spirit out of you, which is not good. We've also left Iowans our there with absolutely no integration, and that hasn't been helpful either. So we've got a hybrid approach. I really like how the team is approaching it. But right now, we like that business. They're on a good trajectory and they've got a great leadership team.

好的，謝謝。你肯定聽過 TSheets，會計行業也對他們很熟悉，因為他們是一家很棒的公司。他們擁有世界級的領導者 Matt Rissell，在他們的家鄉州，他們是業績頂尖的最佳工作場所。他們在會計師和企業主中的淨推薦值都非常高。目前，我們的策略是在不損害他們文化的前提下，尋找能夠加速他們發展的方法，讓他們接觸到我們龐大的客戶群以及我們的一些基礎設施。因此，我們制定了一個非常周全的整合計劃。多年來我們發現，我們可以用熊抱的方式把你身上所有的創業精神都榨乾，但這並不好。我們也讓愛荷華州的人們完全被排除在外，沒有融入主流社會，這也沒有什麼幫助。所以我們採取了一種混合方法。我非常欣賞團隊的處理方式。但就目前而言，我們喜歡這種商業模式。他們發展勢頭良好，而且擁有一支優秀的領導團隊。

Our next question comes from the line of Jennifer Lowe of UBS.

我們的下一個問題來自瑞銀集團的珍妮佛洛。

Really, a quick one for me. Looking at the QuickBooks Online revenue relative to average subscribers in the quarter, it looks like that metric, the average -- the implied average price per subscriber was probably the best we've seen in a number of quarters now. And obviously, you saw a lot strength in self-employed and international, which tend to be lower ASP. So I'm just sort of curious what the dynamic is there? Why it looked a little bit better this quarter on the pricing front? And whether that's something we should see as more sustainable or more of a one-quarter phenomenon?

真的，我只需要快速回答。從 QuickBooks Online 的營收與本季平均訂閱用戶數的關係來看，該指標（即平均訂閱用戶數）可能是近幾季以來我們所見到的最佳水平。顯然，自僱人士和國際客戶群表現強勁，而這些客戶的平均售價往往較低。所以我就有點好奇，這其中的動態是什麼？本季定價方面為何略有改善？我們應該將其視為更可持續的現象，還是只是偶爾發生的現象？

Yes, Jen. I would say that the numbers we want to continue to reinforce, so the 40% subscriber growth and the north of 30% on ecosystem revenue. And then that ARPU number is going to move up and down in particular in any given quarter based upon mix. Self-employed, core QBO U.S., QBO non-U. S., now we're getting a little wiser on discounting strategies outside the U.S. and a few markets where we're seeing strong product/market fit. And I think what you're seeing this quarter is just a healthier mix of core QBO. Self-employed, still growing. But we're also getting wiser with the discounting strategy. And I think it's just giving you this optic that says that's looking good. I will tell you, the trend line, I think the teams are doing a really good job of getting after LTV-to-CAC. And if we can improve that for every cohort, over time, the ARPUs will move in a good direction. But right now, I think this is just an optic of what happened in the last 90 days and what the mix of customers were.

是的，珍。我想說的是，我們希望繼續鞏固這些數字，即用戶成長 40%，生態系收入成長超過 30%。然後，ARPU值會根據產品組合的不同而上下波動，尤其是在每個季度。自僱人士，美國核心 QBO，非美國 QBO。現在，我們對美國以外以及一些產品/市場契合度較高的市場的折扣策略有了一些了解。我認為本季你看到的只是核心QBO更健康的組合。自僱人士，仍在成長中。但我們在折扣策略方面也越來越精明了。我認為這只是給人一種「看起來不錯」的錯覺。我會告訴你，從趨勢來看，我認為各隊在提升 LTV 到 CAC 的轉換率方面做得非常出色。如果我們能夠提高每個群體的ARPU值，隨著時間的推移，ARPU值將會朝著好的方向發展。但就目前而言，我認為這只是對過去 90 天發生的事情以及客戶組成的一種反映。

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

女士們先生們，我不再回答任何問題了。還有什麼補充說明嗎？

Yes, sure, Latif. I'll keep it short. I want to thank everybody for your questions. We learn a lot from the things that are on your mind and we're looking forward to engaging with you in the after-hour calls as well as coming out and seeing you in conferences in the coming weeks. I'll just say we feel like we've got some strong momentum as we enter the second half. At the same time, we've been in the business long enough to know there's plenty of time left on the clock. So we're going to have to stay focused on execution. I really appreciate several of you calling out how good it is to have Michelle in her role full time. It's been a wonderful transition, and we're looking forward to the future with her. And with that, we'll speak with you soon. Take care.

當然可以，拉蒂夫。我就長話短說。感謝大家的提問。我們從您關心的事情中學到了很多，我們期待在接下來的幾周里，在下班後的電話會議上與您交流，並在會議上與您見面。我只想說，我們感覺進入下半程後勢頭強勁。同時，我們入行這麼多年，也知道時間還很充裕。所以我們必須繼續專注於執行。我非常感謝你們中的幾位指出米歇爾全職擔任這個職位是多麼好的一件事。這是一個非常美好的過渡，我們期待與她共創未來。那麼，我們很快就會再聯絡。小心。

Ladies and gentlemen, thank you for participating. This concludes today's conference call.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。