直覺電腦 (INTU) 2018 Q3 法說會逐字稿

Good afternoon. My name is Latif, and I will be your conference facilitator. At this time, I would like to welcome everyone to Intuit's Third Quarter 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.

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 財年第三季電話會議。（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。

Thanks, Latif. Good afternoon, and welcome to Intuit's Third 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 財年第三季電話會議。我今天陪同在場的有：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。

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 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、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.

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 delivered very strong results in our third fiscal quarter, with overall revenue growth of 15% fueled by 15% growth in the Consumer Group and 16% growth in the Small Business & Self-Employed Group. Because of the strength and the continued momentum across the company, we're raising our revenue, operating income and earnings per share guidance for fiscal year 2018.

好的。謝謝傑瑞，也謝謝各位的參與。我們在第三財季取得了非常強勁的業績，整體營收成長了 15%，其中消費者集團成長了 15%，小型企業和自僱人士集團成長了 16%。由於公司整體實力強勁且發展勢頭持續，我們提高了 2018 財年的營收、營業收入和每股盈餘預期。

With that headline, let me share some observations on our business overall and I'll start with tax in our consumer business. Heading into tax season, we foreshadowed that this year's primary drivers of revenue would be do-it-yourself category growth and a higher average revenue per return. That's indeed how the season played out, producing very strong results.

有了以上標題，我想分享一些關於我們整體業務的看法，首先從我們消費者業務的稅務問題說起。在報稅季到來之際，我們預測今年的主要收入驅動因素將是自助報稅類別的成長和每份報稅單平均收入的提高。本賽季的進程確實如此，並且取得了非常優異的成績。

As we communicated over the years, there are 4 primary drivers in our consumer business: The first is the total number of returns filed with the IRS and the latest IRS data indicate total returns grew about 1%, in line with our expectations. The second is the percentage of those returns that were filed using do-it-yourself software.

正如我們多年來所溝通的那樣，我們的消費者業務有 4 個主要驅動因素：首先是向美國國稅局提交的申報表總數，而美國國稅局的最新數據顯示，申報表總數增長了約 1%，與我們的預期一致。第二項是使用自助軟體提交的報稅表所佔的百分比。

As a reminder, the DIY category growth is our largest lever of revenue growth. To date, the DIY category share has grown just over 0.5 point, again outpacing the assisted tax prep category. As the leader, we view it as our responsibility to help drive category awareness and growth. So we're pleased with this result.

再次提醒大家，DIY品類的成長是我們營收成長的最大動力。迄今為止，DIY類別的份額增加了0.5個百分點以上，再次超過了協助報稅類別。身為產業領導者，我們認為幫助提升品類認知度、促進品類成長是我們的責任。我們對這個結果很滿意。

The third is our share within DIY. We completed well and earned a modest increase in our share of the category this season. When you look beyond DIY, the total returns would also gain 0.5 point of total market share.

第三點是我們在DIY領域的份額。我們本季表現出色，市佔率略有成長。如果將目光投向 DIY 以外的領域，總回報也將獲得 0.5 個百分點的市佔率。

The fourth is the average revenue per return, which increased quite nicely this season. The growth was driven by a combination of attached, mix shift to the higher end of our product line, which include TurboTax Live and pricing for value. Bottom line, it was a successful tax season. As we shared at Investor Day last fall, in addition to extending our lead in DIY, we're increasingly focused on transforming assisted tax prep and expanding our business beyond tax. We made encouraging progress behind each of these strategic priorities this season.

第四點是每次回報的平均收益，本季此指標成長相當可觀。成長的驅動因素包括：附加銷售、產品組合向高端產品線（包括 TurboTax Live）的轉變以及物有所值的定價策略。總之，報稅季很成功。正如我們在去年秋季的投資者日上分享的那樣，除了擴大我們在自助報稅領域的領先地位外，我們還越來越專注於改變輔助報稅服務，並將我們的業務擴展到稅務以外的領域。本賽季，我們在每一項策略重點方面都取得了令人鼓舞的進展。

In support of transforming assisted tax prep, we're pleased with the results of our TurboTax Live offering in its first season. We delivered an innovative experience that enable filers who were seeking more confidence in their personal tax situation to do so by accessing a tax pro with a touch of a screen. Feedback from the nearly 2,000 pros and the many customers they serve reinforced our confidence that TurboTax Live has the potential to be transformative to our consumer business in the years to come. It opens up a $20 billion assisted tax prep category and it provides us with an opportunity to grow our dollar share while increasing our average revenue per return. Michelle will share some additional data around our progress in a moment.

為了支持輔助報稅服務的轉型，我們對 TurboTax Live 服務在第一季的成果感到滿意。我們提供了一種創新的體驗，使那些希望對自己的個人稅務狀況更有信心的報稅者能夠透過輕觸螢幕來聯繫稅務專家。來自近 2000 名專業人士和他們服務的眾多客戶的回饋，增強了我們對 TurboTax Live 在未來幾年內有可能改變我們消費者業務的信心。它開闢了一個價值 200 億美元的輔助報稅服務市場，並為我們提供了一個增加市場份額、同時提高每份報稅單平均收入的機會。米歇爾稍後會分享一些關於我們進展的更多數據。

This season was also the first for our Turbo offering, the consumer financial platform that expands our portfolio beyond tax. Turbo provides customers with a full view of their overall financial health by combining their credit score, verified income data and a debt-to-income ratio to show customers where they truly stand. This year, TurboTax customers had the option to transfer their tax data into a Turbo account when they completed their return. Nearly 5 million TurboTax customers registered for Turbo in year 1, providing us with a strong foundation to extend our business beyond today's user paid model. The real value with this offering will come as customers engaged with it on an ongoing basis.

本季也是我們推出 Turbo 產品的第一年，這是一個消費者金融平台，它將我們的業務範圍擴展到了稅務以外的領域。Turbo 透過結合客戶的信用評分、已驗證的收入資料和債務收入比，為客戶提供其整體財務狀況的全面視圖，從而向客戶展示他們的真實財務狀況。今年，TurboTax 用戶在完成報稅後可以選擇將稅務資料傳輸到 Turbo 帳戶。在 TurboTax 推出的第一年，就有近 500 萬用戶註冊使用，為我們拓展業務、超越目前的付費模式奠定了堅實的基礎。這項服務的真正價值在於客戶能夠持續使用它。

Overall, we feel good about our results this tax season, and I want to congratulate all the employees throughout the company who played a role in delivering that performance. We're just getting started with TurboTax Live and we are looking forward to what we can deliver next season.

總的來說，我們對本稅務季的業績感到滿意，我要祝賀公司所有為取得這項成績做出貢獻的員工。我們才剛開始使用 TurboTax Live，非常期待下個季度能為大家帶來什麼。

Shifting to the Strategic Partner Group, our professional tax revenue was in line with our expectations for the quarter, with revenue up 4% year-to-date. We continue to focus on multiservice accounting firms that do both books and taxes. This enables us to drive our Accountant success while growing our Small Business ecosystem at the same time.

轉向策略夥伴集團，我們的專業稅收收入符合本季預期，年初至今收入成長了 4%。我們繼續專注於提供簿記和稅務等多項服務的會計事務所。這使我們能夠在推動會計師業務成功的同時，發展壯大我們的小型企業生態系統。

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 41%. We exited the quarter with over 3.2 million QuickBooks Online subscribers, a 45% increase year-over-year.

再來看小型企業方面，我們的小型企業和個體經營者集團又取得了強勁的季度業績。QuickBooks Online 用戶數量持續快速成長，線上生態系統收入成長了 41%。本季末，QuickBooks Online 用戶超過 320 萬，較去年同期成長 45%。

Growth remained strong across multiple geographies, with U.S. subscribers growing 40% to approximately 2.5 million and international subscribers growing 66% to about 720,000. Within QuickBooks Online, self-employed subscribers grew to over 680,000, up from 360,000 just 1 year ago. Approximately 330,000 of those subscribers are from the TurboTax Self-Employed offering.

多個地區的成長動能依然強勁，其中美國用戶成長了 40%，達到約 250 萬，國際用戶成長了 66%，達到約 72 萬。QuickBooks Online 的自營用戶數量從一年前的 36 萬人增加到超過 68 萬人。其中約有 33 萬訂閱用戶來自 TurboTax 自僱版產品。

So putting a bow around the quarter, our strategy of a vibrant One Intuit Ecosystem continues to gain momentum. We performed ahead of our expectations this tax season and delivered continued strong performance in our Small Business and our Self-Employed Group.

綜上所述，我們打造充滿活力的「一個 Intuit 生態系統」的策略正在不斷取得進展。本報稅季，我們的業績超乎預期，小型企業和自營商群體均取得了持續強勁的業績。

With that business overview, let me hand it over to Michelle to walk you through the financial details.

有了以上業務概況，接下來就交給米歇爾，請她為大家詳細介紹財務細節。

Thanks, Brad, and good afternoon, everyone. For the third quarter of fiscal 2018, we delivered revenue of $2.9 billion, up 15% year-over-year; GAAP operating income of $1.6 billion versus $1.4 billion a year ago; non-GAAP operating income of $1.7 billion versus $1.5 billion last year; GAAP diluted earnings per share of $4.59, up 24% year-over-year; and non-GAAP diluted earnings per share of $4.82, up 24% year-over-year.

謝謝你，布拉德，大家下午好。2018 財年第三季度，我們實現營收 29 億美元，年增 15%；GAAP 營業收入 16 億美元，而去年同期為 14 億美元；非 GAAP 營業收入 17 億美元，而去年同期為 15 億美元；GAAP 稀釋後每股收益 4.590 美元，同比增長 24% 12% 4.

Our non-GAAP tax rate is 26.3%, which is lower than the 27% rate we anticipated earlier this year. The reduction is the result of our continued analysis of the impacts from the new U.S. tax legislation. This lower tax rate contributed $0.05 to non-GAAP earnings in the third quarter.

我們的非GAAP稅率為26.3%，低於今年稍早預期的27%。此次減免是我們持續分析美國新稅法影響的結果。較低的稅率使第三季的非GAAP收益增加了0.05美元。

Turning to the business segments. Consumer Group revenue grew 15% in the quarter and is up 14% year-to-date, exceeding the annual guidance of 7% to 9% we gave at the beginning of the fiscal year. We now expect 14% revenue growth for the year.

接下來我們來看業務區。消費者集團本季營收成長了 15%，今年迄今成長了 14%，超過了我們在本財年初給出的 7% 至 9% 的年度預期。我們現在預計今年營收成長14%。

TurboTax Online units grew 6% this season while total TurboTax units grew 4%. This unit performance was driven by faster growth in both our paid and free offerings. As Brad mentioned earlier, our share within the DIY category was up slightly while our share of the total tax preparation market grew 0.5 point.

本季 TurboTax Online 的使用量增加了 6%，而 TurboTax 的總使用量增加了 4%。這項部門業績的提升得益於付費產品和免費產品雙雙更快的成長。正如布拉德之前提到的，我們在 DIY 類別中的份額略有上升，而我們在整個報稅市場的份額增長了 0.5 個百分點。

We're pleased with the performance of TurboTax Live in its first season. We scaled the offering from its in-market test during extension filing last fall to a meaningful contributor this season. This is great progress for a new offering in its first year, and we're encouraged by the positive feedback we've received.

我們對TurboTax Live在第一季的表現感到滿意。去年秋季在延期申請期間，我們進行了市場測試，並將產品的規模擴大到本季度，使其成為重要的貢獻者。對於一項新推出的產品而言，這是第一年就取得的巨大進步，我們收到的正面回饋也令我們倍感鼓舞。

Customers who'd used our final review feature rated their care experience nearly 20 points higher than those who did not. And TurboTax Live had the highest product recommendation score of any of our Consumer Tax paid offerings.

使用過我們最終評價功能的客戶對他們的護理體驗的評分比未使用該功能的客戶高出近 20 分。在我們所有面向​​消費者的付費報稅產品中，TurboTax Live 的產品推薦評分最高。

Additionally, feedback was positive from CPAs, enrolled agents and tax attorneys serving clients on our platform. We look forward to applying what we learned to scale this offering further in the future.

此外，我們平台上的註冊會計師、註冊代理人和稅務律師也給予了正面的回饋。我們期待將所學到的經驗應用於未來的業務拓展。

Turning to the Strategic Partner Group. We reported $131 million of Professional Tax revenue for the third quarter, up 4% year-to-date. We now expect revenue to grow 2% to 3% in fiscal 2018, slightly better than the 0% to 2% growth we guided previously.

接下來是策略夥伴小組。第三季度，我們的專業稅收入為 1.31 億美元，年增 4%。我們現在預計 2018 財年營收將成長 2% 至 3%，略好於我們先前預測的 0% 至 2% 的成長。

Total Small Business & Self-Employed revenue grew 16% in the quarter. Online ecosystem revenue grew 41%, up from 39% in the second quarter. We continue to expect Online ecosystem revenue to grow better than 30%.

本季小型企業和個體經營者的總收入成長了 16%。線上生態系統營收成長 41%，高於第二季的 39%。我們仍然預期線上生態系統收入將成長超過 30%。

QuickBooks Online subscribers grew 45%, ending the quarter with over 3.2 million subscribers. TurboTax is a significant channel for QuickBooks Self-Employed, and a total of 330,000 subscribers have come through that channel. We now expect to end the year with 3.35 million to 3.375 million subscribers, equating to approximately 41% to 42% growth.

QuickBooks Online 用戶成長了 45%，季末用戶總數超過 320 萬人。TurboTax 是 QuickBooks Self-Employed 的重要管道，透過該頻道共吸引了 33 萬訂閱用戶。我們現在預計到年底用戶數將達到 335 萬至 337.5 萬，相當於成長約 41% 至 42%。

Desktop ecosystem revenue grew 3% in the quarter and is up 7% year-to-date. For fiscal 2018, we expect QuickBooks Desktop units to decline mid- to high-teens and desktop ecosystem revenues to be up mid-single digits.

本季桌面生態系統營收成長了 3%，今年迄今成長了 7%。預計 2018 財年 QuickBooks Desktop 的銷售量將下降 15% 至 10% 左右，而桌上型生態系統的營收將成長 10% 左右。

Turning to our financial principles, we continue to take a disciplined approach to capital management, investing the cash we generate in opportunities that yield a return on investment greater than 15%. We finished the quarter with $1.9 billion in cash and investments on our balance sheet. Our first priority for that cash remains investing in the business to drive customer and revenue growth.

回到我們的財務原則，我們繼續採取嚴謹的資本管理方法，將我們產生的現金投資於投資回報率超過 15% 的機會。本季末，我們的資產負債表上擁有19億美元的現金和投資。我們將這筆資金的首要任務仍然是投資於業務，以推動客戶和收入成長。

Next, we use acquisitions to accelerate our growth and fill out our product road map. We return cash that we can't invest profitably in the business to shareholders via both share repurchases and dividends. We repurchased $19 million of shares in the third quarter. Approximately $1.2 billion remains on our authorization.

接下來，我們將透過收購來加速成長並完善我們的產品路線圖。我們將無法在業務中進行獲利性投資的現金透過股票回購和分紅的方式返還給股東。我們在第三季回購了價值 1900 萬美元的股票。我們授權的資金還剩約 12 億美元。

The board approved a quarterly dividend of $0.39 per share payable July 18, 2018. Our fourth quarter fiscal 2018 guidance includes revenue growth of 12% to 14%, GAAP diluted earnings per share of $0.04 to $0.06 and non-GAAP diluted earnings per share of $0.22 to $0.24. We now expect a GAAP tax rate of 24% and a non-GAAP tax rate of 26.3% for fiscal 2018. You can find our Q4 and updated fiscal 2018 guidance details in our press release and on our fact sheet.

董事會批准派發每股 0.39 美元的季度股息，將於 2018 年 7 月 18 日支付。我們對 2018 財年第四季的業績預期包括：營收成長 12% 至 14%，GAAP 稀釋後每股收益 0.04 美元至 0.06 美元，非 GAAP 稀釋後每股收益 0.22 美元至 0.24 美元。我們現在預計 2018 財年的 GAAP 稅率為 24%，非 GAAP 稅率為 26.3%。您可以在我們的新聞稿和情況說明書中找到我們 2018 財年第四季和更新後的業績指引詳情。

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

這樣，我就把麥克風交還給布萊德來收尾了。

Thank you, Michelle. Before closing, I'd like to set some context for the management changes in our Consumer Group that we shared in our earnings release today.

謝謝你，米歇爾。在結束之前，我想就我們今天在收益報告中提到的消費者集團管理層變動做一些背景說明。

Effective at the end of the fiscal year, Dan Wernikoff, the General Manager of our Consumer Group, will step down as the leader of Intuit's consumer business but he will remain at Intuit working with me on strategic projects. Craig Johnson, Senior Vice President of Marketing, will succeed Dan as the General Manager of the Consumer Group. Dan's done a tremendous job leading the team and I couldn't be more proud of the foundation that he's built. Under his leadership, we extended our lead in the do-it-yourself category, we advanced our efforts to disrupt the assisted tax prep category and we expanded our business beyond tax. I want to thank him for an outstanding tax season and for repositioning the business for continued growth for years to come.

從本財年結束時起，我們消費者集團總經理丹‧沃尼科夫將卸任 Intuit 消費者業務的領導職務，但他將繼續留在 Intuit，與我一起參與策略項目。行銷高級副總裁克雷格·約翰遜將接替丹擔任消費者集團總經理。丹在領導團隊方面做得非常出色，我對他所打下的基礎感到無比自豪。在他的領導下，我們擴大了在自助報稅領域的領先地位，推進了顛覆輔助報稅領域的努力，並將業務拓展到了稅務以外的領域。我要感謝他出色地完成了報稅季的工作，並為公司未來幾年的持續成長重新定位。

At the same time, I couldn't be more confident in Craig's ability to lead the Consumer Group into the next chapter. Craig has spent the last 5 years as a key member of the Consumer Group's senior leadership team. He's been leading our go-to-market initiatives, commercial innovation, analytics and marketing capabilities that have accelerated the growth of Intuit's tax business. He's been a driving force in the reinvention of our consumer business model, spearheading the introduction of Absolute Zero, helping bring TurboTax Self-Employed and QuickBooks Self-Employed together and was a key member of the team that brought both TurboTax Live and Turbo to market this season.

同時，我對克雷格帶領消費者集團邁向新篇章的能力充滿信心。在過去的 5 年裡，克雷格一直是消費者集團高階領導團隊的重要成員。他一直領導著我們的行銷計劃、商業創新、分析和行銷能力，這些都加速了 Intuit 稅務業務的成長。他一直是我們消費者業務模式重塑的推動力量，率先推出了 Absolute Zero，幫助將 TurboTax Self-Employed 和 QuickBooks Self-Employed 整合在一起，並且是本季將 TurboTax Live 和 Turbo 推向市場的團隊的關鍵成員。

For those of you who have followed Intuit for a while, you know that we pride ourselves on building a deep talent bench and this change is reflective of those efforts. I am excited to watch our momentum continue as Craig takes the baton from Dan to lead the Consumer Group.

對於那些一直關注 Intuit 的人來說，你們知道我們一直以建立強大的人才儲備而自豪，而這項變化正是這些努力的體現。我很高興看到我們繼續保持發展勢頭，克雷格將從丹手中接過接力棒，領導消費者集團。

And to sum it up overall, we delivered a very strong quarter and we feel good about where we stand at this point in the year. While we remain focused on closing out the fiscal year on a high note, we already have our sights set on next year and beyond as we pursue our mission of powering prosperity around the world. But for now, we will continue to keep our heads down and focus on execution with the finish line in sight.

總而言之，我們本季表現非常出色，對今年目前的情況感到滿意。雖然我們仍專注於以優異的成績結束本財年，但我們已將目光投向明年及以後，繼續履行我們為世界各地帶來繁榮的使命。但就目前而言，我們將繼續埋頭苦幹，專注於執行，朝著終點線前進。

And with that, Latif, let's open it up and hear what's on everyone's mind.

那麼，拉蒂夫，讓我們打開話匣子，聽聽大家的想法吧。

(Operator Instructions) Our first question comes from the line of Brent Thill of Jefferies.

（操作說明）我們的第一個問題來自 Jefferies 公司的 Brent Thill。

Brad, the consumer business, you started 7% to 9% guidance. You're ending the loan to that almost double. I was just curious if you could just bridge the outperformance and what you think the primary reasons were? And if you could also highlight a little bit of TurboTax Live and if there's any more numbers or financial impact for that? It will be helpful to get some color on that.

布拉德，在消費者業務方面，你最初給出的預期成長率是 7% 到 9%。你最終償還的貸款金額幾乎是原來的兩倍。我只是好奇您能否簡單說明一下業績優異的原因，以及您認為主要原因是什麼？另外，能否也重點介紹TurboTax Live，以及它是否還有其他數據或財務影響？如果能為它加上一些顏色就更好了。

Sure, Brent, happy to do that. Really, as I mentioned in my opening comments, the season played out the way we anticipated. The 2 primary growth drivers this year was an acceleration of DIY category growth and our ability to pick up a little bit of share in that category. And then the second was obviously average revenue per customer, which came as a result of increased attach services. We saw a mix shift to the higher end of the product line, really brought on by TurboTax Live to a large extent. And then we did have some pricing opportunities that we strategically took in key areas where we saw an opportunity to price for value. Net-net, when you look at it overall, it was just a well-executed plan. The team was able to go out and compete effectively in the free category while also introducing 2 new products, TurboTax Live and Turbo. And then I'll flip down on TurboTax Live for a minute and say that if you remember the strategic context, it is tens of millions of people each year end up going to an assisted tax prep method because they have a nagging question. They've lost confidence in their situation because something changed year-over-year. And we lose about 3 million customers a year because of that in addition to the tens of millions who are in a tax store or a CPA. And if they simply had that question answered, they would file taxes on their own using software. What we saw this year was really encouraging with TurboTax Live. Mitchell mentioned the fact that those that went through the final review, those consumers who actually went through a final review with the Pro, had a 20 point higher product recommendations score. We also saw very high product recommendations scores from the pros on the other side of that network. Another piece that obviously we were looking for is improved retention and we did see improved retention. We'll talk more about that at Investor Day. And then last but not least are the sources of new customers who are exactly the ones we wanted to see, first-time filers entering our category because there's also a Pro available and we also saw a 10 point higher conversion from assisted tax prep methods for those who signed up for live versus those who just did TTO. So those are the kind of numbers that we're willing to share at this point. We're not going to break down the actual number of customers or revenue. But you should see hear in our tone a high degree of confidence and an excitement about next year.

當然可以，布倫特，我很樂意這麼做。事實上，正如我在開場白中提到的那樣，這個賽季的進程正如我們所預期的那樣。今年兩大主要成長動力是DIY品類成長加速以及我們在該品類中取得的市佔率成長。其次，很明顯是每位客戶的平均收入，這是由於附加服務增加所致。我們看到產品組合向高階產品線轉移，這在很大程度上是由 TurboTax Live 帶來的。然後，我們在一些關鍵領域看到了定價機會，並有策略地抓住了這些機會，因為我們看到了按價值定價的機會。總而言之，從整體上看，這只是一個執行得很好的計劃。該團隊能夠在免費類別中有效競爭，同時也推出了兩款新產品：TurboTax Live 和 Turbo。然後，我再簡單談談 TurboTax Live，如果你還記得戰略背景，你就會知道每年有數千萬人最終會選擇輔助報稅方式，因為他們心中都有一個揮之不去的疑問。由於情況逐年變化，他們對自身處境失去了信心。因此，我們每年流失約 300 萬客戶，此外還有數千萬客戶光顧稅務商店或註冊會計師事務所。如果他們能夠得到這個問題的答案，他們就可以使用軟體自行報稅。今年我們看到的TurboTax Live的表現確實令人鼓舞。米切爾提到，那些完成最終評測的消費者，也就是那些實際使用 Pro 完成最終評測的消費者，他們的產品推薦分數高出 20 分。我們也看到來自該網路另一端的專業人士的產品推薦評分非常高。顯然，我們一直在尋找的另一個方面是提高用戶留存率，而我們也確實看到了用戶留存率的提高。我們將在投資者日上詳細討論這個問題。最後，也是非常重要的一點，我們迎來了新客戶，這正是我們想要看到的——首次報稅者進入我們的類別，因為我們也提供專業版服務。此外，我們還發現，與僅使用線上報稅服務 (TTO) 的用戶相比，註冊即時報稅服務的用戶在輔助報稅方式方面的轉換率高出 10 個百分點。所以，目前我們只願意分享這些數據。我們不會公佈實際的客戶數量或收入明細。但你應該能從我們的語氣中感受到我們對明年的高度信心和興奮。

And just a quick follow-up from Michelle. Given the outperformance on the top line, we're really not seeing it flow through as meaningful when you look at the margin structure over the last couple of years. I'm just curious if you could talk to when you think you can open up the bottom line margin a little more, relative to what you've seen in the last couple of years?

米歇爾還有一句補充說明。鑑於營收表現優異，但從過去幾年的利潤率結構來看，我們並沒有看到這種優異表現轉化為顯著的利潤成長。我只是好奇，您能否談談您認為相對於過去幾年的情況，什麼時候才能進一步提高利潤率？

Thanks, Brent. I go back to our financial principles. When we think about how we want to use the additional money that we have, it really is, first and foremost, we want to invest in the business and continue to do that so we can drive customer and revenue growth. And that's actually one of the things that we had pointed out earlier this year that we were doing. Specifically, investing in our transition AWS and additional AI ML competencies. We also were investing more in our engineering area, helping with software development and then in marketing efficiencies in our corporate brand. And so we'll continue to look at opportunities to invest to grow the company. And then, obviously, as we get closer at Investor Day, we'll update you as to what that might look like going forward.

謝謝你，布倫特。我回歸到我們的財務原則。當我們考慮如何使用額外的資金時，首先也是最重要的，我們希望投資於業務，並持續這樣做，以便推動客戶和收入的成長。事實上，這正是我們今年早些時候指出的我們正在做的事情之一。具體而言，我們將投資於我們的轉型 AWS 和其他人工智慧/機器學習能力。我們也在工程領域投入更多資金，幫助進行軟體開發，並提高公司品牌的行銷效率。因此，我們將繼續尋找投資機會，以促進公司發展。然後，很顯然，隨著投資者日的臨近，我們會及時向您通報未來的發展方向。

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。

Just wanted to follow up on the last question around Live. Brad, did you see enough out of the product that you feel like you're going to put your foot on the gas from a marketing perspective for next tax season? And I guess, how does marketing Live change or differ versus marketing your lower-end SKUs?

我想就上次關於直播的問題做個後續說明。布萊德，你覺得這款產品是否夠好，讓你覺得在下一個報稅季要加大行銷力道？那麼，行銷直播產品與行銷低階 SKU 有什麼不同或改變呢？

Yes, Jesse, I want to be cautious not to give too much of next year's game plan away. But what I will say is, we are confident enough we're going to put our foot on the gas with TurboTax Live. In terms of the messaging, our team actually got a little bit of practice in this year. We had dual campaigns going. One was helping people understand that they can move into free with at least your taxes are free. And the other side was there's nothing to be afraid of, which began to introduce the fact you can have an expert at the touch of the screen. We learned a lot and we've been running tests in the back half of this season, so I feel very confident that we can go into market and have a message that basically says we're here for you regardless of your tax situation. And if you have any reason to need someone to work with, we've got somebody right there waiting to connect with you. So I feel pretty good that we figured out this year how to go out with a campaign that speaks to the entire spectrum of tax filers.

是的，傑西，我希望謹慎一些，不要透露太多明年的比賽計劃。但我可以肯定的是，我們非常有信心全力推動 TurboTax Live 的發展。在訊息傳遞方面，我們的團隊今年確實進行了一些練習。我們同時進行了兩場競選活動。其中一項是幫助人們理解，他們可以免費搬進去，至少他們的稅是免費的。另一方面，人們開始意識到沒有什麼好害怕的，這逐漸讓人明白，只需輕觸螢幕，就能獲得專家的幫助。我們學到了很多，並且在本季後半段進行了測試，所以我非常有信心，我們可以進入市場，並傳遞一個訊息，那就是無論您的稅務狀況如何，我們都會為您服務。如果您有任何需要合作的人選，我們這裡隨時都有人等著與您聯繫。所以我覺得很欣慰，我們今年找到了能夠引起所有納稅人共鳴的宣傳方式。

Got you. And I guess, it's kind of an extension of that question and response. How comfortable do you feel with, I guess, price and mix and higher-end products being the core driver of the consumer business going forward?

抓到你了。我想，這算是對那個問題和答案的延伸。您對未來消費者業務的核心驅動力——價格、產品組合和高端產品——有多大程度的認同？

Yes, thank you for the question. We have a principal inside the company that has been a great guiding principle across all our businesses for years, and that is to grow our customers and monetization will follow. Many times that's translated into growing customers faster than revenue, and that is true when you're converting nonconsumptions. You're getting a small business out of a spreadsheet or a shoebox or you're even getting someone off a paper and pencil from a tax filing situation and maybe get them into free. Those often come with lower-priced products so many times, our customer growth outpaces revenue. In the case of tax right now, you have very few people left on paper and pencil, about 5 million people in total. So it means we're now converting people who've already adopted a method. And with TurboTax Live, we're converting them from higher priced alternatives. So when they come to our category, we're getting 3x the average revenue per customer for those customers that come in with TurboTax Live. So we're in an interesting situation right now in Tax, and that is that we're able to grow customers and share and grow average revenue per customer, which is accelerating our revenue growth. So we're not in a trade-off situation there. I think we're actually in a pretty good situation in being able to do both: expand share and grow revenue faster. So I feel good about the strategy and the way it's playing out.

是的，謝謝你的提問。公司內部有一條原則，多年來一直是指導我們所有業務的重要原則，那就是先發展客戶，獲利自然隨之而來。很多時候，這意味著客戶成長速度超過了收入成長速度，當你轉換非消費品時，情況更是如此。你讓一家小型企業擺脫了電子表格或鞋盒的束縛，甚至讓某人擺脫了紙筆報稅的困境，而且可能還能讓他們免費獲得幫助。這些產品通常價格較低，因此很多時候，我們的客戶成長速度超過了收入成長速度。就目前的稅務狀況而言，已經很少人還在使用紙筆了，總共大約只有 500 萬人。所以這意味著我們現在正在轉化那些已經採用某種方法的人。而透過 TurboTax Live，我們正在將他們從價格更高的替代方案中轉移過來。所以當他們選擇我們的產品類別時，透過 TurboTax Live 購買產品的客戶的平均收入是其他產品的 3 倍。目前我們在稅務領域面臨著一個有趣的局面，那就是我們能夠增加客戶，並提高每位客戶的平均收入，加速我們的收入成長。所以，我們這裡不存在權衡取捨的問題。我認為我們目前處境相當不錯，能夠同時做到這兩點：擴大市場佔有率和更快地提高收入。所以我對這個策略以及它的執行情況都感到滿意。

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。

I wanted to drill in on the QuickBooks Self-Employed number, particularly those attached to TurboTax. And it looks like that slightly more than doubled year-over-year. I know there were some questions about what the renewal rate might look like given that, that was sort of the first experience renewing those types of customers. Can you just give us a little more color on the strength there? How much of that was maybe better renewals? How much of that was better gross adds? What are sort of the major pieces there?

我想深入了解 QuickBooks 自僱人士的數據，特別是與 TurboTax 相關的數據。而且看起來比去年同期成長了一倍以上。我知道有人對續約率可能會如何表示有疑問，因為這是我們第一次為這類客戶辦理續約手續。能再詳細說說這方面的優點嗎？其中有多少是因為續約情況有改善？其中有多少是更好的毛利？主要部件有哪些？

Yes, thanks, Jennifer. But first of all, we did see better renewal rates and retention than we had in our original forecast, so we're encouraged by that. The second is we got better at executing converting customers at the end of their tax filing process for TurboTax into the product itself. And the customer experience and the Net Promoter Scores continued to improve. So it was really strength across the board. It was stronger renewals and retention. It was stronger top-of-funnel conversion, and it was also a better quality experience that has the customers actively engaged with the products. So we're feeling good about this particular product combination and we're looking forward to next year as well.

是的，謝謝你，珍妮佛。但首先，我們看到續約率和客戶留存率都比我們最初的預測好，這讓我們感到鼓舞。第二點是，我們提高了將 TurboTax 用戶在報稅流程結束時轉換為實際購買該產品的能力。客戶體驗和淨推薦值持續提升。所以，各方面都表現出色。續約率和留存率都更高。漏斗頂端的轉換率更高，使用者體驗也更好，讓顧客更積極參與產品互動。所以我們對這款產品組合感覺很好，也很期待明年。

Okay, great. And one more for me. So looking at the 5 million Turbo customers that you had registered post-tax season, I think in the past, you've talked about sort of longer-term monetization opportunities there around targeting financial offers to those customers and things like that. At this point, how -- what sort of the monetization status of that business? Is it really user acquisition mode at this point? Or is there sort of near-term opportunity to drive revenue there as well?

好的，太好了。再給我來一個。所以，考慮到您在報稅季後註冊的 500 萬 Turbo 用戶，我認為您過去曾談到圍繞向這些用戶提供金融優惠等的長期盈利機會。目前來看，該企業的獲利狀況如何？現在真的進入用戶獲取階段了嗎？或者說，近期內是否也有機會在那裡提升收入？

We're actually executing both, but the priority is customer acquisition and then turning those customers into active daily users or monthly users, depending upon their particular financial situation. So we were really encouraged to have 5 million people register in its first year. That was a number beyond what we had expected and we had some pretty lofty goals ourselves. The monetization strategy, as you know, was similar to Mint, which is this is one of the products in our portfolio and it's -- in addition to Mint, the only 2 products where the less money the customer spend, the more money we make. So said another way, we introduced them to other financial products to give them better deals and lower fees. And then those particular companies pay us to reach those customers. And we are seeing a very nice monetization strategy with the half a dozen partners we have now and they're seeing very nice conversion rates on qualified leads, which gives us a reason to lean in as we look ahead to next year. But I would say the priority right now was more active users and customers. The monetization we proved out this year for us and for our partners is there and we'll start leaning into that as we head into next year.

我們實際上兩者都在執行，但首要任務是獲取客戶，然後根據客戶的具體財務狀況，將這些客戶轉化為活躍的日用戶或每月用戶。因此，我們非常鼓舞地看到第一年​​就有 500 萬人註冊。這個數字超出了我們的預期，而我們自己的目標也相當遠大。如您所知，我們的獲利策略與 Mint 類似，Mint 是我們產品組合中的一款產品，而且——除了 Mint 之外——它是僅有的兩款客戶花費的錢越少，我們賺的錢就越多的產品。換句話說，我們向他們介紹了其他金融產品，以便為他們提供更好的交易和更低的費用。然後，這些公司會付費讓我們接觸他們的客戶。我們看到，我們與目前的六個合作夥伴的獲利策略非常有效，他們也獲得了非常好的合格潛在客戶轉換率，這讓我們有理由在展望明年時更加努力。但我認為目前的首要任務是增加活躍用戶和客戶。今年我們已經證明，我們和我們的合作夥伴都能夠實現盈利，明年我們將更加重視這一點。

Our next question comes from the line of 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, just -- I know it's early. But as we go into next tax season, I guess, the big change is that with the new tax legislation, it's very possible that we'll see a much higher percentage of the filing population do simple standard deduction and not an itemized deduction. And I wondered if you had at any high-level thoughts at this point, as to how that might impact the DIY category growth. And then I had one follow-up.

布拉德，我知道現在還早。但隨著下一個報稅季的到來，我想最大的變化是，隨著新的稅收立法，我們很可能會看到更高比例的報稅者選擇簡單的標準扣除額，而不是逐項扣除額。我想知道您目前是否有任何高層次的想法，來探討這可能會對 DIY 類別的成長產生怎樣的影響。然後我還有一次後續跟進。

Sure. Thanks, Ross. We spent a lot of time studying the behaviors this year and then working with customers post the end of tax season to better understand their psychology heading into next year. We do know there are some facts. The facts are more people will qualify for standardized deductions, which means they have the opportunity to move to the lower priced products in the DIY category, but it also means the opportunity to move out of the assisted tax prep category and into DIY. And when we put all that math together, we see this as a catalyst to grow the do-it-yourself category, especially when you introduce services like TurboTax Live, which doesn't force a binary choice between doing it yourself or having an expert ready to help you. So we're really encouraged. We think this is going to be a tailwind for the category and an opportunity for us as we head into next season.

當然。謝謝你，羅斯。今年我們花了很多時間研究人們的行為，然後在報稅季結束後與客戶合作，以便更好地了解他們明年的心理狀態。我們知道有一些事實。事實是，更多的人將有資格享受標準化扣除，這意味著他們有機會轉向 DIY 類別中價格較低的產品，但也意味著他們有機會退出協助報稅類別，轉而選擇 DIY。當我們把所有這些數學數據綜合起來，我們認為這將促進自助報稅類別的成長，尤其是在推出像 TurboTax Live 這樣的服務時，它不會強迫人們在自己動手和尋求專家幫助之間做出非此即彼的選擇。所以我們深受鼓舞。我們認為這將對該類別的發展起到推動作用，並為我們進入下個賽季帶來機會。

Great. And my follow-up was -- it was actually just a clarification on the 330,000 QBSE TurboTax units. Is that a base number? Or is that a net add number year-to-date? Because I had read that as a total number, which implied that the net adds were about flat year-over-year. But Jennifer's question suggests that it might be a net add number. So could you just clarify that?

偉大的。我的後續問題是——實際上只是對 330,000 個 QBSE TurboTax 單元的澄清。這是一個基數嗎？或者這是今年迄今的淨新增數字？因為我把它理解為總數，這意味著淨增人數與去年同期基本持平。但詹妮弗的問題表明，這可能是一個淨新增數字。所以您能解釋一下嗎？

Yes, Ross. You're correct, 330,000 is the base number out of the 683,000 active customers today. So that includes both stronger renewal rate than we had originally anticipated as well as the net adds.

是的，羅斯。你說得對，33 萬是目前 68.3 萬個活躍客戶中的基礎數字。所以，這既包括比我們最初預期的更高的續約率，也包括淨新增用戶。

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。

Two questions on

關於兩個問題

(technical difficulty)

（技術難題）

It looks like that business decelerated quite a bit on the desktop side, it grew to sort of a couple of percent year-over-year. I wondering, you're seeing some real good growth there on sort of similar unit performance earlier. Can you talk about what drove the difference in growth? And I just had a follow-up on subs.

看起來桌面端的業務成長速度已經大幅放緩，年成長率只有幾個百分點。我想知道，你們那邊在之前類似的單位業績基礎上，現在實現了非常好的成長。您能談談造成成長差異的原因嗎？我剛剛跟進了一下訂閱事宜。

Walter, you cut out on the first part of the question. I heard the desktop question, but I wasn't sure of what product line. Was it QuickBooks that you're asking about?

沃特，你回答問題的第一部分就漏掉了。我聽到了關於桌上型電腦的問題，但我不太確定是哪個產品線。你問的是 QuickBooks 嗎？

Yes, I was trying to ask you if the desktop -- the unit growth has been pretty similar, unit declines have been pretty similar. You've seen stronger revenue performance, I think, on a year-over-year basis earlier in the year. And this quarter sort of just slight growth. I'm wondering what explained the discrepancy in -- that drove the revenue deceleration in QuickBooks Desktop?

是的，我當時想問的是桌上型電腦——銷量成長情況相當相似，銷量下降情況也相當相似。我認為，今年早些時候，我們已經看到了比去年同期更強勁的營收表現。本季僅略有成長。我想知道是什麼原因導致了 QuickBooks Desktop 收入增速放緩？

Sure. Got it, Walter. Thank you. Really, it's an anomaly of a discontinued product that last year in the third quarter, recognized some revenue that had been deferred for a period of time. And let me tell you what that product was. You may recall a couple of years ago, we introduced a version of QuickBooks Desktop that included an option. We called it the Chooser SKU. When you bought desktop at retail, you could go in and either choose QuickBooks Desktop or you can opt in to a subscription of QuickBooks Online. And because of accounting rules, we had to defer the revenue and anyone who purchased that product and kept -- carry it out over the extent of the license. So what happened was we found that not a lot of customers were taking that product, but the ones who did, that revenue got recognized last year in the third quarter. So we had a little bit of a balloon payment, if you, will we had to grow over this quarter. If you actually pulled that product out, QuickBooks Desktop revenue would have grown 9%, which is in line with the prior quarter. So really was a onetime anomaly based upon a discontinued product from a couple of years ago.

當然。明白了，沃特。謝謝。實際上，這是一個已停產產品的特例，該產品在去年第三季確認了一些先前遞延一段時間的收入。讓我來告訴你那款產品是什麼。您可能還記得幾年前，我們推出了一個包含該選項的 QuickBooks Desktop 版本。我們稱之為選擇者 SKU。當您在零售店購買桌面版 QuickBooks 時，您可以選擇 QuickBooks Desktop，或者您可以選擇訂閱 QuickBooks Online。由於會計準則的限制，我們不得不遞延收入，任何購買並保留該產品的人——都將在許可期限內完成付款。所以，我們發現並沒有很多顧客購買該產品，但那些購買該產品的顧客，其收入已在去年第三季確認。所以，我們這季需要支付一筆小額款項，也就是說，我們必須實現成長。如果真的把那款產品單獨拿出來，QuickBooks Desktop 的營收將成長 9%，與上一季持平。所以這確實是幾年前停產的一款產品所導致的一次性異常情況。

Got it. Okay, that's helpful. And then just on subs for next quarter, the guide. At the high end, I think even 3.375 implies fewer net adds than a year ago. And all year, you've been seeing growth in the net adds over last year. I'm wondering is that just conservatism? Or is there something else there to explain why you might be a more significant decel in the net adds?

知道了。好的，這很有幫助。然後是關於下個季度替補名單的指南。我認為，即使是 3.375 這個數字，從高處來看，也意味著淨新增數量比一年前少。今年以來，淨新增用戶數一直比去年有所成長。我想知道這是否就是保守主義？或者還有其他原因可以解釋為什麼你的淨加值幅度會更大？

You know, Walter, conservatism is in the eye of the holder. We're clearly leaning in and thinking about how do we continue to accelerate our QuickBooks Online subscriber growth both here and in the international markets? And I do feel good with the momentum we have. We are testing right now in this fourth quarter of our fiscal year different promotional approaches, different discounting rates. And so we give ourselves a little bit of an opportunity to experiment. So that when we head back into the peak season in the fall, we really have a game plan we feel confident in. So you should probably consider that a little bit of hedge for us, as we're testing things as we wrap up this fiscal year and get ready for next year.

你知道嗎，沃特，保守主義是因人而異的。我們顯然正在積極思考如何持續加速 QuickBooks Online 用戶在國內和國際市場的成長？我對我們目前的發展勢頭感到很滿意。在本財年的第四季度，我們正在測試不同的促銷方式和不同的折扣率。因此，我們給自己一些試驗的機會。這樣，當我們在秋季重返旺季時，我們就能有一個讓我們充滿信心的行動計畫。所以，你們或許應該把這看作是我們的一點對沖措施，因為我們在結束本財年並為明年做準備的同時，也在進行各種測試。

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, I have a 2-parter for you and then a follow-up for Michelle. In -- when you list revenue per return, you mentioned in order attached then mixed shift then strategic price increase. And I'm just curious, is that the rank order? Were they all 3 equal or 1 a little bit more? And then the follow-up is -- on that is, could you elaborate a little bit on attach, particularly if it is truly the #1?

布拉德，我這裡有兩個部分要告訴你，之後還有後續內容要告訴米歇爾。在——當你列出每個回報的收入時，你提到了按順序附加，然後是混合轉移，然後是策略性價格上漲。我只是好奇，這是排名順序嗎？這三個人實力相等嗎？還是其中一個稍微強一點？那麼，接下來的問題是——關於這一點，您能否詳細說明一下「附加」功能，特別是如果它真的是排名第一的功能？

Yes. I appreciate it. We'll unpack a little more of this in Investor Day. But I would give you this. I would put it in the order of mix shift, attach and then price. And it's just by a small percentage points, so there isn't a significant variation across those. And then in terms of attach, we have a different bundles. We have a plus bundle you can come in and purchase. We have some security features. We have the ability to do audits, defense, if you decide that you want to have some protection against being audited by the IRS. We had the refund transfer, which is the ability for you -- it's called refund -- what is it called now? Refund-something service. The ability to pay for the software out of your refund and it's a combination of those that basically add up to attach. There wasn't really anything that we did this year that was a breakthrough new offering in attach. It was just continuing to find better ways to expose customers to those products when they have a point of need.

是的。謝謝。我們將在投資者日上對此進行更詳細的闡述。但我會把這個給你。我會按混合輪替、附加、定價的順序排列。而且差距只有幾個百分點，所以這些地區之間的差異並不顯著。在附加方面，我們有不同的捆綁包。我們有超值套餐，歡迎到店購買。我們有一些安全措施。我們有能力進行審計和辯護，如果您決定採取措施防止被美國國稅局審計，我們可以提供協助。我們之前有退款轉帳功能，你可以使用這項功能——它以前叫退款——現在叫什麼來著？退款服務。可以用退款支付軟體費用，而這些因素加起來基本上就構成了附加功能。今年我們在附加功能方面並沒有什麼真正意義上的突破性創新。這只是不斷尋找更好的方法，在客戶有需求的時候向他們展示這些產品。

And then, Michelle, I saw the guide on CapEx down $50 million for the full year. Could you just remind us how we should think about that, not just this year, but kind of going forward?

然後，米歇爾，我看到了全年資本支出減少 5000 萬美元的指導方針。您能否提醒我們一下，我們該如何看待這個問題，不僅是今年，也包括未來？

Sure. Thanks, Scott. Well, CapEx for this year, if you look at where we are quarter for the year-to-date, actually, there's a couple of different things that are impacting that. As we talked about transitioning to AWS, what that means then is we don't have to do all of the refreshing in our data centers. And so that's having an impact there. One of the other things is we do have some lower software capitalization. And then last year, at this time, we were still doing some of the renovation and construction on our Mountain View campus. And so that had inflated last year. And so we'll continue to look at that. We'll give you some more insights into that as we think about going forward at Investor Day, but those are the big drivers of the decrease that you're seeing right now.

當然。謝謝你，斯科特。嗯，就今年的資本支出而言，如果你看一下我們今年迄今為止的季度情況，實際上有幾個不同的因素在影響它。正如我們之前討論的遷移到 AWS 時所說，這意味著我們不必在資料中心進行所有的刷新工作。所以這確實對那裡產生了影響。另一個問題是，我們的軟體資本化程度較低。去年這個時候，我們還在山景城校區進行一些翻新和建造工作。所以去年這個數字有所膨脹。所以我們會繼續關注這個問題。在投資人日上，我們會就此提供更多見解，探討未來的發展方向，但這些是目前您看到的下降趨勢的主要驅動因素。

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。

Michelle, if we go back to some of the margin commentary, if we think about it from a high level, is this situation where the gross profit dollars should continue to outpace OpEx dollar growth, so cash flow should be a net-net benefit going forward?

米歇爾，如果我們回顧一下利潤率的評論，從宏觀角度來看，這種情況是否意味著毛利潤的成長速度將繼續超過營運支出的成長速度，因此現金流在未來應該會帶來淨收益？

I'm sorry, Brad, could you repeat the question? She wasn't clear what the question was.

抱歉，布拉德，你能再說一次問題嗎？她沒搞清楚問題是什麼。

Yes, sure, absolutely. So should we think about gross profit dollars growing faster than OpEx dollars? So while the margin may go down in the future, the cash flow benefit is still positive.

是的，當然可以。那我們是否應該考慮毛利成長速度超過營運支出成長速度呢？因此，雖然未來利潤率可能會下降，但現金流收益仍然是正的。

I'm not sure how we -- if that is actually -- I'm trying to think through that right now. I don't know that I've thought about it that way.

我不太確定我們該如何——如果是這樣的話——我現在正在努力思考這個問題。我好像沒從這個角度想過。

So I can jump in. I mean, if you assume that the cost of goods sold is going to be relatively stable at about 15%, then gross margin is going to be about the same rate of growth as revenue and our operating margin dollars usually grow just a little bit faster than revenue. They're not this year but that's typically what they do. And so, Brad, I think you'll back into an answer that's pretty much what you're expecting.

這樣我就可以加入了。我的意思是，假設銷售成本相對穩定在 15% 左右，那麼毛利率的成長率將與收入的成長率大致相同，而我們的營業利潤通常會比收入增長得略快一些。他們今年不會這麼做，但他們通常都會這麼做。所以，布拉德，我想你最終會得到一個和你預期差不多的答案。

Can I?

我可以嗎？

Sure.

當然。

No, go ahead.

不，你繼續。

No, no, I was going to say thanks. So go ahead, Brad.

不，不，我是想說謝謝。那就開始吧，布拉德。

Well, what I was going to do, I know this came up earlier and Michelle answered it and this question came up just now. And I thought I'd unpack for you a couple of points that I thought Michelle did a really nice job of putting out there. The first is our financial principles in the company remain enduring and we just reviewed them with the board a couple of weeks ago, which is double-digit organic growth on the top line to grow revenue faster than expense, which allows us to grow operating income dollars in the midteens. As we enter this year, we saw 4 opportunities that we wanted to lean in to invest that we said would both accelerate our top line growth this year, but would set the foundation for a stronger multiyear growth opportunity ahead. And those where the areas that Michelle walked through. We saw accelerated top line growth this year. And we also saw strong operating income growth of 13%. We'll come back and talk about our financial principles again in August at Investor Day, but you should hear our anticipation that we're going to not continue to get good operating leverage out of this company in terms of growing our operating income dollars. This was a strategic choice. This is not a business model question. We saw opportunities to invest in technology, data sciences, accelerating at AWS, which by the way, TurboTax ran 100% in second peak at AWS, and we saw real benefit from that. And then, of course, the brand. So I'm putting that out there just so if there's a question on anyone's mind about, is there an issue with the operating leverage of the company? I can tell you with straight eyes and a clear heart, the answer is no.

嗯，我本來打算這麼做的，我知道這個問題之前有人提過，米歇爾也回答過，而這個問題是剛剛才出現的。我想為大家詳細解讀米歇爾提出的幾個要點，我覺得她闡述得非常好。首先，我們公司的財務原則依然不變，我們幾週前剛和董事會一起審查過這些原則，那就是實現兩位數的有機營收成長，使收入成長速度超過支出成長速度，這樣我們就能實現兩位數以上的營業收入成長。今年伊始，我們看到了 4 個值得重點投資的機會，我們認為這些機會不僅能夠加速我們今年的營收成長，還能為未來更強勁的多年成長奠定基礎。而這些正是米歇爾走過的那些地方。今年我們的營收成長速度加快。我們也實現了13%的強勁營業收入成長。我們將在八月份的投資者日上再次討論我們的財務原則，但你們應該聽聽我們的預期，我們預計這家公司在增加營業收入方面將無法繼續獲得良好的經營槓桿。這是一個戰略選擇。這不是商業模式的問題。我們看到了投資技術、數據科學以及在 AWS 加速發展的機會，順便說一句，TurboTax 在 AWS 的第二個高峰期實現了 100% 的利用率，我們從中獲得了真正的收益。當然，還有品牌。我提出這一點，是為了讓大家對公司的經營槓桿是否有問題有所疑問。我可以睜大眼睛、捫心自問地告訴你，答案是否定的。

Next question comes from the line of Keith Weiss of Morgan Stanley.

下一個問題來自摩根士丹利的基斯‧韋斯。

I'm going to try to sort of attack head on, I think, the questions that like everybody is trying to get at. Consumer had a great quarter this quarter and a great year, year-to-date. I even think 14% is the highest I've seen in my model. Is there anything onetime in nature that we should be thinking about in this year versus prior years that makes this special, if you will, or nonrepeatable? Or can we potentially see a higher durable rate of consumer growth on a going forward basis, given sort of how you expanded the product portfolio there?

我想我會嘗試正面回答大家都在試圖解答的問題。本季消費者表現優異，今年迄今也表現出色。我什至認為 14% 是我模型中見過的最高值。今年自然界有哪些一次性的事件是我們應該考慮的，與往年相比，這些事件使得今年變得特別，或者說是不可複製的？或者，鑑於你們擴大了產品組合，我們是否有可能在未來看到更高的、更持久的消費者成長率？

Yes, thanks, Keith. We'll talk about what we think the durable growth opportunity is in this business when we get into the fall, which historically sits at a 5% to 10% grower. And we're fully aware that the last couple of years has been double digits this year versus even further up into the teens. But what I do think is different as well I've touch on a few minutes ago. Historically, when we try to grow the category and grow customers, they often came in with a free offering around the lower end of our product lineup. Now as we're getting customers to come in with TurboTax Live and we're getting customers out of the assisted tax prep method, they're coming in at the higher average revenue per customer. So as we expand the category and grow customers, we're also growing revenue. And so I don't believe that you see a onetime event here. I think you're starting to see a structural shift in the business economics that if we can continue to execute, should give us a really good sustainable growth rate as we look ahead. But we'll talk much more about what that looks like when we get into the fall.

是的，謝謝你，基斯。到了秋季，我們會討論我們認為這個產業持久成長的機會是什麼，歷史上這個產業的成長率在 5% 到 10% 之間。我們完全意識到，過去幾年的感染率都是兩位數，而今年則更高，甚至達到了十幾。但我認為還有一些不同之處，我幾分鐘前也提到過。從歷史上看，當我們試圖擴大產品類別和增加客戶時，他們通常會提供一些我們產品線中較低端的免費贈品。現在，隨著越來越多的客戶使用 TurboTax Live 而不是傳統的輔助報稅方式，我們獲得了更高的平均客戶收入。隨著我們擴大產品類別和增加客戶數量，我們的收入也在成長。所以，我不認為這是一次性事件。我認為，商業經濟正在發生結構性轉變，如果我們能夠繼續執行下去，展望未來，應該能夠獲得非常好的永續成長率。但到了秋季，我們會更詳細地討論具體情況。

Our next question comes from the line of Kartik Mehta of Northcoast Research.

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

The TurboTax Live product this year, what was the primary objective for you for this year? And what would you say the primary objective will be for that product next year?

今年，您使用TurboTax Live產品的主要目標是什麼？那麼，您認為該產品明年的主要目標是什麼？

Kartik, I think I picked up the majority of your question. I heard TurboTax Live, what was the primary objective this year and what will be the primary objective next year? Was that your question?

Kartik，我想我已經理解了你問題的大部分內容。我聽了TurboTax Live的演講，請問今年的主要目標是什麼？明年的主要目標又是什麼？這就是你的問題嗎？

Yes.

是的。

Yes. So what we did seek this year to do was to see is if we can impact the 3 million customers on average that we tend to lose when something changes in their tax situation, they either have a child, they get married, they move between states, they sell stock. They have that nagging question. And we wanted to see if by introducing a pro, we could actually improve our retention in our existing customer base as the primary objective. And as I mentioned earlier, we'll talk more about what the results look like as we get into the fall, but we did achieve that. The other thing we wanted to see is we could change the source of new customers coming into the category and if we could begin to bring people into the category as first-time filers who may have gone to an assisted method or actually get people out of tax stores and CPAs. And so far the mix of new customers, as we finish this season, also looks like we've been successful in proving that hypothesis. So as we lean into next year, the primary objective is going to be to transform the $20 billion assisted tax prep category and begin to bring more of them into the do-it-yourself category. We think that will be the big opportunity for us over the long run.

是的。因此，我們今年的目標是看看我們能否對平均 300 萬客戶產生影響，因為當他們的稅務狀況改變時，例如他們生孩子、結婚、跨州搬遷、出售股票，我們往往會失去這些客戶。他們心中始終縈繞著這個疑問。我們想看看，透過引入專業版，我們是否能夠真正提高現有客戶群的留存率，而這才是主要目標。正如我之前提到的，到了秋季我們將更多地討論結果如何，但我們確實實現了這個目標。我們也想看看能否改變新客戶進入該類別的來源，能否開始吸引那些首次報稅的人，他們可能原本會選擇輔助報稅方式，或者實際上讓人們不再依賴稅務商店和註冊會計師。到目前為止，本季末新客戶的組合情況也似乎證明了我們的假設。因此，展望明年，我們的主要目標是轉變價值 200 億美元的輔助報稅服務類別，並開始將更多此類服務納入自助報稅類別。我們認為從長遠來看，這將是我們面臨的巨大機會。

And then, Brad, you talked about on the tax side maybe getting some pricing. Do you think, has the market changed and do you believe there is an opportunity for you to maybe raise prices more than you have in the past, because maybe consumers are seeing the value a little bit more now than they have in the past?

然後，布拉德，你談到了稅務方面的問題，也許可以了解一些定價資訊。您認為市場是否發生了變化？您是否相信現在有機會比過去更大幅度地提高價格，因為消費者現在可能比過去更能體會產品的價值？

Well, Kartik, as you know, you follow the space really closely, it's a hypercompetitive market when you get into the free category. And as we mentioned a few minutes ago, tax legislation will give more people the opportunity to qualify for standardized deductions so they can move into lower-end products, lower-priced products or even free. But we have also seen that consumers are willing to pay for value and the ability to have someone answer their question at the convenience of coming through the software and being there at the point of need and they can schedule when they want to talk to that person is something that customers are willing to pay for. So we do feel like with the right strategic value proposition, that we can continue to grow revenue while also growing the category. In terms of taking price, if there's not value-add relative to a competitor, that becomes difficult. And so we have to be able to differentiate and deliver more than our competitors can for us to earn a higher price.

卡爾蒂克，你知道，你一直密切關注著這個領域，一旦進入免費領域，競爭就異常激烈。正如我們幾分鐘前提到的，稅收立法將使更多人有機會獲得標準化扣除，從而可以購買低端產品、價格更低的產品，甚至免費產品。但我們也看到，消費者願意為價值付費，他們願意為能夠透過軟體方便地獲得解答，並在需要時得到幫助，還可以安排與該人員交談的時間而付費。因此，我們認為，只要擁有正確的策略價值主張，我們就能在發展壯大品類的同時，繼續提高收入。就價格而言，如果沒有相對於競爭對手的附加價值，那就很難定價。因此，我們必須能夠做到差異化，並提供比競爭對手更多的產品和服務，才能獲得更高的價格。

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

下一個問題來自美國銀行美林證券的卡什·蘭根。

Brad, did you say clear eye and a straight heart? Or a clear heart and a straight eye? That was not a question. That was not a question. Both would apply, actually. My question is, when you look at the profile, either demographic or whatever profile, however you wish to categorize people that came in on TurboTax Live, I'm curious how much of that is flow from competition that was bricks-and-mortar versus upgrade from your existing base or people that might have, to your point, tried it because the terms got complicated? Or even perhaps, people that were going to a professional accountant that were using professional TurboTax? So if you could just characterize the flow of business in TurboTax Live and where you see the different vectors? But hoping that you can actually project these vectors in the future and help us understand the bigger picture of how it all plays out. Let's say TurboTax is going to be as live as it's going to as big as potentially TurboTax -- the core business? Where do see the inflow coming from? And from a product standpoint, as we went through one realm of it this season, what changes do see making to TurboTax Live next year from a product standpoint that will [echo] the company even better, forget the go-to-market, but from a products perspective?

布萊德，你說的是目光清澈、心地純潔嗎？或者說，一顆清澈的心和一雙銳利的眼睛？那不是一個問題。那不是一個問題。實際上，兩者都適用。我的問題是，當你查看用戶資料時，無論是人口統計資料還是其他任何資料，無論你如何對通過 TurboTax Live 進入的用戶進行分類，我很好奇其中有多少用戶是來自實體店競爭對手，又有多少用戶是現有客戶的升級用戶，或者像你所說的，有多少用戶是因為條款變得複雜而嘗試使用？或者，甚至可能是那些去專業會計師事務所，使用專業版TurboTax軟體的人？所以，如果您能描述一下TurboTax Live中的業務流程，以及您看到的不同業務方向，那就太好了？但希望您能在未來預測這些趨勢，幫助我們了解事情的全貌。假設 TurboTax 能夠像它原本應該的那樣成功運營，並且規模能夠像 TurboTax 的核心業務那樣龐大？你認為流入的水源來自哪裡？從產品角度來看，正如我們本季所經歷的，明年TurboTax Live在產品方面有哪些變化，才能更好地體現公司的理念？暫且不談市場推廣，而是從產品角度來看。

Yes, thank you, Kash, and thank you for helping me think through the quotes and the things that I use here. Sometimes that West Virginia side of me comes out and I cannot even remember what I said. So let me start first with we're going to break out a lot more detail in TurboTax Live when we get into the fall at Investor Day. As we always do, we'll show sources of customers. But we'll hit it at the high level. What we're encouraged by is, as you know, 3 million to 5 million people enter the tax category for the first time each year when they file their first return. There's a whole of host of reasons why people end up filing the first time. They're filing jointly. They're divorced. They're entering the workforce for the first time out of college. So you take any one of those scenarios. We saw a disproportionate inflow into the category and into TurboTax. So that was exciting. So we do know that's an evergreen source of customers, and we'll talk more about that in the fall. The other thing we saw is customers who have been with TurboTax a couple of years ago and had left, we saw them coming home. And so that was a good opportunity for us as well. They had gone to an assisted tax prep method or to some other alternative. And then we did see those who had been with an assisted method, whether it's a tax source or CPA, we actually saw TurboTax Live draw about 10 points more from that category than regular TurboTax Online does. So we do like the sources of customers. They are first time filers. They are people who used to be with us coming home or those people who tend to be going to an assisted tax prep method. We will break out the granularity later. In terms of the opportunity, we still have a lot to prove to ourselves and to prove to you. But if you look at the tax category, it's about a $20 billion assisted tax prep category and we have a very small sliver today. So this could be a very nice business for us, if we can continue to execute well and create more value than any of the other alternatives in the market, we'll just have to see how big that is.

是的，謝謝你，Kash，也謝謝你幫我思考我在這裡使用的引言和素材。有時我身上西維吉尼亞人的那種特質會顯露出來，以至於我甚至記不起自己說過什麼。首先我想說的是，在秋天的投資者日上，我們將詳細介紹 TurboTax Live 的更多細節。我們將一如既往地展示客戶來源。但我們會把它提升到很高的水平。令我們感到鼓舞的是，如您所知，每年有 300 萬至 500 萬人首次申報納稅，從而進入納稅類別。人們第一次提交申請的原因有很多。他們聯合報稅。他們離婚了。他們是大學畢業後第一次進入職場。所以你可以選擇其中任何一種情況。我們看到大量用戶湧入該類別以及TurboTax平台。那真是太令人興奮了。所以我們知道這是一個常青的客戶來源，我們將在秋季對此進行更詳細的討論。我們也發現，一些幾年前使用過 TurboTax 但後來離開的客戶，現在又回來了。所以這對我們來說也是一個很好的機會。他們選擇了輔助報稅方式或其他替代方案。然後我們發現，那些使用輔助方法（無論是稅務機構還是註冊會計師）的用戶，實際上使用 TurboTax Live 的用戶比使用普通 TurboTax Online 的用戶多獲得了大約 10 分。所以我們很喜歡客戶來源。他們是首次報稅者。他們是以前和我們一起回家的人，或者是那些傾向於採用輔助報稅方式的人。我們稍後會詳細說明細節。就機會而言，我們還有很多東西需要向自己證明，也需要向你們證明。但如果你看一下稅務類別，輔助報稅服務市場規模約為 200 億美元，而我們今天只佔很小一部分。所以，如果我們能夠繼續保持良好的執行力，並創造比市場上任何其他替代方案更大的價值，那麼這可能是一項非常好的業務，我們只需要看看它能有多大。

The product perspective, thanks, if you have the time. Otherwise, no big sweat.

如果您有時間，請從產品角度談談您的看法，謝謝。除此之外，沒什麼大問題。

Yes, Kash, I would rather, at this point in time, not to get to ahead of our headlights in terms of sharing what we're going to do on the product. Obviously, there are a lot of people in the marketplace that are interested in what we felt we did this year with TurboTax Live and what we'll plan to do next year. Not all of them are investors. And so we just want to make sure that we keep some of those product plans close to the vest and we'll talk more about that when we're getting ready to launch the product.

是的，卡什，在目前這個階段，我寧願不要過早透露我們將在產品方面採取的措施。顯然，市場上有很多人對我們今年在 TurboTax Live 上所做的工作以及我們明年的計劃很感興趣。並非所有人都從事投資。因此，我們希望對一些產品計劃嚴格保密，等到產品準備發佈時再詳細討論。

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。

Going back to QBO Internet, 720,000, that's pretty good growth. How much of that's driven by this QBO's Small Business versus Self-Employed? And also, you talked about France, Brazil, India product marketplace, could you give us some update on that, when we should start seeing some kind of growth from those regions?

回到 QBO Internet，720,000，這是一個相當不錯的成長。其中有多少是由QBO的小企業與個體經營者之間的差異所驅動的？另外，您還談到了法國、巴西和印度的產品市場，能否給我們一些最新信息，我們什麼時候才能看到這些地區的市場開始出現增長？

Yes. Thanks, Siti. So I would say, first of all, predominantly the growth in the international markets was driven by QBO core, as supposed to QuickBooks Self-Employed. That product is ramping up and we're continuing to add functionality that is very country-specific and we're excited about this prospect. But right now, the core growth, that 56% growth, was really driven primarily by QBO. In terms of the other markets, and these are the markets where we're still in search of product/market fit, France is really looking healthier by the day, and we like what we're seeing in India in terms of prospects. We're actively engaged over there right now in the process for the government. It is opening up the technology stack and looking for a handful of providers that help them implement GST, which is their new tax situation that impacts small businesses. Brazil right now, we're still working through. We don't have clarity yet in terms of how best to capitalize on the acquisition we did with ZeroPaper as well as around our own QuickBooks Online offering. So I would just say in terms of sequencing, I would do France and India is a little ahead of the pack and Brazil is a little bit further behind. But we're on the trail of all of them and we've got a team actively working to make sure that we turn those dashboards green and we get the product/market fit.

是的。謝謝你，Siti。所以，首先我想說，國際市場的成長主要由 QBO 核心版驅動，而不是 QuickBooks Self-Employed 版。該產品正在加速發展，我們也不斷添加針對特定國家的功能，我們對此前景感到興奮。但就目前而言，核心成長，即 56% 的成長，實際上主要由 QBO 驅動。至於其他市場，也就是我們仍在尋找產品/市場契合點的市場，法國市場的情況一天比一天好，我們對印度市場的前景感到滿意。我們目前正積極參與那邊的政府相關工作。它正在開放技術堆疊，並尋找一些供應商來幫助他們實施商品及服務稅 (GST)，這是影響小型企業的新稅收制度。目前巴西的情況，我們仍在努力解決。我們目前還不清楚如何最好地利用我們對 ZeroPaper 的收購以及我們自己的 QuickBooks Online 產品。所以就排序而言，我會說法國和印度稍微領先一些，而巴西則稍微落後一些。但我們正在追蹤所有這些目標，我們已經組建了一個團隊積極努力，以確保這些儀錶板顯示綠色，並實現產品/市場契合。

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。

Quick question on Turbo. Brad, can you talk a little bit about the -- you'd talked earlier about how you like what you saw, the early monetization. Can you talk a little bit about the activity levels of declines that you signed up, the $5 million? How is that going in terms of what you see, what they're doing with the product, how often they're using it, et cetera?

關於Turbo，有個問題想請教一下。布拉德，你能稍微談談──你之前說過你很喜歡你看到的，也就是早期的獲利模式。您能談談您簽約的 500 萬美元的拒保率和活躍度嗎？就你觀察到的情況來看，進展如何？例如他們如何使用產品，使用頻率如何等等？

Yes, thanks, Raimo. This actually has been, as Scott Cook our founder would say, savor the surprise. We know what the average Mint customer looks like. We know what their credit score is. We know what their decisions tend to be in terms their financial investment. Turbo is bringing in a different customer. Actually, a customer that's a little more paycheck-to-paycheck with a lower credit score and much more in need of the kinds of financial services that these partners that we're working with can bring them. And so their active use is different than what we might see from a Mint customer or any other product we've had in the past, like Quicken. And so we're in the process of learning as we speak. What we are finding is things like alerts and notifications, making them aware of the changes in their financial situation, are very important to them. And we also know that, that drives active engagement. So we're at the process now of saying we have 5 million people who registered. Now what can we do to actively engage with them and help them make the best decisions to improve their financial health? And then, as we get closer to the fall, we'll be able to share with you some of those insights. And we'll break apart for you the differences we're seeing in these customers, relative to other products. But I will say this, we are very encouraged by how many people signed up. We're encouraged by the fact that as they save more money, we make money. And we're encouraged by the fact that the quality of the leads that we're getting to our partners, in some cases, it's 8 to 10x better in conversion than what they've gotten from other sources. And so that for us is a real win-win-win and now if can just turn them into active users and then get more of them, we think we have a viable business over the long term.

是的，謝謝你，雷莫。正如我們的創辦人史考特·庫克所說，享受驚喜才是最重要的。我們知道Mint的平均客戶是什麼樣的。我們知道他們的信用評分是多少。我們知道他們在財務投資方面的決策傾向。Turbo公司正在吸引不同的客戶群。實際上，我們服務的顧客往往是那些月光族，信用評分較低，更需要我們合作的這些夥伴能夠為他們提供的金融服務。因此，他們的積極使用方式與我們可能從 Mint 客戶或我們過去擁有的任何其他產品（如 Quicken）中看到的有所不同。所以，我們現在正處於學習的過程中。我們發現，像是警報和通知這樣的功能，讓他們了解自己財務狀況的變化，對他們來說非常重要。我們也知道，這能促進積極參與。所以我們現在要宣布的是，已有 500 萬人註冊。那麼，我們該如何積極地與他們互動，幫助他們做出最佳決策，以改善他們的財務狀況呢？然後，隨著秋季的臨近，我們將能夠與您分享其中的一些見解。我們將為您詳細分析這些客戶與其他產品客戶之間的差異。但我想說的是，我們對報名人數之多感到非常鼓舞。令我們感到欣慰的是，他們存的錢越多，我們賺的錢就越多。我們感到鼓舞的是，我們提供給合作夥伴的潛在客戶的質量，在某些情況下，轉換率比他們從其他來源獲得的潛在客戶高出 8 到 10 倍。所以這對我們來說是真正的三贏，現在如果我們能把他們變成活躍用戶，然後再獲得更多活躍用戶，我們認為從長遠來看，我們的業務是可行的。

Perfect. And one follow-up question for me. On the investment side, can you talk me through like where are you on the move towards AWS? I think I heard earlier you said TurboTax around 100% on AWS. That should have been a big benefit for you guys. Just overall, like I refer to the investment initiatives, but where are you in the process of kind of doing some of the major ones?

完美的。我還有一個後續問題。在投資方面，您能否詳細介紹一下您在轉型為 AWS 方面的進展？我之前好像聽你說過TurboTax大約100%都運行在AWS上。那對你們來說應該是個很大的好處。總的來說，就像我提到的投資計畫一樣，你們在一些重大項目上進展如何？

Yes. So Raimo, as you know, we've been working towards getting into AWS for several years now, a little over 4 years, and there was a combination of getting our products architected, working with AWS to ensure the level of security for the kinds of data that we have in our products and then migrating the products in. TurboTax, as I mentioned, has been in the process of last year and this year moving into AWS. And when we got to second peak, which was mid-April, we were able to run 100% of our volume through AWS. And we were delighted with the performance, with the product, the quality, the experience, everything was really above expectations. QuickBooks Online, in the major Small Business products, are in the process of moving in. We hope to get those moved in, in the next 12 months. And then we will have a long tail of other services we'll be moving out of our own data center and into AWS, and that'll probably have another 12 months or so after that. But right now, what we're dealing with is we have a double bubble. We've talked about that before where we have our own data center up and we also have AWS. And so that's part of the investment that we foreshadowed as we went into this year. We're going to be paying for volume in AWS while we continue to be pay to keep the lights on in our own data center, until we get everything moved out of our garage and into theirs. And we feel good. We actually like what we're seeing in terms of how our products perform when they're on AWS and we got another, call it, 24-plus months to get everything moved over.

是的。Raimo，如你所知，我們多年來一直在努力進入 AWS，大概有四年多了。這包括建立我們的產品架構，與 AWS 合作以確保我們產品中各類資料的安全級別，然後將產品遷移進去。正如我之前提到的，TurboTax 從去年到今年一直在向 AWS 遷移。到了第二個高峰期（4月中旬），我們能夠透過AWS運作100%的業務量。我們對產品的性能、品質和體驗都非常滿意，一切都超出了預期。QuickBooks Online 作為主要的小型企業產品，正逐步過渡到我們的產品線。我們希望在未來12個月內完成這些房屋的搬遷。然後，我們將把其他一系列服務從我們自己的資料中心遷移到 AWS，這可能還需要大約 12 個月的時間。但現在，我們面臨的是雙重泡沫。我們之前討論過這個問題，我們有自己的資料中心，我們也有 AWS。所以，這是我們在今年年初就預告的投資的一部分。我們將一邊為 AWS 的流量付費，一邊繼續支付我們自己資料中心的營運費用，直到我們把所有東西都從我們的車庫搬到他們的資料中心為止。我們感覺很好。我們非常滿意目前產品在 AWS 上的表現，而且我們還有 24 個月以上的時間來完成所有遷移工作。

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。

Believe it or not, I have another TurboTax Live question. Did you have any capacity issues, either supplier demand or could you talk a little bit about that? Did you have enough on either side of the equation there?

信不信由你，我還有一個關於TurboTax Live的問題。你們在產能方面有遇到過什麼問題嗎？例如供應商需求方面？能否簡單談談這方面的情況？等式兩邊都有足夠的數據嗎？

Thanks, Jim. Never apologize for asking about any of the products and certainly about TurboTax Live. We're very, very proud of this product offering this year. And the short answer to your question is no, we did not. We were delighted by the supply of professionals who wanted to work with us on the platform. We were delighted by our team and the ability to match supply and demand in real time and maintain service levels where you could be connected within minutes, or you had to the ability to schedule at your own convenience when you wanted to have a professional to connect with you. And we were also delighted to see that customers and pros were willing to flex. And in some cases, at the end of the season, they said, hey, I'll go ahead and file an extension because I'm not ready to get my stuff to a pro. So it really did, at the end of the day, work out much better than we had hoped. And I think at the end of the day, it's also an opportunity to re-imagine this entire category because many times, you're constrained in an office when you have a line sitting at the front office waiting to get their turn to get their taxes done. But in our case, we have pros working from home and they can come in at any point in time and help you get it done. So I think this is really a game changer.

謝謝你，吉姆。永遠不要為詢問任何產品（尤其是 TurboTax Live）而道歉。我們對今年推出的這款產品感到非常非常自豪。簡而言之，答案是否定的，我們沒有。我們很高興有這麼多專業人士願意與我們合作。我們對我們的團隊感到非常滿意，他們能夠即時匹配供需，並保持服務水平，讓您在幾分鐘內即可聯繫到他們，或者您可以根據自己的方便安排時間，在您希望專業人士與您聯繫時進行預約。我們也欣喜地看到，客戶和專業人士都願意靈活變通。有些時候，到了賽季末，他們會說：“嘿，我打算申請延期，因為我還沒準備好把我的東西交給職業球員。”所以，最終的結果確實比我們預想的要好得多。而且我認為，歸根結底，這也是一個重新構想整個類別的機會，因為很多時候，當你在辦公室裡，前台排著長隊等著輪到他們辦理報稅時，你會受到限制。但就我們而言，我們有專業的居家辦公人員，他們可以隨時來幫助您完成工作。所以我認為這確實會改變遊戲規則。

Very good. And just on a different subject. Your online -- QuickBooks Online services seemed to be particularly strong this quarter. Was there anything going on there?

非常好。換個話題吧。本季貴公司的線上服務－QuickBooks Online服務似乎表現特別強勁。那裡發生了什麼事嗎？

Jim, it was. We're excited about the fact that our teams, and we've been talking about this for some time and acknowledged we needed to improve our execution. But our teams have continued to improve our execution behind both payroll and payments. That was helping drive our online services. And then in addition to that, we did have a quarter of TSheets, the acquisition, the time and attendance acquisition that rolled into those services as well. But it really is a continued improvement and our ability to execute those services beyond just core accounting, and that's what's driving that growth.

吉姆，沒錯。我們很高興我們的團隊已經討論這個問題一段時間了，並且承認我們需要改進執行力。但是我們的團隊一直在不斷改進薪資和支付方面的執行工作。那有助於推動我們的線上服務發展。此外，我們也收購了 TSheets 的四分之一，這筆時間和考勤業務也併入了這些服務中。但實際上，我們一直在不斷改進，並且能夠提供核心會計以外的服務，這才是推動成長的真正動力。

Our next question comes from the line of Sterling Auty of JPMorgan.

我們的下一個問題來自摩根大通的斯特林·奧蒂。

Brad, you mentioned that in the DIY category, that you gained a slight amount of market share. Were you satisfied with the share gains that you saw? Were you surprised that maybe there weren't more? And what did you see in the marketplace that maybe limited some of the share gains that you saw this year?

布拉德，你提到在 DIY 類別中，你獲得了一些市場份額。您對所看到的份額成長感到滿意嗎？你是否對數量不多感到驚訝？那麼，您在市場上觀察到哪些因素可能限制了您今年所看到的市佔率成長？

Yes, thank you, Sterling. We have really good competitors. They continue to invent and reinvent their game every year as we do. And I think that, in the end of the day, is good for us because we have to take our game to the next level and it's certainly good for the consumer. And if you look at everyone who's reported publicly, ourselves and the second-place player in the market looks like we picked up share. And so far the others who have reported seemed to have not. And in terms of how we performed, of course, I would always like to remove the word slightly and simply say we gained share. But if I keep things in perspective, given how hypercompetitive it was this year, I'm very proud of the fact that we were able to continue to build on our market share and at the same time, introduce products like Turbo and TurboTax Live. So each year, we're going to come out and our game plan is going to be to try to increase market share in the category while we expand into these other services. And I'm really pleased the team did that this year.

是的，謝謝你，斯特林。我們的競爭對手實力非常強勁。他們和我們一樣，每年都在不斷地創新和改進他們的遊戲。我認為這最終對我們有利，因為我們必須將我們的遊戲提升到一個新的水平，這對消費者來說當然也是一件好事。如果你看看所有公開揭露業績的公司，你會發現我們和市場排名第二的公司似乎都獲得了市場份額。到目前為止，其他已報告的人似乎都沒有這種情況。至於我們的表現，我當然總是想去掉「略微」這個詞，簡單地說我們獲得了市場份額。但從更宏觀的角度來看，考慮到今年的競爭異常激烈，我非常自豪我們能夠繼續擴大市場份額，同時推出Turbo和TurboTax Live等產品。因此，我們每年都會推出新產品，我們的策略是努力提高該類別的市場份額，同時擴大到其他服務領域。我很高興球隊今年做到了這一點。

Our next question comes from the line of Kirk Materne of Evercore ISI.

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

Brad, thank you for again -- for sort of reiterating your financial principles and the way you're thinking about that going into next year. I guess my question is, if we're in a situation where consumer growth is going to be higher for longer, that obviously gives you a lot more flexibility from an investment perspective. Can you just talk about whether or not the success you had in the quarter has allowed you to accelerate some investments, whether it's in areas like AI or on certain products? I guess, just -- I mean, can you offer maybe just some insights into how you're thinking about that from an investment perspective as we head into the next fiscal year?

布拉德，再次感謝你重申你的財務原則以及你對明年財務規劃的思考。我想問的是，如果消費者成長將持續較長時間，那麼從投資角度來看，這顯然會為你帶來更大的彈性。您能否談談本季的成功是否讓您能夠加快一些投資，無論是在人工智慧領域還是在某些產品方面？我想問的是——我的意思是，在即將進入下一個財政年度之際，您能否從投資的角度談談您對此的看法？

Yes. Thank you, Kirk. I appreciate the kind words on the performance in the quarter that the team delivered. Our financial principles give us the flexibility to continue to invest. And as Michelle talked about, when we produce cash flow, our first priority is to invest in the business to accelerate customer and revenue growth. And then we look for acquisitions and we return cash to shareholders, whether it's stock repurchase or dividends. But you may recall this year, we also talked about an initiative we implemented called Reinvent-to-Reinvest, where we look across the company at the lower ROI investments and we basically redirect those resources, time, people and dollars to higher priority areas. And this year, under the leadership of Michelle, we found over $190 million that we have been able to redirect to higher priority areas. And we already have plans in place to even increase that number as we look at fiscal year '19 and beyond. So I do believe that we have the opportunity within our financial principles and also within our ability to just take a hard look at ourselves and say, look, there are areas where you can spend this dollar more wisely that we're going to continue to redirect those dollars to think like artificial intelligence and machine learning, global expansion, TurboTax Live, Turbo, QuickBooks Capital and all those other things we've talked to you about. And we have that capacity to do so without harming our financial principles.

是的。謝謝你，柯克。感謝大家對團隊本季表現的讚揚。我們的財務原則賦予我們繼續投資的靈活性。正如米歇爾所說，當我們產生現金流時，我們的首要任務是投資於業務，以加速客戶和收入成長。然後我們會尋找收購目標，並將現金回饋給股東，無論是股票回購或分紅。但您可能還記得，今年我們還談到了我們實施的一項名為「重塑再投資」的計劃，該計劃旨在審視公司內部投資回報率較低的投資，並將這些資源、時間、人力和資金重新分配到優先級更高的領域。今年，在米歇爾的領導下，我們找到了超過 1.9 億美元的資金，並將其重新分配到優先優先順序更高的領域。我們已經制定了計劃，在 2019 財年及以後進一步增加這個數字。所以我相信，在我們的財務原則和能力範圍內，我們有機會認真審視自己，然後說，看，有些領域我們可以更明智地使用每一分錢，我們將繼續把這些錢重新分配到人工智慧和機器學習、全球擴張、TurboTax Live、Turbo、QuickBooks Capital 以及我們之前和你們談到的所有其他領域。而且我們有能力在不損害我們財務原則的前提下做到這一點。

Our next question comes from the line of Michael Millman of Millman Research.

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

Using IRS numbers, in the past several years, the growth in do-it-yourself has been about 5 points higher than it has been in assisted. This past year, it dropped to 2.5. I was wondering if you could talk about it because it seems at variance with what we'd think. Second question is, I think this is your number that there's about 30 million taxpayers who don't itemize, but yet use assisted. Why do you think if we increase that number with a higher standard deduction, they're going -- those people will change to do-it-yourself?

根據美國國稅局的數據，在過去幾年裡，DIY（自己動手做）的成長比輔助服務的成長高出約 5 個百分點。去年，這一數字下降到了 2.5。我想請您談談這件事，因為它似乎與我們通常的想法相悖。第二個問題是，我認為你說的這個數字是，大約有 3000 萬納稅人不逐項列舉扣除項，但卻享受了政府援助。你認為如果我們提高標準扣除額來增加這個數字，為什麼這些人會轉而選擇自己動手呢？

Yes. Thank you, Michael. It's good to hear from you. First of all, we would say that relative to the prior years, the thing we keep in mind is the assisted category, is do-it-yourself outpacing assisted? And obviously, it is. This year was a little bit of a fear, uncertainty and doubt year. There was a lot of confusion in the market as tax legislation came out. Does it affect this year? Does it affect next year? Which is why TurboTax Live was so important. So if you have a question, we wanted to let you know that we could help you with a tax professional. So I can't really tell you why this year, we saw maybe a less accelerated growth. We do know that the category picked up 0.5 point share, which is good. And we believe that, that opportunity just continues to increase with 2 things: with tax legislation taking full effect next year and then us having TurboTax Live out there so that people know that if they do have a question, they can move into our category and still have the assistance of a tax pro. And that really answers your second question. The 30 million people today who are filing a 1040EZ or A or have what could be simple returns but still go to a tax pro, they're doing so because they don't realize that with just 1 or 2 quick answers in a 5-minute exchange, they could file their taxes for a much lower price. We believe it's not just tax simplification but it's TurboTax Live that will allow us to shift the category into do-it-yourself and to get more of those filers using TurboTax. So it's in the legislation in TurboTax Live that we think will help us fundamentally grow the category.

是的。謝謝你，麥可。很高興收到你的來信。首先，我們想說的是，相對於往年，我們關注的是輔助類別，DIY 是否超過了輔助？顯然，的確是如此。今年多少有些令人恐懼、不安和懷疑的一年。稅法推出後，市場一片混亂。這會影響今年嗎？這會影響明年嗎？這就是TurboTax Live如此重要的原因。所以如果您有任何疑問，我們想告訴您，我們可以為您提供稅務專業人士的協助。所以我真的無法告訴你為什麼今年的成長速度可能會放緩。我們知道該類別市佔率成長了0.5個百分點，這是個好兆頭。我們相信，隨著兩件事的發生，這種機會只會繼續增加：一是稅收立法將於明年全面生效；二是我們將推出 TurboTax Live，讓人們知道，如果他們有疑問，可以進入我們的類別，仍然可以獲得稅務專家的幫助。這樣就回答了你的第二個問題。如今有 3000 萬人填寫 1040EZ 或 1040A 表格，或者有簡單的報稅需求，但仍然去找稅務專業人士，這是因為他們沒有意識到，只需在 5 分鐘的交流中獲得 1 或 2 個簡單的答案，他們就可以以更低的價格報稅。我們相信，不僅僅是簡化稅務流程，而是 TurboTax Live 將使我們能夠把報稅類別轉變為自助報稅，並讓更多的報稅者使用 TurboTax。所以我們認為，TurboTax Live 中的相關法規將有助於我們從根本上發展這一品類。

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

女士們先生們，我不再回答任何問題了。最後還有什麼補充說明嗎？

Yes, thanks, Latif. I want to thank everybody for your time and for your questions today. I hope everyone has a great Memorial Day weekend. We're looking forward to speaking with you soon. And until then, take care.

是的，謝謝你，拉蒂夫。感謝大家今天抽出時間並提出問題。祝大家陣亡將士紀念日週末愉快。我們期待盡快與您聯繫。在此之前，請多保重。

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。