直覺電腦 (INTU) 2018 Q4 法說會逐字稿

Good afternoon. My name is Latif, and I will be your conference facilitator. At this time, I would like to welcome everyone to Intuit's Fourth Quarter and Fiscal Year 2018 Conference Call. (Operator Instructions) With that, I'll now turn the call over to Jerry Natoli, Intuit's Vice President of Finance and Treasurer. Mr. Natoli?

午安.我的名字是拉蒂夫，我將擔任您的會議主持人。現在，我歡迎大家參加 Intuit 2018 年第四季和財年電話會議。(操作員指示) 現在，我將把電話轉給 Intuit 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 Fourth Quarter Fiscal 2018 Conference Call. I'm here with Brad Smith, our Chairman and CEO; Michelle Clatterbuck, our CFO; and Sasan Goodarzi, our incoming CEO.

謝謝，拉蒂夫。下午好，歡迎參加 Intuit 2018 財年第四季電話會議。我和我們的董事長兼執行長布拉德史密斯一起在場；我們的財務長 Michelle Clatterbuck；以及我們即將上任的執行長 Sasan Goodarzi。

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.

在我們開始之前，我想提醒大家，我們的評論將包括前瞻性陳述。有許多因素可能導致 Intuit 的表現與我們的預期有重大差異。您可以在我們今天下午早些時候發布的新聞稿、2017 財年 10-K 表格以及我們向 SEC 提交的其他文件中了解有關這些風險的更多資訊。所有這些文件均可在 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. We are reporting fiscal year 2018 results today under the historical revenue recognition standard ASC 605. We adopted the new revenue recognition standard, ASC 606, in fiscal year 2019, which began August 1, 2018. We elected to adopt ASC 606 under the full retrospective model for comparability, and we have provided restated financials for fiscal years 2017 and 2018 in the press release issued today and on our fact sheet. We also posted a slide deck to the Investor Relations section of Intuit's website at intuit.com, highlighting the significant changes under ASC 606.

這些評論中的某些數字是以非公認的會計準則為基礎呈現。我們在今天的新聞稿中核對了可比較的 GAAP 和非 GAAP 數字。今天，我們根據歷史收入確認標準 ASC 605 報告 2018 財年業績。我們在 2019 財政年度（從 2018 年 8 月 1 日開始）採用了新的收入確認標準 ASC 606。為了方便比較，我們選擇採用完全回顧模型下的 ASC 606，並在今天發布的新聞稿和情況說明書中提供了 2017 年和 2018 財年的重述財務狀況。我們也在 Intuit 網站 intuit.com 的投資者關係部分發布了幻燈片，重點介紹了 ASC 606 下的重要變化。

Michelle will discuss the impact of this change during her prepared remarks. 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.

米歇爾將在準備好的發言中討論這項變化的影響。除非另有說明，否則所有成長率均指當期與去年同期相比，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，我們準備好的評論和補充財務資訊的副本將在我們的網站上提供。

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

說完這些，我會把電話轉給布萊德。

Thanks, Jerry, and thanks to all of you for joining us. As you read in our press release today, I'll be stepping down as the Chief Executive Officer of Intuit at the end of 2018 and will continue to serve as our Executive Chairman. I'm happy to announce that Sasan Goodarzi will become Intuit's next CEO on January 1, 2019. Sasan is also with us on the call today. I'll share more thoughts about Sasan. And why I feel it's the right time to pass the baton to him in January at the end of this call, but first, let's talk about our results in fiscal year 2018 and our outlook for fiscal year 2019.

謝謝，傑瑞，也謝謝大家加入我們。正如您在今天的新聞稿中看到的，我將於 2018 年底辭去 Intuit 執行長一職，並將繼續擔任我們的執行主席。我很高興地宣布，Sasan Goodarzi 將於 2019 年 1 月 1 日成為 Intuit 的下一任執行長。Sasan 今天也和我們一起參加了電話會議。我會分享更多關於Sasan的想法。為什麼我覺得在本次電話會議結束時，一月份是將接力棒交給他的最佳時機，但首先，讓我們談談我們 2018 財年的業績以及對 2019 財年的展望。

We had an excellent fourth quarter, capping off a very strong fiscal year 2018. Fourth quarter revenue grew 17% and full year revenue grew 15%. We are 1 year into a multiyear change journey, and our results affirm that our refreshed One Intuit Ecosystem strategy is positioning the company for durable growth as we look ahead.

我們第四季的表現十分出色，為強勁的 2018 財年畫上了圓滿的句號。第四季營收成長17%，全年營收成長15%。我們已踏入多年變革之旅一年，而我們的成果證明，我們全新的「一個 Intuit 生態系統」策略將幫助公司實現未來持久的成長。

Revenue growth accelerated across our businesses in fiscal year 2018. This growth was fueled by 18% growth in the Small Business and Self-Employed Group and 14% growth in the Consumer Group. As you can see reflected in our guidance for fiscal year 2019, we expect to deliver another year of strong revenue growth in the coming year.

2018財年，我們各項業務的營收都加速成長。這一增長主要得益於小型企業和自僱群體 18% 的增長以及消費者群體 14% 的增長。正如您在我們 2019 財年指引中所看到的，我們預計來年將再次實現強勁的營收成長。

With that overview, let me share some observations on our business performance. We've delivered another successful quarter in our Small Business and Self-Employed Group. Online Ecosystem revenue grew 43% in the fourth quarter and 40% for the fiscal year, exceeding our target to grow better than 30%. We added over 1 million QuickBooks Online subscribers in fiscal year 2018, exiting with more than 3.4 million subscribers, a 43% increase year-over-year.

透過上述概述，讓我分享一些關於我們業務表現的觀察。我們的小型企業和個體經營者集團又度過了一個成功的季度。線上生態系統收入在第四季度增長了 43%，全年增長了 40%，超過了我們成長 30% 以上的目標。2018 財年，我們增加了超過 100 萬 QuickBooks Online 用戶，目前用戶總數已超過 340 萬，較去年同期成長 43%。

Growth remains strong across multiple geographies, with U.S. subscribers growing 38% to approximately 2.6 million and international subscribers growing 62% to over 800,000. Within QuickBooks Online, self-employed subscribers grew to nearly 720,000, up from roughly 390,000 just 1 year ago.

多個地區的成長依然強勁，其中美國用戶成長 38%，達到約 260 萬，國際用戶成長 62%，達到 80 多萬。在 QuickBooks Online 中，自僱訂閱者數量從一年前的約 390,000 增加到近 720,000。

As we move into fiscal year 2019, we're placing a greater focus on additional services and penetrating a broader range of customers. Online Ecosystem revenue growth has emerged as the best gauge of health and success of this business, and it now represents more than $1 billion. Even at this scale, we continue to expect Online Ecosystem revenue to exceed 30% growth year-over-year, with subscriber growth beginning to moderate some as we shift our emphasis in the next chapter of the business model evolution.

隨著進入2019財年，我們將更加重視附加服務並拓展更廣泛的客戶群。線上生態系統收入成長已成為衡量該業務健康和成功的最佳指標，目前其收入已超過 10 億美元。即使達到這樣的規模，我們仍然預計線上生態系統收入的同比增長率將超過 30%，而隨著我們轉向商業模式演變的下一章，用戶成長將開始有所放緩。

With the focus on Online Ecosystem revenue growth, we will no longer be providing forward-looking guidance for subscriber growth, but we will continue to share our actual QuickBooks Online subscriber count on our fact sheet.

由於我們專注於線上生態系統收入成長，我們將不再提供前瞻性的用戶成長指導，但我們將繼續在我們的情況說明書上分享我們實際的 QuickBooks 線上用戶數量。

Turning to the Consumer Group. As we shared last quarter, we had a successful tax season. Consumer revenue grew 14% in fiscal year 2018, and innovation drove customer and revenue growth and we made encouraging progress behind each of our strategic priorities. Our team is actively developing the next wave of innovation to better serve our customers next season.

轉向消費者群體。正如我們上個季度所分享的，我們度過了一個成功的納稅季。2018財年消費者收入成長了14％，創新推動了客戶和收入的成長，我們在每個策略重點上都取得了令人鼓舞的進展。我們的團隊正在積極開發下一波創新，以便下個季度更好地服務我們的客戶。

We're excited about the opportunities ahead for TurboTax Live to further transform the assisted category and for our Turbo and Mint offerings to expand our business beyond tax. With regards to the external environment, I want to share our thoughts on the tax legislation changes that go into effect next season. We have long advocated for tax simplification. We think anything that makes taxes easier to understand is good for consumers. As you know, the new legislation increased the standard deduction so a larger number of people won't be required to itemize their deductions. This change does introduce some trade-down risk from our paid to our free offering, but in aggregate, we believe tax simplification will be an overall catalyst for DIY category and TurboTax growth as more assisted customers choose to adopt digital solutions.

我們對 TurboTax Live 未來的機會感到非常興奮，因為它將進一步改變輔助類別，並讓我們的 Turbo 和 Mint 產品能夠將我們的業務擴展到稅收以外的領域。關於外部環境，我想分享我們對下個季度生效的稅收立法變化的看法。我們長期以來一直倡導簡化稅收。我們認為，任何使稅收更容易理解的事情對消費者都是有益的。如您所知，新立法提高了標準扣除額，因此更多的人將不需要逐項列出扣除額。這項變更確實為我們的付費產品轉向免費產品帶來了一些降級風險，但總的來說，我們相信，隨著越來越多的受助客戶選擇採用數位解決方案，稅收簡化將成為 DIY 類別和 TurboTax 成長的整體催化劑。

In addition, the Internal Revenue Service has been working on developing a streamlined tax filing form, consisting of one summary form and 6 supporting schedules. We're working closely with the IRS to fully understand the changes to the 1040 forms, and we'll ensure that all of our forms and our products are up-to-date as we do every year. We'll share more information later this year when we introduce our offerings for next season.

此外，美國國稅局一直致力於制定簡化的納稅申報表，該表由一份匯總表和 6 份支持附表組成。我們正在與美國國稅局密切合作，以充分了解 1040 表格的變化，並且我們將確保我們的所有表格和產品像每年一樣都是最新的。我們將在今年稍後推出下一季產品時分享更多資訊。

In the Strategic Partner Group, our professional tax revenue was slightly ahead of our expectation as revenue grew 4% in fiscal year 2018. We continue to focus on multiservice accounting firms that do both books and taxes. This enables us to drive our accountants' success while growing our Small Business ecosystem at the same time. Putting a bow around fiscal year 2018, we're 1 year into our refresh One Intuit Ecosystem strategy with our business gaining momentum and significant opportunity ahead. We're activating our ecosystem by connecting our customers, our partners and our products across product lines through value-creating solutions. This includes offerings such as our ProAdvisor matchmaking platform, TurboTax Live and our TurboTax Self-Employed bundle. We see many more opportunities to connect our ecosystem with newer offerings such as QuickBooks Capital and Turbo as well as others on the horizon. We'll share our progress on each of these offerings at our upcoming Investor Day.

在策略夥伴集團，我們的專業稅收收入略高於我們的預期，2018財年營收成長了4%。我們繼續專注於提供帳簿和稅務等多種服務的會計師事務所。這使我們能夠推動會計師的成功，同時發展我們的小型企業生態系統。2018 財年即將到來，我們實施「One Intuit 生態系統」策略已經一年了，我們的業務發展勢頭強勁，未來機遇巨大。我們透過創造價值的解決方案連接我們的客戶、合作夥伴和跨產品線的產品，從而激活我們的生態系統。這包括我們的 ProAdvisor 匹配平台、TurboTax Live 和 TurboTax Self-Employed 套餐等產品。我們看到了更多機會將我們的生態系統與 QuickBooks Capital、Turbo 等新產品以及其他即將推出的產品連接起來。我們將在即將到來的投資者日上分享每項產品的進度。

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

概述完畢，以下我交給 Michelle 向您介紹財務細節。

Thanks, Brad, and good afternoon, everyone. As Jerry mentioned at the beginning of the call, I'll review our fourth quarter and fiscal year 2018 results under ASC 605. I'll also provide guidance under both the new revenue recognition standard, 606, and historical standard, 605, for comparability. Let's start with results for the fourth quarter of fiscal 2018. We delivered revenue of $988 million, up 17% year-over-year; a GAAP operating loss of $81 million versus a $10 million loss a year ago; non-GAAP operating income of $104 million versus $78 million last year; GAAP diluted earnings per share of $0.18 versus $0.09 a year ago; and non-GAAP diluted earnings per share of $0.32, up 60% versus $0.20 last year.

謝謝，布拉德，大家下午好。正如傑瑞在電話會議開始時所提到的，我將根據 ASC 605 審查我們 2018 年第四季和 2018 財年的業績。為便於比較，我還將根據新收入確認準則 606 和歷史準則 605 提供指導。讓我們從2018財年第四季的業績開始。我們實現營收 9.88 億美元，年增 17%；以美國通用會計準則計算的營業虧損為 8,100 萬美元，去年同期為 1,000 萬美元；非 GAAP 營業收入為 1.04 億美元，去年同期為 7,800 萬美元；以美國通用會計準則計算的每股攤薄收益為 0.18 美元，去年同期為 0.09 美元；非公認會計準則攤薄每股收益為 0.32 美元，較去年的 0.20 美元成長 60%。

For full fiscal year 2018, we delivered revenue of $6 billion, up 15% year-over-year; GAAP operating income of $1.5 billion versus $1.4 billion a year ago; non-GAAP operating income of $2 billion, up 14% versus last year; GAAP diluted earnings per share of $4.64, up 25% versus $3.72 last year; and non-GAAP diluted earnings per share of $5.61, up 27% versus $4.41 last year.

2018財年全年，我們實現營收60億美元，年增15%；以美國通用會計準則計算的營業收入為 15 億美元，去年同期為 14 億美元；非公認會計準則營業收入為 20 億美元，較去年同期成長 14%；以美國通用會計準則計算，每股攤薄收益為 4.64 美元，較去年同期的 3.72 美元成長 25%；非公認會計準則攤薄每股收益為 5.61 美元，較去年同期的 4.41 美元成長 27%。

As previously announced, our GAAP earnings per share for the fourth quarter and fiscal year 2018 include a $79 million charge from the sale of our data center in Quincy, Washington. The impact of this charge on net income and EPS was offset by tax benefits that we recognized in the quarter.

如前所述，我們 2018 年第四季和財年的 GAAP 每股盈餘包括出售位於華盛頓州昆西的資料中心所產生的 7,900 萬美元費用。該費用對淨收入和每股盈餘的影響被我們在本季確認的稅收優惠所抵銷。

Turning to the business segments. Total Small Business and Self-Employed revenue grew 20% for the quarter and 18% for the year. This, compared to 14% growth in fiscal year 2017. Online Ecosystem revenue growth remains strong and grew 43% in the fourth quarter, up from 41% in the third quarter. For fiscal year 2018, Online Ecosystem revenue grew 40%, up from 30% in fiscal year 2017. QuickBooks Online subscribers grew 43%, ending the quarter with over 3.4 million subscribers.

轉向業務部門。本季小型企業和自僱人士總收入成長了 20%，全年成長了 18%。相比之下，2017財年的成長率為14%。線上生態系統營收成長依然強勁，第四季成長 43%，高於第三季的 41%。2018財年，線上生態系收入成長了40％，高於2017財年的30％。QuickBooks Online 用戶數量增加了 43%，本季末用戶數已超過 340 萬。

As Brad mentioned, we believe the best measure of the health and success of our strategy going forward is Online Ecosystem revenue growth, which we continue to expect to grow better than 30%. Desktop ecosystem revenue grew 7% in the fourth quarter and in the fiscal year 2018. Desktop units fell 7% in the fourth quarter and 15% in fiscal year 2018, which was in line with our expectations.

正如布拉德所提到的，我們相信衡量我們未來策略是否健康和成功的最佳標準是網路生態系統的收入成長，我們預計該收入的成長將持續超過 30%。2018財年第四季及全年桌面生態系營收成長了7%。桌上型電腦銷量在第四季度下降了 7%，在 2018 財年下降了 15%，這符合我們的預期。

For fiscal 2019, we expect QuickBooks Desktop units to decline single digits and desktop ecosystem revenue to be roughly flat. Including both online and desktop customers, our total QuickBooks paying customers grew 26% in fiscal year 2018. Total QuickBooks paying customers includes QuickBooks Online customers, QuickBooks Desktop units and QuickBooks Desktop subscribers.

對於 2019 財年，我們預計 QuickBooks Desktop 銷量將下降個位數，桌面生態系統收入將基本持平。包括線上和桌面客戶在內，我們的 QuickBooks 付費客戶總數在 2018 財年成長了 26%。QuickBooks 總付費客戶包括 QuickBooks 線上客戶、QuickBooks 桌上型電腦單元和 QuickBooks 桌面訂戶。

The Consumer Group had a strong year, with revenue up 14% compared to 8% revenue growth in fiscal year 2017. TurboTax units grew 4%, and TurboTax Online units were up 6%. The Strategic Partner Group posted $453 million of professional tax revenue for fiscal year 2018, up 4%.

消費品集團今年表現強勁，營收成長 14%，而 2017 財年營收成長 8%。TurboTax 單位增加了 4%，TurboTax Online 單位增加了 6%。策略夥伴集團2018財年的專業稅收收入為4.53億美元，成長4%。

Turning to our financial principles. We continue to take a disciplined approach to capital management, investing the cash we generate in opportunities that yield return on investments greater than 15%. During fiscal year 2018, we focused on reallocating resources to strengthen our investments in several key priorities, including increasing our capability in artificial intelligence and machine learning; accelerating our transition to Amazon Web Services; enhancing our brand and marketing effectiveness globally; and enabling our engineering organization to increase effectiveness and efficiency.

談談我們的財務原則。我們繼續採取嚴謹的資本管理方法，將產生的現金投資於投資報酬率超過 15% 的機會。在2018財年，我們專注於重新分配資源，以加強對幾個關鍵優先事項的投資，包括提高我們在人工智慧和機器學習方面的能力；加速向亞馬遜網路服務的過渡；在全球提升我們的品牌和行銷效力；並使我們的工程組織提高效力和效率。

At the beginning of fiscal year 2018, we told you that we expect these initiatives to set us up to deliver strong growth in the coming years. We saw this momentum begin in fiscal year 2018. Revenue growth accelerated approximately 5 points to 15%. GAAP operating income grew 7%, including a $79 million charge from the sale of our data center. Non-GAAP operating income growth accelerated approximately 2 points to 14%.

在2018財年開始時，我們告訴大家，我們預計這些措施將為我們在未來幾年實現強勁成長奠定基礎。我們看到這股動能始於2018財年。營收成長加快約5個百分點，達到15%。GAAP 營業收入成長 7%，其中包括出售資料中心產生的 7,900 萬美元費用。非公認會計準則營業收入成長約 2 個百分點，達到 14%。

We finished the year with $1.7 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. Next, we use acquisitions to accelerate our growth and fill out our product road map. We returned excess cash that we can't invest profitably in the business to shareholders via both share repurchases and dividends. We repurchased over $270 million of stock during fiscal year 2018. The board approved a new $2 billion repurchase authorization, giving us a total authorization of $3.2 billion to repurchase shares, including the remaining amount on our prior authorization. The board approved a quarterly dividend of $0.47 per share payable October 18, 2018. This represents a 21% increase versus last year.

今年年底，我們的資產負債表上有 17 億美元現金和投資。我們使用這筆現金的首要任務仍然是投資業務以推動客戶和收入成長。接下來，我們利用收購來加速我們的成長並充實我們的產品路線圖。我們透過股票回購和股利將無法在業務中獲利投資的多餘現金回饋給股東。我們在 2018 財年回購了價值超過 2.7 億美元的股票。董事會批准了新的 20 億美元回購授權，使我們的股票回購總額達到 32 億美元，包括我們先前授權的剩餘金額。董事會批准每股 0.47 美元的季度股息，於 2018 年 10 月 18 日支付。這比去年增長了 21%。

As I mentioned, we are adopting ASC 606, the new accounting standard for revenue recognition in fiscal year 2019. We will be reporting our results under this standard going forward, and we'll be restating the financial statements of previous years to provide comparability. The new standard will result in an increase in revenue for fiscal year 2018 of $61 million and a decrease in expected revenue of $30 million in fiscal year 2019.

正如我所提到的，我們正在採用 ASC 606，這是 2019 財年收入確認的新會計準則。我們將根據該標準報告我們的業績，並重述前幾年的財務報表以提供可比性。新標準將導致2018財年營收增加6,100萬美元，2019財年預期營收減少3,000萬美元。

While we're changing how we account for revenue under 606, this is an accounting change only and has no impact on customer billing or cash flow. In addition, how we recognize revenue for all online offerings, supplies, and desktop, payroll and payments will not change. What will change under the new rule is how we account for revenue associated with QuickBooks Desktop units, QuickBooks Desktop subscription offerings and consumer and professional tax desktop offerings.

雖然我們正在改變 606 下的收入核算方式，但這只是會計變更，不會對客戶帳單或現金流量產生影響。此外，我們確認所有線上產品、供應品以及桌面、薪資和付款的收入的方式不會改變。新規定下將發生的變化是我們如何核算與 QuickBooks Desktop 單元、QuickBooks Desktop 訂閱產品以及消費者和專業稅務桌面產品相關的收入。

I'll highlight the changes briefly, but please review the materials in the Investors section of our website for more detail. The primary change for our QuickBooks Desktop unit and subscription offering under 606 is that more revenue will be recorded in earlier periods. The primary change for our consumer and professional tax desktop offering is that more revenue will be recognized at the beginning of the tax season under 606. We expect the net impact of adopting 606 to be approximately a 2-point reduction in our revenue growth in fiscal year 2019 versus the prior standard.

我將簡要介紹這些變化，但請查看我們網站投資者部分的資料以了解更多詳細資訊。我們的 QuickBooks Desktop 單元和 606 下的訂閱服務的主要變化是將在早期記錄更多收入。我們對消費者和專業稅務桌面產品的主要變化是，根據 606 規定，在納稅季節開始時將確認更多收入。我們預計，採用 606 的淨影響將使我們 2019 財年的營收成長與先前的標準相比減少約 2 個百分點。

Under 606, Q1 fiscal 2019 guidance includes revenue growth of 5% to 7%, a GAAP loss per share of $0.17 to $0.19 and non-GAAP earnings per share of $0.09 to $0.11. While we're not providing quarterly guidance under 606, our Q1 fiscal year 2019 revenue guidance would have been approximately $30 million higher than it is under 606. You can find additional Q1 and fiscal 2019 guidance details under 606 in our press release and our fact sheet.

根據 606，2019 財年第一季的指引包括營收成長 5% 至 7%，每股 GAAP 虧損 0.17 美元至 0.19 美元，非 GAAP 每股收益 0.09 美元至 0.11 美元。雖然我們沒有根據 606 提供季度指導，但我們 2019 財年第一季的收入指導將比 606 下高出約 3000 萬美元。您可以在我們的新聞稿和情況說明書的 606 下找到更多第一季和 2019 財年指導詳情。

And just one more comment on Q1. We expect desktop ecosystem revenue to decline single digits in Q1 of fiscal year 2019. This reflects the change we made in fiscal year 2018, moving our QuickBooks Enterprise subscription offering from a perpetual license to a term license to better serve our customers. Under 606, our full year fiscal 2019 guidance includes total company revenue growth of 8% to 10%, GAAP earnings per share of $5.25 to $5.35 and non-GAAP earnings per share of $6.40 to $6.50.

關於問題 1，我還有一則評論。我們預計2019財年第一季桌面生態系統營收將下降個位數。這反映了我們在 2018 財年所做的改變，將我們的 QuickBooks Enterprise 訂閱服務從永久許可轉變為定期許可，以更好地服務我們的客戶。根據 606，我們對 2019 財年全年的預期包括公司總收入增長 8% 至 10%，GAAP 每股收益 5.25 美元至 5.35 美元，非 GAAP 每股收益 6.40 美元至 6.50 美元。

We expect a GAAP tax rate of 21% and a non-GAAP tax rate of 23% for fiscal 2019. To help you compare with the forecast you have in your model, we're also providing guidance under ASC 605. Our full year fiscal 2019 guidance under the historical 605 standard includes total company revenue growth of 10% to 12%, GAAP earnings per share of $5.35 to $5.45 and non-GAAP earnings per share of $6.50 to $6.60.

我們預期 2019 財年的 GAAP 稅率為 21%，非 GAAP 稅率為 23%。為了幫助您與模型中的預測進行比較，我們還根據 ASC 605 提供指導。根據歷史 605 標準，我們制定的 2019 財年全年指引包括公司總收入成長 10% 至 12%、GAAP 每股收益 5.35 美元至 5.45 美元以及非 GAAP 每股收益 6.50 美元至 6.60 美元。

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

說完這些，我就把話題轉回給布萊德來結束演講。

Great. Thanks, Michelle. In summary, we delivered a strong year in fiscal 2018, posting a faster pace of revenue growth than we have seen in several years as our One Intuit Ecosystem strategy takes shape. We continue to have our sights set on next year and beyond as we pursue our mission of powering prosperity around the world.

偉大的。謝謝，米歇爾。總而言之，隨著我們的「一個 Intuit 生態系統」策略逐漸成型，我們在 2018 財年取得了強勁的業績，營收成長速度比過去幾年都要快。我們將繼續著眼於明年及以後，繼續履行推動世界繁榮的使命。

With that overview, let's now shift to the other news we announced today. Sasan is the right executive to lead Intuit in our next chapter. During his 13 years with the company, he has successfully led each of our major businesses and served as our Chief Information Officer. He's been instrumental in the transformation of our company and a key architect of our One Intuit Ecosystem strategy. He leads with intellectual curiosity and humility as well as strategic and operational rigor. At every stop, Sasan has built high-performing and highly engaged teams who deliver amazing results. I am confident in his ability to lead the company to new heights, and I'm looking forward to working with him in his new role. When Sasan steps into the role of CEO on January 1, he will be succeeded by Alex Chriss as the General Manager of the Small Business and Self-Employed Group. Alex is another Intuit veteran with a stellar track record of success over the past 14 years.

了解了上述概述後，我們現在來看看今天宣布的其他新聞。Sasan 是帶領 Intuit 開啟新篇章的合適人選。在公司任職的13年間，他成功領導了我們的每一項主要業務，並擔任我們的資訊長。他對我們公司的轉型起到了重要作用，也是我們「One Intuit 生態系統」策略的關鍵架構師。他以求知慾和謙遜的態度以及策略和營運的嚴謹性領導。在每一站，Sasan 都建立了一個高效、高度敬業的團隊，並取得了令人驚嘆的成果。我相信他有能力帶領公司邁向新的高度，並期待在新的職位上與他合作。當薩桑於 1 月 1 日接任執行長一職時，亞歷克斯·克里斯 (Alex Chriss) 將接替他擔任小型企業和個體經營集團的總經理。亞歷克斯是另一位 Intuit 資深員工，在過去 14 年中擁有輝煌的成功記錄。

We also announced today that Tayloe Stansbury will be stepping down as our Chief Technology Officer on January 1, 2019. This move is another thoughtful transition in a multiyear succession planning process that has been in the works for some time. I want to thank Tayloe for his many contributions over the past 9 years, having led our evolution to a platform company, advanced our leadership in artificial intelligence and machine learning, and accelerated our journey to the cloud. Tayloe has built an amazing leadership bench which successfully prepared Marianna Tessel, our current Chief Product Development Officer for the Small Business and Self-Employed Group, to be his successor as CTO in January.

我們今天也宣布，Tayloe Stansbury 將於 2019 年 1 月 1 日辭去技術長一職。此舉是醞釀已久的多年繼任計畫過程中的又一次深思熟慮的轉變。我要感謝 Tayloe 在過去 9 年裡所做的許多貢獻，他帶領我們發展成為一家平台公司，提升了我們在人工智慧和機器學習領域的領導地位，並加速了我們向雲端邁進的步伐。Tayloe 已建立起一支出色的領導團隊，並成功幫助 Marianna Tessel（現任小型企業和個體經營者集團首席產品開發官）於 1 月接任其擔任首席技術長。

Now on a personal note, it has been a privilege to serve as Intuit's CEO since 2008. Together, we've built on the strong foundation that those before us had put in place. We've transformed the company from an North American desktop software company to a global cloud-driven product and platform company. We've delivered consistent top line and bottom line growth, and we've cultivated a strong and enduring culture of innovation and self-disruption. Today's announcement is a continuation of a long history of leadership development that has built a deep bench of leaders who will take their place as the next generation of Intuit's management team. As I look ahead, I have never felt better about Intuit's future.

就我個人而言，自 2008 年以來，我一直很榮幸擔任 Intuit 的執行長。我們共同努力，在前人奠定的堅實基礎上再接再厲。我們已將公司從一家北美桌面軟體公司轉型為全球雲端驅動產品和平台公司。我們實現了持續的營收和利潤成長，並培育了強大而持久的創新和自我顛覆文化。今天的公告是長期領導力發展歷程的延續，這一歷程已打造了一批深厚的領導者，他們將成為 Intuit 的下一代管理團隊。展望未來，我從未對 Intuit 的未來感到如此樂觀。

So with that, let's open it up and hear what's on your mind.

那麼，讓我們打開它，聽聽您的想法。

(Operator Instructions) Our first question comes from the line of Keith Weiss of Morgan Stanley.

（操作員指示）我們的第一個問題來自摩根士丹利的 Keith Weiss。

This is Sanjit Singh for Keith Weiss. And sorry, to see you go, Brad, and congratulations, Sasan. Brad, maybe you could start with tax. This year was a very strong year, and you guys saw a lot of uptake with TurboTax Live. As you think about the tax changes going into next year, with maybe a little bit more of a demand coming from simpler tax filing, what do you think the implications are for the TurboTax Live portion in terms of the benefit that you can see from that portion of consumer tax?

我是 Keith Weiss 的 Sanjit Singh。很遺憾看到你離開，布拉德，祝賀你，薩桑。布拉德，也許你可以從稅收開始。今年是業績非常強勁的一年，大家看到 TurboTax Live 取得了巨大的進步。當您想到明年的稅收變化時，可能會有更多的來自簡化納稅申報的需求，您認為這對於 TurboTax Live 部分有何影響，從您可以從該部分消費稅中看到的好處來看？

Thanks for the questions, Sanjit. I would tell you, we're very encouraged by this year's performance in TurboTax Live, and we're optimistic about the opportunities as we look ahead. As you know, just to put context around this, today, there are more people who file using an assisted tax prep method than do those who use do-it-yourself. And we discovered tens of millions who would be willing to actually use a do-it-yourself solution if they had the access to an expert to answer some questions that they may have in the back of their mind. So it opens up a $20 billion TAM. And when we introduced TurboTax Live this year, we had 2 hypotheses. The first is could we actually retain more of those 3 million customers who leave us each year when they have a life event change, like they had a baby or they sold stock. And I'm proud to tell you that we improved our retention very strongly in this past tax season, we'll talk more about that at Investor Day. The second hypothesis was could we start to attract more people out of tax stores and assisted methods into TurboTax or TurboTax Live. And this year, TurboTax Live did indeed increase a 10% acquisition of customers out of the assisted method versus the standard TurboTax Online offering. So both hypotheses proved to be true. But there was one other surprise that occurred in tax season. Each year, 3 million to 5 million people enter the tax-filing process for the first time. We have always gotten our fair share with digital solutions, but with TurboTax Live, we actually pulled a disproportionate share of first-time filers in the franchise. So we're seeing an improvement in retention, we're seeing an acquisition increase from those who are using assisted methods, and we're seeing a disproportionate share of first-time filers. That gives us a lot of confidence that next year and beyond, TurboTax Live could potentially be a game changer if we continue to execute well.

謝謝你的提問，Sanjit。我想告訴你，我們對 TurboTax Live 今年的表現感到非常鼓舞，我們對未來的機會充滿樂觀。如您所知，僅就此而言，今天使用輔助納稅準備方法報稅的人比使用自己動手方法報稅的人更多。我們發現，如果能夠請專家解答他們心中的一些疑問，數千萬人其實都願意使用 DIY 解決方案。因此它開闢了200億美元的TAM。當我們今年推出 TurboTax Live 時，我們有兩個假設。首先，我們能否留住更多每年因人生大事變化（例如生孩子或出售股票）而離開我們的客戶？我很自豪地告訴你們，我們在上個納稅季大幅提高了我們的保留率，我們將在投資者日進一步討論這一點。第二個假設是，我們能否開始吸引更多的人從稅務商店和輔助方法轉向 TurboTax 或 TurboTax Live。今年，與標準的 TurboTax Online 產品相比，TurboTax Live 確實透過輔助方法增加了 10% 的客戶獲取率。因此這兩個假設都被證明是正確的。但在報稅季節還發生了另一件意外事件。每年，有300萬至500萬人首次進入報稅程序。我們始終透過數位解決方案獲得公平的份額，但透過 TurboTax Live，我們實際上吸引了特許經營中首次申報者的不成比例的份額。因此，我們看到保留率有所提高，我們看到使用輔助方法的人員的獲取量增加，並且我們看到首次申報者的比例不成比例。這給了我們很大的信心，如果我們繼續執行得很好，明年及以後，TurboTax Live 可能會改變遊戲規則。

That's really interesting. And maybe just if I can sneak in one more on the QBO side. You mentioned on your script that growth might slow a little bit next year versus the stronger you saw last year. How does that relate to your overall expansion efforts, particularly on the international side and also with QuickBooks Self-Employed? Are those international markets slower to ramp? Or are you starting to see some slowdown on the self-employed side as well?

這真的很有趣。也許我只是可以在 QBO 方面再偷偷地做一件事。您在腳本中提到，與去年的強勁成長相比，明年的成長可能會略有放緩。這與您的整體擴張工作有何關係，特別是在國際方面以及 QuickBooks Self-Employed 方面？這些國際市場的成長速度是否比較慢？還是你也開始看到個體經營方面的一些放緩現象？

I appreciate the question. And let me set some context around why we've made this decision. We're at the next chapter of the business model evolution in QuickBooks Online, and we do fundamentally believe that the Online Ecosystem revenue growth is the appropriate measure for health going forward, and let me explain why. First and foremost, we're now starting to serve an expanded group of customers from the self-employed to the core QBO, both U.S. and international. And now we're expanding into what we used to call the mid-market or enterprise space with QuickBooks Online Advanced. We're going to be talking more about that in the fall. And so you're going to have an expanded group of customers each coming in with a different revenue stream. On the other side, we have our online services, which you probably saw accelerate in this quarter, very strong growth, 34% growth. That's not only payroll and payments attached. We're also beginning to introduce those services as their own standalone front doors that can ultimately unlock to QuickBooks Online. So think of things like GoPayment or Online Payroll. When you start to put that together, it starts to muddy what's the definition of the subscriber. And so at the end of the day, what we know matters most is that we are delighting customers and we measure Net Promoter, that we are taking market share in every geography, which we measure very intently and that we are indeed accelerating revenue growth. And it's those 3 measures that we think are the best indicator of whether we're growing our franchise. I'll give you this as a little sort of mindset that we're thinking about. I personally will be disappointed if we do not at least meet or exceed the number of net new subscribers we add in QuickBooks Online next year. And this year, as I mentioned in my opening comments, we added 1 million net new subscribers. So that ought to give you some ballpark of what we mean when we say moderating growth. This is still very strong growth with a business that's accelerating.

我很感謝你提出這個問題。讓我先解釋一下我們為什麼做出這個決定。我們正處於 QuickBooks Online 商業模式演變的下一章，我們確實從根本上相信，線上生態系統收入成長是衡量未來健康狀況的適當指標，讓我來解釋一下原因。首先，我們現在開始為美國和國際上不斷擴大的客戶群提供服務，從自僱人士到核心 QBO。現在，我們正在利用 QuickBooks Online Advanced 向我們過去所說的中階市場或企業領域拓展。我們將在秋季進一步討論這個問題。這樣，你將擁有一個不斷擴大的客戶群，每個客戶都會帶來不同的收入來源。另一方面，我們有線上服務，您可能會看到本季線上服務加速發展，成長非常強勁，達到 34％。這不僅僅是工資單和付款。我們也開始將這些服務作為它們自己的獨立前門推出，最終可以解鎖到 QuickBooks Online。所以考慮一下像 GoPayment 或 Online Payroll 這樣的東西。當你開始把這些放在一起時，訂閱者的定義就開始變得模糊。所以，歸根結底，我們知道最重要的是我們讓客戶滿意，我們衡量淨推薦值，我們在每個地區都佔據市場份額，我們非常認真地衡量這些，我們確實在加速收入成長。我們認為，這三個指標是衡量我們的特許經營是否正在成長的最佳指標。我會給你這個作為我們正在思考的一種想法。如果我們明年無法達到或超過 QuickBooks Online 新增的淨用戶數量，我個人會感到失望。正如我在開場白中提到的，今年我們淨增了 100 萬新訂閱用戶。這樣，您就應該可以大致了解我們所說的緩和成長是什麼意思了。在業務加速發展的情況下，這仍然是非常強勁的成長。

Our next question comes from Matt Pfau of William Blair.

我們的下一個問題來自 William Blair 的 Matt Pfau。

Wanted to hit a few on the tax side. So I guess, just in terms of -- and Brad, you mentioned that part of the guidance for the Consumer Group is more of a shift from the assisted category to do-it-yourself. So I guess, what drives -- even though the tax codes have become simpler now, what sort of drives those assisted customers into the do-it-yourself channel? And then, I guess, in terms of the way you guys thought about your -- the upcoming tax season, every time they make the tax code simpler, it creates more confusion sometimes. So how did you sort of factor in, I guess, consumer response to maybe being a bit more confused even though the tax code has become simpler?

想從稅務方面談幾點。所以我想，就——布拉德，你提到消費者群體的部分指導更多的是從輔助類別轉向自助類別。所以我想，儘管現在稅法已經變得更簡單了，是什麼推動了那些受助客戶進入 DIY 管道呢？然後，我想，就你們對即將到來的納稅季節的看法而言，每次他們簡化稅法時，有時都會造成更多的混亂。那麼，您是如何考慮消費者的反應的呢？

Yes. Appreciate it, Matt. So first of all, we've seen a secular shift to do-it-yourself over the past decade plus. If you look at the numbers the IRS publishes each year, that do-it-yourself category has outpaced the assisted category, whether it's tax stores or CPA, pretty significantly. And then with TurboTax Live, we think we've untapped a whole new source of growth because we've always discovered there were tens of millions of people going to an assisted tax prep method, who had a simple, unanswered question, "Hey, my kid just turned 26. Can I still claim that as a deduction?" And we found that with a touch of a screen to have the opportunity to have an expert come in to that experience to answer that question, allowed us to start to get more of those customers into the category. So as we look ahead, we think a combination of 2 things. The government's simplification of the tax process now has more people saying, "I've qualified for a standard deduction, why am I paying someone? I could actually be doing taxes on my own. I should consider a do-it-yourself solution." And then for those who say, "Hey, I think I can do this, but I may have a question." We're going to make it very apparent with a lot of delighted customers who are willing to go out there on our behalf and talk about how great the service is, to say, "You no longer have to choose. You can use TurboTax and get the access to an expert, but you don't have to drive to a store. You can do it from the convenience of your home, in your pajamas, if you want to." And so it's those 2 things that fundamentally give us confidence, and we have reasons to believe coming out of this tax season. And you're correct. Any time there is a change, there's always a desire for people to say, "Gosh, do I have enough here to get this done on my own?" And we're going to have competitors who are going to try to stir up fear, uncertainty and doubt. But as you saw with the Affordable Care Act several years ago, a lot of people said -- well, this caused people to lose confidence, and that was actually one of the greatest accelerators of growth we've had in our franchise. Our team is poised to sort through that fear, uncertainty and doubt and let people know that we have an answer for them, whether they want to do it themselves or access an expert.

是的。非常感謝，馬特。首先，過去十多年來，我們看到了向「自己動手做」的長期轉變。如果你看一下美國國稅局每年公佈的數據，你會發現，「自己動手」類別的成長速度已經遠遠超過了「協助」類別，無論是稅務商店還是 CPA。然後透過 TurboTax Live，我們認為我們已經開闢了一個全新的成長源，因為我們一直發現有數千萬人在使用輔助納稅準備方法，他們有一個簡單的、未解答的問題，「嘿，我的孩子剛滿 26 歲。我還能將其作為扣除額嗎？因此，展望未來，我們會想到兩件事。政府簡化了納稅流程，現在更多的人說：「我已經有資格享受標準扣除額，為什麼還要付錢給別人？我實際上可以自己納稅。我應該考慮自己動手解決。您可以使用 TurboTax 並獲得專家的幫助，但不必開車去商店。如果你願意，你可以在家裡穿著睡衣方便地完成這一切。你是對的。每當發生變化時，人們總是想說：“天哪，我在這裡有足夠的資源來獨自完成這件事嗎？”我們將會遇到試圖煽動恐懼、不確定性和懷疑的競爭對手。但正如幾年前《平價醫療法案》所顯示的那樣，許多人說，這導致人們失去了信心，而這實際上是我們特許經營中最大的成長加速器之一。我們的團隊準備好解決這種恐懼、不確定性和懷疑，並讓人們知道我們可以為他們提供答案，無論他們是想自己解決還是尋求專家的幫助。

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

我們的下一個問題來自瑞銀的珍妮佛洛 (Jennifer Lowe)。

First, I'd like to say, Brad, we're going to miss you. I know you're still around for a couple more quarters, but you've been a big presence for a lot of us for a while. So -- but I look forward working with you, Sasan, going forward. So just want to say that first. And maybe digging into -- maybe following up on Sanjit's question a little bit and around the strength that you're seeing in the online services revenue line. I know a few years ago, the message with the QuickBooks Online transition was the opportunity to get higher attach rates of payments, higher attach rates with payroll. Since then, the disclosures have been collapsed a bit and it hasn't been as much of a discussion point, at least on the earnings call. So maybe just circling back on your comments there. If you think about the acceleration there, is that it? Is that sort of the original vision of QuickBooks Online of having greater attach rates around today's services, starting to play out a little later than maybe we thought it would? Or is there something beyond that, that's happening in that line segment? I know you mentioned some of the -- their own front doors commentary, but I'm just trying to contextualize that versus that being a similar ambition a few years ago that maybe didn't play out as we had hoped originally.

首先，我想說，布拉德，我們會想念你的。我知道您還會再待幾個季度，但對於我們許多人來說，您已經存在一段時間了。所以 — — 但我期待著今後與您合作，薩桑。所以首先我想說的是這個。或許可以深入探討——或許可以稍微跟進一下 Sanjit 的問題，以及您在線上服務收入線上看到的實力。我知道幾年前，QuickBooks Online 轉型傳達的訊息是獲得更高的付款附加率、更高的薪資附加率的機會。自那時起，資訊揭露內容有所減少，而且至少在收益電話會議上，資訊揭露內容不再成為討論的焦點。因此也許只是回顧一下你在那裡的評論。如果你考慮那裡的加速度，就是這樣嗎？這是否就是 QuickBooks Online 最初的願景，即在當今的服務中實現更高的附加率，但它的實現可能比我們想像的要晚一些？或者在那之外，在那條線段上還發生了什麼事？我知道您提到了一些——他們自己的前門評論，但我只是試圖將其與幾年前的類似抱負進行對比，但可能並沒有像我們最初希望的那樣實現。

Thank you, Jennifer. And first of all, thank you for your kind comments. And you're right, I'll be here for a couple more quarters, and then the junior varsity will exit and the varsity will take the field. And I'm excited have Sasan stepping in. If you go back and think about our model over the years, it's been a razor-and-blade model. And the first thing is to get the razors and then after that, attach the blades. And we've played that out very well over a desktop era. As we've moved into online, we are still aggressively getting razors. We're opening new markets. We're going into the self-employed, and now we're moving up into the mid-market with QuickBooks Online Advanced. But at the same time, we've gotten wiser and how to really capitalize on services. This past quarter, Online Payroll attached to QuickBooks Online grew faster than 30%. And payments grew faster than 40%. Now you introduced these new opportunities to have those services be the first experience for a customer, whether it's GoPayments for payments or its Payroll and then unlock the QBO. And we think that's really going to give us an opportunity to accelerate our services business. So we are in a razor-and-blade business. We feel that there's a lot of game left in the razors, but we have gotten smarter and now we're entering that chapter where the blades have now become more important. And we do expect that you're going to see online services continue to grow and accelerate.

謝謝你，詹妮弗。首先感謝您的善意評論。你說得對，我還會在這裡待幾個季度，然後初級隊就會退出，然後校隊就會上場。我很高興薩桑能夠加入。如果回顧並思考我們多年來的模式，你會發現它一直是一種剃刀和刀片模式。首先要拿到刮鬍刀，然後裝上刀片。我們在桌面時代已經很好地發揮了這一點。儘管我們已經進入了線上銷售管道，但我們仍在積極銷售刮鬍刀。我們正在開拓新市場。我們正進入自營市場，現在我們正藉助 QuickBooks Online Advanced 進軍中端市場。但同時，我們也變得更聰明，知道如何真正利用服務。過去一個季度，QuickBooks Online 附帶的線上薪資成長速度超過 30%。支付額的成長速度超過了 40%。現在，您引入了這些新機會，讓這些服務成為客戶的首次體驗，無論是用於付款的 GoPayments 還是其薪資單，然後解鎖 QBO。我們認為這確實會為我們帶來加速服務業務的機會。所以，我們從事的是剃刀和刀片生意。我們覺得刮鬍刀還有很大的發展空間，但我們變得更聰明了，現在我們進入了刀片變得更加重要的新篇章。我們確實預計您將看到線上服務繼續成長和加速。

And then just quickly, to follow up on that. Because if you look at how the landscapes evolved over the last few years, it feels like there's a growing number of payroll providers in particular, that target the SMB space. So I'm just curious if you had an update on how you feel about the landscape there. Obviously, it makes a lot of sense for a QuickBooks customer to use Payroll, but in situations where you're leading with Payroll, what's sort of the competitive dynamic there given players like Gusto, who have gotten more visible over that time horizon?

然後很快地跟進這一點。因為如果你觀察過去幾年的情況發展，你會發現有越來越多的薪資服務提供者專門針對中小型企業領域。所以我只是好奇您是否對那裡的景觀有什麼感受。顯然，對於 QuickBooks 客戶來說，使用 Payroll 是非常有意義的，但是在您以 Payroll 為主導的情況下，考慮到 Gusto 等在這段時間內變得更加引人注目的參與者，競爭態勢是什麼樣的？

Yes. Josh and the team at Gusto, great partners, good friends. We've worked with them for years. But all of us see the same opportunity. 4 out of 10 small businesses still do their payroll with a spreadsheet and a calculator. So it is not a zero-sum game. There is so much opportunity to help these small businesses get their payroll done much more efficiently and avoid the penalties and interest that come with a mistake. And then as you know, as we moved into this One Intuit Ecosystem strategy, we opened up our platform so customers can use our Payroll, they can use Gusto, they can use ADP, any of those services will work with QuickBooks Online. And 2 things happen in that regard. One is the customer's able to make the choice they want and the second is that data flows into QuickBooks Online and the retention of QuickBooks Online then goes up exponentially, up over 10 points when they attach a second service, whether we've built it or one of our competitors built it. So we actually view this as a real win. And yes, the market is competitive, but right now, we're all trying to get the customers out of spreadsheets and into a digital solution that makes sense. And then from there, it's always going to be up to us to make sure we have the best alternative in the market. But if they choose a partner, we're happy with that as well because that increases the retention of QuickBooks Online.

是的。Josh 和 Gusto 的團隊是很好的合作夥伴，很好的朋友。我們已經與他們合作多年了。但我們所有人都看到了同樣的機會。10 家小型企業中仍有 4 家使用電子表格和計算器來發放薪資。所以這不是零和遊戲。有很多機會可以幫助這些小型企業更有效地發放工資，並避免因錯誤而產生的罰款和利息。然後如您所知，當我們轉向這個「One Intuit 生態系統」策略時，我們開放了我們的平台，以便客戶可以使用我們的薪資單，他們可以使用 Gusto，他們可以使用 ADP，任何這些服務都可以與 QuickBooks Online 一起使用。在這方面發生了兩件事。一是客戶能夠做出他們想要的選擇；二是資料流入 QuickBooks Online，當客戶附加第二項服務時，QuickBooks Online 的保留率會呈指數級上升，上升超過 10 個百分點，無論是我們構建的還是我們的競爭對手構建的。因此我們實際上認為這是一次真正的勝利。是的，市場競爭激烈，但現在，我們都在努力讓客戶擺脫電子表格，轉而採用合理的數位解決方案。從那時起，我們始終致力於確保我們擁有市場上最好的替代品。但如果他們選擇了合作夥伴，我們也會很高興，因為這會增加 QuickBooks Online 的留任率。

Our next question comes from Brent Thill of Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Brad, if the junior varsity team doubled revenue, we look forward to seeing what the varsity team does so.

布拉德，如果初級隊的收入翻了一番，我們期待看到球隊的表現。

Thank you, Brent.

謝謝你，布倫特。

I guess, Brad just a question around why now. You've had 3 of your top corporate positions turnover recently. Obviously, great athletes in those positions, but can you maybe just address, I think there are some investors that are maybe a little unsettled by what's happened just with the number of changes that have happened. Can you maybe walk through your perspective?

我想，布拉德現在只是想問為什麼。您公司內的三位高階職位近期都發生了變動。顯然，這些位置上都有出色的運動員，但您能否談談，我認為有些投資者可能對所發生的眾多變化感到有些不安。您能否從自己的角度闡述？

I can, Brent, and let me start first with the broader perspective. As you know and you've seen us, we've rotated leaders between positions over the years. I had the opportunity to run 3 businesses before I became the CEO 11 years ago, and that is by design. We fundamentally believe we grow and develop our bench by giving them opportunities to run different parts of the company, and then that prepares them for greater things. These decisions that have been announced have actually been a multiyear process. We have a very regular set of discussions with both the leaders as well as the board to see what's the individual's personal true north and what are the business needs as we look ahead. And then we make decisions that basically get those all lined up. And so we have been sequencing these moves, and they've all been based upon a multiyear succession planning process. When it comes to me personally, we all know that this job, it's inevitable, at some point, you're going to have to say goodbye. The real art is being a part of that decision. And so for me, when I set out 11 years ago, there were 3 mile markers that I wanted to put in place. The first is, is the company ready? The second is do we have an internal leader ready to take the seat? And the third is am I ready? And I feel like with this year being a capstone that our company successfully has transitioned to the next chapter of growth in terms of the next leader, and not only is Sasan ready, having run every one of the businesses more than I ran and also served as a Chief Information Officer, he is primed. And finally, with me, I always hoped that I would leave when I was more of an asset than a liability. And I think many people may argue that point, that I may have already crossed that line. But I really never wanted to be that athlete that lost a step or couldn't complete the pass. And I feel like now is the right time. I just feel like the company is in a good place. We've got a great leadership team in place. Sasan has everyone's confidence, and I learn from him every day. And I think this next chapter is really set out. So that's really why -- and I would encourage anyone who may be unsettled to simply look at those who have assumed the seats because you know them all. They're 14-year veterans, they're 8-year veterans, they've been at Investor Day. You've seen them do demos, and they have been a part of these decisions from day 1. We run this company as a team, and I really feel like this next chapter is going to be a strong chapter.

我可以，布倫特，讓我先從更廣泛的視角開始。如您所知和所見，多年來，我們的領導者一直在職位之間輪換。11 年前，在擔任執行長之前，我有機會經營 3 家公司，這是有計劃的。我們堅信，透過給予員工管理公司不同部門的機會，我們可以培養和發展他們的團隊，從而為實現更偉大的目標做好準備。這些已宣布的決定實際上是一個多年的過程。我們與領導層以及董事會進行定期討論，以了解個人的真正目標是什麼以及未來的業務需求是什麼。然後我們做出決定，基本上把所有這些都排列好。因此，我們一直在對這些舉措進行排序，而且它們都是基於多年的繼任計畫流程。就我個人而言，我們都知道，在某個時候，你將不可避免地要與這份工作說再見。真正的藝術是成為這個決策的一部分。所以對我來說，當我 11 年前出發時，我就想在那裡設立 3 個里程標記。第一，公司準備好了嗎？第二，我們是否有一位內部領導人願意接任？第三是我準備好了嗎？我認為，今年是我們公司在新任領導人方面成功過渡到下一個增長篇章的頂峰，薩桑不僅做好了準備，而且他管理每一項業務的時間都比我多，還擔任過首席信息官，他已經做好了準備。最後，對我來說，我一直希望當我對公司來說更多的是資產而不是負擔時，我就會離開。我想很多人可能會爭論這一點，認為我可能已經跨越了那條線。但我真的從來不想成為那種失去一步或無法完成傳球的運動員。我覺得現在正是最佳時機。我只是覺得公司狀況很好。我們已擁有一支出色的領導團隊。Sasan 贏得了大家的信任，我每天都向他學習。我認為下一章已經真正開始了。所以這就是真正的原因——我鼓勵任何可能感到不安的人只需看看那些已經佔據這些席位的人，因為你們都了解他們。他們都是擁有 14 年經驗的老手，他們都是擁有 8 年經驗的老手，他們參加過投資者日。您已經看到他們做演示，他們從第一天起就參與了這些決策。

And just a quick follow-up for Michelle. Just as it relates to your guide, I think your guiding under the old rule, a pretty modest margin improvement. It's almost been 4 years now you've been hovering right around 33%. Some of the questions we get is, "Top line's accelerating. That's great, but what about the bottom line? When do we get to see the bottom line come through?"

這只是對米歇爾 (Michelle) 的簡短跟進。正如它與您的指南相關一樣，我認為您按照舊規則進行的指導，利潤率會有相當適度的提高。到現在已經快 4 年了，你的比例一直徘徊在 33% 左右。我們收到的一些問題是：「營業額成長加速。這很好，但是底線是什麼呢？我們什麼時候才能看到底線？

Thank you for your question, Brent. We feel really good about the growth that we have in our guide. You're right. When you go back to our financial principles, we talk about double-digit revenue growth and op income growing in the mid-teens. We want revenue growing faster than expense. This year, we came in strong with 15% revenue growth and 14% op income growth. You see, for next year for our guide, we are expanding margins. Revenue is continuing to be in the double-digit range, and we have operating margin expanding by 2 to 5 -- excuse me, by 10 to 50 basis points. So we feel very good about the guide. The business is really strong and as Brad said, there's lots of opportunity for us.

謝謝你的提問，布倫特。我們對於指南的進步感到非常高興。你說得對。當你回顧我們的財務原則時，我們談論的是兩位數的收入成長和十幾歲的營業收入成長。我們希望收入成長速度快於支出成長速度。今年，我們的收入成長了 15%，營業收入成長了 14%，表現強勁。您看，作為我們明年的指導，我們正在擴大利潤率。收入繼續維持在兩位數的範圍內，我們的營業利潤率擴大了 2 到 5 個基點——對不起，是 10 到 50 個基點。因此我們對該指南感到非常滿意。業務確實很強勁，正如布拉德所說，我們面臨許多機會。

Our next question comes from Ross MacMillan of RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Ross MacMillan。

Brad, it's been a real pleasure over the last 10 years or so, but I look forward to working more closely with Sasan going forward. Maybe I can start, Brad, as you think about tax for next year, 2 things struck me: one was your guidance range was actually for consumer was narrower than normal. And I would have thought that given the moving pieces in next year's season, you may have actually gone the other way. So would love just to get your sense of how you're thinking about the different inputs into that. And then second, just on -- as we think about ancillary revenues on Small Business online ecosystem, there's a big gap obviously relative to QBO revenue today. And if you compared it to the desktop business, I think ancillary actually got up to almost 2x QuickBooks Desktop revenue. So I was just curious, do you think there's that same type of opportunity as a multiplier, if you will, over time, for the Online Ecosystem?

布拉德，過去 10 年左右的時間我一直非常高興，我期待未來能與薩桑進行更緊密的合作。也許我可以開始，布拉德，當你考慮明年的稅收時，有兩件事讓我印象深刻：一是你的指導範圍對消費者來說實際上比正常情況要窄。我原本以為，考慮到明年賽季的變動，你實際上可能會選擇另一種方式。所以我很想了解一下您是如何看待其中的不同輸入的。其次，當我們考慮小型企業線上生態系統的輔助收入時，顯然與今天的 QBO 收入有很大差距。如果將其與桌面業務進行比較，我認為輔助業務的收入實際上幾乎是 QuickBooks 桌面業務的 2 倍。所以我很好奇，您是否認為隨著時間的推移，線上生態系統是否也存在同樣的乘數機會？

Great. Thank you, Ross, and it's been a pleasure to work with you over this past decade as well. I've learned a ton from you, and you've always helped us think about the business in different ways, so appreciate that. Let me start with the Consumer Group guide. Actually, the range is in the same ZIP Code. If you look at it under 605, it's 9 to 11. I know under 606, it looks 9 to 10 but that's really just wooden nickels. It's basically the same shift and it's just a rounding thing. But also, if you look back, there have been years where we've had a slightly bigger band because we were in the early days with a hypothesis, "Hey, will TurboTax Live actually do what we think it will?" The Affordable Care Act was coming out and even though we have confidence, do we have enough of a range to give us some wiggle room? What you should read into this range right now is 9 to 11 is a little more typical. It's kind of like what we do if you look under 605 with the other businesses. But the second is because our confidence level is high coming out of this tax season, we don't feel we need the wiggle room to broaden that range. We actually feel good about our momentum as we head into fiscal year '19. On the second one around Online Ecosystem revenue and services, you're correct. We went through a period of time where we had razors with QuickBooks Desktop and then that number kind of stalled out at about 4 million on the fact sheet for a lot of years. And then we made a lot of growth happen by simply selling blades into that installed base. And that drove 2 big businesses, our payroll and our payments business, to your point, got to be about 2x what the accounting business was. We're not near that chapter yet. We still have a lot of growth in QuickBooks Online. We're just now entering the mid-market space, which comes with a much higher ARPU, and we are still opening new markets internationally. And we've got a lot of room to still grow in the U.S. with both self-employed and core QBO. At the same time, however, we don't have to sequence it like we did back in the day. We can also start to capitalize on the online services. And so yes, I believe over the long term, you're going to see those services continue to accelerate and grow and become very meaningful. But I don't think you're going to see them get to the point where they're 2x over accounting any time soon because we've got a lot of greenfield with accounting, and we're going to continue to go out there and capture that opportunity as well.

偉大的。謝謝你，羅斯，過去十年和你共事我很榮幸。我從您身上學到了很多東西，而且您總是幫助我們以不同的方式思考業務，所以我很感激。讓我先從消費者群體指南開始。實際上，該範圍位於同一郵遞區號內。如果你看 605，則是 9 到 11。我知道 606 以下看起來是 9 到 10 但實際上只是木製鎳幣。這基本上是相同的轉變，只是一個四捨五入的事情。但同時，如果你回顧過去，你會發現有幾年我們的樂隊規模都稍微大一些，因為我們早期有一個假設，“嘿，TurboTax Live 真的會像我們想的那樣嗎？” 《平價醫療法案》即將出台，儘管我們有信心，但我們是否有足夠的迴旋餘地？現在您應該讀出的這個範圍是 9 到 11 比較典型。這有點像我們在 605 下查看其他企業時所做的事情。但第二點是由於我們對這個納稅季節的信心水平很高，我們認為不需要擴大這一範圍的迴旋餘地。當我們進入2019財年時，我們對我們的發展勢頭感到非常滿意。關於線上生態系統收入和服務的第二個問題，你是對的。我們曾經有一段時間使用 QuickBooks Desktop 的刮鬍刀，但之後這個數字在情況說明書上停留了好幾年，大約是 400 萬。然後，我們透過簡單地向該安裝基地銷售刀片伺服器實現了很大的成長。這推動了兩大業務的發展，我們的薪資單和支付業務，正如你所說，大約是會計業務的兩倍。我們還沒有接近那個章節。QuickBooks Online 仍有很大的發展空間。我們現在才剛進入中端市場，該市場的 ARPU 要高得多，而且我們仍在國際上開拓新的市場。並且，我們在美國透過個體經營和核心 QBO 仍然有很大的成長空間。但同時，我們不必像以前那樣進行排序。我們還可以開始利用線上服務。所以是的，我相信從長遠來看，你會看到這些服務繼續加速成長並變得非常有意義。但我不認為你很快就會看到他們達到會計業務兩倍以上的地步，因為我們在會計方面有很多未開發領域，而且我們將繼續走出去，抓住這個機會。

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 (Jesse Hulsing)。

And Brad, it's been a pleasure. And Sasan, good luck. I'm sure you're listening in. First, on the consumer guide, I guess, stripping that apart, what are you thinking, units versus ARPU? And I'm assuming that ARPU's going to be a big part of the story again next year with Live. What do you think the different components that will drive the ARPU growth are? Is it mostly mix shift, do you see potential to take more price again this year? It'd be helpful if you could break that down.

布拉德，我很榮幸。祝薩桑好運。我確信你正在聽。首先，關於消費者指南，我想，把它分開，您在想什麼，單位數還是 ARPU？我認為，明年 ARPU 將再次成為 Live 故事中的重要部分。您認為推動 ARPU 成長的不同因素有哪些？主要是混合轉變嗎？如果你能將其分解開來的話，將會很有幫助。

Yes. Appreciate it, Jesse, and also the kind words. And Sasan is sitting here with us, and he's anxious and excited to continue to deliver strong results in Small Business and Self-Employed for another few months and then sit in the seat. So back to your question around Consumer Group. We're going to unpack for this group at Investor Day what we see as to the long-term outlook for the Consumer Group at Investor Day. Ultimately, that includes 4 levers. What do we expect total IRS returns to grow? What do we think do-it-yourself category growth will be over the next 5-plus years? What do we think unit growth will start to look like? And then how much can you expect from ARPU? I don't want to get ahead of that at this point, but what I can tell you is our outlook on the growth of this business is higher than it was just the last couple of years. And we'll talk more about how much that will come from category growth, units and ARPU when we actually get to Investor Day here in another 60 days or so.

是的。謝謝您，傑西，也感謝您的善意話語。薩桑就坐在我們這裡，他既焦慮又興奮，能夠在接下來的幾個月裡繼續在小企業和個體經營領域取得強勁成績，然後坐上這個位置。所以回到你關於消費者群體的問題。我們將在投資者日為該群體闡述我們對投資者日消費者群體的長期前景的看法。最終，它包括 4 個槓桿。我們預期 IRS 總退稅額會成長多少？我們認為未來 5 年內 DIY 類別的成長將會如何？我們認為單位成長將會呈現什麼樣子？那麼你對 ARPU 的期望是多少？我現在還不想超越這個範圍，但我可以告訴你的是，我們對該業務成長的預期比過去幾年有所提高。大約 60 天后，當我們真正迎來投資者日時，我們會進一步討論類別成長、單位和 ARPU 將帶來多少收益。

Yes, that's helpful. And Michelle, I understand 606 can distort the income statement. We've seen that with a lot of other software companies. I'm wondering on the cash flow side, what are your expectations for operating cash flow growth in fiscal '19?

是的，這很有幫助。米歇爾，我知道 606 會扭曲損益表。我們在許多其他軟體公司也看到過這種情況。我想知道在現金流方面，您對 2019 財年的經營現金流成長有何預期？

Jesse, thanks. Yes, in FY '18, we had operating cash flow, it's quite a bit higher, it was 32%. But as you look -- and that was because of some of the benefits we got from our tax benefit this year. We had an abnormally lower tax rate. But going forward, we would expect operating cash flow to more closely track non-GAAP operating income on a go-forward basis.

傑西，謝謝。是的，在 2018 財年，我們的營運現金流相當高，達到 32%。但正如你所看到的——這是因為我們今年從稅收優惠中獲得了一些好處。我們的稅率異常低。但展望未來，我們預期經營現金流將更緊密地追蹤非公認會計準則經營收入。

Our next question comes from Kartik Mehta of Northcoast Research.

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

Brad, looking at the tax season this year, you look at TurboTax Live, I don't think, last year, you really marketed TurboTax Live. As you go into in this year, do you think that changes? Or do you think you'll use a similar strategy to what you did last year?

布萊德，看看今年的報稅季，你看看 TurboTax Live，我不認為，去年你真正推銷過 TurboTax Live。隨著今年的到來，您認為情況會改變嗎？還是您認為您會採取與去年類似的策略？

Kartik, you're correct. As we entered this last year, we treated it as a v1 and our campaign was more around there's nothing to be afraid of, it wasn't that explicit about TurboTax Live. As we get closer to season, we'll start to unveil more of what we plan to do. But I will share at this point 3 major learnings that we know we have an opportunity to capitalize on as we go into next year. One is much more effective and targeted marketing about what TurboTax Live is, which is the point you're making. The second is a better understanding of seasonality. We entered the year thinking that those that would want TurboTax Live will be towards the back end of season when there are more complex filers. We were wrong. There are just as many people upfront the early part of season who have questions as well. And the third is while we had a really good version 1, we had an opportunity to improve the pro experience, to actually answer some questions for the consumer. So we've spent a lot of time over the summer improving that pro experience. So those are the 3 big areas we're focused on. But we will absolutely be looking at our marketing messaging and helping create category awareness that there's a new way to do taxes with TurboTax Live.

Kartik，你說得對。當我們去年進入這個階段時，我們將其視為 v1，我們的活動更多的是圍繞著沒有什麼可害怕的，對 TurboTax Live 並沒有那麼明確。隨著賽季的臨近，我們將開始揭曉更多我們的計劃。但在此時，我想分享三個主要的經驗，我們知道，在進入明年時，我們有機會利用這些經驗。一是針對 TurboTax Live 進行更有效、更有針對性的行銷，這也是您所強調的觀點。第二是更好地理解季節性。我們認為，那些想要 TurboTax Live 的人將會在季末，因為那時會有更多複雜的申報者。我們錯了。在賽季初期也有很多人懷有疑問。第三，雖然我們有非常好的 1 版本，但我們仍有機會改善專業體驗，真正解答消費者的一些問題。因此我們整個夏天都花了很多時間來改善專業體驗。這就是我們關注的三大領域。但我們絕對會關注我們的行銷訊息，並幫助提高類別意識，即使用 TurboTax Live 可以有一種新​​的方式來納稅。

And then Brad, just your thoughts on with the new tax law changes, do you think there is risk in customers maybe trading down to a lower price SKU for TurboTax and maybe how you might have taken that into account for your guidance?

然後布拉德，您對新稅法變化的看法是，您是否認為客戶可能會選擇低價 SKU 來購買 TurboTax，這是否存在風險，以及您在提供指導時會如何考慮到這一點？

Kartik, we do. In fact, we have incorporated that into the guidance that we've shared with you. We shared that with the standard deduction, more people qualify. We've always had a category of customers and that when they know that there's an opportunity to move down, they will. There's a group in the middle that we call aspirational buyers. We've all learned this in our marketing days. If you have a good, better, best product line, many people buy the middle. And so there is going to be an aspirational buyer that may qualify for standard deductions that may actually get confidence knowing they could get access to something else. And -- but at the end of the day, we factor that in, and we believe the bigger opportunity are the tens of millions of people who sit in the assisted category, they're going to discover the same thing and they're going to downshift into the digital solution. And so we think when you net it all out, it leads to the guidance we've provided for you for fiscal year '19.

卡蒂克，我們知道。事實上，我們已將其納入與您分享的指導中。我們分享了透過標準扣除額可以滿足資格要求的人數。我們一直有一類客戶，當他們知道有機會降級時，他們就會這麼做。中間有一個群體，我們稱他們為有抱負的買家。我們在行銷生涯中都學過這一點。如果你有好、更好、最好的產品線，很多人會購買中型產品。因此，將會有一位有抱負的買家，他可能有資格獲得標準扣除額，並且可能實際上有信心知道他們可以獲得其他東西。而且——但最終，我們考慮到了這一點，我們相信更大的機會是數千萬處於輔助類別的人，他們會發現同樣的事情，並且會轉向數位解決方案。因此，我們認為，當您將所有這些因素都考慮進去時，就會得到我們為您提供的 2019 財年指導。

Our next question comes from Walter Pritchard of Citi.

我們的下一個問題來自花旗的 Walter Pritchard。

Congrats from me all around on the promotion. On the -- I just wanted the 606 numbers and look -- or sorry, 605 numbers and look at the Small Business side. You talked about the acceleration you saw in fiscal '18 on Small Business. And it seems like you're basically guiding for the high end of the range to be back down to the kind of growth rate you saw in the year prior. And it feels like you saw acceleration, you've got the momentum and there's some underlying drivers here. Why would the Small Business growth decel back to where it was before you put in place these measures?

我謹代表全體人員對你的晉升表示祝賀。在 — — 我只是想要 606 個數字，然後看看 — — 或抱歉，605 個數字，然後看看小型企業方面。您談到了 2018 財年小型企業發展的加速。而且看起來你基本上是在引導範圍的高端回落到去年的成長率。感覺你看到了加速度，獲得了動力，並且這裡有一些潛在的驅動因素。為什麼小企業成長會減慢到實施這些措施之前的水平？

I'm sorry, could you just repeat the second part of the question there? I missed it.

抱歉，您能重複問題的第二部分嗎？我錯過了。

Just wondering why -- so you guided on 605 the high end of your Small Business guide is 14%, which is the rate at which you grew in fiscal '17, and you saw some acceleration this year. It feels like you've put in place some things that would make that durable and yet you're calling for decel of Small Business back down to at or below the levels you saw in '17.

只是想知道為什麼 - 所以您在 605 上指導的小型企業指南的最高端是 14％，這是您在 2017 財年的增長速度，而今年您看到了一些加速。感覺你已經採取了一些措施使這種情況持久，但你卻呼籲將小企業經營活動減慢到 2017 年的水平或以下。

Yes. I appreciate the question. A couple of things going on there. Obviously, we're in the process of opening new markets, moving up into the QuickBooks Online Advanced SKU, and then building on the momentum and growing over some pretty healthy numbers. And so I often say, internally, the best way to have a good year is to lap a bad one, and we don't have that luxury in this case. At the same time, I wouldn't overread too much into that. There's nothing in the leading indicators that has us concerned about the growth rate. If anything, you might want to read in there a word that I've used in the past, which is we tend to be prudent when we provide our guidance because we want to make sure that we have the opportunity to learn and to adjust as we get into season. But when we get to Investor Day, I have a feeling, what you'll get the chance to see a strong momentum in self-employed, QBO in U.S. and international and a real excitement around QuickBooks Online Advanced, which is the enterprise version. And at the end of the day, we feel really good as we enter fiscal year '19. We've got the right growth drivers to drive growth. The rest of it, in terms of the high end or the low end of guidance, is really a combination of us being prudent and the fact we're growing over some pretty big numbers and we want to give ourselves the opportunity to get over those numbers.

是的。我很感謝你提出這個問題。那裡發生了幾件事。顯然，我們正在開拓新市場，進入 QuickBooks Online Advanced SKU，然後趁勢而上，實現相當健康的成長。因此我常在內心說，度過好一年的最好方式就是度過壞一年，但在這種情況下，我們沒有這樣的奢侈。同時，我不會對此進行過多的解讀。領先指標中並沒有任何內容令我們擔心成長率。如果有的話，你可能想讀一下我過去用過的一個詞，那就是我們在提供指導時傾向於謹慎，因為我們希望確保我們有機會在進入季節時學習和調整。但當我們迎來投資者日時，我有一種感覺，你將有機會看到個體經營、美國和國際 QBO 的強勁勢頭，以及企業版 QuickBooks Online Advanced 的真正興奮。總而言之，當我們進入2019財年時，我們感覺非常好。我們擁有推動成長的正確成長動力。其餘部分，就指導的高端或低端而言，實際上是我們謹慎行事以及我們正在實現相當大的增長這一事實的結合，我們希望給自己機會去超越這些數字。

And then Brad, on the international side, I guess, we don't have a great sense [to doubt] past that, is growing here with the subs. But can give us a sense, are some of those markets starting to mature? And are other markets starting to open up to keep that international growing well ahead of domestic? Or any color there around Small Business international will be great into '19.

然後布拉德，在國際方面，我想，我們對此沒有太大的懷疑，因為他正在這裡的潛艇上成長。但能否讓我們了解一下，其中一些市場是否開始成熟？其他市場是否也開始開放，讓國際成長遠領先國內成長？或者，小型企業國際周圍的任何顏色都將非常適合'19。

Yes, so -- yes, thank you for the question. The U.K. has really hit a new stride. We'll be talking even more in the fall, but that business and that country has been performing at levels that exceeded our expectations, and they're only picking up steam. At the same time, Canada and Australia remain strong, and we're very encouraged by the results we're seeing in Brazil as well as in France. We are still in the early days of trying to get the product market fit in India. We have a powerful team of 1,100 engineers who live there and work on the rest of our products. And so they're committed to helping us find that product market fit. So net-net, there's not a lot of change in terms of countries other than momentum forward in terms of how close they are to being able to get to the green light on product market fit for us and then turn on the marketing. But right now, the results are strong, and I would call out the United Kingdom as being the real superstar right now, and they're just continuing to build momentum.

是的，所以 - 是的，感謝您的提問。英國確實邁出了新的步伐。我們將在秋季進行更多討論，但該企業和該國家的表現已經超出了我們的預期，並且還在不斷增強中。同時，加拿大和澳洲依然保持強勁勢頭，巴西和法國的業績也令我們感到非常鼓舞。我們仍處於嘗試讓產品適應印度市場的早期階段。我們擁有一支由 1,100 名工程師組成的強大團隊，他們生活在那裡並致力於我們其餘產品的研發。因此他們致力於幫助我們找到適合市場的產品。因此，總體而言，就各國而言，除了在產品市場適合我們方面獲得綠燈並啟動行銷方面保持前進勢頭以外，並沒有發生太大的變化。但就目前而言，結果非常強勁，我認為英國現在是真正的超級明星，而且他們正在繼續積聚勢頭。

Our next question comes from Sterling Auty of JPMorgan.

下一個問題來自摩根大通的 Sterling Auty。

Let me add my congratulations, Brad, on a wonderful tenure as CEO. And Sasan, congratulations on your appointment. Two questions. One back to TurboTax Live. Can you kind of review for us how you felt the pricing on TurboTax Live was received by the market and maybe thoughts on the pricing of it moving into the new tax season?

我也謹對布拉德擔任執行長期間的出色表現表示祝賀。薩桑，恭喜你獲得任命。兩個問題。回到 TurboTax Live。您能否為我們回顧一下您認為市場對 TurboTax Live 定價的接受程度，以及對新稅務季節定價的看法？

Sure, Sterling, and thank you for the kind words. This past year, we ran a lot of experiments in TurboTax Live. But if you net it out, what it tended to be on average, it was about $150, which was a premium to core TurboTax, but a discount to what you would have to pay if you went to an assisted store or a pro. What you may see if you go to turbotax.com right now is we enter what we call third peak, which is October extension season, you're going to see one of the lessons we learned this year is TurboTax Live in and of itself does not have to be a single SKU. It can actually be a service that can be attached to the rest of the TurboTax lineup. So what you're now going to see right now out in there, and it's one of many tests we're running, is you can now have TurboTax Live assistance with TurboTax Basic at around $80. You can take it all the way up to Premier and it makes that SKU about $170 and then, of course, you can even do it with Self-Employed, which goes up to about $200. So think of TurboTax Live now being an add-on service or bundled in with the core TurboTax, whether you're at the simple end of our tax filing SKU, up to the more complex. So you're going to see us take a different pricing approach this year.

當然，斯特林，謝謝你的好意。過去的一年，我們在 TurboTax Live 中進行了大量實驗。但如果你把它淨算出來，平均下來大約是 150 美元，這比核心 TurboTax 要高，但比你去輔助商店或專業人士那裡支付的費用要低。如果您現在訪問 turbotax.com，您可能會看到我們進入了所謂的第三個高峰，也就是十月延長季，您會看到我們今年學到的一個教訓是 TurboTax Live 本身不必是一個 SKU。它實際上可以成為一種可附加到 TurboTax 系列其他產品上的服務。所以現在您將看到的，也是我們正在進行的眾多測試之一，您現在可以以大約 80 美元的價格獲得 TurboTax Live 和 TurboTax Basic 的幫助。您可以將其一直提升至 Premier，這樣 SKU 的價格就會達到約 170 美元，然後，當然，您甚至可以使用 Self-Employed，價格最高可達約 200 美元。因此，您可以將 TurboTax Live 作為一項附加服務或與核心 TurboTax 捆綁在一起，無論您是處於我們稅務申報 SKU 的簡單端，還是更複雜的端。所以你會看到我們今年採取不同的定價方式。

That makes sense. And then one real high-level question around Small Business. We're at the highest levels on the NFIB kind of optimism index that it's ever seen. Should we be thinking that we're actually at peak growth rates within that Small Business because the environment is so positive?

這很有道理。然後是關於小型企業的一個真正高級的問題。我們的 NFIB 樂觀指數達到了歷史最高水準。由於環境如此積極，我們是否應該認為該小型企業的成長率實際上已達到峰值？

Yes. We are seeing very high optimism and confidence growth rates in the NFIB. And as you know, having followed us for years, we don't put a lot of credence in those numbers because we've come to appreciate and celebrate that small businesses and entrepreneurs are optimistic by design. One out of 2 fail in the first 5 years. They're always sure it's going to be the other person, and we love that about small businesses. The other thing I would tell you is while we certainly are at a cycle right now where small business formations and confidence are high, we also know that in most downturns, that actually tends to be a catalyst or a boon for small business formation. We did have one counter cycle, which was the latest downturn, 2008, because that was a consumer-driven downturn. And their credit cards were maxed out, they couldn't get any loans because the financial sector had melted. But that really was the anomaly. If you look back at all other recessions, small business formations tend to accelerate in the downturn. So while we absolutely think that right now, we're seeing a lot of robust confidence, I don't think that gives us any reason to say we're going to have a drought coming up because small businesses tend to be confident by nature. And even if things get tough, more people tend to get laid off from their big jobs, and they go start to run a small business.

是的。我們看到，全美獨立企業聯合會 (NFIB) 的樂觀度和信心成長率非常高。如你所知，多年來，我們一直關注著我們，但我們並不太相信這些數字，因為我們開始欣賞和讚揚小型企業和企業家天生就具有樂觀的心態。在前五年內，有一半的企業會失敗。他們總是確信會是其他人，我們喜歡小企業的這一點。我想告訴你的另一件事是，雖然我們現在確實處於小企業成立和信心高漲的周期，但我們也知道，在大多數經濟低迷時期，這實際上往往會成為小企業成立的催化劑或福音。我們確實經歷過一次逆週期，也就是最近的一次經濟衰退，也就是2008年，因為那是一次由消費者驅動的經濟衰退。他們的信用卡已經透支了，由於金融業已經崩潰，他們無法獲得任何貸款。但這確實是異常現象。如果回顧其他所有經濟衰退，就會發現小企業的成立往往會在經濟低迷時期加速。因此，儘管我們絕對認為現在我們看到了非常強勁的信心，但我認為這並沒有理由說我們將會面臨乾旱，因為小企業本質上往往充滿信心。即使情況變得艱難，更多的人也會放棄原來的大工作，開始經營小生意。

Our next question comes from Siti Panigrahi of Wells Fargo.

下一個問題來自富國銀行的 Siti Panigrahi。

Brad, we're going to miss you. And Sasan, congratulations. I look forward to working with you. When you think about consumer, you're leading in DIY category and getting share from assisted. But what do you think about the long-term opportunity on the consumer? You talked about transitioning from a consumer app to more of a consumer platform. Where do you stand on that vision? And what should we think about some of those initiatives like Turbo starting to contribute meaningfully?

布拉德，我們會想念你的。還有薩桑，恭喜你。我期待與您合作。當您考慮消費者時，您在 DIY 類別中處於領先地位，並從輔助中獲得份額。但您認為消費者的長期機會是什麼？您談到了從消費者應用程式向消費者平台的轉變。您對這個觀點持什麼態度？我們該如何看待 Turbo 等措施開始做出有意義的貢獻？

Yes. Thank you so much. We are excited. As we talked about our consumer strategy, the first is, of course, to continue to extend our lead in do-it-yourself software tax category. The second is to begin to transform assisted tax, and those 2 have a lot of juice in them. The third part of the strategy is to begin to expand from a tax business to beyond tax and become a consumer platform, and Turbo, this past year, was in its first year. And Turbo had -- when you look at TurboTax customers, 23 million people consented to share their data in an effort to get access to lower mortgage rates, better credit card financing, refinance their student loans. And that was a significant indicator of confidence for us. And we really like the version 1 Turbo experience not only for the consumer, but also for the partners. The partners who worked with Turbo got an 8 to 10x lift on their conversion because the leads are so much more qualified and the data is so much deeper and richer. So the consumers are winning and the partners are getting a better lift. So we really think there's gain here, and it's early days. In terms of when we're going to see meaningful revenue, we haven't really baked anything into the guidance for next year's Consumer business. When it comes to this, it's a very small amount, but we do think as we look 3 to 5 years out, this could be a real growth catalyst for us as if we continue to execute well.

是的。太感謝了。我們很興奮。當我們談到我們的消費者策略時，首先當然是繼續擴大我們在 DIY 軟體稅收類別中的領先地位。第二是開始轉變輔助稅，這兩項措施很有潛力。策略的第三部分是開始從稅務業務拓展到稅務以外的領域，成為消費者平台，而去年正是 Turbo 成立的第一年。Turbo 有—當你查看 TurboTax 客戶時，你會發現有 2,300 萬人同意分享他們的數據，以便獲得更低的抵押貸款利率、更好的信用卡融資以及再融資學生貸款。這對我們來說是一個重要的信心指標。我們非常喜歡 1 Turbo 版本的體驗，不僅對於消費者如此，對於合作夥伴也是如此。與 Turbo 合作的合作夥伴的轉換率提高了 8 到 10 倍，因為潛在客戶的資格更高，而且數據更加深入和豐富。這樣，消費者就獲益了，合作夥伴也得到了更好的提升。因此我們確實認為這裡有好處，而且還為時過早。關於我們何時能看到有意義的收入，我們還沒有將任何內容納入明年消費者業務的預期中。從這個角度來看，這是一個非常小的數目，但我們確實認為，展望 3 到 5 年後，如果我們繼續執行得很好，這可能會成為我們真正的成長催化劑。

And then on the QBO side, in the last quarter, you talked about some of the -- doing some kind of experiment in terms of promotion and discounting. I was wondering if you could give some color on, like, what you've found there and how much of that baked into your guidance?

然後在 QBO 方面，在上個季度，您談到了一些內容——在促銷和折扣方面進行某種實驗。我想知道您是否可以詳細說明您在那裡發現了什麼，以及其中有多少內容融入了您的指導中？

Yes. So we're always running pricing and promotion tests. We run multi sell tests, A/B tests and we look for where we can great the greatest conversion, the greatest lift and obviously, the greatest optimization of our revenue growth. We have learned some things. We've learned some important things about the bundles that we offer accountants, and we've also learned some important things about how long and how deep we need to make the core QuickBooks Online discount for the Small Business. A lot of that's reflected on our website now, but you should also know, we're running other tests as we speak, and we may continue to adjust as we get closer to the fall. But I would just say that every day, our teams get smarter in both testing and pricing scenarios and discounting and what bundles make the most sense, and that's what continues to drive acceleration in the business.

是的。因此我們一直在進行定價和促銷測試。我們進行多銷售測試、A/B 測試，尋找可以實現最大轉換、最大提升以及顯然最大程度優化收入成長的地方。我們學到了一些東西。我們了解了一些有關我們為會計師提供的套餐的重要信息，我們還了解了一些有關我們需要多長時間和多大程度上為小型企業提供核心 QuickBooks Online 折扣的重要信息。其中許多內容現在已反映在我們的網站上，但您也應該知道，我們正在進行其他測試，隨著秋季的臨近，我們可能會繼續進行調整。但我只想說，我們的團隊每天都在測試和定價方案、折扣以及選擇最合理的捆綁銷售方面變得更加聰明，而這正是推動業務加速發展的動力。

Our next question comes from Jim MacDonald of First Analysis.

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

Brad, great working with you, and congratulations, Sasan. Brad, on Small Business, could you tell us how you're thinking about price, especially with the services side?

布拉德，很高興與您合作，祝賀您，薩桑。布拉德，關於小型企業，您能告訴我們您是如何考慮價格的，特別是服務方面嗎？

Jim, it's been great working with you as well, and you and I go back chapters even before this company. So I don't want to date either one of us, but it's been a good run. We look at services and in some cases, we choose to bundle them in to the subscription. For example, when you get to different countries, payroll, we may not be charging for payroll in the U.K. because that may be what the market dictates or what we think is the right thing to get adoption of the customers. So really the answer varies by the market we're in. But today, I would tell you that we feel -- we see a real interest in customers attaching these services. And it gives us a chance to get them in with a pretty low friction point. They can come in and they can try it for free. They can begin to use it for 90 days. And then if they like it, they can go ahead and activate the service and pay going forward. But it really is a case-by-case basis. Each one of the countries and each one of the services depends upon what the market will support.

吉姆，和你一起工作很愉快，我們之間的交情可以追溯到我們加入這家公司之前。所以我不想和我們任何一個人約會，但這是一段很好的經驗。我們會查看服務，在某些情況下，我們選擇將它們捆綁到訂閱中。例如，當您到達不同的國家時，我們可能不會在英國收取工資，因為這可能是市場所要求的，或者我們認為這是獲得客戶採用的正確方法。所以答案實際上是因我們所在的市場而異。但今天，我想告訴你們，我們感受到──我們看到客戶對這些服務有著真正的興趣。這使我們有機會以相當低的摩擦點吸引他們。他們可以進來免費試用。他們可以開始使用它90天。如果他們喜歡，他們可以繼續啟動服務並繼續付款。但這確實是根據具體情況而定的。每個國家、每項服務都取決於市場能夠支援什麼。

Okay. Then I had a follow-up for Michelle. I mean, under 606, we've seen a lot of cases where the expenses get spread out. Could you talk a little bit about the impact of 606 on expenses?

好的。然後我對米歇爾進行了跟進。我的意思是，在 606 下，我們看到很多費用分攤的情況。能談談606對費用的影響嗎？

Jim, thanks for the question. Yes, that may be the situation with some other folks when you look at 606. For us, the only real impact that exists for us has to do with sales commissions, and it just has a completely immaterial impact for us. So if you take a look at that, you'll see that our expenses are basically the exact same under either accounting standard.

吉姆，謝謝你的提問。是的，當你查看 606 時，其他人的情況可能也是這樣的。對我們來說，唯一真正存在的影響與銷售佣金有關，而且它對我們的影響完全是非物質的。所以如果你看一下，你會發現我們的費用在任何一種會計準則下基本上是完全相同的。

Our next question comes from Raimo Lenschow of Barclays.

下一個問題來自巴克萊銀行的 Raimo Lenschow。

This is Pree Gadey for Raimo Lenschow. Curious about -- if you could talk about ARPU for Small Business and Self-Employed. Our math shows that it's been kind of constant, but there's some moving parts with the international growth and Self-Employed versus Small Business. Can you talk about ARPU at more of the corporate level if it's been increasing or like, decreasing?

這是 Raimo Lenschow 的 Pree Gadey。我很好奇——您是否可以談談小型企業和自僱人士的 ARPU 問題。我們的計算表明，這種趨勢一直保持穩定，但隨著國際成長以及自僱和小型企業的發展，也存在一些變動因素。您能否從公司層面多談談 ARPU 是增加了還是減少了？

I can, and I'll share with you that at Investor Day, we provide a deep pretty deep dive into what does ARPU look like by cohort. In other words, what's the self-employed ARPU look like, what's it look like for core QBO in the U.S., what's it look like internationally, what's desktop look like and then you throw it on to the stew and blend it. If I had the cut to the chase, each one of those cohorts, the ARPU continues to get stronger and improved. At the same time, when you put them all in and do an average, ARPU looks flat and in some cases, could be slightly down because the faster growing parts of the mix are the self-employed customers, which tend have a lower ARPU and the international units, which tend to have less attach right now, and so they have lower ARPU as well. But net-net, when you put it together, each cohort is getting stronger. When you think about QuickBooks Online Advanced, which is the enterprise version of QBO that we'll be introducing here in the next couple of weeks in a stronger fashion. It's in the market now. You're going to see us continue to move up this line and get even higher ARPU. But net-net, because of mix, it's going to be a very false lead. That's why we ask everybody to stay focused on Online Ecosystem revenue, we say we'll keep that growing north of 30. This quarter, it grew 43%.

我可以，而且我會和你們分享，在投資者日，我們會深入探討不同族群的 ARPU 情況。換句話說，自僱者的 ARPU 是什麼樣的，美國核心 QBO 是什麼樣的，國際上是什麼樣的，桌面是什麼樣的，然後你把它扔到燉菜裡混合起來。如果我要直截了當地說，每個群體的 ARPU 都會繼續變得更強和提高。同時，當你把所有這些放進去併計算平均值時，你會發現 ARPU 看起來是平穩的，在某些情況下，可能會略有下降，因為組合中增長較快的部分是個體經營客戶，他們的 ARPU 往往較低，而國際單位目前的連接往往較少，所以他們的 ARPU 也較低。但總體而言，當你把它們組合在一起時，每個群體都會變得更強大。當您想到 QuickBooks Online Advanced 時，它是 QBO 的企業版本，我們將在接下來的幾週內以更強大的方式推出它。它現在在市場上。您將會看到我們繼續沿著這條路線前進，並獲得更高的 ARPU。但實際情況是，由於混合，這將是一個非常錯誤的線索。這就是為什麼我們要求每個人都專注於線上生態系統收入，我們說我們將保持 30% 以上的成長。本季度，其成長了43​​%。

Great. And Michelle, just curious about the data centers that you guys sold recently. Has everything shifted to the public cloud now? Or are you still getting kind of double tax for AWS payments and maintaining some of your data centers?

偉大的。米歇爾，我很好奇你們最近出售的資料中心。現在一切都轉移到公有雲了嗎？或者您仍因支付 AWS 費用和維護部分資料中心而面臨雙重課稅？

Thank you for the question. Right now, we did sell our data center as part of our cloud strategy, the data center that is in Quincy, Washington. However, we do still have some of our offerings that are in that data center. We are just leasing it back. We've made some great progress over the last couple of years. In FY '18, that was one of the areas that we reallocated resources to so that we could accelerate the move. We are not all the way there. But for instance, this year, TurboTax was completely in AWS for second peak, and we're now focusing a lot more on moving the QuickBooks fast.

感謝您的提問。目前，我們確實出售了我們的資料中心，作為我們雲端策略的一部分，該資料中心位於華盛頓州昆西。然而，我們在該數據中心仍然提供一些產品。我們只是把它租回去。過去幾年我們取得了巨大進步。在2018財年，這是我們重新分配資源的領域之一，以便我們能夠加快這項措施。我們還沒有完全到達那裡。但例如，今年，TurboTax 完全在 AWS 上迎來了第二次高峰，而我們現在更專注於快速移動 QuickBooks。

Our next question comes from Ken Wong of Guggenheim Securities.

我們的下一個問題來自古根漢證券公司的 Ken Wong。

And my best to both Brad and Sasan as well. So you guys have talked about the 3 million followers that churn off annually, kind of rough calculations would be kind of, give or take, 8% churn there. How do you guys think that number can improve over time?

我也向布拉德和薩桑致以最良好的祝愿。所以你們談到了每年流失的 300 萬粉絲，粗略計算一下，大約有 8% 的粉絲流失。你們認為隨著時間的推移這個數字會如何提高？

Yes. Well, we will look forward to sharing the actual retention results at Investor Day. But we have seen the opportunity to continue to turn that dial up and keep more of those customers. And with the TurboTax Live, we think we have the chance to really advance that even further. When you look at the total opportunity, there's an aspirational goal, which is we would like to retain 100% because when you get underneath the hood of why customers leave us, short of those who are no longer filing taxes, the #1 reason is a life event changed. Something changed in their lives that causes them to lose confidence. We think TurboTax Live is our biggest advance forward in really starting to say you no longer have to leave. You can talk to a CPA, a tax attorney, an enrolled agent right here on the screen and get that question answered. So we'll see how high is that, but right now, our aspirational goal is to keep every customer that we get with the exception of those who no longer have to file taxes with the government.

是的。好吧，我們期待在投資者日分享實際的保留結果。但我們看到了繼續加強並留住更多客戶的機會。借助 TurboTax Live，我們認為我們有機會進一步推進這一目標。當你審視整個機會時，你會發現有一個遠大的目標，那就是我們希望保留 100% 的客戶，因為當你深入了解客戶離開我們的原因時，除了那些不再報稅的客戶之外，首要的原因是生活事件的改變。他們生活中的某些變化導致他們失去信心。我們認為 TurboTax Live 是我們最大的進步，它真正開始讓您不再需要離開。您可以透過螢幕與註冊會計師、稅務律師、註冊代理人直接交談，並獲得問題的答案。所以我們會看看這個數字有多高，但現在，我們的目標是留住每一位客戶，除了那些不再需要向政府報稅的客戶。

Got it, got it. And then Michelle, as we think about the impact of Live going forward, to the extent you guys have upside on what you guys plan to execute there, what would the impact be on margins, if any?

知道了，知道了。然後，米歇爾，當我們考慮 Live 未來的影響時，就你們計劃在那裡執行的事情而言，這對利潤率會有什麼影響呢？

Well, I would tell you, Ken, that as we look at margins, we really do look at that at a total business level. We're not looking at it at the -- excuse me, at the total company level, not looking at it at a business level. We may have some opportunities with TurboTax Live that has been factored into our guidance for the upcoming year. As Brad said, we're really pleased with how it has performed. We think there's a big opportunity there. And I would say to consider what we've given with our guidance.

好吧，肯，我會告訴你，當我們考慮利潤率時，我們確實會從整個業務層面來考慮它。我們不是從──對不起，從整個公司層面，而不是從業務層面來看這個問題。TurboTax Live 可能為我們帶來一些機遇，這些機會已納入我們明年的指導中。正如布拉德所說，我們對它的表現非常滿意。我們認為其中存在著很大的機會。我想說的是考慮一下我們的指導方針。

Yes, I was going to say we had a rock 'n roll year in TurboTax Live, and the margins in the Consumer Group were fantastic. So we do not see this as a dilutive business model.

是的，我想說的是，TurboTax Live 度過了搖滾年，而消費者集團的利潤率也非常高。因此，我們並不認為這是一種稀釋性的商業模式。

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

我們的下一個問題來自 Stifel 的 Brad Reback。

Brad, best of luck. Michelle, maybe just a quick question on the desktop business. I think you talked about unit decline moderating to the single digits from 15% this year. Can you just sort of go over what's going on with the coverage there?

布拉德，祝你好運。米歇爾，也許我只是想問一個關於桌面業務的簡單問題。我認為您談到了今年單位產量下降幅度從 15% 放緩至個位數。能否簡單介紹一下那裡的報道情況？

Do you want me to...

你想讓我...

Yes, go ahead, jump in.

是的，來吧，跳進去。

Yes. So the desktop business, as you know, we've had customers who are ready and able to move to the cloud move over. In fact, we had about 184,000 migrate this year. It's about 500,000 in total over the last few years. The ones who have stayed behind tend to be the more complex customers, and they also tend be QuickBooks Enterprise. Now that we're moving QBO to QBO Advanced and starting our early journey to get an enterprise version in the cloud, we may open up opportunities for customers to move over there. But that business in the Desktop continues to grow well. So what you heard in the forecast that Michelle provided is that we really are down to the point now where the customers on the desktop, that is the best solution for them. And so we don't expect that decline to continue to be in the mid-teens like we have. We've moved most of those customers over to the cloud, and the ones that are staying, are staying for a reason. Once we get QBO Advanced still, then we may have an opportunity to get them over into the cloud as well.

是的。如您所知，就桌面業務而言，我們已經有一些客戶準備好並能夠轉向雲端。事實上，今年我們大約有 184,000 人移民。過去幾年裡，總數大約有50萬。留下來的客戶往往是更複雜的客戶，他們也往往是 QuickBooks Enterprise。現在我們正在將 QBO 遷移到 QBO Advanced，並開始在雲端中獲取企業版本的早期旅程，我們可能會為客戶提供遷移到那裡的機會。但桌面業務持續保持良好成長勢頭。所以，您在米歇爾提供的預測中聽到的是，我們現在確實已經到了桌面客戶的地步，這對他們來說是最好的解決方案。因此，我們預期這種下降趨勢不會像現在這樣持續處於十五六成的水平。我們已將大多數客戶轉移到雲端，而那些留下來的客戶都是有原因的。一旦我們獲得 QBO Advanced，我們可能就有機會將它們納入雲端。

If I may add one thing, the new customers are all coming in on QBO. And so while we've got a little bit of migration and those good customers staying, we aren't really restocking the pond on the Desktop side. The new guys are coming over to QBO and so you're just seeing some natural attrition in there as well.

如果我可以補充一點的話，新客戶都是透過 QBO 來的。因此，雖然我們有少量的遷移並且那些優質客戶留下來，但我們並沒有真正在桌面端補充庫存。新人正在加入 QBO，所以你也會看到一些自然的減員。

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。

So the IRS seems to be very concerned, at least, publicly about underwithholding. And I assume that they're very concerned about taxpayer shock. Do you agree with this? And if so, will this suggest that there might be some more movement to assisted and TurboTax Live? Or do you see this also creating much more walking out of -- particularly out of assisted and to some extent, generally less filing while people figure it out?

因此，美國國稅局似乎非常關注（至少在公開場合是如此）少繳稅款的問題。我認為他們非常擔心納稅人的衝擊。你同意這個嗎？如果是這樣，這是否意味著輔助和 TurboTax Live 可能會有更多的動向？或者您認為這也會導致更多人放棄申請——尤其是放棄援助，或者在某種程度上，在人們弄清楚原因的過程中，申請數量通常會減少？

Yes, Michael. That's a pretty deep philosophical question that the IRS has put out there, which is are people basically paying the appropriate taxes. I can tell you that the entire industry, and certainly, TurboTax and our pro products works very hard to make sure 2 things happen: that people get qualified and access to the deductions they've earned but then they pay the taxes that they owe. And we've spent a lot of time making sure that those 2 things happen. I do think that with any tax change, you're going to have people who are going to want to talk about it. Sometimes they talk about it to a friend or family member, and we have that with our live community in TurboTax. Sometimes they want to talk to a pro, which is why TurboTax Live is so important. I can't see any major catalysts or shift that I think's going to cause people to run back to assisted because of this question the IRS has put out there. But I do think it's the right question for industry to continue to solve is, how do we make sure people pay the amount they owe but at the same time, get access to the deductions and the things that should stay in their pocket. That's what our job is. And we have to make it very clear and very sensible for people to understand.

是的，邁克爾。這是美國國稅局提出的一個相當深刻的哲學問題，即人們是否基本上繳納了適當的稅款。我可以告訴你，整個行業，當然還有 TurboTax 和我們的專業產品，都在努力確保兩件事的發生：人們獲得資格並獲得他們應得的扣除額，然後他們繳納所欠的稅款。我們花了大量時間來確保這兩件事的發生。我確實認為，任何稅收改革都會有人談論它。有時他們會和朋友或家人談論這件事，我們與 TurboTax 的現場社群也有這樣的活動。有時他們想與專業人士交談，這就是 TurboTax Live 如此重要的原因。我看不出有任何重大的催化劑或轉變會讓人們因為國稅局提出的這個問題而跑回來尋求幫助。但我確實認為，業界需要繼續解決的正確問題是，我們如何確保人們支付他們所欠的金額，但同時又能獲得扣除額和應該留在他們口袋裡的東西。這就是我們的工作。我們必須把這一點講得非常清楚、非常合理，以便人們能夠理解。

Is part of it political, and it's a 1-year impact?

其中有一部分是政治原因嗎？

For me, Michael, I have to avoid those political questions because we serve all administrations and anyone who's in there. We have to make sure we're helping the country execute tax laws the way they're written and at the same time, make sure the taxpayers get the just deductions they deserve. So I don't know what the motivation is. I know the IRS as a partner, is a great partner. They've been very objective. They've worked very hard with the industry to make sure that we're doing the right thing. And I'm not sure what the motivation was for some of the comments that you're referring to.

邁克爾，對我來說，我必須避免那些政治問題，因為我們為所有政府和所有在位的人服務。我們必須確保幫助國家嚴格執行稅法，同時確保納稅人獲得應得的合理減稅。所以我不知道動機是什麼。我知道 IRS 是一個很棒的合作夥伴。他們非常客觀。他們與業界密切合作以確保我們做正確的事。我不確定您所提到的某些評論的動機是什麼。

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，我沒有其他問題。最後您還想補充一些什麼嗎？

Sure, Latif, thank you. And thanks everybody for your participation and your questions. I know we're about 15 minutes over the allotted time, but your kind words along the way and over the many years are also deeply appreciated. I can say this, we are 1 year into the next chapter of growth. We really feel like we found a new gear. We've got some exciting new services that are coming out with TurboTax Live, QuickBooks Online Advance and a whole host of others. We really see evidence that our ecosystem is coming to life. We're unlocking new value for customers, for partners and for Intuit. And I firmly believe our best days are ahead of us, and we're looking forward to demonstrating that to you and everyone else as we enter fiscal year '19 and beyond. So thanks again, and I look forward to speaking with you soon. Take care, everybody.

當然，拉蒂夫，謝謝你。感謝大家的參與與提問。我知道我們的演講時間大約超出了 15 分鐘，但我們也非常感謝您多年來一直以來的善意言辭。我可以說，我們已經進入成長的下一個篇章一年了。我們確實感覺找到了新的裝備。我們推出了一些令人興奮的新服務，包括 TurboTax Live、QuickBooks Online Advance 和一系列其他服務。我們確實看到了我們的生態系統正在復甦的證據。我們正在為客戶、合作夥伴和 Intuit 釋放新的價值。我堅信我們最好的日子就在前方，我們期待在進入2019財年及以後向您和所有人展示這一點。再次感謝，我期待很快與您交談。大家保重。

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

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。