直覺電腦 (INTU) 2019 Q1 法說會逐字稿

Good afternoon. My name is Gigi, and I will be your conference facilitator. At this time, I would like to welcome everyone to Intuit's First Quarter Fiscal Year 2019 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.我叫吉吉，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 2019 財年第一季電話會議。（操作員指示）接下來，我將把電話交給 Intuit 的財務副總裁兼財務主管 Jerry Natoli。納托利先生？

Thanks, Gigi. Good afternoon, and welcome to Intuit's First Quarter Fiscal 2019 Conference Call. I'm here with Brad Smith, our Chairman and CEO; Michelle Clatterbuck, our CFO; and Sasan Goodarzi, our incoming CEO.

謝謝你，吉吉。下午好，歡迎參加 Intuit 2019 財年第一季電話會議。我今天和我們的董事長兼首席執行官布拉德·史密斯、首席財務官米歇爾·克拉特巴克以及即將上任的首席執行官薩桑·古達爾齊在一起。

Before we start, I'd like to remind everyone that our remarks will include forward-looking statements. There are a number of factors that could cause Intuit's results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 2018 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、2018 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 公司網站 intuit.com 的投資者關係頁面上找到。我們不承擔更新任何前瞻性聲明的義務。

Some of the numbers in these remarks are presented on a non-GAAP basis. We've reconciled the comparable GAAP and non-GAAP numbers in today's press release. Unless otherwise noted, all growth rates refer to the current period versus the comparable prior year period, and the business metrics and associated growth rates refer to worldwide business metrics. A copy of our prepared remarks and supplemental financial information will be available on our website after this call ends.

這些發言中的一些數字是按非公認會計準則 (non-GAAP) 編製的。我們在今天的新聞稿中對可比較的GAAP和非GAAP資料進行了核對。除非另有說明，否則所有成長率均指目前期間與去年同期相比的成長率，業務指標及相關成長率均指全球業務指標。本次電話會議結束後，我們將在網站上提供我們準備好的演講稿和補充財務資訊。

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

這樣，我就把電話交給布萊德了。

Thanks, Jerry, and thanks to all of you for joining us.

謝謝傑瑞，也謝謝各位的參與。

As we kicked off fiscal year 2019, we entered the second year of implementing our One Intuit Ecosystem strategy, and we're off to a strong start through the first quarter. We delivered 12% revenue growth and exceeded our overall financial targets. Small Business and Self-Employed group revenue increased 11% with online ecosystem revenue growing 42% in the quarter. Revenue for both the consumer group and strategic partner group was also in line with our expectations. While this is a great start to the year, there's plenty of game to be played with our 2 largest quarters ahead as we move towards tax season.

2019 財年伊始，我們進入了實施「一個 Intuit 生態系統」策略的第二年，並且在第一季取得了強勁的開局。我們實現了12%的營收成長，並超額完成了整體財務目標。本季度，小型企業和自僱人士集團的收入成長了 11%，線上生態系統收入成長了 42%。消費者集團和策略夥伴集團的收入也符合我們的預期。雖然今年開局不錯，但隨著報稅季的臨近，未來兩個季度將是全年最大的兩個季度，還有很多挑戰需要克服。

With that backdrop, let me share some observations on our business overall, starting with our Small Business and Self-Employed Group. As we foreshadowed last quarter, we're placing an increased emphasis on our online services to deliver greater value for our Small Business customers. Sasan shared many of these advances at our QuickBooks Connect Conference earlier this month.

在此背景下，我想分享一些關於我們整體業務的觀察，首先從我們的小型企業和個體經營者群體開始。正如我們在上個季度所預告的那樣，我們將更加重視我們的線上服務，以便為我們的小型企業客戶提供更大的價值。Sasan 在本月初的 QuickBooks Connect 大會上分享了其中的許多進展。

First, with QuickBooks Capital, which leverages QuickBooks Online customer data to provide loans to small businesses, nearly 60% of whom may not qualify for loans elsewhere. QuickBooks Capital has funded $200 million in cumulative loans over the first 12 months since launching publicly. Customer receptivity has exceeded our expectations with 84% of QuickBooks Capital customers stating an intent to apply for a second loan in the future.

首先是 QuickBooks Capital，它利用 QuickBooks Online 客戶資料向小型企業提供貸款，其中近 60% 的小型企業可能不符合其他地方的貸款條件。QuickBooks Capital 自公開成立以來，在前 12 個月內累積發放了 2 億美元的貸款。客戶的接受度超出了我們的預期，84% 的 QuickBooks Capital 客戶表示將來打算申請第二筆貸款。

We've also introduced an innovative same-day payroll capability within QuickBooks Online, enabling small businesses to pay their employees on the same day if they process their payroll by 10:00 a.m. Eastern Standard Time. This allows customers to hold onto their money longer and better manage their cash flow. Traditionally, small businesses have been required to fund payroll 2 to 5 days in advance, so same-day payroll is quite meaningful for these customers.

我們還在 QuickBooks Online 中引入了創新的當日工資功能，使小型企業能夠在上午 10 點之前處理工資，從而實現當天向員工支付工資。美國東部標準時間。這可以讓客戶更長時間地持有資金，更好地管理現金流。傳統上，小型企業需要提前 2 到 5 天支付工資，因此當天支付工資對這些客戶來說意義重大。

In addition, we'll soon be launching next-day funding within QuickBooks payments, allowing small business and self-employed customers to receive their funds the next business day, twice as fast as the 2- to 3-day waiting period they currently experience. QuickBooks Payments has also been redesigned, making critical payments functionality more easily discoverable for customers within the offering.

此外，我們即將推出 QuickBooks Payments 中的隔日到帳功能，讓小型企業和自僱客戶能夠在下一個工作日收到款項，速度比他們目前經歷的 2 到 3 天等待期快一倍。QuickBooks Payments 也進行了重新設計，讓客戶更容易在產品中找到關鍵的支付功能。

We're also serving a broader range of customers with the recent introduction of QuickBooks Online Advanced. This offering is designed for the 1.5 million mid-market customers with 10 to 100 employees. Approximately 180,000 of our existing QBO customers fit this target profile, providing us with a significant opportunity to grow with them over time. While it's still early, customer feedback on QBO Advanced is quite positive, and we're optimistic about the opportunity as we introduce additional functionality in the months ahead.

最近推出的 QuickBooks Online Advanced 也讓我們能夠服務更廣大的客戶群。該方案專為擁有 10 至 100 名員工的 150 萬中型市場客戶而設計。我們現有的 QBO 客戶中約有 18 萬符合此目標客戶群特徵，這為我們提供了一個與他們共同成長的巨大機會。雖然現在還處於早期階段，但客戶對 QBO Advanced 的回饋相當積極，我們對未來幾個月推出更多功能的機會充滿信心。

Turning to the Consumer Group, the team is actively developing the next wave of innovation to better serve our customers in the upcoming tax season. Our strategy remains focused on expanding our lead in the do-it-yourself tax category while transforming the assisted tax segment with TurboTax Live.

消費者集團方面，團隊正在積極開發下一波創新，以便在即將到來的報稅季更好地服務我們的客戶。我們的策略仍然是專注於擴大我們在自助報稅領域的領先地位，同時透過 TurboTax Live 改變輔助報稅領域。

TurboTax Live eliminates the traditional tradeoff between a do-it-yourself solution or one-on-one advice from a pro. This innovative service significantly increased the confidence of our tax-filing customers last season, and it's only getting better. During the upcoming tax season, we're launching several new features, many of which were tested during the tax extension season in October.

TurboTax Live 消除了自行報稅和專業人士一對一諮詢之間的傳統權衡取捨。這項創新服務在上個報稅季顯著提升了我們報稅客戶的信心，而且情況還在不斷好轉。在即將到來的報稅季，我們將推出幾項新功能，其中許多功能在 10 月的報稅延期季進行了測試。

These include mobile access to an expert on demand, given that half of online tax filers use a mobile device at some point when filing the return. We're introducing a wider range of price points, providing access to an expert from the simplest to the most complex of tax returns. Finally, we're providing additional ways for TurboTax users to access a TurboTax Live expert through their tax prep experience, including the ability to submit a question and receive a response from an expert in 24 hours.

這些措施包括提供按需行動存取專家的服務，因為一半的線上報稅者在報稅過程中都會使用行動裝置。我們推出了更廣泛的價格範圍，讓客戶獲得專家的服務，無論是最簡單的還是最複雜的報稅需求。最後，我們也為 TurboTax 用戶提供了更多在報稅過程中聯絡 TurboTax Live 專家的方式，包括提交問題並在 24 小時內收到專家回覆。

Beyond these customer-facing innovations, we've made several enhancements to the experience for the tax pros on the TurboTax Live platform as well. These enhancements include a new built-in help panel and expanded case management functionality all in one place. We expect these new tools to improve the overall experience and productivity for the tax pros operating on our platform.

除了這些面向客戶的創新之外，我們還對 TurboTax Live 平台上的稅務專業人士的體驗進行了一些改進。這些改進包括新增內建幫助面板和擴充功能的案例管理功能，所有功能都集中在一個地方。我們期望這些新工具能夠提昇在我們平台上工作的稅務專業人士的整體體驗和工作效率。

As we shared last quarter with regard to the external environment, we've long advocated for tax simplification and believe that anything that makes taxes easier to understand is good for consumers. While the new legislation increases the number of people who will qualify for the standard deduction, which introduces some trade-down risk from our paid to our free offering, in aggregate, we believe tax simplification will be an overall catalyst, both for the do-it-yourself category and for TurboTax growth as more assisted tax customers choose to adopt digital solutions.

正如我們上個季度在談到外部環境時所說，我們一直倡導簡化稅收制度，並認為任何使稅收更容易理解的措施都對消費者有利。雖然新法規增加了符合標準扣除額資格的人數，這為我們的付費服務轉向免費服務帶來了一些降級風險，但總體而言，我們相信稅收簡化將成為整體的催化劑，無論是對自助報稅類別還是對TurboTax的增長，因為越來越多的需要協助報稅的客戶選擇採用數位化解決方案。

This expectation is grounded in historical evidence. Over the past decade, many hypothesized that major legislative changes, such as the Affordable Care Act, would create confusion and cause a shift towards more assisted tax prep methods. That simply didn't happen. In fact, TurboTax filings growth over this period of time has outpaced tax pros' growth by 600 basis points, tax stores by over 900 basis points, and the IRS returns grew at a compounded annual rate of less than 1%. These trends reflect the secular tailwind of customers adopting digital solutions even with major changes to legislation.

這種預期是有歷史證據支持的。過去十年間，許多人推測，像《平價醫療法案》這樣的重大立法變革將會造成混亂，並導致人們轉向更多需要協助的報稅方式。那件事根本沒有發生。事實上，在此期間，TurboTax 申報量的成長速度比稅務專業人士的成長速度高出 600 個基點，比稅務商店的成長速度高出 900 多個基點，而美國國稅局申報量的複合年增長率不到 1%。這些趨勢反映了即使法律法規發生重大變化，客戶仍然傾向於採用數位化解決方案的長期趨勢。

Moving beyond our Consumer business to the Strategic Partner Group. Our professional tax revenue grew 6% year-over-year. We continue to focus on multiservice accounting firms that do both books and taxes, enabling us to drive our accountant success while growing our small-business ecosystem.

從消費者業務拓展到策略夥伴集團。我們的專業稅收收入年增了 6%。我們繼續專注於提供帳務和稅務等多項服務的會計事務所，這使我們能夠在發展小型企業生態系統的同時，並推動會計師的成功。

To sum it up, the momentum we exited fiscal year '18 with continues, and our testing during the extension-filing season gives us increased confidence that we should have another successful tax season.

總而言之，我們在 2018 財年結束時取得的良好勢頭仍在延續，我們在延期申報季期間的測試也讓我們更有信心，相信我們將迎來另一個成功的報稅季。

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

有了以上概述，接下來就交給米歇爾，讓她為大家詳細介紹財務細節。

Thanks, Brad, and good afternoon, everyone. For the first quarter of fiscal 2019, we delivered revenue of $1 billion, up 12% year-over-year; a GAAP operating loss of $10 million versus a $35 million loss 1 year ago; non-GAAP operating income of $102 million versus $65 million last year; GAAP diluted earnings per share of $0.13 versus a loss per share of $0.01 a year ago; and non-GAAP diluted earnings per share of $0.29, up 71% versus $0.17 last year. Our GAAP earnings per share for the first quarter includes a $41 million excess tax benefit on share-based compensation.

謝謝你，布拉德，大家下午好。2019 財年第一季，我們實現營收 10 億美元，較去年同期虧損 12%；以美國通用會計準則 (GAAP) 計算，營業虧損 1,000 萬美元，而去年同期虧損 3,500 萬美元；以非美國通用會計準則 (Non-GAAP) 計算，而去年同期為 1.02 億美元；以非美國通用會計準則 (Non-GAAP) 計算，而去年同期淨收入為 1.02 億美元；計算，稀釋後每股收益 0.13 美元，而去年同期每股虧損 0.01 美元；以非美國通用會計準則 (Non-GAAP) 計算，稀釋後每股收益 0.29 美元，比去年同期的 0.17 美元增長 71%。我們第一季的 GAAP 每股盈餘包括 4,100 萬美元的股權激勵稅收優惠。

Turning to the business segments. Total Small Business and Self-Employed revenue grew 11% during the quarter. Online Ecosystem revenue remains strong with growth of 42%. As we shared last quarter, 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%. We're pleased with the continued growth of both online accounting and online services revenue.

接下來我們來看業務區。本季小型企業和個體經營者的總收入成長了 11%。線上生態系統營收維持強勁成長，增幅達 42%。正如我們上個季度所分享的，我們認為衡量我們未來策略健康狀況和成功與否的最佳指標是線上生態系統收入成長，我們繼續預期其成長將超過 30%。我們對線上會計和線上服務收入的持續成長感到滿意。

QuickBooks Online subscribers grew 41%, ending the quarter with nearly 3.6 million subscribers. Growth remains strong across multiple geographies with U.S. subscribers growing 35% to approximately 2.7 million and international subscribers growing 61% to over 880,000. Within QuickBooks Online, self-employed subscribers grew to approximately 745,000, up from roughly 425,000 one year ago.

QuickBooks Online 用戶成長了 41%，本季末用戶數接近 360 萬人次。在多個地區，成長動能依然強勁，其中美國用戶成長了 35%，達到約 270 萬，國際用戶成長了 61%，超過 88 萬。QuickBooks Online 的自營用戶數量從一年前的約 42.5 萬人增加到約 74.5 萬人。

As we told you last quarter, we expect total subscriber growth to begin to moderate some as we shift our emphasis in the next chapter of the business model evolution. Desktop Ecosystem revenue was down 4% in the first quarter, consistent with the mid-single-digit decline we indicated last quarter. Within the Desktop Ecosystem, our QuickBooks enterprise customers continued to grow at a double-digit pace in the first quarter.

正如我們上個季度告訴大家的那樣，隨著我們在商業模式演進的下一階段調整重點，我們預計用戶總數的成長將開始有所放緩。第一季桌面生態系統營收下降了 4%，與我們上季預測的個位數中段降幅一致。在桌面生態系統中，我們的 QuickBooks 企業客戶在第一季持續保持兩位數的成長速度。

During fiscal 2019, we continue to expect QuickBooks Desktop units to decline single digits and Desktop Ecosystem revenue to be roughly flat.

在 2019 財年，我們仍預期 QuickBooks Desktop 的銷售量將出現個位數下降，而 Desktop Ecosystem 的營收將大致持平。

Total consumer revenue was up 22% in one of our smallest quarters of the year. Looking ahead to the upcoming tax season, we have an opportunity to address the needs of even more tax filers with TurboTax Live. Last year, the product contributed to a 2-point increase in retention, brought customers into the franchise at a faster pace than our TurboTax Online offering, and attracted first-time filers at a higher rate. As Brad mentioned, we continue to expect tax reform to be a catalyst for the DIY category this season.

儘管本季是全年業績最差的季度之一，但消費者總收入仍成長了 22%。展望即將到來的報稅季，我們有機會透過 TurboTax Live 來滿足更多報稅者的需求。去年，該產品使客戶留存率提高了 2 個百分點，比我們的 TurboTax Online 產品更快為加盟店帶來了客戶，並以更高的比例吸引了首次報稅者。正如布拉德所提到的，我們仍然預期稅制改革將成為本季DIY品類發展的催化劑。

As a reminder, we expect to provide a tax unit update in late February, concurrent with our second quarter earnings release. We'll also provide a final update in late April after the tax season ends. Professional tax revenue within the Strategic Partner Group grew 6% in the first quarter, in line with our expectation.

再次提醒大家，我們預計 2 月下旬發布稅務部門最新進展，屆時將與我們第二季財報同時發布。我們也將在四月下旬報稅季結束後提供最終更新。戰略合作夥伴集團的專業稅收收入在第一季成長了 6%，符合我們的預期。

Turning to our financial principles. We remain committed to growing organic revenue double digits and growing operating income dollars faster than revenue. 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%.

回到我們的財務原則。我們將繼續致力於實現有機收入兩位數成長，並使營業收入成長速度超過收入成長速度。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。

Our first priority for the cash we generate continues to be investing in the business to drive customer and revenue growth. Next, we consider acquisitions to accelerate our growth and fill out our product road map. We return excess cash that we can't invest profitably in the business to shareholders via both share repurchases and dividends.

我們利用所創造的現金的首要任務仍然是投資於業務，以推動客戶和收入成長。接下來，我們將考慮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剩餘現金透過股票回購和分紅的方式返還給股東。

We finished the quarter with $1.3 billion in cash and investments on our balance sheet. We repurchased over $101 million of stock in the first quarter. Approximately $3.1 billion remains on our authorization, and we expect to be in the market each quarter this year. The Board approved a quarterly dividend of $0.47 per share, payable January 18, 2019. This represents a 21% increase versus last year.

本季末，我們的資產負債表上擁有13億美元的現金和投資。第一季我們回購了超過1.01億美元的股票。我們目前還有約 31 億美元的授權額度，預計今年每季都會進入市場。董事會批准派發每股 0.47 美元的季度股息，將於 2019 年 1 月 18 日支付。比去年增長了21%。

Second quarter guidance for fiscal 2019 includes revenue growth of 10% to 11%, GAAP diluted earnings per share of $0.55 to $0.58, and non-GAAP diluted earnings per share of $0.85 to $0.88. We're also reiterating our fiscal 2019 guidance provided last quarter. You can find our Q2 and fiscal 2019 guidance details in our press release and on our fact sheet.

2019 財年第二季業績預期包括：營收成長 10% 至 11%，GAAP 稀釋後每股收益 0.55 美元至 0.58 美元，非 GAAP 稀釋後每股收益 0.85 美元至 0.88 美元。我們也重申了上個季度發布的 2019 財年業績預期。您可以在我們的新聞稿和情況說明書中找到我們 2019 年第二季和財年的業績指引詳情。

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. Putting a bow around our performance this quarter, we are pleased with the strong start to fiscal year 2019, and we look forward to accelerating our momentum as we head into peak season. Our One Intuit Ecosystem strategy continues to take shape, and I could not be more proud of the innovation and the results that our employees are delivering.

謝謝你，米歇爾。總結本季業績，我們對 2019 財年的強勁開局感到滿意，並期待在旺季到來之際加快發展勢頭。我們的「一個 Intuit 生態系統」策略正在不斷完善，我為員工所展現的創新精神和所取得的成果感到無比自豪。

As you know, this is my last earnings call as Intuit's CEO. Effective January 1, I will transition to the role of Executive Chairman as Sasan Goodarzi takes the reins. It has been a privilege to serve as Intuit's CEO for the past 11 years. I could not be more confident in Sasan and the next generation of Intuit's leadership team. As I look ahead, I have never felt better about Intuit's future.

如你所知，這是我作為 Intuit 執行長的最後一次財報電話會議。自1月1日起，我將過渡到執行主席一職，Sasan Goodarzi將接任。在過去 11 年裡，能夠擔任 Intuit 的首席執行官，我深感榮幸。我對薩桑以及Intuit的下一代領導團隊充滿信心。展望未來，我對 Intuit 的未來從未如此充滿信心。

I want to thank you for your support over these many years, and I look forward to the continued progress the company will achieve in this next chapter. And with that, let's open it up to hear what's on your mind. Gigi, we'll turn it back to you.

我要感謝大家多年來的支持，並期待公司在下一個篇章中繼續進步。那麼，讓我們打開話匣子，聽聽你們的想法吧。吉吉，我們會把它還給你。

(Operator Instructions) And our first question's from Brad Zelnick from Crédit Suisse.

（操作說明）我們的第一個問題來自瑞士信貸的 Brad Zelnick。

I just wanted to follow up on the comments around tax and the trade-down risks of tax reform. And Brad, I appreciate you reminding us of past examples and why you feel that this should be something you're able to navigate through and will benefit the overall category and TurboTax. But can you perhaps give us a little bit more insight into how you're thinking about the tradeoff of units versus ASP and the tolerance that you've built into the model and guidance you've given us?

我只是想就稅收以及稅制改革帶來的降級風險等相關評論做一些補充說明。布拉德，感謝你提醒我們過去的例子，以及你為什麼認為這是你應該能夠駕馭的事情，並且將有利於整個類別和TurboTax。但是，您能否更深入地向我們解釋一下，您是如何考慮銷量與平均售價之間的權衡，以及您在模型中設定的容差範圍，還有您給我們提供的指導？

Great. Thanks, Brad. Thanks for the comments on the quarter. And yes, I'd be happy to talk about that. When we put together our guidance for the year, we factored in any of the potential trade-down risk as well as the upside, which is, quite frankly, much larger when we think about the number of people using an assisted tax prep method that are also going to qualify for the standard deduction and will now have the opportunity to move into a do-it-yourself solution because your taxes are simpler, to where they'll have an innovative solution like TurboTax Live where they can get assistance if they lose confidence at any point in the process. So as you saw, that fundamentally led to a higher guidance for this year's tax season than what we provided last year as well as a more robust long-term outlook.

偉大的。謝謝你，布拉德。感謝您對本季的評價。是的，我很樂意談論這個主題。我們在製定年度指導方針時，考慮了任何潛在的下行風險以及上行潛力。坦白說，考慮到使用輔助報稅方法的人數眾多，這些人也將符合標準扣除額的條件，並且現在有機會轉向自助報稅解決方案，因為他們的稅務問題會得到簡化，他們將擁有像 TurboTax Live 這樣的創新解決方案，如果他們在報稅過程中的任何階段失去信心，都可以獲得幫助，那麼上行潛力要大得多。正如你所看到的，這從根本上導致我們今年的稅務季預期比去年更高，長期前景也更加樂觀。

Now in terms of our principles, we continue to strive across the company to grow our customer bases as fast as we can because we know, ultimately, that will create a pipeline of growth over the long term as they continue to grow and have increased problems that we can solve. But that being said, we're in a unique situation right now as we launch TurboTax Live, which is creating an opportunity to serve a $20 billion total addressable market that, up to this point, we weren't able to effectively serve. And that comes with a higher average revenue per return. So when you introduce that to the mix, even as we grow customers, we believe that you're going to get an uplift from that revenue per return, which is going to drive the overall performance of the segment. So we would not be surprised this year if revenue grows faster than customers in the tax business. It's going to be primarily because of mix. But I want to be really clear: our primary goal is to grow the do-it-yourself category and to grow our share in that category. And if we aren't growing share, we don't consider that to be a successful season.

就我們的原則而言，我們將繼續在全公司範圍內努力盡快擴大客戶群，因為我們知道，從長遠來看，隨著客戶群的不斷壯大和問題增多，這將創造長期的成長管道，而我們可以解決這些問題。但即便如此，我們現在正處於一個獨特的境地，因為我們正在推出 TurboTax Live，這為我們提供了一個服務於 200 億美元潛在市場的機會，而在此之前，我們一直未能有效地服務於這個市場。而這會帶來更高的平均每次投資回報收益。因此，當您將其引入組合中時，即使我們不斷增加客戶，我們相信您也會從每筆回報的收入中獲得提升，這將推動該細分市場的整體業績。因此，如果今年稅務業務的收入成長速度超過客戶成長速度，我們不會感到驚訝。這主要是因為混合比例的問題。但我想明確一點：我們的首要目標是發展 DIY 品類，並提高我們在該品類中的市佔率。如果我們沒有實現市場份額的成長，我們就不會認為這是一個成功的賽季。

And if I could just ask a quick follow-up on QuickBooks. I know you've said it before and you reminded us again that total sub growth is expected to moderate some from here. Just for our modeling purposes and to wrap our heads around what that trajectory might look like, any kind of parameters we should be thinking about?

我能否再問一下 QuickBooks 的一個小問題？我知道你之前說過，而且你再次提醒我們，總訂閱用戶成長預計會從此放緩。僅僅為了建模，並了解該軌跡可能會是什麼樣子，我們應該考慮哪些參數？

Yes. As you know, we're really trying to step away from that. The reason being is, first, we think the overall health of the category and of that business is really going to be driven by the Online Ecosystem revenue being greater than 30%.

是的。如你所知，我們正在努力擺脫那種做法。原因在於，首先，我們認為該類別和該業務的整體健康狀況實際上將取決於線上生態系統收入是否超過 30%。

The other reason is we're moving into a chapter of apples and oranges on what qualifies as a subscriber. We have the self-employed SKU. We have QuickBooks Online. We're launching QuickBooks Online Advanced. They come with very different average revenue per returns. And now we're introducing the new front doors, the ability to have a stand-alone payments offering or stand-alone payroll offering, and the question will be, well, what counts as a sub? And so our view is, look, all those are solving important problems. That's why it's most important to focus on Online Ecosystem revenue.

另一個原因是，我們對訂閱用戶的定義有很大的分歧，這就像是蘋果和橘子一樣難以區分。我們有自僱人士專用 SKU。我們有 QuickBooks Online。我們即將推出 QuickBooks Online 進階版。它們的平均回報率差異很大。現在我們推出了新的入口，可以擁有獨立的支付服務或獨立的薪資服務，問題是，什麼才算是子服務？因此，我們的觀點是，你看，所有這些都在解決重要問題。因此，重點關注線上生態系統收入至關重要。

What we did provide as a little bit of a gating factor for people to think about is we will not be proud of our performance if we don't add at least as many net subs as we did last year. So if you think about that as the qualifier or if you think about the number of subs that we added, that's the kind of goal that we put out there for ourselves.

我們確實設定了一個小小的門檻，讓大家思考一下：如果我們今年的淨增用戶數沒有達到去年的水平，我們就不會為自己的表現感到自豪。所以，如果你把這看作是資格賽，或者如果你想想我們增加了多少替補球員，那就是我們為自己設定的目標。

Our next question's from Brent Thill from Jefferies.

下一個問題來自傑富瑞集團的布倫特·蒂爾。

Brad, the economy is in on everyone's mind. And I'm just curious, I think we all know how defensive the tax business can be, but can you give us a sense on the small-business side what's giving you confidence as you look forward? And it's obviously, way too early to call, but what are the components that have put in that you feel good about as you look into next year that's -- even if we go into a softer economy that you can sustain those headwinds?

布拉德，經濟情勢是每個人都關心的問題。我很好奇，我想我們都知道稅務業可能會非常保守，但您能否從小型企業的角度談談，是什麼讓您對未來充滿信心？現在下結論顯然還為時過早，但展望明年，即使經濟狀況疲軟，您認為有哪些因素讓您感到樂觀，能夠應對這些不利因素？

Yes, Brent, thanks for the question. And as you pointed out, our portfolio over 35 years has proven to be resilient. And with the point that you called out, taxes are going to need to be filed regardless of the economy. On the small-business side, we've learned to look past some of the more public-facing indices, things like small-business optimism. Because if that's going up, that's not a surprise for us because 1 out of 2 small businesses fail in the first 5 years. They're always sure it's going to be the other person. So they're just natural optimists, and that's why we love an entrepreneur and a small-business owner.

是的，布倫特，謝謝你的提問。正如您所指出的，我們35年來的投資組合已經證明了其韌性。正如你指出的那樣，無論經濟狀況如何，納稅都是必須的。在小型企業方面，我們已經學會忽略一些更面向大眾的指標，例如小企業樂觀情緒。因為如果這個數字上升，對我們來說並不意外，因為每兩家小企業中就有一家會在前五年內倒閉。他們總是確信會是另一個人。所以他們天生就很樂觀，這也是我們喜歡企業家和小企業主的原因。

So we look for more of the leading indicators of the real health of their business, and we look at things like charge volume. Are they hiring employees? Are they hiring contract workers? Are those workers working longer hours? Are they actually increasing the wages for those workers? At this point in time, we have not seen any of those indicators weaken, and so we still believe that there is a lot of noise in the market, certainly in terms of the investment community and equity market, but we haven't seen that show up on Main Street yet. But as you might imagine and we shared this at Investor Day, we've already got game plans in place that, should there be a softening in the market, we know what actions we need to take to both help customers grow but also ensure we deliver on our commitments.

因此，我們會尋找更多能反映其業務真實健康狀況的領先指標，例如交易量。他們正在招募員工嗎？他們是否僱用合約工？這些工人的工作時間更長嗎？他們真的提高了這些工人的薪水嗎？目前，我們還沒有看到任何指標走弱，因此我們仍然認為市場有很多噪音，尤其是在投資界和股票市場，但我們還沒有看到這些噪音反映在一般民眾身上。但正如您可能想像的那樣，我們也曾在投資者日上分享過，我們已經制定了應對方案，如果市場出現疲軟，我們知道需要採取哪些行動來幫助客戶發展，同時也確保我們履行承諾。

And real quick, just a payroll attach and the impact going forward, seems like a big opportunity. What do you need to do to see that improve meaningfully from here?

簡單來說，只要對薪資單進行調整，就能看出這對未來發展的影響，這似乎是一個很大的機會。你需要做些什麼才能讓情況從現在開始有實質的改善？

Yes, Brent, we've been focused on, as we talked about in the opening comments, our online services. We're still very excited about the opportunity to get more people into QBO. But we've also decided and found that it was an opportunity for us to go down a parallel path and get more of these attach services or online services. This past quarter, Online Payroll attached to QBO revenue grew 36%. Payments grew 34%, and we're really getting down to the blocking and tackling, simple design that makes it easier to discover it inside the offering, trying to be able to pre-populate data where possible so you can get to a benefit very quickly, and those are the execution pieces.

是的，布倫特，正如我們在開場白中提到的，我們一直專注於我們的線上服務。我們仍然對有機會讓更多人加入QBO感到非常興奮。但我們也決定並發現，這是一個讓我們走上平行道路，獲得更多此類附加服務或線上服務的機會。上個季度，與 QBO 相關的線上薪資收入成長了 36%。支付金額成長了 34%，我們現在真正開始著手解決實際問題，採用簡單的設計，讓用戶更容易在產品中找到所需內容，盡可能預先填充數據，以便用戶能夠快速獲得好處，這些都是執行方面的內容。

And then there's the new innovations, things like same-day payroll, the ability to actually, if you file before that 10:00 time on the East Coast, you can get your payroll done in the same day, and that is a big acceleration from what you're able to do with most other offerings in the competitive market. So that basically allows you to hold on to your money longer, and that's a compelling value prop for a small-business owner. So what we're doing right now is improving our execution, simpler design, easier to discover, pre-populate data and also introducing break-through innovation that alternatives don't have in the market that we think makes our value proposition even that much more compelling.

此外，還有一些新的創新，例如當日工資發放，如果您在東部時間上午 10:00 之前提交申請，您可以在當天完成工資發放，這比競爭市場上的大多數其他服務都要快得多。因此，這基本上可以讓你更長時間地持有資金，這對小企業主來說是一個極具吸引力的價值主張。因此，我們目前正在做的是改進執行、簡化設計、簡化發現、預先填充數據，並引入市場上其他產品所不具備的突破性創新，我們認為這將使我們的價值主張更具吸引力。

Our next question's from Walter Pritchard from Citi.

下一個問題來自花旗銀行的華特‧普里查德。

One main question and a follow-up. Just on the online services side, that business is growing quite a bit faster than the core QBO U.S. subs. I'm wondering if you can help us understand what sort of prior drivers, like payroll and payments, are continuing to fuel that online services piece versus some of the new drivers, TSheets and QuickBooks Capital and other drivers like that. How much might you attribute some of these newer drivers that we haven't been used to seeing in the past?

一個主要問題和一個後續問題。僅就線上服務而言，該業務的成長速度就比 QBO 美國核心用戶的成長速度快得多。我想知道您能否幫助我們了解，哪些先前的驅動因素（例如工資和支付）仍在推動線上服務的發展，而哪些新的驅動因素（例如 TSheets 和 QuickBooks Capital 等）則不然。您認為這些我們過去不常見的新型駕駛者在多大程度上發揮了作用？

Well, Walter, you actually hit the key drivers. You did a nice job of summarizing it. The bulk of it is really being driven by our core payroll and payments, but we do have a nice upside with TSheets, which came in. But that is not the bulk of that improvement. The bulk of that improvement is coming from improved execution, simpler design, easier discoverability, faster time to benefit and then the new innovations like same-day payroll or next-day funding and payments, and it's those latter 2 things, it's the new innovation we're bringing to market that we think is really shifting the playing field more in our direction, and you're going to see more of that coming from us in the future. TSheets is nice top spin on top of that.

沃特，你確實說到重點了。你的總結做得很好。大部分成長確實來自我們的核心薪資和支付業務，但在引入 TSheets 後，我們確實獲得了不錯的收益。但這並非改進的主要部分。大部分的改進都來自於執行力提升、設計的簡化、發現的便利、更快的獲益速度，以及諸如當日薪資發放或隔日資金到位和支付等創新。正是後兩項，也就是我們推向市場的新創新，我們認為正在真正改變競爭格局，使其更有利於我們。未來你們將會看到我們推出更多這樣的產品。TSheets 在這方面做得非常出色。

And then maybe, Michelle, you can help us understand, tax seasonality seems like it's always a tough thing to gauge. Maybe you can help us understand what factors you see this year that would impact seasonality as we move beyond the -- or move through the tax season in January and into the year?

然後，米歇爾，或許你可以幫我們理解一下，稅收季節性似乎總是很難衡量。或許您可以幫助我們了解一下，您認為今年有哪些因素會影響季節性，尤其是在我們度過一月份的報稅季並進入新的一年之後？

Walter, thanks for the question. Yes, every single year, we have to look and see exactly how the season is going to play out. One of the biggest drivers -- so first of all, you have 606 this year, which I think we've given some information last quarter and on the Investor Relations website to help you understand that a little bit more. The other thing that just comes into play every single year is the IRS opening date. And so the IRS has not released when they are opening yet, and so we've had to make some assumptions on that, and so we'll just have to see how that plays out.

沃特，謝謝你的提問。是的，每年我們都必須仔細觀察賽季的走向。最大的驅動因素之一——首先，今年你們有 606 家公司，我認為我們在上個季度和投資者關係網站上提供了一些信息，以幫助您更好地了解這一點。每年都會涉及的另一個因素是美國國稅局的開市日期。因此，美國國稅局尚未公佈何時開放，所以我們只能對此做出一些假設，我們只能拭目以待了。

Our next question is from Shankar Subramanian from Bank of America Merrill Lynch.

下一個問題來自美國銀行美林證券的 Shankar Subramanian。

This is Shankar on behalf of Kash. I have a question on the QBO revenue profile. It seems like the overall QBO revenue is growing faster than the unit growth rate for the past 5 quarters. But based on what you're seeing right now, do you see that kind of periphery continue on in the future? And maybe just talk about the drivers, not just U.S. but international in terms of, say, how the U.K. market will play out for the rest of the year.

這是 Shankar 代表 Kash 發來的。我有一個關於QBO收入概況的問題。過去五個季度，QBO 的整體營收成長速度似乎超過了銷售成長速度。但根據你目前所看到的，你認為這種邊緣化現像在未來會繼續存在嗎？或許可以談談驅動因素，不僅是美國，還有國際因素，例如英國市場在今年餘下的時間會如何發展。

Yes, thanks, Shankar. This is Brad. So yes, we have continued to see an acceleration in QBO revenue as was suggested. That's the best indicator of the health of this business going forward. What's really driving that is a combination of things.

是的，謝謝你，Shankar。這是布拉德。是的，正如之前預測的那樣，我們繼續看到 QBO 收入加速成長。這是衡量這項企業未來健康狀況的最佳指標。真正導致這種情況發生的原因是多種因素共同作用的結果。

First and foremost, we continue to be able to execute both new subscribers but also getting online services up and running, things like payroll and payments or TSheets as we were just talking about. The second is, as we bring customers in, we sometimes have a promotional discount or an introductory trial period, and then once they anniversary off of that trial period, then their average revenue per customer goes up in that 13th month in a nice healthy bump, and so we got a larger base that continues to anniversary of that, so you get a lift in ARPU and revenues as a result of that.

首先，我們不僅能夠持續發展新用戶，還能讓線上服務上線運行，例如我們剛才提到的薪資和支付系統或 TSheets。第二點是，當我們吸引客戶時，我們有時會提供促銷折扣或試用期，然後一旦試用期結束，他們的平均每客戶收入在第 13 個月就會出現一個不錯的健康增長，因此我們獲得了一個更大的客戶群，並且這個客戶群會持續到週年紀念日，因此 ARPU 和收入都會因此而提升。

The third is, we've been delivering more compelling value propositions and new feature functionality to customers so our retention rate's going up, and if you go back to Investor Day, you'll see we improved the retention rate of QBO as well, and so that continues to drive the revenue. And then last but not least, we have opportunities as we look ahead to get smarter about our promotions. And so we have been adjusting things like the kinds of promotions we offer to accountants. We found the sweet spot of what's able to get the unit lift we're looking for without leaving too much on the table. And when you put those combinations together, it's attached services. It's the ability for us to have that anniversary group come off of their promotional trial period. We have the opportunity to do things that get wiser on our promotions. And then we have improved retention from just stronger value props with new feature functionality, and that's driving the revenue.

第三，我們一直在為客戶提供更具吸引力的價值主張和新的功能特性，因此我們的客戶留存率正在上升。如果您回顧投資者日，您會發現我們也提高了 QBO 的客戶留存率，因此這繼續推動了營收的成長。最後但同樣重要的是，展望未來，我們有機會在促銷方面做得更出色。因此，我們一直在調整一些事項，例如我們向會計師提供的促銷類型。我們找到了最佳平衡點，既能達到我們想要的單元提升效果，又不會損失太多。把這些組合在一起，就形成了附加服務。這使我們能夠讓週年紀念組結束宣傳試用期。我們有機會在晉升過程中採取更明智的措施。然後，我們透過更強的價值主張和新功能提高了用戶留存率，這推動了收入成長。

I would continue to go back to our talking point that we want to keep that Online Ecosystem revenue greater than 30%. We are delighted to see it at 42% now, and we're going to continue to keep our foot on the pedal and see just how high we can drive that.

我還是要重申我們的觀點，那就是我們希望保持線上生態系統收入超過 30%。我們很高興看到目前已達到 42%，我們將繼續努力，看看能把這個數字提升到多高。

Got it. As a follow-up on the tax bit of the equation. How do you gauge the competitive front going into the tax season? Anything that you see as an early indicator of how the season will turn out to be or is it yet to be seen?

知道了。作為對稅收問題的後續討論。您如何評估即將到來的報稅季的競爭狀況？你認為有哪些早期跡象可以預示本賽季的走向？還是說現在還不得而知？

Well, each year, we always anticipate the best from our competitors. We have really good competitors in the market. We often talk about the respect we have for them. They keep us on our toes, and they actually improve the game for the end consumer. So we expect a very competitive tax season as we do each year. At the same time, I feel like we've got a really strong lineup in place. We've got a compelling offering that's going to be hard to match with TurboTax Live. Our team's got several things that they're going to be introducing in our core TurboTax product that we'll talk a little bit closer to tax season about. So I feel like we've got our best foot forward, and we expect to have a really competitive but, in our case, we believe we have the chances to have another very successful tax season.

每年，我們都對競爭對手抱持著很高的期望。我們在市場上遇到了非常強大的競爭對手。我們經常談到我們對他們的尊重。它們讓我們時時保持警惕，而且實際上也提高了最終消費者的遊戲體驗。因此，我們預計今年的報稅季將像往年一樣競爭激烈。同時，我覺得我們已經組建了一支非常強大的陣容。我們提供了極具競爭力的產品，TurboTax Live 很難與之匹敵。我們的團隊將在核心產品 TurboTax 中推出一些新功能，我們將在報稅季臨近時再詳細介紹。所以我覺得我們已經做好了充分的準備，我們預計會有一個非常有競爭力的賽季，但就我們而言，我們相信我們有機會再次取得非常成功的報稅季。

Our next question is from Jennifer Lowe from UBS.

下一個問題來自瑞銀集團的珍妮佛洛。

I wanted to dig in a little bit on the QBO Advanced product, and I think you sort of talked about the subset of your customer base where it has the best fit currently. But I'm curious if we dig into that, I think you said 180,000 users. How much of that is people who are outgrowing QBO versus QuickBooks Desktop customers state that maybe wanted to move to the cloud and didn't have the right functionality versus opportunities to go out and get new customers? How should we think about it in that context?

我想深入了解 QBO Advanced 產品，我想您之前也談到過該產品目前最適合哪些客戶群。但我很好奇，如果我們深入研究一下，我想你說過有 18 萬用戶。其中有多少是因為用戶覺得 QBO 功能不夠用而想要遷移到雲端，又有多少是因為 QuickBooks Desktop 用戶想要遷移到雲端但功能不合適而想要獲取新客戶？在這種背景下，我們該如何看待這個問題？

Yes, Jennifer, thank you for the question. First of all, we can look at evidence we already have in the market on the desktop with QuickBooks Enterprise on desktop. We have 140,000 customers there, a business that's north of $440 million, both units and revenue growing double digits on that platform. And over the years, we've come to appreciate that, that mix ends up being somewhere in the neighborhood of about 70% are stretchers. They're existing QuickBooks customers who need to continue to grow and add functionality as they add employees. And then about 30% are what we call switchers, where the product is disruptive in the market. We're priced at a level that we're able to get customers off of competitive platforms and on to QuickBooks enterprise.

是的，珍妮弗，謝謝你的提問。首先，我們可以看看市場上已有的證據，例如桌面版 QuickBooks Enterprise。我們在該平台擁有 14 萬名客戶，業務規模超過 4.4 億美元，銷售量和營收均以兩位數成長。多年來，我們逐漸意識到，最終這些產品中大約有 70% 是擔架。他們是 QuickBooks 的現有客戶，隨著員工人數的增加，他們需要不斷發展並添加更多功能。還有大約 30% 的用戶屬於我們所謂的轉換型用戶，這類產品對市場具有顛覆性。我們的定價策略能夠讓客戶從競爭對手的平台轉而使用 QuickBooks 企業版。

So our going-in assumption is we have 180,000 in the QBO customer base that look a lot like that 140,000 in desktops, so those are our target profiles and those will be the one that we want to keep in the family and simply have them be stretchers. And of course, as we introduce this product and we continue to add functionality, we think it's going to be just as disruptive in the cloud as it is for the desktop players, and we think we'll get some switchers from other alternatives as well. But right now, the best proxy we have is the evidence we've already proven in desktop and that tends to break down to about a 70/30 split.

因此，我們最初的假設是，QBO 客戶群中有 18 萬用戶與桌上型電腦用戶群中的 14 萬用戶非常相似，所以這些是我們的目標用戶群，也是我們希望保留在產品系列中的用戶，讓他們成為擴展用戶。當然，隨著我們推出這款產品並不斷增加其功能，我們認為它在雲端的顛覆性影響將與在桌面端一樣顯著，我們也相信我們會吸引一些從其他替代方案轉投而來的用戶。但就目前而言，我們擁有的最佳代理是我們已經在桌面端證明的證據，這往往可以分解為大約 70/30 的比例。

Our next question is from Kirk Materne from Evercore ISI.

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

Brad, I was wondering if you could just touch upon sort of the QBO growth internationally, anything to call out just in terms of any particular regions, obviously, a lot of opportunity in International so just wondering if anything sort of popped up on your radar screen this quarter that you might not have been expecting mostly for -- I guess, for the good?

Brad，我想請你談談QBO在國際市場的成長情況，特別是針對特定地區的情況。顯然，國際市場有很多機會，所以我想知道本季是否有任何你意想不到的事情出現，主要是——我想，都是好事吧？

Yes. Thank you, Kirk. Obviously, we're proud of the results right now. 61% growth year-over-year in the international markets. We've hit escape velocity in our 3 core markets: Canada, the U.K. and Australia. U.K. continues to be the darling of the bunch. They're adding customers at a rate much faster than the competitive alternatives in the market, and we continue to see our Net Promoter Scores or product recommendation scores advance in each of those markets.

是的。謝謝你，柯克。顯然，我們現在對所取得的成果感到自豪。國際市場年增 61%。我們在加拿大、英國和澳洲這三大核心市場已經實現了快速發展。英國依然是這群國家中的佼佼者。他們的客戶成長速度遠超市場上的競爭對手，而且我們不斷看到，在這些市場中，我們的淨推薦值或產品推薦評分都在不斷提高。

As we think about the next group of countries, we continue to have France, Brazil and India, and we're monitoring things like active use, product recommendations scores, and we're seeing positive trends in those countries as well. They haven't hit escape velocity yet, but they're getting closer. So net-net, I would say it's the 3 core markets we talk often about with U.K. being the belle of the ball in that group.

當我們考慮下一批國家時，我們仍然包括法國、巴西和印度，我們正在監測活躍使用情況、產品推薦評分等指標，我們看到這些國家也呈現出積極的趨勢。它們尚未達到逃逸速度，但正在越來越接近。總而言之，我認為是我們經常談論的三大核心市場，其中英國是這三大市場中最耀眼的明星。

Our next question is from Matt Pfau from William Blair.

下一個問題來自威廉布萊爾大學的馬特普福。

Wanted to dig in a little bit, Brad, on your comments about TurboTax Live and having a wider range of price points this year. And maybe you can just sort of dig into what the purpose behind that is. And is any of that a competitive response to some of the tax stores potentially lowering prices for their bricks-and-mortar return filings for this upcoming tax season.

布拉德，我想就你今年提到的 TurboTax Live 以及更廣泛的價格範圍發表一些看法。或許你可以深入探究背後的目的是什麼。而這些措施是否是對一些稅務服務機構可能在即將到來的報稅季降低實體報稅服務價格的一種競爭性回應？

Great. Thank you, Matt. So first of all, I'll go back to, coming out of last tax season, we had 2 big insights for TurboTax Live where our hypotheses actually were off last year, but we discovered some upside opportunity. The first was, we had anticipated TurboTax Live would be a service that would be something that people with more complex returns would be interested in, but then we quickly understood that people who have more simple returns also have areas where they don't have confidence, and they would benefit from an on-demand expert. So that led us to, we need to have TurboTax Live not just us a bundle but actually as an add-on service for the simplest returns all the way up to the more complex returns.

偉大的。謝謝你，馬特。首先，我想回顧一下上個報稅季，我們對 TurboTax Live 有了兩個重要的發現，雖然我們去年的假設實際上並不準確，但我們也發現了一些提升的機會。首先，我們原本預期 TurboTax Live 這項服務會受到報稅情況較為複雜的人們的青睞，但我們很快意識到，報稅情況較為簡單的人們也有他們不熟悉的領域，他們也能從按需專家的幫助中受益。因此，我們需要將 TurboTax Live 不僅作為捆綁包提供，而且作為一項附加服務，以滿足從最簡單的報稅到更複雜的報稅等各種需求。

The second thing that we discovered is we had held back on our go-to market and advertising to the second half of season because our assumption had been more complicated returns come in the second half, so let's put the marketing there. We've come to appreciate, as I just said, that having an access to an expert applies to people earlier in the season as it does later, so we have a more robust go-to-market plan that we've got set up for the full season as well.

我們發現的第二件事是，我們把市場推廣和廣告宣傳推遲到了賽季的後半段，因為我們假設後半段的回報會更加複雜，所以我們決定把行銷放在後半段。正如我剛才所說，我們已經意識到，無論賽季初期還是後期，能夠獲得專家的幫助都非常重要，因此我們制定了一個更完善的市場推廣計劃，以應對整個賽季。

Now it just happens to be that competition has come out recently and talked about some of the things they plan to do, and that gets me excited because we already had our plans in place, and I think this better positions us to be able to address what they're doing while also taking advantage of the opportunities we learned last year in tax season.

恰好最近競爭對手公佈了一些計劃，這讓我很興奮，因為我們已經有了相應的計劃，我認為這讓我們能夠更好地應對他們的行動，同時也能利用我們去年在報稅季學到的機會。

Our next question is from Ross MacMillan from RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的羅斯·麥克米倫。

Just on tax. One of the things that's already happening this season is we're going to see a higher percentage of people move from itemized to standard deductions, and I think our math suggests it could be anywhere between 8 million and 20 million filers could sort of come into that part of the funnel. What are you doing to, I guess, make sure that those folks that may be moving to standard deductions for the first time are sort of educated around DIY and see the value of making that potential shift if they're using an alternative way to file today? What's the cap -- what's the plan to capture as many of those as possible?

僅稅費方面。本季已經出現的一個現像是，我們將看到更高比例的人從逐項扣除轉向標準扣除，我認為我們的計算表明，可能有 800 萬到 2000 萬納稅人會進入這一階段。我想，你們正在採取哪些措施來確保那些可能第一次轉向標準扣除額的人能夠了解自助報稅的相關知識，並看到如果他們目前使用其他報稅方式，那麼進行這種潛在轉變的價值？上限是多少？ ——有什麼計劃盡可能地獲取這些資源？

Yes, thanks, Ross. As you just pointed out, those 8 million to 20 million are spread across multiple tax prep methods. They don't all sit in do-it-yourself. Many are going to be coming into the category for the first time. Some are in a tax store. Some are with pros because that's the way their parents may have filed or that just may be the way they've historically been more comfortable because they wanted to have advice on a certain area of their tax return. And then some are in DIY.

是的，謝謝你，羅斯。正如你剛才指出的，這 800 萬到 2000 萬美元分散在多種報稅方式中。他們並非都喜歡自己動手。許多人將首次進入這一類別。有些在稅務商店裡。有些人選擇聘請專業人士，因為他們的父母可能就是這樣報稅的，或者只是因為他們一直以來都覺得這種方式更自在，因為他們希望在報稅的某些方面獲得建議。還有一些是DIY的。

So the first thing we're doing is we're going to continue to make sure they understand that there is a better alternative in the market, which happens to be TurboTax, and it's going to be our go-to-market campaign where we'll have our message out there in all forms of media. The second is our word of mouth will work in our favor. We have higher Net Promoter Scores than the alternatives in the market. That means people talk about these are the kind of solutions I use to get my taxes done, and they'll tell their friends and family. And then third is, with the introduction of TurboTax Live, anyone who historically would say, it may be a standardized deduction, but I'm still nervous for this reason. They'll have the ability to come into our solution and be able to get that question answered so that they don't have any nagging question unanswered when they file.

因此，我們首先要做的是繼續確保他們明白市場上有一個更好的選擇，那就是 TurboTax，這將是我們的市場推廣活動，我們將透過各種媒體形式向他們傳遞我們的訊息。第二點是，我們的口碑會對我們有利。我們的淨推薦值高於市場上的其他同類產品。這意味著人們會談論這些是我用來報稅的方法，他們會告訴他們的朋友和家人。第三點是，隨著 TurboTax Live 的推出，任何過去可能會說「這可能是一項標準化扣除，但我仍然為此感到緊張」的人，都會因為這個原因而感到不安。他們將能夠使用我們的解決方案，並獲得問題的解答，這樣他們在提交申請時就不會有任何懸而未決的疑問。

So think about it as a robust integrated marketing campaign, word of mouth continuing to work in our favor, and then a network of experts available just in case you decide that you still have a nagging question, you don't have to make the arbitrary choice to get in your car and drive somewhere. You can log in right from the solution and get your question answered on demand. And we've thought through this, and we feel pretty good about our assumptions, and we think we've got a strong plan in place to be able to capture as many of those as we can.

所以，不妨把它看作是一個強大的整合行銷活動，口碑繼續對我們有利，再加上一個專家網絡隨時待命，以防你仍然有疑問，你不必隨意選擇開車去某個地方。您可以直接透過解決方案登錄，並隨時獲得問題的解答。我們已經仔細考慮過這個問題，我們對自己的假設很有信心，我們認為我們已經制定了一個強有力的計劃，能夠盡可能地捕捉到這些機會。

And maybe one just for Michelle. This quarter, we saw very high incremental margin across the business for Q1. But for the full year, you haven't really, I guess, aggressively taken up the stance on margins. What are the puts and takes that we should think about as we go through this year? And what's the potential, if you will, for surprises on margins as we go through tax season given how strong the first quarter has been?

或許還可以專門為米歇爾準備一份。本季，我們看到第一季業務各方面的利潤率都大幅提升。但就全年而言，我感覺你並沒有真正積極地採取利潤率的措施。在今年的發展過程中，我們應該考慮哪些投入與收穫？那麼，考慮到第一季業績如此強勁，隨著報稅季的到來，利潤率方面可能會出現哪些意想不到的情況呢？

Ross, thanks for the question. I appreciate it. Yes, we did see some strong margin in Q1. A couple of things I'd just tell you to think about. We do sometimes have operating expenses that can shift from quarter to quarter, and we are seeing a little bit of that happen from Q1 this year into Q2. We did give the guidance, reiterated it that we do feel that that's a good place to focus for the total year. So that's really what I would focus on is I would focus more on this total year, and I wouldn't get overly concerned with some of the movement that we may see between quarter-to-quarter.

羅斯，謝謝你的提問。謝謝。是的，我們在第一季確實看到了強勁的利潤率。有幾件事我想讓你考慮一下。我們有時會有一些營運費用會隨著季度的變化而變化，我們看到今年第一季到第二季出現了一些這種情況。我們確實給出了指導意見，並重申我們認為這是全年應該重點關注的領域。所以，我真正想關注的是全年的整體情況，而不會過度在意季度之間的一些波動。

Our next question is from Michael Turrin from Deutsche Bank.

下一個問題來自德意志銀行的麥可‧圖林。

Going back to the macro for a minute. Michelle, at the Analyst Day, you mentioned managing a balance sheet that could sustain all economic cycles and potentially allows you to lean in during any downturn. I wanted to take a moment to revisit that comment, was hoping you could walk through your thought process in evaluating those tradeoffs and potentially leaning into a tougher macro.

讓我們再回到宏觀層面。米歇爾，在分析師日上，你提到要管理一個能夠承受所有經濟週期的資產負債表，並有可能讓你在任何經濟低迷時期都能積極應對。我想花點時間重新審視那條評論，希望你能詳細解釋一下你在評估這些權衡取捨以及可能傾向於採取更艱難的宏觀策略時的思考過程。

Yes. Thanks for the question, Michael. There has been quite a number of questions around it. That's why we thought it was important to address a potential downturn and what that might look like for us. For us, we really do go back to focusing on our fundamentals, which for us, are our financial principles. We see us as enduring, and that goes when you think about growing organic revenue and then growing operating income dollars faster than revenue. We really are, no matter what we think about the economic environment, looking to deploy our cash to the highest opportunities we have. We do have a 15% ROI target over 5 years, and that's where we continue to focus.

是的。謝謝你的提問，麥可。關於這個問題，已經有很多疑問了。正因如此，我們認為有必要探討潛在的經濟衰退及其對我們可能造成的影響。對我們來說，我們確實要回歸到專注於基本面，也就是我們的財務原則。我們認為我們能夠長久發展，這一點可以從有機收入成長以及營業收入成長速度超過收入成長速度這兩個面向來體現。無論我們對經濟環境有何看法，我們確實都在尋求將資金投入我們所擁有的最佳機會。我們的目標是在 5 年內實現 15% 的投資報酬率，這也是我們將繼續努力的方向。

Our next question's from Scott Schneeberger from Oppenheimer.

下一個問題來自奧本海默公司的史考特‧施內伯格。

Great-looking quarter. I have a question that's probably 3 questions tied into 1 and it regards some of the seasonality that, Michelle, you've addressed. But I'm curious. There was a recent press release about tax reform consultations and about how you're going to be offering consultations for free to all. I'm curious on what type of expense impact that would have and the timing of it, Michelle. And then also I think Brad said earlier, something about marketing last year on TurboTax Live in the late season but learning that it's relevant to early season as well. So kind of tying all those together, how might that influence some of the quarterly pattern we've seen? And I realize you just answered on, I think it was Ross' question, that there will be these variations but just kind of the overall theme of what is -- where the marketing shift might be and where the human labor expense might shift this year.

外觀很棒的四分之一美元硬幣。我有一個問題，這個問題可能由三個問題合併而成，它與米歇爾你剛才提到的一些季節性問題有關。但我很好奇。最近有一份關於稅制改革諮詢的新聞稿，其中提到你們將為所有人提供免費諮詢服務。米歇爾，我很想知道這會對開支產生什麼樣的影響，以及會在什麼時間發生。而且我覺得布萊德之前也說過，關於去年TurboTax Live在賽季末的行銷，但他發現這種行銷方式對賽季初也很有價值。那麼，將所有這些因素連結起來，會對我們看到的一些季度模式產生怎樣的影響呢？我知道你剛剛回答了羅斯提出的問題，那就是會有這些變化，但總體主題是——今年的行銷轉變可能會在哪裡，人力成本可能會在哪裡。

Thanks for the question. Couple of different things I would say is, first of all, when we look at the TurboTax business, one of the things we look at specifically when we're looking at the marketing spend is we really look at a payback within the current year. And so that's what we focus on. We don't get overly focused on when that's going to occur, whether it's Q2 or Q3. It is around making the best decision for the tax season and making sure that we do have that payback within the current season. Brad did reference that last year we spent more in the late season. This year, we have the opportunity to look, at the entire season we may make some different decisions there.

謝謝你的提問。我想說幾點，首先，當我們審視 TurboTax 的業務時，我們在審視行銷支出時特別關注的一點是，我們真正關注的是當年的投資回報。所以這就是我們關注的重點。我們不會過度關注這件事何時發生，無論是第二季還是第三季。關鍵在於為報稅季做出最佳決策，並確保我們能在本季獲得回報。布拉德確實提到過，去年我們在賽季後期投入了更多資金。今年，我們有機會審視整個賽季，我們可能會做出一些不同的決定。

The only other thing I would say you called out specifically at the tax reform consultation that we're providing this year. That is -- right now, it's for a 2-week time period in November. I believe it's the 13th through the 27th of this month, and it does give people a chance to call in and see exactly how tax reform might impact them going forward. So obviously, the impact of that would be in this current quarter.

我唯一想補充的是，您在今年我們提供的稅制改革諮詢中特別提到了這一點。也就是說——目前來看，活動時間是11月份的兩週。我相信活動時間是本月13日至27日，這讓人們有機會打電話了解稅制改革未來可能會對他們產生哪些影響。很顯然，其影響將在本季顯現。

Our next question is from Sterling Auty from JPMorgan.

我們的下一個問題來自摩根大通的斯特林·奧蒂。

First of all, Brad, congratulations on a wonderful tenure and sad that you won't be a part of these calls moving forward. I'm kind of curious as you think about the strategy from a very high level. We look back over the last several years, there were definite years that you targeted low-end returns as a way to capture market, to your point, to allow that to grow as they get to more complex returns and kind of grow in terms of the mix versus other years kind of using price to drive revenue. Any sense in terms of what the strategy going into this tax season from that simplistic framework looks like?

首先，布拉德，恭喜你任期圓滿結束，很遺憾你以後不能再參與這些電話會議了。我很好奇你是如何從宏觀層面思考這個策略的。回顧過去幾年，確實有一些年份你們瞄準了低端回報市場，正如你所說，這樣可以隨著回報的複雜程度增加而發展壯大，並在產品組合方面實現增長，而其他年份則更多地利用價格來推動收入。從這個簡單的框架出發，我們對本納稅季的策略有什麼大致的了解嗎？

Yes, Sterling. I think you just did a nice job of summarizing, and we went through this at the Investor Day. We have a strategy slide or a plan on the page that has 5 sort of solar system rings to it. But the first is to defend our leadership position in the do-it-yourself category, which includes being competitive on free as well as introducing additional innovation to the paid offering so we continue to grow faster than category and take share in do-it-yourself, and that's going to be a core part of our strategy this year.

是的，斯特林。我認為你總結得很好，我們在投資者日上也討論過這個問題。我們在頁面上有一個戰略幻燈片或計劃，其中包含 5 個類似太陽系環的結構。但首要任務是捍衛我們在 DIY 領域的領導地位，這包括在免費產品方面保持競爭力，以及在付費產品中引入更多創新，以便我們能夠繼續以高於行業平均水平的速度增長，並在 DIY 領域佔據市場份額，這將是我們今年戰略的核心部分。

The next part of that strategy is to transform the assisted tax prep market with TurboTax Live. And we're very excited with the offering, and we're really excited by the leading indicators we saw in October in the extension filing season. And so the things that we introduced, including access to an expert on a mobile device, the ability to send questions in and get a response in 24 hours or the ability for you to have different price points, you can use an expert with the simplest return to the most complex returns are just 3 examples. And so those are the fundamental 2 prongs of this year's strategy. If you look at the rest of the strategy, it goes beyond tax into being a financial identity and expanding into things like Turbo and Mint and then eventually exploring Global.

該策略的下一步是利用 TurboTax Live 改變輔助報稅市場。我們對此次發行感到非常興奮，也對 10 月延期申請季中出現的領先指標感到非常興奮。因此，我們推出的功能，包括透過行動裝置聯繫專家、發送問題並在 24 小時內獲得回复，以及提供不同的價格點，您可以選擇從最簡單的回報到最複雜的回報的專家，這只是三個例子。因此，以上就是今年戰略的兩個基本面向。如果你看看策略的其他部分，它不僅限於稅務，更要打造金融身份，並擴展到 Turbo 和 Mint 等領域，最終探索全球市場。

But this year, I would tell you it's a two-pronged approach. Our go-to-market model will be with both do-it-yourself and the TurboTax Live offering. And we feel like when we introduce our new product lineup, it's going to be easier for customers to know which one is right for them, and we think that our marketing campaign will make that even clearer. So we're very excited, and I think what you're going to end up seeing is the do-it-yourself category continue to grow faster than the other categories. We plan to take share in that category, and we think our revenue per return will probably pop a little bit because we're going to get a favorable mix shift with TT Live.

但今年，我會告訴你，我們將採取雙管齊下的方法。我們的行銷模式將同時提供自助報稅服務和 TurboTax Live 服務。我們覺得，當我們推出新產品系列時，顧客會更容易知道哪一款產品適合他們，而且我們認為我們的行銷活動會讓這一點更加清晰。所以我們非常興奮，我認為最終你會看到，DIY類別的成長速度將繼續超過其他類別。我們計劃在該類別中佔據份額，我們認為由於 TT Live 將帶來有利的組合轉變，我們的每筆回報收入可能會略有增長。

Our next question is from Jim MacDonald from First Analysis.

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

Brad, congratulations on going out on a high note here. I just wanted to ask about TSheets and, specifically and you've owned that for several quarters now and just wanted to know maybe more specifically how happy you are with that acquisition, what you can say about that. And my follow-up is does that make you want to do more of these types of small-business acquisitions?

布拉德，恭喜你以如此輝煌的方式告別。我只是想問關於 TSheets 的問題，特別是您已經持有該公司幾個季度了，我想知道您對這次收購的滿意度如何，您對此有何看法。我的後續問題是，這是否讓您想要進行更多此類小型企業收購？

Yes, Jim, thank you. It's been great. You and I've talked about this. We go back a lot of years, and I appreciate your kind words as well. And to answer your question specifically about TSheets, it may be our single-most successful acquisition we've done in recent memory.

是的，吉姆，謝謝你。感覺很棒。你我之前談過這件事。我們相識多年，我也很感謝你的好意。至於你問的關於 TSheets 的具體問題，這可能是我們近年來最成功的收購。

We just had a Board meeting 3 weeks ago. As we do every other year, I think you are all aware of this, we do a retrospective on all of our acquisitions. This time, we went back 35 years. We looked at every acquisition in the company's history. Then we broke it down to the last 10 years. And then we broke it down to the last 2 years. And we measured the performance of all those acquisitions against the original business case we had presented to the Board and how they have performed both strategically as well as financially. And I can tell you that our capability and learning from our scar tissue as well as our successes, which ones work and which ones don't has increased our ability to bring these acquisitions in and help them be successful faster, and TSheets is benefiting from that. They've really helped us inside the company think differently about how to move with speed, and we've help that with the channels and the innovation they were looking for to be able to reach the broader audience that they were hoping to get to.

我們三週前剛開過一次董事會。我想大家都知道，我們每隔一年都會回顧所有收購案。這一次，我們回到了35年前。我們審查了公司歷史上每一次收購。然後我們把時間細分到過去 10 年。然後我們把時間細分到最近兩年。我們根據最初向董事會提出的商業計劃，衡量了所有這些收購的績效，以及它們在策略和財務方面的表現。我可以告訴你們，我們的能力以及從過去的傷疤和成功中吸取的經驗教訓，哪些有效哪些無效，提高了我們收購這些公司並幫助它們更快取得成功的能力，TSheets 也因此受益。他們確實幫助公司內部以不同的方式思考如何快速發展，而我們也透過他們正在尋找的管道和創新來幫助他們，以便能夠接觸到他們希望接觸到的更廣泛的受眾。

And so in terms of our go-forward approach, our strategy remains unchanged. We know what problems we need to solve for customers. The question becomes do we build, do we partner or do we buy? And if the ultimate answer is buy, then it gets held up against a 15% rate of return over a 5-year period like any other decision we make, and that's what ends up helping us make the decision of what we're going to buy. But I hope you hear that our playbook has gotten more refined. Our execution capability has improved. And our Board and we were very intellectually honest about our performance, and we are getting better each year in terms of our ability to bring acquisitions in and turn them into a success.

因此，就我們未來的發展方向而言，我們的策略保持不變。我們知道需要為客戶解決哪些問題。問題在於，我們是自主研發、合作開發還是直接收購？如果最終答案是買入，那麼它就會像我們做出的任何其他決定一樣，與 5 年內 15% 的回報率進行比較，而這最終會幫助我們決定要買什麼。但我希望你們能聽到，我們的策略已經更加完善了。我們的執行能力有所提升。我們董事會和我們本人都對自己的業績非常坦誠，我們在收購和成功轉型方面的能力每年都在提高。

Our next question's from Michael Millman from Millman Research.

下一個問題來自 Millman Research 的 Michael Millman。

Following up on some of the comments. I was wondering, when you look at Block talking about cutting its price, they also talk about cutting its price to $59 for in-store in hopes of preventing -- least causing people to think before shifting to do-it-yourself. So one question is, do you think this is going to have much effect? Secondly, related to looking at the industry, do you see Block as more of a competitor? Or are you more concerned with Credit Karma?

針對一些評論，我做一些補充說明。我想知道，當 Block 談到降價時，他們也提到將店內價格降至 59 美元，希望以此阻止——至少讓人們在轉向 DIY 之前三思。所以問題來了，你認為這會產生多大影響？其次，從產業角度來看，您認為 Block 更像是競爭對手嗎？還是你更關心信用評分？

And then I wanted to thank you for what you've done over the 10, 12 years. The company has made terrific strides. And kind of my question following is that as you think about what's going to happen over the next 5 years as you look at company from 30,000 feet, what do you see is going to be the major disruptive device that the company shoots into the stratosphere?

然後我想感謝你在過去 10 年、12 年所做的一切。公司取得了巨大的進步。接下來我的問題是，當你從 30,000 英尺的高空俯瞰公司，思考未來 5 年會發生什麼時，你認為公司會推出什麼顛覆性創新，從而一舉成名？

Great. Thank you, Michael. And I'll start with where you left off in terms of the kind words. This team has performed incredibly well over 35 years, and I've certainly benefited from their expertise and their execution for the last 11 in the seat, and so it's been a pleasure to work with them and with you.

偉大的。謝謝你，麥可。我從你剛才說的那些鼓勵的話語開始吧。在過去 35 年裡，這支團隊表現非常出色，在過去 11 年的任期內，我當然也受益於他們的專業知識和執行力，因此與他們以及與您共事是一件非常愉快的事情。

Let me start with the first, which was H&R Block and their decisions recently to be more transparent on price and to roll out some of their approaches. I think first and foremost, I would go back to the 10-year trend because we've seen a lot of promotional discounts and early refunds and refund anticipation loans in the tax stores. But if you look at a 10-year period, the IRS returns have grown 0.6%. Pros have grown 0.3%. Tax stores have declined 2.9%. And TurboTax during that period of time has grown 6.3%. So what ends up happening when they get into promotional battles is it's often between the tax prep methods. It doesn't necessarily change anyone's decision if they're going to leave the category and go to a do-it-yourself solution.

讓我先從第一個說起，那就是 H&R Block，以及他們最近決定在價格方面更加透明，並推出一些新方法。我認為首先應該回顧過去十年的趨勢，因為我們在稅務商店看到了大量的促銷折扣、提前退稅和退稅預支貸款。但從 10 年的時間跨度來看，美國國稅局的回報增加了 0.6%。專業用戶成長了 0.3%。稅收商店下降了 2.9%。在此期間，TurboTax 的成長率為 6.3%。所以，當他們展開宣傳大戰時，最終往往是在報稅方法之間展開的。即使人們打算放棄現有方案而選擇自行解決，這也不一定會改變他們的決定。

I think the second challenge to that is $59 is incredibly competitive when you're thinking tax store to tax store, but it pales in comparison to free when you think about do-it-yourself. And so I think that's the first headline. The second is, quite frankly -- I mean this sincerely, I have a ton of respect for H&R Block as does our company. We have a ton of respect for Credit Karma, for TaxAct and all the other players out there. Each one of them brings something unique and different to the category. So it would be hard for me to tell you which one we spend more time thinking about because we look at all of them. It used to be called plagiarism. Now it's called benchmarking. We look to learn from our competitors, and we want to make sure that we have a better game, so we can get out there and compete in the market and earn the customers' trust and earn the customers' business.

我認為第二個挑戰是，59 美元的價格在各個稅務商店之間比較時非常有競爭力，但與免費相比，如果自己動手辦理，那就相形見絀了。所以，我認為這就是第一條新聞標題。第二點，坦白地說──我是真心這麼認為的──我和我們公司都非常尊敬 H&R Block。我們非常尊重 Credit Karma、TaxAct 以及所有其他相關平台。他們每個人都為這個類別帶來了獨特而不同的元素。所以，我很難告訴你我們花更多時間去思考哪一個，因為我們都會考慮它們。以前這叫抄襲。現在它被稱為基準測試。我們努力向競爭對手學習，確保我們擁有更好的遊戲體驗，以便我們能夠走出去，在市場上競爭，贏得客戶的信任和業務。

As I think to the future, this is really for Sasan and the leadership team, but I will tell you that we're fundamentally going to continue down the path we're on, which is a platform company that unlocks this ecosystem. And if you get underneath that, what is the major thing that is powering that? And that quite frankly is data that has been in a trusted and secure manner stewarded by the company, and then we match that with artificial intelligence and machine learning to do amazing things for customers they could have never thought possible. And so if I had to boil it down to anything, it is the power of data with the customers' consent that we can match up with our science, our algorithms and our data scientists to make magical things happen. That I think will be the single biggest breakthrough that Sasan and the team are all over, and they'll continue to drive forward over the next 5 years.

展望未來，這主要由薩桑和領導團隊來決定，但我可以告訴大家，我們從根本上來說將繼續沿著我們正在走的道路前進，那就是成為一家能夠解鎖這個生態系統的平台公司。如果深入探究，究竟是什麼在驅動這一切？坦白說，這些數據一直由公司以可信和安全的方式管理，然後我們將其與人工智慧和機器學習相結合，為客戶創造他們從未想過的驚人成果。所以，如果非要歸結為一點，那就是數據的力量，在獲得客戶同意後，我們可以將數據與我們的科學、演算法和數據科學家結合，從而創造奇蹟。我認為這將是薩桑和他的團隊取得的最大突破，他們將在未來 5 年繼續朝著這個目標努力。

Our next question is from Ken Wong from Guggenheim Securities.

下一個問題來自古根漢證券的 Ken Wong。

This one's for Michelle. That really strong start to Q1 and looking at Q2 guide suggests the first half is going to be much better than expected. Would you say that, that was purely due to just strength across your various parts of your business? Or did you notice anything that suggests maybe moderate shifts in seasonality to -- for the front half of the year?

這首歌獻給米歇爾。第一季開局強勁，加上第二季的業績指引，顯示上半年的表現將遠超預期。您認為這完全是由於貴公司各業務部門的實力強大所致嗎？或者，您是否注意到任何跡象表明，今年上半年的季節性可能會出現適度的變化？

Thanks for your question, Ken. And you actually, yes, you answered it in your own question. It is really -- as we look at the strength that we've seen, coming off of FY '18, it was a really strong year for us across each of the pieces of our business, and we continue to see that strength come into Q1. And so I would say it is more of the strength that we're seeing in the business versus any other shift outside of just the normal shift you'd see with the 606 change, so thank you.

謝謝你的提問，肯。其實，是的，你已經在自己的​​問題中回答了這個問題。確實如此——當我們回顧 2018 財年所取得的成績時，我們業務的各個方面都表現得非常強勁，而且我們繼續在第一季度看到了這種強勁勢頭。所以我認為，這更多地體現了我們在業務中看到的實力，而不是除了 606 變更帶來的正常變化之外的任何其他變化，謝謝。

Our next question's from Brad Reback from Stifel.

下一個問題來自 Stifel 公司的 Brad Reback。

Maybe could we get a quick update on where you guys stand on the transition to AWS? And beyond that, I know you're also using GCP in the data AI and machine learning side. Maybe how early we are in that process and are we getting to the steep part of the gains from that? Or should we expect more in the future?

能否簡單介紹一下你們向 AWS 過渡的進展？除此之外，我知道你們在數據、人工智慧和機器學習方面也使用了 GCP。或許我們正處於這個過程的早期階段，是否已經進入了最大化收益的階段？或者我們應該期待未來會有更多？

Brad, it's Brad. We'll keep that simple. So on the transition to AWS, by the end of this fiscal year, all of our consumer-facing apps will be in Amazon Web Services. Today, we have TurboTax Online there. It ran both its primary and secondary instance in the last of tax season in the cloud, so it was completely there. QuickBooks Online is now in AWS as is Mint, but we have some other services we'll make sure are in there by the end of this fiscal year.

布拉德，我是布拉德。我們就簡單點說。因此，在向 AWS 過渡的過程中，到本財政年度結束時，我們所有面向​​消費者的應用程式都會遷移到亞馬遜網路服務 (AWS) 上。現在，我們有了TurboTax Online。在報稅季的最後一個階段，它的主實例和備用實例都在雲端運行，所以它完全具備運行能力。QuickBooks Online 和 Mint 現在都已移轉到 AWS，但我們還有一些其他服務，我們將確保在本財年結束前也移轉到 AWS。

There will be a long tail of infrastructure and internal apps that we'll continue to move to the cloud that will take another 18 to 24 months, but all of our customer-facing apps will be there by the end of July 31. That's our target. The second part of the question, I have to admit, I wasn't able to follow. I heard the data, and I wasn't quite sure what the question was. You mind repeating that for me?

我們會繼續將大量的基礎設施和內部應用程式遷移到雲端，這還需要 18 到 24 個月的時間，但到 7 月 31 日，我們所有面向​​客戶的應用程式都將上線。這就是我們的目標。說實話，問題的第二部分我沒看懂。我聽了這些數據，但我不太確定問題是什麼。你能再說一次嗎？

Yes, I apologize. So I believe you're using GCP for a lot of your, we'll say, Big Data type of work. I'm assuming we're still very early on in that process and significant gains to be made in the future.

是的，我道歉。所以我相信你們在處理很多大數據類型的工作時都會使用 GCP。我估計我們仍處於這個過程的早期階段，未來還有很大的發展空間。

Yes, Brad, that's correct. So you're referring to the Google Cloud services and some of our capabilities that we have working with Google on the date and the data lake as well as what we're doing with Amazon Web Services. Yes, we are early days. We are primarily right now working with Amazon Web Services on most of our offerings. We are running some experiments in a sort of a parallel path with the Google Cloud. But at the end of the day, we are very early days in that regard, and we'll continue to share more as we learn more.

是的，布拉德，你說得對。所以您指的是Google雲端服務，以及我們與Google在資料和資料湖方面的一些合作能力，還有我們正在與亞馬遜網路服務合作的工作。是的，現在還處於早期階段。目前，我們的大部分產品和服務主要都與亞馬遜網路服務 (AWS) 合作開發。我們正在與Google雲端並行一些實驗。但歸根結底，我們在這方面還處於非常早期的階段，隨著我們了解更多信息，我們將繼續分享更多。

I am showing no further questions.

我不會再提出其他問題了。

Great. Thank you, Gigi. And let me just wrap up by reiterating that we feel very good with our Q1 performance. We're out of the gate strong as we head into our peak season. We're building momentum with some positive leading indicators as we came through these first 3 months. But as you all know, the real game starts now, and it come down to execution. It's our team's favorite time of the year. We feel like we're ready. We've got a strong product lineup, a strong go-to-market game plan. And I want to thank you for your questions. I definitely want to thank you for your kind wishes, and I hope everyone has a wonderful holiday season, and we'll speak with you soon. Take care.

偉大的。謝謝你，吉吉。最後，我想重申一下，我們對第一季的業績非常滿意。我們開局強勁，即將進入旺季。過去三個月以來，我們取得了一些積極的領先指標，發展勢頭良好。但大家都知道，真正的比賽現在才開始，關鍵在於執行力。這是我們團隊一年中最喜歡的時光。我們感覺已經準備好了。我們擁有強大的產品陣容和強有力的市場推廣計劃。感謝大家的提問。我非常感謝您的美好祝愿，祝大家假期愉快，我們很快再聯繫。小心。

Ladies and gentlemen, thank you for your 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。