直覺電腦 (INTU) 2019 Q2 法說會逐字稿

Good afternoon. My name is Latif, and I will be your conference facilitator. At this time, I would like to welcome everyone to Intuit's Second Quarter Fiscal Year 2019 Conference Call. (Operator Instructions)

午安.我叫拉蒂夫，我將擔任本次會議的主持人。在此，我謹代表 Intuit 公司歡迎各位參加 2019 財年第二季電話會議。（操作說明）

With that, I'll now turn the call over to Jerry Natoli, Intuit's Vice President of Finance and Treasurer. Mr. Natoli?

接下來，我將把電話交給 Intuit 的財務副總裁兼財務主管 Jerry Natoli。納托利先生？

Thanks, Latif. Good afternoon, and welcome to Intuit's Second Quarter Fiscal 2019 Conference Call. I'm here with Intuit's CEO, Sasan Goodarzi; and Michelle Clatterbuck, our CFO.

謝謝你，拉蒂夫。下午好，歡迎參加 Intuit 2019 財年第二季電話會議。我今天和 Intuit 的執行長 Sasan Goodarzi 以及我們的財務長 Michelle Clatterbuck 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 網站 (intuit.com) 的投資者關係頁面上找到。我們不承擔更新任何前瞻性聲明的義務。

Some of the numbers in these remarks are presented on a non-GAAP basis. We've reconciled the comparable GAAP and non-GAAP numbers in today's press release. Unless otherwise noted, all growth rates refer to the current period versus the comparable prior year period, and the business metrics and associated growth rates refer to worldwide business metrics.

這些發言中的一些數字是按非GAAP準則列示的。我們在今天的新聞稿中對可比較的GAAP和非GAAP資料進行了核對。除非另有說明，否則所有成長率均指目前期間與去年同期相比的成長率，業務指標及相關成長率均指全球業務指標。

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

本次電話會議結束後，我們將在網站上提供我們準備好的演講稿和補充財務資訊。

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

接下來，我將把電話交給薩桑。

Thanks, Jerry, and thanks to all of you for joining us. I will start by reviewing our results for the quarter and outlook for the year. I will then spend a few minutes sharing my thoughts about the future.

謝謝傑瑞，也謝謝各位的參與。我將首先回顧本季的業績以及對全年的展望。接下來，我將花幾分鐘分享我對未來的看法。

Starting with the results, we're halfway through the fiscal year and continue to see good momentum across the company. Second quarter revenue grew 12% overall, fueled by 17% revenue growth in the Small Business and Self-employed Group and 11% revenue growth in the Consumer Group. Revenue for the Strategic Partner Group was in line with our expectations.

先來看業績，本財年已經過半，公司各方面都保持著良好的發展動能。第二季總營收成長了 12%，其中小型企業和自僱人士集團的營收成長了 17%，消費者集團的營收成長了 11%。戰略合作夥伴集團的收入符合我們的預期。

With this strong performance, we remain on pace to deliver against our full year revenue and operating income outlook. With that context, let me start with tax.

憑藉這一強勁的業績，我們仍有望實現全年營收和營業利潤預期目標。基於以上背景，我們先從稅務問題談起。

Every tax season is different, and this one is no exception. We believe the new tax legislation and the extended partial government closure impacted consumer behavior, resulting in a slower-forming season.

每個報稅季的情況都不一樣，今年也不例外。我們認為，新的稅收立法和政府部分停擺的延長影響了消費者的行為，導致銷售旺季形成速度放緩。

As a reminder, there are 4 key drivers for our consumer business: The first is total number of returns filed with the IRS. The second is the percentage of those returns filed using do-it-yourself software. The third is our share within DIY software category. And the fourth is the average revenue per return.

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

Our Consumer Group strategy is to expand our lead in the do-it-yourself category, transform the assisted tax preparation category and expand beyond tax to build a consumer platform. This is all in service of helping our customer make ends meet and get their largest tax refund.

我們的消費者集團策略是擴大我們在自助報稅領域的領先地位，變革輔助報稅服務領域，並拓展到稅務以外的領域，打造一個消費者平台。這一切都是為了幫助我們的客戶維持生計並獲得最大的退稅。

Based on the latest IRS data, the do-it-yourself category is performing better than the assisted. Through February 8, IRS data shows self prepared e-files declined 3.2%. In comparison, TurboTax e-files through the same period declined 3.5%. We are confident in our strategy, and I'm very proud of our team.

根據美國國稅局的最新數據，自助式服務的表現優於輔助式服務。截至 2 月 8 日，美國國稅局數據顯示，自行準備的電子報稅表數量下降了 3.2%。相比之下，同期TurboTax電子報稅量下降了3.5%。我們對我們的策略充滿信心，我為我們的團隊感到非常自豪。

Let me share a few specific examples of how we are delivering for our customers this season. Within do-it-yourself, we've invested in delivering the best experience for our customers who file simple returns by including year-over-year data transfer for no charge in our free edition. We're already seeing an improvement in product recommendations scores. TurboTax Self-Employed is again part of our lineup this season and comes with 12-month subscription to QuickBooks Self-Employed, enabling customers to benefit by tracking their financials throughout the year. This product was one of our fastest-growing offerings last season.

讓我分享幾個我們本季如何為客戶提供服務的具體例子。在自助報稅方面，我們投入資源，透過在免費版本中免費提供逐年資料傳輸，為提交簡單報稅表的客戶提供最佳體驗。我們已經看到產品推薦評分有所提高。本季，TurboTax Self-Employed 再次成為我們產品陣容的一部分，並附贈 12 個月的 QuickBooks Self-Employed 訂閱，使客戶能夠全年追蹤財務狀況並從中受益。這款產品是我們在上個季度成長最快的產品之一。

In the assisted tax category, we are transforming the customer experience with TurboTax Live. We introduced a range of price points within the product lineup this season to offer access to an expert for even the simplest filers. For the first time, we're offering mobile access to these experts.

在輔助報稅領域，我們正在透過 TurboTax Live 改變客戶體驗。本季，我們在產品系列中引入了一系列價格點，以便即使是最簡單的銼刀使用者也能獲得專家的服務。我們首次提供透過行動裝置存取這些專家的服務。

We also improved the onboarding experience and tools for the approximately 2,000 pros on our platform, the majority of whom returning from last season. We're excited to see significant increases in Net Promoter Scores from the pros.

我們也改進了平台上約 2000 名職業選手的入職體驗和工具，其中大部分選手都是上賽季的回歸選手。我們很高興看到專業人士的淨推薦值 (NPS) 顯著提高。

Beyond tax, our consumer platform is aimed at helping customers make ends meet. With their consent, Turbo provides customers a view of their overall financial health by combining a credit score, verified income data and debt to income ratio, showing customers where they truly stand. This platform gives us the ability to connect our customers with the best financial products to save them money.

除了稅務問題，我們的消費者平台還旨在幫助客戶維持生計。經客戶同意，Turbo 透過結合信用評分、經核實的收入數據和債務收入比，向客戶提供其整體財務狀況的概覽，向客戶展示其真實的財務狀況。這個平台使我們能夠將客戶與最佳金融產品聯繫起來，從而幫助他們省錢。

Turning to Small Business. We've delivered another strong quarter in our Small Business and Self-Employed Group with Online ecosystem revenue growth of 38%, again, exceeding our target to grow better than 30%. We continue to place an increased emphasis on online services to deliver more value for our Small Business and Self-Employed customers.

轉向小型企業。我們的小型企業和自僱人士集團又迎來了一個強勁的季度，線上生態系統收入成長了 38%，再次超過了我們 30% 以上的成長目標。我們將繼續增加對線上服務的投入，為我們的小型企業和自營客戶提供更多價值。

I would like to share a few proof points that demonstrate our progress. We are focused on solving the most important problems for our customers by helping them get paid fast, manage capital and pay employees with confidence. Within Payments, last fall, we launched next business day payments, allowing our customers to receive their funds much faster than previously experienced. We've seen an 8-point higher product recommendation score for those customers who have access to this product.

我想分享一些能夠證明我們取得進展的證據。我們致力於為客戶解決最重要的問題，幫助他們快速收款、管理資金並自信地支付員工薪資。去年秋天，我們在支付業務方面推出了隔日付款服務，讓我們的客戶比以往更快收到款項。我們發現，能夠使用該產品的客戶的產品建議評分提高了 8 分。

Within Payroll, we introduced next-day and same-day direct deposit to enable customers to hold on to their money longer and better manage their cash flow. We have already seen over 1/3 of our Online Payroll customers benefit from this feature.

在薪資管理方面，我們推出了隔日到帳和當日到帳的直接存款服務，使客戶能夠更長時間地持有資金，更好地管理現金流。我們已經看到超過三分之一的線上薪資管理客戶從這項功能中受益。

QuickBooks Capital has funded $277 million in cumulative loans since launching publicly a little over a year ago. QuickBooks Capital leverages QuickBooks Online customer's data to provide loans to small businesses, nearly 60% of which not qualified for loans elsewhere. Our QuickBooks Capital business has a default rate half the industry average, and we remain excited about this opportunity.

QuickBooks Capital 自一年多前公開推出以來，累計已發放 2.77 億美元貸款。QuickBooks Capital 利用 QuickBooks Online 客戶的資料向小型企業提供貸款，其中近 60% 的企業不符合其他地方的貸款資格。我們的 QuickBooks Capital 業務違約率只有行業平均水平的一半，我們仍然對這個機會感到興奮。

Finally, we are encouraged by initial results for QuickBooks Online Advanced, as we take our game to the mid-market to serve those businesses with 10 to 100 employees. We continue to roll out new features, including customer user permissions and batch invoices. The team is using customer feedback to iterate fast and add functionality.

最後，QuickBooks Online Advanced 的初步結果令我們倍感鼓舞，我們將業務拓展到中端市場，為擁有 10 到 100 名員工的企業提供服務。我們將繼續推出新功能，包括客戶用戶權限和大量發票。團隊正在利用客戶回饋快速迭代並添加功能。

Within our strategic partner group, our Professional Tax revenue was down 1% 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.

在我們的策略夥伴集團中，專業稅務收入較去年同期下降了 1%。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 wrap up, we are pleased with the continued momentum of our Small Business and Self-Employed Group and remain laser-focused on executing as we head toward the tax filing deadline.

總而言之，我們對小型企業和自僱團隊的持續發展勢頭感到滿意，並將繼續全力以赴，在報稅截止日期前完成各項工作。

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, Sasan. Good afternoon, everyone. For the second quarter of fiscal 2019, we delivered revenue of $1.5 billion, up 12% year-over-year; GAAP operating income of $233 million versus $194 million a year ago, a 20% increase; non-GAAP operating income of $339 million versus $294 million last year, a 15% increase; GAAP diluted earnings per share of $0.72 versus $0.70 a year ago and non-GAAP diluted earnings per share of $1, up from $0.84 last year.

謝謝你，薩桑。大家下午好。2019 財年第二季度，我們實現營收 15 億美元，年增 12%；GAAP 營業收入 2.33 億美元，而去年同期為 1.94 億美元，增長 20%；非 GAAP 營業收入 3.39 億美元，而去年同期為 2.94 億美元，增長 15% 而每股收益為 15%；美元；非 GAAP 稀釋後每股收益 1 美元，高於去年同期的 0.84 美元。

Turning to the business segments. Consumer Group revenue was $461 million for the second quarter. While the season got off to a slow start, we remain confident in our overall plans for the year and for consumer revenue to grow 9% to 10% in fiscal 2019.

接下來我們來看業務區。第二季消費者集團營收為 4.61 億美元。雖然本季開局緩慢，但我們對全年的整體計劃以及 2019 財年消費者收入增長 9% 至 10% 仍然充滿信心。

IRS total e-files through February 8 are down 7.1%. Assisted e-files are down 12.5% and DIY e-files declined 3.2%. In comparison, TurboTax e-files declined 3.5% during the same period.

截至2月8日，美國國稅局電子申報總量下降了7.1%。輔助電子申報下降了 12.5%，自助電子申報下降了 3.2%。相比之下，同期TurboTax電子報稅量下降了3.5%。

As a reminder, we'll provide a final tax update in late April after the tax season ends.

再次提醒大家，我們將在報稅季結束後，四月下旬發布最終的稅務更新。

Strategic Partner Group reported $208 million of professional tax revenue for the second quarter. We continue to expect revenue in this business to grow 2% to 4% in fiscal 2019.

戰略合作夥伴集團公佈第二季專業稅收收入為 2.08 億美元。我們仍預期該業務在 2019 財年的營收將成長 2% 至 4%。

Total Small Business and Self-Employed revenue grew 17% during the quarter. Online Ecosystem revenue remained strong, with growth of 38%. 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%.

本季度小型企業和個體經營者的總收入增長了 17%。線上生態系統收入保持強勁增長，增長了 38%。我們認為衡量我們未來戰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%。

QuickBooks Online subscribers grew 38%, ending the quarter with nearly 3.9 million subscribers. Growth remained strong across multiple geographies, with U.S. subscribers growing 32% to approximately 2.9 million and international subscribers growing 56% to over 980,000.

QuickBooks Online 用戶成長了 38%，本季末用戶總數接近 390 萬。多個地區的成長動能依然強勁，其中美國用戶成長了 32%，達到約 290 萬，國際用戶成長了 56%，超過 98 萬。

Within QuickBooks Online, self-employed subscribers grew to approximately 845,000, up from roughly 489,000 one year ago. We continue to expect total subscriber growth to moderate as we place a greater focus on additional services and penetrating a broader range of customers.

QuickBooks Online 的自營用戶數量從一年前的約 489,000 人增加到約 845,000 人。我們預期用戶總數成長將放緩，因為我們將更加重視增值服務和擴大更廣泛的客戶群。

Desktop ecosystem revenue was up 3% in the second quarter. Within the desktop ecosystem, our QuickBooks Enterprise customers continue to grow at a double-digit pace in the second quarter. This further reinforces our interest in the mid-market customer with our QBO Advanced offering.

第二季桌面生態系營收成長了3%。在桌面生態系統中，我們的 QuickBooks Enterprise 客戶在第二季度持續保持兩位數的成長速度。這進一步增強了我們對中端市場客戶的興趣，並推出了 QBO 高級版產品。

During fiscal 2019, we continue to expect QuickBooks Desktop units to decline single-digit 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，桌上型生態系統的營收將大致持平。

Turning to our financial principles. We remain committed to growing organic revenue double digits and growing operating income dollars faster than revenue. We 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 is investing in the business to drive customer and revenue growth.

我們首先將產生的現金用於投資業務，以推動客戶和收入成長。

Next, we consider acquisitions to accelerate our growth and fill out our product roadmap. We return excess cash that we can't invest profitably in the business to shareholders via both share repurchases and dividends.

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 $177 million of stock in the second quarter and approximately $3 billion remains on our authorization. We expect to be in the market each quarter this 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。我們在第二季回購了價值 1.77 億美元的股票，目前我們還有大約 30 億美元的授權額度。我們預計今年每季都會進入市場。

The Board approved a quarterly dividend of $0.47 per share payable April 18, 2019. This represents a 21% increase versus last year.

董事會批准派發每股 0.47 美元的季度股息，將於 2019 年 4 月 18 日支付。比去年增長了21%。

We've gotten a lot of questions about the impact of a potential downturn. At this time, we're not seeing any evidence of a macro-inspired slowdown in our business. Charge volume trends remain strong and the number of employees being paid in our ecosystem remains on trend.

我們收到了很多關於潛在經濟衰退影響的問題。目前，我們沒有看到任何宏觀經濟因素導致業務放緩的跡象。交易量趨勢依然強勁，我們生態系統中領取薪水的員工人數也維持了正常水準。

Now let me turn to our guidance. Our third quarter guidance for fiscal 2019 includes revenue growth of 10% to 12%, GAAP diluted earnings per share of $5.03 to $5.08 and non-GAAP diluted earnings per share of $5.35 to $5.40. You can find our Q3 and our reiterated fiscal 2019 guidance details in our press release and on our fact sheet.

現在讓我談談我們的指導原則。我們對 2019 財年第三季的業績預期包括：營收成長 10% 至 12%，GAAP 稀釋後每股收益 5.03 美元至 5.08 美元，非 GAAP 稀釋後每股收益 5.35 美元至 5.40 美元。您可以在我們的新聞稿和情況說明書中找到我們第三季和重申的 2019 財年業績指引詳情。

With that, I'll turn it back to Sasan.

這樣，我就把麥克風交還給薩桑了。

Thanks, Michelle. With that overview of the quarter, let me take a step back and share my perspective on Intuit's future. I will start with what matters most to our customers.

謝謝你，米歇爾。在本季概述後，讓我退一步，分享一下我對 Intuit 未來發展的看法。我將首先談談客戶最關心的問題。

All of our customers have a common set of needs, and those who've made the bold decision to become entrepreneurs and go into business for themselves have an additional set of needs. All of our customers are trying to make ends meet, maximize their tax refund, save money and pay off debt. For those who are small businesses, they have additional needs. They want to find and keep customers, get paid, access capital to grow and ensure their books are right. That's why our mission is to power prosperity around the world, and our strategy is the One Intuit ecosystem, which focuses on unlocking the power of many for the prosperity of one.

我們所有的客戶都有一系列共同的需求，而那些勇敢地決定成為企業家並自主創業的人則還有一系列額外的需求。我們所有的客戶都在努力維持生計、最大程度地獲得退稅、節省開支和償還債務。對於小型企業而言，他們還有其他需求。他們希望找到並留住客戶，收到款項，獲得發展所需的資金，並確保帳目正確。這就是為什麼我們的使命是為世界各地的繁榮提供動力，而我們的策略是建立一個 Intuit 生態系統，專注於釋放眾人的力量，實現個人的繁榮。

This strategy is a continuation of Intuit's 10-year transformation led by Brad, from a North America desktop company to a global cloud company. As we advance our strategy, we're taking steps towards becoming an AI-driven expert platform. Let me unpack what I mean by an AI-driven expert platform. It's a platform where we and others solve the most pressing customer problems and deliver awesome experiences. It's about significantly accelerating our application of artificial intelligence, which progressively learns from the large data set across the platform and delivers the benefits customers seek with speed. And it's about solving the largest problem customers face -- confidence -- by connecting them with experts on our platform.

這項策略是 Intuit 在 Brad 的領導下歷經 10 年轉型，從一家北美桌面電腦公司轉型為全球雲端公司的延續。隨著我們策略的推進，我們正朝著成為人工智慧驅動的專家平台邁進。讓我來解釋一下我所說的AI驅動型專家平台是什麼意思。這是一個我們和其他用戶共同解決最迫切的客戶問題並提供卓越體驗的平台。它旨在大幅加快人工智慧的應用，人工智慧能夠逐步從整個平台的大型資料集中學習，並快速提供客戶所尋求的好處。而它的目的是解決客戶面臨的最大問題——信心——透過將他們與我們平台上的專家聯繫起來。

With that context, let me provide a few examples to bring this to life. When it comes to connecting people to experts, we are doing this today with TurboTax Live. Imagine the opportunity we have to expand live expertise across the platform to serve consumers, self-employed and small businesses. It's our chance to digitize the service industry.

基於以上背景，讓我舉幾個例子來具體說明。在連結用戶與專家方面，我們今天正在使用 TurboTax Live 來實現這一目標。想像一下，我們有機會將即時專業知識擴展到整個平台，從而服務消費者、自僱人士和小型企業。這是我們實現服務業數位轉型的契機。

For Small Business owners, we are focused on being the center of Small Business growth using artificial intelligence across our platform to accelerate faster funding and payments and to help our customers access capital.

對於小型企業主而言，我們致力於成為小型企業發展的中心，利用人工智慧技術在我們的平台上加速融資和支付，幫助我們的客戶獲得資金。

Over time, we see an opportunity to better serve product-based businesses as they find and sell to customers across channels. We're also focused on helping customers make smart decisions with their money by connecting our customers to financial products to make ends meet. This is our vision for Turbo, where we are increasing active use and engagement so we can offer value beyond tax with our consumer platform.

隨著時間的推移，我們看到了一個機會，可以更好地服務那些透過各種管道尋找客戶並向客戶銷售產品的企業。我們也致力於協助客戶做出明智的理財決策，將客戶與金融產品連結起來，幫助他們維持生計。這就是我們對 Turbo 的願景，即提高用戶的積極使用率和參與度，以便我們能夠透過我們的消費者平台提供除稅收以外的價值。

Last but not least, we are focused on disrupting the mid-market with QBO Advanced. Our AI-driven expert platform will help provide what mid-market customers need at a disruptive price. We are excited about the opportunity in front of us, and we are off to a running start on this journey.

最後但同樣重要的是，我們致力於透過 QBO Advanced 顛覆中端市場。我們以人工智慧驅動的專家平台將以顛覆性的價格為中端市場客戶提供所需服務。我們對眼前的機會感到興奮，並且在這段旅程中已經取得了良好的開端。

Before I close, I would like to thank our Co-Founder, Scott Cook, for creating such an extraordinary company 35 years ago and Brad for the incredible foundation he has left behind. It is a true honor and privilege to lead Intuit.

在結束發言之前，我要感謝我們的聯合創始人斯科特·庫克，感謝他在 35 年前創建了這樣一家非凡的公司；也要感謝布拉德，感謝他留下的寶貴基礎。能夠領導 Intuit，我深感榮幸。

I want to thank our employees, customers and partners for another strong quarter. We're pleased with our results for the first half and look forward to the future.

我要感謝我們的員工、客戶和合作夥伴，感謝他們又一個季度所取得的優異成績。我們對上半年的業績感到滿意，並期待未來。

Now let's open it up for questions.

現在進入提問環節。

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

（操作員說明）我們的第一個問題來自摩根士丹利的基斯‧韋斯。

I wanted to dig into some of the like the early returns you guys are seeing on the tax season and maybe focus the question on 2 parts. One, in terms of sort of what the impacts of the tax law changes have been. Is it -- any early indications on whether it's actually sort of the simplification is drawing more people to DIY? Is there enough numbers and they're gaining confidence in that? And then two, more specifically to TurboTax. How has the uptake of TurboTax Live been compared to your earlier expectations? I'm a TurboTax user, and I know you guys are promoting it very heavily. It's all over that landing page. Has the uptake been in line with your expectations?

我想深入了解你們在報稅季看到的一些早期回饋，也許可以把問題集中在兩個方面。第一，從稅法變更的影響來看。是否有任何早期跡象表明，這種簡化方式是否真的吸引了更多人進行 DIY？人數是否足夠，他們是否對此越來越有信心？然後是第二點，更具體地說是TurboTax。TurboTax Live 的普及程度與您先前的預期相比如何？我是TurboTax的用戶，我知道你們一直在大力推廣它。整個首頁到處都是。銷售情況是否符合您的預期？

Great. Keith, thank you for your question. Two-part answer. First one is the category champions for do-it-yourself. We're actually quite pleased with the growth that we've seen in the category. And we believe that with our actions, with our lineup and with the tax simplification, that it has potentially drawn more folks to the category. So we feel good about what we see thus far. In terms of the uptake with TurboTax Live, as you know, there's multiple experience improvements that we made this year, one of them being that we've made it available across all of our SKUs. And thus far, we like what we see. Our PRS scores are up, both for the consumer and for pros, and we like where we are.

偉大的。基思，謝謝你的提問。答案分為兩部分。首先是DIY類別的冠軍。我們對這個品類所取得的成長感到非常滿意。我們相信，透過我們的行動、產品陣容和稅收簡化措施，已經吸引了更多的人進入這個領域。所以，我們對目前所看到的感到滿意。關於 TurboTax Live 的普及情況，正如您所知，我們今年進行了多項體驗改進，其中一項改進是使其適用於我們所有的 SKU。目前來看，我們對所看到的很滿意。我們的 PRS 評分有所提高，無論是消費者還是專業人士，我們對目前的狀況都很滿意。

Got it. And second, maybe sneak in a follow-up for Michelle. When we're thinking about TurboTax Live, are you guys still comfortable that there won't be any like real gross margin impact from TurboTax Live? Because I mean, there's a real person on the other side of that live offering.

知道了。其次，或許可以偷偷地為米歇爾加個後續報道。當我們考慮 TurboTax Live 時，你們是否仍然認為 TurboTax Live 不會對毛利率產生任何實際影響？因為我的意思是，在直播的另一端是一個活生生的人。

Keith, thanks for the question on TurboTax Live. And you're right, we continue to be pretty excited about Live and the opportunity we have there, which -- and the opportunity is pretty big when you think about the assisted segment and what it gives us access to bringing those customers in. As for our gross margin, we've continued to look at that, and we feel pretty good that, that will stay around the 84% mark over time. One of the things that's great about TurboTax Live is the price range for that, the ARPC for that is quite a bit higher than what we have with our normal TurboTax core product. And so even though we do have people involved in it, we're continuing to drive the efficiency there. Last year was our first year. And so as we said before, we weren't as efficient as we could be. And so we continue to work on that. But we feel good about it. We feel good about where we are from a margin standpoint.

Keith，感謝你對TurboTax Live提出的問題。你說得對，我們仍然對 Live 以及我們在那裡擁有的機會感到非常興奮，而且——當你考慮到輔助服務領域以及它為我們帶來的吸引這些客戶的機會時，這個機會是非常大的。至於我們的毛利率，我們一直在關注，我們感覺它應該會長期保持在 84% 左右。TurboTax Live 的優點之一是它的價格範圍，雖然它的平均每用戶收入比我們普通的 TurboTax 核心產品要高得多。因此，即使我們有人員參與其中，我們仍在不斷提高那裡的效率。去年是我們第一年。所以正如我們之前所說，我們的效率還沒有達到最佳狀態。因此，我們會繼續努力。但我們對此感到滿意。從利潤率的角度來看，我們對目前的狀況感到滿意。

Our next question comes from Brad Zelnick of Crédit Suisse.

下一個問題來自瑞士信貸的布拉德·澤爾尼克。

Sasan, if we look at the spread between consumer revenue growth and tax unit growth, it looks like you're seeing a nice increase in average revenue per return. What are the puts and takes on the mix that's driving it? And can you give us a sense of ASP or mix across the spectrum of TurboTax Live SKUs that you're now offering?

Sasan，如果我們看一下消費者收入成長和稅收單位成長之間的差距，就會發現平均每筆退稅的收入出現了不錯的成長。哪些因素影響這種混音風格？您能否大致介紹一下您目前提供的 TurboTax Live 所有 SKU 的平均售價或組合情況？

Brad, thank you for the question. As you know, we've got multiple levers: price, mix and volume. And we actually like what we're seeing on mix. Our customers are seeing benefits in 2 areas. One is our self-employed offering. And two, the fact that we have TurboTax Live available across multiple SKUs. And we're seeing higher uptake in both of those areas, which is great because it means that we're delivering more confidence for our customers and they'll have confidence in their maximum tax refund. So we feel good about it and those are the drivers of it.

布拉德，謝謝你的提問。如您所知，我們有多種控製手段：價格、產品組合和銷售。我們其實蠻喜歡目前在混音方面看到的內容。我們的客戶在兩個方面都獲得了好處。其中一項是我們的自僱人士服務。第二，我們的 TurboTax Live 可在多個 SKU 中使用。我們看到這兩個領域的接受度都在提高，這很好，因為這意味著我們正在為客戶帶來更大的信心，他們也會對自己獲得的最高退稅額充滿信心。所以我們對此感到滿意，而這些就是推動我們前進的動力。

Okay. And if I could just add a follow-up, either for yourself or for Michelle. It's great to hear the early success this season with TurboTax Live and the strong product recommendation scores that go along with that. How should we think about your ability to meet demand as we get later into the season and avoid customers sitting in long queues and doing that profitably?

好的。如果可以的話，我想補充一點，無論是給你自己還是給米歇爾。很高興聽到 TurboTax Live 在本季初期就取得了成功，並且獲得了很高的產品推薦評分。隨著季節進入後期，我們該如何看待貴公司滿足需求的能力，避免顧客排長隊，並獲利？

Yes. It's a great question, and that's something that our teams prepare for throughout the year. And we have multiple different scenario plans as we're in season. I think the first thing I would start with is last year, our assessment of ourselves is that we were -- we delivered for our customers, but we were inefficient on the platform for our pros. And this year, we did multiple things. One, in terms of onboarding the pros, this ability we gave them for scheduling, case management. And so they are far more efficient and effective to deliver for our customers. So we feel good about the capacity that we have, the usage rate that we have, and we have multiple different scenarios to ensure that we're prepared for the rest of the season.

是的。這是一個很好的問題，也是我們團隊全年都在為此做準備的事情。而且，由於正值賽季期間，我們還有多個不同的應對方案。我認為首先要說的是去年，我們對自己的評估是——我們為客戶提供了服務，但我們的平台對於我們的專業人士來說效率低下。今年，我們做了很多事。第一，就專業人員入職而言，我們賦予了他們安排日程、個案管理的能力。因此，它們能夠更有效率、更有效地為我們的客戶提供服務。因此，我們對目前的產能和使用率感到滿意，我們制定了多種不同的方案，以確保為本賽季剩餘的比賽做好準備。

Our next question comes from the line of Ross MacMillan of RBC.

我們的下一個問題來自加拿大皇家銀行的羅斯·麥克米倫。

I have 2 questions. Just first on tax. One of the things, Sasan, we've noticed is it appears that the way that the forms changed and the way your product offerings changed might mean that more prior year free filers may actually become paid filers. And I was wondering if, I guess, 2 things on that. One is, is that a fair assumption or a fair assertion? And then, secondly, what are the implications for unit share, given that part of the DIY category is free as opposed to paid? And is there potentially some sort of mix shift towards paid and away from free as you think about the mix this year?

我有兩個問題。首先是稅。薩桑，我們注意到的一件事是，表格的變化以及你們產品供應的變化似乎意味著，往年免費報稅的人可能會更多地變成付費報稅的人。我想問的是，關於這件事，有兩個問題。第一個問題是，這是一個合理的假設還是一個合理的斷言？其次，考慮到 DIY 類別的一部分是免費的而不是付費的，這對市場份額有何影響？今年在考慮內容組合時，是否有付費內容逐漸減少、免費內容逐漸減少的趨勢？

Yes, thank you, Ross. Great question. Just one, as a reminder, the 4 levers in the business are IRS -- number of IRS returns. It's driving growth in the DIY category, and then we want to be able to take share in the category and then lastly but least, it's about revenue per customer. And this year, we lined up our free offering. We wanted to build the best free offering, so we lined it up with the IRS 1040 and included a number of things to make it really an awesome offering, inclusive of year-over-year data transfer. But by the way we defined our offerings, there are a number of customers that look to our paid offerings for the benefit, and we are actually seeing some of that uptake and feel good about what we are seeing. At the end of the day, what matters for us is the champions of the category is growing the category and ultimately putting our customers in right products. And we feel good about what we're seeing early in the season.

是的，謝謝你，羅斯。問得好。提醒一下，該業務的 4 個槓桿是 IRS – IRS 申報表的數量。它推動了 DIY 品類的成長，然後我們希望能夠在該品類中佔據份額，最後但同樣重要的是，每個客戶的收入。今年，我們安排了免費贈品。我們想打造最好的免費產品，所以我們將其與 IRS 1040 表格對接，並添加了許多功能，使其成為真正出色的產品，包括逐年數據傳輸。但根據我們對產品的定義，有許多客戶希望透過我們的付費產品獲得好處，而且我們確實看到了一些這樣的接受度，我們對所看到的感到欣慰。歸根究底，對我們來說重要的是，品類中的佼佼者能夠發展壯大品類，並最終為我們的客戶提供合適的產品。我們對賽季初期的表現感到滿意。

Great. And maybe one other one, just to follow up. There was some commentary around, I guess, the test product Live Bookkeeping that was out there. And I know it's not a product that's in the market yet. But I was just curious to kind of your thoughts around that and maybe if there's anything to talk about on a potential product in the future.

偉大的。或許還可以再問一個問題，作為後續。我想，當時有些評論是關於測試產品 Live Bookkeeping 的。我知道這款產品目前還沒有上市。但我只是好奇你對此有何看法，以及未來是否有可能開發出相關產品。

Yes, I think you're asking about QuickBooks Live. Let me just take a step back and set some context. When you think about what I shared earlier around an AI-driven expert platform, there are common needs across all of our customers that we serve: consumer, self-employed and small businesses. And one of the biggest problems that customers face is confidence. And so one of the most important areas that we are focused on is connecting people with experts on our platform. And we've been doing some testing to learn what's important to small businesses, what's important to bookkeepers, enrolled agents and accountants and running a test to make that connection. And so far, we like what we see in the test. So ultimately, it's a 2-sided platform. It's about serving small businesses, but it's also helping enrolled agents, CPAs and bookkeepers grow. And we're seeing -- we like what we see so far in our early reads.

是的，我想你問的是 QuickBooks Live。讓我先退一步，交代一下背景。當你回想我之前分享的關於人工智慧驅動的專家平台的內容時，你會發現我們服務的所有客戶（消費者、自僱人士和小型企業）都有一些共同的需求。而顧客面臨的最大問題之一就是信心。因此，我們關注的最重要領域之一就是透過我們的平台將用戶與專家聯繫起來。我們一直在進行一些測試，以了解對小型企業來說什麼最重要，對簿記員、註冊代理人和會計師來說什麼最重要，並進行測試以建立這種聯繫。到目前為止，我們對測試結果感到滿意。所以歸根究底，這是一個雙邊平台。它旨在服務小型企業，同時也幫助註冊代理人、註冊會計師和簿記員成長。我們看到——我們對目前為止從初步閱讀中看到的內容感到滿意。

Our next question comes from Kirk Materne of Evercore ISI.

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

Sasan, I wanted to maybe shift over to QuickBooks Online really quick and just talk about QBO Advanced. You mentioned you feel good about the progress there thus far. Can you just talk about sort of who you expect to be sort of the initial customers for that? Meaning, do you expect that there's an opportunity to maybe keep customers that were sort of turning off to a product that's more for mid-size customers, as well as obviously bring on new customers on to the platform? I guess, is there a balance you're expecting in the near term on that? And then I just have one follow-up for Michelle.

Sasan，我想快速過渡到 QuickBooks Online，並談談 QBO 高級版。你提到你對目前為止的進展感到滿意。您能否談談您預計的首批客戶群？也就是說，您是否認為有機會留住那些對中型客戶的產品逐漸失去興趣的客戶，同時顯然也能吸引新客戶加入平台？我想問的是，您預期短期內這方面會有什麼平衡嗎？最後，我還有一個問題想問米歇爾。

Kirk, thank you for your question. Let me just start with some context in the way we think about this space. First of all, the way we draw the line is small businesses with employees between 10 to 100. But generally, the challenge in this space is that these customers are overserved and they overpay. And there's an opportunity for us to really serve these customers. Now the good news is we do this today with Desktop Enterprise. We have well over 140,000 customers. It's over a $440 million business that's growing double-digits. And we've made the decision now because we are ready to ultimately build out in the platform in the cloud. And we believe that there is a big opportunity to serve these customers. First, It's ensuring that we can be there for our existing customers. When we look at Desktop Enterprise, it's been 70% structures and 30% new. But as we look at QBO Advanced and really disrupting mid-market, we want to be hunters and nurturers. And so we want to make sure that we not only deliver for our existing customers as they grow, but we also want to make sure that we begin to go after new acquisitions. I would just remind us that we are very early. We know how to play in this space. But now we're building the platform in the cloud, and it's not just about the platform but also the services that we need to deliver. And so very early, but we're pleased with the early results.

柯克，謝謝你的提問。首先，我想先介紹一下我們對這個領域的一些看法。首先，我們劃定的界線是員工人數在 10 到 100 人之間的小型企業。但總的來說，這個領域的挑戰在於，這些客戶得到了過度的服務，並且支付了過高的費用。我們有機會真正為這些客戶提供優質服務。好消息是，我們現在可以透過桌面企業版來實現這一點。我們擁有超過14萬名客戶。這是一個價值超過 4.4 億美元的業務，並且正以兩位數的速度成長。我們現在做出這個決定，是因為我們準備好最終在雲端平台上進行建置。我們相信，服務這些客戶蘊藏著巨大的機會。首先，我們要確保能夠為現有客戶提供服務。當我們檢視桌面企業版時，會發現其中 70% 是現有架構，30% 是全新架構。但當我們審視 QBO Advanced 並真正顛覆中端市場時，我們希望成為獵人和培育者。因此，我們不僅要確保在現有客戶成長的過程中為他們提供服務，還要確保開始尋求新的收購目標。我只想提醒大家，我們現在時間還很早。我們知道如何在這個領域發揮作用。但現在我們正在雲端建置平台，這不僅關乎平臺本身，也關乎我們需要提供的服務。雖然現在還處於早期階段，但我們對目前的初步結果感到滿意。

Okay, that's helpful. And then, Michelle, obviously, you have really nice sort of beat on operating margin that seemed to flow through just from the top line beat. But given that the tax season is sort evolving a little bit slower, was there any spend that shifted into the third quarter maybe from the second quarter as a result of that? Or is that just sort of the natural leverage of the model showing up in terms of the operating margin, earnings upside this quarter?

好的，這很有幫助。然後，米歇爾，很明顯，你們的營業利潤率非常出色，這似乎完全得益於營收超出預期。但鑑於報稅季的進展速度似乎稍慢一些，是否有一些支出因此從第二季轉移到了第三季？或者這只是該模型自然的槓桿作用，體現在本季的營業利益率和獲利成長率？

Thanks, Kirk, for the question. Yes, with a slow-forming tax season and just our normal operations of the business, we do see expenses that tend to shift from one quarter to the other. We tend not to get overly focused on that. We really do focus on the total year when we think about margins. And so I would stay focused on the guide we've given for the year and not get too caught up in the quarterly movements.

謝謝柯克的提問。是的，由於報稅季進展緩慢，加上我們正常的業務運營，我們確實會看到一些支出從一個季度轉移到另一個季度。我們往往不會過度關注這一點。我們在考慮利潤率時，確實會著重在全年的整體情況。因此，我會繼續專注於我們今年制定的指導方針，而不要過於專注於季度走勢。

Our next question comes from Scott Schneeberger of Oppenheimer.

我們的下一個問題來自奧本海默公司的史考特‧施內伯格。

My first one, it's similar to Ross' earlier about the tiers quarter in TurboTax, but specifically to the changes in tax reform. I'm just curious if obviously with the tiered categories, there's changes in robustness on your end. But are you seeing a lot of change from, we'll call it, trade-down, from itemized to standard deduction? And how are you handling that?

我的第一篇論文與 Ross 先前關於 TurboTax 中分級季度的論文類似，但具體是關於稅制改革的變化。我只是好奇，顯然，採用分級分類後，你們那邊的穩健性是否會改變。但是，您是否看到很多變化，我們姑且稱之為“降級”，即從逐項扣除轉向標準扣除？你是如何應對的？

Scott, thank you for your question. I think back to what I -- the context that I said earlier. Tax simplification is really good for consumers. And in fact, with us being the category champions and the way we're promoting how easy it is to do taxes yourself, we're seeing a growth in the category. Now with respect to where customers fit across the different lineup, it's playing out exactly within kind of the realm that we assumed in terms of, one, those that may trade up because of TurboTax Live and the confidence that they're looking for, but also those that potentially used to pay, but now need to be free. So what we're seeing is very much in line with what we expected.

斯科特，謝謝你的提問。我回想起我之前所說的內容——也就是我之前提到的背景。簡化稅收制度對消費者來說真的很有好處。事實上，由於我們是該品類的領導者，並且我們大力宣傳自己報稅有多麼容易，我們看到該品類正在增長。至於客戶在不同產品線中的定位，其發展與我們先前的預期基本一致，一方面，有些客戶可能會因為 TurboTax Live 及其帶來的信心而升級，另一方面，有些客戶可能以前是付費用戶，但現在需要免費使用。所以，我們看到的情況與我們的預期非常吻合。

And then as far as competitive behavior, a lot of rate changes and tier complexity changes from everyone this year. I'm just curious if you're seeing -- obviously, we don't have the IRS through middle of February. You had to go back a week on that. So how do you think you compare? I know it's a handicap, not having seen that yet. But through midyear, do you think that anyone is stepping out ahead or behind or are falling back in the -- in any of the categories in the tax space just through competitive behavior?

至於競爭行為方面，今年各方都進行了許多費率調整和等級複雜性調整。我只是好奇你是否看到了——顯然，在二月中旬之前我們都沒有美國國稅局。你得把這件事往前推一週。那你覺得自己跟他們相比如何？我知道這是個劣勢，因為我還沒看過那場比賽。但到年中，你認為在稅務領域的任何類別中，是否有人因為競爭行為而領先、落後或退步？

Yes, thank you. Great question. Having lived in TurboTax land myself for 3 years, this season is like all other seasons. Everybody, we respect our competitors. They're putting their best foot forward. Really good products. Really good marketing. And I would just say, we like what we see so far. And just as a reminder, for every point the IRS grows, our revenue is up about 1. For every point this category grows, our revenue is up 3. And we are very focused on growing the category and we like what we see so far.

是的，謝謝。問得好。我自己也用了三年TurboTax報稅軟體，這個報稅季和其他報稅季沒什麼兩樣。我們尊重每一位競爭對手。他們正全力以赴。非常好的產品。行銷做得真棒。我只想說，我們對目前為止所看到的很滿意。再次提醒大家，國稅局每成長一個百分點，我們的收入就會增加約 1 個百分點。這個類別每成長一個百分點，我們的收入就會增加 3 個百分點。我們非常重視該類別的成長，並對目前的情況感到滿意。

Our next question comes from Brent Thill of Jefferies.

下一個問題來自傑富瑞集團的布倫特·蒂爾。

12% growth from the first half of the year, yet you're guiding for a decel to get to 8% to 10% for the back half. I'm just curious how you think about the back half and the differences that you face. Obviously, a big comp from last year. But any other factors that you're paying attention to that we should be cognizant of?

雖然上半年成長了 12%，但你們預計下半年成長率將放緩至 8% 到 10%。我只是好奇你對後半程比賽的看法以及你所面臨的差異。顯然，這是去年的一場大型對比。但有其他需要我們注意的因素嗎？

Brent, it's a very legit and deserved question. Our principle is we guide to the year and we guide to the quarter. And of course, as you just articulated, both in Q1 and Q2, we delivered 12% top line growth. And of course, you know our guidance for Q3. And we're very focused on delivering for our customers in Q3 and delivering the guidance that we've given you all. And then we'll step back and look at guidance for the rest of the year. And as you can imagine, our third quarter is more than double the revenue we just delivered, and we want to make sure that we are laser-focused executing that. So nothing -- there's no new dynamic other than we guide for the year and then we guide for the quarter.

布倫特，這是一個非常合理且值得提出的問題。我們的原則是，我們既要對年度進行指導，也要對季度進行指導。當然，正如您剛才所說，第一季和第二季度，我們的營收都實現了 12% 的成長。當然，您也知道我們對第三季的預期。我們非常注重在第三季為客戶提供服務，並兌現我們先前向大家所做的承諾。然後我們會回顧過去，並展望今年剩餘時間的指導方針。正如你所想，我們第三季的收入是上一季的兩倍多，我們希望確保我們能夠全神貫注地執行這一目標。所以沒什麼變化——除了我們先給出年度業績指引，然後再給出季度業績指引之外，沒有其他新的變化。

Okay. And Michelle, the buyback is down 49% in the first half of the year. And I know that you still have $3 billion out -- authorized. But can you just give us a sense of any change in capital allocation here in terms of how you're thinking about the balance of where you're going?

好的。米歇爾，今年上半年股票回購額下降了 49%。我知道你們還有 30 億美元的授權支出。但您能否簡單說明一下，在資本配置方面，您對未來發展方向的平衡有何考量？

Brent, thanks. Thanks for the question. In Q2, as I mentioned, we bought back $177 million worth of stock, which was up from $101 million in Q1. And we really -- there has not been any change in our capital planning decisions. We apply our financial principles, and so we look at investing in the business to drive growth. And then we look, as I mentioned, in acquisitions. And then we look at buying back shares and paying dividends. And so I would say we're pretty happy with where we are over the last 4 years. We've returned about $6 billion to shareholders. And so we feel pretty good about where we are right now.

布倫特，謝謝。謝謝你的提問。正如我之前提到的，第二季我們回購了價值 1.77 億美元的股票，高於第一季的 1.01 億美元。事實上，我們的資本規劃決策並沒有任何改變。我們運用財務原則，因此我們會考慮投資企業以推動成長。然後，正如我剛才提到的，我們會關注收購方面。然後我們會考慮回購股票和支付股利。所以我覺得我們對過去四年所取得的成就相當滿意。我們已向股東返還了約60億美元。所以，我們對目前的狀況感覺相當不錯。

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

我們的下一個問題來自美國銀行美林證券的卡什·蘭甘。

Congrats, Sasan, on taking over as CEO of Intuit. I had a question with respect to the tools that are available to Intuit to improve the retention in TurboTax business and also the QBO business.

恭喜薩桑接任Intuit執行長一職。我有一個關於 Intuit 可用於提高 TurboTax 業務和 QBO 業務客戶留存率的工具的問題。

Kash, thank you for your question and your kind words. Do you mind just repeating your question because you cut in and out? I didn't hear the whole question.

Kash，謝謝你的提問和鼓勵。您介意我再問一次您的問題嗎？因為您說話斷斷續續的。我沒聽清楚問題的全部內容。

Absolutely. Absolutely. I'm going into a tunnel. I'm happy to do that. The tools that are available to Intuit -- the tools and strategies that are available to Intuit to improve the retention rates in TurboTax and the QBO businesses.

絕對地。絕對地。我要進入隧道。我很樂意這樣做。Intuit 可用的工具－Intuit 可用於提高 TurboTax 和 QBO 業務用戶留存率的工具和策略。

Got it, got it. Very helpful. Thank you for repeating it. I will just to start with our approach is that all of our products are instrumented, so we look at the data across all of our products. We look at what customers are using. We look at voice of the customer. We look at product recommendation scores. And that really helps us hone in on where we are delivering for customers, where we need to improve the experience. And that actually is what informs, in the very near term, our roadmap, while separately we have longer-term strategic roadmaps. So I would say the, really, the uber tool is that our products are instrumented. We look at the data. We look at voice of the customer. We look at our product recommendation scores. And those, combined with how we observe customers, is what informs what we do to ensure that we improve retention across our platform.

明白了，明白了。很有幫助。謝謝你再次強調。首先我想說明的是，我們的方法是我們所有的產品都配備了監測設備，所以我們會查看所有產品的數據。我們會觀察客戶正在使用什麼產品。我們會聽取客戶的意見。我們查看產品推薦評分。這確實有助於我們明確地在哪些方面為客戶提供了服務，以及在哪些方面需要改善客戶體驗。事實上，這正是我們近期路線圖的製定依據，而我們另有長期戰略路線圖。所以我認為，真正強大的工具就是我們的產品都配備了檢測設備。我們查看數據。我們會聽取客戶的意見。我們會查看產品推薦評分。而這些，再加上我們對客戶的觀察，就構成了我們為確保提高平台使用者留存率所採取的行動依據。

Particularly on TurboTax, is there any manner to how we use the Live product for retention and potentially upsellers to make it a better, more holistic experience. so the issue that we've had in the past of people dropping out because there's competition, whatnot. How do you think about that lever? That's it.

尤其是在 TurboTax 上，我們是否有辦法利用 Live 產品來提高用戶留存率並促進追加銷售，從而提供更好、更全面的體驗？所以，過去我們遇到的問題是，由於競爭等原因，有人會退出。你覺得那個槓桿怎麼樣？就是這樣。

Yes, got it. Very helpful. That's actually one of the reasons why we are so excited about TurboTax Live because it really goes after the heart of what matters most to our customers, which is that one nagging question that they have. They just bought a house or they sold a house, or they just got married or they just had a child or they made a new investment. And what are the implications of that to my tax return? And that is what's so exciting about Live because now customers can ask a question. We've improved the experience so they can get real-time answers, so they can get asynchronous answers. And that proved last year to be not only a conversion but a retention tool, and we're seeing the same this year.

是的，明白了。很有幫助。實際上，這正是我們對 TurboTax Live 感到如此興奮的原因之一，因為它真正觸及了客戶最關心的問題的核心，那就是他們心中那個揮之不去的疑問。他們可能剛買了房子，或者賣掉了房子，或者結婚了，或者生了孩子，或者進行了新的投資。那會對我的報稅產生什麼影響？這就是 Live 的魅力所在，因為現在客戶可以提出問題了。我們改進了使用者體驗，使他們能夠獲得即時答案，也可以獲得非同步答案。事實證明，去年這不僅是一種轉換工具，也是一種顧客留存工具，今年我們也看到了同樣的效果。

Our next question comes from Jennifer Lowe of UBS.

下一個問題來自瑞銀集團的珍妮佛洛。

I think we've all seen the press talking about don't expect a bigger refund this year or people who had gotten refunds in the past are now owing money. And that may be one of the reasons we're seeing a slower start to tax season because the people getting a big refund file first. But I'm just curious, as you see, to the extent this trend is shaping up, where people are getting smaller refunds or potentially owing more money than they have in the past. How is that impacting behavior? Does that change price sensitivity? Do they want a second opinion and maybe do things like TurboTax Live? I'm just curious to get your takes on that phenomenon.

我想我們都看到媒體報道說，今年不要指望能拿到更多退款，或是過去拿到退款的人現在反而要補錢了。這可能是我們看到報稅季開始較慢的原因之一，因為那些能拿到大額退稅的人會先提交報稅申請。但我很好奇，正如你所看到的，這種趨勢正在逐漸形成，人們獲得的退款越來越少，甚至可能比過去欠款更多。這會對行為產生什麼影響？這樣會改變價格敏感度嗎？他們是否想要獲得第二意見，或使用像 TurboTax Live 這樣的軟體？我只是好奇想聽聽你對這種現象的看法。

Jennifer, thank you for the question. What we've learned through the years, and this is all through data, is that ultimately, customers will pick the right product that's right for them. If the refund surprises them, it becomes a confidence question and that's where they need help. Did I do my taxes right? Did I answer the questions the right way? Which is, by the way, another reason why TurboTax Live is so important for our customers so they can get that nagging question answered inclusive of, hey, I expected more on my refund. Why is it different? With that context, we don't share our year-over-year refunds for our customers. But IRS shared it through February 8, and it was down 8.7% per customer. And we'll just have to see how the rest of the season plays out. But it does not impact, back to your question, which product customers pick and their sensitivity. Because once they pick a product, they have confidence in the product. They're just more focused on, do I have confidence in my refund?

珍妮弗，謝謝你的提問。多年來，我們透過數據了解到，最終，顧客會選擇最適合自己的產品。如果退款讓他們感到意外，這就涉及信任問題，而這正是他們需要幫助的地方。我的報稅方式正確嗎？我的回答是否正確？順便說一句，這也是 TurboTax Live 對我們的客戶如此重要的另一個原因，因為它可以解答他們一直困擾的問題，包括「嘿，我期望我的退稅金額更高」。為什麼會有所不同？基於此，我們不公開客戶的年度退款情況。但美國國稅局公佈的數據顯示，截至 2 月 8 日，每位客戶的降幅為 8.7%。接下來的比賽會如何發展，我們只能拭目以待了。但回到你的問題，這並不會影響顧客選擇哪一款產品以及他們的敏感度。因為一旦他們選擇了某個產品，他們就會對產品充滿信心。他們更關注的是，我對退款有信心嗎？

Great. And just sort of a second question, a similar vein. The same press reports talk about the increased complexity even for the professionals this year. And if we sort of look at the relative delta between the self-prepared e-files and the professional e-files, certainly, that seems to indicate share gains for the DIY category. But I guess, how do you think about the potential durability of that gap? Is there any sense of whether pros are just taking a little longer this season to get those filings in because they're grappling with new legislation? Or do you think that's something that could persist as we move through the next couple of months?

偉大的。還有一個類似的問題。同樣的媒體報導也提到，今年即使對專業人士來說，情況也變得更加複雜。如果我們看一下自行準備的電子文件和專業電子文件之間的相對差異，那麼顯然，這似乎表明 DIY 類別的份額有所增加。但我想問，您如何看待這種差距的潛在持久性？是否有跡象表明，職業球員本賽季提交這些文件的時間稍長一些，是因為他們正在應對新的法規？或者你認為這種情況會在接下來的幾個月持續下去嗎？

I think there are 2 big levers. One is we have digital tailwinds. More and more customers want to do things themselves versus have somebody else do it for them. However, when they need the help, they want to make sure that, that expert is there. So one, there are tailwinds. I think the second thing I would say is in addition to the tailwinds is we view ourselves as the category champions to drive the category growth, which is why we are focused on not only expanding our lead in the do-it-yourself category but transforming the assisted category, which in essence gives folks more confidence to do it themselves because they know there's going to be a human there on the other side to help answer their question. So I would say those are the 2 drivers. And so we believe that over time, that will persist.

我認為有兩個主要因素。一是我們擁有數位發展的順風。越來越多的顧客希望自己動手，而不是讓別人代勞。但是，當他們需要幫助時，他們希望確保有專家在場。所以，第一，有順風。我認為第二點是，除了順風之外，我們還把自己視為品類冠軍，以推動品類成長。這就是為什麼我們不僅專注於擴大在DIY品類中的領先地位，而且還專注於改變輔助品類，這從本質上來說，讓人們更有信心自己動手，因為他們知道另一端會有人幫助他們解答問題。所以我認為這兩位就是主要車手。因此我們相信，隨著時間的推移，這種情況將會持續下去。

Our next question comes from Josh Beck of KeyBanc.

我們的下一個問題來自 KeyBanc 的 Josh Beck。

I wanted to ask in the Consumer segment, I know at your Investor Day, you highlighted 25 million registered users across Mint and Turbo. And I know it's early in the season, but can you give us a sense of how those initiatives are tracking thus far?

我想在消費者板塊提問，我知道在你們的投資者日上，你們重點介紹了Mint和Turbo兩款產品共有2500萬註冊用戶。我知道現在還處於賽季初期，但您能否向我們介紹一下這些舉措目前的進展？

Yes. Josh, thank you for your question. First of all, I'll go back to -- our focus is to make -- to help our customers make ends meet. And really, the vision for Turbo is to ensure that we are matching our customers with the best financial products. And we've got 4 verticals that we are focused on, investing and lending and mortgage just being 3 of the 4. And we have 25 offers, where we match our customers with their consent of data to the financial products. And we, in fact, this year introduced 20 new features, all in service of helping our customers make ends meet and ultimately, helping our partners thrive. So, so far with the early data, again, we like what we see. We'll share those results at Investor Day this year coming up. But we like what we're seeing and what we're learning.

是的。喬希，謝謝你的提問。首先，我要回到——我們的重點是——幫助我們的客戶維持生計。實際上，Turbo 的願景是確保我們為客戶配對最佳的金融產品。我們專注於四個垂直領域，投資、貸款和抵押貸款只是其中的三個。我們提供 25 種產品，在獲得客戶同意後，我們會將他們的數據與相應的金融產品進行配對。事實上，今年我們推出了 20 項新功能，所有這些功能都是為了幫助我們的客戶維持運營，並最終幫助我們的合作夥伴蓬勃發展。所以，就目前來看，根據早期數據，我們對所看到的情況感到滿意。我們將在今年即將舉行的投資者日上公佈這些結果。但我們喜歡我們所看到的和所學到的。

And I had a follow-up around online services. That's been, I think, a nice positive upside surprise. You've got some nice updates on capital and payments and payroll. I'm just wondering if you unpack that, are there certain areas that are maybe coming in ahead of your expectation or you're becoming more excited about as you make more inroads on the services front?

我還就線上服務進行了後續跟進。我認為這算是一個令人驚喜的正面面向。您收到了一些關於資本、支付和工資的最新消息。我只是想知道，如果你仔細分析一下，是否有某些領域的進展超出了你的預期，或者隨著你在服務方面取得更多進展，你是否對某些領域感到更加興奮？

Yes. We are very proud of the team because they're very laser focused on what matters most to our customers, which in this case, it's about helping them get paid fast, helping them get access to capital, helping them pay employees but actually hold on to us much money -- as much their money as they can before they have to pay their employees. And ultimately, when it comes to time tracking, which drives more accuracy in how you pay your employees. And I would just share with you that our teams have been very focused on those customer problems and improving the experience, looking for ways to get the money into our customers' pockets faster or helping them hold on to their money longer. And I think some of the innovation that we launched and we talked about earlier, whether it's faster funding and payments or same-day and next-day payroll, where customers get to hold on to their money a little bit longer, is all in service of our teams being very focused on what matters to customers and just accelerating both the innovation and our marketing efforts. And that's something that we would foresee continuing.

是的。我們為團隊感到非常自豪，因為他們非常專注於對客戶而言最重要的事情，在這種情況下，就是幫助他們快速獲得付款，幫助他們獲得資金，幫助他們支付員工工資，但實際上卻能讓他們盡可能多地為我們保留資金——在他們必須支付員工工資之前，盡可能多地為他們保留資金。最終，在時間追蹤方面，這將提高你支付員工薪資的準確性。我想和大家分享的是，我們的團隊一直非常專注於解決客戶問題，改善客戶體驗，尋找讓客戶更快拿到錢或幫助他們更長時間保管資金的方法。我認為我們之前推出的一些創新，無論是更快的資金和支付，還是當日或隔天發放的工資，讓客戶能夠更長時間地保留資金，都是為了服務我們的團隊，讓他們能夠專注於對客戶重要的事情，並加快創新和行銷工作。我們預計這種情況還會持續下去。

Our next question comes from Chris Merwin of Goldman Sachs.

下一個問題來自高盛的克里斯·默溫。

So just in terms of international sub growth for QBO Online. I think it was another very strong quarter, up over 50% year-on-year. And I know the U.K. has been an area of strength more recently for you all. And I guess, with the MTD legislation coming into effect in April, should we expect this tailwind to continue? Or is that sort of something that might taper off? How should we think about that continuing as we move throughout the year? And then I've got a follow-up.

僅就QBO Online的國際用戶成長而言。我認為這又是一個非常強勁的季度，比去年同期成長超過 50%。我知道英國最近一直是你們的優勢地區。我想，隨著 MTD 立法在 4 月生效，我們是否可以期待這種利多趨勢會持續下去？或者這種情況可能會逐漸消失？隨著一年中的時間推移，我們應該如何看待這種情況的持續發展？然後我還有一個後續問題。

Chris, thank you for your question. We're very pleased with the team's performance on international, and it grew about 56% this quarter, driven by several countries: U.K, Australia and Canada. And making tax digital, we believe, will actually be a contributor to continued growth. And the reason is it will create a digital tailwind for small businesses to have to change their behaviors in essence for things like invoicing. So we view that as a potential catalyst to maintain the growth.

克里斯，謝謝你的提問。我們對團隊在國際市場的表現非常滿意，本季成長了約 56%，這主要得益於英國、澳洲和加拿大等幾個國家的成長。我們相信，稅務數位化實際上將有助於經濟的持續成長。原因在於，這將為小型企業帶來數位化的順風，迫使它們從根本上改變開票等行為方式。因此，我們認為這可能是維持成長的潛在催化劑。

Okay, great. And then, yes, my follow-up was just on TurboTax e-filers. It looks like they were down a little bit more than the category. Obviously, very early in the tax season. But just curious how you're thinking about share gains in the 3Q and maybe what you've contemplated in the guidance.

好的，太好了。是的，我的後續調查只針對TurboTax電子報稅用戶。看起來他們的跌幅比同類平均略大。顯然，這還是報稅季的初期。我只是好奇您如何看待第三季的市佔率成長，以及您在業績指引中考慮了哪些因素。

Yes, yes. Again, just a quick refresher. We look at IRS growth, growing the category and then growing share. And as we plan out our game plan for the season, we do it in season parts. So thus far, we are where we expected to be, and we have a game plan for the rest of the season that we're excited about.

是的，是的。再簡單回顧一下。我們關注 IRS 的成長，推動品類成長，然後提高市場佔有率。我們在製定賽季計畫時，會將賽季分成幾個部分進行規劃。所以到目前為止，我們的表現符合預期，我們對本賽季剩餘的比賽計劃感到興奮。

Our next question comes from Ken Wong of Guggenheim.

我們的下一個問題來自古根漢美術館的 Ken Wong。

Sasan, at Analyst Day, one of the big goals you guys laid out was to improve conversion at the top of funnel in terms of customer traffic. I'm wondering if you guys have any early trends that you could share there in terms of success on that front?

Sasan，在分析家日上，你們提出的一個重要目標就是提高漏斗頂端客戶流量的轉換率。我想知道你們在這方面是否有任何早期趨勢可以分享？

Yes. Ken, thank you for your question. And that is really a big focus for us as a company because we get the customers coming to us. The opportunity we have is to improve it. And we are running multiple different experiments. We continue to run experiments in TurboTax to actually improve traffic to log in. And we're also doing the same thing in QuickBooks. I'll use an example for QuickBooks. As a reminder, people come to us for many different reasons in QuickBooks. They may come to us for invoicing. They may come to us for payroll. They may come to us just to get organized. And we are -- we've been shifting from really a QuickBooks.com that is just genericized to having landing pages that asks a couple of questions from customers, understands their intent and takes them right to what they're looking for because they come to us for many different reasons. We, in fact, have multiple tests running right now, and we've been -- and we will continue to roll out the winner. So we like our progress here. And I would tell you that we will never be satisfied because we have so much room for improvement and we see a lot of opportunity in this area.

是的。肯，謝謝你的提問。而這正是我們公司非常重視的一點，因為我們需要吸引顧客主動上門。我們現在的機會是改進它。我們正在進行多項不同的實驗。我們持續在TurboTax中進行實驗，以實際提高登入流量。我們在 QuickBooks 中也做了同樣的事情。我將以 QuickBooks 為例。再次提醒大家，人們來找我們諮詢 QuickBooks 的原因有很多種。他們可能會來找我們開立發票。他們可能會來找我們辦理薪資發放業務。他們來找我們可能只是為了整理資料。我們正在——我們已經從單純的 QuickBooks.com 轉向擁有著陸頁，這些著陸頁會向客戶詢問幾個問題，了解他們的意圖，並直接引導他們找到他們正在尋找的東西，因為他們出於各種不同的原因來到我們這裡。事實上，我們目前正在進行多項測試，我們一直在進行——並將繼續推出獲勝者。我們對目前的進展感到滿意。我還要告訴你們，我們永遠不會滿足，因為我們還有很大的進步空間，我們看到了這個領域有很多機會。

Got it. got it. And then a follow-up for Michelle. You guys mentioned that the plan was to start spending marketing dollars at the start of tax season, so a little earlier than last year. Can you maybe comment on how effective that's been and then whether or not you guys might consider putting a little more gas on the fire if it has been effective?

知道了。知道了。接下來是給米歇爾的後續訪談。你們提到過計畫是在報稅季開始時投入行銷資金，比去年稍微早一些。您能否評價一下這種方法的效果如何？如果效果不錯，你們會不會考慮加大力度？

Sure. First -- thanks for the question, Ken. First of all, have you seen our advertising?

當然。首先——謝謝你的提問，肯。首先，您看過我們的廣告嗎？

I have seen your advertising. That's why I'm a QuickBooks customer and a TurboTax customer.

我見過你們的廣告。這就是我同時使用 QuickBooks 和 TurboTax 的原因。

You like it?

你喜歡嗎？

Well, I saw the -- see which one was it? Well, I can't remember at this moment. But yes, I think it's effective. It's driven me to the website just to double check.

嗯，我看到了──你看，是哪個來著？嗯，我現在想不起來了。是的，我認為它很有效。這讓我不得不親自去網站上確認一下。

Well, good. Good, good, good. Well, you know what, we're seeing that same thing. So our big push there with our marketing dollars is really we want to be where our customers are. So that's important to us. And when we look at marketing and whether we should spend more or not, it really is around is the marketing spend driving the outcomes we want? And so on the QuickBooks side, we tend to focus on LTV to CAC. On the TurboTax side, we tend to focus on a 1-year payback. And so that enables us to be able to make different research allocation decisions because as you guys know, we manage margins at the company level, and so we're always looking at how to best deploy funds to deliver better outcomes. And so right now with the metrics we've seen so far, we are pleased with how it's going on both sides of the house with QuickBooks and with our TurboTax ads.

很好。好，好，好。你知道嗎，我們也看到了同樣的情況。因此，我們在行銷方面的大力投入，真正是為了出現在我們的客戶所在的地方。所以這對我們來說很重要。當我們審視行銷以及是否應該增加投資時，真正的問題在於行銷投入是否帶來了我們想要的結果？因此，在 QuickBooks 方面，我們傾向於關注 LTV 與 CAC 的比值。在TurboTax方面，我們傾向於關注1年的投資回報期。因此，這使我們能夠做出不同的研究分配決策，因為正如你們所知，我們在公司層級管理利潤率，所以我們一直在尋找如何最好地部署資金以取得更好的結果。所以就目前我們看到的指標而言，我們對 QuickBooks 和 TurboTax 廣告在公司上下兩方面的表現都感到滿意。

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

我們的下一個問題來自巴克萊銀行的雷莫·倫肖。

I have 2 quick questions. First on QuickBooks on the international front, you mentioned about the success you had there. Can you talk a little bit about the Brazil and France and maybe give us an indication where you were working on market sort of readiness? I'm aware of the U.K. strength. But I just wanted to see how those kind of regions are doing. And I had one follow-up.

我有兩個問題想問一下。首先，關於 QuickBooks 在國際領域的成功，您提到了您在這方面的成功。您能否談談巴西和法國的情況，並簡要說明您當時在哪些方面進行市場準備工作？我知道英國的實力。但我只是想看看那些地區的情況如何。我還有一個後續問題。

Raimo, thank you for your question. Just for context, there's 6 countries that we're in outside of the U.S. It's U.K., Canada, Australia and, of course, the other 3 that you asked about, France, Brazil and India. I'll hit on each of them very quickly. On Brazil, we really focused the teams on the compliance market. It's actually a large enough market. It's almost 2 U.K.s and we like the progress that we see, both our active use and PRS is going up. In France, it's important to remind ourselves that it is extremely early in the shift to the cloud. We are very focused on a few key problems, one of them being the document exchange between accountants and small businesses. Think receipt capture. We like the progress that we're seeing there and the product market fits, and we're seeing increased active use and PRS. But it's very early in that shift to the cloud. Again, France is where the United States was 25 years ago in terms of just where it is in moving to the cloud. And then last but not least, India is just going through a significant digital transformation with the government getting involved. And we are very focused on tech-savvy businesses. We are making progress in India, but it is not at the same rate as what we're seeing in Brazil and France.

雷莫，謝謝你的提問。簡單介紹一下背景，除了美國以外，我們還有 6 個國家。它們是英國、加拿大、澳大利亞，當然還有你提到的另外 3 個國家：法國、巴西和印度。我會很快逐一介紹他們。在巴西，我們真正將團隊的精力集中在了合規市場。實際上，這是一個足夠大的市場。已經接近 2 個英國，我們對目前的進展感到滿意，無論是活躍用戶數量還是 PRS 數量都在上升。在法國，我們必須時時提醒自己，遷移到雲端還處於非常早期的階段。我們非常關注幾個關鍵問題，其中之一是會計師和小型企業之間的文件交換。想想收據採集。我們對目前的進展感到滿意，產品市場契合度很高，我們看到活躍用戶數量和PRS都在增加。但向雲端遷移還處於非常早期的階段。再說一遍，就向雲端運算轉型而言，法國的情況就像25年前的美國一樣。最後但同樣重要的是，在政府的參與下，印度正在經歷一場意義重大的數位轉型。我們非常關注那些精通科技的企業。我們在印度取得了一些進展，但速度不如我們在巴西和法國看到的那麼快。

Okay. And then one follow-up. Can you just remind us, a lot of your business moved over to AWS, and especially in the tax season now it's going to meet the scale and is scaling? Can you remind us like where you are and where you still have duplications versus where you're kind of natively fully on AWS already?

好的。然後還有一次後續跟進。您能否提醒我們一下，貴公司許多業務都已遷移到 AWS，尤其是在報稅季，AWS 將滿足業務規模需求並正在擴展？能否提醒我們一下，您目前的情況是，哪些地方仍有重複工作，哪些地方基本上已經完全遷移到 AWS 上？

Yes, we're very excited about the shift to AWS. It helps with better tools, better automation for our developers so they can be far more productive and drive much more innovation. We expect by -- well, first of all, let me start with, most of our large apps are already on AWS, and we expect by FY '19, middle of FY '20, for most of the other services to be on AWS. There's always going to be the periphery services that will take more time. But for the most part, we'll be over the bridge.

是的，我們對遷移到 AWS 感到非常興奮。它能為我們的開發人員提供更好的工具和更好的自動化，從而提高他們的工作效率，並推動更多創新。我們預計——首先，讓我先說明一下，我們的大多數大型應用程式已經部署在 AWS 上，我們預計到 2019 財年，也就是 2020 財年中期，其他大部分服務也將部署在 AWS 上。總是會有一些外圍服務需要花費更多時間。但大部分情況下，我們已經過了那座橋。

Our next question comes from the line of Michael Turrin of Deutsche Bank.

我們的下一個問題來自德意志銀行的麥可‧圖林。

Following up on some of the online services commentary. That number continues to accelerate. Just hoping you could expand a bit more around what attach those additional products can do for ARPU and retention rates in the Small Business segment over time.

針對一些線上服務評論進行後續跟進。這個數字還在持續成長中。希望您能再詳細闡述一下，隨著時間的推移，這些附加產品能為小型企業用戶帶來哪些ARPU值和用戶留存率的提升。

Yes, Michael, thank you for your question. Maybe just a quick repeat of what I mentioned earlier. We are very focused on what matters most to our customers, which is around getting paid, around capital, paying employees and time tracking. And we like what we see and the progress that we see. I think what's most important for you all to remain focused on is our online revenue being north of 30%. We don't manage the business or set goals around ARPU but ultimately, what's most important to our customers and ensuring that we deliver what we've committed to you all. And so I would focus on the 30% revenue growth -- online revenue growth.

是的，邁克爾，謝謝你的提問。或許只需簡單重複我之前提到過的內容。我們非常關注對客戶而言最重要的事情，即收款、資金、員工薪酬和時間追蹤。我們很滿意我們所看到的以及我們所看到的進步。我認為大家最應該關注的是，我們的線上收入要達到 30% 以上。我們不以 ARPU 為目標來管理業務或設定目標，而是最終以客戶最關心的事情為準繩，確保我們兌現對大家的承諾。因此，我會專注於 30% 的收入成長——線上收入成長。

Great. And then on self-employed, you added 100,000 subs there during the quarter. Can you just help us parse through a bit more how much of that was driven by synergies with TurboTax early in the season or whether there are some additional factors that might be helping drive those synergies?

偉大的。此外，在自僱人士方面，本季新增了 10 萬訂閱用戶。您能否幫我們進一步分析一下，其中有多少是由於賽季初期與 TurboTax 的協同效應所致，或者是否存在其他因素可能有助於推動這些協同效應？

Yes, absolutely. Well, first of all, we're excited about almost adding 400,000 compared to this time last year and really helping the needs of the self-employed. We will break out where it came from at Investor Day. But right now, it's not something that we'll break out. But we like the progress that we're making, both going directly to self-employed and what we're seeing across the ecosystem, across the TurboTax channel.

是的，絕對的。首先，我們很高興與去年同期相比增加了近 40 萬個名額，真正幫助了自僱人士。我們將在投資者日上公佈其資金來源。但就目前而言，我們不會輕易放出訊息。但我們對目前的進展感到滿意，無論是直接面向自僱者，還是在整個生態系統以及 TurboTax 管道中看到的情況。

Our next question comes from Walter Pritchard of Citi.

我們的下一個問題來自花旗銀行的華特‧普里查德。

Just Sasan, for you. On traffic, I know at the Analyst Day, you talked about how traffic to TurboTax.com had been flat last year and you're hopeful that you could see some increase there and then drive some conversion. Could you help us understand what you're seeing in terms of traffic early in the season at this point? And then I had a follow-up.

薩桑，只為你。關於流量，我知道在分析師日上，您談到去年 TurboTax.com 的流量一直持平，您希望今年流量能有所成長，從而提高轉換率。您能否幫我們了解一下目前賽季初期您觀察到的交通狀況？然後我還有後續跟進。

Yes, Walter, absolutely. Our focus is actually less about growing more traffic but actually bringing customers back where they realize that we have an opportunity to help them with confidence with TurboTax Live. So it's really about the mix of folks that we're focused on bringing back and improving the conversion of those that are already there versus looking to improve traffic even more so year-over-year. And we like so far what we see.

是的，沃爾特，絕對的。我們其實更關注的不是如何增加流量，而是如何讓客戶回到我們的網站，讓他們意識到我們有機會透過 TurboTax Live 為他們提供信心的幫助。所以，我們真正關注的是現有用戶的轉換率，而不是逐年提高流量。到目前為止，我們對所看到的都很滿意。

Great. And then just on the Small Business side. You highlighted ARPU is a focus there. And you've had, I think, some good success with TSheets. Can you maybe update us on what you're thinking in terms of M&A around the Small Business Group and bringing in some businesses that might look like TSheets to help drive the breadth of the products selling into the base?

偉大的。然後就只談小企業方面了。您強調了ARPU是那裡的重點。我認為，你使用 TSheets 已經取得了不錯的成功。您能否向我們介紹一下您在小型企業集團的併購方面有什麼想法，以及您是否考慮引入一些類似 TSheets 的企業，以幫助擴大面向大眾市場的產品範圍？

Sure, sure, Walter. First of all, everything that we do is driven by what's most important to our customers. And anything that allows us to help accelerate payments for our customers, put more money in their pockets through capital, innovate in payrolls and not only make it easy, but ultimately allow them to hold on to their money the longest in their bank before they have to push a button and the money that goes out to their employees, or things like time tracking are all important areas that we will continue to innovate because we're still in the early stages. I did not talk about ARPU earlier. In fact, what I reiterated is we focus more on online revenue growth and we want you to focus on that being above 30% because that allows our teams to focus on innovation that matters the most. I think as we look ahead, one of the areas that will accelerate our focus will be how do we help product-based businesses manage across multiple different channels, and that would be an area where we'll look to accelerate our build internally and look externally if we need to.

當然，當然，沃爾特。首先，我們所做的一切都是以客戶最關心的事情為導向的。任何能夠幫助客戶加快付款速度、透過資本增加客戶收入、在薪資發放方面進行創新，不僅讓付款變得簡單，而且最終讓客戶在按下按鈕之前盡可能長時間地將資金保留在銀行帳戶中，以及支付給員工的資金，或者時間追蹤等功能，都是我們將繼續創新的重要領域，因為我們仍處於早期階段。我之前沒有提到ARPU（每位使用者平均收入）。事實上，我重申的是，我們更注重線上收入成長，我們希望你們專注於線上收入成長達到 30% 以上，因為這樣我們的團隊才能專注於最重要的創新。我認為展望未來，我們將重點關注的領域之一是如何幫助產品型企業跨多個不同管道進行管理，我們將加快內部建設，並在必要時尋求外部資源。

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

我們的下一個問題來自摩根大通的斯特林·奧蒂。

I'm curious, of the TurboTax Live users so far this season, how would you characterize the uptake of those users coming out of first-time TurboTax users versus returning TurboTax users?

我很好奇，在本季迄今為止的 TurboTax Live 用戶中，您如何描述首次使用 TurboTax 的用戶和再次使用 TurboTax 的用戶之間的差異？

Sterling, these are some data points we'll release later. But I would tell you that we like the mix that we're seeing. Just as a reminder, as we've shared at Investor Day, we lose 3 million TurboTax customers because ultimately they didn't have confidence and they go elsewhere. We're seeing less drop-off because those that may have a question can now ultimately ask for help and they will get it. And we're seeing an accelerated migration from assisted segment now that they see that there's a way to get expertise on a digital platform. So we like the mix that we are seeing. And it's also important to remind ourselves, we're early in the journey of TurboTax Live, and so we are learning and adjusting literally on a weekly basis. But we like what we see.

斯特林，這些數據點我們稍後會公佈。但我可以告訴你，我們很喜歡目前這種多元化的組合。再次提醒大家，正如我們在投資者日上分享的那樣，我們每年流失 300 萬 TurboTax 用戶，因為他們最終失去了信心，轉而使用其他產品。我們看到用戶流失率降低了，因為那些可能有疑問的人現在最終可以尋求幫助，而且他們會得到幫助。我們看到，隨著人們意識到可以透過數位平台獲得專業知識，從輔助治療領域轉向自主學習領域的轉變正在加速。所以我們很喜歡目前這種多元化的組合。同時，我們也要提醒自己，TurboTax Live 還處於發展初期，所以我們幾乎每週都在學習和調整。但我們喜歡我們所看到的。

Great. And I have one follow-up. How would you characterize the pricing and promotional activity in the tax side so far through this season?

偉大的。我還有一個後續問題。您如何評估本季迄今稅務方面的定價和促銷活動？

Well, as I mentioned earlier, we have a ton of respect for all of those that we compete with. And everybody has upped their game as they do every year, both in terms of product innovation and their pricing strategy. I would just say that everyone is being aggressive, but we've not seen anything that surprised us. And we're being extremely choiceful and deliberate what we do with pricing because we want to truly go after where we can create value for customers and be able to keep those customers in the long term.

正如我之前提到的，我們非常尊重所有與我們競爭的對手。和往年一樣，每個人都提高了自己的水平，無論是在產品創新方面還是在定價策略方面。我只能說，大家都很激進，但沒有什麼讓我們感到驚訝的事情發生。我們在定價方面非常謹慎和謹慎，因為我們真正想要追求的是為客戶創造價值，並且能夠長期留住這些客戶。

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

我們的下一個問題來自 Stifel 公司的 Brad Reback。

So Michelle, I'll start with a quick comment. I'm a big fan of the coffee house ads.

那麼，米歇爾，我先簡單說幾句。我非常喜歡咖啡館廣告。

Ah, I love to hear that.

啊，我很高興聽到這個消息。

Now on to the work. Sasan, I believe last quarter, Brad talked about smarter promotional activity, and I took that to mean more on the QBO side. Can you tell us maybe where we are in that process? And is that more of a tailwind going forward or we are already beginning to see a big part of that?

現在開始工作。Sasan，我記得上個季度，Brad談到了更明智的促銷活動，我理解他的意思是更多地關注QBO方面。您能告訴我們一下，目前我們處於這個流程的哪個階段嗎？這會成為未來的順風，或者我們已經開始看到其中很大一部分影響？

Yes. Brad was exactly right in what he shared. And we believe we really have a big opportunity as we think about very strategic pricing. And it looks and feels different by country. It depends on which country it is and where we are in the cycle of that country. But let me just use U.S. as an example. We are running a number of tests right now because we now have across our product line, we have Self-employed all the way to QBO Advanced, which is about serving the mid-market. And now we're doing tests with connecting people to experts, which is QuickBooks Live, very similar to TurboTax Live. And that really is giving us an opportunity to really think about and test different price points. And we believe over time that will be a tailwind for us.

是的。布拉德說的完全正確。我們相信，在考慮策略定價時，我們確實擁有巨大的機會。而且不同國家的外觀和感覺也不一樣。這取決於具體是哪個國家，以及我們目前處於該國經濟週期的哪個階段。但讓我以美國為例。我們目前正在進行多項測試，因為我們的產品線現在已經涵蓋了從自僱人士到 QBO 高級版的所有產品，後者旨在服務中端市場。現在我們正在測試將用戶與專家聯繫起來的功能，這就是 QuickBooks Live，它與 TurboTax Live 非常相似。這確實給了我們一個機會，讓我們認真思考和測試不同的價格點。我們相信，隨著時間的推移，這將對我們有利。

Our next question comes from Jim MacDonald of First Analysis.

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

I have a couple of quick questions. I'll try another mixed TurboTax Live question. Last year, you were surprised that the low end had any interest in TurboTax Live. Any thoughts on what you're seeing on the low end this season?

我有幾個問題想問一下。我再嘗試回答一個關於TurboTax Live的混合問題。去年，你很驚訝低階市場竟然對 TurboTax Live 感興趣。你對本季低端市場的表現有什麼看法？

Yes. Jim, Greg and the team had some great insights last year, which you just articulated. And that is every customer, no matter what their tax situation is, they will at some point have a question. And we're really focused on going after confidence and being able to answer their questions. And so therefore, that's why we made TurboTax Live available across all the SKUs. And we are seeing uptake across all the SKUs, which confirmed the learning that we had last year and the hypothesis that we went into this season, which is let's make it available for everyone because everybody ultimately has a nagging question, and this gives them the chance to complete their taxes with confidence. And we are seeing uptake across every SKU.

是的。吉姆、格雷格和他們的團隊去年提出了一些非常棒的見解，你剛才也闡述了這些見解。而且，無論客戶的稅務狀況如何，他們遲早都會遇到問題。我們真正關注的是建立客戶的自信心，並且能夠回答他們的問題。因此，這就是我們讓所有 SKU 都提供 TurboTax Live 的原因。我們看到所有 SKU 的銷售都在增長，這證實了我們去年獲得的經驗以及我們本季提出的假設，那就是讓每個人都能獲得這項服務，因為每個人最終都會有一個揮之不去的問題，而這讓他們有機會充滿信心地完成報稅。我們看到所有 SKU 的產品銷售都在成長。

Okay, great. And Michelle, maybe you guys have been really efficient on R&D and G&A this year. Any -- is some of that due to the AWS conversion? Any thoughts on your very low increases this year, which is pretty amazing.

好的，太好了。米歇爾，或許你們今年在研發和一般及行政管理方面效率真的很高。其中一部分是由於 AWS 轉換造成的嗎？對於今年你們極低的成長率，你們有什麼看法？這真是令人驚訝。

Thanks, Jim. I appreciate the question. What I would actually take it back to is it's not so much -- I mean, we're always looking to drive efficiency, but we also want to make sure that we are investing at the appropriate levels. And so what I would say specifically around R&D, when we look at that spend, it may vary quarter-to-quarter. We really look on an annual basis to stay at about in the range of 19% to 20% of revenue. And so that's really what we focus on. On G&A, we tend to be -- at the end of last year, we were at 11% of revenue. And we look to see ways to get that to decline over time. But we do look at that also on an annual basis. So I would continue to think about it holistically and not get overly caught up in the quarter-to-quarter movement.

謝謝你，吉姆。感謝您的提問。我真正想說的是——我的意思是，我們一直在尋求提高效率，但我們也希望確保我們的投資水平適當。因此，關於研發方面，我想特別指出的是，當我們審視這部分支出時，它可能會逐季度發生變化。我們每年都力求將費用控制在收入的 19% 到 20% 左右。所以，這才是我們真正關注的重點。在一般及行政費用方面，我們往往——去年年底，我們佔收入的 11%。我們希望找到方法，讓這種情況隨著時間的推移而逐漸減少。但我們每年都會對此進行考察。所以我會繼續從整體上考慮這個問題，而不要過度關注季度之間的波動。

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。

A question on RAs. To what extent did you promote them this year? Was it promoted to all SKUs? Did you have varying amounts? And had it brought in new clients or was it all for existing clients? And to what extent you'd like to increase it in the coming years?

關於研究助理的問題。今年你們在多大程度上推廣了他們？是否已推廣至所有 SKU？你們的數量有變化嗎？它帶來了新客戶，還是全部都服務於現有客戶？您希望在未來幾年內將其提高到什麼程度？

Michael, thank you for your question. I think you're referring to refund anticipation loans. And if that's what you're referring to, first, I'll remind us that this was a business that we got out of 10 years ago because just the level of interest rates were not consumer-friendly. What we are testing with now is no-interest anticipation loans so that ultimately, we can serve consumers in the areas that are most important to them and ultimately do it in a very consumer-friendly way, which is what the company stands for. So we're doing some of those tests now and getting the results, and we'll make decisions and inform what we do next year.

邁克爾，謝謝你的提問。我想你指的是提前還款貸款。如果你指的是這個，首先我要提醒大家，我們10年前就退出了這個行業，因為當時的利率水準對消費者並不友善。我們現在正在測試的是無息預支貸款，以便最終能夠為消費者提供他們最關心的領域的服務，並且最終以非常人性化的方式實現這一點，這正是我們公司的宗旨。所以我們現在正在進行一些測試並獲得結果，我們將據此做出決定，並指導我們明年的工作。

Are you competing for the market, which is coming up to, in one case, 3,500; in another case, 7,000? Last year, I think you limited it to 1,000.

你們是否在爭奪市場佔有率？這個市場份額，有的達到 3,500，有的達到 7,000。去年，我想你們把數量限制在 1000 個了。

Yes, we're -- in a similar ballpark now. We're testing between $250 to $1,000. And the main reason is that we've done a lot of testing in the previous years. It is not a reason to switch from one method to another. And so therefore, we're very focused on ensuring that we're delivering against what really matters to our customers because it is not a -- it is not a category grower and it's not a conversion driver, which is why we're testing different limits.

是的，我們現在的情況差不多。我們正在測試 250 美元到 1000 美元之間的價格。主要原因是我們在前幾年做了大量的測試。這並不是從一種方法轉向另一種方法的理由。因此，我們非常注重確保我們能夠滿足客戶真正重視的需求，因為它不是品類成長因素，也不是轉換率驅動因素，這就是為什麼我們要測試不同的極限。

Are you promoting it at all?

你們有做任何推廣嗎？

No, we're just testing it right now.

不，我們現在只是在測試而已。

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

女士們先生們，我不再回答任何問題了。還有什麼補充說明嗎？

Yes, thank you very much. First of all, I really appreciate everybody's very thoughtful questions. We're very proud of our results and the momentum that the teams have, and we are very inspired by continuing to power prosperity around the world. And we look forward to connecting with you next quarter. Thank you.

是的，非常感謝。首先，我非常感謝大家提出的深思熟慮的問題。我們為所取得的成績和團隊的發展勢頭感到非常自豪，我們也深受鼓舞，將繼續為世界各地的繁榮發展貢獻力量。我們期待下個季度與您聯繫。謝謝。

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

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。