直覺電腦 (INTU) 2019 Q3 法說會逐字稿

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

午安.我叫傑羅姆，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 財年第三季電話會議。（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，請您發言。

Thank you, Jerome. Good afternoon, and welcome to Intuit's Third Quarter Fiscal 2019 Conference Call. I'm here with Intuit's CEO, Sasan Goodarzi; and Michelle Clatterbuck, our CFO.

謝謝你，傑羅姆。下午好，歡迎參加 Intuit 2019 財年第三季電話會議。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.

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。

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.

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, everyone, for joining us. We had a great third quarter, and we're on track to exceed the guidance we provided at the beginning of the year. We're seeing momentum across every part of the company. And as a result, we're raising our revenue, operating income and earnings per share guidance for fiscal year 2019.

謝謝傑瑞，也謝謝大家的參與。我們第三季業績出色，預計將超過年初給出的預期目標。我們看到公司各部門都在蓬勃發展。因此，我們提高了 2019 財年的營收、營業收入和每股盈餘預期。

During the third quarter, total revenue grew 12% overall, fueled by 10% revenue growth in the Consumer Group and 19% revenue growth in the Small Business and self-employed group. With that context, let me start with the Consumer Group.

第三季總營收整體成長 12%，其中消費者集團營收成長 10%，小型企業和自僱集團營收成長 19%。有了這些背景，讓我先從消費者團體說起。

We had a great tax season. We grew the DIY category and grew our share within the category, driven by our innovation and significantly improved customer experiences. We produced our most robust free offering yet and made significant progress on our effort to transform the assisted category.

我們度過了一個非常棒的報稅季。我們透過創新和顯著改善客戶體驗，發展壯大了 DIY 產品類別，並提高了我們在該類別中的市場份額。我們推出了迄今為止最強大的免費產品，並在改造輔助服務類別方面取得了重大進展。

As we've communicated, there are 4 primary drivers in our consumer business. The first is the total number of returns filed with the IRS. The latest IRS data indicate total returns were up 0.2% through May 10, below historical trends and our own expectation of 1% to 2% growth.

正如我們之前所溝通的，我們的消費者業務有 4 個主要驅動因素。第一個是向美國國稅局提交的申報表總數。美國國稅局最新數據顯示，截至 5 月 10 日，總回報率增長了 0.2%，低於歷史趨勢和我們自己預期的 1% 至 2% 的增長。

The second is the percentage of those returns filed using do-it-yourself software. Category share grew over 1 point, the fastest pace since 2016, once again outpacing the assisted tax prep category. We are very pleased with this outcome. And as a reminder, DIY category growth is our largest revenue growth driver.

第二項是使用自助軟體提交的報稅表所佔的百分比。該類別份額增長超過 1 個百分點，是自 2016 年以來最快的增速，再次超過了輔助報稅類別。我們對這個結果非常滿意。另外提醒大家，DIY品類成長是我們最大的營收成長動力。

The third driver is our share within DIY. We estimate TurboTax Online share grew 0.5 point. The fourth is our average revenue part return, which increased again this season. The growth reflects a stronger contribution by TurboTax Live, improved [attach and tuned] product lineup, adjusted for the new tax legislation. These items were partly offset by deliberate decisions we made to improve the experience for customers with simple returns, including year-over-year data transfer for no charge and extending free state filings for the entire season. This season, we had more customers than ever before paying nothing. We grew this customer group in the high-teens, above total unit growth of 5%. We are confident these were the right strategic decisions to drive durable growth, especially as we look for ways to help customers make ends meet going beyond taxes.

第三個驅動因素是我們在DIY領域的份額。我們估計 TurboTax Online 的市佔率成長了 0.5 個百分點。第四點是我們的平均收入部分報酬率，本季再次成長。這一增長反映了 TurboTax Live 的更大貢獻，改進的 [附加和調整] 產品陣容，並根據新的稅收法規進行了調整。這些損失部分被我們為改善客戶體驗而做出的深思熟慮的決定所抵消，例如簡化退貨流程，包括免費進行年度數據傳輸，以及將免費州申報期限延長至整個季度。本季，我們接待了比以往任何時候都多的免費顧客。我們使該客戶群實現了超過 10% 的成長，超過了 5% 的總單位成長率。我們相信這些是正確的策略決策，能夠推動永續成長，尤其是在我們尋求幫助客戶在稅收之外實現收支平衡的方法之際。

Our commitment to provide a robust free offering has resulted in more than 55 million TurboTax customers who paid nothing for their TurboTax experience over the last 5 years. As I've shared before, our Consumer Group strategy is to expand our lead in the DIY category, transform the assisted tax preparation category and disrupt traditional consumer finance by expanding beyond tax to build a consumer platform. This is all in service of helping our customers make ends meet and maximizing their tax refund.

我們致力於提供強大的免費服務，在過去 5 年中，已有超過 5,500 萬個 TurboTax 用戶無需支付任何費用即可享受 TurboTax 服務。正如我之前分享過的，我們的消費者集團策略是擴大我們在自助服務領域的領先地位，改變輔助報稅領域，並透過超越稅務領域，建構消費者平台，顛覆傳統的消費金融。這一切都是為了幫助我們的客戶維持生計並最大程度地獲得退稅。

We made significant progress against these strategic objectives this season.

本賽季我們在實現這些戰略目標方面取得了顯著進展。

Within DIY, we saw evidence that the bold changes we made to improve the experience for customers who file simple returns resonated. These changes drove a 6 points improvement in product recommendation scores for the free offering and contributed to higher retention. We're transforming the assisted tax customer experience by connecting people to experts on our platform with TurboTax Live.

在 DIY 領域，我們看到了證據，證明我們為改善客戶提交簡單退貨申請的體驗而做出的大膽改變產生了積極影響。這些改變使免費產品的推薦評分提高了 6 分，並有助於提高用戶留存率。我們正在透過 TurboTax Live 將使用者與平台上的專家聯繫起來，從而改變輔助報稅的客戶體驗。

We introduced a range of price points within the product line this season to offer access to an expert for even the simplest returns. After just 2 years, TurboTax Live is now a meaningful contributor to our business, and this product line is among the fastest ever to reach this revenue level. The number of customers using TurboTax Live more than tripled year-over-year. We estimate 70% of customers who are new to Intuit this season and use TurboTax Live came from the assisted method the prior year, higher than TurboTax Online. And for the approximately 2,000 pros on our platform, we improved the onboarding experience and technology tools, resulting in lower attrition and improved operating efficiencies through the season compared to last year.

本季，我們在產品線中推出了一系列價格點，以便即使是最簡單的退貨也能獲得專家的幫助。短短兩年後，TurboTax Live 已成為我們業務的重要貢獻者，該產品線也是有史以來最快達到如此收入水平的產品線之一。使用TurboTax Live的客戶數量較去年同期成長超過三倍。我們估計，本季 Intuit 新用戶中使用 TurboTax Live 的用戶中，有 70% 是去年使用輔助報稅方式的用戶，比例高於 TurboTax Online 用戶。對於我們平台上的大約 2000 名專業人士，我們改進了入職體驗和技術工具，與去年相比，這降低了人員流失率，提高了整個賽季的營運效率。

TurboTax has now approximately 28% share of total individual returns, leaving us with a large addressable market. Beyond tax, our consumer platform is aimed at helping customers unlock SMART Money decisions by connecting them to financial products to help them make ends meet. As we learn about their financial lives, we can notify them of benefits that can save them money. We now have over 14 million customers registered for Turbo, up from 5 million last season. We have approximately 70 offers this season focusing on 4 verticals, including credit cards, lending, investing and mortgages. We continue to test benefits and monetization models.

TurboTax 目前約佔個人報稅總量的 28%，這意味著我們還有很大的潛在市場。除了稅務方面，我們的消費者平台旨在透過將客戶與金融產品連接起來，幫助他們實現明智的理財決策，從而幫助他們維持生計。透過了解他們的財務狀況，我們可以告知他們哪些福利可以幫助他們省錢。目前Turbo的註冊用戶已超過1400萬，而上季為500萬。本季我們推出了約 70 項優惠活動，重點關注 4 個垂直領域，包括信用卡、貸款、投資和抵押貸款。我們將繼續測試各種福利和獲利模式。

While we don't expect a significant contribution to revenue in the near term, we're making progress and continue to be excited about this opportunity.

雖然我們預計短期內不會對收入做出重大貢獻，但我們正在取得進展，並且對這個機會仍然感到興奮。

In summary, I'm very proud of what the team delivered across the consumer offerings. Now let me turn to Small Business.

總而言之，我對團隊在消費者產品方面所取得的成就感到非常自豪。現在讓我來談談小型企業。

We 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 customers by solving their biggest pain points. We're working to achieve our vision of being the center of Small Business growth by helping our customers get paid fast, manage capital and pay employees with confidence. Earlier this year, we launched next business day payments, allowing our customers to receive their funds much faster than previously experienced. QuickBooks Capital has funded $360 million cumulative loans since launching about 1.5 years ago.

我們的小型企業和自僱人士群體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。我們將持續增加對線上服務的投入，透過解決客戶最大的痛點，為客戶創造更多價值。我們致力於成為小型企業發展的中心，幫助客戶快速收款、管理資金並自信地支付員工工資，從而實現我們的願景。今年早些時候，我們推出了隔日付款服務，讓我們的客戶比以往更快收到款項。QuickBooks Capital 自大約 1.5 年前成立以來，累計發放了 3.6 億美元的貸款。

Finally, we remain encouraged by our early progress with QuickBooks Advanced Online, designed to disrupt the midmarket by addressing the needs of big market small business customers with 10 to 100 employees. Within our strategic partner group, our professional tax revenue is on track to grow 4% for fiscal year 2019. That's the high end of our initial range for this segment. To wrap this section up, we are very pleased with our results.

最後，我們對 QuickBooks Advanced Online 的早期進展感到鼓舞，該產品旨在透過滿足擁有 10 到 100 名員工的大市場小型企業客戶的需求來顛覆中階市場。在我們的策略夥伴集團中，我們的專業稅收收入預計在 2019 財年將成長 4%。這是我們最初為該細分市場設定的價格區間的高端產品。總結本節內容，我們對結果非常滿意。

Now let me shift to a different topic. You may have heard assertions that Intuit engaged in practices designed to discourage consumers from filing their taxes for free. These assertions have come in several forms, and I want to address them directly. We stand behind our marketing actions as both being appropriate and consistent with our core value, integrity without compromise. In addition, any suggestion that Intuit does not support the IRS Free File program is wrong. In fact, we're proud that for nearly 2 decades, millions of Americans have used TurboTax Free File program to file their taxes without paying. Our commitment to free dates back to 1998 when we launched a program to offer free tax preparation software and e-filing services to lower income and active-duty military taxpayers.

現在我想換個話題。你可能聽過一些說法，說 Intuit 公司採取了一些旨在阻止消費者免費報稅的做法。這些說法有多種形式，我想直接回應它們。我們堅信我們的行銷行為既恰當又符合我們的核心價值——誠信至上，絕不妥協。此外，任何關於 Intuit 不支持 IRS 免費報稅計劃的說法都是錯誤的。事實上，我們很自豪，近 20 年來，數百萬美國人使用 TurboTax 免費報稅程序免費報稅。我們對免費服務的承諾可以追溯到 1998 年，當時我們啟動了一項計劃，為低收入納稅人和現役軍人納稅人提供免費的報稅軟體和電子報稅服務。

In 2002, the entire tax software industry and the IRS formed the IRS Free File program modeled after our initiatives. As a founding member, we're committed to IRS Free File's shared goals of public service and providing free tax filing to those who need it most, as we have for nearly 20 years. As I mentioned earlier, we have more than 55 million TurboTax customers who paid nothing for their TurboTax experience over the last 5 years.

2002 年，整個稅務軟體產業和美國國稅局 (IRS) 效仿我們的舉措，成立了 IRS 免費報稅計劃。作為創始成員，我們致力於實現 IRS 免費報稅的共同目標，即為公眾服務，並為最需要的人提供免費報稅服務，我們近 20 年來一直這樣做。正如我之前提到的，在過去的 5 年裡，我們有超過 5,500 萬個 TurboTax 用戶，他們使用 TurboTax 服務完全免費。

Thank you. And now let me hand it over to Michelle to walk you through the financial details.

謝謝。現在，我把麥克風交給米歇爾，請她為大家詳細介紹一下財務細節。

Thanks, Sasan. Good afternoon, everyone. For the third quarter of fiscal 2019, we delivered revenue of $3.3 billion, up 12% year-over-year; GAAP operating income of $1.8 billion versus $1.6 billion a year ago, an 11% increase; non-GAAP operating income of $1.9 billion versus $1.7 billion last year, an 11% increase; GAAP diluted earnings per share of $5.22 versus $4.53 a year ago, a 15% increase; and non-GAAP diluted earnings per share of $5.55, up from $4.78 last year, a 16% increase.

謝謝你，薩桑。大家下午好。2019 財年第三季度，我們實現營收 33 億美元，較去年同期成長 12%；GAAP 營業收入 18 億美元，而去年同期為 16 億美元，成長 11%；非 GAAP 營業收入 19 億美元，而去年同期為 17 億美元，成長 11%；非 GAAP 營業收入 19 億美元，而去年同期為 17 億美元，成長 11%；非 GAAP 營業收入 19 億美元，而去年同期為 17 億美元，成長 11%； GAAP 稀釋後每股收益 5.55 美元，去年同期為 4.78 美元，成長 16%。

Turning to the business segment. Consumer Group revenue grew 10% in the fiscal third quarter. TurboTax Online units grew 7% this season while overall units increased 5%. We significantly improved the experience within TurboTax Live this season, not only for the customers who use this platform but also for the tax pros providing tax advice. The improvements we put in place increased pro NPS by more than 50% versus a year ago and created operational efficiencies. These include a 30% reduction in pro attrition and improvements in the pro portal that drove a 30% increase in time spent serving customers this season versus last year. We're excited to continue scaling this business in the future.

接下來是企業板塊。消費者集團第三財季營收成長10%。本季TurboTax Online的銷量成長了7%，而整體銷量成長了5%。本季，我們對 TurboTax Live 的使用者體驗進行了大幅改進，不僅提升了使用該平台的客戶體驗，也提升了提供稅務諮詢的稅務專業人士的體驗。我們採取的改進措施使專業 NPS 比一年前提高了 50% 以上，並提高了營運效率。其中包括專業人員流失率降低 30%，以及專業人員入口網站的改進，使得本季服務客戶的時間比去年增加了 30%。我們很高興未來能夠繼續擴大這項業務的規模。

We also offered TurboTax Self-Employed customers the opportunity to benefit from tracking their financials throughout the year in QuickBooks Self-Employed. TurboTax Self-Employed products recommendation scores tied TurboTax Live for the highest score among our paid offerings.

我們也為 TurboTax 自僱人士客戶提供了在 QuickBooks 自僱人士版中全年追蹤財務狀況的機會。在我們提供的付費產品中，TurboTax Self-Employed 的建議分數與 TurboTax Live 並列最高分。

Turning to the Strategic Partner Group. We reported $235 million of professional tax revenue for the third quarter, up 4% year-to-date. In Small Business, total Small Business and Self-Employed revenue grew 19% during the quarter. Online Ecosystem revenue remains 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%. Online services year-over-year growth slowed this quarter compared to the prior 4 quarters. This was primarily a function of lapping the TSheets acquisition a year ago.

接下來是策略夥伴小組。第三季度，我們公佈的專業稅收收入為 2.35 億美元，比年初至今成長 4%。本季度，小型企業和自僱人士的總收入增長了 19%。線上生態系統營收維持強勁成長，增幅達 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%。與前四個季度相比，本季線上服務年增率放緩。這主要是由於一年前對 TSheets 的收購造成的。

QuickBooks Online subscribers grew 32%, ending the quarter with over 4.2 million subscribers. Growth remains strong across multiple geographies, with U.S. subscribers growing 25% to over 3.1 million and international subscribers growing 55% to over 1.1 million. Within QuickBooks Online, self-employed subscribers grew to approximately 970,000, up from roughly 680,000 1 year ago. TurboTax is a significant channel for QuickBooks Self-Employed and 440,000 subscribers have come to this channel, up from 330,000 last year. 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 用戶成長了 32%，本季末用戶總數超過 420 萬。在多個地區，成長動能依然強勁，其中美國用戶成長了 25%，超過 310 萬，國際用戶成長了 55%，超過 110 萬。QuickBooks Online 的自營用戶數量從一年前的約 68 萬人增加到約 97 萬人。TurboTax 是 QuickBooks Self-Employed 的重要管道，該頻道的訂閱用戶已達 44 萬，高於去年的 33 萬。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 4% in the third quarter. Our desktop units were up 12%, reflecting unusually strong renewals during the quarter. During fiscal 2019, we expect QuickBooks Desktop units and desktop ecosystem revenue to be roughly flat.

第三季桌面生態系營收成長了 4%。我們的桌上型電腦銷量成長了 12%，反映出本季續訂情況異常強勁。我們預計 2019 財年 QuickBooks Desktop 的銷售量和桌上型生態系統營收將大致持平。

Within the desktop ecosystem, our QuickBooks Enterprise customers and revenue continued to grow at a double-digit pace in the third quarter. This further reinforces our interest in addressing the needs of midmarket Small Business customers with our QBO Advanced offering.

在桌面生態系統中，我們的 QuickBooks Enterprise 客戶和營收在第三季繼續以兩位數的速度成長。這進一步強化了我們透過 QBO 高級版產品滿足中型市場小型企業客戶需求的興趣。

Turning to our financial principles. We remain committed to growing organic revenue double-digit 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%. Our first priority for the cash we generate is investing in the business to drive customer and revenue growth. We consider acquisition 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. We finished the quarter with $3.3 billion in cash and investments on our balance sheet. We repurchased $135 million of stock in the third quarter. Approximately $2.8 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 July 18, 2019. This represents a 21% increase versus last year.

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。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。我們正在考慮透過收購來加速發展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。本季末，我們的資產負債表上擁有現金和投資33億美元。第三季我們回購了價值 1.35 億美元的股票。我們目前還有約 28 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 7 月 18 日支付。比去年增長了21%。

Turning to guidance. Our fourth quarter fiscal 2019 guidance includes revenue growth of 10% to 12%, GAAP loss per share of $0.35 to $0.33 and non-GAAP loss per share of $0.16 to $0.14. We are also raising our fiscal 2019 guidance following strong performance the first 3 quarters of the year. Our new guidance includes revenue growth of 12%, up from up prior guidance of 8% to 10% growth; GAAP diluted earnings per share of $5.72 to $5.74; and non-GAAP diluted earnings per share of $6.67 to $6.69. We now expect a GAAP tax rate of 18.5% for the fiscal 2019. You can find our Q4 and updated fiscal 2019 guidance details in our press release and on our fact sheet.

尋求指導。我們對 2019 財年第四季的業績預期包括：營收成長 10% 至 12%，GAAP 每股虧損 0.35 美元至 0.33 美元，非 GAAP 每股虧損 0.16 美元至 0.14 美元。鑑於今年前三個季度的強勁業績，我們也提高了 2019 財年的業績預期。我們新的業績預期包括：營收成長 12%，高於先前預期的 8% 至 10%；GAAP 攤薄後每股收益 5.72 至 5.74 美元；非 GAAP 攤薄後每股收益 6.67 至 6.69 美元。我們現在預計 2019 財年的 GAAP 稅率為 18.5%。您可以在我們的新聞稿和情況說明書中找到我們第四季度和更新後的 2019 財年業績指引詳情。

And with that, I'll turn it back over to Sasan.

好了，現在我把麥克風交還給薩桑。

Great. Thanks, Michelle. With that overview of the quarter, I'd like to remind you of the strategic objectives I covered the last quarter, starting with what matters most to our customers. All of our customers have a common set of needs. They're all trying to make ends meet, maximize their tax refund, save money and pay off debt. And those who've made the bold decision to become entrepreneurs and go into business for themselves have an additional set of 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.

偉大的。謝謝你，米歇爾。在本季概述後，我想提醒大家我上個季度提到的策略目標，首先是我們的客戶最關心的事情。我們所有的客戶都有一些共同的需求。他們都在努力維持生計，爭取最大程度的退稅，存錢還債。而那些勇敢地決定成為企業家並自主創業的人，還有一系列額外的需求：他們想要找到並留住客戶，獲得報酬，獲得發展所需的資金，並確保賬目正確。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。

The evolution of our strategy is to become an AI-driven expert platform. This is about becoming an open, trusted and easy-to-build on platform where we and our partners 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 sets across the platform and accelerates speed to benefit to revolutionize the experience for our customers. And it's about solving the largest problem customers face, lack of confidence, by connecting them with experts on our platform, leading the digitization of the services industry.

我們的策略演進方向是成為一個人工智慧驅動的專家平台。這旨在打造一個開放、值得信賴且易於建立的平台，我們和我們的合作夥伴將在此平台上解決客戶最迫切的問題，並提供卓越的客戶體驗。它旨在大幅加快人工智慧的應用，人工智慧能夠逐步從平台上的大型資料集中學習，並加快速度，從而徹底改變我們客戶的體驗。其目的是解決客戶面臨的最大問題——缺乏信心，透過將他們與我們平台上的專家聯繫起來，引領服務業的數位轉型。

Let me provide a few examples. When it comes to connecting people to experts, we're 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 in the areas of tax, bookkeeping and financial advice. For Small Business owners, we're focused on being the center of Small Business growth, using AI across our platform to accelerate faster funding and payments and to help our customers access capital.

我舉幾個例子。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，為消費者、自僱人士和小型企業提供稅務、簿記和財務諮詢方面的服務。對於小型企業主而言，我們專注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，並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, transforming omnichannel commerce. We're also focused on helping customers make smart decisions with their money, by connecting them to financial products that help put more money in their pockets. This is our vision for Turbo, where we are increasing active use and engagement, leveraging the tax refund moment to connect customers on our platform to meaningful benefits.

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和銷售產品的以產品為基礎的企業，從而改變全通路商務。我們也致力於幫助客戶做出明智的理財決策，將他們與能夠幫助他們增加收入的金融產品連結起來。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，利用退稅這一契機，將我們平台上的用戶與有意義的福利聯繫起來。

Last but not least, we're focused on disrupting the midmarket with QBO Advanced. Our AI-driven expert platform will help provide what midmarket customers need at a disruptive price. We are making great progress, and we'll have more to share with you in the coming quarters and at our Investor Day.

最後但同樣重要的是，我們致力於透過 QBO Advanced 顛覆中端市場。我們基於人工智慧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。我們取得了巨大進展，在接下來的幾季和投資者日上，我們將與大家分享更多資訊。

I want to thank our employees, our customers and our partners for another strong quarter. Now let's open it up for questions.

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。現在進入提問環節。

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

（操作員說明）您的第一個問題來自摩根士丹利的基斯‧韋斯。

I wanted to touch on the, sort of the tax business this quarter in 2 kind of related questions. One, you talked about some of the actions, I guess, took during the quarter, the sort of free state for the entire period as well as a pre-data transfer that pushed more people into the free category. Could you talk to, like what was the rationale behind it? What was like the business reason for making those moves, number one? And number two, we have heard, kind of read the press reports; we've also seen some political, sort of rhetoric starting to rise we saw letter some senators sent to you today. Is there any reaction needed from that type of kind of political pressure? Is there any behavioral changes or anything you plan on doing differently in the TurboTax business in response to senators' pressure or with the pressure you're getting from some state and local governments as well?

本季我想就稅務方面的問題談兩點，並提出兩個相關的問題。首先，您談到了本季採取的一些行動，我想，包括整個期間的自由狀態以及將更多人推入自由類別的預先資料傳輸。能談談這件事背後的邏輯嗎？首先，採取這些措施的商業理由是什麼？第二，我們從新聞報道中了解到，一些政治言論也開始抬頭，我們看到一些參議員今天給你寄了信。面對這種政治壓力，是否需要採取任何行動？面對參議員們的壓力，或來自一些州和地方政府的壓力，TurboTax 的業務方面是否有任何行為上的改變或計劃採取不同的做法？

Great. Hi, Keith. Thank you for your question. Let me start with what matters most to our customers. And as you've heard us talk about, there are 2 things that matter most to our customers. One is, helping them make ends meet; and the other is helping them get the largest tax refund. In that context are 3 areas that we're focused on. One is, expanding our lead in the do-it-yourself category. It's about transforming the assisted category, and it's actually disrupting consumer finance and going beyond tax. In that context, our focus in, in essence, expanding our lead in the do-it-yourself category, has been to ensure that we have the best product experience.

偉大的。你好，基斯。謝謝你的提問。首先，我想談談客戶最關心的問題。正如我們之前談到的，對我們的客戶來說，有兩件事最為重要。一是幫助他們維持生計；二是幫助他們獲得最大的退稅。在此背景下，我們將重點放在以下三個領域。其一是擴大我們在DIY領域的領先優勢。它旨在改變援助類別，實際上正在顛覆消費金融，並且超越稅收範疇。在此背景下，我們擴大在 DIY 類別中的領先地位的重點，本質上是確保我們擁有最佳的產品體驗。

And so what we did this year was very much in line with our strategic approach, very durable, which is to deliver the best free offering this year through the year-over-year data transfer for free and also actually extending free for the whole year and including state. And we did that because it gives us the opportunity to really help those that are underserved and those that struggle with the income that they make, while at the same time helping transform the assisted category. This gives us the opportunity as we grow our customers to ultimately find ways to help them make ends meet through the offerings that we have in Turbo. So those were the drivers behind the decision, and we're actually quite excited about seeing the results that we got, which is both customer growth and revenue growth. PRS is actually up, over 8 points. Retention is up based on the decisions that we've made. So all in all, we feel very good about the decisions. And again, it's in context of our durable game plan.

因此，我們今年的做法與我們的策略方針非常一致，而且非常持久，那就是透過逐年免費數據傳輸，以及將免費服務延長至全年並涵蓋州級數據，來提供今年最好的免費服務。我們這樣做是因為這給了我們一個真正幫助那些服務不足的人和那些收入微薄的人的機會，同時也有助於改變受助群體的現狀。隨著客戶群的成長，這讓我們有機會最終找到方法，透過我們在 Turbo 中提供的產品和服務來幫助他們維持生計。所以這些就是我們做出這個決定的驅動因素，而我們對所取得的成果感到非常興奮，客戶數量和收入都實現了成長。PRS 實際上上升了 8 個點以上。基於我們所做的決策，客戶留存率有所提升。總而言之，我們對這些決定感到非常滿意。再次強調，這都是在我們長遠戰略規劃的背景下進行的。

I think the second thing that I would say is that we have been supporters of free and, in fact, as I shared earlier, this dates back to 20 years ago. And with respect to, would we see any behavioral changes from us, our view is that our focus has been to actually grow the do-it-yourself category and expand our lead in the category, one element of it being through free. So we don't actually see our behaviors changing. We believe that we are focused on the right thing, which is delivering for our customers, and we'll continue to work on -- with industry and the IRS to see if there are ways that we can continue to improve the Free File program. But at the end of the day, our focus is our customers, and we believe that everything that we've been doing is very durable and very much in line with what's most important to our customers, and I actually have a lot of confidence in the actions that we're taking.

我想說的第二點是，我們一直支持自由，事實上，正如我之前分享的，這可以追溯到 20 年前。至於我們是否會做出任何行為改變，我們的觀點是，我們的重點一直是發展 DIY 類別並擴大我們在該類別中的領先地位，其中一個要素是透過免費。所以我們其實並沒有看到自己的行為改變。我們相信我們正專注於正確的事情，那就是為我們的客戶提供服務，我們將繼續與業界和美國國稅局合作，看看是否有辦法繼續改進免費報稅計劃。但歸根結底，我們的重點是客戶，我們相信我們所做的一切都非常持久，並且與客戶最重視的事情非常一致，我對我們正在採取的行動充滿信心。

Your next question comes from the line of Brad Zelnick from Credit Suisse.

你的下一個問題來自瑞士信貸的布拉德·澤爾尼克。

I echo the congrats on a great tax season. Sasan, with TurboTax Live units more than tripling, it seems like there was a lot of success there. And I know you shared some data points, but can you maybe just expand a bit more on the mix within TurboTax Live, in terms of net new versus customers coming over from the existing base? And as well if you can comment on the changes in the tax code and expectations around trade up, trade down and new filers coming into the franchise. How did that play out versus expectations?

我也要祝賀你順利完成了報稅季。Sasan 的 TurboTax Live 銷量成長了兩倍多，看來取得了巨大的成功。我知道您分享了一些數據點，但您能否再詳細介紹一下 TurboTax Live 內部的客戶組成，例如新增客戶與從現有客戶群轉移過來的客戶之間的關係？此外，如果您能就稅法的變化以及對以舊換新、以舊換新和新納稅人加入這一行列的預期發表一些評論，那就更好了。實際情況與預期相比如何？

Hi Brad, thank you for your question. I think I'll just go back to where I started just a moment ago, which is every choice that we are making is very deliberate. And based on what we saw this season, it was really within our expectations. And our singular focus is to serve our customers, and we want to do that through expanding our lead in the do-it-yourself category, and we want to also do that through transforming the assisted category and helping all of those customers with benefits that goes beyond taxes.

嗨，布拉德，謝謝你的提問。我想我還是回到剛才我開始說的話題吧，那就是我們所做的每一個選擇都是經過深思熟慮的。根據我們本賽季所看到的，這完全符合我們的預期。我們始終專注於服務客戶，我們希望透過擴大在自助服務領域的領先地位來實現這一目標，同時我們也希望透過改變輔助服務領域，為所有客戶提供超越稅收的福利來實現這一目標。

With that as context, we are very pleased with TurboTax Live performance this year. Given that we, in essence gave our customers the ability to pick TurboTax Live to any of the SKUs, our customer growth tripled. 70% of those customers that came in, the new ones, were actually from the assisted category the prior year. For our Pros, the net promoter was up 50%. They spent 30-more percent of their time serving customers this year compared to last year. So we're very pleased with our progress this year, and we know exactly the areas to improve, to actually accelerate our growth in this area next year.

鑑於以上情況，我們對TurboTax Live今年的表現非常滿意。鑑於我們實際上讓客戶能夠選擇任何 SKU 的 TurboTax Live，我們的客戶成長了兩倍。新進的顧客中，有 70% 的人在前一年實際上是受助人群。對於我們的專業人士而言，淨推薦值提高了 50%。今年他們用於服務客戶的時間比去年增加了 30%。因此，我們對今年的進展感到非常滿意，並且我們清楚地知道哪些方面需要改進，以便在明年真正加快我們在這一領域的成長。

As it relates to the tax code, as you well know, we are big supporters of tax simplification. We believe that it enables consumers to take more control over their financial life. It actually is a catalyst for the do-it-yourself category, and we needed to change our lineup this year to ensure that we delivered for customers, given the tax code changes. And in essence, what we saw was all really within our expectations, and we're very pleased with the performance of our customers, our PRS scores and the team did a wonderful job.

至於稅法方面，如您所知，我們非常支持簡化稅制。我們相信，這能讓消費者更能掌控自己的財務生活。實際上，它推動了DIY品類的發展，鑑於稅法的變化，我們今年需要調整產品線，以確保能夠滿足客戶的需求。從本質上講，我們所看到的一切都在預期之內，我們對客戶的表現、PRS評分以及團隊的出色工作都非常滿意。

If I could squeeze one in there for Michelle. With consumer margin ticking down from prior Q3s, and I know you've been fairly disciplined and consistent with how you think about acquisition costs in metrics like [LPG] . But can you just remind us, especially with TurboTax Live coming into the mix, how you're thinking about acquisition costs and how we should think about the cost of delivering TTL this season, and how we should really think about consumer margins going forward.

如果我能擠出一點時間替米歇爾說一聲就好了。鑑於消費者利潤率較前幾季有所下降，我知道您在考慮獲客成本（例如[LPG]指標）方面一直相當嚴謹且一致。但能否請您提醒我們一下，尤其是在TurboTax Live即將推出的情況下，您是如何看待獲客成本的，以及我們應該如何看待本季度TTL的交付成本，以及我們未來應該如何看待消費者利潤率？

So Brad, I do this to Michelle all the time in meetings. So let me start, and then I'm going turn it over to Michelle. It's a great question, and I know others have it on their mind. I want to go back to the evolution of our strategy, which is about being an AI-driven expert platform. And this is about significantly accelerating our progress with a platform and an ecosystem. And when you think about a platform and an ecosystem, we are actually building more and more of our services to be able to serve all of our segments.

布拉德，我在開會的時候常常這樣跟米歇爾開玩笑。那麼，我先開始，然後把麥克風交給米歇爾。這是一個很好的問題，我知道其他人也在思考這個問題。我想回顧我們策略的演進歷程，那就是成為一個人工智慧驅動的專家平台。而這關乎透過平台和生態系統顯著加速我們的發展進程。當你思考平台和生態系統時，我們實際上正在建立越來越多的服務，以便能夠服務我們所有的細分市場。

The examples would be, the services that we tilled across our ecosystem for TurboTax Live, for QuickBooks Live, for cybersecurity, the data scientists that we hire that ultimately fuels our machine learning engines that drives our AI benefits for our customers, those are all at the company level, which is why we always talked about, we managed margins at the company level. And therefore, that's really what's important for you all to pay attention to, specifically in the Consumer Group. Our year-to-date margins are actually pretty much flat with last year. So we're actually quite pleased with the progress. I don't know if I left anything for you to answer, but...

例如，我們為 TurboTax Live、QuickBooks Live 和網路安全等產品在整個生態系統中提供的服務，以及我們聘請的資料科學家（他們最終為我們的機器學習引擎提供動力，從而為我們的客戶帶來人工智慧優勢），這些都是公司層面的，這就是為什麼我們一直強調在公司層面管理利潤率。因此，這才是你們所有人，特別是消費者團體，真正需要關注的重要事項。今年迄今為止的利潤率實際上與去年基本持平。所以我們對目前的進展相當滿意。我不知道我是否留下了什麼需要你回答的問題，但…

No, the only thing I would add to that, Brad, is that when we look at the consumer margins specifically, there have been a number of questions just around TurboTax Live and how we think about that, we were able to grow the customers 3x this year, and yet we had pretty much the same number of pros, the 2,000 pros that we had last year. So that just demonstrates some of the efficiencies that I spoke about earlier, the operational efficiencies and being able to increase the customer serving time of our pros by 30%. So we actually like the incremental margins that we're seeing for this offering, and we are looking -- when we look forward, we're focused on opportunities here like automation and augmented intelligence, all of these things to look for ways to continue to make the agents as efficient as possible and also to continue to streamline the onboarding process.

不，布萊德，我唯一要補充的是，當我們具體來看消費者利潤率時，圍繞 TurboTax Live 以及我們如何看待這個問題，已經有很多疑問了。今年我們的客戶數量增加了 3 倍，但我們的專業人士數量幾乎與去年相同，仍然是 2000 人。這正好證明了我之前提到的一些效率提升，營運效率的提高，以及我們專業人員客戶服務時間提高 30% 的能力。因此，我們非常滿意該產品帶來的增量利潤，並且展望未來，我們將專注於自動化和增強智慧等機遇，尋找各種方法來繼續提高代理商的效率，並繼續簡化入職流程。

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

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

Sasan, I wanted to just double-click a little bit on your commentary on the platform, the expert platform powered by AI. And clearly, we've seen some of the benefits of that with TurboTax Live. There's been discussion on the website about QuickBooks Live and you guys testing that out. I was just kind of wondering how we should think about the evolution on certain Small Business side around that narrative? And I know you're not going to give us any data points now, possibly but should we be expecting to you, perhaps at the Analyst Day? Or just give us some idea about how we can kind of hold you guys -- or what we should expect for you all around the development of this narrative?

Sasan，我想就你對這個由人工智慧驅動的專家平台的評論稍作補充。很顯然，我們已經從 TurboTax Live 中看到了其中的一些好處。網站上一直在討論 QuickBooks Live，你們也在測試它。我只是在想，我們該如何看待某些小型企業圍繞著這個主題的演變？我知道你現在可能不會給我們任何數據點，但我們是否應該期待你在分析師日上提供？或者，給我們一些關於如何留住你們的想法——或者關於在這個故事發展過程中，我們應該對你們抱持什麼樣的期待？

Great question. Thank you, Kirk. A couple of things I would say. One is, we think about this opportunity starting with what's most important to our customers. And the biggest challenge that our customers face, consumers, self-employed and small businesses, is confidence. In fact, you've heard us talk over the years around the opportunity around nonconsumption. One of the drivers as to why people don't switch is because they're looking to interact with a human being to help them do their taxes, their bookkeeping and advice. On the other side, we've got enrolled agents, pros and accountants that only serve customers within maybe a 10- to 50-mile radius max, and they don't like marketing and they don't like pursuing customers. And we believe that this informs a huge strategic opportunity we have to connect people to experts, to really go after nonconsumption, to help our customers make ends meet, to help them run their business and be successful.

問得好。謝謝你，柯克。我有幾點想說。首先，當我們考慮這個機會時，首先要從對客戶而言最重要的事情開始。我們的客戶，包括消費者、自僱人士和小企業主，面臨的最大挑戰是信心。事實上，這些年來你們已經聽我們談論過非消費帶來的機會。人們不願意更換服務商的原因之一是，他們希望與真人互動，以幫助他們處理稅務、記帳和獲得建議。另一方面，我們有一些註冊代理人、專業人士和會計師，他們的服務範圍可能僅限於 10 到 50 英里以內，他們不喜歡行銷，也不喜歡主動尋找客戶。我們相信，這為我們提供了一個巨大的策略機遇，那就是將人們與專家聯繫起來，真正追求非消費，幫助我們的客戶維持生計，幫助他們經營業務並取得成功。

So I wanted to start there because, not only are we in the very early innings of TurboTax Live and what the opportunity that we have to transform the assisted category. That same opportunity exists when it comes to helping small businesses get started and run their business. And we've been, one, leveraging the same common services that we built over the years for TurboTax Live, to significantly accelerate building out QuickBooks Live. And we've been testing QuickBooks Live over the last many months. And what we learned is very consistent with what we learned from consumers that are trying to do their taxes. They're looking for ways to get started and get set up. Some are actually looking for advice of, "I have payroll due on Friday. Am I going to be able to make my payroll? What advice do you have for me?" Some actually want the bookkeeper to actually take all their information, all their documents and set Quickbooks up for them and then give them advice. So we're learning a variety of things, and we believe that the opportunity is significant for our customers and the ARPU is actually quite significant because the benefit is there.

所以我想從這裡開始，因為我們不僅還處於 TurboTax Live 的早期階段，而且我們還有機會改變輔助報稅類別。在幫助小型企業創業和營運方面，也存在著同樣的機會。第一，我們一直在利用多年來為 TurboTax Live 建置的相同通用服務，以大幅加快 QuickBooks Live 的建置速度。過去幾個月，我們一直在測試 QuickBooks Live。我們從嘗試報稅的消費者那裡了解到的情況非常一致。他們正在尋找入門和準備的方法。有些人其實是在尋求這樣的建議：「我星期五要發薪水了。我能按時支付員工薪水嗎？您有什麼建議給我嗎？ 「有些人其實希望記帳員能收集他們所有的資料和文件，幫他們設定好QuickBooks，然後再給他們建議。所以我們正在學習各種各樣的東西，我們相信這對我們的客戶來說是一個重要的機會，而且 ARPU 也相當可觀，因為好處確實存在。

I would say on the other side, as we've been talking to enrolled agents, accountants and pros, once they understand what we're trying to do, they are very excited about this opportunity because they see it as an opportunity to be able to grow their business, but do it through focusing on what matters most to them versus marketing. And so the way we want all of you to think about this is, this is a big opportunity for us to connect people to experts on our platform, to go after consumers, self-employed and small businesses and fundamentally digitize the services industry and build advantage across the company.

另一方面，正如我們與註冊代理人、會計師和專業人士交談後發現的那樣，一旦他們了解了我們正在做的事情，他們就會對這個機會感到非常興奮，因為他們認為這是一個發展業務的機會，但可以透過專注於對他們來說最重要的事情而不是行銷來實現。因此，我們希望大家這樣理解：這是一個讓我們有機會將人們與我們平台上的專家聯繫起來，從而吸引消費者、個體經營者和小型企業，從根本上實現服務業的數位化，並在整個公司範圍內建立優勢。

That's really helpful. If I could just sneak one for Michelle sort of related on that topic. As we think about sort of the need for you guys to build out more AI services below this platform, I assume that there's advantages for you all to work with AWS on that, where you can sort of leverage them as well as add people on your side to -- so that the narrative around growing operating income faster than revenue holds, even as this platform narrative unfolds over the next couple of years?

這真的很有幫助。如果我能偷偷給米歇爾一個建議，也算是跟這個話題有點關係的話。當我們考慮到你們需要在這個平台下建立更多人工智慧服務時，我認為你們與 AWS 合作會有優勢，你們可以利用他們的資源，並增加你們這邊的人員——這樣，即使這個平台的故事在未來幾年裡不斷發展，你們也能保持營運收入成長速度超過營收成長速度的說法？

Thanks, Kirk. Thanks for the question. Yes. I mean when we talk about our financial principles, I would start there, and those really are truly durable. And we are committed to growing organic revenue double digit and operating income dollars faster than revenue as you mentioned. When you think specifically about something like the expert platform, AI services on that, yes, we have employed and continue to employ as we talked about at Investor Day, a number of data scientists who are coming in to really help us continue to develop this critical capability. AWS is absolutely a key partner with us. We've moved all of our customer-facing apps to it already. We're continuing to move some of the back end stuff and we expect that to take maybe another 18 to 24 months. But they are absolutely a critical partner for us and we don't see that having an impact when we look at growing operating income.

謝謝你，柯克。謝謝你的提問。是的。我的意思是，當我們談論我們的財務原則時，我會從這裡開始，這些原則確實是真正持久的。正如您所提到的，我們致力於實現有機收入兩位數成長，且營業收入的成長速度要超過收入成長速度。具體來說，就專家平台、人工智慧服務等而言，是的，正如我們在投資者日上所談到的，我們已經聘用並將繼續聘用一些資料科學家，他們加入我們是為了真正幫助我們繼續發展這項關鍵能力。AWS 絕對是我們最重要的合作夥伴。我們已經將所有面向客戶的應用程式遷移到該平台上。我們正在繼續遷移一些後端內容，預計還需要 18 到 24 個月的時間。但他們絕對是我們的重要合作夥伴，我們認為這不會對提高營業收入產生影響。

Your next question comes from the line of Scott Schneeberger from Oppenheimer.

你的下一個問題來自奧本海默公司的史考特‧施內伯格。

Congratulations on the quarter. The -- I wanted to ask, in the consumer segment, your margin, someone asked earlier it was a little lighter than expected in the third. But Michelle, you pointed out that year-to-date it was about on track with last year. So my question is, somewhat to the extent you could speak to, this year you marketed TurboTax Live in the early season, but you hadn't in early season last year. You also had the four tiers of pricing in TurboTax Live this year. So is there anything unique or interesting about that, that had an impact? And if you could elaborate a little bit on what you saw introducing the four tiers year-over-year versus last year?

恭喜你本季取得佳績。我想問一下，在消費者領域，你們的利潤率是多少？之前有人問過，第三季的利潤率比預期的低。但是米歇爾，你指出今年迄今為止的情況與去年基本持平。所以我的問題是，就您目前所能談及的範圍而言，今年您在賽季初期推廣了 TurboTax Live，但去年賽季初期您並沒有這樣做。今年TurboTax Live也採用了四種不同的定價方案。那麼，這件事有什麼獨特或有趣之處，產生了什麼影響嗎？您能否詳細說明一下，與去年相比，今年引入這四個層級制度有哪些變化？

Okay, do you want me to start? I'll start this off. Thank you, Scott, thanks for the question. Actually, where I'm going to start is, if I step back and look at TurboTax Live, Sasan did mention earlier that this year we made the very deliberate decision to offer it across our lineup. It really then enabled folks from simple returns, all the way up to very complex returns, to be able to have access to experts, to really get the confidence they need to go through their tax filing situation. So with that, we believe that, that's absolutely the right thing for us to do and the right strategic decision. We did see a lower ARPC in that, but we believe that long term, with the opportunity that we have with TurboTax Live that, that's the right thing to do for our customers.

好的，你想讓我開始嗎？我先來。謝謝你，斯科特，謝謝你的提問。實際上，我要說的是，如果我回顧一下 TurboTax Live，Sasan 早些時候確實提到過，今年我們特意決定在我們的所有產品線中都提供這項服務。如此一來，無論是簡單的報稅還是非常複雜的報稅，人們都能獲得專家的幫助，從而真正獲得處理報稅事宜所需的信心。因此，我們認為，這絕對是我們應該做的，也是正確的策略決策。我們確實看到 ARPC 有所下降，但我們相信，從長遠來看，憑藉 TurboTax Live 為我們帶來的機會，這對我們的客戶來說是正確的做法。

If I think back to just margins overall, we did talk about the consumer margins earlier. When I think about just CG margins in total, there we have marketed TurboTax Live this year at the very beginning of the season and we didn't do that last year. But we are continually making decisions around marketing decisions and where we apply marketing dollars and how we do that throughout the tax season. So there really wasn't anything dramatically different this year that would have impacted our margins. But once again, I would tell you, I wouldn't focus overly on Consumer Group margin. We really do manage the margins at the total company level, on an annual basis. And so I really wouldn't get too hung up on what happened at the beginning of season or end of season or between and amongst the quarters. I really would look more from a company standpoint, on an annual basis.

如果我回顧一下整體利潤率，我們之前確實討論過消費者利潤率。如果只考慮 CG 利潤率，我們今年在賽季開始就推出了 TurboTax Live，而去年我們並沒有這樣做。但是，在整個報稅季期間，我們會不斷做出有關行銷決策、行銷資金的分配以及如何分配行銷資金的決定。所以今年並沒有什麼重大變化會影響我們的利潤率。但我再次重申，我不會過度關心消費者集團的利潤率。我們確實在公司整體層面，以年度為單位，對利潤率進行管理。所以，我真的不會太糾結於賽季初、賽季末或各節比賽之間發生的事情。我更傾向於從公司角度，以年度為單位考慮。

Understood, yes. And certainly Small Business margins were impressive on a year-over-year basis. My follow-up is, on the fourth quarter guide, it's down $0.16 to $0.14 year-over-year. That's the lowest guide in the fourth quarter -- or the last time we saw performance of that low was fiscal '10. I'm just curious, is there -- what are the drivers? Is it timing or is it something that's impacting that?

明白了。當然，小型企業利潤率年比來看確實令人印象深刻。我的後續報告是，根據第四季的業績指引，年減 0.16 美元至 0.14 美元。這是第四季最低的業績預期——或者說，我們上一次看到如此低的業績還是在 2010 財年。我只是好奇，是否存在──有哪些驅動因素？是時機問題，還是有其他因素影響了這一點？

Thanks for your question. We actually feel great about the momentum of the company and the momentum of online revenue growth especially in Small Business because that's the majority of our revenue in the fourth quarter. So in fact, as I look back and -- to the years that you're comparing it, we have more momentum now than we did then. So I feel great about the momentum of the business, the innovation coming out of the company and what we've guided. The last thing I would say is, this could be comparing 606 to 605 accounting, and we believe that's probably why you are comparing a set of numbers that may look odd. But in terms of what we're guiding to in the momentum, it's never been stronger.

謝謝你的提問。我們對公司的發展勢頭和線上收入成長勢頭感到非常滿意，尤其是在小型企業方面，因為這部分收入占我們第四季度收入的大部分。所以事實上，當我回顧過去，與你所比較的那些年份相比，我們現在的發展勢頭比那時更強勁。所以我對公司的發展勢頭、公司不斷湧現的創新成果以及我們所引領的方向感到非常滿意。最後我想說的是，這可能是在比較 606 和 605 兩種會計方法，我們認為這可能是為什麼你比較的這組數字看起來很奇怪的原因。但就我們所引導的發展勢頭而言，它從未如此強勁。

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

你的下一個問題來自瑞銀集團的珍妮佛洛。

Maybe just a couple of quick ones from me. First, looking at the growth in online services. I know you mentioned that you're anniversarying the TSheets acquisition. But even with that, that was a pretty impressive growth number. And it certainly looks like you're going to exit that inorganic benefit sort of at a higher growth rate than you were before that. Can you just talk a little bit about what are the levers that are really working within -- inside that segment? Is it payroll? Is it payment? Is it everything? Just any color there would be really helpful.

我可能就簡單說幾句。首先，我們來看看線上服務的成長情況。我知道您提到您正在慶祝收購 TSheets 週年。但即便如此，這仍然是一個相當驚人的成長數字。而且看起來，你退出非有機成長階段的速度肯定會比之前更快。您能否簡單談談在這個領域內部真正發揮作用的槓桿作用是什麼？是薪資單嗎？這是付款方式嗎？這就是全部嗎？任何顏色都行，會很有幫助的。

Hi, Jennifer, thank you for your question. We're also very pleased with our online services growth. In fact, if you look back to where we are today versus about 18 months ago, the first quarter of our fiscal year '18, we've more than doubled the growth rate. And really, it's very focused on what's most important to our customers, which is helping them grow, helping them get paid, helping them get access to capital, helping them pay their employees. We really think about our customer problems and how we solve them in context of services, whether it's accounting services, whether it's payment services, whether it's payroll services, capital, time tracking and now expert services that we're going to be launching with QuickBooks Live. And so the direct answer to your question is, it's really all the services that we've been investing in and focusing on because they matter a lot to our customers, that's contributing to the online services growth that you're seeing. It's not any one thing, it's all of them.

你好，珍妮弗，謝謝你的提問。我們對線上服務的成長也感到非常滿意。事實上，如果我們回顧一下我們今天所處的位置與大約 18 個月前，也就是 2018 財年第一季的情況，就會發現我們的成長率已經翻了一番還多。實際上，我們非常注重對客戶而言最重要的事情，那就是幫助他們發展壯大，幫助他們獲得報酬，幫助他們獲得資金，幫助他們支付員工薪水。我們真正思考客戶的問題以及如何在服務方面解決這些問題，無論是會計服務、支付服務、薪資服務、資本、時間跟踪，還是我們即將透過 QuickBooks Live 推出的專家服務。所以，對您問題的直接回答是，我們一直在投資和關注的所有服務，因為這些服務對我們的客戶來說非常重要，這實際上促成了您看到的線上服務成長。不是任何單一因素，而是所有因素共同作用的結果。

Great. And then just a quick one. I know last year, there was a lot of discussion around the first year of learning on the renewal rate of the self-employed users that came in through TurboTax attached. Now that we've got another year of history on that obviously the aggregated numbers look very good. But I'm curious as you sort of explore that cohort, just any additional insights on how the retention trended this year and how you think about that going forward. That's it for me.

偉大的。然後就快速地來一個。我知道去年，圍繞著TurboTax附加版自僱用戶第一年的續訂率，有很多討論。現在我們有了另一年的歷史數據，顯然總結後的數據看起來非常好。但我很好奇，在您深入研究這群人時，能否提供一些關於今年留存率趨勢的額外見解，以及您對未來留存率的看法。就這些了。

Sure. Very good question. Let me make 2 different statements. One is, the reason we're excited about this whole notion of being an AI-driven expert platform in context of the customer problems that I articulated, it's also about solving the interactions between customers on our platform. 40% of those that our small businesses hire are actually self-employed. And so what we're solving for is, to ensure that we can get us many customers on our platform as possible because we find we have solved a particular pain point for them, and in solving the interactions between those costumers on our platform seamlessly so it becomes the place where there run their time, they run their business, they run their life. And so strategically, I wanted to make sure you knew why the self-employed segment is so important. We don't just view it as a segment on its own. With that said, in terms of the renewal rates, now that we're a couple of years in, it's in line with what we have assumed. And of course, at Investor Day, we'll share more, but it's very much in line with what we had assumed.

當然。問得好。讓我提出兩點不同的看法。一方面，我們對成為人工智慧驅動的專家平台這一概念感到興奮，這與我之前闡述的客戶問題息息相關，另一方面，它也與解決我們平台上客戶之間的互動有關。在我們小型企業僱用的員工中，有 40% 實際上是自僱人士。因此，我們正在努力解決的問題是，如何確保盡可能多的客戶加入我們的平台，因為我們發現我們已經解決了他們的某個痛點，並且如何無縫地解決客戶在我們平台上的互動，使之成為他們管理時間、經營業務、管理生活的地方。因此，從策略角度來說，我想確保你們明白為什麼自僱人士群體如此重要。我們並不把它看成一個獨立的部分。也就是說，就續約率而言，現在兩年過去了，情況與我們的預期相符。當然，在投資者日上，我們會分享更多信息，但這與我們先前的預期非常吻合。

Your next question comes from the line of Josh Beck from KeyBanc.

你的下一個問題來自 KeyBanc 的 Josh Beck。

Obviously, really good success with TurboTax Live more than tripling. I'm wondering if you look underneath it, the growth a little bit. Could you talk about the retention in those Live filers from the prior season, and if they renewed that product SKU?

顯然，TurboTax Live 的成功率非常高，成長超過三倍。我想知道，如果你看看它下面，你會發現一些生長物。您能否談談上一季 Live 申報者的留存情況，以及他們是否續訂了該產品 SKU？

Hi, Josh. Thank you for your question. What I would share is, one, as you said, we look at this as a $20 billion TAM opportunity, where there's a huge confidence problem to solve, which is why we expanded across all of our SKUs. And we see it as an opportunity to get quick income for our pros and to help them with their life. With that said, we love what we saw this year. As you said, 3x the growth on customers, 70% of the new customers came from the assisted method the prior year and our NPS and -- net promoter is up and to the right. We of course, at this point are not sharing the exact numbers. That may be something that we share at Investor Day. But I think the take away you should have is on every dimension, customer growth, retention, NPS, for both the customers that we serve and the experts that are on the platform serving our customers, very proud of the improvements our team's made.

嗨，喬希。謝謝你的提問。我想分享的是，正如你所說，我們認為這是一個價值 200 億美元的市場規模機會，其中存在一個巨大的信心問題需要解決，這就是為什麼我們擴大了所有 SKU 的規模。我們認為這是一個讓我們的專業人士快速獲得收入並幫助他們改善生活的機會。綜上所述，我們非常喜歡今年所看到的。正如您所說，客戶數量增加了 3 倍，70% 的新客戶來自上一年的輔助方法，我們的 NPS 和淨推薦值都在上升。當然，目前我們不會透露確切的數字。這或許是我們會在投資人日上分享的內容。但我認為你應該明白的是，在客戶成長、留存率、NPS 等各個方面，無論是我們服務的客戶還是在平台上為客戶提供服務的專家，我們都為團隊的進步感到非常自豪。

Okay. That's very helpful. And then I also wanted to ask about the success you had on the free side. When you look, maybe more midterm or long term, does that in some ways increase the opportunity for monetizing Turbo? Or is that, maybe not one of the opportunities you see down the road?

好的。那很有幫助。然後我還想問問你在免費領域的成功狀況。從中長期來看，這是否會在某些方面增加 Turbo 的獲利機會？或者，這或許並非你未來看到的機會之一？

Yes. The way to think about it is really around what's most important to our customers, which is really about helping our customers make ends meet and helping them get the largest tax refund, and just finding ways to help them reduce their debt and increase their savings. And so when we think about free, one, it's focused on a segment of the marketplace where we believe they deserve to do their taxes for free and therefore why we significantly improved the experience this year to ensure that we deliver against the standards we expect of ourselves and they expect of us. It then gives us the opportunity through Turbo, with the customers' consent to help connect them to benefits that matter most. Because we are an agnostic platform.

是的。思考這個問題的關鍵在於如何為我們的客戶著想，也就是幫助客戶維持生計，幫助他們獲得最大的退稅，並想辦法幫助他們減少債務、增加儲蓄。因此，當我們想到「免費」時，首先，它指的是我們認為應該免費報稅的市場區隔群體，因此，我們今年大幅改進了體驗，以確保我們達到我們自己和他們對我們的期望標準。然後，透過 Turbo，在獲得客戶同意後，我們有機會幫助他們獲得最重要的福利。因為我們是一個中立的平台。

What we care most about is ensuring that they have an opportunity to get savings accounts at the highest rates. That if they're get a personal loan, it's at the best rate possible versus pushing our product. And that for us gets our heartbeats going faster because it's squarely focused on the customer and what matters most. The opportunity is actually significant. Just in the United States, consumers overpay in fees well over $60 billion-plus. And we have an opportunity to match them with products, financial products that are right for them at the lowest rates. And so we do see that as an opportunity to deliver for our customers and eventually a business opportunity.

我們最關心的是確保他們有機會獲得最高利率的儲蓄帳戶。如果他們要申請個人貸款，我們會提供盡可能優惠的利率，而不是推銷我們的產品。而這讓我們心跳加速，因為它完全以客戶為中心，專注於最重要的事情。這個機會確實非常難得。光是在美國，消費者每年多支付的費用就超過 600 億美元。我們有機會為他們匹配最合適的金融產品，並保證最低的利率。因此，我們認為這是一個為客戶提供服務的機會，最終也是一個商業機會。

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

你的下一個問題來自摩根大通的斯特林奧蒂。

This is Jackson Ader on for Sterling tonight. The first one, Sasan, if you can just help us reconcile something. The 55 million users over the last 5 years that you said have paid nothing, how do we square that with the roughly 1.1 million, 1.2 million free filing alliance users that you report on the tax sheet?

今晚為史特林隊出戰的是傑克森·阿德爾。薩桑，第一個問題，如果你能幫我們解決這件事就好了。您說過去 5 年裡有 5500 萬用戶沒有付費，那麼我們如何解釋您在稅務報表中報告的大約 110 萬到 120 萬免費報稅聯盟用戶呢？

Yes. Jackson, thank you for your question. As I mentioned earlier, we have for the last 20 years supported customers that have certain income level, and to be able to file for free. We do that directly with customers, and we also do that through the IRS Free File program. And that's something that the IRS has done a wonderful job setting up with the entire industry. And so the 55 million includes both the free offering directly to customers and the Free File offering. That's all in one when you look at the 55 million over the last 5 years.

是的。傑克遜，謝謝你的提問。正如我之前提到的，在過去的 20 年裡，我們一直支持達到一定收入水平的客戶，並允許他們免費申報。我們直接為客戶服務，也透過美國國稅局免費報稅計畫提供服務。而這正是美國國稅局與整個產業共同努力的成果。因此，5500萬包括直接向客戶提供的免費服務以及免費文件服務。過去五年來的5500萬人口就是最好的證明。

Understood. Okay. Then a follow-up question. How many filers in the U.S. do you believe qualify for free filing on an annual basis?

明白了。好的。然後是一個後續問題。您認為美國每年有多少納稅人符合免費報稅的條件？

Our estimate is probably about over 100 million-ish or so and this is a figure that we've talked about for years that ultimately are eligible for free. And our other estimate is probably 20 million to 25 million of them actually use free because customers have choice and they decide if they want added benefits that goes beyond free. But those are the estimates that we have.

我們估計大概有 1 億人左右，這是我們多年來一直在討論的數字，最終這些人將有資格獲得免費服務。我們估計，其中可能有 2,000 萬到 2,500 萬用戶實際使用免費服務，因為客戶有選擇權，他們可以決定是否要獲得免費服務以外的額外福利。但這些是我們目前掌握的估算數據。

Your next question comes from the line of Ken Wong from Guggenheim Securities.

你的下一個問題來自古根漢證券的 Ken Wong。

Michelle, you guys mentioned that you had 30% increase in your TurboTax Live agent engagements, but also saw kind of essentially no increase in the number of agents to actually process those claims. How should we think about the capacity going forward? Is that something that you think you can still extract some incremental efficiencies or looking next year, that's an area where you guys will probably have to staff up a little more?

米歇爾，你們提到TurboTax Live代理的互動量增加了30%，但實際處理這些申報的代理數量卻幾乎沒有增加。我們該如何看待未來的產能問題？您認為這方面還能再提升一些效率嗎？還是說展望明年，你們可能需要在這個領域增加一些人手？

Hi, Ken. Thanks for the question. As we think about TurboTax Live, we continue to be very excited about the opportunity there. When we look at just the $20 billion opportunity in the assisted market and really helping customers have the confidence to file their tax returns, and we do think is a great opportunity. As you mentioned, we did see an improvement this year with 3x the customers and yet we had the same number of pros at 2,000. And so obviously, we did have a couple of the operational efficiencies that we delivered this year. Going forward, we continue to look for ways to improve that experience. We want to make sure that we are helping pros get set up as easy as possible, so making that smooth as possible; continuing to look at the tools they use, how we made those more efficient; really looking for ways to automate work for the pros and use augmented intelligence in the best way possible to help them with their interactions with the consumers.

嗨，肯。謝謝你的提問。當我們想到TurboTax Live時，我們仍然對它帶來的機會感到非常興奮。當我們審視一下輔助報稅市場中高達 200 億美元的商機，並真正幫助客戶建立信心來申報納稅時，我們認為這是一個絕佳的機會。正如您所提到的，今年我們的客戶數量翻了三倍，情況確實有所改善，但我們的專業人員數量仍然保持在 2000 人。很顯然，我們今年確實達成了幾個營運效率提升目標。展望未來，我們將繼續尋找改善用​​戶體驗的方法。我們希望確保幫助專業人士盡可能輕鬆地完成設置，使過程盡可能順暢；繼續關注他們使用的工具，以及我們如何提高這些工具的效率；真正尋找方法為專業人士實現工作自動化，並以最佳方式使用增強智能來幫助他們與消費者互動。

Got it. And then Sasan, one of the goals of the -- or, I guess a couple of the goals at the beginning of the year were to improve conversion at the top of funnel, and then obviously increase retention as well. It sounds like retention improved to expectations. Any comments on how you guys did in terms of conversion at the top of funnel?

知道了。然後，Sasan，年初的目標之一——或者說，我想是幾個目標之一——是提高漏斗頂端的轉換率，然後顯然還要提高留存率。聽起來客戶留存率的提高符合預期。你們對漏斗頂端的轉換率表現有什麼看法？

We'll look at sharing some of this at Investor Day. But I would tell you overall, we're pleased on every mark that matters.

我們將在投資者日上分享其中的一些資訊。但總的來說，我們對所有重要的指標都感到滿意。

Your next question comes from the line of Brent Thill from Jefferies.

你的下一個問題來自傑富瑞集團的布倫特·蒂爾。

Just on QuickBooks. I think, Michelle, your -- you said that strategic direction of how you're looking at the metrics is changing, that I think, many have noticed the growth rate is materially decelerating, and -- but we also noted some price increases from the fall up to now. I think you've raised prices on essential and -- plus list prices. Can you just talk through this dynamic of the decel, but also looking at price rises and how you're thinking about that as a whole?

僅限 QuickBooks。米歇爾，我認為——你說過你看待這些指標的戰略方向正在發生變化，我認為，許多人已經注意到增長率正在大幅放緩，而且——但我們也注意到，從秋季到現在，價格有所上漲。我認為你們提高了必需品的價格，而且價格還高於標價。您能否詳細談談這種減速的動態，以及價格上漲的情況，並結合整體情況來談談您是如何看待這個問題的？

Brent, yes. Thanks for the question on QBO subs. QBO subs this quarter were at 32%, which is slightly down. But we still feel that, that is a very strong number. We have continued to say that we expect the QBO subs growth to moderate. And when you really look at what is driving the health of Small Business, it is truly Online Ecosystem revenue, and that is continuing to be a strong growth rate of 38% this quarter. Just to pick up on your price comment, we always look at our price increases. We don't have price increases that on any specific basis. We really look to continue to deliver the value for customers, and we measure those very carefully. We never want to take a price increase that isn't going to dramatically impact our customer retention. So we look at those as we deliver more benefits to the customer, and then we continue to watch on the retention side.

是的，布倫特。感謝您提出關於QBO訂閱的問題。本季QBO訂閱用戶佔比為32%，略有下降。但我們仍然認為，這是一個非常強勁的數字。我們一直表示，我們預計QBO用戶成長速度將會放緩。當你真正審視推動小型企業健康發展的因素時，你會發現真正的驅動力是線上生態系統的收入，而這一數字在本季度繼續保持 38% 的強勁增長率。關於您提到的價格問題，我們始終關注價格上漲情況。我們目前沒有任何基於特定原因的漲價計劃。我們真心希望繼續為客戶創造價值，並且我們會非常仔細地衡量這些價值。我們絕不希望提價，因為那樣會對客戶留存率產生顯著影響。因此，我們會關注這些方面，因為我們能為客戶帶來更多好處，然後我們會繼續關注客戶留存情況。

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

你的下一個問題來自巴克萊銀行的雷莫·倫肖。

Sasan, can I ask about Turbo, please? You mentioned that 14 million users there and the 70 offerings? Can you talk and -- kind of what they do? Can you talk a little bit about what you're seeing there? Obviously, there's other guys that kind of have that same business model. Is it more like -- is it more on the mortgage side, more on the credit card side, like what are you seeing in terms of early trends there?

Sasan，請問一下關於Turbo的事情嗎？你提到那裡有1400萬用戶和70種產品？你能說說他們具體是做什麼的嗎？你能稍微談談你在那裡看到了什麼嗎？顯然，還有其他一些人也採用了類似的商業模式。是更偏向抵押貸款方面，還是更偏向信用卡方面？就早期趨勢而言，你看到了什麼？

Hi, Raimo. Thanks for your question. So our singular focus is to help our customers make ends meet when it comes to our vision with Turbo. And with the customer's consent, what we try to do is to learn what's most important to them. And based on understanding their behaviors, we will connect them to financial products that are right for them. And remember, we're very -- in a very early innings of really understanding and learning what's most important to them. What's very differentiated for us is the customer is engaging with us at a very important moment, which the tax refund moment. And it's an opportunity for us to learn from them, what you want to do is your money? Do you want to actually save more money? Or we will make offers such as "hey, you look like you have 4 credit cards. Would you like to consolidate it to 1 personal loan that can save you X amount of dollars? And here's by the way, what you can afford." So it's really focused on helping them make ends meet, reduce their debt and ultimately save more money. And our advantage is the fact that we know the customer, we understand their behaviors and we are an agnostic platform to connect them to those products that matter most. And so we're very early, but we love what we're seeing and what we're learning and that's informing our game plan as we look ahead.

你好，雷莫。謝謝你的提問。因此，我們唯一的目標就是幫助我們的客戶實現我們與Turbo的願景。在徵得客戶同意後，我們會努力了解對他們來說最重要的是什麼。透過了解他們的行為，我們將為他們推薦合適的金融產品。記住，我們還處於非常早期的階段，需要真正了解和學習對他們來說最重要的是什麼。我們與眾不同之處在於，客戶正在一個非常重要的時刻——退稅時刻——與我們互動。這是一個讓我們向他們學習的機會，你想怎麼支配你的錢？你真的想省更多錢嗎？或者我們會提出這樣的提議：“嘿，你看起來好像有 4 張信用卡。”您是否願意將它們合併為一筆個人貸款，從而節省 X 美元？順便說一下，這是你能負擔的金額。 「所以，它真正關注的是幫助他們維持生計、減少債務並最終節省更多錢。我們的優勢在於我們了解客戶，了解他們的行為，我們是一個中立的平台，可以將他們與最重要的產品連結起來。所以現在還處於非常早期的階段，但我們很喜歡我們所看到的和所學到的東西，這些都為我們未來的發展計畫提供了基礎。

Perfect. And if I might squeeze in one follow-up. This tax season, I mean -- with this, keep in mind, is this -- was this the first one you have fully on AWS? And what was the pros and cons you saw from that one? Or did you have some duplications?

完美的。如果可以的話，我想補充一點後續問題。我的意思是，在這個報稅季——請記住，這是——這是你第一個完全在 AWS 上部署的系統嗎？你從中看到了哪些優點和缺點？或者你有一些重複？

Sure. It's our second year on AWS and we had a, what I would call and our teams would call an epic finish with the number of concurrent users at the end of the season. The performance, the availability was the best that we have ever seen. And one element of it is that our teams did an incredible job making sure the experience was an awesome experience; but two, we credit being on AWS the fact that we can handle those kinds of volumes. But it was our second year, and it was a great outcome.

當然。這是我們在 AWS 上的第二年，賽季末的並髮用戶數量達到了史詩般的水平，我稱之為賽季末的輝煌戰績，我們的團隊也會這樣評價。性能和可用性都是我們見過的最好的。一方面，我們的團隊出色地完成了工作，確保了使用者體驗非常棒；另一方面，我們能夠處理如此龐大的資料量，要歸功於 AWS。但這是我們第二年，結果非常好。

Your next question comes from the line of Chris Merwin from Goldman Sachs.

你的下一個問題來自高盛的克里斯·默溫。

Yes, just a couple for me, if I could. I guess the first was on the TurboTax Live marketing campaign. I was wondering if you could just comment on how that performed relative to your expectations. I know the growth you saw year-on-year was very, very strong, so just any detail you could share there. And I guess also how you're thinking about continuing to invest in marketing behind TurboTax Live, to continue to disrupt that assisted tax category. And then I have a quick follow-up.

是的，如果可以的話，就留幾個給我吧。我猜第一次是在TurboTax Live的行銷活動中。我想請您評價一下它的表現是否符合您的預期。我知道你們的業績年增率非常非常強勁，所以能否分享一些細節的內容？我也想知道你們打算如何繼續投資 TurboTax Live 的行銷，以繼續顛覆輔助報稅領域。然後我還有一個簡短的後續問題。

Hi, Chris. Thanks for your question. In terms of raising awareness, we take a very strategic approach to our campaigns, and really the focus right now has been to raise awareness, to help consumers understand that there is a different way, that there could be a better way, given their tax situation. And given the campaign this year, it actually worked very well. We look at mix modeling, marketing modeling and -- to understand how, what the returns were for the dollars that we spent and the effectiveness of the campaign. And we really like the metrics that we have seen and we'll be doing more deep dives to understand what that will inform for next year. But the way you should be thinking about it is just this is the beginning of a multiyear and decade campaign to raise awareness, delivering awesome experiences, so more customers tell one another and then shifting the elements of the campaign from just simple awareness to effectiveness. But thus far, we've enjoyed what we've seen.

嗨，克里斯。謝謝你的提問。在提高公眾意識方面，我們採取了非常有策略的宣傳方式，目前的重點是提高公眾意識，幫助消費者了解，考慮到他們的稅務狀況，還有另一種方法，一種更好的方法。就今年的競選活動而言，它實際上效果非常好。我們研究混合模型、行銷模型，以了解我們投入的資金獲得了怎樣的回報，以及行銷活動的有效性。我們非常滿意目前看到的各項指標，我們將進行更深入的研究，以了解這些指標將為明年提供哪些指導。但你應該這樣想：這只是一個長達數年甚至十年的活動的開始，目的是提高人們的意識，提供絕佳的體驗，讓更多的顧客互相推薦，然後將活動的要素從簡單的提高意識轉變為提高效果。但到目前為止，我們對所看到的一切都很滿意。

Okay. Great. And then the follow-up was just on revenue per return. I think it was up low double digits in the 2Q, but up more like low singles in the 3Q. And you talked about the decision, obviously to optimize the user experience which resulted in more free filers in Q3, but were those changes live in Q2 as well? I'm just curious why there is, I guess, such a big Delta between the growth in revenue per return between 2Q and 3Q.

好的。偉大的。然後後續調查只關注每次回報帶來的收入。我認為第二季增幅在兩位數左右，但第三季增幅更像是個位數左右。您談到了優化用戶體驗的決定，這顯然導致第三季免費申報用戶更多，但這些變化在第二季也生效了嗎？我只是好奇，為什麼第二季和第三季每回報收入成長之間有著如此大的差距。

Sure. Sure. Is this -- is your question around TurboTax Live versus TurboTax?

當然。當然。您的問題是關於TurboTax Live和TurboTax的區別嗎？

Or just the overall kind of changes you made to promote more free filing across the total platform.

或者只是您為促進整個平台上更多免費申報而做出的整體性改變。

Got it. Got it. Thank you for the question. So 2 things that I would say. One is, based on the decisions that we made to accelerate free and the decisions that we made to have TurboTax Live across the lineup, in essence our ARPC would have been several points higher, if we chose not to make that decision. But we don't solve for ARPC. What we're solving for is accelerated customer growth and making sure that we grow the revenue double-digits and ensuring that operating income grows faster than revenue. So I would just focus on those principles, but I would just end with again saying, ARPC would have been several points higher if we have not made those decisions on free.

知道了。知道了。謝謝你的提問。所以我想說兩點。一方面，基於我們加速免費推廣的決定以及我們決定在整個產品線中推廣 TurboTax Live 的決定，如果我們不做出這個決定，我們的 ARPC 本質上會高出幾個百分點。但我們並不求解 ARPC。我們正在解決的問題是加速客戶成長，確保收入達到兩位數成長，並確保營業收入成長速度超過收入成長速度。所以我會專注在這些原則，但最後我還是要再說一遍，如果我們沒有對免費服務做出那些決定，ARPC 將會高出好幾個百分點。

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

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

Just a couple of questions on TurboTax Live. As you watch the progression of that product and tested price points, what are your thoughts on price elasticity for the product? Do you think there's an opportunity that it's providing value that you can raise prices for? Or do you think this is a product where you might have to lower prices and you'll get a lot more quantity or users?

關於TurboTax Live，我還有幾個問題。在觀察該產品的發展歷程和測試價格點的過程中，您對該產品的價格彈性有何看法？你認為它是否具有創造價值的機會，從而可以提高價格？還是你認為這款產品可能需要降價，才能獲得更多銷售量或用戶？

Hi Kartik, thanks for your question. This is a $20 billion TAM, 90 million customers. Our #1 focus is acing the experience for our customers, to help them build confidence, acing the experience for our pros, so they do a spectacular job delivering for our customers. And there is so much more room for growth here. The least of our focus is pricing. Although we think about that, it's about solving the problem well because we believe that there's so much headroom for growth. We do believe there is certainly headroom for price increases, but we're just so early and it's such a huge TAM that we just believe the opportunity is to nail the experience and get as many customers to use the platform as possible, so it goes viral and they tell others.

你好 Kartik，謝謝你的提問。這是一個價值 200 億美元、擁有 9,000 萬客戶的市場。我們最關注的是為客戶打造卓越的體驗，幫助他們建立信心；同時，我們也致力於為我們的專業人員打造卓越的體驗，讓他們能夠出色地為客戶交付成果。這裡還有很大的發展空間。我們最不關注的就是價格。雖然我們考慮過這個問題，但關鍵在於如何把問題解決得很好，因為我們相信還有很大的發展空間。我們相信價格肯定還有上漲空間，但現在還處於早期階段，而且市場規模非常大，所以我們認為現在的機會在於打造完美的用戶體驗，讓盡可能多的客戶使用該平台，這樣它就能迅速傳播開來，並告訴其他人。

Perfect. And, Michelle, just one more question on margin as it relates to TurboTax Live. You've talked a lot about automating the process, AI. I'm wondering, how close do you think TurboTax Live margins can get to just traditional TurboTax, since there is human intervention obviously in the TurboTax Live. I'm just wondering, how close you can get by using AI and automation?

完美的。米歇爾，關於 TurboTax Live 的保證金問題，我還有一個問題。您多次談到流程自動化和人工智慧。我想知道，您認為 TurboTax Live 的利潤率能與傳統的 TurboTax 的利潤率有多接近，因為 TurboTax Live 中顯然有人工幹預。我只是想知道，透過人工智慧和自動化技術，你能達到多高的精確度？

Thanks, Kartik. I appreciate the question on TurboTax Live. One of the things that has really helped us when we think about TurboTax Live. Number one, I mean last year was the first year. This year, as we said a number of times, we've driven a ton of efficiencies with 3X the customers and yet the same number of pros. But we really continue to look at how do we use automation, and how do we use augmented intelligence to drive it. Another thing I would say is, we have focused a lot on using technology here and really focusing on technology first, then bringing in the expert to help, which has enabled us to be in potentially a different margin range than most people may with this type of an offering. So we're very pleased with the margins we're seeing. And as Sasan just mentioned, there's just so much opportunity here. Right now, we are really focused on how do we continue to bring customers in and continue to just deliver that great experience.

謝謝你，卡爾蒂克。感謝您提出關於TurboTax Live的問題。想到TurboTax Live，我們覺得它確實幫了我們很多。第一，我的意思是去年是第一年。今年，正如我們多次提到的，我們在客戶數量翻了三倍、專業人員數量不變的情況下，大幅提高了效率。但我們仍在不斷探索如何利用自動化，以及如何利用增強智慧來驅動自動化。我想說的另一點是，我們非常注重技術的運用，真正做到先重視技術，然後再引入專家來提供幫助，這使得我們能夠獲得與大多數提供此類服務的人不同的利潤率。所以我們對目前的利潤率非常滿意。正如薩桑剛才提到的，這裡有很多機會。目前，我們真正關注的是如何繼續吸引顧客，並繼續提供優質的體驗。

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

你的下一個問題來自德意志銀行的麥可‧圖林。

Just one from me. Following up on the QBO subs question earlier. I appreciate you've been signaling that growth rate is expected to moderate, but looks like it's happening a bit more on the U.S. side. Is there anything you can add in terms of expectations following that split between U.S. and international could stack up in terms of a more normalized growth profile going forward? And then on the international side, any specific geos to call out there in terms of contribution?

我只有一個。接上文之前關於QBO替補的問題。我很欣賞你一直以來發出的增長速度預計將會放緩的信號，但看起來這種情況在美國發生得更多一些。您認為，美國和國際市場分化後，未來經濟成長前景是否會更正常化？那麼在國際方面，有沒有哪些地區在貢獻上值得特別一提呢？

Hi, Michael. Thanks for the question. First of all, the reason we talked about watching online ecosystem revenue growth of 30%-plus is, it gets to a place where, how do you count a sub? Because we have SE subs. We have QBO subs. We are now looking at TSheets subs. We have payment subs. So there -- one element of it is how do you count the sub? And so we want to make sure that we actually provide you all a very clear flagpole of what to watch for. The second is we're actually very pleased with our progress in the U.S. because while we've been focused on self-employed, which has seen very good growth, we're really focused on accelerating our focus into midmarket. And so when we look at the growth rate in the U.S. of 25% given the mix of customers that we're actually focused on going after and specifically the services that we're focused on going after, we're very pleased with it. And I think ultimately, the bang box to your question is, I would focus on online ecosystem revenue growth because that is the best indication for the health of the franchise.

你好，麥可。謝謝你的提問。首先，我們之所以討論線上生態系統收入成長超過 30% 的原因在於，它發展到一定程度後，你會如何計算訂閱用戶數量？因為我們有SE子頻道。我們有QBO訂閱用戶。我們現在正在研究TSheets的子程式。我們有付費訂閱。所以，其中一個問題是如何計算子項？因此，我們希望確保為大家提供一個非常清楚的指引，讓大家知道該關注哪些面向。第二點是，我們對在美國的進展非常滿意，因為雖然我們一直專注於個體經營者市場，並且該市場取得了非常好的成長，但我們真正專注於加快向中端市場拓展業務。因此，考慮到我們實際關注的客戶群體以及我們具體關注的服務，美國市場 25% 的成長率讓我們非常滿意。我認為，歸根結底，對於你的問題，關鍵在於專注於線上生態系統的收入成長，因為這是衡量特許經營健康狀況的最佳指標。

And the second part of your question, I apologize, I did not answer yet, which is the geographies. We are very pleased with our progress in U.K, Canada and Australia. And we are making very good progress in getting to product market fit in France and in Brazil.

至於您問題的第二部分，很抱歉，我還沒有回答，那就是地理位置的問題。我們對我們在英國、加拿大和澳洲的進展非常滿意。我們在法國和巴西實現產品市場契合度方面取得了非常好的進展。

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

你的下一個問題來自花旗銀行的華特‧普里查德。

Just -- most of my questions have been answered here, but two quick ones. One on, I think there's a fear to begin the season possibly that you see some trade down from customers who had simplified filings and go into the standardized deduction, moving to free. You did have a strong performance on free. Could help us understand in the context of which you ended up seeing in tax season, how the trade-down effect either impacted or did impact the numbers?

大部分問題都已在這裡得到解答，但還有兩個問題想快速問一下。首先，我認為人們擔心在賽季開始時，一些原本選擇簡化申報的客戶可能會轉而選擇標準扣除，甚至免除稅費。你在免費試玩版中表現出色。您能否幫助我們了解在報稅季您最終看到的實際情況，即降級交易效應是如何影響或已經影響到相關數字的？

Hi, Walter. The trade-down effect did not affect our expectations. It was within our expectations. It was a deliberate decision that we made, which was again in context of our durable strategy of delivering the best free offering ever, which was around including year-over-year data transfer for free and extending free for the entire season that really impacted our ARPC. But the -- and again, that was all very deliberate, and we're pleased with what we saw. But really trade-down was not a driver relative to our expectations. It was within our expectations.

你好，沃特。降級效應並未影響我們的預期。這符合我們的預期。這是我們經過深思熟慮後做出的決定，這再次體現了我們持續推進的策略，即提供有史以來最好的免費服務，包括免費提供逐年數據傳輸，並將免費服務延長至整個賽季，這確實對我們的 ARPC 產生了影響。但是——而且再次強調，這一切都是經過深思熟慮的，我們對所看到的結果感到滿意。但實際上，降級消費並不是我們預期的原因。這符合我們的預期。

Got it. Great. And then on advance, I'm curious how much of -- I know it's early, what percentage of those customers are you seeing as sort of a direct conversion off of QuickBooks, the -- either QuickBooks Online and QuickBooks Desktop? And how much of it is sort of [out-planned competitive] displacement with other kind of midmarket financial accounting packages and other sources?

知道了。偉大的。然後，我提前想知道——我知道現在還為時過早——您認為有多少客戶是從 QuickBooks（包括 QuickBooks Online 和 QuickBooks Desktop）直接轉換過來的？其中有多少是由於與其他中階市場財務會計軟體包和其他來源的競爭性替代造成的（事先計劃好的）？

Yes. Thank you for the question. First of all, I'll start with at around a 70-30, 70% existing, 30% new. Only because we really haven't yet aggressively pursued new because we've actually been focused on building out the platform. The reason the mix is so much existing is, we have about 180,000 or so QBO customers that are actually kind of in that midmarket range. They're looking to be able to do batch invoicing. They're looking to be able to have roles and permissions, and we've been aggressively build out -- building out the platform, so we can ultimately migrate those customers to a platform that they are happier with, and then we will shift more aggressively to go after new customers. Desktop is not really playing a role just yet because those desktop customers are really looking for inventory capability, which we will build out as we, over time begin to more aggressively focus on product-based businesses.

是的。謝謝你的提問。首先，我將以大約 70-30 的比例開始，70% 為現有項目，30% 為新項目。那隻是因為我們還沒有真正積極地追求新的目標，因為我們一直專注於建立平台。之所以會出現如此多元化的產品組合，是因為我們有大約 18 萬 QBO 客戶實際上屬於中端市場範圍。他們希望能夠進行大量開票。他們希望能夠擁有角色和權限，而我們一直在積極地建立——建立平台，以便最終能夠將這些客戶遷移到他們更滿意的平台上，然後我們將更加積極地爭取新客戶。桌面系統目前還沒有真正發揮作用，因為這些桌面用戶真正需要的是庫存管理功能，而隨著我們逐漸更加積極地專注於產品型業務，我們將逐步建立這項功能。

Your next question comes from the line of Yao Chew from RBC.

你的下一個問題來自 RBC 的姚秋。

Two quick ones. We've picked up a late-season TurboTax Live pro SKU. Just any comment on that, with a meaningful impact and how to think about that like in terms of attach or buildout. And the other one I guess is, lots of discussion around TurboTax Live. But we view this very much as a multi-year phenomenon. Is there a way to think about an upper bound of the attach on a 3-year basis, a 5-year basis and the nature of investment needed to get there in broad strokes would be helpful.

兩個簡短的問題。我們拿到了一批季末的TurboTax Live專業版產品。對此有什麼看法？例如會產生什麼有意義的影響，以及如何從附加或建構的角度來思考這個問題。另一個原因可能是，圍繞 TurboTax Live 的討論很多。但我們認為這是一個持續多年的現象。能否考慮一下三年期和五年期目標的上限，以及實現目標所需的投資性質？如果能大致概括一下就更好了。

Thank you for your question. I'll start with your first one, which is we're always experimenting. As I mentioned earlier, with a $20 billion market opportunity, 90 million customers, most of which use the assisted category because of a lack of confidence. Really, our initial focus was helping those that may just want to use TurboTax, but are looking for help on demand. We are also testing in essence full service, which is we'll do it for you, if that's what you want us to do, and that's the test that sounds like you fell into. And we're early in our insights and learnings to see what's the -- the future brings based on what's most important to our customers.

謝謝你的提問。我先回答你的第一個問題，那就是我們一直在進行各種嘗試。正如我之前提到的，這是一個價值 200 億美元的市場機會，擁有 9000 萬客戶，其中大多數由於缺乏信心而使用輔助服務類別。實際上，我們最初的重點是幫助那些可能只想使用 TurboTax 但需要隨時獲得幫助的人。我們實際上也在測試全方位服務，也就是說，如果您需要我們為您服務，我們就會為您做，而您似乎就屬於這種測試。我們目前還處於洞察和學習的早期階段，以了解未來會如何發展，而這取決於我們的客戶最重視的是什麼。

In terms of TurboTax Live, we don't think about it in terms of attach. We think about it in terms of what's most important to our customers, because there are some customers that come in and right off the bat, they want to ensure that they have help along the way. Over time, it could be those that also come in and are looking for a full-service offering. So we do think about it in context of attach. We think about it in context of the segment of customers that have higher doubt, fear and uncertainty and are looking for, in essence, expertise and help.

就 TurboTax Live 而言，我們不會從附件的角度來考慮它。我們從客戶最關心的問題出發來考慮，因為有些客戶一進門就希望確保在整個過程中都能得到幫助。隨著時間的推移，也可能是那些前來尋求全方位服務的客戶。所以我們確實會在考慮附加的背景下考慮這個問題。我們從那些疑慮、恐懼和不確定感較強，本質上是尋求專業知識和幫助的客戶群的角度來考慮這個問題。

In terms of how to think about how to model it, Michelle I think did a really nice job earlier around the way you all would -- I mean the way we would want you all to be thinking about this opportunity for us. We are putting our best and brightest engineers on solving this problem through an AI-driven expert platform. It's all about applying technology to solve this problem very, very well. Not only for the customer but for the expert. So we should not think about this opportunity as a typical human capital business. We should think about this as completely digitizing services and experts having AI-driven power tools at their fingertips to be able to serve customers very, very easily. And in fact, the more we learn by solving this two-sided problem, we actually make the platform better, so that the customer gets the answers to the questions much, much more rapidly. So I think the way to think about this is just a huge opportunity for us to drive revenue growth and think about our margins in a way to model at the company level, which is the guidance that we provided.

至於如何思考如何建模，我認為 Michelle 之前做得很好，她闡述了我們希望大家如何看待這個機會。我們正在投入最優秀、最聰明的工程師，透過人工智慧驅動的專家平台來解決這個問題。關鍵在於如何運用科技手段來完美地解決這個問題。不僅對顧客而言如此，對專家而言也是如此。因此，我們不應該把這個機會看成是典型的人力資本業務。我們應該把這看作是服務的完全數位化，讓專家們能夠輕鬆使用人工智慧驅動的強大工具來為客戶提供服務。事實上，我們透過解決這個雙邊問題學到的東西越多，我們就能改進平台，讓客戶更快獲得問題的答案。所以我認為，看待這件事的方式是將其視為一個巨大的機會，讓我們能夠推動收入成長，並以公司層面的模式來思考我們的利潤率，這也是我們給出的指導意見。

Well, with that being...

嗯，既然如此…

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, and I apologize for interrupting you. First of all, I want to thank everyone for the great discussion and the great questions. I just want to leave you with the notion of we are very excited about our strategy of an AI-driven expert platform. We have incredible confidence in our segments, incredible confidence in the progress of the company, and we look forward to sharing more in the upcoming quarters and at Investor Day. And we hope everybody has a wonderful rest of the day and week. Thank you.

是的。謝謝，打擾您了，非常抱歉。首先，我要感謝大家的精彩討論和提出的好問題。最後我想強調的是，我們對人工智慧驅動的專家平台策略感到非常興奮。我們對我們的業務部門充滿信心，對公司的發展充滿信心，我們期待在接下來的幾個季度和投資者日上與大家分享更多資訊。我們希望大家今天和本週餘下的時間都能過得愉快。謝謝。

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

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。您現在可以斷開連線了。