直覺電腦 (INTU) 2019 Q4 法說會逐字稿

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

午安.我的名字是拉蒂夫，我將擔任您的會議主持人。現在，我歡迎大家參加 Intuit 2019 年第四季和財年電話會議。（操作員指令）

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

說完這些，我現在將電話轉給 Intuit 財務副總裁兼財務主管 Jerry Natoli。納托利先生？

Thanks, Latif. Good afternoon, and welcome to Intuit's fourth quarter fiscal 2019 conference call. I'm here with Intuit's CEO, Sasan Goodarzi; and Michelle Clatterbuck, our CFO.

謝謝，拉蒂夫。下午好，歡迎參加 Intuit 2019 財年第四季電話會議。我和 Intuit 的執行長 Sasan Goodarzi 一起來到這裡；以及我們的財務長 Michelle Clatterbuck。

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.

在我們開始之前，我想提醒大家，我們的評論將包括前瞻性陳述。有許多因素可能導致 Intuit 的表現與我們的預期有重大差異。您可以在我們今天下午早些時候發布的新聞稿、2018 財年的 10-K 表格以及我們向 SEC 提交的其他文件中了解有關這些風險的更多資訊。所有這些文件均可在 Intuit 網站 intuit.com 的投資者關係頁面上找到。我們不承擔更新任何前瞻性聲明的義務。

Some of the numbers in these remarks are presented on a non-GAAP basis. We've reconciled the comparable GAAP and non-GAAP numbers in today's press release. 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.

這些評論中的某些數字是以非公認會計準則為基礎呈現的。我們在今天的新聞稿中核對了可比較的 GAAP 和非 GAAP 數字。除非另有說明，否則所有成長率均指當期與去年同期相比，業務指標及相關成長率均指全球業務指標。

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，我們準備好的評論和補充財務資訊的副本將在我們的網站上提供。

Before I turn it over to Sasan, I wanted to share that I'm retiring at the end of January, so this will be my last Intuit earnings call. It's been a privilege working with the leadership teams at Intuit and a pleasure engaging with all of our shareholders over the years. I'm leaving you in good hands as Kim Watkins has been promoted to Vice President of Investor Relations.

在將其交給薩桑之前，我想告訴大家，我將在一月底退休，所以這將是我最後一次參加 Intuit 財報電話會議。我很榮幸能與 Intuit 的領導團隊合作，並且很高興多年來與我們所有的股東合作。由於 Kim Watkins 已被提升為投資者關係副總裁，我將把您交給可靠的人。

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

說完這些，我會把電話轉給薩桑。

Thanks, Jerry, for your friendship and the incredible impact you've had over the years. We're going to miss you, my friend. Thanks to all of you for joining us today.

謝謝傑瑞，感謝你的友誼以及你多年來產生的巨大影響。我們會想念你的，我的朋友。感謝大家今天的參與。

We had a very strong fourth quarter, capping off an excellent finish to fiscal year 2019. Fourth quarter revenue grew 15% and full year revenue grew 13%, exceeding the original guidance of 8% to 10% growth that we provided at the beginning of the year. We're seeing our AI-driven expert platform strategy play out in our results, and we believe this positions us well for durable growth in the future.

我們的第四季表現非常強勁，為 2019 財年畫上了完美的句號。第四季營收成長15％，全年營收成長13％，超過了我們年初給出的8％至10％的成長預期。我們看到人工智慧驅動的專家平台策略在成果中發揮作用，我們相信這為我們未來的持久成長奠定了良好的基礎。

We saw a continued momentum across the company in 2019. Total revenue growth was fueled by 15% growth in the Small Business and Self-Employed Group and 11% growth in the Consumer Group. QuickBooks Online and TurboTax Online platform revenue grew over 21% totaling approximately $3.9 billion in fiscal year 2019. We're guiding to another year of strong revenue growth for the company in fiscal year 2020.

2019 年，我們看到整個公司繼續保持良好的發展勢頭。總收入的成長主要得益於小型企業和自營商集團 15% 的成長以及消費者集團 11% 的成長。2019 財年，QuickBooks Online 和 TurboTax Online 平台營收成長超過 21%，總計約 39 億美元。我們預計公司 2020 財年將再次實現強勁的營收成長。

Now let's dig in to our results starting with Small Business. We delivered another strong quarter in our Small Business & Self-Employed Group with Online Ecosystem revenue growth of 35% in the fourth quarter and 38% in fiscal year 2019. Online ecosystem revenue is at a $1.8 billion annualized run rate, and we continue to expect it to grow more than 30%.

現在讓我們從小型企業開始深入研究我們的研究結果。我們的小型企業和自僱集團又取得了強勁的季度業績，第四季度線上生態系統收入成長了 35%，2019 財年成長了 38%。線上生態系統營收的年化運作率為 18 億美元，我們預計將繼續成長 30% 以上。

We continue to prioritize online services to deliver more value for our customers by addressing 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, a service that enables our customers to receive their payments -- their funds the next business day instead of having to wait 2 to 5 days to get their money. This change is resonating with our customers. Our online payments business remain strong with charge volume up 40% in the fiscal year 2019 for customers using QuickBooks Online.

我們將繼續優先提供線上服務，解決客戶最大的痛點，為他們提供更多價值。我們正在努力實現我們的願景，透過幫助客戶快速獲得付款、管理資金和自信地支付員工薪資，成為小型企業成長的中心。今年早些時候，我們推出了隔日付款服務，這項服務使我們的客戶能夠在下一個工作日收到付款——他們的資金，而不必等待 2 到 5 天才能收到他們的錢。這項變化引起了我們客戶的共鳴。我們的線上支付業務保持強勁，2019 財年使用 QuickBooks Online 的客戶的收費量增加了 40%。

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. QuickBooks Online Payroll revenue overall grew more than 35% in fiscal year 2019. At the same time, we're seeing greater adoption of our full-service payroll offering, which is growing more than 35 points faster than ourselves service offering and has a higher lifetime value.

在薪資方面，我們推出了隔天和當天直接存款，以便客戶能夠更長時間地持有資金並更好地管理現金流。2019 財年，QuickBooks Online Payroll 營收整體成長了 35% 以上。同時，我們看到全方位服務薪資產品的採用率越來越高，其成長速度比我們所提供的服務快 35 個百分點以上，並且具有更高的終身價值。

Full Service Payroll provides even more support for our customers as we help them pay their employees accurately and stay compliant. On the time tracking front, we improved the mobile capability of our TSheets offering and added new features such as GPS time tracking, which increases accuracy and flexibility for both employees and employers. More than 1 million employees are tracking their time on this platform each month, up nearly 60% from last year. We are optimistic about QuickBooks Online Advanced, our online offering designed to disrupt the mid-market by addressing the needs of Small Business customers with 10 to 100 employees. While it's still early days, we like what we see.

全方位服務工資單為我們的客戶提供更多支持，因為我們幫助他們準確地支付員工工資並保持合規。在時間追蹤方面，我們改進了 TSheets 產品的行動功能，並添加了 GPS 時間追蹤等新功能，從而提高了員工和雇主的準確性和靈活性。每月有超過 100 萬名員工透過該平台追蹤自己的時間，比去年成長了近 60%。我們對 QuickBooks Online Advanced 持樂觀態度，這是我們的線上產品，旨在透過滿足擁有 10 到 100 名員工的小型企業客戶的需求來顛覆中端市場。儘管還處於早期階段，但我們對所看到的結果感到滿意。

We're learning a lot about these customer needs and remain encouraged that this offering presents a significant opportunity for us longer term. Now turning to tax.

我們正在深入了解這些客戶的需求，並繼續感到鼓舞，因為這項服務為我們長期帶來了重大機會。現在談談稅收。

As we shared last quarter, we had a great tax season and grew revenue for the Consumer Group 11% in fiscal year 2019. Our Consumer Group strategy is to expand our lead in the do-it-yourself 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 to helping our customers make ends meet and maximize their tax refund.

正如我們上個季度所分享的，我們度過了一個出色的納稅季，2019 財年消費者集團的收入成長了 11%。我們的消費者集團策略是擴大我們在 DIY 類別中的領先地位，改造輔助報稅類別，並透過超越稅收範圍來建立消費者平台，顛覆傳統消費金融。這一切都是為了幫助我們的客戶維持收支平衡並最大限度地獲得退稅。

Driven by our innovation and significantly improved customer experiences, we grew both the DIY category and our share within it. Across all tax prep methods, TurboTax now has approximately 28% share of total individual returns, leaving us with a large opportunity. This season, we further personalized the tax preparation process using artificial intelligence. We went to market with our most robust free offering. We expect the strategic decisions we made this season, including our investment in artificial intelligence and in our free experience, to drive durable growth across the Consumer business, especially as we look for ways to help customers makes ends meet going beyond taxes.

在創新和顯著改善的客戶體驗的推動下，我們的 DIY 類別及其份額均有所增長。在所有的報稅方法中，TurboTax 現在佔個人稅總額的約 28%，這為我們帶來了巨大的機會。本季，我們利用人工智慧進一步個性化了報稅流程。我們向市場推出了最強大的免費產品。我們預計，本季所做的策略決策，包括對人工智慧和免費體驗的投資，將推動整個消費者業務的持久成長，特別是當我們尋找幫助客戶在稅收之外維持收支平衡的方法時。

We also made significant progress in our effort to transform the assisted category by tripling the number of customers using TurboTax Live, which connects people to experts on our platform. TurboTax Live is now a meaningful contributor to our business and compared to other Intuit product lines is among the fastest ever to reach this revenue level. We feel great about the experience we delivered for our customers to drive increased confidence while improving operating efficiency for our pros on our platform.

我們在轉型輔助類別的努力中也取得了重大進展，使用 TurboTax Live（將人們與我們平台上的專家聯繫起來）的客戶數量增加了兩倍。TurboTax Live 現在是我們業務的重要貢獻者，與其他 Intuit 產品線相比，它是有史以來最快達到這一收入水平的產品線之一。我們對為客戶提供的體驗感到非常滿意，這不僅增強了客戶的信心，也提高了我們平台上專業人士的營運效率。

Beyond tax, our consumer platform is aimed at helping customers unlock SMART Money decisions by connecting them to financial products that helps them make ends meet. We have over 14 million customers registered for Turbo, up from 5 million last season. While we don't expect a significant contribution to revenue in the near term, we are identifying ways to deliver more value to our customers.

除了稅收之外，我們的消費者平台還旨在透過將客戶與可幫助他們維持收支平衡的金融產品聯繫起來，幫助他們做出 SMART Money 決策。我們的 Turbo 註冊客戶已超過 1,400 萬，較上一季的 500 萬人有所增加。雖然我們預計短期內不會對收入產生重大貢獻，但我們正在尋找為客戶提供更多價值的方法。

As we look to next season, our team is actively developing the next wave of innovation to better serve consumers. We're confident in our Consumer Group strategy and excited about the opportunities that lie ahead for this business.

展望下個賽季，我們的團隊正在積極開發下一波創新，以更好地服務消費者。我們對我們的消費者集團策略充滿信心，並對該業務未來的機會感到興奮。

To wrap up, we're very pleased with our results in fiscal year 2019 and we're energized for another great year in fiscal year 2020. Thank you. And let me now and hand it over to Michelle to walk you through the financial details.

總而言之，我們對 2019 財年的業績感到非常滿意，並充滿信心地迎接 2020 財年的另一個輝煌年份。謝謝。現在，讓我將財務細節交給米歇爾 (Michelle) 來向你們介紹。

Thanks, Sasan. Good afternoon, everyone. For the fourth quarter of fiscal 2019, we delivered revenue of $994 million, up 15% year-over-year; GAAP operating loss of $153 million versus a loss of $200 million a year ago; non-GAAP operating loss of $47 million versus a loss of $15 million last year; GAAP diluted loss per share of $0.17 versus a loss per share of $0.15 a year ago and non-GAAP diluted loss per share of $0.09 versus a loss per share of $0.01 last year.

謝謝，薩桑。大家下午好。2019財年第四季度，我們實現營收9.94億美元，年增15%；以美國通用會計準則計算的營業虧損為 1.53 億美元，去年同期的營業虧損為 2 億美元；非公認會計準則營業虧損為 4,700 萬美元，而去年同期虧損為 1,500 萬美元； GAAP 稀釋每股虧損為 0.17 美元，去年每股虧損為 0.15 美元；非 GAAP 稀釋每股虧損為 0.09 美元，去年每股虧損為 0.01 美元。

Turning to the business segments. In Small Business & Self-Employed, the revenue grew 16% during the quarter and 15% in fiscal 2019. Online Ecosystem revenue remained strong with growth of 35% in the fourth quarter and 38% for the year. 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%.

轉向業務部門。在小型企業和自營領域，本季營收成長了 16%，2019 財年營收成長了 15%。線上生態系統營收保持強勁，第四季成長 35%，全年成長 38%。我們相信，衡量我們未來策略是否健康和成功的最佳指標是線上生態系統的收入成長，我們預計該收入的成長幅度將持續超過 30%。

QuickBooks Online subscribers grew 33%, ending the quarter with over 4.5 million subscribers. Growth remains strong across multiple geographies with U.S. subscribers growing 25% to over 3.2 million and international subscribers growing 58% to 1.3 million.

QuickBooks Online 用戶數量增加了 33%，本季末用戶數已超過 450 萬。多個地區的成長依然強勁，美國用戶成長 25%，達到 320 多萬，國際用戶成長 58%，達到 130 萬。

Within QuickBooks Online, self-employed subscribers grew to over 1 million, up from roughly 720,000 one year ago. We continue to expect total subscriber growth to moderate as we place a greater focus on additional services. Desktop ecosystem revenue was up 1% in the fourth quarter and roughly flat for the year in line with our expectations.

在 QuickBooks Online 中，自僱訂閱者數量從一年前的約 72 萬增加到超過 100 萬。由於我們更加重視附加服務，我們預期總用戶成長將會放緩。桌面生態系統營收在第四季成長了 1%，全年營收基本持平，符合我們的預期。

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

在桌面生態系統中，我們的 QuickBooks Enterprise 收入在第四季度繼續以兩位數的速度成長。這進一步增強了我們透過 QBO Advanced 產品滿足中型市場和小型企業客戶需求的興趣。

Consumer Group revenue grew 11% in fiscal 2019, above the high end of our original guidance. Fiscal 2019 is the second consecutive year of double-digit revenue growth for the Consumer Group. TurboTax Online units grew 7% this season while overall units increased 5%. As we shared last quarter, the DIY category share grew over 1 point, the fastest pace since 2016, once again outpacing the assisted tax prep category. Within the DIY category, we estimate our TurboTax Online share grew 0.5 point. We were also pleased to see retention increase again this year for our online tax customers.

2019 財年，消費集團營收成長了 11%，高於我們最初預期的高點。2019財年是消費集團連續第二年實現兩位數營收成長。本季 TurboTax Online 單位數量增加了 7%，而整體單位數量增加了 5%。正如我們上個季度所分享的，DIY 類別的份額增長了 1 個百分點以上，這是自 2016 年以來最快的增長速度，再次超過了輔助納稅準備類別。在 DIY 類別中，我們估計 TurboTax Online 的份額增加了 0.5 個百分點。我們也很高興看到今年我們的線上稅務客戶的保留率再次上升。

We made great progress with our TurboTax Live offering this year. The number of TurboTax Live customers more than tripled year-over-year. We also enhanced the efficiency of our pros this season, improving both the onboarding experience and technology tools for pros on our platform. This resulted in lower attrition and better operating efficiencies throughout the season.

今年，我們的 TurboTax Live 服務取得了巨大進展。TurboTax Live 客戶數量較去年同期成長了兩倍以上。本賽季，我們也提高了專業人士的效率，並改善了平台上專業人士的入職體驗和技術工具。這使得整個季節的人員流失率更低，營運效率更高。

For example, we utilized natural language processing, an application of artificial intelligence, to route 100% of TurboTax Live customer questions to the optimal pro based on their type and complexity. It's this technology-first approach that gives us confidence we can expand our live offerings and maintain attractive Intuit operating margin longer term.

例如，我們利用人工智慧應用自然語言處理，根據 TurboTax Live 客戶問題的類型和複雜性，將 100% 的問題傳送給最佳專業人員。正是這種技術優先的方法使我們有信心擴大我們的現場服務並在長期內保持有吸引力的 Intuit 營業利潤率。

And in the Strategic Partner Group, we reported $476 million of Professional Tax revenue in fiscal 2019, up 4%, the high end of the original guidance that we provided at the beginning of the year. 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 an expected return on investment greater than 15%. We continue to focus on reallocating resources to top priorities at the company with an emphasis on continuing to build our AI-driven expert platform.

在策略夥伴集團，我們報告 2019 財年的專業稅務收入為 4.76 億美元，成長 4%，達到年初提供的原始指引的最高值。談談我們的財務原則。我們仍致力於使有機收入達到兩位數成長，並使營業收入的成長速度快於收入的成長速度。我們採取嚴謹的資本管理方法，將產生的現金投資於預期投資報酬率超過 15% 的機會。我們將繼續致力於將資源重新分配給公司的首要任務，重點是繼續建立我們的人工智慧驅動的專家平台。

Our first priority for the cash we generate is investing in the business to drive customer and revenue growth. We consider acquisitions to accelerate our growth and fill out our product road map. We returned excess cash that we can't invest profitably in the business to shareholders via both share repurchases and dividends. We finished the quarter with $2.7 billion in cash and investments on our balance sheet. We repurchased $148 million of stock in the fourth quarter and $561 million during fiscal 2019. We have approximately $2.7 billion remaining on our authorization, and we expect to be in the market each quarter. The Board approved a quarterly dividend of $0.53 per share payable October 18, 2019. This represents a 13% increase versus last year.

我們的首要任務是投資業務，以推動客戶和收入成長。我們考慮透過收購來加速我們的成長並完善我們的產品路線圖。我們透過股票回購和股利將無法在業務中獲利投資的多餘現金回饋給股東。本季結束時，我們的資產負債表上有 27 億美元現金和投資。我們在第四季回購了價值 1.48 億美元的股票，2019 財年回購了價值 5.61 億美元的股票。我們的授權資金剩餘約 27 億美元，預計每季都會投入市場。董事會批准每股 0.53 美元的季度股息，於 2019 年 10 月 18 日支付。這比去年增長了 13%。

Turning to guidance. Our full year fiscal 2020 guidance includes revenue growth of 10% to 11%; GAAP earnings per share of $6.35 to $6.45; and non-GAAP earnings per share of $7.50 to $7.60. Our Q1 fiscal 2020 guidance includes revenue growth of 9% to 11%; GAAP loss per share of $0.02 to $0.04; and non-GAAP earnings per share of $0.23 to $0.25. We expect a GAAP tax rate of 21% from fiscal 2020. You can find our Q1 and fiscal 2020 guidance details in our press release and on our fact sheet.

轉向指導。我們對 2020 財年全年的預期包括營收成長 10% 至 11%；每股 GAAP 收益為 6.35 美元至 6.45 美元；非公認會計準則每股收益為 7.50 美元至 7.60 美元。我們對 2020 財年第一季的預期包括營收成長 9% 至 11%；每股 GAAP 虧損 0.02 美元至 0.04 美元；非公認會計準則每股收益為 0.23 美元至 0.25 美元。我們預計從 2020 財年起 GAAP 稅率為 21%。您可以在我們的新聞稿和情況說明書中找到我們 2020 財年第一季和 2020 財年的指導詳情。

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

說完這些，我會把話題轉回給薩桑。

Great. Thanks, Michelle. To recap, we had a great year and couldn't be more excited about the future as we head into fiscal year 2020. I want to thank our employees, customers and partners for their contributions. I look forward to sharing more with you about the evolution of our strategy at our Investor Day on October 3.

偉大的。謝謝，米歇爾。總而言之，我們度過了美好的一年，在即將進入 2020 財年之際，我們對未來充滿期待。我要感謝我們的員工、客戶和合作夥伴所做的貢獻。我期待在 10 月 3 日的投資者日上與大家分享更多有關我們策略演變的資訊。

As a preview of what you're going to experience at Investor Day, let me remind you 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 and save money and pay off debt. And those that have made the bold decision to become entrepreneurs and go into business for themselves have an additional set of needs. They want to keep -- find customers and keep customers. They want to 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 it's why our One Intuit ecosystem focuses on unlocking the power of many for the prosperity of one.

作為您在投資者日將要體驗的內容的預覽，讓我提醒您我們的客戶最關心的事情。我們所有的客戶都有共同的需求，他們都在努力維持收支平衡，最大限度地獲得退稅，省錢並償還債務。而那些大膽決定成為企業家並自己創業的人還有其他需求。他們希望找到客戶並留住客戶。他們希望得到報酬、獲得資本來發展並確保他們的帳目正確。這就是為什麼我們的使命是推動世界各地的繁榮，這就是為什麼我們的 One Intuit 生態系統致力於釋放眾人的力量，並實現一人的繁榮。

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 are we and other partners solve the most pressing customer problem and deliver awesome experiences. It's about significantly accelerating our application of artificial intelligence, which progressively learns from the rich data sets across the platform.

我們的策略演進是成為一個人工智慧驅動的專家平台。這是為了成為一個開放、可信賴且易於建立的平台，我們和其他合作夥伴將在這裡解決最緊迫的客戶問題並提供出色的體驗。這將大大加速我們的人工智慧應用，它可以逐步從整個平台的豐富資料集中學習。

To bring this strategy to life, we're applying artificial intelligence to accelerate speed to benefit, revolutionizing our customer experiences. We're also solving one of the largest problems our customers face, lack of confidence, by connecting them with experts on our platform. And in doing so we're a leader in digitizing the services industry.

為了實現這項策略，我們正在應用人工智慧來加速獲利速度，徹底改變我們的客戶體驗。我們也透過將客戶與我們平台上的專家聯繫起來，解決了客戶面臨的最大問題之一：缺乏信心。透過這樣做，我們成為了服務業數位化的領導者。

At the same time, we're helping customers make SMART Money decisions using artificial intelligence and by connecting them to financial experts. For small business owners, we're focused on being the center of Small Business growth using artificial intelligence across our platform to expand the problems we can solve with our offerings. And at last, we aim to disrupt the mid-market with a robust QuickBooks Online offering that grows with our customers.

同時，我們也透過利用人工智慧並將客戶與金融專家聯繫起來，幫助他們做出 SMART Money 決策。對於小型企業主，我們專注於成為小型企業成長的中心，在我們的平台上使用人工智慧來擴展我們可以透過我們的產品解決的問題。最後，我們的目標是透過與客戶共同成長的強大 QuickBooks Online 產品來顛覆中階市場。

We had a great year in fiscal year 2019, and we're excited for what fiscal year 2020 holds. Now with that, let's open it up for questions to hear what's on your mind.

2019 財年是我們輝煌的一年，我們對 2020 財年的前景充滿期待。現在，讓我們開始提問，聽聽您的想法。

(Operator Instructions) Our first question comes from the line of Kirk Materne of Evercore ISI.

（操作員指示）我們的第一個問題來自 Evercore ISI 的 Kirk Materne。

Congrats on a great fiscal year. Sasan, I actually just want to get maybe an update on QBO Advanced and how do you feel that's going thus far and kind of your expectations for that in fiscal '20, I guess, juxtaposed against the 30% growth you expect in the online ecosystem for next year?

恭喜您度過了一個豐收的財政年度。Sasan，我實際上只是想了解一下 QBO Advanced 的最新情況，您覺得目前進展如何，您對 20 財年的預期如何，與您預計明年在線生態系統 30% 的增長率相比？

Sure. Kirk, first of all, one of the focus areas for the company is about focusing on disrupting the mid-market, which we define as 10 to 100 employees. And this segment is not new to us. We've served it for years with our Desktop Enterprise platform, it's one of our reasons why our desktop revenue has held up the way it has.

當然。柯克，首先，公司的重點領域之一是專注於顛覆中端市場，我們將其定義為擁有 10 到 100 名員工的市場。這個部分對我們來說並不新鮮。我們已經透過桌面企業平台為其提供服務多年，這也是我們的桌面收入一直保持穩定的原因之一。

We've made quite a bit of progress with QuickBooks Advanced and we're actually encouraged by what we see. We've built out the offering. We're iterating literally on a monthly basis. We've built out rules and permissions, batch invoicing that allows our customers to invoice at rapid speed plus priority circle. And we're focused on just being deliberate about go-to-market and what's most effective. So we do like our progress, and we believe that this is a promising opportunity for us as we look down the road.

我們在 QuickBooks Advanced 方面取得了相當大的進展，我們對所看到的成果感到非常鼓舞。我們已經推出了該產品。我們實際上是按月迭代的。我們制定了規則和權限、批量開立發票功能，使我們的客戶能夠以快速度和優先圈開立發票。我們專注於慎重考慮如何進入市場以及如何做到最有效。因此，我們確實喜歡我們所取得的進展，我們相信，展望未來，這對我們來說是一個充滿希望的機會。

Our next question comes from Brad Zelnick of Credit Suisse.

下一個問題來自瑞士信貸的布拉德‧澤爾尼克 (Brad Zelnick)。

Congrats on a great year and congrats, Jerry, on a great run, and congratulations all around to Kim as well. Sasan, can you talk about your confidence for 9% to 10% Consumer Tax growth next year? And how much of that is driven from continued adoption in TurboTax Live? And perhaps, what were some of the things you've learned when debriefing from last season?

恭喜你度過了美好的一年，恭喜傑瑞取得了偉大的成就，也恭喜金取得了一切。Sasan，您能談談您對明年消費稅成長 9% 至 10% 的信心嗎？其中有多少是由於 TurboTax Live 的持續採用而推動的？或許，在回顧上個賽季的比賽時，你了解到了什麼？

Sure. Brad, thank you for your question. First of all, I'll take you back to our strategy, which is about expanding our lead in the do-it-yourself category, about transforming the assisted category and really about disrupting traditional consumer finance. And our view is that we are at the very, very early innings of transforming the assisted category. It's a $20 billion category, over 84 million customers, and we believe with an agnostic platform where we can match our customers to financial products and benefits, we're just getting started to be able to really deliver benefits and unlock SMART Money decisions for our customers.

當然。布拉德，謝謝你的提問。首先，我來回顧我們的策略，那就是擴大我們在 DIY 類別中的領先地位，轉變輔助類別，真正顛覆傳統的消費金融。我們的觀點是，我們正處於輔助類別轉型的非常早期的階段。這是一個價值 200 億美元的類別，擁有超過 8400 萬客戶，我們相信，有了這個中立的平台，我們可以將客戶與金融產品和福利進行匹配，我們才剛剛開始真正地為客戶帶來福利並解鎖 SMART Money 決策。

And that's really holistically what gives us confidence in the guidance that we provided around the 9% to 10%. And we feel like with the combination of expanding our lead in the do-it-yourself category by really penetrating deeper in the assisted category and beginning to deliver really benefit beyond taxes to our customers that not only do we have confidence in the guidance, but also as we think about our long-term expectations that we've set of 8% to 12%.

從整體上來說，這讓我們對我們所提供的 9% 到 10% 左右的指引充滿信心。我們覺得，透過進一步深入輔助類別，擴大我們在 DIY 類別的領先地位，並開始為我們的客戶提供真正的稅收以外的利益，我們不但對指引充滿信心，而且當我們考慮我們設定的 8% 至 12% 的長期預期時。

And if I could follow up, one real quickly for Michelle. Just on consumer margins, your investments in TurboTax Live are clearly paying off. But as we think about the margins having been flat, do we see going forward a point where the margin on live relative to core TurboTax balance is out to where we should eventually see it expand?

如果我可以跟進的話，我要快速為米歇爾說一句話。僅從消費者利潤來看，您對 TurboTax Live 的投資顯然獲得了回報。但是，當我們想到利潤率一直持平時，我們是否看到了未來相對於核心 TurboTax 餘額的即時利潤率最終會擴大到什麼程度？

Thanks for your question, Brad. First of all, I'd say our big focus, as Sasan was saying with TurboTax Live, is really focusing on solving the customer's problems that we have there. And then next, I would say one of the things we have done when we look at our approach to a services business like TurboTax Live, it's really we come with a technology-first approach. And so we're increasingly able to solve those problems by using AI, and that enables us to really be able to maintain a good margin there.

謝謝你的提問，布拉德。首先，我想說，正如 Sasan 在 TurboTax Live 中所說的那樣，我們的重點是真正專注於解決客戶的問題。接下來，我想說，當我們審視 TurboTax Live 等服務業務的方法時，我們所做的事情之一就是採用技術優先的方法。因此，我們越來越多地能夠透過使用人工智慧來解決這些問題，這使我們能夠真正保持良好的利潤。

And we've had some early success with what we're doing with TurboTax Live and that gives us confidence as we think about this going forward. For example, you saw this past -- just this season, we were able to increase the customer base 3x while keeping basically the same number of pros year-over-year. And so we'll continue to look at innovations that enable us to better use AI in that space.

我們在 TurboTax Live 方面的工作已經取得了一些早期的成功，這讓我們對未來的發展充滿信心。例如，您在過去看到了這一點——僅在本賽季，我們就能夠將客戶群增加 3 倍，同時基本上保持與去年同期相同的專業人士數量。因此，我們將繼續尋找能夠讓我們在該領域更好地使用人工智慧的創新。

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

下一個問題來自美國銀行的卡什·蘭根 (Kash Rangan)。

Yes, from Bank of America. So in terms of the QBO business, I think the second quarter in a row, I think the ASP has been growing nicely in the mid-single-digit. Can you just help us, walk us through, what are the drivers that help you with that growth? And how should we think about the ASP growth in that business long term?

是的，來自美國銀行。因此就 QBO 業務而言，我認為連續第二個季度，ASP 一直保持中等個位數的良好成長。您能否幫助我們，向我們介紹一下，哪些因素推動了你們的成長？我們該如何看待該業務的長期 ASP 成長？

Sure. Kash, thank you for your question. First of all, I would share with you that we don't really focus on ARPC. What we're really focused on is the customer problems that we're trying to solve and all the services and the potentials, whether it's payments, payroll, time tracking, QuickBooks Capital. And now with our focus on going after nonconsumption with QuickBooks Live connecting people to experts and focusing on disrupting the mid-market where our customers generally have 10 to 100 employees where the ASP in the past has been upwards of $2,000. When you put all that in the mix, really our focus is delivering for our customers and the guidance that we've provided you all that we want to grow north of 30% online revenue.

當然。Kash，謝謝你的提問。首先，我想告訴大家的是，我們其實並不是專注於 ARPC。我們真正關注的是我們正在嘗試解決的客戶問題以及所有的服務和潛力，無論是支付、薪資、時間追蹤還是 QuickBooks Capital。現在，我們專注於利用 QuickBooks Live 來滿足非消費需求，將人們與專家聯繫起來，並專注於打破中端市場，我們的客戶通常有 10 到 100 名員工，過去的平均售價高達 2,000 美元。把所有這些因素綜合起來，我們真正的重點是為客戶提供服務，而我們為您提供的指導正是我們希望實現 30% 以上的線上收入成長。

And so what I would say is that's really what we are focused on, and the ASP is really just a result of some of the decisions that we would make. So I would just hold us accountable for our Online Ecosystem revenue growth being greater than 30%. And that allows us to manage strategically in the marketplace to deliver for our customers.

所以我想說的是，這確實是我們關注的重點，而 ASP 實際上只是我們所做的一些決定的結果。因此，我只想讓我們的線上生態系統收入成長率超過 30% 。這使我們能夠在市場上進行策略管理，為客戶提供服務。

Got it. So I have up a follow-up on the tax business. Obviously, there are many drivers in the tax business. You have a prefiling. You have TurboTax products, services, premium services. But if we were to think about what are the various drivers of growth for tax next year, does it follow the same process of this year? How do you think about the industry growth, your share growth? Maybe some color on that, what's going to be helpful.

知道了。因此，我對稅務業務進行了跟進。顯然，稅務業務中有很多驅動因素。您有一個初步分析。您擁有 TurboTax 產品、服務和優質服務。但如果我們思考一下明年稅收的各種成長動力是什麼，它是否遵循今年的相同流程？您如何看待行業成長和份額成長？也許對此有一些了解，這會有所幫助。

Sure. Just very quickly, as you know, our focus is expanding the lead in the do-it-yourself category, transforming assistant and again disrupting consumer finance. And we typically think about IRS returns, the growth of IRS returns, the growth of the category and then our share growth in the category and then ultimately, our ARPC. And as we communicated last year at Investor Day, we continue to assume that the IRS number of -- IRS returns will grow. As category champions, we have confidence in growing the category and our focus is making sure that we can increase our share. And then with TurboTax Live, we have a huge opportunity to deliver for customers, deliver significant benefit at their place of home or office at a disruptive price but that disruptive price for customers has a higher ARPC than the normal TurboTax Online. So the drivers are consistent with what we've talked about last year and it's just we're 1 year better than we were this time last year. And we have confidence in the guidance that we provided.

當然。如你所知，我們的重點是擴大 DIY 類別的領先地位、轉型助理並再次顛覆消費金融。我們通常會考慮 IRS 回報、IRS 回報的成長、類別的成長，然後是我們在該類別中的份額成長，最後是我們的 ARPC。正如我們去年在投資者日所傳達的那樣，我們繼續假設 IRS 的退稅數量將會增加。身為品類冠軍，我們對發展該品類充滿信心，我們的重點是確保能夠增加我們的份額。然後透過 TurboTax Live，我們有巨大的機會為客戶提供服務，以顛覆性的價格在他們的家中或辦公室提供顯著的利益，但對於客戶來說，這種顛覆性價格比普通的 TurboTax Online 具有更高的 ARPC。因此，驅動因素與我們去年談論的一致，只是比去年同期好一年。我們對所提供的指導充滿信心。

Our next question comes from Jennifer Lowe of UBS.

下一個問題來自瑞銀的珍妮佛洛。

This is Rakesh Kumar sitting in for Jen Lowe. Your guidance for 12% to 14% Small Business revenue growth is slightly better than ASC 606 guide at this time last year. But we have seen some moderation in U.S. QBO subs which has been a meaningful driver of revenue growth in recent years. Are there any other areas that you see coming in as more meaningful growth driver this year as U.S. QBO subs growth starts to moderate?

這是 Rakesh Kumar，代替 Jen Lowe。您對小型企業營收成長 12% 至 14% 的預期略好於去年同期的 ASC 606 預期。但我們看到美國 QBO 訂閱量有所放緩，而這對近年來營收成長起到了重要的推動作用。隨著美國 QBO 訂閱量成長開始放緩，您是否認為今年還有其他領域可以成為更有意義的成長動力？

Rakesh, thank you for your question. First of all, I would say that the goal line we want you to focus on is our Online Ecosystem revenue growth being greater than 30%. And the reason that's important is, one, we're focused on acquiring customers, whether they're self-employed with QBO. Now with QBO Live, which has higher ARPC and with QuickBooks Advanced. And then based on our customer paying plans, wanted to get paid, wanting access to capital, wanting to have access to payroll, we have a breadth of services that our teams have been improving significantly year-over-year, which is why it's so important to stay focused on the goal line of online revenue greater than 30%. And with that said, I would actually say that when you look at our fourth quarter QBO, it did not moderate versus this time last year. It actually -- we accelerated growth. So we feel good both around the customer growth in QBO, but more importantly, the services that we're providing and the fact that we believe that it will continue to allow us to grow north of 30% for our online revenue.

Rakesh，謝謝你的提問。首先，我想說我們希望您關注的目標是我們的線上生態系統收入成長率超過 30%。這很重要，因為首先我們專注於獲取客戶，無論他們是否是 QBO 的自僱人士。現在有了 QBO Live，它具有更高的 ARPC 和 QuickBooks Advanced。然後根據客戶的付款計劃、想要獲得的付款、想要獲得的資金、想要獲得的工資單，我們提供廣泛的服務，我們的團隊逐年顯著改進，這就是為什麼專注於在線收入超過 30% 的目標線如此重要。話雖如此，我實際上想說的是，當你看我們第四季度的 QBO 時，它與去年同期相比並沒有緩和。事實上——我們加速了成長。因此，我們對 QBO 的客戶成長感到滿意，但更重要的是，我們提供的服務以及我們相信它將繼續使我們的線上收入成長 30% 以上。

Great. And if I could add a follow-up. Some companies have noted weakness in Australia and U.K., where you have some exposure. I was wondering if you could comment on the macro environment in international region.

偉大的。如果我可以添加後續內容。有些公司已經注意到澳洲和英國的疲軟態勢，而你們在這些市場有一定的影響力。我想知道您是否可以評論一下國際地區的宏觀環境。

Sure. There's a couple of things that we look at. We look at strength and consumer spending. Is the charge volume the same, growing or declining in our base? We look at our small businesses. Are they spending at the same amounts with one another because they buy and sell to one another and then the number of employees that they hire. And we've not seen in our data that we look at any weakness in any of those areas and/or any macroeconomic impact in the countries that you mentioned. We don't see any of that in our data.

當然。我們要關注幾件事。我們關注實力和消費者支出。我們基地的收費量是否維持不變、增加或減少？我們關注我們的小企業。他們彼此之間花費的金額是否相同，因為他們彼此之間有買賣關係，而且他們僱用的員工數量也相同。我們從數據中沒有看到任何領域有任何弱點，也沒有看到您提到的國家有任何宏觀經濟影響。我們在數據中沒有看到任何此類情況。

Our next question comes from Brent Thill of Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Sasan, just on SMB. Where do you think the lowest hanging fruit is from your perspective? Are there a couple of areas that you're particularly excited about the next year? And Michelle, I want to go back to Brad's comment on the broader margin. And this will be now the fifth year in a row with margins roughly in the 33% range. And I know you're focused on the top line. But at some point, how do you think about the fall through on margin? Do you believe that over time, that 33% that's been a ceiling, if you will, for the last 4, 5 years, does that not become a ceiling at some point going forward?

Sasan，就在 SMB 上。從您的角度來看，您認為最容易實現的目標是什麼？您對明年的哪些領域特別感興趣？米歇爾，我想回到布拉德關於更廣泛邊緣的評論。這將是連續第五年利潤率維持在 33% 左右。我知道你關注的是營收。但在某些時候，您如何看待保證金的下降？您是否認為，隨著時間的推移，過去 4、5 年來 33% 一直是個上限，那麼在未來的某個時候，它是否不會成為上限？

Brent, maybe let me take on the question you posed for me and then I'll turn it over to Michelle. First of all, I'm incredibly proud of our team across the company in Small Business, which translates into several areas that I'm excited about because they're squarely focused on what matters most to our customers. I would say services is one bucket. Our team is really focused on how to ensure our customers can get paid fast. How do they ensure that they can seamlessly pay their employees and hold on to their money the longest, ensuring that they can get access to capital when they need it and also time tracking, which is good for accuracy and compliance.

布倫特，也許讓我來回答你向我提出的問題，然後我將把它交給米歇爾。首先，我為我們公司中小型企業團隊感到無比自豪，我對他們的幾個領域感到非常興奮，因為他們專注於對客戶最重要的事情。我想說服務是一個類別。我們的團隊真正專注於如何確保我們的客戶能夠快速收到付款。他們如何確保能夠無縫地向員工支付工資並儘可能長時間地保留他們的錢，確保他們能夠在需要時獲得資金，並進行時間跟踪，這有利於準確性和合規性。

So I'm excited about the work our team is doing in the bucket of services, which translates into payments, payroll, time tracking and QuickBooks Capital. And the second thing is, although very early innings, really excited about being able to penetrate nonconsumption with QuickBooks Live. One of the biggest pain points our customers face is confidence. Can I do it myself? Which is why they typically engage with accountants, pros, enrolled agents both in Small Business and to get their taxes done right. And this is where we are -- we're building out the platform where we can connect experts to people on our platform that really allows significant penetration into nonconsumption. So I'm very excited about that. And of course then the opportunity that we have as we look into the long term disrupting mid-market, where the customers are overserved and then they overpay and we have an opportunity to serve them with a platform that's very easy-to-use at a price that's very, very disruptive. So those are the key areas that excite me about Small Business, not only in this coming year but as we look ahead in the next several years.

因此，我對我們團隊在服務領域所做的工作感到非常興奮，這些服務包括支付、薪資、時間追蹤和 QuickBooks Capital。第二件事是，儘管還處於早期階段，但我們對能夠使用 QuickBooks Live 滲透非消費領域感到非常興奮。我們的客戶面臨的最大痛點之一是信心。我可以自己做嗎？這就是為什麼他們通常與會計師、專業人士、註冊代理人合作處理小型企業事務並正確納稅。這就是我們所處的位置——我們正在建立一個平台，讓我們能夠將專家與平台上的人們聯繫起來，從而真正實現非消費領域的大規模滲透。我對此感到非常興奮。當然，當我們著眼於長期顛覆性的中端市場時，我們所擁有的機會是，客戶得到了過度的服務，然後他們支付了過高的費用，我們有機會以非常、非常顛覆的價格為他們提供一個非常易於使用的平台。所以這些都是令我對小型企業感到興奮的關鍵領域，不僅在未來一年，而且展望未來幾年。

Brent, thanks for your question on margins. We got confidence in the strong guidance that we have. We've got revenue growing at double digits. We've got op margin in the 30s, as you said, with 20 to 40 bps of expansion. And that is in line with our financial principles that we have. And we really do not see any structural issue or any ceiling. It is very intentional on what we're doing. And as for where we're investing, we're allocating investment dollars across the company, across our portfolio and really looking at the areas where we think there are the highest yielding opportunities to continue building on our strategy of being an AI-driven expert platform. And that's why we say we manage margins at the company level because it enables us to put that next dollar in a place where we can best drive customer and revenue growth. And that's what we continue to be focused on.

布倫特，感謝您關於利潤的問題。我們對所擁有的強而有力的指導充滿信心。我們的收入實現了兩位數的成長。正如您所說，我們的營業利潤率在 30% 左右，擴張幅度在 20 到 40 個基點之間。這符合我們的財務原則。我們確實沒有看到任何結構性問題或任何限制。我們的所作所為都是有目的性的。至於我們的投資領域，我們會在整個公司範圍內、整個投資組合中分配投資資金，並真正關注那些我們認為收益最高的領域，以繼續推進我們成為人工智慧驅動的專家平台的策略。這就是為什麼我們說我們在公司層級管理利潤，因為它使我們能夠將下一美元投入到最能推動客戶和收入成長的地方。這正是我們持續關注的重點。

Our next question comes from Ken Wong of Guggenheim Securities.

我們的下一個問題來自古根漢證券公司的 Ken Wong。

Maybe first for you, Sasan. Last year, you guys were really aggressive pursuing the free market. Just wondering, as we look to '20, should we think you guys harvesting those units? Or should we expect you guys to again focus on bringing more customers into the franchise? And then for Michelle, you mentioned AI has delivered some leverage in your TurboTax Live business. How should we think about your investments here as far as adding incremental reps? Or can you continue to do more with the same number of professionals?

薩桑，對你來說也許是第一個。去年，你們非常積極地推行自由市場。只是想知道，當我們展望20年時，我們是否應該認為你們正在收穫這些單位？或者我們應該期望你們再次專注於為特許經營帶來更多的顧客？然後對於米歇爾，您提到人工智慧為您的 TurboTax Live 業務帶來了一些槓桿作用。就增加增量代表而言，我們應該如何看待您的投資？或者你能繼續用同樣數量的專業人員做更多的事情嗎？

Great. Ken, thanks for your question. I would share with you that we have been very assertive in delivering for our customers and especially the simple filers with the focus on free. And I would take you back to even my years at TurboTax. When I joined TurboTax 7 years ago, we launched Absolute Zero where a customer can get their -- simple filers could get all their taxes done by paying nothing. And that's been a very strategic focus for us for years because really, we're focused on expanding our lead in the do-it-yourself category and then transforming the assisted category. And ultimately, helping these customers connect to financial products that are right for them whether it's better savings accounts, better credit card rates, better home loans, better personal loans, which is what we're focused on doing with Turbo. So this is just really -- as we think about the future, it's a continuation of focusing on customer benefits, what matters most to our customers. Free will be a important element of that but it's not new. It's been the case for years, and we expect to continue to focus on what matters most to our customers as we look ahead.

偉大的。肯，謝謝你的提問。我想告訴你們，我們一直非常積極地為我們的客戶，特別是簡單的文件歸檔者提供免費服務。我甚至會帶你回顧我在 TurboTax 工作的那些年。7 年前，當我加入 TurboTax 時，我們推出了 Absolute Zero，客戶可以——簡單的納稅人無需支付任何費用即可完成所有納稅。多年來，這一直是我們關注的策略重點，因為實際上，我們專注於擴大我們在 DIY 類別中的領先地位，然後轉換輔助類別。最終，幫助這些客戶獲得適合他們的金融產品，無論是更好的儲蓄帳戶、更好的信用卡利率、更好的房屋貸款還是更好的個人貸款，這正是我們透過 Turbo 所關注的。所以這真的只是——當我們思考未來時，我們將繼續專注於客戶利益，並專注於對客戶來說最重要的事情。免費將是其中的重要因素，但這並不是什麼新鮮事。多年來情況一直如此，展望未來，我們希望繼續專注於客戶最關心的問題。

And we take all of that into account when we think about the long-term expectation for this business of 8% to 12% and specifically the guidance that we've provided of 9% to 10% for next year.

當我們考慮該業務的長期預期為 8% 至 12% 以及我們為明年提供的 9% 至 10% 的指導時，我們將所有這些都考慮在內。

Ken, thanks for the question. If I think about TurboTax Live, and as I mentioned, the AI innovations and then you asked about adding more reps, what I would say is, will we need to add more agents, more experts to help? Yes. What we really are focused on is continuing to use AI to drive productivity and efficiency so that there isn't a need to add in a linear fashion as we look at the units.

肯，謝謝你的提問。如果我考慮 TurboTax Live，正如我所提到的，人工智慧創新，然後你問到增加更多代表，我想說的是，我們是否需要增加更多代理商、更多專家來幫忙？是的。我們真正關注的是繼續使用人工智慧來提高生產力和效率，以便在我們查看單位時不需要以線性方式添加。

This past year, some of the things specifically we did, as I mentioned, I'm using it to manage call volume. We've also been doing other types of productivity for TurboTax Live, optimizing our scheduling and setup so that there's a better experience for the pros on the platform and really modernizing our operations. And so all of those, in conjunction with artificial intelligence innovations that we have, we do see us being able to really digitize our services there from, like I said, a technology-first standpoint and not needing to add agents in a linear fashion.

正如我所提到的那樣，去年我們具體做了一些事情，我用它來管理呼叫量。我們也一直在為 TurboTax Live 進行其他類型的生產力提升，優化我們的日程安排和設置，以便平台上的專業人士獲得更好的體驗，並真正實現我們的營運現代化。因此，所有這些，結合我們擁有的人工智慧創新，我們確實看到我們能夠從技術第一的角度真正數位化我們的服務，就像我說的，而不需要以線性方式添加代理。

Our next question comes from Michael Turrin of Deutsche Bank.

下一個問題來自德意志銀行的麥可‧圖林。

I was hoping we could go back to the continued confidence and 30% plus online ecosystem growth as that run rate continues to scale specifically focusing in on mix of services. Sasan, you provided some useful metrics in terms of payroll. But is there anything else you can add in terms of contribution? And then maybe secondarily, is there a house view at all on the opportunity there to layer on additional services over time?

我希望我們能夠恢復持續的信心和 30% 以上的線上生態系統成長，因為運行率會繼續擴大，特別關注服務組合。Sasan，您提供了一些有關工資的有用指標。但是就貢獻而言您還有什麼可以補充的嗎？然後也許是其次，房子是否有機會隨著時間的推移增加額外的服務？

Yes. Michael, thank you for your question. We are, I would say, at the early innings of what's possible with services. I'll just use payments as an example. We -- our customers send over 214 million plus invoices and there's like 14% epayment enabled. And that's just one example of demonstrating the opportunity. And so when we think about pain points for our customers, getting paid, access to capital, paying their employees and being able to hold on to their money the longest, time tracking especially with employees being out in the field, we see with just those 4 offerings and a significant opportunity ahead to deliver for our customers. And by the way, then it becomes even more important when we serve mid-market, which is the segment with 10 to 100 employees.

是的。邁克爾，謝謝你的提問。我想說，我們正處於服務潛力的早期階段。我僅以付款作為例子。我們的客戶發送了超過 2.14 億張發票，其中啟用了 14% 的電子支付。這只是展示機會的一個例子。因此，當我們考慮客戶的痛點、獲得報酬、獲得資金、支付員工工資並能夠盡可能長時間地保留他們的錢、時間跟踪（特別是員工在外地工作時）時，我們看到僅憑這四種產品，我們就可以為我們的客戶提供巨大的機會。順便說一句，當我們服務中端市場（即擁有 10 到 100 名員工的市場）時，這一點變得更加重要。

With that said, one of the focus areas that we framed earlier is around being the center of Small Business growth for our customers, really shifting from being the source of truth for your books to source of truth for your business. And an additional area that we are focused on is really about transforming omnichannel commerce. How do we ensure that the 40% of the customers out there that are product-based businesses, ensuring that they can sell their products on multiple different channels but more importantly, being able to understand their sales with the profitability of customers, connecting that to their inventory. That's another leg that we are focused on. That's in earlier innings than even QuickBooks Live and QuickBooks Advanced.

話雖如此，我們之前提出的重點領域之一就是成為客戶小型企業成長的中心，真正從作為您帳簿的真實來源轉變為作為您企業的真實來源。我們關注的另一個領域是轉變全通路商務。我們如何確保 40% 的客戶都是以產品為基礎的企業，確保他們能夠在多個不同的管道銷售他們的產品，但更重要的是，能夠了解他們的銷售情況和客戶的盈利能力，並將其與他們的庫存聯繫起來。這是我們重點關注的另一點。這甚至比 QuickBooks Live 和 QuickBooks Advanced 還要早。

But to your question of are there other opportunities, there are, but actually don't want us to lose focus on the services that we already have and the significant opportunity that we have to penetrate deeper into the base that we have to deliver benefits for our customers. And those are all the things that gives us confidence around being -- having the ability to deliver more than 30% online ecosystem revenue growth.

但對於您關於是否還有其他機會的問題，答案是有的，但是我們實際上不希望我們忽視我們已經擁有的服務，以及我們必須深入基礎、為我們的客戶帶來利益的重大機會。所有這些都讓我們有信心——能夠實現超過 30% 的線上生態系統收入成長。

That's great. Maybe just a quick follow-up for Michelle. On CapEx, you're guiding for a fairly significant step up in fiscal '20. Anything specific to call out there in terms of what's driving that increase?

那太棒了。或許只是對米歇爾的一個快速跟進。在資本支出方面，您預計 20 財年將有相當大的成長。關於推動這種成長的因素，有什麼具體需要指出的嗎？

Thanks for the question, Michael. No, I wouldn't -- we have typically said that our CapEx would be about 2% to 3% of revenue. And in FY '19, you saw that. In FY '20, you see about the same. In FY '19, we did have a little bit of CapEx that slipped out of the year. Some of our sites that we are making some improvements on, how construction projects sometimes work, we had some of that, that actually was just the timing and it moved into FY '20.

謝謝你的提問，麥可。不，我不會——我們通常說我們的資本支出約佔收入的 2% 到 3%。在2019財年，您看到了這一點。在20財年，你會看到大致相同的情況。在2019財年，我們確實有少量資本支出超出了當年的水準。我們正在對一些工地進行改進，了解建築項目有時如何運作，我們已經做了一些改進，這實際上只是時間問題，它進入了 20 財年。

Our next question comes from the line of Matt Pfau of William Blair.

我們的下一個問題來自 William Blair 的 Matt Pfau。

Just wanted to ask a follow-up on QuickBooks Live. Maybe you can just give us an update on what you're seeing in terms of interest level on both the demand and the supply side for it. And then in terms of pricing of the product, it seems like currently, it's between $400 and $500 a month. Is this sort of the go-forward model that you're going to leverage? Or are there still other pricing options that are on the table?

只是想問一下有關 QuickBooks Live 的後續問題。也許您可以向我們介紹一下您看到的需求和供應方面的興趣程度的最新情況。就產品定價而言，目前看來，價格在每月 400 至 500 美元之間。這是您要利用的前進模式嗎？或是有其他可行的定價方案嗎？

Great. Matt, so we're excited about the potential of QuickBooks Live. I just want to remind us, we are in the very early innings. The reason we're excited about this is there's a huge unsaid customer problem, which is about confidence. And the confidence is really around the notion of do customers feel like they can do it themselves versus just stick with what they're doing, Excel, Google Sheets, Dropbox, and by the way, dealing with their bookkeeper and accountant. And so really the problem we're going after solving here is the confidence problem, to give them confidence that they can use a digital platform to run their entire business and at the click of a button, be able to have access to a bookkeeper through a chat box or through a live conversation, through a varied set of experiences that they may need. So I'll give you an example.

偉大的。馬特，我們對 QuickBooks Live 的潛力感到非常興奮。我只是想提醒我們，我們才剛開始階段。我們對此感到興奮的原因是，客戶有一個巨大的、尚未說出口的問題，那就是信心問題。信心實際上在於客戶是否覺得他們可以自己做，而不是僅僅堅持他們正在做的事情，Excel、Google Sheets、Dropbox，順便說一下，還要與他們的簿記員和會計師打交道。因此，我們真正要解決的問題是信心問題，讓他們有信心可以使用數位平台來經營整個業務，只需單擊按鈕，就可以透過聊天框或即時對話聯繫到簿記員，獲得他們可能需要的各種體驗。我給你舉個例子。

I was actually in Boise this past week visiting our TSheets team and sat for several hours listening to multiple QuickBooks Live calls because we've got some of our bookkeepers actually set up in Boise. And the particular experiences that I was listening in on were, in essence, customers that had come into our bookkeeper said, "hey, here's all of my documents digitally. Can you set everything up? And then I'll check in with you in 48 hours and can you just tell me how my businesses is doing?" And it was incredible to watch a customer really understand their net income for the first time, really understand their expenses, where they're spending their money and actually getting educated by our bookkeeper on how to run a business, but they're learning QuickBooks at the same time. And so I use that as example of -- it's a really large opportunity to go after nonconsumption, to truly become the adviser to our customers because small businesses are technicians in what they do well, a hair salon, welder, plumber. They don't actually know how to run a business. And so QuickBooks Live gives us the opportunity to either deliver the experience that I just shared or actually use QuickBooks yourself but then engage with a bookkeeper if you have questions along the way. Like, hey, do I have enough money to increase my inventory? Should I borrow money? And those are the different experiences that we're delivering based on the different needs that we are learning about.

事實上，上週我在博伊西拜訪了我們的 TSheets 團隊，坐了幾個小時聆聽多個 QuickBooks Live 電話，因為我們的一些簿記員實際上是在博伊西工作的。我所聽到的具體經歷是，客戶來找我們的簿記員說，「嘿，這是我的所有數位檔案。你能把一切都安排好嗎？然後我會在 48 小時內與您聯繫，您能告訴我我的業務進展如何嗎？ 」看到客戶第一次真正了解他們的淨收入，真正了解他們的支出，他們把錢花在了哪裡，並且實際上從我們的簿記員那裡得到瞭如何經營業務的指導，但他們同時也在學習 QuickBooks，這真是令人難以置信。所以我以此為例——這是一個追求非消費的巨大機會，真正成為我們客戶的顧問，因為小企業是他們擅長的技術人員，例如美髮沙龍、焊工、水管工。他們其實不知道如何經營企業。因此，QuickBooks Live 讓我們有機會提供我剛剛分享的體驗，或親自使用 QuickBooks，但如果您在過程中遇到疑問，可以與簿記員聯繫。例如，嘿，我有足夠的錢來增加庫存嗎？我該借錢嗎？這些是我們根據所了解的不同需求所提供的不同體驗。

And the biggest area that we're focused on is actually how to solve demand. Supply will be the easier part because this is where an AI-driven expert platform strategy comes into play. A lot of the pros that we hire for TurboTax Live also have the capability to deliver the experiences that our QuickBooks customers need.

我們關注的最大領域實際上是如何解決需求。供應將是比較容易的部分，因為這是人工智慧驅動的專家平台策略發揮作用的地方。我們為 TurboTax Live 聘請的許多專業人員也能夠提供我們的 QuickBooks 客戶所需的體驗。

And by the way, because of the fact that we have very high net promoter, we're creating income for pros, they're actually knocking at our door wanting to be on the platform. So the supply side is really the least of our focus areas, although we're solving it through technology. It's really nailing how to solve the customer problems.

順便說一句，由於我們的淨推薦值非常高，我們正在為專業人士創造收入，他們實際上正在敲我們的門，希望加入這個平台。因此，儘管我們正在透過技術解決供應方面的問題，但它實際上是我們最不關注的領域。這確實能解決客戶問題。

Specifically then around your question around pricing. We're doing a lot of testing. And in fact, you'll see something different on our website in 3 weeks based on a bunch of testing that we've done. So I wouldn't take what you're seeing as the go-forward pricing. We're kind of exactly where we were in TurboTax Live 2.5 years ago, testing demand based on different experiences for our customers.

那麼具體來說，圍繞您關於定價的問題。我們正在進行大量測試。事實上，根據我們所做的大量測試，您將在三週後在我們的網站上看到一些不同的東西。因此我不會將您所看到的視為未來定價。我們與 2.5 年前 TurboTax Live 的情況完全一樣，根據客戶的不同體驗測試需求。

Hopefully, that answers your question.

希望這能回答您的問題。

Our next question comes from Raimo Lenschow of Barclays.

下一個問題來自巴克萊銀行的 Raimo Lenschow。

This is Pree Gadey for Raimo Lenschow. I wanted to get a little bit more color on payroll. Can you give an idea of where we are in terms of penetration for self-serve? And can we expect another 35% type growth in FY '20? And finally, how much the TSheets help in terms of growth this year?

這是 Raimo Lenschow 的 Pree Gadey。我希望薪資單上能多一些色彩。您能否介紹一下我們自助服務的滲透率目前處於什麼水準？我們能預期20財年再出現35%的成長嗎？最後，TSheets 對今年的成長有多大幫助？

Thank you for your question. We view payroll and with the combination of TSheets as a continued opportunity to move looking ahead really in context of continuing to deliver more than 30% online revenue growth. And the biggest interest that we're actually seeing in payroll is full-service payroll, where our customers want to outsource everything to us because it actually is more accurate, better compliance and actually it's higher ARPC for the company.

感謝您的提問。我們認為薪資單和 TSheets 的組合是一個持續向前發展的機會，實際上在繼續實現超過 30% 的線上收入成長的背景下。我們在薪資方面實際看到的最大興趣是全方位服務的薪資單，我們的客戶希望將一切外包給我們，因為它實際上更準確、合規性更好，而且實際上對公司來說ARPC更高。

Coupled with TSheets, we've been working on integrating TSheets and payroll because if you put yourself in the shoes of the customer, they have employees out in the field. And what they really need is mobile devices with GPS that allows them to track when the customer starts on a job or an employee starts on a job, when they end on a job, that automatically getting dumped into payroll. And that not only delivers significant accuracy compliance and monetary value for our customers, but also it's a revenue opportunity for us when you look at the combination of payroll and TSheets. So we believe in this area. We continue to be at the early innings. We don't share what the penetration numbers are, but we like the 35% growth that we're seeing in payroll.

除了 TSheets，我們也一直致力於整合 TSheets 和薪資單，因為如果你站在客戶的角度，你會發現他們在外地也有員工。他們真正需要的是帶有 GPS 的行動設備，這樣他們就可以追蹤客戶何時開始工作或員工何時開始工作以及何時結束工作，並將這些資訊自動轉入薪資單。這不僅為我們的客戶提供了顯著的準確性合規性和貨幣價值，而且當您查看薪資單和 TSheets 的組合時，這也為我們帶來了收入機會。所以我們對這個領域有信心。我們仍處於早期階段。我們沒有透露滲透率的具體數字，但我們很高興看到薪資成長了 35%。

And if I could get another quick one in. You guided consumer 9% to 11% last year around this time, and we're starting off this year a little bit lower, which I was a little surprised with TurboTax Live being a little bit more evolved. Can you guys go through kind of the thought process into that guide of 9% to 10% for the year?

如果我可以再快速得到一個。去年同期，您預計消費者的稅率為 9% 至 11%，而今年的起點略低一些，我對 TurboTax Live 的進一步發展感到有些驚訝。你們能否詳細說明今年 9% 到 10% 的成長預期？

Sure. First of all, we did guide 9% to 10% last year, and our guide this year is very consistent with last year. And secondly, I had a lot of confidence in the progress in the business. We've got crystal clear strategy around expanding the do-it-yourself category. We are at the very early innings of transforming the assisted category with over 20 billion market size and 84 million customers. And at even earlier innings, disrupting consumer finance. And so I feel great about our progress. It's the second year in a row we've delivered double-digit growth in the Consumer Group and love what the team is doing and feel good about our guidance.

當然。首先，去年我們確實預期了9%到10%，今年我們的預期與去年非常一致。其次，我對業務進展非常有信心。我們對於擴大 DIY 類別有著非常明確的策略。我們正處於轉型輔助類別的早期階段，該類別的市場規模超過 200 億美元，擁有 8,400 萬客戶。甚至在更早的階段，就擾亂了消費金融。因此我對我們的進步感到非常高興。這是我們連續第二年在消費者集團實現兩位數的成長，我們喜歡團隊所做的工作並對我們的指導感到滿意。

Our next question comes from Sterling Auty of JPMorgan.

下一個問題來自摩根大通的 Sterling Auty。

It's Jackson Ader on for Sterling tonight. Our question is about the tax law changes that went into effect for 2018. So this is -- the tax season coming up, it's going to be the second full tax year with some of the changes. So would you expect that maybe people are more comfortable with their return this second go around? And so we could maybe see a little bit faster unit growth but maybe on simpler packages or lower price packages this year?

今晚傑克遜·阿德 (Jackson Ader) 代替斯特林 (Sterling) 上場。我們的問題是關於 2018 年生效的稅法變更。所以這是——納稅季節即將到來，這將是第二個完整的納稅年度，並將帶來一些變化。那麼您是否認為人們對他們第二次回歸會更加滿意呢？因此，我們今年可能會看到單位成長速度稍微快一些，但也許包裝更簡單或包裝價格更低？

Yes. Thank you for your question. First of all, we're huge fans of anything that can be done to simplify taxes for consumers so that gives them the ability to do their taxes themselves. The second thing is last year, tax reform was new, which means some of the changes in the product lineups were also new to map up with the some of the changes.

是的。感謝您的提問。首先，我們非常支持任何可以簡化消費者納稅方式的措施，讓他們能夠自己繳稅。第二件事是去年的稅改是新的，這意味著產品陣容中的一些變化也是新的，以便與一些變化相適應。

And the second year will always be better and easier because customers will have more confidence. But our -- we've not baked any of that into our assumptions. We are focused on making the experience so drop-dead easy that we can get to a place where taxes are done and it doesn't matter what tax reform has been implemented, but that most of your taxes are done for you when you come in. And all of that has informed the guidance that we've provided in the year.

第二年將會更好、更輕鬆，因為客戶將更有信心。但是我們—我們還沒有將任何這些考慮進我們的假設中。我們致力於讓體驗變得非常簡單，以便我們可以到達一個可以完成納稅的地方，無論實施了什麼樣的稅收改革，您進來時大部分納稅事宜都會為您完成。所有這些都為我們今年提供的指導提供了參考。

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。

Also my question about guidance, but more as it relates to Small Business & Self-Employed. I think last year, you guided, I think, 9% to 11%. You ended up doing 15% this year, and this, you're guiding 12% to 14%. So just in terms of where you sit right now relative to last year. Maybe -- if you don't mind just talking a bit more about what's driving that optimism at the start of the year. Is it QuickBooks Live, is it online advanced, international, maybe some combination? Just curious what you see as those main drivers.

這也是我關於指導的問題，但更多是與小型企業和個體經營有關。我認為去年您的預期是 9% 至 11%。今年您最終完成了 15%，而這次，您的預期是 12% 到 14%。那麼就您現在相對於去年所處的位置而言。也許——如果您不介意的話，再多談談是什麼推動了今年年初的樂觀情緒。它是 QuickBooks Live 嗎？只是好奇您認為這些主要驅動因素是什麼。

Sure. Chris, thanks for your question. It's all of the above. It's really the -- as a result of the great work of the team. Just looking back over the last several years, really being clear about how we convince customers to come to us and then how we deliver a great first time use experience. So it's the combination of having the ability to be able to have an offering to serve the self-employed to be able to have the QuickBooks platform that can serve customers that have less than 10 employees. But then now having a platform where we can disrupt the mid-market by serving small businesses that have between 10 to 100 employees. And then it's the services. We've been really focused on, how do we ensure our customers can get paid fast? How do we ensure they have access to capital? How do we ensure we automate time tracking? Ensuring that when it comes to payroll, not only is it an easier process and experience, but also being able to hold on to the money the longest because typically, small businesses, the money goes out of their bank account when they're doing payroll 7 days in advance and now we have same day, next day payroll.

當然。克里斯，謝謝你的提問。以上就是全部了。這確實是團隊出色工作的成果。回顧過去幾年，我們真正清楚如何說服客戶選擇我們，以及如何提供出色的首次使用體驗。因此，它是能夠為自僱人士提供服務的能力與能夠為員工少於 10 人的客戶提供服務的 QuickBooks 平台的結合。但現在我們有了一個平台，可以透過為擁有 10 到 100 名員工的小型企業提供服務來顛覆中階市場。接下來是服務。我們一直專注於如何確保我們的客戶能夠快速收到付款？我們如何確保他們能夠獲得資金？我們如何確保時間追蹤的自動化？確保在發放工資時，不僅流程和體驗更加簡單，而且能夠最長時間地保留資金，因為通常情況下，小企業在提前 7 天發放工資時，錢就會從他們的銀行帳戶中扣除，而現在我們可以當天或第二天發放工資。

So it's the combination of really understanding what's important to our customers, being able to serve our customers from 0 to 100 employees and really improving all the services that we provide. And we have high hopes for QuickBooks live in the coming years to really be able to go after nonconsumption, being able to connect our customers to experts. So it's really the combination of all of that, that gives us confidence in the potential of the business.

因此，這包括真正了解客戶看重什麼、能夠為從 0 到 100 名員工的客戶提供服務以及真正改善我們提供的所有服務。我們對未來幾年 QuickBooks 的上線寄予厚望，希望它能真正滿足非消費需求，並將我們的客戶與專家聯繫起來。所以，所有這些因素的結合才讓我們對業務的潛力充滿信心。

Okay. That's great. And maybe just to follow up on services. Can you just remind us a bit about your strategy of white labeling versus developing your own products there? I mean do you ever see it start do invoice pay or tax automation on your own? Just curious how you think about doing one or the other.

好的。那太棒了。或許只是為了跟進服務。您能否向我們簡單介紹一下你們的白色標籤策略與在那裡開發自己的產品的策略？我的意思是，您是否曾經看到它自行開始進行發票支付或稅務自動化？只是好奇您如何考慮做這兩件事。

Sure. I'll take you back to our strategy of being an AI-driven expert platform. And the platform element is truly about being an open platform because we're customer-back and customer-first. And I'll use payments as an example. We want -- and what's important to our customers is they want to get paid the way their customers want to pay them. And so we provide options, whether it's PayPal, whether it's Square, whether it's our own payments offerings. We provide those options to customers to ensure that they can use our platform to run their business because the more we can get our customers to use our platform to run their business, whether it's an app that's been made or created by Intuit or an app by one of our partners, we ultimately care about the benefit for customers. So we have over 600 apps on our platform. I've been mentioning more the core ones. But even in the area of payments, we have multiple payment providers on our platform, PayPal and Square being one of them. So ultimately, all of our decisions around the apps on our platform is around being an open platform and it's customer-back.

當然。我將帶大家回顧我們成為人工智慧驅動的專家平台的策略。平台元素真正意味著成為一個開放平台，因為我們以客戶為中心、客戶至上。我將以付款作為例子。我們希望—並且對我們的客戶來說重要的是，他們希望以他們的客戶希望的方式獲得付款。因此我們提供各種選項，無論是 PayPal、Square，還是我們自己的支付產品。我們向客戶提供這些選項，以確保他們可以使用我們的平台來運營他們的業務，因為我們越能讓客戶使用我們的平台來運營他們的業務，無論是 Intuit 製作或創建的應用程序還是我們合作夥伴製作或創建的應用程序，我們最終關心的是客戶的利益。我們的平台上有超過 600 個應用程式。我已經多次提到核心內容了。但即使在支付領域，我們的平台上也有多個支付提供商，其中之一是 PayPal 和 Square。所以最終，我們圍繞著平台上的應用程式所做的所有決定都是為了成為一個開放的平台並以客戶為中心。

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

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

Sasan, I wanted to ask you a little bit about TurboTax Live. Obviously, it had success this tax season. I'm wondering, as you look at the numbers in TurboTax Live, what percentage of customers come from either just traditional TurboTax or other digital players versus the assisted market? I'm just trying to figure out how much TurboTax Live is encroaching on the assisted and how much success you're having getting assisted customers to convert?

Sasan，我想問您一些關於 TurboTax Live 的問題。顯然，它在這個稅收季節取得了成功。我想知道，當您查看 TurboTax Live 中的數字時，有多少百分比的客戶來自傳統的 TurboTax 或其他數位參與者，而不是輔助市場？我只是想弄清楚 TurboTax Live 在多大程度上侵占了輔助功能，以及您在讓輔助客戶轉換方面取得了多大成功？

Kartik, thanks for your question. It's kind of an and, and all of the above. As you know, there's a lot of churn within the assisted category. And even those that come from the assisted category to do it themselves. What we reported in Investor Day last year is that there's 10 million customers that kind of go back and forth between the categories. So TurboTax Live really does several things.

Kartik，謝謝你的提問。這是一種“和”，以及以上所有的情況。如你所知，輔助類別中存在大量的客戶流失。甚至那些來自輔助類別的人也可以自己做。我們去年在投資者日報道過，有 1000 萬客戶在不同的類別之間來回切換。所以 TurboTax Live 確實可以做幾件事。

One, if you come into TurboTax and you have a question, something changed in your life, you bought a home. You got married, you had a baby. Your uncle is now sleeping on your couch. Those little questions drive a lack of confidence and can drive someone out of the category. And now, on a click of a button, you can get help in any way, which way, shape or form. Even if you didn't pick TurboTax Live, you can actually go into TurboTax Live from the product that you're in. So one, it really helps with final conversion, it helps with retention, which is all driven by confidence. We also have seen and we'll talk about this more at Investor Day, more conversion coming from prior year assisted because these are folks that are coming in for the first time. They're used to engaging with a human being on the other side to get their taxes done. And now they can come in and again with a click of a button, they can get the help that they need. So it's an and -- it's all of the above because there's so much churn back and forth within the categories and between the categories that this really is going to go after the heart of what matters most, which is confidence.

首先，如果您使用 TurboTax 並且有疑問，您的生活中發生了一些變化，例如您買了一棟房子。你結婚了，生了孩子。你的叔叔現在正在你的沙發上睡覺。這些小問題會導致信心的缺乏，並可能導致某人退出該類別。現在，只需點擊按鈕，您就可以以任何方式、任何形式獲得協助。即使您沒有選擇 TurboTax Live，您實際上也可以從您所在的產品進入 TurboTax Live。因此，首先，它確實有助於最終的轉化，有助於保留，而這一切都是由信心驅動的。我們也已經看到並且我們將在投資者日更多地談論這一點，更多的轉化來自於前一年提供的幫助，因為這些人是第一次加入。他們習慣與另一端的人打交道來辦理納稅手續。現在他們只需進來單擊按鈕即可獲得所需的幫助。所以，這是一個“和”——“以上皆是”，因為類別內部和類別之間存在如此多的反覆變動，這實際上將觸及最重要的核心，即信心。

Michelle, I knew there's been a lot of discussion about margins. I wanted to get your perspective on -- you're obviously using AI and other technologies to make all the products better, but especially the TurboTax and QuickBooks Live. So is there a situation right now where you may be investing more in these technologies and, as a result, maybe it's impacting margins? And then in a few years, the benefits will really start accruing? Or is this something where you think the investment level will stay the same?

米歇爾，我知道關於利潤的問題已經有很多討論。我想聽聽您的看法——您顯然正在使用人工智慧和其他技術來改進所有產品，尤其是 TurboTax 和 QuickBooks Live。那麼目前的情況是，您可能會在這些技術上投入更多，因此可能會影響利潤率嗎？那麼幾年後，收益真的會開始累積嗎？或者您認為投資水準將保持不變？

Kartik, thanks for the question. We are investing in AI ML, as I said last year, actually at Investor Day, and gave the example of the 5 big investment areas for us for FY '19. AI ML was one of them as with our migration to the cloud, TurboTax Live and so forth. It is one more of -- I would say, it's more of prioritization. So we are absolutely seeing the productivity impacts on TurboTax Live of using AI. We're seeing the benefits to the customer from a customer experience standpoint and our products, both in Consumer Group and in Small Business. But if you're thinking that afterward, are we going to be done or leveling off in a couple of years and then therefore, some of that will flow to the bottom line? From our standpoint, we follow our financial principles, and it's really every single year looking at what is the best use of the cash we have and where can we invest it in the best way to drive customer and revenue growth? I wouldn't think of it so much as we're going to be done with investing and then therefore, we just won't invest those dollars anymore.

Kartik，謝謝你的提問。我們正在投資 AI ML，實際上就像我去年在投資者日所說的那樣，並舉了 2019 財年的 5 大投資領域的例子。AI ML 是其中之一，就像我們遷移到雲端、TurboTax Live 等等一樣。我想說，這更多的是優先考慮的問題。因此，我們確實看到了使用 AI 對 TurboTax Live 生產力的影響。我們從客戶體驗的角度和我們的產品看到了客戶無論是在消費者群體還是小型企業中都受益匪淺。但如果你想到那時，我們是否會在幾年內完成或趨於平穩，然後其中一些會流入底線？從我們的角度來看，我們遵循我們的財務原則，並且每年都會考慮如何最好地利用我們擁有的現金，以及我們可以在哪裡以最佳方式投資它以推動客戶和收入成長？我不會這麼想，因為我們將不再進行投資，因此，我們不會再投資這些錢了。

Your next question comes from Josh Beck of KeyBanc.

您的下一個問題來自 KeyBanc 的 Josh Beck。

I wanted to ask about international. It seems like the QuickBooks Online subs, there may be accelerated to the high 50s from the mid-50s the last couple of quarters. So anything inflecting or that you'd call out in terms of the success you're having there?

我想問一下有關國際的事情。看起來 QuickBooks Online 的子版塊在過去幾季中可能會從 50 年代中期加速到 50 年代的高點。那麼，就您在那裡的成功而言，有什麼變化或值得注意的嗎？

Josh, yes, I would touch on 2 things: talent and our global playbook. And by the way, the same thing applies also to our services and the progress that we're making in services which is just really adding great team members that are focused entirely on pain points that matter most to our customers. In this case, we have structured international such that we have an international leader that owns delivering for our customers in international and owns growth, which means that he is able to ensure that we allocate the proper resources, the proper focus across the portfolio of countries to ensure that we're going after the biggest customer impacts and the biggest growth opportunities.

喬什，是的，我想談兩件事：人才和我們的全球劇本。順便說一句，同樣的事情也適用於我們的服務和我們在服務方面所取得的進展，這實際上只是增加了優秀的團隊成員，他們完全專注於對客戶最重要的痛點。在這種情況下，我們已經建立了國際結構，以便我們擁有一位國際領導者，負責為我們的國際客戶提供服務並擁有成長，這意味著他能夠確保我們在各個國家/地區分配適當的資源和適當的重點，以確保我們追求最大的客戶影響和最大的成長機會。

So the investment in just talent and people really has made a difference. The other is, we now have a global playbook where several years ago, we stepped back and we studied our own history, the decisions that we made, the mistakes that we've made, what worked, what didn't work. We studied others that are in our space. We also studied others that are global players that are not in our space, interviewed them, understood their playbook, and that all informed a playbook that we now have that we are following. I think it's a combination of having a very systematic playbook, being very deliberate about resource allocation and the talent that's just given us the ability to maintain this kind of growth rate at a far larger base than even where we were a couple of years ago.

因此，對人才和人員的投資確實產生了效果。另一方面，我們現在有了一個全球劇本，幾年前，我們回顧並研究了我們自己的歷史、我們所做的決定、我們犯過的錯誤、什麼有效、什麼無效。我們研究了與我們處於同一領域的其他人。我們還研究了不在我們這個領域的其他全球參與者，對他們進行了採訪，了解了他們的劇本，所有這些都形成了我們現在正在遵循的劇本。我認為，這是系統的策略、慎重的資源分配和人才等多方面的結合，這些因素讓我們能夠維持比幾年前更大幅度的成長率。

Okay. Great. And if I could ask one follow-up on Consumer. You talked a bit about the opportunity beyond tax and obviously you almost tripled the number of Turbo users. So maybe just help us understand what your imagining when we think of some of these other services that you could add to Turbo users?

好的。偉大的。我可以就消費者問題再問一個問題嗎？您談到了稅收以外的機會，顯然您的 Turbo 用戶數量幾乎增加了兩倍。因此，當我們想到可以為 Turbo 用戶添加一些其他服務時，也許可以幫助您了解您的想法？

Sure. The biggest problem that our customers face beyond making sure that they get, especially in the United States, the largest check of the year, which is the tax refund, is making ends meet. This is about being able to pay off debt and saving money. And most of folks, and I'll just use U.S. as an example, are under duress when it comes to how do I put food on the table? How do I pay my bills? How do I ensure that I've got clothes on my kids' back? And so our focus is really to help our customers make ends meet by really being an agnostic platform that matches our customers to products that are right for them. So if I just paint the picture of what this looks like is, imagine at tax time, helping our customers find the highest yield savings account. Where we're not pushing any financial product, we're helping them understand the best financial product. It's helping connecting them to personal loans at the best rate versus because I'm a financial institution only providing one rate. It's helping them understand their credit score and the actions that they can take to improve their credit score.

當然。我們的客戶面臨的最大問題除了確保他們能拿到一年中最大的支票，也就是退稅，尤其是在美國，就是維持收支平衡。這是為了能夠償還債務並存錢。而大多數人，我僅以美國為例，在如何養家方面面臨壓力。我該如何支付帳單？我如何確保我的孩子有衣服穿？因此，我們的重點實際上是透過成為一個獨立的平台來幫助我們的客戶實現收支平衡，為客戶匹配適合他們的產品。所以，如果我描繪一下這種情況，想像一下在繳稅時，幫助我們的客戶找到收益最高的儲蓄帳戶。我們不推銷任何金融產品，而是幫助他們了解最好的金融產品。它幫助他們以最優惠的利率獲得個人貸款，而不是因為我是一家僅提供一種利率的金融機構。它可以幫助他們了解自己的信用評分以及可以採取哪些措施來提高信用評分。

It's to understand how to best get an auto loan before they go buy the auto so that they can actually save money. So it's really -- and those are just illustrative examples. But based on the customer's consent of letting us use their data to deliver benefits for them, we can, in essence, match them the benefits that could really help them prosper back to our mission of powering prosperity around the world. So that's our focus. And we're excited about the fact that we have 14 million customers that we're testing with in terms of what benefits make the most sense to them. From a revenue perspective, very early innings. But from a focusing on what matters most to our customers, which is where our focus is right now, we're excited about the possibility. So that's kind of the picture of what it would look like.

在他們購買汽車之前，請了解如何最好地獲得汽車貸款，以便他們實際上可以省錢。所以這確實——這些只是說明性的例子。但基於客戶同意我們使用他們的數據為他們帶來利益，我們本質上可以為他們提供真正有助於他們繁榮發展的利益，從而讓他們重新回到我們為世界繁榮提供動力的使命中。這就是我們的重點。我們很高興我們擁有 1,400 萬客戶，我們正在對他們進行測試，以了解哪些好處對他們來說最有意義。從收入角度來看，這只是個開始。但從關注客戶最關心的問題（這也是我們現在的關注點）來看，我們對這種可能性感到非常興奮。這就是它看起來的樣子。

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。

Congratulations, Jerry and Kim, and good work, all. The first question on retention. I heard online tax retention improved. Michelle, if you could just put some color around that. And maybe if you could delve into some categorization and actually touch upon what you saw as far as retention over in TurboTax Live? If you don't want to share some numbers, maybe some anecdotes, either one of you.

恭喜 Jerry 和 Kim，祝大家工作順利。第一個問題關於保留。我聽說網上稅收保留有所改善。米歇爾，如果你能給它加點顏色看看的話。也許您可以深入研究某些分類，並實際談論您在 TurboTax Live 中看到的保留情況？如果你不想分享一些數字，也許可以分享一些軼事，你們任何一個人都可以。

Scott, thanks for the question. As we looked at this year, one of the issues that we know we've had just with customers overall when you think about TurboTax, what they're going through to complete their return is, as they're going through, they leave confidence. And so that's one of the reasons why we've been very excited about TurboTax Live is it gives us an opportunity to provide an expert who can really provide that level of confidence to someone so they can complete their return. And opens up the assisted market for us. And so we had, number one, as I said, hope to pull people in from assisted; number two, hope to keep people in the category overall.

斯科特，謝謝你的提問。回顧今年，我們知道，當您想到 TurboTax 時，我們與客戶總體上遇到的一個問題是，他們在完成退稅時所經歷的事情是，在經歷這些事情時，他們失去了信心。這就是我們對 TurboTax Live 感到非常興奮的原因之一，因為它讓我們有機會提供一位專家，他可以真正為人們提供這種程度的信心，以便他們能夠完成退稅。並為我們開拓輔助市場。因此，正如我所說，我們的首要目標是吸引人們從援助中來；第二，希望整體上能維持人們在該類別中的地位。

And so as we've said, we have seen increases in our TurboTax Online retention for this year. We haven't given any additional details on that. You might get some more information around that in our Investor Day on October 3. But right now, we haven't given any additional information.

正如我們所說，今年我們的 TurboTax Online 保留率有所提高。我們還沒有提供關於此事的任何其他細節。您可能會在 10 月 3 日的投資者日上獲得更多相關資訊。

Fair enough. As a follow-up, just a lot of cash on the balance sheet right now. Looks like you're going to generate a lot of free cash flow next year even though you slightly tweaked up CapEx. Just kind of curious. I mean you saw the smaller acquisition in the quarter and obviously, a very nice dividend increase. But still, it looks like you're going to have a lot more cash at the end of next year than you do right now at this buyback pace. Just curious. I know your typical approach to it, but what's your view of what type of cash or what amount of cash you want to carry? And might we see a step up in spending or returning or what have you?

很公平。作為後續行動，目前資產負債表上有許多現金。看起來，即使你稍微調整了資本支出，明年你仍將產生大量的自由現金流。只是有點好奇。我的意思是，您看到本季有規模較小的收購，而且股息顯然有非常可觀的成長。但是，以這樣的回購速度，到明年年底你似乎會擁有比現在多得多的現金。只是好奇。我知道您通常的做法，但您對攜帶什麼類型的現金或多少現金有什麼看法？我們是否會看到支出或回報增加，或者還有其他什麼？

Thanks, Scott. I would say, yes, we do have more cash than last year. But none of our financial principles have changed. Our M&A strategy hasn't changed. And so our approach is really, we step back, we look at our financial principles. And then we see what makes sense to us. When we look at our investments, we absolutely want to invest that cash in the business to drive customer and revenue growth and then we will look at acquisitions to fill out our product roadmaps. And then we'll return cash to customers -- I mean excuse me, to shareholders that we can't use profitably in the business.

謝謝，斯科特。我想說，是的，我們的現金確實比去年多。但我們的財務原則都沒有改變。我們的併購策略沒有改變。因此，我們的做法實際上是退一步，檢視我們的財務原則。然後我們就會明白什麼對我們來說是有意義的。當我們審視我們的投資時，我們絕對希望將現金投資於業務以推動客戶和收入成長，然後我們才會考慮收購以充實我們的產品路線圖。然後，我們會將無法在業務中獲利的現金回饋給客戶——對不起，意思是回饋給股東。

And we have those financial principles that are in place and we'll continue to follow those. We have not changed those.

我們已經制定了這些財務原則，並將繼續遵循這些原則。我們沒有改變這些。

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

女士們、先生們，我沒有其他問題。最後您還想補充一些什麼嗎？

Yes. First of all, thank you so much for joining. And again, a huge thank you to our employees for an amazing fiscal year '19. We're very excited about 2020, and we look forward to seeing all of you at Investor Day. Until then, thank you.

是的。首先，非常感謝您的加入。再次衷心感謝我們的員工，感謝他們為 2019 財年所做的出色貢獻。我們對 2020 年感到非常興奮，我們期待在投資者日見到大家。到那時，謝謝你。

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

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。