直覺電腦 (INTU) 2022 Q4 法說會逐字稿

Good afternoon. My name is Chelsea, and I will be your conference operator today. At this time, I would like to welcome everyone to Intuit's Fourth Quarter and Full Fiscal Year 2022 Conference Call. (Operator Instructions)

下午好。我的名字是切爾西，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Intuit 的 2022 年第四季度和全年電話會議。 （操作員說明）

With that, I will now turn the call over to Kim Watkins, Intuit's Vice President of Investor Relations. Ms. Watkins, please begin.

有了這個，我現在將把電話轉給 Intuit 投資者關係副總裁 Kim Watkins。沃特金斯女士，請開始。

Thanks, Chelsea. Good afternoon and welcome to Intuit's Fourth Quarter Fiscal 2022 Conference Call. I'm here with Intuit's CEO, Sasan Goodarzi; and Michelle Clatterbuck, our CFO.

謝謝，切爾西。下午好，歡迎參加 Intuit 2022 財年第四季度電話會議。我和 Intuit 的首席執行官 Sasan Goodarzi 在一起；和我們的首席財務官米歇爾·克拉特巴克。

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 2021, and our other SEC filings. All of those documents are available on the Investor Relations page of Intuit's website at intuit.com. We assume no obligation to update any forward-looking statement.

在開始之前，我想提醒大家，我們的言論將包括前瞻性陳述。有許多因素可能導致 Intuit 的結果與我們的預期大相徑庭。您可以在我們今天下午早些時候發布的新聞稿、我們的 2021 財年 10-K 表格以及我們提交給美國證券交易委員會的其他文件中了解有關這些風險的更多信息。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陳述的義務。

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

這些評論中的一些數字是在非公認會計原則的基礎上提出的。我們在今天的新聞稿中對可比的 GAAP 和非 GAAP 數字進行了核對。除非另有說明，否則所有增長率均指當前期間與可比上年同期相比，業務指標和相關增長率是指全球業務指標。本次電話會議結束後，我們將在我們的網站上提供我們準備好的評論和補充財務信息的副本。

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

有了這個，我會把電話轉給 Sasan。

Great. Thank you, Kim, and thanks to all of you for joining us today.

偉大的。謝謝你，Kim，也感謝大家今天加入我們。

We had a very strong fourth quarter, ending the year with momentum as we executed on our strategy to be the global AI-driven expert platform powering prosperity for consumers and small businesses. We continue to be focused on solving our customers' biggest problems by putting more money in their pockets, eliminating work and saving people time and ensuring that they have complete confidence in every financial decision they make.

我們有一個非常強勁的第四季度，隨著我們執行我們的戰略，成為全球人工智能驅動的專家平台，為消費者和小企業的繁榮提供動力，以勢頭結束了今年。我們將繼續專注於解決客戶最大的問題，將更多的錢放在他們的口袋裡，消除工作並節省人們的時間，並確保他們對自己做出的每一個財務決策都有完全的信心。

Full year revenue reached $12.7 billion, up 32%, including the addition of Mailchimp and a full year of Credit Karma. Excluding Mailchimp, revenue grew 24%. Total revenue growth was fueled by 38% growth for the Small Business and Self-Employed Group, which includes 16 points from Mailchimp. Consumer Group revenue grew 10%, and Credit Karma had an outstanding year with revenue of $1.8 billion, up 58% on a pro forma basis year-over-year.

全年收入達到 127 億美元，增長 32%，其中包括 Mailchimp 的加入和 Credit Karma 的全年收入。不包括 Mailchimp，收入增長了 24%。小型企業和個體經營集團的總收入增長 38% 推動了總收入增長，其中包括 Mailchimp 的 16 分。消費者集團收入增長 10%，Credit Karma 表現出色，收入為 18 億美元，在備考基礎上同比增長 58%。

I'm very proud of the team's performance, delivering strong growth and strong margins, which very few companies at our scale are able to achieve. I'm optimistic about our strategy and opportunities for growth, especially considering an uncertain global macroeconomic environment. The Intuit platform remains mission-critical for powering our customers' prosperity. I'm pleased we are guiding to another year of strong revenue growth and strong margins in fiscal year 2023.

我為團隊的表現感到非常自豪，他們實現了強勁的增長和強勁的利潤率，在我們這樣規模的公司中，很少有公司能夠做到這一點。我對我們的戰略和增長機會持樂觀態度，尤其是考慮到不確定的全球宏觀經濟環境。 Intuit 平台對於推動我們客戶的繁榮仍然至關重要。我很高興我們在 2023 財年迎來又一個強勁的收入增長和強勁的利潤率。

Our global AI-driven expert platform strategy is accelerating innovation, and our 5 Big Bets are solving the largest problems our customers face. We continue to deliver strong proof points that demonstrate the success and are well positioned for durable growth in the future.

我們的全球人工智能驅動專家平台戰略正在加速創新，我們的 5 大賭注正在解決我們客戶面臨的最大問題。我們將繼續提供強有力的證據來證明成功並為未來的持久增長做好準備。

As a reminder, our 5 Big Bets are: revolutionize key benefit, connect people to experts, unlock smart money decisions, be the center of small business growth, and disrupt the small business mid-market. We will share more on our vision and the outcomes we're driving across each of these Big Bets next month at our Investor Day.

提醒一下，我們的 5 大賭注是：徹底改變關鍵利益，將人們與專家聯繫起來，解鎖明智的資金決策，成為小型企業增長的中心，並顛覆小型企業的中端市場。我們將在下個月的投資者日上分享更多關於我們的願景和我們在這些大賭注中所取得的成果。

Now let me turn to a topic that I know is top of mind for many of you, the resiliency of our business and the slowing macroeconomic environment. Our company is in a significantly different position than it was during the last recession more than a decade ago. Our platform and cloud-based offerings have significantly expanded to become the platform of choice for consumers and small businesses. Therefore, Intuit is even more mission-critical for our customers we serve. We have highly predictable reoccurring revenue, and much of our business is subscription-based.

現在讓我談談我知道你們許多人最關心的話題，即我們業務的彈性和放緩的宏觀經濟環境。我們公司的處境與十多年前的上一次經濟衰退期間截然不同。我們的平台和基於雲的產品已顯著擴展，成為消費者和小型企業的首選平台。因此，Intuit 對我們所服務的客戶而言更為關鍵。我們有高度可預測的經常性收入，我們的大部分業務都是基於訂閱的。

Additionally, the scale of our platform along with our rich data gives us the unique ability to see leading indicators, such as growth in charge volume, number of hours employees are working and number of workers paid, bank account balances of our small business customers, credit card utilization and delinquency rates for members. This allows us to be forward-looking and adjust quickly.

此外，我們平台的規模以及我們豐富的數據使我們能夠查看領先指標，例如收費量增長、員工工作小時數和支付工人數量、我們的小企業客戶的銀行賬戶餘額、會員的信用卡使用率和拖欠率。這使我們能夠具有前瞻性和快速調整。

Let me share how we think about our business in context of a mild recession. To start, in fiscal year 2022, 51% of our revenue came from the Small Business and Self-Employed Group, 35% from our Consumer and ProTax businesses, and 14% from Credit Karma.

讓我分享一下在溫和衰退的背景下我們如何看待我們的業務。首先，在 2022 財年，我們 51% 的收入來自小型企業和個體經營集團，35% 來自我們的消費者和 ProTax 業務，14% 來自 Credit Karma。

First on tax. Our tax businesses are very resilient, and we do not expect a mild recession to have any significant impact.

首先是稅收。我們的稅務業務非常有彈性，我們預計溫和的衰退不會產生任何重大影響。

Next, with Small Business and Self-Employed Group, QuickBooks and Mailchimp are mission-critical for our customers whose livelihood depends on our platform. In fiscal year 2022, approximately 80% of the Small Business and Self-Employed Group revenue was subscription-based. As a reminder, Mailchimp is also primarily subscription-based, which adds to the scale of our subscription volume.

接下來，對於小型企業和個體經營集團，QuickBooks 和 Mailchimp 對我們的生計依賴於我們平台的客戶而言至關重要。在 2022 財年，大約 80% 的小型企業和個體經營集團收入是基於訂閱的。提醒一下，Mailchimp 也主要基於訂閱，這增加了我們訂閱量的規模。

The approximately 20% is transactional-based and includes revenue from QuickBooks payments, capital and per employee pricing for time tracking and payroll. In a mild recessionary environment, we may see an impact on these transactional businesses. In Q4, we did not see any impact. This demonstrates how mission-critical our platform is, especially in this environment.

大約 20% 是基於交易的，包括來自 QuickBooks 支付、資本和用於時間跟踪和工資單的每個員工定價的收入。在溫和的衰退環境中，我們可能會看到這些交易業務受到影響。在第四季度，我們沒有看到任何影響。這表明我們的平台是多麼關鍵，尤其是在這種環境中。

Finally, turning to Credit Karma. This is the business that could be most impacted by weakening economic environment. As a reminder, this business represents 14% of Intuit's revenue in fiscal year 2022. While we expect member engagement to be strong in any economic environment, our financial institution partners could tighten access to credit.

最後，轉向 Credit Karma。這是可能受疲軟經濟環境影響最大的業務。提醒一下，這項業務佔 Intuit 2022 財年收入的 14%。雖然我們預計會員在任何經濟環境中的參與度都很高，但我們的金融機構合作夥伴可能會收緊信貸渠道。

In Q4, we experienced increased volatility in personal loans. Many partners that securitized loans are facing a more challenging funding environment as interest rates rise. For context, personal loans represent just over 1/3 of Credit Karma's revenue in fiscal year 2022. Although several personal loan partners tightened underwriting during the quarter, we were able to offset some of this with volume from other partners. This demonstrates the power of the platform.

在第四季度，我們的個人貸款波動加劇。隨著利率上升，許多將貸款證券化的合作夥伴都面臨著更具挑戰性的融資環境。就上下文而言，個人貸款僅佔 Credit Karma 在 2022 財年收入的 1/3 以上。儘管幾個個人貸款合作夥伴在本季度收緊了承銷，但我們能夠通過其他合作夥伴的數量來抵消其中的一部分。這證明了平台的力量。

In credit cards, we've not seen any significant impact. We continue to monitor delinquency rates, which we view as a leading indicator for future credit card origination trends. While delinquency rates have increased slightly, they remain near historical lows. We expect credit cards to be less negatively impacted by a mild recession than personal loans. In the mild recession of '01-'02, credit card originations declined only a few points. And for context, credit cards represent nearly half of credit cards revenue in fiscal year 2022.

在信用卡方面，我們沒有看到任何重大影響。我們將繼續監控拖欠率，我們將其視為未來信用卡發放趨勢的領先指標。雖然拖欠率略有上升，但仍接近歷史低點。我們預計信用卡受溫和衰退的負面影響要小於個人貸款。在 01-02 年的溫和衰退中，信用卡發放量僅下降了幾個點。就上下文而言，信用卡佔 2022 財年信用卡收入的近一半。

We do expect Lightbox to continue to be a differentiator for Credit Karma as this technology allows lenders to deploy their targeting models in an encrypted environment and leverage thousands of anonymized financial attributes related to Credit Karma members and TurboTax customers. This provides more certainty to members and partners on the platform as recommendations are personalized.

我們確實預計 Lightbox 將繼續成為 Credit Karma 的差異化因素，因為該技術允許貸方在加密環境中部署其目標模型，並利用與 Credit Karma 成員和 TurboTax 客戶相關的數千個匿名財務屬性。由於推薦是個性化的，這為平台上的成員和合作夥伴提供了更多確定性。

Currently, no one else can replicate this. Partners usage of Lightbox at the end of fiscal year 2022 was at an all-time high, representing nearly 70% of credit card and personal loan transactions on a combined basis. This was up nearly 15 points from the prior year. We expect Lightbox to help make Credit Karma's business more resilient in a recessionary environment. Now with that as context, the guidance we are providing today assumes current demand trends continue.

目前，沒有其他人可以復制這一點。在 2022 財年末，合作夥伴對 Lightbox 的使用量創歷史新高，佔信用卡和個人貸款交易總量的近 70%。這比去年增加了近 15 個百分點。我們預計 Lightbox 將幫助 Credit Karma 的業務在經濟衰退的環境中更具彈性。現在，以此為背景，我們今天提供的指導假設當前的需求趨勢仍在繼續。

Wrapping up, we feel more confident than ever in our long-term business strategy. In an uncertain macro environment, the benefits of our platform are more important and mission-critical than ever. As part of our 3- and 1-year plan that the Board just approved, we are investing heavily in innovation within each of our Big Bets to deliver benefits for our customers while delivering top line growth and margin expansion given the strength of our operational playbook.

最後，我們對我們的長期業務戰略比以往任何時候都更有信心。在不確定的宏觀環境中，我們平台的優勢比以往任何時候都更加重要和關鍵。作為董事會剛剛批准的 3 年和 1 年計劃的一部分，我們在每個大賭注中大力投資於創新，以便為我們的客戶帶來利益，同時鑑於我們的運營手冊的實力，實現收入增長和利潤率擴張.

Combined with our strong business fundamentals, including our balance sheet, Intuit remains in a position of strength. We're proud to be the platform of choice for over 100 million customers around the world who rely on Intuit to prosper.

結合我們強大的業務基礎，包括我們的資產負債表，Intuit 仍然處於強勢地位。我們很自豪能成為全球超過 1 億客戶的首選平台，他們依靠 Intuit 實現繁榮。

Now let me hand it over to Michelle.

現在讓我把它交給米歇爾。

Thanks, Sasan. For the fourth quarter of fiscal 2022, we delivered revenue of $2.4 billion, down 6%, reflecting the earlier IRS tax filing deadline this year, partially offset by the addition of Mailchimp; GAAP operating loss of $75 million versus operating income of $402 million last year; non-GAAP operating income of $433 million versus $715 million last year; GAAP loss per share of $0.20 versus diluted earnings per share of $1.37 a year ago; and non-GAAP diluted earnings per share of $1.10 versus $1.97 last year. You can find our full fiscal 2022 results in our press release and on our fact sheet.

謝謝，薩珊。在 2022 財年第四季度，我們實現了 24 億美元的收入，下降了 6%，這反映了今年早些時候的 IRS 報稅截止日期，部分被 Mailchimp 的加入所抵消； GAAP 營業虧損 7500 萬美元，而去年營業收入為 4.02 億美元；非美國通用會計準則營業收入為 4.33 億美元，而去年為 7.15 億美元； GAAP 每股虧損 0.20 美元，而一年前每股攤薄收益為 1.37 美元；非公認會計原則攤薄後每股收益為 1.10 美元，而去年為 1.97 美元。您可以在我們的新聞稿和情況說明書中找到我們 2022 財年的完整結果。

Turning to the business segments. In the Small Business and Self-Employed Group, revenue grew 41% during the quarter and 20% on an organic basis, excluding $265 million in Mailchimp revenue. In fiscal 2022, revenue grew 38% and 22% on an organic basis. Online Ecosystem revenue grew 66% in Q4 or 32% excluding Mailchimp, and 61% for the full year or 34% excluding Mailchimp.

轉向業務部門。在小型企業和個體經營群體中，本季度收入增長 41%，有機增長 20%，不包括 Mailchimp 的 2.65 億美元收入。在 2022 財年，收入有機增長 38% 和 22%。第四季度在線生態系統收入增長 66%，不包括 Mailchimp，增長 32%，全年增長 61%，不包括 Mailchimp，增長 34%。

With the goal of being the source of truth for small businesses, our strategic focus within the Small Business and Self-Employed group is threefold: grow the core, connect the ecosystem and expand globally.

我們的目標是成為小型企業的真相來源，我們在小型企業和個體經營者集團內的戰略重點有三個：發展核心、連接生態系統和全球擴張。

First, we continue to focus on growing the core. QuickBooks Online accounting revenue grew 34% in fiscal Q4 driven mainly by higher effective prices, customer growth and mix shift. In fiscal 2022, QuickBooks Online accounting revenue grew 33%.

首先，我們繼續專注於發展核心。 QuickBooks Online 會計收入在第四財季增長了 34%，主要受有效價格上漲、客戶增長和組合轉變的推動。在 2022 財年，QuickBooks Online 會計收入增長了 33%。

Second, we continue to focus on connecting the ecosystem. Online Services revenue, which includes Mailchimp, Payroll, Payments, Capital and Time Tracking, grew 116% in fiscal Q4. Excluding Mailchimp, Online Services revenue grew 29%. In fiscal 2022, QuickBooks Online Services revenue grew 107%. Excluding Mailchimp, Online Services revenue grew 34%. Mailchimp revenue included in Online Services was $265 million.

其次，我們繼續專注於連接生態系統。包括 Mailchimp、工資單、支付、資本和時間跟踪在內的在線服務收入在第四財季增長了 116%。不包括 Mailchimp，在線服務收入增長了 29%。在 2022 財年，QuickBooks 在線服務收入增長了 107%。不包括 Mailchimp，在線服務收入增長了 34%。在線服務中包含的 Mailchimp 收入為 2.65 億美元。

Although we're making progress with this business as we accelerated our year-over-year revenue growth several points in fiscal Q4 versus when we closed the acquisition in fiscal Q2, revenue was slightly below our expectations. During the quarter, we focused on product innovation to improve conversion ahead of peak season, which starts in September, and therefore, pulled back on marketing investments. I'm confident that these are the right steps to position us well as we head into Mailchimp peak season. We expect to ramp up marketing in September after these enhancements are complete. We continue to have confidence in our game plan and acceleration priorities for Mailchimp.

儘管我們在這項業務方面取得了進展，因為我們在第四財季加快了收入同比增長幾個點，與我們在第二財季完成收購時相比，收入略低於我們的預期。在本季度，我們專注於產品創新，以在 9 月開始的旺季之前提高轉化率，因此，我們撤回了營銷投資。我相信這些是我們進入 Mailchimp 旺季的正確步驟。在這些增強功能完成後，我們預計將在 9 月加大營銷力度。我們繼續對 Mailchimp 的遊戲計劃和加速優先事項充滿信心。

Within Payroll, revenue growth in the quarter reflects an increase in Payroll customers and a mix shift to higher-end offering. Within Payments, revenue growth reflects an increase in charge volume per customer and ongoing customer growth.

在薪資方面，本季度的收入增長反映了薪資客戶的增加以及向高端產品的混合轉變。在支付領域，收入增長反映了每位客戶收費量的增加和持續的客戶增長。

Third, we continue to make progress expanding globally. On a constant currency basis, total international Online Ecosystem revenue grew 193% in fiscal Q4 and 23% on an organic basis excluding Mailchimp. Desktop Ecosystem revenue grew 1% in the fourth quarter and 4% for the full year. QuickBooks Desktop Enterprise revenue grew low double digits in fiscal 2022 driven by price increases and customer growth. Nearly all of our desktop accounting revenue is now subscription-based, similar to our online accounting offerings.

第三，我們繼續在全球範圍內取得進展。在固定貨幣基礎上，國際在線生態系統總收入在第四財季增長了 193%，在不包括 Mailchimp 的情況下有機增長了 23%。第四季度桌面生態系統收入增長 1%，全年增長 4%。在價格上漲和客戶增長的推動下，QuickBooks Desktop Enterprise 收入在 2022 財年增長了兩位數。現在，我們幾乎所有的桌面會計收入都是基於訂閱的，類似於我們的在線會計產品。

Moving on to Credit Karma. Revenue grew 17% to $475 million in Q4, another record revenue quarter, driven primarily by growth in average revenue per monthly active user. Full year revenue was $1.8 billion. We've had 2 exceptional years for this business, growing 37% in fiscal 2021 and 58% in fiscal 2022 on a pro forma basis, well above our longer-term expectations of 20% to 25%. On a product basis, revenue growth was driven primarily by credit cards and personal loans. This was partially offset by headwinds in auto insurance and home loans. As Sasan shared earlier, we're seeing increased volatility in personal loans.

繼續使用 Credit Karma。第四季度收入增長 17% 至 4.75 億美元，這是另一個創紀錄的收入季度，主要受每月活躍用戶平均收入增長的推動。全年收入為 18 億美元。我們的這項業務有 2 個特殊的年份，2021 財年增長 37%，2022 財年增長 58%，遠高於我們 20% 至 25% 的長期預期。在產品基礎上，收入增長主要由信用卡和個人貸款推動。這部分被汽車保險和住房貸款的不利因素所抵消。正如 Sasan 早些時候分享的那樣，我們看到個人貸款的波動性增加。

We continue developing the emerging verticals by focusing on innovation with Credit Karma Money, which we believe is key to growing the frequency of visits over time. We remain excited about the opportunities ahead. Consumer Group revenue was $3.9 billion in fiscal 2022, up 10%. I'm proud of our execution this season as we grew share and average revenue per return.

我們通過專注於 Credit Karma Money 的創新來繼續發展新興的垂直領域，我們認為這是隨著時間的推移增加訪問頻率的關鍵。我們仍然對未來的機會感到興奮。 2022財年消費者集團收入為39億美元，增長10%。我為我們本賽季的執行感到自豪，因為我們增加了份額和平均每次回報收入。

Turning to the ProConnect Group. We reported $546 million in revenue for fiscal 2022, up 6%. Our financial principles guide our decisions remain our long-term commitment and are unchanged. We finished the quarter with approximately $3.3 billion in cash and investments and $6.9 billion in debt on our balance sheet. We repurchased $508 million of stock during the fourth quarter and $1.9 billion during fiscal 2022. The Board approved a new $2 billion repurchase authorization, giving the company a total authorization of $3.5 billion to repurchase shares. Depending on market conditions and other factors, our aim is to be in the market each quarter. The Board approved a quarterly dividend of $0.78 per share payable October 18, 2022. This represents a 15% increase versus last year.

轉向 ProConnect 集團。我們報告 2022 財年的收入為 5.46 億美元，增長 6%。我們的財務原則指導我們的決定仍然是我們的長期承諾，並且沒有改變。本季度末，我們的資產負債表上有大約 33 億美元的現金和投資以及 69 億美元的債務。我們在第四季度回購了 5.08 億美元的股票，在 2022 財年回購了 19 億美元。董事會批准了一項新的 20 億美元的回購授權，授予公司總授權 35 億美元回購股票。根據市場情況和其他因素，我們的目標是每個季度都進入市場。董事會批准了每股 0.78 美元的季度股息，於 2022 年 10 月 18 日支付。這比去年增加了 15%。

We have an operating system we use to run the company, and this includes a proven playbook for operating in both good and difficult economic times. As a nearly 40-year-old company, we've been through many economic cycles. Our first priority is to do the right thing for customers, giving them access to the tools and offerings they need most. We manage for the short and long term and control discretionary spend to deliver strong results while investing in what is most important for future growth. The economic environment was a consideration as we look ahead.

我們有一個用於運營公司的操作系統，其中包括一個經過驗證的手冊，可在經濟好壞時期運營。作為一家擁有近 40 年曆史的公司，我們經歷了許多經濟周期。我們的首要任務是為客戶做正確的事，讓他們能夠訪問他們最需要的工具和產品。我們管理短期和長期並控制可自由支配的支出以提供強勁的結果，同時投資於對未來增長最重要的東西。展望未來，經濟環境是一個考慮因素。

We've identified several levers we can pull to deliver against our financial principles in a variety of scenarios based on where we see opportunities across our platform. Many of these can be pulled in real time should the need arise in areas like marketing spend, travel, hiring and others as we progress through the year in order to maintain earnings power while positioning the company for a stronger future.

我們已經確定了幾個槓桿，我們可以根據我們在平台上看到的機會，在各種情況下根據我們的財務原則提供這些槓桿。隨著我們全年的進展，如果營銷支出、旅行、招聘等領域出現需求，其中許多可以實時提取，以保持盈利能力，同時為公司打造更強大的未來。

We have a strong balance sheet that enables us to play offense in any macro environment. These principles are intended to accelerate our innovation in the future, and our goal remains for Intuit to emerge from any downturn in a position of strength.

我們擁有強大的資產負債表，使我們能夠在任何宏觀環境中進攻。這些原則旨在加速我們未來的創新，我們的目標仍然是讓 Intuit 從任何低迷中脫穎而出，並處於強勢地位。

Moving on to guidance. Our fiscal 2023 guidance includes revenue of $14.5 billion to $14.7 billion, growth of 14% to 16%. Our guidance includes revenue growth of 19% to 20% for Small Business and Self-employed, 9% to 10% for the Consumer segment and 10% to 15% for Credit Karma. As a reminder, Credit Karma grew 58% on a pro forma basis year-over-year in fiscal 2022, well ahead of our long-term expectation of 20% to 25%. Our overall guidance assumes recent demand trends continue.

繼續指導。我們的 2023 財年指引包括 145 億美元至 147 億美元的收入，增長 14% 至 16%。我們的指導包括小型企業和個體經營者的收入增長 19% 至 20%，消費者部門的收入增長 9% 至 10%，Credit Karma 的收入增長 10% 至 15%。提醒一下，Credit Karma 在 2022 財年的備考基礎上同比增長 58%，遠高於我們 20% 至 25% 的長期預期。我們的總體指導假設近期需求趨勢繼續。

Our guidance also includes GAAP earnings per share of $6.92 to $7.22, non-GAAP earnings per share of $13.59 to $13.89. We expect a GAAP tax rate of 25% in fiscal 2023. Our fiscal 2023 guidance includes stock-based compensation of $1.8 billion, an increase of 39% over fiscal 2022. Approximately 25% of this total is equity granted as part of the Credit Karma and Mailchimp transactions, and approximately 75% of this total is related to our broad-based equity program designed to attract, retain and incentivize employees. Looking ahead, we expect stock-based compensation as a percentage of revenue to flatten over the next few years.

我們的指導還包括 GAAP 每股收益 6.92 美元至 7.22 美元，非 GAAP 每股收益 13.59 美元至 13.89 美元。我們預計 2023 財年的 GAAP 稅率為 25%。我們 2023 財年的指導包括 18 億美元的股票薪酬，比 2022 財年增長 39%。其中大約 25% 是作為 Credit Karma 的一部分授予的股權和 Mailchimp 交易，其中約 75% 與我們旨在吸引、留住和激勵員工的廣泛股權計劃有關。展望未來，我們預計基於股票的薪酬佔收入的百分比將在未來幾年趨於平緩。

Our guidance for the first quarter of fiscal 2023 includes revenue growth of 23% to 25%, GAAP loss per share of $0.43 to $0.37, and non-GAAP earnings per share of $1.14 to $1.20. You can find our full Q1 and fiscal 2023 guidance details in our press release and on our fact sheet.

我們對 2023 財年第一季度的指導包括收入增長 23% 至 25%，GAAP 每股虧損 0.43 美元至 0.37 美元，非 GAAP 每股收益 1.14 美元至 1.20 美元。您可以在我們的新聞稿和情況說明書中找到我們完整的第一季度和 2023 財年指導細節。

Going forward, we're bringing Mint and Credit Karma together under a unified personal finance strategy. Starting in fiscal Q1, we will be reporting Mint as part of the Credit Karma segment. This is reflected in the guidance I shared today but is not material to the growth rate.

展望未來，我們將在統一的個人理財戰略下將 Mint 和 Credit Karma 結合在一起。從第一財季開始，我們將報告 Mint 作為 Credit Karma 部分的一部分。這反映在我今天分享的指導中，但對增長率並不重要。

I also want to share an important change regarding our long-term expectations for Small Business and Self-Employed Group revenue growth going forward. In the past, we shared with you our aspiration to achieve Online Ecosystem revenue growth of better than 30% organically over time. We first provided this expectation in fiscal 2017 when our Online Ecosystem revenue was $850 million. It comprised less than 1/3 of our small business ecosystem, and we were early in our journey building our online presence. Today, the Online Ecosystem is over 5x larger at $4.4 billion, and it comprised more than 2/3 of total small business revenue in fiscal 2022.

我還想分享一個關於我們對小型企業和個體經營者未來收入增長的長期預期的重要變化。過去，我們與您分享了我們希望隨著時間的推移實現在線生態系統收入有機增長超過 30% 的願望。我們在 2017 財年首次提供了這一預期，當時我們的在線生態系統收入為 8.5 億美元。它占我們小型企業生態系統的不到 1/3，而且我們還處於建立在線業務的早期階段。如今，在線生態系統規模擴大了 5 倍以上，達到 44 億美元，佔 2022 財年小企業總收入的 2/3 以上。

This, along with the fact that the majority of the business is now subscription-based given the shift to subscription in desktop. We believe the right measure moving forward is to look at the performance of our overall business rather than just the Online Ecosystem. We now expect total Small Business and Self-Employed long-term revenue growth of 15% to 20%, up from 10% to 15% previously. While the Online Ecosystem will continue to be our growth catalyst, we will no longer provide specific Online Ecosystem goals.

這一點，再加上大多數業務現在都是基於訂閱的，因為桌面已經轉向訂閱。我們相信，正確的衡量標準是著眼於我們整體業務的表現，而不僅僅是在線生態系統。我們現在預計小企業和個體經營者的長期總收入增長 15% 至 20%，高於之前的 10% 至 15%。雖然在線生態系統將繼續成為我們的增長催化劑，但我們將不再提供特定的在線生態系統目標。

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

有了這個，我會把它交給薩桑。

Great. Michelle, thank you. As you have now heard from Michelle and I, we are seeing continued momentum across the company given our strategy of being an AI-driven expert platform. With our accelerated organic innovation and the addition of Credit Karma and Mailchimp, we are the leading global financial technology platform that powers prosperity for people and communities. We have a large TAM, secular shifts working in our favor, and a highly predictable set of revenue streams. Our innovation is unlocking new opportunities for our platform and delivering truly game-changing benefits for our customers. Intuit remains a best place to work around the world, and I'm proud of the team and what we've accomplished this year.

偉大的。米歇爾，謝謝。正如您現在從 Michelle 和我那裡聽到的那樣，鑑於我們作為 AI 驅動的專家平台的戰略，我們看到整個公司的持續發展勢頭。憑藉我們加速的有機創新以及 Credit Karma 和 Mailchimp 的加入，我們成為全球領先的金融技術平台，為人們和社區的繁榮提供動力。我們擁有龐大的 TAM、對我們有利的長期轉變以及一組高度可預測的收入流。我們的創新為我們的平台帶來了新的機遇，並為我們的客戶帶來了真正改變遊戲規則的利益。 Intuit 仍然是世界各地工作的最佳場所，我為團隊和我們今年所取得的成就感到自豪。

Now let me turn it over to you for any questions that you may have.

現在讓我把它交給你，以解決你可能有的任何問題。

Chelsea, I think we're ready to take questions.

切爾西，我想我們已經準備好接受提問了。

(Operator Instructions) Our first question will come from Keith Weiss with Morgan Stanley.

（操作員說明）我們的第一個問題將來自摩根士丹利的 Keith Weiss。

A very nice quarter. Michelle, I think this is more of a question for you. For the FY '23 guide, you're looking for operating margins to continue to move higher or just to move higher from where they were in FY '22. Part of that is just kind of anniversarying the legal settlement on those part of FY '22. Can you talk to us about sort of the organic, if you will, or sort of like the fundamental margin improvement that you're expecting in the business in FY '23? How big is that and how durable on a go-forward basis if we think about the model like beyond FY '23? Is this a progression that we could see being more durable in terms of driving operating efficiencies? Number one.

一個非常好的季度。米歇爾，我認為這對你來說更像是一個問題。對於 23 財年指南，您正在尋找營業利潤率繼續走高，或者只是從 22 財年的水平走高。其中一部分只是對 22 財年那些部分的法律解決方案進行週年紀念。你能和我們談談有機的，如果你願意的話，或者有點像你在 23 財年所期望的業務的基本利潤率改善？如果我們考慮像 23 財年之後的模型，那麼它有多大，在前進的基礎上有多耐用？在提高運營效率方面，這是不是我們可以看到更加持久的進步？第一。

And number two, in your remarks about finding levers in the business, the one that really stuck out to me is saying -- you said there's levers to maintain the earnings power. So should I take that to mean that a lot of those levers have to do with the OpEx side of the equation, that there's levers you could pull to maintain margins and maintain profitability even in a weaker macro environment, if you will?

第二，在你關於在業務中尋找槓桿的評論中，真正讓我印象深刻的是 - 你說有槓桿來維持盈利能力。所以我是否應該把它理解為很多槓桿都與等式的運營支出有關，即使在較弱的宏觀環境下，你也可以利用槓桿來維持利潤率和盈利能力，如果你願意的話？

Thanks for your questions. Appreciate it. Yes, we are very happy to see our operating margin guidance for this coming year. It implies margin expansion of 100 basis points versus FY '22. And as you know, that aligns to our financial principles to be able to grow revenue double digits and operating income dollars faster than revenue. So we feel really good about that.

感謝您的提問。欣賞它。是的，我們很高興看到我們來年的營業利潤率指導。這意味著與 22 財年相比，利潤率擴大了 100 個基點。如您所知，這符合我們的財務原則，能夠以兩位數的速度增長收入和比收入更快的營業收入。所以我們對此感覺非常好。

As we look at where that's really coming from, as we've been continuing to grow more and more as a platform over time, that really does enable us to look across the business and be able to drive efficiencies and effectiveness while driving accelerated revenue growth, which is resulting in our ability to expand margins while being able to continue to invest to really drive the accelerated revenue growth.

當我們看到它的真正來源時，隨著時間的推移，隨著我們作為一個平台越來越多地發展，這確實使我們能夠審視整個業務，並能夠在推動收入加速增長的同時提高效率和有效性，這使我們能夠擴大利潤率，同時能夠繼續投資以真正推動收入的加速增長。

As to how we think about that, I don't really see anything that -- really structurally that impacts that over time. We haven't given any longer-term expectations or long-term guidance on what margins might look like in the longer term, but I don't necessarily see anything really structurally that prevents us -- as we continue to grow as a platform, that prevents us from continuing that growth.

至於我們如何看待這一點，我真的沒有看到任何東西 - 真的在結構上會隨著時間的推移而影響它。我們沒有給出任何長期預期或長期指導，說明長期利潤率可能是什麼樣的，但我不一定認為有任何結構上真正阻礙我們的東西——隨著我們作為一個平台繼續發展，這使我們無法繼續這種增長。

To the second part of your question as for the levers that we would pull, yes, I mean, there are a number of things that we would pull, which could be OpEx. As I mentioned, there's marketing spend or travel, hiring, other things like that, that we can pull pretty much in -- a lot of those in real time to be able to impact our operating expenses and be able to maintain the margins that we have committed to.

對於您問題的第二部分，關於我們將拉動的槓桿，是的，我的意思是，我們會拉動許多東西，這可能是 OpEx。正如我所提到的，有營銷支出或旅行、招聘等其他類似的事情，我們可以投入很多——其中很多是實時的，能夠影響我們的運營費用並能夠保持我們的利潤率已承諾。

So we want to be ready. It's really kind of what we do on a day-to-day basis. We're always looking for opportunities to drive different efficiencies across the business.

所以我們要做好準備。這真的是我們每天都在做的事情。我們一直在尋找機會來提高整個業務的不同效率。

Our next question will come from Brad Zelnick with Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Brad Zelnick。

Congrats on a strong finish to the year and a strong guide for next year. Maybe for my first question, with Mailchimp a bit disappointing, can you double-click on the actions you're taking, and it is that gives you the confidence it's product and not the environment?

祝賀今年取得了圓滿成功，並為明年提供了強有力的指導。也許對於我的第一個問題，Mailchimp 有點令人失望，你能否雙擊你正在採取的行動，這讓你相信它是產品而不是環境？

Yes. Brad, I'll take that question. First and foremost, I would share with you that we are the ones that pulled back that resulted in the performance that we just shared. The great news is it's in our control.

是的。布拉德，我會回答這個問題。首先，我要與您分享的是，我們是那些撤回導致我們剛剛分享的表現的人。好消息是它在我們的控制之中。

The second point I would make is the biggest thing that's been reaffirmed as we've been -- become one family with Mailchimp is 2 of the biggest problems that matters most to our customers, and especially, by the way, in tougher times, is being able to grow their customer base and being able to manage their cash flow.

我要說的第二點是我們一直在重申的最重要的事情——與 Mailchimp 成為一個家庭是對我們的客戶最重要的兩個最大問題，順便說一下，在更艱難的時期，尤其是能夠擴大他們的客戶群並能夠管理他們的現金流。

And the biggest insight that we learned as we started accelerating our marketing spend, which we had shared with all of you that we would do, is that there are conversion gaps in the product that we felt like were critical to address and not just spend the marketing dollars without the benefit of improved conversion. And specifically, those were things like coming to the website and the number of people that we saw falling off versus what we would expect based on our experience with across the QuickBooks platform, across the Credit Karma platform, the TurboTax platform, what we believe are some best-in-class engagement and conversion.

當我們開始加快營銷支出時，我們學到的最大見解是，我們與大家分享了我們會做的事情，即產品中存在轉換差距，我們認為這是解決問題的關鍵，而不僅僅是花費沒有提高轉換的好處的營銷美元。具體來說，這些是諸如訪問網站的人數以及我們看到的人數下降與基於我們在 QuickBooks 平台、Credit Karma 平台、TurboTax 平台上的經驗所期望的人數，我們認為是一些一流的參與和轉換。

Then when you get into the product, we measure active use, and making sure that you're getting into the features that you really wanted to get into and hence why you signed up for Mailchimp, and even our checkout process.

然後，當您進入產品時，我們會衡量活躍使用情況，並確保您進入您真正想要進入的功能，以及您註冊 Mailchimp 的原因，甚至是我們的結帳流程。

So those are just 3 illustrative examples of what I would say just basic blocking and tackling product conversion that we really wanted to double down on to make sure that we are ready for busy season.

因此，這些只是我所說的 3 個說明性示例，它們只是基本的阻止和解決產品轉換，我們真的想加倍努力以確保我們為旺季做好準備。

That did not take away from the priorities that we have shared about Mailchimp, which is, one, is to create one growth platform with QuickBooks, which we are on track to do. Two, it's to double down on international. In fact, it is now part of our refreshed international strategy to double down on helping customers grow customers with Mailchimp. And then the third is to actually go into mid-market.

這並沒有影響我們分享的有關 Mailchimp 的優先事項，其中之一是使用 QuickBooks 創建一個增長平台，我們正按計劃進行。二是在國際上加倍下注。事實上，它現在是我們更新的國際戰略的一部分，即加倍努力幫助客戶通過 Mailchimp 增加客戶。然後第三個是實際進入中端市場。

So what we just announced in terms of our results actually has nothing to do with the environment. It has everything to do with what's in our control and decisions that we made very explicitly to be ready for busy season. And these are playbooks that we know how to execute when it comes to product conversion.

所以我們剛剛宣布的結果實際上與環境無關。這與我們控制範圍內的事情以及我們非常明確地為旺季做好準備的決定有關。這些是我們知道如何在產品轉換方面執行的劇本。

That makes a lot of sense, Sasan. And maybe if I can follow up with a quick one for Michelle. Michelle, just on the long-term guidance and how we're thinking about small business going forward, and you talked about a range of 15% to 20% growth versus -- up from 10% to 15%, but thinking more holistically. Just as I think about some of the pricing actions more recently in desktop, for example, can you just remind us, as you think about that long-term view, how should we think about pricing as a lever and pricing for value going forward?

這很有意義，薩珊。也許如果我可以為米歇爾快速跟進。米歇爾，只是關於長期指導以及我們如何看待小企業的發展，你談到了 15% 到 20% 的增長，而從 10% 上升到 15%，但更全面地思考。就像我最近在桌面上考慮的一些定價行為一樣，您能否提醒我們，當您考慮長期觀點時，我們應該如何將定價視為一種槓桿和價值定價？

Brad, thanks for the question. We're really excited about being able to raise the long-term expectations for small business from 10% to 15% to 15% to 20%. I just think it goes to show, as Sasan talked about earlier, really the mission-critical nature of the products and the offerings that we have in small business.

布拉德，謝謝你的提問。我們真的很高興能夠將小型企業的長期預期從 10% 提高到 15% 到 15% 到 20%。我只是認為，正如 Sasan 之前所說，它確實表明了我們在小型企業中所擁有的產品和產品的關鍵任務性質。

As we have increased the growth expectations, the growth algorithm overall is really still focused on the same things. It's about driving customers and it's about driving ARPC. Yes, pricing may be part of ARPC, but really, it is about focusing on driving value and how do we continue to provide offerings for customers that may have a higher ARPC, whether it's QBO Advanced, QuickBooks Live, those kinds of products. And we really are focused on pricing for value, so not just continually raising price. But once we're delivering those additional features that are providing additional value to the customers and we're bringing more innovation to the table, then we look at, really, should we be raising the price. But overall, very excited about the growth we see with Small Business.

隨著我們提高增長預期，增長算法總體上仍然專注於相同的事情。這是關於推動客戶，也是關於推動 ARPC。是的，定價可能是 ARPC 的一部分，但實際上，它關注的是推動價值，以及我們如何繼續為可能擁有更高 ARPC 的客戶提供產品，無論是 QBO Advanced、QuickBooks Live 還是這類產品。我們真正專注於價值定價，而不是不斷提高價格。但是，一旦我們提供了那些為客戶提供額外價值的附加功能，並且我們正在為桌面帶來更多創新，那麼我們真的會考慮是否應該提高價格。但總的來說，我們對小型企業的增長感到非常興奮。

One other thing that -- just amplifying what Michelle just shared, and that is our reliance on price has not changed, meaning that we have an algorithm whereby price is just an element of our overall performance. And we're not relying more on price looking ahead than we did looking backwards. So just reiterating one point that Michelle made just a moment ago.

另一件事——只是放大了 Michelle 剛剛分享的內容，那就是我們對價格的依賴沒有改變，這意味著我們有一個算法，價格只是我們整體表現的一個元素。我們並沒有更多地依賴價格展望未來而不是回顧過去。因此，只需重申 Michelle 剛才提出的一點。

Our next question will come from Alex Zukin with Wolfe Research.

我們的下一個問題將來自 Wolfe Research 的 Alex Zukin。

I guess -- so one bigger-picture kind of question, and then just one on tax. As we parse the numbers, I think the surprise factor sitting here is the guidance. And it's surprising in that it feels like it's not that conservative, I guess. And Sasan, I want to press on that a little bit. I think what you're saying is that, look, you guys have a lot of forward-looking indicators into the macro environment. And you're looking at those indicators, and they were really good in the quarter. And then I think you mentioned in your script that your guidance does not assume significant deterioration in those factors.

我猜 - 這是一個更宏觀的問題，然後是一個關於稅收的問題。當我們分析這些數字時，我認為坐在這裡的驚喜因素是指導。令人驚訝的是，我猜它感覺不是那麼保守。 Sasan，我想再強調一下。我認為你的意思是，看，你們對宏觀環境有很多前瞻性指標。您正在查看這些指標，它們在本季度非常好。然後我認為您在腳本中提到您的指導不會假設這些因素會顯著惡化。

So I guess my first question would be, why not? And why -- what gives you the confidence to guide with that methodology? And then if you -- what level -- if you did add conservatism into the guidance for next year, where would we find it? And just tactically, maybe what is the assumption for Mailchimp growth given that variability you talked about that was a choice, I guess, in the quarter?

所以我想我的第一個問題是，為什麼不呢？為什麼 - 是什麼讓您有信心使用該方法進行指導？然後，如果你 - 什麼級別 - 如果你確實在明年的指導中加入了保守主義，我們會在哪裡找到它？就戰術而言，鑑於您談到的可變性是本季度的一種選擇，也許 Mailchimp 增長的假設是什麼？

Sure, Alex. Appreciate the question. I'll say a couple of things. First of all, our approach to how we run the company and our approach to guidance and how we factor things in has not at all changed. So just know that our approach is consistent with the way Intuit has always set expectations and set guidance, which is really to deliver on our commitment. That's the number one.

當然，亞歷克斯。欣賞這個問題。我會說幾件事。首先，我們經營公司的方式和指導方式以及我們如何考慮因素根本沒有改變。所以只要知道我們的方法與 Intuit 一直設定期望和設定指導的方式是一致的，這真的是為了兌現我們的承諾。那是第一名。

Number two, what really informed our perspective as we look ahead is all of the indicators that we see that are forward-looking. But let me just, if I could double-click in, in a few of the areas.

第二，當我們展望未來時，真正影響我們觀點的是我們看到的所有前瞻性指標。但是，如果我可以雙擊其中一些區域，請允許我。

I'll start with tax to put that out of the way, which is no matter the environment, we're not going to expect nor have we seen in our history really any material impact in tax. That's 35% of the company.

我將從稅收開始，將其排除在外，無論環境如何，我們都不會期望也不會在我們的歷史上看到真正對稅收產生任何實質性影響。那是公司的 35%。

When you look at the other 51% of the company, which is small business, it's important to note that we are a very different company today than we were 3 years ago, much less 5 years ago, where small businesses are relying on our platform to run their businesses. It's actually their livelihood. And 80% of our revenue is subscription. And the 20% of that is transactional-based. We take the current environment and how things could play out into account as we set guidance.

當您查看公司的其他 51%，即小型企業時，重要的是要注意，我們今天是一家與 3 年前非常不同的公司，更不用說 5 年前，小型企業依賴我們的平台經營他們的業務。這實際上是他們的生計。我們 80% 的收入來自訂閱。其中 20% 是基於交易的。在製定指導方針時，我們會考慮當前的環境以及事情的發展方式。

And the third, which is Credit Karma and 14% of the overall company revenue, we have taken the current environment and what we assume will take place into account. And most of our verticals other than Credit Karma, in fact, have seen an impact, and we have included that in our guidance.

第三個，即 Credit Karma 和公司總收入的 14%，我們已經考慮了當前環境以及我們假設將發生的情況。事實上，除了 Credit Karma 之外，我們的大多數垂直行業都受到了影響，我們已將其納入我們的指導中。

So really, that was a long way of saying we are fairly consistent across all of our segments. And we feel very good about the indicators that we see, how we view things will play out and how that informed our guidance moving forward.

所以說真的，這是一個很長的說法，我們在所有細分市場都相當一致。我們對我們看到的指標感覺非常好，我們如何看待事情將發生，以及這如何為我們的指導提供指導。

That's helpful. It sounds like you're reaffirming a notion of diversification and exposure. I guess, maybe just a follow-up. On the tax side, on the Consumer business, when you think about -- I mean you mentioned that business is kind of much more resilient irrespective of the macro, everybody's doing their taxes. Is there any impact we should think about from recent legislation and just in general, the type of a tax season that a more volatile macroeconomic recession might -- or environment might instigate?

這很有幫助。聽起來你在重申多元化和曝光的概念。我想，也許只是後續行動。在稅收方面，在消費者業務方面，當您考慮時-我的意思是您提到無論宏觀如何，業務都更具彈性，每個人都在納稅。我們應該從最近的立法中考慮任何影響嗎？總的來說，更不穩定的宏觀經濟衰退可能——或環境可能引發的稅收季節的類型？

Yes. Alex, I would say nothing more than what we've experienced in the last couple of years. That's really the short answer. When you look at the last 2 to 3 years, environmentally, it has had probably more of an impact in the tax business than we've seen in years. And as you know, I've been with the company for 17-plus years, ran the tax business for 3 years. And what happened when we hit COVID, the implication on consumers, we extend the tax season, the child tax credit. There are so many things that played into the tax season in the last several years.

是的。亞歷克斯，我只想說我們在過去幾年中所經歷的。這真的是簡短的答案。回顧過去 2 到 3 年，在環境方面，它對稅收業務的影響可能比我們多年來看到的要大。如你所知，我在公司工作了 17 年多，經營稅務業務 3 年。當我們擊中 COVID 時發生了什麼，對消費者的影響，我們延長了稅收季節，兒童稅收抵免。在過去的幾年裡，有很多事情影響了稅收季節。

And as we look at the year ahead, frankly, we view a much more simplified approach to the tax season. Although some of the tax laws will impact what we need to do in the product, that's what we're great at. That's what we know how to do well. So we actually see more normality as we look ahead than we experienced in the last 2 to 3 years.

坦率地說，當我們展望未來一年時，我們看到了一種更加簡化的稅收季節方法。儘管某些稅法會影響我們在產品中需要做的事情，但這正是我們擅長的。這就是我們知道如何做好的事情。因此，與過去 2 到 3 年相比，我們在展望未來時實際上看到了更多的常態。

Got it. Can't argue with the results, guys. Congratulations.

知道了。不能與結果爭論，伙計們。恭喜。

Thank you, Alex.

謝謝你，亞歷克斯。

Our next question will come from Kash Rangan with Goldman Sachs.

我們的下一個問題將來自高盛的 Kash Rangan。

Congratulations on a super finish to the fiscal year and also a very constructive guidance. Sasan or Michelle, when you look at the -- I know you're not going to be talking about the Small Business-Online Ecosystem revenue split going forward. But it clearly looks like the business is at a point where you have 2/3 of the business coming from Online Ecosystem that's growing roughly 30-plus percent range, right? I think many of us are surprised that the outlook for that business -- you raised the overall business at 15% to 20%. So it looks like Online Ecosystem is actually doing pretty decently, right?

祝賀本財年的超級完成，也是非常有建設性的指導。 Sasan 或 Michelle，當你看到 - 我知道你不會談論小型企業在線生態系統未來的收入分配。但很明顯，該業務處於這樣一個階段，即您有 2/3 的業務來自在線生態系統，其增長幅度約為 30% 以上，對吧？我認為我們中的許多人對該業務的前景感到驚訝-您將整體業務提高了 15% 至 20%。所以看起來在線生態系統實際上做得相當不錯，對吧？

So in the event of a downturn -- I know, Sasan, this was a question that I've asked you on prior conference calls. But how confident are you that -- of course, retaining subs is one thing, but then adding net new subscribers in a challenging economy, how confident are you that you can keep that ball rolling while continuing to have your price increases stick, and at the same time, managing retention et cetera, because if retention goes down, then you have more pressure to add more new subs. So how does that mathematical equation play out during a downturn? Congrats.

所以在經濟低迷的情況下——我知道，Sasan，這是我在之前的電話會議上問過你的一個問題。但是你有多大的信心——當然，保留訂閱者是一回事，但是在充滿挑戰的經濟環境中增加淨新訂閱者，你有多大信心在繼續保持價格上漲的同時保持這種狀態，並且在同時，管理留存率等等，因為如果留存率下降，那麼你就會有更大的壓力來添加更多新的訂閱者。那麼，在經濟低迷時期，這個數學方程式是如何發揮作用的呢？恭喜。

Yes. Sure, Kash. Thank you for the compliment. I actually love the nature of your question. And let me hit on a couple of things. This is why earlier -- or one of the things I talked about is we are such a different company when it comes to the small business platform than we were even 3 years ago. And so to your question of why do we have confidence around our guidance, and I know that it doesn't go past us that in this environment, we actually raised our long-term expectation. And it's because of just the -- how mission-critical the platform is but the services that we have.

是的。當然，卡什。謝謝你的誇獎。我真的很喜歡你問題的性質。讓我談談幾件事。這就是為什麼早些時候 - 或者我談到的一件事是，在小型企業平台方面，我們與 3 年前相比是一家如此不同的公司。因此，對於您關於我們為什麼對我們的指導充滿信心的問題，我知道在這種環境下，我們實際上提高了我們的長期期望並沒有超越我們。這僅僅是因為 - 平台對任務的關鍵性，但我們擁有的服務。

And 2 examples I would share with you is, when you look at the formula that we've shared, which is we're going to grow customers 10% to 20% and we're going to grow ARPC 10% to 20%, the 2 examples I would give is we have a set of offerings on our platform today that we didn't have before. QuickBooks Advanced, which is going after mid-market, which has much higher ARPC, 4x the use of sort of services, is something that we didn't have 3 to 4 years ago. And we are just early in our penetration into that TAM. And in fact, we've not only seen no slowing but strengthening in this environment because folks want to ensure that they're on our platform to get paid faster to be able to take care of their employees.

我要與您分享的兩個示例是，當您查看我們分享的公式時，我們將把客戶增長 10% 到 20%，我們將把 ARPC 增長 10% 到 20%，我要舉的兩個例子是，我們今天在我們的平台上有一組我們以前沒有的產品。 QuickBooks Advanced 正在追求中端市場，它具有更高的 ARPC，4 倍於某種服務的使用，這是我們 3 到 4 年前沒有的東西。我們剛剛進入 TAM 的早期階段。事實上，在這種環境下，我們不僅沒有看到放緩反而在加強，因為人們希望確保他們在我們的平台上更快地獲得報酬，以便能夠照顧他們的員工。

And so one is, when you look at going up mid-market, when you look at QuickBooks Live, which is really an opportunity for us to lift heads and go after nonconsumption, those are offerings we have that we didn't have before that are actually higher ARPC. That's one.

所以一個是，當你看到中端市場的時候，當你看到 QuickBooks Live 時，這確實是我們抬起頭來追求非消費的機會，這些是我們之前沒有的產品實際上是更高的ARPC。那是一個。

Two, remember, 4 to 5 years ago, our Payments business was growing 11% because of where we were on innovation in the platform. Now we're growing north of 30%. And we have about almost $2 trillion of invoices that are managed on our platform. We're growing at that rate, and our penetration is very low. And more and more customers are starting to digitize their form of payments because of the innovation on our platform, and they're already on our platform.

第二，請記住，4 到 5 年前，由於我們在平台上的創新，我們的支付業務增長了 11%。現在我們增長了 30% 以上。我們在我們的平台上管理著大約 2 萬億美元的發票。我們正以這樣的速度增長，但我們的滲透率非常低。由於我們平台上的創新，越來越多的客戶開始數字化他們的支付方式，他們已經在我們的平台上。

So we have -- and those are just 2 illustrative examples, but very real examples of why we're seeing the strength that we're seeing here and now, and the strength and all the indicators that we see in the coming year. And I would just sort of finish with the bank box of 80% our business is subscription business. So it's highly, highly predictable. And those are the things that give us confidence as we look ahead.

所以我們有 - 這些只是兩個說明性的例子，但非常真實的例子說明了為什麼我們看到了我們現在看到的力量，以及我們在來年看到的力量和所有指標。我只想完成 80% 的銀行業務，我們的業務是訂閱業務。所以它是高度、高度可預測的。這些都是讓我們在展望未來時充滿信心的事情。

Tremendous dissection of what is driving your confidence. And we will not let Microsoft tell us anything about SMB. We'll listen to you first.

對推動你信心的因素進行了巨大的剖析。我們不會讓微軟告訴我們任何有關 SMB 的信息。我們會先聽你的。

We are the ones to look for when we talk about SMBs.

當我們談論 SMB 時，我們就是要尋找的人。

Our next question will come from Daniel Jester with BMO Capital Markets.

我們的下一個問題將來自 BMO Capital Markets 的 Daniel Jester。

Maybe just on Credit Karma and now moving Mint into that segment on an official basis, maybe we just spend a minute talking about sort of the opportunities there in a little more detail. How much can Mint drive engagement in addition to Credit Karma Money? And just over the long term, how should we be thinking about that combination?

也許只是在 Credit Karma 上，現在正式將 Mint 移入該細分市場，也許我們只需花一點時間更詳細地討論一下那裡的機會。除了 Credit Karma Money，Mint 還能在多大程度上推動參與度？從長遠來看，我們應該如何考慮這種組合？

Yes. Daniel, thank you for your question. We kicked off a strategy project, it's been almost probably a year ago, to just understand how we can accelerate making ends meet and our vision to truly have a consumer financial platform that can be the self-driving platform for consumers no matter where they are in their life, whether they are students or someone that is later in their life where they have achieved a level of financial freedom and have different sets of needs.

是的。丹尼爾，謝謝你的提問。我們啟動了一個戰略項目，大概是一年前，只是為了了解我們如何加速收支平衡以及我們真正擁有一個消費者金融平台的願景，無論他們身在何處，它都可以成為消費者的自動駕駛平台在他們的生活中，無論他們是學生還是晚年他們已經實現了一定程度的財務自由並有不同需求的人。

And given the work that we did around our vision, we decided to bring Mint and Credit Karma together because in essence, although we have a lot of prime members as part of the Credit Karma base, Mint actually has a number of feature and functionality that the prime members need the most. So that's number one, is bringing some of the features and functionalities together as part of the Credit Karma platform. And over time, that will actually make Credit Karma much more robust to be able to serve all kinds of members no matter what their sort of credit band is.

鑑於我們圍繞我們的願景所做的工作，我們決定將 Mint 和 Credit Karma 結合在一起，因為從本質上講，雖然我們有很多主要成員作為 Credit Karma 基礎的一部分，但 Mint 實際上具有許多特性和功能主要成員最需要。所以這是第一，將一些特性和功能整合在一起，作為 Credit Karma 平台的一部分。隨著時間的推移，這實際上將使 Credit Karma 更加強大，能夠為各種類型的成員提供服務，無論他們的信用等級是什麼。

Number two is actually leveraging the scale and the power of the algorithm, the machine learning capabilities, the decision engines that we have in Credit Karma that ultimately deliver north of 35 billion machine learning predictions per day. We can leverage a lot of those capabilities to make Mint a lot better as part of Credit Karma. So we do expect that this will be accretive in the long term, delivering benefits to members, and ultimately, truly of achieving our mission and our vision of unlocking smart many decisions for consumers. So that is our approach and thinking, and we're very excited about it.

第二實際上是利用算法的規模和力量、機器學習能力、我們在 Credit Karma 中擁有的決策引擎，最終每天提供超過 350 億次機器學習預測。作為 Credit Karma 的一部分，我們可以利用其中的許多功能使 Mint 變得更好。因此，我們確實希望從長遠來看，這將是增值的，為會員帶來好處，並最終真正實現我們的使命和我們為消費者解鎖許多明智決策的願景。這就是我們的方法和想法，我們對此感到非常興奮。

Great. And then just a second one on Mailchimp. Appreciate all the context you provided about the quarter and the trajectory of the business. I guess, are there any learnings from the Mailchimp acquisition that you'd share that maybe will impact your acquisition philosophy going forward? And just maybe a comment on sort of what the acquisition outlook and playbook is today.

偉大的。然後是 Mailchimp 上的第二個。感謝您提供的有關本季度和業務發展軌蹟的所有背景信息。我想，您是否會分享從 Mailchimp 收購中獲得的任何教訓，這可能會影響您未來的收購理念？也許只是對今天的收購前景和劇本發表評論。

Sure. Absolutely. Let me start with the single biggest thing that we've learned and were diagnosing. It wouldn't have changed any of what we've done. We're very, very excited about what we're going to do in executing our vision with Mailchimp and QuickBooks coming together. But it's having diagnosed upfront some of the product conversion opportunities that we are going after. I would say that's probably the single-biggest thing, that we did not diagnose as well as I would like to see us diagnose.

當然。絕對地。讓我從我們學到並正在診斷的最重要的事情開始。它不會改變我們所做的任何事情。我們非常非常興奮我們將通過 Mailchimp 和 QuickBooks 的結合來執行我們的願景。但它已經預先診斷出我們正在追求的一些產品轉換機會。我想說這可能是最大的事情，我們沒有像我希望看到我們診斷的那樣診斷。

I would also say that's a -- if you're going to misdiagnose something, that's an okay one because it's within your control and you can address it. But I would say that's probably the biggest one. It has not at all altered the priorities that I mentioned a moment ago. But it is something that we've really gone back, and we're looking as to how we can put that in our playbook to do a better job diagnosing upfront. But in no way, shape or form does it change how we feel about the possibilities ahead, and it has not impacted our time line at all.

我還要說，如果您要誤診某些事情，那沒關係，因為它在您的控制範圍內，您可以解決它。但我會說這可能是最大的一個。它根本沒有改變我剛才提到的優先事項。但這是我們真正回歸的東西，我們正在研究如何將其放入我們的劇本中，以便更好地進行前期診斷。但無論如何，它的形狀或形式都不會改變我們對未來可能性的看法，它根本沒有影響我們的時間線。

The second thing is our M&A playbook has not changed. Our uber goal is time-to-market. Our principles around looking at capabilities that could help us accelerate delivering our vision are unchanged. And so I would just -- I would leave it at that. Nothing new to report. It's unchanged.

第二件事是我們的併購策略沒有改變。我們的超級目標是上市時間。我們關於查看可以幫助我們加速實現願景的能力的原則沒有改變。所以我會 - 我會留在那裡。沒有什麼新鮮事要報告。它沒有改變。

Our next question will come from Siti Panigrahi with Mizuho.

我們的下一個問題將來自瑞穗的 Siti Panigrahi。

Great quarter. Just wanted to dig into the payment part of the business. I guess that's one of the underappreciated asset, I would say, Intuit has. You talked about total invoices now growing to $2 trillion versus last year, $1.5 trillion. Could you help us understand how you have been gaining share within that business? And also, what are the opportunity you see for Intuit payments to expand beyond QuickBooks, like some of the acquired asset? If you could share some of your long-term lease on that, that would be great.

很棒的季度。只是想深入研究業務的支付部分。我想這是被低估的資產之一，我想說，Intuit 有。你談到現在總發票增長到 2 萬億美元，而去年是 1.5 萬億美元。您能否幫助我們了解您是如何在該業務中獲得份額的？此外，您認為 Intuit 支付有哪些機會擴展到 QuickBooks 之外，比如一些收購的資產？如果你能分享一些你的長期租約，那就太好了。

Sure. Absolutely. What's great about your question, Siti, is our Big Bet 4, which is about being the center of small business growth, is really about helping our customers grow their customer base. And it's actually about cash flow, managing their cash flow. And that's where the power of Mailchimp and QuickBooks come together.

當然。絕對地。 Siti，您的問題的優點在於我們的 Big Bet 4，它是關於成為小企業增長的中心，真正是關於幫助我們的客戶擴大他們的客戶群。它實際上是關於現金流，管理他們的現金流。這就是 Mailchimp 和 QuickBooks 的強大之處。

Specifically around the $2 trillion of invoices that we're now managing on our platform and your question about how do we continue to gain share, I'll start with just sharing how we've accelerated our growth from the 11% several years ago to the 30% that I mentioned a moment ago from a charge volume perspective, and it's really just basic innovation. It's around discoverability. It's around innovation like instant deposit. It's around innovation like get paid upfront, which really gives you the ability to send an invoice and get paid instantly because of all the data points that we see.

特別是關於我們現在在我們的平台上管理的 2 萬億美元的發票以及您關於我們如何繼續獲得份額的問題，我將首先分享我們如何將我們的增長從幾年前的 11% 加速到我剛才從充電量的角度提到的 30%，這實際上只是基本的創新。它圍繞著可發現性。它圍繞著即時存款等創新。它圍繞創新，例如預付款，由於我們看到的所有數據點，這確實使您能夠發送發票並立即獲得付款。

And it's just really making the experience -- auto enabling the experience for payments to always be on versus opting in. Those are illustrative examples of where we have innovated to accelerate the growth in payments. And by the way, I want to be clear, there is so much more yet to do there because when you look at the last 5 to 6 years, our team has spent probably the first half of those 6 years just building the basic platform capabilities to be able to innovate much faster. We have a lot of those capabilities. Now we're able to innovate and deliver faster innovation to our customers. So that's one area where we'll continue to double down to take more share.

它只是真正地創造了體驗——自動使支付體驗始終處於開啟狀態而不是選擇加入。這些是我們為加速支付增長而進行創新的說明性例子。順便說一句，我想澄清一下，還有很多事情要做，因為當你回顧過去的 5 到 6 年時，我們的團隊可能在這 6 年的前半段時間裡只是構建了基本的平台功能能夠更快地進行創新。我們有很多這樣的能力。現在，我們能夠創新並為我們的客戶提供更快的創新。因此，這是我們將繼續加倍努力以獲取更多份額的一個領域。

But we also have a significant opportunity to digitize all of business-to-business. A big chunk of this $2 trillion of invoices that are managed on our platform is actually business-to-business, where it's a QuickBooks customer that transacts with another QuickBooks customer. And the opportunity that we have is that at the end of the day, you can look up that small business, send them an invoice. That invoice ends up getting -- showing up in their books, and they can pay instantly right on our rails. So that's an example of the types of things that we are working on in addition to what I shared a moment ago to really accelerate increasing our penetration and share of this $2 trillion.

但我們也有一個重要的機會將所有企業對企業數字化。在我們平台上管理的 2 萬億美元發票中，很大一部分實際上是企業對企業，即 QuickBooks 客戶與另一個 QuickBooks 客戶進行交易。我們擁有的機會是，在一天結束時，您可以查找那家小企業，向他們發送發票。該發票最終得到 - 出現在他們的賬簿中，他們可以立即在我們的軌道上付款。因此，除了我剛才分享的內容之外，這是我們正在開展的工作類型的一個示例，以真正加速增加我們在這 2 萬億美元中的滲透率和份額。

And I'll just end with going back to a couple of questions that I think were asked around what gives us confidence around our small business guidance. And it's really -- this is one great example of helping customers get paid faster. It's already happening on our rails. We don't need to go acquire the customer. These invoices are being managed on our platform. Now it's a question is how do we help the customer put more money in their pocket faster, and it's sort of our right to win. And this is a great example of what gives us a lot of confidence as we look ahead.

最後，我將回到幾個我認為被問到的問題，這些問題是關於什麼讓我們對我們的小型企業指導充滿信心。真的——這是幫助客戶更快獲得報酬的一個很好的例子。它已經在我們的軌道上發生了。我們不需要去獲取客戶。這些發票正在我們的平台上進行管理。現在的問題是我們如何幫助客戶更快地把更多的錢放在他們的口袋裡，這是我們獲勝的權利。這是一個很好的例子，說明我們在展望未來時充滿信心。

Sasan, that's great color. And just a quick follow-up to one of your comment on Mailchimp that you're planning to go to meet market. Can you help us understand who are the Mailchimp strength right now, maybe in the employee segment, and where you're targeting, right, that mid-market? And is it also something -- are you trying to expand your features more beyond e-mail marketing when you're trying to go into the mid-market?

薩珊，這顏色真好。並且只是快速跟進您對 Mailchimp 的評論之一，您計劃去迎接市場。您能否幫助我們了解 Mailchimp 現在的優勢是誰，可能是在員工領域，以及您的目標是在哪個中端市場？這是否也是——當你試圖進入中端市場時，你是否試圖將你的功能擴展到電子郵件營銷之外？

Yes. Absolutely. I would liken -- since you and many that are listening have followed us for years, I would liken the Mailchimp journey that we are on, very similar to the QuickBooks journey. Specifically, there's a lot of overlap in the type of customers that we serve. Mailchimp generally has served the smaller small businesses, less than 10 employees. However, it actually has a lot of the capabilities to be able to serve the mid-market customers. And it comes down to adding some features and functionalities, basic things like how you do billing to actually ensure that you have the right inside sales force and customer success agents to be able to serve these mid-market customers.

是的。絕對地。我想——因為你和許多正在傾聽的人多年來一直關注我們，我想把我們正在進行的 Mailchimp 之旅比作與 QuickBooks 之旅非常相似。具體來說，我們服務的客戶類型有很多重疊之處。 Mailchimp 通常為少於 10 名員工的小型企業提供服務。然而，它實際上有很多能力能夠服務於中端市場的客戶。歸根結底是添加一些特性和功能，例如您如何進行計費以實際確保您擁有合適的內部銷售人員和客戶成功代理，以便能夠為這些中端市場客戶提供服務。

A lot of what we have built and know how to build in mid-market for QuickBooks Advanced, we're doing the same thing now with Mailchimp. So it has a lot of the feature functionalities, but we're building out additional ones. But we're also building out our sales and customer success inside sales and customer success to be able to then serve those customers. And then you put that together with going to market together with QuickBooks, it really sort of brings the power of the benefits that we're able to deliver to customers and makes us far more attractive in the market for those small businesses that we want to serve.

我們已經為 QuickBooks Advanced 在中端市場構建了很多東西，並且知道如何構建，我們現在正在使用 Mailchimp 做同樣的事情。所以它有很多特色功能，但我們正在構建額外的功能。但我們也在銷售和客戶成功中建立我們的銷售和客戶成功，以便能夠為這些客戶服務。然後你把它和 QuickBooks 一起推向市場，它確實帶來了我們能夠為客戶提供的好處的力量，並使我們在市場上對我們想要的那些小企業更具吸引力服務。

Next, we have Michael Turrin with Wells Fargo Securities.

接下來，我們有富國銀行證券的邁克爾·特林。

The EPS guide for the full year, it's, if not the highest, among the highest we've ever seen at 16% growth as a starting point from Intuit. You've had some questions, it's especially notable given the current environment. I think it's clear that increasing the target range for Small Business helps. But is there anything else you'd point to? Are there platform advantages you're finding with some of the newer segments? Or just anything else you'd point us towards that's helping to unlock the bigger EPS growth algorithm?

全年的每股收益指南，即使不是最高的，也是我們所見過的最高的，以 16% 的增長率作為 Intuit 的起點。你有一些問題，考慮到當前的環境，這尤其值得注意。我認為很明顯，增加小型企業的目標範圍會有所幫助。但是你還有什麼要指出的嗎？您是否在一些較新的細分市場中發現了平台優勢？或者只是您向我們指出的其他任何有助於解鎖更大 EPS 增長算法的東西？

Yes. Sure, Michael. I'll just amplify what Michelle shared earlier. We have leverage that is coming from 3 places that we view is durable. One is on the technology side. And we are actually excited about having there kind of walk of you through our technology stack, our technology vision, and how it's fueling innovation and also how it's giving us margin leverage at Investor Day. But in that context, that's one significant lever where we are continuing to build services so we can build them once and use them multiple times across the company. And it's actually one of the things that is an accelerant to fueling innovation and acquisitions like Mailchimp and Credit Karma.

是的。當然，邁克爾。我將放大 Michelle 之前分享的內容。我們有來自我們認為是持久的 3 個地方的槓桿作用。一是在技術方面。我們真的很高興讓您了解我們的技術堆棧、我們的技術願景，以及它如何推動創新，以及它如何在投資者日為我們提供保證金槓桿。但在這種情況下，這是我們繼續構建服務的一個重要槓桿，因此我們可以構建一次並在整個公司內多次使用它們。它實際上是推動創新和收購的因素之一，例如 Mailchimp 和 Credit Karma。

The second is the leverage we get from how we're building out our marketing platform so that our MarTech services can be used across all of the segments across the company.

第二個是我們從如何構建營銷平台中獲得的槓桿作用，以便我們的 MarTech 服務可以在公司的所有部門中使用。

And third is the technology that we're building once and applying to all of our customer success operations, which just recall, is quite large. We have over 700 million interactions with customers. And we shifted the company years ago from every segment builds out their own operations, so we're building it once, and the segments leverage the same operations across the company. And then making sure that we ensure that those services and those platforms are used by not only across the company, but our acquisitions like Credit Karma and Mailchimp.

第三是我們曾經構建並應用於我們所有客戶成功運營的技術，回想起來，它非常龐大。我們與客戶的互動次數超過 7 億次。幾年前，我們將公司從每個部門都建立了自己的業務轉移，所以我們只建立一次，各個部門利用整個公司的相同業務。然後確保我們確保這些服務和這些平台不僅被整個公司使用，而且被我們的收購公司（如 Credit Karma 和 Mailchimp）使用。

So the leverage is coming from technology across the company, MarTech and customer success operations. And that's what's driving what we delivered this past year, the guidance that you heard Michelle talk about and the durability that we believe we have looking ahead.

因此，影響力來自整個公司的技術、MarTech 和客戶成功運營。這就是推動我們過去一年交付的動力，您聽到 Michelle 談到的指導以及我們相信我們展望未來的耐用性。

Just a quick follow-on, if I may. Some useful commentary around mix throughout the call. With Credit Karma, you're guiding for 10% to 15% growth. It's below the longer-term targets we've seen. But clearly, there was some outside -- outsized growth there over the past year. So I'm wondering if there's any way you can help disaggregate the tough comps versus some of the macro assumptions to frame that guide in relation to the longer-term targets we've seen.

如果可以的話，只是一個快速的跟進。在整個通話過程中，一些關於混音的有用評論。使用 Credit Karma，您可以指導 10% 到 15% 的增長。它低於我們所看到的長期目標。但很明顯，在過去的一年裡，那裡有一些外部的——超大的增長。因此，我想知道是否有任何方法可以幫助您分解艱難的組合與一些宏觀假設，以構建與我們所看到的長期目標相關的指南。

Yes. Sure. Sure, Michael. It is, in fact, both. One is we have a big comp: 2 years of 37%, and then last year, 58% growth. And we have a lot of confidence in our long-term expectations for 20% to 25%. So that is unchanged. So yes, one element is the tough comp.

是的。當然。當然，邁克爾。事實上，兩者都是。一是我們有一個很大的競爭：2 年增長 37%，然後去年增長 58%。我們對 20% 到 25% 的長期預期充滿信心。所以那是不變的。所以是的，一個元素是艱難的比賽。

But really the -- I would say the other element, probably a bigger element, is the current trends that we are seeing that we have really incorporated in our guide. When you look at our verticals around credit cards, personal loans, insurance, and then home loans, just -- and then there's the money vertical, almost every vertical has been impacted. And by the way, you can see based on our guide, the resiliency of the platform, other than, of course, the credit card vertical that really has not seen any significant impact. So that's the second piece that we have incorporated into our guidance is the, in fact, the macroeconomic environment that we see.

但實際上——我想說的另一個元素，可能是一個更大的元素，是我們看到的當前趨勢，我們已經真正融入了我們的指南。當您查看我們圍繞信用卡、個人貸款、保險和房屋貸款的垂直領域時，就 - 然後是貨幣垂直領域，幾乎每個垂直領域都受到了影響。順便說一句，根據我們的指南，您可以看到平台的彈性，當然，信用卡垂直行業確實沒有受到任何重大影響。因此，這是我們納入指導的第二部分，實際上是我們所看到的宏觀經濟環境。

Our next question will come from Brent Thill with Jefferies.

我們的下一個問題將來自 Jefferies 的 Brent Thill。

Sasan, a number of CEOs have been calling out the shift to services-based economy from a product-based. And I believe, correct me if I'm wrong, you have a heavy services base inside the Small Business. I'm curious, do you think that's helping kind of shelter the small business in this environment right now? Is that playing into some of the defensive nature of what you're seeing in the results in small business for your core?

Sasan 之前，一些 CEO 一直在呼籲從以產品為基礎的經濟向以服務為基礎的經濟轉變。而且我相信，如果我錯了，請糾正我，您在小型企業內部擁有大量的服務基礎。我很好奇，你認為這是否有助於在這種環境下為小企業提供庇護？這是否影響了您在小型企業的核心結果中看到的某些防禦性質？

Yes. It's a great question, Brent. And I think the short answer is absolutely. And there are 2 elements. I'll start with just a reminder that when we look at the small business market of sort of 0 to 100 employees, about 70% of it is service-based businesses and about 30% is product-based businesses. And our really strength is in the service-based businesses.

是的。這是一個很好的問題，布倫特。我認為簡短的回答是絕對的。並且有2個元素。我首先要提醒一下，當我們查看 0 到 100 名員工的小型企業市場時，其中大約 70% 是基於服務的企業，大約 30% 是基於產品的企業。我們真正的優勢在於基於服務的業務。

I think the second thing I would just say is we're very, very diversified in the service-based businesses that we serve. We're not sort of overly anchored in one vertical or another. And that really helps with the diversification of not only our performance looking backwards, but opportunity as we look ahead.

我想我要說的第二件事是，我們所服務的基於服務的業務非常非常多元化。我們並沒有過度錨定在一個垂直或另一個垂直上。這不僅有助於我們向後看的表現的多樣化，也有助於我們展望未來的機會。

And when you look at Credit Karma in past downturns, can you just give us a compare and contrast? I know you've compared the small business segment to be more SaaS. You've got virtually layered services around. Is there something different that they've done in the business to diversify? Assuming things got a little worse. I'm not saying that's what you're saying to the guide, but if that was the case, what gives the defensive nature of that business?

當您查看過去低迷時期的 Credit Karma 時，您能否給我們一個比較和對比？我知道您將小企業部門比作更多的 SaaS。您已經獲得了幾乎分層的服務。他們在業務中為多元化做了什麼不同的事情嗎？假設事情變得更糟了。我不是說這就是你對嚮導所說的，但如果是這樣的話，是什麼賦予了該業務的防禦性？

The single largest, I would say, uniqueness about Credit Karma, aside from you got 100 million customers, incredible trough, high Net Promoter, 14-plus years of behavioral data where we know so much about these customers and know what they need, when they need it and how they need it, putting that to the side as a foundation, which is critically important, is Lightbox. With Lightbox, it raises certainty of the experiences that -- and offers that we can deliver members. But in this environment, more importantly, it is quality, which is there's a huge fight to quality by our partners.

我想說的是 Credit Karma 最大的一個獨特之處，除了你擁有 1 億客戶、令人難以置信的低谷、高淨推薦值、14 多年的行為數據，我們對這些客戶非常了解並知道他們需要什麼，什麼時候他們需要它以及他們如何需要它，把它放在一邊作為基礎，這是至關重要的，是 Lightbox。借助 Lightbox，它提高了體驗的確定性——並提供了我們可以為會員提供的體驗。但在這種環境下，更重要的是質量，我們的合作夥伴對質量進行了巨大的鬥爭。

So because we now have almost 70% of our credit card and personal loan transactions on Lightbox -- and by the way, growing, that's 15 points higher than it was last year, and of course, almost nonexistent years ago. And I don't even think Lightbox existed in the last recession. That is the single-biggest thing of where financial institutions have a lot of certainty when their models are part of Lightbox. So they can identify the kind of customer they want, the kind of offers that they want to provide. And of course, we make the perfect amount.

因此，因為我們現在有近 70% 的信用卡和個人貸款交易在 Lightbox 上進行 - 順便說一句，這比去年高出 15 個百分點，當然，幾年前幾乎不存在。而且我什至不認為 Lightbox 存在於上一次經濟衰退中。當金融機構的模型是 Lightbox 的一部分時，這是金融機構有很大把握的最大的事情。這樣他們就可以確定他們想要的客戶類型，他們想要提供的報價類型。當然，我們製作完美的數量。

So I would say that is the single biggest thing. And it's just the scale of the platform. We are a large part of the economy providing a match between what consumers want to the financial products that they have. But I would say Lightbox.

所以我會說這是最重要的事情。這只是平台的規模。我們是經濟的重要組成部分，提供消費者想要的與他們擁有的金融產品之間的匹配。但我會說燈箱。

Our next question will come from Kirk Materne with Evercore ISI.

我們的下一個問題將來自於 Evercore ISI 的 Kirk Materne。

I'll echo the congrats. Sasan, you've alluded to this a couple of times, but I was wondering if you could just sort of dive into it in a little bit more detail. Just the power of the platform in Small Business, and as we go into a potentially soft economic backdrop, are customers starting to talk to you all about trying to consolidate on to your platform in a bigger way now? You obviously have the ability to help them address both the back office and the front office. And while we're seeing that, I think, anecdotally in payments and payroll, I was just kind of curious, given that budgets might come under more scrutiny, are you benefiting from the idea of consolidating towards one platform versus maybe taking a best-of-breed approach?

我會回應祝賀。 Sasan，你已經多次提到這一點，但我想知道你是否可以更詳細地深入了解它。只是小型企業中平台的力量，隨著我們進入潛在的疲軟經濟背景，客戶現在是否開始與你們談論試圖以更大的方式整合到您的平台上？你顯然有能力幫助他們解決後台和前台的問題。雖然我們看到這一點，但我認為，在支付和工資單方面，我只是有點好奇，考慮到預算可能會受到更嚴格的審查，你是否從整合到一個平台的想法中受益，而不是採取最好的-異種方法？

Yes. Sure, Kirk. And in fact, this is probably one of the most misunderstood or least understood element of the benefit that our platform provides. And so I'll just start with stating something that I mentioned a moment ago because it really plays into your question, and that is we're not a line item on the small business' budget. We are the platform that fuels their success. We are mission-critical. Without our platform, a small business can't run their business. And so it's really important to have that frame of mind as to what's the role that we play in the lives of small businesses.

是的。當然，柯克。事實上，這可能是我們平台提供的好處中最容易被誤解或最不被理解的元素之一。因此，我將首先陳述我剛才提到的一些內容，因為它確實涉及到您的問題，那就是我們不是小企業預算中的一個項目。我們是推動他們成功的平台。我們是關鍵任務。沒有我們的平台，小企業就無法開展業務。因此，對於我們在小企業的生活中扮演的角色有這樣的心態非常重要。

The second, to go -- to get to your question, is we now have the services that we didn't have 3 years ago, 5 years ago. And in fact, yes, they are having those conversations with us less from a can I save money, but more from a perspective of I don't want to deal with all of these different applications where things are sort of disparate and discrete where I can have everything on your platform. If I'm using somebody else's payroll or somebody else's capital or somebody else's payments, why not just use all the services on your platform.

第二，要回答你的問題，我們現在擁有 3 年前、5 年前沒有的服務。事實上，是的，他們與我們的對話不是從我可以省錢的角度來看，而是從我不想處理所有這些不同的應用程序的角度來看，這些應用程序在我可以在您的平台上擁有一切。如果我正在使用其他人的工資單或其他人的資金或其他人的付款，為什麼不直接使用您平台上的所有服務。

And frankly, this is an area where our small business team is actually doubling down on looking forward, which is how do we evolve our go-to-market to actually have a conversation with our customers about all the services that they don't use, that they should use, where there'll be far more efficient, effective and potentially even save some money. Because we see all their transactions. We can see what they do if they don't do it on our platform because they've connected their bank accounts and so on. So we believe this is an opportunity as we look ahead.

坦率地說，這是我們的小型企業團隊實際上加倍期待的領域，這就是我們如何發展我們的市場，以便與我們的客戶就他們不使用的所有服務進行對話, 他們應該使用, 那裡將更有效率, 有效, 甚至可能節省一些錢。因為我們看到了他們所有的交易。如果他們不在我們的平台上做，我們可以看到他們做了什麼，因為他們已經連接了他們的銀行賬戶等等。因此，我們相信這是我們展望未來的機會。

Ladies and gentlemen, that is all the time we have today for questions. And I would like to turn the call back over to management for any additional or closing remarks.

女士們，先生們，這就是我們今天所有的提問時間。我想將電話轉回給管理層，以獲取任何額外的或結束的評論。

Awesome. Well, thank you for the wonderful questions. And we are really looking forward to seeing, hopefully, all of you, at our Investor Day at September 29. We'll, number one, walk through probably the next level of depth around the experiences that we are delivering and why in this environment they matter the most to our customers across all of our 5 Big Bets. And you'll have a great opportunity to not only ask more questions, but connect with my wonderful team that leads a lot of this great work.

驚人的。好吧，謝謝你的精彩問題。我們真的很期待在 9 月 29 日的投資者日與大家見面。首先，我們將圍繞我們正在提供的體驗以及為什麼在這種環境下提供的體驗進行更深入的了解在我們所有的 5 大賭注中，它們對我們的客戶來說最為重要。你將有一個很好的機會，不僅可以提出更多問題，還可以與我的優秀團隊聯繫，他們領導了很多這項偉大的工作。

So look forward to seeing you then. Until then, be good, stay safe, and we'll talk to you all soon. Thank you.

所以期待屆時見到你。在那之前，保持良好狀態，保持安全，我們很快就會和大家談談。謝謝你。

Ladies and gentlemen, thank you for your time today, and this concludes our conference. We appreciate your participation, and you may disconnect at any time.

女士們，先生們，感謝你們今天的寶貴時間，我們的會議到此結束。我們感謝您的參與，您可以隨時斷開連接。