直覺電腦 (INTU) 2023 Q1 法說會逐字稿

Good afternoon. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to Intuit's First Quarter Fiscal Year 2023 Conference Call. (Operator Instructions)

下午好。我叫 Regina，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Intuit 2023 財年第一季度電話會議。 （操作員說明）

With that, I'll turn the call over to Kim Watkins, Intuit's Vice President of Investor Relations. Ms. Watkins?

有了這個，我將把電話轉給 Intuit 的投資者關係副總裁 Kim Watkins。沃特金斯女士？

Thanks, Regina. Good afternoon and welcome to Intuit's First Quarter Fiscal 2023 Conference Call. I'm here with Intuit's CEO, Sasan Goodarzi; and Michelle Clatterbuck, our CFO.

謝謝，里賈納。下午好，歡迎來到 Intuit 2023 財年第一季度電話會議。我和 Intuit 的首席執行官 Sasan Goodarzi 在一起；和我們的首席財務官 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 2022 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，我們的言論將包含前瞻性陳述。有許多因素可能導致 Intuit 的結果與我們的預期存在重大差異。您可以在我們今天下午早些時候發布的新聞稿、我們的 2022 財年 10-K 表格和我們提交給美國證券交易委員會的其他文件中了解更多關於這些風險的信息。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聲明的義務。

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

這些評論中的一些數字是在非 GAAP 基礎上提供的。我們在今天的新聞稿中調整了可比較的 GAAP 和非 GAAP 數據。除非另有說明，否則所有增長率均指當前期間與可比的上一年期間相比，業務指標和相關增長率指的是全球業務指標。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. We had a strong first quarter as we executed on our strategy to be the global AI-driven expert platform powering prosperity for consumers and small businesses. We continue to feel bullish about our momentum and execution across small business and tax. We're innovating at a high velocity using the power of our platform and modern technology capabilities to deliver new offerings at scale focusing on breakthrough adoption.

偉大的。謝謝 Kim，也感謝大家今天加入我們。我們在第一季度表現強勁，因為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。我們繼續看好我們在小企業和稅收方面的勢頭和執行力。我們正在利用我們平台的強大功能和現代技術能力進行高速創新，以大規模提供新產品，重點是突破性採用。

We continue to be focused on putting more money in our customers' pockets, saving them time and ensuring complete confidence in every financial decision they make. This is more important than ever in the current uncertain economic environment and helps us penetrate our large total addressable market of over $300 billion.

我們繼續專注於將更多的錢放在客戶的口袋裡，為他們節省時間，並確保他們對做出的每一個財務決定充滿信心。在當前不確定的經濟環境中，這比以往任何時候都更加重要，並幫助我們打入超過 3000 億美元的龐大潛在市場。

Now let's turn to our first quarter results. Revenue grew 29%, including 13 points from the addition of Mailchimp. Total revenue growth was fueled by the Small Business and Self-Employed Group revenue growth of 38% or 19% excluding Mailchimp and 25% revenue growth in the Consumer Group driven by a strong October peak with new customers and extension filers.

現在讓我們來看看我們的第一季度業績。收入增長 29%，其中 13 個百分點來自 Mailchimp 的加入。小企業和個體經營者集團收入增長 38% 或 19%（不包括 Mailchimp）以及消費者集團 25% 的收入增長推動了總收入增長，這是由新客戶和擴展申報者在 10 月的強勁高峰推動的。

The scale of our platform, along with our rich data, gives us the unique ability to see charge volume growth, the number of employees paid, the hours worked per small business and cash reserves. These measures remain strong for those on our platform and inform our perspective on the health of small businesses.

我們平台的規模以及我們豐富的數據使我們能夠以獨特的方式查看收費量的增長、支付的員工人數、每個小企業的工作時間和現金儲備。這些措施對我們平台上的那些人來說仍然很強大，並告知我們對小企業健康的看法。

TurboTax had a robust finish to the tax season with a record number of innovations launched and tested in the October peak. I'm excited about this coming -- upcoming season, particularly our strategy to transform the assisted category, including the launch of Business Tax and TurboTax and Credit Karma platform integrations.

TurboTax 在 10 月份的高峰期發布和測試的創新數量創下歷史新高，稅收季圓滿結束。我對即將到來的即將到來的賽季感到興奮，特別是我們改變輔助類別的戰略，包括推出營業稅和 TurboTax 以及 Credit Karma 平台集成。

Now turning to Credit Karma. At Investor Day and on our fourth quarter call earnings call, we shared that all Credit Karma verticals had been negatively impacted by the macro uncertainty. In the last few weeks of the quarter and into November, we saw further deterioration in all verticals.

現在轉向 Credit Karma。在投資者日和我們第四季度的電話收益電話會議上，我們分享了所有 Credit Karma 垂直行業都受到宏觀不確定性的負面影響。在本季度的最後幾周和進入 11 月，我們看到所有垂直領域都進一步惡化。

Consumer default rates remain relatively low by historical standards, reflecting strong consumer cash balances coming out of the pandemic. However, we continue to see partners pull back from extending credit, reflecting the uncertainty in the economic environment and the risk of deterioration in credit performance.

以歷史標準衡量，消費者違約率仍然相對較低，反映出大流行帶來的強勁消費者現金餘額。然而，我們繼續看到合作夥伴停止提供信貸，反映出經濟環境的不確定性和信貸績效惡化的風險。

Given this context, Credit Karma revenue came in lower than expected for the quarter. We are lowering our fiscal year 2023 revenue guidance for Credit Karma to a decline of 15% to 10% versus our previous guidance of 10% to 15% growth. At the same time, we are reiterating our fiscal year 2023 revenue guidance for all other segments and reiterating our fiscal 2023 GAAP and non-GAAP operating income and earnings per share guidance.

在此背景下，Credit Karma 本季度的收入低於預期。我們將 Credit Karma 的 2023 財年收入指引下調至下降 15% 至 10%，而之前的指引為增長 10% 至 15%。同時，我們重申所有其他部門的 2023 財年收入指引，並重申我們的 2023 財年 GAAP 和非 GAAP 營業收入和每股收益指引。

Our ability to maintain earnings power despite the lower Credit Karma revenue guidance shows the power of our diversified platform and our ability to balance platform and product investments for the future while delivering on our commitments.

儘管 Credit Karma 收入指引較低，但我們保持盈利能力的能力表明了我們多元化平台的力量，以及我們在履行承諾的同時平衡未來平台和產品投資的能力。

Regardless of the near-term macro volatility, we remain confident in our long-term revenue growth expectations of 20% to 25% for Credit Karma driven by our vision and innovation to become the self-driving financial platform fueling prosperity for all consumers.

無論近期宏觀波動如何，我們對 Credit Karma 的長期收入增長預期 20% 至 25% 充滿信心，我們的願景和創新將推動 Credit Karma 成為推動所有消費者繁榮的自動駕駛金融平台。

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

在投資者日，我們分享了人工智能驅動的專家平台戰略如何加速我們的創新，以及我們的 5 大賭注如何解決客戶面臨的最大問題。我們繼續提供強有力的證據來證明我們的成功，並為未來的持久增長做好準備。

As a reminder, our 5 Big Bets are: revolutionize speed to benefit, connect people to experts, unlock smart money decisions, be the center of small business growth and disrupt the small business mid-market. Today, I'd like to highlight examples of our recent progress across 3 of these Big Bets.

提醒一下，我們的 5 大賭注是：革新速度以獲益、將人員與專家聯繫起來、解鎖明智的資金決策、成為小型企業增長的中心以及顛覆小型企業中端市場。今天，我想重點介紹我們最近在其中 3 個大賭注中取得進展的例子。

Our first Big Bet is to revolutionize speed to benefit. Our platform enables us to innovate for our customers with speed and at scale, which is foundational to all of our Big Bets. Our evolution from a siloed technology stack to a platform leveraging shared capabilities is well underway. Our development environment enables speed and innovation. Engineers now have 6x the velocity of deploying code, resulting in accelerated innovation compared to fiscal year 2020.

我們的第一個大賭注是徹底改變速度以獲益。我們的平台使我們能夠快速、大規模地為客戶進行創新，這是我們所有大賭注的基礎。我們正在從孤立的技術堆棧向利用共享功能的平台演變。我們的開發環境支持速度和創新。與 2020 財年相比，工程師現在部署代碼的速度提高了 6 倍，從而加速了創新。

Our AI and fintech capabilities are well positioned to solve our customers' biggest problems, such as our money innovations across payments and payroll, advancements in TurboTax Live, QuickBooks Live and QuickBooks Advance, just to name a few. And we're doing that today with over 730 million AI-driven customer interactions per year, 2 million AI models in production, 58 billion machine learning predictions per day and over $465 billion in money moved during fiscal year 2022.

我們的人工智能和金融科技能力能夠很好地解決客戶的最大問題，例如我們在支付和工資單方面的貨幣創新、TurboTax Live、QuickBooks Live 和 QuickBooks Advance 的進步等等。今天，我們正在這樣做，每年有超過 7.3 億次人工智能驅動的客戶交互，200 萬個人工智能模型投入生產，每天有 580 億次機器學習預測，2022 財年的資金流動超過 4650 億美元。

Our second Big Bet is to connect people to experts. We're solving one of the largest problems our customer face, lack of confidence, by connecting people to experts virtually. During the October tax peak, our team launched a record 50 innovations to test and learn. Our learnings can help us transform our go-to-market campaign for the assisted segment; revamp the end-to-end TurboTax Live platform experiences with faster access to money via Credit Karma; and better serve the investor, Latino and self-employed segments. We are looking forward to the upcoming tax season.

我們的第二個大賭注是將人們與專家聯繫起來。我們通過虛擬方式將人們與專家聯繫起來，解決了客戶面臨的最大問題之一，即缺乏信心。在 10 月的稅收高峰期間，我們的團隊推出了創紀錄的 50 項創新來測試和學習。我們的學習可以幫助我們改變我們針對輔助細分市場的上市活動；通過 Credit Karma 更快地獲取資金，改進端到端 TurboTax Live 平台體驗；更好地服務於投資者、拉丁裔和個體戶。我們期待著即將到來的報稅季。

Our fourth Big Bet is to become the center of small business growth by helping our customers get customers, get paid fast, manage capital, pay employees with confidence and grow in an omnichannel world. With Mailchimp, we're well on our way to becoming the source of truth for our customers to help them grow and run their business.

我們的第四個大賭注是通過幫助我們的客戶獲得客戶、快速獲得報酬、管理資本、充滿信心地支付員工工資以及在全渠道世界中發展，成為小型企業增長的中心。借助 Mailchimp，我們正在成為客戶的真實來源，幫助他們發展和經營業務。

We have 3 acceleration priorities with Mailchimp: first, delivering our vision of an end-to-end customer growth platform; second, disrupting the mid-market by developing a full marketing automation, CRM and e-commerce suite; and third, accelerating global growth with a holistic go-to-market approach.

我們與 Mailchimp 有 3 個加速優先事項：首先，實現我們對端到端客戶增長平台的願景；其次，通過開發完整的營銷自動化、CRM 和電子商務套件來擾亂中端市場；第三，通過全面的上市方法加速全球增長。

This quarter, we launched a new brand campaign, refreshed our website, and launched an improved first-time use experience for new customers that help them more quickly find and use the feature that aligns with their unique business needs. We also launched a 1-hour assisted onboarding process for our high-value Mailchimp customers with the goal of guiding them to more advanced features to increase awareness and usage.

本季度，我們推出了新的品牌活動，更新了我們的網站，並為新客戶推出了改進的首次使用體驗，幫助他們更快地找到和使用符合他們獨特業務需求的功能。我們還為我們的高價值 Mailchimp 客戶推出了一個 1 小時的輔助入職流程，目的是引導他們使用更高級的功能，以提高知名度和使用率。

This program was launched in a record 4 weeks by leveraging components of our virtual expert platform, another example of the power of the Intuit platform capabilities. As a result of these enhancements and others, we're seeing a positive impact on customer growth and expansion and a lift in customers converting to pay.

通過利用我們虛擬專家平台的組件，該計劃在創紀錄的 4 週內啟動，這是 Intuit 平台功能強大的另一個例子。由於這些改進和其他改進，我們看到了對客戶增長和擴展的積極影響，以及客戶轉化為支付的提升。

Turning to our money portfolio. We've made a tremendous investment over the last few years to expand our suite of money offerings to help small businesses get paid, pay others and access capital and manage their money. We continue to see strength in our charge volume driven by easier discovery, auto-enabled payments, instant deposit and getting paid upfront. This quarter, we made it even easier for more customers to access their cash quickly by removing friction and opening the funnel to more customers. We're also rolling out a new invoicing experience with a more streamlined workflow and improved design, which is driving an increase in the percentage of companies that send payment-enabled invoices.

轉向我們的貨幣組合。在過去的幾年裡，我們進行了大量投資，以擴展我們的貨幣產品組合，以幫助小企業獲得報酬、向他人付款以及獲得資金和管理他們的資金。由於更容易發現、自動支付、即時存款和預付款，我們繼續看到我們的收費量強勁。本季度，我們通過消除摩擦並向更多客戶開放渠道，讓更多客戶更容易快速獲取現金。我們還通過更簡化的工作流程和改進的設計推出了新的發票體驗，這推動了發送支持付款的發票的公司比例的增加。

Looking ahead, we're tackling another big challenge for our small business customers, B2B payments. More than $2 trillion of invoices were managed in QuickBooks in fiscal year 2022. As we shared at Investor Day, we are launching the QuickBooks Business Network, which connects small business customers to each other, making it easier for them to do business. It's currently in beta testing, and we expect to launch more broadly later this fiscal year.

展望未來，我們正在為我們的小企業客戶應對另一個重大挑戰，即 B2B 支付。 2022 財年，QuickBooks 管理了超過 2 萬億美元的發票。正如我們在投資者日分享的那樣，我們正在啟動 QuickBooks 商業網絡，該網絡將小型企業客戶相互聯繫起來，使他們更容易開展業務。它目前正在進行 Beta 測試，我們預計將在本財年晚些時候更廣泛地推出。

We're also building our own bill pay functionality in QuickBooks and plan to launch this capability in the future. We're excited about our opportunities for growth with Mailchimp and payments becoming the center of small business growth.

我們還在 QuickBooks 中構建我們自己的賬單支付功能，併計劃在未來推出此功能。我們對 Mailchimp 和支付成為小型企業增長中心的增長機會感到興奮。

Wrapping up, we feel confident in our long-term business strategy and the power of our platform. In an uncertain macro environment, the benefits of our global financial technology platform are more important and more mission-critical than ever for our customers.

總結起來，我們對我們的長期業務戰略和我們平台的力量充滿信心。在不確定的宏觀環境中，我們全球金融技術平台的優勢對我們的客戶來說比以往任何時候都更加重要和更加關鍵。

We have a large TAM with low penetration, secular shifts working in our favor, a diversified large-scale platform where we continue to invest heavily in innovation across our 5 Big Bets to deliver benefits for our customers, resulting in top line growth and margin expansion. We're proud to be an employer of choice as well as the financial technology platform of choice for over 100 million customers around the world who rely on Intuit to prosper.

我們擁有一個滲透率低的大型 TAM、對我們有利的長期轉變、一個多元化的大型平台，我們繼續在我們的 5 大賭注中大力投資創新，為我們的客戶帶來利益，從而實現收入增長和利潤率擴張.我們很自豪能夠成為全球超過 1 億依賴 Intuit 取得成功的客戶的首選雇主和金融技術平台。

Now let me hand it over to Michelle.

現在讓我把它交給米歇爾。

Thanks, Sasan. For the first quarter of fiscal 2023, we delivered revenue of $2.6 billion, GAAP operating income of $76 million versus $195 million last year, non-GAAP operating income of $662 million versus $555 million last year, GAAP diluted earnings per share of $0.14 versus $0.82 a year ago, and non-GAAP diluted earnings per share of $1.66 versus $1.53 last year.

謝謝，薩桑。 2023 財年第一季度，我們實現收入 26 億美元，GAAP 營業收入為 7600 萬美元，去年同期為 1.95 億美元，非 GAAP 營業收入為 6.62 億美元，去年同期為 5.55 億美元，GAAP 攤薄後每股收益為 0.14 美元，去年同期為 0.82 美元一年前，非 GAAP 攤薄後每股收益為 1.66 美元，而去年為 1.53 美元。

Turning to the business segments. In the Small Business and Self-Employed Group, revenue grew 38% during the quarter and 19% on an organic basis, excluding $264 million in Mailchimp revenue. Online Ecosystem revenue grew 60% in Q1 or 28% excluding Mailchimp.

轉向業務部門。在小型企業和個體經營者組，本季度收入增長 38%，有機增長 19%，不包括 Mailchimp 的 2.64 億美元收入。第一季度在線生態系統收入增長了 60%，不包括 Mailchimp 則增長了 28%。

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之源，我們在小型企業和個體經營者組的戰略重點有三個：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 29% in Q1, driven mainly by customer growth, higher effective prices and mix shift.

首先，我們繼續專注於發展核心。 QuickBooks Online 第一季度會計收入增長 29%，主要受客戶增長、有效價格上漲和產品組合轉變的推動。

Second, we continue to focus on connecting the ecosystem. Online services revenue, which includes Mailchimp, Payroll, Payments, Capital and Time Tracking, grew 109% in Q1. Excluding Mailchimp, online services revenue grew 28%. Mailchimp revenue included in online services was $264 million, up low teens versus a year ago, in line with our expectations. Within Payroll, revenue growth in the quarter reflects an increase in payroll customers and a mix shift to higher-end offerings. Within Payments, revenue growth reflects an increase in charge volume per customer and ongoing customer growth.

其次，我們繼續專注於連接生態系統。在線服務收入，包括 Mailchimp、Payroll、Payments、Capital 和 Time Tracking，在第一季度增長了 109%。不包括 Mailchimp，在線服務收入增長了 28%。在線服務中包含的 Mailchimp 收入為 2.64 億美元，與一年前相比增長了十幾位，符合我們的預期。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更高端產品的組合轉變。在支付業務中，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, and we began to execute our refreshed international strategy, which includes leading with Mailchimp. On a constant currency basis, total international Online Ecosystem revenue grew 172% in Q1 and 19% on an organic basis excluding Mailchimp.

第三，我們繼續在全球擴張方面取得進展，我們開始執行更新後的國際戰略，其中包括以 Mailchimp 為主導。按固定匯率計算，國際在線生態系統總收入在第一季度增長了 172%，在不包括 Mailchimp 的情況下有機增長了 19%。

Desktop Ecosystem revenue grew 7% in the first quarter. As a reminder, the subscription model for our desktop accounting solution makes this revenue more predictable, and we raised our desktop prices for several products in September to more closely align with QBO pricing. QuickBooks Desktop Enterprise revenue grew mid-single digits during the quarter. We continue to expect the Online Ecosystem to be our growth catalyst going forward.

桌面生態系統收入在第一季度增長了 7%。提醒一下，我們的桌面會計解決方案的訂閱模式使這一收入更具可預測性，我們在 9 月份提高了幾種產品的桌面價格，以更接近 QBO 定價。本季度 QuickBooks Desktop Enterprise 的收入增長了中個位數。我們繼續期望在線生態系統成為我們未來的增長催化劑。

Moving on to Credit Karma. Revenue grew 2% to $425 million in Q1. This was below our expectations of mid-single-digit growth we shared at Investor Day due to further deterioration in all verticals the last few weeks of the quarter. On a product basis, revenue growth was driven primarily by credit cards, offset by headwinds in personal loans, home loans, auto insurance and auto loans. As the macro environment continues to remain uncertain, we're seeing an impact across all verticals. Sasan touched on this briefly earlier, but let me unpack what we're seeing.

繼續 Credit Karma。第一季度收入增長 2% 至 4.25 億美元。由於本季度最後幾週所有垂直領域的進一步惡化，這低於我們在投資者日分享的中個位數增長的預期。在產品方面，收入增長主要由信用卡推動，被個人貸款、住房貸款、汽車保險和汽車貸款的逆風所抵消。由於宏觀環境繼續保持不確定性，我們看到了對所有垂直行業的影響。 Sasan 早些時候簡要地談到了這一點，但讓我來解開我們所看到的內容。

In credit cards, many financial institution partners have tightened eligibility, particularly in riskier segments. In personal loans, we saw continued pressure with many partners tightening eligibility further while increasing APRs. We continue to expect personal loan revenue to decline this year after very strong growth in fiscal 2022. As a result, we are reducing our fiscal 2023 Credit Karma revenue guidance to a decline of 15% to 10%. This embeds the current trends we're seeing and additional conservatism in the remainder of the year despite the expected continued rollout of several new innovations.

在信用卡方面，許多金融機構合作夥伴收緊了資格，特別是在風險較高的領域。在個人貸款方面，我們看到許多合作夥伴在提高 APR 的同時進一步收緊資格的持續壓力。在 2022 財年非常強勁的增長之後，我們繼續預計今年的個人貸款收入將下降。因此，我們將 2023 財年的 Credit Karma 收入指引下調至 15% 至 10%。這嵌入了我們在今年剩餘時間內看到的當前趨勢和額外的保守主義，儘管預計會繼續推出幾項新的創新。

Consumer Group revenue was $150 million, reflecting a strong finish to the tax season. We remain focused on transforming the assisted category in the tax prep market as we head into the next tax season. We're focused on making TurboTax a compelling destination for filers who prefer assistance to complete their taxes accurately and quickly.

Consumer Group 收入為 1.5 億美元，反映了稅收季節的強勁收尾。隨著我們進入下一個報稅季，我們仍然專注於轉變報稅市場中的輔助類別。我們專注於使 TurboTax 成為那些希望獲得幫助以準確、快速地完成納稅的申報者的引人注目的目的地。

Turning to the ProTax Group. Revenue of $34 million was in line with our expectations. Our financial principles guide our decisions remain our long-term commitment and are unchanged. We finished the quarter with approximately $2.7 billion in cash and investments and $7 billion in debt on our balance sheet. We repurchased $519 million of stock during the first quarter. 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 January 18, 2023. This represents a 15% increase versus last year.

轉向 ProTax 集團。 3400 萬美元的收入符合我們的預期。我們的財務原則指導我們的決定仍然是我們的長期承諾，並且不會改變。本季度結束時，我們的資產負債表上有大約 27 億美元的現金和投資以及 70 億美元的債務。我們在第一季度回購了 5.19 億美元的股票。根據市場狀況和其他因素，我們的目標是每個季度都進入市場。董事會批准於 2023 年 1 月 18 日支付每股 0.78 美元的季度股息。這比去年增加了 15%。

As I shared last quarter, 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. 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.

正如我在上個季度分享的那樣，我們有一個用於運營公司的操作系統，其中包括一個在經濟繁榮時期和經濟困難時期都經過驗證的運營手冊。我們的首要任務是為客戶做正確的事，讓他們能夠獲得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取得強勁的成果，同時投資於對未來增長最重要的事物。

The scale of our platform, along with our rich data, gives us the unique ability to see leading indicators that allow us to be forward-looking and adjust quickly. As Sasan shared earlier, we are reiterating our operating income and earnings per share expectation for fiscal year 2023 despite our lower revenue expectations for Credit Karma. We're able to do this by reducing spend in areas where we expect to see lower returns near term.

我們平台的規模以及我們豐富的數據使我們能夠看到領先指標，使我們能夠具有前瞻性並迅速做出調整。正如 Sasan 早些時候分享的那樣，儘管我們對 Credit Karma 的收入預期較低，但我們重申了我們對 2023 財年的營業收入和每股收益預期。我們能夠通過減少我們預計近期回報率較低的領域的支出來做到這一點。

Last quarter, I mentioned we identified several levers we can pull to deliver against our financial principles in a variety of scenarios, and the adjustments we have made are an example. Given the breadth of our offerings and the power of our diversified platform, we have the ability to maintain earnings power despite our expectation for lower Credit Karma revenue. At the same time, we have the ability to make the necessary platform and product investments for the future while delivering on our short- and long-term commitments. We also have a strong balance sheet that enables us to play offense. We will continue to accelerate our innovation, and our goal remains for Intuit to emerge from this period of macro uncertainty in a position of strength.

上個季度，我提到我們確定了幾個可以在各種情況下根據我們的財務原則實現的槓桿，我們所做的調整就是一個例子。鑑於我們產品的廣度和我們多元化平台的力量，儘管我們預計 Credit Karma 收入會降低，但我們有能力保持盈利能力。與此同時，我們有能力為未來進行必要的平台和產品投資，同時履行我們的短期和長期承諾。我們還擁有強大的資產負債表，使我們能夠進攻。我們將繼續加速創新，我們的目標仍然是讓 Intuit 擺脫這段宏觀不確定性時期的強勢地位。

Moving on to guidance. For fiscal 2023, we are lowering our revenue guidance for Credit Karma as trends in all verticals further deteriorated in the last few weeks of the quarter and into November. We now expect revenue to decline 15% to 10% versus our previous guidance range of 10% to 15% revenue growth. We are reiterating our revenue expectations for all other segments and now expect total company revenue growth of 10% to 12% versus the previous range of 14% to 16%.

繼續指導。對於 2023 財年，我們降低了 Credit Karma 的收入指引，因為所有垂直行業的趨勢在本季度的最後幾周和 11 月進一步惡化。我們現在預計收入將下降 15% 至 10%，而我們之前的指導範圍為 10% 至 15% 的收入增長。我們重申了對所有其他部門的收入預期，現在預計公司總收入增長 10% 至 12%，而之前的增幅為 14% 至 16%。

For the Small Business and Self-Employed Group, we continue to expect 19% to 20% revenue growth. And for the Consumer Group, we continue to expect 9% to 10% revenue growth. In both businesses, we expect the majority of our growth this year to come from customer growth and mix.

對於小企業和個體經營者群體，我們繼續預計收入增長 19% 至 20%。對於消費者集團，我們繼續預計收入將增長 9% 至 10%。在這兩項業務中，我們預計今年的大部分增長將來自客戶增長和組合。

We are reiterating our GAAP and non-GAAP operating income and earnings per share guidance for fiscal 2023. This demonstrates the resiliency of our diversified platform and business model.

我們重申 2023 財年的 GAAP 和非 GAAP 營業收入和每股收益指引。這表明我們多元化平台和商業模式的彈性。

So to recap, for fiscal year 2023, we expect total company revenue growth of 10% to 12%, GAAP operating income growth of 9% to 13%, non-GAAP operating income growth of 17% to 19%, GAAP diluted earnings per share to decline approximately 5% to 1%, and non-GAAP diluted earnings per share growth of 15% to 17%.

回顧一下，對於 2023 財年，我們預計公司總收入增長 10% 至 12%，GAAP 營業收入增長 9% 至 13%，非 GAAP 營業收入增長 17% 至 19%，GAAP 攤薄每股收益份額下降約 5% 至 1%，非 GAAP 攤薄後每股收益增長 15% 至 17%。

Our guidance for the second quarter of fiscal 2023 includes revenue growth of 8% to 9%, GAAP loss per share of $0.29 to $0.23, and non-GAAP earnings per share of $1.41 to $1.45. You can also find our full fiscal 2023 and Q2 guidance details in our press release and on our fact sheet.

我們對 2023 財年第二季度的指引包括收入增長 8% 至 9%，GAAP 每股虧損 0.29 美元至 0.23 美元，非 GAAP 每股收益 1.41 美元至 1.45 美元。您還可以在我們的新聞稿和情況說明書中找到我們完整的 2023 財年和第二季度指導細節。

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

有了這個，我會把它轉回給 Sasan。

Great. Thank you, Michelle. As you all heard from Michelle and I, we're seeing continued momentum as a result of our strategy of being a global AI-driven expert platform, growing Intuit double digits with margin expansion. 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.

偉大的。謝謝你，米歇爾。正如你們都從米歇爾和我那裡聽到的那樣，由於我們成為全球人工智能驅動的專家平台的戰略，我們看到了持續的勢頭，隨著利潤率的擴大，Intuit 實現了兩位數的增長。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。

And with that, let me turn it over to your questions.

有了這個，讓我把它交給你的問題。

Our first question will come from the line of Siti Panigrahi with Mizuho.

我們的第一個問題將來自 Siti Panigrahi 與 Mizuho 的對話。

Sasan, you lowered your Credit Karma growth now from 10% to 15% growth to decline now 15% to 10%. Just want to dig a little bit into your assumption for the remaining quarters in this fiscal year. Where do you see -- how conservative is this guidance? And I know that the Karma guarantee will be rolled out sometime later this year. Where can we see some kind of upside surprise if macro stays at the current level?

Sasan，您將 Credit Karma 增長率從現在的 10% 降低到 15%，現在降低到 15% 到 10%。只想深入了解一下您對本財年剩餘季度的假設。你在哪裡看到 - 這個指南有多保守？我知道 Karma 保證將在今年晚些時候推出。如果宏觀經濟保持在當前水平，我們在哪裡可以看到某種上行驚喜？

Yes. Thanks for your question, Siti. So a couple of things. One, as you heard from Michelle, we took the current sort of trends that we were seeing in sort of end of October into November into account. But we also very intentionally included further conservatism, deterioration just to be prudent.

是的。謝謝你的問題，西蒂。所以有幾件事。第一，正如你從米歇爾那裡聽到的那樣，我們考慮了我們在 10 月底到 11 月期間看到的當前趨勢。但我們也非常有意地包括進一步的保守主義，為了謹慎起見惡化。

And so when we look at things around delinquency rates and unemployment, which is really what financial institutions look at to make future decisions, although they are at historical lows, the assumption is that they're going to deteriorate. And so we just assumed that they will significantly deteriorate, and we wanted to include that in our go-forward guidance.

因此，當我們審視有關拖欠率和失業率的問題時，這實際上是金融機構在做出未來決策時所考慮的因素，儘管它們處於歷史低位，但假設它們將會惡化。因此，我們只是假設它們會顯著惡化，我們希望將其納入我們的前瞻性指導中。

We take a lot of pride in the commitments that we make at the company level, and we want to make sure that we're very prudent in terms of the assumptions that we made with the guidance going forward.

我們對我們在公司層面做出的承諾感到非常自豪，我們希望確保我們在對未來的指導做出的假設方面非常謹慎。

With that said, I think what I would amplify is our innovation that we talked about at Investor Day. Beyond things like Karma Guarantee, we are actually -- we have launched, it's almost at full scale, something called the Marketplace, where we're giving more exposure to personalized experiences around cards and personal loans to our members.

話雖如此，我認為我要強調的是我們在投資者日談到的創新。除了 Karma Guarantee 之類的東西，我們實際上 - 我們已經推出，它幾乎是全面的，一個叫做 Marketplace 的東西，我們正在為我們的會員提供更多關於卡片和個人貸款的個性化體驗。

And now with the integration of Mint and Credit Karma, which was part of our refreshed Big Bet 3 vision that we talked about at Investor Day, we expect in the future to have additional sort of capabilities and innovations for our prime customers, which has not been our sweet spot in -- on the Credit Karma platform.

現在，隨著 Mint 和 Credit Karma 的整合，這是我們在投資者日談到的更新後的 Big Bet 3 願景的一部分，我們希望在未來為我們的主要客戶提供更多的能力和創新，這還沒有一直是我們的甜蜜點——在 Credit Karma 平台上。

So we are leaning into our innovation and those possibilities. We are not counting on any of that impacting the growth rate that you just heard from Michelle and I for the fiscal year, and we just simply believe that's the right thing to do.

所以我們傾向於我們的創新和那些可能性。我們不指望任何影響您剛剛從米歇爾和我那裡聽到的財政年度增長率的因素，我們只是相信這是正確的做法。

Great. And then a quick follow-up on the small business side. That's pretty impressive quarter, and it grew 19% organically. And if I look at your guidance for remaining 3 quarters, you just have to grow 14% to hit your guidance. You already -- like you talked about price mix shift and -- or you already raised pricing 10% to 25%. So what are you seeing in the small business side? And what are your assumptions for the remaining of the year?

偉大的。然後是小型企業方面的快速跟進。這是一個令人印象深刻的季度，有機增長了 19%。如果我查看您對剩餘 3 個季度的指導，您只需增長 14% 即可達到您的指導。你已經——就像你談到價格組合轉變——或者你已經將定價提高了 10% 到 25%。那麼您在小型企業方面看到了什麼？您對今年剩餘時間的假設是什麼？

Yes. Sure. Absolutely. First of all, I would start by saying we have a lot of visibility into things around consumer spending, which is charge volume. We see the number of employees, whether they're going up and down. We see a number of hours worked. We see cash reserves. And of course, there's our metrics around acquisition, retention, payments and payroll volume and also what we see across Mailchimp.

是的。當然。絕對地。首先，我首先要說的是，我們對消費者支出方面的事情有很多了解，也就是收費量。我們看到員工的數量，無論他們是在上升還是下降。我們看到工作了幾個小時。我們看到現金儲備。當然，還有我們關於獲取、保留、支付和薪資數量的指標，以及我們在 Mailchimp 上看到的指標。

And what we're seeing across the board is a continued flight to digitization. If you use our payments capability, you get paid faster, and cash flow is more critical in this environment. If you use our payroll capabilities, you're actually able to reduce errors and pay your employees and have money moved from your bank account to their bank account same day versus 2 weeks in advance.

我們全面看到的是數字化的持續發展。如果您使用我們的支付功能，您可以更快地獲得付款，並且現金流在這種環境下更為重要。如果您使用我們的工資核算功能，您實際上可以減少錯誤並向您的員工支付工資，並在當天將錢從您的銀行賬戶轉移到他們的銀行賬戶，而不是提前 2 週。

With the use -- innovation that you've heard from us on Mailchimp, we're actually starting to see customer growth tick up. And so those are just illustrative examples are -- we're just continuing to see based on our innovation a flight to digitization, which is the strength that you heard from us in the first quarter. And we expect that momentum to continue the rest of the year. And we remain steadfast on our guidance until we see more quarters, but it is not at all about our sentiment about small business. We actually feel very good about what we're seeing across the board in small business.

通過使用 - 您在 Mailchimp 上從我們那裡聽到的創新，我們實際上開始看到客戶增長加快。所以這些只是說明性的例子 - 我們只是繼續看到基於我們的創新的數字化飛行，這是你在第一季度從我們那裡聽到的力量。我們預計這一勢頭將在今年餘下時間繼續。在我們看到更多季度之前，我們仍然堅持我們的指導方針，但這與我們對小企業的看法無關。實際上，我們對我們在小型企業中看到的情況感到非常滿意。

Your next question will come from the line of Brad Sills with Bank of America Securities.

您的下一個問題將來自美國銀行證券公司的 Brad Sills。

Just a question on the reiterated operating income guide. You lowered top line by, it looks like, about $700 million, yet you're able to sustain your operating income guidance, which is impressive and it speaks to the flexibility in your model. Michelle, you alluded to some adjustments that were made. If you could just provide a little bit of color as to where those adjustments were made in the business.

只是關於重申營業收入指南的問題。你降低了收入，看起來大約 7 億美元，但你能夠維持你的營業收入指導，這令人印象深刻，它說明了你模型的靈活性。米歇爾，你提到了一些調整。如果您能提供一些顏色來說明這些調整是在業務中進行的。

Yes. Brad...

是的。布拉德...

Sorry, Michelle, go ahead. I was going to ask who the question was for. But Michelle, please go ahead.

對不起，米歇爾，繼續。我正想問這個問題是給誰的。但是米歇爾，請繼續。

No worries. No worries. Thank you, Brad. Yes, it is one of the things that we feel very good about. As I talked about on a previous call, when we were going through our planning for this year, we were really looking at making sure we had identified areas that we could take action on, the levers we could pull if we did see the macro environment get worse. Those things look like marketing expenses, things that we just don't think are going to pay off in the near term; other areas like travel, discretionary spend. But we are protecting R&D and our innovation.

不用擔心。不用擔心。謝謝你，布拉德。是的，這是我們感覺非常好的事情之一。正如我在之前的電話會議上所說的那樣，當我們制定今年的計劃時，我們確實在考慮確保我們已經確定了我們可以採取行動的領域，如果我們確實看到了宏觀環境，我們可以採取的措施變得更糟。這些東西看起來像是營銷費用，我們認為短期內不會有回報的東西；其他領域，如旅行、可自由支配的支出。但我們正在保護研發和我們的創新。

And we are continuing to invest. Our investments and our head count continue to go up across the company. And yes, Credit Karma, we have taken the revenue down with a revenue hit there. But when we look at really being able to manage our expenses, it is looking across the company holistically and really focusing on the areas where we think we're not going to see as much return in the short term so that we can continue to focus longer term and drive the innovation.

我們正在繼續投資。我們的投資和我們的員工人數在整個公司繼續增加。是的，Credit Karma，我們已經降低了收入，因為那裡的收入受到了打擊。但是，當我們著眼於真正能夠管理我們的開支時，它是從整體上審視整個公司，真正關注我們認為在短期內不會看到太多回報的領域，以便我們可以繼續關注長期並推動創新。

Excellent. And Sasan, one for you, if I may, please. Last year, we saw a little bit of moderation in TurboTax ASP growth. You talked a little bit about that at the Analyst Day. I think it was 4% on paid ARPU versus, I think, 8% in prior years. If you could elaborate a bit on what went on there. And should we see some acceleration here? Now that you're getting into more experience with TT Live and full service, might we actually see some acceleration in TurboTax ARPU?

出色的。還有 Sasan，如果可以的話，請給你一個。去年，我們看到 TurboTax ASP 增長略有放緩。你在分析師日談到了一點。我認為付費 ARPU 為 4%，而前幾年為 8%。如果你能詳細說明那裡發生了什麼。我們應該在這裡看到一些加速嗎？既然您對 TT Live 和全方位服務有了更多的體驗，我們是否真的會看到 TurboTax ARPU 有所加速？

Sure. Absolutely. I think the way to think about it is in the long term and from a trajectory perspective, we should see ARPU go up. And now every year, strategically, we make decisions in terms of where we may expand our free offering or where we may increase price based on the leverage that we see in the marketplace, which is primarily in our assisted offerings. And those were some of the adjustments that we made last year.

當然。絕對地。我認為從長遠來看，從軌蹟的角度來看，我們應該看到 ARPU 上升。現在每年，從戰略上講，我們都會根據我們在市場上看到的影響力（主要是我們的輔助產品）來決定我們可以在哪裡擴展我們的免費產品或我們可以在哪裡提高價格。這些是我們去年所做的一些調整。

And as we look into this year, we actually feel very good about our do-it-yourself platform lineup. And really, our biggest leverage is going to come from accelerating what we're seeing across the TurboTax Live platform, which is really where the growth is coming from. It's really where the ARPU comes from, and it's where our biggest opportunity is with a $20 billion TAM in front of us. And of course, over time, opening up an additional $10 billion TAM with business taxes.

展望今年，我們對自己動手做的平台陣容感到非常滿意。實際上，我們最大的影響力將來自加速我們在 TurboTax Live 平台上看到的東西，這確實是增長的來源。這確實是 ARPU 的來源，也是我們最大的機會，我們面前有 200 億美元的 TAM。當然，隨著時間的推移，通過營業稅開放額外的 100 億美元 TAM。

So that was really the intent and the logic behind why ARPU was probably a little bit slower growth last year versus prior years. And I think the way to think about it is we're going to continue to see ARPU growth into the future, and a lot of it will come from the assisted segment. And that's really part of our plan that we're executing against this coming year.

所以這就是為什麼去年 ARPU 的增長可能比往年慢一點的意圖和邏輯。而且我認為考慮它的方式是我們將繼續看到未來的 ARPU 增長，其中很多將來自輔助部分。這確實是我們明年要執行的計劃的一部分。

Your next question will come from the line of Brad Zelnick with Deutsche Bank.

你的下一個問題將來自德意志銀行的 Brad Zelnick。

Can you guys hear me?

你們能聽到我說話嗎？

Yes. Perfect.

是的。完美的。

Great. Sasan, you guys are always very transparent, great disclosure. And my question is maybe a little bit bigger picture. Can you talk about the opportunity to open up and externalize into its platform services to third parties for developing their own apps with live expert functionality, rich data services, money movement perhaps, and the things that are making you so successful?

偉大的。 Sasan，你們總是非常透明，大揭露。我的問題可能是一個更大的問題。你能談談向第三方開放和外部化其平台服務的機會，以開發他們自己的應用程序，這些應用程序具有實時專家功能、豐富的數據服務、資金流動，以及讓你如此成功的因素嗎？

Yes. Absolutely. Great question. This was actually, at Investor Day, one of our, what we call Horizon 3 ideas that we have invested in, which is around externalizing services. So first and foremost, we do see a big problem space out there where developers and partners and firms look to access and have a need for things like around our virtual expert platform services to connect people to experts, or had a use for our identity services and have a use for our fraud and risk capabilities. So there's a lot of services that we have across our platform that you heard Mariana talk about of which there is a need for those services externally.

是的。絕對地。很好的問題。實際上，在投資者日，這是我們投資的 Horizon 3 想法之一，它圍繞著外部化服務。因此，首先，我們確實看到了一個很大的問題空間，開發人員、合作夥伴和公司希望訪問並需要像我們的虛擬專家平台服務這樣的東西來將人們與專家聯繫起來，或者使用我們的身份服務並利用我們的欺詐和風險能力。因此，我們的平台上有很多服務，您聽到 Mariana 談到這些服務是外部需要這些服務的。

Now we want to be very choiceful and intentional what we choose to externalize and what we choose not to externalize and what problems we choose to solve and which ones we intentionally choose not to solve. But we do believe it as an opportunity. It's actually something that we funded about a little bit over 15 months ago, and we have a mission-based team that is working on it. And when we have more to share in terms of launches and anything that we think over time will be material for all of you to be aware, we'll be the first to share with you. But we do see it as an exciting Horizon 3 idea that's been funded and are excited about the prospects of it.

現在我們想要非常有選擇性和有意識地選擇外化什麼，不選擇外化什麼，選擇解決什麼問題，有意選擇不解決什麼問題。但我們確實認為這是一個機會。實際上，我們在 15 個多月前資助了一些東西，我們有一個基於任務的團隊正在研究它。當我們在發布方面有更多要分享的內容時，以及我們認為隨著時間的推移對你們所有人來說都很重要的任何事情時，我們將第一個與你們分享。但我們確實將其視為一個令人興奮的 Horizon 3 想法，該想法已獲得資助，並對它的前景感到興奮。

Your next question will come from the line of Raimo Lenschow with Barclays.

您的下一個問題將來自巴克萊銀行的 Raimo Lenschow。

I wanted to ask on Mailchimp. So last quarter, you pointed out that you were kind of working on go-to-market a little bit. You wanted to adjust that. This sound -- this quarter, you sounded better, and it looks like you're using Mailchimp like the lead to go -- to attack the international markets more broadly. Can you speak a little bit about what you do there, the progress that you're making, where you are in that journey, please?

我想在 Mailchimp 上提問。所以上個季度，你指出你正在努力進入市場。你想調整它。這個聲音——這個季度，你聽起來更好了，看起來你正在使用 Mailchimp 作為領先者——更廣泛地進軍國際市場。你能談談你在那裡做了什麼，你正在取得的進步，你在那段旅程中的位置嗎？

Yes. Absolutely. First of all, I'll just state that I'm really excited about Rania that we just put into the business and the leadership team that she is building in. It is the result of that leadership team where we are seeing accelerated innovation. And as I mentioned a moment ago, there's been a lot of innovation just in the last sort of 3 to 4 months in Mailchimp from an entirely new brand campaign where we communicate the benefit to how you can grow your business to SMBs, both on air and on -- through digital assets.

是的。絕對地。首先，我只想說，我對我們剛剛投入業務的 Rania 和她正在建立的領導團隊感到非常興奮。這是我們看到加速創新的領導團隊的結果。正如我剛才提到的，在過去的 3 到 4 個月裡，Mailchimp 進行了很多創新，來自一個全新的品牌活動，我們在活動中向中小企業傳達瞭如何發展業務的好處，兩者都是直播等等——通過數字資產。

We've redesigned our website. So when you come to us, you're very clear about the benefits that we offer, the choices that you have and why it can help fuel the success of your business, to then revamping the first-time use experience, along with what we have just implemented for, I would say, higher-value, larger Mailchimp customers and new customers that we want to pursue, which is a 1-hour assisted onboarding to help you get on to the platform, to help you understand the benefits of the platform.

我們重新設計了我們的網站。因此，當您來找我們時，您會非常清楚我們提供的好處、您擁有的選擇以及為什麼它可以幫助推動您的業務成功，然後改進首次使用體驗，以及我們提供的服務剛剛實施，我會說，更高價值，更大的 Mailchimp 客戶和我們想要追求的新客戶，這是一個 1 小時的輔助入職，幫助您進入平台，幫助您了解的好處平台。

And in context of what we've shared around international and Mailchimp as sort of the lead internationally, we are right now focused on localizing the language. Where we have localized language versus not, we have more than 13 points conversion variants. And so of course, localized language is one of our largest levers internationally, along with having a playbook that we're putting in place around go-to-market to raise awareness.

在我們圍繞國際和 Mailchimp 作為國際領先者所分享的內容的背景下，我們現在專注於本地化語言。在我們有本地化語言和沒有本地化語言的地方，我們有超過 13 個點的轉換變體。因此，當然，本地化語言是我們在國際上最大的槓桿之一，還有我們正在圍繞進入市場製定的劇本以提高知名度。

So a lot of those things we have already launched that I mentioned, and the localizing languages we're working on as we speak. And a lot of what we -- what I just shared, we're starting to see a real impact from customer uptick, expansion revenue. And we're excited about the possibilities and the momentum that the leadership team is building.

所以我提到的很多我們已經推出的東西，以及我們正在開發的本地化語言。還有很多我們 - 我剛剛分享的內容，我們開始看到客戶增加和收入增加的真正影響。我們對領導團隊正在建立的可能性和勢頭感到興奮。

Your next question will come from the line of Kirk Materne with Evercore.

您的下一個問題將來自 Kirk Materne 與 Evercore 的合作。

Congrats on a good quarter. Sasan, you all are in a somewhat unique position that you get to see demand -- sort of demand on both the front-office side as well as sort of the back-office side with Mailchimp and then QuickBooks. I was wondering if you could give us any when you look at the demand indicators from a front-office perspective or a back-office perspective. Are they similar? Are they different?

祝賀一個好的季度。 Sasan，你們都處於一個有點獨特的位置，你可以看到需求——在前台和後台都有 Mailchimp 和 QuickBooks 的需求。我想知道當您從前台或後台的角度來看需求指標時，您是否可以給我們任何信息。它們相似嗎？他們有什麼不同嗎？

Is there anything you've noticed now that you get to have some insight into sort of that other part of the -- of essentially the operating ecosystem of your customers? Obviously, there's just a lot of discussion in the market right now between front-office and back-office demand. So I was wondering if you can enlighten us, I guess, with any of your thoughts on that.

您現在有沒有註意到您對客戶的運營生態系統的其他部分有一些洞察力？顯然，目前市場上對前台和後台需求的討論很多。所以我想知道你是否可以啟發我們，我想，你對此有什麼想法。

Yes. Sure, Kirk. And let me try to be descriptive about it, so I'm not overly generic. I think our customers that we serve, the small businesses between 0 to 100 employees, don't as much think about back office, front office. They just really look to have a platform to be able to grow their business and to be able to manage their cash flow.

是的。當然，柯克。讓我嘗試對其進行描述，這樣我就不會過於籠統。我認為我們服務的客戶，即 0 到 100 名員工之間的小型企業，不會過多考慮後台和前台。他們只是真的希望有一個平台能夠發展他們的業務並能夠管理他們的現金流。

So if you think about our QuickBooks platform, let me start there, and I'll get to Mailchimp in a moment. Really, QuickBooks helps you manage your cash flow, all your money coming in and money going out. And the notion of digitization is really important for customers, which is why we're enjoying the growth that we just shared. And that really comes down to customers can use QuickBooks to be organized.

因此，如果您考慮我們的 QuickBooks 平台，讓我從這裡開始，稍後我將介紹 Mailchimp。確實，QuickBooks 可以幫助您管理現金流、所有資金的流入和流出。數字化的概念對客戶來說非常重要，這就是為什麼我們正在享受我們剛剛分享的增長。這真的歸結為客戶可以使用 QuickBooks 進行組織。

They can get paid much faster with -- using our payments capabilities. They can get access to capital. They can have instant money flow from their bank to their employees' banks by using our payroll. If they're out in the field, they can use our time tracking so everything is automated. All those things are about digitization. And the way small businesses think about it is it actually helps them with their cash flow because we also -- with all those capabilities, project your cash flow. So that's the real big value sort of QuickBooks.

他們可以更快地獲得報酬——使用我們的支付能力。他們可以獲得資本。通過使用我們的工資單，他們可以讓資金從他們的銀行即時流到他們員工的銀行。如果他們在外地，他們可以使用我們的時間跟踪，這樣一切都是自動化的。所有這些都與數字化有關。小企業的想法是，它實際上可以幫助他們改善現金流，因為我們也——憑藉所有這些能力，預測你的現金流。所以這才是 QuickBooks 的真正大價值。

And then you add to that Mailchimp. The real value of Mailchimp is don't think about it as these are not enterprise customers. These are smaller -- small businesses that where their sort of lifeline comes from being able to reach out and manage their existing customers, but also effectively be able to grow their customer base. And so the reason we're continuing to see an uptick based on our innovation and based on just good execution. And I think the best is yet ahead of us in Mailchimp, is that is separate and distinct from do I spend more money on advertising dollars. When you use Mailchimp, you have the ability to use our tools with a subscription that you pay on a monthly basis to be able to, in an automated way, reach out to your customers, market to new customers. And we're seeing sort of equal demand, if I go back to your frame of front office versus back office. I think where there is slower spend and declining is spending money on advertising dollars.

然後你添加到那個 Mailchimp。 Mailchimp 的真正價值在於不要考慮它，因為這些不是企業客戶。這些是規模較小的小型企業，它們的生命線來自於能夠接觸和管理現有客戶，但也能夠有效地擴大客戶群。因此，我們繼續看到基於我們的創新和良好執行的增長的原因。而且我認為 Mailchimp 中最好的還在我們前面，它與我在廣告上花費更多的錢是分開的和不同的。當您使用 Mailchimp 時，您可以使用我們的工具和您按月支付的訂閱，以便能夠以自動化的方式接觸您的客戶，向新客戶進行營銷。如果我回到你的前台和後台框架，我們會看到某種程度的需求。我認為支出放緩和下降的地方是花在廣告上的錢。

That is not what Mailchimp is. Mailchimp is not impacted by advertising dollars. It's actually a -- it's a platform that you use to be able to manage your customers even if you choose to spend less advertising dollars. You can still use Mailchimp very effectively to be able to manage your customers. So that's why the demand is strong with Mailchimp and QuickBooks, and that's really what we see across the platform.

這不是 Mailchimp 是什麼。 Mailchimp 不受廣告收入的影響。它實際上是一個 - 它是一個您可以用來管理客戶的平台，即使您選擇花費更少的廣告費用。您仍然可以非常有效地使用 Mailchimp 來管理您的客戶。這就是為什麼 Mailchimp 和 QuickBooks 的需求如此強勁，而這正是我們在整個平台上看到的。

Your next question will come from the line of Keith Weiss with Morgan Stanley.

你的下一個問題將來自 Keith Weiss 與摩根士丹利的合作。

Next quarter in Q1. The question that we're all going to get tomorrow from investors is, is the outlook derisked? So I wanted to dig into kind of like your guys thought process. When you're talking about Credit Karma, you told us that -- you looked at sort of the trends that happened in -- at the end of the quarter in the last couple of weeks, and you assume that those trends deteriorate a little bit further on a go-forward basis to get a conservative Credit Karma guide.

下一季度第一季度。明天我們將從投資者那裡得到的問題是，前景是否受到威脅？所以我想深入了解一下你們的思維過程。當你談論 Credit Karma 時，你告訴我們 - 你查看了過去幾周季度末發生的某種趨勢，並且你認為這些趨勢會稍微惡化在前進的基礎上進一步獲得保守的 Credit Karma 指南。

Can you talk to us about -- like you didn't change any of the other numbers. All the other sort of business lines are kind of intact with your prior expectations. But is there any similar kind of derisking then? Like are you assuming any degradation in the underlying business for QBO or Mailchimp or like any of the other businesses in a similar way you are Credit Karma?

你能和我們談談——就像你沒有改變任何其他數字一樣。所有其他類型的業務線都與您之前的期望保持一致。但是有沒有類似的去風險化呢？你是否假設 QBO 或 Mailchimp 的基礎業務有任何退化，或者像 Credit Karma 一樣以類似的方式與任何其他業務一樣？

Yes. Keith, thank you for your question. And I just want to acknowledge that you and others were pushing us on our Credit Karma guide at Investor Day. And let me just start at the top level to share sort of what we've learned and what we've adjusted, and then I'll answer your question.

是的。基思，謝謝你的問題。我只想承認你和其他人在投資者日推動我們制定了我們的 Credit Karma 指南。讓我從頂層開始分享我們學到的東西和調整的東西，然後我會回答你的問題。

When we look across tax, which is 35% of the company; and then when you look at across small business, which is over 50% of the company, so that's like 86% of the company, we have sort of -- which includes Mailchimp, we have proven and tried KPIs that allows us to see things well into sort of the future not only to ensure that we're investing in all the right things, but also be able to be very intentional and thoughtful about how we guide because we take our guidance very seriously.

當我們查看稅收時，這是公司的 35%；然後當你看小企業時，它占公司的 50% 以上，大約占公司的 86%，我們有點——包括 Mailchimp，我們已經證明並嘗試了 KPI 讓我們看到事情很好地進入未來，不僅可以確保我們投資於所有正確的事情，而且還能夠非常有意識地考慮我們如何指導，因為我們非常認真地對待我們的指導。

One of the things that we learned with Credit Karma is there are 2 factors that we look at but we did not take into account: one is unemployment, the other is delinquency rate. And what I mean by that, not taking it into account as we view it, we look at it, and they're at historical lows. And the one thing that we learned from this process, what we are adjusting and have adjusted our KPIs is just looking at where they are today, but also projecting where they could be a year from now. And ultimately, projecting what could happen if we were sitting in the shoes of some of the partners that are on our platform.

我們從 Credit Karma 中學到的一件事是，有兩個我們關注但沒有考慮的因素：一個是失業率，另一個是拖欠率。我的意思是，沒有考慮到我們所看到的，我們看了一下，它們處於歷史低點。我們從這個過程中學到的一件事是，我們正在調整和調整我們的 KPI 只是看看他們今天的位置，但也預測他們從現在起一年後的位置。最終，預測如果我們站在我們平台上的一些合作夥伴的立場上會發生什麼。

So that is a very important shift, which actually gets at the point you made around our Credit Karma guidance. We feel that it is absolutely derisked. We -- as you heard from Michelle and I, we have built a deterioration and conservatism in the back half of the year because we have taken into account uptick in both unemployment and delinquency rates, and therefore, have put out a guidance that we believe is derisked.

所以這是一個非常重要的轉變，實際上是在你圍繞我們的 Credit Karma 指南所做的事情上。我們認為它絕對被低估了。我們 - 正如你從米歇爾和我那裡聽到的那樣，我們在今年下半年建立了惡化和保守主義，因為我們已經考慮到失業率和拖欠率的上升，因此提出了我們認為的指導被貶低了。

To go to the second part of your question, tax, which is 35% of the company, that is really economically resilient. So let me focus my answer on Small Business. Because of our KPIs and the rich data that we have access to and what we see within Small Business, we actually feel like our guidance in Small Business is derisked because we make certain assumptions around how things will potentially play out the remainder of the year that we took into account when we set the initial guidance, and we still feel very good about the guidance. And you can see based on what we delivered in Q1, we can just do the math and see what it means for the rest of the year. So we feel very good about the way we set guidance in those 2 businesses. We feel very good about the guidance in those areas for the rest of the year. And hopefully, my explanation made sense around Credit Karma.

轉到問題的第二部分，稅收占公司的 35%，這在經濟上確實具有彈性。因此，讓我將我的答案集中在小型企業上。由於我們的 KPI 和我們可以訪問的豐富數據以及我們在 Small Business 中看到的內容，我們實際上覺得我們在 Small Business 中的指導被取消了風險，因為我們對今年剩餘時間可能發生的事情做出了某些假設我們在設置初始指導的時候就考慮到了，我們對這個指導感覺還是很好的。你可以看到，根據我們在第一季度交付的成果，我們可以計算一下，看看它對今年剩餘時間的意義。因此，我們對我們在這兩項業務中設定指導的方式感到非常滿意。我們對今年餘下時間在這些領域的指導感到非常滿意。希望我的解釋對 Credit Karma 有意義。

Got it. Yes, that's super helpful. And then just one clarification question. On Mailchimp, it looks like the revenues was basically flat, maybe down a little bit sequentially. I'm assuming there is a currency impact in there. Can you -- is there like a constant currency number that we could see kind of like how it grew sequentially?

知道了。是的，這非常有幫助。然後只有一個澄清問題。在 Mailchimp 上，收入看起來基本持平，可能環比有所下降。我假設那裡有貨幣影響。你能不能——是否有一個恆定的貨幣數字，我們可以看到它是如何連續增長的？

Yes. It's actually -- it is in constant currency. I mean maybe, Michelle, I'll let you chime in here in a moment. But I think what I would say is we -- when you look at our innovation and when you look at our customer uptick and the expansion revenue that we're starting to see, it's actually very much in line with what we would have expected because a lot of our innovation that is in place is actually now accelerating the growth of the business.

是的。它實際上是 - 它是固定貨幣。我的意思是，也許，米歇爾，我會讓你馬上插話。但我想我要說的是我們——當你看看我們的創新，當你看看我們的客戶增長和我們開始看到的擴張收入時，它實際上非常符合我們的預期，因為我們的許多創新實際上正在加速業務的增長。

Because remember, this business was run for cash flow and profitability, and now we're running it for growth. And we're actually quite pleased with the impact that we're starting to see, and we would expect that to accelerate in the upcoming quarters. But Michelle, do you want to chime in on the currency version?

因為請記住，這項業務是為了現金流和盈利能力而運營，而現在我們正在為增長而運營。我們實際上對我們開始看到的影響感到非常滿意，我們預計這種影響會在接下來的幾個季度加速。但是米歇爾，你想插話貨幣版本嗎？

Yes. The only thing I would clarify is that Mailchimp actually sold at U.S. dollars, and so there isn't a currency impact there for the international, even though 50% of their sales are outside the U.S.

是的。我唯一要澄清的是，Mailchimp 實際上是以美元銷售的，因此對國際市場沒有貨幣影響，儘管他們 50% 的銷售額在美國以外。

Your next question will come from the line of Kash Rangan with Goldman Sachs.

你的下一個問題將來自 Kash Rangan 與高盛的合作。

Congrats on the results. Sasan and Michelle, curious to get your perspective. We don't like recessions, but this is a recession -- maybe it's a recession that we've all been anticipating. It's the most widely anticipated one. So what are the assumptions that you have incorporated in your forecasting for the foreseeable future? I mean, is it an uptick in attrition or maybe the expansion rates come down a little bit? I'm just curious to get your thoughts on what you've dialed in with your current go around of trajections.

祝賀結果。 Sasan 和 Michelle，很想知道您的觀點。我們不喜歡衰退，但這是一場衰退——也許這是一場我們一直在預期的衰退。這是最受期待的。那麼，您在可預見的未來的預測中採用了哪些假設？我的意思是，這是人員流失率上升還是擴張率略有下降？我只是想知道你對你當前的軌跡所撥入的內容的想法。

And also, Sasan, if you could talk about payments. You clearly demoed at the analyst event, very, very impressive. Clearly, it's got a lot of potential. What should we be expecting? What are you expecting in your payments business in the medium term to long term? What are your goals?

還有，Sasan，如果你能談談付款的話。你在分析師活動中清楚地展示了，非常非常令人印象深刻。顯然，它有很大的潛力。我們應該期待什麼？從中長期來看，您對您的支付業務有何期望？你的目標是什麼？

Yes. Thanks for the question, Kash. Just in terms of your question around assumptions, I think on Credit Karma, hopefully, what I just shared a moment ago resonated in that. We are assuming sort of further deterioration and conservatism in the back half of the year -- or the remainder of the year, I should say, despite a lot of innovation that is still coming to market because we're just -- we're making assumptions around unemployment going up, delinquency rates getting worse, which means that financial institutions, although we're one of the last platforms they pull off of that they will be conservative in terms of their investment levels. So those are the assumptions that we've made for the remainder of the fiscal year for Credit Karma.

是的。謝謝你的問題，卡什。就你關於假設的問題而言，我認為 Credit Karma，希望我剛才分享的內容能引起共鳴。我們假設今年下半年或今年剩餘時間會進一步惡化和保守主義，我應該說，儘管許多創新仍在進入市場，因為我們只是 - 我們是假設失業率上升，拖欠率越來越高，這意味著金融機構，儘管我們是他們最後一個平台之一，但他們在投資水平方面將保持保守。因此，這些是我們為 Credit Karma 本財年剩餘時間做出的假設。

And for Small Business, a lot of the strength that we're continuing to see is just -- it's a shift to digitization from folks that are already on our platform. So we have a lot of customers that are on our platform. If you remember, we used the figure out there -- there's $2 trillion of invoices being managed on our platform, and we have over $100 million that as part of our -- well over $100 million as part of our payments charge volume, which means we have a huge opportunity to penetrate that within our existing base.

對於小型企業，我們繼續看到的很多力量只是 - 這是已經在我們平台上的人們向數字化的轉變。所以我們的平台上有很多客戶。如果你還記得的話，我們在那裡使用了這個數字——我們的平台上管理著 2 萬億美元的發票，我們有超過 1 億美元作為我們的一部分——遠遠超過 1 億美元作為我們支付費用的一部分，這意味著我們有很大的機會在我們現有的基礎上滲透它。

And I use that just as an illustrative example, Kash. To answer your question, we're not making any assumptions around payments uptick because the macro environment will get better in the second half of the year. We're actually assuming that a lot of the growth that we are seeing is just continuing shift to digitization from those that are on our platform.

我用它作為一個說明性的例子，卡什。為了回答你的問題，我們不會對支付增加做出任何假設，因為下半年宏觀環境會好轉。我們實際上假設我們看到的很多增長只是繼續從我們平台上的那些轉向數字化。

And so we make customer acquisition assumptions. We make attrition assumptions. We'll look at assumptions around payments and payroll that are really in the context of how we feel about the environment going forward. Although we're not seeing it within our SMB segment, we are assuming a level of conservatism as we think about the remainder of the year. And those are the assumptions that we've made for both Small Business and Credit Karma.

因此，我們做出客戶獲取假設。我們做出損耗假設。我們將根據我們對未來環境的看法來審視有關支付和工資的假設。儘管我們沒有在我們的 SMB 細分市場中看到它，但我們在考慮今年剩餘時間時會採取一定程度的保守主義態度。這些是我們為小型企業和信用業力所做的假設。

And tax, again, tax is economically resilient. We pretty much make assumptions based on our penetration in the assisted segment. And that's really -- that and the total number of IRS returns is where our assumptions come from. And again, those are -- that's economically resilient. So that's how we think about the guide going forward as we just reiterated.

同樣，稅收在經濟上具有彈性。我們幾乎根據我們在輔助領域的滲透率做出假設。這確實是——美國國稅局退稅的總數就是我們假設的來源。再一次，那些是 - 這在經濟上具有彈性。正如我們剛剛重申的那樣，這就是我們對指南的看法。

In terms of payments, listen, payments is one of the areas that we're the most excited about. If I had to pick a couple of areas, it's Mailchimp, it's payments, and it's what we're doing to go upmarket and with QuickBooks Advanced and mid-market. And with payments, we spent 4 or 5 years building out all of our fraud and risk capabilities, all of our AI capabilities, and we're just innovating very fast with that team.

在付款方面，聽著，付款是我們最興奮的領域之一。如果我不得不選擇幾個領域，那就是 Mailchimp，它是支付，這是我們正在做的進入高端市場以及 QuickBooks Advanced 和中端市場的工作。在支付方面，我們花了 4 到 5 年的時間來構建我們所有的欺詐和風險能力，以及我們所有的 AI 能力，我們正在與該團隊一起快速創新。

And a lot of the future around what we can do to digitize B2B around what's possible with bill pay, that -- those are yet to come and not even in our forecast going forward. We just believe that there's so much room for penetration attached going forward. So hopefully, our (inaudible) payments has been to your liking, but we think our best is yet ahead of us.

很多未來圍繞著我們可以做些什麼來圍繞賬單支付的可能性將 B2B 數字化，這些還沒有到來，甚至不在我們的預測中。我們只是相信未來會有很大的滲透空間。因此，希望我們的（聽不清）付款符合您的喜好，但我們認為我們最好的還在前面。

Your next question will come from the line of Scott Schneeberger with Oppenheimer.

您的下一個問題將來自 Scott Schneeberger 與 Oppenheimer 的對話。

Sasan, I'm curious, I'm kind of honing in on Credit Karma and credit cards, which I believe is about half of the revenue. And please correct me if that's changed, perhaps gone up, based on what personal loans has done. But just how are you looking at credit cards? What are you seeing with consumers there?

Sasan，我很好奇，我正在研究 Credit Karma 和信用卡，我相信這大約佔收入的一半。如果根據個人貸款的情況發生變化，可能會上升，請糾正我。但是您如何看待信用卡？你對那裡的消費者有什麼看法？

I understand it was the strength in that segment of the quarter versus personal loans, home loans, auto loans, auto insurance. What -- specifically in the credit cards, is that strengthening -- or maybe not strengthening, but weakening a lot less? Just honing in on that specific segment, what are you seeing from the consumer?

我知道這是本季度該部分相對於個人貸款、住房貸款、汽車貸款、汽車保險的優勢。什麼 - 特別是在信用卡方面，是加強 - 或者可能不是加強，而是減弱得多？只是專注於那個特定的細分市場，你從消費者那裡看到了什麼？

Yes. Sure, Scott. First of all, it is -- as you said, it's a large part of the overall Credit Karma platform. With that said, I'll start with context that when you look at the 129 million customers or members that we serve on Credit Karma, the majority of our focus has been sub-prime and near-prime customers. And that's really a lot of our personalized experiences are for those cohorts.

是的。當然，斯科特。首先，正如您所說，它是整個 Credit Karma 平台的很大一部分。話雖如此，我將從背景開始，當您查看我們在 Credit Karma 上服務的 1.29 億客戶或會員時，我們的大部分關注點都是次級和接近優質的客戶。這確實是我們為這些群體提供的很多個性化體驗。

And one of the things that we're very excited about that we have shared at Investor Day is we're also building out capabilities and innovation for prime customers. And that's why we shifted Mint over, and we're combining the Mint and Credit Karma platform. So that context is important because as you hear my answer, just hear it from the lens of the majority of where our business comes from is sub-prime and near-prime. In the future, we'll also have capabilities, innovation and ultimately, revenue that will come up front and prime as well, which positions us really well in the marketplace.

我們在投資者日分享的一件令我們非常興奮的事情是，我們還在為主要客戶構建能力和創新。這就是我們轉移 Mint 的原因，我們將 Mint 和 Credit Karma 平台結合起來。所以這個背景很重要，因為當你聽到我的回答時，只是從我們業務的大部分來源的鏡頭中聽到它是次級和接近優質的。未來，我們還將擁有能力、創新以及最終的收入，這將成為最重要的，這將使我們在市場上處於非常有利的地位。

And with all of that said, in essence, yes, we're continuing to see growth in credit cards, but we're actually assuming that, that will really deteriorate the rest of the year based on unemployment going up and delinquency rates going up. And as you heard from both Michelle and I, we have built conservatism into the remainder of the year. And so there's -- which will ultimately result in declining growth rate. But what we saw in Q1 and the growth rate of the 2%, a lot of the headwinds in other verticals was offset by credit cards. But we have assumed that, that will get worse over time.

綜上所述，從本質上講，是的，我們繼續看到信用卡的增長，但我們實際上假設，由於失業率上升和拖欠率上升，今年餘下時間情況確實會惡化.正如你從米歇爾和我那裡聽到的那樣，我們在今年餘下的時間裡建立了保守主義。因此，這最終將導致增長率下降。但我們在第一季度看到的 2% 的增長率，其他垂直領域的許多不利因素都被信用卡抵消了。但我們假設，隨著時間的推移，情況會變得更糟。

Okay. Appreciate that. And then following on -- it's kind of more on the tax side, but overall, the guidance for the second quarter seems to be the most derisked with EPS down year-over-year. And that's an uncommon sequential change. But it sounds like the levers Michelle is pulling, it sounded like marketing and advertising was one of them. I infer that it's more in the small business side. But just curious on the tax side, are you doing anything differently now that we may have a more normal tax season versus the past few with regard to advertising timing or overall?

好的。感謝。然後繼續 - 它更多地是在稅收方面，但總體而言，第二季度的指導似乎是最危險的，每股收益同比下降。這是一個不常見的連續變化。但這聽起來像是米歇爾正在拉動的槓桿，聽起來營銷和廣告就是其中之一。我推斷更多是在小型企業方面。但只是對稅收方面感到好奇，現在我們可能有一個比過去幾個更正常的稅收季節，在廣告時間或整體方面，你有沒有做任何不同的事情？

Yes. Sure. I'm actually glad you asked about our second quarter guide of 8% to 9%. First of all, our momentum in Small Business continues into Q2. There are 2 elements that drive our guide of 8% to 9% revenue growth in second quarter. One is we always make assumptions for tax.

是的。當然。我真的很高興你問到我們第二季度 8% 到 9% 的指導。首先，我們在小型企業方面的勢頭一直持續到第二季度。有兩個因素推動我們第二季度收入增長 8% 至 9%。一是我們總是對稅收做出假設。

As you know, tax is tricky between second quarter and third quarter. And we make assumptions around when the IRS will open, forms availability, and those assumptions drive what we assume will happen in our tax business. And in some cases, we have elements of our tax business that actually we've assumed may decline in the second quarter. So that drives our guidance overall at the company level for Q2.

如您所知，稅收在第二季度和第三季度之間很棘手。我們圍繞美國國稅局何時開放、形成可用性做出假設，這些假設推動了我們假設在我們的稅務業務中會發生的事情。在某些情況下，我們實際上假設我們的稅務業務要素可能會在第二季度下降。因此，這推動了我們對第二季度公司層面的整體指導。

And then Q2 generally has been seasonally the weakest quarter for Credit Karma because of the month of November, December and January and then just the number of holidays. It's seasonally the weakest quarter. So when you combine our assumptions with tax and you combine our assumptions with Credit Karma, that's where you get Q2 where it is. And hopefully, that answers your question.

然後，由於 11 月、12 月和 1 月以及假期的數量，第二季度通常是 Credit Karma 的季節性最弱季度。這是季節性最疲軟的季度。因此，當您將我們的假設與稅收結合起來，並將我們的假設與 Credit Karma 結合起來時，這就是您獲得第二季度的地方。希望這能回答您的問題。

It does.

確實如此。

Your next question will come from the line of Alex Zukin with Wolfe Research.

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

This is Allan Verkhovski on for Alex Zukin. I think more people are warming up to your ability in hitting your SMB guide for the year despite the challenging macro. But I want to dig further into what you're seeing in the SMB segment today. Can you talk about what you saw around ARPC growth in the quarter, excluding the benefit you observed from the pricing increases that went into effect? It'd be helpful to get how much of a tailwind the pricing increase was in the quarter for QBO accounting and better understand the quarter how your growth levers, such as customer growth, upselling and cross-selling, were impacted from the macro, if at all?

這是 Allan Verkhovski 代替 Alex Zukin。儘管宏觀環境充滿挑戰，但我認為更多的人正在熱身於您在本年度達到 SMB 指南的能力。但我想進一步深入了解您今天在 SMB 細分市場中看到的內容。你能談談你在本季度看到的 ARPC 增長，不包括你從生效的價格上漲中觀察到的好處嗎？這將有助於了解本季度 QBO 會計的定價上漲有多大順風，並更好地了解本季度您的增長槓桿（例如客戶增長、追加銷售和交叉銷售）如何受到宏觀影響，如果在所有？

Yes. Sure. Absolutely. The majority of our guide for the year and what we also saw in Q1 actually came from customer growth and mix, and mix includes things like QuickBooks Advanced. And you saw from our online services growth of 28%, we're seeing really sort of good growth from Payroll, Payments, Time Tracking. And that, of course, excludes Mailchimp, and we talked about Mailchimp separately.

是的。當然。絕對地。我們今年的大部分指南以及我們在第一季度看到的內容實際上都來自客戶的增長和組合，而組合包括 QuickBooks Advanced 等內容。你從我們的在線服務增長 28% 中看到，我們從工資單、支付、時間跟踪中看到了真正的良好增長。當然，這不包括 Mailchimp，我們單獨討論了 Mailchimp。

So I think the short answer to your question is we are seeing the type of balance that we would want, which is our growth coming from customer growth and mix, and price will play an element -- a smaller element, but it plays an important element as we look at not only what we saw in Q1, but what we expect for the remainder of the year.

所以我認為對你的問題的簡短回答是我們正在看到我們想要的平衡類型，即我們的增長來自客戶的增長和組合，價格將發揮作用——一個較小的因素，但它起著重要的作用元素，因為我們不僅要看我們在第一季度看到的情況，還要看我們對今年剩餘時間的預期。

Got it. And just as a quick follow-up, if I may. On the Mailchimp front, I want to follow up to Keith's earlier point around Mailchimp revenues being sequentially relatively flat. Could you share maybe something more about maybe conversion rates? Or just a follow-up on the acceleration comment you made through the full year, just anything that could give us more color for how we think about potential revenue growth of Mailchimp for the full year?

知道了。如果可以的話，作為快速跟進。在 Mailchimp 方面，我想跟進 Keith 之前關於 Mailchimp 收入連續相對持平的觀點。你能分享更多關於轉化率的信息嗎？或者只是跟進你在全年所做的加速評論，任何可以讓我們更多地了解我們如何看待 Mailchimp 全年潛在收入增長的事情？

Yes. Yes. Absolutely. I mean if you go back to when we closed the deal almost a year ago, one of the things that we were very clear about, in addition to our excitement around the asset and the fact that now combined with QuickBooks, we can have one growth platform that can be the source of truth for -- and the source of growth for a small business, one of the things that we reiterated was that this was really a business that was run for profitability and it was run for cash flow.

是的。是的。絕對地。我的意思是，如果你回到將近一年前我們完成交易的時候，我們非常清楚的事情之一，除了我們對資產的興奮以及現在與 QuickBooks 結合的事實，我們可以有一個增長平台可以成為真相的來源 - 以及小型企業的增長來源，我們重申的一件事是，這實際上是一家以盈利為目的的企業，它是為現金流而經營的。

And even particularly in COVID times, where you saw a lot of front-office company accelerate, Mailchimp really didn't because, again, it was more run for cash flow and profitability. And so we worked very hard in the last year to put a playbook in place in context of the priorities that we've shared to accelerate growth. And those priorities, they always take time to shift the business from being run for profitability and cash flow, to being run for a growth business, typically, takes a couple of years. And we're actually starting to see a trajectory change within the first year. And we're quite demanding of ourselves in terms of the velocity that we would like to see.

尤其是在 COVID 時代，你看到很多前台公司加速發展，而 Mailchimp 確實沒有，因為它更多地是為了現金流和盈利能力。因此，我們在去年非常努力地根據我們為加速增長而共享的優先事項製定了劇本。而那些優先事項，他們總是需要時間將業務從盈利和現金流轉變為增長業務，通常需要幾年時間。我們實際上開始看到第一年內的軌跡變化。就我們希望看到的速度而言，我們對自己的要求很高。

So really, what's happened there last year is we were taking a business that was, again, run for profitability, cash flow to revamping the website, coming up with a new campaign, revamping the product. And when I say revamp, it's not done. We've not reached the destination. It's just the beginning of what's possible to really focus on high-value customers to position ourselves to go after mid-market to start ramping up what we can do internationally.

所以說真的，去年那裡發生的事情是，我們再次開展了一項以盈利能力、現金流為目標的業務，以改造網站，推出新的活動，改造產品。當我說改造時，它還沒有完成。我們還沒有到達目的地。這只是真正專注於高價值客戶以將我們定位於追逐中端市場以開始擴大我們在國際上可以做的事情的可能性的開始。

All of these things, we're starting to now see indicators where in the quarter, although it was sequentially flat from a revenue perspective, we're seeing conversion from free to pay is up. We're seeing customer growth tick up. We're actually seeing expansion revenue, which means our customers are growing and they're upgrading what SKU they use. We're starting to see these, and these things really become future indicators of growth.

所有這些，我們現在開始看到本季度的指標，儘管從收入的角度來看連續持平，但我們看到從免費到付費的轉化率上升了。我們看到客戶增長加快。我們實際上看到了擴張收入，這意味著我們的客戶在增長，他們正在升級他們使用的 SKU。我們開始看到這些，這些東西真的成為未來增長的指標。

And that's why the comment that I made earlier and Michelle made earlier around, we expect that the growth in Mailchimp to accelerate in the coming quarters because we're seeing the KPIs around customer growth, expansion retention, these things are starting to improve. So hopefully, that helps to answer your question.

這就是為什麼我早些時候和米歇爾早些時候發表的評論，我們預計 Mailchimp 的增長將在未來幾個季度加速，因為我們看到圍繞客戶增長、擴展保留的 KPI，這些事情開始改善。希望這有助於回答您的問題。

Your next question will come from the line of Steve Enders with Citi.

你的下一個問題將來自花旗的史蒂夫恩德斯。

I guess I just want to clarify a little bit on what you're seeing on the Credit Karma side and what you talked about historically on that front and what you're expecting for the guide here. I think before, you talked about expecting an acceleration kind of in the back half of the year as you kind of combine the cross-sell with TurboTax here. I guess, how are you thinking about that opportunity now given kind of where the macro is and what you're assuming versus the cross-sell that could potentially come here?

我想我只是想澄清一下您在 Credit Karma 方面看到的內容以及您在這方面歷史上談論的內容以及您對此處指南的期望。我想之前，你談到過在今年下半年期待一種加速，因為你在這裡將交叉銷售與 TurboTax 結合起來。我想，你現在如何考慮這個機會，考慮到宏觀的位置，以及你假設的是什麼，而不是可能會出現在這裡的交叉銷售？

Yes. We have taken -- thank you for the question. We have taken sort of a firewall approach here. One is we're very excited about the innovations that we talked about at Investor Day. And in fact, the only thing that's changed is we've added a few more innovations that we've launched within Credit Karma.

是的。我們已經採取了 - 謝謝你的問題。我們在這裡採用了某種防火牆方法。一是我們對我們在投資者日談到的創新感到非常興奮。事實上，唯一改變的是我們添加了一些我們在 Credit Karma 中推出的創新。

The Marketplace that I shared earlier is one of them, where -- and it's almost at full scale where our customers see an additional tablet, a marketplace of all the products that are right for them in one place that brings more visibility and brings to the forefront products that are right for a specific cohort of customers.

我之前分享的 Marketplace 就是其中之一，它幾乎達到了全面規模，我們的客戶可以看到一個額外的平板電腦，一個將適合他們的所有產品集中在一個地方的市場，這帶來了更多的知名度並帶來了適合特定客戶群體的前沿產品。

So in terms of the integration with TurboTax, you're going to see a far more robust experience this year with Credit Karma being integrated into TurboTax and vice versa. Credit Karma Guarantee continues to be on track in terms of a rollout to customer -- to members and financial institutions. All the innovations that we talked about, plus a few more are all on track, and we're equally as excited about the impact that it will have. And very consistent with what we shared at Investor Day, what we talked about then was that these innovations were not reliant on a macro pickup. They're just -- they're going to deliver more benefits, and therefore, more monetization.

因此，就與 TurboTax 的集成而言，今年您將看到 Credit Karma 被集成到 TurboTax 中，反之亦然。 Credit Karma Guarantee 在向客戶——會員和金融機構推出方面繼續走上正軌。我們談到的所有創新以及其他一些創新都在進行中，我們同樣對它將產生的影響感到興奮。與我們在投資者日分享的內容非常一致，我們當時談到的是這些創新並不依賴於宏觀經濟復甦。他們只是 - 他們將帶來更多的好處，因此，更多的貨幣化。

Back to the word firewall, we're not counting on those innovations in our results when we think about the rest of the year. We're assuming current trends. We're assuming further conservatism for the remainder of the year. We're making assumptions around unemployment going up, delinquency rates going up. And so therefore, that's informed our guide of minus 15% to minus 10%. And that's sort of separate and distinct from the innovation that we continue to be excited and focused on and are on track for the rollout.

回到防火牆這個詞，當我們考慮今年剩下的時間時，我們並沒有指望我們結果中的那些創新。我們假設當前趨勢。我們假設今年餘下時間會進一步保守。我們假設失業率上升，拖欠率上升。因此，這告訴我們的指南是負 15% 到負 10%。這與我們繼續興奮和關注並有望推出的創新有點不同。

Okay. Got you. That's helpful. And I guess just to clarify again on Mailchimp. I know that last quarter, you were putting some changes in place to kind of improve conversion rates and really kind of rightsize or kind of build out some of the structure of that business. Like where are those changes you're making kind of at, at this point? And how should we kind of think about the level that so this kind of go in there to kind of more kind of rightsize that business?

好的。明白了這很有幫助。我想只是為了在 Mailchimp 上再次澄清。我知道上個季度，您進行了一些更改以提高轉化率，並真正調整規模或構建該業務的某些結構。就像你現在所做的那些改變在哪裡？我們應該如何考慮這樣的水平，以便這種進入那里以更合理地調整該業務？

Sure. Let me answer your question. I'm not sure what you mean by rightsize where -- is this -- we are very focused on investing in Mailchimp and accelerating the growth combined with the QuickBooks platform. And I would say a couple of big things that we have put in place and are continuing to implement.

當然。讓我回答你的問題。我不確定你所說的 rightsize 是什麼意思——這是——我們非常專注於投資 Mailchimp 並加速與 QuickBooks 平台相結合的增長。我要說的是我們已經實施並正在繼續實施的幾件大事。

One is really strengthening the leadership team at all levels. We're very excited about leaders that we -- had joined the Mailchimp family and with Rania's addition to the Mailchimp team, with additional changes that we are making to continue to strengthen the team, very excited about the impact there because that's having a direct impact on innovation, which is the second point I want to make.

一是切實加強各級領導班子建設。我們對加入 Mailchimp 家族以及 Rania 加入 Mailchimp 團隊的領導者感到非常興奮，我們正在進行其他更改以繼續加強團隊，對那裡的影響感到非常興奮，因為這具有直接的影響對創新的影響，這是我想說的第二點。

I really like the velocity, particularly what I've seen in the last 90 days. And I actually hope to see Mailchimp being one of the highest-velocity innovative teams across the company with the team that we have in place. And I think everything that I mentioned earlier that we have launched is a result of the impact of that team.

我真的很喜歡這種速度，尤其是我在過去 90 天裡看到的速度。我實際上希望看到 Mailchimp 與我們現有的團隊一起成為整個公司中速度最快的創新團隊之一。我認為我之前提到的我們推出的所有內容都是該團隊影響的結果。

And lastly, it's about impact. And we're starting to see the key performance indicators that I mentioned earlier uptick in the right direction, which means that almost a year in, it's not been quite a year, but almost a year in, I feel very good about sort of year 2 because we've put a lot of foundational things in place in year 1.

最後，它是關於影響的。我們開始看到我之前提到的關鍵績效指標朝著正確的方向上升，這意味著將近一年，不是很長的一年，但將近一年，我對這一年感覺非常好2 因為我們在第一年就做好了很多基礎工作。

We have a lot of work still ahead of us. But a lot of the work is about turning this into a sort of a strong growth business and fueling the success of small businesses, and I feel like we are on that trajectory given what I've seen, particularly in the last 90 to 100 days.

我們還有很多工作要做。但很多工作都是為了將其轉變為一種強勁增長的業務並推動小企業的成功，我覺得根據我所見，尤其是在過去 90 到 100 天裡，我們正走在這條軌道上.

Our final question will come from the line of Daniel Jester with BMO Capital Markets.

我們的最後一個問題將來自 BMO Capital Markets 的 Daniel Jester。

Two quick ones. A lot of talk about the macro with regards to Credit Karma. I'd love to hear about how you're overlaying that macro on QuickBooks Capital and anything you might be doing differently there as the year progresses, given the uncertainty.

兩個快的。很多關於 Credit Karma 的宏觀討論。鑑於不確定性，我很想听聽您如何在 QuickBooks Capital 上覆蓋該宏，以及隨著時間的推移您可能會在那裡做的任何不同的事情。

And then secondarily, Sasan, you talked about some of the economic indicators you track for small business. Are you seeing consistency in the U.S. and international? Or is maybe one geography stronger than the other right now?

其次，Sasan，你談到了你為小企業追踪的一些經濟指標。您是否看到美國和國際的一致性？或者現在一個地理區域是否比另一個地理區域更強大？

Yes. Absolutely. Let me start with your macro question and QuickBooks Capital. We have built incredible machine learning capabilities, where we literally can control the dial of which customers', capacity for customers on a daily basis. And QuickBooks Capital is very important for our customers, and it is not a material sort of revenue driver for the company. It is, however, essential as part of our overall platform.

是的。絕對地。讓我從你的宏觀問題和 QuickBooks Capital 開始。我們已經建立了令人難以置信的機器學習能力，我們可以從字面上控制每天為客戶提供哪些客戶的能力。 QuickBooks Capital 對我們的客戶非常重要，它不是公司的實質性收入驅動因素。然而，作為我們整體平台的一部分，它是必不可少的。

So I think that what I would say is we're very good and have been very good. I think it's been proven, especially during the COVID times, to be able to adjust the doubt so that we offer capital only to those that we can see can pay it back. And remember, the loans that we typically give could be from 30 days to 6 months. And there's a ceiling for all of these loans. So we feel very good about the macro environment impact and how we manage our QuickBooks Capital within that context, and I think we've proven that during COVID.

所以我認為我要說的是我們非常好，而且一直非常好。我認為已經證明，尤其是在 COVID 時代，能夠調整疑慮，以便我們只向那些我們認為可以償還的人提供資金。請記住，我們通常提供的貸款期限可能從 30 天到 6 個月不等。所有這些貸款都有上限。因此，我們對宏觀環境的影響以及我們如何在這種情況下管理我們的 QuickBooks Capital 感到非常滿意，我認為我們已經在 COVID 期間證明了這一點。

The second element of your question, I would love to sort of parse it out in 2 ways. One is even in the U.S., there are sectors within small business. Remember, we're very diversified in the small businesses that we serve. But there are segments within small businesses that have gotten hit hard. Those that focus on auto sales, those that focus on financial services, those that focus on real estate. Some of their revenues are down 10% to 15%, but you don't really see that in our results because we're very, very diversified.

你問題的第二個要素，我想用兩種方式來解析它。一個甚至在美國，小企業中也有部門。請記住，我們所服務的小型企業非常多元化。但小型企業中的某些部分受到了沉重打擊。那些專注於汽車銷售的，那些專注於金融服務的，那些專注於房地產的。他們的一些收入下降了 10% 到 15%，但你在我們的結果中並沒有真正看到這一點，因為我們非常非常多元化。

We're not -- no one sector can really impact our overall results. So that's in context of the globe, but it's also in context of the U.S. Not every sector is created equal. Some sectors are hit hard, the ones that I just mentioned.

我們不是——沒有一個部門能真正影響我們的整體業績。所以這是在全球範圍內，但也在美國范圍內。並非每個部門都是平等的。有些行業受到重創，就是我剛才提到的那些。

I would say U.S. has been the strongest, followed by Canada. And the ones that have been hit the hardest has been U.K., Australia and France. And again, our -- we're not -- we've not assumed any of this in our guidance, but our hope is those will, over time, begin to bounce back. We've not seen the bounce back yet, but they've been hit harder than the U.S.

我會說美國是最強大的，其次是加拿大。受打擊最嚴重的是英國、澳大利亞和法國。再一次，我們 - 我們不是 - 我們沒有在我們的指導中假設任何這些，但我們希望隨著時間的推移，這些將開始反彈。我們還沒有看到反彈，但他們受到的打擊比美國更嚴重。

And I think that was the last question. And so maybe I can bring us to a close by saying thank you for all of your wonderful questions. And be safe, and we look forward to seeing all of you for our second quarter earnings results. Until then, be safe. Thank you, everybody. Bye-bye.

我認為這是最後一個問題。因此，也許我可以通過感謝大家提出的所有精彩問題來結束我們的討論。為了安全起見，我們期待著看到你們所有人的第二季度收益結果。在那之前，請注意安全。謝謝大家。再見。

Ladies and gentlemen, this concludes today's conference. Thank you all for joining. You may now disconnect.

女士們，先生們，今天的會議到此結束。謝謝大家的加入。您現在可以斷開連接。