直覺電腦 (INTU) 2023 Q2 法說會逐字稿

Good afternoon. My name is Abby, and I will be your conference facilitator. At this time, I would like to welcome everyone to the Intuit Second Quarter Fiscal Year 2023 Conference Call. (Operator Instructions) With that, I'll now turn the call over to Kim Watkins, Intuit's Vice President of Investor Relations. Ms. Watkins?

午安.我是艾比，本次會議的主持人。現在，我謹代表Intuit公司歡迎各位參加2023財年第二季財報電話會議。 （操作說明）接下來，我將把電話轉交給Intuit公司投資者關係副總裁金‧沃特金斯女士。沃特金斯女士？

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

謝謝，艾比。下午好，歡迎參加 Intuit 2023 財年第二季業績電話會議。今天與我一起參加會議的還有 Intuit 的執行長 Sasan Goodarzi 和財務長 Michelle Clatterbuck。

Before we start, I'd like to remind everyone that our remarks will include forward-looking statements. There are a number of factors that could cause Intuit's results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 2022 and our other SEC filings.

在正式開始之前，我想提醒大家，我們的發言將包含前瞻性陳述。許多因素可能導致Intuit的實際表現與預期有重大差異。您可以在我們今天下午早些時候發布的新聞稿、2022財年10-K表格以及我們提交給美國證券交易委員會（SEC）的其他文件中了解更多關於這些風險的資訊。

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

所有這些文件都可以在Intuit公司網站intuit.com的投資者關係頁面找到。我們不承擔更新任何前瞻性聲明的義務。這些聲明中的部分資料以非GAAP準則列示。我們在今天的新聞稿中對可比較的GAAP和非GAAP資料進行了核對。

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

除非另有說明，否則所有成長率均指本期與去年同期相比的成長率，業務指標及相關成長率均指全球業務指標。本次電話會議結束後，您可在我們的網站上查閱我們準備好的發言稿和補充財務資訊。接下來，我將把電話交給薩桑。

Great. Thanks, Kim, and thanks to all of you for joining us today. As you read in our press release, we announced that Michelle will step down from the CFO role and plans to retire from Intuit. I'm pleased to share that Sandeep Aujla will assume the role of Chief Financial Officer on August 1, 2023. It is a well-crafted succession plan that will cover more in a few minutes, but let's first get started with the business.

太好了。謝謝Kim，也謝謝各位今天參加我們的會議。正如你們在新聞稿中看到的，我們宣布Michelle將卸任財務長一職，並計劃從Intuit退休。我很高興地宣布，Sandeep Aujla將於2023年8月1日接任財務長一職。這是一個精心製定的繼任計劃，稍後會詳細介紹，但我們先從業務方面著手。

We had another strong quarter as we executed on our strategy to be the global AI-driven expert platform, powering prosperity for consumers and small businesses. Second quarter revenue grew 14%, fueled by Small Business and Self-Employed Group revenue growth of 20% and Consumer revenue growth of 26%.

我們又迎來了一個強勁的季度，這得益於我們成功執行了成為全球人工智慧驅動型專家平台的策略，該策略旨在幫助消費者和小型企業實現繁榮發展。第二季營收成長14%，其中小型企業和自營商業務營收成長20%，消費者業務營收成長26%。

This year, we are celebrating Intuit's 40th anniversary. We're incredibly proud of our history of reimagining the company and reinventing ourselves, which has enabled us to thrive during various technological shifts and economic cycles.

今年，我們慶祝 Intuit 成立 40 週年。我們為公司不斷重塑自我、不斷革新的歷史感到無比自豪，正是這些經驗使我們能夠在各種技術變革和經濟週期中蓬勃發展。

Having successfully navigated multiple platform shifts over the years, including our largest transformation to artificial intelligence in the era of digitization, we continue to be confident in our ability to fuel growth given our large TAM, low penetration, proven strategy and 5 Big Bets. We are proud to be the global financial technology platform that powers prosperity for the people and communities that we serve.

多年來，我們成功完成了許多平台轉型，包括在數位時代向人工智慧領域進行的最大規模轉型。憑藉龐大的潛在市場、較低的市場滲透率、行之有效的策略以及五大重點項目，我們對推動成長的能力充滿信心。我們很自豪能夠成為一個全球金融科技平台，為我們服務的個人和社區創造繁榮。

I will first start with some thoughts about the tax season and our business in the current macro environment. As you know, the scale of our platform and rich data gives us unique insights into the lives and spending habits of 100 million-plus customers.

首先，我想談談報稅季以及當前宏觀環境下我們業務的一些想法。如您所知，我們平台的規模和豐富的數據使我們能夠深入了解超過1億客戶的生活和消費習慣。

Our small business performance continues to be very strong despite uncertainty in the broader macro environment. We continue to see strength in the areas that have the greatest impact, including the growth of our online mid-market customers, contributing to strong subscription revenue and higher ARPC.

儘管宏觀經濟環境存在不確定性，但我們的小型企業業務表現依然強勁。我們持續在影響最大的領域保持成長勢頭，包括線上中端市場客戶的成長，這為強勁的訂閱收入和更高的平均每次點擊費用 (ARPC) 做出了貢獻。

In Q2, growth in both the number of companies running online payroll and the number of employees paid on our platform remains strong. Total online payments volume grew 25%, moderating some from the first quarter. We are seeing strong growth in the number of payment-enabled invoices sent by our small business customers, a good sign that our innovation is continuing to drive digitization.

第二季度，無論是使用線上薪資管理的公司數量，還是透過我們平台領取薪水的員工人數，都保持了強勁增長。線上支付總額增加了25%，較第一季略有放緩。我們看到，小型企業客戶發送的已啟用支付功能的發票數量也實現了強勁增長，這表明我們的創新正在持續推動數位化進程。

The shift to digitization and the power of our small business platform, including QuickBooks and Mailchimp, resonate with customers as they grow their business and improve cash flow. We continue to observe that our AI-driven expert platform is critical to our customers' success.

數位轉型以及我們小型企業平台（包括 QuickBooks 和 Mailchimp）的強大功能，正受到客戶的青睞，幫助他們拓展業務、改善現金流。我們持續觀察到，我們以人工智慧驅動的專家平台對客戶的成​​功至關重要。

Now turning to tax. We're confident in our strategy to both extend our lead in the do-it-yourself category and transform the assisted category. Following a highly successful extension season last year, we doubled down on our learnings to further accelerate innovation to better serve our customers.

現在來說說稅務方面。我們對自身的策略充滿信心，相信能夠鞏固在自助報稅領域的領先地位，並革新輔助報稅領域。繼去年延期報稅季取得巨大成功之後，我們加倍投入，汲取經驗，進一步加速創新，以更好地服務客戶。

First, we're evolving our TurboTax brand to increase awareness that we are the best alternative in the assisted tax segment for consumers and small businesses, a combined $30 billion TAM. Our new campaign, Come to TurboTax and Don't Do Your Taxes is resonating with our customers and is the key to our strategy as we focus on attracting customers from the assisted segment.

首先，我們正在對TurboTax品牌進行升級，以提高消費者和小型企業在輔助報稅領域（總市場規模達300億美元）的最佳選擇認知度。我們推出的全新廣告活動「來TurboTax，無需自己報稅」引起了用戶的共鳴，也是我們吸引輔助報稅領域客戶的關鍵策略。

Second, we launched a number of high-impact TurboTax Live innovation. As part of our second Big Bet, we are solving one of the largest problems our customers face, lack of confidence, by connecting people to experts virtually. Building on our learnings from last season, we're continuing to use AI to bring in our customers' data and match them to the right experts to help customers get the maximum refund they deserve with confidence.

其次，我們推出了一系列極具影響力的TurboTax Live創新功能。作為我們第二項重大舉措的一部分，我們正在透過虛擬方式將用戶與專家連接起來，解決用戶面臨的最大難題之一——缺乏信心。基於上一季的經驗，我們將繼續利用人工智慧技術收集用戶數據，並將他們與合適的專家進行匹配，幫助用戶充滿信心地獲得應得的最高退稅額。

To help customers finish their taxes even more quickly. We've created a new gamified experience focused on efficiency backed by our lifetime guarantee. We evolved our Full Service offerings so filers can have their return completed in a single virtual session. We are off to a great start in tax, and we continue to be confident in our game plan to win.

為了幫助客戶更快完成報稅，我們創造了全新的遊戲化體驗，專注於提高效率，並提供終身保障。我們升級了全方位服務，讓報稅者只需一次線上會話即可完成報稅。我們在稅務領域取得了良好的開端，並且我們對未來的成功充滿信心。

Now shifting to our 5 Big Bets, I would like to highlight some examples of recent progress. As a reminder, our 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.

現在，讓我們來看看我們的五大重點，我想重點介紹一下近期取得的一些進展。再次提醒大家，我們的五大重點是：革新效益提升速度、連接用戶與專家、助力用戶做出明智的理財決策、成為小型企業發展的中心以及顛覆小型企業中端市場。

Our second Big Bet is to connect people to experts. In addition to what I've shared about TurboTax Live, we've achieved product market fit with QuickBooks Live, which we expect could help us penetrate non-consumption and drive breakthrough adoption. We're evolving our QuickBooks Live into a portfolio of expert services and are embedding these services as part of our lineup, similar to TurboTax Live.

我們的第二個重大措施是連結用戶與專家。除了我之前分享的TurboTax Live之外，我們還實現了QuickBooks Live的產品市場契合度，我們預計這將有助於我們拓展非消費市場，並推動用戶數量的突破性成長。我們正在將QuickBooks Live發展成為一系列專家服務，並將這些服務整合到我們的產品線中，就像TurboTax Live一樣。

In the second quarter, we launched a 3 expert-guided setup available for all new QBO customers leveraging our virtual expert platform. Early results indicate that customers using this offering have more confidence in and awareness of our full ecosystem of services, which translate into better retention and higher adoption of our service offerings.

第二季度，我們為所有新QBO客戶推出了由三位專家指導的設定服務，該服務利用了我們的虛擬專家平台。初步結果表明，使用此服務的客戶對我們完整的服務生態系統更有信心，也更加了解，這轉化為更高的客戶留存率和更高的服務採用率。

With our third Big Bet, our vision for Credit Karma is to become the comprehensive self-driving financial platform that propels our members forward wherever they are on their financial journey. We are innovating across all verticals and continue to have confidence in our long-term growth expectations of 20% to 25% despite near-term headwinds.

透過我們的第三筆重大投資，我們對Credit Karma的願景是將其打造成為一個全面的自動駕駛金融平台，無論會員處於財務旅程的哪個階段，都能助力他們不斷前進。我們正在各個垂直領域進行創新，儘管短期內面臨一些不利因素，但我們仍然對20%至25%的長期成長預期充滿信心。

I'll share a few examples. We're innovating to help members get faster access to cash and make financial progress, including improving their credit score with the help of Credit Karma Money. For example, with the integration of TurboTax and Credit Karma, approved members can get money in their hands in as little as one minute after the IRS accepts their return.

我舉幾個例子。我們正在進行創新，幫助會員更快獲得現金，並在財務方面取得進步，包括借助 Credit Karma Money 提高信用評分。例如，透過整合 TurboTax 和 Credit Karma，獲得批准的會員在國稅局接受其報稅表後，最快一分鐘即可收到款項。

As this is the largest paycheck of the year for many, this enables them to take care of immediate expenses, pay down debt or build savings. Members also receive recommendations for how to achieve their financial goals, such as creating an emergency savings fund with our high-yield savings account or building credit with credit builder. Members who activate credit builders see an average score increase of 21 points in as little as 30 to 45 days. Members who use Credit Karma Money show higher engagement on the Credit Karma platform.

由於這是許多人一年中最大的收入，因此他們可以用它來支付眼前的開支、償還債務或累積儲蓄。會員也會收到實現財務目標的建議，例如利用我們的高收益儲蓄帳戶建立應急儲蓄基金，或使用信用提升服務來建立信用記錄。啟動信用提升服務的會員平均可在 30 至 45 天內獲得 21 分的信用評分提升。使用 Credit Karma Money 的會員在 Credit Karma 平台上的活躍度更高。

We are driving more confidence for members with Karma Guarantee. As a reminder, Karma Guarantee offers indicate that members will either be approved or they'll receive $50. At the end of the quarter, 59% of members were eligible for at least one Karma Guarantee offer.

我們正在透過「Karma Guarantee」計劃增強會員的信心。再次提醒，Karma Guarantee計劃意味著會員要么獲得批准，要么獲得50美元獎勵。截至本季末，59%的會員至少符合一項Karma Guarantee計劃的資格。

With Mint now part of the Credit Karma platform, we're beginning to build a new experience for members with prime credit scores, which Credit Karma is underpenetrated in today. Leveraging Mint, we see the opportunity to develop personalized product recommendations, leveraging net worth, transaction and spend data to highlight the product benefits that matter most to these members.

隨著 Mint 加入 Credit Karma 平台，我們正著手為信用評分優異的會員打造全新體驗，而 Credit Karma 目前在該領域的滲透率仍然較低。借助 Mint，我們看到了開發個人化產品推薦的契機，我們將利用會員的淨值、交易和消費數據，突顯他們最關心的產品優勢。

Our fourth Big Bet is to become the center of small business growth by helping our customers get new customers, get paid fast, manage capital and pay employees with confidence in an omnichannel world. We continue to innovate to digitize money movement from creating an estimate to invoicing a customer to getting paid.

我們的第四項重大措施是成為小型企業發展的中心，幫助客戶在全通路環境下獲取新客戶、快速收款、管理資金並自信地支付員工薪酬。我們將持續創新，實現資金流轉的數位化，涵蓋從建立報價、向客戶開立發票到收款的整個流程。

Today, easier discovery, auto-enabled payments, instant deposit and getting paid upfront are all helping drive adoption of our payments offering, and we are making meaningful progress digitizing B2B payments to accelerate and automate transactions between small businesses and ultimately improve their cash flow.

如今，更便捷的發現、自動付款、即時到帳和預收款等功能都在推動我們支付產品的普及，我們在B2B支付數位化方面取得了實質進展，以加速和自動化小型企業之間的交易，並最終改善其現金流。

We see a tremendous opportunity as 70% of B2B transactions are still completed with checks. This quarter, we launched a QuickBooks business network to millions of QuickBooks customers to further digitize B2B payments in the U.S. We're also building our bill pay functionality in QuickBooks and plan to launch this capability in the future.

我們看到了巨大的機遇，因為目前仍有70%的B2B交易透過支票完成。本季度，我們為數百萬QuickBooks用戶推出了QuickBooks企業網絡，旨在進一步推動美國B2B支付的數位化。我們也在QuickBooks中建立帳單支付功能，並計劃在未來推出此功能。

Now turning to Mailchimp. We're well on our way to becoming the source of truth for our customers to help them grow and run their business. We have 3 acceleration priorities with Mailchimp: first, delivering on 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.

現在讓我們來談談 Mailchimp。我們正朝著成為客戶權威資訊來源的目標穩步邁進，協助他們發展和經營業務。我們與 Mailchimp 的合作有三個加速發展重點：首先，實現我們打造端到端客戶成長平台的願景；其次，透過開發一套完整的行銷自動化、客戶關係管理 (CRM) 和電子商務套件，顛覆中端市場；第三，透過整體市場推廣策略加速全球成長。

This quarter, we made some great progress against these priorities. To help our small business customers run and grow their business in one place, we launched a real-time data sync that brings QBO data such as invoices, sales receipts, items, customers and addresses into Mailchimp. This puts customer and purchase data together all in one place to power our customers' success.

本季度，我們在這些優先事項方面取得了顯著進展。為了幫助我們的小型企業客戶在一個平台上營運和發展業務，我們推出了即時資料同步功能，將 QuickBooks Online (QBO) 中的發票、銷售收據、商品、客戶和地址等資料匯入 Mailchimp。這使得客戶和購買資料集中在一個平台上，以助力客戶取得成功。

To help our customers plan, execute and track their marketing campaigns across multiple channels in one place, we launched a new capability called Campaign Manager. This reduces the number of tools needed to manage marketing and assess performance across channels. And to drive accelerated global growth and execute our refreshed international strategy, we're translating the product into multiple languages, including Spanish and Portuguese.

為了幫助客戶在一個平台上規劃、執行和追蹤跨通路的行銷活動，我們推出了名為「行銷活動管理器」的新功能。這項功能減少了管理行銷和評估跨通路績效所需的工具數量。此外，為了加速全球成長並執行我們更新的國際策略，我們正在將該產品翻譯成多種語言，包括西班牙語和葡萄牙語。

And beyond the progress we've made on these priorities, the product lineup innovation, assisted onboarding and improved first-time use we shared last quarter is driving green shoots in paid conversion, which was up 2 points year-over-year in the second quarter.

除了我們在這些優先事項上取得的進展之外，我們上個季度分享的產品陣容創新、輔助新用戶註冊和改進的首次使用體驗也推動了付費轉換率的復甦，第二季度付費轉換率同比增長了 2 個百分點。

Our fifth Big Bet is to disrupt the small business mid-market representing a TAM of 1.7 million customers of which 700,000 are already in our franchise today. As I mentioned earlier, online mid-market customer growth remains strong, and we are seeing increased adoption of QBO Advanced payments and payroll driving ARPC expansion as we serve these customers across our full ecosystem of services.

我們的第五項重大舉措是顛覆中小企業中端市場，該市場擁有170萬潛在客戶，其中70萬客戶目前已加入我們的特許經營體系。正如我之前提到的，線上中端市場客戶成長依然強勁，我們看到QBO高級支付和薪資管理功能的普及推動了平均每用戶收入（ARPC）的成長，因為我們透過我們完整的服務生態系統為這些客戶提供服務。

Wrapping up, we feel confident in our AI-driven expert platform strategy and 5 Big Bets. And in an uncertain macro environment, the benefits of our global financial technology platform are more important and more mission-critical than ever to our customers. Now let me hand it over to Michelle.

總結起來，我們對人工智慧驅動的專家平台策略和五大重點項目充滿信心。在宏觀環境充滿不確定性的當下，我們全球金融科技平台的優勢對客戶而言比以往任何時候都更重要，也更為關鍵。現在，請米歇爾發言。

Thanks, Sasan. For the second quarter of fiscal 2023, we delivered revenue of $3 billion; GAAP operating income of $270 million versus $56 million last year; non-GAAP operating income of $856 million versus $612 million last year; GAAP diluted earnings per share of $0.60 versus $0.35 a year ago; and non-GAAP diluted earnings per share of $2.20 versus $1.55 last year.

謝謝，薩桑。 2023財年第二季度，我們實現營收30億美元；GAAP營業收入2.7億美元，去年同期為5,600萬美元；非GAAP營業收入8.56億美元，去年同期為6.12億美元；GAAP攤薄後每股收益0.60美元，而去年同期為0.35美元；非

Turning to the business segments. In the Small Business and Self-Employed Group, revenue grew 20% during the quarter, and Online Ecosystem revenue grew 24%. 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.

接下來是業務板塊。在小型企業和自營商業務板塊，本季營收成長了20%，線上生態系統業務收入成長了24%。我們的目標是成為小型企業的權威資訊來源，因此，我們在小型企業和個體經營者業務板塊的策略重點有三方面：發展核心業務、連結生態系統以及拓展全球業務。

First, we continue to focus on growing the core. QuickBooks Online accounting revenue grew 27% in Q2, driven mainly by customer growth, higher effective prices and mix shift. Second, we continue to focus on connecting the ecosystem. Online Services revenue, which includes payroll, Mailchimp, payments, capital and time tracking, grew 21% in Q2.

首先，我們繼續專注於核心業務的成長。 QuickBooks Online會計業務收入在第二季度增加了27%，主要得益於客戶成長、實際價格上漲和產品組合調整。其次，我們繼續專注於建構生態系統。包括薪資管理、Mailchimp、支付、資本和時間追蹤在內的線上服務收入在第二季增加了21%。

Within payroll, revenue growth in the quarter reflects an increase in payroll customers and a mix shift to higher-end offerings. Mailchimp revenue growth in the quarter was up low teens. Growth was driven by higher effective prices, aligning with our pricing for value philosophy and improving conversion.

在薪資管理業務方面，本季營收成長反映了薪資管理客戶數量的增加以及產品組合向高端產品的轉變。 Mailchimp 本季營收成長了兩位數左右。成長主要得益於更高的有效價格，這符合我們以價值為導向的定價理念，並提高了轉換率。

We will continue to provide regular updates on the business so you can track our performance over time, including a deeper dive at Investor Day, similar to what we do for the rest of the business. Within payments, revenue growth reflects ongoing customer growth as more customers adopt our payments offerings to manage their cash flow and an increase in total payment volume per customer.

我們將繼續定期發佈業務動態，以便您追蹤我們的業績變化，包括在投資者日進行更深入的分析，這與我們對其他業務的分析方式類似。在支付業務方面，收入成長反映了客戶的持續成長，越來越多的客戶採用我們的支付產品來管理現金流，以及每位客戶支付總額的增加。

Third, we continue to make progress expanding globally by executing our refreshed international strategy, which includes leading with Mailchimp. On a constant currency basis, total international Online Ecosystem revenue grew 17% in Q2. Desktop Ecosystem revenue grew 10% in the second quarter.

第三，我們透過執行更新後的國際策略（包括以Mailchimp為核心），持續推進全球擴張。以固定匯率計算，第二季國際線上生態系統總營收成長17%，桌面生態系營收成長10%。

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 pricing for value. We're about halfway through the 3-year transition to a subscription model for desktop.

我們的桌面會計解決方案採用訂閱模式，使收入更具可預測性。為了更貼近產品價值定價原則，我們在9月提高了部分桌面產品的價格。目前，我們已完成桌面產品三年訂閱模式過渡計畫的一半。

QuickBooks Desktop Enterprise revenue grew high teens during the quarter. We expect continued strong Desktop Ecosystem revenue growth as we progress through the back half of the fiscal year. We continue to expect the Online Ecosystem to be our growth catalyst going forward.

QuickBooks Desktop Enterprise 本季營收實現了接近兩位數的成長。我們預計，隨著下半年財年的推進，桌面生態系統營收將持續保持強勁成長。我們仍然認為，線上生態系統將成為我們未來成長的催化劑。

We remain confident in our guidance for total Small Business and Self-Employed Group of 19% to 20% revenue growth this year. Consumer Group revenue of $516 million grew 26% in Q2, reflecting a faster forming season this year. We remain confident in our guidance for Consumer Group of 9% to 10% revenue growth for fiscal 2023.

我們仍對今年小型企業和自營商集團總收入成長19%至20%的預期充滿信心。第二季消費者集團營收達5.16億美元，成長26%，反映今年旺季的銷售成長速度更快。我們仍對2023財年消費者集團營收成長9%至10%的預期充滿信心。

Turning to the ProTax Group. Revenue grew 7% in Q2, in line with our expectations. Credit Karma delivered revenue of $375 million in Q2, down 16%. This was slightly ahead of our expectations in its seasonally smaller quarter. As a reminder, Credit Karma represented 14% of our total revenue in fiscal 2022.

接下來是ProTax集團。第二季營收成長7%，符合預期。 Credit Karma第二季營收為3.75億美元，年減16%。儘管該季度通常是業務淡季，但這一業績略高於預期。需要說明的是，Credit Karma在2022財年占我們總營收的14%。

On a product basis, the decline was driven primarily by headwinds in personal loans, home loans, auto insurance and auto loans, partially offset by growth in credit cards and Credit Karma Money. We continue to see an impact across all verticals in this uncertain macro environment.

從產品層面來看，下滑主要受個人貸款、房屋貸款、汽車保險和汽車貸款業務疲軟的影響，信用卡和Credit Karma Money業務的成長部分抵消了這一影響。在當前充滿不確定性的宏觀經濟環境下，我們持續看到所有垂直領域都受到影響。

In credit cards, we continue to see partners tighten eligibility in riskier cohorts. In personal loans, we continue to see pressure as partners further tighten eligibility, and we expect personal loan revenue to decline this year after a very strong growth in fiscal 2022. We remain confident in our guidance of a decline of 15% to 10% in fiscal 2023.

在信用卡領域，我們持續看到合作夥伴收緊高風險族群的貸款資格審核。在個人貸款領域，隨著合作夥伴進一步收緊貸款資格審核，我們持續面臨壓力，預計在經歷了2022財年的強勁增長後，今年個人貸款收入將出現下滑。我們仍對2023財年個人貸款收入下滑10%至15%的預期充滿信心。

Our financial principles guide our decisions, remain our long-term commitment and are unchanged. We finished the quarter with approximately $2.1 billion in cash and investments and $7.1 billion in debt on our balance sheet. We repurchased $500 million of stock during the second quarter.

我們的財務原則引導著我們的決策，是我們長期的承諾，並且始終不變。本季末，我們的資產負債表上約有21億美元的現金和投資，以及71億美元的債務。第二季度，我們回購了價值5億美元的股票。

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 April 18, 2023. This represents a 15% increase versus last year.

根據市場狀況和其他因素，我們的目標是每個季度都進行市場交易。董事會批准了每股0.78美元的季度股息，將於2023年4月18日支付。比去年增長了15%。

As I shared consistently in the past several quarters, 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.

正如我過去幾季一直強調的，我們擁有一套營運公司的系統，其中包括一套行之有效的策略，無論經濟狀況好壞，我們都能有效應對。我們的首要任務是為客戶提供最佳服務，讓他們獲得最需要的工具和產品。我們兼顧短期和長期發展，控制可自由支配的支出，以取得卓越的業績，同時投資於對未來成長至關重要的領域。

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. We also have a strong balance sheet that enables us to play off it. 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.

我們平台的規模以及豐富的數據賦予我們獨特的優勢，使我們能夠洞察先機，快速調整策略。此外，我們穩健的資產負債表也為我們提供了強大的支持。我們將繼續加速創新，並始終致力於使 Intuit 在當前宏觀經濟不確定時期後，以強勁的姿態脫穎而出。

Moving on to guidance. We are reaffirming our fiscal 2023 guidance. This includes 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%.

接下來是業績展望。我們重申2023財年的業績展望，其中包括公司總營收成長10%至12%，GAAP營業收入成長9%至13%，非GAAP營業收入成長17%至19%，GAAP稀釋後每股盈餘下降約5%至1%，非GAAP稀釋後每股盈餘成長15%至17%。

Our guidance for the third quarter of fiscal 2023 includes revenue growth of 8% to 9%, GAAP earnings per share of $6.82 to $6.89, and non-GAAP earnings per share of $8.42 to $8.49. You can also find our full fiscal 2023 and Q3 guidance details in our press release and on our fact sheet.

我們對2023財年第三季的業績預期包括：營收成長8%至9%，GAAP每股收益6.82美元至6.89美元，非GAAP每股收益8.42美元至8.49美元。您也可以在我們的新聞稿和概況介紹中找到完整的2023財年及第三季業績預期詳情。

On a personal note, as we announced today, I will be stepping down as CFO on July 31, and made it a priority over the last several years to focus on our long-term strategy for driving growth, and that includes ensuring I have a high-performing finance team with strong succession plans in place.

就我個人而言，正如我們今天所宣布的那樣，我將於 7 月 31 日卸任財務長一職。在過去幾年裡，我一直將重點放在推動公司長期成長的策略上，這包括確保我擁有一支高效的財務團隊，並製定強有力的繼任計畫。

Sandeep has been an integral part of the finance leadership team for over 7 years, and I have no doubt he will be a terrific leader and CFO. He has shown his ability to drive key strategic priorities to create value for our business time and time again, and I look forward to working with him over the next 5 months to ensure a seamless transition. And with that, I'll turn it back over to Sasan.

桑迪普在過去七年多里一直是財務領導團隊不可或缺的一員，我毫不懷疑他會是一位傑出的領導者和財務長。他一次又一次地展現出推動關鍵策略重點、為公司創造價值的能力，我期待在接下來的五個月裡與他合作，確保平穩過渡。接下來，我將把發言權交還給薩桑。

Great. Thank you, Michelle. Well, while the CFO transition isn't official until August, I wanted to just take this opportunity to express my sincere appreciation for all that Michelle has contributed over the past 20 years at Intuit, including the last 5 years as CFO. She has been an amazing partner and will leave Intuit better than what she found it, and during Michelle's tenure as CFO, Intuit's market cap and revenue more than doubled.

太好了。謝謝你，米歇爾。雖然財務長的交接要到八月才正式生效，但我還是想藉此機會，衷心感謝米歇爾過去20年來在Intuit所做的一切貢獻，包括她擔任財務長的這五年。她是一位傑出的合作夥伴，當她離開時，Intuit的狀況比她剛來時更好。在米歇爾擔任財務長期間，Intuit的市值和收入都翻了一番以上。

Michelle's commitment to developing top and diverse talent has created a deep bench of strong leaders, making for a very seamless transition. Sandeep will be an exceptional CFO, with his track record of leading outstanding performance across our Small Business and Self-Employed Group and our technology organizations.

米歇爾致力於培養頂尖且多元化的人才，打造了一支實力雄厚的領導團隊，確保了平穩過渡。桑迪普將是一位傑出的首席財務官，他曾帶領我們的小型企業和個體經營者團隊以及技術部門取得了卓越的業績。

So with that, let me go ahead and summarize. We are seeing continued momentum as we execute on our strategy of being a global AI-driven expert platform and growing Intuit revenue double digits with margin expansion. With our accelerated organic innovation and the additions of Credit Karma and Mailchimp, we are the leading global financial technology platform that powers prosperity for people and communities.

那麼，接下來讓我總結一下。隨著我們策略的推進，即成為全球人工智慧驅動的專家平台，Intuit 的營收實現了兩位數成長，利潤率也隨之提升，我們正保持著強勁的發展勢頭。憑藉加速的內生創新以及 Credit Karma 和 Mailchimp 的加入，我們已成為領先的全球金融科技平台，致力於為個人和社區創造繁榮。

We're proud that Intuit has been named #5 on Fortune's Most Admired Company in the software category, one of Glassdoor's 2023 Best Places to Work, and honored to be included among JUST Capital's Just 100 ranking for 2023. With that, let's now open it up to your questions.

我們非常自豪地宣布，Intuit 榮登《財富》雜誌「最受尊敬公司」軟體類榜單第五名，入選 Glassdoor 2023 年最佳工作場所榜單，並榮幸入選 JUST Capital 2023 年 Just 100 強榜單。接下來，讓我們進入問答環節。

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

（操作說明）您的第一個問題來自 Evercore ISI 的 Kirk Materne 的線路。

This is Chirag Ved dialing in for Kirk. Congratulations on a strong quarter. I wanted to ask about what you're seeing in QuickBooks Online growth, both from new customers and from upselling existing customers, just any commentary you might be able to provide around the dynamics there.

我是 Chirag Ved，替 Kirk 連線。恭喜你們本季業績出色。我想問你們 QuickBooks Online 的成長情況，包括新客戶成長和現有客戶追加銷售的情況，希望能就這方面的動態提供一些見解。

Yes, sure. Thank you for the question. I would lead with we're seeing strength both in terms of customer acquisition, retention. We are seeing strength in our services. As we mentioned a moment ago, both the number of companies that are running payroll, the number of employees that are getting paid is very strong.

當然可以。謝謝你的提問。首先，我們在客戶獲取和留存方面都看到了強勁的成長動能。我們的服務也表現優異。正如我們剛才提到的，無論是發放薪水的公司數量，或是領取薪水的員工數量，都非常可觀。

We're -- if you compare our results to what you're seeing in the marketplace, we are continuing to grow payments 25%, total payments charge volume, which is really outstanding because of the fact that our customers are continuing to benefit from digitizing on our platform.

如果您將我們的業績與市場上的業績進行比較，我們會發現我們的支付業務持續成長 25%，總支付額也持續成長，這非常出色，因為我們的客戶正在繼續從我們平台上的數位轉型中受益。

And I think just the additive piece is we're seeing strength in mid-market, which is much higher ARPC, and we're quite excited about really being able to pursue non-consumption with what we talked about earlier with QuickBooks Live actually being embedded as part of our overall offering.

我認為，更令人欣喜的是，我們看到了中端市場的強勁勢頭，該市場的平均每次購買費用 (ARPC) 更高。我們很高興能夠真正實現非消費服務，正如我們之前討論的那樣，QuickBooks Live 實際上已經嵌入到我們的整體產品中。

And I would just end with one of the goals that we talked about with all of you 4 years ago, our bold 2025 goals. One of those goals was that we wanted the success rate of small businesses on our platform to be 10 points better than industry, and in fact, the small businesses on our platform, their performance is north of 15 points better than anyone in the industry.

最後，我想重申我們四年前和大家討論過的目標之一，也就是我們雄心勃勃的2025年目標。其中一個目標是，我們希望我們平台上的小型企業成功率比行業平均高出10個百分點。事實上，我們平台上的小型企業業績比業界任何其他企業都高出15個百分點以上。

And what that just suggests is that the small businesses on our platform are more successful, they're digitizing and they're leveraging this opportunity to continue to accelerate to deliver for their customers.

這表明，我們平台上的小型企業更加成功，它們正在實現數位轉型，並利用這一機會繼續加速發展，為客戶提供服務。

Your next question is from the line of Siti Panigrahi from Mizuho.

你的下一個問題來自瑞穗銀行的 Siti Panigrahi。

Sasan, it's a great quarter. I think what's impressive is your small business growth in this macro environment, like when some of your peers are talking about like push out of digital transformation and small business, some weakness.

薩桑，這季度業績很棒。我認為最令人印象深刻的是，在當前的宏觀環境下，你們的小企業依然實現了成長，要知道，你們的一些同行都在談論數位轉型帶來的衝擊以及小企業面臨的一些困境。

So I just wanted to ask what you were seeing in terms of like for the next few quarters. Like you look at a lot of data. What kind of -- what sort of health you are seeing in the SMB economy right now? And it looks like your second half is pretty easy comp right now. So would love to hear your comments on small business.

所以我想問您對未來幾季的展望。您分析了許多數據，您認為目前中小企業經濟的健康狀況如何？而且看起來下半年的年比數據比較容易計算。我很想聽聽您對小型企業的看法。

Yes, for sure, Siti. Thank you so much for your question. And it's actually a really important question in terms of what we've often talked about, which is it's important that you all look at Intuit as really the authority when it comes to what's happening in the small business space. And the reason is that our platform is mission-critical for small businesses.

當然，Siti。非常感謝你的提問。這確實是一個很重要的問題，因為我們常常討論這個問題，那就是大家應該把Intuit視為小型企業領域的權威。原因在於，我們的平台對小型企業至關重要。

Our platform with QuickBooks, Mailchimp and all the services that we have on our platform is really used by small businesses to be able to grow customers, manage their customers, manage their cash flow, be able to manage their employees end-to-end. And therefore, what that means is it fuels our success, supported by the stat I shared a moment ago, where small businesses that are on our platform are actually 15-plus points more successful than those that are not on our platform.

我們的平台整合了 QuickBooks、Mailchimp 以及我們平台上的所有服務，真正幫助小型企業拓展客戶、管理客戶、管理現金流，並實現員工的端到端管理。因此，這也推動了我們的成功。我剛才分享的數據也印證了這一點：使用我們平台的小型企業比未使用我們平台的小型企業成功率高出 15 個百分點以上。

And so I set that very important context, and I'll just point to payments total charge volume as an example. When you look at our performance being at 25%, that is, by far, the best in the industry. And that is because it is all about digitization. And it's not just about payments, but it's about all the services that our small businesses use on our platform. And we expect our small businesses to continue to be successful even in this macro environment, and we are here to support them.

因此，我在此闡明一個非常重要的背景，並以支付總交易額為例。我們的業績達到了25%，這在業界遙遙領先。這得歸功於數位轉型。數位化不僅關乎支付，還涵蓋了我們平台上所有小型企業使用的服務。我們期望我們的小型企業即使在當前的宏觀環境下也能繼續取得成功，我們將全力支持他們。

I will just end by saying the following, which I think you were hinting at this in your question. The strength of our businesses, as Michelle and I described a moment ago, and we expect that strength to continue, although when you look at our guidance, I think the way you should look at our guidance is that it has been de-risked, for sure, for the rest of the year.

最後我想補充一點，我想您在問題中也暗示了這一點。正如我和米歇爾剛才所描述的，我們業務的強勁勢頭，我們預計這種強勁勢頭將持續下去。不過，如果您看一下我們的業績指引，我認為您應該這樣理解：今年剩餘時間的風險肯定已經降低了。

Great. And a quick follow-up, basically clarification. Your Online Services growth, 21%, but if I exclude Mailchimp, it's around 27% growth. That's quite impressive, like just compared to like Q1, 28%. Just wanted to clarify that I'm looking at it right.

好的。還有一個後續問題，主要是想確認一下。你們的線上服務成長率是 21%，但如果排除 Mailchimp，成長率大約是 27%。這相當驚人，例如第一季是 28%。我只是想確認一下我的理解是否正確。

You are. We didn't break out the number, but yes, you're looking at it right, because, in essence, Online Services minus Mailchimp grew faster. So therefore, just by design, it grew much faster than 21%. So you are correct.

沒錯。我們沒有單獨列出具體數字，但你的理解是正確的，因為本質上，剔除 Mailchimp 後的線上服務成長更快。所以，從設計來看，它的成長速度遠超 21%。因此，你是對的。

Your next question comes from the line of Michael Turrin from Wells Fargo.

你的下一個問題來自富國銀行的麥可‧圖林。

Great. Nice job on the quarter. Maybe one for Michelle, while you're still with us, on margin. Last quarter, you took the Credit Karma outlook down but left the EPS guide intact. We've gotten questions from investors around whether that provides maybe less wiggle room on margin, but the first couple of quarters have still shown EPS upside.

太棒了！本季業績不錯。米歇爾，趁你還在，或許可以跟你談談利潤率。上個季度，你下調了Credit Karma的業績預期，但維持了每股盈餘預期不變。一些投資者詢問，這是否會縮小利潤率方面的調整空間，但前幾季的每股盈餘仍有成長潛力。

So can you just walk through the margin levers you're finding? Are there advantages in folding various brands together? And just how we should think about the longer-term margin potential there?

那麼，您能否詳細解釋一下您發現的利潤成長槓桿？將不同品牌合併是否有優勢？我們該如何看待這種做法的長期利潤潛力？

Yes. Thank you, Michael. I appreciate the question. We -- yes, we absolutely have felt very strongly about being able to still keep our guidance for op income, for margin, even though we did take down our revenue guidance last quarter. And that's actually something that we were very planful about as we went through our 3-year planning process.

是的，謝謝你，麥可。感謝你的提問。我們——是的，我們始終堅信能夠維持營業收入和利潤率的預期，儘管我們上個季度下調了營收預期。事實上，我們在製定三年規劃時就對此進行了周詳的規劃。

We had identified a number of levers that we could pull across the expense horizon. A lot of that is in marketing. Some of it's in travel and some other discretionary-type expenses so that we would be able to still hit our bottom line financial commitments, and that's what we have done.

我們已經確定了一些可以控制支出的槓桿。其中許多都與行銷有關，一部分用於差旅和其他一些可自由支配的支出，這樣我們才能繼續實現我們的財務目標，而我們也確實做到了。

And we feel very good about the guidance that we've given for the rest of the year, but it is something that we take very seriously, and we make sure that we do have those levers that we can pull, given different macro environments as that has unfolded this year.

我們對今年剩餘時間的指導意見感到非常滿意，但我們非常重視這個問題，並確保我們擁有可以根據今年不斷變化的宏觀環境而採取的應對措施。

It's very helpful. Just one more, if I may. The desktop business came in exceptionally strong. Can you just speak to what you're finding as you move that base for subscription? And then how to think about the revised small business target after we're through the migration journey there, and what keeps the 15% growth sustained afterwards.

這很有幫助。如果可以的話，我再問一個問題。桌面業務表現異常強勁。您能否談談在將這部分用戶群轉向訂閱模式的過程中，您發現了哪些問題？以及在完成遷移之後，您如何看待調整後的小型企業目標，以及如何維持15%的成長？

Sure, Michael, maybe I will take that. First of all, I'll just start with context. This is a business model shift that we're actually quite excited about in that, one, we've shifted the customers to subscription, so it's far more predictable. Two, in that context, we have had a very planful process of aligning prices between desktop and our online products.

當然，邁克爾，也許我會接受。首先，我先介紹一下背景。我們對這種商業模式的轉變感到非常興奮，原因有二：第一，我們已經將客戶轉向訂閱模式，這使得運營更加可預測；第二，在此基礎上，我們制定了一套非常周密的計劃，使桌面版和在線產品的價格保持一致。

And the reason this is really important is we've been heavily investing in the last several years, really ensuring that some of the key capabilities for our desktop customers, particularly those product-based businesses, that those capabilities are available in online.

而這之所以非常重要，是因為我們在過去幾年裡投入了大量資金，真正確保我們的桌面客戶（特別是那些以產品為基礎的企業）的一些關鍵功能能夠在線使用。

And being in the middle of this business model transition, one, we see another 1.5 years of continued strength, but we also see ahead of that the fact that we can now migrate these customers through our online platform because we now have the capabilities that they need. And by the way, when we do that, that actually opens up the doors to additional Online Services to continue to fuel the success of our small businesses.

正值商業模式轉型之際，我們預計未來一年半將保持強勁勢頭，同時我們也預見到，我們現在可以透過線上平台遷移這些客戶，因為我們已具備他們所需的功能。此外，這樣做實際上也為我們提供了更多線上服務，從而持續助力小型企業取得成功。

And therefore, when you step back, ultimately, the growth of this franchise will come from online. And with all of the innovation growth levers we have moving upmarket, that is what continues to give us a lot of confidence in our 15% to 20% long-term expectations for the small business franchise.

因此，從長遠來看，該特許經營業務的成長最終將來自線上管道。憑藉我們持續向高端市場拓展的創新成長槓桿，我們對小型企業特許經營業務15%至20%的長期成長預期充滿信心。

Your next question comes from the line of Mark Murphy from JPMorgan.

你的下一個問題來自摩根大通的馬克墨菲。

I'll add my congratulations. I was wondering if you can drill down into the favorable trend that you're seeing from higher effective prices, in particular, for QuickBooks Online Accounting, just in terms of the magnitude and the duration of that impact. And I'm curious if that should continue to provide any kind of material uplift for the next several quarters.

我謹向你表示祝賀。我想請教一下，你能否深入分析一下實際價格上漲帶來的利好趨勢，特別是對於 QuickBooks Online Accounting 而言，具體影響的幅度及持續時間是什麼？另外，我很想知道這種利好是否會在未來幾季持續發揮作用，帶來實質的成長。

Yes. Thanks for your question, Mark. Let me start with context that we always look at our largest growth across the company, no matter what the business is, is to come from volume and mix. And those 2 are driven, of course, by our innovation and/or if we are moving upmarket, which in many cases across our businesses, we are moving upmarket. In TurboTax, the example is moving into the assisted segment.

是的，謝謝你的提問，馬克。首先我想說明一下背景，無論哪個業務領域，我們公司最大的成長點始終是銷售量和產品組合。而這兩點當然是由我們的創新和/或我們向高端市場拓展所驅動的，在許多業務領域，我們都在向高端市場拓展。以TurboTax為例，我們正在進軍輔助報稅領域。

So price and mix are really the largest drivers. And because of just the vast and accelerated innovation, we also have price as a leverage because we always want to be disruptive from the bottom, and we want to continue to disrupt at the top. And that actually gives us a lot of pricing power because of the value equation and the benefits that we deliver for our customers.

因此，價格和產品組合才是真正的兩大驅動因素。正因為創新規模龐大且發展迅猛，我們才能將價格作為一項槓桿，因為我們始終致力於從底層顛覆市場，並持續在高端市場引領變革。而這實際上賦予了我們強大的定價權，因為我們能夠為客戶創造價值，並帶來實際利益。

And so with that as context, looking ahead, not just the next couple of quarters, but looking in terms of just the long-term durability of Intuit and how we think about things, we believe the majority of our growth will continue to come from volume and mix, and price will always be a lever because particularly that we are moving upmarket.

因此，基於上述背景，展望未來，不僅是接下來的幾個季度，而是從 Intuit 的長期可持續發展以及我們對事物的看法來看，我們相信我們的大部分增長將繼續來自銷售和產品組合，而價格將始終是一個槓桿，因為我們正在向高端市場邁進。

And I think it was even more pronounced in small business because of the business model shift in desktop, where we are bringing pricing to parity with online, and we just -- we expect that to continue in the next several quarters, but that there's a durability element of this, not just a quarterly element for this.

我認為，由於桌面端業務模式的轉變，這種現像在小型企業中更為明顯。我們正在將價格與線上價格持平，我們預計這種情況將在未來幾季繼續下去，但這具有持久性，而不僅僅是季度性的。

Okay. Understood. And then as a quick follow-up, on the Mailchimp side, are the initiatives that are designed to stimulate higher growth for Mailchimp, which I think has been including the very creative advertising campaigns you've had out there, are those starting to take hold and produce an effect in terms of whether we look at e-mail marketing, campaign volumes or seeing customers opt in to the right products there to where they run the A/B test and kind of connect back with the rest of the ecosystem. Is that something you see starting to take hold currently or in the next couple of quarters as well?

好的，明白了。接下來我想快速問一下，關於Mailchimp方面，你們為了促進公司成長而推出的各項舉措，包括你們推出的那些極具創意的廣告活動，是否已經開始奏效並產生影響？例如，從電子郵件行銷、活動數量，到客戶選擇加入合適的產品，進行A/B測試，並與生態系統中的其他部分建立聯繫，這些舉措是否已經開始見效，或者在未來幾個季度內是否也會如此？

Yes, Mark, I would say that when you think about the priorities that we talked about in the focus areas, we are starting to see green shoots, and we started seeing green shoots a couple of quarters ago, and sort of the biggest one is conversion in paid.

是的，馬克，我想說，當我們回顧一下我們在重點領域討論的優先事項時，我們開始看到一些積極的跡象，而且我們在幾個季度前就開始看到這些跡象了，其中最大的一點就是付費轉換率。

The one in addition to the initiatives starting to deliver green shoots that we are the most excited about is the work that we are doing to retain our high-value customers and to really penetrate in mid-market.

除了那些開始取得成效的措施之外，最讓我們興奮的是我們正在努力留住高價值客戶，並真​​正打入中階市場。

This is really the same story that we talked about in mid-market with QuickBooks Advanced, where our retention was actually not quite that high when it came to our high-value customers in QuickBooks. And we built a platform and really a team to focus on these mid-market customers.

這其實和我們之前在QuickBooks Advanced中端市場討論的情況很相似，當時我們在QuickBooks高價值客戶的留存率其實並不高。所以我們專門建置了一個平台，組了一支團隊，專注於服務這些中階市場客戶。

And that is really one that I'm very excited about, and I think we'll see the results of that in the next 2 to 3 quarters, where we'll start making a bigger impact and not only retaining our high-value customers, but also penetration in mid-market.

我真的對此感到非常興奮，我認為在接下來的 2 到 3 個季度裡，我們將看到成果，屆時我們將開始產生更大的影響，不僅留住我們的高價值客戶，而且還將滲透到中端市場。

That's also in context of all the other things that we've talked about doing, which is campaign redesign, web redesign, first-time use, 1-hour assisted onboarding, and now what we just shared earlier in the script, which we said it's coming, and that is the data sync. The data sync is huge because now it puts the customer data and purchase data all in one place, and it really puts the power of growth in the hands of customers in a way where they can't get that fuel anywhere else.

這與我們之前討論過的其他事項也息息相關，例如行銷活動重新設計、網站重新設計、首次使用體驗優化、一小時快速上手指導，以及我們剛才提到的即將推出的資料同步功能。資料同步意義重大，因為它將客戶資料和購買資料集中到一個地方，真正將成長的主動權交到客戶手中，這是他們在其他任何地方都無法獲得的。

And so all these things take time, but we are seeing the green shoots. It will translate into faster revenue growth sort of in the coming quarters, which is, by the way, not embedded in our guidance, just to be clear, but we're excited about the progress that we're making.

所以所有這些都需要時間，但我們已經看到了積極的跡象。這將在未來幾季轉化為更快的營收成長，順便說一句，這一點並未包含在我們的業績預期中，需要澄清的是，但我們對目前取得的進展感到興奮。

Your next question comes from the line of Brad Zelnick from Deutsche Bank.

你的下一個問題來自德意志銀行的布拉德‧澤爾尼克。

Excellent. Sasan, I think everyone appreciates what's happening in Credit Karma, and there's only so much that's within your control. And within that context, it's great to hear all the goodness around how Credit Karma Guarantee is doing.

太好了。薩桑，我想大家都很欣賞Credit Karma目前的發展，畢竟你能掌控的事情畢竟有限。也因為如此，聽到大家對Credit Karma Guarantee的正面評價，真是令人欣慰。

But as we think about the other elements of the portfolio, the other products, in an environment that's supply-constrained, can you maybe just talk about the performance and how you're investing against the opportunity in context of what you can control? And how do you even know the progress perhaps that you're making in auto and in home, for example, if the market just isn't there to support it?

但是，當我們考慮投資組合中的其他要素和其他產品時，在供應受限的環境下，您能否談談業績以及您如何在可控因素的背景下把握投資機會？例如，如果市場根本沒有支撐，您又如何了解您在汽車和房屋等領域的進展？

Yes, Brad, actually, a great question. And the reason it's such an important question is we are very focused on delivering for our members in the near term, and to your point, leading to this macro environment, but we are undeterred relative to the strategic focus areas for the business. And so let me specifically answer your questions.

是的，布拉德，這確實是個好問題。之所以這個問題如此重要，是因為我們目前非常專注於在短期內為會員提供服務，正如您所說，這會影響到當前的宏觀環境，但我們不會因此而動搖公司在戰略重點領域的發展方向。接下來，我將具體回答您的問題。

First of all, let me start with a macro point, which applies to all of Intuit. At Intuit, there are outcomes that we declare that we monitor, but there are also inputs that we focus on. And inputs are key deliverables around product, around go-to-market, around technology investments, and each of our inputs have success measures.

首先，我想先從一個宏觀角度談起，這一點適用於整個 Intuit 公司。在 Intuit，我們既專注於一些我們明確設定並監控的結果，也專注於一些我們重點關注的投入。這些投入指的是圍繞產品、市場推廣和技術投資的關鍵交付成果，而我們對每項投入都設定了相應的成功衡量標準。

And we spend the majority of our time on inputs, because managing inputs and managing where you choose to invest is ultimately the biggest predictor of the outcomes that we want to achieve. So we're very intentional about delivering and managing in the near term for our customers and for you all, and we are undeterred relative to the focus areas that we are focused on in the long term, which are the inputs.

我們把大部分時間都花在投入上，因為管理投入以及投資方向的選擇最終決定了我們能否實現預期成果。因此，我們非常注重在短期內為客戶和各位交付和管理成果，同時，我們也毫不動搖地繼續專注於長期發展重點領域—投入。

With that as sort of uber context in terms of how we run the company, there are several areas that we continue to be focused on, and they're not new, but this is why we believe in the long-term growth of Credit Karma. One is Karma Guarantee. By the way, somebody is typing. So hopefully, you all can hear me.

鑑於以上是我們公司營運的基本背景，我們持續關注幾個領域，這些領域並非新領域，但這正是我們相信Credit Karma長期發展的原因。其中之一就是Karma Guarantee。順便說一句，有人在打字，希望大家都能聽到我說話。

But Karma Guarantee is a big time differentiator. This is where we use our data and our machine learning capabilities to, in essence, provide certainty that a customer is eligible for a credit card or a personal loan, and now 59% of our members are actually able to get a Karma Guarantee offer, which is a huge deal. We're continuing to invest in that area with our financial institutions and getting financial institutions onto our light box.

但「Karma Guarantee」是一項重要的差異化優勢。我們利用數據和機器學習技術，本質上確保客戶符合信用卡或個人貸款的申請資格。目前，已有59%的會員獲得了「Karma Guarantee」優惠，這意義非凡。我們將繼續與金融機構合作，增加對該領域的投入，並爭取讓更多金融機構加入我們的推廣平台。

The second is Credit Karma Money. This is huge, right? This is building out the other side of Credit Karma platform, where in essence, we're helping our members manage money, whether it's paying bills, early access to their money, early access of their refund, building their credit, finding ways to save money. And the more members engage with Credit Karma Money, the more their engagement goes up on the platform and the more we can monetize. So that's the second area.

第二個是 Credit Karma Money。這非常重要，對吧？它拓展了 Credit Karma 平台的另一部分，本質上，我們幫助會員管理資金，包括支付帳單、提前支取資金、提前領取退款、提升信用評分以及尋找省錢方法。會員使用 Credit Karma Money 越多，他們在平台上的活躍度就越高，我們的獲利能力也就越強。這就是第二個面向。

And then the third area is what we've talked about in the last several quarters, which is our focus on prime customers. This is why we put Mint and Credit Karma together. We're very underpenetrated with our prime members, and we're building out services. And when we launch them, well, of course, you'll be the first to know to really begin to penetrate and monetize prime customers.

第三個面向是我們過去幾季一直在討論的，那就是我們對優質客戶的關注。這也是我們將Mint和Credit Karma整合在一起的原因。我們目前在優質會員中的滲透率非常低，我們正在努力完善相關服務。當然，一旦這些服務上線，您將第一時間獲悉，以便真正開始滲透優質客戶群並實現盈利。

And last but not least, this is very important. It's better together with TurboTax. It's all the investments that we are making. Because our goal is we want every Credit Karma member to use TurboTax, and we want every TurboTax customer to put their refund on Credit Karma Money account. So those are the 4 big areas of focus.

最後但同樣重要的是，這一點非常重要。它與TurboTax配合使用效果更佳。這是我們所有投資的最終目標。因為我們的目標是讓每位Credit Karma會員都使用TurboTax，並且讓每位TurboTax用戶都將退稅款項存入Credit Karma Money帳戶。以上就是我們關注的四大重點領域。

If I could just ask a quick follow-up, maybe Michelle. Michelle, I appreciate that cash flow is lumpy from quarter-to-quarter. It looks like cash taxes had an impact in the first half of the year on free cash flow growth. But -- just in trying to reconcile your margin upside in the quarter with free cash flow performance, are there any items to call out? Any reasons why, for the full year, we shouldn't expect free cash flow growth to be somewhat in line with net income growth?

如果可以的話，我想問一個後續問題，或許可以問Michelle。 Michelle，我知道現金流季度波動較大。看起來上半年的現金稅對自由現金流成長產生了一定影響。但是——為了更好地理解本季利潤率的提升與自由現金流表現之間的關係，您能否指出一些需要特別注意的項目？為什麼我們預期全年自由現金流成長與淨利成長無法保持基本一致？

Thanks for the question, Brad. Typically, that is exactly what we would expect. So I would say that this year, we could pretty much expect the same -- that same trend to continue. Yes, we are going to have the lumpiness as we've always talked about, we have that throughout the year and given the way our quarters fall with tax and so forth. But yes, I would expect that you would see that trend continue for the year.

謝謝你的提問，布拉德。通常情況下，這正是我們所預期的。所以我認為今年的情況也差不多——同樣的趨勢會持續下去。是的，正如我們一直提到的，收入會有波動，這種情況貫穿全年，這主要是因為季度劃分、稅收等因素的影響。但我預計這種趨勢會在今年持續下去。

Your next question comes from the line of Brad Sills from Bank of America Securities.

你的下一個問題來自美國銀行證券的布拉德·西爾斯。

I wanted to ask a question here on TurboTax Full Service given that this is the first year that you're really making a push here with the offering and then we're getting into the tax season.

我想就 TurboTax 全方位服務提出一個問題，因為今年是你們真正大力推廣這項服務的第一年，而且我們即將進入報稅季。

Curious to get your perspective on whether you think this year might be the year you might see more conversion of existing TurboTax filers to Full Service or is this more of a net new filer coming into the franchise through Full Service, or maybe over time, you shift more towards the latter as the brand gains some traction. Just curious on your expectations there, net new versus existing filers upgrading.

我很好奇您對今年TurboTax用戶升級到全方位服務有何看法，您認為會有更多的現有用戶轉化，還是會有更多新用戶透過全方位服務加入？或者隨著品牌知名度的提升，未來會更轉向後者？我只是好奇您對新用戶和現有用戶升級的期望。

Yes. Thanks for the question, Brad. In fact, I'll start with something that we mentioned earlier, but it's really important in the context of your question, and that is our entire campaign strategy and all the investments that we've made in TurboTax Live as a platform has been to bring in prior year assisted customers.

是的。謝謝你的提問，布拉德。事實上，我想先說說我們之前提到過但對你的問題非常重要的一點，那就是我們整個行銷策略以及我們在TurboTax Live平台上的所有投入，都是為了吸引之前使用過我們服務的客戶。

And these prior year -- and by the way, our campaign, we'll talk about it in more detail right after tax season. But our campaign is certainly raising heads, and we are seeing more prior year assisted customers come into the franchise because they see it as a great opportunity to digitally get their taxes done from wherever they are and get the expert help that they need.

至於往年的情況－順便一提，我們的活動，我們會在報稅季結束後詳細討論。但我們的活動確實引起了廣泛關注，我們看到更多往年接受過我們服務的客戶來到加盟店，因為他們認為這是一個絕佳的機會，可以隨時隨地通過數位化方式完成報稅，並獲得所需的專家幫助。

With that said, the way we think about TurboTax Live is it's really one platform. We are -- we don't look at like Full Service as just an attach. We look at -- there are those that will come in and choose to get help along the way, and there are those that will come in and digitally exchange all of the documents, have an appointment and have a discussion with their expert that's been matched with them, and then have us do their taxes for them.

也就是說，我們認為TurboTax Live其實是一個統一的平台。我們並非只把全方位服務視為附加服務。我們認為，有些客戶會選擇到店尋求協助，而有些客戶則會透過電子方式提交所有文件，預約與配對的專家進行諮詢，然後由我們代為完成報稅。

And I think we see the type of strength that we would have expected in this area in the -- where we are in the season. With Full Service, you see more of that strength more towards the latter part of the season. But we're pleased with the halo effect that really it creates, because that's what we're really after is to ensure that we communicate and deliver on the promise of if you want to help with your taxes or you want us to do it for you, we're here for you.

我認為，就目前這個階段而言，我們看到了我們預期的強勁勢頭。全方位服務方面，這種強勁勢頭會在季末更加明顯。但我們對它所產生的正面影響感到滿意，因為我們真正追求的是確保我們能夠兌現承諾：無論您是需要稅務方面的幫助，還是希望我們代您處理，我們都隨時為您服務。

And it's the combination of that both campaign strategy and platform delivering on that promise. That is what we look for. With that said, the big change this year is 1 session of virtual engagement where we can get your taxes one and done, and we're seeing success there. And I would also just say we're going to see a lot more sort of in March and April, and that's where this full service offering will have the largest impact.

而正是競選策略和平台的結合，才能兌現這項承諾。這正是我們所追求的。話雖如此，今年最大的變化在於，我們推出了一次線上服務，可以一次幫您完成報稅，而且我們已經看到了成效。我還想說，三月和四月我們會看到更多類似的服務，屆時這項全方位服務將發揮最大的作用。

Your next question comes from the line of Steve Enders from Citi.

你的下一個問題來自花旗銀行的史蒂夫恩德斯。

Okay. Great. I guess maybe just to follow up on the last TurboTax line of questioning, I guess, so far, what have you seen in terms of kind of the broader adoption of some of those more full service offerings or even TurboTax Live in terms of driving the upside in the quarter? And I guess from a referral standpoint between credit card and TurboTax, I guess what kind of engagement have you seen between the 2 of those that drive that co-branded offering out there?

好的，太好了。我想就上次關於TurboTax的問題做個後續，我想問一下，到目前為止，您認為在推動本季度業績增長方面，更全面的服務產品，甚至是TurboTax Live，其普及程度如何？另外，從信用卡和TurboTax的推薦角度來看，您認為這兩者在推廣聯名產品上有哪些互動？

Yes. Very good question. A couple of things that I'll say. First of all, Steve, as we talked about earlier, we have just had a faster forming season this year, which is great because we're able to not only deliver for our customers, but these are folks that really need their money fast and we've seen a really strong uptake of putting their money on a Credit Karma Money account, which is exactly why we've got the integration between those 2 platforms.

是的，問得好。我有幾點要說。首先，史蒂夫，正如我們之前討論過的，今年的貸款發放速度更快，這很好，因為我們不僅能夠滿足客戶的需求，而且這些客戶確實急需用錢，我們看到越來越多的人選擇將資金存入Credit Karma Money帳戶，這正是我們整合這兩個平台的原因。

The second thing I would say, and of course, we'll share more tangible results when season is over, but I'm actually quite excited about what we are seeing this year relative to Credit Karma members, in essence, engaging with TurboTax. We spent a lot of sort of our investments in time this past 5, 6 months to remove friction, to remove blockers, to make it much easier if you're a member to pick the right product and then get your taxes done, whether you want to do it yourself or we'll do it for you. So we're seeing good engagement on that front.

第二點我想說的是，當然，賽季結束後我們會分享更具體的成果，但就今年Credit Karma會員與TurboTax的互動而言，我確實感到非常興奮。過去五、六個月，我們投入了大量時間精力來消除摩擦和障礙，讓會員能夠更輕鬆地選擇合適的產品，然後完成報稅，無論您是想自己報稅還是委託我們代辦。因此，我們看到這方面的用戶參與度很高。

And I think just last but not least, we're seeing strength with returning customers that use TurboTax Live coming back this year. And again, it's very early in the season. We're actually excited about all the possibilities of acquiring new customers as we look at the rest of the season, particularly because of our campaign. That's raised a lot of heads that we typically wouldn't have raised.

最後但同樣重要的是，我們看到今年使用TurboTax Live的老客戶數量仍然強勁。當然，現在才剛開始。展望本季剩餘時間，我們對吸引新客戶的各種可能性感到非常興奮，尤其是在我們進行了推廣活動之後。這次活動吸引了許多我們通常不會關注的客戶。

So more to come when season is over. And by the way, we're iterating real-time, making product improvements real-time, launching new features every 7 days, so we're excited about the game that's ahead of us and where we are as we sit today.

所以賽季結束後會有更多消息公佈。順便一提，我們一直在即時迭代，即時改進產品，每7天就推出新功能，所以我們對未來的遊戲以及我們目前的進展都感到非常興奮。

Okay. Great. That's helpful context there. And just a quick one, if I could get it in here on -- and just on the EPS outlook, I guess, how should we think about what's being put more to work on in terms of the marketing? How much more is getting -- kind of being put to work there versus conservatism, which is inherent in the model at this point, because just seeing really good upside in the past couple of quarters and not necessarily seeing a raise on the EPS side. So I just would love to kind of get your thoughts on that.

好的，太好了。這些資訊很有幫助。我還有一個小問題，關於每股盈餘（EPS）的展望，我想問一下，在行銷方面，我們該如何看待哪些方面投入了更多精力？與目前模型中固有的保守策略相比，究竟投入了多少？因為過去幾季我們看到了非常可觀的成長潛力，但每股盈餘方面卻沒有相應提高。所以我很想聽聽您的看法。

Yes, yes, absolutely. It's a very, very good question because if you just do the math, what we've delivered the first half of the year, and you look at where we're going to deliver the second half of the year, it would suggest a significant deceleration. So thank you for asking the question.

是的，沒錯。這確實是個非常好的問題，因為如果你仔細算算，看看我們上半年的成果，再看看下半年的計劃，就會發現增速明顯放緩。所以，謝謝你提出這個問題。

I would say everything that we talked about across all the businesses stands. We're confident in our guidance and we're confident in what we're seeing in the businesses and where each business sits. I think the reality is, generally, we have a principle, we don't touch our guidance while we're heading into our third quarter.

我認為我們之前討論的所有業務板塊的業績預期仍然有效。我們對業績指引充滿信心，也對各業務板塊的現況和發展階段充滿信心。實際上，我們通常遵循一個原則，那就是在進入第三季之前不會調整業績指引。

Our third quarter is double the revenue of any other quarter, and so we'd like to get to the third quarter and then talk to you all about what our guidance is moving forward. So really, the way you should think about our guidance is it's derisked.

我們第三季的營收是其他季度的兩倍，所以我們希望等到第三季結束後再和大家討論未來的業績預期。因此，大家應該這樣理解我們的業績預期：它已經降低了風險。

Your next question comes from the line of Kash Rangan from Goldman Sachs.

你的下一個問題來自高盛的卡什·蘭甘。

Congratulations on a strong quarter. Michelle, we'll definitely miss your smile and energy. Sandeep, look forward to working with you. Back to you, Sasan. You digitized taxes, which were done manually -- well, not like decades ago. Now you're about to digitize payments. I'm curious, as you look at payments, what are the parts of the payments ecosystem that Intuit has not traditionally played in?

恭喜你們本季業績出色。米歇爾，我們一定會想念你的笑容和活力。桑迪普，期待與你共事。薩桑，把話說回來。你實現了稅務數位化，以前都是人工操作——當然，現在情況大不相同了。現在你又要實現支付數位化了。我很好奇，在你看來，Intuit 在支付生態系統中有哪些領域是以前沒有涉足的？

I know that you've quantified $125 billion of transactions going through your network vis-a-vis $2 trillion or so that's transacted, more broadly speaking, and listen to your comments on payments. It sounds like that is the big kahuna here.

我知道你們已經統計出透過你們網路進行的交易額為 1250 億美元，而更廣泛意義上的交易額約為 2 兆美元，而且請聽聽你們對支付方面的看法。聽起來支付才是關鍵。

Demystify what parts of the payments ecosystem has Intuit not participated in before and which parts would you be able to participate in going forward? You mentioned B2B, accounts payable, receivable, et cetera. That would help frame how much of an opportunity payments is -- because it's a small -- it's [one of your] smallest businesses, but it looks like it's got the biggest growth potential.

請解釋一下Intuit之前未涉足的支付生態系統的哪些部分，以及未來可能涉足的哪些部分？您提到了B2B、應付帳款、應收帳款等等。這有助於我們了解支付業務的巨大潛力——雖然它規模較小，是你們最小的業務之一，但看起來成長潛力最大。

Yes. Thank you for the question, Kash. And I just have to start by saying we've got a lot of octane in the tank left across all of our Big Bets. I love all of my 5 children, but I'll answer your question around payments. I think there are 3 things. And let me -- 30 seconds of context and I'll specifically answer your question, because we talked about payments and money movement a lot.

是的。謝謝你的提問，Kash。首先我想說的是，我們所有的大專案都還有很大的發展空間。我愛我的五個孩子，但我還是先回答你關於付款的問題。我認為有三點。讓我先簡單介紹一下背景，大概30秒鐘，然後再具體回答你的問題，因為我們之前已經多次討論過支付和資金流動的問題。

One huge element of what happens on our platform is small businesses come in, they create an estimate, they invoice and then they need to get paid for that invoice once they do the work. And our penetration in that -- we talk often about we have $2 trillion of invoices that are managed on our platform. Our penetration there is still low.

我們平台上的一個重要環節是，小型企業入駐後，建立報價單，開立發票，然後在完成工作後收到款項。我們在這個領域的滲透率——我們經常提到，我們平台上管理的發票總額高達2兆美元——仍然很低。

And so it's just important to start there and not move off of that because that's a huge growth opportunity. It's a huge area of investment. It's by the way why, in this macro environment where everybody's payments volumes are not accelerating or they're significantly decelerating, we still have 25% total charge volume growth.

所以，重要的是要從這裡入手，不要偏離這個方向，因為這是一個巨大的成長機會，也是一個巨大的投資領域。順便一提，這也是為什麼在當前宏觀經濟環境下，所有人的支付量都沒有加速成長甚至顯著放緩的情況下，我們的總交易量仍然成長了25%。

So that's number one. There's a lot of octane left there, and we are significantly focused. I think the other one that we've traditionally not focused on at all is this entire B2B network, which is digitizing business to business between our small businesses. We now have the capabilities. We launched the business network last quarter to millions of our QuickBooks customers, that is a big opportunity, of course, very low -- no penetration because we didn't have it before, and it's 70% checks. So that's a big one.

所以這是第一點。我們在這方面還有很多潛力，而且我們非常重視。我認為我們過去一直忽略的另一個面向是整個B2B網絡，也就是我們小型企業之間企業間交易的數位化。現在我們具備了這方面的能力。上個季度我們針對數百萬QuickBooks客戶推出了企業網絡，這當然是一個巨大的機遇，但滲透率非常低——幾乎沒有，因為我們之前沒有這項服務，而且70%的交易都是透過支票完成的。所以這是一個非常重要的面向。

And then part of that is also just bill pay capabilities, which we've had on our platform through a couple of really strong partners, and now we're building that capability ourselves because we believe that it can deliver a far seamless experience for our customers.

其中一部分還包括帳單支付功能，我們之前透過幾個強大的合作夥伴在我們的平台上實現了這項功能，現在我們正在自己建立這項功能，因為我們相信它可以為我們的客戶提供更無縫的體驗。

And then when you take all of that and go to mid-market, it's even a bigger opportunity, which is why we're seeing the strength in our mid-market growth because of just the size of payments and payroll that takes place.

然後，當你把所有這些因素考慮到中端市場時，你會發現更大的機遇，這就是為什麼我們在中端市場成長強勁的原因，因為中端市場的支付和薪資規模龐大。

So that is allowing you to participate in these vectors that you couldn't previously access.

這樣一來，你就可以參與到這些以前無法參與的領域中去了。

Yes, absolutely. Thank you, Kash.

是的，當然。謝謝你，卡什。

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

你的下一個問題來自奧本海默公司的史考特‧施內伯格。

Congratulations, Michelle and Sandeep. Sasan, first question is going to be in the tax category. It's kind of a multi-parter. This -- the early season, the industry, the IRS is clearly up year-over-year significantly, and that's probably good for you for multiple reasons, like you just mentioned, the Credit Karma Money probably helped.

恭喜Michelle和Sandeep。 Sasan，第一個問題是關於稅務的，涉及多個方面。首先，就目前的情況來看，行業整體情況以及美國國稅局的稅收收入都比去年同期大幅增長，這對你們來說可能是件好事，原因有很多，就像你剛才提到的，Credit Karma Money可能也幫了你們不少忙。

But just would love your thoughts on the industry, why you think it's up so much this year versus last year to start and then it's still way behind in -- through mid-February versus pre-pandemic. So just kind of high-level thoughts on the kind of the cadence of this tax season, to start, and how that may influence the tax season and your view of it overall.

我很想聽聽您對這個行業的看法，您認為為什麼今年年初的報稅量比去年同期增長這麼多，但到了二月中旬，報稅量仍然遠遠落後於疫情前的水平？所以，我想聽聽您對今年報稅季節奏的整體看法，以及這可能會如何影響整個報稅季，還有您對報稅季的整體看法。

Yes, Scott. I love the question, because this is actually important for everybody to hear since you see the IRS reports on a weekly basis. It's almost -- if I were to tell you all, it's almost hard for you all to pay attention to these reports because so much has changed and will continue to change. So let me start with context.

是的，斯科特。我很喜歡這個問題，因為這對每個人來說都很重要，畢竟你們每週都會看到國稅局的報告。如果我告訴你們所有人，你們幾乎很難集中註意力去看這些報告，因為很多事情都發生了變化，而且還會繼續變化。所以，讓我先從背景介紹開始。

Before COVID, before 2020, things were generally predictable, but things were continuing year in and year out to get pushed out to April. What do I mean by predictable? Generally, you would see a strong first peak, which went through mid-February and it would start end of January, and then you would sort of have very low volume and then you would have a lot of volume come in on the 14th and 15th of April.

在新冠疫情爆發之前，也就是2020年之前，情況通常比較可預測，但每年都會出現類似的情況，交易高峰期推遲到四月。我說的「可預測」是什麼意思呢？通常情況下，你會看到一個強勁的第一波高峰，從二月中旬開始，一直持續到一月底，然後交易量會非常低，最後在4月14日和15日會出現交易量激增的情況。

And what was happening, every year that curve was predictable, but what's happening is every year, more and more people pushed out to do their taxes on the 14th and 15th because there were solutions like ours where they could wait until last minute to do it. So that was pre-COVID. When COVID hit, when everybody sort of was locked up in their homes, when tax season got extended 2 years in a row, and now the fact that folks are actually working virtually, it completely blew up the curve and the habits of customers.

以前，每年的報稅曲線都是可以預測的，但現在的情況是，越來越多的人選擇在14號和15號報稅，因為有像我們這樣的解決方案，讓他們可以等到最後一刻再報稅。這是新冠疫情爆發前的情況。新冠疫情爆發後，大家幾乎都被困在家中，報稅季連續兩年延長，再加上現在人們都在遠距辦公，這徹底改變了報稅曲線和客戶的習慣。

And so what we are now seeing this season is initially, we saw a fast forming season similar to what would happen pre-COVID, where a lot of people came in because they needed money. And what we're seeing now is -- what we've been seeing, which is a lot of people are pushing out to complete their taxes sort of last minute.

所以，我們現在看到的是，本季初期，報稅季迅速形成，類似新冠疫情前的情況，很多人因為需要錢而湧入報稅。而我們現在看到的——也是我們一直以來看到的——是很多人在最後一刻才完成報稅。

But what's very difficult, I know, for you all to compare, we have a lot of internal data so we can assess what's happening, is that it's hard to compare year-over-year because there's so much that changed in the last several years. And again, what we're seeing this year is now people are at work, but remember, they're still generally working in a hybrid environment. So even days of the week, times of the day when they do their taxes is not comparable to last year.

我知道，對大家來說，比較起來非常困難。我們有很多內部數據可以用來評估現狀，但很難進行同比比較，因為過去幾年變化太大了。而且，我們今年看到的情況是，人們雖然已經上班了，但請記住，他們仍然普遍採用混合辦公模式。因此，即使是他們一周中的哪幾天、一天中的哪個時段報稅，也與去年無法直接比較。

But generally speaking, fast forming, and then a bunch of people are going to do their taxes in the last several days of April before taxes are due is the way you should think about it.

但總的來說，你應該這樣想：稅務局會迅速成立，然後很多人會在四月最後幾天，也就是繳稅截止日期前，抓緊時間報稅。

Great. I appreciate all that color. Next one, a follow-up. Over in Credit Karma Guarantee, you've discussed it a good bid on this call. But when you gave guidance for Credit Karma at the beginning of the year, you were really excited about Guarantee contributing in the back half. I may be a quarter or 2 early here asking this question.

太好了。我很欣賞這些色彩。下一個問題，我想跟進一下。關於 Credit Karma Guarantee，您在這次電話會議上討論過它值得買入。但是，年初您對 Credit Karma 的業績指引中，您曾經對 Guarantee 在下半年的貢獻充滿信心。我可能提前了一兩個季度問這個問題了。

You mentioned the 59% penetration of the base. Just curious, how are you tracking this? Is this ahead of where you expected to be at this point, and could it be, in fact, a driver? You mentioned derisked guidance for Credit Karma segment. Is this -- how are you progressing on Guarantee? Is this going to be really meaningful through the back half?

您提到了59%的用戶滲透率。我很好奇，您是如何追蹤這項數據的？這個數字是否高於您目前的預期？它是否真的會成為推動業績成長的因素？您提到了Credit Karma業務板塊風險降低後的業績指引。這是指擔保業務嗎？您在擔保業務方面進展如何？它在下半年是否會產生顯著影響？

Yes. Yes, sure. First of all, let me start with my comments where the guidance for the company is derisked. That includes Credit Karma. So my comments weren't just about Credit Karma, it was really about the whole company.

是的，當然。首先，我想先談談公司業績指引風險降低的部分，其中也包括Credit Karma。所以我的評論並非只針對Credit Karma，而是針對整個公司。

Because if you just do the math, it seems that we are significantly decelerating the second half of the year versus the first half of the year, and that's the point I made, which is principally, we don't touch guidance until we get to our largest quarter, which is this quarter. And so therefore, the way to think about our guidance is that it's derisked. That includes Credit Karma.

因為如果你仔細計算一下，你會發現我們下半年的成長率明顯低於上半年，而這正是我要強調的重點：我們只有在業績最重要的季度（也就是本季）到來之後才會調整業績指引。因此，我們應該把業績指引理解為已經降低了風險。這其中也包括了信用評等機構Credit Karma的評等。

The second thing is, if you recall, when Michelle and I talked about when we reset the Credit Karma guidance to minus 15% to minus 10%, what we talked about is, one, we feel the new guidance was very prudent. We also really built in some deterioration in the second half of the year, and we didn't count on our innovation having the kind of impact we initially had assumed in our first guidance. And I think that still stands.

第二點是，如果你還記得的話，我和米歇爾之前討論過將Credit Karma的預期收益率調整為-15%到-10%的時候，我們當時的想法是，第一，我們認為新的預期非常謹慎。我們也確實考慮到了下半年市場可能出現的下滑，而且我們並沒有預料到我們的創新會產生像最初預期中那樣大的影響。我認為這一點現在依然成立。

With that said, I actually feel very good about where we are. I would say we are where we want it to be, because we have very high goals with Karma Guarantee. 59% of our members now having at least one Karma Guarantee offer is really a big deal.

綜上所述，我對我們目前的狀況非常滿意。可以說，我們已經達到了預期目標，因為我們對「業力保障」專案設定了很高的目標。現在有59%的會員至少擁有一項「業力保障」優惠，這確實是一個了不起的成就。

So I feel good in terms of the progress we're making on that front, the front of Credit Karma Money with the integration with TurboTax. Those are all -- our input goals in those areas are on track, and it will be fun to watch how they play out the rest of the year, but we're not relying on that to achieve our guidance.

因此，就我們在這方面取得的進展而言，我感到滿意，尤其是在Credit Karma Money與TurboTax的整合方面。這些領域——我們在這方面的投入目標都按計劃進行，觀察它們在今年餘下的時間裡如何發展將會很有趣，但我們並不指望這些能夠實現我們的業績指引。

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

你的下一個問題來自傑富瑞集團的布倫特·蒂爾。

Sasan, Online Services was slower than QBO accounting at 27%. So I think I just wanted to clarify, was the weakness really just in Mailchimp? Or was there any weakness you saw in payments or payroll?

Sasan，線上服務比QBO會計慢了27%。所以我想確認一下，這個弱點真的只存在於Mailchimp嗎？還是說您在支付或工資方面也發現了其他弱點？

Yes, Brent, 2 [over] points. The first one is you're always going to see toggling between online accounting growth rate and Online Services growth rate. What you really should pay attention to is the overall growth rate. With that said, to answer your question, we actually saw strength across the board.

是的，布倫特，兩分。第一點是，你總是會看到線上會計成長率和線上服務成長率交替出現。你真正應該關注的是整體成長率。話雖如此，回答你的問題，我們實際上看到各個方面都表現強勁。

Mailchimp, our growth is what brought down the Online Services growth to 21%, because it is growing slower, then, of course, it's growing low teens, but it was really driven down by Mailchimp. And Mailchimp is growing low teens, similar to last quarter, but that was really the primary reason. A little bit, a very small amount by payments, now growing at 25%, but really, it's Mailchimp.

Mailchimp 的成長導致線上服務整體成長率降至 21%，因為其成長放緩。當然，線上服務整體成長速度也只有十幾個百分點，但主要還是被 Mailchimp 拉低了。 Mailchimp 的成長速度與上季類似，也只有十幾個百分點，但這才是主要原因。支付業務的成長率目前為 25%，雖然影響不大，但真正拖累整體成長的還是 Mailchimp。

Follow-up on Mailchimp. Do you feel that is more internal execution of getting the product right and not wanting to push it out until it's ready? Or is there something competitive going on that you're seeing that's maybe distracting?

關於 Mailchimp 的後續情況。您認為這更多是公司內部為了完善產品而採取的措施，不想在產品完全成熟之前就匆忙推出嗎？還是說您看到了一些競爭對手的舉動，可能會分散他們的注意力？

No. It's really -- we have very clear priorities. We put great leaders in the business. I was actually just in Atlanta about 3 weeks ago, spent more than a day with the entire team, and it's just really execution. And I feel very good about the focus areas, the progress on our execution. It is in our control, which is sort of a great place to be in. It's not macro. It's us.

不，確實如此——我們有非常明確的優先事項。我們為公司配備了優秀的領導者。實際上，大約三週前我剛去過亞特蘭大，和​​整個團隊待了一天多，關鍵在於執行。我對重點領域以及執行的進展感到非常滿意。一切都在我們掌控之中，這感覺很棒。這不是宏觀層面的問題，而是我們自身的問題。

Your next question comes from the line of Alex Zukin from Wolfe Research.

你的下一個問題來自 Wolfe Research 的 Alex Zukin。

Congrats on a great quarter. I guess maybe just 2 quick ones. Sasan, first, if I count the amount of times you said derisk on this call with respect to the guidance, I think that's definitely great to hear.

恭喜你本季表現出色。我想就簡單提兩點。薩桑，首先，如果你在這次電話會議上提到「降低風險」來調整業績指引的次數足夠多，那絕對是個好消息。

But if you think about like the KPIs that you're seeing in real time around the macro and the SMB, like what would you say -- how would you compare them to the trend line that you saw last quarter? And where do you see them kind of going from a macroeconomic perspective and influencing the demand environment?

但如果你思考一下你即時看到的宏觀和中小企業關鍵績效指標，你會如何將它們與上個季度看到的趨勢線進行比較？從宏觀經濟角度來看，你認為它們將走向何方，又將如何影響需求環境？

Yes. Good question, Alex. Let me start with small business. And given that we have 10 million-plus small businesses on our platform and, by the way, with the way they're digitizing, it's probably best to just talk specifically about the data that we are seeing.

是的，問得好，Alex。我先從小型企業說起。鑑於我們的平台上有超過1000萬家小型企業，而且順便說一句，考慮到它們的數位轉型，最好還是具體談談我們看到的數據。

If you go back to last quarter, what I had mentioned is small businesses generally still have strong cash reserves. They're using some of those cash reserves to continue to invest in their business, and they're still hiring. They're still having a little bit of a hard time hiring, but they are still hiring. They couldn't find talent.

回顧上個季度，我之前提到過，小企業普遍仍擁有充足的現金儲備。他們正利用部分現金儲備繼續投資業務，並且仍在招聘。雖然招募仍然有些困難，但他們仍在招募中。他們之前可能找不到合適的人才。

But then there are sectors like financial services, real estate, auto, that were down nearly 15% in revenue year-over-year. If I forwarded to the data that we're seeing now this quarter, 2 things. One, they're continuing to hire, and they're actually finding it easier to hire. And those same industries that I just mentioned, real estate, financial services and auto have actually kicked off in performance.

但像金融服務、房地產和汽車等行業，其營收年減了近15%。如果我把目光轉向本季的數據，我會發現兩點不同。第一，這些行業仍在繼續招聘，而且招聘變得更加容易。我剛才提到的房地產、金融服務和汽車等行業，其業績其實已經開始回升。

Our performance is better. Like, for instance, I think real estate and financial services are -- they were down like 15% plus, and now they're down less than 10% as an example. And auto, believe it or not, was down minus 2% versus the minus sort of 10% to 15% it was down. So we're actually seeing an uptick and improved performance in our base in those areas that were actually hit the hardest.

我們的業績有所改善。例如，房地產和金融服務業——之前下跌了15%以上，現在跌幅已降至10%以下。而汽車業，你可能難以置信，跌幅也從之前的10%到15%左右降到了2%。所以，我們實際上看到，在那些曾經遭受重創的領域，我們的業績出現了回升和改善。

So that's sort of the macro environment that I would say. And I would actually reiterate what Michelle and I talked about earlier, which is our focus and innovation on payments is working, because although consumer spending has moderated a bit, our total charge volume is growing 25%, which is quite healthy and significant. So that's what we're seeing on the small business side.

這就是我所說的宏觀環境。我還要重申我和米歇爾之前討論過的內容，那就是我們對支付領域的關注和創新正在奏效，因為儘管消費者支出有所放緩，但我們的總交易額增長了25%，這是一個相當健康且顯著的增長。這就是我們在小企業方面看到的情況。

On the Consumer side, 2 things I would say. And remember, we have nearly 100 million consumers on our platform, so this is really indicative of the world outside of our platform. Since March of last year, credit scores are down about 13 points, and credit card balances are up a little bit over 20%.

從消費者角度來看，我想說兩點。請記住，我們的平台擁有近1億用戶，所以這確實反映了我們平台之外的世界的情況。自去年3月以來，信用評分下降了約13分，信用卡餘額上升了略高於20%。

Those that are hit the hardest are those that are in the credit band of 600 to 660, where their average balance on their credit card is like $9,000. So that's the a little bit of the state of the world on the consumer side. Hopefully that answers your question, Alex.

受影響最大的是信用評分在600到660之間的人，他們的信用卡平均餘額約為9000美元。以上就是目前消費者權益方面的一些狀況。希望這能解答你的疑問，Alex。

Yes. That was actually extremely detailed. And then I guess I'd be remiss if I didn't ask you a question about generative AI and how or if at all Intuit has plans to monetize or integrate that technology. It does seem like having your own personal financial digital assistant or a live plus functionality would kind of seem logical, but would be really interested to kind of get a sense of how you're all thinking about it.

是的，講解非常詳細。我想，如果我不問您關於生成式人工智慧的問題，以及Intuit是否有計劃將這項技術商業化或整合到產品中，那就太失職了。擁有自己的個人財務數位助理或類似Live Plus的功能似乎合情合理，但我很想了解你們對此的看法。

Alex, I'm glad you got it in. I'm surprised it took until the top of the hour for somebody to ask, so thank you for asking. It's actually a really important question. And I want to take you all back to AI is core to our strategy. And now that everybody is talking about AI, I'm actually delighted, because hopefully, it will expose to all of you why 4 years ago, when we refreshed our strategy, it was about being an AI-driven expert platform.

Alex，很高興你提出了這個問題。我沒想到竟然過了整點才有人問，所以我非常感謝你的提問。這確實是一個非常重要的問題。我想再次強調，人工智慧是我們策略的核心。現在大家都在談論人工智慧，我其實很高興，因為希望這能讓大家明白，為什麼四年前我們重新調整策略時，會選擇打造一個人工智慧驅動的專家平台。

And the investments that we've made in data and in AI is really what's fueled a lot of our innovation across the company. And as you heard us talk about at Investor Day, it's why we put Marianna in front of you all. We're just at the beginning of the curve as to what's possible. So first and foremost, the investments around data and AI is what's fueling our success. And we've been looking at generative AI.

我們在數據和人工智慧領域的投資，真正推動了公司各方面的創新。正如你們在投資者日上聽到的，這也是我們安排瑪麗安娜（Marianna）與大家見面的原因。我們目前所處的階段只是冰山一角，未來還有無限可能。因此，首先，數據和人工智慧領域的投資是我們成功的基石。我們一直在關註生成式人工智慧。

In fact, there are multiple areas across our platform where we've launched some of the capabilities of generative AI because it's all about reducing work and finding ways to put more money in your pocket with confidence, and it actually helps our experts.

事實上，我們在平台的多個領域都推出了一些生成式人工智慧的功能，因為這一切都是為了減少工作量，並找到讓您更有信心地賺更多錢的方法，而且它實際上也有助於我們的專家。

The key areas that we are focused on working with a couple of companies in this area is accuracy. And it will become more accurate over time, but we deal with people's money, and that matters in terms of the advice that we give. For us, this is all an accelerant, which, by the way, we've been working on for many, many, many months before this became sort of the buzz. But AI is core to our strategy, so we're delighted with the possibilities of the future.

我們目前與幾家公司合作，重點關注的領域是準確性。隨著時間的推移，準確性會不斷提高，但我們處理的是人們的資金，因此準確性對我們提供的建議至關重要。對我們而言，這一切都是加速器，順便說一句，早在人工智慧成為熱門話題之前，我們就為此努力了數月之久。人工智慧是我們策略的核心，因此我們對未來的發展前景感到無比興奮。

Ladies and gentlemen, that concludes our question-and-answer session. Would you like to close with any additional remarks?

女士們、先生們，問答環節到此結束。您還有什麼要補充的嗎？

Yes. Well, listen, thank you, everybody, for your time. Thank you for your wonderful questions. Once again, I want to thank Michelle for 20 years at Intuit. She'll be back with us, by the way. She's with us through August. And delighted with Sandeep joining us as our new CFO in August. But with that said, we'll talk to you at next earnings. Until then, be safe, be good. Talk soon. Bye, everybody.

是的。好的，謝謝大家抽出時間。感謝大家提出的精彩問題。再次感謝Michelle在Intuit的20年貢獻。順便說一句，她還會回來的。她會一直待到八月。而且，Sandeep將於八月加入我們，擔任新的財務官，我們對此感到非常高興。好了，我們下次財報記者會再見。在那之前，祝大家平安健康。下次再見。再見，各位。

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

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。