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?

下午好。我的名字是艾比，我將成為你們的會議主持人。此時，我想歡迎大家參加 Intuit 2023 財年第二季度電話會議。 （操作員說明）有了這個，我現在將把電話轉給 Intuit 的投資者關係副總裁 Kim Watkins。沃特金斯女士？

Thanks, 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，歡迎來到 Intuit 2023 財年第二季度電話會議。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.

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。

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 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。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。

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。有了這個，我會把電話轉給 Sasan。

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.

偉大的。謝謝 Kim，也感謝大家今天加入我們。正如您在我們的新聞稿中所讀到的，我們宣布米歇爾將辭去首席財務官一職，併計劃從 Intuit 退休。我很高興地告訴大家，Sandeep Aujla 將於 2023 年 8 月 1 日擔任首席財務官一職。這是一個精心設計的繼任計劃，幾分鐘後將涵蓋更多內容，但讓我們先從業務開始吧。

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%.

我們實施了成為全球 AI 驅動的專家平台的戰略，為消費者和小型企業的繁榮提供了動力，我們又迎來了一個強勁的季度。第二季度收入增長 14%，受小型企業和個體經營者收入增長 20% 以及消費者收入增長 26% 的推動。

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，我們將慶祝 Intuit 成立 40 週年。我們為我們重塑公司和重塑自我的歷史感到無比自豪，這使我們能夠在各種技術變革和經濟周期中蓬勃發展。

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，我們成功應對了多個平台轉變，包括我們在數字化時代向人工智能的最大轉型，鑑於我們的 TAM 大、滲透率低、經過驗證的戰略和 5 個大賭注，我們繼續對我們推動增長的能力充滿信心。我們很自豪能夠成為全球金融技術平台，為我們所服務的人民和社區提供繁榮。

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.

我將首先從對稅收季節和我們在當前宏觀環境下的業務的一些想法開始。如您所知，我們平台的規模和豐富的數據讓我們對 1 億多客戶的生活和消費習慣有了獨到的見解。

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.

儘管更廣泛的宏觀環境存在不確定性，但我們的小型企業業績仍然非常強勁。我們繼續看到影響最大的領域的實力，包括我們在線中端市場客戶的增長，為強勁的訂閱收入和更高的 ARPC 做出貢獻。

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.

在第二季度，運行在線工資單的公司數量和在我們平台上支付的員工數量都保持強勁增長。在線支付總額增長了 25%，較第一季度有所放緩。我們看到小型企業客戶發送的支持支付的發票數量強勁增長，這是我們的創新繼續推動數字化的一個好跡象。

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.

向數字化的轉變以及我們小型企業平台（包括 QuickBooks 和 Mailchimp）的強大功能在客戶發展業務和改善現金流時引起了他們的共鳴。我們繼續觀察到，我們的 AI 驅動專家平台對我們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.

現在轉向稅收。我們對我們的戰略充滿信心，既可以擴大我們在自己動手類別中的領先地位，也可以改變輔助類別。在去年非常成功的擴展季之後，我們加倍努力學習以進一步加速創新以更好地為我們的客戶服務。

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，我們正在發展我們的 TurboTax 品牌，以提高人們的認識，即我們是消費者和小企業在輔助稅收領域的最佳選擇，總計 300 億美元的 TAM。我們的新活動 Come to TurboTax and Don’t Do Your Taxes 引起了我們客戶的共鳴，並且是我們戰略的關鍵，因為我們專注於吸引來自輔助部門的客戶。

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，我們推出了多項具有高影響力的 TurboTax Live 創新。作為我們第二個大賭注的一部分，我們正在通過虛擬方式將人們與專家聯繫起來，解決客戶面臨的最大問題之一，即缺乏信心。基於上一季的經驗教訓，我們將繼續使用人工智能來引入客戶的數據，並將他們與合適的專家相匹配，以幫助客戶自信地獲得他們應得的最大退款。

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.

幫助客戶更快地完成納稅。我們創造了一種新的遊戲化體驗，專注於我們終身保證支持的效率。我們改進了全方位服務產品，因此申報人可以在一次虛擬會議中完成申報。我們在稅收方面有了一個良好的開端，我們繼續對我們的獲勝遊戲計劃充滿信心。

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.

現在轉到我們的 5 個大賭注，我想強調一些最近取得進展的例子。提醒一下，我們的大賭注是：革新速度以獲益，將人們與專家聯繫起來，解鎖明智的資金決策，成為小型企業增長的中心並擾亂小型企業的中端市場。

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.

我們的第二個大賭注是將人們與專家聯繫起來。除了我分享的有關 TurboTax Live 的內容外，我們還通過 QuickBooks Live 實現了產品市場契合，我們希望它能幫助我們滲透非消費領域並推動突破性採用。我們正在將我們的 QuickBooks Live 發展成為專家服務組合，並將這些服務作為我們產品線的一部分嵌入，類似於 TurboTax Live。

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.

在第二季度，我們利用我們的虛擬專家平台為所有新的 QBO 客戶推出了 3 位專家指導設置。早期結果表明，使用此產品的客戶對我們完整的服務生態系統更有信心和了解，這轉化為更好的保留率和更高的採用我們的服務產品。

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.

通過我們的第三次大賭注，我們對 Credit Karma 的願景是成為一個全面的自動駕駛金融平台，無論我們的會員在金融之旅中的何處，都能推動他們前進。我們正在所有垂直領域進行創新，並繼續對我們 20% 至 25% 的長期增長預期充滿信心，儘管近期存在逆風。

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.

我將分享幾個例子。我們正在創新，以幫助會員更快地獲得現金並取得財務進步，包括在 Credit Karma Money 的幫助下提高他們的信用評分。例如，通過 TurboTax 和 Credit Karma 的整合，獲得批准的會員可以在 IRS 接受他們的退稅後的短短一分鐘內拿到錢。

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薪水，這使他們能夠處理眼前的開支、償還債務或積累儲蓄。會員還會收到有關如何實現其財務目標的建議，例如使用我們的高收益儲蓄賬戶創建緊急儲蓄基金或通過 Credit Builder 建立信用。激活信用建設者的會員在短短 30 到 45 天內看到平均得分增加 21 分。使用 Credit Karma Money 的會員在 Credit Karma 平台上表現出更高的參與度。

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.

我們通過 Karma Guarantee 為會員帶來更多信心。提醒一下，Karma Guarantee 優惠表明會員要么獲得批准，要么獲得 50 美元。在本季度末，59% 的會員有資格獲得至少一項業力保證優惠。

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 現在成為 Credit Karma 平台的一部分，我們開始為擁有優質信用評分的會員打造全新的體驗，而 Credit Karma 目前尚未深入了解這一點。利用 Mint，我們看到了開發個性化產品推薦的機會，利用淨值、交易和支出數據來突出對這些成員最重要的產品優勢。

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.

我們的第四個大賭注是通過幫助我們的客戶獲得新客戶、快速獲得報酬、管理資本和在全渠道世界中充滿信心地支付員工工資，從而成為小型企業增長的中心。我們不斷創新，將資金流動數字化，從創建估算到向客戶開具發票再到收款。

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，更容易發現、自動支付、即時存款和預付款都在幫助推動我們支付產品的採用，我們正在 B2B 支付數字化方面取得有意義的進展，以加速和自動化小企業之間的交易，並最終改善他們的現金流。

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會，因為 70% 的 B2B 交易仍然通過支票完成。本季度，我們向數百萬 QuickBooks 客戶推出了 QuickBooks 業務網絡，以進一步數字化美國的 B2B 支付。我們還在 QuickBooks 中構建我們的賬單支付功能，併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.

現在轉向 Mailchimp。我們正在努力成為客戶的真實來源，幫助他們發展和經營業務。我們對 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 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上取得了一些重大進展。為了幫助我們的小型企業客戶在一個地方經營和發展他們的業務，我們推出了實時數據同步，將發票、銷售收據、物品、客戶和地址等 QBO 數據導入 Mailchimp。這將客戶和購買數據集中在一個地方，為我們的客戶取得成功提供動力。

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.

為了幫助我們的客戶在一個地方跨多個渠道規劃、執行和跟踪他們的營銷活動，我們推出了一項名為 Campaign Manager 的新功能。這減少了管理營銷和跨渠道評估績效所需的工具數量。為了推動全球加速增長並執行我們更新後的國際戰略，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外，我們在上個季度分享的產品陣容創新、協助入職和改進首次使用正在推動付費轉化率的萌芽，第二個季度同比增長 2 個百分點四分之一。

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.

我們的第五個大賭注是顛覆代表著 170 萬客戶的 TAM 的小型企業中端市場，其中 700,000 已經在我們的特許經營中。正如我之前提到的，在線中端市場客戶增長依然強勁，我們看到越來越多地採用 QBO 高級支付和工資單，推動 ARPC 擴展，因為我們在整個服務生態系統中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.

總結一下，我們對人工智能驅動的專家平台戰略和 5 大賭注充滿信心。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。現在讓我把它交給米歇爾。

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，我們實現了 30 億美元的收入； GAAP 營業收入為 2.7 億美元，而去年為 5600 萬美元；非美國通用會計準則營業收入為 8.56 億美元，而去年為 6.12 億美元； GAAP 稀釋後每股收益為 0.60 美元，而一年前為 0.35 美元；非 GAAP 攤薄後每股收益為 2.20 美元，而去年為 1.55 美元。

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.

轉向業務部門。在小型企業和個體經營者群體中，本季度收入增長了 20%，在線生態系統收入增長了 24%。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 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，我們繼續專注於發展核心。 QuickBooks Online 會計收入在第二季度增長了 27%，主要受客戶增長、有效價格上漲和產品組合轉變的推動。其次，我們繼續專注於連接生態系統。包括工資單、Mailchimp、支付、資本和時間跟踪在內的在線服務收入在第二季度增長了 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組合的轉變。 Mailchimp 在本季度的收入增長低至十幾歲。增長是由更高的有效價格推動的，這符合我們的價值定價理念並提高了轉化率。

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.

我們將繼續提供有關業務的定期更新，以便您可以隨著時間的推移跟踪我們的績效，包括在投資者日進行更深入的探討，類似於我們對其他業務所做的工作。在支付方面，收入增長反映了客戶的持續增長，因為越來越多的客戶採用我們的支付產品來管理他們的現金流，並且每個客戶的總支付量有所增加。

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，我們通過執行更新的國際戰略（包括以 Mailchimp 為主導）繼續在全球擴張方面取得進展。按固定匯率計算，第二季度國際在線生態系統總收入增長了 17%。桌面生態系統收入在第二季度增長了 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，以更接近價值定價。我們大約已經完成了為期 3 年的桌面訂閱模式過渡的一半。

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 收入在本季度增長了十幾歲。隨著本財年下半年的進展，我們預計桌面生態系統收入將繼續強勁增長。我們繼續期望在線生態系統成為我們未來的增長催化劑。

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.

我們對今年小企業和個體經營者群體總收入增長 19% 至 20% 的指導方針仍然充滿信心。消費者集團第二季度收入為 5.16 億美元，增長 26%，反映出今年的成型季更快。我們對 Consumer Group 2023 財年收入增長 9% 至 10% 的指引充滿信心。

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.

轉向 ProTax 集團。第二季度收入增長 7%，符合我們的預期。 Credit Karma 在第二季度實現了 3.75 億美元的收入，下降了 16%。這略高於我們對其季節性較小季度的預期。提醒一下，Credit Karma 占我們 2022 財年總收入的 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.

在產品基礎上，下降主要是由個人貸款、住房貸款、汽車保險和汽車貸款的逆風推動的，部分被信用卡和 Credit Karma Money 的增長所抵消。在這種不確定的宏觀環境中，我們繼續看到對所有垂直行業的影響。

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.

在信用卡方面，我們繼續看到合作夥伴收緊風險較高群體的資格。在個人貸款方面，隨著合作夥伴進一步收緊資格，我們繼續看到壓力，我們預計個人貸款收入在 2022 財年實現非常強勁的增長後今年將下降。我們仍然對我們對下降 15% 至 10% 的指導充滿信心2023 財年。

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.

我們的財務原則指導我們的決策，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 21 億美元的現金和投資以及 71 億美元的債務。我們在第二季度回購了 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入市場。董事會批准於 2023 年 4 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 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.

正如我在過去幾個季度中一貫分享的那樣，我們有一個我們用來運營公司的操作系統，其中包括一個在經濟繁榮和困難時期都能運作的行之有效的劇本。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. 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我們豐富的數據使我們具有獨特的能力來查看領先指標，使我們能夠具有前瞻性和快速調整。我們還有一個強大的資產負債表，使我們能夠發揮作用。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. 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%.

繼續指導。我們重申我們的 2023 財年指導方針。這包括公司總收入增長 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 攤薄後每股收益下降約 5% 至 1%和非美國通用會計準則攤薄每股收益增長 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 財年第三季度的指引包括收入增長 8% 至 9%，GAAP 每股收益為 6.82 美元至 6.89 美元，非 GAAP 每股收益為 8.42 美元至 8.49 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 財年和第三季度指導細節。

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.

就個人而言，正如我們今天宣布的那樣，我將於 7 月 31 日辭去首席財務官一職，並在過去幾年中將重點放在推動增長的長期戰略上，這包括確保我有一個具有強大繼任計劃的高績效財務團隊。

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.

7 年來，Sandeep 一直是財務領導團隊不可或缺的一員，我堅信他會成為出色的領導者和 CFO。他一次又一次地展示了他推動關鍵戰略優先事項為我們的業務創造價值的能力，我期待著在接下來的 5 個月內與他合作，以確保無縫過渡。有了這個，我會把它轉回給 Sasan。

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.

偉大的。謝謝你，米歇爾。好吧，雖然 CFO 的過渡要到 8 月才正式進行，但我想藉此機會對 Michelle 在 Intuit 過去 20 年（包括過去 5 年擔任 CFO 期間）所做的一切表示衷心的感謝。她一直是一位了不起的合作夥伴，離開 Intuit 時會比她發現時更好，在 Michelle 擔任首席財務官期間，Intuit 的市值和收入翻了一番多。

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.

Michelle 致力於培養頂尖和多元化的人才，培養了一批強大的領導者，實現了非常無縫的過渡。 Sandeep 將成為一位傑出的首席財務官，他在我們的小型企業和個體經營者集團以及我們的技術組織中領導卓越績效的記錄。

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.

因此，讓我繼續總結一下。隨著我們執行成為全球 AI 驅動的專家平台的戰略，並通過利潤率擴張使 Intuit 收入增長兩位數，我們看到了持續的勢頭。憑藉我們加速的有機創新以及 Credit Karma 和 Mailchimp 的加入，我們成為全球領先的金融技術平台，為人們和社區的繁榮提供動力。

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.

我們感到自豪的是，Intuit 在《財富》軟件類別中被評為“最受尊敬的公司”第 5 名，Glassdoor 的 2023 年最佳工作場所之一，並榮幸地被列入 JUST Capital 的 2023 年 Just 100 排名。有了這個，讓我們現在打開這取決於你的問題。

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

（操作員說明）您的第一個問題來自 Evercore ISI 的 Kirk Materne。

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 撥入 Kirk。祝賀一個強勁的季度。我想問一下您在 QuickBooks Online 增長中看到了什麼，包括新客戶和現有客戶的追加銷售，以及您可能能夠提供的有關動態的任何評論。

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.

是的，當然。感謝你的提問。我會帶領我們在客戶獲取和保留方面看到實力。我們在服務中看到了優勢。正如我們剛才提到的，運行工資單的公司數量和領取工資的員工數量都非常多。

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.

我們 - 如果您將我們的結果與您在市場上看到的結果進行比較，我們將繼續增加 25% 的付款，總付款收費量，這非常出色，因為我們的客戶繼續受益於在我們的平台上進行數字化。

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.

而且我認為附加部分是我們看到了中端市場的實力，這是更高的 ARPC，我們很高興能夠真正追求非消費，我們之前談到的 QuickBooks Live 實際上是作為我們整體產品的一部分嵌入。

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，我想以 4 年前我們與大家討論過的目標之一，即我們大膽的 2025 年目標作為結束。其中一個目標是，我們希望我們平台上的小企業的成功率比行業高 10 個百分點，事實上，我們平台上的小企業，他們的表現比行業中的任何人高出 15 個百分點。

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.

這只是表明我們平台上的小企業更加成功，他們正在數字化，他們正在利用這個機會繼續加速為他們的客戶提供服務。

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

你的下一個問題來自 Mizuho 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.

Sasan，這是一個很棒的季度。我認為令人印象深刻的是你的小企業在這個宏觀環境中的增長，就像你的一些同行正在談論像推出數字化轉型和小企業一樣，一些弱點。

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.

所以我只想問一下你在接下來的幾個季度裡看到了什麼。就像您查看大量數據一樣。您現在在 SMB 經濟中看到什麼樣的健康狀況？看起來你的下半場現在很輕鬆。所以很想听聽您對小型企業的評論。

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.

是的，當然，西蒂。非常感謝你的問題。就我們經常談論的內容而言，這實際上是一個非常重要的問題，重要的是，當涉及到小型企業領域正在發生的事情時，你們都將 Intuit 視為真正的權威。原因是我們的平台對小型企業來說是關鍵任務。

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.

我們的平台包含 QuickBooks、Mailchimp 和我們平台上的所有服務，真正被小型企業用來發展客戶、管理他們的客戶、管理他們的現金流，以及端到端地管理他們的員工。因此，這意味著它推動了我們的成功，得到我剛才分享的統計數據的支持，在我們平台上的小企業實際上比不在我們平台上的小企業成功 15 分以上。

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，我設置了這個非常重要的背景，我將以支付總費用為例。當你看到我們的績效為 25% 時，那是迄今為止業內最好的。那是因為一切都與數字化有關。這不僅僅是關於支付，而是關於我們的小企業在我們平台上使用的所有服務。我們希望我們的小企業即使在這種宏觀環境下也能繼續取得成功，我們在這里為他們提供支持。

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.

最後我將說以下內容，我認為您在問題中暗示了這一點。正如米歇爾和我剛才所描述的那樣，我們業務的實力，我們希望這種實力能夠持續下去，儘管當您查看我們的指南時，我認為您應該以一種方式來看待我們的指南，即它已經被降低了風險，當然，在今年剩下的時間裡。

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.

偉大的。並進行快速跟進，基本上是澄清。你的在線服務增長了 21%，但如果我排除 Mailchimp，它增長了大約 27%。這非常令人印象深刻，就像與第一季度一樣，28%。只是想澄清一下，我的看法是正確的。

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.

你是。我們沒有公佈具體數字，但是，是的，您沒看錯，因為從本質上講，在線服務減去 Mailchimp 增長得更快。因此，僅通過設計，它的增長速度就比 21% 快得多。所以你是對的。

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 Michael Turrin。

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.

偉大的。本季度幹得好。也許給米歇爾一個，當你還在我們身邊的時候，有保證金。上個季度，您下調了 Credit Karma 前景，但保持 EPS 指南不變。我們已經從投資者那裡得到了關於這是否提供了可能更少的利潤空間的問題，但前幾個季度的每股收益仍然顯示出上升空間。

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，您能否瀏覽一下您找到的保證金槓桿？各種牌子疊在一起有什麼優勢嗎？我們應該如何考慮那裡的長期利潤潛力？

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，邁克爾。我很欣賞這個問題。我們 - 是的，即使我們確實在上個季度取消了我們的收入指導，我們仍然非常強烈地感到能夠仍然保持我們對營業收入和利潤率的指導。這實際上是我們在完成 3 年規劃過程時非常有計劃的事情。

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跨越費用範圍的槓桿。其中很多是在營銷方面。其中一些用於差旅和其他一些可自由支配的費用，這樣我們仍然能夠達到我們的底線財務承諾，這就是我們所做的。

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給出的指導感到非常滿意，但這是我們非常重視的事情，我們確保我們確實擁有可以拉動的槓桿，因為不同的宏觀環境這已經在今年展開。

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.

這非常有幫助。如果可以的話，再多一個。台式機業務異常強勁。當你移動訂閱基地時，你能談談你所發現的嗎？然後在我們完成那裡的遷移之旅之後如何考慮修訂後的小型企業目標，以及之後保持 15% 增長的原因。

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，我將從上下文開始。這是一種商業模式轉變，我們實際上對此感到非常興奮，第一，我們已經將客戶轉變為訂閱，因此它更具可預測性。第二，在這種情況下，我們有一個非常有計劃的過程來調整桌面產品和我們的在線產品之間的價格。

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.

這一點非常重要的原因是我們在過去幾年中一直在大量投資，真正確保我們的桌面客戶，特別是那些基於產品的業務的一些關鍵功能，這些功能可以在線使用。

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.

正處於這種商業模式轉型的中間，我們看到了另一個 1.5 年的持續增長，但我們也提前看到了我們現在可以通過我們的在線平台遷移這些客戶的事實，因為我們現在擁有他們的能力需要。順便說一句，當我們這樣做時，這實際上為額外的在線服務打開了大門，以繼續推動我們的小型企業取得成功。

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，當你退後一步時，最終，這個特許經營權的增長將來自在線。隨著我們向高端市場轉移的所有創新增長槓桿，這繼續讓我們對我們對小企業特許經營權的 15% 到 20% 的長期預期充滿信心。

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.

我會添加我的祝賀。我想知道您是否可以深入了解您從更高的有效價格中看到的有利趨勢，特別是對於 QuickBooks Online Accounting，就影響的幅度和持續時間而言。我很好奇這是否會在接下來的幾個季度繼續提供任何形式的物質提升。

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。謝謝你的問題，馬克。讓我從背景開始，無論業務是什麼，我們始終著眼於整個公司最大的增長來自數量和組合。當然，這兩個是由我們的創新驅動的，和/或如果我們正在向高端市場發展，在我們業務的許多情況下，我們正在向高端市場發展。在 TurboTax 中，示例正在進入輔助部分。

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.

所以價格和組合確實是最大的驅動因素。而且由於巨大而加速的創新，我們也有價格作為槓桿，因為我們總是希望從底部進行破壞，並且我們希望繼續在頂部進行破壞。由於價值方程和我們為客戶提供的利益，這實際上給了我們很大的定價權。

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，以此為背景，展望未來，不僅僅是接下來的幾個季度，而是從 Intuit 的長期耐用性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數量和組合以及價格將永遠是一個槓桿，因為特別是我們正在向高端市場發展。

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.

而且我認為這在小型企業中更為明顯，因為台式機的商業模式發生了轉變，我們正在使定價與在線價格持平，我們只是 - 我們預計這將在未來幾個季度繼續，但有一個這個的持久性元素，不僅僅是這個的季度元素。

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。然後作為快速跟進，在 Mailchimp 方面，是旨在刺激 Mailchimp 更高增長的舉措，我認為這包括你在那裡進行的非常有創意的廣告活動，那些開始採取在我們是否查看電子郵件營銷、活動量或看到客戶選擇正確的產品以進行 A/B 測試並與生態系統的其他部分建立聯繫方面保持並產生影響。您是否看到這種情況目前或在接下來的幾個季度開始流行？

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，我想說的是，當你考慮我們在重點領域討論的優先事項時，我們開始看到萌芽，幾個季度前我們開始看到萌芽，其中最大的一個是付費轉換。

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.

除了開始提供綠芽的舉措之外，我們最興奮的是我們正在做的工作，以留住我們的高價值客戶並真正滲透到中端市場。

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.

這與我們在中端市場使用 QuickBooks Advanced 談到的故事完全相同，當涉及到 QuickBooks 中的高價值客戶時，我們的保留率實際上並沒有那麼高。我們建立了一個平台和一個真正的團隊來專注於這些中端市場客戶。

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.

這真的讓我非常興奮，我認為我們將在接下來的 2 到 3 個季度看到結果，我們將開始產生更大的影響，而不僅僅是留住我們的高價值客戶，也滲透到中端市場。

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.

這也是在我們討論過的所有其他事情的背景下，即活動重新設計、網站重新設計、首次使用、1 小時輔助入職，以及我們剛剛在腳本前面分享的內容，我們說過它來了，那就是數據同步。數據同步是巨大的，因為現在它將客戶數據和購買數據都放在一個地方，它真正將增長的力量交到客戶手中，而客戶無法從其他任何地方獲得這種燃料。

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.

所以所有這些事情都需要時間，但我們看到了萌芽。它將在未來幾個季度轉化為更快的收入增長，順便說一下，這並沒有包含在我們的指導中，只是為了明確，但我們對我們正在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 Brad Zelnick。

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.

出色的。 Sasan，我認為每個人都欣賞 Credit Karma 中發生的一切，而你能控制的事情就這麼多。在這種情況下，很高興聽到有關 Credit Karma Guarantee 的所有優點。

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的其他元素時，在供應受限的環境中的其他產品，您能否談談績效以及您如何在您可以控制的範圍內針對機會進行投資？你怎麼知道你在汽車和家庭方面取得的進步，例如，如果市場不支持它？

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，實際上，這是一個很好的問題。這是一個如此重要的問題的原因是我們非常專注於在短期內為我們的成員提供服務，並且就您而言，導致這種宏觀環境，但相對於業務的戰略重點領域，我們並沒有被嚇倒。所以讓我具體回答你的問題。

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，讓我從一個宏觀點開始，它適用於所有 Intuit。在 Intuit，我們聲明要監控某些結果，但也有我們關注的輸入。投入是圍繞產品、上市、技術投資的關鍵交付成果，我們的每一項投入都有成功衡量標準。

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.

我們將大部分時間花在投入上，因為管理投入和管理您選擇投資的地方最終是我們想要實現的結果的最大預測因素。因此，我們非常有意在短期內為我們的客戶和你們所有人提供和管理，並且相對於我們長期關注的重點領域，即投入，我們並沒有被嚇倒。

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.

就我們如何經營公司而言，這是一種超級背景，我們繼續關注幾個領域，它們並不是新領域，但這就是為什麼我們相信 Credit Karma 的長期增長.一個是業力保證。順便說一下，有人在打字。希望你們都能聽到我的聲音。

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.

但是業力保證是一個很大的時間差異化因素。這就是我們使用我們的數據和機器學習能力的地方，從本質上說，確定客戶有資格獲得信用卡或個人貸款，現在我們 59% 的會員實際上能夠獲得 Karma Guarantee 優惠，這是一件大事。我們將繼續與我們的金融機構一起在該領域進行投資，並讓金融機構加入我們的燈箱。

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。這是巨大的，對吧？這是在構建 Credit Karma 平台的另一面，從本質上講，我們正在幫助我們的會員管理資金，無論是支付賬單、提早使用他們的錢、提早使用他們的退款、建立他們的信用、尋找儲蓄的方法錢。參與 Credit Karma Money 的會員越多，他們在平台上的參與度就越高，我們就能從中獲利。這是第二個領域。

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.

然後第三個領域是我們在過去幾個季度中談到的，這是我們對主要客戶的關注。這就是我們將 Mint 和 Credit Karma 放在一起的原因。我們的主要會員滲透率很低，我們正在建立服務。當我們推出它們時，當然，您將是第一個真正開始滲透主要客戶並從中獲利的人。

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，這非常重要。與 TurboTax 一起使用效果更好。這是我們正在進行的所有投資。因為我們的目標是我們希望每個 Credit Karma 成員都使用 TurboTax，並且我們希望每個 TurboTax 客戶都將他們的退款存入 Credit Karma Money 帳戶。所以這些是 4 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?

如果我可以問一個快速跟進，也許是米歇爾。米歇爾，我明白每個季度的現金流量都不穩定。看起來現金稅在今年上半年對自由現金流的增長產生了影響。但是 - 只是為了使本季度的利潤率上升與自由現金流量表現相協調，是否有任何需要注意的事項？為什麼我們不應該期望全年的自由現金流增長與淨收入增長在某種程度上保持一致？

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.

謝謝你的問題，布拉德。通常，這正是我們所期望的。所以我想說，今年，我們幾乎可以期待同樣的趨勢繼續下去。是的，正如我們一直在談論的那樣，我們將會遇到這種情況，我們全年都會遇到這種情況，並且考慮到我們的季度因稅收等因素而下降的方式。但是，是的，我希望你會看到這一趨勢在今年繼續下去。

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公司的 Brad Sills。

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.

我想在這裡問一個關於 TurboTax 全面服務的問題，因為這是你真正在這裡推出產品的第一年，然後我們就進入了稅收季節。

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.

很想知道您是否認為今年可能是您可能會看到更多現有 TurboTax 申報人轉換為全面服務的一年，或者這更多的是通過全面服務進入專營權的淨新申報人，或者隨著時間的推移，您隨著品牌獲得一些吸引力，更多地轉向後者。只是對您的期望感到好奇，淨新的與現有的文件管理器升級。

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。謝謝你的問題，布拉德。事實上，我將從我們之前提到的一些事情開始，但它在你的問題的上下文中非常重要，這是我們的整個活動策略以及我們在 TurboTax Live 作為平台所做的所有投資都是為了引進前一年受過幫助的客戶。

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.

而這些前一年 - 順便說一下，我們的競選活動，我們將在稅收季節之後更詳細地討論它。但是我們的活動肯定會引起人們的注意，我們看到更多前一年的協助客戶加入特許經營，因為他們認為這是一個很好的機會，可以隨時隨地以數字方式完成稅收並獲得他們需要的專家幫助。

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.

話雖如此，我們對 TurboTax Live 的看法是它確實是一個平台。我們是——我們不把全方位服務看作只是一種附加服務。我們看看 - 有些人會進來並選擇在此過程中獲得幫助，有些人會進來並以數字方式交換所有文件，預約並與他們匹配的專家進行討論和他們一起，然後讓我們為他們納稅。

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.

而且我認為我們看到了我們在本賽季所處的這一領域所期望的力量類型。有了全方位服務，您會在賽季後期看到更多這種力量。但我們對它真正創造的光環效應感到滿意，因為我們真正追求的是確保我們溝通並兌現承諾，如果你想幫助你的稅收，或者你希望我們這樣做你，我們在這裡等你。

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.

它是競選策略和平台兌現承諾的結合。這就是我們要尋找的。話雖如此，今年的重大變化是 1 場虛擬參與會議，我們可以在其中完成您的稅收，我們在那裡看到了成功。我還要說的是，我們將在 3 月和 4 月看到更多類型的服務，而這正是這種全面服務產品將產生最大影響的地方。

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

你的下一個問題來自花旗的 Steve Enders。

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。偉大的。我想也許只是跟進 TurboTax 的最後一個問題系列，我想，到目前為止，你在更廣泛地採用其中一些更全面的服務產品或什至 TurboTax Live 方面看到了什麼本季度的上漲空間？而且我想從信用卡和 TurboTax 之間的推薦角度來看，我想您在推動聯合品牌產品的兩者之間看到了什麼樣的參與？

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。很好的問題。我要說的幾件事。首先，史蒂夫，正如我們之前談到的，我們今年剛剛度過了一個更快的成型季節，這很棒，因為我們不僅能夠為我們的客戶提供服務，而且這些人確實需要快速和快速地獲得資金我們已經看到將他們的錢存入 Credit Karma Money 帳戶的強烈接受度，這正是我們在這兩個平台之間進行集成的原因。

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.

我要說的第二件事，當然，我們會在賽季結束時分享更多切實的成果，但實際上我對今年與 Credit Karma 成員相關的情況感到非常興奮，本質上是與 TurboTax 的互動。在過去的 5、6 個月裡，我們花了很多時間來消除摩擦，消除障礙，如果您是會員，那麼選擇合適的產品然後完成納稅會變得容易得多，無論您是想自己做，否則我們會為您做。所以我們在這方面看到了良好的參與。

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.

我認為最後但並非最不重要的是，我們看到今年使用 TurboTax Live 的回頭客的實力。再說一遍，現在還處於賽季初期。在展望本季剩餘時間時，我們實際上對獲得新客戶的所有可能性感到興奮，特別是因為我們的活動。這引起了很多我們通常不會提出的問題。

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.

所以當季節結束時還會有更多。順便說一句，我們正在實時迭代，實時改進產品，每 7 天推出一次新功能，因此我們對即將推出的遊戲以及我們今天所處的位置感到興奮。

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。偉大的。那是有用的上下文。只是一個快速的，如果我能在這裡得到它 - 並且只是關於 EPS 前景，我想，我們應該如何考慮在營銷方面更多的工作？有多少 - 有點像保守主義那樣在那里工作，保守主義是目前模型中固有的，因為在過去幾個季度中看到了非常好的增長，而不一定看到 EPS 方面的增長。所以我很想听聽您對此的看法。

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，是的，絕對。這是一個非常非常好的問題，因為如果你只是算一下，我們在今年上半年交付了什麼，然後你看看我們將在下半年交付什麼，這會表明一個重要的減速。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.

我會說出我們在所有業務展台上談論的一切。我們對我們的指導充滿信心，我們對我們在企業中看到的情況以及每個企業所處的位置充滿信心。我認為現實是，總的來說，我們有一個原則，在我們進入第三季度時我們不會觸及我們的指導。

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.

我們第三季度的收入是任何其他季度的兩倍，因此我們想進入第三季度，然後與大家討論我們的指導方針是什麼。所以真的，你應該考慮我們的指南的方式是它被貶低了。

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 Kash Rangan。

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?

祝賀一個強勁的季度。米歇爾，我們一定會想念你的微笑和活力。 Sandeep，期待與您合作。回到你身邊，薩珊。你數字化了稅收，這是手動完成的——好吧，不像幾十年前。現在您即將實現支付數字化。我很好奇，當您查看支付時，Intuit 傳統上沒有參與的支付生態系統的哪些部分？

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.

我知道你已經量化了通過你的網絡進行的 1250 億美元的交易，而不是 2 萬億美元左右的交易，更廣泛地說，並聽取你對支付的評論。聽起來這就是這裡的大 kahuna。

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.

揭開 Intuit 之前未參與的支付生態系統的哪些部分以及您未來可以參與哪些部分的神秘面紗？您提到了 B2B、應付賬款、應收賬款等。這將有助於確定機會付款的多少——因為它很小——它是 [你的] 最小的企業之一，但看起來它具有最大的增長潛力。

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。謝謝你的問題，卡什。我首先要說的是，我們所有的大賭注都還剩下很多辛烷值。我愛我的 5 個孩子，但我會回答你關於付款的問題。我認為有3件事。讓我 - 30 秒的背景，我會專門回答你的問題，因為我們經常談論支付和資金流動。

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.

我們平台上發生的事情的一個重要因素是小企業進來，他們創建一個估計，他們開具發票，然後他們需要在完成工作後就該發票獲得報酬。我們在這方面的滲透——我們經常談論我們有 2 萬億美元的發票在我們的平台上管理。我們在那裡的滲透率仍然很低。

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.

因此，從那裡開始而不是放棄這一點很重要，因為這是一個巨大的增長機會。這是一個巨大的投資領域。順便說一下，為什麼在這種每個人的支付量都沒有加速或明顯減速的宏觀環境中，我們的總收費量仍然有 25% 的增長。

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。那裡還剩下很多辛烷值，我們非常專注。我認為我們傳統上根本沒有關注的另一個是整個 B2B 網絡，它正在將我們的小企業之間的企業對企業數字化。我們現在有能力。我們上個季度向數百萬 QuickBooks 客戶推出了業務網絡，這是一個很大的機會，當然，非常低——沒有滲透，因為我們以前沒有，而且是 70% 的支票。所以這是一個很大的問題。

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.

然後其中一部分也只是賬單支付功能，我們已經通過幾個非常強大的合作夥伴在我們的平台上擁有了這些功能，現在我們正在自己構建該功能，因為我們相信它可以為我們的用戶提供非常無縫的體驗顧客。

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都帶到中端市場時，它甚至是一個更大的機會，這就是為什麼我們看到中端市場增長的力量，因為發生的支付和工資規模。

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

因此，您可以參與這些您以前無法訪問的載體。

Yes, absolutely. Thank you, Kash.

是的，一點沒錯。謝謝你，卡什。

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

您的下一個問題來自 Oppenheimer 的 Scott Schneeberger。

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.

祝賀你，米歇爾和桑迪普。 Sasan，第一個問題是關於稅收類別的。這是一種多方合作。這 - 早期的季節，這個行業，美國國稅局顯然比去年同期顯著增長，這可能對你有好處，原因有很多，就像你剛才提到的，Credit Karma Money 可能有所幫助。

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.

但只是想知道你對這個行業的看法，為什麼你認為今年與去年相比上升了這麼多，然後它仍然遠遠落後——到 2 月中旬與大流行前相比。所以只是關於這個稅收季節的節奏的那種高層思考，開始，以及這可能如何影響稅收季節以及你對它的整體看法。

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。我喜歡這個問題，因為這對每個人來說都很重要，因為你每週都會看到美國國稅局的報告。幾乎——如果我要告訴你們所有人，你們幾乎都很難去關注這些報告，因為太多的變化已經發生並將繼續發生變化。因此，讓我從上下文開始。

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 COVID 之前，在 2020 年之前，事情通常是可以預見的，但事情年復一年地持續下去，被推遲到 4 月。可預測是什麼意思？一般來說，你會看到一個強勁的第一個高峰，它會在 2 月中旬開始，然後會在 1 月底開始，然後你的成交量會非常低，然後在 14 日和 15 日會有大量成交量四月。

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.

發生了什麼，每年這條曲線都是可以預測的，但每年都在發生，越來越多的人在 14 日和 15 日被迫納稅，因為有像我們這樣的解決方案，他們可以等到最後一刻才去做.那是在 COVID 之前。當 COVID 來襲時，當每個人都被關在家裡時，當稅收季節連續 2 年延長時，以及現在人們實際上在虛擬工作的事實，這完全顛覆了曲線和客戶的習慣。

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這個季節最初是，我們看到了一個快速形成的季節，類似於 COVID 之前發生的情況，很多人進來是因為他們需要錢。我們現在看到的是——我們一直看到的，很多人都在最後一刻才完成他們的稅收。

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.

但是，我知道，對你們所有人來說，比較困難的是，我們有很多內部數據，因此我們可以評估正在發生的事情，很難逐年比較，因為過去幾年發生了太多變化.再一次，我們今年看到的是現在人們在工作，但請記住，他們通常仍然在混合環境中工作。因此，即使是一周中的幾天，一天中他們納稅的時間也無法與去年相比。

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.

但一般來說，快速形成，然後一群人在 4 月的最後幾天在納稅到期之前去納稅，這是你應該考慮的方式。

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.

偉大的。我很欣賞那種顏色。下一個，跟進。在 Credit Karma Guarantee 中，您在這次電話會議上討論了一個很好的出價。但是，當您在年初為 Credit Karma 提供指導時，您對 Guarantee 在下半年的貢獻感到非常興奮。我可能提早四分之一或兩分鐘來問這個問題。

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?

你提到了基地59%的滲透率。只是好奇，你是如何追踪這個的？這是否超出了您此時預期的位置，事實上，它可能是一個驅動程序嗎？你提到了 Credit Karma 部分的風險指導。這是——您在保證方面進展如何？這在後半段真的有意義嗎？

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。是的，當然。首先，讓我從我的評論開始，其中對公司的指導被取消了風險。這包括 Credit Karma。所以我的評論不僅僅是關於 Credit Karma，而是關於整個公司。

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.

因為如果你只是做數學，看起來我們下半年與上半年相比正在顯著減速，這就是我提出的觀點，主要是，我們不會觸及指導，直到我們到達我們最大的季度，也就是這個季度。因此，考慮我們的指導的方式是它被貶低了。這包括 Credit Karma。

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.

第二件事是，如果你還記得，當我和米歇爾談到我們將 Credit Karma 指導重置為負 15% 到負 10% 時，我們談到的是，第一，我們覺得新的指導非常謹慎。我們在下半年也確實出現了一些惡化，我們沒有指望我們的創新會產生我們最初在第一次指導中假設的那種影響。我認為這仍然成立。

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.

話雖如此，我實際上對我們所處的位置感到非常滿意。我會說我們正處於我們想要的位置，因為我們對 Karma Guarantee 有非常高的目標。我們 59% 的會員現在至少擁有一個 Karma Guarantee 優惠，這確實是一件大事。

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，我對我們在這方面取得的進展感到滿意，Credit Karma Money 與 TurboTax 的集成。這些都是——我們在這些領域的投入目標都在軌道上，觀察它們在今年餘下時間裡的表現會很有趣，但我們並不依賴於它來實現我們的指導。

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

你的下一個問題來自 Jefferies 的 Brent Thill。

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，在線服務比 QBO 慢，佔 27%。所以我想我只是想澄清一下，這個弱點真的只存在於 Mailchimp 中嗎？還是您在付款或工資單中看到了任何弱點？

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，2 [超過] 分。第一個是你總是會看到在線會計增長率和在線服務增長率之間的切換。您真正應該注意的是整體增長率。話雖如此，為了回答你的問題，我們實際上看到了全面的實力。

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，我們的增長使在線服務增長下降到 21%，因為它增長緩慢，當然，它的增長速度很低，但它確實被 Mailchimp 壓低了。 Mailchimp 正在成長為十幾歲，與上一季度相似，但這確實是主要原因。有一點點，通過支付的數量很少，現在增長了 25%，但實際上，它是 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?

Mailchimp 的後續行動。您是否覺得更多的內部執行是讓產品正確並且不想在準備好之前將其推出？還是您看到的某些競爭性活動可能會分散您的注意力？

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，這真的——我們有非常明確的優先事項。我們讓優秀的領導者參與業務。實際上，大約 3 週前我才在亞特蘭大，與整個團隊共度了一天多的時間，這真的是執行力。我對重點領域以及我們執行的進展感到非常滿意。它在我們的控制之下，這是一個很好的地方。它不是宏觀的。是我們。

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

您的下一個問題來自 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.

祝賀一個偉大的季度。我想也許只有 2 個快速的。 Sasan，首先，如果我數一數你在本次電話會議上就指南提出質疑的次數，我認為聽到這絕對是件好事。

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?

但是，如果您考慮一下您在宏觀和 SMB 周圍實時看到的 KPI，就像您會說的那樣——您如何將它們與上個季度看到的趨勢線進行比較？從宏觀經濟的角度來看，您如何看待它們的發展並影響需求環境？

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。好問題，亞歷克斯。讓我從小型企業開始。考慮到我們的平台上有 1000 萬多家小型企業，順便說一下，隨著他們數字化的方式，最好只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.

如果你回到上個季度，我提到的是小企業通常仍然擁有充足的現金儲備。他們正在使用其中一些現金儲備繼續投資於他們的業務，並且他們仍在招聘。他們仍然很難招聘，但他們仍在招聘。他們找不到人才。

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.

但隨後還有金融服務、房地產、汽車等行業的收入同比下降近 15%。如果我轉發我們本季度現在看到的數據，有兩件事。第一，他們繼續招聘，而且他們實際上發現招聘更容易了。而我剛才提到的那些行業，房地產、金融服務和汽車實際上已經開始表現。

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.

我們的表現更好。例如，我認為房地產和金融服務——它們下降了 15% 以上，而現在它們下降了不到 10%，例如。不管你信不信，汽車業下跌了負 2%，而跌幅為負 10% 至 15%。因此，我們實際上看到我們基地在受災最嚴重的那些地區的表現有所上升和改善。

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.

這就是我要說的宏觀環境。實際上，我要重申米歇爾和我之前談到的內容，即我們在支付方面的重點和創新正在發揮作用，因為儘管消費者支出有所放緩，但我們的總收費量增長了 25%，這是非常健康和重要的。這就是我們在小型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%.

在消費者方面，我想說兩件事。請記住，我們的平台上有近 1 億消費者，所以這確實表明了我們平台之外的世界。自去年 3 月以來，信用評分下降了約 13 點，信用卡餘額上升了 20% 多一點。

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.

受影響最嚴重的是那些信用等級在 600 到 660 之間的人，他們的信用卡平均餘額約為 9,000 美元。這就是消費者方面的一點世界狀況。希望這能回答你的問題，亞歷克斯。

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。那實際上是非常詳細的。然後我想如果我不問你一個關於生成人工智能的問題，以及 Intuit 如何或是否有計劃貨幣化或整合該技術，我想我會失職。擁有自己的個人財務數字助理或實時增強功能似乎確實合乎邏輯，但真正有興趣了解一下你們是如何考慮的。

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.

亞歷克斯，我很高興你收到了。令我驚訝的是，直到整點鐘才有人來提問，謝謝你的提問。這實際上是一個非常重要的問題。我想帶大家回到人工智能是我們戰略的核心。現在每個人都在談論人工智能，我真的很高興，因為希望它能向大家展示為什麼 4 年前，當我們更新我們的戰略時，它是關於成為一個人工智能驅動的專家平台。

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能方面的投資確實推動了我們整個公司的大量創新。正如您在投資者日聽到我們談論的那樣，這就是我們將瑪麗安娜放在大家面前的原因。關於什麼是可能的，我們才剛剛開始。因此，首先也是最重要的是，圍繞數據和人工智能的投資推動了我們的成功。我們一直在研究生成式人工智能。

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，在我們平台的多個領域，我們已經推出了一些生成人工智能的功能，因為這一切都是為了減少工作量，並找到方法讓你有信心地把更多的錢放在口袋裡，這實際上對我們的專家有幫助。

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.

我們專注於與該領域的幾家公司合作的關鍵領域是準確性。隨著時間的推移，它會變得更加準確，但我們處理的是人們的錢，這對我們提供的建議很重要。對我們來說，這完全是一種促進劑，順便說一下，在這成為熱門話題之前，我們已經研究了很多很多個月。但人工智能是我們戰略的核心，因此我們對未來的可能性感到高興。

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，我們的問答環節到此結束。你想結束任何額外的評論嗎？

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。好吧，聽著，謝謝大家抽出時間來。謝謝你提出的精彩問題。我要再次感謝 Michelle 在 Intuit 工作了 20 年。順便說一句，她會和我們一起回來的。她和我們一起度過八月。很高興 Sandeep 於 8 月加入我們，成為我們的新首席財務官。但話雖如此，我們將在下一次收益時與您交談。在那之前，要安全，要好。一會再聊。大家再見。

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

女士們，先生們，感謝你們的參與。今天的電話會議到此結束。