直覺電腦 (INTU) 2023 Q4 法說會逐字稿

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

下午好。我叫 Reza，我將擔任您的會議操作員。此時，我謹歡迎大家參加 Intuit 2023 財年第四季度電話會議。 （操作員說明）。

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

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

Thanks, Reza. Good afternoon, and welcome to Intuit's Fourth Quarter Fiscal 2023 Conference Call. I'm here with Intuit's CEO, Sasan Goodarzi; and our new CFO, Sandeep Aujla. Welcome, Sandeep. It's nice to have you on the call.

謝謝，雷扎。下午好，歡迎參加 Intuit 2023 財年第四季度電話會議。我和 Intuit 首席執行官 Sasan Goodarzi 一起來到這裡。以及我們的新任首席財務官 Sandeep Aujla。歡迎，桑迪普。很高興接到你的電話。

Before we start, I'd like to remind everyone that our remarks will include forward-looking statements. There are a number of factors that could cause Intuit's results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 2022 and our other SEC filings. All of those documents are available on the Investor Relations page of Intuit's website at intuit.com. We assume no obligation to update any forward-looking statement.

在開始之前，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、2022 財年的 10-K 表格以及我們向 SEC 提交的其他文件中了解有關這些風險的更多信息。所有這些文件均可在 Intuit 網站 intuit.com 的投資者關係頁面上獲取。我們不承擔更新任何前瞻性聲明的義務。

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

這些評論中的一些數字是根據非公認會計原則提供的。我們在今天的新聞稿中對可比較的公認會計原則和非公認會計原則數據進行了核對。除非另有說明，所有增長率均指本期與上年同期的比較，業務指標和相關增長率指全球業務指標。本次電話會議結束後，我們將在我們的網站上提供我們準備好的評論和補充財務信息的副本。

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

這樣，我就把電話轉給 Sasan。

All right. Excellent. Kim, thank you, and thank you, everybody, for joining us today. We had a very strong fourth quarter as we executed on our strategy to be the global AI-driven expert platform, powering prosperity for consumers and small businesses. We grew full year revenue 13%, delivered strong operating margin expansion and exited the year with momentum. Our overall performance demonstrates the strength of our platform and diversity of our portfolio, including our ability to maintain earnings power in uncertain times.

好的。出色的。金，謝謝你，也謝謝大家今天加入我們。我們第四季度的表現非常強勁，因為我們執行了成為全球人工智能驅動的專家平台的戰略，為消費者和小企業的繁榮提供動力。我們全年收入增長了 13%，營業利潤率強勁增長，並以強勁勢頭結束了這一年。我們的整體業績證明了我們平台的實力和投資組合的多樣性，包括我們在不確定時期保持盈利能力的能力。

This past year, we expanded our operating margin again while investing in the most important areas to drive durable long-term growth. We're guiding to another year of double-digit revenue growth and margin expansion in fiscal year 2024, even with a macroeconomic environment that is uncertain.

去年，我們再次擴大了營業利潤率，同時投資於最重要的領域，以推動持久的長期增長。即使宏觀經濟環境存在不確定性，我們仍預計 2024 財年將繼續實現兩位數的收入增長和利潤率擴張。

We're entering Intuit's most exciting era yet. Five years ago, we declared our strategy to be an AI-driven expert platform with data and AI core to fueling innovation across our 5 Big Bets. We've made strong progress transforming from a tax and accounting platform where consumers and small businesses have to do the work to achieve the benefit that they are seeking to a global financial platform where we do the hard work for them.

我們正在進入 Intuit 迄今為止最激動人心的時代。五年前，我們宣布了我們的戰略，即成為一個人工智能驅動的專家平台，擁有數據和人工智能核心，以推動我們的 5 大賭注的創新。我們已經取得了巨大進展，從消費者和小企業必須努力工作以獲得他們所尋求的利益的稅務和會計平台，轉變為我們為他們辛勤工作的全球金融平台。

Now we're creating a future of done for you, a future where the hard work is done automatically on behalf of our customers to fuel their financial success. This future is only possible because of our history of significant investments in our platform, talent, data and AI and now our accelerated investments in generative AI.

現在，我們正在為您創造一個成功的未來，一個代表我們的客戶自動完成辛勤工作以推動他們的財務成功的未來。這個未來之所以成為可能，是因為我們歷史上對平台、人才、數據和人工智能進行了大量投資，現在我們加快了對生成式人工智能的投資。

At the core of our platform is powerful, relevant data. Intuit has incredibly rich longitudinal, transactional and behavioral data for our 100 million customers. For small businesses, we have a 360-degree view of their business and customers. We have 500,000 customer and financial attributes per small business on our platform, and this data gives us insights into behaviors, income stream, expenses, profitability and cash flows, enabling us to provide personalized experiences and recommendations to help them prosper.

我們平台的核心是強大的相關數據。 Intuit 為我們的 1 億客戶提供極其豐富的縱向、交易和行為數據。對於小型企業，我們可以 360 度了解他們的業務和客戶。我們的平台上每個小型企業都有500,000 個客戶和財務屬性，這些數據使我們能夠深入了解行為、收入流、費用、盈利能力和現金流，使我們能夠提供個性化的體驗和建議，幫助他們繁榮發展。

Additionally, we have 60,000 financial and tax attributes per consumer on our platform, including income, expenses, credit history, spending history, outstanding loans, cash flow and tax information, which enables us to become a financial assistant in their pocket. We are using our data to fine-tune our own financial large language models that specialize in solving tax, accounting, cash flow, marketing and personal finance challenges.

此外，我們的平台上還為每個消費者提供了60,000 個財務和稅務屬性，包括收入、支出、信用記錄、消費記錄、未償還貸款、現金流和稅務信息，這使我們能夠成為他們口袋裡的財務助手。我們正在使用我們的數據來微調我們自己的金融大型語言模型，專門解決稅務、會計、現金流、營銷和個人理財挑戰。

The investments that we've made in data and AI over the years allow us to introduce innovation at an accelerated rate. Intuit's rich data platform is a powerful foundation that allows us to create innovative AI-assisted experiences for all of our customers powering their prosperity.

多年來我們在數據和人工智能方面的投資使我們能夠加速創新。 Intuit 豐富的數據平台是一個強大的基礎，使我們能夠為所有客戶創造創新的人工智能輔助體驗，推動他們的繁榮。

In June, we introduced our generative AI operating system called GenOS to ignite innovation at scale for the benefit of millions of consumers and small businesses. GenOS empowers Intuit's technologists to create breakthrough generative AI experiences. We are using a platform approach, giving our teams across Intuit the resources and the tools they need to design, build, test and deploy these new experiences with unparalleled speed.

6 月，我們推出了名為 GenOS 的生成式 AI 操作系統，以激發大規模創新，造福數百萬消費者和小型企業。 GenOS 使 Intuit 的技術人員能夠創造突破性的生成式 AI 體驗。我們正在使用平台方法，為 Intuit 的團隊提供他們所需的資源和工具，以無與倫比的速度設計、構建、測試和部署這些新體驗。

This includes our own powerful financial LLM as well as those from other leaders in GenAI, which together unlock new opportunities to serve our customers in a cost-effective way. We are entering Intuit's most exciting era yet and believe the next several years will be game changing. On September 6, we'll be hosting Intuit's Innovation Day, a virtual event where we will unveil exciting GenAI innovation across our platform and how it will drive business growth in the years ahead. We look forward to sharing more with you then.

這包括我們自己強大的金融法學碩士以及 GenAI 其他領導者的法學碩士，它們共同釋放了新的機會，以經濟高效的方式為我們的客戶提供服務。我們正在進入 Intuit 迄今為止最激動人心的時代，並相信未來幾年將改變遊戲規則。 9 月 6 日，我們將舉辦 Intuit 創新日，這是一場虛擬活動，我們將在我們的平台上公佈令人興奮的 GenAI 創新，以及它將如何推動未來幾年的業務增長。我們期待屆時與您分享更多信息。

Now let me turn to our Big Bets, which are driving growth and benefits for our customers today. I'd like to highlight some examples of recent progress in one of our Big Bets. And as a reminder, our 5 Big Bets are: revolutionize speed to benefit, connect people to experts, unlock smart money decisions, be the center of small business growth and disrupt the small business mid-market.

現在讓我談談我們的大賭注，這些賭注正在推動當今客戶的增長和利益。我想重點介紹我們的一項重大投資近期取得進展的一些例子。提醒一下，我們的 5 大賭注是：徹底改變效益速度、將人們與專家聯繫起來、實現明智的資金決策、成為小型企業增長的中心以及顛覆小型企業中型市場。

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. In payments, our innovation continues to drive digitization, 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在全渠道世界中自信地獲得新客戶、快速獲得報酬、管理資本和支付員工工資，成為小型企業增長的中心。在支付方面，我們的創新不斷推動數字化，從創建估算到向客戶開具發票，再到獲得付款。

Today, easy discovery auto-enabled payments, instant deposits and getting paid upfront are all helping drive adoption of our payments offering, leading to 22% total online payment volume growth this quarter. We're making significant progress digitizing B2B payments to accelerate and automate transactions between small businesses and ultimately improving their cash flow. We see tremendous opportunity of 80% of businesses still pay other firms via paper checks. We recently expanded the availability of the beta of our native bill pay solution by 10x.

如今，輕鬆發現自動支付、即時存款和預付款都有助於推動我們支付產品的採用，導致本季度在線支付總量增長 22%。我們在 B2B 支付數字化方面取得了重大進展，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。我們看到 80% 的企業仍然通過紙質支票向其他公司付款，這是一個巨大的機會。最近，我們將原生賬單支付解決方案測試版的可用性擴大了 10 倍。

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 QuickBooks and Mailchimp 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.

轉向 Mailchimp。我們正在努力成為客戶的真相來源，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，實現我們的端到端 QuickBooks 和 Mailchimp 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，通過全面的市場進入方式加速全球增長。

This last quarter, we implemented our first generative AI capability in Mailchimp, the Email Content Generator, enabling customers to create faster email campaign based on industry, marketing intent and brand voice. This quarter, we launched the beta of new product, announcement generator, which uses AI to automatically create an email that a small business can send to their customers.

上個季度，我們在 Mailchimp（電子郵件內容生成器）中實施了首個生成式人工智能功能，使客戶能夠根據行業、營銷意圖和品牌聲音創建更快的電子郵件活動。本季度，我們推出了新產品公告生成器的測試版，它使用人工智能自動創建小型企業可以發送給客戶的電子郵件。

We also announced over 150 new and updated features in recent Mailchimp conference in London designed to support the needs of advanced marketers, including a calendar view, custom reporting and analytics, more e-commerce advanced segmentation, more real-time behavioral data based on e-commerce automation and SMS marketing.

我們還在最近於倫敦舉行的Mailchimp 會議上宣布了150 多項新功能和更新功能，旨在支持高級營銷人員的需求，包括日曆視圖、自定義報告和分析、更多電子商務高級細分、更多基於e 的實時行為數據。 -商務自動化和短信營銷。

Lineup changes and free trials are driving positive trends in year-over-year paid customer growth, which accelerated this quarter. We continue to make progress in mid-market. Our 90-day retention rate this quarter is the highest it's been in 2 years. We've also translated the product into 5 different languages. We'll share more on the outcomes we're delivering across our 5 Big Bets at our Investor Day.

產品陣容的變化和免費試用正在推動付費客戶同比增長的積極趨勢，並在本季度加速增長。我們繼續在中端市場取得進展。本季度我們的 90 天保留率是兩年來最高的。我們還將該產品翻譯成 5 種不同的語言。我們將在投資者日分享更多關於我們在 5 大賭注中所取得的成果。

Wrapping up, with our durable AI-driven expert platform strategy and focus on innovating with GenAI across our products, we're moving at a high velocity. This will help us with more money in our customers' pockets, save them time and ensure complete confidence in every financial decision they make. As we lead this next technological shift, we are well positioned to power prosperity for our customers and communities that we serve with the leadership team that is built for the era of AI.

總而言之，憑藉我們持久的人工智能驅動的專家平台戰略，並專注於在我們的產品中使用 GenAI 進行創新，我們正在高速前進。這將幫助我們為客戶帶來更多的錢，節省他們的時間，並確保他們對他們做出的每一個財務決策充滿信心。當我們引領下一次技術變革時，我們已做好充分準備，通過專為人工智能時代打造的領導團隊，為我們所服務的客戶和社區提供繁榮動力。

Now let me turn it over to Sandeep. It's great to have you on the call, my friend.

現在讓我把它交給桑迪普。很高興接到你的電話，我的朋友。

Thank you, Sasan. I'm excited to be here, and I look forward to meeting many of you in the future. We delivered strong results in fiscal 2023, including total revenue growth of 13%, strong margin expansion and GAAP and non-GAAP EPS growth of 16% and 22%, respectively. For the fourth quarter of fiscal '23, we delivered results that exceeded the high end of our guidance range across all key metrics, including revenue of $2.7 billion, up 12%; GAAP operating income of $17 million versus a loss of $75 million last year; non-GAAP operating income of $627 million versus $433 million last year, up 45%; GAAP diluted earnings per share of $0.32 versus a loss of $0.20 a year ago; and non-GAAP diluted earnings per share of $1.65 versus $1.10 last year, up 50%.

謝謝你，薩桑。我很高興來到這裡，並期待將來見到你們中的許多人。我們在 2023 財年取得了強勁業績，包括總收入增長 13%、利潤率強勁擴張，以及 GAAP 和非 GAAP 每股收益分別增長 16% 和 22%。在 23 財年第四季度，我們的所有關鍵指標均超出了指導範圍的上限，包括收入 27 億美元，增長 12%； GAAP 營業收入為 1,700 萬美元，而去年則虧損 7,500 萬美元；非 GAAP 營業收入為 6.27 億美元，較去年的 4.33 億美元增長 45%； GAAP 稀釋後每股收益為 0.32 美元，而一年前為虧損 0.20 美元；非 GAAP 稀釋後每股收益為 1.65 美元，而去年為 1.10 美元，增長 50%。

Now turning to the business segments. In the Small Business and Self-Employed Group, revenue grew 21% during the quarter and 24% for the full year, which included 4 points of benefit from the full year of Mailchimp's revenue this year versus 3 quarters last year. Online Ecosystem revenue grew 21% during the quarter and 30% for the full year.

現在轉向業務領域。在小型企業和自營職業群體中，本季度收入增長了 21%，全年增長了 24%，其中 Mailchimp 今年全年收入較去年 3 個季度增長了 4 個百分點。在線生態系統收入本季度增長 21%，全年增長 30%。

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: growth at core, connected ecosystem and expand globally. First, we continue to focus on growing the core. QuickBooks Online accounting revenue grew 22% in Q4 and 26% in fiscal '23. Growth for the quarter and fiscal year were driven mainly by customer growth, higher effective prices and mix shift. Second, we continue to focus on connecting the ecosystem. Online services grew 20% in Q4, driven by payroll, Mailchimp, payments, capital and time tracking. For the full fiscal year '23, QuickBooks Online Services grew 34%, driven by Mailchimp, payroll, payments, capital and time tracking.

為了成為小型企業的真相來源，我們在小型企業和個體經營集團內的戰略重點有三個：核心增長、互聯生態系統和全球擴張。首先，我們繼續專注於發展核心。 QuickBooks Online 會計收入在第四季度增長了 22%，在 23 財年增長了 26%。本季度和本財年的增長主要是由客戶增長、有效價格上漲和組合轉變推動的。其次，我們繼續專注於連接生態系統。在薪資、Mailchimp、支付、資本和時間跟踪的推動下，第四季度在線服務增長了 20%。在 Mailchimp、薪資、支付、資本和時間跟踪的推動下，QuickBooks 在線服務在 23 年整個財年增長了 34%。

Within payroll, revenue growth in the quarter reflects an increase in customers adopting our payroll solutions and a mix shift towards higher-end offerings. Mailchimp revenue grew mid-teens in Q4. Growth was driven by higher effective prices and paying customer growth. Within payments, revenue growth in the quarter reflects ongoing customer growth as more customers adopt our payments offering to manage their cash flows as well as an increase in total payment volume for our customers.

在薪資方面，本季度的收入增長反映出採用我們薪資解決方案的客戶數量增加以及向高端產品的組合轉變。 Mailchimp 第四季度的收入增長了十幾歲。增長是由更高的有效價格和付費客戶增長推動的。在支付領域，本季度的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其現金流，以及客戶總支付量的增加。

Third, we continue to make progress expanding globally. By executing our refreshed international strategy, which includes leading with both QuickBooks Online and Mailchimp in our established markets and leading with Mailchimp in all other markets as we continue to execute on localized product and lineup. On a constant currency basis, total international Online Ecosystem revenue grew 12% in Q4 and 31% in fiscal '23.

第三，我們在全球擴張方面繼續取得進展。通過執行我們更新的國際戰略，其中包括在我們已建立的市場中以 QuickBooks Online 和 Mailchimp 領先，並在我們繼續執行本地化產品和陣容的同時，在所有其他市場以 Mailchimp 領先。按固定匯率計算，國際在線生態系統總收入在第四季度增長了 12%，在 2023 財年增長了 31%。

The power of our Small Business platform continues to resonate with customers as they look to grow their business and improve cash flow across all types of economic environments. Our platform remains critical to our customer success, and we continue to see them adopt multiple offerings across the platform to manage their business.

當客戶希望在各種經濟環境中發展業務並改善現金流時，我們的小型企業平台的力量繼續引起客戶的共鳴。我們的平台對於客戶的成功仍然至關重要，我們繼續看到他們在平台上採用多種產品來管理他們的業務。

Desktop ecosystem revenue grew 19% in the fourth quarter and QuickBooks Desktop Enterprise revenue grew in the low 20s. We have approximately 2/3 of the way through a 3-year transition for customers that remain on a license-based desktop offering to a recurring subscription model. We also raised our desktop prices across multiple products last September, consistent with our principle to price for value.

第四季度桌面生態系統收入增長了 19%，QuickBooks Desktop Enterprise 收入增長在 20 左右。對於仍使用基於許可證的桌面產品到定期訂閱模式的客戶，我們還有大約 2/3 的時間完成 3 年過渡。去年九月，我們還提高了多種產品的桌面價格，這符合我們的定價原則。

Looking ahead, we expect continued strong Desktop Ecosystem revenue growth next year as we complete the remaining part of the 3-year transition. Our focus is to continue building out our Online Ecosystem and to help our desktop customers migrate seamlessly to our online offerings. We continue to expect the Online Ecosystem to be a growth catalyst longer term. Looking ahead, we continue to anticipate Small Business and Self-Employed revenue growth of 15% to 20% per year long term.

展望未來，隨著我們完成三年過渡的剩餘部分，我們預計明年桌面生態系統收入將繼續強勁增長。我們的重點是繼續構建我們的在線生態系統，並幫助我們的桌面客戶無縫遷移到我們的在線產品。我們仍然預計在線生態系統將成為長期增長的催化劑。展望未來，我們繼續預計小型企業和自營職業收入長期每年增長 15% 至 20%。

Now shifting to Credit Karma. Credit Karma delivered revenue of $424 million in Q4, down 11%. On a product basis, the decline in Q4 was driven primarily by macroeconomic headwinds in personal loans, auto insurance, home loans and auto loans, partially offset by growth in credit cards and Credit Karma Money.

現在轉向 Credit Karma。 Credit Karma 第四季度營收為 4.24 億美元，下降 11%。從產品來看，第四季度的下降主要是由個人貸款、汽車保險、住房貸款和汽車貸款的宏觀經濟逆風推動的，但部分被信用卡和 Credit Karma Money 的增長所抵消。

Full year revenue was $1.6 billion, down 9%. Credit Karma represented 11% of Intuit's total revenue in fiscal '23. We have seen continued stability across our core verticals, which led to the improvement in year-over-year performance during Q4 versus Q3. For context, credit cards and personal loans represented nearly 60% and nearly 30% of Credit Karma's revenue in fiscal '23, respectively. Looking ahead, we continue to anticipate Credit Karma annual revenue growth of 20% to 25% per year long term.

全年收入為 16 億美元，下降 9%。 Credit Karma 佔 Intuit 23 財年總收入的 11%。我們看到我們的核心垂直領域持續穩定，這導致第四季度的業績同比與第三季度相比有所改善。就背景而言，信用卡和個人貸款分別佔 Credit Karma 23 財年收入的近 60% 和近 30%。展望未來，我們繼續預計 Credit Karma 的年收入長期增長為 20% 至 25%。

Now shifting to Consumer and ProTax groups. Consumer Group revenue was $4.1 billion in fiscal '23, up 6%. Each tax season has been unique since the pandemic began 4 years ago, introducing volatility into consumer group results. However, average annual plans over this 4-year period are more in line with the long-term trend.

現在轉向消費者和 ProTax 組。 2023 財年消費者集團收入為 41 億美元，增長 6%。自四年前大流行開始以來，每個納稅季節都是獨一無二的，這給消費者群體的業績帶來了波動。然而，這四年期間的平均年度計劃更符合長期趨勢。

Over the past 4 years, Consumer Group revenue increased by an average of 10% annually, which aligns with our long-term growth expectations of 8% to 12%. While this was a unique tax season, I am proud of the progress the team made with transforming the assisted segment with TurboTax Live, which grew revenue 17% this year, while customers grew 12%.

過去4年，消費者集團收入年均增長10%，符合我們8%至12%的長期增長預期。雖然這是一個獨特的納稅季節，但我為團隊通過 TurboTax Live 轉型輔助細分市場所取得的進展感到自豪，今年收入增長了 17%，而客戶增長了 12%。

Looking ahead, we are confident in multiple growth drivers. First, we see large runway ahead of us with TurboTax Live, given our ability to use both GenAI and human experts covered by AI to deliver confidence for our customers. We are investing in scaling our full-service offering, which has good product market fit based on the highest product recommendation scores of any product at Intuit this year.

展望未來，我們對多種增長動力充滿信心。首先，我們看到 TurboTax Live 的前景廣闊，因為我們有能力利用 GenAI 和 AI 覆蓋的人類專家來為我們的客戶帶來信心。我們正在投資擴展我們的全方位服務產品，根據今年 Intuit 所有產品的最高產品推薦分數，該產品具有良好的產品市場契合度。

Second, we are planning to scale our business tax offering following a successful pilot this year. And third, we see significant opportunities ahead, driving Credit Karma members to TurboTax and giving TurboTax filers faster access to their money with Credit Karma Money. Given the growth opportunities I just shared, we continue to expect annual Consumer Group revenue growth of 8% to 12% per year over the long term.

其次，繼今年試點成功後，我們計劃擴大營業稅徵收範圍。第三，我們看到了未來的重大機遇，推動 Credit Karma 會員使用 TurboTax，並讓 TurboTax 申報者通過 Credit Karma Money 更快地獲取資金。鑑於我剛才分享的增長機會，我們繼續預計消費者集團的年收入長期增長為 8% 至 12%。

Turning to the ProTax Group. Revenue was $561 million in fiscal '23, up 3%. Now let me share more on our financial principles and capital allocation. Our financial principles guide our decisions, remains our long-term commitment and are unchanged. We finished the quarter with approximately $3.7 billion in cash and investments and $6.1 billion in debt on our balance sheet.

轉向 ProTax 集團。 23 財年收入為 5.61 億美元，增長 3%。現在讓我更多地分享我們的財務原則和資本配置。我們的財務原則指導我們的決策，是我們的長期承諾，並且不會改變。本季度末，我們的資產負債表上約有 37 億美元的現金和投資以及 61 億美元的債務。

Approximately $4.2 billion of this debt is maturing over the next 15 months, and we are evaluating refinancing opportunities subject to market and other conditions. We repurchased $465 million of stock during the fourth quarter and $2 billion during fiscal '23. Depending on market conditions and other factors, our aim is to be in the market each quarter.

其中約 42 億美元的債務將在未來 15 個月內到期，我們正在根據市場和其他條件評估再融資機會。我們在第四季度回購了 4.65 億美元的股票，在 2023 財年回購了 20 億美元的股票。根據市場狀況和其他因素，我們的目標是每個季度進入市場。

The Board approved a quarterly dividend of $0.90 per share, payable on October 17, 2023. This represents a 15% increase versus last year. We recently finalized our 3- and 1-year strategic plan. I feel confident in the investments we are making to drive durable growth, including executing across our Big Bets and continuing the accelerated pace of innovation, particularly with GenAI.

董事會批准了每股 0.90 美元的季度股息，將於 2023 年 10 月 17 日支付。這比去年增加了 15%。我們最近敲定了三年和一年的戰略計劃。我對我們為推動持久增長而進行的投資充滿信心，包括執行我們的大賭注並繼續加快創新步伐，特別是在 GenAI 方面。

We have a proven playbook for operating in both good and difficult economic times. We manage for the short and the long term and control discretionary spend to deliver strong results while investing in what is most important for future growth. Our goal remains for Intuit to emerge from this period of macroeconomic uncertainty in a position of strength.

無論經濟景氣還是困難時期，我們都有一套行之有效的運營手冊。我們進行短期和長期管理，控制可自由支配支出，以實現強勁的業績，同時投資於對未來增長最重要的領域。我們的目標仍然是讓 Intuit 擺脫這一宏觀經濟不確定時期的影響力。

Moving on to guidance. Our fiscal 2024 guidance includes total company revenue of $15.89 billion to $ 16.105 billion, a growth of 11% to 12%. Our guidance includes revenue growth of 16% to 17% for the Small Business and Self-Employed Group, 7% to 8% for the Consumer Group and a decline of 3% to a growth of 3% for Credit Karma.

繼續指導。我們的 2024 財年指導包括公司總收入 158.9 億美元至 161.05 億美元，增長 11% 至 12%。我們的指導包括小型企業和自營職業群體的收入增長 16% 至 17%，消費者群體的收入增長 7% 至 8%，Credit Karma 的收入下降 3% 至增長 3%。

GAAP earnings per share of $9.37 to $9.67, growth of 11% to 15% and non-GAAP earnings per share of $16.17 to $16.47, growth of 12% to 14%. We expect GAAP tax rate of approximately 23% in fiscal 2024. Our guidance for the first quarter of fiscal '24 includes revenue growth of 10% to 11%, GAAP earnings per share of $0.15 to $0.21 and non-GAAP earnings per share of $1.94 to $2.

GAAP 每股收益為 9.37 美元至 9.67 美元，增長 11% 至 15%，非 GAAP 每股收益為 16.17 美元至 16.47 美元，增長 12% 至 14%。我們預計 2024 財年的 GAAP 稅率約為 23%。我們對 24 財年第一季度的指導包括收入增長 10% 至 11%，GAAP 每股收益 0.15 至 0.21 美元，非 GAAP 每股收益 1.94 美元至2美元。

We are taking a prudent approach with guidance, given the continued macroeconomic uncertainty. As a reminder, in Q1 of fiscal '24, we expect to pay approximately $700 million in cash debt payments related to fiscal '23, which were deferred due to the IRS disaster area tax relief. You can find a full fiscal 2024 and Q1 guidance details in our press release as well as on a fact sheet.

鑑於宏觀經濟持續存在不確定性，我們在指導下採取審慎態度。提醒一下，在 24 財年第一季度，我們預計將支付與 23 財年相關的約 7 億美元現金債務付款，這些債務由於國稅局災區稅收減免而被推遲。您可以在我們的新聞稿和情況說明書中找到完整的 2024 財年和第一季度指導詳細信息。

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

有了這個，我會把它交還給你，薩桑。

Great. Thank you. Well, in wrapping up, we are confident in our AI-driven expert platform strategy and progress with our 5 Big Bets, the investments that we're making in GenAI and our leadership team driving our platform innovation. The combination of our assets and our strategy creates a growth flywheel for Intuit to accelerate penetrating our $300 billion in TAM.

偉大的。謝謝。總而言之，我們對人工智能驅動的專家平台戰略和 5 大賭注的進展、我們對 GenAI 的投資以及推動我們平台創新的領導團隊充滿信心。我們的資產和戰略的結合為 Intuit 創造了一個增長飛輪，以加速滲透我們 3000 億美元的 TAM。

In today's uncertain macro environment, the benefits of our global financial technology platform are more important and mission-critical than ever to our customers. I look forward to your attendance at our Intuit Innovation Day on September 6 and Investor Day on September 28.

在當今不確定的宏觀環境中，我們的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關鍵。我期待您參加 9 月 6 日的 Intuit 創新日和 9 月 28 日的投資者日。

With that, let's open it up to your questions.

那麼，讓我們來回答你的問題。

(Operator Instructions) And we'll take our first question from Keith Weiss with Morgan Stanley.

（操作員說明）我們將回答摩根士丹利的 Keith Weiss 提出的第一個問題。

Really nice quarter and nice to see a forward EPS guide ahead of kind of where consensus was to see those numbers start moving up. My inbox though is getting filled up with questions about the Consumer business and the Consumer guide. You've talked about a longer-term 8% to 12% growth there, the 4-year CAGR of 10%.

非常好的季度，很高興看到前瞻性每股收益指南提前達成共識，即看到這些數字開始上升。不過，我的收件箱裡充滿了有關消費者業務和消費者指南的問題。您談到了 8% 到 12% 的長期增長，即 4 年復合年增長率為 10%。

But this year, you're looking for 7% to 8%, so below that guidance framework. And I think what people are trying to understand is why that is. Last year was a difficult tax season. Did you pull the levers too hard on pricing? Or was it -- do we need to refill the tank in terms of units? Like what is it that's going to keep this tax season to be underperforming those longer-term targets?

但今年，您的目標是 7% 到 8%，因此低於該指導框架。我認為人們試圖理解的是為什麼會這樣。去年是一個艱難的報稅季。您是否在定價方面把槓桿拉得太緊了？或者是——我們需要按單位重新填充油箱嗎？是什麼導致本納稅季的表現低於長期目標？

Thank you for your question. Let me give you the headlines, but allow me to unpack it. I think the headline is we're just simply being prudent. Our focus on future growth and our bullishness does not change at all. Let me unpack that.

謝謝你的問題。讓我給你提供頭條新聞，但請允許我來解開它。我認為標題是我們只是保持謹慎。我們對未來增長的關注和樂觀態度絲毫沒有改變。讓我把它拆開。

First and foremost, when you look at the assisted segment, there's a $30 billion TAM and $20 billion of it is consumer-assisted segment and $10 billion of it is business segment. And the second is the secular shift towards digitization will continue and only accelerate in the years to come.

首先也是最重要的，當你看一下輔助細分市場時，你會發現有 300 億美元的 TAM，其中 200 億美元是消費者輔助細分市場，其中 100 億美元是商業細分市場。其次，向數字化的長期轉變將繼續下去，並且只會在未來幾年加速。

And with that as context, we probably saw some of our biggest green shoots this year, which is why we're probably more bullish about what's possible in this business than we were even 3 to 4 years ago. And I would put it in 2 buckets, Credit Karma and then the assisted segment. In Credit Karma, just as a reminder, our vision from the moment that we bought Credit Karma was to create one consumer platform where a consumer could manage their financial life, manage their money and get their taxes done in one place.

以此為背景，我們今年可能看到了一些最大的萌芽，這就是為什麼我們可能比三四年前更看好這個行業的可能性。我會把它分為兩個部分，Credit Karma，然後是輔助部分。在 Credit Karma 中，提醒一下，從收購 Credit Karma 的那一刻起，我們的願景就是創建一個消費者平台，讓消費者可以在一個地方管理他們的財務生活、管理他們的資金並完成納稅。

After several years of just rapid experimentation, we had a massive breakthrough this past year where our customer growth within the Credit Karma platform, this is a number of Credit Karma members that became TurboTax customers was up 5x. And we are scaling that both on the product side and on the business model side. That gives us a lot of confidence going into next year and beyond.

經過幾年的快速實驗，我們在去年取得了巨大的突破，我們的 Credit Karma 平台內的客戶數量增長了 5 倍，成為 TurboTax 客戶的 Credit Karma 會員數量增加了 5 倍。我們正在產品方面和商業模式方面進行擴展。這讓我們對明年及以後充滿信心。

The second is in the assisted segment, and it's in 3 parts. First and foremost is we actually had product market fit this past year in full service. Our biggest focus was how do we scale? We had some breakthroughs in how to scale. In fact, as you heard from Sandeep, it had our best product recommendation score with any product across the company, and we are significantly leaning into that in the coming year.

第二個是輔助部分，分為三個部分。首先也是最重要的是，去年我們實際上擁有適合市場的全面服務的產品。我們最大的關注點是如何擴展？我們在如何擴展方面取得了一些突破。事實上，正如您從 Sandeep 那裡聽到的那樣，它在整個公司的所有產品中獲得了我們最好的產品推薦分數，並且我們將在來年顯著傾向於這一點。

The second is business tax. We launched and learned to get the product market fit. In business tax, that is not going to be available, both across our QuickBooks Live platform and directly going to market with TurboTax. And we have hundreds of thousands if not millions of people have come to TurboTax looking for business tax, we've never had an offering. We will next year, and we are scaling it.

二是營業稅。我們推出並學會瞭如何使產品適合市場。在營業稅方面，無論是通過我們的 QuickBooks Live 平台還是通過 TurboTax 直接進入市場，都無法實現這一點。我們有數十萬甚至數百萬人來到 TurboTax 尋求營業稅，但我們從未提供過服務。我們明年會這樣做，而且我們正在擴大規模。

The last thing I would say in the assisted segment, one of the biggest things that we've learned in this last year is local matters. What that means is people will go on Google and they will search. If I'm in San Diego, who's very [pro], close to me. Well, we've never been good at being found in local.

我在援助部分要說的最後一件事是，我們去年學到的最重要的事情之一是當地事務。這意味著人們會使用谷歌進行搜索。如果我在聖地亞哥，他就非常[專業]、離我很近。嗯，我們從來都不擅長在本地被發現。

And in fact, when you look at the experts that we have, we are 10 miles from every home in the households in the United States. And so we're going big on local this year. And so when I look at our green shoots in the assisted segment and Credit Karma, it gives us a lot of confidence as we look at this coming year and the future. And I'll end with where I started, which was the essence of your question about our guidance, we're simply being prudent given the year that we just had.

事實上，當你看看我們擁有的專家時，你會發現我們距離美國每戶家庭都有 10 英里。因此，今年我們將大力發展本地業務。因此，當我看到我們在輔助領域和 Credit Karma 的萌芽時，當我們展望來年和未來時，它給了我們很大的信心。我將以我開始的地方結束，這是你關於我們指導的問題的本質，考慮到我們剛剛經歷的一年，我們只是保持謹慎。

And we'll take our next question from Siti Panigrahi with Mizuho.

我們將回答 Siti Panigrahi 和 Mizuho 提出的下一個問題。

Great quarter. And Sandeep, congratulations on your first earnings call, and looking forward to working with you. Sasan, I want to ask about your bill pay. What sort of feedback have you been getting from your beta customer from the QuickBooks netted bill pay? And how should we think about the near-term opportunity as you're switching the legacy powered by payment solution with now your native bill pay?

很棒的季度。桑迪普，祝賀您召開第一次財報電話會議，並期待與您合作。薩桑，我想問一下你的賬單支付情況。您從 QuickBooks 淨帳單支付測試版客戶那裡得到了什麼樣的反饋？當您將傳統的支付解決方案轉變為本地賬單支付時，我們應該如何考慮近期的機會？

And then on the broader vision side on Small Business, now that you have full end-to-end cash flow management, now you have AR invoice payment and AP bill pay, then you have money, bank accounts. So what is your broader vision in terms of that, monetizing the whole ecosystem?

然後，從更廣泛的小型企業願景來看，現在您擁有完整的端到端現金流管理，現在您擁有 AR 發票支付和 AP 賬單支付，然後您就有了錢、銀行賬戶。那麼，您對整個生態系統貨幣化的更廣泛願景是什麼？

Yes, Siti, thank you for your question. Let me take it in 2 parts. First and foremost, you've heard us in the past year plus talk about digitizing B2B with respect to all of the manual work that gets done today in terms of 80% of the back and forth between small businesses is all sort of paper checks and manual. And our goal has been to digitize all of that.

是的，西蒂，謝謝你的問題。讓我把它分成兩部分。首先也是最重要的，您在過去的一年裡聽到了我們關於 B2B 數字化的討論，涉及到今天完成的所有手工工作，小企業之間 80% 的來回都是各種紙質支票和手動的。我們的目標是將所有這些數字化。

And one last element of what we needed to do was to launch bill pay. I think the headline I would just give is the feedback we've been getting has even gone better than what we thought, and we're now at a place where we are 10x-ing our beta, and we hope to have it available to all of our customers soon. So we feel very good about what we are seeing in bill pay and how fast we're able to build it based on the platform capabilities that we have and the feedback that we've gotten from customers.

我們需要做的最後一個要素是啟動賬單支付。我想我要給出的標題是我們收到的反饋甚至比我們想像的還要好，我們現在正處於 10 倍測試版的階段，我們希望能夠將其提供給我們所有的客戶很快就會。因此，我們對我們在賬單支付中看到的情況以及我們能夠根據我們擁有的平台功能和我們從客戶那裡得到的反饋來構建它的速度感到非常滿意。

I think back to your second question, you're right. And in fact, the vision I would take you back to is that we have set out to be the source of truth for a business and to truly be the center of small business growth. And in order to do that, we have to have capabilities that not only help a small business grow their customers, retain their customers, market to their customers, but to be able to manage their cash flow and be able to manage their employees.

我回想一下你的第二個問題，你是對的。事實上，我要帶您回顧的願景是，我們致力於成為企業真理的源泉，並真正成為小型企業增長的中心。為了做到這一點，我們必須擁有不僅能夠幫助小企業發展客戶、留住客戶、向客戶進行營銷的能力，而且能夠管理他們的現金流並能夠管理他們的員工。

We now have all of those capabilities end-to-end. And I think particularly, what's important, that advantages us to deliver for our customers is the data and our AI investments that we've made in the last 5-plus years. And I think I would just encourage you to attend, and if you can attend when it's on real time, watch the replay of our September 6 Intuit Innovation Day. And you will see how with our data, AI and GenAI capabilities, we help customers manage their cash flow and really digitize all of money movement in a way that's so intuitive, so easy and delivered at a moment of truth. So we're quite excited about what's possible as we look at this coming year, but the years ahead.

我們現在擁有所有這些端到端的能力。我認為，特別重要的是，我們在過去五年多里所做的數據和人工智能投資，有利於我們為客戶提供服務。我想我只是鼓勵您參加，如果您可以實時參加，請觀看 9 月 6 日 Intuit 創新日的重播。您將看到我們如何利用我們的數據、人工智能和 GenAI 功能，幫助客戶管理現金流，並以如此直觀、如此簡單且在關鍵時刻交付的方式真正實現所有資金流動的數字化。因此，當我們展望來年以及未來幾年時，我們對可能發生的事情感到非常興奮。

And let me, by the way, be very explicit that none of our potential innovation that you're going to experience in September 6 around GenAI is included in our guidance. But we believe it is fundamentally revolutionary as we think about the world we're going to create in the future.

順便說一句，我要非常明確地指出，您將在 9 月 6 日體驗到的圍繞 GenAI 的任何潛在創新都不包含在我們的指導中。但我們相信，當我們思考我們將在未來創造的世界時，它從根本上是革命性的。

And our next question comes from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的布倫特·希爾 (Brent Thill)。

Sasan, when you mentioned prudent in the tax guide, I'm curious, are you baking in more wiggle room this year than in past years in the guidance? Or can you just walk through what you mean by prudent?

Sasan，當您在稅務指南中提到謹慎時，我很好奇，您今年在指南中是否比往年有更多的迴旋餘地？或者你能簡單解釋一下你所說的謹慎是什麼意思嗎？

Sure. Great question. Well, first of all, I'll just take you back to what you already know, but I think it's important that we start there. This past year, IRS returns, we continue to estimate will be down a couple of points. The do-it-yourself category will be down nearly 1 point. And the driver of that, which we are now certain of, based on all the working analysis that we've done, is we had a number of folks that came in to get their stimulus dollars and tax credits, and so it was pandemic driven.

當然。很好的問題。好吧，首先，我將帶您回顧一下您已經知道的內容，但我認為我們從這裡開始很重要。去年，我們繼續估計國稅局的回報率將下降幾個百分點。 DIY類別將下降近1個百分點。根據我們所做的所有工作分析，我們現在可以確定，這一現象的驅動因素是，我們有很多人來獲取刺激資金和稅收抵免，所以這是大流行驅動的。

And so that created just what you heard from Sandeep, it's sort of a very unusual tax season. But then when you step back and look at the last 4-year trend, it sort of straightened out. And so what we mean by prudent is really a couple of things: one, we're not assuming IRS growth in our numbers this year, and we're not banking on all of the innovation that I just shared paying off this coming year.

這就是你從桑迪普那裡聽到的，這是一個非常不尋常的納稅季節。但當你退後一步，看看過去四年的趨勢時，你會發現它有點理順了。因此，我們所說的謹慎實際上有以下兩點：第一，我們不會假設美國國稅局今年的數據會有所增長，而且我們不會指望我剛剛分享的所有創新都能在來年得到回報。

And that's just part of us being prudent because we want to demonstrate to all of you that this is a business that grows 8% to 12%. And by doing so, we must deliver the results. And so it's just being very intentional and very prudent. As we think about, by the way, our guidance holistically, it's not just TurboTax, it's TurboTax, it's Credit Karma and the way we thought about Small Business. But those are -- that's the sort of the definition of what we mean by prudent.

這只是我們謹慎的一部分，因為我們想向大家證明這是一家增長 8% 到 12% 的業務。通過這樣做，我們必須取得成果。所以這是非常有意和非常謹慎的。順便說一句，當我們從整體上考慮我們的指導時，它不僅僅是 TurboTax，它是 TurboTax，它是 Credit Karma 以及我們對小型企業的思考方式。但這就是我們所說的謹慎的定義。

Our next question comes from Michael Turrin with Wells Fargo.

我們的下一個問題來自富國銀行的邁克爾·特林。

Okay. Great. You delivered outsized margin expansion this past year. You've mentioned a focus on cost controls given the tougher environment throughout the year, realized it's one of the guiding principles. But maybe, Sandeep, if you can just speak to what's allowing you to guide for continued margin expansion as a starting point here. And maybe how we should think about what's allowing for continued margin expansion as you break into the upper 30s there on the operating margin side.

好的。偉大的。去年，您的利潤率大幅增長。您提到，鑑於全年環境更加嚴峻，要重點關注成本控制，並意識到這是指導原則之一。但也許，桑迪普，如果你能談談是什麼讓你能夠指導持續的利潤擴張作為這裡的起點。也許當你的營業利潤率突破 30 多歲時，我們應該如何考慮什麼可以讓利潤率持續擴張。

Thanks for the question, Michael. And let me unpack it a little bit. We go through a 3-, 4-year planning process, as I shared in the prepared remarks and do that process if you look at one of the biggest needle movers to deliver growth both in the near term and the long term, so durable growth levers for the company.

謝謝你的提問，邁克爾。讓我稍微解開一下。正如我在準備好的發言中所分享的那樣，我們會經歷一個3 年、4 年的規劃過程，如果您著眼於實現短期和長期增長的最大推動者之一，那麼就會執行該過程，因此持久的增長為公司提供槓桿。

And we make sure those are funded for success, inclusive of Big Bets and investments in GenAI. So the 40 to 60 bps of guidance reflects those investments and, quite frankly, reflects the strength and resilience of our platform. As a reminder, this is an expansion we're delivering on top of the 3.5 points of expansion we delivered over the last 3 years.

我們確保這些項目獲得成功所需的資金，包括大賭注和對 GenAI 的投資。因此，40 至 60 個基點的指導反映了這些投資，坦率地說，反映了我們平台的實力和彈性。提醒一下，這是我們在過去 3 年提供的 3.5 個擴展點之上進行的擴展。

As I look ahead, I see plenty of runway for us to continue to operate in accordance with our financial principles to grow expenses slower than revenue therefore, implying a margin expansion. And really, as I look at it, what gives me confidence is that we are an AI-driven expert platform, and we operate as an ecosystem across technology, across customer success, across marketing.

展望未來，我看到我們有足夠的空間繼續按照我們的財務原則運營，從而使支出增長慢於收入增長，這意味著利潤率的擴大。事實上，當我看到它時，讓我充滿信心的是，我們是一個人工智能驅動的專家平台，我們作為一個跨技術、跨客戶成功、跨營銷的生態系統運作。

So in addition to giving us a competitive advantage for having faster time to market from [opting] as an ecosystem, it also gives us advantage in getting operating leverage as we scale as a business.

因此，除了[選擇]作為一個生態系統給我們帶來更快的上市時間的競爭優勢之外，它還讓我們在擴大業務規模時獲得運營槓桿方面的優勢。

Our next question comes from Taylor McGinnis with UBS.

我們的下一個問題來自瑞銀集團的泰勒·麥金尼斯。

Maybe I'll focus on the Small Business and Self-Employed full year guide, which was really strong. So I know there's a bunch of moving pieces in there between customer ads, mix shift, online services attach and price. But are you able to help us understand how each of those levers are contributing to the guide? And based on what you're seeing in the environment, what's giving you comfort and the durability of those growth drivers?

也許我會重點關注小型企業和自營職業者全年指南，該指南非常強大。所以我知道在客戶廣告、混合班次、在線服務附加和價格之間有很多變化因素。但您能否幫助我們了解每個槓桿如何為本指南做出貢獻？根據您在環境中看到的情況，是什麼給您帶來舒適感和這些增長動力的持久性？

Yes. Thank you for your question. Let me start us off and Sandeep, please jump in if you want to add anything. First of all, we have a framework at the company level where we want to drive the majority of our growth from volume and mix and the lesser part from price, but we always focus on pricing for value. And so when we look at our growth drivers this year, it is coming from customer growth, and it is coming from mix and to a lesser extent this year compared to last year, by the way, from price.

是的。謝謝你的問題。讓我開始吧，Sandeep，如果您想添加任何內容，請加入。首先，我們在公司層面有一個框架，我們希望通過銷量和產品組合來推動大部分增長，通過價格來推動較小部分的增長，但我們始終專注於價值定價。因此，當我們審視今年的增長動力時，它來自於客戶增長，來自於組合，順便說一句，與去年相比，今年的增長動力來自於價格。

With that as context, I would just remind you that the big picture, when you look at our opportunity this coming year, but even in the next 3 to 5 years plus, we now have a platform and a portfolio of services where we have the opportunity to drive further adoption of our services from Mailchimp to payments, to payroll to time tracking and to a lot of our new innovations around bill pay and digitizing B2B that I just mentioned.

以此為背景，我只想提醒您，從大局來看，當您考慮我們來年的機會時，但即使在未來3 到5 年以上，我們現在也擁有一個平台和一系列服務，我們可以在其中提供這是推動我們的服務進一步採用的機會，從 Mailchimp 到支付、工資單、時間跟踪，以及我剛才提到的圍繞賬單支付和數字化 B2B 的許多新創新。

But also, although we are 3 to 4 years in, we're just at the beginning of what's possible in the mid-market. Mid-market is a significant ARPC opportunity because these customers use a lot of the capabilities that I just mentioned, except they pay a lot more. And we're just at the beginning of the flywheel of penetrating mid-market.

而且，儘管我們還需要 3 到 4 年的時間，但我們才剛剛開始探索中端市場的可能性。中端市場是一個重要的 ARPC 機會，因為這些客戶使用我剛才提到的許多功能，但他們支付的費用要高得多。我們正處於滲透中端市場的飛輪的開始階段。

So when you look at the portfolio of the services that we have, the strength of the experience that we're delivering because of data and AI and because of mid-market, it allows us to drive most of our growth from customer growth and mix. And none of that, by the way, takes into account what's possible as we look into the future with our generative AI experiences that you'll be able to observe on September 6. But those are the main drivers.

因此，當你看看我們擁有的服務組合時，我們通過數據和人工智能以及中端市場提供的體驗的強度，它使我們能夠通過客戶增長和組合來推動我們的大部分增長。順便說一句，當我們展望未來時，您將能夠在 9 月 6 日看到我們的生成式 AI 體驗，而這些都沒有考慮到什麼是可能的。但這些是主要驅動因素。

And Taylor, I would add to that. Over the long term, we remain committed to our growth algorithm of 10% to 20% ARPC and customer growth. That remains unchanged. And really, as Sasan mentioned, is our innovation across our platform that gives us -- opens up the apps here for us to cross-sell and upsell our customers across more offerings on our platform as well as opportunity for us to price for value as we look ahead.

泰勒，我想補充一點。從長遠來看，我們仍然致力於 10% 至 20% ARPC 和客戶增長的增長算法。這仍然沒有改變。事實上，正如Sasan 提到的，我們在整個平台上的創新為我們提供了開放的應用程序，讓我們能夠在我們平台上的更多產品中交叉銷售和追加銷售我們的客戶，並讓我們有機會按價值定價。我們展望未來。

And our next question comes from Kash Rangan with Goldman Sachs.

我們的下一個問題來自高盛的卡什·蘭根 (Kash Rangan)。

So the recession that everybody's been expecting, it doesn't seem to be quite happening. Sasan, I know you've got a great read on your SMB ecosystem. What are some of the indicators that you're seeing? And if you've already proactively addressed this, my apologies for bringing it up again.

因此，每個人都期待的經濟衰退似乎並沒有真正發生。 Sasan，我知道您對中小企業生態系統有深入的了解。您看到了哪些指標？如果您已經主動解決了這個問題，我很抱歉再次提出這個問題。

But what are some of the forward-looking indicators that you see in the Credit Karma business or the SMB ecosystem that give you renewed confidence that we are going to be okay? Because your fiscal '24 guidance definitely is not reflecting of any caution in the environment, but more like a continuation of what we've seen in the last 4 quarters. Just some thoughts there would be great.

但是，您在 Credit Karma 業務或 SMB 生態系統中看到的哪些前瞻性指標讓您對我們會沒事的重新充滿信心？因為你們的 24 財年指導絕對沒有反映出對環境的任何謹慎態度，而更像是我們在過去 4 個季度所看到的情況的延續。只要有一些想法就會很棒。

Yes, sure. Thank you for your question. And you're loud and clear, my friend. So let me start with Small Business. And generally, I would just lead with they continue to be healthy, but they're challenged in this environment. The specifics that I would share is the cash flow and cash reserves of small businesses is 90% of what it was this time last year. However, it is still stronger than pre-pandemic.

是的，當然。謝謝你的問題。我的朋友，你聲音響亮、清晰。讓我從小型企業開始。一般來說，我會引導他們繼續保持健康，但他們在這種環境中面臨挑戰。我要分享的具體情況是，小企業的現金流和現金儲備是去年這個時候的90%。然而，它仍然比大流行前更強。

The -- in terms of looking for labor and finding employees to drive their growth, that's still quite strong. And in fact, in this environment, small businesses are able to do a better job finding what they need versus when the market was hot, which is good for them because then they can deliver for their customers and drive growth.

在尋找勞動力和尋找員工來推動其增長方面，這仍然相當強勁。事實上，在這種環境下，與市場火爆時相比，小型企業能夠更好地找到他們需要的東西，這對他們有利，因為這樣他們就可以為客戶提供服務並推動增長。

And the last thing I would just say is there are certain sectors that are very weak, transportation, real estate, advertising, is very weak within small businesses. So that's the aggregate picture. I'll end with where I started, struggling but still healthy compared to pre-pandemic.

我想說的最後一件事是，某些行業非常薄弱，交通、房地產、廣告等小企業內部非常薄弱。這就是總體情況。我將以我開始的地方結束，與大流行前相比，我正在掙扎，但仍然健康。

On the consumer side, let me hit on sort of 2 different points. I'll quickly hit on Credit Karma. As you have -- as Sandeep mentioned, what we're seeing is stability and our innovation that we've been focused on is really getting hold, and there's some exciting things that we're working on in Credit Karma that we'll share both on September 6 and at Investor Day, one where we redesigned the entire app.

在消費者方面，讓我談兩點不同的觀點。我很快就會想到 Credit Karma。正如桑迪普提到的，我們看到的是穩定性，我們一直關注的創新正在真正紮根，我們正在 Credit Karma 中做一些令人興奮的事情，我們將與大家分享9 月6 日和投資者日，我們重新設計了整個應用程序。

And we have begun to roll it out to a small cohort of customers and will eventually scale it. And we're actually seeing very good engagement with the redesigned app. And then that, coupled with our GenAI experiences, along with all of our innovation with Lightbox and Credit Karma Money gives us a lot of excitement around the future, none of which, by the way, is in our guidance.

我們已經開始將其推廣給一小部分客戶，並最終擴大規模。事實上，我們看到重新設計的應用程序的參與度非常好。然後，再加上我們的 GenAI 經驗，以及我們在 Lightbox 和 Credit Karma Money 方面的所有創新，讓我們對未來感到非常興奮，順便說一句，這些都不在我們的指導範圍內。

But the headline is stability in Credit Karma and lots of innovation that is helping us with where we are and coming. If I just focus on the consumer, a couple of things I would say. If you look back to last March of 2022, credit scores are, on average, down 13 points. Credit balances are up about 30%.

但標題是 Credit Karma 的穩定性和大量創新，這些創新正在幫助我們實現現在和未來。如果我只關註消費者，我會說幾句話。如果回顧 2022 年 3 月，信用評分平均下降了 13 個百分點。信貸餘額增加了約30%。

And the credit band of like 600 to 660 have the largest balances. They're carrying about $10,000 on average. And the Gen Z balances have gone up the most, they're up 45% year-over-year. So job market is still good. People still have jobs, but there's certainly some level of strain on the consumer.

而像600到660這樣的信用區間的餘額是最大的。他們平均攜帶約10,000美元。 Z 世代的餘額增長最快，同比增長 45%。所以就業市場還是不錯的。人們仍然有工作，但消費者肯定面臨一定程度的壓力。

Our next question comes from Brad Reback with Stifel.

我們的下一個問題來自 Brad Reback 和 Stifel。

Great. Sasan, following up on that Credit Karma commentary. Obviously, the world we live in today is different than when you acquired the business. Do you think the long-term growth rate of Credit Karma is meaningfully different in a world where interest rates are mid-single digits versus 0?

偉大的。 Sasan，對 Credit Karma 的評論進行了跟進。顯然，我們今天生活的世界與您收購該業務時不同。您認為在利率為中個位數與零利率的世界中，Credit Karma 的長期增長率是否有顯著不同？

Yes. Brad, thank you for your question. The short answer is no. We're very bullish on the business. And in fact, a couple of things that I would share with you, which we can talk more about at Investor Day, but just not to leave you hanging, the monetization model in Credit Karma is how many members we have, how frequently they engage.

是的。布拉德，謝謝你的問題。最簡潔的答案是不。我們非常看好這項業務。事實上，我想與您分享的一些事情，我們可以在投資者日更多地討論，但只是為了不讓您懸而未決，Credit Karma 的貨幣化模型是我們有多少會員，他們參與的頻率。

And there's a model for every time a customer engages, there is a average revenue per customer that we benefit from. And in fact, this past year, in '23, when our results were down year-over-year, our frequency of engagement is actually higher than the prior 2 years where we had 37% growth and 58% growth.

每次客戶參與都有一個模型，我們可以從中受益的每個客戶的平均收入。事實上，在過去的一年，即 23 年，當我們的業績同比下降時，我們的參與頻率實際上高於前兩年，前兩年我們分別增長了 37% 和 58%。

Now why is that? It's because of all of our innovation. It's because the customer is engaging but in many areas, credit is still tight. So when credit begins to open up, and that's the stability that we're seeing now, we view this business will accelerate back to the 20% to 25% growth rate. Plus I'll remind you that, that plus the integration with TurboTax drives actually more stickiness, more monetization and truly creates this one consumer platform, which was our vision from day 1 when we acquired Credit Karma.

這是為什麼呢？這是因為我們所有的創新。這是因為客戶很積極，但在許多領域，信貸仍然緊張。因此，當信貸開始開放時，這就是我們現在看到的穩定性，我們認為這項業務將加速回到 20% 至 25% 的增長率。另外，我要提醒您的是，與 TurboTax 的集成實際上會帶來更高的粘性、更多的貨幣化，並真正創建這個消費者平台，這就是我們收購 Credit Karma 第一天起的願景。

And with all of the data and AI capabilities that we have in our accelerated GenAI experiences, as I said earlier, you're going to see on September 6 some of the new innovations that are coming that will make it easier for customers to find what they need, the benefits that they need to engage in the financial products that they want and manage their money. And so all of that leads to our view is completely unchanged relative to the long-term expectations of 20% to 25% growth in Credit Karma.

正如我之前所說，憑藉我們在加速 GenAI 體驗中擁有的所有數據和人工智能功能，您將在 9 月 6 日看到一些即將推出的新創新，這些創新將使客戶更容易找到什麼他們需要獲得參與他們想要的金融產品和管理資金所需的好處。因此，所有這些導致我們的觀點相對於 Credit Karma 增長 20% 至 25% 的長期預期完全沒有變化。

And Brad, the one thing I would add to this because you asked about a scenario in which interest rates are higher. When interest rates are higher, the consumer have a higher propensity to shop around, because even a small improvement in the rates that they're getting has a bigger difference in terms of the interest rate they're paying and a bigger difference to their bottom line. So in fact, the product becomes more important, critical to the end user in a higher rate environment.

布拉德，我要補充的一件事是因為你詢問了利率更高的情況。當利率較高時，消費者更傾向於貨比三家，因為即使利率略有提高，他們所支付的利率也會有更大的差異，而且與底部的差異也會更大線。因此，事實上，產品對於更高速率環境中的最終用戶來說變得更加重要、至關重要。

Our next question comes from Kartik Mehta with Northcoast Research.

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

This year, you're really focused, at least from a TV advertising standpoint on full service, really trying to get the message out. And I'm wondering, one of the things you talked about is being a little bit more prudent on revenue growth on the consumer business. I'm wondering, are you -- will your strategy change at all in how you're marketing the full-service product? And how did the full-service product performed compared to your expectations this quarter as well -- this year as well?

今年，至少從電視廣告的角度來看，您真的非常專注於全方位服務，真正努力傳達信息。我想知道，您談到的一件事是對消費者業務的收入增長更加謹慎。我想知道，您的全方位服務產品營銷策略會發生改變嗎？與您本季度以及今年的預期相比，全方位服務產品的表現如何？

Yes. Great question. Let me give you an answer that I think you'll find somewhat helpful and somewhat vague intentionally. We learned a lot this year. We came into the year with a full-service offering that has product markets that as you know, it's all AI driven. And we can virtually get things done within an hour or same day.

是的。很好的問題。讓我給你一個答案，我想你會發現這個答案有些幫助，但故意有些含糊。今年我們學到了很多。今年我們推出了全方位服務產品，其產品市場如您所知，全部都是人工智能驅動的。我們實際上可以在一小時內或同一天內完成工作。

We learned a lot around health and scaling and how to have customers find our full-service offering. And a lot of it also has to do with what I mentioned earlier, which is local marketing. If I'm in San Diego, if I'm in Kansas City, even if I see that TurboTax can provide experts, I go to start to see locally if there's somebody there.

我們在健康和擴展以及如何讓客戶找到我們的全方位服務產品方面學到了很多東西。其中很大一部分也與我之前提到的本地營銷有關。如果我在聖地亞哥，如果我在堪薩斯城，即使我看到 TurboTax 可以提供專家，我也會開始在當地查看是否有人在那裡。

Well, all of our experts that we have are within 10 miles of many of the households in the United States, but we've never marketed that way. And so that's going to inform our marketing going forward. So there's a lot that we learned in terms of how to evolve our marketing so it becomes an and, and not an either/or, and we're excited about it.

嗯，我們擁有的所有專家都在美國許多家庭的 10 英里範圍內，但我們從未以這種方式進行營銷。這將為我們未來的營銷提供信息。因此，我們在如何發展我們的營銷方面學到了很多東西，使其成為一個“和”，而不是一個“非此即彼”，我們對此感到興奮。

Our next question comes from Kirk Materne with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Kirk Materne。

Sasan, I'd love to hear you just give a little bit more detail on what you're counting on Mailchimp to do this year and maybe not if you don't want to get too much into the quantitative side. Qualitatively, you guys have done a lot of work around the product, the monetization. How important is sort of a continued acceleration of Mailchimp as you look at sort of the small business in aggregate for next year?

Sasan，我很想听聽您更詳細地介紹一下今年您希望 Mailchimp 做什麼，如果您不想過多涉及定量方面，則可能不會。從質量上來說，你們圍繞產品、貨幣化做了很多工作。當您考慮明年的小型企業總體情況時，Mailchimp 的持續加速有多重要？

Yes. Kirk, thank you for your question. It's really -- to answer your question, it's really threefold. First and foremost, as you know, we made this acquisition ultimately to create one growth platform, so we can help a small business in one place, be able to grow their business and manage their cash flow and manage their workforce all in one place.

是的。柯克，謝謝你的提問。回答你的問題，確實有三重。首先，如您所知，我們進行此次收購最終是為了創建一個增長平台，因此我們可以在一個地方幫助小型企業，能夠在一個地方發展他們的業務、管理他們的現金流並管理他們的員工隊伍。

And really the key to all of this has been data, AI and now our accelerated investments in GenAI. And so first and foremost is we want to make significant progress in this area, and you'll actually see some of this on both September 6, our Intuit Innovation Day and at Investor Day. That's number one. The second is, as I mentioned earlier, we had the largest release in June that we've ever had in Mailchimp's history.

事實上，這一切的關鍵是數據、人工智能，以及現在我們對 GenAI 的加速投資。因此，首先也是最重要的是，我們希望在這一領域取得重大進展，您實際上會在 9 月 6 日的 Intuit 創新日和投資者日看到其中的一些進展。這是第一。第二個是，正如我之前提到的，我們在 6 月份發布了 Mailchimp 歷史上規模最大的版本。

We had 150 new and updated features that we released on top of multiple GenAI-driven announcements that we had made a couple of weeks prior to that. So our second focus is adoption, getting our customers to adopt these benefits because not only will it help fuel their success, but it will help us with monetization, particularly in the mid-market, which is where our focus is very similar to the focus that we've had with QuickBooks' mid-market.

除了幾週前發布的多項 GenAI 驅動的公告之外，我們還發布了 150 項新功能和更新功能。因此，我們的第二個重點是採用，讓我們的客戶採用這些優勢，因為這不僅有助於推動他們的成功，而且有助於我們實現貨幣化，特別是在中端市場，這是我們的重點與重點非常相似的地方這是我們在 QuickBooks 的中端市場所擁有的。

And then third is international. Mailchimp is the lead horse internationally. And we've done a lot to localize the product. I mentioned earlier the 5 languages and more is coming. We've also been doing a lot of price studies and price testing because we've had like one class price internationally that doesn't work. Some countries should be higher, some countries should be lower. And so we've learned a lot in terms of some of our testing and many of that we're going to be scaling this year. So those are -- if I were to just sort of carve out your question, those are the 3 big areas that we are very focused on in the coming year.

第三是國際化。 Mailchimp 是國際上的領頭羊。我們在產品本地化方面做了很多工作。我之前提到了 5 種語言，而且還會有更多語言。我們還進行了大量的價格研究和價格測試，因為我們在國際上的同類價格行不通。有些國家應該更高，有些國家應該更低。因此，我們在一些測試方面學到了很多東西，並且我們今年將擴展其中許多測試。所以，如果我要解答你的問題，這些就是我們來年非常關注的三大領域。

Our next question comes from Brad Zelnick with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brad Zelnick。

It's Nick Giovacchini on for Brad this evening. Congratulations on the strong end to the year, and welcome, Sandeep. International growth has decelerated since the beginning of the year. Can you talk us through how you see that growing going forward?

今晚由尼克·吉奧瓦基尼 (Nick Giovacchini) 替補布拉德 (Brad)。祝賀您今年取得圓滿成功，並歡迎桑迪普。自今年年初以來，國際增長放緩。您能告訴我們您如何看待未來的發展嗎？

Thanks for the question, Nick. A couple of things on the international growth. On international growth, as I shared earlier, our focus, our refreshed strategy is to lead with both Mailchimp and QuickBooks in the markets where we have product market fit. And in other areas to lead with Mailchimp at the tip of the spear.

謝謝你的提問，尼克。關於國際增長的一些事情。關於國際增長，正如我之前分享的那樣，我們的重點和更新的戰略是在我們有產品市場契合的市場中以 Mailchimp 和 QuickBooks 為主導。在其他領域，Mailchimp 則處於領先地位。

Our growth decelerated for a couple of reasons, and some of that Sasan shared as we lead into rightsizing the pricing for Mailchimp in some of these geographies. Historically, it was the same price.

我們的增長放緩有幾個原因，其中一些原因是 Sasan 在我們引導 Mailchimp 在某些地區調整定價時分享的。從歷史上看，價格是相同的。

It was basically the price set in the U.S. simply converting into the local currency and applied in that geography. We went in and we looked at what the price should be based on the competitors in the market, based on the GDP per capita and all these other factors and we rightsized the price.

它基本上是在美國設定的價格，簡單地轉換為當地貨幣並應用於該地區。我們進去後根據市場上的競爭對手、人均國內生產總值和所有其他因素研究了價格應該是多少，然後我們調整了價格。

Secondly, as we do in QuickBooks, we introduced free trials or discounts initially when folks joined the product is what we have experienced over our years of doing that is people -- more people coming to the product and they stick around and that leads to a better 90-day forward retention, et cetera. So these are all the factors and all the improvements we're making in the Mailchimp product and the lineup, which is leading to what I would describe as a temporary headwind in terms of our international growth.

其次，正如我們在QuickBooks 中所做的那樣，我們最初在人們加入該產品時引入了免費試用或折扣，這是我們多年來所做的經驗，那就是人們- 更多的人來到該產品，他們會留下來，這會導致更好的 90 天遠期保留等等。因此，這些都是我們在 Mailchimp 產品和產品系列中所做的所有因素和所有改進，這導致了我們國際增長方面的暫時逆風。

Our next question comes from Alex Zukin with Wolfe Research.

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

Congrats on a really nice and prudent guidance methodology for next year. I guess maybe I'll just -- I want both of my questions to really target the SMB growth rate. It seems like the guide there ex Mailchimp is really strong. Sandeep, you're now in the CFO seat. Maybe just talk about -- you talked about the prudence intact, but the prudence in the SMB guide, what gives you guys the confidence to kind of guide that way?

祝賀明年制定了非常好的和審慎的指導方法。我想也許我會——我希望我的兩個問題都真正針對中小企業的增長率。看來前 Mailchimp 那裡的指南真的很強大。桑迪普，你現在擔任首席財務官。也許只是談談——您談到了完整的審慎性，但是中小企業指南中的審慎性，是什麼讓你們有信心以這種方式進行指導？

How much of it has to do with some of the payment functionalities that are coming to market, some of the GenAI functionality that's coming to market, what gives you guys that guidance? And then dovetailing into that, new leadership for that group, obviously, as well. Is there talk about the potential for either disruption or how is that accounted for? Or why Marianna was the right fit for that role specifically and kind of where -- what she's going to bring to the table?

其中有多少與即將上市的一些支付功能、即將上市的一些 GenAI 功能有關，是什麼給你們提供了指導？然後顯然，該團隊的新領導層也與之相吻合。是否有討論潛在的破壞或如何解釋這種破壞？或者為什麼瑪麗安娜特別適合這個角色以及她將帶來什麼？

Alex, can I take the leadership question and take it more broadly and then let Sandeep jump in and answer specifically your question around the guide? Let me take this opportunity to talk about the leadership changes that we've had in the company. And I'll, of course, include Marianna in that as well.

亞歷克斯，我可以更廣泛地回答領導力問題，然後讓桑迪普介入並具體回答您關於指南的問題嗎？讓我藉此機會談談我們公司的領導層變動。當然，我也會把瑪麗安娜也包括在內。

First of all, one of our greatest superpowers as a company is leadership development and succession planning. One of the focus areas that we have as part of our Intuit operating system, which starts at the top with my staff is we spend 4 times a year, several days at a time, focusing on talent, focusing on succession planning, reviewing development plans and being very intentional about architecting mobility moves.

首先，作為一家公司，我們最強大的能力之一是領導力發展和繼任計劃。作為 Intuit 操作系統一部分的重點領域之一，從我的員工的高層開始，我們每年花 4 次時間，一次幾天，關注人才、關注繼任計劃、審查發展計劃並且非常有意識地設計流動性舉措。

And ultimately, our goal is to be pretty deep in all of our key roles at multiple levels in the company, which, by the way, is very hard to do. But that is why we are a leadership factory. The second thing I would say is that we are very focused on mobility of senior roles, so the Vice President and above, which is an officer of the company and above, typically within a 3- to 5-year period, there's a lot of it you don't have visibility to, of course, because you only see potential changes that happened in my staff.

最終，我們的目標是深入了解公司各個層面的所有關鍵角色，順便說一句，這很難做到。但這就是為什麼我們是一家領先工廠。我要說的第二件事是，我們非常注重高級職位的流動性，所以副總裁及以上，也就是公司的高管以上，通常在3到5年的時間內，有很多當然，您看不到它，因為您只能看到我的員工中發生的潛在變化。

But we're very intentional about mobility because we believe fresh perspective, fresh thinking is important in our technology areas and our businesses and also training the leaders to be ready for a bigger job is very important. By the way, I'll use myself as an example. Before I stepped into the CEO job 4.5 years ago, I was in TurboTax for 3 years.

但我們非常注重流動性，因為我們相信新的視角、新的思維在我們的技術領域和業務中非常重要，而且培訓領導者為更大的工作做好準備也非常重要。順便說一下，我以我自己為例。在 4.5 年前擔任首席執行官之前，我在 TurboTax 工作了 3 年。

I was in QuickBooks -- running Small Business for 3 years and I was the CIO for 2 years. So that's just an example of mobility. With all of that said, sometimes our mobility is up and to the right and changes within the company. Sometimes, we celebrate folks taking on roles outside of the company because that may be the best fit for them.

我在 QuickBooks 工作了 3 年，負責小型企業的運營，並擔任了 2 年的首席信息官。這只是移動性的一個例子。話雖如此，有時我們的流動性會上升並且在公司內部發生變化。有時，我們會慶祝人們在公司之外擔任職務，因為這可能最適合他們。

So with that as context, we have a lot of confidence in our leaders, and let me now specifically touch on our 3 of the leaders just to make it very real. When you look at Marianna, I actually hired Marianna into Small Business when I was there. She was our Chief Product Development Officer and is very familiar with Small Business.

因此，以此為背景，我們對我們的領導人充滿信心，現在讓我特別談談我們的三位領導人，只是為了使其更加真實。當你看看瑪麗安娜時，我實際上在小型企業中僱用了瑪麗安娜。她是我們的首席產品開發官，非常熟悉小型企業。

When I became the CEO, I moved her into the CEO role, and she's done an unbelievable job fueling innovation across the company. And now she's going back home to where she started, running Small Business. And very excited about what she will do to unlock the next year of growth.

當我成為首席執行官後，我將她調任首席執行官的職位，她在推動整個公司的創新方面做出了令人難以置信的工作。現在她要回到她開始的地方，經營小型企業。對於她將為實現明年的增長所做的努力感到非常興奮。

When you look at Mark in TurboTax, I actually started with Mark in TurboTax a decade ago and worked with him for 3 years. We then -- after I left TurboTax a few years later, promoted him to be our Chief Customer Success Officer of the company. And he is the godfather of our Live platform that we talk a lot about today. And now he's going back home and running TurboTax. So he's very well versed not only in the business, but our disruptive growth driver of the future, which is Live.

當你看到 TurboTax 中的 Mark 時，我實際上十年前就開始與 TurboTax 中的 Mark 合作，並與他一起工作了 3 年。幾年後，在我離開 TurboTax 後，我們提拔他擔任公司的首席客戶成功官。他是我們今天經常談論的直播平台的教父。現在他要回家並運行 TurboTax。因此，他不僅精通業務，而且精通我們未來的顛覆性增長動力，即 Live。

And then Alex Balazs has just moved on our CTO role. I also worked with him in TurboTax. We then moved him to a broader Chief Architect and data role, where he's been Marianna's right-hand person, fielding the innovation across the company. We just moved him into the CTO role.

然後 Alex Balazs 剛剛接任我們的 CTO 職務。我也在 TurboTax 與他一起工作過。然後，我們將他調任到更廣泛的首席架構師和數據職位，他一直是 Marianna 的得力助手，負責在整個公司範圍內進行創新。我們剛剛將他調任為首席技術官。

The reason I wanted to go through that a bit fairly is for all of you to understand that succession planning and leadership development is our sort of core competency. And I actually believe that we have the strongest team that we've had ever built for the era of AI given their backgrounds and experiences. So with that as context, let me have Sandeep answer the other part of your question, Alex.

我想公平地講一下這一點的原因是為了讓大家了解繼任計劃和領導力發展是我們的核心競爭力。事實上，我相信，鑑於他們的背景和經驗，我們擁有為人工智能時代打造的最強大的團隊。因此，以此為背景，讓我讓桑迪普回答你問題的另一部分，亞歷克斯。

Absolutely. And actually, let me touch on one additional point to what Sasan added, it's never about one individual. We are a system, and we have strong leadership teams around our General Manager and CFO staff as well. So getting back to your question on the guidance, Alex. So just for context, the Small Business group grew 24% in fiscal '23, with 4 of those points coming from the benefit of the timing of the Mailchimp acquisition. So that's about a 20% organic run rate.

絕對地。事實上，讓我對薩桑補充的內容再談一談，這從來都不是關於一個人的。我們是一個系統，我們在總經理和首席財務官周圍也有強大的領導團隊。亞歷克斯，回到你關於指導的問題。因此，僅就背景而言，小型企業集團在 23 財年增長了 24%，其中 4 個百分點來自 Mailchimp 收購時機的好處。所以有機運行率約為 20%。

And as we have shared with you with -- the group in the past is 80% of the revenues in the Small Business group are subscription-based. So that makes -- so the recurring nature of the revenue makes it highly predictable. And we -- this year saw strong results in areas where we are focused, such as QuickBooks Advanced customer growth as well as in the mid-market area that Sasan touched on. So that is one component of us giving us confidence as we guide for next year.

正如我們與您分享的那樣，過去小型企業集團 80% 的收入來自訂閱。因此，收入的經常性性質使其具有高度可預測性。今年，我們在我們重點關注的領域取得了強勁的成果，例如 QuickBooks Advanced 客戶增長以及 Sasan 涉及的中端市場領域。因此，這是我們對明年的指導充滿信心的一個組成部分。

The second aspect is the importance of our products to SMBs. This is something core to how they run their business, how they pay their employees, how they get paid themselves, how they get access to capital to take on new projects and grow their business.

第二個方面是我們的產品對中小企業的重要性。這是他們如何經營業務、如何向員工支付工資、如何自己獲得報酬、如何獲得資金來開展新項目和發展業務的核心內容。

And we have made tremendous improvements in our product in an ecosystem that makes that platform that much more relevant and important to the lives of our customers. So that is what's all baked into the guidance that we provided for the Small Business and Self-Employed Group. You asked a question if we were relying on GenAI. I want to reiterate and be very clear. GenAI, we believe it will be an accelerator for our business, but that is not baked into the guidance that we shared with you all today.

我們在生態系統中對產品進行了巨大改進，使該平台對客戶的生活更加相關和重要。這就是我們為小型企業和個體經營者群體提供的指南中的全部內容。您問我們是否依賴 GenAI。我想重申並說得非常清楚。 GenAI，我們相信它將成為我們業務的加速器，但這並沒有納入我們今天與大家分享的指導中。

We'll take our next question from Mark Murphy with JPMorgan.

我們將回答摩根大通的馬克·墨菲提出的下一個問題。

This is Arti on for Mark Murphy. Congrats on the quarter. I just wanted to dig in on Credit Karma, specifically as it relates to the opportunity to begin to pursue prime customers in addition to the subprime and near-prime customers you guys have kind of focused on historically.

我是馬克·墨菲的阿蒂。恭喜本季度。我只是想深入了解 Credit Karma，特別是因為它涉及到除了你們歷史上關注的次級和準優質客戶之外，開始追求優質客戶的機會。

Yes. Thank you for your question. Yes, it's a big focus area for us going after prime customers. And just for context, it's sort of 1/3 of our monthly active users, and they're the least engaged because really, when you look at the platform, we traditionally focus on subprime and near prime. And we have a lot of the capabilities that we've developed in the past and know these prime customers very well, which is why we have merged our Mint and Credit Karma team and platform to really solve for these prime customers.

是的。謝謝你的問題。是的，這是我們追求主要客戶的一個重點領域。就背景而言，它大約占我們每月活躍用戶的 1/3，而且他們的參與度最低，因為實際上，當您查看該平台時，我們傳統上專注於次級和接近優質的產品。我們擁有過去開發的許多能力，並且非常了解這些主要客戶，這就是為什麼我們合併了 Mint 和 Credit Karma 團隊和平台，以真正為這些主要客戶解決問題。

And so we have been working, I think, for the last almost a year, really understanding their needs, running a number of experiments and are now -- and has been in the midst of launching multiple things that are very geared towards prime customers. And we're actually very excited with the app redesign. There's sort of 2 big things that we've been working on in Credit Karma beyond what we've been sharing with you.

因此，我認為，在過去的近一年裡，我們一直在努力，真正了解他們的需求，進行了許多實驗，現在正在推出多種非常適合主要客戶的產品。事實上，我們對應用程序的重新設計感到非常興奮。除了我們與您分享的內容之外，我們還在 Credit Karma 中致力於兩件大事。

One is really redesigning the whole app to enable customers and certain cohort of customers like prime to be able to find the benefit that they're looking for because of everything that we know about them proactively. The second is the GenAI experience is that, again, we will unveil more of September 6.

其中之一是真正重新設計整個應用程序，使客戶和某些客戶群（例如 prime）能夠找到他們正在尋找的好處，因為我們主動了解他們的一切。第二個是 GenAI 的經驗，我們將再次在 9 月 6 日揭曉更多內容。

And the combination of those 2 things and what I shared a moment ago around prime customers gives us a lot of sort of excitement around what's possible to serve these prime customers going forward, which is something that we've not benefited from, from a monetization perspective. None of that is included in our guidance, but it's something that we're very excited about.

這兩件事和我剛才分享的關於主要客戶的內容結合起來，讓我們對未來為這些主要客戶提供服務的可能性感到非常興奮，但我們並沒有從貨幣化中受益。看法。這些都沒有包含在我們的指導中，但這是我們非常興奮的事情。

Our next question comes from Brad Sills with Bank of America.

我們的下一個問題來自美國銀行的布拉德·希爾斯。

I wanted to ask one on AI here as well. It sounds like some exciting things coming, looking forward to learning more about that. A lot of possibilities here within Small Business and consumer. Would just love to get your perspective on kind of where you're coming from. Sasan, you've alluded to the fact that Intuit is well prepared here because of the platform capabilities here and the underpinnings of that with data. So just curious, any color as to where Intuit is coming from such that you're able to iterate on AI the way that we're looking forward to learning more about?

我也想在這裡問一個關於人工智能的問題。聽起來一些令人興奮的事情即將到來，期待了解更多相關信息。小型企業和消費者存在很多可能性。只是想了解您對自己來自哪裡的看法。 Sasan，您提到 Intuit 已經做好了充分的準備，因為這裡的平台功能及其數據基礎。所以只是好奇，關於 Intuit 從哪裡來的任何顏色，以便您能夠以我們期待了解更多信息的方式迭代人工智能？

Yes. Thank you for your question. I'll start with taking you back to 5 years ago when we declared our strategy was to really shift the company from just a tax and accounting platform, which is a very important set of problems to solve for customers to a global financial platform that really played a far more meaningful role in powering the prosperity of consumers and small businesses on a daily basis.

是的。謝謝你的問題。首先，我將帶您回到 5 年前，當時我們宣布我們的戰略是真正將公司從一個稅務和會計平台（這是需要為客戶解決的一系列非常重要的問題）轉變為一個全球金融平台，在推動消費者和小企業日常繁榮方面發揮了更有意義的作用。

When we made that strategic declaration on the 5 bets that ensued, what we talked about at that time was that data and AI was going to be core to making that shift. And in fact, when we made the acquisition of both Credit Karma and Mailchimp, one huge driver of the acquisition was around the data because, in essence, we will know a lot more about customers and we could leverage that data for their benefit to fuel their success.

當我們對隨後的 5 個賭注做出戰略聲明時，我們當時談論的是數據和人工智能將成為實現這一轉變的核心。事實上，當我們收購 Credit Karma 和 Mailchimp 時，收購的一個巨大驅動力就是數據，因為從本質上講，我們將更多地了解客戶，我們可以利用這些數據為他們的利益提供動力他們的成功。

So and even 5 years ago declaring this, data and machine learning has been a decade-long focus of Intuit. So when you think about a decade-long investment in data, usable data, cleaning the data and making sure that it's structured in a way where it can be used and then our investments in AI, specifically in knowledge engineering, which really takes rules and the relationship between data and turns it into code is what our advantages in TurboTax, machine learning and natural language processing, those have been -- it's been a decade-long set of investments and the 2 acquisitions have propelled us forward about 10 years.

因此，甚至在 5 年前就宣布了這一點，數據和機器學習一直是 Intuit 長達十年的重點。因此，當你考慮對數據、可用數據、清理數據並確保數據的結構進行長達十年的投資時，再考慮我們對人工智能的投資，特別是在知識工程方面，這確實需要規則和規則。數據之間的關係並將其轉化為代碼是我們在TurboTax、機器學習和自然語言處理方面的優勢，這些是我們長達十年的投資，而這兩次收購推動我們前進了大約10 年。

And then you couple that with what we started several years ago, which is GenAI. And then what we launched in June, which is a generative operating system, GenOS, which by the way, is not something you can create overnight. This is years of investment. When we couple those type of investments, data, AI and GenOS, which is really primarily our own Intuit financial large language models that are trained on our customers' proprietary data, it allows us to personalize things, humanize things and do the work for customers in a way that's revolutionary, which ultimately gets to the punch line of we are creating a future that is done for you. Rather than you having to do the work to run your business, rather than you have to do the work to be able to power your prosperity, manage your finances as a consumer, we want to put you in control where it's done for you.

然後將其與我們幾年前開始的 GenAI 結合起來。然後我們在 6 月份推出了一個生成式操作系統 GenOS，順便說一句，它不是你可以在一夜之間創建的東西。這是多年的投資。當我們將這些類型的投資、數據、人工智能和GenOS（實際上主要是我們自己的Intuit 金融大型語言模型，根據客戶的專有數據進行訓練）結合起來時，它使我們能夠個性化事物、人性化事物並為客戶完成工作以一種革命性的方式，最終達到我們正在為您創造一個未來的妙語。不是你必須做工作來經營你的業務，而不是你必須做工作才能推動你的繁榮，作為消費者管理你的財務，我們希望讓你掌控為你做的事情。

You're always in control, you have the choice of whether or not you move forward with a decision. But we want to be able to help you grow your customers and run your business for you, help you manage your cash flow, always put the right choices in front of you. And the same thing goes on the tax side and Credit Karma side.

您始終處於掌控之中，您可以選擇是否繼續做出決定。但我們希望能夠幫助您發展客戶並為您經營業務，幫助您管理現金流，始終為您提供正確的選擇。稅收方面和信用業力方面也是如此。

So that's what's so exciting about -- it's a decade-long focus. We really tripled down on it 5 years ago when we declared our strategy. And we're -- we have now galvanized and energized the entire company that the future of done for you that we declared 5 years ago is very real, very much here. And we had an enormous opportunity to do amazing things for our customers. And that's what really gets us excited about what's possible.

這就是令人興奮的地方——這是長達十年的關注。五年前，當我們宣布我們的戰略時，我們確實加大了三倍的投入。我們現在已經激勵和激勵了整個公司，我們 5 年前宣布的為您服務的未來是非常真實的，非常真實。我們有一個巨大的機會為我們的客戶做一些令人驚奇的事情。這才是真正讓我們對可能性感到興奮的原因。

And so I can do another advertisement. Join us September 6 for Intuit's Innovation Day, followed by Investor Day, and you'll get a real good feel for the world that we are going to create for the future.

這樣我就可以再做一個廣告了。加入我們 9 月 6 日的 Intuit 創新日，隨後是投資者日，您將真正感受到我們將為未來創造的世界。

We'll take our last question from Scott Schneeberger with Oppenheimer.

我們將回答斯科特·施內伯格和奧本海默提出的最後一個問題。

Welcome, Sandeep. I have a couple on consumer, one very high level and one, just a clarification. So the first is on...

歡迎，桑迪普。我有兩個關於消費者的問題，一個非常高級別，另一個只是一個澄清。所以第一個是在...

(technical difficulty)

（技術難度）

Scott, you cut out on us.

斯科特，你拒絕了我們。

Reza, can you try to bring him back?

雷扎，你能試著把他帶回來嗎？

Scott, your line is open.

斯科特，你的線路已開通。

Sasan, can you hear me?

薩桑，你能聽到我說話嗎？

We can now. Yes, if you don't mind, start over again because we lost you.

我們現在可以了。是的，如果你不介意的話，就重新開始吧，因為我們失去了你。

Absolutely. So 2 quick on consumer. First, volume and price mix. Just your consideration of that going into fiscal 2024 and beyond given the trends of the recent years. And then for you or Sandeep, just curious in the extension season, in the post-tax season, what did you see? Anything interesting with California? Should we see a shift from fiscal '23 to '24 that's material related to anything extension-wise?

絕對地。所以2對消費者來說要快。一是量價結合。鑑於近年來的趨勢，請考慮 2024 財年及以後的情況。然後對於你或桑迪普來說，只是好奇在延長賽季，在稅后賽季，你看到了什麼？加州有什麼好玩的嗎？我們是否應該看到從 23 財年到 24 財年的轉變，這與任何擴展方面都有重大關係？

Sure. Let me start with your volume mix question around TurboTax. I would say the way to think about it was what I described earlier, leaning into full service, leaning into business tax and continuing to lean into TurboTax Live, which really comes with assistance, recognizing it's all data and AI driven.

當然。讓我從您關於 TurboTax 的捲混合問題開始。我想說的思考方式就是我之前描述的，傾向於全方位服務，傾向於營業稅，並繼續傾向於 TurboTax Live，它確實提供了幫助，認識到這都是數據和人工智能驅動的。

You're going to see more come from ARPC than volume, and that's just the nature of the opportunity. Now there is 88 million-plus people that are in the assisted segment and there's $30 billion of spend. So there's both a volume opportunity and an ARPC opportunity. Just our view, looking at the next 10 years, by the way, this is not a 1-year answer, both matter.

您將看到更多來自 ARPC 的收益，而不是數量，這就是機會的本質。現在有超過 8800 萬人接受援助，支出達 300 億美元。因此，既有數量機會，也有 ARPC 機會。只是我們的觀點，展望未來 10 年，順便說一句，這不是 1 年的答案，兩者都很重要。

You're going to get -- we're going to get more from ARPC. And I'll let Sandeep jump in here as well. I mean on the extension season, that's just been very weird with many states that got extended to July and California to October, and what we're seeing from customers is they've even gotten confused which month they have to file in their state. So net-net is there's more to file. When you look at it at the company level, it's really not material, but not everybody has filed yet.

您將從 - 我們將從 ARPC 中獲得更多。我也會讓桑迪普也跳進來。我的意思是，在延期季節，這對於許多州延長至7 月和加利福尼亞州延長至10 月來說非常奇怪，我們從客戶那裡看到的是，他們甚至感到困惑他們必須在哪個月份在他們的州提交申請。因此，net-net 還有更多需要歸檔的內容。當你從公司層面來看，這確實不重要，但並不是每個人都已經提交了。

That's basically the answer, Scott. It's not material for our Q1. It's been a unique behavior on the taxpayer. But I'll also remind us that last year, we also saw a great deal of extensions by taxpayers. So that's also something to keep in mind as you look at Q1.

這基本上就是答案，斯科特。這對於我們的第一季度來說並不重要。這是納稅人的獨特行為。但我還要提醒我們，去年，我們也看到納稅人進行了大量延期。因此，當您查看第一季度時，這也是需要記住的事情。

All right, everybody. I think that brings our questions or Q&A to an end. Thank you for your wonderful questions. Thank you for spending the time with us. We look forward to seeing you September 6 and at our Investor Day. Take good care. Be safe. Bye, everybody.

好吧，大家。我認為我們的問題或問答就結束了。感謝您提出的精彩問題。感謝您與我們共度時光。我們期待在 9 月 6 日以及我們的投資者日見到您。多保重。注意安全。大家再見。

Thank you all.

謝謝你們。

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

女士們、先生們，感謝您的參與。今天的電話會議到此結束。