直覺電腦 (INTU) 2024 Q1 法說會逐字稿

Good afternoon. My name is Chelsea, and I will be your conference operator. At this time, I would like to welcome everyone to Intuit's First Quarter Fiscal Year 2024 Conference Call. (Operator Instructions)

午安.我的名字是切爾西，我將成為您的會議操作員。此時，我謹歡迎大家參加 Intuit 2024 財年第一季電話會議。 （操作員說明）

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

接下來，我會將電話轉給 Intuit 投資者關係副總裁 Kim Watkins。沃特金斯女士？

Thanks, Chelsea. Good afternoon, and welcome to Intuit's First Quarter Fiscal 2024 Conference Call. I'm here with Intuit's CEO, Sasan Goodarzi; and our CFO, Sandeep Aujla.

謝謝，切爾西。下午好，歡迎參加 Intuit 2024 財年第一季電話會議。我和 Intuit 執行長 Sasan Goodarzi 一起來到這裡。以及我們的財務長 Sandeep Aujla。

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 2023 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有重大差異。您可以在我們今天下午早些時候發布的新聞稿、2023 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資訊。所有這些文件均可在 Intuit 網站 intuit.com 的投資者關係頁面上取得。我們不承擔更新任何前瞻性聲明的義務。

Some of the numbers in each remarks are presented on a non-GAAP basis. We reconcile the comparable GAAP and non-GAAP numbers in today's press release.

每條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。

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.

除非另有說明，否則所有成長率均指本期與去年同期的比較，業務指標及相關成長率指全球業務指標。

A copy of our prepared remarks and supplemental financial information will be available on our website after this call ends.

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資訊的副本。

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

說完，我會把電話轉給 Sasan。

Thanks, Kim, and thanks to all of you for joining us today. We had a very strong first quarter and have great momentum innovating on our platform across the company. Total revenue grew 15%, driven by Small Business and Self-Employed Group revenue growth of 18% and Consumer Group revenue growth of 25%. This was partially offset by Credit Karma revenue decline of 5%, in line with our expectations for Q1 given the macroeconomic environment.

謝謝金，也謝謝大家今天加入我們。我們第一季的表現非常強勁，整個公司的平台創新勢頭強勁。總收入成長 15%，其中小型企業和自營職業集團收入成長 18%，消費者集團收入成長 25%。 Credit Karma 營收下降 5% 部分抵銷了這一影響，這符合我們鑑於宏觀經濟環境對第一季的預期。

With the strong start to the year, we are reiterating our full year guidance for fiscal year 2024. Consumer Group revenue growth reflects a strong finish to the tax extension season. We remain focused on transforming the assisted consumer and business tax categories with TurboTax Live.

憑藉今年的強勁開局，我們重申 2024 財年的全年指引。消費者集團收入成長反映出稅收延期季節的強勁結束。我們仍然專注於透過 TurboTax Live 改變輔助消費者和企業稅收類別。

Our innovation in tax has accelerated in several areas. First, the Credit Karma platform is leveraging data and AI to deliver personalized experiences and compelling tax offers. Second is the innovation with TurboTax Live to deliver speed and confidence to prior year assisted customers, particularly with full service, where we can get taxes done in as little as an hour using data, AI and our expert platform at scale.

我們的稅收創新在多個領域都在加速。首先，Credit Karma 平台利用數據和人工智慧來提供個人化體驗和引人注目的稅收優惠。其次是TurboTax Live 的創新，為上一年受協助的客戶提供速度和信心，特別是在全方位服務方面，我們可以使用數據、人工智慧和我們的大規模專家平台在短短一小時內完成納稅。

And third, Intuit Assist, our GenAI-powered financial assistance, helping customers in key areas where confidence matters most. For example, understanding their refund or getting answers to their questions as if they're talking to an expert.

第三，Intuit Assist，我們由 GenAI 提供支援的財務援助，可以在信心最重要的關鍵領域為客戶提供協助。例如，了解他們的退款或獲得問題的答案，就像他們在與專家交談一樣。

We ran many experiments during the extension season, and the learnings give us confidence in our game plan to win this tax season. We believe this is 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 platform. We're delivering experiences where the hard work is done for you with a gateway to human expertise, powering our customers' prosperity and accelerating penetration of our $300 billion in TAM.

我們在延期季節進行了許多實驗，這些經驗讓我們對贏得這個納稅季節的遊戲計劃充滿信心。我們相信這是 Intuit 迄今為止最令人興奮的時代。五年前，我們宣布我們的策略是成為一個人工智慧驅動的專家平台，以數據和人工智慧為核心，推動整個平台的創新。我們正在提供透過人類專業知識為您完成艱苦工作的體驗，為客戶的繁榮提供動力，並加速我們 3000 億美元 TAM 的滲透。

The launch of Intuit Assist is the result of years of investment in data and AI. At the core of our platform is powerful, relevant data. Intuit has incredibly rich longitudinal, transactional and behavioral data for our 100 million customers. We have 500,000 customer and financial attributes per small business and 60,000 financial and tax attributes per consumer on our platform. And with our GenAI operating system, GenOS, we empower Intuit technologists to create breakthrough AI experiences across the platform. This includes utilizing our own powerful financial LLM as well as those from other leaders in GenAI, which together unlock new opportunities to serve our customers with accuracy and speed in a cost-efficient way.

Intuit Assist 的推出是多年來對數據和人工智慧投資的結果。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、交易和行為資料。我們的平台上每個小型企業有 50 萬個客戶和財務屬性，每個消費者有 60,000 個財務和稅務屬性。透過我們的 GenAI 作業系統 GenOS，我們讓 Intuit 技術人員能夠在整個平台上創造突破性的人工智慧體驗。這包括利用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，它們共同釋放新的機會，以經濟高效的方式準確、快速地為我們的客戶提供服務。

We are creating a future of "done for you", a future where the hard work is done automagically on behalf of our customers with a gateway to human expertise, fueling their financial success. Intuit Assist powered by GenAI is critical to delivering unparalleled benefits for our customers over the next decade.

我們正在創造一個「為您完成」的未來，在這個未來中，我們的客戶將透過人類專業知識的途徑自動完成艱苦的工作，從而促進他們的財務成功。由 GenAI 提供支援的 Intuit Assist 對於在未來十年為我們的客戶提供無與倫比的利益至關重要。

Let me share a few updates on Intuit Assist across our offerings. First, Mailchimp. We're rolling out 2 new GenAI experiences designed to help our customers grow their revenue and save time. These include AI-driven audience segmentation and marketing automation. I'll share more on those in just a moment.

讓我分享一下我們產品中 Intuit Assist 的一些最新動態。首先是郵件黑猩猩。我們正在推出 2 種新的 GenAI 體驗，旨在幫助我們的客戶增加收入並節省時間。其中包括人工智慧驅動的受眾細分和行銷自動化。我稍後將分享更多相關內容。

Second, TurboTax. As I shared earlier, during the extension season, we tested new GenAI experiences to deliver higher confidence for our DIY customers. This includes in-topic accuracy check and personalized explanations throughout the filing process that help explain a customer's tax outcome. We're excited about rolling out these experiences this season.

第二，渦輪稅。正如我之前分享的，在延長季節期間，我們測試了新的 GenAI 體驗，為我們的 DIY 客戶帶來更高的信心。這包括整個申報過程中的主題準確性檢查和個人化解釋，有助於解釋客戶的稅務結果。我們很高興在本季推出這些體驗。

Third, QuickBooks. We are testing GenAI to help customers save time and run their business with complete confidence, including a digital expert that can surface business insights and allow customers to dig deeper or connect them to a human expert. For example, we're serving up proactive business insights to customers with an actionable business summary. These customers are using the business summary as a launching point to learn, create reports directly using Intuit Assist and take actions to drive their business success. These experiences will be rolled out in the coming months and in the future, we plan to automate these actions and do the work for our customers.

第三，快書。我們正在測試 GenAI，以幫助客戶節省時間並充滿信心地開展業務，其中包括數位專家，該專家可以提供業務見解並允許客戶進行更深入的挖掘或將他們與人類專家聯繫起來。例如，我們透過可操作的業務摘要為客戶提供主動的業務洞察。這些客戶將業務摘要作為學習的起點，直接使用 Intuit Assist 建立報告並採取行動推動業務成功。這些體驗將在未來幾個月內推出，在未來，我們計劃自動化這些操作並為我們的客戶完成工作。

Fourth, Credit Karma. We're testing GenAI to help our customers find the products that are right for them in a highly personalized way. For example, based on our research, prime members spend an average of 5 hours online comparing credit card benefits. With our members' credit data and spending history from accounts they choose to link to Credit Karma, we can use GenAI to help members select the right credit card for them optimized based on their personal spending history. This is designed to increase engagement with our members and help them improve their financial health and drive financial success.

第四，信用業力。我們正在測試 GenAI，以幫助我們的客戶以高度個人化的方式找到適合他們的產品。例如，根據我們的研究，高級會員平均花費 5 小時在網路上比較信用卡優惠。憑藉會員選擇連結到 Credit Karma 的帳戶的信用資料和消費歷史記錄，我們可以使用 GenAI 幫助會員根據其個人消費歷史記錄優化選擇合適的信用卡。此舉旨在增加與會員的互動，幫助他們改善財務健康並推動財務成功。

These experiences will be rolled out in the coming months. We are excited by Intuit Assist's early progress. It will change our relationship with customers as we move from a transactional workflow platform to a trusted assistant that our customers rely on daily to power their prosperity. We believe Intuit Assist will lead to higher frequency of engagement and monetization across the platform.

這些體驗將在未來幾個月內推出。我們對 Intuit Assist 的早期進展感到興奮。隨著我們從交易工作流程平台轉變為客戶每天賴以實現繁榮的值得信賴的助手，它將改變我們與客戶的關係。我們相信 Intuit Assist 將提高整個平台的參與頻率和貨幣化率。

Let me now highlight progress across 2 of our 5 Big Bets. 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.

現在讓我重點介紹我們 5 個大賭注中的 2 個的進展。提醒一下，我們的 5 大賭注是徹底改變受益速度、將人們與專家聯繫起來、解鎖明智的資金決策、成為小型企業成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 to paying a supplier.

我們的第四個大賭注是透過幫助我們的客戶在全通路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，成為小型企業成長的中心。在支付方面，我們的創新不斷推動數位化，從創建估算到向客戶開立發票，再到向供應商付款。

Today, easier discovery, auto-enable payments, instant deposit and get paid upfront are all helping drive adoption of our payments offering. Total online payment volume growth was strong in the quarter at 21%. We're also making good progress digitizing B2B payments to accelerate and automate transactions between small businesses and ultimately improving their cash flow. We made our bill pay offering widely available to customers during the quarter.

如今，更輕鬆的發現、自動啟用支付、即時存款和預付款都有助於推動我們的支付產品的採用。本季線上支付總量成長強勁，達到 21%。我們在 B2B 支付數位化方面也取得了良好進展，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。我們在本季向客戶廣泛提供了帳單支付服務。

While it's early, we are seeing mid-market customers choosing the paid subscription offering at approximately 2x the rate of non mid-market customers, indicating this paid offering is resonating with larger customers.

雖然現在還為時過早，但我們看到中階市場客戶選擇付費訂閱產品的比例約為非中階市場客戶的兩倍，這表明這種付費產品正在引起大客戶的共鳴。

Turning to Mailchimp. We are well on our way to becoming the source of truth for our customers to help them grow and run their business. As I shared earlier, we're rolling out several features powered by Intuit Assist in time for peak holiday season for many of our customers. Let me highlight 2 of these impactful benefits designed to help our customers grow their revenue while saving time.

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。正如我之前分享的，我們正在為許多客戶及時推出由 Intuit Assist 提供支援的多項假日旺季功能。讓我重點介紹其中兩個有影響力的優勢，旨在幫助我們的客戶增加收入，同時節省時間。

First, AI-driven audience segmentation, which allows small businesses to target specific audiences. Many customers don't use audience segmentation today despite the fact that it can drive up to 60% lift in average order revenue or average order value over 12 months. With Intuit Assist, a customer can use conversational language to more quickly build segments and use them as a part of a marketing campaign.

首先，人工智慧驅動的受眾細分，允許小型企業瞄準特定受眾。儘管受眾細分可以在 12 個月內將平均訂單收入或平均訂單價值提升高達 60%，但如今許多客戶並未使用受眾細分。借助 Intuit Assist，客戶可以使用對話語言更快地建立細分並將其用作行銷活動的一部分。

Second, AI-powered marketing automation, which are automated workflows that help small businesses reach their customers in uniquely tailored ways. Today, many of our customers don't use marketing automation because they are time consuming the setup even though they can help them drive higher revenue. With Intuit Assist, Mailchimp creates marketing automation, which can easily be turned on and e-mail content can be generated and edited.

其次，人工智慧驅動的行銷自動化，這是一種自動化的工作流程，可以幫助小型企業以獨特的客製化方式接觸客戶。如今，我們的許多客戶不使用行銷自動化，因為他們的設定非常耗時，儘管它們可以幫助他們提高收入。透過 Intuit Assist，Mailchimp 創建了行銷自動化，可以輕鬆打開自動化，並可以產生和編輯電子郵件內容。

Our fifth Big Bet is to disrupt the small business mid-market representing a TAM of 1.7 million customers, 800,000 of which are already in our franchise, but using a core QBO or desktop product. Online mid-market customer and revenue growth remained strong and we are driving increased adoption of QuickBooks Advanced, payments and payroll, resulting in ARPC expansion as we serve these mid-market customers with a full ecosystem of services.

我們的第五個大賭注是顛覆小型企業中端市場，該市場代表著 170 萬客戶的 TAM，其中 80 萬名客戶已經在我們的特許經營中，但使用的是核心 QBO 或桌面產品。線上中型市場客戶和收入成長仍然強勁，我們正在推動 QuickBooks Advanced、支付和薪資的採用率不斷提高，從而在我們為這些中型市場客戶提供完整的服務生態系統的同時，實現 ARPC 的擴展。

We are proud of our innovation and the impact that we're making on our customers' lives. We also continue to make an impact on the communities that we serve.

我們為我們的創新以及我們對客戶生活的影響感到自豪。我們也繼續對我們所服務的社區產生影響。

This quarter, we launched Intuit for Education, a new financial literacy program to provide GenZ and Gen Alpha students access to Intuit products and teach some personal and Small Business finance skills. We also announced the first set of winners of our Coalfield Solar Fund, providing grants to incentivize solar energy projects in coal mining communities to help build a sustainable future.

本季度，我們推出了 Intuit for Education，這是一項新的金融知識計劃，旨在為 GenZ 和 Gen Alpha 學生提供使用 Intuit 產品的機會，並教授一些個人和小型企業財務技能。我們也宣布了煤田太陽能基金的第一批獲獎者，為煤礦社區的太陽能計畫提供贈款，以幫助建立永續的未來。

Wrapping up, with our durable AI-driven expert platform strategy and focus on innovating with GenAI across our platform, we are more excited than ever about the opportunity in front of us and our ability to power prosperity for our customers. We are also delighted to be 1 of the only 8 Fortune 500 companies named to Fortune's inaugural top 50 AI Innovators list. With that, let me now hand it over to Sandeep.

總而言之，憑藉我們持久的人工智慧驅動的專家平台策略，並專注於在我們的平台上利用 GenAI 進行創新，我們對面前的機會以及我們為客戶帶來繁榮的能力感到比以往任何時候都更加興奮。我們也很高興成為僅有的 8 家財富 500 強公司之一，入選《財富》首屆人工智慧創新者 50 強名單。現在讓我把它交給桑迪普。

Thank you, Sasan. For the first quarter of fiscal 2024, we delivered very strong results that exceeded the high end of our guidance range across all key metrics, including revenue of $3 billion, up 15%. GAAP operating income of $307 million versus $76 million last year. Non-GAAP operating income of $960 million versus $662 million last year, up 45%. GAAP diluted earnings per share of $0.85 versus $0.14 a year ago. And non-GAAP diluted earnings per share of $2.47 versus $1.66 last year, up 49%.

謝謝你，薩桑。 2024 財年第一季度，我們在所有關鍵指標上都取得了非常強勁的業績，超出了我們指導範圍的上限，其中包括 30 億美元的收入，增長了 15%。 GAAP 營業收入為 3.07 億美元，而去年為 7,600 萬美元。非 GAAP 營業收入為 9.6 億美元，較去年的 6.62 億美元成長 45%。 GAAP 稀釋後每股收益為 0.85 美元，而一年前為 0.14 美元。非 GAAP 稀釋後每股收益為 2.47 美元，去年為 1.66 美元，成長 49%。

I am pleased with our early momentum this fiscal year.

我對我們本財年的早期動能感到滿意。

Turning to the business segment. Small Business and Self-Employed Group revenue grew 18% during the quarter, driven by Online Ecosystem, which grew 20%. Our results demonstrate the power of our Small Business platform and the mission-critical nature of our offerings, which continue to resonate with customers as they look to grow their businesses and improve cash flow in any economic environment. with the goal of being the source of truth for small businesses, a strategic focus within a Small Business and Self-Employed group is threefold: grow the core, connect the ecosystem and expand globally.

轉向業務板塊。在成長 20% 的線上生態系統的推動下，本季小型企業和自營團體收入成長了 18%。我們的結果證明了我們的小型企業平台的力量和我們產品的關鍵任務性質，當客戶希望在任何經濟環境下發展業務並改善現金流時，這些產品將繼續引起客戶的共鳴。為了成為小型企業的真相來源，小型企業和自僱群體的策略重點有三：發展核心、連結生態系統和全球擴張。

First, we continue to focus on growing the core. QuickBooks Online accounting revenue grew 19% in Q1, driven mainly by customer growth, higher effective prices and mix shift. Second, we continue to focus on connecting the ecosystem. Online services revenue grew 20% in Q1, driven primarily by payroll, Mailchimp, payments, capital and time tracking.

首先，我們繼續專注於發展核心。 QuickBooks Online 會計收入第一季成長了 19%，這主要是由客戶成長、有效價格上漲和組合轉變所推動的。其次，我們繼續專注於連結生態系統。第一季線上服務收入成長了 20%，主要受到薪資、Mailchimp、支付、資本和時間追蹤的推動。

Within payroll, revenue growth in the quarter reflects an increase in customers adopting the payroll solutions and a mix shift towards higher-end offerings. In Mailchimp, revenue growth was driven by higher effective prices and paying customer growth. And within payments, revenue growth in the quarter reflects ongoing customer growth as more customers adopt our payments offerings to manage their cash flow as well as an increase in total payment volume per customer.

在薪資方面，本季的收入成長反映出採用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。在 Mailchimp 中，營收成長是由有效價格上漲和付費客戶成長所推動的。在支付領域，本季的營收成長反映了客戶的持續成長，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，以及每位客戶的總支付量的增加。

Third, we continue to make progress expanding globally by executing a refreshed international strategy, which includes leading with both QuickBooks Online and Mailchimp in established markets, and leading with Mailchimp in all other markets as we continue to execute on a localized product and lineup approach. On a constant currency basis, total international Online Ecosystem revenue grew 16%.

第三，我們透過執行更新的國際策略，繼續在全球擴張方面取得進展，其中包括在成熟市場中以QuickBooks Online 和Mailchimp 領先，並在我們繼續執行本地化產品和陣容方法的同時，在所有其他市場以Mailchimp 領先。以固定匯率計算，國際線上生態系統總收入成長了 16%。

The Desktop Ecosystem revenue grew 14% in the first quarter, and QuickBooks Desktop Enterprise revenue grew in the high single digits. We are more than 2/3 of the way through a 3-year transition for customers that remain on our license-based desktop offering to a recurring subscription model. In conjunction with our business model transition, we also raised prices across multiple desktop products this October, consistent with our principle to price for value. Looking ahead, we expect continued strong Desktop Ecosystem to revenue growth this year as we complete the remaining part of the 3-year transition.

第一季桌面生態系統營收成長了 14%，QuickBooks Desktop Enterprise 營收實現了高個位數成長。對於仍然使用我們基於授權的桌面產品的客戶，我們已經完成了超過 2/3 的 3 年過渡，過渡到定期訂閱模式。結合我們的商業模式轉型，我們也在今年 10 月提高了多種桌面產品的價格，這符合我們的定價原則。展望未來，隨著我們完成三年過渡的剩餘部分，我們預計今年桌面生態系統將繼續保持強勁的收入成長。

Our focus is to continue innovating across 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.

我們的重點是繼續在整個線上生態系統中進行創新，並幫助我們的桌面客戶無縫遷移到我們的線上產品。我們仍然預計線上生態系統將成為長期成長的催化劑。

Moving to Credit Karma. Credit Karma delivered revenue of $405 million in Q1, down 5% year-over-year. We saw partners taking a conservative approach to extending credit in both personal loans and credit cards during Q1. This performance was consistent with our expectations and a prudent approach to guidance given the uncertain macroeconomic environment. On a product basis, the decline in Q1 was driven primarily by macroeconomic trends across personal loan, auto insurance, home loans and auto loans, partially offset by growth in credit cards and Credit Karma money.

轉向信用業力。 Credit Karma 第一季營收為 4.05 億美元，年減 5%。我們看到合作夥伴在第一季採取保守的方式來擴大個人貸款和信用卡的信貸。這項表現符合我們的預期，也符合我們在宏觀經濟環境不確定的情況下所採取的審慎指引。從產品角度來看，第一季的下降主要是由個人貸款、汽車保險、房屋貸款和汽車貸款的宏觀經濟趨勢所推動的，但部分被信用卡和 Credit Karma 貨幣的成長所抵消。

Shifting to the consumer and ProTax groups. Consumer Group revenue was $187 million and grew 25% in the quarter and ProTax revenue was $42 million and grew 24%. During the quarter, we saw stronger-than-expected TurboTax return volume from states, both with and without extended tax deadlines and strong performance in share of total returns during extension season.

轉向消費者和 ProTax 群體。 Consumer Group 營收為 1.87 億美元，本季成長 25%，ProTax 營收為 4,200 萬美元，成長 24%。在本季度，我們看到各州的 TurboTax 申報量強於預期，無論納稅期限是否延長，並且在延長季節期間在總回報中的份額表現強勁。

As Sasan shared earlier, we are excited about our innovation across TurboTax. The multiple experiments we ran during the extension season, bolster our confidence in our game plan to win this coming tax season.

正如 Sasan 之前分享的那樣，我們對 TurboTax 的創新感到興奮。我們在延期季節進行的多項實驗增強了我們對贏得即將到來的納稅季節的遊戲計劃的信心。

Now let me briefly touch on our financial principles and capital allocation. Our financial principles guide our decisions that remain our long-term commitment and are unchanged. We finished the quarter with approximately $2.3 billion in cash and investments and $5.9 billion in debt on our balance sheet. In September, we raised $4 billion in secured -- sorry, in senior notes to repay the outstanding balance on an unsecured term loan. These notes carry a weighted average coupon of 5.29%, approximately 1 point lower than the term loan rate at the end of Q4.

現在讓我簡單談談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，這些原則仍然是我們的長期承諾並且不會改變。本季末，我們的資產負債表上約有 23 億美元的現金和投資以及 59 億美元的債務。 9月份，我們籌集了40億美元的有擔保——抱歉，是優先票據，用於償還無擔保定期貸款的未償餘額。這些票據的加權平均票面利率為5.29%，比第四季末的定期貸款利率低約1個百分點。

As a reminder, during Q1, we made tax payments of approximately $710 million that were deferred from fiscal 2023 due to the IRS disaster area tax relief.

提醒一下，在第一季度，我們繳納了約 7.1 億美元的稅款，這些稅款由於美國國稅局 (IRS) 災區稅收減免而從 2023 財年推遲。

We also repurchased $603 million of stock during the first quarter. Depending on market conditions and other factors our aim is to be in the market each quarter. And lastly, the Board approved a quarterly dividend of $0.90 per share, payable on January 18, 2024. This represents a 15% increase versus last year.

我們也在第一季回購了價值 6.03 億美元的股票。根據市場狀況和其他因素，我們的目標是每季進入市場。最後，董事會批准了每股 0.90 美元的季度股息，將於 2024 年 1 月 18 日支付。這比去年增加了 15%。

As I stated earlier, I'm pleased with the early momentum we're seeing in fiscal 2024, highlighting the strength of our platform within the uncertain macroeconomic environment that is consistent with our expectations. We have a proven playbook and a track record of managing for the short and the long term, including controlling 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 an even greater position of strength.

正如我之前所說，我對我們在 2024 財年看到的早期勢頭感到高興，這突顯了我們平台在不確定的宏觀經濟環境中的實力，這與我們的預期一致。我們擁有行之有效的策略和短期和長期管理的記錄，包括控制可自由支配支出以實現強勁的業績，同時投資於對未來成長最重要的領域。我們的目標仍然是讓 Intuit 走出這段宏觀經濟不確定的時期，並處於更強大的地位。

Moving on to guidance. We are reaffirming our fiscal 2024 guidance. This includes total company revenue growth of 11% to 12%; GAAP operating income growth of 15% to 18%, non-GAAP operating income growth of 12% to 14%, GAAP earnings per share growth of 11% to 15% and non-GAAP earnings per share growth of 12% to 14%.

繼續指導。我們重申 2024 財年指引。這包括公司總收入成長11%至12%； GAAP 營業收入成長 15% 至 18%，非 GAAP 營業收入成長 12% 至 14%，GAAP 每股盈餘成長 11% 至 15%，非 GAAP 每股盈餘成長 12% 至 14%。

Our guidance for the second quarter of fiscal 2024 includes revenue growth of 11% to 12%. GAAP earnings per share of $0.62 to $0.68 and non-GAAP earnings per share of $2.25 to $2.31.

我們對 2024 財年第二季的指導包括營收成長 11% 至 12%。 GAAP 每股盈餘為 0.62 至 0.68 美元，非 GAAP 每股盈餘為 2.25 至 2.31 美元。

As a reminder, we are taking a prudent approach with guidance given the continued macroeconomic uncertainty. You can find our full fiscal 2024 and Q2 guidance details in our press release and on our fact sheet.

提醒一下，鑑於宏觀經濟的持續不確定性，我們正在採取審慎的態度和指引。您可以在我們的新聞稿和情況說明書中找到我們完整的 2024 財年和第二季度指導詳細資訊。

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

有了這個，我會把它轉回給 Sasan。

All right. Well, thank you, Sandeep. And to wrap it up, we are confident in our AI-driven expert platform strategy and progress across our 5 Big Bets. And creating a future of "done for you" with a gateway to human expertise. We believe this will change our relationship with customers, becoming their trusted adviser, leading to higher engagement and monetization. The combination of our assets and our strategy creates a growth flywheel for Intuit to accelerate penetrating our $300 billion in town. With all of that said, let's now open it up to your questions.

好的。好吧，謝謝你，桑迪普。總而言之，我們對人工智慧驅動的專家平台策略和 5 大賭注的進展充滿信心。並透過人類專業知識的大門創造「為您完成」的未來。我們相信這將改變我們與客戶的關係，成為他們值得信賴的顧問，從而提高參與度和貨幣化。我們的資產和策略的結合為 Intuit 創造了一個成長飛輪，以加速滲透到我們價值 3000 億美元的城市。說了這麼多，現在讓我們來回答您的問題。

(Operator Instructions) Our first question will come from Raimo Lenschow with Barclays.

（操作員說明）我們的第一個問題將來自巴克萊銀行的 Raimo Lenschow。

Perfect. Sasan, on the AI strategy, like obviously, you have like 1 -- it seems like 1 big platform that is driving it. Like can you -- what's the kind of opportunity to kind of learn from 1 segment and use it in the other segment? And as part of that also, like are you impacted by the chip shortage? Will that kind of impact the rollout for you?

完美的。 Sasan，關於人工智慧策略，顯然，你有 1 個——似乎有 1 個大平台在推動它。就像你能——從一個細分市場中學習並在另一個細分市場中使用它的機會是什麼？作為其中的一部分，您是否受到晶片短缺的影響？這會對您的推出產生影響嗎？

Yes. Thank you for your question. And I actually think it's a really interesting question that you're asking in terms of how are we learning across platforms.

是的。謝謝你的問題。事實上，我認為您提出的關於我們如何跨平台學習的問題非常有趣。

The short answer is we capture best practices and share the insights on a daily basis across our teams. And in fact, I'll just use our staff as an example. We get weekly slacks with documents that share the best practices, the progress that has been made and how that informs the next week across each of the platforms. And we spend 80% of my staff meeting actually doing product reviews of Intuit Assist.

簡而言之，我們捕捉最佳實踐並每天在我們的團隊中分享見解。事實上，我僅以我們的員工為例。我們每週都會收到一份文件，分享最佳實踐、已取得的進展以及如何在每個平台上為下週提供資訊。我們用 80% 的員工會議時間來實際進行 Intuit Assist 的產品審查。

A big large part of it is what the key best practices are -- learnings are. And I would tell you that there's a lot of commonality in themes across our learnings across the platform, which actually is simply putting us in a position to accelerate our pivot and our progress and innovation and the timing of going GA across the platform.

其中很大一部分是關鍵的最佳實踐——學習。我想告訴你，我們在整個平台上的學習主題有很多共通性，這實際上只是讓我們能夠加速我們的轉型、進步和創新以及跨平台通用航空的時機。

To your second question, no, we're not impacted by the chip shortage. It does not at all impact our launch plans.

對於你的第二個問題，不，我們沒有受到晶片短缺的影響。它根本不會影響我們的發布計劃。

Perfect. Congrats.

完美的。恭喜。

Our next question will come from Keith Weiss with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的基思韋斯。

And congratulations on a really solid quarter. Two questions, one for Sasan and one for Sandeep and really digging into what I think were some of the bigger surprises in the quarter. Sasan, in this environment, I think we're surprised to see strength in a marketing platform like Mailchimp and you called that out as part of the strength in online services. Do you think that's more of an Intuit sort of independent factor of repackaging, marketing more aggressively distribution? Or is it the market is better than we expect?

恭喜這個季度的表現非常強勁。有兩個問題，一個問薩桑，一個問桑迪普，真正深入探討了我認為本季的一些更大的驚喜。 Sasan，在這種環境下，我認為我們很驚訝地看到像 Mailchimp 這樣的行銷平台的實力，而您稱其為線上服務實力的一部分。您是否認為這更像是 Intuit 的獨立因素，即重新包裝、更積極地行銷分銷？還是市場比我們預期的還要好？

And then for Sandeep, operating margins were really strong in the quarter. Any onetime items or pull forward or expenses or push out of expenses that we should be mindful of in terms of why that type of operating margin performance isn't going to be reflected in the rest of the year?

對於 Sandeep 來說，本季的營業利潤率非常強勁。我們應該注意的任何一次性項目或提前或費用或推出費用，因為為什麼這種類型的營業利潤率表現不會在今年剩餘時間內反映出來？

Thanks for the question, Keith. I'll take your first one. What you're seeing from us in Mailchimp entirely execution. We're not getting tailwinds from the macro environment. And as I mentioned, when we closed the acquisition a while back that our biggest opportunity was to be clear about our product improvements, our lineup and to be able to create 1 growth platform, develop strength internationally and go to mid-market.

謝謝你的提問，基斯。我會拿走你的第一個。您從我們這裡看到的 Mailchimp 完全是執行力。我們沒有從宏觀環境中獲得順風。正如我所提到的，當我們不久前完成收購時，我們最大的機會是明確我們的產品改進、我們的產品線，並能夠創建一個成長平台，在國際上發展實力並進入中端市場。

And by the way, we've made a lot of progress in all of those areas. We still have a lot of work ahead of us, to be clear. But everything that you're seeing is based on our execution and no macro tailwinds.

順便說一句，我們在所有這些領域都取得了很大進展。需要明確的是，我們還有很多工作要做。但你所看到的一切都是基於我們的執行力，沒有宏觀的順風順水。

And on the margin question, Keith -- on the margin question, Keith, let me start by reiterating our commitment to having our expenses growth lower than revenue and in essence, delivering our margin expansion and operating leverage, which is something that we hold dearly and our guidance of 40 to 60 bps expansion for the year reflects that discipline that we have as a management team.

關於利潤率問題，基思，關於利潤率問題，基思，首先讓我重申我們的承諾，即讓我們的支出增長低於收入，本質上是實現我們的利潤率擴張和運營槓桿，這是我們所珍視的東西我們今年的擴張指引為 40 至 60 個基點，這反映了我們作為管理團隊的紀律。

On the margin for the quarter, I would share that, I won't get too fixated on the quarterly number. We had some expenses that moved out of the quarter into later parts of the year, including some marketing expenses. And as I shared during the prepared remarks, we are committed to our full year guidance on our operating income. So that's what I would guide you and the teams towards.

關於本季的利潤，我想分享的是，我不會太關注季度數字。我們的一些費用從本季度轉移到了今年晚些時候，包括一些行銷費用。正如我在準備好的演講中所分享的那樣，我們致力於營業收入的全年指導。這就是我將指導您和團隊實現的目標。

Excellent. Really nice job guys.

出色的。夥計們，幹得真好。

Our next question comes from Siti Panigrahi with Mizuho. .

我們的下一個問題來自 Mizuho 的 Siti Panigrahi。 。

Sasan, I want to ask about the health of Small Business. Where do you see right now strength and weakness in this environment?

Sasan，我想問小型企業的健康狀況。您認為當前環境中的優勢和劣勢在哪裡？

Thanks for the question, Siti. As you know, we've been in this macro environment for some time now. And the small businesses that we serve are resilient for a couple of reasons. One, they're on our platform. And by digitizing what they do, which is how they grow customers and managing their cash flow, they are far more resilient and -- and as we've shared before, anybody that's on our platform is nearly 20 points higher in their success rate than those that are not on our platform. So we are part of sort of the health that we're experiencing on our platform.

謝謝你的提問，西蒂。如您所知，我們處於這種宏觀環境已經有一段時間了。我們服務的小型企業具有彈性有幾個原因。第一，他們在我們的平台上。透過數位化他們所做的事情，也就是他們如何發展客戶和管理現金流，他們變得更有彈性，而且正如我們之前分享的，我們平台上的任何人的成功率比其他人高出近20 個百分點。那些不在我們平台上的。因此，我們是我們平台上所經歷的健康的一部分。

With that as context, I would just share a couple of data points. One, the number of companies and the number of employees that our Small Business are hiring still remains strong. Two, our total online payments volume grew 21%, which means that our small businesses are continuing to be competitive and serving their consumers.

以此為背景，我只想分享幾個數據點。第一，我們的小型企業正在招募的公司數量和員工數量仍然強勁。第二，我們的線上支付總量成長了 21%，這意味著我們的小型企業繼續保持競爭力並為消費者提供服務。

I'll also remind us, by the way, I think, a year ago or more, that growth was in the 30% plus. And so we have seen an impact, but just our overall platform is very resilient. And then the last thing I would say is that the cash reserves of our small businesses is 90% of where it was this time last year. However, it's 128% of where it was pre-pandemic. So their cash flow is stronger than several years ago, but 10% down from last year.

順便說一句，我想，在一年前或更長時間之前，成長率在 30% 以上。因此，我們已經看到了影響，但我們的整體平台非常有彈性。我要說的最後一件事是，我們小型企業的現金儲備是去年同期的 90%。然而，這一數字僅為疫情前的 128%。所以他們的現金流比幾年前更強，但比去年下降了10%。

And then very specifically, as you know, we serve service-based businesses, which is about 70% of the market. We're not concentrated in any one particular area. But you'll see place things like auto repairs and that are doing well, professional services that are doing well. But just like pure construction, those that do lending not doing well.

然後非常具體地，如您所知，我們為基於服務的企業提供服務，約佔市場的 70%。我們不專注於任何一個特定領域。但你會看到像汽車維修這樣的地方做得很好，專業服務也做得很好。但就像純粹的建築業一樣，那些提供貸款的企業表現不佳。

So there's sort of ups and downs across the small businesses that we see. But in aggregate, the health comes from the numbers that I shared with you.

因此，我們看到小企業有起有落。但總的來說，健康狀況來自我與你們分享的數字。

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

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

Hi, this is Allan Verkhovski on behalf of Alex Zukin. QuickBooks Online accounting growth decelerated another 3 percentage points this quarter. With respect to your growth drivers, is there anything that got meaningfully worse in the quarter? Or something that is worth emphasizing to investors? And that would be helpful for thinking about what growth could look like for the rest of the year.

大家好，我是 Allan Verkhovski，代表 Alex Zukin。 QuickBooks Online 會計成長本季又下降了 3 個百分點。就您的成長動力而言，本季是否有任何明顯惡化的情況？或是有什麼值得投資人強調的？這將有助於思考今年剩餘時間的成長。

Yes. That was really driven by a larger price increase last year versus this year. That was really the only driver. We liked what we saw in terms of our acquisitions, our retention. So that's really the variance.

是的。這其實是由於去年與今年相比價格上漲幅度更大所致。那確實是唯一的司機。我們喜歡我們在收購和保留方面所看到的情況。所以這確實是差異。

Okay. And as just a quick follow-up, would you be able to step through the monthly linearity that you saw in Credit Karma through the quarter and in November?

好的。作為快速跟進，您能否逐步了解整個季度和 11 月在 Credit Karma 中看到的月度線性關係？

Sorry, can you ask your question again?

抱歉，您能再問一下您的問題嗎？

Just on the Credit Karma thinking about the linearity of the business through the quarter in November. I was wondering if you could just kind of talk through on a monthly basis, what you saw in the underlying trends for Credit Karma.

就在 Credit Karma 上思考 11 月整個季度的業務線性情況。我想知道您是否可以每月談談您在 Credit Karma 的基本趨勢中看到的情況。

Yes. Well, I'll answer your question in 2 ways. One, as you heard in our prepared remarks, we saw and we anticipated further tightening by our partners. By the way, it happened exactly the same time last year. And so we expected that as the -- our partners prepare for the end of the fiscal year and next year, there would be some further tightening, and that's really what we saw. And that was included in our expectations and in our guidance as we thought about the year. That's number one.

是的。好吧，我將從兩個方面回答你的問題。第一，正如您在我們準備好的演講中聽到的那樣，我們看到並預計我們的合作夥伴將進一步收緊政策。順便說一句，這件事發生在去年的同一時間。因此，我們預計，隨著我們的合作夥伴為本財年末和明年做準備，將會出現進一步的緊縮政策，這正是我們所看到的。當我們思考這一年時，這已包含在我們的期望和指導中。這是第一名。

Number two, there -- not everything is linear because it depends on the number of days like a month like November based on in the U.S. based on Thanksgiving week, the number of days that people take off that actually impacts certain behaviors. And so there is no linearity. But the quarter just in total was in line with what we expected.

第二，並不是所有事情都是線性的，因為它取決於像 11 月這樣的月份的天數，在美國基於感恩節週，人們休假的天數實際上會影響某些行為。所以不存在線性。但該季度的整體情況符合我們的預期。

Our next question will come from Alex Markgraff with KeyBanc Capital Markets.

我們的下一個問題將來自 KeyBanc Capital Markets 的 Alex Markgraff。

Yes, maybe just be curious to understand, Sasan, as you've done some of the testing around Intuit Assist across product categories. Has there been any sort of price testing involved in that as well? And how well received has that been if so?

是的，也許只是想了解一下，Sasan，因為您已經圍繞 Intuit Assist 跨產品類別進行了一些測試。是否也涉及任何形式的價格測試？如果是的話，反應如何？

Yes, sure. Let me answer your question in 2 ways because I think they're -- it's a great question, and it's connected. First of all, the biggest insight and learning that we have had is it's really important to have embedded benefits where the customer is doing the work versus sort of something on the side where the assistant is there to help the customer.

是的，當然。讓我用兩種方式回答你的問題，因為我認為這是一個很好的問題，而且是相互關聯的。首先，我們獲得的最大的見解和學習是，在客戶正在做的工作中獲得嵌入的好處，而不是在助理幫助客戶的地方獲得一些好處，這一點非常重要。

So what I mean by that is while a customer is looking to build a marketing campaign right within the flow, we, in essence, help them with the audience they should segment, the audience they should target and then we will build their marketing campaign for them, but with them in complete control.

所以我的意思是，當客戶希望在流程中建立行銷活動時，我們本質上是幫助他們確定他們應該細分的受眾，他們應該定位的受眾，然後我們將為他們建立行銷活動他們，但他們完全控制。

So that's a really -- it may sound really obvious, but it's a really important learning, which, by the way, translates to also what we learned in tax, which is within the flow of helping a customer understand their money outcome, helping them understand and doing accuracy checks for them. And if they miss something, calling it out so they can address it right then and there. Those are examples that, by the way, is consistent across all of our platform workflows where embedded matters a lot.

所以這聽起來確實很明顯，但這是一個非常重要的學習，順便說一句，這也轉化為我們在稅務方面學到的知識，這是幫助客戶了解他們的金錢結果、幫助他們的流程了解並為它們進行準確性檢查。如果他們錯過了什麼，請指出，以便他們可以立即解決。順便說一句，這些範例在我們所有平台工作流程中都是一致的，其中嵌入式非常重要。

The second is depth, depending on the customer and what they're trying to do, there's a level of depth that they want to go to. So an example is within QuickBooks, one of the things that we've been testing and it's been testing really well is a business summary. And the business summary, in essence, provides what we believe are the most important things that, that customer should know and the customer that engages with those business insights and ultimately, will create reports or ask more questions.

第二個是深度，根據客戶和他們想要做什麼，他們想要達到一定的深度。 QuickBooks 就是一個例子，我們一直在測試並且測試得非常好的內容之一就是業務摘要。業務摘要本質上提供了我們認為客戶應該了解的最重要的事情，以及參與這些業務見解的客戶最終將創建報告或提出更多問題。

What we've learned is we're not building propensity models in terms of the timing of when to connect them to an expert. That's a monetizable event for us because if not, you can go on and on having a Q&A and ultimately not get to the benefit as quickly as possible.

我們了解到，我們並沒有根據何時將他們與專家聯繫起來來建構傾向模型。這對我們來說是一項可獲利的活動，因為如果沒有，您可以繼續進行問答，最終無法盡快獲得收益。

So those are major insights and learnings and those insights and learnings have led to how we're thinking about monetization. In the case of Mailchimp, having GenAI SKUs based on the things that we can do for customers automagically on their behalf. In the case of QuickBooks and by the way, TurboTax it's a monetizable event because it's a gateway to human expertise and expert help.

因此，這些都是主要的見解和學習，這些見解和學習引導了我們如何思考貨幣化。就 Mailchimp 而言，GenAI SKU 是基於我們可以代表客戶自動執行的操作。就 QuickBooks 而言，順便說一下，TurboTax 是一項可獲利的活動，因為它是獲得人類專業知識和專家幫助的入口。

And then we will be testing GenAI-specific SKUs also in QuickBooks. So those are illustrative examples based on the benefits that we're learning about what's important to customers, that then informs how we think about price testing. And so far, we're pleased with what we're learning and how fast we're pivoting as a company.

然後我們也會在 QuickBooks 中測試 GenAI 特定的 SKU。因此，這些都是基於我們正在了解對客戶重要的內容的好處的說明性範例，然後這些範例告訴我們如何考慮價格測試。到目前為止，我們對我們所學到的知識以及我們作為一家公司的轉型速度感到滿意。

Our next question will come from Steve Enders with Citi.

我們的下一個問題將來自花旗銀行的史蒂夫·恩德斯。

Okay. Great. I guess I want to ask on the tax business. What you saw this come on some of these newer product initiatives and maybe what kind of drove the strength there year-over-year and the share gains with some of those newer initiatives?

好的。偉大的。我想我想問稅務方面的問題。您在這些新產品計劃中看到了什麼，也許是什麼推動了這些新計劃逐年增長的實力以及其中一些新計劃的份額增長？

Yes, sure. Let me answer your question on 2 dimensions. One, there was a macro element, which there were just more filers in the extension season than we anticipated, both by the way, states that extended and states that did not extend. And these are more complex filers and it's actually our sweet spot. It's why we were able to take share in this extension season. And so that's one element of what drove our better-than-expected results.

是的，當然。讓我回答你的二維問題。第一，存在一個宏觀因素，即延期季節的申報者數量比我們預期的要多，順便說一句，無論是延期的州還是未延期的州。這些是更複雜的檔案管理器，這實際上是我們的最佳選擇。這就是為什麼我們能夠在這個延長賽季中分享。這就是推動我們取得好於預期結果的因素之一。

The 3 areas that we're excited about, these have been durable priorities where we did a lot of tests and experiments and got a lot of green shoots and learnings that will lead into this coming tax season, it's Credit Karma platform, it's TurboTax Live and its Intuit Assist. And I'll briefly touch on each of them.

我們感到興奮的 3 個領域是持久的優先事項，我們進行了大量的測試和實驗，並獲得了許多新芽和經驗教訓，這將導致即將到來的稅收季節，它是 Credit Karma 平台，它是 TurboTax Live及其Intuit 協助。我將簡要介紹其中每一個。

Within the Credit Karma platform, we have more seamlessly built out the tax experience, whether you want to do it yourself or you want somebody to do it for you. And we've been -- we've developed very compelling SKUs within the Credit Karma platform, which having the opportunity to serve 42 million monthly active users that engage 5 times a month was not only a great product, but a great set of SKUs. We saw green shoots and we're excited about that as we look at.

在 Credit Karma 平台內，我們可以更無縫地建立稅務體驗，無論您想自己做還是希望有人為您做。我們已經在 Credit Karma 平台內開發了非常引人注目的 SKU，該平台有機會為每月參與 5 次的 4,200 萬活躍用戶提供服務，這不僅是一個出色的產品，而且是一組出色的 SKU 。我們看到了綠芽，當我們看到這一點時，我們感到很興奮。

The second is TurboTax Live. We expanded the scale of our data, AI and expert network. What that means is, and I'll just point out in 2 areas. One is the fact that for many customers that want to hand off all their taxes done, we can get their taxes done within an hour. And that's a very big deal to be able to engage an expert, have your data available and get your taxes done in 1 sitting and then also being able to serve business tax customers, which we'll be launching at scale. Those were areas of green shoots.

第二個是 TurboTax Live。我們擴大了數據、人工智慧和專家網路的規模。這意味著什麼，我只想指出兩個面向。其一是，對於許多想要交出所有稅金的客戶來說，我們可以在一小時內完成他們的稅金。能夠聘請專家、提供數據並一次完成納稅，然後還能夠為營業稅客戶提供服務（我們將大規模推出），這是一件非常重要的事情。這些都是萌芽的區域。

And the last is Intuit Assist. Two big areas. One is accuracy checks and making sure that in place, we help the customer, in essence, correct something that we believe is a mistake. That's a big conversion driver, by the way. And then the second is just explaining refunds, explaining their money outcome, which is all done and driven by Intuit Assist leveraging our knowledge engineering capabilities and our GenAI capabilities.

最後是 Intuit Assist。兩大區域。一是準確性檢查，並確保我們幫助客戶從本質上糾正我們認為錯誤的事情。順便說一句，這是一個很大的轉換驅動因素。第二個只是解釋退款，解釋他們的資金結果，這一切都是由 Intuit Assist 利用我們的知識工程能力和 GenAI 能力完成和驅動的。

So those are the 3 things along with the macro where we saw green shoots that give us a lot of confidence as we head into season.

因此，這三件事加上宏觀方面我們看到了新芽，在進入季節時給了我們很大的信心。

Our next question will come from Brent Thill with Jefferies. .

我們的下一個問題將由 Jefferies 的布倫特希爾提出。 。

This is John Byun for Brent. First question on Mailchimp. Wondering if you could share some color on how it's doing in U.S. versus international. And I don't know if you could talk about also about the cross-selling synergies with the rest of the Small Business platform.

我是布倫特的約翰·拜恩。關於 Mailchimp 的第一個問題。想知道您是否可以分享一些有關它在美國和國際上的表現的資訊。我不知道您是否也可以談談與小型企業平台其他部分的交叉銷售綜效。

And second, any update on how the native bill pay is ramping?

其次，關於本地帳單支付如何增加的任何更新嗎？

What was your last question, bill pay?

你的最後一個問題是什麼，帳單支付？

Yes. On bill pay.

是的。帳單支付。

Yes. Got it. Thanks for the question. So I'll start with Mailchimp. As we talked about, one of our top priorities includes international. We've spent quite a bit of time and investment in translating to local languages building out a team that can focus on EMEA. And third, making sure that we've got the right pricing lineup and go-to-market plan. And we're executing against that. We like what we see. and it's contributing to the numbers that we reported.

是的。知道了。謝謝你的提問。所以我將從 Mailchimp 開始。正如我們所說，我們的首要任務之一包括國際化。我們花了大量的時間和投資來翻譯成當地語言，並建立了一支專注於歐洲、中東和非洲地區的團隊。第三，確保我們擁有正確的定價陣容和上市計劃。我們正在反對這一點。我們喜歡我們所看到的。它對我們報告的數字有所貢獻。

And I would say, for us, it's the balance of focus between U.S. and international. We see an enormous opportunity in U.S. and in international. So we have the right balance focus as we think about the geographies.

我想說，對我們來說，這是美國和國際之間焦點的平衡。我們在美國和國際上看到了巨大的機會。因此，當我們考慮地理位置時，我們有正確的平衡重點。

The second, in terms of cross-sell as we shared at Investor Day, we are a big part of the thesis behind the acquisition was to create 1 growth platform. And what we shared at Investor Day was that we are building an AI native CRM within the QuickBooks platform. We're continuing to make progress in testing and learning and pivoting to get the product market fit. When we get the product market fit. That's really where the cross-sell takes place.

第二，就交叉銷售而言，正如我們在投資者日分享的那樣，我們收購背後的論文的一個重要部分是創建一個成長平台。我們在投資者日分享的是，我們正在 QuickBooks 平台內建立人工智慧原生 CRM。我們將繼續在測試和學習方面取得進展，並努力使產品適應市場。當我們的產品適合市場時。這確實是交叉銷售發生的地方。

We've not assumed or anticipated any contribution from that in our guidance this year. But it's a very important long-term strategic priority. It's the reason why we acquired the platform is to ultimately have 1 growth platform where you can grow your customers and manage our cash flow all in one place. So that's on the Mailchimp front.

我們在今年的指導中沒有假設或預期這會帶來任何貢獻。但這是一個非常重要的長期策略重點。這就是我們收購該平台的原因是最終擁有 1 個成長平台，您可以在一個地方發展客戶並管理我們的現金流。這就是 Mailchimp 的前沿。

On bill pay, we're pleased with the fact that we're GA and we -- and as I think noted earlier, what we're seeing with our mid-market customers is -- mid-market versus non mid-market customers, there's a 2x increase in those that are taking the subscription, the paid subscription. So that just means that we're adding value.

在帳單支付方面，我們對我們是通用航空這一事實感到高興，正如我之前提到的，我們在中端市場客戶中看到的是中端市場與非中端市場客戶，訂閱付費訂閱的人數增加了2 倍。所以這僅僅意味著我們正在增加價值。

We also have work ahead of us in bill pay, things around batch payments, faster funding, all the things that we know we have to have. It's on our roadmap, and it will be launched in the future. So along with the fact that we're GA, we're clear on what the gaps are and what -- and it's on our roadmap, we're working feverishly to really be able to digitize B2B for our customers because we believe it's a big opportunity for our customers to improve their cash flow and a big growth opportunity for us in the long term. So that's the progress on both fronts.

我們在帳單支付、批量支付、更快的融資以及所有我們知道必須擁有的事情方面還有很多工作要做。它在我們的路線圖上，並將在未來推出。因此，除了我們已經成為GA 的事實之外，我們還清楚存在哪些差距以及哪些內容——這在我們的路線圖上，我們正​​在積極努力，真正能夠為我們的客戶實現B2B 數位化，因為我們相信這是一個對我們的客戶來說，這是一個改善現金流的巨大機會，從長遠來看，這對我們來說也是一個巨大的成長機會。這就是兩方面的進展。

Our next question comes from Brad Reback with Stifel.

我們的下一個問題來自 Brad Reback 和 Stifel。

Sasan, as you think about the mid-market opportunity for the QuickBooks and the Online Ecosystem, given the value prop, is it easier to take share during difficult economic times because of that value prop? Or are customers just hesitant to move and wait for the economy to get better before they'll make a back-office switch?

Sasan，當您考慮 QuickBooks 和線上生態系統的中端市場機會時，考慮到價值支撐，由於這種價值支撐，在經濟困難時期是否更容易獲得份額？或者客戶只是猶豫是否要搬家，等待經濟好轉才轉向後台？

Yes, great question. I'll share 2 different perspectives in terms of what we're seeing.

是的，很好的問題。我將根據我們所看到的情況分享兩種不同的觀點。

The first one is, it really doesn't matter what the economic environment is. If it's great, they don't behave differently if it's challenging like it is now, they don't behave differently. We certainly don't see them -- any of our customers wanting not to switch because the economy is not good, which leads to the second point I wanted to make.

第一個是，經濟環境如何並不重要。如果事情很棒，他們的行為不會有什麼不同；如果事情像現在這樣具有挑戰性，他們的行為就不會有所不同。我們當然看不到他們——我們的任何客戶都不想因為經濟不好而改變，這導致了我想說的第二點。

So the headline on the first question is, it's not a tailwind or a headwind, whether it's good times or bad times. However, what I would say is we see some green shoots that's early when we do bundling for our customers. When we go to our customers and share with them that they can digitize all of their payments, all of their payroll and the benefits that it will have for our customers from a cash flow perspective, we see that having traction with our customers.

所以第一個問題的標題是，無論是好時光或壞時光，這都不是順風或逆風。然而，我想說的是，當我們為客戶進行捆綁銷售時，我們看到了一些早期的萌芽。當我們去找客戶並與他們分享他們可以將所有付款、所有工資單以及從現金流角度為我們的客戶帶來的好處數位化時，我們發現這對我們的客戶具有吸引力。

And as we've continued to build out our sales team, we're doing, I think, a far better job of account management. And this is an area where if you look back 5 years ago, we didn't have the kind of value-added account management teams that we're building now where we're engaging our customers, are hearing from us, right? We've been entirely a self-solve platform. And now that we're engaging our customers, a lot of them are starting to realize, "Oh, wow, you have payments, Oh, I didn't realize you have payroll. I didn't you have time tracking. I didn't realize your own Mailchimp."

隨著我們繼續建立我們的銷售團隊，我認為我們在客戶管理方面做得更好了。如果你回顧 5 年前，在這個領域，我們沒有我們現在正在建立的那種增值客戶管理團隊，我們可以與客戶互動，也沒有收到我們的回复，對嗎？我們完全是一個自助解決平台。現在我們正在吸引客戶，他們中的許多人開始意識到，「哦，哇，你有付款，哦，我沒有意識到你有工資單。我沒有，你有時間跟踪。我沒有意識到你自己的Mailchimp。”

And that is an opportunity for us to drive an increased penetration in wallet share. So I share that just to say that's where we're getting traction. That's where we're seeing progress, and that's where we see an opportunity as we look ahead.

這對我們來說是一個提高錢包份額滲透率的機會。所以我分享這一點只是為了說這就是我們獲得吸引力的地方。這就是我們看到進步的地方，也是我們展望未來看到機會的地方。

And Brad, what I would add is beyond just the QuickBooks side. We also are seeing strong progress on the Mailchimp side in terms of mid-market where historically before we acquired the company was not a focus. And now with some of the stuff was Sasan mentioned, including account management, better onboarding, we're seeing better customer acquisition on the mid-market as well as better retention year-over-year in the mid-market, so that opportunity extends beyond just the QuickBooks for us across the entire platform, including Mailchimp.

Brad，我要補充的不只是 QuickBooks 方面。我們也看到 Mailchimp 方面在中端市場方面取得了強勁進展，而在我們收購該公司之前，中端市場一直不是重點。現在，薩桑提到了一些東西，包括客戶管理、更好的入職培訓，我們看到中端市場的客戶獲取更好，中端市場的客戶保留率逐年提高，因此機會延伸不僅僅是我們整個平台上的QuickBooks，包括Mailchimp。

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

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

Congrats on the quarter. Sasan, I was wondering if you could just talk about the -- I realize you have a vast and sort of wide open TAM in your markets on the Small Business side. But I was kind of curious if you're seeing any evidence that Small Businesses are looking to consolidate multiple technologies onto 1 platform. You all obviously offer a lot both on the front office is an as well in the back office.

恭喜本季。 Sasan，我想知道您是否可以談談——我意識到您在小型企業方面的市場中有一個巨大且開放的 TAM。但我有點好奇您是否看到任何證據表明小型企業正在尋求將多種技術整合到一個平台上。顯然，你們在前台和後台都提供了很多東西。

Are you starting to see any of that sort of activity happening now that you're sort of integrating Mailchimp with QuickBooks? I realize it's early days, and you need that to happen to be successful. But I was just wondering if you're seeing any evidence of that yet?

現在您正在將 Mailchimp 與 QuickBooks 集成，您是否開始看到此類活動正在發生？我意識到現在還處於早期階段，你需要這樣才能成功。但我只是想知道你是否看到任何證據？

Yes, Kirk, the short answer is, it's early, but we're seeing green shoots, and it's primarily because of what I shared just a moment ago, as we're building out our account management team across Mailchimp and QuickBooks platform, as we're talking to our customers, and in fact, I personally spoke to 3 of them in the last month that are very large mid-market customers, 2 of them in L.A. and one of them in Miami.

是的，柯克，簡短的回答是，現在還為時過早，但我們正在看到萌芽，這主要是因為我剛才分享的內容，因為我們正在跨 Mailchimp 和 QuickBooks 平台建立我們的客戶管理團隊，我們正在與我們的客戶交談，事實上，上個月我親自與其中3 個非常大的中端市場客戶進行了交談，其中2 個在洛杉磯，1 個在邁阿密。

And it actually starts with -- they didn't know even know we have, payments, payroll. They didn't even know we're the same company that owns Mailchimp as an example. Some of them will use Mailchimp but they'll use QuickBooks. Some of them use our payroll, but don't use our payments and so the thing that we're inspired by and where we believe there's a big opportunity is the fact that we actually have a huge differentiation, which is around data, AI and network of experts and an ecosystem of applications.

事實上，他們甚至不知道我們有付款、薪水。他們甚至不知道我們和 Mailchimp 是同一家公司。他們中的一些人會使用 Mailchimp，但他們會使用 QuickBooks。他們中的一些人使用我們的工資，但不使用我們的付款方式，因此我們受到啟發並相信存在巨大機會的事實是，我們實際上擁有巨大的差異化，這是圍繞數據、人工智能和專家網絡和應用程式生態系統。

And the applications are all the things that a Small Business would want. And our account management team is really discovering for us the fact that our customers just don't know. And so therefore, we engage them, build relationships and talk about the benefits of all of our applications and then what could be done based on all of the capabilities that we have around AI and how that could fuel their success.

這些應用程式正是小型企業想要的一切。我們的客戶管理團隊確實為我們發現了客戶所不知道的事實。因此，我們與他們互動，建立關係，討論我們所有應用程式的好處，然後根據我們擁有的人工智慧能力可以做什麼，以及如何推動他們的成功。

That's what's really opening up doors for us is just the unknown. And that's what we're excited about as we continue to accelerate building out our accounts management team. So I think the long answer to your short question is, yes, customers would prefer to be on 1 platform. And what we're learning is a lot of customers are not -- because they just actually don't even know what we do holistically, and that's the mission that we are on.

真正為我們打開大門的是未知的事物。當我們繼續加速建立我們的客戶管理團隊時，這就是我們感到興奮的事情。因此，我認為對您的簡短問題的長答案是，是的，客戶更願意使用 1 個平台。我們了解到，很多客戶並不了解——因為他們實際上甚至不知道我們整體上在做什麼，而這正是我們的使命。

Our next question will come from Mark Murphy with JPMorgan.

我們的下一個問題將來自摩根大通的馬克墨菲。

This is Arti Vula on for Mark Murphy. Congrats on the quarter. I just wanted to touch on QuickBooks Advance. You mentioned at your Investor Day. that the success of that product is more about just the go-to-market versus kind of a new product or feature development. So can you kind of discuss progress from your perspective on that front?

我是阿蒂烏拉 (Arti Vula) 為馬克墨菲 (Mark Murphy) 發言。恭喜本季。我只是想談談 QuickBooks Advance。您在投資者日有提到。該產品的成功更多地取決於上市而不是新產品或功能開發。那您能從您的角度討論一下這方面的進展嗎？

And then in terms of the mid-market -- is that -- can you talk about how that's faring in terms of overall health? And maybe compare that to the lower end of the market?

然後就中端市場而言，您能談談整體健康狀況如何嗎？也許可以將其與低端市場進行比較？

Yes, sure. Thank you for your question. First of all, just to play back what I shared at the Investor Day, I said if I had to pick one that was the most important lever going forward, it's go-to-market. We are continuing feverishly to build out the product capabilities that we need on the platform because we don't plan to stop at 100 employees. Our plan is to serve mid-market customers over time that are far larger than 100.

是的，當然。謝謝你的問題。首先，回顧一下我在投資人日分享的內容，我說過，如果我必須選擇一個未來最重要的槓桿，那就是上市。我們正在繼續狂熱地在平台上建立我們所需的產品功能，因為我們不打算止步於 100 名員工。我們的計劃是長期為遠遠超過 100 家的中端市場客戶提供服務。

However, in the near term, sort of near and midterm, the biggest needle mover is go-to-market. And I would tell you that it continues to be bringing on the right skill sets of talent in sales and marketing. And so even in the last, I think, couple of quarters, it's been -- we've hired a very strong marketing leader. We're -- we've hired a very strong sales leader. We're hiring a couple of more sales leaders. We're bringing on account managers that have a lot of skill in selling and nurturing customers.

然而，在近期，即近期和中期，最大的推動因素是上市。我想告訴你，它繼續在銷售和行銷方面培養具備正確技能的人才。因此，我認為，即使在過去的幾個季度中，我們也聘請了一位非常強大的行銷領導者。我們聘請了一位非常強大的銷售主管。我們正在招募更多的銷售主管。我們正在聘請在銷售和培養客戶方面擁有豐富技能的客戶經理。

Because when we think about mid-market, it's really about -- a lot of the examples I was using earlier, which is really helping customers understand they can run their business in 1 place on 1 platform and the benefits of doing so and what it will mean to their cash flow and particularly helping them understand our road map as a company and what we are doing with Intuit Assist, which is really creating a feature of "done for you" with always having a gateway to human expertise. And that's enticing for mid-market customers.

因為當我們考慮中端市場時，它實際上是關於我之前使用的很多例子，這確實幫助客戶了解他們可以在一個平台上的一個地方運行他們的業務，以及這樣做的好處和它是什麼這對他們的現金流意味著特別是幫助他們了解我們作為一家公司的路線圖以及我們正在通過Intuit Assist 所做的事情，這真正創造了“為您完成”的功能，並且始終擁有獲取人類專業知識的門戶。這對於中端市場客戶來說很有吸引力。

So net-net, that's the way I would describe our focus area. But we'd want your walk away to be we're continuing to invest in the product and in the platform because that's a big opportunity in the long term as well.

所以，網絡，這就是我描述我們重點領域的方式。但我們希望您離開時我們會繼續投資該產品和平台，因為從長遠來看這也是一個巨大的機會。

In terms of health, I think it really -- it comes down to the sector, if you just use U.S. as an example, comes down to the state, the sector that you're in. Generally speaking, based on our history looking backwards, larger, more tenured customers can withstand more of economic turmoil versus someone that literally just started out their business and they only have $100,000 in their savings and a $100,000 dispense, then they're done, right, they go bankrupt.

就健康而言，我認為這確實取決於該行業，如果您僅以美國為例，則取決於該州，您所在的行業。一般來說，根據我們回顧歷史與剛開始創業的人相比，規模更大、任期更長的客戶能夠承受更多的經濟動盪，他們只有10 萬美元的儲蓄和10 萬美元的分配，然後他們就完了，對吧，他們破產了。

So it really depends on the size of the business, how long that they've been in business and then the segment that their business is in, all those variables play in. I wouldn't say younger ones are more or less healthy and the older ones are healthier. I would just say it depends on the components that I just described a moment ago.

因此，這實際上取決於企業的規模、他們經營的時間以及他們的業務所在的細分市場，所有這些變數都會發揮作用。我不會說年輕的人或多或少是健康的，而且年長的人更健康。我只想說這取決於我剛才描述的組件。

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。

Sasan, maybe we've talked a lot about the Full Service business. And as you look at that business and all the learnings you've talked about, how will you define success for that business at the end of the tax season? Is it the number of returns of process? Is it -- I guess, what are the metrics that you will use to figure if you had success or not? .

Sasan，也許我們已經談論了很多關於全方位服務業務的事情。當您審視該業務以及您所討論的所有經驗教訓時，您將如何定義該業務在納稅季結束時的成功？是進程的回傳次數嗎？我想，你會用什麼指標來衡量你是否成功？ 。

Yes. Thanks for your question. First of all, I'll start with something that's really, really important, and that is the investments that we've made over the years where TurboTax is now 1 platform, and that platform is built on an incredible rich sort of data layer AI layer and expert network. And now an ecosystem of apps, which is consumer app and business taxes.

是的。謝謝你的提問。首先，我將從一些非常非常重要的事情開始，這就是我們多年來所做的投資，TurboTax 現在是一個平台，並且該平台建立在令人難以置信的豐富的資料層人工智慧上上層和專家網路。現在是一個應用程式生態系統，即消費者應用程式和營業稅。

And the reason I start there is because now we have the ability in 1 place for you to do your taxes yourself, get help with an expert that's matched specifically to your needs and we can do your taxes for you. And in fact, you can request the same person to do your taxes for you year in and year out and provide advice along the way.

我之所以從這裡開始，是因為現在我們有能力在 1 個地方讓您自己報稅，獲得專門滿足您需求的專家的幫助，然後我們可以為您報稅。事實上，您可以要求同一個人年復一年地為您報稅，並在此過程中提供建議。

The reason I started with that foundational element that we are 1 platform as we go to market and start talking to customers about the notion of that choice with us, and we can do everything for you. it actually creates a halo effect. And so what we will look at are metrics around number of customers, conversion, retention, ARPC across the entire franchise. And we also look at it by area.

我從這個基本要素開始的原​​因是，當我們進入市場並開始與客戶討論我們的選擇概念時，我們是一個平台，我們可以為您做一切。它實際上產生了光環效應。因此，我們將關注整個特許經營範圍內的客戶數量、轉換率、保留率、ARPC 等指標。我們也按地區來看。

So very specifically, Full Service plays a very important halo effect because it's an element of confidence. It's actually knowing that if I want to hand everything off to someone that Intuit can now do it for me, whether it's virtually or now locally, if I want to connect to an expert, but ultimately, the metric that will matter the most for Full Service is going to be ARPC because it's not just the numbers game. It's the value of these customers. We, of course, will measure a number of customers and ARPC, but ARPC will have the largest impact to our outcomes this year and in the future because now we do your taxes for you as a consumer and as a business.

因此，非常具體地說，全方位服務發揮著非常重要的光環效應，因為它是信心的要素。事實上，如果我想將所有事情交給某人，Intuit 現在可以為我做這件事，無論是虛擬的還是本地的，如果我想聯繫專家，但最終，對於 Full 來說最重要的指標服務將採用ARPC，因為這不僅僅是數字遊戲。這就是這些客戶的價值。當然，我們會衡量一些客戶和 ARPC，但 ARPC 將對我們今年和未來的結果產生最大的影響，因為現在我們作為消費者和企業為您納稅。

Perfect. And Sandeep just one quick question. You talked about not wanting to focus on 1 quarter for margins. But I'm wondering, as you look at the year, any differentiation or movement in marketing especially as the tax season unfolds?

完美的。桑迪普只是問一個簡單的問題。您談到不想專注於第一季的利潤。但我想知道，當你回顧這一年時，行銷方面有什麼差異或變動，特別是隨著報稅季節的展開？

Kartik, we are continuing to invest across our product, across the Big Bet, across GenAI, across marketing and particularly as we go to Full Service, we want to make sure that we are expanding our brand's equity beyond the DIY category to the Full Service. But I would not expect any meaningful shift in the seasonality of our marketing spend, which I think is the question that you're asking. So -- And I feel pretty good about the campaigns and the investments we've been making across the go-to-market motions across tax as well as the other segments.

Kartik，我們將繼續在我們的產品、Big Bet、GenAI、行銷領域進行投資，特別是當我們轉向全方位服務時，我們希望確保將我們的品牌資產從 DIY 類別擴展到全方位服務。但我不認為我們的行銷支出的季節性會發生任何有意義的變化，我認為這就是您所問的問題。因此，我對我們在稅務和其他領域的市場進入動議中所做的活動和投資感到非常滿意。

Yes. That was the question I was asking. I just did a poor job of it.

是的。這就是我問的問題。我只是做得很差。

Our next question will come from Brad Sills with Bank of America.

我們的下一個問題將來自美國銀行的布拉德·希爾斯。

Another question here on TurboTax as you're kind of heading into the next tax season here. Now that the focus is more on Full Service and TurboTax Live, is there something different about the end user, the end consumer filer that you're targeting now, say, going after that CPA segment that's different from traditionally, where you've gone after that tax store, you've had tremendous success there against tax stores. Now that CPA segment. Is there some difference there?

這是關於 TurboTax 的另一個問題，因為您即將進入下一個納稅季節。現在，重點更放在全方位服務和TurboTax Live 上，最終用戶（您現在定位的最終消費者報稅者）是否有什麼不同，例如，追求與傳統不同的CPA 細分市場，即您所在的地點在那個稅務商店之後，你在對抗稅務商店方面取得了巨大的成功。現在是 CPA 部分。有什麼不同嗎？

And is there some learning from last year in go-to-market that you can apply this year to gain more traction there in that end of the market.

從去年的市場進入中是否可以學到一些經驗，今年您可以應用這些經驗來在該市場獲得更多的吸引力。

Yes, Brad, thank you for your question. And it's actually spot on the way you asked it, and that is we view our opportunity as nearly 100 million customers that are either consumers, which is about 88 million of the 100 million and the rest are our business customers, small businesses.

是的，布拉德，謝謝你的問題。事實上，正如你所問的那樣，我們認為我們的機會是近 1 億客戶，他們要么是消費者，這 1 億客戶中約有 8800 萬，其餘的是我們的企業客戶、小型企業。

We view our opportunity going after them, which is a combination of small pros, mom-and-pop shops, stores is actually a smaller part of the whole pie. And in the last, I would say, 18 months, we've experimented a lot with how do we go after these customers, how do we raise awareness, how do we get them to consider and ultimately, how do we ensure that when they come to our front door, front door is a service front door not a software front door because of the behaviors that they have.

我們認為我們的機會是追隨他們，這是小型專業商店、夫妻店的組合，商店實際上只是整個蛋糕的一小部分。我想說，在過去的 18 個月裡，我們進行了很多實驗，涉及如何吸引這些客戶、如何提高意識、如何讓他們考慮以及最終，我們如何確保當他們來到我們的前門，前門是一個服務前門，而不是軟體前門，因為它們具有的行為。

And a lot of those both go-to-market and platform insights and learnings is what has informed a number of things that I touched on earlier that we experimented with and ran test in the tax extension season and what we feel good about going into this coming season.

其中許多對市場和平台的見解和學習都為我之前提到的許多事情提供了信息，我們在稅收延期季節進行了實驗和測試，以及我們對此感到滿意的事情即將到來的季節。

So it was a long answer to your question, but yes, a lot of those insights have informed our game plan because we're not just the software platform, we're a software and service platform, given who we're focused on serving. And by the way, while I have the floor, the same thing applies to small businesses as we think about what we're doing to embed QuickBooks Live in our offering.

所以這是對你問題的一個很長的回答，但是，是的，很多這些見解都為我們的遊戲計劃提供了信息，因為我們不僅僅是軟體平台，我們還是一個軟體和服務平台，考慮到我們專注於服務的對象。順便說一句，雖然我有發言權，但同樣的情況也適用於小型企業，因為我們正在考慮如何將 QuickBooks Live 嵌入到我們的產品中。

Our last question will come from Scott Schneeberger with Oppenheimer.

我們的最後一個問題將由史考特·施內伯格和奧本海默提出。

I have a follow-up for Sandeep and then one for you, Sasan. Sandeep, on the margins in the quarter, you cited marketing, which I assume was predominantly that. Was there anything else in the quarter that was beneficial? Or was that the lion's share? And then you mentioned spread over the balance of the year and (inaudible) I felt you kind of were speaking to TurboTax but it looks like you're expecting a bit of a down quarter on margin in the second quarter.

我有一篇關於桑迪普的後續文章，還有一篇關於你的，薩桑。 Sandeep，在本季的邊緣，您提到了行銷，我認為這主要是行銷。本季還有其他有益的事情嗎？還是那是最大的份額？然後您提到了今年剩餘時間的利差（聽不清楚），我覺得您有點在與 TurboTax 交談，但看起來您預計第二季的利潤率會有所下降。

So will -- and it seemed like it was mostly in Small Business. the real benefit in the first quarter. So will that end as of second quarter? Is that truly something that is going to tail off in the second half as well? And then I'll come back to the follow-up.

也會的——而且似乎主要是在小型企業。第一季的實際效益。那麼這種情況會在第二季結束嗎？這真的會在下半年消失嗎？然後我會回到後續。

Sure. Thanks for the question, Scott. The way I would think about the Q1, we had multiple expenses that moved out of the quarter into later parts of the year, and marketing was one of those expense lines, and I would not say that marketing was the lion's share of it. There were several things that we expected will hit us in October that got pushed out, but I would definitely not take away as marketing being the lion's share of items that got pushed out.

當然。謝謝你的提問，斯科特。我對第一季的看法是，我們有多項費用從本季轉移到今年晚些時候，行銷是其中一項費用，我不會說行銷是其中的最大份額。有幾件我們預計會在 10 月發生的事情被推遲了，但我絕對不會放棄，因為行銷是被推遲的項目中最大的一部分。

And you're right, some of those will get caught up, and we'll have those expenses in Q2 and so once you look at Q1 and Q2 spent together, those things will start normalizing out.

你是對的，其中一些會被趕上，我們將在第二季度支付這些費用，所以一旦你看看第一季和第二季的支出，這些事情就會開始正常化。

Again, I'll bring you and the team back to the fact that you should all be focusing on our margins on a full year basis. In any given year, we could have different expense trend lines. So again, we remain confident in our guidance for the full year across the margins for the company.

再次，我會讓你們和團隊回到這樣一個事實：你們都應該關注我們全年的利潤率。在任何一年，我們都可能有不同的支出趨勢線。因此，我們對公司全年利潤率的指導仍然充滿信心。

Appreciate that. And Sasan, we're pretty well along now into Karma Guarantee. Would love just to get an update on that and Credit Karma was a bit stronger than we had anticipated in the quarter. Is it something that could potentially inflect a positive year-over-year growth in the fiscal first half? Or is that something that you'd expect more in the back half.

感謝。 Sasan，我們現在在業力保證方面進展順利。我很想了解這方面的最新情況，Credit Karma 的表現比我們本季的預期要強一些。這是否可能影響上半財年的年比正成長？或者說這是你在後半場更期待的事。

Yes. Thank you for your question. First of all, I'll start with, based on our insights and learnings from last year, we really took an approach to be intentional and prudent about the guidance that we provide, which means taking into account not only a macro environment, but also not just banking, a bunch of initiatives in the back half of the year.

是的。謝謝你的問題。首先，我首先說，根據我們去年的見解和經驗教訓，我們確實採取了一種有意而謹慎的方式來提供指導，這意味著不僅要考慮宏觀環境，還要考慮到宏觀環境。不僅僅是銀行業，下半年也推出了一系列措施。

We're aggressive in the initiatives that we're working on, but we did not bake them into our guidance because we just wanted to be thoughtful and prudent.

我們正在積極採取行動，但我們並沒有將它們納入我們的指導，因為我們只是想深思熟慮和謹慎。

With that as context, I would -- I love your question about Karma Guarantee because we haven't explicitly been talking about it and it's not because it's not important anymore. It's because of the way we are now thinking about it and incorporating it into several areas.

以此為背景，我想──我喜歡你關於業力保證的問題，因為我們還沒有明確討論過它，並不是因為它不再重要了。這是因為我們現在思考它並將其納入多個領域的方式。

One is you've heard us talk about the entire app redesign, which is far more focused on putting the right benefits in front of the customers at the right time, which we talked about at Investor Day, that coupled with Intuit Assist. And the example I used in -- earlier was the fact that prime customers spend literally 4 or 5 hours doing comparison shopping between credit cards because they can get whatever credit card they want, but they're looking for the perks. Now we can automatically do that for them based on all of the data and everything that we know about them.

一是你聽說過我們談論整個應用程式的重新設計，它更注重在正確的時間向客戶提供正確的好處，我們在投資者日上談到了這一點，並與 Intuit Assist 相結合。我之前使用的例子是，優質客戶實際上會花費 4 或 5 個小時在信用卡之間進行比較購物，因為他們可以獲得他們想要的任何信用卡，但他們正在尋找額外的福利。現在我們可以根據所有數據和我們所了解的有關他們的一切自動為他們做到這一點。

So you combine the app redesign with Intuit Assist and our focus on prime customers. Karma Guarantee plays an important role helping customers, particularly those that have a hard time getting access to financial products, guarantee them that if they choose what's in front of them that they're going to be approved for it or we'll put $50 in their bank account.

因此，您可以將應用程式重新設計與 Intuit Assist 以及我們對主要客戶的關注結合起來。 Karma 擔保發揮著重要作用，幫助客戶，特別是那些難以獲得金融產品的客戶，向他們保證，如果他們選擇了眼前的產品，他們將獲得批准，否則我們將投入 50 美元他們的銀行帳戶。

So the combination of those things is what the set of initiatives are that we are focused on that we expect will drive engagement, higher frequency and monetization. And we've not included that in our guidance, but it's very important for the future growth of the business.

因此，這些事情的結合就是我們所關注的一系列舉措，我們預期這些舉措將推動參與度、更高的頻率和貨幣化。我們沒有將其納入我們的指導中，但這對於業務的未來成長非常重要。

Not only that, and I'll end with this, tax is an enormous part of it. We've now spent several years thinking about how does every interaction and move a customer makes in the Credit Karma platform? How does that inform what that will mean to their taxes. So that when it's tax time, it's a much more seamless experience along with compelling offers.

不僅如此，我將以這一點結束，稅收是其中的重要組成部分。我們現在花了幾年時間思考客戶在 Credit Karma 平台中的每一次互動和舉動如何進行？這對他們的稅收意味著什麼？因此，到了報稅時間，您將獲得更無縫的體驗以及極具吸引力的優惠。

So taxes now, as we look ahead, such an important part of the life of the member and our focus area within Credit Karma. And all of those combined is what we have high hopes for in the future. Again, not in our guidance but important for the future.

因此，展望未來，現在納稅是會員生活的重要部分，也是我們 Credit Karma 的重點領域。所有這些加在一起就是我們對未來寄予厚望的。同樣，這不在我們的指導範圍內，但對未來很重要。

Thank you. Ladies and gentlemen, there are no -- go ahead, sir.

謝謝。女士們先生們，沒有——請說吧，先生。

(inaudible) go ahead.

（聽不清楚）繼續。

There no further questions, so you may proceed with any additional or closing remarks.

沒有其他問題了，因此您可以繼續發表任何補充或結束語。

Sorry to have interrupted you. I was just going to say thank you for all the questions, and we look forward to hearing from everyone next quarter until then, be safe. Bye, everybody.

抱歉打擾您了。我只想對大家提出的所有問題表示感謝，我們期待下個季度之前收到大家的來信，注意安全。大家再見。

Ladies and gentlemen, thank you for participating. This does conclude today's conference call, and you may disconnect at this time.

女士們、先生們，感謝您的參與。今天的電話會議到此結束，您現在可以斷開連線。