直覺電腦 (INTU) 2024 Q2 法說會逐字稿

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

午安.我叫安琪拉，我將擔任您的會議操作員。此時，我謹歡迎大家參加 Intuit 2024 財年第二季電話會議。 （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，我將電話轉交給 Intuit 投資者關係副總裁 Kim Watkins。沃特金斯女士？

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

謝謝，安吉拉。下午好，歡迎參加 Intuit 2024 財年第二季電話會議。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 these remarks are presented on a non-GAAP basis. We reconcile 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，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。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 another strong quarter and have great momentum innovating on our platform. We're executing on our strategy to be the global AI-driven expert platform powering prosperity for consumers and small businesses.

謝謝金，也謝謝大家今天加入我們。我們又經歷了一個強勁的季度，並且我們的平台創新勢頭強勁。我們正在執行我們的策略，成為全球人工智慧驅動的專家平台，為消費者和小型企業的繁榮提供動力。

Second quarter revenue grew by 11%, and we're on track to achieve our fiscal year 2024 full year guidance of 11% to 12% revenue growth while expanding operating margins. Let's start with tax. We're confident in our innovation and game plan to win and are reiterating our full fiscal year guidance of 7% to 8% revenue growth for the Consumer Group.

第二季營收成長了 11%，我們預計將實現 2024 財年全年營收成長 11% 至 12% 的指導，同時擴大營業利潤率。我們先從稅收開始吧。我們對我們的創新和遊戲計劃獲勝充滿信心，並重申我們的整個財年消費者集團收入增長 7% 至 8% 的指導。

Tax preparation represents a $35 billion TAM. This includes $31 billion within the assisted consumer and business tax categories, which we have barely started to penetrate. We're well positioned to disrupt the assisted category by leveraging data, AI and our virtual expert platform to revolutionize how taxes get done for consumers and small businesses.

稅務準備代表了 350 億美元的 TAM。其中包括 310 億美元的輔助消費者稅和營業稅類別，而我們才剛開始滲透。我們完全有能力利用數據、人工智慧和我們的虛擬專家平台來顛覆輔助類別，徹底改變消費者和小型企業的納稅方式。

By leveraging the power of our platform and ecosystem, we're also extending TurboTax to our Credit Karma members and QuickBooks online small business customers by enabling them to complete their taxes and access expertise directly within these products.

透過利用我們平台和生態系統的力量，我們還將 TurboTax 擴展到我們的 Credit Karma 會員和 QuickBooks 線上小型企業客戶，使他們能夠直接在這些產品中完成納稅並獲得專業知識。

Let me share more about the areas of focus this season. First, we can serve consumers however they want to file virtually or in person while providing confidence their taxes are being done accurately and they are getting their maximum refund. More than 80% of U.S. filers live within 10-mile radius of a TurboTax expert. These experts use Intuit's virtual expert platform that's powered by data and AI to deliver best-in-class service.

讓我更多地分享本季的重點領域。首先，我們可以為消費者提供虛擬或親自報稅的方式服務，同時確保他們的稅款得到準確處理，並獲得最大程度的退款。超過 80% 的美國申報者居住在 TurboTax 專家的 10 英里半徑範圍內。這些專家使用由數據和人工智慧支援的 Intuit 虛擬專家平台來提供一流的服務。

While it's early in the season, TurboTax Live Full Service is resonating with customers. We're seeing strong growth, and the offering has a product recommendation score of 88 season to date, one of the highest at Intuit.

雖然現在還處於銷售季初期，但 TurboTax Live 全方位服務已引起客戶的共鳴。我們看到了強勁的成長，迄今為止，該產品的產品建議得分為 88 分，是 Intuit 最高的得分之一。

Second, small businesses can file their taxes with TurboTax. And if a small business is a QuickBooks Online customer they can file their taxes with an expert. With these offerings, they can maximize their refund and get advice from experts when they need it. Our campaigns and easy-to-use experience are driving strong early interest.

其次，小型企業可以透過 TurboTax 報稅。如果小型企業是 QuickBooks Online 客戶，他們可以向專家報稅。透過這些產品，他們可以最大限度地獲得退款，並在需要時獲得專家的建議。我們的活動和易於使用的體驗正在激發人們強烈的早期興趣。

Business tax returns at a much higher average revenue per return because they are more complex, and we expect them to contribute to average revenue per return expansion over time.

營業稅申報表的平均每筆申報收入要高得多，因為它們更加複雜，而且我們預計它們將隨著時間的推移為每次申報的平均收入擴張做出貢獻。

Third, we're more deeply integrating Credit Karma and TurboTax, making it even more seamless for Credit Karma members to file with TurboTax directly in the Credit Karma app with exclusive offers for members whether they want to find themselves or with an expert.

第三，我們更深入地整合 Credit Karma 和 TurboTax，讓 Credit Karma 會員可以更無縫地直接在 Credit Karma 應用程式中向 TurboTax 報稅，並為會員提供獨家優惠，無論他們是想自己找還是找專家。

We're also unlocking the benefits of the Credit Karma platform for tax filers to make smart money decisions. This includes earlier access to the refund or for those that qualify, access to an industry refund advance loan in as little as 30 seconds after IRS acceptance when depositing the refund into a Credit Karma money account. This is designed to lead to higher engagement and monetization in Credit Karma over time.

我們也為納稅人提供 Credit Karma 平台的優勢，幫助他們做出明智的資金決策。這包括提前獲得退款，或者對於符合資格的人，在將退款存入 Credit Karma 資金帳戶時，在 IRS 接受後 30 秒內獲得行業退款預付款。這樣做的目的是隨著時間的推移提高 Credit Karma 的參與度和貨幣化程度。

Fourth, Intuit Assist, our Gen AI-powered financial assistant is live in TurboTax this season. With Intuit Assist, we are creating a future of done for you where the hard work is done automatically on behalf of our customers with a gateway to human expertise, fueling their financial success.

第四，Intuit Assist，我們的 Gen AI 驅動的財務助理本季在 TurboTax 中上線。借助 Intuit Assist，我們正在為您創造一個“完成的未來”，讓我們的客戶自動完成艱苦的工作，並提供人類專業知識的途徑，從而促進他們的財務成功。

For example, Customers are using Intuit just to better understand their refund. In early results, Intuitive's helpfulness rating is 1.5x greater than our legacy explanation, indicating Intuit Assist is helping deliver confidence to TurboTax customers.

例如，客戶使用 Intuit 只是為了更好地了解他們的退款。在早期結果中，Intuitive 的幫助評級比我們傳統的解釋高 1.5 倍，這表明 Intuit Assist 正在幫助為 TurboTax 客戶帶來信心。

Our focus this tax season further showcases how our big bets have accelerated innovation and growth for the future. We're leveraging the power of data and AI with Intuit Assist to revolutionize speed to benefit for customers disrupting the assisted consumer and business tax categories by connecting people with experts virtually and bringing the TurboTax and Credit Karma experience together to unlock smart money decisions. We're off to a great start in tax.

我們本報稅季的重點進一步展示了我們的大賭注如何加速未來的創新和成長。我們正在利用Intuit Assist 的數據和人工智慧的力量，透過虛擬方式將人們與專家聯繫起來，並將TurboTax 和Credit Karma 體驗結合在一起，以實現明智的資金決策，從而徹底改變速度，使客戶受益，從而顛覆了受協助的消費者和營業稅類別。我們在稅收方面有了一個好的開始。

Let me now highlight progress across 2 of our 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.

現在讓我重點介紹一下我們兩項重大投資的進展。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端市場。

Our first big bet is to revolutionize speed to benefit. Our platform enables us to innovate for our customers with speed and at scale, which is foundational to all of our big bets. 5 years ago, we declared our strategy to be an AI-driven expert platform with data and AI fueling innovation across the platform.

我們的第一個大賭注是徹底改變速度以獲得利益。我們的平台使我們能夠快速、大規模地為客戶進行創新，這是我們所有重大投資的基礎。五年前，我們宣布我們的策略是成為人工智慧驅動的專家平台，用數據和人工智慧推動整個平台的創新。

At the core of our platform is powerful, relevant 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, which fuels what's possible with AI.

我們平台的核心是為我們 1 億客戶提供強大的相關數據。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，這推動了人工智慧的可能性。

And with our GenAI operating system, GenOS, we empower Intuit technologists to create breakthrough Gene experiences across our 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.

透過我們的 GenAI 作業系統 GenOS，我們讓 Intuit 技術人員能夠在我們的平台上創造突破性的 Gene 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。

As I mentioned earlier, with Intuit Assist, we're creating a future of done for you where the hard work is done automatically on behalf of our customers with a gateway human expertise fueling their success. Intuit Assist is critical to delivering unparalleled benefits for our customers over the next decade and is in the hands of select customers now.

正如我之前提到的，透過 Intuit Assist，我們正在為您創造一個「完成」的未來，其中艱苦的工作將代表我們的客戶自動完成，並透過門戶人類專業知識推動他們的成功。 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，並且現在已掌握在精選客戶手中。

We believe Intuit Assist will lead to higher frequency of engagement and monetization across the platform, driving customer growth, accelerated adoption of services and live offerings. I'm really excited about the rapid pace at which we're innovating, testing, learning and adapting to deliver our core benefits of more money, no work and complete confidence for customers.

我們相信 Intuit Assist 將提高整個平台的參與度和貨幣化頻率，推動客戶成長，加速服務和即時產品的採用。我對我們創新、測試、學習和適應的快速步伐感到非常興奮，以便為客戶提供更多資金、無需工作和完全信心的核心優勢。

Let me share a few updates. First, TurboTax. As I shared earlier, Intuit Assist is live in the product this season and is delivering increased confidence to our customers. Second, Mailchimp. To help small businesses grow revenue and save them time, we're providing AI-powered automation and content generation using Intuit Assist.

讓我分享一些更新。首先，渦輪稅。正如我之前分享的那樣，Intuit Assist 在本季的產品中上線，為我們的客戶帶來了更大的信心。第二，郵件黑猩猩。為了幫助小型企業增加收入並節省時間，我們使用 Intuit Assist 提供人工智慧驅動的自動化和內容生成。

Third, QuickBooks. Intuit Assist is in beta and is designed to help solve businesses optimize cash flow and make confident decisions to grow their business. New customers who were previously running their business manually will be able to get started quickly by sharing their e-mail, website and bank account information. Their unstructured data will be translated into benefits for them, such as generating customized pay-enabled invoices that save time and enable customers to get paid faster, experiencing the benefits of switching to a digital platform.

第三，快書。 Intuit Assist 處於測試階段，旨在幫助企業優化現金流並做出自信的決策來發展業務。以前手動經營業務的新客戶將能夠透過分享他們的電子郵件、網站和銀行帳戶資訊來快速入門。他們的非結構化數據將轉化為他們的利益，例如產生客製化的支援付款的發票，從而節省時間並使客戶能夠更快地獲得付款，體驗切換到數位平台的好處。

And for existing customers, we will translate their data and analyze their money in and money out transactions into insights and recommendations. Intuit Assist, we'll do the work for our customers in the background with suggested automated actions that increases customer productivity by saving time and leading to better outcomes such as getting paid faster and obtaining capital.

對於現有客戶，我們將轉換他們的數據並分析他們的資金進出交易，並將其轉化為見解和建議。 Intuit Assist，我們將在後台透過建議的自動化操作為客戶完成工作，透過節省時間並帶來更好的結果（例如更快地獲得付款和獲得資金）來提高客戶的生產力。

Furthermore, we intend to provide an option to connect and interact with an expert to help provide insight and make decisions specific to their financial situation and fuel their success at the moments that matter most, such as closing their books.

此外，我們打算提供一個與專家聯繫和互動的選項，以幫助提供見解並針對他們的財務狀況做出決策，並在最重要的時刻（例如結帳）推動他們的成功。

Fourth, Credit Karma. Intuit Assist for Credit Karma is in beta, and we're excited about the rapid innovation and the progress we're making to help connect members to financial products that are right for them, saving them time and money. We're focused on using GenAI to interact with members to help answer their questions in a highly personalized way when shopping for financial products.

第四，信用業力。 Intuit Assist for Credit Karma 處於測試階段，我們對快速創新和我們在幫助會員連接到適合他們的金融產品、節省時間和金錢方面所取得的進展感到興奮。我們專注於使用 GenAI 與會員互動，以高度個人化的方式幫助回答他們在購買金融產品時的問題。

Customers can interact, learn more and ask questions to help make confident decisions. Intuit Assist will engage more members with a wide range of financial needs beyond credit. We recently expanded by 6x the number of topics we can provide help on and now address items like major purchases, home buying, savings and more. We believe this can drive increased member engagement and conversion and drive higher revenue per monthly active user.

客戶可以互動、了解更多資訊並提出問題，以幫助做出自信的決策。 Intuit Assist 將吸引更多有除信貸之外的廣泛財務需求的會員。最近，我們可以提供協助的主題數量增加了 6 倍，現在可以解決重大採購、購屋、儲蓄等問題。我們相信這可以提高會員參與度和轉換率，並提高每月活躍用戶的收入。

We remain excited with our early progress with Intuit Assist across the company. It's changing our relationship with customers as we move from being a transactional workflow platform to a trusted assistant that customers can rely on daily to power their prosperity.

我們對整個公司內 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可以依賴的值得信賴的助手，它正在改變我們與客戶的關係。

Our fourth big bet is to become the center of small business growth by helping our customers get new customers, get paid fast, manage capital and pay employees with confidence in an omnichannel world. We are well on our way to becoming the source of truth for our customers to help them grow and run their business.

我們的第四個大賭注是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。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。

In Mailchimp, we're focused on better serving mid-market customers across different stages of their life cycle to drive higher engagement and retention. After we have successfully onboarded them, we're pairing larger customers with an account manager to help them understand and adopt the breadth of Mailchimp's capabilities. We're seeing green shoots from account management, which gives us confidence in the future. Customers who have engaged with an account manager have higher monthly revenue retention. We believe this will also drive higher ARPC over time.

在 Mailchimp，我們致力於更好地為生命週期不同階段的中端市場客戶提供服務，以提高參與度和保留率。在我們成功引導他們後，我們將為大客戶與客戶經理配對，幫助他們了解並採用 Mailchimp 的廣泛功能。我們看到客戶管理的萌芽，這讓我們對未來充滿信心。與客戶經理合作的客戶每月的收入保留率較高。我們相信，隨著時間的推移，這也將推動更高的 ARPC。

Intuit Assist is live in Mailchimp's higher-end offerings and is designed to help customers develop personalized marketing campaigns and drive their revenue growth. We're offering customers 3 AI-powered automations today, including new customer welcome, abandoned shopping cart and recovering lost customers. Automations are time consuming to set up, but can drive higher revenue.

Intuit Assist 已融入 Mailchimp 的高端產品中，旨在幫助客戶進行個人化行銷活動並推動營收成長。今天，我們為客戶提供 3 種人工智慧驅動的自動化，包括新客戶歡迎、廢棄的購物車和恢復流失的客戶。自動化的設定非常耗時，但可以帶來更高的收入。

Intuit Assist personalized automations are 50% more likely to be activated by customers. Intuit Assist is also reducing work by generating new content and editing existing content for marketing campaigns. Recent improvements have driven GenAI text generation adoption rates by more than 70% over the past several months, reducing work for our customers.

Intuit Assist 個人化自動化被客戶啟動的可能性提高了 50%。 Intuit Assist 也透過為行銷活動產生新內容和編輯現有內容來減少工作量。最近的改進使 GenAI 文字產生採用率在過去幾個月中提高了 70% 以上，減少了客戶的工作量。

Getting paid fast remains a big challenge for small businesses. We're uniquely positioned to help customers with our end-to-end money platform and innovations such as easy discovery, auto enabled payments, payment-enabled invoices, instant deposits and get paid up front, which are all helping our customers get paid faster and drive adoption of payments.

對於小型企業來說，快速獲得報酬仍然是一個巨大的挑戰。我們擁有獨特的優勢，可以透過我們的端到端貨幣平台和創新來幫助客戶，例如輕鬆發現、自動付款、付款發票、即時存款和預付款，這些都有助於我們的客戶更快地獲得付款並推動支付的採用。

Total online payment volume growth was 20% in the quarter. We're beginning to roll out a new payment-enabled invoicing experience that will provide more benefits to customers, including more ways to get paid. While early, we're seeing that customers who use the new invoicing experience are engaging more driving increase in customer adoption of our payment rails to get their invoices paid.

本季線上支付總量成長 20%。我們開始推出新的支援付款的發票體驗，將為客戶提供更多好處，包括更多付款方式。雖然在早期，我們發現使用新發票體驗的客戶正在更多地推動客戶採用我們的支付方式來支付發票。

We're also making progress digitizing B2B payments to accelerate and automate transactions between small businesses and ultimately improve their cash flow. The number of connections in our QuickBooks business network has doubled since August, and we're pleased with the initial adoption of our bill pay offering.

我們也在 B2B 支付數位化方面取得進展，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。自 8 月以來，我們的 QuickBooks 業務網路中的連線數量增加了一倍，我們對帳單支付服務的初步採用感到高興。

To better serve small businesses, during the quarter, we began rolling out faster payment time lines for qualified customers that reduce payment time by 40%, including a paid next-day ACH option and batch payments, allowing customers to hold on to their cash longer and save time.

為了更好地服務小型企業，本季度，我們開始為合格客戶推出更快的付款時間線，將付款時間縮短 40%，包括隔日 ACH 付款選項和批量付款，讓客戶能夠更長時間地保留現金並節省時間。

We're wrapping up with our durable AI-driven expert platform strategy and focus on innovating with Gen AI across our platform, we're more excited than ever about the opportunity in front of us and our ability to power prosperity for our customers. We're honored to be recognized by Bloomberg as one of the top 50 companies to watch in 2024, and to be rank 22 on this year's Just 100, and the highest ranked customer or software company on the list.

我們正在結束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 Gen AI 進行創新，我們對眼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。我們很榮幸被彭博社評為 2024 年最值得關注的 50 家公司之一，並在今年的 Just 100 榜單中排名第 22 位，也是榜單上排名最高的客戶或軟體公司。

Now let me hand it over to Sandeep.

現在讓我把它交給桑迪普。

Thanks, Sasan. For the second quarter of fiscal 2024, we delivered another strong quarter despite the IRS opening approximately 1 week later this year. We achieved healthy operating margin and are on track to achieve our full year guidance as we continue to deliver operating leverage across the business.

謝謝，薩桑。儘管 IRS 在今年大約 1 週後開始營業，但 2024 財年第二季我們仍實現了另一個強勁的季度。我們實現了健康的營運利潤率，並且隨著我們繼續在整個業務中提供營運槓桿，預計將實現全年指引。

Our Q2 results include revenue of $3.4 billion, up 11%, GAAP operating income of $369 million versus $270 million last year, up 37%. Non-GAAP operating income of $1 billion versus $856 million last year, up 17%. GAAP diluted earnings per share of $1.25 versus $0.60 a year ago and non-GAAP diluted earnings per share of $2.63 versus $2.20 last year, up 20%.

我們第二季的業績包括營收 34 億美元，成長 11%，GAAP 營業收入為 3.69 億美元，而去年為 2.7 億美元，成長 37%。非 GAAP 營業收入為 10 億美元，較去年的 8.56 億美元成長 17%。 GAAP 攤薄後每股收益為 1.25 美元，去年同期為 0.60 美元；非 GAAP 攤薄後每股收益為 2.63 美元，去年同期為 2.20 美元，成長 20%。

Turning to our business segments. Small Business and Self-Employed group revenue grew 18% during the quarter, driven by online ecosystem revenue, which grew 21%. Our results continue to demonstrate the power of our small business platform and the mission-critical nature of our offerings, which resonates with customers as they look to grow their business and improve cash flow in any economic environment.

轉向我們的業務部門。在線上生態系統收入成長 21% 的推動下，本季小型企業和自營團體收入成長了 18%。我們的業績繼續證明了我們小型企業平台的力量以及我們產品的關鍵任務性質，這在客戶尋求在任何經濟環境下發展業務和改善現金流時引起了共鳴。

With the goal of being the source of crude for small businesses, our strategic focus within the small business and self-employed group is threefold: grow the core, connect the ecosystem and expand globally. First, we continue to focus on growing the core.

為了成為小型企業的原油來源，我們在小型企業和自營企業中的策略重點有三：發展核心、連結生態系統和全球擴張。首先，我們繼續專注於發展核心。

Good Books Online accounting revenue grew 19% in Q2, driven mainly by customer growth, higher effective prices and mix shift. We continue to prioritize disrupting the small business mid-market through continued focus on both go-to-market and product innovations.

Good Books Online 會計收入第二季成長了 19%，主要受到客戶成長、有效價格上漲和組合轉變的推動。我們繼續優先考慮透過持續關注市場進入和產品創新來顛覆小型企業中端市場。

While mid-market customers are a smaller subset of the total small business TAM that drive a higher ARPC over time given their more complex needs and higher usage of services across our platform. This, coupled with our strategy to sell more of our ecosystem services to existing customers shift the emphasis in our growth formula towards ARPC over time.

雖然中型市場客戶只是小型企業 TAM 總量中的一小部分，但隨著時間的推移，他們的 ARPC 會更高，因為他們的需求更複雜，對我們平台上的服務的使用率也更高。再加上我們向現有客戶銷售更多生態系統服務的策略，隨著時間的推移，我們的成長公式的重點將轉向 ARPC。

Second, we continue to focus on connecting the ecosystem. Online services revenue grew 24% in Q2, driven by payroll, payments, Mailchimp capital and time tracking. Within payroll, revenue growth in the quarter reflects an increase in customers adopting our Pro solutions, higher effective prices and a mix shift towards higher-end offerings.

其次，我們繼續專注於連結生態系統。在薪資、支付、Mailchimp 資本和時間追蹤的推動下，第二季線上服務收入成長了 24%。在薪資方面，本季的收入成長反映出採用我們的專業解決方案的客戶數量增加、有效價格更高以及向高端產品的組合轉變。

Within payments, the revenue growth for the quarter reflects ongoing customer growth as more customers adopt our payment offerings to manage their cash flow, higher effective prices and an increase in total payment volume for our customer. Mailchimp revenue growth was driven by higher effective prices and paid customer growth.

在支付領域，本季的收入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、更高的有效價格以及客戶總支付量的增加。 Mailchimp 營收成長是由有效的價格上漲和付費客戶成長所推動。

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 16% in Q2.

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，其中包括在我們的既定市場中以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。以固定匯率計算，第二季國際線上生態系統總收入成長了 16%。

Now moving to our desktop ecosystem. Desktop ecosystem revenue grew 10% in the second quarter, and QuickBooks Desktop Enterprise revenue grew in the mid-teens. We are more than 2 years into a 3-year transition for customers that remain on a license-based desktop offering to a recurring subscription model.

現在轉向我們的桌面生態系統。第二季桌面生態系營收成長了 10%，QuickBooks Desktop Enterprise 營收成長了 10%。對於仍使用基於授權的桌面產品的客戶，我們已經將 3 年過渡到定期訂閱模式，這一過程已經過去了 2 年多的時間。

In fiscal 2025, the tailwinds from the 3-year transition will be behind us, but we expect our Desktop Enterprise offering, which accounts for over half of desktop accounting revenue to grow in the high single-digit range. We also will continue to encourage remaining desktops subscription customers who tend to be more complex and higher value to migrate seamlessly to either QuickBooks Online or our desktop enterprise offering when they are ready. Additionally, we see opportunities to continue to price the product for value. The online ecosystem remains a growth catalyst longer term.

到 2025 財年，三年過渡帶來的有利影響將成為過去，但我們預計佔桌面會計收入一半以上的桌面企業產品將實現高個位數成長。我們也將繼續鼓勵那些往往更複雜、價值更高的剩餘桌面訂閱客戶在準備就緒時無縫遷移到 QuickBooks Online 或我們的桌面企業產品。此外，我們看到了繼續以價值定價產品的機會。從長遠來看，線上生態系統仍然是成長的催化劑。

Shifting to our consumer and ProTax groups. Our full year outlook remains unchanged, even though Consumer Group revenue declined 5% in the quarter, reflecting an approximately 1 week later IRS opened this year. We are confident in our game plan to winter season and are reiterating our guidance for Consumer group of 7% to 8% revenue growth in fiscal 2024.

轉向我們的消費者和 ProTax 群體。我們的全年展望保持不變，儘管消費者集團本季收入下降了 5%，反映出 IRS 今年開業約 1 週後。我們對冬季的遊戲計劃充滿信心，並重申我們對消費者群體的指導，即 2024 財年收入增長 7% 至 8%。

Turning to the ProTax group. Revenue grew 8% to $274 million in Q2, reflecting the timing of when tax forms were delivered, which is a driver for revenue recognition.

轉向 ProTax 組。第二季營收成長 8%，達到 2.74 億美元，反映了稅表交付的時間，這是收入確認的驅動力。

Moving to Credit Karma. Credit Karma delivered revenue of $375 million in Q2, flat to a year ago, primarily reflecting growth in credit card money, credit cards and auto loans offset by decline in home loans, personal loans and auto insurance. We saw select partners taking a conservative approach to extending credit in both personal loans and credit cards in Q2, reflecting expected macro trends.

轉向信用業力。 Credit Karma 第二季度營收為 3.75 億美元，與去年同期持平，主要反映信用卡資金、信用卡和汽車貸款的成長被房屋貸款、個人貸款和汽車保險的下降所抵消。我們看到部分合作夥伴在第二季採取了保守的方式來擴大個人貸款和信用卡的信貸，這反映了預期的宏觀趨勢。

And as a reminder, Q2 is typically the seasonally weakest quarter of the year. We expect Q3 to benefit from additional Credit Karma money revenue during tax season. In summary, I am pleased with our continued momentum this fiscal year.

提醒一下，第二季通常是一年中季節性最弱的季度。我們預計第三季將受益於在納稅季節期間額外的 Credit Karma 貨幣收入。總之，我對本財年我們持續的發展動能感到滿意。

Now shifting to our balance sheet and capital allocation. Our financial principles guide our decisions. They remain our long-term commitment and are unchanged. We finished the quarter with $1.5 billion in cash and investments and $6 billion in debt on our balance sheet.

現在轉向我們的資產負債表和資本配置。我們的財務原則指導我們的決策。它們仍然是我們的長期承諾並且沒有改變。本季末，我們的資產負債表上有 15 億美元的現金和投資以及 60 億美元的債務。

We repurchased $536 million of stock during the second quarter. Depending on our market conditions and other factors, our aim is to be in the market each quarter. The Board approved a quarterly dividend of $0.90 per share, payable on April 18, 2024. This represents a 15% increase versus last year.

我們在第二季回購了價值 5.36 億美元的股票。根據我們的市場狀況和其他因素，我們的目標是每季進入市場。董事會批准了每股 0.90 美元的季度股息，將於 2024 年 4 月 18 日支付。這比去年增加了 15%。

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 third quarter of fiscal 2024 includes revenue growth of 10% to 11%, GAAP earnings per share of $7.77 to $7.84, and non-GAAP earnings per share of $9.31 to $9.38. As a reminder, we are taking a prudent approach with guidance given the continued macroeconomic uncertainty. You can find our full year fiscal 2024 and Q3 guidance detailed in our press release and on our fact sheet.

我們對 2024 財年第三季的指引包括營收成長 10% 至 11%、GAAP 每股收益 7.77 美元至 7.84 美元、非 GAAP 每股收益 9.31 美元至 9.38 美元。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 2024 財年全年和第三季的詳細指導。

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

有了這個，我會把它轉回給 Sasan。

Great. Thank you, Sandeep. And just to quickly wrap up, we're very confident in our AI-driven expert platform strategy, our progress with our 5 big bets and creating a future of done for you with a gateway to human expertise. We believe that this will change our relationship with our customers, becoming their trusted advisers, leading to higher engagement and monetization.

偉大的。謝謝你，桑迪普。最後，我們對人工智慧驅動的專家平台策略、我們在 5 大賭注中取得的進展以及透過通往人類專業知識的門戶為您創造成功的未來充滿信心。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。

The combination of our assets and our strategy creates a growth flywheel for Intuit to accelerate penetrating our $300 billion in TAM.

我們的資產和策略的結合為 Intuit 創造了一個成長飛輪，以加速滲透我們 3000 億美元的 TAM。

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

那麼，讓我們來回答你的問題。

(Operator Instructions) Our first question comes from Siti Panigrahi with Mizuho.

（操作員說明）我們的第一個問題來自 Mizuho 的 Siti Panigrahi。

Sasan and Sandeep, I want to dig into the health of the small business. Just a 2-part question. On the online accounting system, revenue seems to be in line our expectations side to decel. Is there any onetime factor that influence? And how should we think about second half, given that's an easy comp?

Sasan 和 Sandeep，我想深入研究小型企業的健康狀況。只是一個由兩個部分組成的問題。在線上會計系統上，收入似乎符合我們的預期，出現下降。是否有任何一次性因素影響？鑑於這是一場簡單的比賽，我們該如何看待下半場？

And other part is on the services, while we're presently surprised is accelerated, and you talked about some of this payroll payments and Mailchimp, is there anything like you're doing differently, specifically drilling into a Mailchimp? How is that part of the business doing?

其他部分是關於服務的，雖然我們目前感到驚訝的是加速，並且您談到了一些工資支付和 Mailchimp，是否有什麼像您正在做的不同的事情，特別是鑽研 Mailchimp？這部分業務進度如何？

Yes, Siti. Maybe I'll start us off and Sandeep, please jump in as you wish. I mean the headline that I would give, Siti, is that we're really pleased with the momentum that we have, the growth that we've experienced.

是的，西蒂。也許我會先開始，桑迪普，請按照你的意願加入。我的意思是，西蒂，我要給的標題是，我們對我們所擁有的勢頭和我們所經歷的成長感到非常滿意。

When you think about -- think about it in context of the current macro environment, we're continuing to see larger, higher-value customers, mid-market customers. I want to shift to digitization. And the more we spend time with them with our account managers, with our sales folks, with our customer success folks. They tend to have a tendency of wanting to move more of their services to us because for the most part, we are already the standard of financial management solutions that they use for their financial records but they see it as an opportunity to get paid faster, manage their workforce to be able to use our capabilities to be able to market to their customers.

當你在當前宏觀環境的背景下思考時，我們會持續看到規模更大、價值更高的客戶、中階市場客戶。我想轉向數位化。我們花更多的時間與客戶經理、銷售人員、客戶成功人員在一起。他們傾向於將更多的服務轉移給我們，因為在大多數情況下，我們已經是他們用於財務記錄的財務管理解決方案的標準，但他們認為這是一個更快獲得報酬的機會，管理他們的員工隊伍，以便能夠利用我們的能力向他們的客戶進行行銷。

And so the net of it that I would leave you with is I like our momentum in this macro environment. We expect that to continue for the rest of the year. And there's a lot of puts and takes in our online accounting and online services. And so I wouldn't read anything into it.

因此，我想留給大家的一點是，我喜歡我們在這個宏觀環境中的勢頭。我們預計這種情況將持續到今年剩餘時間。我們的線上會計和線上服務中有很多投入和支出。所以我不會讀任何內容。

The most important element to take away is the 21% overall online growth. And our services are strong, and we continue to innovate with our services. And I expect that we'll continue to lead digitization and transformation for our small businesses. Sandeep, I don't know if you want to add anything, but those would be the headlines from me, Siti.

最重要的因素是 21% 的整體線上成長。而且我們的服務很強大，我們的服務不斷創新。我預計我們將繼續引領小型企業的數位化和轉型。桑迪普，我不知道你是否想添加任何內容，但這些將是我西蒂的頭條新聞。

Sasan covered it. Siti, what I would also remind you of is, as we've shared in the past, there are 3 imperatives that we focused on as a management team, new customer acquisition, driving adoption of our platform and being better together across our platform.

薩桑覆蓋了它。 Siti，我還想提醒您的是，正如我們過去所分享的那樣，作為管理團隊，我們專注於 3 個當務之急：獲取新客戶、推動我們平台的採用以及在我們的平台上更好地合作。

And with that, a new customer acquisition, our team continues to focus on mid-market customers. As you quite mid-market customers, they're larger richer revenue pool. They have higher customer acquisition costs, but they also take a little longer to ramp up because most of the size of the pipe in those mid-market customers on services revenue, which ramps up as opposed to accounting, which you start booking as soon as they become a customer.

隨著新客戶的獲取，我們的團隊繼續專注於中端市場客戶。作為中端市場客戶，他們的收入池更大、更豐富。他們的客戶獲取成本較高，但也需要更長的時間才能增加，因為這些中端市場客戶的管道規模大部分來自服務收入，這與會計相反，您一旦開始預訂會計就可以增加服務收入他們成為客戶。

So just a dynamic to keep in mind. That's why in my prepared remarks, I called out that our growth from -- will continue to start leaning more towards ARPC going forward. And the second component of the services is basically us executing on our focus on driving adoption of our platform.

所以只是要記住一個動態。這就是為什麼在我準備好的演講中，我指出我們的成長將繼續開始更傾向於 ARPC。服務的第二個組成部分基本上是我們專注於推動我們平台的採用。

The next question comes from Kash Rangan with Goldman Sachs.

下一個問題來自高盛的卡什·蘭根 (Kash Rangan)。

Congratulations to Sasan and Sandeep, really good call here. I'm wondering if you can give us an update on what's happening in the SMB market? It looks like enterprise spending seems to be stabilizing. I know that you're not really enterprise equipment advance.

恭喜 Sasan 和 Sandeep，真是太好了。我想知道您能否向我們介紹一下中小企業市場的最新動態？看起來企業支出似乎穩定。我知道你們並不是真正的企業設備先進。

But how do you characterize the outlook for small businesses given that the economy is on stable footing, and we don't have the worries that we had growing it become the 2?

但是，鑑於經濟基礎穩定，而且我們不擔心它會發展成為第二大經濟體，您如何描述小型企業的前景？

Kash, great to hear from you. Great question. I would -- let me categorize the answer in 2 buckets. First of all, facts are friendly, and let me start with the facts. We see across our base is that cash reserves are down 11% year-over-year. That's really what small businesses care about.

卡什，很高興收到你的來信。很好的問題。我會將答案分為兩類。首先，事實是友善的，我就從事實開始。我們發現，我們的現金儲備比去年同期下降了 11%。這確實是小企業關心的事。

But it's actually up 115% over pre-pandemic levels. And so the takeaway you should have in that is Small businesses are being challenged in this macro environment. Consumers are spending less dollars, but they're actually healthier an aggregate level than they were several years ago.

但實際上比大流行前的水平上升了 115%。因此，您應該得到的結論是，小型企業在這種宏觀環境中面臨挑戰。消費者花的錢越來越少，但整體水平實際上比幾年前更健康。

In fact, what I would call out is the number of hours worked is higher this year several points compared to last year. So that just the strength of the work that they're doing, being able to have access to talent is in a better position for small businesses compared to last year.

事實上，我要指出的是，今年的工作時間比去年增加了幾個百分點。因此，與去年相比，僅憑他們所做的工作的實力以及獲得人才的能力，小企業就處於更好的地位。

And that, by the way, as you can imagine, differs by country and by sector. Sectors like real estate IT spending is struggling, if the sector of small business is in, but things like professional services, auto repairs is actually quite healthy.

順便說一句，正如您可以想像的那樣，這因國家和行業而異。如果小型企業產業處於景氣狀態的話，房地產等IT支出正在苦苦掙扎，但專業服務、汽車維修等行業實際上相當健康。

Last thing I would end with is the higher-value customers, more the mid-market customers are healthier than those that are small and just starting out, which, by the way, we've seen this in our 20-plus years, right? We've seen this. This is a normal trend whereby the larger businesses have a lot more levers to be able to pull and they're generally healthier.

我最後要說的是，高價值客戶、中端市場客戶比那些規模較小且剛起步的客戶更健康，順便說一句，我們在 20 多年來已經看到了這一點，對吧？我們已經看到了這一點。這是一種正常趨勢，較大的企業有更多的槓桿可以拉動，而且通常更健康。

Lastly, our view, and we're not economists, but we see a lot of data. Our view is that 2024 is going to be a lot of the same for small businesses. We don't believe that there's going to be any kind of an economic tailwind as we think about the next -- the rest of the calendar year.

最後，我們的觀點，我們不是經濟學家，但我們看到很多數據。我們認為，對於小型企業來說，2024 年的情況將會大致相同。當我們考慮明年剩下的時間時，我們認為不會有任何形式的經濟順風。

The next question comes from Brad Zelnick with Deutsche Bank.

下一個問題來自德意志銀行的 Brad Zelnick。

Maybe a tax question, just with the slower start to the season, Sasan, and we appreciate every season is more and more back-end loaded. But can you talk about what it is that you're seeing in the funnel and anything else that supports your confidence in the full year consumer guide?

也許是一個稅收問題，只是隨著賽季開始較慢，薩桑，我們很高興每個賽季都有越來越多的後端負載。但您能談談您在漏斗中看到的內容以及其他任何支持您對全年消費者指南充滿信心的內容嗎？

Yes. Sure, Brad. First of all, I'll amplify what you started out with. Having been in the tax business and ran it more than 10 years ago and watching our trends in the last 10 years, every season, there's a push to a later start, and it's just a consumer behavior, and we're seeing that this year. So that's not anything unique.

是的。當然，布拉德。首先，我將詳細說明您開始的內容。我們十多年前就從事稅務業務並經營它，觀察過去 10 年每個季節的趨勢，都會推動延遲開始，這只是一種消費者行為，今年我們看到了這一點。所以這不是什麼獨特的事。

There's 2 things that I would call out that are strategic to us that are worth calling out because we see green shoots in both with the early part of season. One is full service. Just as a refresher, there's nearly 100 million consumers in small businesses that spend about $30 billion to have somebody else do their taxes for them. And we really leaned into our overall full service experience.

我要指出的兩件事對我們來說具有戰略意義，值得一提，因為我們在賽季初期都看到了新芽。一是全方位服務。回顧一下，有近 1 億小企業消費者花費約 300 億美元讓別人替他們繳稅。我們確實注重整體的全方位服務體驗。

We've really leaned into our campaigns, both on air, digital, very basic things, by the way, that we didn't use to have the capabilities of that we're now building, which is if you use an expert and you love that expert that you can recommend that expert to a friend.

我們確實專注於我們的活動，無論是在空中、數字還是非常基本的東西上，順便說一句，我們過去不具備我們現在正在構建的功能，也就是說，如果你使用專家並且你喜歡這位專家，您可以將該專家推薦給朋友。

That's basic, but the infrastructure that we're building to really disrupt the full-service space is a necessity. And we feel very good about the green shoots that we're seeing both on the consumer front and on the business tax front.

這是基本的，但我們正在建造的、真正顛覆全方位服務空間的基礎設施是必要的。我們對在消費者方面和營業稅方面看到的萌芽感到非常滿意。

And I'll remind you that this is our first year leading all the way into business tax. So it's beyond early, but everything that we've seen just indicates that this is an enormous opportunity for us. So that's on the full service front.

我要提醒您的是，這是我們在營業稅方面一路領先的第一年。所以現在還為時過早，但我們所看到的一切都表明這對我們來說是一個巨大的機會。這就是全方位服務方面的內容。

The second I would mention is Credit Karma. This is really an area where we have nearly 45 million monthly active users. They engage more than 5x a month, and the majority of those monthly active users actually use a different method and not TurboTax. And so we've really heavily invested in the experience, whether you want to do it yourself in the app or you want us to do it for you, which is full service and compelling offerings that we've been testing and scaling. And we also like the green shoots there.

我要提的第二個是 Credit Karma。這確實是我們每月擁有近 4500 萬活躍用戶的領域。他們每個月的參與次數超過 5 次，而且大多數每月活躍用戶實際上使用的是不同的方法，而不是 TurboTax。因此，我們在體驗上投入了大量資金，無論您是想在應用程式中自己操作還是希望我們為您操作，我們一直在測試和擴展全方位的服務和引人注目的產品。我們也喜歡那裡的綠芽。

So those are the 2 things that I would call out, and it really positions us for share of spend. And I'll end with the following, which is we said the goal line in taxes, our share of total IRS returns. And really, what matters is the share of spend that we're getting and full service is essential for that, both this year and in the future.

這就是我要指出的兩件事，它確實使我們能夠佔據支出份額。我將以以下內容結束，即我們所謂的稅收目標線，即我們在國稅局總回報中所佔的份額。事實上，重要的是我們獲得的支出份額，而全方位服務對此至關重要，無論是今年還是未來。

The next question comes from Michael Turrin with Wells Fargo.

下一個問題來自富國銀行的麥可‧特林。

I was hoping we could go back to the mix of online services, and maybe you could just help us compare and contrast in more detail what you're seeing from a growth perspective across the payroll payments and Mailchimp business.

我希望我們能夠回到線上服務的組合，也許您可以幫助我們從薪資支付和 Mailchimp 業務的成長角度更詳細地比較和對比您所看到的內容。

And is there a float aspect at all to the payroll portion of the business that might be helping reinforce some of the margin strength you're seeing given headwinds from the floats start to tax? I think a lot of focus on just the EPS strength in the quarter.

考慮到浮存開始徵稅帶來的不利因素，該業務的薪資部分是否存在浮存方面，這可能有助於增強您所看到的一些利潤實力？我認為很多人只關注本季的每股收益實力。

Sure. Do you mind repeating the last part of your question?

當然。您介意重複一下您問題的最後部分嗎？

Yes. Just wondering if there's at all on the payroll side, a flow component that might be also just softly helping margin outside of the consumer headwinds you're seeing?

是的。只是想知道在工資方面是否有一個流量組成部分也可能只是在您所看到的消費者逆風之外輕輕地幫助利潤？

Yes. Let me start with the overall services question that you asked, and Sandeep will weigh in here with some of the facts that you asked around flow. I think the -- the thing that I would just say around services goes back to my earlier comment, which is we're just spending a lot more time with higher value customers, really helping them understand what we can do to digitize their businesses, and by the way, continuing to improve our offerings.

是的。讓我從您提出的整體服務問題開始，桑迪普將在這裡權衡您提出的有關流程的一些事實。我認為，我要說的有關服務的內容可以追溯到我之前的評論，即我們只是花更多的時間與更高價值的客戶在一起，真正幫助他們了解我們可以採取哪些措施來實現業務數位化，順便說一句，繼續改進我們的產品。

And so as we talked about earlier, our total online payments growth this quarter was 20% in a fairly tough macro environment. That's because we continue to invest in making the experience easier providing multiple methods to get paid instant deposit, getting paid upfront. So those really help with, in essence, payments adoption.

正如我們之前談到的，在相當嚴峻的宏觀環境下，本季我們的線上支付總額成長了 20%。這是因為我們不斷投資，讓體驗變得更輕鬆，提供多種方法來獲得即時存款、預付款。因此，從本質上講，這些確實有助於支付的採用。

Our payroll adoption has been strong, particularly larger customers and with full service. We're continuing to really invest in some of the most important foundational elements with Mailchimp that higher-value customers are adopting, and particularly some of the things that I called out with Intuit Assist.

我們的薪資採用率一直很高，尤其是大客戶和全方位服務。我們將繼續對 Mailchimp 的一些最重要的基礎元素進行真正的投資，這些元素是高價值客戶正在採用的，特別是我在 Intuit Assist 中提出的一些東西。

It's really -- it's not 1 thing. It's a combination of all of our services and the focus on higher-value customers that is really helping us with some of the services adoption. Maybe Sandeep, I'll turn it over to you on the float and anything else you want to add?

這真的不是一件事。這是我們所有服務和對高價值客戶的關注的結合，這確實幫助我們採用了一些服務。也許桑迪普，我會把它轉給你，你還想補充什麼嗎？

Sure. Thanks, Sasan. Michael, the floor component is a very small part of our payroll business. As one thing said we really aim to due for our small businesses is to hold their cash as little as possible. So floor is not a big component for us.

當然。謝謝，薩桑。邁克爾，底層部分只是我們薪資業務的一小部分。正如一件事所說，我們對小型企業的真正目標是盡可能少地持有現金。所以地板對我們來說並不是一個重要的組成部分。

And I think -- the overarching theme of your question was the ability for Intuit is to preserve the earnings power of the company despite the 1 week delay in the IRS opening, I think Sasan touched on that. And it's also some of the great work that the team has been doing around acquiring larger customers around the line of work we did to make the higher end SKUs in payroll more attractive to those customers, the work the team is doing around mid-market account management in Mailchimp. So its a plethora of activities that continues to give us confidence across our portfolio of assets that we have here at Intuit.

我認為，你的問題的首要主題是 Intuit 的能力是保持公司的盈利能力，儘管國稅局推遲了 1 週開放，我認為 Sasan 談到了這一點。這也是團隊圍繞獲取更大客戶所做的一些出色工作，我們所做的工作是為了使薪資中的高端 SKU 對這些客戶更具吸引力，團隊圍繞中端市場帳戶所做的工作Mailchimp 中的管理。因此，大量的活動繼續讓我們對 Intuit 的資產組合充滿信心。

Next question comes from Taylor McGinnis with UBS.

下一個問題來自瑞銀集團的泰勒麥金尼斯。

Maybe another one on online services. So if I heard you correctly earlier, it sounds like you guys are expecting a more stable macro environment as we move throughout the year. So can you just talk about what that means for the durability of the acceleration in online services that we just saw, the 24% year-over-year?

也許還有一個關於線上服務的。因此，如果我之前沒聽錯的話，聽起來你們預計隨著我們全年的發展，宏觀環境會更加穩定。那麼您能否談談這對我們剛剛看到的線上服務加速（同比增長 24%）的持久性意味著什麼？

Could you actually see online services hanging here at these levels? Is there anything onetime in nature? And just curious, as the macro remains more challenging, how the pricing lever could be used there to help you guys during this time?

您真的能看到這些等級的線上服務嗎？自然界有一次性的東西嗎？只是好奇，由於宏觀仍然更具挑戰性，在這段時間如何使用定價槓桿來幫助你們？

Yes. Sure, Taylor, let me add a few things, if I could. First of all, I'll start with we don't view the macro environment as entirely remaining stable. We think it's going to continue to be uncertain. So we're not sort of banking on any of our growth coming from any type of a tailwind from the macro environment.

是的。當然，泰勒，如果可以的話，讓我補充一些內容。首先，我首先要說的是，我們並不認為宏觀環境完全保持穩定。我們認為它將繼續存在不確定性。因此，我們並不指望任何來自宏觀環境的推動力來實現成長。

We think '24 will be somewhat choppy like '23 was from a macro environment perspective. And we see it in the consumer credit scores of consumers. As you know, we see over 100 million members across Credit Karma and their credit scores in the last couple of years are down almost 20 points. Gen Z credit card balances are up over 60%. And those are just a couple of illustrative examples that consumers are strained.

我們認為，從宏觀環境的角度來看，24 年將會像 23 年一樣有些波動。我們在消費者的消費信用評分中看到了這一點。如您所知，我們看到 Credit Karma 擁有超過 1 億會員，他們的信用評分在過去幾年中下降了近 20 個百分點。 Z 世代信用卡餘額增加超過 60%。這些只是消費者感到緊張的幾個說明性例子。

So the first uber point would be that we think the environment is stable to uncertain, and we're not trying to outguess the economy but really focus on our customers and our innovation, which gets to the second point.

因此，第一個要點是，我們認為環境是穩定的，而不是不確定的，我們不是試圖超越經濟，而是真正關注我們的客戶和我們的創新，這就是第二點。

And that is we have confidence in the guidance that we provided of the 16% to 17% for the year, even in context of the macro environment, just because we continue to really emphasize and focus with our high-value mid-market customers digitization. And that's really what's leading to our overall 21% online growth that we talked about.

也就是說，即使在宏觀環境的背景下，我們對今年提供的 16% 至 17% 的指導充滿信心，因為我們繼續真正強調和關注高價值中端市場客戶的數位化。這確實是我們談到的線上整體成長 21% 的原因。

And that's what gives us confidence in our guidance. And really, as we look into the future, our entire focus is really all about our innovation and our go-to-market to win despite the comp economic environment.

這就是讓我們對我們的指導充滿信心的原因。事實上，當我們展望未來時，我們的全部重點實際上都是我們的創新和進入市場以贏得競爭，儘管經濟環境是如此。

And the one thing I would add, and just to build on Sasan's point, you asked a question around pricing, pricing power. Our tenant around pricing is around the offerings -- the power of offerings and the innovation we're building into the offerings. And the perceived actual value that we're delivering to our customers is not related to the macro environment. So that's another point I just wanted to emphasize in terms of how we think about our pricing.

我要補充的一件事是，為了以薩桑的觀點為基礎，你提出了一個關於定價、定價能力的問題。我們圍繞定價的租戶是圍繞產品——產品的力量以及我們在產品中建立的創新。我們為客戶提供的感知實際價值與宏觀環境無關。這是我想強調的另一點，即我們如何看待我們的定價。

The next question comes from Alex Zukin with Wolfe Research.

下一個問題來自 Wolfe Research 的 Alex Zukin。

Congrats on the quarter. Sasan, maybe a AI question for you. Clearly, it's something that continues to really evolve and become a core part and parcel of the company, both on the SMB side and the consumer side.

恭喜本季。 Sasan，也許有一個人工智慧問題想問你。顯然，無論是在中小企業方面還是在消費者方面，它都在不斷發展並成為公司的核心組成部分。

I wanted to ask, if you look at the coming tax season on the consumer side, how do you expect to see the benefit of some of the assist functionality? Is it more converting kind of free to pay? Is it pay to pay more?

我想問，如果您從消費者方面來看即將到來的納稅季節，您預計如何看到某些輔助功能的好處？免費付費是否更具轉換性？難道是要付出更多的代價嗎？

And then similarly, on both Credit Karma and on the SMB side, if you think about the progression of the year, kind of where are you seeing the biggest opportunities as you start to see the interactions build on the platform?

同樣，在 Credit Karma 和中小企業方面，如果您考慮今年的進展，當您開始看到平台上建立的互動時，您會在哪裡看到最大的機會？

Yes, Alex, great question. Let me start with 1 headline, particularly as we've been in beta or with certain capabilities at scale and GA. I'll start with the headline, which is we believe that over time, and I want to emphasize the overtime piece, that this is going to create an entirely new category of experiences and growth that is not even possible today because of truly creating a set of experiences where the work is done for customers, and there's always a gateway to a human expert that's all AI-powered.

是的，亞歷克斯，好問題。讓我從 1 個標題開始，特別是當我們處於測試階段或具有一定規模和正式發布的能力時。我將從標題開始，我們相信隨著時間的推移，我想強調加班部分，這將創造一種全新的體驗和成長類別，這在今天甚至是不可能的，因為真正創造了一種為客戶完成工作的一系列體驗，並且始終有通往全人工智慧驅動的人類專家的門戶。

And the more we're in market, the more we're learning, adjusting, adapting the more we are convinced that we're going to be able to create a new category of services and what's possible to penetrate our $300 million in TAM. Now with that said, let me get real specific and sort of real tactical.

我們進入市場的次數越多，我們學習、調整和適應的越多，我們就越相信我們將能夠創建一個新的服務類別，並有可能滲透到我們 3 億美元的 TAM 中。話雖如此，讓我談談真正的具體情況和真正的戰術。

The second headline news that I would give is none of the work that we're doing with Intuit Assist, which is really about what we're doing across the platform. It's not a feature. None of it is in our results today, and we're not counting on it to be in our results in the near future.

我要給出的第二個頭條新聞不是我們在 Intuit Assist 上所做的任何工作，這實際上是關於我們在整個平台上所做的事情。這不是一個功能。這些都沒有出現在我們今天的結果中，我們也不指望它會出現在不久的將來的結果中。

But with that said, to answer your question as to impact to start with, there's a couple of areas where it will have a profound impact. One is full service. And the profound impact, by the way, is from the investments that we've made in the last 5 years.

但話雖如此，為了回答您關於影響的問題，首先要說明的是，它將在幾個領域產生深遠的影響。一是全方位服務。順便說一句，深遠的影響來自我們過去五年的投資。

I mean to do what we're doing in full service at scale and think about it, it's really based on data, AI, ecosystem of apps because now we can do your taxes through Credit Karma through the QuickBooks platform, and 1 of the largest networks of experts that we have.

我的意思是，我們大規模提供全方位服務，想想看，它實際上是基於數據、人工智慧、應用程式生態系統，因為現在我們可以透過QuickBooks 平台和最大的平台之一透過Credit Karma 為您報稅。我們擁有的專家網絡。

And all of that fits on machine learning, knowledge engineering and now Gen AI capability. So the biggest in our view, based on what we're seeing in market, right, the biggest opportunity is about the ease and the speed of getting people's taxes done.

所有這些都適合機器學習、知識工程和現在的人工智慧能力。因此，根據我們在市場上看到的情況，我們認為最大的機會是人們納稅的便利性和速度。

So imagine a world where you're a full-service customer that we can get your taxes done an less than an hour, maximum refund and extend your dollars because of what we can do with you on the Credit Karma platform. an excellent service. The best service you can imagine in the world, which, by the way, is supported by our product recommendation score of 88.

因此，想像一下這樣一個世界：您是全方位服務的客戶，我們可以在不到一小時的時間內完成您的稅款、最大退款並延長您的資金期限，因為我們可以在Credit Karma 平台上為您提供協助。優質的服務。順便說一下，這是您能想像到的世界上最好的服務，這得到了我們 88 分的產品推薦分數的支持。

So really, it's full service that will have the biggest impact. Now the whole underlying platform is what full service uses. And so the other is, over time, yes, it will help with conversion, and really, it's about confidence.

事實上，全方位服務將產生最大的影響。現在整個底層平台就是全服務用的。所以另一個是，隨著時間的推移，是的，它將有助於轉化，而且實際上，這與信心有關。

And we're seeing that right now where Intuit Assist is engaged to understand my tax outcome and refund outcome, the helpful rating is 1.5x better than we've ever seen. And by the way, we are very early. We haven't perfected it by any means. So that's on the tax front.

我們現在看到，當 Intuit Assist 致力於了解我的報稅結果和退款結果時，有用的評級比我們以前見過的好 1.5 倍。順便說一句，我們還很早。我們還沒有以任何方式完善它。這是在稅收方面。

Just very quickly, let me touch on Credit Karma. As you know, 1 of the powers of Credit Karma on behalf of our customers is we know everything about the customer. We know all the data and leverage AI to deliver personalized credit cards that are right for them or personal loans, whatever it may be.

很快，讓我談談 Credit Karma。如您所知，Credit Karma 代表客戶的權力之一是我們了解客戶的一切。我們了解所有數據，並利用人工智慧提供適合他們的個人化信用卡或個人貸款，無論是什麼。

One thing that's profound with GenAI that we're learning and seeing in market today is now customers can interact with Credit Karma, whereas before they could the front too is the promise, I would show you the 3 credit cards that are right for you based on everything that I know about you.

我們今天在市場上了解到和看到的 GenAI 的一件深刻的事情是，現在客戶可以與 Credit Karma 進行互動，而在他們可以之前，前面也是承諾，我將向您展示 3 種適合您的信用卡關於我所知道的關於你的一切。

But now you can interact with Credit Karma and ask, "Hey, I'm looking for travel rewards, which of these 3 credit cards are the best for me?" And then we interact with you and help you understand which 1 is the best for you based on an additional set of questions that you've asked where we now know more about. That's profound because that will, over time, drive higher engagement, monetization, et cetera.

但現在您可以與 Credit Karma 互動並詢問：“嘿，我正在尋找旅行獎勵，這 3 種信用卡中哪一種最適合我？”然後，我們會與您互動，根據您提出的一系列我們現在了解更多的問題，幫助您了解哪一個最適合您。這是意義深遠的，因為隨著時間的推移，這將推動更高的參與、貨幣化等等。

And on the small business front, our entire focus is revenue and profitability increase. Everything that we are testing in market, learning in market is so that we can help you with campaigns that increases your revenue or manage our cash flow that better helps you with profitability.

在小型企業方面，我們的全部重點是收入和盈利能力的增加。我們在市場上測試、在市場上學習的一切都是為了幫助您開展增加收入的活動或管理我們的現金流，從而更好地幫助您提高盈利能力。

And one of the things we're testing with is to have experts that actually provide insights to you. And those insights could be, hey, it's time to take out capital because your sales are strong or I just finished doing your books for you. Would you like to have a conversation so you can understand your cash flow and how your book is close for the month. And that's a monetizable event for us.

我們正在測試的事情之一是讓專家真正為您提供見解。這些見解可能是，嘿，是時候拿出資本了，因為你的銷售很強勁，或者我剛剛為你寫完書。您是否願意進行一次對話，以便了解您的現金流量以及您當月的帳簿結帳情況。這對我們來說是一個可獲利的活動。

So probably a longer answer that you're looking for, but those are the things that are in market where we're learning and adjusting. And we think over time, we haven't perfected any of this yet because it's actually hard, but we believe it will create an entirely new category of services and growth.

因此，您可能正在尋找一個更長的答案，但這些是我們正在學習和調整的市場中的東西。我們認為，隨著時間的推移，我們還沒有完善這一切，因為這實際上很困難，但我們相信它將創造一個全新的服務類別和成長。

The next question comes from Kirk Materne with Evercore ISI.

下一個問題來自 Evercore ISI 的 Kirk Materne。

Yes. Congrats on the quarter. Sasan, can you just remind us where we are in terms of some of the cross-sell of QuickBooks into the Mailchimp base and vice versa. And when Intuit Assist goes GA for QuickBooks, will that be the point at which Intuit can answer questions across sort of the front office and back office for customers? Can you just talk about that a little bit?

是的。恭喜本季。 Sasan，您能提醒我們在 QuickBooks 向 Mailchimp 基地的交叉銷售方面的進展嗎？反之亦然。當 Intuit Assist 在 QuickBooks 上正式發佈時，Intuit 是否可以在此時為客戶回答前台和後台的問題？你能簡單談談這個嗎？

Yes. Great question, Kirk. Let me start with your -- the Intuit Assist question first. And I'll sequence -- I'll share with you how we're sequencing it. Right now, our entire focus -- and remember, everything that we are doing here is based on data and AI. A lot of our investments are what we don't see, which is ensuring that the data is usable, that it's clean, that is structured the right way and that our machine learning, knowledge engineering and GenAI capabilities can digest all of the data.

是的。好問題，柯克。首先讓我從您的 Intuit Assist 問題開始。我將進行測序——我將與您分享我們如何對其進行測序。現在，我們的全部重點 - 請記住，我們在這裡所做的一切都是基於數據和人工智慧。我們的許多投資是我們看不到的，即確保數據可用、乾淨、以正確的方式構建，以及我們的機器學習、知識工程和 GenAI 功能可以消化所有數據。

Inclusive of data, by the way, that's contributed by the customer like access to their Gmail account, access to their Excel spreadsheet because a lot of customers' data are in those 2 places or they're in shoe boxes and being able to take pictures and for us to be able to digest that data and actually deliver insights.

順便說一下，包括客戶貢獻的數據，例如訪問他們的 Gmail 帳戶、訪問他們的 Excel 電子表格，因為很多客戶的數據都在這兩個地方，或者在鞋盒裡並且能夠拍照讓我們能夠消化這些數據並真正提供見解。

So our first priority of order is to ensure that if you're using our small business platform and if you are looking to put together marketing campaigns that Intuit Assist is doing that for you.

因此，我們的首要任務是確保，如果您正在使用我們的小型企業平台，並且您希望進行行銷活動，Intuit Assist 將為您做到這一點。

The second element of what we are focused on is then being able to transfer and use Intuit across QuickBooks and Mailchimp because all the data points are connected. That is absolutely where we are headed, and it's sequenced in second place compared to what I just articulated because we have to nail the basics.

我們關注的第二個要素是能夠跨 QuickBooks 和 Mailchimp 傳輸和使用 Intuit，因為所有資料點都是相連的。這絕對是我們前進的方向，與我剛才闡述的相比，它排在第二位，因為我們必須牢牢掌握基礎知識。

But that's actually where the power of our platform will show off to our customers where whether you're in Credit Karma or TurboTax, you can ask whatever question you want that is relevant in your life, and we can answer it because all of our data points are connected and our AI capabilities are, in essence, working across the products. So that is sequence, but we're working on that as we speak.

但這實際上是我們平台向客戶展示其強大功能的地方，無論您是在 Credit Karma 還是 TurboTax，您都可以提出與您生活相關的任何問題，我們可以回答您的問題，因為我們的所有數據點是相互連結的，我們的人工智慧功能本質上是跨產品發揮作用的。這就是順序，但我們正在努力解決這個問題。

The second is cross-sell. First of all, I'll start with -- we're not thinking about it in terms of cross-sell. We're thinking about it in terms of product integration. So what we are really focused on. And this is, by the way, this applies to TurboTax and Credit Karma this applies to Mailchimp and QuickBooks.

二是交叉銷售。首先，我首先要說的是──我們並沒有從交叉銷售的角度來考慮這個問題。我們正在從產品整合的角度來考慮它。那我們真正關注的是什麼。順便說一下，這適用於 TurboTax 和 Credit Karma，這適用於 Mailchimp 和 QuickBooks。

What we're really focused on is integrating the product at moment of truth that matters most based on how the customer does the work. Like, for instance, if you are in QuickBooks on your left map, this is just an illustrative example because we're actually testing a lot of this is that you can actually see how you can manage your customers and put together marketing campaigns.

我們真正關注的是根據客戶的工作方式在最重要的關鍵時刻整合產品。例如，如果您在左側地圖上的 QuickBooks 中，這只是一個說明性範例，因為我們實際上正在測試很多內容，您可以實際看到如何管理客戶並組織行銷活動。

And when you engage and click on that, you have the Mailchimp engine that is working behind the scenes and after maybe a couple of free trials then we share with you how much it is to pay for these capabilities. So that's what I mean by product integration. We want to nail the benefits at the moment of truth that matters versus just trying to sell you Mailchimp within the platform. We found over time that, that's not as effective. What's most effective is the product integration. So that's the approach that we're taking across all of our platforms.

當您參與並點擊它時，您就擁有了在幕後工作的 Mailchimp 引擎，經過幾次免費試用後，我們將與您分享為這些功能支付的費用。這就是我所說的產品整合的意思。我們希望在關鍵時刻明確其優勢，而不是僅僅在平台內向您推銷 Mailchimp。隨著時間的推移，我們發現這並不那麼有效。最有效的是產品整合。這就是我們在所有平台上採用的方法。

The next question comes from Brent Thill with Jefferies.

下一個問題來自 Jefferies 的布倫特希爾 (Brent Thill)。

Jason, for Credit Karma to get back to growth, what are the key ingredients that you need to see for that to get back to growth versus the declines that we've seen the last year?

Jason，為了讓 Credit Karma 恢復成長，您需要看到哪些關鍵因素才能恢復成長而不是我們去年看到的下降？

Yes, good question. A couple of things. One, which we are starting to see, which is just stability of partners and the environment, for the most part, other than some select partners, we've actually seen stability with our partners, and we've actually seen verticals like insurance come back. We saw a big decline last year.

是的，好問題。有幾件事。一，我們開始看到，這只是合作夥伴和環境的穩定性，在大多數情況下，除了一些精選的合作夥伴之外，我們實際上已經看到了合作夥伴的穩定性，並且我們實際上已經看到了保險等垂直行業的出現後退。去年我們看到了大幅下降。

So one is just stability. And then the second is just the areas of innovation that we are focused on. One is we've redesigned the entire app. Now it's rolled out to all members, which is a massive, massive feet. And based on the redesign of the app, there are many ways in which we can engage customers more so than we could before, and that will actually drive monetization. So that's 1 lever beyond the macro that I mentioned.

所以一是穩定。第二個就是我們關注的創新領域。一是我們重新設計了整個應用程式。現在它已向所有會員推出，這是一個巨大的、巨大的腳。基於應用程式的重新設計，我們可以透過多種方式比以前更多地吸引客戶，這實際上將推動獲利。所以這比我提到的宏多了 1 個槓桿。

The second is Intuit Assist. It's the example I provided earlier, where now customers can actually interact with us and ask questions and let us know what's important to them, but we can personalize things in a way that we could never before. And based on very early testing, we see the engagement is higher when customers are interacting with Intuit Assist, which over time will lead to monetization. That's the second area.

第二個是 Intuit 協助。這是我之前提供的範例，現在客戶實際上可以與我們互動並提出問題，讓我們知道什麼對他們來說很重要，但我們可以以前所未有的方式對事物進行個人化。根據非常早期的測試，我們發現當客戶與 Intuit Assist 互動時，參與度會更高，隨著時間的推移，這將帶來貨幣化。那是第二個區域。

Third is just a number of initiatives that we have around Prime. As I've mentioned, as we've mentioned before, Prime is actually quite a large part of our monthly active users, but we've never really focused on it. Now that's an area of focus.

第三是我們圍繞 Prime 採取的一些措施。正如我所提到的，正如我們之前提到的，Prime 實際上占我們每月活躍用戶的很大一部分，但我們從未真正關注過它。現在這是一個重點領域。

And then last but not least is TurboTax. And TurboTax, the way we're thinking about it is actually about product integration because the more we can engage members year round around if they took out a mortgage or having them take a snapshot of their W-2 and letting them know what their refund could be, the more we can actually penetrate more of the members to use TurboTax as a method to get their access to the refund. All those things, creating 1 platform is what we believe and are confident actually that will get us to accelerated growth, and it's really in that order. So let me pause there. Hopefully that helps, Brad.

最後但並非最不重要的是 TurboTax。對於 TurboTax，我們考慮的方式實際上是產品集成，因為如果會員申請了抵押貸款或讓他們拍攝 W-2 快照並讓他們知道退款內容，我們可以全年更多地吸引會員可能的是，我們實際上可以讓更多的會員使用TurboTax 作為退款的方法。所有這些事情，創建一個平台是我們相信並有信心的，實際上這將使我們加速成長，而且確實是按這個順序。讓我在此暫停一下。希望有幫助，布拉德。

The next question comes from James Friedman with Susquehanna.

下一個問題來自薩斯奎哈納的詹姆斯·弗里德曼。

I was hoping to get your thoughts on the opportunity for additional build pay options. I believe, Sasan, you mentioned in your prepared remarks rolling out same-day ACH. But any high-level thoughts on other bill pay options, including virtual credit cards?

我希望了解您對額外建立付費選項機會的想法。我相信，Sasan，您在準備好的演講中提到了推出當天 ACH。但是對其他帳單支付選項（包括虛擬信用卡）有什麼高層次的想法嗎？

Yes. First of all, the key to success for us, given where we are on the rollout is one, network connections. And as you heard in our remarks, albeit very early, the number of business network connections has doubled since August.

是的。首先，考慮到我們目前的部署情況，我們成功的關鍵是網路連線。正如您在我們的演講中所聽到的，儘管很早，但自 8 月以來，業務網路連線的數量已增加了一倍。

And that's important because it helps. It's a huge step forward to then digitize how we, in essence, help customers get take and pay bills.

這很重要，因為它有幫助。這是我們在本質上幫助客戶獲取和支付帳單的方式數位化的巨大進步。

The second is just -- it's executing on our road map. The big thing that we're starting to roll out that we talked about earlier, is just faster payments, and that's through both paid ACH next day that we're rolling out and also batch payments.

第二個是──它正在我們的路線圖上執行。我們之前談到的開始推出的一件大事就是更快的付款，這是透過我們推出的第二天支付 ACH 以及批量付款來實現的。

And so we're going to continue to look at what's most important for our customers, and that's what's informing our road map, but we have to do it in conjunction with continuing to increase network connections. And we're really excited about in the long term, what's possible, digitizing all of B2B because it's very -- it's incredibly beneficial to our customers because they get paid faster. And two, it's really a sticky product.

因此，我們將繼續關注對我們的客戶來說最重要的事情，這就是我們的路線圖的訊息，但我們必須與繼續增加網路連接結合起來。從長遠來看，我們對所有 B2B 數位化的可能性感到非常興奮，因為這對我們的客戶非常有利，因為他們可以更快地獲得付款。第二，它確實是一種黏性產品。

The next question comes from Raimo Lenschow with Barclays.

下一個問題來自巴克萊銀行的 Raimo Lenschow。

A question for Sandeep. As you think about this year, you kind of said that you didn't expect a lot of kind of recovery to health. It's just like how you manage the business. But if you think about costs, so far, you've been doing really well on margins.

問桑迪普一個問題。當你回想今年的時候，你可能會說你並沒有期望健康得到很大程度的恢復。這就像你管理業務的方式一樣。但如果你考慮成本，到目前為止，你的利潤率一直做得很好。

But there's also obviously an element of getting ready for things are getting better. How do you see the progression of investments this year?

但顯然還有一個因素是為事情變得更好做好準備。您如何看待今年的投資進度？

Raimo, super important one. And let me share some of my thoughts. First and foremost, I'll start with the fact that we're deliberately building this business to scale growth while increasing our profitability. In fact, those are principal ones and two of our financial principles that we use to manage this company. So that's a very deliberate approach that we are taking.

雷莫，超級重要的一個。讓我分享一些我的想法。首先，我首先要說明的是，我們正在刻意打造這項業務，以擴大成長規模，同時提高獲利能力。事實上，這些都是我們用來管理這家公司的主要原則和兩個財務原則。所以這是我們正在採取的一種非常謹慎的方法。

And we have a track record of spending margin over the years while bringing innovation to markets such as Intuit Assist, such as building innovation to address the opportunity we have in the mid-market, such as innovation to localized product in milling for the international market. So we are not leaving growth opportunities on the table with our focus to scale growth and drive innovation.

多年來，我們在為 Intuit Assist 等市場帶來創新的同時，也保持著支出利潤率的記錄，例如透過建構創新來抓住我們在中端市場的機會，例如為國際市場銑削在地化產品進行創新。因此，我們不會放棄成長機會，而是專注於擴大成長和推動創新。

Now to the second point of your question in terms of the profitability profile so far this year, we look at our margins and aim to deliver our margin commitments for the full year, and I feel quite confident in our path to do so. And the performance we had in the first couple of quarters, in fact, boosted the confidence that I have in our full year guidance.

現在，關於你提出的第二點問題，即今年迄今為止的盈利狀況，我們著眼於我們的利潤率，並致力於兌現全年的利潤率承諾，我對我們實現這一目標的道路充滿信心。事實上，我們前幾季的表現增強了我對全年指導的信心。

The next question comes from Mark Murphy with JPMorgan.

下一個問題來自摩根大通的馬克墨菲。

So Sasan, within the QuickBooks business, you have this growth vector in the upmarket piece. And I'm curious if you're able to comment on the growth and traction that you're seeing in that 10 to 100 employee segment versus the 1 to 9 or 0 to 9 employee segment.

因此，Sasan 在 QuickBooks 業務中，在高階市場領域擁有這種成長向量。我很好奇您是否能夠對 10 到 100 名員工群體與 1 到 9 名或 0 到 9 名員工群體中所看到的成長和吸引力發表評論。

For instance, is one of those growing mid-20s and the other is high teens? Just interested in how much of a spread you see there and maybe where you see it trending this year.

例如，其中一位是 20 多歲，另一位是十幾歲？只是對您在那裡看到的價差有多大以及今年您看到的趨勢感興趣。

Yes, sure. I'll add a perspective and would invite Sandeep to chime in as well. I think the short answer is we are seeing more traction in our higher-value customers and our mid-market customers, which I think to your frame is 10, 15 employees and up or more, higher revenue customers.

是的，當然。我將添加一個觀點，並邀請桑迪普也加入。我認為簡短的答案是，我們在高價值客戶和中端市場客戶中看到了更多的吸引力，我認為在您的框架中，這些客戶是10 名、15 名員工以及更多或更多的高收入客戶。

We are seeing more traction there, and more momentum there. And by the way, A big part of it is that's where we're really focusing our innovation, our go-to-market. At the same time, to be clear, we are -- we always remain paranoid and always believe in the notion of disrupting from the low end, which is, by the way, why we just launched the solopreneur offering, which is to be able to serve those small businesses that, in essence, they're on their own because we believe that is helping entrepreneurs when they're a team of 1 because 1 day, some will become a team of thousands.

我們在那裡看到了更多的牽引力和動力。順便說一句，其中很大一部分是我們真正關注創新和進入市場的地方。同時，需要明確的是，我們始終保持偏執，始終相信從低端顛覆的概念，順便說一下，這就是為什麼我們剛剛推出了個體企業家產品，即能夠為那些本質上是獨立的小企業提供服務，因為我們相信，當企業家是一個團隊時，這會幫助他們，因為有一天，有些人會變成一個數千人的團隊。

So we're not taking our eye off the ball on the low end at all, but we're doubling down on our focus on the higher-value customers. And yes, we do see more resiliency, more momentum with these larger customers.

因此，我們根本不會把目光從低端客戶身上移開，而是加倍專注於高價值客戶。是的，我們確實看到這些大客戶更具彈性、更有動力。

And Sasan, cover the topic. The only thing I would add is that the unit economics on the upmarket is also something that we find quite attractive to these customers. They tend to scale to a much higher ARPC, especially as we get them to adopt our platform. They, by definition, have more employees. They have a definition of processing more payments. So that's also something that we find attractive and is very much an area that we are having our go-to-market teams and our product teams deliberately lead in this year.

薩桑，談談這個話題。我唯一要補充的是，我們發現高端市場的單位經濟效益對這些客戶非常有吸引力。他們傾向於擴展到更高的 ARPC，特別是當我們讓他們採用我們的平台時。根據定義，他們擁有更多的員工。他們有處理更多付款的定義。因此，這也是我們認為有吸引力的領域，也是我們今年讓市場推廣團隊和產品團隊刻意領導的領域。

The next question comes from Steve Enders with Citi.

下一個問題來自花旗銀行的史蒂夫恩德斯。

Okay. Great. I guess maybe just on the SMB side again. I think you made a comment in the prepared remarks about shifting towards ARPC over time as a growth lever. Just I guess one I want to clarify that comment.

好的。偉大的。我想也許又是在中小企業方面。我認為您在準備好的評論中發表了關於隨著時間的推移轉向 ARPC 作為成長槓桿的評論。只是我想我想澄清這一評論。

And then secondarily, does that change how you think about the levers of growth moving forward for the SMB segment from more towards ARPC away from the customer side?

其次，這是否會改變您對中小型企業細分市場的成長槓桿的看法，從更多地轉向遠離客戶方的 ARPC？

Steve, the way we think about it and as we were just addressing in the prior question, we see a tremendous opportunity in the mid-market for those that we currently define as having 10 to 100 employees.

史蒂夫，我們思考這個問題的方式，正如我們在上一個問題中所討論的那樣，對於我們目前定義為擁有 10 到 100 名員工的企業來說，我們在中端市場看到了巨大的機會。

And what really excites us about this opportunity is that these customers come with a much higher lifetime value, much higher ARPC and have better retention. And so that just helps our economics. But these customers also tend to have higher customer acquisition costs. So -- and they are relatively fewer of those than the smaller customers just by definition, when you look at the overall addressable market.

這個機會真正讓我們興奮的是，這些客戶擁有更高的生命週期價值、更高的 ARPC 和更好的保留率。所以這對我們的經濟有幫助。但這些客戶也往往有較高的獲客成本。因此，當你觀察整個潛在市場時，從定義來看，他們的數量相對較小的客戶要少。

So as we focus on these larger customers, they -- that means we will get higher ARPC customer even though there are fewer of those. So that is where the growth formula continue to abide by the growth format that we have publicly discussed about 10% to 20% customer growth, 10% to 20% ARPC growth, whereas we continue to focus on the mid-market, you should expect us to lean in more towards the ARPC growth because of this dynamic with the mid-market. And we think that's actually a good thing for the business going forward.

因此，當我們專注於這些較大的客戶時，這意味著我們將獲得更多的 ARPC 客戶，儘管這些客戶數量較少。因此，成長公式繼續遵循我們公開討論的成長格式，大約 10% 到 20% 的客戶成長，10% 到 20% 的 ARPC 成長，而我們繼續關注中端市場，你應該期待由於中端市場的這種動態，我們更傾向於ARPC 的成長。我們認為這對業務的未來發展其實是件好事。

The next question comes from Scott Schneeberger with Oppenheimer.

下一個問題來自斯科特·施尼伯格和奧本海默。

Sasan, a couple of tax questions. One, just here's a -- we're 3 weeks in, we're pretty well through the early season. you had anticipated earlier before the tax season that we would see a probably flattish year for the industry. And that felt kind of conservative.

Sasan，幾個稅務問題。第一，我們已經三週了，我們已經很好地度過了賽季初期。您在報稅季之前就曾預計，該行業今年可能表現平淡。這感覺有點保守。

Now that we're in a bit -- and we've also seen a return to DIY category shift. I'm curious if you have any update on what you're seeing for the industry overall thus far? And then the second part is, on full service, you sound very happy with it, the 88 number recommendation score.

現在我們已經進入了一個階段，而且我們也看到了 DIY 類別轉變的回歸。我很好奇您對迄今為止整個行業的看法是否有任何更新？然後第二部分是，在全方位服務方面，你聽起來很滿意，88分的建議分數。

Could you speak to some of the growing pain points you had last year and the fixes you're seeing this year as you're working your way through the early season?

您能談談去年遇到的一些日益嚴重的痛點以及今年在賽季初的工作中看到的修復嗎？

Yes, sure. Our view, having been through however many tax seasons we've been through as a company is -- it's early in the season to estimate how many folks will ultimately file when it's all said and done.

是的，當然。我們的觀點是，無論我們作為一家公司經歷了多少個報稅季，現在估計在一切塵埃落定後最終會有多少人報稅還為時過早。

With that said, our belief is still the same. It will probably be total of number of filers will probably be flattish, maybe up a little bit. Our perspective really hasn't changed because our focus is how do we win as many filers within the categories that are growing to file.

話雖如此，我們的信念仍然是一樣的。申請者總數可能持平，甚至可能有所上升。我們的觀點確實沒有改變，因為我們的重點是如何在不斷增長的申請類別中贏得盡可能多的申請者。

But so the first answer is our view hasn't really changed. The second on full service and some of the growing pains, I would call out a few from last year compared to what we're doing this year. One is we actually made it difficult for customers to get into full service last year.

但第一個答案是我們的觀點並沒有真正改變。第二個是關於全方位服務和一些成長的煩惱，我會指出去年與今年所做的一些比較。一是去年我們實際上讓客戶很難獲得全面的服務。

And by the way, it was more time to ensure that customers were really, really getting into the right service. But we had so much friction that we had created upfront. And if you think about somebody that just walked into somebody's home or office and sort of hands everything over and says here, get my taxes done and then they interact until 3, 4 weeks later until their taxes are done.

順便說一句，我們需要更多的時間來確保客戶真正獲得正確的服務。但我們之前就製造太多摩擦了。如果你想像一下，有人剛走進某人的家或辦公室，把所有東西都交給了他，並在這裡說，完成我的稅款，然後他們互動，直到3、4 週後，直到他們的稅金完成。

The notion of engaging and putting a lot of friction up and asking a lot of questions upfront is not a behavior they're used to. So that was big learning and growing pain, a lot of which we have removed all the friction and engage -- get a customer to engage an expert depending on what we know about them very, very early. So that's one.

他們不習慣參與、製造大量摩擦、事先提出許多問題的行為。所以這是一個很大的學習和成長的痛苦，其中許多我們已經消除了所有的摩擦和參與——讓客戶根據我們對他們的了解非常非常早地聘請專家。這就是其中之一。

I think the second one, we learned a lot about what did and did not work in our campaigns last year. And there's a lot we are doing differently to really help customers, both on air digitally, but also the infrastructure that we are working on, which by the way, is not going to be done this season, right?

我認為第二個，我們了解了去年我們的活動中哪些措施有效、哪些無效。我們正在做很多不同的事情來真正幫助客戶，包括數位廣播，還有我們正在開發的基礎設施，順便說一句，這個季節不會完成，對吧？

We're going to be investing in it for several years where basic things, which by the way, are very powerful, where if I did your taxes and you love the work that I did for you. And by the way, our product recommendation score of 88 would suggest that our expert to deliver excellent service, you'd want to recommend me to your friend.

我們將在其中投資幾年，順便說一下，這些基本的東西非常強大，如果我為你納稅，而你喜歡我為你所做的工作。順便說一句，我們的產品建議分數為 88 分，表示我們的專家提供優質的服務，您會想將我推薦給您的朋友。

Well, last year, you could not do that. And this year, we're building the capabilities so you can actually recommend me to our friend. And that virality is a very big thing, especially when you have an 88 product recommendation score. And then lastly is 43% of those that use an assisted method that choose the switch to somebody else, 43% will actually go on Google, and Google, is there a TaxPro near me?

好吧，去年你不能這麼做。今年，我們正在建立這些功能，以便您實際上可以將我推薦給我們的朋友。病毒式傳播是一件非常重要的事情，尤其是當你的產品建議得分為 88 分時。最後，在使用輔助方法的人中，43% 的人選擇轉向其他人，43% 的人實際上會使用 Google，而 Google，我附近有 TaxPro 嗎？

And again, that's another example of where we didn't have the infrastructure to show up. And we're building that infrastructure. So I can tell you for a fact in San Jose, California, right, or in Los Gatos, I should say, if you put in TaxPro near me, we will show up top of the list, we being TurboTax. If you do it in Atlanta, which is where I was a few weeks ago, we don't show up. It's because we're working on it.

這又是我們沒有基礎建設的另一個例子。我們正在建設該基礎設施。所以我可以告訴你一個事實，在加利福尼亞州聖何塞，或者在洛斯加托斯，我應該說，如果你在我附近放置 TaxPro，我們將出現在列表的頂部，我們是 TurboTax。如果你在亞特蘭大（幾週前我就在那裡）做這件事，我們就不會出現。這是因為我們正在努力。

And so that's an example of the things that we learned last year that we're implementing this year, but not just for this tax season, but really to nail it with excellence as we think about the future.

這是我們去年學到的事情的一個例子，我們今年正在實施，但不僅僅是為了這個納稅季節，而是在我們思考未來時真正以卓越的方式實現這一點。

The next question comes from Keith Weiss with Morgan Stanley.

下一個問題來自摩根士丹利的基斯韋斯。

Excellent. Just one for Sandeep as well. Another margin question but a little bit of a different angle. When it comes to generative AI, we're really been talking a lot about the potential top line impact. Are there operating margin benefits that you guys can see through just better usage of the gen AI technology internally, whether it's stuff like code assist or whatnot?

出色的。桑迪普也只有一份。另一個保證金問題，但角度有點不同。當談到產生人工智慧時，我們確實談論了很多潛在的營收影響。透過在內部更好地使用新一代人工智慧技術，無論是程式碼​​輔助還是其他什麼，你們是否可以看到營業利潤率的好處？

And then on the flip side of the equation, given that a lot of this stuff is still ramping up, is there anything we should be looking out for on the gross margin line in terms of just like these capabilities being that much more compute-intensive and that much more impactful on COGS versus what you're seeing in consensus estimates today?

然後在等式的另一面，考慮到許多這些東西仍在增加，我們是否應該在毛利率線上尋找任何東西，就像這些功能更加計算密集一樣與您今天在共識估計中看到的相比，這對銷貨成本的影響更大嗎？

Keith, so let me start by just reminding us all that the GenAI cost for the current fiscal year have been incorporated into our guidance. So that's first and foremost, but now let me address the themes of your question.

Keith，首先我要提醒大家，本財年的 GenAI 成本已納入我們的指導中。這是首要的，但現在讓我談談你問題的主題。

As I think about the cost structure and outlook from the cost return where your question was, we actually feel that we are quite advantageous versus the market in the sense that the data that we have, that we have touched on that's residing behind our firewalls that we are training our large language models on that are delivering more contextually relevant answers at a faster speed versus other generally available large language models and that they are doing that at a fraction of the cost.

當我考慮您問題所在的成本回報的成本結構和前景時，我們實際上認為我們相對於市場來說相當有優勢，因為我們擁有的數據，我們接觸過的數據都駐留在我們的防火牆後面，我們正在訓練我們的大型語言模型，與其他普遍可用的大型語言模型相比，它們能夠以更快的速度提供更多上下文相關的答案，而且它們的成本只是其中的一小部分。

So just from a unit economics point of view for the GenAI it's actually advantageous the way we are running it. Two, we don't have our own data center, and we rely on AWS and other third-party data centers to run our model. So that, again, is a cost advantage because we don't have the build-out cost as some others might have.

因此，僅從 GenAI 的單位經濟學角度來看，我們運行它的方式實際上是有利的。第二，我們沒有自己的資料中心，我們依賴AWS和其他第三方資料中心來運行我們的模型。因此，這又是一個成本優勢，因為我們沒有像其他一些公司那樣的擴張成本。

Furthermore, as I look across our business, I do see opportunities for us to, over time, improve our economics using GenAI and AI. We've already given examples on things such as in customer success, where agents no longer have to take notes or spend minutes summarizing the call that they just had, AI does that.

此外，當我縱觀我們的業務時，我確實看到了隨著時間的推移，我們有機會使用 GenAI 和人工智慧來改善我們的經濟效益。我們已經給了一些例子，例如在客戶成功方面，座席不再需要做筆記或花幾分鐘總結他們剛剛接到的電話，人工智慧可以做到這一點。

And that's just one small example. But I expect that to continue to lead to more efficiencies in our customer success call lead to more better unit economics in a full service and live offerings. And as we kind of carry that forward also how we are staffing our service in terms of project management or designers to engineers ratios. I see many opportunities for us to continue to benefit from Gen AI, and I feel good about the early start that we have leading into some of those capabilities.

這只是一個小例子。但我預計這將繼續提高我們客戶成功電話會議的效率，從而在全方位服務和現場服務中帶來更好的單位經濟效益。當我們推進這一目標時，我們也將如何在專案管理或設計師與工程師的比例方面配置我們的服務人員。我看到我們有很多機會繼續從 Gen AI 中受益，而且我對我們在其中一些能力方面的早期起步感到滿意。

Got it. So net-net, it seems like a positive dynamic versus something that could drag on margins overall?

知道了。那麼，這似乎是一個積極的動態，而不是可能拖累整體利潤率的因素？

That would be the right takeaway. Yes.

這將是正確的結論。是的。

Ladies and gentlemen, this does conclude today's question-and-answer period. I will now turn the program back over to our presenters for any additional or closing remarks.

女士們、先生們，今天的問答環節到此結束。我現在將把節目交還給我們的主持人，以供補充或結束語。

All right. Awesome. Everybody, thank you for listening in. Thank you for your wonderful questions. Be safe. We'll talk to you next quarter. Thank you, everybody.

好的。驚人的。各位，謝謝你們的收聽。謝謝你們提出的精彩問題。注意安全。我們將在下個季度與您交談。謝謝大家。

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。