直覺電腦 (INTU) 2024 Q3 法說會逐字稿

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

午安.我叫大衛，我將擔任您的會議操作員。此時，我謹歡迎大家參加 Intuit 2024 財年第三季電話會議。 （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, David. Good afternoon, and welcome to Intuit's Third Quarter Fiscal 2024 Conference Call. I'm here with Intuit's CEO, Sasan Goodarzi; and our CFO, Sandeep Aujla.

謝謝，大衛。下午好，歡迎參加 Intuit 2024 財年第三季電話會議。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 reconciled the comparable GAAP and non-GAAP numbers in today's press release. Unless otherwise noted, all growth rates refer to the current period versus the comparable prior year period, and the business metrics and associated growth rates refer to worldwide business metrics. A copy of our prepared remarks and supplemental financial information will be available on our website after this call ends.

這些評論中的一些數字是根據非公認會計原則提供的。我們在今天的新聞稿中對可比較的公認會計原則和非公認會計原則數據進行了核對。除非另有說明，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。

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

這樣，我就把電話轉給 Sasan。

Thanks, Kim, and thanks to all of you for joining us today. We had a strong quarter with solid momentum across the company as we executed our strategy to be the global AI-driven expert platform powering prosperity for consumers and small businesses. Our third quarter revenue grew 12%. Small Business and Self-Employed Group revenue grew 18% despite an uncertain macro environment, demonstrating the importance of our platform in fueling success for small businesses and our momentum serving the mid-market.

謝謝金，也謝謝大家今天加入我們。我們執行了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的策略，整個公司的發展勢頭強勁，季度表現強勁。我們第三季的營收成長了 12%。儘管宏觀環境不確定，小型企業和自營集團收入仍增長了 18%，這表明我們的平台在推動小型企業成功方面的重要性以及我們服務中端市場的動力。

Consumer Group revenue grew 9% and Credit Karma revenue grew 8%, driven by the impact of innovation from members and the benefits of TurboTax and Credit Karma product integration. I'm proud of our performance and the momentum we're seeing across the company.

受會員創新的影響以及 TurboTax 和 Credit Karma 產品整合的好處的推動，消費者集團收入增長了 9%，Credit Karma 收入增長了 8%。我對我們的業績和整個公司的發展勢頭感到自豪。

Turning to tax. We continue to revolutionize how taxes get done for consumers and small businesses. Tax preparation represents a $35 billion TAM in the U.S. This includes $31 billion within the assisted consumer and business tax categories. We're well positioned to penetrate the assisted TAM by leveraging data, AI and our virtual expert platform.

轉向稅收。我們繼續徹底改變消費者和小型企業的稅務方式。在美國，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。透過利用數據、人工智慧和我們的虛擬專家平台，我們有能力滲透輔助 TAM。

Let me share several proof points. This season, we made good progress against our multiyear strategy to transform the assisted experience for customers. TurboTax Live, our assisted offering, including our do-it-with-me and full-service tax offerings for both consumers and businesses, is the largest durable growth opportunity.

讓我分享幾個證明點。本季度，我們在轉變客戶輔助體驗的多年策略方面取得了良好進展。 TurboTax Live 是我們的輔助產品，包括我們為消費者和企業提供的「與我一起做」和全方位稅務服務，是最大的持久成長機會。

We expect TurboTax Live customers to grow 12% and revenue to grow 17% in fiscal year 2024. TurboTax Live revenue is expected to be $1.4 billion, representing approximately 30% of total Consumer Group revenue growing at a significant scale. This gives us confidence that we can digitize a very manual, disaggregated and high-priced assisted category.

我們預計 2024 財年 TurboTax Live 客戶將成長 12%，營收將成長 17%。這讓我們相信我們可以將一個非常手動、分類和高價的輔助類別數位化。

Now let me spend a few minutes going deeper in several areas. First, TurboTax Live Full Service is resonating with consumers as we continue to innovate and making it simpler for customers to get their taxes done virtually. We expect TurboTax Live Full Service customers to double this fiscal year, with those new to TurboTax to triple. Our full-service offering has a product recommendation score of 85, one of the highest at Intuit. Our learnings and insights from this season bolster our confidence in the continued opportunity we have to disrupt the assisted category.

現在讓我花幾分鐘時間深入探討幾個領域。首先，隨著我們不斷創新並讓客戶更輕鬆地以虛擬方式完成納稅，TurboTax Live 全方位服務引起了消費者的共鳴。我們預計 TurboTax Live 全方位服務客戶數量將在本財年翻一番，其中新加入 TurboTax 的客戶數量將增加兩倍。我們的全方位服務產品的產品建議分數為 85 分，是 Intuit 最高的分數之一。我們從本賽季中學到的知識和見解增強了我們對繼續顛覆輔助類別的機會的信心。

Second, we expect TurboTax to gain share with higher ARPR filers, as we strategically prioritize focusing on the assisted tax segment and higher-value customers over pay-nothing and lower ARPR segment.

其次，我們預期 TurboTax 將獲得更高 ARPR 申報者的份額，因為我們在策略上優先關注輔助稅收細分市場和高價值客戶，而不是免費和較低 ARPR 細分市場。

Third, Intuit Assist, our gen AI-powered financial assistant, played a big role in our TurboTax experience this year. 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 to human expertise, fueling their financial success. More than 24 million customers used Intuit Assist to explain their refund, answer questions and helped deliver confidence that their return was completed accurately this year. This is data and gen AI working at scale, for both our customers and our AI-powered experts, helping customers virtually. I'm excited about what we're working on for next season to accelerate innovation and deliver even more customer benefits.

第三，Intuit Assist，我們的新一代人工智慧財務助手，在我們今年的 TurboTax 體驗中發揮了重要作用。借助 Intuit Assist，我們正在創造一個為您服務的未來，我們的客戶可以自動完成艱苦的工作，並獲得人類專業知識，從而促進他們的財務成功。超過 2,400 萬名客戶使用 Intuit Assist 來解釋他們的退款、回答問題並幫助他們相信今年他們的退貨已準確完成。這是數據和人工智慧大規模發揮作用，為我們的客戶和人工智慧專家提供虛擬幫助。我對我們下一季為加速創新和提供更多客戶利益而開展的工作感到興奮。

And fourth, we delivered solid results with the product integration across Credit Karma and TurboTax. We grew the number of customers that filed with TurboTax from the embedded Credit Karma experience by 76% and tax refunds deposited in a Credit Karma money account by 28%. We also delivered strong growth in Credit Karma Money revenue this quarter. This product integration also drove new members to Credit Karma, consistent with our goal of driving higher engagement and monetization for Credit Karma over time.

第四，我們透過 Credit Karma 和 TurboTax 的產品整合取得了紮實的成果。我們透過嵌入式 Credit Karma 體驗向 TurboTax 提交申請的客戶數量增加了 76%，存入 Credit Karma 資金帳戶的退稅金額增加了 28%。本季我們的 Credit Karma Money 營收也實現了強勁成長。這種產品整合也為 Credit Karma 吸引了新成員，這與我們隨著時間的推移推動 Credit Karma 更高的參與度和貨幣化的目標是一致的。

Given these results, we see big opportunities ahead to deliver on our vision to help consumers make ends meet, maximize their tax refund, save more money, pay off debt, and take steps to improve their financial health. To significantly accelerate creating seamless end-to-end consumer experiences that customers benefit from year round, we are more closely aligning TurboTax and Credit Karma under Mark Notarainni, General Manager of the Consumer Group, who will oversee both segments.

鑑於這些結果，我們看到了實現我們願景的巨大機遇，幫助消費者實現收支平衡，最大限度地提高退稅，節省更多資金，償還債務，並採取措施改善他們的財務健康狀況。為了大幅加速創造無縫的端到端消費者體驗，讓客戶全年受益，我們在消費者集團總經理Mark Notarainni 的領導下，更加緊密地協調TurboTax 和Credit Karma，他將負責監督這兩個部門。

I'm excited to share that Joe Kauffman, currently President of Credit Karma and part of the leadership team for the last 9 years, will be leading Credit Karma as of August 1, reporting to Mark. Additionally, Ken Lin will retire from Intuit around the end of this calendar year. I can't thank Ken enough for his friendship, leadership and impact across the company. In summary, we made strong progress this tax season that sets us up for continued success in the future.

我很高興地告訴大家，Joe Kauffman（現任 Credit Karma 總裁、過去 9 年擔任領導團隊的一員）將從 8 月 1 日起領導 Credit Karma，向 Mark 匯報。此外，Ken Lin 將於今年年底從 Intuit 退休。我對 Ken 的友誼、領導力和對整個公司的影響力感激不盡。總之，我們在這個納稅季取得了巨大進展，為我們未來的持續成功奠定了基礎。

Now let's take a look ahead. The era of AI is one of the most significant technology shifts of our lifetime. It is reinventing customer experiences, creating new monetization possibilities and structurally changing how we work with an Intuit to deliver for customers. We're very well positioned to take advantage of this era with our AI-driven expert platform strategy and 5 Big Bets to pursue the largest customer problems and growth drivers for Intuit.

現在讓我們展望一下未來。人工智慧時代是我們一生中最重大的技術變革之一。它正在重塑客戶體驗，創造新的獲利可能性，並從結構上改變我們與 Intuit 合作為客戶提供服務的方式。我們完全有能力利用這個時代的優勢，透過人工智慧驅動的專家平台策略和 5 大賭注來解決 Intuit 最大的客戶問題和成長動力。

As part of our financial planning process, we have identified key areas within our Big Bets, where we plan to accelerate investments to deliver greater impact. These include Big Bet 1, gen AI to deliver done-for-you experiences with Intuit Assist. Big Bet 2, go-to-market investments for TurboTax Live and QuickBooks Live, embedding AI-powered experts across our small business offerings. Big Bet 4, our money solutions to digitize the experience end to end for consumers and small businesses, from estimates to invoicing to getting paid and paying bills. Big Bet 5, doubling down on mid-market with additional investments in platform and go-to-market motions. And finally, accelerating international growth with Mailchimp and QuickBooks.

作為我們財務規劃流程的一部分，我們已經確定了大賭注中的關鍵領域，我們計劃在這些領域加速投資以產生更大的影響。其中包括 Big Bet 1、gen AI，透過 Intuit Assist 提供為您量身定制的體驗。 Big Bet 2，對 TurboTax Live 和 QuickBooks Live 進行市場投資，在我們的小型企業產品中嵌入人工智慧專家。 Big Bet 4，我們的貨幣解決方案，旨在將消費者和小型企業的體驗數位化，從估算到開立發票，再到付款和支付帳單。大賭注 5，透過對平台和進入市場行動的額外投資，加倍押注中端市場。最後，透過 Mailchimp 和 QuickBooks 加速國際成長。

To increase our investments in the outlined focus areas given the green shoots we're observing, we are taking a hard look at what we can stop doing and where we can reallocate investments to accelerate top line growth, while remaining committed to delivering operating margin expansion in fiscal year 2025 and beyond. Wrapping up, we're excited about the opportunity ahead and our ability to power prosperity for customers.

鑑於我們正在觀察到的萌芽，為了增加對上述重點領域的投資，我們正在仔細研究我們可以停止做什麼以及我們可以在哪裡重新分配投資以加速收入增長，同時繼續致力於實現營業利潤率擴張2025 財年及以後。總而言之，我們對未來的機會以及我們為客戶帶來繁榮的能力感到興奮。

Now let me hand it over to Sandeep.

現在讓我把它交給桑迪普。

Thanks, Sasan. We delivered a solid third quarter of fiscal 2024 across the company. Our third quarter results include revenue of $6.7 billion, up 12%; GAAP operating income of $3.1 billion versus $2.8 billion last year, up 12%; non-GAAP operating income of $3.7 billion versus $3.4 billion last year, up 11%; GAAP diluted earnings per share of $8.42 versus $7.38 a year ago, up 14%; and non-GAAP diluted earnings per share of $9.88 versus $8.92 last year, up 11%.

謝謝，薩桑。我們整個公司在 2024 財年第三季的業績表現強勁。我們第三季的業績包括營收 67 億美元，成長 12%； GAAP 營業收入為 31 億美元，較去年的 28 億美元成長 12%；非 GAAP 營業收入為 37 億美元，較去年的 34 億美元成長 11%； GAAP 攤薄後每股收益為 8.42 美元，較去年同期的 7.38 美元成長 14%；非 GAAP 稀釋後每股收益為 9.88 美元，去年為 8.92 美元，成長 11%。

Now turning to the business segments. Consumer Group revenue of $3.7 billion grew 9% in Q3, reflecting the progress we made transforming the assisted experience for consumers and small businesses this season. Our strategy is working. We expect TurboTax Live revenue to grow 17% to $1.4 billion in fiscal 2024, representing approximately 30% of overall Consumer Group revenue, driving total average revenue per return up approximately 10%. I am pleased with the sustained growth we are seeing in our TurboTax Live business.

現在轉向業務領域。第三季消費者集團營收達到 37 億美元，成長 9%，反映出我們本季在轉變消費者和小型企業輔助體驗方面取得的進展。我們的策略正在發揮作用。我們預計 TurboTax Live 營收將在 2024 財年成長 17%，達到 14 億美元，約佔消費者集團總營收的 30%，推動每次退貨的總平均營收成長約 10%。我對 TurboTax Live 業務的持續成長感到高興。

Overall retention is expected to be up 3 points year-over-year in fiscal 2024, close to pre-COVID levels, demonstrating the strength of our offerings and highlighting the benefit we are delivering to our customers. As Sasan shared earlier, we expect TurboTax to gain share with higher ARPR filers as we strategically prioritized focusing on the assisted tax and the higher ARPR customers over the pay-nothing and lower ARPR segment. As a result, we expect TurboTax Live customers to grow 12% and total online paying units to grow approximately 2% in fiscal 2024, versus total IRS returns growth of 1%.

預計 2024 財年的整體留存率將年增 3 個百分點，接近新冠疫情爆發前的水平，這將展示我們產品的實力並突顯我們為客戶帶來的好處。正如 Sasan 先前分享的那樣，我們預計 TurboTax 將獲得較高 ARPR 申報者的份額，因為我們在策略上優先關注輔助稅收和較高 ARPR 客戶，而不是免費和較低 ARPR 細分市場。因此，我們預計 2024 財年 TurboTax Live 客戶將成長 12%，線上支付總數將成長約 2%，而 IRS 總回報成長率為 1%。

Due to yielding shares with pay-nothing and lower ARPR customers, we expect our share of total consumer returns to decline approximately 80 basis points this year and total TurboTax units to decline 1%.

由於免費股票和較低 ARPR 客戶的收益，我們預計今年我們在消費者總回報中的份額將下降約 80 個基點，TurboTax 單位總數將下降 1%。

We are raising our full year Consumer Group revenue growth guidance to $4.44 billion to $4.455 billion, which is at the top end of our previously provided guidance. I am proud of the progress we made this season. And the learnings we had reinforce our confidence in the future. We continue to expect Consumer Group revenue growth of 8% to 12% long term given the size and trajectory of TurboTax Live.

我們將全年消費者集團收入成長指引提高至 44.4 億美元至 44.55 億美元，這是我們先前提供的指引的上限。我為我們本賽季的進步感到自豪。我們所學到的知識增強了我們對未來的信心。鑑於 TurboTax Live 的規模和發展軌跡，我們繼續預期消費者集團營收將長期成長 8% 至 12%。

Turning to the ProTax Group. Revenue grew 3% in the third quarter. For the full year, we now expect ProTax Group revenue growth of 6% to 7%.

轉向 ProTax 集團。第三季營收成長3%。我們目前預計 ProTax 集團將全年營收成長 6% 至 7%。

Turning to the Small Business and Self-Employed Group. Revenue grew 18% during the quarter, driven by online ecosystem revenue, which grew 19%. 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. With the goal of being the source of truth for small businesses, our strategic focus within the Small Business and Self-Employed Group is threefold: grow the core, connect the ecosystem and expand globally.

轉向小企業和個體經營者群體。在線上生態系統營收成長 19% 的推動下，本季營收成長 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。為了成為小型企業的真相來源，我們在小型企業和自營集團內的策略重點有三：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 Q3, driven by customer growth, higher effective prices and mix shift. As I shared last quarter, we continue to prioritize disrupting the small business mid-market through continued focus on go-to-market motions and product innovations. Mid-market customers drive a higher ARPC over time given their more complex needs and higher usage of services on our platform, although they are a smaller subset of our total customer TAM. This, coupled with our strategy to sell more of our ecosystem offerings to existing customers, shift the emphasis in our growth formula towards ARPC over time.

首先，我們繼續專注於發展核心。在客戶成長、有效價格上漲和組合轉變的推動下，QuickBooks Online 會計收入在第三季成長了 19%。正如我上季度分享的那樣，我們繼續優先考慮透過繼續關注市場推廣和產品創新來顛覆小型企業中端市場。隨著時間的推移，中型市場客戶的 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更高，儘管他們只占我們總客戶 TAM 的一小部分。再加上我們向現有客戶銷售更多生態系統產品的策略，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 20% in Q3 driven by payments, payroll and Mailchimp. Within payments, revenue growth in the quarter reflects higher effective prices, ongoing customer growth as more customers adopt our payment offerings to manage their cash flow, and an increase in total payment volume per customer. Total online payment volume growth in Q3 was 22%. With payroll, revenue growth in the quarter reflects an increase in customers adopting our payroll 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。在支付、薪資和 Mailchimp 的推動下，第三季線上服務收入成長了 20%。在支付領域，本季的收入成長反映了有效價格的提高、隨著越來越多的客戶採用我們的支付產品來管理其現金流而導致的客戶持續成長，以及每個客戶的總支付量的增加。第三季線上支付總量成長22%。在薪資方面，本季的收入成長反映出採用我們薪資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。

Mailchimp revenue growth was driven by higher effective prices and paid customer growth. Revenue growth in Mailchimp decelerated this quarter as we were lapping a larger benefit from price and lineup changes that we made last year.

Mailchimp 營收成長是由有效的價格上漲和付費客戶成長所推動。 Mailchimp 本季的營收成長放緩，因為我們從去年的價格和產品陣容變化中獲得了更大的收益。

Third, we continue to make progress expanding globally by executing our refreshed international strategy, which includes leading with both QuickBooks Online and Mailchimp in our established markets, and leading with Mailchimp in all other markets as we continue to execute on localized product and lineup. On a constant currency basis, total international online ecosystem revenue grew 12% in Q3.

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，第三季國際線上生態系統總收入成長了 12%。

Shifting to the Desktop Ecosystem. Desktop Ecosystem revenue grew 14% in the third quarter and QuickBooks Desktop enterprise revenue grew in the high teens. At the end of this fiscal year, we will complete the 3-year transition for customers that remain on a license-based desktop offering to a recurring subscription model.

轉向桌面生態系統。第三季桌面生態系營收成長了 14%，QuickBooks 桌面企業營收成長了兩位數。在本財年結束時，我們將為仍使用基於授權的桌面產品的客戶完成向定期訂閱模式的 3 年過渡。

As I shared last quarter, starting next fiscal year, 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 desktop subscription customers, who tend to be more complex and higher value, to migrate seamlessly to either QuickBooks Online or to our Desktop Enterprise offering when they are ready. Additionally, we see opportunities to continue to price the products for value. The online ecosystem remains a growth catalyst longer term.

正如我在上個季度分享的那樣，從下一財年開始，我們預計我們的桌面企業產品（佔桌面會計收入的一半以上）將在高個位數範圍內增長。我們也將繼續鼓勵剩餘的桌面訂閱客戶（他們往往更複雜、更高價值）在準備就緒時無縫遷移到 QuickBooks Online 或我們的 Desktop Enterprise 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。

As a result of the strong growth we are seeing in the Small Business and Self-Employed Group, we are raising our full year segment revenue growth guidance to 18%, up from the prior guidance of 16% to 17%. We continue to expect Small Business and Self-Employed Group revenue growth of 15% to 20% long term.

由於我們看到小型企業和個體經營集團的強勁成長，我們將全年部門收入成長指引從先前的 16% 至 17% 提高到 18%。我們繼續預期小型企業和自營職業團體的收入將長期成長 15% 至 20%。

Moving to Credit Karma. Credit Karma delivered revenue of $443 million in Q3, up 8%. On a product basis, Credit Karma Money accounted for 3 points of growth. Credit cards and auto insurance each accounted for 2 points, and personal loans accounted for 1 point. We saw strength in Credit Karma Money from TurboTax customers choosing to deposit their refund in a Credit Karma Money account, and we have seen a return to growth in the insurance segment.

轉向信用業力。 Credit Karma 第三季營收達 4.43 億美元，成長 8%。從產品來看，Credit Karma Money 成長了 3 個百分點。信用卡和車險各佔2分，個人貸款佔1分。我們從選擇將退款存入 Credit Karma Money 帳戶的 TurboTax 客戶中看到了 Credit Karma Money 的實力，並且我們看到了保險領域的成長回歸。

However, the overall picture remains mixed, reflecting uncertain macro trends as we continue to see select partners taking a conservative approach to extending credit in both personal loans and credit cards in Q3.

然而，整體情況仍然好壞參半，反映出宏觀趨勢的不確定性，因為我們繼續看到特定合作夥伴在第三季採取保守的方法來擴大個人貸款和信用卡的信貸。

We are updating our full year Credit Karma revenue growth guidance to a growth of 2% versus our prior guidance range of plus or minus 3% growth. In summary, I am pleased with our continued momentum this fiscal year and the opportunities ahead.

我們將 Credit Karma 全年營收成長指引更新為 2%，而先前的指引範圍為正負 3%。總之，我對我們本財年的持續發展動能和未來的機會感到高興。

Shifting to our balance sheet and capital allocation. Our financial principles guide our decisions. They remain on long-term commitment and are unchanged. We finished the quarter with approximately $4.7 billion in cash and investments and $6 billion in debt on our balance sheet. We repurchased $584 million of stock during the third quarter. Depending on market conditions and other factors, our aim is to be in the market each quarter. The Board approved a quarterly dividend of $0.90 per share, payable on July 18, 2024. This represents a 15% increase versus last year.

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。他們仍然堅持長期承諾並且沒有改變。本季末，我們的資產負債表上約有 47 億美元的現金和投資以及 60 億美元的債務。我們在第三季回購了價值 5.84 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。董事會批准了每股 0.90 美元的季度股息，將於 2024 年 7 月 18 日支付。

Moving on to guidance. We are increasing our fiscal 2024 guidance. This includes total company revenue growth of 13%, up from prior guidance of 11% to 12% growth; GAAP operating income growth of 21% to 22%, up from prior guidance of 15% to 18% growth; non-GAAP operating income growth of 16%, up from prior guidance of 12% to 16% (sic) [14%] growth; GAAP diluted earnings per share growth of 28% to 29%, up from prior guidance of 11% to 15% growth; and non-GAAP diluted earnings per share growth of 17%, up from prior guidance of 12% to 14% growth.

繼續指導。我們正在提高 2024 財年指導。這包括公司總收入成長 13%，高於先前指導的 11% 至 12% 成長； GAAP 營業收入成長 21% 至 22%，高於先前指引的 15% 至 18% 成長；非 GAAP 營業收入成長 16%，高於先前指引的 12% 至 16%（原文如此）[14%] 成長； GAAP 攤薄後每股收益成長 28% 至 29%，高於先前指引的 11% 至 15% 成長；非 GAAP 攤薄每股收益成長 17%，高於先前 12% 至 14% 的成長指引。

Our guidance for the fourth quarter of fiscal 2024 includes revenue growth of 13% to 14%, GAAP earnings per share of $0.25 to $0.30, and non-GAAP earnings per share of $1.80 to $1.85. You can find our full fiscal 2024 and Q4 guidance details in our press release and on our fact sheet.

我們對 2024 財年第四季的指引包括營收成長 13% 至 14%、GAAP 每股收益 0.25 美元至 0.30 美元、非 GAAP 每股收益 1.80 美元至 1.85 美元。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 財年和第四季度指導詳細資訊。

Finally, as Sasan shared earlier, we have made strong progress on our 5 Big Bets and see opportunities to invest further in select focus areas to accelerate our pace of progress and deliver greater impact.

最後，正如 Sasan 之前分享的那樣，我們在 5 大賭注方面取得了巨大進展，並看到了在選定的重點領域進一步投資的機會，以加快我們的進展速度並產生更大的影響。

Therefore, as part of our annual financial planning process, we are taking a hard look at reallocating investments. We remain committed to our financial principles, growing revenue double digits and growing operating income dollars faster -- slower than revenue, leading to expanding operating margins in fiscal 2025 and beyond.

因此，作為我們年度財務規劃流程的一部分，我們正在認真考慮重新分配投資。我們仍然致力於我們的財務原則，收入以兩位數增長，營業收入增長速度快於收入，從而導致 2025 財年及以後的營業利潤率不斷擴大。

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. Let me close with 3 points. First, we're very well positioned to take advantage of the largest technological shifts of our era, given Intuit's strategy and the 5 Big Bets with AI at the center as all we do.

偉大的。謝謝你，桑迪普。讓我以 3 點結束。首先，考慮到 Intuit 的策略以及我們所做的一切以人工智慧為中心的 5 大賭注，我們處於充分利用我們這個時代最大的技術變革的優勢。

Second, given the green shoots we're observing, we are doubling down in key areas of our bets to accelerate growth.

其次，鑑於我們正在觀察到的萌芽，我們正在加倍押注於關鍵領域以加速成長。

Third, we continue to recruit great technical and leadership talent across the company to accelerate our progress. In that context, I'd like to share that Greg Johnson recently returned as Executive Vice President, Intuit Chief Commercial Officer and Global Small Business and Self-Employed Group Chief Revenue Officer. Greg is a world-class leader with nearly 10 years of experience at Intuit, leading TurboTax as the Head of Marketing and then as General Manager. I'm thrilled to have Greg back at Intuit.

第三，我們繼續在公司範圍內招募優秀的技術和領導者才，以加快我們的進步。在此背景下，我想告訴大家的是，Greg Johnson 最近重新擔任執行副總裁、Intuit 首席商務官以及全球小型企業和個體經營集團首席營收長。 Greg 是一位世界級領導者，在 Intuit 擁有近 10 年的經驗，曾擔任 TurboTax 的行銷主管和總經理。我很高興格雷格回到 Intuit。

Now let's open it up to your questions.

現在讓我們來解答您的問題。

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

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

A really nice quarter in that you guys really flexed the ability to use the portfolio to outperform on the top line and outperform on the bottom line. And in what has been a pretty difficult earnings season, actually taking earnings up. We hear your full year EPS is coming up. So that's all great to see.

這是一個非常好的季度，因為你們確實發揮了利用投資組合在營收和利潤上跑贏大盤的能力。在一個相當困難的財報季節，獲利實際上有所上升。我們聽說你們的全年每股盈餘即將公佈。所以這一切都很高興看到。

I wanted to ask about the tax business overall. The shift towards kind of the high end, the higher ARPC customers seems more pronounced this year probably than what I was expecting and I think most people were expecting. I think the underlying question most investors have is like, why can't we do both right? Why can't we price for the low end and get those customers on board as well as attracting those higher ARPC customers? Is that available to you? Or do you need to be shifting more upmarket?

我想問一下稅務業務的整體情況。今年向高端、更高 ARPC 客戶的轉變似乎比我預期的更加明顯，我認為大多數人都預期這一點。我認為大多數投資者的根本問題是，為什麼我們不能兩全其美？為什麼我們不能為低端定價並吸引這些客戶並吸引那些高端 ARPC 客戶？您可以使用嗎？或者您需要轉向更高端的市場嗎？

Keith, thank you very much for the compliment and your question. Let me address your question in a couple of ways. First of all, I'll start with some of what we already shared, but it's important context in that we're really bullish in terms of what we saw with TurboTax Live going after the assisted segment because now you have a $1.4 billion business growing at 17%. And with that being 30% of the total TurboTax franchise, when we flip that over to now it becomes 50%, 60% of the franchise, it really accelerates the growth of the entire TurboTax franchise.

基思，非常感謝你的讚美和你的問題。讓我從幾個方面來回答你的問題。首先，我將從我們已經分享的一些內容開始，但這是重要的背景，因為我們非常看好 TurboTax Live 追逐輔助細分市場的情況，因為現在您擁有 14 億美元的業務增長為 17%。這佔 TurboTax 特許經營權總量的 30%，當我們翻轉到現在，它變成了特許經營權的 50%、60%，這確實加速了整個 TurboTax 特許經營權的增長。

And what we demonstrated this year, I would almost say for the first time, is we moved the needle of taking share in assisted. When you look at the fact that although IRS grew 1%, most of that growth all happened in DIY, mainly with sort of free simple filer customers. Assisted was flat, and that's where we took share. And I think that is a first sort of time of a sign that we're starting to build a flywheel effect that gives us a lot of confidence as we look into the future.

我幾乎可以說這是我們今年第一次展示的，是我們在輔助領域取得了份額。事實上，儘管 IRS 成長了 1%，但大部分成長都發生在 DIY 中，主要是免費的簡單申報客戶。助攻持平，這就是我們佔據份額的地方。我認為這是我們開始建立飛輪效應的第一個跡象，這讓我們在展望未來時充滿信心。

I think the second thing that I would say is we -- because of our Credit Karma and TurboTax platform, we actually see the customers that are just really looking for a free tax software and are bouncing between platforms, and we are not interested in those customers. We're not interested in pursuing those customers, the cost of acquisition to get those customers, when they simply are bouncing between platforms. We're really focused on quality of the customers, particularly because now we've just scratched the service in the assisted segment. And what really matters is now accelerating the share take in the assisted segment. So that's really how we're thinking about it and what gives us confidence in not only what we delivered, but particularly in the future.

我想我要說的第二件事是我們- 由於我們的Credit Karma 和TurboTax 平台，我們實際上看到客戶只是真正在尋找免費的稅務軟體並在平台之間跳來跳去，而我們對這些不感興趣顧客。當他們只是在平台之間跳來跳去時，我們對追求這些客戶以及獲取這些客戶的成本不感興趣。我們非常關注客戶的質量，特別是因為現在我們剛開始在輔助領域提供服務。現在真正重要的是加速輔助細分市場的份額。這就是我們真正的想法，這不僅讓我們對我們所交付的產品充滿信心，而且對未來也充滿信心。

We will take our next question from Daniel Jester with BMO Capital Markets.

我們將回答 BMO 資本市場的 Daniel Jester 提出的下一個問題。

I just actually want to expand on the comments you've made, Sasan. So on one hand, you talked about focusing more on sort of the higher end of the market. But you're also talking about deepening the integration between Credit Karma and TurboTax in the future. And so can you just maybe expand a little bit more, especially around the Credit Karma and TurboTax integration? What we should be expecting going forward?

我實際上只是想擴展你的評論，Sasan。一方面，您談到更多地關注高端市場。但您也談到了未來深化 Credit Karma 和 TurboTax 之間的整合。那麼能否進一步擴展一點，尤其是圍繞 Credit Karma 和 TurboTax 整合？未來我們該期待什麼？

Yes, absolutely. This year, particularly, we're very excited about what we saw and actually what didn't work. And let me, if I could, hit on both. First and foremost, Credit Karma has over 40 million monthly active users, and a larger chunk of those 40 million-plus active users are actually doing their taxes using the assisted method. And so that's an enormous opportunity for us.

是的，一點沒錯。尤其是今年，我們對所看到的東西以及實際上不起作用的東西感到非常興奮。如果可以的話，讓我同時兼顧兩者。首先也是最重要的是，Credit Karma 每月擁有超過 4,000 萬活躍用戶，而這 4,000 萬以上活躍用戶中的很大一部分實際上是使用輔助方法報稅。這對我們來說是一個巨大的機會。

This year, we embedded the TurboTax experience within Credit Karma, and we're very aggressive pursuing those customers. And in fact, we drove traffic north of 10 million within Credit Karma of those that were interested in doing their taxes with TurboTax. That's why it resulted in a 76% growth of the number of TurboTax customers that use the embedded experience within Credit Karma.

今年，我們將 TurboTax 體驗嵌入到 Credit Karma 中，我們非常積極地爭取這些客戶。事實上，對於有興趣使用 TurboTax 納稅的人，我們在 Credit Karma 的流量超過了 1000 萬。這就是為什麼使用 Credit Karma 內嵌體驗的 TurboTax 客戶數量增加了 76%。

At the same time, what we are constructively dissatisfied are 2 very basic things that did not work well this year. One was seamless log-ins, the second was performance of the app. And what I mean by seamless log-in is out of those 10 million-plus customers that were in the bucket of traffic, about 25% of them, when they click to start doing their taxes with us or have us do it for them, they didn't have any friction. They could just get started right away, whereas 75% of them could not. There was a lot of friction. And that was just an element of time. We were not able to get to all the work that was required to get everyone to experience, in essence, no log-in. And that's a big deal, and we're all over it already.

同時，我們建設性地不滿意的是今年表現不佳的兩件非常基本的事情。一是無縫登錄，二是應用程式的效能。我所說的無縫登入是指那些處於流量中的超過 1000 萬客戶，其中約 25%，當他們點擊開始與我們一起納稅或讓我們為他們納稅時，他們沒有任何摩擦。他們可以立即開始，而 75% 的人則不能。有很多摩擦。這只是時間的一個因素。我們無法完成讓每個人都體驗本質上無需登入所需的所有工作。這是一件大事，我們已經解決了。

The second is performance of the app. We worked very hard to embed the TurboTax experience within Credit Karma. But the performance of the app was not where it needs to be. When I say performance of the app, some of the time that it took was like 8 to 7 seconds just for the app to be able to load. That's unacceptable, and we saw a lot of drop-off. Both of those are in our control. Both of those, we are already working on.

第二個是應用程式的效能。我們非常努力地將 TurboTax 體驗嵌入 Credit Karma 中。但該應用程式的效能並未達到其所需的水平。當我說應用程式的效能時，僅應用程式載入就需要 8 到 7 秒的時間。這是不可接受的，我們看到了很多人的流失。這兩點都在我們的掌控之中。我們已經在努力解決這兩個問題。

But I share that as an example of -- we saw a huge green shoot with our focus this year on every Credit Karma member becoming a TurboTax customer. And there's 2 very basic things that we're constructively dissatisfied with that gives us actually a lot of confidence as we look into the future. So hopefully, that answers your question.

但我分享這一點作為一個例子——我們看到了巨大的萌芽，今年我們的重點是每個 Credit Karma 會員都成為 TurboTax 客戶。有兩件非常基本的事情我們建設性地不滿意，但在我們展望未來時，這實際上給了我們很大的信心。希望這能回答你的問題。

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

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

And Sasan, I want to ask you about your vision and strategy for the Money platform. I have a multipart question there. We have seen you expanded invoice to Bill Pay. Would love to get your progress so far. Any feedback there in the last couple of quarters? But also, we saw that you recently acquired Proper Finance and also made some hiring -- senior executive hiring in the Money platform side. So I'd love to hear your strategy in which direction it's going in the Money platform.

Sasan，我想問您對 Money 平台的願景和策略。我有一個多部分的問題。我們看到您將發票擴展為帳單支付。希望您到目前為止的進展。過去幾季有什麼回饋嗎？而且，我們也看到你們最近收購了 Proper Finance，也進行了一些招募——在 Money 平台方面招募高階主管。所以我很想聽聽你們在 Money 平台上的策略。

Sure, Siti. Thank you for the question. Let me actually talk about the focus around money on 2 dimensions that we're very, very excited about. And as you also heard in our prepared remarks, this is an area where we are accelerating our investments. We are seeing a lot of green shoots with all the work that we've been doing in the last several years, really digitizing the whole process of estimating to invoicing to getting paid and having multiple paying options, along with the Bill Pay capabilities that we've built that we are now rolling out to our customers.

當然，西蒂。感謝你的提問。實際上，讓我談談對二維金錢的關注，我們對此非常非常興奮。正如您在我們準備好的演講中所聽到的，這是我們正在加速投資的領域。我們在過去幾年所做的所有工作中看到了很多新芽，真正將估算、開立發票、獲得付款的整個過程數位化，並擁有多種支付選項，以及我們的帳單支付功能。 ，現在正在向我們的客戶推出。

We're seeing a lot of green shoots in both of those areas. You saw in a pretty tough macro environment, our payments -- overall total payments volume was up 22%. And that's an area where we're accelerating our investment. That's on the small business side. The thing that we're also excited about is money focus across the TurboTax Credit Karma platform. We saw a lot of green shoots this year with a 20% -- or 28% increase of the number of customers that put their refund on a Credit Karma Money account. We're excited about it, not because of the 28%. We actually believe that could be far bigger. But because of the areas of friction that we are going to remove and the fact that we have opportunities to give much earlier access to their tax refund and actually monetize it.

我們在這兩個領域都看到了很多萌芽。您可以看到，在相當嚴峻的宏觀環境中，我們的支付總額增加了 22%。這就是我們正在加速投資的領域。這是小企業方面的情況。我們也感到興奮的是 TurboTax Credit Karma 平台對資金的關注。今年我們看到了許多新芽，將退款存入 Credit Karma Money 帳戶的客戶數量增加了 20% 或 28%。我們對此感到興奮，而不是因為那 28%。我們實際上相信這個數字可能要大得多。但由於我們將消除一些摩擦領域，而且我們有機會讓他們更早獲得退稅並實際將其貨幣化。

So those are the 2 areas across our small business and consumer platform that we are focused on, and we're accelerating our investments across both of those platforms in the coming year.

因此，這些是我們關注的小型企業和消費者平台的兩個領域，我們將在未來一年加快對這兩個平台的投資。

And Siti, on the acquisition you mentioned. As we've shared with you in the past, we are continuously looking at [buying a third] partner, and that was a small technology tuck-in that we did to build some of the core money movement and risk management capabilities within our small business group.

西蒂，關於你提到的收購。正如我們過去與您分享的那樣，我們一直在尋找[購買第三個]合作夥伴，這是我們所做的一項小型技術整合，目的是在我們的小型企業內部建立一些核心資金流動和風險管理能力。

We'll take our next question from Alex Markgraff with KeyBanc Capital Markets.

我們將回答 KeyBanc Capital Markets 的 Alex Markgraff 提出的下一個問題。

Sasan, just one for you on TurboTax. Just looking at recent Investor Day slides and sort of the long-term growth framework for the business. When we look at this total TurboTax share of IRS returns, I think it implies sort of positive share gain over the long term. And I'm just curious, I understand the focus in the assisted category.

Sasan，TurboTax 上為您準備的一份。只需看看最近的投資者日幻燈片以及該業務的長期成長框架即可。當我們查看 TurboTax 在 IRS 回報中所佔的總份額時，我認為這意味著從長遠來看，這意味著某種積極的份額收益。我只是很好奇，我理解輔助類別的重點。

Should we be thinking about that input differently, as it relates to total IRS returns going forward, just given what we're seeing at the lower end of the spectrum?

考慮到我們在較低端看到的情況，我們是否應該以不同的方式考慮該輸入，因為它與未來國稅局的總回報相關？

Yes, Alex, great question. Let me just -- 1 minute of context, and then I'll answer your question. Based on our estimates, we believe the IRS total returns will grow about 1%. And the majority of that, if not all of that, will happen in the do-it-yourself category. The assisted category is generally flat, which is why we led with the fact that we are taking share.

是的，亞歷克斯，好問題。讓我先介紹一下 1 分鐘的背景狀況，然後我會回答你的問題。根據我們的估計，我們認為 IRS 總回報率將增加約 1%。其中大部分（如果不是全部）將發生在 DIY 類別中。輔助類別總體持平，這就是為什麼我們以搶佔份額為主導。

With that as context, it actually does not change our long-term goal post of we want to be able to increase share of total IRS returns. We also want to get there in the right way. So this year, I'm very comfortable with where we ended up because our entire focus was the assisted segment and high value, high average revenue per return filers.

以此為背景，它實際上並沒有改變我們的長期目標，即我們希望能夠增加國稅局總回報的份額。我們也希望以正確的方式實現這一目標。因此，今年，我對我們的最終結果感到非常滿意，因為我們的全部重點是協助細分市場和高價值、高平均每個申報人的收入。

But over time, as TurboTax Live goes from being 30% of our franchise, growing at 17% to being 70% of our franchise, so that's when you're going to see us start moving the needle on increasing our share of the total IRS returns. And by the way, I would also liken this -- although it's not directly at your question, I would liken this to the online desktop mix. If you think about the last 5 to 10 years in small business, we always said that once online becomes more than 50% of small business and then 60% and 70% over time because it's growing faster, it will actually accelerate the growth rate of the small business group. That is exactly what happened.

但隨著時間的推移，隨著 TurboTax Live 從我們特許經營權的 30% 增長到我們特許經營權的 70%，所以那時你會看到我們開始努力增加我們在 IRS 總份額中的份額返回。順便說一句，我也將其比作——儘管這不是直接針對您的問題，但我會將其比作線上桌面組合。如果你想想過去5 到10 年的小型企業，我們總是說，一旦線上業務佔小型企業的比重超過50%，然後隨著時間的推移，這一比例將達到60% 和70%，因為它的成長速度更快，它實際上會加速小型企業的成長速度。這正是發生的事情。

And we believe that same thing will happen in TurboTax as TurboTax Live goes from 30% to 70% one day, and that's what will result in our total share increasing of total IRS.

我們相信，隨著 TurboTax Live 有一天從 30% 上升到 70%，TurboTax 也會發生同樣的事情，這將導致我們在 IRS 總額中的總份額增加。

So one other point of context, if I may add, Alex, that's important to understand that even on the simple filers, there is a customer segmentation that is critical for us to keep in mind. We are -- we remain focused on the simple filers through both TurboTax and Credit Karma, but we are not focused on other simple filers that have a higher propensity to change platforms year after year because we frankly don't think those -- that's a good return on our investment, and there's no opportunity for us to grow and earn revenue there. So I just want to make sure that customer segmentation was also pronounced in what you were hearing.

因此，亞歷克斯，如果我可以補充的話，了解另一點背景很重要，即使在簡單的文件管理器上，也有一個客戶細分對我們來說至關重要。我們仍然專注於透過 TurboTax 和 Credit Karma 進行簡單申報，但我們並不關注其他更傾向於年復一年地改變平台的簡單申報者，因為坦白說，我們不認為這些是一個簡單的申報者。我們的投資回報率很高，但我們沒有機會在那裡發展和賺取收入。所以我只是想確保您所聽到的內容中也明確了客戶細分。

We'll take our next question from Kirk Materne with Evercore ISI.

我們將接受 Evercore ISI 的 Kirk Materne 提出的下一個問題。

Sasan, can you just touch upon Mailchimp a little bit? I was kind of curious what your thought is for the business into the back half of the year. Given the fact that I think some people think on the small business side, cutting back on sort of go-to-market is often a place they might look to trim. Can you just talk about sort of what you're seeing there? And what gives you confidence that perhaps, this is an opportunity for you guys to take share in that area?

Sasan，可以簡單介紹一下 Mailchimp 嗎？我有點好奇你對下半年的業務有何想法。鑑於我認為有些人從小型企業角度考慮，削減進入市場通常是他們可能會考慮削減的地方。您能談談您在那裡看到的情況嗎？是什麼讓您有信心，也許這是您在該領域分享的機會？

Yes. Great question. First of all, I'll reiterate what you heard from us earlier. The fact that the revenue decelerated was primarily because we're lapping a big price increase and some lineup changes from last year. The fundamental health of the business is consistent with what it was last quarter. So that's number one.

是的。很好的問題。首先，我將重申您之前從我們這裡聽到的內容。收入下降的主要原因是我們的價格大幅上漲，並且與去年相比產品陣容發生了一些變化。該業務的基本健康狀況與上季一致。所以這是第一。

Number two, our durable focus remains the same, which is we are integrating Mailchimp and QuickBooks, I'd be happy to talk about that more if there are questions about it, to mid-market. Third, international. And we're being really very aggressive in international. In fact, I was just most recently in London, spent time with our new leader in Mailchimp that leads EMEA, that came from another company where he has built a really a large international business. And two, visited a number of customers and partners, and we're being very aggressive with our approach in what we've done with the platform, what we're doing with our pricing, and then the marketing investments that we are making as we look ahead.

第二，我們的持久重點保持不變，即我們正在將 Mailchimp 和 QuickBooks 集成，如果對中端市場有疑問，我很樂意更多地談論這一點。第三，國際化。我們在國際上確實非常積極。事實上，我最近剛在倫敦，與負責歐洲、中東和非洲地區的 Mailchimp 的新領導層共度了一段時間，他來自另一家公司，在那裡他建立了一家真正龐大的國際業務。第二，拜訪了許多客戶和合作夥伴，我們在平台上所做的事情、我們的定價以及我們正在進行的營銷投資方面都非常積極。

And in fact, as I mentioned earlier, there are 5 areas where we are accelerating our investments. This is one of them. And so we're quite excited about the possibilities given the green shoots that we're seeing.

事實上，正如我之前提到的，我們正在五個領域加速投資。這是其中之一。因此，鑑於我們所看到的萌芽，我們對這種可能性感到非常興奮。

We'll take our next question from Kash Rangan with Goldman Sachs.

我們將回答高盛 (Goldman Sachs) 的卡什·蘭根 (Kash Rangan) 提出的下一個問題。

Sasan, you still remain the best predictor of small business. You've got the best read. And I'm curious what -- you said green shoots. I speak by that observation. And in a macro environment which gets tougher, you guys have shown the ability to execute really well. So what are the other things in your pocket that you haven't been able to unpack? That if the macro environment continues to stay where it is, what are the things that could help them to continue to outperform, beat the expectations for the small business segment?

Sasan，您仍然是小型企業的最佳預測者。你已經讀到最好的書了。我很好奇什麼——你說的是綠芽。我是根據這個觀察來說話的。在變得更加艱難的宏觀環境中，你們展現了非常好的執行能力。那麼你口袋裡還有哪些東西是你無法打開的呢？如果宏觀環境持續維持現狀，哪些因素可以幫助他們繼續跑贏大盤，超越小型企業領域的預期？

Yes. Thank you, and great to hear from you. The -- one of our fundamental execution philosophies that we have at the company is conviction on the long term, ambitious testing and experimentation in the short term, so that we can be nimble, we can learn and we can adjust. And really, the answer to your question is the 5 areas that you heard that we're accelerating our investments. I mean we are seeing green shoots with our learnings and insights with Intuit Assist, and we're accelerating our investments in gen AI.

是的。謝謝您，很高興收到您的來信。我們公司的基本執行理念之一是對長期的信念，在短期內雄心勃勃的測試和實驗，這樣我們就可以靈活，我們可以學習，我們可以調整。實際上，您問題的答案是您聽說我們正在加速投資的 5 個領域。我的意思是，透過 Intuit Assist 的學習和見解，我們看到了萌芽，並且我們正在加速對新一代人工智慧的投資。

We -- as I talked about earlier, for the first time, we were increasing our share in the assisted segment. And so we're accelerating a number of areas with TurboTax Live. We are also embedding an expert within QuickBooks Live, within our entire small business platform, where every offering will actually come with an embedded expert because we believe, based on green shoots that we've seen, that, that will improve conversion. It will also improve retention.

正如我之前談到的，我們第一次增加了在輔助領域的份額。因此，我們正在利用 TurboTax Live 加速許多領域的發展。我們還在整個小型企業平台的 QuickBooks Live 中嵌入了一位專家，其中每項產品實際上都會配備一位嵌入專家，因為我們相信，根據我們所看到的新芽，這將提高轉換率。它還將提高保留率。

And mid-market, I mean, we have been really assertive in building out capabilities in the platform. We have been assertive in building out our customer-facing capabilities from leadership all the way down to our frontline sales folks. And we're seeing great green shoots there to accelerate not only growing with our customers but hunting for new ones.

我的意思是，在中端市場，我們在平台功能的建置方面非常有自信。我們一直堅定地建構從領導層一直到第一線銷售人員面向客戶的能力。我們在那裡看到了巨大的萌芽，不僅可以加速與客戶的共同成長，還可以尋找新客戶。

And as you know, mid-market is not just about getting the customers. It's all the services that comes with it, payments, payroll, live platform capability. So Kash, those are the, I would say, key green shoots that we are seeing. All of which, we are accelerating our investments currently, by the way, in the quarter and as we head into next year.

如您所知，中端市場不僅僅是吸引客戶。這是它附帶的所有服務，支付、工資、即時平台功能。所以卡什，我想說，這些是我們看到的關鍵的萌芽。所有這些，順便說一下，我們目前正在加速我們的投資，在本季度以及進入明年。

We'll take our next question from Brad Reback with Stifel.

我們將回答 Brad Reback 和 Stifel 提出的下一個問題。

Great. Sasan, as you sort of think about the overall economic environment, you did a great job there with Kash's question. But for the first time, I think, as long as you've provided the data, payroll wasn't the #1 growth driver on the online ecosystem. So maybe you can dig in there and give us a little sort of color on what's going on within the payroll business and if we should expect growth to continue to moderate there.

偉大的。薩桑，當你考慮整體經濟環境時，你在卡什的問題上做得很好。但我第一次認為，只要你提供了數據，薪資就不再是網路生態系統的第一大成長動力。因此，也許您可以深入研究一下，讓我們了解一下薪資業務的情況，以及我們是否應該預期那裡的成長會繼續放緩。

Sure. Well, let me start actually with the -- what we're seeing on our platform, with respect to the health of small businesses, if I could just do that for a moment. One of the things that we are seeing, if we look back from today versus the last 3 to 4 months, we're actually seeing some improvement in profitability of small businesses on our platform. And that's a good sign compared to the last couple of years.

當然。好吧，讓我從我們在平台上看到的關於小型企業健康狀況的情況開始，如果我可以暫時這樣做的話。我們看到的一件事是，如果我們回顧今天與過去 3 到 4 個月的情況，我們實際上會看到我們平台上小型企業的盈利能力有所改善。與過去幾年相比，這是一個好兆頭。

Now within that, the -- depending on the sector that you're in, your performance is driven by the environment. And so for instance, manufacturing -- areas like manufacturing, professional services, auto repair, their profits are actually up nearly 20%, where real estate, lending, their profits are actually down 15%. So the net of it is overall, we've seen improvement. Depending on the sector you're in, your performance varies.

現在，根據您所在的行業，您的績效是由環境驅動的。以製造業為例，製造業、專業服務、汽車維修等領域的利潤實際上增加了近 20%，而房地產、貸款等領域的利潤實際上下降了 15%。所以總體而言，我們已經看到了進步。根據您所在的行業，您的表現會有所不同。

But the net of all of that is that cash reserves are down 8% compared to this time last year, but up over 16% compared to pre-COVID. So what you should take away is small businesses are healthier, but their cash reserves have been impacted. And for those that are on our platform, by the way, over 4 years, their cash reserves are over 60% higher than those that have only been with us for a year.

但總而言之，現金儲備與去年同期相比下降了 8%，但與新冠疫情爆發前相比卻增加了 16% 以上。因此，您應該得出的結論是，小型企業更加健康，但它們的現金儲備受到了影響。順便說一句，對於那些在我們平台上工作 4 年多的人來說，他們的現金儲備比那些只在我們平台工作一年的人高出 60% 以上。

Last thing I would just say is hours worked is actually up compared to the last quarter. Specific to your payroll question, let me ask Sandeep to answer specifically what you asked about payroll.

我想說的最後一件事是，與上個季度相比，工作時間實際上有所增加。具體到您的薪資問題，讓我請桑迪普具體回答您所問的有關工資的問題。

Brad, as I mentioned in my prepared remarks, we continue to see customers in our payroll business adopting our solutions. They continue to take our higher-end offerings as well. The reason for the difference you called out is I'll point to the payments business, where the charge volume went to 22% growth in the quarter versus 20% the prior quarter. So that's the key item to call out in that sequencing.

布拉德，正如我在準備好的演講中提到的，我們繼續看到薪資業務中的客戶採用我們的解決方案。他們也繼續採用我們的高端產品。您指出的差異的原因是我將指出支付業務，該季度的收費量增加了 22%，而上一季為 20%。因此，這是該排序中需要指出的關鍵項目。

We'll take our next question from Brad Zelnick with Deutsche Bank.

我們將回答德意志銀行的 Brad Zelnick 提出的下一個問題。

Sasan, it's great to hear about the strong performance in full service this season. Can you double-click into which assisted filers you feel you did a good job capturing? Which might have been a little bit more resistant than your expectations? And how do you think about driving momentum in full service going forward?

Sasan，很高興聽到本季全勤的強勁表現。您能否雙擊您認為您在捕獲方面做得很好的輔助歸檔器？哪一個可能比您的預期更具抵抗力？您如何看待推動全方位服務向前發展的勢頭？

Yes, Brad, great question. I was actually in San Diego all day yesterday with the TurboTax team doing deep dives on all of these durable priorities. One of them was full service. First of all, I would tell you that across all of the states, across different income levels, across all complexities, very consistent. And I would say that if you heard -- not if you heard, if you reflect back on what I said in the remarks that our new customers in full service tripled, an outsized element of that was those that are sort of younger, the millennials. And they are actually embracing full service as a cohort more than others, not by an incredible amount, but it stands out for us. So I think what we learned -- and that's a big deal by the way.

是的，布拉德，好問題。事實上，我昨天一整天都在聖地牙哥，與 TurboTax 團隊一起深入研究所有這些持久的優先事項。其中之一是全方位服務。首先，我要告訴你，在所有州、不同收入水平、所有複雜性中，情況都非常一致。我想說的是，如果你聽到了——不是如果你聽到了，如果你回想一下我在評論中所說的話，即我們提供全方位服務的新客戶增加了兩倍，其中一個巨大的因素是那些較年輕的千禧世代。事實上，他們比其他人更願意接受全方位服務，雖然數量並不令人難以置信，但對我們來說卻很突出。所以我認為我們學到了什麼——順便說一句，這是一件大事。

What we learned is we were successful just in one area. But I'll tell you the biggest area we are constructively dissatisfied, when you look at our overall assisted performance, we were very aggressive with our go-to-market and not just spend but the beginnings of being able to recommend an expert, the beginnings of when you search for a local expert, us showing up. There's a lot of infrastructure that we built. We drove a lot of traffic to our front doors.

我們了解到，我們僅在一個領域取得了成功。但我會告訴你，我們建設性不滿意的最大領域，當你看到我們的整體輔助表現時，我們非常積極地進入市場，不僅僅是花錢，而且開始能夠推薦專家，當您尋找當地專家時，我們就會出現。我們建造了很多基礎設施。我們把大量的交通帶到了我們的前門。

Where we are constructively dissatisfied is we have to work on our shopping experience. When you walk into somebody's firm, a store or somebody's home to have them do your taxes for you, you're not presented with a set of SKUs. You just go in there and you exchange documents, and they do their taxes for you. Our shopping experience has to be improved. That's where we saw the biggest drop-off. So what we have a lot of confidence in is the demand that we created. And by the way, the performance. But the demand that we created was exceptional.

我們建設性不滿意的地方是我們必須在購物體驗上下功夫。當您走進某人的公司、商店或某人的家中，讓他們為您報稅時，您不會看到一組 SKU。你只要進去交換文件，他們就會幫你報稅。我們的購物體驗有待提升。這是我們看到跌幅最大的地方。因此，我們對創造的需求充滿信心。順便說一下，性能。但我們創造的需求非常出色。

We need to get better at the shopping experience. It's one of the areas where -- by the way, we saw this during the season, and there's a lot of work that's being done to actually leverage AI to personalize the experiences. So that when we get a customer that comes in, that comes from an assisted method, they're actually greeted by an expert versus greeted with which SKU do you want to pick.

我們需要改善購物體驗。順便說一句，這是我們在賽季中看到的領域之一，並且正在做大量工作來實際利用人工智慧來個性化體驗。因此，當我們透過輔助方法找到一位顧客時，他們實際上會受到專家的歡迎，而不是受到您想要選擇的 SKU 的歡迎。

We'll take our next question from Steve Enders with Citi.

我們將回答花旗銀行史蒂夫恩德斯的下一個問題。

I guess, maybe I just want to start on -- or want to ask about the AI and the assistant or the AI Intuit Assist solution that's now at the market. I guess, what are kind of the proof points that you've seen? Or how is it kind of manifesting in kind of improving the experience or driving monetizable outcomes for Intuit so far?

我想，也許我只是想開始 - 或想詢問有關人工智慧和助手或目前市場上的人工智慧 Intuit Assist 解決方案的資訊。我想，你看到的證據有哪些呢？或者說，到目前為止，它在改善 Intuit 的體驗或推動可獲利成果方面有何體現？

Yes, Steve, thank you for the question. I'm actually pleased with our progress, and I'll share some of the proof points. And I will also just remind us, we're still in the early days. But a lot has changed in the last 3 months, so let me share what those are.

是的，史蒂夫，謝謝你的提問。我實際上對我們的進展感到滿意，我將分享一些證據點。我還要提醒我們，我們仍處於早期階段。但過去 3 個月發生了許多變化，所以讓我分享一下這些變化。

First of all, in TurboTax, 24 million customers used Intuit Assist to better understand the refund outcome and be able to get their questions answered. And not just the customer, but Intuit Assist helped our experts be much more efficient and effective in helping our customers. And as you can imagine, we would not have rolled that out to 24 million folks if it wasn't accretive to conversion.

首先，在 TurboTax 中，2,400 萬客戶使用 Intuit Assist 更了解退款結果並能夠解答他們的問題。不只是客戶，Intuit Assist 還幫助我們的專家更有效率、更有效地幫助我們的客戶。正如您可以想像的那樣，如果它不能促進轉化，我們就不會向 2400 萬人推出該服務。

The second is Credit Karma. In Credit Karma, we have over 40 million monthly active users, and we have rolled out Intuit Assist capabilities, and I'll share what those are in a moment, to nearly half of our 40 million monthly active users.

第二個是信用業力。在 Credit Karma，我們擁有超過 4000 萬月度活躍用戶，我們已經推出了 Intuit Assist 功能，我稍後將向我們 4000 萬月度活躍用戶中的近一半分享這些功能。

And what we have rolled out are the following things: one, to help you make a decision. And so by the way, if any of you on the call are Credit Karma users and you happen to have iOS, unless you are in a [holdout cell], you'll be able to see everything that I am articulating. So you will see things like Intuit Assist that will show you see why, see comparisons, let me help you. And when you engage, it helps you actually understand and have a conversation about which card is right for you.

我們推出的是以下幾項：第一，幫助您做出決定。順便說一句，如果通話中的任何人是 Credit Karma 用戶並且您碰巧擁有 iOS，除非您處於 [holdout cell] 中，否則您將能夠看到我所闡述的所有內容。所以你會看到像 Intuit Assist 這樣的東西，它會告訴你為什麼，看看比較，讓我來幫助你。當您參與時，它可以幫助您真正理解並討論哪張卡適合您。

In the past, we always were able to use your data to deliver personalized experiences for you. In this case, personalized cards that are right for you. But now we can have a conversation with you and help you understand why one is better than the other. That's one huge element.

過去，我們始終能夠使用您的數據為您提供個人化體驗。在這種情況下，適合您的個人化卡片。但現在我們可以與您進行對話，幫助您了解為什麼一個比另一個更好。這是一個巨大的因素。

The other is help you make financial decisions, help you understand how to build your credit, help you understand how to better save money, help you understand which cards are best to use and which cards you should reduce your utilization. That's what we've rolled out. And again, as you can imagine, we would not have rolled that out to almost 20 million Credit Karma members if it wasn't accretive to better monetization.

另一個是幫助您做出財務決策，幫助您了解如何建立信用，幫助您了解如何更好地省錢，幫助您了解哪些卡最好使用以及哪些卡您應該減少使用。這就是我們推出的。再說一次，正如您可以想像的那樣，如果它不能促進更好的貨幣化，我們就不會向近 2000 萬 Credit Karma 會員推出該服務。

And then the last couple of examples that I would use is on the small business side, where in Mailchimp, nearly 300,000 customers have Intuit Assist available to them, particularly and specifically around personalized marketing campaigns, where you can -- where we help you put a campaign together, images, text, et cetera.

我要使用的最後幾個例子是在小型企業方面，在 Mailchimp 中，近 300,000 名客戶可以使用 Intuit Assist，特別是圍繞個性化營銷活動，您可以在其中 - 我們幫助您將一起開展活動、圖像、文字等等。

And in -- across the QuickBooks platform, we have capabilities available to nearly 30,000-ish customers. And the capability is really about turning unstructured data into money and personalized feed. What that means is taking your e-mail, as an example, and taking everything that's in your e-mail and turning it into an invoice that's [payment] enabled so that you can get paid faster, and that's a monetizable event for us. And then business feeds that helps you orient to what's most important insight for the day, which ultimately depending on what you engage with, is a monetizable event for us.

在 QuickBooks 平台上，我們為近 30,000 名左右的客戶提供了功能。該功能實際上是將非結構化資料轉化為金錢和個人化資訊流。這意味著以您的電子郵件為例，將電子郵件中的所有內容轉換為啟用[付款]的發票，以便您可以更快地獲得付款，這對我們來說是一項可獲利的活動。然後，業務提要可以幫助您了解當天最重要的見解，這最終取決於您參與的內容，這對我們來說是一項可獲利的活動。

So we've made a lot of progress in the last 90 days. And we're even more hopeful about what's possible in the future. I'll just end with it's early days, but it's amazing, the progress that the team has made in the last 90 days.

所以我們在過去 90 天裡取得了很大進展。我們對未來的可能性更加充滿希望。我只想以早期階段結束，但團隊在過去 90 天內的進步令人驚訝。

We'll take our next question from Brad Sills with Bank of America.

我們將回答美國銀行布拉德希爾斯 (Brad Sils) 提出的下一個問題。

I wanted to ask a question around TurboTax Full Service. I know it's been a couple of seasons now under your belt here. What are some of the areas that you've learned from? What are some of the areas you've outperformed with full service? What are some of the learnings from a couple of tax seasons now under your belt? And what have you identified for the future in order to target that segment more aggressively?

我想詢問有關 TurboTax 全方位服務的問題。我知道你在這裡已經有幾個賽季了。您從哪些領域學到了？您透過全方位服務在哪些領域表現優異？您從幾個納稅季中學到了哪些經驗教訓？您為未來確定了哪些目標，以便更積極地瞄準該細分市場？

Yes, Brad, thank you for your question. First of all, I would say, this actually was the first real season with full service. Last year, it was still -- although we rolled that out, it was still at the experiment level. With that said, to answer your question, a couple of things.

是的，布拉德，謝謝你的問題。首先，我想說，這實際上是第一個真正提供全方位服務的季節。去年，儘管我們推出了它，但它仍然處於實驗水平。話雖如此，為了回答你的問題，有幾件事。

One, because we were quite aggressive with our go-to-market, we learned that we can create a lot of demand. And we created a lot of demand not only by talking about the fact that we can do your taxes in less than a day. We can help extend your money and give you early access or immediate access to your money.

第一，因為我們非常積極地進入市場，我們了解到我們可以創造大量需求。我們不僅透過談論我們可以在不到一天的時間內完成報稅這一事實創造了很多需求。我們可以幫助您延長資金期限，並讓您儘早或立即獲得資金。

But there is a lack of price transparency in the entire assisted segment, where you don't really know what you're going to pay until you walk into somebody's store or firm. And we did a lot of testing to understand how important price is. We learned that it matters a lot. And so we created a lot of demand. That's number one.

但整個輔助領域缺乏價格透明度，在走進某人的商店或公司之前，你並不真正知道自己要支付什麼。我們做了很多測試來了解價格的重要性。我們了解到這非常重要。所以我們創造了很多需求。這是第一名。

Number two, when you search locally for an expert or -- and/or if we showed you in the -- when you engage with full services, there's an expert near you, the conversion rates were significantly higher than when we didn't show up in search. And that, by the way, is just an element of time. We'll be able to get all of what we were doing this year rolled out across all of our customers. But that's an enormous learning, that local matters. People want to be able to search for a pro near me, folks want to know that their expert is nearby, and we saw a significant expert or conversion lift.

第二，當您在本地搜尋專家或 - 和/或如果我們向您展示 - 當您使用全套服務時，您附近就有專家，轉換率明顯高於我們未展示時的轉換率正在搜尋中。順便說一句，這只是時間的一個因素。我們將能夠將今年所做的所有工作推廣到所有客戶。但這是一個巨大的學習，地方很重要。人們希望能夠搜尋我附近的專業人士，人們想知道他們的專家就在附近，我們看到了一位重要的專家或轉換提升。

Last thing that we saw as a great proof point is I think this was more towards the middle, towards the end of season, you could recommend your expert. That had a big conversion lift. But we were not able to scale that for the entire season or to all of our customers, which we plan to do next year. So those are the big insights and the big learnings.

我們認為這是一個很好的證據，我認為這更多是在賽季中期、賽季末，你可以推薦你的專家。這極大地提升了轉換率。但我們無法將其擴展到整個季節或所有客戶，我們計劃明年這樣做。這些都是重要的見解和重要的教訓。

And last, I'll just end with the following, which is what I mentioned a moment ago. We have a lot of work to do on our shopping experience. And to simply put it, when you walk into somebody's firm or store, you're not presented with a SKU in a lineup. You just walk in and get -- have them get your taxes done. And that's what we are working on, which is, in essence, when you pick full service, you're greeted by the expert versus a pricing lineup to make a choice. And that was an enormous learning this year, all of which we're currently working on for next year that give us a lot of confidence.

最後，我將以以下內容結束，這就是我剛才提到的。我們在購物體驗方面還有很多工作要做。簡而言之，當您走進某人的公司或商店時，您不會看到一系列的 SKU。你只要走進去，讓他們幫你完成報稅。這就是我們正在努力的方向，本質上，當您選擇全套服務時，您會受到專家與定價陣容的歡迎，以做出選擇。今年這是一個巨大的學習，我們目前正在為明年努力，這給了我們很大的信心。

We will take our next question from Scott Schneeberger with Oppenheimer.

我們將回答斯科特·施尼伯格和奧本海默提出的下一個問題。

Sasan, this is primarily on TurboTax and on do-it-yourself in TurboTax. I think I heard Sandeep say that overall consumer retention or TurboTax retention was 3 points. Yet there was some share loss, obviously, on the low end and seemingly in do-it-yourself. The full-service metrics and overall TurboTax Live sound great. So I think you have good retention there, good new customer acquisition.

Sasan，這主要是關於 TurboTax 和 TurboTax 中的 DIY。我想我聽過 Sandeep 說過整體消費者保留率或 TurboTax 保留率是 3 分。然而，顯然，低端市場份額有所損失，而且似乎是自己動手造成的。全方位服務指標和整體 TurboTax Live 聽起來很棒。所以我認為你在那裡有很好的保留率，也有很好的新客戶獲取。

But in the do-it-yourself, in the paid customer, are you doing okay in share there? And what are you doing in that category, specifically paid do-it-yourself, to build share going forward? Because when you answered Alex's question earlier about growing share, it sounds like all like in the assisted category, and that's great. It's a great opportunity. But just curious, in the paid categories of DIY, what your opportunities are going forward?

但在自己動手、付費客戶方面，你的分享做得還好嗎？您在該類別中正在做什麼，特別是付費自己動手，以擴大未來的份額？因為當您之前回答亞歷克斯關於成長份額的問題時，聽起來就像在輔助類別中一樣，這很棒。這是一個很好的機會。但只是好奇，在 DIY 的付費類別中，您未來的機會是什麼？

Yes. Thank you for the question. And Sandeep, please feel free to build. I would say that overall, we feel good about our paid share because if you -- and we've cut it multiple different ways internally. But if you look at what we've shared in our remarks, total IRS grew 1%. Our total paying customers grew 2%, and our retention grew 3 points. So we actually feel good about our paying share.

是的。感謝你的提問。 Sandeep，請隨意建造。我想說的是，總的來說，我們對我們的付費份額感到滿意，因為如果你——我們已經在內部以多種不同的方式削減了它。但如果你看看我們在評論中分享的內容，你會發現 IRS 總額增加了 1%。我們的付費客戶總數增加了 2%，留任率增加了 3 個百分點。所以我們實際上對我們的付費份額感到滿意。

I think what you heard us remark on is where we lost share, which we're okay with, because there was actually an intentional focus on the things that we've talked about today was on customers that are, in essence, simple filers that are bouncing between platforms. And that's the area where we articulated earlier that we lost share. So that's the way I would have you think about our performance is when it comes to paying share, we actually feel good about our performance.

我想你聽到我們所說的是我們失去了份額，我們對此沒有意見，因為實際上我們有意識地關注我們今天討論的事情，這些客戶本質上是簡單的文件管理器，在平台之間跳躍。這就是我們之前指出的失去市場份額的領域。因此，這就是我希望您考慮我們績效的方式，即在支付份額時，我們實際上對我們的績效感到滿意。

Scott, I would also add that you should have -- not take away that we are yielding any ground on the paying DIY customers. Our marketing investments, they are focused on attracting both customers to our platform. AI experiences are helping those customers better understand their returns and gain better confidence leading to better conversion. And we remain relentlessly focused on improving our product experience for those customers. So in addition to the assisted category, which we are excited to disrupt that $31 billion market across consumer and small business, we also are focused on taking share with the paying DIY customer.

史考特，我還想補充一點，你應該——不要否認我們正在向付費 DIY 客戶讓步。我們的行銷投資專注於吸引客戶到我們的平台。人工智慧體驗正在幫助這些客戶更好地了解他們的回報並獲得更好的信心，從而實現更好的轉換。我們仍然堅持不懈地致力於改善這些客戶的產品體驗。因此，除了輔助類別（我們很高興能夠顛覆消費者和小型企業 310 億美元的市場）之外，我們還專注於與付費 DIY 客戶搶佔份額。

We will take our next question from Raimo Lenschow with Barclays.

我們將接受巴克萊銀行 Raimo Lenschow 的下一個問題。

Sasan, you talked earlier in the prepared remarks about desktop and the changes here in the coming year. Can you kind of link that up maybe a little bit with what we've seen in QuickBooks Advanced? And how -- if there's kind of more opportunity to bring desktop guys over and what you're seeing there on both?

Sasan，您之前在準備好的評論中談到了桌面以及來年的變化。您能否將其與我們在 QuickBooks Advanced 中看到的內容連結起來？如果有更多機會讓桌面人員過來，以及您在兩者上看到的情況如何？

Sure. Let me -- thank you for the question. And let me answer your question, but if I'm not answering your question directly, please come at me again. I think what you heard us talk about earlier is, one, we've been in the middle of a business model shift, moving all of our desktop customers to subscription. And at the same time, we've been building capabilities on our online platform. So eventually, all of our desktop customers have a destination, which is online. And we believe, over time, all of our desktop customers at one point will be on our online platform.

當然。讓我——謝謝你的提問。讓我回答你的問題，但如果我沒有直接回答你的問題，請再來找我。我想你之前聽到我們談論的是，第一，我們一直處於商業模式轉變之中，將所有桌面客戶轉向訂閱。同時，我們一直在線上平台上建立能力。所以最終，我們所有的桌面客戶都有一個目的地，那就是在線上。我們相信，隨著時間的推移，我們所有的桌面客戶都將在某個時刻使用我們的線上平台。

With that said, the thing that I would say is that we've really built out a lot of our capabilities on QuickBooks Advanced. And in fact, we are aggressively building a number of capabilities that we'll be excited to talk to all of you about at the Investor Day, really targeting even larger customers. And I think we'll be far better positioned to take on some of our larger enterprise customers that may choose to want to come to our online platform. And that's really the essence of what we were talking about earlier.

話雖如此，我想說的是，我們確實在 QuickBooks Advanced 上建立了許多功能。事實上，我們正​​在積極建立許多功能，我們很高興在投資者日與大家討論這些功能，真正針對更大的客戶。我認為我們將能夠更好地應對一些可能選擇使用我們線上平台的大型企業客戶。這確實是我們之前討論的本質。

As you think about our desktop franchise looking ahead, one, we have Desktop Enterprise that's growing high single digits. Number two, we view that we can get most of our customers over time to go to our online platform, and price plays -- price to value also plays an important role. And with all that said, I just think we're better positioned for some of our larger customers that come to our QB Advanced over time. And that's what really gives us confidence as we look into the future.

當您展望我們的桌面系列產品時，第一，我們的桌面企業版正在以高個位數成長。第二，我們認為，隨著時間的推移，我們可以讓大多數客戶訪問我們的線上平台，而價格發揮作用——價格與價值的比值也發揮著重要作用。話雖如此，我只是認為我們對於一些隨著時間的推移來到我們的 QB Advanced 的大客戶來說處於更好的位置。這才是真正讓我們在展望未來時充滿信心的原因。

Yes. Raimo, I was just going to add because the question was also about just the progress we are feeling about Advanced. What I would say across the mid-market and as I alluded in my prepared remarks, we continue to feel good about the progress we're making with the mid-market, including with QuickBooks Online Advanced and with the Desktop Enterprise product, which grew in the high teens. So that's an area we continue to feel good about. That's the add I would have.

是的。 Raimo，我只是想補充一下，因為問題還在於我們對高級版的感受。我想說的是，正如我在準備好的發言中提到的那樣，我們對中端市場的進展仍然感到滿意，包括 QuickBooks Online Advanced 和 Desktop Enterprise 產品，該產品的增長在十幾歲的時候。所以這是我們繼續感覺良好的一個領域。這就是我想要的補充。

And we'll take our next question from Taylor McGinnis with UBS.

我們將回答瑞銀 (UBS) 的泰勒麥金尼斯 (Taylor McGinnis) 提出的下一個問題。

This is Daniela on for Taylor. So it looks like the Small Business and Self-Employed growth in the quarter was [run] by stable QBO accounting growth and an acceleration in desktop. So as we look into 4Q, how much of the implied 17% 4Q Small Business and Self-Employed growth guide is being driven by desktop versus stability in the online segment? And given that so many SMB software companies saw incremental pressure in 1Q, can you just comment on what you're seeing in terms of SMB health and how that is influencing your guide?

這是泰勒的丹妮拉。因此，本季小型企業和個體經營者的成長似乎是由穩定的 QBO 會計成長和桌面業務的加速所推動的。因此，當我們展望第四季度時，隱含的第四季度小型企業和自僱人士 17% 的成長指南中有多少是由桌面設備驅動的，而不是在線領域的穩定驅動的？鑑於許多中小企業軟體公司在第一季面臨越來越大的壓力，您能否評論一下您在中小企業健康方面所看到的情況以及這對您的指南有何影響？

Yes, sure. Let me get us started. Sandeep, please jump in if you have any perspective to add. I'm not sure I understood the premise of your question, so let me just share what you should take away. What you should take away is the strength of our small business franchise is being driven by our online performance. Overall, it grew 18% or -- our online actually grew 19%, our services grew 20%, and we actually feel very good about the trajectory of the business.

是的，當然。讓我開始吧。 Sandeep，如果您有任何觀點需要補充，請加入。我不確定我是否理解你問題的前提，所以讓我分享一下你應該帶走的內容。您應該了解的是，我們的小型企業特許經營權的實力是由我們的線上業績推動的。總體而言，它成長了 18%，或者說——我們的線上業務實際上成長了 19%，我們的服務成長了 20%，我們實際上對業務的發展軌跡感覺非常好。

And as we talked about, as we look ahead, we believe that desktop will continue to grow once the business model shift comes to an end. But that continued growth will come from the fact that half of desktop is enterprise, and it's growing high -- we anticipate it to grow high single digits.

正如我們所討論的，展望未來，我們相信一旦業務模式轉變結束，桌面將繼續成長。但這種持續成長將來自於這樣一個事實：桌面設備的一半是企業級的，而且它的成長速度很快——我們預計它會以高個位數成長。

But the takeaway should be that in a macro environment that is somewhat uncertain, our online performance for small business has been quite strong, very resilient, and we're actually seeing a lot of engagement and usage by our customers just because it's really helping them manage their cash flow. It's helping them grow their business, and I think we're very well positioned in this environment.

但重點應該是，在一個有些不確定的宏觀環境中，我們對小型企業的線上表現相當強勁，非常有彈性，而且我們實際上看到客戶的大量參與和使用，因為這確實對他們有幫助管理他們的現金流。它正在幫助他們發展業務，我認為我們在這種環境中處於非常有利的位置。

And what I would add, in addition to Sasan's comments about the health of the SMB market, is a reminder that 80% of our small business group's revenue is subscription-based. And when you look at those businesses, the part of that business that is not related to subscription, largely on our services side.

除了 Sasan 對中小企業市場健康狀況的評論之外，我還要補充一點，提醒我們，我們小型企業集團 80% 的收入是基於訂閱的。當你查看這些業務時，會發現該業務中與訂閱無關的部分主要在我們的服務方面。

A couple of factors just to underline. We saw our payments charge volume increase 22% in Q3, which was faster than what we saw in Q2. And we continue to see good adoption of our payroll offerings by customers as well as a mix shift towards the high end of the payroll offerings. So heading into Q4, we feel good about our online ecosystem growth, which remains our growth catalyst going into the future.

有幾個因素需要強調。我們看到第三季的支付費用增加了 22%，比第二季的成長速度更快。我們繼續看到客戶對我們的薪資資產的良好採用，以及向高端薪資資產品的混合轉變。因此，進入第四季度，我們對線上生態系統的成長感到滿意，這仍然是我們未來的成長催化劑。

We'll take our next question from Michael Turrin with Wells Fargo.

我們將回答富國銀行邁克爾特林 (Michael Turrin) 提出的下一個問題。

The small business segment growth is holding in strong if we look at the international online ecosystem revenue growth, trailing at 12% in constant currency. Sasan, are there plays you see to potentially jump-start overseas growth? Is there anything you're experimenting with around Mailchimp that could help with tip of the spear there into broader international reach? Or what else do you see that yields potentially better growth down the line?

如果我們看看國際線上生態系統的收入成長，小型企業部門的成長保持強勁，以固定匯率計算僅成長 12%。 Sasan，您認為有哪些可能推動海外成長的策略嗎？您正在 Mailchimp 周圍進行的試驗是否有什麼可以幫助將矛頭推向更廣泛的國際影響力？或者您認為還有哪些可能會帶來更好的成長？

Yes. Thank you for your question. First of all, I'll start with the fact that the Mailchimp lapping price increase from last year and some of the lineup changes that we talked about earlier impacts international growth, just since 50% of Mailchimp's revenue is international. So that was a big driver of why 12%.

是的。謝謝你的問題。首先，我將從去年開始的 Mailchimp 研磨價格上漲以及我們之前討論的一些產品陣容變化影響國際成長這一事實開始，因為 Mailchimp 50% 的收入來自國際。所以這是 12% 的一個重要推動因素。

And two, yes, absolutely, given the green shoots that we are seeing with Mailchimp internationally and where we have product market fit with QuickBooks and Mailchimp, one of the 5 areas that we are accelerating our investments is, in fact, international. So we're excited about what's possible as we look ahead.

第二，是的，絕對是，考慮到我們在國際上看到 Mailchimp 的萌芽，以及我們擁有與 QuickBooks 和 Mailchimp 相適應的產品市場，我們正在加速投資的 5 個領域之一實際上是國際領域。因此，當我們展望未來時，我們對可能發生的事情感到興奮。

I'll now turn the program back to our speakers for any closing remarks. I do apologize. We will actually take our next question.

現在，我將把節目轉回給我們的發言人，讓他們發表閉幕詞。我很抱歉。我們實際上將回答下一個問題。

I apologize again. We were going to take our question from Alex Zukin, but they have removed themselves from queue. I will return the call to our speakers for any closing remarks.

我再次表示歉意。我們本來打算向 Alex Zukin 提出問題，但他們已將自己從隊列中刪除。我將向我們的發言人回電，請其發表結束語。

Well, listen, everybody, thank you so much for attending. Thank you for your wonderful questions, and we will see you at our next earnings. Be safe. Bye-bye.

好吧，聽著，大家，非常感謝你們的出席。感謝您提出精彩的問題，我們將在下一次財報中與您會面。注意安全。再見。

This does conclude today's program. Thank you for your participation. This concludes today's call.

今天的節目到此結束。感謝您的參與。今天的電話會議到此結束。