直覺電腦 (INTU) 2024 Q4 法說會逐字稿

Please standby, we're about to begin.

請稍等，我們即將開始。

Good afternoon, ladies and gentlemen. My name is [Bo] and I will be your conference operator. At this time, I would like to welcome everyone to Intuit's fourth quarter and fiscal year 2024 conference call. (Operator Instructions) With that, I will now turn the call over to Ms. Kim Watkins, Intuit's Vice President of Investor Relations. Please go ahead. Ms. Watkins.

女士們、先生們，午安。我叫[Bo]，我將擔任你們的會議接線生。在此，我謹代表 Intuit 公司歡迎各位參加 2024 財年第四季業績電話會議。（操作員指示）接下來，我將把電話轉交給 Intuit 的投資者關係副總裁 Kim Watkins 女士。請繼續。沃特金斯女士。

Thanks, Bo. Good afternoon and welcome to Intuit's fourth quarter fiscal 2024 conference call. I'm here with Intuit's CEO, Sasan Goodarz; and our CFO Sandeep Aujla.

謝謝你，博。下午好，歡迎參加 Intuit 2024 財年第四季電話會議。我今天和 Intuit 的執行長 Sasan Goodarz 以及我們的財務長 Sandeep Aujla 在一起。

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.

在開始之前，我想提醒大家，我們的發言將包含前瞻性陳述。有許多因素可能導致 Intuit 的表現與我們的預期有重大差異。您可以查看我們今天下午早些時候發布的新聞稿、2023 財年的 10-K 表格以及我們向美國證券交易委員會提交的其他文件，以了解有關這些風險的更多資訊。

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 statements.

所有這些文件都可以在Intuit公司網站intuit.com的投資者關係頁面上找到。我們不承擔更新任何前瞻性聲明的義務。

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

這些發言中的一些數字是按非公認會計準則 (non-GAAP) 編製的。我們在今天的新聞稿中對可比較的GAAP和非GAAP資料進行了核對。除非另有說明，否則所有成長率均指目前期間與去年同期相比的成長率，業務指標及相關成長率均指全球業務指標。

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

本次電話會議結束後，我們將在網站上提供我們準備好的演講稿和補充財務資訊。

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

接下來，我將把電話交給薩桑。

Great. Thank you, Kim, and thanks to all of you for joining us today. We delivered very strong results for the fourth quarter and full year and made meaningful progress with our AI-driven expert platform strategy and Big Bets that position the company for durable growth in the future.

偉大的。謝謝金，也謝謝各位今天蒞臨現場。我們在第四季度和全年都取得了非常強勁的業績，並在人工智慧驅動的專家平台策略和重大投資方面取得了實質進展，這為公司未來的持續成長奠定了基礎。

Our full year revenue grew 13%, and we delivered strong operating margin expansion, demonstrating the strength and momentum of our investments and innovation. As we exit the year, we're confident in delivering another year of double-digit revenue growth and margin expansion in fiscal year 2025.

我們的全年營收成長了 13%，營業利潤率也實現了強勁成長，證明了我們的投資和創新取得了顯著成效並保持了強勁勢頭。展望2025財年，我們有信心達到兩位數的營收成長和利潤率擴張。

Intuit as a global AI-driven expert platform that is powering prosperity for consumers, small and mid-market businesses. Our strategy in and five Big Bets position, Intuit as a mission critical platform that delivers end to end solutions, driving sustained growth.

Intuit 是一個全球性的 AI 驅動專家平台，致力於為消費者、中小企業創造繁榮。我們的策略和五大措施將 Intuit 定位為提供端到端解決方案的關鍵任務平台，從而推動持續成長。

We made an early bet on AI we have a significant advantage of the scale of our data investments and AI capabilities, such as knowledge engineering, machine learning and GenAI and our large network of AI powered virtual experts. This is enabling us to disrupt the categories in which we operate.

我們很早就投資了人工智慧，我們在數據投資規模和人工智慧能力方面擁有顯著優勢，例如知識工程、機器學習和 GenAI，以及我們龐大的人工智慧驅動的虛擬專家網路。這使我們能夠顛覆我們所處的行業領域。

We are transforming how we serve our customers by delivering done for you experiences, where we do the hard work for them, connecting them with a high-powered human expertise to fuel their success. With the introduction of GenAI, we're now delivering reimagine customer experiences and bolstering businesses' growth potential while driving efficiencies and how work gets done within Intuit.

我們正在改變服務客戶的方式，提供「一站式」體驗，我們替客戶完成繁重的工作，將他們與強大的專家團隊聯繫起來，幫助他們取得成功。隨著 GenAI 的推出，我們現在能夠重新構想客戶體驗，增強企業的成長潛力，同時提高效率並改變 Intuit 內部的工作方式。

This has enabled us to build a large AI-driven expert platform to fuel the success of consumers, small and mid-market businesses. The progress we've made has bolstered our confidence leading us to accelerate investments in five key areas within our Big Bets to deliver greater impact in the future.

這使我們能夠建立一個大型的人工智慧驅動專家平台，從而幫助消費者、中小企業取得成功。我們所取得的進展增強了我們的信心，促使我們加快在五個關鍵領域的投資，以期在未來產生更大的影響。

I'll spend a moment unpacking the progress we've made and our investment plans for the future. First, within Big Bet 1, we're delivering done for you experiences with Intuit Assist. In fiscal year 2024, we made strong progress, making Intuit Assist our GenAI powered financial assistance available to millions of consumers and approximately 1 million small and mid-market businesses. We're accelerating our investments to rollout Intuit Assist at scale in the coming year.

我將花一點時間詳細介紹我們所取得的進展以及我們未來的投資計畫。首先，在 Big Bet 1 中，我們將透過 Intuit Assist 為您提供一站式體驗。在 2024 財年，我們取得了顯著進展，使 Intuit Assist（我們的 GenAI 驅動的金融援助）能夠為數百萬消費者和大約 100 萬家中小企業提供服務。我們將加速投資，以便在來年大規模推廣 Intuit Assist。

Second, within Big Bets 2, we are accelerating platform and go-to-market investments for TurboTax Live and QuickBooks Live embedding AI powered experts across our business offerings. In fiscal year 2024 TurboTax Live revenue grew 17% and full-service customers doubled, while those customers new to TurboTax tripled.

其次，在「大賭注 2」計畫中，我們正在加速對 TurboTax Live 和 QuickBooks Live 的平台和市場推廣投資，並將人工智慧專家融入我們的業務產品中。2024 財年，TurboTax Live 的營收成長了 17%，全方位服務客戶數量翻了一番，而 TurboTax 的新客戶數量增加了兩倍。

QuickBooks Live customers more than tripled. We expect our accelerated investment in these areas to deepen our penetration in a very manual, high-price, and disaggregated assisted categories. By digitizing how services are delivered, an integral part of our done for you platform experiences, we will become the AI powered financial assistant for consumers, small and mid-market businesses.

QuickBooks Live 用戶數量增加了兩倍多。我們預計，加大對這些領域的投資將加深我們在人工操作繁瑣、價格高昂且分散的輔助駕駛領域的滲透。透過實現服務交付方式的數位化，作為我們一站式平台體驗的重要組成部分，我們將成為面向消費者、中小企業的AI驅動型金融助理。

Next, within Big Bet 4, our money solutions. We're making additional investments to accelerate digitizing the experience end to end for consumers, small and mid-market businesses, from estimate, to invoicing to getting paid and paying bills.

接下來，在 Big Bet 4 中，我們將介紹我們的資金解決方案。我們正在增加投資，以加速實現消費者、中小企業端到端體驗的數位化，涵蓋從估價、開票到收款和支付帳單的各個環節。

In fiscal year 2024 for the total online payment volume, we facilitated on our platform grew 20%. We also help small businesses access $2.4 billion in financing through QuickBooks Capital, up 28%. And we made significant progress in digitizing B2B payments with our bill pay offering for which monthly payment volume processed quite tripled over the last six months. In fiscal year 2025, we expect these accelerated investments to deliver best in class, seamless payments, capital, banking, bill pay and invoicing solutions.

2024 財年，我們平台上的線上支付總額增加了 20%。我們也透過 QuickBooks Capital 幫助小型企業獲得 24 億美元的融資，成長了 28%。我們在 B2B 支付數位化方面取得了顯著進展，我們的帳單支付服務在過去六個月中，每月處理的支付量增加了近三倍。我們預計，在 2025 財年，這些加速投資將帶來一流、無縫的支付、資本、銀行、帳單支付和發票解決方案。

Next, within Big Bet 5, we're doubling down on mid-market with additional investments in the platform and go-to-market motions. In fiscal year 2024 QBO Advanced customers grew 28%. In fiscal year 2025, we're accelerating investments to better serve customers who have more complex needs, such as more sophisticated accounting and reporting requirements, business intelligence, money solutions, human capital management, professional services and customer acquisition solutions with Mailchimp, all assisted by a AI-powered human experts,

接下來，在「大賭注 5」中，我們將加倍投入中階市場，增加對平台和市場推廣活動的投資。2024 財年，QBO Advanced 客戶成長了 28%。在 2025 財年，我們將加快投資，以更好地服務於那些需求更為複雜的客戶，例如更複雜的會計和報告要求、商業智慧、資金解決方案、人力資本管理、專業服務以及透過 Mailchimp 提供的客戶獲取解決方案，所有這些都將由人工智慧驅動的人類專家協助完成。

And finally, accelerating international growth with Mailchimp and QuickBooks, we translated the Mailchimp offering into five different languages for markets where we see a large TAM. Looking ahead, we're bringing QuickBooks and Mailchimp together to create a single growth platform, differentiated in the markets where we have product market fit, including in Canada, UK and Australia.

最後，為了加速 Mailchimp 和 QuickBooks 的國際成長，我們將 Mailchimp 產品翻譯成五種不同的語言，以開拓我們認為具有巨大潛在市場的領域。展望未來，我們將把 QuickBooks 和 Mailchimp 合併在一起，創建一個單一的成長平台，並在我們擁有產品市場契合度的市場（包括加拿大、英國和澳洲）進行差異化。

In other geographies, we're leading with Mailchimp strong international footprint to help small businesses get customers as we continue to localize the offering.

在其他地區，我們正憑藉 Mailchimp 強大的國際影響力，幫助小型企業獲得客戶，同時我們也將繼續在地化產品和服務。

Wrapping up with the progress and momentum we are delivering, and the accelerated investment areas I have shared, we are in a great position to win as an end to end platform with experiences that fuel the success of customers. Intuit is the AI driven expert platform that is powering prosperity for consumers small and mid-market businesses.

綜上所述，憑藉我們取得的進展和發展勢頭，以及我之前提到的加速投資領域，我們已處於有利地位，能夠打造一個端到端的平台，提供助力客戶成功的體驗，從而贏得市場。Intuit 是一個人工智慧驅動的專家平台，致力於為消費者、中小企業創造繁榮。

With that, now let me turn it over to Sandeep.

那麼，現在讓我把麥克風交給桑迪普。

So thanks, Sasan. We delivered very strong results in fiscal 2024 across the company, including total revenue growth of 13%, GAAP and non-GAAP operating margin expansion of 40 basis points and 100 basis points respectively, and GAAP and non-GAAP EPS growth of 24% and 18%, respectively.

謝謝你，薩桑。我們在 2024 財年取得了非常強勁的業績，公司整體業績包括總營收成長 13%，GAAP 和非 GAAP 營業利潤率分別成長 40 個基點和 100 個基點，GAAP 和非 GAAP 每股盈餘分別成長 24% 和 18%。

Our fourth quarter results include revenue of $3.2 billion, up 17%, GAAP operating loss of $151 billion versus GAAP operating income of $17 million last year, reflecting a restructuring charge of $223 million recognized in the quarter related to the organizational changes we announced in July.

我們第四季的業績包括營收 32 億美元，成長 17%；以美國通用會計準則 (GAAP) 計算的營業虧損為 1,510 億美元，而去年同期的 GAAP 營業收入為 1,700 萬美元，這反映了本季度確認的與我們在 7 月份宣布的組織變革相關的 2.23 億美元的重組費用。

Non-GAAP operating income of $730 million versus $627 million last year, up 16% GAAP diluted loss per share of $0.07 versus diluted earnings per share of $0.32 a year ago, also reflecting the restructuring charge and non-GAAP diluted earnings per share of $1.99 versus $1.65 last year, up 21%.

非GAAP營業收入為7.3億美元，而去年同期為6.27億美元，增長16%；GAAP稀釋後每股虧損0.07美元，而去年同期稀釋後每股收益為0.32美元（也反映了重組費用）；非GAAP稀釋後每股收益為1.99美元，而去年同期為1.65美元，增長21%。

Turning to the business segments. In the small business and self-employed group, the revenue grew 20% during the quarter and 19% for the full year. This momentum demonstrates the power of a small and mid-market business platform and the mission-critical nature of our offerings as customers look to grow their business and improve cash flow in any economic environment.

接下來我們來看業務區。在小型企業和自營商群體中，本季營收成長了 20%，全年成長了 19%。這一勢頭表明了中小企業平台的強大實力，以及我們產品對於客戶在任何經濟環境下發展業務和改善現金流的關鍵性。

Online Ecosystem revenue grew 18% during the quarter and 20% for the full year, driven by our progress serving customers with more complex need and adoption of our ecosystem of services. As a result, online ecosystem ARTC grew 11% in fiscal 2024.

線上生態系統收入在本季度增長了 18%，全年增長了 20%，這得益於我們為滿足客戶更複雜需求方面取得的進展以及客戶對我們服務生態系統的採用。因此，線上生態系ARTC在2024財年成長了11%。

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. First, we continue to focus on growing the core.

為了成為小型企業的權威資訊來源，我們在小型企業和自營商群體中的策略重點有三個面向：發展核心、連結生態系統和拓展全球市場。首先，我們將繼續專注於發展核心業務。

QuickBooks Online accounting revenue grew 17% in Q4 and 19% in fiscal 2024. Growth for the quarter and year was driven by customer growth, higher effective prices and mix shift. We delivered growth in our declared strategic areas this year with our emphasis on serving customers with more complex need. This focus drove US QBO customers, excluding self-employed, up 11%. QBO Advanced customers up 28%, while QBO self-employed customers declined 14%, resulting in total online paying customers up 6%.

QuickBooks Online 會計收入在第四季成長了 17%，2024 財年成長了 19%。本季和年度的成長主要由客戶成長、有效價格上漲和產品組合變化所推動。今年，我們專注於服務有更複雜需求的客戶，並在我們確定的策略領域中實現了成長。這項重點推動美國 QBO 客戶（不包括自僱人士）成長 11%。QBO 高級用戶成長了 28%，而 QBO 自僱用戶下降了 14%，導致線上付費用戶總數增加了 6%。

Secondly, we continued to focus on connecting the ecosystem. Online Services revenue grew 19% in Q4, driven by payments, payroll, capital and Mailchimp. For the full fiscal year 2024 online services revenue grew 21%, driven by payroll, payments, Mailchimp and capital.

其次，我們繼續專注於連結生態系統。第四季線上服務收入成長了 19%，主要得益於支付、薪資、資本和 Mailchimp 的業務成長。2024 財年全年，線上服務收入成長 21%，主要得益於薪資、支付、Mailchimp 和資本支出。

Within payments, revenue growth in the quarter reflects higher effective prices, ongoing customer growth as more customers adopt our payments offerings to manage their cash flow and an increase in total payment volume per customer. Total online payment volume growth in Q4 was 19%, relatively consistent with the range we've seen over the last several quarters.

在支付領域，本季營收成長反映了更高的有效價格、隨著更多客戶採用我們的支付產品來管理現金流而帶來的持續客戶成長，以及每位客戶支付總額的增加。第四季線上支付總額成長了 19%，與過去幾季的成長幅度基本一致。

With net 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. Merchant revenue growth was driven by higher effective prices and paid customer growth. The revenue growth continues to be impacted by the lapping of a larger benefit from price in line of changes that we made last year in Q2 and Q3.

本季淨工資收入成長反映了採用我們工資解決方案的客戶數量增加、有效價格上漲以及產品組合向高端產品轉變。商家收入成長主要得益於實際價格上漲和付費客戶數量成長。營收成長持續受到去年第二季和第三季價格調整帶來的更大收益逐漸消退的影響。

Third, we continue to make progress expanding globally by executing our refreshed international strategy, which includes leading with both QuickBooks Online in Mailchimp in our established markets and leading with Mailchimp’s in all other markets as we continued to execute on our localized product and line-up. On a constant currency basis, total international online ecosystem revenue grew 11% in Q4 and 13% in fiscal 2024.

第三，我們透過執行更新的國際策略，繼續在全球擴張並取得進展，其中包括在我們成熟的市場中以 QuickBooks Online 和 Mailchimp 為主導，以及在所有其他市場中以 Mailchimp 的所有權為主導，同時我們繼續執行本地化的產品和產品線。以固定匯率計算，第四季國際線上生態系統總營收成長了 11%，2024 財年成長了 13%。

Turning to desktop, we successfully concluded the three-year transition to subscription model, which contributed to 25% desktop ecosystem revenue growth in Q4 and 16% revenue growth in fiscal 2024. QuickBooks desktop enterprise revenue grew in the low 30s in Q4 and into high teens for fiscal 2024.

再來看桌面端，我們成功完成了為期三年的訂閱模式轉型，這促成了第四季度桌面生態系統營收成長 25%，並在 2024 財年實現了 16% 的營收成長。QuickBooks桌面企業版第四季營收成長了30%左右，預計2024財年將達到10%以上。

Our Q4 desktop ecosystem revenue growth also reflects the offering changes we made in early fiscal 2024 fourth to complete the transition to a recurring subscription model. These changes resulted in approximately $60 million of desktop revenue recognized in Q4 and approximately $50 million recognized in the first three quarters of fiscal 2024, all of which would have otherwise been recognized in Q1 of fiscal 2025.

我們第四季度桌面生態系統營收的成長也反映了我們在 2024 財年第四季初為完成向經常性訂閱模式的過渡而進行的產品變更。這些變化導致第四季度確認了約 6,000 萬美元的桌面收入，並在 2024 財年的前三個季度確認了約 5,000 萬美元的收入，而這些收入原本都將在 2025 財年的第一季確認。

We also expect approximately $15 million of desktop revenue that would have otherwise been recognized in Q1 in fiscal 2025 to shift to later quarters in fiscal 2025. In total, these changes lower Q1 fiscal 2025 revenue by approximately $160 million in our largely related to a more frequent product update beginning in Q4 of fiscal 2024 to align the customer delivery experience to our subscription model.

我們也預計，原本應在 2025 財年第一季確認的約 1,500 萬美元桌面業務收入將轉移到 2025 財年的後續季度確認。總體而言，這些變化將使我們 2025 財年第一季的營收減少約 1.6 億美元，這主要是由於從 2024 財年第四季開始更頻繁的產品更新，以使客戶交付體驗與我們的訂閱模式保持一致。

Accordingly, we expect Q1 desktop ecosystem revenue to decline approximately 20% for Q1 but for desktop ecosystem revenue to return to growth in Q2. Overall, we expect desktop ecosystem revenue to grow in the low single digits in fiscal 2025.

因此，我們預計第一季桌面生態系統營收將下降約 20%，但第二季桌面生態系統營收將恢復成長。整體而言，我們預計 2025 財年桌面生態系營收將以較低的個位數成長。

Turning to Credit Karma. Credit Karma revenue growth improved each quarter during fiscal 2024 from the 5% decline in Q1 to a 14% growth in Q4. On a product basis in Q4, auto insurance accounted for 6 points of growth, personal loans accounted for 5 points, credit cards accounted for 2 points, and Credit Karma money accounted for 1 point.

轉而求助於信用業力。Credit Karma 2024 財年的營收成長逐季改善，從第一季的 5% 下降到第四季的 14% 成長。從產品角度來看，第四季汽車保險成長了 6 個百分點，個人貸款增加了 5 個百分點，信用卡成長了 2 個百分點，Credit Karma Money 成長了 1 個百分點。

Full year revenue was $1.7 billion, up 5%. We are pleased with the momentum driven by our relentless focus on what matters most to our members and partners. We made strong progress this year, redesigning the Credit Karma app to enabled members to see much more of their financial life and find the product right for them.

全年營收為17億美元，成長5%。我們對公司的進展感到滿意，這得益於我們始終堅持關注會員和合作夥伴最關心的事情。今年我們取得了顯著進展，重新設計了 Credit Karma 應用程序，使會員能夠更全面地了解自己的財務狀況，並找到適合自己的產品。

We also introduced Intuit Assist to deliver personalized financial insights using data and AI, increase monetization in the underpenetrated segment and made it easier than ever for consumers to benefit from the Credit Karma and TurboTax product integration. I am proud of the progress the team made innovating on behalf of our members and partners.

我們也推出了 Intuit Assist，利用數據和人工智慧提供個人化的財務見解，提高滲透率較低的細分市場的獲利能力，並讓消費者比以往任何時候都更容易從 Credit Karma 和 TurboTax 產品整合中受益。我為團隊在代表我們的會員和合作夥伴進行創新方面所取得的進展感到自豪。

Switching to consumer and ProTax groups. Consumer group revenue of $4.4 billion grew 7% in fiscal 2024 as we continue to revolutionize how taxes get done for consumers and small businesses. TurboTax Live revenue grew 17% and customers grew 11% full-service customers doubled. While those new to TurboTax tripled. We are pleased with the momentum we saw with TurboTax Live again this season.

轉而面向消費者和ProTax群體。2024 財年，消費者集團營收為 44 億美元，成長 7%，我們將繼續革新消費者和小型企業的稅務處理方式。TurboTax Live 的營收成長了 17%，客戶數量成長了 11%，全方位服務客戶數量翻了一番。TurboTax 新用戶數量增加了兩倍。我們對TurboTax Live在本季再次取得的成功勢頭感到滿意。

Turning to the ProTax group, revenue was $599 million in fiscal 2024, up 7%. In summary, I'm pleased with our continued momentum this fiscal year and our opportunities ahead.

再來看 ProTax 集團，2024 財年營收為 5.99 億美元，成長 7%。總而言之，我對本財年我們持續的發展動能以及未來的機會感到滿意。

Shifting to our balance sheet and capital allocation. Our financial principles to guide our decisions to remain on long-term commitment and are unchanged. We finished the quarter with $4.1 billion in cash and investments and $6 billion in debt on our balance sheet.

接下來談談我們的資產負債表和資本配置。我們指導決策的財務原則是保持長期承諾，這些原則保持不變。本季末，我們的資產負債表上現金和投資總額為 41 億美元，債務總額為 60 億美元。

We've repurchased $255 million of stock during the fourth quarter and $2 billion during fiscal 2024, depending on market conditions and other factors, our aim is to be in the market each quarter. The Board approved a quarterly dividend of $1.4 per share, payable on October 18, 2024. This represents a 16% increase versus last year.

我們在第四季回購了價值 2.55 億美元的股票，並計劃在 2024 財年回購 20 億美元。根據市場狀況和其他因素，我們的目標是每個季度都參與市場交易。董事會批准每股1.4美元的季度股息，將於2024年10月18日支付。比去年增長了16%。

Moving on to guidance, our fiscal 2025 guidance includes total company revenue of $18.16 billion to $18.347 billion, growth of 12% to 13%. Our guidance includes revenue growth of 16% to 17% for the small business, self-employed group including, online ecosystem revenue growth of approximately 20% and desktop ecosystem revenue growth in the low single digits.

接下來談談業績展望，我們對 2025 財年的業績展望包括公司總營收 181.6 億美元至 183.47 億美元，成長 12% 至 13%。我們的預期包括小型企業和自僱人士群體收入成長 16% 至 17%，線上生態系統收入成長約 20%，桌面生態系統收入成長低個位數。

Our guidance also includes revenue growth of 7% to 8% for the consumer group and 5% to 8% for Credit Karma. GAAP diluted earnings per share of $12.34 to $12.54, growth of 18% to 20%, to non-GAAP diluted earnings per share of $19.16 to $19.36, growth of 13% to 14%.

我們的業績預期還包括消費者業務收入成長7%至8%，Credit Karma業務營收成長5%至8%。GAAP稀釋後每股盈餘為12.34美元至12.54美元，成長18%至20%；非GAAP稀釋後每股盈餘為19.16美元至19.36美元，成長13%至14%。

We expect a GAAP tax rate of approximately 23% of fiscal 2025. GAAP guidance reflects an expected $24 million restructuring charge related to the reorganization we announced in July. Our guidance for first quarter of fiscal 2025 includes total company revenue growth of 5% to 6%, including small business and self-employed group revenue growth of 6% to 7%, reflecting the revenue shift in Q1 resulting from the desktop offering changes that I noted earlier.

我們預計 2025 財年的 GAAP 稅率約為 23%。GAAP 指引反映了與我們在 7 月宣布的重組相關的 2400 萬美元預計重組費用。我們對 2025 財年第一季的業績預期包括公司總營收成長 5% 至 6%，其中小型企業和自僱人士集團營收成長 6% 至 7%，這反映了我之前提到的桌面產品變化導致第一季營收的轉移。

We expect desktop ecosystem revenue to decline approximately 20% in Q1. And online ecosystem, which is our growth catalyst to accelerate to approximately 19% growth in Q1.

我們預計第一季桌面生態系統營收將下降約 20%。以及線上生態系統，這是我們的成長催化劑，預計在第一季實現約 19% 的成長。

For Credit Karma, we expected revenue to grow tin Q1. And for our consumer group and ProTax revenue to decline in Q1, as we are lapping the period a year ago that included extended California tax filing deadline.

對於 Credit Karma，我們預計第一季營收將成長。由於我們正處於去年同期（包括加州延長報稅截止日期），因此我們的消費者團體和 ProTax 收入在第一季有所下降。

GAAP earnings per share of $0.61 to $0.66 and non-GAAP earnings per share of $2.33 to $2.38. GAAP guidance reflects an expected $19 million restructuring charge that we expect to incur in Q1 related to the reorganization we announced in July. You can find our full fiscal 2025 and Q1 guidance details in our press release and our factsheet. I will now shift to our long-term growth expectations for each of our business segments.

GAAP每股收益為0.61美元至0.66美元，非GAAP每股收益為2.33美元至2.38美元。 GAAP指引反映了我們預計在第一季產生的1,900萬美元重組費用，該費用與我們在7月宣布的重組計劃有關。您可以在我們的新聞稿和情況說明書中找到我們完整的 2025 財年和第一季業績指引詳情。接下來，我將談談我們各個業務部門的長期成長預期。

First, small business. With the momentum we see in online ecosystem growth, we are reiterating our long-term revenue growth expectations for the small business and self-employed group of 15% to 20%. As this -- as part of this, we continue to expect online paying ARPC growth of 10% to 20%, and we now expect Poland paying customer growth of 5% to 10%.

首先是小型企業。鑑於線上生態系統的發展勢頭，我們重申對小型企業和自僱人士群體的長期收入成長預期為 15% 至 20%。因此，我們繼續預期線上支付 ARPC 將成長 10% 至 20%，我們現在預計波蘭付費客戶將成長 5% 至 10%。

This reflects our shift in emphasis towards ARPC, as we scale mid-market, drive growth in services and reshape how we go to market as one business platform to significantly increased adoption of all our offerings. While there are relatively fewer mid-market customers, the ARPC of mid-market, QuickBooks Online customers is nearly 3 times higher than other QuickBooks Online customers.

這反映了我們向 ARPC 的重點轉變，因為我們正在擴大中端市場規模，推動服務成長，並將我們的市場進入方式重塑為一個統一的業務平台，從而顯著提高我們所有產品的採用率。雖然中階市場客戶相對較少，但 QuickBooks Online 中階市場客戶的 ARPC 幾乎是其他 QuickBooks Online 客戶的 3 倍。

Turning to Credit Karma, we are excited about the opportunity ahead, as we execute our strategy to more deeply penetrate our core verticals, scale in growth verticals and execute our consumer ecosystem strategy.

展望 Credit Karma，我們對未來的機會感到興奮，因為我們正在執行我們的策略，以更深入地滲透我們的核心垂直領域，在成長垂直領域擴大規模，並執行我們的消費者生態系統策略。

With the learnings from opening in the current business cycle, we are updating our long-term revenue growth expectations to 10% to 15%, reflecting the current size and scale of the business and as we focus on creating seamless end-to-end experiences with TurboTax that benefit consumers year-round.

鑑於目前商業週期中開業所獲得的經驗，我們將長期營收成長預期更新為 10% 至 15%，以反映公司目前的規模和體量，同時我們也專注於打造全年惠及消費者的 TurboTax 無縫端到端體驗。

Finally, the consumer group. Based on the momentum we saw this season and the significant runway we have ahead to penetrate our TAM, we expect assisted penetration to be the key driver of future growth. TurboTax Live revenue accounted for approximately 30% of consumer group revenue in fiscal 2024, and we expect it to become the majority of consumer revenue in the coming years.

最後是消費者群體。根據本季的成長動能以及我們未來仍有很大的市場空間來滲透我們的目標市場，我們預期輔助滲透將成為未來成長的關鍵驅動力。2024 財年，TurboTax Live 的收入約佔消費者集團收入的 30%，我們預計在未來幾年內，它將成為消費者收入的大部分。

With that context, while we are scaling assisted, we are adjusting the consumer group long-term revenue growth to 6% to 10% in this interim period, with TurboTax Live revenue expected to grow 15% to 20%.

在此背景下，雖然我們正在擴大規模，但在此過渡時期，我們將消費者集團的長期收入成長調整為 6% 至 10%，而 TurboTax Live 的營收預計將成長 15% 至 20%。

One final note before I wrap up. Starting in Q1, we will be changing the name of our small business and self-employed group to global business solutions group. This new name better aligned with the global reach of the Mailchimp and QuickBooks platform, and our focus on serving both small and mid-market businesses and our vision to become the end to end platform, the customer used to grow and run their businesses.

最後補充一點。從第一季開始，我們將把我們的小型企業和自僱者集團更名為全球商業解決方案集團。新名稱更能體現了 Mailchimp 和 QuickBooks 平台的全球影響力，以及我們專注於服務中小企業的理念，並致力於成為客戶發展和經營業務的端到端平台。

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

這樣，我就把麥克風交還給薩桑了。

Great. Thank you, Sandeep. We are confident in our long-term growth strategy, including double-digit revenue growth and operating income growing faster than revenue. We have the strategy to win, given the green shoots we're observing and with less than 5% penetration of our $300 billion in TAM, we have a massive runway ahead. We look forward to seeing all of you at our Investor Day next month, where we'll unpack all of this and more. Let's now open it up to your questions.

偉大的。謝謝你，桑迪普。我們對長期成長策略的信心，包括兩位數的收入成長和營業收入成長速度超過收入成長速度。鑑於我們觀察到的良好勢頭，以及我們3000億美元潛在市場規模的滲透率還不到5%，我們擁有致勝的策略，未來還有巨大的發展空間。我們期待下個月的投資者日與大家見面，屆時我們將詳細介紹所有這些內容以及更多資訊。現在進入問答環節。

Thank you, Mr. Goodarzi. (Operator Instructions)

謝謝您，古達爾齊先生。（操作說明）

Siti Panigrahi, Mizuho.

Siti Panigrahi，瑞穗銀行。

Great. Thank you. Just one question, then Sasan I will focus on small business segment. 19% growth is pretty good in this environment where we are hearing about SMB weakness. But I want to focus on your growth, in '25 -- fiscal '25 and beyond.

偉大的。謝謝。薩桑，我還有一個問題。我會專注於小型企業領域。在目前這種普遍認為中小企業發展疲軟的環境下，19%的成長率相當不錯。但我希望能專注於你們在 2025 年及以後的發展——2025 財年及以後的發展。

Now looks like your focus is now driving grow through in our targeting mid-market, you talked about an [NZM] in that. So help us understand how big is that opportunity to expand into a mid-market? And why is this the right time for Intuit to increase focus on mid-market? And is it mostly targeting this your QuickBooks customer base or are you planning to gain share from other vendors?

現在看來，你們的重點是透過瞄準中端市場來推動成長，你們提到了[NZM]。那麼，請您幫我們了解一下，進軍中階市場的機會究竟有多大？為什麼現在是 Intuit 加大對中階市場關注的最佳時機？你們的目標客戶主要是 QuickBooks 用戶群，還是打算從其他供應商搶佔市場份額？

Yeah, Siti, thank you for your question. First of all, I want to start with our focus will continue to be small businesses that are formed and because we want to fundamentally continue to grow with them. With that as context, we've just simply doubled down on our focus on mid-market. And as you know, it's not new.

是的，Siti，謝謝你的提問。首先，我想強調的是，我們將繼續專注於小型企業，因為我們希望從根本上與它們共同成長。基於以上背景，我們更專注於中階市場。正如你所知，這並不是什麼新鮮事。

This has been five years in the making. It's one of the five bets that we've declared more than five years ago. But I would just say five years later, Siti, we are just building an incredible amount of momentum.

這個項目歷時五年才完成。這是我們五年前就做出的五項決定之一。但我想說的是，五年過去了，Siti，我們正在累積巨大的發展動能。

With that as context, let me just now answer your question. One, the way to think about it is we now have a business suite and our business suite provides all the capabilities to -- for a business to be able to grow their customers, manage their customers, be able to manage their cash flow, get their accounting done, all in one place.

了解了這些背景之後，我現在就來回答你的問題。首先，我們可以這樣理解：我們現在擁有一個商業套件，該套件提供了企業發展客戶、管理客戶、管理現金流、完成會計工作所需的所有功能，所有這些都可以在一個地方完成。

And with our up really AI powered innovation, and AI powered experts, we really have tilted the professional grade health and services to all of our businesses, and we are now at a place where we are really accelerating on two fronts.

憑藉我們強大的 AI 驅動創新和 AI 驅動的專家，我們真正將專業級的健康和服務融入到我們所有的業務中，現在我們正在兩個方面加速發展。

One, we are going to go to market as one platform versus pieces and parts to really accelerate services penetration, because of the one thing we continue to hear from businesses is that they want to do everything in one place. And now we have the business suite for them to do everything in one place.

第一，我們將以一個平台而非零散部件的形式進入市場，以真正加速服務滲透，因為我們不斷聽到企業反映，他們希望在一個地方完成所有事情。現在我們為他們提供了一套商務套件，讓他們可以在一個地方完成所有操作。

Secondarily is our acceleration in mid-market. We're actually excited to announce at Investor Day a platform that will take us even further up market. And that really positions us to not only grow with our customers but to really acquire a new customers.

其次，我們在中階市場的加速發展也是一大亮點。我們很高興在投資者日上宣布推出一個平台，將帶領我們進一步拓展高端市場。這讓我們不僅能夠與現有客戶共同成長，還能真正獲得新客戶。

I would just remind us that the majority of mid-market customers are non-consumption. And they pay a lot of money to use multiple different apps, discrete apps that don't talk to each other, Excel spreadsheets, Google sheets, shoe boxes and pain for multiple different bookkeepers marketing agents and ultimately at [Hiltons].

我只想提醒大家，中端市場客戶中的大多數是非消費型客戶。他們花很多錢使用多個不同的應用程序，這些應用程式彼此獨立，互不相容，還有Excel表格、Google表格、紙質文件盒，以及為多個不同的簿記員、行銷代理帶來的種種麻煩，最終…[希爾頓]

And now we have packaged all of that as one enterprise suite to be able to pursue and accelerate pursuing mid-market customers and our ultimate goal is to go far beyond 10 to 100 employees. And I think this is five years in the making and to round out the answer to your question, this is both focusing on the smaller customers, but we're really doubling down on the larger customers and really being able to penetrate services. And that's really what gives us confidence in the 20% online ecosystem revenue growth at a far bigger scale that you heard from Sandeep, along with our acceleration in Q1.

現在，我們將所有這些打包成一個企業套件，以便能夠追求並加速追求中型市場客戶，我們的最終目標是遠遠超過 10 到 100 名員工。我認為這是五年來的成果，為了完整回答你的問題，我們既專注於小型客戶，也加倍投入大型客戶，真正能夠滲透到服務領域。正是這一點，讓我們對 Sandeep 所說的 20% 的線上生態系統收入成長充滿信心，而且規模要大得多，再加上我們在第一季的加速成長。

Thank you and look forward to hearing more at the Investors' Day.

謝謝，期待在投資者日上聽到更多。

Thank you for your questions.

謝謝你的提問。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Hey, guys. Thanks for taking the question. I wanted to ask about consumer, the guide for the coming year, the updated midterm guide, if you can just walk through a little bit of the puts and, takes, where why was that the right place to start the annual guide, what could drive upside surprise as the tax season progresses?

嘿，夥計們。感謝您回答這個問題。我想問一下關於消費者、來年的指南、更新後的中期指南，您能否簡單介紹一下其中的利弊，為什麼這是年度指南的正確起點，隨著報稅季的進行，什麼因素可能會帶來意想不到的上漲驚喜？

And maybe Sasan, just your view on kind of the macroeconomic backdrop that the consumer guy set against.

薩桑，或許你對消費者所處的宏觀經濟背景有什麼看法？

Yeah, absolutely, Alex, thank you for your question. Let me start with the last part of your question, which is around the macro environment. we have not assumed anything other than the current environment. We have -- we're not assuming any tailwinds coming from the macroenvironment. So that's really been -- one of the elements that's informed our guidance. That's really about our current trends that we're seeing, our current momentum that we're seeing and really all focus on our own execution.

是的，當然，Alex，謝謝你的提問。讓我先回答你問題的最後一部分，也就是關於宏觀環境的部分。除了當前環境之外，我們沒有做任何其他假設。我們沒有－我們沒有假設宏觀環境會帶來任何順風。所以，這確實是我們制定指導方針的要素之一。這其實關乎我們目前所看到的趨勢、我們目前所看到的勢頭，以及我們自身的執行力。

So that -- those for really the first part of your question, I would say the second part is just as a refresher, the total tax market is about $35 billion in TAM, $5 billion of that is do it yourself and about $30 billion is both is Intuit Assisted by the consumer. And on the business side, we've got great momentum. As you know, TurboTax Live grew 17% this past year, but the number of full service customers that we got double new to the franchise tripled.

所以——以上就是你問題的第一部分，第二部分只是作為回顧，總稅務市場規模約為 350 億美元，其中 50 億美元是自助報稅，約 300 億美元是消費者透過 Intuit 協助報稅。在業務方面，我們發展勢頭強勁。如您所知，TurboTax Live 在過去一年增長了 17%，但我們獲得的全新全方位服務客戶數量翻了一番，而新加入特許經營的客戶數量則增長了兩倍。

And so we have a lot of momentum as we look ahead and that's why we have a lot of confidence in really providing the expectation that we expect TurboTax Live to grow between 15% to 20%. And that really leads to, we wanted to just adjust our long-term expectations to be really prudent because until TurboTax Live, which today is 30% of our franchise, a growing high double digits until that becomes a larger part of our franchise, we wanted to be prudent with our long term expectation.

因此，展望未來，我們勢頭強勁，這也是為什麼我們非常有信心實現 TurboTax Live 成長 15% 至 20% 的預期。因此，我們希望調整長期預期，使其更加謹慎，因為在 TurboTax Live 出現之前（目前它占我們特許經營業務的 30%，並且隨著 TurboTax Live 成為我們特許經營業務的更大份額，這一比例將以兩位數的高位增長），我們希望對長期預期保持謹慎。

I will just end with saying that DIY is actually very important and I would parse it into two. One, we're actually growing quite rapidly and I would say high single digits with complex customers with higher income. And we're actually accelerating taking share.

最後我想說的是，DIY 其實非常重要，我可以把它分成兩個部分來闡述。第一，我們的成長速度其實相當快，我估計能達到接近兩位數的成長率，而且我們擁有收入較高的複雜客戶群。我們實際上正在加速擴大市場佔有率。

And based on our learnings this year. And based on our trade-offs that we made this year and our focus this year, we're going to be quite assertive in continuing to pursue our lower-income customers this year because we have a lot of green shoots from this past year with our experiments, how to deliver benefits and monetize beyond tax with our Credit Karma platform. And so we're going to be leaning into that.

並根據我們今年的經驗教訓。基於我們今年所做的權衡和今年的重點，我們今年將繼續積極爭取低收入客戶，因為過去一年我們在利用 Credit Karma 平台提供稅收以外的福利和盈利方式方面進行了很多嘗試，取得了一些積極的成果。所以我們將著重考慮這一點。

And I'll just end with them. The final aspect of the question that you asked really are upside to our guide, which is, I think, a question you asked around TurboTax comes from really two dimensions are one accelerating in assisted tax beyond the 15% to 20%, and two actually accelerating where we've seen a lot of green shoots, which is the more complex higher-income customers that our DIY.

最後，我就以它們作為結尾吧。您提出的問題的最後一方面實際上是我們指南的優勢，我認為您提出的關於 TurboTax 的問題實際上來自兩個方面：一是輔助報稅服務在 15% 到 20% 的基礎上加速發展；二是我們看到了很多積極跡象的領域正在加速發展，即更複雜的高收入客戶群體，而我們的自助報稅在這方面有所改進。

We have positioned ourselves for the innovation and the lineup that's required to win on both fronts in the coming year. So that's where our confidence comes from.

我們已經為來年在創新和產品陣容方面取得勝利做好了充分準備，這是在未來一年中在兩個方面都取得成功所必需的。這就是我們自信的來源。

Perfect. Thank you, guys.

完美的。謝謝大家。

Yes, thank you, Alex.

是的，謝謝你，亞歷克斯。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Great. Thanks so much for taking the question. So Sasan I wanted to ask about the restructuring, which I know you take very seriously. We appreciate it wasn't motivated by cost savings, but rather to better position the company ahead, how are you thinking about reinvesting, any savings as it takes time staff back up to prior levels? Are there specific initiatives that get allocated to any additional color would be great. Thanks.

偉大的。非常感謝您回答這個問題。所以薩桑，我想問關於重組的事情，我知道你非常重視這件事。我們理解此舉並非出於節省成本的考慮，而是為了更好地維持公司領先地位。您打算如何進行再投資？由於員工需要時間恢復到之前的水平，能否節省一些成本？如果能針對其他顏色制定一些具體的計劃就太好了。謝謝。

Yeah, sure, Brad. First of all, I just want to start with acknowledging -- we our culture about talent and people and compassion and care and this was a very, very tough decision. And we took great care of our teams internally, both those that are staying and getting them excited about why we're doing this and what's in the future and there remain extremely energized.

好的，布拉德。首先，我想先承認──我們的文化重視人才、重視員工、重視同情心和關懷，這是一個非常非常艱難的決定。我們非常關心公司內部的團隊，包括那些留下來的員工，讓他們對我們所做的一切以及未來的發展充滿熱情，他們現在仍然充滿活力。

But the second monetarily, taking great care of those that were impacted. I just wanted to start there because these things are hard for us, we take it very seriously. We also believe that it's critically important to position the company for the future.

但其次，在經濟方面，要盡力照顧受到影響的人。我只是想從這裡開始，因為這些事情對我們來說很困難，我們非常重視。我們也認為，為公司的未來發展做好準備至關重要。

And as we communicated, which is really the plan is that we're getting against and a lot of what my upfront comments were, we are really taking all of the dollars and reinvesting it in five areas, which I articulated earlier in my prepared remarks.

正如我們溝通的那樣，這正是我們正在努力實現的計劃，也是我之前發表的許多評論的內容，我們實際上是將所有資金重新投資到五個領域，這些領域我在之前準備好的發言稿中已經闡述過了。

And really our intent is to put all of those dollars back in the five areas that we've seen a lot of green shoots in this past several years. They accelerated towards really the latter part of last fiscal year, which is hence the decision to really double down in those five areas. So our intent is to allocate all of those dollars to those five areas and of course, is spread across marketing and customer success and additional headcount -- engineering headcount in the areas that I mentioned.

我們真正的目的是將所有這些資金重新投入到過去幾年中我們看到了很多積極進展的五個領域。他們在上個財政年度的後半段加速發展，因此決定在這五個領域加倍投入。因此，我們的目標是將所有這些資金分配到這五個領域，當然，這些資金將用於行銷、客戶成功以及我提到的這些領域的額外人員配備——工程人員配備。

And we expect -- by the way there's no expectation of any of these is paying off in the coming year. None of our guidance that we've provided resides on the added headcount back, and this is really positioning us for the next two, three years plus. That's an important note for all of you to know, because there's really no risk to our execution plan, as we think about the coming year. But really this is about positioning us in the future.

順便說一句，我們預計——但並不指望這些措施在未來一年內會有任何成效。我們提供的所有指導意見都沒有基於增加的人員數量，這實際上是在為我們未來兩到三年甚至更長的發展做好準備。這對你們所有人來說都很重要，因為展望來年，我們的執行計劃實際上沒有任何風險。但實際上，這關乎我們未來的發展定位。

I'll just end with the following. We have a lot of confidence with the margin expansion that Sandeep articulated and not only from the platform leverage that we're getting, but from all of our AI investments internally to drive a lot of efficiency and productivity.

最後，我再補充一點。我們對 Sandeep 所闡述的利潤率擴張充滿信心，這不僅源於我們獲得的平台槓桿效應，也源於我們內部所有人工智慧投資，這些投資將大大提高效率和生產力。

And the only thing I would add is we didn't have a standing start as we've made that announcement. We were already contemplating, as you probably saw from our open job listings, those had increased over the last quarter. We started building out our mid-market go-to-market function as well as scaling our marketing activities, particularly as we go after the assisted tax category, which has a different marketing timing than the DIY category.

我唯一要補充的是，我們當時並沒有從零開始宣布這個消息。正如您可能從我們的招聘資訊中看到的那樣，我們已經在考慮這個問題，而且上個季度招聘人數有所增加。我們開始建構面向中階市場的市場推廣職能，並擴大行銷活動規模，尤其是在我們進軍輔助報稅類別時，該類別的行銷時機與自助報稅類別不同。

Thanks Sandeep. Look forward to seeing you guys at Investor Day.

謝謝桑迪普。期待在投資者日見到各位。

Thank you. We look forward to that as well.

謝謝。我們也期待著這一點。

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

Thanks. Sasan we think about the Mailchimp reacceleration, what do you need to put in place to enable that to get to a level you'd like to see?

謝謝。Sasan，我們考慮Mailchimp的重新加速發展，你需要採取哪些措施才能使其達到你期望的水平？

Yeah. There are really three areas that we've been executing that are worth calling out that we're excited about. One is the integration of with the QuickBooks platform. As I mentioned earlier, one of the biggest areas why we're able to accelerate our customer growth with US QBO customer growth of 11%, the QBO advanced 28%. It's really creating a suite where our platform is all in one place.

是的。我們一直在執行的三個領域值得特別提及，我們對此感到非常興奮。一是與 QuickBooks 平台整合。正如我之前提到的，我們能夠加速客戶成長的最大領域之一是美國 QBO 客戶成長 11%，QBO 高階版成長 28%。這實際上是在打造一個套件，將我們的平台整合到一個地方。

So that's one area that we are aggressively focused on data and tech integration and of course, workflow integration and we're making great progress on that front. That's number one.

因此，這是我們目前重點關注的一個領域，即數據和技術集成，當然還有工作流程集成，我們在這一方面取得了巨大進展。這是第一點。

Number two is mid-market. That is an area where it was critical when we declared the acquisition of Mailchimp. We're building momentum both by the way, what we're doing to integrate the offering, but also our go-to-market capabilities. As we announced, I think last quarter, Greg Johnson is now back with Intuit. He runs all of our go to market for all of small business. And we've brought together our sales and marketing and customer success across Mailchimp and QuickBooks, to be able to be better positioned for mid-market.

第二名是中端市場。在宣布收購 Mailchimp 時，這一點至關重要。順便說一句，我們正在積蓄力量，一方面是整合產品和服務，另一方面是提升我們的市場推廣能力。正如我們在上個季度宣布的那樣，Greg Johnson 已經重返 Intuit。他負責我們所有小型企業的市場推廣工作。我們將 Mailchimp 和 QuickBooks 的銷售、行銷和客戶成功團隊整合在一起，以便更好地服務中階市場。

And then last is international. Those are the three areas that we're very focused on. And when we look at our KPIs, we're making solid progress against those three areas. And that's one of the reasons where it leaves us excited about to coming here in the future.

最後是國際部分。以上三個領域是我們重點關注的領域。當我們審視我們的關鍵績效指標時，我們發現我們在這三個方面都取得了穩定進展。這也是讓我們對未來再次來到這裡感到興奮的原因之一。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

Thank you guys for taking the questions and congratulations on a really solid quarter. I wanted to ask about the acceleration in QBO into Q1. We see two quarters of deceleration in both the QuickBooks online subscriptions and the online services. The confidence in the acceleration, is that based upon like price increases or is there something you're seeing in units or other parts of the business that are giving you guys confidence and in guiding towards an acceleration for Q1?

感謝各位回答問題，也祝賀你們度過了一個非常出色的季度。我想問一下QBO加速到Q1的情況。我們看到 QuickBooks 線上訂閱和線上服務都出現了兩個季度的成長放緩。你們對加速成長的信心是基於價格上漲之類的因素，還是在銷售或其他業務方面看到了某些跡象，使你們有信心並預測第一季將實現加速成長？

And then as a follow up, you talked a lot about where the reinvestment of the dollars or the heads from -- headcount reduction came from. Can you give us a little bit of visibility of where those heads came out of like what are the parts of the business that you guys are at paring back investment in?

然後，作為後續討論，你詳細談到了資金的再投資或人員減少——也就是裁員——的來源。能否簡單介紹一下這些高階主管來自哪裡，或是你們正在削減哪些業務部門的投資？

Yeah, great. Thank you for your question, Keith. I'll start with your first question, really, our acceleration comes from three areas. One, acceleration in services, and this is services across payments, across our payroll, across our live platform and what we expect in Mailchimp. So that's one key area.

好的，太棒了。謝謝你的提問，基斯。我先回答你的第一個問題，實際上，我們的加速發展來自三個面向。第一，加速服務發展，這包括支付服務、薪資服務、即時平台服務以及我們對 Mailchimp 的期望。所以這是關鍵領域之一。

The second key area is mid-market, where as we shared earlier, we're seeing very good traction with QBO advanced, and really we continued to build out our go-to-market efforts on our platform capabilities. And that's informing, by the way what we're seeing in Q1, but also the fact that we shared earlier, that we expect our online ecosystem revenue to be 20%, which is what it was this this past year.

第二個重點領域是中端市場，正如我們之前分享的那樣，我們看到 QBO 高級版獲得了非常好的市場反響，我們也確實繼續加強了我們在平台功能方面的市場推廣工作。順便說一句，這影響了我們在第一季看到的情況，也影響了我們之前分享過的事實，即我們預計線上生態系統收入將達到 20%，與去年同期持平。

And the third is price. Those three play a big role in our acceleration and the thing I would just call out on price, we -- everything that we really learn and hear from our customers is because we have the business suite in one place, they're actually saving time, they need less labor, they're able to drive customer growth based on our capabilities and better manage their cash flow because we're digitizing their cash flow and that plays a very big role in terms of just the pricing power that we have, especially in our higher end SKUs.

第三點是價格。這三者在我們加速發展的過程中扮演了重要角色。關於價格，我想特別指出一點：我們從客戶那裡了解到，由於我們將業務套件集中在一個地方，他們實際上節省了時間，減少了勞動力需求，能夠基於我們的能力推動客戶成長，並更好地管理現金流，因為我們正在實現現金流的數位化。這在我們定價方面發揮了非常重要的作用，尤其是在我們的高端 SKU 方面。

But those are the three things that give us confidence into Q1 and beyond. And as you know, the majority of this business is subscription based, so it's very predictable.

但正是這三件事讓我們對第一季及以後的發展充滿信心。如你所知，這個行業的大部分業務都是基於訂閱的，所以結果非常容易預測。

In terms of your second question around, well, where did that come from in terms of the restructuring, there was really several key areas. I would say the largest area, as we looked across the company and we looked at the talent that we felt there was an opportunity for better performance. This was about 8% of our talent. These are, by the way, very talented folks that we'll lend great opportunities elsewhere.

關於你的第二個問題，即重組的緣由，實際上涉及幾個關鍵領域。我認為最大的領域是，當我們審視整個公司並考察人才時，我們認為有提升業績的機會。這大約占我們人才的8%。順便說一句，這些人都是非常有才華的人，我們會為他們提供其他地方的絕佳機會。

But they were -- it was across the company, it was not from any particular area, which by the way why there's really no execution risk from the action that we just because, this wasn't from one area this was from across the company and talent that was we believe we have an opportunity to upgrade talent.

但問題是——這是整個公司範圍內的問題，並非來自任何特定領域，順便說一句，正因如此，我們採取的行動實際上沒有任何執行風險，因為這不是來自某個領域，而是來自整個公司，而且我們相信我們有機會提升人才水平。

So that was really one area. The second is we really consolidated some of our technology talent across multiple sites, closing down Boise and Edmonton, and consolidating technology talent in our key areas, Tel Aviv, Bangalore, Atlanta and Toronto. But those I would say were the main drivers of where the restructuring came from and then, of course, we're allocating all of it to the five areas that I mentioned earlier.

所以，這確實是一個面向。第二點是，我們確實整合了多個地點的部分技術人才，關閉了博伊西和埃德蒙頓的辦事處，並將技術人才集中到我們的關鍵地區，即特拉維夫、班加羅爾、亞特蘭大和多倫多。但我認為，這些是重組的主要驅動因素，當然，我們會將所有資金分配到我之前提到的五個領域。

The only thing I would add, Keith to first part of that question. If you recall in my prepared remarks, I talked about QBO US growing 11%, advanced rate, 28%, these larger customers tend to adopt and use services at a higher rate than the self-employed the decline of that's an important attribute to keep in mind.

我唯一想補充的是，基思，針對問題的第一部分。如果你還記得我事先準備好的發言稿，我提到 QBO 美國成長了 11%，高階客戶成長了 28%，這些大客戶往往比自僱人士更快採用和使用服務，這是需要牢記的一個重要因素。

And secondly, on pricing, we look at pricing very carefully our price volume mix and well over half of our rep growth comes from volume and mix. And at a company level, the contributions for price are relatively consistent year over year, while they are slightly higher in the small business groups. That's a second component to keep into mind if you look at the trajectory heading into Q1.

其次，在定價方面，我們會非常仔細地研究價格、銷售組合，我們超過一半的銷售代表成長都來自銷售和產品組合。從公司層級來看，價格因素的貢獻逐年相對穩定，而小型企業群體的價格貢獻則略高一些。這是在展望第一季發展軌跡時需要考慮的第二個因素。

Super helpful. Thank you, guys.

非常有用。謝謝大家。

Thank you.

謝謝。

Kash Rangan, Goldman Sachs.

Kash Rangan，高盛集團。

Thank you very much team here. A nice finish to the fiscal year and quite positive on the guidance. Sasan I couldn't help, but notice that you're a small business, self-employed group is now running at the rate of $10 billion. I think as of this most recent quarter 10-ish.

非常感謝團隊的各位。本財年圓滿結束，業績指引也相當樂觀。Sasan，我忍不住注意到，你所在的個體戶集團現在的經營規模已經達到了 100 億美元。我認為截至最近這個季度，大概是10左右。

Very few companies in software -- in the enterprise software market hit the $10 billion. And congrats you are there. You've done a good job with finance accounting for the most part, you've got payments and payroll. So this puts you on track with ServiceNow I believe also is a $10 billion run rate business growing a little bit faster and you're moving upmarket, your skilled mix is decidedly more advanced and less of that lower value units.

在企業軟體市場，很少有軟體公司能夠達到 100 億美元的營收。恭喜你，你已經到達目的地了。你在財務會計方面大部分都做得很好，付款和工資方面也都處理得很好。因此，我認為這使您與 ServiceNow 的發展方向一致，ServiceNow 的年化收入也達到了 100 億美元，並且增長速度略快一些，您正在向高端市場發展，您的技能組合明顯更加先進，而低價值的技能單元則有所減少。

So this has been -- at least from my perspective, more successful, your $10 billion in revenue, one of the largest enterprise software companies in the world. What, so having come this far, where else could you go with this business? And I'm glad I'm not asking a tax question. Thank you, so much.

所以，至少從我的角度來看，你們取得了更大的成功，營收達到 100 億美元，成為世界上最大的企業軟體公司之一。既然已經走到這一步了，你的生意還能往哪個方向發展呢？我很慶幸我問的不是稅務問題。太感謝了。

Thank you for the question, Kash and also by the way, the setup, as you saw in our guide, we're guiding our global business solutions group to be north of $11 billion, growing 16% to 17% in the coming year and particularly with online are growing at 20%. And I would just tell you all of that has been done without really much, I would say massive contribution from mid-market.

感謝你的提問，Kash。另外，正如你在我們的指南中看到的，我們的全球業務解決方案集團的規模預計將超過 110 億美元，在未來一年內增長 16% 至 17%，尤其是在線業務的增長速度將達到 20%。我只想告訴你們，這一切都是在中端市場貢獻甚微的情況下完成的。

So the best is yet to come. Because we are going to continue -- I mean, if you look at where we are today versus three years ago, we truly have a business suite where we have all of the key capabilities for a business to be able to grow and run their business. And we've been investing in the last five years to be positioned to go after mid-market.

所以最好的還在後頭。因為我們將繼續——我的意思是，如果你看看我們今天所處的位置與三年前相比，我們確實擁有一個完整的業務套件，其中包含了企業發展和運營業務所需的所有關鍵功能。過去五年，我們一直在投資，以便進入中端市場。

And our ultimate goal is to have all of the big brand names be on our mid-market platform, and we will announce something. I think you'll find exciting at our Investor Day that really positions us to be able to serve these larger customers and that's really when you look at the future -- when we look at the future, what where we get really excited is that we're actually at where we are with an incredible franchise without really having a net significant contribution from that market.

我們的最終目標是讓所有知名品牌都進駐我們的中階市場平台，屆時我們將發布相關消息。我認為您會在我們的投資者日上發現令人興奮的內容，這些內容真正使我們能夠服務於這些更大的客戶，而這才是真正展望未來的時候——當我們展望未來時，真正讓我們感到興奮的是，我們實際上已經擁有了令人難以置信的特許經營權，而我們在這個市場上的淨貢獻卻並不顯著。

And that's what excites us about the future because we want to continue to serve smaller businesses, but we now have a real opportunity to win in mid-market. And I would remind us of the following as probably the most important point that I'll make.

這就是我們對未來感到興奮的原因，因為我們想繼續服務小型企業，但我們現在有了一個在中端市場取得成功的真正機會。最後，我想提醒大家注意以下幾點，這可能是我要提出的最重要的一點。

Mid-market when it comes to financial management platform is actually not a crowded space. And so we have an incredible right to win. And it is really precisely what we hear from accountants and from mid-market businesses. And we're really excited about the next chapter of taking our business grew from where $10 billion today to much larger as we look into the next three to five years.

就財務管理平台而言，中階市場其實並不擁擠。因此，我們有充分的理由贏得勝利。而這恰恰是我們從會計師和中型企業那裡聽到的。我們對公司業務的下一個發展階段感到非常興奮，我們期待在未來三到五年內，公司規模能從目前的 100 億美元成長到更大的規模。

Thank you Sasan. $10 billion onto to $20 billion. Thank you.

謝謝你，薩桑。從100億美元到200億美元。謝謝。

Yes, indeed. See you at Investor Day.

沒錯，確實如此。投資者日見。

Kirk Materne, Evercore ISI.

Kirk Materne，Evercore ISI。

Yeah, Thanks. Congrats on the quarter and upbeat guidance on next year. I guess Sasan my question comes around sort of the global business solutions group. How are you thinking about Intuit Assists impact on that in the coming year. Where is that sort of in the integration process? I'd just be curious about how you see that empowering your customers maybe growing, helping in areas like mid-market or attach rates and some of your other products in that area. So I would wanted answer that -- discussed Intuit Assist on the small-business side. Thanks.

嗯，謝謝。恭喜本季業績出色，並對明年的業績做出樂觀展望。我想薩桑，我的問題大概是關於全球商業解決方案集團的。您認為 Intuit Assists 在未來一年會對這方面產生怎樣的影響？在整合過程中，這種環節位於哪個位置？我很好奇您如何看待賦能客戶可能會帶來的成長，例如在中端市場或附加率等領域，以及您在該領域的其他一些產品。所以我想回答這個問題——我們討論了 Intuit Assist 在小型企業方面的應用。謝謝。

Yeah, Kirk, thank you for the question. First of all, let me just start with we haven't accounted for or assumed anything in our guidance or around Intuit Assist for the coming year. So I just wanted to start there.

是的，柯克，謝謝你的提問。首先，我要說明的是，在來年的指導方針或關於 Intuit Assist 的相關事宜中，我們沒有考慮到或假設任何事情。所以我就想從那裡開始。

Now let me get to your question. We actually have an incredible amount of momentum with Intuit Assist, and you're going to see it at Investor Day. But let me start with the foundation of what I shared in the prepared remarks, which was we had about $1 million businesses that are engaging with Intuit Assist.

現在讓我來回答你的問題。Intuit Assist 目前發展勢頭強勁，您將在投資者日上看到這一點。但讓我先從我在準備好的演講稿中分享的基礎內容說起，那就是我們有大約 100 萬美元的企業正在使用 Intuit Assist。

And it is going to play a significant role in the future because that is actually the foundation of what we bet the company on six years ago, which was really around data and AI. But the really the bet was about delivering experiences where we do the work for our customers. And so a number of areas that our customers are using today as part of the $1 million that I mentioned is, along the lines of marketing campaigns with proposed revenue that our drive, customers could garner that we can then execute on the behalf of our customers.

而且它將在未來發揮重要作用，因為這實際上是我們六年前將公司押注的基礎，也就是數據和人工智慧。但真正的賭注在於提供這樣的體驗：我們為客戶完成工作。因此，我們客戶目前使用的多個領域，作為我提到的 100 萬美元的一部分，包括行銷活動以及我們推動客戶可能獲得的收入，然後我們可以代表客戶執行這些活動。

Things like taking by the way, pictures an estimate that you may have written on the go, that you can take a picture of when will create a digitized estimate invoice your payment schedule that you want all within the platform, send it to your customer to remind you in the business feed of an essence invoices that are overdue capital that we can give you access to. And that's what I just mentioned are elements of what some of our customers are using today. And so we're really right now focused on sort of money in -- money out of those are the most critical areas of our customers.

例如，您可以拍攝一些您在旅途中寫下的估價單照片，您可以拍照記錄，以便創建數位化估價單發票，以及您想要的付款計劃，所有這些都可以在平台內完成，並將其發送給您的客戶，提醒您在業務動態中查看逾期發票，我們可以為您提供訪問權限。我剛才提到的這些正是我們一些客戶目前正在使用的功能和要素。因此，我們現在真正關注的是資金流入——資金流出，這是我們客戶最關鍵的領域。

And if I just take a step forward, ultimately, our entire goal because of our advantage, which is data and AI. Our goal is that we do all of the work for our customers. These examples I just illustrated is all on that path. Now what it means for us as a company beyond the of course, the benefit of helping drive revenue growth and profitability growth for businesses. What it means for us is we believe it will have an impact in a couple of areas.

如果我再向前踏一步，最終，憑藉我們的優勢——數據和人工智慧，我們就能實現我們的整個目標。我們的目標是為客戶包辦一切工作。我剛才舉的這些例子都屬於這條路。當然，對於我們公司而言，除了幫助企業推動營收成長和獲利成長之外，這又意味著什麼呢？對我們來說，這意味著我們相信它將在幾個方面產生影響。

One, our new customer growth, particularly the smaller customers, but then two adoption of our services because the examples I just mentioned, take a picture of a scribble of note, upload a PDF file will create estimates, invoicing, progress payments, that all turns into revenue for us.

第一，我們的新客戶數量增長，尤其是小型客戶；第二，我們的服務得到了廣泛採用，因為我剛才提到的例子，比如拍一張筆記的照片，上傳一個 PDF 文件，就能生成估價單、發票、進度付款單，所有這些都會轉化為我們的收入。

And so and that, by the way, doesn't even touch on the fact that embedded in our platform going forward is going to be AI powered live expertise, which is a monetizable that ultimately with the goal of we do everything for you and with you. And so it will be an enormous sort of part of our experience and growth in the future.

順便說一句，這甚至還沒有觸及這樣一個事實：我們未來的平台將嵌入人工智能驅動的實時專家服務，這是一項可盈利的服務，其最終目標是我們為您、與您一起完成一切。因此，它將成為我們未來經驗和成長中極為重要的一部分。

And we're making really good progress all of which, by the way, will also show all of you at Investor Day. And I'll end with where I started. None of this is contemplated in our in our guidance, but it's a big part of our future, and we're excited about it.

我們取得了非常好的進展，順便說一句，所有這些都將在投資者日上向大家展示。最後，我要回到我最初開始的地方。這些內容在我們的指導原則中都沒有考慮到，但這是我們未來發展的重要組成部分，我們對此感到興奮。

Super. Thank you so much.

極好的。太感謝了。

Thank you.

謝謝。

Kartik Mehta, Northcoast Research.

Kartik Mehta，北海岸研究公司。

Good evening, Sasan and Sandeep. Just a question on tax. Sasan, it seems as though you're executing on the live products, you're starting to execute on the full service. I'm just wondering what was the thought of maybe lowering guidance now, considering the momentum you're building in the business?

晚上好，Sasan 和 Sandeep。關於稅務方面的問題。Sasan，看來你已經在實際產品上取得了進展，你開始全面實施服務了。我只是好奇，考慮到貴公司目前的發展勢頭，為什麼要考慮現在下調業績預期？

Yes. Thank you for the question. First of all, I would start with -- it's actually one platform, and that's the power of our scale. Customers, ultimately, can do it themselves, they can do it with assistance or we'll do it for customers. And it's all on TurboTax platform and our experts, our virtual experts all sit on the same platform, except they're on the other side of the platform, which is leveraging the customers' data and AI capabilities to do their taxes for them or with them.

是的。謝謝你的提問。首先，我想說的是——它實際上是一個平台，這就是我們規模的力量。最終，客戶可以自己完成，也可以在協助下完成，或者我們可以為客戶完成。這一切都在 TurboTax 平台上完成，我們的專家和虛擬專家都使用同一個平台，只不過他們位於平台的另一側，該平台利用客戶的數據和人工智慧功能來為他們或與他們一起完成報稅。

So I just wanted to start with that foundational point that it's not a lot of different products. It's actually one platform, which is what gives us the scale that we're looking for. When we make decisions around long-term expectations, we don't make them lightly. In fact, I think it was 5.5 years ago, right when I became CEO, we had updated the long-term expectations of tax. And so we take these decisions very seriously. And really what -- and so it's something we've been thinking about for some time. And really, it comes down to a very a simple math equation.

所以我想先說明一個基本要點，那就是它並沒有很多不同的產品。實際上它是一個單一平台，這正是我們所需要的規模。我們在做出長期預期的決定時，不會草率行事。事實上，我想大概是 5.5 年前，也就是我剛擔任 CEO 的時候，我們更新了長期稅務預期。因此，我們非常重視這些決定。而實際上——這是我們思考了一段時間的問題。實際上，這歸根結底可以用一個非常簡單的數學公式來解釋。

When you look at the TAM, which is $35 billion, $5 billion do it yourself and $30 billion assisted both consumer and business, that's where the largest growth opportunity is. That's where we're really growing high-double-digits, 17% with customers growing 11%. And it's 30% of the franchise today, and we are also being very aggressive with DIY, both complex higher-income customers. But based on some green shoots that we saw this year, we're also going to be very assertive with lower income folks that are in the do-it-yourself category.

當你查看TAM（總市場規模）時，你會發現它是350億美元，其中50億美元是自助服務，300億美元是輔助服務，涵蓋消費者和企業，這就是最大的成長機會所在。我們真正實現高兩位數成長的地方是這裡，成長率高達 17%，客戶成長率也達到了 11%。如今，DIY 業務佔特許經營業務的 30%，我們也積極拓展 DIY 業務，吸引高收入的複雜客戶。但根據我們今年看到的一些好轉跡象，我們也將對那些屬於DIY類別的低收入者採取非常積極的措施。

And in that context, we just felt like the time was right to not only guide prudently for the coming year. But also adjust the long-term expectations. And I want to reiterate what you heard from Sandeep it's an interim adjust. And once we get to sustained, growth double-digit, we'll then rethink the long-term guidance. But until then, that's what informed the decision that we made.

在這種背景下，我們覺得現在是時候謹慎地為來年制定指導方針了。但也要調整長期預期。我想重申桑迪普所說的，這只是一個臨時調整。一旦我們實現持續兩位數的成長，我們就會重新考慮長期業績指引。但在此之前，這就是我們做出決定的基礎。

And just one follow-up, Sasan, as you look at the health of the Small Business, any change as you look throughout the quarter? Any changes that may be give you concern or hope what's happening to your customers?

薩桑，我還有一個後續問題，當您在觀察小型企業健康狀況時，這個季度是否有任何變化？有哪些改變可能會讓您感到擔憂或充滿希望？您的客戶正在經歷什麼？

The headline I would give you, Kartik, is stable. Across our small businesses, we generally, differs by the way, by sector, by state, by country. But at an Uber level, we see revenue and profitability up in this fiscal year for businesses that we serve. We see cash reserves still down 6% to 7% compared to last year, but it's way up compared to pre-pandemic levels. We also see hours worked higher. So headline is stable. And by the way, we see the same thing on the consumer side, which is stable.

卡爾蒂克，我會給你的標題是「穩定」。在我們的小型企業中，我們通常會因行業、州、國家而異。但就 Uber 而言，我們看到本財年我們服務的企業的收入和獲利能力都有所提升。我們看到現金儲備仍比去年下降了 6% 至 7%，但比疫情前的水平高得多。我們也看到工作時長有增加。所以頭條新聞穩定。順便說一句，我們在消費者方面也看到了同樣的情況，即市場保持穩定。

Okay. Thank you very much. Appreciate it.

好的。非常感謝。謝謝。

Yeah. Very welcome.

是的。非常歡迎。

Daniel Jester, BMO Capital Markets.

Daniel Jester，BMO資本市場。

Great. Thanks for taking my question. It was great to hear about QBO Live, the number of clients more than tripling. Can you maybe spend a moment talking about what's resonating there? And as you sort of move more into the middle market, what's the opportunity for QBO Live to accelerate that more upmarket push?

偉大的。謝謝您回答我的問題。很高興聽到 QBO Live 的客戶數量增加了兩倍多。您能否花一點時間談談您在那裡感受到的共鳴點？隨著你們逐漸向中階市場邁進，QBO Live 有哪些機會加速向高端市場擴張？

Yeah. Thank you for the question. Let me start with your question of what's resonated with the smaller businesses. For us, we've actually had product market fit, meaning that our experts on our platform can really help our businesses with bookkeeping, accounting, providing advice.

是的。謝謝你的提問。讓我先回答你關於哪些內容引起了小型企業共鳴的問題。對我們來說，我們已經實現了產品市場契合，這意味著我們平台上的專家可以真正幫助我們的企業進行簿記、會計和提供建議。

Really, the biggest challenge that we've been working through in the last year is how to think about the benefit? How to think about the offering? How do we actually go to market because the great news is every business at some point in their life throughout a year, they're engaging a bookkeeper and an accountant.

實際上，過去一年我們一直在努力克服的最大挑戰是如何思考收益？如何看待這項提議？我們究竟該如何進入市場呢？好消息是，每個企業在一年中的某個階段都會聘請簿記員和會計師。

So we're not trying to create opportunity. The opportunity is there. It's just it's manual, it's disaggregated. It's high price. And so really, the biggest thing has been our focus on how do you really help the customer understand that this is now a part of our platform and that we can help them with all the key problems that they have. And I would say that, that's an area where we really uncovered how to do that, and we're accelerating.

所以我們不是試圖創造機會。機會就在那裡。只是它是手動操作的，而且是分散的。價格很高。因此，我們真正關注的重點是如何幫助客戶理解這現在是我們平台的一部分，我們可以幫助他們解決所有關鍵問題。我想說，在這個領域，我們真正發現瞭如何做到這一點，而且我們正在加速。

And I don't want to make you feel like we've reached the destination. I think we still have a lot of work to do in this area. But we’ve really, I would say, cracked a nut that we're excited about, particularly around our decision to embed AI-powered experts into our offering as we look ahead. And lastly, this is a far bigger opportunity with larger customers because they expected. They expect a CFO for a hire and HR for hire. They expect an assistant to be able to help them with their books, with their accounting, with their employee inventory decisions.

我不想讓你覺得我們已經到達目的地了。我認為我們在這一領域還有很多工作要做。但我想說，我們確實取得了一項令人振奮的成就，尤其是在我們決定將人工智慧專家融入我們的產品和服務中之後。最後，對於大型客戶而言，這是一個更大的機遇，因為他們對此有所預期。他們希望招募一名財務長和一名人力資源專員。他們希望助理能夠幫助他們處理帳務、會計工作以及員工庫存決策。

And so part of what you'll hear us talk about at Investor Day is as we're accelerating our focus with mid-market, with a business suite that has all the key capabilities that a business needs a big element of it is the expertise that it comes with. I think the differentiator for us is these are AI-powered experts that sit on the platform, can really provide a range of services for customers. But we believe it's a bigger opportunity as we move upmarket.

因此，在投資者日上，您將會聽到我們談到，隨著我們加快對中端市場的關注，我們將推出一套具備企業所需所有關鍵功能的業務套件，而其中的一個重要因素就是它所附帶的專業知識。我認為我們的優勢在於，這些由人工智慧驅動的專家駐紮在平台上，能夠真正為客戶提供一系列服務。但我們相信，隨著我們向高端市場邁進，這將是一個更大的機會。

And last thing, by the way, I'll end with, these are small sample sizes still. But the -- those that have live experts, the attach and use of services like payments and payroll actually higher, which really is a great benefit for customers and for us.

最後，順便說一句，這些樣本量仍然很小。但是，那些擁有即時專家的服務，其支付和工資等服務的使用率實際上更高，這對客戶和我們來說都是一個巨大的好處。

Great. Thank you very much.

偉大的。非常感謝。

Yeah. Very welcome.

是的。非常歡迎。

Arvind Ramnani, Piper Sandler.

阿文德·拉姆納尼，派珀·桑德勒。

Hi, this is Arvind. Thanks for taking the questions. Just a couple of questions. In some of the prior calls, you have provided some additional color on some of the kind of benefits you're seeing with AI. And given (technical difficulty)

你好，我是Arvind。謝謝您回答問題。幾個問題。在之前的幾次通話中，您也詳細介紹了人工智慧帶來的一些好處。並且考慮到（技術難題）

In and out. We can now, please go ahead and continue.

進出。現在我們可以繼續了。

Yeah. I'm just trying to get some color on your -- some of the impact of AI that you've seen both from a revenue add but also from a cost perspective across your business, is there any additional information you're able to kind of provide in terms of quantification of those benefits you're starting to see?

是的。我只是想了解您——您從收入成長和成本角度來看，人工智慧對您的業務產生了哪些影響。您能否提供一些額外的信息，來量化您開始看到的這些好處？

Yeah. Thank you for your question. I think a couple of things I would say. First of all, we're seeing the impact of our usage and innovation across all of our platforms. Across Credit Karma, it's really driving a lot of the automation and do it for our customers within TurboTax, even with TurboTax full service, we're doing a lot of the work for experts so that they can serve more customers and, of course, across our business platform that I articulated the examples earlier.

是的。謝謝你的提問。我想說兩點。首先，我們看到了我們的使用和創新在我們所有平台上的影響。在 Credit Karma，它確實推動了許多自動化流程，並為我們的客戶在 TurboTax 中提供服務。即使是 TurboTax 全功能服務，我們也為專家做了很多工作，以便他們可以服務更多的客戶。當然，在我們之前舉例說明的業務平台上也是如此。

So I want to first be clear, this is broad-based across our entire platform. And we are really focused on how AI reimagines our internal work within Intuit as well. I would say the -- really, the revenue is immaterial this year, and we didn't account for anything in the coming year, but we believe it will be a large driver of growth in the future years. And the growth will be really usage of services, better conversion, better retention, and these are the green shoots that we're seeing with, for instance, our million businesses that are using it today.

首先我想先明確一點，這個問題在我們整個平台上很普遍。我們也十分關注人工智慧如何重塑 Intuit 內部的工作方式。我覺得——實際上，今年的收入微不足道，我們也沒有對來年的收入做任何預測，但我們相信它將在未來幾年成為成長的重要驅動力。而真正的成長將體現在服務的使用、更高的轉換率和更好的用戶留存率上，例如，我們現在已經有上百萬家企業在使用我們的服務，這些都是正在出現的正面跡象。

And in terms of our cost structure, remember, data and AI have been core to our investment thesis and our Bets over the last five, six years. And what we do is not capital intensive. At the same time, we're very intentional about the investments that we've had to make and any investments we need to make to win in this world of AI has been contemplated in the guidance that you heard from Sandeep. I don't know, Sandeep, if you add anything?

就我們的成本結構而言，請記住，數據和人工智慧一直是我們過去五、六年投資理念和決策的核心。而我們所做的事情並非資本密集。同時，我們對必須進行的投資非常謹慎，為了在人工智慧領域取得成功，我們需要進行的任何投資都已在你們從桑迪普那裡聽到的指導意見中考慮過了。桑迪普，我不知道你還要補充什麼？

No, I think that covers. 1 thing to keep in mind as we compare us to possibly other companies in your portfolio, one point, AI sort of really been in our run rate. So I wouldn't expect any meaningful change in our cost structure. Secondly, we use AWS for a lot of the processing. So it's not like we're building up our own data centers. So that's also very asset light for us.

不，我想這樣就夠了。在將我們與您投資組合中的其他公司進行比較時，有一點需要記住，人工智慧實際上已經真正融入我們的日常營運中。因此，我預計我們的成本結構不會發生任何實質變化。其次，我們使用 AWS 進行大量處理。所以這並不是說我們要自建資料中心。所以這對我們來說也是一個非常輕資產的模式。

And the other factor, as Sasan alluded to, we are quite frankly also seeing improvements in our own productivity. We are seeing improvements in our developer productivity. We're seeing improvements in our overall G&A productivity. So just factors to keep in mind that AI should not be not getting in the way of our commitment to continue to find operating leverage and continue to scale our margin over time.

正如薩桑所提到的，另一個因素是，坦白說，我們自身的生產力也提高了。我們看到開發人員的工作效率有所提升。我們看到整體行政管理效率有所提升。因此，需要記住的因素是，人工智慧不應妨礙我們繼續尋找營運槓桿並隨著時間的推移不斷擴大利潤率。

Perfect. And just one quick follow-up. Just on TurboTax Live, as you're thinking of kind of directing questions or your customers to having kind of AI sort of answer it versus QuickBooks Live or sort of the kind of accountant or CPA.

完美的。還有一個後續問題。就 TurboTax Live 而言，您可能正在考慮引導客戶向人工智慧提出問題，而不是讓 QuickBooks Live 或會計師或註冊會計師來回答。

Obviously, the AI is going to be like a lower ARPU versus like directing someone who is basically like more like service-oriented. How do you balance that? Because does come at like a higher ARPU, but lower margin. And of course, AI is lower revenue, lower ARPU but higher margins. How do you balance it out?

顯然，人工智慧的每用戶平均收入（ARPU）會比人工服務低，而人工服務則更注重服務品質。你如何平衡這兩方面？因為這樣雖然每用戶平均收入較高，但利潤率卻更低。當然，人工智慧帶來的是較低的收入和較低的每位用戶平均收入，但較高的利潤率。你如何平衡這兩者？

Yeah. I think the premise of what you're articulating is not what we're seeing. We actually believe that based on all of our investments with data and AI, it's actually higher ARPU because it drives better attach of our services. It actually drives more attach of our human-powered expertise. And by the way, when our human-powered experts or AI-powered human experts get involved, they're actually quite effective and productive because they're sitting on our data and AI platform.

是的。我認為你所描述的前提與我們實際看到的並不相符。我們真心相信，基於我們在數據和人工智慧方面的所有投資，實際的 ARPU 會更高，因為它能更好地促進用戶對我們服務的依賴。它實際上更能發揮我們的人力技術優勢。順便說一句，當我們的專家（無論是人工專家還是人工智慧專家）參與其中時，他們實際上非常有效率且富有成效，因為他們可以利用我們的數據和人工智慧平台。

So we're actually seeing two things. One, higher ARPU over time because of what I articulated, but also more effective and efficiency on our platform because we are as aggressive as we are in applying AI externally we are as aggressive internally based on what you just heard Sandeep talk about. So it's actually the reverse of the premise that you talked about in terms of what we see. I don't know, Sandeep, if you would add anything.

所以我們實際上看到了兩件事。第一，正如我剛才所說，隨著時間的推移，ARPU（每用戶平均收入）會更高；第二，我們的平台會更有效率，因為我們在外部應用人工智慧方面非常積極，在內部應用人工智慧方面也同樣積極，正如你剛才聽到的Sandeep所說的那樣。所以，就我們所看到的現象而言，這其實與你剛才提到的前提正好相反。桑迪普，我不知道你是否還有什麼要補充的。

Yeah. The thing to keep in mind is AI is -- the name of the game is confidence and eliminating fear, uncertainty and doubt. And by using AI, by using our AI powered experts, we're actually doing that at scale.

是的。需要記住的是，人工智慧的關鍵在於建立信心，消除恐懼、不確定性和懷疑。透過使用人工智慧，透過使用我們擁有人工智慧技術的專家，我們正在大規模地實現這一點。

And the important thing to keep in mind is it actually helping us open up the aperture of the customers we can serve and really go after penetrating a TAM. That's driving a lot of the success that you've seen in the assisted category. Some of those are fully outsourced to us, some of those that do it with me. So just something to keep in mind as you look at the strategic opportunities that this opens up for us as well.

需要記住的重要一點是，它實際上幫助我們擴大了我們可以服務的客戶群，並真正努力打入目標市場。這正是輔助駕駛領域取得巨大成功的主因。有些工作完全外包給我們，有些工作則由我們和他們合作完成。所以，在考慮這為我們帶來的策略機會時，這一點也需要牢記在心。

That's been really helpful, Thank you very much.

這真的很有幫助，非常感謝。

Thank you.

謝謝。

Brad Sills, Bank of America.

布拉德·西爾斯，美國銀行。

Okay, wonderful. I wanted to ask a question around the platform for AI, the GenOS and the studio that you've outlined in the past, I know it's a little further out to start thinking about separate SKUs, and it sounds like this is more of a conversion and a retention play in the near term. But what were some of the learnings that you had over the course of the year in building out that platform for AI, harnessing the data and some of the platform components that you've outlined at the Analyst Day last year that are underpinning that. Thank you so much.

好的，太好了。我想問一個關於人工智慧平台、GenOS 和您之前概述的工作室的問題。我知道現在考慮單獨的 SKU 還為時過早，而且聽起來這在短期內更像是一個轉換和留存策略。但是，在過去一年中，您在建立人工智慧平台、利用數據以及您在去年分析師日上概述的支撐該平台的某些平台組件的過程中，有哪些經驗教訓呢？太感謝了。

Sure. First of all, let me start with your question around the SKUs. This is a progression, and this is a really important element to call out. What you heard us talk about is that we believe, and we're seeing this in our proof points. And the green shoots that we're seeing is that, one, this will drive new customer growth because we will just make it far easier and simpler for a new customer to use our digital platform that comes with AI-powered experts.

當然。首先，讓我先回答您關於 SKU 的問題。這是一個發展過程，這一點非常重要，需要特別指出。你們剛才聽到的是我們所說的，我們相信這一點，而且我們也從我們的證據中看到了這一點。我們看到的積極跡像是，首先，這將推動新客戶的成長，因為我們將使新客戶更容易、更簡單地使用我們配備人工智慧專家的數位平台。

Two, we believe that it's an opportunity for the adoption of our services, which also includes Live. Services like payments, payroll, Mailchimp and our live platform, which is our AI-powered human experts. And those are significant customer and growth drivers for us.

第二，我們認為這是一個推廣我們服務的機會，其中也包括 Live 服務。我們提供支付、薪資、Mailchimp 以及由人工智慧驅動的專家組成的即時平台等服務。這些對我們來說都是重要的客戶成長驅動因素。

The progression is as we are focused on the innovation that we articulated earlier, things such as literally a customer being able to take a picture of a scribble note, upload a PDF document for us to be able to put together an estimate all the way to getting them paid following up with their customers, putting marketing campaigns together for them.

我們正專注於先前闡述的創新，例如客戶可以拍攝一張手寫筆記的照片，上傳 PDF 文檔，以便我們能夠產生估價單，直至他們收到付款，並跟進他們的客戶，為他們制定行銷活動。

The progression is we'll get to a place where we'll actually test stand-alone SKUs where the AI agent is doing everything for the customer. And that could be a stand-alone SKU that we could test sometime in the future, but you have to progress your way to that. And that's really what the element of progression talks to.

接下來的發展方向是，我們將實際測試獨立的 SKU，屆時 AI 代理將為客戶完成所有操作。這或許可以成為一個獨立的 SKU，我們將來可能會進行測試，但你必須一步步走到那一步。而這正是進步這要素所要表達的意思。

The last thing, which I think was the other element of your question, what we're doing is really hard, which we love because it's hard to replicate. And what's hard about it is, first, you have to have the data. And we have a lot of data. It's our customers' data.

最後一點，我認為這也是你問題的另一個方面，我們正在做的事情真的很難，而我們喜歡這種難處，因為它很難被複製。困難在於，首先，你必須要有數據。我們有很多數據。這是我們客戶的數據。

But when you look at for every business, we have 500,000 data points. That means we are uniquely positioned to be able to help them with managing their cash flow because it's about their cash flow. It's not about something generic because we see all of their money coming in, money going out, the creditworthiness of their vendors, the employees that they have.

但是，對於每個企業，我們都有 50 萬個數據點。這意味著我們擁有獨特的優勢，能夠幫助他們管理現金流，因為這關係到他們的現金流。這不是泛泛而談的問題，因為我們可以看到他們所有的資金流入、資金流出、供應商的信用狀況以及他們的員工狀況。

And so the investments that we've made in the data has been more than ever crucial because then it allows us to leverage our GenOS platform, which is our GenAI capabilities and train the Intuit LLM on the customer's data to be able to then deliver the experiences that I was just articulating and our LLMS have agency and authority to be able to use other LLMs that could enhance the experience.

因此，我們對資料的投資比以往任何時候都更加重要，因為它使我們能夠利用我們的 GenOS 平台（即我們的 GenAI 功能），並使用客戶資料訓練 Intuit LLM，從而提供我剛才闡述的體驗，而且我們的 LLM 擁有自主權和權限，可以使用其他 LLM 來增強體驗。

So the biggest thing that we've learned to sort of punchline answer your question is the combination of the data investments, the investments we've made in knowledge engineering, machine learning and our LLM that really delivers accuracy performance cost effectively is extremely hard to copy because we live in a world of financial management, and that's really our biggest advantage going forward and really our biggest growth opportunity as we look ahead.

所以，我們學到的最重要的一點，可以簡單回答你的問題，就是我們在數據、知識工程、機器學習和LLM方面的投資相結合，真正實現了高性價比的準確性和性能，這非常難以複製，因為我們身處金融管理領域，這確實是我們未來最大的優勢，也是我們展望未來最大的增長機會。

That's exciting. Thanks, Sasan.

真令人興奮。謝謝你，薩桑。

Yeah. Thank you.

是的。謝謝。

Thank you. And ladies and gentlemen, that is all the time we have for questions this afternoon. At this time, Mr. Goodarzi, I'd like to turn things back to you for any closing comments, sir.

謝謝。女士們、先生們，今天下午的提問時間就到此為止了。古達爾齊先生，現在我想把發言權交還給您，請您作最後的總結發言。

Well, listen, everybody, thank you for your time. Thank you for all of your questions, and we hope to see all of you at Investor Day. Be safe. We'll see you soon. Bye-bye.

好了，各位，謝謝你們抽出時間。感謝各位提出的問題，我們希望在投資人日上見到大家。注意安全。我們很快就會再見。再見。

Thank you. Ladies and gentlemen, that does conclude Intuit's Fourth quarter and fiscal year 2024 conference call. Again, thanks so much for joining us, everyone. We wish you all a great evening. Good-bye.

謝謝。女士們、先生們，Intuit 2024 財年第四季電話會議到此結束。再次感謝大家的參與。祝大家晚安。再見。