直覺電腦 (INTU) 2024 Q4 法說會逐字稿

Please standby, we're about to begin.

請稍候，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。我的名字是[Bo]，我將成為您的會議操作員。此時，我謹歡迎大家參加 Intuit 第四季和 2024 財政年度電話會議。 （操作員指示）接下來，我將把電話轉給 Intuit 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，博。下午好，歡迎參加 Intuit 2024 財年第四季電話會議。我和 Intuit 執行長 Sasan Goodarz 一起來到這裡。和我們的財務長桑迪普·奧吉拉 (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.

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。

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陳述的義務。

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準則和非公認會計準則資料進行了核對。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，我們將在我們的網站上提供我們準備好的評論和補充財務資訊的副本。

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

然後，我會將電話轉給 Sassan。

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。謝謝你，金，也謝謝大家今天加入我們。我們在第四季度和全年取得了非常強勁的業績，並透過人工智慧驅動的專家平台策略和大賭注取得了有意義的進展，為公司未來的持久成長奠定了基礎。

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.

我們的全年收入成長了 13%，營業利潤率強勁成長，展現了我們投資和創新的實力和勢頭。隨著這一年的結束，我們有信心在 2025 財年再實現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 作為一個全球人工智慧驅動的專家平台，正在為消費者、中小型市場企業的繁榮提供動力。我們的策略和五個大賭注定位是，Intuit 作為一個關鍵任務平台，提供端到端解決方案，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.

我們很早就押注於人工智慧，我們的數據投資規模和人工智慧能力具有顯著優勢，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經營的類別。

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.

我們正在改變我們為客戶服務的方式，透過提供為您服務的體驗，我們為他們辛勤工作，將他們與高能的人類專業知識聯繫起來，以推動他們的成功。隨著 GenAI 的推出，我們現在正在重新構想客戶體驗並增強企業的成長潛力，同時提高效率和 Intuit 內部的工作完成方式。

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的專家平台，以推動消費者、中小型企業的成功。我們所取得的進展增強了我們的信心，促使我們加快對「大賭注」中五個關鍵領域的投資，以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.

我將花一點時間來闡述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，我們透過 Intuit Assist 為您提供「done for you」體驗。在 2024 財年，我們取得了巨大進展，使 Intuit Assist 為數百萬消費者和約 100 萬家中小型企業提供由 GenAI 支持的財務援助。我們正在加快投資，以便在來年大規模推出 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 Big Bets 2 中，我們正在加速 TurboTax Live 和 QuickBooks Live 的平台和上市投資，在我們的業務產品中嵌入人工智慧專家。 2024 財年，TurboTax Live 收入成長了 17%，全方位服務客戶數量增加了一倍，而新使用 TurboTax 的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 客戶增加了兩倍多。我們預計在這些領域的加速投資將加深我們在手動、高價格和分類輔助類別中的滲透。透過數位化服務的交付方式，這是我們為您服務平台體驗的一個組成部分，我們將成為消費者、中小型企業的人工智慧財務助理。

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，我們的貨幣解決方案。我們正在進行額外投資，以加速消費者、中小型企業的端到端體驗數位化，從估算到開立發票，再到付款和支付帳單。

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量成長了 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%。我們透過帳單支付服務在 B2B 支付數位化方面取得了重大進展，在過去六個月中，每月處理的支付量增加了兩倍。在 2025 財年，我們預計這些加速投資將提供一流的無縫支付、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 Big Bet 5 中，我們將加倍加大對中階市場的投入，對平台和上市行動進行額外投資。 2024 財年，QBO Advanced 客戶成長了 28%。在2025 財年，我們將加快投資，以更好地服務具有更複雜需求的客戶，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、專業服務和Mailchimp 的客戶獲取解決方案，所有這些都得到了協助由人工智慧驅動的人類專家，

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，透過 Mailchimp 和 QuickBooks 加速國際成長，我們將 Mailchimp 產品翻譯成五種不同的語言，以適應 TAM 規模較大的市場。展望未來，我們將 QuickBooks 和 Mailchimp 結合在一起，創建一個單一的成長平台，在我們擁有產品市場的市場（包括加拿大、英國和澳洲）中實現差異化。

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，我們以 Mailchimp 強大的國際影響力為主導，在我們繼續在地化產品的同時幫助小型企業獲得客戶。

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.

總結我們所取得的進展和勢頭，以及我分享的加速投資領域，我們作為一個端到端平台，憑藉推動客戶成功的經驗，處於獲勝的有利地位。 Intuit 是人工智慧驅動的專家平台，致力於促進中小型消費者企業的繁榮。

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

現在讓我把它交給桑迪普。

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.

所以謝謝，薩桑。 2024 財年，我們整個公司取得了非常強勁的業績，包括總收入增長 13%，GAAP 和非 GAAP 營業利潤率分別增長 40 個基點和 100 個基點，GAAP 和非 GAAP 每股收益增長 24% 和分別為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%，GAAP 營運虧損1,510 億美元，而去年GAAP 營運營收為1,700 萬美元，反映出本季確認的與我們7 月宣布的組織變革相關的2.23億美元重組費用。

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，去年為6.27 億美元，較去年同期的0.32 美元攤薄每股收益增長16%，GAAP 攤薄每股虧損0.07 美元，也反映了重組費用和1.99 美元的非GAAP 攤薄每股收益與去年的 1.65 美元相比，上漲了 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.

轉向業務板塊。在小型企業和自營商群體中，本季營收成長 20%，全年成長 19%。這種勢頭展示了中小型市場業務平台的力量以及我們產品的任務關鍵型性質，因為客戶希望在任何經濟環境下發展業務並改善現金流。

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.

在我們為具有更複雜需求的客戶提供服務以及採用我們的服務生態系統方面取得的進展的推動下，線上生態系統收入在本季度增長了 18%，全年增長了 20%。因此，線上生態系統 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真相來源，我們在小型企業和自僱群體中的策略重點有三：發展核心、連結生態系統和全球擴張。首先，我們繼續專注於發展核心。

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 會計收入在第四季度增長了 17%，在 2024 財年增長了 19%。今年，我們在宣布的策略領域實現了成長，重點是為具有更複雜需求的客戶提供服務。這項重點推動美國 QBO 客戶（不包括自僱人士）成長 11%。 QBO 高級客戶成長 28%，而 QBO 自營客戶下降 14%，導致線上支付客戶總數增加 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。在支付、工資、資本和 Mailchimp 的推動下，第四季度線上服務收入增加了 19%。在薪資、支付、Mailchimp 和資本的推動下，2024 年整個財年線上服務收入成長了 21%。

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持續的客戶成長以及每個客戶總支付量的增加。第四季線上支付總量成長 19%，與我們過去幾季看到的範圍相對一致。

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.

就淨工資而言，本季的收入成長反映出採用我們的工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。商家收入成長是由有效價格上漲和付費客戶成長所推動的。根據我們去年第二季和第三季所做的變化，價格帶來的更大收益持續影響營收成長。

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，繼續在全球擴張中取得進展，其中包括在我們已建立的市場中以Mailchimp 中的QuickBooks Online 領先，並在我們繼續執行本地化產品和在所有其他市場中以Mailchimp 領先。以固定匯率計算，國際線上生態系統總收入在第四季度增長了 11%，在 2024 財年增長了 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.

轉向桌面，我們成功完成了向訂閱模式的三年過渡，這為第四季度桌面生態系統收入增長了25%，2024 財年收入增長了16%。歲，進入了高速成長階段。

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收入的成長也反映了我們在 2024 財年第四季初為完成向定期訂閱模式的過渡而做出的產品變更。這些變化導致在第四季度確認了約6000 萬美元的桌面收入，在2024 財年的前三個季度確認了約5000 萬美元的桌面收入，否則所有這些收入都將在2025 財年第一季確認。

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，本應在2025 財年第一季確認的約1,500 萬美元的桌面收入將轉移到2025 財年的後續季度。約1.6 億美元，這主要與從 2024 財年第四季開始頻繁更新產品，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%，但桌面生態系統營收將在第二季恢復成長。整體而言，我們預計 2025 財年桌面生態系營收將以低個位數成長。

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.

轉向信用業力。 Credit Karma 在 2024 財年每季的營收成長都有所改善，從第一季的 5% 下降到第四季的 14% 成長。從第四季的產品來看，車險成長了6個點，個人貸款成長了5個點，信用卡成長了2個點，信用Karma貨幣成長了1個點。

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%。我們對我們對會員和合作夥伴最重要的事情的不懈關注所帶來的勢頭感到高興。今年我們取得了巨大進展，重新設計了 Credit Karma 應用程序，使會員能夠更多地了解他們的財務生活並找到適合他們的產品。

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，提高滲透不足的細分市場的貨幣化程度，並使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。我為團隊代表我們的成員和合作夥伴在創新方面的進步感到自豪。

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.

切換到消費者和 ProTax 組。隨著我們繼續徹底改變消費者和小型企業的納稅方式，2024 財年消費者群體收入達到 44 億美元，成長 7%。 TurboTax Live 收入成長了 17%，客戶成長了 11%，全方位服務客戶翻了一番。而 TurboTax 新用戶則增加了兩倍。我們對本賽季再次看到 TurboTax Live 的勢頭感到高興。

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.

轉向 ProTax 集團，2024 財年營收為 5.99 億美元，成長 7%。總之，我對我們本財年的持續發展動能和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.

轉向我們的資產負債表和資本配置。我們指導我們做出長期承諾的財務原則沒有改變。本季末，我們的資產負債表上有 41 億美元的現金和投資以及 60 億美元的債務。

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.

我們在第四季度回購了 2.55 億美元的股票，在 2024 財年回購了 20 億美元的股票，具體取決於市場狀況和其他因素，我們的目標是每個季度都進入市場。董事會批准了每股 1.4 美元的季度股息，將於 2024 年 10 月 18 日支付。

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.

接下來是指導，我們的 2025 財年指引包括公司總收入 181.6 億美元至 183.47 億美元，成長 12% 至 13%。我們的指導包括小型企業、自營商群體的收入增長 16% 至 17%，線上生態系統收入增長約 20%，桌面生態系統收入增長較低的個位數。

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%.

我們的指導還包括消費者群體的收入成長 7% 至 8%，Credit Karma 的收入成長 5% 至 8%。 GAAP 稀釋後每股收益為 12.34 美元至 12.54 美元，成長 18% 至 20%，非 GAAP 稀釋後每股收益為 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%。我們對 2025 財年第一季的指導包括公司總收入增長 5% 至 6%，其中小型企業和個體經營團體收入增長 6% 至 7%，反映了桌面產品變化導致的第一季收入變化，我之前註意到。

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%。線上生態系統是我們的成長催化劑，第一季成長加速至約 19%。

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。我們的消費者群體和 ProTax 收入在第一季將會下降，因為我們正在經歷一年前的時期，其中包括延長了加州報稅截止日期。

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 每股盈餘為 0.61 至 0.66 美元，非 GAAP 每股盈餘為 2.33 至 2.38 美元。 GAAP 指引反映了預計 1,900 萬美元的重組費用，我們預計第一季將產生與我們 7 月宣布的重組相關的費用。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 財年和第一季指導詳細資訊。我現在將轉向我們對每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%.

第一，小企業。鑑於線上生態系統成長的勢頭，我們重申對小型企業和自僱群體 15% 至 20% 的長期收入成長預期。作為其中的一部分，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.

這反映了我們的重點轉向 ARPC，因為我們擴大了中端市場，推動服務成長，並重塑我們作為一個業務平台進入市場的方式，以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，但中階市場 QuickBooks Online 客戶的 ARPC 比其他 QuickBooks Online 客戶高出近 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.

談到 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，擴大成長垂直領域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.

根據當前商業週期開業的經驗教訓，我們將長期收入成長預期更新為 10% 至 15%，以反映當前的業務規模和規模，並專注於創造無縫的端到端體驗TurboTax 使消費者全年受益。

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.

最後是消費群。基於我們本季看到的勢頭以及我們在滲透 TAM 方面所擁有的重要跑道，我們預計輔助滲透將成為未來成長的關鍵驅動力。 2024 財年，TurboTax Live 收入約佔消費者群體收入的 30%，我們預計它將在未來幾年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，在我們協助擴大規模的同時，我們將在此中期期間將消費者群體的長期收入增長調整至 6% 至 10%，TurboTax Live 收入預計將增長 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.

在結束之前還有最後一點。從第一季開始，我們將把小型企業和自僱集團的名稱改為全球商業解決方案集團。這個新名稱更好地契合了 Mailchimp 和 QuickBooks 平台的全球影響力，以及我們對中小型市場企業的服務重點，以及我們成為端到端平台（客戶用來發展和經營其業務）的願景。

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. 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快於收入的成長。考慮到我們正在觀察到的萌芽，以及我們 3000 億美元 TAM 的滲透率還不到 5%，我們有獲勝的戰略，我們前面還有很長的路要走。我們期待在下個月的投資者日見到大家，屆時我們將揭開所有這些內容以及更多內容。現在讓我們來解答您的問題。

Thank you, Mr. Goodarzi. (Operator Instructions)

謝謝你，古達齊先生。 （操作員說明）

Siti Panigrahi, Mizuho.

西蒂·帕尼格拉希，瑞穗。

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。只要有一個問題，那麼 Sasan 我將重點放在小型企業領域。在我們聽到中小企業疲軟的環境下，19% 的成長相當不錯。但我想專注於你們在 25 年 - 25 財年及以後的成長。

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?

現在看起來您的重點是推動我們的目標中端市場的成長，您在其中談到了[NZM]。那麼請幫助我們了解擴展到中階市場的機會有多大？為什麼現在是 Intuit 加強​​對中階市場關注的最佳時機？它主要針對的是您的 QuickBooks 客戶群還是您計劃從其他供應商那裡獲得份額？

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，西蒂，謝謝你的問題。首先，我想首先我們的重點將繼續是已成立的小型企業，因為我們希望從根本上繼續與他們一起成長。以此為背景，我們只是加倍關注中端市場。如您所知，這並不新鮮。

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.

這已經醞釀了五年。這是我們五年多前宣布的五個賭注之一。但我只想說，五年後，西蒂，我們正在建立令人難以置信的勢頭。

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.

以此為背景，現在讓我回答你的問題。一，思考的方式是，我們現在擁有一個商務套件，我們的商務套件提供了所有功能——讓企業能夠發展客戶、管理客戶、管理現金流、獲得他們的會計工作全部在一個地方完成。

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.

憑藉我們真正的人工智慧驅動的創新和人工智慧驅動的專家，我們確實已經向我們所有的業務傾斜了專業級的健康和服務，而且我們現在正處於一個在兩個方面真正加速的地方。

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，我們將作為一個平台而不是各個部件進入市場，以真正加速服務滲透，因為我們不斷從企業那裡聽到的一件事是，他們希望在一個地方完成所有事情。現在，我們擁有商務套件，讓他們可以在一個地方完成所有工作。

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.

其次是我們在中階市場的加速。事實上，我們很高興在投資者日宣布一個平台，它將帶領我們進一步進入市場。這確實使我們不僅能夠與客戶一起成長，而且能夠真正獲得新客戶。

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].

我只想提醒我們，大多數中階市場客戶都是非消費客戶。他們花費大量金錢來使用多個不同的應用程式、互不溝通的獨立應用程式、Excel 電子表格、Google 表格、鞋盒，並為多個不同的簿記員行銷代理商以及最終的[希爾頓]帶來痛苦。

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，我們已將所有這些打包為一個企業套件，以便能夠追求並加速追求中端市場客戶，我們的最終目標是遠遠超越 10 到 100 名員工。我認為這是五年的時間，為了完善你的問題的答案，這既專注於較小的客戶，但我們確實加倍關注較大的客戶，並且真正能夠滲透服務。這確實讓我們對線上生態系統收入以更大的規模成長 20% 充滿信心，正如您從 Sandeep 那裡聽到的，以及我們在第一季的加速成長。

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

謝謝您，並期待在投資者日聽到更多消息。

Thank you for your questions.

謝謝您的提問。

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

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。感謝您提出問題。我想問一下消費者，來年的指南，更新的中期指南，如果你能簡單介紹一下看跌期權和採取的內容，為什麼這是開始年度指南的正確位置，什麼可以隨著報稅季的進展帶來驚喜？

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

也許薩桑，只是你對消費者所面臨的宏觀經濟背景的看法。

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，亞歷克斯，謝謝你的問題。讓我從你問題的最後一部分開始，這是關於宏觀環境的。除了當前環境之外，我們沒有假設任何其他情況。我們沒有假設宏觀環境會帶來任何推動作用。所以這確實是我們指導的要素之一。這實際上是關於我們當前看到的趨勢、我們當前看到的勢頭以及真正關注我們自己的執行力。

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，對於你問題的第一部分，我想說第二部分只是作為複習，總稅收市場的 TAM 約為 350 億美元，其中 50 億美元是自己做的，大約 300 億美元是兩者均由消費者提供Intuit 協助。在業務方面，我們勢頭強勁。如您所知，TurboTax Live 去年成長了 17%，但我們獲得該特許經營權的全方位服務客戶數量卻增加了兩倍。

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，我們有很大的動力，這就是為什麼我們對真正實現 TurboTax Live 成長 15% 至 20% 的預期充滿信心。這確實導致，我們希望調整我們的長期預期，做到非常謹慎，因為直到TurboTax Live（目前占我們特許經營權的30%）增長到兩位數，直到它成為我們特許經營權的更大一部分為止，我們希望對我們的長期預期持謹慎態度。

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其實很重要，我會把它分成兩個部分。第一，我們實際上成長得相當快，我想說的是，對於收入較高的複雜客戶，我們的成長速度很高。我們實際上正在加速搶佔市場份額。

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.

基於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，我們今年將非常自信地繼續追求低收入客戶，因為去年我們有很多新芽我們的實驗，如何透過我們的 Credit Karma 平台提供稅收以外的福利和貨幣化。所以我們將傾向於這一點。

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.

我就以他們結束吧。您提出的問題的最後一個方面對我們的指南確實有好處，我認為您圍繞 TurboTax 提出的問題實際上來自兩個方面，一是輔助稅收加速超過 15% 至 20%，二是實際上加速發展的地方我們已經看到了很多萌芽，這是我們DIY的更複雜的高收入客戶。

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.

我們已經為來年在這兩個方面獲勝所需的創新和陣容做好了準備。這就是我們的信心的來源。

Perfect. Thank you, guys.

完美的。謝謝你們，夥計們。

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。非常感謝您提出問題。 Sasan 我想詢問有關重組的問題，我知道您對此非常重視。我們理解這不是出於節省成本的動機，而是為了更好地定位公司的領先地位，您如何考慮再投資，任何節省，因為員工需要時間恢復到以前的水平？是否有分配給任何其他顏色的具體舉措會很棒。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.

是的，當然，布萊德。首先，我想先承認──我們的文化注重人才、人員、同情心和關懷，這是一個非常非常艱難的決定。我們在內部非常照顧我們的團隊，無論是那些留下來的團隊，還是讓他們對我們這樣做的原因以及未來的事情感到興奮，並且仍然充滿活力。

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.

但第二個是金錢上的，照顧那些受影響的人。我只是想從這裡開始，因為這些事情對我們來說很難，我們非常認真地對待它。我們也認為，為公司的未來定位至關重要。

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.

正如我們所溝通的那樣，這實際上是我們所反對的計劃，而且我的許多前期評論都是，我們實際上正在拿走所有的美元並將其重新投資於五個領域，我在之前準備好的演講中闡述了這一點。

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.

事實上，我們的目的是將所有這些資金重新投入到過去幾年我們看到了許多萌芽的五個領域。他們在上一財年下半年加速前進，因此決定在這五個領域加倍努力。因此，我們的目的是將所有這些資金分配給這五個領域，當然，分佈在行銷和客戶成功以及我提到的領域的額外人員——工程人員。

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.

我們預計——順便說一句，這些措施在未來一年都不會有回報。我們提供的所有指導都不是關於增加員工人數，這確實為我們未來兩三年的發展奠定了基礎。這是你們所有人都應該知道的重要提示，因為當我們考慮來年時，我們的執行計劃確實不存在任何風險。但實際上，這關係到我們未來的定位。

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.

我將以以下內容結束。我們對 Sandeep 所闡述的利潤率擴張充滿信心，這不僅來自我們獲得的平台槓桿，還來自我們內部所有人工智慧投資，以提高效率和生產力。

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，當我們宣布這一消息時，我們並沒有一個穩定的起點。我們已經在考慮，正如您可能從我們的空缺職位清單中看到的那樣，這些職位在上個季度有所增加。我們開始建立我們的中端市場進入市場功能，並擴大我們的行銷活動，特別是在我們追求輔助稅收類別時，該類別的行銷時機與 DIY 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你們。

Thank you. We look forward to that as well.

謝謝。我們也對此充滿期待。

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

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，您需要採取什麼措施才能使其達到您希望看到的水平？

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確實值得我們感到興奮。一是與QuickBooks平台的整合。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，美國 QBO 客戶成長了 11%，QBO 成長了 28%。它實際上是在創建一個套件，我們的平台都集中在一個地方。

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，這是我們積極關注數據和技術集成的一個領域，當然還有工作流程集成，我們在這方面正在取得巨大進展。這是第一名。

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.

第二是中端市場。當我們宣布收購 Mailchimp 時，這是一個至關重要的領域。順便說一句，我們正在增強我們整合產品的勢頭，同時也增強我們的上市能力。正如我們宣布的那樣，我想上個季度，格雷格·約翰遜 (Greg Johnson) 現在又回到了 Intuit。他負責我們所有小企業的行銷工作。我們將 Mailchimp 和 QuickBooks 的銷售、行銷和客戶成功整合在一起，以便能夠更好地定位中階市場。

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。這是我們非常關注的三個領域。當我們查看 KPI 時，我們在這三個領域取得了紮實的進展。這就是讓我們對未來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?

感謝你們提出問題，並祝賀這個季度的表現非常出色。我想問一下 QBO 到 Q1 的加速情況。我們發現 QuickBooks 線上訂閱和線上服務都有兩個季度的減速。對加速的信心是基於類似的價格上漲，還是您在單位或業務的其他部分看到的一些東西給了你們信心並指導第一季的加速？

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，作為後續行動，您談論了很多關於美元再投資或人員減少的來源。您能否向我們介紹一下這些負責人的出處，例如你們正在削減哪些業務部分的投資？

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.

是的，太棒了。謝謝你的提問，基斯。我先從你的第一個問題開始，實際上，我們的加速來自三個面向。一是服務加速，這是跨支付、跨薪資單、跨即時平台的服務以及我們對 Mailchimp 的期望。這是一個關鍵領域。

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.

第二個關鍵領域是中端市場，正如我們之前分享的那樣，我們看到 QBO 高級版具有非常好的吸引力，而且我們確實繼續在我們的平台功能上進行市場推廣工作。順便說一下，我們在第一季看到的情況以及我們之前分享的事實表明，我們預計我們的線上生態系統收入將達到 20%，這就是去年的情況。

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.

第三是價格。這三者在我們的加速中發揮著重要作用，我只想在價格方面指出，我們真正從客戶那裡學到和聽到的一切都是因為我們在一個地方擁有商務套件，它們實際上節省了時間，他們需要更少的勞動力，他們能夠根據我們的能力推動客戶成長，並更好地管理他們的現金流，因為我們正在數位化他們的現金流，這在我們擁有的定價能力方面發揮著非常重要的作用，尤其是在我們的高端 SKU 中。

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.

但這三件事讓我們對第一季及以後充滿信心。如您所知，這項業務的大部分都是基於訂閱的，因此它是非常可預測的。

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.

就你的第二個問題而言，重組是從哪裡來的，確實有幾個關鍵領域。我想說的是最大的領域，因為我們審視了整個公司，並審視了我們認為有機會獲得更好績效的人才。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，我們將在其他地方提供很好的機會。

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.

但它們是——它是在整個公司範圍內，不是來自任何特定領域，順便說一句，為什麼我們的行動實際上不存在執行風險，只是因為，這不是來自某個領域，而是來自整個公司和人才，我們相信我們有機會升級人才。

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.

所以這確實是一個領域。第二個是我們確實整合了多個地點的一些技術人才，關閉了博伊西和埃德蒙頓，並整合了特拉維夫、班加羅爾、亞特蘭大和多倫多等關鍵領域的技術人才。但我想說的是重組的主要驅動力，當然，我們將所有這些都分配給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.

我唯一要補充的是，基斯是這個問題的第一部分。如果您還記得在我準備好的演講中，我談到QBO US 成長了11%，高階成長率為28%，這些較大的客戶傾向於以比自僱人士更高的速度採用和使用服務，這是保持其下降的一個重要屬性記住。

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，我們非常仔細地考慮價格組合的定價，並且我們的代表增長的一半以上來自數量和組合。在公司層面，價格貢獻年比相對穩定，而小型企業集團的價格貢獻略高。如果您查看進入第一季的軌跡，這是需要記住的第二個組成部分。

Super helpful. Thank you, guys.

超有幫助。謝謝你們，夥計們。

Thank you.

謝謝。

Kash Rangan, Goldman Sachs.

卡什·蘭根，高盛。

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.

在這裡非常感謝你們的團隊。本財年圓滿結束，指引也相當積極。 Sasan 我沒辦法，但請注意，你們是一家小企業，自營團體現在的營業額為 100 億美元。我認為截至最近一個季度有 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.

在企業軟體市場中，很少有軟體公司能夠達到 100 億美元的規模。恭喜你在那裡。大部分情況下，您的財務會計工作都做得很好，您已經收到了付款和薪資。因此，這使您與ServiceNow 走上正軌，我相信這也是一個價值100 億美元的運行率業務，增長速度更快，而且您正在向高端市場發展，您的技術組合顯然更先進，並且更少的低價值單位。

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.

因此，至少從我的角度來看，這家收入達 100 億美元的世界上最大的企業軟體公司之一更加成功。那麼，既然已經走到了這一步，你還能把這項業務帶到哪裡去呢？我很高興我沒有問稅務問題。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.

謝謝你提出的問題，Kash，順便說一下，正如你在我們的指南中看到的那樣，我們正在引導我們的全球業務解決方案團隊的規模達到110 億美元以上，在來年增長16% 到17% ，尤其是線上業務成長了 20%。我只想告訴你們，所有這些都是在沒有太多的情況下完成的，我想說的是中端市場的巨大貢獻。

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.

所以最好的尚未到來。因為我們將繼續 - 我的意思是，如果你看看我們今天與三年前的情況，我們確實擁有一個業務套件，我們擁有企業能夠發展和運營其業務的所有關鍵功能。過去五年我們一直在投資，以瞄準中階市場。

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大品牌都出現在我們的中階市場平台上，我們將宣布一些事情。我認為您會在我們的投資者日感到興奮，這確實使我們能夠為這些更大的客戶提供服務，這確實是當您展望未來時 - 當我們展望未來時，我們真正感到興奮的是我們事實上，我們擁有令人難以置信的特許經營權，但並沒有真正從該市場獲得重大淨貢獻。

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，因為我們希望繼續為小型企業服務，但我們現在有真正的機會在中端市場獲勝。我想提醒我們以下幾點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.

說到財務管理平台，中階市場其實並不是一個擁擠的空間。所以我們擁有令人難以置信的獲勝權利。這確實正是我們從會計師和中型市場企業那裡聽到的。當我們展望未來三到五年時，我們對業務從今天的 100 億美元成長到更大的新篇章感到非常興奮。

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

謝謝薩桑。 100 億美元到 200 億美元。謝謝。

Yes, indeed. See you at Investor Day.

是的，確實如此。投資者日見。

Kirk Materne, Evercore ISI.

柯克·馬特納，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.

是的，謝謝。恭喜本季的業績以及對明年的樂觀指引。我想 Sasan 我的問題來自於全球商業解決方案小組。您如何看待 Intuit Assists 對來年的影響？這種整合過程在哪裡？我只是好奇您如何看待為客戶提供支援可能會成長，在中端市場或附加費率以及該領域的一些其他產品等領域提供協助。所以我想回答這個問題——討論小型企業方面的 Intuit Assist。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，我首先要說的是，我們在未來一年的指導或 Intuit Assist 方面沒有考慮或假設任何內容。所以我只想從那裡開始。

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.

現在讓我回答你的問題。實際上，我們在 Intuit Assist 方面擁有令人難以置信的動力，您將在投資者日看到這一點。但讓我先從我在準備好的演講中分享的基礎開始，即我們有大約 100 萬美元的企業正在與 Intuit Assist 合作。

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.

它將在未來發揮重要作用，因為這實際上是我們六年前押注公司的基礎，實際上是圍繞數據和人工智慧的。但真正的賭注是提供我們為客戶工作的體驗。因此，我們的客戶今天使用的許多領域（我提到的 100 萬美元的一部分）是，沿著行銷活動以及我們推動的擬議收入，客戶可以獲得，然後我們可以代表客戶執行。

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.

順便說一下，拍下您可能在旅途中寫下的估算圖片，您可以拍攝一張照片，以便在何時創建數位化估算發票您想要的付款計劃都在平台內進行，然後將其發送給您的客戶在業務來源中提醒您重要發票，這些發票是我們可以為您提供的逾期資金。這就是我剛才提到的我們的一些客戶今天正在使用的元素。因此，我們現在真正關注的是資金投入——這些資金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.

如果我向前邁出一步，最終我們的整個目標就會實現，因為我們的優勢是數據和人工智慧。我們的目標是為客戶做所有的工作。我剛才舉的這些例子都是在這條路上。現在，這對我們作為一家公司的意義當然超越了幫助推動企業收入成長和獲利成長的好處。這對我們意味著我們相信它將在幾個領域產生影響。

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.

一是我們的新客戶成長，特別是小客戶，但二是採用我們的服務，因為我剛才提到的例子，拍一張筆記的照片，上傳一個PDF 文件，將創建估算、開具發票、進度付款，所有這些轉化為我們的收入。

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，這甚至沒有觸及這樣一個事實，即未來嵌入我們平台的將是人工智能驅動的實時專業知識，這是一種可貨幣化的，最終的目標是我們為您做一切事情，並與您合作。因此，這將成為我們未來經驗和成長的重要組成部分。

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.

順便說一句，我們正在取得非常好的進展，所有這些也將在投資者日向大家展示。我將從開始的地方結束。我們的指導中沒有考慮到這些，但這是我們未來的重要組成部分，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，北海岸研究中心。

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，薩桑和桑迪普。只是一個關於稅收的問題。 Sasan，看起來你正在執行即時產品，你開始執行完整的服務。我只是想知道考慮到您在業務中建立的勢頭，現在可能降低指導的想法是什麼？

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，我首先要說的是——它實際上是一個平台，這就是我們規模的力量。最終，客戶可以自己做，也可以在協助下做，或者我們為客戶做。這一切都在 TurboTax 平台上，我們的專家、我們的虛擬專家都坐在同一個平台上，除了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為他們或與客戶一起納稅他們。

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.

所以我只想從這個基本點開始，即它不是很多不同的產品。它實際上是一個平台，這為我們提供了我們正在尋找的規模。當我們圍繞長期期望做出決策時，我們不會輕易做出決定。事實上，我認為是在5.5年前，就在我擔任執行長的時候，我們更新了稅收的長期預期。因此，我們非常認真地對待這些決定。確實是什麼——所以這是我們一段時間以來一直在思考的事情。實際上，這可以歸結為一個非常簡單的數學方程式。

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.

當你看看 TAM 時，它有 350 億美元，其中 50 億美元是自己做的，300 億美元是幫助消費者和企業的，這就是最大的成長機會。這就是我們真正實現高兩位數成長的地方，即 17%，客戶成長 11%。如今，它佔了特許經營權的 30%，而且我們對 DIY 也非常積極，這兩個客戶都是複雜的高收入客戶。但根據我們今年看到的一些萌芽，我們也將對屬於自己動手做類別的低收入者感到非常自信。

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.

在這種情況下，我們只是覺得現在是時候為來年提供謹慎的指導了。而且還要調整長期預期。我想重申你從桑迪普那裡聽到的，這是一個臨時調整。一旦我們達到持續的兩位數成長，我們就會重新考慮長期指導。但在那之前，這就是我們做出決定的依據。

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?

Sasan，當您觀察小型企業的健康狀況時，您在整個季度中看到了什麼變化？有哪些變化可能會讓您擔心或希望您的客戶發生什麼情況？

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.

卡蒂克，我給你的標題是穩定的。在我們的小型企業中，我們通常在方式、部門、州、國家方面有所不同。但在優步層面，我們看到我們所服務的企業本財年的收入和獲利能力有所上升。我們預計現金儲備仍比去年下降 6% 至 7%，但與疫情前的水平相比已大幅上升。我們也發現工作時間更長。所以標題是穩定的。順便說一句，我們在消費者方面也看到了同樣的情況，這是穩定的。

Okay. Thank you very much. Appreciate it.

好的。非常感謝。欣賞它。

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。感謝您提出我的問題。很高興聽到 QBO Live 的消息，客戶數量增加了兩倍多。您能花點時間談談那裡引起共鳴的事情嗎？隨著您更多地進入中端市場，QBO Live 加速向高端市場進軍的機會是什麼？

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。讓我先回答你的問題，即什麼能引起小型企業的共鳴。對我們來說，我們實際上已經有了適合市場的產品，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記帳、會計、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.

確實，我們去年遇到的最大挑戰是如何考慮收益？如何考慮產品？我們實際上如何進入市場，因為好消息是每個企業在一年中的某個時刻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.

所以我們不是想創造機會。機會就在那裡。這只是手動的，是分解的。價格真高啊事實上，最重要的是我們專注於如何真正幫助客戶了解這現在是我們平台的一部分，我們可以幫助他們解決他們遇到的所有關鍵問題。我想說的是，這是我們真正發現如何做到這一點的領域，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。我認為我們在這方面還有很多工作要做。但我想說，我們確實已經解決了一個讓我們感到興奮的問題，特別是在我們展望未來時，我們決定將人工智慧專家嵌入我們的產品中。最後，正如他們所期望的那樣，對於更大的客戶來說，這是一個更大的機會。他們期望聘用財務長和人力資源部門。他們希望助理能夠幫助他們處理帳簿、會計和員工庫存決策。

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，您將在投資者日聽到我們談論的部分內容是，我們正在加速對中端市場的關注，我們的商務套件擁有企業所需的所有關鍵功能，其中一個重要組成部分是專業知識它附帶的。我認為我們的與眾不同之處在於這些是平台上的人工智慧專家，可以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，我最後想說的是，這些仍然是小樣本。但是，那些擁有現場專家的人，支付和工資等服務的附加和使用實際上更高，這對客戶和我們來說確實是一個巨大的好處。

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.

阿爾文德·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)

嗨，這是阿爾溫德。感謝您提出問題。只是幾個問題。在之前的一些電話會議中，您對人工智慧帶來的一些好處提供了一些額外的說明。並給出（技術難度）

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

進進出出。現在我們可以了，請繼續。

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。我只是想從您的收入增加以及整個業務的成本角度看到人工智慧的一些影響，您是否可以提供任何其他資訊就您開始看到的這些好處的量化而言，提供了什麼？

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。我想我要說幾件事。首先，我們看到了我們在所有平台上的使用和創新的影響。在Credit Karma 中，它確實推動了很多自動化，並在TurboTax 內為我們的客戶做到這一點，即使有了TurboTax 的全方位服務，我們也在為專家做大量工作，以便他們可以為更多客戶提供服務，當然，在我們的業務平台上，我之前闡述了一個範例。

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.

所以我想先明確一點，這在我們整個平台上都有廣泛的基礎。我們也非常關注人工智慧如何重新構想 Intuit 內部的工作。我想說的是——實際上，今年的收入並不重要，我們在來年也沒有考慮到任何事情，但我們相信它將成為未來幾年成長的一大推動力。成長將是真正的服務使用、更好的轉換、更好的保留，這些都是我們看到的萌芽，例如，我們今天正在使用它的數百萬家企業。

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、六年投資理論和賭注的核心。而且我們所做的並不是資本密集的。同時，我們對我們必須進行的投資非常有意識，我們在這個人工智慧世界中獲勝所需的任何投資都已在您從 Sandeep 聽到的指導中得到考慮。我不知道，桑迪普，你是否添加了什麼？

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，我認為這涵蓋了。當我們將我們與您投資組合中可能的其他公司進行比較時，需要記住的一件事是，人工智慧確實在我們的運行率中。因此，我預計我們的成本結構不會發生任何有意義的變化。其次，我們使用 AWS 進行大量處理。所以我們不是在建立自己的資料中心。所以這對我們來說也是非常輕的資產。

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.

正如薩桑提到的另一個因素，坦白說，我們也看到了我們自己的生產力的提高。我們看到開發人員生產力的提升。我們看到整體 G&A 生產力有所提升。因此，請記住，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繼續擴大利潤的承諾。

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。只需一個快速跟進。就在 TurboTax Live 上，當您正在考慮開機問題或讓您的客戶讓某種人工智慧來回答它時，而不是 QuickBooks Live 或某種會計師或註冊會計師。

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，人工智慧將像一個較低的 ARPU，而不是像指導基本上更像是面向服務的人。你如何平衡這一點？因為 ARPU 確實較高，但利潤率較低。當然，人工智慧會降低營收、降低 ARPU，但利潤率更高。你如何平衡它？

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。我認為你所闡述的前提並不是我們所看到的。事實上，我們相信，基於我們對數據和人工智慧的所有投資，它實際上是更高的 ARPU，因為它推動了我們服務的更好附加。它實際上推動了我們人力專業知識的更多投入。順便說一句，當我們的人力專家或人工智慧專家參與其中時，他們實際上非常有效和富有成效，因為他們坐在我們的數據和人工智慧平台上。

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，隨著時間的推移，由於我所闡述的內容，每用戶平均收入(ARPU) 會更高，而且我們的平台也會變得更加有效和高效，因為我們在外部應用人工智慧方面同樣積極，我們在內部也同樣積極，基於您剛剛聽到Sandeep 談論的內容。所以這實際上與我們所看到的你所談論的前提相反。我不知道，桑迪普，你是否願意添加任何內容。

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，人工智慧的遊戲名稱是信心，消除恐懼、不確定性和懷疑。透過使用人工智慧，透過使用我們的人工智慧專家，我們實際上正在大規模地做到這一點。

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，它實際上幫助我們打開了我們可以服務的客戶的範圍，並真正滲透到 TAM 中。這推動了您在輔助類別中看到的許多成功。其中一些完全外包給我們，一些與我一起做。因此，當您考慮這也為我們帶來的策略機會時，請記住一些事情。

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·希爾斯，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.

好吧，太棒了。我想問一個有關您過去概述的 AI 平台、GenOS 和工作室的問題，我知道開始考慮單獨的 SKU 有點遙遠，聽起來這更像是一種轉換以及短期內的保留行動。但是，您在這一年中在建立人工智慧平台、利用數據以及您在去年分析師日概述的一些平台組件方面學到了什麼？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，讓我從您關於 SKU 的問題開始。這是一個進步，也是一個需要指出的非常重要的因素。你聽到我們談論的是我們相信，我們在我們的證據中看到了這一點。我們看到的新芽是，第一，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，我們相信這是一個採用我們服務的機會，其中也包括 Live。支付、薪資、Mailchimp 等服務以及我們的即時平台（由人工智慧驅動的人類專家）。這些是我們重要的客戶和成長動力。

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.

這項進展是因為我們專注於我們先前闡述的創新，例如客戶能夠拍攝塗鴉筆記的照片，上傳 PDF 文檔，以便我們能夠將估算一直匯總到一起讓他們跟進客戶並為他們開展營銷活動，從而獲得報酬。

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.

進展是，我們將實際測試獨立的 SKU，其中 AI 代理會為客戶做所有事情。這可能是一個獨立的 SKU，我們可以在將來的某個時候進行測試，但您必須逐步實現這一點。這確實是進步元素要表達的內容。

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.

最後一件事，我認為是你問題的另一個要素，我們正在做的事情真的很難，我們喜歡它，因為它很難複製。困難的是，首先你必須擁有數據。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.

但當你查看每項業務時，我們有 500,000 個數據點。這意味著我們具有獨特的優勢，能夠幫助他們管理現金流，因為這關係到他們的現金流。這不是一般的事情，因為我們看到他們所有的錢進來，錢出去，他們的供應商的信譽度，他們擁有的員工。

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，我們在數據方面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，並根據客戶的數據對 Intuit 法學碩士進行培訓，以便能夠交付我剛才闡述的經驗，我們的法學碩士有機構和權力能夠使用其他法學碩士來增強經驗。

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.

因此，為了回答你的問題，我們學到的最重要的一點是數據投資的結合，我們在知識工程、機器學習和我們的法學碩士方面的投資，真正以成本效益的方式提供準確性、性能是極其困難的。

That's exciting. Thanks, Sasan.

這太令人興奮了。謝謝，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，今天下午我們的提問時間就到此為止。古達齊先生，現在我想請您提出結束語，先生。

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.

好吧，聽著，大家，謝謝你們寶貴的時間。感謝您提出的所有問題，我們希望在投資者日見到大家。確保安全。我們很快就會見到你。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 第四季和 2024 財年電話會議到此結束。再次非常感謝大家加入我們。我們祝福大家有個愉快的夜晚。再見。