直覺電腦 (INTU) 2025 Q1 法說會逐字稿

Good afternoon. My name is David, and I will be your conference operator. At this time, I'd like to welcome everyone to Intuit's first-quarter fiscal year 2025 conference call. (Operator Instructions)

午安.我叫大衛，我將擔任您的會議操作員。此時此刻，我謹歡迎大家參加 Intuit 2025 財年第一季電話會議。 （操作員說明）

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

現在，我將電話轉交給 Intuit 投資者關係副總裁 Kim Watkins。沃特金斯女士？

Thanks, David. Good afternoon, and welcome to Intuit's first-quarter fiscal 2025 conference call. I'm here with Intuit's CEO, Sasan Goodarzi; and our CFO, Sandeep Aujla.

謝謝，大衛。下午好，歡迎參加 Intuit 2025 財年第一季電話會議。我和 Intuit 執行長 Sasan Goodarzi 一起來到這裡。以及我們的財務長 Sandeep Aujla。

Before we start, I'd like to remind everyone that our remarks will include forward-looking statements. There are a number of factors that could cause Intuit's results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 2024 and our other SEC filings. All those documents are available on the Investor Relations page of Intuit's website at intuit.com. We assume no obligation to update any forward-looking statement.

在開始之前，我想提醒大家，我們的言論將包含前瞻性陳述。有許多因素可能導致 Intuit 的結果與我們的預期有重大差異。您可以在我們今天下午早些時候發布的新聞稿、2024 財年的 10-K 表格以及我們向 SEC 提交的其他文件中了解有關這些風險的更多資訊。所有這些文件均可在 Intuit 網站 intuit.com 的投資者關係頁面上取得。我們不承擔更新任何前瞻性聲明的義務。

Some of the numbers in these remarks are presented on a non-GAAP basis. We reconcile the comparable GAAP and non-GAAP numbers in today's press release. Unless otherwise noted, all growth rates refer to the current period versus the comparable prior year period, and the business metrics and associated growth rates refer to worldwide business metrics. A copy of remarks and supplemental financial information will be available on our website after this call ends.

這些評論中的一些數字是根據非公認會計原則提供的。我們在今天的新聞稿中對可比較的公認會計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指全球業務指標。本次通話結束後，我們的網站上將提供備註和補充財務資訊的副本。

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

這樣，我就把電話轉給 Sasan。

Great. Thank you, Kim, and thanks to all of you for joining us today. It was wonderful to see many of you at Investor Day. We hope you are inspired by our momentum and innovation that demonstrates the power of our AI-driven expert platform strategy which is delivering tangible benefits for our customers and fueling Intuit's growth.

偉大的。謝謝你，金，也謝謝大家今天加入我們。很高興在投資者日見到你們中的許多人。我們希望您能受到我們的動力和創新的啟發，這些動力和創新展示了我們人工智慧驅動的專家平台策略的力量，該策略為我們的客戶帶來了實實在在的好處，並推動了Intuit 的增長。

Out of context, let's talk about the first quarter. We had a strong start to the year, growing revenue 10% driven by our Global Business Solutions Group online ecosystem revenue growth of 20% and Credit Karma revenue growth of 29%. We're confident delivering double-digit revenue growth and margin expansion this year, and we're reiterating our full year guidance.

斷章取義，先說第一季。我們今年開局強勁，在全球商業解決方案集團線上生態系統營收成長 20% 和 Credit Karma 營收成長 29% 的推動下，營收成長了 10%。我們有信心今年實現兩位數的收入成長和利潤率擴張，並且我們重申了全年指導。

The future is here, and it's AI driven, and it will fundamentally transform every part of our work and personal life. We've transformed the company from a tax enacting platform to an AI-driven expert platform. We're leading this transformation by creating done for you experiences where the customer is always in control.

未來已來，它是人工智慧驅動的，它將從根本上改變我們工作和個人生活的方方面面。我們已將公司從稅務制定平台轉變為人工智慧驅動的專家平台。我們透過創造「為您服務」的體驗來引領這一轉變，讓客戶始終掌控一切。

Enabled by AI with access to AI-powered human, our platform fuels the financial success of consumers and businesses. We have a significant competitive advantage with our scale of data, data services, AI capabilities ecosystem of applications and our large network of AI-powered virtual experts. We're disrupting the categories we operate in to drive better money outcomes for consumers and businesses. The progress we've delivered and the proof points we're observing continue to bolster our confidence in our strategy.

在人工智慧的支持下，我們的平台可以利用人工智慧驅動的人類，推動消費者和企業的財務成功。憑藉我們的數據規模、數據服務、人工智慧功能應用生態系統以及龐大的人工智慧虛擬專家網絡，我們擁有顯著的競爭優勢。我們正在顛覆我們經營的類別，為消費者和企業帶來更好的經濟效益。我們所取得的進展和我們觀察到的證據繼續增強我們對策略的信心。

I will now share how our Big Bets are solving customer problems and powering our success as a platform. Starting with our consumer platform, Big Bets 3 is focused on helping customers make smart money decisions, take steps to improve their financial health year round see their best tax outcome and accelerate the receipt of their refund. We're focusing on winning as an AI-driven expert platform by leading with ease of use, speed to completion, and best price for our customers.

我現在將分享我們的大賭注如何解決客戶問題並推動我們作為一個平台的成功。從我們的消費者平台開始，Big Bets 3 專注於幫助客戶做出明智的資金決策，採取措施改善他們全年的財務狀況，看到他們最好的稅務結果，並加快收到退款。我們致力於透過為客戶提供易用性、完成速度和最優惠的價格，成為人工智慧驅動的專家平台。

Our strategy is to first win in the do-it-yourself tax category by improving value for low-income filers, accelerating growth with more complex filers and offering fast refund access.

我們的策略是透過提高低收入申報者的價值、透過更複雜的申報者加速成長以及提供快速退款管道，首先在自助稅務類別中獲勝。

Second, we're disrupting the assisted tax category. We're showing how the new way of taxes done for you is superior in experience, speed and price. We've expanded marketing to drive awareness ahead of tax season, and are working on methods to service our experts in local search and match customers with the best expert for them.

其次，我們正在擾亂輔助稅收類別。我們將向您展示新的報稅方式如何在體驗、速度和價格方面具有優越性。我們擴大了行銷範圍，以在納稅季節之前提高人們的認識，並正在研究為我們的本地搜尋專家提供服務的方法，並將客戶與最適合他們的專家相匹配。

Third, we're driving year-round engagement with our consumer platform, accelerating money benefits, including refund access, and growing at Credit Karma across our verticals such as prime and insurance, all of which accelerates monetization.

第三，我們正在推動與消費者平台的全年互動，加速貨幣福利（包括退款管道），並在 Credit Karma 的 Prime 和保險等垂直領域中成長，所有這些都加速了貨幣化。

Moving on to our business platform. Our vision is to help customers run and grow their businesses end to end. We made significant progress during the quarter across two of our big bets. Our first bet is to revolutionize speed to benefit, delivering done for you experiences with Intuit Assist, our Gen AI-powered financial assistance.

繼續我們的業務平台。我們的願景是幫助客戶端到端地運作和發展他們的業務。本季我們的兩項重大投資取得了重大進展。我們的第一個賭注是徹底改變受益速度，透過 Intuit Assist（我們的 Gen AI 支援的財務援助）為您提供「完成」體驗。

After successfully piloting Intuit Assist with over 2 million customers, it is now generally available to all US QuickBooks Online customers. To help businesses manage cash flow, Intuit Assist uses AI agents to automatically turn e-mails, electronic documents and handwritten notes into estimates, invoices, and bills. It spot potential cash flow shortages in real-time and suggest solutions like applying for a line of credit.

在超過 200 萬客戶成功試用 Intuit Assist 後，現在所有美國 QuickBooks Online 客戶都可以使用它。為了幫助企業管理現金流，Intuit Assist 使用人工智慧代理自動將電子郵件、電子文件和手寫筆記轉化為估算、發票和帳單。它即時發現潛在的現金流短缺，並提出申請信貸額度等解決方案。

It also generates invoice reminders to help customers get paid 45% faster, an average of five days sooner, and automates accounting by matching transactions to build and invoices for review. This is the power of our AI-driven expert platform, delivering tangible benefits to our customers, which we expect to drive increased adoption of our platform, and we are just getting started.

它還產生發票提醒，幫助客戶將付款速度提高 45%（平均提前五天），並透過配對交易以建立和發票以供審核來實現會計自動化。這就是我們人工智慧驅動的專家平台的力量，為我們的客戶帶來切實的好處，我們希望這將推動我們平台的採用率提高，而我們才剛開始。

Shifting the Big Bet 5 disrupt the mid-market, which resents an $89 billion TAM. We already have 800,000 mid-market customers in our franchise who can grow into our QBO Advanced and Intuit Enterprise suite offerings. In fiscal year 2024, QBO Advanced customers grew 28%, online ecosystem revenue 36%, and ecosystem ARPC was 5x that of the rest of the QBO base.

改變 Big Bet 5 會擾亂中端市場，該市場對 890 億美元的 TAM 感到不滿。我們的特許經營權中已經擁有 800,000 名中端市場客戶，他們可以發展成為我們的 QBO Advanced 和 Intuit Enterprise 套件產品。 2024 財年，QBO Advanced 客戶成長了 28%，線上生態系統營收成長了 36%，生態系統 ARPC 是 QBO 其餘基礎的 5 倍。

We introduced Intuit Enterprise Suite, or IES, to expand further up market from where we are today with a configurable suite of integrated financial products for mid-market businesses. With IES, we're focusing on addressing the needs of complex businesses, enabling multi-entity management, leveraging AI agents to boost productivity through cool automation and delivering actionable insights.

我們推出了 Intuit Enterprise Suite (IES)，透過中階市場企業的可設定整合金融產品套件進一步拓展我們目前所處的高端市場。透過 IES，我們專注於滿足複雜業務的需求，實現多實體管理，利用人工智慧代理透過出色的自動化來提高生產力，並提供可行的見解。

While it's early days, I'll share two customer examples that highlight the opportunity ahead and give us confidence in our strategy. We signed an eight entity RV Park creator with approximately an annual revenue, who was evaluating competitive solutions to streamline its workflow and consolidate replacing across entities. With the seamless upgrade to the IES platform, the company went from outsourcing its multi-entity reporting to a fractional CFO, which took several days to be able to do this on its own in just five minutes now.

雖然現在還處於早期階段，但我將分享兩個客戶範例，這些範例強調了未來的機遇，並讓我們對我們的策略充滿信心。我們與八個實體的房車公園創建者簽約，其年收入約為 100 萬美元，該創建者正在評估有競爭力的解決方案，以簡化其工作流程並鞏固跨實體的替換。透過無縫升級到 IES 平台，該公司從將多實體報告外包給部分財務長（CFO 需要花費幾天）到現在只需 5 分鐘就可以完成這項工作。

With this data immediately accessible and at its fingertips, the company can make the decisions it needs to run and grow their business. Their CTO referred to IES as a game changer for their business and values the relationship-based AI-powered support.

透過立即存取並觸手可及的這些數據，公司可以做出營運和發展業務所需的決策。他們的技術長將 IES 稱為其業務的遊戲規則改變者，並重視基於關係的人工智慧支援。

We also recently signed an economic development organization with more than $60 million in annual revenue across 80 corporate entities. As part of its IES contract, this customer also adopted bill pay, payments, and payroll. For customers like this, having all of these services in a single platform solves many challenges by seamlessly integrating data that previously came from multiple apps endpoint solutions, helping them streamline operations and save time.

我們最近也簽署了一個經濟發展組織，年收入超過 6,000 萬美元，涉及 80 個企業實體。作為 IES 合約的一部分，該客戶還採用了帳單支付、付款和薪資。對於這樣的客戶來說，將所有這些服務集中在一個平台上，透過無縫整合先前來自多個應用程式端點解決方案的資料來解決許多挑戰，幫助他們簡化操作並節省時間。

Last month, we hosted our first-ever Intuit Connect conference with more than 2,000 attendees, including mid-market businesses and the large accounting firms that serve them. We showcased our vision for an end-to-end business platform that fuels revenue and profitability growth for our business customers and the success of accountants.

上個月，我們舉辦了第一屆 Intuit Connect 會議，與會者超過 2,000 人，其中包括中型市場企業和為其提供服務的大型會計師事務所。我們展示了我們對端到端業務平台的願景，該平台可促進我們的企業客戶的收入和盈利能力增長以及會計師的成功。

We spotlighted IES and the initial reaction we received at the event was overwhelmingly positive. Customers that have already been using the offering are strong advocates, sharing that IES is having them see how their business is performing, saving them time and helping them make the decisions they need to improve growth and cash flow.

我們重點關注了 IES，我們在此次活動中收到的初步反應非常積極。已經使用該產品的客戶是強有力的擁護者，他們表示 IES 讓他們了解自己的業務表現如何，節省了他們的時間，並幫助他們做出改善成長和現金流所需的決策。

In addition, current customers are finding it easier and less costly to upgrade to IES than switch to an entirely new platform. We are excited more than ever to serve this $89 billion mid-market TAM to fuel the success of large businesses and accountants.

此外，目前客戶發現升級到 IES 比切換到全新平台更容易且成本更低。我們比以往任何時候都更興奮地為這個價值 890 億美元的中階市場 TAM 提供服務，以推動大型企業和會計師的成功。

Wrapping up, we're honored to be ranked number three on Forbes America's Best Companies list, which came out this month. Forbes evaluated the nation's largest public companies and considered factors such as financial performance, trust, and customer and employee satisfaction.

最後，我們很榮幸在本月發布的《富比士》美國最佳公司排行榜上排名第三。福布斯對美國最大的上市公司進行了評估，並考慮了財務表現、信任以及客戶和員工滿意度等因素。

With the progress and momentum we are delivering, we continue to believe we are well positioned to win as an end-to-end platform with done for you experiences that fuel the success of consumers, small, and mid-market businesses.

憑藉我們所取得的進步和勢頭，我們仍然相信，我們有能力作為一個端到端平台贏得勝利，為您提供客製化體驗，推動消費者、中小型企業的成功。

Now, let me hand it over to Sandeep.

現在，讓我把它交給桑迪普。

Thanks, Sasan. We delivered a strong first quarter of fiscal 2025 across the company. Our first-quarter results include: Revenue of $3.3 billion, up 10%; GAAP operating income of $271 million versus $307 million last year; non-GAAP operating income of $953 million versus $960 million last year; GAAP diluted earnings per share of $0.70 versus $0.85 a year ago and non-GAAP diluted earnings share of $2.50 versus $2.47 last year.

謝謝，薩桑。我們整個公司在 2025 財年第一季取得了強勁的業績。我們第一季的業績包括： 營收 33 億美元，成長 10%； GAAP 營業收入為 2.71 億美元，去年為 3.07 億美元；非公認會計準則營業收入為 9.53 億美元，去年為 9.6 億美元； GAAP 稀釋後每股收益為 0.70 美元，去年同期為 0.85 美元；非 GAAP 稀釋後每股收益為 2.50 美元，去年同期為 2.47 美元。

Our GAAP results reflect a restructuring charge of $9 million recognized in the quarter related to the organizational changes we announced in July, and a $42 million net loss on a private company investment.

我們的 GAAP 業績反映了本季確認的與我們 7 月宣布的組織變革相關的 900 萬美元重組費用，以及一家私人公司投資的 4,200 萬美元淨虧損。

Now turning to the business segments, starting with the Global Business Solutions Group. Our business platform helps customers run and grow theres end to end. Global Business Solutions Group revenue grew 9% during Q1, driven by all-in ecosystem revenue growth of 20%, a two-point acceleration from the year-over-year growth we saw in Q4.

現在轉向業務部門，首先是全球業務解決方案集團。我們的業務平台幫助客戶端到端地運作和發展。全球商業解決方案集團的營收在第一季成長了 9%，這得益於整個生態系統收入成長 20%，比我們在第四季看到的同比成長加快了兩個百分點。

This was partially offset by a 17% decline in desktop ecosystem revenue reflecting the desktop offering changes we made in early fiscal 2024 and highlighted last quarter. The momentum in our online ecosystem is demonstrating 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.

這被桌面生態系統收入下降 17% 所部分抵消，這反映了我們在 2024 財年初做出的桌面產品變化，並在上個季度強調了這一點。當客戶希望在任何經濟環境中發展業務並改善現金流時，我們線上生態系統的發展勢頭展示了中小型市場業務平台的力量以及我們產品的關鍵任務性質。

QuickBooks Online Accounting revenue grew 21% in Q1, driven by customer growth, higher effective prices and mix shift. We continue to prioritize disrupting the mid-market, through our focus on both go-to-market motions and product innovations, which we expect to continue to drive in TPC growth. Online services revenue grew 19% in Q1, driven by money offerings, which include payments, capital and Bill Pay, Payroll and

在客戶成長、有效價格上漲和組合轉變的推動下，QuickBooks 線上會計收入第一季成長了 21%。我們繼續優先考慮透過專注於市場推廣和產品創新來擾亂中端市場，我們預計這將繼續推動 TPC 的成長。在貨幣發行的推動下，第一季線上服務收入成長了 19%，其中包括支付、資本和帳單支付、薪資和

Within money, growth in the quarter reflects higher payments revenue, which was driven by customer growth, higher effective prices and an increase in total payment volume per customer and QuickBooks Capital revenue growth.

在貨幣方面，本季的成長反映了支付收入的增加，這是由客戶成長、有效價格上漲、每個客戶總支付量的增加以及 QuickBooks Capital 收入成長所推動的。

Total online payment volume growth in Q1 was 17%. Within payroll, revenue growth in the quarter reflects customer growth, higher effective prices and a mix shift towards higher-end offerings.

第一季線上支付總量成長 17%。在薪資方面，本季的收入成長反映了客戶成長、有效價格上漲以及向高端產品的組合轉變。

Within Mailchimp, the revenue growth in the quarter was driven by higher effective prices and a paid customer growth. We are seeing good progress serving mid-market customers in Mailchimp, but are seeing higher churn from smaller customers. We are addressing this by making product enhancements and driving future discoverability and adoption to improve first-time use and customer retention. While we feel good about the product work we are prioritizing, we are expecting it to take a few quarters to deliver improved outcomes at scale.

在 Mailchimp 內部，本季的營收成長是由有效價格上漲和付費客戶成長所推動的。我們看到 Mailchimp 為中階市場客戶提供的服務取得了良好進展，但小型客戶的流失率更高。我們正在透過改進產品並推動未來的可發現性和採用來解決這個問題，以提高首次使用和客戶保留率。雖然我們對優先考慮的產品工作感到滿意，但我們預計需要幾個季度才能大規模交付改進的成果。

In addition, beginning next quarter, we are lapping the price changes we made in Q2 of last year. We remain confident in and are executing on our vision of an end-to-end business platform that integrates the power of Mailchimp and group of services enabling our customers to both run and grow their business, all in one place.

此外，從下個季度開始，我們將採用去年第二季的價格變化。我們對端到端業務平台的願景仍然充滿信心，並正在執行這一願景，該平台整合了 Mailchimp 和服務組的強大功能，使我們的客戶能夠在一個地方運作和發展業務。

Third, we are executing our international strategy, which includes leading with connected business platform in our established markets, and leading with Mailchimp in all other markets as we continue to execute on a localized product and lineup. On a constant currency basis, total international online ecosystem revenue grew 10% in Q1.

第三，我們正在執行我們的國際策略，其中包括在我們的成熟市場中以互聯業務平台為主導，並在我們繼續執行本地化產品和陣容的同時，在所有其他市場中以 Mailchimp 為主導。以固定匯率計算，第一季國際線上生態系統總收入成長了 10%。

As we shared at the Investor Day, we win as a platform company. Our online ecosystem revenue growth reflects the progress we are making with us of serving both small businesses and mid-market businesses with more complex needs. This represents an addressable market of over $180 billion, roughly half of which is mid-market.

正如我們在投資者日分享的那樣，我們作為一家平台公司獲勝。我們的線上生態系統收入成長反映了我們在為需求更複雜的小型企業和中型市場企業提供服務方面所取得的進展。這代表著一個超過 1800 億美元的潛在市場，其中大約一半是中階市場。

In Q1, Online ecosystem revenue grew 20%, including approximately 42% growth in online ecosystem revenue for QBO Advanced and Intuit Enterprise Suite. This reflects our progress serving customers with our mid-market offerings. Online ecosystem revenue for small business and the rest of the base grew a strong 17%.

第一季度，線上生態系統收入成長了 20%，其中 QBO Advanced 和 Intuit Enterprise Suite 線上生態系統收入成長了約 42%。這反映了我們透過中端市場產品為客戶服務的進展。小型企業和其他企業的線上生態系統收入強勁成長 17%。

We are excited about our progress in serving mid-market customers while continuing to focus on small businesses. Looking ahead, we continue to expect online ecosystem revenue in total to grow approximately 20% in fiscal 2025.

我們對在繼續關注小型企業的同時，在服務中端市場客戶方面取得的進展感到興奮。展望未來，我們繼續預期 2025 財年線上生態系統總營收將成長約 20%。

Turning to Desktop. During Q1, Desktop Ecosystem revenue climbed 17%, including QuickBooks Desktop Enterprise revenue, which declined in the low teens. As we described last quarter, Q1 Desktop Ecosystem revenue reflects changes the company made to its Quickbooks Desktop offering in early fiscal 2024 to complete the transition to a recurring subscription model including more frequent product updates.

轉向桌面。第一季度，桌面生態系統營收成長了 17%，其中 QuickBooks Desktop Enterprise 營收下降了 17%。正如我們上季度所述，第一季桌面生態系統收入反映了該公司在 2024 財年初對其 Quickbooks 桌面產品所做的改變，以完成向定期訂閱模式的過渡，包括更頻繁的產品更新。

We continue to expect desktop ecosystem revenue to return to growth in Q2. And overall, we expect Desktop Ecosystem revenue to grow in the low single digits in fiscal 2025.

我們繼續預計桌面生態系統收入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 our consumer platform. Our consumer platform is helping customers make smart money decisions, take steps to improve their financial health year round, achieve their best tax outcome and accelerated receipt of the tax refund.

轉向我們的消費者平台。我們的消費者平台正在幫助客戶做出明智的財務決策，採取措施改善全年財務狀況，實現最佳稅務結果並加速收到退稅。

Starting with Credit Karma. Building on the momentum we saw each quarter in fiscal 2024, Credit Karma revenue growth accelerated to 29% during Q1, reflecting strength in personal loans, auto insurance, and credit cards.

從信用業力開始。基於 2024 財年每季的勢頭，Credit Karma 營收成長在第一季加速至 29%，反映出個人貸款、汽車保險和信用卡的強勁勢頭。

On a product basis, personal loans accounted for 11 points of growth. Auto insurance accounted for 9 points. And credit cards accounted for 8 points. Insurance reflects the continuing strength we have seen in partners spend that started in Q3 of fiscal 2024. We are excited about the opportunity ahead for Credit Karma as we set our strategy to drive engagement, accelerate money benefits across our consumer platform, and grow Prime and insurance.

從產品來看，個人貸款成長11個百分點。車險佔9分。而信用卡就佔了8分。保險反映了我們從2024 財年第三季開始在合作夥伴支出中看到的持續強勁勢頭。以及發展Prime 和保險。

Our vision is to create one consumer platform with team integration of TurboTax and Credit Care products that delivers year-round benefits for customers and drive monetization for Intuit. We are excited by our significant progress this year.

我們的願景是創建一個將 TurboTax 和 Credit Care 產品團隊整合的消費者平台，為客戶帶來全年利益並推動 Intuit 獲利。我們對今年取得的重大進展感到興奮。

Moving to consumer and protect groups. Consumer group revenue declined 6% as we lapped the period a year ago that included the extended tax filing deadline for most California filers. Our focus this season is on ease and speed at the best price.

轉向消費者和保護群體。消費者團體收入下降了 6%，因為我們已經過了一年前的時期，其中包括大多數加州納稅人的報稅截止日期延長了。本季我們的重點是以最優惠的價格輕鬆快速。

Our strategy is to win in DIY Tax, disrupt the sister tax category, and create one consumer financial platform by delivering year-end benefits leading to engagement and monetization. We launched new experiences during the extension season this year. And the results we saw further bolster our confidence in our strategies we look ahead.

我們的策略是贏得 DIY 稅收，顛覆姊妹稅收類別，並透過提供年終福利來提高參與度和貨幣化，創建一個消費者金融平台。我們在今年的延長季期間推出了新的體驗。我們看到的結果進一步增強了我們對未來策略的信心。

Turning to the product group. Revenue was $39 million in Q1, down 7% as we lapped the period a year ago that included the extended tax filing deadline for most California filers.

轉向產品組。第一季的收入為 3900 萬美元，下降了 7%，因為我們已經過了一年前的時期，其中包括大多數加州納稅人的報稅截止日期延長了。

In summary, I am pleased with our early momentum this fiscal year and opportunities ahead.

總之，我對我們本財年的早期動能和未來的機會感到滿意。

Shifting to our balance sheet and capital allocation. Our financial principal guide decisions. They remain our long-term commitment and are unchanged. We finished the quarter with approximately $3.4 billion in cash and investments and $6.1 billion in debt on our balance sheet.

轉向我們的資產負債表和資本配置。我們的財務原則指導決策。它們仍然是我們的長期承諾並且沒有改變。本季末，我們的資產負債表上約有 34 億美元的現金和投資以及 61 億美元的債務。

We repurchased $570 million of stock during the first quarter. Depending on market conditions and other factors, our aim is to be in the market each quarter to offset dilution from share-based compensation over a three-year period. The Board approved a quarterly dividend of $1.04 per share, payable on January 17, 2025. This represents a 15% increase per share versus last quarter.

我們在第一季回購了價值 5.7 億美元的股票。根據市場狀況和其他因素，我們的目標是每季進入市場，以抵消三年期間股權激勵帶來的稀釋。董事會批准了每股 1.04 美元的季度股息，將於 2025 年 1 月 17 日支付。

Moving on to guidance. We are reaffirming our fiscal 2025 guidance. This includes total company revenue growth of 12% to 13%. GAAP operating income growth of 28% to 30%, non-GAAP operating income growth of 13% to 14%. We GAAP diluted per share growth of 18% to 20% and non-GAAP diluted earnings per share growth of 13% to 14%.

繼續指導。我們重申 2025 財年指引。這包括公司總收入成長 12% 至 13%。 GAAP營業收入成長28%至30%，非GAAP營業收入成長13%至14%。我們以 GAAP 稀釋後每股收益成長 18% 至 20%，以非 GAAP 稀釋後每股收益成長 13% 至 14%。

GAAP guidance reflects an expected $14 million restructuring charge related to the reorganization we announced in July. Our guidance for the second quarter fiscal 2025 includes total company revenue growth of 13% to 14%. This includes our expectation of single-digit decline in consumer group revenue due to some promotional changes in retail channels largely related to our desktop offering. This only impacts revenue timing and does not impact overall units or revenue expectations for fiscal year 2025.

GAAP 指導反映了與我們 7 月宣布的重組相關的 1,400 萬美元預計重組費用。我們對 2025 財年第二季的指引包括公司總營收成長 13% 至 14%。這包括我們預期消費者群體收入將出現個位數下降，因為零售通路的一些促銷變化主要與我們的桌面產品相關。這只會影響營收時間，不會影響 2025 財年的整體銷售或營收預期。

GAAP earnings per share of $0.84 to $0.90 and non-GAAP earnings per share of $2.55 to $2.61. You can find a full fiscal 2025 and Q2 guidance details in our press release and on our fact sheet.

GAAP 每股收益為 0.84 至 0.90 美元，非 GAAP 每股收益為 2.55 至 2.61 美元。您可以在我們的新聞稿和情況說明書中找到完整的 2025 財年和第二季度指導詳細資訊。

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

有了這個，我會把它轉回給 Sasan。

Excellent. Thank you, Sandeep. We remain confident in our long-term growth strategy, including double-digit revenue growth and operating income growing faster than revenue. We have a durable advantage with our depth of data and AI capabilities and the strategic win given the proof points we're observing. And with less than 5% penetration of our $300 billion in TAM, we have a massive runway ahead of us.

出色的。謝謝你，桑迪普。我們對長期成長的策略仍然充滿信心，包括兩位數的收入成長和營業收入成長快於收入的成長。憑藉我們的數據深度和人工智慧能力以及我們觀察到的證據，我們擁有持久的優勢和策略勝利。我們 3000 億美元的 TAM 滲透率還不到 5%，我們前面還有很長的路要走。

Let's now open it up to your questions.

現在讓我們來解答您的問題。

(Operator Instructions) Brad Zelnick, Deutsche Bank.

（操作員指令）Brad Zelnick，德意志銀行。

Great. Thank you so much for taking the question. Congrats on a strong start to the year. As we look through the mix, starting the year with about 20% online ecosystem growth, I think was just barely in line with what some were modeling. How should we think, Sandeep, about the progression in drivers that will get us to your full year GBS guidance? And what might be a source of upside?

偉大的。非常感謝您提出這個問題。祝賀今年取得了良好的開局。當我們審視這個組合時，從今年開始，線上生態系統成長了約 20%，我認為這與某些人的建模結果勉強相符。 Sandeep，我們應該如何看待驅動程式的進展，以便我們獲得您的 GBS 全年指導？上漲的來源可能是什麼？

Brad, thanks for your question. We are off to a great start in the Global Business Solutions Group. You mentioned that 20% all in ecosystem revenue growth, which is a [2.6%] from Q4. And as we look ahead, and it's the same things that drove the acceleration, it is a continued strong customer engagement of the platform. We saw good attrition -- that's our good retention, sorry, low attrition after our price changes. We are seeing good mix shift.

布拉德，謝謝你的問題。我們在全球商業解決方案集團有了一個良好的開始。您提到 20% 全部來自生態系收入成長，這是第四季的 [2.6%]。當我們展望未來時，推動加速的因素是相同的，即平台持續強大的客戶參與度。我們看到了良好的流失率——這就是我們良好的保留率，抱歉，價格變動後的流失率很低。我們看到了良好的混合轉變。

I shared that the mid-market grew approximately 42% and that is driving the improvements and should continue for the remainder of the year. And we're seeing good adoption of our services. So all of those things are what we feel confident in and reinforces the confidence in the guidance that we reaffirmed today.

我表示，中端市場成長了約 42%，這正在推動改進，並且應該會在今年剩餘時間內持續下去。我們看到我們的服務得到了很好的採用。因此，所有這些事情都是我們感到有信心的，並且增強了我們對今天重申的指導的信心。

It's very helpful. Maybe just a quick follow-up. If I look at TurboTax marketing expense in the quarter, I think it was up $46 million year on year. And a strategy that has you out in front of filers even earlier this year and ahead of the season, which by the way, we see the ads, and I think they're great.

這非常有幫助。也許只是快速跟進。如果我看看該季度的 TurboTax 行銷費用，我認為它比去年同期增加了 4,600 萬美元。還有一個策略，讓你在今年早些時候和季節之前就出現在申報者面前，順便說一句，我們看到了廣告，我認為它們很棒。

How should we think about the oral entertainment expected marketing spend over the full season? Thank you.

我們該如何看待整個賽季口頭娛樂的預期行銷支出？謝謝。

Brad, as we shared previously, our strategy with consumer group is to disrupt the assisted tax category. And one of the things that we know for us we continue to evaluate that market is many customers make the decision on who they're going to use the following year to do their filing well before January, which is when traditionally, the consumer group marketing campaigns will start.

布拉德，正如我們之前分享的那樣，我們與消費者群體的策略是破壞輔助稅收類別。我們繼續評估該市場的一件事是，許多客戶在一月份之前就決定他們將在下一年使用誰來進行歸檔，而傳統上，一月份是消費者群體行銷的時間活動將開始。

With that, and as we shared with me, we started our marketing campaigns earlier. And that actually drove very strong consideration by what we call prior year assisted those who got their taxes done through the system method this year. we saw a strong lift in traffic and consideration and even more so in our targeted segments that we are going after for the assisted category.

有了這個，正如我們與我分享的那樣，我們更早開始了我們的行銷活動。這實際上推動了我們對去年透過系統方法完成納稅的人的強烈考慮。我們看到流量和考慮度大幅提升，在我們針對輔助類別所追求的目標細分市場中更是如此。

So that reinforced our belief that that was a good spend, good ROI, and bolsters the conference for the full year. You should expect us to continue to optimize our spend throughout the entire tax season, and I would expect consumer group marketing budget to be up slightly, but not more so than that. Thank you so much. Very helpful.

因此，這增強了我們的信念，即這是一筆不錯的支出，良好的投資回報率，並為全年的會議提供了支持。您應該期望我們在整個納稅季節繼續優化我們的支出，我預計消費者群體行銷預算會略有增加，但不會超過這個數字。太感謝了。非常有幫助。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

Thank you guys for taking the question. Congratulations on a good start to the year. Sorry to harp on a part of the equation that's not going as well. But on Mailchimp, the churn at the lower end of the base that you mentioned on the call, I don't recall hearing that previously from you guys. So is that a new phenomenon that you're seeing in the marketplace?

謝謝你們提出問題。恭喜今年有一個好的開始。很抱歉，我一直在談論方程式中不太順利的部分。但在 Mailchimp 上，你在電話中提到的底層低端的流失，我不記得以前從你們那裡聽到過。這是您在市場上看到的新現象嗎？

And on the flip side of the equation, can you talk to us a little bit about where we are with the integrated sort of like the bundled solution? It seems to me a industrial logic, but you had being able to offer your customers both sort of like the back end and the front office solution together. Where are we in sort of teasing out synergies and getting that bundle in the market and driving good results in the market?

另一方面，您能和我們談談我們在整合解決方案（如捆綁解決方案）方面的進展嗎？在我看來，這似乎是一種工業邏輯，但您必須能夠同時為客戶提供後端和前台解決方案。我們在哪裡可以找出協同效應並將該捆綁產品推向市場並在市場上取得良好的業績？

Keith, thanks for your question. Let me take it. First and foremost, when you look at the Intuit Enterprise Suite -- is actually part of that suite and available to our customers today. However, in context of a deeply integrated experience across all of our services, I would say, to think about the expectation of several quarters from now.

基思，謝謝你的問題。讓我拿走吧。首先也是最重要的，當您查看 Intuit 企業套件時，它實際上是該套件的一部分，並且現在可供我們的客戶使用。然而，在我們所有服務的深度整合體驗的背景下，我想說，考慮一下從現在起幾個季度的預期。

We should be in the marketplace with our really end-to-end experience that where there's deeper and much depth in the integration of the product. And more importantly, all the data and AI capabilities that allows us to create done for your experiences.

我們應該以真正的端到端經驗進入市場，產品的整合更加深入。更重要的是，所有數據和人工智慧功能使我們能夠為您創造完美的體驗。

So think about it as several quarters. We are in sort of final stages of get out and having customers tested. So that's one element of your question.

因此，請將其視為幾季。我們正處於退出並讓客戶接受測試的最後階段。這就是你問題的一個要素。

The second element of your question is the reason we called out churn on the low end is because we've had an incredibly accelerated set of innovation on the platform, particularly for mid-market customers. So just powerful analytics and segmentation, audience import, SMS capabilities in even more countries.

你問題的第二個要素是我們之所以呼籲低階客戶流失，是因為我們在平台上進行了一系列令人難以置信的加速創新，特別是針對中階市場客戶。因此，只需在更多國家/地區提供強大的分析和細分、受眾導入、簡訊功能。

And as we've done that for mid-market customers, which has actually been driving customers in the mid-market, it made discovery and usability tougher than it should be for the very, very small customers. And so we have a team that's really focused on first-time use and first-time benefit, so that these smart customers can get the benefit of some of these larger innovations that I just thought that our mid-market customers are enjoying. And we just wanted to be clear and call it out.

正如我們為中端市場客戶所做的那樣，這實際上一直在推動中端市場的客戶，這使得發現和可用性比對於非常非常小的客戶來說更加困難。因此，我們擁有一支真正專注於首次使用和首次受益的團隊，以便這些聰明的客戶能夠從我認為我們的中端市場客戶正在享受的一些更大的創新中受益。我們只是想澄清並大聲疾呼。

Got it. And just to be clear, it's more of an idiosyncratic issue with that innovation and not a broader market commentary or macro weakness that sometimes you see in smaller customers and more marketing-focused solutions, it's not about the macro?

知道了。需要明確的是，這更多的是創新的特殊問題，而不是更廣泛的市場評論或宏觀弱點，有時您會在較小的客戶和更注重行銷的解決方案中看到，這與宏觀無關？

It is not at all about the macro. It's driven entirely by all of our innovation that is benefiting the larger customers. But frankly, I think we have an opportunity to make the first time used for smaller customers much better, which is exactly what we're working on, but it is not macro.

這根本與宏觀無關。它完全由我們所有造福更大客戶的創新所驅動。但坦白說，我認為我們有機會讓較小客戶的首次使用變得更好，這正是我們正在努力的方向，但這不是宏觀的。

Perfect. Super helpful. Thank you so much.

完美的。超有幫助。太感謝了。

Siti Panigrahi, Mizuho.

西蒂·帕尼格拉希，瑞穗。

Thanks for taking my question. And congratulations on a good start to the year. I want to dig into the online ecosystem and then the QBO online account. Good to see that 2 point acceleration. So you guys started this mid-market go-to-market sales team hiring. So wondering where are you in terms of higher-end ramp? And have you started seeing like the contribution this quarter from that that drove that acceleration?

感謝您提出我的問題。並祝賀今年取得了良好的開端。我想深入研究線上生態系統，然後是 QBO 線上帳戶。很高興看到 2 點加速。所以你們開始招募這個中端市場進入市場的銷售團隊。那麼想知道您在高端坡道方面處於什麼位置？您是否開始看到本季推動這種加速的貢獻？

And if so, how should we think about the contribution for subsequent quarter? Is it something we should see now? Or will it take a year for the team to ramp and start contributing there?

如果是這樣，我們應該如何考慮下一季的貢獻？這是我們現在應該看到的嗎？或者團隊需要一年的時間才能成長並開始在那裡做出貢獻？

Yes, Siti, thank you for your question. Let me kick us off. First of all, if you reflect back on what Sandeep talked about earlier, when you look at our overall 20% online ecosystem revenue growth, 42% of that -- not 42% of it, but we had 42% growth.

是的，西蒂，謝謝你的問題。讓我把我們踢開。首先，如果你回想一下 Sandeep 之前談到的內容，當你看到我們整體線上生態系統收入成長 20% 時，你會發現其中有 42%——不是 42%，但我們有 42% 的成長。

When you look at our QBO Advanced and Intuit Enterprise platform and all the services that comes with it. And we wanted to explicitly call that out because as we continue to build out our go-to-market capabilities in the mid-market, it will benefit advance and services, and it will benefit, of course, with the enterprise suite. And so we are actually seeing the benefit now and it's material.

當您查看我們的 QBO Advanced 和 Intuit Enterprise 平台及其附帶的所有服務。我們想明確指出這一點，因為隨著我們繼續在中端市場建立進入市場的能力，它將有利於先進和服務，當然，它將受益於企業套件。所以我們現在確實看到了好處，而且是實質的。

We've also added over 200 account managers, business development folks, that are very geared towards outside selling. And that is contributing to where we are today. But frankly, the biggest contribution of all the investments that we've made are to come. And so we view that in the quarters to come.

我們還增加了 200 多名客戶經理、業務開發人員，他們非常適合外部銷售。這對我們今天的成就做出了貢獻。但坦白說，我們所做的所有投資中最大的貢獻即將到來。因此，我們認為未來幾季會出現這種情況。

And therefore, if I were to put a punchline on this, the acceleration that you saw from last quarter to this quarter of 18% to 20% growth with our online ecosystem revenue growth, it came from more services. It came from mid-market, which is both QBO Advanced and Intuit Enterprise Suite. It came from better retention, higher ARPC, better mix. So we're sort of clicking on all the key cylinders that strategically we've communicated to you all, and we expect that to

因此，如果我要說一句俏皮的話，你看到從上個季度到本季度，我們的線上生態系統收入增長了 18% 到 20%，這來自於更多的服務。它來自中端市場，包括 QBO Advanced 和 Intuit Enterprise Suite。它來自於更好的留存、更高的 ARPC、更好的組合。因此，我們正在點擊我們已策略性地與大家溝通的所有關鍵圓筒，我們希望這能夠

And quick follow-up to your Q2 guidance for Consumer. I understand that always January quarter is the big chunk of that comes from Desktop TurboTax, understand that. But what was this promotion about? I understand like you guys wanted to push a consumer to online, but what's driving the promotion?

並快速跟進第二季消費者指南。據我了解，一月份季度的大部分收入都來自桌上型 TurboTax，請理解這一點。但這次促銷是為了什麼呢？我理解你們想將消費者推向線上，但是什麼推動了促銷呢？

Yes. It's, first of all, a couple of factors. The primary factor is typically, we would do promotions from December time frame in the middle of January. And really, what we've aligned more so this year with our retail partners because this is TurboTax desktop is really the buying patterns and the buying behaviors of those consumers that buy our desktop product.

是的。首先，有幾個因素。主要因素通常是，我們會從 12 月的時間範圍到 1 月中旬進行促銷活動。事實上，今年我們與零售合作夥伴更加一致，因為這是 TurboTax 桌面，實際上是購買我們桌上型產品的消費者的購買模式和購買行為。

What we've done is we've lined up the promotional time frame that now starts much later in January and goes beyond January. And that positions us better to deliver for consumers, deliver for their buying behaviors, again, on TurboTax desktop. And because of that move, that really shifted revenue into Q3. Our full year is as is and just shifted between quarters.

我們所做的是，我們已經安排了促銷時間範圍，現在從一月晚些時候開始，並持續到一月之後。這使我們能夠更好地在 TurboTax 桌面上為消費者提供服務，為他們的購買行為提供服務。由於這一舉措，這確實將收入轉移到了第三季。我們的全年保持原樣，只是在季度之間進行了調整。

And we also, of course, estimate then also the timing of the IRS factors play into it, but the biggest one is what I just described. And so we feel very bullish and confident about the year and particularly because of what Sandeep articulated. We launched a lot of our lineup changes, our experiences and our which we've never tested in the time of the year that we did this year. And frankly, we're more bullish and confident about this coming season than we have been for a while due to the results that we saw based on everything that we launched.

當然，我們也會估計國稅局因素發揮作用的時間，但最大的因素就是我剛剛描述的。因此，我們對這一年感到非常樂觀和充滿信心，特別是因為桑迪普的闡述。我們推出了許多陣容變更、我們的經驗以及我們今年從未測試過的內容。坦白說，由於我們根據我們推出的所有內容所看到的結果，我們對即將到來的季節比過去一段時間更加樂觀和自信。

Scott Schneeberger, Oppenheimer.

史考特‧施內伯格，奧本海默。

Thanks very much. One question for each of you, and I think there they're kind of tied together.

非常感謝。你們每個人都有一個問題，我認為它們是緊密相連的。

Sasan, the early marketing strategy sought early than ever before that Brad brought it up when we talked about it a little bit since it was good. But I say you had -- or you had change that up a little bit due to NAPP. And just curious if you could give us a state of the union on how you are going to market, what that campaign is, and you said that you're seeing early success if you could just elaborate a little bit more on that?

Sasan，早期的行銷策略比以往任何時候都更早尋求，當我們談論它時，Brad 提出了它，因為它很好。但我說你已經——或者說由於 NAPP 你已經改變了一點。只是好奇您能否向我們介紹一下您將如何進行行銷，該活動是什麼，並且您說如果您能詳細說明一下，您就會看到早期的成功？

And then Sandeep, for you, the EPS guide for the upcoming quarter. We're seeing revenue growth in the next quarter, but that is guided down year over year. So if you could just clarify it a little bit more. I think you've given us the big components, but just if you could talk us through that a little bit.

然後 Sandeep 為您提供下一季的 EPS 指南。我們預計下一季的營收將有所成長，但同比預期有所下降。所以如果你能再澄清一點的話。我認為您已經為我們提供了重要的組成部分，但您是否可以向我們介紹這一點。

Yes. Sure, Scott. Thank you for the question. Let me take the tax element and then I'll turn it over to Sandeep. First of all, from all the learnings and insights that we've had to really disrupt the assisted tax segment, one element was just really a lot more clarity and vision in terms of timing of decisions by the customers that have somebody else do their taxes for them. And that's what really drove the early marketing campaign.

是的。當然，斯科特。謝謝你的提問。讓我來處理稅收部分，然後將其交給桑迪普。首先，從我們真正顛覆稅務輔助領域的所有經驗和見解來看，其中一個要素就是讓其他人做稅務的客戶在決策時間方面確實更加清晰和遠見。這才是早期行銷活動的真正推手。

And there was a couple of things we were looking for. One, now that we're in market, does it raise heads? Two, will people engage. And three, how much does price matter when you engage sort of preseason.

我們正在尋找一些東西。一，既然我們已經進入市場，它會引起人們的注意嗎？第二，人們會參與嗎？第三，當你參加季前賽時，價格有多重要。

And I would tell you that the results were overwhelmingly positive. It raised heads. It raised -- there was engagement better than what we thought and price was a significant factor, in a very positive way. And that informs the campaign that we are putting together for season. Really, the campaign we're putting together for season is really about demonstrating what a new way of taxes looks like and what it means.

我想告訴你，結果是非常正面的。它抬起了頭。它提出了——參與度比我們想像的要好，而且價格是一個非常積極的重要因素。這告知我們正在為賽季做好準備的活動。事實上，我們為這個季節準備的活動實際上是為了展示新的稅收方式是什麼樣子以及它的意義。

And it will focus on experience, speed and best price. And to specifically answer your question around what we learned, one of the biggest things that we learned in the campaign that we just ran was really the focus is about the new way. And the focus is about a better experience, and it's about a better price.

它將注重體驗、速度和最優惠的價格。為了具體回答你關於我們學到了什麼的問題，我們在剛剛開展的活動中學到的最重要的事情之一實際上是焦點是新的方式。重點是更好的體驗，以及更好的價格。

What we learned is that we have an opportunity to continue to do that but ensure that it doesn't come across that the experts of the old way is a bad experience. Because at the end of the day, experts are critical to our experience. The accountants that partner with us there -- a lot of them are on our platform. The 12,000 experts that we have on our platform are the very accountants that we partner with.

我們了解到，我們有機會繼續這樣做，但要確保不會讓人們認為舊方式的專家是一種糟糕的體驗。因為歸根結底，專家對我們的體驗至關重要。與我們合作的會計師—其中許多都在我們的平台上。我們平台上的 12,000 名專家正是我們的合作夥伴會計師。

And the thing that we learned is to ensure that we really focus on the experience, the speed of it and the price of it and then not at all depict the expert in the old way, doesn't deliver a great experience or is not a good expert. So that's the learning that we've had that's how what we are incorporating as we look at the campaign that we're developing.

我們學到的東西是確保我們真正專注於體驗、體驗的速度和價格，而不是以舊的方式描述專家，不能提供出色的體驗，或不是一個好的體驗。這就是我們所學到的知識，這就是我們在審視我們正在開發的活動時所融入的內容。

I will just end with the punch line that it worked really well, and we're super excited about it. Before I turn it over to Sandeep, I wanted to just use this opportunity since you asked about tax to just address something that I know is on the minds of a few folks, and opportunistically, if I could address it.

我將以一句妙語作為結束，它的效果非常好，我們對此感到非常興奮。在我把它交給桑迪普之前，我想利用這個機會，因為你問到稅收問題，只是解決一些我知道一些人關心的問題，並且機會主義地，如果我可以解決它。

And that was the some of the news this week around the new administration and whether or not they would create new tax software or pretax software. And I just wanted to touch on that while I have the floor.

這就是本周有關新政府以及他們是否會創建新的稅務軟體或稅前軟體的一些新聞。我只是想在發言時談談這一點。

First and foremost, I am personally engaged with the new leaders and the new administration coming in. And what I would share with you is a couple of key priorities that I think all of you have seen in the news, but I personally also learned that really matters to the new leaders and new ministration coming in.

首先也是最重要的是，我個人與新領導人和新政府的上任進行了接觸。也了解到對於新上任的領導人和新政府來說確實很重要。

One is being very aggressive on budget cuts and workforce reduction. This really streamlined the operations of the government. Two, is to really look at the regulatory environment and to reduce the regulatory environment that ultimately will benefit consumers and businesses. Third, reduce fraud, whether it's from identity theft and/or loans. And then last but not least, is if there's an opportunity to actually simplify the tax code.

一是非常積極地削減預算和裁員。這確實簡化了政府的運作。第二，是真正檢視監管環境，減少監管環境，最終使消費者和企業受益。第三，減少欺詐，無論是身分盜竊和/還是貸款。最後但並非最不重要的一點是，是否有機會真正簡化稅法。

I'm actually excited about those priorities, because those are all priorities that we can help as a company. I would tell you that the last thing that sort of is on the mind of the new leaders coming in is adding to the bureaucracy and adding to the investment levels of something that already exists in private industry.

我實際上對這些優先事項感到興奮，因為這些都是我們作為一家公司可以提供幫助的優先事項。我想告訴你，新上任的領導人最不想看到的就是增加官僚機構和增加私人工業中已有的投資水準。

So when it comes to free tax software, as you all know, our stance is, it already exists. Private industry has free software available to all Americans. Our perspective and my learning in terms of what's most important, the last thing that the new folks want to do is to add to that proxy. And to add investments in an area where the offerings already exist and private industry already serves it.

因此，當談到免費稅務軟體時，眾所周知，我們的立場是，它已經存在。私人企業向所有美國人提供免費軟體。我們的觀點和我在最重要的方面的學習，新人們最不想做的事情就是添加到該代理中。並在已有產品且私人企業已提供服務的領域增加投資。

With all that said, free is available to all consumers. And if tomorrow, five new pretax offerings become available in the market, it does not have an impact to the structure of the market because it's free is a commodity for the do-it-yourself category.

話雖如此，所有消費者都可以免費使用。如果明天市場上出現五種新的稅前產品，它不會對市場結構產生影響，因為它是免費的，是 DIY 類別的商品。

So I want to just opportunistically touch on that while I have the floor, Sandeep, I'll turn it over to you on EPS.

因此，我想在發言時趁機談談這一點，Sandeep，我會將 EPS 的問題交給您。

Sure. Scott, on the EPS, one thing to keep in mind is that we always optimize our spend for the full year, and we continue to feel really solid about our guidance for the year. And as I look internally how we are leveraging AI and how we work as a company, I see tremendous opportunity for us to continue to expand our margin.

當然。斯科特，關於每股收益，需要記住的一件事是，我們總是優化全年的支出，並且我們仍然對今年的指導感到非常可靠。當我在內部審視我們如何利用人工智慧以及我們作為一家公司如何工作時，我看到了我們繼續擴大利潤的巨大機會。

But now let me address your question on Q2 specifically. This is a continuation and all on strategy on the things that we talked about as it relates to Q1. In consumer group, we're continuing our marketing opportunities. Historically, they would have started in the January timeframe. And now they're starting -- they're continuing through November and December, which wasn't the past year.

但現在讓我具體回答你關於第二季的問題。這是我們討論的與第一季相關的事情的延續和全部策略。在消費者群體中，我們正在繼續我們的行銷機會。從歷史上看，它們會在一月份的時間範圍內開始。現在他們開始了——他們將持續到十一月和十二月，這不是過去的一年。

Credit Karma is in a very different position this year. Last year, Q1, we were negative 5%. This year, with 29%, we're seeing partners lean in. So we are also leaning into our go-to-market and our marketing campaigns there, and seeing exceptionally strong ROIs and payback periods there.

Credit Karma 今年的處境截然不同。去年第一季度，我們的成長率為負 5%。今年，我們看到合作夥伴投入了 29%。

And lastly, in the Global Business Solutions Group, we touched on the approximately 200 people that we have in the mid-market. So that's now in our run rate from Q1 heading into Q2. Of course, we'll scale that only as we see ROI and payback periods that are palatable to us.

最後，在全球商業解決方案集團中，我們接觸了中階市場的約 200 名員工。這就是我們從第一季到第二季的運行率。當然，只有當我們看到投資報酬率和投資回收期符合我們的要求時，我們才會擴大規模。

But the other thing on the Global Business Solutions Group to keep in mind is, last year, the campaigns took us a little longer to come into market. This year, our campaigns already earlier, and the team decided to go into market earlier because there were opportunities for us to get even better ROI by optimizing that spend through all four quarters as opposed to last year when we leaned in more towards the January busy season.

但全球商業解決方案集團需要記住的另一件事是，去年，這些活動花了我們更長的時間進入市場。今年，我們的行銷活動已經提前進行，團隊決定更早進入市場，因為我們有機會透過優化所有四個季度的支出來獲得更好的投資回報率，而不是去年，當時我們更傾向於一月份的忙碌季節。

So those are -- again, a key takeaway should be. All of this is in line with our strategy -- and we continue to have lots of confidence in our full year path to margin expansion as a company.

所以這些都是——同樣，一個關鍵的要點應該是。所有這些都符合我們的策略——我們對公司全年的利潤擴張之路仍然充滿信心。

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

Thank you. Thanks for the clarity from me as well, Sasan. My question is on the payment. If you look at the payment volumes, if I heard you correctly, it was 17%, decelerated a little bit. Can you talk a little bit about the puts and takes there? Because obviously, you revamped the payment platform and so that should be an area of healthy growth going forward as well, like how do we have to think about that number in that context?

謝謝。也感謝我的澄清，薩桑。我的問題是關於付款的。如果你看一下付款量，如果我沒聽錯的話，是 17%，略有下降。您能談談那裡的看漲期權和看跌期權嗎？因為顯然，你們改進了支付平台，所以這也應該是未來健康成長的領域，例如我們在這種情況下如何考慮這個數字？

Yeah. Thank you for the question. A couple of things I would say. One, our momentum around our innovation around money and payments being one element of it continues to be an area where we're very bullish, particularly as we penetrate with services not only with small businesses but also in mid-market. There was a couple of factors that played into the 17% for the first quarter.

是的。謝謝你的提問。我想說幾件事。第一，我們圍繞貨幣和支付的創新勢頭是其中之一，這仍然是我們非常看好的領域，特別是當我們不僅滲透到小型企業而且滲透到中端市場的服務時。有幾個因素導致了第一季 17% 的成長。

One is the storms in the East Coast, actually impacted a lot of service-based small businesses. We saw the impact and we actually saw it start to come back. So that's one element.

一是東海岸的風暴，實際上影響了許多以服務為主的小企業。我們看到了影響，而且我們實際上看到它開始捲土重來。這就是其中一個要素。

And also another element is just a number of days that fell into this quarter. versus the same quarter last year. So those factors played into it, and we expect it to, in essence, accelerate as we look ahead.

另一個因素是本季的天數。與去年同期相比。因此，這些因素都發揮了作用，我們預計，隨著我們展望未來，它本質上會加速。

Okay. Perfect. And then the other question I had was as you kind of said earlier, Sasan, you're kind of now like more an AI platform. If you think about tax season or the QBO business as well, how do you think about like the next iteration for how you weave that into the product to kind of keep the customer longer in the funnel, et cetera. Is there any big changes we can expect for the I'm not asking you to kind of spell that out.

好的。完美的。然後我的另一個問題是，正如你之前所說的，Sasan，你現在更像是一個人工智慧平台。如果您也考慮報稅季或 QBO 業務，您會如何考慮下一次迭代如何將其融入產品中，以使客戶在通路中停留更長時間，等等。我們可以預期會有什麼大的變化嗎？ 我不要求你詳細說明這一點。

But is there -- like how do you think about that evolution of weaving it into your product?

但是，您如何看待將其融入您的產品的演變？

Yeah. Great question. First of all, I'll just briefly start with the context of our entire strategy as a company is to create done for you experiences. Marketing is done for you, quote to cash is done for you, your books are done for you, your accounting is done for you, your taxes are done for you, and connecting you to financial products that are right for you as the consumer are done for you.

是的。很好的問題。首先，我將簡要介紹我們整個策略的背景，作為一家公司，我們的目標是為您創造「為您服務」的體驗。行銷是為您完成的，報價為現金是為您完成的，您的帳簿是為您完成的，您的會計是為您完成的，您的稅金是為您完成的，並將您與適合您的金融產品（因為消費者）連結起來。

We see the customer always in control, and always with the path to an AI-powered expert. That's the fundamental essence of our strategy to serve consumers, small businesses, and mid-market customers. And the whole premise of our investments around data and AI has been towards that.

我們認為客戶始終處於掌控之中，並且始終有通往人工智慧專家的道路。這是我們服務消費者、小型企業和中端市場客戶的策略的根本精髓。我們圍繞數據和人工智慧進行投資的整個前提就是朝著這個方向發展。

You asked about tax, but let me just start 30 seconds with our excitement around Intuit Assist. In essence, done for you experience as being available to all of our business customers now. It has been an incredible amount of work and the reaction from our small business has been overwhelmingly positive.

您詢問了稅務問題，但請容許我用 30 秒的時間來談談我們對 Intuit Assist 的興奮之情。本質上，我們為您提供的體驗是為我們所有的企業客戶提供的。這是一項令人難以置信的工作量，我們的小企業的反應非常積極。

Today, now all of our small businesses can take an e-mail, they can take a picture of a handwritten note, they can take any file and we will create on their behalf an estimate, an invoice, a bill. We will do the accounting for them in the background and match and categorize everything for them. We will ultimately help them. If they're a construction company on the road, tap to pay for the handwritten notes that you just took a picture of and get paid right there on the job site. Be able to help them with where they're going to have cash flow shortfalls and make immediately a line of credit for them.

今天，我們所有的小型企業都可以發送電子郵件，可以拍攝手寫便條的照片，可以保存任何文件，我們將代表他們創建估價、發票、帳單。我們會在後台為他們進行核算，並為他們配對和分類一切。我們最終會幫助他們。如果他們是路上的建築公司，請點擊支付您剛剛拍下照片的手寫便條，並在工作現場立即獲得報酬。能夠幫助他們解決現金流短缺的問題，並立即為他們提供信貸額度。

That's now all Intuits, the Gen AI-powered assistant that we'll do the work for our customers, generally available for all of our customers. That's a huge deal. You can imagine, as we look ahead, our goal is to create a done for you experience across the entire platform across Mailchimp and QuickBooks and all of the services.

現在這一切都是 Intuits 了，我們將為我們的客戶提供由人工智慧驅動的助手，通常可供所有客戶使用。這是一件大事。您可以想像，展望未來，我們的目標是在 Mailchimp 和 QuickBooks 以及所有服務的整個平台上打造為您量身定制的體驗。

To answer your question around tax, I think what I would say is you will see this year based on all of the investments that we've made over the last several years, leveraging data and to dramatically streamline experiences by how we leverage the data and how we streamline getting rights at a refund. It will make it far more superior and easy.

為了回答你關於稅收的問題，我想我想說的是，你會看到今年基於我們過去幾年所做的所有投資，利用數據，並通過我們如何利用數據和方法來極大地簡化體驗。如何簡化退款的權利。這將使事情變得更加優越和容易。

Our focus is best experience, the fastest, and at the best price for those that want to do it themselves, but also for those that want our experts to do it for them. So our experts are going to be far more effective and efficient. They're going to be able to get your taxes done in less than an hour at the best price, all of which is the result of all of the data and AI investments and revamped experiences that we will have in season this year.

我們的重點是為那些想要自己做的人和那些希望我們的專家為他們做這件事的人提供最好的體驗、最快的速度和最優惠的價格。因此，我們的專家將更加有效和有效率。他們將能夠在不到一小時的時間內以最優惠的價格完成您的報稅，所有這些都是我們今年將擁有的所有數據和人工智慧投資以及改進的體驗的結果。

Taylor McGinnis, UBS.

泰勒‧麥金尼斯，瑞銀集團。

Yeah, hi. Thanks so much for taking the question. So if I look at the implied operating margin guidance for the second half, it looks higher than what you guys have done in past years. So we need to think about the seasonality of this year compared to some past years, is the messaging to that you're seeing more front-end loading of expenses compared to last, and that should drive stronger growth in the second half.

是的，嗨。非常感謝您提出問題。因此，如果我看一下下半年的隱含營業利潤率指導，它看起來比你們過去幾年所做的要高。因此，與過去幾年相比，我們需要考慮今年的季節性，這傳達的訊息是，與去年相比，您會看到更多的前端費用負擔，這應該會推動下半年的強勁成長。

Maybe you can just talk about the drivers in the second half expansion despite some of the continued scaling on the go-to-market investments in other areas? Thanks.

也許您可以談談下半年擴張的驅動因素，儘管其他領域的市場投資繼續擴大？謝謝。

Sure. Hey, Taylor. So the investments that we started early on, both on consumer side, as I shared, that drove a lot of head lifters with the prior year assisted that came to our site. So that is something that will pay dividends as we get into the tax season.

當然。嘿，泰勒。因此，正如我所分享的，我們很早就開始了在消費者方面的投資，這推動了許多人在前一年的幫助下來到我們的網站。因此，當我們進入納稅季節時，這將帶來紅利。

The sales force that we are building in mid-market. You can imagine building -- hiring those 200 people, there's a training component to it. There's an efficiency component to it, but that sales force gets more and more effective week by week by week. So that helps drive more dividends as you get into the back half.

我們正在中端市場建立的銷售團隊。你可以想像一下，建造——僱用這 200 名員工，其中有一個培訓部分。其中有一個效率因素，但銷售團隊每週都變得越來越有效。因此，當您進入後半段時，這有助於帶來更多股息。

And then on the Global Business Solutions Group, the team looked at the spend and is optimizing the spend to drive consideration, drive people. and customers into the platform that then will add on services. And as you know, from having followed the company for a long time, services take a while to ramp up as they onboard their employees as they bring their payment volumes or rails.

然後，在全球商業解決方案集團，團隊研究了支出，並正在優化支出以提高考慮度，吸引人員。並將客戶納入平台，然後新增服務。如您所知，由於長期關注該公司，當他們在員工引入支付量或軌道時，服務需要一段時間才能提升。

So it is all concerned with our strategy, which is optimize the spend to maximize ROI for the full year. And that's what's giving us the confidence that the trajectory continues to strengthen into the back half.

因此，這一切都與我們的策略有關，即優化支出以最大化全年的投資回報率。這讓我們對後半段的軌跡繼續加強充滿信心。

Michael Berg, Wells Fargo Securities.

麥可‧伯格，富國銀行證券公司。

Hey, great. Thank you so much. Apppeciate you taking the questions. Sasan, I'm going to give you a chance to go back to Assist. We've seen the QuickBooks announcements as well. I was hoping you could just level set for us how you're thinking about capturing the value of those, whether it's through monetization or just other costs or economic benefits you're observing as you start to get those tools in the hands of more of your customers?

嘿，太棒了。太感謝了。感謝您提出問題。 Sasan，我會給你一個機會回到Assistance。我們也看到了 QuickBooks 的公告。我希望您能為我們說明一下您如何考慮獲取這些工具的價值，無論是透過貨幣化還是只是透過其他成本或經濟利益，當您開始將這些工具交到更多人手中時您所觀察到的你的客戶？

And Michael, are you referring to the Intuit Assist that we just announced this week? Is that what you're referring to?

邁克爾，您指的是我們本週剛宣布的 Intuit Assist 嗎？你指的是這個嗎？

I am, yes.

我是，是的。

Got it. Yes, absolutely. So I would say the biggest thing that we learned, having this in the hands of 2 million customers before we made it generally available, and also experiences that we had in beta and alpha for new prospects, there's really, I would say, two big outcomes, improved conversion, improved retention and really a heart outcome, which is improved adoption of services.

知道了。是的，絕對是。所以我想說的是，我們學到的最重要的事情是，在我們普遍推出之前，它已掌握在200 萬客戶手中，以及我們在針對新潛在客戶的測試版和阿爾法版中獲得的經驗，我想說，確實有兩大優勢成果，提高轉換率，提高留任率，以及真正的核心成果，也就是提高服務的採用率。

Those are -- and if you think about back to what Sandeep and I shared, I think it was 18 months ago at Investor Day, our perspective around creating done for your experiences with Intuit Assist, we believe, will lead to new customer growth. It will lead to higher adoption of services. And we believe, over time, there could be offering stand-alone SKUs that are completely -- they do all the work for you, and they could be spars priced SKUs.

這些是——如果你回想起Sandeep 和我分享的內容，我想那是18 個月前的投資者日，我們對透過Intuit Assist 打造完美體驗的觀點，我們相信，這將帶來新的客戶成長。這將導致更高的服務採用率。我們相信，隨著時間的推移，可能會提供完全獨立的 SKU，它們可以為您完成所有工作，它們可能是單價 SKU。

What we've proven so far to ourselves is this creates new customer growth, it could create better retention, but also creates better adoption of services. So like if you think about what we just launched this week, which is you can take an e-mail, a photo of a handwritten note or a file and create an estimate, an invoice and create a bill, that all drives bill pay and payments growth, an illustrative example.

到目前為止，我們已經向自己證明，這可以創造新的客戶成長，可以創造更好的保留率，而且還可以更好地採用服務。因此，如果您考慮我們本週剛推出的內容，您可以拍攝一封電子郵件、一張手寫便條或文件的照片，然後創建一個估算、一張發票並創建一個賬單，所有這些都可以驅動賬單支付和支付成長，一個說明性的例子。

So those are the things that we've learned as we've been sort of in beta and alpha and now that we're in GA, and particularly, what we expect this coming season in TurboTax. New customer growth adoption or services is what we see as the outcome and why we're so excited as we look ahead.

這些是我們在 Beta 版和 Alpha 版中學到的東西，現在我們進入 GA 版，特別是我們對 TurboTax 即將到來的季節的期望。新客戶的採用或服務的成長是我們所看到的結果，也是我們展望未來時如此興奮的原因。

Great. If I can just ask on the Credit Karma bounce back. Based on what you're seeing, is there any way to help just split how much of that is macro versus something product-specific, you may be incorporated into the experience there? And maybe just help level set what you're seeing today versus what you're guiding for rest of the year given the fiscal year guide now sits below the run rate you just put up this quarter?

偉大的。我是否可以詢問信用因果報應反彈。根據您所看到的情況，有沒有什麼方法可以幫助您區分宏觀的內容和特定產品的內容，您可以融入那裡的體驗？鑑於財政年度指南現在低於您本季剛剛提出的運行率，也許只是幫助您確定今天所看到的情況與今年剩餘時間的指導情況？

Yeah. Absolutely. Michael, I would -- it's a blend of both. If I had to attribute it, I'll say 50-50 now. On the personal loan side, having a more stable rate environment absolutely helps, and we saw partners lean into testing and leaning to lending on the platform.

是的。絕對地。邁克爾，我會——這是兩者的結合。如果一定要我歸因的話，我現在會說 50-50。在個人貸款方面，擁有更穩定的利率環境絕對有幫助，我們看到合作夥伴傾向於測試並傾向於在平台上貸款。

But it's also try to go to the team, the product team, the go-to-market team at Credit Karma as they invested into Assist as they invest into driving the right experiences and driving engagement across the platform. And as they added more segments such as the insurance segment, which has been quite strong starting Q3 last year. So I would say it's a blend, and I would probably blend at about a 50-50 mix.

但它也嘗試向 Credit Karma 的團隊、產品團隊和市場推廣團隊求助，因為他們投資 Assist，因為他們投資於推動正確的體驗並推動整個平台的參與度。隨著他們增加了更多的細分市場，例如保險細分市場，該細分市場從去年第三季開始就相當強勁。所以我會說它是混合物，我可能會以大約 50-50 的比例混合。

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

Hey, guys. Thank you for taking the questions. Congrats on the results. So I wanted to get your take on just the notion and the topic of what you're seeing in your business right now from an SMB demand environment perspective, kind of -- are you starting to see the beginnings of a recovery? How and when do you expect that to show up?

嘿，夥計們。感謝您提出問題。祝賀結果。因此，我想從中小企業需求環境的角度了解您目前在業務中看到的概念和主題，您是否開始看到復甦的開始？您預計它會如何以及何時出現？

And on the very fast developing a Gen tech opportunity for kind of AI utilization monetization in your customer base, when do you believe or strongly think we should start seeing impacts from a monetization standpoint, both with assist around either does it change the magnitude? Does it change the strategy over the next few quarters?

關於在您的客戶群中快速開發人工智慧利用貨幣化的 Gen 技術機會，您認為或強烈認為我們什麼時候應該開始從貨幣化的角度看到影響，無論是在幫助下還是它改變了幅度？它會改變未來幾季的策略嗎？

Yeah. Great. Thank you, Alex, for the question. I'll take the first one. I would say a couple of things. One, it's a stable environment. Our belief, which is not baked into our guidance, is that we will see an improved environment as we look ahead in 2025, particularly just with some of the things that I mentioned earlier around just interest rates, jobs, regulatory environment. These things have a real burden on businesses.

是的。偉大的。謝謝你，亞歷克斯，提出問題。我就拿第一個。我想說幾件事。一是環境穩定。我們的信念是，展望 2025 年，我們將看到一個更好的環境，特別是我之前提到的有關利率、就業和監管環境的一些事情，但這一信念並未納入我們的指導。這些事情給企業帶來了真正的負擔。

And we believe that a better future is to come, none of which we're making and assuming, but important to say. So stable, we believe the future will be better.

我們相信，更美好的未來即將到來，雖然我們沒有創造和假設這些未來，但很重要的是。如此穩定，我們相信未來會更好。

And I would just end by saying, really, the growth that we are experiencing. If you look at our overall guidance for the year and our business franchise of 16% to 17% and then the 20% online revenue growth that we delivered in Q1 and that we would expect the rest of the year. That's all because of the power of our platform and the innovation on our platform that is actually saving customers money, because they're digitizing their entire business and able to fund and grow their business in one place rather than multiple apps, where they don't they spend a bunch of money.

最後我想說的是，我們正在經歷的成長。如果你看看我們今年的整體指引和我們 16% 到 17% 的業務特許經營權，然後是我們在第一季度實現的 20% 的線上收入成長，以及我們預計今年剩餘時間的成長。這都是因為我們平台的強大功能以及我們平台上的創新實際上為客戶節省了資金，因為他們正在將整個業務數位化，並且能夠在一個地方而不是多個應用程式中資助和發展他們的業務，而他們不這麼做。

They don't really understand how their business is performing, and we're digitizing that with our platform. And so our growth that you are -- that we're reporting that you're experiencing is all because of our innovation. And we believe that as things demand starts improving, we think that will be impactful positively to our results.

他們並不真正了解他們的業務表現如何，而我們正在透過我們的平台將其數位化。因此，我們所報告的你們所經歷的成長都是因為我們的創新。我們相信，隨著需求開始改善，我們認為這將對我們的業績產生正面影響。

The second element of your question, listen, our core thesis that we have proven over the years and particularly internally as we just launched Intuit Assist and made it generally available to all is that the more we can do the work for customers, the more we will drive new customers into the franchise. The more we will drive penetration of services.

你的問題的第二個要素，聽著，我們多年來已經證明的核心論點，特別是在我們剛剛推出Intuit Assist 並將其普遍提供給所有人時在內部證明的是，我們為客戶做的工作越多，我們就越能獲得成功。我們將更多地推動服務的滲透。

And if you look at Intuit Enterprise Suite, the biggest thing that we're learning from customers is they love the experience. Our AI agents are doing the work for them, helping them understand the performance of their business, helping them provide insights into things that may happen and actions that they should take. Those are all our AI agents. And we believe our AI agents can ultimately do -- enable them to do the work of a CFO, of the CMO, of a sales officer of these midsized businesses.

如果你看看 Intuit Enterprise Suite，我們從客戶那裡學到的最重要的一點就是他們喜歡這種體驗。我們的人工智慧代理商正在為他們做工作，幫助他們了解業務績效，幫助他們深入了解可能發生的事情以及他們應該採取的行動。這些都是我們的人工智慧代理。我們相信我們的人工智慧代理商最終能夠完成這些中型企業的財務長、行銷長和銷售長的工作。

And to get to the essence of your question, we haven't baked any of that into our year. We believe that these are going to be contributors of growth into the future. And of course, our desire is accelerating growth.

為了了解你問題的本質，我們並沒有將這些納入我們的年度。我們相信，這些將成為未來成長的貢獻者。當然，我們的願望是加速成長。

Very helpful. And then maybe just a follow-up for Sandeep. So is it as simple to see to say basically that the maybe slightly smaller earnings beat that were typically that we typically see when you have revenue outperformance to the magnitude that you've --and the guide for earnings being a bit lighter than consensus. Is that just effectively mostly associated with the timing of incremental spend for some of your newer initiatives? And some of the hiring from a go-to-market perspective. Is it more just shifting timing to the first half to Taylor's point?

非常有幫助。然後也許只是桑迪普的後續行動。因此，是否可以簡單地看出，基本上，當您的收入表現超出預期時，我們通常會看到的盈利可能略小一些，並且盈利指南比共識要輕一些。這實際上主要與您的一些新計劃的增量支出時間有關嗎？還有一些從進入市場的角度進行的招募。是否只是將時間安排到上半場以適應泰勒的觀點？

Alex, that's exactly right. We always have sometimes things. If you remember last year Q1, we had some items move out of the quarter this year, we had some items move in. We saw opportunities in areas such as Credit Karma to into investments earlier than we would have just given the behavior we were seeing from the partners. So all to say, again, we optimize spend for the year. And when we saw revenue uplift, that give us a little bit more flexibility to lean into Q1.

亞歷克斯，完全正確。我們總是有一些事情。如果您還記得去年第一季度，我們有一些項目從今年的季度中移出，我們有一些項目移入。總而言之，我們再次優化了今年的支出。當我們看到收入成長時，這給了我們更大的靈活性來投入第一季。

Brad Reback, Stifel.

布拉德雷巴克、斯蒂菲爾。

Great. Thanks very much. Sandeep, in the quarter, money represented well over half of the growth in online services, should we expect that to continue here for the rest of the year? Or will the next shift?

偉大的。非常感謝。 Sandeep，在本季度，資金佔線上服務成長的一半以上，我們是否應該期望這種情況在今年剩餘時間內繼續下去？還是下一個轉變？

Brad, we don't, of course, guide by each subsegment, but we feel very bullish and confident in our money strategy, which includes, of course, payments, bill pay, and capital. The momentum, as you pointed out, has been strong in Q1, and I would expect that to continue throughout the year. And what I would point you back to is our utmost confidence in that 20% all-in ecosystem growth for the year as we continue to scale the business. And the money portfolio is going to be a key contributor is a key contributor to that confidence.

布拉德，當然，我們不會按照每個細分市場進行指導，但我們對我們的資金策略非常樂觀和有信心，當然包括付款、帳單支付和資本。正如您所指出的，第一季的勢頭強勁，我預計這一勢頭將持續全年。我想向您指出的是，隨著我們繼續擴大業務規模，我們對今年 20% 的生態系統整體成長充滿信心。貨幣投資組合將成為這種信心的關鍵貢獻者。

Got it. And just one follow-up. Given Sasan's comments on Mailchimp and your comment right there on the overall confidence in the 20%, it would feel like the recovery in Mailchimp is more a driver for next year. than needed for this year?

知道了。只有一個後續行動。鑑於 Sasan 對 Mailchimp 的評論以及您對 20% 的整體信心的評論，感覺 Mailchimp 的復甦更像是明年的驅動力。超過了今年的需要？

I would think about the Mailchimp as a several quarter journey. We really want the team to nail the first-time user experience. We have internal KPI all around customer behavior and all related to -- first to use FTU, what we go internally.

我認為 Mailchimp 是一個幾季的旅程。我們真的希望團隊能夠提供首次使用者體驗。我們有圍繞客戶行為以及所有相關的內部 KPI——首先使用 FTU，我們內部的做法。

So yeah, that's something that we are being patient with one team to focus on the customer experience. And that's not something that we are banking on for the conference, I shared in the 20%.

所以，是的，我們正在對一個團隊保持耐心，專注於客戶體驗。這並不是我們在會議上所指望的，我分享了 20%。

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

Thanks. Sasan, just on the mid-market, you mentioned a couple -- one of the deals in the earlier remarks, but I'm just curious if you can give us more of an update in terms of where you're at, kind of mile markers and I think there's some fear among investors that this is a much lower margin business is going to require a heavier lift in a different go to market? So if you could just comment on how you long-term dynamics of that plays out?

謝謝。 Sasan，就中端市場而言，您提到了幾項交易——之前評論中的其中一項交易，但我很好奇您能否向我們提供更多關於您所處位置的最新信息，有點我認為投資人有些擔心，這是一個利潤率低得多的業務，是否需要在不同的市場上獲得更大的提升？那麼您是否可以評論一下您的長期動態如何發揮作用？

Yeah, Brent, thank you for your question. In fact, I would say it's the reverse. It is a very high margin, very lucrative, high ARPC. And it's very similar to, I think, the concerns investors had four or five years ago when we talked about disrupting the assisted category and how we would do that given we're talking about experts. And I would tell you that the answer that we gave them, and the answer I'll give you now, there are a lot of parallels.

是的，布倫特，謝謝你的問題。事實上，我想說的是恰恰相反。這是一個非常高的利潤，非常有利可圖，高ARPC。我認為，這與四、五年前投資者的擔憂非常相似，當時我們談論的是顛覆輔助類別，以及考慮到我們談論的是專家，我們將如何做到這一點。我想告訴你們，我們給他們的答案和我現在給你們的答案有很多相似之處。

The essence of our scale is because of all of our data investments, all of our AI investments, and all of our platform services. When you look at QBO Advanced and Intuit Enterprise Suite, it's actually fueled by a lot of the platform services that we have built over the last several years. And therefore, when you look at the only thing that we are sort of adding a couple of hundred folks that are in sales to really capture the opportunity.

我們規模的本質是因為我們所有的數據投資、所有的人工智慧投資以及我們所有的平台服務。當您查看 QBO Advanced 和 Intuit Enterprise Suite 時，您會發現它實際上是由我們過去幾年建立的許多平台服務所推動的。因此，當你看到唯一的事情時，我們增加了數百名銷售人員來真正抓住機會。

But the effectiveness and the efficiency that we have on the other side because of data and AI is significant. And so this is actually quite [Luca]. It's very high ARPC. It's not only new customers, but existing customers upgrading the service opportunity is massive. So when you look at the fact that it's a platform driven by all the services that we already have coupled with higher ARPC, it's actually far more lucrative than just when you look at our GBO base.

但另一方面，由於數據和人工智慧，我們的有效性和效率是顯著的。所以這其實是相當[盧卡]。 ARPC 非常高。不僅是新客戶，現有客戶升級服務的機會也是巨大的。因此，當你看到它是一個由我們已經擁有的所有服務與更高的 ARPC 結合驅動的平台時，它實際上比你只看到我們的 GBO 基礎更有利可圖。

So we actually expected to play a dual role, number one, to continue to accelerate our growth. As you heard Sandeep talk about earlier. The overall online revenue growth was 20%, and Advance and Enterprise Suite are growing 42% along with the services. That actually has even a second benefit, which is higher contribution over time to margin. So it's actually the reverse of the concern that you articulated. Very similar to when we shared in a couple of investor days ago, that the variable margin of our TurboTax was actually higher than just the TurboTax on its own, we believe the same will play out here.

因此，我們實際上希望發揮雙重作用，第一，繼續加速我們的成長。正如您之前聽到桑迪普談到的那樣。整體線上收入成長了 20%，Advance 和 Enterprise Suite 與服務一起成長了 42%。這實際上還有第二個好處，就是隨著時間的推移對利潤的貢獻更高。所以這實際上與你所表達的擔憂相反。與幾天前我們與投資者分享的情況非常相似，我們的 TurboTax 的可變邊際實際上高於 TurboTax 本身，我們相信同樣的情況也會在這裡發生。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

Thank you very much. On the QuickBooks Enterprise suite, it's clearly showing robustness. Sasan, how is the early response you're seeing, if you can speak to the $20,000 ARPC I mentioned earlier because you had mentioned a couple of, I think, surprisingly large customer wins on the call today.

非常感謝。在 QuickBooks Enterprise 套件上，它清楚地顯示出穩健性。 Sasan，您看到的早期反應如何？ 您能否談談我之前提到的 20,000 美元 ARPC，因為我認為您在今天的電話會議上提到了幾個令人驚訝的大客戶獲勝。

And I'm just wondering if you can comment on the response to some of the advanced functionality that relates to multiple locations and entities and consolidated segment reporting?

我只是想知道您是否可以評論與多個位置和實體以及合併分段報告相關的一些高級功能的回應？

Yes, Mark, the way I would answer your question is I frequently will engage our large accounts and -- accounting firms and the large businesses. And I had the pleasure and the opportunity to engage a lot of them. in a couple of day period very recently at Intuit Connect.

是的，馬克，我回答你問題的方式是，我經常會與我們的大客戶以及會計師事務所和大型企業打交道。我很高興也有機會與他們中的許多人接觸。最近幾天在 Intuit Connect 上。

And listen, I don't want to downplay what I'm about to say, but money is actually not the object here. These businesses, when I spoke to the CFOs of these businesses or the owners of these businesses, the words that they use is my life as a business. This is a game changer for really, two, I would say, significant reasons.

聽著，我不想淡化我要說的話，但金錢其實不是這裡的對象。這些企業，當我與這些企業的財務長或這些企業的所有者交談時，他們使用的話語就是我作為企業的生活。我想說，這確實是遊戲規則的改變者，有兩個重要原因。

One, they can actually see how their business is performing. So it puts it aside that they go from days of trying to consolidate and understand how their business is performing to now a minute, but knowing how their business is performing every day. Having insights and recommendations from us to inform their decisions is actually quite significant.

第一，他們實際上可以看到自己的業務表現如何。因此，他們從幾天來試圖整合和了解其業務表現如何到現在一分鐘，但知道他們的業務每天表現如何，這一切都放在一邊。從我們這裡獲得見解和建議來為他們的決策提供資訊實際上非常重要。

The other is when you go from using multiple apps and point solutions, everything is in one place, the amount of digitization that happens across all of your money movement, whether it's bill pay, whether it's payments, whether it's payroll and having all of that in form your dashboard every day is a complete game changer.

另一個是，當您不再使用多個應用程式和單點解決方案時，一切都在一個地方，所有資金流動中發生的數位化量，無論是帳單支付、支付、薪資單還是所有這些您的儀表板每天的形式將徹底改變遊戲規則。

So the biggest thing that we hear from them is actually about more things they would like to see. And from new customers that are in sectors that we don't yet serve, how can we serve them far more quickly because they're dying to get on into an enterprise suite. So that's the way I would sort of describe the reaction.

因此，我們從他們那裡聽到的最重要的事情實際上是他們希望看到更多的事情。對於我們尚未服務的行業的新客戶，我們如何更快地為他們提供服務，因為他們渴望進入企業套件。這就是我描述反應的方式。

The other thing that we're working on, and I'll just end with this, is making sure that we all provide capabilities to fuel the success of accountants and our sort of monetization model for accountants that not only is good for them, but good for us to really together be able to serve the market together. We're excited about both.

我們正在做的另一件事，我只想結束這一點，是確保我們都提供能力來推動會計師的成功，以及我們為會計師提供的貨幣化模式，這不僅對他們有利，而且對他們有利。我們真正能夠共同服務市場有好處。我們對兩者都感到興奮。

And that is all the time we have for questions today. I will turn the program back to our speakers for any additional closing remarks.

這就是我們今天提問的全部時間。我會將節目轉回給我們的發言人，以供大家發表更多的結束語。

All right. Well, awesome. Thank you. Listen, everybody, thank you for your time. Thank you for all your questions.

好的。嗯，太棒了。謝謝。聽著，大家，謝謝你們寶貴的時間。感謝您提出的所有問題。

Be safe, and we'll see you soon. Bye, everybody.

請注意安全，我們很快就會見到你。再見，大家。

This does conclude today's program. Thank you for your participation, and you may now disconnect. Goodbye.

今天的節目到此結束。感謝您的參與，您現在可以斷開連接。再見。