直覺電腦 (INTU) 2025 Q2 法說會逐字稿

Good afternoon.

午安.

My name is Angela, and I will be your conference operator.

我的名字是安琪拉，我將擔任您的會議接線生。

At this time, I would like to welcome everyone to Intuit's second quarter fiscal year 2025 conference call.

現在，我歡迎大家參加 Intuit 2025 財年第二季電話會議。

(Operator Instructions)

（操作員指令）

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

說完這些，我現在將電話轉給 Intuit 投資者關係副總裁 Kim Watkins。

Ms. Watkins?

沃特金斯女士？

Thanks, Angela.

謝謝，安吉拉。

Good afternoon, and welcome to Intuit's second quarter fiscal 2025 conference call.

下午好，歡迎參加 Intuit 2025 財年第二季電話會議。

I'm here with Intuit's CEO, Sasan Goodarzi; and our CFO, Sandeep Aujla.

我和 Intuit 的執行長 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.

在我們開始之前，我想提醒大家，我們的評論將包括前瞻性陳述。

There are a number of factors that could cause Intuit's results to differ materially from our expectations.

有許多因素可能導致 Intuit 的表現與我們的預期有重大差異。

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.

您可以在我們今天下午早些時候發布的新聞稿、2024 財年 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找到。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.

這些評論中的某些數字是以非公認會計準則為基礎呈現的。

We've reconciled the comparable GAAP and non-GAAP numbers in today's press release.

我們在今天的新聞稿中核對了可比較的 GAAP 和非 GAAP 數字。

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.

除非另有說明，否則所有成長率均指當期與去年同期相比，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，我們準備好的評論和補充財務資訊的副本將在我們的網站上提供。

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

說完這些，我會把電話轉給薩桑。

Great.

偉大的。

Thanks, Kim, and thanks to all of you for joining us today.

謝謝，金，也謝謝大家今天的參與。

We delivered very strong results in Q2 with revenue growth of 17%, and we're off to a great start in tax.

我們在第二季度取得了非常強勁的業績，營收成長了 17%，而且我們在稅收方面也取得了良好的開端。

We have strong momentum this year as we execute our global AI-driven expert platform strategy, powering prosperity for consumers and businesses.

今年，我們勢頭強勁，實施全球人工智慧驅動的專家平台策略，為消費者和企業帶來繁榮。

We are confident in delivering double-digit revenue growth and expanding margin this year, and we're reiterating our full year guidance.

我們有信心今年實現兩位數的營收成長和利潤率的提高，並重申全年業績預期。

Today, I will focus on three areas, revolutionizing speed to benefit by delivering done-for-you experiences with expertise, winning in tax and mid-market.

今天，我將重點放在三個領域，透過提供專業知識為您完成的體驗來徹底改變速度並帶來收益，在稅收和中端市場中獲勝。

We're making strong progress across our platform with our data and AI investments to deliver done-for-you experiences with AI-powered human expertise.

我們透過數據和人工智慧投資在整個平台上取得了長足的進步，利用人工智慧驅動的人力專業知識為您提供個人化體驗。

Our focus is on automating tasks, end-to-end workflows, and entire functions, connecting customers to one of our more than 12,000 AI-powered human experts for the last mile or to complete all of the work.

我們專注於實現任務、端到端工作流程和整個功能的自動化，將客戶與我們超過 12,000 名人工智慧人工專家之一聯繫起來，完成最後一英里或所有工作。

This is Intuit Assist, the combination of AI and AI-powered human experts, digitizing everything for customers and fueling their success.

這就是 Intuit Assist，人工智慧與人工智慧驅動的人類專家的結合，為客戶數位化一切並推動他們的成功。

Let me share one example to demonstrate our progress.

讓我分享一個例子來展示我們的進步。

On our business platform, Intuit Assist delivers done-for-you experiences, automating workflows using AI agents.

在我們的業務平台上，Intuit Assist 提供為您完成的體驗，使用 AI 代理程式自動化工作流程。

It automatically turns e-mails, electronic documents and handwritten notes into estimates, invoices or bills while doing the accounting in the background.

它可以在後台進行會計處理的同時，自動將電子郵件、電子文件和手寫筆記轉換為估價單、發票或帳單。

It spots potential cash flow shortages in real time and suggest personalized solutions like applying for a line of credit through QuickBooks Capital.

它可以即時發現潛在的現金流短缺，並提出個人化的解決方案，例如透過 QuickBooks Capital 申請信用額度。

With these capabilities, we're seeing a 10% higher payment conversion rate on overdue invoices when customers use AI-generated invoice reminders versus those that don't.

借助這些功能，我們發現，當客戶使用 AI 產生的發票提醒時，逾期發票的付款轉換率比不使用 AI 產生的發票提醒的客戶高出 10%。

We're also connecting customers to our AI-powered experts at their point of need through QuickBooks Live, up 2.5 times in Q2 with 20 point higher ecosystem attach rate than the rest of the QBO base.

我們還透過 QuickBooks Live 將客戶與我們的人工智慧專家聯繫起來，以滿足他們的需要，第二季度的成長率為 2.5 倍，生態系統附加率比 QBO 基地的其他部分高出 20 個百分點。

Repeat engagement with our done-for-you invoicing experience continues to grow and has increased more than 50% since November.

我們為您提供的發票體驗的重複參與度持續增長，自 11 月以來已增長了 50% 以上。

As we continue to scale these experiences, we're encouraged by new customers converting and adoption of platform offerings such as payments and QuickBooks Live.

隨著我們不斷擴展這些體驗，新客戶轉換並採用支付和 QuickBooks Live 等平台產品讓我們備受鼓舞。

This is Intuit Assist's working at scale, fueling the success of our customers.

這是 Intuit Assist 的大規模工作，旨在推動我們客戶的成功。

Turning to tax.

談到稅收。

We're off to a great start.

我們的開始很好。

Our strategy is to win as an AI-driven expert platform by delivering the best experience, speed the money and best price for customers.

我們的策略是作為人工智慧驅動的專家平台，透過為客戶提供最佳體驗、加快資金流和最優惠價格來贏得勝利。

As one consumer platform with a seamless customer experience across TurboTax and Credit Karma, we have incredible scale to win in the DIY and assisted categories.

作為一個跨 TurboTax 和 Credit Karma 提供無縫客戶體驗的消費者平台，我們擁有在 DIY 和輔助類別中獲勝的驚人規模。

We've made significant progress with Intuit Assist which is fueled by our data, data services and AI investments, delivering done-for-you tax experiences.

我們在 Intuit Assist 方面取得了重大進展，該專案由我們的數據、數據服務和人工智慧投資推動，為您提供個人化的稅務體驗。

We have transformed the shopping experience, helping guide customers to the offering that is best for them, which is driving higher starts.

我們改變了購物體驗，幫助引導顧客找到最適合他們的產品，進而提高銷售量。

For those that choose to do their own taxes, we're delivering an AI-driven, highly personalized product experience.

對於那些選擇自行報稅的人，我們提供人工智慧驅動、高度個人化的產品體驗。

This includes easy data in from over 200 partners, now covering 90% of our customers' most common tax documents, up from 68% last year.

其中包括來自 200 多個合作夥伴的便利數據，目前涵蓋了我們客戶 90% 最常見的稅務文件，高於去年的 68%。

And with the intelligent application of data to personalize navigation, customers can complete their taxes more quickly with higher levels of confidence.

透過智慧應用資料實現個人化導航，客戶可以更快、更自信地完成報稅。

When customers choose us to do their taxes for them, we match them with the best expert on our AI-driven expert platform within seconds and share the experts' qualifications while automatically uploading the customers' data, making the first interaction a wow experience.

當客戶選擇我們為他們報稅時，我們會在幾秒鐘內在我們的人工智慧專家平台上為他們匹配最佳專家，並分享專家的資格，同時自動上傳客戶的數據，讓第一次互動成為令人驚嘆的體驗。

An AI-powered human expert that completes the customer's return in less than two hours, offering proactive and personalized assistance and providing the opportunity for customers to access their money immediately all the while on go or in the comfort of their home.

一位人工智慧的人類專家可以在不到兩小時的時間內完成客戶的退還，提供主動和個人化的幫助，並讓客戶有機會在旅途中或舒適的家中立即獲得他們的資金。

The experience is resonating and the TurboTax Live Full Service has a product recommendation score of 84 season to date, one of the highest at Intuit.

這種體驗引起了共鳴，TurboTax Live Full Service 迄今為止的產品推薦分數已達到 84 分，是 Intuit 中最高的分數之一。

This is an unmatched experience at scale, delivering delight and speed the money at the best price.

這是一種無與倫比的體驗，以最優惠的價格帶來愉悅的體驗並快速賺錢。

With the scale of our data and AI capabilities, Intuit Assist is control tower, automating tasks and workflows and with human experts engaging where needed to deliver done-for-you experiences for our customers.

憑藉我們資料和 AI 能力的規模，Intuit Assist 可以充當控制塔，自動執行任務和工作流程，並在需要時與人類專家合作，為我們的客戶提供為您服務的體驗。

Let's shift to our durable go-to-market approach.

讓我們轉向持久的行銷策略。

We have reinvented our marketing campaigns focused on experience, speed to money and price.

我們重新設計了行銷活動，重點是體驗、賺錢速度和價格。

We've strengthened our overall AI-driven personalized lineup and monetization capabilities.

我們加強了整體人工智慧驅動的個人化陣容和貨幣化能力。

We are seeing great traction early in the season in DIY across simple and complex customers with strong monetization driven by benefits such as early access to refund and AI-powered human experts.

我們看到，在本賽季初期，簡單和複雜的 DIY 客戶都表現出巨大的吸引力，早期退款和人工智慧專家等優勢推動了強勁的貨幣化。

In the assisted category, with the significant improvement in experience, speed the money and our Beat Your Price campaign, our early full-service funnel is strong.

在輔助類別中，隨著經驗的顯著改善、資金速度的加快和我們「超越您的價格」活動的開展，我們早期的全方位服務管道非常強大。

This is driven by marketing that started in the fall and improvements in local search for those looking for a pro near them.

這是由秋季開始的市場營銷和為那些尋找附近專業人士的人提供的本地搜索的改進所推動的。

We estimate that our local experts in 130-plus designated market areas will give us access to approximately 80% of the nationwide assisted filers, and we found that filers are historically 5 times more likely to convert when given a local option.

我們估計，我們在 130 多個指定市場區域的本地專家將使我們能夠接觸到全國範圍內大約 80％ 的受助申報人，並且我們發現，從歷史上看，當有本地選擇時，申報人轉換的可能性要高出 5 倍。

We are also seeing more than 3 times higher starts on the Credit Karma platform driven by an increase in availability of seamless zero click log in to TurboTax from 5% last season to 70% this season.

我們也看到 Credit Karma 平台的啟動率提高了 3 倍多，這得益於 TurboTax 無縫零點擊登入的可用性從上個季度的 5% 增加到這個季度的 70%。

In summary, we're off to a strong start in tax.

總而言之，我們在稅務方面取得了良好的開端。

We're seeing strong growth across simple and more complex returns as the season progresses and strong overall average revenue per filer.

隨著季節的推移，我們看到簡單和更複雜的退稅都呈現強勁增長，每位申報者的整體平均收入也很高。

We're also pleased with the power of one consumer platform given the seamless experiences across TurboTax and Credit Karma.

鑑於 TurboTax 和 Credit Karma 之間的無縫體驗，我們也對單一消費者平台的強大功能感到滿意。

Let me now turn to the business platform and the progress we're making serving mid-market customers which represents an $89 billion TAM.

現在，我來談談業務平台以及我們為中端市場客戶提供服務所取得的進展，該市場代表著 890 億美元的 TAM。

We are focused on winning as an AI-driven expert platform to fuel the success of customers with QBO Advanced, Intuit Enterprise Suite and our ecosystem of services.

我們致力於成為一個人工智慧驅動的專家平台，透過 QBO Advanced、Intuit Enterprise Suite 和我們的服務生態系統推動客戶的成功。

Our go-to-market and product investments are fueling accelerated progress.

我們的行銷和產品投資正在推動加速進步。

With the QBO Advanced platform, we are delivering strong ARPC across our broader ecosystem of services with payroll and payments penetration exceeding QBO core by 12 points and 9 points, respectively, at the end of quarter.

借助 QBO Advanced 平台，我們在更廣泛的服務生態系統中提供了強大的 ARPC，截至季度末，工資和支付滲透率分別超過 QBO 核心 12 個百分點和 9 個百分點。

With Intuit Enterprise Suite, we are seeing growing momentum week-to-week.

透過 Intuit Enterprise Suite，我們看到其每週不斷增長的勢頭。

This includes the number of contracts we signed in January, which are up 2 times versus November.

其中包括我們一月份簽署的合約數量，比十一月增加了兩倍。

IES is resonating with larger businesses and accountants across our ecosystem, particularly those with over $10 million in revenue, where win rates are trending nearly 2 times higher versus smaller customers.

IES 在我們的生態系統中引起了大型企業和會計師的共鳴，特別是那些收入超過 1000 萬美元的企業和會計師，他們的成功率幾乎是小客戶的 2 倍。

And the efficiency of our sales funnel continues to improve, with sales productivity up more than 60% over the last two months.

我們的銷售通路效率持續提高，過去兩個月銷售效率提高了 60% 以上。

We are winning because of the valuable benefits of our platform, ease of adoption, price and total cost of ownership.

我們之所以取得成功，是因為我們的平台具有寶貴的優勢，易於採用，價格合理且總擁有成本低。

With IES, we're able to boost customers' productivity by saving them time and providing deeper insights across the platform to fuel their growth.

借助 IES，我們能夠節省客戶的時間並在整個平台上提供更深入的見解以促進他們的成長，從而提高客戶的生產力。

We are seeing traction with mid-market customers extending across multiple industries, including construction, IT services, legal services, management consulting, finance and insurance.

我們看到中端市場客戶正日益受到多個行業的青睞，包括建築、IT 服務、法律服務、管理諮詢、金融和保險。

I'll share two examples that highlight our excitement fueling customer success and Intuit growth.

我將分享兩個例子來突出我們為推動客戶成功和 Intuit 成長所付出的辛勤努力。

We recently signed a financial services firm with five entities that chose IES over other competing solutions to optimize its financial operations, marketing and sales with AI all in one place.

我們最近與一家金融服務公司簽約，該公司與五家實體合作，選擇了 IES 而不是其他競爭解決方案，以便透過 AI 在一個地方優化其財務運營、行銷和銷售。

The firm is using Mailchimp, an integral part of IES to optimize sales and marketing by leveraging the insights from dimensional reporting to assess product mix and view profitability by product type.

該公司正在使用 Mailchimp（IES 的一個組成部分）來優化銷售和行銷，利用維度報告中的見解來評估產品組合併查看按產品類型劃分的盈利能力。

The marketing and sales teams tell us they are obsessed with the insights, which enable them to get the most out of Mailchimp with more targeted customer engagement to fuel their growth.

行銷和銷售團隊告訴我們，他們非常沉迷於這些洞察力，這使他們能夠充分利用 Mailchimp，透過更有針對性的客戶參與來推動他們的成長。

We also signed a deal with a large professional services and accounting firm which serves clients across 13 industries, including construction, dental, government contracting, real estate and technology.

我們還與一家大型專業服務和會計公司簽署了協議，該公司為建築、牙科、政府承包、房地產和技術等 13 個行業的客戶提供服務。

This firm was looking to standardize solutions and consolidate across vendors, and our disruptive price and ease of use was key to their purchasing decision.

該公司正在尋求標準化解決方案並在供應商之間進行整合，而我們顛覆性的價格和易用性是他們購買決策的關鍵。

They migrated several clients, including some using competitive solutions to IES in a deal worth six figures annually and we are partnering with them to bring many more clients on to IES.

他們遷移了多個客戶，其中一些客戶使用有競爭力的解決方案遷移到了 IES，每年的交易價值為六位數，我們正在與他們合作，為 IES 帶來更多客戶。

Wrapping up.

總結。

With our progress and momentum, 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 and accountants.

憑藉我們的進步和發展勢頭，我們完全有能力成為一個端到端平台，為您提供量身定制的體驗，幫助消費者、中小型企業和會計師的成功。

Now let me hand it over to Sandeep.

現在讓我把它交給 Sandeep。

Sandeep.

桑迪普。

Thanks, Sasan.

謝謝，薩桑。

We delivered a strong second quarter of fiscal 2025 across the company.

我們整個公司 2025 財年第二季表現強勁。

Our second quarter results include revenue of $4 billion, up 17%.

我們第二季的業績包括營收 40 億美元，成長 17%。

GAAP operating income of $593 million versus $369 million last year, up 61%.

以美國通用會計準則計算的營業收入為 5.93 億美元，較上年同期的 3.69 億美元成長 61%。

Non-GAAP operating income of $1.3 billion versus $1 billion last year, up 26%.

非公認會計準則營業收入為 13 億美元，較去年同期的 10 億美元成長 26%。

GAAP diluted earnings per share of $1.67 versus $1.25 a year ago, up 34% and non-GAAP diluted earnings per share of $3.32 versus $2.63 last year, up 26%.

根據美國通用會計準則 (GAAP)，每股攤薄收益為 1.67 美元，去年同期為 1.25 美元，年增 34%；根據非通用會計準則 (Non-GAAP)，每股攤薄收益為 3.32 美元，去年同期為 2.63 美元，年成長 26%。

Now let me turn to our business segments.

現在讓我來談談我們的業務部門。

Starting with our Global Business Solutions Group.

從我們的全球商業解決方案組開始。

Our business platform helps customers to run and grow their business end-to-end.

我們的業務平台幫助客戶端到端地運作和發展他們的業務。

Global Business Solutions Group revenue grew 19% during Q2 and driven by online ecosystem revenue growth of 21% or 25% excluding Mailchimp.

全球商業解決方案集團營收在第二季成長了 19%，這得益於線上生態系統收入成長了 21%（不包括 Mailchimp 則成長了 25%）。

The momentum in our online ecosystem is demonstrating the power of our 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.

隨著客戶尋求在任何經濟環境下發展業務和改善現金流，我們線上生態系統的發展勢頭證明了我們業務平台的強大功能和產品的關鍵任務性質。

QuickBooks Online Accounting revenue grew 22% in Q2, driven by higher effective prices, customer growth and mix shift.

由於實際價格上漲、客戶成長和產品組合轉變，QuickBooks 線上會計收入在第二季度增加了 22%。

We continue to prioritize disrupting the mid-market through ongoing focus on both go-to-market motions and product innovations, which we expect to drive ARPC growth.

我們將繼續優先顛覆中端市場，持續專注於市場進入動向和產品創新，預計將推動 ARPC 成長。

Online services revenue grew 19% in Q2 and or 30% excluding Mailchimp.

第二季線上服務收入成長了 19%，若不包括 Mailchimp 則成長了 30%。

Growth in Q2 was driven by money, which includes payments, capital and bill pay, payroll and Mailchimp.

第二季的成長由資金推動，包括支付、資本和帳單支付、薪資和 Mailchimp。

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

從資金角度來看，本季的收入成長反映了支付收入的成長，這是由客戶成長、每位客戶的總支付增加、更高的有效價格和 QuickBooks Capital 收入成長所推動的。

Total online payment volume growth in Q2 was 18% within payroll, the revenue growth in the quarter reflects customer growth, mix shift and higher effective prices.

第二季薪資單內的線上支付總額增加了 18%，本季的營收成長反映了客戶成長、組合轉變和更高的有效價格。

Within Mailchimp, Revenue growth in the quarter was driven by higher effective prices and paid customer growth, we are making early progress with product improvements, but continue to expect it to take several quarters to deliver improved outcomes at scale.

在 Mailchimp 內部，本季的營收成長是由更高的有效價格和付費客戶成長所推動的，我們在產品改進方面取得了早期進展，但仍預計需要幾個季度才能大規模地實現改進的成果。

As a reminder, in Q2, we began lapping the price changes we made in Q2 of last year, which drove a deceleration in growth this quarter versus Q1.

提醒一下，在第二季度，我們開始重複去年第二季所做的價格調整，這導致本季的成長速度較第一季放緩。

We remain confident in and are executing on our vision of an end-to-end business platform that integrates the pair of Mailchimp and QuickBooks.

我們對我們的願景充滿信心，並正在努力實現將 Mailchimp 和 QuickBooks 整合在一起的端到端業務平台。

This is enabling our customers to both run and grow their business all in one place.

這使我們的客戶能夠在一個地方運作和發展他們的業務。

Third, we're executing our international strategy, which includes leading with our connected business platform in established markets and leading with Mailchimp in all other markets as we continue to execute on a localized product and lineup.

第三，我們正在實施我們的國際策略，其中包括在成熟市場中引領我們的互聯業務平台，並在所有其他市場中引領 Mailchimp，同時我們將繼續實施在地化產品和陣容。

On a constant currency basis, total international online ecosystem revenue grew 9% in Q2 or 19% excluding Mailchimp.

以固定匯率計算，第二季國際線上生態系統總營收成長 9%，若不包括 Mailchimp，則成長 19%。

As we have previously shared, we win as a platform company.

正如我們之前所分享的，作為一家平台公司，我們取得了成功。

Our Online Ecosystem revenue growth reflects the progress we are making with our strategy of serving both small and midsized businesses with more complex needs.

我們的線上生態系統收入成長反映了我們為具有更複雜需求的中小型企業提供服務的策略所取得的進展。

This represents an addressable market of over $180 billion, roughly half of which is mid-market.

這意味著一個超過 1800 億美元的潛在市場，其中大約一半是中階市場。

In Q2, Online Ecosystem revenue grew 21% including approximately 40% growth in Online Ecosystem revenue for QBO Advanced and Intuit Enterprise Suite that serves mid-market.

第二季度，線上生態系統收入成長了 21%，其中服務於中階市場的 QBO Advanced 和服務 Intuit Enterprise Suite 的線上生態系統收入成長了約 40%。

Online Ecosystem revenue for small businesses and the rest of the base grew a strong 18%.

小型企業和其他基礎用戶的線上生態系統收入強勁成長了 18%。

We are excited about our progress in serving mid-market customers while continue to focus on smaller businesses.

我們很高興在服務中型客戶的同時繼續專注於小型企業，並取得了進展。

Looking ahead, we continue to expect Online Ecosystem revenue in total to grow approximately 20% in fiscal 2025.

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.

轉向桌面。

During Q2, Desktop Ecosystem revenue grew 14%, and Desktop Enterprise revenue grew in the high teens.

第二季度，桌面生態系營收成長 14%，桌面企業營收成長高達 10%。

As a reminder, quarterly Desktop Ecosystem revenue growth trends in fiscal 2025 reflect the offering changes we made in early fiscal 2024 to complete the transition to a recurring subscription model, including more frequent product updates.

提醒一下，2025 財年季度桌面生態系統收入成長趨勢反映了我們在 2024 財年初期為完成向定期訂閱模式的過渡而進行的產品變化，包括更頻繁的產品更新。

We continue to expect Desktop Ecosystem revenue to grow in the low single digits in fiscal 2025.

我們繼續預期桌面生態系統營收在 2025 財年將以個位數低速成長。

Turning to our Consumer platform.

轉向我們的消費者平台。

Our Consumer platform is helping customers make smart money decisions, take steps to improve their financial health year around, achieve their best tax outcome and get their tax refunds faster.

我們的消費者平台正在幫助客戶做出明智的資金決策，採取措施改善他們的全年財務狀況，實現最佳的稅收結果並更快地獲得退稅。

Consumer Group revenue grew 3%, ahead of our guidance for a low single-digit decline in Q2.

消費者集團營收成長 3%，高於我們預期的第二季個位數低降幅。

Our strategy is to win as an AI-driven expert platform by delivering the best experience.

我們的策略是透過提供最佳體驗來贏得人工智慧驅動的專家平台。

Speed to money and best price for customers.

快速兌現並向客戶提供最優惠的價格。

As one consumer platform with a seamless customer experience across TurboTax and Credit Karma, we have incredible skills to win in the DIY and assisted tax categories.

作為一個在 TurboTax 和 Credit Karma 上擁有無縫客戶體驗的消費者平台，我們擁有在 DIY 和輔助稅收類別中獲勝的驚人技能。

We are off to a strong start in tax season and are reiterating our guidance for Consumer Group of 7% to 8% revenue growth in fiscal 2025.

我們在納稅季取得了良好的開端，並重申我們對消費者集團 2025 財年收入成長 7% 至 8% 的預期。

Turning to the ProTax Group.

轉向 ProTax 集團。

The revenue was $272 million in Q2, down 1%.

第二季營收為2.72億美元，下降1%。

Shifting to Credit Karma.

轉向信用業力。

Credit Karma revenue growth accelerated again this quarter to 36%, reflecting strength in credit cards personal loans and auto insurance.

Credit Karma 本季營收成長再次加速至 36%，反映出信用卡個人貸款和汽車保險的強勁表現。

On a product basis, credit cards accounted for 15 points of growth, personal loans accounted for 14 points and auto insurance accounted for 6 points.

從產品來看，信用卡成長15個百分點，個人貸款成長14個百分點，汽車保險成長6個百分點。

As a reminder, starting in Q3, we are lapping the strong growth in auto insurance that began a year ago.

提醒一下，從第三季開始，我們正在延續一年前開始的汽車保險的強勁成長。

We are pleased with our early results this back season as we execute on our vision for one consumer platform with a seamless customer experience across TurboTax and Credit Karma.

我們對今年上半年的早期業績感到滿意，因為我們實現了我們的願景，在一個消費者平台上提供跨 TurboTax 和 Credit Karma 的無縫客戶體驗。

Let me now touch briefly on our investments in AI and how they are benefiting our operations.

現在，讓我簡單談談我們在人工智慧方面的投資以及它們如何使我們的營運受益。

In addition to the AI-driven experiences we are delivering for our customers to fuel their success that Sasan spoke to earlier, we are also leveraging AI to operate more efficiently and increase productivity internally.

除了我們為客戶提供人工智慧驅動的體驗以推動他們的成功（正如 Sasan 之前所說）之外，我們還利用人工智慧更有效率地運作並提高內部生產力。

Within our customer success organization, investments in AI capabilities have delivered nearly $90 million in annualized efficiencies in the first half of the year.

在我們的客戶成功組織中，對人工智慧能力的投資在上半年帶來了近 9,000 萬美元的年化效率。

That's because we're leveraging AI for expert training, matching customers to experts, automating workforce operations and eliminating data entry.

這是因為我們正在利用人工智慧進行專家培訓，將客戶與專家匹配，實現勞動力營運自動化並消除資料輸入。

They're using AI agents to deliver done-for-your experiences, and this has contributed to a 20% reduction in the contact rate for TurboTax product support year-to-date.

他們正在使用人工智慧代理來提供為您服務的體驗，這使得 TurboTax 產品支援的聯繫率在今年迄今為止降低了 20%。

This is Intuit Assist working at scale.

這是 Intuit Assist 的大規模工作。

We're also seeing improved coding productivity with up to 40% faster coding using Gen AI code assistance, driving faster innovation for our customers.

我們也看到編碼效率提高，使用 Gen AI 代碼輔助後編碼速度提高了 40%，為我們的客戶帶來更快的創新。

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

總而言之，我對本財年的動能和未來的機會感到滿意。

Shifting to our balance sheet and capital allocation.

轉向我們的資產負債表和資本配置。

Our financial principles guide our decisions that remain our long-term commitment and are unchanged.

我們的財務原則指導我們的決策，這些原則始終是我們的長期承諾，不會改變。

We finished the quarter with approximately $2.5 billion in cash and investments and $6.3 billion in debt on our balance sheet.

本季結束時，我們的資產負債表上有約 25 億美元的現金和投資以及 63 億美元的債務。

We recently entered into a $4.5 billion revolving credit facility that we are using to fund our five day early refund offering.

我們最近達成了一項 45 億美元的循環信貸協議，用於資助我們的五天提前退款服務。

This facility expires on April 30, 2025.

該設施將於 2025 年 4 月 30 日到期。

We repurchased $721 million of stock during the second quarter.

我們在第二季回購了價值 7.21 億美元的股票。

Depending on marketing petitions 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.

根據行銷申請和其他因素，我們的目標是每季進入市場，以抵消三年內股權激勵造成的稀釋。

The Board approved a quarterly dividend of $1.04 per share payable on April 18, 2025.

董事會批准每股 1.04 美元的季度股息，於 2025 年 4 月 18 日支付。

This represents a 16% increase per share versus last year.

這意味著每股收益較去年同期上漲了 16%。

Moving on to guidance.

繼續指導。

We are reaffirming our fiscal 2025 guidance.

我們重申 2025 財年指引。

This includes total company revenue growth of 12% to 13%.

其中包括公司總收入成長12%至13%。

GAAP operating income growth of 28% to 30%, non-GAAP property income growth of 13% to 14%.

GAAP營業收入成長28%到30%，非GAAP營業收入成長13%到14%。

GAAP diluted earnings per share growth of 18% to 20% and non-GAAP diluted earnings per share growth of 13% to 14%.

GAAP 稀釋每股盈餘成長 18% 至 20%，非 GAAP 稀釋每股盈餘成長 13% 至 14%。

Our guidance for the third quarter of fiscal 2025 includes total company revenue growth of 12% to 13%.

我們對 2025 財年第三季的預期包括公司總營收成長 12% 至 13%。

GAAP earnings per share of $9.22 to $9.28 and non-GAAP earnings per share of $10.89 to $10.95.

GAAP 每股收益為 9.22 美元至 9.28 美元，非 GAAP 每股收益為 10.89 美元至 10.95 美元。

Building on our strong Q2 results and robust Q3 guidance, we are highly confident in the continued strength and positive trajectory of our business through Q4 and beyond, with the majority of the tax season still ahead we are well positioned to deliver strong results and look forward to sharing an updated full year outlook on our next earnings call in line with our usual practice.

基於我們強勁的第二季度業績和穩健的第三季度指引，我們對第四季度及以後業務的持續強勁和積極發展軌跡充滿信心，由於納稅季節的大部分時間仍在繼續，我們有能力實現強勁的業績，並期待在下次財報電話會議上按照慣例分享最新的全年展望。

You can find our full fiscal 2025 and Q3 guidance details in our press release and on our fact sheet.

您可以在我們的新聞稿和情況說明書中找到我們 2025 財年和第三季的完整指導詳情。

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

說完這些，我會把話題轉回給薩桑。

Great.

偉大的。

Thank you, Sandeep.

謝謝你，桑迪普。

We're very confident in our long-term growth strategy, including double-digit revenue growth and operating income growing faster than revenue.

我們對我們的長期成長策略非常有信心，包括兩位數的收入成長和營業收入成長快於收入的成長。

We like our momentum in the first half of the fiscal year, which sets us up for a solid second half.

我們喜歡本財年上半年的發展勢頭，這為下半年的穩健發展奠定了基礎。

Looking ahead, we're confident in our momentum and the progress that we are seeing with Intuit Assist delivering done-for-you experiences with AI-powered human experts, increasing our 5% penetration of a $300 billion total addressable market.

展望未來，我們對我們的發展勢頭和進步充滿信心，Intuit Assist 將透過人工智慧驅動的人類專家為您提供個人化體驗，使我們在 3000 億美元總目標市場的滲透率提高 5%。

We have an incredible runway ahead.

我們的前途一片光明。

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

現在，我們來回答你們的問題吧。

(Operator Instructions) Siti Panigrahi, Mizuho.

(操作員指令) Siti Panigrahi，瑞穗。

Great.

偉大的。

Congratulations on a great quarter.

恭喜您本季取得優異成績。

Of course, now this is a focus on taxes and at this point.

當然，現在重點是稅收。

And Sasan, what's driving your increasing confidence deliver that 7% to 8% guidance for consumer.

薩桑，是什麼促使您越來越有信心為消費者提供 7% 至 8% 的預期收益？

Any color on the trends that you are seeing in the assisted category since you started promotion this year earlier in October.

自今年 10 月初開始促銷以來，您在輔助類別中看到了什麼趨勢？

Also, if you could cover on the same, we hear some concern about those initiatives.

此外，如果您能報導一下，我們聽到了一些關於這些舉措的擔憂。

Wondering how Intuit can drive efficiency for IRS.

想知道 Intuit 如何提高 IRS 的效率。

Yeah, sure.

是的，當然。

Thanks for the question, Siti.

謝謝你的提問，Siti。

First of all, I'll just start with -- our strength is really across both DIY and the assisted category.

首先，我先說一下——我們的優勢確實在於 DIY 和輔助類別。

We're actually seeing very strong traction with both simple and complex filers in DIY.

實際上，我們看到 DIY 中簡單和複雜文件管理器都具有很強的吸引力。

And based on all of our innovation, actually, monetization is very strong with things like access to expert help in the DIY category and access to money.

事實上，基於我們所有的創新，透過諸如獲得 DIY 類別的專家幫助和獲得資金等方式，貨幣化非常強大。

So our repositioning of the lineup has actually really helped us accelerate paid growth.

因此，我們對產品線的重新定位實際上確實幫助我們加速了付費成長。

So we feel good in the DIY category.

因此，我們對 DIY 類別感覺良好。

In assisted, listen, it's really end-to-end, all the work from reinventing our campaign, which is really resonating in terms of what it means to digitally get your taxes done from anywhere with the best experience, immediate access to your money and the best price.

在協助方面，聽著，這真的是端到端的，所有的工作都是從重塑我們的活動開始的，這在以數位方式從任何地方以最佳體驗、即時訪問您的資金和最優惠的價格完成您的稅務方面確實產生了共鳴。

So from really -- from campaign to all the work that we've done to begin to show up nearly 80% of the assisted filers and where they hold their homes, we're within a short radius of their homes.

因此實際上——從宣傳活動到我們所做的所有工作，我們開始展示近 80% 的受助申報人以及他們的住所，而我們的地點都在他們住所的短距離範圍內。

All the way to the experience, we've completely revamped the experience just as a reminder, when an expert connects to one of our customers, the conversion rate is 80%.

就體驗而言，我們徹底改造了體驗，只是為了提醒大家，當專家與我們的一位客戶聯繫時，轉換率是 80%。

And with all of our data and AI investments, we're able to use our algorithms to match customers to experts within seconds, immediately get the experts to engage with the customer while they're engaging upload all their data so that the expert can deliver value immediately and then get their taxes done in less than two hours.

憑藉我們在數據和人工智慧方面的全部投資，我們能夠利用演算法在幾秒鐘內將客戶與專家進行匹配，並讓專家在與客戶互動的同時立即上傳所有數據，這樣專家便能夠立即提供價值，並在不到兩小時的時間內完成納稅。

But this is -- by the way, this is across consumer and business.

但順便說一句，這是跨消費者和企業的。

And so our funnel is strong from the campaigns that we started in the fall and all the work that we've done, leveraging data and AI and with our experiences and given where we are.

因此，我們的管道很強大，這得益於我們秋季開始的活動以及我們所做的所有工作，利用數據和人工智慧，結合我們的經驗並考慮到我們所處的位置。

So it's a combination of all of our choices and decisions, all really powered by data and AI that gives us confidence, Siti, in our guidance.

所以這是我們所有選擇和決定的結合，所有這些都是由數據和人工智慧驅動的，這讓我們對我們的指導充滿信心。

The second thing around DOGE, I would just reiterate our ongoing and my personal ongoing engagement with the administration even as late just a couple of weeks ago, and they're very focused on significantly reducing waste, reducing fraud and eliminating bureaucracy.

關於 DOGE 的第二件事，我想重申我們以及我個人與政府的持續接觸，即使就在幾週前，他們也非常注重大幅減少浪費、減少詐欺和消除官僚主義。

And there's many areas where we're talking about contributing and helping them with their goals.

我們正在許多領域討論如何為他們做出貢獻並幫助他們實現目標。

And with that said, their focus is to really drive that elimination of tax fraud, waste, overhead cost in IRS.

話雖如此，他們的重點是真正推動消除國稅局的稅務詐欺、浪費和管理費用。

And those are the actions that they're very focused on taking and we are very focused on helping the administration in any way possible.

這些都是他們非常重視採取的行動，我們也非常重視以任何可能的方式幫助政府。

And we don't see, by the way, any risk to the IRS providing services to consumers and businesses with some of the actions that have been taken.

順便說一句，我們認為採取的一些行動不會對國稅局向消費者和企業提供服務造成任何風險。

So hopefully, that answers your question.

希望這能回答你的問題。

We're quite excited about our progress.

我們對我們的進展感到非常興奮。

I'm quite bullish about the rest of the season.

我對本賽季剩餘的比賽非常樂觀。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

Congrats on the good quarter.

恭喜本季取得良好業績。

Sasan just wondering if you could talk a little bit about just the SMB or the small business environment.

Sasan 只是想知道您是否可以稍微談談 SMB 或小型企業環境。

I think we all came into this year hoping that we'd be seeing a little bit of green shoots in terms of the economic activity level.

我想，我們所有人都希望今年能看到經濟活動水準出現一些復甦跡象。

Has anything changed on that front in your view, just given some of the macro dislocation perhaps questions around tariffs, things like that.

考慮到一些宏觀混亂，例如關稅問題等，您認為這方面有什麼變化嗎？

I was just curious if you could give us a little bit of an update on what you're seeing on the small business side right now.

我只是好奇，您是否可以向我們介紹一下目前小型企業方面的情況。

Yes, sure, Kirk, I would just say it remains very stable in terms of just the macro environment for businesses.

是的，當然，柯克，我只想說，就企業的宏觀環境而言，它仍然非常穩定。

If I give you a click down the smaller businesses, up to about 10 employees, $2.5 million, $3 million in revenue.

如果我給你點擊一下較小的企業，最多有 10 名員工，收入為 250 萬美元、300 萬美元。

On our platform, their profits and cash flows are up year-over-year.

在我們的平台上，他們的利潤和現金流逐年增加。

Of course, as you know, we're not overly concentrated in any particular industry.

當然，如你所知，我們並沒有過度集中在任何特定的行業。

It differs a little bit by industry.

不同行業略有不同。

But overall, that should be your takeaway for the smaller businesses.

但總體而言，這應該是小型企業應該得到的啟示。

The larger businesses sort of $3 million and above $10 million into $50 million, $100 million plus the mid-market customers that we serve, they're actually very much looking towards digitization, looking towards being able to save time, finding ways to drive both the revenue growth and profitability.

我們所服務的大型企業包括 300 萬美元、1000 萬美元以上、5000 萬美元、1 億美元以及中型市場客戶，他們實際上非常期待數位化，希望能夠節省時間，尋找推動收入成長和盈利的方法。

And I would say same goes for our accountant partners that also serve these businesses.

我想說，為這些企業服務的我們的會計合作夥伴也是如此。

And that's really where Intuit Enterprise Suite comes in and the power of Intuit Enterprise Suite because these larger businesses -- and based on the proof now that we have with customers using IES, they actually want to lean into because they can see with our AI-powered experiences, and have a partner by their side, an assistant that can help them grow their business and are actually leaning into digitization because it leads into their growth.

這就是 Intuit Enterprise Suite 的真正用武之地及其強大之處，因為這些較大的企業——基於我們現在與使用 IES 的客戶合作的證據，他們實際上想要依靠它，因為他們可以透過我們的人工智慧體驗看到，並在他們身邊有一個合作夥伴，一個可以幫助他們發展業務的助手，並且實際上傾向於數位化，因為它可以促進他們的成長。

So we're seeing even a healthier environment, the larger the businesses get.

因此，我們看到，企業規模越大，環境就越健康。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

Congratulations on a really solid quarter.

恭喜您本季業績表現穩健。

Maybe one for Sandeep on the expense side of the equation.

對於 Sandeep 來說，在費用方面可能有一個答案。

Coming into this year, you guys had made room for more aggressive investment to sort of get the skill set needed on board for you guys to progress on your plans on a go-forward basis.

進入今年，你們已經為更積極的投資騰出了空間，以獲得所需的技能，以便你們在未來的基礎上推進計劃。

Thus far in the first half and definitely in this quarter, we saw a really impressive margin expansion, a lot of leverage showing up on that bottom line.

到目前為止，在上半年以及本季度，我們看到利潤率確實大幅擴張，並且在底線上出現了大量的槓桿作用。

Is that in any way due to maybe the expense timing because are you guys still planning on basically like hiring back to the same type of head count levels that we were talking about when we came into the year?

這是否在某種程度上是因為費用時間安排的問題，因為你們是否仍然計劃重新招募與我們今年初討論的相同數量的員工？

Or is there perhaps more sort of opportunity for driving leverage than we're thinking about earlier?

或者，是否存在比我們之前想像的更多的推動槓桿的機會？

Keith, thanks for that question.

基思，謝謝你的提問。

Let me address the question both on the hiring aspect and then also on the margin aspect.

讓我先從招募方面和利潤方面來回答這個問題。

On the hiring, we are -- we saw really good take rate on -- in terms of recruiting in the first two quarters of the year.

在招募方面，我們看到今年前兩季的招募接受率非常好。

In fact, it was ahead of even our internal expectation in terms of just the reputation the firm has and how many people we were able to attract to the company in a short order of time.

事實上，就公司的聲譽以及我們在短時間內能夠吸引多少人才而言，這甚至超出了我們內部的預期。

In terms of expectation for the year, consistent with what we have shared before, I expect it to be flat to slightly up for the year as we continue to lean into investing in areas that are key to our future growth and also using AI internally to drive efficiency in terms of our employees.

就今年的預期而言，與我們之前分享的一致，我預計今年的預期將持平或略有上升，因為我們將繼續傾向於投資於對我們未來成長至關重要的領域，並在內部使用人工智慧來提高員工效率。

In terms of the broader question around our expenses and our margin expansion, look, we are committed to driving margin expansion over the long term, and I feel super confident in our ability to deliver on the guidance that we've given for margin expansion this year.

就我們的費用和利潤率擴大的更廣泛的問題而言，我們致力於長期推動利潤率擴大，我對我們實現今年利潤率擴大指導的能力非常有信心。

And really, the trends you've seen year-to-date come down to three things.

實際上，今年迄今為止您所看到的趨勢可以歸結為三件事。

One is day in, day out expense discipline we have across this company, and that shows up in every aspect of how we allocate our dollars and the ROI we expect from those dollars.

一是整個公司日復一日地嚴格執行費用支出紀律，這體現在我們如何分配資金以及我們期望從這些資金中獲得的投資回報率等各個方面。

Secondly, the efficiencies from implementation of AI in our customer success that came in a bit earlier than what we had internally forecasted.

其次，我們在客戶成功中實施人工智慧所帶來的效率比我們內部預測的要早。

So that was a good trend that we saw.

所以我們看到的是一個好趨勢。

And lastly, with a slower start to the tax season, that also hit it a bit in Q2.

最後，由於納稅季節開始較慢，這也對第二季造成了一定影響。

So net-net, you should look at Q2 as for the solidifying our confidence in our margin for this year and beyond.

因此，總體而言，您應該將第二季視為鞏固我們對今年及以後利潤率的信心的關鍵。

And just to clarify on point number one on the hiring.

我只是想澄清一下關於招聘的第一點。

It sounds like your hiring is going to plan.

聽起來你的招募正在按計劃進行。

So there wasn't like an outperformance in Q2 margins that came from delayed hiring in any sense.

因此，從任何意義上來說，延遲招募並不會導致第二季度利潤率出現優異表現。

No.

不。

We had good hiring take rates, and we hired a little less than what we thought we would need just given the efficiencies we saw such as 40% higher productivity of engineers using Gen AI tools.

我們的招募接受率很高，而且考慮到我們看到的效率，例如使用 Gen AI 工具的工程師的生產力提高了 40%，我們招募的人數比我們認為需要的要少一點。

The stuff I talked about on AI implementation in CES, where we saw a 20% lower call volume from TurboTax as we implemented done-for-you experiences.

我在 CES 上談到了有關 AI 實施的內容，我們發現，當我們實施為您完成的體驗時，TurboTax 的呼叫量減少了 20%。

So there are a plethora of things such as that, that led to us needing fewer people than we thought we would need, but that should be the key areas that you should take in terms of hiring trends.

有許多諸如此類的事情導致我們需要的人數比我們想像的要少，但這些應該是招募趨勢方面應該關注的關鍵領域。

Brent Thill, Jefferies.

傑富瑞的布倫特‧蒂爾 (Brent Thill)。

Sasan, I know you launched some clever and innovative new marketing early in the tax season.

Sasan，我知道您在納稅季節初期推出了一些聰明且富有創新的新行銷活動。

I'm curious if you've seen any early signs of different reaction or traction?

我很好奇您是否看到任何不同反應或牽引的早期跡象？

What has been the response?

反應如何？

And is it -- does it give you little more confidence in heading into the tax season based on what you're seeing from that?

根據您所看到的情況，這是否會讓您對進入納稅季節更有信心？

Any color would be helpful.

任何顏色都會有幫助。

Yes, Brent, thank you for the question.

是的，布倫特，謝謝你的提問。

The short answer is, yes.

簡短的回答是，是的。

Based on where we are and what we've seen, it does give us just a lot of confidence in the flywheel that we're creating in the assisted segment.

根據我們的現狀和看到的情況，它確實讓我們對我們在輔助領域創造的飛輪充滿信心。

To double click, it's really the combination of continuing to raise awareness in the market around really three benefits that matters a lot to those that spend over $35 billion, whether it's businesses or consumers to get somebody else to get their taxes done for them.

雙擊，這實際上是繼續提高市場對這三項福利的認識的結合，這對於那些花費超過 350 億美元讓別人為他們辦理稅務的人來說非常重要，無論是企業還是消費者。

One, is about experience.

一、是關於經驗。

It's from the ease of wherever you are virtually and the fact that we can get it done-for-you in less than a couple of hours, some, by the way, in 30 minutes and with immediate access to your money, at the best price.

無論您身在何處，我們都可以輕鬆為您辦理，只需幾個小時，甚至 30 分鐘，而且您可以立即以最優惠的價格獲得資金。

And just given our scale with all of the data and AI investments that we've made, yes, and you think about us competing with a lot of, I would just say, smaller players because the majority of our competition is several hundred thousand very local tax firms and tax pros, the experience, the scale in which we can deliver the experience, the price and ultimately immediate access to money is just really very attractive for both consumers and businesses.

考慮到我們的規模以及我們在數據和人工智慧方面的投資，是的，想想我們在與許多規模較小的公司競爭，因為我們的競爭對手主要是幾十萬家地方稅務公司和稅務專業人士，我們提供的經驗、規模、價格以及最終的即時獲得資金的能力對消費者和企業來說都非常有吸引力。

And the punchline is the accumulation of what we started in the fall around Beat Your Price because we know that there is a segment of customers that actually make their decision in the fall to what we've carried through to where we sit today, our funnel is actually quite strong.

而妙趣橫生的，是我們在秋季圍繞“擊敗您的價格”開始的積累，因為我們知道，有一部分客戶實際上是在秋季做出決定的，而我們一直堅持到今天，我們的漏斗實際上非常強大。

That's number one.

這是第一點。

Number two, our experience has significantly improved, given -- the best way I would put it is when you hear us talk about experience improvement, we finally made the shift from being a software provider to disrupt the assisted segment to being a service provider which means that we're not just leading with software where these customers have to do the work, we're doing all the work for them with the expert engaging customers right up front.

第二，我們的體驗得到了顯著改善，我想最好的說法是，當你聽到我們談論體驗改善時，我們終於從一家軟體提供商轉變為一家服務提供商，顛覆了輔助細分市場，這意味著我們不僅僅是在軟體方面處於領先地位，這些客戶必須自己做工作，我們透過專家參與客戶事務，為他們完成所有工作。

And we're just seeing the accumulation of all of that, given where we are in season and are excited about the next 6 weeks.

考慮到我們目前的賽季情況，我們看到了所有這些的積累，並對接下來的 6 週感到興奮。

Steve Enders, Citi.

花旗銀行的史蒂夫恩德斯 (Steve Enders)。

I guess I wanted to ask just on the strength that maybe you're seeing in the Advanced in the Enterprise Suite the side of the equation.

我想我只是想問一下，也許您在企業套件中的高級功能中看到了等式的哪一方面。

Just how are you kind of thinking about the productivity rates of the sales force that you've built out, how you're thinking about further investments and just kind of how you're viewing that opportunity to move upmarket further invest behind the strength you're seeing there?

您如何看待您已建立的銷售團隊的生產力？

Yeah.

是的。

Well, a couple of things I would say.

嗯，我想說幾件事。

One, every day that passes our sales folks are getting more productive because of just the timing of when we hired them, the timing of when we launched Intuit Enterprise Suite, it was just literally last fall that we launched it and went GA.

首先，我們的銷售人員每天都在變得越來越高效，這得益於我們僱用他們的時機，也得益於我們推出 Intuit Enterprise Suite 的時機，也就是去年秋天我們推出並正式發布該套件。

And of course, prior to that, we were hiring and wrapping up our sales folks.

當然，在此之前，我們正在招募和整理銷售人員。

So as we touched on earlier, we've actually seen a 60% productivity improvement in the last couple of months just with our sales folks, which is just sort of a natural progression.

正如我們之前提到的，在過去的幾個月裡，我們的銷售人員的生產效率實際上提高了 60%，這是一種自然的進步。

But I would also say, in many ways, I don't want to downplay it, but it's an easier sell because of the experience, because of the total cost of ownership and because of how competitive it is on price.

但我也想說，在很多方面，我不想低估它，但由於經驗、整體擁有成本以及價格競爭力，它更容易銷售。

I think the big shift that we are now accelerating is really coverage of our large accountant partners.

我認為我們現在正在加速的重大轉變實際上是對我們大型會計師合作夥伴的覆蓋。

We initially started really focusing on talking to the businesses.

我們最初真正開始專注於與企業對話。

We are now accelerating and shifting to making sure that our large accounting partners can actually play around with Intuit Enterprise Suite they are -- it's going viral, they're hearing about it.

我們現在正在加速轉變，以確保我們的大型會計合作夥伴能夠真正試用 Intuit Enterprise Suite——它正在迅速傳播，他們都在聽說過它。

So giving them a sandbox to do that, coming up with a pricing framework because these large accounting firms may have up to 15 different practices from real estate to construction to manufacturing, to technology, the IT services and just having a really a framework to focus by practice to, in essence, offer Intuit Enterprise Suite to their customers.

因此，為他們提供一個沙箱來實現這一點，並製定一個定價框架，因為這些大型會計師事務所可能有多達 15 種不同的業務，從房地產到建築到製造，再到技術、IT 服務，並且真正有一個透過實踐來關注的框架，本質上就是為他們的客戶提供 Intuit Enterprise Suite。

And that's the area where I would say we're accelerating our coverage.

我想說這就是我們正在加速覆蓋的領域。

But the productivity is significantly improving and it's something that we watch for.

但生產力正在顯著提高，這是我們值得關注的事情。

This is a business where we don't want to overly focus on optimization because we're scaling it and the growth is exciting.

對於這個業務，我們不想過度專注於優化，因為我們正在擴大規模，而且成長令人興奮。

But at the same time, the productivity of the sales folks is really important.

但同時，銷售人員的生產力也非常重要。

I don't know, Sandeep, if you would add anything.

我不知道，桑迪普，你還有什麼要補充。

Steve, a couple of points I would add is that what we look at internally is that we want to make sure that each cohort of salespeople coming in is more productive than the prior.

史蒂夫，我想補充幾點，從內部來看，我們希望確保每一批進來的銷售人員都比之前更有效率。

And each cohort is laddering up faster than the prior cohort in terms of their productivity.

而每一批產品的生產力都比前一批產品進步得更快。

Secondly, when we look at these investments, we also want to make sure that we're investing in the right industry specialization as well as product specialization because we see better close rate when we bring in people with those specializations.

其次，當我們審視這些投資時，我們也想確保我們投資於正確的行業專業化和產品專業化，因為當我們引進具有這些專業知識的人才時，我們會看到更好的成交率。

And lastly, let me touch on AI because AI also is the big contributor here to driving productivity.

最後，讓我談談人工智慧，因為人工智慧也是提高生產力的重要貢獻者。

What we are able to do with implementing AI across our sales desk is we're able to give them the next best action based on where they are in the sales process, we're able to give them the right path track to address the customers' need or to address what competitive solution they're using a.k.a, what the battle card could be for the product offering.

透過在銷售部門實施人工智慧，我們能夠根據他們在銷售過程中的階段為他們提供最佳行動方案，我們能夠為他們提供正確的路徑來滿足客戶的需求，或者解決他們正在使用的競爭解決方案，也就是說，產品供應的戰牌可能是什麼。

So there are multiple areas that we look at to drive efficiency and the stats that we're looking at we're being disciplined and feeling really good about the improvements we're seeing in productivity.

因此，我們會關注多個領域來提高效率，我們會嚴格遵守所查看的統計數據，並對生產力方面的改進感到非常滿意。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根 (Kash Rangan)。

Congratulations on the results.

恭喜你所取得的成果。

And Sasan, I can always count on you to be the beacon of hope for SMBs.

薩桑，我永遠相信你會成為中小企業的希望燈塔。

So I know that you have been progressively feeling better and better about the SMB spending environment.

所以我知道大家對中小企業支出環境的感覺越來越好。

If we take a step back, Online Ecosystem was barely a blip on your income statement.

如果我們退一步來看，線上生態系統對你的收入報表來說幾乎只是一個小現象。

Now it's a multibillion dollar business unit, right?

現在它是一個價值數十億美元的業務部門，對嗎？

So near term, longer term, how should we think about the Online Ecosystem revenue.

那麼從短期和長期來看，我們應該如何看待線上生態系統的收入。

And within that, QBO Advanced certainly seems to be off to a good start.

而其中，QBO Advanced 似乎確實有了一個好的開始。

What is your dream scenario?

您夢想的場景是什麼樣的？

What would make you ecstatic as to the outcome of QBO Advanced, how big of a business could that be?

QBO Advanced 的成果會讓您欣喜若狂嗎？

And although it's a little bit too early, but if you dream the dream, how big of a business could IES be within the confines of Intuit?

儘管現在說這還為時過早，但如果你敢做夢的話，IES 在 Intuit 的框架內能發展成多大的企業？

Well, Kash, thanks for your question.

好吧，Kash，謝謝你的提問。

We love the dream, and we love to execute.

我們熱愛夢想，也熱愛實現夢想。

So I love the nature of your question.

所以我很喜歡你問題的本質。

A couple of things I would say.

我想說幾件事。

One, if you just look at the size and scale of our business group, well north of $11 billion in terms of the way we've guided this year.

首先，如果只看我們業務集團的規模，按照我們今年的指導方針，其收入已遠遠超過 110 億美元。

We expect the business group to continue to grow overall between 15% to 20%.

我們預計該業務集團的整體成長將持續維持在15%至20%之間。

And the majority of that is really driven by online growth because we continue to expect that Desktop will be very, very low single digits as you think about the future.

其中大部分實際上是由線上成長推動的，因為我們繼續預期未來桌面業務的成長速度將非常非常低的個位數。

So that's the first takeaway.

這是第一個要點。

As look at this franchise as growing 15% to 20%, which means that the online portion, which is the largest portion, should continue to grow at a healthy rate.

我們把這個特許經營權看作是增長15%到20%，這意味著在線部分（最大的部分）應該會繼續以健康的速度增長。

I think to answer your question, when you look at the total size of the addressable market, which for the business group is nearly $200 billion, the half of that is mid-market.

我想回答你的問題，當你看一下潛在市場的總規模時，對於該商業集團而言，該規模接近 2000 億美元，其中一半是中端市場。

And it's the way we've defined mid-market today, which does not mean it will stand as is.

這是我們今天定義中端市場的方式，但這並不意味著它會保持原樣。

And what I mean by that is today, really anything north of $3 million in revenue in terms of a business all the way up to a couple of hundred million.

我的意思是，今天，企業的收入實際上從 300 萬美元以上一直到幾億美元。

The other way to look at it is up to like a couple of hundred employees is the way we've defined mid-market.

另一種看法是，我們對中階市場的定義是擁有數百名員工。

And that's about $100 billion in TAM, and that's where QBO Advanced, Intuit Enterprise Suite and all the services truly as a platform come in.

這相當於約 1000 億美元的 TAM，這就是 QBO Advanced、Intuit Enterprise Suite 以及所有真正作為平台的服務發揮作用的地方。

We believe mid-market one day will be bigger than the entire business group.

我們相信，中端市場終有一天會比整個業務集團還要大。

That's why we started talking about the growth rate of mid-market separately because it's an area where we're getting great traction.

這就是我們開始單獨討論中端市場成長率的原因，因為這是我們獲得巨大發展的領域。

It's an area where we have actually more confidence today than even five years ago when we declared disrupting mid-market, given our expansion of our innovation on the platform but also our go-to-market.

考慮到我們在平台上的創新以及我們的市場進入能力的擴展，今天我們對這個領域實際上比五年前我們宣布顛覆中端市場時更有信心。

And we're not going to stop at a couple of hundred million in revenue.

我們的收入不會止步於幾億美元。

We believe we have so much more room.

我們相信我們還有更多的空間。

And we just have so much more confidence sitting here today than even last fall because we're in market with Intuit Enterprise Suite, and we can see how we're winning on experienced total cost of ownership and price.

與去年秋天相比，我們今天在這裡更加有信心，因為我們已經進入了 Intuit Enterprise Suite 市場，並且我們可以看到我們如何在經驗豐富的總擁有成本和價格方面獲勝。

And by the way, there's still a lot that we're adding to the platform.

順便說一句，我們還在為平台添加很多功能。

There's still areas where we have work to do, which actually excites us based on the progress that we're seeing and then what's possible.

我們仍有一些工作要做，根據我們所看到的進展以及未來的可能性，這實際上讓我們感到興奮。

So we think mid-market is just for the next 10 years is going to be a significant growth driver, and we believe it will be the largest over time a driver of growth for the business group, while we continue, by the way, to serve those that are new entrants in the business market because we want to grow with them.

因此，我們認為中端市場在未來 10 年內將成為重要的成長動力，我們相信，隨著時間的推移，它將成為業務集團成長的最大動力，同時我們將繼續為那些新進入該業務市場的人提供服務，因為我們希望與他們共同成長。

So the dream is it will be far bigger than the business group is today, and we're excited about our potential.

因此，我們的夢想是，它將比現在的商業集團更大，我們對我們的潛力感到興奮。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯祖金 (Alex Zukin)

This is Patrick on for Alex.

這是派崔克，代替亞歷克斯。

Can you help us contextualize the result in Credit Karma as its second quarter in a row with a pretty large outperformance relative to consensus.

您能否幫我們解釋一下 Credit Karma 的業績狀況？

What are you seeing there as providing such strength in the segment?

您認為是什麼為該領域提供瞭如此強大的力量？

And then given the first half of the year, was there any consideration to update the annual guidance, if not, why not?

那麼考慮到今年上半年的情況，是否考慮過更新年度指引，如果沒有，為什麼呢？

Yes, sure.

是的，當然。

So first of all, I would just start by reminding everyone, our strategy is really about the one consumer platform, and winning as one consumer platform which is all of the I would say, great execution of the team with the integration of Credit Karma and TurboTax.

因此首先，我要提醒大家，我們的策略其實是關於一個消費者平台，並作為一個消費者平台取勝，我想說，這就是團隊透過整合 Credit Karma 和 TurboTax 所取得的偉大執行力。

Our goal is from helping you build credit to helping you build wealth and in the middle, helping you manage your money and get your taxes done.

我們的目標是幫助您建立信用、幫助您累積財富，並幫助您管理資金和完成納稅。

So that's ultimately what we're focused on with one consumer platform.

因此，這最終是我們專注於一個消費者平台。

And all of our innovation is one consumer platform and particularly all of it sitting on top of all of our data and AI investments where we've dramatically improved the shopping experience for members where we, in essence, help you make buying decisions, whether it's insurance, whether it's personal loans, whether it's credit cards, whether it's connecting you to lots of taxes.

我們所有的創新都是一個消費者平台，特別是所有創新都建立在我們所有的數據和人工智慧投資之上，我們大大改善了會員的購物體驗，本質上我們幫助您做出購買決策，無論是保險、個人貸款、信用卡還是與您相關的多種稅務。

And so when you look at our accelerated growth rate, probably 40% is macro, things are just better versus last year 60% is execution.

因此，當您看到我們的加速成長率時，大概 40% 是宏觀成長率，與去年的 60% 是執行成長率相比，情況有所改善。

And we love our trajectory.

我們熱愛我們的軌跡。

More importantly, we love the integration that we've done with TurboTax because for us, everything is about helping customers manage their money and helping them get their taxes done.

更重要的是，我們喜歡與 TurboTax 的整合，因為對我們來說，一切都是為了幫助客戶管理資金並幫助他們完成納稅。

And lastly, I would just say that this is a segment in the long run that we would expect to grow 10% to 15%.

最後，我只想說，從長遠來看，我們預計這個領域的成長率將達到 10% 至 15%。

Overall, we would expect our consumer platform, right, the combination of TurboTax and Credit Karma to grow double digits.

總的來說，我們預計我們的消費者平台，也就是 TurboTax 和 Credit Karma 的組合將實現兩位數的成長。

And that's the purpose that it serves.

這就是它的用途。

And as you heard Sandeep touch on this, and I'll then turn it over to him for any additional insights.

正如您所聽到的 Sandeep 談到這一點，我將把這個話題交給他，以尋求任何其他見解。

Given where we are in the year, we'll look at updating our guidance after Q3.

考慮到今年的狀況，我們將考慮在第三季後更新我們的指引。

Patrick, the only -- a couple of things I would add is in addition to the partner confidence we are seeing and better to get experience across our consumer platform.

派崔克，我想補充的只有幾件事，除了我們看到的合作夥伴信心之外，還有更好的方法是在我們的消費者平台上獲得經驗。

We're also seeing the AI experiences we embedded across Credit Karma, drive better shopping experiences and better ARPC.

我們也看到，我們在 Credit Karma 中嵌入的 AI 體驗可以帶來更好的購物體驗和更好的 ARPC。

So that's also aiding in the trends you're seeing there?

那麼這也有助於您所看到的趨勢嗎？

And lastly, as you look ahead and model out the rest of the year, just keep in mind that last year, Credit Karma started with a negative 5% growth rate in Q1 and exited at plus 14% in Q4.

最後，當您展望未來並預測今年剩餘時間的表現時，請記住，去年，Credit Karma 在第一季的成長率為負 5%，而在第四季度則成長了 14%。

So the comps in the back half of the year for Credit Karma do get more challenging.

因此，Credit Karma 下半年的業績確實更具挑戰性。

So please do take that into account as you model out the rest of the year.

因此，在規劃今年剩餘時間的模型時，請將這一點考慮在內。

Brad Sills, Bank of America.

美國銀行的布拉德·西爾斯。

I wanted to ask a question on tax as we are heading into the tax season here.

由於我們即將進入納稅季節，我想問一個有關稅收的問題。

You talked about the effort to advertise to the full service filer in that CPA segment, wanted to get any perspective on how that might be tracking?

您談到了向 CPA 領域全方位服務申報者做廣告的努力，想了解一下這種做法的效果如何？

Are there any leading indicators that suggest you're seeing the traction ere in the full service segment as a result of some of the ads we've all seen on TV and just general outlook for full service as we head into the season.

是否有任何領先指標表明，由於我們在電視上看到的一些廣告以及進入旺季時對全方位服務的總體前景，您看到全方位服務領域的發展趨勢。

Yeah, sure.

是的，當然。

Thank you for your question.

感謝您的提問。

A couple of things I would just say this is the strength that we are seeing in the funnel and really our -- how we're feeling about the rest of the year is really a combination of reinventing our end-to-end from campaign to the experience, focused on three things.

我想說的有幾件事，這是我們在頻道中看到的優勢，而我們對今年剩餘時間的感受實際上是對從活動到體驗的端到端重塑，重點關註三件事。

One, is the best experience that you could have virtually.

一是，這是您虛擬地可以獲得的最佳體驗。

The second is immediate access to your money.

第二是可以立即獲得你的資金。

Third is the best price.

第三是最好的價格。

And really, our campaign of showing how taxes are different virtually where you can get immediate access to your money and get your taxes done faster than anybody else can do it, it has really had -- that coupled with our campaign that started in the fall has really had a positive impact on building out our funnel.

事實上，我們的活動展示了稅收的不同之處，透過虛擬方式，你可以立即獲得你的錢，並且比任何人都更快地完成你的納稅，這確實產生了效果——再加上我們從秋天開始的活動，這對建立我們的管道產生了積極的影響。

Plus we really have revamped our full service experience.

此外，我們確實改善了我們的全方位服務體驗。

One of the things I mentioned earlier was that the big change, the big from-to in our experience this year is we shifted from a software company to a services company as it relates to disrupting the assisted segment.

我之前提到的一件事是，今年我們經歷的重大變化、重大的從到就是我們從一家軟體公司轉變為服務公司，因為這與顛覆輔助領域有關。

And what that really means is even last year, we were still having full service customers do a lot of the work as if they're doing it themselves.

這實際上意味著，即使是去年，我們仍然讓全方位服務客戶做很多工作，就好像他們自己在做一樣。

This year, we now within seconds, match an expert with a customer.

今年，我們現在可以在幾秒鐘內將專家與客戶配對。

In the background, we are ingesting all of their data and within minutes, the expert is delivering real insights to the customer.

在後台，我們正在獲取他們的所有數據，幾分鐘之內，專家就會向客戶提供真正的見解。

And while the customer is on the go getting their taxes done.

當客戶正在路上辦理稅務時。

And sometimes, it is a little as 30 minutes.

有時，只需30分鐘。

So just from campaign to the experience, and being disruptive in our price, we're seeing strength in the funnel, and we're quite bullish about the rest of the year.

因此，僅從活動到體驗，以及我們價格的顛覆性，我們就看到了管道的力量，並且對今年剩餘時間的前景非常樂觀。

And I'll just end with -- for us, it's about the assisted category.

最後，對我們來說，這涉及輔助類別。

It's about the experiences across do-it-with-me and full service where we're seeing end-to-end strength.

它是關於「和我一起做」和全方位服務的體驗，我們看到了端到端的優勢。

Alex Markgraff, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Alex Markgraff。

Sandeep, could you maybe just talk about the Consumer Group result, you noted better than guided.

Sandeep，您能否談談消費者組的結果，您指出結果比指導的要好。

Just curious kind of what surprised particularly in the context of a slower start to the season.

只是有點好奇，在賽季開局緩慢的情況下，有什麼事情會讓人感到驚訝。

A couple of things did better than expectation on a Consumer Group.

消費者群體中有幾件事做得比預期好。

One is we just saw, as Sasan pointed out, a strong start to the year in terms of TurboTax Online as well as the average revenue per return as more customers engage with an expert and as they added on offerings, including getting audit defense and faster access to their refund.

一是，正如 Sasan 指出的，我們剛剛看到 TurboTax Online 今年開局強勁，並且隨著更多客戶與專家合作以及他們增加了服務，包括獲得審計辯護和更快地獲得退款，每份退稅的平均收入也隨之增加。

That was a key driver in terms of both the units as well as the ARPR that we experienced that drove the results better than what we had guided you all to.

就單位和 ARPR 而言，這都是一個關鍵驅動因素，我們所經歷的推動結果比我們指導的要好。

And just to clarify, no change in expected seasonality as you're modeling the business?

需要澄清的是，您在建立業務模型時，預期的季節性沒有變化嗎？

Is that a fair statement?

這是一個公正的說法嗎？

.

。

No, expected seasonality.

否，預計季節性。

If you're referring to -- I mean the IRS opened on the 27th, I'm assuming you're taking that into account in terms of the seasonality.

如果你指的是——我的意思是美國國稅局在 27 日開門，我假設你會考慮到季節性因素。

But we don't expect any seasonality.

但我們預計不會出現任何季節性。

And even some of the questions we get around the unfortunate events in L.A. with the fires, we expect that to be nonmaterial impact to our Q3.

即使我們對洛杉磯不幸發生的火災事件提出了一些疑問，我們預計這不會對我們的第三季產生實質影響。

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

Maybe I'll ask on the Online Services business because I think you said that, that accelerated to 30% growth excluding MailChimp, which is really solid.

也許我會問線上服務業務，因為我認為你說過，不包括 MailChimp，線上服務業務的成長加速到了 30%，這確實很穩健。

So when we think about the growth potential of Online Services in the second half, can you just unpack that a little bit more so the acceleration really being driven maybe by scaling in the AP payments business.

因此，當我們考慮下半年線上服務的成長潛力時，您能否進一步闡述一下，即真正的加速可能是由 AP 支付業務的擴張所推動的。

Is it possible as that continues -- we could continue to see 30% plus growth potential.

如果這種情況持續下去，我們是否有可能繼續看到 30% 以上的成長潛力。

And then maybe just like the offset with MailChimp, I think you mentioned that we're going to be lapping some pricing changes.

然後可能就像 MailChimp 的抵消一樣，我想您提到我們將進行一些價格變動。

So is it possible that we start to see some declines in that business.

那麼我們是否有可能開始看到該業務出現一些下滑。

Yes.

是的。

Maybe Taylor, I'll kick us off and tag-team with Sandeep.

也許是泰勒，我會把我們踢出去，和桑迪普組隊。

I think the strength that you're seeing is really the strength of the platform with all of our money offerings, whether it's payments with estimates and invoicing to AP with bill pay to line of credit, right.

我認為您所看到的優勢實際上是我們所有資金服務的平台的優勢，無論是估算付款、向 AP 開立發票、帳單支付還是信用額度，對吧。

We now have instant deposit.

我們現在有即時存款。

We now have really a very large set of money offerings that our businesses can leverage to be able to manage their cash flow and manage their business.

我們現在確實擁有非常龐大的資金供應，我們的企業可以利用這些資金來管理現金流和業務。

And I would also say, we're starting to see our AI-driven experiences fuel what's possible when it comes to our money growth.

我還想說，我們開始看到人工智慧驅動的體驗為我們的資金成長帶來無限可能。

So that's sort of number one.

這是最重要的一點。

But number two is also payroll.

但排名第二的也是薪資單。

We're seeing great mix fixed and payroll great strength in payroll.

我們看到薪資單的固定組合和薪資的強勁成長。

And again, it all comes down to the strength of our platform.

這一切都歸功於我們平台的實力。

And particularly, as we look at mid-market, one of the things we touched on earlier with QBO Advanced and Intuit Enterprise Suite, which serves the mid-market, particularly with QBO Advanced, the attach of payroll and payments is 12 points and 9 points, respectively, higher than QBO Core.

特別是，當我們看中端市場時，我們之前提到的 QBO Advanced 和 Intuit Enterprise Suite 就是服務中端市場的，特別是 QBO Advanced，其工資和支付的附加價值分別比 QBO Core 高出 12 個百分點和 9 個百分點。

So that's the strength that you are seeing across all of our services.

這就是您在我們所有服務中看到的優勢。

And on Mailchimp, as we talked about earlier, there are price increases that we're lapping, and we also just wanted to really call out the strength of our services minus Mailchimp, while we bring Mailchimp the level of growth that we expect.

至於 Mailchimp，正如我們之前所討論的，我們正在應對價格上漲，我們也只是想真正地凸顯我們在 Mailchimp 以外的服務的優勢，同時我們為 Mailchimp 帶來了我們預期的增長水平。

Sandeep, would you add anything?

Sandeep，您還有什麼要補充嗎？

Taylor, the only thing I would add on the payment and the payroll side is this is finally us engaging with the customer across those offerings as holistic money offering and a holistic workforce solution offering.

泰勒，關於支付和工資方面，我唯一想補充的是，這最終是我們透過整體資金服務和整體勞動力解決方案服務與客戶互動。

And this is what happens when you get the product teams and the go-to-market teams actually engaging as a one holistic portfolio.

當你讓產品團隊和行銷團隊真正地作為一個整體組合參與其中時，就會發生這種情況。

So that's really driving the strength.

這才是真正推動力量的。

And that shows up, as you noted that as we shared that payment volume was up 18% this quarter.

正如您所注意到的，我們認為本季的支付量增加了 18%。

And as you recall, it was 17% last quarter.

大家還記得，上個季度這一比例是 17%。

So starting to show up in the results.

所以開始在結果中顯現。

And looking forward, as Sasan shared mid-market should be an increasing contributor to this, not just because of the higher attach rates you mentioned, but these customers are larger, so they also bring in more volume onto our platform.

展望未來，Sasan 共享中端市場應會對此做出越來越大的貢獻，這不僅是因為您提到的附加率更高，而且這些客戶規模更大，因此他們也會為我們的平台帶來更多的銷售。

Rishi Jaluria, RBC Capital Markets.

Rishi Jaluria，加拿大皇家銀行資本市場。

Nice to see continued success in the business.

很高興看到業務繼續取得成功。

I just wanted to ask a follow-up on IES.

我只是想問一下有關 IES 的後續問題。

Really nice to see the early traction here.

真的很高興看到這裡早期的進展。

Maybe if you were to think about some of the early customer wins that you highlighted during your prepared remarks, are you typically landing greenfield with a lot of these opportunities?

也許，如果您考慮一下您在準備好的發言中強調的一些早期客戶的成功案例，您是否通常會利用許多這樣的機會獲得新進展？

Or are there wins that you have where you're consolidating budget and displacing a number of different point solutions.

或者您在整合預算和取代多個不同的單點解決方案方面取得了哪些勝利。

And maybe alongside that, when we think about early customer feedback, have there been any push points on additional functionality that customers are looking for that informs your future road map with IES?

除此之外，當我們考慮早期的客戶回饋時，是否有任何客戶所期待的附加功能的推動點，從而為您未來與 IES 的發展路線圖提供參考？

Yeah.

是的。

Thanks for the question, and I'll try to hit on all the different elements that you asked about.

感謝您的提問，我會盡力解答您問到的所有不同元素。

First of all, I'll start with -- this is a $90 billion total addressable market that we are going after.

首先，我要說的是──我們追求的是一個總價值 900 億美元的潛在市場。

And we have about 800,000 of these customers already in our base.

我們的客戶群中已經有大約 80 萬名這樣的客戶。

And these -- they have these 800,000 have the characteristics of larger businesses, over $2.5 million in revenue, multi-entity that have a need for either QBO Advanced and/or Intuit Enterprise Suite.

這些 — — 他們有 80 萬家企業，它們具有大型企業的特徵，收入超過 250 萬美元，多實體，需要 QBO Advanced 和/或 Intuit Enterprise Suite。

So first and foremost, where we've started has been really focused on our own base and focused on our accountant partners.

因此，首先，我們一開始就真正關注的是我們自己的基礎以及我們的會計合作夥伴。

And that's where we've seen the momentum and the acceleration.

這就是我們看到的動力和加速。

And in those cases, we have, in fact, displaced point solutions for sure, because the power of Intuit Enterprise Suite from the lens of the customer is when all of their -- the work that they do from estimate to invoicing the payments, the bill pay to payroll, the time tracking, depending on the type of business, when it's all in one place, we then can leverage all of our AI capabilities to actually make recommendations to the customer that can help them make growth decisions to resource, reallocate based on how different segments are performing.

在這些情況下，我們實際上已經取代了點解決方案，因為從客戶的角度來看，Intuit Enterprise Suite 的強大之處在於，他們所做的所有工作——從估算到開具發票、賬單支付到工資單、時間跟踪，根據業務類型，當所有這些都集中在一個地方時，我們就可以利用我們所有的人工智能功能向客戶提供建議，幫助他們做出增長決策，根據不同細分市場的表現。

So the customer is actually motivated to switch from all their point solutions to Intuit Enterprise Suite.

因此，客戶實際上有動力從所有點解決方案轉換到 Intuit Enterprise Suite。

That's really number one.

這確實是最重要的。

Number two, they see significant cost savings and time savings when they do that.

第二，這樣做之後，他們發現成本和時間節省了很多。

Because generally, although they will pay more than they pay us today, if they're an existing customer, they'll pay significantly more with Intuit Enterprise Suite.

因為一般來說，雖然他們今天支付的費用會比我們多，但如果他們是現有客戶，那麼使用 Intuit Enterprise Suite 時他們支付的費用會高得多。

They actually end up saving money when they go from different point solutions to Intuit Enterprise Suite.

當他們從不同的點解決方案轉向 Intuit Enterprise Suite 時，他們實際上節省了資金。

And what we're starting to see is actually accountants and businesses that are on competitive solutions come to us and want to switch to Enterprise Suite just because of, again, the ease of experience, it's very user-friendly, the total cost of ownership and ultimately, the price.

我們開始看到，實際上，那些尋求競爭性解決方案的會計師和企業找到我們，並希望轉向使用 Enterprise Suite，僅僅是因為它體驗簡單、非常用戶友好、總體擁有成本低，最終價格也合理。

So with all of that said, the majority has been just focused on our own base.

所以綜上所述，大多數人只是專注於我們自己的基礎。

But we are beginning to shift to not only going after those that are greenfield.

但我們開始轉變方向，不只是追求那些尚未開發的土地。

And greenfield by the way, means that you're just using a bunch of different apps.

順便說一下，greenfield 意味著您只是使用了一堆不同的應用程式。

None of the apps talk to each other.

所有應用程式之間都無法互相交流。

You're spending a lot of money, but you don't really know how your business is performing to switching to one digital platform.

您花了很多錢，但您並不真正了解您的業務在轉換到數位平台後表現如何。

We consider that nonconsumption in greenfield.

我們認為這是綠地的非消費。

And that's where the majority of the money is spent in the TAM, and that's where the majority of our opportunity will come from as we sort of look at the next several years.

這就是我們在 TAM 中投入大部分資金的地方，展望未來幾年，這也是我們大部分的機會所在。

Scott Schneeberger, Oppenheimer.

奧本海默的斯科特·施內伯格。

Yes, it's the tax question, essentially two, revenue per return in Spirit.

是的，這是稅收問題，本質上是兩個問題，即 Spirit 的每份回報收入。

The first part, Sasan, you changed your TurboTax Live Full Service pricing to the traditional peers that you've used with other products, more to form-based pricing and you noted a very high customer experience for -- in full service.

第一部分，Sasan，您將 TurboTax Live 全方位服務定價更改為與其他產品一起使用的傳統定價，更多地改為基於表單的定價，並且您注意到全方位服務的客戶體驗非常高。

Just curious how that's being received?

只是好奇這是如何被接受的？

Do you think it's the right formula now for that product?

您認為這是該產品現在的正確配方嗎？

And then the follow-up question is 1099-Ks this year.

然後後續的問題是今年的 1099-K。

Now that we're about a month into the tax season, are you seeing the pickup there with the lower threshold for those to go out.

現在距離納稅季節已經過去一個月了，您是否看到隨著出門納稅的門檻降低，納稅情況有所改善？

And how might that have an impact on revenue per return in this tax season if, in fact, you are seeing that significant volume pick up?

如果您確實看到報稅量大幅增加，這會對本納稅季的每份報稅表收入產生什麼影響？

Yes, Scott, thanks for your question.

是的，斯科特，謝謝你的提問。

Let me make one couple of broader points.

讓我談談幾個更廣泛的觀點。

One of the things that we've done this year, based on all of our investments in data and AI is we actually have AI-driven personalized lineup experiences.

基於我們在數據和人工智慧方面的所有投資，我們今年所做的事情之一就是我們實際上擁有人工智慧驅動的個人化陣容體驗。

So that -- for instance, if you go on our any of our front doors and look to see what our lineup is.

因此——例如，如果你走進我們的任何一扇門，看看我們的陣容是什麼。

And if Sandeep and I go, we're all going to see very different things.

如果桑迪普和我去的話，我們都會看到非常不同的事情。

And so the days of the past where there is a lineup and everybody sees the same lineup no longer exists.

因此，過去那種每個人都看到相同陣容的陣容的日子已經不存在了。

And it's important for you to know that because we've gotten a lot of questions like, for instance, on our standard SKU.

讓您了解這一點很重要，因為我們收到了很多問題，例如關於我們的標準 SKU 的問題。

The reality is many people don't even see our standard SKU.

實際情況是，很多人甚至看不到我們的標準 SKU。

It's customers with certain situations where our data and AI platform will lend them in the right experience.

在某些情況下，我們的數據和人工智慧平台將為客戶提供正確的體驗。

That's partly why we're actually getting, I would say, very strong traction with both simple and complex filers and how we're monetizing because we're really putting customers in the right experiences.

這就是為什麼我們實際上能夠獲得簡單和複雜文件管理器的強大吸引力，以及我們如何獲利，因為我們確實為客戶提供了正確的體驗。

And that really -- that comment transcends into the assisted segment, which is why I wanted to start there.

事實上，這個評論已經延伸到了輔助部分，這就是我想要從那裡開始的原因。

And to answer your question, I mean, I think the product recommendation score says a lot, an 85 product recommendation score is just 1 of the highest in any industry.

回答你的問題，我的意思是，我認為產品推薦分數說明了很多問題，85 分的產品推薦分數在任何行業中都是最高的分數之一。

And our experience, our price and access to money is with full-service customers, and we're actually quite excited about the rest of the season.

我們的經驗、價格和資金管道都是針對全方位服務的客戶提供的，事實上，我們對本賽季剩餘時間的表現感到非常興奮。

And that, by the way, includes small businesses.

順便說一句，這也包括小型企業。

We're seeing nice uptake with small businesses that are using full service, not just consumers.

我們發現，使用全方位服務的小型企業（而不僅僅是消費者）的接受度正在提高。

And last thing is just both the comment that Sandeep made earlier because we've gotten questions on it and 1099.

最後一件事是 Sandeep 之前提出的評論，因為我們對此和 1099 都有疑問。

Unfortunate situation in L.A., 1099, we just think it's immaterial.

洛杉磯的不幸情況，1099，我們只是認為這無關緊要。

We may see a lot of uptake the rest of the season, but we don't -- we view both of them as immaterial.

我們可能會在本賽季剩餘時間看到很多增長，但我們沒有——我們認為這兩者都不重要。

Congrats on the quarter.

恭喜本季取得佳績。

This does conclude today's question-and-answer period.

今天的問答環節到此結束。

I will now turn the call back over to our presenters for any additional or closing remarks.

現在我將把電話轉回給我們的演講者，讓他們發表任何補充評論或結束語。

Awesome.

驚人的。

Well, thank you so much for all the great questions and be safe out there, and we look forward to seeing you next quarter.

好吧，非常感謝您提出的所有精彩問題，請注意安全，我們期待下個季度與您見面。

Bye, everyone.

大家再見。

Ladies and gentlemen, thank you for participating.

女士們、先生們，感謝你們的參與。

This concludes today's conference call.

今天的電話會議到此結束。