直覺電腦 (INTU) 2025 Q3 法說會逐字稿

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

大家好。我叫大衛，我將擔任您的會議接線生。此時。歡迎大家參加 Intuit 2025 財政年度第三季電話會議。（操作員指示）

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

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

Thanks, David. Good afternoon and welcome to Intuit’s third quarter fiscal 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 財年第三季電話會議。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. 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 of those documents are available on the Investor Relations page of Intuit’s website at intuit.com. We assume no obligation to update any forward-looking statement.

在我們開始之前，我想提醒大家，我們的評論將包括前瞻性陳述。有許多因素可能導致 Intuit 的表現與我們的預期有重大差異。您可以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找到。我們不承擔更新任何前瞻性聲明的義務。

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

這些評論中的一些數字是以非公認會計準則為基礎呈現的。我們在今天的新聞稿中核對了可比較的 GAAP 和非 GAAP 數字。除非另有說明，否則所有成長率均指當期與去年同期的比較，業務指標及相關成長率均指全球業務指標。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。

And with that, I’ll turn the call over to Sasan.

說完這些，我會把電話轉給薩桑。

Thanks, Kim, and thanks to all of you for joining us today. We delivered an exceptional quarter, with revenue growth of 15% driven by outstanding performance across our platform. As a result, we are raising guidance across all total company metrics, including revenue, operating income, operating margin and earnings per share.

謝謝，金，也謝謝大家今天的參與。我們本季表現出色，得益於整個平台的出色表現，營收成長了 15%。因此，我們提高了所有公司整體指標的預期，包括收入、營業利潤、營業利潤率和每股盈餘。

The strength across the company is driven by our global AI-driven expert platform strategy powering prosperity for consumers, small and mid-market businesses and accountants. Our pace of innovation is accelerating, enabling our virtual team of AI-agents and AI-enabled human experts to redefine what’s possible. We're fueling the financial success of approximately 100 million customers by automating everyday tasks, managing complex workflows and processes, and solving challenges before they arise with predictive insights and taking actions.

整個公司的實力源自於我們全球人工智慧驅動的專家平台策略，該策略為消費者、中小型企業和會計師帶來繁榮。我們的創新步伐正在加快，使我們的人工智慧代理和人工智慧人類專家虛擬團隊能夠重新定義一切可能。我們透過自動化日常任務、管理複雜的工作流程和流程以及透過預測性洞察和採取行動解決出現的問題，為大約 1 億客戶帶來財務成功。

Today, I will focus on three areas: our outstanding tax results, our innovation delivering done-for-you experiences on the business platform and progress in mid-market.

今天，我將重點放在三個領域：我們出色的稅務表現、我們在業務平台上為您提供的個人化體驗的創新以及在中端市場的進展。

Starting with tax, I’m proud of the outstanding results we delivered and the learnings we gained that will help fuel durable growth in the future. We expect Consumer Group revenue to grow 10% this year. This is driven by an expected 24% growth in TurboTax Live customers resulting in 47% growth in TurboTax Live revenue, well above our long-term expectation of 15% to 20% revenue growth.

從稅收開始，我為我們所取得的出色成果和獲得的經驗感到自豪，這將有助於推動未來的持久成長。我們預計今年消費者集團的營收將成長 10%。這是由於 TurboTax Live 客戶數量預計將成長 24%，導致 TurboTax Live 營收成長 47%，遠高於我們長期預期的 15% 至 20% 的營收成長。

With our investment in data, AI and AI-enabled human expertise, we’re disrupting the assisted category with experiences that are resonating with customers across both consumer and business tax. We also made significant progress unlocking a seamless customer experience across TurboTax and Credit Karma, which is expected to deliver a point of Consumer Group revenue growth this year, showcasing the power of our consumer platform.

透過對數據、人工智慧和人工智慧支援的專業知識的投資，我們正在透過與消費者和企業稅務客戶產生共鳴的體驗來顛覆輔助類別。我們也在 TurboTax 和 Credit Karma 之間無縫客戶體驗方面取得了重大進展，預計這將在今年為消費者集團帶來收入成長，展示我們消費者平台的強大實力。

The exceptional results are fueled by strong execution of our strategy to win as an AI-driven expert platform by delivering the best experience, speed to money and best price for customers. This tax season, data and AI powered many elements of our customer experience. Our done-for-you experiences drove a 12% reduction in the average time a customer spent on their return, with more than half of our do-it-yourself and do-it-with-me customers completing their return in under an hour.

這些卓越的成果得益於我們強而有力地執行策略，即透過為客戶提供最佳體驗、快速賺錢和最優惠價格，成為人工智慧驅動的專家平台，從而贏得勝利。在這個納稅季，數據和人工智慧為我們的客戶體驗的許多元素提供了動力。我們的「為您服務」體驗使客戶退貨的平均時間減少了 12%，超過一半的「自己動手做」和「與我一起」的客戶在一小時內完成了退貨。

This includes expanding data-in from over 200 partners to cover 90% of our customers’ most common tax documents, up from 68% last year. Our AI capabilities also helped guide customers to the offering that was right for them, whether filing on their own or having our AI-enabled human experts complete the return for them in as little as two hours.

這包括擴大來自 200 多個合作夥伴的資料輸入，以涵蓋我們客戶 90% 最常見的稅務文件，高於去年的 68%。我們的人工智慧功能還可以幫助引導客戶找到適合他們的產品，無論是他們自己提交申請，還是讓我們的人工智慧人工專家在短短兩小時內為他們完成退貨。

Our data and AI platform capabilities had a profound impact on the productivity of our experts. By doing a lot of the work for them and helping them finish returns quickly and accurately, they spent more time engaging and onboarding customers. For our full-service offering, we saw a double-digit improvement in conversion and an approximate 20% reduction in the amount of time an expert spent preparing a return.

我們的數據和人工智慧平台能力對我們專家的生產力產生了深遠的影響。透過為他們完成大量工作並幫助他們快速準確地完成退貨，他們花費更多時間吸引和引導客戶。對於我們提供的全方位服務，我們看到轉換率提高了兩位數，專家準備退貨所花的時間減少了約 20%。

Our results also demonstrate the incredible opportunity to win as one consumer platform with TurboTax and Credit Karma. Our seamless zero-click login was available to approximately 70% of Credit Karma members this season, up from 5% last season. This drove new customers to TurboTax, with 22% of these customers choosing our Live offerings.

我們的結果也表明，借助 TurboTax 和 Credit Karma，作為一個消費者平台贏得勝利的機會是巨大的。本季度，大約 70% 的 Credit Karma 會員可以使用我們的無縫零點擊登錄，而上季度這一比例僅為 5%。這為 TurboTax 帶來了新客戶，其中 22% 的客戶選擇了我們的 Live 產品。

In addition, we facilitated faster access to more than $12 billion in refunds with our money innovation, including our up to five days early offer and refund advances on our consumer platform. This is the power of our platform at scale. I’m proud of what the team delivered this year. We have new insights, momentum and are well-positioned to disrupt the $35 billion assisted tax category in the years ahead.

此外，我們還透過貨幣創新，加快了超過 120 億美元的退款速度，包括我們在消費者平台上提供最多五天的提前退款優惠和退款預付款。這就是我們平台規模化的力量。我為團隊今年所取得的成績感到自豪。我們擁有新的見解和動力，並已做好準備，在未來幾年顛覆 350 億美元的稅收援助類別。

Let me now turn to the business platform, where we are seeing strong momentum and making progress delivering done-for-you experiences with expertise. Our focus is on automating tasks, end-to-end workflows and entire processes, connecting customers to AI-enabled human experts for that last mile of decisions or to complete the work for them.

現在讓我來談談業務平台，我們看到了強勁的發展勢頭，並在以專業知識為您提供服務體驗方面取得了進展。我們的重點是自動化任務、端到端工作流程和整個流程，將客戶與支援人工智慧的人類專家聯繫起來，以便做出最後一英里的決策或為他們完成工作。

Our done-for-you experiences are resonating with customers, with nearly a quarter of invoicing customers now having used AI-generated invoice reminders since we launched in November. With these capabilities, we're seeing a more than 10% higher payment conversion rate on overdue invoices when customers use AI-generated invoice reminders versus when they don’t. We also saw a 2x increase in QuickBooks Live, connecting customers to AI-enabled human experts.

我們為您服務的體驗引起了客戶的共鳴，自我們 11 月推出以來，近四分之一的開票客戶已經使用了 AI 產生的發票提醒。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時高出 10% 以上。我們還看到 QuickBooks Live 增加了 2 倍，將客戶與支援 AI 的人類專家聯繫起來。

Let’s now shift to the next chapter of great. We are soon launching transformative innovations across our business platform to help our customers achieve success with less effort and complete confidence. To accomplish this, we’ll be introducing a broader set of end-to-end AI agents, including customer, payments, finance, project management and accounting agents, to take the next large step in delivering done-for-you experiences, coupled with insights and recommendations to grow and run a business.

現在讓我們進入偉大的下一章。我們即將在整個業務平台上推出變革性創新，以幫助我們的客戶以更少的努力和完全的信心取得成功。為了實現這一目標，我們將推出更廣泛的端到端 AI 代理，包括客戶、支付、財務、專案管理和會計代理，邁出下一大步，提供為您服務的體驗，並提供發展和營運業務的見解和建議。

Our goal is to solve challenges before they arise with predictive insights, take smart action on our customers’ behalf, and seamlessly connect them to AI-enabled human experts when needed, with customers always in control. This includes AI agents specific to our mid-market offerings, doing the work for businesses and accountants, saving them time, delivering insights, and assisting with decisions to ultimately fuel their growth.

我們的目標是利用預測性洞察在挑戰出現之前解決它們，代表客戶採取明智的行動，並在需要時將他們與人工智慧專家無縫連接，讓客戶始終掌控一切。這包括專門針對我們中端市場產品的人工智慧代理，為企業和會計師工作，節省他們的時間，提供見解，並協助決策，最終推動他們的成長。

We’re building these AI agents to help customers get paid faster, uncover new growth opportunities, and improve productivity by reducing the tedious and repetitive tasks of running a business. We plan to introduce a refreshed end-to-end platform that completes key jobs all in one place, with a virtual team of AI agents doing much of the work side by side with our customers. With these new experiences we are evolving our product line up and pricing for value. This will be introduced in the coming weeks.

我們正在建立這些人工智慧代理，以幫助客戶更快地獲得付款，發現新的成長機會，並透過減少經營企業過程中繁瑣和重複的任務來提高生產力。我們計劃推出一個全新的端到端平台，在一個地方完成所有關鍵工作，並由一個由人工智慧代理組成的虛擬團隊與我們的客戶並肩完成大部分工作。憑藉這些新經驗，我們正在改進我們的產品線和定價。這將在未來幾週內推出。

Turning to mid-market. We continue to make strong progress serving mid-market customers, which represents an $89 billion TAM. We are focused on winning as an AI-driven expert platform to fuel the success of customers with $2.5 million to $100 million in annual revenue with QBO Advanced, Intuit Enterprise Suite, or IES and our ecosystem of connected services.

轉向中端市場。我們在服務中端市場客戶方面持續取得長足進步，該市場的總規模達到 890 億美元。我們致力於成為一個以人工智慧為驅動力的專家平台，透過 QBO Advanced、Intuit Enterprise Suite 或 IES 以及我們的互聯服務生態系統，助力年收入 250 萬至 1 億美元的客戶取得成功。

Businesses and accounting firms are overdigitized. They're paying for too many solutions that don’t talk to each other and they are spending too much time trying to connect the data to understand what's happening in their business without enough benefit. Intuit’s platform is becoming a one-stop shop, where they can see the performance of their entire business in one place, giving them the insights they need to better run their business. This is why mid-market customers across industries including construction, IT services, legal services, management consulting, finance and insurance are choosing Intuit Enterprise Suite.

企業和會計公司都過度數位化。他們為太多無法相互溝通的解決方案付費，並花費太多時間嘗試連接數據以了解業務中發生的事情，但卻沒有足夠的收益。Intuit 的平台正在成為一站式商店，用戶可以在一個地方查看整個業務的表現，從而獲得更好地經營業務所需的洞察力。這就是為什麼建築、IT 服務、法律服務、管理顧問、金融和保險等行業的中階市場客戶都選擇 Intuit Enterprise Suite 的原因。

We recently signed a deal with an 18-entity title company. As the company outgrew QuickBooks, it switched to a larger competitive ERP solution. However, just two months after migrating, the company returned to Intuit to use Intuit Enterprise Suite, despite already making a significant investment in their new ERP solution. The company found value in what IES delivers, including its seamless integration with apps the company was previously using, and the consolidated reporting and other multi-entity features the company needed. All in one place, without unnecessary complexity.

我們最近與一家擁有 18 個實體的產權公司簽署了一項協議。隨著公司的發展，QuickBooks 不再能滿足需求，公司轉而採用更具競爭力的 ERP 解決方案。然而，在遷移僅兩個月後，儘管該公司已對新的 ERP 解決方案進行了大量投資，但還是回到了 Intuit 使用 Intuit Enterprise Suite。該公司發現 IES 所提供的服務很有價值，包括與公司之前使用的應用程式的無縫集成，以及公司所需的合併報告和其他多實體功能。所有內容都集中在一個地方，沒有不必要的複雜性。

In addition, being able to add Mailchimp marketing capabilities strengthened the overall value proposition of Intuit Enterprise Suite for this customer. We are accelerating progress delivering innovation on IES through quarterly product releases, which we believe will help us more effectively penetrate a larger portion of our TAM and better serve customers across a variety of verticals.

此外，添加 Mailchimp 行銷功能增強了 Intuit Enterprise Suite 對該客戶的整體價值主張。我們正在透過每季發布產品來加速 IES 創新的進程，我們相信這將幫助我們更有效地滲透到更大的 TAM 中，並更好地服務於各個垂直領域的客戶。

Our March product release added features to further accelerate how our customers manage their growth and profitability. These include new multi-entity expense allocation capabilities that reduce manual work by simplifying transaction management between entities; a new multi-entity hub where customers can easily monitor KPIs such as sales, expenses, and profits across entities all in one place, enabling them to make faster decisions and new dimensional P&L tools that help customers build more robust forecasts that help unlock more in-depth analysis and better decision-making.

我們三月發布的產品增加了一些功能，以進一步加速我們的客戶管理其成長和獲利能力的方式。其中包括新的多實體費用分配功能，透過簡化實體之間的交易管理來減少手動工作；一個新的多實體中心，客戶可以在一個地方輕鬆監控各個實體的銷售額、費用和利潤等關鍵績效指標 (KPI)，使他們能夠做出更快的決策，並使用新的維度損益工具幫助客戶建立更穩健的預測，從而幫助進行更深入的分析和更好的決策。

We’re also strengthening our partnership with the largest accounting firms as we evolve our go-to-market strategy. I’ve been meeting with many of these accounting firms and see first-hand the growing excitement in Intuit Enterprise Suite. The offering is helping accountants serve their business customers more efficiently, and helping them grow their practice, profitably. We are partnering with them to serve mid-market customers and are invested in their success. As a result, accountants have driven approximately 15% of all Intuit Enterprise Suitedeals.

隨著我們行銷策略的不斷演變，我們也在加強與最大會計師事務所的合作夥伴關係。我曾與許多這樣的會計師事務所會面，親眼目睹了人們對 Intuit Enterprise Suite 日益增長的興趣。該產品可幫助會計師更有效率地服務其商業客戶，並幫助他們擴大業務並實現盈利。我們與他們合作，為中端市場客戶提供服務，並為他們的成功進行投資。因此，會計師推動了約 15% 的 Intuit Enterprise Suite 交易。

Wrapping up, I'm proud of the momentum in our business and the grit of our team, and more importantly, the inspiration we get every day from all the customers we serve. This quarter, we were recognized by Fortune as one of America's Most Innovative Companies. And with our culture of builders, igniting innovation, we are well-positioned to win as an end-to-end platform.

總而言之，我為我們業務的發展勢頭和團隊的勇氣感到自豪，更重要的是，我們每天從所有服務的客戶那裡獲得的靈感。本季度，我們被《財星》雜誌評為美國最具創新力的公司之一。憑藉我們的建設者文化和激發創新的理念，我們完全有能力作為端到端平台贏得勝利。

Now, let me hand it over to Sandeep.

現在，讓我把它交給 Sandeep。

Thanks, Sasan. We delivered a strong third quarter of fiscal 2025 across the company. Our third-quarter results include revenue of $7.8 billion, up 15%. GAAP operating income of $3.7 billion, up 20%. Non-GAAP operating income of $4.3 billion, up 17%. GAAP diluted earnings per share of $10.02, up 19%. And non-GAAP diluted earnings per share of $11.65, up 18%.

謝謝，薩桑。我們整個公司在 2025 財年第三季表現強勁。我們的第三季業績包括營收 78 億美元，成長 15%。GAAP 營業收入為 37 億美元，成長 20%。非公認會計準則營業收入 43 億美元，成長 17%。以美國通用會計準則計算，每股攤薄收益 10.02 美元，成長 19%。非公認會計準則每股攤薄收益為 11.65 美元，成長 18%。

Now, turning to our business segment. Consumer Group revenue of $4.0 billion grew 11% in Q3, and we expect it to grow approximately 10% this year. This outstanding tax performance reflects strong execution against our strategy to win as an AI-driven expert platform by delivering the best experience, speed to money and best price for customers.

現在，轉向我們的業務部門。消費者集團營收為 40 億美元，第三季成長 11%，我們預計今年將成長約 10%。這項出色的稅務表現反映了我們強有力的執行策略，即透過為客戶提供最佳體驗、快速賺錢和最優惠價格，成為人工智慧驅動的專家平台，從而贏得勝利。

We made significant progress against our strategic priorities of disrupting the assisted category and winning in the DIY category. This year we expect TurboTax Live customers to grow 24% and revenue to grow 47%, accelerating 13 points and 30 points, respectively. Our outstanding results reflect success with AI-enabled personalized experiences that guide customers to the offering right for them, and strong customer growth in our full-service consumer and business tax offerings outpacing overall TurboTax Live growth.

我們在打破輔助類別、贏得DIY類別的策略重點上取得了重大進展。今年我們預計 TurboTax Live 客戶數量將成長 24%，營收將成長 47%，分別加速 13 個百分點和 30 個百分點。我們出色的業績反映了人工智慧支援的個人化體驗的成功，這些體驗可以引導客戶找到適合他們的產品，並且我們的全方位消費者和商業稅務產品的客戶增長強勁，超過了 TurboTax Live 的整體成長。

Our limited time free mobile app offer resonated and brought new customers into the franchise, many of whom opted for our beneficial paid services. We expect online paying units to grow 6% this year on share gains from higher ARPR filers. We saw strong monetization across simple and complex filers, driving an expected 13% increase in average revenue per return or ARPR as more customers chose our assisted offerings and faster access to refunds.

我們限時提供的免費行動應用程式引起了共鳴，並為該特許經營店帶來了新客戶，其中許多人選擇了我們有益的付費服務。我們預計，由於 ARPR 申報者份額增加，今年線上支付單位數將增加 6%。我們看到簡單和複雜申報器都實現了強勁的貨幣化，隨著更多客戶選擇我們的輔助產品和更快獲得退款，預計每份申報表的平均收入或 ARPR 將增長 13%。

We expect pay-nothing customers of approximately 8 million, down from over 10 million last fiscal year. This reduction is a result of optimizing marketing ROI and shifting our focus towards disrupting assisted tax, which resulted in yielding share with lower quality ARPR customers as anticipated. We expect online TurboTax units to decline approximately 1% this fiscal year, and our share of total returns to decline approximately 1 point.

我們預計免費客戶數約 800 萬，低於上財年的 1,000 多萬。這一減少是由於優化行銷投資回報率並將我們的重點轉向破壞輔助稅，這導致了預期的低品質 ARPR 客戶的收益份額下降。我們預計本財年線上 TurboTax 單位數量將下降約 1%，而我們的總回報份額將下降約 1 個百分點。

In summary, I’m incredibly proud of our performance this season, particularly the progress we made transforming assisted and the 47% growth we expect in TurboTax Live revenue, representing approximately 40% of Consumer Group revenue. We see a long runway ahead for growth.

總而言之，我對我們本季的表現感到無比自豪，特別是我們在輔助轉型方面取得的進展以及 TurboTax Live 收入預計增長 47%，約佔消費者集團收入的 40%。我們看到未來還有很長的成長路要走。

Turning to the ProTax Group. Revenue grew 9% in Q3. For the full year, we expect ProTax Group revenue growth of 3% to 4%. Based on our strong performance in tax this season, we are raising our guidance for fiscal 2025 revenue growth for Consumer Group to 10% from 7% to 8% previously. I’m proud of the progress we made this season, and the learnings we gained, which reinforce our confidence in the future.

轉向 ProTax 集團。第三季營收成長9%。我們預計 ProTax 集團全年營收將成長 3% 至 4%。基於我們本季在稅收方面的強勁表現，我們將消費者集團 2025 財年收入成長預期從先前的 7% 至 8% 上調至 10%。我為我們本賽季所取得的進步和獲得的經驗感到自豪，這增強了我們對未來的信心。

Moving on to our business platform. Global Business Solutions Group revenue grew 19% during Q3, driven by Online Ecosystem revenue growth of 20% or 24% excluding Mailchimp. This momentum in our online ecosystem demonstrates 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. Our robust growth was largely consistent with prior quarters and broad-based across online accounting and online services.

繼續我們的業務平台。全球商業解決方案集團營收在第三季成長了 19%，這得益於線上生態系統收入成長了 20%（不包括 Mailchimp 則成長了 24%）。我們的線上生態系統的這種勢頭證明了我們的業務平台的強大功能以及我們提供的產品在客戶尋求發展業務和改善現金流時的關鍵任務性質。我們的強勁成長與前幾季基本一致，並且廣泛涵蓋線上會計和線上服務。

QuickBooks Online Accounting revenue grew 21% in Q3, driven by higher effective prices, customer growth and mix-shift. We continue to prioritize disrupting the mid-market, through ongoing focus on both go-to-market motions and product innovations, which we expect to continue to drive strong ARPC growth.

受有效價格上漲、客戶成長和組合轉變的推動，QuickBooks 線上會計收入在第三季成長了 21%。我們持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，我們預期這將持續推動 ARPC 的強勁成長。

Online Services revenue grew 18% in Q3 or 29% excluding Mailchimp. Growth in Q3 was driven by Money, which includes payments, capital and bill pay as well as payroll. Within Money, revenue growth in the quarter reflects payments revenue growth, which was driven by customer growth, an increase in total payment volume per customer and higher effective prices, as well as QuickBooks Capital revenue growth.

第三季線上服務營收成長 18%，不包括 Mailchimp 則成長 29%。第三季的成長由資金驅動，其中包括支付、資本和帳單支付以及工資單。在 Money 業務方面，本季營收成長反映了支付收入的成長，這得益於客戶成長、每位客戶的總支付量增加和更高的有效價格，以及 QuickBooks Capital 收入的成長。

Total online payment volume growth in Q3 was 18% or 20% excluding the leap day last year, representing an acceleration from Q2. Within Payroll, revenue growth in the quarter reflects customer growth, mix-shift and higher effective prices. Within Mailchimp, revenue was relatively flat versus a year ago. As we’ve shared previously, we expect it to take several quarters to deliver improved outcomes at scale.

第三季網路支付總額成長 18%，去年扣除閏日後成長 20%，較第二季加速。在薪資方面，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。Mailchimp 的營收與一年前相比基本持平。正如我們之前所分享的，我們預計需要幾個季度才能大規模地實現改善的結果。

In addition to ensuring the Mailchimp offering resonates with our core small business customers, we continue to make progress with mid-market customers where we can deliver the platform benefit, such as the IES customer Sasan cited earlier that is also using Mailchimp. We remain confident in and are executing on our vision of an end-to-end business platform that integrates the power of Mailchimp and QuickBooks services, enabling our customers to both run and grow their business, all in one place.

除了確保 Mailchimp 的產品能引起我們核心小型企業客戶的共鳴之外，我們還將繼續與中型市場客戶合作，為這些客戶帶來平台優勢，例如先前提到的 IES 客戶 Sasan 也在使用 Mailchimp。我們對我們的願景充滿信心，並正在努力實現這一目標：建立一個端到端的業務平台，整合 Mailchimp 和 QuickBooks 服務的強大功能，使我們的客戶能夠在一個地方運作和發展他們的業務。

As we’ve shared previously, we win as a platform. Our Online Ecosystem revenue growth reflects the progress we are making with our strategy of serving both small and mid-market businesses with more complex needs. This represents an addressable market of over $180 billion, roughly half of which is mid-market. In Q3, Online Ecosystem revenue grew 20%, including approximately 40% growth in Online Ecosystem revenue for QBO Advanced and Intuit Enterprise Suite that serves mid-market.

正如我們之前所分享的，我們作為一個平台獲得了勝利。我們的線上生態系統收入成長反映了我們在服務具有更複雜需求的中小型企業的策略方面所取得的進展。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。第三季度，線上生態系統收入成長了 20%，其中服務於中階市場的 QBO Advanced 和 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 17%. We are excited about our progress in serving mid-market customers while continuing to focus on smaller businesses. Looking ahead, we expect Online Ecosystem revenue growth to accelerate to approximately 21% in Q4, and to grow approximately 20% in fiscal 2025.

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 17%。我們很高興在服務中型市場客戶的同時繼續專注於小型企業，並取得了進展。展望未來，我們預計線上生態系統營收成長將在第四季度加速至約 21%，並在 2025 財年成長約 20%。

Turning to desktop. During Q3, Desktop Ecosystem revenue grew 18%, and QuickBooks Desktop Enterprise revenue grew in the high twenties. 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. We expect Desktop Ecosystem revenue to grow in the mid-single digits in fiscal 2025.

轉向桌面。第三季度，桌上型生態系統營收成長了 18%，QuickBooks Desktop Enterprise 營收成長了 20% 以上。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更，包括更頻繁的產品更新。我們預計 2025 財年桌面生態系統營收將達到中等個位數成長。

Based on our strong progress throughout the year, we now expect GBSG revenue in the upper band of our previous guidance, representing 16% revenue growth for fiscal 2025. This guidance reflects more than 1 point of headwind from lower Mailchimp revenue growth than we anticipated at the start of the fiscal year. Excluding Mailchimp, we are seeing strong performance across the rest of our business platform.

基於我們全年的強勁進展，我們現在預計 GBSG 營收將達到我們先前指引的上限，相當於 2025 財年營收成長 16%。該指引反映出 Mailchimp 營收成長低於我們在本財年初所預期的 1 個百分點以上的阻力。除 Mailchimp 外，我們其餘業務平台的表現都十分強勁。

Moving to Credit Karma. Credit Karma revenue grew 31% in Q3, reflecting strength in credit cards, personal loans and auto insurance. On a product basis, credit cards accounted for 14 points of growth, personal loans accounted for 12 points and auto insurance accounted for 3 points. As a reminder, in Q3 we began lapping the strong growth in auto insurance that began a year ago.

轉向 Credit Karma。Credit Karma 第三季營收成長 31%，反映出信用卡、個人貸款和汽車保險的強勁表現。從產品來看，信用卡成長14個百分點，個人貸款成長12個百分點，汽車保險成長3個百分點。提醒一下，從第三季開始，我們就開始延續一年前汽車保險的強勁成長動能。

As Sasan mentioned earlier, we expect Credit Karma to drive a point of Consumer Group revenue growth this fiscal year, as we execute on our vision of one consumer platform with a seamless customer experience across TurboTax and Credit Karma. Based on our continued strong momentum in Credit Karma, we are raising our guidance for fiscal 2025 revenue growth to 28% from 5% to 8% previously. In summary, I’m pleased with our momentum this fiscal year and our opportunities ahead.

正如 Sasan 之前提到的，我們預計 Credit Karma 將在本財年推動消費者集團收入的成長，因為我們實現了一個消費者平台的願景，即在 TurboTax 和 Credit Karma 之間實現無縫的客戶體驗。基於 Credit Karma 持續強勁的發展勢頭，我們將 2025 財年營收成長預期從先前的 5% 至 8% 上調至 28%。總而言之，我對本財年的發展動能和未來的機會感到滿意。

Shifting to our balance sheet and capital allocation. Our financial principles guide our decisions, they remain our long-term commitment and are unchanged. We finished the quarter with approximately $6.2 billion in cash and investments and $6.4 billion in debt on our balance sheet. We repurchased $754 million of stock during the third 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 July 18, 2025. This represents a 16% increase per share versus last year.

轉向我們的資產負債表和資本配置。我們的財務原則指導著我們的決策，它們仍然是我們的長期承諾，並且不會改變。本季結束時，我們的資產負債表上有約 62 億美元的現金和投資以及 64 億美元的債務。我們在第三季回購了價值 7.54 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，以抵消三年內基於股票的薪酬所造成的稀釋。董事會批准每股 1.04 美元的季度股息，於 2025 年 7 月 18 日支付。這意味著每股收益較去年同期上漲了 16%。

Moving on to guidance. We are increasing our fiscal 2025 total revenue, operating income, implied operating margin and earnings per share guidance. This includes the revenue growth of 15%, up from prior guidance of 12% to 13% growth. GAAP operating income growth of 35%, up from prior guidance of 28% to 30% growth and reflecting 390 basis points of margin expansion versus prior year.

繼續指導。我們正在提高 2025 財年的總收入、營業收入、隱含營業利潤率和每股盈餘預期。這包括 15% 的收入成長，高於先前預測的 12% 至 13% 的成長。以 GAAP 計算，營業收入成長 35%，高於先前預期的 28% 至 30%，利潤率較上年增長 390 個基點。

Non-GAAP operating income growth of 18%, up from prior guidance of 13% to 14% growth and reflecting 100 basis points of margin expansion versus prior year. GAAP diluted earnings per share growth of 26% to 27%, up from prior guidance of 18% to 20% growth. And non-GAAP diluted earnings per share growth of 18% to 19%, up from prior guidance of 13% to 14% growth. Our guidance for the fourth quarter of fiscal 2025 includes total company revenue growth of 17% to 18%. GAAP earnings per share of $0.84 to $0.89 and non-GAAP earnings per share of $2.63 to $2.68.

非公認會計準則營業收入成長 18%，高於先前預期的 13% 至 14%，利潤率較上年增長 100 個基點。以美國通用會計準則 (GAAP) 計算，每股稀釋收益將成長 26% 至 27%，高於先前預期的 18% 至 20% 的成長。非公認會計準則每股攤薄收益成長 18% 至 19%，高於先前預期的 13% 至 14% 的成長。我們對 2025 財年第四季的預期包括公司總營收成長 17% 至 18%。GAAP 每股收益為 0.84 美元至 0.89 美元，非 GAAP 每股收益為 2.63 美元至 2.68 美元。

We continue to leverage AI to operate more efficiently and increase productivity across the company. The impact we are seeing from implementing AI capabilities across our platform bolsters our confidence in our ability to continue to grow operating income faster than revenue, including the 100 basis point margin improvement we expect this fiscal year, while investing in growth. You can find our full fiscal 2025 and Q4 guidance details in our press release and on our fact sheet.

我們將繼續利用人工智慧來提高整個公司的營運效率和生產力。我們在整個平台上實施人工智慧功能所看到的影響增強了我們的信心，我們有能力繼續實現營業收入比收入更快的成長，包括我們預計本財年利潤率將提高 100 個基點，同時投資於成長。您可以在我們的新聞稿和情況說明書中找到我們 2025 財年和第四季度的完整指導詳情。

Before I close, I want to share my thoughts on the uncertain macro environment. We are consistently hearing from customers the mission-critical nature of our offerings is helping them grow their business, make better decisions and improve cash flow. With the breadth of our platform, diversity of our customer base, and the insights we gain from our data, we are confident in our ability to manage through uncertainty.

在結束之前，我想分享一下我對不確定的宏觀環境的看法。我們不斷聽到客戶說，我們提供的產品的關鍵任務性質正在幫助他們發展業務、做出更好的決策並改善現金流。憑藉我們平台的廣度、客戶群的多樣性以及從數據中獲得的洞察力，我們有信心應對不確定性。

I’m proud of the strong growth we’re delivering this fiscal year. Our progress using AI across our platform gives us further confidence in our ability to grow our revenue and operate more efficiently over time, enabling us to invest in growth while continuing to expand margins in fiscal 2025 and beyond.

我對我們本財年實現的強勁成長感到自豪。我們在整個平台上使用人工智慧的進展使我們對增加收入和隨著時間的推移更有效率的營運能力更加有信心，使我們能夠投資於成長，同時在 2025 財年及以後繼續擴大利潤率。

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

說完這些，我會把話題交還給 Sasan。

Thanks, Sandeep. Intuit is on its way to becoming a one-stop shop powering the prosperity of consumers, businesses and accountants with our AI-driven expert platform, delivering done-for-you experiences. Given our early bet on AI and the significant investments we’ve made in the last decade in data, AI, and AI-enabled human expertise, we are positioned extremely well to fuel our customers’ growth and save them money. We see an incredible opportunity ahead to further penetrate our massive $300 billion total addressable market and particularly to accelerate serving small and mid-market businesses.

謝謝，桑迪普。Intuit 正在成為一站式商店，利用我們的人工智慧驅動的專家平台為消費者、企業和會計師的繁榮提供動力，為您提供個人化體驗。鑑於我們早期對人工智慧的押注以及過去十年在數據、人工智慧和人工智慧支援的人類專業知識方面所做的大量投資，我們完全有能力推動客戶的成長並為他們節省資金。我們看到了進一步滲透我們龐大的 3000 億美元總目標市場，特別是加速服務中小型企業的絕佳機會。

With that context, we are doubling down on our focus on the three most critical areas in the Global Business Solutions Group, including small business, mid-market and services which include money and workforce solutions. Going forward, each of these areas will be led by a proven leader reporting directly to me.

在此背景下，我們加倍關注全球商業解決方案集團的三個最關鍵領域，包括小型企業、中型市場以及包括資金和勞動力解決方案在內的服務。展望未來，上述每個領域都將由一位經驗豐富的領導者領導，並直接向我報告。

Marianna Tessel has done an incredible job setting us up to win as an end-to-end platform, and going forward she will lead Small Business, which includes our QuickBooks and Mailchimp businesses. Ashley Still will lead Mid-Market. She joins us from Adobe, where she held senior leadership roles for more than 10 years. During her tenure, she grew Document Cloud into Adobe’s second largest business. Most recently she led the Creative Cloud business to $13 billion in revenue growing double digits, and serving a range of customers from individual creators to large businesses.

瑪麗安娜·泰塞爾 (Marianna Tessel) 為我們打造端到端平台做出了巨大貢獻，未來她將領導小型企業業務，包括我們的 QuickBooks 和 Mailchimp 業務。Ashley Still 將領導中型市場。在加入我們之前，她曾在 Adob​​e 擔任高階領導職務超過 10 年。在任職期間，她將 Document Cloud 發展成為 Adob​​e 的第二大業務。最近，她帶領 Creative Cloud 業務實現了 130 億美元的收入，成長了兩位數，並為從個人創作者到大型企業的眾多客戶提供服務。

David Hahn is a strong leader with decades of experience leading business and product teams at scale. Over the past 18 months, under his leadership, we have brought to market critical innovation for our customers across our Money offerings, delivering nearly 40% online revenue growth year-to-date. Moving forward, David will lead Services consisting of money and workforce solutions, serving both small and mid-market businesses.

David Hahn 是一位強大的領導者，擁有數十年領導大規模業務和產品團隊的經驗。在過去的 18 個月裡，在他的領導下，我們透過金融產品為客戶帶來了關鍵的創新，年初至今的線上收入成長了近 40%。展望未來，David 將領導由資金和勞動力解決方案組成的服務部門，為中小型企業提供服務。

Together, they remain part of our Global Business Solutions Group reporting segment. These changes will drive increased focus and velocity on our biggest growth opportunities to help us accelerate winning as a business platform.

它們共同構成了我們全球商業解決方案集團報告部門的一部分。這些變化將推動我們更加關注並加快實現最大的成長機會，以幫助我們加速作為商業平台的成功。

Wrapping up, we have exceptional momentum across the company. Our platform is increasingly becoming more mission-critical than ever to our customers. We are confident in our long-term growth strategy, including double-digit revenue growth and operating income growing faster than revenue and we have a long runway ahead of us.

總而言之，我們整個公司都呈現出非凡的發展動能。我們的平台對於我們的客戶來說正變得比以往任何時候都更加重要。我們對我們的長期成長策略充滿信心，包括兩位數的收入成長和營業收入成長快於收入的成長，我們還有很長的路要走。

Now, let’s now open it up to your questions.

現在，讓我們來回答你們的問題。

(Operator Instructions)

（操作員指示）

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

Thank you and congratulations, it's a great quarter, Sasan, I think, outstanding consumer tax business. So my question is, of course, last two years, you delivered sub-8% growth, now double-digit growth, and even the Live revenue, 47%. And if I heard correctly, full service even outpaced that. So what have you learned this year in your strategy? And how sustainable is this, given that you barely penetrated in the assisted category to further drive this kind of double-digit growth?

謝謝並祝賀你，這是一個很棒的季度，Sasan，我認為，消費稅業務非常出色。所以我的問題是，當然，過去兩年，你們實現了低於 8% 的成長率，現在實現了兩位數的成長，甚至直播收入也達到了 47%。如果我沒聽錯的話，全方位服務甚至比這還要快。那麼今年您在策略上學到什麼了？考慮到你們在輔助類別中的滲透率很低，能夠進一步推動這兩位數的成長，這種成長有多可持續？

Thank you, Siti. First of all, I want to just commend our team across the entire company with the grit and the focus to deliver for our customers. Siti, I would just say a lot of things works. Really, the focus that we had was to win on experience, to win on price and to win on fastest access to money. And the investments that we've been making on the platform, where data, AI agents and AI-powered human experts can do the work for our customers really knock the ball out of the park.

謝謝你，Siti。首先，我要讚揚我們整個公司的團隊，他們有勇氣並專注於為客戶提供服務。Siti，我只想說很多事情都是可行的。實際上，我們的重點是贏得經驗、贏得價格、贏得最快獲取資金的機會。我們一直在平台上進行投資，在這個平台上，由數據、人工智慧代理和人工智慧驅動的人類專家可以為我們的客戶完成工作，這確實讓我們取得了巨大的成功。

Our conversion was up double digits as you heard from Sandeep and I. Full service consumer and business tax at outsized growth. Credit Karma contributed to 1 point of growth based on all of the seamless experience improvements that we made, and over 20% of those customers were TurboTax Live customers. And a lot of the work that we did in our go-to-market in terms of how we shaped the category, how we showed up on air, how we showed up digitally, how we showed up locally.

正如您從 Sandeep 和我那裡聽到的，我們的轉換率上升了兩位數。全方位服務的消費者和商業稅實現了超額成長。Credit Karma 透過我們所做的所有無縫體驗改進貢獻了 1 個成長點，其中超過 20% 的客戶是 TurboTax Live 客戶。我們在市場推廣過程中做了很多工作，包括如何塑造產品類別、如何在電視上展示、如何在數位媒體上展示、如何在當地展示。

And as you saw this year in the IRS data, assisted actually grew faster than DIY and we had a hand in that. So I feel very good about our progress. It was truly a breakthrough adoption year that we've been waiting for. And we're really excited about the future not just because of our results but because actually of what didn't work. There's a lot of work that we did that created a lot of traffic from prior assisted customers. But there's a lot we learned where there was still a lot of friction in their experience.

正如您今年在美國國稅局的數據中看到的那樣，輔助的成長速度實際上比 DIY 更快，而我們也參與其中。所以我對我們的進展感到非常滿意。這確實是我們期待已久的突破性採用之年。我們對未來感到非常興奮，不僅因為我們的成果，還因為我們實際上沒有做到什麼。我們做了很多工作，從之前幫助過的客戶那裡獲得了大量流量。但我們了解到，他們的經驗中仍然存在著許多摩擦。

To use an example, when you Google a tax pro near me and we showed up, you ended up following on a landing page. And the first thing you had to do was authenticate. Well, the first thing you need to do is connect to an expert. And so those are -- that's just an illustrative example where although we improved the experience in a superior way compared to last year, there's still so much that we can do to make the end-to-end experience seamless. And that's what gives us a lot of confidence looking ahead and the sustainability of what's possible when we think about the Consumer Group performance.

舉個例子，當你在 Google 上搜尋「我附近的稅務專家」時，我們出現了，你最終會在登陸頁面上關注我們。您要做的第一件事就是進行身份驗證。嗯，您需要做的第一件事就是聯繫專家。所以這些只是一個例子，儘管與去年相比，我們以一種更優越的方式改善了體驗，但我們仍然可以做很多事情來使端到端體驗無縫銜接。當我們考慮消費者集團的表現時，這給了我們很大的信心去展望未來，並相信未來的可持續性。

That's great. Thank you, Sasan.

那太棒了。謝謝你，薩桑。

Yeah, you're very welcome.

是的，不用客氣。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

Thank you so much And congrats again on a spectacular end to tax season and guide for the full year. I want to follow up on Siti's question and specifically drill into the 47% growth in live and full service. Just well exceeded our expectations and seems to really validate your disruptive assisted strategy.

非常感謝您，並再次祝賀納稅季節圓滿結束並為全年提供指導。我想跟進 Siti 的問題，並特別深入探討現場和全方位服務 47% 的成長。遠遠超出了我們的預期，似乎真正驗證了您的顛覆性輔助策略。

Can you maybe further unpack the performance just to understand what really drove this, and maybe within that, the TurboTax offices and local strategy? And maybe where you might be constructively dissatisfied and what remains an opportunity for the seasons ahead? Thank you.

您能否進一步剖析業績表現，以了解真正推動這項績效的因素，以及其中的 TurboTax 辦公室和本地策略？也許您可能會對哪些方面感到不滿意，而未來幾年還有哪些機會？謝謝。

Yeah, Brad, first of all, thank you for your kind words and your question. I would really put it in the bucket of three things. One, typically customers that we may have lost in the past because there was a life change. They bought a home or they sold more stock and they just felt like, I'm not sure I can do my taxes this year. We just did a lot of work to make sure that our own customers actually are aware that our platform now comes with experts, whether you just want holding hands, or you want somebody to do it for you. So we saw adoption within our base.

是的，布拉德，首先，感謝您的善意和提問。我確實會把它放在三件事的範疇內。第一，通常是那些我們過去可能因為生活改變而失去的客戶。他們買了房子或賣掉了更多的股票，他們只是覺得，我不確定今年我能否繳稅。我們做了很多工作來確保我們自己的客戶確實知道我們的平台現在配備了專家，無論您只是需要牽手，還是需要有人為您做這件事。因此，我們在我們的基地內看到了採用情況。

I think the second thing I would just say is we saw breakthrough adoption of new customers in full service across both, by the way, consumer and business. We see business tax as a massive opportunity along with consumer tax. So that really, we saw outsized growth and impact this year.

我想說的第二件事是，我們看到消費者和企業對全方位服務的採用取得了突破性進展。我們認為營業稅與消費稅一樣，都是一個巨大的機會。所以，我們今年確實看到了巨大的成長和影響。

To answer your question of what we're constructively dissatisfied with, there's two sides of a coin. A lot of what we did in our go-to-market campaign to bring interest from those that last year had somebody else do their taxes for them, it worked. We saw unprecedented traffic. But as I mentioned in answering Siti's question, it was very basic things that we learned. Although we significantly improved the platforms, so once you've got to us, you immediately got engaged with an expert.

要回答你關於「我們對什麼感到建設性不滿」的問題，事情總有兩面性。我們在市場推廣活動中採取的許多措施都是為了引起那些去年請別人代為報稅的人的興趣，而這些措施都奏效了。我們看到了前所未有的交通。但正如我在回答 Siti 的問題時提到的那樣，我們學到的都是非常基本的東西。儘管我們對平台進行了重大改進，但一旦您聯繫我們，您就會立即與專家聯繫。

Where we have room to improve is if you did a search or if you saw that we have a local office, the first thing you needed to do is to authenticate. And these prior year assisted customers, they're not used to the first thing they need to do is authenticate. That's a software approach versus a service-led approach. So that's an example, but it's a big example of where we saw a lot of falloff this year.

我們有改進空間的地方是，如果您進行了搜索或發現我們在當地有辦事處，您需要做的第一件事就是進行身份驗證。而這些前幾年協助過的客戶，他們不習慣做的第一件事就是進行身分驗證。這是一種軟體方法，而非服務主導的方法。這是一個例子，但它是一個很大的例子，表明我們今年看到了很多下滑。

And we know exactly what we need to do to improve that experience, which actually, by the way, started improving it towards the end of tax season. But that's an area where we're constructively dissatisfied and an area that gives us a lot of, I would say, inspiration in terms of what's possible as we look ahead.

我們清楚地知道需要做什麼來改善這種體驗，實際上，我們在納稅季節快結束時就開始改善這種體驗了。但這是我們感到建設性不滿的一個領域，我想說，這個領域給了我們很多啟發，讓我們知道展望未來會發生什麼。

Fantastic. That was really helpful. Thanks again.

極好的。這真的很有幫助。再次感謝。

Yeah, thank you, Brad.

是的，謝謝你，布拉德。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

Congrats to Mr. Zelnick for the constructively dissatisfied. I'm going to have to take that one and use it for other questions. But Sasan, I'm going to ask you the AI question, and I'm going to ask it two ways. First, maybe just clarify the launch around these new agentic offerings, the opportunity set that this brings you into what kind of pricing model you're contemplating? Is there a broader pricing opportunity that you now have on the Small Business Solutions segment?

祝賀澤爾尼克先生的建設性不滿。我將利用這個答案來回答其他問題。但 Sasan，我要問你一個關於人工智慧的問題，而且我要用兩種方式來問。首先，也許只是澄清一下圍繞這些新代理產品的推出，這給您帶來的機會是什麼樣的定價模式？您現在在小型企業解決方案領域是否有更廣泛的定價機會？

And on the OpEx side, how persistent is the current level of headcount? Because to some extent, you're starting to reap the benefits of AI from an efficiency gain perspective. So maybe just walk through how that helps you then the curve on OpEx going forward from here.

在營運支出方面，目前的員工人數水準有多持久？因為從某種程度上來說，你開始從效率提升的角度獲得人工智慧帶來的好處。因此，也許只需介紹一下這將如何幫助您，然後從現在開始逐步提高營運支出的曲線。

Sure. I'll get us started, and we'll just invite Sandeep if he wants to add anything. Great set of questions. First of all, the launch that I alluded to is a really big deal. And what we're about to launch is extremely hard because in essence, what we are launching is the next step in creating a one-stop shop where we do the work for our customers. And what we are launching is a set of AI agents and AI-enabled human experts that are doing the work for customers.

當然。我先開始，如果 Sandeep 想補充什麼的話，我們就會邀請他。很棒的一組問題。首先，我提到的發布是一件非常重要的事情。我們即將推出的產品極其困難，因為從本質上講，我們推出的產品是創建一站式服務中心的下一步，我們可以在那裡為客戶完成工作。我們正在推出一系列人工智慧代理和人工智慧人類專家來為客戶工作。

Very specifically, we are launching a customer AI agent, a payment AI agent, a project management AI agent, an accounting AI agent. And what's remarkable about the work that the team has done is that these agents talk to each other. That is not an easy thing to pull off. And so what that will do for the customer is the customer agent, for instance, will be able to go into a customer's e-mail and decipher the hot leads for them and create a pipeline for them and help them manage those customers through the selling cycle.

具體來說，我們正在推出客戶 AI 代理、支付 AI 代理、專案管理 AI 代理、會計 AI 代理。該團隊所做工作的非凡之處在於這些代理商可以相互交流。這並不是一件容易的事。因此，這對客戶的作用是，客戶代理將能夠進入客戶的電子郵件並為他們解讀熱門線索，為他們創建管道，並幫助他們在整個銷售週期中管理這些客戶。

The payments agent actually focuses on cash flow and will optimize money in and money out. What does that mean? The payments agent will do things like ensure that the customer has access to a line of credit or instant deposit or go remind customers that invoices are due, or will create an estimate invoice and get the customer paid. The agents will do the work for the customer. But the agent also knows how far it can go, and it will interact with a human expert.

支付代理實際上關注的是現金流，並將優化資金流入和流出。這意味著什麼？付款代理將執行的操作包括確保客戶能夠獲得信用額度或即時存款，或提醒客戶發票到期，或建立估算發票並向客戶付款。代理商將為客戶完成工作。但代理也知道它能走多遠，並且它會與人類專家互動。

So for instance, on the accounting agent, where it does a lot of the categorization for the customer, that agent has the ability to engage a human expert to ask follow-up questions so they know what to categorize certain things correctly. So that machine learns and next time, it knows how to categorize something that was vague appropriately going forward.

舉例來說，在會計代理商中，它會為客戶進行大量的分類，該代理商有能力聘請人類專家來詢問後續問題，以便他們知道如何正確地對某些事物進行分類。這樣，機器學習後，它就知道如何對模糊的事物進行適當的分類。

So the net-net, if you pull back, this is in context of what we declared more than a year ago. And it's the next phase of now done-for-you where we can do the work for our customers, which gets to the second point, and that is that the work -- the team has been hard at work in terms of the benefit orientation of and the impact and the ROI of what we are launching and evolving our lineup with not only the benefits of what you get based on what you pick and what AI agents you get based on what SKU that you're in, but also pricing that for value.

因此，如果你回顧一下，你會發現，這與我們一年多前宣布的內容是一致的。現在是為您完成的下一階段，我們可以為客戶開展工作，這涉及到第二點，那就是工作 - 團隊一直在努力工作，以利益為導向，影響和投資回報率，我們正在推出和發展我們的產品線，不僅包括您根據您選擇的產品和根據您所在的 SKU 獲得的 AI 代理所獲得的好處，而且還包括價值定價。

Because the biggest thing that we've learned by talking to customers and being in market and doing testing is that what we're about to launch helps customers eliminate the use of other apps, which means, in essence, they're getting more for their money, more benefits and actually spending less money on other apps and spending it in one place with us. So one element is just pricing for value 1 for 1.

因為我們透過與客戶交談、進入市場並進行測試了解到的最重要的事情是，我們即將推出的產品可以幫助客戶減少使用其他應用程序，這意味著，從本質上講，他們可以花更少的錢獲得更多的利益，實際上可以花更少的錢在其他應用程式上，而只需在我們這裡消費即可。因此，一個要素就是以 1 比 1 的價值定價。

The other element, which will, I think, show up more in our mid-market offering across QBO Advanced and Intuit Enterprise Suite is there will be certain modules, I won't name what they are, just you'll need to wait for our launches coming up. We're based on the customer use. The customer will actually pay additionally for that module. So there's pricing 1 for 1, and then there's actually consumption and paying for the benefits of a module. That's ultimately how we are thinking through pricing.

另一個元素，我認為，在我們的 QBO Advanced 和 Intuit Enterprise Suite 中階市場產品中會更體現出來，那就是會有某些模組，我不會說出它們是什麼，你只需要等待我們即將推出的產品。我們以客戶的使用情況為基礎。客戶實際上將為該模組額外付費。因此，定價是一對一，然後實際消費並為模組帶來的好處付費。這最終就是我們對定價的思考。

The last thing I would say is we've been very consistent in the last, whatever, decade, but particularly in the last several years, that we're investing in data and AI for two reasons: one, we want to reinvent the experiences for customers, and we want to reinvent how we do the work internally. So based on just what you heard from Sandeep, right, we have a lot of platform levers based on all of our automation, all of our AI investments to not only make our own folks productive and how we manage OpEx, ensuring that we're investing enough in growth but also expanding our margins. And we just view these continue to be the early days of what's possible. But let me invite to see what Sandeep would add.

我最後要說的是，在過去的十年裡，尤其是在過去幾年裡，我們一直堅持不懈地投資數據和人工智慧，原因有二：第一，我們希望重塑客戶體驗，第二，我們希望重塑我們內部的工作方式。因此，根據您從 Sandeep 那裡聽到的，我們有很多基於所有自動化、所有人工智慧投資的平台槓桿，不僅可以提高我們自己的員工的工作效率，還可以管理營運支出，確保我們在成長方面投入足夠資金，同時也擴大我們的利潤率。我們只是認為這些仍處於可能性的早期階段。但請容許我邀請大家看看 Sandeep 會增加什麼。

Alex, love your question. Let me open up the aperture a bit more on the question about AI and efficiencies. I'll open it up to our confidence and continue to expand margins. As we demonstrated this year, our ability to expand our margin by 100 basis points while bringing new innovations such as the AI agents that Sasan just walked through, while scaling assisted tax to 47% revenue growth, while building a mid-market go-to-market capabilities are all a testament to us using technology, whether that's AI, whether it's automation, is testament to our ongoing spend discipline.

亞歷克斯，我喜歡你的問題。讓我更深入地探討一下有關人力智慧和效率的問題。我將向我們敞開心扉，繼續擴大利潤率。正如我們今年所展示的那樣，我們能夠將利潤率提高 100 個基點，同時帶來新的創新，例如 Sasan 剛剛介紹的人工智能代理，同時將輔助稅收擴大到 47% 的收入增長，同時建立中端市場的上市能力，這一切都證明了我們使用技術，無論是人工智能還是自動化，都證明了我們持續的支出紀律。

And that's what gives me the confidence and should give you the confidence on our ability to adhere to our principle to grow operating income faster than revenue. So I continue to feel good about it. We feel we have the right level of staffing. And I think these ongoing efficiencies will help us reduce our scaling of headcount less than what would have been without these efficiencies in the years to come.

這讓我充滿信心，也應該讓你們相信我們有能力堅持我們的原則，即營業收入的成長速度要快於收入的成長速度。所以我繼續對此感覺良好。我們認為我們的人員配備水準是合適的。我認為，這些持續的效率提升將有助於我們在未來幾年內減少員工人數的擴張，而如果沒有這些效率提升的話，員工人數的擴張將會更加緩慢。

Excellent, thank you guys.

非常好，謝謝大家。

Thank you, Alex.

謝謝你，亞歷克斯。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Thank you. Congrats from me as well. I wanted to switch over to Credit Karma, and obviously, like very, very strong results. Like if you think about where you started guiding the year whereas you're coming out would be like a very, very big positive delta. Can you speak a little bit about -- you mentioned the drivers as well, but that seems like a big step up. In a way, what did you learn about visibility for that business unit? Thank you.

謝謝。我對此也表示祝賀。我想轉到 Credit Karma，顯然，結果非常非常好。例如，如果你想想你開始指導這一年的地方，而你出來的結果會是一個非常非常大的正增量。您能否稍微談談——您也提到了驅動因素，但這似乎是一個很大的進步。從某種程度上來說，您對該業務部門的可見性有何了解？謝謝。

Thank you for the question, Raimo. On Credit Karma, there are two things that are really driving this. One is the continued stability in the macro, but to a larger point, the majority of the results is driven by our execution. The teams work on integrating AI that's driving better connection of the right offers to -- for the -- between the customer and the partners yielding higher ARPC.

謝謝你的提問，Raimo。在 Credit Karma 上，有兩件事真正推動了這一進程。一是宏觀保持穩定，但從更大角度看，大部分業績還是由我們的執行力決定的。這些團隊致力於整合人工智慧，以便更好地連結客戶和合作夥伴，為他們提供合適的產品和服務，從而獲得更高的 ARPC。

It's also helping us with our innovations such as Lightbox take share our partner spend across credit card and personal and continue to take share in new segments such as insurance. So this is what I internally refer to as generating management alpha. And it is that management alpha that has set this business on a very different trajectory than what we were talking about 12 months ago.

它還幫助我們進行創新，例如 Lightbox 可以分享我們合作夥伴在信用卡和個人方面的支出，並繼續在保險等新領域佔據份額。這就是我內部所說的生成管理阿爾法。正是這種管理阿爾法使這項業務走上了與我們 12 個月前談論的截然不同的軌跡。

Okay, perfect. Thank you.

好的，完美。謝謝。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

It's super hard to go after Zelnick and Zukin. They ask all the good questions so I got to think really, really hard, and after Raimo especially. But I want to say, first of all, that the granularity, the openness, the level of detail, the presentation, best-in-class. So really nice job there, Sasan and Sandeep and rest of the team.

追擊澤爾尼克和祖金非常困難。他們問了所有好問題，所以我必須認真思考，尤其是在 Raimo 之後。但首先我想說的是，其粒度、開放性、細節程度和呈現方式都是一流的。Sasan、Sandeep 和團隊的其他成員做得非常好。

So with that, thinking more about the question. So when you look at the cycle ahead, Sasan, we certainly have AI as a tailwind for you. You've got pricing as a tailwind arguably a much stronger position today than it was two, three years ago. If we are to enter a downdraft, the tariffs do become a thing, what do you think is the pricing power of the Intuit especially in the small and medium business space?

因此，我對這個問題進行了更多的思考。因此，Sasan，當你展望未來的周期時，我們肯定會有人工智慧作為你的順風。與兩、三年前相比，定價作為順風因素，如今的地位可以說更加強勁。如果我們進入下行趨勢，關稅就會成為現實，您認為 Intuit 的定價能力如何，尤其是在中小型企業領域？

And how resilient is the Intuit business that you see that -- not like taxes, not asking you a tax question because you guys crush it, but how resilient is the company from an SME standpoint this time around versus the rising inflation, rising rates issue that we all uncomfortably dealt with three years ago. Congratulations. Thank you so much. That's it from me.

你所看到的 Intuit 業務的彈性有多大——不是稅收，不是問你稅收問題，因為你們壓垮了它，而是從中小企業的角度來看，這一次，相對於三年前我們都難以應對的通貨膨脹、利率上升問題，該公司的彈性有多大。恭喜。太感謝了。我說的就這些。

Kash, first of all, thank you for the kind words. We will pass it on to the team and great questions. Let me answer your question in three buckets and let me just try to be brief about it. The first bucket is if you look at Intuit, more than 90% of the company is reoccurring revenue and subscription-based. And we are mission-critical to what customers need to do to manage their life, whether it's actually as a consumer, their taxes and getting access to money. And as a business, we are the core platform that they use to grow and run their business. So that's sort of the first bucket.

Kash，首先，感謝您的善意。我們會將其和重要問題轉達給團隊。讓我從三個方面來回答你的問題，並且盡量簡短地講一下。第一個類別是，如果你看看 Intuit，你會發現該公司超過 90% 的收入來自經常性收入和基於訂閱的收入。我們的使命是幫助客戶管理他們的生活，無論他們作為消費者，還是納稅，還是獲得資金。作為一家企業，我們是他們用來發展和經營業務的核心平台。這就是第一個桶子。

And we're actually, in many ways, more resilient than we were years ago. We may be -- we're serving the same customers but we're serving a larger, more diversified set of customers, and 90% of the company is reoccurring and subscription-based. So that's bucket one.

事實上，從很多方面來看，我們比幾年前更有韌性。我們可能——我們服務於相同的客戶，但我們服務於更大、更多樣化的客戶群，並且公司 90% 的客戶都是重複性的和基於訂閱的。這就是第一個問題。

The second bucket that I would tell you is when we look at the assisted tax segment, both consumers and businesses and mid-market, we are actually the low-cost disruptor. As I'm out there talking to large accounting firms and larger businesses, they are over-digitized. They are overspending on a bunch of different apps. Their data is locked up in a bunch of different apps. They don't know how their business is performing. They're spending more time trying to figure out what's going on and more money.

我想告訴你的第二個問題是，當我們看輔助稅收部分時，無論是消費者、企業或中階市場，我們其實都是低成本的顛覆者。當我與大型會計師事務所和大型企業交談時，我發現他們已經過度數位化了。他們在許多不同的應用程式上花費過多。他們的數據被鎖定在許多不同的應用程式中。他們不知道自己的業務表現如何。他們花費更多時間和金錢試圖弄清楚到底發生了什麼事。

And we have even more conviction around what's possible, around disrupting mid-market and moving even faster because we actually save our customers' money. We increase their ROI and they pay us less than they pay for all the apps that they use today. That 18-entity title company we used as an example was just one example of a customer that falls exactly into that bucket. And the same thing when it comes to taxes for businesses and for consumers. We went on experience, we went on price and we went on access to your refund, to your money.

我們更加堅信，我們可以打破中端市場格局，並取得更快發展，因為我們確實為客戶節省了金錢。我們提高了他們的投資報酬率，而他們支付給我們的費用卻比他們目前使用的所有應用程式的費用還要少。我們用作範例的擁有 18 個實體的產權公司只是屬於這一類的客戶的一個例子。企業和消費者的稅務狀況也是一樣的。我們注重體驗，注重價格，注重取得您的退款和資金。

And so when you look at those three things that I mentioned, reoccurring subscription base, the assisted tax segment in mid-market, we are incredibly resilient because we're actually the price disruptor. And therefore, we have a lot of ARPC tailwinds as we look ahead. So that's the way we think about it is the way we run the company, and that's how we think about our resiliency.

因此，當你看到我提到的這三件事時，即重複訂閱基礎、中階市場的輔助稅收部分，我們具有極強的彈性，因為我們實際上是價格顛覆者。因此，展望未來，我們面臨許多 ARPC 順風。這就是我們思考問題的方式，也是我們經營公司的方式，也是我們思考自身彈性的方式。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

Yeah. I'll echo the congrats on a really strong quarter. Sasan, I was wondering, or I guess, the example you gave on Intuit Enterprise services about the boomerang customer was an interesting one because I think a lot of us think about the [sort of upper market for you] all to sort of just turn it in keeping your customers in your ecosystem.

是的。我要對本季的強勁表現表示祝賀。Sasan，我在想，或者我猜，你在 Intuit Enterprise 服務中給出的關於迴旋鏢客戶的例子很有趣，因為我認為我們很多人都在考慮[對你來說的高端市場]，只是想把它轉化為將你的客戶留在你的生態系統中。

Now that you've this pricing market for longer, are you starting to see more opportunities like that where you go reclaim customers that might have left the ecosystem 6, 12 months ago, maybe even start to replace other vendors that are out in the market? I was just kind of curious if your perspective on that has changed at all over the last six months or so?

既然您已經在這個定價市場待了很長時間，您是否開始看到更多這樣的機會，您可以重新吸引那些可能在 6 個月或 12 個月前離開生態系統的客戶，甚至開始取代市場上的其他供應商？我只是有點好奇，在過去六個月左右的時間裡，您對此的看法是否有所改變？

Yeah, Kirk, thanks for your question. I think the short answer is, no, our perspective has not changed, and let me just refresh our focus areas. We have a huge base of customers that have the opportunity to upgrade either to QuickBooks Advanced, which we view as mid-market, as emerging mid-market or into an enterprise suite and all the ecosystem of services that comes with it. These are customers in the $2.5 million in revenue up to $100 million in revenue.

是的，柯克，謝謝你的提問。我認為簡短的回答是，不，我們的觀點沒有改變，讓我重新回顧我們的重點領域。我們擁有龐大的客戶群，他們有機會升級到 QuickBooks Advanced（我們將其視為中端市場）或新興中端市場，或升級到企業套件以及隨之而來的所有服務生態系統。這些客戶的收入在 250 萬美元至 1 億美元之間。

And really, that's been the focus as we built out our platform capabilities. That's been the focus as we built out our sales force, which is actually covering our own base. In parallel, we're starting to build out our go-to-market to actually start hunting outside of our base. The example of that 18-entity title company is simply word of mouth. They heard about Intuit Enterprise Suite, and they started thinking about, well, now that, that's available and it's the very reason why I left Intuit, I should reconsider going back to Intuit.

事實上，這正是我們建構平台功能時所關注的重點。這是我們建立銷售團隊時的重點，實際上涵蓋了我們自己的基礎。同時，我們開始拓展市場，真正開始在基地之外進行狩獵。那個擁有 18 個實體的產權公司的例子只是口耳相傳。他們聽說了 Intuit Enterprise Suite，然後他們開始思考，好吧，既然現在已經有了，而且這也是我離開 Intuit 的原因，我應該重新考慮回到 Intuit。

And then when they assessed, well, why would I go back, they realized we are superior on experience, we are superior on price, and we are superior on the total cost of ownership. When you think about how -- what it takes to upgrade or migrate to other ERP systems. So that was just an example of word of mouth. That's starting to happen more and more.

然後，當他們評估時，好吧，我為什麼要回去，他們意識到我們在經驗上更勝一籌，我們在價格上更勝一籌，我們在總擁有成本上更勝一籌。當您考慮如何—升級或遷移到其他 ERP 系統需要什麼。這只是口耳相傳的一個例子。這種事情開始越來越常發生。

It's still a smaller part of where our growth is coming from. But it's just an indication which is why we used that in the earnings script to talk about what's possible as we start hunting for new outside of our base. But I'll end with where I started. Our -- what we've been sharing with you all, which is where our focus is, is unchanged.

這仍然只是我們成長來源的一小部分。但這只是一個跡象，這就是為什麼我們在收益腳本中使用它來談論當我們開始在基礎之外尋找新事物時可能發生的情況。但我還是回到開始的地方結束吧。我們與大家分享的內容以及我們的重點沒有改變。

Thank you.

謝謝。

Yeah, very welcome.

是的，非常歡迎。

Allan Verkhovski, Scotiabank.

加拿大豐業銀行的 Allan Verkhovski。

Hey guys, thanks so much for taking the question. I'll add another one to the congratulations bucket, a truly fantastic quarter. Sasan, you gave a lot of great color on the AI agents you're rolling out and the different ways, you're going to monetize them? Can you talk about how you're thinking about general pricing increases going forward in the context of the macro?

嘿夥計們，非常感謝你們回答這個問題。我要再加一個祝賀，這是一個真正精彩的季度。Sasan，您對您正在推出的 AI 代理以及您將如何以不同的方式將其貨幣化給出了詳細的描述？您能否從宏觀角度談談您對未來普遍價格上漲的看法？

And separately, maybe just update us on your confidence in the drivers behind being able to continue to grow GBSG revenue over 15%.

另外，請您向我們介紹一下您對 GBSG 收入持續成長 15% 以上的驅動因素的信心。

Yeah. Well, let me address your question in a couple of ways, and I'll go back to one of the comments that I made earlier, which is I think the most important comment to take away, and that is customers actually, particularly the larger customers, are actually saving money as they migrate more of their platform to us. And to be very specific, without naming other apps, these larger customers can be using anywhere between 3 up to 15 applications to run their business, and they are paying for each of those apps.

是的。好吧，讓我用幾種方式來回答你的問題，我會回到我之前提出的一個評論，我認為這是最重要的評論，那就是客戶實際上，特別是大客戶，在將更多的平台遷移到我們這裡時，實際上節省了資金。具體來說，不點名其他應用程序，這些大客戶可以使用 3 到 15 個應用程式來運營他們的業務，並且他們為每個應用程式付費。

And what they've realized is they're actually now worse off than they were before when they were manual because they've got their data trapped in all these apps. They don't really know how their business is performing. They're actually getting less benefit and spending more money. So when you think about what I just articulated that we're rolling out, yes, we're going to create value by, in some cases, one-for-one price increases.

他們意識到，他們現在的情況實際上比以前手動操作時更糟糕，因為他們的資料被困在了所有這些應用程式中。他們並不真正了解自己的業務表現如何。他們實際上得到的利益更少，花費卻更多。因此，當您考慮我剛才所說的我們正在推出的舉措時，是的，我們將透過在某些情況下一對一的價格上漲來創造價值。

But from a customer lens, in some cases, in fact, in most cases, they're actually paying less because they're -- they have now the option to stop using other applications. Because ultimately, what we're trying to do with this refreshed platform and the AI agents that are going to be doing the work is to actually create a business intelligence layer where a customer can see how they're performing all in one place, which is the power of the platform.

但從客戶的角度來看，在某些情況下，事實上在大多數情況下，他們支付的費用實際上更少，因為他們現在可以選擇停止使用其他應用程式。因為最終，我們試圖利用這個更新的平台和將要執行工作的人工智慧代理來創建一個商業智慧層，讓客戶可以在一個地方看到他們的表​​現，這就是平台的強大之處。

So that gives us a lot of pricing opportunity because of the innovation. From a customer lens, they're actually, in many cases, spending less money. That's really important as you think about what our pricing power is as we think about customers that are even $500,000 to $1.5 million in revenue.

因此，創新為我們帶來了許多定價機會。從客戶的角度來看，在許多情況下，他們實際上花的錢更少了。當我們考慮我們的定價能力時，當我們考慮收​​入為 50 萬至 150 萬美元的客戶時，這一點非常重要。

When you go above that, we're actually a price disruptor. So we have a lot of leverage to be able to think about higher ARPC and higher pricing. And the combination of all of that, which is winning and serving small businesses, winning in mid-market, all the services capability that we have and then getting Mailchimp to be accretive to growth, that's what gives us confidence around long-term sustainability of the growth of the business franchise.

當你超越這個水平時，我們實際上就成了價格顛覆者。因此，我們有很大的優勢可以考慮更高的 ARPC 和更高的定價。所有這些結合起來，即贏得並服務小型企業、贏得中端市場、我們擁有的所有服務能力，然後讓 Mailchimp 促進成長，這讓我們對商業特許經營的長期可持續性增長充滿信心。

Very clear and exciting. Thank you, Sasan.

非常清晰和令人興奮。謝謝你，薩桑。

Thank you.

謝謝。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

Sasan, the TurboTax breakthroughs that you've highlighted in good in CNBC earlier, what would you characterize as the most impactful thing that really drove this magnitude of positive upside? Was there one or two things or was there multiple things? How would you unpack that?

Sasan，您之前在 CNBC 的節目中重點介紹了 TurboTax 的突破，您認為真正推動如此巨大積極上漲的最有影響力的因素是什麼？有一件或兩件事情，還是有多件事情？你會怎樣解決這個問題？

Yeah, Brent, I would tell you a little bit of everything we've been doing, not just this year but over the years based on what we've learned and what we implement it works. It's not just one thing. Full-service consumer and business tax really delivered in an outsized way, better conversion, better experts productivity, well above where we were this time last year. The breakthrough adoption of our experts in our own base and a lot of just the go-to-market changes that we made. Just about a little bit of everything works.

是的，布倫特，我會告訴你我們所做的一切，不僅是今年，而且是多年來基於我們所學到的知識和我們所實施的有效措施。這不只是一件事。全方位服務的消費者和商業稅確實發揮了巨大的作用，轉換率更高，專家生產力更高，遠高於去年同期的水平。我們自己的專家在自己的基地取得了突破性的進展，並且我們做出了許多進入市場的改變。幾乎每件事都有一點點效果。

And I just want to emphasize the reason why we acquired Credit Karma. Credit Karma was a big contributor, not only in terms of the point of growth in tax but just the early access to money, which really creates a platform where customers are engaging year-round. And so as I said earlier, what we're most excited about because just a little bit of everything works is actually the things that didn't work and what gives us confidence as we look ahead.

我只是想強調我們收購 Credit Karma 的原因。Credit Karma 做出了巨大貢獻，不僅在稅收增長點方面，而且在早期獲得資金方面也做出了巨大貢獻，這確實創造了一個讓客戶全年參與的平台。正如我之前所說，由於每件事都取得了一些進展，因此最讓我們興奮的其實是那些沒有成功的事情，而這些事情給了我們展望未來的信心。

And that durability for next year, what kind of gives you confidence? I know we just got through this and you want to take a victory lap for what you just accomplished. But the sense of durability now with TurboTax Live into next year, what gives you that confidence is -- I know we're a ways out, but what's giving you that continued confidence that we're in a better position now with tax?

那麼對於明年的持久性，您有何信心？我知道我們剛剛度過了難關，你想為剛剛的成就慶祝一番。但現在 TurboTax Live 的持久力會延續到明年，是什麼讓您有信心——我知道我們還有很長的路要走，但是是什麼讓您繼續相信我們現在的稅收狀況更好了？

Well, listen, we did our victory lap April 16. We're over it. We've been on to next year while we were in tax season. So thank you for reminding us of the victory lap, but we've done the laps around the buildings and we're done. We're moved on to the future.

好吧，聽著，我們在 4 月 16 日慶祝了勝利。我們已經結束了。我們已經進入納稅季節，開始考慮明年。所以感謝您提醒我們勝利繞場一周，但我們已經繞著建築物跑了一圈，結束了。我們已邁向未來。

Listen, it's continuing to really do several big things, but it all starts with we want to win on experience, we want to win on price, and we want to win on immediate and early access to your money. And those are the end-to-end platform capabilities that allowed us to be where we are this year and what's possible looking ahead. So there's a lot of work. In fact, Sandeep and I were with the TurboTax team all day yesterday, reviewing all the great work that they're doing to improve the platform. And I commend the team because most of the day was focused on where they are constructively dissatisfied, where we need to move faster.

聽著，它確實在繼續做幾件大事，但這一切都始於我們想要在經驗上取勝，我們想要在價格上取勝，我們想要在立即和儘早獲得您的資金上取勝。這些端到端平台功能使我們今年能夠取得今天的成就，並展望未來。所以有很多工作要做。事實上，Sandeep 和我昨天一整天都和 TurboTax 團隊在一起，審查他們為改進平台所做的所有出色工作。我讚揚這個團隊，因為他們一天中的大部分時間都集中在他們建設性不滿的地方，以及我們需要加快行動的地方。

And listen, the thing you all need to think about to just end with really the essence of the question you're asking is TurboTax Live is now 40% of the franchise. And we always said, when it gets to 50%-plus, right, the growth formula flips and it changes.

聽著，你們所有人需要思考的真正問題是，TurboTax Live 現在佔據了特許經營權的 40%。我們總是說，當成長率達到 50% 以上時，成長公式就會逆轉，就會改變。

And so what we've said is we're going to grow TurboTax Live between 15% to 20%. We have a lot of confidence in that range. We had an outsized year this year, and our focus is always to have an outsized year like the year we just had. And please know that we are very focused on next year and that focus started almost several years ago. So we have a lot of confidence as we think about our run rate here.

因此，我們說過，我們將使 TurboTax Live 的成長速度達到 15% 到 20%。我們對這個範圍非常有信心。今年是我們取得巨大成功的一年，我們的目標始終是取得與去年一樣巨大的成功。請知悉，我們非常關心明年，而這種關注幾乎從幾年前就開始了。因此，當我們考慮我們的運行率時，我們非常有信心。

Great thanks.

非常感謝。

You're very welcome.

不用客氣。

Michael Turrin, Wells Fargo Securities.

圖林 (Michael Turrin)，富國證券。

Hey, great, thanks very much. I appreciate you taking the question. Just on EPS growth, we're not seeing many high-teens growth rates there. Sandeep, would be good to hear you just speak through the impacts you're seeing across segments, whether any of the headcount optimization you entered the year with is presenting a bigger expansion opportunity this year or just how you're thinking about the margin progression both this year and into the future. Thank you.

嘿，太好了，非常感謝。感謝您回答這個問題。僅從每股盈餘成長來看，我們並沒有看到太多高十幾個百分點的成長率。Sandeep，很高興聽到您談論您在各部門看到的影響，您今年進行的員工人數優化是否會在今年帶來更大的擴張機會，或者您如何看待今年和未來的利潤率增長。謝謝。

Yeah. Thanks for the good question, Michael. As I think about this year, the strength we saw in the margin was really across the board. Of course, the strong revenue performance across each one of our businesses, all the businesses, in essence, hitting on all cylinders helped. And then when it came to the operating expenses, we have embedded utilizing technology, utilizing AI, utilizing automation throughout how Intuit works.

是的。謝謝你的好問題，麥可。當我回顧今年時，我們發現利潤率的強勁勢頭確實是全方位的。當然，我們每項業務、所有業務的強勁收入表現，本質上來說，都發揮了重要作用。然後，當談到營運費用時，我們在 Intuit 的整個運作過程中嵌入了利用技術、利用人工智慧、利用自動化。

Last quarter, I shared the productivity gains we saw on the customer success organization. But beyond that, that was just one example. We're seeing productivity gains in our technology organization, where our developers are being able to code up to 40% faster. We are embedding it across throughout the finance organization every -- through the marketing organization, through the sales organization. And this is really still in the early chapters.

上個季度，我分享了我們在客戶成功組織中看到的生產力提升。但除此之外，這只是一個例子。我們的技術部門的生產力正在提高，開發人員的編碼速度提高了 40%。我們將其嵌入整個財務組織、行銷組織和銷售組織中。這實際上仍處於早期章節中。

So that's what's giving me the confidence that we have the ability to continue to scale this business, continue to invest in growth, and continue to have expenses grow -- sorry, operating income grow faster than revenue and deliver margin expansion to you all.

所以這讓我有信心，我們有能力繼續擴大業務規模，繼續投資於成長，繼續增加支出——抱歉，營業收入的成長速度快於收入，並為大家帶來利潤率的擴大。

Thank you.

謝謝。

Scott Schneeberger, Oppenheimer.

史考特‧施內伯格，奧本海默。

Thanks. Good afternoon all and congratulations. Very nicely done. In the tax category, essentially two questions here. Sasan, could you touch on the assisted category, the outsized growth for the industry? I don't think any of us saw that coming this year and your role and you've touched on it, but it would be great if you could elaborate a little bit more there.

謝謝。大家下午好，恭喜你們。做得很好。在稅收類別中，這裡基本上有兩個問題。Sasan，可以談談輔助類別嗎？該行業的超額成長是什麼？我認為我們中沒有人預見到今年會發生這種情況，而且您也提到了您的角色，但如果您能更詳細地闡述一下就更好了。

And then also on your marketing spend this year, specifically in the consumer category, I think it was a little bit earlier, it might have been a little bit higher. What were the learnings from what you did? And did it play the way you expected?

另外，關於今年的行銷支出，特別是在消費者類別中，我認為它有點早，可能有點高。你從所做的事情中學到了什麼？它的運作是否符合您的預期？

Yeah. Thanks for the question, Scott. I'll tag team this with Sandeep. On the assisted category, listen, you all know our story and what we're trying to do. When you talk to customers, consumers and businesses that, for the most part, have others do their taxes for them, it's extremely manual. It's a long process. There's a lot of back and forth. There's a lack of transparency in terms of just knowing how much am I going to pay. And it's just sort of a box. You don't know what's happening.

是的。謝謝你的提問，斯科特。我將與 Sandeep 合作完成這項工作。關於輔助類別，聽著，你們都知道我們的故事以及我們正在嘗試做的事情。當你與客戶、消費者和企業交談時，他們大多讓別人為他們辦理稅務，這是極其手動的。這是一個漫長的過程。有很多來回。在了解我要支付多少錢方面缺乏透明度。它只是一個盒子。你不知道發生了什麼事。

And what we're doing is creating a new way of what's possible and being disruptive and disruptive in terms of really enabling consumers and businesses to focus on their life while they -- while we virtually collaborate in an extremely seamless way to get their taxes done for them but also guarantee them that they're going to pay less than they paid somewhere else, and that we're going to give them early access or immediate access to their money.

我們正在做的是創造一種新的方式，讓一切皆有可能，並且在真正使消費者和企業能夠專注於他們的生活方面具有顛覆性，同時我們實際上以極其無縫的方式合作，為他們辦理稅務，同時也保證他們支付的費用將比在其他地方支付的更少，並且我們將讓他們能夠提前或立即獲得他們的資金。

So I know I just played back our focus and the customer problem. But really, as we continue to do that, there's going to be ebbs and flows of DIY versus assisted. Our platform serves the entire category. And our focus is serving the quality of the type of customers we want to serve across the category. And I just think we're going to continue to have a bigger hand in transforming and disrupting how taxes get done for consumers and businesses.

所以我知道我剛剛回顧了我們的重點和客戶問題。但實際上，隨著我們繼續這樣做，DIY 和輔助之間將會出現起伏。我們的平台服務於整個類別。我們的重點是滿足我們想要服務的各類客戶的優質需求。我只是認為，我們將繼續在改變和顛覆消費者和企業納稅方式方面發揮更大的作用。

So we're excited about the role that we were able to play this year. But listen, there's -- it's a $35 billion category and we're just getting started.

因此，我們對今年能夠扮演的角色感到非常興奮。但聽著，這是一個價值 350 億美元的類別，而我們才剛開始。

And on your question about marketing spend, Scott, we did -- as we do every year, our marketing spend does increase slightly but it was not an outsized marketing increase. And what we really leaned into this time was the timing of the spend, if you recall, we shared that we were going to start spending marketing earlier because we realized that about 30% of the assisted customers decide who they're going to use to do their taxes prior to end of December. And that was a change in how Consumer Group would think about marketing.

關於你關於行銷支出的問題，史考特，正如我們每年所做的那樣，我們的行銷支出確實略有增加，但並不是大幅增加。而這次我們真正關注的是支出的時間，如果你還記得的話，我們曾說過我們將提前開始支出行銷，因為我們意識到大約 30% 的受助客戶在 12 月底之前就決定找誰來報稅。這就是消費者群體對行銷看法的改變。

We focused on marketing messaging towards assisted category about now this is how you get taxes done. So when we think about margin, we are always looking at how do we maximize ROI on that. And I continue to feel very good about ROI we're getting on our marketing spend on -- in the tax business, where your question was, but I'll expand that to say I feel really good about the ROI we're getting on our marketing spend across the entire business, across both the business platform as well as the consumer platform.

我們專注於針對輔助類別的行銷訊息，現在這就是您完成納稅的方式。因此，當我們考慮利潤時，我們總是在考慮如何最大化投資報酬率。我對我們在稅務業務上的行銷支出所獲得的投資回報率感到非常滿意，這也是您提出的問題，但我要進一步說，我對我們在整個業務（包括商業平台和消費者平台）上的營銷支出所獲得的投資回報率感到非常滿意。

Excellent, thank you, both.

非常好，謝謝你們兩位。

You're very welcome.

不用客氣。

Daniel Jester, BMO Capital Markets.

丹尼爾‧傑斯特 (Daniel Jester)，BMO 資本市場。

Great. Thanks for taking my question and squeezing me in. I think, Sasan, you've touched on this a couple of times in the conversation today, but maybe just to double-click on it in terms of IES and where do we stand in terms of maturing your go-to-market motion there. And it was great to hear the commentary about the accounting channel and how much they're helping you build out this business. How important is that channel going to be in the overall success of IES going forward? Thank you so much.

偉大的。感謝您回答我的問題並抽出時間。薩桑，我想您在今天的談話中已經多次提到這一點，但也許只是從 IES 的角度來再次強調一下，我們在完善您的市場進入動議方面處於什麼位置。我很高興聽到有關會計管道的評論以及他們如何幫助您擴展這項業務。該渠道對於 IES 未來的整體成功有多重要？太感謝了。

Yeah. Thanks for the question, Daniel. Just to reground, when we talk about mid-market, it's customers that are between $2.5 million and revenue up to about $100 million. We're not going to stop there but that's our focus at this point in time. And that means that some are fit for QuickBooks Advanced and all the services, payments, payroll, et cetera, that come with it, and some are fit for Intuit Enterprise Suite.

是的。謝謝你的提問，丹尼爾。再次強調，當我們談論中階市場時，指的是收入在 250 萬美元到 1 億美元之間的客戶。我們不會就此止步，但這是我們目前的重點。這意味著有些適合 QuickBooks Advanced 及其附帶的所有服務、付款、薪資等，有些適合 Intuit Enterprise Suite。

To answer your question, I would tell you we're still in the early days of the go-to-market. We are learning, adjusting, improving every single day. And so the way to think about it is we are not yet a finely tuned machine, which should, by the way, make you feel that the opportunity is massive and still ahead of us, which is, by the way, why we continue to bolster our mid-market team particularly with Ashley Still joining us, where she's built individual creator businesses but large businesses. And we hope to accelerate with the single-threaded focus that we have across the company in mid-market.

為了回答您的問題，我想告訴您，我們仍處於上市初期。我們每天都在學習、調整、進步。所以想想看，我們還不是一台精密的機器，順便說一句，這應該讓你感覺到機會是巨大的，而且仍然在我們面前，順便說一句，這就是為什麼我們繼續加強我們的中端市場團隊，特別是 Ashley Still 加入我們，她建立了個人創作者業務，但業務規模很大。我們希望透過全公司對中階市場的單線程關注來加速發展。

Last thing is I would just say we don't view our accounting partners as a channel. We view them as our partners because not only do we need to serve them so they can run their firm more effectively and efficiently, but partner with them in terms of how they serve their end customers. And they are extremely critical to the future of business success and our success.

最後我想說的是，我們並不將我們的會計合作夥伴視為一個管道。我們將他們視為我們的合作夥伴，因為我們不僅需要為他們提供服務，使他們能夠更有效、更有效率地經營公司，而且還需要在他們如何服務最終客戶方面與他們合作。它們對於企業未來的成功和我們的成功至關重要。

And that's something where I would say we're still -- we've served accountants for years, but we're at the very early innings of now how we partner to serve mid-market together. We're excited about the future. It's why I'm spending a lot of time out in the field with our large firms.

我想說的是，我們仍然——我們已經為會計師服務多年，但現在我們正處於合作服務中端市場的早期階段。我們對未來充滿期待。這就是為什麼我花大量時間與大公司一起在現場工作。

Great. Thank you.

偉大的。謝謝。

Yes, you're very welcome. And I think with that, that was, I believe, the last question. I know we're out of time. I just want to thank everyone for joining. Until next time. Bye, everybody.

是的，不用客氣。我認為，這就是最後一個問題。我知道我們沒時間了。我只是想感謝大家的加入。直到下一次。再見，各位。

Ladies and gentlemen, thank you for your participation. This concludes today's conference call. You may now disconnect.

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。您現在可以斷開連線。