直覺電腦 (INTU) 2025 Q4 法說會逐字稿

Please stand by. We're about to begin. Good afternoon, everyone. My name is Bo, and I will be your conference operator. At this time, I would like to welcome everyone to Intuit's fourth quarter and fiscal year 2025 conference call. (Operator Instructions)

請稍候。我們就要開始了。大家下午好。我叫 Bo，我將擔任您的會議接線生。現在，我歡迎大家參加 Intuit 第四季和 2025 財年電話會議。（操作員指示）

With that, I'll now turn the call over to Miss Kim Watkins, Intuit's Vice President of Investor Relations. Please go ahead, ma'am.

現在，我將電話轉交給 Intuit 投資者關係副總裁 Kim Watkins 女士。請繼續，女士。

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

偉大的。謝謝，博。下午好，歡迎參加 Intuit 2025 財年第四季電話會議。我和 Intuit 的執行長 Sasan Goodarzi 以及我們的財務長 Sandeep Aujla 一起來到這裡。

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 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。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 的投資者關係頁面查閱。我們不承擔更新任何前瞻性陳述的義務。

Some of the numbers in these remarks are presented on a non-GAAP basis. We 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成長率，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。

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

說完這些，我會把電話轉給薩桑。

Great. Thank you, Kim, and thanks to all of you for joining us today. I'm incredibly proud of our momentum and strong fiscal year 2025 results. Our full year revenue grew 16% with another year of strong operating margin expansion. Our years of investments in data, data services, AI, and human intelligence, coupled with strong execution against our AI-driven expert platform strategy fueled these outstanding results.

偉大的。謝謝你，金，也謝謝大家今天的參與。我對我們的發展勢頭和 2025 財年的強勁業績感到無比自豪。我們的全年收入成長了 16%，並且營業利潤率再次強勁成長。我們多年來在數據、數據服務、人工智慧和人類智慧方面的投資，加上我們以人工智慧為驅動的專家平台策略的強力執行，推動了這些出色的成果。

Looking ahead to fiscal year 2026, we are confident in delivering another strong year of double-digit revenue growth and margin expansion. In the past year, we made significant progress powering prosperity for consumers, businesses and accountants.

展望 2026 財年，我們有信心再創兩位數營收成長和利潤率擴張的強勁一年。在過去的一年裡，我們在促進消費者、企業和會計師的繁榮發展方面取得了重大進展。

We launched a transformative all-in-one business platform with a virtual team of AI agents and AI-enabled human experts that can manage lead to cash for customers accelerated our innovation in mid-market with the introduction of Intuit Enterprise suite and new go-to-market capabilities and delivered breakthrough adoption of TurboTax Live as we disrupt the assisted tax category.

我們推出了一個變革性的一體化業務平台，該平台擁有一支由人工智慧代理和人工智慧人類專家組成的虛擬團隊，可以為客戶管理從銷售線索到現金的整個過程。透過推出 Intuit Enterprise 套件和新的上市功能，我們加速了中階市場的創新，並在顛覆輔助稅收類別的過程中實現了 TurboTax Live 的突破性採用。

Looking ahead, we're doubling down in these key areas. Starting with our business platform, we're making great progress delivering done-for-you experiences with expertise for our customers. Last month, we launched a transformative virtual team of AI agents that complete jobs on behalf of our customers, dramatically improving how businesses run and grow. Combined with our AI-enabled human experts, these agents are automating workflows and proactively delivering real-time insights to improve cash flow and fuel growth.

展望未來，我們將加倍努力在這些關鍵領域。從我們的業務平台開始，我們在為客戶提供專業服務體驗方面取得了巨大進步。上個月，我們推出了一個由人工智慧代理組成的變革性虛擬團隊，代表我們的客戶完成工作，並大大改善了企業的營運和發展方式。與我們支援人工智慧的人類專家相結合，這些代理商正在自動化工作流程並主動提供即時洞察，以改善現金流並推動成長。

Our redesigned user interface and new business feed highlights these real-time insights and tasks completed by agents on behalf of the customer. We're seeing strong traction since the launch last month with customer engagement in the millions and repeat usage rates significantly above our expectations demonstrating the value that we're providing to our customers.

我們重新設計的使用者介面和新的業務資訊流突顯了代理商代表客戶完成的這些即時見解和任務。自上個月推出以來，我們看到了強勁的吸引力，客戶參與度達到數百萬，重複使用率大大超出我們的預期，證明了我們為客戶提供的價值。

We're well positioned to consolidate our customers' tech stack and spend and significantly increase their ROI, where AI and human intelligence are doing the work to fuel their success. With an all-in-one platform, we have all the pieces to help our customers grow, save time and save money while fueling into its growth.

我們已做好準備，整合客戶的技術堆疊和支出，並大幅提高他們的投資回報率，而人工智慧和人類智慧正在努力推動他們的成功。透過一體化平台，我們擁有一切可以幫助客戶成長、節省時間和金錢並促進其成長的資源。

Turning to mid-market. We continue to make strong progress serving large and more complex customers, which represent an $89 billion TAM. We are focused on fueling the success of customers with $2.5 million to $100 million in annual revenue with our all-in-one platform, including QBO Advanced, Intuit Enterprise Suite, and an ecosystem of connected services.

轉向中端市場。我們在服務大型和更複雜的客戶方面繼續取得長足進步，這些客戶的總資產規模達 890 億美元。我們致力於透過我們的一體化平台（包括 QBO Advanced、Intuit Enterprise Suite 和互聯服務生態系統）助力年收入 250 萬至 1 億美元的客戶取得成功。

Our comprehensive set of offerings is aimed at helping businesses achieve their growth goals such as boosting productivity and improving profitability by automating complex tasks, workflows and functions, delivering insights and recommendations.

我們全面的產品旨在幫助企業實現其成長目標，例如透過自動化複雜的任務、工作流程和功能、提供見解和建議來提高生產力和提高獲利能力。

Many customers tell us they are over-digitized with their data trapped in a number of desperate applications. This means they are spending too much time and money managing their business and not getting the benefits and return on their investments.

許多客戶告訴我們，他們的數據被過度數位化，困在了許多令人絕望的應用程式中。這意味著他們花了太多的時間和金錢來管理業務，卻沒有獲得投資的利益和回報。

Our data shows customers on our platform are spending billions per year on desperate apps. We are well positioned to consolidate our customers' data and spend on Intuit's platform to help fuel their growth and save money all-in-one place.

我們的數據顯示，我們平台上的客戶每年在絕望的應用程式上花費數十億美元。我們完全有能力整合客戶的數據並在 Intuit 平台上進行支出，以幫助推動他們的成長並在一個地方節省金錢。

With quarterly product releases for Intuit Enterprise Suite, we aim to rapidly penetrate our existing TAM while expanding into new verticals. Our July product lease was designed to supercharge customers' growth and profitability.

透過每季發布 Intuit Enterprise Suite 產品，我們的目標是快速滲透現有的 TAM，同時擴展到新的垂直領域。我們七月份的產品租賃旨在增強客戶的成長和獲利能力。

The launch included improved multi-entity capabilities and new AI-driven done-for-you setup experience that dramatically reduces the amount of time it takes customers to get up and running and new features that give customers a holistic view of their business KPIs, which streamline intercompany transactions and allocations.

此次發布包括改進的多實體功能和新的人工智慧驅動的為您完成的設定體驗，這大大減少了客戶啟動和運行所需的時間，並且新功能使客戶能夠全面了解其業務 KPI，從而簡化了公司間交易和分配。

We also launched AI agents an Intuit Enterprise Suite, including accounting, payments, finance and project management agents automating daily tasks, reducing hours of work to just minutes. Our done-for-you experiences are reducing manual work by up to 60% for customers when setting up projects. A recent Forrester study estimated that customers can see nearly a 300% return on investment over three years when using Intuit Enterprise Suite.

我們還推出了 AI 代理 Intuit Enterprise Suite，其中包括會計、支付、財務和專案管理代理，可自動執行日常任務，將工作時間縮短至幾分鐘。我們為您完成的經驗可在客戶設定專案時減少高達 60% 的手動工作。Forrester 最近的一項研究估計，客戶使用 Intuit Enterprise Suite 三年內可以獲得近 300% 的投資回報。

As we evolve our go-to-market strategy for mid-market, we're strengthening our partnership with the largest tech forward accounting firms. We're helping accountants serve their business customers more efficiently and grow their practices profitability.

隨著我們針對中端市場的市場進入策略的不斷發展，我們正在加強與最大的技術前沿會計師事務所的合作夥伴關係。我們正在幫助會計師更有效地為其商業客戶提供服務並提高其實踐盈利能力。

In Q4, we continued to see strong growth in IES deal through accounts. This quarter, we signed a partnership with a rapidly growing top 25 accounting and technology advisory firm. This particular firm serves more than 14,000 business clients, representing a meaningful opportunity to acquire new customers over time.

在第四季度，我們繼續看到 IES 帳戶交易的強勁成長。本季度，我們與一家快速發展的排名前 25 位的會計和技術諮詢公司簽署了合作協議。該公司為超過 14,000 名商業客戶提供服務，這意味著該公司有機會隨著時間的推移獲得新客戶。

We have many other partnerships of similar scale in the pipeline. I'm pleased with the momentum we're seeing with Intuit Enterprise Suite.

我們還有許多類似規模的合作關係正在籌備中。我對 Intuit Enterprise Suite 的發展勢頭感到非常滿意。

The total number of new build customers in Q4 was up nearly 2x versus Q3, with successful adoption by some very large customers, including one customer with over 200 entities that is also using payroll and payments.

第四季新建客戶總數較第三季成長了近 2 倍，一些非常大的客戶成功採用了該系統，其中包括一個擁有 200 多個實體且也在使用工資和付款的客戶。

As we head into fiscal year 2026, we're nearing the one-year mark of launching Intuit Enterprise Suite and I'm proud of the progress we've made with both our product and our go-to-market strategy, which positions us to penetrate the $89 billion mid-market TAM.

隨著我們進入 2026 財年，我們推出 Intuit Enterprise Suite 已經快一年了，我為我們的產品和行銷策略所取得的進展感到自豪，這使我們能夠打入 890 億美元的中端市場 TAM。

Turning to our consumer platform. We delivered an outstanding year. Consumer Group revenue grew 10%, more than 2-point acceleration from last year. This was driven by breakthrough adoption of TurboTax Live, which grew 47%, well above our long-term expectation of 15% to 20% revenue growth. This is the power of bringing data, AI, and human intelligence together to provide better experiences for customers.

轉向我們的消費者平台。我們度過了出色的一年。消費集團營收成長10%，較去年同期成長2個百分點以上。這是由於 TurboTax Live 的突破性採用所推動的，其收入成長了 47%，遠高於我們長期預期的 15% 至 20% 的營收成長。這就是將數據、人工智慧和人類智慧結合在一起為客戶提供更好體驗的力量。

Credit Karma grew 32% this year and also drove 1 point of tax revenue growth as we delivered a seamless customer experience across TurboTax and Credit Karma.

由於我們在 TurboTax 和 Credit Karma 之間提供了無縫的客戶體驗，Credit Karma 今年成長了 32%，並推動了 1 個百分點的稅收收入成長。

Our results also demonstrate the incredible opportunity to win as one consumer platform to drive year-round engagement and increase monetization by serving a broader set of needs from building credit to building wealth. The learnings we gained this year are fueling our investments and innovation to deliver durable double-digit growth across our consumer platform.

我們的成果還表明，作為一個消費者平台，透過滿足從建立信用到累積財富的更廣泛需求，推動全年參與度並提高貨幣化率，從而贏得勝利，這是一個難得的機會。我們今年獲得的經驗教訓推動了我們的投資和創新，從而在我們的消費者平台上實現了持久的兩位數成長。

We have significant momentum across the company, and I cannot be more excited about our opportunity ahead to accelerate growth. Our strategy and relentless focus on execution is working. We're leveraging data, data services, AI, and human intelligence to become the all-in-one platform for consumers, businesses and accountants.

我們整個公司都擁有巨大的發展勢頭，我對未來加速成長的機會感到無比興奮。我們的策略和對執行的不懈關注正在發揮作用。我們正在利用數據、數據服務、人工智慧和人類智能，成為消費者、企業和會計師的一體化平台。

Now let me hand it over to Sandeep.

現在讓我把它交給 Sandeep。

Thank you, Sasan. We delivered strong results in fiscal 2025 across the company, including total revenue growth of 16%, a more than 2-point acceleration from fiscal 2024 and GAAP and non-GAAP operating income growing 36% and 18%, respectively.

謝謝你，薩桑。我們在整個公司 2025 財年取得了強勁的業績，其中總收入增長 16%，比 2024 財年增長 2 個百分點以上，GAAP 和非 GAAP 營業收入分別增長 36% 和 18%。

Our disciplined approach to managing the business allowed us to achieve strong margin expansion while driving breakthrough adoption in assisted tax introducing transformative AI agents across our business solutions and building our mid-market go-to-market capabilities.

我們嚴謹的業務管理方法使我們實現了強勁的利潤成長，同時推動了輔助稅收的突破性採用，在我們的業務解決方案中引入了變革性的人工智慧代理，並建立了我們的中端市場上市能力。

Our fourth-quarter results include revenue of $3.8 billion, up 20%. GAAP operating income of $339 million versus a loss of $151 million last year, non-GAAP operating income of $1 billion, up 39% and GAAP diluted earnings per share of $1.35 versus a diluted loss per share of $0.07 last year and non-GAAP diluted earnings per share of $2.75, up 38%.

我們的第四季業績包括營收 38 億美元，成長 20%。以美國通用會計準則 (GAAP) 計算，營業利潤為 3.39 億美元，而去年同期的虧損為 1.51 億美元；按照非美國通用會計準則 (Non-GAAP) 計算，營業利潤為 10 億美元，同比增長 39%；按照美國通用會計準則 (GAAP) 計算，每股攤薄收益為 1.350.353 的每股盈餘為 1.35750.353950.350 2350.美元；根據非美國通用會計準則 (Non-GAAP) 計算，每股攤薄收益為 2.75 美元，較去年同期成長 38%。

Now turning to the business segments. Global Business Solutions Group revenue grew 18% during the quarter or 21% excluding Mailchimp and 16% for the full year or 18% excluding Mailchimp. All-in ecosystem revenue grew 21% in Q4 or 26% excluding Mailchimp and 20% for the full year or 25% excluding Mailchimp -- this demonstrates the power of our all-in-one platform and that the innovation we are delivering is resonating with our customers, particularly as we move up market.

現在轉向業務部門。全球商業解決方案集團營收本季成長 18%，不包括 Mailchimp 則成長 21%，全年成長 16%，不包括 Mailchimp 則成長 18%。第四季度，整體生態系統收入增長了 21%，若不計 Mailchimp，則增長了 26%，全年收入增長了 20%，若不計 Mailchimp，則增長了 25%——這證明了我們一體化平台的強大功能，而且，我們所提供的創新引起了客戶的共鳴，尤其是在我們進軍高端市場時。

We are making progress consolidating customers' data and spending with us to help fuel their growth. Our robust growth in all an ecosystem revenue was driven by strength across both online accounting and online services.

我們正在整合客戶數據和支出，以幫助他們成長。我們整個生態系統收入的強勁成長得益於線上會計和線上服務的強勁成長。

QuickBooks all-in accounting revenue grew 23% in Q4 and 22% in fiscal 2025. Growth for the quarter and year was driven by higher effective prices, customer growth and mix shift. Online services revenue grew 19% in Q4 or 29%, excluding Mailchimp. Growth in Q4 was driven by money, which includes payments, capital and bill pay as well as payroll.

QuickBooks 綜合會計收入在第四季度增長了 23%，在 2025 財年增長了 22%。本季和本年度的成長得益於更高的有效價格、客戶成長和產品組合轉變。第四季線上服務營收成長 19%，不包括 Mailchimp 則成長 29%。第四季的成長由資金推動，包括支付、資本和帳單支付以及工資單。

For fiscal 2025, online services revenue grew 19% or 29%, excluding Mailchimp, driven by money and payroll. Within money, revenue growth in the quarter reflects payments to revenue growth, which was driven by customer growth and increase in total payment volume per customer and higher effective prices as well as QuickBooks Capital revenue growth. Total online payment volume growth in Q4 was 18%, relatively consistent with the range we have seen over the last several quarters.

2025 財年，受資金和薪資推動，線上服務收入成長 19% 或 29%（不包括 Mailchimp）。從資金角度來看，本季營收成長反映了支付收入的成長，這是由客戶成長、每位客戶的總支付量增加、有效價格上漲以及 QuickBooks Capital 收入成長所推動的。第四季網路支付總額成長了 18%，與過去幾季的成長率基本一致。

Within payroll, revenue growth in the quarter reflects customer growth higher effective prices and mix shift. Within Mailchimp, the revenue was down slightly versus a year ago, in line with our expectations for the quarter.

在薪資方面，本季的營收成長反映了客戶成長、有效價格提高和組合轉變。Mailchimp 的營收與去年同期相比略有下降，符合我們對本季的預期。

We remain focused to show the offering resonates with both mid-market and small businesses, and we are confident in delivering an all-in-one business platform that integrates the power of Mailchimp and QuickBooks. We expect Mailchimp to exit fiscal 2026 growing double digits.

我們將繼續專注於展示該產品能夠引起中型市場和小型企業的共鳴，並且我們有信心提供一個整合 Mailchimp 和 QuickBooks 功能的一體化業務平台。我們預計 Mailchimp 將在 2026 財年實現兩位數的成長。

The overall addressable market for our business platform is over $180 billion, roughly half of which is mid-market -- and we are well positioned to win as an all-in-one platform. Online ecosystem revenue grew 21% in Q4 and 20% for the year. This includes approximately 40% growth for both the quarter and the year in online ecosystem revenue for QBO Advanced and Intuit Enterprise Suite that serve mid-market.

我們的業務平台的整體目標市場超過 1800 億美元，其中大約一半是中端市場——我們完全有能力作為一個一體化平台贏得勝利。線上生態系統營收第四季成長 21%，全年成長 20%。其中包括服務中端市場的 QBO Advanced 和 Intuit Enterprise Suite 線上生態系統營收本季和全年均成長約 40%。

All-in ecosystem revenue for small businesses and the rest of the base grew a strong 18% for both the quarter and the year. Our online ecosystem revenue growth reflects the progress we're making with our strategy of serving both small and mid-market businesses with more compact needs.

小型企業和其他基礎企業的整體生態系統收入在本季和全年均強勁成長 18%。我們的線上生態系統收入成長反映了我們在服務需求更為緊湊的中小型企業的策略方面所取得的進展。

We had an exceptional year driving 23% growth in combined QBO Advanced and Intuit Enterprise Suite customers and 8% growth in US PVO customers, excluding self-employed. Overall, online paying customers grew 5%, reflecting the headwinds we saw in our Mailchimp and international businesses, both areas where we have game plans to accelerate growth in the future.

我們度過了出色的一年，QBO Advanced 和 Intuit Enterprise Suite 客戶總數成長了 23%，美國 PVO 客戶（不包括自僱人士）成長了 8%。總體而言，線上付費客戶成長了 5%，這反映了我們在 Mailchimp 和國際業務中遇到的阻力，在這兩個領域我們都制定了未來加速成長的計畫。

Online ecosystem ARPC growth accelerated more than 3 points in fiscal 2025 to 14%, reflecting our progress serving more complex customers. We feel great about the customer growth and ARPC expansion we saw this year with larger and more complex mid-market customers in our base.

2025 財年，線上生態系統 ARPC 成長率加速超過 3 個百分點，達到 14%，這反映了我們在服務更複雜的客戶方面取得的進展。我們對今年的客戶成長和 ARPC 擴張感到非常高興，我們的客戶群中擁有更大、更複雜的中型市場客戶。

Turning to desktop. Desktop ecosystem revenue grew 10% in Q4 and 5% for the full year. QuickBooks Desktop Enterprise revenue grew in the mid-teens in Q4 and high single digits in fiscal 2025. Turning to our consumer platform. Consumer Group revenue of $4.9 billion grew 10% in fiscal 2025.

轉向桌面。桌面生態系統收入在第四季度增長了 10%，全年增長了 5%。QuickBooks Desktop Enterprise 的營收在第四季度實現了十幾%左右的成長，在 2025 財年則實現了高個位數的成長。轉向我們的消費者平台。2025財年，消費者集團營收為49億美元，成長10%。

This outstanding tax performance respects breakthrough adoption of TurboTax Live with revenue growth of 47%, a 30-point acceleration from last year and customer growth of 24%. We saw strong customer growth in full service consumer and business tax offerings both outpacing overall TurboTax Live customer growth. The learnings we gained this year will help fuel durable growth in the future.

這項出色的稅收表現得益於 TurboTax Live 的突破性採用，收入成長了 47%，比去年增加了 30 個百分點，客戶成長了 24%。我們看到全方位服務消費者和商業稅務產品的客戶成長強勁，兩者都超過了 TurboTax Live 整體客戶的成長速度。我們今年獲得的經驗將有助於推動未來的持久成長。

In our ProTax Group, revenue was $621 million in fiscal 2025, up 4%. Credit Karma revenue grew 34% in Q4 and 32% in fiscal 2025. On a product basis in Q4, personal loans accounted for 15 points of growth. Credit Karma accounted for 13 points and auto insurance accounted for 5 points.

在我們的 ProTax 集團，2025 財年的營收為 6.21 億美元，成長 4%。Credit Karma 營收在第四季成長了 34%，在 2025 財年成長了 32%。從產品角度來看，第四季個人貸款成長15個百分點。Credit Karma 佔 13 分，汽車保險佔 5 分。

As Sasan mentioned earlier, Credit Karma drove a point of revenue growth in fiscal 2025 as we delivered a seamless customer experience across TurboTax and Credit Karma.

正如 Sasan 之前提到的，由於我們透過 TurboTax 和 Credit Karma 提供了無縫的客戶體驗，Credit Karma 在 2025 財年實現了營收成長。

I am proud of the progress the team made innovating on behalf of our members and partners this year, and I'm excited about the opportunity ahead. Shifting to our balance sheet and capital allocation.

我為團隊今年代表我們的成員和合作夥伴所取得的創新進步感到自豪，並對未來的機會感到興奮。轉向我們的資產負債表和資本配置。

Our financial principles guide our decisions. They remain our long-term commitment and are unchanged. We finished the quarter with approximately $4.6 billion in cash and investments and $6 billion in debt on our balance sheet.

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，不會改變。本季結束時，我們的資產負債表上有約 46 億美元的現金和投資以及 60 億美元的債務。

We repurchased $748 million of stock during the fourth quarter and $2.8 billion during fiscal 2025, depending on market conditions and other factors, our aim is to be in the market each quarter. The Board approved a quarterly dividend of $1.20 per share, payable on October 17, 2025, this represents a 15% increase versus last year.

我們在第四季度回購了價值 7.48 億美元的股票，在 2025 財年回購了價值 28 億美元的股票，具體取決於市場狀況和其他因素，我們的目標是每個季度都進入市場。董事會批准每股 1.20 美元的季度股息，於 2025 年 10 月 17 日支付，比去年增加 15%。

Now shifting to fiscal 2026 and Q1 guidance. Our fiscal 2026 guidance includes total company revenue of $20.997 billion to $21.186 billion, growth of 12% to 13%. Our guidance includes Global Business Solutions Group revenue growth of 14% to 15% or 15.5% to 16.5% revenue growth, excluding Mailchimp.

現在轉向 2026 財年和第一季指引。我們對 2026 財年的預期包括公司總營收達到 209.97 億至 211.86 億美元，成長 12% 至 13%。我們的預期包括全球商業解決方案集團營收成長 14% 至 15% 或營收成長 15.5% 至 16.5%（不包括 Mailchimp）。

Our guidance also includes overall consumer group revenue growth of 8% to 9%, including TurboTax growth of 8%, Credit Karma growth of 10% to 13% and ProTax growth of 2% to 3%. This guidance reflects the segment reporting change we shared today in our press release and fact sheet.

我們的預期還包括整體消費者集團營收成長 8% 至 9%，其中 TurboTax 成長 8%，Credit Karma 成長 10% 至 13%，ProTax 成長 2% 至 3%。該指南反映了我們今天在新聞稿和情況說明書中分享的分部報告變更。

GAAP diluted earnings per share of $15.49 to $15.69, growth of 13% to 15% and non-GAAP diluted earnings per share of $22.98 to $23.18 growth of 14% to 15%. We expect a GAAP tax rate of approximately 23% in fiscal 2026. Our guidance for the first quarter of fiscal 2026 includes total company revenue growth of 14% to 15%; GAAP earnings per share of $1.19 to $1.26 and non-GAAP earnings per share of $3.05 to $3.12. You can find our full fiscal 2026 and Q1 guidance details in our press release and on our fact sheet.

GAAP 稀釋每股收益為 15.49 美元至 15.69 美元，成長 13% 至 15%，非 GAAP 稀釋每股收益為 22.98 美元至 23.18 美元，成長 14% 至 15%。我們預計 2026 財年的 GAAP 稅率約為 23%。我們對2026財年第一季的預期包括：公司總營收成長14%至15%；GAAP每股收益1.19美元至1.26美元；非GAAP每股收益3.05美元至3.12美元。您可以在我們的新聞稿和情況說明書中找到我們2026財年及第一季的完整預期詳情。

We are also reiterating our long-term growth expectations for each of our businesses. First, Global Business Solutions Group, with the momentum we see in online ecosystem revenue growth, we are reiterating our long-term revenue growth expectations for the Global Business Solutions Group of 15% to 20%. This includes online paying ARPC growth of 10% to 20% and online paying customer growth of 5% to 10%.

我們也重申了對每項業務的長期成長預期。首先，全球商業解決方案集團，隨著我們看到線上生態系統收入成長的勢頭，我們重申對全球商業解決方案集團 15% 至 20% 的長期收入成長預期。其中包括線上支付ARPC成長10%至20%和線上支付客戶成長5%至10%。

Second, TurboTax. We had a strong tax season, and we see significant runway ahead to penetrate our TAM, particularly in assisted tax which we expect to be the key driver of future growth. We are reiterating the TurboTax long-term revenue growth rate of 6% to 10% in this interim period with TurboTax Live revenue expected to grow 15% to 20%.

第二，TurboTax。我們經歷了一個強勁的稅收季，我們看到了巨大的潛力來滲透我們的 TAM，特別是在輔助稅收方面，我們預計這將成為未來成長的主要驅動力。我們重申 TurboTax 的長期收入成長率為 6% 至 10%，其中 TurboTax Live 的營收預計將成長 15% 至 20%。

Finally, Credit Karma. We are reiterating our long-term running growth expectations of 10% to 15% reflecting the credit size and scale of the business, our focus on delivering year-round benefits that lead to engage in monetization and turbo growth.

最後，Credit Karma。我們重申 10% 至 15% 的長期成長預期，這反映了信貸規模和業務規模，我們專注於提供全年效益，從而實現貨幣化和渦輪成長。

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

說完這些，我會把話題交還給 Sasan。

Thank you, Sandeep. We are well on our way to becoming the global tech leader for enabling financial success for consumers, businesses and accountants. Given our early bet on AI, our low penetration of our large $300 billion TAM and the significant investments we've made in the last decade in data, data services, AI, and AI-enabled human intelligence -- we are well positioned to power prosperity for our customers and deliver sustained double-digit revenue growth with margin expansion. We look forward to unpacking why Intuit continues to have a very bright future with best years yet to come at our Investor Day next month.

謝謝你，桑迪普。我們正朝著成為幫助消費者、企業和會計師實現財務成功的全球技術領導者的目標邁進。鑑於我們早期對人工智慧的押注、我們對 3000 億美元 TAM 的低滲透率以及過去十年在數據、數據服務、人工智慧和人工智慧支持的人類智慧方面的大量投資——我們完全有能力為客戶帶來繁榮，並實現持續的兩位數收入增長和利潤率擴大。我們期待在下個月的投資者日上揭示為什麼 Intuit 在未來幾年仍將保持光明的未來。

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

好了，讓我們來回答您的問題。

(Operator Instructions) Siti Panigrahi, Mizuho.

（操作員指示）Siti Panigrahi，Mizuho。

Thank you. Sasan, that's a great into fiscal '25. Mainly, I want to focus on the small business that your global business grew 18% growth ex Mailchimp -- but as you look at fiscal '26, what are the areas you're more excited about? And what you learn in the fiscal '25 execution.

謝謝。Sasan，這對 25 財年來說是一個很大的進步。主要是，我想關註一下小型企業，您的全球業務（不包括 Mailchimp）成長了 18%——但是當您回顧 26 財年時，您對哪些領域更感興趣？以及您在 25 財年執行中所學到的東西。

And if I could add one more to this, there is concern about this lead generation with the slowdown in SEO search. I would love to hear your views in terms of what you're seeing your quick book business.

如果我可以再補充一點的話，人們擔心 SEO 搜尋速度的放緩會導致潛在客戶的產生。我很想聽聽您對快速圖書業務的看法。

Yeah. Sure. Thank you for the question. First of all, there's three things I would point out that gives us confidence as we -- for the business group as we head into the fiscal year that we're in. One, the customer growth that we saw in US QBO of 8%, the customer growth that we saw in mid-market of 23% is quite strong, and we're excited about what that will mean moving forward.

是的。當然。謝謝你的提問。首先，我想指出三件事，它們讓我們對業務集團在進入新財年時充滿信心。首先，我們看到美國 QBO 的客戶成長率為 8%，中端市場的客戶成長率為 23%，這相當強勁，我們對這意味著未來的發展感到興奮。

as we address some of the headwinds that you heard Sandeep talk about around Mailchimp and International. So that's one area that we're very excited about.

我們將解決您聽到 Sandeep 談到的有關 Mailchimp 和國際業務的一些不利因素。這是一個令我們非常興奮的領域。

I would say the second is just the -- the fact that we now have an all-in-one platform, we have all the pieces really in one place to help a customer from lead the cash. And when you look at the fact that we just launched our new business feeds with a virtual team of AI agents and AI-enabled human agents and the fact that we have several million customers that are already engaging, that gives us a lot of confidence as we look ahead durably relative to the growth that we can drive particularly penetration of services.

我想說的第二點是——事實上我們現在有一個一體化平台，我們將所有的部分集中在一個地方，以幫助客戶獲得現金。而且，當您看到我們剛剛透過由 AI 代理商和支援 AI 的人工代理商組成的虛擬團隊推出了新的業務資訊流，並且我們已有數百萬客戶參與其中時，這給了我們很大的信心，因為我們可以持久地展望未來，特別是我們可以推動服務滲透的增長。

And the third is mid-market. I mean when you look at mid-market holistically a 40% growth in context of the overall 20% growth that we had in online for the year and the acceleration that we have with our product launches and our go-to-market capability that gives us not only confidence for '26, but really beyond durably in terms of what's possible. So that's on the business group front.

第三個是中端市場。我的意思是，當你從整體上看中端市場時，我們今年在線業務的整體增長率為 20%，而中端市場增長率為 40%，而且我們的產品發布和市場進入能力也得到了加速，這不僅讓我們對 26 年充滿信心，而且在可能性方面也確實超越了預期。這就是商業集團方面的情況。

In terms of AI search, it actually plays into our favor. And let me just share a couple of stats. One, and this is across by the way, our platform, not just QuickBooks, our traffic is actually up quite significantly this year. And AI search is 1% of our overall traffic.

就人工智慧搜尋而言，它實際上對我們有利。讓我分享一些統計數據。首先，順便說一下，我們的平台（不僅僅是 QuickBooks）的流量今年實際上都有了顯著的成長。人工智慧搜尋占我們整體流量的 1%。

And the top 25% brands actually have a 10x visibility in AI search. So which is when you look at brands like QuickBooks and Credit Karma and TurboTax and Mailchimp, it actually plays into our favor.

排名前 25% 的品牌在 AI 搜尋中的可見度實際上高達 10 倍。因此，當您查看 QuickBooks、Credit Karma、TurboTax 和 Mailchimp 等品牌時，它實際上對我們有利。

And then the last couple of things I would say is Credit Karma is not at all reliant on SEO search at all because it's -- we have 100 million folks that are in app -- and so less than 1% is SEO search. So that's not really impacted at all.

最後我想說的是，Credit Karma 根本不依賴 SEO 搜索，因為我們有 1 億用戶在使用應用程序，所以只有不到 1% 是 SEO 搜索。所以這其實根本沒有受到影響。

And last but not least, the thing final thought I would leave you with is the essence of us being an AI-driven expert platform company and an AI company we've actually been all over this in terms of thinking through how we think about tagging our content, how we show up. So that not only do we show up in the AI apps.

最後但同樣重要的一點是，我最後要告訴你們的是，我們作為一家人工智慧驅動的專家平台公司和一家人工智慧公司的本質，我們實際上已經全面思考過如何標記我們的內容，如何展示我們。因此，我們不僅出現在 AI 應用程式中。

But over time, when it becomes a bigger part of our search, today, it's only 1% that we play a far bigger role. And maybe I live let me make one last point. the majority of our growth comes from recommendations. And search overall is actually less than 15% of our overall portfolio as a whole. So I just wanted to make sure that, that point landed as well.

但隨著時間的推移，當它成為我們搜尋中更重要的一部分時，今天，我們只發揮了 1% 的更大作用。也許我還活著，讓我再說最後一點。我們的大部分成長都來自於推薦。整體而言，搜尋業務實際上只占我們整體業務的不到 15%。所以我只是想確保這一點也能實現。

Thank you. Thanks for that color.

謝謝。謝謝你這個顏色。

Yes. Thank you, Siti.

是的。謝謝你，Siti。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

Excellent. Thank you, guys, for taking the question and congratulations on a really strong overall FY25, a lot of the pieces coming together. Looking forward into FY26. Really one question but in two parts. I think -- on one side of the equation, you guys released a lot of really interesting functionality with new agents a couple of weeks back what should our expectations be for monetization around those agents? Is it still too early? Or what should the time frame we should be thinking about those ramping up into the revenue base.

出色的。謝謝大家回答這個問題，並祝賀 2025 財年整體表現非常強勁，各項工作進展順利。展望 26 財年。實際上是一個問題，但分為兩個部分。我認為——一方面，你們幾週前發布了許多與新代理商有關的非常有趣的功能，我們對這些代理商的貨幣化期望是什麼？現在還太早嗎？或者我們應該考慮將這些收入納入收入基礎的時間框架是怎麼樣的。

And then on the other side of the equation, Mailchimp has been a drag through FY25, as on that part of the equation. But you guys sound really confident we're going to come back to double-digit growth any inklings you could give us on what's driving that confidence in getting that business back to a double-digit growth rate. So it's no longer a drag on this overall GBS revenues anymore.

然後在等式的另一邊，Mailchimp 在整個 25 財年一直是一個拖累，就像等式的這一部分一樣。但是你們聽起來真的有信心我們會回到兩位數的成長，你們能否告訴我們，是什麼推動了這種信心，使該業務回到兩位數的增長率。因此它不再對整體 GBS 收入造成拖累。

Yeah. Absolutely, Keith. So let me take your first question, which is just around our launch of our all-in-one platform with virtual team of AI agents and human experts. A couple of things I would say. We have high expectations around monetization in the future. We have not assumed anything really in our guidance for this year. So that's the first and foremost.

是的。當然，基斯。那麼，讓我來回答你的第一個問題，這是關於我們推出由人工智慧代理和人類專家組成的虛擬團隊的一體化平台。我想說幾件事。我們對未來的貨幣化抱持著很高的期望。我們在今年的指導中實際上沒有假設任何事情。這是首要的一點。

Second, it's actually thus far above our expectations in terms of engagement. As I mentioned earlier, we just launched this in July, and we have a couple of million customers that have been engaging with the AI agents, which that's quite significant after one month of launch.

其次，就參與度而言，它實際上遠遠超出了我們的預期。正如我之前提到的，我們剛剛在 7 月推出了這項服務，目前已有數百萬客戶與 AI 代理商進行了互動，這在推出一個月後就取得了顯著的成效。

And the repeat engagement, the discovery of our apps is actually above our expectations. What we're really focused on right now is just making the experience and the adoption of our services home. And we're giving our teams time to make that home because that's the first step is you want engagement and repeat engagement and discovery, which is above our expectations.

而重複參與度和我們應用程式的發現度實際上超出了我們的預期。我們現在真正關注的是讓更多人體驗並採用我們的服務。我們給我們的團隊時間來實現這一點，因為這是第一步，你想要參與、重複參與和發現，這超出了我們的預期。

The second is monetization. So we think it's going to play a very big role because when you look at the billions of dollars that are actually spent by our customers on our platform on services that are not ours -- we are quite confident that we can consolidate not only the tech stack, but the tech spend, which is where the monetization comes in. So I would have expectations for the future, not this year. We didn't count on it in our guidance just to be prudent.

第二是貨幣化。因此，我們認為它將發揮非常重要的作用，因為當你看到我們的客戶在我們的平台上實際花費了數十億美元用於非我們的服務時，我們非常有信心，我們不僅可以整合技術堆疊，還可以整合技術支出，這就是貨幣化的來源。所以我會對未來有所期待，而不是今年。出於謹慎考慮，我們在指導中沒有考慮到這一點。

The second thing is you're absolutely right, Mailchimp is a drag on our growth. And we expect to exit this fiscal year, fourth quarter and double digits. And what you should expect, by the way, is a slow ramp throughout the year.

第二件事是，你完全正確，Mailchimp 阻礙了我們的成長。我們預計本財年第四季的業績將達到兩位數。順便說一句，你應該預料到全年的成長速度會緩慢上升。

And there are two things that we see today that give us confidence. One is our sales playbook and the number of sales folks that we've added is starting to really pay off going after larger customers mid-market. And that's -- that will be a big driver of growth in the future.

今天我們看到的兩件事給了我們信心。一是我們的銷售策略，我們增加的銷售人員數量開始真正帶來回報，以爭取中階市場的大客戶。這將成為未來成長的一大動力。

So the product improvements that we've already made, but a lot more that are coming -- we're actually seeing green shoots. We have the highest customer satisfaction that we've had ever since we've acquired the business based on the launches that we've had. So those things are green shoots that give us confidence that as we look into our trajectory that we would exit double digits in the fourth quarter.

因此，除了我們已經做出的產品改進之外，還有更多的改進即將推出——我們實際上已經看到了復甦的跡象。自從我們收購該業務以來，根據我們推出的產品，我們獲得了最高的客戶滿意度。所以，這些都是復甦的跡象，讓我們有信心，當我們回顧我們的發展軌跡時，我們會在第四季取得兩位數的成績。

Awesome. Thank you, guys.

驚人的。謝謝你們。

Yeah. Thank you, Keith

是的。謝謝你，基思

(Operator Instructions) Kirk Materne, Evercore ISI.

（操作員指示）Kirk Materne，Evercore ISI。

I guess, for you, there's a lot of things going positively right now with Xtend, with some of the partners contributing just wondering, are there any cross currents out there that are offsetting that relative to what you would have thought maybe at the beginning of the year, obviously, tariffs with Europe. Just anything you could give us some context on because it seems like you have some really nice momentum in some of your our early stage.

我想，對您來說，Xtend 目前有很多事情在積極進展，一些合作夥伴只是想知道，是否存在任何交叉趨勢可以抵消這一點，相對於您在年初所想的，顯然是與歐洲的關稅。您可以向我們提供一些背景信息，因為看起來您在我們早期階段的一些發展勢頭確實很好。

Hey, Kirk, was that question for us? Can we open his line?

嘿，柯克，這個問題是問我們的嗎？我們可以開通他的線嗎？

Okay. We can come back to Kirk.

好的。我們可以回到柯克。

We'll circle back around to Mr. Materne.

我們將回到馬特恩先生的話題。

Alex Markgraff, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Alex Markgraff。

Thanks for taking my question. Sasan, can you maybe talk about or just outline the product and go-to-market priorities around IES in '26. Just thinking about some of the momentum behind the business and the potential acceleration in 2026.

感謝您回答我的問題。Sasan，您能否談談或簡單概述一下 IES 在 26 年的產品和上市重點。只要思考一下業務背後的一些動力以及 2026 年的潛在加速。

Yeah. Absolutely. There's really, I would say, threefold. One, we are very focused on the several hundred thousand of customers that are in our base, up to about 800,000 folks in our base that are eligible for either QBO Advanced and/or Intuit enterprise suite.

是的。絕對地。我想說，其實有三個方面。首先，我們非常關注我們客戶群中的數十萬客戶，其中約有 80 萬名客戶有資格使用 QBO Advanced 和/或 Intuit 企業套件。

And so we are very focused on continuing to mine those customers, and that's a big part of what's driving the growth that we're experiencing now. Two, we've really most recently started creating a flywheel effect in having discussions with our accountant partners.

因此，我們非常注重持續挖掘這些客戶，這也是推動我們當前成長的重要因素。二，我們最近在與會計夥伴的討論中確實開始產生飛輪效應。

That is -- those are more longer-term opportunities, but that's a really big opportunity for us, not just in FY26, but I would say beyond now that we're getting traction with Intuit Enterprise Suite and advanced, but particularly Intuit enterprise set across multiple verticals. And I would say last but not least, it's an important reminder for all of us that we're one year in with Intuit Enterprise Suite. And we just had our largest launch in July because we do quarterly product releases.

也就是說，這些都是更長期的機會，但對我們來說是一個非常大的機會，不僅僅是在 26 財年，而且我想說，現在我們正在透過 Intuit Enterprise Suite 和高級套件獲得關注，特別是跨多個垂直領域的 Intuit 企業套件。最後但同樣重要的一點是，我想說的是，這對我們所有人來說都是一個重要的提醒，我們使用 Intuit Enterprise Suite 已經一年了。由於我們每季都會發布產品，因此我們在 7 月剛剛進行了最大的產品發布。

And really, our focus is to do two things. One, to be able to accelerate penetrating our existing addressable market but to actually start opening up our total addressable market. And we're, of course, very excited about Ashley being on board and accelerating our progress. But those are the key, I would say, product and go-to-market priorities.

實際上，我們的重點是做兩件事。一是能夠加速滲透我們現有的目標市場，但實際上開始開放我們的總目標市場。當然，我們對 Ashley 的加入和加速我們的進步感到非常興奮。但我想說，這些是關鍵的產品和市場進入重點。

Thank you.

謝謝。

Yeah. Very welcome.

是的。非常歡迎。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Yes. Perfect. Thank you so much. Sasan, for you on the -- some of the agentic capabilities and the AI that you're launching seems very interesting. I'm curious how you think about AI readiness amongst tribesmen already, but already are your customers to implement these agents? And does that require some work on your end? Or is it fairly plug and play thinking through what we might expect in 2016 and 2017? Thank you.

是的。完美的。太感謝了。Sasan，對您來說—您所推出的一些代理功能和人工智慧似乎非常有趣。我很好奇您如何看待部落成員對人工智慧的準備情況，但您的客戶是否已經實施了這些代理？這是否需要您做一些工作？或者說，透過思考 2016 年和 2017 年我們可能期待什麼，這是否相當簡單？謝謝。

Yeah. Actually, I love your your question is very customer back. And I think it's important as we think about serving whether it's consumer, small or large businesses. The first thing I would say is people are using AI apps in their life, but they don't really care about AI. What they care about is help me grow my business.

是的。事實上，我很喜歡你的問題，客戶回覆非常多。我認為，當我們考慮為消費者、小型企業或大型企業提供服務時，這一點很重要。我想說的第一件事是，人們在生活中使用人工智慧應用程序，但他們並不真正關心人工智慧。他們關心的是幫助我發展業務。

Help me get customers, help me understand where I should focus my marketing dollars, help me understand what financial decisions -- and that was most important. And so really -- let me bring that to life by just sharing an experience that is part of what we've launched with you.

幫助我獲得客戶，幫助我了解該把行銷資金集中在哪裡，幫助我了解哪些財務決策—這是最重要的。所以真的——讓我透過分享我們與您一起推出的產品的一部分體驗來實現這一點。

So for instance, one of the things you could see in our business feet is it will show the customer that they had 10 unpaid invoices and that we, in essence, based on their past permission executed a follow-up to go get that money for the customer.

舉例來說，您可以在我們的業務頁面上看到，它會向客戶顯示他們有 10 張未付發票，並且我們實質上是根據他們過去的許可執行了後續行動，為客戶獲取這筆錢。

And then we actually -- when they cook on it, they see how their cash flow has improved or in the flow of the customer, we'll send them a notification and let them know that, hey, they're eligible for a line of credit based on the sales growth that they're seeing, and we'll show them that sales growth. So really what the AI agents are giving us the ability to do is to help customers make decisions.

然後我們實際上——當他們使用它時，他們看到他們的現金流或客戶流如何改善，我們會向他們發送通知並讓他們知道，嘿，根據他們看到的銷售增長，他們有資格獲得信用額度，我們會向他們展示銷售增長。因此，人工智慧代理真正賦予我們的能力是幫助客戶做出決策。

And I think that that's really what customers care about. It's less about -- is it an AI agent, but the fact that in moments of truth, we're actually helping them get pay others, get access to line of credit understand what decisions they can make to drive growth, which really I'll end with the last point, and that is the Forrester study that we very intentionally shared in our script.

我認為這正是顧客真正關心的問題。它不是一個人工智慧代理，而是在關鍵時刻，我們實際上是在幫助他們獲得報酬，獲得信貸額度，了解他們可以做出哪些決策來推動成長，我最終將以最後一點結束，那就是我們在腳本中有意分享的 Forrester 研究。

And that is that what we're really after is helping customers consolidate their data, their tech stack and their spend all-in-one place. And when we do that, there is a 300% ROI over a three-year period because in essence, when the customer's data is all-in-one place with our AI agents, we have the ability to help them make better decisions to drive revenue growth or profitability through our business feed and AI agents doing the work and/or when everything is in one place, we can drive -- we're automating tasks, we're automating workflows and it delivers efficiently.

我們真正追求的是幫助客戶整合他們的數據、技術堆疊和支出。當我們這樣做時，三年內的投資回報率將達到 300%，因為從本質上講，當客戶的數據通過我們的人工智能代理集中在一個地方時，我們就有能力幫助他們做出更好的決策，透過我們的業務反饋和人工智能代理來推動收入增長或盈利能力，當所有東西都集中在一個地方時，我們可以驅動——我們正在自動化任務，我們正在自動化工作流程，並高效地交付工作流程，並高效地交付任務，我們正在自動化工作流程，並高效地交付工作流程，並高效地交付任務，我們正在自動化工作流程，並高效地交付。

And last but not least, when we consolidate their tech stack, they actually spend more with us, but overall, they spend less. And so -- that's the way I would think about it relative to our customers and what we're experiencing as we're engaging our customers with these new experiences.

最後但同樣重要的一點是，當我們整合他們的技術堆疊時，他們實際上在我們身上花費更多，但總體而言，他們花費更少。所以——這就是我對我們的客戶以及我們在為客戶提供這些新體驗時所經歷的事情的看法。

And Arjun, one other thing I would add to it, this is where we were super deliberate in how we introduce the genetic experiences, we incorporate them into the lineup. So we expose our customers to them as opposed to having the customers go and pick a separate offering to add on. So that delivery decision is also what is helping customers see the productivity, see the better business outcomes. .

阿瓊，還有一點我想補充一下，我們在引入遺傳體驗時非常慎重，我們將它們融入陣容中。因此，我們向客戶展示這些產品，而不是讓客戶選擇單獨的產品來添加。因此，交付決策也能幫助客戶看到生產力，並看到更好的業務成果。。

And that's at you're leading to conversations around what's the next set of agent experiences were involved because the customers are showing higher receptivity to it, as Susan mentioned, significantly higher repeat usage than even our own internal expectations.

這就是您正在引導的關於下一組代理體驗的對話，因為客戶對此表現出更高的接受度，正如蘇珊所提到的那樣，重複使用率甚至比我們自己的內部預期要高得多。

All right. Perfect. Very helpful. Thank you so much.

好的。完美的。非常有幫助。太感謝了。

Thank you.

謝謝。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

Yeah. Thanks, and sorry about earlier. Sasan, I was wondering if you could actually just talk a little bit about Credit Karma, Obviously, a fantastic year for that business. I think there's some concern, obviously, with that business that it can be potentially more cyclical than other parts of your business, but the double-digit guide for next year against what are very tough comps, seems to give some indication that you guys feel good about how that's operating.

是的。謝謝，對先前的舉動深感抱歉。Sasan，我想知道您是否可以簡單談談 Credit Karma，顯然，今年對該業務來說是一個輝煌的一年。我認為，顯然，人們對該業務存在一些擔憂，擔心它可能比貴公司的其他業務更具週期性，但相對於非常艱難的同店銷售，明年的兩位數指引似乎表明你們對該業務的運營情況感到滿意。

Just curious if you add a little bit more color to the confidence in the guide and maybe some of the new product lines there coming about to make that perhaps a little bit less cyclical than it was perhaps before you bought it in the early days. Thanks.

我只是好奇，如果您能為指南中的信心添加一些色彩，也許一些新的產品線即將推出，那麼它的周期性可能會比您早期購買之前稍微小一些。謝謝。

Yeah. Sure, Kirk. First, let me just start with the strategic nature of why we, again, acquired Credit Karma because it's just -- it's important to reground there. And that is -- what we're really ultimately after is to create one consumer platform so we can help customers with benefit delivery on an ongoing basis.

是的。當然，柯克。首先，讓我先從策略角度談談我們為何再次收購 Credit Karma，因為重新立足於此非常重要。那就是——我們最終真正追求的是創建一個消費者平台，以便我們能夠持續地幫助客戶實現利益。

And by the time it's tax time, we have really an opportunity to people's taxes for them right through the Credit Karma platform. So that's an important element because a lot of the innovation this year and a lot of what we already talked about what the contribution it had the tax is a very important part of the go forward, which is engaging customers year round.

到了納稅時間，我們就有機會透過 Credit Karma 平台為人們報稅。這是一個重要因素，因為今年的許多創新以及我們已經討論過的稅收貢獻都是未來發展的一個非常重要的部分，它可以全年吸引客戶。

So one element is just tax and the confidence that gives us overall in the consumer platform. The other is because of all of our data and AI investments, we're actually taking share because when you look at our credit card and personal loan performance, the majority of this is actually great execution and where our share is increasing.

因此，其中一個因素就是稅收和給予我們整體消費者平台的信心。另一個原因是，由於我們所有的數據和人工智慧投資，我們實際上正在佔據份額，因為當你查看我們的信用卡和個人貸款表現時，其中大部分實際上都是出色的執行，而且我們的份額正在增加。

And the primary reason why the share is increasing is because of all of our data and AI investments because we engage customers in app, and we engage them at the right moment of truth knowing when they are seeking a financial product, and we put choice in front of them and they're able to interact with us to better understand what is right for them.

份額不斷增加的主要原因是我們在數據和人工智慧方面的投資，因為我們讓客戶參與到應用程式中，我們在正確的關鍵時刻與他們互動，知道他們何時尋求金融產品，我們將選擇擺在他們面前，他們能夠與我們互動，以更好地了解什麼是適合他們的。

So that's an important element, which is share gains that gives us confidence. And it's been several quarters in a row where our execution is really outpacing what we even anticipated, which leads to the last thing that you asked about, which is cyclicality. I mean, we've been investing heavily in things that aren't as cyclical.

所以這是一個重要因素，就是份額的成長給了我們信心。連續幾個季度，我們的執行速度都超出了我們的預期，這就引出了您最後問到的問題，即週期性。我的意思是，我們一直在對非週期性的事物進行大量投資。

One is tax that I talked about, which is the whole reason why we acquired the platform, part one, but two is insurance. Three is prime customers that really, when you look at the cyclicality of Credit Karma, the primary driver in the last several years was personal loans by those that are actually subprime or near prime, which is why we've been really focused on prime customers because they have a different set of needs.

一是我剛才提到的稅收，這也是我們收購該平台的全部原因，第一部分，二是保險。第三是優質客戶，實際上，當你觀察 Credit Karma 的周期性時，過去幾年的主要驅動力是次級或接近優質貸款的個人貸款，這就是為什麼我們一直真正關注優質客戶，因為他們有不同的需求。

And so a lot of innovation around prime customers and insurance, as I mentioned a moment ago. And then last but not least, it's just around money. We're investing heavily to not only provide immediate and instant access to people's money when it's refund time but how do we then engage those customers year-round when it comes to their money. And so it's a holistic set of those areas of innovation that gives us confidence, not just in Credit Karma, but just across our consumer platform as we look ahead.

正如我剛才提到的，圍繞優質客戶和保險有很多創新。最後但同樣重要的一點是，這只是與金錢有關。我們投入巨資，不僅是為了在退款時為人們提供即時的資金獲取管道，而且還為了在全年的資金問題上與這些客戶保持聯繫。因此，這些創新領域的整體組合讓我們對未來充滿信心，不僅對 Credit Karma，而且對我們的整個消費者平台也是如此。

Super. Thanks, Sasan. Congrats on a great year.

極好的。謝謝，薩桑。恭喜您度過了美好的一年。

Yeah. Thank you.

是的。謝謝。

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

Yeah. Hi. Thanks so much for taking my question. So if I look at the Global Solutions business performance Mailchimp was really strong in 4Q, and it looks like that was driven by an acceleration in online. So first, can you maybe talk through the drivers of that performance? And how durable you think some of those trends could be as we go into 2026.

是的。你好。非常感謝您回答我的問題。因此，如果我看一下全球解決方案業務表現，Mailchimp 在第四季度的表現確實非常強勁，而且看起來這是由線上業務的加速所推動的。那麼首先，您能否談談這項表現的驅動因素？您認為到 2026 年這些趨勢會持續多久？

And then secondly, as we look ahead into the guidance, excluding MailChimp, it implies a little bit of a decel. So -- maybe you could just walk us through how we should think about the implied -- what that implies for desktop versus online and some of the assumptions there? Thank you.

其次，當我們展望未來指引時，不包括 MailChimp，這意味著會有一點減速。那麼——也許您可以向我們介紹一下我們應該如何思考隱含的含義——這對桌面和線上意味著什麼，以及其中的一些假設？謝謝。

Yes. Hey, Taylor. It's Sandeep. in terms of the Q4, the acceleration that you correctly pointed out was across both accounting and services. On the accounting side, as we continue to scale in the mid-market that aided as well as introducing a new lineup in early July.

是的。嘿，泰勒。我是 Sandeep。就第四季度而言，您正確指出的加速是涵蓋會計和服務領域的。在會計方面，隨著我們繼續擴大中端市場規模，我們也在 7 月初推出了新的產品線。

So those are the two factors that drove the -- on the accounting side. And on the services side, it was driven by our investments and innovation we've been driving across our money portfolio, including innovations such as making all invoices payable, which is something we rolled out in Q4, and that is continuing to see good momentum. So again, these are things that are very durable, and they will continue to pay off into the new fiscal year.

因此，從會計角度來看，這兩個因素是推動因素。在服務方面，這是由我們在貨幣組合中推動的投資和創新推動的，包括使所有發票都應付等創新，這是我們在第四季度推出的，並且繼續保持良好的勢頭。所以，這些都是非常持久的東西，它們將在新的財政年度繼續帶來回報。

In terms of your question on the -- how to think about that here, I would point to you that is a key factor there between what we delivered in fiscal '25 and our guidance for fiscal '26 is less pricing. This is something that I discussed in Q4 as well. If you remember, is that once you look outside of our accounting platform in desktop and in services, we had less pricing heading into fiscal '26 and what we took in '25. So the core momentum in the business remains strong, and the delta is driven by less pricing actions.

關於您關於如何看待這個問題的問題，我想指出的是，我們在 25 財年實現的目標和 26 財年的預期之間的一個關鍵因素是定價較低。這也是我在第四季討論過的事情。如果您還記得的話，一旦您看一下我們的桌面和服務會計平台之外的內容，您就會發現，我們在 26 財年的定價比 25 財年的價格要低。因此，業務的核心動力依然強勁，且增量受到較少定價行動的推動。

Thank you so much.

太感謝了。

Absolutely.

絕對地。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

I was on mute, you would think you'd -- that I'd figure that out by now. Can you maybe just help expand a little bit on improvements that underpin the confidence in the 15% to 20% TTL growth next year after such a fantastic year. Thanks.

我當時保持沉默，你會認為你——我現在應該明白了。在經歷瞭如此出色的一年之後，您能否稍微幫助詳細說明增強對明年 TTL 增長 15% 至 20% 的信心的改進措施。謝謝。

Yes. Hey, Brad. Let me maybe kick us off. It's really, I would say, comes down to two big things. One is mid-market. $90 billion TAM.

是的。嘿，布拉德。讓我來啟動我們吧。我想說，這其實可以歸結為兩件大事。一個是中階市場，TAM 為 900 億美元。

We are just scratching the surface with our penetration in that addressable market. customers grew 22% that when you look at overall online growth, which was 2%, up to now $8 billion, over $8 billion, 40% growth in mid-market. So that gives us a lot of confidence for years to come, not just FY26.

我們在這個目標市場的滲透率才剛開始。從整體線上成長率來看，客戶數量成長了 22%，目前已達到 80 億美元，超過 80 億美元，中階市場成長率達到 40%。因此，這讓我們對未來幾年充滿信心，而不僅僅是 26 財年。

I think other one is with the launch that we had, which was our all-in-one launch with a virtual team of agents and an AI-enabled human experts. We now have all of our apps in one place to help customers manage from lead to cash.

我認為另一個是我們的發布，這是我們的一體化發布，由虛擬代理團隊和支援人工智慧的人類專家組成。現在，我們將所有應用程式集中在一個地方，以幫助客戶管理從銷售線索到現金的整個過程。

In fact, One of the reasons I mentioned earlier that we like where we are on a couple of million customers engaging discovery and repeat engagement is actually higher than what we had anticipated for only a month in. is that customers are actually surprised that we have all the apps that we have today because now it's all in 1one place. They visibly see it in one place when we're actually continuing to do more and more of the work for them.

事實上，我之前提到過，我們對目前的狀況感到滿意的原因之一是，數百萬客戶的參與發現和重複參與實際上高於我們一個月前的預期。客戶實際上對我們今天擁有的所有應用程式感到驚訝，因為現在它們都集中在一個地方。當我們實際上繼續為他們做越來越多的工作時，他們在一個地方就能明顯地看到它。

And there's a significant services adoption opportunity within that brand. And so those are the two big things that give us a lot of confidence looking ahead because large TAM, low penetration -- and I just think our product launches are positioned well for durable growth for years to come.

該品牌內部存在著重大的服務採用機會。因此，這兩件大事讓我們對未來充滿信心，因為巨大的 TAM、較低的滲透率——我認為我們的產品發布將在未來幾年實現持久增長。

Sasan was really helpful. And shame on me, I didn't speak very clearly. I actually meant to say TurboTax Live and I abbreviated at TTL, but that was still very helpful. Thank you.

Sasan 確實很有幫助。我很慚愧，我沒有說清楚。我實際上是想說 TurboTax Live，並將其縮寫為 TTL，但這仍然非常有幫助。謝謝。

Well, you know what, there's not like answering questions that did not get asked. No. Let me -- at least in Sandeep those things. Let me let him answer that question.

嗯，你知道嗎，回答那些沒有被問到的問題並沒有什麼意義。不。讓我——至少在 Sandeep 那些事。讓我讓他回答這個問題。

No worries, Brad. We -- you got cut off for the first part, so we were actually debating the 15% to 20%. So on TurboTax Live, look, we had a phenomenal year in fiscal '25 and made tremendous progress across making sure we extended our brand equity towards the cystic category and that showed up in the timing of our brand spend and delivering it better to get experience with Credit Karma with many of those customers coming over and picking the assisted method.

不用擔心，布拉德。我們——你在第一部分被打斷了，所以我們實際上是在討論 15% 到 20%。因此，在 TurboTax Live 上，你看，我們在 25 財年度過了非凡的一年，在確保將我們的品牌資產擴展到囊性類別方面取得了巨大進展，這體現在我們的品牌支出時機和更好地交付上，以獲得 Credit Karma 的體驗，許多客戶過來並選擇輔助方法。

And across all of those, we had outstanding outcomes, but we also had tremendous learnings, which gives us the confidence that as we execute the playbook in the year ahead and execute even better, that will continue to drive strong momentum in assisted tax category, and that's where the confidence in the 15% to 20% comes.

在所有這些方面，我們取得了出色的成果，但我們也學到了很多東西，這讓我們有信心，隨著我們在未來一年執行劇本並執行得更好，這將繼續推動輔助稅收類別的強勁勢頭，這就是 15% 到 20% 的信心來源。

Thank you, both. Really helpful.

謝謝你們兩位。真的很有幫助。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

Yeah. I'm with Brad, guys. I thought I had TurboTax, but I love the explanation for the QuickBooks Online though. But somewhat of a mundane topic, maybe back to essentials of how into it goes to market with its QuickBooks business.

是的。夥計們，我和布拉德在一起。我以為我有 TurboTax，但我喜歡 QuickBooks Online 的解釋。但這是一個有點平凡的話題，也許回到如何將其 QuickBooks 業務推向市場這一基本問題。

I think people have been a little apparent about AI searches overviews taking over from regular paid search, that thing. Can you give us a prime -- how is the go-to-market engine of QuickBooks and other products that do depend upon ads, Internet ads works in this new era?

我認為人們已經有點明顯地意識到人工智慧搜尋概述將取代常規付費搜尋。您能否給我們一個主要資訊——QuickBooks 和其他依賴廣告、網路廣告的產品的上市引擎在這個新時代是如何運作的？

And how do you take advantage of -- or how do you make sure that you're not first at disadvantage? How do you take advantage of AI search taken over relative to normal paid search? Thank you so much.

您如何利用這一優勢——或者如何確保您不會首先處於劣勢？與一般付費搜尋相比，您如何利用 AI 搜尋的優勢？太感謝了。

Yeah. Thank you, Kash, for the question. First of all, I would just start with the fundamental premise that as an AI company, we're all over all things there, inclusive of search and how you show up in search, whether it's across any platform. So that's really important in terms of just clarity, visibility and focus on search.

是的。謝謝 Kash 提出的問題。首先，我先從基本前提開始：作為一家人工智慧公司，我們的業務涵蓋了所有領域，包括搜尋以及您在搜尋中的顯示方式，無論它跨越哪個平台。因此，就清晰度、可見性和搜尋重點而言，這一點非常重要。

The second thing I would say is generally, we have not been overly reliant on search. I mean our specifically in the business group, our traffic was actually up double digits this past year, and less than 15% of that traffic was actually driven by search.

我想說的第二件事是，總的來說，我們並沒有過度依賴搜尋。我的意思是，特別是在我們的業務部門，我們的流量去年實際上增長了兩位數，而其中只有不到 15% 的流量實際上是由搜尋驅動的。

So that's just an important context to understand the elements of where our traffic comes from because we've intentionally over the years actually have invested in many different channels to drive search down because of where customers are.

所以這只是一個重要的背景，以了解我們的流量來自哪裡，因為多年來我們實際上有意投資了許多不同的管道，以根據客戶所在的位置來降低搜尋量。

So that's just, again, just important to understand. With all of that said, as I mentioned earlier, AI search today is 1% of our overall search -- but we have been doing a lot of work to ensure that over time, we actually show up with where customers are no matter what platform they are on, whether it's social, whether it's search.

所以，再次強調，理解這一點很重要。儘管如此，正如我之前提到的，今天的人工智慧搜尋只占我們整體搜尋的 1%——但我們一直在做大量工作，以確保隨著時間的推移，無論客戶使用什麼平台，無論是社交平台還是搜尋平台，我們都能真正出現在客戶的位置。

And last but not least, the way to think about our business is almost in simplistic terms, three dimensions. One dimension is one to many, which is how we drive campaigns to help customers that are solopreneurs they just started their business to be aware that we are an all-in-one platform and we can help them grow.

最後但同樣重要的一點是，思考我們業務的方式幾乎是簡單的三維。一個維度是一對多，這就是我們如何推動活動來幫助那些剛開始創業的個體經營者客戶意識到我們是一個一體化平台，我們可以幫助他們成長。

The other is much more one-to-one for our mid-market and the one-to-one is our accounting channel, which is a large driver of growth and then one-to-one with businesses.

另一個是針對我們中端市場的一對一服務，一對一服務是我們的會計管道，它是成長的一大動力，然後是與企業的一對一服務。

And third, this is the power of our platform. We don't have to spend money on payments. We don't have to spend money on payroll. We don't have to spend money on FMS because we're a platform where it's all-in-one place.

第三，這是我們平台的力量。我們不必花錢支付。我們不必在工資上花錢。我們不必在 FMS 上花錢，因為我們是一個一體化平台。

And when we draw a customer in with one benefit, we can then -- our AI agent can do the work to help customers, whether it's to get paid, whether it's help them with payroll -- and as you heard Sandeep talk about earlier, we're very intentional about what we make available in our SKUs to provide the capability and availability to our customers.

當我們透過優勢吸引客戶時，我們的人工智慧代理商就可以完成工作來幫助客戶，無論是讓他們獲得報酬，還是幫助他們發放薪水——正如你之前聽到的 Sandeep 所說的那樣，我們非常有意在我們的 SKU 中提供什麼，以便為我們的客戶提供能力和可用性。

But that's really the way to think about how we go to market, the way to think about search how important it is to our business. And last but not least, we benefit because we're a top brand from AI searches as they grow over time.

但這確實是我們思考如何進入市場的方式，思考搜尋對我們的業務有多重要的方式。最後但同樣重要的一點是，隨著時間的推移，我們透過 AI 搜尋成為頂級品牌，從而受益匪淺。

One thing also that, Kash, to keep -- one thing to keep in mind is Kash. And I think it's an important consideration. The search and AI traffic is not apples-to-apples to AI traffic tends to be much higher consideration and convert order manager better through the funnel. So that's a very important area that we are very cognizant of and making sure we're investing to get more of that AI traffic because it just makes us on of automate more efficient.

還有一件事，Kash，要記住──有一件事要記住，那就是 Kash。我認為這是一個重要的考慮因素。搜尋和 AI 流量並不是一回事，AI 流量往往需要更高的考慮，並且可以透過漏斗更好地轉換訂單管理器。所以這是一個非常重要的領域，我們非常清楚這一點，並確保我們進行投資以獲得更多的人工智慧流量，因為它使我們的自動化更有效率。

Awesome. Thank you, Sandeep and Sasan. I'm so glad that I stuck my neck out a few weeks ago and investors asked me about this, I said, anybody working for Sasan will have figured this out. Otherwise, they will not catch up. So I'm so glad you're on top of it. Thank you so much.

驚人的。謝謝你，Sandeep 和 Sasan。我很高興幾週前我冒了風險，投資者向我詢問了這個問題，我說，任何為 Sasan 工作的人都會明白這一點。否則，他們將無法追趕。所以我很高興你能做到。太感謝了。

Well, thank you for your confidence, my friend. I'll pass that on to the team.

好吧，謝謝你的信任，我的朋友。我會將此傳達給團隊。

Steve Enders, Citi.

花旗銀行的史蒂夫恩德斯。

Okay. Great. Thanks for taking the question. I guess I just want to ask on just maybe SMB Health and maybe what you're seeing out there from a macro perspective. Have you seen any change in terms of how -- what you're seeing from that perspective, either in your underlying data or from customers coming through? Just maybe what have you seen from a deal environment perspective?

好的。偉大的。感謝您回答這個問題。我想我只是想問一下中小企業健康狀況以及您從宏觀角度看到的情況。從這個角度來看，無論是從基礎數據還是從客戶資料來看，您是否看到了任何變化？從交易環境的角度來看，您看到了什麼？

Yeah. Sure. A couple of things I would say. When you talk about businesses, you got to do it while talking about consumers, right? Because businesses spend with businesses, the consumer spend with businesses. So I'll just start with consumers first.

是的。當然。我想說幾件事。當你談論企業時，你必須同時談論消費者，對嗎？因為企業與企業一起消費，消費者也與企業一起消費。因此我先從消費者開始。

Generally, what we see across our well over 100 million customers is balances on things like credit cards is up 4% year over year, but please understand that over the last several years, it's been up double digits.

總體而言，我們看到，我們超過 1 億客戶的信用卡餘額同比增長 4%，但請理解，在過去幾年中，這一數字一直是兩位數的增長。

And credit scores, depending on your credit band could be down about 10 points. And so consumers, it's a good job market, but they are very intentional about where they spend money, and they are stretched. When it comes to businesses that we see on our platform, revenues are generally flat, but profits and cash flows are actually up year over year.

而信用評分（取決於您的信用等級）可能會下降約 10 分。因此，對於消費者來說，這是一個良好的就業市場，但他們在花錢方面非常謹慎，而且資金緊張。就我們平台上看到的企業而言，收入總體持平，但利潤和現金流實際上逐年上升。

Now that's across 10 million customers. There are sectors that are performing far better and then there are sectors that aren't performing well. And as you know, we're not concentrated in any particular sector, but sectors like real estate, advertising, manufacturing, depending on what you manufacture are down, whereas other sectors are up. So net-net, profits are up, cash flows are up across the millions of customers that we serve.

目前，我們的客戶已達 1,000 萬人。有些行業表現非常好，但有些行業表現不佳。如你所知，我們並沒有集中在任何特定的行業，但房地產、廣告、製造業等行業（取決於你生產的是什麼）都在下滑，而其他行業則在上漲。因此，我們服務的數百萬客戶的利潤和現金流都增加了。

Okay. Perfect. Thanks for taking the question.

好的。完美的。感謝您回答這個問題。

You're very welcome.

不用客氣。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

Congrats, Sasan. Maybe for you, following up on the prior question about just the general macro picture for your customer base. If you think about how over the course of the next 12 to 18 months, you think about all of the functionality in the products and as well as in the AI functionality, starting to mix shift your customers with a more simplistic yet holistic offering into higher tiers of service. How much is it -- how how much push is it versus pull? How does the Agentic functionality unlock that opportunity for you?

恭喜，Sasan。也許對您來說，這只是關於您的客戶群的整體宏觀情況的先前問題。如果您考慮在未來 12 到 18 個月內，您會考慮產品中的所有功能以及 AI 功能，開始將您的客戶與更簡單但更全面的產品結合起來，轉向更高層次的服務。它是多少－推力與拉力的比值是多少？Agentic 功能如何為您開啟此機會？

And it seems like there's an opportunity, at least signal with AI search yielding better and in-app selling and cross-selling also driving more efficiency in the go-to-market process to also do that in a more margin positive way. So maybe just comment on both of those aspects if you can.

這似乎是一個機會，至少表明人工智慧搜尋可以產生更好的效果，應用程式內銷售和交叉銷售也可以提高上市流程的效率，從而以更有利的方式實現這一目標。因此，如果可以的話，也許只需對這兩個方面進行評論即可。

Yeah. Actually, I love your question. So a couple of things I would say. One, every customer that we talked to and I personally talked to and accountants -- they are overwhelmed with the number of apps that they have. They are overspending money on a bunch of different apps that is requiring them to spend more time than ever trying to figure out what is going on in their business.

是的。事實上，我很喜歡你的問題。我想說幾件事。首先，我們交談過的每個客戶以及我親自交談過的會計師都對自己擁有的應用程式數量感到不知所措。他們在一系列不同的應用程式上投入了過多的資金，這需要他們花費比以往更多的時間來弄清楚他們的業務到底發生了什麼。

And even more important than all of that is their data is trapped in a bunch of different apps. And so really, our opportunity and our biggest impact that we are having right now is with our all-in-one platform, and that's why that Forrester study was so important that we shared in the script, is to consolidate data consolidate the tech stack and consolidate spend.

更重要的是，他們的數據被困在許多不同的應用程式中。所以實際上，我們現在的機會和最大的影響是我們的一體化平台，這就是 Forrester 研究如此重要的原因，我們在腳本中分享了這一點，即整合資料、整合技術堆疊和整合支出。

And because by doing that, that 300% return on investment is driven by when you consolidate data on our platform our AI agents can do far better work to help customers with revenue growth and profitability growth. When we consolidate the tech stack, we can automate tasks and workflows to drive a lot more efficiency all-in-one place versus a bunch of different apps.

透過這樣做，當您在我們的平台上整合數據時，我們的 AI 代理可以做得更好，從而幫助客戶實現收入成長和獲利成長，從而實現 300% 的投資回報率。當我們整合技術堆疊時，我們可以自動化任務和工作流程，從而在一個地方而不是一堆不同的應用程式中實現更高的效率。

And last but not least, when you add up what a customer pays to have a bunch of different apps versus what they would pay us and by the way, pay us end up paying us more, they end up saving money. So we have proof, substantial proof that, that works. And I think to your question, it's a push and a pull. There's an element of with our AI agents and AI enables human experts. We are ultimately, what we are seeing and what we're looking to accelerate is how customers start doing more of their work on our platform versus using different apps.

最後但同樣重要的一點是，當你把客戶為獲得一系列不同的應用程式所支付的費用與他們支付給我們的費用加起來時，順便說一句，最終支付給我們的費用更多，他們最終節省了錢。所以我們有證據、有充分的證據證明這是有效的。我認為對於你的問題來說，這是一種推與拉的關係。我們的人工智慧代理和人工智慧可以為人類專家提供支援。我們最終看到的以及我們希望加速的是客戶如何開始在我們的平台上完成更多的工作而不是使用不同的應用程式。

But we will also be working on how do you create a push because ultimately, you're working against human inertia. And although you have a lot of different apps, although you're spending a lot of money, the human and nurse just change, is hard. And so one of the things that we'll continue to look at is what we include in our lineup and what we need to do to motivate, inspire and drive consolidation because now we have everything in one place. So it is a push and a pull. And that's really how we're thinking about our ongoing execution of our lineup and evolution of our lineup as we look ahead.

但我們也將致力於研究如何創造推動力，因為最終，你是在對抗人類的惰性。儘管你有很多不同的應用程序，儘管你花了很多錢，但人力和護士的改變很難。因此，我們將繼續關注的事情之一是我們的產品線中包含哪些內容，以及我們需要做些什麼來激勵、啟發和推動整合，因為現在我們已經將所有東西集中在一個地方。所以這是一種推與拉的關係。這就是我們對未來陣容的持續執行和陣容演變的思考。

Sounds like ERP for the SMB, and it's working.

聽起來像是針對中小企業的 ERP，而且它正在發揮作用。

Thank you, Alex.

謝謝你，亞歷克斯。

Brad Sills, Bank of America.

美國銀行的布拉德·西爾斯。

Great. Thank you so much. I wanted to ask a question around the AI platform, maybe a little different angle. You've had the invoice generator out for quite some time, but I would love to hear about any traction you're seeing there and how that's performing? And could that be a leading indicator perhaps for other agents that might be coming over time?

偉大的。太感謝了。我想問一個有關人工智慧平台的問題，也許角度有點不同。您已經使用發票產生器很長一段時間了，但我很想聽聽您看到的任何進展以及它的表現如何？這是否可以成為未來其他代理商的領先指標？

Yeah. Absolutely. I mean, I'll tell you what we saw very early on, which is, one, customers that are using our invoice reminder, which I think is what you were asking about. We actually see 10% higher payments volume and conversion by those that are using the invoice reminder and they're getting paid five days early.

是的。絕對地。我的意思是，我會告訴你我們很早就看到了什麼，那就是，第一，客戶正在使用我們的發票提醒器，我想這就是你所問的。事實上，我們發現使用發票提醒功能的用戶的付款量和轉換率提高了 10%，而且他們提前五天獲得了付款。

And that -- I'm glad you asked about it the way you did because that's just a tangible example of how our payments AI agent with that sliver of focus, which is invoice reminder, can have a substantial impact on our customers. And really then if you expand that, what we're really focused on with our payments AI agent is how do we pay the customers build on their behalf? How do we help them with line of credit?

而且 — — 我很高興您以這種方式詢問這個問題，因為這只是一個具體的例子，說明我們的支付 AI 代理如何通過關注發票提醒這一部分來對我們的客戶產生重大影響。那麼，如果你進一步擴展這一點，我們支付 AI 代理真正關注的是，我們如何代表客戶支付他們的費用？我們如何幫助他們獲得信用額度？

How do we help them with instant deposit? How do we actually help create an estimate that's payment-enabled upfront, and they don't have to lift a finger because they have a handwritten note they take a picture of it, and we just create everything for them. So those are all the expanding beyond your question, the opportunities that we have with launching a virtual team of AI agents.

我們如何幫助他們實現即時存款？我們如何真正幫助創建預先付款的估算，並且他們不需要動一根手指，因為他們有手寫的筆記，他們拍下照片，我們只需為他們創建一切。所以這些都是超出你的問題的範圍，也是我們透過推出由人工智慧代理組成的虛擬團隊所擁有的機會。

Thank you, Sasan.

謝謝你，薩桑。

Yeah. Very welcome.

是的。非常歡迎。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

Sasan, the playbook to get Mailchimp back to growth, how do you think about this? What's what's the most important thing? I know you mentioned the user interface was a little too complicated for SMBs to use. How much longer is this going to take to get you back to growth in that business?

Sasan，Mailchimp 恢復成長的策略，您如何看待？最重要的是什麼？我知道您提到用戶介面對於中小企業來說有點太複雜了。這還需要多長時間才能讓您的業務恢復成長？

Hey, Brent. This is Sandeep. Why don't I take this one. So a couple of things. Let's start with areas where we are seeing really good progress on the Mailchimp side, which is in the mid-market. As Sasan mentioned, we are scaling the sales force account management team there and getting really good ROI on that headcount and seeing really good progress there.

嘿，布倫特。這是桑迪普。我為什麼不拿這個？有幾件事。讓我們從我們看到 Mailchimp 方面取得真正良好進展的領域開始，該領域位於中端市場。正如 Sasan 所提到的，我們正在擴大那裡的銷售團隊客戶管理規模，並獲得了非常好的投資報酬率，也看到了非常好的進展。

The area where we continue to iterate fast and I feel really good about the progress that team is making and it's showing up in customer satisfaction scores going up and being the highest in recent history is on the small businesses. The small businesses are the bread and butter -- and the angle there is to make sure the small business we can get with first and second benefit on our platform within the first 30 days or thereabouts.

我們繼續快速迭代的領域是小型企業，我對團隊所取得的進展感到非常滿意，這體現在客戶滿意度得分不斷上升，並達到近期歷史最高水平。小型企業是我們賴以生存的支柱——我們的目標是確保小型企業能夠在前 30 天左右在我們的平台上獲得第一和第二利益。

And that's where the team is helping make sure the offering is resonating that they're able to navigate it, they're able to see the benefit. And we are making good progress, and I feel good about it, which is why we are confident in this business exiting double digit this fiscal year.

這就是團隊幫助確保產品能夠引起共鳴，使他們能夠駕馭它，並能夠看到好處的地方。我們正在取得良好的進展，我對此感到很高興，這就是為什麼我們對本財年業務實現兩位數成長充滿信心。

The one thing to keep in mind, it is a subscription business, so there is a [tilde] six-month lag in terms of these actions, getting implementing and them showing up in the revenue scaling up. So that's why we think it will be a couple of quarters at least before we start seeing the scaling up in revenue, but the momentum and the progress that we feel good about in Mailchimp.

要記住的一件事是，這是一項訂閱業務，因此這些行動、實施和在收入成長中體現出來存在六個月的滯後。因此，我們認為至少還需要幾個季度我們才能開始看到收入的成長，但我們對 Mailchimp 的勢頭和進展感到滿意。

Great. Thanks.

偉大的。謝謝。

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

謝謝。女士們、先生們，今天下午我們回答問題的時間就到這裡了。古達齊先生，先生，我想把話題轉回給您，請您做最後的評論。

Yeah. Hey. Thank you, everyone, for attending. Thank you for all your great questions, and we look forward to seeing everybody at Investor Day. Until then, be safe. Bye, everybody.

是的。嘿。謝謝大家的出席。感謝大家提出的所有精彩問題，我們期待在投資者日見到大家。在那之前，請注意安全。再見，各位。

Thank you, again. Ladies and gentlemen, that will conclude today's conference call. We'd like to thank you all so much for joining us today and wish you all a great remainder of your day. Goodbye

再次感謝您。女士們、先生們，今天的電話會議到此結束。我們非常感謝大家今天的參與，並祝福大家今天過得愉快。再見