直覺電腦 (INTU) 2026 Q1 法說會逐字稿

Good afternoon. My name is Leo, and I will be your conference operator. At this time, I would like to welcome everyone to Intuit's first-quarter 2026 conference call. (Operator Instructions)

午安.我叫Leo，我將擔任你們的會議接線生。此時此刻，我謹代表 Intuit 公司歡迎各位參加 2026 年第一季財報電話會議。（操作說明）

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

接下來，我將把電話交給 Intuit 的投資者關係副總裁 Kim Watkins。沃特金斯女士？

Thanks, Leo. Good afternoon, and welcome to Intuit's first-quarter fiscal 2026 conference call. I'm here with Intuit's CEO, Sasan Goodarzi; and our CFO, Sandeep Aujla.

謝謝你，Leo。下午好，歡迎參加 Intuit 2026 財年第一季電話會議。我今天和 Intuit 的執行長 Sasan Goodarzi 以及我們的財務長 Sandeep Aujla 在一起。

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 2025, and our other SEC filings. All of those documents are available on the Investor Relations page of Intuit's website at intuit.com.

在開始之前，我想提醒大家，我們的發言將包含前瞻性陳述。有許多因素可能導致 Intuit 的表現與我們的預期有重大差異。您可以查看我們今天下午早些時候發布的新聞稿、2025 財年的 10-K 表格以及我們向美國證券交易委員會提交的其他文件，以了解有關這些風險的更多資訊。所有這些文件都可以在 Intuit 網站 (intuit.com) 的投資者關係頁面上找到。

We assume no obligation to update any forward-looking statement.

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.

這些發言中的一些數字是按非GAAP準則列示的。我們在今天的新聞稿中對可比較的GAAP和非GAAP資料進行了核對。除非另有說明，否則所有成長率均指目前期間與去年同期相比的成長率，業務指標及相關成長率均指全球業務指標。

A copy of our prepared remarks and supplemental financial information will be available on our website after this call ends.

本次電話會議結束後，我們將在網站上提供我們準備好的演講稿和補充財務資訊。

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

接下來，我將把電話交給薩桑。

Thanks, Kim, and thanks to all of you for joining us today. We delivered an outstanding quarter with Q1 revenue growth of 18%, reflecting the exceptional momentum we have across the company. Our AI-driven expert platform strategy is fueling strong growth by helping businesses manage from lead to cash and consumers from credit building to wealth building, all in one place. We're becoming the system of intelligence, leveraging data, data services, AI and human intelligence, which we will refer to as HI that everyone depends on to power their prosperity and fuel growth.

謝謝金，也謝謝各位今天蒞臨。我們取得了出色的季度業績，第一季營收成長了 18%，這反映了公司整體的強勁發展勢頭。我們的人工智慧驅動專家平台策略正在推動強勁成長，它幫助企業在一個平台上管理從潛在客戶到現金流的整個流程，幫助消費者在一個平台上管理從信用建立到財富累積的整個流程。我們正在成為一個智慧系統，利用數據、數據服務、人工智慧和人類智慧（我們稱之為 HI），每個人都依賴它來促進繁榮和成長。

We're doubling down on the three big bets we shared at Investor Day, which represent our largest future growth opportunities.

我們將加倍投入在投資者日上提出的三大投資項目，這些項目代表了我們未來最大的成長機會。

First, we're delivering (inaudible) for you experiences with AI and HI where customers never lift a finger, but are always in control.

首先，我們正在透過人工智慧和人工智慧為您帶來（聽不清楚）體驗，讓客戶無需費力，卻始終掌控一切。

Second, last month at Intuit Connect, our flagship event that reaches the leading accounting firms and mid-market businesses, we brought to life the power of our AI-driven expo platform strategy. We showcased our all-in-one business platform, we're a team of AI agents and AI-enabled human experts automate tasks, workflows, business functions and provide a single pane of blast for customers' KPIs and dashboards all in one place.

其次，上個月在 Intuit Connect 上，我們舉辦了旗艦活動，該活動面向領先的會計事務所和中型市場企業，我們充分展現了我們人工智慧驅動的展覽平台策略的強大功能。我們展示了我們的一體化業務平台，我們是由人工智慧代理和人工智慧賦能的人類專家組成的團隊，可以自動執行任務、工作流程和業務功能，並在一個平台上集中展示客戶的關鍵績效指標和儀表板。

We also shared the strong early impact of our AI agents, delivering just after four months in market. We marked the one-year anniversary of Intuit Enterprise Suite, our AI native ERP platform that is disrupting the mid-market. We're proud of the massive advancements we've made, including serving industry-specific needs and building more sophisticated go-to-market motions, including partnering with accounting firms to add new customers to our platform.

我們也分享了我們的人工智慧代理商在上市僅四個月後就取得的強勁早期成效。我們慶祝了 Intuit Enterprise Suite 上線一週年，這是我們基於人工智慧的 ERP 平台，它正在顛覆中端市場。我們為所取得的巨大進步感到自豪，包括滿足行業特定需求和建立更複雜的市場推廣策略，例如與會計事務所合作，為我們的平台增加新客戶。

We introduced Intuit Intelligence, a revolutionary system of intelligence, where customers can ask anything. For example, customers can ask questions like, how can I accelerate revenue in the next six months? How can I improve margins? Can you show me how to lower my cost of goods sold? And can you add the performance of my top sales reps to my dashboard?

我們推出了 Intuit Intelligence，這是一個革命性的智慧系統，客戶可以向它提出任何問題。例如，客戶可能會問這樣的問題：我該如何在未來六個月內加快收入成長？如何提高利潤率？能告訴我如何降低我的銷售成本嗎？能否將我業績最好的銷售代表的績效加入我的儀表板？

Using customers' data and any external data they wish to upload, Intuit Intelligence delivers accurate, personalized, and actionable answers and will execute on a customer's behalf or and off to a human expert. We have thousands of customers in beta and plan to be GA soon.

Intuit Intelligence 利用客戶數據和任何他們希望上傳的外部數據，提供準確、個人化和可操作的答案，並代表客戶執行或轉交給人類專家。我們有數千名客戶正在使用測試版，並計劃很快正式發布。

And finally, we unveiled Intuit Accountant Suite, an AI-native offering that will transform accounting firm's efficiency and effectiveness in managing their clients, firm and workforce, all to fuel their success. The suite provides client management and collaboration, multiservice delivery, business planning, and team management all in one place. Soon, we'll be launching more advanced capacity planning, productivity and collaboration capabilities, and over time, firms can integrate to other functions.

最後，我們推出了 Intuit Accountant Suite，這是一款原生人工智慧產品，它將改變會計事務所管理客戶、事務所和員工的效率和效力，從而幫助其成功。該套件在一個平台上提供客戶管理和協作、多服務交付、業務規劃和團隊管理等功能。不久之後，我們將推出更先進的產能規劃、生產力和協作功能，隨著時間的推移，企業可以將其整合到其他功能中。

This is a game changer and significantly deepens our partnership with accountants feeling faster mid-market penetration. And for accountants that drives tech stack consolidation and efficiency for their firm and encourages them to migrate clients to QBO Advanced and Intuit Enterprise Suite. Attendees walked away from Intuitive away by the amount of innovation in the last year and a clear message that we are well positioned to fuel their growth.

這將帶來變革，並顯著加深我們與會計師的合作關係，加速中端市場的滲透速度。對於會計師而言，這將推動其公司技術堆疊的整合和效率的提高，並鼓勵他們將客戶遷移到 QBO Advanced 和 Intuit Enterprise Suite。當與會者離開 Intuitive 大會時，都對過去一年來的創新數量以及我們已做好充分準備來推動其發展的明確訊息印象深刻。

We're continuing to see momentum with our virtual team of AI agents with 2.8 million customers leveraging these agents to do the work for them. Our accounting agent is saving customers up to 12 hours a month and our payments agent helps customers get paid on average five days faster. We recently launched a payroll agent that automates tasks that typically take mid-market businesses two to three hours to complete each month, such as collecting hours directly from employees, spotting anomalies and generating insights and sending customers a ready-to-approve draft of their payroll via Tax.

我們的虛擬人工智慧代理團隊持續發展勢頭強勁，已有 280 萬名客戶利用這些代理商為他們完成工作。我們的會計代理商每月可為客戶節省多達 12 小時，而我們的支付代理商可協助客戶平均提前 5 天收到款項。我們最近推出了一款薪資代理，它可以自動執行中型企業每月通常需要兩到三個小時才能完成的任務，例如直接從員工收集工時、發現異常情況並產生見解，以及透過稅務系統向客戶發送可供批准的薪資草稿。

We also launched a sales tax agent, which automatically helps businesses stay compliant. The combination of AI and HI is resonating with QuickBooks Live customer growth of 61% in Q1. Zooming out, it's not clear. We are delivering done for new experiences with AI and HI that will eventually do everything for our customers, powering their growth, saving them time and money and consolidating their tech stack.

我們也推出了銷售稅代理服務，可以自動幫助企業遵守相關法規。人工智慧與人工智慧的結合，使 QuickBooks Live 的客戶數量在第一季增加了 61%，引起了廣泛關注。縮小畫面後，就看不清楚了。我們正在利用人工智慧和人工智慧打造全新的體驗，最終將為我們的客戶提供全方位的服務，助力他們的業務成長，節省他們的時間和金錢，並整合他們的技術堆疊。

We're making strong progress across our all-in-one platform, which includes accelerating money benefit by putting more money at the center of everything we do. We saw total online payment volume for our payments and Bill Pay customers grew 29%. And reflecting continued momentum helping our customers get paid faster and better manage their cash flow.

我們的一體化平台取得了顯著進展，其中包括將資金置於我們一切工作的核心，從而加速資金效益的提升。我們看到，我們的線上支付總額（包括支付和帳單支付客戶）增加了 29%。這體現了我們持續的發展勢頭，幫助客戶更快地收到款項，並更好地管理現金流。

Turning to mid-market. We continue to make strong progress serving larger and more complex customers with approximately 40% growth for our online ecosystem revenue for QBO Advanced and Intuit Enterprise Suite in Q1. Mid-market customers are (inaudible), with their data trapped in a number of applications that take too much time and money to manage. Our offerings help businesses achieve their growth goals by automating complex tasks, workflows and functions, and delivering insights and recommendations all in one place.

轉向中端市場。我們持續為規模更大、業務更複雜的客戶提供優質服務，第一季 QBO Advanced 和 Intuit Enterprise Suite 的線上生態系統收入成長了約 40%。中端市場客戶（聽不清楚），他們的數據被困在許多應用程式中，管理這些應用程式需要花費太多時間和金錢。我們的產品和服務透過自動化複雜的任務、工作流程和功能，並在一個平台上提供洞察和建議，幫助企業實現成長目標。

Our AI native ERP platform is disrupting the legacy way of managing their business and the ROI is clear with the Forrester study estimating that customers can see nearly 300% return on investment over three years when using Intuit Enterprise Suite.

我們的 AI 原生 ERP 平台正在顛覆他們傳統的業務管理方式，投資報酬率顯而易見。 Forrester 的研究估計，使用 Intuit 企業套件的客戶在三年內可以獲得近 300% 的投資回報。

This value proposition is resonating. For example, a large customer with over 200 entities that we signed in Q4 quickly realized the value of our platform and expanded their contract to include an additional 46 entities in Q1. In aggregate, the total number of IES contracts at the end of the quarter was nearly 50% higher than it was at the end of Q4.

這項價值主張引起了共鳴。例如，我們在第四季度簽約的一位擁有 200 多個實體的大客戶很快就意識到我們平台的價值，並在第一季將合約擴大到包括另外 46 個實體。總體而言，本季末 IES 合約總數比第四季末成長了近 50%。

We're also seeing early momentum with our accountant partnership strategy to bring new customers Intuit into the Enterprise Suite. As a result of our partnership with Aprio, a top 25 business advisory and accounting firm, we've already signed several new customers in multiple verticals.

我們也看到，透過與會計師合作，將 Intuit 新客戶引入企業套件的策略也取得了初步進展。由於我們與排名前 25 的商業諮詢和會計公司 Aprio 建立了合作關係，我們已經在多個垂直領域簽下了幾個新客戶。

Earlier this month, we also signed accounting partnerships with Cherry Bekaert, a top 25 advisory tax and assurance firm with clients across 14 industries; Raymond, a top 40 professional advisory firm that provides accounting, insurance and other business services clients across 11 industries; and [Coke & Taylor], the top 100 advisory tax accounting insurance and technology firm with clients across 7 industries.

本月初，我們還與 Cherry Bekaert（一家排名前 25 的稅務諮詢和審計公司，客戶遍布 14 個行業）、Raymond（一家排名前 40 的專業諮詢公司，為 11 個行業的客戶提供會計、保險和其他商業服務）以及 [Coke & Taylor]（一家排名前 100 的會計合作夥伴關係。

We have many other opportunities of similar scale in the pipeline.

我們還有許多其他類似規模的項目正在籌備中。

Turning to our consumer platform. Our AI-driven expert platform is delivering done-for-you experiences for consumers from credit building to wealth building to make smarter financial decisions year-round with confidence. We're seeing strong momentum in the areas that matter most, with TurboTax Live revenue growth of 51% in Q1, reflecting continued strength as we concluded the 2024 tax season.

接下來，我們來看看我們的消費者平台。我們以人工智慧驅動的專家平台為消費者提供從信用建立到財富累積的一站式服務，幫助他們全年自信地做出更明智的財務決策。我們在最重要的領域看到了強勁的發展勢頭，TurboTax Live 第一季的營收成長了 51%，反映出我們在 2024 年報稅季結束後，業務持續保持強勁勢頭。

Credit Karma had a strong quarter. In fiscal year 2025, we saw several point increase in share of member originations for personal loans and credit cards, and we believe share gains continued in Q1 as members and partners find value in our platform. These strong results and the introduction of significant innovation with done-for-you experiences, AI-powered the local expertise and faster access to money show the power of one consumer platform.

Credit Karma本季表現強勁。在 2025 財年，我們看到個人貸款和信用卡會員發放份額增加了幾個百分點，我們相信隨著會員和合作夥伴發現我們平台的價值，份額增長將在第一季繼續。這些強勁的成果，以及透過提供「為您服務」的體驗、人工智慧驅動的本地專業知識和更快的資金獲取方式等重大創新，都展現了單一消費者平台的強大力量。

Our done-for-you innovations include Credit Spark, where everyday payments build your credit score as well as several agentic AI assistance. For example, our debt assistant will craft and deliver personalized debt paydown plan. Our refund assistant will give a personalized recommendation when the customer receives their tax refund to pay down debt, build an emergency fund, build credit or invest for the future. And with our tax assistant, consumers who answer easy quick questions and Credit Karma year-round can have up to 80% of their taxes ready to go at tax back.

我們提供的全包式創新包括 Credit Spark，它可協助您透過日常支付提升信用評分，以及多種智慧 AI 輔助功能。例如，我們的債務助理將制定並提供個人化的債務償還計劃。我們的退稅助理會在客戶收到退稅款項時提供個人化建議，幫助客戶償還債務、建立應急基金、建立信用記錄或為未來投資。借助我們的稅務助手，消費者只需回答一些簡單的快速問題，並全年使用 Credit Karma，即可獲得高達 80% 的退稅。

We're also expanding our AI-powered local presence, making local expertise more accessible than ever with a larger service footprint as customers are 5 times more likely to book up with a Pro within 50 miles. This local presence will also help us further scale Business Act, which grew 3x last year. With our virtual or in-person filing and consultation options, we're offering the best experience, price and speed the money.

我們也在擴大人工智慧驅動的本地服務範圍，透過更大的服務覆蓋面，讓本地專業知識比以往任何時候都更容易獲得，因為客戶更有可能在 50 英里範圍內預訂專業人士的服務，可能性是其他地區的 5 倍。在地化佈局也將有助於我們進一步擴大《商業法案》的規模，該法案去年實現了 3 倍的成長。我們提供線上或線下提交申請和諮詢服務，為您帶來最佳體驗、價格和速度。

This is data, AI and HI powering prosperity for consumers and businesses. One of our superpowers is experimenting and learning from our customers and then scaling what works. The results from more than 300 tests we man in Q1 bolster our confidence in our strategy to win.

這就是數據、人工智慧和人工智慧如何為消費者和企業帶來繁榮。我們的一大優勢在於能夠不斷嘗試，從客戶那裡學習，然後將行之有效的做法推廣開來。我們在第一季進行的 300 多項測試的結果增強了我們對勝利策略的信心。

We're excited about the growth potential for our all-in-one consumer platform with an untapped opportunity to penetrate the $142 billion consumer TAM. We have significant momentum across the company and are excessively focused on execution with high velocity and fueling the success of our customers. Intuit's brightest days are ahead of us.

我們對一體化消費者平台的成長潛力感到興奮，該平台擁有尚未開發的市場潛力，可以打入價值 1,420 億美元的消費者市場。公司整體發展勢頭強勁，我們高度重視高效執行，致力於幫助客戶取得成功。Intuit最輝煌的日子還在後頭。

Let me now hand it over to Sandeep.

現在我把它交給桑迪普。

Thanks, Sasan. We delivered a strong first quarter of fiscal 2026 across the company.

謝謝你，薩桑。本公司2026財年第一季業績表現強勁。

Our first-quarter results include revenue of $3.9 billion, up 18%; GAAP operating income of $534 million versus $271 million last year. Non-GAAP operating income of $1.3 billion versus $953 million last year; GAAP diluted earnings per share of $1.59 and versus $0.70 a year ago and non-GAAP diluted earnings per share of $3.34 versus $2.50 last year reflecting our overall disciplined approach to managing the business, including continued AI efficiencies.

我們第一季的業績包括：營收 39 億美元，成長 18%；GAAP 營業收入 5.34 億美元，而去年同期為 2.71 億美元。非GAAP營業收入為13億美元，而去年同期為9.53億美元；GAAP稀釋後每股收益為1.59美元，而去年同期為0.70美元；非GAAP稀釋後每股收益為3.34美元，而去年同期為2.50美元，這反映了我們對業務管理的整體嚴謹方法，包括持續的AI效率。

Turning to the business segments. Starting with the Global Business Solutions Group. We continue to make progress serving businesses with our all-in-one platform and delivering done-for-you experiences with expertise.

接下來我們來看業務區。首先是全球商業解決方案集團。我們不斷進步，透過我們的一體化平台為企業提供服務，並憑藉專業知識提供一站式體驗。

Global Business Solutions Group revenue grew 18% during the quarter or 20% excluding Mailchimp while online ecosystem revenue grew 21% in Q1 or 25% excluding Mailchimp. This includes approximately 40% growth for all an ecosystem revenue for QBO Advanced and Intuit Enterprise Suite that serve mid-market.

全球商業解決方案集團本季營收成長了 18%，若不計入 Mailchimp 則成長了 20%；而線上生態系統營收在第一季成長了 21%，若不計入 Mailchimp 則成長了 25%。這其中包括面向中階市場的 QBO Advanced 和 Intuit Enterprise Suite 生態系統收入約 40% 的成長。

All-in ecosystem revenue for small businesses and the rest of the base grew a strong 18%. We saw robust growth in both online accounting and online services in Q1. QuickBooks all-in accounting revenue grew 25% and from higher effective prices, customer growth, and mix shift.

小型企業和其他用戶的整體生態系統收入強勁成長了 18%。第一季度，我們的線上會計和線上服務業務均實現了強勁成長。QuickBooks 綜合會計收入成長了 25%，這得益於更高的有效價格、客戶成長和產品組合變化。

Online services revenue grew 17% in Q1 or 26% excluding Mailchimp. This growth 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 and increase in total payment volume per customer and higher effective pricing as well as QuickBooks Capital revenue growth.

第一季線上服務收入成長了 17%，如果不包括 Mailchimp，則成長了 26%。這一增長是由資金驅動的，其中包括支付、資本和賬單支付以及工資。在貨幣方面，本季營收成長反映了支付收入的成長，這主要得益於客戶成長、每位客戶支付總額的增加以及更高的有效定價，以及 QuickBooks Capital 收入的成長。

Total online payments volume, including BillPay, grew 29% in Q1, reflecting our continued momentum in payments and adoption of our Bill Pay offering. All-in payment volume growth, excluding bill pay, was 18%, relatively consistent with the range you've seen over the last several quarters.

第一季線上支付總額（包括帳單支付）成長了 29%，這反映了我們在支付領域的持續成長動能以及帳單支付服務的普及。不包括帳單支付在內的所有支付額成長了 18%，與過去幾季的成長幅度基本一致。

Within payroll, the revenue growth in the quarter reflects mix shift, customer growth, and higher effective prices. Within Mailchimp, revenue was down slightly versus a year ago, in line with our expectations for the quarter. We continue to target double-digit growth for Mailchimp exiting fiscal 2026.

本季薪資收入成長反映了產品組合變化、客戶成長和實際價格上漲。Mailchimp 的營收與去年同期相比略有下降，符合我們對季度的預期。我們繼續以 Mailchimp 在 2026 財年結束時實現兩位數成長為目標。

We are seeing strong results from our mid-market sales team within Mailchimp with several recent larger customer wins as well as increasing retention rates in the mid-market segment. We are continuing to invest more in go-to-market for these higher-value customers and beginning to increase broader go-to-market spend to drive acquisition of smaller customers.

Mailchimp 的中端市場銷售團隊取得了強勁的業績，近期成功贏得了幾個大客戶，同時中端市場的客戶留存率也在不斷提高。我們將繼續增加對這些高價值客戶的市場推廣投入，並開始增加更廣泛的市場推廣支出，以推動獲取小型客戶。

Turning to desktop. Desktop ecosystem revenue grew 6% in Q1, and QuickBooks Desktop Enterprise revenue grew in the low double digits in Q1. We expect desktop ecosystem revenue to grow low single digits in fiscal 2026.

切換到桌面。第一季桌面生態系統營收成長了 6%，QuickBooks Desktop Enterprise 營收在第一季實現了兩位數的低成長。我們預計 2026 財年桌面生態系統營收將實現個位數低成長。

Turning to our consumer platform. We are pleased with our strong momentum. Q1 revenue grew 21%, driven by Credit Karma revenue, which grew 27%, TurboTax revenue grew 6%, and Protex revenue grew 15%. Within Credit Karma, the revenue growth reflects continued momentum with our members and partners on a product basis, personal loans accounted for 13 points of growth. Credit cards accounted for 10 points in auto insurance for 3 points.

接下來，我們來看看我們的消費者平台。我們對我們強勁的發展勢頭感到滿意。第一季營收成長 21%，主要得益於 Credit Karma 營收成長 27%，TurboTax 營收成長 6%，以及 Protex 營收成長 15%。在 Credit Karma 內部，營收成長反映了我們在產品方面與會員和合作夥伴的持續成長勢頭，其中個人貸款增加了 13 個百分點。信用卡在汽車保險中佔 10 分，汽車保險則佔 3 分。

Looking ahead, the results from more than 300 go-to-market and product experience tests run during Q1 bolster our confidence in our strategy to win this upcoming tax season. We are excited about the opportunity ahead for our all-in-one consumer platform powered by AI, human intelligence, and data to empower customers to take year-end control of their finances from credit building to wealth building while driving monetization for Intuit.

展望未來，第一季進行的 300 多項市場推廣和產品體驗測試的結果增強了我們對贏得即將到來的報稅季的策略的信心。我們對未來充滿期待，我們以人工智慧、人類智慧和數據為驅動的一體化消費者平台將幫助客戶在年底掌控自己的財務狀況，從建立信用到積累財富，同時為 Intuit 帶來盈利。

Shifting to our balance sheet and capital allocation. Our fast principles guide our decisions to remain our long-term commitment and are unchanged. We finished the quarter with $3.7 billion in cash and investments and $6.1 billion in debt on our balance sheet. We repurchased $851 million of stock during the first quarter, and depending on market conditions and other factors, our aim is to be in the market each quarter.

接下來談談我們的資產負債表和資本配置。我們秉持的快速原則引導著我們的決策，使我們保持長期的承諾，這些原則始終不變。本季末，我們的資產負債表上現金及投資總額為 37 億美元，債務總額為 61 億美元。我們在第一季回購了價值 8.51 億美元的股票，根據市場狀況和其他因素，我們的目標是每季都參與市場交易。

The Board approved a quarterly dividend of $1.20 per share, payable on January 16, 2026. This represents a 15% increase versus last year.

董事會批准每股1.20美元的季度股息，將於2026年1月16日支付。比去年增長了15%。

Moving on to guidance. We are reaffirming our fiscal 2026 guidance. This 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% and of 15.5% to 16.5% revenue growth, excluding merchant.

接下來是指導部分。我們重申2026財年業績預期。這其中包括公司總收入209.97億美元至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%，不包括商家收入在內，營收成長 15.5% 至 16.5%。

Our guidance also includes overall Consumer Group revenue growth of 8% to 9%, including TurboTax growth of 8% and credit comment growth of 10% to 13% and ProTax growth of 2% to 3%. GAAP diluted earnings per share of $15.49 to $15.69 and 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.

我們的預期還包括消費者集團整體營收成長 8% 至 9%，其中 TurboTax 成長 8%，信用評論成長 10% 至 13%，ProTax 成長 2% 至 3%。GAAP稀釋後每股盈餘為15.49美元至15.69美元，成長13%至15%；非GAAP稀釋後每股盈餘為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%。

Our guidance for the second quarter of fiscal 2026 includes total company revenue growth of 14% to 15%, GAAP earnings per share of $1.76 to $1.81, and non-GAAP earnings per share of $3.63 to $3.68. You can find our full fiscal 2026 and Q2 guidance details in our press release and on our fact sheet.

我們對2026財年第二季的業績預期包括：公司總營收成長14%至15%，GAAP每股收益1.76美元至1.81美元，非GAAP每股收益3.63美元至3.68美元。您可以在我們的新聞稿和概況介紹中找到完整的2026財年及第二季業績預期詳情。

Before I turn it over to Sasan, I want to share that Kim Watkins has made the decision to leave Intuit to pursue a new opportunity outside the company. And this will be her last earnings call.

在將發言權交給薩桑之前，我想分享金沃特金斯決定離開 Intuit，到公司外尋求新的發展機會。這將是她最後一次財報電話會議。

I want to take a moment to thank her for her tremendous contributions and partnership over the years. She has built a strong, highly respected Investor Relations team and has strengthened our relationships with the investment community in meaningful ways. Jeff Kogler, who has been a key part of the team, will step in as acting Head of IR. We're deeply grateful for all that Kim has done in which share the very best in the next chapter.

我想藉此機會感謝她多年來所做的巨大貢獻和給予的合作。她建立了一支實力雄厚、備受尊敬的投資者關係團隊，並以有意義的方式加強了我們與投資界的關係。團隊的關鍵成員傑夫·科格勒將擔任投資人關係代理主管。我們衷心感謝 Kim 所做的一切，並期待在下一個篇章中與大家分享最好的。

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

這樣，我就把麥克風交還給薩桑了。

Great. Thank you, Sandeep. We are well on our way to becoming the system of intelligence, enabling financial success for consumers, businesses, and accountants. Given our early bet on AI, our low penetration of our large $300 billion TAM, the significant investments we've made in the last decade, and our momentum, we are well positioned to power the prosperity of our customers and win in the era of AI.

偉大的。謝謝你，桑迪普。我們正朝著成為智慧系統的目標穩步前進，這將使消費者、企業和會計師獲得財務成功。鑑於我們早期對人工智慧的投入、我們在 3000 億美元龐大潛在市場中的低滲透率、過去十年我們所做的重大投資以及我們目前的發展勢頭，我們完全有能力助力客戶繁榮發展，並在人工智慧時代取得成功。

Let's now open up to your questions.

現在我們來回答大家的問題。

(Operator Instructions) Kirk Materne, Evercore ISI.

（操作說明）Kirk Materne，Evercore ISI。

Congrats on a nice start to the year, and Kim, congrats on your next venture. So Sasan, the question for you, a lot of questions from clients this week on the OpenAI arrangement and deal you announced. Can you just give us a little bit more color on if there's any sort of revenue share as part of this deal? I think there's also some questions about sort of how data, obviously, you guys have always been very protective of customer data, how does that stay with Intuit as people are now using Intuit solutions within Open AI? Can you just give us maybe a little bit more color on those aspects of the new partnerships?

恭喜你今年開局順利，也恭喜Kim開啟新的旅程。所以薩桑，本周有很多客戶詢問你關於OpenAI的安排和你宣布的交易的問題。您能否詳細說明一下，這項交易中是否有任何形式的收益分成？我認為還有一些關於資料的問題，顯然，你們一直非常重視客戶資料的保護，那麼當人們現在在 OpenAI 中使用 Intuit 的解決方案時，Intuit 如何保證資料安全呢？能否再詳細介紹一下這些新合作關係的具體面向？

Yes. Thank you for your question. First of all, I'll just start by saying it's an absolutely game-changing partnership and everything starts with people and the relationships to make any long-term partnership work and the relationship with OpenAI is really magnificent.

是的。謝謝你的提問。首先，我要說的是，這是一項絕對具有變革意義的合作關係，而任何長期合作關係的成功都始於人以及人與人之間的關係，與 OpenAI 的關係真的非常棒。

With that said, the way to think about this before I get to the specifics of your question is, this is a huge opportunity for us to accelerate new customer growth. You have 800 million weekly active users that are engaging within the platform, and we have an opportunity to power their prosperity.

話雖如此，在我具體回答你的問題之前，我想先說明一點：這對我們來說是一個加速新客戶成長的巨大機會。你們擁有 8 億每週活躍用戶，他們積極參與平台活動，我們有機會幫助他們走向繁榮。

Now to answer your question, I'll just break it very quickly into three buckets: experience, data and models, and economics. On the experience front, what happens today is when customers are asking questions about getting access to financial products like cards, loans, building their credit score, how do I grow my business, they get good yet generic answers. So that will change tomorrow.

現在來回答你的問題，我將快速地將其分為三類：經驗、數據和模型以及經濟因素。在體驗方面，如今當客戶詢問有關如何獲得信用卡、貸款、提高信用評分、如何發展業務等金融產品的問題時，他們會得到一些不錯但很籠統的答案。所以明天情況就會改變。

And the way it's going to change is that our Intuit apps will be deeply integrated within ChatGPT, which means tomorrow, you get the power of all of the Intuit platform and apps within ChatGPT. And the experience, which I can get into a lot more detail if you all wish, will be game-changing because we'll know who you are and we will be able to leverage the power of our data and all of our models to be able to deliver experiences that are very personalized to you, just like the experience you get when you're within an Intuit app today.

而即將發生的變化是，我們的 Intuit 應用將與 ChatGPT 深度集成，這意味著明天，您就可以在 ChatGPT 中獲得所有 Intuit 平台和應用的強大功能。如果大家願意，我可以更詳細地介紹一下這種體驗，它將帶來顛覆性的改變，因為我們將了解你是誰，我們將能夠利用我們的數據和所有模型的力量，為你提供高度個人化的體驗，就像你今天在 Intuit 應用中獲得的體驗一樣。

So the experience will be absolutely game-changing for consumers and businesses and truly power their actions, their insights within ChatGPT.

因此，這種體驗將徹底改變消費者和企業的遊戲規則，並真正增強他們在 ChatGPT 中的行動和洞察力。

The second, on data and models, nothing changes from what we do today. They will be -- customers will be engaging within the Intuit app, well, they'll be within the Intuit four walls. We will continue to train our Intuit large language models with the customers' data, our data privacy, security and privacy principles are unchanged.

第二點，關於數據和模型，我們今天所做的一切並沒有改變。他們會－顧客會在 Intuit 應用程式內進行互動，也就是說，他們會在 Intuit 的辦公環境中。我們將繼續使用客戶資料訓練我們的 Intuit 大型語言模型，我們的資料隱私、安全性和隱私原則保持不變。

And that's very important because one of the game-changing elements that OpenAI is excited about is the fact that customers will be able to get accurate, secure answers that are personalized all within ChatGPT. So that's on the data and models. Nothing is unchanged from the way we operate today.

這一點非常重要，因為 OpenAI 非常興奮的一項顛覆性創新是，客戶將能夠在 ChatGPT 內獲得準確、安全且個人化的答案。以上就是關於數據和模型的部分。一切運作方式與現在並無二致。

On the economics, the economics are today. There is no revenue share. And so the economics that we enjoy today when we directly work with customers, we will enjoy tomorrow.

至於經濟方面，這就是當今的經濟情勢。沒有收益分成。因此，我們今天直接與客戶合作所享有的經濟效益，明天也將繼續享受。

And I'll just end with, we're really excited about the partnership by having access and working side by side with OpenAI team have access to their frontier models because, as you know, our intuit large language models are what gets trained by the customers' data. It does not leave our four walls. But it also has the agency and authority to deliver the experiences and use other models, and we're excited about the acceleration of the use of some of their models that the RLMM will put in place.

最後我想說，我們非常高興能夠與 OpenAI 團隊合作，並與他們並肩工作，使用他們的前沿模型。如您所知，我們直覺的大型語言模型正是透過客戶資料進行訓練的。它不會離開我們的四面牆。但它也有能力和權力來提供體驗和使用其他模型，我們很高興看到 RLMM 將加速使用他們的一些模型。

So I think those would be the headlines, Kirk, that I would share.

所以，柯克，我想這些就是我想分享的新聞標題。

Siti Panigrahi, Mizuho.

Siti Panigrahi，瑞穗銀行。

Congrats again and a great start to this year. I wanted to dig into the mid-market, Sasan, which is one of your drivers for the aspirational goal to accelerate growth. First on IES side, it's been a year and you had 250 cell set. How is the productivity has been going on?

再次恭喜，今年開局很棒！Sasan，我想深入了解中端市場，這是你實現加速成長這一遠大目標的驅動力之一。首先，就 IES 而言，已經過去一年了，你們有 250 個單元。生產力方面進展如何？

And any plan to add more headcounts to this mid-market? And also the partnership we announced. When should we start seeing that translate to revenue?

是否有計劃增加這個中階市場團隊的員工人數？還有我們宣布的合作關係。我們什麼時候才能看到這些收益轉化為實際收入？

Yes. Thanks for the question, Siti. I'll break it down into three things: awareness, our platform innovation, and accountants. First and foremost, we're just starting to press on the gas with awareness in terms of showing up the conference as we were just at the state conference in New York. We were everywhere to raise awareness because as much success as we've had, very few people still know about Intuit Enterprise Suite and what a disruptive AI-driven and AI native ERP platform that it is.

是的。謝謝你的提問，Siti。我將其分解為三件事：意識、我們的平台創新和會計師。首先，我們才剛開始加大力度，提高大家對參加會議的意識，就像我們剛剛在紐約舉行的州級會議上一樣。我們四處奔走，提高人們的認識，因為儘管我們取得了巨大的成功，但仍然很少有人了解 Intuit Enterprise Suite，以及它是一個多麼顛覆性的、由人工智慧驅動的、原生於人工智慧的 ERP 平台。

So we're doing a lot around awareness. One element is conferences, webinars to really get the word out there.

所以我們在提高公眾意識方面做了很多工作。其中一個環節是舉辦會議和網路研討會，真正把訊息傳播出去。

The second is the platform innovation is just accelerating and it's having a dramatic impact with customers now across many verticals starting to refer us to customers like them, whether it's wealth management, whether it's dentists, whether it's construction, the impact from our innovation and now beginning to customize and launch vertical-specific KPIs and dashboards is incredibly important and incredibly powerful.

第二點是，平台創新正在加速發展，並產生了巨大的影響，現在許多垂直行業的客戶都開始將我們推薦給他們類似的客戶，無論是財富管理、牙醫還是建築行業，我們的創新以及現在開始定制和推出特定垂直行業的關鍵績效指標和儀表板的影響都非常重要且非常強大。

And more than ever, we win on experience, price, and total cost of ownership.

而且，我們比以往任何時候都更能憑藉經驗、價格和總擁有成本贏得競爭優勢。

And the third is around accountants. We're just getting that flywheel going. And in fact, we redirected a number of our internal sales folks above and beyond the $250 million that you refer to as I'll get to in a moment that really are providing coverage across our large accounting firms.

第三個方面與會計師有關。我們現在只是在啟動這個飛輪。事實上，除了您提到的 2.5 億美元之外，我們還調配了一些內部銷售人員，他們真正為我們的大型會計事務所提供服務，這部分金額相當可觀。

And what you should look at is these are really best to come. We expect acceleration from these large partnerships that we've announced and many that are in the works to contribute to the back half of the year and into next year. We're actually not counting on that, but it's an important point to put out there, which is this is where the network effect comes in because we had the largest firms at Intuit Connect, and I personally have been meeting with these large firms.

你應該注意的是，這些才是真正最好的。我們預計，這些已宣布的大型合作關係以及正在籌備中的許多合作關係，將在今年下半年乃至明年加速發展。我們其實並沒有指望這一點，但這一點很重要，那就是網絡效應在這裡發揮作用，因為 Intuit Connect 匯聚了最大的幾家公司，而且我自己也一直在與這些大公司會面。

And they're blown away by our innovation and how they can use our platform to be able to drive accelerated growth. And our productivity is significantly improving when we look at the last several quarters, and we would expect to start adding more headcount in the coming quarters.

他們對我們的創新以及如何利用我們的平台來推動加速成長感到驚嘆不已。從過去幾季來看，我們的生產效率顯著提高，我們預計在接下來的幾季將開始增加員工人數。

So those would be the way I would break down the answer to your question. We're really excited and bullish about what's possible.

以上就是我對你的問題的解答。我們對未來充滿信心，感到非常興奮。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Congrats on a fantastic run. It's been great and look forward to your next chapter. Maybe, Sasan, for you, can you talk us through any of the learnings that came out of this extension season on tax and those might apply to seasons ahead?

恭喜你跑出了精彩的成績。這段經歷很棒，期待你的下一個篇章。薩桑，您能否為我們講解一下，在這次稅收延期季中，有哪些經驗教訓可以應用到未來的稅收季中？

And maybe for Sandeep, we saw the announcements around the TurboTax office footprint expanding which seems to clearly reflect leaning in on local search. How are you thinking about the investments necessary to sustain 15% to 20% assisted growth this year? And maybe how do they compare to last year?

或許對於 Sandeep 來說，我們看到 TurboTax 辦公室規模擴大的公告，這似乎清楚地表明該公司正在加強本地搜尋。您認為今年要維持 15% 到 20% 的輔助成長需要哪些投資？那麼，與去年相比，情況如何呢？

I'll get a start and then I'll let Sandeep take over on your question. First of all, Brad, I've been with the company 20-plus years. I've never been more bullish than the season we're about to step into. And the reason is all of the innovation across the platform, we ran, as we talked about earlier, 300 significant experiments from platform innovations to go-to-market test inclusive of a lot of what we're doing to show up locally, which is the question you asked a moment ago for Sandeep.

我先回答一下，然後讓桑迪普來回答你的問題。首先，布萊德，我在公司工作了20多年了。我從未像現在這樣對即將進入的賽季充滿信心。原因在於整個平台的創新，正如我們之前討論過的，我們進行了 300 項重要的實驗，從平台創新到市場推廣測試，包括我們為在本地市場亮相所做的很多工作，這也是你剛才問桑迪普的問題。

And just across what's possible for consumer tax and business tax, we are incredibly bullish, and the bullishness comes from really three fronts. One, a lot of the work that we've done around data and AI that makes us far simpler and easier for folks to get their taxes done and get early access to their money.

就消費者稅和企業稅的可能性而言，我們非常樂觀，這種樂觀情緒其實來自三個方面。第一，我們在數據和人工智慧方面做了很多工作，這使得人們能夠更輕鬆、更方便地完成報稅並提前獲得他們的資金。

Two, the innovation end to end to deliver a great experience at a great price for those that use the prior year assisted method from how we're leveraging data and AI concierge to greet customers, to get them immediately connected to a live expert where most of the work is done already by the time they get to the experts to doing a lot of the work for the expert where the expert really becomes sort of a concierge that you would walk up to a four season.

第二，我們從頭到尾進行了創新，為那些使用去年輔助方法的客戶提供物美價廉的優質體驗。我們利用數據和人工智慧禮賓服務來迎接客戶，讓他們立即與真人專家聯繫，在他們聯繫到專家之前，大部分工作已經完成；我們為專家做了很多工作，使專家真正成為像四季酒店禮賓員一樣的人物。

That's really about the service that they provide, how they make you feel while we ultimately deliver excellent service. And the power of going from 400 locations that we showed up to 600 and then the 20 stores that we talked about with one flagship store that's going to be in New York is about showing up locally.

這其實是關乎他們提供的服務，以及他們帶給你的感受，而我們最終的目標是提供卓越的服務。從我們最初在 400 個地點開展業務，到後來發展到 600 個地點，再到我們討論的 20 家門店（其中一家旗艦店將落腳紐約），其力量在於深入本地市場。

And if that's also about shaping the market around the fact that we truly have AI plus HI. And these are -- once the one opens up in New York, I'd encourage you all to go into it because I think you want to sit there and have some coffee. It's tech forward, it's friendly, it's warm, and by the way, money can go in your pocket quickly. So I'll end with where I started before Sandeep takes over, which is I've not been this bullish going into the tax season given the amazing work of the team.

如果這也關乎圍繞我們真正擁有人工智慧和人工智慧這一事實來塑造市場。而且──一旦紐約那家店開業，我鼓勵大家去看看，因為我覺得你們會想坐在那裡喝杯咖啡。它科技先進，氛圍友好，令人感到溫暖，而且，順便說一句，你的錢也能很快到手。所以，最後我想回到桑迪普接手之前我開始說的話，那就是，鑑於團隊的出色工作，我對即將到來的報稅季並沒有這麼樂觀。

Brad, it's Sandeep. On local (inaudible) is key to winning in assisted as we have shared that our -- we see that customers convert 5 times better when there's a local expert within a 50-mile radius of their location. And we are planning 600 expert locations, so that's up from 400 last year, and as Sasan mentioned, a unique flagship store in New York City. This is all part of our strategy of ensuring that we are showing up in key high-density areas and covering a majority of the tax filing population in the United States.

布拉德，我是桑迪普。在地化（聽不清楚）是贏得輔助服務的關鍵，正如我們分享的那樣——我們發現，當客戶所在位置方圓 50 英里內有本地專家時，客戶的轉換率會提高 5 倍。我們計劃開設 600 家專家門市，比去年的 400 家有所增加，正如 Sasan 所提到的，我們還將在紐約市開設一家獨特的旗艦店。這一切都是我們策略的一部分，旨在確保我們在關鍵的高密度地區出現，並涵蓋美國大部分的報稅人群。

And this -- showing up local, we know really extends the trust people have in the brand. It drives adoption. And our tests also show that 39% of full-service customers prefer zero-touch approach to engagement. So it's really more about driving that trust.

而這一點——在本地亮相——我們知道，確實能增強人們對品牌的信任。它能促進普及。我們的測試還表明，39% 的全方位服務客戶更喜歡零接觸式互動方式。所以關鍵在於建立信任。

In terms of our investments, our approach to showing up local is truly asset-light and is scalable with our long-term commitments, the rent, the OpEx costs here are relatively small and they're all included in part in our guidance that we gave earlier today.

就我們的投資而言，我們進駐本地的方式真正做到了輕資產，並且可以透過我們的長期承諾實現規模化發展。這裡的租金和營運成本相對較小，而且這些成本都已部分包含在我們今天早些時候給出的指導意見中。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

Congratulations on a really strong start to the fiscal year. And I'll ask my congratulations to Kim Watkins. Truly has been a great partner to the financial community at Intuit in relations and best luck on the new endeavors.

祝賀貴公司在新財年取得了非常強勁的開局。我謹向金·沃特金斯表示祝賀。Truly一直是Intuit金融界的優秀合作夥伴，祝福他在新的事業中一切順利。

You guys had a really solid quarter. We saw it in the Global Business Solutions. There's a lot of concern out there about the health of the overall US consumer. And I know you guys get a lot of signal. So can you help us walk through if any of your signal turned or if this was more so into it just doing very well in what could be a shaky environment. Help us get a little bit more confidence about the durability of these see results throughout the year.

你們這季度表現非常出色。我們在《全球商業解決方案》中看到了這一點。人們普遍擔憂美國消費者的整體健康狀況。我知道你們訊號很好。所以，您能否幫我們分析一下，您的訊號是否有任何變化，或者這只是在可能不穩定的環境中表現得非常好？請幫助我們增強對這些產品耐用性的信心，以便全年都能看到效果。

Yes, Keith, thank you for the question. I'll actually take team this with Sandeep. I would say two things. One, what we see on our -- in our data across 100 million consumers and 10 million-plus businesses that we serve is stability. To provide more specifics profits and cash flows are stable and up. One of the things Sandeep and I and the team looks a lot at is payroll hours work and payroll hours work are actually up. And as you can imagine, we're not concentrated in any particular industry.

是的，基思，謝謝你的提問。我打算和桑迪普組隊參加這個比賽。我想說兩點。第一，我們從我們服務的 1 億消費者和 1000 多萬家企業的數據中看到的是穩定性。具體來說，利潤和現金流穩定且成長。Sandeep、我和團隊經常關注的一件事是工資工時，而工資工時實際上有所增加。正如您所想，我們並沒有專注於任何特定行業。

So we see a lot of industries. So if you double click, you see things like IT services, construction, manufacturing that are actually up quite nicely compared to the year prior and then you see places like real estate and lending that are down compared to the prior year, not significantly but down. And so it's industry-specific, but when you look at the aggregate of what we serve, they're quite successful. That's from what we see in the data.

所以我們看到了很多行業。所以，如果你雙擊查看，你會看到像 IT 服務、建築、製造業這樣的行業與上一年相比實際上增長得相當不錯，然後你會看到像房地產和貸款這樣的行業與上一年相比有所下降，雖然下降幅度不大，但確實下降了。所以，雖然這與行業有關，但從我們服務的所有客戶的整體情況來看，他們都相當成功。這是我們從數據中看到的。

I think the second thing that I'll just end with is a lot of it is also our platform and really what the platform is doing to fuel the success of businesses of all types. If you remember, one of the things that we shared at Investor Day was that businesses that are on our platform are nearly 20 points more successful in terms of how they thrive their profits versus those that are not on our platform. So our platform is having a real impact on the livelihood of businesses.

我想最後補充的第二點是，這很大程度上也與我們的平台有關，以及該平台如何真正推動各種類型企業的成功。如果你還記得的話，我們在投資者日上分享的一件事是，在我們平台上運營的企業，在盈利方面比不在我們平台上的企業成功近 20 個百分點。因此，我們的平台正在對企業的生存產生實際的影響。

Keith, let me build a little bit on Sasan's point. One thing, as you know, of course, we keep a keen eye on the macro environment, but what also gives us confidence, in addition to the stability that we're seeing in the broader environment, is the resilience of the intra business. Our offerings are not just nice to have, they are a must have. And in the four years that we've been around, we've historically seen that when the economies are -- economies tougher, our products become more critical.

基思，讓我稍微補充一下薩桑的觀點。當然，如您所知，我們會密切關注宏觀環境，但除了我們在更廣泛的環境中看到的穩定性之外，也讓我們充滿信心的是企業內部的韌性。我們的產品不僅是錦上添花，而是不可或缺。在我們成立的這四年裡，我們發現，當經濟狀況嚴峻時，我們的產品就變得更加重要。

And just to also add on and highlight the stats from within our platform is you saw that our charge volume was up 29% with BillPay, up 18% next including bill pay. On our credit commerce side, we continue to see strong engagement with our partners. So both the macro data within the platform and also just how the business performing continues to give us confidence in the stability and the opportunity that lays ahead.

另外，我想補充並重點介紹我們平台內部的統計數據，您可以看到，我們的收費額增加了 29%，包括帳單支付在內的收費額增加了 18%。在信貸業務方面，我們與合作夥伴的互動依然十分活躍。因此，無論是平台內的宏觀數據，或是業務的實際表現，都持續增強了我們對未來穩定性和機會的信心。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

Congrats on the great results and also to him in your future endeavors. Sasan, the Credit Karma market share gains of several points in loan originations and credit card issuance are pretty staggering because the size of those markets is just -- is utterly vast. Could you speak to whether you see ongoing runway to continue that type of motion where you're chipping away a couple of few points of share every year maybe by leveraging the TurboTax customer base and that data maybe by leveraging QuickBooks and the -- the cash flow data has to be of interest to lenders.

祝賀他取得如此優異的成績，也祝福他未來一切順利。Sasan，Credit Karma 在貸款發放和信用卡發行方面的市佔率成長了幾個百分點，這相當驚人，因為這些市場的規模實在是——非常龐大。您能否談談您是否認為這種逐年蠶食市場份額的趨勢還有持續發展的空間，例如利用 TurboTax 的客戶群和相關數據，或者利用 QuickBooks 等工具——現金流數據必須引起貸款機構的興趣。

At the end of the day, do you think you can create a more holistic financial health score than the traditional providers have?

歸根結底，你認為你能創造出比傳統服務提供者更全面的財務健康評分嗎？

Yes, Mark, thank you for your question. Actually I love the nature of your question. I would lead with the following. I think now you're seeing the TurboTax Credit Karma platform coming together at work. And the thing that I would just also add to everything that you just shared around the market share increases is that Credit Karma contributed to an entire point of growth in TurboTax last season, and that's just over time, only going to get larger.

是的，馬克，謝謝你的提問。其實我很喜歡你這個問題的本質。首先我想說的是以下內容。我認為現在你已經看到 TurboTax Credit Karma 平台是如何運作起來的。我還要補充一點，關於您剛才分享的市場份額增長，Credit Karma 為 TurboTax 上個季度帶來了一個增長點，而且隨著時間的推移，這個增長點只會越來越大。

And it's because of what we are doing customer back to help them with problems like getting access to financial products that are right for them, helping them with how to manage their debt and with our debt assistant actually helping them what they should pay down for second and third what they should do with their refund and just being in their life on an ongoing basis, that's how you take market share. So that's the first point I would make.

正是因為我們一直致力於回饋客戶，幫助他們解決諸如獲得適合他們的金融產品、幫助他們管理債務等問題，我們的債務助手還會幫助他們確定應該償還哪些款項，以及如何處理退款，並且持續地參與到他們的生活中，這才是我們贏得市場份額的方式。這是我的第一點。

The second point, which is a more specific point is this is data AI and all of our credit models at work. As you all know, one element of our AI capabilities is Lightbox, where financial institutions have put their credit models, their proprietary credit models as part of Lightbox and we are able to leverage their credit models to be able to deliver personalized experiences. That's a game changer.

第二點，也是更具體的一點，是資料人工智慧以及我們所有的信用模型都在發揮作用。眾所周知，我們人工智慧能力的一個組成部分是 Lightbox，金融機構已將他們的信用模型（即他們專有的信用模型）放入 Lightbox 中，我們能夠利用他們的信用模型來提供個人化的體驗。那將徹底改變遊戲規則。

And now we have more and more financial institutions that are now putting their credit models as part of Lightbox, they don't do that with anybody else. They trusted do it. It helps drive growth for them, and it delivers personalized experiences for us. And so I'll end with sort of the essence of the question that you asked, we're just getting started.

現在越來越多的金融機構將他們的信貸模型納入 Lightbox 平台，他們不會與其他任何平台這樣做。他們相信應該這樣做。它有助於推動他們的成長，並為我們帶來個人化的體驗。最後，我想用你提出的問題的本質來總結：我們才剛開始。

We have runway, and we're just getting started in terms of what's possible to do as a platform. And even access to money and how we can monetize money offerings is yet to come. So we're excited about what's possible.

我們還有發展空間，作為一個平台，我們才剛起步，我們能做的事情還有很多。甚至獲取資金的途徑以及如何將資金變現，這些問題都還有待解決。所以我們對未來的可能性感到興奮。

Daniel Jester, BMO Capital Markets.

Daniel Jester，BMO資本市場。

And also my congrats to Kim. Best of luck. On Mailchimp, I appreciate the additional color on the progress that has been made there, specifically in the middle market. As we think about the reacceleration to double digits by year-end, is that something that could be accomplished solely through middle market improvement? Or does this have to broaden out and also include the smaller customers coming back to the full wall?

也向金表示祝賀。祝你好運。關於 Mailchimp，我很欣賞文中對該公司的進展，特別是中端市場進展的詳細描述。當我們考慮到年底實現兩位數成長時，這是否僅僅透過改善中階市場就能實現？或者，這是否需要擴大範圍，也包括那些回到整面牆的小客戶？

Daniel, on Mailchimp, we've taken a number of strategic steps that I feel really confident about -- as you mentioned, we have scaled the mid-market sales team to build upon the momentum we have in that segment. We've improved the product experience and the onboarding flow across all customer segments. And now we are scaling up the go-to-market efforts and those efforts, in addition to adding to the mid-market sales team is dialing up the marketing on the platform, which we had dialed down while we were working on the product mix.

Daniel，關於 Mailchimp，我們已經採取了一些我非常有信心的策略步驟——正如你所提到的，我們已經擴大了中端市場銷售團隊的規模，以鞏固我們在該領域的發展勢頭。我們改進了所有客戶群的產品體驗和新用戶註冊流程。現在，我們正在加大市場推廣力度，除了擴充中端市場銷售團隊外，我們還加大了平台行銷力度，而此前我們在調整產品組合時已經減少了這方面的投入。

In terms of getting to double digit, it takes a mix of both customers across smaller customers as well as the mid-market customers. We have good momentum, and it's really going to be around early calendar year and spring time that we'll have a solid read on the Mailchimp progress.

要達到兩位數的成長，需要同時兼顧小型客戶和中階市場客戶。我們目前勢頭良好，預計到今年年初和春季左右，我們就能對 Mailchimp 的進展有一個比較確切的了解。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

I apologize for the background noise. I guess maybe can we speak to some of the margin leverage and efficiencies that you're seeing from deploying some increasing leverage and just any other efficiencies that you're seeing that are durable given continued outperformance on margins that we're seeing now for, I think, like the third or fourth straight quarter. Anything you can add there would be super helpful.

抱歉，背景噪音有點大。我想我們可以談談您透過不斷提高槓桿率所看到的利潤率槓桿效應和效率提升，以及鑑於我們目前看到的利潤率持續優異表現（我認為已經連續三個或四個季度了），您所看到的任何其他持久的效率提升。如果您能補充一些信息，那就太好了。

Alex, We continue to feel really super confident about the ability as an organization to continue to scale margin. That comes not just from efficiency, but the way we run the business leaning on economies of scale, being disciplined, but when and how and where we are allocating our capital to maximize the ROI on it. And of course, complementing our workforce with AI technology to truly unleash their productivity areas that we continue to see strong improvement across our technology organization using AI to improve the productivity of the sales force, our time to market with how we are rolling out code across our customer success organization.

Alex，我們仍然對公司持續擴大利潤率的能力充滿信心。這不僅源於效率，還源於我們依靠規模經濟、嚴於律己來經營業務的方式，以及我們何時、如何以及在哪裡分配資本以最大限度地提高投資回報率。當然，我們也利用人工智慧技術來補充我們的員工隊伍，真正釋放他們的生產力。我們不斷看到，在我們的技術組織中，人工智慧正在顯著提高銷售團隊的生產力，並透過在客戶成功組織中推廣程式碼來縮短產品上市時間。

As you know, a lot of that work is rules-based super applicable for the AI to help complement those areas. And then across our entire organization, whether it's in finance, whether it's legal, HR, you name it, using AI to unleash the productivity of our employee base. What you should continue to hold as accountable to is the discipline that we have demonstrated over the past multiple years.

如你所知，很多這類工作都是基於規則的，非常適合人工智慧來幫助補充這些領域。然後，在我們整個組織中，無論是財務、法律、人力資源，或其他任何部門，都將利用人工智慧來釋放我們員工的生產力。你們應該繼續對我們過去幾年所展現的自律精神負責。

That same discipline continues, and it's not just about AI efficiencies, but it's all about the learning the culture of seeing what worked and where we lean in marketing. We did marketing last year. There's many tests that worked, and we scale them. There are other things that didn't work, and we shut them off. That's a discipline issue or continue to hold us accountable to.

這種嚴謹的態度仍在延續，它不僅關乎人工智慧的效率，而是關乎學習文化，了解哪些方法有效，以及我們在行銷方面傾向於哪些方面。我們去年做了行銷。有很多測試都取得了成功，我們正在擴大規模。還有一些其他方法行不通，我們就把它們關掉了。這是紀律問題，或者說，我們應該繼續為此負責。

Excellent. I just want to get a big shout out to Kim. It's been a true pleasure working with you and can't wait to see where your next adventure takes you.

出色的。我只想特別感謝一下Kim。與您共事真是我的榮幸，我迫不及待想看看您的下一個冒險之旅會帶您去向何方。

Kash Rangan, Goldman Sachs.

Kash Rangan，高盛集團。

Hard to follow Alex Zukin, but I'm going to try my best. So I look on my congrats to Kim but also to Jeff, incoming he's been waiting for a while. So a well-deserved promotion. The question for you, Sasan is the delta and growth rates between accounting, which certainly is very, very strong. And online services, it's a little bit of a wider delta than whatever but maybe some of it has to do with Mailchimp in their -- I remember the bit old days into it, online services would typically grow faster than accounting because of the payroll payment attached that sort of thing.

很難超越 Alex Zukin，但我會盡力而為。所以，我既要祝賀 Kim，也要祝賀 Jeff，他已經等了很久了。這是他應得的晉升。Sasan，你要問你的問題是會計和…之間的差異和成長率，而會計的成長率當然非常非常高。而線上服務，其差距比其他領域要大一些，但這可能與 Mailchimp 有關——我記得以前，線上服務的成長速度通常比會計快，因為與薪資支付之類的業務相關。

Is there a break in the pattern that explains this performance and that since you're getting going with IES, maybe there is a roughly heavy accounting finance emphasis and maybe these services will follow suit in the future? If you can just help me understand the cycle of what you're going through, that will be great. And since this is my last into call, I wish you many successes in your journeys ahead. Thank you.

這種模式是否有所改變，可以解釋這種表現？既然您已經開始使用 IES，也許會計和財務方面會比較重視，也許這些服務將來也會效仿？如果你能幫我理解你正在經歷的這個過程，那就太好了。這是我最後一次通話，祝福你們在未來的旅途中一切順利。謝謝。

Kash, this is Sandeep. Let me take this one. We continue to see tremendous opportunity across many apparel offerings on our platform is a key part of our addressable market and it's a key part of that $90 billion market that we have on mid-market as well. The deceleration that you are referring to is really due to pricing. That was a contribution in the last four quarters, and now we are lapping that across both payments and payroll.

卡什，我是桑迪普。讓我來做這個吧。我們持續看到我們平台上眾多服裝產品蘊藏著巨大的機遇，這是我們目標市場的重要組成部分，也是我們在中端市場擁有的 900 億美元市場的重要組成部分。你提到的成長放緩其實是價格因素造成的。這是過去四個季度的一項貢獻，現在我們正在將其應用於支付和工資兩方面。

We continue to see strong momentum in our core business, and I would point you to the charge volumes, 18% overall, 29% BillPay. And we're seeing improved adoption of services across both small and midsized businesses. As you pointed out, with some of these things, it takes a while for those volumes to ramp up as they're shifting their service providers.

我們的核心業務持續保持強勁勢頭，我想特別指出收費額，整體佔 18%，帳單支付佔 29%。我們看到，中小企業對服務的採用率正在提高。正如你所指出的，有些事情需要一段時間才能提升銷量，因為他們正在更換服務提供者。

Furthermore, the innovation that we're rolling out, whether it's our agents, whether it's the new ibooks user interface, they provide us more opportunities to build upon the strength we have in platform adoption and services over time. So I would not read too much into that deceleration. We are quite excited about the opportunity that lays ahead.

此外，我們正在推出的創新，無論是我們的代理商，還是新的 iBooks 用戶介面，都為我們提供了更多機會，讓我們能夠隨著時間的推移，在平台採用和服務方面鞏固我們的優勢。所以我認為不必對這種減速現象過度解讀。我們對未來的機會感到非常興奮。

And Kash, we wish you an amazing retirement.

卡什，祝你退休生活精彩。

Thank you. Much appreciated.

謝謝。非常感謝。

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

Thanks and following Kash is always an honor. Kim, all the best for you as well. A quick question for me was on Credit Karma. You talked about credit card loan is driving it, auto insurance a little bit. How do you think about it in terms of the health of the consumer, Sasan, you talked a little bit about it earlier, but like Credit Karma has been kind of performing a lot better than you guided for several quarters now. like how confident are you about what you're seeing there.

謝謝，關注Kash一直都是我的榮幸。金，也祝你一切順利。我有一個關於Credit Karma的問題想請教一下。你剛才提到信用卡貸款會影響駕駛，還有汽車保險也稍微有點影響。薩桑，從消費者健康的角度來看，您是如何看待這個問題的？您之前也稍微提到過，但像Credit Karma這樣的公司，近幾季的表現都遠遠超出您的預期。您對目前的情況有多大信心？

Yes. Let me start with one element, and I'll tag team this with Sandeep. And actually, it's really important to leverage this opportunity for everyone to make really a broader point Credit Karma is working because of all the innovation that we've done customer back and the integration with TurboTax.

是的。讓我先從一個要素開始，我會和桑迪普一起合作完成這項工作。事實上，利用這個機會向所有人闡明一個更廣泛的觀點非常重要：Credit Karma 之所以能夠成功，是因為我們進行了大量的創新，回饋客戶，並與 TurboTax 進行了整合。

So if you really think about the 45 million monthly active users, the fact that they engage more than 5 times a month and the fact that we now can help them with so many things more compared to when we first bought Credit Karma, when the member has the opportunity to understand what to do with their debt to get access to financial products like credit cards, personal loans, insurance, and when they can get their taxes done, get help with what they can do with their money, get early access to that money that customer then engages more and engages more because of the trusted benefits and the insights that they're getting, but also the fact that things are personalized and we're doing it for them.

所以，如果你仔細想想4500萬月活躍用戶，想想他們每月參與超過5次，想想我們現在能為他們提供比我們最初收購Credit Karma時多得多的幫助，想想當會員有機會了解如何處理債務，獲得信用卡、個人貸款、保險等金融產品，以及何時可以報稅，獲得理財方面的幫助，提前支取資金時，客戶就會因為這些值得信賴的好處和見解而更加積極地參與，也因為他們獲得的是個性化的服務，以及我們為他們所做的一切。

And so that is what helps us then be able to accelerate taking market share that we -- that Sandeep and I talked about earlier. So that's a really important element to think about. It's not just about the health of the consumer. It's actually about what we are now doing for the consumer that is so far more advantageous for the consumer versus where we were just even a year ago or two years ago.

因此，這有助於我們加速獲取市場份額，正如我和桑迪普之前談到的那樣。所以這是一個非常重要的考慮因素。這不僅關乎消費者的健康。實際上，我們現在為消費者所做的一切，與一年前或兩年前相比，對消費者來說更加有利。

And from a just a health perspective, credit scores and balances are generally stable. Credit scores over the last several years have for the near prime customers and subprime customers have gone down 10-plus points, but they sort of stabilized. And credit balances and credit card balances, although higher for Gen Z by 20% to 30% now versus a couple of years ago, they've generally stabilized.

僅從健康角度來看，信用評分和餘額通常都很穩定。過去幾年，接近優質客戶和次級客戶的信用評分下降了 10 多分，但目前已經趨於穩定。雖然 Z 世代的信用卡餘額和信用餘額比幾年前高出 20% 到 30%，但總體而言已經趨於穩定。

So that's what we see from a consumer health perspective, but I think the most important is the innovation that I talked about earlier. Let me just also invite Sandeep to add a few thoughts.

從消費者健康的角度來看，這就是我們所看到的，但我認為最重要的是我之前提到的創新。我也想請桑迪普補充幾點看法。

The only thing additional would double down on is the innovation that we're driving across the platform, is that innovation that's helping our partners see better ROI of their spend on our platform, which is why we continue to take share base tailwind into the business driven by innovation. Also, from a consumer point of view, if the economy does get to a place where the consumer is under pressure, they'll be looking to a trusted platform to you understand where they can consolidate debt on personal loans.

我們唯一需要加倍投入的，就是我們正在整個平台上推動的創新，這種創新能夠幫助我們的合作夥伴在我們的平台上獲得更高的投資回報率，這也是為什麼我們能夠繼續利用創新帶來的市場份額增長勢頭來推動業務發展的原因。此外，從消費者的角度來看，如果經濟狀況導致消費者面臨壓力，他們會尋求一個值得信賴的平台，以了解他們可以在哪裡整合個人貸款債務。

Keep in mind, some of these near-prime customers, if they apply for a credit card, where they get dinged, they could become subprime and this is where our innovations such as Lightbox the customer the utmost confidence of their arts are getting approved. These are all innovations that are key to driving confidence and allowing us to continue to take share regardless of the macro environment.

請記住，這些接近優質信用的客戶，如果他們申請信用卡時受到處罰，他們可能會變成次級信用客戶，而這正是我們像 Lightbox 這樣的創新能夠讓客戶對其藝術作品獲得批准充滿信心的原因。這些都是提振信心、使我們能夠繼續擴大市場份額的關鍵創新，無論宏觀環境如何變化。

Michael Turrin, Wells Fargo Securities.

Michael Turrin，富國證券。

Just a quick part on the numbers, if I may. In terms of the QBO strength, you mentioned price is a leading factor there. So just any commentary you can add on how we should think about the shape of pricing contribution on that line throughout the rest of the fiscal year.

如果可以的話，我想簡單介紹一下數字方面的內容。關於QBO的強弱，您提到價格是主要因素。所以，對於我們該如何看待本財年剩餘時間內該項定價貢獻的走勢，您有什麼補充意見嗎？

And then on margin, fiscal Q1 was very strong. 2Q was a touch lower than we were maybe modeling. So can you just also speak to expense timing and whether there are marketing specific impacts to consider between those quarters as we're updating our forecast?

從利潤率來看，第一財季表現非常強勁。第二季業績略低於我們的預期。那麼，您能否也談談費用支出時間安排，以及在更新預測時，這兩個季度之間是否存在需要考慮的特定行銷影響？

Mike, it's Sandeep. On the QBO side, we continue to see our innovation resonate with the customer. And even after we did the price changes and the line of innovation this last July, we saw that our customer attrition, again, came in below our expectations. So just highlighting how the pricing power we have as well as how well the innovation truly is resonating with our customers. And when we see some of this innovation such as 45% of our customers telling us that they're saving up to 12 hours a month that's a meaningful increase in the productivity or getting paid five days faster.

麥克，我是桑迪普。在QBO方面，我們持續看到我們的創新引起了客戶的共鳴。即使在今年 7 月我們進行了價格調整和產品創新之後，我們發現客戶流失率再次低於預期。所以，這主要反映了我們擁有的定價權，以及我們的創新產品確實引起了客戶的強烈共鳴。當我們看到一些創新成果時，例如 45% 的客戶告訴我們，他們每月節省了多達 12 小時，這顯著提高了生產力，或讓他們提前五天拿到工資。

That's a meaningful increase to the net working capital. So these are -- I would highlight these as areas where we are driving innovation, and it's resonating. Pricing contribution is relatively consistent throughout the four quarters. And the other thing I'd point out on QBO is the momentum we have as a point with a 40% revenue growth in IS as well as in QBO Advanced that is a contributor to the accounting line on the online ecosystem.

這將顯著增加淨營運資本。所以，我想重點介紹一下我們正在推動創新的領域，而這些創新也引起了共鳴。定價貢獻在四個季度中相對穩定。關於 QBO，我想指出的另一點是，我們目前的發展勢頭強勁，IS 和 QBO Advanced 的收入成長了 40%，這對線上生態系統的會計收入做出了貢獻。

The second part of your question was around margin. So a couple of things I would point out here. If you look across the first half, we are actually ahead of what our -- what the Street expectations were on our margin. And what we saw for is for the full year, and I continue to feel really confident in our ability to deliver on our commitments for the full year.

你問題的第二部分是關於利潤率的。所以我想在這裡指出幾點。如果縱觀上半年，我們的利潤率實際上超過了華爾街的預期。我們看到的是全年的情況，我對我們實現全年承諾的能力仍然充滿信心。

There's always things any one quarter, for example. We learned from our consumer marketing this past year. that allowed us to really hone in the timing of the spend between Q1 and Q2 to really maximize that ROI. So it's really our continued discipline and spend management, making sure we're maximizing the money that we're driving with our spend that drove some of that shift.

例如，每個季度總是會有一些事情發生。我們從去年的消費者行銷中吸取了經驗，這使我們能夠真正掌握第一季和第二季之間的支出時機，從而最大限度地提高投資回報率。所以，真正推動這種轉變的，是我們持續的自律和支出管理，確保我們最大限度地利用每一分錢。

But look across the first half, and you'll see that we are nicely ahead of consensus on both revenue as well as (inaudible).

但縱觀上半年，你會發現我們在營收和業績方面都遠超預期。（聽不清楚）

Steve Enders, Citi.

史蒂夫恩德斯，花旗集團。

Okay. Great. congrats to Kim as well. I guess I want to ask on the in-person, I guess, TurboTax experience that you're rolling out here. I guess what's the, I guess, hope or what's the kind of view of maybe how that changes I guess, the types of customers or could change the dynamics going through tax season here?

好的。太好了，也恭喜金。我想問一下關於你們在這裡推出的面對面TurboTax體驗專案的問題。我想，大家希望或是說，對於這種情況可能會如何改變，例如客戶類型或是報稅季的動態，大家有什麼看法？

Yes. Thanks for your question. A couple of things I would say. This is really the strategy, which is very consistent with what we've been talking about for several years is to show up where the eyeballs are. and the notion of being in 600 locations addresses and 20 stores, one of them being in a flagship in New York is actually to be seen. When you do search, whether it's through an AI app or Google or any other platform that we show up locally. So that's a huge part of the strategy.

是的。謝謝你的提問。我有幾點想說。這確實是我們的策略，與我們幾年來一直在談論的理念非常一致，那就是出現在人們的視線聚集的地方。在 600 個地點開設 20 家門市，其中一家還是紐約的旗艦店，這確實是為了讓人們看到我們。當您進行搜尋時，無論是透過人工智慧應用程式、Google或任何其他平台，我們都會出現在本地搜尋結果中。所以這是戰略中非常重要的一環。

In terms of the type of customers, the same customers that we serve today. This is about reach, and it's about access because what we have found is when we engage a customer and a customer finds us and we find the customer and we are where the customer is we win hands down based on experience, price and then access to money.

就客戶類型而言，與我們今天服務的客戶相同。這關乎覆蓋面，也關乎管道，因為我們發現，當我們與客戶互動，客戶找到我們，我們也找到客戶，並且我們在客戶所在的地方，我們就能憑藉體驗、價格以及資金管道輕鬆取勝。

So this is just based on our incredible progress last year, the incredible results last year what you're seeing is we're just doubling down on winning in the assisted segment, and this is one key how to do just that.

所以，這一切都是基於我們去年所取得的驚人進步和驚人成果。你們現在看到的是，我們正在加倍努力贏得輔助駕駛領域的勝利，而這正是實現這一目標的關鍵之一。

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

This is an John Byun on behalf of Brent Thill. Just had one question. So one of the advantages of interest platform is the ability to consolidate the dozens of apps for small businesses. I just wanted to see if you could talk about in the progress there and then maybe compare between the small businesses versus the mid-market, how are you reaching the potential?

這是約翰·拜恩代表布倫特·希爾發來的。我只有一個問題。因此，興趣平台的優勢之一在於能夠整合數十個小型企業的應用程式。我只是想看看您能否談談這方面的進展，然後比較一下小型企業和中型企業，看看您是如何發揮潛力的？

Yes. Thank you for your question. It is really the essence of what -- why we are winning. When you look at smaller businesses, they could have between 3 to 10 apps. When you look at larger businesses, they can have between 25 to 30 apps. And there's a real issue with that now more than ever, where customers are spending more time trying to figure out what's going on in their business across all of these apps, they're actually spending more money than they did before. and they're getting less value because they may have fallen love with three, four apps, but then when they zoom out, they don't know what's going on in their business.

是的。謝謝你的提問。這就是我們獲勝的本質。對於規模較小的企業來說，他們可能擁有 3 到 10 個應用程式。規模較大的企業可能擁有 25 到 30 個應用程式。現在這個問題比以往任何時候都更加突出，客戶花費更多時間試圖弄清楚他們在所有這些應用程式中的業務狀況，實際上他們花費的錢比以前更多了。但他們獲得的價值卻更少了，因為他們可能愛上了三到四個應用程序，但當他們跳出固有思維，從全局來看，他們並不了解自己業務的實際情況。

And that's really been our strategy of a platform that helps customers from lead to cash but also a platform that does everything for customers. This is the power of data, AI and HI and ultimately, being able to do everything for our customers. And so the acceleration that we are seeing across the board and particularly in mid-market, and when you look at the results that we just talked about, which is online growing 20%, you've got mid-market growing at 40%.

這就是我們的策略，打造一個能夠幫助客戶從線索到收款的平台，同時也是一個能夠為客戶完成所有事情的平台。這就是數據、人工智慧和人工智慧的力量，最終，我們能夠為客戶做一切。因此，我們看到各方面都在加速成長，尤其是在中端市場。看看我們剛才討論的結果，線上市場成長了 20%，而中端市場成長了 40%。

This is actually more and more customers and particularly the larger ones that see the value of having everything in one place. One, because we can do the work for them, they get a better experience, but two, they may pay off more and more than likely they actually do, but they're actually spending a lot less. And that's a game changer for customers.

事實上，越來越多的客戶，尤其是大型客戶，都看到了將所有東西集中在一個地方的價值。第一，因為我們可以替他們做這些工作，他們會獲得更好的體驗；第二，他們可能會獲得更多回報，而且很可能確實如此，但他們實際花費的錢卻少得多。這對顧客來說意義重大。

And I think we're just -- based on all of our capabilities at the beginning of that cycle, it's another reason why you are seeing an accelerated set of partnership announcements with accountants because they actually see not only us being able to partner with them to help digitize their firm through the Intuit accountant suite, which is a revolutionary platform we've launched, but also what we can do together to really digitize the clients that they serve because when clients use a lot of apps, it drive accountants crazy. And so this really is where the network effect comes in.

我認為，基於我們在這一週期開始時的所有能力，這也是為什麼你會看到與會計師的合作公告加速發布的另一個原因，因為他們不僅看到我們能夠與他們合作，透過我們推出的革命性平台 Intuit 會計套件幫助他們的公司實現數位化，而且還看到我們可以共同努力，真正實現他們所服務客戶的數位化，因為當客戶使用大量應用程式時，會計師會讓會計師抓狂。所以，這就是網路效應發揮作用的地方。

Brad Sills, Bank of America.

布拉德·西爾斯，美國銀行。

I'll echo the congratulations to Kim on your next move. So many great agents in QuickBooks accounting agent payments, customer finance. The list just keeps going. Have you seen any -- any one in particular already use cases that you're seeing traction? And what would customers say as to kind of the ROI, some of the savings here? Any that have surprised you that, gosh, these are actually more effective than we thought and driving more value.

我謹向金表示祝賀，祝賀她邁出下一步。QuickBooks會計代理付款、客戶財務方面有很多優秀的代理。名單還在增加。你有沒有看到任何──特別是某個已經取得實際應用效果的案例？那麼客戶會如何評價投資報酬率以及節省的費用呢？有沒有哪款產品讓你感到驚喜，讓你覺得「哇，它們其實比我們想像的更有效，更有價值」？

And then what would that say about your kind of confidence in your ability to monetize these? Obviously, now it's through premium mix, but eventually through separate SKUs.

那麼，這又能說明你對自己將這些資源變現的能力有多大的信心呢？顯然，目前是透過高端產品組合實現的，但最終會透過單獨的 SKU 實現。

Yes. Thank you for the question. I actually love the nature of the question. Let me start with just zoom out first, and then I'll answer your specific question. The biggest thing that we continue to learn from customers is I need help for you to do it for me and with me. Because if you think about businesses of any size, unless they're an enterprise, they do not have all the resources that comes with an enterprise to do data analytics to help.

是的。謝謝你的提問。我其實很喜歡這個問題本身。我先從整體分析一下，然後再回答你的具體問題。我們從客戶那裡不斷了解的最重要的一點是：我需要你們的幫助，才能與你們一起完成這件事。因為想想任何規模的企業，除非是大型企業，否則它們都不具備大型企業所擁有的所有資源來進行數據分析。

They don't have a large marketing team sitting around a large finance team sitting around a large data analytics team sitting around. They need help in terms of how to run their business. And really, that's where the power of our platform comes in, which is an assistance that is right by their side that can help them with making decisions, can do the work for them, we can do the work with them.

他們沒有龐大的行銷團隊、龐大的財務團隊和龐大的數據分析團隊。他們在經營業務方面需要幫助。而這其實就是我們平台的力量所在，它能為他們提供就在身邊的幫助，幫助他們做出決定，替他們完成工作，我們也可以和他們一起完成工作。

And by the way, when technology runs out of capacity, which it always will, that's where our human intelligence comes into play. So fundamentally, customer back, this is really, really important for customers, which is help me get things done. It's, by the way, why they are always seeking for advice in these AI apps.

順便說一句，當技術達到極限時（而技術總是會達到極限的），人類的智慧就發揮作用了。從根本上講，客戶回饋對客戶來說真的非常重要，它可以幫助我把事情做好。順便說一句，這也是為什麼他們總是向這些人工智慧應用尋求建議的原因。

To get more specific, I'll just remind us with all of the AI agents, we've been in market for about four months, which means there's a lot more improvement enhancements and adoption. But what we've seen in four months is, one, the discovery and repeat engagement since we've launched is over 80%. And the two areas that are having the largest traction is the payments AI agent and it's the accounting AIH.

更具體地說，我提醒大家，我們所有的 AI 代理產品已經上市大約四個月了，這意味著還有很多改進、增強和應用方面的機會。但我們在四個月內看到的是，自從我們推出以來，發現率和重複參與率超過 80%。其中發展勢頭最強勁的兩個領域是支付人工智慧代理和會計人工智慧代理。

That's why we've cited the stats where with the use of accounting agent, folks are saving 12 hours a month, which is significant. And not just the time savings, it's actually the accuracy and the insights that they get. The second is that the customers that are getting paid five days earlier. And four months in market, that's actually quite remarkable because we're learning literally every day in terms of how to make these more effective.

這就是為什麼我們引用統計數據，指出使用會計代理每月可以節省 12 小時，這意義重大。而且不僅僅是節省時間，更重要的是他們獲得的準確性和洞察力。第二點是，有些客戶提前五天收到了付款。上市四個月，這其實相當了不起，因為我們幾乎每天都在學習如何讓這些產品更有效。

Customers don't care about AIA, they care about get the work done for me. And that's really where I think the best is yet to come.

客戶不在乎AIA，他們只在乎能不能把工作做好。而我認為，最好的還在後頭。

Taylor McGinnis, UBS.

泰勒‧麥金尼斯，瑞銀集團。

I appreciate all the help these last couple of years and wishing you all the best. So I'd like to unpack the strength of the 2Q revenue guide with the later start to the tax season this year and also a tougher credit comp, I think it would be helpful if you could just offer some additional color on the drivers of growth. Are there any segments where you're expecting growth to be more durable with the levels that we saw in 1Q or higher than implied in the full year guide?

感謝你們這兩年來的幫助，祝福你們一切順利。因此，我想分析一下第二季營收預期強勁的原因，因為今年的報稅季開始得較晚，信貸比較也更加困難。如果您能就成長的驅動因素提供一些補充說明，我認為會很有幫助。您是否預期某些細分市場的成長能夠持續，達到或超過第一季的水平，甚至高於全年業績指引中暗示的成長水平？

Taylor, in terms of the Q2 guide, it is a continuation of us continuing to execute on our strategy. The momentum that we saw in fiscal '25 compared into fiscal '26. You saw the Q1 results, and you're seeing this in our Q2 guidance. We expect the momentum to continue strength in GBSG Online. We continue to expect strength in mid-market, continue to expect a CK offering to resonate with both partners and consumers. And on the -- on the TurboTax side, we're expecting similar to last several years that the IRS opens up to end of January. So that's our expectation going in.

泰勒，就第二季業績指引而言，這是我們繼續執行既定策略的延續。2025 財年的發展動能延續到了 2026 財年。你們已經看到了第一季的業績，也看到了我們第二季的業績預期。我們預計GBSG Online的強勁勢頭將持續維持。我們持續預期中階市場將保持強勁勢頭，持續預期CK的產品將引起合作夥伴和消費者的共鳴。至於 TurboTax，我們預計與過去幾年類似，美國國稅局將於 1 月底開放申報。這就是我們出發前的預期。

There are a couple of things that I would point out that we do expect desktop to start decelerating in the second half as we go from the 6% we saw in Q1, likely will be near the mid-single digits for Q2, but then decelerate in the second half. And on the CK in the second half of the fiscal year, the comps do get harder as we lapped the prior year strong performance. But in the areas that are the key growth vectors for the company, you should expect us to continue to continue to build upon the momentum.

有幾點需要指出，我們預計桌面端的成長速度將在下半年開始放緩，因為第一季桌面端的成長率為 6%，第二季可能接近個位數中段，但下半年成長速度將會放緩。而到了下半年的CK，由於我們超越了前一年強勁的業績，比較難度確實會增加。但在公司的關鍵成長領域，你們應該會期待我們繼續保持成長勢頭。

Arjun Bhatia, William Blair & Company.

Arjun Bhatia，William Blair & Company。

Perfect. Thank you so much. Sasan, if I can just go back to the OpenAI partnership for a second. I know this is just about to come live, but I'm curious if you would just venture to take a guess on when do you think customers would use Intuit apps inside ChatGPT versus when they would use kind of core or used into it within your own applications and use your Intuit intelligence capabilities, which also have sort of natural language answers.

完美的。太感謝了。Sasan，如果我可以稍微回到 OpenAI 的合作關係上來一下的話。我知道它即將上線，但我很好奇，您能否大膽猜測一下，您認為客戶何時會在 ChatGPT 中使用 Intuit 應用，何時會在您自己的應用程序中使用 Intuit 的核心功能或集成功能，並使用 Intuit 的智能功能（這些功能也具有自然語言回答功能）。

And I'm wondering if in your perspective, if that makes a difference at all or if your goal is kind of just to drive increase engagement and maybe that drives more attach of services and agentic adoption and all the other good things that come with increased usage?

我想知道，從您的角度來看，這是否會產生任何影響，或者您的目標是否只是提高用戶參與度，而這或許會促進更多服務的應用、智能代理的採用以及所有其他隨著使用量增加而帶來的好處？

Yes. Thank you for your question. I'll start by saying companies that win will be companies that are -- that have platforms and that they are where the eyeballs are. And that's really what we're doing with this partnership with ChatGPT. It's really -- for us, it doesn't matter whether a customer comes directly to using our platform or we are where they are within an app, in this case, ChatGPT. Because as I mentioned earlier. One, they get personalized experiences right within ChatGPT.

是的。謝謝你的提問。首先我要說的是，成功的公司將是那些擁有平台並且能夠吸引用戶眼球的公司。而這正是我們與 ChatGPT 合作的真正目的。對我們來說，客戶是直接使用我們的平台，還是在應用程式（例如 ChatGPT）中與我們互動，其實都無關緊要。因為正如我之前提到的。第一，他們可以在 ChatGPT 內獲得個人化體驗。

Two, they're in using our apps. And so the accuracy, safety, privacy is all protected. There's unchanged. We get to enjoy the economics that we enjoy today. So what we care about is actually being where the customer is and making it easy for the customer to have the experiences that they need to have. And in terms of -- only time will tell, we're going to we being OpenAI and Intuit are going to absolutely nail this experience.

第二，他們正在使用我們的應用程式。因此，準確性、安全性、隱私性都得到了保障。沒有任何變化。我們得以享受今天這樣的經濟狀況。所以我們真正關心的是，客戶在哪裡，以及讓客戶輕鬆獲得他們需要的體驗。至於——只有時間才能證明，但我們相信 OpenAI 和 Intuit 一定會把這種體驗做到極致。

It's going to be an amazing experience and only kind of now relative to how much customers are -- at the end of the day, they're using an Intuit app, whether they're using it within Chat GPT or they're directly coming to us, it really doesn't matter. And I think only time will tell what the customer behaviors are. The good news is we're positioned for wherever the customers are. And that's what's exciting about this partnership.

這將是一次令人驚嘆的體驗，而現在，這僅僅與客戶的數量有關——歸根結底，他們都在使用 Intuit 應用，無論他們是在 Chat GPT 中使用它，還是直接訪問我們，這都無關緊要。我認為只有時間才能證明顧客的行為究竟如何。好消息是，無論客戶在哪裡，我們都能滿足他們的需求。這就是此次合作令人興奮之處。

All right. I think that's all of the questions. Hey, before we end, I also want to thank Kim. She has been an amazing partner for all of us internally, and she's made us better. And we are so fortunate to have had the opportunity to work with you and the best of luck in your next chapter. And you're going to miss all of our amazing earnings calls going forward, but we'll see you on the other side. And for everybody that joined, thank you for your time.

好的。我想這就是所有的問題了。嘿，在結束之前，我還要感謝Kim。她一直是我們公司內部所有員工的得力夥伴，她讓我們變得更好。我們非常榮幸有機會與您共事，並祝福您在人生的下一個階段一切順利。接下來您將會錯過我們所有精彩的財報電話會議，但我們後會有期。感謝所有參與者抽出時間。

We'll talk to you next quarter. Bye, everybody.

我們下個季度再跟你談。再見，各位。

Ladies and gentlemen, thank you for participating. This concludes today's conference call.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。