直覺電腦 (INTU) 2026 Q2 法說會逐字稿

Please stand by your meeting is about to begin. Good afternoon, everyone. My name is Beau, and I will be your conference operator today. At this time, I would like to welcome everyone to Intuit's second-quarter fiscal year 2026 conference call. (Operator Instructions)

請稍等，會議即將開始。大家下午好。我叫博，今天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 財年第二季電話會議。（操作說明）

With that, I will now turn the call over to Ms. Anne-Sophie Seigneurbieux, Intuit's Senior Vice President of Investor relations, Corporate and Strategic Finance. Please go ahead, ma'am.

接下來，我將把電話交給 Intuit 公司投資者關係、企業和策略財務高級副總裁 Anne-Sophie Seigneurbieux 女士。請便，女士。

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

謝謝。下午好，歡迎參加 Intuit 2026 財年第二季電話會議。我今天和 Intuit 的董事長兼執行長 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. We assume no obligation to update any forward-looking statement.

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公司網站intuit.com的投資者關係頁面上找到。我們不承擔更新任何前瞻性聲明的義務。

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

這些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。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, Anne-Sophie, and thanks to all of you for joining us today. We delivered an outstanding quarter with Q2 revenue growth of 17%, clear evidence our strategy is working with strong execution across our three big bets. This performance underscores how our AI and human intelligence platform innovation is fueling Intuit's growth and delivering significant customer benefits. We are a category of one because our platform is mission-critical to our customers' financial lives.

謝謝安妮-索菲，也謝謝今天所有到場的各位。第二季業績表現出色，營收成長 17%，這清楚地表明，我們的策略正在奏效，我們在三大重點領域都取得了強勁的執行力。這項業績凸顯了我們的人工智慧和人類智慧平台創新如何推動 Intuit 的成長並為客戶帶來顯著利益。我們獨樹一幟，因為我們的平台對客戶的財務生活至關重要。

In our category, accuracy, compliance, security, reliability of financial decisions, and the liability that comes with it are critical to our customers. It's our advantage, and it's why we win. Intuit is fueling the success of our customers with innovation that enable businesses to operate from lead to cash and help consumers from credit building to wealth building, all in one place with confidence that it's done right in a regulated environment.

在我們這個行業，財務決策的準確性、合規性、安全性、可靠性以及隨之而來的責任對我們的客戶來說至關重要。這是我們的優勢，也是我們獲勝的原因。Intuit 透過創新助力客戶取得成功，使企業能夠從潛在客戶到現金流，並幫助消費者從建立信用到積累財富，所有這些都可以在一個平台上完成，並且我們確信這一切都是在受監管的環境下正確完成的。

This means Intuit is delivering financial intelligence at scale. Our success rests on our powerful combination of proprietary data, domain-specific AI platform capabilities, and AI-powered human intelligence, which we'll refer to as HI. As we scale, the business model is strengthening. The more customers we engage, the more insights we gain, which improve recommendations, outcomes, and value for every customer. That creates a powerful network effect that reinforces our competitive advantage with our nearly 100 million customers and a system of AI agents and AI-enabled experts, fueling ARPC growth and margin expansion.

這意味著 Intuit 正在大規模地提供金融智慧服務。我們的成功取決於我們強大的專有數據、特定領域的 AI 平台能力以及 AI 驅動的人類智慧（我們稱之為 HI）的組合。隨著規模擴大，我們的商業模式也不斷在改進。我們與客戶互動越多，獲得的洞察就越多，從而可以改進推薦方案、提升結果，並為每位客戶創造價值。這產生了強大的網路效應，透過我們近 1 億客戶以及人工智慧代理和人工智慧專家系統，增強了我們的競爭優勢，從而推動了 ARPC 成長和利潤率擴張。

Our system of intelligence combines AI and HI to deliver done-for-you experiences with accuracy, compliance, security, reliability, and data privacy that create a durable competitive advantage. This foundation delivers what matters most to customers when it comes to financial insights: money management, taxes, bookkeeping, and accounting, leading to a complete confidence in their high-stakes financial decisions. We're setting the standard for trusted financial intelligence, and this advantage defines our leadership for years to come.

我們的智慧系統結合了人工智慧和人工智慧，為您提供精準、合規、安全、可靠且資料隱私完善的全包式體驗，從而創造持久的競爭優勢。該基金會為客戶提供財務洞察方面最重要的內容：資金管理、稅務、簿記和會計，從而使客戶對他們的高風險財務決策充滿信心。我們正在樹立值得信賴的金融情報標準，這項優勢將決定我們在未來幾年內的領導地位。

Our momentum is fueled by three big bets that represent the company's largest growth vectors across $300 billion in TAM, where our penetration today is 6%. The first bet is delivering done-for-you experiences powered by AI and HI, creating an entirely new category. Second, accelerating money benefits by putting money at the center of everything that we do for our consumers and businesses. And third, fueling mid-market success with a disruptive AI-native ERP platform.

我們的發展勢頭得益於三大投資，這些投資代表了公司在 3000 億美元 TAM 市場中的最大成長動力，而我們目前的市場滲透率為 6%。第一個賭注是提供由人工智慧和人機互動驅動的「一站式」體驗，從而創造一個全新的類別。其次，加速資金效益的實現，是將資金置於我們為消費者和企業所做的一切的核心。第三，透過顛覆性的AI原生ERP平台協助中端市場取得成功。

Let me start with our all-in-one business platform, where we deliver done-for-you experiences powered by AI and HI, driving growth, saving customers time and money, and consolidating how they run their business in one place. We are continuing to see momentum with our virtual team of AI agents. Over 3 million customers have leveraged agents to do the work for them, with all-time repeat engagement of more than 85%. In January alone, our accounting agents saved time and delivered impact for our customers by categorizing over 237 million transactions. This represents over half of all the transactions categorized that month.

首先，讓我介紹我們的一體化業務平台，我們透過人工智慧和人工智慧提供一站式體驗，從而推動成長，為客戶節省時間和金錢，並將他們的業務運作方式整合到一個地方。我們的虛擬人工智慧代理團隊正持續保持成長勢頭。超過 300 萬名客戶利用代理商為他們工作，重複參與率始終超過 85%。僅在 1 月份，我們的會計代理商就透過對超過 2.37 億筆交易進行分類，為客戶節省了時間並帶來了實際效益。這佔當月所有分類交易的一半以上。

Our business tax agent is putting more money directly back into our customers' pockets, uncovering an average of over $1,000 in incremental tax deductions. Our AI and HI capabilities are not only automating tasks and workflows, but driving consumption and adoption of services like payroll and powering QuickBooks Live customer growth of over 50% in Q2.

我們的企業稅務代理直接為客戶節省了更多資金，平均可獲得超過 1000 美元的額外稅收抵免。我們的人工智慧和人工智慧能力不僅可以自動化任務和工作流程，還可以推動薪資等服務的消費和採用，並協助 QuickBooks Live 在第二季度實現超過 50% 的客戶成長。

Given this success, we are rapidly scaling the rollout of Intuit Intelligence, a revolutionary system of intelligence that fundamentally changes how customers engage with our platform to run their businesses. Leveraging Intuit's proprietary data, domain-specific AI platform capabilities, and human intelligence, it delivers done-for-you experiences with complete customers.

鑑於這一成功，我們正在迅速擴大 Intuit Intelligence 的推廣規模，這是一個革命性的智慧系統，從根本上改變了客戶與我們的平台互動以經營業務的方式。憑藉 Intuit 的專有數據、特定領域的 AI 平台功能和人類智慧，它為客戶提供一站式服務體驗。

Customers can ask anything. For example, who are my most profitable customers? What are my top expenses and how can I reduce operating costs? How can I grow customers? Intuit Intelligence provides grounded answers in their own proprietary data and will take action on their behalf through automation and with a seamless handoff to a trusted AI-enabled human expert.

顧客可以問任何問題。例如，我最賺錢的客戶是誰？我的主要開支有哪些？如何降低營運成本？如何才能增加客戶？Intuit Intelligence 基於其專有數據提供可靠的答案，並透過自動化代表用戶採取行動，並與值得信賴的 AI 賦能的人類專家無縫交接。

This represents a profound shift because now it's done for you with confidence. Because Intuit Intelligence uses deterministic domain-specific models that are built on decades of trusted proprietary data, its recommendations are personalized, accurate, reliable, and compliant. This is intelligence rooted in lived financial reality, not generic large language models.

這代表著一種深刻的轉變，因為現在這一切都由專業人士自信地為你完成。由於 Intuit Intelligence 使用基於數十年值得信賴的專有數據構建的確定性特定領域模型，因此其建議是個性化的、準確的、可靠的和合規的。這是植根於真實金融實踐的智能，而不是通用的大型語言模型。

The value of Intuit Intelligence is unmistakable. Over the past year, our real-world testing has shown that when AI and HI come together in a single integrated experience, customers can achieve better outcomes, and it positions Intuit for sustained double-digit revenue growth as it unlocks our TAM. We're also making strong progress accelerating money benefits by putting money at the center of everything we do. We saw total online payments volume for our payments and bill pay customers grow 29%, reflecting continued momentum in helping our customers get paid faster and better manage their cash flow. Bill pay volume nearly doubled as we continue to see breakthrough adoption.

Intuit Intelligence 的價值毋庸置疑。過去一年，我們的實際測試表明，當人工智慧和人機互動在單一的整合體驗中結合在一起時，客戶可以取得更好的結果，並且隨著我們釋放潛在市場規模，這將使 Intuit 能夠持續實現兩位數的收入成長。我們也透過將資金置於我們一切工作的核心，在加快提高資金效益方面取得了顯著進展。我們看到支付和帳單支付客戶的線上支付總額增加了 29%，這反映出我們在幫助客戶更快收款和更好地管理現金流量方面持續取得進展。隨著我們不斷看到突破性的普及應用，帳單支付量幾乎翻了一番。

Turning to mid-market. Our disruptive AI-native mid-market platform is fueling the success of growing businesses and we are further scaling our investment in product innovation and go-to-market motions to accelerate customer adoption. In Q2, online ecosystem revenue for QBO Advanced and Intuit Enterprise Suite grew approximately 40%. The combination of continuous platform innovation and faster onboarding is driving significant customer value.

轉向中端市場。我們顛覆性的 AI 原生中階市場平台正在推動成長型企業的成功，我們將進一步增加對產品創新和市場推廣策略的投資，以加速客戶採用。第二季度，QBO Advanced 和 Intuit Enterprise Suite 的線上生態系統收入成長了約 40%。持續的平台創新和更快的用戶註冊流程相結合，正在為客戶創造巨大的價值。

With our Intuit Enterprise Suite product release in February, we are deepening our capabilities in the largest verticals within our nearly $90 billion mid-market TAM. We just launched a construction edition for Intuit Enterprise Suite, the first in a series of industry-specific AI-native ERP solutions designed for the mid-market. Construction firms face highly complex financial and project workflows, yet many still rely on fragmented systems and manual processes that limit visibility, slow decisions, and increase risk as they scale. Built on our AI-native ERP financial platform, this construction edition brings financial and project data together in a single system, combining the rigor and control of an ERP with the flexibility, speed, and intelligence modern businesses need to operate and grow with confidence.

隨著我們在 2 月發布 Intuit 企業套件產品，我們正在深化我們在近 900 億美元的中端市場 TAM 範圍內最大垂直領域的能力。我們剛推出了 Intuit Enterprise Suite 的建築版，這是專為中階市場設計的一系列產業專用 AI 原生 ERP 解決方案中的第一個。建築公司面臨高度複雜的財務和專案工作流程，但許多公司仍依賴分散的系統和人工流程，這限制了可視性，減慢了決策速度，隨著規模的擴大，風險也隨之增加。這個建築版系統基於我們原生的 AI ERP 財務平台構建，將財務數據和項目數據整合到一個系統中，結合了 ERP 的嚴謹性和控制力，以及現代企業運營和發展所需的靈活性、速度和智能性，從而能夠充滿信心地發展壯大。

Lallier Construction, a family-owned construction leader based in Colorado, is using Intuit Enterprise Suite as a single source of truth across five divisions, turning fragmented financial data into decision-grade insights. By automating hundreds of intercompany invoices, they've reduced peak month-end reconciliation time by approximately 90% and reclaimed 16 to18 hours of accounting work per week, shifting their team from manual cleanup to real analysis. Because IES offers multidimensional tracking across departments, locations, projects, and product lines, Lallier now has the accurate P&Ls for each division with the visibility to support their goal of tripling revenue over the next three years.

Lallier Construction 是一家總部位於科羅拉多州的家族式建築領導企業，該公司使用 Intuit Enterprise Suite 作為其五個部門的單一資料來源，將分散的財務資料轉化為決策層級的洞察。透過自動化處理數百張公司間發票，他們將月末高峰期的對帳時間縮短了約 90%，每週節省了 16 至 18 小時的會計工作時間，使他們的團隊從手動清理轉向真正的分析。由於 IES 提供跨部門、地點、項目和產品線的多維跟踪，Lallier 現在擁有每個部門的準確損益表，並具備支持其在未來三年內實現收入翻三倍目標的可見性。

Shifting to go-to-market. We're excited to expand our direct sales team by approximately 30% as we're seeing seller productivity continue to increase. New IES contracts grew nearly 50% quarter over quarter, with a meaningful acceleration in new customers added to the franchise, underscoring the significant headroom we have for IES beyond fueling expansion within our base.

轉向市場推廣。我們很高興能將直銷團隊擴充約 30%，因為我們看到銷售人員的生產力持續提高。IES 新合約較上季成長近 50%，特許經營新增客戶數量顯著加速成長，這凸顯了 IES 除了在我們現有客戶群內推動擴張之外，還有很大的成長空間。

We're also seeing continued momentum with our accountant partnerships. This quarter, we signed partnerships with several top 20 accounting firms eager to build reseller practices, including Citrin Cooperman and Eide Bailly. The progress we are making with our early accounting partners, supported in part by the launch of new wholesale billing capabilities, drove accelerated growth with nearly a third of new contracts influenced by accountants' recommendations in Q2, 10 points higher than Q1.

我們與會計師事務所的合作關係也持續保持成長動能。本季度，我們與幾家渴望建立經銷商業務的前 20 家會計師事務所簽署了合作協議，其中包括 Citrin Cooperman 和 Eide Bailly。我們與早期會計合作夥伴的進展，部分得益於新的批發計費功能的推出，推動了業務加速增長，第二季度近三分之一的新合約受到會計師建議的影響，比第一季度高出 10 個百分點。

We continue to make progress with Intuit Accountant Suite, an AI-native offering that transforms accounting firms' efficiency and effectiveness in managing their clients, firm, and workforce. This platform significantly deepens our partnership with accountants and encourages them to migrate clients to QBO Advanced and Intuit Enterprise Suite, fueling faster mid-market penetration. We're seeing strong initial adoption and feedback, particularly around the incremental value firms are getting by managing their operations and gaining valuable insights all in one place.

我們持續推動 Intuit Accountant Suite 的發展，這是一款 AI 原生產品，能夠提升會計事務所管理客戶、事務所和員工的效率和效能。該平台顯著加深了我們與會計師的合作關係，並鼓勵他們將客戶遷移到 QBO Advanced 和 Intuit Enterprise Suite，從而加速了中端市場的滲透。我們看到了強勁的初步採用率和回饋，尤其是在企業透過在一個地方管理其營運和獲得有價值的見解而獲得的增量價值方面。

Turning to our consumer platform. Our strategy is to win as an all-in-one AI-driven expert platform in service of building credit to wealth year-round. While overall IRS returns were down more than 5 points through February 6, we delivered 12% TurboTax revenue growth this quarter. Two strategic areas are standouts that contribute to our momentum, winning in the assisted segment and the outsized role Credit Karma is playing to accelerate tax growth.

接下來，我們來看看我們的消費者平台。我們的策略是成為全年服務於信用累積和財富累積的全方位人工智慧驅動專家平台，並以此贏得市場。儘管截至 2 月 6 日，美國國稅局整體報稅量下降了 5 個百分點以上，但我們本季 TurboTax 的營收成長了 12%。有兩個策略領域特別突出，為我們的發展動能做出了貢獻：一是贏得了輔助領域的勝利，二是 Credit Karma 在加速稅收成長方面發揮了巨大作用。

Starting with done-for-you experiences. This season, TurboTax's AI-driven features, such as dynamic navigation to streamline tax prep, agentic experiences like the stock basis agent, and personalized recommendations are accelerating tax completion and delivering a faster, more confident filing experience. Our AI-powered automated data entry has been used so far by over 80% of our customers, saving them significant time from manual data entry.

從提供一站式服務開始。本季，TurboTax 的人工智慧驅動功能，例如可簡化報稅流程的動態導航、股票基礎代理等代理體驗以及個人化建議，正在加快報稅速度，並提供更快、更自信的報稅體驗。目前已有超過 80% 的客戶使用我們的 AI 驅動的自動資料輸入功能，為他們節省了大量手動資料輸入時間。

Last year, we saved customers over 6 million hours of work while putting more money in their pocket. This year, our new AI agent automates the rigorous manual work required for cost basis adjustments, a task customers often choose to bypass due to its complexity, lowering taxable income by an average of $12,000 compared to those that filed without the agent.

去年，我們為客戶節省了超過 600 萬小時的工作時間，同時讓他們賺了更多錢。今年，我們新推出的 AI 代理程式可以自動完成成本基礎調整所需的繁瑣人工工作，這項任務由於其複雜性，客戶通常會選擇繞過它。與未使用該代理程式申報的人相比，使用 AI 代理程式平均可減少 12,000 美元的應稅收入。

All these improvements also fuel the productivity of our AI-enabled experts serving customers in the assisted category. In Credit Karma, domain-specific AI agents, such as our refund assistant, debt assistant, and tax assistant, are delivering done-for-you personal finance, tax, and money experiences with better financial outcomes. These agents, along with new features like card optimizer and Credit Spark, promote engagement throughout the year. In addition, our new AI-powered year-round tax insights are driving stronger tax intent. Early tax demand from Credit Karma members has been exceptionally strong, highlighting the strategic advantage of an integrated consumer platform.

所有這些改進也提高了我們人工智慧專家在輔助服務類別中為客戶提供服務的效率。在 Credit Karma 中，特定領域的 AI 代理（例如我們的退款助理、債務助理和稅務助理）正在為您提供一站式個人理財、稅務和金錢體驗，並帶來更好的財務結果。這些代理商以及信用卡優化器和 Credit Spark 等新功能，全年都在促進客戶參與。此外，我們全新的人工智慧驅動的全年稅務洞察正在推動更強烈的納稅意願。Credit Karma 會員的提前繳稅需求異常強勁，凸顯了綜合消費者平台的策略優勢。

Shifting to our go-to-market approach in tax, our investment in proprietary data, domain-specific AI platform capabilities, and AI-enabled human intelligence is fundamentally transforming and disrupting the assisted tax category. The tax category, which is seven times bigger than the DIY category, is all about confidence. When customers choose assisted, they demand a human expert in their corner to deliver peace of mind in a high-stakes, regulated environment, where they face significant liability if they get it wrong.

在稅務領域，我們採取了新的市場策略，加大對專有數據、特定領域的 AI 平台能力以及 AI 賦能的人類智慧的投資，從根本上改變和顛覆了輔助稅務領域。稅務類別的規模是 DIY 類別的七倍，完全關乎信心。當客戶選擇協助服務時，他們要求有人類專家在旁協助，以便在高風險、受監管的環境中獲得安心，因為如果出錯，他們將承擔重大責任。

With our unique platform advantage, Intuit delivers certainty and customer confidence with expert-level accuracy, compliance, and reliability, backed by our guaranteed best money outcome. That's why we're expanding our local presence with AI-powered virtual and in-person filing options, delivering a uniquely warm, modern experience with confidence, the best price, and faster access to money.

憑藉我們獨特的平台優勢，Intuit 以專家級的準確性、合規性和可靠性，以及我們保證的最佳資金回報，為客戶帶來確定性和信心。因此，我們正在利用人工智慧驅動的虛擬和現場申請選項來擴大我們在當地的業務，以獨特的溫暖、現代的體驗，讓您充滿信心地獲得最優惠的價格和更快的資金獲取速度。

We now have approximately 600 local service centers, including several retail locations and one flagship store, making local expertise more visible and accessible than ever. This expanded footprint is enabling us to serve customers where they are and establish our expertise locally, driving more engagement with a previously untapped customer base.

我們現在擁有約 600 個本地服務中心，包括幾家零售店和一家旗艦店，使本地專業知識比以往任何時候都更加可見和易於獲取。此次業務拓展使我們能夠在客戶所在之處為他們提供服務，並在當地建立我們的專業知識，從而與以前未開發的客戶群建立更緊密的聯繫。

We have seen $5.1 million total unique visitors to landing pages and in-store visits through February 6. That's compared to $4.2 million for the full season prior. The majority of these are prior year assisted prospects. And we're seeing strong early engagement with experiences that enable these visitors to connect with an expert immediately or schedule an appointment for later, building a strong pipeline for our robust assisted offerings, including business tax.

截至 2 月 6 日，我們已看到登陸頁面和店內訪問的總獨立訪客數達到 510 萬人次。相比之下，上個賽季的總收入為 420 萬美元。其中大部分是前一年獲得資助的潛力新秀。我們看到，訪客對能夠讓他們立即與專家聯繫或預約稍後諮詢的體驗表現出了強烈的早期參與度，這為我們強大的輔助服務（包括企業稅務）建立了強大的管道。

Lastly, our fast money offerings reflect a seamless connection across our consumer platform that gives customers faster access to their largest paycheck of the year. With Credit Karma's AI assistant, consumers get always-on financial guidance that helps them make smarter decisions and build stronger financial futures year-round. We're seeing compelling early demand for faster access to refunds.

最後，我們的快速提款服務體現了我們消費者平台的無縫連接，讓客戶更快獲得一年中最大的收入。透過 Credit Karma 的人工智慧助手，消費者可以獲得全天候的財務指導，幫助他們全年做出更明智的決策，並建立更強大的財務未來。我們看到，消費者對更快獲得退款的需求非常強烈。

We're off to a strong start in tax, growing revenue 12% in Q2, while IRS returns are down five points as of February 6. As anticipated, we're seeing higher consumer interest in our AI-enabled expert assistants and fast money capabilities. We're pleased with early momentum, winning in the assisted segment and driving incremental tax demand with Credit Karma, highlighting the flywheel effect across our consumer platform. Our strategy is expanding our share of TAM, increasing ARPC, and contributing to our company margin expansion, all fueled by AI and HI. Our platform has become a service that delivers peace of mind, certainty, and confidence.

我們在稅收方面開局強勁，第二季收入成長了 12%，而截至 2 月 6 日，美國國稅局的申報量下降了 5 個百分點。正如預期的那樣，我們看到消費者對我們的人工智慧專家助理和快速賺錢功能越來越感興趣。我們對目前的良好勢頭感到滿意，在輔助領域取得了成功，並透過 Credit Karma 推動了增量稅收需求，突顯了我們消費者平台的飛輪效應。我們的策略是擴大我們在TAM市場的份額，提高ARPC，並為公司利潤率的提高做出貢獻，而這一切都由人工智慧和HI推動。我們的平台已成為一項能夠帶來安心、確定性和信心的服務。

Zooming out, we're helping shape the future of financial intelligence by working with leading AI companies to meet consumers and businesses wherever they choose to work and get work done. These companies partner with Intuit because in a high-stakes, regulated environment where customers face significant liability if they get it wrong, they demand more than generic LLM recommendations. They require intelligence that is personalized, accurate, compliant, reliable, secure, and drives real action on their behalf.

從更宏觀的角度來看，我們正在與領先的人工智慧公司合作，幫助塑造金融智慧的未來，以便在消費者和企業選擇工作和完成工作的任何地點都能滿足他們的需求。這些公司之所以與 Intuit 合作，是因為在高風險、受監管的環境中，如果客戶犯錯將承擔重大責任，他們需要的不僅僅是通用的 LLM 建議。他們需要個人化、準確、合規、可靠、安全且能代表他們採取實際行動的情報。

In our category of one, it's all about customer confidence in financial decisions, and the combination of data, AI, and human expertise is essential to success. That's why we have built a system of intelligence with APIs and MCP that spans a customer's financial life across their apps and data and is not confined to any one system. Our platform is designed to transcend and orchestrate across any system or app, so whether the data sits with Intuit or elsewhere, we can connect it, interpret it, and help customers act with confidence.

在我們這個獨特的類別中，一切都關乎客戶對財務決策的信心，而數據、人工智慧和人類專業知識的結合對於成功至關重要。因此，我們建立了一個包含 API 和 MCP 的智慧系統，該系統涵蓋客戶在其應用程式和資料中的整個財務生命週期，並且不局限於任何一個系統。我們的平台旨在超越並協調任何系統或應用程序，因此無論數據位於 Intuit 還是其他地方，我們都可以連接它、解釋它，並幫助客戶充滿信心地採取行動。

Earlier this month, we launched all four of our apps in OpenAI's app directory, and this week we announced a multiyear, game-changing partnership with Anthropic to advance highly personalized experiences for consumers and businesses. Powered by Intuit's decade of deep domain expertise and proprietary data models, the Intuit platform will become the foundation where businesses can build and customize secure, accurate, compliant AI agents for a long tail of industry-specific needs using Anthropic's Claude Agent SDK. Intuit will also bring personalized tax, finance, accounting, and marketing capabilities to millions of Claude and Cowork users.

本月初，我們在 OpenAI 的應用程式目錄中推出了全部四款應用程式；本週，我們宣布與 Anthropic 達成一項多年、具有變革意義的合作關係，旨在為消費者和企業推進高度個人化的體驗。憑藉 Intuit 十年的深厚領域專業知識和專有數據模型，Intuit 平台將成為企業構建和定制安全、準確、合規的 AI 代理的基礎，以滿足各種行業特定需求，該平台使用 Anthropic 的 Claude Agent SDK。Intuit 也將為數百萬 Claude 和 Cowork 用戶帶來個人化的稅務、財務、會計和行銷功能。

Our AI-driven expert platform strategy is unlocking our TAM, as evidenced by strong first half revenue growth of 18%. As a category of one leader, we provide the trusted foundation for high-stakes financial decisions, delivering the reliability, accuracy, security, compliance, and privacy our customers rely on to act with confidence. This is the next chapter of Intuit, service as software built on data, AI, and HI, delivering double-digit revenue growth with expanding margins.

我們的人工智慧驅動專家平台策略正在釋放我們的潛在市場，上半年強勁的營收成長 18% 就證明了這一點。身為產業領導者，我們為高風險的財務決策提供值得信賴的基礎，提供客戶賴以信賴的可靠性、準確性、安全性、合規性和隱私性，讓客戶充滿信心地採取行動。這是 Intuit 的下一個篇章，以數據、人工智慧和人機互動為基礎的軟體服務，實現了兩位數的收入成長和不斷擴大的利潤率。

Now let me turn it over to Sandeep.

現在我把麥克風交給桑迪普。

Thanks, Sasan. We delivered a strong second quarter of fiscal 2026 across the company. Our second quarter results include revenue of $4.7 billion, up 17%. GAAP operating income of $855 million versus $593 million last year. Non-GAAP operating income of $1.5 billion versus $1.3 billion last year. GAAP diluted earnings per share of $2.48 versus $1.67 a year ago, and non-GAAP diluted earnings per share of $4.15 versus $3.32 last year, reflecting our overall disciplined approach to managing the business, including continued AI efficiencies.

謝謝你，薩桑。本公司2026財年第二季業績表現強勁。我們第二季的業績包括營收47億美元，成長17%。以美國通用會計準則計算，營業收入為 8.55 億美元，去年同期為 5.93 億美元。非GAAP營業收入為15億美元，去年同期為13億美元。GAAP稀釋後每股收益為2.48美元，去年同期為1.67美元；非GAAP稀釋後每股收益為4.15美元，去年同期為3.32美元，反映了我們對業務管理的整體嚴謹方法，包括持續的AI效率提升。

Turning to our business segments. We continue to make progress serving businesses with our all-in-one platform and delivering done-for-you experiences with expertise. Global Business Solutions Group revenue grew 18% during the quarter, or 21%, excluding Mailchimp, while online ecosystem revenue grew 21% in Q2, or 25%, excluding Mailchimp. This growth is underpinned by sustained momentum in mid-market, with online ecosystem revenue for QBO Advanced and Intuit Enterprise Suite increasing 40%. As Sasan noted, we are seeing continued productivity gains from a dedicated mid-market sales team and are expanding capacity by nearly 30%, supported by attractive LTV to CAC economics.

接下來，我們來看看我們的業務板塊。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。全球商業解決方案集團本季營收成長 18%，若不計入 Mailchimp，則成長 21%；而線上生態系統營收在第二季成長 21%，若不計入 Mailchimp，則成長 25%。這一成長得益於中階市場的持續成長勢頭，QBO Advanced 和 Intuit Enterprise Suite 的線上生態系統收入成長了 40%。正如 Sasan 指出的那樣，我們看到一支專業的中端市場銷售團隊不斷提高生產力，並且產能擴大了近 30%，這得益於 LTV 與 CAC 之間具有吸引力的經濟效益。

Online ecosystem revenue for small businesses and the rest of the base grew a strong 18%. In Q2, we delivered robust growth in both online accounting and online services. QuickBooks Online accounting revenue grew 24% from higher effective prices, customer growth, and mix shift. Online services revenue grew 18% in Q2, or 28%, excluding Mailchimp. This growth was driven by money, which includes payments, capital, and bill pay, as well as payroll.

小型企業和其他用戶的線上生態系統收入實現了強勁增長，增幅達 18%。第二季度，我們的線上會計和線上服務業務均實現了強勁成長。QuickBooks Online會計軟體的營收成長了24%，這得益於更高的有效價格、客戶成長和產品組合變化。第二季線上服務收入成長了 18%，如果不包括 Mailchimp，則成長了 28%。這一增長是由資金驅動的，其中包括支付、資本、帳單支付以及工資。

Within money, revenue growth in the quarter reflects payments revenue growth, which was driven by customer growth and increase in total payments volume per customer and higher effective prices. Total online payment volume, including bill pay, grew 29% in Q2, reflecting a continued momentum in payments and adoption of our bill pay offering.

從貨幣方面來看，本季營收成長反映了支付收入的成長，而支付收入的成長是由客戶成長、每位客戶支付總額增加以及實際價格上漲所推動的。第二季線上支付總額（包括帳單支付）成長了 29%，反映出支付業務的持續成長動能以及我們帳單支付服務的普及。

Online payment volume growth, excluding bill pay, was 17%, largely consistent with the last several quarters, including a one-point impact from the winter storms last month. Within payroll, the revenue growth in the quarter reflects mix shift, customer growth, and higher effective prices.

不包括帳單支付在內的線上支付金額增加了 17%，與過去幾個季度基本一致，其中包括上個月冬季風暴造成的 1 個百分點的影響。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。

Within Mailchimp, revenue was down slightly versus a year ago, as we continue to strengthen the platform for durable growth. We are seeing encouraging momentum in the mid-market, with continued larger customer wins, improved retention, and growing adoption and usage of SMS. At the same time, progress in improving churn and acquisition amongst smaller customers is taking longer than expected. And now expect Mailchimp to return to double-digit growth sometime beyond fiscal 2026.

Mailchimp 的營收與去年同期相比略有下降，因為我們將繼續加強平台以實現永續成長。我們看到中端市場發展勢頭良好，客戶數量持續成長，客戶留存率不斷提高，簡訊服務的採用率和使用率也不斷提高。同時，改善小客戶流失率和獲取率的進展比預期慢。現在預計 Mailchimp 將在 2026 財年後恢復兩位數成長。

Overall, we have high confidence in our strategy and the online ecosystem momentum is very strong. This performance underscores powerful traction across the growth vectors and positions Intuit to lead and win.

總體而言，我們對我們的策略充滿信心，線上生態系統的發展勢頭非常強勁。這項業績凸顯了Intuit在各個成長方向上的強勁勢頭，並使其處於領先地位，最終贏得市場。

Turning to desktop. Desktop Ecosystem revenue grew 10% in Q2, and Desktop Enterprise revenue grew in the high teens in Q2. We continue to expect Desktop Ecosystem revenue to grow low single digits in fiscal year 2026.

切換到桌面。第二季桌面生態系統營收成長了 10%，第二季桌面企業營收成長了接近 10%。我們仍預期桌面生態系統營收在 2026 財年將實現個位數低成長。

Turning to our consumer platform. We continue to make progress serving consumers with our all-in-one platform that engages them year-round to make smarter financial decisions by delivering done-for-you experiences, AI-powered local tax expertise, and faster access to money. Q2 revenue grew 15%, driven by Credit Karma revenue, which grew 23%, TurboTax revenue grew 12%, and ProTax revenue grew 7%.

接下來，我們來看看我們的消費者平台。我們不斷取得進展，透過我們的一體化平台全年與消費者互動，透過提供一站式服務、人工智慧驅動的本地稅務專業知識和更快的資金獲取方式，幫助消費者做出更明智的財務決策。第二季營收成長 15%，主要得益於 Credit Karma 營收成長 23%，TurboTax 營收成長 12%，ProTax 營收成長 7%。

Within Credit Karma, revenue growth reflects continued momentum with our members and partners. On a product basis, personal loans accounted for 10 points of growth, credit cards accounted for 9 points, and auto insurance accounted for 4 points. As a reminder, in the second half, we are lapping the strong growth we saw in credit cards and personal loans a year ago. As Sasan shared, we are off to a strong start in tax this season and are excited about the opportunity ahead for our AI-driven expert platform to deliver the best experience, speed to money, and best price for our customers.

在 Credit Karma，營收成長反映了我們與會員和合作夥伴之間持續的成長動能。從產品角度來看，個人貸款成長了 10 個百分點，信用卡成長了 9 個百分點，汽車保險增加了 4 個百分點。需要提醒的是，下半年我們將超越去年同期信用卡和個人貸款的強勁成長。正如薩桑所說，本季我們在稅務方面取得了強勁的開局，我們對人工智慧驅動的專家平台能夠為客戶提供最佳體驗、最快到帳速度和最優惠價格的機會感到興奮。

Now shifting to our balance sheet and capital allocation. Our financial principles guide our decisions. They remain our long-term commitment and are unchanged. As we have shared before, we are executing on opportunities to drive margin expansion over time, given our disciplined approach to capital management and ongoing efficiency gains from leveraging AI and automation.

現在我們來看看資產負債表和資本配置。我們的財務原則指導我們的決策。這些仍然是我們的長期承諾，並且不會改變。正如我們之前分享的那樣，鑑於我們嚴謹的資本管理方法以及利用人工智慧和自動化不斷提高效率，我們正在抓住機會，逐步擴大利潤率。

We finished the quarter with approximately $3 billion in cash and investments, and $6.2 billion in debt on our balance sheet. We repurchased $961 million of stock during the second quarter. Given the current stock price and our strong confidence in the momentum of our business, we are continuing to meaningfully increase our share repurchases this year. We maintain our aim to be in the market each quarter.

本季末，我們的資產負債表上約有 30 億美元的現金和投資，以及 62 億美元的債務。第二季我們回購了價值 9.61 億美元的股票。鑑於目前的股價以及我們對公司業務發展勢頭的堅定信心，我們今年將繼續大幅增加股票回購規模。我們堅持每季都進入市場的目標。

The Board approved a quarterly dividend of $1.20 per share, payable on April 17, 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4月17日支付。比去年增長了15%。

Moving to guidance, we are reaffirming our fiscal 2026 guidance. This includes total company revenue of $20.997 billion $21.186 billion, growth of 12% to13%. Our guidance includes Global Business Solutions Group revenue growth of 14% to 15%. We have high confidence and a lot of momentum in achieving Global Business Solutions Group revenue guidance for the year.

關於業績指引，我們重申 2026 財年的業績指引。其中包括公司總收入 209.97 億美元（原 211.86 億美元），成長 12% 至 13%。我們預計全球商業解決方案集團的營收將成長 14% 至 15%。我們對實現全球商業解決方案集團今年的營收目標充滿信心，並且勢頭強勁。

Our guidance also includes overall Consumer Group revenue growth of 8% to 9%. This outlook is supported by continued strength and momentum across the portfolio, including TurboTax growth of 8%, Credit Karma growth of 10% to 13%, and ProTax growth of 2% to 3%, giving us high confidence in achieving our Consumer Group guidance for the year. 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.

我們的預期還包括消費者集團整體營收成長 8% 至 9%。這項展望得益於整個產品組合的持續強勁成長勢頭，包括 TurboTax 成長 8%，Credit Karma 成長 10% 至 13%，以及 ProTax 成長 2% 至 3%，這使我們非常有信心實現消費者集團今年的業績目標。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 third quarter of fiscal 2026 include total company revenue growth of 10%, GAAP earnings per share of $10.56 to $10.62, and non-GAAP earnings per share of $12.45 to $12.51. You can find our full year 2026 and Q2 guidance details in our press release and on our fact sheet.

我們對2026財年第三季的業績預期包括：公司總營收成長10%，GAAP每股收益10.56美元至10.62美元，非GAAP每股收益12.45美元至12.51美元。您可以在我們的新聞稿和概況介紹中找到2026財年全年及第二季業績預期詳情。

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're excited about our progress and the momentum across our growth vectors and our opportunity to increase Intuit's total share of our $300 billion TAM.

偉大的。謝謝你，桑迪普。我們對我們的進展和各個成長方向的勢頭感到興奮，也為我們有機會提高 Intuit 在我們 3000 億美元 TAM 市場中的總份額而感到興奮。

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

那麼，接下來就讓我們來回答大家的問題吧。

(Operator Instructions) Siti Panigrahi, Mizuho

（操作員指示）Siti Panigrahi，Mizuho

Thanks for taking my question. Sasan, you delivered a strong Q2 results, no doubt about it, but as you can see right now, market is worried about AI disrupting software and, in fact, your business, less QuickBooks, but more tax. Can you help us understand, like, what is the disconnect?

謝謝您回答我的問題。Sasan，毫無疑問，你第二季的表現非常出色，但正如你現在所看到的，市場擔心人工智慧會顛覆軟體，實際上也會顛覆你的業務，不再是 QuickBooks，而是稅收。您能幫我們理解一下，比如說，問題出在哪裡嗎？

Where do you think market is wrong? And where do you see the opportunity for you? And that you are not getting disrupted by AI, rather, you're going to benefit from AI?

你認為市場哪裡出了問題？你認為自己的機會在哪裡？人工智慧不僅不會顛覆你，反而會讓你受益？

And Sandeep, a quick follow-up that I want to ask here, that people are pointing to your Q3 operating margin guidance versus Q2 strong. Is there any safety and expansion?

桑迪普，我還有一個後續問題想問一下，大家都在關注你第三季的營業利潤率預期，認為它比第二季強勁。是否存在安全性和擴充性？

Yeah. Siti, thanks for your question. Let me take the first part of it. You know, first of all, I would just start by restating that we are a category of one in that the category that we operate in is a regulated environment, and in that, compliance and security and accuracy is everything for customers. In fact, customers demand human expertise because what they are very focused on is in their high-stakes decisions, whether it's a consumer business of any kind, or an accountant, getting it wrong means huge, huge liabilities for the customer.

是的。Siti，謝謝你的提問。讓我來回答第一部分。首先，我想重申一下，我們是獨一無二的，因為我們所處的行業是一個受監管的環境，在這個環境中，合規性、安全性和準確性對客戶來說至關重要。事實上，客戶需要人類的專業知識，因為他們非常關注的是高風險的決策，無論是任何類型的消費品企業還是會計師，一旦決策出錯，就意味著客戶將承擔巨大的責任。

And that's really the context behind the category which really informs our advantage. We have a regulatory-driven advantage, we have customer-driven advantage. And when you look at where we are today, our entire platform is fueled by data, AI, and HI. And in fact, when you look at the results that we're delivering, where we ended last year, the momentum we've had the first half of the year, it is actually unlocking TAM, it's unlocking ARPC, and it's unlocking margin expansion. So I think our results speak for themselves in terms of how it's fueling our success.

這就是該類別背後的真正背景，也是我們優勢的真正來源。我們在監管方面具有優勢，在客戶方面也具有優勢。而當我們回顧我們今天所處的位置時，會發現我們的整個平台都是由數據、人工智慧和人工智慧驅動的。事實上，看看我們取得的成績，看看我們去年年底的成績，看看我們今年上半年的發展勢頭，就會發現這實際上釋放了TAM（總市場規模）、ARPC（每用戶平均收入）和利潤率擴張的潛力。所以我認為，就其如何推動我們的成功而言，我們的成績本身就足以說明一切。

Our perspective is it is all about focusing on customers, all about putting points on the board. And it's also -- the thing I would point out is it's why companies like OpenAI, companies like Anthropic look to the partnership with us, because at the end of the day, they see and understand that this is a business that comes with a lot of liability and LLMs can't just create the platform that we've created overnight.

我們的觀點是，一切都要以客戶為中心，一切都要取得成績。而且——我想指出的是——這也是為什麼像 OpenAI 和 Anthropic 這樣的公司尋求與我們合作的原因，因為歸根結底，他們看到並理解，這是一個伴隨著很多責任的業務，LLM 不可能一夜之間就創建出我們所創建的平台。

But most importantly, what we've really created is the combination of technology and human intelligence all in one. So we've truly become a service that delivers high confidence and high certainty. And I would just end with where I started, that's why our results are so strong, and that's why we are so bullish about not just the rest of the year, but frankly, our trajectory going into the future.

但最重要的是，我們真正創造的是將科技與人類智慧完美結合的產物。因此，我們已經真正成為一項能夠提供高度信心和高度確定性的服務。最後，我想回到我開頭說的，這就是為什麼我們的業績如此強勁，也是為什麼我們不僅對今年剩餘時間充滿信心，而且坦白說，對我們未來的發展軌跡充滿信心。

Hey, Sitti, let me touch on the margin, but before I touch on margin, the one thing I would reinforce is Sasan's point around the partnerships we're doing with these big LLMs. As you can see, the partnerships we are doing, other software companies are doing, these LLMs are looking to work with us and not against us. I think that's a key component to keep in mind.

嘿，Sitti，讓我談談利潤空間，但在我談到利潤空間之前，我想強調Sasan關於我們與這些大型LLM建立合作關係的觀點。正如你所看到的，我們正在進行的合作，其他軟體公司也在進行的合作，這些LLM（法拉第奧地區開發商）都希望與我們合作，而不是與我們對抗。我認為這是需要牢記的關鍵因素。

And the customer benefits that we are delivering through our platform and -- are really resonating. In fact, one of the things I would highlight is we always had the thesis that AI and HI is a true differentiator because AI is middle to middle and to be end to end. Particularly when you're making high stakes, high liability financial decisions, you need that HI plus AI working together. And we've been testing this actually in our business platform in the marketplace, a lineup includes AI and HI.

我們透過平台為客戶帶來的利益，確實引起了共鳴。事實上，我想強調的一點是，我們一直認為人工智慧和人機互動是真正的差異化因素，因為人工智慧既可以實現中間環節，也可以實現端到端。尤其是在做出高風險、高責任的財務決策時，你需要人機互動（HI）和人工智慧（AI）協同工作。我們一直在我們的市場商業平台上測試這項技術，產品線包括人工智慧和人工智慧。

And I would tell you, this was my biggest surprise. I was pretty confident that they were there with our thesis, but the customer reaction has been tremendous, way outdoing even our own expectation. Right now we're thinking through how we incorporate this AI and HI into our lineup just by seeing how well the tests are resonating. So I just wanted to add that point to your question on AI and our differentiator.

而我要告訴你，這才是最讓我驚訝的。我原本很有信心他們會認同我們的論點，但客戶的反應非常熱烈，遠遠超出了我們自己的預期。目前，我們正在考慮如何將人工智慧和人機互動技術融入我們的產品線中，這主要取決於測試的反應如何。所以，我只是想補充一點關於人工智慧和我們差異化優勢的問題。

Now let me touch on the margins as well. Siti, you followed us for years, and you know we operate to delivering margins for the full year. I feel super confident in our guide for the full year. I feel super confident in my ability to deliver the margin expansion for the full year.

現在我也來談談邊緣問題。Siti，你關注我們多年，你知道我們全年都致力於獲利。我對我們全年的指導方針非常有信心。我對全年實現利潤率成長目標的能力充滿信心。

And what you're seeing in Q3, a couple of things, one is we over-delivered Q2. As Sasan mentioned, it was a slow season to the slow start to the tax season, so you had some cost marketing and customer success costs that moved from Q2 to Q3. And secondly, as the teams looked at some of the tests, we saw a meaningful opportunity to shift some spend to maximize ROI into Q3.

在第三季度，你會看到兩件事，其中之一是我們超額完成了第二季度的目標。正如薩桑所提到的，由於報稅季開始緩慢，因此一些行銷和客戶成功成本從第二季轉移到了第三季。其次，當團隊查看一些測試結果時，我們發現了一個有意義的機會，可以將部分支出轉移到第三季度，以最大限度地提高投資回報率。

So that's really all that all that you're seeing in the guide. So take into account the Q2 over delivery and the fact of our long tradition of ensuring we deliver margin for the full year, and I feel pretty good about it.

所以，這就是你在指南中看到的所有內容了。考慮到第二季度超額交付以及我們長期以來確保全年利潤的傳統，我對結果相當滿意。

We'll go next now to Brad Zelnick with Deutsche Bank.

接下來我們連線德意志銀行的布拉德‧澤爾尼克。

Great. Thank you very much. It's Nick on for Brad this evening, and I appreciate you taking my question. I'd actually like to build on Siti's question a bit here. When you're talking about the power of AI and HI together, as models continue to improve, how do you see that balance between AI and HI shifting? And where do Intuit and its customers stand to benefit the most from these models as they continue to advance?

偉大的。非常感謝。今晚由尼克代替布萊德主持節目，感謝您回答我的問題。我其實想在Siti的問題基礎再補充一點。當您談到人工智慧和人工智慧的結合力量時，隨著模型的不斷改進，您認為人工智慧和人工智慧之間的平衡會發生怎樣的變化？隨著這些模型的不斷發展，Intuit 及其客戶將在哪些方面獲得最大利益？

Yeah. I mean, thanks for your question. Let me maybe break it apart into important segments of the company.

是的。我的意思是，謝謝你的提問。讓我把它拆分成公司的各個重要組成部分。

First and foremost, our entire disruption in the assisted tax segment -- by the way, both assisted consumer tax and assisted business tax is entirely driven by data, AI and HI. We are winning based on our scale of the best experience, the best price, and the fastest access to money.

首先，我們在輔助稅務領域的整個顛覆性變革——順便說一句，輔助消費者稅務和輔助企業稅務完全是由數據、人工智慧和人工智慧驅動的。我們憑藉最佳體驗、最優價格和最快到帳速度贏得了市場。

And as I said a moment ago, customers -- I mean, if you look at the size of the assisted category, it's more than 7 times the do-it-yourself category. And the reason is customers demand a expert to help them with their decisions and to help them with their liability. And so one area based on seven years of investments that we've made that we're really benefiting from, is disrupting the assisted tax segment, right. This was a segment that grew 45% last year, well over $2 billion in size.

正如我剛才所說，顧客——我的意思是，如果你看看輔助服務類別的規模，它比自助服務類別大了 7 倍多。原因是客戶需要專家幫助他們做決定，並幫助他們承擔責任。因此，基於我們七年來的投資，我們真正受益的一個領域是顛覆輔助稅務領域，對吧。去年，該細分市場成長了 45%，規模超過 20 億美元。

And we are seeing incredible traction, not just through February 6, but we've had two months of tax season under our belt. We have about six weeks left. And we're seeing incredible traction with our assisted offerings. So that's one significant area where it's a tailwind for us. And I think we're just scratching the surface of the disruption.

我們看到了驚人的成長勢頭，不僅在 2 月 6 日之前，而且在經歷了兩個月的報稅季之後，我們的業績依然強勁。還剩大約六週。我們的輔助服務獲得了巨大的成功。所以，這方面對我們來說是重要的順風。我認為我們目前所看到的只是這場變革的冰山一角。

The second area is we're actually winning in mid-market because our entire platform is based on AI and HI, where we are now fundamentally an AI native ERP platform, where we're doing the work for customers. I mean, when you look at some of the customer benefits that we are seeing from a reconciliation -- peak reconciliation being done, 90% faster at month end to 17 hours a week of accounting work that our platform does with not just AI but our HI that comes with it.

第二個方面是，我們實際上在中端市場取得了成功，因為我們的整個平台都基於人工智慧和人工智慧，我們現在從根本上來說是一個原生人工智慧ERP平台，我們為客戶完成了這些工作。我的意思是，看看我們從對帳中看到的客戶收益——高峰對帳速度提升了 90%，月末會計工作每週只需 17 個小時，這得益於我們的平台，它不僅利用了人工智慧，還利用了我們附帶的 HI（人工智慧）。

Our platform is beyond self-funding. It's actually digitizing and driving growth in mid-market, which is why we're seeing the acceleration. It's why we're seeing accountants actually embrace the -- our platform.

我們的平台已經超越了自籌資金的範疇。實際上，數位化正在推動中端市場的成長，這就是我們看到成長加速的原因。這就是為什麼我們看到會計師們開始接受我們的平台的原因。

The third is I want to amplify what Sandeep already said, but it's just a really, really important point that Sandeep made. As you recall last year, we rolled out a series of AI agents on our platform. And those AI agents were accounting agent, payments agent, finance agent.

第三點是，我想強調桑迪普已經說過的話，桑迪普提出的觀點真的非常非常重要。您可能還記得，去年我們在平台上推出了一系列人工智慧代理。這些人工智慧代理分別是會計代理、支付代理、財務代理。

The accounting agent is saving customers 12 hours a month. Our finance agent is delivering automated PNLs and automated cash flow statements. It's saving customers 17 to 18 hours a week. We're putting more money, and faster money, I should say, into our customers' pockets, whether it's our payments, AI agent and or our tax agent where it's actually helping our customers with reducing their reductions.

會計代理每月為客戶節省 12 小時。我們的財務代理人提供自動化損益表和自動化現金流量表。它每周可為客戶節省 17 至 18 個小時。我們正在將更多的錢，而且應該說是更快地投入到客戶的口袋裡，無論是我們的支付、人工智慧代理還是稅務代理，它們都在切實地幫助客戶減少他們的支出。

And all of that is actually fueling QuickBooks Live. It's up 50% year over year. So that's where AI and HI is fueling the customer benefit, but it's actually completely self-funding, which gives us a lot of pricing power.

而這一切其實都在推動 QuickBooks Live 的發展。較去年同期成長50%。所以，人工智慧和人工智慧正在為客戶帶來好處，但實際上它是完全自籌資金的，這給了我們很大的定價權。

And that's really the point Sandeep was making, is what we have learned beyond the benefits that we're delivering since last July and how it's actually fueling adoption and consumption of our HI services, which is QB Live. What we learned in tests is that when we actually offer it as a combined experience, both technology and human expertise, customers are actually willing to pay more for it. Why? Because it comes down to helping them fuel their success, making sure that they're confident in their liability. That's informing the future, which I want to just spend one more minute on the future.

而這正是 Sandeep 想要表達的觀點，那就是自去年 7 月以來，除了我們帶來的好處之外，我們還了解到它如何真正推動了我們的 HI 服務（即 QB Live）的採用和消費。我們在測試中發現，當我們把技術和人類專業知識結合起來提供整體體驗時，客戶實際上願意為此支付更高的價格。為什麼？歸根究底，就是要幫助他們成功，確保他們對自己的責任充滿信心。這關係到未來，我想再花一分鐘談談未來。

We're going to be -- we're assessing and we're going to be rolling out AI and HI now as part of our lineup with certain jobs that we will solve based on all the test results that we've seen, where we'll see over time, an increase in actually subscription prices, where it's actually saving customers a lot of money.

我們將——我們正在評估，現在我們將把人工智慧和人機互動作為我們產品線的一部分推出，用於解決某些特定任務。我們將根據我們看到的所有測試結果來解決這些任務，隨著時間的推移，我們將看到訂閱價格上漲，因為這實際上可以為客戶節省很多錢。

But two, we're actually seeing consumption. So there are certain things we're going to include in the lineup, and then certain things that we are seeing in our test results that will actually drive consumption of payments, consumption of payroll, and actually consumption of more expert services.

但第二，我們確實看到了消費。因此，我們將把某些東西納入產品陣容，而我們在測試結果中看到的某些東西實際上會推動支付消費、工資消費以及更多專家服務的消費。

And so that's a really the sort of a primary example in Assisted Tax, in mid-market, and really across our business platform, how AI and HI is actually fueling the growth that we're experiencing, and that's what gives us confidence, not just for the rest of the year, we have a lot of confidence in the year, but just as we look at the next two to five years.

因此，這確實是輔助稅務、中端市場以及我們整個業務平台的一個主要例子，說明人工智慧和人工智慧如何推動我們正在經歷的成長，這不僅讓我們對今年剩餘時間充滿信心，而且也讓我們對未來兩到五年充滿信心。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

Excellent. Thank you guys for taking the question, and congratulations on a really solid quarter. I was going to ask about the new Anthropic deal that you guys signed in the quarter. Something that you guys are really excited about. We could see that excitement in the press release. I would say investors are a little bit less excited because of the uncertainty that it brings.

出色的。謝謝各位回答這個問題，也恭喜你們本季取得了非常出色的成績。我本來想問你們本季簽的關於 Anthropologie 的新合約的事。你們都非常興奮的事情。我們從新聞稿中就能感受到這種興奮之情。我認為，由於不確定性，投資者的熱情略有下降。

And I think the core of the uncertainty is the idea of -- you're letting the fox into the henhouse, right? Are -- is Anthropic and the Anthropic models going to be able to get access to all your good proprietary data, access to all your customers, to your workflows, and therefore be able to replicate your business?

我認為不確定性的核心在於——你這是把狐狸放進了雞舍，對吧？Anthropic 及其模型是否能夠獲取您所有有價值的專有資料、所有客戶資訊、工作流程，從而複製您的業務？

Can you talk about the, one the relationship itself, what's so exciting from the Intuit part of the equation? But maybe, like touch on the controls that you have? Like, how do you keep that bear case scenario from happening? How can we help soothe maybe some of those concerns from investors?

能談談這段關係本身嗎？從直覺的角度來看，它最令人興奮的地方是什麼？但或許，可以像觸摸你擁有的控制按鈕一樣觸摸一下？比如說，如何避免熊市局面？我們如何幫助緩解投資人的一些擔憂？

Yeah. Keith, thanks for your question. I want to just start with the why. Why these partnerships? And Sandeep touched on this, but this is probably the most important premise that is important to be understood, which is in this case, both OpenAI and Anthropic; one, they're wonderful partners, but two, they are very interested in this partnership because they actually see and understand the regulatory environment and the high-stake financial decisions that customers make and how important accuracy and compliance and safety is. And the fact that customers actually demand the combination of technology and human expertise.

是的。基思，謝謝你的提問。我想先從為什麼開始說起。為何選擇這些合作關係？Sandeep 也提到了這一點，但這可能是最重要的前提，也是需要理解的關鍵。在這個案例中，OpenAI 和 Anthropic 都是優秀的合作夥伴；其次，他們對這種合作關係非常感興趣，因為他們真正了解監管環境以及客戶做出的高風險財務決策，以及準確性、合規性和安全性有多重要。而事實上，客戶確實需要科技與人類專業知識的結合。

And that is not an easy thing to replicate. Frankly, in some ways, this addressable market is too small for them to even worry about, and that's why they rely on us. So the why is really, really important because they're heavily relying on us to provide the experience, which gets to the second question that you asked, and that is -- or the first question that you asked, and that is the way we -- the relationship is constructed and the way our platform is constructed, is that customers are when they engage, they're using our platform. In essence, it's through APIs and MCPs, where -- and it's in the contract.

而且，這並非易於複製的事情。坦白說，從某種程度上講，這個潛在市場太小，他們根本不會在意，所以他們才依賴我們。所以，為什麼這個問題真的非常重要，因為他們非常依賴我們提供體驗，這就引出了你提出的第二個問題，也就是——或者說你提出的第一個問題，那就是我們——這種關係的構建方式以及我們平台的構建方式，是這樣的：當客戶參與互動時，他們就是在使用我們的平台。本質上，它是透過 API 和 MCP 來實現的，而且——這在合約中也有明確規定。

This is beyond how the experience works, is that the data doesn't leave our four walls. The AI capabilities, which are domain-specific, that we've built, doesn't leave our four walls. And it's about delivering the experience that the customer needs, whether it's with an OpenAI or, in this case, Anthropic.

這不僅是體驗如何運作的問題，而是數據並沒有離開我們的四面牆。我們建構的人工智慧能力是特定領域的，它不會超出我們的控制範圍。關鍵在於提供客戶所需的體驗，無論是使用 OpenAI，或是像本例一樣使用 A​​nthropic。

And from an economic perspective, we own the experience and the relationship and we don't share in the economics, while at the same time, we've committed to continued use of external LLMs, which is part of the Anthropic deal. So the elements of how the experience works is no customer data is shared, no domain expertise is shared, and frankly, they have zero interest in it because of where I started and the interest of the partnership with them.

從經濟角度來看，我們擁有經驗和關係，但我們不參與經濟利益的分配；同時，我們承諾繼續使用外部LLM，這是Anthropic協議的一部分。因此，這種體驗運作方式的要素是：不共享客戶數據，不共享領域專業知識，坦白說，他們對此毫無興趣，因為我的起點以及與他們的合作關係。

And I think the last thing I will just end with is our fundamental goal is to be where the eyeballs are. We want all of our platform capabilities to be where customers are. And we are working daily on improving the experiences. It is yet to be determined whether or not customers actually will want to engage in their finances with us through these apps.

最後我想說的是，我們的根本目標是出現在人們的目光所及之處。我們希望我們平台的所有功能都能在客戶所在的地方發揮作用。我們每天都在努力改善用戶體驗。客戶是否真的願意透過這些應用程式與我們進行財務往來，目前尚待確定。

So we're working on the experience. We're very excited about it. We believe the biggest opportunity is really new customer growth. But we actually need to determine whether or not customers are willing to engage with their finances through the apps. But that's what gives us a lot of excitement around the deal.

所以我們正在努力提升用戶體驗。我們對此感到非常興奮。我們認為最大的機會在於新客戶的成長。但我們實際上需要確定客戶是否願意透過應用程式來管理他們的財務。但這正是這筆交易讓我們感到非常興奮的地方。

And Keith, one thing I would add is when customers think or investors think about the relationship we have with these LLMs, in addition to everything Sasan mentioned, the moat that we have comes from proprietary data. And Sasan assured that that data is not leaving our four walls. That stays here. So that's not being impacted.

Keith，我還要補充一點，當客戶或投資者考慮我們與這些LLM的關係時，除了Sasan提到的所有因素之外，我們所擁有的護城河來自於專有數據。薩桑保證，這些資料不會外洩。它就留在這裡。所以這方面沒有受到影響。

Our moat comes from being the core of the flow of funds, whether it's access to capital, whether it's hours worked by the employees, whether it's the money flow; that's not being touched by these LLMs. Our moat comes from human intelligence being a massive differentiator, particularly in areas that we play with, which is high-stakes financial decisions, high liability, regulatory decisions. That's the moat that remains with us. So that's the one where I would ask folks to step back and look at the -- what generates the moat and how that moat remains untouched, and in fact, is being augmented in this new era of AI.

我們的護城河在於我們是資金流動的核心，無論是取得資本、員工的工作時間或資金流動；這些都不會受到這些LLM的影響。我們的護城河源自於人類智慧的巨大差異化優勢，尤其是在我們所涉足的領域，即高風險的財務決策、高責任、監管決策。那是我們剩下的護城河。所以，我想請大家退後一步，看看是什麼形成了護城河，以及這護城河是如何保持完好無損的，事實上，在這個人工智慧的新時代，它是如何得到加強的。

Steve Enders, Citi.

史蒂夫恩德斯，花旗集團。

Maybe I'll just kind of continue the line of thinking on the AI side. Just as you work and partner with these model providers and then you have your own internally built generative capabilities as well. Just how do you think about what makes sense for you all to kind of focus on? Where does it make sense to rely on some of these third parties? And then maybe where does kind of the rubber meet the road in terms of what that means for the customer experience moving forward?

或許我會繼續沿著這個思路，從人工智慧的角度思考問題。就像你與這些模型提供者合作一樣，你也擁有自己內部建構的生成能力。你們覺得應該把精力集中在哪些方面呢？在什麼情況下依賴這些第三方是合理的？那麼，從實際操作層面來看，這對未來的客戶體驗又意味著什麼呢？

Yeah. I'd say that's a really great question and an element that I forgot to share in answering Keith's question. So we think about it in the realm of context versus core. And for us, core is what we talked about, which is we are all about delivering done-for-you experiences with AI, data and HI to help you from lead to cash and to help you from credit building to wealth building.

是的。我覺得這是一個很好的問題，也是我在回答基斯的問題時忘記提及的一個面向。所以我們是從上下文與核心的角度來考慮這個問題的。對我們來說，核心就是我們一直在談論的，那就是我們致力於利用人工智慧、數據和人工智慧為您提供一站式體驗，幫助您從潛在客戶到現金流，從信用建立到財富累積。

And so all of our investments over the years with the proprietary data models are domain-specific AI models, which by the way, to a lesser extent, is actually LLMs. The majority of our AI capabilities is actually knowledge engineering and machine learning. And of course, we've built out our Intuit financial large language models that really works in a very complementary way to deliver these experiences with confidence to where there's a lot of liability for customers, which is why there's so much demand.

因此，多年來我們對專有資料模型的所有投資都是特定領域的 AI 模型，順便說一句，在某種程度上，這些模型實際上是 LLM。我們的人工智慧能力主要體現在知識工程和機器學習方面。當然，我們也建立了 Intuit 金融大型語言模型，這些模型能夠以非常互補的方式，自信地為客戶帶來這些體驗，因為客戶在許多方面都承擔著很大的責任，這也是為什麼需求如此之大的原因。

And if you think about our category, demand is high and supply is short because there's not too many that do what we do end to end. That's core. And when you think about what context is, the part of the alignment that we have, like for instance, with Anthropic, where for mid-market customers, if there is a customer like a construction company that is looking to look at their project plan, look at their lien waivers, look at their subcontractor payments, and then they're looking to actually understand the combination of those and the impact it has to their cash flow.

想想我們這個產業，需求量很大，供應量卻很低，因為能像我們這樣提供端到端服務的公司不多。這是核心。當你思考什麼是背景時，我們與 Anthropic 的合作就反映了這一點。例如，對於中端市場客戶，如果一家建築公司想要查看他們的專案計劃、留置權放棄書、分包商付款，然後他們實際上想要了解這些因素的組合及其對現金流的影響。

Our customer now on our platform, because remember it's our AI models, data models, and HI that drives the end experience, can now -- they don't know what they're using, but they're using some of the capabilities with Cowork to actually be able to create a dashboard to see the long tail of things that that construction company needs to see. And by the way, every construction company wants to see different things.

我們的客戶現在使用我們的平台，因為請記住，正是我們的 AI 模型、資料模型和 HI 驅動最終體驗，他們現在——他們不知道自己在使用什麼，但他們正在使用 Cowork 的一些功能來創建一個儀表板，以查看這家建築公司需要查看的大量資訊。順便說一句，每家建築公司想看到的東西都不一樣。

Every roofer wants to see different things. Every architect wants to see different things. That's context for us, right? Because we don't wanna go out and build the long tail of things, but it actually allows us to disrupt industry-specific verticals. That's an example of context.

每個屋頂工人想看到的都不一樣。每個建築師都想看到不同的東西。這就是我們需要了解的背景訊息，對吧？因為我們不想去建立長尾產品，但這實際上使我們能夠顛覆特定產業的垂直領域。這就是語境的例子。

Another example of context is for Anthropic and OpenAI, context for them when a customer's in their app is what's the customer's intent? That's core to them. And once they identify what the customer wants, then it becomes very much our skills, our experiences, is what the customer use, and they're in our platform. So this is -- back to where I started, this is very much about context versus core.

另一個例子是 Anthropologie 和 OpenAI，對於它們來說，當客戶使用其應用程式時，上下文指的是客戶的意圖是什麼？這是他們的核心價值。一旦他們確定了客戶想要什麼，那麼很大程度上就取決於我們的技能和經驗，客戶會使用什麼，而這些技能和經驗就在我們的平台上。所以，這又回到了我最初的想法，這很大程度上是關於上下文與核心的問題。

And from our perspective and the LLM providers, it's actually a very clear cut how we are partnering to deliver experiences for customers. So hopefully that helps, but that's really the way we're executing the experiences and how the models actually work.

從我們和LLM提供者的角度來看，我們如何合作為客戶提供體驗，其實非常清晰明了。希望這能有所幫助，但這正是我們執行體驗的方式以及模型實際運作的方式。

Mark Murphy, JP Morgan.

馬克墨菲，摩根大通。

Thank you so much. I'll add my congrats. Sasan, you had mentioned twice that IRS returns are down 5% year over year through February 6. I assume you mean that more as a timing difference this season, perhaps because I think some of the reports are showing that IRS staffing is down 27% versus last year. Maybe it takes longer.

太感謝了。我也要向你表示祝賀。薩桑，你曾兩次提到，截至2月6日，美國國稅局的退稅額比去年同期下降了5%。我猜你指的是本季的時間安排有所不同，可能是因為一些報告顯示，美國國稅局的員工人數比去年減少了 27%。可能需要更長時間。

So is it just more back-end loaded tax season? Or are you trying to signal anything about the full tax season?

所以，這只是另一個報稅季後期工作量更大的時期嗎？或者你是想暗示有關整個報稅季的任何資訊？

And then secondly, Sandeep, can you comment on some of the economic health indicators that you sometimes say like number of employees, hours worked, the cash balances, credit scores, et cetera, just whether you think there's been any change there?

其次，Sandeep，你能否就你有時提到的一些經濟健康指標，例如員工人數、工作時間、現金餘額、信用評分等等發表評論，你認為這些指標是否有任何變化？

Yeah. Hey, Mark. Let me just take both of those and then see if Sasan has something to add on top of my answer. So on the first question, what we wanted to highlight with the fact that the IRS was down 5 points through February 6, that was simply we were highlighting the timing, but we wanted to showcase that, hey, look, IRS is down 5 points through February 6, and our business, TurboTax revenue was up 12%.

是的。嘿，馬克。我先把這兩點都列出來，然後再看看薩桑是否還有補充。所以關於第一個問題，我們想強調的是，截至 2 月 6 日，美國國稅局的支出下降了 5 個百分點，我們只是想強調這個時間點，但我們想展示的是，嘿，你看，截至 2 月 6 日，美國國稅局的支出下降了 5 個百分點，而我們的業務 TurboTax 的收入卻增長了 12%。

Now you can compare that to last year. Mark, you've followed us for years. Last year, IRS was down about 8 points through February 7, and our business was up 4%. We're just highlighting what's giving us the confidence going into this tax season. So that's purely timing and more just giving a comparison to external versus our performance in during that similar time period.

現在你可以把這個數字和去年做個比較。馬克，你關注我們很多年了。去年截至 2 月 7 日，IRS 指數下降了約 8 個百分點，而我們的業務成長了 4%。我們只是想強調一下是什麼讓我們對即將到來的報稅季充滿信心。所以這純粹是時間上的問題，更多的是為了比較同期外部表現與我們自身表現的差異。

Now getting to your second question, Mark, remind me of your second question. Sorry, I quickly blanked on it.

現在回答你的第二個問題，馬克，提醒我你的第二個問題是什麼。抱歉，我一時想不起來了。

If you could just comment on some of the economic health indicators like cash balances, hours worked or credit card. Because the reason I'm asking, Sandeep, is the consumer confidence scores, there was a minor bounce last month, but outside of that, they've looked pretty awful for a while, and yet you've had a better, more positive read on it and very, very strong results. I'm just wondering if that's continuing.

如果您能就一些經濟健康指標發表一下看法，例如現金餘額、工作時間或信用卡使用情況。桑迪普，我問這個問題的原因是消費者信心指數，上個月略有回升，但除此之外，一段時間以來情況一直很糟糕，然而你卻給出了更好、更積極的解讀，並取得了非常非常強勁的結果。我只是想知道這種情況是否還在繼續。

Of course, Mark. So there are two metrics that I look at as my own personal leading indicators when I look at the health of the business. One is -- and this is my Uber metrics, like what are the stats on the number of hours being worked by the employees of our customers? Those are up around 4% or thereabouts, which is actually stronger in January than it was in the October time frame. So that I continue to feel good about, and it's actually improved from about the October time frame.

當然，馬克。因此，在評估企業健康狀況時，我會關注兩個指標作為我個人的領先指標。其中一個指標是——這是我的 Uber 指標，例如我們客戶的員工的工作時長統計數據是多少？這些漲幅約為 4%，實際上比 1 月的漲幅要高。所以，我對此感覺依然很好，而且實際上比十月左右的情況有所改善。

The second thing I looked at is what are the cash reserves? Cash in on the balance sheet, cash in the bank matters so much, and that's stable. Mid-market and small businesses are actually up. The micro businesses are down a bit, so -- but net-net across overall SMB space is very stable.

我查看的第二件事是現金儲備是多少？資產負債表上的現金，銀行存款，都非常重要，而且這很穩定。中小型企業實際上都在成長。微型企業數量略有下降，但總體而言，中小企業市場非常穩定。

The other metrics that we look at are more secondary but still helpful is what's the business revenue, and that's remained stable over the last three months. You know, mid-market is up, kind of a little above the -- around 6%. SMB is up low, single-digit, and micro is down, single-digit, but generally the health is good. IT services, non-discretionary, discretionary is doing well. Advertising, retail, discretionary is seeing some declines.

我們關注的其他指標雖然是次要的，但仍然很有幫助，例如企業收入，而過去三個月以來，企業收入一直保持穩定。你知道，中端市場上漲了，漲幅略高於——大約 6%。中小企業佔比較低，為個位數；微型企業佔比下降，為個位數；但整體而言，經濟狀況良好。IT 服務，非自主性服務，自主性服務，都表現良好。廣告、零售和非必需消費品產業均出現下滑。

And summary on the profit side is up several points over the last three months through January, and on the profit side, we've seen good performance by IT services, manufacturing, and the wholesale trade. So putting aside all the noise we might see in the press and everything else, when I look at the pure quantitative stats in the business, I continue to feel good about the health of the business.

過去三個月（截至 1 月），利潤總額增加了幾個百分點，其中 IT 服務、製造業和批發貿易的利潤表現良好。因此，拋開我們在媒體和其他方面可能看到的各種噪音，當我查看公司純粹的量化統計數據時，我對公司的健康狀況仍然感到樂觀。

On top of that, I'll also remind you, Mark, and you've followed us for years so you know this, but just for everyone's benefit, we have a well-diversified base of customers across multiple customer sizes, multiple industries, multiple geographies. So that's also something additional to keep in mind as you think about our business and the health of the economy.

此外，我還要提醒你，馬克，你已經關注我們多年了，所以你知道這一點，但為了大家的利益，我們還是要說，我們的客戶群非常多元化，涵蓋了各種規模的客戶、多個行業和多個地區。所以，在考慮我們的業務和經濟健康狀況時，這也是需要牢記的一點。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Hey, guys. Appreciate you taking the question. Maybe just two quick ones for me. Sasan, I guess to the part about AI, the partnerships that you've talked about, obviously some amazing growth, again, in GBSG. I want to ask, how durable are some of the trends that you're seeing over the course of the next few quarters and even beyond that?

嘿，夥計們。感謝您回答這個問題。可能就我兩個吧。Sasan，我想談談人工智慧部分，你提到的合作夥伴關係，顯然在 GBSG 又取得了一些驚人的成長。我想請問，您觀察到的一些趨勢在未來幾季甚至更長時間內能持續多久？

And then to the Anthropic partnership specifically, I think you did a great job laying out how it is going to improve the customer experience. You've talked about how the data is not going to leave, but maybe talk about just the specific monetization plans. How it impacts potentially gross margins?

至於與 Anthropologie 的合作，我認為你很好地闡述了它將如何改善客戶體驗。您已經說過數據不會洩露，但或許可以談談具體的盈利計劃。這會對潛在的毛利率產生什麼影響？

And then Sandeep, just as a follow-up on Mailchimp, I think the language moved to returning to double-digits beyond fiscal '26. Maybe just give us a little bit more color there and your thoughts about the kind of both the key unlock and what happens if it can't do that.

然後，Sandeep，作為對 Mailchimp 的後續報道，我認為措辭已經轉向在 2026 財年之後恢復兩位數。或許您可以再詳細說，您對鑰匙解鎖方式的看法，以及如果鑰匙無法解鎖會發生什麼情況。

Yeah. Alex, thanks for your question. I'll jump in on the first one. Listen, the thing that is very exciting for us is AI and HI is foundational to our platform and fueling our growth, and we talked a lot about what those proof points are.

是的。Alex，謝謝你的提問。我先來參加第一個。聽著，讓我們感到非常興奮的是，人工智慧和人機互動是我們平台的基礎，也是我們發展的動力，我們已經詳細討論過這些證明點是什麼。

It's not a side project for us. We're not looking on the side to figure out how to monetize AI to make up for the core. It is fundamental to our platform, but that's juxtaposition against three growth vectors. And so to answer your durability question, we feel very good about the durability of what we are seeing.

這不是我們的副業。我們不會另闢蹊徑，想辦法透過人工智慧獲利來彌補核心部分的不足。它對我們的平台至關重要，但這與三大成長方向形成了鮮明對比。所以，對於您提出的耐用性問題，我們對目前所看到的產品的耐用性感到非常滿意。

You know, one growth vector for us is how we're disrupting assistant tax, which is both for consumers and business. And you saw in the last several years how our trajectory has fundamentally changed, and last year was a $2 billion plus business growing 45%, and we're seeing incredible traction so far this year. And by the way, we've seen enough of the tax season to know how it's going to play out and our confidence in tax season. So that's very, very durable. And in fact, every day that passes, we build momentum because of all the investments that we've made.

你知道，我們的一個成長點在於我們如何顛覆輔助稅務，這既適用於消費者也適用於企業。在過去的幾年裡，你們也看到了我們的發展軌跡發生了根本性的變化，去年我們的業務規模超過 20 億美元，成長了 45%，而今年到目前為止，我們也看到了令人難以置信的成長勢頭。順便說一句，我們已經經歷了足夠的報稅季，知道它會如何發展，我們對報稅季充滿信心。所以它非常非常耐用。事實上，隨著時間的推移，由於我們所做的所有投資，我們的發展勢頭每況愈下。

Second, mid-market is very durable. With all of our platform innovation, with our go-to-market motion that we're building, you can see it in our results, right? Contracts quarter over quarter continue to be up 50%. Our accountants are now starting to contribute to new customers to the franchise. It's up 10 points over the last quarter.

其次，中端市場非常持久。憑藉我們所有的平台創新和我們正在建立的市場推廣策略，您可以從我們的成果中看到這一點，對吧？合約數量較上季持續增加50%。我們的會計師現在開始為加盟店帶來新客戶。比上一節提高了10分。

New customers to the franchise is actually meaningful now. It's not just our base, and we have a long ways to go in our base, and that's why we're expanding our sales force. So that's durable.

現在，加盟店的新客戶確實具有重要意義。這不僅是我們的基礎問題，我們的基礎還有很長的路要走，這就是為什麼我們要擴大銷售團隊的原因。所以它很耐用。

And then third is, I think Sandeep said it really well. With all of our AI and HI innovation on the business platform, we've actually been beyond the significant savings, both time savings and money impact that it's having for businesses, which, by the way, makes our platform beyond self-funding, that gives us a lot of pricing power. We were very surprised to see in our testing that customers, new customers and existing ones, want the combination of both as part of the platform. And that will impact how we think about not just subscription pricing, but consumption.

第三點，我覺得桑迪普說得很好。憑藉我們在商業平台上的所有人工智慧和人工智慧創新，我們實際上已經為企業節省了大量時間和金錢，這不僅節省了時間，也帶來了巨大的收益，順便說一句，這使得我們的平台能夠自籌資金，從而賦予了我們很大的定價權。我們在測試中非常驚訝地發現，新舊客戶都希望將兩者結合起來作為平台的一部分。這將影響我們對訂閱定價以及消費方式的看法。

So what we are seeing is very durable, and not just for the next couple of quarters. You know, we've been focused on these three growth sectors for some time, and we're seeing the impact of our investments.

所以，我們看到的這種趨勢非常持久，而且不僅會持續幾個季度。你知道，我們已經專注於這三個成長領域一段時間了，現在我們正在看到我們投資的影響。

Last thing before I turn it over to Sandeep, you asked about economics. Both with OpenAI and Anthropic, we do not share in any of the economics. Whatever the usage is by our customers, it's the same economics if the customers come to us directly, and we're just really focused on the experience. And I think we have a lot to prove together as to whether or not customers actually want to engage through these LLM apps.

在把發言權交給桑迪普之前，你問了最後一個問題，關於經濟學。無論是 OpenAI 還是 Anthropic，我們都不參與任何經濟分裂。無論我們的客戶使用何種方式，如果客戶直接聯繫我們，經濟效益都是一樣的，我們真正關注的是客戶體驗。我認為我們還有很多需要共同證明的地方，那就是客戶是否真的想透過這些LLM應用程式進行互動。

But we enjoy all of the economics. There is no margin expansion. I think the thing you can expect from us, Sandeep said this earlier, is continued margin expansion at the company level.

但我們喜歡所有的經濟學內容。沒有利潤率擴張。正如桑迪普之前所說，我認為大家可以期待的是我們公司層級利潤率的持續成長。

Hey, Alex. Let me build on that and also touch on your point around Mailchimp, or question on Mailchimp. When it comes to AI, keep in mind the margins are driven by the monetization. We've got three levers for monetization. One is pricing for value.

嘿，亞歷克斯。讓我在此基礎上，再談談您關於 Mailchimp 的觀點或問題。談到人工智慧，請記住利潤率是由獲利能力決定的。我們有三種獲利手段。一是按價值定價。

When Sasan shared that the accounting agent is saving people 12 to 14 hours a month, we know that people in North America value their time around $75 an hour, so that's $900 plus of value we're delivering. So we can take a cut of that, and that's great margin that goes to the bottom line.

Sasan 分享說，會計代理商每月可以為人們節省 12 到 14 個小時，我們知道北美的人們每小時的時間價值約為 75 美元，所以我們創造的價值超過 900 美元。這樣我們就能從中分一杯羹，這能大大提高利潤。

Secondly, our agents, our AI, is serving up capabilities across our ecosystem at a time of need. So we're switching that conversation from being a sales pitch to helping address a customer need. As an example, our customer could have a payroll due tomorrow, but the invoice is not going to get paid till next week. And with a click of a button, they get access to the capital loans, payroll is done, the employees are paid, employees are happy. Next week, when the customers pay the invoices, the agent automatically pays down the debt.

其次，我們的代理，我們的人工智慧，正在我們的整個生態系統中發揮關鍵作用。所以，我們正在將對話的重點從推銷產品轉移到幫助客戶解決需求。例如，我們的客戶明天可能需要支付工資，但發票要到下週才能支付。只要點擊一下按鈕，他們就能獲得貸款資金，薪資發放完成，員工拿到薪資，員工也高興了。下週，當客戶支付帳單時，代理商會自動償還債務。

Thirdly, and this is a key point for us all to keep in mind, AI drives a seamless connection to HI. And we know in HI, particularly QuickBooks Live, we see 22 points higher ecosystem attach. In addition to HI being a higher revenue upsell, when they engage, they have to pay us more for the human expert. We also know when they end up talking to a human expert, they end up consuming even more of our ecosystem. So all of that stuff is top line, massively accretive, which will then drive the margins.

第三，也是我們所有人都要牢記的關鍵一點，人工智慧驅動著與人機互動的無縫連結。我們知道在 HI，特別是 QuickBooks Live，生態系統附加價值高出 22 個百分點。除了 HI 是一項收入較高的追加銷售服務外，當他們選擇使用 HI 時，他們還需要為人工專家支付更多費用。我們也知道，當他們最終與人類專家交談時，他們最終會消耗我們生態系統中更多的資源。所以所有這些都是營收成長的關鍵因素，能夠大幅提升利潤率，進而推動利潤率的提高。

Now let me get to Mailchimp. Look, as a company, we fall in love with the customer problems, not the solution. Our focus and our attachment as a business remains to that core customer problem versus an attachment to any one particular solution. We are evaluating the paths to continue to scale Mailchimp, and how we can best address the customer need, and also evaluating how Mailchimp fits as part of our set of offerings, and we will continue to evaluate our [portfolio] offerings. All options, as I've shared before, are on the table, and we'll make sure we keep you all apprised as we narrow in on the options.

現在讓我來看看Mailchimp。你看，作為一家公司，我們愛上的是客戶的問題，而不是解決方案。我們作為一家企業，始終專注於解決客戶的核心問題，而不是執著於任何特定的解決方案。我們正在評估如何持續擴大 Mailchimp 的規模，以及如何才能最好地滿足客戶的需求，同時也評估 Mailchimp 如何融入我們的產品組合，我們將繼續評估我們的產品組合。正如我之前所說，所有方案都在考慮範圍內，我們會確保在確定方案的過程中及時向大家通報最新進展。

Sounds like a healthy flywheel. Thanks, guys.

聽起來像是個運作良好的飛輪。謝謝各位。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hey, good afternoon. Thanks for taking my question. Sasan, I wanted to ask you a little bit of how you see the general purpose knowledge intelligence tools evolving? So specifically something like Claude Cowork.

嘿，下午好。謝謝您回答我的問題。薩桑，我想問你，你認為通用知識智慧工具將如何發展？具體來說，就像 Claude Cowork 這樣的公司。

Where do you see the boundary at some of your leading-edge SMB customers between the types of tasks that they can do with Claude Cowork or a general purpose intelligence tool, versus where Intuit really excels with some of the domain-specific intelligence? How do those two ecosystems work together? Thank you.

您認為對於一些領先的中小企業客戶而言，他們可以使用 Claude Cowork 或通用智慧工具完成的任務類型，與 Intuit 在某些特定領域智慧方面真正擅長的任務類型之間的界限在哪裡？這兩個生態系統是如何協同運作的？謝謝。

Yeah. Gabrielle, thank you for the question. It's really fairly clean cut, which is the moat that we have. The advantage that we have to deliver for our customers is proprietary data, it's domain-specific AI models, which is knowledge engineering, machine learning, and our Intuit Financial large language models, coupled with human expertise, HI.

是的。加布里埃爾，謝謝你的提問。邊界非常清晰，這就是我們的護城河。我們能夠為客戶提供的優勢是專有資料、特定領域的 AI 模型（知識工程、機器學習）以及我們的 Intuit Financial 大型語言模型，再加上人類專業知識 (HI)。

And as I mentioned earlier, in an environment where it's a regulatory environment, it's about high-stakes financial decisions where the liability is high, compliance and accuracy and privacy and security is everything for customers. And it's important to note, because facts are friendly, that with our $300 billion in TAM, people, experts impact over half of the spend in that TAM because it's customer back. And that structurally has not changed in the last 10 years. It hasn't changed in the last six months.

正如我之前提到的，在監管環境下，涉及的是高風險的財務決策，責任重大，合規性、準確性、隱私和安全性對客戶來說至關重要。值得注意的是，事實勝於雄辯，在我們 3,000 億美元的 TAM 市場中，人員和專家影響著超過一半的支出，因為這是客戶回饋。而且，這種結構性問題在過去10年並沒有改變。過去六個月情況沒有任何變化。

And in fact, based on our innovation on AI and HI, as we talked about earlier, we're actually seeing an acceleration of the need of combining both the technology and human expertise because of the notion of confidence and certainty in things done right. That's really the fine line back to specifically your question when we think about why an OpenAI and Anthropic is so interested in us, because we do that very, very well, and why we are interested in a partnership with them.

事實上，正如我們之前討論過的，基於我們在人工智慧和人機互動方面的創新，我們實際上看到，由於人們對正確做事的信心和確定性，將技術和人類專業知識結合起來的需求正在加速增長。當我們思考為什麼 OpenAI 和 Anthropic 對我們如此感興趣時，這其實就回到了你的問題上，因為我們在這方面做得非常出色，以及為什麼我們對與他們合作感興趣。

Beyond being where the eyeballs are, the example that I would use when you look at our capabilities versus, like Claude Cowork, is we're actually very excited about the -- making the capabilities, the Claude Cowork capabilities available in Intuit Enterprise Suite. And why? Because there are things that Claude Cowork does that we don't need to go build. It's context for us.

除了專注於使用者眼球之外，我舉個例子，當你比較我們與 Claude Cowork 等公司的能力時，我們實際上非常興奮地將 Claude Cowork 的功能整合到 Intuit Enterprise Suite 中。為什麼？因為 Claude Cowork 做了一些我們不需要自己做的事情。這對我們來說是背景資訊。

Because if you take the example that I used earlier, which is a construction company, I won't reuse that example, but I'll use the example -- a very real example of a restaurant that is located in a tourist area and wants to actually understand what are the tourist trends, how does it get impacted by weather, and ultimately, how is that connected to taking their POS data, their Intuit platform data to get daily updates and forecasts as to what their traffic into their restaurant could be.

因為如果你以我之前舉的建築公司為例，我不會再用那個例子了，但我會舉一個非常真實的例子：一家位於旅遊區的餐廳，它想真正了解旅遊趨勢是什麼，天氣如何影響旅遊，以及最終如何將這些與他們的 POS 數據、Intuit 平台數據聯繫起來，從而獲得每日更新和預測，了解餐廳的客流量。

We don't need to go build an LLM for that. But we can integrate, which we are, Claude Cowork into our platform, and it's the brains of our platform is delivering the accuracy and the compliance, but the LLMs of Claude Cowork actually allows the customer to see the specifics of what they need to be able to better run their business.

我們不需要為此專門去建造一個法學碩士課程。但我們可以將 Claude Cowork 整合到我們的平台中，而 Claude Cowork 正是我們平台的核心，它負責提供準確性和合規性。 Claude Cowork 的 LLM 功能實際上可以讓客戶了解他們需要哪些具體資訊才能更好地經營業務。

The customer doesn't know what they're doing or what they're using. All they care about is their asking for this KPI to be present to them. So that's where we're very clear in our partnership. And by the way, we both see the need of what's context versus core and vice versa, and that's just a real-life example of where the lines are.

顧客不知道自己在做什麼，也不知道自己在用什麼。他們只關心如何讓這項KPI指標呈現在他們面前。所以，這是我們合作關係中非常明確的一點。順便說一句，我們都明白區分語境和核心的重要性，反之亦然，這只是現實生活中界限的一個例子。

And Gabrielle, if I can add my lens to it. The way I think about it, any financial recommendation, any business -- core business recommendation, anything you could think of as the office of the CFO, office of the COO, office of the CEO, is core to us.

還有加布里埃爾，如果我能把我的鏡頭也加進去的話。在我看來，任何財務建議，任何業務——核心業務建議，任何你認為屬於首席財務官辦公室、首席營運官辦公室、首席執行官辦公室的事務，對我們來說都是核心的。

So when we talk about our financial agent saving 17 to 18 hours a month, 69% reduction, the time to get to analysis, that's core. Accounting agent, that's core. Payment agent, getting people paid five days fast, that's core. Payroll agent, identifying anomalies, saving people multiple hours and getting their payroll, that's core.

所以，當我們談到我們的財務代理人每月節省 17 到 18 小時，減少 69% 的時間進行分析時，這才是核心所在。會計代理，這是核心職責。支付代理，讓客戶五天內快速收到款項，這是核心功能。薪資專員負責識別異常情況，為人們節省大量時間並按時發放工資，這就是核心職責。

Now I'll give you an example from a recency bias, but it's a very good example to make it real. I recently visited with a winery in Napa. They give you free shipping when you buy a case, but they have to decide, do I ship this bottle from Napa to Denver ground, which is a low cost to me, better margin, or do I ship it today because they don't want the wines to get frozen?

現在我舉一個近因效應的例子，但這是一個很好的例子，能讓大家更直覺地理解近因效應。我最近參觀了納帕谷的一家葡萄酒莊。購買整箱葡萄酒可享免運費，但他們必須決定，是選擇從納帕谷陸運到丹佛（這樣成本低，利潤高），還是選擇當天發貨（因為他們不想讓葡萄酒被凍住）？

Now they can use Claude on our platform, so on our real estate, right, to see what the weather pattern is, and then the agent could pick what that shipping should be. That's something that we don't need to build because a thin sliver, as Sasan said, a long tail. So that is not in -- that's more the office of the shipping department, so that's not core to us. So That's kinda how I very simply think about what's core versus what's context for us.

現在他們可以在我們的平台上使用 Claude，也就是在我們的房地產平台上，來查看天氣模式，然後經紀人就可以選擇合適的運輸方式。我們不需要建造那樣的東西，因為正如薩桑所說，它只是一條細長的尾巴。所以那不屬於——那更像是發貨部門的辦公室，所以那不是我們的核心業務。這就是我非常簡單地思考核心內容和背景內容的方式。

Good examples. Thank you.

很好的例子。謝謝。

Daniel Jester, BMO Capital Markets.

Daniel Jester，BMO資本市場。

Great, thanks for squeezing me in. Appreciate it. Maybe on the 600 service centers and the in-person opportunity in tax, maybe how are you judging the success of that? I think, you know, as you've been listening to the whole call, we've been hearing the combination of human plus intelligence means that that's the optimal way to see the path forward.

太好了，謝謝你們擠出時間幫我。謝謝。或許，在600個服務中心和稅務方面的面對面服務機會方面，您如何評判其成功與否？我認為，正如你在整個通話過程中所聽到的，人類與智慧的結合意味著這是看待未來道路的最佳方式。

And so I guess as you think about the in-person opportunity in tax, what's the takeaway so far this year, and how are you thinking about it going forward? Thank you.

所以，我想說的是，當您考慮稅務方面的面對面交流機會時，今年到目前為止您有什麼收穫，以及您對未來有何展望？謝謝。

Yeah. Thanks for the question. And first of all, I'll start with the stat we talked about earlier, because it's just, again, facts are friendly. Through early February, we had over 5 million customers that visited either our landing pages and/or a store because of the 600 centers that you just alluded to. And that's through early February, like February 6.

是的。謝謝你的提問。首先，我想從我們之前討論過的那個統計數據開始，因為事實總是最友善的。截至二月初，由於您剛才提到的 600 個中心，我們有超過 500 萬名客戶造訪了我們的登陸頁面和/或商店。這種情況會持續到二月初，例如2月6日。

All of last season, it was 4.2. So that is a very important stat from the perspective of we want to be where the customers are. So one, by having these 600 locations, it allows us to actually show up locally in search, visibly be seen. And two, it gives customers confidence that we're local, albeit the majority of the engagement is entirely virtual.

上個賽季，這個數字是 4.2。所以從我們想要出現在客戶所在的地方的角度來看，這是一個非常重要的數據。因此，有了這 600 個地點，我們就可以真正出現在本地搜尋結果中，讓更多人看到我們。其次，這讓客戶相信我們是本地企業，儘管大部分的互動都是完全虛擬。

So really, we're tapping into a customer base that allows us to unlock the TAM based on all the capabilities that we now have across our platform with AI and HI. But that's the importance of the centers, and again, it's all tech-driven and it's powerful because of the traffic that it ignites for us.

所以實際上，我們正​​在利用一個客戶群，使我們能夠基於我們平台上的人工智慧和人工智慧的所有功能來釋放潛在市場規模。但這就是這些中心的重要性所在，而且，這一切都是由科技驅動的，它之所以強大，是因為它為我們帶來了巨大的流量。

Thank you very much. Mr. Goodarzi, at this time, sir, I would like to turn the conference back to you for any closing comments.

非常感謝。古達爾齊先生，此時我想把會議交還給您，請您作總結發言。

Okay, awesome. Well, thank you, everyone, for your wonderful questions. We look forward to seeing you between now and then, and look forward to talking to you about our Q3 results. So until then, be safe, be good. We'll talk to you soon. Bye, everybody.

好的，太棒了。謝謝大家的精彩提問。我們期待在此期間與您見面，並期待與您討論我們第三季的業績。所以在那之前，請注意安全，好好生活。我們很快會再聯絡你。再見，各位。

Thank you very much. Again, ladies and gentlemen, that will conclude today's Intuit second-quarter fiscal year 2026 conference call. Again, thanks so much for joining us, everyone. We wish you all a great remainder of your day. Goodbye.

非常感謝。女士們、先生們，今天的 Intuit 2026 財年第二季電話會議到此結束。再次感謝大家的參與。祝您今天餘下的時間過得愉快。再見。