直覺電腦 (INTU) 2026 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, my name is Bo, and I will be your conference operator today. At this time, I would like to welcome everyone to Intuit's fourth quarter and fiscal year 2026 conference call. (Operator Instructions)

各位女士、先生，下午好，我叫 Bo，今天將擔任本次電話會議的接線員。此刻，我想歡迎各位參加 Intuit 2026 會計年度第四季暨全年財報電話會議。(接線員指示)

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

接下來，我將把電話交給 Intuit 投資人關係副總裁 Kendra Goodenough 女士。女士，請開始。

Good afternoon, and welcome to Intuit's fourth quarter fiscal 2026 conference call. I'm here with Intuit's CEO, Sasan Goodarzi; and our CFO, Sandeep Aujla. Before we start, I'd like to remind everyone that our remarks will include forward-looking statements. There are a number of factors that could cause Intuit's results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 2025, and our other SEC filings.

各位下午好，歡迎參加 Intuit 2026 會計年度第四季財報電話會議。我與 Intuit 執行長 Sasan Goodarzi，以及財務長 Sandeep Aujla 一同出席。在開始之前，我想提醒各位，我們的發言將包含前瞻性陳述。有多項因素可能導致 Intuit 的實際結果與我們的預期出現重大差異。您可在我們今天下午稍早發布的新聞稿、2025 會計年度 Form 10-K，以及我們其他的 SEC 申報文件中，進一步了解這些風險。

All of these documents are available on the Investor Relations page of Intuit's website at intuit.com. We assume no obligation to update any forward-looking statements. 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 the worldwide business metrics. A copy of our prepared remarks and supplemental financial information will be available on our website after this call ends.

上述所有文件皆可於 Intuit 官網 intuit.com 的投資人關係頁面取得。我們不承擔更新任何前瞻性陳述的義務。本次發言中的部分數字以非 GAAP 基礎呈現。我們已在今日新聞稿中對 GAAP 與非 GAAP 的可比數字進行調節。除非另有說明，所有成長率均指本期相較於去年同期；而業務指標及其相關成長率均指全球業務指標。本次電話會議結束後，我們的事先準備講稿與補充財務資訊將公布於官網。

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

接下來，我把電話交給 Sasan。

Thanks, Kendra, and thanks to all of you for joining us today. We closed fiscal year 2026 with solid results. Full-year revenue grew 14%, and we expanded operating margin again this year. This drove full-year GAAP and non-GAAP earnings per share growth of 20% for both. Our Big Bets, assisted tax, money, and mid-market collectively grew 34% and represented 30% of full-year revenue.

謝謝你，Kendra，也感謝各位今天加入我們。我們以穩健的成果結束 2026 會計年度。全年營收成長 14%，且今年我們再次擴大營業利益率。這帶動全年 GAAP 與非 GAAP 每股盈餘皆成長 20%。我們的「重大押注」（Big Bets）、協助式報稅（assisted tax）、資金（money）與中型市場（mid-market）合計成長 34%，並占全年營收的 30%。

At the same time, our results highlighted areas where we need to further evolve. Namely, in key parts of our business, we need to grow new customers at a faster pace. As we enter fiscal year 2027, we are deliberately shifting our execution and investments towards accelerating customer acquisition and market share growth while continuing to scale the areas of the business that are working well.

同時，我們的成果也凸顯了我們需要進一步演進的領域。也就是說，在我們業務的關鍵部分，我們需要以更快的速度成長新客戶。進入 2027 會計年度之際，我們正有意識地調整執行與投資方向，將重點放在加速客戶獲取與市占成長，同時持續擴大那些運作良好的業務領域。

We have already taken decisive action. We are sharpening our product and line-up strategy to accelerate new customer growth while continuing to scale our Big Bets and increase adoption of platform services. These actions are designed to strengthen our competitive position and set Intuit up for durable growth over time.

我們已經採取果斷行動。我們正在精煉產品與產品組合策略，以加速新客戶成長，同時持續擴大我們的重大押注並提升平台服務的採用率。這些行動旨在強化我們的競爭地位，並讓 Intuit 隨時間推進建立可持續的成長。

Today, I'll cover the opportunities we see ahead, the changes that we are making to capture them, and our progress to date. I have a great deal of conviction in our strategy to win as an AI-driven expert platform by creating a unified financial system of intelligence. We bring together decades of trusted proprietary data, deep financial and industry expertise, and domain-specific models built for accuracy and compliance to increasingly do the work for our customers and help them achieve better outcomes.

今天，我將說明我們看到的未來機會、為把握這些機會所做的改變，以及目前的進展。我對我們以 AI 驅動的專家平台取勝、打造統一的財務智慧系統（financial system of intelligence）的策略深具信心。我們結合數十年值得信賴的專有資料、深厚的財務與產業專業，以及為精準度與合規而打造的領域專屬模型，日益替客戶完成更多工作，並協助他們取得更佳成果。

Our innovation is creating a future where consumers, businesses, and accountants can simply approve financial decisions or collaborate with a brilliant virtual team of AI and human experts while our platform works around the clock to power their prosperity. This is always on financial intelligence.

我們的創新正在打造一個未來：消費者、企業與會計師只需核准財務決策，或與由 AI 與人類專家組成的卓越虛擬團隊協作，而我們的平台則全天候運作，推動他們的繁榮。這就是隨時在線的財務智慧（always on financial intelligence）。

Our three Big Bets define where we are concentrating our focus, scale done-for-you experiences, putting money at the center of everything we do, and win in the mid-market. We are executing with greater speed against these two clear outcomes, grow new customers to capture market share, and increase adoption of platform services to drive higher ARPCs.

我們的三項重大押注界定了我們聚焦的方向：擴大「代辦式」（done-for-you）體驗、把資金置於我們所做一切的核心，以及在中型市場取勝。我們正以更快速度推進兩個明確成果：成長新客戶以取得市占，並提升平台服務採用率以推動更高的 ARPC。

For businesses and accountants, we're helping them grow and run their businesses end-to-end, from accounting and human capital management to payments, bill pay, financing, and marketing automation. Across our business platform, that translates into a clear growth strategy, bring more new customers onto the platform from early entrepreneurs to mid-market businesses and grow with them over time as they adopt more services and their needs become more complex.

對企業與會計師而言，我們協助他們端到端地成長並經營其業務，涵蓋從會計與人力資本管理，到收付款、帳單支付、融資與行銷自動化。在我們的商業平台上，這轉化為清晰的成長策略：將更多新客戶帶入平台，從早期創業者到中型市場企業，並隨時間與他們共同成長，因為他們會採用更多服務且需求變得更複雜。

In fiscal year 2026, we prioritized scaling our mid-market and money offerings focused on delivering greater value to our existing customer base. That delivered meaningful progress with revenue from our online money portfolio growing 31% and mid-market revenue growing 39%. That growth demonstrates the value that we are creating for existing customers as their needs become more complex.

在 2026 會計年度，我們優先擴大中型市場與資金相關產品，重點在於為既有客戶群提供更高價值。這帶來了顯著進展：我們的線上資金產品組合營收成長 31%，中型市場營收成長 39%。這些成長顯示，隨著既有客戶需求日益複雜，我們正在為他們創造價值。

The opportunity now is to complement the strength by accelerating new-to-the-franchise growth. Total online paying customers were 8.9 million at the end of fiscal year 2026, growing 3% year-over-year, which is about 2 points lower growth than in the prior year. As we enter fiscal year 2027, we are broadening our focus to acquire significantly more new-to-the-franchise customers to increase our market share while scaling our Big Bets to position the business platform for re-acceleration over time.

當前的機會在於，在既有優勢之上，透過加速「新加入品牌體系」（new-to-the-franchise）的成長來相互補強。截至 2026 會計年度末，線上付費客戶總數為 890 萬，年增 3%，較前一年度的成長率約低 2 個百分點。進入 2027 會計年度之際，我們正擴大焦點，獲取顯著更多新加入品牌體系的客戶以提升市占，同時擴大我們的重大押注，讓商業平台隨時間推進重新加速成長。

A key component of our new-to-the-franchise strategy is widening the front door with QuickBooks Free and QuickBooks Lite. These offerings create low-friction entry points to reach millions of businesses earlier in their journey and build a relationship with them from the start. We recently introduced QuickBooks Free and early results are encouraging.

我們新加入品牌體系策略的一個關鍵組成，是透過 QuickBooks Free 與 QuickBooks Lite 擴大前端入口。這些方案提供低摩擦的切入點，使我們能在數百萬企業旅程更早期就觸及他們，並從一開始就建立關係。我們近期推出 QuickBooks Free，初步結果令人鼓舞。

As of last month, we had more than 20,000 customers either actively using QuickBooks Free or who had converted to paid offerings with monetization driven by payment adoption and upgrades to more comprehensive offerings. This is the model we intend to scale, acquire more new customers earlier and grow with them as their needs become more complex. That model becomes even more valuable as customers grow in the mid-market, a nearly $90 billion total addressable market.

截至上個月，我們已有超過 20,000 名客戶正在積極使用 QuickBooks Free，或已轉換為付費方案；變現主要由支付採用與升級至更完整的方案所驅動。這是我們打算擴大規模的模式：更早獲取更多新客戶，並在他們需求日益複雜時與其共同成長。當客戶成長進入中型市場時，這個模式的價值更為凸顯；中型市場的總可服務市場（TAM）接近 900 億美元。

Our progress in the mid-market has been strong and given us a clear opportunity to broaden the sources of growth. Mid-market customers grew 28% with roughly three quarters of the additions coming from upgrades or desktop migrations. This reflects our success moving existing QuickBooks customers into higher value offerings with our go-to-market emphasis weighted towards our existing base.

我們在中型市場的進展強勁，並為我們提供了擴大成長來源的明確機會。中型市場客戶成長 28%，其中約四分之三的新增來自升級或桌面版遷移。這反映出我們成功將既有 QuickBooks 客戶導入更高價值的方案，而我們的上市策略（go-to-market）重點更偏向既有客戶基礎。

As we enter fiscal year 2027, we are deliberately increasing investment in direct new-to-the-franchise acquisition to expand our reach and broaden the sources of mid-market growth. We have tangible proof points that give us confidence in our ability to accelerate direct acquisition. New-to-the-franchise mid-market customers grew over 30% this year and Intuit Enterprise Suite annualized revenue surpassed $145 million in Q4, a 4 times increase from last year.

進入 2027 會計年度之際，我們正有意識地增加對直接獲取新加入品牌體系客戶的投資，以擴大觸及範圍並拓寬中型市場成長來源。我們已有具體的驗證點，使我們對加速直接獲取的能力充滿信心。今年新加入品牌體系的中型市場客戶成長超過 30%，且 Intuit Enterprise Suite 在第四季的年化營收突破 1.45 億美元，較去年成長 4 倍。

Our industry-specific approach is also attracting new customers. The launch of Construction Edition drove an incremental 19 points of growth in QuickBooks Online Advanced customer additions in construction, while new Intuit Enterprise Suite contracts in construction increased 20%. These results demonstrate that industry-specific innovation can be a meaningful new customer growth lever, and we are moving quickly to scale this approach across more verticals.

我們以產業為導向的方法也正在吸引新客戶。Construction Edition 的推出，帶動 QuickBooks Online Advanced 在建築業的新客戶增加額外成長 19 個百分點，同時建築業的新 Intuit Enterprise Suite 合約增加 20%。這些成果證明，針對特定產業的創新可以成為帶動新客戶成長的重要新槓桿，而我們正快速推進，將此方法擴展到更多垂直產業。

Accountants are another important part of scaling our mid-market new customer pipeline. This year, they drove 25% of our new Intuit Enterprise Suite contracts. And to strengthen our network effect, this month we launched Breakthrough AI-Native Innovation in Intuit Accountant Suite, bringing together practice management, portfolio-wide insights, books closed, and tax workflows in one experience.

會計師是擴大我們中型市場新客戶管道的另一個重要環節。今年，他們帶動了我們 25% 的新 Intuit Enterprise Suite 合約。為了強化我們的網路效應，本月我們在 Intuit Accountant Suite 推出 Breakthrough AI-Native Innovation，將事務所管理、全投資組合洞察、結帳關帳（books closed）與報稅工作流程整合於同一體驗中。

Accountants using Intuit Accountant Suite report spending nearly 30% more of their high-value time on advisory work, and over 150,000 accountants are already on Intuit Accountant Suite platform. Together, these proof points give us confidence in our ability to expand our reach in the mid-market, not only by growing with businesses already on the platform, but by bringing significantly more new customers directly into the franchise.

使用 Intuit Accountant Suite 的會計師回報，他們用於顧問服務等高價值工作的時間增加了近 30%，且已有超過 150,000 名會計師在 Intuit Accountant Suite 平台上。綜合這些驗證成果，讓我們對於擴大中型市場觸及範圍充滿信心——不僅能與平台上既有企業一同成長，也能將更多新客戶直接帶入我們的核心業務版圖。

What makes this opportunity especially powerful is one unified financial platform serving businesses and accountants across their journey. From an entrepreneur just getting started to a complex mid-market business, we can bring customers onto the platform, solve more of their needs over time, and help them run more of their business in one place. And the more businesses and accountants we bring together on the platform, the stronger the network becomes, driving greater engagement, customer growth, and adoption of services while creating more value for both sides.

讓這個機會格外強大的原因，在於有一個統一的財務平台，能在客戶旅程各階段同時服務企業與會計師。從剛起步的創業者到複雜的中型市場企業，我們都能將客戶導入平台，隨時間推進解決更多需求，並協助他們在同一處管理更多業務。而我們在平台上匯聚的企業與會計師越多，網路就越強，進而帶動更高的互動、客戶成長與服務採用，同時為雙方創造更大價值。

A foundational part of that advantage is Intuit Intelligence. Powered by our financial system of intelligence, it brings done-for-you experiences to life, moving us beyond software that simply records transactions to a platform that increasingly does the work for our customers. Intuit Intelligence combines the context of a customer's financial life and data with our deep domain and industry expertise, advanced models, and workflows built for accuracy and compliance. It understands what is happening in a customer's business, anticipates what needs attention, and turns insight into action.

支撐這項優勢的基礎之一是 Intuit Intelligence。在我們的財務智慧系統驅動下，它將「為你完成」的體驗具體化，讓我們從僅記錄交易的軟體，邁向一個愈來愈能替客戶完成工作的平台。Intuit Intelligence 結合客戶財務生活與資料的情境脈絡、我們深厚的領域與產業專業、先進模型，以及為準確性與合規而打造的工作流程。它能理解客戶企業正在發生什麼、預判需要關注的事項，並把洞察轉化為行動。

It keeps books current, surfaces anomalies, forecasts cash flow, performs scenario planning, and initiates workflows to get work done on their behalf while bringing in human expertise when needed. The early proof is encouraging. Millions of customers are using our AI-native experiences, getting paid four days faster, and reducing manual work by 30%.

它能讓帳務保持最新、揭示異常、預測現金流、進行情境規劃，並啟動工作流程代表客戶完成工作，必要時也會引入人工專業支援。早期驗證結果令人鼓舞。數百萬名客戶正在使用我們的 AI 原生體驗，收款速度加快 4 天，並將手動作業減少 30%。

And among more complex businesses, over 75% of Intuit Enterprise Suite customers use our AI agents every month to keep their books current, automate transaction work, and close faster. Our focus now is to scale that value across a much larger customer base. As our customers grow, we have the opportunity to grow with them by managing more of their financial and workforce needs in one place. Money and workforce help us deliver that value while creating a significant opportunity to deepen customer relationships as they adopt more services and drive higher ARPC over time.

在更複雜的企業客群中，超過 75% 的 Intuit Enterprise Suite 客戶每月都會使用我們的 AI 代理（agents），以保持帳務最新、自動化交易作業並更快完成關帳。我們目前的重點，是將這項價值擴展到更龐大的客戶基礎。隨著客戶成長，我們有機會與他們一同成長，在同一處管理更多財務與人力需求。Money 與 Workforce 讓我們能交付這項價值，同時在客戶採用更多服務、並隨時間推動更高 ARPC 的過程中，創造深化客戶關係的重大機會。

We are seeing strong evidence of this today, with significant opportunity ahead. Businesses manage over $2.7 trillion in invoices through QuickBooks every year, and total online payment volume, including Bill Pay, grew 30% to more than $225 billion for the full year. And as customers grow with us, they adopt more of the platform. QuickBooks Online Advanced US customers have a 13 point higher payroll penetration rate and a 9 point higher payment penetration rate than core QuickBooks Online customers. This demonstrates the opportunity to grow the value of a customer relationship over time by solving more of their needs on one platform.

我們今天已看到強而有力的證據，且前方仍有顯著機會。企業每年透過 QuickBooks 管理超過 2.7 兆美元的發票，而包含 Bill Pay 在內的線上支付總交易量全年成長 30%，達到超過 2,250 億美元。而當客戶與我們一同成長時，他們會採用更多平台功能。美國的 QuickBooks Online Advanced 客戶，其薪資服務滲透率比核心 QuickBooks Online 客戶高 13 個百分點，支付服務滲透率高 9 個百分點。這顯示出：透過在單一平台上解決更多需求，我們能隨時間提升客戶關係的價值。

We continue to expand that opportunity by putting money at the center of the platform. Our recent launch of the Intuit Business Credit Card brings another critical financial capability directly into QuickBooks experience, creating more opportunities to deepen engagement and drive additional value for customers.

我們持續透過把「資金（money）」置於平台核心來擴大這個機會。我們近期推出的 Intuit Business Credit Card，將另一項關鍵金融能力直接帶入 QuickBooks 體驗，創造更多深化互動並為客戶帶來額外價值的機會。

As we look ahead, our priorities across the business platform are clear. We will widen the front door with QuickBooks Free and QuickBooks Lite to accelerate new-to-the-franchise customer growth, continue to expand our reach and momentum in mid-market, scale consumption and engagement of Intuit intelligence, and drive greater adoption of money and workforce services. Our focus is to execute against both sides of the equation, bringing more customers onto the platform and growing the value of those relationships over time to expand market share, drive higher ARPC, and position the business platform for durable long-term growth.

展望未來，我們在商業平台上的優先事項很明確。我們將透過 QuickBooks Free 與 QuickBooks Lite 擴大前端入口，以加速「新加入本品牌體系（new-to-the-franchise）」的客戶成長；持續擴大我們在中型市場的觸及與動能；擴大 Intuit Intelligence 的使用量與互動；並推動更多 Money 與 Workforce 服務的採用。我們的重點是同時推進方程式的兩端：把更多客戶帶上平台，並隨時間提升這些關係的價值，以擴大市占、推動更高 ARPC，並讓商業平台具備長期且可持續的成長動能。

Now shifting to our consumer platform, revenue grew 11% this year, and we are seeing strong growth across assisted tax, personal finance, and money. At the same time, we lost quality DIY customers to lower-cost providers. I will unpack that shortly.

接著談到我們的消費者平台，今年營收成長 11%，我們在協助報稅（assisted tax）、個人理財與 money 方面都看到強勁成長。同時，我們也將高品質的 DIY 客戶流失給較低成本的供應商。我稍後會進一步說明。

We now understand what needs to change, and our focus is to rebuild that customer funnel while continuing to scale the areas where we are seeing strong momentum. Our growth opportunity is to use TurboTax and Credit Karma as powerful entry points to bring more consumers into the platform, grow our share of total IRF e-filers, and deepen those relationships across their financial lives to drive higher-platform ARPC over time.

我們現在已了解需要改變什麼，我們的重點是重建該客戶漏斗，同時持續擴大我們動能強勁的領域。我們的成長機會在於：以 TurboTax 與 Credit Karma 作為強大的入口，將更多消費者帶入平台，提升我們在整體 IRF 電子報稅者（e-filers）中的占比，並在其整個財務生活中深化關係，以隨時間推動更高的平台 ARPC。

Our financial system of intelligence enables us to do that by helping consumers make smarter financial decisions year-round, whether connecting them to the right credit cards, personal loans, auto loans, home loans, and insurance, helping them manage their money, or filing their taxes. We're already having a significant scale to build from. This year, we helped customers file 39 million tax returns, facilitated over $120 billion in tax refunds, and leveraged more than 70,000 tax and financial attributes per consumer to deliver deeply personalized experiences.

我們的財務智慧系統讓我們能做到這點：全年協助消費者做出更明智的財務決策——無論是把他們連結到合適的信用卡、個人貸款、汽車貸款、房貸與保險，協助他們管理資金，或是完成報稅。我們已具備可觀的規模作為發展基礎。今年，我們協助客戶申報 3,900 萬份報稅表，促成超過 1,200 億美元的退稅，並運用每位消費者超過 70,000 項稅務與財務屬性，提供高度個人化的體驗。

We see significant opportunity to expand the value of these relationships. Today, approximately one out of every nine credit card and personal loan originations in the US comes through our AI-powered platform. Over the last two years, our share increased approximately 3 points in credit cards and 4 points in personal loans as we gained share with both consumers and financial partners.

我們看到擴大這些關係價值的重大機會。目前，美國約每 9 筆信用卡與個人貸款核貸（origination）中，就有 1 筆是透過我們的 AI 驅動平台完成。在過去兩年中，隨著我們同時在消費者與金融合作夥伴端取得市占，我們在信用卡的占比約提升 3 個百分點，在個人貸款約提升 4 個百分點。

Revenue for our personal finance key growth offerings, insurance and home loans, grew 44% this year, while connected financial accounts grew 104%. Consumer money revenue grew 26%, and we delivered more than $29 billion in fast money refunds this tax season, up 79%. This is the power of one consumer platform. The more customers engage with us across their financial lives, the more context we have to deliver personalized value, and the more opportunities we have to grow the relationship beyond a single tax transaction.

我們個人理財的關鍵成長產品——保險與房貸——今年營收成長 44%，而已連結的金融帳戶數成長 104%。消費者 money 營收成長 26%，本報稅季我們提供超過 290 億美元的快速退款（fast money refunds），成長 79%。這就是單一消費者平台的力量。客戶在其財務生活中與我們互動越多，我們就能取得越多情境脈絡以提供個人化價值，也就有越多機會把關係從單一報稅交易延伸並持續成長。

Now, let me address how we're evolving our tax growth model. Historically, our DIY model optimized for tax revenue and ARPC through pricing and upgrading customers into higher value offerings over time. That model worked for many years, but the market has changed. Consumers have more low-cost alternatives, and we lost quality DIY customers to low-cost providers this year. Price is now the number 1 reason customers leave TurboTax. We now know what needs to change, and we're already putting that plan into action to rebuild the DIY funnel and grow our share of total IRS e-filers.

接下來，我來說明我們如何演進報稅成長模式。過去，我們的 DIY 模式透過定價，以及隨時間將客戶升級到更高價值的產品，來最佳化報稅營收與 ARPC。這個模式多年來運作良好，但市場已經改變。消費者有更多低成本替代方案，而今年我們將高品質的 DIY 客戶流失給低成本供應商。價格現在是客戶離開 TurboTax 的第一大原因。我們已清楚知道需要改變什麼，並已開始執行該計畫，以重建 DIY 漏斗並提升我們在整體 IRS 電子報稅者中的占比。

We are making the entry experience more competitive and clear on price, and expanding the distribution so customers can discover and access TurboTax where they already are, including through leading LLM experiences and new payroll provider partnerships. We are also fundamentally reinventing the tax experience with AI, and expect to deliver a completely AI-native experience for the vast majority of tax situations, from document-first intake that dramatically reduces the work of filing, to a co-pilot that can take action directly on the return and seamlessly hand off to an expert with full context, while credit, deduction, and compliance agents help customers maximize their outcomes with greater accuracy.

我們正讓入門體驗更具競爭力、價格更透明，並擴大分銷通路，讓客戶能在他們原本就所在的場景中發現並使用 TurboTax，包括透過領先的 LLM 體驗以及新的薪資服務供應商合作夥伴關係。我們也正以 AI 從根本上重塑報稅體驗，並預期在絕大多數報稅情境中提供完全 AI 原生的體驗：從以文件為先的資料導入，大幅降低申報工作量；到可直接在報稅表上採取行動的副駕（co-pilot），並能在保留完整脈絡下無縫交接給專家；同時由抵免、扣除與合規代理協助客戶以更高準確度將成果最大化。

This approach also changes how we think about the economics of the customer relationship. This means we are deliberately accepting lower-initial DIY tax ARPCs to acquire and retain more quality customers, grow e-file share, and create greater lifetime value as they engage across the consumer platform. We know that the value of winning these customers extends far beyond the tax return.

這種做法也改變了我們對客戶關係經濟性的思考方式。這意味著我們刻意接受較低的 DIY 報稅初始 ARPC，以取得並留住更多高品質客戶、提升電子申報（e-file）市占，並在他們於消費者平台上跨產品互動時創造更高的終身價值。我們知道，贏得這些客戶的價值遠不止於一份報稅申報。

Customers using both TurboTax and Credit Karma generate approximately twice the average revenue per customer of a single product customer, and Credit Karma members filing through TurboTax grew more than 50% this year. These results demonstrate the opportunity to monetize consumer relationships beyond the tax. Our focus now is to turn the changes we are making to pricing, packaging, and distribution into significantly more quality DIY customers entering the franchise.

同時使用 TurboTax 與 Credit Karma 的客戶，其每位客戶平均營收約為單一產品客戶的兩倍，而透過 TurboTax 申報的 Credit Karma 會員今年成長超過 50%。這些結果顯示，我們有機會在報稅之外將消費者關係變現。我們目前的重點，是把我們在定價、方案組合與分銷上的調整，轉化為顯著更多、且更高品質的 DIY 客戶進入本業務體系。

DIY is also an important funnel into assisted tax, one of the largest opportunities, and approximately 88% of TurboTax's total addressable market. We're disrupting this category with an AI-native virtual experience that combines the speed and productivity of AI with something customers deeply value and AI cannot replace, a trusted human expert who reviews, signs, and takes accountability for their return.

DIY 也是導入「協助式報稅」的重要漏斗，而協助式報稅是最大的機會之一，約占 TurboTax 可服務總市場（TAM）的 88%。我們正以 AI 原生的虛擬體驗顛覆此類別，將 AI 的速度與生產力，與客戶高度重視且 AI 無法取代的要素結合：由值得信賴的人類專家審核、簽署並對其申報結果承擔責任。

Our ability to deliver that human accountability efficiently at scale, together with competitive pricing and compelling year-round benefits, is a powerful differentiator. TurboTax's live customers grew 38% this year. Over the last two years, we've been very successful in helping existing DIY customers realize the value of assisted. More than three-quarters of TurboTax live customer additions in fiscal year 2026 came from DIY upgrades into live.

我們能以高效率、可規模化的方式提供這種「人類承擔責任」，再加上具競爭力的定價與全年具吸引力的福利，形成強而有力的差異化優勢。TurboTax 的 Live 客戶今年成長 38%。過去兩年，我們在協助既有 DIY 客戶認知協助式服務價值方面非常成功。在 2026 會計年度，新增的 TurboTax Live 客戶中，超過四分之三來自 DIY 升級至 Live。

While this demonstrates the value of our assisted offers, the mix also makes it clear where our next opportunity lies. Looking ahead, we expect DIY upgrades to moderate from these strong levels and more of our assisted growth to come from new-to-the-franchise customers. We saw encouraging progress this year, with new-to-the-franchise customers in live growing 15%. We're investing to accelerate that growth by expanding our local efforts through targeted customer outreach, improved digital discoverability and referral programs, while remaining competitive on price and scaling our AI-native platform to help experts serve more customers with greater efficiency.

這雖然證明了我們協助式方案的價值，但產品組合也清楚指出我們下一個機會所在。展望未來，我們預期 DIY 升級將從目前的強勁水準趨於溫和，而我們協助式成長的更大部分將來自首次進入本業務體系的新客戶。今年我們看到令人鼓舞的進展，Live 的新進客戶成長 15%。我們正投資以加速該成長：透過精準客戶觸達擴大在地化努力、提升數位可發現性與推薦計畫；同時維持具競爭力的價格，並擴大 AI 原生平台規模，協助專家以更高效率服務更多客戶。

At the same time, rebuilding the DIY funnel gives us a larger pool of customers we can serve as their needs become more complex. Taken together, our priorities across the consumer platform are clear. Rebuild and grow the DIY funnel with a more competitive price-value equation, accelerate new-to-the-franchise growth in Assisted, use TurboTax and Credit Karma to bring more consumers onto the platform, and deepen engagement across money and personal finance to grow platform ARPCs. Our focus is on both sides of the equation, bringing more customers into the franchise and creating greater value from those relationships over time to position the consumer platform for durable growth.

同時，重建 DIY 漏斗也讓我們擁有更大的客戶池，能在其需求變得更複雜時提供服務。綜合而言，我們在消費者平台上的優先事項很明確。以更具競爭力的價格—價值組合重建並成長 DIY 漏斗、加速協助式（Assisted）中新進客戶成長、運用 TurboTax 與 Credit Karma 將更多消費者帶上平台，並深化在金錢與個人理財領域的互動以提升平台 ARPC。我們聚焦於方程式的兩端：一方面讓更多客戶進入本業務體系，另一方面隨時間從這些關係中創造更大價值，以使消費者平台具備可持續的成長動能。

Let me close with this. This is an important moment for Intuit. We finished fiscal year 2026 with strong momentum across our Big Bets, while our results also highlighted where we need to accelerate progress, particularly in growing new customers. We understand the gaps, we have a clear plan to address them, and we're already taking decisive action.

最後我想以這點作結。這對 Intuit 而言是個重要時刻。我們以在各項「重大押注」（Big Bets）上的強勁動能結束 2026 會計年度，同時我們的成果也凸顯了需要加速的地方，尤其是在新客戶成長方面。我們理解差距所在，也有明確計畫加以補足，並且已經採取果斷行動。

Fiscal year 2027 is about executing this plan with speed and discipline. We are making deliberate investments today to strengthen our competitive position, accelerate customer growth, and position Intuit for durable growth and re-acceleration into the future. We know what we need to deliver, and we will hold ourselves accountable for the progress.

2027 會計年度的重點，是以速度與紀律執行這項計畫。我們今天正進行有意識的投資，以強化競爭地位、加速客戶成長，並讓 Intuit 具備可持續的成長與未來再加速的能力。我們清楚知道必須交付什麼成果，並將對進展負起責任。

With that, let me turn it over to Sandeep.

接下來，我把時間交給 Sandeep。

Thank you, Sasan. Our fiscal 2026 results include total revenue growth of 14%, and GAAP and non-GAAP operating income growth of 20% and 18%, respectively. Our full-year GAAP and non-GAAP diluted earnings per share each grew 20%.

謝謝你，Sasan。我們 2026 會計年度的成果包括：總營收成長 14%，GAAP 與非 GAAP 營業利益分別成長 20% 與 18%。我們全年 GAAP 與非 GAAP 稀釋後每股盈餘也各自成長 20%。

Our fourth quarter results include revenue of $4.4 billion, up 14%, GAAP operating income of $475 million versus $339 million last year, non-GAAP operating income of $1.4 billion, up 43%, GAAP diluted earnings per share of $1.34 versus $1.35 last year, and non-GAAP diluted earnings per share of $4.03, up 47%.

我們第四季的成果包括：營收 44 億美元，成長 14%；GAAP 營業利益 4.75 億美元（去年為 3.39 億美元）；非 GAAP 營業利益 14 億美元，成長 43%；GAAP 稀釋後每股盈餘 1.34 美元（去年為 1.35 美元）；非 GAAP 稀釋後每股盈餘 4.03 美元，成長 47%。

Now, let me turn to the business segment results. Starting with the Global Business solution segment, we continue to make progress serving businesses with our all-in-one business platform and Intuit Intelligence, delivering done-for-you experiences powered by AI and human expertise.

接著我來談各業務部門的表現。先從全球商業解決方案（Global Business Solutions, GBS）部門開始，我們持續透過一體化商業平台與 Intuit Intelligence 服務企業客戶，提供由 AI 與人類專業共同驅動的代辦式（done-for-you）體驗。

GBS revenue grew 16% for the full year, in line with expectations. When excluding Mailchimp, GBS grew 15% during the quarter and 18% for the full year. All-in-one ecosystem revenue, excluding MailChimp, grew 20% for the quarter and 23% for the year. We saw continued momentum in mid-market again this quarter, with Online Ecosystem revenue for QBO Advanced and Intuit Enterprise Suite growing 38%. Online ecosystem revenue for small businesses and the rest of the base grew 14% this quarter.

GBS 全年營收成長 16%，符合預期。若排除 Mailchimp，GBS 本季成長 15%，全年成長 18%。一體化生態系營收（排除 Mailchimp）本季成長 20%，全年成長 23%。本季我們在中型市場再次看到持續動能，QBO Advanced 與 Intuit Enterprise Suite 的線上生態系營收成長 38%。小型企業與其餘客群的線上生態系營收本季成長 14%。

Our overall growth in online ecosystem revenue was driven by strength across both online accounting and online services. QuickBooks online accounting revenue grew 20% in Q4, driven by higher effective prices, customer growth, and mix shift. For the full year, revenue grew 23%. Online services revenue grew 15% in Q4, or 21% excluding Mailchimp, driven by money and payroll. For the full year, revenue grew 16%, or 24% excluding Mailchimp.

我們線上生態系營收的整體成長，來自線上會計與線上服務兩方面的強勁表現。QuickBooks 線上會計營收在第四季成長 20%，主要由較高的有效價格、客戶成長與組合轉移所帶動。全年營收成長 23%。線上服務營收在第四季成長 15%；若排除 Mailchimp，則成長 21%，主要由資金（money）與薪資（payroll）帶動。全年營收成長 16%；若排除 Mailchimp，則成長 24%。

Within money, Q4 revenue growth was driven by Payments, Capital, and Bill Pay. For Payments, revenue growth reflects an increase in total payment volume per customer, customer growth, and higher revenue yield. We also had a one-time benefit from services provided to a new partner during their launch. This partnership will contribute to ongoing money growth. Total online payment volume, including Bill Pay, grew 32% in Q4, reflecting our continued momentum in payments and adoption of our Bill Pay offering. Online payment volume growth, excluding Bill Pay, was 21%.

在資金（money）業務中，第四季營收成長主要由支付（Payments）、資金（Capital）與帳單支付（Bill Pay）帶動。就支付而言，營收成長反映每位客戶的總支付交易量增加、客戶成長，以及更高的營收收益率。我們也因在新合作夥伴上線期間提供服務而獲得一次性收益。此合作夥伴關係將持續貢獻資金業務的成長。包含 Bill Pay 在內的總線上支付交易量在第四季成長 32%，反映我們在支付領域的持續動能，以及客戶對 Bill Pay 方案的採用提升。若排除 Bill Pay，線上支付交易量成長為 21%。

And in capital, revenue growth continues to be driven by working capital loans to small businesses. Loan volume through QuickBooks Capital increased 54% to $1.9 billion this quarter. The Q4 deceleration in capital revenue growth is due to a deliberate increase in the mix of loans we sell through our forward flow partners, which have a lower revenue yield.

在資本業務方面，營收成長仍持續由對小型企業的營運資金貸款所帶動。本季透過 QuickBooks Capital 的放款量增加 54%，達到 19 億美元。第四季資本營收成長放緩，係因我們刻意提高透過前向流量（forward flow）合作夥伴出售之貸款占比，而該類貸款的營收收益率較低。

Within Payroll, Q4 revenue growth reflects mix shift, customer growth, and higher effective prices. And for Mailchimp, Q4 revenue was down slightly year-over-year. As shared in our press release today, Mailchimp will be a separate, reportable segment beginning in fiscal 2027.

在薪資（Payroll）方面，第四季營收成長反映了組合轉移、客戶成長以及較高的有效價格。至於 Mailchimp，第四季營收較去年同期略為下滑。如同我們今日新聞稿所分享，自 2027 財政年度起，Mailchimp 將成為獨立且可報導的部門。

As you heard from Sasan, customer growth is a key part of our strategy and we understand the need to accelerate growth. Total online paying customers grew 3%. In US QBO, customers grew 6%, excluding self-employed. In mid-market, we saw 28% growth in combined QBO and advanced and in-to-enterprise suite customers.

如同各位從 Sasan 那裡聽到的，客戶成長是我們策略的關鍵部分，我們也理解需要加速成長。線上付費客戶總數成長 3%。在美國 QBO（不含自僱者）客戶成長 6%。在中型市場（mid-market），我們看到合併 QBO 與 Advanced 以及 in-to-enterprise 套件客戶成長 28%。

Upgrades within our existing franchise will remain an important part of mid-market growth as customer needs become more complex. At the same time, we are increasing focus on new-to-the-franchise customer growth to expand market share and broaden the sources of doable growth over time. Online ecosystem ARPC growth continued to accelerate in fiscal 2026 to 15% driven by strong adoption of our online services, including adoption by mid-market customers as well as value-based pricing for expanded and enhanced offerings.

隨著客戶需求變得更複雜，既有客群內的升級將仍是中型市場成長的重要部分。同時，我們也加大對「新加入本產品體系（new-to-the-franchise）」客戶成長的聚焦，以擴大市占，並隨時間推進拓寬可實現成長的來源。2026 財政年度線上生態系 ARPC 成長持續加速至 15%，主要由我們線上服務的強勁採用所驅動，包括中型市場客戶的採用，以及針對擴充與強化後產品所採行的價值定價。

Turning to Desktop. Desktop ecosystem revenue grew 3% in Q4 and 6% for the full year. For QuickBooks Desktop Enterprise, revenue grew 4% in Q4 and 11% for the full year, with Q4 deceleration driven by more customers migrating to QBO Advanced given its compelling product capabilities.

接著談 Desktop。Desktop 生態系營收在第四季成長 3%，全年成長 6%。就 QuickBooks Desktop Enterprise 而言，第四季營收成長 4%，全年成長 11%；第四季成長放緩主要因更多客戶遷移至 QBO Advanced，因其具備具吸引力的產品能力。

Now turning to our consumer segment. Q4 consumer segment revenue was $930 million, growing 14%, and for the full year, growth was 11%. TurboTax revenue grew 7% for the full year, driven by momentum in the assisted category. TurboTax live revenue grew 37% for the full year, while customers grew 38%. We are pleased with the progress against our Big Bets to deliver done-for-you experiences to customers with a unique combination of AI and AI-driven human expertise.

接著談我們的消費者部門。第四季消費者部門營收為 9.30 億美元，成長 14%；全年成長 11%。TurboTax 全年營收成長 7%，主要由協助式（assisted）類別的動能所帶動。TurboTax Live 全年營收成長 37%，同時客戶數成長 38%。我們對於推進「Big Bets」的進展感到滿意，透過 AI 與 AI 驅動的人類專家能力之獨特結合，為客戶提供代辦式（done-for-you）的體驗。

And the growing success of our local expert strategy this year sets a strong foundation to build on next year. For DIY, we are clear on the need to evolve a business model and to better serve customers with our all-in-one platform, engaging them year-round to support smarter financial decisions. TurboTax group revenue was $647 million in fiscal 2026, up 4%. Credit Karma revenue grew 16% in Q4, and 20% for the full year. For the quarter, growth was driven by personal loans, auto insurance, and credit cards.

而我們今年在在地專家策略上的日益成功，也為明年奠定了堅實的基礎。對於 DIY，我們清楚需要演進商業模式，並以我們的一體化平台更好地服務客戶，全年持續與其互動，以支持更明智的財務決策。TurboTax 集團在 2026 財政年度的營收為 6.47 億美元，成長 4%。Credit Karma 營收在第四季成長 16%，全年成長 20%。就本季而言，成長主要由個人貸款、汽車保險與信用卡所帶動。

Shifting to our balance sheet and capital allocations, our financial principles guide our decisions, and they remain our long-term commitment. We finished the quarter with $7.2 billion in cash and investments and $7.7 billion of debt on our balance sheet. In June, we issued $1.75 billion in senior notes, which further strengthens our liquidity to address debt maturing in fiscal 2027. We significantly increased our share repurchases in fiscal 2026 with $2.1 billion of stock repurchased during the fourth quarter, an increase of 179% compared to the same period last year.

接著談資產負債表與資本配置，我們的財務原則指引我們的決策，並且仍是我們的長期承諾。本季結束時，我們資產負債表上的現金與投資為 72 億美元，負債為 77 億美元。6 月我們發行 17.5 億美元的優先票據（senior notes），進一步強化流動性，以因應 2027 財政年度到期的債務。我們在 2026 財政年度大幅提高庫藏股回購，第四季回購股票 21 億美元，較去年同期增加 179%。

For the full year, share repurchases were $5.5 billion, up 96% versus last year. And these repurchases drove a 2% reduction in weighted average diluted shares outstanding as we more than offset dilution from share-based compensation. This acceleration reflects our strong conviction in interest long-term growth opportunity, and we expect share repurchases to remain a significant component of our capital allocation strategy in fiscal 2027 and beyond. The board approved a quarterly dividend of $1.38 per share, payable on October 16, 2026. This represents a 15% increase versus last year.

全年股票回購為 55 億美元，較去年增加 96%。這些回購使加權平均稀釋流通股數下降 2%，因為我們不僅抵銷了股權基礎薪酬造成的稀釋，且有餘。此一加速反映我們對長期成長機會的強烈信心；我們預期在 2027 財政年度及其後，股票回購仍將是資本配置策略的重要組成。董事會核准每股 1.38 美元的季度股利，將於 2026 年 10 月 16 日支付。這較去年增加 15%。

Now, before I move to guidance, I want to share two reporting changes we are making effective August 1, 2026. First, as we are now managing Mailchimp as a separate operating segment from Global Business Solutions, Mailchimp will be a separate reportable segment beginning in fiscal 2027.

在我進入財測指引之前，我想分享兩項自 2026 年 8 月 1 日起生效的報導變更。第一，因我們目前將 Mailchimp 作為與全球商業解決方案（Global Business Solutions）分開的營運部門來管理，自 2027 財政年度起，Mailchimp 將成為獨立的可報導部門。

Second, share-based compensation expenses will no longer be excluded from our non-GAAP financial measures. We view share-based compensation as a recurring component of our compensation program and believe including this expense in our non-GAAP financial measures reflects our core operating results. It also reinforces our focus on managing all expenses and driving operating leverage over time. Our fiscal 2027 and Q1 guidance reflect both of these changes and additional information can be found on a fact sheet posted on our investor relations website.

第二，股權基礎薪酬費用將不再自我們的非 GAAP 財務衡量指標中排除。我們將股權基礎薪酬視為薪酬計畫中經常性的一部分，並相信在非 GAAP 財務衡量指標中納入此費用，能反映我們的核心營運結果。這也強化我們對管理所有費用並隨時間推進提升營運槓桿的聚焦。我們的 2027 財政年度與第一季指引已反映這兩項變更；更多資訊可於我們投資人關係網站上發布的資料表（fact sheet）中查閱。

Now, turning to our fiscal 2027 guidance, our guidance reflects deliberate choices to accelerate customer growth, increase market share, and strengthen the long-term durability of our growth model. As a result, along with dynamics across our businesses that I will walk through, we expect total company revenue growth to decelerate in fiscal 2027.

接著談 2027 財政年度指引；我們的指引反映了為加速客戶成長、提高市占並強化成長模式長期韌性所做出的審慎選擇。因此，連同我將說明的各項業務動態，我們預期 2027 財政年度公司整體營收成長將放緩。

Therefore, for fiscal 2027, we expect total company revenue of $23.279 billion to $23.512 billion, a growth of 9% to 10%. The deceleration from the prior year is primarily driven by Desktop Ecosystem, TurboTax, and Credit Karma. We expect global business solution segment revenue growth of 13% to 14%. For online accounting and online services, we will continue to increase customer value and deeper engagement with growth driven by ARPC expansion due to higher effective prices and increased adoption of services.

因此，對於 2027 財政年度，我們預期公司整體營收為 232.79 億至 235.12 億美元，成長 9% 至 10%。相較前一年度的放緩，主要由 Desktop 生態系、TurboTax 與 Credit Karma 所致。我們預期全球商業解決方案部門營收成長 13% 至 14%。在線上會計與線上服務方面，我們將持續提升客戶價值並加深互動；成長將由 ARPC 擴張所驅動，原因包括較高的有效價格與服務採用率提升。

Online accounting growth includes continued upgrades as customers' needs become more complex, along with higher effective prices. At the same time, we're increasing our focus and investment in new-to-the-franchise customers to broaden the sources of growth over time. Online services growth will continue to benefit from growth across money and payroll, partially offset by moderation in capital revenue growth as we increase the makeshift loans we sell through our forward-flow partners which have a lower revenue yield.

線上會計的成長包含在客戶需求日益複雜下持續升級，以及較高的有效價格。同時，我們正提高對「新加入本產品體系」客戶的聚焦與投資，以隨時間推進拓寬成長來源。線上服務的成長將持續受惠於資金（money）與薪資（payroll）的成長，但部分將被資本營收成長趨緩所抵銷，因我們提高透過前向流量合作夥伴出售之臨時貸款（makeshift loans）占比，而該類貸款的營收收益率較低。

For Desktop Ecosystem, we expect revenue to decline in the low single digits, primarily due to continued migration of customers to online offerings, including QBO Advanced, where we can better serve the increasingly complex needs. We expect consumer segment revenue growth of 4% to 6%. TurboTax revenue growth will be 2% to 3%. Our guidance reflects the deliberate actions we are taking to improve the price-value equation in DIY, grow quality customers, and increase our share of total IRS e-filers while continuing to scale assisted tax.

對於 Desktop 生態系，我們預期營收將以低個位數下滑，主要因客戶持續遷移至線上產品（包括 QBO Advanced），在那裡我們能更好地服務日益複雜的需求。我們預期消費者部門營收成長 4% 至 6%。TurboTax 營收成長將為 2% 至 3%。我們的指引反映我們正採取的審慎行動，以改善 DIY 的價格—價值關係、成長高品質客戶，並在持續擴大協助式報稅規模的同時，提高我們在 IRS 電子申報者總量中的占比。

These actions result in lower tax ARPCs in fiscal 2027, but are designed to strengthen the customer funnel and create greater value across the consumer platform over time. Our TurboTax guide assumes total IRS filers remain flat year-over-year. TurboTax live revenue growth should be mid-teens with a deceleration due to fewer DIY upgrades to assisted tax following strong success over the last two years, as Sasan noted.

這些行動將導致 2027 會計年度的稅務 ARPC 較低，但其設計目的在於強化客戶漏斗，並隨時間在消費者平台上創造更大的價值。我們的 TurboTax 指引假設 IRS 報稅人數年對年持平。如 Sasan 所提，TurboTax Live 營收成長應為十幾個百分點的中段，但由於過去兩年 DIY 升級至協助報稅的強勁成功，使得此類升級減少，成長將出現放緩。

We are focused on accelerating the growth of new-to-the-franchise customers given this is critical for durable, long-term growth. Credit Karma revenue growth should be 11% to 13%. As we continue to increase engagement and therefore monetization across the platform, our guidance reflects a prudent stance on the pace at which we expect to continue gaining share of partner demand following the strong growth in fiscal 2026.

我們專注於加速「新加入本品牌」客戶的成長，因為這對於可持續的長期成長至關重要。Credit Karma 營收成長應為 11% 至 13%。隨著我們持續提升平台參與度、進而提高變現能力，我們的指引反映出審慎立場：在 2026 會計年度強勁成長之後，我們預期持續取得合作夥伴需求份額的速度將如何推進。

ProTax revenue growth should be approximately 2%. And we expect Mailchimp revenue growth to be flat to down 1% year-over-year, with higher effective prices expected to offset the increased churn. As we realigned our internal structure under which Mailchimp is managed, we are focused on maximizing its value and delivering strong profitability.

ProTax 營收成長應約為 2%。我們預期 Mailchimp 營收年對年持平至下滑 1%，較高的有效價格預計可抵銷更高的流失率。在我們重新調整 Mailchimp 的內部管理架構後，我們專注於最大化其價值並帶來強勁的獲利能力。

Now to operating margin. We expect margin expansion driven by savings from workforce changes announced last quarter and continued efficiency gains both in how we serve our customers and how we work. We expect those savings to be partially offset by deliberate choices we are making this year to increase investments in areas such as sales and marketing, as we focus on growing our new-to-the-franchise customers as well as product innovation.

接著談營業利益率。我們預期利益率擴張將由上季宣布的人力調整所帶來的節省，以及在服務客戶方式與工作方式上的持續效率提升所驅動。我們預期這些節省將部分被我們今年刻意做出的選擇所抵銷，也就是增加在銷售與行銷等領域的投資，因為我們聚焦於擴大「新加入本品牌」客戶成長以及產品創新。

GAAP diluted earnings per share is expected to be $20.12 to $20.36 or a growth of 22% to 24%. And non-GAAP diluted earnings per share is expected to be $22.88 to $23.12 or a growth of 23% to 24%. This includes a $5.81 impact from shared base compensation expenses. We expect a GAAP tax rate of approximately 27% in fiscal 2027. For the first quarter of fiscal 2027, we expect total company revenue growth of approximately 11%. GAAP diluted earnings per share of $1.71 to $1.75 and non-GAAP diluted earnings per share of $2.44 to $2.48 inclusive of a $1.48 impact from shared base compensation expenses.

GAAP 稀釋每股盈餘預期為 20.12 美元至 20.36 美元，或成長 22% 至 24%。非 GAAP 稀釋每股盈餘預期為 22.88 美元至 23.12 美元，或成長 23% 至 24%。其中包含以股份為基礎的薪酬費用帶來 5.81 美元的影響。我們預期 2027 會計年度 GAAP 稅率約為 27%。對於 2027 會計年度第一季，我們預期公司總營收成長約為 11%。GAAP 稀釋每股盈餘為 1.71 美元至 1.75 美元，非 GAAP 稀釋每股盈餘為 2.44 美元至 2.48 美元，並包含以股份為基礎的薪酬費用帶來 1.48 美元的影響。

You can find a full fiscal 2027 and Q1 guidance details in our press release and in our fact sheet. As we enter the year, we are operating with a relentless focus on execution against the priorities we have laid out today.

您可在我們的新聞稿與資料表中找到完整的 2027 會計年度與第一季指引細節。在進入新年度之際，我們將以對執行的毫不妥協的專注，落實今天所提出的各項優先事項。

And as we look beyond fiscal 2027, our goal is to be a durable double-digit revenue growth company over the long term. The actions we are taking now are designed to strengthen the durability of a model. This will ensure we have all levers for growth available, volume, mix, and price. But we are being prudent in the contribution we have seen from each in our long-term expectations. Additionally, we are providing long-term expectations at the segment level only as this allows us the flexibility to lean into investments where we see momentum and can therefore scale the most successful growth initiatives.

展望 2027 會計年度之後，我們的目標是在長期成為一家營收維持雙位數成長、且具韌性的公司。我們現在採取的行動旨在強化商業模式的韌性。這將確保我們具備所有可用的成長槓桿：量、組合與價格。但在長期預期中，我們對於各項槓桿所帶來的貢獻採取審慎態度。此外，我們僅在事業部門層級提供長期預期，因為這能讓我們在看到動能時更具彈性地加大投資，並因此擴大最成功的成長計畫。

First, the Global Business Solution segment. We expect revenue to grow at a CAGR of 10% to 15% over the next three years. As noted, we are being prudent on the contribution we have seen for each lever of growth while focusing on strengthening the durability of our model. Growth will continue to be driven by on an ecosystem, including scaling our mid-market business and increasing adoption of our money and workforce services.

首先是全球商業解決方案（Global Business Solution）事業部門。我們預期未來三年營收將以 10% 至 15% 的年複合成長率（CAGR）成長。如前所述，在聚焦強化商業模式韌性的同時，我們對於各項成長槓桿的貢獻採取審慎態度。成長將持續由生態系驅動，包括擴大我們的中型市場業務，以及提高資金與人力服務的採用率。

Next, the Consumer segment. We expect revenue to grow at a CAGR of 4% to 8% over the next three years. Growth will be driven by increasing share of IRS e-filers, scaling assisted tax as we grow new-to-the-franchise filers, and driving consumer platform ARPC growth as we increase engagement of our personal finance offerings.

接著是消費者（Consumer）事業部門。我們預期未來三年營收將以 4% 至 8% 的年複合成長率（CAGR）成長。成長將由以下因素驅動：提升 IRS 電子申報者的市占、在擴大「新加入本品牌」申報者的同時擴大協助報稅規模，以及透過提高個人理財產品的參與度來推動消費者平台 ARPC 成長。

Disciplined capital allocation has long been core to how we run the company, and that will remain true in the years ahead. We are focused on investing with conviction in the highest return growth opportunities while continuing to drive efficiency across every business. We are committed to delivering margin expansion at the company level, even as a mixed shift to our services that include more AI capabilities and human expertise, given our operating discipline, efficiency gains, and shared-based compensation expense leverage.

嚴謹的資本配置長期以來一直是我們經營公司的核心，未來幾年也將維持不變。我們專注於以堅定信念投資於最高報酬的成長機會，同時持續推動各項業務的效率提升。即使我們的服務組合轉向包含更多 AI 能力與人力專業，我們仍致力於在公司層級實現利益率擴張，這得益於我們的營運紀律、效率提升，以及以股份為基礎的薪酬費用槓桿。

For shared-based compensation, we committed last year to lower the percentage of revenue by at least 1 point over three years. We are on track to be at 9% of revenue by fiscal 2028. While shared-based compensation continues to be an important recruiting and retention tool for top talent, we will scale this cost at a slower rate than revenue. And today, we are furthering our commitment. We now expect shared-based compensation as a percentage of revenue to be 8% by fiscal 2030.

就以股份為基礎的薪酬而言，我們去年承諾在三年內將其占營收比重至少降低 1 個百分點。我們正按計畫在 2028 會計年度達到占營收 9%。雖然以股份為基礎的薪酬仍是招募與留任頂尖人才的重要工具，但我們將以低於營收的速度擴張這項成本。而今天，我們進一步強化這項承諾。我們現在預期，以股份為基礎的薪酬占營收比重將在 2030 會計年度降至 8%。

And lastly, we remain committed to delivering annual non-GAAP EPS growth of at least high teens over the coming years. This commitment has been updated due to the inclusion of stock-based compensation expenses, as noted earlier.

最後，我們仍致力於在未來幾年實現每年非 GAAP 每股盈餘（EPS）至少達到十幾個百分點高段的成長。如先前所述，這項承諾已因納入以股份為基礎的薪酬費用而更新。

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

接下來，我把時間交還給 Sasan。

Thank you, Sandeep. We're laser-focused on the areas where our execution did not meet our expectations, particularly in new customer growth, while continuing to scale the Big Bets that are driving our momentum. Our priorities are clear, the organization is aligned, and we are executing with discipline to deliver measurable progress in fiscal year 2027.

謝謝你，Sandeep。我們高度聚焦於那些執行未達預期的領域，特別是新客戶成長，同時持續擴大推動我們動能的「重大押注」（Big Bets）。我們的優先事項很清楚，組織已對齊，我們以紀律執行，將在 2027 會計年度交付可衡量的進展。

Intuit has navigated periods of significant transformation before, and each time, we have emerged stronger by staying relentlessly focused on the customer and moving with speed. This moment gives us the same opportunity.

Intuit 過去也曾走過重大轉型的時期，而每一次，我們都因為始終如一地以客戶為中心並快速行動而變得更強。此刻也給了我們同樣的機會。

I have tremendous belief in our team, we have the best people in the industry, and I know what we can achieve when the entire company is aligned on what matters most and moving with conviction. This is how we're operating in fiscal year 2027. I'm energized by what's ahead and by what the team can accomplish for our customers and our shareholders. We look forward to going deeper as Investor Day next month.

我對我們的團隊充滿信心；我們擁有業界最優秀的人才，我也知道當全公司在最重要的事情上對齊並以堅定信念前進時，我們能達成什麼。這就是我們在 2027 會計年度的運作方式。我對未來以及團隊能為客戶與股東完成的成果感到振奮。我們期待在下個月的投資人日（Investor Day）進一步深入交流。

With that, let's turn it over to your questions.

接下來，我們進入提問環節。

(Operator Instructions)

（接線員指示）

Brad Zelnick, Deutsche Bank.

Brad Zelnick，德意志銀行（Deutsche Bank）。

Great. Thank you so much for taking the question. And Sasan and Sandeep, I appreciate you taking the opportunity to rebase the business in fiscal '27 focused on new customer acquisition and set up for an even brighter future. But what supports your confidence that this year is, in fact, the bottom of the J curve and that you're not experiencing some structural change perhaps brought on by AI?

很好。非常感謝讓我提問。Sasan 與 Sandeep，我很感謝你們把握機會在 27 會計年度重新校準業務，聚焦於新客戶獲取，並為更光明的未來做好布局。但你們的信心來自哪些支撐，認為今年確實是 J 曲線的底部，而不是正在經歷某種可能由 AI 帶來的結構性變化？

Yes, Brad, thanks for your question. I think the place I would start is I'm resetting expectations for the company because this is the perfect time to do it where we can play offense. And it comes down to two things. One, we're going to continue to scale our bets. They will continue to be the fastest-growing part of the company. And even within our Big Bets, we're going to really double down on acceleration of new to the franchise.

是的，Brad，謝謝你的提問。我認為我會先從重新設定公司預期開始，因為現在正是我們可以主動出擊的最佳時機。而這歸結為兩件事。第一，我們將持續擴大我們的押注規模。它們將持續成為公司成長最快的部分。而且即使在我們的「重大押注」（Big Bets）之內，我們也會真正加倍投入，加速推動對既有客群/既有業務版圖而言屬於新增的成長動能。

Now at the same time, with all of our AI investments we're making to make our experiences far better, we're really doubling down in core areas where I'm personally dissatisfied and hold myself accountable for the lack of performance, which is DIY tax and on the low end in the business group.

同時，隨著我們在 AI 上的各項投資以大幅提升體驗，我們也正加倍聚焦在核心領域——這些領域我個人並不滿意，並且我會為表現不佳負起責任，也就是 DIY 報稅，以及商業事業群的低端市場。

And I would just tell you that, Brad, it's important to go back to history. When you think years past, we were very focused on market share gains and new customer acquisitions. And in TurboTax, we were growing customers double digits. In the Business Group, we were growing customers north of 20%. We have to shift to really focus on building this agentic platform that we have built out to become the financial intelligence layer for our customers and really focusing our capital, our mind share on three bets: Assisted Tax, Money and Mid-market.

我也想告訴你，Brad，回顧歷史很重要。回想過去幾年，我們非常專注於市占率提升與新客戶獲取。在 TurboTax，我們的客戶數以雙位數成長。在商業事業群，我們的客戶數成長超過 20%。我們必須轉向，真正聚焦於打造我們已建構完成的代理式（agentic）平台，成為客戶的財務智慧層，並將資本與心力聚焦在三個押注：輔助報稅（Assisted Tax）、Money，以及中型市場（Mid-market）。

And now that's 30% of the company growing 34%. Going forward, we're going to do both, and we know how to do both. And when we focus on the company on achieving the outcomes we set out to achieve, we've always demonstrated that we can achieve it.

而現在，這部分占公司 30%，成長 34%。展望未來，我們兩者都要做，而且我們也知道如何同時做到。當我們讓公司聚焦於達成我們設定的成果時，我們一向都證明自己能夠做到。

I think what's very different is now we have a platform with a lot more services, a consumer platform with a lot more services, a business platform with a lot more services, serving new areas like assisted tax and mid-market. And I think with the focus on scaling Big Bets, the focus on taking market share, particularly, by the way, where the future of disruption can in fact come from AI, we will be the disruptor. And I'm eager to demonstrate that in the coming years.

我認為非常不同的是，現在我們擁有一個包含更多服務的平台：一個包含更多服務的消費者平台、一個包含更多服務的企業平台，並且服務像是輔助報稅與中型市場等新領域。我認為，隨著我們聚焦擴大「重大押注」、聚焦取得市占，尤其是未來的顛覆其實可能來自 AI，我們將會成為顛覆者。我也很期待在未來幾年證明這一點。

So that's our approach. It all comes down to stay, do and execution. So I would just say stay tuned.

這就是我們的方法。一切都歸結為策略、行動與執行。所以我只能說，敬請期待。

Thank you, Brad. So next question, please.

謝謝你，Brad。那麼請下一個問題。

Kirk Materne, Evercore ISI.

Kirk Materne，Evercore ISI。

Yeah, thanks very much and I appreciate the color on the forward guidance. I assume I'm maybe had some questions on is there a slippery slope in price for tax, meaning it makes a lot of sense to sort of go after and be aggressive at the DIY market from a price perspective. But does that cut into your ability to take price in the assisted market?

好的，非常感謝，也謝謝你對前瞻指引提供的補充說明。我想我可能有些問題是關於報稅定價是否存在「一路下滑」的風險，也就是說，從價格角度來看，在 DIY 市場採取更積極的策略確實很合理。但這會不會削弱你們在輔助市場提高價格的能力？

And I realize you're sort of more of the price disruptor in that market. But I was just kind of wondering if you could walk us through that, just to make sure we have a sense of why sort of changing the strategy of the low end, does it also bleed up to maybe change the strategy in the high end as we look out a couple of years?

我也理解你們在那個市場某種程度上更像是價格顛覆者。但我想請你帶我們梳理一下，確保我們理解：為什麼改變低端市場的策略，不會也向上外溢，進而在未來幾年改變高端市場的策略？

Yes. Sure, Kirk. Let me take your questions as you stated it. The market structure and the consumer behavior is very different in the assisted versus DIY. And it comes down to one very, very important and simple thing. And that is those that choose to have somebody else to do their taxes for them are looking for someone to own the review, own the signature and own the accountability of the review.

是的。當然可以，Kirk。我就照你提問的方式來回答。在輔助（assisted）與 DIY 之間，市場結構與消費者行為非常不同。而這歸結為一個非常、非常重要且簡單的因素。也就是：選擇讓別人替他們報稅的人，是在尋找一個能夠負責審核、負責簽署，並且對審核結果承擔責任的人。

And in that market, we have built out a virtual expert platform where what you have to be great at is scaling humans, and we've done that with AI. And so we can now do anybody's taxes for them at a very competitive price. And we now have the consumer platform benefits across money, across financial products to monetize beyond tax.

在那個市場，我們已建立一個虛擬專家平台，你必須擅長的是擴大人力規模，而我們已用 AI 做到了。因此，我們現在可以用非常具競爭力的價格替任何人完成報稅。而且我們現在也擁有消費者平台在 Money 與各類金融產品上的優勢，能在報稅之外進一步變現。

From a structure of the market, assisted is very different than DIY. I think if I go to DIY, the reason we're changing our approach is because we have lost quality customers, DIY customers, to low-cost providers. And we've demonstrated that we can deliver benefits and monetize across the consumer platform. And when you look at what we just talked about a moment ago, the customers that use both TurboTax and Credit Karma, their ARPC is twice what it is if you only use one product, and those customers grew 50%.

從市場結構來看，輔助市場與 DIY 非常不同。如果談到 DIY，我認為我們之所以改變做法，是因為我們已將高品質的 DIY 客戶流失給低成本供應商。而我們也已證明，我們能在整個消費者平台上提供價值並進行變現。再看我們剛才提到的：同時使用 TurboTax 與 Credit Karma 的客戶，其 ARPC 是只使用單一產品客戶的兩倍，而這些客戶成長了 50%。

And so what we want to do is really double down on winning at the right price entry point in DIY tax because we know we can deliver benefits and monetize across the consumer platform. But also remember, by acquiring these customers, we can grow with them over time. Three-fourth of our TurboTax Live customers actually came from DIY. So we've demonstrated the ability to deliver benefits and monetize.

因此，我們真正想做的是：在 DIY 報稅以合適的入門價格點加倍投入、贏回市場，因為我們知道我們能在消費者平台上提供價值並變現。但也請記得，透過獲取這些客戶，我們可以隨著時間與他們一起成長。我們的 TurboTax Live 客戶中，有四分之三其實是從 DIY 轉換而來。所以我們已證明自己具備提供價值並變現的能力。

And for us, it's actually a proven model. And now we can do both, not only serve assisted and win, which is 90% of the total addressable market, but make sure that our top of the funnel, which is DIY, is very, very strong. And that's the choice that we're making strategically.

對我們而言，這其實是一個已被驗證的模式。而現在我們可以兩者兼顧：不僅能服務並贏得輔助市場——那占整體可服務市場（TAM）的 90%——也能確保我們的漏斗頂端，也就是 DIY，非常、非常強健。這就是我們在策略上所做的選擇。

Thank you, Kirk. So next question, please.

謝謝你，Kirk。那麼請下一個問題。

Raimo Lenschow, Barclays.

Raimo Lenschow，Barclays。

Thank you. I get all the comments on tax on the GBS business. This time last year, we talked about like 15% to 20% growth in the long run. Today, you're talking 10% to 15%. The one question I'm getting from a lot of investors is that kind of pressure from like new entrants coming in there? Or what's driving the big delta there? Could you just kind of clarify that a little bit?

謝謝。我理解你們對 GBS 業務中報稅相關的所有評論。去年這個時候，我們談的是長期 15% 到 20% 的成長。今天你們談的是 10% 到 15%。我從很多投資人那裡聽到的一個問題是：這是否來自新進入者帶來的壓力？或者是什麼因素導致這麼大的差異？你能否稍微澄清一下？

Yes, sure. We are creating the pressure. We are not being pressured to make the change. And the way I would sort of talk about it is, one, a lot of our growth in the business group is actually coming from mid-market. We grew 39%. New customers grew 28%. Our overall customers will be 28%, new customers to the franchise grew over 30%. And mid-market customers are really important because of the adoption of services.

是的，當然。壓力是我們自己創造的。我們不是被迫改變。我會這樣說：第一，我們商業事業群的成長有很大一部分其實來自中型市場。我們成長了 39%。新客戶成長了 28%。我們的整體客戶將是 28%，新加入既有版圖（franchise）的客戶成長超過 30%。而中型市場客戶非常重要，因為他們會採用更多服務。

When we look at our QuickBooks Advanced offering, which is in the mid-market, payroll penetration and payments penetration are 12 points to 9 points higher. And so one, we want to continue to scale mid-market. We want to continue to drive the adoption of our services. And because of all of our AI-native sort of investments that we've made to become truly an AI-native ERP and serving both sides of the network, both the accountant and businesses, we want to continue to scale that. We want to continue to accelerate.

當我們看 QuickBooks Advanced 這個位於中型市場的產品時，薪資（payroll）滲透率與支付（payments）滲透率分別高出 12 個百分點與 9 個百分點。因此，第一，我們希望持續擴大中型市場規模。我們希望持續推動我們服務的採用。而且因為我們所做的各項 AI 原生投資，讓我們能真正成為 AI 原生的 ERP，並同時服務網路兩端——會計師與企業——我們希望持續擴大規模。我們希望持續加速。

And this has, by the way, taken years of work to be able to position our platform both from a product standpoint and a go-to-market standpoint to be able to serve mid-market. And we now want to double down in the area where we were not as focused as we need to be on new customer acquisition. And I want to give my team, I want to give the company flexibility to make sure that we are competitively positioned in the low end with all of the investments that we're making across AI to truly become the financial business intelligence layer, I want to make sure that we win these customers at the low end.

順帶一提，這也花了多年努力，才能從產品面與市場進入（go-to-market）面把我們的平台定位到能夠服務中型市場（mid-market）。而我們現在想要加碼投入在一個領域：也就是我們過去沒有像應該的那樣專注於新客戶獲取。我希望給我的團隊、給公司彈性，確保在低端市場（low end）具備具競爭力的定位；同時，配合我們在 AI 各方面的投資，真正成為財務商業智慧層（financial business intelligence layer），我也要確保我們能在低端市場贏得這些客戶。

And frankly, with a trusted brand like us with a great product winning customers in the low end, I can grow with them over time. And I want to reset expectations of a franchise that can grow at 10% to 15% to give my team, give the company the opportunity not only to scale mid-market, but to accelerate customer growth and accelerate market share. I'll remind you of the day -- (technical difficulty)

坦白說，以我們這樣值得信賴的品牌、加上優秀的產品在低端市場贏得客戶之後，我可以隨著時間與他們一起成長。我想重設一個能以 10% 到 15% 成長的基本盤（franchise）的市場預期，讓我的團隊、讓公司不僅有機會擴大中型市場規模，也能加速客戶成長並提升市占率。我提醒各位那一天--（技術問題）

Ladies and gentlemen, thank you for standing by. We apologize for that technical difficulty. At this time, our speakers are back in conference. Please proceed.

各位女士先生，感謝您稍候。我們對這次技術問題致歉。目前，我們的講者已回到會議中。請繼續。

I'll hand it back over to Sandeep to finish the response to that question.

我把時間交回給 Sandeep，請他完成對該問題的回覆。

Raimo, going to add a couple of factors to complement to what Sasan shared about the GBS long term, 10% to 15%. Just a reminder to also keep in mind the Desktop is nearly a quarter of the GBS business, and that is an ecosystem we expect is going to be declining. But outside of the Desktop, the areas that you have to underwrite confidence in the GBS, the mid-market only because it's a bit continue to grow at a very strong momentum as we shared.

Raimo，我補充幾個因素，來補足 Sasan 對 GBS 長期 10% 到 15% 成長所分享的內容。也提醒大家，Desktop 約占 GBS 業務將近四分之一，而我們預期那是一個會下滑的生態系。但在 Desktop 之外，你需要用來建立對 GBS 信心的領域——尤其是中型市場（mid-market）——因為它仍在延續並以非常強勁的動能成長，正如我們所分享的。

Thank you for the question, Raimo. And so we'll go to the next question, please.

謝謝你的提問，Raimo。那我們請進入下一個問題。

Siti Panigrahi, Mizuho. And it looks like we might have lost Siti. We will circle back to her. We'll go next now to Taylor McGinnis of UBS.

Mizuho 的 Siti Panigrahi。看起來我們可能與 Siti 斷線了。我們稍後會再回到她那邊。現在先請 UBS 的 Taylor McGinnis。

Yeah, hi, thanks for taking my question. You placed a big emphasis on growing new customers, and you mentioned earlier that online customer growth decelerated to 3%. So could you just comment on what you are seeing as the drivers of that slowdown and what might have changed?

是的，你好，謝謝讓我提問。你們非常強調新客戶成長，而且你先前提到線上客戶成長放緩到 3%。所以你能否談談你們看到造成放緩的驅動因素是什麼，以及可能有哪些改變？

And then secondly, just given the size of the QuickBooks business today, maybe you can talk about what's giving you guys comfort that -- (technical difficulty)

第二點，考量到 QuickBooks 目前業務規模，也許你可以談談是什麼讓你們有信心--（技術問題）

Ladies and gentlemen, again, sorry for the continued technical disruption. Again, we are back live in the conference. And Taylor, we are back on your question.

各位女士先生，再次為持續的技術干擾致歉。我們現在已再次回到會議直播。Taylor，我們回到你的問題。

Perfect, yes. I'll just repeat it in case you guys missed the beginning of it, but you placed a big emphasis on the new customer growth, mentioned online customer growth, in particular, decelerated. So maybe you could just talk through the drivers of that?

太好了，是的。我再重複一次，以防你們錯過前半段：你們非常強調新客戶成長，並提到線上客戶成長特別是出現放緩。所以也許你可以說明一下造成放緩的驅動因素？

And then secondly, just given the size of the QuickBooks business, what gives you a runway that -- or comfort that there's still runway ahead?

第二點，考量到 QuickBooks 業務規模，什麼讓你們覺得未來仍有成長跑道——或仍有信心前方還有跑道？

Yes. Taylor, let me jump in with the question. First and foremost, I would start with our TAM. We have a nearly $200 billion total addressable market, which is only penetrated by 7%. And so one, the TAM is quite significant.

好的。Taylor，我先來回答這個問題。首先，我會從我們的 TAM（總可服務市場）談起。我們的總可服務市場接近 2,000 億美元，目前滲透率只有 7%。所以第一，TAM 非常可觀。

Two, I would just remind us of the evolution where we've been really focused on building out our agentic platform and focused on mid-market. And really by focusing on mid-market, focusing on our services around Money and Workforce solutions. It's been a teacher of the cohort of customers we're winning with the go-to-market motions, the platform motions that have been in place. And that's really what's driving the significant growth going forward.

第二，我也想提醒大家我們的演進歷程：我們一直非常專注於打造我們的代理式（agentic）平台，並聚焦在中型市場（mid-market）。而透過聚焦中型市場、聚焦我們在 Money 與 Workforce 解決方案周邊的服務，這也讓我們更清楚：透過既有的市場進入動作（go-to-market motions）與平台動作（platform motions），我們正在贏得哪一群客戶。而這正是推動未來顯著成長的關鍵。

And we know how to acquire new customers. And this is why I would take us back to history, where we were growing double-digit customer growth on the low end. But now we're in a place where not only have we scaled our platform to be able to serve mid-market, we want to accelerate our growth in mid-market and accelerate our acquisition on the low end.

而我們也知道如何獲取新客戶。這也是為什麼我要帶大家回顧歷史：我們曾在低端市場實現兩位數的新客戶成長。但現在我們不僅已把平台擴展到能服務中型市場，我們也希望加速中型市場的成長，並加速在低端市場的獲客。

It's also taught us a lot around how to position our product and how to position the go to market. So with the introduction of QuickBooks Free and QuickBooks Lite, which has been recently introduced, we have over 20,000 customers through the last month that are active not only in QuickBooks Free and/or they have upgraded to upper SKUs, and we're monetizing payments.

這也讓我們學到很多：如何定位我們的產品，以及如何定位我們的市場進入策略（go-to-market）。因此，隨著近期推出 QuickBooks Free 與 QuickBooks Lite，上個月我們已經有超過 20,000 名客戶處於活躍狀態——不僅使用 QuickBooks Free，且／或已升級到更高的 SKU，而我們也正在透過支付（payments）變現。

And so one, the TAM opportunity is there. Two, we have really learned how to drive the growth that we need in mid-market, and we're going to continue to scale that. But then third, we have the right product with the right focus in our go-to-market to accelerate growth on the low end. And that's what gives us, one, confidence in building a competitive position and the durability of the model as we look ahead to set ourselves up for the future.

所以第一，TAM 的機會在那裡。第二，我們確實已學會如何推動中型市場所需的成長，而且我們會持續擴大規模。第三，我們具備正確的產品，並在市場進入（go-to-market）上有正確的聚焦，來加速低端市場的成長。這些讓我們有信心：第一，建立具競爭力的定位；第二，隨著我們展望未來，這個模式具備持久性，並讓我們為未來做好準備。

Thank you, Taylor. Next question, please.

謝謝你，Taylor。請下一個問題。

Siti Panigrahi, Mizuho.

Mizuho 的 Siti Panigrahi。

Thanks for taking my question. Going back to the guidance, you sharply lowered both GBSG and tax. And how much of this really you're seeing the pressure in the market versus you're kind of getting some sort of conservative in your guidance? Specifically tax now 2% to 3% even with the TurboTax Live going mid-teens, you get almost 8-point growth. It seems like on the standard, again, you are expecting another double-digit decline.

謝謝讓我提問。回到財測指引（guidance），你們大幅下調了 GBSG 與稅務（tax）。其中有多少是你們真的看到市場壓力，還是你們在指引上採取較保守的作法？具體來說，稅務現在是 2% 到 3%，即使 TurboTax Live 走在十幾%的成長，你們仍能帶來接近 8 個百分點的成長。看起來在標準（standard）部分，你們又預期會再出現一次兩位數下滑。

How much of that really seeing the pressure versus you could see some sort of pressure from AI or something unfortunate challenges you might see? That's already back into your guidance.

這當中有多少是你們真的看到壓力，還是你們可能預期會有來自 AI 的壓力或其他不利挑戰？而這些已經反映在你們的指引裡。

Yes, Siti, I would start with, I'm resetting expectations so that we can now do two things well. One is what I'm actually quite happy about, which is our growth that's being generated by our Big Bets. So when you look at assisted tax, money portfolio across consumer and business platform and mid-market, it's at 30% of the company growing over 34%.

好的，Siti，我會先從這點開始：我正在重設市場預期，讓我們現在能把兩件事都做好。第一件是我其實相當滿意的，也就是我們的「重大押注」（Big Bets）所帶來的成長。所以當你看協助式報稅（assisted tax）、涵蓋消費者與企業平台的 Money 產品組合，以及中型市場（mid-market），這些合計占公司 30%，且成長超過 34%。

I want to continue to scale that, and I want to actually double down on new to the franchise acquisition, which we talked about earlier. At the same time, we cannot accept the quality DIY customers that we lost in tax. And so what we are doubling down on is ensuring that we can be competitive on the low end. Because we know there are two things that we can do well. One is provide benefits to these DIY customers that's beyond tax that we can also monetize. But also, these are customers that we can grow with over time.

我希望持續擴大這項規模，並且我想在我們先前談到的「新加入本品牌（franchise）的客戶收購」上加倍投入。同時，我們不能接受在稅務業務中流失的高品質 DIY 客戶。因此，我們加倍投入的重點，是確保我們在低端市場具備競爭力。因為我們知道有兩件事是我們能做得很好的。第一，是為這些 DIY 客戶提供超越稅務的附加價值，而這些價值我們也能變現。此外，這些也是我們能隨時間一起成長的客戶。

A bunch of them over time go to TurboTax Live, which is the assisted segment. And so this really positions us competitively and durably to feed our growth model. And by resetting expectations, it gives the company, it gives our team a chance to really drive durable growth.

其中有相當一部分客戶會隨著時間轉向 TurboTax Live，也就是協助式（assisted）細分市場。因此，這確實讓我們在競爭上與長期韌性上都處於有利位置，能為我們的成長模型提供動能。而透過重設預期，這也讓公司、讓我們的團隊有機會真正推動具韌性的長期成長。

And yes, we are being prudent with how we're thinking about our guidance. We're being prudent of how we're thinking about long-term expectations because I want to make sure that our say-do is there, and I want to make sure that we build a durable model going forward. And those are the reasons in which we've made these decisions and choices.

是的，我們在思考指引（guidance）時採取審慎態度。我們在思考長期預期時也同樣審慎，因為我想確保我們言行一致（say-do），並確保我們能在未來建立一個具韌性的模型。這些就是我們做出這些決策與選擇的原因。

Thank you, Siti. Next question, please.

謝謝你，Siti。請進行下一個問題。

Arjun Bhatia, William Blair.

Arjun Bhatia，William Blair。

Sasan, maybe one for you just on timing. I think you sort of did a great job laying out the strategy and trying to get net new onto the platform. But when you think about the growth drop and the reacceleration, is fiscal 2027 enough to implement the changes you're looking to make in the business? Or is there a chance this transition can flip into perhaps fiscal '28 before we see the reacceleration in growth?

Sasan，可能有一題想請教你，主要是關於時程。我認為你在闡述策略、以及嘗試把淨新增（net new）用戶導入平台方面做得很到位。但當你思考成長下滑與再加速時，2027 財年是否足以落實你希望在業務上推動的變革？或者在我們看到成長再加速之前，這個轉型是否有可能延後到 2028 財年？

Yes, it's a great question. I'll say two things as context before I answer your question. One, what I'm really happy about is our progress on our Big Bets, both the scale of revenue, the size and scale across the company. And now we have an opportunity to accelerate new customer acquisition even across our Big Bets. So it's important to start there because that's a significant and material part of the company. It's a very large TAM. We have a very strong innovation pipeline, and we want to continue to scale our Big Bets.

是的，這是個很好的問題。在回答你的問題之前，我先提供兩點背景。第一，我非常滿意我們在「重大押注（Big Bets）」上的進展，無論是營收規模，或是在公司各部門的規模與量體。而現在，我們有機會在重大押注上也加速新客戶收購。所以從這裡開始很重要，因為這是公司相當顯著且具實質性的部分。這是一個非常大的 TAM（可服務總市場）。我們有非常強的創新管線（innovation pipeline），並且我們希望持續擴大我們的重大押注。

At the same time, I'm not happy in two areas: DIY tax and the fact that our online paying customers only grew 3%. And both of those, we know how to do well. And the history, again, is very important to look back on because these are both areas where we grew customers double digits. But because of our evolution to focus on our Big Bets, we now need to be able to do both because I'm not satisfied with where we are.

同時，我在兩個領域並不滿意：DIY 稅務，以及我們的線上付費客戶僅成長 3% 這件事。而這兩件事，我們都知道怎麼把它做好。而回顧歷史同樣非常重要，因為這兩個領域過去我們的客戶成長都是雙位數。但由於我們演進為聚焦重大押注，我們現在需要兩者兼顧，因為我對目前的狀況並不滿意。

With that said, with both of them, we've already taken decisive actions and put the actions in place, both in terms of how we pursue winning quality DIY customers, and we already know how to monetize them. But also what we've already launched with QuickBooks Free and QuickBooks Lite that is driving up our traffic and the 20,000 customers that we -- I just shared earlier based on new launches.

話雖如此，針對這兩個領域，我們已經採取果斷行動並把措施落地，包括我們如何爭取並贏得高品質 DIY 客戶，而且我們也已經知道如何將他們變現。此外，我們已經推出的 QuickBooks Free 與 QuickBooks Lite，也正在帶動我們的流量提升，以及我先前提到的、基於新產品推出所帶來的 20,000 名客戶。

And those are important context relative to we're doing this from a position of strength. And because AI is fueling a lot of our innovation on the low end, I want to make sure that a trusted brand like ours, when it comes to compliance and accuracy, I want to be able to increase our share because these are the customers we can grow with over time.

而這些背景之所以重要，是因為我們是從優勢地位來推動這些事情。而且由於 AI 正在驅動我們在低端市場的許多創新，我想確保像我們這樣在合規與準確性方面值得信賴的品牌，能夠提升市占，因為這些是我們能隨時間一起成長的客戶。

In terms of answering your question about will this pay off by 2028 or is it going to take longer, I think I would just say, I'd rather say do speak for it. I want to talk to you guys about our results on a quarterly basis, share the progress that we are making. And I think you will then be the judge of how quickly we are executing against these plans.

至於回答你關於這是否會在 2028 年前見效、或是否需要更久的問題，我想我會說，我寧可讓成果來說話。我希望按季度與各位談我們的結果，分享我們正在取得的進展。我想屆時你們就能判斷我們執行這些計畫的速度有多快。

I have confidence because we're scaling the bets today. I have confidence because we've driven new customer acquisition in the past. Now we focus the company on both. Let's watch our quarterly results. We'll update you, and you'll be the judge of how that's going to impact 2028.

我有信心，因為我們今天正在擴大這些押注的規模。我有信心，因為我們過去曾推動過新客戶收購。現在我們讓公司同時聚焦兩者。讓我們觀察每季的結果。我們會向各位更新，而你們將能判斷這將如何影響 2028 年。

And that was our last question. So Bo, I will hand it back over to you.

以上是我們最後一個問題。那麼 Bo，我把時間交還給你。

Thank you very much, Ms. Goodenough. Ladies and gentlemen. Again, that will conclude today's Intuit's fourth quarter and fiscal year 2026 conference call. We'd like to thank you all so much for your time and participation. You may disconnect at this time

非常感謝您，Goodenough 女士。各位女士、各位先生。再次提醒，今天的 Intuit 第四季與 2026 財年電話法說會到此結束。非常感謝各位撥冗參與。您現在可以掛線。