直覺電腦 (INTU) 2022 Q3 法說會逐字稿

Good afternoon. My name is Latif, and I will be your conference facilitator. At this time, I would like to welcome everyone to Intuit's Third Quarter Fiscal Year 2022 Conference Call. (Operator Instructions) With that, I will now turn the call over to Kim Watkins, Intuit's Vice President of Investor Relations. Ms. Watkins?

午安.我是拉蒂夫，本次會議的主持人。現在，我謹代表Intuit公司歡迎各位參加2022財年第三季業績電話會議。 （操作說明）接下來，我將把電話轉交給Intuit公司投資者關係副總裁金‧沃特金斯女士。沃特金斯女士？

Thanks, Latif. Good afternoon, and welcome to Intuit's Third Quarter Fiscal 2022 Conference Call. I'm here with Intuit's CEO, Sasan Goodarzi; and Michelle Clatterbuck, our CFO.

謝謝，拉蒂夫。下午好，歡迎參加 Intuit 2022 財年第三季財報電話會議。今天與我一起參加會議的還有 Intuit 的首席執行官 Sasan Goodarzi 和首席財務官米歇爾·克拉特巴克 (Michelle Clatterbuck)。

Before we start, I would 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 2021 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.

在正式開始之前，我想提醒大家，我們的發言將包含前瞻性陳述。許多因素可能導致Intuit的實際表現與預期有重大差異。您可以在我們今天下午早些時候發布的新聞稿、2021財年10-K表格以及我們提交給美國證券交易委員會（SEC）的其他文件中了解更多關於這些風險的資訊。所有這些文件都可以在Intuit官網（intuit.com）的投資者關係頁面找到。我們不承擔更新任何前瞻性陳述的義務。

Some of the numbers in these remarks are presented on a non-GAAP basis. We have 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.

本次發言中的部分資料以非公認會計準則（非GAAP）列示。我們已在今天的新聞稿中對相應的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本期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，您可在我們的網站上取得我們準備的發言稿及補充財務資訊。

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

接下來，我將把電話交給薩桑。

Thanks, Kim, and thanks to all of you for joining us today. I'm proud of our continued momentum as we execute on our strategy to be the global AI-driven expert platform powering the prosperity of consumers and small businesses.

謝謝Kim，也謝謝各位今天蒞臨。我們正朝著成為全球人工智慧驅動的專家平台這一策略目標穩步邁進，幫助消費者和小型企業繁榮發展，我為我們持續取得的進展感到自豪。

We have a nearly $300 billion addressable market driven by tailwinds that included a shift to virtual solutions, acceleration to online and omnichannel capabilities and digital money offerings. This, combined with the team's execution, is contributing to the strength of our performance.

我們擁有近3000億美元的潛在市場，這得益於許多好因素，包括向虛擬解決方案的轉型、線上和全通路能力的加速發展以及數位貨幣產品的普及。這些因素，再加上團隊的優秀執行，共同造就了我們強勁的業績。

Third quarter revenue grew 35%, including 6 points from the addition of Mailchimp. It was another strong quarter for our Small Business and Self-Employed Group, with revenue up 42%, 20% organically. Credit Karma posted another quarter, with revenue at an all-time high, up 48%. And I'm proud of how the team executed in the Consumer Group in an another unusual tax season.

第三季營收成長35%，其中Mailchimp的加入貢獻了6個百分點。我們的小型企業和自營商業務板塊也表現強勁，營收成長42%，其中20%為內生成長。 Credit Karma的營收再次創下歷史新高，成長48%。我為消費者業務板塊團隊在又一個不尋常的報稅季中的出色表現感到自豪。

We are confident in our business trajectory and are raising our total Intuit revenue and non-GAAP earnings per share guidance for fiscal year 2022. We expect to grow total company revenue 31% to 32% as our platform is in demand now more than ever.

我們對公司業務發展前景充滿信心，因此上調了2022財年Intuit的總營收和非GAAP每股收益預期。我們預計公司總收入將成長31%至32%，因為我們的平台現在比以往任何時候都更受歡迎。

Let me now turn to tax. Our multiyear strategy is to extend our lead in the do-it-yourself category and transform the assisted category with TurboTax Live. This strategy is working. This fiscal year, we expect our share of total IRS returns to be up approximately 1 point and our share of the do-it-yourself category to increase 2 points. We're also growing average revenue per return once again.

現在讓我談談稅務方面。我們的多年策略是鞏固我們在自助報稅領域的領先地位，並透過TurboTax Live革新輔助報稅領域。這項戰略正在奏效。本財年，我們預期在IRS報稅總量中所佔份額將成長約1個百分點，在自助報稅領域中所佔份額將成長2個百分點。此外，我們每份報稅單的平均收入也再次成長。

We expect customers in underpenetrated segments, including Latinx, self-employed and investors, to grow double digits in total. Within transforming the assisted category, we continue to make progress connecting people to experts with TurboTax Live. We anticipate achieving a significant milestone with TurboTax Live revenue reaching $1 billion in fiscal year 2022, growing approximately 30% and customers growing 20%. Note that, last year, TurboTax Live customer growth significantly benefited from the introduction of the free basic offer.

我們預計，包括拉丁裔、自僱人士和投資者在內的滲透率較低的細分市場中的客戶總數將實現兩位數成長。在推動輔助報稅服務轉型方面，我們持續推動TurboTax Live，協助使用者與專家建立聯繫。我們預計，TurboTax Live在2022財年的營收將達到10億美元，實現約30%的成長，客戶數量也將成長約20%，這將是一個重要的里程碑。值得注意的是，去年TurboTax Live客戶數量的成長主要得益於免費基礎版服務的推出。

We're proud of the progress against our strategy. However, slower total IRS returns growth is resulting in an expected Consumer Group revenue growth of 10% this fiscal year. We now expect overall IRS returns to decline 3% through July 31 compared to IRS returns growth of 3% to 4% in the last 2 seasons.

我們對戰略進展感到自豪。然而，由於美國國稅局 (IRS) 退稅總額成長放緩，本財年消費者集團的營收成長率預計將僅為 10%。我們現在預計，截至 7 月 31 日，IRS 退稅總額將下降 3%，而過去兩季 IRS 退稅額的成長率為 3% 至 4%。

This was driven by onetime stimulus filers that did not return this season and overall IRS extensions up significantly year-over-year, with the number of TurboTax customers filing extensions nearly doubling. As a reminder, every point of IRS return growth equals about 1 point of TurboTax revenue growth.

這主要是由於部分曾申請過紓困金的納稅人本季沒有再次申報，以及美國國稅局整體延期申報數量同比顯著增長，其中TurboTax的延期申報用戶數量幾乎翻了一番。要注意的是，美國國稅局申報數量每增加一個百分點，TurboTax的收入大約也會增加一個百分點。

We now expect the do-it-yourself category share of total IRS returns to be flat this year, below our expectations after growing an average of approximately 1 point per year over the last 2 years. Our hypothesis is that the do-it-yourself category performance was weaker than we expected due to the onetime stimulus filers, approximately 30% of whom were paid customers for us last season.

我們現在預計，今年自助報稅在國稅局總報稅表中的份額將與去年持平，低於我們先前的預期。過去兩年，該類別的份額平均每年增長約1個百分點。我們推測，自助報稅類別的表現弱於預期，主要是因為一次性提交刺激性報稅申請的人群，其中約30%是上個季度的付費客戶。

While the last 3 years were anything but normal, over the period, IRS returns grew on average 1 percentage per year and the do-it-yourself category gained an average of just over 0.5 point of share per year, consistent with long-term trends. Looking ahead, we expect more normal total IRS returns growth.

儘管過去三年情況特殊，但在此期間，美國國稅局 (IRS) 的申報總額平均每年增長 1%，而自助申報類別的份額平均每年增長略高於 0.5 個百分點，這與長期趨勢相符。展望未來，我們預期美國國稅局申報總額的成長將趨於正常。

More broadly, our AI-driven expert platform strategy is accelerating innovation and our 5 Big Bets are solving the largest problems our customers face. We continue to deliver strong proof points that demonstrate the success and are well positioned for durable growth in the future. As a reminder, these Big Bets are revolutionize speed to benefit, continue -- connect people to experts, unlock smart money decisions, be the center of small business growth and disrupt the small business mid-market.

更廣泛地說，我們以人工智慧驅動的專家平台策略正在加速創新，而我們的五大重點措施正在解決客戶面臨的最大難題。我們不斷提供強有力的證據來證明我們的成功，並為未來的永續成長奠定了堅實的基礎。再次強調，這些重點舉措包括：革新快速獲取收益、持續連接用戶與專家、助力用戶做出明智的投資決策、成為小型企業發展的中心以及顛覆小型企業中端市場。

Today, I would like to highlight examples of our recent progress across 3 of these Big Bets. Our third Big Bet is to unlock smart money decisions. We continue to see strong momentum with Credit Karma, a data platform where a powerful network effects solving a 2-sided problem. Our vision is to unlock smart money decisions by creating an autonomous financial platform that helps consumers find the right financial products, put more money in their pockets and connect them to insights and advice.

今天，我想重點介紹一下我們在三大重點領域近期的進展。我們的第三個重點是幫助人們做出明智的理財決策。 Credit Karma 持續保持強勁勢頭，這是一個利用強大的網路效應解決雙邊問題的數據平台。我們的願景是透過創建一個自主的金融平台，幫助消費者找到合適的金融產品，增加收入，並獲得相關的洞察和建議，從而幫助他們做出明智的理財決策。

In Credit Karma, we continue to innovate across all verticals, all proprietary Lightbox technology allows us to better personalize and connect members to the products that are right for them, providing more certainty to members and partners on the platform. We continue to see strength in credit cards and personal loans, with combined Lightbox penetration remaining very high.

在 Credit Karma，我們持續在所有垂直領域進行創新，所有專有的 Lightbox 技術使我們能夠更好地為會員提供個人化服務，並將他們與適合的產品聯繫起來，從而為平台上的會員和合作夥伴帶來更大的確定性。信用卡和個人貸款業務持續強勁成長，Lightbox 的綜合滲透率仍然非常高。

Lightbox approximately doubles the average approval rate of members who apply for credit cards on Credit Karma versus outside of Credit Karma, making it a competitive differentiator for both our members and partners.

Lightbox 使透過 Credit Karma 申請信用卡的會員的平均批准率比在 Credit Karma 之外申請的會員的平均批准率高出約一倍，這使其成為我們會員和合作夥伴的競爭優勢。

We continue to make progress combining our capabilities to fuel the success of both TurboTax and Credit Karma. We integrated Credit Karma Money into TurboTax filing experience, more than tripling the number of TurboTax Online customers who deposited their refund into their Credit Karma Money account this year.

我們持續推進雙方能力的整合，以協助TurboTax和Credit Karma的成功。我們將Credit Karma Money整合到TurboTax報稅流程中，今年使用TurboTax Online將退稅款項存入Credit Karma Money帳戶的用戶數量增加了兩倍多。

This gave them the ability to receive the refund up to 5 days earlier with direct deposits. These TurboTax customers drive Credit Karma member growth and like other Credit Karma members, get access to personalized products across the platform, which accelerates engagement over time.

這讓他們能夠透過直接存款的方式提前最多 5 天收到退款。這些 TurboTax 用戶推動了 Credit Karma 會員的成長，與其他 Credit Karma 會員一樣，他們可以存取平台上的個人化產品，從而隨著時間的推移提高用戶參與度。

Our fourth Big Bet is to become the center of small business growth by helping our customers get customers, get paid fast, manage capital, pay employees with confidence and grow in an omnichannel world. 60% of small businesses struggle with cash flow, and we continue to innovate to help customers overcome this challenge. In payments, we offer a single place where small businesses can get paid, pay others, manage money and access capital.

我們的第四項重大舉措是成為小型企業發展的中心，幫助客戶獲取客戶、快速收款、管理資金、安心支付員工薪酬，並在全通路環境中實現成長。 60%的小型企業面臨現金流困境，我們將持續創新，幫助客戶克服這項挑戰。在支付領域，我們提供一站式平台，讓小型企業能夠收款、付款、管理資金並獲得融資。

We are seeing more customers accessing loans through QuickBooks Capital, with loan volume at record level, more than tripling year-over-year in April. We have increased discoverability and expanded eligibility in the product. This is driven by our rich data and proprietary risk models, which allows us to use our customers' data on their behalf and with their permission to offer access to loans.

我們看到越來越多的客戶透過 QuickBooks Capital 獲得貸款，貸款額創歷史新高，4 月年增超過三倍。我們提高了產品的曝光度，並擴大了適用範圍。這得益於我們豐富的數據和專有的風險模型，這些工具使我們能夠在獲得客戶許可的情況下，代表客戶使用其數據，從而為他們提供貸款服務。

In addition to cash flow, getting and engaging customers remain a significant pain point for small and mid-market businesses. With Mailchimp, we are well on our way to becoming the source of truth for our customers, to help them grow and run their business.

除了現金流之外，取得和維繫客戶仍然是中小企業面臨的一大難題。借助 Mailchimp，我們正朝著成為客戶的資訊權威來源的目標穩步邁進，幫助他們發展和經營業務。

We have 3 acceleration priorities with Mailchimp: first, delivering on our vision of an end-to-end customer growth platform; second, disrupting the mid-market by developing a full marketing automation, CRM and e-commerce suite; and third, accelerating global growth with a holistic go-to-market approach. We continue moving with speed as we focus on product innovation, marketing and improving conversion.

我們與 Mailchimp 合作的三大加速重點是：首先，實現我們打造端到端客戶成長平台的願景；其次，透過開發一套完整的行銷自動化、客戶關係管理 (CRM) 和電子商務套件，顛覆中端市場；第三，透過整體市場推廣策略加速全球成長。我們將持續保持高速發展，專注於產品創新、行銷和提升轉換率。

First, we launched a customers and leads tab within QuickBooks Online, which allows new and existing customers to send revenue and customer data from QBO to MailChimp in real time, where small businesses can segment customers and automate marketing campaigns based on QuickBooks data. We're also saving customers time by bringing in their contact list into Mailchimp from other partners and platforms.

首先，我們在 QuickBooks Online 中推出了「客戶和潛在客戶」選項卡，新舊客戶均可透過該分頁將收入和客戶資料從 QBO 即時發送到 MailChimp，小型企業可以利用 MailChimp 對客戶進行細分，並根據 QuickBooks 資料自動進行行銷活動。此外，我們還幫助客戶將其他合作夥伴和平台上的聯絡人清單匯入 MailChimp，從而節省了他們的時間。

Second, we continue to invest in marketing. We are seeing early signs that the recent investments in paid media are driving growth in customer sign-ups across large markets like the U.S. We expect this to take time for it to translate into financial results, but we're excited about the potential.

其次，我們持續加大行銷投入。初步跡象表明，近期在付費媒體方面的投資正在推動美國等大型市場客戶註冊量的成長。我們預計這需要一段時間才能轉化為財務收益，但我們對未來的發展潛力充滿信心。

And third, we're focused on opportunities to improve conversion as we look at top-of-the-funnel traffic to how we deliver benefits in the product for our customers. This includes highlighting product benefits as soon as customers enter the product, improving the checkout page experience and streamlining in-product navigation.

第三，我們專注於提升轉換率，從漏斗頂端的流量著手，思考如何提供客戶產品價值。這包括在客戶進入產品頁面時立即突出產品優勢、優化結帳頁面體驗以及簡化產品內導航。

Our fifth Big Bet is to disrupt the small business mid-market with QuickBooks Online Advanced. During the quarter, we launched in Canada, the first market outside of the U.S., expanding the geographic reach of this offering.

我們的第五項重大舉措是利用 QuickBooks Online Advanced 顛覆中小企業市場。本季度，我們在加拿大推出了該產品，這是美國以外的首個市場，進一步擴大了該產品的地域覆蓋範圍。

Accelerating innovation and executing our strategy starts with our employees. I'm proud to share that we were Fortune's 100 Best Companies to Work For list for the 21st year in a row, this year proudly ranking #11. We remain focused on creating an environment where our employees can bring their whole selves to work and do the best work of their lives, which is reflected in our employee retention rate that is above our peers.

加速創新和執行我們的策略始於我們的員工。我非常自豪地宣布，我們連續21年榮登《財星》雜誌「100家最佳雇主」榜單，今年更是排名第11名。我們始終致力於營造一個讓員工能夠充分展現自我、成就卓越事業的工作環境，而我們遠超同行的員工留任率也印證了這一點。

Wrapping up, we feel confident in our long-term business strategy. Our strong business fundamentals, including our balance sheet, our speed of innovation and the demand for our platform continues to put Intuit in a position of strength. In the current macro environment, the benefits of our platform are more important than ever. We're proud to be the platform of choice for over 100 million customers around the world, who rely on Intuit to prosper.

綜上所述，我們對公司的長期業務策略充滿信心。我們穩健的業務基本面，包括良好的資產負債表、快速的創新能力以及市場對我們平台的強勁需求，都使 Intuit 始終處於優勢地位。在當前的宏觀環境下，我們平台的優勢比以往任何時候都更重要。我們很榮幸成為全球超過 1 億客戶的首選平台，他們依靠 Intuit 來實現業務成長。

Now let me hand it over to Michelle.

現在讓我把麥克風交給米歇爾。

Thanks, Sasan. For the third quarter of fiscal 2022, we delivered revenue of $5.6 billion, up 35%, including 6 points from the addition of Mailchimp, GAAP operating income of $2.4 billion versus $1.9 billion last year, non-GAAP operating income of $2.9 billion versus $2.2 billion last year, GAAP diluted earnings per share of $6.28 versus $5.30 a year ago and non-GAAP diluted earnings per share of $7.65 versus $6.07 last year.

謝謝，薩桑。 2022財年第三季度，我們實現營收56億美元，年增35%，其中Mailchimp的併入貢獻了6個百分點；GAAP營業收入為24億美元，而去年同期為19億美元；非GAAP營業收入為29億美元，去年同期為22億美元；GAAP攤薄後每股收益為6.28美元，去年同期為5.30美元；非GAAP攤薄後每股收益為7.65美元，去年同期為6.07美元。

On May 4, we entered into a settlement agreement with the state attorneys general regarding our advertising practices related to free tax preparation. This resulted in a $141 million onetime charge in our fiscal third quarter. Under the terms of the settlement, we admitted no wrongdoing. We are pleased to put this issue behind us so we can continue to focus on delivering innovative solutions for our customers.

5月4日，我們與各州總檢察長就我們免費報稅相關的廣告宣傳活動達成和解協議。這導致我們在第三財季計入1.41億美元的一次性費用。根據和解協議條款，我們並未承認任何不當行為。我們很高興能夠解決此事，以便繼續專注於為客戶提供創新解決方案。

Excluding the settlement charge, our fiscal third quarter GAAP and non-GAAP operating margin would have been 250 basis points higher and GAAP and non-GAAP earnings per share would have been $0.37 and $0.38 higher, respectively.

如果不計和解費用，我們第三財季的 GAAP 和非 GAAP 營業利潤率將分別提高 250 個基點，GAAP 和非 GAAP 每股收益將分別提高 0.37 美元和 0.38 美元。

Turning to the business segments. Consumer Group revenue was $3.2 billion, up 32%, reflecting the earlier IRS tax filing deadline this year. I'm proud of our execution this season as we expect to gain share and grow our average revenue per return.

接下來談談各業務板塊。消費者集團營收達32億美元，年增32%，主要得益於今年美國國稅局提前截止報稅。我對本季的業績表現感到自豪，我們預計將擴大市場份額並提高平均每筆退稅收入。

There are 4 primary drivers of our Consumer business. This data reflects our expectations through July 31, 2022 versus the prior year through July 31, 2021. The first is the total number of returns filed with the IRS. We now expect total returns to decline 3% this year, below our original expectation. Every point of IRS returns growth equals about 1 point of TurboTax revenue growth.

我們的消費者業務主要受四大因素驅動。這些數據反映了我們截至2022年7月31日的預期，並與去年同期（截至2021年7月31日）的數據進行了比較。首先是向美國國稅局 (IRS) 提交的報稅表總數。我們現在預計今年的報稅表總數將下降3%，低於我們最初的預期。 IRS報稅表數量每增加一個百分點，TurboTax的收入大約也會增加一個百分點。

The second is the percentage of those returns filed using do-it-yourself software. We expect the DIY category share of total IRS returns to be flat by the end of the year, also below our expectation.

第二個指標是使用自助軟體提交的報稅表所佔的百分比。我們預計到年底，自助報稅表在國稅局報稅表總數中所佔的份額將保持不變，也低於我們的預期。

The third driver is our share. We expect our share of total IRS returns to expand approximately 1 point this year, and our share of the DIY category to be up 2 points, excluding users of the TurboTax Free File offering in prior year periods.

第三個驅動因素是我們的市場佔有率。我們預計今年在IRS報稅總量中的份額將增長約1個百分點，在DIY報稅類別中的份額將增長2個百分點（不包括往年使用TurboTax免費報稅服務的用戶）。

The fourth is average revenue per return, which we expect to increase this year driven by a mix shift to TurboTax Live and our premier offering used by investors as well as fewer free customers.

第四點是每份申報表的平均收入，我們預計今年這一數字會成長，這主要得益於TurboTax Live和我們面向投資者的頂級產品組合的轉變，以及免費用戶的減少。

As a result of the weaker IRS returns, we now expect total customer growth of 1%, including TurboTax Online paying customer growth of 8% this year. We expect the base of customers paying us nothing in our commercial-free offering to decline 11% this year to just over 13 million, from over 14 million last year. This was driven by onetime stimulus filers that did not return this season, approximately 30% of whom were paying customers.

由於美國國稅局 (IRS) 的報稅量下降，我們預計今年的總客戶成長率為 1%，其中 TurboTax Online 的付費客戶成長率為 8%。我們預計今年使用我們無廣告服務的免費客戶數量將下降 11%，略高於 1300 萬，而去年為超過 1400 萬。這主要是由於一些曾經提交過刺激經濟計畫報稅表的納稅人今年沒有再次提交，其中約 30% 是付費客戶。

We now expect Consumer Group revenue growth of approximately 10% in fiscal 2022 versus our prior guidance of 10% to 11%, reflecting the decline of total IRS returns I mentioned earlier. We continue to expect Consumer Group revenue growth of 8% to 12% long term.

我們現在預計2022財年消費者業務集團的營收成長約為10%，低於先前10%至11%的預期，這反映了我之前提到的國稅局申報總量的下降。我們仍預期消費者業務集團的長期營收成長率為8%至12%。

Turning to the ProConnect Group. Revenue grew 10% in Q3, reflecting a shift in the timing of the IRS tax filing window year-over-year. For the full year, we now expect ProConnect Group revenue growth of 4% to 5%.

接下來是ProConnect集團。第三季營收成長10%，反映了美國國稅局報稅窗口期年比有所調整。我們預計ProConnect集團全年營收成長率為4%至5%。

In the Small Business and Self-Employed Group, revenue grew 42% during the quarter or 20% on an organic basis, excluding $257 million in revenue from Mailchimp. Online Ecosystem revenue grew 67% or 31%, excluding Mailchimp.

在小型企業和自僱人士群體中，本季營收成長了 42%，若不計 Mailchimp 貢獻的 2.57 億美元收入，則有機成長為 20%。線上生態系統收入成長了 67%，若不計 Mailchimp 貢獻，則有機成長為 31%。

With the aim of being the source of truth for small businesses, our strategic focus within the Small Business and Self-Employed Group is threefold: grow the core; connect the ecosystem; and expand globally. First, we continue to focus on growing the core. QuickBooks Online Accounting revenue grew 32% in fiscal Q3 driven mainly by higher effective prices, customer growth and mix shift.

為了成為小型企業的權威資訊來源，我們在小型企業和自營商業務集團的策略重點有三個方面：發展核心業務；連結生態系統；以及拓展全球業務。首先，我們將繼續專注於發展核心業務。 QuickBooks Online Accounting 在第三財季的營收成長了 32%，主要得益於更高的有效價格、客戶成長和產品組合的變化。

Second, we continue to focus on connecting the ecosystem. Online Services revenue, which includes Mailchimp, Payroll, Payments, Capital and Time tracking, grew 121% in fiscal Q3. Excluding Mailchimp, Online Services revenue grew 28%.

其次，我們繼續專注於連結生態系統。第三財季，包括 Mailchimp、薪資管理、支付、資本和時間追蹤在內的線上服務收入成長了 121%。若不計入 Mailchimp，線上服務收入成長了 28%。

Mailchimp revenue recorded in Online Services was $257 million in the quarter, and this was in line with our expectations. Within Payroll, revenue growth in the quarter reflects growth in Payroll customers and a mix shift to our Full Service offering. Within Payments, revenue growth reflects an increase in charge volume per customer and ongoing customer growth.

Mailchimp線上服務業務本季營收為2.57億美元，符合預期。薪資管理業務方面，本季營收成長反映了薪資管理客戶數量的成長以及客戶組合向全方位服務產品的轉變。支付業務方面，收入成長反映了每位客戶交易金額的增加以及客戶的持續成長。

Third, we continue to make progress expanding globally. Total international Online Ecosystem revenue grew 221% in fiscal Q3 on a constant currency basis and 29% on an organic basis, excluding Mailchimp. We believe the best measure of the health and success of our strategy is Online Ecosystem revenue growth, which we expect to grow better than 30% organically over time. This is driven by 10% to 20% expected growth in both customers and ARPC.

第三，我們在全球擴張方面持續取得進展。第三財季，國際線上生態系統總營收以固定匯率計算成長了221%，不計Mailchimp，以自然成長計算成長了29%。我們認為，衡量我們戰略健康狀況和成功與否的最佳指標是在線生態系統收入的成長，我們預計其有機成長率將長期超過30%。這主要得益於客戶數量和平均每用戶收入（ARPC）預計將成長10%至20%。

Desktop Ecosystem revenue grew 3% in the third quarter. QuickBooks Desktop Enterprise revenue grew mid-teens driven by strong customer growth and price increases. Longer-term, we don't expect the Desktop business to be a growth driver for the Small Business and Self-Employed Group.

第三季桌面生態系營收成長了3%。 QuickBooks Desktop Enterprise的營收成長了15%左右，主要得益於強勁的客戶成長和價格上漲。從長遠來看，我們預期桌面業務不會成為小型企業和自營商業務集團的成長動力。

Moving on to Credit Karma. Revenue grew 48% to $468 million in Q3, another record revenue quarter driven primarily by growth in average revenue per monthly active user. On a product basis, revenue growth was driven primarily by personal loans and credit cards and to a lesser extent, auto loans.

接下來是Credit Karma。第三季營收成長48%至4.68億美元，再次創下營收新高，主要得益於每月活躍用戶平均營收的成長。從產品來看，營收成長主要來自個人貸款和信用卡，其次是汽車貸款。

We are developing the emerging verticals by focusing on innovation with Credit Karma Money, which we believe is key to growing the frequency of visits over time. As Sasan shared earlier, we saw a more than tripling in the number of TurboTax Online customers who deposit their refund into their Credit Karma Money account this year. We remain excited about the opportunities ahead.

我們正透過專注於Credit Karma Money的創新來發展新興垂直領域，我們相信這是提升用戶訪問頻率的關鍵。正如Sasan先前提到的，今年將退稅款項存入Credit Karma Money帳戶的TurboTax Online用戶數量增加了兩倍多。我們對未來的機會充滿信心。

Turning to our financial principles. We remain committed to growing organic revenue double digits and growing operating income dollars faster than revenue. As we've shared before, as we lean into our platform strategy, we see the opportunity for margin expansion over time.

回到我們的財務原則。我們仍致力於實現兩位數的有機收入成長，並確保營業利潤的成長速度超過收入成長速度。正如我們先前所分享的，隨著我們大力推動平台策略，我們看到了利潤率逐步提升的機會。

We take a disciplined approach to capital management, investing the cash we generate in opportunities that yield an expected return on investment greater than 15%. We continue to reallocate resources to top priorities, with an emphasis on being an AI-driven expert platform. These principles guide our decisions and remain our long-term commitment.

我們秉持嚴謹的資本管理策略，將所創造的現金投資於預期投資報酬率超過15%的項目。我們將持續把資源重新分配到最重要的事項上，並專注於打造一個人工智慧驅動的專家平台。這些原則引導著我們的決策，也是我們長期的承諾。

Our first priority for the cash we generate is investing in the business to drive customer and revenue growth. We consider acquisitions to accelerate our growth and fill out our product road map. We return excess cash that we can't invest profitably in the business to shareholders via both share repurchases and dividends.

我們首要的任務是利用產生的現金投資於業務發展，以推動客戶成長和收入提升。我們會考慮透過收購來加速成長並完善產品路線圖。對於無法獲利性投資於業務的剩餘現金，我們會透過股票回購和分紅的方式返還給股東。

We finished the quarter with approximately $3.9 billion in cash and investments on our balance sheet. We repurchased $489 million of stock during the third quarter. Depending on market conditions and other factors, our aim is to be in the market each quarter. The Board approved a quarterly dividend of $0.68 per share, payable July 18, 2022. This represents a 15% increase versus last year.

本季末，我們的資產負債表上現金及投資總額約39億美元。第三季度，我們回購了價值4.89億美元的股票。根據市場狀況及其他因素，我們的目標是每季都進行股票交易。董事會批准派發每股0.68美元的季度股息，將於2022年7月18日支付。這比去年同期成長了15%。

Moving on to guidance. We are raising our full year fiscal 2022 revenue and non-GAAP earnings per share guidance to reflect the momentum we've seen throughout the year in the Small Business and Self-Employed Group and Credit Karma.

接下來是業績展望。我們上調了2022財年全年營收和非GAAP每股收益預期，以反映我們在過去一年中看到的小型企業和個體經營者集團以及Credit Karma業務的良好發展勢頭。

Our updated fiscal 2022 guidance includes revenue of $12.633 billion to $12.674 billion, a growth of 31% to 32%, including Mailchimp as of November 1 and a full year of Credit Karma, up from prior guidance of 26% to 28% growth. Excluding $765 million to $770 million in Mailchimp revenue, growth of 23% to 24%, up from prior guidance of 18% to 20% growth. GAAP earnings per share of $6.95 to $7.01, down from prior guidance of $7 to $7.17 -- excuse me, $7.16.

我們更新後的2022財年業績預期包括營收126.33億美元至126.74億美元，年增31%至32%，其中包括11月1日生效的Mailchimp以及Credit Karma全年業績，高於此前26%至28%的預期。若不計入Mailchimp的7.65億美元至7.7億美元營收，則較去年成長23%至24%，高於先前18%至20%的預期。 GAAP每股收益為6.95美元至7.01美元，低於先前7美元至7.17美元的預期——抱歉，應該是7.16美元。

We now expect a GAAP tax rate of approximately 20% this year, up from 18% previously. Non-GAAP earnings per share of $11.68 to $11.74, up from prior guidance of $11.48 to $11.64. Our fiscal 2022 guidance includes the impact of the $141 million onetime charge related to the state attorneys general settlement. Excluding this charge, our expected GAAP and non-GAAP operating margin would be approximately 110 basis points higher in fiscal 2022, above our prior guidance.

我們現在預計今年的GAAP稅率約為20%，高於先前的18%。非GAAP每股盈餘預計為11.68美元至11.74美元，高於先前預期的11.48美元至11.64美元。我們2022財年的績效指引包含了與州檢察長和解相關的1.41億美元一次性費用的影響。剔除此費用後，我們預期2022財年的GAAP和非GAAP營業利潤率將比先前預期高出約110個基點。

Expected fiscal 2022 GAAP and non-GAAP earnings per share would be approximately $0.37 and $0.38 higher, respectively. Our guidance for the fourth quarter of fiscal 2022 includes a revenue decline of 8% to 9%, reflecting the earlier tax filing deadline this year versus last year, GAAP loss per share of $0.53 to $0.47 and non-GAAP earnings per share of $0.94 to $1. You can find our full Q4 and fiscal 2022 guidance details in our press release and on our fact sheet.

預計2022財年GAAP和非GAAP每股收益將分別成長約0.37美元和0.38美元。我們對2022財年第四季的業績指引包括：營收下降8%至9%，這反映了今年的報稅截止日期較去年提前；GAAP每股虧損0.53美元至0.47美元；非GAAP每股收益0.94美元至1美元。您可以在我們的新聞稿和概況介紹中找到完整的2022財年第四季及全年業績指引詳情。

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, Michelle. And before closing, I wanted to mention the leadership changes in our Consumer Group that we shared in our earnings release today. Effective May 31, Greg Johnson, General Manager of the Consumer Group, will step down as the leader of Intuit's Consumer business to become CEO of McAfee. Varun Krishna, Senior Vice President and General Manager of TurboTax Growth Products, will succeed Greg as the General Manager of the Consumer Group.

好的，謝謝你，米歇爾。在結束之前，我想提一下我們今天發布的財報中提到的消費者業務集團領導層變動。自5月31日起，消費者業務集團總經理格雷格·約翰遜將卸任Intuit消費者業務的領導職務，轉而擔任麥克菲執行長。 TurboTax成長產品資深副總裁兼總經理瓦倫·克里希納將接替格雷格，並擔任消費者業務集團總經理。

Greg has done a tremendous job driving growth for our Consumer business, and I couldn't be happier for this next chapter for him. Intuit is well known for developing world-class leaders and Greg is no exception. McAfee is lucky to have him. At the same time, I couldn't be more excited to welcome Varun as the Consumer Group's next General Manager. With over 7 years of experience leading commercial and product innovation for TurboTax, Varun is perfectly suited for leading Consumer Group's next phase of growth.

格雷格在推動消費者業務成長方面做出了卓越的貢獻，我為他開啟人生新篇章感到無比高興。 Intuit 以培養世界級領導者而聞名，格雷格就是其中的佼佼者。 McAfee 能擁有他這樣的人才，真是幸運。同時，我也非常高興地歡迎瓦倫加入消費者業務部，擔任下一任總經理。瓦倫在 TurboTax 擁有超過 7 年的商業和產品創新領導經驗，完全有能力帶領消費者業務部邁向下一個成長階段。

We are seeing continued momentum across the entire company given our strategy of being an AI-driven expert platform that is powering prosperity for consumers and small businesses. I'm proud of the team and how we've delivered for our customers so far this year.

鑑於我們以人工智慧驅動的專家平台策略為核心，致力於提升消費者和小型企業的業績，公司整體發展勢頭強勁。我為團隊以及我們今年迄今為止為客戶提供的服務感到自豪。

And with that, let's now -- let's go now to your questions.

那麼，現在讓我們進入問答環節。

(Operator Instructions) Our first question comes from the line of Siti Panigrahi of Mizuho.

（操作說明）我們的第一個問題來自瑞穗銀行的 Siti Panigrahi。

It's very impressive to see strong momentum in Credit Karma as well as Small Business and how you raise the guidance. So Sasan, I'm wondering, given this geopolitical uncertainty and even some concern about any macro slowdown, how is Credit Karma positioned in terms of growth and also in your Small Business segment.

Credit Karma 和小型企業業務的強勁成長動能以及你們上調業績指引都令人印象深刻。 Sasan，鑑於當前的地緣政治不確定性，甚至對宏觀經濟放緩的擔憂，我想請教一下，Credit Karma 在增長方面以及在小企業業務領域處於怎樣的定位？

Yes, sure. Thank you for the question. I'll break down your question sort of in 3 parts, given that we are a platform company with sort of a great profile of businesses. I'll start with tax. I know that was not part of your question, but it's important to start there, which is tax is sort of very resilient in any type of an environment and it's more than 30% of the company's revenue when you look at both TurboTax and our ProTax business.

當然可以。謝謝你的提問。鑑於我們是一家平台型公司，業務範圍廣泛，我會將你的問題分成三個部分來回答。首先是稅務方面。我知道這並非你問題的核心，但從這裡開始很重要。稅務在任何經濟環境下都具有很強的穩定性，而且無論從TurboTax或ProTax兩大業務來看，稅務收入都占公司總收入的30%以上。

In Small Business, there is a flight to digitization to manage your cash flow. And just I would remind us that we are now fundamentally a growth and money center platform for small businesses. And so there is a flight to be able to manage your cash flow on our platform.

在小型企業領域，數位轉型已成為一種趨勢，旨在更好地管理現金流。我想再次強調，我們現在本質上是一個面向小型企業的成長和資金中心平台。因此，許多企業都希望透過我們的平台來管理現金流。

And the 2 stats that I would use that are very recent and sort of the here and now, one, our loan business had the record-high volume in April. It was 3x higher than it's been year-over-year. And our charge volume continues to be strong. As of last month, and even in this last week, our charge volume has been growing north of 30%.

我會引用兩個非常近期且具有現實意義的數據：第一，我們的貸款業務在四月份創下了歷史新高，是去年同期的三倍；第二，我們的收費業務也持續強勁增長。截至上個月，甚至就在上週，我們的收費業務成長率都超過了30%。

And I use those, couple of stats, just more as proof points in terms of the importance of our platform in these unique times. And when it comes to Credit Karma, first of all, on the demand side, I would say that when you get into tougher recessionary times, the demand for the products on our Credit Karma platform actually grows.

我引用這些統計數據，主要是為了證明我們的平台在當前特殊時期的重要性。就Credit Karma而言，首先，從需求方面來看，我認為在經濟衰退時期，對我們Credit Karma平台產品的需求實際上會成長。

Now it's -- the discussion is about the supply side. And in fact, with our partners, there's a flight to quality. This is where the power of the data that we have on our customers' behalf and Lightbox, that I've been talking about over the last couple of years, come into play because with our partners and the flight to quality, putting their credit card models on our platform, they're actually able to really get the kind of quality customers that they need.

現在討論的重點是供應端。事實上，我們的合作夥伴正在追求更高品質的產品。這正是我們代表客戶和Lightbox所掌握的數據力量發揮作用的地方，也是我過去幾年一直在強調的。因為透過我們的合作夥伴以及這種追求更高品質的趨勢，將他們的信用卡模型放在我們的平台上，他們實際上能夠獲得他們真正需要的高品質客戶。

And so it's just sort of a perfect match between members and partners, which is, by the way, why we saw the strength this past quarter of 48% growth and why the platform continues to be very resilient in these times. So those would be, I would say, the headlines I would share with you about our platform being in need at probably some very unique times, where our customers need us most.

因此，會員和合作夥伴之間可謂完美匹配。順便一提，這也是為什麼我們在上個季度實現了48%的強勁成長，以及為什麼我們的平台在當前情況下依然保持著強大的韌性。所以，我想跟大家分享的，就是我們平台在一些很特別的時期，在客戶最需要我們的時候，扮演了重要角色。

Sasan, thanks for covering the tax, but just a quick follow-up on TurboTax Live Full Service. This is the second year. What sort of trend you have seen, do you see more share gain from the assisted category or your own customer now moving more into Full Service kind of product?

Sasan，謝謝你幫我報稅，不過關於TurboTax Live全方位服務，我還有個後續問題。今年是第二年了。你觀察到了什麼樣的趨勢？是輔助服務類別的市佔率成長更多，還是你的客戶更轉向了全方位服務類型的產品？

Yes, great question. I would just start with there's 86 million customers that are in the assisted category and the TAM is over at $20 billion. And we hit a major milestone this year of delivering $1 billion of revenue, with TurboTax Live growing at 30%. So we are in the very early stages of what's possible in growth and penetration in the assisted category. And that is really the long term's really bright spot and future growth for TurboTax, which we are very excited about.

是的，問得好。首先，我們目前有8,600萬名用戶屬於輔助報稅類別，市場規模超過200億美元。今年我們實現了10億美元的營收，這是一個重要的里程碑，TurboTax Live的成長率達到了30%。因此，我們目前在輔助報稅類別的成長和滲透方面還處於起步階段，未來潛力巨大。這才是TurboTax長期發展的真正亮點和未來成長點，我們對此感到非常興奮。

Our next question comes from Kirk Materne of Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Kirk Materne。

This is [Gerald Van] calling in for Kirk. And congratulations on a great quarter. Maybe one for Michelle. Given some of the uncertainty in the macroeconomic environment, is there anything that you changed in terms of the forecasting process just to account for some greater uncertainty moving forward?

我是傑拉爾德·範，替柯克打個電話。恭喜你本季業績出色。米歇爾也應該祝賀你。鑑於宏觀經濟環境存在一些不確定性，為了因應未來更大的不確定性，你們在預測過程中是否做了任何調整？

Hi. Thanks for the question. Yes, as we see the macro environment unfolding, one of the good things that Sasan has shared is we really don't see a lot of -- have not seen a lot of impact to our business. It is one of the things that we are continuing to look for. But given the way our business works, the platform that we have and really, the need that small businesses and consumers have in times like these, even more for our products and our platform, we don't anticipate seeing an impact.

您好。感謝您的提問。是的，隨著宏觀環境的發展，Sasan 分享的一個好消息是，我們目前尚未看到對我們的業務產生太大影響。這也是我們持續關注的重點之一。但考慮到我們的業務模式、平台優勢，以及在當前情況下小型企業和消費者對我們產品和平台的迫切需求，我們預計不會受到太大影響。

And so we're always looking and to make sure, to see what's happening, but we haven't really changed anything with our forecast at this point in time in any -- as you can see with our guidance that we've given.

因此，我們一直在關注並確保了解情況，但就目前而言，我們還沒有真正改變任何預測——正如您從我們給出的指導意見中看到的那樣。

And the only thing I would add is the majority of our business, if not most of it, is highly predictable and for the most part, in some areas, it's subscription. Pretty much most of Small Business, which includes Mailchimp, is subscription. So the predictability is quite high, and we are very sort of data-driven in terms of what we look at daily to see our performance. And as Michelle said, that, combined with the indicators that we see, the demand remains very strong on our platform.

我唯一要補充的是，我們的大部分業務（如果不是全部的話）都具有很高的可預測性，而且在大多數情況下，某些領域採用的是訂閱模式。包括 Mailchimp 在內的大多數小型企業業務都是訂閱模式。因此，可預測性相當高，而且我們非常注重數據驅動，每天都會查看數據來評估績效。正如 Michelle 所說，結合我們所看到的各項指標，我們平台的需求依然非常強勁。

Our next question comes from Keith Weiss of Morgan Stanley.

下一個問題來自摩根士丹利的基斯‧韋斯。

Maybe let's start out with a question for Michelle. Just a point of clarification. So am I reading this right that we should add that -- or not add, but like the $0.38 is not included in your guide for the full year. So if it wasn't for that settlement, the EPS guide would be like $12.06 to $12.12. Is that the right way to read it?

或許我們可以先問米歇爾一個問題。只是想確認一下。我的理解沒錯吧，我們應該加上──或不用加，但那0.38美元並沒有包含在你們全年的指導價裡。所以，如果沒有這筆和解金，EPS指導價應該是12.06美元到12.12美元之間。我的理解對嗎？

That's exactly right, Keith. Because of the nature of the charge, the onetime, it's not an impact to the underlying structural part of our business. We wanted to make sure that you could see really what is the business driving. And so, yes, it actually would have been higher. It would have been the $0.37 higher on GAAP and $0.38 higher on non-GAAP for EPS for the full year.

沒錯，基斯。由於這筆費用是一次性的，所以不會對我們業務的基本結構造成影響。我們希望確保你們能夠清楚地看到真正驅動業務發展的因素。因此，是的，實際上全年每股收益會更高。以GAAP準則計算，每股盈餘會高出0.37美元；以非GAAP準則計算，每股盈餘會高出0.38美元。

Got it. Got it. So that wasn't my question, that was just a clarification. So the question is pace of operating margin expansion on a go-forward basis because it does seem like you're outperforming your original expectation for FY '22.

明白了，明白了。所以那不是我的問題，只是確認一下。我的問題是，未來營業利潤率的成長速度如何，因為你們2022財年的表現似乎超過了最初的預期。

You had talked about previously an ability to sort of have a consistent cadence of operating margin expansion on a go-forward basis. I think you talked about maybe like 100 basis points a year going forward. Does that change at all given sort of the outperformance you saw in FY '22? Or do you think that's still achievable on a go-forward basis?

您之前曾提到，未來可望維持營業利潤率持續成長的動能。我記得您說過，未來每年可能會成長100個基點。鑑於2022財年的優異業績，這個目標是否有改變？或者您認為未來仍能實現這一目標？

First of all...

首先...

Maybe Keith, I'll get -- oh, sorry, I didn't know it was for Michelle. Michelle, you can go for it.

或許基思，我會去——哦，抱歉，我不知道是給米歇爾的。米歇爾，你可以去試試。

I'm sorry, I thought it was for me. Sorry.

對不起，我以為是給我的。抱歉。

Well, you know how I am. I just jump in. You go.

你知道我的性格，我做事總是直接跳進去。你先來吧。

The margin questions are for Michelle.

關於利潤率的問題，請問米歇爾。

All right. All right. I'll be quiet.

好了好了，我不說話了。

Except when I lose my voice and can't talk. But no, you know we have our financial principles, first of all. So our financial principle is to grow revenue double digits and grow operating income faster than revenue. We haven't set out any target for what that margin expansion might look like over time. But we do see that it is possible because of the benefits of being on -- having the platform that we do.

除非我失聲說不出話來。不過，首先，我們是有財務原則的。我們的財務原則是實現兩位數的營收成長，營業利潤的成長速度要超過營收成長速度。我們沒有設定利潤率成長的具體目標。但我們認為這是有可能實現的，因為我們擁有這樣的平台。

And so besides being able to innovate more quickly and deliver for our customers, we do continue to see those opportunities as you're seeing this year, that we can really leverage key services and capabilities across our business. Whether that be in technology or customer success or sales and marketing, we do continue to see an opportunity there, although we have not given any type of specific range of what that expansion might look like.

因此，除了能夠更快地創新並更好地服務客戶之外，正如您今年所看到的，我們仍然看到一些機遇，可以真正充分利用我們業務中的關鍵服務和能力。無論是在技術、客戶成功或銷售和行銷領域，我們都看到了機會，儘管我們尚未給出任何關於這種擴張的具體方案。

Got it. Got it. And then for Sasan, I'm hoping to get an update on Mailchimp. It's -- you saw a nice sequential improvement this quarter, and I think that's going to surprise a lot of investors. It's definitely an area where investors have the most degree of caution.

明白了，明白了。至於Sasan，我希望能了解一下Mailchimp的最新情況。你們這季度業績環比有所改善，我認為這會讓許多投資者感到驚訝。這無疑是投資人最謹慎的領域之一。

And I think some of that comes from some of the data points that we look at. We look at like Google Trends, and it doesn't seem to be trending higher. I know a lot of my clients look at credit card panel data and they said that data has been pretty weak. But the performance has been, I think, a little bit better than expectation. Can you give us an update on how Mailchimp is doing and how far into that integration we are?

我認為部分原因在於我們關注的一些數據點。例如我們查看谷歌趨勢，發現成長趨勢並不明顯。我知道很多客戶都在關注信用卡樣本數據，他們也反映這些數據表現不佳。但就整體表現而言，我認為比預期略好。您能否介紹一下Mailchimp的進展以及我們目前的整合進度？

Yes. I'll tell you, Keith, we are probably more excited today as we sit here than we were even when we made the announcement because now we're into the work. And I would just say that we are delivering against our expectations. And our belief and confidence is that the best is yet to come.

是的。基思，我跟你說，我們今天坐在這裡時的興奮程度可能比當初宣布消息時還要高，因為我們現在已經投入到工作中了。我想說的是，我們的表現超出了預期。我們堅信，最好的還在後頭。

And very specifically, we're focused on creating a growth platform. So in one place, a customer can grow and run their business. And we now have proof points of the things that we're starting to deliver, like the customers and leads tab that's in QuickBooks, where now we are transferring all your customer and revenue data into a Mailchimp.

具體來說，我們專注於打造一個成長平台。這樣，客戶就可以在一個平台上發展和經營業務。我們現在已經有一些成果可以證明我們正在交付的功能，例如 QuickBooks 中的「客戶和潛在客戶」選項卡，我們現在可以將您所有的客戶和收入資料匯入 Mailchimp。

The second thing is really looking back the investment in marketing and knowing where to invest has been underwhelming. And that excites us as we look ahead. We've got some of our best marketing leadership teams now in Mailchimp, and the investments that we are making in terms of, one, go-to-market strategy, pricing principles and how to invest, is that we're starting to see some green shoots and with the investments that we're making, and we're quite good at these sorts of things. We foresee the financial results will be forthcoming.

第二點是，回顧過去，我們在行銷方面的投資以及投資方向的掌握一直不盡人意。但這也讓我們對未來充滿信心。 Mailchimp 擁有業界頂尖的行銷領導團隊，我們在市場進入策略、定價原則以及投資方式等所做的投資已經開始初見成效。憑藉這些投資，我們——而且我們在這方面也相當擅長——我們預計財務表現將很快顯現。

And then last but not least, both going upmarket, to mid-market and international. In fact, we -- we'll talk more about this at Investor Day, but we have refreshed our international strategy. And a big part of that will actually include Mailchimp because of the fact that half of their business came from outside of the U.S., really with little effort.

最後，也是非常重要的一點，我們正致力於拓展高階市場、中階市場和國際市場。事實上，我們會在投資者日上詳細討論這一點，但我們已經更新了國際策略。其中很重要的一部分將包括收購Mailchimp，因為他們一半的業務都來自美國以外，而且幾乎沒費什麼力氣。

So that was a long way of saying we're quite excited about our momentum and we're very excited about the trajectory of the business, and sort of the best, in terms of growth, is yet to come. And I don't think you're going to be able to pick up the performance of Mailchimp through Google Trends.

所以，說了這麼多，其實就是想表達我們對目前的成長動能感到非常興奮，對公司的發展軌跡也充滿信心，而且就成長而言，最好的時期尚未到來。我認為你無法透過Google趨勢來了解Mailchimp的表現。

Our next question comes from Brent Thill of Jefferies.

下一個問題來自傑富瑞集團的布倫特·蒂爾。

This is John Byun for Brent Thill. Just kind of -- actually, not a macro question. I wonder if you could remind us how you performed in past recessions and how it might be different for you this time. Obviously, you have Mailchimp and you have Credit Karma, but on the plus or minus side, and then I have a follow-up.

我是John Byun，替Brent Thill問個問題。其實，這不是個宏觀經濟方面的問題。我想請您回顧一下您在過去經濟衰退期間的表現，以及這次的情況會有哪些不同。您當然有Mailchimp和Credit Karma這樣的平台，但我想請您談談它們的優點和缺點。之後我還有一個後續問題。

Yes, sure. Thanks for the question. First of all, the last recession that we look back on, we actually grew 4%, and this is -- I think this was in 2008 and we grew 4%, where most of our peers actually declined. And so we perform well in recessionary times.

當然可以。謝謝你的提問。首先，回顧上一次經濟衰退，我們實際上實現了4%的成長，那是在2008年，當時我們的大多數同業都出現了下滑。所以，我們在經濟衰退時期表現良好。

I would also then go on to say we are a totally different company today than when we were in 2008 in terms of the strength of our platform today versus in 2008. One, we now have a platform and by definition, we're in the cloud. Whereas back then, we're primarily desktop.

我還要補充一點，就我們如今的平台實力而言，我們與2008年相比已經截然不同。首先，我們現在擁有一個平台，顧名思義，我們已經進入了雲端。而當時，我們主要面向桌面用戶。

We're in the cloud, where the tailwinds around digitization, a shift to a virtual world, a shift to online. Digitization to drive managing cash flow is actually essential for customers. And then you combine that with what I mentioned earlier with our Credit Karma platform, where demand is actually higher in a recessionary time. And our strength of our data and Lightbox capability makes them a great flight to quality for our partners, which is the current strength that we are seeing.

我們身處雲端，正處於數位轉型、轉型為虛擬世界和線上的大好時期。數位化對於客戶管理現金流至關重要。此外，正如我之前提到的，我們的 Credit Karma 平台在經濟衰退時期反而更受歡迎。我們強大的數據實力和 Lightbox 功能，使其成為合作夥伴提升信用品質的理想選擇，這也是我們目前的優勢所在。

So we would actually expect to perform better if it was exactly like-for-like compared to 2008. But nevertheless, those were the stats of the past recession on how we performed, and we're in a much stronger position today.

因此，如果與 2008 年的情況完全相同，我們實際上預期表現會更好。但無論如何，這些都是上次經濟衰退期間我們的表現統計數據，而我們今天的處境要好得多。

That's very helpful. And then just another quick one. On Mailchimp, I just wanted to see if you could update us on the progress in terms of where the growth is coming from. Is it still mainly from e-mail marketing? Or are you getting more traction with the broader CRM suite and the website builders in e-commerce?

這很有幫助。還有一個小問題。關於 Mailchimp，我想了解成長的來源。目前主要還是來自電子郵件行銷嗎？還是說，你們在更廣泛的 CRM 套件和電商網站建立工具方面也獲得了更多用戶？

Yes. I would say the majority of really the growth is still coming from just the viral word-of-mouth nature of the platform, and we are building out the capabilities of the platform. One of the biggest things that we've learned now, having the business as part of the company, is how much capabilities the platform has that customers don't know about and how many customers don't even know about Mailchimp because we've really never invested in marketing.

是的。我認為大部分成長仍來自於平台的病毒式口碑傳播，我們也在不斷完善平台的功能。現在，這項業務成為公司的一部分後，我們最大的感悟之一就是平台擁有許多客戶並不了解的功能，甚至許多客戶根本不知道Mailchimp的存在，因為我們以前從未真正投入過行銷。

And so a lot of what we're seeing is sort of just continued word of mouth because of the benefits that it delivers. With our investments in the product that I mentioned a moment ago, the investments that we are making strategically in marketing and that will accelerate over time, and then doing so, going upmarket and international, we expect that will be accretive to growth as we head into the future. But most of it right now is just, I would say, word of mouth.

所以，我們現在看到的許多成長都源自於口碑傳播，因為它確實帶來了許多好處。正如我剛才提到的，我們對產品進行了投資，並在行銷方面也進行了策略性投資，而且隨著時間的推移，這些投資還會加速成長。我們計劃透過這些投資，逐步拓展高端市場和國際市場，預計將促進我們未來的成長。但就目前而言，我認為大部分成長都來自口碑傳播。

Our next question comes from Brad Sills of Bank of America.

下一個問題來自美國銀行的布拉德·西爾斯。

This is Adam on for Brad. I guess my first question is can you compare and contrast any differences in demand you might be seeing between QuickBooks and Mailchimp, if at all? I know in the Enterprise category, you kind of see a division of spend between the 2, but I was kind of wondering if that's kind of different with -- given you guys kind of focus around the SMB.

我是 Adam，替 Brad 回答。我的第一個問題是，您能否比較一下 QuickBooks 和 Mailchimp 在市場需求上是否有差異？我知道在企業級市場，兩者的支出佔比大致相當，但考慮到你們主要面向中小企業市場，我想知道這種情況是否有所不同。

Sure. First and foremost, I would start with -- these are both subscription-based businesses and together, they create magic. Apart, one helps you manage your cash flow, which is QuickBooks, the other one helps you actually grow your business.

當然。首先，我要說的是──它們都是訂閱制業務，而且結合起來效果顯著。單獨來看，QuickBooks 可以幫助你管理現金流，而另一個工具可以幫助你真正發展業務。

And so I would say that the demand and the strength of the demand is fairly consistent for those customers, whether they're new or customers that have been in business for a while that realize that they have to find a way to market to their existing customers, to be able to grow with them and grow their wallet share, and also find ways to market their business on different channels, whether it's their website, whether it's on Instagram, Facebook, Amazon, Etsy.

因此，我認為對於這些客戶而言，需求和需求強度相當穩定，無論他們是新客戶還是已經經營了一段時間的客戶，他們都意識到必須找到一種方法來向現有客戶進行營銷，以便與他們共同成長並提高他們的消費份額，同時也要找到在不同的渠道上推廣業務的方法，無論是他們的網站，還是在 Instagram、Facebook、亞馬遜、Etsy 上。

And so the demand is consistent. It depends on what you're trying to do. And all businesses are trying to both grow their business and be able to run their business and manage the cash flow. And what they don't have is the platform in one place, nor do they have the data.

因此，需求一直都很穩定。這取決於你的目標。所有企業都希望既能發展業務，又能維持正常營運並管理現金流。但他們缺乏的是一個集中化的平台，也缺乏所需的數據。

And that's why bringing Mailchimp and QuickBooks together will, over time, actually drive higher retention, a higher expansion of services and wallet share and also higher penetration because what we can do together is hard to do apart.

因此，從長遠來看，將 Mailchimp 和 QuickBooks 結合起來，實際上會提高用戶留存率、擴大服務範圍和市場份額，以及提高市場滲透率，因為我們一起能做的事情，分開很難做到。

Got it. And then turning to TurboTax real quick. When I think of some of my favorite differentiators for the product, I think of just auto importing the investments or TT Live and Full Service. But it seems like a lot of the R&D work for those are done. So I guess, my question is where are like the incremental investments going in terms of R&D for TurboTax now?

明白了。然後我快速地轉向了TurboTax。要說這款產品最吸引我的地方，我想到的是自動導入投資訊息，以及TT Live和Full Service服務。但似乎這些方面的研發工作已經完成了許多。所以我想問的是，TurboTax現在在研發上的投入都用在哪裡了？

Sure. First of all, there is no destination to the investments. We are continuing to invest in machine learning and knowledge engineering to not only make the experts that are on our platform smarter so that we can lead how we answer questions through technology and not just through human labor, but two, in terms of how we do the matching and how we ensure that our -- really our technology, the bots, are engaging and answering the questions.

當然。首先，我們的投資沒有終點。我們持續投資機器學習和知識工程，不僅是為了提昇平台上的專家能力，從而讓我們能夠透過技術而非人工來引領問答方式；其次，也是為了改進匹配機制，確保我們的技術——也就是聊天機器人——能夠有效地參與並回答問題。

So we're getting better at this every single day, and we're going to continue to invest in that area. I think the other thing I would say is around the money. The biggest thing that we learned this year, where we're excited about next year, it's actually about everything in the assisted segment is about speed to taxes done and speed to my money.

所以我們每天都在進步，並且會持續加大這方面的投入。我想說的另一點是關於資金方面。今年我們學到的最重要的一點，也是我們對明年充滿期待的一點，實際上，在輔助服務領域，一切都圍繞著提高報稅速度和資金到賬速度展開。

And so the integration of Credit Karma into TurboTax, where you can now get early access to your refund, that's another area of investment for us because there's so much more we can do in the experience. So it's both getting you to a place where taxes are done and experts are smarter in terms of how they help you and also faster access to money and then being able to do that across very specific segments like investors, self-employed, Latinx and over time, the creator economy.

因此，將 Credit Karma 整合到 TurboTax 中，讓使用者現在可以提前獲得退稅，這是我們另一個需要投資的領域，因為我們可以在使用者體驗方面做得更多。這不僅能讓您更輕鬆地完成報稅，還能讓專家更專業地幫助您，並讓您更快獲得資金。此外，我們還希望能夠將這項服務推廣到投資者、自僱人士、拉丁裔以及未來的創作經濟等特定群體。

So our investments will continue in those areas. And remember, we invest at the platform level and at the company level. These are not just investments within TurboTax, but then they also benefit us in QuickBooks Live and other areas.

因此，我們將繼續在這些領域進行投資。請記住，我們的投資涵蓋平台層面和公司層面。這些投資不僅限於TurboTax，也惠及QuickBooks Live和其他領域。

Our next question comes from Kash Rangan of Goldman Sachs.

下一個問題來自高盛的卡什·蘭根。

Congratulations, Sasan and team, spectacular results. Sasan, I think some of us, including you, will fondly remember that back in the 2008, 2009 recession, Intuit was probably the only company or one of the few companies that actually grew its revenues right through the recession.

恭喜Sasan和他的團隊，取得了令人矚目的成績。 Sasan，我想我們中的一些人，包括你，都會記得，在2008年和2009年的經濟衰退期間，Intuit可能是唯一一家，或者說是極少數幾家在整個衰退期間都保持營收成長的公司。

Of course, we're not calling for anything specific here, but as someone running one of the most admired companies with significant exposure to the SMB space, I'm curious how Intuit's products are positioned in a way that it could help customers the most to be able to weather through this, as we all understand, the combination of inflation, rates, et cetera. And also, if you could -- I think that's quite a question. So I'll just pause with that and hear your thoughts. And congratulations.

當然，我們並非在此提出任何具體要求，但作為一家備受推崇、且在中小企業領域擁有豐富經驗的公司負責人，我很好奇Intuit的產品定位如何才能最大程度地幫助客戶渡過難關——正如我們都明白的，通貨膨脹、利率等等因素交織在一起，帶來了諸多挑戰。另外，如果您方便的話——我認為這確實是個值得探討的問題。所以我就先說到這裡，想聽聽您的想法。恭喜您！

Yes. Thank you, Kash, and thank you for the question. I'll use sort of tangible here and now answers so it doesn't seem overly generic. I would just start with saying that we are most important in tougher times than just in good times. And I'll start with Small Business.

是的。謝謝你，卡什，也謝謝你的提問。我會盡量給一些具體、切合實際的回答，以免顯得過於籠統。我想先說的是，我們在艱難時期比在順境中更為重要。我會先從小型企業談起。

There is an accelerated flight to digitization to manage your cash flow as a small business in these tougher times. And we're seeing that now. And the example, I think I used earlier, but is worth bringing up again is in the month of April, our volume of QuickBooks Capital loans was at an all-time high and 3x higher than the same time last year, where times were much, much better compared to what environment all of us see today.

在如今經濟情勢嚴峻的情況下，小型企業加速轉向數位化以管理現金流。我們現在就看到了這種趨勢。我之前舉過一個例子，值得再次提及：今年四月，我們的 QuickBooks Capital 貸款額創歷史新高，是去年同期的三倍。要知道，去年的經濟環境遠比現在好很多。

And the other is our Payments volume. Just in the last month, in the last week, we are growing north of 30%. This is our payments volume. So I use those as tangible examples just to state that we have truly become a growth platform and a money center for small businesses. And in times like this, we are in need, more than ever, because our capabilities are so different than the last time we were in a recession because we have all the capabilities with Mailchimp and QuickBooks to grow your business and help you with your cash flow.

另一個顯著的例子是我們的支付量。光是上個月，上週，我們的支付量就增加了30%以上。這就是我們的支付量。我用這些具體的例子來說明，我們已經真正成為小型企業的成長平台和資金中心。在當前情勢下，我們比以往任何時候都更需要這樣的平台，因為我們現在的能力與上次經濟衰退時期截然不同。我們擁有Mailchimp和QuickBooks的強大功能，可協助您發展業務並改善現金流。

And I'll just maybe pause there with Small Business, and I'll remind us that tax, both our ProTax and TurboTax business, is more than 30% of the company and it's resilient in very tough times because people have to do their taxes. And then last but not least is demand is higher in recessionary times on the Credit Karma platform. And there's actually a flight to quality.

我可能要先停一下，談談小企業業務。我想提醒大家，稅務業務，包括我們的ProTax和TurboTax兩大業務板塊，占公司總收入的30%以上，而且在經濟形勢嚴峻時期也表現出很強的韌性，因為人們必須報稅。最後，也是非常重要的一點，在經濟衰退時期，人們對Credit Karma平台的需求反而更高。實際上，這是一種「避險」現象。

And based on our data and Lightbox capability that's proprietary, more and more partners are wanting to be on Lightbox because they can actually control the quality of their offers, and it makes our platform even more in demand, which is what you saw in the last quarter. And so I would foresee that playing forward, which I think was the nature of your question, we are the best positioned to serve consumers and small businesses in tough times and good times.

基於我們的數據和專有的Lightbox功能，越來越多的合作夥伴希望加入Lightbox，因為他們可以有效控制其產品的質量，這使得我們的平台需求量更大，正如您在上個季度所看到的那樣。因此，我預計這種情況會持續下去，我認為這就是您問題的本質。無論經濟情勢好壞，我們都擁有最佳的優勢來服務消費者和小型企業。

Got it. That was just to clarify. Small business formation, that doesn't affect Intuit, so you -- they probably lag before you get to the point where they could prefer to buy Intuit products. So should we be concerned -- how concerned should we rather that small business creation might come to a standstill during the recession, how that might affect Intuit? That's it for me.

明白了。我只是想澄清一下。小型企業的成立不會影響Intuit，所以——在你達到他們可能更傾向於購買Intuit產品的階段之前，他們可能會有所滯後。那麼我們是否應該擔心——或者說，我們應該多擔心小型企業的成立在經濟衰退期間可能會停滯不前，這會對Intuit產生什麼影響？我的問題就這些。

Yes. Yes. I wouldn't be concerned at all. If you look at our history, when the formations were high, when the formations were low or negative, it really -- that's not the driver of the long-term or short-term health of the business. And so it is not something we worry about. It's actually not something we track. It's not something we talk about a lot until you all start asking questions, got it. So I would just say that it is not an area of concern for us.

是的，是的。我完全不擔心。回顧我們的歷史，無論市場格局高低，甚至出現負成長，這都不是影響公司長期或短期健康狀況的關鍵因素。因此，我們並不為此擔憂。事實上，我們也不會追蹤這方面的數據。除非大家開始提問，否則我們很少談論這方面的內容，懂了嗎？所以我想說的是，這並非我們關注的重點。

Our next question comes from Daniel Jester, BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Daniel Jester。

On TurboTax Live, just can you help us understand how much of the growth this year was from DIY customers transitioning to TurboTax Live versus how many were kind of net new to the platform this year?

關於 TurboTax Live，您能否幫助我們了解一下，今年的成長有多少是來自 DIY 用戶過渡到 TurboTax Live，又有多少是今年新加入該平台的用戶？

Yes. Thank you for the question. We don't break out the specifics, but I will take you back to why we love the TurboTax Live platform. One, there's more than 10 million people in the assisted segment that actually attrit and go to another person to help them with assistance within -- and these are directional numbers.

是的，謝謝你的提問。我們不打算透露具體細節，但我可以再說說我們為什麼喜歡TurboTax Live平台。首先，在接受協助的使用者群體中，有超過1,000萬人會流失，轉而尋求其他專業人士的幫助——而且這只是一個大致的數字。

Within TurboTax, there's probably more than 10 million people that log in but never actually finish their taxes. And then there's switching that happens back and forth between doing it yourself and then getting assistance.

在TurboTax平台上，可能有超過1000萬人登入過，但從未真正完成報稅。此外，用戶還會在自行報稅和尋求協助之間來回切換。

The reason I bring up those 3 figures is there's actually a lot of sort of movement in the tens of millions in each category and across the category, between do-it-yourself and assistance. And it's all driven by a lack of confidence. Can I do this myself? Did I do it right?

我之所以提到這三個數字，是因為實際上每個類別以及同一類別內部，在「自己動手做」和「尋求幫助」之間，都存在著數千萬人的波動。而這一切都源自於缺乏自信。 “我能自己完成嗎？”“我做得對嗎？”

And so when we look at the TurboTax Live platform and in fact, I would say, TurboTax as a whole, that's why we are now a platform where you can do it yourself, we can do it with you or we can do it for you across the platform. So our growth in TurboTax Live comes from all those 3 areas. There are those that switch from assisted. There are those that would have left DIY, that now stay with us and vice versa. It helps us with funnel metrics.

所以，當我們檢視TurboTax Live平台，實際上，我認為整個TurboTax平台都是如此。這就是為什麼我們現在是一個集自助報稅、協助報稅和代報稅於一體的平台。 TurboTax Live的成長正是源自於這三個面向。有些用戶從輔助報稅模式轉而使用我們的服務；有些用戶原本打算放棄自助報稅，但現在仍然選擇我們的服務；反之亦然。這有助於我們提升轉換率指標。

So that is the driver of where we are in TurboTax Live. That has been the driver looking backwards, and it will continue to be the driver looking ahead.

這就是TurboTax Live發展至今的驅動力。過去如此，未來亦然。

Great. That's really helpful context. And then just to stick with tax, the comment you made about you had 3x the number of TurboTax users who deposit their refund in a Credit Karma account, I wonder how much of a leading indicator actually is that. Do you track their balances? And is there any color you can share about what that can mean in the future?

太好了。這些資訊很有幫助。再說回稅務方面，您提到TurboTax用戶中有三倍的人會將退稅款項存入Credit Karma帳戶，我想知道這究竟有多大的參考價值。您會追蹤他們的帳戶餘額嗎？您能否分享一下這在未來意味著什麼？

Sure. First of all, we're really focused on the money benefit for our customers. And for those that live paycheck to paycheck, to get 5 days early access to their refund is really meaningful. So I'm super proud of our team for what they're doing here and because it really changes lives.

當然。首先，我們非常注重為客戶帶來經濟上的利益。對於那些月光族來說，能夠提前5天拿到退款真的意義重大。所以我為我們的團隊感到無比自豪，因為他們所做的一切確實改變了人們的生活。

With that said, we believe -- our hypothesis is, one, over time, this will actually help with TurboTax retention. These customers become new Credit Karma members. And then, as you know, Credit Karma on the Credit Karma platform, we're really good at leveraging what we know about you with your permission, to then really match you the financial products that are right for you and find ways to save money and get out of debt.

綜上所述，我們相信－我們的假設是，隨著時間的推移，這實際上將有助於提高TurboTax的使用者留存率。這些用戶會成為Credit Karma的新會員。而且，如您所知，在Credit Karma平台上，我們非常擅長利用我們掌握的關於您的資訊（經您授權），從而真正為您匹配合適的金融產品，並找到省錢和擺脫債務的方法。

So it's new customers on a platform that already has over 120 million members, that over time, as we engage them, we'll be able to monetize. We do watch their behaviors. Do they keep the money on Credit Karma Money, do they drain it, what we can help them with in terms of things they can do with that money to be able to build their credit. So it's really -- it truly feeds into the network effect of delivering benefits and the customers coming back for more benefits.

所以，我們吸引的是平台上已有超過1.2億會員的新用戶，隨著時間的推移，透過與他們互動，我們將能夠實現盈利。我們會觀察他們的行為，例如他們是否將錢留在Credit Karma Money帳戶裡，還是會花掉，以及我們可以如何幫助他們利用這些資金來提升信用評分。因此，這確實能產生網路效應，即透過提供福利來吸引客戶，促使他們再次光顧以獲取更多福利。

Our next question comes from Alex Zukin of Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Alex Zukin。

This is Strecker Backe on for Alex. So just with the success that you and everyone's been seeing with Credit Karma and Mailchimp, has it changed your view on doing additional M&A over the next 12 to 18 months? And are you even making -- do you consider more of these larger transformational deals?

這裡是Strecker Backe，為您報道Alex。鑑於您和大家在Credit Karma和Mailchimp專案上的成功，您是否改變了對未來12到18個月內進行更多併購的看法？您是否正在考慮進行更多此類大型變革性交易？

So can you just give us an update on how you're thinking about M&A right now? And would you say that maybe you're, resource-wise, you're very focused on integrating these companies still, or you have some room to take on additional deals if it's the right deal?

那麼，您能否簡單介紹一下您目前對併購的看法？您認為在資源方面，您是否仍然非常專注於整合這些公司，還是說如果您遇到合適的交易，您還有一些餘地去進行其他交易？

Yes. Thanks for the question. First, I'll start by saying our principles around acquisitions have not changed. For us, it is all about time-to-market and having a platform that can fundamentally power the prosperity of consumers and small businesses that we serve.

是的，謝謝你的提問。首先，我想說的是，我們關於收購的原則沒有改變。對我們而言，關鍵在於產品上市時間，以及打造一個能夠從根本上提升我們所服務的消費者和小型企業繁榮發展的平台。

And secondarily, we expect excellence from ourselves and our teams, and we expect these acquisitions to be building the kind of momentum that we are building. And we are -- we have a set of mechanisms within our Intuit operating system where we monitor very closely our progress against the deliverables, and I mean the product and marketing deliverables and the talent on the team and their engagement to really ensure that things are on track.

其次，我們期望自身和團隊都能做到卓越，也希望這些收購能延續我們目前正在累積的發展動能。事實上，我們在Intuit的營運體系中建立了一套機制，密切監控各項交付成果的進展情況，包括產品和行銷的交付成果，以及團隊人才及其敬業度，以確保一切按計畫進行。

And really, everything with both of these acquisitions is about acceleration. We only integrate as long as it accelerates. And so we have a very, I would say, good playbook in terms of how to make acquisitions. And in both cases, when you look at Credit Karma and Mailchimp, we bought the capabilities and the incredible talent because they do things that we're not great at and there are things we do that they're not great at, and together as a family, we can create magic.

實際上，這兩項收購的核心都在於加速發展。我們只會在整合能夠加速發展的情況下才會整合。因此，我認為我們在收購方面擁有一套非常有效的策略。無論是 Credit Karma 還是 Mailchimp，我們都收購了他們的能力和傑出的人才，因為他們擅長的領域正是我們不擅長的，反之亦然。我們攜手合作，就能創造奇蹟。

So with all of that said, it doesn't accelerate or decelerate what we are looking at from a time-to-market perspective. They're both on track in terms of our expectations. And we are very discrete in terms of how we allocate mindshare and resources to both of these assets. And frankly, the biggest hindrance for future acquisitions is how good their management team is. It is not our mindshare or our resources. So that's the way we think about it.

綜上所述，從上市時間的角度來看，這既不會加快也不會減慢我們的計畫。就我們的預期而言，這兩個項目都進展順利。我們在如何分配精力和資源方面對這兩個項目都非常謹慎。坦白說，未來收購的最大障礙在於其管理團隊的水平，而不是我們的精力或資源。這就是我們的看法。

Our next question comes from Brad Zelnick of Deutsche Bank.

下一個問題來自德意志銀行的布拉德‧澤爾尼克。

This is [Bob] on for Brad, and congrats on a strong tax year despite the IRS headwinds. Just sticking with tax quickly. Now that you've had a second year of more Basic Live SKUs under your belt, how should we think about the rate and pace of customers shifting from maybe a more Basic SKU to Deluxe or Premier and how that compares to the typical trajectory that you might see on the traditional TurboTax Online side of things?

我是Bob，替Brad問好。恭喜你們克服了國稅局的阻力，取得了不錯的報稅成績。我們繼續快速討論報稅。現在你們已經成功經營了第二年的基礎版Skype，我們該如何看待客戶從基礎版升級到豪華版或進階版的速度和趨勢？這與傳統TurboTax Online的典型使用者成長軌跡有何不同？

Yes, it's a really good question. First of all, I would tell you, having sort of experimented with our TurboTax Live Basic offer is a good experiment and had worked. The biggest thing that I would tell you that we learned in this -- particularly this last year is what really matters is speed to your taxes done with an expert and speed to money.

是的，這確實是個好問題。首先，我想說的是，我們之前對TurboTax Live Basic服務的試用是一次不錯的嘗試，而且效果很好。我想告訴大家的是，我們從中學到的最重要的一點——尤其是在過去一年裡——是真正重要的，是專家幫您快速報稅，以及快速拿到錢。

And that is an area where we are doubling-down going into next year because the majority of these customers, they want their taxes done right by an expert or if you do it for them, and they want access to their money as soon as possible, both of which we can deliver on.

明年我們將在這個領域加倍投入，因為大多數客戶都希望由專家或我們代為處理稅務事宜，並且希望盡快拿到退稅款，而這兩點我們都能做到。

And so really, in that context, folks that use an assisted method generally have a more complex situation. And we would expect, over time, the higher SKUs that we have, will play a bigger role when it comes to TurboTax Live.

因此，在這種情況下，使用輔助報稅方式的使用者通常會面臨更複雜的情況。我們預計，隨著時間的推移，我們擁有的更高階的 SKU 在 TurboTax Live 中將發揮更大的作用。

That's helpful there. And Sasan, just to the earlier point you made earlier on the call, just on international. Have you seen any change in terms of trends or new customer growth or even top-of-funnel with either QuickBooks or Mailchimp when you look internationally versus maybe more in the U.S.?

這很有幫助。薩桑，就你之前在電話裡提到的國際市場方面，你有沒有發現，在使用 QuickBooks 或 Mailchimp 時，國際市場與美國市場相比，在趨勢、新客戶增長，甚至是銷售漏斗頂端方面有什麼變化？

Yes. What is consistent is what I've shared before, which is, I would say, U.S. and Canada, and I'll just use COVID as an example, coming out of -- we're not out of COVID, but coming out of sort of the world shutting down, bounced back much faster than the other countries that we're in.

是的。始終如一的是我之前分享過的觀點，那就是美國和加拿大，我以新冠疫情為例，雖然我們還沒有完全擺脫新冠疫情，但在全球經濟停擺之後，我們的經濟復甦速度比其他國家快得多。

In the U.K., in Australia and France, there's been so many sort of start, stop, start, stop, that it's impacted the sort of building momentum in that country. And I don't mean us, I just mean how consumers and small businesses are thinking about managing their financial life.

在英國、澳洲和法國，經濟活動經歷了太多次的啟動、停止、再啟動、再停止，影響了這些國家的發展動能。我指的不是我們，而是指消費者和小型企業如何看待他們的財務管理。

So they're starting to bounce back, but they, for sure, are tracking behind the U.S. and Canada. And again, I'll say that what really excites us looking ahead is the possibilities to help customers grow their customers in small business with Mailchimp. That will be a bigger part of our future as we roll out our strategy and game plan. And we believe that, that will be, over the long term, accretive to our growth.

所以他們正在開始復甦，但可以肯定的是，他們仍然落後於美國和加拿大。再次強調，展望未來，真正讓我們感到興奮的是，我們有機會幫助小型企業客戶透過 Mailchimp 拓展客戶群。隨著我們策略和計劃的逐步實施，這將成為我們未來發展的重要組成部分。我們相信，從長遠來看，這將有利於我們的成長。

Our next question comes from Scott Schneeberger of Oppenheimer.

我們的下一個問題來自奧本海默公司的史考特‧施內伯格。

And congratulations. Sasan, I wanted to dig into -- this is kind of an overriding question on the cadence of the tax season, and I wanted to dig into the extension. You mentioned that the IRS has elevated extensions this year and you do as well.

恭喜你。薩桑，我想深入探討——這其實是關於報稅季節奏的關鍵問題——我想深入了解延期報稅的情況。你提到國稅局今年增加了延期次數，你也提到了這一點。

Could you just speak a little bit more to that and address might there be any variability, good or bad, relative to what you're expecting for the volume for the full year, just on where your fiscal year ends and potential extension deadlines?

您能否再詳細談談這個問題，並說明一下，相對於您全年的預期銷量，在財政年度結束日期和可能的延期截止日期等因素的影響下，實際銷量是否會有任何波動（無論是好是壞）？

Yes. Sure, Scott. Well, first of all, I'll start with the headline, which is there could be. But now, let me give you more specifics, with the guidance and what we're talking to you about, is for our fiscal year, which is through the end of July. And I'll start at the top. The IRS returns through July, we are observing that it will be down 3 points, and it's driven by stimulus filers that didn't come back, about 30% of them were actually paying customers, and IRS extensions being up. And in our base, they're nearly doubled.

是的，斯科特。首先，我先從標題說起，那就是可能會有改變。現在，讓我根據指導意見和我們討論的內容，具體說明一下，我們討論的是本財年的情況，也就是到7月底為止。我先從最重要的說起。我們觀察到，截至7月份，美國國稅局的報稅率將下降3個百分點，這主要是由於一些申請刺激計劃稅款的人沒有申報，其中約30%的人實際上是付費客戶，以及國稅局延期申報的數量增加。在我們統計的基數中，延期申報的數量幾乎翻了一番。

And so we've made some assumptions in terms of what will happen through July. And of course, we'll talk to you all more as we talk about our guidance for next fiscal year because we've not made those estimates, and we won't communicate it today because our focus was what we communicate to you through July.

因此，我們對七月之前的情況做了一些假設。當然，在討論下一財年的業績指引時，我們會和大家進一步溝通，因為我們還沒有做出這些預測，今天也不會透露，因為我們的重點是七月之前要和大家溝通的內容。

But certainly, the extensions, most of those customers, at some point, come back, and -- but we have not estimated what that will be after July. And we do expect, just so it's said again, that IRS total returns will be more normal next year because, in essence, this year, we're digesting what happened in the last 2 years because of all the stimulus filers and we would expect it to be more back to the normal flat or up as we look into the future.

當然，這些延期申請的大部分客戶最終都會回來——但我們尚未預測7月後的情況。我們預計，明年美國國稅局的申報總量將更加正常，因為實際上，今年我們正在消化過去兩年因刺激計劃而產生的影響，我們預計未來申報總量將恢復正常水平或略有增長。

Yes. Certainly, that would make sense. The -- and just as a follow-up, still in tax. When Michelle has given her part on revenue per return, she called out TurboTax Live in Premier. So in the Latinx Self-Employed, Investment category, I assume that's probably a little bit more weighted to that double-digit growth on the Premier, the Investor category.

是的，這當然說得通。 ——另外，關於稅務方面，米歇爾在談到每份報稅單的收入時，特別提到了TurboTax Live Premier版。因此，在拉丁裔自僱人士和投資類別中，我推測Premier版和投資類別兩位數的成長可能佔比較高。

Just curious, is that so? And also, for the Latinx Self-Employed and Investor group, how sustainable is that growth? You've got really nice growth for a few years. Is there a long runway to that?

我只是好奇，情況真是如此嗎？另外，對於拉丁裔自僱人士和投資者群體來說，這種成長能持續多久？你們這幾年成長動能確實不錯，這種成長動能還能持續很久嗎？

Yes, for sure. Let me start with the latter part of your question. When we look at the assisted category, where there's more than a $20 billion TAM, and by the way, there's another $10 billion TAM, which is business tax that we've not talked about, so in total, it's $30 billion, TurboTax Live is $1 billion. And so we've got a lot of runway. And as you've heard me talk in prior years, we're sort of in the early days and we got a 10-year run here. Hopefully, now that we've divulged how big TurboTax Live is, you can see how much runway we have.

當然。我先回答您問題的後半部。讓我們來看輔助報稅類別，其市場規模超過200億美元，順便提一下，還有100億美元的市場規模，那是我們之前沒提到的企業稅，所以總共是300億美元，TurboTax Live的市場規模是10億美元。因此，我們還有很大的發展空間。正如您之前幾年聽到的，我們目前還處於起步階段，未來十年我們都有發展潛力。希望現在我們已經向您展示了TurboTax Live的規模，您就能明白我們擁有多麼廣闊的發展前景了。

So there's a lot of runway there. There's also a lot of runway in our underpenetrated segments. We are truly just getting started with Latinx, Self-Employed and the Investor segment because we are actually undershared in those segments, based on all the data that we see. And so when we look at those segments, which is both do-it-yourself and in the assisted segment, we also have an equal runway.

所以，這方面還有很大的發展空間。我們在滲透率較低的細分市場也有很大的發展空間。根據我們掌握的所有數據，我們在拉丁裔、自僱人士和投資者這幾個細分市場的份額實際上還很低，所以我們才剛起步。因此，當我們檢視這些細分市場時，無論是自助型還是輔助型市場，我們都擁有同樣龐大的發展空間。

And we believe, down the road, the creator community -- the creator segment will continue to become a larger part of those that choose to do taxes, and that's an area where we will be focused over time as well. So that was a long answer to your short question. I think the headline I would leave you with is, yes, there is a runway for sure. And it's a multiyear runway in all of those areas.

我們相信，未來創作者群體——也就是選擇報稅的人群——將會佔據越來越大的份額，而這也將是我們未來關注的重點領域。以上是對您簡短問題的詳細回答。我想最後總結的是，是的，我們肯定還有發展空間。而且在所有這些領域，這都是一個長達數年的發展空間。

Our next question comes from Kartik Mehta of Northcoast Research.

我們的下一個問題來自 Northcoast Research 的 Kartik Mehta。

Just going down the tax segment a little bit. I think Michelle said that you expect the DIY segment to be flat. And I'm wondering, I know the last few seasons have been a little bit different. And I'm wondering as we move forward to next year, what you would expect over the next 2, 3 years for the DIY segment growth to be.

再稍微聊聊稅務方面。我記得米歇爾說過，你預計DIY市場會保持穩定。我知道最近幾季情況略有不同，所以我想知道，展望明年，你預計未來兩三年DIY市場會如何成長？

Yes. Thanks for the question. And I'll start with the first part of what you led with. When we look at the last 3 years and even more historically, IRS returns has been up about 1 percentage and the DIY category has grown about 0.5 point. And so when you look at the last 3 years with all the anomalies, that also holds true.

是的，謝謝你的提問。我先回答你提出的第一個問題。如果我們回顧過去三年，甚至更長的歷史數據，國稅局的報稅率增加了約1%，而自助報稅的比例增加了約0.5個百分點。即使考慮到過去三年的各種異常情況，這個結論仍然成立。

And the way we keep score is our share of the total IRS returns, with respect to just now the platform that we have, where you can do it yourself or we'll do it for you on the other spectrum, but specifically, to answer your question, we do believe, over time, that the DIY category will continue to grow just as it has grown historically. So we do believe that this is just, I would say, a year where we're digesting all of the anomalies in the last 2 years.

我們衡量業績的方式是看我們占美國國稅局總申報量的份額。就我們目前的平台而言，您可以選擇自行申報，也可以選擇由我們代為申報。但具體來說，回答您的問題，我們相信，隨著時間的推移，自助申報的比例會像以往一樣繼續增長。因此，我們認為今年只是消化過去兩年各種異常情況的一年。

And this is on Credit Karma, you talked a little bit about how banks will -- or credit card issuers will rely on Credit Karma even more during a recession. And I'm wondering if you've seen any signs of banks starting to tighten the credit standards and if that is a benefit yet to Credit Karma.

關於Credit Karma，您剛才提到，在經濟衰退期間，銀行或信用卡發行機構會更依賴Credit Karma。我想知道您是否已經看到銀行開始收緊信貸標準的跡象，以及這是否對Credit Karma有利。

Yes. We have over 120 partners on our platform, and these partners, they're big and they're small. And with that as context, are always experimenting and adjusting, both in good times and not so good times, their credit cycle and they jump between bands, whether they're more interested in those that have a credit band below 620, which is subprime, or between 620 to 700, which is prime or near-prime, and then, of course, anything over 700, which is prime.

是的。我們的平台上有超過120家合作夥伴，這些合作夥伴規模大小不一。正因如此，無論經濟狀況好壞，他們都在不斷嘗試和調整自己的信用週期，並在不同的信用等級之間切換。他們可能更關注信用評分低於620（次級貸款）的客戶，也可能更關注620到700（優質或接近優質貸款）的客戶，當然，他們也關注信用評分高於700（優質貸款）的客戶。

And the point is, based on our platform and the demand on our platform and the supply on our platform, we see very good supply across all of the bands because of the focus areas of the partners. And so that drives the strength that we saw this last quarter, and we would expect it going forward in context of our guidance.

關鍵在於，基於我們的平台、平台上的需求以及平台上的供應情況，我們看到所有頻段的供應都非常充足，這得益於合作夥伴的重點領域。因此，這推動了我們上個季度業績的強勁成長，並且根據我們的業績指引，我們預計未來業績也將保持強勁勢頭。

Our next question comes from Brad Reback of Stifel.

我們的下一個問題來自 Stifel 公司的 Brad Reback。

Sasan, as you work to put together the fiscal '23 operating plan in the coming weeks and months, what type of forward indicators are you focused on internally and externally to sort of inform that decision?

Sasan，在接下來的幾週和幾個月裡，當你著手製定 2023 財年營運計畫時，你在內部和外部關注哪些類型的前瞻性指標來為該決策提供依據？

Yes, Brad, a great question because we're actually -- we are done with our 3- and 1-year plan. And the way our cycle works is while we're in the heat of delivering this year, we finish our planning for next year.

是的，布拉德，問得好，因為我們實際上已經完成了三年和一年的計劃。我們的運作模式是，今年全力以赴完成各項工作的同時，我們會完成明年的計畫。

We look at a few things. One, we look at secular trends. We look at facts and figures on our platform. So the secular trends are what I've mentioned earlier, which is a shift to using virtual solutions, an acceleration to online and omnichannel and an acceleration to using a digital money platform.

我們關注幾個方面。首先，我們會關注長期趨勢。我們會查看我們平台上的數據和事實。這些長期趨勢正如我之前提到的，包括向虛擬解決方案的轉變、加速向線上和全通路模式發展，以及加速使用數位貨幣平台。

So we look at secular shifts and we look at the facts and figures around the secular shifts. We then look at all the things that actually happens on our platform and our share. If I just use a couple of examples, we have over 1.5 trillion of invoices that are generated on our Small Business platform. But as we shared last Investor Day and of course, this number is bigger now, our Payments volume was over $90 billion. And so you look at that, that's a very low share.

所以我們關注長期趨勢，研究圍繞這些趨勢的事實和數據。然後，我們考察平台上實際發生的一切以及我們的市場份額。舉幾個例子，我們的小型企業平台產生了超過1.5兆張發票。但正如我們在上次投資者日分享的那樣（當然，現在這個數字更大），我們的支付交易額超過900億美元。所以你看，這部分市佔率非常低。

When you look at our share of the assisted category in tax, very low share. When you look at our share of financial products on Credit Karma, credit cards, personal loans, very low share. So we look at data around our share and our performance around our share. And then we will also look at economic factors like unemployment, like default rates, like projections around the economy.

從稅務援助類別來看，我們的份額非常低。從Credit Karma平台上的金融產品（信用卡、個人貸款）份額來看，我們的份額也很低。因此，我們會關注我們市場份額的相關數據以及我們圍繞這些市場份額的表現。此外，我們也會關注失業率、違約率以及經濟預測等經濟因素。

By the way, we're the big -- best projector of the economy because of the data that we see on our Small Business platform. So we look at all of those things. And then the way we put in, put together our plan is sort of, worst case, middle case, best case. And that's how we manage the company.

順便說一句，我們是經濟情勢預測最權威、最精準的專家，這得益於我們小型企業平台上的數據。我們會綜合考慮所有這些因素。然後，我們制定計劃的方式是，從最壞情況、中間情況和最佳情況三個方面來考慮。這就是我們管理公司的方式。

And by the way, this is something that we're quite good at. And then we manage, based on the data that we see, we manage to ensure that we're protecting our long-term investor investments while we deliver for today for our customers. So that's a little bit of a snapshot in terms of how we think about it.

順便說一句，這是我們非常擅長的領域。我們會根據所掌握的數據進行管理，確保在滿足客戶當前需求的同時，也能保護長期投資者的投資。以上就是我們思考這個問題的簡要概述。

Ladies and gentlemen, I'm not showing any further questions. Would you like to close with any additional remarks?

女士們、先生們，我不會再問任何問題了。您還有什麼要補充的嗎？

Yes, sir, I will. Hey, thank you, everyone, for making the time. Thank you for all your wonderful questions. As I said earlier, I'm super proud of our employees across the company and our partners, and it's a real privilege and honor to be able to serve our members and customers in these unique times. And so all of you be safe, be well, and we will talk to you soon. Thank you.

是的，先生，我會的。嘿，謝謝大家抽出時間。感謝大家提出的所有精彩問題。正如我之前所說，我為公司全體員工和合作夥伴感到無比自豪，能夠在這個特殊的時期為我們的會員和客戶提供服務，我深感榮幸。祝大家平安健康，我們很快再見。謝謝。

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

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。