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?

下午好。我的名字是 Latif，我將成為您的會議主持人。在這個時候，我想歡迎大家參加 Intuit 的 2022 財年第三季度電話會議。 （操作員說明）現在，我將把電話轉給 Intuit 投資者關係副總裁 Kim Watkins。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 財年第三季度電話會議。我和 Intuit 的首席執行官 Sasan Goodarzi 在一起；和我們的首席財務官米歇爾·克拉特巴克。

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.

在開始之前，我想提醒大家，我們的言論將包括前瞻性陳述。有許多因素可能導致 Intuit 的結果與我們的預期大相徑庭。您可以在我們今天下午早些時候發布的新聞稿、我們的 2021 財年 10-K 表格以及我們提交給美國證券交易委員會的其他文件中了解有關這些風險的更多信息。所有這些文件都可以在 Intuit 網站 intuit.com 的投資者關係頁面上找到。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.

這些評論中的一些數字是在非公認會計原則的基礎上提出的。我們在今天的新聞稿中對可比的 GAAP 和非 GAAP 數字進行了核對。除非另有說明，否則所有增長率均指當前期間與可比上年同期相比，業務指標和相關增長率是指全球業務指標。本次電話會議結束後，我們將在我們的網站上提供我們準備好的評論和補充財務信息的副本。

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

有了這個，我會把電話轉給 Sasan。

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，也感謝大家今天加入我們。我為我們的持續發展勢頭感到自豪，因為我們正在執行我們的戰略，成為全球人工智能驅動的專家平台，為消費者和小企業的繁榮提供動力。

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，由順風推動，包括轉向虛擬解決方案、加速在線和全渠道能力以及數字貨幣產品。這與團隊的執行力相結合，為我們的表現做出了貢獻。

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.

第三季度收入增長了 35%，其中包括 Mailchimp 的加入帶來的 6 個百分點。對於我們的小型企業和個體經營集團來說，這是另一個強勁的季度，收入增長了 42%，有機增長了 20%。 Credit Karma 又發布了一個季度，收入創下歷史新高，增長 48%。我為該團隊在另一個不尋常的稅收季節在消費者集團中的表現感到自豪。

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.

我們對我們的業務軌跡充滿信心，並正在提高我們對 2022 財年的 Intuit 總收入和非公認會計準則每股收益指導。我們預計公司總收入將增長 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.

現在讓我談談稅收。我們的多年戰略是擴大我們在自己動手類別中的領先地位，並通過 TurboTax Live 轉變輔助類別。這個策略正在奏效。本財年，我們預計我們在 IRS 總回報中的份額將增加約 1 個百分點，我們在自己動手類別中的份額將增加 2 個百分點。我們也再次增加了每次回報的平均收入。

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、個體經營者和投資者在內的低滲透細分市場的客戶總數將增長兩位數。在轉變輔助類別的過程中，我們繼續在通過 TurboTax Live 將人們與專家聯繫起來方面取得進展。我們預計將實現一個重要的里程碑，TurboTax Live 收入在 2022 財年達到 10 億美元，增長約 30%，客戶增長 20%。請注意，去年 TurboTax Live 客戶的增長顯著受益於免費基本優惠的推出。

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.

我們為我們的戰略取得的進展感到自豪。然而，美國國稅局總回報增長放緩導致本財年消費者集團收入預計增長 10%。我們現在預計，截至 7 月 31 日，國稅局的整體回報率將下降 3%，而過去兩個季度的國稅局回報率增長 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.

這是由本季未返回的一次性刺激申報人推動的，以及整體 IRS 延期同比顯著增加，TurboTax 客戶提交延期的數量幾乎翻了一番。提醒一下，IRS 回報增長的每一點相當於 TurboTax 收入增長的大約 1 個點。

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，在過去 2 年平均每年增長約 1 個百分點之後，今年 IRS 總回報中 DIY 類別的份額將持平，低於我們的預期。我們的假設是，由於一次性刺激申報者，DIY 類別的表現比我們預期的要弱，其中大約 30% 是上一季我們的付費客戶。

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.

雖然過去 3 年並不正常，但在此期間，IRS 回報率平均每年增長 1%，DIY 類別每年平均增長 0.5 個百分點以上，與長期趨勢一致.展望未來，我們預計 IRS 總回報增長將更加正常。

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，我們的人工智能驅動的專家平台戰略正在加速創新，我們的 5 大賭注正在解決我們客戶面臨的最大問題。我們將繼續提供強有力的證據來證明成功並為未來的持久增長做好準備。提醒一下，這些大賭注正在以變革的速度受益，繼續——將人們與專家聯繫起來，解鎖明智的資金決策，成為小企業增長的中心，並擾亂小企業的中端市場。

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，我想重點介紹我們最近在其中 3 個大賭注中取得的進展。我們的第三個大賭注是解鎖明智的金錢決策。我們繼續看到 Credit Karma 的強勁勢頭，這是一個強大的網絡效應解決雙面問題的數據平台。我們的願景是通過創建一個自主金融平台來解鎖明智的資金決策，幫助消費者找到合適的金融產品，將更多的錢放在他們的口袋裡，並將他們與洞察力和建議聯繫起來。

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，我們繼續在所有垂直領域進行創新，所有專有的燈箱技術使我們能夠更好地個性化會員並將其連接到適合他們的產品，從而為平台上的會員和合作夥伴提供更多確定性。我們繼續看到信用卡和個人貸款的強勁勢頭，Lightbox 的綜合滲透率仍然很高。

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 使在 Credit Karma 上申請信用卡的會員的平均批准率大約是 Credit Karma 之外的兩倍，使其成為我們的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.

我們結合我們的能力繼續取得進展，以推動 TurboTax 和 Credit Karma 的成功。我們將 Credit Karma Money 整合到 TurboTax 申報體驗中，今年將退款存入 Credit Karma Money 賬戶的 TurboTax Online 客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.

這使他們能夠通過直接存款提前 5 天收到退款。這些 TurboTax 客戶推動 Credit Karma 會員的增長，並且與其他 Credit Karma 會員一樣，可以訪問整個平台的個性化產品，從而隨著時間的推移加快參與度。

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.

我們的第四個大賭注是通過幫助我們的客戶獲得客戶、快速獲得報酬、管理資本、充滿信心地支付員工工資並在全渠道世界中成長，成為小企業增長的中心。 60% 的小企業都在為現金流苦苦掙扎，我們不斷創新以幫助客戶克服這一挑戰。在支付方面，我們提供了一個單一的地方，小企業可以在這裡獲得報酬、支付他人費用、管理資金和獲取資金。

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通過 QuickBooks Capital 獲得貸款，貸款量達到創紀錄水平，4 月份同比增長三倍多。我們增加了產品的可發現性和擴展的資格。這是由我們豐富的數據和專有風險模型驅動的，這使我們能夠代表他們使用客戶的數據，並在他們允許的情況下提供貸款。

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，獲取和吸引客戶仍然是中小型企業的一個重要痛點。借助 Mailchimp，我們正在成為客戶的真實來源，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.

我們對 Mailchimp 有 3 個加速優先事項：首先，實現我們對端到端客戶增長平台的願景；其次，通過開發完整的營銷自動化、CRM 和電子商務套件來擾亂中端市場；第三，通過整體進入市場的方法加速全球增長。隨著我們專注於產品創新、營銷和提高轉化率，我們將繼續加快步伐。

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，允許新客戶和現有客戶將收入和客戶數據從 QBO 實時發送到 MailChimp，小企業可以在其中根據 QuickBooks 數據對客戶進行細分並自動化營銷活動。我們還通過將其他合作夥伴和平台的聯繫人列表引入 Mailchimp 來節省客戶的時間。

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，我們繼續投資營銷。我們看到早期跡象表明，最近對付費媒體的投資正在推動美國等大型市場的客戶註冊量增長。我們預計這需要時間才能轉化為財務業績，但我們對這種潛力感到興奮。

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，我們關注的是提高轉化率的機會，因為我們會著眼於渠道頂部的流量，以及我們如何為客戶提供產品收益。這包括在客戶進入產品後立即突出產品優勢、改善結賬頁面體驗和簡化產品內導航。

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.

我們的第五個大賭注是通過 QuickBooks Online Advanced 打亂中小型企業市場。本季度，我們在美國以外的第一個市場加拿大推出，擴大了該產品的地理範圍。

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戰略始於我們的員工。我很自豪地分享，我們連續 21 年榮登《財富》雜誌評選的 100 家最適合工作的公司名單，今年自豪地排名第 11 位。我們仍然專注於創造一個環境，讓我們的員工可以全身心地投入工作並儘其所能地工作，這反映在我們高於同行的員工保留率上。

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.

最後，我們對我們的長期業務戰略充滿信心。我們強大的業務基礎，包括我們的資產負債表、我們的創新速度和對我們平台的需求，繼續使 Intuit 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加重要。我們很自豪能成為全球超過 1 億客戶的首選平台，這些客戶依靠 Intuit 實現繁榮。

Now let me hand it over to Michelle.

現在讓我把它交給米歇爾。

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，薩珊。在 2022 財年第三季度，我們實現了 56 億美元的收入，增長了 35%，其中增加了 Mailchimp 的 6 個百分點，GAAP 營業收入為 24 億美元，而去年為 19 億美元，非 GAAP 營業收入為 29 億美元，而去年為 2.2 美元去年 10 億美元，GAAP 攤薄後每股收益為 6.28 美元，而一年前為 5.30 美元，非 GAAP 攤薄後每股收益為 7.65 美元，而去年為 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，我們與州總檢察長就我們與免稅準備相關的廣告做法達成了和解協議。這導致我們在第三財季的一次性費用為 1.41 億美元。根據和解條款，我們不承認有任何不當行為。我們很高興將這個問題拋在腦後，這樣我們就可以繼續專注於為我們的客戶提供創新的解決方案。

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.

不計結算費用，我們第三財季的 GAAP 和非 GAAP 營業利潤率將高出 250 個基點，GAAP 和非 GAAP 每股收益將分別高出 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.

轉向業務部門。消費者集團收入為 32 億美元，增長 32%，反映了今年早些時候的 IRS 報稅截止日期。我為我們本賽季的執行感到自豪，因為我們希望獲得份額並增加我們的平均每次回報收入。

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.

我們的消費者業務有 4 個主要驅動力。該數據反映了我們對截至 2022 年 7 月 31 日與上一年截至 2021 年 7 月 31 日的預期。第一個是向美國國稅局提交的申報表總數。我們現在預計今年總回報率將下降 3%，低於我們最初的預期。 IRS 回報增長的每一點大約等於 TurboTax 收入增長的 1 個點。

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.

第二個是使用自己動手軟件提交的這些回報的百分比。我們預計 DIY 類別在 IRS 總回報中的份額到年底將持平，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份額。我們預計，我們在 IRS 總回報中的份額今年將增加約 1 個百分點，我們在 DIY 類別中的份額將增加 2 個百分點，不包括去年期間使用 TurboTax Free File 產品的用戶。

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.

第四是每次回報的平均收入，我們預計今年將增加，這是由於向 TurboTax Live 的混合轉變以及投資者使用的首要產品以及更少的免費客戶。

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.

由於美國國稅局回報疲軟，我們現在預計總客戶增長率為 1%，其中 TurboTax Online 付費客戶今年將增長 8%。我們預計，在我們的無商業產品中不付錢的客戶群今年將從去年的 1400 萬下降 11% 至略高於 1300 萬。這是由本季未返回的一次性刺激申報者推動的，其中大約 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 財年消費者集團的收入增長約為 10%，而我們之前的指引為 10% 至 11%，這反映了我之前提到的 IRS 總回報的下降。我們繼續預計消費者集團的收入長期增長 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%.

轉向 ProConnect 集團。第三季度收入增長了 10%，反映出 IRS 報稅窗口的時間同比發生了變化。對於全年，我們現在預計 ProConnect 集團的收入將增長 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.

在小型企業和個體經營群體中，本季度收入增長 42% 或有機增長 20%，不包括 Mailchimp 的 2.57 億美元收入。在線生態系統收入增長 67% 或 31%，不包括 Mailchimp。

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.

為了成為小企業的真相之源，我們在小企業和個體經營集團內的戰略重點有三個：發展核心；連接生態系統；並在全球範圍內擴張。首先，我們繼續專注於發展核心。 QuickBooks 在線會計收入在第三財季增長了 32%，主要受有效價格上漲、客戶增長和組合轉變的推動。

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，我們繼續專注於連接生態系統。包括 Mailchimp、工資單、支付、資本和時間跟踪在內的在線服務收入在第三財季增長了 121%。不包括 Mailchimp，在線服務收入增長了 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.

本季度在線服務中記錄的 Mailchimp 收入為 2.57 億美元，這符合我們的預期。在薪資方面，本季度的收入增長反映了薪資客戶的增長以及向我們的全方位服務產品的混合轉變。在支付領域，收入增長反映了每位客戶收費量的增加和持續的客戶增長。

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，我們繼續在全球範圍內取得進展。按固定貨幣計算，第三財季國際在線生態系統總收入增長 221%，有機增長 29%，不包括 Mailchimp。我們認為，衡量我們戰略健康和成功的最佳指標是在線生態系統收入增長，我們預計隨著時間的推移有機增長將超過 30%。這是由客戶和 ARPC 預期增長 10% 到 20% 推動的。

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.

第三季度桌面生態系統收入增長了 3%。在強勁的客戶增長和價格上漲的推動下，QuickBooks Desktop Enterprise 收入增長了十幾歲。從長遠來看，我們預計桌面業務不會成為小型企業和個體經營群體的增長動力。

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.

繼續使用 Credit Karma。第三季度收入增長 48% 至 4.68 億美元，這是另一個創紀錄的收入季度，主要受每月活躍用戶平均收入增長的推動。在產品基礎上，收入增長主要由個人貸款和信用卡推動，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.

我們通過 Credit Karma Money 專注於創新來開發新興的垂直領域，我們認為這是隨著時間的推移增加訪問頻率的關鍵。正如 Sasan 早些時候分享的那樣，我們看到今年將退款存入 Credit Karma Money 賬戶的 TurboTax Online 客戶數量增加了兩倍多。我們仍然對未來的機會感到興奮。

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.

轉向我們的財務原則。我們仍然致力於實現兩位數的有機收入增長，並且營業收入的增長速度快於收入。正如我們之前分享的那樣，隨著我們傾向於平台戰略，我們看到了隨著時間的推移擴大利潤的機會。

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.

我們採取嚴格的資本管理方法，將我們產生的現金投資於預期投資回報率超過 15% 的機會。我們繼續將資源重新分配給最優先事項，重點是成為人工智能驅動的專家平台。這些原則指導我們的決定，並且仍然是我們的長期承諾。

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.

我們產生現金的首要任務是投資業務以推動客戶和收入增長。我們考慮通過收購來加速我們的增長並完善我們的產品路線圖。我們通過股票回購和股息向股東返還我們無法從業務中獲利的多餘現金。

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.

本季度末，我們的資產負債表上有大約 39 億美元的現金和投資。我們在第三季度回購了 4.89 億美元的股票。根據市場情況和其他因素，我們的目標是每個季度都進入市場。董事會批准了每股 0.68 美元的季度股息，將於 2022 年 7 月 18 日支付。這比去年增加了 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.

繼續指導。我們正在提高我們的 2022 財年全年收入和非公認會計準則每股收益指引，以反映我們全年在小型企業和個體經營集團以及 Credit Karma 看到的勢頭。

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.

我們更新的 2022 財年指引包括 126.33 億美元至 126.74 億美元的收入，增長 31% 至 32%，其中包括截至 11 月 1 日的 Mailchimp 和 Credit Karma 的全年，高於之前的 26% 至 28% 的增長指引。不包括 Mailchimp 的 7.65 億美元至 7.7 億美元收入，增長 23% 至 24%，高於之前 18% 至 20% 的增長指引。 GAAP 每股收益為 6.95 美元至 7.01 美元，低於先前指導的 7 美元至 7.17 美元——對不起，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%，高於之前的 18%。非美國通用會計準則每股收益為 11.68 美元至 11.74 美元，高於先前指導的 11.48 美元至 11.64 美元。我們的 2022 財年指導包括與州總檢察長和解相關的 1.41 億美元一次性費用的影響。不計此項費用，我們預期的 GAAP 和非 GAAP 營業利潤率在 2022 財年將比我們之前的指導高出約 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 每股收益將分別高出約 0.37 美元和 0.38 美元。我們對 2022 財年第四季度的指導包括收入下降 8% 至 9%，這反映了今年較早的納稅申報截止日期，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我們的情況說明書中找到我們完整的第四季度和 2022 財年指導細節。

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

有了這個，我會把它交給薩桑。

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.

偉大的。謝謝你，米歇爾。在結束之前，我想提一下我們在今天的收益發布中分享的消費者組的領導層變動。自 5 月 31 日起，消費者集團總經理 Greg Johnson 將卸任 Intuit 消費者業務負責人一職，成為 McAfee 的首席執行官。 TurboTax Growth Products 高級副總裁兼總經理 Varun Krishna 將接替 Greg 擔任消費者集團的總經理。

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.

Greg 為我們的消費者業務推動增長做出了巨大貢獻，我對他的下一章感到非常高興。 Intuit 以培養世界級領導者而聞名，Greg 也不例外。邁克菲很幸運擁有他。與此同時，我非常高興地歡迎 Varun 成為 Consumer Group 的下一任總經理。 Varun 擁有超過 7 年領導 TurboTax 商業和產品創新的經驗，非常適合領導 Consumer Group 的下一階段增長。

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.

鑑於我們的戰略是成為一個人工智能驅動的專家平台，為消費者和小企業帶來繁榮，我們看到了整個公司的持續發展勢頭。我為這個團隊以及今年迄今為止我們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.

有了這個，現在讓我們來回答你的問題。

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

（操作員說明）我們的第一個問題來自瑞穗的 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.

看到 Credit Karma 和小型企業的強勁勢頭以及您如何提高指導，這令人印象深刻。所以 Sasan，我想知道，鑑於這種地緣政治的不確定性，甚至對宏觀經濟放緩的一些擔憂，Credit Karma 在增長方面以及在您的小企業部門中的定位如何。

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.

是的，當然。感謝你的提問。考慮到我們是一家擁有良好業務概況的平台公司，我將把你的問題分成 3 個部分。我將從稅收開始。我知道這不是你的問題的一部分，但重要的是從那裡開始，稅收在任何類型的環境中都非常有彈性，當你查看 TurboTax 和我們的 ProTax 時，它占公司收入的 30% 以上商業。

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.

在小型企業中，有一個數字化的航班來管理您的現金流。只是我想提醒我們，我們現在基本上是小型企業的增長和資金中心平台。因此，有一個航班可以在我們的平台上管理您的現金流。

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%.

我將使用的兩個統計數據是最近的，有點像現在，一個，我們的貸款業務在 4 月份創下歷史新高。它比去年同期高出 3 倍。我們的充電量繼續保持強勁。截至上個月，甚至在上週，我們的收費量一直在增長 30% 以上。

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.

我使用這幾個統計數據，更多地證明我們平台在這些獨特時代的重要性。談到 Credit Karma，首先，在需求方面，我想說的是，當您進入更艱難的衰退時期時，對我們 Credit Karma 平台上產品的需求實際上會增長。

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.

現在是 - 討論是關於供應方面的。事實上，與我們的合作夥伴一起，追求質量。這就是我們代表客戶和 Lightbox 所擁有的數據的力量（我在過去幾年中一直在談論的）發揮作用的地方，因為我們的合作夥伴和追求質量的航班，把他們的信用卡我們平台上的模型，他們實際上能夠真正獲得他們需要的優質客戶。

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，這只是成員和合作夥伴之間的完美匹配，順便說一下，這就是為什麼我們看到了過去一個季度 48% 的增長，以及為什麼平台在這些時期仍然非常有彈性。因此，我會說，這些將是我將與您分享的關於我們的平台可能在某些非常特殊的時期需要我們的頭條新聞，我們的客戶最需要我們。

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，感謝您支付稅款，但只是對 TurboTax Live Full Service 的快速跟進。這是第二年。您看到了什麼樣的趨勢，您是否看到輔助類別或您自己的客戶現在更多地轉向全方位服務類型的產品獲得更多份額？

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，很好的問題。我只想從輔助類別中的 8600 萬客戶開始，TAM 超過 200 億美元。今年我們達到了一個重要的里程碑，實現了 10 億美元的收入，TurboTax Live 增長了 30%。因此，我們正處於輔助類別的增長和滲透可能的早期階段。這確實是 TurboTax 長期真正的亮點和未來增長，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?

這是[杰拉爾德·範] 打電話給柯克。並祝賀一個偉大的季度。也許是給米歇爾的。鑑於宏觀經濟環境中的一些不確定性，您在預測過程方面是否有任何改變，只是為了解釋未來更大的不確定性？

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.

你好。謝謝你的問題。是的，隨著我們看到宏觀環境的發展，Sasan 分享的一件好事是我們真的沒有看到很多 - 沒有看到對我們的業務產生太大影響。這是我們一直在尋找的東西之一。但考慮到我們的業務運作方式、我們擁有的平台以及小企業和消費者在這樣的時代的需求，甚至對我們的產品和平台的需求，我們預計不會看到影響。

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，我們一直在尋找並確保看到正在發生的事情，但我們目前的預測並沒有真正改變任何東西——正如你在我們提供的指導中所看到的那樣。

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，即使不是大部分，也是高度可預測的，而且在大多數情況下，在某些領域，它是訂閱。包括 Mailchimp 在內的大部分小型企業都是訂閱。因此，可預測性非常高，就我們每天查看的內容而言，我們是非常受數據驅動的。正如 Michelle 所說，結合我們看到的指標，我們平台上的需求仍然非常強勁。

Our next question comes from Keith Weiss of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Keith Weiss。

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?

也許讓我們先問米歇爾的問題。只是澄清一點。所以我讀得對嗎，我們應該添加 - 或不添加，但就像 0.38 美元不包含在您的全年指南中一樣。因此，如果不是因為該結算，每股收益指南將像 12.06 美元到 12.12 美元。這是正確的閱讀方式嗎？

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.

完全正確，基思。由於收費的性質，一次性不會對我們業務的基礎結構部分產生影響。我們希望確保您能夠真正看到業務驅動的內容。所以，是的，它實際上會更高。全年每股收益的 GAAP 和非 GAAP 分別高出 0.37 美元和 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.

知道了。知道了。所以這不是我的問題，這只是一個澄清。因此，問題是在前進的基礎上擴大營業利潤率的步伐，因為看起來您的表現確實超出了您對 22 財年的最初預期。

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?

您之前曾談到過一種能夠在前進的基礎上保持一致的營業利潤率擴張節奏的能力。我想你談到了未來一年可能會增加 100 個基點。鑑於您在 22 財年看到的出色表現，這種情況是否會發生變化？或者你認為這仍然可以在前進的基礎上實現？

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.

也許基思，我會得到 - 哦，對不起，我不知道這是給米歇爾的。米歇爾，你可以去。

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

對不起，我以為是給我的。對不起。

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

嗯，你知道我怎麼樣。我只是跳進去。你去。

The margin questions are for Michelle.

邊際問題是給米歇爾的。

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

好的。好的。我會安靜的。

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.

除非我失去聲音，不能說話。但不，你知道我們有我們的財務原則，首先。所以我們的財務原則是收入增長兩位數，營業收入增長快於收入。我們還沒有為隨著時間的推移利潤率擴張的情況設定任何目標。但我們確實看到這是可能的，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，除了能夠更快地進行創新並為我們的客戶提供服務之外，我們確實繼續看到今年您所看到的這些機會，即我們可以真正利用我們業務中的關鍵服務和能力。無論是在技術、客戶成功還是銷售和營銷方面，我們確實繼續看到了那裡的機會，儘管我們沒有給出任何類型的擴展可能是什麼樣的具體範圍。

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.

知道了。知道了。然後對於 Sasan，我希望能得到 Mailchimp 的更新。這是 - 你看到本季度的連續改善，我認為這會讓很多投資者感到驚訝。這絕對是投資者最謹慎的領域。

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?

我認為其中一些來自我們查看的一些數據點。我們看起來像谷歌趨勢，它似乎沒有趨勢更高。我知道我的很多客戶都會查看信用卡面板數據，他們說數據非常薄弱。但我認為，表現比預期要好一些。您能否向我們提供有關 Mailchimp 的最新進展以及我們在集成方面的進展情況？

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。我會告訴你，Keith，我們今天坐在這裡可能比我們宣布宣佈時更興奮，因為現在我們開始工作了。我只想說，我們的交付違背了我們的期望。我們的信念和信心是，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.

非常具體地說，我們專注於創建一個增長平台。因此，在一個地方，客戶可以發展和經營他們的業務。我們現在有我們開始交付的東西的證據，比如 QuickBooks 中的客戶和潛在客戶選項卡，現在我們正在將您的所有客戶和收入數據轉移到 Mailchimp 中。

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.

第二件事是真正回顧在營銷方面的投資，知道在哪裡投資一直沒有給人留下深刻的印象。當我們展望未來時，這讓我們興奮不已。我們現在在 Mailchimp 擁有一些我們最好的營銷領導團隊，我們在市場戰略、定價原則和如何投資方面所做的投資是我們開始看到的一些萌芽和我們正在進行的投資，我們非常擅長這些事情。我們預計財務業績即將公佈。

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.

最後但並非最不重要的一點是，無論是走向高端市場，還是進入中端市場和國際市場。事實上，我們 - 我們將在投資者日更多地討論這個問題，但我們已經更新了我們的國際戰略。其中很大一部分實際上將包括 Mailchimp，因為他們一半的業務來自美國以外的地區，而且幾乎不費吹灰之力。

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.

所以說我們對我們的發展勢頭感到非常興奮，我們對業務的發展軌跡感到非常興奮，而且就增長而言，最好的情況還沒有到來。而且我認為您無法通過 Google 趨勢獲得 Mailchimp 的性能。

Our next question comes from Brent Thill of Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

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.

這是 Brent Thill 的 John Byun。只是——實際上，不是一個宏觀問題。我想知道您是否可以提醒我們您在過去的經濟衰退中的表現以及這次對您來說可能會有何不同。顯然，你有 Mailchimp，你有 Credit Karma，但在正面或負面的一面，然後我有一個跟進。

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.

是的，當然。謝謝你的問題。首先，我們回顧上一次經濟衰退時，我們實際上增長了 4%，這是 - 我認為這是在 2008 年，我們增長了 4%，而我們的大多數同行實際上都在下降。因此，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.

然後我還要繼續說，就我們今天的平台實力與 2008 年而言，我們今天是一家與 2008 年完全不同的公司。第一，我們現在擁有一個平台，根據定義，我們處於雲。而那時，我們主要是桌面。

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.

我們在雲中，圍繞數字化、向虛擬世界的轉變、向在線的轉變順勢而為。推動管理現金流的數字化實際上對客戶至關重要。然後你將它與我之前提到的與我們的 Credit Karma 平台相結合，在衰退時期需求實際上更高。我們的數據和 Lightbox 能力的優勢使它們成為我們合作夥伴追求質量的絕佳機會，這就是我們目前所看到的優勢。

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 年相比，我們實際上預計會表現得更好。但儘管如此，這些都是過去經濟衰退中關於我們表現的統計數據，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。然後只是另一個快速的。在 Mailchimp 上，我只是想看看您是否可以向我們介紹增長來源方面的進展情況。還是主要來自電子郵件營銷嗎？或者您是否正在通過更廣泛的 CRM 套件和電子商務中的網站建設者獲得更大的吸引力？

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。我想說，真正增長的大部分仍然來自平台的病毒式口碑傳播，我們正在構建平台的功能。我們現在了解到的最重要的事情之一是，將業務作為公司的一部分，該平台有多少客戶不知道的功能，以及有多少客戶甚至不知道 Mailchimp，因為我們已經真的從不投資營銷。

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.

因此，我們看到的很多東西都只是持續的口口相傳，因為它帶來了好處。隨著我們對我剛才提到的產品的投資，我們在營銷方面進行的戰略性投資，隨著時間的推移，這將加速，然後這樣做，走向高端和國際化，我們預計這將在我們領導時促進增長進入未來。但我想說，現在大部分只是口耳相傳。

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

我們的下一個問題來自美國銀行的 Brad Sills。

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.

這是布拉德的亞當。我想我的第一個問題是，您能否比較和對比您可能在 QuickBooks 和 Mailchimp 之間看到的任何需求差異（如果有的話）？我知道在企業類別中，你會看到兩者之間的支出劃分，但我有點想知道這是否有所不同——考慮到你們對 SMB 的關注。

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，我首先要說的是——這些都是基於訂閱的業務，它們一起創造了魔力。另外，一個可以幫助您管理現金流，即 QuickBooks，另一個可以幫助您實際發展業務。

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.

所以我想說，對於那些客戶來說，需求和需求的強度是相當一致的，無論他們是新客戶還是已經經營了一段時間的客戶，他們意識到他們必須找到一種向現有市場推銷的方式客戶，能夠與他們一起成長並增加他們的錢包份額，並找到在不同渠道上推銷他們的業務的方法，無論是他們的網站，無論是在 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.

所以需求是一致的。這取決於你想要做什麼。所有企業都在努力發展業務並能夠經營業務和管理現金流。他們沒有的是一個地方的平台，也沒有數據。

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.

這就是為什麼將 Mailchimp 和 QuickBooks 結合在一起，隨著時間的推移，實際上會推動更高的留存率、更高的服務和錢包份額的擴展以及更高的滲透率，因為我們可以一起做的事情很難分開。

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?

知道了。然後快速轉向 TurboTax。當我想到我最喜歡的產品差異化因素時，我想到的只是自動導入投資或 TT Live 和全方位服務。但似乎已經完成了很多研發工作。所以我想，我的問題是，現在 TurboTax 研發方面的增量投資在哪裡？

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，投資沒有目的地。我們將繼續投資於機器學習和知識工程，不僅讓我們平台上的專家更聰明，這樣我們就可以領導我們如何通過技術來回答問題，而不僅僅是通過人工，而是在我們如何做的兩個方面匹配以及我們如何確保我們的——實際上是我們的技術，機器人，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.

因此，我們每天都在這方面做得更好，我們將繼續在該領域進行投資。我想我要說的另一件事是圍繞金錢。今年我們學到的最重要的事情，我們對明年感到興奮，實際上是關於輔助部分的一切都是關於稅收的速度和我的錢的速度。

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 集成到 TurboTax 中，您現在可以提前獲得退款，這對我們來說是另一個投資領域，因為我們可以在體驗中做更多的事情。因此，它既能讓你到達一個完成稅收的地方，專家在他們如何幫助你方面更聰明，也能更快地獲得資金，然後能夠在非常特定的領域做到這一點，如投資者、個體經營者、拉丁裔及以上時間，創造者經濟。

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，我們在平台層面和公司層面進行投資。這些不僅僅是在 TurboTax 中的投資，而且它們也使我們在 QuickBooks Live 和其他領域受益。

Our next question comes from Kash Rangan of Goldman Sachs.

我們的下一個問題來自高盛的 Kash Rangan。

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.

祝賀 Sasan 和團隊，取得了令人矚目的成績。 Sasan，我想我們中的一些人，包括你，會深情地記得，在 2008 年、2009 年的經濟衰退中，Intuit 可能是唯一一家或少數幾家在經濟衰退期間真正實現收入增長的公司之一。

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，我們在這裡並沒有要求任何具體的東西，但作為一個經營著最受尊敬的公司之一併在 SMB 領域有大量曝光的人，我很好奇 Intuit 的產品是如何定位的，它可以最大程度地幫助客戶正如我們都理解的那樣，能夠經受住通貨膨脹、利率等因素的結合。而且，如果可以的話——我認為這是一個相當大的問題。所以我會停下來聽聽你的想法。並祝賀。

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，Kash，謝謝你的問題。我將在這裡使用有形的東西，現在回答，所以它看起來並不過分通用。我首先要說的是，我們在艱難時期比在順境時期更重要。我將從小型企業開始。

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.

在這些艱難時期，您可以加速實現數字化，以管理您作為小型企業的現金流。我們現在看到了。我想我之前用過的例子，但值得再次提及的是在 4 月份，我們的 QuickBooks Capital 貸款量創歷史新高，比去年同期高出 3 倍，當時時間很多，與我們今天看到的環境相比要好得多。

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.

另一個是我們的付款量。就在上個月，上週，我們增長了 30% 以上。這是我們的付款量。所以我用這些作為具體的例子，只是為了說明我們已經真正成為小企業的增長平台和資金中心。在這種情況下，我們比以往任何時候都更需要，因為我們的能力與上次經濟衰退時大不相同，因為我們擁有 Mailchimp 和 QuickBooks 的所有能力來發展您的業務並幫助您處理現金流動。

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.

我可能會在 Small Business 上稍作停頓，我會提醒我們，我們的 ProTax 和 TurboTax 業務的稅收占公司的 30% 以上，並且在非常艱難的時期具有彈性，因為人們必須納稅.最後但並非最不重要的是，Credit Karma 平台在經濟衰退時期的需求更高。而且實際上有質量問題。

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.

基於我們專有的數據和 Lightbox 功能，越來越多的合作夥伴希望加入 Lightbox，因為他們實際上可以控制其報價的質量，這使得我們的平台更加受歡迎，這就是您在上次看到的四分之一。因此，我可以預見到，我認為這是你問題的本質，我們最有能力在艱難時期和美好時期為消費者和小型企業提供服務。

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.

知道了。那隻是為了澄清。小型企業的形成，這不會影響 Intuit，所以你 - 他們可能在你到達他們更願意購買 Intuit 產品的地步之前滯後。那麼我們應該擔心——我們應該多擔心在經濟衰退期間小企業的創建可能會陷入停頓，這可能會如何影響 Intuit？對我來說就是這樣。

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。我根本不會擔心。如果你看看我們的歷史，當形成高，當形成低或負時，這真的 - 這不是企業長期或短期健康的驅動力。所以這不是我們擔心的事情。這實際上不是我們跟踪的東西。這不是我們經常談論的事情，直到你們都開始提問，明白了。所以我只想說這不是我們關心的領域。

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

我們的下一個問題來自 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?

在 TurboTax Live 上，您能否幫助我們了解今年有多少增長來自 DIY 客戶過渡到 TurboTax Live，而今年有多少是該平台的新用戶？

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。感謝你的提問。我們不會詳細說明，但我會帶您回到為什麼我們喜歡 TurboTax Live 平台。第一，有超過 1000 萬人在接受援助的人群中實際消耗並去找另一個人來幫助他們——這些都是有方向的數字。

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 中，可能有超過 1000 萬人登錄但從未真正完成納稅。然後在自己做和獲得幫助之間來回切換。

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?

我提出這 3 個數字的原因是，在每個類別和整個類別中，實際上都有數以千萬計的人在“自己動手”和“援助”之間存在很多變動。而這一切都是由缺乏信心驅動的。我可以自己做嗎？我做對了嗎？

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.

因此，當我們查看 TurboTax Live 平台時，實際上，我想說的是，TurboTax 是一個整體，這就是為什麼我們現在是一個您可以自己做的平台，我們可以和您一起做，或者我們可以為您做跨平台。所以我們在 TurboTax Live 的增長來自所有這三個領域。有些人從輔助切換。有些人會離開 DIY，現在留在我們身邊，反之亦然。它可以幫助我們處理漏斗指標。

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.

這就是我們在 TurboTax Live 中所處位置的驅動力。那一直是向後看的司機，並且將繼續是向前看的司機。

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?

偉大的。這真的很有幫助。然後只是為了堅持稅收，你對你的評論有 3 倍的 TurboTax 用戶將退款存入 Credit Karma 賬戶，我想知道這實際上是多少領先指標。你跟踪他們的餘額嗎？你有什麼可以分享的關於未來意味著什麼的顏色嗎？

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，我們真正關注的是客戶的金錢利益。對於那些靠薪水過日子的人來說，提前 5 天獲得退款真的很有意義。所以我為我們的團隊在這裡所做的事情感到非常自豪，因為它真的改變了生活。

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.

話雖如此，我們相信 - 我們的假設是，隨著時間的推移，這實際上將有助於保留 TurboTax。這些客戶成為新的 Credit Karma 會員。然後，如您所知，Credit Karma 平台上的 Credit Karma，我們非常擅長在您允許的情況下利用我們對您的了解，然後真正為您匹配適合您的金融產品並找到省錢的方法並擺脫債務。

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.

因此，這是一個已經擁有超過 1.2 億會員的平台上的新客戶，隨著時間的推移，當我們與他們互動時，我們將能夠從中獲利。我們確實觀察他們的行為。他們是否將錢保留在 Credit Karma Money 上，他們是否會耗盡它，我們可以幫助他們做些什麼，以便他們可以用這筆錢做些什麼來建立他們的信用。所以它真的 - 它真正融入了提供利益和客戶回來獲得更多利益的網絡效應。

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?

這是亞歷克斯的 Strecker Backe。那麼，就您和所有人在 Credit Karma 和 Mailchimp 中看到的成功而言，它是否改變了您對在未來 12 到 18 個月內進行額外併購的看法？你甚至在做——你考慮更多這些更大的轉型交易嗎？

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，您能否向我們介紹一下您現在對併購的看法？您是否會說，也許您在資源方面仍然非常專注於整合這些公司，或者如果這是正確的交易，您還有一些空間來進行額外的交易？

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。謝謝你的問題。首先，我首先要說我們圍繞收購的原則沒有改變。對我們而言，關鍵在於上市時間和擁有一個能夠從根本上推動我們所服務的消費者和小企業繁榮的平台。

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，我們期望我們自己和我們的團隊表現出色，我們期望這些收購能夠建立我們正在建立的那種勢頭。我們是——我們在我們的 Intuit 操作系統中有一套機制，我們在其中非常密切地監控我們對交付物的進展，我的意思是產品和營銷交付物以及團隊中的人才和他們的參與，以真正確保事情是在軌道上。

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，這兩項收購的一切都是為了加速。只要它加速，我們就會整合。因此，在如何進行收購方面，我們有一本非常好的劇本。在這兩種情況下，當您查看 Credit Karma 和 Mailchimp 時，我們購買了能力和令人難以置信的人才，因為他們做我們不擅長的事情，而我們做的事情他們不擅長，並且一起作為一個家庭，我們可以創造魔法。

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.

因此，儘管如此，從上市時間的角度來看，它並不會加速或減速我們所看到的東西。就我們的期望而言，它們都在軌道上。我們在如何為這兩種資產分配思想份額和資源方面非常離散。坦率地說，未來收購的最大障礙是他們的管理團隊有多好。這不是我們的思想共享或我們的資源。所以我們就是這麼想的。

Our next question comes from Brad Zelnick of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brad Zelnick。

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?

這是布拉德的[鮑勃]，儘管有美國國稅局的不利因素，但祝賀納稅年度表現強勁。只是快速堅持稅收。既然您已經有了第二年更多的基本實時 SKU，我們應該如何考慮客戶從更基本的 SKU 轉變為豪華或高級的速度和速度，以及與您的典型軌跡相比如何可能會在傳統的 TurboTax Online 方面看到什麼？

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，這是一個非常好的問題。首先，我要告訴你，嘗試一下我們的 TurboTax Live Basic 優惠是一個很好的嘗試，並且奏效了。我要告訴你，我們從中學到的最重要的事情——尤其是去年，真正重要的是與專家一起完成稅收的速度和金錢的速度。

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.

這是我們明年將加倍投入的領域，因為這些客戶中的大多數，他們希望他們的稅收由專家正確完成，或者如果你為他們做，他們希望盡快獲得他們的錢，這兩個我們都可以交付。

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.

所以真的，在這種情況下，使用輔助方法的人通常會有更複雜的情況。我們預計，隨著時間的推移，我們擁有的更高 SKU 將在 TurboTax Live 中發揮更大的作用。

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.?

那裡很有幫助。還有Sasan，就在你之前在電話會議上所說的，就在國際上。當您看國際而不是美國時，您是否看到 QuickBooks 或 Mailchimp 在趨勢或新客戶增長甚至漏斗頂部方面的任何變化？

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。一致的是我之前分享的內容，我想說的是美國和加拿大，我將僅以 COVID 為例，來自——我們不是來自 COVID，而是來自有點像世界關閉，反彈比我們所在的其他國家快得多。

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、澳大利亞和法國，有太多的開始、停止、開始、停止，以至於影響了那個國家的建設勢頭。我不是指我們，我只是指消費者和小企業如何考慮管理他們的財務生活。

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.

所以他們開始反彈，但他們肯定落後於美國和加拿大。再說一次，我要說的是，讓我們展望未來真正興奮的是使用 Mailchimp 幫助客戶在小型企業中發展客戶的可能性。隨著我們推出戰略和遊戲計劃，這將成為我們未來的重要組成部分。我們相信，從長遠來看，這將促進我們的增長。

Our next question comes from Scott Schneeberger of Oppenheimer.

我們的下一個問題來自 Oppenheimer 的 Scott Schneeberger。

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.

並祝賀。 Sasan，我想深入研究——這是一個關於稅收季節節奏的壓倒一切的問題，我想深入研究延期。你提到美國國稅局今年增加了延期，你也這樣做了。

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?

您能否就此多說一點，並解決相對於您對全年交易量的預期，就您的財政年度結束時間和潛在的延期截止日期而言，是否存在任何可變性，無論好壞？

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。當然，斯科特。好吧，首先，我將從標題開始，可能會有。但是現在，讓我為您提供更多細節，包括指導以及我們正在與您討論的內容，是針對我們截至 7 月底的財政年度的。我將從頂部開始。美國國稅局在 7 月回歸，我們觀察到它將下降 3 個百分點，這是由沒有回來的刺激申報人推動的，其中大約 30% 的人實際上是付費客戶，而美國國稅局的延期正在上升。在我們的基地，他們幾乎翻了一番。

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 7 月份會發生什麼做出了一些假設。當然，當我們談論我們對下一財年的指導時，我們會與大家進行更多的交流，因為我們沒有做出這些估計，而且我們今天也不會傳達它，因為我們的重點是我們在 7 月之前與您交流的內容.

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.

但可以肯定的是，這些擴展，大多數客戶，在某個時候會回來，而且——但我們還沒有估計 7 月之後會是什麼。而且我們確實希望，正如人們所說的那樣，明年美國國稅局的總回報將更加正常，因為從本質上講，今年，由於所有的刺激申報者，我們正在消化過去兩年發生的事情，我們預計當我們展望未來時，它會更回到正常水平或上升。

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。當然，這是有道理的。 - 並且作為後續行動，仍在稅收中。當 Michelle 就每次退貨的收入做出貢獻時，她在 Premier 中叫出了 TurboTax Live。因此，在拉丁裔自僱人士、投資類別中，我認為這可能對 Premier 類別、投資者類別的兩位數增長更為重要。

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?

只是好奇，是這樣嗎？此外，對於拉丁裔個體經營者和投資者群體而言，這種增長的可持續性如何？幾年來你的成長非常好。有很長的路要走嗎？

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.

是肯定的。讓我從你問題的後半部分開始。當我們查看輔助類別時，有超過 200 億美元的 TAM，順便說一下，還有另外 100 億美元的 TAM，這是我們沒有討論過的營業稅，所以總共是 300 億美元，TurboTax Live是10億美元。所以我們有很多跑道。正如你在前幾年聽到我所說的那樣，我們處於早期階段，我們在這裡運行了 10 年。希望現在我們已經透露了 TurboTax Live 的規模，您可以看到我們有多少跑道。

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.

所以那裡有很多跑道。在我們未充分滲透的細分市場中也有很多跑道。我們真的才剛剛開始涉足拉丁裔、自僱人士和投資者細分市場，因為根據我們看到的所有數據，我們實際上在這些細分市場中的份額不足。因此，當我們查看那些既是自己動手又是輔助部分的細分市場時，我們也有一條平等的跑道。

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.

而且我們相信，在未來，創作者社區——創作者部分將繼續成為選擇納稅的人的更大一部分，隨著時間的推移，這也是我們將重點關注的一個領域。所以這是對你的簡短問題的一個很長的回答。我想我會給你留下的標題是，是的，肯定有一條跑道。這是所有這些領域的多年跑道。

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.

只是稍微降低稅收部分。我認為 Michelle 說過您希望 DIY 細分市場持平。我想知道，我知道過去幾個賽季有點不同。我想知道，隨著我們進入明年，您對未來 2 年、3 年 DIY 細分市場的增長有何期望。

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。謝謝你的問題。我將從你所領導的第一部分開始。當我們回顧過去 3 年甚至更久遠的歷史時，IRS 的回報率增長了約 1%，DIY 類別增長了約 0.5 個百分點。因此，當您查看過去 3 年的所有異常情況時，這也是正確的。

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.

我們記分的方式是我們在 IRS 總回報中的份額，就我們剛才擁有的平台而言，您可以自己做，或者我們會在其他範圍內為您做，但具體來說，回答你的問題，我們相信，隨著時間的推移，DIY 類別將繼續增長，就像它在歷史上的增長一樣。所以我們確實相信，我想說，這是我們消化過去 2 年所有異常情況的一年。

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.

這是關於 Credit Karma，您談到了銀行將如何 - 或者信用卡發行商在經濟衰退期間將更加依賴 Credit Karma。我想知道你是否看到任何銀行開始收緊信貸標準的跡象，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 120 多個合作夥伴，這些合作夥伴有大有小。以此為背景，他們總是在試驗和調整，無論是在好時光還是不太好時光，他們的信用周期和他們之間的跳躍，他們是否對那些信用等級低於 620 的人更感興趣，這是次貸，或者介於 620 到 700 之間，這是質數或接近質數，然後當然是超過 700 的任何值，這是質數。

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.

關鍵是，基於我們的平台以及我們平台上的需求和我們平台上的供應，由於合作夥伴的重點領域，我們看到所有頻段的供應都非常好。因此，這推動了我們在上個季度看到的實力，我們預計它會在我們的指導下繼續發展。

Our next question comes from Brad Reback of Stifel.

我們的下一個問題來自 Stifel 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，當您在未來幾周和幾個月內製定 23 財年運營計劃時，您在內部和外部關注哪些類型的前瞻性指標來為該決定提供信息？

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，這是一個很好的問題，因為我們實際上已經完成了 3 年和 1 年計劃。我們的周期工作方式是，在我們今年交付的熱潮中，我們完成了明年的計劃。

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.

我們看幾件事。一，我們著眼於長期趨勢。我們在我們的平台上查看事實和數據。因此，長期趨勢就是我之前提到的，即向使用虛擬解決方案的轉變、對在線和全渠道的加速以及對使用數字貨幣平台的加速。

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.

因此，我們著眼於長期變化，我們著眼於長期變化的事實和數據。然後，我們查看在我們的平台和我們的份額上實際發生的所有事情。如果我僅舉幾個例子，我們的小型企業平台上生成了超過 1.5 萬億張發票。但正如我們在上一個投資者日分享的那樣，當然，這個數字現在更大了，我們的支付量超過了 900 億美元。所以你看，這是一個非常低的份額。

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.

當您查看我們在稅收援助類別中的份額時，份額非常低。當您查看我們在 Credit Karma、信用卡、個人貸款上的金融產品份額時，份額非常低。因此，我們會圍繞我們的份額查看數據以及圍繞我們的份額查看我們的表現。然後我們還將研究諸如失業、違約率和對經濟的預測等經濟因素。

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，由於我們在小型企業平台上看到的數據，我們是經濟的最大——最好的投影儀。所以我們看看所有這些東西。然後我們的方式，把我們的計劃放在一起，最壞的情況，中間的情況，最好的情況。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事情。然後我們根據我們看到的數據進行管理，我們設法確保我們在為客戶提供服務的同時保護我們的長期投資者投資。因此，就我們如何看待它而言，這只是一個快照。

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，我沒有提出任何進一步的問題。您想以任何其他評論結束嗎？

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。感謝您提出的所有精彩問題。正如我之前所說，我為整個公司的員工和我們的合作夥伴感到非常自豪，能夠在這個獨特的時代為我們的會員和客戶服務是一種真正的榮幸和榮幸。所以你們所有人都安全，身體健康，我們很快就會和你們談談。謝謝你。

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

女士們，先生們，感謝您的參與。今天的電話會議到此結束。