Intuit (INTU) 23 May 242024 Q3 Earnings call transcript
Intuit (INTU) 242024 年 5 月 23 日第三季財報電話會議實錄

Good afternoon. My name is David, and I'll be your conference operator. At this time, I would like to welcome everyone to Intuit's Third Quarter Fiscal Year 2024 Conference Call. [Operator Instructions] With that, I'll now turn the call over to Kim Watkins, Intuit's Vice President of Investor Relations. Ms. Watkins?
下午好我是會議接線生 David。現在，我歡迎大家參加 Intuit 2024 財年第三季電話會議。 [接線員指示] 現在，我將電話會議交給 Intuit 投資者關係副總裁 Kim Watkins。沃特金斯女士？

[Technical Difficulty] [技術難題]

Ms. Watkins your mic might be muted.
沃特金斯小姐，妳的麥克風可能靜音了

Thanks, David. Good afternoon, and welcome to Intuit's Third Quarter Fiscal 2024 Conference Call. I'm here with Intuit's CEO, Sasan Goodarzi; and our CFO, Sandeep Aujla.
謝謝，大衛。下午好，歡迎參加 Intuit 2024 財年第三季電話會議。在座的有 Intuit 執行長 Sasan Goodarzi 和財務長 Sandeep Aujla。

Before we start, I'd like to remind everyone that our remarks will include forward-looking statements. There are a number of factors that could cause Intuit's results to differ materially from our expectations.
在開始之前，我想提醒大家，我們的發言將包括前瞻性陳述。有許多因素可能導致 Intuit 的結果與我們的預期有實質的差異。

You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 2023 and our other SEC filings.
有關這些風險的更多信息，請參閱我們今天下午早些時候發布的新聞稿、2023 財年 10-K 表以及我們向美國證券交易委員會提交的其他文件。

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.
所有這些文件均可在 Intuit 網站 intuit.com 的 "投資者關係 "頁面上查閱。我們不承擔更新任何前瞻性聲明的義務。

Some of the numbers in these remarks are presented on a non-GAAP basis. We 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. With that, I'll turn the call over to Sasan.
這些評論中的一些數字是按照非美國的通用會計準則（Non-GAAP）列出。我們在今天的新聞稿中對可比較的 GAAP 和非 GAAP 數據進行了調整。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。電話會議結束後，您可以在我們的網站上查閱我們準備好的演講稿和補充財務資訊。下面請薩珊發言。

Thanks, Kim, and thanks to all of you for joining us today. We had a strong quarter with solid momentum across the company as we executed our strategy to be the global AI-driven expert platform powering prosperity for consumers and small businesses.
謝謝你，金，也謝謝大家今天的到來。本季度，我們的業績表現強勁，公司上下勢頭穩健，我們的策略是成為全球人工智慧驅動的專家平台，為消費者和小型企業的繁榮提供動力。

Third quarter revenue grew 12%. Small Business & Self-Employed group revenue grew 18% despite an uncertain macro environment, demonstrating the importance of our platform and fueling success for small businesses and our momentum serving the mid-market. Consumer group revenue grew 9% and Credit Karma revenue grew 8%, driven by the impact of innovation from members and the benefits of TurboTax and Credit Karma product integration. I'm proud of our performance and the momentum we're seeing across the company.
第三季營收成長 12%。儘管宏觀環境不明朗，但小型企業與自營職業者集團的收入仍增長了 18%，這表明我們的平台非常重要，為小型企業的成功和我們服務中端市場的勢頭提供了動力。消費者集團營收成長 9%，Credit Karma 營收成長 8%，這主要得益於會員創新的影響以及 TurboTax 和 Credit Karma 產品整合帶來的效益。我為我們的業績和整個公司的發展勢頭感到自豪。

Turning to tax. 談到稅收。

We continue to revolutionize how taxes get done for consumers and small businesses. Tax preparation represents a $35 billion TAM in the U.S. This includes $31 billion within the assisted consumer and business tax categories. We're well positioned to penetrate the assisted TAM by leveraging data, AI and our virtual expert platform.
我們將繼續革新消費者和小型企業的報稅方式。在美國，報稅服務的銷售額高達 350 億美元，其中包括 310 億美元的消費者和企業輔助報稅服務。透過利用數據、人工智慧和我們的虛擬專家平台，我們已做好充分準備，以滲透到輔助 TAM 中。

Let me share several proof points. This season, we made good progress against our multiyear strategy to transform the assisted experience for customers. TurboTax Live, our assisted offering, including our do-it-with-me and full-service tax offerings for both consumers and businesses is the largest durable growth opportunity.
讓我分享幾個證明點。本季度，我們在多年策略上取得了良好進展，為客戶帶來了全新的輔助體驗。 TurboTax Live 是我們的輔助產品，包括為消費者和企業提供的 "隨我做 "和全方位稅務服務，這是最大的持久增長機會。

We expect TurboTax Live customers to grow 12% and revenue to grow 17% in fiscal year 2024. TurboTax Live revenue is expected to be $1.4 billion, representing approximately 30% of total consumer group revenue growing at a significant scale. This gives us confidence that we can digitize a very manual, disaggregated and high-priced assisted category.
我們預計 2024 財年 TurboTax Live 客戶將成長 12%，營收將成長 17%。 TurboTax Live 的營收預計將達到 14 億美元，約佔消費者群體總營收的 30%，成長規模相當可觀。這讓我們相信，我們能夠將一個非常手工、分散和高價的輔助類別數位化。

Now let me spend a few minutes going deeper in several areas.
現在，請容許我花幾分鐘時間深入探討幾個面向。

First, TurboTax Live Full Service is resonating with consumers as we continue to innovate and making it simpler for customers to get their taxes done virtually.
首先，TurboTax Live 全方位服務正在引起消費者的共鳴，因為我們將繼續創新，讓客戶透過虛擬方式更簡單地完成報稅。

We expect TurboTax Live Full Service customers to double this fiscal year, with those new to TurboTax to triple.
我們預計本財年 TurboTax Live 全方位服務的客戶將翻倍，新加入 TurboTax 的客戶將增加兩倍。

Our full service offering has a product recommendation score of 85, one of the highest at Intuit.
我們的全面服務產品建議得分高達 85 分，是 Intuit 最高分之一。

Our learnings and insights from this season bolster our confidence in the continued opportunity we have to disrupt the assisted category.
我們從這一季中學到的知識和洞察力增強了我們的信心，相信我們仍有機會顛覆輔助類產品。

Second, we expect TurboTax to gain share with higher ARPR filers, as we strategically prioritize focusing on the assisted tax segment and higher value customers over pay nothing and lower ARPR segment.
其次，我們預計 TurboTax 將在 ARPR 較高的報稅者中獲得更多份額，因為我們在策略上優先關注的是輔助報稅部門和高價值客戶，而不是免付費和 ARPR 較低的部門。

Third, Intuit Assist, our GenAI-powered financial assistant, played a big role in our TurboTax experience this year. With Intuit Assist, we're creating a future of done-for-you, where the hard work is done automatically on behalf of our customers with a gateway to human expertise, fueling their financial success. More than 24 million customers used Intuit Assist to explain their refund, answer questions and help deliver confidence that their return was completed accurately this year. This is data and GenAI working at scale, for both our customers and our AI-powered experts, helping customers virtually. I'm excited about what we're working on for next season to accelerate innovation and deliver even more customer benefits. And fourth, we delivered solid results with the product integration across Credit Karma and TurboTax. We grew the number of customers that filed with TurboTax from the embedded Credit Karma experience by 76% and tax refunds deposited in a Credit Karma money account by 28%.
第三，Intuit Assist，我們的 GenAI 驅動的財務助理，在我們今年的 TurboTax 體驗中發揮了重要作用。有了Intuit Assist，我們正在創造一個"為你完成"的未來，在這裡，艱苦的工作將自動為我們的客戶完成，並為他們提供一個獲取人類專業知識的途徑，助力他們在財務上取得成功。今年，超過 2,400 萬名客戶使用 Intuit Assist 來解釋他們的退稅、回答問題，並幫助他們對準確完成退稅充滿信心。這就是數據和 GenAI 的規模化應用，為我們的客戶和我們的人工智慧專家提供虛擬幫助。我對我們下一季的工作感到非常興奮，我們將加速創新，為客戶帶來更多益處。第四，我們在 Credit Karma 和 TurboTax 的產品整合方面取得了堅實的成果。我們透過嵌入式 Credit Karma 體驗向 TurboTax 報稅的客戶數量增加了 76%，存入 Credit Karma 資金帳戶的退稅金額增加了 28%。

We also delivered strong growth in Credit Karma Money revenue this quarter. This product integration also drove new members to Credit Karma, consistent with our goal of driving higher engagement and monetization for Credit Karma over time.
本季度，我們的 Credit Karma Money 營收也實現了強勁成長。這項產品整合也為 Credit Karma 帶來了新會員，這與我們長期推動 Credit Karma 提高參與度和貨幣化的目標是一致的。

Given these results, we see big opportunities ahead to deliver on our vision to help consumers make ends meet, maximize their tax refund, save more money, pay off debt and take steps to improve their financial health. To significantly accelerate creating seamless end-to-end consumer experiences that customers benefit from year round, we are more closely aligning TurboTax and Credit Karma under Mark Notarainni, General Manager of the Consumer Group, who will oversee both segments. I'm excited to share that Joe Koffman, currently President of Credit Karma and part of the leadership team for the last 9 years, will be leading Credit Karma as of August 1, reporting to Mark.
鑑於這些結果，我們看到了未來實現我們願景的巨大機遇，即幫助消費者入不敷出、最大限度地利用退稅、節省更多資金、償還債務並採取措施改善財務狀況。為了更快地創造讓客戶全年受益的無縫端到端消費者體驗，我們將在消費者集團總經理馬克-諾塔蘭尼（Mark Notarainni）的領導下，更緊密地整合TurboTax和Credit Karma ，由他負責這兩個部門。我很高興地宣布，Credit Karma 的現任總裁 Joe Koffman 將從 8 月 1 日起領導 Credit Karma，並向 Mark 匯報工作。

Additionally, Ken Lin will retire from Intuit around the end of this calendar year. I can't thank Ken enough for his friendship, leadership and impact across the company. In summary, we made strong progress this tax season that sets us up for continued success in the future.
此外，Ken Lin 將於今年年底從 Intuit 退休。我對 Ken 的友誼、領導力和對整個公司的影響感激不盡。總而言之，我們在本報稅季取得了強勁的進展，這為我們今後繼續取得成功奠定了基礎。

Now let's take a look ahead. The era of AI is one of the most significant technology shifts of our lifetime. It is reinventing customer experiences, creating new monetization possibilities and structurally changing how we work with an Intuit to deliver for customers. We're very well positioned to take advantage of this era with our AI-driven expert platform strategy and 5 Big Bets to pursue the largest customer problems and growth drivers for Intuit.
現在，讓我們展望未來。人工智慧時代是我們一生中最重要的科技變革之一。它正在重塑客戶體驗，創造新的貨幣化可能性，並從結構上改變我們與 Intuit 合作為客戶提供服務的方式。我們已做好充分準備，憑藉著人工智慧驅動的專家平台策略和 5 大賭注，利用這個時代解決最大的客戶問題，推動 Intuit 的成長。

As part of our financial planning process, we have identified key areas within our Big Bets, where we plan to accelerate investments to deliver greater impact. These include Big Bets 1, GenAI to deliver done-for-you experiences with Intuit Assist. Big Bets 2, go-to-market investments for TurboTax Live and QuickBooks Live, embedding AI-powered experts across our small business offerings, Big Bets 4, our money solutions to digitize the experience end to end for consumers and small businesses from estimates to invoicing to getting paid and paying bills. Big Bets 5, doubling down on mid-market with additional investments in platform and go-to-market motions and finally, accelerating international growth with Mailchimp and QuickBooks. To increase our investments in the outline focus areas given the green shoots we're observing, we are taking a hard look at what we can stop doing and where we can reallocate investments. to accelerate top line growth while remaining committed to delivering operating margin expansion in fiscal year 2025 and beyond. Wrapping up, we're excited about the opportunity ahead and our ability to power prosperity for customers.
作為財務規劃流程的一部分，我們已經確定了 "大賭注 "中的關鍵領域，我們計劃在這些領域加快投資，以產生更大的影響。這些領域包括 Big Bets 1：GenAI，透過 Intuit Assist 提供 "為您完成 "的體驗。 Big Bets 2，TurboTax Live 和QuickBooks Live 的市場投資，在我們的小型企業產品中嵌入人工智慧驅動的專家，Big Bets 4，我們的資金解決方案，為消費者和小型企業提供從估算到開票、獲得付款和支付帳單的端到端數位體驗。 Big Bets 5，透過對平台和市場推廣動議的額外投資，加倍發力中端市場，最後，透過 Mailchimp 和 QuickBooks 加速國際成長。鑑於我們觀察到的綠芽，為了增加對重點領域的投資，我們正在認真審視哪些方面我們可以停止，哪些方面我們可以重新分配投資。最後，我們對未來的機會和我們為客戶創造繁榮的能力感到興奮。

Now let me hand it over to Sandeep.
現在讓我把它交給桑迪普。

Thanks, Sasan. We delivered a solid third quarter of fiscal 2024 across the company.
謝謝，薩桑。我們整個公司在 2024 財年第三季取得了穩健的表現。

Our third quarter results include revenue of $6.7 billion, up 12%; GAAP operating income of $3.1 billion versus $2.8 billion last year, up 12%; non-GAAP operating income of $3.7 billion versus $3.4 billion last year, up 11%; GAAP diluted earnings per share of $8.42 versus $7.38 a year ago, up 14%; and non-GAAP diluted earnings per share of $9.88 versus $8.92 last year, up 11%.
我們的第三季業績包括：營收67 億美元，年增12%；GAAP 營業收入31 億美元，去年同期為28 億美元，年增12%；非GAAP 營業收入37 億美元，去年同期為34 億美元，年增11%；GAAP 稀釋後每股收益8.42 美元，去年同期為7.38 美元，較去年同期成長14%；非GAAP 稀釋後每股收益9.88 美元，去年同期為8.92 美元，較去年同期成長11%。

Now turning to the business segments. Consumer Group revenue of $3.7 billion grew 9% in Q3, reflecting the progress we made transforming the assisted experience for consumers and small businesses this season.
現在談談業務部門。第三季度，消費者業務部的營收為 37 億美元，成長了 9%，這反映了我們在本季為消費者和小型企業提供協助體驗方面取得的進展。

Our strategy is working.
我們的策略正在發揮作用。

We expect TurboTax Live revenue to grow 17% to $1.4 billion in fiscal 2024, representing approximately 30% of overall consumer group revenue, driving total average revenue per return up approximately 10%.
我們預計在 2024 財年，TurboTax Live 的營收將成長 17%，達到 14 億美元，約佔消費者集團總營收的 30%，推動每份報稅表的平均總營收成長約 10%。

I am pleased with the sustained growth we are seeing in our TurboTax Live business. Overall retention is expected to be up 3 points year-over-year in fiscal 2024, close to pre-COVID levels, demonstrating the strength of our offerings and highlighting the benefit we are delivering to our customers.
我對 TurboTax Live 業務的持續成長感到高興。預計 2024 財年的整體留存率將年增 3 個百分點，接近 COVID 前的水平，這顯示了我們的產品實力，也凸顯了我們為客戶帶來的利益。

As Sasan shared earlier, we expect TurboTax to gain share with higher ARPR filers as we strategically prioritized focusing on the assisted tax and the higher ARPR customers over to-pay-nothing and lower ARPR segment.
正如Sasan 早些時候所分享的，我們預計TurboTax 將在ARPR 較高的申報者中獲得更多份額，因為我們在策略上將重點放在了輔助報稅和ARPR 較高的客戶上，而不是什麼都不支付和ARPR 較低的細分市場。

As a result, we expect TurboTax Live customers to grow 12% and total online paying units to grow approximately 2% in fiscal 2024, versus total returns growth of 1%. Due to yielding shares with pay-nothing and lower ARPR customers, we expect our share of total consumer returns to decline approximately 80 basis points this year and total TurboTax units to decline 1%.
因此，我們預計在 2024 財年，TurboTax Live 客戶將成長 12%，線上支付單位總數將成長約 2%，而總回報將成長 1%。由於不付費客戶和 ARPR 較低的客戶的收益份額下降，我們預計今年我們在消費者總回報中所佔的份額將下降約 80 個基點，TurboTax 總銷售量將下降 1%。

We are raising our full year Consumer Group revenue growth guidance to $4.44 billion to $4.45 billion, which is at the top end of our previously provided guidance. I am proud of the progress we made the season. And the learnings we had reinforce our confidence in the future.
我們將消費者集團的全年營收成長指引目標上調至 44.4 億美元至 44.5 億美元，這也是我們先前提出的指導目標的上限。我為我們在本季度取得的進展感到自豪。我們學到的經驗增強了我們對未來的信心。

We continue to expect Consumer Group revenue growth of 8% to 12% long term given the size and trajectory of TurboTax Live.
考慮到 TurboTax Live 的規模和發展軌跡，我們仍然預期消費者集團的長期營收成長率為 8%-12%。

Turning to the ProTax group. Revenue grew 3% in the third quarter.
以下談談 ProTax 集團。第三季的營收成長了 3%。

For the full year, we now expect ProTax group revenue growth of 6% to 7%.
目前，我們預計 ProTax 集團全年營收將成長 6% 至 7%。

Turning to the Small Business & Self-Employed. Revenue grew 18% during the quarter, driven by online ecosystem revenue, which grew 19%.
關於小型企業和自營職業者。本季營收成長了 18%，其中線上生態系統收入成長了 19%。

Our results continue to demonstrate the power of our small business platform and the mission-critical nature of our offerings, which resonates with customers as they look to grow their business and improve cash flow in any economic environment, with the goal of being the source of truth for small businesses, a strategic focus within the small business and self-employed group is threefold: grow the core, connect the ecosystem and expand globally.
我們的表現繼續證明了我們小型企業平台的力量和我們所提供產品的關鍵任務性質，在任何經濟環境下，當客戶尋求發展業務和改善現金流時，我們的產品都能引起客戶的共鳴，我們的目標是成為小型企業的真理之源，在小型企業和自營職業者群體中，我們的策略重點有三：發展核心、連結生態系統和全球擴張。

First, we continue to focus on growing the core. QuickBooks Online accounting revenue grew 19% in Q3, driven by customer growth, higher effective prices and mix shift.
首先，我們繼續專注於核心業務的成長。在客戶成長、有效價格上漲和組合轉變的推動下，QuickBooks 線上會計收入在第三季成長了 19%。

As I shared last quarter, we continue to prioritize disrupting the small business mid-market through continued focus on go-to-market motions and product innovations. Mid-market customers drive a higher ARPC over time given their more complex needs and higher usage of services on our platform, although they are a smaller subset of our total customer TAM. This, coupled with our strategy to sell more of our ecosystem offerings to existing customers, shift the emphasis in our growth formula towards ARPC over time.
正如我在上一季所分享的，我們將繼續透過持續關注進入市場的動議和產品創新，優先考慮顛覆小型企業中端市場。中端市場客戶的需求更加複雜，對我們平台上服務的使用率更高，因此隨著時間的推移，他們的ARPC 會越來越高，儘管他們在我們的總客戶TAM 中只是一個較小的子集。再加上我們向現有客戶銷售更多生態系統產品的策略，隨著時間的推移，我們的成長公式將重點轉向 ARPC。

Second, we continue to focus on connecting the ecosystem. Online services revenue grew 20% in Q3 driven by payments, payroll and Mailchimp. Within payments, revenue growth in the quarter reflects higher consecutive prices, ongoing customer growth as more customers adopt our payment offerings to manage their cash flow and an increase in total payment volume per customer. Total online payment volume growth in Q3 was 22%. With payroll, revenue growth in the quarter reflects an increase in customers adopting our payroll solutions, higher effective prices and a mix shift towards higher-end offerings.
其次，我們繼續專注於連結生態系統。在支付、薪資和 Mailchimp 的推動下，第三季線上服務收入成長了 20%。在支付業務方面，本季的收入成長反映了連續價格上漲、隨著越來越多的客戶採用我們的支付產品來管理其現金流而帶來的客戶持續成長，以及每位客戶總支付量的增加。第三季線上支付總額增加了 22%。本季薪資業務的收入成長反映了採用我們薪資解決方案的客戶增加、有效價格上漲以及向高端產品組合的轉變。

Mailchimp revenue growth was driven by higher effective prices and paid customer growth. Revenue growth in Mailchimp decelerated this quarter as we were lapping a larger benefit from price and lineup changes that we made last year.
Mailchimp 營收的成長得益於更高的有效價格和付費客戶的成長。本季 Mailchimp 的營收成長有所放緩，因為我們從去年的價格和產品線調整中獲得了更大的收益。

Third, we continue to make progress expanding globally by executing our refreshed international strategy which includes leading with both QuickBooks Online and Mailchimp in our established markets and leading with Mailchimp in all other markets as we continue to execute on localized product and lineup. On a constant currency basis, total international online ecosystem revenue grew 12% in Q3. Shifting to the Desktop Ecosystem. Desktop Ecosystem revenue grew 14% in the third quarter and QuickBooks Desktop enterprise revenue grew in the high teens. At the end of this fiscal year, we will complete the 3-year transition for customers that remain on a license-based desktop offering to a recurring subscription model.
第三，我們透過執行全新的國際策略，繼續在全球擴張方面取得進展，該策略包括在我們的成熟市場上以QuickBooks Online 和Mailchimp 為主導，在所有其他市場上以Mailchimp 為主導，同時繼續執行本地化產品和陣容。以固定匯率計算，第三季國際線上生態系統總收入成長了 12%。轉向桌面生態系統。桌面生態系統營收在第三季成長了 14%，QuickBooks Desktop 企業營收成長了十幾倍。在本財年末，我們將完成客戶從基於授權的桌面產品轉向經常性訂閱模式的 3 年。

As I shared last quarter, starting next fiscal year, we expect our desktop enterprise offering, which accounts for over half of desktop accounting revenue to grow in the high single-digit range.
正如我在上一季分享的那樣，從下一個財年開始，我們預計佔桌面會計收入一半以上的桌面企業產品將實現高個位數成長。

We also will continue to encourage remaining desktop subscription customers who tend to be more complex and higher value to migrate seamlessly to either QuickBooks Online or to our desktop enterprise offering when they are waiting.
我們也將繼續鼓勵剩餘的桌面訂購客戶（他們往往更複雜、價值更高）在等待時無縫遷移到 QuickBooks Online 或我們的桌面企業級產品。

Additionally, we see opportunities to continue to price the products for value. The online ecosystem remains a growth catalyst longer term.
此外，我們也看到了繼續為產品定價以實現價值的機會。從長遠來看，線上生態系統仍然是成長的催化劑。

As a result of the strong growth we are seeing in the Small Business & Self-Employed group, we are raising our full year segment revenue growth guidance to 18%, up from the prior guidance of 16% to 17%.
由於小型企業和自營職業者集團的強勁成長，我們將全年部門收入成長指引從先前的 16% 至 17% 提高到了 18%。

We continue to expect small business and self-employed group revenue growth of 15% to 20% long term.
我們仍預期小型企業和自營商團體的長期收入成長率為 15%至 20%。

Moving to Credit Karma. Credit Karma delivered revenue of $443 million in Q3, up 8%. On a product basis, Credit Karma Money accounted for 3 points of growth, credit cards and auto insurance each accounted for 2 points and personal loans accounted for 1 point. We saw strength in Credit Karma Money from TurboTax customers choosing to deposit their refund in a Credit Karma Money account, and we have seen a return to growth in the insurance segment.
現在來看 Credit Karma。 Credit Karma 在第三季實現營收 4.43 億美元，年增 8%。就產品而言，Credit Karma Money 佔成長的 3 個百分點，信用卡和汽車保險各佔 2 個百分點，個人貸款佔 1 個百分點。我們看到，TurboTax 客戶選擇將他們的退款存入 Credit Karma Money 帳戶，這為 Credit Karma Money 帶來了強勁的成長，我們也看到保險業務恢復了成長。

However, the overall picture remains mixed, reflecting uncertain macro trends as we continue to see select partners taking a conservative approach to extending credit in both personal loan and credit cards in Q3.
然而，整體情況仍然喜憂參半，反映了宏觀趨勢的不確定性，因為我們繼續看到一些合作夥伴在第三季對個人貸款和信用卡的信貸發放採取了保守的態度。

We are updating our full year Credit Karma revenue growth guidance to a growth of 2% versus our prior guidance range of plus or minus 3% growth. In summary, I am pleased with our continued momentum this fiscal year and opportunities ahead. Shifting to our balance sheet and capital allocation.
我們將 Credit Karma 全年營收成長指導目標更新為成長 2%，而先前的指導範圍是正負 3%。總之，我對我們本財年的持續發展動能和未來的機會感到高興。以下談談我們的資產負債表和資本分配。

Our financial principles guide our decisions. They remain on long-term commitment and are unchanged. We finished the quarter with approximately $4.7 billion in cash and investments and $6 billion in debt on our balance sheet. We repurchased $584 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 $0.90 per share, payable on July 18, 2024. This represents a 15% increase versus last year.
我們的財務原則指導著我們的決策。這些原則仍然是長期承諾，沒有改變。本季結束時，我們的資產負債表上有約 47 億美元的現金和投資，以及 60 億美元的債務。我們在第三季回購了 5.84 億美元的股票。根據市場狀況和其他因素，我們的目標是每季在市場上進行回購。董事會批准了每股 0.90 美元的季度股息，支付日期為 2024 年 7 月 18 日。與去年相比，股息增加了 15%。

Moving on to guidance.
接下來是指導。

We are increasing our fiscal 2024 guidance. This includes total company revenue growth of 13%, up from prior guidance of 11% to 12% growth. GAAP operating income growth of 21% to 22%, up from prior guidance of 15% to 18% growth, non-GAAP operating income growth of 16%, up from prior guidance of 12% to 16% growth, GAAP diluted earnings per share growth of 28% to 29%, up from prior guidance of 11% to 15% growth and non-GAAP diluted earnings per share growth of 17%, up from prior guidance of 12% to 14% growth.
我們將提高 2024 財年的指導目標。其中包括公司總收入成長 13%，高於先前 11% 至 12% 的成長指引。美國通用會計準則（GAAP）營業收入成長21% 至22%，高於先前15% 至18% 的成長指引；非美國通用會計準則（Non-GAAP）營業收入成長16%，高於先前12% 至16% 的成長指引；美國通用會計準則（GAAP）攤薄後每股收益成長28% 至29%，高於先前11% 至15% 的成長指引；非美國通用會計準則（Non-GAAP）攤薄後每股收益成長17%，高於先前12% 至14% 的成長指引。

Our guidance for the fourth quarter of fiscal 2024 includes revenue growth of 13% to 14%, GAAP earnings per share of $0.25 to $0.30 and non-GAAP earnings per share of $1.80 to $1.85.
我們對 2024 財年第四季的指導包括：營收成長 13% 至 14%，GAAP 每股收益 0.25 美元至 0.30 美元，非 GAAP 每股收益 1.80 美元至 1.85 美元。

You can find our full fiscal 2024 and Q4 guidance details in our press release and on our fact sheet.
您可以在我們的新聞稿和概況介紹中找到我們 2024 財年和第四季度的詳細指導。

Finally, as Sasan shared earlier, we have made strong progress on a 5 Big Bets and see opportunities to invest further in select focused areas to accelerate our pace of progress and deliver greater impact. Therefore, as part of our annual financial planning process, we are taking a hard look at reallocating investments. We remain committed to our financial principle, growing revenue double digits and growing operating income dollars faster slower than revenue, leading to expanding operating margins in fiscal 2025 and beyond. With that, I'll turn it back over to Sasan.
最後，正如薩桑之前所分享的那樣，我們在五項"大賭注"方面取得了重大進展，並看到了在選定的重點領域進一步投資的機會，以加快我們的進展步伐，產生更大的影響。因此，作為年度財務規劃流程的一部分，我們正在認真審視投資的重新分配。我們將一如既往地堅持我們的財務原則，即營收成長兩位數，營業收入成長速度低於營收成長速度，從而在 2025 財年及以後擴大營業利潤率。下面請薩珊發言。

Great. Thank you, Sandeep.
太好了。謝謝你，桑迪普。

Let me close with 3 points.
最後，我想談三點。

First, we're very well positioned to take advantage of the largest technological shifts of our era given Intuit strategy and 5 Big Bets with AI at the center as all we do.
首先，考慮到 Intuit 的策略和以人工智慧為中心的 5 大賭注，我們處於非常有利的位置，可以利用我們這個時代最大的技術變革。

Second, given the green shoots we're observing, we are doubling down in key areas of our bets to accelerate growth.
其次，鑑於我們觀察到的綠芽，我們在關鍵領域加倍押注，以加速成長。

Third, we continue to recruit great technical and leadership count across the company to accelerate our progress. In that context, I'd like to share that Greg Johnson recently returned as Executive Vice President, Intuit, Chief Commercial Officer and Global Small Business & Self-Employed Group Chief Revenue Officer. Greg is a world-class leader with nearly 10 years of experience at Intuit, leading TurboTax as the Head of Marketing and then as General Manager. I'm thrilled to have Greg back head into it.
第三，我們將繼續在全公司範圍內招募優秀的技術和領導者才，以加快我們的進步。在這方面，我想與大家分享的是，Greg Johnson 最近回來擔任 Intuit 執行副總裁、首席商務長兼全球小型企業與自營集團首席收入長。 Greg 是一位世界級的領導者，在 Intuit 有近 10 年的工作經驗，先後擔任 TurboTax 行銷主管和總經理。我很高興 Greg 能重返崗位。

Now let's open it up to your questions.
現在請大家踴躍提問。

[Operator Instructions] We'll take our first question from Keith Weiss with Morgan Stanley.
[第一個問題來自摩根士丹利的基斯-魏斯

And a really nice quarter in that, you guys really flexed the ability to use the portfolio to outperform on the top line and up from on the bottom line. And in what has been a pretty difficult earnings season actually taking earnings up we hear your full year EPS is coming off.
這一季度的業績非常不錯，你們確實靈活運用了投資組合的能力，不僅在業績上超越了上一季度，在業績下一季也有所成長。我們聽說，你們的全年每股盈餘（EPS）有所下降。

So that's all great to see. I wanted to ask about the tax business overall. The shift towards kind of the high end, the higher ARPC customers seems more pronounced this year probably than what I was expecting, and I think most people were expecting I think the underlying question most investors have is like, why can we do both right? Why can we price for the low end and get those customers on board as well as attracting those higher ARPC customers. Is that available to you? Or do you need to be shifting more upmarket?
所以，這一切都很好。我想問一下稅務業務的整體情況。今年向高端、高 ARPC 客戶的轉變似乎比我預期的更明顯，我想大多數人也是這麼想的，我想大多數投資者的潛在問題是，為什麼我們能同時做好這兩件事？為什麼我們既能為低階產品定價，又能吸引那些ARPC較高的顧客？你們能做到這一點嗎？還是需要轉移到更高端市場？

Keith, thank you very much for the complement and your question.
基思，非常感謝你的補充和提問。

Let me address your question in a couple of ways.
讓我從幾個方面來回答你的問題。

First of all, I'll start with some of what we already shared, but it's important context in that we're really bullish in terms of what we saw with TurboTax Live going after the assisted segment because now you have a $1.4 billion business growing at 17%. And with that being 30% of the total TurboTax franchise, when we flip that over to now it becomes 50%, 60% of the franchise, it really accelerates the growth of the entire TurboTax franchise. And what we demonstrated this year, I would almost say for the first time is, we moved the needle of taking share and assisted. When you look at the fact that -- although IRS grew 1%, most of that growth all happened in DIY, mainly with sort of 3 simple filer customers, assisted was flat, and that's where we took share. And I think that is a first sort of time of a sign that we're starting to build a flywheel effect that gives us a lot of confidence as we look into the future.
首先，我想從我們已經分享過的一些內容說起，但重要的是，我們非常看好 TurboTax Live 在輔助業務方面的發展，因為現在 14 億美元的業務正在以 17% 的速度增長。由於 TurboTax Live 佔整個 TurboTax 特許經營業務的 30%，當我們將其翻轉到現在佔整個特許經營業務的 50%、60% 時，它確實加速了整個 TurboTax 特許經營業務的增長。今年，我們幾乎可以說是第一次在份額和協助方面取得了突破性進展。雖然 IRS 成長了 1%，但其中大部分成長都發生在 DIY 領域，主要是 3 個簡單申報者客戶，而輔助服務則持平，這就是我們佔據份額的原因。我認為，這是我們開始建立飛輪效應的第一個跡象，讓我們對未來充滿信心。

I think the second thing that I would say is we -- because of our Credit Karma and TurboTax platform, we actually see the customers that are just really looking for a free tax software and our bouncing between platforms, and we are not interested in those customers. We're not interested in pursuing those customers, the cost of acquisition to get those customers when they simply are bouncing between platforms. We're really focused on quality of the customers, particularly because now we've just scratched the service in the assisted segment and what really matters is now accelerating the share take in the assisted segment.
我想我要說的第二件事是，由於我們的Credit Karma 和TurboTax 平台，我們實際上看到了那些真正在尋找免費稅務軟體和在平台間跳來跳去的客戶，我們對這些客戶不感興趣。我們對這些客戶不感興趣，因為他們只是在不同的平台之間跳來跳去，我們沒有興趣去追求這些客戶，也沒有興趣花成本去爭取這些客戶。我們真正關注的是客戶的質量，尤其是因為現在我們只是在輔助部分提供服務，而真正重要的是現在加快輔助部分的份額。

So that's really how we're thinking about it and what gives us confidence in not only what we delivered, but particularly in the future.
這就是我們思考問題的方式，也是讓我們不僅對我們的成果，尤其是對未來充滿信心的原因。

We will take our next question from Daniel Jester with BMO Capital Markets.
下一個問題由蒙特婁銀行資本市場（BMO Capital Markets）的丹尼爾-傑斯特（Daniel Jester）提出。

I just actually want to expand on the comments you've made on.
實際上，我只是想對你的評論做一些補充。

So on one hand, you talked about focusing more on sort of the higher end of the market, but you're also talking about deepening the integration between Credit Karma and TurboTax in the future.
因此，一方面，你談到要更專注於高端市場，另一方面，你也談到未來要深化 Credit Karma 和 TurboTax 之間的整合。

And so can you just maybe expand a little bit more, especially around the Credit Karma and TurboTax integration, what we should be expecting going forward?
那麼，您能否再詳細介紹一下，尤其是圍繞著 Credit Karma 和 TurboTax 的整合，我們該對未來有何期待？

Yes, absolutely. This year, particularly, we're very excited about what we saw and actually what didn't work. And let me, if I could, hit on both.
是的，當然。尤其是今年，我們對我們所看到的和實際上不奏效的東西感到非常興奮。如果可以的話，讓我來談談這兩方面。

First and foremost, Credit Karma has over 40 million monthly active users and a larger chunk of those 40 million plus active users are actually doing their taxes using the assisted method.
首先，Credit Karma 的每月活躍用戶超過 4,000 萬，而在這 4,000 多萬活躍用戶中，有很大一部分實際上都在使用輔助方法進行報稅。

And so that's an enormous opportunity for us. This year, we embedded the TurboTax experience within Credit Karma, and we're very aggressive pursuing those customers. And in fact, we drove traffic north of $10 million within Credit Karma, those that were interested in doing their taxes with TurboTax. That's why it resulted in a 76% growth of the number of TurboTax customers that use the embedded experience within Credit Karma. At the same time, what we are constructively dissatisfied are 2 very basic things that did not work well this year. One with seamless log in, the second was performance of the app. And what I mean by seamless log in is, out of those 10 million-plus customers that were in the bucket of traffic, about 25% of them when they click to start doing their taxes with us or have us do it for them, they didn't have any instruction. They could just get started right away, where 75% of them could not. There was a lot of friction. And that was just an element of time. We were not able to get to all the work that was required to get everyone to experience, in essence, no log in. And that's a big deal, and we're all over it already.
因此，這對我們來說是一個巨大的機會。今年，我們在 Credit Karma 中嵌入了 TurboTax 體驗，並積極爭取這些客戶。事實上，我們在 Credit Karma 內為有興趣使用 TurboTax 報稅的客戶帶來了超過 1 千萬美元的流量。這就是為什麼使用 "信用卡 "嵌入式體驗的 TurboTax 客戶數量增加了 76%。同時，我們感到不滿意的是今年有兩件非常基本的事情沒有做好。其一是無縫登錄，其二是應用程式的效能。我所說的無縫登入是指，在這 1,000 多萬流量客戶中，約有 25% 的人在點擊開始使用我們或讓我們為他們報稅時，沒有得到任何指導。他們可以立即上手，而 75% 的人則不行。這其中有很多摩擦。這只是時間因素。我們無法完成讓每個人都能體驗到無需登入的所有工作。這是個大問題，我們已經開始著手解決了。

The second is performance of the app. We worked very hard to embed the TurboTax experience within Credit Karma, but the performance of the app was not where it needs to be. When I say performance of the app, some of the time that it took was like 8 to 7 seconds just for the app to be able to load. That's unacceptable, and we saw a lot of drop off. Both of those are in our control. Both of those, we are already working on. But I share that as an example of -- we saw a huge green shoot with our focus this year on every Credit Karma member becoming a TurboTax customer. And there's 2 very basic things that we're constructively dissatisfied with that gives us actually a lot of confidence as we look into the future.
其次是應用程式的效能。我們非常努力地在 Credit Karma 中嵌入 TurboTax 體驗，但應用程式的效能卻不盡人意。當我提到應用程式的效能時，有些應用程式的載入時間需要 8 到 7 秒。這是不可接受的，而且我們也看到了許多掉線現象。這兩點都在我們的控制範圍內。我們正在努力解決這兩個問題。但我要舉例說明的是，我們今年的工作重點是讓每個 Credit Karma 會員都成為 TurboTax 的客戶，這讓我們看到了巨大的發展前景。有兩件非常基本的事情是我們不滿意的，這讓我們在展望未來時充滿信心。

So hopefully, that answers your question.
希望這能回答你的問題。

We'll take our next question from Siti Panigrahi with Mizuho.
下一個問題由瑞穗銀行的 Siti Panigrahi 提出。

And Sasan, I want to ask about your vision and strategy for the Money platform. I have a multipart question there.
薩桑，我想問一下你對 Money 平台的願景和策略。我有一個由多個部分組成的問題。

We have seen you expanded invoice to bill pay. Would love to get your progress so far, any feedback there in the last couple of quarters. But also, we saw that you recently acquired Proper Finance and also made some hiring senior executive hiring in the money platform side.
我們看到你們將發票支付擴展到了帳單支付。我很想知道你們目前的進展情況，以及過去幾季的回饋。此外，我們也看到你們最近收購了 Proper Finance，並在資金平台方面招募了一些高階主管。

So I'd love to hear your strategy in which direction it's going in a money platform.
因此，我很想聽聽你們在資金平台上的發展策略。

Sure, Siti, thank you for the question.
當然，西蒂，謝謝你的提問。

Let me actually talk about the focus around money on 2 dimensions that we're very, very excited about. And as you also heard in our prepared remarks, this is an area where we are accelerating our investments.
實際上，請容許我從兩個方面談談我們非常非常興奮的資金問題。正如你們在我們準備好的發言中所聽到的，這是我們正在加快投資的一個領域。

We are seeing a lot of green shoots with all the work that we've been doing in the last several years, really digitizing the whole process of estimating invoicing to getting paid and having multiple paying options along with the bill pay capabilities that we've built that we are now rolling out to our customers. We're seeing a lot of green shoots in both of those areas.
在過去幾年中，我們所做的所有工作都讓我們看到了許多曙光，從估算發票到獲得付款的整個過程都實現了真正的數位化，而且我們還建立了多種付款方式以及帳單支付功能，現在我們正在向客戶推廣這些功能。我們在這兩個領域都看到了許多新的亮點。

You saw in a pretty tough macro environment.
你看到宏觀環境相當嚴峻。

Our payments overall total payments volume was up 22%, and that's an area where we're accelerating our investment. That's on the small business side. The thing that we're also excited about is money focused across the TurboTax Credit Karma platform. We saw a lot of green shoots this year with a 20% or 28% increase of the number of customers that put their refund on a Credit Karma Money account. We're excited about it, not because of the 28%. We actually believe that could be far bigger. But because of the areas of friction that we are going to remove and the fact that we have opportunities to give much earlier access to their tax refund and actually monetize it.
我們的整體支付總額成長了 22%，這也是我們正在加快投資的一個領域。這是在小企業方面。讓我們感到興奮的還有 TurboTax Credit Karma 平台的資金投入。今年，我們看到了許多新的亮點，將退款存入 Credit Karma Money 帳戶的客戶數量增加了 20% 或 28%。我們對此感到興奮，但不是因為這 28%。實際上，我們相信這個數字會更大。而是因為我們要消除的摩擦領域，以及我們有機會讓客戶更早獲得退稅並將其貨幣化的事實。

So those are the 2 areas across our small business and consumer platform that we are focused on and we're accelerating our investments across both of those platforms in the coming year.
因此，這是我們在小型企業和消費者平台上重點關注的兩個領域，我們將在明年加快對這兩個平台的投資。

And Siti on the acquisition, you mentioned, as we've shared with you in the past, we are continually looking at by the partner, and that was a small technology tuck-in that we did to build some of the core money movement and risk management capabilities within our small business group.
關於收購，你提到，正如我們過去與你分享的那樣，我們一直在尋找合作夥伴，這是我們為在小型企業集團內建立一些核心資金流動和風險管理能力而進行的一次小型技術收購。

We'll take our next question from Alex Markgraff with KeyBanc Capital Markets.
下一個問題由 KeyBanc Capital Markets 的 Alex Markgraff 提出。

Sasan, just one for you on TurboTax.
薩桑，關於 TurboTax，我只想問你一個問題。

Just looking at recent Investor Day slides and sort of the long-term growth framework for the business. When we look at this total TurboTax share of IRS returns, I think implies sort of a positive share gain over the long term. And I'm just curious, I understand the focus in the assisted category. Should we be thinking about that input differently as it relates to total IRS returns going forward, just given what we're seeing at the lower end of the spectrum?
我只想看看最近的 "投資者日 "幻燈片和該業務的長期成長框架。當我們看到 TurboTax 在美國國稅局（IRS）退稅中的總份額時，我認為這意味著從長遠來看，TurboTax 的份額將有積極的增長。我只是很好奇，我理解公司對輔助類業務的關注。考慮到我們在低端市場看到的情況，我們是否應該以不同的方式考慮與國稅局總申報相關的投入？

Yes, Alex, great question.
是的，亞歷克斯，問得好。

Let me just -- 1 minute of context, and then I'll answer your question. Based on our estimates, we believe the IRS total returns will grow about 1%. And the majority of that, if not all of that will happen in the do-it-yourself category. The assisted category is generally flat, which is why we led with the fact that we are taking share. With that as context, it actually does not change our long-term goal post of we want to be able to increase share of total IRS returns.
讓我先介紹一下背景，然後再回答你的問題。根據我們的估計，我們認為美國國稅局的總回報率將增加約 1%。其中大部分（如果不是全部的話）將發生在 "自己動手 "類別中。輔助類通常持平，這也是為什麼我們以我們正在分一杯羹的事實為引子。在此背景下，這實際上並不會改變我們的長期目標，即我們希望能夠增加在國稅局總回報中的份額。

We also want to get there in the right way.
我們也希望以正確的方式達到目標。

So this year, I'm very comfortable with where we ended up because our entire focus was the assisted segment and high value, high average revenue per return filers. But over time, as TurboTax Live goes from being 30% of our franchise, growing at 17% to being 70% of our franchise.
因此，今年我對我們的成果感到非常滿意，因為我們的全部重點都放在了輔助部門和高價值、高平均收入的申報人身上。但隨著時間的推移，TurboTax Live 在我們特許經營中的份額將從 30%、17% 增長到 70%。

So that's when you're going to see us start moving the needle on increasing our share of the total IRS returns. And by the way, I would also liken this, although it's not directly at your question, I would liken this to the online desktop mix, if you think about the last 5 to 10 years in small business, we always said that once online becomes more than 50% of small business and then 60% and 70% over time because it's growing faster, it will actually accelerate the growth rate of the small business group. That is exactly what's happened. And we believe that same thing will happen in TurboTax as TurboTax Live goes from 30% to 70% one day, and that's what will result in our total share increasing of total IRS.
因此，當我們開始增加我們在美國國稅局總回報率中所佔的份額時，你會看到我們的進步。順便說一下，雖然這不是直接針對你的問題，但我也想把它比作在線桌面組合，如果你想想過去5 到10 年的小型企業，我們總是說，一旦在線業務在小型企業中的佔比超過50%，然後隨著時間的推移達到60% 和70%，因為它的成長速度更快，這實際上會加快小型企業集團的成長速度。事實正是如此。我們相信同樣的事情也會發生在 TurboTax 上，因為 TurboTax Live 總有一天會從 30% 成長到 70%，而這也將導致我們在整個國稅局的總份額增加。

So one other point of context, if I may add, Alex, that's important to understand that even on the simple filers, there is a customer segmentation that is critical for us to keep in mind.
亞歷克斯，請允許我補充一點背景情況，重要的是要明白，即使是簡單的申報者，也有一個客戶細分，這對我們來說至關重要。

We are -- we remain focused on the simple filers through both TurboTax and Credit Karma, but we are not focused on are the simple filers that have a higher propensity to change platforms year after year because we frankly don't think those -- that's a good return on our investment, and there's no opportunity for us to grow and earn revenue there.
我們仍然專注於透過TurboTax 和Credit Karma 進行簡單申報的用戶，但我們並不專注於那些年復一年更換平台傾向較高的簡單申報用戶，因為坦白說，我們認為這些用戶的投資回報率並不高，而且我們也沒有機會在這些用戶身上成長並賺取收入。

So I just want to make sure that customer segmentation was also pronounced in what you were hearing.
因此，我只想確保客戶細分在你們聽到的內容中也很明顯。

We'll take our next question from Kirk Materne with Evercore ISI.
下一個問題由 Evercore ISI 的 Kirk Materne 提出。

Sasan, can you just touch upon Mailchimp a little bit. I was kind of curious what your thought is for the business into the back half of the year, given the fact that I think some people think on the small business side, cutting back on sort of go-to-market is often a place they might look to trim. Can you just talk about sort of what you're seeing there? And what gives you confidence that perhaps this is an opportunity for you guys to take share in that area?
薩桑，可以稍微談談 Mailchimp 嗎？我有點好奇，你對今年下半年的業務有何看法，因為我認為有些人認為，在小型企業方面，削減 "進入市場"（go-to-market）往往是他們可能會削減的地方。可以談談你的看法嗎？是什麼讓你們有信心認為，這或許是你們在該領域搶佔份額的一個機會？

Yes. Great question. 是的。問得好

First of all, I'll reiterate what you heard from us earlier. The fact that the revenue decelerated was primarily because we're lapping a big price increase and some lineup changes from last year. The fundamental health of the business is consistent with what it was last quarter.
首先，我想重申一下大家之前聽到的內容。收入下降的主要原因是我們的產品價格大幅上漲，而且產品陣容與去年相比發生了一些變化。業務的基本健康狀況與上一季保持一致。

So that's number one. Number two, our durable focus remains the same, which is -- we are integrating Mailchimp and QuickBooks. I'd be happy to talk about that more, if there are questions about it, two mid-market, third, international. And we're being really very aggressive in international.
這是第一點。第二，我們的持久重點保持不變，那就是 -- 我們正在整合 Mailchimp 和 QuickBooks。如果大家對此有疑問，我很樂意多談一些；第二，中端市場；第三，國際市場。我們在國際市場非常積極。

In fact, I was just most recently in London, spent time with our new leader in Mailchimp that leads EMEA, that came from another company where he has built a really a large international business; and two, visited a number of customers and partners, and we're being very aggressive with our approach in what we've done with the platform, what we're doing with our pricing and then the marketing investments that we are making as we look ahead. And in fact, as I mentioned earlier, there are 5 areas where we are accelerating our investment. This is one of them.
事實上，我最近剛去了倫敦，與Mailchimp 負責歐洲、中東和非洲地區業務的新領導共度了一段時間，他來自另一家公司，在那裡建立了一個真正的大型國際業務；其次，我拜訪了一些客戶和合作夥伴，我們在平台、定價以及行銷投資方面都採取了非常積極的態度，我們正在展望未來。事實上，正如我之前提到的，我們正在五個領域加速投資。這是其中之一。

And so we're quite excited about the possibilities given the green shoots that we're seeing.
因此，鑑於我們看到的綠芽，我們對這些可能性感到非常興奮。

We'll take our next question from Kash Rangan with Goldman Sachs.
下一個問題由高盛集團的 Kash Rangan 提出。

Sasan Goodarzi, you still remain the best predictor of small business.
Sasan Goodarzi，你仍然是小企業的最佳預測者。

You've got the best read. And I'm curious what -- you said green shoots, I speak by that observation. And in a macro environment, which gets tougher, you guys have shown the ability to execute really well.
你讀得很好。我很好奇你說的 "綠芽 "是什麼意思。在宏觀環境越來越嚴峻的情況下，你們展現了很好的執行能力。

So what are the other things in your pocket that you have been able to unpack that if the macro environment continues to stay where it is? One of the things that could help them to continue to outperform [indiscernible] for the small business segment.
那麼，如果宏觀環境繼續維持現狀，你還能從口袋裡掏出哪些東西呢？其中一點可以幫助他們在小型企業領域繼續跑贏大勢。

Yes. Thank you, and great to hear from you. The -- one of our fundamental execution philosophies that we have at the company is conviction on the long-term, ambitious testing and experimentation in the short term so that we can be nimble, we can learn and we can adjust. And really, the answer to your question is the 5 areas that you heard that we're accelerating our investments. I mean we are seeing green shoots with our learnings and insights with Intuit Assist, and we're accelerating our investments in GenAI. We -- as I talked about earlier, for the first time, we were increasing our share in the assisted segment.
謝謝，很高興聽到你的聲音。我們公司的基本執行理念之一是長期堅定信念，在短期內進行雄心勃勃的測試和實驗，這樣我們就能保持靈活，我們就能學習，我們就能調整。實際上，對你問題的回答就是你聽到的我們正在加速投資的 5 個領域。我的意思是，我們透過 Intuit Assist 的學習和洞察力看到了曙光，我們正在加快對 GenAI 的投資。正如我之前談到的，我們首次增加了我們在輔助領域的份額。

And so we're accelerating a number of areas with TurboTax Live.
因此，我們正在加快 TurboTax Live 在多個領域的應用。

We are also embedding an expert within QuickBooks Live, within our entire small business platform where every offering will actually come with an embedded expert because we believe, based on green shoots that we've seen, that will improve conversion, it will also improve retention. And mid-market, I mean, we have been really assertive in building out capabilities in the platform.
我們還在QuickBooks Live 和整個小型企業平台中嵌入了一位專家，每種產品都將配備一位嵌入式專家，因為我們相信，根據我們所看到的"綠芽"，這將提高轉換率，也將提高留存率。至於中端市場，我的意思是，我們一直在積極建立平台功能。

We have been asserted in building out our customer-facing capabilities from leadership all the way down to our frontline sales folks, and we're seeing great green shoots there to accelerate not only growing with our customers, but I'm hunting for new ones. And as you know, mid-market is not just about getting the customers, it's all the services that comes with the it, payments, payroll, live platform capability.
我們一直堅持建立面向客戶的能力，從領導層一直到第一線銷售人員，我們都看到了巨大的發展潛力，不僅加快了與客戶的合作，而且我還在尋找新的客戶。大家都知道，中階市場不僅要獲得客戶，還要獲得所有與之相關的服務、支付、薪資、即時平台功能。

So, Kash, those are the, I would say, key green shoots that we are seeing, all of which we are accelerating our investments currently, by the way, in the quarter and as we head into next year.
因此，卡什，這些都是我們看到的關鍵綠芽，順便說一句，在本季度和明年，我們都在加快投資。

We'll take our next question from Brad Reback with Stifel.
下一個問題由 Stifel 公司的 Brad Reback 提出。

Great. Sasan, as you sort of think about the overall economic environment, you did a great job there with Kash's question. But for the first time, I think, as long as you provided the data, payroll wasn't the #1 growth driver on the online ecosystem.
很好。薩桑，當你考慮整體經濟環境時，你很好地回答了卡什的問題。但我認為，只要您提供數據，薪資就不是線上生態系統的第一大成長動力。

So maybe you can dig in there and give us a little sort of color on what's going on within the payroll business and if we should expect growth to continue to moderate there.
所以，也許你可以深入探討一下，給我們介紹一下薪資業務的發展情況，以及我們是否應該預期薪資業務的成長會繼續放緩。

Sure. Well, let me start actually with the -- what we're seeing on our platform with respect to the health of small businesses, if I could just do that for a moment.
好吧，讓我從我們的平台上看到的小型企業的健康狀況開始說起，如果我可以的話。

One of the things that we are seeing, if we look back from today versus the last 3 to 4 months, we're actually seeing some improvement in profitability of small businesses on our platform. And that's a good sign compared to the last couple of years.
如果我們回顧一下今天與過去 3 到 4 個月的情況，就會發現我們平台上小型企業的獲利能力確實有所提高。與過去幾年相比，這是一個好跡象。

Now within that, the -- depending on the sector that you're in, your performance is driven by the environment.
在這種情況下，根據你所處的行業，你的業績會受到環境的影響。

And so for instance, manufacturing -- areas like manufacturing, professional services, auto repair, their profits are actually up nearly 20%, where real estate lending, their profits are actually down 15%.
因此，舉例來說，製造業 -- 製造業、專業服務業、汽車維修等領域的利潤實際上增加了近 20%，而房地產貸款的利潤實際上下降了 15%。

So the net of it is overall, we've seen improvement, depending on the sector you're in, your performance varies. But the net of all of that is that cash reserves are down 8% compared to this time last year, but up over 16% compared to pre-COVID.
因此，總體而言，我們的業績有所改善，但具體情況因行業而異。但總的來說，現金儲備與去年同期相比下降了 8%，但與 COVID 前相比增加了 16%。

So what you should take away is small businesses are healthier but their cash reserves have been impacted. And for those that are on our platform, by the way, over 4 years, their cash reserves are over 60% higher than those that have only been with us for a year. Last thing I would just say is hours worked is actually up compared to the last quarter. Specific to your payroll question, let me ask Sandeep to answer specifically when you asked about payroll.
所以，你應該明白的是，小企業更健康了，但他們的現金儲備受到了影響。順便說一下，對於那些使用我們平台的企業來說，4 年以來，他們的現金儲備比那些只使用我們平台一年的企業高出 60% 以上。最後，我想說的是，與上一季相比，工作時間實際上增加了。關於薪資問題，請桑迪普（Sandeep）具體回答一下。

Brad, as I mentioned in my prepared remarks, we continue to see customers in our payroll business, adopting our solutions. They continue to take our higher-end offerings as well. The reason for the difference you called out is, I'll point to the payments business where the charge volume went to 22% growth in the quarter versus '20, the prior quarter.
布拉德，正如我在準備好的演講稿中提到的，我們繼續看到薪資業務的客戶採用我們的解決方案。他們也繼續採用我們的高端產品。你所說的差異的原因是，我想指出支付業務，本季與 20 年上季相比，收費額成長了 22%。

So that's the key item to call out in that sequencing.
因此，這是排序中需要指出的關鍵項目。

We'll take our next question from Brad Zelnick with Deutsche Bank.
下一個問題由德意志銀行的 Brad Zelnick 提出。

Sasan, it's great to hear about the strong performance in full service this season. Can you double-click into which assisted filers, you feel you did a good job capturing, which might have been a little bit more resistant than your expectations? And how do you think about driving momentum in full service going forward?
薩桑，很高興聽到你說本季在全套服務方面表現出色。你能不能再點擊一下，你覺得你在捕捉哪些協助申報者方面做得很好，哪些可能比你的預期更有阻力？你認為今後如何推動全套服務的發展動能？

Yes, Brad, great question. I was actually in San Diego all day yesterday with the TurboTax team doing deep dives on all of these durable priorities.
是的，布拉德，問得好。實際上，我昨天一整天都在聖地亞哥，與 TurboTax 團隊一起深入研究所有這些持久的優先事項。

One of them was full service.
其中一個是全套服務。

First of all, I would tell you that across all of the states, across different income levels, across all complexities, very consistent. And I would say that if you heard -- not if you heard, if you reflect back on what I said in the remarks, that our new customers in full service tripled, an outsized element of that was those that are sort of younger, the millennials, and they are actually embracing full service as a cohort more than others, not by an incredible amount, but it stands out for us.
首先，我想告訴大家的是，在所有的州，在不同的收入水平，在所有的複雜情況下，都是非常一致的。我想說的是，如果你聽到-- 不是聽到，如果你回想一下我在發言中所說的，我們的全方位服務的新客戶增加了兩倍，其中很大一部分是那些年輕的千禧世代，他們作為一個群體，實際上比其他人更接受全方位服務，雖然不是多得驚人，但對我們來說很突出。

So I think what we learned -- and that's a big deal by the way. What we learned is, we were successful just in one area. But I'll tell you the biggest area we are constructively dissatisfied when you look at our overall assisted performance. We were very aggressive with our go-to-market and not just spend but the beginnings of being able to recommend an expert, the beginnings of when you search for a local expert us showing up. There's a lot of infrastructure that we built. We drive a lot of traffic to our front doors. Where we are constructively dissatisfied is, we have to work on our shopping experience. When you walk into somebody's firm, a store or somebody's home to have them do your taxes for you, you're not presented with a set of SKUs.
因此，我認為我們學到了什麼--順便說一句，這是一件大事。我們學到的是，我們只是在一個領域取得了成功。但我要告訴你，當你看著我們的整體協助績效時，我們對最大的領域感到不滿。我們在市場推廣方面非常積極，不僅僅是花費，而是開始能夠推薦專家，當你搜尋本地專家時，我們開始出現。我們建立了很多基礎設施。我們的門前車水馬龍。我們不滿意的地方在於，我們必須在購物體驗上下功夫。當你走進別人的公司、商店或家裡，讓他們為你辦稅時，呈現在你面前的不是一套 SKU。

You just go in there and you exchange documents and they do their taxes for you.
你只需去那裡交換文件，他們就會為你辦稅。

Our shopping experience has to be improved. That's where we saw the biggest drop off.
我們的購物體驗必須改善。這也是我們購物體驗下降最多的地方。

So what we have a lot of confidence in is the demand that we created. And by the way, the performance. But the demand that we created was exceptional. We need to get better at the shopping experience. It's one of the areas where -- by the way we saw this during the season, and there's a lot of work that's being done to actually leverage AI to personalize the experiences so that when we get a customer that comes in, that comes from an assisted method, they're actually greeted by an expert versus greeted with which SKU do you want to pick.
因此，我們對自己創造的需求充滿信心。順便說一下，我們的業績。但我們創造的需求是非同尋常的。我們需要在購物體驗方面做得更好。這是其中的一個方面，順便說一下，我們在本季度看到了這一點，我們正在進行大量工作，實際利用人工智慧來實現個性化體驗，這樣，當我們的客戶通過輔助方式進來時，實際上是由專家來接待他們，而不是只問你想選哪個SKU。

We'll take our next question from Steve Enders with Citi.
下一個問題由花旗銀行的史蒂夫-恩德斯（Steve Enders）提出。

I guess maybe I just want to start on -- or want to ask about the AI and the assistant or the AI Intuit Assist solution that's now out of market. I guess -- what are kind of the proof points that you've seen? Or how is it kind of manifesting in kind of improving experience or driving monetizable outcomes for Intuit so far?
我想，也許我只是想從人工智慧和助理開始--或想問現在市場上的人工智慧Intuit Assist解決方案。我想 -- 你看到的證明點是什麼？或者說，到目前為止，它是如何改善 Intuit 的體驗或推動可獲利成果的？

Yes, Steve, thank you for the question. I'm actually pleased with our progress, and I'll share some of the proof points, and I will also just remind us, we're still in the early days, but a lot has changed in the last 3 months.
是的，史蒂夫，謝謝你的提問。事實上，我對我們的進展感到滿意，我會分享一些證明點，我還要提醒大家，我們仍處於早期階段，但在過去 3 個月裡發生了許多變化。

So let me share what those are.
讓我來分享一下這些內容。

First of all, in TurboTax, 24 million customers used Intuit Assist to better understand the refund outcome and be able to get their questions answered. And not just the customer but Intuit Assist help our experts be much more efficient and effective in helping our customers. And as you can imagine, we would not have rolled that out to 24 million folks if that wasn't accretive to conversion.
首先，在 TurboTax 中，有 2,400 萬客戶使用 Intuit Assist 來更了解退稅結果並獲得問題解答。不僅是客戶，Intuit Assist 還幫助我們的專家更有效率、更有效地幫助客戶。您可以想像，如果這不能增加轉換率，我們就不會推廣到 2,400 萬客戶。

The second is Credit Karma. In Credit Karma, we have over 40 million monthly active users, and we have rolled out Intuit Assist capabilities, and I'll share what those are in a moment, to nearly half of our 40 million monthly active users. And what we have rolled out are the following things: one, to help you make a decision.
第二個是 Credit Karma。在 Credit Karma，我們的月活躍用戶超過 4000 萬，我們已經向 4000 萬月活躍用戶中的近一半用戶推出了 Intuit Assist 功能，稍後我將與大家分享這些功能的具體內容。我們推出了以下功能：第一，幫助您做出決定。

And so by the way, if any of you on the call are Credit Karma users, and you happen to have iOS, unless you are in a holdout cell, you'll be able to see everything that I am articulating.
順便說一下，如果在座的各位都是 Credit Karma 用戶，而且碰巧擁有 iOS 系統，除非你是在禁閉室裡，否則你就能看到我所闡述的一切。

So you will see things like Intuit Assist that we'll show you see why, see comparisons, let me help you. And when you engage, it helps you actually understand and have a conversation about which card is right for you. In the past, we always were able to use your data to deliver personalized experiences for you. In this case, personalized cards that are right for you, but now we can have a conversation with you and help you understand why one is better than the other. That's one huge element.
因此，您會看到 Intuit Assist 等功能，我們會向您展示原因、比較，讓我來幫助您。當您參與其中時，它將幫助您真正了解並討論哪種卡適合您。過去，我們總是能夠利用您的數據為您提供個人化體驗。在這種情況下，我們提供適合您的個人化卡片，但現在我們可以與您進行對話，幫助您了解為什麼一種比另一種更好。這是一個巨大的要素。

The other is help you make financial decisions, help you understand how to build your credit, help you understand how to better save money, help you understand which cards are best to use and which cards you should reduce your utilization. That's what we've rolled out. And again, as you can imagine, we would not have rolled that out to almost 20 million Credit Karma members if it wasn't accretive to better monetization. And then the last couple of examples that I would use is on the small business side, where Mailchimp, nearly 300,000 customers have Intuit Assist available to them, particularly and specifically around personalized marketing campaigns, where you can -- where we help you put a campaign together, images, text, et cetera. And in -- across the QuickBooks platform, we have capabilities available to nearly 30,000-ish customers. And the capability is really about turning unstructured data into money and personalized feed. What that means is taking your e-mail as an example, and taking everything that's in your e-mail and turning it into an invoice that's [indiscernible].
另一個目的是幫助您做出財務決策，幫助您了解如何建立信用，幫助您了解如何更好地省錢，幫助您了解哪些卡最適合使用，哪些卡應該減少使用。這就是我們推出的內容。同樣，正如你所能想像的那樣，如果不是為了更好地實現貨幣化，我們也不會向近 2000 萬 Credit Karma 會員推出這些服務。我想說的最後幾個例子是，在小型企業方面，Mailchimp 的近30 萬客戶可以使用Intuit Assist，特別是在個性化行銷活動方面，你可以-- 我們可以幫助你將活動、圖片、文字等整合在一起。在 QuickBooks 平台上，我們有將近 3 萬名左右的客戶可以使用這些功能。這項功能的真正意義在於將非結構化資料轉化為資金和個人化資訊。這意味著以你的電子郵件為例，將電子郵件中的所有內容轉化為[難以辨認]的發票。

So that you can get paid faster, and that's a monetizable event for us. And then business feeds that helps you orient to what's most important insight for the day, which ultimately depending on what you engage with is a monetizable event for us.
這樣你就能更快拿到錢，這對我們來說是個可獲利的事件。然後，業務饋送可以幫助您了解當天最重要的洞察，最終取決於您參與的內容，對我們來說是一個可獲利的事件。

So we've made a lot of progress in the last 90 days. And we're even more hopeful about what's possible in the future. I'll just end with -- it's early days, but it's amazing the progress that the team has made in the last 90 days.
因此，在過去的 90 天裡，我們取得了巨大的進展。我們對未來的可能性更加充滿希望。最後，我想說的是，雖然時間還早，但團隊在過去 90 天的進展令人驚訝。

We'll take our next question from Brad Sills with Bank of America.
下一個問題由美國銀行的 Brad Sills 提出。

I wanted to ask a question around TurboTax Full Service. I know it's been a couple of seasons now under your belt here. What are some of the areas that you've learned from? What are some of the areas you've outperformed with full service. What are some of the learnings from a couple of tax seasons now under your belt? And what have you identified for the future in order to target that segment more aggressively?
我想問一個關於 TurboTax 全套服務的問題。我知道你在這裡已經工作了幾個季度。你們從哪些方面學到經驗了？你們在哪些方面超越了全套服務？在這幾個報稅季中，你們學到了什麼？為了更積極地瞄準這個細分市場，你們為未來確定了哪些目標？

Yes, Brad, thank you for your question.
是的，布拉德，謝謝你的提問。

First of all, I would say, this actually was the first real season with full service. Last year, it was still -- although we rolled that out, it was still at the experiment level. With that said, to answer your question, a couple of things. One, because we were quite aggressive with our go-to-market, we learned that we can create a lot of demand. And we created a lot of demand not only by talking about the fact that we can do your taxes in less than a day, we can help extend your money and give you early access or immediate access to your money. But there is a lack of price transparency in the entire assisted segment, where you don't really know what you're going to pay until you walk into somebody's store or a firm. And we did a lot of testing to understand how important price is. We learned that it matters a lot.
首先，我要說的是，這實際上是第一個真正意義上的全面服務季節。去年，雖然我們推出了全套服務，但仍處於試驗階段。話雖如此，要回答你的問題，有兩點。第一，由於我們在市場推廣方面相當積極，我們了解到我們可以創造大量需求。我們創造了大量需求，不僅是因為我們可以在不到一天的時間內完成納稅，還因為我們可以幫助您延長資金使用期，讓您儘早或立即獲得資金。但是，在整個輔助行業中，價格缺乏透明度，在你走進別人的商店或公司之前，你並不真正知道你要支付多少錢。為了了解價格的重要性，我們做了很多測試。我們發現價格非常重要。

And so we created a lot of demand. That's number one. Number two, when you search locally for an expert or -- and/or if we showed you in when you engage with full services, there's an expert near you, the conversion rates were significantly higher than when we didn't so up in search. And that, by the way, is just an element of time. We'll be able to get all of what we were doing this year rolled out across all of our customers. But that's an enormous learning that local matters. People want to be able to search for pro-near-me, folks want to know that their expert is nearby, and we saw a significant expert or conversion lift. Last thing that we saw as a great proof point is, I think this was more towards the middle, towards the end of season, you could recommend your expert. That had a big conversion one. But we were not able to scale that for the entire season or to all of our customers, which we plan to do next year.
因此，我們創造了大量需求。這是第一點。第二，當你在本地搜尋專家或--和/或如果我們向你展示，當你參與全套服務時，你附近就有一位專家，轉換率明顯高於我們沒有這樣做的時候。順便說一句，這只是時間因素。我們將能夠在所有客戶中推廣我們今年所做的一切。但這是一個巨大的學習機會，說明本地很重要。人們希望能夠搜尋 "親近我"，人們希望知道他們的專家就在附近，我們看到了專家或轉換率的顯著提升。我們看到的最後一個很好的證明點是，我認為這更多是在賽季的中期和末期，你可以推薦你的專家。這有很大的轉換率。但我們無法在整個賽季或所有客戶中推廣，我們計劃明年這樣做。

So those are the big insights and the big learnings. And last, I'll just end with the following, which is what I mentioned a moment ago, we have a lot of work to do on our shopping experience. And to simply put it, when you walk into somebody's firm or a store, you're not presented with a SKU in a lineup.
這些就是我們的重大發現和重要經驗。最後，我想說的是，正如我剛才提到的，我們在購物體驗方面還有很多工作要做。簡單地說，當你走進別人的公司或商店時，你看到的不是一排排的 SKU。

You just walk in and get -- have them get your taxes done. And that's what we are working on, which is, in essence, when you pick full service, you're greeted by the expert versus a pricing lineup to make a choice. And that with an enormous learning this year, all of which we're currently working on for next year that give us a lot of confidence.
你只要走進去，讓他們幫你辦稅。這就是我們正在努力的方向，從本質上講，當你選擇全套服務時，迎接你的是專家，而不是讓你做出選擇的定價陣容。今年我們學到了很多，明年我們將繼續努力，這讓我們充滿信心。

We will take our next question from Scott Schneeberger with Oppenheimer.
下一個問題由奧本海默公司的斯科特-施尼伯格（Scott Schneeberger）提出。

Sasan, this is primarily on TurboTax and on do-it-yourself in TurboTax.
薩桑，這主要是關於 TurboTax 和在 TurboTax 中自己動手的問題。

I think, I heard Sandeep say that overall consumer retention or TurboTax retention was 3 points yet there was some share loss, obviously, on the low end and seemingly and do-it-yourself. The full service metrics and overall TurboTax Live sound great.
我想，我聽桑迪普（Sandeep）說過，整體消費者保留率或 TurboTax 保留率是 3 個百分點，但顯然在低端和看似自己動手方面有一些份額損失。全套服務指標和 TurboTax Live 整體聽起來不錯。

So I think you have good retention there, good new customer acquisition. But in the do-it-yourself in the paid customer, are you doing okay in share there? And what are you doing in that category specifically paid, do-it-yourself to build-share going forward. Because when you answered Alex's question earlier about growing share, it sounds like all like in the assisted category, and that's great. It's a great opportunity.
因此，我認為你們在留住客戶和獲取新客戶方面都做得很好。但在付費客戶的 "自己動手做 "方面，你們的份額還可以嗎？你們在這一類別中，特別是在付費、DIY方面，今後將如何擴大份額？因為當你剛才回答亞歷克斯關於份額成長的問題時，聽起來都像是在輔助類別，這很好。這是一個很好的機會。

Just curious, in the paid categories, what your opportunities are going forward?
只是很好奇，在付費類別中，你們未來的機會是什麼？

Yes. Thank you for the question. And Sandeep, please feel fear to build. I would say that overall, we feel good about our paid share because if you -- and we cut it multiple different ways internally. But if you look at what we've shared in our remarks, total IRS grew 1%.
是的，謝謝你的提問。桑迪普，請繼續提問。我想說的是，總體而言，我們對我們的付費份額感覺良好，因為如果你 -- 我們內部有多種不同的削減方式。但如果你看看我們在發言中分享的內容，IRS 總額增加了 1%。

Our total paying customers grew 2%, and our retention grew 3 points.
我們的付費客戶總數增加了 2%，客戶保留率增加了 3 個百分點。

So we actually feel good about our paying share.
因此，我們實際上對自己的支付份額感覺良好。

I think what you heard us remark on is, where we lost share, which we're okay with because it was actually an intentional focus on the things that we've talked about today, was on customers that are, in essence, simple filers that are bouncing between platforms. And that's the area where we articulated earlier that we lost share.
我想你們也聽到了我們的評論，那就是我們失去了市場份額，我們對此沒有意見，因為這實際上是我們有意將重點放在了我們今天談到的事情上，那就是那些在平台之間跳來跳去的簡單申報者客戶。這也是我們之前明確指出的我們失去份額的地方。

So that's the way I would have you think about our performance is when it comes to paying share, we actually feel good about our performance.
因此，我想讓你們思考我們的業績，那就是在支付股份方面，我們實際上對自己的業績感覺良好。

Scott, I would also add that you should have not take away that we are yielding any ground on the paying of DIY customers.
史考特，我還想補充一點，你不應該認為我們在支付 DIY 客戶方面有任何讓步。

Our marketing investments, we are focused on attracting both customers to our platform.
我們在行銷方面的投入，主要是為了吸引這兩類顧客使用我們的平台。

Our experiences are helping those customers better understand their returns and gain better confidence leading to better conversion. And we remain relentlessly focused on improving our product experience for those customers.
我們的經驗正在幫助這些客戶更了解他們的退貨，並增強他們的信心，從而提高轉換率。我們將繼續堅持不懈地為這些客戶改善產品體驗。

So in addition to the assisted category, which we are excited to disrupt the $31 billion market across consumer and small business.
因此，除了輔助類產品外，我們很高興能在消費者和小型企業領域顛覆價值 310 億美元的市場。

We also are focused on taking share. It was a paying DIY customer.
我們也專注於搶佔份額。這是一個付費的 DIY 客戶。

We will take our next question from Raimo Lenschow with Barclays.
下一個問題由巴克萊銀行的 Raimo Lenschow 提出。

Sasan, you talked earlier in the prepared remarks about desktop and the changes here in the coming year. Can you kind of link that up maybe a little bit is what we've seen in QuickBooks Advanced? And how -- if there's kind of more opportunity to bring desktop guys over and what you're seeing here on board?
薩桑，你之前在準備發言中談到了桌面和未來一年的變化。你能不能把這一點與我們在 QuickBooks Advanced 中看到的內容連結起來？如果有更多的機會將桌上型電腦和你所看到的東西結合起來，你會怎麼做？

Sure. 當然。

Let me -- thank you for the question. And let me answer your question, but if I'm not answering your question directly, please come at me again.
謝謝你的提問。讓我來回答你的問題，但如果我沒有直接回答你的問題，請再來問我一次。

I think what you heard us talk about earlier is, one, we've been in the middle of a business model shift moving all of our desktop customers to subscription. And at the same time, we've been building capabilities on our online platform.
我想你們剛才聽到的是，第一，我們一直在進行業務模式的轉變，將我們所有的桌面客戶轉移到訂閱模式。同時，我們一直在建立線上平台的功能。

So eventually, all of our desktop customers have a destination, which is online. And we believe, over time, all of our desktop customers at one point will be on our online platform. With that said, the thing that I would say is that we've really built out a lot of our capabilities on QuickBooks Advanced. And in fact, we are aggressively building a number of capabilities that we'll be excited to talk to all of you about at Investor Day, really targeting even larger customers. And I think we'll be far better positioned to take on some of our larger enterprise customers that may choose to want to come to our online platform. And that's really the essence of what we were talking about earlier.
因此，我們所有的桌上型電腦客戶最終都有一個目的地，那就是在線上。我們相信，隨著時間的推移，我們所有的桌上型電腦客戶最終都會使用我們的線上平台。說到這裡，我想說的是，我們已經在 QuickBooks Advanced 上建立了許多功能。事實上，我們正​​在積極開發一系列功能，我們很高興在投資者日上向大家介紹這些功能，這些功能真正的目標是更大的客戶。我認為，我們將更有能力應對一些可能選擇使用我們線上平台的大型企業客戶。這就是我們之前談到的本質。

As you think about our desktop franchise looking ahead, one, we have desktop enterprise that's growing high single digits. Number two, we view that we can get most of our customers over time to go to our online platform and price to value also plays an important role. And with all that said, I just think we're better positioned for some of our larger customers that come to our QB Advanced over time. And that's what really gives us confidence as we look into the future.
展望桌上型電腦業務的未來，首先，我們的桌上型電腦企業正以高個位數成長。其次，我們認為，隨著時間的推移，我們可以讓大部分客戶使用我們的線上平台，價格與價值比也發揮著重要作用。綜上所述，我認為隨著時間的推移，我們的 QB Advanced 平台能更好地滿足一些大客戶的需求。這正是我們展望未來時的信心所在。

No, I was just going to add, the question was also about just the progress we are feeling about Advanced. What I would say across the mid-market and as I alluded in my prepared remarks, we continue to feel good about the progress we're making with the mid-market, including with QuickBooks Online Advanced and with the desktop enterprise product, which grew in the in the high teens.
不，我只是想補充一點，這個問題還牽涉到我們對 Advanced 進展的看法。我想說的是，在整個中端市場，正如我在事先準備好的發言中提到的，我們對中端市場取得的進展仍然感到滿意，包括QuickBooks Online Advanced和桌面企業級產品，它們的成長率都在10%以上。

So that's an area we continue to feel good about, the add I would have.
因此，這也是我們繼續感到滿足的地方，也是我希望增加的地方。

And we'll take our next question from Taylor McGinnis with UBS.
下一個問題由瑞銀集團的泰勒-麥金尼斯（Taylor McGinnis）提出。

This is Daniela on for Taylor.
這是丹妮拉在為泰勒通話。

So it looks like the Small Business & Self-Employed growth in the quarter was run by stable to our accounting growth and an acceleration in that stop.
由此看來，本季小型企業和自營職業者業務的成長是透過穩定的會計成長和加速停止來實現的。

So as we look into 4Q, how much of the implied 17% for Small Business & Self-Employed growth is being driven by desktop versus stability in the online segment? And given that so many SMB software companies saw incremental pressure in 1Q, can you just comment on what you're seeing in terms of SMP Health and how that is influencing your guide?
那麼，展望第四季度，小型企業和自營職業者 17% 的隱含成長中，有多少是由桌面驅動的，有多少是由線上部分的穩定性驅動的？考慮到許多中小型企業軟體公司在第一季面臨增量壓力，你能否談談你所看到的 SMP 健康狀況，以及這對你的指導有何影響？

Yes, sure. 是的，當然。

Let me get us started. Sandeep, please jump in if you have any perspective to add. I'm not sure I understood the premise of your question, so let me just share what you should take away. What you should take away is the strength of our small business franchise is being driven by our online performance. Overall, it grew 18% or our online actually grew 19%, our services grew 20% and we actually feel very good about the trajectory of the business. And as we talked about, as we look ahead, we believe that desktop will continue to grow once the business model shift comes to an end, but that continued growth will come from the fact that half of desktop is enterprise, and it's growing high -- we anticipate it to grow high single digits. But the takeaway should be that in a macro environment, that is somewhat uncertain.
讓我開始吧。桑迪普，如果你有任何觀點要補充，請說出來。我不確定我是否理解了你問題的前提，所以讓我分享一下你應該得到的啟示。你應該明白的是，我們小企業特許經營的優勢是由我們的線上表現所推動的。總體而言，它成長了 18%，或者說我們的線上業務實際上成長了 19%，我們的服務成長了 20%，我們對業務的發展軌跡感覺非常好。正如我們所談到的，展望未來，我們相信一旦業務模式轉變結束，桌上型電腦將繼續成長，但這種持續成長將來自於桌上型電腦的一半是企業級的，而且它的成長速度很高，我們預計它的成長速度將達到較高的個位數。但我們的觀點是，在宏觀環境下，這種成長具有一定的不確定性。

Our online performance for small business has been quite strong, very resilient, and we're actually seeing a lot of engagement and usage by our customers just because it's really helping them manage their cash flow. It's helping them grow their business, and I think we're very well positioned in this environment.
我們的小型企業在線業務表現相當強勁，非常有彈性，我們實際上看到了客戶的大量參與和使用，因為這確實有助於他們管理現金流。這有助於他們發展業務，我認為我們在這樣的環境中處於有利地位。

And what I would add, in addition to Sasan's comments about the health of the SMB market is a reminder that 80% of our small business group's revenue is subscription-based. And when you look at those businesses, the part of that is not related to subscription, largely on our services side. Couple of factors just to underline, we saw our payments charge volume increased 22% in Q3, which was faster than what we saw in Q2. And we continue to see good adoption of our payroll offerings by customers as well as a mix shift towards the high end of payroll offerings.
除了 Sasan 關於中小企業市場健康狀況的評論之外，我還想補充一點，那就是我們小企業集團 80% 的收入都是基於訂閱的。當你審視這些業務時，其中與訂閱無關的部分，主要是我們的服務。有幾個因素需要強調，我們在第三季看到我們的支付收費量增加了 22%，這比我們在第二季看到的要快。我們持續看到客戶對薪資資產的良好採用，以及薪資商品向高端產品的組合轉變。

So heading into Q4, we feel good about our online ecosystem growth, which remains our growth catalyst going into the future.
因此，進入第四季度，我們對線上生態系統的成長感覺良好，這仍然是我們未來成長的催化劑。

We'll take our next question from Michael Turrin with Wells Fargo.
下一個問題來自富國銀行的 Michael Turrin。

The small business segment growth is slowing in strong if we look at the international online ecosystem revenue growth, trailing at 12% in constant currency. Sasan, are there plays you see to potentially jump-start overseas growth? Is there anything you're experimenting with around Mailchimp that could help with tip of the spear there into broader international reach? Or what else do you see that yield potentially better growth down the line?
如果我們看一下國際線上生態系統的收入成長，以固定匯率計算，小型企業部門的成長正在強勁放緩，僅為 12%。薩桑，你認為是否有可能啟動海外成長？在 Mailchimp 方面，你們是否有任何嘗試，可以幫助我們在更廣闊的國際市場中佔有一席之地？或者說，你認為還有什麼能帶來潛在的更好成長？

Yes. Thank you for your question.
是的，謝謝您的提問。

First of all, I'll start with the fact that the Mailchimp lapping price increase from last year and some of the lineup changes that we talked about earlier impacts international growth, just since 50% of Mailchimp's revenue is international.
首先，我要說的是，Mailchimp 從去年開始漲價，以及我們之前談到的一些陣容變化，都對國際業務的成長產生了影響，因為 Mailchimp 50% 的收入來自國際業務。

So that was a big driver of why 12%. And two, yes, absolutely, given the green shoots that we are seeing with Mailchimp internationally and where we have product market fit with QuickBooks and Mailchimp, one of the 5 areas that we are accelerating our investments is, in fact, international.
因此，這是 12% 的主要原因。其二，是的，當然，鑑於我們看到 Mailchimp 在國際市場上的發展前景，以及我們與 QuickBooks 和 Mailchimp 的產品市場契合度，我們正在加速投資的 5 個領域之一就是國際市場。

So we're excited about what's possible as we look at.
因此，我們對未來的發展充滿信心。

I'll now turn the program back to our speakers for any closing remarks.
現在請各位發言人致閉幕詞。

I do apologize. 我真的很抱歉。

We will actually take our next question. I apologize again. We were going to take our question from Alex Zukin, but they have removed themselves from the queue. I will return the call to our speakers for any closing remarks.
我們將進行下一個提問。我再次表示歉意。我們本來打算接受亞歷克斯-祖金的提問，但他們已經退出了提問隊列。現在請各位發言者致閉幕詞。

Well, listen, everybody, thank you so much for attending. Thank you for your wonderful questions, and we will see you at our next earnings. Be safe. Bye-bye.
好了，聽著，各位，非常感謝你們的出席。謝謝你們的精彩提問，我們下期節目再見。注意安全再見

This does conclude today's progress. Thank you for your participation. This concludes today's call.
今天的會議到此結束。感謝您的參與。今天的電話會議到此結束。