INTUIT INC. — Call Transcript 2025

Good afternoon, everyone. My name is Bo, and I will be your conference operator. At this time, I would like to welcome everyone to Intuit's fourth quarter and fiscal year 2025 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer period. If you would like to ask a question during this time, simply press star then the number one on your telephone. If you would like to withdraw your question, please press star two. With that, I'll now turn the call over to Ms. Kim Watkins, Intuit's Vice President of Investor Relations. Please go ahead, ma'am. Great, thanks, Bo. Good afternoon and welcome to Intuit's fourth quarter fiscal 2025 conference call. I'm here with Intuit's CEO, CeCe Morken, and our CFO, Sandeep Aujla. Before we start, I'd like to remind everyone that our remarks will include forward-looking statements. There are a number of factors that could cause Intuit's results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 2024, 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. Some of the numbers in these remarks are presented on a non-GAAP basis. We reconcile 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 CeCe. Great. Thank you, Kim, and thanks to all of you for joining us today. I'm incredibly proud of our momentum and strong fiscal year 2025 results. Our full year revenue grew 16% with another year of strong operating margin expansion. Our years of investments in data, data services, AI, and human intelligence, coupled with strong execution against our AI-driven expert platform strategy, fueled these outstanding results. Looking ahead to fiscal year 2026, we are confident in delivering another strong year of double-digit revenue growth and margin expansion. In the past year, we made significant progress powering prosperity for consumers, businesses, and accountants. We launched a transformative all-in-one business platform with a virtual team of AI agents and AI-enabled human experts that can manage lead-to-cash for customers. We accelerated our innovation to mid-market with the introduction of Intuit Enterprise Suite and new go-to-market capabilities, and delivered breakthrough adoption of TurboTax Live as we disrupt the assisted tax category. Looking ahead, we're doubling down in these key areas. Starting with our business platform, we're making great progress delivering done-for-you experiences with expertise for our customers. Last month, we launched a transformative virtual team of AI agents that complete jobs on behalf of our customers, dramatically improving how businesses run and grow. Combined with our AI-enabled human experts, these agents are automating workflows and proactively delivering real-time insights to improve cash flow and fuel growth. Our redesigned user interface and new business feed highlight these real-time insights and tasks completed by agents on behalf of the customer. We're seeing strong traction since the launch last month, with customer engagement in the millions and repeat usage rates significantly above our expectations, demonstrating the value that we're providing to our customers. We're well-positioned to consolidate our customers' tech stack and spend and significantly increase their ROI, where AI and human intelligence are doing the work to fuel their success. With an all-in-one platform, we have all the pieces to help our customers grow, save time, and save money while fueling Intuit's growth. Turning to mid-market, we continue to make strong progress serving large and more complex customers, which represent an $89 billion TAM. We are focused on fueling the success of customers with $2.5 million-$100 million in annual revenue with our all-in-one platform, including QBO Advanced, Intuit Enterprise Suite, and an ecosystem of connected services. Our comprehensive set of offerings is aimed at helping businesses achieve their growth goals, such as boosting productivity and improving profitability by automating complex tasks, workflows, and functions, delivering insights and recommendations. Many customers tell us they are over-digitized, with their data trapped in a number of disparate applications. This means they are spending too much time and money managing their business and not getting the benefits and return on their investments. Our data shows customers on our platform are spending billions per year on disparate apps. We are well-positioned to consolidate our customers' data and spend on Intuit's platform to help fuel their growth and save money all in one place. With quarterly product releases for Intuit Enterprise Suite, we aim to rapidly penetrate our existing addressable market while expanding into new verticals. Our July product release was designed to supercharge customers' growth and profitability. The launch included improved multi-entity capabilities and new AI-driven done-for-you setup experience that dramatically reduces the amount of time it takes customers to get up and running, and new features that give customers a holistic view of their business KPIs, which streamline intercompany transactions and allocation. We also launched AI agents in Intuit Enterprise Suite, including accounting, payments, finance, and project management agents, automating daily tasks, reducing hours of work to just minutes. Our done-for-you experiences are reducing manual work by up to 60% for customers when setting up projects. A recent Forrester study estimated that customers can see nearly a 300% ROI over three years when using Intuit Enterprise Suite. As we evolve our go-to-market strategy for mid-market, we're strengthening our partnership with the largest tech-forward accounting firms. We're helping accountants serve their business customers more efficiently and grow their practices' profitability. In Q4, we continue to see strong growth in Intuit Enterprise Suite deals through accountants. This quarter, we signed a partnership with a rapidly growing top 25 accounting and technology advisory firm. This particular firm serves more than 14,000 business clients, representing a meaningful opportunity to acquire new customers over time. We have many other partnerships of similar scale in the pipeline. I'm pleased with the momentum we're seeing with Intuit Enterprise Suite. The total number of new billed customers in Q4 was up nearly 2x versus Q3, with successful adoption by some very large customers, including one customer with over 200 entities that is also using payroll and payments. As we head into fiscal year 2026, we're nearing the one-year mark of launching Intuit Enterprise Suite, and I'm proud of the progress we've made with both our product and our go-to-market strategy, which positions us to penetrate the $89 billion mid-market TAM. Turning to our consumer platform, we delivered an outstanding year. Consumer group revenue grew 10%, more than two-point acceleration from last year. This was driven by breakthrough adoption of TurboTax Live, which grew 47%, well above our long-term expectation of 15%-20% revenue growth. This is the power of bringing data, AI, and human intelligence together to provide better experiences for customers. Credit Karma grew 32% this year and also drove a point of tax revenue growth as we delivered a seamless customer experience across TurboTax and Credit Karma. Our results also demonstrate the incredible opportunity to win as one consumer platform, to drive year-round engagement and increase monetization by serving a broader set of needs, from building credit to building wealth. The learnings we gained this year are fueling our investments and innovation to deliver durable double-digit growth across our consumer platform. We have significant momentum across the company, and I cannot be more excited about our opportunity ahead to accelerate growth. Our strategy and relentless focus on execution are working. We're leveraging data, data services, AI, and human intelligence to become the all-in-one platform for consumers, businesses, and accountants. Now, let me hand it over to Sandeep. Thank you, CeCe. We delivered strong results in fiscal 2025 across the company, including total revenue growth of 16%, a more than two-point acceleration from fiscal 2024, and GAAP and non-GAAP operating income growing 36% and 18%, respectively. Our disciplined approach to managing the business allowed us to achieve strong margin expansion while driving breakthrough adoption in assisted tax, introducing transformative AI agents across our business solutions, and building our mid-market go-to-market capabilities. Our fourth quarter results include revenue of $3.8 billion, up 20%, GAAP operating income of $339 million versus a loss of $151 million last year, non-GAAP operating income of $1 billion, up 39%, GAAP diluted earnings per share of $1.35 versus a diluted loss per share of $0.07 last year, and non-GAAP diluted earnings per share of $0.02%. Now, turning to the business segments. Global Business Solutions Group revenue grew 18% during the quarter, or 21% excluding Mailchimp, and 16% for the full year, or 18% excluding Mailchimp. All-in ecosystem revenue grew 21% in Q4, or 26% excluding Mailchimp, and 20% for the full year, or 25% excluding Mailchimp. This demonstrates the power of our all-in-one platform, and that the innovation we are delivering is resonating with our customers, particularly as we move up market. We are making progress consolidating customers' data and spending with us to help fuel their growth. Our robust growth in all-in ecosystem revenue was driven by strength across both online accounting and online services. QuickBooks online accounting revenue grew 23% in Q4 and 22% in fiscal 2025. Growth for the quarter and year was driven by higher effective prices, customer growth, and makeshift. Online services revenue grew 19% in Q4, or 29% excluding Mailchimp. Growth in Q4 was driven by money, which includes payments, capital, and bill pay, as well as payroll. For fiscal 2025, online services revenue grew 19%, or 29% excluding Mailchimp, driven by money and payroll. Within money, revenue growth in the quarter reflects payments revenue growth, which was driven by customer growth, an increase in total payment volume per customer, and higher effective prices, as well as QuickBooks capital revenue growth. Total online payment volume growth in Q4 was 18%, relatively consistent with the range we have seen over the last several quarters. Within payroll, revenue growth in the quarter reflects customer growth, higher effective prices, and mix shift. Within Mailchimp, the revenue was down slightly versus a year ago, in line with our expectations for the quarter. We remain focused to ensure the offering resonates with both mid-market and small businesses, and we are confident in delivering an all-in-one business platform that integrates the power of Mailchimp and QuickBooks. We expect Mailchimp to exit fiscal 2026 growing double digits. The overall addressable market for our business platform is over $180 billion, roughly half of which is mid-market, and we are well-positioned to win as an all-in-one platform. Online ecosystem revenue grew 21% in Q4 and 20% for the year. This includes approximately 40% growth for both the quarter and the year in online ecosystem revenue for QBO Advanced and Intuit Enterprise Suite that serve mid-market. Online ecosystem revenue for small businesses and the rest of the base grew a strong 18% for both the quarter and the year. Our online ecosystem revenue growth reflects the progress we're making with our strategy of serving both small and mid-market businesses with more complex needs. We had an exceptional year, driving 23% growth in combined QBO Advanced and Intuit Enterprise Suite customers, and 8% growth in U.S. QBO customers, excluding self-employed. Overall, online paying customers grew 5%, reflecting the headwinds we saw in our Mailchimp and international businesses, both areas where we have game plans to accelerate growth in the future. Online ecosystem ARPC growth accelerated more than three points in fiscal 2025 to 14%, reflecting our progress serving more complex customers. We feel great about the customer growth and ARPC expansion we saw this year, with larger and more complex mid-market customers in our base. Turning to desktop, desktop ecosystem revenue grew 10% in Q4 and 5% for the full year. QuickBooks Desktop Enterprise revenue grew in the mid-teens in Q4 and high single digits in fiscal 2025. Turning to our consumer platform, consumer group revenue of $4.9 billion grew 10% in fiscal 2025. This outstanding tax performance reflects breakthrough adoption of TurboTax Live, with revenue growth of 47%, a 30-point acceleration from last year, and customer growth of 24%. We saw strong customer growth in full-service consumer and business tax offerings, both outpacing overall TurboTax Live customer growth. The learnings we gained this year will help fuel durable growth in the future. In our ProTax group, revenue was $621 million in fiscal 2025, up 4%. Credit Karma revenue grew 34% in Q4 and 32% in fiscal 2025. On a product basis in Q4, personal loans accounted for 15 points of growth, credit cards accounted for 13 points, and auto insurance accounted for 5 points. As CeCe Morken mentioned earlier, Credit Karma drove a point of revenue growth in fiscal 2025 as we delivered a seamless customer experience across TurboTax and Credit Karma. I am proud of the progress the team made, innovating on behalf of our members and partners this year, and I'm excited about the opportunity ahead. Shifting to a balance sheet and capital allocation. Our financial principles guide our decisions, they remain our long-term commitment and are unchanged. We finished the quarter with approximately $4.6 billion in cash and investments and $6 billion in debt on a balance sheet. We repurchased $748 million of stock during the fourth quarter and $2.8 billion during fiscal 2025. Depending on market conditions and other factors, our aim is to be in the market each quarter. The board approved a quarterly dividend of $1.20 per share, payable on October 17, 2025. This represents a 15% increase versus last year. Now, shifting to fiscal 2026 and Q1 guidance. Our fiscal 2026 guidance includes total company revenue of $20.997 billion-$21.186 billion, growth of 12%-13%. Our guidance includes Global Business Solutions Group revenue growth of 14% to 15%, or 15.5% to 16.5% revenue growth, excluding Mailchimp. Our guidance also includes overall Consumer Group revenue growth of 8%-9%, including TurboTax growth of 8%, Credit Karma growth of 10%-13%, and ProTax growth of 2-3%. This guidance reflects the segment reporting change we shared today in our press release and fact sheet. GAAP diluted earnings per share of $15.49-$15.69, growth of 13%-15%, and non-GAAP diluted earnings per share of $22.98-$23.18, growth of 14%-15%. We expect a GAAP tax rate of approximately 23% in fiscal 2026. Our guidance for the first quarter of fiscal 2026 includes total company revenue growth of 14%-15%, GAAP earnings per share of $1.19-$1.26, and non-GAAP earnings per share of $3.05-$3.12. You can find our full fiscal 2026 and Q1 guidance details in our press release and on our fact sheet. We are also reiterating our long-term growth expectations for each of our businesses. First, Global Business Solutions Group. With the momentum we see in online ecosystem revenue growth, we are reiterating our long-term revenue growth expectations for the Global Business Solutions Group of 15%-20%. This includes online paying ARPC growth of 10%-20% and online paying customer growth of 5%-10%. Second, TurboTax. We had a strong tax season, and we see significant runway ahead to penetrate our TAM, particularly in assisted tax, which we expect to be the key driver of future growth. We are reiterating the TurboTax long-term revenue growth rate of 6%-10% in this interim period, with TurboTax Live revenue expected to grow 15%-20%. Finally, Credit Karma. We are reiterating our long-term revenue growth expectations of 10%-15%, reflecting the current size and scale of the business, our focus on delivering year-round benefits that lead to engagement, monetization, and TurboTax growth. With that, I'll turn it back over to CeCe. Thank you, Sandeep. We are well on our way to becoming the global tax leader for enabling financial success for consumers, businesses, and accountants. Given our early bet on AI, our low penetration of our large $300 billion TAM, and the significant investments we've made in the last decade in data, data services, AI, and AI-enabled human intelligence, we are well-positioned to power prosperity for our customers and deliver sustained double-digit revenue growth with margin expansion. We look forward to unpacking why Intuit continues to have a very bright future with the best years yet to come at our Investor Day next month. With that, let's open it up to your questions. Thank you, Mr. Goodarzi. Ladies and gentlemen, at this time, if you would like to ask a question, please press star then the number one on your telephone. If you would like to withdraw your question, please press star two. Please limit yourself to one question as we'd like to get to as many people as we can. We'll go first this afternoon to Siti Panagrahi at Mizuho. Thank you. CeCe, that's a great end to fiscal 2025. Mainly, I want to focus on the Small Business, your Global Business Group, 18% growth ex-Mailchimp. As you look at fiscal 2026, what are the areas you are more excited about and what you learned in the fiscal 2025 execution? If I could add one more to this, there's concern about this lead generation with the slowdown in SEO search. We'd love to hear your views in terms of what you are seeing in your QuickBooks business. Yeah, sure. Thank you for the question. First of all, there are three things I would point out that give us confidence as we, for the business group, as we head into the fiscal year that we're in. One, the customer growth that we saw in U.S. QBO of 8%, the customer growth that we saw in mid-market of 23% is quite strong, and we're excited about what that will mean moving forward as we address some of the headwinds that you heard Sandeep talk about around Mailchimp International. That's one area that we're very excited about. I would say the second is just the fact that we now have an all-in-one platform. We have all the pieces in really one place to help a customer from lead to cash. When you look at the fact that we just launched our new business feeds with a virtual team of AI agents and AI-enabled human experts, and the fact that we have several million customers that are already engaging, that gives us a lot of confidence as we look ahead durably relative to the growth that we can drive, particularly penetration of services. The third is mid-market. When you look at mid-market holistically, 40% growth in context of the overall 20% growth that we had in online for the year, and the acceleration that we have with our product launches and our go-to-market capability, that gives us not only confidence for 2026, but really beyond durably in terms of what's possible. That's on the business group front. In terms of AI search, it actually plays into our favor. Let me just share a couple of stats. One, and this is across, by the way, our platform, not just QuickBooks, our traffic is actually up quite significantly this year. AI search is 1% of our overall traffic. The top 25% brands actually have a 10x visibility in AI search, which is when you look at brands like QuickBooks and Credit Karma and TurboTax and Mailchimp, it actually plays into our favor. The last couple of things I would say is Credit Karma is not at all reliant on SEO search at all because we have 100 million folks that are in-app, and less than 1% is SEO search. That's not really impacted at all. Last but not least, the final thought I would leave you with is the essence of us being an AI-driven expert platform company and an AI company. We've actually been all over this in terms of thinking through how we think about tagging our content, how we show up so that not only do we show up in the AI apps, but over time, when it becomes a bigger part of our search—today it's only 1%—that we play a far bigger role. Maybe I lied, let me make one last point. You know, the majority of our growth comes from recommendations, and search overall is actually less than 15% of our overall portfolio as a whole. I just wanted to make sure that that point landed as well. Thank you. Thanks for that color. Thank you, Siti. Thank you. We'll go next now to Keith Weiss of Morgan Stanley. Excellent. Thank you guys for taking the question, and congratulations on a really strong overall FY25. A lot of the pieces coming together. Looking forward into FY26, really one question, but in two parts. I think on one side of the equation, you guys released a lot of really interesting functionality with new agents a couple of weeks back. What should our expectations be for monetization around those agents? Does this go too early, or what should the timeframe we should be thinking about those ramping up into the revenue base? On the other side of the equation, Mailchimp has been a drag through FY25. That was the one bad part of the equation. You guys sound really confident we're going to come back to double-digit growth. Any inklings you could give us on what's driving that confidence in getting that business back to a double-digit growth rate so it's no longer a drag on those overall GBS revenues anymore? Yeah, absolutely, Keith. Let me take your first question, which is just around our launch of our all-in-one platform with the virtual team of AI agents and human experts. A couple of things I would say. We have high expectations around monetization in the future. We have not assumed anything really in our guidance for this year. That is the first and foremost. Second, it is actually thus far above our expectations in terms of engagement. As I mentioned earlier, we just launched this in July, and we have a couple of million customers that have been engaging with the AI agents, which is actually quite significant after one month of launch. The repeat engagement, the discovery of our apps, is actually above our expectations. What we are really focused on right now is just making the experience and the adoption of our services hum. We are giving our team time to make that hum because that is the first step; you want engagement and repeat engagement and discovery, which is above our expectations. The second is monetization. We think it is going to play a very big role because when you look at the billions of dollars that are actually spent by our customers on our platform on services that are not ours, we are quite confident that we can consolidate not only the tech stack, but the tech spend, which is where the monetization comes in. I would have expectations for the future, not this year. We did not count on it in our guidance just to be prudent. The second thing is you are absolutely right. Mailchimp is a drag on our growth, and we expect to exit this fiscal year, fourth quarter, in double digits. What you should expect, by the way, is a slow ramp throughout the year. There are two things that we see today that give us confidence. One is our sales playbook and the number of sales folks that we have added is starting to really pay off going after larger customers mid-market. That will be a big driver of growth in the future. Two, the product improvements that we have already made, but a lot more that are coming. We are actually seeing green shoots. We have the highest customer satisfaction that we have had ever since we acquired the business based on the launches that we have had. Those things are green shoots that give us confidence that as we look into our trajectory, we would exit double digits in the fourth quarter. Awesome. Thank you, guys. Thank you, Keith. Thank you. Ladies and gentlemen, just a quick reminder. Again, star one, please, for questions. If you did previously press star one, we ask that you please press star one again. We'll go next now to Kirk Matern at Evercore ISI. I guess, Carl, for you, there's a lot of things going positively right now with Extend, with some of the partners contributing. I was just kind of wondering, are there any cross-currents out there that are sort of offsetting that relative to what you would have thought maybe at the beginning of the year? Obviously, tariffs with Europe. Is there anything you could give us some context on because it seems like you have some really nice momentum in some of your early stage? Hey, Kirk, was that question for us? Can we open his line? Okay, we can come back to Kirk. We'll circle back around to Mr. Matern. We'll go next now to Alex Balazs of KeyBank Capital Markets. Thanks for taking my question. CeCe, can you maybe talk about or just sort of outline the product and go-to-market priorities around Intuit Enterprise Suite in 2026, just thinking about some of the momentum behind the business and the potential acceleration in 2026? Yeah, absolutely. There's really, I would say, threefold. One, we are very focused on the several hundred thousand of customers that are in our base, you know, up to about 800,000 folks in our base that are eligible for either QBO Advanced and/or Intuit Enterprise Suite. We are very focused on continuing to mine those customers, and that's a big part of what's driving the growth that we're experiencing now. Two, we really most recently started creating a flywheel effect in having discussions with our accountant partners. Those are sort of more longer-term opportunities, but that's a really big opportunity for us, not just in FY2026, but I would say beyond, now that we're getting traction with Intuit Enterprise Suite and Advanced, but particularly Intuit Enterprise Suite across multiple verticals. I would say last but not least, it's an important reminder for all of us that we're one year in with Intuit Enterprise Suite, and we just had our largest launch in July because we do quarterly product releases. Our focus is to do two things. One, to be able to accelerate penetrating our existing addressable market, but to actually start opening up our total addressable market. We're, of course, very excited about Ashley being on board and accelerating our progress. Those are the key, I would say, product and go-to-market priorities. Thank you. Yep, very welcome. Thank you. We go next now to Arjun Bhatia of William Blair. Yes, perfect. Thank you so much. CeCe, for you on some of the agentic capabilities and the AI that you're launching, it seems very interesting. I'm curious how you think about AI readiness amongst your base. Clearly, you're getting good engagement already. How ready are your customers to kind of implement these agents? Does that require some work on your end, or is it fairly sort of a plug and play, kind of thinking through what we might expect in 2026 and 2027? Thank you. Yeah, actually, I love your question because it's sort of very customer back, and I think it's important as we think about serving whether it's consumers, small or large businesses. The first thing I would say is, you know, people are using AI apps in their life, but you know, they don't really care about AI. What they care about is, help me grow my business. You know, help me get customers. You know, help me understand where I should focus my marketing dollars. You know, help me understand with financial decisions. That's what's most important. It really, let me bring that to life by just sharing an experience that is part of what we've launched with you. For instance, one of the things you could see in our business feed is it will show the customer that they had 10 unpaid invoices and that we, in essence, based on their past permission, executed a follow-up to go get that money for the customer. When they click on it, they see how their cash flow has improved. In the flow of the customer, we'll send them a notification and let them know that, hey, they're eligible for a line of credit based on the sales growth that they're seeing, and we'll show them that sales growth. What the AI agents are giving us the ability to do is to help customers make decisions. I think that's really what customers care about. It's less about, is it an AI agent, but the fact that in moments of truth, we're actually helping them get paid, pay others, get access to line of credit, understand what decisions they can make to drive growth, which really, I'll end with the last point, and that is the Forrester study that we very intentionally shared in our script. What we're really after is helping customers consolidate their data, their tech stack, and their spend all in one place. When we do that, there is a 300% ROI over a three-year period. In essence, when the customer's data is all in one place with our AI agents, we have the ability to help them make better decisions to drive revenue growth or profitability through our business feed and AI agents doing the work. When everything is in one place, we can drive, we're automating tasks, we're automating workflows, and it delivers efficiency. Last but not least, when we consolidate their tech stack, they actually spend more with us, but overall, they spend less. That's the way I would think about it relative to our customers and what we're experiencing as we're engaging our customers with these new experiences. Arjun, one other thing I would add to it, this is where we were super deliberate in how we introduced the agentic experiences. We incorporated them into the lineup, so we exposed our customers to them as opposed to having the customers go and pick a separate offering to add on. That deliberate decision is also what is helping customers see the productivity, see the better business outcomes. That's actually leading to conversations around what's the next set of agentic experiences we involve because the customers are showing high receptivity to it. As CeCe mentioned, significantly higher repeat usage than even our own internal expectations. Perfect. Very helpful. Thank you so much. Thank you. Thank you. We go next now to Kirk Matern of Evercore ISI. Yeah, thanks. Sorry about earlier. CeCe, I was wondering if you could actually just talk a little bit about Credit Karma. Obviously, a fantastic year for that business. I think there's some concern, obviously, with that business that it can be potentially more cyclical than other parts of your business. The double-digit guide for next year against what are very tough comps seems to give some indication that you guys feel good about how that's sort of operating. Just curious if you add a little bit more color to the confidence in the guide and maybe some of the new product lines that are coming about to make that perhaps a little bit less cyclical than it was perhaps before you bought it in the early days. Thanks. Yeah, sure, Kirk. First, let me just start with the strategic nature of why we, again, acquired Credit Karma because it's important to reground there. That is what we're really ultimately after, to create one consumer platform so we can help customers with benefit delivery on an ongoing basis. By the time it's tax time, we have really an opportunity to do people's taxes for them right through the Credit Karma platform. That's an important element because a lot of the innovation this year and a lot of what we already talked about, which is the contribution it had to tax, is a very important part of the go-forward, which is engaging customers year-round. One element is just tax and the confidence it gives us overall in the consumer platform. The other is because of all of our data and AI investments, we're actually taking share because when you look at our credit card and personal loan performance, the majority of it is actually great execution and where our share is increasing. The primary reason why the share is increasing is because of all of our data and AI investments, because we engage customers in-app and we engage them at the right moments of truth, knowing when they are seeking a financial product. We put choice in front of them, and they're able to interact with us to better understand what is right for them. That's an important element, which is share gains that gives us confidence. It's been several quarters in a row where our execution is really outpacing what we even anticipated, which leads to the last thing that you asked about, which is cyclicality. We've been investing heavily in things that aren't as cyclical. One is tax that I talked about, which is the whole reason why we acquired the platform. Two is insurance. Three is prime customers that really, you know, when you look at the cyclicality of Credit Karma, the primary driver in the last several years was personal loans by those that are actually subprime or near prime, which is why we've been really focused on prime customers because they have a different set of needs. A lot of innovation around prime customers and insurance, as I mentioned a moment ago. Last but not least is just around money. We're investing heavily to not only provide immediate and instant access to people's money when it's refund time, but how do we then engage those customers year-round when it comes to their money? It's a holistic set of those areas of innovation that gives us confidence, not just in Credit Karma, but just across our consumer platform as we look ahead. Super. Thanks, CeCe. Congrats on a great year. Thank you. Thank you. We go next now to Taylor McGuinness of UBS. Yeah. Hi, thanks so much for taking my question. If I look at the global solution business performance, excluding Mailchimp, it was really strong in 4Q, and it looks like that was driven by an acceleration in online. First, can you maybe talk through the drivers of that performance and how durable you think some of those trends could be as we go into 2026? Secondly, as we look ahead into the guidance excluding Mailchimp, it implies a little bit of a DSAL. Maybe you could just walk us through how we should think about what that implies for desktop versus online and some of the assumptions there. Thank you. Yep. Hey, Taylor. It's Sandeep. In terms of the Q4, the acceleration that you correctly pointed out was across both accounting and services. On the accounting side, as we continue to scale in the mid-market, that aided, as well as us introducing a new lineup in early July. Those are the two factors that drove on the accounting side. On the services side, it was driven by our investments and the innovation we've been driving across our money portfolio, including innovations such as making all invoices payable, which is something we rolled out in Q4, and that is continuing to see good momentum. These are things that are very durable, and they will continue to pay off into the new fiscal year. In terms of your question on how to think about the guidance ex-Mailchimp, the area I would point to that is a key factor there between what we delivered in fiscal 2025 and our guidance for fiscal 2026 is less pricing. This is something that I discussed in Q4 as well, if you remember, is that once you look outside of our accounting platform in desktop and in services, we had less pricing heading into fiscal 2026 than what we took in 2025. The core momentum in the business remains strong, and the delta is driven by less pricing actions. Thank you so much. Absolutely. Thank you. We go next now to Brad Zelnick of Deutsche Bank. I was on mute. You would think that I'd figure that out by now. Thanks a lot for taking the question. Can you maybe just help expand a little bit on improvements that underpin the confidence in the 15% to 20% TTL growth next year after such a fantastic year? Thanks. Yes. Hey, Brad. Let me maybe kick us off. It really, I would say, comes down to two big things. One is mid-market. $90 billion TAM, we're just scratching the surface with our penetration in that addressable market. Customers grew 23%. When you look at overall online growth, which was 20%, up to now $8 billion, over $8 billion, 40% growth in mid-market. That gives us a lot of confidence for years to come, not just FY2026. I think the other one is, with the launch that we had, which was sort of our all-in-one launch with a virtual team of AI agents and an AI-enabled human expert, we now have all of our apps in one place to help customers manage from lead to cash. In fact, one of the reasons I mentioned earlier that we like where we are on a couple of million customers engaging, discovery and repeat engagement is actually higher than what we had anticipated for only a month in, is that customers are actually surprised that we have all the apps that we have today because now it's all in one place. They visibly see it in one place when we're actually continuing to do more and more of the work for them. There is a significant services adoption opportunity within that, Brad. Those are the two big things that give us a lot of confidence looking ahead because large TAM, low penetration, and I just think our product launches are positioned well for durable growth for years to come. CeCe, that was really helpful. Shame on me, I didn't speak very clearly. I actually meant to say TurboTax Live, and I abbreviated it TTL, but that was still very helpful. Thank you. You know what? There's nothing like answering questions that did not get asked. No worries. Let me, since Sandeep was listening, let him answer that question. No worries, Brad. You got cut off for the first part. We were actually debating the 15% to 20%. Oh. On TurboTax Live, look, we had a phenomenal year in fiscal 2025 and made tremendous progress across showing up local, across making sure we extended our brand equity towards assisted category, and that showed up in the timing of our brand spend in delivering a better-to-get experience with Credit Karma, with many of those customers coming over and picking the assisted method. Across all of those, we had outstanding outcomes, but we also had tremendous learnings, which gives us the confidence that as we execute that playbook in the year ahead and execute even better, we continue to drive strong momentum in assisted tax category. That's where the confidence in the 15% to 20% comes. Thank you both. Really helpful. Thank you. We go next now to Cash Rangan of Goldman Sachs. Yeah, I'm with the Brad guys. I thought I had TurboTax Live, but I love your explanation for the QuickBooks Online, though. CeCe, it's somewhat of a mundane topic. Maybe back to the essentials of how Intuit goes to market with its QuickBooks business. I think people have been a little apprehensive about AI searches, AI overviews taking over from regular paid search, that sort of thing. Can you give us a primer on how the go-to-market engine of QuickBooks and other products that do depend upon ads, internet ads, works in this new era? How do you take advantage of, or how do you make sure that you're not, first of all, disadvantaged? How do you take advantage of AI search taking over relative to normal paid search? Thank you so much. Thank you, Cash, for the question. First of all, I would just start with the fundamental premise that as an AI company, we're all over all things AI, inclusive of search and how you show up in search, whether it's across any platform. That's really important in terms of just clarity, visibility, and focus on search. The second thing I would say is generally, we have not been overly reliant on search. Specifically in the business group, our traffic was actually up double digits this past year, and less than 15% of that traffic was actually driven by search. That's just important context to understand the elements of where our traffic comes from because we've intentionally, over the years, actually invested in many different channels to drive search down because of where customers are. That's just, again, important to understand. With all of that said, as I mentioned earlier, AI search today is 1% of our overall search, but we have been doing a lot of work to ensure that over time, we actually show up where customers are, no matter what platform they are on, whether it's social, whether it's search. Last but not least, the way to think about our business is almost in simplistic terms, sort of three dimensions. One dimension is one to many, which is how we drive campaigns to help customers that are solopreneurs that just started their business to be aware that we are an all-in-one platform and we can help them grow. The other is much more one-to-one for our mid-market. The one-to-one is our accountant channel, which is a large driver of growth, and then one-to-one with businesses. Third, this is the power of our platform. We don't have to spend money on payments. We don't have to spend money on payroll. We don't have to spend money on FMS because we're a platform where it's all in one place. When we draw a customer in with one benefit, our AI agents can do the work to help customers, whether it's to get paid, whether it's to help them with payroll. As you heard Sandeep talk about earlier, we're very intentional about what we make available in our SKUs to provide the capability and availability to our customers. That's really the way to think about how we go to market, the way to think about search, how important it is to our business. Last but not least, we benefit because we're a top brand from AI searches as they grow over time. One thing to keep in mind is, Cash, and I think it's an important consideration that search and AI traffic is not apples to apples. The AI traffic tends to be much higher consideration and converts automatically better through the funnel. That's a very important area that we are very cognizant of and making sure we are investing to get more of that AI traffic because it just makes the funnel automatically more efficient. Awesome. Thank you, Sandeep. CeCe, I'm so glad that I stuck my neck out a few weeks ago when investors asked me about this. I said anybody working for CeCe will have figured this out, otherwise they will not have a job. I'm so glad you're on top of it. Thank you so much. Thank you for your confidence, my friend. I'll pass that on to the team. Thank you. We'll go next now to Steve Enders of Citi. OK, great. Thanks for taking the questions here. I just want to ask on S&B Health and maybe what you're seeing out there from a macro perspective. Have you seen any change in terms of what you're seeing from that perspective, either in your underlying data or from customers coming through? What have you seen from a deal environment perspective? Yeah, sure. A couple of things I would say. You know, when you talk about businesses, you got to do it while talking about consumers, right? Because businesses spend with businesses, but consumers spend with businesses. I'll just start with consumers first. You know, generally, what we see across our well over 100 million customers is, balances on things like credit cards is up 4% year over year. Please understand that, over the last several years, it's been up double digits. Credit scores, depending on your credit band, could be down about 10 points. Consumers, it's a good job market, but they are very intentional about where they spend money, and they are stretched. When it comes to businesses that we see on our platform, revenues are generally flat, but profits and cash flows are actually up year over year. That's across 10 million customers. There are sectors that are performing far better, and there are sectors that aren't performing well. As you know, we're not concentrated in any particular sector, but sectors like real estate, advertising, manufacturing, depending on what you manufacture, are down, whereas other sectors are up. Net-net, profits are up, cash flows are up across the millions of customers that we serve. OK, perfect. Thanks for taking the question. You're very welcome. Thank you. We'll go next now to Alex Zukin of Wolfe Research. Hey, guys. Thanks for taking the question and congrats. CeCe, maybe for you, kind of following up on the prior question about just the general kind of macro picture for your customer base, if you think about how over the course of the next 12 to 18 months, you think about all of the functionality in the products and as well as in the AI functionality starting to mix shift your customers with a more kind of simplistic yet holistic offering into higher tiers of service, how much is it, how much push is it versus pull? How does the agentic functionality unlock that opportunity for you? It seems like there's an opportunity, at least seemingly with AI search yielding better and in-app selling and cross-selling also driving more efficiency in the go-to-market process to also do that in a more margin-positive way. Maybe just comment on both of those aspects if you can. Actually, I love your question. A couple of things I would say. One, every customer that we talk to and I personally talk to and accountants, they are overwhelmed with the number of apps that they have. They are overspending money on a bunch of different apps that is requiring them to spend more time than ever trying to figure out what is going on in their business. Even more important than all of that is their data is trapped in a bunch of different apps. Really, our opportunity and our biggest impact that we are having right now is with our all-in-one platform. That Forrester study was so important that we shared in the script, to consolidate data, consolidate the tech stack, and consolidate spend. By doing that, that 300% ROI is driven by when you consolidate data on our platform, our AI agents can do far better work to help customers with revenue growth and profitability growth. When we consolidate the tech stack, we can automate tasks and workflows to drive a lot more efficiency all in one place versus a bunch of different apps. Last but not least, when you sort of add up what a customer pays to have a bunch of different apps versus what they would pay us, and by the way, pay us, end up paying us more, they end up saving money. We have proof, substantial proof that that works. I think to your question, it's a push and a pull. There's an element of with our AI agents and AI-enabled human experts, we are, you know, ultimately what we are seeing and what we're looking to accelerate is how customers start doing more of their work on our platform versus using different apps. We will also be working on how do you create a push because ultimately, you're working against human inertia. Although you have a lot of different apps, although you're spending a lot of money, the human inertia to just change is hard. One of the things that we'll continue to look at is what we include in our lineup and what we need to do to motivate, inspire, and drive consolidation because now we have everything in one place. It is a push and a pull. That's really how we're thinking about our ongoing execution of our lineup and evolution of our lineup as we look ahead. Sounds like ERP for the SMB, and it's working. Thank you, Alex Balazs. Thank you. We'll go next to Brad Sills of Bank of America. Great, thank you so much. I wanted to ask a question around the AI platform, maybe a little different angle. You've had the invoice generator out for quite some time, but would love to hear about any traction you're seeing there and how that's performing. Could that be a leading indicator perhaps for other agents that might be coming over time? Yeah, absolutely. I mean, I'll tell you what we saw very early on, which is, one, customers that are using our invoice reminder, which I think is what you were asking about, we actually see 10% higher payments volume and conversion by those that are using the invoice reminder, and they're getting paid five days early. I'm glad you asked about it the way you did because that's just a tangible example of how our payments AI agent with that sliver of focus, which is invoice reminder, can have a substantial impact on our customers. If you expand that, what we're really focused on with our payments AI agent is how do we pay the customers' bills on their behalf? How do we help them with line of credit? How do we help them with instant deposit? How do we actually help create an estimate that's payment-enabled up front, and they don't have to lift a finger because they have a handwritten note that they take a picture of, and we just create everything for them. Those are all the, you know, expanding beyond your question, the opportunities that we have with launching a virtual team of AI agents. Thank you, CeCe. Yep, very welcome. Thank you. We go next now to Brent Thill of Jefferies. CeCe, the playbook to get Mailchimp back to growth, how do you think about this? What's the most important thing? I know you mentioned the user interface was a little too complicated for SMBs to use. How much longer is this going to take to get you back to growth in that business? Hey, Brandon. Sandeep, why don't I take this one? A couple of things. Let's start with areas where we are seeing really good progress on the Mailchimp side, which is in the mid-market. As CeCe mentioned, we are scaling the Salesforce account management team there and getting really good ROI on that headcount and seeing really good progress there. The area where we continue to iterate fast and I feel really good about the progress the team is making and is showing up in the customer satisfaction scores going up and being some of the highest in recent history is on the small businesses. The small businesses are the bread and butter. The angle there is to make sure the small businesses can get to a first and second benefit on our platform within the first 30 days or thereabouts. That's where the team is helping make sure the offering is resonating, that they're able to navigate it, they're able to see the benefit. We are making good progress and I feel good about it, which is why we are confident in this business exiting double digit this fiscal year. One thing to keep in mind, it is a subscription business. There is a ~6-month lag in terms of these actions getting implemented and them showing up in the revenue scaling up. That's why we think it'll be a couple of quarters at least before we start seeing the scaling up in revenue. The momentum and the progress we feel good about in Mailchimp. Great, thanks. Thank you. Ladies and gentlemen, that is all the time we have for questions this afternoon. Mr. Goodarzi, I'd like to turn things back to you, sir, for any closing comments. Thank you, everyone, for attending. Thank you for all your great questions. We look forward to seeing everybody at Investor Day. Until then, be safe. Bye, everybody. Thank you. Again, ladies and gentlemen, that will conclude today's conference call. We'd like to thank you all so much for joining us today and wish you all a great remainder of your day.

Speaker 11: Good afternoon, everyone. My name is Bo, and I will be your conference operator. At this time, I would like to welcome everyone to Intuit's fourth quarter and fiscal year 2025 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer period. If you would like to ask a question during this time, simply press star then the number one on your telephone. If you would like to withdraw your question, please press star two. With that, I'll now turn the call over to Ms. Kim Watkins, Intuit's Vice President of Investor Relations. Please go ahead, ma'am. Good afternoon, everyone. good afternoon everyone My name is Bo, and I will be your conference operator. my name is bo and i will be your conference operator At this time, I would like to welcome everyone to Intuit's fourth quarter and fiscal year 2025 conference call. at this time i would like to welcome everyone to intuit's fourth quarter and fiscal year 2025 conference call All lines have been placed on mute to prevent any background noise. all lines have been placed on mute to prevent any background noise After the speaker's remarks, there will be a question and answer period. after the speaker's remarks there will be a question and answer period If you would like to ask a question during this time, simply press star then the number one on your telephone. if you would like to ask a question during this time simply press star then the number one on your telephone If you would like to withdraw your question, please press star two. if you would like to withdraw your question please press star two With that, I'll now turn the call over to Ms. Kim Watkins, Intuit's Vice President of Investor Relations. with that i'll now turn the call over to ms kim watkins intuit's vice president of investor relations Please go ahead, ma'am. please go ahead ma'am

Speaker 7: Great, thanks, Bo. Good afternoon and welcome to Intuit's fourth quarter fiscal 2025 conference call. I'm here with Intuit's CEO, CeCe Morken, and our CFO, Sandeep Aujla. Before we start, I'd like to remind everyone that our remarks will include forward-looking statements. There are a number of factors that could cause Intuit's results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 2024, 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. Some of the numbers in these remarks are presented on a non-GAAP basis. We reconcile the comparable GAAP and non-GAAP numbers in today's press release. Great, thanks, Bo. great thanks bo Good afternoon and welcome to Intuit's fourth quarter fiscal 2025 conference call. good afternoon and welcome to intuit's fourth quarter fiscal 2025 conference call I'm here with Intuit's CEO, CeCe Morken, and our CFO, Sandeep Aujla. i'm here with intuit's ceo cece morken and our cfo sandeep aujla Before we start, I'd like to remind everyone that our remarks will include forward-looking statements. 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. 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 2024, and our other SEC filings. you can learn more about these risks in the press release we issued earlier this afternoon our form 10-k for fiscal 2024 and our other sec filings All of those documents are available on the Investor Relations page of Intuit's website at intuit.com. 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. we assume no obligation to update any forward-looking statement Some of the numbers in these remarks are presented on a non-GAAP basis. some of the numbers in these remarks are presented on a non-gaap basis We reconcile the comparable GAAP and non-GAAP numbers in today's press release. we reconcile 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 CeCe. 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. 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. 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 CeCe. with that i'll turn the call over to cece

Speaker 6: Great. Thank you, Kim, and thanks to all of you for joining us today. I'm incredibly proud of our momentum and strong fiscal year 2025 results. Our full year revenue grew 16% with another year of strong operating margin expansion. Our years of investments in data, data services, AI, and human intelligence, coupled with strong execution against our AI-driven expert platform strategy, fueled these outstanding results. Looking ahead to fiscal year 2026, we are confident in delivering another strong year of double-digit revenue growth and margin expansion. In the past year, we made significant progress powering prosperity for consumers, businesses, and accountants. We launched a transformative all-in-one business platform with a virtual team of AI agents and AI-enabled human experts that can manage lead-to-cash for customers. Great. great Thank you, Kim, and thanks to all of you for joining us today. thank you kim and thanks to all of you for joining us today I'm incredibly proud of our momentum and strong fiscal year 2025 results. i'm incredibly proud of our momentum and strong fiscal year 2025 results Our full year revenue grew 16% with another year of strong operating margin expansion. our full year revenue grew 16% with another year of strong operating margin expansion Our years of investments in data, data services, AI, and human intelligence, coupled with strong execution against our AI-driven expert platform strategy, fueled these outstanding results. our years of investments in data data services ai and human intelligence coupled with strong execution against our ai-driven expert platform strategy fueled these outstanding results Looking ahead to fiscal year 2026, we are confident in delivering another strong year of double-digit revenue growth and margin expansion. looking ahead to fiscal year 2026 we are confident in delivering another strong year of double-digit revenue growth and margin expansion In the past year, we made significant progress powering prosperity for consumers, businesses, and accountants. in the past year we made significant progress powering prosperity for consumers businesses and accountants We launched a transformative all-in-one business platform with a virtual team of AI agents and AI-enabled human experts that can manage lead-to-cash for customers. we launched a transformative all-in-one business platform with a virtual team of ai agents and ai-enabled human experts that can manage lead-to-cash for customers We accelerated our innovation to mid-market with the introduction of Intuit Enterprise Suite and new go-to-market capabilities, and delivered breakthrough adoption of TurboTax Live as we disrupt the assisted tax category. Looking ahead, we're doubling down in these key areas. Starting with our business platform, we're making great progress delivering done-for-you experiences with expertise for our customers. Last month, we launched a transformative virtual team of AI agents that complete jobs on behalf of our customers, dramatically improving how businesses run and grow. Combined with our AI-enabled human experts, these agents are automating workflows and proactively delivering real-time insights to improve cash flow and fuel growth. Our redesigned user interface and new business feed highlight these real-time insights and tasks completed by agents on behalf of the customer. We accelerated our innovation to mid-market with the introduction of Intuit Enterprise Suite and new go-to-market capabilities, and delivered breakthrough adoption of TurboTax Live as we disrupt the assisted tax category. we accelerated our innovation to mid-market with the introduction of intuit enterprise suite and new go-to-market capabilities and delivered breakthrough adoption of turbotax live as we disrupt the assisted tax category Looking ahead, we're doubling down in these key areas. looking ahead we're doubling down in these key areas Starting with our business platform, we're making great progress delivering done-for-you experiences with expertise for our customers. starting with our business platform we're making great progress delivering done-for-you experiences with expertise for our customers Last month, we launched a transformative virtual team of AI agents that complete jobs on behalf of our customers, dramatically improving how businesses run and grow. last month we launched a transformative virtual team of ai agents that complete jobs on behalf of our customers dramatically improving how businesses run and grow Combined with our AI-enabled human experts, these agents are automating workflows and proactively delivering real-time insights to improve cash flow and fuel growth. combined with our ai-enabled human experts these agents are automating workflows and proactively delivering real-time insights to improve cash flow and fuel growth Our redesigned user interface and new business feed highlight these real-time insights and tasks completed by agents on behalf of the customer. our redesigned user interface and new business feed highlight these real-time insights and tasks completed by agents on behalf of the customer We're seeing strong traction since the launch last month, with customer engagement in the millions and repeat usage rates significantly above our expectations, demonstrating the value that we're providing to our customers. We're well-positioned to consolidate our customers' tech stack and spend and significantly increase their ROI, where AI and human intelligence are doing the work to fuel their success. With an all-in-one platform, we have all the pieces to help our customers grow, save time, and save money while fueling Intuit's growth. Turning to mid-market, we continue to make strong progress serving large and more complex customers, which represent an $89 billion TAM. We are focused on fueling the success of customers with $2.5 million-$100 million in annual revenue with our all-in-one platform, including QBO Advanced, Intuit Enterprise Suite, and an ecosystem of connected services. We're seeing strong traction since the launch last month, with customer engagement in the millions and repeat usage rates significantly above our expectations, demonstrating the value that we're providing to our customers. we're seeing strong traction since the launch last month with customer engagement in the millions and repeat usage rates significantly above our expectations demonstrating the value that we're providing to our customers We're well-positioned to consolidate our customers' tech stack and spend and significantly increase their ROI, where AI and human intelligence are doing the work to fuel their success. we're well-positioned to consolidate our customers' tech stack and spend and significantly increase their roi where ai and human intelligence are doing the work to fuel their success With an all-in-one platform, we have all the pieces to help our customers grow, save time, and save money while fueling Intuit's growth. with an all-in-one platform we have all the pieces to help our customers grow save time and save money while fueling intuit's growth Turning to mid-market, we continue to make strong progress serving large and more complex customers, which represent an $89 billion TAM. turning to mid-market we continue to make strong progress serving large and more complex customers which represent an $89 billion tam We are focused on fueling the success of customers with $2.5 million- $100 million in annual revenue with our all-in-one platform, including QBO Advanced, Intuit Enterprise Suite, and an ecosystem of connected services. we are focused on fueling the success of customers with $2.5 million- $100 million in annual revenue with our all-in-one platform including qbo advanced intuit enterprise suite and an ecosystem of connected services Our comprehensive set of offerings is aimed at helping businesses achieve their growth goals, such as boosting productivity and improving profitability by automating complex tasks, workflows, and functions, delivering insights and recommendations. Many customers tell us they are over-digitized, with their data trapped in a number of disparate applications. This means they are spending too much time and money managing their business and not getting the benefits and return on their investments. Our data shows customers on our platform are spending billions per year on disparate apps. We are well-positioned to consolidate our customers' data and spend on Intuit's platform to help fuel their growth and save money all in one place. With quarterly product releases for Intuit Enterprise Suite, we aim to rapidly penetrate our existing addressable market while expanding into new verticals. Our July product release was designed to supercharge customers' growth and profitability. Our comprehensive set of offerings is aimed at helping businesses achieve their growth goals, such as boosting productivity and improving profitability by automating complex tasks, workflows, and functions, delivering insights and recommendations. our comprehensive set of offerings is aimed at helping businesses achieve their growth goals such as boosting productivity and improving profitability by automating complex tasks workflows and functions delivering insights and recommendations Many customers tell us they are over-digitized, with their data trapped in a number of disparate applications. many customers tell us they are over-digitized with their data trapped in a number of disparate applications This means they are spending too much time and money managing their business and not getting the benefits and return on their investments. this means they are spending too much time and money managing their business and not getting the benefits and return on their investments Our data shows customers on our platform are spending billions per year on disparate apps. our data shows customers on our platform are spending billions per year on disparate apps We are well-positioned to consolidate our customers' data and spend on Intuit's platform to help fuel their growth and save money all in one place. we are well-positioned to consolidate our customers' data and spend on intuit's platform to help fuel their growth and save money all in one place With quarterly product releases for Intuit Enterprise Suite, we aim to rapidly penetrate our existing addressable market while expanding into new verticals. with quarterly product releases for intuit enterprise suite we aim to rapidly penetrate our existing addressable market while expanding into new verticals Our July product release was designed to supercharge customers' growth and profitability. our july product release was designed to supercharge customers' growth and profitability The launch included improved multi-entity capabilities and new AI-driven done-for-you setup experience that dramatically reduces the amount of time it takes customers to get up and running, and new features that give customers a holistic view of their business KPIs, which streamline intercompany transactions and allocation. We also launched AI agents in Intuit Enterprise Suite, including accounting, payments, finance, and project management agents, automating daily tasks, reducing hours of work to just minutes. Our done-for-you experiences are reducing manual work by up to 60% for customers when setting up projects. A recent Forrester study estimated that customers can see nearly a 300% ROI over three years when using Intuit Enterprise Suite. As we evolve our go-to-market strategy for mid-market, we're strengthening our partnership with the largest tech-forward accounting firms. We're helping accountants serve their business customers more efficiently and grow their practices' profitability. The launch included improved multi-entity capabilities and new AI-driven done-for-you setup experience that dramatically reduces the amount of time it takes customers to get up and running, and new features that give customers a holistic view of their business KPIs, which streamline intercompany transactions and allocation. the launch included improved multi-entity capabilities and new ai-driven done-for-you setup experience that dramatically reduces the amount of time it takes customers to get up and running and new features that give customers a holistic view of their business kpis which streamline intercompany transactions and allocation We also launched AI agents in Intuit Enterprise Suite, including accounting, payments, finance, and project management agents, automating daily tasks, reducing hours of work to just minutes. we also launched ai agents in intuit enterprise suite including accounting payments finance and project management agents automating daily tasks reducing hours of work to just minutes Our done-for-you experiences are reducing manual work by up to 60% for customers when setting up projects. our done-for-you experiences are reducing manual work by up to 60% for customers when setting up projects A recent Forrester study estimated that customers can see nearly a 300% ROI over three years when using Intuit Enterprise Suite. a recent forrester study estimated that customers can see nearly a 300% roi over three years when using intuit enterprise suite As we evolve our go-to-market strategy for mid-market, we're strengthening our partnership with the largest tech-forward accounting firms. as we evolve our go-to-market strategy for mid-market we're strengthening our partnership with the largest tech-forward accounting firms We're helping accountants serve their business customers more efficiently and grow their practices' profitability. we're helping accountants serve their business customers more efficiently and grow their practices' profitability In Q4, we continue to see strong growth in Intuit Enterprise Suite deals through accountants. This quarter, we signed a partnership with a rapidly growing top 25 accounting and technology advisory firm. This particular firm serves more than 14,000 business clients, representing a meaningful opportunity to acquire new customers over time. We have many other partnerships of similar scale in the pipeline. I'm pleased with the momentum we're seeing with Intuit Enterprise Suite. The total number of new billed customers in Q4 was up nearly 2x versus Q3, with successful adoption by some very large customers, including one customer with over 200 entities that is also using payroll and payments. In Q4, we continue to see strong growth in Intuit Enterprise Suite deals through accountants. in q4 we continue to see strong growth in intuit enterprise suite deals through accountants This quarter, we signed a partnership with a rapidly growing top 25 accounting and technology advisory firm. this quarter we signed a partnership with a rapidly growing top 25 accounting and technology advisory firm This particular firm serves more than 14,000 business clients, representing a meaningful opportunity to acquire new customers over time. this particular firm serves more than 14,000 business clients representing a meaningful opportunity to acquire new customers over time We have many other partnerships of similar scale in the pipeline. we have many other partnerships of similar scale in the pipeline I'm pleased with the momentum we're seeing with Intuit Enterprise Suite. i'm pleased with the momentum we're seeing with intuit enterprise suite The total number of new billed customers in Q4 was up nearly 2x versus Q3, with successful adoption by some very large customers, including one customer with over 200 entities that is also using payroll and payments. the total number of new billed customers in q4 was up nearly 2x versus q3 with successful adoption by some very large customers including one customer with over 200 entities that is also using payroll and payments As we head into fiscal year 2026, we're nearing the one-year mark of launching Intuit Enterprise Suite, and I'm proud of the progress we've made with both our product and our go-to-market strategy, which positions us to penetrate the $89 billion mid-market TAM. Turning to our consumer platform, we delivered an outstanding year. Consumer group revenue grew 10%, more than two-point acceleration from last year. This was driven by breakthrough adoption of TurboTax Live, which grew 47%, well above our long-term expectation of 15%-20% revenue growth. This is the power of bringing data, AI, and human intelligence together to provide better experiences for customers. Credit Karma grew 32% this year and also drove a point of tax revenue growth as we delivered a seamless customer experience across TurboTax and Credit Karma. As we head into fiscal year 2026, we're nearing the one-year mark of launching Intuit Enterprise Suite, and I'm proud of the progress we've made with both our product and our go-to-market strategy, which positions us to penetrate the $89 billion mid-market TAM. as we head into fiscal year 2026 we're nearing the one-year mark of launching intuit enterprise suite and i'm proud of the progress we've made with both our product and our go-to-market strategy which positions us to penetrate the $89 billion mid-market tam Turning to our consumer platform, we delivered an outstanding year. turning to our consumer platform we delivered an outstanding year Consumer group revenue grew 10%, more than two-point acceleration from last year. consumer group revenue grew 10% more than two-point acceleration from last year This was driven by breakthrough adoption of TurboTax Live, which grew 47%, well above our long-term expectation of 15%- 20% revenue growth. this was driven by breakthrough adoption of turbotax live which grew 47% well above our long-term expectation of 15%- 20% revenue growth This is the power of bringing data, AI, and human intelligence together to provide better experiences for customers. this is the power of bringing data ai and human intelligence together to provide better experiences for customers Credit Karma grew 32% this year and also drove a point of tax revenue growth as we delivered a seamless customer experience across TurboTax and Credit Karma. credit karma grew 32% this year and also drove a point of tax revenue growth as we delivered a seamless customer experience across turbotax and credit karma Our results also demonstrate the incredible opportunity to win as one consumer platform, to drive year-round engagement and increase monetization by serving a broader set of needs, from building credit to building wealth. The learnings we gained this year are fueling our investments and innovation to deliver durable double-digit growth across our consumer platform. We have significant momentum across the company, and I cannot be more excited about our opportunity ahead to accelerate growth. Our strategy and relentless focus on execution are working. We're leveraging data, data services, AI, and human intelligence to become the all-in-one platform for consumers, businesses, and accountants. Now, let me hand it over to Sandeep. Our results also demonstrate the incredible opportunity to win as one consumer platform, to drive year-round engagement and increase monetization by serving a broader set of needs, from building credit to building wealth. our results also demonstrate the incredible opportunity to win as one consumer platform to drive year-round engagement and increase monetization by serving a broader set of needs from building credit to building wealth The learnings we gained this year are fueling our investments and innovation to deliver durable double-digit growth across our consumer platform. the learnings we gained this year are fueling our investments and innovation to deliver durable double-digit growth across our consumer platform We have significant momentum across the company, and I cannot be more excited about our opportunity ahead to accelerate growth. we have significant momentum across the company and i cannot be more excited about our opportunity ahead to accelerate growth Our strategy and relentless focus on execution are working. our strategy and relentless focus on execution are working We're leveraging data, data services, AI, and human intelligence to become the all-in-one platform for consumers, businesses, and accountants. we're leveraging data data services ai and human intelligence to become the all-in-one platform for consumers businesses and accountants Now, let me hand it over to Sandeep. now let me hand it over to sandeep

Speaker 5: Thank you, CeCe. We delivered strong results in fiscal 2025 across the company, including total revenue growth of 16%, a more than two-point acceleration from fiscal 2024, and GAAP and non-GAAP operating income growing 36% and 18%, respectively. Our disciplined approach to managing the business allowed us to achieve strong margin expansion while driving breakthrough adoption in assisted tax, introducing transformative AI agents across our business solutions, and building our mid-market go-to-market capabilities. Our fourth quarter results include revenue of $3.8 billion, up 20%, GAAP operating income of $339 million versus a loss of $151 million last year, non-GAAP operating income of $1 billion, up 39%, GAAP diluted earnings per share of $1.35 versus a diluted loss per share of $0.07 last year, and non-GAAP diluted earnings per share of $0.02%. Now, turning to the business segments. Thank you, CeCe. thank you cece We delivered strong results in fiscal 2025 across the company, including total revenue growth of 16%, a more than two-point acceleration from fiscal 2024, and GAAP and non-GAAP operating income growing 36% and 18%, respectively. we delivered strong results in fiscal 2025 across the company including total revenue growth of 16% a more than two-point acceleration from fiscal 2024 and gaap and non-gaap operating income growing 36% and 18% respectively Our disciplined approach to managing the business allowed us to achieve strong margin expansion while driving breakthrough adoption in assisted tax, introducing transformative AI agents across our business solutions, and building our mid-market go-to-market capabilities. our disciplined approach to managing the business allowed us to achieve strong margin expansion while driving breakthrough adoption in assisted tax introducing transformative ai agents across our business solutions and building our mid-market go-to-market capabilities Our fourth quarter results include revenue of $3.8 billion, up 20%, GAAP operating income of $339 million versus a loss of $151 million last year, non-GAAP operating income of $1 billion, up 39%, GAAP diluted earnings per share of $1.35 versus a diluted loss per share of $0.07 last year, and non-GAAP diluted earnings per share of $0.02%. our fourth quarter results include revenue of $3.8 billion up 20% gaap operating income of $339 million versus a loss of $151 million last year non-gaap operating income of $1 billion up 39% gaap diluted earnings per share of $1.35 versus a diluted loss per share of $0.07 last year and non-gaap diluted earnings per share of $0.02% Now, turning to the business segments. now turning to the business segments Global Business Solutions Group revenue grew 18% during the quarter, or 21% excluding Mailchimp, and 16% for the full year, or 18% excluding Mailchimp. All-in ecosystem revenue grew 21% in Q4, or 26% excluding Mailchimp, and 20% for the full year, or 25% excluding Mailchimp. This demonstrates the power of our all-in-one platform, and that the innovation we are delivering is resonating with our customers, particularly as we move up market. We are making progress consolidating customers' data and spending with us to help fuel their growth. Our robust growth in all-in ecosystem revenue was driven by strength across both online accounting and online services. QuickBooks online accounting revenue grew 23% in Q4 and 22% in fiscal 2025. Growth for the quarter and year was driven by higher effective prices, customer growth, and makeshift. Online services revenue grew 19% in Q4, or 29% excluding Mailchimp. Global Business Solutions Group revenue grew 18% during the quarter, or 21% excluding Mailchimp, and 16% for the full year, or 18% excluding Mailchimp. global business solutions group revenue grew 18% during the quarter or 21% excluding mailchimp and 16% for the full year or 18% excluding mailchimp All-in ecosystem revenue grew 21% in Q4, or 26% excluding Mailchimp, and 20% for the full year, or 25% excluding Mailchimp. all-in ecosystem revenue grew 21% in q4 or 26% excluding mailchimp and 20% for the full year or 25% excluding mailchimp This demonstrates the power of our all-in-one platform, and that the innovation we are delivering is resonating with our customers, particularly as we move up market. this demonstrates the power of our all-in-one platform and that the innovation we are delivering is resonating with our customers particularly as we move up market We are making progress consolidating customers' data and spending with us to help fuel their growth. we are making progress consolidating customers' data and spending with us to help fuel their growth Our robust growth in all-in ecosystem revenue was driven by strength across both online accounting and online services. our robust growth in all-in ecosystem revenue was driven by strength across both online accounting and online services QuickBooks online accounting revenue grew 23% in Q4 and 22% in fiscal 2025. quickbooks online accounting revenue grew 23% in q4 and 22% in fiscal 2025 Growth for the quarter and year was driven by higher effective prices, customer growth, and makeshift. growth for the quarter and year was driven by higher effective prices customer growth and makeshift Online services revenue grew 19% in Q4, or 29% excluding Mailchimp. online services revenue grew 19% in q4 or 29% excluding mailchimp Growth in Q4 was driven by money, which includes payments, capital, and bill pay, as well as payroll. For fiscal 2025, online services revenue grew 19%, or 29% excluding Mailchimp, driven by money and payroll. Within money, revenue growth in the quarter reflects payments revenue growth, which was driven by customer growth, an increase in total payment volume per customer, and higher effective prices, as well as QuickBooks capital revenue growth. Total online payment volume growth in Q4 was 18%, relatively consistent with the range we have seen over the last several quarters. Within payroll, revenue growth in the quarter reflects customer growth, higher effective prices, and mix shift. Within Mailchimp, the revenue was down slightly versus a year ago, in line with our expectations for the quarter. Growth in Q4 was driven by money, which includes payments, capital, and bill pay, as well as payroll. growth in q4 was driven by money which includes payments capital and bill pay as well as payroll For fiscal 2025, online services revenue grew 19%, or 29% excluding Mailchimp, driven by money and payroll. for fiscal 2025 online services revenue grew 19% or 29% excluding mailchimp driven by money and payroll Within money, revenue growth in the quarter reflects payments revenue growth, which was driven by customer growth, an increase in total payment volume per customer, and higher effective prices, as well as QuickBooks capital revenue growth. within money revenue growth in the quarter reflects payments revenue growth which was driven by customer growth an increase in total payment volume per customer and higher effective prices as well as quickbooks capital revenue growth Total online payment volume growth in Q4 was 18%, relatively consistent with the range we have seen over the last several quarters. total online payment volume growth in q4 was 18% relatively consistent with the range we have seen over the last several quarters Within payroll, revenue growth in the quarter reflects customer growth, higher effective prices, and mix shift. within payroll revenue growth in the quarter reflects customer growth higher effective prices and mix shift Within Mailchimp, the revenue was down slightly versus a year ago, in line with our expectations for the quarter. within mailchimp the revenue was down slightly versus a year ago in line with our expectations for the quarter We remain focused to ensure the offering resonates with both mid-market and small businesses, and we are confident in delivering an all-in-one business platform that integrates the power of Mailchimp and QuickBooks. We expect Mailchimp to exit fiscal 2026 growing double digits. The overall addressable market for our business platform is over $180 billion, roughly half of which is mid-market, and we are well-positioned to win as an all-in-one platform. Online ecosystem revenue grew 21% in Q4 and 20% for the year. This includes approximately 40% growth for both the quarter and the year in online ecosystem revenue for QBO Advanced and Intuit Enterprise Suite that serve mid-market. Online ecosystem revenue for small businesses and the rest of the base grew a strong 18% for both the quarter and the year. We remain focused to ensure the offering resonates with both mid-market and small businesses, and we are confident in delivering an all-in-one business platform that integrates the power of Mailchimp and QuickBooks. we remain focused to ensure the offering resonates with both mid-market and small businesses and we are confident in delivering an all-in-one business platform that integrates the power of mailchimp and quickbooks We expect Mailchimp to exit fiscal 2026 growing double digits. we expect mailchimp to exit fiscal 2026 growing double digits The overall addressable market for our business platform is over $180 billion, roughly half of which is mid-market, and we are well-positioned to win as an all-in-one platform. the overall addressable market for our business platform is over $180 billion roughly half of which is mid-market and we are well-positioned to win as an all-in-one platform Online ecosystem revenue grew 21% in Q4 and 20% for the year. online ecosystem revenue grew 21% in q4 and 20% for the year This includes approximately 40% growth for both the quarter and the year in online ecosystem revenue for QBO Advanced and Intuit Enterprise Suite that serve mid-market. this includes approximately 40% growth for both the quarter and the year in online ecosystem revenue for qbo advanced and intuit enterprise suite that serve mid-market Online ecosystem revenue for small businesses and the rest of the base grew a strong 18% for both the quarter and the year. online ecosystem revenue for small businesses and the rest of the base grew a strong 18% for both the quarter and the year Our online ecosystem revenue growth reflects the progress we're making with our strategy of serving both small and mid-market businesses with more complex needs. We had an exceptional year, driving 23% growth in combined QBO Advanced and Intuit Enterprise Suite customers, and 8% growth in U.S. QBO customers, excluding self-employed. Overall, online paying customers grew 5%, reflecting the headwinds we saw in our Mailchimp and international businesses, both areas where we have game plans to accelerate growth in the future. Online ecosystem ARPC growth accelerated more than three points in fiscal 2025 to 14%, reflecting our progress serving more complex customers. We feel great about the customer growth and ARPC expansion we saw this year, with larger and more complex mid-market customers in our base. Turning to desktop, desktop ecosystem revenue grew 10% in Q4 and 5% for the full year. Our online ecosystem revenue growth reflects the progress we're making with our strategy of serving both small and mid-market businesses with more complex needs. our online ecosystem revenue growth reflects the progress we're making with our strategy of serving both small and mid-market businesses with more complex needs We had an exceptional year, driving 23% growth in combined QBO Advanced and Intuit Enterprise Suite customers, and 8% growth in U.S. we had an exceptional year driving 23% growth in combined qbo advanced and intuit enterprise suite customers and 8% growth in u.s QBO customers, excluding self-employed. qbo customers excluding self-employed Overall, online paying customers grew 5%, reflecting the headwinds we saw in our Mailchimp and international businesses, both areas where we have game plans to accelerate growth in the future. overall online paying customers grew 5% reflecting the headwinds we saw in our mailchimp and international businesses both areas where we have game plans to accelerate growth in the future Online ecosystem ARPC growth accelerated more than three points in fiscal 2025 to 14%, reflecting our progress serving more complex customers. online ecosystem arpc growth accelerated more than three points in fiscal 2025 to 14% reflecting our progress serving more complex customers We feel great about the customer growth and ARPC expansion we saw this year, with larger and more complex mid-market customers in our base. we feel great about the customer growth and arpc expansion we saw this year with larger and more complex mid-market customers in our base Turning to desktop, desktop ecosystem revenue grew 10% in Q4 and 5% for the full year. turning to desktop desktop ecosystem revenue grew 10% in q4 and 5% for the full year QuickBooks Desktop Enterprise revenue grew in the mid-teens in Q4 and high single digits in fiscal 2025. Turning to our consumer platform, consumer group revenue of $4.9 billion grew 10% in fiscal 2025. This outstanding tax performance reflects breakthrough adoption of TurboTax Live, with revenue growth of 47%, a 30-point acceleration from last year, and customer growth of 24%. We saw strong customer growth in full-service consumer and business tax offerings, both outpacing overall TurboTax Live customer growth. The learnings we gained this year will help fuel durable growth in the future. In our ProTax group, revenue was $621 million in fiscal 2025, up 4%. Credit Karma revenue grew 34% in Q4 and 32% in fiscal 2025. On a product basis in Q4, personal loans accounted for 15 points of growth, credit cards accounted for 13 points, and auto insurance accounted for 5 points. QuickBooks Desktop Enterprise revenue grew in the mid-teens in Q4 and high single digits in fiscal 2025. quickbooks desktop enterprise revenue grew in the mid-teens in q4 and high single digits in fiscal 2025 Turning to our consumer platform, consumer group revenue of $4.9 billion grew 10% in fiscal 2025. turning to our consumer platform consumer group revenue of $4.9 billion grew 10% in fiscal 2025 This outstanding tax performance reflects breakthrough adoption of TurboTax Live, with revenue growth of 47%, a 30-point acceleration from last year, and customer growth of 24%. this outstanding tax performance reflects breakthrough adoption of turbotax live with revenue growth of 47% a 30-point acceleration from last year and customer growth of 24% We saw strong customer growth in full-service consumer and business tax offerings, both outpacing overall TurboTax Live customer growth. we saw strong customer growth in full-service consumer and business tax offerings both outpacing overall turbotax live customer growth The learnings we gained this year will help fuel durable growth in the future. the learnings we gained this year will help fuel durable growth in the future In our ProTax group, revenue was $621 million in fiscal 2025, up 4%. in our protax group revenue was $621 million in fiscal 2025 up 4% Credit Karma revenue grew 34% in Q4 and 32% in fiscal 2025. credit karma revenue grew 34% in q4 and 32% in fiscal 2025 On a product basis in Q4, personal loans accounted for 15 points of growth, credit cards accounted for 13 points, and auto insurance accounted for 5 points. on a product basis in q4 personal loans accounted for 15 points of growth credit cards accounted for 13 points and auto insurance accounted for 5 points As CeCe Morken mentioned earlier, Credit Karma drove a point of revenue growth in fiscal 2025 as we delivered a seamless customer experience across TurboTax and Credit Karma. I am proud of the progress the team made, innovating on behalf of our members and partners this year, and I'm excited about the opportunity ahead. Shifting to a balance sheet and capital allocation. Our financial principles guide our decisions, they remain our long-term commitment and are unchanged. We finished the quarter with approximately $4.6 billion in cash and investments and $6 billion in debt on a balance sheet. We repurchased $748 million of stock during the fourth quarter and $2.8 billion during fiscal 2025. Depending on market conditions and other factors, our aim is to be in the market each quarter. The board approved a quarterly dividend of $1.20 per share, payable on October 17, 2025. As CeCe Morken mentioned earlier, Credit Karma drove a point of revenue growth in fiscal 2025 as we delivered a seamless customer experience across TurboTax and Credit Karma. as cece morken mentioned earlier credit karma drove a point of revenue growth in fiscal 2025 as we delivered a seamless customer experience across turbotax and credit karma I am proud of the progress the team made, innovating on behalf of our members and partners this year, and I'm excited about the opportunity ahead. i am proud of the progress the team made innovating on behalf of our members and partners this year and i'm excited about the opportunity ahead Shifting to a balance sheet and capital allocation. shifting to a balance sheet and capital allocation Our financial principles guide our decisions, they remain our long-term commitment and are unchanged. our financial principles guide our decisions they remain our long-term commitment and are unchanged We finished the quarter with approximately $4.6 billion in cash and investments and $6 billion in debt on a balance sheet. we finished the quarter with approximately $4.6 billion in cash and investments and $6 billion in debt on a balance sheet We repurchased $748 million of stock during the fourth quarter and $2.8 billion during fiscal 2025. we repurchased $748 million of stock during the fourth quarter and $2.8 billion during fiscal 2025 Depending on market conditions and other factors, our aim is to be in the market each 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 $1.20 per share, payable on October 17, 2025. the board approved a quarterly dividend of $1.20 per share payable on october 17 2025 This represents a 15% increase versus last year. Now, shifting to fiscal 2026 and Q1 guidance. Our fiscal 2026 guidance includes total company revenue of $20.997 billion-$21.186 billion, growth of 12%-13%. Our guidance includes Global Business Solutions Group revenue growth of 14% to 15%, or 15.5% to 16.5% revenue growth, excluding Mailchimp. Our guidance also includes overall Consumer Group revenue growth of 8%-9%, including TurboTax growth of 8%, Credit Karma growth of 10%-13%, and ProTax growth of 2-3%. This guidance reflects the segment reporting change we shared today in our press release and fact sheet. GAAP diluted earnings per share of $15.49-$15.69, growth of 13%-15%, and non-GAAP diluted earnings per share of $22.98-$23.18, growth of 14%-15%. We expect a GAAP tax rate of approximately 23% in fiscal 2026. This represents a 15% increase versus last year. this represents a 15% increase versus last year Now, shifting to fiscal 2026 and Q1 guidance. now shifting to fiscal 2026 and q1 guidance Our fiscal 2026 guidance includes total company revenue of $20.997 billion- $21.186 billion, growth of 12%- 13%. our fiscal 2026 guidance includes total company revenue of $20.997 billion- $21.186 billion growth of 12%- 13% Our guidance includes Global Business Solutions Group revenue growth of 14% to 15%, or 15.5% to 16.5% revenue growth, excluding Mailchimp. our guidance includes global business solutions group revenue growth of 14% to 15% or 15.5% to 16.5% revenue growth excluding mailchimp Our guidance also includes overall Consumer Group revenue growth of 8%- 9%, including TurboTax growth of 8%, Credit Karma growth of 10%-1 3%, and ProTax growth of 2- 3%. our guidance also includes overall consumer group revenue growth of 8%- 9% including turbotax growth of 8% credit karma growth of 10%-1 3% and protax growth of 2- 3% This guidance reflects the segment reporting change we shared today in our press release and fact sheet. this guidance reflects the segment reporting change we shared today in our press release and fact sheet GAAP diluted earnings per share of $15.49- $15.69, growth of 13%- 15%, and non-GAAP diluted earnings per share of $22.98- $23.18, growth of 14%- 15%. gaap diluted earnings per share of $15.49- $15.69 growth of 13%- 15% and non-gaap diluted earnings per share of $22.98- $23.18 growth of 14%- 15% We expect a GAAP tax rate of approximately 23% in fiscal 2026. we expect a gaap tax rate of approximately 23% in fiscal 2026 Our guidance for the first quarter of fiscal 2026 includes total company revenue growth of 14%-15%, GAAP earnings per share of $1.19-$1.26, and non-GAAP earnings per share of $3.05-$3.12. You can find our full fiscal 2026 and Q1 guidance details in our press release and on our fact sheet. We are also reiterating our long-term growth expectations for each of our businesses. First, Global Business Solutions Group. With the momentum we see in online ecosystem revenue growth, we are reiterating our long-term revenue growth expectations for the Global Business Solutions Group of 15%-20%. This includes online paying ARPC growth of 10%-20% and online paying customer growth of 5%-10%. Second, TurboTax. Our guidance for the first quarter of fiscal 2026 includes total company revenue growth of 14%- 15%, GAAP earnings per share of $1.19- $1.26, and non-GAAP earnings per share of $3.05- $3.12. our guidance for the first quarter of fiscal 2026 includes total company revenue growth of 14%- 15% gaap earnings per share of $1.19- $1.26 and non-gaap earnings per share of $3.05- $3.12 You can find our full fiscal 2026 and Q1 guidance details in our press release and on our fact sheet. you can find our full fiscal 2026 and q1 guidance details in our press release and on our fact sheet We are also reiterating our long-term growth expectations for each of our businesses. we are also reiterating our long-term growth expectations for each of our businesses First, Global Business Solutions Group. first global business solutions group With the momentum we see in online ecosystem revenue growth, we are reiterating our long-term revenue growth expectations for the Global Business Solutions Group of 15%- 20%. with the momentum we see in online ecosystem revenue growth we are reiterating our long-term revenue growth expectations for the global business solutions group of 15%- 20% This includes online paying ARPC growth of 10%- 20% and online paying customer growth of 5%- 10%. this includes online paying arpc growth of 10%- 20% and online paying customer growth of 5%- 10% Second, TurboTax. second turbotax We had a strong tax season, and we see significant runway ahead to penetrate our TAM, particularly in assisted tax, which we expect to be the key driver of future growth. We are reiterating the TurboTax long-term revenue growth rate of 6%-10% in this interim period, with TurboTax Live revenue expected to grow 15%-20%. Finally, Credit Karma. We are reiterating our long-term revenue growth expectations of 10%-15%, reflecting the current size and scale of the business, our focus on delivering year-round benefits that lead to engagement, monetization, and TurboTax growth. With that, I'll turn it back over to CeCe. We had a strong tax season, and we see significant runway ahead to penetrate our TAM, particularly in assisted tax, which we expect to be the key driver of future growth. we had a strong tax season and we see significant runway ahead to penetrate our tam particularly in assisted tax which we expect to be the key driver of future growth We are reiterating the TurboTax long-term revenue growth rate of 6%- 10% in this interim period, with TurboTax Live revenue expected to grow 15%- 20%. we are reiterating the turbotax long-term revenue growth rate of 6%- 10% in this interim period with turbotax live revenue expected to grow 15%- 20% Finally, Credit Karma. finally credit karma We are reiterating our long-term revenue growth expectations of 10%- 15%, reflecting the current size and scale of the business, our focus on delivering year-round benefits that lead to engagement, monetization, and TurboTax growth. we are reiterating our long-term revenue growth expectations of 10%- 15% reflecting the current size and scale of the business our focus on delivering year-round benefits that lead to engagement monetization and turbotax growth With that, I'll turn it back over to CeCe. with that i'll turn it back over to cece

Speaker 6: Thank you, Sandeep. We are well on our way to becoming the global tax leader for enabling financial success for consumers, businesses, and accountants. Given our early bet on AI, our low penetration of our large $300 billion TAM, and the significant investments we've made in the last decade in data, data services, AI, and AI-enabled human intelligence, we are well-positioned to power prosperity for our customers and deliver sustained double-digit revenue growth with margin expansion. We look forward to unpacking why Intuit continues to have a very bright future with the best years yet to come at our Investor Day next month. With that, let's open it up to your questions. Thank you, Sandeep. thank you sandeep We are well on our way to becoming the global tax leader for enabling financial success for consumers, businesses, and accountants. we are well on our way to becoming the global tax leader for enabling financial success for consumers businesses and accountants Given our early bet on AI, our low penetration of our large $300 billion TAM, and the significant investments we've made in the last decade in data, data services, AI, and AI-enabled human intelligence, we are well-positioned to power prosperity for our customers and deliver sustained double-digit revenue growth with margin expansion. given our early bet on ai our low penetration of our large $300 billion tam and the significant investments we've made in the last decade in data data services ai and ai-enabled human intelligence we are well-positioned to power prosperity for our customers and deliver sustained double-digit revenue growth with margin expansion We look forward to unpacking why Intuit continues to have a very bright future with the best years yet to come at our Investor Day next month. we look forward to unpacking why intuit continues to have a very bright future with the best years yet to come at our investor day next month With that, let's open it up to your questions. with that let's open it up to your questions

Speaker 11: Thank you, Mr. Goodarzi. Ladies and gentlemen, at this time, if you would like to ask a question, please press star then the number one on your telephone. Thank you, Mr. Goodarzi. thank you mr goodarzi Ladies and gentlemen, at this time, if you would like to ask a question, please press star then the number one on your telephone. ladies and gentlemen at this time if you would like to ask a question please press star then the number one on your telephone If you would like to withdraw your question, please press star two. Please limit yourself to one question as we'd like to get to as many people as we can. We'll go first this afternoon to Siti Panagrahi at Mizuho. If you would like to withdraw your question, please press star two. if you would like to withdraw your question please press star two Please limit yourself to one question as we'd like to get to as many people as we can. please limit yourself to one question as we'd like to get to as many people as we can We'll go first this afternoon to Siti Panagrahi at Mizuho. we'll go first this afternoon to siti panagrahi at mizuho

Speaker 13: Thank you. CeCe, that's a great end to fiscal 2025. Mainly, I want to focus on the Small Business, your Global Business Group, 18% growth ex-Mailchimp. As you look at fiscal 2026, what are the areas you are more excited about and what you learned in the fiscal 2025 execution? If I could add one more to this, there's concern about this lead generation with the slowdown in SEO search. We'd love to hear your views in terms of what you are seeing in your QuickBooks business. Thank you. thank you CeCe, that's a great end to fiscal 2025. cece that's a great end to fiscal 2025 Mainly, I want to focus on the Small Business, your Global Business Group, 18% growth ex-Mailchimp. mainly i want to focus on the small business your global business group 18% growth ex-mailchimp As you look at fiscal 2026, what are the areas you are more excited about and what you learned in the fiscal 2025 execution? as you look at fiscal 2026 what are the areas you are more excited about and what you learned in the fiscal 2025 execution If I could add one more to this, there's concern about this lead generation with the slowdown in SEO search. if i could add one more to this there's concern about this lead generation with the slowdown in seo search We'd love to hear your views in terms of what you are seeing in your QuickBooks business. we'd love to hear your views in terms of what you are seeing in your quickbooks business

Speaker 6: Yeah, sure. Thank you for the question. First of all, there are three things I would point out that give us confidence as we, for the business group, as we head into the fiscal year that we're in. One, the customer growth that we saw in U.S. QBO of 8%, the customer growth that we saw in mid-market of 23% is quite strong, and we're excited about what that will mean moving forward as we address some of the headwinds that you heard Sandeep talk about around Mailchimp International. That's one area that we're very excited about. I would say the second is just the fact that we now have an all-in-one platform. We have all the pieces in really one place to help a customer from lead to cash. Yeah, sure. yeah sure Thank you for the question. thank you for the question First of all, there are three things I would point out that give us confidence as we, for the business group, as we head into the fiscal year that we're in. first of all there are three things i would point out that give us confidence as we for the business group as we head into the fiscal year that we're in One, the customer growth that we saw in U.S. one the customer growth that we saw in u.s QBO of 8%, the customer growth that we saw in mid-market of 23% is quite strong, and we're excited about what that will mean moving forward as we address some of the headwinds that you heard Sandeep talk about around Mailchimp International. qbo of 8% the customer growth that we saw in mid-market of 23% is quite strong and we're excited about what that will mean moving forward as we address some of the headwinds that you heard sandeep talk about around mailchimp international That's one area that we're very excited about. that's one area that we're very excited about I would say the second is just the fact that we now have an all-in-one platform. i would say the second is just the fact that we now have an all-in-one platform We have all the pieces in really one place to help a customer from lead to cash. we have all the pieces in really one place to help a customer from lead to cash When you look at the fact that we just launched our new business feeds with a virtual team of AI agents and AI-enabled human experts, and the fact that we have several million customers that are already engaging, that gives us a lot of confidence as we look ahead durably relative to the growth that we can drive, particularly penetration of services. The third is mid-market. When you look at mid-market holistically, 40% growth in context of the overall 20% growth that we had in online for the year, and the acceleration that we have with our product launches and our go-to-market capability, that gives us not only confidence for 2026, but really beyond durably in terms of what's possible. That's on the business group front. In terms of AI search, it actually plays into our favor. Let me just share a couple of stats. When you look at the fact that we just launched our new business feeds with a virtual team of AI agents and AI-enabled human experts, and the fact that we have several million customers that are already engaging, that gives us a lot of confidence as we look ahead durably relative to the growth that we can drive, particularly penetration of services. when you look at the fact that we just launched our new business feeds with a virtual team of ai agents and ai-enabled human experts and the fact that we have several million customers that are already engaging that gives us a lot of confidence as we look ahead durably relative to the growth that we can drive particularly penetration of services The third is mid-market. the third is mid-market When you look at mid-market holistically, 40% growth in context of the overall 20% growth that we had in online for the year, and the acceleration that we have with our product launches and our go-to-market capability, that gives us not only confidence for 2026, but really beyond durably in terms of what's possible. when you look at mid-market holistically 40% growth in context of the overall 20% growth that we had in online for the year and the acceleration that we have with our product launches and our go-to-market capability that gives us not only confidence for 2026 but really beyond durably in terms of what's possible That's on the business group front. that's on the business group front In terms of AI search, it actually plays into our favor. in terms of ai search it actually plays into our favor Let me just share a couple of stats. let me just share a couple of stats One, and this is across, by the way, our platform, not just QuickBooks, our traffic is actually up quite significantly this year. AI search is 1% of our overall traffic. The top 25% brands actually have a 10x visibility in AI search, which is when you look at brands like QuickBooks and Credit Karma and TurboTax and Mailchimp, it actually plays into our favor. The last couple of things I would say is Credit Karma is not at all reliant on SEO search at all because we have 100 million folks that are in-app, and less than 1% is SEO search. That's not really impacted at all. Last but not least, the final thought I would leave you with is the essence of us being an AI-driven expert platform company and an AI company. One, and this is across, by the way, our platform, not just QuickBooks, our traffic is actually up quite significantly this year. one and this is across by the way our platform not just quickbooks our traffic is actually up quite significantly this year AI search is 1% of our overall traffic. ai search is 1% of our overall traffic The top 25% brands actually have a 10x visibility in AI search, which is when you look at brands like QuickBooks and Credit Karma and TurboTax and Mailchimp, it actually plays into our favor. the top 25% brands actually have a 10x visibility in ai search which is when you look at brands like quickbooks and credit karma and turbotax and mailchimp it actually plays into our favor The last couple of things I would say is Credit Karma is not at all reliant on SEO search at all because we have 100 million folks that are in-app, and less than 1% is SEO search. the last couple of things i would say is credit karma is not at all reliant on seo search at all because we have 100 million folks that are in-app and less than 1% is seo search That's not really impacted at all. that's not really impacted at all Last but not least, the final thought I would leave you with is the essence of us being an AI-driven expert platform company and an AI company. last but not least the final thought i would leave you with is the essence of us being an ai-driven expert platform company and an ai company We've actually been all over this in terms of thinking through how we think about tagging our content, how we show up so that not only do we show up in the AI apps, but over time, when it becomes a bigger part of our search—today it's only 1%—that we play a far bigger role. Maybe I lied, let me make one last point. You know, the majority of our growth comes from recommendations, and search overall is actually less than 15% of our overall portfolio as a whole. I just wanted to make sure that that point landed as well. We've actually been all over this in terms of thinking through how we think about tagging our content, how we show up so that not only do we show up in the AI apps, but over time, when it becomes a bigger part of our search—today it's only 1%—that we play a far bigger role. we've actually been all over this in terms of thinking through how we think about tagging our content how we show up so that not only do we show up in the ai apps but over time when it becomes a bigger part of our search—today it's only 1%—that we play a far bigger role Maybe I lied, let me make one last point. maybe i lied let me make one last point You know, the majority of our growth comes from recommendations, and search overall is actually less than 15% of our overall portfolio as a whole. you know the majority of our growth comes from recommendations and search overall is actually less than 15% of our overall portfolio as a whole I just wanted to make sure that that point landed as well. i just wanted to make sure that that point landed as well

Speaker 13: Thank you. Thanks for that color. Thank you. thank you Thanks for that color. thanks for that color

Speaker 6: Thank you, Siti. Thank you, Siti. thank you siti

Speaker 11: Thank you. We'll go next now to Keith Weiss of Morgan Stanley. Thank you. thank you We'll go next now to Keith Weiss of Morgan Stanley. we'll go next now to keith weiss of morgan stanley

Speaker 2: Excellent. Thank you guys for taking the question, and congratulations on a really strong overall FY25. A lot of the pieces coming together. Looking forward into FY26, really one question, but in two parts. I think on one side of the equation, you guys released a lot of really interesting functionality with new agents a couple of weeks back. What should our expectations be for monetization around those agents? Does this go too early, or what should the timeframe we should be thinking about those ramping up into the revenue base? On the other side of the equation, Mailchimp has been a drag through FY25. That was the one bad part of the equation. You guys sound really confident we're going to come back to double-digit growth. Excellent. excellent Thank you guys for taking the question, and congratulations on a really strong overall FY25. thank you guys for taking the question and congratulations on a really strong overall fy25 A lot of the pieces coming together. a lot of the pieces coming together Looking forward into FY26, really one question, but in two parts. looking forward into fy26 really one question but in two parts I think on one side of the equation, you guys released a lot of really interesting functionality with new agents a couple of weeks back. i think on one side of the equation you guys released a lot of really interesting functionality with new agents a couple of weeks back What should our expectations be for monetization around those agents? what should our expectations be for monetization around those agents Does this go too early, or what should the timeframe we should be thinking about those ramping up into the revenue base? does this go too early or what should the timeframe we should be thinking about those ramping up into the revenue base On the other side of the equation, Mailchimp has been a drag through FY25. on the other side of the equation mailchimp has been a drag through fy25 That was the one bad part of the equation. that was the one bad part of the equation You guys sound really confident we're going to come back to double-digit growth. you guys sound really confident we're going to come back to double-digit growth Any inklings you could give us on what's driving that confidence in getting that business back to a double-digit growth rate so it's no longer a drag on those overall GBS revenues anymore? Any inklings you could give us on what's driving that confidence in getting that business back to a double-digit growth rate so it's no longer a drag on those overall GBS revenues anymore? any inklings you could give us on what's driving that confidence in getting that business back to a double-digit growth rate so it's no longer a drag on those overall gbs revenues anymore

Speaker 6: Yeah, absolutely, Keith. Let me take your first question, which is just around our launch of our all-in-one platform with the virtual team of AI agents and human experts. A couple of things I would say. We have high expectations around monetization in the future. We have not assumed anything really in our guidance for this year. That is the first and foremost. Second, it is actually thus far above our expectations in terms of engagement. As I mentioned earlier, we just launched this in July, and we have a couple of million customers that have been engaging with the AI agents, which is actually quite significant after one month of launch. The repeat engagement, the discovery of our apps, is actually above our expectations. What we are really focused on right now is just making the experience and the adoption of our services hum. Yeah, absolutely, Keith. yeah absolutely keith Let me take your first question, which is just around our launch of our all-in-one platform with the virtual team of AI agents and human experts. let me take your first question which is just around our launch of our all-in-one platform with the virtual team of ai agents and human experts A couple of things I would say. a couple of things i would say We have high expectations around monetization in the future. we have high expectations around monetization in the future We have not assumed anything really in our guidance for this year. we have not assumed anything really in our guidance for this year That is the first and foremost. that is the first and foremost Second, it is actually thus far above our expectations in terms of engagement. second, it is actually thus far above our expectations in terms of engagement As I mentioned earlier, we just launched this in July, and we have a couple of million customers that have been engaging with the AI agents, which is actually quite significant after one month of launch. as i mentioned earlier we just launched this in july and we have a couple of million customers that have been engaging with the ai agents which is actually quite significant after one month of launch The repeat engagement, the discovery of our apps, is actually above our expectations. the repeat engagement the discovery of our apps is actually above our expectations What we are really focused on right now is just making the experience and the adoption of our services hum. what we are really focused on right now is just making the experience and the adoption of our services hum We are giving our team time to make that hum because that is the first step; you want engagement and repeat engagement and discovery, which is above our expectations. The second is monetization. We think it is going to play a very big role because when you look at the billions of dollars that are actually spent by our customers on our platform on services that are not ours, we are quite confident that we can consolidate not only the tech stack, but the tech spend, which is where the monetization comes in. I would have expectations for the future, not this year. We did not count on it in our guidance just to be prudent. The second thing is you are absolutely right. Mailchimp is a drag on our growth, and we expect to exit this fiscal year, fourth quarter, in double digits. We are giving our team time to make that hum because that is the first step; you want engagement and repeat engagement and discovery, which is above our expectations. we are giving our team time to make that hum because that is the first step you want engagement and repeat engagement and discovery which is above our expectations The second is monetization. the second is monetization We think it is going to play a very big role because when you look at the billions of dollars that are actually spent by our customers on our platform on services that are not ours, we are quite confident that we can consolidate not only the tech stack, but the tech spend, which is where the monetization comes in. we think it is going to play a very big role because when you look at the billions of dollars that are actually spent by our customers on our platform on services that are not ours we are quite confident that we can consolidate not only the tech stack but the tech spend which is where the monetization comes in I would have expectations for the future, not this year. i would have expectations for the future not this year We did not count on it in our guidance just to be prudent. we did not count on it in our guidance just to be prudent The second thing is you are absolutely right. the second thing is you are absolutely right Mailchimp is a drag on our growth, and we expect to exit this fiscal year, fourth quarter, in double digits. mailchimp is a drag on our growth and we expect to exit this fiscal year fourth quarter in double digits What you should expect, by the way, is a slow ramp throughout the year. There are two things that we see today that give us confidence. One is our sales playbook and the number of sales folks that we have added is starting to really pay off going after larger customers mid-market. That will be a big driver of growth in the future. Two, the product improvements that we have already made, but a lot more that are coming. We are actually seeing green shoots. We have the highest customer satisfaction that we have had ever since we acquired the business based on the launches that we have had. Those things are green shoots that give us confidence that as we look into our trajectory, we would exit double digits in the fourth quarter. What you should expect, by the way, is a slow ramp throughout the year. what you should expect by the way is a slow ramp throughout the year There are two things that we see today that give us confidence. there are two things that we see today that give us confidence One is our sales playbook and the number of sales folks that we have added is starting to really pay off going after larger customers mid-market. one is our sales playbook and the number of sales folks that we have added is starting to really pay off going after larger customers mid-market That will be a big driver of growth in the future. that will be a big driver of growth in the future Two, the product improvements that we have already made, but a lot more that are coming. We are actually seeing green shoots. two the product improvements that we have already made but a lot more that are coming. we are actually seeing green shoots We have the highest customer satisfaction that we have had ever since we acquired the business based on the launches that we have had. we have the highest customer satisfaction that we have had ever since we acquired the business based on the launches that we have had Those things are green shoots that give us confidence that as we look into our trajectory, we would exit double digits in the fourth quarter. those things are green shoots that give us confidence that as we look into our trajectory we would exit double digits in the fourth quarter

Speaker 2: Awesome. Thank you, guys. Awesome. awesome Thank you, guys. thank you guys

Speaker 6: Thank you, Keith. Thank you, Keith. thank you keith

Speaker 11: Thank you. Ladies and gentlemen, just a quick reminder. Again, star one, please, for questions. If you did previously press star one, we ask that you please press star one again. We'll go next now to Kirk Matern at Evercore ISI. Thank you. thank you Ladies and gentlemen, just a quick reminder. ladies and gentlemen just a quick reminder Again, star one, please, for questions. again star one please for questions If you did previously press star one, we ask that you please press star one again. if you did previously press star one we ask that you please press star one again We'll go next now to Kirk Matern at Evercore ISI. we'll go next now to kirk matern at evercore isi

Speaker 9: I guess, Carl, for you, there's a lot of things going positively right now with Extend, with some of the partners contributing. I was just kind of wondering, are there any cross-currents out there that are sort of offsetting that relative to what you would have thought maybe at the beginning of the year? Obviously, tariffs with Europe. Is there anything you could give us some context on because it seems like you have some really nice momentum in some of your early stage? I guess, Carl, for you, there's a lot of things going positively right now with Extend, with some of the partners contributing. i guess carl for you there's a lot of things going positively right now with extend with some of the partners contributing I was just kind of wondering, are there any cross-currents out there that are sort of offsetting that relative to what you would have thought maybe at the beginning of the year? i was just kind of wondering are there any cross-currents out there that are sort of offsetting that relative to what you would have thought maybe at the beginning of the year Obviously, tariffs with Europe. Is there anything you could give us some context on because it seems like you have some really nice momentum in some of your early stage? obviously tariffs with europe. is there anything you could give us some context on because it seems like you have some really nice momentum in some of your early stage

Speaker 6: Hey, Kirk, was that question for us? Hey, Kirk, was that question for us? hey kirk was that question for us

Speaker 7: Can we open his line? Okay, we can come back to Kirk. Can we open his line? can we open his line Okay, we can come back to Kirk. okay we can come back to kirk

Speaker 11: We'll circle back around to Mr. Matern. We'll go next now to Alex Balazs of KeyBank Capital Markets. We'll circle back around to Mr. Matern. we'll circle back around to mr matern We'll go next now to Alex Balazs of KeyBank Capital Markets. we'll go next now to alex balazs of keybank capital markets

Speaker 10: Thanks for taking my question. CeCe, can you maybe talk about or just sort of outline the product and go-to-market priorities around Intuit Enterprise Suite in 2026, just thinking about some of the momentum behind the business and the potential acceleration in 2026? Thanks for taking my question. thanks for taking my question CeCe, can you maybe talk about or just sort of outline the product and go-to-market priorities around Intuit Enterprise Suite in 2026, just thinking about some of the momentum behind the business and the potential acceleration in 2026? cece can you maybe talk about or just sort of outline the product and go-to-market priorities around intuit enterprise suite in 2026 just thinking about some of the momentum behind the business and the potential acceleration in 2026

Speaker 6: Yeah, absolutely. There's really, I would say, threefold. One, we are very focused on the several hundred thousand of customers that are in our base, you know, up to about 800,000 folks in our base that are eligible for either QBO Advanced and/or Intuit Enterprise Suite. We are very focused on continuing to mine those customers, and that's a big part of what's driving the growth that we're experiencing now. Two, we really most recently started creating a flywheel effect in having discussions with our accountant partners. Those are sort of more longer-term opportunities, but that's a really big opportunity for us, not just in FY2026, but I would say beyond, now that we're getting traction with Intuit Enterprise Suite and Advanced, but particularly Intuit Enterprise Suite across multiple verticals. Yeah, absolutely. yeah absolutely There's really, I would say, threefold. there's really i would say threefold One, we are very focused on the several hundred thousand of customers that are in our base, you know, up to about 800,000 folks in our base that are eligible for either QBO Advanced and/or Intuit Enterprise Suite. one we are very focused on the several hundred thousand of customers that are in our base you know up to about 800,000 folks in our base that are eligible for either qbo advanced and/or intuit enterprise suite We are very focused on continuing to mine those customers, and that's a big part of what's driving the growth that we're experiencing now. we are very focused on continuing to mine those customers and that's a big part of what's driving the growth that we're experiencing now Two, we really most recently started creating a flywheel effect in having discussions with our accountant partners. two we really most recently started creating a flywheel effect in having discussions with our accountant partners Those are sort of more longer-term opportunities, but that's a really big opportunity for us, not just in FY2026, but I would say beyond, now that we're getting traction with Intuit Enterprise Suite and Advanced, but particularly Intuit Enterprise Suite across multiple verticals. those are sort of more longer-term opportunities but that's a really big opportunity for us not just in fy2026 but i would say beyond now that we're getting traction with intuit enterprise suite and advanced but particularly intuit enterprise suite across multiple verticals I would say last but not least, it's an important reminder for all of us that we're one year in with Intuit Enterprise Suite, and we just had our largest launch in July because we do quarterly product releases. Our focus is to do two things. One, to be able to accelerate penetrating our existing addressable market, but to actually start opening up our total addressable market. We're, of course, very excited about Ashley being on board and accelerating our progress. Those are the key, I would say, product and go-to-market priorities. I would say last but not least, it's an important reminder for all of us that we're one year in with Intuit Enterprise Suite, and we just had our largest launch in July because we do quarterly product releases. i would say last but not least it's an important reminder for all of us that we're one year in with intuit enterprise suite and we just had our largest launch in july because we do quarterly product releases Our focus is to do two things. our focus is to do two things One, to be able to accelerate penetrating our existing addressable market, but to actually start opening up our total addressable market. one to be able to accelerate penetrating our existing addressable market but to actually start opening up our total addressable market We're, of course, very excited about Ashley being on board and accelerating our progress. we're of course very excited about ashley being on board and accelerating our progress Those are the key, I would say, product and go-to-market priorities. those are the key i would say product and go-to-market priorities

Speaker 10: Thank you. Thank you. thank you

Speaker 6: Yep, very welcome. Yep, very welcome. yep very welcome

Speaker 11: Thank you. We go next now to Arjun Bhatia of William Blair. Thank you. thank you We go next now to Arjun Bhatia of William Blair. we go next now to arjun bhatia of william blair

Speaker 1: Yes, perfect. Thank you so much. CeCe, for you on some of the agentic capabilities and the AI that you're launching, it seems very interesting. I'm curious how you think about AI readiness amongst your base. Clearly, you're getting good engagement already. How ready are your customers to kind of implement these agents? Does that require some work on your end, or is it fairly sort of a plug and play, kind of thinking through what we might expect in 2026 and 2027? Thank you. Yes, perfect. yes perfect Thank you so much. thank you so much CeCe, for you on some of the agentic capabilities and the AI that you're launching, it seems very interesting. cece for you on some of the agentic capabilities and the ai that you're launching it seems very interesting I'm curious how you think about AI readiness amongst your base. i'm curious how you think about ai readiness amongst your base Clearly, you're getting good engagement already. clearly you're getting good engagement already How ready are your customers to kind of implement these agents? how ready are your customers to kind of implement these agents Does that require some work on your end, or is it fairly sort of a plug and play, kind of thinking through what we might expect in 2026 and 2027? does that require some work on your end or is it fairly sort of a plug and play kind of thinking through what we might expect in 2026 and 2027 Thank you. thank you

Speaker 6: Yeah, actually, I love your question because it's sort of very customer back, and I think it's important as we think about serving whether it's consumers, small or large businesses. The first thing I would say is, you know, people are using AI apps in their life, but you know, they don't really care about AI. What they care about is, help me grow my business. You know, help me get customers. You know, help me understand where I should focus my marketing dollars. You know, help me understand with financial decisions. That's what's most important. It really, let me bring that to life by just sharing an experience that is part of what we've launched with you. Yeah, actually, I love your question because it's sort of very customer back, and I think it's important as we think about serving whether it's consumers, small or large businesses. yeah actually i love your question because it's sort of very customer back and i think it's important as we think about serving whether it's consumers small or large businesses The first thing I would say is, you know, people are using AI apps in their life, but you know, they don't really care about AI. the first thing i would say is you know people are using ai apps in their life but you know they don't really care about ai What they care about is, help me grow my business. what they care about is help me grow my business You know, help me get customers. you know help me get customers You know, help me understand where I should focus my marketing dollars. you know help me understand where i should focus my marketing dollars You know, help me understand with financial decisions. you know help me understand with financial decisions That's what's most important. that's what's most important It really, let me bring that to life by just sharing an experience that is part of what we've launched with you. it really let me bring that to life by just sharing an experience that is part of what we've launched with you For instance, one of the things you could see in our business feed is it will show the customer that they had 10 unpaid invoices and that we, in essence, based on their past permission, executed a follow-up to go get that money for the customer. When they click on it, they see how their cash flow has improved. In the flow of the customer, we'll send them a notification and let them know that, hey, they're eligible for a line of credit based on the sales growth that they're seeing, and we'll show them that sales growth. What the AI agents are giving us the ability to do is to help customers make decisions. I think that's really what customers care about. For instance, one of the things you could see in our business feed is it will show the customer that they had 10 unpaid invoices and that we, in essence, based on their past permission, executed a follow-up to go get that money for the customer. for instance one of the things you could see in our business feed is it will show the customer that they had 10 unpaid invoices and that we in essence based on their past permission executed a follow-up to go get that money for the customer When they click on it, they see how their cash flow has improved. when they click on it they see how their cash flow has improved In the flow of the customer, we'll send them a notification and let them know that, hey, they're eligible for a line of credit based on the sales growth that they're seeing, and we'll show them that sales growth. in the flow of the customer we'll send them a notification and let them know that hey they're eligible for a line of credit based on the sales growth that they're seeing and we'll show them that sales growth What the AI agents are giving us the ability to do is to help customers make decisions. what the ai agents are giving us the ability to do is to help customers make decisions I think that's really what customers care about. i think that's really what customers care about It's less about, is it an AI agent, but the fact that in moments of truth, we're actually helping them get paid, pay others, get access to line of credit, understand what decisions they can make to drive growth, which really, I'll end with the last point, and that is the Forrester study that we very intentionally shared in our script. What we're really after is helping customers consolidate their data, their tech stack, and their spend all in one place. When we do that, there is a 300% ROI over a three-year period. In essence, when the customer's data is all in one place with our AI agents, we have the ability to help them make better decisions to drive revenue growth or profitability through our business feed and AI agents doing the work. It's less about, is it an AI agent, but the fact that in moments of truth, we're actually helping them get paid, pay others, get access to line of credit, understand what decisions they can make to drive growth, which really, I'll end with the last point, and that is the Forrester study that we very intentionally shared in our script. it's less about is it an ai agent but the fact that in moments of truth we're actually helping them get paid pay others get access to line of credit understand what decisions they can make to drive growth which really i'll end with the last point and that is the forrester study that we very intentionally shared in our script What we're really after is helping customers consolidate their data, their tech stack, and their spend all in one place. what we're really after is helping customers consolidate their data their tech stack and their spend all in one place When we do that, there is a 300% ROI over a three-year period. when we do that there is a 300% roi over a three-year period In essence, when the customer's data is all in one place with our AI agents, we have the ability to help them make better decisions to drive revenue growth or profitability through our business feed and AI agents doing the work. in essence when the customer's data is all in one place with our ai agents we have the ability to help them make better decisions to drive revenue growth or profitability through our business feed and ai agents doing the work When everything is in one place, we can drive, we're automating tasks, we're automating workflows, and it delivers efficiency. Last but not least, when we consolidate their tech stack, they actually spend more with us, but overall, they spend less. That's the way I would think about it relative to our customers and what we're experiencing as we're engaging our customers with these new experiences. When everything is in one place, we can drive, we're automating tasks, we're automating workflows, and it delivers efficiency. when everything is in one place we can drive we're automating tasks we're automating workflows and it delivers efficiency Last but not least, when we consolidate their tech stack, they actually spend more with us, but overall, they spend less. last but not least when we consolidate their tech stack they actually spend more with us but overall they spend less That's the way I would think about it relative to our customers and what we're experiencing as we're engaging our customers with these new experiences. that's the way i would think about it relative to our customers and what we're experiencing as we're engaging our customers with these new experiences

Speaker 5: Arjun, one other thing I would add to it, this is where we were super deliberate in how we introduced the agentic experiences. We incorporated them into the lineup, so we exposed our customers to them as opposed to having the customers go and pick a separate offering to add on. That deliberate decision is also what is helping customers see the productivity, see the better business outcomes. That's actually leading to conversations around what's the next set of agentic experiences we involve because the customers are showing high receptivity to it. As CeCe mentioned, significantly higher repeat usage than even our own internal expectations. Arjun, one other thing I would add to it, this is where we were super deliberate in how we introduced the agentic experiences. arjun one other thing i would add to it this is where we were super deliberate in how we introduced the agentic experiences We incorporated them into the lineup, so we exposed our customers to them as opposed to having the customers go and pick a separate offering to add on. we incorporated them into the lineup so we exposed our customers to them as opposed to having the customers go and pick a separate offering to add on That deliberate decision is also what is helping customers see the productivity, see the better business outcomes. that deliberate decision is also what is helping customers see the productivity see the better business outcomes That's actually leading to conversations around what's the next set of agentic experiences we involve because the customers are showing high receptivity to it. that's actually leading to conversations around what's the next set of agentic experiences we involve because the customers are showing high receptivity to it As CeCe mentioned, significantly higher repeat usage than even our own internal expectations. as cece mentioned significantly higher repeat usage than even our own internal expectations

Speaker 1: Perfect. Very helpful. Thank you so much. Perfect. perfect Very helpful. very helpful Thank you so much. thank you so much

Speaker 6: Thank you. Thank you. thank you

Speaker 11: Thank you. We go next now to Kirk Matern of Evercore ISI. Thank you. thank you We go next now to Kirk Matern of Evercore ISI. we go next now to kirk matern of evercore isi

Speaker 9: Yeah, thanks. Sorry about earlier. CeCe, I was wondering if you could actually just talk a little bit about Credit Karma. Obviously, a fantastic year for that business. I think there's some concern, obviously, with that business that it can be potentially more cyclical than other parts of your business. The double-digit guide for next year against what are very tough comps seems to give some indication that you guys feel good about how that's sort of operating. Just curious if you add a little bit more color to the confidence in the guide and maybe some of the new product lines that are coming about to make that perhaps a little bit less cyclical than it was perhaps before you bought it in the early days. Thanks. Yeah, thanks. yeah thanks Sorry about earlier. sorry about earlier CeCe, I was wondering if you could actually just talk a little bit about Credit Karma. cece i was wondering if you could actually just talk a little bit about credit karma Obviously, a fantastic year for that business. obviously a fantastic year for that business I think there's some concern, obviously, with that business that it can be potentially more cyclical than other parts of your business. i think there's some concern obviously with that business that it can be potentially more cyclical than other parts of your business The double-digit guide for next year against what are very tough comps seems to give some indication that you guys feel good about how that's sort of operating. the double-digit guide for next year against what are very tough comps seems to give some indication that you guys feel good about how that's sort of operating Just curious if you add a little bit more color to the confidence in the guide and maybe some of the new product lines that are coming about to make that perhaps a little bit less cyclical than it was perhaps before you bought it in the early days. just curious if you add a little bit more color to the confidence in the guide and maybe some of the new product lines that are coming about to make that perhaps a little bit less cyclical than it was perhaps before you bought it in the early days Thanks. thanks

Speaker 6: Yeah, sure, Kirk. First, let me just start with the strategic nature of why we, again, acquired Credit Karma because it's important to reground there. That is what we're really ultimately after, to create one consumer platform so we can help customers with benefit delivery on an ongoing basis. By the time it's tax time, we have really an opportunity to do people's taxes for them right through the Credit Karma platform. That's an important element because a lot of the innovation this year and a lot of what we already talked about, which is the contribution it had to tax, is a very important part of the go-forward, which is engaging customers year-round. One element is just tax and the confidence it gives us overall in the consumer platform. Yeah, sure, Kirk. yeah sure kirk First, let me just start with the strategic nature of why we, again, acquired Credit Karma because it's important to reground there. first let me just start with the strategic nature of why we again acquired credit karma because it's important to reground there That is what we're really ultimately after, to create one consumer platform so we can help customers with benefit delivery on an ongoing basis. that is what we're really ultimately after to create one consumer platform so we can help customers with benefit delivery on an ongoing basis By the time it's tax time, we have really an opportunity to do people's taxes for them right through the Credit Karma platform. by the time it's tax time we have really an opportunity to do people's taxes for them right through the credit karma platform That's an important element because a lot of the innovation this year and a lot of what we already talked about, which is the contribution it had to tax, is a very important part of the go-forward, which is engaging customers year-round. that's an important element because a lot of the innovation this year and a lot of what we already talked about which is the contribution it had to tax is a very important part of the go-forward which is engaging customers year-round One element is just tax and the confidence it gives us overall in the consumer platform. one element is just tax and the confidence it gives us overall in the consumer platform The other is because of all of our data and AI investments, we're actually taking share because when you look at our credit card and personal loan performance, the majority of it is actually great execution and where our share is increasing. The primary reason why the share is increasing is because of all of our data and AI investments, because we engage customers in-app and we engage them at the right moments of truth, knowing when they are seeking a financial product. We put choice in front of them, and they're able to interact with us to better understand what is right for them. That's an important element, which is share gains that gives us confidence. It's been several quarters in a row where our execution is really outpacing what we even anticipated, which leads to the last thing that you asked about, which is cyclicality. The other is because of all of our data and AI investments, we're actually taking share because when you look at our credit card and personal loan performance, the majority of it is actually great execution and where our share is increasing. the other is because of all of our data and ai investments we're actually taking share because when you look at our credit card and personal loan performance the majority of it is actually great execution and where our share is increasing The primary reason why the share is increasing is because of all of our data and AI investments, because we engage customers in-app and we engage them at the right moments of truth, knowing when they are seeking a financial product. the primary reason why the share is increasing is because of all of our data and ai investments because we engage customers in-app and we engage them at the right moments of truth knowing when they are seeking a financial product We put choice in front of them, and they're able to interact with us to better understand what is right for them. we put choice in front of them and they're able to interact with us to better understand what is right for them That's an important element, which is share gains that gives us confidence. that's an important element which is share gains that gives us confidence It's been several quarters in a row where our execution is really outpacing what we even anticipated, which leads to the last thing that you asked about, which is cyclicality. it's been several quarters in a row where our execution is really outpacing what we even anticipated which leads to the last thing that you asked about which is cyclicality We've been investing heavily in things that aren't as cyclical. One is tax that I talked about, which is the whole reason why we acquired the platform. Two is insurance. Three is prime customers that really, you know, when you look at the cyclicality of Credit Karma, the primary driver in the last several years was personal loans by those that are actually subprime or near prime, which is why we've been really focused on prime customers because they have a different set of needs. A lot of innovation around prime customers and insurance, as I mentioned a moment ago. Last but not least is just around money. We're investing heavily to not only provide immediate and instant access to people's money when it's refund time, but how do we then engage those customers year-round when it comes to their money? We've been investing heavily in things that aren't as cyclical. we've been investing heavily in things that aren't as cyclical One is tax that I talked about, which is the whole reason why we acquired the platform. one is tax that i talked about which is the whole reason why we acquired the platform Two is insurance. two is insurance Three is prime customers that really, you know, when you look at the cyclicality of Credit Karma, the primary driver in the last several years was personal loans by those that are actually subprime or near prime, which is why we've been really focused on prime customers because they have a different set of needs. three is prime customers that really you know when you look at the cyclicality of credit karma the primary driver in the last several years was personal loans by those that are actually subprime or near prime which is why we've been really focused on prime customers because they have a different set of needs A lot of innovation around prime customers and insurance, as I mentioned a moment ago. a lot of innovation around prime customers and insurance as i mentioned a moment ago Last but not least is just around money. last but not least is just around money We're investing heavily to not only provide immediate and instant access to people's money when it's refund time, but how do we then engage those customers year-round when it comes to their money? we're investing heavily to not only provide immediate and instant access to people's money when it's refund time but how do we then engage those customers year-round when it comes to their money It's a holistic set of those areas of innovation that gives us confidence, not just in Credit Karma, but just across our consumer platform as we look ahead. It's a holistic set of those areas of innovation that gives us confidence, not just in Credit Karma, but just across our consumer platform as we look ahead. it's a holistic set of those areas of innovation that gives us confidence not just in credit karma but just across our consumer platform as we look ahead

Speaker 9: Super. Thanks, CeCe. Congrats on a great year. Super. super Thanks, CeCe. thanks cece Congrats on a great year. congrats on a great year

Speaker 6: Thank you. Thank you. thank you

Speaker 11: Thank you. We go next now to Taylor McGuinness of UBS. Thank you. thank you We go next now to Taylor McGuinness of UBS. we go next now to taylor mcguinness of ubs

Speaker 15: Yeah. Hi, thanks so much for taking my question. If I look at the global solution business performance, excluding Mailchimp, it was really strong in 4Q, and it looks like that was driven by an acceleration in online. First, can you maybe talk through the drivers of that performance and how durable you think some of those trends could be as we go into 2026? Secondly, as we look ahead into the guidance excluding Mailchimp, it implies a little bit of a DSAL. Maybe you could just walk us through how we should think about what that implies for desktop versus online and some of the assumptions there. Thank you. Yeah. yeah Hi, thanks so much for taking my question. hi thanks so much for taking my question If I look at the global solution business performance, excluding Mailchimp, it was really strong in 4Q, and it looks like that was driven by an acceleration in online. if i look at the global solution business performance excluding mailchimp it was really strong in 4q and it looks like that was driven by an acceleration in online First, can you maybe talk through the drivers of that performance and how durable you think some of those trends could be as we go into 2026? first can you maybe talk through the drivers of that performance and how durable you think some of those trends could be as we go into 2026 Secondly, as we look ahead into the guidance excluding Mailchimp, it implies a little bit of a DSAL. secondly as we look ahead into the guidance excluding mailchimp it implies a little bit of a dsal Maybe you could just walk us through how we should think about what that implies for desktop versus online and some of the assumptions there. maybe you could just walk us through how we should think about what that implies for desktop versus online and some of the assumptions there Thank you. thank you

Speaker 5: Yep. Hey, Taylor. It's Sandeep. In terms of the Q4, the acceleration that you correctly pointed out was across both accounting and services. On the accounting side, as we continue to scale in the mid-market, that aided, as well as us introducing a new lineup in early July. Those are the two factors that drove on the accounting side. On the services side, it was driven by our investments and the innovation we've been driving across our money portfolio, including innovations such as making all invoices payable, which is something we rolled out in Q4, and that is continuing to see good momentum. These are things that are very durable, and they will continue to pay off into the new fiscal year. Yep. yep Hey, Taylor. hey taylor It's Sandeep. it's sandeep In terms of the Q4, the acceleration that you correctly pointed out was across both accounting and services. in terms of the q4 the acceleration that you correctly pointed out was across both accounting and services On the accounting side, as we continue to scale in the mid-market, that aided, as well as us introducing a new lineup in early July. on the accounting side as we continue to scale in the mid-market that aided as well as us introducing a new lineup in early july Those are the two factors that drove on the accounting side. those are the two factors that drove on the accounting side On the services side, it was driven by our investments and the innovation we've been driving across our money portfolio, including innovations such as making all invoices payable, which is something we rolled out in Q4, and that is continuing to see good momentum. on the services side it was driven by our investments and the innovation we've been driving across our money portfolio including innovations such as making all invoices payable which is something we rolled out in q4 and that is continuing to see good momentum These are things that are very durable, and they will continue to pay off into the new fiscal year. these are things that are very durable and they will continue to pay off into the new fiscal year In terms of your question on how to think about the guidance ex-Mailchimp, the area I would point to that is a key factor there between what we delivered in fiscal 2025 and our guidance for fiscal 2026 is less pricing. This is something that I discussed in Q4 as well, if you remember, is that once you look outside of our accounting platform in desktop and in services, we had less pricing heading into fiscal 2026 than what we took in 2025. The core momentum in the business remains strong, and the delta is driven by less pricing actions. In terms of your question on how to think about the guidance ex-Mailchimp, the area I would point to that is a key factor there between what we delivered in fiscal 2025 and our guidance for fiscal 2026 is less pricing. in terms of your question on how to think about the guidance ex-mailchimp the area i would point to that is a key factor there between what we delivered in fiscal 2025 and our guidance for fiscal 2026 is less pricing This is something that I discussed in Q4 as well, if you remember, is that once you look outside of our accounting platform in desktop and in services, we had less pricing heading into fiscal 2026 than what we took in 2025. this is something that i discussed in q4 as well if you remember is that once you look outside of our accounting platform in desktop and in services we had less pricing heading into fiscal 2026 than what we took in 2025 The core momentum in the business remains strong, and the delta is driven by less pricing actions. the core momentum in the business remains strong and the delta is driven by less pricing actions

Speaker 15: Thank you so much. Thank you so much. thank you so much

Speaker 5: Absolutely. Absolutely. absolutely

Speaker 11: Thank you. We go next now to Brad Zelnick of Deutsche Bank. Thank you. thank you We go next now to Brad Zelnick of Deutsche Bank. we go next now to brad zelnick of deutsche bank

Speaker 14: I was on mute. You would think that I'd figure that out by now. Thanks a lot for taking the question. Can you maybe just help expand a little bit on improvements that underpin the confidence in the 15% to 20% TTL growth next year after such a fantastic year? Thanks. I was on mute. i was on mute You would think that I'd figure that out by now. you would think that i'd figure that out by now Thanks a lot for taking the question. thanks a lot for taking the question Can you maybe just help expand a little bit on improvements that underpin the confidence in the 15% to 20% TTL growth next year after such a fantastic year? can you maybe just help expand a little bit on improvements that underpin the confidence in the 15% to 20% ttl growth next year after such a fantastic year Thanks. thanks

Speaker 6: Yes. Hey, Brad. Let me maybe kick us off. It really, I would say, comes down to two big things. One is mid-market. $90 billion TAM, we're just scratching the surface with our penetration in that addressable market. Customers grew 23%. When you look at overall online growth, which was 20%, up to now $8 billion, over $8 billion, 40% growth in mid-market. That gives us a lot of confidence for years to come, not just FY2026. I think the other one is, with the launch that we had, which was sort of our all-in-one launch with a virtual team of AI agents and an AI-enabled human expert, we now have all of our apps in one place to help customers manage from lead to cash. Yes. yes Hey, Brad. hey brad Let me maybe kick us off. let me maybe kick us off It really, I would say, comes down to two big things. it really i would say comes down to two big things One is mid-market. $90 billion TAM, we're just scratching the surface with our penetration in that addressable market. one is mid-market $90 billion tam we're just scratching the surface with our penetration in that addressable market Customers grew 23%. customers grew 23% When you look at overall online growth, which was 20%, up to now $8 billion, over $8 billion, 40% growth in mid-market. when you look at overall online growth which was 20% up to now $8 billion over $8 billion 40% growth in mid-market That gives us a lot of confidence for years to come, not just FY2026. that gives us a lot of confidence for years to come not just fy2026 I think the other one is, with the launch that we had, which was sort of our all-in-one launch with a virtual team of AI agents and an AI-enabled human expert, we now have all of our apps in one place to help customers manage from lead to cash. i think the other one is with the launch that we had which was sort of our all-in-one launch with a virtual team of ai agents and an ai-enabled human expert we now have all of our apps in one place to help customers manage from lead to cash In fact, one of the reasons I mentioned earlier that we like where we are on a couple of million customers engaging, discovery and repeat engagement is actually higher than what we had anticipated for only a month in, is that customers are actually surprised that we have all the apps that we have today because now it's all in one place. They visibly see it in one place when we're actually continuing to do more and more of the work for them. There is a significant services adoption opportunity within that, Brad. Those are the two big things that give us a lot of confidence looking ahead because large TAM, low penetration, and I just think our product launches are positioned well for durable growth for years to come. In fact, one of the reasons I mentioned earlier that we like where we are on a couple of million customers engaging, discovery and repeat engagement is actually higher than what we had anticipated for only a month in, is that customers are actually surprised that we have all the apps that we have today because now it's all in one place. in fact one of the reasons i mentioned earlier that we like where we are on a couple of million customers engaging discovery and repeat engagement is actually higher than what we had anticipated for only a month in is that customers are actually surprised that we have all the apps that we have today because now it's all in one place They visibly see it in one place when we're actually continuing to do more and more of the work for them. they visibly see it in one place when we're actually continuing to do more and more of the work for them There is a significant services adoption opportunity within that, Brad. there is a significant services adoption opportunity within that brad Those are the two big things that give us a lot of confidence looking ahead because large TAM, low penetration, and I just think our product launches are positioned well for durable growth for years to come. those are the two big things that give us a lot of confidence looking ahead because large tam low penetration and i just think our product launches are positioned well for durable growth for years to come

Speaker 14: CeCe, that was really helpful. Shame on me, I didn't speak very clearly. I actually meant to say TurboTax Live, and I abbreviated it TTL, but that was still very helpful. Thank you. CeCe, that was really helpful. cece that was really helpful Shame on me, I didn't speak very clearly. shame on me i didn't speak very clearly I actually meant to say TurboTax Live, and I abbreviated it TTL, but that was still very helpful. i actually meant to say turbotax live and i abbreviated it ttl but that was still very helpful Thank you. thank you

Speaker 6: You know what? There's nothing like answering questions that did not get asked. You know what? you know what There's nothing like answering questions that did not get asked. there's nothing like answering questions that did not get asked

Speaker 14: No worries. No worries. no worries

Speaker 6: Let me, since Sandeep was listening, let him answer that question. Let me, since Sandeep was listening, let him answer that question. let me since sandeep was listening let him answer that question

Speaker 5: No worries, Brad. You got cut off for the first part. We were actually debating the 15% to 20%. No worries, Brad. no worries brad You got cut off for the first part. you got cut off for the first part We were actually debating the 15% to 20%. we were actually debating the 15% to 20%

Speaker 6: Oh. Oh. oh

Speaker 5: On TurboTax Live, look, we had a phenomenal year in fiscal 2025 and made tremendous progress across showing up local, across making sure we extended our brand equity towards assisted category, and that showed up in the timing of our brand spend in delivering a better-to-get experience with Credit Karma, with many of those customers coming over and picking the assisted method. Across all of those, we had outstanding outcomes, but we also had tremendous learnings, which gives us the confidence that as we execute that playbook in the year ahead and execute even better, we continue to drive strong momentum in assisted tax category. That's where the confidence in the 15% to 20% comes. On TurboTax Live, look, we had a phenomenal year in fiscal 2025 and made tremendous progress across showing up local, across making sure we extended our brand equity towards assisted category, and that showed up in the timing of our brand spend in delivering a better-to-get experience with Credit Karma, with many of those customers coming over and picking the assisted method. on turbotax live look we had a phenomenal year in fiscal 2025 and made tremendous progress across showing up local across making sure we extended our brand equity towards assisted category and that showed up in the timing of our brand spend in delivering a better-to-get experience with credit karma with many of those customers coming over and picking the assisted method Across all of those, we had outstanding outcomes, but we also had tremendous learnings, which gives us the confidence that as we execute that playbook in the year ahead and execute even better, we continue to drive strong momentum in assisted tax category. across all of those we had outstanding outcomes but we also had tremendous learnings which gives us the confidence that as we execute that playbook in the year ahead and execute even better we continue to drive strong momentum in assisted tax category That's where the confidence in the 15% to 20% comes. that's where the confidence in the 15% to 20% comes

Speaker 14: Thank you both. Really helpful. Thank you both. thank you both Really helpful. really helpful

Speaker 11: Thank you. We go next now to Cash Rangan of Goldman Sachs. Thank you. thank you We go next now to Cash Rangan of Goldman Sachs. we go next now to cash rangan of goldman sachs

Speaker 3: Yeah, I'm with the Brad guys. I thought I had TurboTax Live, but I love your explanation for the QuickBooks Online, though. CeCe, it's somewhat of a mundane topic. Maybe back to the essentials of how Intuit goes to market with its QuickBooks business. I think people have been a little apprehensive about AI searches, AI overviews taking over from regular paid search, that sort of thing. Can you give us a primer on how the go-to-market engine of QuickBooks and other products that do depend upon ads, internet ads, works in this new era? How do you take advantage of, or how do you make sure that you're not, first of all, disadvantaged? How do you take advantage of AI search taking over relative to normal paid search? Thank you so much. Yeah, I'm with the Brad guys. yeah i'm with the brad guys I thought I had TurboTax Live, but I love your explanation for the QuickBooks Online, though. i thought i had turbotax live but i love your explanation for the quickbooks online though CeCe, it's somewhat of a mundane topic. cece it's somewhat of a mundane topic Maybe back to the essentials of how Intuit goes to market with its QuickBooks business. maybe back to the essentials of how intuit goes to market with its quickbooks business I think people have been a little apprehensive about AI searches, AI overviews taking over from regular paid search, that sort of thing. i think people have been a little apprehensive about ai searches ai overviews taking over from regular paid search that sort of thing Can you give us a primer on how the go-to-market engine of QuickBooks and other products that do depend upon ads, internet ads, works in this new era? can you give us a primer on how the go-to-market engine of quickbooks and other products that do depend upon ads internet ads works in this new era How do you take advantage of, or how do you make sure that you're not, first of all, disadvantaged? how do you take advantage of or how do you make sure that you're not first of all disadvantaged How do you take advantage of AI search taking over relative to normal paid search? how do you take advantage of ai search taking over relative to normal paid search Thank you so much. thank you so much

Speaker 6: Thank you, Cash, for the question. First of all, I would just start with the fundamental premise that as an AI company, we're all over all things AI, inclusive of search and how you show up in search, whether it's across any platform. That's really important in terms of just clarity, visibility, and focus on search. The second thing I would say is generally, we have not been overly reliant on search. Specifically in the business group, our traffic was actually up double digits this past year, and less than 15% of that traffic was actually driven by search. That's just important context to understand the elements of where our traffic comes from because we've intentionally, over the years, actually invested in many different channels to drive search down because of where customers are. That's just, again, important to understand. Thank you, Cash, for the question. thank you cash for the question First of all, I would just start with the fundamental premise that as an AI company, we're all over all things AI, inclusive of search and how you show up in search, whether it's across any platform. first of all i would just start with the fundamental premise that as an ai company we're all over all things ai inclusive of search and how you show up in search whether it's across any platform That's really important in terms of just clarity, visibility, and focus on search. that's really important in terms of just clarity visibility and focus on search The second thing I would say is generally, we have not been overly reliant on search. the second thing i would say is generally we have not been overly reliant on search Specifically in the business group, our traffic was actually up double digits this past year, and less than 15% of that traffic was actually driven by search. specifically in the business group our traffic was actually up double digits this past year and less than 15% of that traffic was actually driven by search That's just important context to understand the elements of where our traffic comes from because we've intentionally, over the years, actually invested in many different channels to drive search down because of where customers are. that's just important context to understand the elements of where our traffic comes from because we've intentionally over the years actually invested in many different channels to drive search down because of where customers are That's just, again, important to understand. that's just again important to understand With all of that said, as I mentioned earlier, AI search today is 1% of our overall search, but we have been doing a lot of work to ensure that over time, we actually show up where customers are, no matter what platform they are on, whether it's social, whether it's search. Last but not least, the way to think about our business is almost in simplistic terms, sort of three dimensions. One dimension is one to many, which is how we drive campaigns to help customers that are solopreneurs that just started their business to be aware that we are an all-in-one platform and we can help them grow. The other is much more one-to-one for our mid-market. The one-to-one is our accountant channel, which is a large driver of growth, and then one-to-one with businesses. Third, this is the power of our platform. With all of that said, as I mentioned earlier, AI search today is 1% of our overall search, but we have been doing a lot of work to ensure that over time, we actually show up where customers are, no matter what platform they are on, whether it's social, whether it's search. with all of that said as i mentioned earlier ai search today is 1% of our overall search but we have been doing a lot of work to ensure that over time we actually show up where customers are no matter what platform they are on whether it's social whether it's search Last but not least, the way to think about our business is almost in simplistic terms, sort of three dimensions. last but not least the way to think about our business is almost in simplistic terms sort of three dimensions One dimension is one to many, which is how we drive campaigns to help customers that are solopreneurs that just started their business to be aware that we are an all-in-one platform and we can help them grow. one dimension is one to many which is how we drive campaigns to help customers that are solopreneurs that just started their business to be aware that we are an all-in-one platform and we can help them grow The other is much more one-to-one for our mid-market. the other is much more one-to-one for our mid-market The one-to-one is our accountant channel, which is a large driver of growth, and then one-to-one with businesses. the one-to-one is our accountant channel which is a large driver of growth and then one-to-one with businesses Third, this is the power of our platform. third this is the power of our platform We don't have to spend money on payments. We don't have to spend money on payroll. We don't have to spend money on FMS because we're a platform where it's all in one place. When we draw a customer in with one benefit, our AI agents can do the work to help customers, whether it's to get paid, whether it's to help them with payroll. As you heard Sandeep talk about earlier, we're very intentional about what we make available in our SKUs to provide the capability and availability to our customers. That's really the way to think about how we go to market, the way to think about search, how important it is to our business. Last but not least, we benefit because we're a top brand from AI searches as they grow over time. We don't have to spend money on payments. we don't have to spend money on payments We don't have to spend money on payroll. we don't have to spend money on payroll We don't have to spend money on FMS because we're a platform where it's all in one place. we don't have to spend money on fms because we're a platform where it's all in one place When we draw a customer in with one benefit, our AI agents can do the work to help customers, whether it's to get paid, whether it's to help them with payroll. when we draw a customer in with one benefit our ai agents can do the work to help customers whether it's to get paid whether it's to help them with payroll As you heard Sandeep talk about earlier, we're very intentional about what we make available in our SKUs to provide the capability and availability to our customers. as you heard sandeep talk about earlier we're very intentional about what we make available in our skus to provide the capability and availability to our customers That's really the way to think about how we go to market, the way to think about search, how important it is to our business. that's really the way to think about how we go to market the way to think about search how important it is to our business Last but not least, we benefit because we're a top brand from AI searches as they grow over time. last but not least we benefit because we're a top brand from ai searches as they grow over time

Speaker 5: One thing to keep in mind is, Cash, and I think it's an important consideration that search and AI traffic is not apples to apples. The AI traffic tends to be much higher consideration and converts automatically better through the funnel. That's a very important area that we are very cognizant of and making sure we are investing to get more of that AI traffic because it just makes the funnel automatically more efficient. One thing to keep in mind is, Cash, and I think it's an important consideration that search and AI traffic is not apples to apples. one thing to keep in mind is cash and i think it's an important consideration that search and ai traffic is not apples to apples The AI traffic tends to be much higher consideration and converts automatically better through the funnel. the ai traffic tends to be much higher consideration and converts automatically better through the funnel That's a very important area that we are very cognizant of and making sure we are investing to get more of that AI traffic because it just makes the funnel automatically more efficient. that's a very important area that we are very cognizant of and making sure we are investing to get more of that ai traffic because it just makes the funnel automatically more efficient

Speaker 3: Awesome. Thank you, Sandeep. CeCe, I'm so glad that I stuck my neck out a few weeks ago when investors asked me about this. I said anybody working for CeCe will have figured this out, otherwise they will not have a job. I'm so glad you're on top of it. Thank you so much. Awesome. awesome Thank you, Sandeep. thank you sandeep CeCe, I'm so glad that I stuck my neck out a few weeks ago when investors asked me about this. cece i'm so glad that i stuck my neck out a few weeks ago when investors asked me about this I said anybody working for CeCe will have figured this out, otherwise they will not have a job. i said anybody working for cece will have figured this out otherwise they will not have a job I'm so glad you're on top of it. i'm so glad you're on top of it Thank you so much. thank you so much

Speaker 6: Thank you for your confidence, my friend. I'll pass that on to the team. Thank you for your confidence, my friend. thank you for your confidence my friend I'll pass that on to the team. i'll pass that on to the team

Speaker 11: Thank you. We'll go next now to Steve Enders of Citi. Thank you. thank you We'll go next now to Steve Enders of Citi. we'll go next now to steve enders of citi

Speaker 4: OK, great. Thanks for taking the questions here. I just want to ask on S&B Health and maybe what you're seeing out there from a macro perspective. Have you seen any change in terms of what you're seeing from that perspective, either in your underlying data or from customers coming through? What have you seen from a deal environment perspective? OK, great. ok great Thanks for taking the questions here. thanks for taking the questions here I just want to ask on S&B Health and maybe what you're seeing out there from a macro perspective. i just want to ask on s&b health and maybe what you're seeing out there from a macro perspective Have you seen any change in terms of what you're seeing from that perspective, either in your underlying data or from customers coming through? have you seen any change in terms of what you're seeing from that perspective either in your underlying data or from customers coming through What have you seen from a deal environment perspective? what have you seen from a deal environment perspective

Speaker 6: Yeah, sure. A couple of things I would say. You know, when you talk about businesses, you got to do it while talking about consumers, right? Because businesses spend with businesses, but consumers spend with businesses. I'll just start with consumers first. You know, generally, what we see across our well over 100 million customers is, balances on things like credit cards is up 4% year over year. Please understand that, over the last several years, it's been up double digits. Credit scores, depending on your credit band, could be down about 10 points. Consumers, it's a good job market, but they are very intentional about where they spend money, and they are stretched. When it comes to businesses that we see on our platform, revenues are generally flat, but profits and cash flows are actually up year over year. That's across 10 million customers. Yeah, sure. yeah sure A couple of things I would say. a couple of things i would say You know, when you talk about businesses, you got to do it while talking about consumers, right? you know when you talk about businesses you got to do it while talking about consumers right Because businesses spend with businesses, but consumers spend with businesses. because businesses spend with businesses but consumers spend with businesses I'll just start with consumers first. i'll just start with consumers first You know, generally, what we see across our well over 100 million customers is, balances on things like credit cards is up 4% year over year. you know generally what we see across our well over 100 million customers is balances on things like credit cards is up 4% year over year Please understand that, over the last several years, it's been up double digits. please understand that over the last several years it's been up double digits Credit scores, depending on your credit band, could be down about 10 points. credit scores depending on your credit band could be down about 10 points Consumers, it's a good job market, but they are very intentional about where they spend money, and they are stretched. consumers it's a good job market but they are very intentional about where they spend money and they are stretched When it comes to businesses that we see on our platform, revenues are generally flat, but profits and cash flows are actually up year over year. when it comes to businesses that we see on our platform revenues are generally flat but profits and cash flows are actually up year over year That's across 10 million customers. that's across 10 million customers There are sectors that are performing far better, and there are sectors that aren't performing well. As you know, we're not concentrated in any particular sector, but sectors like real estate, advertising, manufacturing, depending on what you manufacture, are down, whereas other sectors are up. Net-net, profits are up, cash flows are up across the millions of customers that we serve. There are sectors that are performing far better, and there are sectors that aren't performing well. there are sectors that are performing far better and there are sectors that aren't performing well As you know, we're not concentrated in any particular sector, but sectors like real estate, advertising, manufacturing, depending on what you manufacture, are down, whereas other sectors are up. as you know we're not concentrated in any particular sector but sectors like real estate advertising manufacturing depending on what you manufacture are down whereas other sectors are up Net-net, profits are up, cash flows are up across the millions of customers that we serve. net-net profits are up cash flows are up across the millions of customers that we serve

Speaker 4: OK, perfect. Thanks for taking the question. OK, perfect. ok perfect Thanks for taking the question. thanks for taking the question

Speaker 6: You're very welcome. You're very welcome. you're very welcome

Speaker 11: Thank you. We'll go next now to Alex Zukin of Wolfe Research. Thank you. thank you We'll go next now to Alex Zukin of Wolfe Research. we'll go next now to alex zukin of wolfe research

Speaker 12: Hey, guys. Thanks for taking the question and congrats. CeCe, maybe for you, kind of following up on the prior question about just the general kind of macro picture for your customer base, if you think about how over the course of the next 12 to 18 months, you think about all of the functionality in the products and as well as in the AI functionality starting to mix shift your customers with a more kind of simplistic yet holistic offering into higher tiers of service, how much is it, how much push is it versus pull? How does the agentic functionality unlock that opportunity for you? It seems like there's an opportunity, at least seemingly with AI search yielding better and in-app selling and cross-selling also driving more efficiency in the go-to-market process to also do that in a more margin-positive way. Hey, guys. hey guys Thanks for taking the question and congrats. thanks for taking the question and congrats CeCe, maybe for you, kind of following up on the prior question about just the general kind of macro picture for your customer base, if you think about how over the course of the next 12 to 18 months, you think about all of the functionality in the products and as well as in the AI functionality starting to mix shift your customers with a more kind of simplistic yet holistic offering into higher tiers of service, how much is it, how much push is it versus pull? cece maybe for you kind of following up on the prior question about just the general kind of macro picture for your customer base if you think about how over the course of the next 12 to 18 months you think about all of the functionality in the products and as well as in the ai functionality starting to mix shift your customers with a more kind of simplistic yet holistic offering into higher tiers of service how much is it how much push is it versus pull How does the agentic functionality unlock that opportunity for you? how does the agentic functionality unlock that opportunity for you It seems like there's an opportunity, at least seemingly with AI search yielding better and in-app selling and cross-selling also driving more efficiency in the go-to-market process to also do that in a more margin-positive way. it seems like there's an opportunity at least seemingly with ai search yielding better and in-app selling and cross-selling also driving more efficiency in the go-to-market process to also do that in a more margin-positive way Maybe just comment on both of those aspects if you can. Maybe just comment on both of those aspects if you can. maybe just comment on both of those aspects if you can

Speaker 6: Actually, I love your question. A couple of things I would say. One, every customer that we talk to and I personally talk to and accountants, they are overwhelmed with the number of apps that they have. They are overspending money on a bunch of different apps that is requiring them to spend more time than ever trying to figure out what is going on in their business. Even more important than all of that is their data is trapped in a bunch of different apps. Really, our opportunity and our biggest impact that we are having right now is with our all-in-one platform. That Forrester study was so important that we shared in the script, to consolidate data, consolidate the tech stack, and consolidate spend. Actually, I love your question. actually i love your question A couple of things I would say. a couple of things i would say One, every customer that we talk to and I personally talk to and accountants, they are overwhelmed with the number of apps that they have. one every customer that we talk to and i personally talk to and accountants they are overwhelmed with the number of apps that they have They are overspending money on a bunch of different apps that is requiring them to spend more time than ever trying to figure out what is going on in their business. they are overspending money on a bunch of different apps that is requiring them to spend more time than ever trying to figure out what is going on in their business Even more important than all of that is their data is trapped in a bunch of different apps. even more important than all of that is their data is trapped in a bunch of different apps Really, our opportunity and our biggest impact that we are having right now is with our all-in-one platform. really our opportunity and our biggest impact that we are having right now is with our all-in-one platform That Forrester study was so important that we shared in the script, to consolidate data, consolidate the tech stack, and consolidate spend. that forrester study was so important that we shared in the script to consolidate data consolidate the tech stack and consolidate spend By doing that, that 300% ROI is driven by when you consolidate data on our platform, our AI agents can do far better work to help customers with revenue growth and profitability growth. When we consolidate the tech stack, we can automate tasks and workflows to drive a lot more efficiency all in one place versus a bunch of different apps. Last but not least, when you sort of add up what a customer pays to have a bunch of different apps versus what they would pay us, and by the way, pay us, end up paying us more, they end up saving money. We have proof, substantial proof that that works. I think to your question, it's a push and a pull. By doing that, that 300% ROI is driven by when you consolidate data on our platform, our AI agents can do far better work to help customers with revenue growth and profitability growth. by doing that that 300% roi is driven by when you consolidate data on our platform our ai agents can do far better work to help customers with revenue growth and profitability growth When we consolidate the tech stack, we can automate tasks and workflows to drive a lot more efficiency all in one place versus a bunch of different apps. when we consolidate the tech stack we can automate tasks and workflows to drive a lot more efficiency all in one place versus a bunch of different apps Last but not least, when you sort of add up what a customer pays to have a bunch of different apps versus what they would pay us, and by the way, pay us, end up paying us more, they end up saving money. last but not least when you sort of add up what a customer pays to have a bunch of different apps versus what they would pay us and by the way pay us end up paying us more they end up saving money We have proof, substantial proof that that works. we have proof substantial proof that that works I think to your question, it's a push and a pull. i think to your question it's a push and a pull There's an element of with our AI agents and AI-enabled human experts, we are, you know, ultimately what we are seeing and what we're looking to accelerate is how customers start doing more of their work on our platform versus using different apps. We will also be working on how do you create a push because ultimately, you're working against human inertia. Although you have a lot of different apps, although you're spending a lot of money, the human inertia to just change is hard. One of the things that we'll continue to look at is what we include in our lineup and what we need to do to motivate, inspire, and drive consolidation because now we have everything in one place. It is a push and a pull. That's really how we're thinking about our ongoing execution of our lineup and evolution of our lineup as we look ahead. There's an element of with our AI agents and AI-enabled human experts, we are, you know, ultimately what we are seeing and what we're looking to accelerate is how customers start doing more of their work on our platform versus using different apps. there's an element of with our ai agents and ai-enabled human experts we are you know ultimately what we are seeing and what we're looking to accelerate is how customers start doing more of their work on our platform versus using different apps We will also be working on how do you create a push because ultimately, you're working against human inertia. we will also be working on how do you create a push because ultimately you're working against human inertia Although you have a lot of different apps, although you're spending a lot of money, the human inertia to just change is hard. although you have a lot of different apps although you're spending a lot of money the human inertia to just change is hard One of the things that we'll continue to look at is what we include in our lineup and what we need to do to motivate, inspire, and drive consolidation because now we have everything in one place. one of the things that we'll continue to look at is what we include in our lineup and what we need to do to motivate inspire and drive consolidation because now we have everything in one place It is a push and a pull. it is a push and a pull That's really how we're thinking about our ongoing execution of our lineup and evolution of our lineup as we look ahead. that's really how we're thinking about our ongoing execution of our lineup and evolution of our lineup as we look ahead

Speaker 12: Sounds like ERP for the SMB, and it's working. Sounds like ERP for the SMB, and it's working. sounds like erp for the smb and it's working

Speaker 6: Thank you, Alex Balazs. Thank you, Alex Balazs. thank you, alex balazs

Speaker 11: Thank you. We'll go next to Brad Sills of Bank of America. Thank you. thank you We'll go next to Brad Sills of Bank of America. we'll go next to brad sills of bank of america

Speaker 16: Great, thank you so much. I wanted to ask a question around the AI platform, maybe a little different angle. You've had the invoice generator out for quite some time, but would love to hear about any traction you're seeing there and how that's performing. Could that be a leading indicator perhaps for other agents that might be coming over time? Great, thank you so much. great thank you so much I wanted to ask a question around the AI platform, maybe a little different angle. i wanted to ask a question around the ai platform maybe a little different angle You've had the invoice generator out for quite some time, but would love to hear about any traction you're seeing there and how that's performing. you've had the invoice generator out for quite some time but would love to hear about any traction you're seeing there and how that's performing Could that be a leading indicator perhaps for other agents that might be coming over time? could that be a leading indicator perhaps for other agents that might be coming over time

Speaker 6: Yeah, absolutely. I mean, I'll tell you what we saw very early on, which is, one, customers that are using our invoice reminder, which I think is what you were asking about, we actually see 10% higher payments volume and conversion by those that are using the invoice reminder, and they're getting paid five days early. I'm glad you asked about it the way you did because that's just a tangible example of how our payments AI agent with that sliver of focus, which is invoice reminder, can have a substantial impact on our customers. If you expand that, what we're really focused on with our payments AI agent is how do we pay the customers' bills on their behalf? How do we help them with line of credit? How do we help them with instant deposit? Yeah, absolutely. yeah absolutely I mean, I'll tell you what we saw very early on, which is, one, customers that are using our invoice reminder, which I think is what you were asking about, we actually see 10% higher payments volume and conversion by those that are using the invoice reminder, and they're getting paid five days early. i mean i'll tell you what we saw very early on which is one customers that are using our invoice reminder which i think is what you were asking about we actually see 10% higher payments volume and conversion by those that are using the invoice reminder and they're getting paid five days early I'm glad you asked about it the way you did because that's just a tangible example of how our payments AI agent with that sliver of focus, which is invoice reminder, can have a substantial impact on our customers. i'm glad you asked about it the way you did because that's just a tangible example of how our payments ai agent with that sliver of focus which is invoice reminder can have a substantial impact on our customers If you expand that, what we're really focused on with our payments AI agent is how do we pay the customers' bills on their behalf? if you expand that what we're really focused on with our payments ai agent is how do we pay the customers' bills on their behalf How do we help them with line of credit? how do we help them with line of credit How do we help them with instant deposit? how do we help them with instant deposit How do we actually help create an estimate that's payment-enabled up front, and they don't have to lift a finger because they have a handwritten note that they take a picture of, and we just create everything for them. Those are all the, you know, expanding beyond your question, the opportunities that we have with launching a virtual team of AI agents. How do we actually help create an estimate that's payment-enabled up front, and they don't have to lift a finger because they have a handwritten note that they take a picture of, and we just create everything for them. how do we actually help create an estimate that's payment-enabled up front and they don't have to lift a finger because they have a handwritten note that they take a picture of and we just create everything for them Those are all the, you know, expanding beyond your question, the opportunities that we have with launching a virtual team of AI agents. those are all the you know expanding beyond your question the opportunities that we have with launching a virtual team of ai agents

Speaker 16: Thank you, CeCe. Thank you, CeCe. thank you cece

Speaker 6: Yep, very welcome. Yep, very welcome. yep very welcome

Speaker 11: Thank you. We go next now to Brent Thill of Jefferies. Thank you. thank you We go next now to Brent Thill of Jefferies. we go next now to brent thill of jefferies

Speaker 8: CeCe, the playbook to get Mailchimp back to growth, how do you think about this? What's the most important thing? I know you mentioned the user interface was a little too complicated for SMBs to use. How much longer is this going to take to get you back to growth in that business? CeCe, the playbook to get Mailchimp back to growth, how do you think about this? cece the playbook to get mailchimp back to growth how do you think about this What's the most important thing? what's the most important thing I know you mentioned the user interface was a little too complicated for SMBs to use. i know you mentioned the user interface was a little too complicated for smbs to use How much longer is this going to take to get you back to growth in that business? how much longer is this going to take to get you back to growth in that business

Speaker 5: Hey, Brandon. Sandeep, why don't I take this one? A couple of things. Let's start with areas where we are seeing really good progress on the Mailchimp side, which is in the mid-market. As CeCe mentioned, we are scaling the Salesforce account management team there and getting really good ROI on that headcount and seeing really good progress there. The area where we continue to iterate fast and I feel really good about the progress the team is making and is showing up in the customer satisfaction scores going up and being some of the highest in recent history is on the small businesses. The small businesses are the bread and butter. The angle there is to make sure the small businesses can get to a first and second benefit on our platform within the first 30 days or thereabouts. Hey, Brandon. hey brandon Sandeep, why don't I take this one? sandeep why don't i take this one A couple of things. a couple of things Let's start with areas where we are seeing really good progress on the Mailchimp side, which is in the mid-market. let's start with areas where we are seeing really good progress on the mailchimp side which is in the mid-market As CeCe mentioned, we are scaling the Salesforce account management team there and getting really good ROI on that headcount and seeing really good progress there. as cece mentioned we are scaling the salesforce account management team there and getting really good roi on that headcount and seeing really good progress there The area where we continue to iterate fast and I feel really good about the progress the team is making and is showing up in the customer satisfaction scores going up and being some of the highest in recent history is on the small businesses. the area where we continue to iterate fast and i feel really good about the progress the team is making and is showing up in the customer satisfaction scores going up and being some of the highest in recent history is on the small businesses The small businesses are the bread and butter. the small businesses are the bread and butter The angle there is to make sure the small businesses can get to a first and second benefit on our platform within the first 30 days or thereabouts. the angle there is to make sure the small businesses can get to a first and second benefit on our platform within the first 30 days or thereabouts That's where the team is helping make sure the offering is resonating, that they're able to navigate it, they're able to see the benefit. We are making good progress and I feel good about it, which is why we are confident in this business exiting double digit this fiscal year. One thing to keep in mind, it is a subscription business. There is a ~6-month lag in terms of these actions getting implemented and them showing up in the revenue scaling up. That's why we think it'll be a couple of quarters at least before we start seeing the scaling up in revenue. The momentum and the progress we feel good about in Mailchimp. That's where the team is helping make sure the offering is resonating, that they're able to navigate it, they're able to see the benefit. that's where the team is helping make sure the offering is resonating that they're able to navigate it they're able to see the benefit We are making good progress and I feel good about it, which is why we are confident in this business exiting double digit this fiscal year. we are making good progress and i feel good about it which is why we are confident in this business exiting double digit this fiscal year One thing to keep in mind, it is a subscription business. one thing to keep in mind it is a subscription business There is a ~6-month lag in terms of these actions getting implemented and them showing up in the revenue scaling up. there is a ~6-month lag in terms of these actions getting implemented and them showing up in the revenue scaling up That's why we think it'll be a couple of quarters at least before we start seeing the scaling up in revenue. that's why we think it'll be a couple of quarters at least before we start seeing the scaling up in revenue The momentum and the progress we feel good about in Mailchimp. the momentum and the progress we feel good about in mailchimp

Speaker 11: Great, thanks. Thank you. Ladies and gentlemen, that is all the time we have for questions this afternoon. Mr. Goodarzi, I'd like to turn things back to you, sir, for any closing comments. Great, thanks. great thanks Thank you. thank you Ladies and gentlemen, that is all the time we have for questions this afternoon. ladies and gentlemen that is all the time we have for questions this afternoon Mr. Goodarzi, I'd like to turn things back to you, sir, for any closing comments. mr goodarzi i'd like to turn things back to you sir for any closing comments

Speaker 6: Thank you, everyone, for attending. Thank you for all your great questions. We look forward to seeing everybody at Investor Day. Until then, be safe. Bye, everybody. Thank you, everyone, for attending. thank you everyone for attending Thank you for all your great questions. thank you for all your great questions We look forward to seeing everybody at Investor Day. we look forward to seeing everybody at investor day Until then, be safe. until then be safe Bye, everybody. bye everybody

Speaker 11: Thank you. Again, ladies and gentlemen, that will conclude today's conference call. We'd like to thank you all so much for joining us today and wish you all a great remainder of your day. Thank you. thank you Again, ladies and gentlemen, that will conclude today's conference call. again ladies and gentlemen that will conclude today's conference call We'd like to thank you all so much for joining us today and wish you all a great remainder of your day. we'd like to thank you all so much for joining us today and wish you all a great remainder of your day