Intuit Inc. (INTU) Earnings Call Transcript & Summary

Okay. Hi, everyone. Thanks for joining us for our next session here on day 2 of our Citi virtual tech conference. I'm Drew Foster. I'm a software analyst here on the research team. I've got Alex Chriss, the EVP and GM of Intuit Small Business unit here for our next session. So looking forward to the discussion. And I just want to preface the conversation with -- for investors, if you have any questions, feel free to submit those to the Q&A functionality or just submit them to me directly at [email protected], and I'll be happy to work those discussions to -- those questions into the discussion. So Alex, thanks for joining us here.

Great to be here, Drew.

Why don't we kick it off with just a bit of background about yourself, Alex, and maybe give us the Intuit sort of elevator pitch and vision, and then maybe we'll bring that up to speed given the announcement from last night.

Absolutely. So hi, everyone. Alex Chriss. I've been with Intuit a little over 17 years now in a variety of different roles, almost all in our Small Business and Self-Employed Group. I have led our open platform and our self-employed business, was our Chief Product Officer for a few years and then for the last 3 years, been the General Manager of this group. And Intuit, overall, we are on a mission to power prosperity around the world. We have products that are well known, serving consumers and small businesses, such as TurboTax, Credit Karma, Mint and then the QuickBooks franchise. And then all of that is leveraging our AI-driven expert platform to really serve the needs of these consumers and small businesses. And then, Drew, as you mentioned, yesterday, we had an exciting day with a big announcement. And so we'll be adding a new iconic brand to our franchise going forward.

Awesome. And congratulations on the acquisition, obviously. Maybe just help us sort of contextualize within the framework that Intuit was operating on and the opportunity landscape that it saw, where Mailchimp sort of fits into that picture and maybe certain things that you're hoping to -- hoping that Mailchimp will sort of augment for -- going after and executing on that opportunity.

Absolutely. So if you think about in the small business landscape, 50% of small businesses fail after the first 5 years. So they are absolutely the underdogs fighting for survival. When we think about powering prosperity, we've been on a mission to ensure that we improve that survival. And we have done that with a tremendous product with QuickBooks over the years, and we've ensured that they are able to run their business, to get paid, to pay their workers, to manage their books. And we've done an amazing job in helping them survive. But when we look at the real needs of small businesses, 2/3 say that their biggest challenges is getting customers. And so when we looked out into the landscape and said, we want to make sure that we can not only help you run your business, but also grow your business, that's where Mailchimp came in. Mailchimp is the leading platform for businesses to get online, to manage their customers, to get new customers, to be able to engage and retain customers. And when you add that with the QuickBooks franchise and our ability to help you run your business, get paid and manage your workers, all of a sudden, you have an end-to-end customer growth platform that, I think, is going to help small businesses around the world.

Awesome. It's interesting, Intuit's got a strong background in sort of running -- the QuickBooks presence obviously has a strong background on the accounting side of things and some people might call that back office, right? You just sort of made a big step forward into the front office. And I think that's interesting. There's another company that I cover, HubSpot, that's done a lot of sort of consolidation of a number of technologies within the front office. And obviously, there's speculation around different strategies that vendors will pursue in sort of the SMB space. I think there's a lot of opportunity and need, quite frankly, within smaller customers to -- looking for a solution provider that can help them with more of a whole platform that they can use to run their business. So I guess the question is, as you make a big step forward here into the front office, how do you kind of think about other pieces of technology or solutions that are sort of just necessary to compete in a digital world today as you think about other front-office technologies? What are some of the other exciting opportunities for you?

Well, for us, everything is customer back. And we look at the biggest customer problems that our customers and small businesses face. And we try to create an experience that takes the work of growing or running your business off your plate so that we can do it for them and be a great partner for them. So obviously, we've been adding different pieces to the puzzle over the last few years. We started with financial management software. We've added payroll. We've added payments. We added time tracking through an acquisition a few years ago, built our own capital and have launched things like QB Cash to get into checking and money movement. And then with Mailchimp, we really are making a huge step into the front office and really helping our customers grow. The beauty, though, as you think about that end to end is the data that comes together, and that's where we think the magic really lies. This will really be one of the first times where small businesses are going to have access to customer data sitting in the 2 billion customer records that Mailchimp has and transaction data that we have that flows through QuickBooks. So all of your invoices getting paid, the credit cards that are being processed, all of that customer transaction data sitting in QuickBooks. Now we're going to be able to leverage AI, put those customer records and those transaction records together and create insights and opportunities for small businesses like they've never had before. And so that end-to-end platform, that end-to-end experience is something that we think is going to take that underdog position that a small business lives in every day and put them on the offense. And so this will also scale into the mid-market. Obviously, we have started with small businesses. We believe Mailchimp has tremendous overlap with the customers that we go after. But that really goes from the self-employed, the smallest of small businesses, all the way up into the mid-market where you may have 100 or more employees. And our overlaps are great. The data is great, and that AI that we're going to be able to leverage is really going to help small and midsized businesses be successful.

Awesome. How do you think about monetizing Mailchimp? I think there's obviously a different strategy you could pursue, whether it be more of a modular approach, selling it on a stand-alone basis versus including it maybe in different tiers that you have of your product. Any early thoughts on different ways that you could potentially cross-pollinate that? And any sense for maybe the percentage of your installed base that's not using some sort of e-mail marketing solution today that's low-hanging fruit for you?

Look, we know that the vast majority of small businesses are not using any CRM. And within our own QuickBooks base, we really are, in some ways, the de facto CRM, even though we don't do a great job with it. So right now, in QuickBooks, we have 4 billion customer records that have been there because they are invoices or transactions that have been left. But we don't really allow our customers to be able to engage with those customers, to grow them, to be able to leverage a real CRM. That will be an easy way for us to be able to create an experience that now brings them into Mailchimp. When we think about the go-to-market aspect, first and foremost, we're going to nail the customer experience. So from within QuickBooks, being able to have that end-to-end platform enables you to be able to see your customers and engage with them in a different way. And the same thing on the Mailchimp side, right? They've got 13 million registered users that can come in. The ability for you to not only engage with those customers, but now be able to send an invoice, send a payment-enabled appointment using QuickBooks Payments will be a great opportunity to create experiences that go bidirectionally. And then we're going to leverage the data to create insights on both sides. "Hey, this is your best customer. These are the best lists. These are customers that needs to -- need to be followed up on. So those AI and experiences leveraged by data will be great. In terms of go-to-market, we'll test our way into that. One of the things we love about Mailchimp is their freemium model. They actually allow customers to come in and dip their toe in, get started with growing their customer lists. And then they get so much value, they grow with them. As their customers grow, as their business grows, they're able to now monetize it. But obviously, one of the challenges you have is a cold start problem. You've got to get that first customer list in. With QuickBooks, we've got 4 million customers. And so we think there's going to be lots of opportunities to leverage that customer list that already exists within the 7 million QuickBooks customers to help them get started. So lots of opportunities going forward.

Awesome. And safe to say that you're sort of thinking about Mailchimp as an expansion opportunity for your current installed base for -- of traditional QuickBooks customers as opposed to potentially a new front door for introducing customers into QuickBooks for the first time.

No. We see it both ways. I mean the nice part is oftentimes, the first thing you need to do as a small business is figure out how to get online, how to get customers, how to get started. And you need that well before you need financial management software and payroll. And so for us, this is a real opportunity to leveraging the Mailchimp platform, which is end to end. It is the ability to help you get online, to be able to get those first customers, manage your customers, manage the relationships that you have, engage with them. All of those are very, very early in the life cycle of your business. Mailchimp is going to be the tip of the spear to bring those customers in and then naturally be able to get paid and have all those transactions flow into QuickBooks. So we'll see it both ways, but we certainly see Mailchimp as a great front door for us into the rest of the ecosystem. And now that we have the ability to both run your business and grow your business, we've got front office and back office, it's a great ARPC opportunity for us as well.

Maybe talk, Alex -- an investor question coming here, I want to work that in. Maybe talk about cross-selling as a muscle that Intuit and the -- and QuickBooks just generally has flexed just historically. What are some of the ways that the business has done a good job of demonstrating value to customers, selling them a broader value proposition over a period of time? How much of a core competency is that for you prior to Mailchimp? And how much confidence does that give you when you sort of -- bringing Mailchimp into the fold here as you think about the opportunity for cross-selling the base?

It really is a competency that we've grown over the last decade. If you think about QuickBooks, we started with that core of financial management software and have built an amazing accounting product. But we've added on a whole ecosystem of services over the last decade: payroll, payments, time tracking, capital. Now we're adding in, again, checking and banking and the ability for you to be able to get paid in a variety of different ways. So this is a muscle that we've built through both ourselves, through our sales organization, our support organization, through our ecosystem of accountants. We've now been able to move upmarket with our customers with QBO Advanced. And so this is a muscle that we've really been focused on and figuring out how do we have conversations with customers about their whole business and how we can help them with their whole business, both with the insights that we can provide them and just with the overall conversation. So we've got a lot of confidence that now that we can talk to them about how they -- how we can help them grow their customers and grow their business, it will be a natural extension.

Earlier in our conversation, you mentioned a very large number of small businesses that exist both in the U.S. and just internationally. How do you help frame for investors just the runway that you have for growth? And what gives you confidence in sort of the notion that there's not a lot of businesses that exist today that are really penetrated, operating in a digital world, right? And just the overall modernization opportunity at both the front office and back office, how should investors sort of think about the opportunity that still exists out there to go out and get businesses that exist that have really lagged that pace of investment?

It's a really important point. Our biggest competition, the way we think about it, is still nonconsumption. It is small businesses that are using pen and paper to do their books or using a spreadsheet to be able to manage their customers and manage their customer growth. When we first set out and we're thinking about the front office opportunity, we sat down with a lot of customers and asked them, what is their CRM, how do they manage their customers? And so many of them would show us their notebook or show us the Excel spreadsheet where they were trying to manage their customers and all the contacts and all the inbound conversations that they had. Let alone no real ability to do a follow-up e-mail. It was all in their head. We see the same thing on the financial management side, a big spreadsheet that shows them their money in, money out and maybe a bank account connected to it. So that is the biggest opportunity we have. We also are seeing, as you said, a digitization of that and customers that are now saying, "Hey, I need to focus on my business." And really, to be honest, coming out of the pandemic, we're seeing more and more small businesses that are being forced to have to manage through multiple channels, multiple ideas. They have to have the flexibility in their business to be able to pivot on a dime and be able to ensure that there are survival. So they're looking for partners, they're looking for digital solutions to be able to help them. And so again, we think we're well positioned with a tremendous back-office product, tremendous front-office product, the data that now ties them together right at the forefront of small businesses coming online and small businesses looking to digitize their business.

As we sort of bring in the complexity introduced by the macro environment over the last 18 months, right, I think there was a clear bifurcation and split that was visible to investors as we're just seeing the different progression of top line growth for front-office companies, back-office companies. Obviously, you sort of hedge your bets now, bringing Mailchimp into the fold of a strong front office presence there. How should investors think about different outcomes that could happen from a macro perspective and what you're sort of embedding in your assumptions around how that impacts your business moving forward? What are the certain outcomes that you see as like a very high risk outcome versus favorable outcome for QuickBooks and Mailchimp?

Well, look, first and foremost, we look very hard at what's happening in the macro environment and how it's affecting small businesses. So we've been tracking by geography how small businesses are, how the sentiment is and how they're coming online. If I look at the U.S., we track everything from our employees' payrolls to their payments. And we're seeing return to prepandemic levels. So there's a lot of confidence in small businesses in the U.S. And we're seeing new starts -- new business starts and creations starting to ramp up as well. And so there's a confidence level that's high but comes also with that concept that they have to be able to be playing offense. They don't know what the future holds. And so they need to have different channels. If they're selling products, they need to make sure that they're omnichannel and they're selling through multiple channels. If they're a service-based business, they need to ensure that they can grow their customers and get access to new customers through digital means. And so there's excitement there. If you look globally, it is uneven. And so we continue to monitor it. There are some countries in which their economies just continue to open and close based on different levels of pandemic. And so we're going to continue to monitor those. But overall, small businesses are incredibly persistent and persevere, and we are excited about their mindset as they look to come out of this pandemic and look to grow.

Awesome. You mentioned enabling your customers to succeed in an omnichannel world, right, being able to sell across channels. What's -- how is Intuit thinking about payments, right, and being able to monetize that aspect of GMV flowing through the platform or being enabled by your solutions? What's sort of the strategy there? And how are you thinking about funding those investments?

Yes. So let's talk about the challenge that small businesses face in an omnichannel world. If the pandemic taught us anything, small businesses that are selling products online really need to think about all the different ways that they're going to be able to sell because they never know if they're a retail store, an off-line store, when those doors are going to close and they're not going to allow people in. And so omnichannel is becoming the new norm. In an omnichannel world, the complexity ratchets up considerably. You now have to figure out how you're going to manage your orders, how you're going to manage your inventory, how you're going to reconcile everything. So that if something gets sold on a website or in one channel or off of your store shelf, you're not double selling it or double counting it. And so we believe that complexity is something that we are well positioned to be able to solve. We launched a product called QB Commerce that ties directly into QuickBooks. That really is focused on solving omnichannel order and inventory management for small businesses that are looking to move online, whether they're small or mid-market companies. So that's really going to focus on how do we nail that complexity. Now in terms of adding payments on top of that, there are stores or small businesses that need to create their own store. They need to get online and sell their own products and services. Mailchimp actually has a Commerce Cloud that they've launched very recently. That will be a great opportunity for us to help both get customers online as well as monetize and bring those transactions into QuickBooks. So that will be one of those integration opportunities that we look at that will really help customers, again, be able to get online, sell their products where they need to, manage omnichannel across multiple channels because small businesses should be selling across multiple channels. It's -- it is where they need to be to be successful.

Definitely. QuickBooks historically has been sort of a U.S.-focused business. How are you thinking about kind of the international opportunity? And any kind of future plans to further penetrate there?

Yes. So we have been on a great growth path internationally over the last few years. As a reminder, we operate in 6 markets outside of the U.S. Our established markets are Canada, U.K. and Australia. That's where we really feel like we have product market fit, and we're now focused on accelerating. And then we have our emerging markets, which are France, Brazil and India. This is where we are still delivering product market fit. QuickBooks is obviously a compliance product. So we want to make sure that our products are absolutely compliant and works really well with the ecosystem, our accountant partners and for small businesses in those markets. But we have a clear playbook that says this is when we enter a market, this is when we exit a market, this is when we reach product market fit and begin to scale. And that's what really evaluates where we do -- where we are going forward. So that's how we think about it. The add-on that I would add is Mailchimp adds a new wrinkle for us, which is going to be really exciting. About half their revenue actually comes from outside of the U.S. Their product is not a compliance product. So their ability to enter these markets is actually much easier, and they are completely self-service. And so they've done an amazing job figuring out how to get into these markets and acquire customers without a significant investment. We actually think that's a growth opportunity for us to double down, invest in and scale the Intuit customer growth outside of the U.S. So it will be fun to start to play with both of these products together.

You mentioned you have a sort of standard playbook and framework as you think about expanding internationally. Maybe just double-click there and help us think through, as you're evaluating some of these other localities, what you're really watching very closely. What are some of the prerequisites that need to be there? How you think about putting the different pieces in place before you go and have a larger presence in those places and go and execute there?

Sure. So our playbook, we look at everything from the addressable market, to the compliance, complexity, to the government favorability. There are certainly governments that are accelerating move to digital compliance. The U.K. is a great example, right? Making taxes digital was a huge move for the U.K. where now customers had to move online in order to be compliant to pay their taxes. So we look at government favorability and where their movement is. And then we look at ecosystem partners. Like what is the accountant community? What is the established financial management software, payments, payroll system within those markets? You put all of those together, and we have a playbook that then says, hey, this is a market that we're excited about that we expect to go in and have an opportunity to win in. And then we focus on nailing product market fit.

You mentioned payroll a couple of times there. Full Service Payroll is something you've been focused on more recently. Maybe just touch on kind of the progression of that opportunity and how you've sort of funded the investments to go and execute on that opportunity as well, what sort of growth drivers that represents for your business.

A few years ago, we saw a real shift in mindset from our customers, many of whom were using DIY payroll to full service. They were really looking for someone to help them. It's a confidence challenge. It's a compliance challenge. They really wanted to take the work of running payroll off their plight. So we've done a few things. One, we've moved completely to a full-service payroll platform. We've now migrated all of our customers there. We've also integrated key feature and functionality to help them automate all of their payrolls. So things like time tracking. We did the acquisition of TSheets a few years ago. We've integrated that in as QB Time. So now your payroll gets automated because your end employees are actually automatically clocking in and tracking time, having all of that flow into payroll. So everything from time tracking to payroll processing is now full service. We've added new feature and functionality and payroll that allows you to hold on to your money longer because the cash flow is still a huge challenge for small businesses. So now you can run payroll same-day or next day and be able to have the money stay in your account up all the way until the day you need to run payroll. And so all of that now opens up an opportunity for us to even add new services on top of what you need to be able to manage your workers. So things like health care and 401(k) and so on. So everyone is on our full service and automated payroll now, and we'll just look to continue to expand what it means to manage our employees over time.

Got it. Maybe help us frame as we think about the product road map there in the small business unit. Obviously, the Full Service Payroll was a major focus for you. What percent of the way through those investments are you when it comes to the product road map and what you'd like to achieve there? What are some of the other pieces that you're focused on next?

Our product road map is very long. For us, this is about prioritization and sequencing because there's so much opportunity in front of us. I'll hit on a couple of things that get me really excited. One is really money movement. Our investment in overall money movement over the last few years has now established us as, I believe, one of the leading fintech players in the small and midsized business space. Everything from money in, so figuring out how we take every QuickBooks customer that comes in, make them payment-enabled, have them be able to send payment-enabled invoices or use our swipe product to be able to get paid in person; to money out, ensuring that you can make payroll or pay your bills or use our debit card to be able to get money out to actually hold your money. And so we now have a QB Cash checking account where if you have that invoice get paid instantly, you can now have those dollars actually deposited into an account for you, have all of your transactions reconciled into QuickBooks. And then on top of it, as you're managing your working capital and your cash flow, if you need extra cash to be able to grow your business or because you need to make payroll and you're waiting for an invoice to get paid, we have our QuickBooks Capital product to give you access to capital. And so our expansion into fintech, our expansion into money movement in general, I think we are just scratching the surface. And yet we've now established ourselves as, I believe, again, one of the leaders in fintech for small and midsized businesses.

Traditionally, Intuit was more of a DIY software provider, right? Then you sort of moved into and introduced QuickBooks Live. Maybe just help frame that progression in the business and progress that you've made on that front and what sort of opportunity that represents for you.

Yes. You said it very well. Our history has been trying to make financial management software as accessible as possible to businesses that wanted to be able to run their own books and manage their own business. The reality is, just like we see in consumer tax, there are just some businesses that do not want to do it or have a confidence challenge. And they want to focus on running their business, and they want somebody else to take care of managing their business and making sure their books are compliant. And so we offer our QuickBooks Live product now, which is bookkeeping that allows a small business to make sure that we keep their books compliant, that we manage all of their transactions and reconciliation for them. And they can just focus on delivering for their customers. So this is exciting for us because it serves a real customer need. It solves a confidence challenge, and it opens up a new market for us because we know there is an assisted market out there that now we can serve. And we can serve it at scale. We're leveraging our technology platform that has been proven out with TurboTax Live. We're leveraging not only the platform but also many of the live experts that come in from serving our tax customers and now can serve our small business customers. And so we can do it at scale. We can leverage the data that we have to be as efficient as possible as we roll this out. And again, we're early in this journey, but one that opens up an exciting new addressable market for us.

And Alex, as we parse the business between online versus desktop, I think most recently in your fiscal Q4, you were growing the online business closer to 30%. I mean what's giving you that confidence that you can grow that business at that level durably here over the medium term? And how should we think about kind of growth rates between the 2 of those potential sort of conversions of an installed base over time of the desktop product and how you're thinking about incentivizing people to do that?

Sure. A lot in there. Let me unpack a couple of pieces. So one is our growth strategy for online that gives us confidence is we're looking at 2 prongs: one is how do we continue to grow customers, and we said we want to grow customers 10% to 20%; and how do we grow ARPC, we want to grow ARPC 10% to 20%. And as we continue to focus on that, it gives us lots of opportunity to look at what are the addressable markets that we can go after. We just talked about opening up QuickBooks Live and going into the assisted space. We're moving upmarket with -- into the mid-market with QBO Advanced, continuing to move down-market with QuickBooks Self-Employed and some of our new offerings with Money by QuickBooks. And then we're continuing to grow ARPC across not only our attached products and payroll payments and time tracking, but even more money movement with things like QB Cash. And so the confidence that we have in our long-term focus on 30%-plus online ecosystem revenue growth is that we have multiple levers across both customer growth and ARPC growth. In terms of your desktop question, we have a tremendous desktop product and a franchise that has been with us, a customer base that's been with us and has been loyal for many, many years. And we've always taken a stance that we want to make sure that a customer that's been with us 15, 20 years on our desktop product is well taken care of. We continue to invest in the product. And our desktop ecosystem continues to be very strong. At the same time, we also know that there is a shift to online, and that shift is accelerating. Coming out of the pandemic, more people are looking for online services, more people are looking to be able to run their business remotely if they needed to, but certainly taking advantage of all the features and functionality that we put into QuickBooks Online. And so certainly, we want to make sure that migration experience is as seamless as possible for customers that do want to move online. So it's customer choice, but we believe we're going to see more and more customers moving online based on demand.

Is there a way, Alex, to think about or conceptualize like an average ASRPC uplift that you, Intuit, received from a migration from desktop to online? Is there a sort of general rule of thumb that people should think about? Or is it really just you're solving for customer success, both products are more or less at parity, and you'd rather sort of not risk turning off customers because you're pushing too hard and getting them to migrate off desktop into the online solutions?

Yes. Look, our principle is we start with doing right by the customer and ensuring that they are in the product that they want to be in. Unpacking the ARPC uplift across all the different services and so forth, it's hard to do on an apples-to-apples basis because every customer is using a different suite of products. And so we have both a desktop product, but really, we have a desktop subscription product with our QuickBooks Desktop Plus. And so we even have a good group of our desktop customers that are paying us subscription who just prefer the user interface of desktop and again, have been on it for 20 years, and that's what they're comfortable in. So asking them to move to, relearn a whole new product just doesn't make a lot of sense for us or for them until they choose to move there. And when they do, we want to make it as easy as possible. So we'll continue to invest in our desktop product to make sure those customers are comfortable, and we'll also make it as easy as possible for them to move online when they're ready.

Got it. How should we think about drivers of ASRPC? You mentioned a number of them in there. But just in terms of the bigger, higher contributors to ASRPC growth, the 10% to 20% that you highlighted, what are you sort of embedding in your expectations on which ASRPC levers you can pull at least in the near term? Which ones are more medium-term levers for you?

Sure. So this all to me comes back to our strategy and our vision to be the source of truth for their business. When we declared that and we set out and said we're going to be able to solve multiple problems for small businesses, it opened up the opportunity to take wallet share and serve customers across a variety of different needs that they have. And so obviously, a lot of what we start with is financial management software with QuickBooks. But if you look at what we're doing with our services revenue, and we're now seeing services growing faster than core accounting. That means our customers are now leveraging us across multiple products and services. So payroll and payments, time tracking, capital, storing their money with us through the QuickBooks Cash account and leveraging their debit card for purchases. All of those just continue to raise the opportunity for us to delight customers in a frictionless ecosystem experience that works well for their business and take wallet share in one platform. So it's great for customers. They've got one place to manage their business. And it's great for us because we can serve them across a variety of different products. And then you add Mailchimp into it as well, and we just think that now creates a real end-to-end solution for customers to not only run their business but grow their business.

You mentioned taking wallet share. I think it brings up the sort of discussion around competitive landscape. It might not even be a question you get often just considering the magnitude of the opportunity and the number of businesses out there. But how has the competitive landscape evolved over the last year or 2 years as there's been more focus paid on a lot of these modernization efforts? And especially now that you're bringing a different differentiator to your solution set with Mailchimp, how do you think about competition and the extent that you're getting in newer markets, bumping up into different people over time and the impact that, that has on your ability to go and execute on the opportunity?

Sure. So look, we -- for the majority of our competition, as I said earlier, it is really nonconsumption. And so we've got so many small businesses out there that are not using anything. And this could be a small business, it could be a mid-market. They're still just using manual methods. And so we want to make sure that the way we think about it is we want to be the easiest solution for these small businesses when they first move online. And we do believe that more and more businesses will move online as it just becomes normal as they come out of the pandemic as they need to digitize. We want to be the easiest solution. It's why we work so hard in the first time use experience of QuickBooks to automate their books. It's why Mailchimp is so exciting for us because it's all self-service and because these customers see it as the easiest product. Being that first product that they come into is really, really important to us and really a focus as we look at people coming online. Then we want to make sure that they stay with us and grow with us. And so our ability to then grow into the mid-market beyond, we think, is our opportunity because we have those customers. They're with us. Their data is with us. They're used to the user interface. They leverage the integrations across our entire ecosystem. As long as we continue to add the features and functionality that they need as their business grows, they will stay with us. And so that's just the opportunity for us. So I don't think a lot about the competition in the mid-market as an example because their customers are with us or when they come online from nonconsumption, they will choose us. We have a disruptive price point, and we've got features and functionality that we just need to continue to meet their needs with and then we feel quite good.

Awesome. We've got just a few seconds here. I want to be cognizant of everyone's time, especially to the extent that you have sessions following this one. Alex, I'm going to turn it back over to you just for some final thoughts that you'd like to leave people with just in the context of everything that we've discussed today, the broader story that Intuit's been telling and the context of how that's evolving with newer acquisitions and markets you're entering. Maybe just some final thoughts for people.

Well, again, I appreciate the time today. This was fantastic. You have 3 things I'd leave you with. One -- all things we talked about. One, I believe we are -- we're becoming a strong fintech player, and what we're doing on money movement is changing the game for small businesses. Two, I think the opportunity in mid-market is incredibly excited, and we're just getting started there, just scratching the surface of what we can do across the entire ecosystem. And then third, we have to recognize that yesterday was a huge win for small businesses. When you bring a front-office solution and a back-office solution together, small businesses now can leverage the data, the AI, the technology across an incredibly modern front-office stack with Mailchimp, an incredibly modern, AI-driven expert platform with QuickBooks in the back office. And you bring those together, you now have 1 platform and 1 ecosystem to run and grow your business. I think that's a huge win for small businesses.

Very exciting. We'll leave it there. Alex, thanks again for the time and looking forward to following the company.

Thank you, Drew.

Thanks.