Intuit Inc. (INTU) Earnings Call Transcript & Summary

Welcome to Intuit's 2026 Investor Day. I am Kendra Goodenough, Head of Investor Relations here, and it is so good to see so many familiar faces and all of you here in sunny Mountain View. Those of us joining online, welcome as well. Happy to have everyone here today. We have a packed agenda for you. So I'm going to take just a minute to walk you through what you can expect for the day. We're going to start off with Sasan Goodarzi, who's going to take us through our company growth strategy. He's also going to share a little bit of how Intuit Intelligence really comes to life in our offerings. After that, we're going to hand it over to Alex Balazs, who's going to talk about technology and click in a little bit deeper on how that differentiates us and how that really fuels our innovation across the different businesses you're going to hear today. We'll then move over to our business platform team, where you will hear from presenters, including Ashley Still, David Hahn, Arundhati Singh, Wyatt Jenkins, and they're going to take you through what we're doing to fuel growth in our mid-market business, the power of our accounting network, how money is at the center of everything we offer customers and what we're doing to accelerate customer growth across the platform. We will take a quick break at that point, and then we will move over to our consumer platform team, where you will hear from Mark Notarainni as well as Nick Soukas. And they're going to talk about what we're doing to rebuild the DIY tax funnel across both TurboTax and Credit Karma and what we're doing to disrupt the assisted tax market as well. After that, we'll have our CFO, Sandeep Aujla, on stage, where he will talk about the financial perspective of all of this and how we think about our financial commitments to all of you as our shareholders. And after that, we'll take one more quick break before we bring Sasan and Sandeep back on stage to do a Q&A session to answer all of your questions. Next, I have 3 quick housekeeping items for you all. First one is the WiFi. The Intuit guest network is available. There's no passcode needed. Second, restrooms are on your back left back there by the elevators. And third, the presentation today is available on our Intuit Investor Relations website. Next, I am going to bring the slide up with all the words. So time for our standard disclaimers. Please review the disclaimers about forward-looking statements, non-GAAP financial measures and other important information. I'd also like to remind you that effective August 1, 2026, Mailchimp is a separate reportable segment and share-based compensation expense is no longer excluded from non-GAAP financial measures. In this presentation, all prior period financial measures have been revised to reflect these changes. This includes actually nonfinancial disclosures as well, such as our total online paid customer growth year-over-year, which for FY '26 is 4% when excluding Mailchimp versus 3% as previously disclosed. Additional information for the revised financial measures can be found on the company's fact sheet on Intuit's Investor Relations website at investors.intuit.com. Okay. With that, I think we are ready to start the day. And so I am privileged and honored to get to introduce our Chairman and CEO, Sasan Goodarzi.

All right. Well, good morning. So great to see so many familiar faces in the room, and good morning to everybody and good afternoon to everybody on the webcast. So my team and I will do 3 things today. One, we're going to walk through our assessment of what's going well and areas where we are constructively dissatisfied. The second thing we'll do is to walk through specific plans as to how we're going to scale our big bets and accelerate new customer growth. And then the third thing we'll do is talk about our report card. What we are doing to monitor our performance for our customers internally every single day and what you can hold us accountable for every quarter. So with that, let's jump right in. First, I want to start with our overall results. They were strong, fueled by our big bets. However, we fell short of our new customer targets, which impacted our tax performance where it came in below our expectations. Let me dig into both of them. Let me start with our big bets. This is an area where, if you recall a handful of years, we laid out our AI strategy across the company, and we declared 3 big bets that really allowed us to go into new markets. One was to disrupt the assisted tax segment where it's about a $35 billion-plus total addressable market. Two, to have money benefits become a core part of our platform beyond Tax & Accounting; and three, to move into mid-market. And it's taken us quite a bit of focus, investments and talent to build out our platform, to build out our go-to-market motions. And what you can see a handful of years later, it is a meaningful part of the company. It's 30% of the company, and it's growing 30%. So the summary on this page after years of work is we've expanded our TAM. We now have a growth engine that's fueling growth in the company, and we've expanded our margins. Now when you look at each of the bets, they are meaningful in their own right. They are multibillion dollars, each and every one of them growing over 30%. And when you look at new customer growth for the Big Bets, while a meaningful part has come from upgrades within our base, we have new to the franchise growing over 15% in assisted tax and in mid-market, new to the franchise is growing over 30%. So really, the headline news for our Big Bets is it's having a meaningful impact. The penetration is low, and we're excited about what's possible as we look ahead. Let's now talk about new customer growth, where we are disappointed with what we achieved in the past year as it was below our internal goals. Let me first focus on tax. The way we keep score in tax is total IRS share gains. And while we gained share in assisted tax, where we lost share was in DIY. And we lost quality DIY customers and the #1 reason why customers left us was price. The second is our core growth in QBO slowed in the U.S. and internationally. I will remind you, a handful of years ago, we were taking share in tax in DIY tax and our new customers were growing at 20% in the business group. So we know how to do this. It's now being able to do both, scale our bets and drive new customer growth. So as we stepped back and diagnosed how do we ensure that we're setting up Intuit for durable long-term growth, competitively positioned to win. There's a few things that are worth talking about at the highest level before we jump in going deeper on each of them. The first is, as I just talked about, our bets are having a meaningful impact to growth. And all of our innovation, which is fueled by AI, is having a significant customer benefit, which is helping us drive ARPC growth. And because we are continuing to reinvent our work internally, we're growing our margins and we're expanding EPS. At the same time, the 3 things where we need -- 3 areas where we need to make progress are: one, we need to scale our bets. It's 30% of the company, and we need to make it a far bigger and more meaningful part of the company. The second is accelerate new customer growth. And third, as you will see today, the incredible innovation we have in market and the pipeline of innovation that we have, it's to monetize the breakthrough adoption of that innovation. So what we're going to focus on today in the context of what I shared a moment ago is, one, how are we going to scale our Big Bets and how are we going to accelerate new customer growth. A couple of things that I'll say upfront before I personally jump in and talk about it at the company level. With our Big Bets, this has been people and time. It's taken years to build out our platform capabilities, our go-to-market motions, understand which cohorts that we can win with. And now it's about continuing to scale them. With new customer growth, this is a moment in time where now that we've built out our talent, our capabilities and the investments in our Big Bets, it's now time to do what we did before, which is new customer growth. And new customer growth is something that we must couple with scaling our bets because we are at a size and a scale where we've built out the talent. We now have -- are positioned to really build out our base so that we can drive durable growth as we look ahead. And so we'll dig into both of these in a moment. But let me start with our strategy that is all grounded in what we are focused on with our customers. We're focused on helping consumers with their end-to-end needs, which is from building credit with the Gen Z to all the way to building wealth, which is defined by each consumer. The second for businesses is to help them from leads all the way to cash. And last but not least, with accountants, it's to help them with not only automation of their firm, but also how they shift to advisory services to drive their revenue growth. And in this context, our total addressable market is significant. And in the last couple of years, our penetration has gone from 6% to 7% penetration. And in context of a $300 billion TAM, the size of the opportunity is equal as it relates to what we can do with the consumer platform and what we can do with the business platform. Now the thing that is very, very important to us is our purpose, why we wake up every single morning. And it is to power the prosperity of those that we serve. And so when we talk about taking market share, for us, it's meaningful because it's about helping consumers, helping businesses, helping accountants achieve prosperity as defined by them. When we talk about scaling our bets, it's helping entrepreneurs go from being a new business in a garage to scaling their business. So our purpose and what we show up to work every day deeply matters to our employees, deeply matters to the company. In that context, let me talk about our clear and bold strategy. And this is an area where I want to spend quite a bit of time and go much deeper than I have in the past. First and foremost, the one thing that's changed is who we serve. What's the same is we serve consumers, small and large businesses, and now we serve accountants as our core customer. In the past, we've thought about accountants as a channel and as a partner. That has actually been Intuit's 40-plus year history. But that's changed for 2 main reasons. One, every accountant is going through a massive transformation of what do I now do with my firm in the era of AI. And two, there's significant consolidation happening, many PE-backed firms that are putting money in consolidating accountants, and it is a great opportunity for us to serve them as customers and be the backbone of their growth. Why? Because it helps us create a significant network effect. You will see not only what I'll talk about, but more importantly, what the team will talk about is how that's informed and changed what we're investing in and now what's in market. Now our AI-driven expert platform has really been set out to achieve something that is incredibly bold for our customers, which is they never have to lift the finger. We automate everything for them, and we focus on intelligence, bringing the power of the enterprise in the hands of a consumer, a business and an accountant. And we refer to that as the financial system of intelligence, particularly what's possible with AI, everybody is focused on becoming that intelligent system. Our focus at Intuit is to become the financial system of intelligence. What is that? And why do we have the right? Let me start with why we have the right. Think about 3 layers of a cake. We have decades of data and decades of contextual and longitudinal data. And when you look at the data platform that we have, and I'll use businesses as an example, where we have 10 million businesses and on average, over 625,000 data points, those aren't just data points. Those are understanding the depth of a plumber, a landscaper, a construction company, a wealth management company and understanding all of their transactions and all of their money in, money out and their behavioral data, which is trusted and permissioned on our platform. That is something that is very advantaged. The second is financial and industry expertise. The fact that we are one platform across many apps and across many workflows. We are not a one-trick pony. We help consumers from everything that they need to do from getting access to financial products that are right for them and personalized to access to money and managing their money and to get their taxes done and for businesses from everything that they need to do from lead to cash. And when you think about one platform with all of those applications from payroll to payments, to taxes to accounting, to how you manage leads, we have all of that in one place, but it's very specific, not generic to the different industries that we serve. That's the second layer of the cake with decades of experience. And the third layer of the cake is what we have built, which is an orchestration layer with our very domain-specific AI and HI capabilities to ultimately automate everything and deliver intelligence to our customers. And this is the power of what we do in our space, which is everything has to be accurate, trusted, compliant and correct because we're dealing with people's cash flow. And ultimately, this is what we mean by a financial system of intelligence. It is one unified platform that delivers automation and intelligence, which we ultimately refer to as Intuit Intelligence. Now I want to stay on our strategy for a few more moments and bring this to life in terms of -- the question I often get is how is AI driving innovation across your platform. And I want to share a couple of very important illustrative examples of how our strategy is driving benefits across our platform, and my team will go a lot deeper in this area. Let me start with DIY tax prep. By this coming tax season in the next few months, the majority of our DI tax prep will all be AI native. What that means is humans are simply interacting and approving decisions because we have access to think about those 3 layers of the cake to all their data, all of the domain expertise that we have and all of the AI and HI capabilities that we have. All of it will be AI native and the focus will be on their money and connecting them to all of the capabilities of our platform. And so what you can see here is our AI capabilities at work, where we automatically get all of your data, and we have access to over 90% of all of the data that a consumer needs, a new or an existing customer. Our platform capabilities does all of the work and the customer simply can interact. They can ask questions. And if they want to go deeper that they can. And it's not just getting their taxes done, it's connecting them to money. And ultimately, it's many front doors, but one platform, getting access to all of our capabilities with our Credit Karma because our focus is Credit Karma is the face of our consumer platform. This is AI at work and the majority of our experience will be AI native. The second, AI-powered expert tax prep. Our #1 differentiation in disrupting the assisted tax segment, which is again a $35 billion in total addressable market is scaling human accountability. Those that have others do taxes for them, what they're looking for is somebody to review, sign and take accountability for their taxes. AI can't do that. But AI is what's fueling our competitive differentiation, having the best experience, getting your taxes done the fastest because of the expert network that we have and getting you access to your money instantly because of our platform capabilities. What you see here is what an expert is looking at when they're doing somebody's taxes for them. And you can see that Intuit Intelligence, Sergio is the expert, is actually downloading all the data and in fact, going through and doing the tax return for them, but pointing out to Sergio areas where we have low confidence where Sergio needs to go in and check in this case, the RSU basis. And ultimately, -- this is being able to do all the taxes for Sergio, while Sergio needs to be able to go in and look at areas of low confidence or areas where he uses his judgment that he needs to review. And ultimately, it's all about connecting the customer to the cash. Scaling human accountability at scale is all because of the AI investments that we've made in those 3 layers of the cake that I talked about earlier. Third area. This is significant. If you think about the business platform, we serve 10 million-plus growing customers, and they're not just generic customers. They're plumbers, they're construction companies, they're real estate companies. It's RV parks, it's wealth management, it's professional services. And what we are focused on is automating their workflows. They're not generic workflows. In this case, you're going to see a workflow for a landscaper. Because of all the decades of permission data we have, all of the financial and industry workflows and capabilities that we have and then the orchestration layer that we've built, what you're going to see is an example of how we're automating things from quote to cash. And this is important because it's not just about automation, but the more we automate where the landscaper in this case does the work, the more it drives payments growth. So what you can see here is all the capabilities, in this case, from lead, to estimate and invoicing, all automated for the customer. And all they have to do is, as a human, approve the decisions. And the goal is about the impact that the cash has on their business. And you're going to hear the powerful stats that we have around how this is driving time savings and better cash flow for the customer. This is the power of automation by industry because of the capabilities that we have. The next example is about intelligence. One of the most important thing to businesses is actually intelligence about their business. They spend hours trying to understand from the data that they have across multiple different apps, what's the insight to their business? What's the projection of their cash flow? How do they grow their revenue and not generically, but specifically to their business. And what we have built with our orchestration layer is the ability for a customer now to interact and ask questions like what will my cash flow forecast be based on everything that you see in my business? Based on the seasonality of my business, if I'm a landscaper in Minnesota, where there's not much landscaping to do in the winter, what's the projection of my business and what should I do? Those are examples of intelligence. What you see here is consumptive. The more we do this better, the more the customer will consume it and the more we have the ability to monetize. So this is an example where David is asking about a revenue forecast specific to his business and his data, all in one place, all in one platform because we have the capabilities end-to-end. And not only do we prepare that for David, but we can help David answer questions like should he hire more employees? If it's a manufacturing business, should he buy more inventory. And rather than building a workflow and hope it's used, we allow David to, in essence, ask how he wants to see his KPIs on a daily basis that we can deliver to him. That's the power of business intelligence. Last but not least, something we're excited about everything I just showed you. But this is probably the most incredible example of truly financial system of intelligence and not about building workflows. Agent Studio. So what is Agent Studio? This gives businesses and accountants the ability to build, deploy and maintain experiences that are right for them. Remember, when we talk about consumers and businesses, it's not just one generic set of needs. In the case of businesses, they're very industry-specific. What you're going to see is an example of an accountant in this case, focused on construction. Remember, accountants have many practices. They can have up to 12 different practices that practice construction, could be manufacturing, et cetera. In this case, they want to deploy within our platform through Intuit Accountant suite. They want to deploy an experience where there is a retainage experience. As many of you know, for those of you that may not know, in construction, there's an element of retainage, which is hold money back until the job is completely done. In this case, based on all of the data and expertise that we have, you can see that the accountant in this case is uploading specific proposals for different construction companies and asking it to build retainage experience. And they can apply it to all the different construction companies that they serve. And what you see here is their library of all the different agents they've built, how much revenue it has generated for them. That is an example of treating the accountant as a customer. We have now given them the ability with Agent Studio to not only build experiences, but when it shows up in the business platform that the customer uses, it shows up with the accountant's name. This is consumptive. The more they use it, the more we're able to monetize. This is the power of AI. The intent of what I just tried to do is to pull together for you and help you understand how AI strategically is fueling our innovation across our entire platform with the goal as one unified platform that is automating everything for customers and delivering intelligence. LLMs are important commodities. The innovation and the capabilities, we still haven't seen anything yet. And we're going to continue to leverage the capabilities of our own LLMs that we built and all the external LLMs. But what you can't copy is what I just went through, decades of permissioned data, industry-specific understanding, domain understanding and the orchestration layer that we have built to deliver specific personalized experiences for consumers, businesses and accountants. That's our strategy at work. Now let me go back to what I said earlier. We have 2 very simple focus areas for the company: scale our bets, accelerate new customer growth. As it relates to scaling our bets, this is an area, as I mentioned earlier, it's growing 30%. It's 30% of the company, and we are very focused on scaling them with an intentional purpose of accelerating new to the franchise. You will hear my team walk through each of these and walk through how we are going to scale our bets. The second is what we are doing to accelerate new customer growth. There are 3 elements that we are focused on that you will hear the details on the rest of the day. First is we're broadening and opening up our front doors with things like money front doors, QuickBooks Free, QuickBooks Lite and expanding our local footprint across the U.S. by 30% to have more access to not just consumers, but businesses and of course, our partnership with LLMs. This is about broadening our front doors. Second, based on all of our innovation and pipeline of innovation, there are cohorts that we are doubling down on, DIY tax customers, businesses that are new to financial software and ultimately, industry-specific innovation to drive switching. And last but not least is we are very good when we get new customers at delivering additional benefits, whether it's payments, whether it's payroll, whether it's personalized financial products on the consumer side with access to money and what I just walked you through, which is both business intelligence and Agent Studio, which solve specific problems the customer wants to solve that are all consumption-driven. So if I were to summarize the most important thing I would have wanted you to hear from me and my team will get into the details of exactly how we're going to do what I just walked through, there's a couple of things I would say. One, if you look at Intuit's 40-plus year history, we are a company that has stood for disruption and reimagining our experiences to always be there for our customers, always lead through transformations and win. This is a very important moment for our company. And it's a very important moment where we have stepped back and objectively diagnosed what's going well and what's not going well. And our focus of the organization, my team is very simple, scale what's working, faster than what we've even done as we look back in the last several years and accelerate new customer growth. And everything I talked about around new customer growth and what you're going to hear from the team is we've been laying the groundwork for this for the past year, and you will see tests and proof in terms of what we're scaling and why we are scaling it. So I look forward to talking to you later today about the Q&A. With that, let me turn it over to Alex.

Thank you, Sasan. I'm Alex Balazs, Intuit's Chief Technology Officer. So Sasan unpacked our financial system of intelligence, the trusted data, deep expertise and domain-specific AI and human intelligence. So my job is to show you that as AI improves, Intuit Intelligence gets stronger, not weaker. In fact, what I'll show you is that we have specifically set up an architecture for Intuit Intelligence, where as AI improves and new models are available, we can immediately adopt them and apply them to Intuit Intelligence. So a couple of key takeaways before we get started. First is that Intuit Intelligence is truly our differentiator, and I'm actually going to get into a lot of detail on that. Second, the pace of innovation, how we work, how we build, what we're delivering has compounded our pace of innovation. And that innovation has allowed us to scale our Big Bets and accelerate customer growth. So let's go back to Intuit Intelligence, trusted proprietary data, this financial and industry expertise and domain-specific AI and HI. Individually, these 3 things are very valuable. But what makes them unbelievably valuable and why Intuit Intelligence is truly differentiated is the ability to orchestrate over these. And what you'll see is that this orchestration allows us to unlock new ways to discover customers, new ways to provide solutions and new ways for customers to discover us. Let's start with the trusted proprietary data. All the data across all of our experiences no matter where the customers arrive, feeds a common business object model. What is this object model? It combines decades of first-party data with third-party data from sources like banks and employers, and it gives it a shared business meaning. It describes the relationship between all these different data elements, whether they're doing their books, they're doing payroll, payments, taxes. This shared business object model then creates a persistent financial context. What is this persistent financial context? It is a way that we can express this customer through the data that we have that can be taken to any experience where a problem is being solved for that customer. It used to be that we would collect data in a given experience and then we would use that data inside of the same experience. Now this data is not just persistent, but it's portable, and it allows us to express it on our platform and off our platform as well. And I'll get into more detail on that soon. So why is this important? This is what has allowed us to deliver a 0 data entry experience to 15 million TurboTax customers. It's also the thing that has allowed us to pay 18 million employees in our payroll products totaling over $350 billion. So the data is an important start. It tells us what is. Expertise is about declaring what's next. We have spent decades developing expertise across many, many different capabilities in many different areas, 74 different financial domains, over 100 different workflows, 307 industries. So why is this important? Because we have encoded this expertise as capabilities that can be leveraged by Intuit Intelligence. Historically, these capabilities were embedded inside of our products. If you wanted to use a tax capability, it had to be used inside of a tax product. If you wanted to use a money movement capability, it had to be used inside of a money movement product. These capabilities are now available as tools and skills that can be expressed anywhere the customer needs them. So now you could start to put it all together. Our domain-specific AI and HI. So you see there on the left, the idea of the customer workflow. Customer workflow is important because that's built how the customer wants it, not necessarily how we want it. And by Intuit Intelligence having the ability to pick the right kind of intelligence at the right moment, we can leverage that trusted data. We can leverage that deep expertise at the moment of need. We have integrated with over 60 large language models, and we automatically pick the right large language model at the right time. Sometimes that could be based on performance. Sometimes, it's reasoning power. And sometimes, it's cost. We have the ability to pick the right one at the right moment, multi-model by design. But sometimes an LLM isn't the solution. Sometimes we have to do prediction or classification. So we pick regular machine learning. There are many times where accuracy and compliance and governance are important. We pick deterministic code. And at the time when human oversight is required, we can automatically direct the customer to human expertise. So this is the power of Intuit Intelligence. Because it's not just about taking a bunch of data and throwing it into a large language model and hoping that the outcome is correct. It's about picking the right model, the right intelligence to deliver a trusted financial outcome. So I'm very excited about our technology strategy because our strategy is allowing us to do 2 things at the same time. Transforming the way that we work, transforming the way that we build has allowed us to compound the pace of innovation. Because we have compounded the pace of innovation, it's allowing us to scale our Big Bets and accelerate new customer growth. But let me actually go into the details of how specifically that's working. So let's start with how we build, obviously, a critical part of what we do here at Intuit. So first is deciding what we build. We've moved from product requirements documents that have been written for humans to specs that are written for agents. We've gone from basic mockups to actual working prototypes that we can test with our customers in days. When it comes to our engineers, we've gone from writing code directly, engineers writing code to directing agents to do the work for them. And it's multi-model by design. Some of our engineers use Codex, some use Claude Code, some use Cursor. It's the right tool for the right job, multimodel by design. And when we ship, we're moving from quarterly releases to, in some cases, daily releases, continuous learning, learning from our customers, gathering that feedback, driving product market fit. Sometimes that feedback is implemented by an engineer. Sometimes that feedback is automatically processed and implemented by a model. And the proof is already there. In the first 90 days of transforming our product development life cycle, our coding velocity has improved 40%. At the same time, there was a 31% decrease in failure rate. Just let that sink in for you. We're moving faster and quality has gone up. In fact, 70% of our poll requests, the code was delivered by AI. And we're on pace to double our velocity by the end of the fiscal year. So all of that speed, all that velocity, all that work that's being done by our product development organization has now accelerated the pace of innovation across all of Intuit. Just in the past 6 months, we have delivered AI native experiences, powerful experiences for our customers across tax, personal finance, small business and mid-market. And the really exciting part of it as well is that, as I said before, we are going to where our customers are. So many of these tools and skills and capabilities are also exposed to ChatGPT and Claude, our close working relationships with OpenAI and Anthropic has them coming to us looking for financial intelligence. When they want to solve critical end-to-end workflows, and they need to make sure that those financial decisions are right, they're coming to Intuit. All right, so Sasan showed you a couple of use cases around some of these AI native experiences. These powerful experiences that have fundamentally changed how our customers interact with us, how their problems are solved through Intuit Intelligence. I'm actually going to deep dive into a couple of them to really go underneath the surface here and show you how we're solving this. So let's go back to DIY tax prep. So step one is to acquire all the data. So all the data that's required is not publicly available. In many cases, this is permission data. We have access to over 90% of the data that's required for customers to solve these problems. So we can go get that permission data, put it into that common business object model that I described before, and that allows us to orchestrate the work. In fact, we create a persistent customer financial graph. So what does that mean? What is this graph? So we know, based on decades of solving these problems, what's the data that's actually required to get to an end goal. And when we go and get that data and apply it to the graph, now we know, is there any data missing? Are there any questions that we have to ask the customer? Do they need to interact with us? Or can we completely deliver them the outcome? And in the moment when we're ready to actually do something deterministic, now we connect it to our deterministic tax engine and compliance engine to make sure that the answer is 100% right. The tax return then can be done in minutes, and that's the magic. How do you complete a tax return in minutes and yet make sure that it's accurate and correct. That is the combination of AI at the right time and deterministic code at the right time. And all along the way, we use generative AI to explain the outcome in ways that our customers can understand. All right. Let's go back to business intelligence. So this is where the persistent financial and operating context matters. So from lead to cash is actually about 5 different steps. And in many cases, where I've gone and talked to customers, what you'll see is all 5 of those steps, they actually had a different product that solved that problem, which required them to enter a bunch of information, use that one product, get an outcome like send an estimate. And the next step along the way, they'd have to enter all the same data again, time-consuming, difficult error prone. This persistent financial operating context allows us to move their financial record forward every step along the way. The AI is grounded in these authoritative records. The data that we've collected allows us to make sure that as we move this financial context, it's actually trusted and the customer can trust the outcome. And also because we've been collecting this data for decades, we have the level of industry benchmarks that are not really available anywhere else in the industry. So once that customer has created an insight, something that they view very, very valuable to them, they can easily create a reusable skill. So what does that do? So when they create a reusable skill, they can then say, run this insight for me every month, and it will rerun with the latest financial information. Once again, that financial context moving forward and allowing them to understand over the course of time how they're performing. All right, Sasan said it, and I will say it, too, this is one of my favorites. Spoken to a lot of different accounting firms and really understanding how they work, how they add value, how they interact with clients. And these firms have unbelievable expertise, expertise they've gathered over decades of working with clients, painstakingly figuring out how do they give advice, how do they gain insights into how these companies are doing. And this has historically been a very, very manual process. So in Agent Studio, they have the ability to use a natural language, they can describe what is this expertise? What do you normally do with your clients? How do you interact with them? They can literally have a conversation with Agent Studio and establish what this reusable workflow looks like, and then we can show them the workflow. And it's not just a workflow. Let's go back to Intuit Intelligence, the data, the capabilities that can be trusted and connected to that workflow. So now what you see is it's not Intuit that's creating an experience based on top of Intuit Intelligence. It's actually the accounting firms themselves, and they can define the moments in time where they want to govern the execution, where they say, you know what, this is the point where I want human oversight, where I want control. And the rest of the work is done for them. The really exciting part for them on top of the fact that it's a heck of a lot easier to do this is that once they build this intelligence, this capability, they can actually deploy it across all of their clients. So they can do the work once, deploy it everywhere and monitor the performance of those agents and over time, make it better and better. All right. The last example that I'm going to go into, quote to cash. So the quote-to-cash process is also extremely complicated because it's very fragmented. Lots of different steps along the way, lots of financial context that needs to be available in order for the customer to truly go from a lead to identify which customers they should actually go after to quoting, to getting an estimate and actually turning it in an invoice so they can get paid. So we orchestrate this capability across that financial context. So you saw the example from Sasan, the ability to basically just dump in any data they may have. If there's a persistent connection, we'll go and get the data. If they have documents, they can upload PDFs. They can connect it to a Google Drive. Wherever their data is, we can bring it in, apply financial and industry logic and automatically move the process forward each step along the way. In the end, it can actually execute financial actions. This isn't just about insight. It isn't just about answers. It's about actually doing the work for the customer and each step along the way, carrying that financial context forward. All right. I talked a little bit about our relationship with the Frontier LLM companies. Let me just go a little bit deeper. Financial work is as much based on the trust as it is in the outcome. I personally go to Anthropic and OpenAI and Google pretty much monthly, meeting with their teams, meeting with their executives, understanding what they're building, why they're building it. And what I hear from them is, as they're looking to solve customer problems, truly be a place where customers go that they wanted a trusted partner to deliver that financial context, those financial outcomes. And the great news for us is we have exposed it inside of these frontier LLMs. And as they become more popular, as they grow, as engagement grows on ChatGPT and Claude and Perplexity, it drives new customers to us. Let me finish with where I started. Intuit Intelligence is truly our differentiator. Our ability to combine trusted data, deep expertise and orchestrating it together with the right level of intelligence. This has compounded our pace of innovation so we can deliver to our customers faster. And that allows us to scale our Big Bets and accelerate customer growth. Thank you. With that, I'll turn it over to Ashley Still.

Thank you, Alex, and good morning, everyone. I'm Ashley Still, and I lead our small business and mid-market group, and I'll be joined by David Hahn, who leads our services group, including Money and Workforce Solutions. Together, we're excited to share the business platform strategy and progress. Today, I want to leave you with 4 takeaways. The 4 reasons we're confident in our strategy and in our growth drivers. First, we're scaling into intelligence, growing consumption and engagement of our trusted financial automation and intelligence. Second, we're accelerating customer growth, expanding the QuickBooks lineup so we can win new customers and gain share. Next, we're embedding money experiences, making money truly central to our platform to drive adoption and ARPC growth. And last, we're fueling mid-market success and also winning new customers in the mid-market through industry additions and our accountant flywheel. We closed fiscal 2026 with solid results, growing nearly 18% to nearly $12 billion in revenue. Reflecting on our execution, there are areas where we made real progress in 2026. Both mid-market and money grew over 30%. New customer benefit and services adoption in our mid-market offerings, both QuickBooks Advanced and Intuit Enterprise Suite drove upmarket ARPC growth. And our investment in AI fueled innovation across the platform, including new product launches like Intuit Accountant Suite, the business credit card and human capital management. And there are areas we could have done better, and we are focused on the progress needed. We need to grow new customers faster and gain share. And we need to continue to scale money and Workforce Solutions along with mid-market growth. We have clear strategies and are taking decisive action in each of these areas. Our path forward follows a simple formula: scale our Big Bets and accelerate new customer growth across all of our customer segments. Together, this formula creates a durable multiyear growth engine. The Intuit platform already serves a broad and diverse customer base from a new entrepreneur just getting started to a complex $100 million mid-market business. It also includes the accountants that advise these businesses from part-time bookkeepers all the way up to national accounting firms. 10 million businesses and 650,000 accountants work together on the Intuit platform today, spanning nearly every industry, every stage of growth, every type of business and many geographies. Our opportunity is exciting with $186 billion in total addressable market where we are roughly 7% penetrated today. It's clear we have a significant opportunity to grow as we expand our customer base and scale our Big Bets. Our strategic priorities directly unlock our opportunity by expanding the benefits that customers tell me every day they care about the most, improving their cash flow, saving them time and money, giving them proactive insights that enable them to make the best decision for their unique situation. All of this ultimately is what helps them grow their business. Everything starts with the problems that we solve for our business and accounting customers. So what is running a business look like today? For many businesses, the reality is it's too manual and too fragmented, like a small nail polish company that's just trying to get started, but they have to juggle 12 apps to run their business, and they can't get a clear idea of what's driving growth or costs; or a $25 million consulting firm that has to spend over 1/3 of their time on administrative work just to get a sense of project level profitability; or a construction contractor who couldn't get a timely read on cash flow, had to pass up buying new equipment and loses a big job to a competitor. Every business that I engage with wants confidence in their decisions, and they build that confidence on trusted financial intelligence and automation. And as Sasan talked about, the world for accountants is changing incredibly fast. Their industry is consolidating, and they have clear mandates to expand their advisory practices because they offer 3x the revenue potential of bookkeeping. This shift requires firms to transform how their associates work every day by investing in technology that automates manual bookkeeping and surfaces proactive insights about their clients. This is the foundation of compelling advisory conversations and compounds the value of firms and their clients running together on our platform. Fueling firm success is core to our strategy. We win when we solve customer problems end-to-end and customers grow with us as their needs become more complex. For businesses, we provide a complete platform with accounting, money in, money out, capital, business intelligence and much more. For accountants, we are automating their manual work, surfacing client insights and helping them manage their firm. Our durable advantage is trusted financial intelligence and automation built on shared business and accountant data that reinforces our network effect. I'll hand it to David to take you through our first 3 strategic priorities: scale Intuit Intelligence, accelerate customer growth and embed money experiences.

Good morning, everyone. I'm going to jump right into our first priority, which is to scale consumption and engagement of Intuit Intelligence. Today, 2.5 million customers actively engage with Intuit Intelligence automations and insights every month. And our customers tell us that it's driving real impact. Businesses report that they're saving 30% of their time because of these automations. And they're telling -- and 60% are telling us that they have a clearer picture of their cash flow. So at this point in our journey, our focus is to really scale this customer impact. Now you've seen this slide a few times, but it's really important. There's 2 things that we're trying to do with Intuit Intelligence. One is our done-for-you experiences. These are the automations that you've heard about. And two is the intelligence that drives action. And really, what is underneath our advantage here is the foundation. This is the domain -- this is the AI and HI that come together to be domain-specific, the deep financial and industry-specific expertise. But most of all, what I want you to imagine is 40 years of longitudinal data around tens of millions of businesses. That's going to enable many of the examples I'm about to show you. So what does this look like in practice for our customers? Well, every day, our customers are asking questions, and they're asking questions because they've got to drive decisions. Where am I overspending? What vendors should I replace? How is my cash flow? And they're also asking forward-looking questions, questions that require help looking into the future. Can I afford to hire? Can I open this additional location? What is my projected profit for this year? Intuit Intelligence not only answers these questions, but given that anonymized data, that longitudinal data that we referred to earlier, we're positioned to enable peer benchmarking, which helps them understand where they sit relative to many businesses like theirs. And Intuit Intelligence also, very importantly, sits across all of our services. This is not just bank data. This is not just accounting data. It knows the location an employee clocked out of to assign labor costs. It knows the project category of an expense, the instant the card is swiped. And so we see all this driving real insights for our customers because we have that end-to-end view. And we're seeing real momentum as we scale. Conversations have doubled quarter-over-quarter and new customers are engaging at a higher rate than our existing customers by 60%. Now in addition to the insights, Intuit Intelligence also automates critical jobs by default. Now let's take bill ingestion. It's not just about ingesting the bill. It's about identifying the project. It's about continuously being able to understand how that particular expense impacts profitability. And finally, it's teeing it up so that the user can pay that bill in one click or take payroll where Intuit Intelligence literally is collecting hours from employees. It's identifying and acting to solve anomalies. It's doing tax compliance check, and it's teeing it up once again for the user's final approval. And now that Intuit Intelligence is delivering AI recommendations on more than 90% of transactions, accountants using Accountant Suite are reporting being able to spend a lot more time on the high-value advisory work, and that's the work that helps their customers really grow. Now as businesses grow, Intuit Intelligence scales with them. Ashley is going to do a deeper dive shortly on mid-market, but I wanted to touch on a very common mid-market question. Are my projects profitable? To answer this, you need labor costs. You need vendor bills. You need expenses, you need invoices. All these data points usually live across different systems. But in our platform, the data is already connected. So Intuit Intelligence can answer these questions right away. It can set up the project, it can recommend a margin goal, it can build a budget, it can send the invoice and it can track profitability constantly. And when a business needs to do something unique, say, a permit, a purchase order, maybe a job phase, Intuit Intelligence builds custom objects automatically. More than 75% of Intuit Enterprise Suite customers use our AI agents every month. Now I want to shift gears to our second priority. We ended fiscal year with nearly 8 million online paid customers, growing 4% year-over-year, and retention held strong at 83%. Our focus this year will be to reaccelerate customer growth through an expanded lineup and product innovation. Now I want to take a closer look at our performance over time. Since 2023, we have focused on our Big Bets, mid-market and money, and we've made meaningful progress. ARPC grew at a 16% CAGR over 3 years and customer growth for our highest ARPC cohort grew at a 19% CAGR over 3 years. However, over that time period, we did not achieve our overall customer growth goals. It moderated by 2 points year-over-year, and it decelerated by 6 points since 2023. But the progress in money is an important ingredient in the recipe going forward as we reaccelerate growth. It gives us a clear path to value across every segment of the market, including the low end, which historically has been hard to monetize. With our expanded lineup, we have an opportunity to accelerate customer growth in every segment that we serve. For businesses without employees, many of which do not use financial management software today, we serve them with a simple, frictionless experience. For small businesses, we will convert and retain with the done-for-you experiences that we've shared earlier. And for mid-market businesses, QuickBooks Advanced an Intuit Enterprise Suite to win new to the franchise customers and better serve customers in our existing base. Across the lineup, there's an entry point and an upgrade path at every stage. Now I want to show you how this works at the low end of the market. It starts with low friction entry points, QuickBooks Free and QuickBooks Lite, much simpler experiences to get businesses started fast. And payments is included from the start. This is critically important because for many of these customers, we are seeing that literally their first invoice is paid via QuickBooks. The customers also get exposed to the rest of our services through these experiences and have clear upgrade paths to other SKUs. The early results are encouraging. 20,000 customers in the first 6 months actively using QuickBooks Free or converting to paid offerings or payments. And as customers grow, they use more of the platform. And nowhere is this more evident than money. This year, online services grew 24% with our money portfolio, our big bet, growing 31% and our Workforce Solutions portfolio growing 17%. Our focus is to deeply embed money and Workforce Solutions to drive usage, consumption and ARPC growth. Now last year, we had 2 important launches that I'm going to tell you more about in a second, the Intuit Business Credit Card and Human Capital Management. But the most important part of this story is that we now have a complete money in, money out solution. We can automate and orchestrate every dollar coming in and out of a business. And we have capital in the middle to bridge for when money goes out before money comes into our customers' businesses. Our scale is significant. We had $229 billion of payments and bill pay volume. That's up 30% and $355 billion of payroll volume. Now let's take a deeper look. Starting with Intuit Business Credit Card. And keep in mind, our business is literally 1/4 of their spend is their employees, everyday expenses, imagine Home Depot to buy materials for a job. And so Intuit Business Credit Card puts us in a position to help our customers with this spend. And our card is different from traditional cards. First, in the way that we underwrite. We can underwrite like we do in other parts of our capital business based on our unique data on the true health of the business, which also gives us another advantage. We can put the card directly in front of folks that we know are creditworthy. And from a value proposition for our customers, we do 2 really important things: one, control right out of the box. Business owners care about the money leaving their business. And so before they just hand over the ability for their employees to spend money, they want to make sure the right controls are in place. And that's what a software-enabled card like ours is able to do. Second, it automates accounting by capturing receipts and other data and then putting it directly into QBO. So the accounting is done for them. The early results are encouraging. In the first 5 months, we've seen $100 million in cumulative spend and 78% of customers are spending within the first 30 days. Next, I want to talk about human capital management. Now this takes us from being a simple payroll provider to an end-to-end team management solution. And of course, we start from a position of scale. We process payroll for 18 million workers in the U.S. annually. Engagement in our HCM features have been strong, doubling over the past 6 months. And 60% of mid-market payroll customers are already on our HCM SKUs. Now we're scaling all this at a very important time. Customers switch payroll and HR software at the end of the year. And in the past couple of years, we've heard from customers that we have not been able to win for our payroll business that this was the key. This is the piece that's really missing. So we believe this launch makes us much more competitive for the upcoming switching season. Now part of our strategy that we've talked about is the key advantage we have in terms of being able to embed money offerings deep into existing customer workflows. And we're really seeing success of this strategy, especially in bill pay and in capital. Bill Pay is now included by default in both of our mid-market offerings right out of the box. That means there's no additional purchase decision required. They just start using it. And it's working. $54 billion in volume, growing 89% year-over-year. And capital works the same way, surfaced at the moment of need inside the money movement experiences where customers need it, payroll and payments. Loan volume has reached $7 billion and is growing 75% year-over-year. We're also finding that businesses that use capital are growing 60% faster than those that don't. So there's real customer benefit. I want to touch on payments now and the impact that Intuit Intelligence is having on it. You've heard a little bit of this from Sasan and Alex earlier today. We can now help our customers automate the work that sits upstream of payments, which then drives more payments downstream. You've seen some examples. I want to give you 2 more that are my favorites from some of the usage that we've seen very recently. Consulting firms, now they're just simply dropping in the sign statement, and we take care of all the steps after that. We're able to build the invoice, send the invoice and collect payments. We had a membership organization. They simply dropped in their roster and Intuit Intelligence sent invoices to each member every single month. We're also embedding these capabilities into third-party AI platforms where customers are choosing our payments. Payments volume in these 3P experiences is growing 80% month-over-month. So overall, Intuit Intelligence is going to help us convert the more than $3 trillion of invoices that are already managed on our platform to convert those onto our payments rails. Now I'm very excited to bring this to life and welcome Arundhati on stage. Arundhati?

Thank you, David. I'm Arundhati Singh, and I'm Senior Vice President for our Small Business Group. Now you just heard an overview of our strategy, and I'm going to show you how Intuit Intelligence comes to life for our customers, built on our decades of proprietary trusted data, financial and industry expertise and domain-specific models. Intuit Intelligence spans QuickBooks, the Intuit Accountant Suite and Intuit Enterprise Suite to deliver personalized insights and take action on behalf of our customers. So let's see how this comes to life for Maria. She owns a 22-person commercial cleaning services company in Phoenix, and Maria runs her entire business on our platform. Like many business owners, she starts her day on the go, on her phone. And in the QuickBooks mobile app, Maria now immediately sees a real-time snapshot of her cash position. Cash flow is the lifeblood of her business. And with one tap, Maria can now ask Intuit Intelligence to turn that real-time snapshot into a forecast of next year's financial performance. Intuit Intelligence powers key P&L insights and assumptions based on Maria's real-time accounting data, allowing her to plan for the future. It also gives her a visual breakdown of those projections with a detailed chart plotting her revenue and net income. It also allows her to run scenario analysis or adjust assumptions like her costs. And this is what gives customers the confidence to make important financial decisions. And it's how trust in our platform compounds. As you heard David referenced earlier, that's reflected in the doubling of quarter-over-quarter growth in AI chat queries that are now driving insights, decisions and direct action across our platform. Maria can also easily turn this into a custom report that she can download to share with her team between site visits. Because Intuit Intelligence is deeply integrated into QuickBooks, Maria always gets fast, accurate answers. Work is done on her behalf in real time. She always knows where her numbers come from, so she can trust what she sees. Intuit Intelligence is her always-on business stop partner. Now when Maria next logs into her QuickBooks web homepage, Intuit Intelligence is proactively surfacing what she needs to pay attention to most with the new needs attention section. In Maria's case, she can see that her unpaid invoices are climbing, which is a direct strain on her working capital. So she clicks to review and Intuit Intelligence is going to proactively surface to her, a list of her customers who are consistently paying more than 60 days due. It will also surface specific invoices from other customers that are dragging her cash flow cycle right now as she has to meet payroll obligations in the upcoming weeks. Now Maria isn't sure if this is just typical for businesses like hers. So she's able to ask Intuit Intelligence. How does my days to get paid compared to businesses like mine? And Intuit Intelligence can run benchmarks against anonymized similar commercial services businesses, and it surfaces something really important for Maria to know. Her days to get paid are running weeks longer than her peers. And that is incredibly valuable data based on at-scale insights that only Intuit has. But we don't just stop at running benchmarks. Intuit Intelligence helps address this issue for the future. And it suggests that Maria create a custom automation, a weekly unpaid invoice chaser that finds open invoices, e-mails weekly reminders, e-mails a receipt once payment is recorded for any given invoice and then stops chasing that specific invoice. This takes hours of manual work off of Maria's already very full plate. So that sounds good to Maria, and she improves the automation. And just like that, her invoice chaser is active, and she's well on her way to improving her cash cycle. This is the done-for-you experience that Intuit Intelligence powers. Now because Intuit Intelligence can see Maria's cash position, her upcoming payroll obligations and her complete underwriting profile, we're able to proactively surface a prequalified line of credit personalized to Maria's business that helps her bridge the gap between when her crews get paid and where her clients pay their invoices. And Maria is very intrigued, but she wants to tap into some human expertise. So she's able to ask Intuit Intelligence to send this offer to her accountant. And it will generate a detailed financing plan and budget worksheet for her accountant to review inside the Intuit Accountant Suite. Intuit Accountant Suite is our new platform for firms of all sizes to manage their clients and grow their practices. It has already been adopted by over 150,000 accounting firms to drive proactive insights, automate ongoing work like monthly close and deliver seamless collaboration between customers and businesses. So within Intuit Accountant Suite, Bruce is able to review the information and sends a note to Maria about the financing terms, which she is then able to review back in QuickBooks. Reading through Bruce's note gives her the confidence to move forward with that line of credit offer. And she's able to start the application directly inside of QuickBooks. So now Maria is prepared well ahead of any potential cash flow crunch that may occur. Now Intuit Intelligence sees the whole business. It benchmarks against decades of real business data, and it closes the loop with both access to capital and access to human expertise in one flow. That's what gives customers the confidence to make important financial decisions, and it's how trust in our platform compounds. Now let's see how the value of our relationship with Maria deepens over time. As you heard earlier, businesses manage over $2.7 trillion in invoices on QuickBooks every year. And we know that staying on top of getting paid is what keeps businesses owners up at night. It's the #1 thing. So we want to make sure that Maria is set up to get paid while she sleeps. And all she has to do is connect her Google account via our chat interface. And what that will do is allow her to set up specific parameters. For example, what folders in her Google Drive should we look at, drafts, downloads as well as what time frame to search over the last 30 days. And are there specific keywords that we should look for, such as a project name. And then Intuit Intelligence is able to take that information and automatically draft invoices on Maria's behalf as well as give her a total estimate of the outstanding potential balance that she's due. Maria is able to tap to review all of the invoices before she decides that she's ready to send them. And once that group of invoices is sent, Intuit Intelligence will proactively offer to automatically draft future months of invoices based on that same set of custom rules that Maria set up. Maria agrees and now her invoices are truly on Autopilot. But there's more. If Maria is already working in Claude or ChatGPT preparing for a client conversation, she can now also directly invoice a new customer using our embedded QuickBooks skill. And that combined AI-powered invoicing, both inside QuickBooks and inside the LLMs that our customers are already using has driven over 80% month-over-month growth from June to July in payments volume. Every dollar that moves through the platform makes the intelligence layer smarter. It makes the workflows tighter, and it makes the customers stickier. That helps us acquire new customers earlier in their journey and to grow with them as their needs become more complex. Intuit Intelligence delivers done-for-you experiences for customers like Maria to power their prosperity. Now I'd like to turn it over to Ashley, who will unpack how this model becomes even more valuable for the mid-market, a nearly $90 billion total addressable market.

All right. Thank you, Arundhati. You just saw how Intuit Intelligence helps run a business end-to-end, and let's jump into mid-market. So our progress in mid-market over the past year has been strong, and it gives us a clear opportunity to broaden our sources of growth. Mid-market revenue grew 39%, customers grew 28% and Intuit Enterprise Suite reached nearly $150 million in annualized revenue, a 4x increase year-over-year. Our opportunity to capture the mid-market TAM is focused on 3 levers. First, new customers. David talked about our focus in winning new small business customers, but we are also focused on winning new mid-market customers through industry additions and accountants. Next, our existing installed base. We will build on our progress migrating and upgrading our existing installed base to our mid-market offerings through continuing to expand our go-to-market and our expert-led onboarding. And we are making very strong progress, compounding growth through greater services adoption. Our mid-market lineup is built to support all 3 of these levers from QuickBooks Online Advanced to Intuit Enterprise Suite and Intuit Accountant Suite, which I'll dive into more as well. Let me take you through each. First, QuickBooks Online Advanced is the all-in-one solution for emerging mid-market businesses. These businesses are growing fast, but they have small teams. They may still only have a part-time controller or a fractional CFO. And the last thing they want to do is have to hire an army of people to continue to scale their business. So what they want is everything in one place without a heavy implementation or ongoing integration costs. And as David mentioned, this is exactly what we've delivered with Advanced, an integrated solution with payments, bill pay, capital, payroll, all integrated into the platform and importantly, into one simple offering. And we see the results already in customer adoption of services in advanced. Payroll penetration is 13 points higher and payments penetration is 9 points higher in advanced than in our other offerings. So this is really working. For Intuit Enterprise Suite, 2 years since launch, we have built an enterprise-ready platform with the capabilities that complex businesses need to both stay and grow with us, which is an incredibly important part of our strategy as well as to adopt our platform. Multi-entity consolidation, multicurrency, dimensions, custom controls and industry depth from the chart of accounts to relevant KPIs. What I hear from every single CFO and finance team that has adopted Intuit Enterprise Suite is that it's their financial command center. It gives them one live view of the business to make the best decision every single day. I talked to a CFO last week of a franchise business in Hawaii, and he said moving to Intuit Enterprise Suite was like going from the rotary phone to a smartphone. So great analogy. AI agents are built in running month-end close reconciliation and accruals agentically. We actually see a 75% monthly engagement with Intuit Intelligence in IAS. And soon, businesses will be able to customize and build their own AI agents. You saw Agent Studio for the job specific to how their business works. So we are seeing meaningful ARPC growth with 2x uplift in revenue from upgraders compounded by the growth in payroll and payments penetration that's 22 points and 19 points higher, respectively, in IAS than in other offerings. So let's go deeper on industry for a minute and why it matters so much for mid-market. It actually represents a $30 billion opportunity within our overall mid-market TAM. Mid-market businesses have industry-specific needs that are driven by their business model and their operations. So for example, nonprofits have to manage and report on grants. Manufacturing businesses need inventory accounting. And construction businesses have diverse contracts. They may have milestone or progress-based billing, and they have to manage complex payments to their subcontractors. So what this means is historically, they've had to adopt vertical point solutions or legacy ERPs. And accountants also specialize and go to market by industry, and they recommend technology platforms based on industry fit. So we have early proof already of how we can accelerate customer growth by launching our new construction mid-market offering. We purpose-built this offering for how the industry actually works, job costing, project budgets, retainage, AIA style billing are all built in, and we built a dedicated go-to-market from demand creation to sales to customer success. In our first 6 months in market, we have seen a clear acceleration. QuickBooks Advanced saw an incremental 19 points of customer growth in construction. And IAS saw a 20% increase in new construction contracts. So this gives us confidence that industry-specific innovation will be a meaningful lever for new customer growth in the mid-market, and we're moving quickly to scale this approach to other large verticals like nonprofit and manufacturing. We also continue to accelerate mid-market through our go-to-market expansion. We win on differentiated experience, lower cost and total cost of ownership. In sales, dedicated industry and money sellers tripled our sales productivity over the past year. And our demand engine is also maturing. Marketing sourced new-to-franchise IAS contracts also tripled over the last year. And experience continues to be a meaningful differentiator as we scale. We are delivering speed to value realization with our customer success motion. In fact, over 70% of new IAS customers adopt 4 or more unique capabilities of IAS in their first 90 days on the platform. So if you compare this to other ERPs that take 6 months, cost $60,000 and have a 50% failure rate of even getting to the starting line of adoption, we are clearly providing a truly differentiated experience. As we've discussed, accountants are an important part of scaling mid-market with over 70% of mid-market businesses working with an external accountant. This year, 25% of our new IAS contracts came from accountant referrals. And we are focused on expanding our partnerships, particularly with the top firms where we have a lot of room to grow together in the mid-market. Accountants have long worked in QuickBooks and Intuit Enterprise Suite for bookkeeping. And as Arundhati showed you, this year, we launched Accountant Suite, which is a dedicated experience that is incredibly importantly built on the same platform. It takes firms beyond bookkeeping that they've historically done in our products, delivering automation, client insights and relevant benchmarks both across their portfolio and specific to each client so that they can actually grow their advisory practices. Accountant Suite naturally works seamlessly with QuickBooks and Intuit Enterprise Suite because it's built on the same platform, but we will also integrate with third-party GLs and ERPs to give firms true end-to-end visibility, automation and intelligence across their entire client portfolio. Firms will also be able to turn their expertise into new revenue streams by distributing branded KPIs and dashboards directly to their clients in QuickBooks and IES. And as you saw very soon, building and managing custom agents on behalf of their clients. This distribution of firm-branded dashboards and agents across our platform is uniquely differentiated. All of this is powered by the same Intuit Intelligence that delivers automation and intelligence to businesses. Fueling accountant success strengthens our network effect. Accountant Suite users spend nearly 30% more time on high-value advisory work. And again, this reinforces their preference for the firm and their clients to run together on our platform. Let's look at Agentic Book Close and Accountant Suite. This is in the hands of select accounting firms today. Again, their hands on it with it today. It will run the month-end close end-to-end following the firm's own standard operating procedures and policies. So the firm remains in control and the agent learns with every close. The early feedback from these firms is that book close enables them to take our technology, their expertise and automation and free up their associates' time for advisory work and deeper connection with their clients. So let's see it in action. Arundhati showed you a little bit of Intuit Accountant Suite, but please welcome me in joining Wyatt Jenkins, who will show you how IES and AccountantSuite work together to accelerate mid-market.

Everyone. My name is Wyatt Jenkins. I'm the Head of Product for the mid-market here at Intuit. And I want to show you how incredible it can be when a mid-market business and the accounting firm that serve them are working from the same financial unified platform. When this happens, it creates a durable network effect where every interaction creates value on both sides. I'm going to start today by showing you how we're serving accountants. As Ashley mentioned, Accountant Suite has over 150,000 accounting firms on it today. Then I'm going to switch gears and show you Intuit Enterprise Suite. In just 2 years from its inception, we're now at about $146 million in annualized revenue. So for a mid-market accounting -- or sorry, for a mid-market company, migrating to an ERP is a big decision. And for that reason, accountants are critical to helping make that decision. Today, we see 25% of new contracts to IES be accountant-driven. Let me show you how we're going to take and make that migration decision a lot easier within Accountant Suite. So right now, we can actually alert an accounting firm or an accountant at a firm that this particular customer is ready to graduate. Maybe we see that they have more entities or more locations or higher invoice volume. And one of the things an accounting firm can do to really differentiate themselves with their client, they can actually build a custom version of Intuit Enterprise Suite. We call these customizations, playbooks. Let's build a playbook. You're going to click here. Playbooks are a great example of a network effect. On one side of the network, a firm is able to differentiate themselves amongst a sea of competition. And on the other side of that, a client is getting a customized version of Intuit Enterprise Suite that's for their industry and for them specifically. In this example, the firm can type in natural language what they want or they can select from a number of templates for different industries to create a version of Intuit Enterprise Suite. In this example, Intuit Intelligence is actually going to make a recommendation as to what they should do here in construction. Now, when you go into this, Intuit Intelligence is going to start customizing everything, the chart of accounts, the cost codes, custom objects for that particular industry. And if the accounting firm wants, they can drag and drop and customize it further for a specific client. When they click publish, it's going to take this and it's going to push it to a live sandbox. In that sandbox, all of the customers' data is already there. Now, this is that real magic moment, right? You show up to a meeting with a customized version of Intuit Enterprise Suite just for a customer that's got personalized KPIs, personalized custom objects. That really helps you differentiate. Now, if you haven't seen Enterprise Suite in a while, it's really grown up. This is that CFO command center that shows you a consolidated view of all your entities in one spot. You can dig in deep and look at different entities, different dashboards. Over here, you've got our multicurrency conversions. You can see the power of dimensions come to life within Intuit Enterprise Suite. This is job costing by cost group, which allows you to slice and dice the data any way you want. Over here in the activity feed, you can see agents actively working on your behalf. And as we mentioned with Agent Studio, some of those agents created by your accounting firm. Below that, you can see embedded money offerings. All this is now live in Intuit Enterprise Suite. So I just walked you through the value of a playbook, the ability to customize. You can tailor it once, and then you can take that same template and you can apply it to multiple clients. Now, I want to walk you through Agent Studio. For Agent Studio, our go-to-market motion is a forward deploy. That means engineers at Intuit are going to go sit inside of accounting firms and stand it up and make sure it works great. We are currently deployed into 20 of the top accounting firms in the United States. Let's take a look at Agent Studio inside of Accountant Suite. So here, you can see there are agents that are built for the practice. This helps the practice be more efficient internally. But then you can also see agents that are deployed into clients' experiences. Now, we are starting to hear about accounting firms create a new revenue stream by building and maintaining agents on behalf of their clients. It's an exciting time. Let's create an agent together. Here, you're going to click create agent. In this case, we're going to build a construction retainage agent. In order to do that, you're going to need the billing schedule, you're going to need contract. When you do this and you describe the agent that you want to create and you click go, Intuit Intelligence is going to get to work of building out this agent. And this combines our vertical depth and data with the firm's data, firms have been serving construction companies a very long time. So it's a combination of those 2 that make it really exciting. The result is a fully customizable agent that you can build in just a few minutes to take over a workflow that might have taken a client days or weeks to go hunt down all the data for all the different construction projects that they're on. Now with this, you can deploy it to a single client or you can deploy that same agent to multiple clients and customize it for each one. After you save the agent, let's go back over to the client experience. Now the client -- the construction customer is going to log in, and they're going to see this agent working on their behalf, saving them time and money. All right. For lots of customers in the mid-market, tracking something like retainage is so painful. I know this firsthand. Every single contract, you have to hold a little bit of money back until you hit a certain milestone. And if you're working on 100 contracts at the same time, 100 different projects, it gets very complicated from a cash flow perspective. Okay. Let's talk about Intuit Enterprise Suite and some of the industry depth that we want to offer. So one of the keys to growth is the depth. As you move upmarket, you're rewarded for deeply understanding the industry and the different workflows in that industry. Now we've already talked about construction. We're very excited about the results. So I wanted to switch gears and talk to you about a few industries that are coming soon. Let's start with manufacturing. Now in manufacturing, one of the key problems is that all of your operational data where you're actually making the products are in a bunch of systems and all of your accounting data is in the back-office systems. And what this means for the CFO, is it the last one to know when a new product is unprofitable or when things go off the rails. Well, in our new manufacturing eddition coming soon, we have a native production and inventory feature set that's built directly Intuit Enterprise Suite, bill of materials, manufacturing orders, multi-location inventory, all of that is built in and tied directly to the GL. Let's switch gears to one more industry, nonprofit. One of the hardest problems to solve in nonprofit is the fact that all the money you get has strings attached. Most grants and donations can only be spent in a very specific way. Every transaction has to be coded to the right way. This lets you move money from restricted to unrestricted as it gets spent. Our nonprofit edition, which is currently in pilot, automates fund accounting inside Intuit Enterprise Suite. It releases restricted money to unrestricted and it allows you to tag every single transaction in a way that you can build all the audits and the reports to your funders that you need to run the business. One more exciting opportunity for us in the mid-market is franchise. There are over 3,500 franchisors in the United States, and they each bring a network of franchisees into QuickBooks Advanced and Intuit Enterprise Suite. Our franchisor console will give a single pane of glass that works across the network of franchisees. There's really 3 key benefits. Number one, you can standardize everything like the chart of accounts in terms of all your franchisees. This gives you an apples-to-apples comparison of how those businesses are operating. Number two, you can streamline cash flow and royalties between the franchisees and the franchisors. And number three, and very important, we can use AI to surface benefits across your network of franchisees in ways that very few companies can. So we're really, really excited about the new franchisor console. We can't wait to bring this to market. All right. Wrapping up, everything you saw today is Intuit Intelligence in action, and it's a big part of how we're going to win in the mid-market. We are going to serve businesses and the accounting firms that guide them along the way. When you have both of them on the same platform, it creates that network effect. It doesn't just help existing customers, it also drives new to the franchise because accounting firms are helping customers make decisions about what they buy. Today, 70% of mid-market clients have an accountant attached, which is proof that, that 2-sided model is working. We believe this network effect not only helps businesses grow, but it also helps the accounting firms who guide them along the way. Thanks for your time. I want to kick it over to David.

Thank you, Wyatt. We are going to end with where we started. I want to get back to our key takeaways. There's really 4 things that are essential if you've taken away anything from our plan today, anything from the energy, the demos, it's really these 4 things. We are going to scale consumption and engagement of Intuit Intelligence across the platform. We're going to reaccelerate growth through the expanded lineup and really driving share and retention in our core. We're going to embed money experiences deeply to drive adoption and drive ARPC growth. And we're going to fuel our mid-market success by winning new customers with things like the industry editions you just heard about as well as the accountant network. Now that brings us to our long-term expectations. 10% to 15% compound annual revenue growth over the next 3 years for the business platform. We have all the growth levers available, volume, mix and price, and we're being prudent in the contribution that we assume from each. Our focus now is all about execution, expand market share, drive higher ARPC and build durable growth for the long term. Thank you. And with that, I'd love to welcome Kendra back on stage.

All right. Thank you, David. Thank you, all our presenters so far. Before we go to a break, I just want to let you know that the snacks you're about to enjoy, coffee this morning, dessert you'll see later, it's all from small businesses that we support. And I know probably like many of you, I had an early wake-up call. So Tico Coffee Roasters was especially nice this morning. There's another one of my favorites. These Ashley's confections has -- they have these sour gummy candies that are really good. So I hope they have those today, too. With that, we are going to take a 10-minute break. Please enjoy the treats, and I will see you right back here in 10 minutes. Thanks. All right. Believe it or not, that was 10 minutes. So please come take your seat. As everyone is coming back over, grabbing those last snacks, one quick announcement before we jump back in. After today's event, my team is going to send out a survey request. And I do ask, please fill that out. For those of you that know me, you know that I do appreciate feedback, both positive and constructive. So please share any feedback you have on the events. We do genuinely review it and think about how we can improve the experience, the day, the content, everything for you all in future years as well. So be on the lookout for the survey. With that, as everyone is coming back to their seats, we're going to jump back into the consumer platform. And so I am pleased to introduce the Head of our Consumer business, Mark Notarainni.

All right. Good morning, everybody. I'm Mark Notarainni. I'm the Executive Vice President and the General Manager of our Consumer Group. And along with my colleague, Nick Soukas, our Head of Commercialization, we are here to share with you over the next 30 to 35 minutes our game plan to win in the consumer platform. And as we go through this session, there are 3 critical takeaways we'd love you to leave with. One, we are scaling the consumer platform. That means we are transforming Credit Karma into that daily active front door for customers to make decisions across money, tax and personal finance. Two, we are evolving our tax growth model. We have aggressive plans to recapture DIY share and grow lifetime value with our customers. And three, we are going to expand assisted tax with a breakthrough AI-native service experiences, transparent and disruptive pricing and an expansion of our local presence. The opportunity ahead is significant. Our job now is to translate that opportunity into more customers, more share and a deeper, more valuable relationship with our customers. Let's take a look back at fiscal year '26. The Consumer Group grew 11% to $8.6 billion, driven by our assisted tax and Credit Karma franchise. We did, however, lose 1 point of IRS share. And that means that our DIY do-it-yourself franchise did not grow at the pace that we needed. I'm going to unpack that a little bit later in the presentation. But first, I want to talk about how we're going to position the consumer platform for durable growth. First, our consumer platform actually creates more value the more our customers engage with it. Our strategy is to grow significantly our relationships with customers in that platform. And that's why Credit Karma Money will become that front door for customers' money, tax and personal financial needs. Second, Assisted is working, but the next phase of growth for Assisted is going to be driven by an AI-native service experience, disruptive and transparent pricing models and expansion into our local markets. And finally, we will unlock our DIY funnel by aggressively competing for price-sensitive customers, growing share, rebuilding our DIY funnel and optimizing for long-term customer value. And our equation is no different than the rest of Intuit. But for the Consumer Group, what this means is we will continue to accelerate our money, assisted tax and personal finance, which is driving real momentum and has still significant headroom for growth. But in order for us to drive durable growth, we have to recapture the momentum that we've had in winning DIY customers. And the opportunity is real. Consumers today really struggle making these financial decisions because the market is a market full of fragmented, disconnected experiences. And that fragmentation actually costs customers time and more importantly, money. Our opportunity is to eliminate that complexity by building one consumer platform powered by Intuit Intelligence. And we are maniacally focused on delivering on our customers' most pressing needs as it comes to managing their personal finances. This opportunity and these problems traverse every household in the markets that we serve. And that's why our vision is to be the financial assistant that helps our customers make smarter financial decisions and put more money in our customers' pockets. This is not another dashboard. This is not more information for a customer to process. This is delivering trusted guidance, done-for-you experiences and delivering tangible benefits, more money, less work and complete confidence in the decisions that they need to make. And our customers need this personalized guidance across the full spectrum of decisions they may make -- they must make daily, weekly, annually and periodically when they make big high-ticket, high-value decisions. The Intuit platform and the Intuit Intelligence compounds that customer benefit and monetization over that full spectrum. Our richer data sets sharpens our personalization, better personalization drives engagement. Engagement leads to more monetization opportunity, and it all culminates with putting more money in our customers' pockets. This is the power of Intuit Intelligence and leads me to our 3 strategic priorities. We are completely focused on our North Star. We are putting more money in our customers' pockets, 3 strategies or 3 priorities with 1 connected growth strategy. We're going to scale the consumer platform, evolve the tax growth model and expand assisted. And with the consumer platform, we can acquire a broader set of customers. With tax, there's a high engagement, high moment of time for us to engage with customers. And with assisted tax, we're able to serve more complex customers at materially higher customer value. And with Credit Karma, we have a front door to our full ecosystem of products and services, whether you're trying to maximize your tax refund at tax time, you're trying to understand and know where you stand at any moment in time with our connected accounts or maybe you're one of the 57% of our Credit Karma members that's trying to consolidate very expensive revolving debt. This is a connected platform with shared data powered by Intuit Intelligence. So let me talk about our first priority. Our first priority is all about scaling the consumer platform. That means making Credit Karma the year-round front door financial home. We will do that by providing personalized insights and information to customers and more importantly, personalized actions based on their data and their situation. Additionally, we can turn those -- that financial context into a proactive tax engagement moment because we will see when spending patterns change or income levels change or a customer has a life event, we'll be able to identify when is the right opportunity to ensure the customer knows that we have their back at tax time. And finally, we will deepen our relationships by building out our money products, our banking services, loan products and our personal finance platform through an excellent network of incredible partners. This will allow us to scale and create a daily active loop through banking services, where we're engaged with our customers every day. That insight builds as we engage with those customers, and that leads to more trusted guidance into bigger ticket items like consolidating debt or refinancing a home or potentially refinancing your auto and is an on-ramp to other embedded services. And this is a fundamental transformation in our business model. It's moving us away from a business model that was focused on a seasonal business that came once a year and interacted with customers once per year to a consumer platform that provides year-round consumer financial solutions. With that, we're able to move from maximizing the revenue per customer at a transactional level, specifically around tax time, to being able to grow tax customers and expanding the lifetime value by driving cross-platform adoption. This is a massive unlock for us. And it's a product that's going from siloed products with limited connectivity and continuity to an integrated experiences based on data powered by the Intuit Intelligence system. And we will be able -- you will be able to measure our success through 3 connected metrics. First, how many of our customers are we monetizing across the platform. That's our platform customer model. Our platform customers grew 2% last year to 37.4 million. Second metric, how are we creating value within each one of those customers? And that value is measured by our average revenue per platform customer, which last year grew 11% to $198. And of course, in order for us to return to a durable growth model, are we gaining share of IRS e-files year in and year out? This is how we will look at the success of our business and transforming into that one consumer platform. So how are we going to grow e-file share? That takes us to our second priority. We must evolve the tax model. And that starts by broadening our DIY lineup with a low-cost Credit Karma tax product. This product is intentionally designed to be simple, transparent and is designed to acquire those price-sensitive customers. We will also use DIY as an acquisition onto a lifetime value with customers. This on-ramp will allow us to prioritize customer and e-file growth over maximizing ARPC on the initial tax transaction. This allows us to grow value through the platform and the offers that we have with CK Money and Personal Finance. And finally, we are going to scale our distribution. Alex showed you some of the distribution into the frontier LLMs, but we are not stopping there. We are embedding TurboTax in payroll and fintech platforms so that we meet customers where their tax journey starts. And we have exciting proof points this year that this new acquisition model can work. In tax year '25, we deployed Credit Karma Tax as a pilot. And what we saw was very encouraging for us. It drove 80% customer incrementality. That means that this value proposition is working in driving customer acquisition with customers that we would otherwise have lost. The other data point is that 34% of the Credit Karma Tax Gen Z customers were new to the Credit Karma platform, again, showing for us that we can use that tax moment to bring more customers into our broader consumer portfolio. And this expanded line-up allows us to compete across the entire tax spectrum. Credit Karma will lead with a simple, free first proposition, acquiring and focused on price-sensitive customers. TurboTax, our TurboTax DIY product lineup is designed to help those customers with growing and growing complexity in their tax situations. And then TurboTax Expert Assist and Full Service is designed to acquire those customers that are seeking the confidence of an expert. And this year, because we are deploying an AI-native experience, we're going to be able to expand the single most valuable component of that interaction, which is the signature of an expert deeper into our expert assist products. This is truly going to open up our opportunities to serve more assisted customers. More on that later when I go through our third priority. But let me just take a little bit of a deeper dive into Credit Karma Tax. This year, we delivered a product that was simple and transparent, $0 for federal return and $15 for your state with no interruptive upsells. We also built this natively in Credit Karma, which means that it's a one-click seamless start experience, bringing over all your data, making for a delightfully simple tax filing experience. And what's really important is that we saw this as an on-ramp to a greater lifetime value with customers as they're natively embedded within Credit Karma and will consume Credit Karma money products, personal finance products and ultimately, as their life changes, be able to consume assisted taxes. And I shared with you evidence that we had during the tax season, but this product is already deployed 100% into our Credit Karma platform. And what we're seeing today is that it's delivering the highest product recommendation score that we have in our entire DIY product portfolio. We're very excited about the role that Credit Karma Tax is going to play in acquiring those price-sensitive customers. Which leads me to our last priority, expanding assisted tax. We are going to unlock scale because we are going to be an AI-native service experience with disruptive and transparent pricing. Nick is going to show you how that product is going to come to life. Very excited about the progress that the team has made here. Second, we are going to expand our local presence by north of 30% and we're going to increase our presence in priority markets, specifically around the country. And finally, we'll be deepening our relationships with our customers beyond filing. This means for a services-based product, enabling our customers to prebook and preschedule their time with their expert or maybe have a midyear check-in with that expert or be available for any proactive engagement in the moment that you might have one of those life events where you just want to ask a question. And we have significant momentum in assisted tax. Last year, we nearly doubled our assisted share. Additionally, we learned that our transparent value-based pricing with our $150 offer attracts new customers. 25% of our full service growth came to us because of that transparent price offer. Our job here is to scale and reach more customers. And we're enabled by the Intuit Intelligence System that is across Intuit to be able to reach customers in new and exciting ways. And with that, I'm going to turn it over to Nick, so he can show you how this whole innovation comes to life in our products.

Thanks, Mark. I'm Nick Soukas, Senior Vice President of Commercialization for our Consumer Group. Mark just laid out our consumer strategy. And now I'm going to show you how our financial system of intelligence brings it to life through 2 customer journeys. First, we'll follow Daniel, whose journey shows how we're evolving our tax growth model to win DIY customers beyond tax season using TurboTax and Credit Karma as 2 powerful entry points into a year-round financial relationship. Daniel is 23. He earns less than $50,000 a year and is one of 60 million Americans navigating the early stages of their financial lives. Daniel was recently blindsided by a $10,000 emergency vet bill, and he maxed out his credit card to cover the cost. Overwhelmed, he turns to TikTok for advice. And he's surprised to see that others are using Credit Karma to pay off their debt. While he's used Credit Karma in the past to check his credit scores, that's the only thing he's used it for. When he enters Credit Karma, he sees that the homepage looks different. His account balances, spending and scores are all together in one place. Daniel had previously connected his accounts, and so his dashboard is populated and already working for him. Soon, he'll be able to see our new AI-generated weekly financial insight, where he can tap View Recap for a summary of his spending and a deeper look into his debt situation. In this case, Daniel still has questions, and so he asks Credit Karma Intelligence for help. Credit Karma Intelligence proposes a personalized plan to pay off his debt, leveraging our debt agent. And because our financial system of intelligence understands Daniel's deeper financial picture, we can provide this level of tailored advice. He taps Build My Debt Plan, and we generate a plan that accelerates his payoff date by over a year through a 0% APR balance transfer credit card. Now we don't just tell Daniel what to do. We help him act. He taps Activate Plan, and he's routed directly to the application. This card reduces his payments through lower interest powered by Lightbox, our proprietary technology that allows partners to offer highly personalized rates directly on our platform. He taps confirm directly in the chat. And upon completing his application, he's quickly approved. Daniel's journey is one example of the scale that we're already driving as a platform. Today, approximately 1 out of every 9 credit card approvals and personal loan originations in the U.S. comes through our AI-powered platform. But for Daniel, approval is just the beginning. Year-round, Daniel also has insights from Credit Karma about his cash flow. In this case, flagging increased spending on Amazon. He can tap into for a deeper look into the breakdown of these expenses or he can simply ask for coaching about his personal financial situation. In this case, Daniel would like to visit his baby niece, but doesn't know whether it will set him back in his debt journey. Credit Karma Intelligence looks across his debt plan, his spending and the trip costs to provide a recommendation, knowing his spending habits. It recommends traveling in May and opening a Credit Karma savings account to save for the trip instead of using his balance transfer card. Now Daniel can feel confident in his financial decisions because the recommendations that Credit Karma is providing are backed by his broader financial context. And when tax season comes around, Credit Karma will be there to support Daniel in getting his maximum refund and his money fast. Credit Karma Intelligence sends a notification that it's that time of year. It includes an estimate of his refund directly within the notification. And because we've been his savings partner all year long, when Daniel taps in, he sees Credit Karma taxes, our new completely free federal tax filing experience, where most of the work is already done for Daniel. Credit Karma Taxes is already generating 80% incrementality and higher monetization and product recommendation scores than TurboTax Free Edition. Daniel decides that he's going to complete his taxes within Credit Karma. He sees his refund. And next, he decides how he wants to direct it. He chooses to put it into a Credit Karma checking account, where we can help him optimize his refund by recommending that he put it into a Credit Karma savings account for his next financial emergency. This is our consumer platform flywheel at work. Now let's see how the same platform is uniquely positioned to generate new to the franchise growth through assisted tax and our trusted AI and human intelligence. Every year, 14 million assisted filers, that's people who are already paying a Pro to do their taxes, shop for a new one and about 1/3 of that switching is driven by price. Mariah is one such potential customer. She's 44, a physician's assistant and has used a CPA for years. Mariah wants to do more of the work herself, but she still wants an expert to validate, Sign and File at the end. So she decides to do some research. Thanks to our 75% AI answer presence, higher by 35 points versus the next competitor and on par with IRS.gov, we can meet Mariah where she is, such as her LLM of choice. She types her query around finding a CPA alternative and views the response. She taps the top option, which takes her to turbotax.com, where she sees a completely new offering leveraging AI to do taxes on her own, but still with an expert who reviews and signs backed by their guarantee. She taps to get a personalized quote, answers a few questions about her tax situation, such as the states she'll file in and also her cash flow sources. And then she gets a personalized upfront price quote, nearly $100 cheaper than what she paid a Pro last year. Now what you're about to see is not full service, where an expert completes the preparation end-to-end. It's called sign and file, and it's what Mark mentioned earlier. This is an AI-native virtual experience where the customer prepares their return using AI. Then a trusted human expert reviews, signs and takes accountability for the outcome. Mariah is intrigued, so she taps to get started. She creates her account and our immersive AI guides her through her return. She shares her tax documents by securely connecting her accounts, which in turn creates a shared data foundation. And now, the AI automates all of the preparation for Mariah . And when it's finished, it surfaces insights to let her know that it's done the work on her behalf and gotten her, her maximum outcome. At any point, Mariah can choose to ask a question by simply typing it directly in the AI chat interface. In this case, why did I get two 1098s? No more searching on the side or waiting for her CPA to respond. At this point, Mariah can choose to talk to an expert, but she's pretty clear on the response and she chooses to keep going. Next, she completes her taxes directly in the AI interface and selects Review My Return. The AI performs a comprehensive check before showing her her refund. And now Mariah is ready for the added reassurance of an expert check. So she hands her return off to Sergio. This shift allows us to meaningfully scale our human experts through automated preparation. Coming soon, the AI prepares the return and the expert applies judgment and takes accountability at scale, enabling competitive pricing as a powerful differentiator. Mariah can track Sergio's progress at any time on her return. She can see the changes he made and also review his notes on her file. She can choose to speak with him now, but she's actually comfortable with the changes, accepts them and proceeds. Next, she decides how she wants to direct her refund and sees an option for a TurboTax refund advance deposited directly into a Credit Karma checking account. This grants her expedited access to her funds, and so she chooses this option. She sees her previously quoted upfront price and chooses to pay with her expected refund. And now Sergio does what AI cannot. After reviewing her return, he signs and files it, accepting accountability for the outcome. But the tax return is just the beginning because now Mariah has year-round access to a tax expert, including the suggested midyear check-in to keep her on track. And just like that, Mariah's refund lands in her Credit Karma checking account, kickstarting her broader relationship with our platform. From here, her relationship with Credit Karma continues just like Daniel's, 2 different customers, 2 different front doors, one consumer platform, powered by a financial system of intelligence. Both Mariah and Daniel show us how we're winning customers earlier, we're monetizing the full relationship beyond a single tax moment and getting smarter with every interaction. That's the flywheel. More customers, deeper relationships and durable growth for the consumer platform, where we already have 37 million customers and average revenue per platform customer growing 11%. Now I'll turn it back to Mark.

All right. Well, we are truly excited about the opportunity we have as a consumer platform to change our customers' financial lives. But I'm going to start -- I'm going to go back to where I started. We have 3 critical priority areas. This year, we will scale the consumer platform, making Credit Karma that front door to those critical decisions around money, tax and personal finance. Two, we are going to evolve our tax growth model by aggressively aggressively engaging with those price-sensitive customers, building our funnel, growing our share and growing lifetime customer value. And finally, we are going to transform Assisted Tax and expand our tax product. We're going to grow our tax acquisition of new-to-the-franchise customers with an AI-native experience, disruptive and transparent pricing and expansion into our local markets that matter most. The opportunity is real, and we have proof points across each one of these strategic priorities. However, we have a lot of work ahead, and we are maniacally focused on executing for this upcoming tax season. With that, the consumer segment is going to grow 4% to 8% compounded annual revenue growth rate over the next 3 years, driven by 3 things: share gains in IRS e-files, scaling Assisted Tax and deepening those relationships with our customers across Credit Karma. In the near term, customer growth, we believe, will outpace ARPC. But as we rebuild our funnel, ARPC will become a contribution to increasing our growth over time. Now with that, I'm going to turn it over to Sandeep. Thank you.

Good morning, everybody. Nice to see you here on our campus. Thank you for spending part of your day with us and your continued support of Intuit. Today, I'm going to cover the 4 things that drive my confidence in the strength and the durability of Intuit's financial model. It starts with the Big Bets, each one of them growing north of 30%, together, representing about 30% of the company's revenue and having ample opportunity to continue to deliver strong growth across the $300 billion addressable market. It's our focus on accelerating customer growth, ensuring we are building a durable long-term growth franchise as these new customers continue to deepen their engagement across the platform. It's our track record of being disciplined operators, investing in growth while expanding margins. And it's our stewardship of shareholder capital, continuing to do consistent dividend increases as well as returning capital through buybacks. When we met last year this time, I shared with you all the objectives for the year ahead. At the overall company level, we had a strong fiscal '26 across growth, profitability and cash generation. Intuit's overall revenues grew 14%, surpassing $21 billion in revenue. Our Business platform grew 18%, 16%, including Mailchimp, and Consumer platform grew 11%. With a focus of investing for durable growth while driving margin expansion, we grew our GAAP operating income and EPS 20%. We had strong cash flow generation and returned nearly 80% of that cash to shareholders through dividends and buybacks. While we delivered on our financial commitments at the overall company level, we did not meet our expectations of performance in tax and customer growth. That performance in fiscal '26 solidified the foundation in many ways and also highlighted areas where we need to continue to evolve. Those areas include accelerating customer growth, deepening the engagement customers have across the platform and continuing to be disciplined in investing in growth while expanding margins. Our approach to operating the company has been guided by the financial principle, and this remains durable. Our top priority is operating to organic double-digit revenue growth. I see ample opportunity across a massive $300 billion addressable market for us to deliver on this principle for years to come. We want to make sure as we're scaling the business, we are leaning into efficiencies, economies of scale to expand margin, leading to operating income growing faster than revenue. We want to be disciplined in how we deploy our capital, organic growth being our top priority, while we're disciplined about pursuing M&A where it makes sense and it meets our ROI thresholds. We want to maintain operational flexibility, ensure that we're leaning into it from a position of strength regardless of the macroeconomic environment. And finally, continue to be good stewards of shareholder capital, leaning into consistent dividend increases and buybacks. With a 7% penetration across the $300 billion addressable market, we have ample opportunity to continue to grow. This opportunity is broad across both our Business and our Consumer platform across multiple customer needs that we are well situated to address. The Big Bets are the keys to unlocking this opportunity and capturing more of it comes down to execution. Our Big Bets are delivering at scale. You heard how each one of them are growing north of 30%, but that growth isn't just a 1-year phenomenon. Since fiscal '23, our Big Bets have grown at a compounded annual growth rate of 30%, more than 2x the company's growth. These are no longer emerging businesses. These are delivering at scale today and will continue to do so for years to come. When you step back and look at the Big Bets, what stands out is the breadth of the performance. Each Big Bet is well north of $1 billion, delivering strong outcomes. And these Bets are across multiple customer needs and end markets. While growing Big Bets is one side of the equation, the other side is growing the scale of the platform that comes down to delivering customer growth. This past year, we did not meet our expectations on customer growth. We lost share in tax. On the Business platform, growth decelerated 2 points. This morning, you heard from Mark, Ashley and David, the actions they are implementing to reaccelerate customer growth. While the actions differ by market, the core strategy comes under 3 pillars: broadening the front doors. This includes a more competitive, transparent DIY offering, continuing to show up local, includes a broader lineup in our business platform and a broader distribution to meet the customers where they are. It's focusing on the priority cohorts, including switchers, non-consumptive businesses and price-sensitive consumers looking to engage across the platform. And it's continuing to deepen the customer's relationship across the platform, helping them discover and consume more parts of the platform and as a customer's needs evolve, helping them upgrade to offerings across the platform. Customer growth is a key part of building a durable growth franchise. We have a long track record of compounding ARPC across our platform, across both the Business and the Consumer platform. On the Business platform, ARPC is north of $1,100. On the Consumer platform is nearly $200. And what stands out when you look at our ARPC trends is that at the upper end of the ARPC across both platforms, we are compounding it at a strong double-digit rate. This is our Big Bets, our platform adoption, our innovation and pricing for value working as it is intended to. What also stands out is at the lower end of the band, we are shrinking. And this is why we have a renewed focus on accelerating customer growth to refill those lower bands that over time will compound into higher ARPC. That is a key to a durable double-digit organic growth franchise. As you heard this morning, the strategy is pretty straightforward. Scale Big Bets, accelerate customer growth. And our financial model is set up to fund both of these for success. Now let's connect the growth strategy to the financial outcomes. Our track record of being disciplined operators has led to strong growth. Since fiscal '23, revenues have grown at a compounded annual growth rate of 14%. Our approach of leaning into efficiencies, improving unit economics while investing in growth led to margin expanding over 5.5 points in the same time, driving operating income on a GAAP basis at a 23% compounded annual growth rate. This is a snapshot of Intuit's financial model, deliver strong growth, invest in what matters for the future and lean into efficiencies and productivity to have operating leverage across the P&L. That operating leverage shows up across multiple lines. On gross margin, as an example, we expect that to continue to grow over time as model optimization, improvements in unit economics, continue to drive efficiencies, offset higher use of AI in the years ahead. Across our operating expense lines, sales and marketing, R&D, G&A, we expect them to be flat to down over time as we continue to lean into operating as a platform company. The takeaway is very straightforward. Intuit is committed to continuing to drive margin expansion even as our experiences evolve more towards services using AI and human expertise. AI is a key part of how we innovate and how we drive efficiencies. We spent about $110 million in tokens this past year and saw strong outcomes on that spend using a 4-pronged approach. The first is what Alex touched on, a sophisticated AI optimization layer that matches the model to the outcome, balancing speed, accuracy, risk and cost. Second is the approach to continue to operate as a platform company. We build something once and use it across the entire business. It's a discipline in measuring what matters, ensuring that where we are putting our money, we're getting the ROI that we expected. And it's our process of testing, building something, experimenting, ensuring there's quality before we start scaling it. And this approach is paying off. Our investments in AI on the tech platforms are paying off at a 4x rate, including saving 85,000 developer days and increasing our velocity of coding by 40%. Investments in AI and automation in our customer success organization drove over $135 million of savings this past year. And having an AI-first approach to customer support allowed us to address the overwhelming majority of customer outreach without ever escalating to a human expert. These are select examples, but what they highlight is that AI is a core part of how Intuit drives efficiencies and accelerates its velocity of innovation. We are also making meaningful progress reducing stock-based compensation. It is down several points since fiscal '23, and we are committed to bringing it down to 8% of revenue by 2030, while we continue to attract and retain top talent. Stock-based compensation is a recurring expense, and we're disciplined about how we allocate it. Therefore, going forward, it is included in all our non-GAAP measures. Our approach to running the business has yielded strong earnings growth. Since fiscal '23, GAAP EPS has grown at a compounded annual growth rate of 25%. Majority of this growth came from solid revenue growth and margin expansion, while buybacks offset dilution from stock-based compensation, and this past year allowed us to reduce our share count by about 2%. That strong earnings translates into strong free cash flow generation. Free cash flow grew at a compounded annual growth rate of 22% since fiscal '23, 8 points faster than revenue and largely in line with operating income growth. This past year, we delivered 40% free cash flow margin, including a $1.2 billion benefit from tax law changes related to R&D. But even with that context, since fiscal '23, we have delivered $24 billion of free cash flow, giving us ample optionality to invest in the business and return cash to shareholders. And our approach to allocating our free cash flow follows a very simple sequence. By far, the top priority is investing in organic growth. This includes continuing to invest in scaling our Big Bets and continue to invest in accelerating customer growth. We want to maintain an investment-grade balance sheet and remain highly disciplined about when we pursue inorganic opportunities to meaningfully accelerate our time to market and where they achieve our ROI goals. And excess cash, continue to return that to shareholders, consistent dividend increases and a strong buyback program. That approach of returning excess cash to shareholders has yielded $17 billion of cash being returned to shareholders since fiscal '23. That's 70% of the free cash flow we generated during that time. This past year, we returned 79% of our free cash flow to shareholders, including a 15% dividend increase and nearly doubling our buybacks. As I look ahead to fiscal '27, we have declared another 15% increase in dividends, and I expect buybacks to play a meaningful role in how we use our excess cash. With that, let me shift to fiscal '27 priorities. The top priority, as you heard all morning, is building a durable double-digit growth franchise. That comes down to continuing to scale our Big Bets, accelerating customer growth and deepening the engagement those customers have across the platform. It's continuing to be disciplined in how we run this company, investing in what's going to drive growth in the years ahead while using economies of scale, efficiencies and technology to drive margin expansion. In fiscal '27, we are committed to growing our EPS ahead of our long-term commitment of high teens on a non-GAAP basis, and we will remain disciplined about being good stewards of shareholder capital with dividend increases and a strong buyback program. Now let me touch on guidance. This guidance is consistent with that, which was shared on the August earnings call. At the overall company level, we expect revenue growth of 9% to 10%. That is a step down from the year before, and I'll unpack that momentarily. On the Business platform, our expectation is revenue growth of 13% to 14%, including a low single-digit decline in our desktop ecosystem as that customer base continues to shrink with customers moving to online offerings. On our Consumer platform, we expect revenue growth of 4% to 6%, including growth of 2% to 3% in TurboTax, where we are making deliberate decisions on the DIY platform to recapture share. On the Credit Karma, we expect revenue growth of 11% to 13% as we make prudent assumptions around how partners continue to increase their spend and how we continue to take increased share of that spend. And going forward, we are also breaking out Mailchimp as a separate reporting segment to drive transparency around how we are managing it for profitability to maximize its value. Consistent with our financial principles, we are growing operating income and EPS meaningfully faster than revenue, driving margin expansion, including a 440 bps margin expansion on a GAAP basis as we lap the restructuring from the past year and 260 bps margin expansion on the non-GAAP basis. When you step back and reflect on our performance from fiscal '23 to fiscal '26 and the guidance for the year ahead, what stands out is that Intuit is a strong compounder with a focus on driving durable revenue growth, commitment to continue to expand margins. We are delivering operating income and EPS growth meaningfully faster than revenue. This is by design. This is our financial principles working and driving how we make decisions across the company. We are also reaffirming our long-term expectations. Our priority over the next 3 years is to scale our Big Bets, accelerate customer growth, deepen engagement those customers have with the platform. With that context, we expect our Business platform compounded annual growth rate over the next 3 years to be in the 10% to 15% range. Our Consumer platform's growth to be in the 4% to 8% range. And with our commitment to continuing to accelerate increase margins and continue to share buybacks, we expect our EPS to be -- to grow in the high teens on a non-GAAP basis during that time period. You heard from us this morning the importance of execution. You heard from Mark, Ashley and David, the actions they have implemented to scale Big Bets, accelerate customer growth and deepen engagement across the platform. This is a scorecard that we use to hold ourselves accountable and that we will report on to you all at a regular cadence so you could continue to underwrite our pace of execution. With that, I'm going to close where I started. The 4 areas that are driving my confidence in the strength and the durability of Intuit's financial model. It's the Big Bets, the growth they have delivered, the growth they are delivering today, and they will continue to deliver for years to come. It's a renewed focus on accelerating customer growth, something we were exceptional at just a few short years ago, and how that builds a durable long-term growth franchise. It's a track record of being disciplined operators, investing in what matters for the future while driving margin expansion. And it's a stewardship of our shareholders' capital, continuing to do consistent dividend increases and having a strong buyback program. I know we've shared a lot with you all this morning. Why don't we take a 10-minute break for you to gather your thoughts, and then I'll have Sasan join me on stage to take questions from you all. Thank you.

All right. Welcome back. We're going to open it up to your questions, and my amazing friend to my left is going to decide who to call on.

Let's start with Siti Panigrahi since he had his hand up first, and then we go to Brad.

Thanks for hosting us and Kendra and team, great job. And congratulations, Kendra, your first Investor Day here. Question I have, one message I found today. I have 2 questions. Let me start with that and second, I'll have a follow-up. One key message is you're going to focus on new customer acquisition. That's kind of the key message today. And Sasan, you know always that customer acquisition is kind of important for Intuit. You used to grow like 10% to 20% growth. What, kind of, made you not to focus on that earlier? And why you think that now you can refocus it back?

Yes. What happened and why now? Great question. Maybe I'll get us started, Sandeep. First of all, I would tell you that I personally underestimated the amount of focus and change that was required on our Big Bets. The amount of mind share, capital allocation, talent that it took to build out our platform end-to-end to really understand the go-to-market motions, all the innovation that you saw on stage and all of our progress, I totally underestimated what that would take. And that really took an incredible amount of effort in the company. And remember, to scale our Big Bets, beyond building out the platform, beyond the go-to-market motions, we actually ignited a lot of new-to-the-franchise customer growth in context of our Big Bets. Now we're a meaningfully different place. The talent we have, the way we're organized around the Big Bets and then the progress that we have made. The second thing I would say is, I remember, I think it was 13 years ago, when I went to TurboTax, my charter was to take share. And by the way, back then, we didn't even have Assisted Tax. We didn't have any of the platform capabilities that we have today. And we took 4 to 5 points of share over a 2- to 3-year period. I was given the same charter when I went to the business group, which is take share and grow customers. We didn't have the platform capabilities that we have today. And the reason I go back to that story is it is incredibly freeing to be clear about now is the time to do both. And I think that's the reason for why now. We have spent 4 or 5 years investing significantly in AI across our platform. It's igniting innovation across the entire company. We've expanded into Assisted Tax meaningfully. We've expanded into mid-market. Money is now the core benefits that we deliver. And now we just got to continue to scale that. And now is the time, but we've been laying the groundwork for the past year to accelerate customer growth. And it's why we chose to reset expectations to accelerate growth. I wanted to create room for the company. I wanted to create room for my team to not only scale the Bets, but to take share. And the reason that's so important, I recognize it's obvious to say it, but the reason that's so important is when you look at the fact that 75% of the customers that came into the Assisted segment were from our DIY, those are the customers where we took share years ago. When you look at the fact that 75% of customers upgraded into mid-market, and we still have a 700,000 base left to go after, those were customers who were 4 or 5 years ago we took share. And so it's not like we forgot about new customer growth. It's not like we didn't realize it was important. It was what it took to scale our Bets. And now we have set ourselves up for durable long-term growth by not only scaling our Bets, but going after customer growth and the room that I think I have provided -- we have provided to the company to be able to do both because it is competitively positioning us. We've got great innovation. We now can monetize across the platform. I needed to give the company room to do both, and now we're going to do both.

Yes. And just -- and the follow-up to that, probably either of you can answer is the current investor debate right now is this fiscal '27, is that a deliberate reset or it's, kind of, represents a structurally lower kind of growth rate trajectory for Intuit, all your business. So what do you need to specifically need to happen or you need to see to, kind of, give you that confidence that revenue can again reaccelerate probably to that double-digit growth rate?

Yes. Fiscal '27 is a deliberate reset. Our focus on the 3-year CAGR, as I highlighted, is continue to build upon the momentum we have on the Big Bets, continue to scale them with an increased focus on new-to-the-franchise in the Big Bets. It's a focus on accelerating customer growth. But the other thing, Siti, to complement Sasan's earlier answer, what do we have today that we didn't have 4 or 5 years ago is a true muscle around customer life cycle, marketing and management. We have gotten order management better in helping customers discover and adopt more parts of the platform, helping them upgrade. That was the ARPC slide and how strong it was compounding the top end. So that is getting the customers in, using the muscle to get them to move up, and that's a journey, hence, the focus on the 3-year areas. So that's what we need to do. I need to demonstrate in fiscal '27 is a pivotal year and demonstrate that our execution is strong across both of those. And once we demonstrate that, I think you'll be much better placed to underwrite the CAGRs going forward. Brad, let's go to you and then we'll come to Adam.

Brad Zelnick, Deutsche Bank. Again, I echo what a wonderful day it always is and especially with Kendra leading the charge. I guess 2 questions. Following Siti's first question, you've been focused on accelerating your Big Bets and developing your upmarket muscle over the last few years. How do you think about ensuring that the organization can focus on adding customers, both up and down market at the same time? And my follow-up for you, Sandeep, is the world seems to be evolving very, very quickly. Can you just talk about the feedback loop that you have that enables you to forecast as accurately as possible in a rapidly changing world and maybe dimensionalize how your guidance accounts for perhaps a wider range of outcomes than in the past?

Maybe I'll -- if I could just take the first one around how are we going to be able to now focus on both. In the past, it was new customer growth only. Now it was the Big Bets. Now we're going to do both. How are you going to do that? And I would say 3 things. One is focus, second is mechanisms, third is monitoring. The focus is -- this is where we've matured so much over the last 4 to 5 years, where we have dedicated teams end-to-end that are single threaded with capital that's been allocated to what has to happen in mid-market. That is -- and I'm using mid-market as an example, that is a very separate team than the team that's chartered with winning customers that are either switchers or business customers that are new to software. So it's the focus that we've put in place by teams that own different missions, different outcomes because you can't have the same team that owns both. The second is mechanisms. We collectively, and Sandeep and I have mechanisms where I spend my time going deep on products in mid-market and how we're going to win in go-to-market. I spend separate time going deep on the front doors that we talked about today and how are we going to win with QuickBooks Free? How are we going to win with QuickBooks Lite? How are we going to win with money as front doors? So we have mechanisms that are separate from one another that drives the accountability that not only we expect and we talk about with our customers, but to you all. And then the second or the third is just monitoring. We look at KPIs. You saw what Sandeep talked about at the end. Those are KPIs that we look at on a daily basis that are very specific to what we've communicated to you all. So we've just matured over time where those are the 3 dimensions which allows us and gives us confidence to focus on both dimensions, winning on the high end, but also winning on the low end. Same thing applies to across the Consumer platform.

And on the guidance side, our approach remains durable. We want you all to have the utmost confidence in the guidance we set. And we have looked at the performance. We model out what are the things that we've tested, learned and how they will scale and make sure we have the high confidence in the numbers we put forward. So that's the approach that we took this year, consistent with the approach that we've taken since fiscal '23 when I took the seat.

Appreciate the day and the content as always, it's Michael Turrin with Wells Fargo Securities. You always give us the ARPC slide. And this year, we see the TurboTax Live number came down a touch versus last year and last year and the prior years, there had been a pretty marked improvement. And so I'm just wondering if you can speak more to your views on pricing power that you still have in TurboTax Live as you add functionality. How do you think about that? How you think about the trade-offs of the pricing between DIY and the Live strategy? And if any of that just ties back to the importance that you're articulating with top of funnel and the DIY strategy overall?

Sure. If I may, I'll get us started. So first of all, as you know, when you look at our TAM, the largest part of our TAM is the Assisted segment, which is $35 billion, where we have very low penetration, but product market fit and $5 billion is DIY. Our pricing power in the Assisted segment is unchanged. It is a deliberate intentional strategy to win on experience, to win on immediate access to your money as a consumer and disruptive price. And really, it's because of the investments that we've made over the years across our data layer, across our AI layer that allows us to scale something that is our largest differentiation, which is the human accountability. In the Assisted segment, the thing that matters most to anyone is sign and take accountability for my return. And when you think about the overhead it takes to pay an expert, the overhead cost that you have outside of an expert, it is very hard to be able to compete at scale at the price in which we are offering, which is $150. But because of all of our investments that we've made in automation and doing the work for our experts, not only can we take share and win at that price with the best experience, but then actually deliver benefits and monetize beyond tax. Because if you think about what Mark talked about, we finally, based on just the rearchitecture of the platform, have many front doors, but it's one platform, and it's one customer where we understand their data, we understand the contextual behavior and longitudinal data, and we can do now things for them far beyond just taxes. It's money, it's all the financial products. So the punchline is we're being very intentional with our price point. It has nothing to do with the pricing power. We have lots of pricing power in the Assisted segment, but it's actually -- our investments allow us to be the disruptor based on all the investments that we've made, and we're just being very intentional on how we do that. By the way...

Let's go to Kirk. So I'm not accused of just sticking in this and I'll come to you Raimo.

All right. Kirk Materne with Evercore ISI. Can you guys talk about what the realignment of Mailchimp means for 2 things. One, helping your customers grow. You help them manage their business really effectively, but growing was part of that. And then secondly, international. I realize you're taking a different tack with Mailchimp at this point in time, but I'm kind of curious how the strategy might evolve to have more partners that are on the sort of CRM side, if you will. Just if you could talk through that, that would be great.

Yes, for sure. Do you mind if I get to start it? So first and foremost, one of the things that we have done and what's unchanged is the customer problem. And what you saw us talk about earlier, it is really important to solve the quote-to-cash problem end-to-end because at the end of the day, it's about solving it specific to a construction company, manufacturing company, a real estate company. So the customer problem is unchanged. We have now built AI natively within our platform, the ability to be able to manage leads, manage your pipeline. And therefore, that's why the customer problem is unchanged. Our solution has changed, which is it's now built AI natively across the platform. We started first within the low end and the QuickBooks platform. It's why what I was showing you earlier around quote-to-cash is not only automating everything from managing leads, managing pipeline to invoicing, but by doing that well, it actually drives TPV growth. So we are very invested in the customer problem. We are now currently solving it AI natively, and we'll continue to invest in that area. And secondly, ultimately, our focus with Mailchimp is make sure that we are delivering for customers and running it for profitability. And what we are scaling in QuickBooks is ultimately international. It's not just focused on the U.S.

Yes. Let's carry on Raimo.

Raimo Lenschow from Barclays. And then I know, Adam, you're next, sorry. But if you think about the strategy on low-end tax, you're kind of doing free plus or a little bit more. I can see like a harder business review in a few years because on the one hand, you do free, but on the other hand, as the customers mature, you kind of still have the TurboTax platform. Like how do you make sure that you kind of keep that separation? And how do you kind of manage that journey of the client coming in, growing, all of a sudden, then he needs to start paying more a little bit. That's kind of going to be an interesting one for you.

Yes. Again, let me -- if I could kick it off. I think Mark did a wonderful job walking through sort of in simple terms, we are positioning TurboTax for more complex DIY customers and of course, to go after the assisted segment with TurboTax Live. And we are positioning Credit Karma to go after the price-sensitive simple filers. Now remember, I said TurboTax and Credit Karma, but it's one platform. And 60% of the customers in TurboTax that have defected, they are members in Credit Karma and vice versa. And so while we are very focused on, well, how do we win and what's the positioning of the brand to win on the low end and then with TurboTax to winning on the high end, it's one platform, one data platform, one domain set of workflows and then the orchestration layer that we've built on top so that once we acquire the customers through Credit Karma, as they grow, we can ultimately get them to grow with TurboTax because it's one platform and not distinct platform. So that's how ultimately we will grow with these customers over time. But it's important that we win these customers today at the right entry price, but then be able to deliver benefits and monetize beyond tax.

Raimo, the only thing I would add is, as Mark shared, when we did the testing, we got 80% net new incremental on CK tax. So our approach, and this was a test like now we're going to execute that much better, is able to separate those for the customers and they're able to come in. The share we did lose on tax, many of those customers are actually active on CK, right? So we can actually capture them there. So keep that in mind. And then also the last couple of years, we've talked about how we build this seamless connection going from Credit Karma to tax. As the customer needs evolve, as they get more complex, as they want to now pay for human accountability, they could seamlessly go into TurboTax and get all that breadth of experience. So I kind of view this as a Toyota and Lexus approach. You could easily upgrade between those 2 platforms. Adam, I know I had committed a question to you, so let me come to you and maintain my say-do. And then I'll come to you, Taylor.

Better -- sorry, it's Adam Wood from Morgan Stanley. As I said, better make it a good one now, right? So I wanted to dig in, first of all, the Intuit Intelligence platform. I guess -- and this is a big question for the industry in general. As you drive adoption of that encouraging customers to use it and not go too aggressively on the monetization side to cover the cost of that. How do you think about that balance on that platform? And then maybe at the entry-level tax side, that balance between offering the free product and then monetizing outside, could you talk a little bit about how much of the base are taking products outside of tax from you today, what you're looking at to monitor to drive that? And maybe kind of big picture, just as you go from an aggressive price monetization strategy to more about driving adoption, driving new customers, how do you make sure you don't go too far back the other way and make sure that you keep the revenue targets and so on by addressing the monetization across all of those areas and not go too far with adoption?