Good morning, welcome to Intuit's Virtual Investor Day. My name is Kim Watkins, I'm Vice President of Investor Relations. We really appreciate you taking the time to join us today. We have a great event planned for you. Sasan will kick off and walk us through progress on our AI-driven expert platform strategy. Then we'll head to a platform immersion experience to help you more deeply understand our strategy and latest innovations. I'll share more about what you can expect in just a minute. We'll take a short break, you'll hear from Alex and Greg, who will take a deep dive into our Small Business and Consumer Groups. This will be followed by Kenneth Lin, the Founder and CEO of Credit Karma, who I know many of you are eager to hear from. After Michelle wraps up with the financial perspective, we'll have live Q&A from the sell-side analysts. Anyone else can submit a question online using the Submit a Question button. Please reach out to someone on my team if you have any issues. I also want to mention that we posted two prerecorded videos on our investor relations site that you won't want to miss. One is Lara Balazs, who you heard from last year, and she'll provide an update on our corporate responsibility strategy and how it intersects with our business strategy. The other is Sheldon Cummings, our Chief Diversity, Equity, and Inclusion Officer, who discusses our approach to DEI. Sheldon has been a frequent participant in our past Investor Days as a member of our sales team, so I'm sure he will be a familiar face to many of you. We included those speakers after hearing questions on these topics from many of our investors. Before we get started, the part everyone loves, the forward-looking statements. This presentation contains forward-looking statements. There are a number of factors that could cause our results to differ materially from our expectations. See the section entitled "Cautions about Forward-Looking Statements" in the accompanying appendix for information regarding these statements and related risks and uncertainties. You can also learn more about these risks in our Form 10-K for fiscal 2021 and our other SEC filings, which are available on the investor relations page of Intuit's website at www.intuit.com. We assume no obligation to update any forward-looking statements. The presentation includes certain non-GAAP financial measures. See the section entitled "About Non-GAAP Financial Measures" in the accompanying appendix for an explanation of management's use of these measures and reconciliations to the most directly comparable GAAP financial measures. In this presentation, we may also announce plans or intentions regarding functionality that is not yet delivered. These statements do not represent an obligation to deliver this functionality to customers. Some numbers may not agree with the sum of the components, nor with the SEC filings due to immaterial rounding adjustments. Financial results are reported under ASC 606 unless otherwise noted. As I mentioned, after Sasan's comments, we'll have a virtual platform immersion experience with the goal of helping you more deeply understand our strategy. We'll be showcasing our five Big Bets and how we're leveraging our AI-driven expert platform to solve our customers' biggest pain points. The experiences are hosted by senior leaders, including many members of Sasan's staff, and we've done our best to make each session interactive in a virtual environment. I'll be back shortly to provide additional information for what you can expect. With that, let's get started. I'll turn it over to you, Sasan. Thank you very much, Kim. Well, good morning, good afternoon, and good evening. To everyone around the world, welcome to our 2021 Intuit Investor Day. I am delighted to be with you today and very excited to share with you our growth plans across the company and give you a sneak preview into some of our platform innovation that's delivering exceptional benefits for our customers. I will start by talking about the company game plan. Now, as most of you know, we have 38 years of an incredible foundation and experience that has allowed us to reinvent ourselves and disrupt the industries that we play in. Early in 2019, we built on that foundation and declared bold 2025 goals. We refreshed the company strategy, and we declared five Big Bets. All of those are intended to accelerate growth for the company as we look at the next 10+ years. Our 38-year history and our performance has landed us in some of the best places to work. It's demonstrated the strength of our culture. We've accelerated our customer growth and created tremendous shareholder value. 2021 was a great year where we beat on every key metric that we communicated to all of you. We're very proud of our progress, but I'd love to talk to you a little bit about our reflections beyond the numbers. This is something that I share with our board of directors, and it's something that we walk all employees through. These are seven dimensions that are very important to us, where we talk about where we've made tremendous progress and where we have room to improve. I'll start with what matters most, which is the strength of our culture. We have an engagement score of 85, which is best in class. We have a belonging score of 88+, and we have been able to retain our employees and bring on exceptional talent into the company. The area where we need to improve is we set some bold diversity goals for ourselves, and we fell short of those diversity goals, but it has informed our plans as we look ahead. We have tripled the number of innovations for our customers across our platform, and not only tripled the innovation across our platform, we actually have more new ideas today than we did this time last year. We view our innovation across Horizons, Horizon one, two, and three. Horizon one, simply put, is innovations that will deliver for our customers between 0 to the next 18 months. Horizon two is 18-36 months, and Horizon three is 36 months+. We are very pleased with our progress across all of those Horizons. Of course, as we look ahead, we want to do a far better job of ensuring that every innovation that we deliver, delivers unrivaled impact for our customers, and that's where we expect more progress from ourselves. One of our true north goals is goals around making the communities around us a better place. It's about job creation, job readiness, and improving climate. We had an exceptional year where we beat all of our goals. Across distressed communities, where there's great talent but not enough opportunities, we've created more than 6,000 jobs. We trained over 360,000 students, and we are 2x carbon positive. Now, the opportunity to get better is simply doing more of what we are doing. For every dollar that we invest, it has $2.02 impact locally in the communities that we serve. On the platform front, data, AI, and services is reinventing and fueling all of our innovation. We are modernizing all of our technology. We're ensuring that our customers never have to lift a finger so that the data is there that they need to run their business, do their taxes, or achieve financial freedom. In fact, this year, we've increased by 50% the number of AI models that we've deployed to fuel our innovation. That's on top of 2x last year. The amount of code that our developers deployed this past year is up 4x compared to the year before. Significant progress. For us, it's not just about the technology and speed as we look ahead to get better. It is about creating a culture of speed. In fact, we just had our Intuit Leadership Conference where we spent two days with all of our directors and above talking about how we create a culture of speed, because speed is a leadership decision, and it's an area where we believe that we are better today than we were a year ago, and we'll be better a year from now than we are today. Our five bets are durable bets that will continue to contribute for our customers and contribute to growth even 5-10 years from now. We're very pleased in terms of our progress across all of our bets. First of all, for each bet, one of the things that we do at the beginning of each year is we agree on input goals, the key things that we want to deliver for each of the input goals. This past year, not only did we make tremendous progress against all of our bets, and you'll see this in some of the platform immersion later today, but 70% of our input goals were green. We actually like the fact that 30% were yellow and red because we set a very high bar for our deliverables, and we'd rather shoot for the stars and fall a little bit short to inform our game plans by looking ahead. Now, the opportunity areas for improvement, our Big Bets, we have grand visions. We have big plans, and we have an opportunity to continue to improve the adoption of each of our products that we innovate on our platform, and to do that at such a speed so we can increase our TAM and ultimately achieve the grand visions that we set for each of our bets. We had a great year when it comes to customer growth, Net Promoter improvement, and retention in a very, very tough environment. We believe we have an opportunity to increase our wallet share. We have 14% revenue share in tax. We have an opportunity to increase our payments and payroll penetration. We have an opportunity to continue to improve our penetration outside the U.S. with QuickBooks platform. Those are the areas that inspires us for our future actions. We had a very strong financial year on top of a strong financial year the year before, and we believe that we are now positioned to accelerate and potentially even go beyond the 2025 goals that we've set for the company. As we look back, we're very proud of our progress. We know where our opportunities are, and we're very bullish about the future. The best place to start when we talk about the future is our customers. We galvanized the entire company around the set of customer problems that we want to solve about three years ago. We believe that everyone that we serve behaves like a consumer. They're trying to make ends meet. They're trying to save money, and they're trying to get out of debt. Those that chose to be entrepreneurs and go into business for themselves, they have an additional set of needs. They're trying to get customers. They want to get paid for their important work. Businesses look to access capital, take good care of their employees, and ensure that they are compliant. These are the problems we've galvanized the company around, and what's important about these customer problems is the only way to truly serve these problems is to actually be a platform. It positions us to shift from a company that's a platform that only solves tax and accounting problems, to a platform that truly becomes the source of financial freedom and fuels your success as a business to power your prosperity. Now three years ago, we also talked about key trends that informed all of our bets. I want to focus on the three in the middle. These three key trends, these catalysts, have become even more of a catalyst in the last 18 months when we hit the pandemic. We've seen a significant acceleration, 5-10 years leap forward, as more and more people are looking for virtual solutions to be able to run their life. They're moving to digital platforms to be able to access money offerings that will help put more money in their pocket and help them make ends meet. There's been an acceleration of moving online to be able to run your business or to run your financial life, and a shift to an omni-channel world, especially if you're a small business. These trends have been very critical as it has informed our future bets. It has leaped forward 5-10 years. In that context, let me walk you through our game plan. This is very important because we inspire the company relative to the purpose and why we wake up every day, all the way to the metrics that we deliver. Our mission is to power prosperity around the world. We focus on ensuring that everything that we create on our platform will, in one way, shape, or form, power the prosperity of those that we serve. Not just through our products and services, but what we do in our communities to make the world a better place. We are guided by our values. Two elements of our values haven't changed in years. One is integrity without compromise, which is always doing the right thing when no one's looking. We care and give back, which is making the communities around us a better place. But about a year ago, we refreshed our values, and it's the three in the middle. It's to really rewire the company to become even a better version of ourselves, to be more courageous in the choices that we make, to deliver unrivaled customer benefits in everything that we do, and bring the power of all of our partners and employees by focusing on diversity and inclusion, which is being stronger together. And in that context, we also declared bold goals for 2025. This, for us, is about dreaming big. It's about reaching for the stars. It's about doing things that we never imagined possible. We set goals such as anyone that's on our platform, we want to double their household savings rate, and we want to improve the success rate of small businesses by 10 points better than industry. We want to be one of the most reputable companies that our customers and our employees and our partners admire. Last but not least, we want to ensure that we have a platform that accelerates growth because of what we deliver for our customers. Now, these big dreams inform very specific, tangible True North goals. There are two elements of our True North goals. One is it's for stakeholders, and it's in this order for a deliberate reason. We focus on creating an incredible culture with incredible talent that delivers unrivaled benefits for our customers, makes the communities around us a better place, and ultimately exceeds shareholder results. The other is these goals are both short and long, one- and three-year goals, and it's what I, my team, and the whole company is held accountable for, and we have key metrics across all of these goals that you see. We have a very clear strategy to not only deliver against these goals but to deliver for our customers. There are two elements of our strategy. One, it's about creating a platform that singularly focuses on putting more money in the pocket of our customers with total confidence. It's about being an AI-driven expert platform. The only way to solve the customer problems that I talked to you about earlier is to be a platform, and to be an open platform where us and others build on our platform to ensure that customers can transact and run their business or their financial life on our platform. The more customers interact with our platform, the more we can take their behavior learnings and data and apply AI and accelerate invention and innovation. Last but not least, do that with experts on the platform digitally. AI-driven expert platform. In context of the refresh strategy that I just walked you through that we declared about three years ago, we also declared five Big Bets. I will just remind you that these Big Bets go after the largest customer problems where we believe we can make the biggest difference, and five bets that fundamentally will accelerate the growth of the company. These bets, again, position the company from a platform that's a tax and accounting platform to a platform that is truly an end-to-end platform where a consumer and small business can run their life on our platform. Let me quickly walk you through the Big Bets. The first one is about revolutionizing speed to benefit. The big problem here is that customers need data, and they do a lot of work to get to the ultimate benefit that they are looking for. This is a data and tech bet. It's about ensuring that a customer never has to lift a finger, and all their data is available for them, and accelerating the application of AI so that we can put more money in our customers' pockets and doing it with total confidence. The second bet is about connecting people to experts. One of the largest customer problems that's unsaid is confidence. Those that we serve in the spaces that we play in look to experts to help them, whether it's financial advice, whether it's to get their taxes done, whether it's to run their business. Our vision is to have a virtual expert platform on top of a very powerful digital platform where you can access an expert to help you run your life and run your business at any time in which you need it. We have a grand vision to move beyond spaces that we are in today, like bookkeeping, accounting, and tax. Our third Big Bet is about unlocking smart money decisions. This goes after the customer problem of making ends meet. Our vision here is to have a platform where we can connect you to any financial product that's right for you, to find ways to put more money in your pocket and give you expertise, insights, and advice, so on our platform, you can achieve financial freedom. Our fourth Big Bet is about being the center of small business growth. 50% of businesses go out of business after five years. The majority of businesses, more than 2/3, their biggest issue is actually getting customers. More than 75% of customers look to be able to run their business and finances in one place. Our vision here is to have a platform that truly is the source of truth for your business, a platform that fuels your business growth and not just accounts for your business growth. And last but not least, taking our game up market, which we've initially defined as mid-market being between 10 to about 100 employees. A platform that is easy to use and is the right price for you and disrupting the opportunity in the mid-market. These are the five Big Bets that we declared three years ago, and we have a 10-year+ run with these five bets. Let me talk about Mailchimp. We could not be more excited about Mailchimp joining our family. It is an absolute game changer, and it significantly accelerates our vision to deliver against Big Bet four and Big Bet five. Let me just quickly share with you again the biggest problem that our customers face. One, they go out of business after five years, 50% of them. The majority of the businesses will cite that getting customers is their number one issue. What customers tell us is, "I wish I could run my business in one place versus a bunch of different platforms where it's hard for me to understand how my business is truly doing." It's in context of the vision that I just shared, truly becoming the source of truth for your business, where you can grow your business and run your business in one place, Mailchimp and QuickBooks platform in one. Now, what does Mailchimp bring us? They bring some incredible capabilities and technology that will help us achieve this vision that I just shared with you. They help small businesses take their business online. They help small businesses market their business, and they help small businesses manage their customers through CRM tools. They have reporting and capabilities like A/B testing that is very hard for small businesses to get their hands on. You take those capabilities along with the capabilities of QuickBooks, where we can help you do things like estimate, invoice, get paid, get access to capital, manage your employees and human capital, and to be compliant. It's about creating one platform that has all the capabilities in one place. Here is the real magic. The magic is combining not only the customer data, but the purchase data that actually gives you real insights as a small business. Now I know, based on who I've marketed to, what they've bought, how many things they bought, what other things they could buy, and actually be very insightful in how I grow my business. The combination of the data on behalf of our customers truly will fuel their success. Mailchimp brings us incredible scale, 13 million+ total users, 2.5 almost million monthly active users, and incredible scale on their platform. They have over 250 partners that are integrated on the platform. And to give you a sense, more than 170 billion API calls in 2020, almost 40 billion database queries per month, and they have 70 billion contacts with over 2.2 AI predictions per month. These are impressive and staggering data, they bring scale to the family where we can do things that we never imagined possible for our customers. This has resulted in about an $800 million business in 2020 that's growing over 20%. What really is spectacular is that 60 Net Promoter Score, it's a subscription business, very much like QuickBooks, a highly recurring business, and over 50% of their customers and revenues outside of the U.S., where frankly, they've spent very little time to achieve those incredible outcomes. That is all of our game plan in one place, from our mission, which is to power prosperity around the world, to our refresh strategy, Big Bets, and the key metrics that we measure. Now, at the company, we talk a lot about life is about 1% inspiration and 99% preparation. It's about how we execute against what we do. I just want to share with you a couple of our secret sauces that combined with this very clear game plan, allows us to do things that we never imagined possible. One is CDI and D4 D. It's customer-driven innovation. It's focusing on the customer problem and falling in love with our customer problems, not our solutions. Figuring out how we can solve those problems well, and if we can actually add value to how we solve those problems. While we are in the midst of figuring that out, big to small in terms of the number of ideas that we come up with and narrowing to a couple of ideas that we then test and experiment to find the biggest problem that delivers undisputed benefit for our customers. The second is our Intuit operating system. It is how we run the company, which is focused on execution excellence. There's an element of it which is about setting expectations and clarity of strategy. There's another element which is delivering and transforming experiences for our customers. There's another element which is aligning and inspiring the whole company around what we choose to do to win the hearts of every one of our employees and our partners. You can see the elements that the mechanism that we have to run the company, I'll just point to two of them. At the top, which is looking six years out and looking backwards to see, are we thinking about things that will fundamentally change the world for our customers? To what we do on a weekly and a monthly basis, which is reviewing how we're delivering for our customers, reviewing our input goals, and making adjustments as necessary. Our strategy, our secret sauce, and our incredible assets is what sets us apart. If you look at the scale of customers that we have, especially with Mailchimp coming in, the amount of money that we move, the opportunity that we have to leverage our customers' data on their behalf to put the power of their data in their hands, it allows us to truly create a growth flywheel. Ultimately, the more customers we bring on, the more experts and partners will be on our platform, the more we can leverage their data, and the more we can innovate for our customers. This truly allows us to go after a very large TAM where we have secular tailwinds. This large TAM will be added to when Mailchimp joins the family. We'll have nearly $300 billion opportunity to go after. A very, very large TAM. Let me share a couple of proof points around the progress that we've made just this past year. When you look at QuickBooks, we have continued to accelerate the growth of QuickBooks. Almost our online ecosystem revenue growth at $2.7 billion, growing at 26%. Our ARPC and the focus of the growth of customers with high ARPC continues to grow, a large part due to QuickBooks Advanced. Last but not least, durable, impactful progress in TurboTax, where now we have another year of one point increase from the total IRS share returns. With TurboTax Live growing over 100% and delivering 14% revenue growth. We've continued to accelerate connecting our ecosystem with Credit Karma, with over 120 million members, ARPC of over 29%, and that's because of the incredible innovation across the many verticals that they're in. Payments over $90 billion in volume, growing over 40%, and incredible green shoots with QuickBooks Commerce and QuickBooks Cash. Of course, our game internationally, even in the context of the COVID environment, continues to strengthen, with over 30% of our QuickBooks subscribers outside the U.S. and over 40% growth. We're very pleased with the proof points in context of our strategy and Big Bets. I will share with you that we are equally as excited about our innovation across Horizons. As I mentioned to you earlier, we think about Horizon one as 0- 18 months, Horizon two as 18- 36 months, and Horizon three, 36 months and above. What you can see here is we've got incredible innovation. This gives you a little bit of an illustration and a purview of how we think about the impact of our innovations relative to what revenue they will contribute over a certain time frame. As I shared with you earlier, our innovation is up 2x compared to last year, and particularly our H3 ideas are also double where they were this time last year. You can see under longer term, there are some H3 ideas that we share with you and we've communicated with you, but there are a number that we've not yet shared, and we will when the time is right. Not only are we delivering proof points today, but we're very excited as we look into the future. If I could, let me end with where I started. Reimagine what we do and reinvent ourselves to deliver impactful innovations for our customers. When we declared in 2019 our refreshed strategy, our Big Bets in context of 2025 bold goals, we are rewiring the company for accelerated, durable growth, all in service of powering prosperity around the world with both our products and services and what we do to make the communities around us a better place. With that, let me turn it over to Kim. Thanks, Sasan. All right. We're ready for the platform immersion experience. We'll be taking you through experiences for each of our five Big Bets, covering our first Big Bet last as it accelerates innovation across our platform and is foundational to all the bets. For each Big Bet, you'll view a demo followed by live sell-side Q&A with the leaders in each area after each experience. If you're not a sell-side analyst, stay right where you are. There's no need to do anything. If you are a sell-side analyst, please down on your agenda and launch Zoom at the beginning of the segment so you can ask a live question. Once you're in Zoom, to ask a question, click on the raise your hand icon to be added to the queue. We'll give you more instructions before the Q&A begins. After the platform immersion experience, we'll take a short break. We'll have a countdown timer on the screen to help you manage your time so you can be back in your seat before the presentations begin again. Hi, I'm Mark Notarainni, Chief Customer Success Officer at Intuit, and I'm here to talk about our second Big Bet, connecting people with experts. One of our biggest challenges our customers face is confidence. Whether they're making a decision about their small business or preparing for tax time, when the stakes are high, it can feel overwhelming to manage on your own. We at Intuit are uniquely positioned to connect our customers with the right expert through our AI-driven expert platform. Today, we're going to show you how those experiences come to life in QuickBooks Live and in TurboTax Live. I'm going to hand you off to my colleague, Ariege, who's going to walk you through our QuickBooks Live experience. Thanks, Mark. Hi, my name is Ariege Misherghi, and I'm the Vice President and Expert Segment Leader for Small Business. Today, I'm going to show you how QuickBooks Live leverages the power of our AI-driven expert platform to deliver moments of truth for common small business experiences. Zaina recently started a general contracting business. She's growing fast, but she lacks confidence in how she's managing her business. Like 40% of small businesses, Zaina finds bookkeeping and taxes overwhelming, which is why she hasn't used accounting software in the past. She's done her research, though, and she's ready to give QuickBooks Live a shot. Once she creates her QuickBooks account, Zaina answers some basic questions about what she wants to focus on with her bookkeeper, and she schedules a call for later that day. The first moment of truth is expert matching powered by the platform. When Zaina joins the call that afternoon, our AI matching algorithm connects her to an expert. Erica is a bookkeeper with several years of experience. She knows QuickBooks inside out, and best of all, she specializes in working with contractors just like Zaina. This gives Zaina a ton of confidence. The next moment of truth is where we dramatically simplify data gathering. During her appointment, Erica guides Zaina through connecting her bank, which serves two purposes. First, it triggers automatic categorization through our machine learning algorithm. Second, it automatically pulls in bank statements, saving both Erica and Zaina time. Our goal is to eliminate hours of work and build confidence by automating document collection. Financial institutions are just one way we do this today, and we're already connected to 24,000 of them. We're also eliminating work for experts through automation and artificial intelligence. In the future, Erica and Zaina's conversation will be automatically transcribed in real time, giving both of them a great reference tool down the road. AI will make intelligent suggestions to Erica based on the conversation and what we know about Zaina, such as what chart of accounts Zaina should use or whether Zaina might be commingling personal and business finances. This is the third moment of truth, showing how we leverage the platform to deliver effortless collaboration and inspire confidence in Zaina. I'm going to hand it over to Mark, who will show you how the same platform comes to life through TurboTax. Thanks, Ariege. Each year, 88 million consumers use a tax expert to file their tax returns. With TurboTax Live, we believe we can leverage the same powerful experiences we just saw between our small business and bookkeeper to create an ongoing relationship between our consumers and our tax experts. For example, Curtis is an investment analyst living in New York City, but he travels a lot for work, and this can make his taxes pretty complex. Curtis contacts a TurboTax assistant via video call, a platform capability that spans all of our Live offerings. The assistant acts as a concierge, learning more about Curtis's job, where he lives, his specific tax situation. Based on Curtis's complicated tax situation, the assistant confirms that TurboTax Full Service is the right choice for him. This upfront dialogue is key to building a deep relationship with our experts and provides the confidence to Curtis that we will match him with the expert that is best qualified to manage his unique tax situation. Here's what happens next. The platform matches Curtis with Enrique, a tax expert who has served thousands of investment analysts. Enrique has a Net Promoter Score of 95, understands multi-state returns, and Curtis can see that Enrique has 20 years of experience. This expert matching is a moment of truth that gives Curtis the confidence he needs to hand over his taxes to someone he trusts. There are many life events that happen throughout the course of a year that can have tax implications. Things like getting married, switching jobs, or buying a home. Curtis now has year-round access to those experts to ensure that he's planning ahead for next year's taxes. For example, when Curtis's spouse starts a new job mid-year, he can reach out to the TurboTax Live team to get help on adjusting withholdings, ensuring there are no year-end surprises as his spouse makes this transition. This is year-round effortless collaboration in action. This year-round experience builds confidence, and next year, Curtis can continue working with Enrique, which will ensure an even smoother tax preparation experience. In the future, we believe we have more opportunities to deepen our relationship. If Curtis applies for a mortgage through Credit Karma, with his permission, Enrique can proactively reach out to help with any tax withholding adjustments. As we saw today, our AI-driven expert platform allows us to reach more customers, deepen our relationship with those customers, and grow our average revenue per customer. This opportunity is large, with a $20 billion assisted tax preparation market and a $22 billion assisted bookkeeping market. TurboTax Live this season accelerated total customer growth nearly 100%, new customers to Intuit grew more than 100%. By building this AI-driven expert platform instead of point solutions, we're able to leverage its capabilities to solve our customers' most critical problems with speed and confidence. Thank you. Great. Well, thank you to Mark and Ariege for your Big Bet Two presentation, Connect People to Experts. It's now time for Q&A. We have both Mark and Ariege here. We'll give just a few instructions for our sell-side analysts who will be asking questions. Within your Zoom, if you look at the bottom, there's a reaction button. Go ahead and select the raise your hand icon, and we'll add you to the queue. Keep in mind, stay muted until we call on you, and once you come over, make sure to unmute both your audio and your video so you can ask your question. Once you see yourself in the live frame, you can go ahead and ask your question, and just make sure you state your name and company. I think we are ready to get started. We do have a first question from Alex Zukin. Hey, you guys. Thanks for the presentation. It's quite remarkable to watch it in action. I guess maybe the first one for me is just as we think about the average incremental monetization that you're seeing as customers engage with the Live platform, what's it doing to the ARPU, both within the QuickBooks product and the TurboTax product? I think you mentioned some of the new customer engagement it's driving. Curious what is happening around monetization trends as people use the product. Thanks, Alex. I'll take part of that, Ariege, if there are specifics as we talk about QuickBooks Live and what we're seeing there, please jump in. What we're really excited about as we talked in the presentation is it's definitely a higher priced product, and we do drive average revenue per customer, which it's our highest based product in our portfolio. More importantly, what we're seeing is we're seeing attach go up as well as they engage with us, which is really exciting for our business, not just in Consumer Group, but also in our Small Business offering as well. What we see is retention across the entire network. Because customers start to get confidence working with us and ensuring that someone's always got their back in those moments of truth where they have those questions, it creates much more stickiness in the platform overall, whether it's TurboTax or QuickBooks. We're really excited about new opportunities that we're looking at to even dive deeper into those relationships. As we build those relationships, we see our ARPU grow through not just the product, but attach and retention. Ariege, I don't know if you'd add anything on QuickBooks Live specifically. Yeah, I'd be happy to, Mark. Great. With QuickBooks Live, we're in the early stages. Our objective right now is to get to product market fit, and we're laser-focused on that, but we're seeing some really early promising results. I'll give you one example of what Mark just described, and I'll share the example of our QuickBooks Live Setup offering. One of the things that we found last year was a quarter of our new-to-the-franchise customers within QuickBooks who canceled or abandoned their subscription did so because they didn't know how to get started, and that's something that experts in our AI-driven expert platform can help us solve. We launched QuickBooks Live Setup last year, and this year we're seeing a 3x increase in customers using QuickBooks Live Setup, and among them, their QBO retention rate, 90-day retention rate, has gone up five points. In addition to that, customers who've gone through QuickBooks Live Setup are much more likely to engage with another expert like those through QuickBooks Live Bookkeeping. Just as Mark said, we're seeing both retention and attach increase through our Live offerings. Great. Thank you so much, Alex, for the question. We have a next question up from Ken Wong. Great. Thank you for taking my question. You guys just highlighted a year-round experience. Just wondering how will that be priced relative to that single use case experience that we're used to at the end of tax season? Yeah, Ken, that's a great question. What we see evolving over time with our product, I won't get into specific pricing because I think the team's still working through those elements. What we're really looking at, especially through our Full Service in TurboTax Live, is to be able to deepen our relationship with those customers so that we can actually stay connected to them as life events happen, in particular, which we know a lot of tax decisions are actually made during the year, not just in that January to April 15th kind of timeframe. What we're really excited about is to be able to connect and create that relationship over time, not just in tax season, but between tax seasons. When they come back the next year is matching that customer back through our Full Service O ffering. It's what we've learned in our bookkeeping. We had to do that in our bookkeeping service. That relationship becomes really valuable over time as trust is built and knowledge of that customer. We're still working through all the pricing models and how we'll price products this year, but we're very excited. We're running tests through that right now on TurboTax Live. Again, it's all based on what we learned in QuickBooks Live and building that relationship between bookkeepers and our small businesses. Great. Thank you so much. Unfortunately, that's all that we have time for this segment. I know some of you had your hand raised. We will have Q&A later as well. Up next is Big Bet Three with Unlock Smart Money Decisions with Ken and Poulomi. Hi, I'm Ken Lin, Founder and CEO of Credit Karma. Our third Big Bet is to unlock smart money decisions. Many consumers don't understand their finances and struggle to make ends meet. We know 77% of Americans feel overwhelmed by their finances. Credit Karma is creating a personal financial assistant that'll help members tackle their challenges by helping them find the right financial products, putting more money in their pockets, and providing access to financial expertise and insights. We started out by pioneering free credit scores, but we've evolved significantly over the years. Today, we're a uniquely positioned data platform with powerful network effects that connect members to personalized financial products. Everything from credit cards and personal loans to auto insurance and mortgages. The company's built on trust and relationships with over 100 financial partners and more than 121 million members in the U.S., Canada, and the U.K. Our goal is to make financial progress possible for everyone, no matter where they are in their financial journey. Let me show you how it works. From our front door, members can see all of the things they can do on Credit Karma customized for them, and then take action. They can check their credit scores, view checking and savings account balances, or review/update their credit report and loan balances. They can take out a personal loan. Credit Karma shows approval odds so members can see the loans that they're likely to be approved for before applying. Members come to us when they're looking to buy a home. We help calculate how much home they can afford, get a mortgage prequalification letter, and compare curated home loan offers. We're also an auto hub. We've learned through testing that when people shop for cars, the loan is often an afterthought, and people generally just take whatever the dealership offers. That's why we've been testing new integrated features so our members can see the value of the car they've matched with us, see their vehicle records, buy a car, find the right auto loan, and save on auto insurance, all on Credit Karma. Members can also view credit card offers based on their unique credit profiles and see their chances of approval. In addition to more certainty, we also simplify the application process. We can pre-fill applications and even show approvals without them ever leaving our site. In the future, our card partners will allow direct uploading of their cards into digital wallets in real time. We make credit card and personal loan recommendations through a one-of-a-kind proprietary technology we developed called Lightbox. The true differentiator of our platform is it allows us to use the same data sets, automated valuation models, and credit files that the lenders are using. As a result, Lightbox more than doubles the average approval rate for credit cards booked outside of Credit Karma. For our financial partners, Lightbox allows them to leverage thousands of financial and tax attributes from Credit Karma members so they can find the right customers. It sounds pretty technical, for our members, it's simple. It means they can be confident that they're getting the right personalized offer for their specific needs. With that, I'll hand it over to my colleague, Poulomi, to take you through our newest product, Credit Karma Money. Thanks so much, Ken. I'm Poulomi Damany. I'm the General Manager and Vice President of Credit Karma Money. Credit Karma Money is a savings and checking account with no fees or lines. It's really designed to change our members' relationship with money and put them on the path to spending wisely, saving for the future, and building wealth. What does that look like? Let's talk about a couple of features. First, we've reinvented the idea of cashback rewards for this category with a feature we call Instant Karma. Every time you use your debit card, you could be randomly refunded that entire purchase. That's rewarding good spending behavior because you're only spending the money you have that's in your checking account and not increasing your debt. Second, members who deposit their paycheck in Credit Karma Money can access the money two days early. Third, we can remind our members to make on-time credit card payments or even recommend when and how much they should pay. This protects or improves their credit score. Now let's switch gears and talk a little bit about integrations across the Intuit platform. Let me highlight a couple of examples. We know that a tax refund can be a person's biggest paycheck of the year. It's a good way to start saving. This past tax season, we offered approximately 38 million TurboTax filers the ability to directly deposit their refund into a Credit Karma Money account and access it two days early. Further, we know consumers pay more than $30 billion in banking fees each year. That's why we recently announced an integration between Credit Karma Money and QuickBooks Payroll. This enables eligible small business employees to have their paychecks automatically deposited into a Credit Karma Money account. We're excited about the progress we made, but we're just getting started. Longer term, we see the adoption of Credit Karma Money as key to driving our members to visit the platform more frequently. We really want to become an everyday habit. Now I'll send it back to Ken to close us out. Thanks, Poulomi. We understand the confusion and frustration our members feel when it comes to their finances. We will continue to build a personal financial assistant to help them tackle their challenges. It's a virtuous cycle. As we add more offers and add new partners to the platform, the marketplace attracts more members who are highly engaged and take advantage of more offers and products. We're proud of the progress we've made, but we'll never stop working to help our members make financial progress. We hope you'll download our app and check it out for yourself. Thank you so much for your time. Great. Well, we are back for Q&A with Ken and Poulomi. Up first we have Michael Turrin. You can go ahead and ask your question. Hey, Ken. Thanks for doing this, and nice job you've done overall with the investment analyst example for the first segment, clearly the right audience for that. I was hoping maybe, Ken, you could just touch on some of your initial observations around coupling Credit Karma with the broader Intuit ecosystem. Are there additional product lines, other drivers you see now that can maybe drive member monetization levels higher over time? If so, what are some of those product lines you'd highlight? Thank you. Sure. Thanks for the question, Michael. First, what we primarily focus on is the member experience and the value that we create for them. From our perspective, one of the key attributes here is the data that drives the underwriting. We think there's a huge opportunity. Oftentimes, credit is roughly 70%-80% of the credit decisions for most of our lenders, with the other 20% or 30% being income and assets. I think that's where there's a huge opportunity. We think this is fundamentally important because for most consumers, and maybe not this audience, the challenge of getting approved, knowing a credit line, and knowing the right product, that continues to be a big issue, and oftentimes it's what keeps consumers from making movements ahead in their financial lives. That's fundamentally important. From an integrations perspective, we see a ton of opportunity. There is over $100 billion worth of tax refunds each and every year that can go into the Credit Karma Money account. There's QuickBooks Payroll. I think the list goes on and on, and we'll talk a little bit more about it, but we're extremely excited about the opportunity that is ahead of us in terms of both product, but most importantly, what we can do on behalf of our members and consumers, both in the U.S. and around the world. Thank you. Great. Thank you, Ken. Up next, we have a question from Kirk Materne. Hi. Thanks very much, Ken. I was wondering, just to follow up on your points there, how far are we through sort of the integration of the data on the back end with you all and Intuit? Meaning, can your members right now opt in if they're also a TurboTax client to sort of blend those two data fields? I'm just trying to get a sense on where you are in terms of the integration aspects of Credit Karma and, say, TurboTax today versus maybe a year ago, and where we should expect that to go maybe over the next 6- 12 months. Thanks. Sure. Well, I would say that first, it's probably more of a journey than it is a destination. All to say that there is a continuous cycle of innovation that has to happen in the space. With that said, we've made tremendous inroads in terms of putting together the data, making sure that consumers have a cohesive experience. I don't know if there's an actual number I can give you, but we're excited about all the data assets that we've put together. Most importantly, we've already seen early traction points of the data making a difference in underwriting. Just very simple examples. Income, as I've talked a little bit about, is a hugely important aspect of the ability to determine somebody's eligibility for a loan. Here for the first time, and I would think as a form of innovation, we're able to do it in a way that is coming from the sort of tax returns, which might be one of the most unique and maybe consistent and important pieces of information. Those are the inroads that we're making. There's probably hundreds, if not thousands of other data attributes over time that we'll be able to integrate. The key here is we wanna go at the speed that our consumers are going at and also the speed that our partners, our financial partners are going at. That's the key, right? We wanna make sure that we're bringing innovation at a rate that makes sense to both of those constituents. Thank you. Great. Thank you both. Again, all the time we have for questions for this section. We'll now move on to Big Bet Four, be the center of small business growth with Rania and Cassie. Hi, I'm Rania Succar, Senior Vice President and leader of our Small Business Money Offerings. Our fourth Big Bet is to become the center of small business growth. We know that 60% of Small Businesses struggle with cash flow. We have been on a mission to give our customers a unique advantage in managing cash flow with a single place to get paid, pay others, manage money, and access capital. As QuickBooks becomes the center of small business growth, we see an opportunity to help solve problems for the 30% of businesses that are product-based. Last year at Investor Day, we unveiled QuickBooks Commerce, and this year my colleague Cassie Divine is going to walk you through the progress we've made so far. Let's jump right into money offerings. As consumers and small businesses are shifting rapidly towards digital payments, we've expanded the payments tools available to small businesses in QuickBooks. We started with the very first experience a business has with the platform. This year, we've made accepting payments automatic, eliminating the need to complete an application before getting started. We did this by tapping into our advanced AI and risk capabilities. Once customers start accepting payments in QuickBooks, they can choose to have the funds flow instantly into their QuickBooks Cash account and be available to spend on their QuickBooks debit card, Bill Pay, or payroll. A big part of putting small businesses in control of their money is helping automate decisions so they can focus on running their business. This year we'll begin to roll out automated money movement within the QuickBooks Cash account, and our first application will be automated savings for sales tax. Soon, with QuickBooks Cash, small businesses will be able to set up a rule to automatically move funds collected for sales tax into a dedicated envelope. Once that rule is set up, QuickBooks will automatically calculate and set aside funds for taxes. That's the power of our ecosystem. The most natural place to organize your money is the platform you're using to run your business. We've talked about automated money movement. Let's talk about the work we're doing to smooth cash flow. The root cause of most cash flow problems is the long wait time for getting paid. On average, it's 29 days. I'm thrilled to share that we've designed and launched a powerful new invoice advance feature targeted at solving this problem for small businesses. Now, when an eligible small business creates an invoice, they can choose to get paid upfront. They'll receive 97% of the invoice value, and if the invoice advance is paid back within 30 days, there's no interest or additional cost. We're able to make this offering hassle-free as a result of the sheer volume of invoices sent from within the QuickBooks platform, enabling us to quickly assess the risk of each borrower and each invoice. All of this is incredibly exciting, but there's more. We see an opportunity to become the center of growth for businesses at the earliest stages of their journey, before they have a need for accounting. There's no more important time to serve this segment than now, given the high volume of business starts coming out of the pandemic. We've launched a standalone mobile business bank account called Money by QuickBooks. With this new banking app, early-stage businesses will be able to send professional-looking payment requests, pay bills, and see insights related to money in and money out. It's all that simple, and it's all in one place. There you have it. With this sustained investment across payments and capital and banking, we're strengthening our leadership and presence in the financial technology space. We could not be more proud about the work we're doing to put small businesses in complete control of their money. With that, I'll hand it over to Cassie, who'll walk you through the latest with QuickBooks Commerce. Thanks, Rania. Hi, I'm Cassie Divine, Senior Vice President for the QuickBooks Online platform. As Rania said, 30% of Small Businesses are product-based. In our major markets, that translates to roughly 6.4 million businesses, and we only serve 1 million of them with QuickBooks today. More than ever, these small businesses need our help. Getting customers is more important than ever, and more and more of those customers are shopping online. However, half of product-based businesses only sell in one channel, and 36% say they're afraid to open a second channel because of the complexities that it creates. While managing with pen and paper, duct tape solutions may have worked initially, it becomes untenable, and it makes getting a view of your business performance next to impossible. Let me show you how QuickBooks Commerce makes the complex simple. Once a customer signs up for QuickBooks Commerce, connecting e-commerce stores is easy. For example, connect Shopify in a few clicks, and now product and stock levels are automatically pulled into QuickBooks Commerce. When a customer adds and connects more channels, whether it is Amazon, ShipStation, or eBay, QuickBooks becomes a one-stop shop for managing inventory and orders across all online stores. This saves customers time and provides a full picture of sales and inventory. QuickBooks Commerce is already connected to over 35 of the top e-commerce providers and marketplaces, and we are just getting started. Connecting sales channels is only part of the equation. Many small businesses are using manual methods to manage order and inventory across channels, which gets in the way of growing a business. QuickBooks Commerce makes it simpler and automatic. Customers can add products and include detailed descriptions, images, pricing, and number of units, and then publish to multiple channels at once. QuickBooks Commerce synchronizes inventory across every store. If five units of an item are sold on Shopify, inventory across all other connected sales channels is automatically updated. This prevents customers from selling inventory they don't have, which also helps avoid penalties from marketplaces. Orders are tracked in one place, making it easy to manage the entire order life cycle, from payment to packing to fulfillment. In addition to helping customers with their B2C stores, QuickBooks Commerce has a customizable B2B storefront, helping customers manage their wholesale business, bringing a process traditionally run by fax, phone, pen, and paper totally online. With QuickBooks Commerce, customers have one centralized hub to see all of their data holistically across channels. They can easily identify which products are selling best and get a complete understanding of revenue. Soon, they'll be able to see which channels are most profitable. Having all of this data in one place means smarter insights to make better business decisions. All of the data in QuickBooks Commerce c ombined with the powerful insights in QuickBooks Online, not to mention automated taxes and accounting, that creates magic because it gives customers a handle on their business they were never able to get before. All of the innovation we've shown you is in service to becoming the center of small business growth. We are well-positioned to better serve product-based businesses, and early indicators give us confidence in our approach. We are building momentum in our core money offerings, processing $91 billion across our payments ecosystem, up 40% from last year. We are well on our way to becoming the source of truth for small business, and we will continue to accelerate innovation on our AI-driven expert platform. Thank you. Thank you to Rania and Cassie. Just as a reminder, if you're looking for how to ask a question, go to the bottom of your Zoom, it's the reactions button, and you can just simply raise your hand. We have a question from Brent Thill. Thank you. The Get Paid feature seems like just a no-brainer. It would assume that your customers would stampede to this feature. What are the governors? How open are you going to be in terms of opening this up to the broader install base? Really encouraging to see that feature set. I love that question. It's an excellent question and an offering we couldn't be more excited about, and you're exactly right about the way we believe, and we've already seen customers start reacting to the offering. Now, you're touching on a reason that we believe we're uniquely positioned to play in this market, and it's because of our ability to open this up widely. That's a unique thing that we can do that others aren't positioned to do. It comes from the data inside the QuickBooks ecosystem, and it comes from our advanced risk capabilities. This year, we expect to open this broadly to customers. We expect to make it seamless and frictionless. On any invoice, even an invoice as low as $500, they will have access to this offering, and in most cases, it will be instantly approved and eligible for them to have in their account instantly, soon, and within one business day to start. Massive opportunity. This is also deeply integrated into invoicing, which makes it a tremendous advantage for small businesses. They don't need to go to another place to get the invoice advanced. It's right there where they do their invoicing. We think not only will this be an offering that we see huge uptake for because it solves a massive customer problem, but it'll also fuel more customers to choose QuickBooks, to choose QuickBooks for invoicing, and to choose QuickBooks for payments. Great. Thank you, Brent, for your question. Up next, we have Michael Turrin again with a question. Hey there. Thanks again. You mentioned 6.4 million product-based businesses versus 1 million using QuickBooks today. Are there other things you can do within QuickBooks with marketing and partnerships that can increase that penetration level? Are there any high-level impressions around Mailchimp you can share on maybe what that could add here as well? Thank you. I'm going to turn it over to Cassie to kick us off, and then I'll jump back in with perspectives after she kicks us off. Cassie? Excellent. There's a lot that we can do to serve product-based businesses. There are so many things that we've all been clamoring in terms of benefits that we want to give to these customers. In terms of Mailchimp, I'll let you save that question to ask Alex after his presentation. There are a number of things as we think about solving these problems. One big piece of this is the commerce problem I talked about, and we're going to stay laser-focused on how do we help customers open up new channels, sell to the customers that are out of reach today, and automate and simplify that entire process end to end. There are also a lot of tools that these businesses need that might be based on their size. For example, as you hear Kelly and Bobby talk about mid-market, there's a fair bit of the mid-market ecosystem that is of product-based businesses. Those businesses can benefit from any of the third-party integrations such as HubSpot or Salesforce. As they go order to cash, they can benefit from the workflow engine and all of that automation. Then just across the board, there are things that we're doing, and we've heard Rania touch on sales tax. A lot of different things that we bring to bear to serve this customer, and you'll see us expand QuickBooks Online in lots of ways. Rania, I'd love to have you share any other thoughts on here. Sure. It all comes down to whether they're product-based or service-based. We are really working on a connected ecosystem strategy where 1+ 1 equals much more than two. For example, as you use sales tax with payments and banking, we automatically move the money into an account to save. That's a great offering for a product-based business or a service-based business. As you use payments and banking, you get the money instantly as opposed to having to wait till the next day, a fantastic offering for product-based businesses who have cash flow needs as well. Just touching on that, everything we're doing for product and service-based businesses is to connect the ecosystem and create benefit and advantage as they start using more services in the ecosystem. Great. Thank you both, Rania and Cassie, and thank you for the question, Michael. I know we have other questions. Save your questions. We'll have time later for Q&A, so don't worry, we'll get to them at some point. We are going to now move on to Big Bet five, and we'll have Kelly and Bobby talk about disrupt the small business mid-market. Hi, I'm Kelly Vincent, Vice President and Mid-Market Segment Leader for the Small Business and Self-Employed Group. Our fifth Big Bet is to disrupt the Small Business mid-market with QuickBooks Online Advanced. Many mid-market customers struggle to manage their business using spreadsheets. When they look for a solution, existing offerings are often too complicated and costly for their needs. Our strategy for mid-market customers is to deliver a customizable financial management system that meets their unique needs at a disruptive price point of just over $2,000 per year. It's a $47 billion market opportunity with 1.7 million high-value customers, and we can disrupt this space from beneath. After I walk you through our product innovation, I'll turn it over to my colleague, Bobby, to share how we're evolving our go-to-market strategy to attract new customers as well. First up, let's talk about how we're connecting the ecosystem for mid-market businesses. Last year, we showed you the first premium app integration with Salesforce, and we've accelerated these integrations, including HubSpot, DocuSign, PandaDoc, and Centage, helping customers save time by automating workflows across their business ecosystem. For example, when an estimate comes through HubSpot, a task is automatically generated in the Task Manager so that the estimate can be reviewed and sent to a customer to sign. Anomaly detection, enabled by AI, checks the estimate, catching common errors. The estimate is then sent to the customer, the customer receives a notification, and they can easily sign and approve with DocuSign. Of course, that's not all that Task Manager can do. As teams are more distributed, we must empower them to collaborate seamlessly. Last year, we showed you how Task Manager allows managers to assign tasks to their teams. This year, we've added automation. Now, a manager can set up a recurring task for an employee to follow up on estimates, let's say, every three days. Soon, businesses can even create tasks from anywhere in the product. For example, if a manager is reviewing their expense report and decides to share it on a weekly basis, they can set up that recurring task with the report attached. We know efficiency and coordination of work is critical. Automation helps reduce operational delays and the chance for errors. We continue to deliver new capabilities in our workflow automation platform. For example, when a bill over a certain amount comes in, a workflow can automatically generate a task for the bill to be approved by the CEO. Once the CEO approves the bill, it can automatically be sent for payment. Workflows automatically sends reminders to clients about open or pending balances, helping our customers save time and get paid faster. Finally, let's talk about enabling end-to-end business reporting. Each mid-market business is unique and needs to slice and dice their data to optimize understanding of their business performance. Last year, we introduced you to Performance Center and custom reports, delivering powerful customizable views of KPIs and reports. New this year, customers will be able to seamlessly sync data from Advanced into their spreadsheets for financial modeling, business analysis, and branded chart creation for board presentations or quarterly business reviews. In addition to automatically updating data in their spreadsheets, they can also easily update from their spreadsheets back into Advanced with just a few clicks. Accelerating innovation for our mid-market customers increases efficiency, so our customers spend more time with their customers to grow their businesses. With that, I'm going to hand it over to Bobby to take you through the evolution of our go-to-market strategy. Bobby, over to you. Thanks, Kelly. I'm Bobby Morrison, Chief Sales Officer at Intuit. While we've had strong initial traction with existing QuickBooks Online customers upgrading to Advanced, we see a huge opportunity to attract new mid-market customers to Intuit. As businesses grow, they want confidence in an offering that can grow with them. Customers have actually been very clear with three things they expect from a partner, here's what they told us. First, we need to know their business. Mid-market businesses are very different, in order to best serve them, our new go-to-market strategy is deeply rooted in understanding their industry, competitive landscape, and customers. Second, we need to truly understand their technology. Mid-market businesses rely on complex and integrated apps, websites, and desktop software to run their business. That's why we are expanding and diversifying our partner ecosystem to develop industry-specific bundled solutions. Third, mid-market customers expect expert recommendations based on their specific needs. This past year, we've launched a new global sales certification program to elevate the product expertise and business acumen of our sales team to meet the needs of our customers. These go-to-market improvements, coupled with the power of the QuickBooks Online ecosystem, come together to create an industry-leading solution for mid-market customers. They are some of our most valuable customers because they use services such as payments and payroll time tracking at a 30% higher rate. Their ecosystem services ARPC is four times that of our standard QuickBooks Online offering. We are now at 118,000 QuickBooks Online customers, growing 57% over last year, and we are just getting started. Thank you. All right. Thank you to Kelly and Bobby. We now have them here for questions as well. The first person we'll go to is Kirk Materne. Thank you. Sorry about that. Bobby, I wanted to ask you about sort of the go-to-market motion when you get into the mid-market. You mentioned that you've started to do more verticalization. How long have you been doing that for? I guess you mentioned that you've had, obviously, really good growth in this segment, but how early are you on in terms of sort of refining those marketing techniques for the mid-market? Are there any other things that you're preparing on or preparing for this year that could go another level deep as you face new competition and you have clients with new requirements? Thanks. Yeah. No, great question. We're still early days in the work that we're doing in industries. We've been out in the market for the last six months in select verticals. We've seen great success there. The ARPCs in partnership with our third-party systems integrators and managed service providers have been materially higher than when we were horizontal. We're excited about that. We're adding seven additional verticals to the two that we started with, starting literally in the month of September. We see a tremendous amount of traction when we change the conversation from a generic discussion to one that is very much focused on the industry unique needs of our customers. The response that we've been getting to date has been very positive. Look for us to continue to do more of that into the future. Great. Thank you. Thank you, Bobby, and thanks, Kirk, for the question. Up next, we have Ken Wong with his question. Great. This question's for Bobby as well. Just you mentioned kind of changing the approach on sales. I guess how does it differ versus a smaller QuickBooks customer where I think in the past, besides the website, you guys also lean on your QuickBooks Pro Advisors? Is that a channel that is beneficial to this particular end market, or is it a completely different sales partnerships that you guys have to seek out? Yeah, another great question. I'll take a stab at it, and then I'll offer up to Kelly in case she has a point of view as well. Mid-market is all about leveraging all of our channels. We have a strong channel, the one that you mentioned. We have a very strong web asset, a digitally assisted journey that we manage through our inbound and outbound sales teams. We're complementing that with these dedicated vertical teams that are going out to market hand-in-hand with a new partner ecosystem that's very different than what we've used in the past. We have depth and strength within the accounting space. Our accountant channel has been a tremendous advocate for QuickBooks and we think a competitive differentiator. Now we're complementing that advisory kind of accountant-in approach to the marketplace with a technology-in approach. This is where new managed service providers like Pax8 or systems integrators like Knowify, SOS, and others really help us differentiate the offering from a tech-in advisory. We're gonna leverage all of those channels. We'll leverage the ones that we have today, and we're building new ones that complement the strength that we have in place. Kelly, anything you would add to that? Yeah, I think you nailed it, Bobby. The only thing that I would add is, to your point, a lot of those motions are these new mid-market customers. When we look at within our ecosystem, customers that have been growing and need that additional support through Advanced and the mid-market services that we're offering, our existing accountant and ProAdvisor channel is a critical part of that. They're helping their customers grow, and we wanna help them help their customers grow. To your point, it's really not an either/or, it's a both. Great. Thanks to all of you. That's all the time we have questions for this section. We're going to move into the last section of our PI experience, with Big Bet One, with revolutionize speed to benefit with Marianna and Alex. Hi there. I'm Marianna Tessel, Chief Technology Officer here at Intuit. Our first Big Bet is to revolutionize speed to benefit for our customers. It is foundational for all of our other Big Bets and our AI-driven expert platform strategy. Our goal is to use data and AI to deliver more money to our customers' pockets, eliminate friction, and deliver confidence at every step of the way. The journey of Big Bet One is ongoing, but we made some tremendous progress. Let me turn it over to my colleague, Alex, to show you a few examples of the progress we've made this year. Thanks, Marianna. I'm Alex Balazs, Chief Architect and Senior Vice President of Platform Acceleration at Intuit. The first example of how we've increased speed to benefit is one we can all relate to. In fact, it's the number 1 error we see across all of our products, mistyped bank account numbers. Every year, 350,000 customers mistype their bank information. In a product like TurboTax, this can lead to millions of dollars in delayed tax refunds, putting serious time between customers and what might be their biggest paycheck of the year. Our new machine learning models predict the likelihood that a bank account number was mistyped. This model learns these patterns through all the bank account data we have across millions of customers in our ecosystem and alerts the customer that there's a high likelihood of a mistake. So far, it's reduced mistakes by 50%, an improvement that's led to about $450 million in refunds arriving on time. That would have otherwise been delayed. This capability was first implemented across QuickBooks, then scaled to TurboTax and Mint. It's a great example of how we're building reusable AI models to scale innovation. The next example demonstrates scaling efficiency within our virtual expert platform. This is the platform we use to provide access to live experts in offerings such as TurboTax Live or QuickBooks Live. Every year, millions of Intuit customers contact us over the phone. After each conversation, our experts spend about one or two minutes writing a summary so they can document, learn, and improve our service. Understandably, these summaries are pretty short, usually less than the length of a tweet, making it hard to really capture all the information that's needed. We incorporate AI that leverages a variety of learning models to automatically summarize on behalf of our product care experts. Not only does that save them millions of minutes per year, the comprehensive summaries build expertise and save customers almost an entire minute per call. Last year, we rolled out this technology in QuickBooks Live, and today it's being used companywide. It's another great example of how our platform approach allows us to adopt new technologies across Intuit with little effort. Our platform approach to data has unlocked opportunity within Credit Karma. In fact, Credit Karma's modern tech stack easily consumes data. It is now the model for how we are designing all Intuit apps. With consent, we can stream customer data from Intuit products to optimize their Credit Karma experience and better solve their financial problems. For example, TurboTax customers are introduced to Credit Karma if they don't have a bank account to deposit their refund. All the customer needs to do is create a Credit Karma Money account, which makes it simple and fast for them to get started. Additionally, because we empower them to use their data across all of our products, once a customer starts using Credit Karma, with permission, we can provide personalized recommendations to truly fit their needs. So far, millions of consumers have registered with Credit Karma through seamless data exchange, and we're excited about the opportunities ahead. Finally, we've enabled cryptocurrency exchanges across our platform. In just the last month alone, 150,000 users have connected their crypto accounts across TurboTax, QuickBooks, and Mint, and we're committed to staying ahead of what our customers need. Back to you, Marianna. Thank you, Alex. All of this work is core to our AI-driven expert platform strategy. We have served the use of AI, delivering tremendous benefit for our customers, saving them millions of hours of work. We increased the use of AI models across our platform by nearly 50%, and number of experiments by over 35%. We also increased our release velocity 4X, allowing us delivering feature and product faster than ever before in solving our customer problems in a fraction of assigned time too. Thank you all so much. Welcome back. We now have Alex and Marianna here for questions. The first question is from Brent Thill. Thank you. If you could just remind us on the AWS transition, it seems like you made a Big Bet here. Are you fully over completely on the AWS stack across all of your products? If you could maybe just talk to the synergy and your relationship with Amazon, and what you couldn't do in the past? I'll take that one. As you know, we embarked on a cloud journey several years ago. At this point, we are fully in the cloud. We have chosen AWS as our partner. We architected, though, in a way that allows us to really be in any cloud. We have been using whatever modern services that we find right for us to use from the AWS stack or whatever stack we see around in the cloud, and we're able to interoperate with other clouds as needed. Great. Thank you. It looks like we have no other questions at this point. I'll give it just a few seconds, and if not, we'll go ahead and wrap up. I can see the team typing. All right, one last question. Siti Panigrahi, apologies for fumbling your name, you're up to ask your question. Siti Panigrahi. My question is, this cloud and AI, ML initiative you started a few years back, it's good to see how Intuit is now leveraging that in the platform. What are the new trends that at this point you're tracking to bring it next to the Intuit platform? We keep hearing about RPA, bringing automation, a lot of enterprises now trying to focus on. Are any of these trends that you can think your small business and consumer can benefit and that you're working on next few years? Yeah, let me start and Alex continue. You're right. We continue monitoring development in AI, in data, but also in other technologies, and we continue to modernize our stack, embrace new AI modules and protocols. We use RPA where needed within our stack, and we continue looking at other things like, for example, we completely modernize our CI/CD and continuous integration, continuous development deployment, and a lot of our stack, we're looking at what's modern and utilizing that. It's something we're continuously doing, starting all the way in the app, in UI, in AI, all the way in the infrastructure. Alex, do you want to add more things to the question? Sure. Thanks, Marianna. We have a team set up that specifically is designed to track trends and areas of both technology and interaction that are important to our customers, that are things that likely we should be testing and/or adopting inside of Intuit. The other examples that I would provide are in interaction models, so conversational UI, voice UI. These are things that obviously, with all the work going on with all the cloud providers and other technology providers, these technology stacks are really becoming much more powerful. We're looking at opportunities to provide some early adoption. In fact, we have some early adoption already in CUI and conversational voice UI models. That is something we're going to continue to lean into, and we're tracking other technology trends as well to make sure that we can actually adopt them as our customers need them. Great. Thanks to all of you. This wraps up our platform immersion experience. Thank you for joining us. We'll have a quick 10-minute break, so go ahead and take your break, and when you rejoin us, just make sure to go back to the Investor Day site, and we'll start the next set of presentations. Thank you. [Break] I hope you enjoyed the platform immersion experience, and thanks for joining us again. Before we continue, I have one announcement. We'll be sending out a short survey via email following today's program. We are always looking for feedback on how we can make this day more valuable to all of you. After you fill out the survey, a code for a free copy of TurboTax Online will be emailed to you as a token of our appreciation. Next, we'll hear from Alex Chriss on our strategy for the Small Business and Self-Employed Group. Thank you, Kim. Good morning. As I walk through the Small Business and Self-Employed Group story, I'm going to start as I always do, by grounding us in our mission, our customers' needs, and how we are tackling them with our durable three-pillared strategy. We will then look back at fiscal year 2021 results and the drivers behind our success. Finally, I'll quickly highlight some exciting innovations with deeper dives on our money portfolio, mid-market, and Mailchimp, all demonstrating how our rich data connections across our ecosystem position us as the source of truth for small businesses and allow us to deliver a customer experience unlike anyone else. Our mission is to power prosperity around the world. We do this when more businesses survive and thrive. The COVID-19 pandemic obviously made this more challenging, but also more important than ever. Each week, I spend time talking with customers, and I'm constantly reminded of how resilient small businesses are. They are problem solvers. They are looking for products, and more importantly, partners to help them prosper in the face of so much uncertainty. While it has been exciting to see SMBs in the U.S. bounce back, the recovery in our international markets has been uneven, with many businesses facing a challenging road ahead. This is why we are so committed to innovating rapidly and delivering for our customers around the world. As always, our innovation is focused on solving the most critical problems small businesses face. These are not discrete challenges to be solved by a collection of single-point solutions. 76% of customers tell us they are looking for a true partner to help them solve all of these problems in one ecosystem, which is what led us to our transformation of our strategy a couple of years ago, from being the source of truth for your books, to the source of truth for your business. We will continue to strengthen our position as the source of truth for your business through our durable three-pillared strategy. We will grow the core, transforming the financial management software category and meeting customers where they are. We will connect the ecosystem, meeting a wider range of customer needs in a single end-to-end platform, and we will continue to grow internationally, serving small businesses around the world. Becoming the source of truth for your business has been a multi-year journey, as we have added services such as payroll, payments, time tracking, business checking, capital, commerce, and third-party applications. We didn't just add them, we connected them, not just to accounting, but to one another, leveraging and sharing the data for seamless and unique customer experiences and unparalleled insights. Later in the presentation, we will show you the power of our ecosystem and these data connections through the lens of our money and mid-market portfolios. With the proposed acquisition of Mailchimp, we will be able to help small businesses and mid-market businesses grow by helping them get, engage, and retain customers, leveraging the power of our combined data. Before we get to those deep dives and all the exciting innovation, let's unpack our strong FY 2021 results. Let's start with our customer and ARPC strength in FY 2021. As a reminder, last year we shared that we expect to grow customers and ARPC 10%-20% as our formula to drive 30% online ecosystem revenue growth over the long term. In FY 2021, we grew our customer base to 5.3 million, up 16% year-over-year. In balance with customer growth, our ARPC grew by 13% as we targeted acquisition of high-value offerings and realized more value from the base. The top customer segment of customers who pay over $1,000 per year continues to be the fastest-growing segment, with 38% growth driven by QBO Advanced and increased ecosystem engagement with products like payroll and payments. Attracting new customers and increasing monetization are key drivers of online revenue growth. In FY 2021, we generated $2.7 billion in online revenue, growing 26%. We had a strong balance of growth across the platform, with U.S. online accounting revenue growing 24% and online services growing 24%. Overall, QBO customers are increasing their engagement and deriving value from our ecosystem, with 40% of QBO customers now using an ecosystem service or third-party application, up four points year-over-year. Outside the U.S., online revenue grew 43% on a constant currency basis amidst greater macro headwinds. Now that we've gone over FY 2021 results, let's shift focus to our innovations that are setting the stage for our next phase of growth in FY 2022 and beyond. As we execute on growing the core, QBO Advanced and QuickBooks Live are broadening our total addressable market for who we can serve. The mid-market is a $47 billion ecosystem opportunity that we are uniquely positioned to capture. In FY 2021, we grew our base 57% to 118,000 customers while increasing our new customer mix by 10 points. QuickBooks Online Advanced customers are engaging with our ecosystem with a services ARPC 4x that of QuickBooks Online. In QuickBooks Live, while still early, we continue to see positive traction. To meet the increased demand, we doubled the number of experts on the platform and are seeing a five-point retention uplift for QuickBooks Online customers who use our QuickBooks Live offering, showing the ecosystem benefit of increasing customer confidence. Moving to connect the ecosystem, 100% of our new payroll customers now come in on our full-service offering, with over 30% choosing the higher end of our lineup, which features expert help and beyond payroll services like time tracking, HR, and expert onboarding. For QuickBooks Commerce, while still very early days, we are making progress building out capabilities to centralize omnichannel complexity and inventory management. We are now connected to the top 35 e-commerce providers and marketplaces. We also launched a B2B wholesale marketplace in the U.S., an exciting opportunity that allows our merchants to interact and transact with each other. In our payments business, we've seen tremendous momentum in the last year, reaching $91 billion total payments volume and 40% growth. In money management and capital, our rich data and proprietary risk models allowed us to expand eligibility for QuickBooks Capital by 66% compared to pre-COVID levels. We also launched a QuickBooks business checking account, QB Cash, with over $200 million in balances funded since its launch in February. We'll show you in just a few minutes, we've integrated these offerings in a way that delivers unparalleled customer benefits. Moving on to expand globally, despite the slower pace of economic recovery, we grew our established market customer base 12% and revenue 38% by improving ecosystem engagement and making strides in customer delight. In emerging markets, we grew revenue 46% as we improved product market fit in Brazil and France. Now with 50% of Mailchimp's customers being outside of the U.S., we are poised to accelerate our international pace even faster as one growth platform after the acquisition closes. FY 2021 was an incredible year. I am so proud of what our teams delivered for our customers. Let me take you through a couple of areas of our ecosystem to bring to life how being the source of truth for your business allows us to bring more unique benefits to our customers. Let's start with our money portfolio. Cash flow and managing money is central to numerous customer problems, such as getting paid and paying workers. We have solutions for these problems ready at the time of need, arming our customers with an end-to-end money offering unlike any other. What makes us different is that we aren't just offering a menu of point solutions for payments. Our data further solidifies us as the source of truth for your business. We see the whole picture with transaction history, cash flow data, and 60 billion Small Business data points to create unique offerings that are only possible because of these connections. For customers, this is game-changing. It finally gives business owners control over their money when so often they feel like money controls them. It's another big way we are powering prosperity and helping small businesses succeed. Let's make this real for you with a customer story. Sandra's graphic design studio is growing fast. She is juggling a lot day to day. Because projects range in length, her cash flow is uneven. Like so many other businesses, she is forced to sometimes pay late fees on bills or take high-interest short-term loans to make payroll for her five employees. She just wants to focus on the creative elements of the business and less so on managing cash flow. Now that she uses QBO, as soon as she sends an invoice to a customer, she doesn't have to be like the 64% of small businesses who have outstanding invoices at 60 days or deal with the uncomfortable and time-consuming task of chasing down a customer for payment. When invoices are sent pay-enabled on QuickBooks, the median days to paid is two. Sometimes businesses can't afford to wait even days to get the invoice paid. When Sandra looks at her cash flow planner, which uses AI to predict cash flow up to 90 days in advance, she gets an alert that she will not have the funds to cover her next payroll run. It is clear that Sandra needs the cash she and her team have earned right now. Knowing this, Sandra applies to Get Paid Upf ront, the ability to get paid as soon as the invoice is sent. If approved, the funds from Get Paid Upf ront are deposited into her QB Cash checking account, and she allocates a portion to a smart envelope earmarked just for payroll. Once it's time to pay her employees, with one click, funds are drawn down from the smart envelope and dispersed through QB Payroll. Crisis averted. Sandra has the products, tools, and insights she needs to control her money, and she avoided the stress and high fees she may have incurred otherwise. We want to keep more money in the pockets of our small businesses for longer, powering their prosperity and giving them the tools and confidence they need to thrive. As you can see, our end-to-end money portfolio with the billions of data points our AI-driven platform leverages puts us in an extraordinary position to deliver that. Let's make this real for the mid-market too, the $47 billion market opportunity that QuickBooks is uniquely positioned to disrupt and win. What we have learned over the past few years is that the mid-market customers look a lot like small businesses. They share fundamental needs like getting paid and accessing capital. It's the complexity of the solutions that is different. Take Bill Pay. When you are a small business with less than 10 employees paying eight bills a month, you can reasonably manage it. When you have dozens or hundreds of bills a month, you really need better and often completely different workflows. That customer-driven approach is in our DNA, and it's what has made QBO Advanced so successful thus far. Building an entire ecosystem for the mid-market will take time, but we have the perfect foundation and we're off to a good start. Where we don't have capabilities today, we are partnering so that we can be the source of truth for mid-market businesses as well. Here's a common example we see with mid-market companies. Kevin is the owner of AB Electric, a regional electric company operating across three states. Business has grown considerably in the last few years, and they expanded their workforce from 6-2 5 employees. With that growth came greater complexity and some real growing pains. Kevin and his team want to deliver the best service they can, but operations have become a cumbersome distraction. That's where QuickBooks comes in. Kevin's biggest challenge was managing his employees. With QuickBooks Time, he can manage his fleet of electricians with ease. Thanks to location-enabled time tracking, Kevin can see exactly how much time each employee spent working on their job site. Once an employee finishes a job, they are able to create an invoice for the client and use QuickBooks Card Reader to accept both card and digital payments on the spot. As soon as the payment is processed, the transaction is recorded in QBO Advanced. With dozens of transactions happening every day across the fleet, automated accounting saves the company hours each month. Once all the payment and time tracking data is in QBO Advanced, payroll is also automated, saving Kevin hours each month. With so much of the operational load carried by QuickBooks, Kevin can focus on growing his business. Custom reports allow him to see which regions are growing the fastest so he can determine where to hire his next electrician. As the source of truth for mid-market businesses, QuickBooks is able to offer unparalleled insights and automation, and ultimately help mid-market businesses like Kevin's prosper. Let's talk about our recently announced plan to acquire Mailchimp. You've all been so patient waiting for this. I could not be more excited to talk to you about Mailchimp, and emphasize how game-changing this will be for our small and mid-market businesses. As you heard from Sasan, the proposed acquisition of Mailchimp significantly accelerates two of our Big Bets, be the center of small business growth, and disrupt the small business mid-market. Our vision is to become the source of truth for small and mid-market businesses by not only helping them run, but also grow their business. With Mailchimp, we will be able to provide our customers with the tools they need to get, engage, and retain customers so they can grow and run their business with less work and more confidence. I'll start by sharing a little more about Mailchimp. Today, 13 million users use Mailchimp to get their business online, market their business, and manage their customer relationships, all while benefiting from Mailchimp's AI-driven automation at scale, with 70 billion contacts and over 2 million daily AI-driven predictions. To help businesses get online, Mailchimp offers landing pages, web stores, shoppable social, pay-enabled appointment scheduling, and more. While web stores and appointments only launched in May of this year, Mailchimp has been helping customers get and sell online with promotional emails, abandoned cart automations, and more for much longer. For instance, in 2020, Mailchimp's customers sent a staggering 6 billion emails between Black Friday and Cyber Monday to drive sales. In short, this is an amazing set of tools to help both product and service-based businesses get online. To help businesses with marketing, Mailchimp has a robust toolkit that empowers small and mid-market businesses to send the right messages to the right customers at exactly the right moments. One powerful example of marketing automation is the customer journey feature, a marketing automation based on prospect behavior. For example, when a shopper signs up for a business mailing list, they are tagged as a new customer in Mailchimp CRM and immediately receive a welcome email with a discount code. If a shopper puts an item in his or her cart but doesn't finish checking out, the business can automatically send abandoned cart emails or follow up with a targeted digital ad on Google, Facebook, or Instagram. Mailchimp is a marketing and growth platform that makes small businesses look like marketing geniuses. Mailchimp also helps small and mid-market businesses manage their customer relationships. Contact data is centralized in an audience dashboard equipped with tags, predictive insights, behavioral targeting, and more to drive customer value and loyalty. Mailchimp's customer lifetime value models provide businesses with actionable predictions about future purchase behavior using predictive modeling. With this information accessible right in the audience dashboard, it is easy to target high-value customers. All of these offerings are driven by more than 2 billion data points. Customers are able to leverage these data points from others to test, track, and optimize each and every customer engagement. Now that we've given you a glimpse of what Mailchimp offers, let's talk about what we'll do together as one platform. Together, Mailchimp and QuickBooks will become a powerful engine for small and mid-market businesses, helping them take their business online, market their business, and manage customer relationships on the same platform where they get paid, access capital, pay employees, optimize cash flow, get organized, and stay compliant. Combining customer data from Mailchimp and purchase data from QuickBooks will turbocharge our ability to power prosperity for small businesses. Think back to those abandoned cart emails we spoke about earlier. We will actually be able to tell if those prospects made a purchase or not, and use that data to get a better understanding of customer behaviors and lookalikes. When a small business is struggling with the decision on where to spend their marketing dollars, we will be able to predict that a $2,000 investment in digital ads targeted at high ROI customers should translate into $5,000 of revenue for their business. If they need access to capital, we have that at their fingertips with QB Capital. Like you've seen across our platform, these data connections allow for incredible and unique customer experiences at the moment of need. Mailchimp is an amazing addition that furthers our vision to be the source of truth for small and mid-market businesses, providing an end-to-end customer growth platform to help our customers grow and run their business, putting the power of data in their hands to thrive. To conclude, we're coming off a very strong year and are incredibly excited about the new ways we are shaping our business and the trajectory ahead. Our strategy has proven durable, driving acceleration in our business amid the macro recovery. We're serving more customers and meeting more of their needs in so many ways. We're leveraging billions of data points across the ecosystem that enable us to offer unique experiences like Get Paid Up Front, which is only possible because of our e-invoicing, capital, and small business checking account capabilities. When we're able to integrate Mailchimp and its data, we will be able to bring to market even more new, unique experiences and delight our customers and demonstrate the value of our connected platform. Last, all this work on delivering superior customer benefits translates into attractive financial results. We are growing our customer base and increasing ARPC with a multitude of levers to drive both of these outcomes in parallel. Looking to the future, we expect to grow customers 10%-20% and ARPC 10%-20% as our formula to drive 30%+ online ecosystem revenue growth over the long term. All of which gives us confidence in our long-term total SBSEG revenue growth of 10%-15%. Next up, I'd like to bring on Greg Johnson to speak to our Consumer Group strategy. Greg? Thanks, Alex. Hey, I'm Greg Johnson, the General Manager of the Consumer Group here at Intuit. I've been in the Consumer Group almost nine years, and I've seen a lot of innovation and a lot of growth, but I'm more excited about what's to come. When we look back at last year, we were able to grow our customers that filed with us up to over 45 million. When you think about the elements of growth, that's 6% growth year-over-year. Our TurboTax Live platform was able to grow at 100% year-over-year. Beyond that, our winning with under-penetrated segments, which are Self-Employed, Latino, and investors, were able to grow at an average of 13% per year. At the end of the day, we delivered a net new customer add number of 1.9 million filers on our platform. We know customer growth leads to accelerated revenue. This last year, our revenue on our platform accelerated to $3.6 billion. That is 14% year-over-year growth on revenue, 14%. This marks the fourth year in a row that we've delivered double-digit growth in our tax business or in the Consumer Group. Drivers of that growth, number one, we need to look at just the continued mix of TurboTax Live. We also have to think about the winning with under-penetrated segments, where we were able to deliver 20+% average annual growth this past year. 14% overall growth. As we look ahead, let's talk about our scorecard. In tax, we're building a tax platform, and this platform is going to enable us to extend our lead in DIY as well as transform the assisted market. Now, if you look at some of the key stats from this last year that signify how well we executed, number one, our goal is to grow our total share of returns. We were able to do that by almost a point. Point number two, we wanted to establish TurboTax Live, and we're able to grow that by 100% this past year. Number three, we aim to deliver experiences that our consumers and our experts love, and that shows up with improved product recommendation scores. Finally, innovation. We innovated in our TurboTax Live platform by introducing Full Service, and Full Service opens the doorway for us to file more complex returns and us to deliver delightful experiences to assisted that's better than what they're currently receiving. Finally, as I mentioned, the revenue growth. 14% year-over-year growth and over 8% average revenue per return increase among our paying customers. As we shift from looking backwards to looking forwards, everything we do starts with our customers. The customers and the problems they hire us to solve. Problems like making ends meet, holding on more to their hard-earned money, and maximizing their refund, helping them pay down debt, save more money, understand where they are with respect to all their financial goals. Those problems inspire us, inspire all of Intuit for our mission, to power prosperity around the world. Our strategy for powering prosperity is to become an AI-driven expert platform, a platform that has the data, the assets, the trust to solve problems for small businesses, self-employed, and for consumers. With that platform, we are also creating an advantage network. This network advantage comes from the trust relationships we have, the trust they have with us, the data that they provide us, that with their consent, we're able to leverage to deliver benefits. Data that we derive from the 56 million tax filers, the 54 million W-2s, the 40 million+ 1099s. When you look at Credit Karma, there are 121 million matched members, 41 million that are monthly active, and over $7.2 trillion of visibility into the debt they carry. With Mint, 29 million registered users, 3.6 million monthly active, and visibility to 190 million weekly transactions on the platform. Let's not forget about QuickBooks Payroll, where we're paying workers on our platform over $232 billion of payroll going through our platform. This creates opportunity that with their consent, we can deliver unimaginable benefits. Now with that, we're able to deliver on a very bold vision of financial freedom for all consumers in tax and beyond. Our roadmap first starts with number one, we're going to build this tax platform. This platform that effectively are going to allow us to give customers experiences that they can choose their own adventure. In other words, they can decide, "Hey, I'll just do it myself. I'm confident." Maybe they want on-demand access to an expert at the push of a button, because as they file, they might run into some challenges. Now, with our latest innovation, they can simply just hand it off, because either that's what they used to do or because that's what they desire to do now. Now, with that platform, we have two bold strategies. Number one, we extend our lead in DIY even further than it already is, and we're going to do that by leveraging data and AI to deliver a taxes are done experience. Number two, transform the assisted category. By connecting people to experts and experts to people on a virtual expert platform, we'll be able to revolutionize the way taxes are done with complete confidence. Number three, we want to disrupt consumer finance. Disrupt consumer finance by unlocking smart money decisions for our customers. Those smart money decisions will be enabled through Credit Karma and Mint. Along with data in our platform, we should be able to unlock the best decisions that put more money into our customers' pockets. Finally, what I would like to say is that the problems we're trying to solve are not unique to the U.S. or just to North America. The problems we're trying to solve are global problems. We see the opportunity to expand our reach globally with our technology to solve those problems for customers around the world. A little bit of context around the industry. There were 165 million returns filed last year. When you look at the returns on our history over the last 10 years, you'll see the fastest growing part of the industry is TurboTax. Let's talk about the drivers of that growth. Number one driver is TurboTax Live, our transform-assisted strategy. We envision continuing to add capabilities, continuing to solve more and more complex tax returns, and ultimately delivering experiences that cause customers to switch from the old way into the new way. The second driver is our passion to win with under-penetrated segments. Today's under-penetrated segments are Latino, self-employed, and investor, but there are other under-penetrated segment opportunities in the future in front of us. The third driver of growth is for us to innovate. Innovate and improve the experiences for both consumers and experts. Delight them with our AI, with our data, with the kind of experiences that are more reductionist. That's the key for us to continue to build experiences on our tax platform and drive growth. Finally, simpler filers. Simpler filers that shouldn't have to take as long as they do to file their taxes. With our data, with our AI, with our reductionist design, we should be able to get taxes done in just a click of a button. We're not there yet, but that's our aspiration. The other way that we think about growth is to look at our funnel. Look at the 165 million customers filed an IRS last year. We had 127 million of those customers actually came to our front door. We had over 50 million that actually logged in with us, and 37.7 million completed. When you look at that, you see two things, a lot of opportunity, and you also might question about our conversion. Our conversion rate was actually up two points last year when you account for the stimulus-only filers, the filers that just came to TurboTax in order to get their stimulus payment. Our retention rate, strong last year and slightly up again this year. The reality of it is, we should never have to lose a customer or prospect because of the capabilities we now have and that we're developing. The third way we think about growth is to look at the total addressable market. In zeroing in on that $20 billion, there are 88 million customers that actually seek out an assisted method, 10 million of which actually churn because of an experience they're not satisfied with to look for another assisted preparer. There's our opportunity. Our opportunity is to help our customers choose their own adventure. Those customers can file by themselves, do it yourself. They can access experts on demand with the click of a button, or finally, they can just hand it off because of our new full-service capability. The way we mark our success is the total share of returns. Number one, our share of returns is 31% this past year. That's up a point year-over-year. The way we mark our success is the revenue share of returns. Our revenue share was 14%, up a point last year. Finally, it's not only about growing our share of returns, but are we doing it in a healthy way? Is our average revenue per return growing? What you see here over the last 10 years, a steady progress in our average revenue per return. You'll also see is our paying customers and the average revenue per return for our paying customers, which is up over 8% and now over $105. We are a healthy and growing business, and that will lead us into the strategies I'd like to share. Strategy number 1 will be to extend our lead in do it yourself. The opportunity at the top of funnel I shared already, but zeroing in on that 16.7 million filers that start with us but don't file. The reality for us to extend our lead is going to take trust, data, AI models, a reductionless experience, bring it all together to delight customers in very unique ways. Some signs of our progress, the 36 million customers forms that were inputted, the fact that we're actually able to convert 2 million filers to our mobile native app, which is a very simple experience. We have 3 million under-penetrated customers that are new to our platform. Fundamentally, we continue to retain customers in driving that growth year- after- year. Very happy with the progress we made, and that's the strategy we have to extend our lead in do it yourself. Transforming the assisted category is our next opportunity. To transform the assisted category, that's about connecting customers to experts and experts to customers on our virtual expert platform. The opportunity is those 10 million customers that churn because they're overpaying and being underserved. Our TurboTax Live offering can really be delightful for them. We see this in the fact that we have 100% growth on our TurboTax Live platform. We have 100% increase in new filers, new to Intuit on our platform. We also have improved conversion. We also have improved product recommendation scores from our experts, meaning that they love it, our consumers love it. We are delivering a solution where we never have to lose a customer or prospect. Finally, our strategy and ambition to disrupt consumer finance by bringing together Credit Karma with Intuit in delivering experiences that unlock smart money decisions for our customers. Now Ken is going to talk about Credit Karma strategy and the consumer finance strategy more in depth. Let me zero in on one opportunity that brings Credit Karma and TurboTax together. We bring those together inside Credit Karma. Inside Credit Karma, there are tens of millions of customers that are going to assisted, overpaying, being underserved, and not really delighted by their tax experience. We see an opportunity to bring those together, leverage our data, our AI, the relationships to deliver killer value propositions that will inspire customers to switch from the old way and adopt the new way. That's what Credit Karma and Intuit together means. Finally, what I'd like to do is just describe what does it look like when it all comes together. When it all comes together, we imagine a single platform that wraps around our customers and their financial life and their tax life. It enables customers to file however they want to. It allows customers to start incredibly simple, not pay us anything to get the biggest paycheck of their life. That customer may get more complex, and that customer may go on to take advantage of the benefits they can get from Credit Karma. That customer that was worth $0 one year, could be worth $200 the next year, or maybe $400 or $600, as their lives become more complex, as they need more and more assistance, or they take advantage of more of the opportunities to re-engineer their financial life on Credit Karma. Let me wrap by sharing our long-term expectations. Our long-term expectations is 8%-12% growth. Again, I'd like to remind you that the last four years we've delivered double-digit growth. As we look forward, we're excited about the growth that's in front of us. Thank you so much. Let me turn it over to Kim. Thanks so much, Greg. Now we'll take a 10-minute break, and when we come back, Ken will take us through the Credit Karma strategy. [Break] I am in a lot of debt. Turned 18, the credit cards came, and I was just spending and spending like it was free money. Last year, we ended up owing taxes. It just killed us. Everything that I had in my savings, the little that I did have in the beginning of this pandemic, was completely depleted. We took a 401k, spent all of it. I started spending money that I didn't have. Found out that a lot of jobs were turning me down because my credit was bad. We see retirement just around the corner, and we want to try and position ourselves that where we can retire. I just hope I can provide for my family. I don't have a choice. I have to not do what I love, but do what's going to basically put food on the table. Work harder, more hours, overtime, whatever it takes. I'm a hardworking single mom who goes above and beyond for anybody. I'm excited to just only go up from here. I want to be debt-free. I would like to retire, just have what we need. I want to keep building my savings. A little bit of help can go a long way. Tell me how much extra each month I should be putting into my taxes so I don't owe at the end and have to pay a penalty for not paying enough? I'm sure there's someone who could tell me where I could be cutting down. Just tell me what to do. That's all. I'm Ken Lin, founder and CEO of Credit Karma. I'm excited to share our story with you today. Let's start with the consumer problem that we're addressing. Just like the people you saw in the video, 77% of Americans feel overwhelmed by their finances. When you look at just of a few of the data points, it's easy to see why. 75% have concerns about their ability to pay bills and loans. There's $14 trillion in total household debt. 62% live paycheck to paycheck. Finances are complicated. As a result, people feel stuck, discouraged, and end up doing nothing. It's clear they need help. Financial resources and expertise are often reserved for the wealthy. I founded Credit Karma in 2007 with one mission in mind: to build a company that can make money by making financial progress possible for everyone. I believe finances should be transparent, that people should have access to their data, and they should be used to their advantage. We started out by pioneering free credit scores, but we've evolved significantly over the years. Today, we anticipate members' needs and offer the right financial products and tools, everything from credit cards and personal loans, to mortgages and auto loans, to savings and checking accounts. Since joining Intuit last year, we've introduced TurboTax users, Turbo users, and employees paid by QuickBooks Payroll to Credit Karma. We've built a data platform on trust, relationships with over 100 financial partners and more than 121 million members in the U.S., Canada, and U.K. We now have 55,000 tax and financial attributes per member and 35 billion daily model projections. At the same time, through intent signaling and observed behaviors, we know how the financial lives of tens of millions of people evolve. Just for as a few examples, we know that when a member is in market for a home, they're less likely to apply for other credit products. We know that 80% of members are active on Credit Karma 90 days prior to having a new mortgage trade line appear on their credit report. When a member comes to us more often than normal, we know that they're more likely to be in market for our financial product. Throughout our 13-year history, we've leveraged critical data together with members' behaviors to generate actual insights and feed the AI recommendations, creating a powerful network effect that drives our business forward while helping our members. Our vision for Credit Karma is to be a personal financial assistant that autonomously helps members save, pay down debt, and get faster access to their money. Amid a fragmented and confusing financial ecosystem, our vision needs to be grand and requires the unmatched scale and technology that only we can bring. Credit Karma connects all the financial points, offering a solution that's easy to use and has everything that the member needs in one centralized place that will help our members find the right financial products, put more money in their pockets, and provide access to financial insights. Here's what it looks like. We want to help members find the right financial products that are personalized for them. More than half of all credit card applications are rejected because consumers have no idea what sorts of products they're qualified for. With credit cards and loans, our outstanding badge lets the member know that they have a high likelihood of approval before they apply. The badge is very important because it creates certainty and protects their credit scores. We can personalize offers through our proprietary Lightbox technology that allows lenders to deploy their targeting models in an encrypted environment that leverages thousands of financial and tax attributes from Credit Karma members and Intuit customers. This is something that no one else can replicate. We have the scale and the partnerships that enable us and us alone to build this technology. Lightbox more than doubles the average approval rate for credit cards booked outside of Credit Karma. For car insurance, Karma Drive gives U.S. members the opportunity to try usage-based insurance to see if their good driving habits might qualify them for a discount on their auto insurance policy without committing to a new policy. Customer acquisition is the largest revenue driver for the multibillion-dollar insurance industry, and more than 18 million members have matched their vehicles with us. For prospective homebuyers, Home Pulse tracks the equity of members' homes and connects them with the right products like cash-out refinance and a home equity line of credit to maximize their borrowing power based on the equity in their home. Next, we want to put more money in the consumer's pocket and help them save. To do this, we created Credit Karma Money. Credit Karma Money is an interest-bearing savings and checking account with no fees from Credit Karma, designed to change the way that members have a relationship with money. Features like Instant Karma help us differentiate our product and randomly reimburse members for everyday purchases when they spend their money that they have in their Credit Karma Money accounts. With Credit Karma Money, we can help consumers deposit up to $105 billion worth of tax refunds and $232 billion worth of QuickBooks Payroll into a Credit Karma Money account. We are also leveraging Intuit's consumer data on money platforms to help members pay down debt and access their paychecks early. We are also offering bill tracking and notifications for any account on a member's credit report, sending reminders for upcoming bills so they can make on-time payments or early payments and to improve their credit score. We help members understand their finances so they can make better decisions about their money by providing expertise and insights. By combining our credit and assets data with the verified income and cash flow data of Intuit's customers, we can offer unparalleled financial insights to help members understand their complete financial pictures. We also use machine learning to provide optimal credit building and borrowing strategies customized for members' savings and to automate the process to remove friction and complexity. For example, we can advise members which credit card they should pay down first with any extra funds that they may have in a given month. Ultimately, we want to help our members build wealth and achieve their financial goals through personalized offers, education, and automation. Here's the strategies for how we're going to deliver on the vision. First, we're going to grow the core business, and this includes credit cards and personal loans. We're going to continue to deepen our relationships with existing partners through our proprietary Lightbox technology and grow relationships with new partners, providing more choice and different products for our members. We're going to expand the success of our growth verticals, and this includes home loans, auto loans, and insurance. Here, we're going to focus on simplicity, transparency, and rewards. We're going to offer prefilled mortgage applications, home equity, and equity tracking. We're also going to build on the momentum of Karma Drive, our usage-based auto insurance. We're going to continue to develop emerging verticals focused on Credit Karma Money, offering direct deposit and faster funds transfers, early access to paychecks, bill pay alerts and notifications, Instant Karma, and in the future, automated bill pay, mobile check deposits, retailer cashback rewards, and peer-to-peer payments. There are several opportunities to accelerate our business by combining our capabilities with Intuit's. Together, we're going to unlock smart money decisions, helping consumers make ends meet. We're going to grow our membership base by introducing Credit Karma to Intuit customers. TurboTax and Turbo customers accounted for 40% of new Credit Karma members since deal close. You expect the boost here to be more seasonal in nature, matching our tax season. We're going to accelerate Credit Karma Money with TurboTax. This year, we integrated Credit Karma Money into the TurboTax filing experience, offering approximately 38 million TurboTax customers the opportunity to deposit $105 billion in tax refunds into a Credit Karma Money account. We also integrated Credit Karma Money with QuickBooks Payroll, offering all the benefits of Credit Karma Money to the 16 million employees paid by QuickBooks Payroll, and allowing eligible employees to deposit $232 billion in payrolls into a Credit Karma Money account. Verified income is a critical component of lending decisions. With consent, this Intuit consumer data will help ensure members are getting the right and best product recommendations while helping ensure partners are getting the very best customers for their loan products. We're uniquely positioned to do all of these things through the combination of our data and the power of our platform. Together, we have a customer base of approximately 121 million people. 40 million Credit Karma members are active each month and return to our platform on average five times a month. 89% of them are on our app in our mobile devices. We have over 55,000 tax and financial attributes per member. We have an AI platform with 35 billion daily machine learning predictions. We have connections to over 24,000 financial institutions. We have a net promoter score of 76. Together, we provide consumers a powerful combination of unique capabilities, allowing us to offer customer benefits at unprecedented speed and scale. Each year, financial institutions spend billions of dollars on marketing. For virtually all of those companies, there's a target customer based on their financial attributes. Do they have a high credit score? What's their income? Do they own a home? Have they recently purchased a car? Just to name a few. On Credit Karma, our financial partners win because we help our members understand how likely it is that they're going to be approved for a financial product before they apply. With Lightbox, members who apply for products through Credit Karma have more than doubled the average approval rate for credit cards booked outside of our platform. This saves our partners money in the form of declination letters, incremental data costs, and brand. Not to mention, nobody likes to be declined. Our partners are able to update their offers near real time and get qualified customers. Our members win because we're able to match them with financial products that are personalized for their financial situation. When they apply for a product through Credit Karma, they have a high likelihood of approval. The average consumer has no idea what products they qualify for. As an example, 81% of subprime credit card applications are rejected. On Credit Karma, members don't waste time applying for products they aren't qualified for. This personalization and certainty drives member engagement. Credit Karma wins because when a member is approved for a financial product that we recommend, we typically get paid. We also build further trust with our members. Over time, we create a virtuous cycle. As we have more offers on the platform, we attract more members. As we do this, we believe we'll remain one of the most effective and efficient channels for our financial partners, allowing us to gain share of wallet within mature verticals and to grow into new verticals. Our strategy and business model focuses on helping solve our members' financial problems, and this unlocks a large opportunity for durable growth going forward. Our strategic focus is to grow the core, including credit cards and personal loans, expand growth verticals, including home loans, auto loans, and insurance, and developing emerging verticals focused on digital money offerings, such as our savings and checking accounts. Across these three verticals, we see a TAM of $85 billion. Looking at just our core verticals, which includes cards and personal loans, we have about 5% share of the transactions today. How are we going to do this? First, by expanding our penetration within growth and emerging verticals, both as we provide our members personalized offers and as we evolve our Credit Karma Money offering. Second, by growing our share of our existing members' transactions. Today, our members take out approximately 1.2 financial products per year, meaning they originate 1.2 new credit card, auto loan, mortgage, or other trade value. Not all of these transactions are on our platform, and we see an opportunity to increase our share of these transactions by driving higher engagement. Lastly, we see secular tailwinds as more originations occur digitally, allowing our partners to better target the customers they seek versus other channels and methods like direct mail. Credit Karma is an important foundation for us as we execute against these opportunities. Not only can we go after the $32 billion TAM we see in the emerging verticals, but Credit Karma Money is key to driving more frequent engagement with members. This is critical to engagement across our growth and core verticals as well. How does this virtuous cycle translate into revenue? Well, our business model is relatively simple and driven by three key metrics. The number of members we have, how often they engage, and the average revenue per monthly active user. We increase our members by adding new verticals such as home, auto, and savings. The great part about all these new verticals is they're effectively driven by the same credit and financial data that powers our core verticals. In regards to our return rates, we build engaging and innovative products that help consumers solve pain points. For example, Direct Dispute allows members to dispute inaccuracies in their credit report directly and digitally. IDnotify scans the dark web for stolen data and identities. Our credit simulators helps people understand one of the most abstract ideas in finance. This focus on driving value for our members is central to our brand and the trust that we've built with our members. When we get the first two right, we find that average revenue per month increases because we have more credibility and often have more data than the banks offering the products. As we increase our data platform, our average revenue goes up because the AI platform really understands what members are in market for based on their behavior. Lastly, proprietary technology such as Lightbox makes our platform the most efficient, ensuring that we are able to match the right lender with the right member. Looking ahead, we have a large platform today with more than 121 million members, or roughly one in three Americans. The two key drivers of our long-term growth rates are MAUs, which we expect to grow 6%-8%, and the average revenue per MAU, which we expect to grow 10%-15%. We expect the average revenue per MAU growth to be driven by factors including the frequency of visits, transactions per MAU, and revenue per transaction. Putting this all together, we expect these drivers to fuel long-term Credit Karma growth rate of 20%-25%. To close, the problems that people face with their finances aren't new, but Credit Karma is uniquely positioned to create a personal financial assistant that offers new ways to help consumers find the right financial product, put more money in their pockets, and gain access to expert financial insights. We're really proud of the progress that we've made, but we're never gonna stop working to help our members make financial progress. Thank you for your time, and I'm gonna pass it over to Michelle. Thanks, Ken. Good morning, everyone. Thank you for spending part of your day with us and for your support of Intuit over the last year. I'm gonna share how our AI-driven expert platform strategy translates into our financial results and how our financial principles continue to guide our thinking. Similar to what I've done in the past, let me start with a look back. On the left of the slide, you'll see the key objectives we outlined at last year's Investor Day. The right side shows how we performed against those objectives. Our performance in 2021 was strong across each of our businesses, and we achieved our goal of double-digit revenue growth, with 25% growth at the company level, including Credit Karma, which contributed 11 points to growth. Our combined platform revenue, which includes QuickBooks Online, TurboTax Online, and Credit Karma, grew 39% to $6.6 billion in fiscal 2021. We grew GAAP operating income by 15% and non-GAAP operating income by 31% for the year. We also remain pleased with our ROIC and consistent increases in our dividends. Sasan mentioned earlier that we've taken our aspirations and turned them into bold goals for 2025 because we believe we can aspire to even greater things, and the goals are around prosperity, reputation, and growth. Our prosperity goal is to double the household savings rate for our customers. In the U.S., this rate is 14%, and for those on our platform, it's 17%, which is approximately 1.2 times the average household savings rate. For small businesses, we want to increase the success rate by 10 points above the industry. According to the Bureau of Labor Statistics, the five-year survival rate for small businesses is 50%. Close to 50% of businesses fail within the first five years. The five-year survival rate for QuickBooks customers was 69% in fiscal 2021. On reputation, we want to be the best-in-class as one of the most reputable companies in the world, and we've made significant progress against our reputation goal. You'll notice that our reputation score in fiscal 2021 went down slightly from last year, mainly due to a tough macro environment. Our score remains higher than many of our tech peer companies, whose average score was down six points from last year. Lastly, we're growing our customers and accelerating our revenue growth. We use our financial principles to guide the decisions we make. Let me provide a bit more color on each. First is double-digit organic revenue growth. We continue to see a large opportunity ahead in serving consumers, small businesses, and self-employed to grow the company's revenue double digits as we expand the set of customer problems we address through a broader set of products and services. You'll notice that we added ARPC growth here in addition to customer growth, as we're increasingly focused on growing higher-value customers. We focus on growing operating income dollars faster than revenue. It's good discipline for us to approach each year with expenses growing slower than revenue. While we're not driving towards a particular level of annual margin expansion, we are seeing the leverage of our platform. We deploy cash to the highest yield opportunities, targeting a 15% ROI over five years. This principle is key to managing our business for both the short term and the long term. Whether we're looking to expand into new products and services, considering acquisitions, or as we invest more deeply into our core technology platform, this threshold is key to making all internal investments that will deliver for years to come. After this, we return excess cash to shareholders. This speaks to our stewardship of how we handle the capital we generate and comes in the form of buybacks and dividends. Finally, we manage to a conservative investment-grade balance sheet that can sustain our business through all types of economic cycles. This has served us well in the recent past through the pandemic, which allowed us to lean in to emerge even stronger. I mentioned in my opening that our combined platform revenue is driving accelerated revenue growth, and we expect this will remain the case going forward. In three years, we expect more than 80% of our revenue to come from these offerings. We'll continue to support customers using our desktop offerings as these remain very profitable, which allows us to invest in new products and services. As we've shared before, we have a highly predictable revenue model and expect more than 80% of our revenue this year to come from existing customers. With 95% recurring revenue, Mailchimp should increase this after the transaction closes. Customer growth remains an important part of our strategy across all of our businesses. Starting with QBO, on the left side here, you'll see total paying customers. This includes QuickBooks Online, our desktop subscribers, and desktop unit sales. This fall, we made a decision to transition to a subscription model for our desktop lineup with the 2022 release. This means we will be exclusively selling our desktop offerings as a subscription beginning in fiscal 2022, and no longer be selling desktop units. We've already been seeing our customers gradually migrate to subscriptions, which allows them to be on the latest version of the software, while also providing access to customer success for an improved customer experience. Once again, our total net adds grew in fiscal 2021, and our desktop base remains relatively sticky, but we continue to see the majority of customers who are new to QuickBooks choosing QuickBooks Online. On the right side, you'll see we grew total QBO subscribers by 16%, excluding subscribers from the discontinued TurboTax and QuickBooks Self-Employed bundle. We grew our highest value subscribers more than 20 points higher than overall QBO subscribers. As Alex shared earlier, we're opening up new opportunities for growth by broadening who we serve, how we serve them, and what we serve them with. We still have a large runway ahead in the U.S. as well as internationally, with a broader set of customers from the self-employed to the small business mid-market. Moving on to the Consumer Group, we continue to see traction with our goal of growing our share of total tax returns. This year again, was unusual with the late opening of the tax filing season and the delayed IRS filing deadline. We're pleased to drive growth in our share of IRS returns by approximately 1%-3 1%. We continued to transform the $20 billion assisted segment with TurboTax Live, accelerating total customer growth by nearly 100%. This contributed to an 8% increase in average revenue per return this season. TurboTax Live is now a meaningful revenue contributor to our business, and we continue to see plenty of runway ahead. We also grew the base of customers paying us nothing by more than 6% this season to over 70 million filers. Moving to Credit Karma, we have a large $85 billion TAM with significant opportunity to increase penetration in each of the three verticals that Ken described earlier, with just 5% share of credit card and personal loan transactions on the platform today. The business exited the year with revenue at a record high, and the team is focused on continuing to drive growth through innovation. On the right side, you'll see the key drivers of Credit Karma's revenue growth. First is members, which reached an all-time high of 121 million and grew 8%. Second is average monthly active users, a measure of engagement which ended the year at 41 million and grew 6%. Third, average revenue per monthly active user of $28, which grew 29%. As we innovate for our members and expand beyond core verticals and into the growth and emerging verticals, we expect to drive higher member engagement and higher average revenue per monthly active user. Everything we do is customer-backed, and across all of our businesses, we're able to improve monetization as we increase the value we're providing to our customers. ARPC is not something that we manage to. It's the output of the various decisions we're making regarding customer and revenue growth. We see an increase in our ARPC this year across all of our businesses. As I mentioned earlier, we're increasingly focused on growing higher value customers, and we're seeing traction with this strategy as we expand into the mid-market, virtual expertise, and omni-channel. Going forward, we expect QBO Worldwide ARPC to continue increasing. In the U.S., this will be driven by our maturing customer base and increased monetization via online services and higher value offerings like QBO Advanced and QB Live. Outside of the U.S., we expect to see an increase in ARPC from our maturing base and lower promotional activity. Turning to QuickBooks Desktop, we saw an increase in ARPC due to the mix shift of customers from outright units to subscriptions, and mid-single digit growth in our mid-market desktop enterprise solution, which we could expect to continue. In the consumer segment, we expect to see an increase in ARPC as we continue to transform the assisted category. Durable revenue growth and disciplined investment have driven our operating income growth historically. We remain focused on both going forward. On this slide, you'll see our long-term expectations for the P&L, which are unchanged from last year. We expect each expense line to be flat to down as a percentage of revenue over time as our platform evolution enables new drivers of operating margin expansion. However, we acknowledge that GAAP operating income will grow slower than revenue in fiscal 2022 due to the decisions we made around stock-based compensation and the impact of Credit Karma. We're confident these are the right decisions to drive long-term growth. A key element of our financial principles is to grow operating income dollars faster than revenue. As we lean into our platform strategy, we see the opportunity for margin expansion over time. We are increasing the velocity of development on the platform to deliver even faster benefits for customers across all of our products and services. This includes our AI capabilities, our expert services, money movement, and fraud and risk capabilities. We're scaling our customer success platform across our products and services to more efficiently serve our customers leveraging AI. Our go-to-market capabilities leverage a common infrastructure to effectively target and manage the sales and marketing process efficiently. At a high level, our approach to investment has not changed. We invest in the highest-yielding opportunities with a focus on investing to drive durable growth and accelerating speed and velocity, all within the context of our financial principles. Making deliberate trade-offs to allocate investment to the best opportunities remains a core element of our DNA. We continue to prioritize investments in our Big Bets, we'll be allocating more of our investment dollars into these areas to drive durable growth over the long term, while being very deliberate about investments in core innovation and running the business. I'd like to provide some additional context around our operating margin expectations. As I shared during the fiscal Q4 2021 earnings call, we continue to see opportunities to leverage the platform and drive margin expansion over time. Our fiscal 2022 guidance implies GAAP operating margin declines in fiscal 2022 versus fiscal 2021. This is due to an increase in the stock-based compensation expense. There are two elements driving stock-based comp expense higher in fiscal 2022. First is the investments we're making in stock comp to attract and retain talent, which is driving more than 50% of the increase year-over-year. Second is the full year impact of the Credit Karma acquisition. Our fiscal 2022 non-GAAP guidance implies operating margin expands about 60 basis points. This marks a point of expansion on average each year since fiscal 2019. It's important to us to be effective stewards of capital. This includes investments in organic growth drivers, as well as acquisitions to accelerate progress against our strategy, whether it be in talent and technology or to help fill out our product roadmap. Over the last four years, we've returned approximately $4 billion to our shareholders through share repurchases and dividends. We repurchased approximately $1 billion in shares during fiscal 2021. I'll touch more on repurchases in a minute, as this remains an important tool to return capital that can't be invested profitably in the business. As for dividends, our board declared a 15% increase in the dividend for fiscal 2022, and we continue to expect our CapEx to remain at approximately 2%-3% of revenue. Our philosophy and principles on share repurchase remain consistent with what we shared in the past. That said, let me quickly remind you how we manage our program. We limit repurchases to cash that can't be profitably invested in the business or used to make prudent acquisitions. We apply rigor to this process by utilizing a smart grid to drive various levels of repurchases at each price range, with a goal to exceed our cost of capital on average. At a minimum, we expect to offset dilution over a three-year period. Subject to market conditions and other factors, our aim is to be in the market every quarter. Looking ahead, we're pleased to be guiding double-digit revenue growth of 15%-16% for the company in fiscal 2022. This guidance is what we released back in August, so there's no changes here. We exited the year with strong momentum across our businesses, and we expect this to continue as we make our way through fiscal 2022. Here is our guidance for operating income and EPS. No changes here versus what we communicated in August. We remain focused on making the right investments to drive durable growth across our businesses and remain committed to growing operating income dollars faster than revenue over time. Moving on to the next slide. I'm very excited about our momentum, and as you've heard from Sasan, we have many innovations across the horizon that are not only delivering strong results today and tomorrow, but three years+ out. We've planted the seeds for the future as we focus on durable growth across our business. In summary, we had a dynamic fiscal 2021 and are set up to continue our strong performance for fiscal 2022 and beyond. Our AI-driven expert platform unlocks opportunities to better serve customers across our businesses as we focus on offering them the products and services that solve their biggest problems. We're excited about Mailchimp strengthening our capabilities and accelerating growth after close. I look forward to connecting with you all throughout the year and keeping you apprised on our progress. Now I'll pass it back to Kim. Thank you, Michelle. We'll be starting Q&A soon. We'll be taking live questions from sell-side analysts. If you're not a sell-side analyst, stay right where you are. There's no need to do anything. If you are a sell-side analyst, please join Zoom now from the agenda below in order to participate in live Q&A. We'll take a quick five-minute break before we start Q&A. [Break] Welcome back. We're ready for the live sell side Q&A. To ask a question, please click on the Reactions button towards the bottom of your Zoom screen. Select the Raise Hand icon to be added to the queue. All other investors can ask a question using the Submit a Question button in the agenda. We will try to take as many questions as we can, but we will be prioritizing live questions, so we may not get to everyone. As the queue forms, I want to highlight that all of today's presenters are available to take your questions. Sasan will either take your question or direct it to a member of his team. Okay, let's get started. Our first question comes from Siti Panigrahi. Siti? Thank you. Thanks for hosting this event, and kudos to Kim and her team. I have two question, starting with the QBO. Your QBO customer base grew almost 16% in fiscal 2021. That is pretty impressive during the pandemic time. Also even ARPC grew 13%, which I assume mostly driven by mix it to the higher ASP product. As you're looking into FY 2022, what sort of trends are you seeing in new business acquisition to drive that QBO base? Also, are you expecting the same kind of mix shift in the QBO base for ARPC? Great, Siti. Thank you for your question, very nice to see you. First of all, the way we want you all to be thinking about your models and the way we think about growth is we expect customers to grow between 10%-20% and ARPC to grow between 10%-20%. If you exclude what's coming into our family with Mailchimp, the businesses that start brand new are not immediately the businesses that begin to use QuickBooks. There is a lag time between new businesses and when they start using our platform to do things like estimating and invoicing and getting paid, et cetera. We are really benefiting as you look back the last 18 months and the great momentum that we have right now. We're simply benefiting from more and more customers shifting to virtual solutions, accelerating shift to using online, and ultimately, really looking at QuickBooks as a platform to be able to fuel their growth. We expect that momentum to continue. Now, what's very exciting is when we join forces with Mailchimp, we'll actually be a position to help even businesses that first start out their business because they're trying to figure out, how do I get my business online? How do I get a website up? How do I get my store up? How do I actually market my business on digital platforms? We're going to now be able to leverage the power of Mailchimp to help customers get their business started, and then ultimately help them with things that matter most, which is invoicing, getting paid, access to capital. That's the way you should be thinking about it. The headline news is our momentum continues, and we would expect this year that we will be in the range of 10%-20% customer growth and 10%-20% ARPC growth. Okay. That's great. Another follow-up to QuickBooks Payments, if you think that seems to be a very powerful platform that you have with your own payment processor as well. Right now, you mostly use it for a QuickBooks customer, but what sort of opportunity you're seeing on the payment side now that you have Mailchimp and Credit Karma? Basically, I'm thinking about now you have commerce with Mailchimp, anything like consumer payment, do you see the opportunity to leverage in both that platform? Yeah, sure. Maybe let me tee it up, and I would invite Alex if he wants to add to this perspective. First of all, I think Alex did a wonderful job of laying out really our money platform and all the innovation that's happening across money movement, from e-invoicing to making payments easier, to helping you access capital, to giving you business banking capabilities with QuickBooks Cash, and of course, all the employee management capabilities through our payroll offering. So we are really positioned based on the investment in the prior years and the innovation that you heard from Alex and Rania and Cassie earlier. We're very well-positioned to help small businesses with all of their money needs. The beautiful thing is, as you asked, when Mailchimp comes in, we can ensure everything is payment-enabled, so that if you have a purchase button on the website, you can ultimately have it all payment-enabled and leverage all the payment capabilities that we have across the company. With that said, let me just see, Alex, if you'd like to chime in. Yeah, absolutely. Those examples that we have from the entire investment that we've made over the years with money movement in general will allow us to accelerate what we're getting with Mailchimp as well. Just to give you a couple of examples, Sasan used the example of a commerce website. Mailchimp also allows appointments. You can imagine someone being able to create an appointment and actually purchase online with an embedded purchase flow, as well as just being able to have an email being sent out or some sort of engagement where now they can actually take payment right there embedded in the experience. We think those opportunities to come together will create a lot of interesting synergies for us. Great. Thanks for your question, Siti. Next question is from Brent Thill. Thanks. Sasan, as a small business owner that uses Intuit, I think we can all dream of a lot of solutions that we can consolidate onto your platform with the Mailchimp front office to back office now. When you think about just the low-hanging fruit and the excitement around this, how would you frame kind of the first wave of integration and what you think you can achieve? I'm curious if you could also, maybe Michelle or someone else, just follow up in terms of some of the financial profile of the company in terms of profitability and where they're at today, and ultimately how you see this going forward financially. All right, Brent. Well, thank you for your question, and very nice to see you. Let me set the stage, and then I'll invite Alex to see what I've missed in this opportunity that we believe is fundamentally game-changing for our customers. One of the things that we are very excited about is Alex, his team, and the Mailchimp team have declared a very clear set of priorities that are all about acceleration. The three priorities are, first and foremost, to create one platform where you can grow your business and run your business in one place. For the customer, it will be seamless, and we've actually begun this process months ago when we actually started as partners with Mailchimp, integrating them onto the platform. From a customer perspective, it'll be very seamless, and it will deliver against the tasks that they want to complete. That's the first priority is to create, in essence, one platform. It's really about the magic that will happen behind the scenes, where the power of the data, both the customer data and the purchase data, will be in one place so we can fuel the insights and the decisions of the small business. That's the first priority. The second priority is taking that game to upmarket. As you know, about two years ago, we declared with our global online platform, QuickBooks Advanced, to move to mid-market, and the progress has been staggering. You heard this from Kelly and Bobby earlier. We will now take our combined growth platform to the mid-market, and the need is significant in the mid-market. Frankly, Mailchimp is where we were several years ago, where sometimes they lose some of their larger customers to others, but they actually have all the capabilities that you need to go to market today. That's gonna be the second priority, is really winning and disrupting mid-market, which is where it fits into our Big Bet five. The third is a stat that you heard both I and Alex talk about earlier. 50% of Mailchimp's customers and revenue is outside of the U.S. Other than very important work that they've done to localize the platform, they've actually not spent much time in their go-to-market efforts. We are excited with our third acceleration priority to really accelerate a global acceleration, both in the U.S. and outside of the U.S. Those are our three acceleration priorities that we've really galvanized our teams and the Mailchimp team around what we want to execute. Again, the foundational element is all about the data and the technology. That's what our plan is. That's what our focus is from day one. Alex, I just invite you if there's anything more you want to add to our game plan. Yeah. Thank you, Sasan. I mentioned previously the opportunity we have to bring our money portfolio into the Mailchimp user experience. Let me share a little bit about the other direction as well. We have over 8 million customers in the QuickBooks ecosystem, and over 2/3 of them say that getting customers is their number one challenge. Well, they're actually using QuickBooks as sort of their proxy CRM today. We have over 4 billion customer records stored within QuickBooks. Other than being able to send an invoice or an estimate, we really don't enable our customers to engage with their customers, to be able to prioritize them, to be able to find out who their high-value customers are and engage with them in a CRM, or any type of conversation. That's what Mailchimp's going to be able to enable us to do. Take those 4 billion customer records and suddenly give our customers the ability to have a conversation, understand who their best customers are, be able to target them in the right way, be able to have a single source of truth for their customer record as well as their business. Really it is expanding our capability to be able to help our customers not only run their business, but grow their business. Maybe if I could just add a few things on the financials that you asked about. First of all, after close, we will share more around not only what you can expect in terms of guidance, but the financial profiles. The few things I would want to remind us of that actually gets us very excited is, first of all, it's highly recurring business. It's a subscription business, just like QuickBooks is. $800 million growing at 20% in fiscal year 2020, and actually quite profitable. This showed up in what we communicated when we made the announcement that the three priorities that I just mentioned, a few of them will actually take a bit more investment, especially on the marketing side. That's already included in our thought process moving forward, and therefore, we believe that it will be accretive in the fiscal year that we are in. It tells you a little bit about the profitability and the scale of the platform. Great. Thanks so much for your question, Brent. Next question is from Michael Turrin. Hey there. Thanks again for hosting. Informative as always. Michelle, you spent some time just discussing some of the margin trade-offs and what's driving some of the near-term dynamics there. Can you also just as part of that discussion, talk about the use of M&A, the appetite as part of just taking advantage of the opportunity sets you have in front of you with some of those near-term margin impacts and trade-offs that you're seeing? Hi, thank you for the question. Yes. We're very excited about the opportunities that we see going forward for continuing to leverage the platform that we have and to be able to expand margins in the future. We see that across the company, across multiple P&L lines, whether that's in technology, customer success, or in our go-to-market areas. We're very excited about that, and we do believe that there are also opportunities, as you mentioned, for M&A. We look at M&A as an opportunity to, whether we're adding talent or we are looking at filling out our roadmap. We do see more opportunities for that. First, we would like to get Mailchimp closed, which we expect to have closed at the end of Q2. We do think that we will have opportunities going forward, as we've seen with Credit Karma and with Mailchimp, really being able to focus on some of the key innovations that we think we can make a lot more progress with from an acquisition standpoint versus developing inside. Thank you. Thanks so much for your question, Michael. Next question is coming from Kirk Materne. Okay, thanks very much. I'll echo the thanks for the presentation today. Sasan, I was wondering if you could just talk a little bit about the global nature of the opportunity in your view. You mentioned that Mailchimp is bringing you obviously a business that's a little bit more balanced, I guess, from an international perspective. Greg mentioned, obviously, the opportunity to go after the opportunity to Consumer more globally. How are you thinking about sort of the international opportunity maybe today versus a few years ago? How are you measuring success from an international perspective so that when you talk about powering prosperity around the globe, that last part of the phrase really resonates with people? Thanks. Yep. Thank you. Thank you for your question, and very nice to see you. There's two dimensions that maybe I can use to paint the picture. The first one is we are very intentional about leveraging our investments across horizons. Horizon one, two, and three. When we look at our international investments, some of the investments by geography fall into different horizons. Horizon one, again, is more zero to the next 18 months. Horizon two is 18 to 36 months, and then horizon three is 36 months+. When we look at Canada, U.K., and Australia, they actually fall into horizon two, and we view those countries as countries that where there's product-market fit. Now, there's never a destination with product-market fit. There's always an opportunity to fill out your platform, which is what we're doing in those three countries. Really, the key success measures in those countries are continued customer growth, increasing our share, which means we're serving more and more customers. Ultimately, we have different expectations on LTV to CAC and the revenue that we would expect from those countries. Then when you look at countries like France and Brazil and what we put in bucket of rest of world, H3 ideas are all 36 months out, which means we're really continuing to focus on solving the most important customer problems, net promoter, customer virality, and we have a lower LTV to CAC expectations in those countries because we're really focused on creating a network advantage. That means when you look at our rest of world bucket, we have more countries that are now in compliance, from an accounting platform perspective in rest of world. We use that as a really experimentation and testing bed. Depending on what we learn, there can be new countries in H3, which eventually could come and become horizon two countries. With all of that said, in terms of how we think about international, and by the way, we are more excited about the possibilities in international today than we were even a couple of years ago, because we believe that, one, it truly serves our mission and truly is a growth opportunity for the company. When you look back 5- 10 years from now, we expect more of our revenue to be outside the U.S. than it is today. Mailchimp really propels that. I know we've shared our excitement around this, but frankly, we've been surprised as to the fact that 50% of customers and revenue of Mailchimp are outside of the U.S., and what they've really done is localize it. Now, I'm downplaying that a little bit. The only reason they have that kind of attraction is because the platform is self-serve. It is easy to use, no sales, no customer success, but customers, small businesses are using it to be able to grow their business. I think now with the combination of the two of us, international becomes a lot even more interesting than it already was, because one, we have now new ways to penetrate the market, where we can just help customers get up and started. When they need all the other capabilities of the QuickBooks platform and what we can do with the data, it positions us much more strongly outside of the U.S. as it does in the U.S. than it did yesterday. That's how we think about international. Headline news is big long-term potential. We're excited about it, and we strongly believe that with Mailchimp and QuickBooks becoming one platform, it really paints a whole different picture of what the opportunities are as we look ahead. Super. Thanks, Sasan. Very welcome. Thanks so much for your question, Kirk. Next question is from Scott Schneeberger. Thanks very much, very well organized as always. Appreciate it. Two questions, Sasan, probably for you and or Greg. First on TurboTax, the second one on staffing and TurboTax Live and QuickBooks Live. The first one is, I was noticing in the slides that the TurboTax key drivers for growth, that updated this year versus years past, where it looks like you anticipate getting a bit less growth from category share, do-it-yourself category share going forward and a little bit more lift from revenue per return, which Greg did mention. Just want to know a little bit more about what is behind that. For the second question, I can repeat it later if helpful, but just get it out there quickly. If you could speak to TurboTax Live this season and just relative to the pandemic season before and more normalized upstart seasons prior to that, what your lessons learned were from staffing that, how you're looking at that going forward, and then the QuickBooks Live part, because it's less seasonal and something you may be encountering now? Obviously, labor shortage is an issue. I would think not for your business. With work from home, it might be an opportunity, but any issues with QuickBooks Live staffing and developments there? Thanks, Sasan. Yep. Great to see you, Scott. Thank you for your question. Let me maybe tee it up, and I would like for you to hear from Greg as well, and maybe at the end, both Greg and I can tag team on your question around the Live platform in general. First of all, we are three years plus in declaring two things that are very important strategic bets that we've made. One is about going after under-penetrated segments. The other is about transforming the assisted segment. Now, there's overlap between the two, but for us, they are distinct opportunities. In that context, being several years in executing against that plan, what we continue to grow confidence in is the fact that we can serve these customers, we can have a platform that becomes a better method than the method that they used to use, and these are just higher-priced products, and therefore that increases ARPC. I know you hear almost the same thing from me in the last couple of years. I would just remind us, we're in the very early innings. There is almost 90 million people that use the assisted method, and there's over a $20 billion opportunity in the assisted segment. We're going into our fourth year with the Live platform that not only serves the assisted segment but also targets the under-penetrated segments. We have a lot of confidence as we look ahead, not only continuing to lean on our learnings and our experimentation and the velocity and the pace of innovation to serve these customers, but also to be able to increase our ARPC, which is why you saw what Greg shared at the end, changing and increasing our ARPC expectations as a lever to grow the business. Greg, I'd invite you to please add and share your perspective. Yes, Sasan. Maybe just reinforcing your point, what we see is that our average revenue per return is growing. Our mix is becoming more favorable, particularly as we go after segments like self-employed investor in the full service, that's going to open up opportunities for us to even grow average revenue per return even faster. The math associated with that yields a little bit change in our sensitivity, where we might have been at 3%-5% before for a point of DIY growth, now it's at 2%-4%. The value of our average revenue per return growing now has gone up from where it used to be from 3%-4+%. Fundamentally, the growth drivers are really exciting. Our growth is driven by innovation, and our outlook of 8%-12% growth, unbiased more towards double-digit growth in the future is absolutely exciting for us. Maybe now I can take the question that you asked around experts and the live platform. This is one of the wonderful things about having Mark and his team that looks after the live platform across the company, inclusive of how we think about experts. I think it's important to state that this is all technology-driven and AI-driven. This is really about how do we leverage technology to make our experts efficient, effective at what they do. I start there to say that actually informs not only the number of new hires, but also their experience. With that said, their experience really sits on the incredible culture that we have. One of the reasons the net promoter of our experts went up is they love our culture. They love what we stand for. They love how much focus we have on our employees and growing our employees, but also how customer-back we are and the innovation that they see on the platform. The more we can make our platform smarter, the more we can deliver insights for them, the more we can make it easier for them to do their job, the more they actually want to be a part of our platform. We continue to have a number of experts that return from the prior year because they love being part of the Intuit culture and delivering for our customers. They also love the variety of the work, because now they can help customers in tax time, and some of them can help customers that are small businesses being part of the QuickBooks Live platform. We have a lot of confidence in the ramp that we expect in bringing experts on board. Part of that confidence is actually the culture that we have as a company, what we stand for, and the experience that they have on our platform. Last thing I would say is our expectations are very high for experts, because this is now you're truly talking about service as a software, where they are the interface to customers. The standard in which we expect them to deliver for customers, the value that we expect them to create is very, very high. That not only inspires them, but it actually attracts great talent that wants to be part of a high-performing culture. Net-net, it's not easy to find the right folks, but we have our ways and methods, and our culture brings a lot of them back, which is a wonderful place to be. Thanks so much. Thanks so much for your question, Scott. Next question is from Kartik Mehta. Two questions. First is on big picture. Obviously, Mailchimp gets you into the front office, you talked about the opportunity there. I'm wondering from an other product standpoint, what other products you think you could really leverage that QuickBooks, that infrastructure you have? Yeah, Kartik, good to see you, and thank you for your question. I would just say for the time being, in context of our strategy, in context of the bets that we've declared across the company, our focus which is really important, when you look at an acquisition, we're very intentional about focusing on acceleration versus just integration, and we're very focused on momentum. Momentum is created by doing what's right for each employee, and making sure that there's real impact for customers. I think the first part of the answer I would give you is, we have a lot of capabilities on the QuickBooks platform. I think Alex and his team, when we went through the platform immersion, demonstrated all the capabilities that we have. Now bringing on Mailchimp, it really expands our capabilities to help customers grow their business and run their business. Really our focus right now is to create this one platform where it becomes seamless for customers, and the real innovation will actually happen behind the scenes with the data and AI. We will continue to see where that leads us over time and what other capabilities we want to build internally, what that may mean in terms of gaps that we have. Right now, looking ahead, we love the capabilities that we have coming together, plus all of the internal innovation, which you only saw a small glimpse of it today. We're right now just focused on our own roadmap, bringing these capabilities together to make a huge impact for customers. Of course, in the future, if there's any other big gaps and opportunities, we'll share it with you all. Just on Credit Karma, I was wondering what kind of pricing opportunity there is, especially today, when you see credit card issuers really fighting each other to get that next customer. I'm wondering, over the years, what kind of pricing opportunity Credit Karma has had and what they have going forward, especially with Lightbox coming online. Yeah. You know what? This is a great question for Ken. I'd love for you all to hear from him. Let me turn it over to Ken. Yeah. Thanks for the question. Our primary focus is not on pricing. It's actually on the consumer experience For us, what we have focused our time, effort, our technology on is ensuring that those 80% of subprime consumers who are getting declined for a product, that they get approved, and they get a good experience. What we focus on is the certainty and the simplicity. What we find is that most consumers aren't taking advantage of great financial products because there's too much friction in the space, there's too much uncertainty, and the pricing transparency doesn't exist. For us, from a technology perspective, from a data perspective, from a partnership with Intuit and everything that we do together, it's about that mission, and that's where our primary focus is today. We think with that, we'll be able to drive greater market share, greater share of transactions, and that's what's key for us. That is our focus, is driving benefit to our members. The pricing pieces come over time, but key and central to our thesis is our member, our focus on our members, and driving great value for each and every one of them. Well, thank you. Sasan, good luck to the Clippers. Thank you. Good luck to the Cavs. Thanks so much for your question, Kartik. Next question comes from Ken Wong. Great seeing everyone today. Glad you guys could host this event. I had a question for, I guess it could be Sasan, Greg, or Ken. Try to tag as many of you guys as possible. During the immersion session, we saw a demo where a TurboTax Live rep advised the client on the potential tax implications on a Credit Karma mortgage. Do you see potential opportunities the other way, where perhaps a TurboTax Live accountant might interact with a customer to cross-sell some of the Credit Karma functionalities just for a general consumer wellness purpose, whether it's, again, maybe mortgage, maybe it's insurance, maybe it's wealth management? Yeah, Ken, very good to see you. I actually love your question because, one, I will tag team. I'll turn it over to Ken first, and then Ken can hand it over to Greg. What I love about your question is it's very much customer-backed, and that's why we are putting the capabilities of these assets together and creating one platform. Our ultimate goal is to help customers make ends meet. It's to help them connect to financial products that are right for them, and ultimately be able to find ways to put more money in their pocket, inclusive of the largest tax refund, and have expertise and advice at their fingertip. It could be all automated or it could be an expert that comes online to engage customers with whatever question that they have. Maybe with that as context, because in essence, your question articulates our strategy and the areas of our priorities. Let me turn it over to Ken to maybe take the first part of your question, and then Greg can chime in. The short answer is absolutely. The longer, more detailed answer is, when you think about it, most of us realize that we can save money just simply by refinancing. If you think about the friction associated with refinancing a mortgage, for example, we know that we have to go and gather our W-2s. We know that we have to be credit qualified. We know we're going to have to send faxes back and forth around our paychecks, and how much in terms of other dollars that we have. That's a friction point that keeps consumers from doing what they should do. This is where the AI platform, the partnership with Intuit and TurboTax really make a difference. We actually have all of that data centralized, and with the consumer's permission, we can look into that, and we can give you specific information as to, you will save $75 a month. If you think about that's a lot of money for a vast majority of consumers. You will see that over this duration, and this is the process that you need to do. By the way, that process is greatly condensed because we already have that information on our platform, and because you've been a Credit Karma member and a TurboTax user for the last 10 years. That makes a difference. I think that ability to give concise, personalized, targeted information to each specific instance, that is the AI platform, and that's the power that Intuit Credit Karma brings together, and that's what we're really excited about. Ken, just to pick up with that, when you look at the questions around expertise, with our Live platform, we have an opportunity to syndicate that experience and actually have our experts be available at the point of need. In your example, you mentioned around investments. I think if you think about the specialization of our experts and making them accessible on a platform that maybe already exists, or even a platform that we're expanding into, the Live platform, the experts we have become a true opportunity for us. That's why you see us talk so much about matchmaking, making sure that the experts we have, the experts we hire are specialized, they're trained, and they're prepared to have those kind of experiences and leverage our technology platform to amplify not only their experience but also their humanity, so they can deliver that benefit of confidence at the point of need as well. We do see those kind of opportunities for us in the future. Got it. If I could maybe ask Sasan or Alex a follow-up question, just more on the Mailchimp side. I think the last year and a half, we've seen a lot of data restrictions. You've got Apple introducing fake emails into iOS, and just wondering if there's a potential headwind here for the Mailchimp business, or do you see this as a potential opportunity as you guys start to blend some of these data sets longer term to drive value for customers? Yeah, Ken, thanks again for your question. Let me get us started, and I'll turn it over to Alex. First and foremost, the real power of what we are doing across the company, is leveraging our customers' data with their permission to actually fuel their success. I think there are two things that are important in what I just articulated. One is permission, the second is success. When you think about specifically your question around Mailchimp, all we're really doing is combining the customer data and the customer list with purchase data. If Alex were to come to the website and become a customer, we'll actually know if Alex bought something, what products Alex bought, and if Alex didn't buy, if we should go back to Alex and make sure that we understand why he didn't or offer him discounts. That's really the way we leverage the data that doesn't really fall into the crosshairs of data privacy or security or some of what you cited around the recent Apple announcement. With that said, Alex, I'd invite you to add your perspective. No, Sasan, I think that's absolutely right. It's one of the things that gets us the most excited about the power of the Mailchimp platform. They are leveraging data and AI connections that are far beyond just email. Again, as a very specific customer example, if it's Cyber Monday and you're a small business and you're trying desperately to nail that Cyber Monday opportunity, the ability to target exactly who in your customer base are the right customer, send them a targeted message, whether it be email or text or however social method you want to. Understand who's showing up, what they're putting into their cart. If they're abandoning their cart, leveraging that data and information to now be able to follow up with them, and then have all of that data after Cyber Monday, the purchase data, come back through QuickBooks and through a combined end-to-end innovative platform to be able to now say, "Okay, what am I going to do the next week and the next week and the next week?" That's the power of the data and the power of the platform, and that's what gets us excited. Great. Thanks so much for your questions, Ken. Next question is going to come from Alex Zukin. Hey, thanks guys for taking the question. Sasan, I want to first maybe start with you, just a really big picture question, because something you've been kind of saying over and over during today's event has stuck with me. It's the fact that you're going from a piece of software that businesses and consumers ultimately use to react to events, to actually software where you're enabling both people and businesses to act. People generally pay more for software that enables them to act versus just react. In connecting that to a financial metric, how are we to think about, ARPC growth over the course of time? If you look at all the items that Michelle laid out, where do you see the most opportunities to drive that ARPC growth in the future? Alex, good to see you. It's a wonderful question. I'll just state two things. One, it's actually the core of the shift that we are making from, frankly, we are well into getting to the other side of that shift, which is going from really a tax and accounting platform, to a platform that you can run your life and your business on the platform. The second is a shift from a platform that is more enter data, and you'll know how you're doing, to a platform that actually delivers insights, value, and answers. That is why the core of our strategy and investments is about an AI-driven expert platform. It's to not only make that shift from the breadth and depth of what we provide customers, but to actually do it for them. Ultimately, what that will mean for shareholders is, over time, durable, accelerated growth, much more of our growth even being highly recurring and subscription-based than it is today, but more of our services being used. One of the things I talked about earlier today when I was going through our FY 2021 reflections, one of the things that gets us excited about the future is we have such an incredible opportunity for deeper penetration across the board. Even with Mailchimp coming into our family and Credit Karma, whether it's deeper penetration in the financial products that we provide, deeper penetration in helping you run your business and use our CRM tools, so deeper penetration with payments and payroll, deeper penetration with tax revenue. All of those things will translate into highly recurring business, durable, accelerated growth, which means more of our services will end up getting used, and that drives ARPC. That's how it all will come together in terms of sustaining and accelerating long-term growth. Got it. I'm sure we'll start parsing your words about durable, accelerated growth quite soon. I want to ask about Credit Karma, because I think coming in, even before you made the Mailchimp acquisition, one of the things we were all kind of waiting to hear and we've heard today is around all the synergies that you're unlocking, leveraging the Karma platform across the consumer, the SMB, and the free business, or free users that you have. I want to just get your sense from, as a management team, where have you been most surprised by some of the synergies that you've been realizing to date across those business lines? Yeah, thanks for the additional question. First of all, I would just start by saying there's what you choose to declare, then there is the management team actually believing as a team that the opportunity is there to fundamentally power prosperity for our customers. One of the things I really enjoy watching is how Ken and marianna and Greg and Alex and Mark and the team interact with respect to what is possible and what we can do for our customers. Of course, then that role models excitement and clarity for their teams. That's really important because you can declare things, but you also need excitement and buy-in, which is why, by the way, was not one of the first things on our list at the beginning when we declared our acceleration priorities. It's actually why Ken and Alex got together and said, "Hey, let's actually roll out the Credit Karma platform as part of the payroll platform, because there are things that we can do together, that we otherwise would have never thought about until a couple of years down the road." That, I just wanted to start with what excites me. It's about how the team is actually working together in context of the priorities. I'll share with you, I'm going to then turn this over to Ken. I'll share with you the biggest thing that I've actually learned from Ken and really the history of how they've developed their platform, which gets to your question around the biggest surprises. We look at opportunities to combine our platforms across the company to deliver for customers. That is contextual awareness matters. One of the biggest things that we've learned is Credit Karma's history, as you learned from Ken, is they went from credit scores to credit card products, personal loans, and eventually auto insurance, home loans, et cetera. The contextual awareness of why am I here and why would I look to Credit Karma for auto insurance matters a lot. That means that when we launch TurboTax as part of the Credit Karma platform, or Credit Karma as part of the TurboTax platform, there are things that we need to do to ensure that the contextual awareness and understanding and benefit is there for customers so they begin to engage in what you have launched. I wanted to first share my biggest learning and surprise, which by the way, is going to help us as we think about any new innovation across the company. With that said, Ken, I'd love for the team here to hear from your words. Yeah, absolutely. Well, first, I think there's the data synergy, right? I think that is the opportunity that we talked about from a lending perspective to actually make transparency, to make certainty, to make simplicity happen on behalf of our members. I think that is very important. Next, when you bring in all the capabilities, right, you think about the $100+ billion of tax refunds each and every year. When you think about the $230+ billion worth of QuickBooks Payroll, that is a hugely impactful aspect of Credit Karma Money. Let me bring it back to the most important piece. What we're able to do with the platform is we're able to transform the consumer's life. We're finally able to bring together all the disparate parts of the consumer's financial life and put it into an AI platform that actually changes the way that consumers think about money, changes and removes all the friction, removes all the reasons why we don't do what's best in our own self-interest, because there's too much work associated with it. I think that is the biggest synergy, and I think that's the biggest opportunity because I think we're going to be the first company to realize that opportunity, to do it at scale, and most importantly, deliver impact to our members and customers. That's what I'm most excited about. Great. Okay, thanks Alex, so much for all of your questions. Next question is going to come from Matthew [Faul]. Hey guys, thanks for taking my question. Just wanted to follow up with the comments around the acceleration for Credit Karma as well as the synergies. The long-term target you put out there is 25% or 20%-25% growth. I believe that's a bit higher than what the business was growing pre-acquisition. When we look at that acceleration, how much of that is driven by some of those synergies with other areas of Intuit's business that you called out, versus gaining more traction with some of the non-core products, for Credit Karma? Yeah, thank you for your question. It's really both, and I'll put it in context of that one slide that we shared with all of you around horizons. There are things that are really driving significant impact and growth today in Horizon One. There are things that we expect will be far more material in 18 months, and things that will be far more impactful 36 months out from now. Really the long-term expectation of the 20%-25% growth really takes into account all the possibilities of both new verticals and leveraging the distribution and the data and the platform capabilities of Intuit that now Ken and the team can leverage, but also the synergies that we walk through. All of that is what informs the long-term expectations. Frankly, as we prove out things that are 36 months out from now, then we'll have a far better idea of what's the possibilities even beyond the long-term expectations that we've shared with all of you. Okay. Thanks so much, Matt, for your question. Next up, we've got Brad Sills. Great. Thanks guys. Thanks for all the information today. Great to see you all. Question on Mailchimp here. When you think about the profile of the customer that values the front office with the back office suite, does that resonate more with that mid-market? In other words, could this accelerate your move into the mid-market with QuickBooks Online Advanced? They obviously have a higher international footprint. Maybe that suggests that these are larger businesses, larger organizations, that you could pull up market for QuickBooks as well. Just any commentary on how this might affect that market with QuickBooks Online Advanced into the mid-market? Thank you. Yep, sure. Let me kick us off. I do want you to hear from Alex. The short answer is absolutely. What we're very excited about is Mailchimp actually helps us deliver for all small businesses, because what we've seen is if a small business is starting out, they ultimately need ways to get started. They need to get their business exposed. They need to get a website. They need to be able to get on different channels, whether they're a service-based business or a product-based business. Of course, as you become a mid-market customer, the need even becomes grander and more pertinent and more important. The short answer is absolutely. We always saw mid-market as a huge opportunity. It becomes even more exciting as we think about QuickBooks and Mailchimp coming together. It really also positions us to serve all customers from small to big, which is actually one of the reasons why we chose Mailchimp. There are several distinct things that got us excited about Mailchimp. One is their just pure scale, customer scale, data scale, and technology scale. Two, it's the breadth and depth of their product portfolio that allows us to do things that we never imagined possible. Ultimately, you combine that with QuickBooks, it allows us to serve both product and service-based businesses, small to mid-market. Alex, I'd love to invite you to add to this. Sure. I would say something very similar. First, the simplicity of the product that Mailchimp has been winning with for many, many years really gets us access to customers at their very beginning. Just when they're starting their business, they want to get online, they want to get those first customers. We can start with them and then grow all the way up. It's very similar to how we thought about QuickBooks. We declared a couple of years ago when we launched QuickBooks Online Advanced that customers love the platform, they love using the interface, they shouldn't outgrow us, and we can build the features and functionality to be able to allow them to continue to scale with us. Mailchimp has done the same thing. They started with a very, very simple product, self-service onboarding, now have built the products and the technology to enable those businesses to be able to scale. I think as we think about the mid-market, the data integration is going to become more and more critical. Being able to tie together who are my best customers and what is their purchase data is what real mid-market companies are going to need. We're going to be really the only platform out there that allows you to connect customer and purchasing data together and be able to get the insights that you need to be able to grow your business. We think this will accelerate us into the mid-market, and we're excited to see those integrations. Good to hear, guys. Then one more, if I may, just on Mailchimp. When you think about the go-to-market for both products, it's primarily product-led, QuickBooks and Mailchimp. QuickBooks, you also have that CPA channel, the influencer channel that you're famous for, a huge advantage. Are there any unseen channel synergies here between Mailchimp and QuickBooks, either on their side or on the QuickBooks side, where you could accelerate through a channel that's already available? It could be digital or it could be expert network channel. Yeah. I'm happy to take that. First of all, you're right. We have an accountant channel that has been a huge advantage for QuickBooks Online. Mailchimp has a similar channel when it comes to their marketing advisory businesses. They have 20,000 partners from a channel that they've launched actually quite recently, that are now helping businesses figure out how to grow. A small business may not be a marketing expert, but they want the advice to be able to come in. We have channels on both sides. There's actually synergies between those two channels as well. All of those marketing agencies are small businesses. Many of those accountant businesses are trying to grow their customer base. We think there will be interesting channels there. We also think just in general, you've seen us expand how our franchise is being viewed by customers. We are now that place that people are coming to for AI-driven expertise. This may be not just how to run your business, but to grow your business as well. Thank you so much. Great. Thanks so much for the questions, Brad. We are now going to take our last question from Kash Rangan. Kash? Hey. I've got six minutes with you guys. That's awesome. Congratulations on a terrific Analyst Day. Thank you, Kim, and thank you, Sasan and Michelle. I hope you can hear me okay. First, can you hear me okay? Yes, perfect. Make sure that I'm not speaking into the wind. All right. Okay. First question is, as I listen to the story today, I'm drawn to some really big numbers. You talked about that $30 billion of fees that consumers pay in the banking industry. It feels like Intuit could potentially start to disrupt what we commonly believe to be a huge consumer finance industry. Maybe the acquisition of Credit Karma has awakened your consciousness to more opportunities in what we consider to be traditional banking. Maybe you could just expand your thoughts on that, especially as we mull over your fiscal 2025 and beyond targets. Secondly, Sasan, wanted to get your thoughts on the whole move into front office with Mailchimp. Do you envision Mailchimp going upmarket alongside QuickBooks Online Advanced? Also, as you give thought to how it's played out in the industry, generally the front office and back office players have been largely separate, and it's been NetSuite and Salesforce in their respective domains. How do you change that industry order and make sure that Intuit can be the defining front office and back office platform for small businesses? Thank you so much once again. Kash, great to see you. I've always wanted at least five to six minutes to answer a question, the team always tells me I'm long-winded. Let me take your second question because then I'm going to turn it over to Ken, for the first part of your question. First of all, depending on the size of the small business, we think this whole front office, back office is the old way to think about it, not the new way to think about it. That's customer driven, not so much just Intuit driven. When you spend time talking to these small businesses and these businesses that are in the mid-market that have several hundred employees, because of the power of the cloud, more than 75% of businesses are actually looking to have the power of their data, their transactions, and how they run their business in one place, so that they don't have to bounce back and forth between multiple platforms that don't talk to each other. The talking is about their data, because they actually want to know what is going on in their business. Who are their customers? Who's the most profitable? Where are there opportunities for wallet share increases? How do they compete with other small businesses or some of the larger channels? When we take the insights that we are seeing and learning from our customers, and particularly what's happened in the last almost 20 months because of the pandemic, we have seen a significant acceleration to customers embracing virtual solutions, online solutions, omni-channel solutions all in one place. In fact, when they see that their data is in different places and they can't leverage the power of their data, it's one of their biggest frustrations. Looking ahead, it's no longer about front and back office, and the great news is that behavior is changing from the customer, which actually makes it easier for us to really solve their problem because their mindset is already there. That is the magic of QuickBooks and Mailchimp coming together. What you've heard Alex and I and others describe today, which is truly creating a platform that's customer backed, that puts the power of insights and fueling your business in your hand. We see that as a big opportunity for the mid-market, and frankly, all businesses, but particularly for the mid-market as we look ahead. We don't believe, based on everything that we see, and we see it a lot with QuickBooks Advanced, we don't think we have a lot of convincing to do. It's actually what they want, and we're going to now be able to deliver for them what they're looking for. With that, let me turn it over to Ken to answer your first question. Yeah, I love the note about disruption in the space. I think in many ways, we grew up in the category. The way that we think about the opportunity is probably a little bit different than everyone else. From our perspective, people are reinventing banks, and that is great. What a company hasn't done is really become the champion of the consumer. By that, I mean there is so much data that is being used to determine the eligibility, the profitability of consumers, that bank use, machine learning, all the platforms, all the jargon that we understand as businesspeople. Consumers don't have that same access. Our perspective from Credit Karma and our idea of disruption is, what if you put that power in the hands of the consumer? What if you take all of that data, the machine learning algorithms, the ability to save money, and you put the algorithm to help consumers save money rather than maximize profit? What type of world do you get? What type of relationship do you create with your members? What kind of value do you instill in the economy? That's our version of disruption, that's really what we're going after day in and day out, is the focus on how do you drive value for our members. We think that, in a way, will drive inordinate value for Intuit, and that is our strategy moving forward. Awesome, Ken. Thank you. Since I think that was the last question, all of you have been so thoughtful in thanking us for today. On behalf of the whole team, we would like to thank you for investing the time in today, participating, and your wonderful questions, both in the platform immersion, and the questions that you just asked a moment ago. It was great to see those that we saw on the screen. Be safe, be well, and we look forward to talking to you again very soon. Thank you, everybody. Bye-bye.