Welcome! Welcome to Intuit's Investor Day. I'm Kim Watkins, Vice President of Investor Relations. It is great to see so many of you here with us in Mountain View, and I wanna send a warm welcome to those of you also joining us online. We really appreciate you taking the time to be with us today. We have a great day planned for you. Sasan is gonna kick us off and take us through our AI-driven expert platform strategy. Then Alex Balazs, our CTO, is gonna take us through the technology powering our platform and also how we're utilizing generative AI. Then we'll head into a platform immersion experience, where you'll have the opportunity to more closely and deeply understand our strategy. Following a short break, Marianna and Mark will come up and talk about our two largest businesses, Small Business and Self-Employed and Consumer Group. Then, Ken Lin will take us through the strategy and vision for Credit Karma, and Sandeep will wrap it up with some financial perspectives. And then we'll have plenty of time for Q&A. And for those of you here with us in Mountain View, we ask that you join us for lunch. So moving on to the forward-looking statements. These presentations contain forward-looking statements. There are a number of factors that could cause our results to differ materially from our expectations. Please see the section entitled "Cautions about Forward-Looking Statements" in the appendix accompanying this presentation for information regarding forward-looking statements and related risks and uncertainties. You can also learn more about these risks in our Form 10-K for fiscal 2023, and our other SEC filings, which are available on the Investor Relations page of Intuit's website at intuit.com. We assume no obligation to update any forward-looking statement except as required by law. These presentations include certain non-GAAP financial measures. Please see the section entitled "About Non-GAAP Financial Measures" in the enclosed appendix for an explanation of management's use of these measures and reconciliations to the most 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 and should not be relied on in making a purchasing decision or an investment decision. Certain product screens or images are simulated, and videos shortened. Some numbers may not agree with the sum of the components, nor with SEC filings, due to immaterial rounding adjustments. Okay, before we get started, I have a couple of housekeeping items that I wanted to mention. First, Wi-Fi is available on the Intuit Guest Network. There's no access code required. Hopefully, many of you already figured that out. Second, the restrooms are over to my right, your left, just underneath the stairs. And last, I wanted to mention that we posted the slides that we'll be sharing today on the IR section of our website. I also wanted to mention that we posted two videos just yesterday that you won't wanna miss, along with publishing our corporate responsibility report. The first is Dave Zasada, our Vice President of Corporate Responsibility, who goes through the intersection of our corporate responsibility strategy and our business strategy. The second is Humera Shahid, who is our Chief Diversity, Equity, and Inclusion Officer. Humera goes through our DEI strategy, and both Dave and Humera will be here for Q&A later. So as I mentioned a minute ago, after Alex speaks, we'll head to a platform immersion experience, where we'll take you through four of our big bets and really help you understand the most difficult customer problems that we're working on solving. We will not be including our first big bet because that's really a technology bet that's foundational to all of our other bets, and Alex will go through that in his presentation today. This is also a great opportunity for you to meet with many of the other senior leaders here at Intuit, so please, take that opportunity. With that, I think we're ready to get started. It's my pleasure to introduce Sasan Goodarzi. Thank you. Well, good morning, good afternoon, good evening to everyone on the webcast and everyone in the room. Thank you so much for taking the time to join us today. It'll be a fun couple of hours together, and we really look forward to the interaction, both in the Q&A and when we go upstairs for the platform immersion. And of course, everybody on the webcast will enjoy the product experiences that have already been prerecorded. Well, let me get us started. One of the things that I have always found incredibly unique about Intuit is that we are a 40-year-old company that has had to reimagine ourselves through many technological cycles and economic shifts. With that said, the era of AI is very, very different. We stood here more than five years ago and shared with you that our belief was that AI was going to be as revolutionary as electricity and the internet. We believed then, and we believe now, that it will ignite global innovation in ways that we could never imagine possible across every single industry. What is different is that this time, we were early. We were early in declaring that data and AI was going to be core to what we were going to do to reimagine the future for our customers. We declared a strategy that was based on leveraging data and AI to rethink becoming a platform company. Every single one of our five big bets are focused on how we leverage AI and the investments that we've made in AI to deliver experiences that we could never imagine possible. You have hopefully experienced that with the innovation that we have accelerated across the company in the last five years. And I think last but not least, the way I would want you to think about this, especially with the announcement of Intuit Assist, which is based on years of investment in data, in AI, and now particularly GenAI, Intuit is about to paint its masterpiece for our customers and as we think about growth in the future. Now, that is demonstrated by how we are recognized externally. We continue to be recognized as one of the best places to be, the best places to work, and we are not only growing our internal talent, but we are attracting talent in ways that we never even imagined possible because of the future that we are creating for our customers. If you look at our growth rate prior to the declaration of our strategy and five big bets, we were a high single-digit growth company. When you look at the five years after the declaration of our five big bets, this is a high double-digit growth company, while we have expanded our margin rates. Our view is that the best years are still ahead of us. This last year, in a very uncertain environment, with many curve balls thrown at us, we grew the company 13%, and we grew GAAP and non-GAAP operating income 22%. So we're very proud of the privilege that we have to serve 100 million customers, the privilege that we have to be able to, to serve our customers in ways that create a future where we can do the work for them. In that context, let's actually talk about the future. One of the things that we do every year is we think about our reflections across several dimensions. We talk about it with our employees, we talk about it with our board, and ultimately, we always love to share it with you because it informs how we think about the future. First and foremost, we are very proud of our culture. We are very proud of our talent and the engagement that we have across the company. It is world-class. At the same time, we are architecting this company for velocity. Today, just to use one illustrative example, our code deployment is 9x faster than it was in 2020, and it's 50% higher than it was this time last year, where I stood before you. However, we still have it on the side of progress needed because velocity is a competitive differentiation, and we continue to architect the company to move faster in the right direction to make the largest impact for our customers. Which brings me to the second point, and that is, five years ago, we set out an aspirational goal to measure ourselves against our very own mission, and that was to increase the success rate of small businesses and to double the household savings rate of consumers that are on our platform. We've made incredible progress. Consumers that are on our platform, their savings rate is 1.6x, those that are not on our platform, and 50% of small businesses go out of business after five years, and those that are on our platform, they are nearly 19 points more likely to be successful. So we feel very good about the progress that we're making, actually changing people's lives. That's important because that goes viral, and more and more folks wanna be on our platform. Which leads to the area where we're continuing to work on, how do we accelerate new customer growth? Because we feel like it's an incredible obligation to get more customers on our platform because of the positive impact we can have on their lives, and hence, driving economic growth. We feel really good about the impact that we are having in our communities, and in fact, with the videos that Kim talked about, I'd encourage you to listen to it. The number of jobs that we are creating, the number of folks that we're preparing, to be ready for the job market, the positive impact on climate, is all an area where we've exceeded all the goals that we have set internally. Our view is where we need progress is to be much more targeted in how we talk about the impact that we are having to inspire others to do more of what we are doing because we believe we can collectively make the world a better place. The next area is how we think about the impact of our platform. I would just share with you where I started a moment ago, that when we stood here five years ago and said data and AI was going to be core to everything that we do, five years later, it is having a substantial impact on our innovation across the entire company. It's having a substantial impact on our growth, and it is why we're able to expand margins. At the same time, we feel like this is now time for our masterpiece. This is a time to leverage all of these investments, and particularly now, with what's possible with generative AI, to reimagine experiences in ways where we can create the future of done for you for our customers, with always a gateway to expert help. Every one of our bets have had a substantial impact on our growth, and now our focus is breakthrough adoption and being better together. What we mean by better together is we've got incredible assets. We've got assets across QuickBooks, Mailchimp, Credit Karma, and TurboTax, and now we are focused on how we're bringing all of the data, all the AI capabilities together to deliver experiences in ways that we are profoundly impactful in the daily lives of our customers. Then last but not least, we're proud of the strong financial results in a macro environment that was uncertain last year, but we believe that we are so much better than the results that we delivered last year. With that as context, now let's actually talk about what we're gonna do. Now, some of you may have heard this 100x. Some of you may be hearing this for the first time. My ask of you is listen to it as if you've never heard this before, because hopefully, I can communicate a nugget or two about what we are doing as a company to accelerate our growth. Everything starts with our customers. We very intentionally, five years ago, stepped back and thought through how do we solve a set of customer problems where we can be relevant in the eyes and the lives of our customers on a daily basis? And so what you see here is a very intentional declaration to set us up to be a platform company that can have a meaningful impact to the lives of our customers. The way that shows up is to help our customers get out of debt, to be able to save money, to be able to do something profound with their tax refund. It's to be able to help entrepreneurs that have chosen to go into business for themselves, be able to get customers, grow customers, grow their wallet share, to be able to take good care of their employees, to be able to have access to capital, being able to do all of that in one place. The great news for us is that we have a very large total addressable market, and the majority of our addressable market is not switching people from another platform to ours. It's actually switching people from what we call non-consumption. Believe it or not, there are a lot of large mid-market small businesses, just to use an example, that are managing their business with pen and paper and through Word and Google Sheets, and using a bookkeeper and accountant, and switching it almost every year to get the best outcome for their business. And that's what we're excited about, because we have a 5% penetration in over a $300 billion TAM, and everything that we've been working on to create a future where it's more compelling and where it's done for you to help power your prosperity and fuel your success as a small business is now within our grips. And we have secular shifts that are working in our favor. You know, first and foremost, small businesses have always lagged consumers, and so the digitization of how they find customers, how they buy, how they sell, commerce, a lot of it is still manual, and there's an incredible secular shift to digitization that plays in our favor. The second is, and this is a staggering stat, but it has a profound impact on our business. By 2030, 45% of the workforce is gonna be Gen Alpha and Gen Z. These are folks that have grown up with technology. The only way in which they know what to do is using technology and getting help through a digital avenue. That works in our favor. And last but not least, there's a lot of disruptive technologies. The most important choice a company like us has to make is what not to invest in, and we chose AI 5+ years ago. We bet the company on AI, and we feel very good about the way we are positioned, because AI will replace every bit of software in the world in the next 5-10 years, and we're very well positioned to leverage this incredible technology platform to change the world for our customers. So let me walk you through our game plan. Again, if you heard this 100 x, my ask is listen as if you've never heard this story. It's important just to communicate that we are a purpose-driven, values-driven company with excellence and execution. That doesn't mean we are perfect. It just means we strive to always be clear what's most important, and we strive to have conviction to execute against what we declare. And it starts with our mission. What gets the heartbeat of our employees in this building and the buildings all around the world, what gets their heartbeat going, is to show up and power the prosperity of our customers. It's to fuel the success of small businesses. It's to double the household savings rate of consumers, and to leverage our platform to do good in the world, 'cause our view is, by doing good in the world, we're making a positive impact for consumers and small businesses, and ultimately, it's good for Intuit. You know, our values, you'll walk around, and you'll see it on some of our walls. I remember when I joined the company 20 years ago, first of all, when I was interviewing, I thought, "This is too good to be true." I said, "This place can't be this good." And when I joined, I realized it's actually better because we actually live our values. We don't talk about it much, but we live it every day. And we refreshed these values 3x in our 40-year history, and we refreshed it again a couple of years ago, particularly in three areas where we felt that we needed to become a better version of ourselves. Those three areas are being much more courageous in the bets that we take, being far more obsessed to select the details of what matters to our customers, and bringing the power of inclusion and diversity to our workforce, 'cause at the end of the day, our customers are diverse, and we need to bring the power of the diversity of our workforce to deliver incredible innovation for our customers. With that as context, let me talk about how we think about goals. We think about goals in two dimensions. One, we set aspirational internal goals that are very far out and far-reaching, so we have a clear mountain that we want to climb, and then we set very specific operating goals that are for the next one and three years. Let me just quickly remind you that five years ago, we set 2025 goals, and the first one I touched on a moment ago, but let me just, if I could, quickly touch on it again. We said that we wanna double the household savings rate of every consumer on our platform, and that because 50% of small businesses go out of business after five years, if they're on our platform, we want their success rate to be 10 points better. We've made incredible progress in this area. If you're a consumer on our platform, your savings rate is 1.6x those that are not, and we've actually beat our small business target, which those that are on our platform are 19 points more successful than those that are not on our platform. Again, this matters because it goes viral. People talk to each other. They tell their friends, their family, and it drives growth for the company. We also made great progress being one of the most reputable companies in the world, but this goal was about being best in class in the tech sector. We were actually... We are in the first quartile, and I'll come back to this goal in a moment. And last but not least, is we have accelerated the growth of the company. Just to be clear, we set long-term revenue goals. We don't share it with you because we don't want to set an expectation, but our aspirations are always far greater than what we communicate to you. Now, because 2025 is three years away, last December, we refreshed our long-range goals, and we have set bold 2030 goals, and you can see in blue what's changed. What's changed is, first of all, we've upped our goal in terms of the small business success rate we are now striving for. Secondarily, we are aspiring to be one of the most trusted companies in the world, not in the tech sector, which is what's changed here as measured by Morning Consult. And then last but not least is, we have an internal goal around revenue growth, and we've set that goal, but for you, what's important to know is we want to continue to accelerate our growth because we believe this is a high double-digit growth company. Now, let me get to the operating goals that we set for ourselves, and I'm not gonna go through the details of it, more to communicate how we run the company. We set goals for four stakeholders. Our belief system is that by creating a highly engaged workforce with the best talent in the world, doing the best work of their life, which is, by the way, why velocity matters, because people want to do real work for customers. By doing that right, we will deliver amazing innovation for our customers, and we will help our communities, and that will drive shareholder growth. And these are the key outputs that we measure, that you see here. I won't go through them. We have very specific internal goals for the fiscal year that we are in now and where we want to be by 2025. This is what I and my team are held accountable to. We communicate this to our board. We update our state of the company every quarter in terms of how we are performing, because these are goals that we always strive to achieve and beat. Now, with all of that as context, let me just very quickly go through how we will achieve the goals. The first thing I would say is it's grounded in what we declared five years ago. And for those of you that remember, five years ago, when we declared this refresh strategy, we said, "This is a 10-20-year strategy," because it is grounded in AI. There are two elements of this strategy that are worth repeating again. One, it's grounded in the customer benefits that matter the most. Our customers care about three things. One, they want more money in their pocket. They don't want to do any work and drudgery to achieve those outcomes, and they want to be confident in their decisions, which is hence, AI-driven expert platform. It's about having access to all of their data, using it on their behalf with AI to create a future of it's done for you, and always having a gateway to expert help. Now, let me run through our five big bets. You're gonna hear about each of these throughout the day. You're gonna actually experience the product innovation across the five bets, particularly four of them, but I wanna just refresh what these are and what we're trying to achieve. Revolutionizing speed to benefit. As you heard from Kim, and as we've talked about the last five years, this is a data and tech bet, and to put it in context, this is Intuit Assist. This is the investments that we have been making in the last five years to invest in data. The Credit Karma and Mailchimp acquisitions were data plays. They were to fuel our data lake and our AI lake to be able to revolutionize experiences for our customers. So the way I want you to think about revolutionizing speed to benefit is this is Intuit Assist. This is creating a world where it's done for you, a world where we help you automagically grow your business by developing marketing campaigns for you, to manage your cash flow, to do your taxes for you with confidence. And it leads to our second bet, which is connecting people to experts. There will always be a need for a human being. The role that they will play will definitely change over time. With our platform, with Intuit Assist, helping you do the work and helping you make decisions, personalized, intelligent decisions, you will always have a gateway to human expertise, which is our second bet. We have created a virtual expert platform, where our focus is to help you drive marketing growth and help you with it, bookkeeping, business tax, consumer tax, payroll tax, always a human, digitally, that connects with you from anywhere in the world, with the best experts in the world, to help you make decisions and grow your business. Our third bet, unlocking smart money decisions. This is focused on helping consumers make ends meet. This is about creating one consumer platform that becomes the destination for consumers. This is all the work that we are doing that is bringing TurboTax and Credit Karma together in a way where in one place, you can be able to manage your debt, manage your savings, be able to grow your money, be able to get your taxes done, be able to manage your bills all in one place. The fourth big bet, which is about being the center of small business growth. The biggest problem small businesses face is: How do I grow my business, and how do I manage my cash flow? The vision here is to have a platform where in one place, a small business has the ability to be able to do all of their tasks, but we do it for them. This is all the work that we are doing, bringing Mailchimp and QuickBooks together in one place, so we can help you grow your business and manage your cash flow, and with Intuit Assist, getting to a place where over time, we do it all for you, but you are in control, and if you ever need help with an expert, you get it. And then last but not least, disrupting the mid-market. This is a massive opportunity, as are the other four bets. We have defined mid-market as 10-100 employees. I want to be clear that our stopping point is not 100 employees. In fact, most companies don't even define 10-100 employees as mid-market. It's far greater than that.... Our stopping point in the very near term has been 100 employees, but our goal is to be able to serve mid-market customers that are in the thousands, because this is a massive opportunity for the company. Now, what makes us unique? What gives us the right to be able to do what I just shared? Well, first of all, it's what we've been talking about for the last five years. It is, first and foremost, we now can solve every job for a customer, whether you're a consumer or a small business, and we have incredible scale of 100 million customers. But what is most important beyond the scale of customers, which we can monetize, is data and AI. I just want you to think about this for a moment, because these aren't just stats. We have 500,000 financial data points per small business. That's all the data points of Mailchimp and QuickBooks coming together. We have over 60,000 data points for a consumer, and it is everything that we know about you that we can then leverage on your behalf with all of our machine learning, knowledge engineering, and GenAI investments and capabilities that actually allows us to create a world where it's done for you. And then last but not least, we see the money transactions on our platform. When you have a place where you have over $2 trillion of invoices that are managed on the platform, nearly $1 trillion, I'm rounding up, of bill pay that's created on the platform, and the debt that we see on the platform across Credit Karma, there's a lot that we can do to create a future where it's all done for you. Now, let me quickly touch on the proof points that hopefully will give you confidence in a tough macro environment, the progress that we've made. You can see the growth of our online ecosystem revenue growth of 30%. When you look at mid-market, our subs growth was at 35%, and those with ARPC of greater than $5,000 grew over 60%. TurboTax Live, which is just the beginning of what's possible to disrupt the assistant segment, grew 17%, and we saw some great proof points with QuickBooks Live this year, where you should expect good things in the year to come. The second area of proof points is Credit Karma. Our frequency of engagement... Remember, with Credit Karma, the more you engage, the more we can monetize. Our frequency of engagement in this last year, you're gonna hear Ken talk about this, was actually the highest it was compared to the previous two years, where we grew 37% and 58%. And that is an indication of how our innovation is working, and especially as the market comes back, that means good things for Credit Karma. Payroll, mid-market, subs grew over 30%. Our payments volume grew 18%. Our online payments volume grew 25%. And then last but not least, is Mailchimp. Customer paying customers grew 17%. These are very important to think about in a macro environment that was uncertain. And then last but not least, what gives us a lot of conviction around international is our online ecosystem revenue growth, and the fact that 50% of Mailchimp is outside the U.S. and is now the tip of the spear that we are executing against outside of the U.S. These proof points are to simply share with you the incredible progress that we've made against all of our bets. Now, I would just share with you, you're gonna experience incredible innovation when you go through our immersion experience upstairs. And for those of you on the webcast, you're gonna experience it digitally. But our single biggest innovation is Intuit Assist, 'cause it is not a feature, it is not a functionality. It sits on top of years of investment in data, years of investment in AI, and all the ecosystem of apps that we now have to provide us the ability, on behalf of our customers, to do the work for them, to help them grow their business, to manage their cash flow, to manage their employees, to get their taxes done for them. This is the beginning of a journey to be able to revolutionize this $300 billion in TAM that we talked about. Now, we're gonna talk about this throughout the day, but there are three monetization levers when you think about what's possible with Intuit Assist. The first one is about making it far easier to get new customers and to monetize the services that we have. What does that mean? So, for instance, a small business can now be able to dump all of their data into our GenAI capabilities, and we can immediately provide them speed to benefit, to get more customers to find it compelling to switch from non-consumption to QuickBooks. You're gonna see Mark talk about what we are doing to make it far easier for folks that today use an assisted method to get started and get all their taxes done because of our all of our AI and GenAI capabilities. So those things drive new customer growth. And this is perfect for breakthrough adoption of the services that we have, because now Intuit Assist, at the moment of truth, can help a customer with, "This is the right time to make everything payment-enabled. Would you like access to capital? It's time to use payroll capabilities. You can, you can save XYZ money. It's time to do your business taxes for you." Now, you have someone to converse with, called Intuit Assist, that not only allows us to offer services at the right time, in the right place, that matters most to, to customers, and at the same time, it leads to the second monetization lever that you see here, which is gateway to Live. We may have been talking about Live expertise, TurboTax Live, QuickBooks Live, eventually Mailchimp Live, for years, but the awareness is still very low for our customers. And now, in the moment of truth, we can help a customer understand, "Would you like connection to a human expert?" Which is a monetization opportunity for us.... And then last but not least, we'll be experimenting with Gen AI specific SKUs. We're doing that right now with Mailchimp, where there are specific SKUs that, based on what we can do for you, we'll be able to monetize because you have to pay more for it, and of course, always pricing for value. I wanted to orient you towards what the three levers are. You're gonna hear each leader talk about some specifics today, just to give you a flavor for how we will monetize the innovation of Intuit Assist over time. Okay, I'm almost done, and I can tell I'm out of time, by the way. I've never ended one of these on time, so why break the tradition today? So two more things that I wanna talk about, only because I get a lot of questions from you all around, "what is your secret sauce?" Our secret sauce is the Intuit Operating System. It is how we operate the company. One of the sayings that we have internally is that life is about 1% inspiration, vision, and 99% perspiration. It's about how we do things to drive innovation across the company. Let me quickly touch on what you see here. There's an element in terms of how we run the company, which is about setting expectations and strategy. The other element is how we then deliver and transform based on what we said we would do, and the third element is how we galvanize and mobilize the entire company to want to be a part of what we're trying to do. I'll quickly touch on a few things. I won't go in depth, but this is just a teaser, so that if you have any questions, you're welcome to ask it throughout the day. One element of what we do is what we have, what we call a six-year plan. It's actually where our big bets and refresh strategy were born, where we really force ourselves to not fall in love with what we've declared, but fall in love with what's possible. We review trends, we review our bets, we review if they're even the right bets, and the intent isn't to change things every year. The intent is to always fall in love with our customer problems and the future bets that we need to make. That informs our three-in-one year plan, and it informs what we spend a lot of time on, which is craft skills. Do we have all the craft skills in the company? And succession planning. I often get the question: How are you doing getting the data engineering and the data scientists that you need in the world of AI? And my answer has always been, we started this 5+ years ago because of what you see here. The second element is we have mechanisms where we review outcomes. It's the true north goals that I've shared. We review inputs. Inputs are the deliverables that we say we're gonna deliver in the coming year, and deliverables that will, we expect outcomes from three to five years from now, and we have mechanisms where we'll review the end-to-end customer experience, so the voice of the customer is always in the discussions that we have and informs the future. And then we have a set of mechanisms that are all about galvanizing the company around delivering growth. So our competitive advantage is the Intuit Operating System, but of course, what brings it to life is our people. And I would just tell you that we have the best leadership team that is now built for the era of AI. Every cyclical technological shift requires a leadership team that can lead you into the future, and I could not be more excited, not only with the team that we have in place, all of which are here, that you can talk to, but other leaders that are here that are really built for innovation and the era of AI. I'll tell you what we are... To close, what we are most excited about. It's a lot of what you've heard, but just to close, we are excited about Intuit Assist because it's about creating the future of done-for-you with a gateway to human expertise, which is our live platform, giving us the ability to truly be the source of powering prosperity for consumers and small businesses, and particularly for small businesses, digitizing all of money movement. There are two areas that are areas we are constructively dissatisfied with, although we've made great progress. One is velocity. We will never be satisfied with our velocity, although it's 9x faster than it was three years ago, four years ago, because it is a competitive differentiation and bringing international to life. So to end with where I started, what gets our heartbeat going is to make a difference in our customers' lives and to power their prosperity. Hopefully, this gives you an umbrella of how we're approaching changing the world for the better, and we look forward to any questions you have throughout the day. With that, I'm gonna turn it over to Alex. Alex, make sure you're on time. Okay, sounds good. Hello, everyone. I'm Alex Balazs, Intuit's Chief Technology Officer, and today, I'm gonna walk you through how our platform continues to drive innovation across Intuit. So as Sasan shared, we're fueled by the most important problems our customers are facing, our goals, the external environment, and the need to move with speed. Also, we're guided by our strategy to be an AI-driven expert platform. It's a declaration we made five years ago. To accomplish this strategy, we declared three technology priorities: delight our customers through product and operational excellence, power our vision with world-class Intuit platform capabilities, and accelerate our work with a modern Intuit development environment. When we talk about our platform, we anchor it in something that we call the city map. Our city map reflects the common architecture shared by all of our products, and it drives our platform vision. It shows everything we're developing and plan to develop. It helps us to clarify what do we have and what do we need to have to achieve our strategy. It helps to organize our teams and drive accountability, and we move faster the more we consume the capabilities of our platform. It's also important that it's not just a technical view, it also reflects our business capabilities. It's our business architecture, and it's foundational to how we act as a platform company. So this view is a view of our city map, and it shows just the top level. All the capabilities are actually represented by the boxes on the city map, and you can actually click through all the way straight down to the code. So this is how we organize our work, organize our teams, and we continue to evolve our city map as our customers' needs evolve. This year, we've elevated and expanded a few of our most critical capabilities, including identity, reflecting the importance of understanding and protecting our customers, data integration, reflecting the importance of data empowering our AI-driven experiences, and embedded fintech, reflecting our investment in the, in the critical expertise to be a fintech company. Our investments in our platform, with a focus on data and AI, have resulted in world-class capabilities, all represented on the city map, that enable us to deliver with unparalleled speed for our customers. So now let's take a closer look at how we used our capabilities to ignite innovation across all of our products. Let's start with data and AI. So over years of experience solving customer problems, coupled with our strong talent, data, and AI-driven platform capabilities, that provides an incredible foundation for us to ignite the innovation across Intuit. We have an amazing breadth of data, amounting to over 60 PB, and we've cleaned and organized our data in a way that allows us to create personalized experiences. With Mailchimp and Credit Karma, we've added more personal finance and marketing attributes, and that enables us to intelligently do the hard work for our customers. We've invested in AI capabilities over several years, and we're operating at an enormous scale. Over 65 billion machine learning predictions per day, and 810 million AI-driven customer interactions per year. So our talents, our data, and our deep experience with AI have positioned us as a leader in this space, and we've acted quickly to deploy this technology. As Sasan indicated, just a few weeks ago, we unveiled our new generative AI experiences powered by Intuit Assist, which is built on top of GenOS, Intuit's proprietary generative AI operating system. Let's take a quick look at GenOS and see how it powers our technologists to design, build, and deploy breakthrough generative AI experiences. GenOS has four components. The first is Gen Studio. Think of it as a dedicated development environment that allows our developers to rapidly experiment and refine generative AI experiences. Then we have Gen Runtime. It's an intelligent layer that will access the right data and platform capabilities, choose the right large language model in real time, and orchestrate an action plan that is personalized for the customer. The next component is Gen UX, which provides a library of consistent customer interfaces and flows. This ensures a clear and delightful generative AI experience. Finally, our financial large language model. GenOS is designed to run with our own financial large language models. They're fine-tuned to solve tax, accounting, personal finance, cash flow, and marketing challenges. GenOS has the ability to use multiple large language models, giving us the flexibility to pick the one that is most efficiently can do the best job for the customer, either our own internally built LLM or those from our partners. Intuit Assist, built on GenOS, has really delivered groundbreaking generative AI experiences across all of our products. It's a transformative leap forward in technology, and it powers unparalleled benefits for our customers. But GenOS is just the start of how our capabilities are in igniting innovation across our platform. So next, let's look at our development ecosystem. We continue to build on our progress, so Intuit is an industry leader in open source infrastructure, and our open source development toolkit, Argo, has seen a 50% growth in contributors just in the past year. By modernizing our infrastructure, we're making it easier for our developers to consume and use our platform. The velocity of development has increased 50% year-over-year, and we're releasing at a pace 9x faster than just three years ago. We're further accelerating our developers with generative AI tools. So in addition to GenOS, we've launched the AI-assisted code development to construct code using descriptive prompts in natural language, AI content generation to translate tax documents and other rules-based processes directly into code, and AI-assisted data analysis to facilitate quick data discovery, query generation, and query translation. So how is this all designed to work? So let's actually take a look at a use case. So let's take a look at a developer in TurboTax who's building additional features for TurboTax Live Full Service with Intuit Assist. Let's put it all together. All right, to start, the developer creates an end-to-end generative AI solution in Gen Studio. They fine-tune prompts with different LLMs, connect capabilities, leverage data and code to refine the customer experience. Our developers have a well-defined and recommended approach for releasing this code, the experience, to our customers with GenOS. All right. While building the experience, the developer can use the AI-assisted code development capabilities to discover, automatically fill in, and test the right code and APIs in natural language. This enables them to seamlessly integrate code up to 4x faster. And when they build this experience, we know that the tax calculations are gonna be the latest, that it's gonna be the latest deductions, because we can translate the latest tax law directly into code up to 6 x faster than before with AI content generation. And our data scientists and analysts are able to discover data and conduct analytics on this experience up to 2 x faster with generative AI-powered data analysis tools. These four tools together make a powerful suite of solutions, allowing us to innovate with speed for our customers, and in many cases, up to 6x faster than before using generative AI. All right, now let's talk about our identity capabilities. Oop! There we go. Let's talk about our identity capabilities. Our identity capabilities not only provide secure and frictionless access to our products, but they also give us a 360-degree view of our customers. In the past fiscal year, we've handled 1.5 trillion transactions on our modernized identity service, and we've enabled access to 8 billion data elements via our data bridge, from Credit Karma to TurboTax and QuickBooks to Mailchimp. These capabilities allow us to securely connect customers to products across our ecosystem, including giving our Mailchimp customers seamless data integration with QuickBooks. That enables deeper marketing analytics, client management, and personalization. All right, now let's talk about our integration and automation capabilities. Our data integration capabilities handle the acquisition and exchange of data from and to third-party data providers, and we continue to set the gold standard. 20 billion transactions acquired annually, 6 million documents uploaded every day, saving 7 million hours for our customers. We're also expanding experiences powered by our AI-driven data integration capabilities, including launching new tools such as Net Worth and Cash Flow, to help drive engagement with Credit Karma's prime customers. Now, let's take a look at embedded fintech. We have the critical capabilities to move money on our platform and give our customers faster access to their own money. This year alone, on our platform, we managed over $2 trillion worth of invoices and recorded $947 billion worth of bills. Because of our investment in embedded fintech, money movement, AI-powered risk, and anti-fraud capabilities, our customers can manage their bills with accounts payable automation up to 2 x faster. Finally, let's take a look at our expertise capabilities. Our live experts are available when our customers need them the most, and all of our live experiences are delivered at scale using our virtual expert platform. Our live experts are more productive, saving 160,000 hours per year with AI-driven features like those in TurboTax Live Full Service, where intelligent document understanding automatically extracts and deciphers uploaded documents, nearly completely eliminating the need for data entry. And we're moving with speed, expanding our live offerings to include business tax, leveraging not only our virtual expert platform, but other platform capabilities such as data integration, document understanding, identity, and knowledge engineering. To close, our AI-driven expert platform, our data, our scale, our world-class platform capabilities, and our talent are all durable advantages that deliver growth and innovation. We've supercharged our platform with GenOS to rapidly create solutions for our customers' most important financial needs. With our technology strategy and our platform, powered by AI and generative AI, we've created differentiated value for our customers with both scale and speed. And this is only the beginning of our platform innovations, all in service to powering the prosperity of our customers. And with that, I'll hand it back to Kim Watkins. Awesome. Thank you, Alex. Okay, we are ready for our platform immersion experience, but first, a couple logistics. So for those of you joining us online, you actually don't need to do anything. We will play a prerecorded version of our platform immersion experience in just a minute. Just make sure you keep an eye on your monitor so you know when to join us, as the live presentations restart. Hi, I'm Lance Williams, Vice President of Product Management at TurboTax Independent Professional. I'm Sarah Kim, Senior Vice President and Chief Customer Success Officer. We're here to talk about our second big bet, connecting people to experts. The consistent challenge our customers face is a lack of confidence. Whether it's staying on top of their business or preparing for tax time, when the stakes are high, it can feel overwhelming to manage on their own. We are uniquely positioned to solve this problem with our AI-driven expert platform, which provides our customers with the expertise it takes to build confidence. And this is a big opportunity. We see a more than $30 billion total addressable market across consumer and business tax. To build on our progress, we are leveraging Intuit Assist, our new generative AI-powered financial assistant, to extend our expertise, provide even more confidence, and do more of the hard work for our customers, and activate a gateway to human expertise. Today, we're going to show you how Intuit Assist will revolutionize the tax filing experiences for consumers in TurboTax Live and small businesses in QuickBooks Live. Over to you, Lance. Thanks, Sarah. For many Americans, their tax refund is the largest paycheck of the year, averaging about $3,000 last year. In addition, it can take weeks or even months to receive their completed tax return when working with a tax firm. Furthermore, we've noticed 45 million households visit TurboTax.com each year, but leave without taking any action. Let's start with how we'll help customers like James, who are afraid of making critical tax mistakes, so have been getting their taxes done at a local tax store for years. This year, James is looking to test drive TurboTax, but wants to maintain a local connection. This is pretty common. In fact, 43% of assisted customers who switch providers search for a local pro. Intuit Assist is James' shortcut to getting fast and accurate answers to questions like, "How does it work? How long does it take? How much does it cost?" Whatever is on James's mind, Intuit Assist will steer them in the right direction for their needs. In this case, to Live Full Service. Our new Live Full Service offering will start by welcoming James with an onboarding experience powered by Intuit Assist. It will start to gather a few key documents, prompting James to upload their W-2 and 1040. Now, here's how we'll save James even more time. Based on the data from the key uploaded documents, Intuit Assist will catch that James received company stock and message to confirm whether they have sold any of it. It will then create a personalized checklist of the remaining documents needed and give clear direction on how to find them. Intuit Assist will guide James to upload the remaining documents, reading, extracting, and applying the data to their return. At this point, Intuit Assist will activate the gateway to their tax expert, who will prepare and file their return. It will match James to Corey, a tax expert who can take extra care in explaining topics important to them. By combining our live experts and the power of Intuit Assist, our customers will never be alone from the minute they land on TurboTax.com. It doesn't stop there. We continue to use powerful AI automation to augment our tax experts on the back end, so that customers like James can have a seamless filing experience in under an hour. Let me show you what is happening on the expert side. Corey, a tax expert, can see James was just added to his client engagement list. He can see James' tax profile along with all the documents that have been imported. Additionally, the data is automatically extracted, deciphered, and applied to the return, reducing data entry. So all the expert has to do is review. This really helps build experts' confidence when preparing tax returns and saves them time. Now that Corey has all the info he needs, he connects with James and starts working on the return. Intuit Assist will supercharge our experts like Corey by guiding him through the return with a clear talk track on the key areas to focus on. It will serve as previous questions that James may have asked and remind Corey about big life changes to dive into, areas where James is likely to have the most questions. This personalized talk track will not only save Corey a ton of manual prep work, it will also help him build a deeper relationship with James, so that James feels like their tax expert really knows them, driving confidence and hopefully a return visit next year. Once finished, Corey and James review, going over the tax outcome and explaining the details of the return. James has concerns around why the refund is lower than last year. Intuit Assist will summarize key elements driving James' tax outcome for Corey to thoughtfully unpack. This very important last mile helps build confidence and make sure James gets the best outcome possible, guaranteed. Back on the customer side, James now has total confidence in their return. They pay for the services, sign their return, and with the power of TurboTax and Credit Karma, approved customers like James can receive an advance on a portion of their refund into a Credit Karma Money account in as little as 60 seconds after IRS acceptance. Then Corey will file on James's behalf. Many of our customers build relationships with our tax experts and prefer sticking with the same one year over year. In James's case, they had a great experience and chose to reserve Corey in advance for next year's filing, strengthening the relationship. And this is how TurboTax Live Full Service, powered by Intuit Assist, will revolutionize how taxes are done to help our customers keep more money in their pockets with less work and complete confidence. Now, let me pass it back to Sarah to show you how we are helping small businesses in QuickBooks. Thanks, Lance. Today, we are already providing confidence to our small business customers with our QuickBooks Live Do It With Me and Do It For Me expert bookkeeping. Now we are able to address another one of our small business customers' biggest pain points, filing business taxes, creating a truly end-to-end QuickBooks Live solution. Let me show you how our QuickBooks Live Full Service business tax offering works. For example, it's time for our QuickBooks customer, Angela, to file her business taxes. After confirming her business info, she joins a call to connect with Kyle, an onboarding specialist who helps her gather her required documents. Once everything is in order and the tasks are completed... Angela ends the call with Kyle and sees that a bookkeeping team is getting her books ready, while our AI-driven expert platform is matching her with her best tax expert. Once her books are done, she's ready to be matched and start her taxes. She clicks Start Taxes, and is matched with Corey, who is an expert in both business and consumer taxes. Corey then starts to prepare the return, reviews the outcome with Angela. Angela pays for the services, and Corey files on her behalf. With QuickBooks Business Tax, we're taking the burden of doing taxes off the shoulders of small business owners by providing a simple, easy-to-use solution in the platform they are already using to manage their business. Let me tell you why this all matters. Our virtual expert platform allows us to scale the intelligence of our products, elevate our experts, and deliver big benefits for customers, all of which is accelerated by Intuit Assist. Last year, we drove 810 million AI-driven customer interactions, and TurboTax Live grew revenue 17%. The opportunity ahead is large, with a $21 billion assisted tax preparation category for individual returns and a $10 billion business tax category. We're just getting started. With our powerful AI-driven expert platform, we've been able to scale access to the expertise that drives confidence in the critical decisions our customers make every day. Hi, I'm Ryan Graciano, Chief Technology Officer and Co-founder of Credit Karma. I'm Joe Kauffman, President of Credit Karma. Our third big bet is to unlock smart money decisions for the millions of Americans who are struggling with their finances or looking to optimize them. Last year, we talked about our key revenue drivers, like credit cards, personal loans, and discussed new products like Karma Guarantee and Karma Drive, which supports usage-based insurance. Today, we'll share a completely reimagined app experience focused on engaging products and features that are personalized for the member. This will help our members, and it will also help Credit Karma. It's simple. Members who activate more features engage more often. We find members who add even 1 additional feature have a 3.5 x higher average monthly retention rate and over 4x the average revenue. At Credit Karma, engagement drives revenue. Now, here's what we will begin to roll out over the coming months. When a member logs in, they'll see a lot more than their credit scores. Members will link their accounts and see key financial metrics and insights, like their net worth, debt, and property. Let's look at property. This includes tracking the estimated value of their home and cars, as well as any changes in their home equity.... They'll be able to monitor their credit cards, as shown here, so that they can track their usage, check their balance, and payment history. Members will also be able to link and monitor their insurance and check their Karma Drive score, as well as monitor their existing loans. This enables us to deliver truly personalized recommendations, like the refinancing solution shown here. Simply put, if a member can benefit from a new financial product or could get a lower cost loan or insurance policy, we'll let them know. We'll also make it even easier for members who are interested in taking out credit cards, and help them find personal loans and auto loans, or find the right home or auto insurance for them, and make it even easier to open a checking and savings account through Credit Karma Money. When a member applies for a credit card or personal loan on our platform, they can do so with simplicity through Easy Apply, which prepopulates applications with members' data, and more confidence and transparency through Lightbox, our proprietary technology that allows lenders to deploy their underwriting criteria in an encrypted model building environment. With Lightbox, members have approximately 2 x the average approval rate when they apply for credit cards on Credit Karma versus other platforms. Now that you've seen a few of the highlights, I'll hand it over to Ryan, who will introduce us to Intuit Assist. Thanks, Joe. I wanna start by saying that GenAI is the most transformative technology I've ever seen. I work with it every day, and I am still amazed by what it's able to do. So let's go through an example of how GenAI will change a member's experience on Credit Karma. Imagine a member who just started their first job. They live paycheck to paycheck, so when they have an unexpected expense, they risk running out of money. This member has already linked their accounts, and Intuit Assist can see that they're running low on cash, so it will proactively notify them to call their attention to the potential cash crunch. They click and will begin a chat with Intuit Assist. Once there, Intuit Assist will show how the transaction impacts their expenses for the month and ask if they need help creating a plan. Then it'll provide a list of personalized financing recommendations, all based on their own data. They'll be able to easily compare their options here, which empowers them to make the best decision for them. In this case, let's say they choose a personal loan backed by Karma Guarantee. That means they'll be approved for the same or better terms, and if they're not, we'll give them $50. Then Intuit Assist will lead them to our Easy Apply experience. A quick review, apply, and their application will be on its way. And they never have to leave the Credit Karma app. Cash crunch averted. Intuit Assist helped the member cover their shortfall before it could surprise them. Now let's look at a member who is more established in their career and has a higher income and a solid credit history. Here, they log into Credit Karma, where they've linked their accounts. At a glance, they can check their net worth and click to review their credit usage, where a personalized insight catches their eye. Clicking in, they'll see there's a rewards opportunity for them. When they click on the AI-generated recommendation to see the details, it will expand to show the opportunity, and the work will already be done for them, comparing the average rewards they're earning with their current credit card to the earning potential of another. They hit Explain, and that will start a conversation with Intuit Assist. It starts by showing them what they're spending by category, like dining, transportation, and travel, and based on their top spending categories, Intuit Assist will explain rewards they might be missing out on. It will offer a set of personalized reward card recommendations based on their spending, so they can earn the right rewards for them. From there, they'll be able to compare their options, and if they wanna learn more, they just click. With the context provided by Intuit Assist, they're now empowered to make the right choice for them, in this case, applying for a new card. Finally, they'll review the application and can apply with ease because they're on Credit Karma. They can feel assured that they're getting the most out of their cards and not leaving any rewards on the table. This is the power of Intuit Assist. No matter where a member is on their personal financial journey, Intuit Assist identifies the right recommendation at the right time, connecting the dots for members so they can take advantage of better financial products and make financial progress. Now I'll hand it back to Joe to close us out. Thanks, Ryan. So why does this all matter? Across the Intuit platform, our scale and innovation is truly differentiated. At Credit Karma, we have nearly 130 million members in the U.S., visibility into $9.5 trillion worth of consumer debt, 60,000 tax and finance attributes per member, fueling more than 65 billion daily machine learning predictions. We can help millions of Americans with their finances by providing a highly personalized experience that also drives engagement. If you are not already a Credit Karma member, we encourage you to download the app. Check it out for yourself. Hi, I'm Rania Succar, CEO of Intuit Mailchimp. Our fourth big bet is to become the center of small business growth by helping small businesses get customers, get paid, access capital, pay employees with confidence, and grow in an omnichannel world. Two of the largest challenges small businesses face are getting and growing customers and managing cash flow. In fact, two-thirds of businesses tell us their number one problem is getting customers, and 80% of businesses that fail experience a cash flow problem. We're uniquely positioned to solve these challenges for small businesses by creating a future where the hard work is done for them. We can do this because of the breadth and depth of our data, the power of the combined small business platform across QuickBooks and Mailchimp, and the power of Intuit Assist, our new Gen AI-powered business assistant that provides small businesses with the expertise that they need to tip the odds in their favor. Today, I'm gonna walk you through the exciting innovation we're bringing to market to help small businesses solve that number one challenge of getting customers. Now, when it comes to marketing, the majority of small and mid-market businesses have big ideas about the campaigns they want to bring to market, but struggle to execute them. So instead, they default to sending a newsletter to all of their customers. They struggle to personalize at scale because their customer data is scattered across multiple platforms, and it just takes too much time to personalize content to each of their customers. With Intuit Assist, we're enabling small businesses to be able to create and send customized individual emails to their customers by tapping into the rich behavioral data inside of Mailchimp, enabling small and mid-market businesses to personalize at scale. Let me show you what that looks like. Imagine customers telling Intuit Assist, "Create an email campaign to announce a new product I'm releasing, the Cavendish Comfort Chair." Leveraging what we know about our customers' businesses, including their unique brands, products, past campaign performances, and customer engagement, Intuit Assist will use generative AI to create hundreds of branded and personalized layouts tailored to their email's objective. First, they select their favorite one, then define the audience. For example, send to USA subscribers who've not purchased a chair recently. Intuit Assist will create the segment based on their input... generating a draft, which will be personalized for each brand, complete and ready to send. If they want to make adjustments, they can click on text and images to make easy edits. For example, is the tone a little dry? No problem. Our AI text editor can rewrite the email in a different tone or generate something totally new with guidance. Need to optimize an image? Our image editor will be able to remove background color and more. We know our customers are the true creatives here, but Intuit Assist can also use data and AI to recommend what we think works best. After they've scheduled the email, they will see it added to their full marketing calendar, and Mailchimp will automatically recommend a follow-up action to help our customers see the most engagement possible. Now, one of the challenges small businesses face is understanding how campaigns are doing and figuring out what to do next. For each campaign, they'll receive an email notification with a link to view detailed campaign performance metrics that measure the campaign's impact and effectiveness. 50% of marketers feel they're not staying competitive due to underutilizing AI, and we're in a position to change that. By embedding AI into marketers' daily workflows and tapping into Mailchimp's rich data platform, Intuit Assist will enable marketers to personalize at scale. And of course, we're doing all of this globally. Our AI features will soon be available in 30 countries, building on the momentum of our recent translation of the Mailchimp app into five languages. I'd like to shift gears and tell you about the work we're doing to help service-based businesses grow. These small service-based businesses are 21 x more likely to land a job when they're the first to respond to a quote, even if that quote is higher than the competitors. But small businesses don't have the hours that it requires to work on responding to those quotes. And that's why I'm thrilled to share that Mailchimp is building an AI native CRM and integrating it into QuickBooks. In fact, today, QuickBooks businesses manage over 2.9 billion customer records in QuickBooks, but QuickBooks was never built to be a CRM. With this launch, we're changing that. Let me show you what that will look like through the lens of Maya, a small business owner who owns a wedding planning business and needs help managing and prioritizing her leads. Starting in QuickBooks, she sees the ability to learn more about how Mailchimp CRM will help her prioritize leads and organize client follow-ups, and clicks to learn more. She signs up for Mailchimp and connects her QuickBooks and Mailchimp accounts, which automatically imports her customer's QuickBooks data into Mailchimp CRM. With that, her customer list and configurations are ready to go. Now, let's get her CRM sources set up in her inbox. She chooses to connect her email account and contact form within her website. Once syncing is complete, she will start to see leads come in from both sources and can see a new email request from Allison, a bride-to-be. Intuit Assist will automatically draft a response using the QuickBooks data. Maya reviews and sends it. Intuit Assist will continue to draft responses to learn more about Allison's needs. This helps Maya turn inquiries into qualified leads even faster. Then, once fully qualified as a lead, Intuit Assist will recommend Maya update her Mailchimp sales pipeline to track Allison's life cycle, saving Maya time and helping her focus on her high-value work, like Allison's wedding. The next step in Maya's process is to schedule a video call to meet the bride-to-be. Soon, leveraging our virtual expert network platform capabilities, Mailchimp CRM will recommend setting up an intro conversation, and with one click, will send Maya's availability. Allison will receive the email, choose a time slot that works for her, and confirm the appointment. Once it's time to connect, Maya will get an alert and can easily join the call. During the video call, Intuit Assist will transcribe the conversation. Then it will use the conversation context to recommend that Maya generates a payment link, leveraging QuickBooks payments to collect a deposit, attaches it to the email, and sends it to Allison. When Allison opens the email, she'll be able to pay directly in the client portal. Intuit Assist will then move Allison into the in-progress pipeline for Maya to track her client's needs. This feature gives Maya a clear view of her sales pipeline, enabling her to target high-value clients like Allison. Ultimately, this can help Maya reduce workload and can help increase income by prioritizing more profitable projects. Let me tell you why this matters. Together, QuickBooks and Mailchimp, along with Intuit Assist, will solve the biggest customer growth challenges that small businesses face. We can do this because of the breadth and depth of our data, the investment we've made in AI, and the power of QuickBooks and Mailchimp coming together to serve as the source of truth for small and mid-market businesses. Thank you. Hello, I'm Dave Talach, Senior Vice President of the QuickBooks Platform and Money Offerings. I'm Laurent Sellier, Senior Vice President of Workforce Solutions. Our fifth big bet is to disrupt the small business mid-market, which includes businesses with 10-100 employees. A $52 billion opportunity in the U.S., Canada, UK, and Australia. There are 1.7 million mid-market businesses in those countries. Nearly half of these mid-market customers are already on our platform, using QuickBooks Online and Desktop SKUs, representing a continued opportunity for upgrading customers that are already with us. These customers struggle to manage the complexity of spreadsheets and disconnected apps to run their business, and as they grow, it just gets worse. Our mid-market platform is a fully integrated platform that helps these businesses run and grow their business, manage their cash flow, pay their employees, and ensure their books are accurate. Last year, we showed you all the ways QuickBooks Online Advanced helps mid-market businesses save time with automation. Today, we're highlighting additional platform capabilities that enable us to increase efficiency to mid-market businesses, allowing them to grow with confidence. First, workforce solutions, which includes payroll, time tracking, HR, and benefits. Second, advanced roles, permissions, and workflows. Third, reimagined workflows for paying bills and getting paid. Let's dive right into workforce solutions. Again, this includes payroll, time tracking, HR, and benefits. Historically, employees have had to use multiple apps and tools in order to manage their work life, resulting in a disjointed experience and increasing the chance of mistakes. Our QuickBooks Workforce mobile app brings critical tools into one place, creating a year-round hub for employees. Crucial for mid-market employers who manage large teams. Soon, our Workforce mobile app will help get new employees set up by confirming personal information and completing the required steps in the checklist. Once set up, the app acts as the single home for viewing pay stubs, managing schedules, tracking time, submitting expenses for reimbursement, and soon, requesting time off. No more having team members transition from app to websites to complete daily tasks. Now, let's turn to something we're also super excited about, which is our new AI-powered payroll tax advisory service. We know compliance is top of mind for employers. Intuit Assist, our new generative AI-powered business assistant, will provide personalized guidance across a range of payroll tax topics to bring even more assurance to our mid-market employers that they're avoiding costly penalties and fines as they add employees. Based on the new hires' information shared during onboarding, Intuit Assist will highlight that the addition of a new employee in California requires a new state tax ID, and provide the employer with resources to register. If the employer needs additional guidance, Intuit Assist will connect them with a human expert. Using the same AI-driven expert platform that powers TurboTax Live, QuickBooks Live, and QuickBooks Business Tax, we will be able to quickly scale access to payroll tax experts. This will drive confidence for mid-market employers and help prevent expensive compliance mistakes, while ensuring that our customers always have an AI-powered business assistant by their side... These are just some of the new ways that our AI-driven expert platform will unlock benefits for growing mid-market businesses. Now over to Dave. Thanks, Laurent. I'm excited to talk to you about our newest offering for mid-market customers, Bill Pay, and show you how it fits into the mid-market ecosystem. Today, there are over $20 trillion in B2B payments in the U.S., and approximately 80% of businesses still pay other firms via paper checks. With $947 billion in bills recorded in QuickBooks last year, we are well positioned to better help these customers automate their overall accounts payable. Last year, we showed you that with QuickBooks Online Advanced, a mid-market business can assign specific roles and permissions to team members. When these QuickBooks Online Advanced customers later adopt payroll and/or bill pay, the permissions they've already assigned apply without any incremental configuration work. Let me show you how the QuickBooks Business Network and our new Bill Pay solution come together to help reduce the work and create a more streamlined B2B payments experience. For example, a finance manager from Jorge's Winery needs to send an invoice to a new customer, Amy's Landscaping, who also uses QuickBooks Online Advanced. The finance manager for Jorge's Winery simply creates the invoice, adds Amy's Landscaping from the list of network members by simply selecting their name, and sends the connection request. Then the finance manager fills in the invoice with the order details and clicks to do a final review, and then hit Send. Amy's Landscaping then receives a notification to connect. They click in and accept. Once they accept, QuickBooks will ingest the invoice into a bill and categorize it automatically in their books. When the head of finance for Amy's Landscaping logs into QuickBooks the next day, they can quickly review and save the bill, which triggers an automated workflow to request payment approval from the CFO. The CFO of Amy's Landscaping gets notified of the request and approves. This alerts the head of finance, and this is our permissions and workflows in action. With just a few clicks, the head of finance for Amy's Landscaping schedules the payment of the bill without having to exchange any payment info with Jorge's Winery. And just like that, the accounting is done. For mid-market companies, who in many cases pay over 50 bills per month, this automation saves time and streamlines complexity. With the QuickBooks Business Network and Bill Pay, businesses now can automate workflows and manage invoices, bills, and money moveme nt, all within QuickBooks, to make receivables and payables effortless while improving their cash flow. But there's more. Each scheduled bill will also feed the AI engine that will enable Intuit Assist to surface specific insights, such as cash flow predictions, suggestions, and comparison to peer data. For example, a customer will be able to surface specific monthly expenses and will have the ability to drill down into areas that matter most to them, such as asking Intuit Assist to compare to previous months. Now, let me tell you why all this matters for mid-market businesses. Instead of spreadsheets and disconnected apps, they can now use our integrated platform of capabilities to manage their business all in one place. Workforce solutions, our new bill pay offering, and advanced workflows, coupled with QuickBooks Online Advanced, come together to create an industry-leading solution for our mid-market customers. Thank you. Please take your seats. The program will resume shortly. Okay, we're back, ready to get started again. If you can all come in and take your seats. Hope you enjoyed the platform immersion experience. I just have two quick announcements, and then I'm gonna send it over to our next speaker. First one is, we have a lot of our QuickBooks customers here with us today, so hopefully you saw that. The snacks, the coffee, desserts at lunch, and some of our parting gifts, those are all from our customers. We really appreciate those folks being here with us today. Second thing is, we're gonna send out a survey after this event today. We would really appreciate it if you would take time to fill it out. Really helps us make this day more valuable to you in the future. Okay, now we are ready to get started, and it's my great pleasure to introduce our next speaker, Marianna Tessel. Hello, everyone. I'm very excited to be here with you today to share our Small Business and Self-Employed Group story. Let's start, as we always do, by grounding ourselves in our mission, customer problems, and our strategy to become the source of truth for SMBs. We'll then look back at our fiscal 2023 results and the exciting innovations that helped us get there. Finally, I'll bring to life how we're solving the real-world challenges SMBs face. Our mission is to power prosperity around the world, helping small businesses solve their most pressing challenges in any microenvironment. We're guided by our customers' key problems. Every small business needs to get more customers, get paid, and stay compliant and organized, and they're looking for a single ecosystem to solve these connected problems end to end. That's exactly what we're building. We're expanding our ecosystem breadth and depth to deliver these benefits to more customers than ever before. We moved downmarket to serve the self-employed and upmarket to disrupt the mid-market, and we expanded from a do-it-yourself platform into the assisted market, creating a future of done for you. With our growing self AI-powered live experts offerings, and now, of course, with Intuit Assist. We've innovated rapidly across our ecosystem and have a massive opportunity across $188 billion TAM. We delivered an integrated platform experience, removing friction between offerings and enabling our customers to run and grow their business end to end. The real magic of our ecosystem isn't just in the services themselves, but it's really in the way they all work together. And AI, of course, is critical for this experience. It allows us to seamlessly connect our offerings and create that source of truth for our customers. This helped us become even more mission-critical for our customers, really translating in strong results in 2023. We've expanded the scale of our platform to nearly 8 million online paying customers and surpassed $8 billion in total revenue. This is up 24%. And again, this year, we're seeing strength across our ecosystem. What's even more amazing is that 10 years ago, we were pretty much largely a desktop company. Today, almost nine out of 10 customers are online, and 80% of our total revenue comes from subscription, making our revenue much more predictable. Let me unpack the growth formula of our online paying customers and ARPC expansion. I'll start with online paying customers, which, like I said, we grew to nearly 8 million customers. In QBO ecosystem, subscribers are up 10% as we continue to focus on moving upmarket, with 35% growth in QBO Advanced subscribers. We're also accelerating growth in Mailchimp paying customers, and over half of Mailchimp customers are outside of the U.S. We've also improved monetization. Online paying customers' ARPC is up 12% as we move upmarket and grow online services. Online Services, including Mailchimp, now make up 50% of total ARPC across our online paying customers. We see significant opportunities to increase our share of wallet as we launch new ecosystem services like Bill Pay, which you heard about, and introduce Intuit Assist. This translated to 24% total revenue growth, with momentum across all of our three strategic pillars. Online Accounting grew 26% by expanding Advanced and QuickBooks Live offerings. Online services grew 34%, growing services like payments, payroll, capital, and Mailchimp. And finally, international revenue grew 31% with combined powers of QuickBooks and Mailchimp. These results reflect our strategy to become the source of truth for your business and the three pillars of our strategy: grow the core, connect the ecosystem, and expand globally. Let me share a few examples of how our product innovation brings this to life. Within the core, we're disrupting the $28 billion assisted category. Our vision is to become the leading virtual expert platform, solving critical problems so many SMBs face today, basically a lack of confidence. This year, we enhanced our existing offerings. We resulted in 11 points increase in PRS, Product Recommendation Score. We also expanded into new offerings, now ranging from assisted to full service, and from bookkeeping to business tax. Looking ahead, we'll continue to expand with innovations like payroll tax advisory and leverage Intuit Assist as a gateway to live expert help. Now, let's move to the $52 billion mid-market opportunity. We're building product and go-to-market engines to deliver end-to-end platform of connected, scalable solutions with QBO Advanced at its core. There's so much runway within our base. There are 800,000 mid-market customers already using one of our core QuickBooks SKUs, and we continue to see meaningful growth in our high-value customer base. Within Workforce Solutions, our vision is to power prosperity for employers and their teams by reimagining how they work and grow. We're eliminating the administrative burden of people management with scalable, integrated suite of payroll, time tracking, HR information systems, benefits, workforce management, and hiring offerings. This year, we served 1.7 million businesses and 18 million employees with our payroll solutions, and we saw a really strong adoption upmarket. Moving to our money portfolio, we see a future in which we put SMBs in complete control of their money by becoming the platform of choice for end-to-end money movement and management. We'll provide easy receivable and payables, instant low-friction money movement, effortless cash flow management, and broad access to capital. We continue to expand payments volume and significantly accelerated our capital business. While it took us more than four years to reach the first $1 billion of direct lending originations, it took us less than a year to reach our second $1 billion and less than a month, less than 8 months, sorry, to reach our third $1 billion. Finally, we're streamlining B2B payments. We're thrilled to share that Bill Pay solution is now live, and millions of customers are now part of our QuickBooks Business Network. With the addition of Mailchimp, we've made significant progress towards our vision of become an end-to-end growth platform. We're solving our customers' number one problem of getting customers and delivering capabilities to help them grow their business and manage their cash flow, all in one place. Mailchimp surpassed $1 billion in revenue in its first full year as part of our ecosystem, growing 15% on a normalized basis. We also saw 17% growth in paying Mailchimp customers and green shoots in monetization as we focus moving upmarket. Over half of Mailchimp customers are located outside of the U.S. Mailchimp is also critical to our international strategy. Our vision is to be the source of truth for SMBs around the world. We're leveraging the combined powers of QuickBooks and Mailchimp to win in our priority markets and leading with Mailchimp as tip of the spear everywhere else. This year, we innovated across both Mailchimp and QuickBooks to deliver our customer benefits globally, driving 31% increase in international online revenue and expanding our international online paying customer base to 2.3 million customers. As I shared earlier, though, the magic is really in the ecosystem. The rich data, powerful insights, and time-savings automations all help customers achieve their goals. Point solution really force SMBs to do the work themselves to connect the dots across multiple offerings. They lack the breadth and depth required to fully personalized and actionable insights. However, we, with our integrated platform, have a 360-degree view of our customers, years of investment in AI and deep platform capabilities, and distinct combination of digital and human expertise. With this, we'll deliver tailored and actionable insights that completely revolutionize the experience of running and growing a business. Intuit Assist and GenAI will be key to unlocking this opportunity. It will turn our data into insightful customer solutions that fuel SMB success and give them complete confidence. Let me show you how this comes to life with a customer example. Let's meet Sam. Sam is a small business owner, and as an owner of a small business, he has to wear multiple hats and is looking for Intuit Assist to help him achieve his goals, like growing the business and, of course, reaching profitability. To help him get customers, Intuit Assist will leverage Sam's historical Mailchimp data and generate new personalized email campaign. It will recommend optimal spend to maximize his ROI. Intuit Assist will analyze Sam's cash flow and suggest he considers financing options to fund his campaign. If he applies for credit on our platform, his application can be processed quickly and with confidence, because not only that we have the predicted ROI from the Mailchimp campaign, the platform will also be able to leverage his QuickBooks data to help determine his business creditworthiness. To make sure he has complete confidence, Intuit Assist will offer to connect him to a live expert to answer any questions he might have. In the meantime, it can also automatically send reminders for unpaid invoices to smooth his cash flow. With the campaign live and driving new leads, Intuit Assist will suggest Sam expand his workforce to meet demand. It won't end there. Intuit Assist will proactively track his progress, send regular updates and recommendations to fuel his success. But customer problems only get more complicated as they grow, and we are committed to growing with them. While a small business like Sam might have a single user wearing all the hats, as they grow into the mid-market, they often employ multiple team members, each with their own focus areas, leveraging the ecosystem in unique ways. So let's look at how this comes to life for Sam as his business grows into the mid-market. He's now hired employees to run his sales, marketing, finance, and HR departments, and of course, an accountant to look after his books. Each employee uses the platform to help them do their job better and faster, and Intuit Assist reduces the complexity by looking across the ecosystem for them and giving them insights that they couldn't get in a silo. For sales, Intuit Assist will identify new, fully qualified leads and update the sales pipeline. For marketing, it will deliver fully optimized email campaign and even offer them to connect to a live expert for more support. For finance, Intuit Assist will flag that they are at risk of missing payroll and offer information for potential loan options to smooth cash flow. And for HR, it will suggest they consider benefits to improve employee retention. And finally, for the accountant, Intuit Assist will help them prepare their business taxes, flagging anomalies, and any transaction that needs a further look. Intuit Assist will not only help each employee do their job better and faster, it will also reduce complexity by connecting the dots across the ecosystem. These are just a few ways in which we're disrupting the mid-market and creating that future of done for you. As we increase the value we're providing customers through Intuit Assist, we're actually excited about the monetization options this presents for our business. Let me share a bit more details on how we expect the value of GenAI to show up in long-term business results. By revolutionizing, speed to benefit, and offering customers tailored and actionable insights, we expect Intuit Assist to increase top-of-funnel conversion, drive adoption of ecosystem services, and expand ARPC. Intuit Assist will also be able to seamlessly connect customers to live experts, drive complete confidence, which also expect to result in meaningful ARPC expansion. Finally, we'll explore direct monetization opportunities like a dedicated do-it-for-you SKU and price for value. All of this while we save customers time and reduce their workload. Let me finish by sharing again how excited we are about the strong year we delivered in fiscal 2023 and our trajectory ahead. Our strategy is durable and grounded in our customer needs as we build an end-to-end ecosystem. We're serving more customers and meeting more of their needs than ever before, providing really long runway for growth for years to come. Refueling disruption and powering customers' prosperity with GenAI and Intuit Assist, and we're well positioned to win with our breadth, depth, scale, and AI capabilities. Finally, as we look into the future, we remain focused on long-term customer ARPC growth of 10%-20%. With our clear strategy and focus on customer and ARPC growth, we remain confident in our long-term guidance of 15%-20% of total revenue growth. With that, I would like to bring on Mark to talk about our consumer group strategy. Thank you so much. Hi, I'm Mark Notarainni, General Manager of the Consumer Group. It's truly an honor to be here on stage representing the amazing team behind the consumer group, building and unlocking amazing innovation that's gonna drive our future growth. Our mission of powering prosperity around the world drives each and every one of us across Intuit. But in the consumer group, we enable that prosperity by building products and services that solve our consumers' largest financial problems, one of which is maximizing their tax refund, actually, one of the largest. With TurboTax Live, and the introduction of TurboTax Live and the expansion over the years, we've been able to drive durable revenue and average revenue per return growth. In fact, over the past four years, the consumer group revenue has grown 10% annually, and last year, in the fiscal year 2023, TurboTax Live grew revenue 17%. And while we're excited about what TurboTax has done for us today, the future for that platform is far bigger. Now, over the pandemic, we saw the category and the industry grow with stimulus-only returns. We also saw it contract as those returns exited the category. That led to two consecutive years of IRS return contraction. Now, when we look across several decades, we have never seen the IRS returns contract for three consecutive years. That gives us confidence that we're returning to a more normal industry pattern, and with the COVID dynamics behind us, we're gonna return to share growth by launching and delivering disruptive, assisted experiences. And why that's important? It's a massive TAM. You've heard it several times today. There are 87 million consumers and an additional 11 million business tax filers in the assisted category, combined for a $31 billion market opportunity, of which we have little to no penetration. This year, in fiscal year 2024, because of all the technology, all the innovation that we've driven, and the addition and the expansion of our Virtual Expert Platform, we will be able to serve both consumers and business tax filers across the entire assisted category. It's an amazing opportunity for us in the consumer group starting this year. And as we think about Intuit Assist and our Virtual Expert Platform merging and coming together, we have an opportunity to unlock breakthrough adoption. We will have faster, smarter, more personalized experiences that will actually unlock confidence from consideration to completion, something we've never been able to do before. And we have green shoots. In fiscal year 2023, we launched our AI-driven TurboTax Express service, and we enabled our consumers to finish taxes within 11 minutes. Speed matters. We've achieved product market fit with our full service tax product. We have achieved a Product Recommendation Scor e of 84. That is the highest across all of our Intuit products. Something we're a little proud of, actually, in the consumer group. And we're just getting started about being better together. You've heard a lot about our platform capabilities.... We started this journey five years ago, and when you look at our opportunities across the entire Intuit ecosystem, we've had 36% of our QuickBooks small businesses express interest in our business tax offering. And last year, as we focused on seamless and reductive experiences, we had 6x growth in Credit Karma members to TurboTax. Connecting better together is not just a phrase, it's a way of life, and it's an opportunity for us to continue to drive more and more value to our, our customers across the entire ecosystem. That gives us confidence in our vision, our vision that we unveiled last year of taxes done for everyone. That's amazing, and it's a very powerful rallying cry for our organization. But in FY 2024, we actually have the capabilities to actually deliver on this vision, and that starts with our next generation of TurboTax Live. This is going to be our best TurboTax product ever, because Intuit Assist and Live expertise is gonna be at its very core. As I mentioned, this will enable us to do things, to do personalized and faster and better onboarding experiences. It'll be a dynamic tax prep experience with error resolution, real-time error resolution, along the way. It'll also empower our customers because they'll know that they are never alone. Intuit Assist will be there every step of the way, again, from consideration to completion. And, and this is, this is big, our product will be fully translated in Spanish from consideration, you're gonna hear this a little bit from me, consideration to completion. That's a massive and fast-growing demographic for us. And how are we gonna unlock that $31 billion of TAM? We're gonna be able to deliver a very disruptive service, both virtually and locally, for any tax complexity, including business tax, in as little as one hour. Now, we're going to leverage the power of our experts and the distribution of our experts to be able to reach customers in new and exciting ways. We'll be able to show up in Near Me searches. We'll be able to participate in Yelp, and that's where our customers are going. That's where assisted customers are going to find their expert to help them. In fact, 80% of the U.S. tax population will be within a 10-mile radius of one of our TurboTax experts. We will be more local than anyone. Our full service business tax solution that we will be launching at scale in fiscal year 2024 will be launched in both English and in Spanish. And finally, because this has been a natively built platform with Intuit Assist at its core and our VEP right there along with it, we're able to actually connect our product experiences and create a books to tax experience for every single one of our QuickBooks small businesses. Very, very powerful. And we're just getting started. We are incredibly excited about the 6x growth that we had last year, obviously, but we have 40 million CK members that are not using TurboTax. We have an opportunity to to combine our data, drive those experiences, so that we remove tax, the burden of taxes for all of our CK members. And we're gonna double down on our seamless experiences, but it's gonna start with a very compelling offer and a suite of products that meet, that are designed specifically for our CK members. We're gonna double down on our seamless experiences, embed the product deeply into the frames of Credit Karma, which will enable us to leverage data and deliver a ten-minute tax experience. And for our TurboTax customers, we're gonna have access to more Credit Karma offerings and provide more value to our TurboTax customers with things like CK Money and being able to have unprecedented speed and access to their money. I think you saw that upstairs in the platform immersion. We are just getting started with Credit Karma, and we're super excited about that. And so for us, in TurboTax, we have the same frames in terms of how we're gonna monetize, but for us, we have 45 million customers that actually visit our TurboTax properties and don't start. Intuit Assist is gonna unlock breakthrough adoption by engaging those customers much further up in the funnel, helping them navigate with personalization and speed and confidence. Also, along the entire journey, our customers will never be alone. 67% of our defectors that leave the TurboTax franchise cite lack of confidence for the reason why they're leaving. They will no longer have to do that, and we believe we can keep those customers in our franchise, not just with Intuit Assist, but also by connecting them to the suite of services that solves their current situation. And finally, Intuit Assist and generative AI in general is the engine that's powering our fully assisted experiences. It's bridging customers and experts in ways we only dreamt of as little as last year, actually. It's unlocking an opportunity for us to serve any complexity and be local in ways that we had never been able to before. And so as you step back and look at the consumer group, we have a durable strategy. But not only do we have a durable strategy, we have the capabilities now to actually execute on our vision. We have a massive opportunity ahead of us for assisted in both consumer and tax filers and business tax filers. And Intuit Assist is the fuel for us as well. It's bridging those experiences, it's enabling efficiencies in ways that enable us to actually drive personalization, smarter experiences, and more connected experiences. And we are just truly getting started at leveraging the power of being a one Intuit ecosystem. The combination and the platform capabilities that we have to serve customers where they are within Credit Karma or within our small business ecosystem is incredibly powerful. And so as we think ahead, we are shifting how we're measuring success. We are measuring success on total IRS returns, our share of total IRS returns. We're doing that because we now have a platform that can serve customers in any way that they want to get their taxes done, and it actually aligns to our vision of taxes done for everyone. And because of that, we're still committed to our growth, our growth expectations of 8%-12%. So with that, I think you're on break. That's it for me, and we're on break. Please take your seats. The program will resume shortly. Okay, can I ask everyone to come in and take your seats? Got a lot of folks still standing up and enjoying those snacks from the small business customers. Okay, so now we're ready to get started with our last couple of presentations, and it is my great pleasure to introduce Ken Lin. Ken? All right. Thank you, Kim. Hello, everyone. I am Ken Lin, founder and CEO of Credit Karma. To start today, I thought I'd talk about where Credit Karma is, right? Despite all the macro level headwinds that we've seen, the good news is that engagement on Credit Karma remains strong, and you can see that in our all-time high fiscal 2023 number of engagements. At the same time, when you look at our three-year CAGR, it's at 25%, which is really in line with our long-term growth expectations. Now, despite all that has been happening in the macro level economy, we have always been focused on our growth in product because it ultimately drives our revenue and our innovation. Just to touch on a couple of items of the progress that we've made over the course of last year, let's talk a little bit about Credit Karma Guarantee, right? Which is really the consumer-facing front end of our Lightbox platform. So we are so confident in our Lightbox platform that we're willing to stand behind the fact that you will be approved for a particular offer or we're going to pay you $50. So we saw revenues grow from that platform over 900% in the last year. Just to touch on one other area, Credit Karma Money, which is really a checking and savings account designed for non-consumers who are new to credit. We saw revenues grow 136% year-over-year.... Now, you know, one of the questions I got during the break was, why am I here? My answer is, I'm here for this, right? There are millions of consumers who struggle with their finances, and this is an important aspect of what we do each and every day. Just to give you a few statistics, you know, nearly 70% of consumers are living paycheck to paycheck. 68% of consumers are actually worried about having enough money in their savings based on the fact that inflation is going up, and it's hard to actually manage all of that. And we also see that 71% of consumers are very much worried about this idea that they're not gonna have enough money for retirement, right? Those are the reasons why I am here. This is the reasons why Credit Karma exists, which really leads to the vision statement of what we do at Credit Karma, right? Our goal is to have a comprehensive, self-driving financial platform that meets and propel their members wherever they are. So what does that mean? Well, it means that members will finally understand, really, the overview of their financial landscape. That's really important. We saw a little bit of it in our pie demonstration up there in terms of... Well, we also want to help our members make smart financial decisions. And then lastly, how do we keep them on that path, right? How do we ensure that it's not a one moment time, but that where it's something that they can do over the course of their lifetime? So that is the vision of Credit Karma. Now, how do we do these things, right? Well, we do it through a combination of data, scale, and trust, which really drive our AI platform. So just to give you a couple of data points, right? We have 136 million members on our platform. We have about 60,000 financial attributes per consumer, and we see over $9 trillion worth of consumer debt. So we know how much a consumer owes, we know at what interest rate they owe, we know the last time they applied for financial services products. Really powerful information. Now, this is the Credit Karma ecosystem. What matters here is we use the same data that the financial services company uses. And this really solves three important consumer points for our members: transparency, simplicity, and certainty, right? So on the certainty front, if you are a consumer with low credit, you don't know which products you're qualified for. That is a big problem, because when you apply for a product and you're declined, your credit score goes down, and you have a lower probability of getting your next credit product, right? Next is the idea of transparency. Well, it's really hard to compare products, particularly when you don't know which ones you're going to be qualified for. And thirdly, we want to simplify the process. So with products and the data that we have, you could literally apply for our product in two clicks without ever leaving the site. And that solves a lot of the challenges and really hints at how we solve the vision statement, right, and the problem statement for our consumers. Now, why do our partners rely on Credit Karma, and what makes us someone that is indispensable in the industry? Well, first is scale. So you think about our partners are some of the largest financial services companies out there, and they need inordinate amounts of scale to drive their business. So with 136 million members on our platform, 42 million members who come back each and every month, more than 5x on average, we're able to drive scale. Secondarily is the quality and the efficiency we're able to drive, right? So if you think about what a financial services company does, they care about a specific type of customer coming to their site. Well, oftentimes, that specific characteristic is a function of their financial profile, and by virtue of the fact that we have over 60,000 attributes on our members, we can drive efficiency. And then lastly is product innovation. So what you've heard some of it, you saw some of it upstairs in the AI demonstration, but the things that we're doing with Easy Apply, Lightbox, Credit Karma Money, those are all innovations in this space that our banking partners are looking to us to continue to innovate, and more importantly, our members are looking at us to innovate and bring the products and the industry forward. Now, let's talk about our product roadmap and really the five key areas that we are going to continue to innovate on, double down on, and continue to drive growth, right? It's engagement, it's Intuit Assist, it's prime, it's Lightbox, and then—and lastly, it's the notion that we can work better together across the Intuit platform. So first, let me start with engagement, and the key here is engagement drives revenue for Credit Karma. So as a result of that, we are reimagining our experience at Credit Karma. We're redesigning the app so that we can actually provide more context to each of our members so that they can think, use things like Karma Drive, Credit Karma Money, leverage the Lightbox platform that we have. And just to leave you with one quick fact, our members who use more than just one product on our site, they're 3.5 x less likely to attrite, and they are 4 x more profitable, on a revenue basis, right? So really important facts when you think about engagement on Credit Karma overall. You've heard quite a bit about Intuit Assist and Gen AI today, but what it means for our members is that we're able to solve some of the biggest problems for them in a way that is contextualized, and actually actionable. Let me give you a couple examples of why this is so important and how we actually differentiate ourselves from everyone else in this space in Gen AI. If you go to a Gen AI platform today and you ask: How do I improve my credit score? What you'll generally get is a very generic answer. Pay your bills on time. Don't take out too much debt. But what we're able to do with our data and our capabilities is we're able to give you a precise roadmap that is tailored to each and every person in this audience because we actually know your credit report. We actually know the specifics about you, and that's important. The second piece is really our capabilities, right? So in addition to having the personalization, our money movement capabilities, our ability to build Lightbox, to, to determine which products you're actually eligible for, that makes a huge difference. And then when you think about doing on your behalf-... We can do that, right? So it's not just the build me the roadmap, but actually execute the roadmap on my behalf. And I think that's one of the fundamental challenges which keeps most consumers sort of from being everything they can be. It's because it's hard to do those things, and when you can automate them through both the data, the capabilities, and the AI platform that we are creating, that's the differentiation in the space. Next is really our ability to focus on new opportunities. So I'll give you one right now, which is our prime segment. So our prime segment are consumers who are 720+. Not to stereotype, maybe some of the people in this room, but the key here is, you know, off-platform, 39% of originations happen in the prime segment. On Credit Karma today, it's about 15%. What's important about that is there's a lot of headroom, but if you also understand the market, you also realize that prime members and prime products generate roughly 75% more revenue. So it's a big opportunity for Credit Karma growth. Next is Lightbox, and I'm sure you've heard a lot about Lightbox. I really wanna double-click into what is Lightbox and why it's so powerful, right? So Lightbox is our platform that allows us to mirror the underwriting guidelines and requirements of our banking partners. And why that is important is that it has gotten very complicated to determine eligibility for products. Banks use hundreds, if not thousands of variables. They use sophisticated algorithms to determine whether or not you're going to be qualified for a product. So if we have a mirror or an example of how that works, we are able to say with certainty that you are likely to be approved for a product, and again, that matters for a vast majority of consumers. For our consumers, they have certainty in the products that they are going to see, that they are going to get the product that they will be approved for. For our partners, it means that they're gonna get a more efficient consumer, one that doesn't call 'cause they've been declined, one that doesn't lower their NPS 'cause they don't like the fact that they've been declined, right? It's really a win-win situation. On that front, we think about it in a few dimensions. First is we're gonna continue to add new partners to the Lightbox platform. Big banks are sometimes known to be notoriously slow in their adoption of technology, but this is one where we're gonna continue to onboard new partners onto our site. The second piece is we're gonna move Lightbox into new categories. So if you think about things like auto refinance, auto purchase, and other loan types, the platform itself is extendable. So we can do more than just the credit cards and the personal loans today. And third is this idea that it's important for us to think about what are the extensions of Lightbox, right? So Easy Apply, which is the one or two-click approval process, Karma Guarantee, which is the guarantee that you will be approved. So those are all extensions that we're gonna continue to invest in as we think about the platform. And last, but certainly not least, is really better together and leveraging the ecosystem, right? We have a very simple goal here, right? Every Credit Karma member should be a TurboTax user, and every TurboTax user should be a Credit Karma member. And when you think about the problem statements and what consumers are looking for, it's the same consumer, it's the same problem, so it makes intuitive sense. Now, when we think about, you know, Credit Karma helping TurboTax, well, we have 136 million members on our platform. We have the ability to drive adoption within the TurboTax base, and just in fiscal year 2023, we actually saw a 6x increase in the number of Credit Karma members using TurboTax. And at the same time, it is TurboTax driving Credit Karma, right? So if you think about the fact that there is over $100 billion worth of tax refunds each year on the TurboTax platform, those are dollars that could be going into Credit Karma Money. Now, when you think about the TAM, well, you put all these pieces together, it's really exciting, it's really the opportunity that we have here. So in our core business, there's a $17 billion TAM, that is credit cards and personal loans, and we have less than 8% of originations in that space. When you think about our growth verticals, which is auto and mortgage, that's a $36 billion TAM, and we have less than 1% originations in that space. And then when you think about our emerging verticals, which are things like Credit Karma Money, we're just getting started. So I've said a lot here, so I'm gonna try to summarize it in 5 key points. So first is innovation is really the driver of growth at Credit Karma, so things like Lightbox, things like Karma Drive, things like Credit Karma Money. Secondarily, is the platform is differentiated. Our scale, our trust, our engagement, our AI capabilities, those are important aspects of how we're able to deliver and also differentiate from a platform perspective. And lastly is the ecosystem, right? So when you think about the fact that the ecosystem between Credit Karma, QuickBooks, TurboTax, they're all consumers, right? And that data, that flow of information, those capabilities are somewhat fungible, and they help us grow. And then lastly is the market opportunity that we have. We're just beginning to touch on some of these early topics. So with all of that said, and the summary of all that, is when you take a look at the opportunities and the roadmap, is that we feel extremely confident that we'll be able to focus on our long-term expectation growth rates of 20%-25% in revenue. So with that said, thank you so much for your time, and I'm gonna ask Sandeep to come on stage. Thank you, Ken. Hey, everyone. Thank you for spending part of your day with us today, and thank you for your support of Intuit. We appreciate it. As you reflect on our strong financial performance, it's driven by two primary factors, both of which are durable. One, a global AI-driven expert platform strategy, and two, a core set of financial principles that guide our thinking in terms of how we operate the company.... These five financial principles have served us well over the years. They remain unchanged and are durable. To recap, our first principle as a management team is to deliver organic double-digit revenue growth. As you heard from all my colleagues this morning, we see plenty of opportunity for us to continue to abide by and deliver on this principle. Second, we aim to grow operating income faster than revenue. We want to make sure we are leaning into efficiency and operating leverage as we scale the business. This allows us to deliver margin expansion this year, as well as over time. Third, we deploy our capital in a very disciplined way, whether it's looking at new product introductions, new services, potential acquisitions, we aim to get an ROI that is in excess of our weighted average cost of capital. Then four, we return the excess cash that we cannot invest at our acceptable thresholds back to you, and we have a strong track record of doing that through dividends and share buybacks. Finally, we operate the company with a strong investment-grade balance sheet. We want to make sure that we are operating Intuit from a place of strength, regardless of the macroeconomic environment. When you look at the growth, here's what excites us. We have a massive $300 billion addressable market, in which we are only 5% penetrated, and these large end markets are ones where we, as a company, are uniquely positioned to win. The strategies you heard today, the product innovations you saw today, are all keys to unlocking this opportunity. And underneath each of those strategies and each of those innovations is a robust AI-driven expert platform. The scale of our platform, with 100 million customers globally, the breadth of our assets, the depth of our data, are significant differentiators. They allow us to deliver unparalleled customer experiences and customer benefits, unlocking multiple avenues for revenue growth as well as margin expansion. And this platform strategy has played out quite well. Over the last five years, our platform revenues have scaled at a 28% compounded annual growth rate. They were 53% of the company five years ago. They're 77% of the company as of the last fiscal year. As we continue to lean into differentiated, frictionless, better together experiences, we see opportunity for us to continue to scale platform revenue over time. Let's take a look at how this played out in the most recent fiscal year. On the left-hand side are the objectives we shared with you last year at Investor Day. On the right-hand side is how we did. In summary, we delivered. Double-digit revenue growth, 13% total company, 14% platform. We grew operating income much faster than revenue, delivering both GAAP and non-GAAP margin expansion. We returned $3 billion to shareholders, including a 15% dividend increase. Let's take a look at how each one of our three primary business segments laddered up into this performance. Starting with the Small Business and Self-Employed Group. This is our largest business unit. It accounts for over half of the company's revenue, and it grew its revenues at a strong 20% last year, normalized for the timing of the acquisition of Mailchimp. Now, as Marianna shared, we are integrating Mailchimp into our portfolio of online ecosystems, so we don't expect to report it separately going forward. But let me give you a couple of data points to highlight the scale of Mailchimp. It surpassed $1 billion in revenue. It grew revenue 15%, grew paying customers 17%. Our small business group grew its total online paying customers 10%, grew ARPC 12%, and we made progress across each one of our key strategic pillars, giving us utmost confidence in this trajectory ahead. In our consumer business, we remain confident in our strategy and the path ahead, despite the unique tax season this past year. When you look at a normalized four-year period to adjust for all the COVID noise, this business delivered revenues at a compounded annual growth rate of 10%, right in the middle of our 8%-12% long-term expectations. This last fiscal year, we saw multiple green shoots in our data that bolster our confidence in our ability to transform the assisted tax category with TurboTax Live. Data points suggest TurboTax Live revenue is growing 17%. TurboTax Live customers scaling 12%. Overall, average revenue per return scaling 12%. As Mark shared, and I'll reiterate, we have the utmost confidence in our ability to continue to grow this business, given the opportunities to transform the assisted tax category, as well as the opportunities we have to deliver differentiated, better together experiences across Credit Karma and the small business group. And in Credit Karma, just a few minutes ago, Ken shared the $85 billion addressable market across our three key verticals. Even the largest vertical, we are only 8% penetrated. Ample runway for future growth. This business grew at a 25% compounded annual growth rate the last 3 years, highlighting its potential. And despite a challenging macro this past year, where revenues declined 9%, we saw multiple data points, which I regard as generating management alpha. We are seeing higher adoption of our platform. We are seeing higher adoption of our innovations, such as Lightbox by partners. All of that is setting us up well to come out even stronger as the macro environment normalizes. And when you step back and look at this page, what it really highlights is the power of the platform. At Intuit, we run our businesses as part of one holistic platform.... It is this approach that allowed us last year to deliver on each of our financial objectives, despite the macro headwinds and despite a unique tax season. And as we look ahead, we see plenty of opportunities for us to continue to grow, given our clear strategies to win, as well as the multiple innovations across each one of our business segments. Our innovations are also scaling our ARPC, as we add more value to our products, and as we make it much more easier for customers to discover and adopt capabilities across our platform. Just walking from top to bottom, our online ecosystem and small business group, the ARPC, continues to grow, giving the maturing customer base, given higher adoption of services, including services like Mailchimp, where the ARPC is twice that of QuickBooks. And given faster growth in higher-priced offerings like QuickBooks Advanced and QuickBooks Live. In the desktop ecosystem, we are seeing ARPC scale as customers increasingly adopt Desktop Enterprise, and as we price for value in a business that is now on a subscription model. Consumer Group, ARPC continues to scale given our success in transforming the assisted category with TurboTax Live, and again, we are just getting started. Credit Karma, we expect ARPC to scale going forward as we have higher adoption of our platform by consumers, higher adoption of our innovations, such as Lightbox, by partners, such as Credit Karma Money by consumers, and as we address the under-penetrated prime segment. Furthermore, as you bring Gen AI and Intuit Assist innovations to market, we are going to be opening up the aperture on monetization even further. To summarize what my colleagues shared this morning, we see three primary avenues for us to drive business upside and monetization through Gen AI. First, increase new customer growth and adoption of our services. Across each one of our business segments, we see significant opportunity for GenAI to meaningfully improve the customer onboarding experience, to meaningfully accelerate the customer speed to first benefit, and to make it incrementally easier for the customer to discover and adopt new capabilities across our platform. All that leads to higher customer growth and higher ARPC. Second, we believe GenAI will serve as an unlock to drive increased adoption of live expert help, which drives both monetization uplift as well as a competitive differentiation, because we will make sure at Intuit there is no dead end with GenAI on the customer's journey to getting 100% confident answer in the decision they need to make on our platform. Finally, we will test, explore, learn from customer feedback, opportunities for Gen AI specific, do-it-for-you SKUs, while in parallel, we continue to abide by a long-standing tenet of pricing our products for the value that we are delivering. We're still early in this Gen AI journey, but we could not be more excited for the opportunities we see to deliver benefits for our customers and our shareholders. Shifting to investments. As the management team, we focus on durable revenue growth, but also a disciplined approach to how we invest in our business. Across each one of the expense lines, we expect them to be flat to down as a percentage of revenue over time, highlighting our focus on efficiency and operating leverage. Our approach to investments has not changed. We invest in the highest-yielding opportunities that deliver durable revenue growth. We will continue to prioritize investments across our declared five bets while being disciplined and judicious about how we invest in our core innovation and run the business type expenses. One of the advantages we have in driving operating leverage as we scale at Intuit is the way we are structured. We run our technology, customer success, and go-to-market organizations as platform-level capabilities across the entire company. What that means is, in technology, we not only deliver higher developer velocity, we not only deliver accelerated time to market of our innovation, but we also deliver higher operating leverage when we build a capability once and we use it across the entire company. Capabilities such as AI, money movement, risk management, identity, to name a few. In customer success, we're leveraging AI and GenAI capabilities across the entire company to drive efficiency, as well as improve the quality of service we're delivering to our customers. We are scaling a Virtual Expert Platform across the company. We're learning, iterating, testing in one part of the business, and scaling Virtual Expert Platform in other parts of the business at a much accelerated pace. In go-to-market, we are making investments in Martech, sales tech, and building capabilities that allows us to significantly improve the customer acquisition across sales funnel better than it's ever been in our history. All of this is a structural advantage we have at Intuit. Multiple businesses, one platform. As we scale our operating income, we also scale our free cash flow. You can expect us to continue to have a exceptionally disciplined approach in terms of our cash flow. Last year, we returned 60% of our free cash flow to shareholders through dividends and share buybacks, and we will continue to lean into this same disciplined approach, and we are pleased that the board approved another 15% dividend increase for fiscal 2024 on top of the 15% we did last year. We consider share buybacks to be a key form in our toolkit of returning excess cash to shareholders. Our approach to buybacks has not changed. At the most, we will use excess cash to do buybacks using what we call a smart grid framework. This framework, in essence, guides our thinking in terms of how many shares to buy at different stock prices, with the goal, on average, to deliver a return that's higher than the cost of capital. At a minimum, we expect share buybacks to offset dilution from stock-based compensation over a three-year period. Subject to market conditions, we expect to be in market each quarter doing buybacks. At the start of the day, Sasan highlighted our operating system. It is one of our core strengths as a company, and it's also a strength when it comes to helping us deliver on our business commitments. As part of the operating system, we look at external and internal data. We debate the implications to our business, long and short, and we stay nimble in our execution. One of the advantages we have is that we are seeing data of 100 million customers across the globe make financial decisions on our platform. That gives us a set of leading indicators that informs our nimbleness when it comes to execution. We have a playbook as part of our operating system that guides our thinking in how to operate Intuit in good times and challenging times. The first principle, always do the right thing by the customer. We want to make sure our customers know we have their back, particularly when times are difficult. And second, we manage the business for the long and the short. We continue to invest in durable growth drivers while being disciplined about our discretionary spend to preserve the earnings power of the organization. This playbook served us well last fiscal year. Given the headwinds, we were still able to deliver double-digit revenue growth, we were still able to deliver margin expansion, and we were still able to bring significant innovation to market, including Intuit Assist. Looking forward, we are pleased to be guiding double-digit revenue growth, 11%-12% at the company level, including 16%-17% for the small business group, which represents nearly 60% of the company's revenue. This guidance is absolutely consistent with that which was shared at the August earnings call. Given the uncertainties we continue to observe in the macro environment, as I shared on the earnings call, we're taking a prudent approach to guidance for fiscal 2024. We're also pleased to be guiding operating income and EPS growth faster than revenue growth, leading to margin expansion in fiscal 2024, and highlighting our focus on efficiency and operating leverage and unit economics as we grow the business. Finally, we remain confident, given all the clear strategies to win, all the innovations, all the green shoots, and the long-term potential of each of our three primary business units. We expect small business group to deliver 15%-20% over the long term, consumer group, 8%-12% over the long term, and Credit Karma to deliver 20%-25% over the long term. In conclusion, here are the three things I want you to remember from our conversation. First, our financial principles are durable, and our objectives for fiscal 2024 are consistent with them. Two, we emerged from fiscal 2023 in a position of strength despite the headwinds, and our confidence in our future trajectory has been bolstered. And three, our AI-driven expert platform strategy sets us up in an unparalleled way to deliver customer benefits, unlock our addressable market, and deliver durable revenue growth and margin expansion. With that, thank you for your time, and I'm looking forward to meeting many of you and keeping you apprised of our performance over time. Now we're gonna move into a Q&A session, so if I can ask you to maybe take a minute to jot down your questions while I get Sasan to join me on stage to take questions on your mind. All right, so, we have folks that will hand you the mic, and so raise your hand. Wow, look at this! All right, well, if I don't call on you in the order in which you raised your hand, please excuse me. All right, Keith, I'm gonna give it to you first. All right, Keith. Keith? Thank you, guys. Keith Weiss from Morgan Stanley. Great presentation. A lot of really interesting dynamic stuff going on at Intuit right now. I wanted to ask you about ARPC and pricing, 'cause it seems like the onus on growth is shifting more and more to ARPC, and probably the biggest investor concern is, has Intuit pulled too hard on the pricing level? We've seen pricing increases roll through. Can you talk to us about how you get comfortable that you're not gonna lose that edge you've had in the market of being a lower price vendor, or being a high-value vendor from that perspective, and can we continue to depend on ARPC on a go-forward basis to be that core driver of growth going forward? Yeah, great. Thank you for the question. Let me start, and please, Sandeep, jump in. So I would say, first and foremost, our obsessive focus is about customer growth. That has absolutely not changed, and that is critical across our entire franchise. I would say the second thing is, if you look at Intuit today versus the Intuit of three years ago, two years ago, five years ago, we have bolstered innovation across the entire platform, and we've now gone to the assisted market and upmarket. And so the majority of our ARPC growth is actually from being able to serve the assisted consumer market, which is far higher ARPC, to be able to go upmarket and mid-market, which is far higher ARPC. Mailchimp, by the way, is much higher ARPC, and then the services that we have. And if you think about where we were five years ago and where we are today, the services that we have across the board. By the way, if you look at Credit Karma, the opportunity that we have because of Lightbox in terms of deeper penetration with credit cards, personal loans, auto loans, when you look across QuickBooks, time tracking, payments, payroll, and now Mailchimp, yeah, and then when you look at TurboTax with not only Assisted, which I think Mark did a great job of just sharing, yeah, you'd have to squint your eyes to see our, our penetration, which just presents the opportunity now with Business Tax, this is all ARPC play. And it's not from a lack of focus on new customers. Our, you know, if you were in our business reviews, the insane focus that we have on new customer growth has unchanged. It's just now we have a hand. We have an enormous opportunity to both grow with new customers and ARPC. Last thing that I would say is, Intuit has been built on disrupting from the bottom.... And And if you just look at our latest, even announcement, with QuickBooks Money, it is really to continue to disrupt from the bottom. It is non-subscription based to be able to bring solopreneurs and entrepreneurs into our franchise. And then we monetize based on payments, and eventually, we'll grow them into the larger QuickBooks platform. That's just an illustrative example of our focus on new customer growth is completely unchanged. We just have a huge opportunity now to be able to do both, grow customers and grow ARPC. Last thing I would say, I promise this is the last thing, and then I can jump in. Is we have a framework that we use in the company, that is a management tool. We talk about it with our leaders, we talk about it with the board, which is a really, it's about volume, mix, and price. We have a framework where we wanna make sure that the price is the smallest driver of growth in our entire portfolio. We look at it at the aggregate level, we look at it at the segment level, and it continues to be the smallest driver of growth for the company. That is an expectation I have, and you should have going forward. Keith, what I would add to that is our teams are constantly looking at the comparative dynamics and seeing what innovation we're adding into the product. Our customers no longer, and Marianna touched on some of this, like, they don't have to go to those Point solutions anymore. We're baking that innovation into our product. So we look at what's the value that we're delivering to the product. We're constantly testing in the marketplace, and one of the things that we do when we implement price changing is we have a dashboard to say, what is an acceptable level of impact? In my eight years here, we've been surprised to the upside in terms of how the customer reaction has been. All that is a very quantitative way of addressing a question in terms of what's the customer reaction to our price increase. The value proposition resonates with them, so they understand that we're valuing for the, or pricing for the value that we're delivering in our product. Alex? Hey, guys. Really incredible presentation. Alex Zukin with Wolfe Research. I wanna ask a question about Live, because it occurs to me that, and you pointed this out, Live stands to benefit almost the most from GenAI, which is sort of ironic given the, you know, Assist is more autonomous. But I wanna ask specifically at the kind of a three-part question. A, if I look at TurboTax Live, it grew 17%. What percentage of the growth of the tax business is gonna come from Live versus not Live? And then expanding that to the whole company, how much of the entire Intuit business is gonna come from the Live franchise over time, aspirationally, over the next three to five years? And would you ever consider breaking it out a la Microsoft and Azure? I may not remember all of your questions, but let me start at the top, and my buddy here to my left is gonna help out. First of all, I would take you back to what we talked about earlier today, which is, our TAM is over $300 billion in size. We have 5% penetration, and almost all of our TAM is non-consumption. However, the majority of everybody in our TAM is actually using a bookkeeper. They're using... getting advice on payroll with an accountant or a payroll tax expert, and they're using accountants for tax, and they're using accountants and bookkeepers to be able to grow their business. That is what excites us about our TAM. The second is the largest unsaid problem for our customers is confidence, which is why the TAM is what it is, and why the penetration is what it is. That's important context, and it's why when we declared our strategy in five bets five years ago, what we said was data and AI is core to driving growth, and that our second bet, which is around connecting people to experts, is the largest growth driver in context of really driving a penetration change in the TAM and the trajectory of it. Intuit Assist is, in our view, by far the largest catalyst to actually drive live growth. And the reason, if you just put yourself in the shoes of the customer, and what we are now observing with customers using Intuit Assist, is at the moment of truth, you are engaging with someone, happens to be Intuit Assist, to help you make decisions. And there's only so far a customer is willing to take it before they want to talk to a human being, and we believe that that will always be the case. What will change is the value that the human being needs to create, and too, how we use technology to actually make that expert efficient. So we believe it is the largest driver and catalyst, I should say, for Live, because believe it or not, across TurboTax, across QuickBooks, and of course, across payroll, which you heard today, the awareness is extremely low. There's only so much advertising that you can do, which we'll continue to do, both digitally and on air, to make people aware of it. The best way to do it is in the moment of truth, which is where Intuit Assist comes in. The second thing I would say is the growth driver in TurboTax is going to be being able to drive TurboTax Live growth. You know, we talked about what it grew last year. In a very dynamic year, it grew 17%, and that will be the driver of the growth, and that's why Mark talked about the fact that we now look at keeping score of total IRS returns, our share of that and ARPC. And ARPC is the largest growth driver, and it's because of TurboTax Live. I think I got to... Oh, the other one was, would we ever report it separately? You know, it's a great question. We'll take that into consideration, because it may be one day, you know, big enough, which we believe it will be, where we might wanna consider breaking it out. But thank you for the question. We'll, we'll take it into consideration. Yes. Siti Panigrahi from Mizuho. Sandeep, congratulations on your first Investor Day as CFO. Very nicely done. Sasan, my question, payment platform, we have seen that last few years grew very nicely. Now you are moving to more money movement platform. You know, you can have now bill pay, even you offer, checking account, money could flow within the ecosystem. So help us, help us understand why customers should use your platform. How big is that opportunity, the whole money movement, the platform, and how is that a win-win for customer and Intuit? And as a follow-up, Sandeep, how much of the bill pay revenue opportunity backed into your guidance for this year? Yep. I love the question. You know, first of all, I'll start with everything for small businesses comes down to cash flow. By the way, small businesses, mid-market customers, and cash flow from the lens of a small business is really defined by, am I getting paid for the work that I did, and how fast? You know, those that do things manually, on average, it takes more than 75 days to get paid. While at the same time, there's a lot of pressure on small businesses to make their payments, on time. So I bring that up as context because cash flow and money management is the, is the sort of the most important survival mode that small businesses are in. After, you know, 10 years of investments, and particularly the acceleration in the last 5 years, we finally have a lot of the capabilities that a small business needs from money going out and money coming in. What we're most excited about is the possibilities of Intuit Assist. I don't want to put everything on Intuit Assist, but remember, our entire strategy is Intuit Assist. When we declared our strategy to be an AI-driven expert platform and to ultimately create a future where the work is done for customers, and they're always in control with always a gateway to experts, is to actually be able to help them with automatically, "Would you like us to follow up on overdue invoices? You can get paid much faster if this is payment-enabled." To be able to find people in the network that you heard Dave talk about earlier in the product experience, where you can easily find somebody in the network and be able to invoice them and then be able to pay that bill instantly. So all of these things are about making the experience drop-dead easy, and what's in it for the customer is getting paid. What's great for the customers, especially with Intuit Assist, is we can project to their cash flow. We can project to them that, "Hey, by Friday, you're gonna run out of money. You're not gonna be able to pay your employees. These are three options that you have. Which option do you want? We'll act on it for you, give you access to capital. All those capabilities that we've been building, we can now bring to life in a very magical way, and, and in a way that resonates with small businesses because they're busy doing a lot of other things. They're not... Their, their life isn't the platform. However, the platform creates the life and the prosperity that they're seeking. So that's why we're so excited about the opportunities around digitizing all of money movement, whether it's money in, money out, and/or across, across our network. And the significant opportunity is significant. I mean, 80% of the B2B is still paper, checks, and cash. On bill pay, we are focused on driving customer delight, product adoption, repeat usage, and as you know, in the SaaS business, once you do that, you open up the aperture for downstream monetization. So that's our focus in the year one. We don't expect it to be a meaningful part of our growth in the fiscal year, just given the size of the company. However, we are excited about the potential in the years ahead. And quite frankly, since our launch, we've been quite pleased as we look at the dashboards about customer adoption, which SKUs they're picking, how they're engaging with the product. It's new. It's been a few weeks, but we've been pleased so far, so we're excited about the path ahead. Hey, guys. Wow! Brad Zelnick... We have mics that work. These are good ones. Thank you so much for having us today. An amazing day, always is. Sasan, earlier in your presentation, when you laid out your 2030 new targets or goals that you had set, it's great to see that you're never satisfied, and, you know, Intuit as a company continues to, to drive to, to bolder and bolder aspirations. And one of the things that you had said was... I mean, I heard the word velocity many times, and I heard you speak to acceleration, and you then went and said, "We see ourselves as a high double-digit growth company," which I take to mean both is aspirational, and I took to mean high teens, but even that would imply acceleration from where we are today. And I would just love to hear your perspective on, you know, the upside scenario. What's the algorithm? What are the levers that drive to an acceleration at this scale? And importantly, how do you do so without putting margin at risk? Yeah, it's a great question. I'll let me team up with Sandeep on this. I'll go back to what Sandeep actually summarized at the end, which is if you just look at the long-term expectations that we have for each of the segments. You know, in small business, we feel very confident that it's 15%-20%. It's $200 billion of our TAM. The penetration is very low, and we have both an enormous opportunity to get new customers, 'cause if you think about it, our algorithm is really easy. We get a new customer, we begin to penetrate with services because they need it to be able to run their business, and we get to grow with customers. And when we acquire a large customer in the mid-market, we get to digitize everything that they're doing and continue to grow with them. So that's $200 billion of our TAM. Penetration is very low, and we feel very well positioned with the assets that we have across Mailchimp and QuickBooks, but particularly, it's about data and AI. I mean, the one thing I would want this audience to take away from today, I've said it the last five years, we're a data and AI company. That's why we will be able to do the things that we've declared going forward. With that as context, then you look at tax. You heard Mark talk about it's a $30 billion TAM, just focused on the assisted segment. We have the majority of the revenue share in do it yourself. Do it yourself, by the way, will always be important because there'll always be new entrants there, but the opportunity to deliver 8%-12% is squarely focused on assisted, both consumer and business tax. Then Credit Karma, it's a data platform. We have 136 million customers. We have the highest trust, 45 million+ that are monthly active, and they're, on a frequency basis, engaging 5x a month. And customers trust us, and our penetration is very low across most of the verticals. Credit cards and personal loans, which is the, the longest living verticals, is only 8%. So I bring that up just to say that's what gives us confidence in the 20%-25%. And you add all of that up, we believe we can accelerate, you know, the company's growth. What's not in any of those algorithms is a lot of what you hopefully you saw today, which is there's an incredible consumer, small business ecosystem network effect that we are creating. You heard Mark talk about what's possible across TurboTax, Credit Karma, and QuickBooks with business tax. You heard Ken talk about what's possible across Credit Karma and TurboTax. You heard Rania talk about what's possible across Mailchimp and QuickBooks to create this one platform for small businesses to fuel their growth. These are all consumer small business ecosystem network effects that we are creating that's been a decade in the working. Those are the things that give us confidence when we think about the long-term growth of the company and being able to accelerate it over time. Was the question on margin aspect as well? Oh, sorry. Yeah. I did not intentionally not answer that. Yeah. Um- The answer is yes. Go ahead. So first and foremost, the—as Sasan mentioned, the five big bets are the accelerants, right? Bet one, Intuit Assist. Bet two, assisted live options. Bet three, better money decisions. Bet four, Mailchimp. Bet five, mid-market. As we are structured as a platform company that builds capabilities across the company, that gives us an inherent operating leverage. The live offering, we built it once for TurboTax, we learn, we iterate, and we scale it across the rest part of the company. So there's inherent unit economics and operating leverage built in. But as we look at our business and the opportunity to scale, there are a lot of what I would call expense synergies between our different business units and our structure of having the eco What we call internally, the ecosystem approach across tech, customers, customer success, and the go-to-market teams, is one of the key unlocks that gives us confidence in our principle two, to continue to scale operating income faster than revenue over time. If I could just say one other thing to build on Sandeep's point. Thank you for catching the margin question. Yeah. I just wanna- I didn't wanna leave him hanging. What's that? I didn't wanna leave him hanging. This is one of the wonderful things about our leadership team and mobility. A lot of our accelerated innovation across the company, a lot of our margin expansion is coming from all the work that Mariana and Mark did in their previous roles. If you think about a lot of what you heard today around technology and our platform, was all led by Mariana and her team. A lot of what you hear what's fueling what we're doing across Live was actually led by Mark and his customer success role, and now being in the GM role, allows us to actually accelerate what's possible across the platform, which leads to margin expansion. So I just wanted to add that element. Please. Hey, thank you, guys. Kash Rangan of Goldman Sachs. It's tough to go after Zelnick because he makes you think really, really hard. So, Sandeep, typically, incoming new CFOs, temper and lower guidance, and you didn't do that, so you must be a former Wall Street guy, clearly understands investors and analysts, and- I've been here eight years. I see the opportunities, and we have the clear chance to win. Yeah. That's great. That's the answer. Love to see that. Love to see that conviction. Absolutely. Sasan, you talked about AI before that term even existed on Wall Street, I think five years back or so. How important is AI to when you look at accelerating revenue growth, part of it is gonna come from unit growth and ARPC. How do you think GenAI is going to play out? Is it gonna open up the TAM in terms of new units, new forms of consumption, or are we just gonna be driving more ARPC? That's one thing, and second is, very quickly, since you have a feel for the pulse of small business and consumer, what is your take on the economy? Yeah. So, listen, I'll start with, we have incredible conviction around AI, and our conviction is backed by where we've put our investments in the last five years, and we're continuing to accelerate. We truly believe that it will reshape every industry across the globe, and I would tell you that I don't think any of us have actually seen what's yet possible with AI. And I wanna focus on AI because GenAI is a variation of AI, a very important one. And we believe it is our unlock, which is why we declared data and AI core to our strategy five years ago, to be able to unlock penetration of our TAM. We believe new customer growth and the adoption, breakthrough adoption of services, will be enabled by all of our investments in data and AI, and particularly GenAI, because what's wonderful about GenAI is, we're able to do things in a personalized way, in a humanized way, at the moment of truth, when we're conversing with a customer, because I'm using your data and our LLMs, to be able to provide you what you need, exactly when you need it. You know, small businesses are not interested in, and consumers, in generic information. They wanna know, what do I need to do as a plumber to grow my business, and what's going on with my cash flow, not the cash flow of 10 other plumbers around me. We believe it's an unlock for both, which is why, again, it was core to what we declared five years ago. In terms of your question around the economy, I mean, I will just, you know, perhaps answer the question with some facts. First of all, across our small business base, what we see is small businesses have 90% of the cash reserves this year compared to this time last year. So their cash reserves are lower, but they are much stronger as a community than they were two years ago, three years ago. So this environment is impacting them, but they are healthier, more robust than they were in tough times in the past. Now, you click down on that, we see areas that really are struggling, like advertising, real estate, those that provide, you know, loans. But in aggregate, they are fighters, and they are actually quite, in general, quite healthy in this, in this environment. And I would say on the consumer front, we've seen credit scores compared to last March, they're down about 13 points. Credit cards are up about... the balances are up about 30%, and the balances that are up the most is Gen Z. Their balances are up 45%. Now, the job market is strong, so these folks all have jobs, but there's clearly a strain in the environment based on, inflation. So that's the net-net, more robust consumers and small businesses than they were pre-COVID, but the environment is having an impact on them. Cash, one of the things we're watching closely is the restart of the student loan payments on October 1. That's a higher beta. Sasan mentioned the higher balance. We, you add in the APR, the interest rates have doubled as well. So that's one of the areas that leading to us taking a prudent approach in our guidance for fiscal 2024, just given the... we believe the consumer could be under increased pressure. All right, hands up, high so I can get a flavor. Okay, great. Thanks. Kirk Materne with Evercore ISI. Yes, Sasan, when I think about what you all are doing with Live and AI, it makes me wonder about the potential impact on your gross retention over time, right? As a small business provider, you obviously face the fact that a lot of businesses will fail, but you're now putting in place products that allow them to go higher with you or have, you know, multiple touch points with you, and both on the consumer and the small business side. And I was just wondering how you all contemplate that in service of your long-term growth dynamics. I realize the net new customers are still the bigger prize, but obviously, holding on to customers is a huge, you know, lever for you, both from a revenue growth and a margin perspective. So I was just kinda curious what you've seen thus far and what you're hoping to see, perhaps, going forward? Yeah, well, you all are asking amazing questions. This is why we have set a goal for ourselves that really measures the impact of our mission, which is to power prosperity around the world. And we've set a goal for ourselves that any small business that's on our platform, we want them to be 20 points more successful than those that are not on our platform. And by the way, we're already at 19 points, and we weren't at 19 points five years ago. Which means that over time, our retention generally is quite high. It doesn't mean we don't want to increase our retention, but our retention is at 90% plus when you take into account small businesses that go out of business. So retention is important, but our biggest opportunity that is actually to help drive economic growth by helping more businesses survive on our platform. So we've improved dramatically. We don't contemplate that into our short-term guidance or long-term expectations. It's more, but it will help. It will help and contribute to our growth, but we view it as a, as, really economic growth, because the less businesses go out of business, on our platform, the better. And it actually goes viral, 'cause businesses tell other businesses to use our platform because they're more successful on it, and so that's the way we think about the flywheel effect it creates. Yes, up here, and then I'll come back to you. Thank you so much. Mark Murphy with JP Morgan. Sasan, the mid-market is quite exciting, the opportunity. What do you feel that ou have to architect or instrument into the product, I mean, in particularly QuickBooks Online, to go out and attack that opportunity, for businesses up to 100 employees, but also over 100 employees? Because it feels like at some level, and we can see some of what you're building in and around onboarding, et cetera, at some level, those businesses may want segment reporting, they may want intercompany transactions, they may be dealing with subsidiaries and entities, they may want budgeting and planning, they might want, you know, more detailed audit trails, et cetera. So, can you help us understand maybe what is the preliminary step and what you need? And then, in the very long run, how ambitious are you to kinda take on some of that that feels like a bit of a heavy lift? Yeah. Thank you for the question. Let me say a couple of things, then, I'll do that for the sake of oversimplification, but, but it's the reality of how we view it. Our biggest opportunity to serve mid-market customers, as we've defined it today, which is between 10-100 employees, is really about go-to-market. It's really continuing to improve our both marketing approach and, how we are building out our, sales team and getting the right skills, which is still, by the way, inside sales. But really, our product, generally speaking, doesn't mean it's perfect. Our platform can deliver for the mid-market between 10-100 employees. That doesn't mean perfection, but generally, we have what we need. There's still more work to be done. So think about what we've declared, which is 10-100 employees, as we gotta get far better at our go-to-market motions, and that's where we are making our investments. I would say above 100... Let me first start answering your question with our ambitions. We declared 10-100 employees as a starting point. We are not gonna stop at 100. In fact, we believe that getting to a place where we can serve those with thousands of employees is really our sweet spot, and that's where we can be disruptive, and that's where the money is. That becomes both go-to-market and product. We are not yet positioned to be able to have the product that we need serve 100+, and so that's gonna require both. It's, by the way, on our roadmap to be able to go beyond 100, but the simple way to think about it is 10 - 100 is go-to-market, 100+, there are capabilities that you actually mentioned a number of them that we need to build out on our platform. Our platform is built to scale, so it's not a scale issue, it's actually building out a lot of the functionality that you were just asking about. So we are very ambitious in mid-market. And I know I said this three years ago, and I'm saying it three years later, I don't even think we've made a dent yet in mid-market. And it's not for anything other than just the opportunity is massive, and so we're excited about it. Hence, why it's one of our five big bets. Yeah, please. And while you're asking your question, can you all raise your hands again just so I can get a view for... Okay, great. All right. Hey, Sasan, Brent Thill with Jefferies. You mentioned early upfront the risk with international. It's never across double digits in my, I guess, our numbers, as a% of revenue. Maybe we're asking too much about it or trying to drill in too much, but you didn't really spend much time talking about it in the discussion you have in the past. Does it matter? Is the opportunity just so big here, we don't have, we shouldn't even ask about it, or how do you think about it in the context of the overall business? Yeah, thank you for your question. You know, first of all, you all have been rightfully so asking about it because we teed it up as a huge opportunity, and we've been investing in international, and so please keep asking about it because it's important to us. So that's, you know, number one. Number two is the opportunity in the U.S. is huge, but we believe the opportunity international is essential as we think about the company. We forward the clock, and it's five years from now, 10 years from now, we must have made a lot more progress in international. So it's essential to our future, and therefore, a lot of the investments that we are making, everything that you heard today other than TurboTax and Credit Karma, because our focus is really small business, is all global investments. They are not U.S.-oriented investments. In fact, I'm sure you heard Rania talk about the fact that, you know, what we are doing, building out all the capabilities across Mailchimp and then building CRM native tools within QuickBooks, our intent over time is to have that available in 30 countries, because the tip of the spear going forward is Mailchimp. So we still see it as an enormous opportunity. We don't have to rely on it in the several years ahead of us or even in the next five years, but that doesn't mean it doesn't require focus, because I think 10 years from now, we wanna look back and have international be a far bigger part of the company than it is today. I think it's necessary to really to fulfill our, our, mission, and the way our platform is being built, it's, it's being built as a global platform. Keep asking about it. We teed it up in such a way years ago that, really, put you in a place to ask about it, and so keep asking about it because our conviction is, is, consistent with where it was five years ago. Yes, and I'll come to you. Yes. Thank you. Stefan Slowinski from BNP Paribas. Thanks again for the presentations today. Just wanna ask the M&A question. So we've seen today how you've outlined, how you've combined all of this organic, R&D innovation with those two big strategic moves you made for Credit Karma and Mailchimp. Just wondering, should we expect more of those strategic moves to kind of accelerate what you're investing in organically, or the focus beyond that R&D investment? Thank you. Two things I would say. One is our M&A principles, you know, don't change. For us, it's really about time to market. It's about really bolstering our platform as a relative comparison to the velocity of internal investing, because for us, what's most important is the data. At the end of the day, when we think about acquisitions, is where we believe it can significantly bolster our data platform on behalf of our customers, because that's where AI comes in. That's the first thing I would say. The second thing I would say is, we really feel great about how we are positioned with the two big acquisitions that we made with Credit Karma and Mailchimp. These were two huge capabilities, two number ones that we bought that really allow us now to take those benefits and deliver it for customers and put the power in our customer's hand. Doesn't mean we won't think about acquisitions in the future. We always think about, you know, tech tuck-ins and so on, but these were two really important acquisitions to position the company to where we are today, and I'll just end with the following: It's the data. The data that we have now with Mailchimp and Credit Karma on behalf of our customers allow us to do a lot of the things that you saw upstairs, and particularly with Intuit Assist, and we feel very well-positioned to do just that. One thing you could also hold us accountable for is the high bar we have for M&A in terms of the returns we expect from these acquisitions, so. All right, great. Jackson Ader at MoffettNathanson. So I understand taking the prudent approach on kind of maybe some softness in the consumer here in 2024, but if we drill into Credit Karma specifically, you know, there's just such a wide gulf between ±3% and 20%-25%. So I'm just curious, like, what kind of environment would it take to grow 20%-25%? Is that like everything hitting perfectly? Is that normal? How do we get there? Yeah, thank you for the question. It is not all stars aligning to hit 20%-25%. It is being in an economic environment that doesn't have the uncertainty of the interest rate environment that we are facing today. That's really, I would say, the biggest X factor. And remember, this was a business, when we acquired it, that was growing north of 20%. It propelled to 38% growth or 37% growth, and then 58% growth because there was an enormous economic tailwind. When we think about the innovations and the investments that we've made, one is around data, one is around Lightbox, which now allows us to deliver personalized experiences. And when you think about the context of what both Ryan and Joe showed upstairs, we have reimagined the, the entire app, and in context of Intuit Assist, we can now deliver, at moments of truth, the right products and services that customers would need in ways that we couldn't do it before. That, coupled with the integration with TurboTax, we feel that in a normal economic environment, this is a 20%-25% growth business. I'll end with where I started. We don't have to have all stars aligning for that business or any of our long-term expectations that we talk about. This is what we believe can be a long-term expectation in a normal economic environment. Would you add anything, Sandeep? You know, the only thing I would add is just a little bit more in terms of what we're seeing in this environment, to address your question, Jackson. We're seeing, 'cause a lot of people giving personal loans on our platform are off balance sheet. They can move that paper at par 'cause the rates are moving so quickly, so we need that market to normalize. Insurance is harder to scale when inflation is high, and you're seeing all the insurance pull back in terms of new underwriting. Credit cards, we have 8% penetration, but when you think the consumer might be under pressure, you're not leaning in as much. So to just double down on Sasan's point, we don't need an expansionary environment, we need a stable environment leaning towards expansionary. Probably have time for a couple more questions, so hopefully we'll be able to get to everybody. Please. Wonderful. Thanks so much. Brad Sills from Bank of America Securities. I wanted to ask a question around TurboTax Full Service and QuickBooks. As you go into these assisted categories more and more, I think in the past, you've said TurboTax Live has a similar variable margin or better than TurboTax Online. So you're talking about a business with services and people involved having, you know, the same or better margin than a software business. So can you get there for TurboTax Full Service, QuickBooks, you know, Assisted, as you move into these, these categories? How did you get there for Live, and how can you apply those same learnings to these other assisted categories? Yeah, thank you for the question. So this is, as you saw, hopefully, upstairs, this is entirely tech-led, and it's data-led and AI-led. And so what that means is a couple of things. When we talk about connecting people to experts, experts doesn't always mean a human expert. It can be, Intuit Assist, which is also fueling the efficiency and the productivity of our experts. Which leads to the... what I led with, and that is, this is all technology-led. When you think about what our experts are experiencing as we sit here today on the platform, whether it's a small business customer, where, by the way, the data intake is more than 10x, someone that just has to do their taxes, we bring that data in, and automatically, it actually goes into the platform so that the expert doesn't have to do a lot of the manual entry. In essence, we are reducing 70%-80% of all the manual entry for the expert. Secondarily, we actually queue up for the expert, the areas they should be exploring and the questions they should be asking, and all the work that they do is automatically captured for them so that if they need to do follow-ups, they don't have to do the work. What I just shared is significant, right? You don't have to do manual entry on the data. You leverage the smarts of our platform that the expert uses. It allows us to one, do what Mark talked about, which is we can do full service now for a large number of customers within an hour. That is not only a penetration play and an ARPC play, but it's also... That's an expert that's very, very efficient. So we have enough data now, five years in, both across TurboTax and across QuickBooks Live, to feel very good about our variable margins, and ultimately, we manage margins at the company level, and so we feel very good. We felt great about it three to four years ago. We have so much proof now in terms of what's possible, which is, by the way, what allows us to be disruptive, because we're doing this at scale, and it's very hard to copy all the data and AI capabilities that we've invested in. Yes, and then we'll come to you as the last question. No pressure. No, no, no. We have one more- Yeah, yeah. And then last question. I know. Hey, Raimo Lenschow from Barclays. The one subject that comes up every year again is payment. I remember I was upstairs last year for the payment, and the message was, "Now, now we're ready for it, and we solved some of the problems." Now, this year, we're talking again about payment, being ready for it. Can you kind of get us on the journey where we are there in terms of being ready, being finally ready? What are we seeing there? Thank you. Yes, absolutely. You know, just so Sandeep doesn't feel lonely, I'm gonna let him answer the question. Absolutely. It's a journey, quite frankly, and let me just to take you through the journey. When I joined 8 years ago, believe it or not, I served as a chief risk officer of a payments business for 6 months. That's where we were. We were working with external parties to build risk models to take our underwriting approval rates from way below where they are today. They were in the 60s or maybe low 70s, to where they, which is order of magnitude higher. At that point, we were more ready for payments. Then we built the money in capabilities, and we added new features, functionalities. We became even more ready. Now we are adding money out capabilities. So I want to add, I would share that it's a continuum, it's a journey, so hold us accountable to what we're delivering. As Sasan shared, 25% payment volume growth online, 18% growth overall. Those are all pretty impressive metrics when you compare across peers in the fintech space. Similarly, we would expect when you're here three years, we'll be even more ready for payments, and it'll just be a much more higher and complex and further down that spectrum. So it's a journey is how I address your question. All right, one other question. I think there was a gentleman in the back also waiting for one. Yes. The gentleman in the back, and then if you can raise your hands, please. Okay. Thanks. Perfect. It's Scott Schneeberger with Oppenheimer. Wanted to touch on TurboTax Live Full Service a little bit more. If we could just get a sense of what were some of the pain points this year? Is it growing at the pace volume-wise that you'd like to see, you know, comparatively to what you saw of TurboTax Live original out of the gate? What were some of the pain points? What are you doing to fix it? And if you could touch upon maybe load speed through the interface and also marketing strategy. Thanks. Yeah. Sorry, Scott, I didn't. I can't see you. If you were to stand up here, the lights are in the eyes, so my apologies, I couldn't see you. A couple of things in terms of what we've learned and what we are doing about it, and I'll bring Credit Karma into this picture. You know, it's been about three years where we finally feel great about our lineup strategy and the experience within the Credit Karma platform. That's why last year it grew 6x. But I'll give you an example because you asked about pain points. Last year, only 20% of Credit Karma members that chose to do their taxes with TurboTax had a seamless login experience, which means I wanna do my taxes or I want somebody to do my taxes. For 80% of customers, we would create this friction where they had to create an entire account and go through an entire process of getting signed up. Well, if you're an assisted customer, the first thing you're asked when you walk into somebody's firm or house to get your taxes done isn't, "Here, let me put up a piece of software for you to create an account." So now this year, going into this year, our hope is that more than 80% of customers, if you're a Credit Karma member and you say: I want you to do my taxes for me, or I wanna do it myself, it'll be seamless cross-account creation. That's huge. That's a massive falloff in the funnel. So that's just one example of an improvement in the overall experience with a lineup change that will be very specific for Credit Karma members that we believe will significantly contribute to TurboTax's growth this coming year, and particularly in the assisted segment. So that's one. The second one is full service. You know, last year, although we had product market fit in full service, we put a lot of things, what I would say, friction points in front of customers to confirm, "Do you really want us to do it for you? Do you really want us to do it for you?" Well, if you ask a customer enough times, "Do you really want us to do it for you?" They'll decide, "Well, maybe not. I'll go somewhere else." But that was really intended to ensure that we were getting the right customers in the full service, but we took it too far. So this year, our full service experience is completely revamped with a lot of what you heard Mark talk about, and also upstairs with Sarah and Lance, where it's both the combination of Intuit Assist that is bringing in their data automatically, getting them connected to the right expert, and all the Intuit Assist virtual expert platform capabilities that now an expert can use, where we can, for majority of customers, get their taxes done within an hour. By the way, that is breakthrough. That is absolutely breakthrough. So that's the second area. The third area that I'll mention, and Mark touched on this, which is another huge breakthrough for us, is what we call local. As Mark talked about, a lot of customers that are in the assisted segment, there's a lot of churn in the assisted segment. They will go and Google, "Who's the nearest pro near me?" Well, we never show up in that. And so that was a huge insight last year, where we've changed our approach, where, you know, 80% of the households in the U.S. plus are within a 10-mile radius of our expert network. And this doesn't mean we're, we're gonna do things face to face. Actually, the majority of customers don't want face-to-face interaction. They just wanna know the pro is local to them. So we're completely changing our marketing approach to how we raise awareness, but also how we show up locally, so that if you say, "Who's a pro near me?" We'll actually show up, and then they can engage virtually, but they have the comfort of knowing you're 10 miles away from me. So those are the, I would say, the very big things that we learned last year, all of which we're evolving and executing this year. All right, you have the last question. Last question. Dan Jester, Bank of Montreal. Thank you for fitting me in. So you've alluded to this a couple of times about QuickBooks Live, but I just want to be explicit about it. Do we have product market fit today? And as we think about the journey on the QuickBooks side relative to the TurboTax side on Live, how should we think about that playing out over the next couple of years? Thanks. Yeah. So, first of all, we do have product market fit today, inclusive of business tax. Two, I would tell you that it's been far harder to solve this problem for small businesses than it was for consumers. Why? Because when it's tax time, the consumer wants to get their taxes done. It's a fairly sort of clear outcome and set of benefits that the consumer wants. With the small business, we have had to learn a lot in the last several years. You know, some just want to come in and ask us to set them up on QuickBooks. Some want help with bookkeeping. Some, when they build a relationship, will say, "By the way, why can't you just do my taxes for me?" Well, we couldn't do that before. Well, now we can. And so it took us several years to really get to product market fit. It's a far harder problem to solve than it is for just directly consumer tax, which we like that. The harder a problem is to solve, the harder the problem is to scale digitally, the better it is in terms of just the advantage that we have in the marketplace. We feel very good that we have product market fit. And you actually saw. One of the things that Mark talked about is 36% of QuickBooks customers automatically just want us to do their business taxes for them, but we never had product market fit before. So now it's all about go-to-market motion. How do we take this to market? Is it embedded in the lineup? Is it a separate lineup? We have a very strong point of view of what that should be, but really our biggest focus right now is our go-to-market motion. But we have reached product market fit, and we're excited about it. Would you add anything before I bring us to close? I'll just remind you of the data we shared in Marianna's presentation was around the PRS being about eight points higher, the retention being about 10, 11 points higher. So we actually have quantitative data that backs up- Yes. the strategy as Sasan highlighted. Excellent. Well, first of all, for those that are on the webcast, I'll just bring us to a close. Thank you for being with us all day today. Hopefully, you got a lot of your questions answered without having the ability to ask, but based on what was asked in the room. And for those that are in the room, we have an amazing lunch. I believe it's amazing, but hey, it's made by our small businesses, and so it's got to be amazing. So we are gonna head on upstairs to the fourth floor, and our entire leadership team will be there, and so grab food, grab us, let's connect, and we'll be there till whenever you want us to be there. All right, see you upstairs. Thank you. Thank you all.