Welcome to Intuit's Investor Day. I'm Kim Watkins, Intuit's Vice President of Investor Relation. It is so great to see so many of you here with us today in Mountain View, and I wanna send a welcome to those of you who are joining us online. We really appreciate you taking the TAM to join us today. We have a great day planned for you. Sasan is gonna kick us off and take us through Intuit's AI-driven expert platform strategy, and then Alex Balazs, our CTO, will take us through the technology fueling our innovation, including Intuit Assist, our GenAI-powered digital assistant. After that, we'll head to a platform immersion experience, where you'll have the opportunity to more deeply understand our strategy and our products. After a short break, Marianna and Mark will come up and take us through our strategies of our business and our consumer platforms. And then Sandeep will finish us up with some financial perspectives. After that, we will have plenty of time for Q&A. And for those of you here with us in Mountain View, we invite you to join us for lunch. I also wanted to mention that many members of Sasan and Sandeep's staff are here with us today, so make sure you introduce yourself and say hello. We also have Joe Kauffman, the leader of our Credit Karma business, who will be joining us for lunch. Couple quick housekeeping items: we have Wi-Fi available on the Intuit Guest Network. Hopefully, you found that already. There's no passcode required. The restrooms are to your back left, and all the presentations that we'll be sharing today are available on the Investor Relations page of our website. One other thing I wanted to hit on is we also know many of you deeply care about our DEI and corporate responsibility impacts. So, we've recently published an update to our progress towards our goals. That's available on a blog on our website. In addition, today, we have Humera Shahid and Dave Zasada, who lead those programs, that will be joining us for lunch, and we'll be publishing our fiscal 2024 Stakeholder Impact Report in early 2025, so be on the lookout for that. Now we're gonna head to my favorite part, 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 2024 and our other SEC filings, which are available on the Investor Relations page of Intuit's website at www.intuit.com. We assume no obligation to update any forward-looking statement except as required by law. Non-GAAP financial measures. 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 directly comparable GAAP financial measures. In this presentation, we may also announce plans or intentions regarding functionality that is not yet delivered. This information is intended to outline our general product direction but represents no obligation and should not be relied on in making a purchasing or investing decision. Additional terms, conditions, and fees may apply with certain features and functionality. Eligibility criteria may apply. Product offers, features, functionality are subject to change without notice. Certain product screen images are simulated and video shortened. Some numbers may not agree with the sum of the components, nor with SEC filings due to immaterial rounding adjustments. Okay, so as I mentioned, after Alex's presentation, we'll be heading to a platform immersion experience, whether you're joining us here in Mountain View or whether you're joining us online. In the platform immersion, we'll take you through four of our big bets to help you understand how our AI-driven expert platform strategy is helping solve our customers' biggest pain points. This is also an excellent opportunity for you to meet with some of the most senior product leaders at Intuit. We will not be touching on our first big bet, which is a technology bet and is foundational to all of our other bets, but Alex will cover this in his presentation. And something new this year, we'll actually have two platform immersions for our fourth big bet, including our combined QuickBooks and Mailchimp platform and also our Money platform. I'll come up in a few moments and actually give you quite a bit more information on that, so at this time, I think we're ready to get started, and it's my pleasure to welcome Sasan Goodarzi. Well, very, very good morning. A warm welcome to everyone here in the room, and all of you joining us virtually. Look forward to spending half a day with all of you. We are excited about what we're gonna talk about and what we'll share with you this morning. I will focus on one topic, and that is to take you through the journey of how, in the last five years, we've transformed the company from a tax and platform company, a tax and accounting platform company, to an AI platform company. And now that we have all the pieces and parts, we're gonna talk about the next five years, which is how we will win as a platform company and really deliver undisputed benefits for our customers and accelerate the company's growth. So with that, let me jump in and get us started. You know, first and foremost, one of the most incredible things about Intuit, having been born in the era of DOS, is that we've had incredible experience, which has come with playbooks, with a lot of grit to learn how to transform the company, across many technology revolutions and economic cycles. With that as context, what's very different in the era of AI is that we were very early to really bet the company on AI. Now, we did this for very practical reasons. We felt that when we refreshed the company strategy about five years ago in this meeting, what we shared with you, we're going to shift to a platform company, and that the bet is on AI. The practical nature of it is that we were focused on delivering experiences that delivered Money benefits and undisputed revenue growth and profitability growth for businesses, and powered the prosperity of consumers, and we felt very strongly that the only way to do that is to actually create done-for-you experiences, so that customers never had to do the work, but always in control, and the only way to do that, very practically, was to invest heavily in data and AI, so that was why we bet the entire company on data and AI more than five years ago. And when you look at the very bold and yet tough decision that we made in July, it was to accelerate investments in five areas because of all of the acceleration that we've seen in our innovation because of data and AI, and we reallocated 10%, of our headcount to five areas to set the company up for the future. Now, in order to do what we've done in the last five years, looking back, it's an actually significant cultural transformation, and that's the piece where I have probably the largest gratitude and pride in how we've evolved the culture of the company. We've grown our talent internally, we've acquired and brought in incredible talent, and our culture is still the same when it comes to people and focus on customers, but what's very different is our velocity, it's our courage, and our obsession with customers, and that's what resulted in faster growth since we've developed the platform strategy versus prior to the platform strategy. This past year, we exceeded all of our commitments to you all, and we believe it just continues to be the beginning of what's possible as we look ahead. If you look across all of these metrics, we exceeded what we committed to you, with the exception of GAAP income, which was all because of a one-time restructuring charge that we took in July. Now, with that as context, one of the things that we do every year is we have a very intense debate over where we are across these performance drivers that you see here. We share this with our board. We just shared it about a week and a half ago, two weeks ago, with all the company, and you're the last stop. And so I wanna walk you through our reflections across these key performance drivers. What's very different in terms of what we did this year, is we took a five-year view. We looked back across these dimensions five years, and we looked ahead five years, to think about where have we made incredible progress, and where do we need to make progress in the next five years? So let me get started on this. The first is what I just shared a moment ago. It's a significant transformation when you think about what we said five years ago. To shift the company from a tax and accounting platform, a very healthy company, with a much smaller TAM, growing high single digits, to a company that is now a platform company that plays a meaningful role in the lives of consumers and businesses, and have all the pieces and parts all sitting on a data and AI platform. We feel very good about that progress. And as we think about the next five years, it's actually about winning as a platform, and our measurement of that is our adoption of our services and penetration of our TAM. The second area, on the employee front, we have become one of the most attractive companies for the best talent in the world. The way we are growing our talent today, the kind of talent that we are able to bring into the company today versus five years ago, is significant. We have become a magnet for amazing talent that wanna solve big customer problems. At the same time, we've been very focused on architecting the company for velocity. We believe a company of our size, of our scale, being intentional about how we leverage the scale of the company to deliver for customers and move faster than anybody else, is an advantage. And as we look at the next five years, it's to create an incredible velocity flywheel. You're gonna see metrics today in terms of where we are on velocity, the impact that we're having, and how we're positioned for the future. The next area is customers. So five years ago, we sat in this room, and what we said was, "50% of businesses go out of business after five years, and we want to set a goal that for businesses that are on our platform, we want them to be 20 points more successful than if they're not on our platform. And we want to be able to double household savings rates." Today, any business that's on our platform is 19 points more successful than if they're not on our platform, and we've increased household savings rate by 1.9 for those that are on our platform versus those that are not on our platform. That is real impact for those that we serve. That's why consumers and businesses stay on our platform. As we look at the opportunity ahead, and you're gonna hear about this all throughout today, we are focused on two things to make this a better place for consumers and businesses. One, we are focused on revenue and profitability growth for businesses as we look ahead, and better money decisions and confident money decisions for consumers, so we can impact their household savings rates. On the community front, we've always seen it as our obligation to make the communities around us better. We serve consumers and businesses, and so for us to make the communities better for those that we serve, creates a better life for them. We've created more jobs, we've trained nearly 4.5 million folks that are more ready for the job market, and have made far more positive climate impact than where we were five years ago. And our focus now in the next five years is financial literacy. What we are doing is we're getting our platform in the hands of teachers in middle school, and we're helping them teach our products to teach financial literacy. That does two things: people come out of school much more financial literate, but they're also far more familiar with our products, and we've been accelerating the rollout of this in the U.S. And then last but not least, five years ago, we were $6.5 billion-ish company growing high single digits, and today, we just guided to over $18 billion, growing the company 12%-13%. We're almost triple the size with margin expansion than we were five years ago. And by the way, five years ago, we were at the end of a bull market run. We've been in uncertain environment the last several years. So I bring the financial results back to the platform strategy 'cause it is working, it's having an impact, and we have a lot of confidence as we look ahead. Now, let's talk about looking ahead. For us, it's all about our customers, and the problems that you see here are end-to-end problems. Five, six years ago, we were talking about how we were gonna be the best tax and accounting platform company. By the way, all roads lead to taxes and accounting, all roads. So that's very important. But the problems here that we declared five years ago was to go beyond tax and accounting, to play a far bigger role in the lives of our customers. So if we could, let's bring that to life. Can you run the video, please? My student loans felt like sandbags on my shoulders, and I'm carrying them with me everywhere. They affect everything. They affect your emotions, you know? You're just like, "Oh, I'm in debt! When I think about taxes, I think about how badly I've been doing it for the last 10-15 years of my life. I'm probably paying more than I should. I live paycheck to paycheck. Whatever I can get, I usually use immediately. If something happens, am I gonna be able to provide not just for that emergency, but am I gonna be able to provide for my kids? It's still so surreal to just open the door and be like, "This is my restaurant." This is so crazy. I look at it, and if I can pay my bills every month, if I can pay my staff, that's good enough, but the idea is, of course, to always grow the restaurant. I'll feel more comfortable when we're, like, fully booked five days a week instead of two or three of 'em. I am a CEO of two companies with a revenue of about $20 million a year. We essentially have three entities, but we're totally conjoined in how our revenue comes in and goes out. I think the biggest business challenge right now is, and we're growing really fast, and keeping up staff-wise with that growth. I was like, "I need to be able to get approved for a credit card. I need to, like, get this credit score up." It takes a lot of work to say like, "Oh, I gotta make a change. I wanna do a better job of doing the work. So it's just being smart enough to know who to ask and how to ask for help. It's not about where the ceiling is, it's about where the floor is, and just continuing to step it up, always being ready to do anything at any given moment for the business. I wake up every day thinking: What are we gonna do? How are you gonna make it work? And that's when you have to think out of the box, get creative, figure out how to make it happen. That's what I work towards every single day. Sorry. Just wanna be able to be financially stable for my kids. I wanna set them up for success. I want them to be set up for their future. So when you think about these stories, by the way, these are, of course, real stories, but they're indicative of who we serve every day, whether it's a business that's fighting for growing their customers and staying profitable, or a consumer that's trying to manage their life. You know, we often talk about how large our TAM is and how low our penetration is. Just as a reminder, our TAM has significantly grown versus where we were five years ago, focused on tax and accounting. But this total addressable market for us in the countries that we are in is really all non-consumption. These are either businesses that may be spending $3,000 a month on 10+ apps, most of which go unused, most of which don't talk to each other, and the end result is a business doesn't know what's actually happening to their financial life, and the same applies to a consumer. In this world of so many apps, so many AI capabilities available, businesses and consumers are more confused than ever and are actually looking for ways to be able to power their prosperity in one place. And so when you think about our total addressable market, a lot of it is manual, a lot of it is disaggregated. There's a large market within this that's bookkeeping, taxes, accounting, where people go to somebody else to help them manage their life, and so there's an incredible opportunity when it comes to digitization. And this is something that we started sharing our perspective with you several years ago, and why we believe, for us, as we look at the next one year, five years, ten years, there's an incredible secular tailwind and an incredible secular shift that started several years ago. It's not new. And it's the convergence of those that were born after the smartphone, the capabilities that AI provides that allows those that were born after the smartphone to really get instant benefit, instant gratification, things done for them, and digitization, as many apps and platforms that there are out there, particularly businesses, and particularly consumers when it comes to their taxes, a lot of what they do is very manual. So in that context, let's talk about the future, and let's talk about how we are going to continue to revolutionize delivering experiences for customers that will deliver incredible benefits for them and growth for the company. For those of you that are familiar with the company and those of you that are not, we are very intentional, disciplined, and rigorous in how we run the company. And for us, everything starts with our mission and why we show up to work every day, and ultimately ends with measuring success and what that looks like for our customers and for Intuit. And so let me walk you through our plan. First and foremost, I mean, you heard from Jared, you heard from Samantha, you heard what matters most to them. And our mission every day when we show up to work is about powering their prosperity. And the focus that we have with powering their prosperity is really about improving their life in a way where there's more money in their pocket. And we're guided by our values. You know, we are a very different company today than five years ago. What will always be the same about Intuit is that we are all about people and all about our customers. But what's very different today that led us to changing our values several years ago is to be far more courageous in the choices that we make to deliver for our customers. It's to be obsessed with what we do for our customers, and do it in a way where we bring the power of seventeen thousand strong to our customers. And one of the elements of our values is to be bold, which is why we always set internal, very bold, very aspirational, goals, to measure our mission, the reputation of the company, and the growth that we aspire to have. But these aspirational goals... You know what? I love sayings. One of them that we use a lot internally is, "Life is about 1%, inspiration and 99% perspiration." You gotta execute well. All of our bold aspirations turn into one- and three-year goals that we set for the company, and these are goals that we measure monthly. Of course, they're empty here 'cause we don't share our internal goals with, with all of you, 'cause they're different than what we provide from a guidance perspective. But we turn our aspirational goals into, well, what are the key milestones, and where do we wanna be across each of the stakeholders to set the company up for success? So with that, let me just refresh you on our strategy. And this has really been an incredible guide for where we've been and where we are. Our strategy first starts with delivering undisputed benefits for our customers. Our focus is to change the lives of businesses from a revenue and profitability perspective, so it's all about money. It's eliminating work and helping them make decisions with confidence, and the same for consumers. It's to help put more money in their pocket with confidence. So that is the essence of our customer focus with our strategy. And the way that we declared that we would achieve that is to truly become a platform company, to solve end-to-end problems for our customers, and fundamentally have data and AI be the fuel of how we would achieve delivering undisputed benefits. So let's talk about our roadmap, and then I will talk about where we are relative to our roadmap with these five big bets. The first one is about revolutionizing speed to benefit. This has been our investment around data and AI. This bet has been about creating done-for-you experiences, and it's a significant shift from building workflows, where customers do the work, to delivering experiences, where we do the work for our customers, with them always in control. So this shows up, and you're gonna see this in the immersion experience today, as marketing campaigns done for you, managing quote -to- cash done for you, being able to do your books and accounting for you, getting your taxes done for you, and stitching all of that together because now we have all the capabilities of a platform. And this is where we have heavily invested in our data platform with all of our data services, invested in our AI platform with machine learning, knowledge engineering, and our large language models, where we in essence have AI agents that are executing against done-for-you experiences. Now, we live in a world where there is a massive, very large, disaggregated, high-priced, and manual bookkeeping, accountant, and tax prep market, where a lot of consumers and businesses will go to others to have them do the work for them. Five years ago, we declared that we would connect people to experts, and these are, could be AI agents, it could be AI-powered human experts. What we have now built is a Virtual Expert Platform, where in your pocket you have a financial assistant, where if the AI can't do all the work for you, a human shows up, and that human, the largest expert network in the world, sits on our data and AI platform, that can do the work for you, whether it's marketing advice, whether it's doing your books for you, doing your accounting for you, or doing your taxes for you. Third area is unlocking smart money decisions. Now, you just heard from customers, one of the biggest challenges is about how they make ends meet throughout the week. Now, let me be clear about one thing: all roads lead to taxes. And so our vision for unlocking smart money decisions has been about taking two incredibly powerful platforms: Credit Karma, over 40 million monthly active users, five times frequency of engagement per month, and a platform where we do your taxes with you or for you, that engages once a year, and integrating them together, so that we can play a role in the life of consumers on an ongoing basis to help them understand the implications of their decisions to their taxes, so when it's tax time, your taxes are done for you. This bet is a huge fuel to drive growth in the tax business. The fourth bet, being the center of small business growth. Businesses are focused on driving top-line growth and being able to manage their cash flow. It's the top two reasons why over time, 50% go out of business. When we declared this bet five years ago, our vision was to create one platform where in one place, a business could grow their business, run their business, and we could help them with anything that they need to do to get their taxes done at the right moment in time. We've spent five years integrating payments, payroll, accounting, time tracking, our live experiences, AI-powered human expertise, and now Mailchimp, where we now have a platform. We have all the pieces and parts to fundamentally win as a platform. This is about a $90 billion total addressable market, serving self-employed and small businesses. This next bet is about a $90 billion total addressable market, which is disrupting mid-market. These are, these are customers we know very well. For years, we served these customers on our enterprise desktop platform. This is not a new category for us. This is not an unknown charter for us, but the focus has been: how do we serve these customers in the cloud? Now, these are customers generally that have 3 million plus in revenue, up to 200-300 in employees. It's less about the number of employees for us, it's about the complexity, and we have the intention to serve large businesses over time. No intention to serve enterprise businesses, but every intention to serve large mid-market businesses. Now, let's talk about why. There is a massive gap in the marketplace. You go out and talk to large customers. What they would tell you is, between us five years ago and the next choice, their words are: it's a big ERP, it's an organ transplant, it's too expensive, and it's actually not about the yearly expense, it's the couple of years it takes to shift to an ERP solution. We have built, and are continuing to build, a platform that wins on experience, and wins on price, and wins on total cost of ownership. We'll talk about that throughout today. So that is our fifth big bet. So let's talk about where are we across these five bets. How much progress have we made in the last five years, as we think about then the next five years? So let me start with revolutionizing speed to benefit. When we declared this bet, we felt very strongly that in order to be AI-driven for our customers, we had to be AI-driven internally. And so a lot of our platform leverage and margin expansion that you hear about is driven by this bet. And I'm gonna skip over this. When you look at some of the metrics that we have internally, this is about the velocity that I talked about. First and foremost, our developer velocity, deploying code, is eight times faster today than it was several years ago. The second is, our developers now are having access to AI assistants to do the work, and for those that have access to AI assistants, they're 30% more productive. And when we allow our customers to engage with our, AI self-help or AI experiences, contacts go down by 11%. This is significant scale. We are revolutionizing how we do the work internally because of all of our AI investments. And we've made significant progress in revolutionizing speed to benefit in what we call Intuit Assist. Intuit Assist is not a feature, it's not a functionality, it is our path to creating done-for-you experiences. We're gonna show you in the immersion experience, the kind of experiences that are in market today. But what you should take away from this is, certain experiences are in market at incredible scale. You can see what the numbers are here. And what we are starting to see, in terms of proof points, is that every proof point indicates it's having an impact to our-- it will have an impact to our customers' engagement, better cash flow, and time savings. Connecting people to experts. We've made significant progress here. TurboTax Live grew 11% this year, revenue grew 17%, and we've seen incredible green shoots at scale of things like when we show up in local search. There's 11 million folks that churn every year in the assisted segment, and one of the places they go is they search for a pro near me. When we show up, our conversion has been five X better than when we don't show up. And when an expert engages with our customers, our conversion is at 80% plus. So we're very excited about winning on experience, speed, and price. QuickBooks Live, I just have one word: it's momentum. We've seen three X the growth with QuickBooks Live. This is about our AI-powered experts that are now part of our small business platform, delivering for our customers. When our Live experts engage our customers, our ecosystem attach rate is up 20 points versus those that do not engage with a Live expert, and ARPC is up 4X. So we're very excited about this as an incredible benefit delivery and growth driver for the company. Unlocking smart money decisions. After several years, we are now creating a consumer flywheel effect. We're seeing the growth of the number of filers through Credit Karma up over 75%. For the combined ARPC of Credit Karma and TurboTax customers versus TurboTax only, it's up 35%. And you can see that Credit Karma Money, which is folks depositing their Money on a Credit Karma Money account, is up over 68%. We are now creating a flywheel effect, and we're excited about what's possible as we look ahead. We've spent five years creating a business platform, a suite of offerings, where we are fundamentally now a platform today. So let me share with you the proof points. You can see that U.S. QBO grew over 11%, and our ARPC overall grew 11%. Workforce Solutions grew over 23%. Our overall Money portfolio grew at 36%. You can see a huge indication of the integration of Mailchimp and QuickBooks, where our combined customers grew 22%. Last but not least, the metric I just shared with you, which is now the momentum that we have with Live. This is an illustrative example of the power of our platform, the power of stitching together payments, payroll, QuickBooks, and Live now at work, delivering benefits for customers in ways that we never imagined even possible five years ago. Now, let's talk about Disrupt Mid-Market. This has been an incredible focus for us and an incredible progression. First and foremost, we are continuing to build momentum with QuickBooks Advanced. Subs growth of over 28%, our revenue's growing faster, our retention with QuickBooks Advanced is up two points, and the ARPC of QuickBooks Advanced is 5X higher compared to just QBO customers, and we're just getting started in terms of what's possible with mid-market. Now, Intuit Enterprise Suite has been in the works for a long time, and we're very excited about our progression, and this progression is about serving customers that are far north of $3 million in size, far more complex. They have multiple locations, multiple entities, and they have a lot of the needs that we do. When I talk to these customers and when our team talks to these customers, they wanna be able to consolidate all their segment reporting. They wanna be able to look at their businesses by area. They wanna know what the profitability is by business. They have revenue recognition requirements, multi-currency requirements, a lot of the same needs that we have. Intuit Enterprise Suite is now, and it is intentionally called Intuit Enterprise Suite because of the scale of the way we're going after the market, and with the early customers that are on in Intuit Enterprise Suite and using it, our average ARPC is around $20,000. Now, this is the use of all of our services. They're using our payments capabilities, payroll capabilities, our financial management capabilities, and in a few cases, starting to use and integrate all of our Mailchimp capabilities. So when you look at the opportunity here, it's the next leg of growth in the long term for us, while we still have a lot of leg room in front of us with QBO, Advanced. And we're gonna talk a lot more about this throughout the day, and you'll actually see a demo of the experience. Now, I'll tell you the biggest things customer tell us about Intuit Enterprise Suite. It's actually, we win on experience and price and total cost of ownership. The cost is far lower than any alternative. Some customers, on a push of a button, get upgraded, 'cause that's where a big part of our opportunity in TAM is, and they don't spend two years upgrading their ERP system. So this is a competitive advantage for us. Very excited about what's possible. So hopefully, what you experienced with the proof points is that when you look at what we declared five years ago, a tax and accounting platform, to where we are today, we have proof points where we've now put together all the pieces and parts, and now looking ahead, it's about accelerating, winning as a platform. What I haven't talked to you about, and what you won't see today, is all the things that we're doing to evolve our go-to-market. You're gonna start seeing us with campaigns in market that talks about the platform and the undisputed way in which we're gonna win as a platform, and we've now arrived as a company to win as a platform, all powered by data and AI. Let me bring this to a close. You know, I often get asked, "You all have five bets. They're all big bets. How do you manage? How do you prioritize? How do you allocate capital? And what I would tell you is, our differentiation as a company, beyond the data assets we have, those are the slides I skipped over earlier, the AI assets that we have, the customer scale that we have, and the largest network of experts that we have, all of that is because of what you see here. We are very intentional in terms of how we run the company, and the essence of it is, we are very objective in how we run the company. We think about the long term, and how we set expectations and strategy, which is what you see on top of this slide. It's our six-year plan and thinking to how we operationally put together three-and-one-year plan goals and input goals. We run the company on input goals, which is what are the biggest deliverables to deliver for our customers, short and long, and we obsess over talent. We obsess over engagement, and if you think about where we are today versus five years ago, you can only do that by revamping and evolving your culture, which I give a lot of credit to how we run the company, those before us and those after us. This is our advantage. And last but not least, we have an incredible leadership team that I have the privilege to serve with every day, that's built for the era of platform and AI, and I look forward to you all meeting all of them today. Some of them will be on stage, some of them you'll meet throughout today. So with that, as always is the case, I'm out of time, so I must have gone over. Let me end with where I started. We wake up every day to find ways to power prosperity for our customers. And it's for the Jareds, it's for the Samanthas, it's for the Marcellas that you saw. Those are real customers, real challenges, real areas where they need help, and I'm super proud of the big shift that we've made to become a platform company. And now, our future is about how do we win as a platform company, which is very different than where we were five years ago as a tax and accounting platform. Now, with that, let me turn it over to Alex, because Alex and his team are the fuel behind everything that you heard so far today, and what you'll hear the rest of the day. Alex, come on up. Hello, everyone. I'm Alex Balazs, Intuit's Chief Technology Officer. Today, I'm gonna walk you through how our platform continues to fuel innovation and velocity across Intuit. Let's start with a few key takeaways, which will really describe the power of the Intuit technology platform. First, our investments have made data and AI our durable advantage, and second, execution velocity has been accelerated through platform leverage. As always, we're guided by our company strategy to be a global, AI-driven expert platform, a declaration that we made six years ago. As Sasan mentioned, we have architected the company for velocity through our technology platform, and when we talk about our platform, we anchor it in something that we refer to as the City Map. Our City Map reflects the common technology architecture across all of our products, and it drives our platform vision. It shows everything we're developing and everything that we plan to develop. It helps us clarify what do we have and what do we need to have? We've been building the Intuit platform for nearly a decade, and now we can combine capabilities from accounting, payments, taxes, and marketing with clean data and world-class AI to create AI-native experiences better and faster than ever. All of our jobs to be done, or solutions to customer problems, can be addressed by the City Map. You can see them at the top. And in order to solve these customer problems faster, they all leverage the City Map. The entire City Map is supported by our development ecosystem. It's a world-class environment that allows all of our developers to deliver code fast, with security and compliance built in. Our data infrastructure provides the capabilities for self-service and reusable systems to organize, process, interpret, stream, and store the data so that we can build smarter products. It's also the infrastructure that allows us to have all the data that we need to train and execute our models. Our AI infrastructure is the key for our data and AI durable advantage. These are the capabilities that enable machine learning, knowledge engineering, natural language processing, and our large language model development. Embedded fintech provides the environment that allows all of our developers to build financing and payment solutions, so that we can embed fintech at the core of everything that we do. Our domain capabilities enable developers to build customer-facing products fast, because those are the areas of Intuit's domain expertise. Our AI infrastructure is where the models are developed, trained, and various insights and AI-related capabilities are actually housed. We have supercharged our AI infrastructure with GenOS, our generative AI operating system. This is a transformative leap forward in technology that powers unparalleled benefit for our customers. Developers leveraging this platform and GenOS now have access to over 10 large language models. What that means is they're able to easily select, in a matter of minutes, the right large language model that solves the specific customer use case. It also allows us to seamlessly switch between LLMs to provide resiliency, so the customer always has a smooth experience. We've also enhanced Gen Runtime with Gen SRF. It provides enhanced safety for our customers through security, risk, and fraud. Finally, we recently announced AI Workbench. This one is really, really exciting because it's a dedicated development environment that allows our developers to create end-to-end AI-native experiences. Data and AI have definitely become our durable advantage. They are our durable advantage. Over the years, our experience solving customer problems, coupled with our strong talent, clean data, AI-driven platform capabilities, have provided an incredible foundation to actually create that advantage. We've invested in AI capabilities for several years, and we're operating at an enormous, enormous scale. You can see some of the numbers here. We're gonna continue to invest in data and AI. It's a big part of what we do, and it's continuing to deliver amazing clean data, the AI infrastructure, so we can maintain the customer attributes that we need to drive our AI, and the dynamic usage of large language models. This allows us to do things that we haven't been able to do before, and all of it is in pursuit of actually delivering benefit to our customers. Our technology is definitely the fuel that powers the done-for-you experiences and providing always a gateway to live human expertise. So here are two product features that you will actually see in the product immersion experience session that's coming up. So the first is Business Feed, and the second is Revenue Intelligence, and both of these were built on top of City Map capabilities. Mailchimp customers that are adopting Revenue Intelligence, actually, their journeys, they're adopting them at two times the rate of standard marketing automation. The old way before was to manually aggregate different types of data, and input, and information from various products. Now, with the combined platform, customers are able to manage their business in one place, and it's actually a done-for-you experience. Our data and AI innovation also powers Intuit Assist to help our customers make money and get paid faster. All our customers have to do is just take a picture of whatever they have, and we can automatically create an invoice by reading the information, and create the invoice inside of our product. The old way was to manually input the information. It's tedious, and time-consuming, and actually does not deliver a great benefit for them to actually get new business. Now, with Intuit Assist, it does the work for them. It uploads the data, creates invoices, and actually automatically sends reminders to make sure that they get paid faster. Our data and AI innovation also has allowed us to create intelligent data ingestion. Our GenAI-powered document management feature makes it easy for customers to upload their documents at the time that's right for them. The old way was they would have to figure out what a document is, when do I need to upload it, where do I have to put it into the product? And they don't have to do that anymore. In fact, soon, our GenAI-powered document management will make it possible for data that's collected as part of Credit Karma to be available in TurboTax at the time the customer needs it the most, when they're filing their taxes. Our data and AI innovations also provide solutions for the mid-market customers. As you all know, we recently launched Intuit Enterprise Suite, and it serves the larger mid-market customers, the ones that have the more complex use cases. Our technology platform delivered the critical features that actually allowed us to go into the mid-market, capabilities like multi-entity, profit and loss AI-powered forecasting, and project profitability. The old way was for mid-market customers with multiple companies to manually enter their financials and somehow try to figure out how to actually report on it. Now, entering data, gaining insights are all done for them. All right, so I showed you a couple of examples of some of the experiences that you'll see in the product immersion experience, but now what I'd like to do is actually show you some of the things that we're exploring, some of the customer experiences of the future. We're not just stopping with the product experiences that I showed. We're gonna continue to innovate, and look ahead, and determine the best way to serve our customers, especially as the AI landscape continues to rapidly, rapidly evolve. Seemingly, almost every day, some type of announcement of some new AI capability. One of the areas of exploration that we're actually looking at is avatars that might one day provide guidance and insight to our customers. The reason that we're doing that is because we have data that shows that people retain information better when spoken versus reading text. In fact, 65% of individuals are actually visual learners. So this has the potential to deliver a great experience to our customers that's very natural. An AI avatar transforms the experience by creating a highly engaging, memorable, human-like experience. So the best part, too, is that the customer can actually be transferred to a live human agent at any point. All right, so what you're gonna see now is I'm gonna show you a demo of my personal AI avatar, Eve. Hey, Eve, it's great to see you again. Hi, Alex. How can I assist you? Yeah, Eve, so as you know, my store sells eco-friendly self-care products, but I really want to grow my business, and I think one of the best places I can grow is by moving into the Spanish-speaking customer base. Is that something you can help me out with? No problem. Let's appeal to Spanish-speaking audience segments near your location by generating a multi-language campaign. Feel the difference. Experience quality you can trust, now in Spanish. "Siente la diferencia. Experimenta la calidad en la que puedes confiar." Let's automate your campaign and generate personalized video messages for each customer. Hi, Aaron. Thank you for choosing our eco-friendly products for your first purchase. We hope- Based on Mailchimp's AI-generated customer journeys, we project this campaign could generate an additional 100 units next quarter. Wow, that was great, and the entire thing was just done for me. It works great! But now I've got all these extra orders, and my costs are up. So to address the problem of the increased costs of goods sold, I'm informed that there's an AI procurement agent that's actually identified a lower-cost vendor. That's great. Hey, Eve, let's go ahead and place that order. Will do. Your procurement agent will place the order. Meet Claudia, a QuickBooks Live human expert. She'll help manage your increased expenses and prepare your financial records for tax prep. Everything we discussed is stored for your access. I'll connect you with Claudia now. Thank you, Eve. As you can see, the AI avatar now has the ability to pass me off to a live human agent. That represents an unbelievable gateway to live human expertise whenever I need it the most. All right, so now let me talk about the power of platform leverage. It's one thing to create these capabilities. It's another thing to create them at unbelievable speed and to build the right things. So our ability to rapidly experiment with strong technology platform allows us to launch our products faster, pivot quickly and tailor the products based on the customer feedback. It's one of the things that I'm actually the most proud of. And as I said before, we are architecting the company for velocity. We've already made significant progress with key drivers of platform velocity that allow our teams to move faster when building these customer experiences. Sasan mentioned this before, but we've made a significant investment in our GenAI-powered workforce, and here are a few of the key metrics that show that we've actually been able to move faster and deliver benefit to our customers faster. 8x developer velocity over the past four years, and we're running a number of experiments with tools that both we developed and that we're leveraging from the outside to understand how can we accelerate the entire workforce. Across those experiments, we see a 15% average velocity improvement across all roles. Very specifically in developer tasks, coding tasks, we see 30% faster. And so we've seen improvements across pretty much across the spectrum, across the company, in fact, even in marketing and content generation side of the business as well with our early experiments. So to close, our AI-driven expert platform, our data, our scale, our world-class platform capabilities, and our talent are durable advantages that drive growth and innovation across Intuit. We've supercharged our platform with GenOS and our large language models to rapidly create solutions for our customers' most important financial problems. With our technology strategy, our platform, powered by AI and generative AI, we're creating differentiated value for our customers at speed and at scale. The rapid experimentation of speed allows us to actually deliver better customer benefit because we are building what our customers actually want and need. And this is only the beginning of our platform innovations, all in service of powering prosperity for all of our customers. And with that, I'll hand it back to Kim Watkins. Great. Thank you, Alex. Okay, we are ready to head into our platform immersion experience, but first, I wanna head through some logistics. So for those of you joining us online, you actually don't need to do anything. In a few minutes, a pre-recorded platform immersion experience will begin to play. It'll last about 60 minutes. We'll resume our presentations live here in Mountain View at about 10 A.M. Pacific. Hi, everyone, I'm Arundhati Singh, SVP of Product for TurboTax. Our second big bet is about connecting people to experts. Whether it's prepping for tax time or staying on top of their business, customers want to be confident, and when the stakes are high, it can feel overwhelming to manage on their own. We are uniquely positioned to address this need with our AI-driven expert platform. Our done-for-you experiences take the hard work off of our customers' plates, and with the power of both AI and AI-powered human experts fueling confident money decisions. Today, we're going to walk through how our latest innovations in live expertise come to life across the Intuit ecosystem, creating better financial outcomes with less work and greater confidence for both consumers and small and mid-market businesses. 36% of U.S. workers are part of the gig economy, and many need help to file their business taxes. Let me show you how we solve this problem using our customer, Zach, who has a part-time job to supplement his income while he grows his young landscaping business. He uses Credit Karma for personal finance, QuickBooks to manage his business finances, and is ready to start filing his taxes for the year. Starting with TurboTax, Zach will be able to sign in. Based on his Intuit credentials, we will recognize that he is a Credit Karma member and also uses QuickBooks and offer to connect his accounts to jumpstart his tax filing, giving Zach the option to use TurboTax to complete both his personal and business taxes in one place. With his accounts connected, it's a seamless experience with less work for Zach, all powered by Intuit Assist. His business and accounting details will be able to flow in from QuickBooks, and his personal information will be able to flow in from Credit Karma, along with his linked accounts and the documents that he's added throughout the year. Last year, we introduced our customers to Intuit Assist-powered explanations of their tax return outcome, and what you just saw is an Intuit Assist-enabled evolution to help customers automatically populate the majority of a tax return based on imported data. This significantly reduces the mental load of prepping for taxes and the number of manual steps required by a customer like Zach. And we can save Zach's financial credentials, so when he returns to TurboTax next year, his relevant tax forms are ready for him. Now, let's continue on Zach's tax filing experience. Given everything we know about Zach, we are able to match him with James, a tax expert who is local to his area and has specific experience in taxes for service-based businesses, investments, and California tax laws that are relevant to Zach's tax situation. This is key, as the ability to automatically match a customer with a local expert drives higher conversion. James proactively reaches out to Zach via chat, immediately providing a personal touch and specific guidance on any additional information he needs from him. He also offers him the ability to instantly connect on a video call to discuss any specific tax questions that are top of mind for Zach to help him feel even more confident in filing. James answers Zach's questions and gathers any additional information he may need to complete his tax returns. Zach now feels confident in handing his taxes over to James and steps away. While James works on his business and personal taxes, Zach can follow along with his progress in the Full Service hub within the mobile app. Now, let me show you how our powerful AI automation is supercharging our tax experts to more efficiently deliver an amazing customer experience. Along with a new done-for-you experience for customers, Intuit Assist and our AI-powered Virtual Expert Platform are delivering a done-for-you experience for experts, so they can focus even more on delivering value versus hours of manual work. In fact, last year, we delivered capabilities that reduced over three hundred thousand hours of manual drudgery for experts through our investment in new capabilities, such as real-time auto summarization of customer calls, powered by Intuit Assist. This is a critical factor that unlocks our ability to serve a massive $35 billion assisted tax prep category. Let's switch over to the expert view to see how we are using Intuit Assist to help James file both Zach's business taxes and personal taxes. Let's start with business taxes. Intuit Assist generated a summary of the key aspects of Zach's business tax filing situation from the data imported. Additionally, James sees service guidance prompt from within the Virtual Expert Platform that Zach may benefit from payroll guidance after completing his taxes, and notes to bring this up with him later. As James starts on Zach's business taxes, he can see Intuit Assist-powered summaries of tax details they discussed on their call and his notes. Once James finishes his business taxes and tax forms are generated, he can easily toggle over to start on Zach's personal taxes, reviewing the Intuit Assist-generated summary and moving through his personal taxes. With both his business and personal taxes completed, Zach is notified and can instantly hop back on a call with James to review his refund amounts and complete the filing. This is how our platform, powered by Intuit Assist, is revolutionizing how taxes are done to help customers keep more money in their pockets with less work and complete confidence. But there's more. With his taxes now done, James asks Zach if he would like payroll guidance to stay compliant. When Zach agrees, James will soon be able to match him with a payroll tax help expert, Anna, who can join their call in real time. After ensuring a seamless handoff, James can drop off the call. Zach opens up QuickBooks. Anna explains to him that a new California tax requirement impacts Agave Landscaping and guides him through updating the unemployment rate for California. Now, Zach is confident and submits payroll, knowing his payroll taxes are compliant. By leveraging our Virtual Expert Platform, our expert network, and Intuit Assist, we can provide seamless access to multiple live experts in real time to ensure our customers have confidence. Customers that connect with an expert have higher retention and higher adoption of payroll and payments. Our expert platform allows us to scale the intelligence of our products, elevate the advice that our experts provide, and deliver big benefits for customers, all of which is accelerated by GenAI. Our AI-powered humans delivered over five hundred million minutes of expert and customer interactions. Since last year, we've expanded QuickBooks Live beyond a Full Service virtual bookkeeping service to a portfolio of do-it-with-me services, and customers have grown three times in fiscal 2024. In 2019, we declared our strategy to be an AI-driven expert platform. Since then, we've leveraged AI-powered capabilities to keep more money in the pockets of consumers and small and mid-market businesses, saving them time by eliminating work and ensuring they have confidence in every financial decision they make. Thank you. Hey, I'm Ryan Graciano, SVP of Product and Co-founder at Credit Karma. Our third big bet is to unlock smart money decisions for the millions of Americans who struggle with their finances. Today, we're gonna talk about how our data and AI will help the more than 140 million members who rely on Credit Karma to make ends meet, pay down debt, monitor and improve their credit score, and find the right financial products. And come tax time, we're leveraging the unmatched power of TurboTax to create a seamless tax filing experience from start to finish, which will make doing your taxes easier than ever before. That's a lot to cover, so let's get into it, starting with Cat, a 29-year-old member. She logs into Credit Karma, where soon Intuit Assist will show her a comprehensive financial summary that will soon include: tax insights, tips for spending and saving based on her linked accounts, as well as credit and debt insights. And these insights will be interactive and personalized for the member. In this example, when Cat taps the spending card in her summary, Intuit Assist has identified that her spending could exceed her monthly income and explains her essential and non-essential spending and how it's limiting her ability to save money. This is a feature our members asked for. Across score bands and income levels, our members care most about seeing their complete financial picture, followed closely by personalized answers and advice. Now, back in the dashboard, Cat sees her top suggested credit card offer. With Intuit Assist now embedded into the fabric of the app, when Cat clicks on See Why, Intuit Assist provides a summary of her current wallet, number of open cards, her current total balance, and total credit limit based on accounts she's connected, and a detailed description of why this card was recommended for her. It's early days, but See Why is driving a 1% lift in revenue per member and a 90% positive feedback rate. Cat applies. Now, this is where Lightbox comes in, our proprietary technology that allows lenders to deploy their underwriting criteria in an encrypted model-building environment. This gives our members more confidence and transparency when selecting a financial product, and she's approved in minutes. Our platform helps partners market their products more efficiently. When a member is approved for a financial product we recommend, we typically get paid. It's our win-win-win business model. Now let's fast-forward to November. When Cat receives a pay increase, Credit Karma proactively updates her estimated tax refund and sends her a push notification. She goes to the app and reviews the updated estimate. While in the app, she takes the opportunity to also get some tax help. She clicks her tax summary and learns that based on what we know about her income, withholdings, and her tax situation, her raise may impact the size of her tax refund. She sees recommendations related to her new salary, like possibly increasing her contribution to a 401(k), and tips on adjusting her withholdings. With this information, Cat is inspired to increase her tax refund by saving more towards her retirement at the same time. These bite-sized interactions are game-changing for members. Filing your taxes is typically left to the last minute and needs to be done all at once, like one big scary mountain to climb at the end of the year. Now, with Intuit Assist, we can do more of the climbing for our members before the season even starts. So when it comes time to actually file, it will be faster and easier than ever before due to seamlessly integrating data from Credit Karma. It's now early January, and Cat receives her W-2. Normally, if she's like me, she'd just throw it in a drawer and worry about it later. But this year is different. Cat is one of the forty-three million members who log into Credit Karma an average of five times a month. She opens up the app, and on her dashboard, she sees next steps, recommending she upload her W-2. Soon, she'll be able to push the camera button, snap a photo of her W-2, and add it to her Credit Karma account. It will be stored securely until she's ready to file. Further, when this feature launches, Intuit Assist will provide Cat a summary of the uploaded tax document and key information like employer tips and Social Security wages, and a recommendation to keep the paper copy of her W-2 as a backup. And she can do the same for all of her relevant tax forms as she receives them, giving her a head start on her taxes. So when it's time to file, Cat will be able to file right in the Credit Karma app through a filing experience powered by TurboTax. No need to track down another login and password. It's a seamless experience for her. Her personal information can be pre-filled in her return, along with her linked accounts and the documents she's added throughout the year. She starts filing her taxes and has the opportunity to connect with a TurboTax Live expert if she needs some help along the way to file confidently. When finished filing, she'll see the breakdown of her tax refund. And because faster access to cash matters, she'll be able to choose to access her refund up to five days early by having it deposited directly into her Credit Karma Money account. $4 billion in refunds were deposited into Credit Karma Money accounts last tax season, up 25% year over year. And that's it. Taxes filed without ever leaving the Credit Karma app. With 65% of Americans citing finances as their biggest source of stress, Credit Karma will continue to innovate and evolve in new ways to empower members to make the right financial decisions for them. Intuit Assist will leverage data from the Intuit platform to give members a personalized financial health report on their current spending, savings, and taxes. We'll continue to build on the success of Intuit Assist with our new See Why feature. I love this feature because it gives our members relevant context and insights, elevating recommendations so they can take advantage of better financial products and save money. And soon, a new seamless integration with TurboTax will make doing taxes faster and easier than ever. How? With bite-sized interactions that help members prepare and plan before the tax season even starts, the ability to upload and summarize tax documents with a simple snap of a photo, and personalized information already pre-filled in the return, so it's ready when it's time to file. If you're not already a Credit Karma member, we encourage you to download the app and check it out yourself. Thank you. Hi, everyone. I'm Dave Talach, Senior Vice President of Product for the QuickBooks platform. Our fourth big bet is to become the center of small business growth by helping businesses get customers, get paid fast, manage capital, and pay employees with confidence. Today, businesses use a variety of apps to run their business, making it hard to connect the dots and understand how their business is performing. 68% of businesses are seeking an end-to-end solution to manage their data and gain better insights. To solve this challenge, our connected platform with AI-driven automations and done-for-you experiences will help customers grow their business while reducing the work. At the center of this transformation is the Business Feed in QuickBooks, with AI at its core, and powered by data from multiple applications and sources. Let me show you how. When Matthew, the owner of Magnolia Turf Management, logs into QuickBooks, he lands in the Business Feed. This is home base for any business owner, where the most important work for the day is automatically surfaced. Here, he can see invoices that Intuit Assist generated based on his emails and other documents that he has sent to Intuit Assist. He's informed about his projected cash flow and the ability to explore a line of credit to send overdue invoice reminders, and since Matthew has signed up for Mailchimp CRM trial, he sees the opportunity to re-engage with 12 customers using a drafted campaign that could potentially bring in $11,000 in revenue. Now, back to the top of the Business Feed. Matthew is ready to review the invoices. He clicks into one of the AI-generated invoices based on an email conversation with his customer, Alex. He reviews the invoice and then sends it to his customer. Now, when Alex receives the invoice, he clicks to pay, and this is one of the almost 6 million invoices viewed in the payment portal monthly, where we can help business owners engage with their customers. After submitting the payment, he's prompted to provide feedback for Magnolia Turf Management, and since his rating is a 7 or higher, we ask Alex to submit a referral. Now, back in the Business Feed, Matthew sees that Alex referred a new high-value lead, Crystal, and reviews. Soon, we will bring the Mailchimp-powered sales pipeline directly into QuickBooks to help businesses easily get and manage customers. Now, Matthew has been using Mailchimp CRM for 29 days and has already generated repeat business opportunities, more customer referrals and feedback, and increased revenue. He's confident that upgrading his QuickBooks subscription to include Mailchimp CRM is a good call. Matthew opens Alex's enhanced customer profile, which includes an Intuit Assist-generated summary of the relationship history, his referrals, and the opportunity to send Alex a thank you. Matthew can also see the contact information provided for Crystal to send her an email. Intuit Assist drafts the email. Matthew simply reviews and sends it. Now, through an email conversation with Crystal, Matthew gains an understanding of Crystal's needs and simply forwards the email conversation to Intuit Assist to create a proposal. A notification in Matthew's Business Feed appears with a draft proposal ready for review. This automates what 90% of QuickBooks customers say is a manual process for them today. Matthew reviews the Intuit Assist-generated proposal and sends it to Crystal. The job then advances into the next phase of his sales pipeline to ensure he can easily track the progress. As customers move further up in the pipeline, this work will enable businesses like Magnolia Turf Management to drive payments through our platform. What you just saw is how Intuit Assist will not only help our customers like Matthew get new leads through referrals from their loyal customers like Alex, but also immediately start to nurture these new relationships like Crystal's through the sales pipeline, ultimately generating in more revenue. Now, let's switch gears and focus on engaging repeat customers. In the Customer and Leads Overview page, Matthew sees opportunities to re-engage customers that have been identified as high potential for repeat business. He reviews the auto-generated email campaign for these customers and schedules to send it to the potential repeat customer segment. In a couple of months, Matthew is able to see that the revenue from repeat customers is growing, uncovering new opportunities to reach his revenue goals. That's how, within QuickBooks, we embed tools to help customers run and grow their business and their revenue. Now, let's see how these tools also help product-based businesses drive increased revenue with scaled marketing needs in the context of Mailchimp. Soon, business owners will be able to take advantage of Mailchimp's ability to continuously analyze data on their behalf, to develop recommendations and automate marketing to drive revenue. Let me show you how. When a business owner logs into Mailchimp, they see a notification from the Revenue Intelligence Hub about opportunities to improve marketing through AI-generated automations. Our revenue intelligence capability uses predictive analytics, generative AI, and data across Mailchimp and QuickBooks to develop insights and recommendations to help businesses get more customers and increase their revenue. Clicking in takes them to our Revenue Intelligence Hub, where they can review and decide to turn on these automations. The business owner clicks to review an automation that will drive repeat business. Mailchimp generated the automation using AI, and each of these automations is generated using robust analytics across our ecosystem to predict when their customers are most likely going to buy, and creates campaigns complete with the business's brand look and feel. The business owner reviews the automation and can easily make changes to color, themes, and images. Once finished reviewing, they can easily turn on the automation. Once the automation is running, Mailchimp surfaces additional AI-generated automations to increase revenue, such as abandoned cart reminders. This is greatly impactful to the business owner. Not only are we surfacing new ways to grow revenue, but the work is done on behalf of our customer. Businesses that use trigger-based automations, which are put into motion once a certain predefined event takes place, can generate around 30% more revenue than similar businesses who don't use automations. Because it's all done for you, we are seeing double the rate of adoption and seeing strong results for businesses, including saving over 45 minutes of time. A few weeks later, the business owner gets a notification that purchases are rolling in from the automated campaign. Mailchimp provides performance analytics from the automation and offers the business owner the option to have automation set to Always On to automatically apply optimizations. Over the last year, we saw a 22% year-over-year growth of shared QuickBooks and Mailchimp customers by delivering key features, such as AI-driven personalized marketing content and seamlessly connecting QuickBooks and Mailchimp data to manage customer leads. Our customers benefit by us having a connected platform, and this year, we have taken it to the next level, providing done-for-you experiences through the Business Feed enabled by Intuit Assist that drive growth and profitability. These experiences are proactively helping businesses engage customers and optimize marketing efforts by combining the depth and breadth of data on our platform and leveraging AI innovations. Thank you. ... Hi, everyone. I'm David Hahn, SVP of Product for Money in the Global Business Solutions Group. Our fourth big bet is to become the center of small business growth by helping businesses get customers, get paid fast, manage cash flow, access capital, and pay employees with confidence and ease. With Intuit Assist, we are creating done-for-you experiences, where the work to get paid, pay bills, and secure financing is done proactively on our customer's behalf. We know that over 80% of businesses that fail have experienced a cash flow challenge, and we're uniquely positioned to solve this challenge by helping customers seamlessly access a connected money platform. Our money workflows are supercharged by AI and automation, where Intuit Assist-generated invoice reminders get customers paid 45% faster. With the data on our platform, we provide customers seamless access to capital, saving them time and helping them avoid any dips in cash flow. We have been expanding our suite of money offerings to help businesses, and today, we're excited to take you through a few of these innovations. Let's start by looking at what we'll launch soon for accounts receivable, including automations powered by Intuit Assist. Imagine you're a sales rep for a mid-market company in the field, negotiating the details of a new project with a client and defining the scope of work. The sales rep opens up the QuickBooks app to create an estimate. They easily snap a photo of the notes they've taken on-site. Intuit Assist automatically ingests the data, generating an estimate that includes customer info, product or service details, and most importantly, a deposit amount to secure the job. Once aligned on the scope of work, the client can soon tap their card and pay the deposit. And just like that, we've unlocked the power for our customers to secure sales on the spot. The business admin sees the deposit come through on their phone. They easily review, and with a few taps, convert the estimate into an invoice, all right from the palm of their hand. This is how our automations, powered by Intuit Assist, can help our customers take control of their quote-to-cash process and even streamline and accelerate the sales process anywhere, anytime. It's not just about getting the estimate or sending the invoice. It's actually about getting paid. In fact, 63% of small business revenue comes from invoices, and late invoice payments cost small businesses $3 trillion per year. Here's how we're proactively helping business owners make sure those invoices get paid quickly and cover any gaps in cash flow that may arise while they're waiting for their money. The business owner gets a notification from QuickBooks predicting an upcoming cash flow dip. Based on their connected bank account balances, unpaid invoices, and the data on when those invoices have historically been paid, Intuit Assist is predicting a squeeze on cash flow next month and recommends a few ways to help. First, with AI-generated invoice reminders, we can make it easier than ever for our customers to remind their customers to pay them. Intuit Assist has already crafted the messages for the business owner to review, and if the business owner wants to make the tone a bit more formal, Intuit Assist can also edit it for them, and off it goes. The business owner reviews and can quickly send out the remaining overdue invoice reminders. Now, sometimes our customers just need quick access to cash to cover unexpected expenses. We make it easy for them to apply for a QuickBooks line of credit. They can see if their business has already been pre-qualified for a line of credit based on everything we know about them. The business owner reviews some pre-populated data on the application, enters in any additional information needed to complete it, and with everything looking good, they apply. Their application gets reviewed, and once approved, they can choose how much cash to draw out. For instance, they want to draw $10,000, just enough to cover upcoming business expenses. Their request is processed in a matter of minutes, and the money is funded in their bank account. What you just saw in this example, with our proactive projections and reminders, we empower customers to avoid cash flow struggles and to confidently manage their finances. Now, let's switch gears and talk about accounts payable. Many businesses spend an average of 60 hours per month on financial administrative tasks. Our enhancements cut that time in half, saving our customers millions of hours annually. Additionally, 60% of businesses misjudge cash flows, and 72% incur late fees from missed payments. By leveraging AI, automation, and our B2B network, we help our customers avoid costly mistakes, ensuring their financial stability and efficiency. Now, let's dive into how we're eliminating tedious workflows and mistakes with the latest version of our QuickBooks Bill Pay offering. As the business admin sits down to pay bills, they can easily drag and drop documents or soon have bills emailed directly into QuickBooks, allowing Intuit Assist to ingest and convert each one into a payable bill automatically. The admin reviews a bill and is delighted to see that all the relevant information has been pre-populated and then saves it. This streamlined process, coupled with our B2B network facilitating up-to-date billing details and vendor information, allows admins to select and schedule to pay bills in bulk with more ease and accuracy. Last year, we introduced our expanded money portfolio with QuickBooks Bill Pay, and this year, we've made significant strides in digitizing B2B payment workflows with Bill Pay, which has seen a four-fold increase in monthly processed payment volume over the last six months. Additionally, we've integrated our money solutions into key workflows, modernizing our platform to drive AR and AP solutions with AI ingestion, tap to pay, and an extensive B2B network connecting businesses together with payment-enabled wallets. In our fiscal year 2024, we processed over $124 billion in total online payment volume, marking a 20% increase. Additionally, we facilitated $2.4 billion in financing for businesses through QuickBooks Capital. That's an impressive 28% year-over-year growth rate. Looking ahead, we're doubling down on our investments in our money platform to deliver best-in-class seamless solutions for payments, capital, banking, bill pay, and invoicing. To summarize, Intuit is uniquely positioned to lead the charge in transforming financial services. With our robust AI capabilities, our extensive platform, and our relentless focus on customer success, we are creating the future of money, setting new benchmarks in the industry, and redefining financial possibilities. Thank you. Hi, everyone. I'm Laurent Sellier, SVP of Product for Mid-Market in the Global Business Solutions Group. Our fifth big bet is to disrupt the mid-market. The opportunity to meet businesses' needs as they grow is massive, with a $89 billion global TAM. We've solved many of their needs with QuickBooks Online Advanced, our offering for mid-market businesses. We've continued to expand the offering by adding Bill Pay, expanding beyond payroll into human capital management, and improving features like advanced role-based permissions. In fiscal year 2024, QuickBooks Advanced subscribers grew 28%, and penetration of services such as payroll and payments is 12 and 9 points higher, respectively, than for our core QBO customers. This demonstrates our ability to serve customers with more complexity as they move up market. We're proud of the progress and will continue to invest in QuickBooks Advanced for many mid-market customers. We also see an opportunity to build on these successes and keep customers at Intuit as they grow by offering a more comprehensive solution aimed at even more complex mid-market businesses. These customers often manage multiple corporate entities, have industry-specific needs, and require high-touch management and support. They spend significant time switching between multiple QuickBooks accounts, third-party tools, and spreadsheets to understand what is happening across their businesses. Stitching data together and extracting the insights to drive business profitability and growth is time-consuming and painful. Last week, we launched an alternative, Intuit Enterprise Suite, a new cloud-based, AI-powered mid-market business solution to enable these customers to manage their entire business on one platform. Alternative solutions tend to provide them with more than they actually need. It's common for customers to allocate tens of thousands of dollars annually for business management software purchases, on top of tens of thousands and even hundreds of thousands more for external support to get new systems set up. Intuit Enterprise Suite is a configurable platform with payments and bill pay, project profitability, multi-entity financial management, payroll and human resources, and marketing, all catered towards complex business needs and sold together. It provides industry-specific customizations, starting with construction, professional services, and nonprofit businesses, and integrates with third-party applications so businesses can connect and streamline workflows end-to-end. It can also reduce manual work with done-for-you experiences and gleans rich AI-powered insights into cross-business performance, with the overall goal of improving productivity and profitability. Intuit Enterprise Suite includes high-touch, personalized sales, setup, and product support... We've also reinvented our go-to-market strategy with a contract-based sales approach, allowing customers to pay a price that reflects their own customized solution, while generating a new monetization opportunity for Intuit, with early Enterprise Suite adopters signing contracts for an ARPC of $20,000. So far, we are encouraged by the customer feedback we're getting. Early adopters tell us they are getting a lot of value from all of their entities being on one platform, having one source of truth to run their business, and easy onboarding due to the familiar navigation. Now, I'd like to introduce Priya, the CFO of Rising Building, a construction firm that has multiple corporate entities, 40 employees, and $25 million in annual revenue. Priya recently selected Intuit Enterprise Suite, where an onboarding specialist helped set Rising Building up and customized the experience. Rising Building uses the entire suite, including Bill Pay, Invoicing, Mailchimp, Time Tracking, Payroll, and HR. They also connect their third-party construction project management software and inventory management tools. Let me show you how it looks. Let's begin with the real-time multi-entity dashboard. This is designed to help customers manage finances across multiple entities. Priya can view her cash flow across all her entities, and she can get a holistic view of their profit and loss and balance sheet. This is possible because Intuit Enterprise Suite is pulling all of the critical data needed from their separate entities, Intuit products, and third-party tools used, such as their project management, team collaboration, and inventory management. Priya can also always access her account manager, customer success manager, as well as a full team of experts when she needs help with a specific area, like Advanced accounting, bill pay, or Mailchimp. Not only can Priya see across her entire business in one place, her accounting team can also work across the business in one place. Using the shortcuts from the dashboard, Priya's accounting team can navigate over to journal entries, which allows finance team to record transactions across multiple companies from a single form, rather than doing individual journal entries for each different company. With the entries allocated, they can cross it off their to-do list. Now, when we show intercompany journal entries to our Intuit Enterprise Suite customers, they get very excited. Customers are telling us that this functionality alone could save them several days of work a month. Now that we've shown you the aggregated view, let's look closer at the entity level. Priya can easily click into a single entity, Williams Construction, and is greeted with an industry-specific dashboard, tailored, in this case, to construction. She can access an AI-generated profit and loss forecast based on historical financial data that is able to project trends for the next two years. Priya can also track expenses and income versus cost and access customized reports specific to the construction industry, like Project Profitability Summary, Estimates vs. Actuals, and more. Clicking into the profit and loss report, Priya can see the big picture, or can change the display to slice profitability data on up to 20 different custom dimensions, such as project location or portfolio by residential versus commercial lines of business. These custom multidimensional reports are something she couldn't do historically in QuickBooks. This would have taken an analyst hours to stitch together. Now, Priya can easily see the data and make decisions in real time. But that's not all. We're doing even more for our customers using AI to uncover project insights to increase profitability and improve operational efficiency. Let me show you how. Tariq, the project manager for Williams Construction, has access to a comprehensive overview across their ongoing projects. He can access detailed project costing and analyze project profitability in real time based on data pulled from across Intuit Enterprise Suite, in this case, invoices, bills, time, and payroll costs. Tariq sees that one of his project's profitability goals is at risk. He clicks in and sees the root cause of the impact. More overtime than budgeted, which is increasing his payroll cost. Along with a recommended action, Tariq assigns a team member a task to review the overtime hours. And just like that, we have decreased expenses, leading to improved profitability and operational efficiency. This AI-powered real-time profitability and root cause analysis experience is a game changer that Intuit is uniquely positioned to deliver, leveraging our powerful ecosystem of data across products like Payroll and Invoicing. Intuit Enterprise Suite's AI-powered, done-for-you experiences, paired with third-party integrations, are providing complex mid-market customers with predictive outcomes and automated workflows like the one I showed you. Along with the new dedicated and personalized expert support, we're expanding our mid-market offering set alongside and significantly beyond QuickBooks Online Advanced, and also unlocking a powerful new lever of ARPC growth for Intuit. Thank you! Oh, you wonder what you've done to me. Our event is about to resume. Please make your way to your seats. The program will resume in five minutes. Please take your seats. The program is about to begin. Okay, we are ready to get started, so we'd appreciate everyone come in and take your seat. Before we get started, I have two quick announcements. I first wanted to mention that you may have already figured this out, but we're featuring many of our QuickBooks customers' products today. So the coffee station, there's a snack station, I think it was upstairs, and also our parting gifts. So wanna make sure you don't miss those. Second announcement is that we will be sending an email survey following today's program. We would love to know how we can make this day more valuable for you. So I would really appreciate it if you could take two minutes to fill it out, and in exchange, we'll send you a code to use TurboTax to file your taxes. So you don't wanna miss that. So now I think we're ready to bring up the next presenter, and it's my pleasure to introduce Marianna Tessel. Okay, well, I'm very excited to be here today and to share with you our Global Business Solutions Group story. Today, we're actually gonna walk through four key points. First, our fiscal year 2024 results and how we're growing our franchise and improving monetization. Next, our large global opportunity and the runway for growth. Third, how our global AI-driven expert platform positions us to win, and last, our significant opportunities for acceleration that bolster our confidence in delivering long-term, durable growth. Let's start with our fiscal year 2024 results, which actually gives us also the confidence for the road ahead. There is a lot to be excited in our fiscal year 2024 results. We drove 90% total revenue growth, and we scaled our platform to over $9.5 billion. Critically, we made meaningful progress on executing on our strategy, increasing platform adoption, and growing into the mid-market. All of this gives us confidence that we focus on the right areas to fuel our durable growth. Let's unpack how this is showing up in our online customers and ARPC growth. We're becoming the platform of choice for businesses at scale. Our online paying customers grew to over eight million, and we're just getting started. We're less than 20% penetrated across our global customer TAM. We focus strategically on more complex customers and higher ARPC. We grew QBO Advanced customers by 28% and new mid-market Mailchimp subscribers by 13%, and for early-stage businesses, we launched QuickBooks Solopreneur, focusing on higher LTV in that segment. We expect the strategy to translate to ARPC expansion over time. Let's take a closer look at ARPC. Our online ARPC grew 11% in fiscal year 2024, and we are scaling our platform adoption as SMBs adopt more of our services. We're also growing into the mid-market as we serve more complex needs, and we continue to price for value as we continue to deliver mission-critical benefits, helping customers digitize their business, save time, get paid faster, and operate with more confidence. We grew customer ARPC with over $1,000 at a 46% rate over the past five years, making this our fastest-growing band. In looking ahead, we see significant opportunities for ARPC acceleration as we scale our strategic initiatives. Recently, we also completed our desktop transition to subscription, making this highly predictable revenue. Desktop is just 11% of our total base today, and we're continuing to migrate customers online. There is also a high-value segment of customers that are served well on desktop, specifically QuickBooks Enterprise SKU, which makes 50% of total desktop accounting revenue and has very high renewal rates. Bringing all of this together, a strategy fueled by platform adoption and growth upmarket translated to strong fiscal year 2024 results and momentum as we look into fiscal year 2025. This year, we expect to surpass the $10 billion mark. Let me explain how we build on our strength to deliver our long-term, durable growth in years ahead. We start with our mission, which is to power prosperity around the world and to help small businesses and mid-market businesses to solve their most pressing challenges. We are always guided by our customers' problems, and SMB problems are durable and universal. All of them need to get customers, pay bills, get paid, and stay compliant and organized. We know our customers well, and we know that running a small business is hard. They have to juggle multiple apps. They spend too much time keeping themselves organized, and that doesn't leave them enough time to grow their business. Many of them struggle with getting paid and managing their cash flow. In fact, half of small businesses go out of business in their first five years. What they really need is a single, connected platform to reduce the complexity and to help them thrive, and that is exactly where we come in. We're serving more customers than ever before on many dimensions of complexity, from solopreneurs that just getting started, to multi-entity corporations generating millions of dollars every year. As you can see, the mid-market opportunity almost equals to the other two audiences combined. This is why unlocking mid-market is so critical for us as we scale. We're well positioned to serve more customers and more types of customers, and we're also serving them in more ways than ever before with our mission-critical suite of offerings. We innovated across the platform and have a massive opportunity across $185 billion TAM. We're delivering an AI-powered integrated platform experience, solving complexity for our customers, removing friction between offerings, and enabling customers to run and grow their business all in one place. This is powered by unique advantages: a 360-degree view of our customer, and the AI investments and platform capabilities years in the making. We also have a combination of digital and human expertise. With this, we're delivering benefits such as actionable business intelligence, human expertise, done-for-you experiences, and seamless, unified platform that just all works together, and it's supported by us, a single trusted vendor. We're simplifying the experience of running a business for SMBs. These critical benefits for the businesses we serve improve their revenue and profitability, and we're leveraging our unique advantages for our vision. Our vision is to be the connected end-to-end platform on which small and mid-sized businesses rely on every single day to run and to grow their business. There are two core anchors for our strategy. The first one is win as a platform, serving more businesses worldwide and driving breakthrough adoption of services. The second one is to disrupt the mid-market, serve the complex needs of our customers, and increase the share of wallet. Let's dive into each one of them. Like I mentioned, the power of our platform is the breadth of our AI-powered offerings and how they all work together to fuel growth for our customers, and we have ample proof points to support this platform strategy. Our online money portfolio and online payroll services each grew to over $1 billion of revenue. Our joint QuickBooks and Mailchimp customers grew by 22%. And we know that customers that adopt QBO Live are more likely to adopt other services as well. This really shows the power of our expert platform. Now, to bring this to life, I would like you to meet Ben. He's an owner of a landscaping business, and each day, Intuit Assist gives him a snapshot of his business with tailored and actionable insights just for him. One day, he gets a notification that he has qualified leads. This means more business for him, and with a simple click, he can get a snapshot of his customers and leverage our CRM to email and engage his new leads. To help him engage the lead and maximize the outcome, Intuit Assist will generate content for suggested campaign. All of this without him leaving the app. He can also refine his marketing strategy by connecting with a customer growth expert. Once Ben lands the job, he can, and he can automatically also generate pay-enabled invoices to save him time and help him get paid faster. Now, because Intuit Assist has a 360 view of his business, when his cash flow gets low, he gets critical alert that he's at a risk of missing payroll. He can look at his AI-powered cash flow forecast, and without ever leaving the platform, he can apply for a line of credit to meet his commitments. Now, his employees can get paid, and he can keep his business afloat. To avoid cash flow issues in the future, he sets automated invoice reminders so he can get paid. And with expert advice always at his fingertips, he can connect to an expert to further discuss how he can optimize his cash flow. Now that we've shown the power of the platform, let's talk about how we scale this to disrupt the mid-market. We're on a mission to be the must-have end-to-end platform for mid-market customers at scale. I wanna remind you, this is a $89 billion opportunity. We successfully scaled with QBO Advanced and with Advanced features in payroll, bill pay, Mailchimp, and more. We grew QBO Advanced customers by 28% this year, and we still have 800,000 mid-market customers in our base today using core SKUs. This represent a huge upsell and a cross-sell opportunity for us. We saw significant opportunity to also build on this success with even more robust suite to serve more complex businesses, and last week, we announced the Intuit Enterprise Suite, or IES. It has new AI-powered mid-market business solution, and it has advanced functionality that is catered towards more complex businesses. These customers, they manage multiple entities, they have more projects, and they have industry-specific needs, and they require higher touch account management and support. These target customers often generate upward of $3 million each year, and knowing where they stand, it is more challenging for them, and it is so critical when you run a business at this scale. This is why IES, Intuit Enterprise Suite, integrates accounting, money in and out, workforce, marketing tools, and third-party integrations for specific vertical needs. This strategy is already paying off. Across our customers who signed on IES to date, we are contracting at initial estimated ARPC of $20,000. Let me show you how our platform scales to serve these more complex customers and helps them improve productivity and profitability. Now it's time to meet Mary. She's a CFO of a construction company and has multiple entities. In Mary's feed, Intuit Assist proactively notifies her that one of her biggest projects is missing its profitability goals. With business intelligence and multi-entity reporting, she can analyze the project profitability all in real time. The AI-powered insights helps Mary to understand why the project got off track. She sees two things. One is overtime than budgeted in her employees, and the second one is overrun on expenses. Now, because she runs her business on our platform, she can easily take action. First, she goes into Workforce Solutions. She can there see the payroll, and she can also analyze overtime and problem-solve it with her team. Then, she can turn to her bills, and there, to analyze expenses. She identifies overage in material costs. She can partner now with a project manager to address that. As her needs evolve, she can work with a dedicated account manager to understand how to best use the platform and how to maximize her productivity and profitability. We're very proud of the progress we've made, and we're excited to continue to innovate, to power customers' prosperity, and to fuel growth for our franchise. and as we embedded AI experiences across the platform, we're delivering meaningful customer benefits. We also expect significant opportunity for long-term acceleration. We see growing engagement with AI, we know we're saving customers time with automations across our offerings, and critically, we're helping customers get paid faster. Customers that have AI-powered invoice reminders get paid 45% faster. We see also green shoots when it comes to funnel improvements, with AI driving lift in onboarding completion. It is still early, but the proof points gives us confidence in the value and monetization opportunities. With focus on winning as a platform and disrupting the mid-market, we expect to shift our growth formula towards ARPC over time, growing online paying customers 5-10% and ARPC 10-20%. As we execute on the strategy, we remain confident in our long-range guidance of 15%-20% total revenue growth. Let me now finish by reiterating how excited we are about our strong year and the trajectory ahead. We made meaningful progress growing our franchise and improving monetization. We have a large time in front of us and ample runway, and we're positioned to win with our AI... with our global AI-driven expert platform. Plus, we have opportunities to accelerate as we win as a platform and disrupt the mid-market. All of this increasing our confidence in delivering our long-term, durable growth. Now, thank you so much, and let me now bring on stage Mark to talk about our consumer platform strategy. Good morning. I'll pronounce my last name for everybody. It's Notarainni, in case you were wondering. I'm thrilled to be up here actually sharing how we plan on igniting TurboTax growth and how we will win as a consumer financial platform. We are approaching this opportunity, this massive opportunity, from a position of strength, and I'm gonna share with you our strategy, our platform capabilities, and our experiences that we believe will give us our committed growth targets, and that starts by winning in the category where we own, the DIY category. We're excited about our opportunities to better serve customers, and how we're going to expand our services and capabilities to win in DIY. Additionally, we need to accelerate our growth in assisted category. The assisted category is a fragmented, manual, and very high-priced market that's ripe for disruption. Of course, we have the opportunity to do more for our consumers. As we bring taxes and personal finances together, we can help our customers make better financial decisions and be a trusted partner with them. First, let's spend a few minutes looking at our fiscal year 2024 results. Both TurboTax and Credit Karma generated over $6 billion of revenue for the business, and we are growing in key areas, in big bets that we've made in high, in paid customers, specifically with high-income filers, as well as continued growth in TurboTax Live, which we saw revenue grow 17% this year. We're early, but we're seeing incredible benefits of this one consumer financial platform. When we embed our experiences, and we take a customer-back view, we're actually able to increase Credit Karma members filing with TurboTax by 75% this year. And in fact, those customers, those combined TurboTax and Credit Karma customers, are 35% higher ARPC for the overall franchise. So there's clearly value there that we can move beyond taxes to help solve big financial problems for our consumer segment. Now, I'm gonna drop into TurboTax. I'm gonna double-click here. TurboTax exited the fiscal year with $4.4 billion of revenue. Our growth engine continues to be TurboTax Live, which grew double-digit revenue and grew double-digit customers. In fact, this year, TurboTax Live is 31% of our total revenue within the Consumer Group. Overall, in the tax industry, actually, we saw a return to a strengthened tax industry, where the massive consumer tax industry actually grew 1%, which is returning more towards normal growth patterns. We also continue to see how our taxpayers continue to benefit from accessing our experts through TurboTax Live. That's resulting in a higher average revenue per return customer, which actually gives us confidence that we have a durable revenue growth stream there serving those customers. Now let me turn to Credit Karma. Credit Karma is a $1.7 billion business for us, with 43 million monthly active users across the platform. Most importantly, it returned to growth this year. But really important this year is that that growth grew throughout the course of the year, from a negative 5% growth in Q1 to positive 14% growth in Q4, and that was driven by reimagined experiences in our core application. It was driven by being able to serve customers more broadly and accelerating our verticals, and it was also being able to serve our Prime customers more efficiently and effectively in the platform. So incredibly excited about the progress we're making in Credit Karma. So now let's dive into our strategy, our growth strategy. Our becoming one consumer financial platform will actually help our customers make their most important financial decisions, and we will power their prosperity as we engage with those customers across tax and personal finance. And our consumers across America are struggling. They're struggling with decisions, because it's a very fragmented marketplace and very difficult to navigate. In fact, our consumers actually are struggling making ends meet, and you see that with things like 50% of consumers being rejected for personal loans or financial products, or the 26% increase in premiums across insurance. We also know, because of the fragmentation, that consumers spend an inordinate amount of time struggling with these decisions, on average, seven hours per week making financial decisions, or in the case of TurboTax or in taxes, four and a half weeks to get to their tax refund, and as we mentioned earlier, for many Americans, that tax refund is actually the biggest paycheck they get for the year, and they do really important things with that refund. They pay down debt, they help make ends meet, and we're excited about our vision to transform this entire space. When you bring together the power of our two great brands and our two great experiences in TurboTax, we have massive scale. We have 44 million tax returns, 143 million Credit Karma members. We're able to seamlessly connect those experiences, but our biggest advantage is by our platform assets, and that starts with data, which includes Lightbox. It also includes Intuit Assist and our vast network of experts across the country. By building on that platform, we're actually able to build done-for-you experiences, removing the burden from our customers and helping them make better financial decisions. When you actually combine tax with personal finance, we will be a persistent part of our customers' financial journey, which is incredibly exciting for us and a great purpose for our teams. This opportunity is huge. It's a $135 billion TAM, with consumer and business taxes representing about $40 billion of that, and personal finance actually an enormous $95 billion TAM across money management and financial products. We haven't been sitting around. We actually have incredible capabilities across the entire suite of that $135 billion opportunity. We can maximize customers' tax refunds, we can help them get fast access to money, we can help them make ends meet or start to invest so that they can grow their financial lives. You heard our customers this morning on the video. It's a very powerful asset that we can bring together so consumers can make great financial decisions for today, but also start planting the seed for tomorrow. So we're going to be enabling this capability as one consumer financial platform. Let me double-click into our strategic priorities for fiscal year 2025. With the confidence we have and the momentum that we have coming in to fiscal year 2025, and building on top of this amazing AI-driven expert platform that Alex walked through today, we are going to be able to win in DIY. Specifically, we're gonna be very competitive in the simple filers, and I'll unpack that a little bit further. We're gonna accelerate that growth by delivering more value to our consumer- our complex filers, and we're going to be focused, laser-focused, on the thing that actually matters most, which is access to that money, and how can we get them to that money fastest through our experiences and through our capabilities within Credit Karma. We must accelerate our disruption of assisted. We learned an awful lot this year. We're gonna ignite demand through local and relational marketing. That's how we're going to connect our customers to the best experts possible. We're gonna have breakthrough adoption within our experiences, as you saw upstairs, matching customers based on needs, based on location, but doing that early and often through the experience, and we're gonna do that for not just consumers, but for business tax. Last year, we launched business tax. First year we launched it, great interest in it. This year, we will be having 100% coverage to serve consumers, and business tax situations, and finally, we are incredibly excited about the combined power of TurboTax and Credit Karma coming together as one consumer financial platform. We're gonna be able to drive engagement as we remove barriers and remove seams between our experiences. We're gonna focus on money benefits across that entire category, so we can help customers make decisions, give them access to that money, and then help them make better decisions with that money, and because we're built on a data platform, we're gonna be able to start to serve really important segments within the platform, like Prime, and we'll be able to actually expand into growth verticals such as insurance, so let me talk about how we plan on winning in DIY tax. Last year, we lost 1.6 million customers, simple filer customers, and we largely lost them for two reasons. One was price, and the second was an overly complex filing experience, and we know that, and we're going to fix that this year. We also continue to win disproportionately with our complex filers, which tend to skew more towards higher income, and so we'll be able to continue to build capabilities for that customer segment to keep them growing and staying in our franchise. But for this next tax season, we are going to go laser-focused on our simple filers with an experience that's very competitively priced and is actually fit to purpose. Make sure we get them through the tax filing process with what they need, when they need it, with complete confidence. We are also going to be building a platform based on AI at the core across shopping and filing experiences, and integrating that from the time a customer engages with us through a campaign, all the way through until they finish and file and get their fastest access to the refund, which is the third thing we'll do. We are maniacally focused on getting customers that access to that money as fast as possible, and then getting it into their hands so they can start living their lives and not worrying about taxes anymore. Now, let's take a look at how we're going to disrupt and continue and accelerate our disruption of assisted tax. I mentioned earlier, it's very fragmented, it's a manual, environment right now, and it's significantly highly priced, across the country.... And it actually is ripe for disruption when you look at it from an AI platform perspective. It's ripe for that disruption. In fact, the local is really critical in this experience for consumers. We know that millions of tax filers and tax prospects actually search for a tax pro near me, and when we were able to connect them and match them to an expert locally, we saw 5X engagement rates when matched locally. But it doesn't just stop there. We actually know when we connect those customers, and they actually engage with our amazing tax experts, they convert north of 80%, and they're giving us 85 product recommendation scores, which is actually best in class. It's an amazing experience that our experts are able to deliver. And so we're going to ignite demand by leaning into that 12,000-plus expert network in local search. We're gonna enable referrals through that expert network, and we're gonna drive year-round engagement, especially through our consumer financial platform and Credit Karma. And finally, because we're approaching this from an AI-driven expert platform perspective, and our capabilities that Alex and team have built, as well as Sarah and the team in customer success, we will be able to deliver a fully assisted experience in under 30 minutes to our customers. This is delivering exceptional benefit to our assisted customers. So now let's talk about the $95 billion TAM opportunity in consumer finance. Credit Karma is an amazing platform, but we're actually really great together. Some key insights from this year as we deeply embedded our experiences. We saw a 25% increase in refund dollars deposited into a Credit Karma Money account. That's really important, 'cause that gets them started faster on making their lives better financially. We also saw incredible strength because of the transformation we drove in the product, leveraging data and Intuit Assist, growing our Prime category, our Prime customers, excuse me, and growing verticals like insurance, which grew revenue 19% and 38%, respectively. So Credit Karma is the key element for our single consumer financial platform. It's gonna help customers optimize their spending. It's gonna get them fast access to money, not just within the tax area. It's also gonna help our customers grow wealth. And so we have to drive more engagement by seamlessly connecting our experiences. We are going to be one platform this year. We will help those customers navigate their financial life year-round. So like many others that you've heard, we actually also deployed generative AI and Intuit Assist at very large scale across Credit Karma and TurboTax. It's an absolute game changer for us. It allows us to meet customers where they are, with personalized and insight-driven engagement. In Credit Karma, Intuit Assist was a digital financial assistant, and you saw the 90% score, I think Ryan talked about this, of a benefit that customers saw when we engaged with them through AI, and that led to them confidently making decisions about their finances, which showed up as an increase of 3% in conversion. In TurboTax, we leveraged it to help drive confidence through the tax filing process, and that confidence showed up with the engagement in Intuit Assist, but also the contact reduction that we took out, which allowed us to keep customers confidently moving through our product, and then actually reserving our expertise for when those moments that really matter with our customers. AI is at the core of everything that we will be building in Consumer Group. It's going to drive our engagement, it's going to drive conversion, and it's certainly going to drive retention, and that's why we believe it's a durable growth vector for us now and well into the future. With our ability to help customers make more decisions, more informed financial decisions, we are confident in our long-term expectations. We expect the Consumer Group to grow 6-10% as we disrupt that assisted tax market, with TurboTax Live growing 15-20%, and we expect Credit Karma to grow 10-15% as we expand core verticals, scale our growth verticals, and truly build our consumer financial platform. So let me finish where I started. We couldn't be more excited about the opportunity that we have ahead. We are truly uniquely positioned, largely because of the assets that we have around data, around Intuit Assist, and our expert network, to win in this marketplace, and it's an enormous marketplace. It's a massive $135 billion TAM, as I mentioned, with significant runway ahead for us as we really win in DIY, we disrupt our assisted tax category, and we start to bring these two great brands together in one consumer financial destination that will truly power our customers' prosperity. We are, as a team, there are thousands of us that work on this, we are really honored to be a part of this mission as a team because we believe. We see the videos, we talk to those customers all the time. We know what we're doing is very important to their financial success, and we couldn't be more excited to bring this mission to life. So with that, I believe we have a five-minute break now, and we will return with Sandeep actually sharing more on our financial commitments across the board. Thank you. Hey, everybody, welcome back. Thank you for spending a part of your day with us. I'll wait for folks to get situated, and I'll get started. Awesome. Let's do it, so today, I wanna share with you four reasons that give me the confidence that our growth trajectory is durable. I'll share more on our large addressable market and a relatively low penetration rate that gives us meaningful runway ahead. The power and the competitive differentiation of our AI-driven expert platform, and how that helps us unlock this addressable market. Our strong growth franchise, with exceptional assets at its core and multiple growth vectors ahead, and finally, our disciplined approach to running this business, delivering profitable revenue growth, and in the process, strong shareholder returns. It's important for me to start out by reminding you of our financial principles. These principles have guided us for years, and they remain durable. As a leadership team, we are focused on delivering organic double-digit revenue growth. I see ample opportunity for us to continue to deliver on this goal, and as a management team, this goal is our top priority. We also aim to grow operating income dollars faster than revenue. We wanna make sure as we scale this business, we are also expanding our margins. We hold a high bar for how we use our cash, and the cash that we cannot invest at ROI in excess of our weighted average cost of capital, we return to you in the form of dividends and share buybacks, and finally, we run this company with an ironclad investment-grade balance sheet. As a business, we operate in large end markets, where our integrated business and consumer platforms and our range of offerings address multiple customer needs. This market is in excess of $300 billion, and our current penetration is around 5%. The innovations you all experienced today, and the strategies you heard today, are the keys to unlocking this opportunity. A key part of unlocking the opportunity is the power of our AI-driven expert platform. The scale of the platform, with nearly 100 million customers, the breadth of our offerings, the depth of our data, all with an AI-powered virtual expert at its core, is a meaningful competitive differentiator. It allows us to address current customer needs as well as anticipate their future needs. This is durable advantage. This is what gives us the confidence to continue to drive monetization and revenue growth. The platform approach to running the business has played out quite nicely. In the last five years, our platform revenues have scaled at a 26% compounded annual growth rate. They represent 77% of the company's revenues today, and our business is largely predictable, with a meaningful part of the revenues coming on a recurring subscription basis. It's that platform approach that yielded strong results last year. On the left-hand side are the objectives I shared with you all last year when I was on this stage. On the right-hand side is how we did. I'm so proud of the team's hard work, of continuing our strong streak of doing what we said we were gonna get done. Revenue growth, strong, organic, double-digit revenue growth, 13% total company, 14% platform. Grew operating income 16%, a full 3 points faster than revenue, in the process, yielding strong margin expansion, and we were disciplined with our capital allocation, returning $3 billion to shareholders, $1 billion through dividends, which were up 16%, and $2 billion through buybacks. In addition to delivering on our overall company objectives, we made meaningful progress in each of the focus areas we shared with you last year, starting with the Global Business Solutions Group. We shared that we were focused on growing with higher ARPC, higher complexity customers. That culminated in US QBO subscribers growing 11%, QBO Advanced customers growing 28%. We also shared we were gonna accelerate our services revenue growth. That yielded services revenue growing 21%, a full 2 points faster than overall segment growth. We made meaningful progress executing on a vision of being the end-to-end platform where small and mid-sized businesses come to run their business. In the Consumer Group, we delivered 7% revenue growth, with strength in TurboTax Live, the catalyst for future growth. TurboTax Live revenues grew 17%. TurboTax Live customers grew 11%, and we are confident that in the coming years, TurboTax Live will be the majority of the Consumer Group revenue. And rounding out our consumer platform, Credit Karma. Last year, we shared with you we were focused on re-accelerating this business, and we did, quarter after quarter after quarter. Credit Karma started with a 5% decline in Q1. It exited with 14% growth in Q4. We made meaningful progress delivering that combined consumer platform. In fact, Credit Karma customers filing with TurboTax was up 75%. We also made progress penetrating the under-penetrated Prime segment. When you step back and reflect on the progress in the focus areas we had declared last year, we have unquestionably demonstrated that we have the right strategies. We have built the right set of capabilities, and we have set the table to execute and meaningfully scale these focus areas going forward. That gives us confidence in our ability to continue to deliver double-digit organic revenue growth. And when you think about our focus areas, what really stands out is our ability to drive monetization. As we have executed on our priorities, we have delivered the majority of our revenue growth through increases in volume and improvements in mix, including customers adopting more parts of our platform, while we have continued to price our products for the value that they deliver. I expect this trend to be durable. There are multiple vectors across each one of our business units that give me the confidence that we will continue to scale ARPC, starting with our Global Business Solutions Group. We expect ARPC to continue to grow as we drive product innovation, as we drive improvements and increase adoption of services across the platform, and as we disrupt the mid-market with higher complexity customers, such as those using QBO Advanced, where ARPC is 5x higher. Our launch of IES even further moves us up on the ARPC curve. In Consumer Group, ARPC is gonna continue to grow as TurboTax Live becomes an ever-increasing part of the business. ARPC in Credit Karma continues to grow as we drive adoption of our platform, as we drive increased spend of our platform by partners adopting more of our innovations, such as Lightbox, and as we continue to penetrate the Prime segment. And as we drive this monetization, we are also excited about the potential Intuit Assist and GenAI provide for further acceleration. As a reminder, we see three primary avenues for how Intuit Assist drives business upside. First, by increasing customer growth and adoption of services, as we make it increasingly easier for customers to adopt the platform and discover capabilities across it. Second, Intuit Assist will provide a seamless unlock to an AI-powered virtual expert, so customers on our platform can engage with someone with contextual awareness of their situation, with deep expertise in their situation, in the subject matter they need to make a decision in, so the customers has the utmost confidence in the decision they're making. Finally, we will continue to learn and test about potentially launching Gen AI-specific SKUs, while in parallel, we always have a tenet of pricing our products for the value that they deliver. We made solid progress in fiscal 2024 in Intuit Assist. It was offered to 30 million Credit Karma members, 24 million TurboTax filers, and 1 million small and mid-sized businesses, and the early results are quite encouraging. On the topic of conversion, we saw 9-point improvement in QBO trialers completing the onboarding flow. That has a direct correlation to conversion and retention on the platform. We saw a 2-point lift improvement in conversion on customers in TurboTax engaging with AI-powered Tax Hub. 3% lift in conversion on Credit Karma by delivering Gen AI-generated, "Why is this the right offer for me?" On the topic of services, again, very encouraging results. We saw 10% lift in conversion when we used AI to deliver just the right offer to the customer through in-product discovery campaigns. And AI is also driving meaningful time savings, over 90% in Mailchimp when they use our pre-built journeys, and helping customers get paid up to 45% faster by using AI-powered invoices, some of those you saw in the product demonstrations today. We're early in this journey, as is the entire industry, but these results give us confidence in the opportunity we have to accelerate our business growth through Intuit Assist. And as we accelerate that business growth and drive durable revenue, we are also focused on driving margin expansion. I shared earlier, one of our principles is grow operating income dollars faster than revenue. That means each one of the expense line items on this P&L will be flat to flat to down over time. We also expect to achieve our goal of having stock-based compensation get to 10.5% of revenue in the near term. Our approach to investing in our business has not changed. As a management team, we invest in the highest-yielding opportunities where we see the potential to drive durable revenue growth. With the progress and the results we are seeing in our big bets, we are accelerating investments there. Starting with Big Bet One, we are accelerating investments to meaningfully scale Intuit Assist in the coming year. Big Bet Two, we are scaling investments in the product to embed virtual expertise throughout our offerings and scaling investments in go-to-market to disrupt the assisted tax category. Big Bet Three, maintaining investments to continue to make progress on a better together consumer platform. Big Bet Four, accelerating investments to deliver best-in-class, seamless money offerings and accelerating investments in international to increase our footprint, with Mailchimp serving as the tip of the spear for international expansion. And finally, Big Bet Five, accelerating investments in the platform and the go-to-market capability, given the significant opportunity we see to disrupt the mid-market, both by addressing the needs of the customers who are already on our platform, as well as getting additional customers onto our platform. And while we accelerate investments in our big bets, we will remain deliberate on how we invest in our core innovation and run the business type expenses. You heard me talk about the importance of getting operating leverage. A key part of how we get operating leverage is our approach to running technology, customer success, and go-to-market as a platform across the company. This allows us to build something once and use it across the entire company, or take a learning in one part of the business and apply it to the entire company, and we are also using AI within our own business, in our own operations, that's having an impact on how we work, how we staff, and the efficiencies that we drive. As example, in technology, we have two goals: accelerate the pace of innovation, accelerate the time to market to the innovation. By operating as a platform across the company, leaning into data and AI, we increased developer velocity 8x in the last four years. By using AI tools, we are improving our developer productivity anywhere from 10%-30%. In customer success, we are building a consistent Virtual Expert Platform across the company, and we're leaning heavy into AI, and the reason is, we are seeing that when we lead with AI-powered digital experiences, our contact rates are down. Already, they're down 11% this last year. When customers engage with Intuit Assist, 80% of them are able to get their situation resolved within five minutes without ever speaking to a human. That's efficiency at scale. That's operating leverage. In a go-to-market function, we're applying MarTech consistently across the company, and applying AI consistently across the company, to meaningfully improve the efficiency of a funnel, all the way from traffic to customer acquisition, down to long-term retention and adoption of capabilities across the platform. It is this approach of running these key functions as a platform across the business, across the company, that gives us the confidence in our ability to continue to expand margin as we continue to scale this business at a healthy, organic, double-digit revenue growth, and as we drive that operating income growth, we are staying disciplined in how we use our cash flow. This past year, we returned 65% of our cash flow to shareholders, both through dividends that were up 16% and through share buybacks. Share buybacks remain a key component of our toolkit to return capital to shareholders, and the approach to doing share buybacks has not changed. We limit buybacks to the cash that we cannot invest at ROIs in excess of our weighted average cost of capital. At a minimum, we want buybacks to offset dilution from stock-based compensation over a three-year period. This past year, fiscal 2024, we were able to successfully use buybacks to offset dilution from stock-based compensation. Our goal is to be in the market each quarter, depending on market and other conditions. Now, let's talk a bit about fiscal 2025. I'm pleased to be guiding this company to yet another strong year. 12-13% total revenue growth, including growth of 16-17% in the Global Business Solutions Group, our largest business segment, representing 60% of the company's revenue. Another year of solid, strong margin expansion and 16% dividend increase. All this guidance is consistent with that which we shared at the August earnings call. With the context of what I shared, the large addressable market, low penetration, the strength and the competitive differentiation of the Virtual Expert Platform, the progress we made on the focus areas, we have the utmost confidence in delivering our long-term expectations. 15%-20% growth in the Global Business Solutions Group, with 5%-10% growth in customers and 10%-20% growth in ARPC, as we drive platform adoption and disrupt the mid-market. 6%-10% growth in the Consumer Group, as we disrupt the assisted tax category and have TurboTax Live revenues grow 15%-20%, and 10%-15% growth in Credit Karma, as we continue to scale our core verticals, grow in new verticals, disrupt the Prime segment, and deliver a better together experience across the consumer platform. Objectives for the new, this current fiscal year remain consistent: deliver strong revenue growth, deliver strong margin expansion, stay disciplined in how you use the cash flow. With that, I'll close out where I started. The four reasons that give me confidence, and should give you the confidence, in Intuit's strong growth trajectory going forward: the large addressable market, relatively low penetration, and the range of offerings that address multiple customer needs. The strength of the AI-driven expert platform, that is a meaningful competitive differentiator. The strong, durable growth franchises with exceptional assets at their core, with multiple growth vectors ahead. And finally, a disciplined approach to running the business, delivering profitable revenue growth, in the process, driving strong shareholder returns. Thank you for your time today. With that, I'll invite Sasan to join me on stage to take some questions. Thank you, Sandeep. All right, everybody, it's time for questions that you have, and you have mic runners. I'll start over here, and sorry, we can't see all of you really well, so we have shining lights in our eyes, so raise your hands high. There we go. Here you go. Here go. Here you go. We are an AI-powered company, but the mics don't work. We still can't... Is there another mic? Wow, this is Ah, perfect! We can hear you. Okay. Are we good? How about now? Okay, perfect. Yeah. It's a dead zone. Oops, excuse me. Alex Zukin with Wolfe Research. Sasan, thank you for taking the time. You know what? Alex, why don't you ask your question, then I'll repeat it? So the question is, it looks like QuickBooks Enterprise is really a... The Enterprise suite is a really special product, and AI is playing a kind of leading role in driving this adoption and penetration. So I just want to maybe, on the business, what gives you the right to win in the Enterprise suite in terms of your positioning in the market against the competition? And on the tax side, how are we going to feel the impacts of AI end-to-end? Got it. So the question is, and by the way, we'll team up up here on all the questions. So the question is, what gives us the right to win in mid-market? And what's our view of the impact of AI when it comes to just our overall tax platform? I'll start with on the mid-market front. You know, first and foremost, out of our $180 billion in TAM, you saw that about $90 billion of the total addressable market is mid-market. And by the way, we have about 800,000 of these customers that are already in our base, that have all the characteristics of a mid-market company and are actually seeking a lot of the solutions that you heard us talk about here and you saw in the immersion experience. Really, our right to win comes down to three big things. One is about the experience. Now, this is an important element because we don't actually have to be at parity. In fact, most of the alternatives that are out there for mid-market companies, they well over-serve them. They are large ERPs for the context of what these mid-market customers need. And so one, we went on experience, which means ease of use. I mean, you, as you saw up there, and those of you that are tied in virtually, you saw the experience. It's drop-dead easy, and it's, it's core to what we are fundamentally great at. So it's experience to drive your revenue and profitability growth as a business. That's one area where we have a marked advantage. The second is price. The price that we offer, when you look at the ARPC that you heard from us, that $20,000, although it's early and we believe we have a lot of opportunity, is actually everything. It's payments, it's payroll, Mailchimp capabilities, the whole financial management platform, so we win on price. In most cases, I would be clear, we're not actually competing with anyone, because when it comes to experience, when it comes to price, it's unmatched. The last one, which we don't often talk about, which is a really big driver, is the total cost of ownership. For businesses, it generally could take up to two years to actually switch from the platform that they use to the alternatives that are out there, and that's a massive burden on a mid-market business. It's a massive burden on a company like us when we upgrade our ERP, much less a smaller business. So those are the three big areas of differentiation. It's experience, it's price, and it's the total cost of ownership. And I'll just remind us that all of this sits on a data and AI platform, where a lot of the automation and done-for-you is part of the ease of the experience that is really unmatched. The one thing I would add, in addition to what Sasan shared, is, you know, when you're selling to a consumer or very small to small businesses, it's all about getting the product and the customer funnel flywheel going. When you're selling to mid-market, it's about using sales to drive discoverability. You actually have to go and make sure they understand what you have, why it's the right offering for you. That's an area that we are also building capabilities that we did not have in this company before. To Alex to address that question, what also gives us the right to win is this new capability and the new talent we're bringing in to build this capability at scale. If I go to the second part of your question, it was about about tax. You know, if you think about the $40 billion of total addressable market in tax, $5 billion of it is do-it-yourself, where we have over 80% dollar share, and really the $35 billion, where it's massive opportunity. If you look at the market structure of that $35 billion in TAM, it's very disaggregated. Our biggest competitors are a lot of firms and mom-and-pop shops. It's extremely manual, and it's very, it lacks price transparency. And so the real opportunity for us is all the investments that we've made around data and AI, and the Virtual Expert Platform that actually allows us to also, particularly in the assisted segment, win on price, win on experience. And experience is matching you to an expert that is perfect for you, and matches your situation, and can get your, your business and consumer taxes done, virtually, and at a disruptive price. One of the things that we talked about in the last year, and you're gonna see us in terms of just our overall commercialization and marketing approach this year, is we are gonna be very aggressive, going after price and the lack of transparency in price and the alternative. And so those... And that's all data, AI, it's the scale in which we have. Please, and then, Keith, I'll come back to you. Siti Panigrahi from Mizuho. Just drilling into that comment on Intuit Enterprise Suite, one, on products, and on the go-to-market side. So is the product basically a combination of all the, you know, QuickBooks and payroll plus payments that you had putting into the suite, or you're really expanding the features to cater to the complex needs of those 200-300 employee segment? And how should we think about the roadmap to cater to that? And second, on the go-to-market side, certainly, it's a different sales motion than what you have been doing before in the small business side. So help us understand a little bit what you are doing in terms of hiring sales reps, and when will they be ramped and to be, you know, a material contributor to the revenue? Maybe I'll start with the product- - and you take the go-to-market. Yep. So let me start. I love your question. Let me start with what Intuit Enterprise Suite is not. It is not just stitching together all of the products that we have. We have done that for the smaller businesses. But Intuit Enterprise Suite is really the innovation that we've driven to be able to provide all of the needs that these mid-market businesses have, that we have, starting with, "I need to be able to see how each of my entities are performing. I need to be able to pull together the entities to have consolidated reporting. I need to be able to understand multi-currency. I need to be able to understand, if I'm a construction company, the KPIs that are right for me, which is, like, what's my cost versus profitability based on what I estimated for a residential or commercial site? And so when you look at Enterprise Suite, it's the combination of what we've built out on our financial management platform, it's the capabilities that we've built across our AR and AP, all of our bill pay and payments capabilities to be able to deliver at this scale, and then our workforce solutions. So all of it has been really built for mid-market companies. And what you saw up there is, and they're stitched together. That's really the power of our platform, which is... I mean, you saw in the demo that by a customer using all of our capabilities, it goes right after their bottom line. We can fundamentally drive their revenue growth and profitability growth by all the capabilities being in one place. And lastly, to answer your question around just the platform, as you heard Laurent talk about, we have a very aggressive roadmap. We are very clear the segments that we've started with, which, by the way, has been, you know, a lot of years in the working, construction, professional services, and nonprofit, although we've had other segments, by the way, in our initial customers that have come in and are on the, on the suite. And then we have a very clear plan of creating credible promoters that are telling everybody, 'cause everybody will flock in those segments, and then we have a very clear roadmap of which segments are next. We are throwing a lot of our engineers at this, 'cause the opportunity is massive, so that's the approach we're taking on the product side. It's more than just stitching, it's the roadmap. And on the go-to-market side, Siti, we are being very deliberate about building out the sales capabilities. We are hiring business development reps, we are hiring account managers. But what I also wanna underpin is, it's not just a net increase. We're also looking at if the smallest of the small business should really be a flywheel similar to consumer, how can we actually reduce some of the sales there and reshift, like, the new talent, but, like, reshifting of those capabilities? And this has a sales cycle to it, as you can imagine, but the sales cycle isn't like the enterprise sales cycle you might be thinking of. This sales cycle is in weeks to months. So we expect IES to be contributing to the business in the coming quarters. Keith Weiss from Morgan Stanley. Thank you for hosting the day. A lot of great information. The demos are really super cool, actually. A question I had is digging into big bet number two, connecting people to experts. And I think a bigger picture a lot of investors have is, are those experts gonna continue to be people on the other side of the equation, or are they gonna become a virtual tax expert or a virtual payroll expert? So one, what's your view on that? Like, is this gonna go to a point of where the people aren't really needed on the other side of the equation? And if so, are you still gonna be able to monetize this effectively? Like, on the tax side, will you be able to charge $90 for TurboTax Live if it's not a person, it's a large language model on the other side of that interaction? Yeah, I love your question. So just... It's really important to just start with the market structure, which is, we're in essence competing with a lot of mom-and-pop shops, some smaller firms, lack of price transparency. Everything is very manual, and it takes weeks on. When we declared this bet five years ago, you know, our bets are very much interrelated. The whole focus of the bet was it's all about data and AI, and we started building out AI agents that can actually do a lot of the automation and the work for our experts. And by the way, this is the case across our entire platform, inclusive of the business side. Right now, a lot, you know, if I look at where we are today versus two, three years ago, a lot of the work that our experts were doing was manual. Gathering the data, even when we had the data, how it, in essence, was digested into the platform, a lot of it, they still had to do manual work. To be able to understand and capture all of their engagement with customers, that was a lot of manual. So a lot of what you're seeing in terms of the progression is a lot of the AI agents are actually doing the work, getting the data, the platform digesting the data, guiding the expert in terms of what questions to ask. That is actually giving us a lot more leverage in terms of what then the human experts would sit on the AI, AI platform, can do. We view, at least in the next five to seven years, that human-powered experts that sit on our AI platform will actually be even far more relevant, but spend a lot less time doing manual work, and a lot more time just doing the final tax return, the final bookkeeping, the final accounting, and providing advice with the customer. If you think about what Alex showed earlier, we believe, based on where we started five years ago, the future is AI agents that are doing all the work, plus AI-powered human experts that are doing the work. Last thing, the reason I started with the market structure is the pricing of the market structure is such that, you know, we are today in the assistant segment, in many cases, probably 20%-30% of what is actually being charged, and so when you think about the opportunity to be disruptive in price and the ARPC uplift, it's significant, but we believe very strongly, based on everything that we're seeing, that human power and AI agents are both gonna be critical to the future. That actually gives us not just pricing leverage, but actually gives us platform leverage, because ultimately, we can deliver the work at a lot less cost and higher margins. I don't know if you would add anything to that? You know, thanks, Sasan. Keith, one thing that I think is misunderstood the premise of the question is that we are assuming a static marketplace. We are very much assuming a dynamic marketplace. If there's a range of tax returns, and currently with the right unit economics, we could address this much, continue to lean AI, we continue to expand the ability of taxes we can address, still at a solid unit economy. So that's a key component to keep in mind on what AI also unlocks for us going forward. Please. Thanks very much. Brad Zelnick with Deutsche Bank, and thanks for a great day. It always lives up to the expectations all year. Sasan, you talked about driving velocity, which is near and dear to everybody in this room, and you talked about it in the context of culture. When I think about Intuit's culture, I think about Scott Cook's customer obsession, following the customer home. I think about Bill Campbell and his ability to just drive the absolute best out of organizations and get teams performing, you know, at peak levels. The culture has always been very defining for Intuit. How in an age where AI is so important, where Intuit is moving upmarket, do you still preserve that culture, use it, evolve upon it, to drive your success going forward? Thank you. Yeah, I love your question. You know, first of all, our philosophy around culture is, if you don't evolve who you need to be, you become extinct, and you know, one of the things I talked about earlier in the day, when we refreshed our values, there are two things about this company that were true forty years ago, and I think they'll be true forty years from now. We're all about people and performance, and we're all about customers. Those two things about the company will not change. But what we've been very intentional about changing in our culture is really three big things. One, being far more courageous in terms of being bold about where we wanna be in the future and taking risks, educated risks in terms of the big steps that we take to create a different future for our customers. Part of that also, right, entails in making a huge bet on AI. You know, five years ago, when we were standing in this room, when it wasn't the most popular thing to talk about, and that's positioned us for where we are today. The second is just being obsessed with our customers. There's a evolution that we're going through as a company. It's different being customer-centric versus obsessed with customers, and that's where velocity comes into play. If you think about where we were as a tax and accounting platform five years ago and where we are today, that's been a massive cultural evolution. I'll just end with the following, which is just an indication of how much we focus on our people and our culture to drive the strategic transformation. We just had our Intuit Leadership Conference, I think it was about three weeks ago, with our top leaders of the company. And we focused on three areas: mid-market, money, and fundamentally getting a lot better at, you know, sort of growth hacking and funnel management. The biggest thing that we talked about is why those are significant cultural changes. You know, we've been a company that's focused on building accounting and tax workflows versus, well, everything in tax is about money. Everything a small business cares about is about money, and our focus around money, you know, you see it in, in context of payments, you see it in context of payroll, is actually a massive cultural change for us. To win as a mid-market, you know, our view is this is a $90 billion TAM. It's material to our growth today, but we haven't even scratched the surface. 10% of a $90 billion TAM, which we believe that's just a starting point, that's bigger than the Small Business Group is today. But that's a cultural change because it's not just about build a do-it-yourself platform and market to masses, it's actually about all the things you heard Sandeep talk about in terms of go-to-market. It's a long way to answer your question. We are very intentional about culture, about growing our teams, about the teams that we bring in, and being very clear about who we need to become, and where we want to preserve who we are, but also what has to change around who we are, and we have metrics where we measure very intentionally our progress, so we have to evolve. Every company has to evolve culturally, 'cause culture is never static. If you remain static, you become extinct. Yes, and then we'll come back to you. Can you raise your hands if you have questions. Okay, gives us a view of the landscape. Please. Thank you very much. Mark Murphy with J.P. Morgan. Just your messaging seems to be focusing much more on, you know, the having, carrying an advantage, carrying momentum, you know, the position of strength. I don't think you've mentioned anything around, macro weakness. I don't think you've mentioned student debt, credit scores, small business cash balances. And so it's leading me to wonder, is there a year-over-year change in the environment, that, that is kind of driving this difference? Or you know, has the Fed's rate cut driven some kind of a change in your dashboard? Are there more green lights in your dashboard, or is the expectation of these ongoing rate cuts kind of getting into the psychology of, of small businesses? Yeah. I'll share two perspectives, and again, I'll team up with Sandeep on this. You know, the first thing I would say is, we've learned to live in a world of headwinds. You know, as we think about the last several years, the macro environment has certainly played. It, it's been a headwind for us. Really, our tailwind has been our execution. It's been winning as a platform. And, you know, the example that I think we've used multiple times on earnings is, you know, our payments volume, just payments alone, not our overall money portfolio, three, four years ago was growing, you know, in the mid- to high 30s%. And it, you know, declined 10-15 points, and that's 'cause consumers were spending less money. That's just an illustrative example. We've experienced, you know, the macro impact of Credit Karma, which is 10% of the company, but nevertheless, it works against us. So, the first point is we've learned to live and grow and execute in this macro environment, and that's our expectation going forward. Now, the second point I would make is, you know, a lower interest environment is only gonna help consumers and will only help businesses. And so we would expect over time, that will actually turn into a tailwind for our business, but it's not an assumption that we've made. And we didn't talk about it because as we shared everything that we shared today, as we think about our guidance, it's not at all based on any macro environment change. Sorry, you go first. Sorry, I can't see. Mic over here, please, and then, gosh, I'll come back to you. Hello? Okay. Sasan, you're the only $16 billion company that hasn't breached 10% of revenue from international. I know you're- billion, $18 billion. Don't take $2 billion away from me. On approach. So when you think about in the past years, you've given out explicit slides, you know, here's where we're going. I know last year you said it's not really maybe part of the near term, but we need it for the long term. How do you think about this? And the question is in context of many investors are concerned you're going to the mid-market because the S&B segment's out of runway. So some ask, why not just run an international playbook in your lane that you're good at, versus running the playbook upstream and forgetting about international? And maybe you're not doing that, but if you can just clarify that. Yeah, sure. Again, Sandeep- I'll add after you. Let's team up on this. You know, first of all, I'll just start again with when you look at the total addressable market for the business group, since that was the essence of your question. It's about $180 billion in TAM. This is addressable total addressable market for us, and we're 20% penetrated in terms of the actual customers in that market. When you look at our growth thesis, which by the way is what we declared five years ago, what you're seeing from us is progression. There is no shift in direction. You're seeing an acceleration because we're executing on our strategy, and we're conveying to you, based on that progression, you know, where we are focused. And so therefore, one, we have a massive opportunity with services, which you heard Marianna and Sandeep touch on. You know, when we look at these, the solopreneur market and the small business market, which is 90% of that $180 billion market, we have an incredible opportunity to accelerate focusing on penetration of getting our customers to use payments, payroll, bill pay, our live platform. And that's what's accelerating our growth in the business sector, and that's all because now we actually have a platform that we didn't three, four years ago, where in one place you can run your entire business and really go after your growth and profitability. And that gives us a lot of leverage with customers, 'cause not only are we helping them with revenue and profitability growth, but it actually gives us a lot of pricing power because we're actually less in total cost for them than all the disaggregated apps that they had that didn't talk to each other and they never used. And we have an incredible opportunity with solopreneur and the small business market to accelerate the penetration of not only customer growth, but services. By the way, I would also remind you, when we have a payroll customer and we add payments, we don't count that as a new customer, but it's services revenue. So we're very focused on customer penetration and growth. Last but not least, when it comes to mid-market, I know sometimes that may be seen as a, it's a new category for us. These are customers we know. We've served them for years in the enterprise sector with our desktop enterprise platform. We know these customers, we know their needs, we know how to serve these customers, and we have been building out the capability, both platform and commercialization and go-to-market, in terms of being positioned for where we are now. So our, from a growth formula perspective, it's customer growth, it's critical, it's services growth, it's mid-market, and we just revamped in the last year international. Which is how do we win in the countries where we have product market fit with the integrated QuickBooks Mailchimp platform, but also Mailchimp as the lead CRM tool for the rest of the world, and we hired some of the best talent. One, we got Greg Johnson back to the company, which we're delighted about. He's got incredible global experience, and he's hired an incredible leader that built a massive business in Meta, internationally, and brings expertise to us that gets us excited. So, those are the key areas of growth, and the way I would just have you all think about the progression of where we are, and now the acceleration of what's possible, because now we are a platform company. What I would add is also keep in mind, when you are an eighteen billion-plus company and committed to growing organic double-digit revenue growth, we don't have the luxury of just going after one or two vectors. International remains the focus. We're constructively dissatisfied with where we are, but we have made progress internationally. QB Advanced International is north of 60% growth. Our services internationally are growing faster than the U.S., particularly in Canada and U.K. And now with the Mailchimp asset as the tip of the spear, we're confident that we will make even stronger progress internationally. But our commitment remains strong organic double-digit revenue growth. For that, international is going to play a role, but as it's going into new markets and the services and the platform places Sasan just talked about. Keep your hands up so I can see you're up, but let me see. Okay. Hi. Thanks so much, Kash Rangan from Goldman Sachs. Excellent Analyst Day. Small business is now a big business for Intuit. It's $10 billion plus, as you said. As you move upmarket, do you run into an issue where, say, in HCM, there is a specialist, Workday is good at a big business? I'm not saying that you're going to compete with Workday, but as you move upmarket, the pockets of specialties become more concentrated. So there's an ERP mid-market company, there's a front office mid-market company, there's a payroll company, there is a payments company. These things become more specialized as you move upmarket. What gives you the confidence that, based on the expertise that you have at the S level, that you can take that architecture, maybe your timing is right, that the market doesn't need multiple players, even in the medium-sized market. How confident are you that with the specialization that is required as you go upmarket, that you have and you will develop all those competencies? Thank you so much. Yeah, I again love the question. A couple of things, I would say, you know, first of all, our focus is not to serve enterprise. Like, what you just described is very important if you're serving, you know, a company the size of Intuit or even a much smaller company relative to Intuit. That specialization of what's gonna be our financial tools, what's gonna be the tools that our developers use, what's gonna be the tool that our sales and marketing folks will use, what's gonna be the tools that our HR team uses? Those are very... You know, at the end of the day, Alex, our CTO, is involved in those decisions, but those are also different decision-makers that provide input into that decision. That is not how mid-market businesses operate, and remember, this is not a new category for us. We know these businesses. We've spent a lot of time with them. I personally spend time with them, and really, these are businesses that are looking to be able to operate their platform in one place. Very specifically, though, these larger businesses, what you heard Barry and Laurent talk about, where we have an incredible right to win, where we win on experience, price, and the lifetime sort of cost of our platform versus others, is financial management, payments, and payroll integrated. That's where we have the right to win. The larger these businesses get, they may look at, you know, if there are six, seven hundred million, a billion in size, they may look at, and they do look at, "What's my CRM gonna be versus how I'm gonna run my financial management, payroll, and payments?" But we're not at that size. This ninety billion in total addressable market that we are pursuing, this is, you know, generally no more than sort of two hundred and fifty to three hundred employees. And again, employees is not the only mile marker, it's actually the complexity of the business. So we actually feel very good that we have the wherewithal, the domain expertise. I don't remember if Barry and Laurent talked about this, but you know, beyond the account management team and the business development team that we've already built and are continuing to accelerate building, they also come with product specialists. So if somebody in one of the companies wants to deeply talk about payments and payroll, we have the specialists to engage them. But the key is that they actually see the value of everything being in one place. And they see the value of if I have my payments, payroll, and financial management solutions in one place, I can actually drive revenue growth and profitability, and we're seeing that. We've seen that in the last five years, which is why we're progressively accelerating the investments that we've made. I think what you're describing, just to close out the answer, is much, much bigger companies which we're not serving today.... Yes, and then I'll come back to you. Oh, great. Thanks so much. Brad Sills from Bank of America. Thanks for hosting a great event here. Question goes back to a comment you made earlier, Sasan, where you said you started this AI investment six years ago, long before the advent of AI that we've all seen here. The question is, what were you up to back then? What were you doing in the, with the platform with regards to data such that you're prepared for the opportunity today? And then, second question would be, you know, what's your view on kind of the shape of adoption here for some of these generative AI features, like the invoice generator? We see this kind of gradual cycle within the big enterprise with AI. I'm just curious for your thoughts on how the SMB might behave differently in terms of the adoption cycle here with some of these generative AI features. Thank you. The first question that you asked was your question, where were we five years ago when we made this choice? Yeah, six years ago, what were some of the things you were doing in the platform to prepare yourself for the AI opportunity today, long before we were, you know, talking about AI, you know, two years ago? Yeah, sure. Again, another great question. So, where we were, you know, five, six years ago, and just to be clear, there are many before us that brought the company to where we were, you know, six years ago. But it's important to note that we were, you know, 10, 15 years ago, right? We were mostly a desktop company. And what that means is, you know, we had siloed code. You know, every segment had their own code. We were not a platform company. All of our data was siloed. Our data services were siloed. And when your infrastructure, your data, and your application layer code is all siloed, you can't actually create a platform. You can't actually create the leverage of what comes with technology, and particularly AI. So six years ago, when we declared that in order for us to fuel growth for the next ten years, we have to become a platform company, and the reason why we will be able to drive undisputed benefits for our customers will be because of data and AI, that really forced us to look at all of our data silos and create a data platform and bring all of our data together, make sure all of our data is clean, make sure all of our data services, like categorization, as an example, which is all AI-driven, can actually be applied to the data. And now, this is back to your question of where we were, you know, five, six years ago, a lot of our innovation... Forget about the future for a moment. A lot of our innovation today across what you saw with Intuit Enterprise Suite or the money innovation that you saw, our Live platform, and what's possible across tax and our business group, is all of it is data and AI-driven. It all sits on the platform. And so now, after sort of five, six years of all of these investments, now we're actually positioned to win as a platform. In the last five years, we've worked on all the pieces and parts and putting it together, and you saw the metrics that demonstrate the proof points. Now it's about how do we win as a platform, you know, as we look ahead. So that's a little bit of the from to of where we were versus where we are today, and then therefore what it means as we think about, you know, the next leg of growth. You wanna take the next question? Put the pressure- I'm gonna put the pressure on him now. I think. I will- We'll go to that side of the room. Who has the mic? Right here. There's a mic to your right, Sasan. Sorry I snuck up on you. He or she that has the mic. Michael Turrin with Wells Fargo. Thank you for making time and for great content this year, as always. You've talked about platform multiple times, and we've seen diversification of the business in an uncertain environment. I'm wondering how you'd score your ability thus far to tie the Mailchimp and Credit Karma brands in underneath the overall Intuit umbrella, and how you're thinking about M&A as an opportunity to advance these big bets going forward. If AI changes the perspective there at all or not, would just be great to hear you talk on both those. Thanks. For sure. So first of all, you know, we spent a lot of time talking about data and AI, but if you just briefly reflect on what Alex, you know, walked through, there's a lot of investments that we've made in APIs, in services to just make everything modular, so it can work together, along with the fact that, you know, our company sits on two very different clouds, external clouds. And I bring that up because that really has given us the fuel in terms of the integration of our platform services, and not just integration of acquisitions, by the way. To integrate payments, payroll, Live, our accounting, all the integrations across... Now, TurboTax is like one platform. You know, do it yourself, do it with me, we'll do it for you, is all one platform. That, those are all integrations. And so what Alex talked about this morning has actually been the fuel relative to what you saw in the immersion experience, and for those that were virtual, what you saw online. That's all because of all of our tech capabilities. And so this notion of TurboTax and Credit Karma being truly embedded, that's driving the growth we saw last year, but I think it's gonna be even a more exciting story as we look ahead, is because of that integration. And I would say the same for Mailchimp. I would say overall in Mailchimp, we're about three to four quarters away from where we really want it to be. One, because we had to spend more time on the foundational things than we ever, ever thought. By the way, that's the same as payments, as payroll, over the years. And the foundational things are moving Mailchimp to AWS, being able to focus on first-time use, being able to build out some of the capabilities like reporting and visualization for businesses. But then the second is the integration across Mailchimp and QuickBooks. So all of our technology investments are actually have ignited what's now possible, and therefore why we're building velocity as we look ahead. Yes, and let's go to that side of the room, 'cause I know you all have been raising your hands as well, and- That gentleman's been actually holding his hand up for a while. Let's go two places over. Okay. Okay, you're the boss, man. We'll go where you go. All right, jumping in here. It's Scott Schneeberger from Oppenheimer. Thanks, guys. Great job today. Gonna focus in on tax, in Mark's part, the lost one point six million lower income this year on experience versus value mismatch on the sizable price gap between Free and Deluxe. Just wanna delve in here on, one, with the DIY customer, what should we expect to see in the coming year? How are you gonna attack that? You know, you mentioned fast money, we got that. But just add-ons, personalization. If you could elaborate a little bit on that, and then the second part of the question is, in the new, 6-10 versus 8-12 for consumer, are we gonna s... It's always been skewed more towards price, but should we expect to see a bit of volume growth in the next couple of years? Thanks. Sure. So, let me start with what you heard from Mark earlier, 'cause it's a very important premise to your question. DIY is $5 billion, the assisted category is $35 billion, and in the $5 billion in do it yourself category, we have well over 80% of the dollar share. So our strategic plan that you heard from Mark going forward is we're the category champions for do it yourself, and it's critical that we continue to not only maintain our dollar share, but where we have an opportunity to expand, going beyond taxes, and of course, igniting in the assisted segment. To very specifically answer your question, in the do it yourself sector, what we actually saw that we liked is we're actually growing with high income, more complex customers. And that's an area where we're gonna rapidly accelerate in terms of how we target those customers and how we deliver for those customers, 'cause we've been naturally growing with them. In the low end, simple filers, these are more lower income folks out of that 1.6 million customers that we lost, there's a portion of it that we're comfortable with losing, and these are folks that we see that just jump between free platforms and just the LTV to CAC, pursuing those customers doesn't make any sense for us. However, there is a portion that we're not comfortable losing, and these folks that we lost are when you look at our lineup, we've had Free, and then we have Deluxe, that's $100 plus, and we've really not been positioned well for some of these simple filers. And so what you're gonna see from us this year is to ensure not only are we winning the simple filers that are lower income that we want to acquire on our platform and monetize beyond tax, by the way, which we have a lot of proof points around, but also accelerate our growth with the higher income, more complex customers, and of course, win in the assisted segment. So that's the approach that we are taking, and I would just say that what really matters is our customer growth and our revenue growth in assisted, while we really continue to remain the category champions within DIY. And I just, I know I said that was the last, but the last comment is, our growth actually came from mix and TurboTax Live, not price. And we're actually, we win on experience, and we win on price. We're the lowest price provider in the assisted segment, so from just a mental model perspective, it's really been mix that's driven it and volume in the assisted segment. The other thing to also keep in mind is, and it was a delightful insight that we learned, is that lower income, relatively lower income consumers, a large percentage of them go and get their taxes done in the assisted category, where they're going and dealing with someone who has opaque pricing, integrated way of getting their taxes done, and they aren't necessarily walking away with that confidence. So I wouldn't think about going after the simple filer and addressing the need just through DIY, 'cause the runway there with north of 80% dollar share is somewhat limited. But we see meaningful runway also to get them on our TurboTax Live platform. Wonderful. Thank you so much for taking my questions. Rishi Jaluria, RBC. Sandeep, I appreciate you saving my arm from being perpetually raised. Maybe two quick questions on IES. First, you opened and talked about this 20K ARPC that you see with customers there. I know most of these are existing customers. What did that number look like beforehand? 'Cause ultimately trying to get into what is an uplift for those customers as they on-ramp onto IES look like on an ARPC basis. And maybe if we think about the roadmap for IES, if you think about maybe new features or capabilities that certain customers may want, how do you think about your ability to organically build those out versus partner with other ISVs or maybe even dip your toes in the M&A waters? Thank you. You take the ARPC, I'll take the product piece. Is that okay? Sure. I'll add to the product piece, too, depending on which- Well, no. You start first. So a key, key thing to keep in mind on the IES side, you started with the ARPC upside, but let me just unpack the IES opportunity. IES opportunities, pardon me, is at the core, there's the financial management solution, which is accounting. We are seeing customers who are on QuickBooks and different parts of QuickBooks, some on advanced, some even on other SKUs, come onto IES. So we are seeing an uplift in ARPC. They are true on a dollars to dollars basis. We aren't showing that yet, 'cause it's so early. I don't want to get ahead and put a number out there, and that becomes a watermark, now every time I'm explaining to you why that changed. But know that that's on our mind, in due time, we will share that. But the bigger thing to keep in mind about IES is that these customers need to run a business, and they have a bunch of solutions that they are stitching together to run their business, and that's where we come in with the end-to-end platform, getting them on FMS. We are converting customers who are driving hundreds of thousands, some millions on volume into our payment solution, where there's opportunity to get them to adopt our payroll, so that opportunity with Mailchimp. So that's the bigger opportunity beyond the focus on accounting, ARPC uplift, that truly excites us about the IES opportunity. Anything you'd like- I should let him answer all the questions. Nothing to add. Hi, Arvind Ramnani, Piper Sandler. I had a question on GenAI. I mean, you know, you'll have talked a lot about it, but when you look at, like, kind of, taxes, IRS tax filing, it's very rules-based, and kind of that's, you know, I mean, current state of GenAI, kinda lends itself to kind of rule-based kind of solutions. And maybe not like in 2024, but, like, even, like, three years out, you know, are you anxious that there'll be kind of, you know, kind of, more advanced in improvements in GenAI solutions, and then there's gonna be, like, some private players that doesn't completely displace you, but starts to kind of irritate y'all from a market share perspective? Yeah, thank you for your question. First of all, let me just be clear: we are the irritants. Our scale in investment in data, in AI, our Virtual Expert Platform, our ability to be the lowest price provider, disrupting in the assisted segment, we are so far ahead of anybody else, and we operate in a very paranoid fashion. We're never comfortable with where we are, and I say that not from a place of confidence, not from a place of certainty. From my perspective, the biggest thing we, as a leadership team, think about, is how do we continue to architect our own velocity? We don't spend a lot of time looking in the mirror, looking at who's right behind us, because we started this journey six years ago. The second thing I would just say is the way we think about it, and the way we would want you all to think about it, is it's about our data platform and our AI platform. It's not actually just about GenAI. In our world, accuracy, performance, and cost matters, and accuracy matters a lot. We can't sort of be right with taxes, we have to be exactly right. And, and therefore, our machine learning capabilities, our knowledge engineering, and GenAI capabilities work very seamlessly together. Knowledge engineering is where we take rules, and the relationship between rules and data, and turn it into code, and that's an area where we actually have a patent, several patents, where that delivers the accuracy. GenAI really bolsters what we're able to do, but the fundamental premise of what's really important when it comes to taxes is actually about the accuracy of it. And so we believe, as we look ahead, and when you think about what you heard from Alex, we believe all of our AI investments, and particularly in GenAI, will just increase our speed and scale in terms of what's possible and how fast, by the way, we can turn rules into code and be able to scale it. So I don't know if you would add anything? I would add, I think one part of your previous question's premise is right, the other part I would help reshape it a bit. Where your premise is right is that, yes, when it comes to rules-based stuff, AI is pretty good, and that's why we're seeing all this improvement in our customer success. 'Cause it's all rules-based, and if we need to escalate it, it could go to level two, and we could basically use AI to do most of the level one. But when it comes to taxes, you gotta know what rules to apply to your situation. That's where all the attributes that our platform has become a competitive differentiator, become that durable advantage. You also need to address the need of fear and uncertainty, that you just can't use the rules. So that's also a critical component that I think when I get asked this question, folks are missing the second part of: what do you apply the rules to? Which we have an advantage in understanding. I think we have time for one more question. I see a bunch of zeros here, so I think we're out of time, but maybe one more question. I don't know between the two of you who had their hands up more, so you decide between the two of you. How about that? Or if they're quick questions, we'll take both. Thanks. Arjun Bhatia with William Blair. Maybe to go back to the tax segment, can you just talk a little bit about how you think margins in that segment might evolve as you maybe become a little bit more aggressive on price with the DIY segment? And then, going back to the question on the expert networks, how do you think the size of your expert network might change over time as you incorporate more AI into the platform? Why don't I start and- Sure. You go for it. So we feel confident about our margins. Keep in mind, we manage margins at the company level, but I track unit economics across the business, so let me address your specific question on the tax business. The DIY margins are super strong, but I think the question behind your question is: how do you preserve and continue to scale your margins as you go into the services part and the TurboTax Live? This is where it comes down to two things. One is pricing the product right, which we can be disruptive and still price it right. But the second part is bringing down the customer service cost, and that's where AI is a massive advantage. By having most of our experts getting paid on a dollar basis, on an hourly basis, when we use AI to bring that preparation time down from hours to minutes, and in the demonstration Sarah talked about, in some of the areas, we wanna get these Full Service customers' filings done in 30 minutes. That's where we continue to have the confidence that we can go into the services business and use AI to allow us to continue to get operating leverage and grow margins as we continue to grow the company. And the only thing I would add is, you know, say-do is everything. If you look at where we are today in our margin structure as a company versus five years ago, when we declared that, really going after the assisted segment is important, and we built out our Virtual Expert Platform, which is all sits on data and AI, and we, I think, shared at Investor Day last year that our variable margin on our Live platform is actually higher than just software alone. So this is all based on data and AI, and it is the only way we can scale the way we have, and it actually gives us a lot of confidence as we look ahead. And by the way, a lot of these experts, we have 96% retention. They want to be on our platform. They're sitting on our data and AI capabilities, and our customer growth is growing far more rapidly than the experts that we need, 'cause the experts are a lot more productive, even in year-over-year, versus where we were three years ago, so we are very focused on demand. We have no concerns about margin, just because of our data and AI investments, and so maybe with that, first of all, let me bring this to a close. I wanna thank our team. You know, many of you started out by thanking us for the experience that you've had, and that experience has nothing to do with Sandeep and I standing up here. It's really, you know, it's Kim, Jeff, the whole team, all the presenters that were part of putting together this experience for you all. So one, a huge thanks to our team that's here and upstairs listening. Two, thank you for everybody virtually for taking the time to tune in. I think this will be the official close of Investor Day. For those of you in the room, we have amazing food for you on the fourth floor, and that is where we will convene, grab some food, and talk and answer any questions that remain. So we'll see you upstairs. All right, thank you, everybody. Thank you.