Welcome to Intuit's 2026 Investor Day. I am Kendra Goodenough, head of investor relations here, and it is so good to see so many familiar faces and all of you here in sunny Mountain View. Those of us joining online, welcome as well. Happy to have everyone here today. We have a packed agenda for you, so I am going to take just a minute to walk you through what you can expect for the day. We are going to start off with Sasan Goodarzi, who is going to take us through our company growth strategy. He is also going to share a little bit of how Intuit Intelligence really comes to life in our offerings. After that, we are going to hand it over to Alex Balazs, who is going to talk about technology and click in a little bit deeper on how that differentiates us and how that really fuels our innovation across the different businesses you are going to hear today. We will then move over to our business platform team, where you will hear from presenters including Ashley Still, David Hahn, Arundhati Singh, Wyatt Jenkins, and they are going to take you through what we are doing to fuel growth in our mid-market business, the power of our account network, how money is at the center of everything we offer customers, and what we are doing to accelerate customer growth across the platform. We will take a quick break at that point, and then we will move over to our consumer platform team, where you will hear from Mark Notarainni as well as Nick Soukas. They are going to talk about what we are doing to rebuild the DIY tax funnel across both TurboTax and Credit Karma, and what we are doing to disrupt the assisted tax market as well. After that, we will have our CFO, Sandeep Aujla, on stage, where he will talk about the financial perspective of all of this and how we think about our financial commitments to all of you as our shareholders. After that, we will take one more quick break before we bring Sasan and Sandeep back on stage to do a Q&A session to answer all of your questions. Next, I have three quick housekeeping items for you all. The first one is the Wi-Fi. The Intuit guest network is available. There is no passcode needed. Second, restrooms are on your back left back there by the elevators. Third, the presentation today is available on our Intuit Investor Relations website. Next, I am going to bring the slide up with all the words, so time for our standard disclaimers. Please review the disclaimers about forward-looking statements, non-GAAP financial measures, and other important information. I would also like to remind you that effective August 1st 2026, Mailchimp is a separate reportable segment, and share-based compensation expense is no longer excluded from non-GAAP financial measures. In this presentation, all prior period financial measures have been revised to reflect these changes. This includes actually non-financial disclosures as well, such as our total online paid customer growth year-over-year, which for FY 2026 is 4% when excluding Mailchimp versus 3% as previously disclosed. Additional information for the revised financial measures can be found on the company's fact sheet on Intuit's investor relations website at investors.intuit.com. Okay. With that, I think we are ready to start the day. I am privileged and honored to get to introduce our Chairman and CEO, Sasan Goodarzi. Well, good morning. So great to see so many familiar faces in the room, and good morning to everybody and good afternoon to everybody on the webcast. My team and I will do three things today. One, we are going to walk through our assessment of what is going well and areas where we are constructively dissatisfied. The second thing we will do is to walk through specific plans as to how we are going to scale our big bets and accelerate new customer growth. Then the third thing we will do is talk about our report card, what we are doing to monitor our performance for our customers internally every single day, and what you can hold us accountable for every quarter. With that, let us jump right in. First, I want to start with our overall results. They were strong, fueled by our big bets. However, we fell short of our new customer targets, which impacted our tax performance, where it came in below our expectations. Let me dig into both of them. Let me start with our big bets. This is an area where, if you recall a handful of years, we laid out our AI strategy across the company, and we declared three big bets that really allowed us to go into new markets. One was to disrupt the assisted tax segment, where it is about a $35 billion plus total addressable market. Two, to have money benefits become core part of our platform beyond tax and accounting, and three, to move into mid-market. It has taken us quite a bit of focus, investments, and talent to build out our platform, to build out our go-to-market motions, and what you can see a handful of years later, it is a meaningful part of the company. It is 30% of the company, and it is growing 30%. The summary on this page after years of work is we have expanded our TAM, we now have a growth engine that is fueling growth in the company, and we have expanded our margins. When you look at each of the bets, they are meaningful in their own right. They are multi-billion dollars, each and every one of them growing over 30%. And when you look at new customer growth for the big bets, while a meaningful part has come from upgrades within our base, we have new to the franchise growing over 15% in assisted tax, and in mid-market, new to the franchise is growing over 30%. So really the headline news for our big bets is it's having a meaningful impact. The penetration is low, and we're excited about what's possible as we look ahead. Let's now talk about new customer growth, where we are disappointed with what we achieved in the past year, as it was below our internal goals. Let me first focus on tax. The way we keep score in tax is total IRS share gains. And while we gained share in assisted tax, where we lost share was in DIY, and we lost quality DIY customers, and the number one reason why customers left us was price. The second is our core growth in QBO slowed in the U.S. and internationally. I will remind you, a handful of years ago, we were taking share in tax and DIY tax, and our new customers were growing at 20% in the business group. So we know how to do this. It's now being able to do both, scale our bets and drive new customer growth. As we stepped back and diagnosed, how do we ensure that we're setting up Intuit for durable long-term growth, competitively positioned to win? There's a few things that are worth talking about at the highest level before we jump going deeper on each of them. The first is, as I just talked about, our bets are having a meaningful impact to growth. All of our innovation, which is fueled by AI, is having a significant customer benefit, which is helping us drive ARPC growth, and because we are continuing to reinvent our work internally, we're growing our margins and we're expanding EPS. At the same time, the three areas where we need to make progress are, one, we need to scale our bets. It's 30% of the company, and we need to make it a far bigger and more meaningful part of the company. The second is accelerate new customer growth, and third is, you will see today the incredible innovation we have in market and the pipeline of innovation that we have, it's to monetize the breakthrough adoption of that innovation. So, what we're going to focus on today, in the context of what I shared a moment ago, is, one, how are we going to scale our big bets? And how are we going to accelerate new customer growth? Couple of things that I'll say upfront before I personally jump in and talk about it at the company level. With our big bets, this has been people and time. It's taken years to build out our platform capabilities, our go-to-market motions, understand which cohorts that we can win with, and now it's about continuing to scale them. With new customer growth, this is a moment in time where now that we've built out our talent, our capabilities, and the investments in our big bets, it's now time to do what we did before, which is new customer growth. New customer growth is something that we must couple with scaling our bets because we are at a size and a scale where we have built out the talent. We now have our position to really build out our base so that we can drive durable growth as we look ahead. We will dig into both of these in a moment. Let me start with our strategy that is all grounded in what we are focused on with our customers. We are focused on helping consumers with their end-to-end needs, which is from building credit with Gen Z, to all the way to building wealth, which is defined by each consumer. The second for businesses is to help them from leads all the way to cash. Last but not least, with accountants, it is to help them with not only automation of their firm, but also how they shift to advisory services to drive their revenue growth. In this context, our total addressable market is significant. In the last couple of years, our penetration has gone from 6%- 7% penetration. In context of a $300 billion TAM, the size of the opportunity is equal as it relates to what we can do with the consumer platform and what we can do with the business platform. The thing that is very important to us is our purpose, why we wake up every single morning, and it is to power the prosperity of those that we serve. When we talk about taking market share, for us, it is meaningful because it is about helping consumers, helping businesses, helping accountants achieve prosperity as defined by them. When we talk about scaling our bets, it is helping entrepreneurs go from being a new business in a garage to scaling their business. Our purpose and what we show up to work every day deeply matters to our employees, deeply matters to the company. In that context, let me talk about our clear and bold strategy. This is an area where I want to spend quite a bit of time and go much deeper than I have in the past. First and foremost, the one thing that has changed is who we serve. What is the same is we serve consumers, small and large businesses, and now we serve accountants as our core customer. In the past, we have thought about accountants as a channel and as a partner. That has actually been Intuit's 40+ year history. That has changed for two main reasons. One, every accountant is going through a massive transformation of, What do I now do with my firm in the era of AI? Two, there is significant consolidation happening. Many PE-backed firms that are putting money in consolidating accountants, and it is a great opportunity for us to serve them as customers and be the backbone of their growth. Why? Because it helps us create a significant network effect. You will see not only what I will talk about, but more importantly, what the team will talk about is how that has informed and changed what we are investing in, and now what is in market. Now, our AI-driven expert platform has really been set out to achieve something that is incredibly bold for our customers, which is they never have to lift a finger. We automate everything for them and we focus on intelligence, bringing the power of the enterprise in the hands of a consumer, a business, and an accountant. We refer to that as the financial system of intelligence. Particularly what's possible with AI, everybody is focused on becoming that intelligent system. Our focus at Intuit is to become the financial system of intelligence. What is that and why do we have the right? Let me start with why we have the right. Think about three layers of a cake. We have decades of data and decades of contextual and longitudinal data. When you look at the data platform that we have, and I'll use businesses as an example, where we have 10 million businesses and on average, over 625,000 data points. Those aren't just data points. Those are understanding the depth of a plumber, a landscaper, a construction company, a wealth management company, and understanding all of their transactions and all of their money in, money out, and their behavioral data, which is trusted and permissioned on our platform. That is something that is very advantaged. The second is financial and industry expertise. The fact that we are one platform across many apps and across many workflows. We are not a one-trick pony. We help consumers from everything that they'd need to do, from getting access to financial products that are right for them and personalized, to access to money and managing their money, and to get their taxes done. For businesses, from everything that they need to do from lead to cash. When you think about one platform with all of those applications, from payroll to payments to taxes to accounting to how you manage leads, we have all of that in one place, but it's very specific, not generic, to the different industries that we serve. That's the second layer of the cake with decades of experience. The third layer of the cake is what we have built, which is an orchestration layer, with our very domain-specific AI and HI capabilities to ultimately automate everything and deliver intelligence to our customers. This is the power of what we do in our space, which is everything has to be accurate, trusted, compliant, and correct because we're dealing with people's cash flow. Ultimately, this is what we mean by a financial system of intelligence. It is one unified platform that delivers automation and intelligence, which we ultimately refer to as Intuit Intelligence. Now, I want to stay on our strategy for a few more moments and bring this to life in terms of the question I often get is, "How is AI driving innovation across your platform?" I want to share a couple of very important illustrative examples of how our strategy is driving benefits across our platform, and my team will go a lot deeper in this area. Let me start with DIY tax prep. By this coming tax season, in the next few months, the majority of our DIY tax prep will all be AI native. What that means is humans are simply interacting and approving decisions because we have access to think about those three layers of the cake, to all their data, all of the domain expertise that we have, and all of the AI and HI capabilities that we have. All of it will be AI native, and the focus will be on their money and connecting them to all of the capabilities of our platform. What you can see here is our AI capabilities at work, where we automatically get all of your data, and we have access to over 90% of all of the data that a consumer needs, a new or an existing customer. Our platform capabilities does all of the work, and the customer simply can interact. They can ask questions, and if they want to go deeper, then they can. It's not just getting their taxes done, it's connecting them to money, and ultimately, it's many front doors but one platform. Getting access to all of our capabilities like our Credit Karma, because our focus is Credit Karma is the face of our consumer platform. This is AI at work, and the majority of our experience will be AI native. The second, AI-powered expert tax prep. Our number one differentiation in disrupting the assisted tax segment, which is again a $35 billion in total addressable market, is scaling human accountability. Those that have others do taxes for them, what they're looking for is somebody to review, sign, and take accountability for their taxes. AI can't do that. AI is what's fueling our competitive differentiation, having the best experience, getting your taxes done the fastest because of the expert network that we have, and getting you access to your money instantly because of our platform capabilities. What you see here is what an expert is looking at when they're doing somebody's taxes for them. You can see that Intuit Intelligence, Sergio is the expert, is actually downloading all the data and, in fact, going through and doing the tax return for them, but pointing out to Sergio areas where we have low confidence, where Sergio needs to go in and check, in this case, the RSU basis. Ultimately, this is being able to do all the taxes for Sergio, while Sergio needs to be able to go in and look at areas of low confidence or areas where he uses his judgment that he needs to review, and ultimately, it's all about connecting the customer to the cash. Scaling human accountability at scale is all because of the AI investments that we've made, and it's those three layers of the cake that I talked about earlier. Third area, this is significant. If you think about the business platform, we serve 10 million-plus growing customers, and they're not just generic customers. They're plumbers, they're construction companies, they're real estate companies. It's RV parks, it's wealth management, it's professional services. What we are focused on is automating their workflows. They're not generic workflows. In this case, you're going to see a workflow for a landscaper. Because of all the decades of permission data we have, all of the financial and industry workflows and capabilities that we have, and then the orchestration layer that we built, what you are going to see is an example of how we are automating things from quote to cash. This is important because it is not just about automation, but the more we automate where the landscaper, in this case, does the work, the more it drives payments growth. What you can see here is all the capabilities, in this case, from lead to estimate and invoicing, all automated for the customer, and all they have to do is, as a human, approve the decisions. The goal is about the impact that the cash has on their business. You are going to hear the powerful stats that we have around how this is driving time savings and better cash flow for the customer. This is the power of automation by industry because of the capabilities that we have. The next example is about Intuit Intelligence. One of the most important thing to businesses is actually Intuit Intelligence about their business. They spend hours trying to understand from the data that they have across multiple different apps, what is the insight to their business? What is the projection of their cash flow? How do they grow their revenue? Not generically, but specifically to their business. What we have built with our orchestration layer is the ability for a customer now to interact and ask questions like, "What will my cash flow forecast be based on everything that you see in my business? Based on the seasonality of my business, if I am a landscaper, in Minnesota, where there is not much landscaping to do in the winter, what is the projection of my business and what should I do?" Those are examples of Intuit Intelligence. What you see here is consumptive. The more we do this better, the more the customer or consumer, and the more we have the ability to monetize. This is an example where David is asking about a revenue forecast specific to his business and his data, all in one place, all in one platform, because we have the capabilities end to end. Not only do we prepare that for David, but we can help David answer questions like, should he hire more employees? If it is a manufacturing business, should he buy more inventory? Rather than building a workflow and hope it is used, we allow David to, in essence, ask how he wants to see his KPIs on a daily basis that we can deliver to him. That is the power of business intelligence. Last but not least, something we are excited about everything I just showed you, but this is probably the most incredible example of truly financial system of intelligence, and not about building workflows. Agent Studio. What is Agent Studio? This gives businesses and accountants the ability to build, deploy, and maintain experiences that are right for them. Remember, when we talk about consumers and businesses, it is not just one generic set of needs. In the case of businesses, they are very industry specific. What you are going to see is an example of an accountant in this case, focused on construction. Remember, accountants have many practices. They can have up to 12 different practices. A practice is construction, could be manufacturing, et cetera. In this case, they want to deploy within our platform through Intuit Accountant Suite. They want to deploy an experience where there is a retainage experience. As many of you know, for those of you that may not know, in construction, there's an element of retainage, which is hold money back until the job is completely done. In this case, based on all of the data and expertise that we have, you can see that the accountant in this case is uploading specific proposals for different construction companies and asking it to build retainage experience. They can apply it to all the different construction companies that they serve. What you see here is their library of all the different agents they've built, how much revenue it has generated for them. That is an example of treating the accountant as a customer. We have now given them the ability with Agent Studio to not only build experiences, but when it shows up in the business platform that the customer uses, it shows up with the accountant's name. This is consumptive. The more they use it, the more we're able to monetize. This is the power of AI. The intent of what I just tried to do is to pull together for you and help you understand how AI strategically is fueling our innovation across our entire platform with the goal as one unified platform that is automating everything for customers and delivering intelligence. LLMs are important commodities. The innovation and the capabilities, we still haven't seen anything yet, and we're going to continue to leverage the capabilities of our own LLMs that we build and all the external LLMs. What you can't copy is what I just went through. Decades of permissioned data, industry-specific understanding, domain understanding, and the orchestration layer that we have built to deliver specific personalized experiences for consumers, businesses, and accountants. That's our strategy at work. Now, let me go back to what I said earlier. We have two very simple focus areas for the company, scale our bets, accelerate new customer growth. As it relates to scaling our bets, this is an area, as I mentioned earlier, it's growing 30%, it's 30% of the company, and we are very focused on scaling them with an intentional purpose of accelerating new to the franchise. You will hear my team walk through each of these and walk through how we're going to scale our bets. The second is what we are doing to accelerate new customer growth. There are three elements that we are focused on that you will hear the details on the rest of the day. First is we're broadening and opening up our front doors with things like money front doors, QuickBooks Free, QuickBooks Lite, and expanding our local footprint across the U.S. by 30% to have more access to not just consumers, but businesses. Of course, our partnership with LLMs. This is about broadening our front doors. Second, based on all of our innovation and pipeline of innovation, there are cohorts that we are doubling down on. DIY tax customers, businesses that are new to financial software, and ultimately industry-specific innovation to drive switching. And last but not least is we are very good when we get new customers at delivering additional benefits, whether it is payments, whether it is payroll, whether it is personalized financial products on the consumer side with access to money, and what I just walked you through, which is both business intelligence and Agent Studio, which solves specific problems a customer wants to solve that are all consumption driven. If I were to summarize the most important thing I would have wanted you to hear from me, and my team will get into the details of exactly how we are going to do what I just walked through, there is a couple of things I would say. One, if you look at Intuit's 40+ year history, we are a company that has stood for disruption and reimagining our experiences to always be there for our customers, always lead through transformations, and win. This is a very important moment for our company, and it is a very important moment where we have stepped back and objectively diagnosed what is going well and what is not going well. Our focus of the organization, my team, is very simple. Scale what is working faster than what we have even done as we look back in the last several years, and accelerate new customer growth. Everything I talked about around new customer growth and what you are going to hear from the team is we have been laying the groundwork for this for the past year, and you will see tests and proof in terms of what we are scaling and why we are scaling it. I look forward to talking to you later today about the Q&A. With that, let me turn it over to Alex. Thank you, Sasan. I am Alex Balazs, Intuit's Chief Technology Officer. Sasan unpacked our financial system of intelligence, the trusted data, deep expertise, and domain-specific AI and human intelligence. My job is to show you that as AI improves, Intuit Intelligence gets stronger, not weaker. In fact, what I will show you is that we have specifically set up an architecture for Intuit Intelligence, where as AI improves and new models are available, we can immediately adopt them and apply them to Intuit Intelligence. A couple of key takeaways before we get started. First is that Intuit Intelligence is truly our differentiator, and I am actually going to get into a lot of detail on that. Second, the pace of innovation, how we work, how we build, what we are delivering, has compounded our pace of innovation, and that innovation has allowed us to scale our big bets and accelerate customer growth. Let us go back to Intuit Intelligence. Trusted proprietary data, this financial and industry expertise, and domain-specific AI and HI. Individually, these three things are very valuable, but what makes them unbelievably valuable, and why Intuit Intelligence is truly differentiated, is the ability to orchestrate over these. What you will see is that this orchestration allows us to unlock new ways to discover customers, new ways to provide solutions, and new ways for customers to discover us. Let us start with the trusted proprietary data. All the data across all of our experiences, no matter where the customers arrive, feeds a common business object model. What is this object model? It combines decades of first-party data with third-party data from sources like banks and employers, and it gives it a shared business meaning. It describes the relationship between all these different data elements, whether they are doing their books, they are doing payroll, payments, taxes. This shared business object model then creates a persistent financial context. What is this persistent financial context? It is a way that we can express this customer through the data that we have, that can be taken to any experience where a problem is being solved for that customer. It used to be that we would collect data in a given experience, and then we would use that data inside of the same experience. Now this data is not just persistent, but it is portable. It allows us to express it on our platform and off our platform as well, and I will get into more detail on that soon. Why is this important? This is what has allowed us to deliver a zero data entry experience to 15 million TurboTax customers. It is also the thing that has allowed us to pay 18 million employees in our payroll products, totaling over $350 billion. The data is an important start. It tells us what is. Expertise is about declaring what is next. We have spent decades developing expertise across many, many different capabilities and many different areas. 74 different financial domains, over 100 different workflows, 307 industries. Why is this important? Because we have encoded this expertise as capabilities that can be leveraged by Intuit Intelligence. Historically, these capabilities were embedded inside of our products. If you wanted to use a tax capability, it had to be used inside of a tax product. If you wanted to use a money movement capability, it had to be used inside of a money movement product. These capabilities are now available as tools and skills that can be expressed anywhere the customer needs them. Now you can start to put it all together. Our domain-specific AI and HI. You see there on the left the idea of the customer workflow. Customer workflow is important because that is built how the customer wants it, not necessarily how we want it. By Intuit Intelligence having the ability to pick the right kind of intelligence at the right moment, we can leverage that trusted data, we can leverage that deep expertise at the moment of need. We have integrated with over 60 large language models, and we automatically pick the right large language model at the right time. Sometimes that can be based on performance, sometimes it is reasoning power, and sometimes it is cost. We have the ability to pick the right one at the right moment, multi-model by design. But sometimes an LLM is not the solution. Sometimes we have to do prediction or classification, so we pick regular machine learning. There are many times where accuracy and compliance and governance are important. We pick deterministic code. At the time when human oversight is required, we can automatically direct the customer to human expertise. This is the power of Intuit Intelligence, because it is not just about taking a bunch of data and throwing it into a large language model and hoping that the outcome is correct. It's about picking the right model, the right intelligence to deliver a trusted financial outcome. I'm very excited about our technology strategy because our strategy is allowing us to do two things at the same time. Transforming the way that we work, transforming the way that we build has allowed us to compound the pace of innovation. Because we have compounded the pace of innovation, it's allowing us to scale our big bets and accelerate new customer growth. Let me actually go into the details of how specifically that's working. Let's start with how we build. Obviously, a critical part of what we do here at Intuit. First is deciding what we build. We've moved from product requirements documents that have been written for humans to specs that are written for agents. We've gone from basic mock-ups to actual working prototypes that we can test with our customers in days. When it comes to our engineers, we've gone from writing code directly, engineers writing code, to directing agents to do the work for them. It's multi-model by design. Some of our engineers use Codex, some use Claude Code, some use Cursor. It's the right tool for the right job, multi-model by design. When we ship, we're moving from quarterly releases to, in some cases, daily releases, continuous learning. Learning from our customers, gathering that feedback, driving product market fit. Sometimes that feedback is implemented by an engineer. Sometimes that feedback is automatically processed and implemented by a model. The proof is already there. In the first 90 days of transforming our product development life cycle, our coding velocity has improved 40%. At the same time, there was a 31% decrease in failure rate. Just let that sink in for you. We're moving faster, and quality has gone up. In fact, 70% of our pull requests, the code was delivered by AI. We're on pace to double our velocity by the end of the fiscal year. All of that speed and all that velocity, all that work that's being done by our product development organization, has now accelerated the pace of innovation across all of Intuit. Just in the past six months, we have delivered AI native experiences, powerful experiences for our customers across tax, personal finance, small business, and mid-market. The really exciting part of it as well is that, as I said before, we are going to where our customers are. Many of these tools and skills and capabilities are also exposed through ChatGPT and Claude. Our close working relationships with OpenAI and Anthropic has them coming to us, looking for financial intelligence. When they want to solve critical end-to-end workflows, and they need to make sure that those financial decisions are right, they're coming to Intuit. All right. Sasan showed you a couple of use cases around some of these AI native experiences. These powerful experiences that have fundamentally changed how our customers interact with us, how their problems are solved through Intuit Intelligence. I'm actually going to deep dive into a couple of them to really go underneath the surface here and show you how we're solving this. Let's go back to DIY tax prep. Step one is to acquire all the data. All the data that's required is not publicly available. In many cases, this is permission data. We have access to over 90% of the data that is required for customers to solve these problems. We can go get that permission data, put it into that common business object model that I described before, and that allows us to orchestrate the work. In fact, we create a persistent customer financial graph. What does that mean? What is this graph? We know based on decades of solving these problems, what is the data that is actually required to get to an end goal? When we go and get that data and apply it to the graph, now we know, is there any data missing? Are there any questions that we have to ask the customer? Do they need to interact with us, or can we completely deliver them the outcome? In the moment when we are ready to actually do something deterministic, now we connect it to our deterministic tax engine and compliance engine to make sure that the answer is 100% right. The tax return then can be done in minutes, and that is the magic. How do you complete a tax return in minutes and yet make sure that it is accurate and correct? That is the combination of AI at the right time and deterministic code at the right time. All along the way, we use generative AI to explain the outcome in ways that our customers can understand. All right. Let us go back to business intelligence. This is where the persistent financial and operating context matters. From lead to cash is actually about five different steps, and in many cases, where I have gone and talked to customers, what you see is all five of those steps, they actually had a different product that solved that problem. Which required them to enter a bunch of information, use that one product, get an outcome, like send an estimate, and the next step along the way, they would have to enter all the same data again. Time-consuming, difficult, error-prone. This persistent financial operating context allows us to move their financial record forward every step along the way. The AI is grounded in these authoritative records. The data that we have collected allows us to make sure that as we move this financial context, it is actually trusted, and the customer can trust the outcome. Also because we have been collecting this data for decades, we have the level of industry benchmarks that are not really available anywhere else in the industry. Once that customer has created an insight, something that they view as very, very valuable to them, they can easily create a reusable skill. What does that do? When they create a reusable skill, they can then say, "Run this insight for me every month," and it will rerun with the latest financial information. Once again, that financial context moving forward and allowing them to understand over the course of time how they are performing. All right. Sasan said it, and I will say it too. This is one of my favorites. Spoken to a lot of different accounting firms and really understanding how they work, how they add value, how they interact with clients, and these firms have unbelievable expertise. Expertise they've gathered over decades of working with clients. Painstakingly figuring out how do they give advice? How do they gain insights into how these companies are doing? This has historically been a very, very manual process. So in Agent Studio, they have the ability to use in natural language, they can describe what is this expertise? What do you normally do with your clients? How do you interact with them? They can literally have a conversation with Agent Studio and establish what this reusable workflow looks like. Then we can show them the workflow. It is not just a workflow. Let us go back to Intuit Intelligence. The data, the capabilities that can be trusted and connected to that workflow. So now what you see is it is not Intuit that is creating an experience based on top of Intuit Intelligence, it is actually the accounting firms themselves. They can define the moments in time where they want to govern the execution, where they say, "You know what? This is the point where I want human oversight, where I want control." The rest of the work is done for them. The really exciting part for them, on top of the fact that it is a heck of a lot easier to do this, is that once they build this intelligence, this capability, they can actually deploy it across all of their clients. So they could do the work once, deploy it everywhere, and monitor the performance of those agents, and over time, make it better and better. All right, the last example that I am going to go into, quote-to-cash. The quote-to-cash process is also extremely complicated because it is very fragmented. Lots of different steps along the way, lots of financial context that needs to be available in order for the customer to truly go from a lead, to identifying which customers they should actually go after, to quoting, to getting an estimate, and actually turning it in an invoice so they can get paid. So we orchestrate this capability across that financial context. So you saw in the example from Sasan the ability to basically just dump in any data they may have. If there is a persistent connection, we will go and get the data. If they have documents, they can upload PDFs. They can connect it to a Google Drive. Wherever their data is, we can bring it in, apply financial and industry logic, and automatically move the process forward each step along the way. In the end, it can actually execute financial actions. This is not just about insight. It is not just about answers. It is about actually doing the work for the customer, and each step along the way, carrying that financial context forward. All right, I talked a little bit about our relationship with the frontier LLM companies. Let me just go a little bit deeper. Financial work is as much based in trust as it is in the outcome. I personally go to Anthropic and OpenAI and Google pretty much monthly, meeting with their teams, meeting with their executives, understanding what they are building, why they are building it. What I hear from them is, as they are looking to solve customer problems, truly be a place where customers go, that they wanted a trusted partner to deliver that financial context, those financial outcomes. And the great news for us is we have exposed it inside of these frontier LLMs. As they become more popular, as they grow, as engagement grows on ChatGPT and Claude and Perplexity, it drives new customers to us. Let me finish with where I started. Intuit Intelligence is truly our differentiator. Our ability to combine trusted data, deep expertise, and orchestrating it together with the right level of intelligence. This has compounded our pace of innovation so we can deliver to our customers faster. That allows us to scale our big bets and accelerate customer growth. Thank you. With that, I will turn it over to Ashley Still. Thank you, Alex, and good morning, everyone. I am Ashley Still, and I lead our Small Business and Mid-Market Group. I will be joined by David Hahn, who leads our Services Group, including money and workforce solutions. Together, we are excited to share the business platform strategy and progress. Today, I want to leave you with four takeaways, the four reasons we are confident in our strategy and in our growth drivers. First, we are scaling Intuit Intelligence, growing consumption and engagement of our trusted financial automation and intelligence. Second, we are accelerating customer growth, expanding the QuickBooks lineup so we can win new customers and gain share. Next, we are embedding money experiences, making money truly central to our platform to drive adoption and ARPC growth. Last, we are fueling mid-market success and also winning new customers in the mid-market through industry editions and our accountant flywheel. We closed fiscal 2026 with solid results, growing nearly 18% to nearly $12 billion in revenue. Reflecting on our execution, there are areas where we made real progress in 2026. Both mid-market and money grew over 30%. New customer benefit and services adoption in our mid-market offerings, both QuickBooks Advanced and Intuit Enterprise Suite, drove up-market ARPC growth. Our investment in AI fueled innovation across the platform, including new product launches like Intuit Accountant Suite, the Business Credit Card, and Human Capital Management. There are areas we could have done better, and we are focused on the progress needed. We need to grow new customers faster and gain share, and we need to continue to scale money and workforce solutions along with mid-market growth. We have clear strategies and are taking decisive action in each of these areas. Our path forward follows a simple formula, scale our big bets and accelerate new customer growth across all of our customer segments. Together, this formula creates a durable multi-year growth engine. The Intuit platform already serves a broad and diverse customer base, from a new entrepreneur just getting started to a complex $100 million mid-market business. It also includes the accountants that advise these businesses, from part-time bookkeepers all the way up to national accounting firms. 10 million businesses and 650,000 accountants work together on the Intuit platform today, spanning nearly every industry, every stage of growth, every type of business, and many geographies. Our opportunity is exciting with $186 billion in total addressable market where we are roughly 7% penetrated today. It is clear we have a significant opportunity to grow as we expand our customer base and scale our big bets. Our strategic priorities directly unlock our opportunity by expanding the benefits that customers tell me every day they care about the most, improving their cash flow, saving them time and money, giving them proactive insights that enable them to make the best decision for their unique situation. All of this ultimately is what helps them grow their business. Everything starts with the problems that we solve for our business and accounting customers. What does running a business look like today? For many businesses, the reality is it's too manual and too fragmented. Like a small nail polish company that's just trying to get started, but they have to juggle 12 apps to run their business, and they can't get a clear idea of what's driving growth or costs. Or a $25 million consulting firm that has to spend over a third of their time on administrative work just to get a sense of project-level profitability. Or a construction contractor who couldn't get a timely read on cash flow, had to pass up buying new equipment, and loses a big job to a competitor. Every business that I engage with wants confidence in their decisions, and they build that confidence on trusted financial intelligence and automation. As Sasan talked about, the world for accountants is changing incredibly fast. Their industry is consolidating, and they have clear mandates to expand their advisory practices because they offer three times the revenue potential of bookkeeping. This shift requires firms to transform how their associates work every day by investing in technology that automates manual bookkeeping and surfaces proactive insights about their clients. This is the foundation of compelling advisory conversations and compounds the value of firms and their clients running together on our platform. Fueling firm success is core to our strategy. We win when we solve customer problems end to end, and customers grow with us as their needs become more complex. For businesses, we provide a complete platform with accounting, money in, money out, capital, business intelligence, and much more. For accountants, we're automating their manual work, surfacing client insights, and helping them manage their firm. Our durable advantage is trusted financial intelligence and automation built on shared business and accountant data that reinforces our network effect. I'll hand it to David to take you through our first three strategic priorities, scale Intuit Intelligence, accelerate customer growth, and embed money experiences. Good morning, everyone. I'm going to jump right into our first priority, which is to scale consumption and engagement of Intuit Intelligence. Today, 2.5 million customers actively engage with Intuit Intelligence automations and insights every month. Our customers tell us that it's driving real impact. Businesses report that they're saving 30% of their time because of these automations. 60% are telling us that they have a clearer picture of their cash flow. At this point in our journey, our focus is to really scale this customer impact. You've seen this slide a few times, but it's really important. There's two things that we're trying to do with Intuit Intelligence. One is our done-for-you experiences. These are the automations that you've heard about. Two is the intelligence that drives action. Really what is underneath our advantage here is the foundation. This is the domain, and this is the AI and HI that come together to be domain-specific, the deep financial and industry-specific expertise. Most of all, what I want you to imagine is 40 years of longitudinal data around tens of millions of businesses. That is going to enable many of the examples I am about to show you. What does this look like in practice for our customers? Well, every day, our customers are asking questions, and they are asking questions because they have got to drive decisions. Where am I overspending? What vendors should I replace? How is my cash flow? They are also asking forward-looking questions that require help looking into the future. Can I afford to hire? Can I open this additional location? What is my projected profit for this year? Intuit Intelligence not only answers these questions, but given that anonymized data, that longitudinal data that we referred to earlier, we are positioned to enable peer benchmarking, which helps them understand where they sit relative to many businesses like theirs. Intuit Intelligence also, very importantly, sits across all of our services. This is not just bank data. This is not just accounting data. It knows the location an employee clocked out of to assign labor costs. It knows the project category of an expense the instant the card is swiped. We see all this driving real insights for our customers because we have that end-to-end view, and we are seeing real momentum as we scale. Conversations have doubled quarter over quarter, and new customers are engaging at a higher rate than our existing customers by 60%. Now, in addition to the insights, Intuit Intelligence also automates critical jobs by default. Let us take bill ingestion. It is not just about ingesting the bill. It is about identifying the project. It is about continuously being able to understand how that particular expense impacts profitability. Finally, it is teeing it up so that the user can pay that bill in one click. Or take payroll, where Intuit Intelligence literally is collecting hours from employees. It is identifying and acting to solve anomalies. It is doing tax compliance check, and it is teeing it up once again for the user's final approval. Now that Intuit Intelligence is delivering AI recommendations on more than 90% of transactions, accountants using Accountant Suite are reporting being able to spend a lot more time on the high-value advisory work, and that is the work that helps their customers really grow. As businesses grow, Intuit Intelligence scales with them. Ashley is going to do a deeper dive shortly on mid-market, but I wanted to touch on a very common mid-market question. Are my projects profitable? To answer this, you need labor costs. You need vendor bills. You need expenses. You need invoices. All these data points usually live across different systems. But in our platform, the data is already connected, so Intuit Intelligence can answer these questions right away. It can set up the project, it can recommend a margin goal, it can build a budget, it can send the invoice, and it can track profitability constantly. When a business needs to do something unique, say, a permit, a purchase order, maybe a job phase, Intuit Intelligence builds custom objects automatically. More than 75% of Intuit Enterprise Suite customers use our AI agents every month. I want to shift gears to our second priority. We ended fiscal year with nearly eight million online paid customers, growing 4% year-over-year, and retention held strong at 83%. Our focus this year will be to re-accelerate customer growth through an expanded lineup and product innovation. Now, I want to take a closer look at our performance over time. Since 2023, we have focused on our big bets, mid-market and money, and we have made meaningful progress. ARPC grew at a 16% CAGR over three years, and customer growth for our highest ARPC cohort grew at a 19% CAGR over three years. However, over that time period, we did not achieve our overall customer growth goals. It moderated by two points year-over-year, and it decelerated by six points since 2023. The progress in money is an important ingredient in the recipe going forward as we re-accelerate growth. It gives us a clear path to value across every segment of the market, including the low end, which historically has been hard to monetize. With our expanded lineup, we have an opportunity to accelerate customer growth in every segment that we serve. For businesses without employees, many of which do not use financial management software today, we serve them with a simple, frictionless experience. For small businesses, we will convert and retain with the done-for-you experiences that we have shared earlier. For mid-market businesses, QuickBooks Advanced and Intuit Enterprise Suite to win new-to-the-franchise customers and better serve customers in our existing base. Across the lineup, there is an entry point and an upgrade path at every stage. Now, I want to show you how this works at the low end of the market. It starts with low-friction entry points, QuickBooks Free and QuickBooks Lite, much simpler experiences to get businesses started fast. Payments is included from the start. This is critically important because for many of these customers, we are seeing that literally their first invoice is paid via QuickBooks. The customers also get exposed to the rest of our services through these experiences and have clear upgrade paths to other SKUs. The early results are encouraging. 20,000 customers in the first six months actively using QuickBooks Free or converting to paid offerings or payments. As customers grow, they use more of the platform. Nowhere is this more evident than money. This year, online services grew 24%, with our money portfolio, our big bet, growing 31%, and our workforce solutions portfolio growing 17%. Our focus is to deeply embed money in workforce solution to drive usage, consumption, and ARPC growth. Last year, we had two important launches that I am going to tell you more about in a second, the Intuit Business Credit Card and Human Capital Management. The most important part of this story is that we now have a complete money in, money out solution. We can automate and orchestrate every dollar coming in and out of a business, and we have capital in the middle to bridge for when money goes out before money comes in to our customers' businesses. Our scale is significant. We had $229 billion of payments in bill pay volume. That is up 30%, and $355 billion of payroll volume. Now, let us take a deeper look, starting with Intuit Business Credit Card. Keep in mind, our business is literally a quarter of their spend is their employees' everyday expenses. Imagine The Home Depot to buy materials for a job. Intuit Business Credit Card puts us in a position to help our customers with this spend. Our card is different from traditional cards, first in the way that we underwrite. We can underwrite, like we do in other parts of our capital business, based on our unique data, on the true health of the business, which also gives us another advantage. We can put the card directly in front of folks that we know are credit worthy. From a value proposition for our customers, we do two really important things. One, control right out of the box. Business owners care about the money leaving their business, so before they just hand over the ability for their employees to spend money, they want to make sure the right controls are in place, and that is what a software-enabled card like ours is able to do. Second, it automates accounting by capturing receipts and other data, then putting it directly into QBO so the accounting is done for them. The early results are encouraging. In the first five months, we have seen $100 million in cumulative spend, and 78% of customers are spending within the first 30 days. Next, I want to talk about human capital management. This takes us from being a simple payroll provider to an end-to-end team management solution. Of course, we start from a position of scale. We process payroll for 18 million workers in the U.S. annually. Engagement in our HCM features have been strong, doubling over the past six months, and 60% of mid-market payroll customers are already on our HCM SKUs. We are scaling all this at a very important time. Customers switch payroll and HR software at the end of the year. In the past couple years, we have heard from customers that we have not been able to win for our payroll business, that this was the key, this was the piece that is really missing. So we believe this launch makes us much more competitive for the upcoming switching season. Part of our strategy that we have talked about is the key advantage we have in terms of being able to embed money offerings deep into existing customer workflows, and we are really seeing success of this strategy, especially in bill pay and in capital. Bill pay is now included by default in both of our mid-market offerings right out of the box. That means there is no additional purchase decision required. They just start using it, and it is working. $54 billion in volume, growing 89% year-over-year. Capital works the same way, surfaced at the moment of need inside the money and movement experiences where customers need it, payroll and payments. Loan volume has reached $7 billion and is growing 75% year-over-year. We are also finding that businesses that use capital are growing 60% faster than those that do not, so there is real customer benefit. I want to touch on payments now and the impact that Intuit Intelligence is having on it, and you have heard a little bit of this from Sasan and Alex earlier today. We can now help our customers automate the work that sits upstream of payments, which then drives more payments downstream. You have seen some examples. I want to give you two more that are my favorites from some of the usage that we have seen very recently. Consulting firms, now they're just simply dropping in the signed statement, and we take care of all the steps after that. We're able to build the invoice, send the invoice, and collect payments. We had a membership organization, they simply dropped in their roster, and Intuit Intelligence sent invoices to each member every single month. We're also embedding these capabilities into third-party AI platforms, where customers are choosing our payments. Payments volume in these 3P experiences is growing 80% month-over-month. So overall, Intuit Intelligence is going to help us convert the more than $3 trillion of invoices that are already managed on our platform to convert those onto our payments rails. Now I'm very excited to bring this to life and welcome Arundhati on stage. Arundhati? Thank you, David. I'm Arundhati Singh, and I'm Senior Vice President for our Small Business Group. Now, you just heard an overview of our strategy, and I'm going to show you how Intuit Intelligence comes to life for our customers. Built on our decades of proprietary trusted data, financial and industry expertise, and domain-specific models, Intuit Intelligence spans QuickBooks, the Intuit Accountant Suite, and Intuit Enterprise Suite to deliver personalized insights and take action on behalf of our customers. So let's see how this comes to life for Maria. She owns a 22-person commercial cleaning services company in Phoenix, and Maria runs her entire business on our platform. Like many business owners, she starts her day on the go on her phone. And in the QuickBooks mobile app, Maria now immediately sees a real-time snapshot of her cash position. Cash flow is the lifeblood of her business. And with one tap, Maria can now ask Intuit Intelligence to turn that real-time snapshot into a forecast of next year's financial performance. Intuit Intelligence powers key P&L insights and assumptions based on Maria's real-time accounting data, allowing her to plan for the future. It also gives her a visual breakdown of those projections with a detailed chart plotting her revenue and net income. It also allows her to run scenario analyses or adjust assumptions like her costs. And this is what gives customers the confidence to make important financial decisions, and it's how trust in our platform compounds. As you heard David reference earlier, that's reflected in the doubling of quarter-over-quarter growth in AI chat queries that are now driving insights, decisions, and direct action across our platform. Maria can also easily turn this into a custom report that she can download to share with her team between site visits. Because Intuit Intelligence is deeply integrated into QuickBooks, Maria always gets fast, accurate answers. Work is done on her behalf in real time. She always knows where her numbers come from so she can trust what she sees. Intuit Intelligence is her always-on business thought partner. Now, when Maria next logs in to her QuickBooks web homepage, Intuit Intelligence is proactively surfacing what she needs to pay attention to most with the new Needs Attention section. In Maria's case, she can see that her unpaid invoices are climbing, which is a direct strain on her working capital. So she clicks to review, and Intuit Intelligence is going to proactively surface to her a list of her customers who are consistently paying more than 60 days due. It will also surface specific invoices from other customers that are dragging her cash flow cycle right now as she has to meet payroll obligations in the upcoming weeks. Maria isn't sure if this is just typical for businesses like hers, so she's able to ask Intuit Intelligence, "How does my days to get paid compare to businesses like mine?" Intuit Intelligence can run benchmarks against anonymized similar commercial services businesses, and it surfaces something really important for Maria to know. Her days to get paid are running weeks longer than her peers. That is incredibly valuable data based on at-scale insights that only Intuit has. We don't just stop at running benchmarks. Intuit Intelligence helps address this issue for the future, and it suggests that Maria create a custom automation, a weekly unpaid invoice chaser that finds open invoices, emails weekly reminders, emails a receipt once payment is recorded for any given invoice, and then stops chasing that specific invoice. This takes hours of manual work off of Maria's already very full plate. That sounds good to Maria, and she improves the automation. Just like that, her invoice chaser is active, and she's well on her way to improving her cash cycle. This is the done-for-you experience that Intuit Intelligence powers. Because Intuit Intelligence can see Maria's cash position, her upcoming payroll obligations, and her complete underwriting profile, we're able to proactively surface a pre-qualified line of credit personalized to Maria's business that helps her bridge the gap between when her crews get paid and when her clients pay their invoices. Maria is very intrigued, but she wants to tap into some human expertise. So she's able to ask Intuit Intelligence to send this offer to her accountant. It will generate a detailed financing plan and budget worksheet for her accountant to review inside the Intuit Accountant Suite. Intuit Accountant Suite is our new platform for firms of all sizes to manage their clients and grow their practices. It has already been adopted by over 150,000 accounting firms to drive proactive insights, automate ongoing work like monthly close, and deliver seamless collaboration between customers and businesses. Within Intuit Accountant Suite, Bruce is able to review the information and sends a note to Maria about the financing terms, which she is then able to review back in QuickBooks. Reading through Bruce's note gives her the confidence to move forward with that line of credit offer, and she's able to start the application directly inside of QuickBooks. So now Maria is prepared well ahead of any potential cash flow crunch that may occur. Intuit Intelligence sees the whole business. It benchmarks against decades of real business data, and it closes the loop with both access to capital and access to human expertise in one flow. That's what gives customers the confidence to make important financial decisions, and it's how trust in our platform compounds. Let's see how the value of our relationship with Maria deepens over time. As you heard earlier, businesses manage over $2.7 trillion in invoices on QuickBooks every year. We know that staying on top of getting paid is what keeps business owners up at night. It's the number one thing. We want to make sure that Maria is set up to get paid while she sleeps. All she has to do is connect her Google account via our chat interface. What that will do is allow her to set up specific parameters. For example, what folders in her Google Drive should we look at? Drafts, downloads. As well as what time frame to search over. The last 30 days. Are there specific keywords that we should look for, such as a project name? Intuit Intelligence is able to take that information and automatically draft invoices on Maria's behalf, as well as give her a total estimate of the outstanding potential balance that she's due. Maria is able to tap to review all of the invoices before she decides that she's ready to send them. Once that group of invoices is sent, Intuit Intelligence will proactively offer to automatically draft future months' invoices based on that same set of custom rules that Maria set up. Maria agrees, and now her invoices are truly on autopilot. There's more. If Maria's already working in Claude or ChatGPT, preparing for a client conversation, she can now also directly invoice a new customer using our embedded QuickBooks skill. That combined AI-powered invoicing, both inside QuickBooks and inside the LLMs that our customers are already using, has driven over 80% month-over-month growth from June- July in payments volume. Every dollar that moves through the platform makes the intelligence layer smarter, it makes the workflows tighter, and it makes the customers stickier. That helps us acquire new customers earlier in their journey and to grow with them as their needs become more complex. Intuit Intelligence delivers done-for-you experiences for customers like Maria to power their prosperity. Now, I'd like to turn it over to Ashley, who will unpack how this model becomes even more valuable for the mid-market, a nearly $90 billion total addressable market. All right. Thank you, Arundhati. You just saw how Intuit Intelligence helps run a business end to end. Let's jump into mid-market. Our progress in mid-market over the past year has been strong, and it gives us a clear opportunity to broaden our sources of growth. Mid-market revenue grew 39%, customers grew 28%, and Intuit Enterprise Suite reached nearly $150 million in annualized revenue, a 4x increase year over year. Our opportunity to capture the mid-market TAM is focused on three levers. First, new customers. David talked about our focus in winning new small business customers, but we are also focused on winning new mid-market customers through industry editions and accountants. Next, our existing installed base. We will build on our progress, migrating and upgrading our existing installed base to our mid-market offerings through continuing to expand our go-to market, and our expert-led onboarding. We are making very strong progress compounding growth through greater services adoption. Our mid-market lineup is built to support all three of these levers, from QuickBooks Online Advanced to Intuit Enterprise Suite and Intuit Accountant Suite, which I will dive into more as well. Let me take you through each. First, QuickBooks Online Advanced is the all-in-one solution for merging mid-market businesses. These businesses are growing fast, but they have small teams. They may still only have a part-time controller or a fractional CFO, and the last thing they want to do is have to hire an army of people to continue to scale their business. They want everything in one place without a heavy implementation or ongoing integration costs. As David mentioned, this is exactly what we have delivered with Advanced. An integrated solution with payments, bill pay, capital, payroll, all integrated into the platform and importantly, into one simple offering. We see the results already in customer adoption of services in Advanced. Payroll penetration is 13 points higher, and payments penetration is nine points higher in Advanced than in our other offerings. This is really working. For Intuit Enterprise Suite, two years since launch, we have built an enterprise-ready platform with the capabilities that complex businesses need to both stay and grow with us, which is an incredibly important part of our strategy, as well as to adopt our platform. Multi-entity consolidation, multi-currency, dimensions, custom controls, and industry depth from the chart of accounts to relevant KPIs. What I hear from every single CFO and finance team that has adopted Intuit Enterprise Suite is it is their financial command center. It gives them one live view of the business to make the best decision every single day. I talked to a CFO last week of a franchise business in Hawaii, and he said moving to Intuit Enterprise Suite was like going from the rotary phone to a smartphone. So great analogy. AI agents are built-in, running month-end close reconciliation and accruals agentically. We actually see a 75% monthly engagement with Intuit Intelligence in IES. Soon businesses will be able to customize and build their own AI agents, you saw Agent Studio, for the job specific to how their business works. We are seeing meaningful ARPC growth with 2x uplift in revenue from upgraders, compounded by the growth in payroll and payments penetration that is 22 points and 19 points higher respectively, in IES than in other offerings. Let us go deeper on industry for a minute and why it matters so much for mid-market. It actually represents a $30 billion opportunity within our overall mid-market TAM. Mid-market businesses have industry-specific needs that are driven by their business model and their operations. For example, nonprofits have to manage and report on grants. Manufacturing businesses need inventory accounting. Construction businesses have diverse contracts. They might have milestone or progress-based billing, and they have to manage complex payments to their subcontractors. What this means is historically, they have had to adopt vertical point solutions or legacy ERPs. Accountants also specialize and go to market by industry, and they recommend technology platforms based on industry fit. We have early proof already of how we can accelerate customer growth by launching our new construction mid-market offering. We purpose-built this offering for how the industry actually works. Job costing, project budgets, retainage, AIA-style billing are all built in. We built a dedicated go-to-market from demand creation to sales to customer success. In our first six months in market, we have seen a clear acceleration. QuickBooks Advanced saw an incremental 19 points of customer growth in construction, and IES saw 20% increase in new construction contracts. This gives us confidence that industry-specific innovation will be a meaningful lever for new customer growth in the mid-market, and we are moving quickly to scale this approach to other large verticals like nonprofit and manufacturing. We also continue to accelerate mid-market through our go-to-market expansion. We win on differentiated experience, lower cost, and total cost of ownership. In sales, dedicated industry and money sellers tripled our sales productivity over the past year. Our demand engine is also maturing. Marketing-sourced, new-to-franchise IES contracts also tripled over the last year. Experience continues to be a meaningful differentiator as we scale. We are delivering speed to value realization with our customer success motion. In fact, over 70% of new IES customers adopt four or more unique capabilities of IES in their first 90 days on the platform. If you compare this to other ERPs that take six months, cost $60,000, and have a 50% failure rate of even getting to the starting line of adoption, we are clearly providing a truly differentiated experience. As we have discussed, accountants are an important part of scaling mid-market, with over 70% of mid-market businesses working with an external accountant. This year, 25% of our new IES contracts came from accountant referrals. We are focused on expanding our partnerships, particularly with the top firms, where we have a lot of room to grow together in the mid-market. Accountants have long worked in QuickBooks and Intuit Enterprise Suite for bookkeeping. As Arundhati showed you, this year we launched Accountant Suite, which is a dedicated experience that is incredibly importantly built on the same platform. It takes firms beyond bookkeeping that they have historically done in our products, delivering automation, client insights, and relevant benchmarks, both across their portfolio and specific to each client, so that they can actually grow their advisory practices. Accountant Suite naturally works seamlessly with QuickBooks and Intuit Enterprise Suite because it is built on the same platform, but we will also integrate with third-party GLs and ERPs to give firms true end-to-end visibility, automation, and intelligence across their entire client portfolio. Firms will also be able to turn their expertise into new revenue streams by distributing branded KPIs and dashboards directly to their clients in QuickBooks and IES. As you saw, very soon, building and managing custom agents on behalf of their clients. This distribution of firm-branded dashboards and agents across our platform is uniquely differentiated. All of this is powered by the same Intuit Intelligence that delivers automation and intelligence to businesses. Fueling accountant success strengthens our network effect. Accountant Suite users spend nearly 30% more time on high-value advisory work. Again, this reinforces their preference for the firm and their clients to run together on our platform. Let us look at Agentic's Book Close in Accountant Suite. This is in the hands of select accounting firms today. Again, they are hands-on with it today. It will run the month-end close end to end, following the firm's own standard operating procedures and policies. The firm remains in control and the agent learns with every close. The early feedback from these firms is that Book Close enables them to take our technology, their expertise, and automation, and free up their associates' time for advisory work and deeper connection with their clients. Let's see it in action. Arundhati showed you a little bit of Intuit Accountant Suite, but please welcome me in joining Wyatt Jenkins, who will show you how IES and Accountant Suite work together to accelerate mid-market. Thanks. Hey, everyone. My name's Wyatt Jenkins. I'm the head of product for the mid-market here at Intuit. I want to show you how incredible it can be when a mid-market business and the accounting firm that serve them are working from the same financial unified platform. When this happens, it creates a durable network effect, where every interaction creates value on both sides. I'm going to start today by showing you how we're serving accountants. As Ashley mentioned, Accountant Suite has over 150,000 accounting firms on it today. Then I'm going to switch gears and show you Intuit Enterprise Suite. In just two years from its inception, we're now at about $146 million in annualized revenue. For a mid-market company, migrating to an ERP is a big decision. For that reason, accountants are critical to helping make that decision. Today, we see 25% of new contracts to IES be accountant-driven. Let me show you how we're going to take and make that migration decision a lot easier within Accountant Suite. Right now, we can actually alert an accounting firm or an accountant at a firm that this particular customer is ready to graduate. Maybe we see that they have more entities or more locations or higher invoice volume. One of the things an accounting firm can do to really differentiate themselves with their client, they can actually build a custom version of Intuit Enterprise Suite. We call these customizations playbooks. Let's build a playbook. You're going to click here. Playbooks are a great example of a network effect. On one side of the network, a firm is able to differentiate themselves amongst a sea of competition. On the other side of that, a client's getting a customized version of Intuit Enterprise Suite that's for their industry and for them specifically. In this example, the firm can type in natural language what they want, or they can select from a number of templates for different industries to create a version of Intuit Enterprise Suite. In this example, Intuit Intelligence is actually going to make a recommendation as to what they should do here in construction. When you go into this, Intuit Intelligence is going to start customizing everything, the chart of accounts, the cost codes, custom objects for that particular industry. If the accounting firm wants, they can drag and drop and customize it further for a specific client. When they click Publish, it's going to take this and it's going to push it to a live sandbox. In that sandbox, all of the customer's data is already there. This is that real magic moment, right? You show up to a meeting with a customized version of Intuit Enterprise Suite just for a customer that's got personalized KPIs, personalized custom objects. That really helps you differentiate. If you haven't seen Enterprise Suite in a while, it's really grown up. This is that CFO command center that shows you a consolidated view of all your entities in one spot. You can dig in deep and look at different entities, different dashboards. Over here, you've got our multi-currency conversions. You can see the power of dimensions come to life, within Intuit Enterprise Suite. This is job costing by cost group, which allows you to slice and dice the data any way you want. Over here in the activity feed, you can see agents actively working on your behalf. As we mentioned with Agent Studio, some of those agents created by your accounting firm. Below that, you can see embedded money offerings. All this is now live in Intuit Enterprise Suite. I just walked you through the value of a playbook, the ability to customize. You can tailor it once, and then you can take that same template and you can apply it to multiple clients. I want to walk you through Agent Studio. For Agent Studio, our go-to-market motion is a forward deploy. That means engineers at Intuit are going to go sit inside of accounting firms and stand it up and make sure it works great. We are currently deployed into 20 of the top accounting firms in the U.S. Let's take a look at Agent Studio inside of Accountant Suite. Here you can see there are agents that are built for the practice. This helps the practice be more efficient internally. You can also see agents that are deployed into clients' experiences. We are starting to hear about accounting firms create a new revenue stream by building and maintaining agents on behalf of their clients. It's an exciting time. Let's create an agent together. Here you're going to click Create Agent. In this case, we're going to build a construction retainage agent. In order to do that, you're going to need the billing schedule, you're going to need the contract. When you do this and you describe the agent that you want to create and you click Go, Intuit Intelligence is going to get to work building out this agent, and this combines our vertical depth and data with the firm's data. Firms have been serving construction companies a very long time. It's the combination of those two that make it really exciting. The result is a fully customizable agent that you can build in just a few minutes to take over a workflow that might have taken a client days or weeks to go hunt down all the data for all the different construction projects that they're on. With this, you can deploy it to a single client, or you can deploy that same agent to multiple clients and customize it for each one. After you save the agent, let's go back over to the client experience. The client, the construction customer is going to log in, and they're going to see this agent working on their behalf, saving them time and money. All right. For lots of customers in the mid-market, tracking something like retainage is so painful. I know this firsthand. Every single contract, you have to hold a little bit of money back until you hit a certain milestone, and if you're working on 100 contracts at the same time, 100 different projects, it gets very complicated from a cash flow perspective. Okay. Let's talk about Intuit Enterprise Suite and some of the industry depth that we want to offer. One of the keys to growth is the depth. As you move up market, you're rewarded for deeply understanding the industry and the different workflows in that industry. We've already talked about construction. We're very excited about the results. I wanted to switch gears and talk to you about a few industries that are coming soon. Let's start with manufacturing. In manufacturing, one of the key problems is that all of your operational data where you're actually making the products are in a bunch of systems, and all of your accounting data is in the back office systems. What this means for the CFO, they're the last one to know when a new product is unprofitable or when things go off the rails. In our new manufacturing edition coming soon, we have a native production and inventory feature set that's built directly into Intuit Enterprise Suite. Bill of materials, manufacturing orders, multi-location inventory, all of that is built in and tied directly to the GL. Let's switch gears to one more industry, nonprofit. One of the hardest problems to solve in nonprofit is the fact that all the money you get has strings attached. Most grants and donations can only be spent in a very specific way. Every transaction has to be coded to the right way. This lets you move money from restricted to unrestricted as it gets spent. Our nonprofit edition, which is currently in pilot, automates fund accounting inside Intuit Enterprise Suite. It releases restricted money to unrestricted, and it allows you to tag every single transaction in a way that you can build all the audits and the reports to your funders that you need to run the business. One more exciting opportunity for us in the mid-market is franchise. There are over 3,500 franchisors in the United States, and they each bring a network of franchisees into QuickBooks Advanced and into Intuit Enterprise Suite. Our franchisor console will give a single pane of glass that works across the network of franchisees. There's really three key benefits. Number one, you can standardize everything like the chart of accounts in terms of all your franchisees. This gives you an apples to apples comparison of how those businesses are operating. Number two, you can streamline cash flow and royalties between the franchisees and the franchisors. Number three, and very important, we can use AI to surface benefits across your network of franchisees in ways that very few companies can. We're really, really excited about the new franchisor console. We can't wait to bring this to market. All right, wrapping up. Everything you saw today is Intuit Intelligence in action, and it's a big part of how we're going to win in the mid-market. We are going to serve businesses and the accounting firms that guide them along the way. When you have both of them on the same platform, it creates that network effect. It doesn't just help existing customers, it also drives new to the franchise because accounting firms are helping customers make decisions about what they buy. Today, 70% of mid-market clients have an accountant attached, which is proof that that two-sided model is working. We believe this network effect not only helps businesses grow, but it also helps the accounting firms who guide them along the way. Thanks for your time. I want to kick it over to David. Thank you, Wyatt. We are going to end with where we started. I want to get back to our key takeaways. There's really four things that are essential if you've taken away anything from our plan today, anything from the energy, the demos, it's really these four things. We are going to scale consumption and engagement of Intuit Intelligence across the platform. We're going to re-accelerate growth through the expanded lineup and really driving share and retention in our core. We're going to embed money experiences deeply to drive adoption and drive ARPC growth. We're going to fuel our mid-market success by winning new customers with things like the industry editions you just heard about, as well as the accountant network. That brings us to our long-term expectations. 10%-15% compound annual revenue growth over the next three years for the business platform. We have all the growth levers available, volume, mix, and price, and we're being prudent in the contribution that we assume from each. Our focus now is all about execution. Expand market share, drive higher ARPC, and build durable growth for the long term. Thank you. With that, I'd love to welcome Kendra back on stage. [inaudible] Thanks, David. All right. Thank you, David. Thank you, all our presenters so far. Before we go to a break, I just want to let you know that the snacks you're about to enjoy, coffee this morning, dessert you'll see later, it's all from small businesses that we support. I know probably like many of you, I had an early wake-up call, so Tico Coffee Roasters was especially nice this morning. There's another one of my favorites, Ashby Confections. They have these sour gummy candies that are really good, so I hope they have those today, too. With that, we are going to take a 10-minute break. Please enjoy the treats, and I will see you right back here in 10 minutes. Thanks. [Break] Please return to your seats. The event is about to resume. All right. Believe it or not, that was 10 minutes, so please come take your seat. As everyone's coming back over, grabbing those last snacks, one quick announcement before we jump back in. After today's event, my team's going to send out a survey request, and I do ask, please fill that out. For those of you that know me, you know that I do appreciate feedback, both positive and constructive. So please share any feedback you have on the events. We do genuinely review it and think about how we can improve the experience, the day, the content, everything for you all in future years as well. So be on the lookout for the survey. With that, as everyone's coming back to their seats, we're going to jump back into the consumer platform, so I am pleased to introduce the head of our consumer business, Mark Notarainni. All right. Good morning, everybody. I'm Mark Notarainni. I'm the Executive Vice President and the General Manager of our consumer group. Along with my colleague, Nick Soukas, our head of commercialization, we are here to share with you over the next 30- 35 minutes our game plan to win in the consumer platform. As we go through this session, there are three critical takeaways we'd love you to leave with. One, we are scaling the consumer platform. That means we are transforming Credit Karma into that daily, active front door for customers to make decisions across money, tax, and personal finance. Two, we are evolving our tax growth model. We have aggressive plans to recapture DIY share and grow lifetime value with our customers. Three, we are going to expand assisted tax with breakthrough AI-native service experiences, transparent and disruptive pricing, and an expansion of our local presence. The opportunity ahead is significant. Our job now is to translate that opportunity into more customers, more share, and a deeper, more valuable relationship with our customers. Let's take a look back at fiscal year 2026. The consumer group grew 11% to $8.6 billion, driven by our assisted tax and Credit Karma franchise. We did, however, lose one point of IRS share. That means that our DIY, do it yourself franchise, did not grow at the pace that we needed. I'm going to unpack that a little bit later in the presentation. But first, I want to talk about how we're going to position the consumer platform for durable growth. First, our consumer platform actually creates more value the more our customers engage with it. Our strategy is to grow significantly our relationships with customers in that platform. That is why Credit Karma Money will become that front door for customers' money, tax, and personal financial needs. Second, Assisted is working, but the next phase of growth for Assisted is going to be driven by an AI-native service experience, disruptive and transparent pricing models, and expansion into our local markets. Finally, we will unlock our DIY funnel by aggressively competing for price-sensitive customers, growing share, rebuilding our DIY funnel, and optimizing for long-term customer value. Our equation is no different than the rest of Intuit. For the consumer group, what this means is we will continue to accelerate our money, Assisted Tax, and personal finance, which is driving real momentum and has still significant headroom for growth. But in order for us to drive durable growth, we have to recapture the momentum that we have had in winning DIY customers. The opportunity is real. Consumers today really struggle making these financial decisions because the market is a market full of fragmented, disconnected experiences. That fragmentation actually costs customers time and, more importantly, money. Our opportunity is to eliminate that complexity by building one consumer platform powered by Intuit Intelligence. We are maniacally focused on delivering on our customers' most pressing needs as it comes to managing their personal finances. This opportunity and these problems traverse every household in the markets that we serve. That is why our vision is to be the financial assistant that helps our customers make smarter financial decisions and put more money in our customers' pockets. This is not another dashboard. This is not more information for a customer to process. This is delivering trusted guidance, done-for-you experiences, and delivering tangible benefits. More money, less work, and complete confidence in the decisions that they need to make. Our customers need this personalized guidance across the full spectrum of decisions they may make, they must make, daily, weekly, annually, and periodically when they make big, high-ticket, high-value decisions. The Intuit platform and the Intuit Intelligence compounds that customer benefit and monetization over that full spectrum. Our richer data sets sharpens our personalization. Better personalization drives engagement. Engagement leads to more monetization opportunity, and it all culminates with putting more money in our customers' pockets. This is the power of Intuit Intelligence and leads me to our three strategic priorities. We are completely focused on our North Star. We are putting more money in our customers' pockets. Three priorities with one connected growth strategy. We are going to scale the consumer platform, evolve the tax growth model, and expand Assisted. With the consumer platform, we can acquire a broader set of customers. With tax, there is a high engagement, high moment of time for us to engage with customers. With Assisted Tax, we are able to serve more complex customers at materially higher customer value. With Credit Karma, we have a front door to our full ecosystem of products and services. Whether you are trying to maximize your tax refund at tax time, you are trying to understand and know where you stand at any moment in time with our connected accounts, or maybe you are one of the 57% of our Credit Karma members that is trying to consolidate very expensive revolving debt. This is a connected platform with shared data powered by Intuit Intelligence. Let me talk about our first priority. Our first priority is all about scaling the consumer platform. That means making Credit Karma the year-round front-door financial home. We will do that by providing personalized insights and information to customers, and more importantly, personalized actions based on their data and their situation. Additionally, we can turn that financial context into a proactive tax engagement moment. Because we will see when spending patterns change, or income levels change, or a customer has a life event, we will be able to identify when is the right opportunity to ensure the customer knows that we have their back at tax time. Finally, we will deepen our relationships by building out our money products, our banking services, loan products, and our personal finance platform through an excellent network of incredible partners. This will allow us to scale and create a daily active loop through banking services, where we are engaged with our customers every day. That insight builds as we engage with those customers, and that leads to more trusted guidance into bigger-ticket items like consolidating debt, or refinancing a home, or potentially refinancing your auto, and is an on-ramp to other embedded services. This is a fundamental transformation in our business model. It is moving us away from a business model that was focused on a seasonal business that came once a year and interacted with customers once per year, to a consumer platform that provides year-round consumer financial solutions. With that, we are able to move from maximizing the revenue per customer at a transactional level, specifically around tax time, to being able to grow tax customers and expanding the lifetime value by driving cross-platform adoption. This is a massive unlock for us. It is a product that is going from siloed products with limited connectivity and continuity to an integrated experiences based on data powered by the Intuit Intelligence system. You will be able to measure our success through three connected metrics. First, how many of our customers are we monetizing across the platform? That is our platform customer model. Our platform customers grew 2% last year to 37.4 million. Second metric, how are we creating value within each one of those customers? That value is measured by our average revenue per platform customer, which last year grew 11% to $198. Of course, in order for us to return to a durable growth model, are we gaining share of IRS e-files year in and year out? This is how we will look at the success of our business in transforming into that one consumer platform. How are we going to grow e-file share? That takes us to our second priority. We must evolve the tax model, and that starts by broadening our DIY lineup with a low-cost Credit Karma Tax product. This product is intentionally designed to be simple, transparent, and is designed to acquire those price-sensitive customers. We will also use DIY as an acquisition onto a lifetime value with customers. This on-ramp will allow us to prioritize customer and e-file growth over maximizing ARPC on the initial tax transaction. This allows us to grow value through the platform and the offers that we have with CK Money and Personal Finance. Finally, we are going to scale our distribution. Alex showed you some of the distribution into the frontier LLMs, but we are not stopping there. We are embedding TurboTax in payroll and fintech platforms so that we meet customers where their tax journey starts. We have exciting proof points this year that this new acquisition model can work. In tax year 2025, we deployed Credit Karma Tax as a pilot, and what we saw was very encouraging for us. It drove 80% customer incrementality. That means that this value proposition is working in driving customer acquisition with customers that we would otherwise have lost. The other data point is that 34% of the Credit Karma Tax Gen Z customers were new to the Credit Karma platform, again, showing for us that we can use that tax moment to bring more customers into our broader consumer portfolio. This expanded lineup allows us to compete across the entire tax spectrum. Credit Karma will lead with a simple, free first proposition, acquiring and focused on price-sensitive customers. TurboTax, our TurboTax DIY product lineup, is designed to help those customers with growing complexity in their tax situations. Then TurboTax Expert Assist and Full Service is designed to acquire those customers that are seeking the confidence of an expert. This year, because we are deploying an AI native experience, we are going to be able to expand the single most valuable component of that interaction, which is the signature of an expert, deeper into our Expert Assist products. This is truly going to open up our opportunities to serve more assisted customers. More on that later when I go through our third priority. Let me just take a little bit of a deeper dive into Credit Karma Tax. This year, we delivered a product that was simple and transparent. $0 for federal return and $15 for your state, with no interruptive upsells. We also built this natively in Credit Karma, which means that it is a one-click seamless start experience, bringing over all your data, making for a delightfully simple tax filing experience. What is really important is that we saw this as an on-ramp to a greater lifetime value with customers as they are natively embedded within Credit Karma and will consume Credit Karma Money products, personal finance products, and ultimately, as their life changes, be able to consume assisted taxes. I shared with you evidence that we had during the tax season, but this product is already deployed 100% into our Credit Karma platform. What we are seeing today is that it is delivering the highest product recommendation score that we have in our entire DIY product portfolio. We are very excited about the role that Credit Karma Tax is going to play in acquiring those price-sensitive customers. Which leads me to our last priority, expanding assisted tax. We are going to unlock scale because we are going to be an AI native service experience with disruptive and transparent pricing. Nick is going to show you how that product is going to come to life. Very excited about the progress that the team has made here. Second, we are going to expand our local presence by north of 30%. We are going to increase our presence in priority markets, specifically around the country. Finally, we will be deepening our relationships with our customers beyond filing. This means for a services-based product, enabling our customers to pre-book and pre-schedule their time with their expert, or maybe have a mid-year check-in with that expert, or be available for any proactive engagement in the moment that you might have one of those life events where you just want to ask a question. We have significant momentum in assisted tax. Last year, we nearly doubled our assisted share. Additionally, we learned that our transparent, value-based pricing with our $150 offer attracts new customers. 25% of our full service growth came to us because of that transparent price offer. Our job here is to scale and reach more customers, and we're enabled by the Intuit Intelligence system that is across Intuit to be able to reach customers in new and exciting ways. With that, I'm going to turn it over to Nick so he can show you how this whole innovation comes to life in our products. Thanks, Mark. I'm Nick Soukas, Senior Vice President of Commercialization for our Consumer Group. Mark just laid out our consumer strategy, and now I'm going to show you how our financial system of intelligence brings it to life through two customer journeys. First, we'll follow Daniel, whose journey shows how we're evolving our tax growth model to win DIY customers beyond tax season, using TurboTax and Credit Karma as two powerful entry points into a year-round financial relationship. Daniel is 23. He earns less than $50,000 a year and is one of 60 million Americans navigating the early stages of their financial lives. Daniel was recently blindsided by a $10,000 emergency vet bill, and he maxed out his credit card to cover the cost. Overwhelmed, he turns to TikTok for advice, and he's surprised to see that others are using Credit Karma to pay off their debt. While he's used Credit Karma in the past to check his credit scores, that's the only thing he's used it for. When he enters Credit Karma, he sees that the homepage looks different. His account balances, spending, and scores are all together in one place. Daniel had previously connected his accounts, so his dashboard is populated and already working for him. Soon, he'll be able to see our new AI-generated weekly financial insight, where he can tap View Recap for a summary of his spending and a deeper look into his debt situation. In this case, Daniel still has questions, so he asks Credit Karma Intelligence for help. Credit Karma Intelligence proposes a personalized plan to pay off his debt, leveraging our debt agent. Because our financial system of intelligence understands Daniel's deeper financial picture, we can provide this level of tailored advice. He taps Build My Debt Plan, and we generate a plan that accelerates his payoff date by over a year through a 0% APR balance transfer credit card. We do not just tell Daniel what to do, we help him act. He taps Activate Plan, and he is routed directly to the application. This card reduces his payments through lower interest, powered by Lightbox, our proprietary technology that allows partners to offer highly personalized rates directly on our platform. He taps Confirm directly in the chat, and upon completing his application, he is quickly approved. Daniel's journey is one example of the scale that we are already driving as a platform. Today, approximately one out of every nine credit card approvals and personal loan originations in the U.S. comes through our AI-powered platform. But for Daniel, approval is just the beginning. Year-round, Daniel also has insights from Credit Karma about his cash flow. In this case, flagging increased spending on Amazon. He can tap in for a deeper look into the breakdown of these expenses, or he can simply ask for coaching about his personal financial situation. In this case, Daniel would like to visit his baby niece, but does not know whether it will set him back in his debt journey. Credit Karma Intelligence looks across his debt plan, his spending, and the trip costs to provide a recommendation knowing his spending habits. It recommends traveling in May and opening a Credit Karma savings account to save for the trip instead of using his balance transfer card. Daniel can feel confident in his financial decisions because the recommendations that Credit Karma is providing are backed by his broader financial context. When tax season comes around, Credit Karma will be there to support Daniel in getting his maximum refund and his money fast. Credit Karma Intelligence sends a notification that it is that time of year. It includes an estimate of his refund directly within the notification. Because we have been his savings partner all year long, when Daniel taps in, he sees Credit Karma Taxes, our new completely free federal tax filing experience, where most of the work is already done for Daniel. Credit Karma Taxes is already generating 80% incrementality and higher monetization and product recommendation scores than TurboTax Free Edition. Daniel decides that he is going to complete his taxes within Credit Karma. He sees his refund, and next, he decides how he wants to direct it. He chooses to put it into a Credit Karma checking account, where we can help him optimize his refund by recommending that he put it into a Credit Karma savings account for his next financial emergency. This is our consumer platform flywheel at work. Let us see how this same platform is uniquely positioned to generate new to the franchise growth through assisted tax and our trusted AI and human intelligence. Every year, 14 million assisted filers, that is people who are already paying a pro to do their taxes, shop for a new one, and about a third of that switching is driven by price. Mariah is one such potential customer. She is 44, a physician's assistant, and has used a CPA for years. Mariah wants to do more of the work herself, but she still wants an expert to validate, sign, and file at the end. She decides to do some research. Thanks to our 75% AI answer presence, higher by 35 points versus the next competitor and on par with irs.gov, we can meet Mariah where she is, such as her LLM of choice. She types her query around finding a CPA alternative and views the response. She taps the top option, which takes her to turbotax.com, where she sees a completely new offering, leveraging AI to do taxes on her own, but still with an expert who reviews and signs, backed by their guarantee. She taps to get a personalized quote, answers a few questions about her tax situation, such as the states she will file in, and also her cash flow sources. Then she gets a personalized upfront price quote, nearly $100 cheaper than what she paid a pro last year. Now, what you are about to see is not full service, where an expert completes the preparation end to end. It is called Sign and File, and it is what Mark mentioned earlier. This is an AI native virtual experience where the customer prepares their return using AI. Then, a trusted human expert reviews, signs, and takes accountability for the outcome. Mariah is intrigued, so she taps to get started. She creates her account, and our immersive AI guides her through her return. She shares her tax documents by securely connecting her accounts, which in turn creates a shared data foundation. Now the AI automates all of the preparation for Mariah. When it is finished, it surfaces insights to let her know that it has done the work on her behalf and gotten her her maximum outcome. At any point, Mariah can choose to ask a question by simply typing it directly in the AI chat interface. In this case, why did I get two 1098s? No more searching on the side or waiting for her CPA to respond. At this point, Mariah can choose to talk to an expert, but she is pretty clear on the response, and she chooses to keep going. Next, she completes her taxes directly in the AI interface and selects Review My Return. The AI performs a comprehensive check before showing her her refund. Now Mariah is ready for the added reassurance of an expert check, so she hands her return off to Sergio. This shift allows us to meaningfully scale our human experts through automated preparation. Coming soon, the AI prepares the return, and the expert applies judgment and takes accountability at scale, enabling competitive pricing as a powerful differentiator. Mariah can track Sergio's progress at any time on her return. She can see the changes he made and also review his notes on her file. She can choose to speak with him now, but she is actually comfortable with the changes, accepts them, and proceeds. Next, she decides how she wants to direct her refund and sees an option for a TurboTax Refund Advance deposited directly into a Credit Karma checking account. This grants her expedited access to her funds, and so she chooses this option. She sees her previously quoted upfront price and chooses to pay with her expected refund. Now Sergio does what AI cannot. After reviewing her return, he signs and files it, accepting accountability for the outcome. But the tax return is just the beginning, because now Mariah has year-round access to a tax expert, including the suggested mid-year check-in to keep her on track. And just like that, Mariah's refund lands in her Credit Karma checking account, kickstarting her broader relationship with our platform. From here, her relationship with Credit Karma continues, just like Daniel's. Two different customers, two different front doors, one consumer platform powered by a financial system of intelligence. Both Mariah and Daniel show us how we are winning customers earlier, we are monetizing the full relationship beyond a single tax moment, and getting smarter with every interaction. That is the flywheel. More customers, deeper relationships, and durable growth for the consumer platform where we already have 37 million customers and average revenue per platform customer growing 11%. Now I will turn it back to Mark. Nice job, man. All right. We are truly excited about the opportunity we have as a consumer platform to change our customers' financial lives. But I am going to start, I am going to go back to where I started. We have three critical priority areas. This year, we will scale the consumer platform, making Credit Karma that front door to those critical decisions around money, tax, and personal finance. Two, we are going to evolve our tax growth model by aggressively engaging with those price-sensitive customers, building our funnel, growing our share, and growing lifetime customer value. Finally, we are going to transform Assisted Tax and expand our tax product. We are going to grow our tax acquisition of new-to-the-franchise customers with an AI-native experience, disruptive and transparent pricing, and expansion into our local markets that matter most. The opportunity is real, and we have proof points across each one of these strategic priorities. However, we have a lot of work ahead, and we are maniacally focused on executing for this upcoming tax season. With that, the consumer segment is going to grow 4%-8% compounded annual revenue growth rate over the next three years, driven by three things: share gains in IRS e-files, scaling Assisted Tax, and deepening those relationships with our customers across Credit Karma. In the near term, customer growth, we believe, will outpace ARPC. But as we rebuild our funnel, ARPC will become a contribution to increasing our growth over time. Now, with that, I am going to turn it over to Sandeep. Thank you. Hey, good morning, everybody. Nice to see you here on our campus. Thank you for spending part of your day with us and your continued support of Intuit. Today, I am going to cover the four things that drive my confidence in the strength and the durability of Intuit's financial model. It starts with the big bets, each one of them growing north of 30%, together representing about 30% of the company's revenue, and having ample opportunity to continue to deliver strong growth across a $300 billion addressable market. It is our focus on accelerating customer growth, ensuring we are building a durable, long-term growth franchise as these new customers continue to deepen their engagement across the platform. It is our track record of being disciplined operators, investing in growth while expanding margins, and it is our stewardship of shareholder capital, continuing to do consistent dividend increases as well as returning capital through buybacks. When we met last year this time, I shared with you all the objectives for the year ahead. At the overall company level, we had a strong fiscal 2026 across growth, profitability, and cash generation. Intuit's overall revenues grew 14%, surpassing $21 billion in revenue. Our business platform grew 18%, 16% including Mailchimp, and consumer platform grew 11%. With our focus of investing for durable growth while driving margin expansion, we grew our GAAP operating income and EPS 20%. We had strong cash flow generation and returned nearly 80% of that cash to shareholders through dividends and buybacks. While we delivered on our financial commitments at the overall company level, we did not meet our expectations of performance in tax and customer growth. That performance in fiscal 2026 solidified the foundation in many ways and also highlighted areas where we need to continue to evolve. Those areas include accelerating customer growth, deepening the engagement customers have across the platform, and continuing to be disciplined in investing in growth while expanding margins. Our approach to operating the company has been guided by the financial principle, and this remains durable. Our top priority is operating to organic double-digit revenue growth. I see ample opportunity across a massive $300 billion addressable market for us to deliver on this principle for years to come. We want to make sure as we're scaling the business, we are leaning into efficiencies, economies of scale to expand margin, leading to operating income growing faster than revenue. We want to be disciplined in how we deploy our capital, organic growth being a top priority while we're disciplined about pursuing M&A where it makes sense and it meets our ROI thresholds. We want to maintain operational flexibility, ensure that we're leading Intuit from a position of strength regardless of the macroeconomic environment, and finally, continue to be good stewards of shareholder capital, leaning into consistent dividend increases and buybacks. With a 7% penetration across a $300 billion addressable market, we have ample opportunity to continue to grow. This opportunity is broad across both our business and our consumer platform, across multiple customer needs that we are well situated to address. The big bets are the keys to unlocking this opportunity, and capturing more of it comes down to execution. Our big bets are delivering at scale. You heard how each one of them are growing north of 30%, but that growth isn't just a one-year phenomenon. Since fiscal 2023, our big bets have grown at a compounded annual growth rate of 30%, more than 2x the company's growth. These are no longer emerging businesses. These are delivering at scale today and will continue to do so for years to come. When you step back and look at the big bets, what stands out is the breadth of the performance. Each big bet is well north of a billion dollars, delivering strong outcomes, and these bets are across multiple customer needs and end markets. While growing big bets is one side of the equation, the other side is growing the scale of the platform that comes down to delivering customer growth. This past year, we did not meet our expectations on customer growth. We lost share in tax. On the business platform, growth decelerated two points. This morning, you heard from Mark, Ashley, and David, the actions they're implementing to re-accelerate customer growth. While the actions differ by market, the core strategy comes down to three pillars. Broadening the front doors. This includes a more competitive, transparent DIY offering, continuing to show up local. It includes a broader lineup in our business platform and a broader distribution to meet the customers where they are. It is focusing on the priority cohorts, including switchers, non-consumption businesses, and price-sensitive consumers looking to engage across the platform. It is continuing to deepen that customer's relationship across the platform, helping them discover and consume more parts of the platform. As the customer's needs evolve, helping them upgrade to offerings across the platform. Customer growth is a key part of building a durable growth franchise. We have a long track record of compounding ARPC across our platform, across both the business and the consumer platform. On the business platform, ARPC is north of $1,100, on the consumer platform, it is nearly $200. What stands out when you look at our ARPC trends is that at the upper end of the ARPC, across both platforms, we are compounding it at a strong double-digit rate. This is our big bets, our platform adoption, our innovation and pricing for value, working as it is intended to. What also stands out is at the lower end of the band, we are shrinking. This is why we have a renewed focus on accelerating customer growth, to refill those lower bands that, over time, will compound into higher ARPC. That is a key to a durable double-digit organic growth franchise. As you heard this morning, the strategy is pretty straightforward. Scale big bets, accelerate customer growth. Our financial model is set up to fund both of these for success. Let us connect the growth strategy to the financial outcomes. Our track record of being disciplined operators has led to strong growth. Since fiscal 2023, revenues have grown at a compounded annual growth rate of 14%. Our approach of leaning into efficiencies, improving unit economics while investing growth, led to margin expanding over 5.5 points in the same time, driving operating income on a GAAP basis at a 23% compounded annual growth rate. This is a snapshot of Intuit's financial model. Deliver strong growth, invest in what matters for the future, and lean into efficiencies and productivity to have operating leverage across the P&L. That operating leverage shows up across multiple lines. On gross margin, as an example, we expect that to continue to grow over time as model optimization, improvements in unit economics continuing to drive efficiencies, offset higher use of AI in the years ahead. Across our operating expense lines, sales and marketing, R&D, G&A, we expect them to be flat to down over time as we continue to lean into operating as a platform company. The takeaway is very straightforward. Intuit is committed to continuing to drive margin expansion, even as our experiences evolve more towards services using AI and human expertise. AI is a key part of how we innovate and how we drive efficiencies. We spent about $110 million on tokens this past year and saw strong outcomes on that spend using a four-pronged approach. The first is what Alex touched on is sophisticated AI optimization layer that matches the model to the outcome, balancing speed, accuracy, risk, and cost. Second is approach to continue to operate as a platform company. We build something once and use it across the entire business. It is a discipline in measuring what matters and showing that where we are putting our money, we are getting the ROI that we expected. It is our process of testing, building something, experimenting, ensuring there is quality before we start scaling it. This approach is paying off. Our investments in AI on the tech platforms are paying off at a 4x rate, including saving 85,000 developer days and increasing our velocity of coding by 40%. Investments in AI and automation in our customer success organization drove over $135 million of savings this past year. Having an AI-first approach to customer support allowed us to address the overwhelming majority of customer outreach without ever escalating to a human expert. These are select examples, but what they highlight is that AI is a core part of how Intuit drives efficiencies and accelerates its velocity of innovation. We are also making meaningful progress reducing stock-based compensation. It is down several points since fiscal 2023, and we are committed to bringing it down to 8% of revenue by 2030, while we continue to attract and retain top talent. Stock-based compensation is a recurring expense, and we are disciplined about how we allocate it. Therefore, going forward, it is included in all our non-GAAP measures. Our approach to running the business has yielded strong earnings growth. Since fiscal 2023, GAAP EPS has grown at a compounded annual growth rate of 25%. Majority of this growth came from solid revenue growth and margin expansion, while buybacks offset dilution from stock-based compensation. This past year allowed us to reduce our share count by about 2%. That strong earnings translates into strong free cash flow generation. Free cash flow grew at a compounded annual growth rate of 22% since fiscal 2023, eight points faster than revenue, and largely in line with operating income growth. This past year, we delivered 40% free cash flow margin, including a $1.2 billion benefit from tax law changes related to R&D. Even with that context, since fiscal 2023, we have delivered $24 billion of free cash flow, giving us ample optionality to invest in the business and return cash to shareholders. Our approach to allocating of free cash flow follows a very simple sequence. By far, the top priority is investing in organic growth. This includes continuing to invest in scaling our big bets and continue to invest in accelerating customer growth. We want to maintain an investment-grade balance sheet and remain highly disciplined about when we pursue inorganic opportunities to meaningfully accelerate our time to market and where to achieve our ROI goals. Excess cash, continue to return that to shareholders. Consistent dividend increases, and a strong buyback program. That approach of returning excess cash to shareholders has yielded $17 billion of cash being returned to shareholders since fiscal 2023. That is 70% of the free cash flow we generated during that time. This past year, we returned 79% of our free cash flow to shareholders, including a 15% dividend increase and nearly doubling our buybacks. As I look ahead to fiscal 2027, we have declared another 15% increase in dividends, and I expect buybacks to play a meaningful role in how we use our excess cash. With that, let me shift to fiscal 2027 priorities. The top priority, as you've heard all morning, is building a durable double-digit growth franchise. That comes down to continuing to scale our big bets, accelerating customer growth, and deepening the engagement those customers have across the platform. It's continuing to be disciplined in how we run this company, investing in what's going to drive growth in the years ahead, while using economies of scale, efficiencies, and technology to drive margin expansion. In fiscal 2027, we are committed to growing our EPS ahead of our long-term commitment of high teens on a non-GAAP basis, and we will remain disciplined about being good stewards of shareholder capital with dividend increases and a strong buyback program. Let me touch on guidance. This guidance is consistent with that which was shared on the August earnings call. At the overall company level, we expect revenue growth of 9%- 10%. That is a step down from the year before, and I'll unpack that momentarily. On the business platform, our expectation is revenue growth of 13%- 14%, including a low single-digit decline in our desktop ecosystem as that customer base continues to shrink with customers moving to online offerings. On a consumer platform, we expect revenue growth of 4%- 6%, including growth of 2%- 3% in TurboTax, where we are making deliberate decisions on the DIY platform to recapture share. On the Credit Karma, we expect revenue growth of 11%- 13% as we make prudent assumptions around how partners continue to increase their spend and how we continue to take increased share of that spend. Going forward, we are also breaking out Mailchimp as a separate reporting segment to drive transparency around how we are managing it for profitability to maximize its value. Consistent with our financial principles, we are growing operating income and EPS meaningfully faster than revenue, driving margin expansion, including a 440 basis points margin expansion on a GAAP basis as we lap the restructuring from the past year, and 260 basis points margin expansion on the non-GAAP basis. When you step back and reflect on our performance from fiscal 2023-fiscal 2026 and the guidance for the year ahead, what stands out is that Intuit is a strong compounder. With a focus on driving durable revenue growth, commitment to continue to expand margins, we are delivering operating income and EPS growth meaningfully faster than revenue. This is by design. This is our financial principles working and driving how we make decisions across the company. We are also reaffirming our long-term expectations. Our priority over the next three years is to scale our big bets, accelerate customer growth, deepen engagement those customers have with the platform. With that context, we expect our business platform compounded annual growth rate over the next three years to be in the 10%- 15% range. Our consumer platform's growth to be in the 4%- 8% range. With our commitment to continue to accelerate increased margins and continue to do share buybacks, we expect our EPS to grow in the high teens on a non-GAAP basis during that time period. You heard from us this morning the importance of execution. You heard from Mark, Ashley, and David the actions they've implemented to scale big bets, accelerate customer growth, and deepen engagement across the platform. This is a scorecard that we use to hold ourselves accountable, and that we will report on to you all at a regular cadence so you could continue to underwrite our pace of execution. With that, I am going to close where I started. The four areas that are driving my confidence in the strength and the durability of Intuit's financial model. It is the big bets, the growth they have delivered, the growth they are delivering today, and they will continue to deliver for years to come. It is a renewed focus on accelerating customer growth, something we were exceptional at just a few short years ago, and how that builds a durable long-term growth franchise. It is a track record of being disciplined operators, investing in what matters for the future while driving margin expansion, and it is a stewardship of our shareholders' capital, continuing to do consistent dividend increases and having a strong buyback program. I know we have shared a lot with you all this morning. Why don't we take a 10-minute break for you to gather your thoughts, and then I will have Sasan join me on stage to take questions from you all. Thank you. [Break] Please return to your seats. The event is about to resume. All right. Welcome back. We are going to open it up to your questions, and my amazing friend to my left is going to decide who to call on. Let's start with Siti Panigrahi, since he had his hand up first, and then we go to Brad. Thank you. Thanks for hosting us, and Kendra and team, great job, and congratulations, Kendra, your first Investors Day here. Question I have, one message I found today. I have two questions. Let me start with that, and second, I'll have a follow-up. One key message is you are going to focus on new customer acquisition. That's kind of the key message today. Sasan, you know always that customer acquisition was important for Intuit. You used to grow 10%-20% growth. What made you not to focus on that earlier, and why you think that now you can refocus it back? Yeah. What happened and why now? Great question. Maybe I'll get us— Sure —started, Sandeep. First of all, I would tell you that I personally underestimated the amount of focus and change that was required on our big bets. The amount of mind share, capital allocation, talent that it took to build out our platform end to end, to really understand the go-to-market motions, all the innovation that you saw on stage today and all of our progress, I totally underestimated what that would take, and that really took an incredible amount of effort in the company. Remember, to scale our big bets, beyond building out the platform, beyond the go-to-market motions, we actually ignited a lot of new to the franchise customer growth in context of our big bets. Now we're a meaningfully different place. The talent we have, the way we're organized around the big bets, and then the progress that we have made. The second thing I would say is, I remember, I think it was 13 years ago, when I went to TurboTax, my charter was to take share. By the way, back then, we didn't even have Assisted Tax. We didn't have any of the platform capabilities that we have today. We took four-five points of share over a 2- 3 year period. I was given the same charter when I went to the business group, which is take share and grow customers. We didn't have the platform capabilities that we have today. The reason I go back to that story is, it is incredibly freeing to be clear about now is the time to do both. I think that's the reason for why now. We have spent four or five years investing significantly in AI across our platform. It's igniting innovation across the entire company. We've expanded into Assisted Tax meaningfully. We've expanded into mid-market. Money is now the core benefit that we deliver, and now we've just got to continue to scale that. Now is the time, but we've been laying the groundwork for the past year to accelerate customer growth. It's why we chose to reset expectations to accelerate growth. I wanted to create room for the company. I wanted to create room for my team to not only scale the bets but to take share. The reason that's so important, I recognize it's obvious to say it, but the reason that's so important is when you look at the fact that 75% of the customers that came into the Assisted segment were from our DIY, those are the customers where we took share years ago. When you look at the fact that 75% of customers upgraded into mid-market, and we still have a 700,000 base left to go after, those were customers who were four or five years ago, we took share. It's not like we forgot about new customer growth. It's not like we didn't realize it was important. It was what it took to scale our bets. Now we have set ourselves up for durable long-term growth by not only scaling our bets but going after customer growth and the room that I think I have provided, we have provided to the company to be able to do both because it is competitively positioning us. We've got great innovation. We now can monetize across the platform. I needed to give the company room to do both, and now we're going to do both. Yeah. The follow-up to that, probably either of you can answer, is the current investor debate right now is this fiscal 2027, is that a deliberate reset, or it represents a structurally lower kind of growth rate trajectory for Intuit, all your business? So, what do you specifically need to happen, or you need to see to give you that confidence that revenue can again re-accelerate probably to the double-digit growth rate? Yep. fiscal 2027 is a deliberate reset. Our focus on the three-year CAGR, as I highlighted, is continue to build upon the momentum we have on the big bets, continue to scale them with an increased focus on new to the franchise growth in the big bets. It is a focus on accelerating customer growth. But the other thing, Siti, to complement Sasan's earlier answer, what we have today that we did not have four or five years ago is true muscle around customer lifecycle marketing and management. We have gotten automatically better in helping customers discover and adopt more parts of the platform, helping them upgrade. That was the ARPC slide and how strong it was comparing the top end. So that is getting the customers in, using the muscle to get them to move up, and that is a journey, hence the focus on the three areas. That is what we need to do. Need to demonstrate in Fiscal 2027 as a pivotal year, and demonstrate that our execution is strong across both of those. Once we demonstrate that, I think you will be in a much better place to underwrite the CAGRs going forward. Brad, let us go to you, and then we will come to Adam. Thank you very much. Brad Zelnick, Deutsche Bank. Again, I echo what a wonderful day it always is, and especially with Kendra leading the charge. I guess two questions. Following Siti's first question, you have been focused on accelerating your big bets and developing your up-market muscle over the last few years. How do you think about ensuring that the organization can focus on adding customers both up and down market at the same time? My follow-up for you, Sandeep, is the world seems to be evolving very quickly. Can you just talk about the feedback loop that you have that enables you to forecast as accurately as possible in a rapidly changing world? Maybe dimensionalize how your guidance accounts for perhaps a wider range of outcomes than in the past. Thanks. Maybe I will— Sure. Go for it. —If I could take the first one around, how are we going to be able to now focus on both? In the past, it was new customer growth only. Now it was the big bets. Now we're going to do both. How are you going to do that? I would say three things. One is focus, second is mechanisms, third is monitoring. The focus is, this is where we've matured so much over the last four to five years, where we have dedicated teams end-to-end that are single-threaded with capital that's been allocated to what has to happen in mid-market. That is, and I'm using mid-market as an example, that is a very separate team than the team that's chartered with winning customers that are either switchers or business customers that are new to software. It's the focus that we've put in place by teams that own different missions, different outcomes, because you can't have the same team that owns both. The second is mechanisms. We collectively, and Sandeep and I have mechanisms where I spend my time going deep on products in mid-market and how we're going to win in go-to-market. I spend separate time going deep on the front doors that we talked about today, and how are we going to win with QuickBooks Free? How are we going to win with QuickBooks Lite? How are we going to win with money as front doors? So we have mechanisms that are separate from one another that drives the accountability that not only we expect and we talk about with our customers, but to you all. The third is just monitoring. We look at KPIs. You saw what Sandeep talked about at the end. Those are KPIs that we look at on a daily basis that are very specific to what we've communicated to you all. So we've just matured over time, where those are the three dimensions which allows us and gives us confidence to focus on both dimensions. Winning on the high end, but also winning on the low end. Same thing applies to across the consumer platform. And on the guidance side, our approach remains durable. We want you all to have the utmost confidence in the guidance we set. We have looked at the performance, we model out what are the things that we have tested, learned, and how they will scale, and make sure we have the high confidence in the numbers we put forth. That is the approach that we took this year, consistent with the approach that we have taken since Fiscal 2023 when I took the seat. Thanks very much. Appreciate the day and the content as always. It is Michael Turrin with Wells Fargo Securities. You always give us the ARPC slide, and this year we see the TurboTax Live number came down a touch versus last year, and last year and the prior years there had been a pretty market improvement. I am just wondering if you can speak more to your views on pricing power that you still have in TurboTax Live as you add functionality, how you think about that, how you think about the trade-offs of the pricing between DIY and the Live strategy. If any of that just ties back to the importance that you are articulating with top of funnel and the DIY strategy overall. Sure. If I may— Sure. —I will get us started. First of all, as you know, when you look at our TAM, the largest part of our TAM is the assisted segment, which is $35 billion, where we have very low penetration, but product market fit, and $5 billion is DIY. Our pricing power in assisted segment is unchanged. It is a deliberate, intentional strategy to win on experience, to win on immediate access to your money as a consumer and disruptive price. It is really because of the investments that we have made over the years across our data layer, across our AI layer, that allows us to scale something that is our largest differentiation, which is the human accountability. In the assisted segment, the thing that matters most to anyone is sign and take accountability for my return. And when you think about the overhead it takes to pay an expert, the overhead cost that you have outside of an expert, it is very hard to be able to compete at scale at the price in which we are offering, which is $150. But because of all of our investments that we have made in automation and doing the work for our experts, not only can we take share and win at that price with the best experience, but then actually deliver benefits and monetize beyond tax. Because if you think about what Mark talked about, we finally, based on just the re-architecture of the platform, have many front doors, but it is one platform, and it is one customer where we understand their data, we understand the contextual and behavior and longitudinal data, and we can do now things for them far beyond just taxes. It is money, it is all the financial products. The punchline is we are being very intentional with our price point. It has nothing to do with the pricing power. We have lots of pricing power in the assisted segment, but it is actually our investments allow us to be the disruptor based on all the investments that we have made, and we are just being very intentional in how we do that. By the way, you— Let us go to Kirk, so I am not accused of just taking this, and I will come to you, Raimo. All right. Kirk Materne with Evercore ISI. Thanks for the day. Appreciate it. Can you guys talk about what the realignment of Mailchimp means for two things? One, helping your customers grow. You help them manage their business really effectively, but growing was part of that. And then secondly, international. I realize you are taking a different tack with Mailchimp at this point in time, but I am kind of curious how the strategy might evolve to have more partners that are on the sort of CRM side, if you will. Just if you could talk through that would be great. Thanks. Yeah, for sure. Do you mind if I get us— No, go for it. —get us started? First and foremost, one of the things that we have done and what's unchanged is the customer problem. What you saw us talk about earlier, it is really important to solve the quote-to-cash problem end to end. Because at the end of the day, it's about solving it specific to a construction company, manufacturing company, a real estate company. So the customer problem is unchanged. We have now built AI natively within our platform, the ability to be able to manage leads, manage your pipeline, and therefore that's why the customer problem is unchanged. Our solution has changed, which is it's now built AI natively across the platform. We started first within the low end in the QuickBooks platform. It's why what I was showing you earlier around quote-to-cash is not only automating everything from managing leads, managing pipeline to invoicing, but by doing that well, it actually drives TPV growth. So we are very vested in the customer problem. We are now currently solving it AI natively, and we'll continue to invest in that area. Secondly, ultimately our focus with Mailchimp is make sure that we are delivering for customers and running it for profitability. What we are scaling in QuickBooks is ultimately international. It's not just focused on the U.S. Yeah. Let's go to you, Raimo. Hey, Raimo Lenschow from Barclays. I know, Adam, you're next. If you think about the strategy now on low-end tax, you're kind of doing free plus or a little bit more. I can see a Harvard Business Review in a few years because, on the one hand, you do free, but on the other hand, as the customers mature, you kind of still have the TurboTax platform. How do we make sure to kind of keep that separation, and how do you kind of manage that journey of the client coming in, growing, all of a sudden then he needs to start paying more a little bit? That's kind of going to be an interesting one for you. Thank you. Yeah. Again, maybe if I could kick it off. I think Mark did a wonderful job walking through in simple terms, we are positioning TurboTax for more complex DIY customers, and of course, to go after the assisted segment with TurboTax Live. We are positioning Credit Karma to go after the price-sensitive, simple filers. Now, remember I said TurboTax and Credit Karma, but it's one platform. 60% of the customers in TurboTax that have defected, they are members in Credit Karma, and vice versa. While we are very focused on, well, how do we win and what's the positioning of the brand to win on the low end, and then with TurboTax to winning on the high end, it's one platform. One data platform, one domain set of workflows, and then the orchestration layer that we've built on top, so that once we acquire the customers through Credit Karma, as they grow, we can ultimately get them to grow with TurboTax because it's one platform and not distinct platforms. So that's how ultimately we will grow with these customers over time, but it's important that we win these customers today, at the right entry price, but then be able to deliver benefits and monetize beyond tax. Raimo, the only thing I would add is, as Mark shared, when we did the testing, we got 80% net new incremental on Credit Karma Tax. Our approach, and this was a test, now we can execute that much better, is able to separate those for the customers, and they are able to come in. The share we did lose on tax, many of those customers are actually active on Credit Karma. We can actually capture them there, so do keep that in mind. And then also, the last couple of years, we have talked about how we are building this seamless connection going from Credit Karma to Tax. As the customer needs evolve, as they get more complex, as they want to now pay for human accountability, they could seamlessly go into TurboTax and get all that breadth of experience. I kind of view this as a Toyota and Lexus approach. You could easily upgrade between those two platforms. Adam, I know I had committed a question to you, so let me come to you. I maintain my say/do. Then I will come to you, Taylor. Right over here. Better make it a good one. Sorry, it is Adam Wood from Morgan Stanley. I said, "Better make it a good one now," right? I wanted to dig in, first of all, the Intuit Intelligence platform. I guess, and this is a big question for the industry in general, how do you drive adoption of that, encouraging customers to use it and not go too aggressively on the monetization side to cover the costs of that? How do you think about that balance on that platform? Then maybe at the entry-level tax side, that balance between offering the free product and then monetizing outside. Could you talk a little bit about how much the base are taking products outside of tax from you today? You know What you are looking at to monitor to drive that, and maybe big picture, just as you go from an aggressive price monetization strategy to more about driving adoption, driving new customers. How do you make sure you do not go too far back the other way, and make sure that you keep to the revenue targets and so on by addressing the monetization across all of those areas and not go too far with adoption? Thank you. Maybe we will tag team. Yeah, let us tag team. I will start with the first part of your question, not to avoid the second part, I do not remember what the second one was. So really important to think about Intuit Intelligence as our platform capability to do two things. One is automate, the other is actually to deliver intelligence, and we have to do both. It is not one or the other. So in terms of how do you monetize that, how do you get customers to use it, we are actually not trying to get customers to use it so we can monetize. We are very focused on automation intelligence. So what does that mean? One of the things that, not only did I show on stage, but really Ashley and David walked through was by automating quote to cash, that actually drives higher TPV growth. Because one of the biggest things that we've learned with all of our innovation in money, all of our money in and money out innovation is sometimes if you're not where the customer is doing the work, you're not going to get the payments. By industry, by automating from creating a quote, to managing your pipeline, to your proposal, to your estimate, to your invoice, we can drive TPV growth. That does a couple of things. One, it drives usage of our product, it drives retention, it drives new customer growth, and it drives adoption of our services, because in essence, using our payments is no longer a choice for the customer, we're doing it for them. Of course, they can always approve or decline, but that's where we see a dramatic impact of what's possible with Intuit Intelligence. Where it's consumptive, just to answer the other part of your question is Agent Studio. Agent Studio is remarkable because, it's no longer about build the workflow and hope we've nailed product market fit for the customer to use it. It's actually about the customer, in a conversational way, creating and deploying what experience that they want. In the case of what we showed on stage, that was a construction example. What Wyatt walked through on stage to conversationally create a retainage agent for multiple different construction companies based on their bill of materials, based on their proposal, and then have the accountant apply that, it takes months for an accountant to do that manually. That's an example of where we talked about it's deployed now with 20 large firms. That drives consumption. If they love it and they want to use it, which they do, that's going to be above and beyond, because now they're able to deploy an experience across many customers. That same experience we will make available for a business. What we've learned is if you want to engage on what's my cash flow projection, what's my revenue projection, can you send me a KPI that looks like this on a daily basis? That's where it's consumption driven, and we will be able to monetize over time, and we're seeing the importance of that on our platform. That's how we think about the monetization of an Intuit Intelligence. One is just new customer growth, it's adoption of our services, but it's also consumption. The other thing to keep in mind, Adam, and I'll get to your second question around tax as well, is that we serve small and mid-market customers. They don't have the benefit of investment committees to bounce ideas off. They don't have the benefit of, I do, of an amazing treasury department to help me manage cash flow. It's not just about putting AI in, it's bringing all that contextual knowledge across the 307 industries we serve to give them really insightful perspectives on capital management. In addition to getting TPV, we're deepening that relationship, helping them make better decisions that's leading to better retention, better word of mouth. This is something that compounds over the years. That's what has me excited about the opportunity with Intuit Intelligence. Now to get to tax. One thing to keep in mind about tax is the structure of the market and the structure of our future growth. 88% of the market and most of our future growth is going to come from Assisted. We've been doing exceptionally well. The work that we did in Assisted was paying off, showing up local. That continues to compound. This last year, we saw customers come to local. A lot of them are new to the franchise. Many of them pick Assisted. The next year, that does even better. We've been expanding our brand equity towards Assisted. All that is going to compound and keep paying off. We also want to make sure we're refilling the lower end of that funnel, and that's what Sasan highlighted. Those customers are going to go up. Now we have a set of tools across a consumer platform. I don't need to just rely on monetizing the tax filing experience. We see 35% of those customers see tremendous value in getting fast access to refund, whether it's paying us to get that put into their bank account, whether it's they're putting that into the Credit Karma Money, then connecting their payroll into Credit Karma Money, and that becomes their quasi-bank account they use for going forward. These are things that we've tested, we've got data around, and that's what's giving us the confidence in opening up the aperture on the low end while we continue to execute lights out on the Assisted side as well. Let's go to Taylor, and then we'll go to you over from Taylor. Hi, thanks so much. Taylor McGinnis with UBS. Thank you all for your time today. You spoke a lot about treating the accountants as customers, but I'm hoping you could unpack the monetization opportunity and potentially how needle moving that could be in the near term. I would imagine that's going to come through a mix of the paid Accountant Suite as well as use of some of the agentic offerings. But of that 150,000 that are using the Accountant Suite, how much of that is being monetized today, and how do you see that evolving over time? Yeah, this is an area where I spend the majority of my time with large firms and large businesses, and I would say several things. One, the Intuit Accountant Suite that Wyatt walked through, it is a platform built to help a firm run their business, run their practice, and ultimately be able to manage all of their clients, even if they are not Intuit customers. We've built it in an agnostic way, so ultimately we can become their data platform because ultimately what accountants are trying to do is have all their data in one place, and that's what we want them to do, so that our Intuit Intelligence capabilities, particularly the intelligence part, the power exponentially goes up because all their data is in one place. When we do that well in context of then giving them the ability with Agent Studio to conversationally create experiences that they want for certain practices, that drives recommendations of QuickBooks Online Advanced, and Intuit Enterprise Suite. Our largest monetization opportunity is actually to strengthen the network effect because the more that they are leveraging Intuit Accountant Suite to be able to manage their firm and manage advisory services, the more we are seeing that they recommend Advanced and Intuit Enterprise Suite, just to use those as an example. That is our largest monetization opportunity because, by the way, it also drives switching when they see the power of Advanced because it is now industry specific. When they see the power of Intuit Enterprise Suite, drop-dead easy compared to any other alternative, and it has intelligence, it creates a viral sort of recommendation. The other that we will share with you when we have proof points at scale is Agent Studio. Agent Studio is all monetizable because they are monetizing it, because in essence, they are building experiences that are unique for their customers. You may or may not have seen that when Wyatt was going through the demo, when those experiences show up in QuickBooks or in Intuit Enterprise Suite, it has the name of the accounting firm on it. The customer sees the value that the firm is creating, and they are willing to pay more for it, and we get to monetize it. That is the second monetization opportunity. Accountant Suite, if you were to go look online, you will see a version that is free with core capabilities. You will see a paid version. Really, our biggest opportunity are the two levers that I just articulated. Let us go. Then it could be Alex Zukin after that. Hi. Tal Liani from Bank of America. I am trying to think about your strategic challenge in simple terms, and two sides. On the consumer side, what is the risk that free, you will not be able to monetize it, meaning over time, the problem only gets bigger with free offerings? On the enterprise side or SMB side, I am trying to articulate the issue. Why is growth slowing? Is it because of AI free again, or is it because your product was not good enough so you can improve it and then improve the growth rates going forward? Yeah. So maybe let me take on both of them, and again, let's— Yeah, let's tag team on this one. Yeah. —Let's tag team on this. In the business group, it's what we've been articulating, which is we've had tremendous focus on our big bets. Our big bets around money being core to the offering across our business platform, our investments in mid-market are paying off. These are multi-billion dollar growth engines all growing over 30%. As I articulated earlier, it has taken an incredible amount of mind share, effort, and capital allocation to really, one, infuse AI across all of our platform, but to really win with these big bets. Because think about it was a handful of years when we declared what we did. We are now in the assisted tax market. Money is now core benefit in our platform versus before it was just tax and accounting, and we're a fairly large player in the mid-market, and we're just getting started. I underestimated how much effort and focus that would take, but today it's a meaningful part of our company. We're scaling the bets. We have teams that are very focused on those bets. Therefore, the reason growth was slowing was because of our focus. It's not because we didn't realize it was important. Our retention rate in the business group is 83%. That's flat with last year. Our retention rate on tax is 76. It's down one point because of these DIY customers we lost. So our retention rate is very strong. We've scaled our bets. Retention is strong. It was really now a focus on new customer growth with the intent of accelerating growth looking ahead. So that's the way I would think about it. It's more of an execution focus versus a strategic issue. The other thing to keep in mind is we have data points that these customers are coming in free. They are seeing tremendous value in other parts of the platform. They have multiple pain points, and previously we had a tax solution that was independent of the Credit Karma solution. Now we combined them. We have the ability to drive that cross-sell. The thing to keep in mind that I want to also unpack on our business platform. Traditionally, people come to QuickBooks when they have been in business more than two years, right? They have a set of complexity, and as you heard David and Ashley talk about, people use multiple apps to stitch together their business. At that point, we are trying to get them to switch from an app, right? I talked with the prior cohorts being switchers, non-consumption businesses. Non-consumption businesses are easier, relative, to bring on because they are early in their career. We are now seeing entrepreneurial in the era of AI and new starts going up. So we can capture them earlier, the muscle we built to drive their upgrades. These are things we tested. We shared in the earnings call already with our test. We have got 20,000 customers engaging or monetizing. So these are things that actually augment our confidence in it going forward as opposed to being viewed as a strategic worry of sorts. Alex, let us go to you. Hey guys, Alex Zukin with Wolfe Research. Thank you for a wonderful presentation today, and again, great job, Kendra. I have, I guess, two and a half questions. Two for you, Sasan, and one for you, Sandeep. Can I get a full one? One of them is a variant of the question you got, which is, it is very clear your DIY strategy for more customers, grow customers, and then the enterprise strategy. I wanted to ask Sasan, what gives you the confidence in the era of ChatGPT, and some of the other consumer-focused AI platforms that are expanding their breadth, that the monetization opportunity is the same as it was down market, where that market is not commoditizing to an extent where it may not be worth it to go that far down market to get customers in both tax and in the very small business side? On the enterprise side, obviously Dreamforce was this week, a lot of talk in the industry about headless and not necessarily having to own the UX layer. So why or why not, and how do you guys think of that? Then Sandeep, 30% of the business growing 30% by my simple math is about 9%, which implies the rest of the business, basically very low single digit growth or flat. Which one of those is conservative versus aggressive? Where are you providing the space? Is it on the 30% continued growth for the big bets, or is it the very low single digit growth on the core? Got it. Okay, let me start with your first two questions, and please, if I miss any element of it, let me know. I want to take you back to, very briefly, what we talked about earlier today, which is our financial intelligence platform, which is all about automating everything for customers and putting the power of intelligence in their pockets. That is no easy task unless you have what we have and what we have invested in, which is one, we have decades of permissioned longitudinal data, and it is not generic data. It is specific data to every industry, every domain. The second is the financial and industry workflows that we have. One platform, many apps and workflows, but one platform, and that is important because we are not a one-trick pony. We do everything end to end, from helping you build credit to building wealth, or from lead to cash. Then the orchestration layer that we have built on top that gives customers full power and full control if they want to go deep into a workflow, but we will also do the work for them as we presented in our product demos up here. The reason I wanted to start there is that intelligence you cannot replicate. So call it headless, call it whatever you want to call it, that same experience will be in LLMs, it will be in payroll providers. At the end of the day, you are using our capabilities. You do not have to come, quote unquote, directly to us, but the reality is, you know it is us, it is our platform, and we will be where customers are. We showed that on stage. Alex walked through, as did others, our experiences in Perplexity, Claude, and ChatGPT, and they are just going to continue to get better. But remember, what is in there is our financial intelligence, which is data, our end-to-end workflow, our platform capabilities all in one place. That is the first thing I wanted to start with, which I think addresses one element of your question. The second is, it is really important for us to be able to win DIY share, and it is important for us to win customers that are either switchers across the business platform and/or those that are businesses that are new to using financial management capability. The reason that is important is it will matter three -four years from now. And it is why I made the comment earlier that a lot of the customers that we have today is when five, six years ago, we did not have all the capabilities that we have today, but we just had like go get share and tax, and grow as fast as you can in the business group with accounting software. We did not have the capabilities that we have today. But it is important to capture these customers because as these customers' needs grow, we can grow with them. So this notion of will the monetization capabilities change? All these AI startups, which we respect, we are not a one-trick pony, and at some point you have to monetize things. At some point you have to deliver benefits, and that is why going back to the core of the resetting expectations to accelerate growth for us comes down to scale our bets. They are new markets. We have gotten the product market fit. We have got teams focused on it, keep scaling it, and we are going to go back to our roots of accelerating new customer growth in the core. Because in this environment, we want to take share, deliver benefits, monetize while we scale our bets because then we have a durable growth model where Intuit is set up for long-term success. Alex, on the guidance for fiscal 2027, let me unpack that a bit more. One is you got to keep in mind on the DIY side, we are making assumptions around getting customers in with a more competitive, transparent offering. And we have high confidence in our ability to drive lifetime value of those customers. But we want to be prudent about the assumptions we make, how quickly they monetize. Do they monetize three weeks later, three months later, three quarters later? And keep in mind, once tax season is done, about three months later, I am into a new fiscal year. So we have to be prudent there. Staying on a consumer business, Assisted Tax saw a really solid 37% growth this past year. We are excited about the momentum there. But as Sasan shared in his slide, 75% of that came through upgrades. We want to be prudent on how we continue to drive that upgrade cycle going forward. Our focus is new to the franchise. That is what this next year in the guidance, I talked about Assisted being in the teens. That is on the consumer side. Now let us move on to the business platform. Opening up the front door is paying off, and we shared that at the earnings call already, some of the early results. I have confidence, but again, giving ourselves flexibility on how quickly those customers adopt, how the volumes grow, and they continue to scale. Mid-market, bullish about the opportunity ahead. That is a lot on strategy and driving the upgrades. We have always talked about for the years, and you followed us for years, we talked about, I have got over 700,000 customers that are ripe for upgrades. That is going to be part of the strategy. We also shared new to the franchise is a new area we are going to further lean into, so giving ourselves some flexibility there as well. Finally, money. I want to make sure I touch on all Big Bets. Really good momentum, but we are being deliberate, for example, on capital, how much we use of our own balance sheet, so the volumes stay good, but the revenue we book changes when we use external versus our own balance sheet. Lastly, as you move up market, you do not get retail pricing on payments. We book our revenues on a net basis, so those are the needs. Needs that evolve. Net-net, the takeaways, deliberate decisions outside the Big Bets to set up for future durable growth. On the Big Bets, momentum, we could not be more bullish about, but we are making some very deliberate trade-offs there as well that we unpacked throughout this morning. Let us go to Arjun, and then go there. Perfect. Thank you so much. Arjun Bhatia from William Blair. Thanks for having us. I wanted to touch maybe on the consumer strategy. In order to just make Credit Karma the front door for consumers, I am curious how you think about brand perception there and whether that needs to evolve, especially when we are focusing more on personal finance. From a marketing perspective, how does the strategy need to evolve to make consumers aware of all the capabilities that you have now introduced inside of Credit Karma? Yeah, thank you for the question. First of all, Credit Karma, I would tell you, has a trillion-dollar brand in terms of recognition from Gen Z all the way up to baby boomers. Did I get that right? Yes. I am one of them, by the way. The brand perception and brand understanding is not only very deep, but it is also incredibly trusted because it is an agnostic platform. Remember, Credit Karma, the business model is beyond user paid. The user does not actually pay because they go there, it is really a data platform. We leverage their data, of course, all with their permission, and all of our AI and domain capabilities to connect them to things that are right for them in their life, whether it is a credit card, personal loan, insurance, auto loan, and home loan. In that context, it is important to remember that this is a platform that has over 45 million monthly active users, and those users are engaging across a number of different products. It is all the products that I mentioned, and now it is tax. Just this last year, tax through Credit Karma grew 50% year-over-year. It is about having the trust of the customer, which we have in Credit Karma, and it is about making sure that we are delivering a benefit at the time that is right for them. With all that as context, we are in fact reinventing, Mark and Nick and his team are reinventing our entire go-to-market and brand building around Credit Karma. Because if you think about Credit Karma, it is in-app, it is behind a firewall, and there is high trust, and customers discover things in the moment in time they are in Credit Karma. We have done really very little brand building other than it is a credit monitoring app. Only the customers that are in it know that. So we are reinventing what we are doing across all digital channels in terms of what Credit Karma does and the fact that it is the one place where they can truly get financial intelligence that is right for them. Let us go there. Paul Mason from E&P Capital. I had a two-part question on QuickBooks. The first bit, just in terms of the free tier and trying to aggregate more customers, maybe if you could talk to us a little bit about what you are doing differently on the unit economics versus what you did with Self-Employed. I had heard historically that sort of the low APUs versus the cost to acquire and then the higher churn rates down at the really small end was sort of part of the problem for Self-Employed, and what is going to be done differently there? The second bit, just in terms of your strategy around using the accountant channel to market your mid-market solutions, I wanted to maybe get some comments on the approach there versus the approach on direct marketing. When we have spoken to accountants and bookkeepers that are QuickBooks ProAdvisors, we quite often hear a bit of angst around some of the direct marketing strategies and messaging, versus then using them as a distribution channel, just what you are doing to reconcile those two things. Thanks. Want me to start, and you want to take it? Please. Let us start with the Self-Employed, and then we will move to the mid-market side. The Self-Employed product was built on a different platform. The challenge there was retention. It really resonated with the gig workers, episodic engagement. Really if the customer was successful on a platform and they wanted to move to QuickBooks, they had to cancel the account, download their data, and then move over. Our free offering is on the same platform. They seamlessly, as they consume more, as they send more invoices, they seamlessly unlock Simple Start and continue to move forward. When they are successful mid-market, we will get them on IAS on the same platform. It is a very different core product build. Our distribution is also different as well. It is leaning into our partnerships with the third parties, LLMs. It's leaning into just a broader traffic that we get organically on a website. It's really attractive LTV CACs. That's what's giving me the confidence. Now with that, let's shift over to the question you had on the mid-market. Accountants play a meaningful role in the life of the mid-market customers. Over 70% of them have an accountant, and they are a critical voice. That's why a few months ago, we made the deliberate decision at one of our QuickBooks Connect conferences to pull back on the live offerings, because we want to really lean into the view of accountants as a customer, because one, they're a professional services firm, and we serve professional services firm. Two, we want to build, as an example, IAS that can be into the platform to both really amplify the network effect we have there. That is the approach to why we are leaning more into accountants, and that's why Ashley, our go-to-market team, Greg, and the team are focused on building partnerships with the top 100 accounting firms. You've probably seen those press releases come out, and that's key to the flywheel of new to the franchise growth that we're expecting on mid-market going forward. Let's go there. Thank you. Jared Levine with TD Cowen. Wanted to dig in on the assisted side here. You called out pretty notable switching in the industry with price being the primary factor. You have had, I think, a disruptive price point for about two years now. You've had the faster access to refunds, as well as the virtual experience here. Last year, still only 25% mix were new to the franchise. I guess, why haven't you been more successful in taking share from that industry switching, and what's the strategy to improve the new to franchise growth on the assisted side this year? Sure. I can get started, and Mark if you want to add after I go. The first thing is the strength of the brand traditionally in DIY, right? Secondly, is the continued show of local. Local plays a critical part in assisted. Most people don't go to the web and search best tax software. They look for tax preparer near me, and it was critical to start showing up local. That really didn't start happening till late in season in fiscal 2025, and really started playing golf in fiscal 2026. The point being, these things compound over time. Now we have more reviews, and local will play automatically better. We learned which markets worked better, which didn't work as well, and how do we change step functions, et cetera, to make them all work automatically better. These are the meaningful step function changes we did make in getting new to the franchise. I believe, I might get it exactly wrong, but automatically right. New to franchise growth in Assistant was 15% this past year. We expect to continue to amplify as our motions are working better. It's getting the flywheel going, and I feel really good about that flywheel. Mark, anything you would add? No, I would just say, this year as well, we're actually enabled by a truly AI native experience as well, which allows us to be even more disruptive on the experience, and scale our reach, which we were a hybrid product before, traditional workflow, and AI. This year, it's completely AI native experience, which is going to allow us to be very disruptive on pricing, even more so than we've been. But also reach more of our customers, to serve them, the ones that are looking for that. Everything else that he said is exactly right. Thank you, Mark. Let's go there. Daniel. Dan Jester, Bank of Montreal. Thank you for taking the question. Maybe to go back to Credit Karma. There is a really interesting stat in the prepared presentation about one in nine originations on credit cards and personal loans. For a business that has doubled in size over the past couple of years, it still feels like there is a lot of share that you can gain there. I think, in the past you have talked about going into higher income consumers. You have added insurance and other features. Maybe spend a moment talking about what the growth drivers of Credit Karma look like over the next few years. Thanks. Sure. I want to reiterate a couple of things that Mark already talked about, but it is important in context of your question, and that is, One, you have to think about Credit Karma and the way we are positioned as the face of the consumer platform, as we look out into the market. Number two, it is a fundamental data and AI platform. That data and AI is very specific to millions of customers that we have on the platform, where we have permissioned, contextual, longitudinal, and contributed data, like their DMV information, as an example, that allows us to truly be there for them at a moment in which they need insurance, they need a car loan, a home loan, all of which, by the way, we can detect. The reason that is important is when you look at the growth profile of Credit Karma, we have still very low share across cards, loans, insurance, money, and even tax when we look at the members that we have and who they do their taxes with. Really the platform re-architecting that Mark and his team have led to truly turn it into an intelligence platform, because albeit we have had all of the data and AI capabilities, it has been static. Leveraging customers' data at a moment in time to maybe know that they need a credit card versus an intelligent platform that proactively engages them in all virtues of their life, inclusive of what we have now deeply integrated that Nick went through up here, which is, and by the way, we can tell you that 80% of your taxes are done AI natively, and we will review and sign and take accountability for it or however you wish to achieve your taxes getting done. Therefore, that is why the key metrics that we now look at is consumer platform customer growth. Did our combined consumer platform customer growth go up? The ARPC across the platform, and ultimately the assisted growth and the total share that we take in IRS filing. The growth profile is really higher engagement, higher frequency, and monetization across all of those products where we still have very low share. The reason, I know many of you have been skeptical over the years on Credit Karma, but the reason we have been continuing to drive growth is because now it has become the face of the consumer platform. Many front doors, one platform, and the more we can drive engagement and frequency of engagement, the more we can deliver benefits and monetize. What is important to us is ultimately they get their taxes done through Credit Karma. Let us go here. Then I come to you, Noah. Thank you. Okay, great. Steve Enders from Citi. I want to ask about IAS and the strategy there. The $150 million of run rate revenue in a little over a year is pretty impressive. At this time, is it primarily about scaling the go-to-market capabilities there? How are you thinking about future headcount additions or marketing around that? Secondly, on the product side, I guess what more do you need to do to enhance and shift that more to capture even larger customers in the space? Thanks. Do you want me to take the lead? Sure. So a couple of things. First of all, your starting point is really important, which is this thing is only a couple of years old. There are really several things that we are focused on. One is to ensure that it is enterprise-ready. That is really important when you are talking to these larger accountant firms that love Intuit Enterprise Suite, but they also have 12 different practices, and they want to make sure that it can scale. So that is number one focus area for the year. Number two focus area for the year is vertical specific. We talked about construction, but we have now so much more to do to really scale and nail construction. Then we have other verticals on our roadmap that we are moving very fast on, like manufacturing, nonprofit, as illustrative examples. That is really important because accountants and customers are by industry, and they want to know that you can help them if they are in manufacturing because the manufacturing needs, as Wyatt walked through up here, are very different than construction. So we are building momentum, in terms of industry-specific verticalization. That is critical on our roadmap. Then the third is just continuing to automate everything. One of the most profound things you heard Ashley talk about that we hear from businesses is the amount of time we save them because we are automating their workflows, but then now the intelligence that we give them in terms of what choices and decisions that they would make. Those three things, coupled with what we are doing with Intuit Accountant Suite, with Agent Studio, that allows accountants to build specific experiences that they can deploy, really creates that flywheel effect. So I would just say, we are really just getting started in terms of what is possible, and those are the big elements that you heard up on stage that are on our roadmap and the big deliverables for the coming weeks and months. Noah. Hi, Noah Naparst, representing Gabriela Borges from Goldman Sachs. Thank you for having us, first of all. I wanted to follow up on Tal and Alex Zukin's question. It feels like, and I would love your thoughts on this, but to an extent, the lines between assisted and DIY could become blurred. We are talking about the tax product becoming more AI native. Credit Karma is a bigger part of the customer base. So how do you think about this risk of where ARPUs go? Do you see a future where almost no consumer is manually punching in data? How do you categorize that consumer? Does that become still DIY, but using AI? What price point will they be at? Just thinking about where things go. The lines are not blurred when you talk to customers. The customers that go to an assisted segment, they go there for one very simple reason. They need somebody. Forget putting their return together. They need somebody to sign it and take accountability for it. There are no blurry lines between those that choose to do taxes themselves and those that choose to have somebody else take accountability for their return. That is why if you look at structurally at the assisted segment, it has not only been the majority of the TAM, almost 90%, but it is actually growing for that reason. Full stop, no blurry lines. What you are hearing from us is really three things. One, in DIY, we are positioning our Credit Karma platform to really take share and win with simpler filers, more price-sensitive filers, which are not always simple. Two, we are positioning TurboTax for more complex customers, whether they choose to do it themselves or choose to have somebody else do their taxes for them. There is something that Nick and Mark both talked about that I know we threw a lot of stuff at you all today that is worth just amplifying. Beyond what we have articulated, we are doing something we believe is quite disruptive this year, which is our biggest competitive differentiation is the fact that we can scale the human accountability because of all of our data and investments that we have made. Now there may be those that choose to do most of their taxes themselves, but ultimately want to say, "Sasan, I need you to review this, sign it, and take accountability for it." We are now scaling that this year. If you think about back to your ARPU question, if you just take into account the cost of an expert. The cost beyond an expert, the overhead, and to be able to scale something at $150, or in the case of, "I will do most of my taxes, but I just need you to sign it and take accountability at $99," those are incredibly. We are being disruptive on price. We are disrupting a segment because of all of the investments that we have made. From a customer lens, there are no blurry lines. It is more about economics and how you win in this environment, which is why I will end with what we have talked about repetitively in terms of what our strategy is, which is scale the big bet, which is assisted tax, and drive new customer growth because now we can deliver benefits and monetize beyond the entry price point in DIY. That is the reasoning behind our positioning, but I wanted to just be clear, from a customer lens, there are no blurry lines. Just to compliment everything Sasan shared, we are deliberate in talking about the three-year CAGR on a consumer level, and we want you all to increasingly think about that. At the low end, if the customer has a super simple need, a W-2 or 1099, they could go to CK Tax. We are totally fine with that because we have confidence in the LTV. As the needs evolve, they do the tax at DIY, but they have RSUs. They want to use a RSU agent. They want to use a deduction finder agent. They come to TurboTax, right? So don't underestimate the power of customer segmentation that we have done and how we get that customer into the right offering. Secondly, the core part, it is a new concept outside for those who don't live in the tax world. There is a key value that customer ascribes to human accountability. That is the differentiator in Assisted Tax, and we see ample opportunity to grow there. We have got time for one more question. Let's go there. Thanks for sticking me in. It is Jamie Friedman at Susquehanna. I appreciate the incremental disclosures today, especially around services, money in, money out. I am more of a payments guy, and my question is specifically about Bill Pay. You disclose $54 billion of volume, up 89%. It is clearly a vast opportunity in your ecosystem. I think you threw out additional numbers. My question is, how do you monetize that volume? We will let David Hahn take that. Thank you. Thanks, David. Is my mic on? There we go. So yeah, maybe a couple things. First and foremost, part one is always making sure that we have built a product that customers love. Really, over the last couple of years, we have been focused on getting people to adopt our Bill Pay product. That is finally moving. Along the way, we have done some monetization work, but this is really a year where there's a couple moves that we're going to make on the monetization side. What that really looks like as you step back and just think about Bill Pay broadly, not just in this ecosystem, there is a very clear playbook around what's referred to as ad valorem, which is certain kinds of fees that could be related to accelerating payments, that could be related to helping pay bills that are for folks abroad, so international cross-border related payments. Those are examples of ad valorem that will be capabilities that we'll be launching over this year. I think the part that we have the most confidence around, again, is that getting that customer adoption, getting that customer trust, getting that workflow, getting in the flow of that money, we view as the most critical step. Now we can layer on these added services to our customers that go above and beyond what we offer today to accelerate the money, allow money to flow cross-border, for example, and other kind of ad valorem examples to really monetize that experience. Great, David. Thank you. If I could wrap for those in the room and those on the webcast before we conclude our session, a couple of things that I would say in summary. Intuit is a special company. Intuit is a company that over our 40+ year history has always focused on reimagining ourselves and disrupting ourselves to make sure that we are there for our customers and a healthy company 5- 10 years from now. This is one of those moments. You're always in those moments, but this is one of those moments where our strength around doing what's right to reimagine ourselves, to disrupt ourselves, is in play. In that context, I think what's important for you to know is that what we are doing is about accelerating growth in the future by resetting expectations. We are in a unique position where we now have a meaningful part of the company, that's 30% of the company and growing at 30% plus, to scale that meaningfully. At the same time, position ourselves for new customer growth because of the innovation that we have in market, the pipeline of innovation that we have, and the talent that we have. This is all to buy ourselves the opportunity to be a durable compounder and grower as we look ahead. Our report card will be daily for ourselves, and quarterly you can hold us accountable to everything that we've said today, and we look forward to engaging all of you on the webcast and in the room every quarter. With that, let me bring us to a close. Thank you so much for attending. With that, we'll close Investor Day. For those in the room, I think we are having lunch upstairs. I have been asked to let you know that don't ask us questions down here. Let's go upstairs, and we'll open it up. See you up there soon. Thank you.