Intuit (INTU) Q2 2025 Earnings Name Transcript

Intuit (INTU -2.05%)
Q2 2025 Earnings Name
Feb 25, 2025, 4:30 p.m. ET

Contents:

• Ready Remarks
• Questions and Solutions
• Name Individuals

Ready Remarks:

Operator

Good afternoon. My title is Angela, and I will likely be your convention operator. Right now, I wish to welcome everybody to Intuit’s second quarter fiscal 12 months 2025 convention name. All traces have been positioned on mute to forestall any background noise.

After the audio system’ remarks, there will likely be a question-and-answer interval. [Operator instructions] With that, I’ll now flip the decision over to Kim Watkins, Intuit’s vp of investor relations. Ms. Watkins?

Kim A. Watkins — Vice President, Investor Relations

Thanks, Angela. Good afternoon, and welcome to Intuit’s second quarter fiscal 2025 convention name. I am right here with Intuit CEO, Sasan Goodarzi; and our CFO, Sandeep Aujla. Earlier than we begin, I might prefer to remind everybody that our remarks will embrace forward-looking statements.

There are a variety of things that would trigger Intuit’s outcomes to vary materially from our expectations. You possibly can be taught extra about these dangers within the press launch we issued earlier this afternoon, our Type 10-Okay for fiscal 2024, and our different SEC filings. All of these paperwork can be found on the investor relations web page of Intuit’s web site at intuit.com. We assume no obligation to replace any forward-looking assertion.

Among the numbers in these remarks are introduced on a non-GAAP foundation. We have reconciled the comparable GAAP and non-GAAP numbers in right this moment’s press launch. Until in any other case famous, all development charges discuss with the present interval versus the comparable prior-year interval, and the enterprise metrics and related development charges discuss with worldwide enterprise metrics. A replica of our ready remarks and supplemental monetary data will likely be obtainable on our web site after this name ends.

With that, I will flip the decision over to Sasan.

Sasan Okay. Goodarzi — Chief Government Officer and Director

Nice. Thanks, Kim, and because of all of you for becoming a member of us right this moment. We delivered very robust ends in Q2 with income development of 17%, and we’re off to an ideal begin in tax. We’ve robust momentum this 12 months as we execute our international AI-driven skilled platform technique, powering prosperity for customers and companies.

We’re assured in delivering double-digit income development and increasing margin this 12 months, and we’re reiterating our full 12 months steering. Immediately. I’ll give attention to three areas: revolutionizing pace to learn by delivering done-for-you experiences with experience, successful in tax, and mid-market. We’re making robust progress throughout our platform with our knowledge and AI investments to ship done-for-you experiences with AI-powered human experience.

Our focus is on automating duties, end-to-end workflows, and full capabilities, connecting prospects to considered one of our greater than 12,000 AI-powered human consultants for the final mile or to finish all the work. That is Intuit Help, the mixture of AI and AI-powered human consultants, digitizing every part for purchasers and fueling their success. Let me share one instance to exhibit our progress. On our enterprise platform, Intuit Help delivers done-for-you experiences, automating workflows utilizing AI brokers.

It mechanically turns emails, digital paperwork, and handwritten notes into estimates, invoices, or payments whereas doing the accounting within the background. It spots potential money circulation shortages in actual time and suggests personalised options like making use of for a line of credit score by way of QuickBooks Capital. With these capabilities, we’re seeing a ten% greater cost conversion fee on overdue invoices when prospects use AI-generated bill reminders versus people who do not. We’re additionally connecting prospects to our AI-powered consultants at their level of want by way of QuickBooks reside, up 2.5x in Q2, with 20-point greater ecosystem connect fee than the remainder of the QBO base.

Repeat engagement with our done-for-you invoicing expertise continues to develop and has elevated greater than 50% since November. As we proceed to scale these experiences, we’re inspired by new prospects changing and adoption of platform choices, comparable to funds and QuickBooks Dwell. That is Intuit Help working at scale, fueling the success of our prospects. Turning to tax, we’re off to an ideal begin.

Our technique is to win as an AI-driven skilled platform by delivering the perfect expertise, pace to cash, and greatest value for purchasers. As one client platform with a seamless buyer expertise throughout TurboTax and Credit score Karma, now we have unbelievable scale to win within the DIY and assisted classes. We have made vital progress with Intuit Help, which is fueled by our knowledge, knowledge providers, and AI investments, delivering done-for-you tax experiences. We’ve remodeled the procuring expertise, serving to information prospects to the providing that’s greatest for them, which is driving greater begins.

For people who select to do their very own taxes, we’re delivering an AI-driven, extremely personalised product expertise. This contains straightforward knowledge in from over 200 companions now overlaying 90% of our prospects, most typical tax paperwork, up from 68% final 12 months. And with the clever utility of information to personalize navigation, prospects can full their taxes extra shortly with greater ranges of confidence. When prospects select us to do their taxes for them, we match them with the perfect skilled on our AI-driven skilled platform inside seconds and share the skilled’s {qualifications} whereas mechanically importing the client’s knowledge, making the primary interplay a wow expertise; an AI-powered human skilled that completes the client’s return in lower than two hours, providing proactive and personalised help and offering the chance for purchasers to entry their cash instantly, all of the whereas on the go or within the consolation of their dwelling.

The expertise is resonating, and the TurboTax Dwell Full Service has a product advice rating of 84 season up to now, one of many highest at Intuit. That is an unmatched expertise at scale, delivering delight and pace to cash at the perfect value. With the dimensions of our knowledge and AI capabilities, Intuit Help is the management tower, automating duties and workflows, with human consultants partaking the place wanted to ship done-for-you experiences for our prospects. Let’s shift to our sturdy go-to-market strategy.

We’ve reinvented our advertising and marketing campaigns centered on expertise, pace to cash, and value. We have strengthened our total AI-driven personalised lineup and monetization capabilities. We’re seeing nice traction early within the season in DIY throughout easy and complicated prospects with robust monetization pushed by advantages comparable to early entry to refunds and AI-powered human consultants. Within the assisted class, with the numerous enchancment in expertise, pace to cash, and our beat your value marketing campaign, our early full service funnel is powerful.

That is pushed by advertising and marketing that began within the fall and enhancements in native seek for these in search of a professional close to them. We estimate that our native consultants in 130-plus designated market areas will give us entry to roughly 80% of the nationwide assisted filers, and we discovered that filers are traditionally 5x extra prone to convert when given a neighborhood possibility. We’re additionally seeing greater than 3x greater begins on the Credit score Karma platform, pushed by a rise in availability of seamless zero click on login to TurboTax, from 5% final season to 70% this season. In abstract, we’re off to a powerful begin in tax.

We’re seeing robust development throughout easy and extra complicated returns because the season progresses and robust total common income per filer. We’re additionally happy with the facility of 1 client platform, given the seamless experiences throughout TurboTax and Credit score Karma. Let me now flip to the enterprise platform and the progress we’re making serving mid-market prospects, which symbolize an $89 billion TAM. We’re centered on successful as an AI-driven skilled platform to gas the success of shoppers with QBO Superior, Intuit Enterprise Suite, and our ecosystem of providers.

Our go-to-market and product investments are fueling accelerated progress. With the QBO Superior platform, we’re delivering robust ARPC throughout our broader ecosystem of providers with payroll and funds penetration exceeding QBO Core by 12 factors and 9 factors respectively on the finish of the quarter. With Intuit Enterprise Suite, we’re seeing rising momentum week to week. This contains the variety of contracts we signed in January, that are up 2x versus November.

IES is resonating with bigger companies and accountants throughout our ecosystem, notably these with over 10 million in income the place win charges are trending practically 2x greater versus smaller prospects. And the effectivity of our gross sales funnel continues to enhance with gross sales productiveness up greater than 60% over the past two months. We’re successful due to the dear advantages of our platform, ease of adoption, value, and whole value of possession. With IES, we’re in a position to enhance prospects productiveness by saving them time and offering deeper insights throughout the platform to gas their development.

We’re seeing traction with mid-market prospects extending throughout a number of industries, together with development, IT providers, authorized providers, administration consulting, finance, and insurance coverage. I will share two examples that spotlight our pleasure in fueling buyer success and Intuit development. We lately signed a monetary providers agency with 5 entities that selected IES over different competing options to optimize its monetary operations, advertising and marketing, and gross sales with AI, multi functional place. The agency is utilizing Mailchimp, an integral a part of IES to optimize gross sales and advertising and marketing by leveraging the insights from dimensional reporting to evaluate product combine and think about profitability by product sort.

The advertising and marketing and gross sales groups inform us they’re obsessive about the insights which allow them to get essentially the most out of Mailchimp with extra focused buyer engagement to gas their development. We additionally signed a cope with a big skilled providers and accounting agency, which serves purchasers throughout 13 industries, together with development, dental, authorities contracting, actual property, and know-how. This agency was seeking to standardize options and consolidate throughout distributors, and our disruptive value and ease of use was key to their buying choice. They migrated a number of purchasers, together with some utilizing aggressive options, to IES in a deal price six figures yearly, and we’re partnering with them to carry many extra purchasers onto IES.

Wrapping up, with our progress and momentum, we’re well-positioned to win as an end-to-end platform with done-for-you experiences that gas the success of customers, small and mid-market companies, and accountants. Now, let me hand it over to Sandeep.

Sandeep Aujla — Government Vice President, Chief Monetary Officer

Thanks, Sasan. We delivered a powerful second quarter of fiscal 2025 throughout the corporate. Our second quarter outcomes embrace income of 4 billion, up 17%; GAAP working revenue of 593 million versus 369 million final 12 months, up 61%; non-GAAP working revenue of 1.3 billion versus 1 billion final 12 months, up 26%; GAAP diluted earnings per share of $1.67 versus $1.25 a 12 months in the past, up 34%; and non-GAAP diluted earnings per share of $3.32 versus $2.63 final 12 months, up 26%. Now, let me flip to our enterprise segments, beginning with our international enterprise options group.

Our enterprise platform helps prospects to run and develop their enterprise finish to finish. World enterprise options group income grew 19% throughout Q2, pushed by on-line ecosystem income development of 21%, or 25% excluding Mailchimp. The momentum in our on-line ecosystem is demonstrating the facility of our enterprise platform and the mission-critical nature of our choices as prospects look to develop their enterprise and enhance money circulation in any financial setting. QuickBooks On-line accounting income grew 22% in Q2, pushed by greater efficient costs, buyer development, and blend shift.

We proceed to prioritize disrupting the mid-market by way of ongoing give attention to each go-to-market motions and product improvements, which we count on to drive ARPC development. On-line providers income grew 19% in Q2, or 30% excluding Mailchimp. Progress in Q2 was pushed by cash, which incorporates funds, capital and invoice pay, payroll, and Mailchimp. Inside cash, income development within the quarter displays funds income development, which was pushed by buyer development and improve in whole cost quantity per buyer and better efficient costs and QuickBooks capital income development.

Complete on-line cost quantity development in Q2 was 18%. Inside payroll, the income development within the quarter displays buyer development, combine shift, and better efficient costs. Inside Mailchimp, income development within the quarter was pushed by greater efficient costs and paid buyer development. We’re making early progress with product enhancements however proceed to count on it to take a number of quarters to ship improved outcomes at scale.

As a reminder, in Q2, we started lapping the worth adjustments we made in Q2 of final 12 months, which drove a deceleration in development this quarter versus Q1. We stay assured in and are executing on our imaginative and prescient of an end-to-end enterprise platform that integrates the facility of Mailchimp and QuickBooks. That is enabling our prospects to each run and develop their enterprise multi functional place. Third, we’re executing our worldwide technique, which incorporates main with our related enterprise platform in our established markets and main with Mailchimp in all different markets.

As we proceed to execute on a localized product and lineup. On a continuing forex foundation, whole worldwide on-line ecosystem income grew 9% in Q2, or 19% excluding Mailchimp. As now we have beforehand shared, we win as a platform firm. Our on-line ecosystem income development displays the progress we’re making with our technique of serving each small and midsized companies with extra complicated wants.

This represents an addressable market of over $180 billion, roughly half of which is mid-market. In Q2, on-line ecosystem income grew 21%, together with roughly 40% development in on-line ecosystem income for QBO Superior and Intuit Enterprise Suite that serves mid-market. On-line ecosystem income for small companies and the remainder of the bottom grew a powerful 18%. We’re enthusiastic about our progress in serving mid-market prospects whereas persevering with to give attention to smaller companies.

Wanting forward, we proceed to count on on-line ecosystem income in whole to develop roughly 20% in fiscal 2025. Turning to desktop, throughout Q2, desktop ecosystem income grew 14%, and desktop enterprise income grew within the excessive teenagers. As a reminder, quarterly desktop ecosystem income development traits in fiscal 2025 mirror the providing adjustments we made in early fiscal 2024 to finish the transition to a recurring subscription mannequin, together with extra frequent product updates. We proceed to count on desktop ecosystem income to develop within the low single digits in fiscal 2025.

Turning to our client platform, our client platform helps prospects make sensible cash choices, take steps to enhance their monetary well being 12 months spherical, obtain their greatest tax final result, and get their tax refund sooner. Client group income grew 3%, forward of our steering for a low single-digit decline in Q2. Our technique is to win as an AI-driven skilled platform by delivering the perfect expertise, pace to cash, and greatest value for purchasers. As one client platform with a seamless buyer expertise throughout TurboTax and Credit score Karma, now we have unbelievable scale to win within the DIY and assisted tax classes.

We’re off to a powerful begin in tax this season and are reiterating our steering for client group of seven% to eight% income development in fiscal 2025. Turning to the professional tax group, the income was $272 million in Q2, down 1%. Shifting to Credit score Karma. Credit score Karma income development accelerated once more this quarter to 36%, reflecting energy in bank cards, private loans, and auto insurance coverage.

On a product foundation, bank cards accounted for 15 factors of development, private loans accounted for 14 factors, and auto insurance coverage accounted for six factors. As a reminder, beginning in Q3, we’re lapping the robust development in auto insurance coverage that started a 12 months in the past. We’re happy with our early outcomes this tax season as we execute on our imaginative and prescient for one client platform with a seamless buyer expertise throughout TurboTax and Credit score Karma. Let me now contact briefly on our investments in AI and the way they’re benefiting our operations.

Along with the AI-driven experiences we’re delivering for our prospects to gas their success that Sasan spoke to earlier, we’re additionally leveraging AI to function extra effectively and improve productiveness internally. Inside our buyer success group, our investments in AI capabilities have delivered practically $90 million in annualized efficiencies within the first half of the 12 months. That is as a result of we’re leveraging AI for skilled coaching, matching prospects to consultants, automating workforce operations, and eliminating knowledge entry. We’re utilizing AI brokers to ship done-for-you experiences, and this has contributed to a 20% discount within the contact fee for TurboTax product help 12 months up to now.

That is Intuit Help working at scale. We’re additionally seeing improved coding productiveness with as much as 40% sooner coding utilizing AI code assistants, driving sooner innovation for our prospects. In abstract, I’m happy with our momentum this fiscal 12 months and our alternatives forward. Shifting to our steadiness sheet and capital allocation.

Our monetary rules information our choices, they continue to be our long-term dedication and are unchanged. We completed the quarter with roughly 2.5 billion in money and investments and 6.3 billion in debt on our steadiness sheet. We lately entered right into a 4.5 billion revolving credit score facility that we’re utilizing to fund our five-day early refund providing. This facility expires on April 30, 2025.

We repurchased 721 million of inventory through the second quarter. Relying on market situations and different elements, our goal is to be out there every quarter to offset dilution from share-based compensation over a three-year interval. The board authorised a quarterly dividend of $1.04 per share payable on April 18th, 2025. This represents a 16% improve per share versus final 12 months.

Shifting on to steering. We’re reaffirming our fiscal 2025 steering. This contains whole firm income development of 12% to 13%, GAAP working revenue development of 28% to 30%, non-GAAP working revenue development of 13% to 14%, GAAP diluted earnings-per-share development of 18% to twenty%, and non-GAAP diluted earnings-per-share development of 13% to 14%. Our steering for the third quarter of fiscal 2025 contains whole firm income development of 12% to 13%, GAAP earnings per share of $9.22 to $9.28, and non-GAAP earnings per share of $10.89 to $10.95.

Constructing on our robust Q2 outcomes and strong Q3 steering, we’re extremely assured within the continued energy and constructive trajectory of our enterprise by way of This fall and past. With the vast majority of the tax season nonetheless forward, we’re well-positioned to ship robust outcomes and stay up for sharing an up to date full 12 months outlook on our subsequent earnings name, in keeping with our normal apply. You’ll find our full fiscal 2025 and Q3 steering particulars in our press launch and on our truth sheet. With that, I will flip it again over to Sasan.

Sasan Okay. Goodarzi — Chief Government Officer and Director

Nice. Thanks, Sandeep. We’re very assured in our long-term development technique, together with double-digit income development and working revenue rising sooner than income. We like our momentum within the first half of the fiscal 12 months which units us up for a strong second half.

Wanting forward, we’re assured in our momentum and the progress that we’re seeing with Intuit Help, delivering done-for-you experiences with AI-powered human consultants, rising our 5% penetration of a $300 billion whole addressable market. We’ve an unbelievable runway forward. With that, let’s now open it as much as your questions.

Questions & Solutions:

Operator

[Operator instructions] We’ll go first to Siti Panigrahi with Mizuho. Your line is open. Please go forward.

Siti Panigrahi — Analyst

Nice. Congratulations on an ideal quarter. In fact, now, it is a give attention to taxes. And at this level, Sasan, what’s driving your rising confidence to ship that 7% to eight%, you already know, steering for client? Any coloration on the traits that you’re seeing within the assisted class because you began promotion this 12 months early on in October? Additionally, when you might cowl in the identical — you already know, we hear some concern about these initiatives.

Questioning how Intuit can drive effectivity for IRS?

Sasan Okay. Goodarzi — Chief Government Officer and Director

Yeah, certain. Thanks for the query, Siti. You understand, initially, I will simply begin with our energy is basically throughout each DIY and the assisted class. We’re really seeing very robust traction with each easy and complicated filers in DIY.

And primarily based on all of our innovation, really, you already know, monetization may be very robust with, you already know, issues like entry to skilled assist in the DIY class and entry to cash. So, our repositioning of the lineup has really actually helped us speed up paid development. So, we really feel good within the DIY class. In assisted, you already know, hear, it is actually finish to finish, you already know, all of the work from reinventing our marketing campaign, which is basically resonating when it comes to what it means to digitally get your taxes finished from wherever with the perfect expertise, quick entry to your cash and the perfect value.

So, from actually — from marketing campaign to all of the work that we have finished to start to indicate up practically 80% of the assisted filers and the place they, you already know, maintain their properties, we’re — you already know, we’re inside a brief radius of their properties, all the way in which to the expertise. We have fully revamped the expertise. Simply as a reminder, you already know, when an skilled connects to considered one of our prospects, the conversion fee is 80%. And with all of our knowledge and AI investments, we’re in a position to make use of our algorithms to match prospects to consultants inside seconds; instantly get the skilled to have interaction with the client; whereas they’re partaking, add all of their knowledge in order that the skilled can ship worth instantly; after which, get their taxes finished in lower than two hours.

However that is — by the way in which, that is throughout client and enterprise. And so, our funnel is powerful from the campaigns that we began within the fall and all of the work that we have finished leveraging knowledge and AI and with our experiences and given the place we’re. So, it is a mixture of all of our selections and choices all actually powered by knowledge and AI that offers us confidence, Siti, in our steering. The second factor, you already know, round DOGE, I’d simply reiterate, you already know our ongoing and my private ongoing engagement with the administration, at the same time as late as simply a few weeks in the past.

They usually’re very centered on considerably lowering waste, lowering fraud, and eliminating forms. And there is many areas the place we’re speaking about, you already know, contributing and serving to them with their objectives. And with that mentioned, you already know, their focus is to essentially drive that elimination of tax fraud, waste, overhead value in IRS. And people are the actions that they are very centered on taking, and we’re very centered on serving to the administration in any approach potential.

And we do not see, by the way in which, any, you already know, threat to the IRS offering providers to customers and companies with a few of the actions which have been taken. So, hopefully, that solutions your query. We’re fairly enthusiastic about our progress and fairly bullish about the remainder of the season.

Siti Panigrahi — Analyst

That is tremendous useful, Sasan. I’ll stick to 1 query. Thanks.

Sasan Okay. Goodarzi — Chief Government Officer and Director

All proper. Thanks.

Operator

We’ll go subsequent to Kirk Materne with Evercore ISI. Your line is open. Please go forward.

Kirk Materne — Analyst

Hello. Yeah. Thanks very a lot and congrats on the great quarter. Sasan.

simply questioning when you might speak a bit bit about simply the SMB or the small enterprise setting. I feel all of us got here into this 12 months, you already know, hoping that we might be seeing a bit little bit of inexperienced shoots when it comes to the financial exercise stage. Has something modified on that entrance in your view simply given a few of the macro, you already know, dislocation, maybe, you already know, questions round tariffs, issues like that? I used to be simply form of curious when you might give us a bit little bit of an replace on what you are seeing on the small enterprise aspect proper now. Thanks.

Sasan Okay. Goodarzi — Chief Government Officer and Director

Yeah. Positive, Kirk. I’d simply say it stays very steady when it comes to simply the macro setting for companies. If I offer you a click on down, the smaller companies, you already know, as much as about 10 staff, kind of 2.5 million, 3 million in income.

On our platform, you already know, their income and money flows are up 12 months over 12 months. In fact, as you already know, we’re not overly concentrated in any explicit trade. It differs a bit bit by trade. However total, that must be your takeaway for the smaller companies.

The bigger companies, kind of 3 million and above, 10 million, and to 50 million, 100 million-plus, the mid-market prospects that we serve, they’re really very a lot wanting towards digitization, wanting towards with the ability to save time, discovering methods to drive each their income development and profitability. And I’d say identical goes for our accountant companions that additionally serve these companies. And that is actually the place Intuit Enterprise Suite is available in and the facility of Intuit Enterprise Suite as a result of these bigger companies and primarily based on the proof now that now we have with prospects utilizing IES, they really wish to lean into it as a result of they’ll see with our AI-powered experiences, they’ve a accomplice by their aspect, an assistant that may assist them develop their enterprise and are literally main — leaning into digitization as a result of it leads into their development. So, we’re seeing even, you already know, more healthy setting the bigger the companies get.

Kirk Materne — Analyst

Thanks, Sasan.

Sasan Okay. Goodarzi — Chief Government Officer and Director

Yep. Very welcome.

Operator

We’ll go subsequent to Keith Weiss with Morgan Stanley. Please go forward.

Keith Weiss — Analyst

Thanks, guys, for taking the query, and congratulations on a very strong quarter. Perhaps one for Sandeep on the expense aspect of the equation. Coming into this 12 months, you guys had made room for extra aggressive funding to kind of get the talent units wanted on board for you guys to kind of progress in your plans on a go-forward foundation. To this point, within the first half and positively on this quarter, we noticed actually spectacular margin enlargement, lots of leverage displaying up on that backside line.

Is that in any approach as a consequence of possibly expense timing? As a result of — are you guys nonetheless planning on principally like hiring again the identical sort of headcount ranges that we had been speaking about after we got here into the 12 months? Or is there, maybe, extra kind of alternative for drive and leverage than we’re interested by earlier?

Sandeep Aujla — Government Vice President, Chief Monetary Officer

Hey, Keith. Thanks for that query. You understand, the — let me deal with the query each on the hiring facet after which additionally on the margin facet. On the hiring, we’re — we noticed actually good take fee on — when it comes to recruiting within the first two quarters of the 12 months.

In reality, it was forward of even our inner expectations when it comes to simply the fame the agency has and the way many individuals we had been in a position to entice to the corporate in a brief order of time. When it comes to our expectation for the 12 months, in line with what now we have shared earlier than, I count on it to be flat to barely up for the 12 months as we proceed to lean into investing in areas which might be key to our future development and in addition utilizing AI internally to drive effectivity when it comes to our staff. When it comes to the broader query round our bills and our margin enlargement, look, we’re dedicated to driving margin enlargement over the long run. And I really feel tremendous assured in our potential to ship on the steering that we have given for margin enlargement this 12 months.

And actually, the traits you’ve got seen 12 months up to now come down to a few issues. One is day-in, day-out expense self-discipline now we have throughout this firm. And that reveals up in each facet of how we allocate our greenbacks and the ROI we count on from these {dollars}. Secondly, the efficiencies from implementation of AI in our buyer success, that got here in a bit sooner than what we had internally forecasted.

So, that was development that we noticed. And lastly, with the slower begin to the tax season, that additionally aided a bit in Q2. So, net-net, you must have a look at Q2 as additional solidifying our confidence in our margin for this 12 months and past.

Keith Weiss — Analyst

Acquired it. And simply to make clear on level primary, on the hiring, it sounds such as you’re hiring goes to plan, so there wasn’t like an outperformance in Q2 margins that got here from the late hiring in any sense.

Sandeep Aujla — Government Vice President, Chief Monetary Officer

Properly, no. We — you already know, we had good hiring take charges, and we employed rather less than what we thought we would wish simply given the efficiencies we noticed, comparable to 40% greater productiveness of engineers utilizing gen AI instruments. So, stuff I talked about on AI implementation in CES the place we noticed 20% decrease name quantity from TurboTax simply as we carried out done-for-you experiences. So, there are a plethora of issues comparable to that that led to us needing fewer folks than we thought we would wish, however that must be the important thing areas that you must take away when it comes to hiring traits.

Keith Weiss — Analyst

Glorious. Tremendous useful. Thanks, guys.

Sandeep Aujla — Government Vice President, Chief Monetary Officer

Yep.

Operator

We’ll go subsequent to Brent Thill with Jefferies. Please go forward.

Brent Thill — Analyst

Thanks. Sasan, I do know you launched some intelligent and progressive new marking early into the tax season. I am curious when you’ve seen any early indicators of various response or traction. What has been the response? And is it — does it offer you a bit extra confidence heading into this tax season primarily based on what you are seeing from that? Any coloration can be useful.

Thanks.

Sasan Okay. Goodarzi — Chief Government Officer and Director

Yeah, Brent. Thanks for the query. The quick reply is sure. Based mostly on the place we’re and what we have seen, it does give us simply lots of confidence within the flywheel that we’re creating within the assisted phase.

You understand, to double click on. it is actually the mixture of constant to lift consciousness out there round actually three advantages that issues rather a lot to those who spend over $35 billion, whether or not it is companies or customers, to get someone else to get their taxes finished for them. You understand, one is about expertise. It is from the convenience of wherever you might be just about and the truth that we are able to get it done-for-you in lower than a few hours — some, by the way in which, in, you already know, half-hour — and with quick entry to your cash at the perfect value.

And simply given our scale with all the knowledge and AI investments that we have made, and you concentrate on us competing with, you already know, lots of, I’d simply say, smaller gamers as a result of the vast majority of our competitors is, you already know, a number of hundred thousand, you already know, very native tax corporations and tax professionals, the expertise — the dimensions wherein we are able to ship the expertise, the worth, and finally, quick entry to cash is simply actually very engaging for each customers and companies. And, you already know, the punchline is the buildup of what we began within the fall round beat your value as a result of we all know that there’s a phase of shoppers that really make their choice within the fall to what we have carried by way of to the place we sit right this moment. Our funnel is definitely fairly robust. That is primary.

Quantity two, our expertise is considerably improved, given — you already know, one of the best ways I’d put it’s while you hear us speak about expertise enchancment, we lastly made the shift from being a software program supplier to disrupt the assisted phase to being a service supplier, which implies that, you already know, we’re not simply main with software program the place these prospects must do the work, we’re doing all of the work for them with the skilled partaking prospects proper upfront. And we’re simply seeing the buildup of all of that, given the place we’re in season, and are excited in regards to the subsequent six weeks.

Brent Thill — Analyst

Nice. Thanks.

Sasan Okay. Goodarzi — Chief Government Officer and Director

Very welcome.

Operator

We’ll go subsequent to Steve Enders with Citi. Please go forward.

Steve Enders — Analyst

OK, nice. Thanks for taking the questions right here. I suppose I needed to ask simply on the energy that possibly you are seeing within the superior and the enterprise suite aspect of the equation. Simply how are you interested by, you already know, the productiveness charges of the gross sales drive that you have constructed out, the way you’re interested by additional investments and simply form of the way you’re viewing that chance to maneuver up market additional and make investments behind the, you already know, the energy you are seeing there?

Sasan Okay. Goodarzi — Chief Government Officer and Director

Yeah. Properly, a few issues I’d say. You understand, one, you already know, each day that passes our gross sales people are getting extra productive due to simply the timing of, you already know, after we employed them, the timing of after we launched Intuit Enterprise Suite. You understand, it was simply, you already know, actually final fall that we launched it, you already know, and went GA.

And, in fact, previous to that we had been hiring and ramping up our gross sales people. So, you already know, as we touched on earlier, we have really seen a 60% productiveness enchancment within the final couple of months simply with our gross sales people, which is simply kind of a pure development. However I’d additionally say, in some ways, I do not wish to downplay it, but it surely’s a better promote due to the expertise, due to the overall value of possession, and due to how aggressive it’s on value. I feel the large shift that we at the moment are accelerating is basically protection of our massive accountant companions.

You understand, we initially began actually specializing in speaking to the companies. We at the moment are accelerating and shifting to creating certain that our massive accountant companions can really mess around with Intuit Enterprise Suite as a result of they’re — it is going viral. They’re listening to about it. So, giving them a sandbox to do this, you already know, developing with a pricing framework as a result of, you already know, these massive accounting corporations could have as much as 15 completely different practices, from actual property to development, to manufacturing, to know-how, to IT providers, and simply having actually a framework to focus by apply to, in essence, provide Intuit Enterprise Suite to their prospects.

And that is the realm the place I’d say we’re accelerating our protection. However the productiveness is considerably bettering, and it is one thing that that we look ahead to. You understand, it is a enterprise the place we do not wish to overly give attention to optimization as a result of we’re scaling it, and the expansion is thrilling. However on the identical time, the productiveness of the gross sales people is basically necessary.

I do not know, Sandeep, when you would add something.

Sandeep Aujla — Government Vice President, Chief Monetary Officer

Steve, a few factors I’d add is that what we have a look at internally is that we wish to be sure that every cohort of salespeople coming in is extra productive than the prior, and every cohort is laddering up sooner than the prior cohort when it comes to their productiveness. Secondly, after we have a look at these investments, we additionally wish to be sure that we’re investing in the best trade specialization, in addition to product specialization, as a result of we see higher shut fee after we herald folks with these specializations. And lastly, let me contact on AI as a result of AI is also an enormous contributor right here to driving productiveness. What we’re in a position to do with implementing AI throughout our gross sales desk is we’re in a position to give them the following greatest motion primarily based on the place they’re within the gross sales course of.

We’re in a position to give them the best speak observe to handle the client’s want or to handle what aggressive answer they’re utilizing aka what the battle card might be for the product providing. So, there are a number of areas that we have a look at to drive effectivity. And the stats that we’re , we’re being disciplined and feeling actually good in regards to the enhancements we’re seeing in our productiveness.

Steve Enders — Analyst

OK. Nice to listen to. Thanks for taking the questions right here.

Sasan Okay. Goodarzi — Chief Government Officer and Director

In fact.

Operator

We’ll go subsequent to Kash Rangan with Goldman Sachs. Please go forward.

Kash Rangan — Analyst

Hello. Thanks very a lot, and congratulations on the outcomes. And, Sasan, I can at all times rely on you to be the beacon of hope for SMBs. So, I do know that you’ve been progressively feeling higher and higher in regards to the SMB spending setting.

Should you take a step again, on-line ecosystem was barely a blip in your revenue assertion. Now, it is a multi-billion greenback enterprise unit, proper? So, close to time period, long run, how ought to we take into consideration the web ecosystem income? And inside that, QBO Superior actually appears to be off to begin. What’s your dream state of affairs? What would make you ecstatic as to the result of QBO Superior? How huge of a enterprise might that be? And though it is a bit bit too early, however when you dream the dream, how huge of a enterprise might IES be inside the confines of Intuit? Thanks a lot.

Sasan Okay. Goodarzi — Chief Government Officer and Director

Properly, Kash, thanks to your query. We love the dream, and we like to execute. So, I really like the character of your query. You understand, a few issues I’d say.

One, when you simply have a look at the scale and scale of our enterprise group, nicely north of, you already know, 11 billion when it comes to the way in which we have guided this 12 months, we count on the enterprise group to proceed to develop total between 15% to twenty%. And, you already know, the vast majority of that’s actually pushed by on-line development as a result of, you already know, we proceed to count on that, you already know, desktop will likely be very, very low single digits as you concentrate on the longer term. So, that is the primary takeaway is have a look at this franchise as rising 15% to twenty%, which implies that the web portion, which is the biggest portion, ought to proceed to develop at a wholesome fee. I feel to reply your query, while you have a look at the overall measurement of the addressable market, which, for the enterprise group is almost 200 billion, half of that’s mid-market.

And it is the way in which we have outlined mid-market right this moment, which doesn’t imply it can stand as is. And what I imply by that’s right this moment, you already know, actually something north of three million in income when it comes to a enterprise, all the way in which as much as a few hundred million, the opposite approach to have a look at it’s as much as like a few hundred staff, is the way in which we have outlined mid-market. And that is about 100 billion in TAM, and that is the place QBO Superior, Intuit Enterprise Suite, and all of the providers really as a platform, you already know, are available. You understand, we consider mid-market someday will likely be greater than all the enterprise group.

That is why we began speaking in regards to the development fee of mid-market individually as a result of it is an space the place we’re getting nice traction. It is an space the place now we have really extra confidence right this moment than even 5 years in the past after we declared disrupting mid-market, given our enlargement of our innovation on the platform but additionally our go-to-market. And — and we’re not going to cease at a few hundred million in income. We consider now we have a lot extra room.

And we simply have a lot extra confidence sitting right here right this moment than even, you already know, final fall as a result of we’re in market with Intuit Enterprise Suite. And we are able to see how we’re successful on expertise whole value of possession and value. And by the way in which, there’s nonetheless rather a lot that we’re including to the platform. There’s nonetheless areas the place now we have work to do, which really excites us primarily based on the progress that we’re seeing after which what’s potential.

So, you already know, we predict, you already know, mid-market is simply, you already know, for the following 10 years goes to be a major development driver. And we consider it will likely be the biggest over-time driver of development for the enterprise group, whereas we proceed, by the way in which, to serve these which might be new entrants within the enterprise market as a result of we wish to develop with them. So, the dream is it will likely be far greater than the enterprise group is right this moment, and we’re enthusiastic about our potential.

Kash Rangan — Analyst

Love the dream, love the execution much more. Thanks.

Sasan Okay. Goodarzi — Chief Government Officer and Director

Yeah. Very welcome.

Operator

We’ll go subsequent to Alex Zukin with Wolfe Analysis.

Unknown speaker — — Analyst

Hey. That is Patrick on for Alex. Are you able to assist us contextualize the lead to Credit score Karma as it is the second quarter in a row with a fairly large outperformance relative to consensus? What are you seeing there that is offering such energy within the phase? After which given the primary half of the 12 months, was there any consideration to replace the annual steering? If not, why not? Thanks.

Sasan Okay. Goodarzi — Chief Government Officer and Director

Yeah, certain. So, initially, I’d simply begin by reminding everybody, you already know, our technique is basically in regards to the one client platform and successful is one client platform, which is all the, I’d say, nice execution of the crew with the mixing of Credit score Karma and TurboTax as a result of our purpose is from serving to you construct credit score to serving to you construct wealth and, within the center, serving to you handle your cash and get your taxes finished. So, that is finally what we’re centered on with one client platform. And all of our innovation is one client platform at notably all of it sitting on prime of all of our knowledge and AI investments, the place we have dramatically improved, you already know, the procuring expertise for members the place we, in essence, allow you to make shopping for choices, whether or not it is insurance coverage, whether or not it is private loans, whether or not it is bank cards, whether or not it is connecting you to taxes.

And so, while you have a look at, you already know, our accelerated development fee, in all probability 40% is macro, issues are simply higher versus final 12 months, 60% is execution. And we love our trajectory. Extra importantly, we love the mixing that we have finished with TurboTax as a result of for us, every part is about serving to prospects handle their cash and serving to them get their taxes finished. And lastly, I’d simply say that, you already know, it is a phase in the long term that we’d count on to develop 10% to fifteen%.

General, we’d count on our client platform, proper, the mixture of TurboTax and Credit score Karma to develop double digits. And that is the aim, you already know, that it serves. And as you heard, Sandeep touched on this, and I will then flip it over to him for any extra insights, given the place we’re within the 12 months, we’ll have a look at updating our steering after Q3.

Sandeep Aujla — Government Vice President, Chief Monetary Officer

OK, Patrick. The one couple of issues I’d add is along with the accomplice confidence we’re seeing and the higher collectively expertise throughout our client platform, we’re additionally seeing the AI experiences we embedded throughout Credit score Karma, drive higher procuring experiences, and higher ARPC. So, that is additionally aiding within the traits you are seeing there. And lastly, as you look forward and mannequin out the remainder of the 12 months, simply take into account that final 12 months, Credit score Karma began with a detrimental 5% development fee in Q1 and exited at plus 14 in This fall.

So, the comps within the again half of the 12 months for Credit score Karma do get more difficult. So, please do take that under consideration as you mannequin out the remainder of the 12 months.

Unknown speaker — — Analyst

Tremendous useful. Thanks.

Sasan Okay. Goodarzi — Chief Government Officer and Director

Very welcome.

Operator

We’ll go subsequent to Brad Sills with Financial institution of America.

Brad Sills — Analyst

Oh, nice. Thanks a lot. I needed to ask a query on tax. As we’re heading into the tax season right here, you’ve got talked in regards to the effort to promote to the total service filer in that CPA phase.

Needed to get any perspective on how that could be monitoring. Are there any main indicators that counsel you are seeing the traction there within the full service phase because of a few of the adverts we have all seen on TV? And simply normal outlook for full service as we head into the season. Thanks.

Sasan Okay. Goodarzi — Chief Government Officer and Director

Yeah, certain. Thanks to your query. You understand, a few issues I’d simply say, that is the energy of that we’re seeing within the funnel and and actually how we’re feeling about the remainder of the 12 months is known as a mixture of reinventing our finish to finish, from marketing campaign to the expertise, centered on three issues. One is the perfect expertise that you possibly can have just about, the second is quick entry to your cash, third is the perfect value.

And actually, our marketing campaign of displaying how taxes are completely different just about the place you will get quick entry to your cash and get your taxes finished sooner than anyone else can do it has actually had — that coupled with our marketing campaign that began within the fall has actually had a constructive affect on constructing out our funnel. Plus, we actually have revamped our full service expertise. You understand, one of many issues I discussed earlier was that, you already know, the large change, the large from-to in our expertise this 12 months is we shifted from a software program firm to a providers firm because it pertains to disrupting the assisted phase. And what that actually means is, even final 12 months, we had been nonetheless having full service prospects do lots of the work, as in the event that they’re doing it themselves.

This 12 months, we now, inside seconds, match an skilled with a buyer within the background. We’re ingesting all of their knowledge. And inside minutes, the skilled is delivering actual insights to the client and, whereas the client is on the go, getting their taxes finished in typically as little as half-hour. So, simply from marketing campaign to the expertise and being disruptive in our value, we’re seeing energy within the funnel.

We’re fairly bullish about the remainder of the 12 months. And I will simply finish with, for us, it is in regards to the assisted class. It is in regards to the experiences throughout do-it-with-me and full service the place we’re seeing end-to-end energy.

Brad Sills — Analyst

Very thrilling. Thanks, Sasan.

Sasan Okay. Goodarzi — Chief Government Officer and Director

Yeah. Thanks.

Operator

We’ll go subsequent to Alex Markgraf with KeyBanc Capital Markets.

Alex Markgraff — Analyst

Hey, everybody. Thanks for taking my query. Sandeep, might you possibly simply speak in regards to the client group end result. As you famous, higher than guided.

Simply curious form of what shocked notably within the context of a slower begin to the season. Thanks.

Sandeep Aujla — Government Vice President, Chief Monetary Officer

Yeah. Thanks for the query, Alex. A few issues, did higher than expectation on our client group. One is we simply noticed, as Sasan identified, a powerful begin to the 12 months when it comes to TurboTax On-line, in addition to the common income per return.

As extra prospects have interaction with an skilled and as they added on choices, together with getting, you already know, audit protection and sooner entry to their refund, that was a key driver when it comes to each the items, in addition to the ARPR that we skilled that drove the outcomes higher than what we had guided you all to.

Alex Markgraff — Analyst

And simply to make clear, no kind of change in anticipated seasonality as you are modeling the enterprise. Is {that a} honest assertion?

Sandeep Aujla — Government Vice President, Chief Monetary Officer

No anticipated seasonality. Should you’re referring to — I imply, you already know, the IRS opened on the twenty seventh. I am assuming you are taking that under consideration when it comes to the seasonality. However we do not count on any seasonality.

And even a few of the questions we get across the unlucky occasions in L.A. with the fires, we count on that to be nonmaterial affect to our Q3.

Alex Markgraff — Analyst

Yeah. OK, nice. Thanks for the reply.

Operator

We’ll go subsequent to Taylor McGinnis with UBS.

Taylor McGinnis — Analyst

Yeah. Hello. Thanks a lot for taking my query. Perhaps I will ask on the web providers enterprise as a result of I feel you mentioned that that accelerated to 30% development excluding Mailchimp, which is basically strong.

So, after we take into consideration the expansion potential of on-line providers within the second half, are you able to simply unpack that a bit bit extra? So, is the acceleration, you already know, actually being pushed possibly by scaling within the AP funds enterprise? Is it potential, as that continues, you already know, we proceed — we might proceed to see 30% plus development potential? After which, possibly simply as just like the offset with Mailchimp, I feel you talked about that we’ll be lapping some pricing adjustments. So, is it potential that we begin to see some declines in that enterprise? Thanks.

Sasan Okay. Goodarzi — Chief Government Officer and Director

Yeah. Perhaps, Taylor, I will kick us off and tag crew with Sandeep. I feel the energy that you simply’re seeing is basically the energy of the platform with all of our cash choices, whether or not it is funds, with estimates and invoicing, to AP with invoice pay, to line a credit score, proper? All — we now have immediate deposit. We now have, actually, a really massive set of cash choices that our companies can leverage to have the ability to handle their money circulation and handle their enterprise.

And I’d additionally say, you already know, we’re beginning to see our AI-driven experiences gas what’s potential in relation to our cash development. So, that is kind of primary. However quantity two can also be payroll. We’re seeing, you already know, nice combine in payroll, nice energy in payroll.

And once more, all of it comes all the way down to the energy of our platform. And notably, as we have a look at mid-market, you already know, one of many issues we touched on earlier with QBO Superior and Intuit Enterprise Suite, which serves the mid-market, notably with QBO Superior, the connect of payroll and funds is 12 factors and 9 factors, respectively, greater than QBO Core. So, that is the energy of that that you’re seeing throughout all of our providers. And on Mailchimp, as you already know, we talked about earlier, there are value will increase that we’re lapping.

And we additionally simply needed to essentially name out the energy of our providers minus Mailchimp whereas we carry Mailchimp to the extent of development that we count on. Sandeep, would you add something?

Sandeep Aujla — Government Vice President, Chief Monetary Officer

You understand, Taylor, the one factor I’d add on the cost and the payroll aspect is that is lastly us partaking with the client and throughout these choices as a holistic cash providing and a holistic workforce answer providing. And that is what occurs while you get the product groups and the go-to-market groups really partaking as a one holistic portfolio. So, that is actually driving the energy, and that reveals up, as you famous that — as we shared that cost quantity was up 18% this quarter. And as you recall, it was 17% final quarter.

So, it is beginning to present up within the outcomes. And searching ahead, as Sasan shared, mid-market must be an rising contributor to this. Not simply due to the upper tax fee he talked about, however these prospects are bigger in order that they’re additionally bringing extra quantity onto our platform.

Taylor McGinnis — Analyst

Nice. Thanks a lot for the ideas.

Sasan Okay. Goodarzi — Chief Government Officer and Director

Very welcome.

Operator

We’ll go subsequent to Rishi Jaluria with RBC Capital Markets.

Rishi Jaluria — Analyst

Oh, great. Thanks a lot for taking my questions. Good to see continued success within the enterprise. I simply needed to ask a follow-up on is IES.

Very nice to see the traction right here. Perhaps when you had been to consider a few of the early buyer wins that you simply highlighted throughout your ready remarks, are you usually touchdown greenfield with lots of these alternatives? Or are there some wins that you’ve the place you are consolidating funds and displacing various completely different level options? And possibly alongside that, after we take into consideration early buyer suggestions, have there been any push factors on extra performance that prospects are in search of that informs your future roadmap with IES? Thanks.

Sasan Okay. Goodarzi — Chief Government Officer and Director

Yeah. Tanks for the query, and I will attempt to hit on all of the completely different components that you simply requested about. You understand, initially, I will begin with, it is a $90 billion, you already know, whole addressable market that we’re going after. And now we have about 800,000 of those prospects already in our base, and these — they’ve — these 800,000 have the traits of bigger companies, over 2.5 million income, multi-entity which have a necessity for both QBO Superior and/or Intuit Enterprise suite? So, you already know, initially, the place we have began has been actually centered on our personal base and centered on our accountant companions.

And that is the place we have seen, you already know, the momentum and the acceleration. And in these instances, now we have, the truth is, displaced level options for certain as a result of the facility of Intuit Enterprise Suite from the lens of the client is when all of their — the work that they do, from estimate to invoicing to funds to invoice pay to payroll to time monitoring, relying on the kind of enterprise, when it is multi functional place, we then can leverage all of our AI capabilities to truly make suggestions to the client that may assist them make development choices to useful resource reallocate primarily based on how completely different segments are performing. So, the client is definitely motivated to modify from all their level options to Intuit Enterprise Suite. That is actually primary.

Quantity two, they see vital value financial savings and time financial savings once they try this as a result of, typically, though they’ll pay greater than they pay us right this moment, if they’re an current buyer, they will pay considerably extra with Intuit Enterprise Suite. They really find yourself saving cash once they go from completely different level options into an enterprise suite. And what we’re beginning to see is definitely accountants and companies which might be on aggressive options come to us and wish to swap to Enterprise Suite simply due to, once more, the convenience of expertise, it is very person pleasant, the overall value of possession, and finally, the worth. So, with all of that mentioned, you already know, the bulk has been simply centered on our personal base, however we’re starting to shift to not solely going after these which might be greenfield.

And greenfield, by the way in which, implies that you are simply utilizing a bunch of various apps. Not one of the apps speak to one another. You are spending some huge cash, however you do not actually understand how your small business is performing. So, switching to 1 digital platform.

We contemplate that nonconsumption in greenfield, and that is the place the vast majority of the cash is spent within the TAM, and that is the place the vast majority of our alternative will come from as we kind of have a look at the following a number of years.

Rishi Jaluria — Analyst

All proper, great. Thanks.

Sasan Okay. Goodarzi — Chief Government Officer and Director

Very welcome.

Operator

And our final query right this moment comes from Scott Schneeberger with Oppenheimer. Please go forward.

Scott Schneeberger — Analyst

Thanks very a lot. Yeah, it is a tax query basically, too, income per return in spirit. The primary half, Sasan, you modified your TurboTax Dwell Full Service pricing to the standard tiers that you have used with different merchandise, extra to form-based pricing. And also you famous a really excessive buyer expertise for in full service.

Simply curious how that is being obtained. Do you suppose it is the best formulation now for that product? After which, the follow-up query is, 1099 case this 12 months, now that we’re a couple of month into the tax season, are you seeing the pickup there with the decrease threshold for these to exit? And the way would possibly that have an effect on income per return on this tax season if, the truth is, you might be seeing that vital quantity choose up? Thanks a lot.

Sasan Okay. Goodarzi — Chief Government Officer and Director

Yeah, Scott. Thanks to your query. Let me make one — a few broader factors. You understand, one of many issues that we have finished this 12 months primarily based on all of our investments in knowledge and AI is we even have AI-driven personalised lineup experiences.

So, that, you already know, as an illustration, when you go on our any of our entrance doorways and look to see what our lineup is, and if Sandeep and I am going, we’re all going to see very various things. And so, the times of the previous the place there was a lineup, and everyone sees the identical lineup, not exists. And it is necessary so that you can know that as a result of, you already know, we have gotten lots of questions like, as an illustration, on our commonplace SKU. The truth is many individuals do not even see our commonplace SKU.

It is prospects with sure conditions the place our knowledge and AI platform will land them in the best expertise. That is partly why we’re really getting, you already know, I’d say very robust traction with each easy and complicated filers on how we’re monetizing as a result of we’re actually placing prospects in the best experiences. And that actually — that remark transcends into the assisted phase, which is why I needed to start out there. And to reply your query, I imply I feel the product advice rating says rather a lot.

An 85 product advice rating is simply one of many highest in any trade. And our expertise, our value, and entry to cash may be very a lot resonating with full service prospects, and we’re really fairly enthusiastic about, you already know, the remainder of the season. And that, by the way in which, contains small companies. We’re seeing good uptake with small companies which might be utilizing full service, not simply customers.

And last item is simply each the remark that Sandeep made earlier as a result of we have gotten questions on it in 1099. The unlucky scenario in L.A., 1099, we simply suppose it is immaterial. We might even see lots of uptake the remainder of the season, however we — we do not — we view each of them as immaterial.

Scott Schneeberger — Analyst

All proper. Thanks for sharing that. Congrats on the quarter.

Sasan Okay. Goodarzi — Chief Government Officer and Director

Yeah. Thanks.

Operator

This does conclude right this moment’s question-and-answer interval. I’ll now flip the decision again over to our presenters for any extra or closing remarks.

Sasan Okay. Goodarzi — Chief Government Officer and Director

Superior. Properly, thanks a lot for all the nice questions. And be secure on the market, and we stay up for seeing you subsequent quarter. Bye, everyone.

Operator

Women and gents, thanks for collaborating. [Operator signoff]

Period: 0 minutes

Name contributors:

Kim A. Watkins — Vice President, Investor Relations

Sasan Okay. Goodarzi — Chief Government Officer and Director

Sandeep Aujla — Government Vice President, Chief Monetary Officer

Sasan Goodarzi — Chief Government Officer and Director

Siti Panigrahi — Analyst

Kirk Materne — Analyst

Keith Weiss — Analyst

Brent Thill — Analyst

Steve Enders — Analyst

Kash Rangan — Analyst

Unknown speaker — — Analyst

Brad Sills — Analyst

Alex Markgraff — Analyst

Taylor McGinnis — Analyst

Rishi Jaluria — Analyst

Scott Schneeberger — Analyst

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