Speaker 1: I want to discuss what's happening over at Intuit. Intuit
Speaker 1: Mailchimp is coming out with a new revenue tool. It's
Speaker 1: a system of predictive and generative AI models. Basically, it's
Speaker 1: designed to help market is win more revenue. You're going
Speaker 1: to send the right email at the right SMS at
Speaker 1: the right time, with the right conversion into at.
Speaker 2: CEO is going to talk us through it.
Speaker 1: Sasam Gourdalzi joining us for more and this is about
Speaker 1: artificial intelligence. Really in the here, renowned Sasan you have
Speaker 1: been talking up AI. You've been reworking your business as
Speaker 1: the time you came in as CEO. I want to
Speaker 1: you know, qdos to you for talking about it before
Speaker 1: the rest of the market did. But how is it
Speaker 1: actually going to generate revenue for you?
Speaker 3: Well, first of all, thank you so much for having me.
Speaker 3: You know, what we announced today is a really big deal.
Speaker 3: Let me first quickly start with context and then talk
Speaker 3: to what we launched and how over time it will
Speaker 3: generate revenue for into it. You know, strategically, there are
Speaker 3: three big things really that we've declared. You know, one
Speaker 3: is shifting from building workflows where customers do the work
Speaker 3: to get to their financial outcomes to workflows where we
Speaker 3: do the work for our customers. The second element is
Speaker 3: that embedding AI powered experts human experts within every workflow
Speaker 3: so that there's never a dead end for customers. When
Speaker 3: there's a dead end with the technology doing the work,
Speaker 3: are experts that actually sit on our data on AI
Speaker 3: platform can be the assistant for consumers and small businesses.
Speaker 2: And third, to take our game to the mid market and.
Speaker 3: Small enterprises and really serve our customers in ways that
Speaker 3: they could never imagine possible. Specifically, what we announced today
Speaker 3: on our Intuit mailchip platform is what we call revenue intelligence.
Speaker 3: You know, one of the things that small businesses care
Speaker 3: about most is revenue growth and profitability growth, and within
Speaker 3: that their cash flow matters a lot. And so revenue
Speaker 3: intelligence does something remarkable. It leverages all of our customers
Speaker 3: data across Mailchimp and QuickBooks an essence helps them with
Speaker 3: understanding how they can drive customer and revenue growth.
Speaker 2: So imagine Swan.
Speaker 1: I'm I'm just going to think about imagining as a
Speaker 1: consumer here though, because I can see how this might
Speaker 1: be music to marketis is, But me as a consumer,
Speaker 1: do I want more SMSs. Do I want more emails?
Speaker 1: Do I want more marketing heading my way?
Speaker 3: Well, if I finish the thought around this small business
Speaker 3: and the impact that we'll have to the consumer. In essence,
Speaker 3: the small business can understand which customers they have an
Speaker 3: opportunity to provide more services to where they can drive
Speaker 3: more benefits and profitability. And for a consumer, let's use
Speaker 3: a couch as an example, or new chairs as an example,
Speaker 3: as a furniture store that you just came out with.
Speaker 3: As a consumer of those devices or those couches or chairs,
Speaker 3: I have an opportunity to know what's available, and I
Speaker 3: have an opportunity to know where I can modernize my house.
Speaker 3: And so from a consumer perspective, the benefit is significant
Speaker 3: and consumers actually believe it or not. Ninety five percent
Speaker 3: of consumers love to digest SMSs because they're short, they're sweet,
Speaker 3: and to the point, and it has an enormous impact
Speaker 3: for consumers and a big impact for small businesses. And ultimately,
Speaker 3: to answer your question, the more we can help drive
Speaker 3: revenue and profitability growth for small businesses, the more we
Speaker 3: have the capability to monetize and be able to drive
Speaker 3: growth into it. So we're very excited about what we
Speaker 3: launched today.
Speaker 4: So Son, I want to talk about the turbo tax
Speaker 4: business because you've spoken recently about the idea of looking
Speaker 4: for more customers who actually use human accountants to adopt
Speaker 4: TurboTax and not use those accounts anymore. Forgive me for
Speaker 4: getting personal here, but there's a reason I'm asking this question.
Speaker 4: I would imagine you have a very very complicated tax
Speaker 4: situation as the president and CEO of this company. Do
Speaker 4: you use turbo tax for your taxes?
Speaker 3: Great question. First, let me start with answering your first question.
Speaker 3: Then I'll answer your question about myself. You know, first
Speaker 3: and foremost, there's a thirty five billion dollars total addressable market,
Speaker 3: and of that thirty five billion, thirty billion is consumers
Speaker 3: and small businesses that actually go to somebody else to
Speaker 3: have their taxes done. And that's really where we've built
Speaker 3: out the platform, where it sits on a data and
Speaker 3: AI platform where we can do your taxes for you.
Speaker 3: From a governance perspective, I do not use turbo tax
Speaker 3: because it's important from a governance perspective that somebody else
Speaker 3: does my taxes for me outside of our platform. So
Speaker 3: that's the reason why don't. I would okay to do
Speaker 3: it because we have great experts.
Speaker 4: What I was going to say is, do you ever
Speaker 4: picture a time where somebody with as complicated a tax
Speaker 4: picture as the executive a publicly traded company can only
Speaker 4: use a product like TurboTax for their taxes? Does that
Speaker 4: day common?
Speaker 2: If? Yes? When? Well, first of all, we can do
Speaker 2: that today.
Speaker 3: If there wasn't a governance issue, I could have one
Speaker 3: of our experts do all of my taxes today. You know,
Speaker 3: our experts can today do anybody's taxes for them.
Speaker 2: And it's all digital, it's all.
Speaker 3: AI powered, and we have multiple second reviews within our
Speaker 3: platform to ensure that your taxes are done curately and
Speaker 3: that you're either getting the largest refund or if you
Speaker 3: have a balanced that you're paying the right amount.
Speaker 2: But today, anybody can do.
Speaker 3: Their taxes on our platform and have us do it
Speaker 3: for them because we have all of the expertise, all
Speaker 3: of the data and AI capabilities with the best experts
Speaker 3: in the industry on our platform.
Speaker 2: Yeah.
Speaker 1: We were just seeing sasan how well your share price
Speaker 1: has been doing of late, and in many ways of
Speaker 1: late we've seen it pop because there's a price increase
Speaker 1: coming according to Mazooho analyst in particularly, who is outlining
Speaker 1: what that's going to do for your revenue sasan how
Speaker 1: big an increase are we going to see for quick books?
Speaker 1: Can you give us a sort of level revenue indeed
Speaker 1: a natural price point?
Speaker 2: Yeah, sure.
Speaker 3: I mean, first of all, I would start by saying
Speaker 3: that we've had significant innovation on our platform in the
Speaker 3: last year across all of the elements of our platform,
Speaker 3: whether it's the ability to be able to fuel your success,
Speaker 3: drive your revenue growth or profitability, and or having our
Speaker 3: experts to help you run your business as a small business.
Speaker 3: And we always price for value, and so this is
Speaker 3: very much sort of in line with our pricing strategy
Speaker 3: and our pricing principles, where we are raising prices all
Speaker 3: the way from those that today start out to fuel
Speaker 3: their success as a small business and follow their passion
Speaker 3: to mid market customers. And we've gotten great feedback relative
Speaker 3: to the innovations that we've delivered in the last year,
Speaker 3: and we're just simply pricing for value and we're excited
Speaker 3: about the possibilities.
Speaker 4: I just want to talk about Mint because there was
Speaker 4: a lot of sadness when you guys shut Mint down,
Speaker 4: and I'm wondering if you've seen those customers move over
Speaker 4: to Credit harmas products.
Speaker 2: Yeah.
Speaker 3: Well, first of all, I'll start with what Mint actually
Speaker 3: who had served it served what we call prime customers,
Speaker 3: those that generally have credit scores above seven hundred. And
Speaker 3: when we thought about our vision as a consumer platform,
Speaker 3: we want to have a self driving platform where we
Speaker 3: can serve you early on in your life to help
Speaker 3: you build your credit all the way to how you
Speaker 3: build wealth over time. And so given that vision, we
Speaker 3: actually brought Mint and Credit Karma together so we can
Speaker 3: serve all of our customers, from those that need to
Speaker 3: build credit to those that have great credit scores but
Speaker 3: also have different needs, all on one platform. We actually
Speaker 3: had more than what we had assumed convert to Credit Karma.
Speaker 3: In fact, the majority of our customers converted to Credit Karma,
Speaker 3: particularly because of all the capabilities that we have on
Speaker 3: Credit Karma to be able to serve our prime customers.
Speaker 2: There are a.
Speaker 3: Very small cord of customers that did not convert. These
Speaker 3: are customers that really their love is budgeting tools, budgeting goals,
Speaker 3: and those are some of the capabilities that over time
Speaker 3: we're building in credit Karma, but.
Speaker 2: Are not available today.
Speaker 3: I would tell you some cord of customers were very
Speaker 3: sad that Mint went away, but actually the majority of
Speaker 3: our customers are delighted to be on credit Carma.
Speaker 1: Now I'm going to ask him off set whether he's
Speaker 1: delighted or heartbroken, but I'm interesting ss on. Lastly, we
Speaker 1: did just get some recent news out.
Speaker 2: Of the IR.
Speaker 1: Yes, basically, there's going to be a free tool the
Speaker 1: US government, in particular supporting Americans who want the option
Speaker 1: to file directly with the IRS as ultimately to be
Speaker 1: in charge of their own taxes.
Speaker 2: Is this going to be a competitive threat?
Speaker 1: Are you going to lose people to this free tool?
Speaker 3: I mean, as short answer is no, because free is
Speaker 3: already available to all Americans today, and so with what
Speaker 3: the IRS has launched, it's just yet another free tool.
Speaker 3: So it is not a threat to us because freees
Speaker 3: are already available across all private companies. We also don't
Speaker 3: believe that it's the best use of government money to
Speaker 3: come out with another tool that's free where free is
Speaker 3: already available.
Speaker 2: It's not the best use of money.
Speaker 3: We'd love to see more money go towards the service
Speaker 3: that the IRS provides to take very good care of
Speaker 3: the citizens. But nevertheless, as far as the threat for us,
Speaker 3: it really.
Speaker 4: Is not into its CEO. Soasan Ga Darzi Sossan, thanks
Speaker 4: so much for joining us.
Speaker 2: Appreciate it. Thank you for having me