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