Intuit Inc. Q2 FY2026 Earnings Call

Good afternoon, everyone. My name is Beau, and I will be your conference operator today. At this time, I would like to welcome everyone to Intuit's second quarter fiscal year 2026 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer period. If you would like to ask a question during this time, simply press star in the number one on your telephone keypad. If you would like to withdraw your question, press star two. With that, I will now turn the call over to Ms. Anne-Sophie Senior View, Intuit Senior Vice President of Investor Relations, Corporate and Strategic Finance. Please go ahead, ma'am.

Good afternoon and welcome to Intuit's second quarter fiscal 2026 conference goal. I'm here with Intuit's chairman and CEO, Sassan Ghudarzi, and our CFO, Sandeep Ajla. Before we start, I'd like to remind everyone that our remarks will include forward-looking statements. There are a number of factors that could cause Intuit's results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 2025, and our other SEC filings. All of those documents are available on the Investor Relations page of Intuit's website at Intuit.com. We assume no obligation to update any forward-looking statements. Some of the numbers in these remarks are presented on a non-GAAP basis. We've reconciled the comparable GAAP and non-GAAP numbers in today's press release. Unless otherwise noted, all growth rates refer to the current period versus the comparable prior year period, and the business metrics and associated growth rates refer to the worldwide business metrics. A copy of our prepared remarks and supplemental financial information will be available on our website after this call ends. With that, I'll turn the call over to Sasan.

Thanks, Anne-Sophie, and thanks to all of you for joining us today. Execution across our three big bets underscores how our AI and human intelligence platform innovation is feeling into its growth form is mission critical to our customers' financial lives. It's fueling the success of our customers with innovation that enable combination of proprietary data form capabilities to as HI. Model strengthening. The more customers we engage, the competitive advantage, durable competitive advantage. This foundation delivers what matters most to customers when it comes to financial insights, money management, trusted financial intelligence, and this advantage defines our leadership. Momentum is fueled by three big bets that represent the company's largest growth vectors across 300 billion in TAM. Where our penetration today is 6%. Bet is delivering done-for-you experiences powered by AI and HI, creating money benefits by putting money at the center of everything that we do for our consumers and bets with a disruptive AI-native ERP platform. Let me start with our all-in-one business platform, where we deliver done-for-you experiences powered by AI and HI, virtual team of AI agents. Customers have leveraged agents to do the work for them, with all-time repeat engagement of more than 85%. In January alone, time and delivered impact for our customers by categorizing over 237 million transactions. This represents over half of all the transactions categorized that month. Our business tax agent is putting more money directly back into our customers' pockets. H.I. capabilities are not only automating tasks for 50% intelligence, it fundamentally changes how customers engage with our proprietary data capabilities and automation, and this represents a profound shift because now it's done for you with confidence. And because Intuit Intelligence uses deterministic domain-specific models that are built on decades of trusted proprietary data, its recommendations are personalized and compliant. This is intelligence testing has shown that when AI and HI come together in a single, it's going to achieve better outcomes and it positions Intuit for sustained double-digit revenue growth. Everything we do, payments volume are 29%, reflecting continued momentum. They need to see breakthrough adoption. Turning to mid-market, growing businesses, Enterprise Suite grew approximately 40%. Continuous platform innovation and faster onboarding is driving significant customers. With Intuit Enterprise Suite product release in February, we are deepening our capabilities in the largest verticals within our nearly $90 billion. We launched a construction edition for an industry-specific ARP with the intelligence modern businesses need to operate and grow with confidence. Lallier Construction, a family-owned construction leader based in Colorado, is using Intuit Enterprise Suite as a single source of truth across five divisions, turning fragmented financial data into decision-grade insights. By automating hundreds of intercompany invoices, they've reduced peak month-end reconciliation time by approximately 90% and reclaimed 16 to 18 hours of accounting work per dimensional tracking over the next three years. We continue to increase acceleration in new customers, added significant headroom we have for IES, beyond fueling expansion, continued momentum with our accountant partnerships. Top 20 accounting firms eager to build reseller practices, including Cifron-Cooperman and capabilities. We are influenced by accounts with Intuit Accountant Suite, and forms accounting firms' efficiency and effectiveness in management, significantly deepens our partnership with accountants and enterprise suite penetration, particularly around the incremental value firms are getting by managing their operations and gaining valuable insights all in one place. Turning to our consumer platform, our strategy is to win as an all-in-one AI-driven expert platform in service of building credit to wealth year-round. While overall IRS returns were down more than five points through February 6th, two strategic areas of standouts that contribute to our momentum. The features such as dynamic navigation to stream has been used so significant times and choose to bypass due to its complexity. By an average of $12,000 compared to those that filed without the A. Field of productivity of customers in the assisted management throughout the year. has been exceptionally strong, highlighting the strategic advantage of an integrated consumer platform, approach and tax. Our investment in proprietary data, mentally transforming and disrupting the assisted tax category, then the DIY category, liability, local service centers, locations, and one flagship expertise more visible and accessible than ever. This expanded footprint is enabling us to serve customers where they are and established our expertise locally, driving more engagement with a previously untapped customer base. We have seen 5.1 million total unique visitors to landing pages, and a majority of these are purely engagement with experiences that enable these visitors' connection across our consumer platform that gives customers faster access to their largest paycheck of the year. Consumers get always-on financial guidance that helps them make smarter decisions and build stronger financial futures year-round. We're seeing compelling early demand. Our strategy is expanding our share of TAM, increasing ARPC, and contributing to our company margin expansion, all fueled by AI's peace of mind, certainty, the future of financial intelligence by working with leading AI companies to meet consumers and businesses with Intuit, particularly if they get it wrong, they demand more than generic LLM recommendations. If it sits with Intuit or elsewhere, we can connect it earlier this month as app directory And with Anthropix, our strategy is one leader. We provide the trusted foundation for high-stakes financial decisions, delivering the reliability of 1.5 adoption of our bill pay offering versus a year ago as we continue to strengthen the

platform for durable growth. We are seeing encouraging momentum in the larger customer wins. Position among smaller customers is taking longer. We continue to focus on improving go-to-market and product experience. to double-digit growth, some confidence in our strategy, and the online ecosystem momentum is very strong. This performance underscores powerful traction to make progress serving consumers with our all-in-one platform that engages them year-round to make 23%, accounted for 4.4 allocation. By margin expansion over time, given our disciplined approach to capital management and ongoing efficiency gains from leveraging AI and automation. We finished the quarter with approximately $3 billion in cash and investments and $6.2 billion in debt on our balance sheet. We repurchased $961 million of stock during the second quarter. Given the current stock price and our strong confidence in the momentum of our business, we are continuing to meaningful. We made 17, 2026. 15% we are reaffirming of fiscal 2026 guidance. Company revenue of $20.997 billion to $21.18. Our guidance includes global business solutions group revenue growth of 14% to 15% and a lot of momentum in achieving global business solutions group revenue guidance for the year. Consumer group revenue growth of 8% to 9% supported by continued strength and momentum across the portfolio, including TurboTax growth of 8% to 32% to 3%, giving us high confidence in achieving our consumer group guidance for the year. $15.49 to $15.69, growth of $14.15, a GAAP tax rate of approximately 23% in fiscal 2026. For the third quarter of fiscal 2026 include, total company revenue growth of 10%, $15.56 to $10.62 per share of $12.45 to $12.51. You can find a full year 2026 and Q3 guidance details in a press release and on a fact sheet.

Great. Thank you, Sandeep, and the momentum across our growth factors and our opportunity to increase in $100 billion TAM.

Thank you, sir. Ladies and gentlemen, at this time, if you would like to ask a question, please press star 1 on your telephone. If you would like to withdraw your question, you can press star 2. We ask that you please limit yourself to one question. We'd like to get to as many people as we can. We'll go first today to Sidi Panagrahi with Mazuho.

Thanks for taking my question. Sassan, you deliver a strong Q2 results, no doubt about it. But as you can see right now, market is worried about AI disrupting software. And, in fact, your business, less QuickBooks but more tax. Can you help us understand, like, what is the disconnect? Where do you think market is wrong? And where do you see the opportunity for you and that you are not getting disrupted by AI, rather you're going to benefit from AI? And, Sandeep, a quick follow-up that I want to ask here that people are pointing to your Q3 operating margin guidance. If it's Q2 as strong, is there any safety and expenses?

Let me add that. You know, first of all, restating is a regulated environment for T's because whether it's a consumer, business of any kind, or getting it wrong means huge, huge liabilities for the customer. The category which really informs our advantage. We have a regulatory-driven advantage. We have customer-driven advantage. And when you look at where we are today, INHI, and in fact, when you look at the results that we're delivering, where we ended last year, the momentum we've had the first half of the year, And, you know, our putting out is it's why companies like OpenAI, companies like Anthropic, at the end of the ability, technology and into the future.

But before I touch on Marjan, one thing I'll reinforce is Hassan's point around the partnerships we're doing with these big LLMs. As you can see, the partnerships we are doing, other software companies are doing, these LLMs are looking to work with us and not against us. So I think that's a key component to keep in mind. and the customer benefits that we are delivering. In fact, one of the things I would highlight is, you know, we always have the thesis that AI and HI is a true differentiator, because particularly when you're making high stakes, high liability financial decisions, you need that AI plus AI working together. And we've been testing this actually in our business platform in the marketplace, a lineup including even our own expectation. And, you know, right now we're thinking to incorporate this AI and HI into our lineup just by seeing how well the tests are resonating. So I just wanted to add that point to your question differentiator. Now let me touch on the margins as well. Sethi, you followed us for years, and we operate to deliver margins for the full year. I feel super confident in our guide for the full year. I feel super confident in my ability to deliver the margin expansion for the full year. And what you're seeing in Q3, a couple of things. One is we over-delivered Q2. As Hassan mentioned, it was a slow season to the full start to the tax season. So you had some cost marketing and customer success costs that moved from Q2 to Q3. And secondly, as the teams looked at some of the tests, we saw a meaningful opportunity to shift some spend to maximize ROI into Q3, so seeing in the guide. So taking into account the Q2 over delivery, we deliver margin for the full year, and I feel pretty good about it.

That's a great start. Thank you both.

Thank you. We'll go next now to Brad Zelnick with Deutsche Bank.

Great. Thank you very much. It's Nick on for Brad this evening, and I appreciate you taking my question. I'd actually like to build on Citi's question a bit here. When you're talking about the power of AI and HI together, as models continue to improve, how do you see that balance between AI and HI shifting? And where do IntuitNits customers stand to benefit the most from these models as they continue to advance?

Yeah, I mean, thanks for your question. Let me maybe break it apart into important segments of the company. First and foremost, disruption in the assisted tax segment. By the way, both assisted consumer tax and assisted business tax is entirely driven by data, AI, and HI. We are winning based on the best price and the fastest access to money. And as I said a moment ago, customers, I mean, if you look at the size of the assisted category, it's more than seven times the do-it-yourself category. And the reason is customers demand with their decisions and to help them with their liability. And so one area that we've made that we're disrupting the assisted tax segment, right? This was a segment that grew 45% last year, well over $2 billion in size. And we are seeing incredible traction, not just through February 6th, but, you know, we've got two months of tax season under our belt. We have about six weeks left, and we're seeing incredible traction with our assisted offering. So that's one significant area where it's a tailwind. You know, we're just scratching the surface of the disruption. The second area is we're actually winning in mid-market because our entire platform is based on AI and HI, where we are now fundamentally an AI-native ERP platform where we're doing the work for customers. And, you know, when you look at some of the customer benefits that we are seeing, you know, from reconciliation, peak reconciliation being done, counting work that our platform does with not just AI but our HI that comes with it, our platform is beyond self-funding. It's actually digitizing and driving growth in mid-market, which is why we're seeing the acceleration. It's why we're seeing accountants actually embrace our platform. The third is I want to amplify what Sandeep already said, but it's just a really, really important point that Sandeep made. As you recall, we rolled out agents, we're accounting agents, payments agents, finance agents. The accounting agent is saving customers 12 hours a month. This agent is delivering automated P&Ls and automated cash flow statements a week. We're putting more money in tax agent where it's actually helping our customers with reducing their reductions. And all of that is actually fueling QuickBooks 50% year over year. So that's where the customer benefit, but it's actually funding, which gives us a lot of pricing power. And that's really the point Sandeep was making is what we have learned beyond the benefits that we're delivering since last July and how it's actually fueling adoption and consumption services, which is QB Live. What we learned in test is that when we actually offer it as a combined experience, both expertise, customers are actually willing to pay more for it. Because it comes down to helping them fuel their success, making sure that they're confident in their liability. And in the future, which I want to just spend one more minute on the future, we're going to be rolling out an increase in actually subscription that will actually drive consumption of payments consumption of payroll and really across our

business platform how ai and hi is actually fueling and that's what gives us confidence not just for the rest of the year we have great thank you so much thank you we'll go next now to keith weiss with morgan stanley excellent i thank you guys for taking the question and uh congratulations on a really solid quarter um i could ask about the the new anthropic deal that that you guys signed in the quarter. Something that you guys are really excited about, we could see that excitement in the press release. I would say investors are a little bit less excited because of the uncertainty that it brings. And I think that the core of the uncertainty is the idea of you're letting the fox into the hen house, right, is anthropic and the anthropic model is gonna be able to get access to all your good proprietary data, access to all your customers, to your workflows, and therefore be able to replicate your business to talk about the one the relationship itself was so exciting from the into a part of the equation but maybe I touch on the controls that you have like how do you keep that their case scenario from happening how can we help sue maybe some of those concerns from investors yeah key thanks thanks for your question I want to just start

with the why uh partnerships um and uh sandeep touched on this but this is probably the most important premise that is important uh to be understood uh which is in this case uh both open ai and entropic one they're wonderful partners but two uh they are very interested in this partnership because they actually um see and understand uh the the regulatory environment potential decisions that customers make and how safety is actually demand the combination of technology and for them to even worry about and that by the experience which gets to the to the second question that you asked and that is or the first question that you asked and that is hey we constructed they're using our platform and it's in the contract this is beyond how they and it's about delivering the experience that the customer needs uh whether it's with an open ai or a relationship and abilities to be where customers working daily on improving the experiences it is yet to be determined not to engage in their finances uh so we're working on the experience, we're very excited about it. We believe the biggest opportunity is really new customer growth, but we actually need to determine whether or not customers are willing to engage with their finances through the apps. But that's what gives us a lot of excitement around the deal.

And Keith, one thing I would add is, you know, when customers think or investors think about the relationship we have with these LOMs, in addition to everything Sasan mentioned, the more it's not leaving our four walls that stays here so that's not being impacted our mode comes from being the core of funds whether it's access to capital whether it's hours worked by the employees whether it's a money flow that's not being touched by this element which is uh high stakes financial military decisions that's the more that remains with us thank you guys

thank you we'll go next now to steve enders with city okay great thanks for um thanks taking the questions um maybe i'll just kind of continue the line of thinking on the ai side just you know as you work and partner with these um with these you know model providers and they have your own uh internally built uh you know generative capabilities as well just how do you think about what makes sense for you all to kind of focus on where does it make sense of uh relying on some of these third parties and maybe where does kind of the rubber meet the road uh in terms of what that means for the customer experience moving forward?

That's a really great question and an element that I forgot to share in answering Keith's question. So we think about it in building, and so all of us over the years with the procrastination is actually LLM. The majority of our AI capabilities is actually knowledge engineering and machine learning language models, which is why there's so much too many that do what we do and capabilities be able to see different things. He wants to see different things.

And it's great to hear. Thanks for taking the question.

Thank you. We go next now to Mark Murphy with JPMorgan.

Thank you so much. I'll add my congrats. Susan, you had mentioned twice that IRS returns are down 5% year over year through February 6th. I assume you mean that more as a timing difference this season, you know, perhaps because I think some of the reports are showing that IRS staffing is down 27% versus last year. Maybe it takes longer. So is it just for a back-end loaded tax season, or are you trying to signal anything about the full tax season? And then secondly, Sandeep, can you comment on some of the economic health indicators that you sometimes say, like number of employees, hours worked, you know, the cash balances, credit scores, et cetera, just whether you think there's been any change there?

Yeah, hey, Mark, let me just take both of those and then go my answer. So on the first question, what we wanted to highlight was the fact that the IRS was down five points through February 6th in the timing. But we wanted to – the IRS is down five points through February 6th. You followed us for years. Last year, IRS was down about eight points through February 7th, and our business was up 4%. So we're just highlighting what's giving us the confidence going into this tax season. So that's – now getting to your second question. Sorry, I quickly blanked on it.

If you could just comment on some of the economic health indicators like cash balances. and hours of work to credit card. The reason I'm asking, Sandeep, is the consumer confidence scores, there was a minor bounce last month, but outside of that, they've looked pretty awful for a while, and yet you've had a better, more positive read on it and very, very strong results, and I'm just wondering if that's continuing.

Of course, Mark. So there are two metrics that I look at as my own personal leading indicators when I look at the health of the business. One is, and this is my Uber metrics, like what are the stats on the number of hours being worked by the employees of our customers? Those are up hours, which is actually stronger in January than it was in the October time frame. So that I continue to feel good about, and it's actually the second thing I looked at is what are the cash reserves? Because cashing on the balance sheet cash in the bank matters so much. Mid-market and small businesses are actually up. The micro-businesses are down a bit across the overall SMB space. It's very stable. The other metrics that we look at are more secondary but still helpful is what's the business revenue? And that's remained stable over the last three months. You know, mid-market is up kind of a little above. The low single-digit and micro is the down services, non-discretionally, especially seeing some declines. last three months through GIF performance by IT services, manufacturing, and the wholesale trade. So, you know, putting aside all the noise we might see in the press and everything else, when I look at the pure quantitative stats in the business, I continue to feel good about the health of the business. On top of that, I'll also remind you, Mark, and you followed us for years, so you know that, but just for everyone's benefit, we have a well-diversed base of customers across multiple customer sizes, multiple industries, multiple geographies. So that's also something additional to keep in mind as you think about our business and the health of the economy.

Yeah, wonderful. Thank you so much. Really appreciate it.

Thank you. We go next now to Alex Zucan with Wolf Research.

Hey, guys. Appreciate you taking the question. Maybe just two quick ones for me. Sasan, I guess to the part about AI, the partnerships that you've talked about, obviously some amazing growth again in GBSG. I wanted to ask how durable are some of the trends that you're seeing over the course of the next few quarters and even beyond that? And then to the Anthropic partnership specifically, I think you did a great job laying out how it is going to improve the customer experience. You've talked about how the data is not going to leave. But maybe talk about just the specific monetization plans, how it impacts potentially gross margins. And then Sandeep, just as a follow-up on MailChimp, I think the language moved to returning to double digits beyond fiscal 26. Maybe just give us a little bit more color there and your thoughts about kind of both the key unlock and what happens if it can't do that.

The first one, listen, the thing that is very exciting for us is we're not looking on the side to figure out how to monetize AI to make up for the core. it is fundamental, the position against three growth vectors. And so to answer your durability question, which is both, you know, you saw fundamentally change. And last year was a $2 billion plus business growing 45%. And we're seeing incredible traction so far this year. And by the way, we've seen enough of the tax season to know how it's going to play out and our confidence in tax season. So that's very, very durable. And in fact, every day that passes, we build momentum because of all the investments that we've made. Second, mid-market is very durable. With all of our platform innovation, with our go-to-market motion that we're building, and you can see it in our results, right? Over a quarter, continue to be up 50%. Our accountants are now starting to contribute to new customers to the franchise. It's up 10 points over the last quarter. New customers to the franchise is actually meaningful now. It's not just our base, and we have a long ways to go in our base, and that's why we're expanding our Salesforce. So that's durable. And then third, Sandeep said it really well, with all of our AI and HI innovation on the business platform, we've actually been beyond the money impact that it's having for businesses, which, by the way, makes our platform beyond self-funding that gives us a lot of pricing power. We were very surprised to see in our testing that customers, new customers, and existing ones want the combination of both as how we think about not just subscription pricing, but consumption. So what we are seeing is very durable, and not just for the next couple of quarters. We've been focused on these three growth sectors for some time, and we're seeing the impact of our ascendee. You have to not share in any of the economics. Whatever the usage is by our customers, it's the same economics if the customers come to us directly uh and we're just really focused on the experience and and i think we have a lot to add through these um llm apps but we we enjoy all of the things the thing you can expect from us and deep said this earlier is continued margin expansion uh at the company level also touch on your point around um on mailchimp when it comes to ai keep in mind the the margins are driven by the modernization we've got three levers for modernization one is pricing for value when

As Hassan shared that the accounting agent is saving people 12 to 14 hours a month. We know that people in North America value their time around $75 an hour margin that goes to the bottom line. Secondly, across our ecosystem at a time of need, so we're switching that conversation from being a sales pitch to helping address a customer need. As an example, our customer could have a payroll due tomorrow, but the invoices aren't going to get paid until next week. With a click of a button, they can, when the customers pay the invoices, the agent automatically pays down the debt. Thirdly, and this is a key point for us all to keep in mind, AI drives a seamless connection to HI. And we know in HI, particularly QB Live, we see 22 points higher ecosystem attached. So in addition to HI being a higher revenue upsell, when they engage, they have to pay us more for the human expert. We also know when they end up talking to a human expert, they end up consuming even more of our ecosystem. Now let me get to MailChimp. We fall in love with our customer problems, not the solution. Our focus and our attachment as a business remains to that core particular solution. MailChimp, the customer need, options as I've shared before are on the table, and we'll make sure we keep you all apprised as we narrow in on the options.

Sounds like a healthy flywheel. Thanks, guys.

Thank you. We'll go next now to Gabriela Borges with Goldman Sachs.

Hey, good afternoon. Thanks for taking my question. So, Son, I wanted to ask you a little bit of how you see the general purpose knowledge intelligence tools evolving, so specifically something like Claude Cowork. Where do you see the boundary at some of your leading edge SMB customers between the types of tasks that they can do with Claude Cowork or a general purpose intelligence tool versus where Intuit really excels with some of the domain-specific intelligence? How do those two ecosystems work together? Thank you.

Yeah, Gabriel, thank you for the question. It's really, which is the moat that we have, the advantage that we have to deliver for our customers, which is knowledge engineering, machine learning, and our Intuit financial large language models, coupled with human expertise, H.I., and as I mentioned earlier, in an environment, it's about high-stakes financial decisions where the liability is high. Privacy and security is everything for customers. And, you know, it's important to note, because facts are friendly, that with our $300 billion in TAM, people, H.I. and H.I., as we talked about earlier, acceleration of the need of combining both the technology and human expertise. be so interested in us because we do that very capabilities available in to go build it's kind of you know if you take the example that I used earlier with there's a construction company I won't reuse that example but I'll use the example a very real example of a restaurant that is located in a tourist area and wants to actually understand what are the tourist trends how does it get impacted by weather and ultimately how is that connected to taking their POS data, their Intuit platform data to get daily updates and forecasts as to what their traffic into their restaurant could be. Currency and the compliance, specifics of what they need to be able to better run their business. Now, the customer doesn't know what they're doing or what they're using. All they care about is they're asking for this KPI to be present to them. So that's where we're very clear in our partnership.

And by the way, we both see the need of what's context versus core and vice versa and that's just a real life example of where the lines are and gabriel if i can add my lens to it the way i think about it any financial recommendation any business core business recommendation anything you could think of as the office of the cfo office of the ceo office of the ceo is core to us so when we talk about our financial agents saving 17 to 18 hours a month 69 reduction the time to get to analysis that's core accounting agent that's core payment agent getting people paid five days fast that's core payroll agent now I'll give you an example from a recency bias but it's a very visited with a winery in Napa they give you free shipping when you buy a case I want the wines to get the agent could pick something that we don't need to build because a thin sliver at the front of the long tail so that is not in that's more the office of the shipping department so that's not core to us so that's kind of how I very simply think about what's core versus what's context for us.

Good example. Thank you.

Thank you. And ladies and gentlemen, we have time for one more question today. We'll take that now from Daniel Jester with BMO Capital Markets.

Great. Thanks for squeezing in. Appreciate it.

Maybe on the 600 service centers and the in-person opportunity attacks, maybe how are you judging the success of that? I think, you know, as you've been listening to the whole call, we've been hearing the combination of human plus intelligence means that that's the optimal way to see the path forward.

And so I guess as you think about the in-person opportunity in tax, what's the takeaway so far this year and how are you thinking about it going forward? Thank you.

With the fact we talked about earlier, because it's just, again, facts are friendly. Through early February, we had over 5 million customers that visited either our landing because of the 600 centers that you just alluded to. And that's through early February, like February. We want to be where the customers are. So, one, by having these 600 locations, it allows us to actually show up locally in search, visibly be seen. And two, it gives customers confidence that we're local, albeit the majority of the engagement is entirely virtual. So, really, we're tapping into that allows us to unlock the TAM based on all the capabilities that we now have at INHI. But that's the importance of the centers. And, again, it's all tech that it ignites for us.

Thank you very much.

You're very welcome.

Thank you very much. And, Mr. Goudarzi, at this time, sir, I would like to turn the conference back to you for any closing comments.

Well, thank you, everyone, for your wonderful questions. We look forward to seeing you between now and then. And look forward to talking to you about our Q3 results. So I'll talk to you soon.

Thank you very much. Again, ladies and gentlemen, that will conclude today's Intuit second quarter fiscal year 2026 conference call. Again, thanks so much for joining us, everyone. We wish you all a great remainder of your day.