The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Kasthuri Gopalan Rangan - Goldman Sachs Group, Inc., Research Division - Analyst
: Congratulations on the quarter. Sasan, at the Analyst Day, you talked about a $24 billion U.S. tax opportunity. I'm wondering, what have you learned
from live? And what are the things that you need to add to live in terms of capabilities to be able to address this in a larger scale? And also in the
same vein, as you look at QBO Advanced, what are the things that you've learned with that product out at the higher end of the SMB market that
you traditionally played in? And what are the things that you're looking to introduce in the product to make it address the full breadth of the TAM?
Question: Jennifer Alexandra Swanson Lowe - UBS Investment Bank, Research Division - Analyst
: Maybe just first one quick clarification for me relative to the question that Kirk asked earlier. Michelle, you clarified that Q4 had the PPP impact.
And by Q1, there wasn't one. But given that, that program reopened, I think earlier this calendar year, can you just confirm whether there was an
impact in Q2?
Question: Jennifer Alexandra Swanson Lowe - UBS Investment Bank, Research Division - Analyst
: Perfect. And then just following on some of the questions around the trajectory in small business. There's a couple of different factors that you
called out. There's, first, the fact that the economic indicators have improved, but maybe not everything is back to pre-COVID levels. And then
there's also sort of this lagging effect from some of the subscription businesses or some of the pauses that you took as everyone sort of navigated
a very uncertain time. So I just want to clarify, if you think about the 30% plus type aspirations for the Online Ecosystem component, is that something
you can get back to in the current environment and it's just a function of working through some of these sort of leftover impacts from the last 6 to
12 months? Or do you need to see continued improvement in the broader small business economy as well to get back to pre-pandemic levels to
support that 30%?
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