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: Adam Charles Bergere - BofA Securities, Research Division - Analyst
: This is Adam on for Brad. I guess my first question is can you compare and contrast any differences in demand you might be seeing
between QuickBooks and Mailchimp, if at all? I know in the Enterprise category, you kind of see a division of spend between the 2,
but I was kind of wondering if that's kind of different with -- given you guys kind of focus around the SMB.
Question: Adam Charles Bergere - BofA Securities, Research Division - Analyst
: Got it. And then turning to TurboTax real quick. When I think of some of my favorite differentiators for the product, I think of just
auto importing the investments or TT Live and Full Service. But it seems like a lot of the R&D work for those are done. So I guess, my
question is where are like the incremental investments going in terms of R&D for TurboTax now?
Question: Kasthuri Gopalan Rangan - Goldman Sachs Group, Inc., Research Division - Analyst
: Congratulations, Sasan and team, spectacular results. Sasan, I think some of us, including you, will fondly remember that back in the
2008, 2009 recession, Intuit was probably the only company or one of the few companies that actually grew its revenues right through
the recession.
Of course, we're not calling for anything specific here, but as someone running one of the most admired companies with significant
exposure to the SMB space, I'm curious how Intuit's products are positioned in a way that it could help customers the most to be
able to weather through this, as we all understand, the combination of inflation, rates, et cetera. And also, if you could -- I think that's
quite a question. So I'll just pause with that and hear your thoughts. And congratulations.
Question: Kasthuri Gopalan Rangan - Goldman Sachs Group, Inc., Research Division - Analyst
: Got it. That was just to clarify. Small business formation, that doesn't affect Intuit, so you -- they probably lag before you get to the
point where they could prefer to buy Intuit products. So should we be concerned -- how concerned should we rather that small
business creation might come to a standstill during the recession, how that might affect Intuit? That's it for me.
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