None of that is included in our guidance, but it’s something that we’re very excited about.
Unidentified Analyst: Thanks for the insight. Looking forward to learning more about it.
Sasan Goodarzi: Yep. Thank you.
Operator: Our next question comes from Brad Sills with Bank of America. Your line is open.
Brad Sills: Wonderful. Thanks so much for taking the question. I wanted to ask one on AI here as well. It sounds like some exciting things coming, looking forward to learning more about that. A lot of possibilities here within Small Business and Consumer. Would just love to get your perspective on kind of where you’re coming from? Sasan, you’ve alluded to the fact that Intuit is well prepared here because of the platform capabilities here and the underpinnings of that with data. So just curious, any color as to where Intuit is coming from such that you’re able to iterate on AI the way that we’re looking forward to learning more about.
Sasan Goodarzi: Yes. Thank you for your question. I’ll start with taking you back to five years ago when we declared our strategy was to really shift the company from just a tax and accounting platform, which is a very important set of problems to solve for customers to a global financial platform that really played a far more meaningful role in powering the prosperity of consumers and small businesses on a daily basis. When we made that strategic declaration on the five bets that ensued, what we talked about at that time was that data and AI was going to be core to making that shift. And in fact, when we made the acquisition of both Credit Karma and Mailchimp, one huge driver of the acquisition was around the data, because in essence, we will know a lot more about customers, and we could leverage that data for their benefit to fuel their success.
So — and even five years ago declaring this, data and machine learning has been a decade-long focus of Intuit. So when you think about a decade-long investment in data usable data, cleaning the data and making sure that it’s structured in a way where it can be used and then our investments in AI, specifically in knowledge engineering, which really takes rules and the relationship between data and turns it in the code is what our advantages in TurboTax, machine learning and natural language processing, those have been — it’s been a decade-long set of investments and the two acquisitions have propelled us forward about 10 years. And then you couple that with what we started several years ago, which is GenAI. And then what we launched in June, which is Generative Operating System, GenOS, which by the way, is not something you can create overnight.
This is years of investment. When we couple those kind of investments, data, AI and GenOS, which is really primarily our own Intuit financial large language models that are trained on our customers’ proprietary data, it allows us to personalize things, humanize things and do the work for customers in a way that’s revolutionary, which ultimately gets to the punch line of we are creating a future that is done for you. Rather than you having to do the work to run your business, rather than you have to do the work to be able to power your prosperity, manage your finances as a consumer, we want to put you in control where it’s done for you. You’re always in control, you have the taste of whether or not you move forward with a decision. But we want to be able to help you grow your customers and run your business for you and help you manage your cash flow, always put the right choices in front of you.
And the same thing goes on the tax side and Credit Karma side. So that’s what’s so exciting about — it’s a decade-long focus. We really tripled down on it five years ago when we declared our strategy. And we’re — we have now galvanized and energized the entire company that the [future of done for you] (ph) that we declared five years ago is very real, very much here. And we had an enormous opportunity to do amazing things for our customers. And that’s what really gets us excited about what’s possible. And so I can do another advertisement, join us September 6 for Intuit’s Innovation Day, followed by Investor Day, and you’ll get a real good feel for the world that we are going to create for the future.
Brad Sills: Looking forward to it. Thanks, Sasan.
Sasan Goodarzi: You’re welcome.
Operator: We’ll take our last question from Scott Schneeberger with Oppenheimer. Your line is open.
Scott Schneeberger: Thanks very much. Welcome Sandeep. And good afternoon, Sasan. The — I have a couple on consumer, one very high level and one, just a clarification. So the first is on…
Sasan Goodarzi: Scott, you cut out on us.
Kim Watkins: Raiza, can you try to bring him back?
Operator: Thanks, Scott. Your line is open.
Scott Schneeberger: Thanks. Sasan, can you hear me?
Sasan Goodarzi: We can now. Yes, if you don’t mind start over again, we lost you.
Scott Schneeberger: Absolutely. Thanks. So two quick on consumer. First, volume and price mix. Just your consideration of that going into fiscal 2024 and beyond given the trends of the recent years? And then for you or Sandeep, just curious in the extension season in the post-tax season, what did you see? Anything interesting with California? Should we see a shift from fiscal ’23 to ’24 that’s material related to anything extension wise? Thank you.
Sasan Goodarzi: Sure. Let me start with your volume mix question around TurboTax. I would say the way to think about it was what I described earlier, leaning into full service, leaning into business tax and continue to lean into TurboTax Live, which really comes with assistance, recognizing it’s all data and AI driven. You’re going to see more come from ARPC than volume, and that’s just the nature of the opportunity. Now there is 88 million-plus people that are in the assisted segment and there’s $30 billion of spend. So there’s both a volume opportunity and an ARPC opportunity. Just our view, looking at the next 10 years, by the way, this is not a one-year answer, both matter, you’re going to get — we’re going to get more from ARPC.
And I’ll let Sandeep jump in here as well. I mean on the extension season, that’s just been very weird with many states that got extended to July and California to October and what we’re seeing from customers is they’re even gotten confused which month they have to file in their state. So net-net is there’s more to file. When you look at it at the company level, it’s really not material, but not everybody has filed yet.
Sandeep Aujla: And that’s — that’s basically the answer, Scott. It’s not material for our Q1. It’s been a unique behavior on the taxpayer. But I’ll also remind us that last year, we also saw a great deal of extensions by taxpayers. So that’s also something to keep in mind as you look at Q1.
Scott Schneeberger: Thank you, both.
Sasan Goodarzi: All right, everybody. I think that brings our questions or Q&A to an end. So thank you for your wonderful questions. Thank you for spending the time with us. We look forward to seeing you September 6 and — at our Investor Day. Take good care. Be safe. Bye, everybody.
Sandeep Aujla: Thank you, all.
Kim Watkins: Goodbye.
Operator: Ladies and gentlemen. Thank you for participating. This concludes today’s conference call.
