### Overall ConclusionThis quarter's results met expectations, but management proactively lowered guidance for the next fiscal year. The core reason is that DIY tax and low-end small business customer growth fell short of expectations, necessitating an acceleration in new customer acquisition.

### Key DataFull-year revenue grew 14%, with Big Bets (Assisted Tax, Money, Mid-Market) collectively increasing 34%, accounting for 30% of total revenue. Online paid customers grew only 3%, a slowdown of approximately 2 percentage points from last year.

### Business ProgressMid-Market customer growth reached 28%, and Intuit Enterprise Suite achieved an annualized revenue of $145 million (up 4x year-over-year). QuickBooks Free/Lite gained over 20,000 customers in its first month, with some already converting to paid plans. AI-native experiences now cover millions of customers, and payment processing volume exceeded $225 billion (up 30%). TurboTax Live customers grew 38%, but DIY customers were lost due to price competition.

### Guidance and OutlookRevenue guidance for the next fiscal year is 9%-10% (below this year's 14%), with GBS growing 13%-14% and Consumer growing only 4%-6%. TurboTax revenue guidance is 2%-3%, as the company actively lowers DIY ARPC to gain market share. Long-term targets: GBS CAGR of 10%-15%, Consumer CAGR of 4%-8%, and non-GAAP EPS growth in the high double digits.

### Risk/Highlight SignalsManagement's tone carried clear positive signals: strong confidence in the continued growth of Big Bets (e.g., Mid-Market, Money). Negative signals: management expressed "dissatisfaction" with DIY tax and low-end customer growth, acknowledged that price is the primary cause of churn, and indicated a need for significant strategic adjustments.