Taylor McGinnis

Janesh flagged the moving parts for fiscal '28 (transaction-model benefit not recurring, full-year MaintainX, continued productivity normalization) but said it was early to guide, emphasizing that core drivers like renewals, EBAs, construction, and operations remain strong. Partial by design given it is early for FY28.

Janesh attributed the billings/revenue profile to sales-reorg timing rather than deal pull-forward. Direct.

Janesh provided detailed FY27 modeling framework: annual billing transition completes in Q1 FY27, normalizing billings/FCF growth. NTM impact smaller in FY27 than FY26. Incremental margin headwinds from NTM. Underlying business performing consistently well.

Andrew said customers investing in digital infrastructure to prepare for future productivity enhancements. Most flagging continuation of investment levels, some areas flagging increased investment. No changes in consistency.

Janesh clarified ~2/3 incremental margin flow-through on the underlying basis, with strong cost discipline and restructuring plan implemented well. Some timing effects quarter to quarter.

Janesh confirmed spend plan unchanged, Q1 revenue outperformance flowing to bottom line. Full-year spending growth at 4% CC vs 7% in FY25. Multiyear journey with ongoing optimization.

Janesh couldn't break apart savings vs reinvestment (integrated plan) but noted spending growth slowing from 7% to 4%, and committed to further FY27 margin expansion with details at Investor Day.

Aidan declined to break Q3 down by segment, recapped broad Q2 strength, and said 5% plus beats are not the new norm given tougher Voice and add-on comparisons.

Aidan said RCS and AI natives are not contributing meaningfully; Messaging is up about 18% operationally, in line with its mid- to high-teens trend.

Aidan sized the fee drag at about 60 to 70 basis points of operating margin and said Q1 opex is heavier on a full quarter of Stytch and product investments.

Khozema pointed to broad-based strength across products and the highest Q1 guide in 3 years rather than messaging-specific drivers.

Aidan cited a tough holiday comparison and a more mixed macro that make holiday volumes harder to predict, but gave no early holiday read.

Aidan said nothing surprised and listed ISV and self-serve both up 20% plus, accelerating software add-ons and healthy volumes across industries.

CFO tied the implied slowdown to tougher comparisons from last year's political messaging traffic and deliverability tools, without naming incremental upside for Q4.

Sasan pointed to a nearly $200 billion TAM only 7% penetrated, and said the focus on mid-market and money/workforce services taught Intuit the cohorts, go-to-market and platform motions to acquire customers. With QuickBooks Free and QuickBooks Lite recently introduced (over 20,000 active or upgraded customers in the last month monetized via payments), he expressed confidence in accelerating low-end acquisition alongside mid-market.

Sandeep explained Q2 had a seasonal benefit from tax-related payroll items (1099s) that did not repeat in Q3, causing the optical deceleration. Expressed confidence in strategy via mid-market IES scaling, QuickBooks Workforce launch, and money platform momentum.

Sandeep cited continued GBSG online strength, mid-market momentum, and CK partner engagement. Desktop expected to decelerate in H2. CK comps get harder in H2 but key growth vectors continue executing.

Sandeep attributed Q4 acceleration to mid-market scaling plus new lineup introduction and innovation in money portfolio. FY26 decel driven by less pricing actions, not underlying momentum deterioration.

Sasan cited holistic money platform strength including payments, bill pay, credit. Sandeep added payment volume up 18% this quarter vs 17% last quarter.

Sandeep explained front-loaded investments in consumer marketing, mid-market sales force training, and GBS campaigns will yield higher returns in the back half as efficiency ramps.