Intuit Inc.

Good afternoon. My name is Lateef, and I will be your conference facilitator. At this time, I would like to welcome everyone to Intuit's first quarter fiscal year 2021 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer period. If you would like to ask a question during this time, simply press star, then the number one in your telephone keypad. If you would like to withdraw your question, press the pound key. With that, I'm now turning the call over to Kim Watkins and to its Vice President of Investor Relations. Ms. Watkins.

Thanks, Lateef. Thanks, Lateef. Good afternoon and welcome to Intuit's first quarter fiscal 2021 conference call. I'm here with Intuit's CEO, Sasan Ghadarzi, and Michelle Clatterbuck, our CFO. Before we start, I'd like to remind everyone that our remarks will include forward-looking statements. There are a number of factors that could cause Intuit's results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for Fiscal 2020, and our other SEC filings. All of these documents are available on the Investor Relations page of Intuit's website at Intuit.com. We assume no obligation to update any forward-looking statements. Some of the numbers in these remarks are presented on a non-GAAP basis. We've reconciled the comparable GAAP and non-GAAP numbers in today's press release. Unless otherwise noted, all growth rates refer to the current period versus the comparable prior year period, and the business metrics and associated growth rates refer to worldwide business metrics. A copy of our prepared remarks and supplemental financial information will be available on our website after this call ends. And with that, I'll turn the call over to Sasan.

Great. Thanks, Kim. And thanks to all of you for joining us today. I hope you're all doing well. We had a very strong start to fiscal year 2021. First quarter revenue grew 14%. Total revenue growth was driven by 13% growth in the small business and self-employed group, while consumer group and pro-connect group revenue was in line with our expectations in a seasonally small quarter. This is a great start to the year in a challenging environment, which reinforces the resiliency of our platforms. we're growing more confident in how our business is performing in the current environment, although macro uncertainty remains. We continue to see recovering trends across our platform with many QuickBooks indicators back to pre-pandemic levels. Therefore, I'm happy to announce that we will provide guidance for fiscal year 2021, which Michelle will cover in more detail later. At our September investor day, we shared the acceleration of innovation driven by our AI-driven expert platform strategy and our five big bets. highlighting our growth potential. During the platform immersion experience, we demonstrated progress against each big bet. What I'd like to do is highlight a few of the innovations and cover big bet number one last as it accelerates innovation across our platform and is foundational to the other bets. Our second big bet is to connect people to experts. We're solving one of the largest problems our customers face, lack of confidence by connecting people to experts with TurboTax Live and QuickBooks Live. We grew the number of TurboTax Live customers on our platform by nearly 70% last season, while increasing our expert product recommendation scores by four points. The team is hard at work as we prepare for the season ahead. We're also proud of the progress we've made with QuickBooks Live, which is built on the same expert platform. We already have more than 600 experts serving customers today, with some of these experts serving both tax and small business customers. Our third big bet is to unlock smart money decisions. We expect our pending acquisition of Credit Karma to be more important than ever as we work to help consumers save money, get out of debt, and have faster access to money. We expect to complete the acquisition before the end of this calendar year. Our fourth big bet is to become the center of small business growth by helping our customers get paid fast, manage capital, pay employees with confidence, and grow in an omnichannel world. Sixty percent of small businesses struggle with cash flow. QuickBooks Cash helps small businesses manage working capital by providing visibility into their financial picture while providing them with the ability to move money instantly and ensure their money is working for them, all while leveraging the built-in accounting of QuickBooks. We launched QuickBooks Commerce in September to better serve the 1 million product-based businesses on our platform by providing inventory and order management tools they need to grow their businesses in an omnichannel world. We've also identified 6.4 million product-based businesses in the U.S., U.K., Canada, and Australia that could benefit from this solution, and we'll innovate with high velocity to take advantage of this market opportunity. It's still early with both QuickBooks Cash and Commerce, but we're encouraged by what we're seeing. Our fifth big bet is to disrupt small business mid-market with QuickBooks Online Advanced and the features that we're introducing to individually tailor the offering to the needs of small businesses with 10 to 100 employees at a disruptive price point. We've doubled our QuickBooks Online Advanced customers to 75,000 in fiscal year 2020, and we're continuing to build on this momentum. We continue to pursue our premium app strategy and introduce integrations with Salesforce and HubSpot. We now have two of the largest CRM solutions available for our customers. And finally, our first big bet, revolutionized speed to benefit, enables us to put more money in our customers' pockets, eliminate friction, and deliver confidence at every touchpoint by using AI and customer insights. Last year, we increased use of AI and increased the number of models deployed across our platform by over 50%, tripled the speed of delivery on our modern development platform, and increased mobile application deployments by 60%. We're building on this momentum this year as we innovate rapidly to solve our customers' biggest problems. Across all of our big bets, we're building momentum and accelerating innovation, which we believe positions us well for durable growth into the future. We also believe the current environment continues to act as an accelerant to these deaths. Most everyone is looking for virtual solutions. Small businesses are accelerating their shift to online and omni-channel commerce. And both consumers and small businesses are looking for ways to put more money in their pockets. So to wrap up, I'm excited about the opportunity we have ahead of us. And now let me turn it over to Michelle.