Intuit Inc.

Good afternoon, ladies and gentlemen. My name is Beau, and I will be your conference operator. At this time, I would like to welcome everyone to Intuit's fourth quarter and fiscal year 2024 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 on your telephone keypad. If you would like to withdraw your question, please press star two. With that, I will now turn the call over to Ms. Kim Watkins, Intuit's Vice President of Investor Relations. Please go ahead, Ms. Watkins.

Thanks, Beau. Good afternoon and welcome to Intuit's fourth quarter fiscal 2024 conference call. I'm here with Intuit's CEO, Sasan Ghadarzi, and our CFO, Sandeep Arjula. 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 2023, and our other SEC filings. All of those 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. Thank you, Kim. And thanks to all of you for joining us today. We delivered very strong results for the fourth quarter and full year and made meaningful progress with our AI-driven expert platform strategy and big bets that position the company for durable growth in the future. Our full year revenue grew 13% and we delivered strong operating margin expansion, demonstrating the strength and momentum of our investments and innovation. As we exit the year, we're confident in delivering another year of double-digit revenue growth and margin expansion in fiscal year 2025. Intuit is a global AI-driven expert platform that is powering prosperity for consumers, small and mid-market businesses. Our strategy and five big bets position Intuit as a mission-critical platform that delivers end-to-end solutions, driving sustained growth. We made an early bet on AI. We have a significant advantage with the scale of our data, investments in AI capabilities, such as knowledge engineering, machine learning, and gen AI, and our large network of AI-powered virtual experts. This is enabling us to disrupt the categories in which we operate. We are transforming how we serve our customers by delivering done-for-you experiences, where we do the hard work for them, connecting them with AI-powered human expertise to fuel their success. With the introduction of GenAI, we're now delivering reimagined customer experiences and bolstering businesses' growth potential while driving efficiencies in how work gets done within Intuit. This has enabled us to build a large AI-driven expert platform to fuel the success of consumers, small and mid-market businesses. The progress we've made has bolstered our confidence, leading us to accelerate investments in five key areas within our big vets to deliver greater impact in the future. I'll spend a moment unpacking the progress we've made and our investment plans for the future. First, within Big Bet One, we're delivering done-for-you experiences with Intuit Assist. In fiscal year 2024, we made strong progress making Intuit Assist, our Gen AI-powered financial assistant, available to millions of consumers and approximately one million small and mid-market businesses. We're accelerating our investments to roll out Intuit Assist at scale in the coming year. Second, within Big Bet 2, we are accelerating platform and go-to-market investments for TurboTax Live and QuickBooks Live, embedding AI-powered experts across our business offerings. In fiscal year 2024, TurboTax Live revenue was 17%, and full-service customers doubled, while those customers new to TurboTax tripled. QuickBooks Live customers more than tripled. We expect our accelerated investment in these areas to deepen our penetration in a very manual, high-priced, and disaggregated assisted categories. By digitizing how services are delivered, an integral part of our done-for-you platform experiences, we will become the AI-powered financial assistant for consumers, small and mid-market businesses. Next, within Big Vet 4, our money solutions. We're making additional investments to accelerate digitizing the experience end-to-end for consumers, small and mid-market businesses, from estimate to invoicing to getting paid and paying bills. In fiscal year 2024, the total online payment volume we facilitated on our platform grew 20%. We also helped small businesses access $2.4 billion in financing through Cookbooks Capital, up 28%. And we made significant progress digitizing B2B payments with our bill pay offering, for which monthly payment volume process quadrupled over the last six months. In fiscal year 2025, we expect these accelerated investments to deliver best-in-class, seamless payments, capital, banking, bill pay, and invoicing solutions. Next, within Big Bet 5, we're doubling down on mid-market with additional investments in the platform and go-to-market motions. In fiscal year 2024, QBO advanced customers grew 28%. In fiscal year 2025, we're accelerating investments to better serve customers who have more complex needs, such as more sophisticated accounting and reporting requirements, business intelligence, money solutions, human capital management, professional services, and customer acquisition solutions with MailChimp, all assisted by AI-powered human experts. And finally, accelerating international growth with Mailchimp and QuickBooks. We've translated the Mailchimp offering into five different languages for markets where we see a large TAM. Looking ahead, we're bringing QuickBooks and Mailchimp together to create a single growth platform, differentiated in the markets where we have product market fit, including in Canada, UK, and Australia. In other geographies, we're leading with MailChimp's strong international footprint to help small businesses get customers as we continue to localize the offering. Wrapping up, with the progress and momentum we are delivering and the accelerated investment areas I've shared, we are in a great position to win as an end-to-end platform with experiences that fuel the success of customers. Intuit is the AI-driven expert platform that is powering prosperity for consumers, small and mid-market businesses. With that, now let me turn it over to Sandeep.