Intuit Inc.

Good afternoon, everyone. 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 2025 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. If you would like to withdraw your question, please press star two. With that, I'll now turn the call over to Ms. Kim Watkins, Intuit's Vice President of Investor Relations. Please go ahead, ma'am.

Kim Watkins Great. Thanks, Beau. Good afternoon and welcome to Intuit's fourth quarter fiscal 2025 conference call. I'm here with Intuit's CEO, Sasan Ghadarzi, and our CFO, Sandeep Ojla. 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 2024, 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 statement. 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. With that, I'll turn the call over to Sasan.

Great. Thank you, Kim, and thanks to all of you for joining us today. I'm incredibly proud of our momentum and strong fiscal year 2025 results. Our full-year revenue grew 16% with another year of strong operating margin expansion. Our years of investments in data, data services, AI, and human intelligence, coupled with strong execution against our AI-driven expert platform strategy, fueled these outstanding results. Looking ahead to fiscal year 2026, we are confident in delivering another strong year of double-digit revenue growth and margin expansion. In the past year, we made significant progress powering prosperity for consumers, businesses, and accountants. We launched a transformative all-in-one business platform with a virtual team of AI agents and AI-enabled human experts that can manage lead-to-cash for customers, accelerated our innovation to mid-market with the introduction of Intuit Enterprise Suite and new go-to-market capabilities, and delivered breakthrough adoption of TurboTax Live as we disrupt the assisted tax category. Looking ahead, we're doubling down in these key areas. Starting with our business platform, we're making great progress delivering done-for-you experiences with expertise for our customers. Last month, we launched a transformative virtual team of AI agents that complete jobs on behalf of our customers, dramatically improving how businesses run and grow. Combined with our AI-enabled human experts, these agents are automating workflows and proactively delivering real-time insights to improve cash flow and fuel growth. Our redesigned user interface and new business feed highlights these real-time insights and tasks completed by agents on behalf of the customer. We're seeing strong traction since the launch last month, with customer engagement in the millions and repeat usage rates significantly above our expectations, demonstrating the value that we're providing to our customers. We're well positioned to consolidate our customers' tech stack and spend and significantly increase their ROI, where AI and human intelligence are doing the work to fuel their success. With an all-in-one platform, we have all the pieces to help our customers grow, save time, and save money while fueling Intuit's growth. Turning to mid-market, we continue to make strong progress serving large and more complex customers, which represent an $89 billion TAM. We are focused on fueling the success of customers with $2.5 million to $100 million in annual revenue with our all-in-one platform, including QBO Advanced, Intuit Enterprise Suite, and an ecosystem of connected services. Our comprehensive set of offerings is aimed at helping businesses achieve their growth goals, such as boosting productivity and improving profitability by automating complex tasks, workflows, and functions, delivering insights and recommendations. Many customers tell us they are over digitized with their data trapped in a number of desperate applications. This means they are spending too much time and money managing their business and not getting the benefits and return on their investments. Our data shows customers on our platform are spending billions per year on desperate apps. We are well positioned to consolidate our customers' data and spend on Intuit's platform to help fuel their growth and save money all in one place. With quarterly product releases for Intuit Enterprise Suite, we aim to rapidly penetrate our existing TAM while expanding into new verticals. Our July product lease was designed to supercharge customers' growth and profitability. The launch included improved multi-entity capabilities, a new AI-driven done-for-you setup experience that dramatically reduces the amount of time it takes customers to get up and running, and new features that give customers a holistic view of their business KPIs, which streamline intercompany transactions and allocations. We also launched AI agents in Intuit Enterprise Suite, including accounting, payments, finance, and project management agents, automating daily tasks, reducing hours of work to just minutes. Our done-for-you experiences are reducing manual work by up to 60% for customers when setting up projects. A recent Forrester study estimated that customers can see nearly a 300% return on investment over three years when using Intuit Enterprise Suite. As we evolve our go-to-market strategy for mid-market, we're strengthening our partnership with the largest tech-forward accounting firms. We're helping accountants serve their business customers more efficiently and grow their practices' profitability. In Q4, we continued to see strong growth in IES deals through accountants. This quarter, we signed a partnership with a rapidly growing top 25 accounting and technology advisory firm. This particular firm serves more than 14,000 business clients, representing a meaningful opportunity to acquire new customers over time. We have many other partnerships of similar scale in the pipeline. I'm pleased with the momentum we're seeing with Intuit Enterprise Suite. The total number of new build customers in Q4 was up nearly 2x versus Q3, with successful adoption by some very large customers, including one customer with over 200 entities that is also using payroll and payments. As we head into fiscal year 2026, we're nearing the one-year mark of launching Intuit Enterprise Suite, and I'm proud of the progress we've made with both our product and our go-to-market strategy, which positions us to penetrate the $89 billion mid-market camp. Turning to our consumer platform, we delivered an outstanding year. Consumer group revenue grew 10%, more than two-point acceleration from last year. This was driven by breakthrough adoption of TurboTax Live, which grew 47%, well above our long-term expectation of 15% to 20% revenue growth. This is the power of bringing data, AI, and human intelligence together to provide better experiences for customers. Credit Karma grew 32% this year and also drove a point of tax revenue growth as we delivered a seamless customer experience across TurboTax and Credit Karma. Our results also demonstrate the incredible opportunity to win as one consumer platform to drive year-round engagement and increased monetization by serving a broader set of needs from building credit to building wealth. The learnings we gained this year are fueling our investments and innovation to deliver durable, double-digit growth across our consumer platform. We have significant momentum across the company, and I cannot be more excited about our opportunity ahead to accelerate growth. Our strategy and relentless focus on execution is working. We're leveraging data, data services, AI, and human intelligence to become the all-in-one platform for consumers, businesses, and accountants. Now let me hand it over to Sandeep.