Intuit Inc.

Good afternoon. My name is Leo. I will be your conference operator. At this time, I would like to welcome everyone to Intuit's first quarter 2026 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, press star two. With that, I'll now turn the call over to Kim Watkins, Intuit's Vice President of Investor Relations. Ms. Watkins.

Thanks, Leo. Good afternoon and welcome to Intuit's first quarter fiscal 2026 conference call. I'm here with Intuit's CEO, Sasan Ghadarzi, and our CSO, Sandeep Ajla. 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 2025, 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.

Thanks, Kim, and thanks to all of you for joining us today. We delivered an outstanding quarter with Q1 revenue growth of 18%, reflecting the exceptional momentum we have across the company. Our AI-driven expert platform strategy is fueling strong growth by helping businesses manage from lead to cash and consumers from credit building to wealth building, all in one place. We're becoming the system of intelligence, leveraging data, data services, AI, and human intelligence, which we will refer to as AI, that everyone depends on to power their prosperity and field growth. We're doubling down on the three big bets we shared at Investor Day, which represent our largest future growth opportunities. First, we're delivering done-for-you experiences with AI and AI, where customers never lift a finger but are always in control. Second, we're accepting investments by putting money at the center Last month at Intuit Connect, our flagship event that reaches the leading accounting firms and mid-market businesses, we brought to life the power of our AI-driven expo platform strategy. We showcased our all-in-one business platform where a team of AI agents and AI-enabled human experts automate tasks, workflows, business functions, and provide a single pane of glass for customers' KPIs and dashboards all in one place. We also shared the strong early impact of our AI agents delivering just after four months in market. We marked the one-year anniversary of Intuit Enterprise Suite, our AI-native ERP platform that is disrupting the mid-market. We're proud of the massive advancements we've made, including serving industry-specific needs and building more sophisticated go-to-market motions, including partnering with accounting firms to add new customers to our platform. We introduced Intuit Intelligence, a revolutionary system of intelligence where customers can ask anything. For example, customers can ask questions like, how can I accelerate revenue in the next six months? How can I improve margins? Can you show me how to lower my cost of goods sold? And can you add the performance of my top sales reps to my dashboard? Using customers' data and any external data they wish to upload, Intuit Intelligence delivers accurate, personalized, and actionable answers and will execute on a customer's behalf or hand off to a human expert. We have thousands of customers in beta and plan to be a GA soon. And finally, we unveiled Intuit Accountant Suite, an AI-native offering that will transform accounting firms' efficiency and effectiveness in managing their clients, firm, and workforce, all to fuel their success. The suite provides client management and collaboration, multi-service delivery, business planning, and team management all in one place. Soon, we'll be launching more advanced capacity planning, productivity, and collaboration capabilities. And over time, firms can integrate to other functions. This is a game changer and significantly deepens our partnership with accountants, fueling faster mid-market penetration. And for accountants, it drives tech stack consolidation and efficiency for their firm and encourages them to migrate clients to QBO Advanced and Intuit Enterprise Suite. Attendees walked away from Intuit Connect blown away by the amount of innovation in the last year and a clear message that we are well-positioned to fuel their growth. We're continuing to see momentum with our virtual team of AI agents with 2.8 million customers leveraging these agents to do the work for them. Our accounting agent is saving customers up to 12 hours a month, and our payments agent helps customers get paid on average five days faster. We recently launched a payroll agent that automates tasks that typically take mid-market businesses two to three hours to complete each month, such as collecting hours directly from employees, spotting anomalies, and generating insights and sending customers a ready-to-approve draft of their payroll via text. We also launched a sales tax agent, which automatically helps businesses stay compliant. The combination of AI and HI is resonating, with QuickBooks Live customer growth of 61% in Q1. Zooming out, it's now clear we are delivering done-for-you experiences with AI and HI that will eventually do everything for our customers, powering their growth, saving them time and money, and consolidating their tech stack. We're making strong progress across our all-in-one platform, which includes accelerating money benefits by putting more money at the center of everything we do. We saw total online payment volume for our payments and bill pay customers grow 29%, reflecting continued momentum helping our customers get paid faster and better manage their cash flow. Turning to mid-market, we continue to make strong progress serving larger and more complex customers with approximately 40% growth for online ecosystem revenue for QBO Advanced and Intuit Enterprise Suite in Q1. Mid-market customers are over-digitized with their data trapped in a number of applications that take too much time and money to manage. Our offerings help businesses achieve their growth goals by automating complex tasks, workflows, and functions, and delivering insights and recommendations all in one place. Our AI-native ERP platform is disrupting the legacy way of managing their business, and the ROI is clear, with a Forrester study estimating that customers can see nearly 300% return on investment over three years when using Intuit Enterprise Suite. This value proposition is resonating. For example... A large customer with over 200 entities that we signed in Q4 quickly realized the value of our platform and expanded their contract to include an additional 46 entities in Q1. In aggregate, the total number of IES contracts at the end of the quarter was nearly 50% higher than it was at the end of Q4. We're also seeing early momentum with our accountant partnership strategy to bring new customers to Intuit Enterprise Suite. As a result of our partnership with Acreo, a top 25 business advisory and accounting firm, we've already signed several new customers in multiple verticals. Earlier this month, we also signed accountant partnerships with Cherry Becker, a top 25 advisory tax and assurance firm with clients across 14 industries, Raymond, a top 40 professional advisory firm that provides accounting, insurance, and other business services to clients across 11 industries, and Bogan & Taylor, the top 100 advisory tax, accounting, insurance, and technology firm with clients across seven industries. We have many other opportunities of similar scale in the pipeline. Turning to our consumer platform, our AI-driven expert platform is delivering done-for-you experiences for consumers from credit building to wealth building to make smarter financial decisions year-round with confidence. We're seeing strong momentum in the areas that matter most, with TurboTax Live revenue growth of 51% in Q1, reflecting continued strength as we concluded the 2024 tax season. Credit Karma had a strong quarter. In fiscal year 2025, we saw several point increase in share of member originations for personal loans and credit cards, and we believe share gains continued in Q1 as members and partners find value in our platform. These strong results and the introduction of significant innovation with done-for-you experiences, AI-powered local expertise, and faster access to money show the power of one consumer platform. Our done-for-you innovations include CreditSpark, where everyday payments build your credit score, as well as several agentic AI assistants. For example, our debt assistant will craft and deliver personalized debt pay-down plans. Our refund assistant will give a personalized recommendation when the customer receives their tax refund to pay down debt, build an emergency fund, build credit, or invest for the future. And with our tax assistant, consumers who answer easy, quick questions in Credit Karma year-round can have up to 80% of their taxes ready to go at tax time. We're also expanding our AI-powered local presence, making local expertise more accessible than ever with a larger service footprint. as customers are five times more likely to book up with a pro within 50 miles. This local presence will also help us further scale business tax, which grew 3x last year. With our virtual or in-person filing and consultation options, we're offering the best experience, price, and speed to money. This is data, AI, and AI powering prosperity for consumers and businesses. One of our superpowers is experimenting and learning from our customers and then scaling what works. The results from more than 300 tests we ran in Q1 bolster our confidence in our strategy to win. We're excited about the growth potential for our all-in-one consumer platform with an untapped opportunity to penetrate the $142 billion consumer TAM. We have significant momentum across the company and are obsessively focused on execution with high velocity and feeling the success of our customers. and two of the brightest days are ahead of us. Let me now hand it over to Sandeep. Thanks, Hasan.