INTU - Earnings call transcript Q4 2020

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Operator

Good afternoon. My name is Latif, and I will be your conference facilitator. At this time, I would like to welcome everyone to Intuit’s Fourth Quarter and Fiscal Year 2020 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question and answer period. I Intuit’s turn Relations. Vice that, to call With Watkins, Kim President Instructions] will the now over [Operator of Investor Ms. Watkins?

Kim Watkins

Latif. am welcome XXXX And Clatterbuck, our Sasan Good fourth Michelle Thanks, fiscal quarter Goodarzi; to and conference with here Intuit’s I CFO. Intuit’s CEO, call. afternoon.

our our results a we factors number Before that that I’d expectations. to forward-looking include could to like will start, Intuit’s differ of from materially statements. everyone cause remind remarks There are

these risks earlier about the press Form You for issued more can and in release we SEC this XX-K learn filings. our afternoon, our fiscal XXXX other

of Intuit’s available website All obligation on of We intuit.com. Relations assume no page forward-looking are documents at any to the those update Investor statements.

are basis. a remarks Some presented on of the non-GAAP in numbers these

numbers worldwide period, the to will press be refer associated business to information of call after refer to growth We call our website comparable turn today’s otherwise I all remarks the on non-GAAP versus and ends. the financial business this prepared year period and will copy GAAP comparable growth rates in noted, over reconciled prior the with supplemental available that, the and rates Unless release. and have metrics. Sasan. A metrics And our current

Sasan Goodarzi

are strong returns season four just and share uncertain grew and Since segments and category, XXXX. season. $X growth for Group, and TurboTax our the Based strategy just Thanks, fourth our fueled underpenetrated tax by we in strong excluding well We fiscal nearly Do-It-Yourself lead growing the momentum billion assisted season, executing posted on of in and strongest quarter, you the we you Thanks an investments, innovation Self-Employed a which future. totaled Live year and grew growth Kim. Small double-digits revenue delivered finance. let’s growth expanded. by paying Big XX% environment over for in the the of double-digit was customers of a start other with growth, year-over-year. growing to million no I customers across category, total grew our over of and had posted we all dynamic We platform in to finished This the our transforming XX%, us in on Business believe estimates, expanding accelerating we this new our Total revenue operating a the nothing customer of consumer customers season strategy very margin capping and in year XX% growth joining focus TTO and the hope well. in positions $X approximately Do-It-Yourself fiscal today. platform Latinx, expert and us Full team and of year environment, was revenue durable the grew share our like points XX% for our customers $X.X row. XX% Bets, year category XX% including stimulus in Self-Employed are revenue five current Consumer base years, filings the disrupting million, third while a grew X We in the building XX%. all AI-driven XXXX, growth tax there. and safe on QBO Group. With us off

year. XX% fourth in grew the points for Program Paycheck fourth Self-Employed revenue year. Small the Business in Business, Protection of Now nonrecurring quarter, for from group and XX% XX% quarter the and Online grew turning revenue X including revenue to the for Small Ecosystem the and the XX%

demand platform following many shutdown Small shelter-in-place the of earlier are resiliency this Businesses. when our seeing a We different year

with Businesses our as Small as said, retention there improved to its seeing on that for our employees the customers paid With to across QuickBooks run business. deal the as remains trends continue rates, great source particularly truth volumes We payroll their the pandemic recovering including for of course. offerings, continues platforms, a are and of now market, in rely payment uncertainty

turn other to growth the bet big two of will Platform Big bet and Connect and Big Expert the five against are number AI-driven our strategy executing will we I it our Bets. durable and customers foundational Experts. across last to Next, cover opportunities progress innovation face our I accelerates represent These focus is to as for People on the number one bets. is Intuit. Bets our platform problems how Big largest

customers largest of taxes and business. confidence own manage their to lack face to of is One problems our the do their

process, We problem are a terrific season. connecting The Live, this with We QuickBooks we customers, TurboTax to deepen reach engagement, experts ARPC. Live, solve and allowing to our Live Within nearly of grow for an higher had grew from of who XX%. and to came our on method first-year us Live and filing our platform TurboTax of throughout TurboTax customers customers year, several TurboTax assisted XX% customers more to access number expert increasing Live prior almost contributing rates an And percentage ways customers new Online. TurboTax offerings points. to the provided used conversion a new retention the

attrition higher on platform, lower focused our the we scores For experience. we improving experts saw as satisfaction expert on and

made platform this Live, expert are virtual proud we on for created year the we we the TurboTax building QuickBooks have For progress of Live.

we of signs further than setup adoption expected Live solutions, monthly in develop continue early with see rapid customers January. higher percentage for of a virtual as from upgrading a encouraging the With our we QuickBooks offering we introduced offering to the subscription to

as grew as million Turbo our to introduced suggests and recently finding by are increased Our customers value refund customer X goal connecting more help for pockets. million. innovations money third retention rates its registered XX more money that we and This to users In customers decisions from put tracking smart than season, third in offerings is by active monthly such we financial their use unlock setting. with doubled Big Bet

Karma access to acquisition as money. to expect environment ever debt in save We pending important faster have money, than of challenging this out work more Credit be get and we consumers help to our of

transaction to We close calendar continue expect XXXX. to second half year of the the

fourth a in by confidence, Bet Big helping growth rate funds center paid is Business omnichannel for money upcoming full manage to account employees Businesses get with an grow and to with Small aside The Cash, QuickBooks. a launched of to fast, vendor this of and future cash and the funds the worker Payroll, our same attractive predict for customers become Payment bank to and flow from envelopes receive customer. needs. capabilities and visibility also It set Small to with accounting the Small cash the world. Business that It’s is ensure a cash pay they earns instantly enables a pay while Small day Our future provides enabling current ability QuickBooks capital, integrated comes built-in Small card. recently Business planner leveraging includes a with account Businesses financial expenses integrated the and QuickBooks money into or them, move picture working fully and to interest an an We debit

to this We learn very new excited scale innovation. and fast are

program Protection Business continue support helping the We PPP them customers Small by QuickBooks or in Paycheck our access to Capital.

Business billion available approved make XXST, customers. helped July of $X.X over Intuit Small just of to loans As

loans an employees XXX,XXX nearly $XX,XXX, We with keeping on average loan have over of helped access approximately Businesses the XX,XXX payrolls. Small

grow order inventory Small to TradeGecko’s Investor to capabilities an look you how Businesses we manage announced sharing help Finally, with omnichannel integrate in into these we following of Day the robust more system, acquisition at and and environment. management about will QuickBooks forward

batch designed Our address the Bet to year, individually Small to small to expense to Advanced, workflow Business tailor businesses the invoicing the Online transactions, build Throughout needs needs, of fifth offerings including with their to Big employees. XX the with last payments. help for and fields automation, dashboard, is your QuickBooks custom XXX own introduced features customers disrupt we mid-market and

closely work and to customer’s establish deeper partners their the with the experience. improving offering to continue integrations also premium apps save our goal with by personalizing We to time with

at flexible price. more by is ever, simple customers than offering Now mid-market disruptive a a cloud needed

customers. Bets Big Big our bet back by which number one, circling our Let to revolutionize up to me benefit Bet wrap foundational to speed our is

pockets, at using and confidence AI put Our our goal customer’s and is friction, to more touch by deliver point eliminate insights. customer every in money

making. a the of that examples Here of progress are couple we are

First, XX% this in and over platform use increased benefits, This AI customer year. including of hours improving cutting half, across deployed review we the use time AI by expert accelerated our number drove XX,XXX confidence. saving of with of of increased models customer self-help and customers variety a

of Second, we completed enables fraction XX%, delivery migration deliver on with can deployments speed. our applications expanding by data mobile core to cloud, downtime took increased technology the while centers decrease launch and of in once platform by tripled greater time development new customer our now of speed This features a We our XX%. capabilities. the to us it benefits even to modern the the

As consumers believe We of to are looking acting I small their looking during accomplishments these put Small year. to To and time we our to remain online shift shared an everyone the virtual earlier, current environment omnichannel are and is and and we accelerant for Businesses as accelerating Most bets. for solutions, commerce, is both pocket. control this this wrap focused what up, for uncertainty. am incredibly I of customers on ways most money matters what our proud more in can their businesses

over it hand me let Michelle. Now, to

Michelle Clatterbuck

everyone. afternoon, Good Sasan. Thanks,

operating for accelerate a principles the customers executing on Intuit These in to successfully from designed emerge execution principles out stronger quarter and downturn. last help than our ever. we are We and are both our the laid downturn

now turn me to Let our results.

significant tax the filings fourth reminder, a the fourth quarter. reflects quarter and shift a a -- quarter of quarter out portion fourth results As of of reflect into third

a non-GAAP million earnings quarter loss income share of earnings delivered versus a of share $X.XX of non-GAAP versus versus year, ago of loss of $X.XX operating of per operating we share of loss $XXX million a million of revenue $XXX diluted $X.XX year GAAP last $XX versus million share and $XXX of per income loss $X.X fourth the a For last per XXXX, year. $X.XX diluted a year, billion, of last GAAP per fiscal

fiscal grew our Consumer and in to the grew retention our business. year our Group Consumer Turning tax XX% online There for increased four drivers segments, units rate business XX% primary this TurboTax in are XXXX, again customers. revenue

total returns number is $X approximately data The million with returns XXth, Based $X including the grew X%. paper we X% July stimulus-only total of estimate filed latest excludes on million This the filings IRS to IRS. filings. to through the first

the of filed second those using percentage software. Do-It-Yourself returns is The

category season, pace share Excluding stimulus-only X estimate we years. this points in grew XX filings, over the fastest

is reminder, category revenue largest a lever. DIY growth growth our the As

again share attached. this tax of reflects share our increased average returns by fourth minor the share The category third our contribution driver of within premier in flat. is filings, state points is TurboTax season. price grew stimulus-only DIY, and per Live we product was the X.X excluding The growth our total stronger The and return, estimate revenue and the over which increases

we in fiscal XXXX, nonrecurring Turning $XXX Self-Employed quarter to professional reported of in group, revenue. up and XXXX, the during and fiscal X%. Small million tax XX% Strategic XX% Business revenue In Group, grew the the revenue including PPP Partner

Excluding revenue. small remained businesses. Online during and reflecting quarter PPP, XX% including XX% Business year, of quarter the XXXX, revenue Self-Employed growth the the the nonrecurring grew impact Ecosystem fiscal during revenue PPP the with XX% on Group in resilient, of XX% Small during and and pandemic

Online XX% Ecosystem QX XXXX. and in fiscal fiscal PPP, grew Excluding XX% revenue in

and I strategic shared core, those to half pre-COVID trends in connect ecosystem and Self-Employed the grow like recent quarter. compared and Small of Business within you third trends quarter, globally. is expand Our the the to levels business update first the on same to Last I’d focus

fiscal customer core. shift. by continue in driven the First, growing prices, we Online XX% a on growth, mainly QuickBooks QX and extent mix revenue to focus accounting higher to lesser effective grew

it’s During acquisition but XX%. new approximately third to customer levels. improved points half Retention from within the down QBO two by the retention fourth during pre-COVID is points the X accelerated versus down still base year existing points of second quarter, QX, but the QBO customer XX quarter, full

payroll driven by Second, on connecting we grew in PPP revenue loans, fiscal XX% and Online payments, focus Time QX ecosystem. Tracking. continue the Services to

customer XX% The grew we Payroll, workers see Within Excluding flat number quarter revenue, revenue of during Payment customer. tailwinds the Services roughly to is from non-recurring a the offerings. year-over-year fourth growth improving revenue volume half levels. still pre-COVID shift per with was This XX%. the mix of to paid full-service Online along PPP the half in continue the in our quarter. continued year-over-year quarter, grew X below the below points Within third quarter, Payroll XX third of Payments, revenue pre-COVID an below still a the XX% of charge second pre-COVID half quarter, year-over-year charge decrease approximately third of year-over-year from from in is the the in during number from companies flat still fourth XX% reflects Similarly, but points levels. improving second the points This levels. fourth flat in XX running grew increase volume growth in second the year-over-year quarter. quarter, improving

Third, during fiscal and ARPC the international our added subscriber year. Online reflecting Ecosystem to the growth progress earlier year. Desktop globally XX%, online of in revenue revenue fourth was X% up growth and expanding Total the for QX. the fiscal Ecosystem revenue quarter in roughly flat grew

$X.X the in revenue, from Protection $XX the revenue in quarter revenue fourth the was billion million mid-single non-recurring the quarter. nonrecurring Intuit Ecosystem Excluding in Paycheck in than Business QuickBooks units QuickBooks Desktop through Enterprise grew in quarter. moderated resulted facilitate Desktop fourth This in in Program loans PPP Desktop Small Capital. decline revenue flat digits. more The helped fourth and approximately

we committed than to XX%. in on growing opportunities income to our digits to management, dollars we yield investing disciplined growing operating greater return cash capital revenue a Turning expected the that financial We principles, remain take approach investment double an than organic generate revenue. and faster

continue emphasis the our them remain focus we with on able be to that top commitment, an principles achieve in long-term recognize resources reallocating not though to to platform. environment. expert becoming AI-driven an We priorities current may we These on

in quarter, the against expert to over Bets. investments During XXX one-time Big the engineering, resulted a strategy non-GAAP capabilities are we of AI-driven This of and fourth charge in and and our We science, customer success departure ensure employees plan beta aligned results. our both our employees data areas about platform XXX most strategic sales. in $XX to systems, including GAAP million staff hire and our full and refocused

first dividends. billion issued business out revenue we priority financial a carry and rate These cash June, a sheet. $X.X our the our is the invest investing in and balance fund in on other X.XX%. quarter the blended fill finished Karma We shareholders in notes Credit to billion cash and can’t repurchases generate accelerate customer the share roadmap. business investments growth of In portion acquisition approximately product $X our back We excess drive we Turning coupon return We to of consider to notes cash principles, our general in and senior growth. and for both acquisitions we that to our with for the via purposes. to corporate profitably

of repurchase the Following billion not the on end the $X did suspended quarter, with balance Karma We we our stock during acquisition. conjunction repurchases in Credit fourth as the we repaid temporarily share any the quarter, revolver. have

$X.XX a This the authorization last payable in We of have versus our increase remaining The on we $X.X dividend quarterly market billion and the in year. an approximately to XX% be Board approved expect XXXX. XX, per future. October share represents

Small for the current Business Looking creating accelerated uncertainty in XXXX, our ahead consumer season, guidance We level for providing we we and not the see Business trends, considering environment scenarios we reflecting year. to the how comparison business. today as this performance are may next results fiscal company Small recovery while believe economic impact challenging more run our we that several a are

Business The current first the this scenario, pace, could and at that pace reaching revenue grew see of scenario Small in Group spring its growth we economic normalized digits. is recovery of high-single Under XXXX. the continues Self-Employed

our Business gradual scenario, headwinds coinciding economy, in the and including peak could see This grow recovery Business U.S. months increase mid-single is cases scenario Under more the the revenue this a winter assumes we The Small Group W-shaped digits. Self-Employed during season second Small opening failures. from ongoing of with

flat-to-up recovery Business Small of and a choppy we this Small and is failures W-shaped recovery. wave a shutdowns, scenario than see or one more revenue creating third digits. Self-Employed Under Business double The scenario, could low-single Group

supported fiscal offerings second we in by addition, our compared the payroll of a Advanced. migration first delaying XXXX half Self-Employed QBO growth the and new expect revenue upgrades during price and increases, XXXX. as slower of Business In to We Small to the second half, to half customers

a quarter price in XXXX. attrition in of quarter accounting in to XX% a mind Keep is impact the for rolling from began to during As a QBO revenue full Group. increase acquisition and Online higher we XXXX that Self-Employed lagging lapping experienced also quarter. X% our QuickBooks there and customer for revenue fiscal of Business first that and will of fiscal Small reiterate, To reminder, increase the include start Group second XX% expectations the we and the Consumer slower third growth out of impact the XX% long-term to

longer revenue We continue of growth expect Ecosystem XX% Online to than more term.

Lastly, we And XX% and back for I that, GAAP tax rate Sasan. of to over fiscal it non-GAAP with turn a expect XXXX. will

Sasan Goodarzi

Great. the Michelle. accomplished all that Thanks, team together in have we and fiscal XXXX. of proud am I year very

positive uniquely our an to mission meaningful Big Bets you power to our of than with been accelerating as are look innovation Day how world. at forward prosperity a now AI-driven We positioned sharing our impact and September world, I around has to make the are XXrd. on more five platform never our on the Investor virtual expert strategy

to Let’s now up questions. open it your

Operator

of question Brad [Operator the Instructions] Credit first Zelnick The Suisse. of from comes line

line open. Your is

Brad Zelnick

level about be filings also on so strong really would the fewer persisting finish they workers. forms on forecasts made congrats gig XXXX, more Sasan, IRS, some employee-classified have XXXX fewer XX see and Thank to X.X I employment been million recent W-X a wanted and year. Excellent. million there in the of your jobs to this and you that lower about that much, with by through take XXXX of get

do of relates it tax accurate will you business be this or two, or thinking environment think does you medium-term growth especially as filings? about are? important to reality And the overall how the how algorithm one, number forecasts impact So these

Sasan Goodarzi

Sure. all I Thanks, you with is friend. Brad. my well hope

Brad Zelnick

Likewise.

Sasan Goodarzi

touch So to take was a we we history on they were that let stats, aware in what think the if recession ‘XX, kind how of flat way just the ‘XX bit. back in I played me and to out filings and XXXX about the -- maybe can saw little am in just us of touch I If future. I on the and down

flat you so to even of very general when filings. times, in came number a saw it And tough environment

When is important always fiscal gets history at Now, and these bit couple different and of low of very was unemployment ‘XX, a one a times the at. beginning ‘XX also things, than are look is look to ahead, but unemployment year we taxed. this

And so focus. there and they may the flat. strategic And -- all we filings I category. may focused are a that It expanding refresher the still a getting our bit, when massive opportunity are really and beyond, we just category. think assisted on to just about be we There’s XXXX or close at maybe does not be a as change believe our Do-It-Yourself down started transforming

our look set when what stands. you expectations and still the look in expanding around And have assisted revenue long-term so Group Do-It-Yourself believe of you at the category, we at when X% the have that XX% we the penetration we still opportunity Consumer category growth to

are about that how that’s are the think folks of that upcoming given years the unemployed. we number So of couple

Brad Zelnick

And the it that? if fair year, Sasan. think TTL, specifically investors you expect to perfect slowing strong the up into that in storm this just about Thank for you. with just because, this enter TTL. if a you so rate penetration year to I to mean, especially seems should on Thank about clearly try penetration that, can if category I and about how a very to been were and we follow in thinking of anybody are a your have tax compare comments difficult say Is you much Michelle, growth

Michelle Clatterbuck

you just a hope well Brad. say Thanks, question. to doing said too. I Sasan applies of things, your couple I are would what

Our strategic focus is not changing.

There this to year, the our continue a have and little Live also challenge the been -- people on focus opportunity lead transforming filing category TurboTax Live. there’s just some of think and a bringing assisted We that expanding DIY of bringing may us into on product. from to our home. to focus in folks strategy folks into more TurboTax bit continue a more we with for But large

we will really XX% the we are made this the proud year we do on with that have in continue to this of progress We and customers build believe tailwinds year. the increase from

Brad Zelnick

much. so you Thank

Sasan Goodarzi

add, Brad. I thing One oh, sorry, will

Brad Zelnick

Yes.

Sasan Goodarzi

the that’s year Michelle XX just Just to one transforming a friendly, I it’s you facts and of think the in shared. those always billion complementary $XX into in this right? our sort are would category, about heading category. thing now assisted is add And The TAM what when fourth million folks

an not it’s of we even possible, that what’s early the days We really reminder the hit the point have assisted important just inflection are in of so transforming category.

Brad Zelnick

again hope congrats stays everybody you so Thank well. and Perfect. much, and again,

Sasan Goodarzi

Thank Okay. Brad. you,

Operator

Thank you.

the Our of Wong next Guggenheim question of comes Securities. from line Ken

line is open. Your

Ken Wong

Great. question. for taking Thank my you

First mentioned, is e-commerce as -- earlier. have acquisition priority, you the question you, the past, you Sasan. for of TradeGecko first the In made a guys top being

be of else get kind so color particular we shift needed wondering to that this Just are on evident tacked that part strategy, with especially terms that Just envisioning the how kind on of your to to some e-commerce love where business, you in of would year? of are here? anything

Sasan Goodarzi

you hope I are well. Ken, Sure. doing

all place with would and commerce. tests the companies’ of their Small And growth, a actually really the are omnichannel and channels, sight customers whether is the about homes I which past biggest that of found e-commerce, in on have this the is have profitability, think, particular fulfillment. quite channels, transforming is from the coming to launch their they Instagram, ultimately is is it’s run it’s growth Business year Etsy, connection around we of we whether being for because the that choke five the which to one terms easy focus start inventory it’s The they lose Amazon. Facebook, I center they question In have of Bets Big our biggest actually on whether challenge the new customers thing

particularly able Business, not a ones we an Small is for fulfill serve order. thing the to being worst the So that

platform PLS helping partner partner while again, really to I competency, websites truly that be open profitability an the focus provide the that there, and customers channels is that our ones our are our So the those agnostic also core to to out is with the with the of and -- to mentioned, most channel, on by focusing core which customers them inventory. providers, understanding connecting really matters our what customers around with also

acquisition And of is, think, step allows huge of to and open so I will that other the a on Investor to we thing to up share our are then channels. now Day, at have really TradeGecko focuses the first control launching and our take what control we that customers inventory they right across really give order confidence don’t management them of

will say, you the we what in this also can from reiterate positioned year order be us go highest after work are vision Day, only have but problem the at we will are our Investor we face. last to and in to I done launching so And the come. is customers expect we would important share the we first step what really that headed, all But to given the where the, not a years that

Ken Wong

Okay. Michelle, quick for you. question then, Perfect. And a

that and was have that give more might one-time-ish? sense we sense that we gave us us maybe through be revenue, on might profitability just make a what of margins impacted the of if you wonder so don’t how PPP sure kind of just You rough can earnings rattle impact a

Michelle Clatterbuck

Yes. Ken. Thanks,

did quickly technology and are the provide to $X.X to the modern our really to work our customers access for that be a team rough environment. platform of PPP our utilizing in billion turn Small to loans We so Business proud in such able

of credit of PPP the was of their majority had extending QuickBooks we that’s margins margins, team and the focus Capital. manage on really really we about for tightening tell we I I million more Also, done, given environment, do that, how $XX versus this at Capital through the say, level would this really and putting As revenue. for QuickBooks think credit our would company a trade-off the of you that the really

Ken Wong

Got it. Appreciate that. Thank Michelle. you,

Sasan Goodarzi

Ken. Thanks,

Operator

you. Thank

Our from question of next line of Alex comes the Zukin RBC.

open. line Your is

Robert Simmons

Alex. Robert is for This Hi. Simmons on

of omnichannel kind do with talk your plans? the need you can about acquisition, else but you deliver what to You suggested on this, to

Sasan Goodarzi

Robert. Sure. Yes,

the way to I depending Small the is few we get what in put want you think be to set the Business. up it on to do. that of There’s think, a when able on their shoes the ought yourself products, Instagram. physical They call things Again, they They about They may it also Amazon, channels. transact set to to able could up. that Etsy, want customers a have own PLS with be to store mega have be provider be in walmart.com, may to need you able ensure their a they to want may to world.

over and remind businesses to order also on believe deliver to to then we where to comes for shipments So product need to done money able access product to and their that inventory manage the to be understand of all to are when more able automatically for is and on delivery fulfill be their sure, loans, they They accounting businesses got financials. to need financial years out if context that also of really our you deliver think have they about area in that win an ability, need this is that they that platform, run to orders we right, a profitability and have it to ensuring of right customers. compliant that and can based and and to their to them when to time making and It’s been have their about are compliance. And so the of they positioned service be they connected inventory, inventory so we time. based

really inventory to understand ensuring and is PLS to we is establish just some our that we most customers the open providers they channels open agnostic focus that, then their that beyond builders. they We confidence of profitability, necessary on initial that to actually with while can ensure platform to now and even right some the business. management. platform the So It’s customers critical truly I focus how be able order choose and fulfill orders of that actually the believe our in the have nailing their mentioned, partnerships choice and problems to run matter have to be want website an management an

So and works the rapid is scaling initial management focus testing, that’s and we experimentation is inventory and are way well, what about really this thinking about and it. order

Robert Simmons

weeks, Thanks. what has improved not it been you Got And it makes Great. only stabilize so also year. are or but forward? and seen sense. going four about I have then realize of far terms expecting you That talked this seen in retention quite fiscal it. have you it’s what you

Sasan Goodarzi

X so that impact again, or down was more business the five it’s shift critical as but actually it improved. months customer’s have retention the than And We us more we for do pandemic be accounting, whether really we your key quarter. We about expect relevant have the online to four to the actually heard even seen this would expect and from become just last what it’s the has talk approximately improvement have may payroll, our Michelle X and think talked trends be the source even question I that improved has last have has year, to for to, the made experienced for quarter. of and so. over say, that we case, more improve months specific I retention always ago compliance, trends all will even But being been over time more points we I an it but down points our of truth think broadly, because year, you payments,

Robert Simmons

very Got much. it. Thank you

Sasan Goodarzi

welcome. are You very

Operator

Thank you.

of Our Mizuho. next Panigrahi comes question from Siti

line Your is open.

Siti Panigrahi

great a Thank on you. Congratulations quarter.

through platform. your experts to a live two number about want Just Big on you, connecting ask Bet Sasan,

the I retaining Net this at those could your Score kind those what hard experts the too to although, of point, TurboTax kind live on would First of it’s would or from question be helpful. say customers, new any that but be share took That feedback customers? you Live, think, Promoter

Sasan Goodarzi

thank Siti, for kind Yes. to Sure. your hear you Good you, from and words.

in of Live. the We are proud really TurboTax progress

offering way. And of We customers. experience an sure is the at user make insight an was customers video they service making our this whether digital to Just really needed year on experts experience to is that our them the a to platform -- the actually to the the expert the have through resolve things throughout that from that side, that moment our can learned making access we our first for need other as they biggest they the of drop-dead a fingertips them, issue. an is the last easy first-time experience This chat along a really really reminder, one expert and and it’s or and reminding through had the sure improve we for their experts, for that offering. it’s engage really just they access

more problem, of And across conversion. tell they So at retention, the that have recommendation critical experience. give. efficiency, are look the problem? lot customer and would also the the It’s the the customer’s both across across play then also we the Board, to the score they at customers’ such solve platform they And expert can and higher role And I a Board, every to look you using in are effectively solve they is, a it’s metrics the so experts. recommendation in experts we for and product The the been we the confidence. up the able PRS, metric, that that essence score the right, happier is feel the the

and so deliver I that and our to experts. our better would our focus experiences, have momentum of expect will metrics, both all employees than those year of kind key better last our this year customers are were customers and now. We I we But improved a on bit and better from the every year be confidence our that across significantly have we just we of

have a a to snapshot little that’s that bit progress we the up as So on to the made all metrics. of the key of and right

Siti Panigrahi

quick Thanks XX-point QBO a And to for new on see acquisitions. color. it’s surprising acceleration actually of side, customer that that the follow-up

it’s quarter So that still helpful? or pandemic realize other PPP levels, this of growth but although would pre-COVID new driving is driver, people any complexity full that this the it wondering more your what’s be of below I is customer impact. am

Sasan Goodarzi

Yeah.

things a of which and folks One are more to virtual we we Bets our shift is more of the fortunate are that seen that the are core the seeing have world. we and shift, Big

solutions a it to you with payroll are of are levels engage to omnichannel yet for many and yet, and interaction online level over more world, gives folks cloud to lot get the ability experiencing are although than the we to We we money our frankly and to seeing Business. usage realize then are And more And to being a I think using ever, customers and to and to more them seeing higher in Consumer, be want that are that access loans. cloud matters potentially help hard at Self-Employed Small them whether compliant shift in they solutions. and point is able compliant, offering weren’t time, that or customers was third pre-COVID thing of your avoid physical them -- payments the the customers not that

cloud, I seen why still shift a pre-COVID -- just that we this to I are So compared acceleration where environment levels. acquisition and we the our that’s just were although the below ago, in has think we have an quarter to seeing think,

Siti Panigrahi

so you Sasan. Thank much,

Sasan Goodarzi

very are You Be safe. welcome.

Operator

Thank you.

next Our of ISI. Evercore comes Materne from Kirk question

is line Your open.

Kirk Materne

the Sasan, little wondering you bit Small if much. side. very just talk a Thanks could Business was on I

the Advanced are how how QBO QBO does customers Just as your like XXXX. and and go to Live your economic you around influence given products backdrop pricing guess that fiscal value higher right strategy changes of some sensitive into I maybe now

an on on sense trying strategy around your Thanks. Just a dynamic influence get does macro the to that? have

Sasan Goodarzi

are run that rapid build have whether of QuickBooks Sure. the you that be question, and well. a have one they and capabilities on the innovating our other Advanced, disruptive with we first area just mid-market all built Kirk, I is customers to QuickBooks you it’s is safe this pace When to QuickBooks that in or the business, both partners apps good at price. that asked the able to look you Advanced. low-cost a we their Live alternative in something at Particularly our that to very hear need of the you hope very ensure all, actually from but and our are teams platform,

what the These So becomes cost Live. we with and have accountants in same than accountants, environment experience customers. their need very we current ways, are because a come otherwise this for in say of bookkeepers that even ultimately and say some what that they And set the paying our of attractive they Advanced and are the us QuickBooks have that dialed provider. our they using around would expect because to the whereas of folks had come to in into thing that standards QuickBooks have I potentially terms and bookkeepers they deliver for low I more bookkeepers really would us been are we been experience to have

so also so become tend even like in to be we that case, And low-cost we an and have the more attractive this. environment provider in

So way pricing. We probably believe two actually are that areas, attractive that’s others. we in we the these choice think about more than

Kirk Materne

wondering And business terms what the have Okay. of about major was in perspective? Thanks. customer any just any question me U.K., from regions, seeing acquisition geographic when sort rate you I be would in a area second differences of your if the the from of you changes in some then of U.S. retention either regions, international you just the real just or your smaller seen are SMB versus think

Sasan Goodarzi

of followed think just probably the how is, strongest, the what health do have do the has They these would been Small that with Businesses the Board last they Sure. say, has but now I of said, pre-COVID opened the would Canada U.K. stabilize. Michelle, probably From living, three geographic as their course, earn I nature improve being from across managed at to a it bit. of how all has have and a the our because it’s trends and commonality trends solid and They we about one U.S. I crisis perspective, And the with improvement just passionate are way from economy heard by a lot is you open up levels. the But strongest. the are the world. Absolutely. held across holding strongest say, up they is the the is and up the perspective, U.S. the months U.S. next and But seen then I as economy would say not in

Kirk Materne

you. well. Thank Stay

Sasan Goodarzi

Thank welcome. you. Very

Operator

you. Thank

next Brent comes from Thill of the Our Jefferies. question of line

is line Your open.

Brent Thill

afternoon, Good Sasan. Hey.

the you in forward? maybe benefit just and drive the the could good day extremely have front you it’s Thank the SMB you part of you. online surge business on end and believe I a and back do up you have highlight seeing office you got are the back and of this office think investors to Just as shape signs wicks, office more on office SMB, all the have well companies can you around comments turn at traffic, that of well the where is surge I if guess, is that with of going following in back Kirk’s are And that that front are? the the inevitably logic many kind of to you doing seen biggest are such think for from an if CRM, opportunities number companies following to indication the recovery the the you driving your

Sasan Goodarzi

are and well. and to you, you again, Sure, hear safe Good from hope Yeah. Brent. I

First you -- of payments, exactly able loans made sure you you make to then to all, point need the if smaller a and the or to is to are which so have younger have you you to to set do contractors need be business, At business, end store to use payroll, that full-time you I to hire with compliant. would you especially to have accept want start the you are employees, access able up of day, be right. a you getting

our in customer a become be environment our profitability. services even and where ahead, organized, why And can as we of that’s ensure look business this their get so they run to paid even critical -- come all services why more and in

our would I remarkable context, as up that business platform how is the with it So I context second just is, and think, resilient model is. bring

back. and U.S. Again, You the of saw not trends shutdown we back. kind last have of they but we about trends that how had in the all happened economy quarter the how talked pre-COVID some fallen have still given they the off bounced when to what levels bounced and

to, heard on the you the as we as of on able Michelle. is business, think, future the the thinking our question, from in so your of think, way I I economy spring normalized do benefit. Businesses it’s levels second to are track that to going to Small And really of If part what long the are XXXX, in is gets context and continues about platform

is customers model it’s So platform. need a times because lot the the than like business of more our when our platform it’s resilient, is this resilient, performance ever

are lot the think an on how capabilities plus our and it cloud, we cloud, our We all the believe partnerships in platform. advantages but I key depend deliver to up because of we customers way have that need opens we our capabilities the players economy in you agnostic the these customers think think have that’s just the I a about network, will that way are with for and it. just is we

Brent Thill

Thank Great. you.

Sasan Goodarzi

Very welcome.

Operator

Thank you.

of Stanley. line the Our question next of from comes Morgan Weiss Keith

Your question, please.

Mark Rende

share Rende within Mark wanted flat category you congrats the the discussed ask, Weiss. think just was the is compared Keith for to questions, on I This TurboTax year-over-year I gained taking DIY years share. prior and results. Hi. strong for on the to Thanks my TurboTax

filing market? are competitive online DIY So seeing what intensity in competitive the just environment you the and like the in

Sasan Goodarzi

we five good of Very differently about Do-It-Yourself us for category it’s And the the not years it’s four very we category. think filers the did just and than about category Yeah. ago question. now actually entire to and about

So I of what we declared $XX the that $XX refresh fact category $X in TAM. course, the about is is could the about TAM, and in just assisted finance category of billion on do-it-yourself if in consumer north billion million is TAM, us the

the opportunity have entire up and really most X.X the is And in what our very, and so share we very is the of fact points we category are is important that us, that category share entire with pleased how so for the is that the us. goal the and majority the category, on when we dollar the the focused of have category, our for we Do-It-Yourself whether share, because share we measure is billion success, of of that really assisted are it’s about $XX line, think you

Mark Rende

been it one, times, change of a the profile to Got then it’s much. And of for one in kind did maybe with it. you what uptick acquisitions been asked and really couple post-COVID there an quick subscribers so, kind impact have that helpful. terms slightly instance, QuickBooks pre-COVID, Thank of kind you QuickBooks a just differently, in very but if in maybe of versus seen has forward? ask have That’s like, ARPC new Self-Employed, of moving

Sasan Goodarzi

welcome. very are You

if point would just an them, figure to I up say, how one one looking is, uber it So that’s shuts open where couple still can Small is their things a they would door of And out and serve to how way to how are they they there say, another customers. for serve and adjust I a customers. door if Businesses inspirational is remarkable resilient are their different

manage an meaningful was one, my they manage to and multiple task in customers, to their element different, and So are to as really load, the be we long serve that apparent, and cloud. ways relevant customers can recognize which business. very my paper can important -- second is the and There gets well, I in to our operate how of through use bookkeeper environment pen point to to that’s as become run to help this are and able just I really it’s think going other find there their they

to effective I able invoicing am now not task seeing, of instantly, more ensure and what, I think I be cash with am force, or getting our can people I I so especially in so about payroll far launches my that am being be do lot a accurate flow effective. planner and my talked we that payroll, that are paid and I understand organized, paying with to ensuring QuickBooks cash penalties hey,

my us bounce we reminding pre-COVID not to the are at are are resiliency using unique and levels. cash you to and the to just effective new I what Businesses Again, business, have So experiencing and and Small I finding still much seeing do the Intuit’s relative think last while quarter. think with platform back the cloud, opportunity our an is flow I ways the of more they though efficient that

Mark Rende

Thank Got it. you.

Sasan Goodarzi

Very welcome.

Operator

you. Thank

comes question Oppenheimer. next from Our of Scott Schneeberger

is line Your open.

Scott Schneeberger

leverage Consumer. Good that a volume of Yeah. a really segment a is return XXX free. the nice margin have it about It and we how afternoon. year-over-year full But much. that of more the alliance fiscal was Live I you staffing, per in curious more question fourth can quarter am think you you very elaborate am level efficient bps if got quarter strong high guessing folks the I going spent higher growth year the little due this good some Thanks you clients TurboTax forward? should I you in marketing revenue growth. down and there, in was see in about kind free change file got year, in know percentage and I the you getting serve lot then in to addressed the just year clearly, for

So in going -- just the year, and think or longer if maybe how you would can takes address some rather? that term we Thanks the puts in about and quarter?

Sasan Goodarzi

EPS and delivered XX% Scott. the XX%. that manage I Sure. revenue would grew GAAP non-GAAP investments fact Yeah. Sure, to level. we truly and that Good you. well. really What matters you we XX% focus hear is both on margins operating at company are and most the income Hope and from

company services are across more leverage platform building company and more and the level. the level, more at our And is we more because so our at truly

it wouldn’t level, levels making at company. are we at a the and running that margin more a up point, more or we platform our overly are so the investment the segment choices because moving get way And is the excited down the fact I of across about company

look I of because we are of way doing it. performance how and at we the a and really would not level So of performance choices because segment getting are making leverage are lot just we our investment level company

Scott Schneeberger

just in Thanks, addressed you forward, Thanks. also and are the file And that the Karma, Sasan. competitor and kind sure two-part or deal there about a going your much obviously tax would free with to it’s definitively main But I not customers leave am any how And then you you probably the served are tax this on you a that, am on? they free take that comment of and customers year. almost curious follow-up, just on going that alliance your here mentioned I could address. Credit program comments leave that

Sasan Goodarzi

Absolutely. Sure.

free So the big levels One taxes. in it’s and shared are and one a believer objectives we military their done voluntary some want we that not it we kind we and to is, let get when me can always think And you Two, those in have least enhance first that just to that big to of that make a so last our bucket believer reputation, in comes deserving taxes are want philosophy. of to years income share we that’s previous but sure objectives is, about. we are they cases with tax. for that whether

do the disrupting assisted category category finance, we The beyond of strategy actually expanding is solve time for free the and give that taxes the we with to also they intertwined. second is in our our to us problems can talk transforming strategy but those for it them only notion tax. our grow other ability the much of lead it’s deserve and very about consumer core the not over because Do-It-Yourself can When part their

are that’s very and think way we it free. helping our that to dedicated about that’s our get we their think deserve those taxes innovation most to we way strategy, So for the the done about

inform SLK. things about are how ultimately we those the that think -- that’s So

Scott Schneeberger

Thanks.

Operator

Thank you.

of comes Our next Auty Sterling question from JPMorgan.

Your line is open.

Sterling Auty

users guys. Hi, what you remind subside other using when in of the might the and and are QuickBooks I terms that In start also of potential of you do business headwind impending us closures if for point? Payroll this peak kind could wonder Thanks. to have Yeah. visibility words, of what portion at you?

Sasan Goodarzi

Yeah. question. Sterling, the thank you for

Payroll. out It’s uses Michelle of is some I of of pre-COVID is, back of First companies have we payroll would you of which running less but nice that but stats back. share number we stats that the what bounce the Payroll. what seen And the companies has still base and they levels, our don’t below shared, bounced of running some have back we break to a nice But take employees have the actually all, in back bounce essence percentage is a nicely. seen

that’s one that at. think indication look I we

service-based and by of and really the look we it’s is cash look think bookkeeping, who we we businesses, look at when is whether we real indication flow serve remember, our computer across broader XX% base I that different. also our of software. look very and state, landscaping, We at base, which estate, across

Jersey being look on those this a seeing couple back are accounts. New of could that across a North range nice averages on have in XX% towards states, hand states connected based see across that their are those up New own We and we And York, places but to our industries other We just recovering to when XX%. bounce their give Georgia, Arizona, and the like examples. Carolina, bank analysis bank from California, QuickBooks slower to Michigan, is down of

the be heard what being whether we flow, to down. biggest of we ultimately given through -- with not to. some of expect going retention what this you talk what X shut because they not is down least, So experienced indicators about times to what the some and are but are customers Michelle to these informs we that that indication is really our as cash year And is really we it our be to that monitor make able points last or

Sterling Auty

Thank so Understood. you much.

Sasan Goodarzi

welcome. very are You

Operator

Thank you.

line comes UBS. Jennifer of question from Lowe next the Our of

question, Your please.

Jennifer Lowe

if getting just of away Thank had before not season? retention uptake a existing conviction saw weighting was that Does Pro. TurboTax This very there’s earlier would give the off tax that behind in to I some around. push season converted touch put find you them -- versus it’s gave Live that you. or TurboTax Live experience customers customers curious any strong TurboTax season. I on quickly marketing increased obviously you the a Pro if one away go and unusual than to that this am adoption all you you the opportunity from thought stat on that to pulling have customers of having of a Live more maybe wanted Pro about to and But and customers between very maybe Pro you from within

Sasan Goodarzi

Yeah. you thank for and question your and you are safe. hope Jen, well

switch. never this with office, have they on do the coming more taxes are assisted in the of Live. them we more the home just at they conviction more people that because around have the and their XX the to work that out that We help their or so We think, done, that it, TurboTax digitally that XX and I creating in have lacked frame their viral, beginning the any believe whether a it’s need really goes tell platform research an about based of or And I method, are million to shared are going go that viral. will folks others use before, willing as million we to in

how that a on raise the you looking in So at just a bring consideration later would then our focus how we our and experience we experimenting, folks deliver results I And of the into we learning, tell has year year, that April terms to been ended awareness, have platform. both particularly all in we the better on tax three time albeit season, employees. given experiment tax this another last extended we were for months. lot it we are than this We wished were our able would put actually

how retention, conversion, nail both our of and to earlier, to So the I all how customers up our and experience customers also PRS to mentioned on platform raise experts and were in all as And a lot but we metrics, terms come right. awareness when of the our ran both tests really for of in.

we more the just coming that results, importantly lot to do tax year, what learned we more on and not us a based gives for So season beyond. actually this what the even conviction this learning, need of but

And so But and of results. will be we not our feel just blessed with absolutely insights in. learnings leaning of the we because

in have terms had lot point conviction, allows to us just learnings because innovation. We be clear of a our it we but of where our of

Jennifer Lowe

you. Thank Great.

Sasan Goodarzi

welcome. very are You

Operator

Thank you.

of question comes Millman Research. next Our from Michael Millman

open. is line Your

Michael Millman

you. Thank

people you a time tough have that going actually being will So will if forward to many virus your taxes switch that to tax, increase? able assuming of continues believe also in believe that if done businesses home switch they who unlikely their are at the Self-Employed you those that fact do to have are do the And physically on unemployed back turn back? this year indeed numbers and

Sasan Goodarzi

Yes. Michael, I question thank well. you are hope and you and also for your safe

hit know me on mean, I based we on globe Let We entrepreneurs. a are of I would one, history. two I say what think, things. that

sometimes And sometimes to passion figure way an that of idea a and because for to it’s you income. create out you have out need it’s

for be they the end a of build we a and there lot and new economy. the be an on of the Businesses, how the therefore the play depends it just lot see Self-Employed and our crisis hoping day, at to have health that in environment heard for a and the will from a idea out And we just certainly don’t on like so as we certainly, earlier, of Small an moment them Michelle impact could but be starts, trigger SMB business you on new passion And want this to pursue there something.

the the down they getting good And and refund side our experience the segment. thing on all our the of a that experience assisted this have from about to this to taxes maximum we experience. confidence their their tax their years, year back to product question the not It over in scores. on learned have based folks we switch old the method. or that that have gotten may the comes your they have delivered for in we that unlikely recommendation customers doing whether feel would right, the gotten customers that first confidence we that the be On have year they The isn’t about lot

continue also our so of improve learned And to we to we terms a to lot what need do in platform.

next the of in play that retention have we of even mindset. in that So because way our out terms our are better that rapid course the primarily year and of experience we they years, we be deliver would will previous that learning but experiences year time and next given rates type deliver, now will far this it’s hope of testing we the

So that’s questions. two the way about I your would think

Michael Millman

Thank it. you. Appreciate

Sasan Goodarzi

Yeah.

Michael Millman

safe. Be

Sasan Goodarzi

welcome. Very you. Thank

You too.

Operator

you. Thank

Wells comes next Turrin line from of question Fargo. of Our the Michael

Your line is open.

Michael Turrin

Hey, afternoon. there. Good Thanks.

the on delivering that side drive spillover you you around can improvement color durable tax value tax margin were the this times, Thanks. extended even prove within there internal additional expand a any your you filing offset, both continue the as We able own to PPP higher segments? given year more expectations actually on have the on touched whether with we is towards and season impressed given add to that were was but few margin could

Sasan Goodarzi

Yeah. your Michael, thank you for question.

just we would First will just than with we earlier because we Michelle want make are the few our sure run that we We solve last principles talk our that point problems. to I heard And to we across XX% In journey our company. start platform revenue they the continue have and customer’s And ensure building of used to touch question, can most your them I it be that of to our get and how so want principles year all, operating a is return get the important that income that really of and We continuing ultimately faster better grow the at revenue. that grow means and we investments about company. double-digits. going want services you journey. are I on to starting in it talked about that Michelle beginning the that answer a to to be one context as on really at are

both our set year, although, don’t AI we also make heard to operating the around income out And faster of we of against metrics we want effectiveness. because and we principle sure simply increasing deliver can of growing efficiency specific margins, that a compared goal But all year. to velocity deployed in the being this last up have That’s of increase our that’s number XX% You innovation. models XX some two operating essence seasons this of tax effective more over as It we the than time because had that revenue, customers, could did customer you And the was yourself, and be we I think, for extended in becoming and suggest tax in year in margins result our in efficient will spend to one. our because more because there money season. expand. we said marketing operating of actually wanted success

you I that did and not spend of actually we operating we are to see was think accident. So platform more our by the margins starting leverage money. saw, our we And because as expanded

Michael Turrin

Nice great. That’s close to Thanks. the year.

Sasan Goodarzi

very you much. Thank

Operator

you. Thank

KeyBanc. question of the line next comes of from Josh Our Beck

open. Your line is

Josh Beck

like It really debit of Thank squeezing interesting gets in. you I to banking little into card. QuickBooks a for Cash. extension about an and more wanted me your seems and ask services you bit

am I about love early, to to over ambitions too it curves. where could of little and would the kind period? guessing But a go your just a adoption talk probably it’s this multi-year hear So product for

Sasan Goodarzi

Thank are well. hope you Yes. question, safe your for Josh, and you and

of you early. First said it, all, we very, are very

notion disruptive this very and And place truly think send as I on as you it source way achieving early, service. this customer’s a for think a but think excited Cash about wouldn’t of very it money. QuickBooks have but being a receive truth in are some can would where for for just We about the working very of I terms a and time, we of been we business. about are

gets really terms QuickBooks so is this, that getting Cash. way, everything when me customers really the Cash gain your place in in focused you So invoice it’s that, you inventory account on when accounting they done because a where for all to won’t actually and gets on Cash to of gets you right place in reconciliation. benefit can you automatically for where a customer are you your you of essence account, employees it into just your a do the I done can to from we you don’t out just where for that you Cash have in And what tell it’s account. happening creating and a that access QuickBooks Cash doing that’s QuickBooks customers need capital pay something have that a what your them, bunch QuickBooks have and are our something from place account, listen can interest buy for their Cash account, while really actually dumped can of that really and That’s you all can your a QuickBooks intent your of QuickBooks but money, get you work do your you you

the We are with just launch. excited

going to this that adjust, to at in talk Day are virtual are September. to and our We something excited it’s scale Investor to test and learn, to fast about we very gallery walk

So hopefully to you be up. entices It fun. that show should

Josh Beck

Yeah. That’s so on XX% really customers, like for result. a growth, great the that. the seems XX% day, in there quickly And excited just pitch nearly about a Live, good

think you of that how am prior of there, plan from was out kind ahead retention stood that customers could I to anything versus curious the maybe and net and new a the this that season So we season? about just of Live get

Sasan Goodarzi

us customers. that swings take as and set you because ambitious goals tell the the tradition would I our Yeah. it forces long-term, for very, very for really we to near-term would just hold bigger Intuit, for for ourselves for always

dimension won’t versus about XX%, on look million we we get our what literally for efficient tell every very engaged you delivering growing how But I the new PRX into would experts up at being customers, our up is I experts, our terrific that hours XX they from the feel you did internals. that truly being coming it, our actually results, for customers PRX because So XX% assisted year-over-year, customers. year-over-year, segment, up the conversion being our being up retention being that with

years our at the excited year learned And We so how This are more working. the We to even truly is be service we delivered. come. that really we effectively, for five happy learned ton, our next learned fingertips and team models end so so they a to and we that the have insights experts because was end the not how We effective. to can to a truly it with are an more can deploy digital next for experience learned was customers. end we AI of result experience deliver what the

Josh Beck

Really helpful, Sasan. Thank much. so you

Sasan Goodarzi

welcome. very are You

Operator

you. Thank

question Our line Mehta from the Kartik of comes next Northcoast Research. of

Your line is open.

Kartik Mehta

on you and thoughts increasing more on point think, QBO, talked what am obviously upcoming I be fiscal wondering increases prices feel Interested difficult to going Sasan. and Michelle year I price and are comfortable little the at Hi, in SKUs? your about in they QBO do you a bit

Sasan Goodarzi

are you Kartik, to voice Yes. friend. and hear my good also keeping hope well your

So Deposit about the on I PPP, through in did the just think is are think million, platform with that the with XX focused July. our I with uber $XX being obsessively Instant When our free teams we point, last what you our say, GoFundMe would customers. funded weeks

and extending that the our were of customers, Just to struggling name those QuickBooks deferred needed a help. few, payment Capital the really

make rapid our We sure progress on the that our versus will customers, make right want choice the ultimately, for value innovation last makes our Xx and the is up year. that and of we fact to speed equation sense of the based innovation

at But plays that the play how we health and things are is, out to want So we how that’s plays that to crisis we think economy the because based we the that out. out right pricing always see equation want just principally make sense. about we this principles really and makes the isn’t time share to it. the and time sure decisions going when our see how But the have make on value way to the

Kartik Mehta

capabilities have capture to and better and to capability doesn’t just the in you If then value price increase, making the you at always Sasan, some try had the And QBO add would for to later economy product as the past, follow-up, point? a continue a allow better.

Sasan Goodarzi

ago. going for actually we have it, way, we fact, as operating in been for customers to value that’s more we And as much and effective, been on we get year when company become for And would this we our and because one you that just to we platform shareholders. a game our we I the year comes for this innovation delivered I Absolutely. the think, years trend and here are like just by truly up are so from company it the are innovation I just momentum the mentioned use XX tell play and a that we and was for the last the R&D day opportunities know picking investments, earlier, the accelerate to long got -- accelerated even --

answer answer, I the So yes. the or should absolutely is, say short long

Kartik Mehta

appreciate I Thank you. it.

Sasan Goodarzi

Yeah.

safe. You are Stay welcome. very

Operator

Thank you.

of Reback question from comes Stifel. next Our Brad

Your line open. is

Brad Reback

last How for? following should Sasan, should high questioning, very QuickBooks as the product the Great. you level, decide much. what just charged up to add you line be from be more what a and do of on Thanks And platform. bundled

Sasan Goodarzi

do Yes. comes is day, Hi, well Brad. Ultimately, platform. across It At to Live safe. we on Hope in it’s we a down and understanding it TurboTax very we the similar impact run. about what you you and customer not benefit to the of it. it end to in think the relative retention for But the or and are is the pay are test delivering willing that to the that whether long-term. the also

that so test those on choose then in And we inform we things charge levers even to may that accounting but come inclusive based essence for being services. of free have to tests the where

experiments run to down inform So operated primarily help it strategically and for choices we let way we have data and the that that’s years comes company. make the really the the across we the we that

Brad Reback

Thanks very Great. much

Sasan Goodarzi

You are very welcome.

Operator

remarks? gentlemen, I showing with not and Thank questions. Would like close you. any any further Ladies you am additional to

Sasan Goodarzi

Yes. I will.

our and Until then in the without by of customers stakeholders forward the questions are again to all to we safe virtual Just wanted want I and well. seeing not at everyone our thank would all great for where close we be and thanking Investor be once and you your partners. employees time We to today we and just our serve incredible be September. look and that Day

Operator

participating. and you for This concludes thank conference Ladies call. today’s gentlemen,

Intuit (INTU) 26 Aug 202020 Q4 Earnings call transcript