Intuit Inc. (NASDAQ:INTU) Q1 2020 Earnings Conference Call - Final Transcript

Nov 21, 2019 • 04:30 pm ET

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Intuit Inc. (NASDAQ:INTU) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good afternoon. My name is Litsy, and I will be your conference facilitator. At this time, I would like to welcome everyone to Intuit's First Quarter Fiscal Year 2020 Conference Call. [Operator Instructions]

With that, I will now turn the call over to Kim Watkins, Intuit's Vice President of Investor Relations. Ms. Watkins?

Executive
Kim Watkins

Thanks, Latif. Good afternoon, and welcome to Intuit's first quarter fiscal 2020 conference call. I'm here with Intuit's CEO, Sasan Goodarzi; and Michelle Clatterbuck, our CFO. Before we start, I'd like to remind everyone that our remarks will include forward-looking statements. There are a number of factors that could cause Intuit's results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 2019 and our other SEC filings. All of these documents are available on the Investor Relations page of Intuit's website at intuit.com.

We assume no obligation to update any forward-looking statements. Some of the numbers in these remarks are presented on a non-GAAP basis. We've reconciled the comparable GAAP and non-GAAP numbers in today's press release. Unless otherwise noted, all growth rates refer to the current period versus the comparable prior-year period, and the business metrics and associated growth rates refer to worldwide business metrics. A copy of our prepared remarks and supplemental financial information will be available on our website after this call ends.

And with that, I will turn the call over to Sasan.

Executive
Sasan Goodarzi

Great. Thanks, Kim, and thanks for everyone for joining us today. We're off to a strong start to the first quarter of fiscal 2020 and continue to make progress on our strategy of becoming an AI-driven expert platform. First quarter revenue grew 15% overall, fueled by 15% growth in the Small Business and Self-Employed Group. Online Ecosystem revenue grew 35%, exceeding our target to grow 30% or more. Consumer Group revenue grew 11% and Strategic Partner Group revenue was in line with our expectations. This is a great start to the year.

At Investor Day, I shared our top five priorities, which we call our big bets. These big bets focus on the largest problems our customers face and also represent durable growth opportunities for Intuit. I'd like to share our progress on each of these. Our first bet is to revolutionize speed to benefit for our customers when they use our products and services. We aim to deliver instant benefit and make the interactions with our offerings frictionless by accelerating the application of artificial intelligence. This big bet is foundational to everything we do for our customers and positions us to accelerate execution across our other four bets.

Here are couple of examples of the progress that we're making. First, we're on a path to triple the number of customers who can apply for working capital loans through QuickBooks Capital by extending eligibility to our desktop customers using machine learning. QuickBooks Capital leverages customers' data to provide loans to small businesses, nearly