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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Executive
Sasan Goodarzi

60% of whom may not qualify for loans elsewhere.

Second, we're enhancing our ability to answer customer questions more efficiently through TurboTax self-help. By leveraging AI, we are delivering more relevant answers at the point of need and using natural language processing to expand personalized answers with TurboTax assistant. In fiscal 2019, we handled millions of calls from customers needing help while using TurboTax. We expect this capability to help improve the customer satisfaction survey results and reduce customer contact rates by helping customers find answers to their questions more easily.

Our second big bet is to connect people to experts. One of the largest problems our customers face is lack of confidence to do their own taxes and to manage their business. We're connecting customers to experts on our platform to solve this problem, allowing us to gain share and grow average revenue per customer, or ARPC. We're happy with the progress that we're making.

We launched QuickBooks Live, connecting small businesses with live experts, opening up access to a new $10 billion market opportunity. This offering is intended to increase our small business customers' confidence, helping them get set up, close their books each month and ensure their records are accurate and up to date.

Over the last six months, we've run more than 50 tests to learn what customers truly need, helping us develop the offering and refine our go-to-market and pricing strategies. At the same time, we continued to build out the export pipeline as 90% of TurboTax Live experts expressed interest in working with QuickBooks Live. In TurboTax Live, we continue to innovate, making our experts more accessible at different touch points as we see a 32-point improvement in conversion for first-time filers when engaging with an expert. This season, we're launching real-time chats and enhancements our customers have asked for since the inception of TurboTax Live.

Our third big bet is to unlock smart money decisions for customers by connecting them the financial tools, partners and benefits that help put more money in their pockets. Through our offerings, we are addressing key customer problems by helping them reduce high cost debt, grow emergency fund and improved our financial habits. Based on what we've learned from the test we've ran during the extension season, we are optimistic about our ability to go beyond tax to help our customers make ends meet. For example, we introduced credit score goal setting and payment history tracking in Turbo to help customers improve their credit score. This is a key step in improving their overall financial health.

Our fourth big bet is to become the center of small business growth by helping our customers get paid fast, manage capital and pay employees with confidence. We introduced new QuickBooks innovations at our flagship QuickBooks Connect Conference, earlier this month to further support our customers' small businesses growth. For example, we announced a cash flow planner to help our small business customers make better decisions as they grow. We also announced