Intuit Inc. (NASDAQ:INTU) Q3 2020 Earnings Conference Call - Final Transcript

May 21, 2020 • 04:30 pm ET


Intuit Inc. (NASDAQ:INTU) Q3 2020 Earnings Conference Call - Final Transcript


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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 Third Quarter Fiscal Year 2020 Conference Call. [Operator Instructions]

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

Kim Watkins

Thanks, Latif. Good afternoon, and welcome to Intuit's third 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 those documents are available in the Investor Relations page of Intuit's website at 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.

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

Sasan Goodarzi

Thanks Kim, and thanks to all of you for joining us today. I'm going to cover four topics on today's call to help you understand our performance in the quarter and our outlook longer-term in context of the global COVID-19 pandemic. I'll start by sharing how we responded to the pandemic with our employees, customers, share our results for the quarter, and highlight recent trends in our business. Then I'll put these results in context of our long-term strategy and finish by talking about our playbook for leading in a downturn to accelerate our performance. Let's start with our response to the pandemic, where unprecedented uncertainty along with widespread shelter-in-place initiatives have changed our daily lives. At the onset of the pandemic, we created an enterprise crisis team to drive four work streams.

First, keeping our employees safe and healthy. This has been and will continue to be our number-one priority. Second, ensuring that we run the business effectively and continue to deliver for our customers. Third, keeping our workforce engaged and productive. And fourth, supporting our customers, our partners and the communities where we live and operate. I'm proud of how our employees adapted to this sudden change and how seamlessly we transitioned our 10,000-person workforce around the world to work-from-home environment. I'm even more proud of how in the face of uncertainty, our employees' commitment to customers has grown even stronger. The challenges facing consumers and small businesses during this difficult time have inspired our teams to innovate with speed and apply