Intuit Inc. (NASDAQ:INTU) Q4 2020 Earnings Conference Call - Final Transcript

Aug 25, 2020 • 04:30 pm ET

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Intuit Inc. (NASDAQ:INTU) Q4 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
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. [Operator Instructions]

With that, I'll 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 fourth 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 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'll turn the call over to Sasan.

Executive
Sasan Goodarzi

Thanks, Kim. Thanks to all of you for joining us today. I hope you're all safe and well. We had a very strong fourth quarter, capping-off a dynamic fiscal year 2020. Full-year revenue grew 13% and operating margin expanded. Total revenue growth was fueled by 15% growth in the Small Business and Self-Employed Group and 13% growth in the Consumer Group. QBO and TTO platform revenue totaled $4.8 billion in fiscal year 2020, growing 22% year-over-year. With our AI-driven expert platform strategy and the focus on our five Big Bets, we're building momentum and accelerating innovation in the current environment, which we believe positions us well for durable growth in the future. Since we just finished tax season, let's start there.

This tax season was like no other and our team delivered a strong season in uncertain environment by executing on our strategy of expanding our lead in the Do-It-Yourself category, transforming the assisted category, and disrupting consumer finance. Based on our estimates, excluding stimulus filings of approximately $7 million to $8 million, the Do-It-Yourself category share grew over 2 points this season. We grew our share of total returns and posted a 11% customer growth, the strongest in four years, while growing revenue double digits for the third year in a row. We grew the base of customers paying us nothing just over 20%, posted double-digit growth of new customers