Intuit Inc. (NASDAQ:INTU) Q3 2024 Earnings Call Transcript May 23, 2024 4:30 PM ET

Company Participants

Kim Watkins - VP of IR
Sasan Goodarzi - CEO
Sandeep Aujla - CFO

Conference Call Participants

Keith Weiss - Morgan Stanley
Daniel Jester - BMO Capital Markets
Siti Panigrahi - Mizuho
Alex Markgraff - KeyBanc Capital Markets
Kirk Materne - Evercore ISI
Kash Rangan - Goldman Sachs
Brad Reback - Stifel
Brad Zelnick - Deutsche Bank
Steve Enders - Citi
Brad Sills - Bank of America
Scott Schneeberger - Oppenheimer
Raimo Lenschow - Barclays
Michael Turrin - Wells Fargo

Operator

Good afternoon. My name is David and I'll be your conference operator. At this time, I would like to welcome everyone to Intuit's Third Quarter Fiscal Year 2024 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.

Kim Watkins

Thanks, David. Good afternoon and welcome to Intuit’s third quarter fiscal 2024 conference call. I’m here with Intuit's CEO, Sasan Goodarzi, and our CFO, Sandeep Aujla.

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 2023 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 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.

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

Sasan Goodarzi

Thanks, Kim, and thanks to all of you for joining us today. We had a strong quarter with solid momentum across the company as we executed our strategy to be the global AI-driven expert platform powering prosperity for consumers and small businesses. Third quarter revenue grew 12%. Small Business and Self-Employed Group revenue grew 18% despite an uncertain macro environment, demonstrating the importance of our platform in fueling success for small businesses and our momentum serving the mid-market. Consumer Group revenue grew 9%, and Credit Karma revenue grew 8%, driven by the impact of innovation for members and the benefits of TurboTax and Credit Karma product integration. I’m proud of our performance, and the momentum we are seeing across the company.