We are well-positioned to disrupt the assisted category by leveraging data, AI, and our Virtual Expert Platform, to revolutionize how taxes get done for consumers and small businesses. By leveraging the power of our platform and ecosystem, we’re also extending TurboTax to our Credit Karma members and QuickBooks Online small business customers by enabling them to complete their taxes and access expertise directly within these products. Let me share more about our – the areas of focus this season. First, we can serve consumers however they want to file, virtually or in-person, while providing confidence their taxes are being done accurately and they are getting their maximum refund. More than 80% of U.S. filers live within a 10 mile radius of a TurboTax expert.

These experts use Intuit’s Virtual Expert Platform that’s powered by data and AI, to deliver best-in-class service. While it’s early in the season, TurboTax Live Full Service is resonating with customers. We’re seeing strong growth and the offering has a Product Recommendation Score of 88 season-to-date, one of the highest at Intuit. Second, small businesses can file their taxes with TurboTax and, if a small business is a QuickBooks Online customer, they can file their taxes with an expert. With these offerings, they can maximize their refund, and get advice from experts when they need it. Our campaigns and easy to use experience are driving strong early interest. Business tax returns have a much higher average revenue per return because they are more complex and we expect them to contribute to average revenue per return expansion over time.

Third, we’re more deeply integrating Credit Karma and TurboTax, making it even more seamless for Credit Karma members to file with TurboTax directly in the Credit Karma app, with exclusive offers for members, whether they want to file themselves or with an expert. We’re also unlocking the benefits of the Credit Karma platform for tax filers to make smart money decisions. This includes earlier access to their refund or, for those that qualify, access to an interest-free Refund Advance loan in as little as 30 seconds after IRS acceptance, when depositing their refund into a Credit Karma Money account. This is designed to lead to higher engagement and monetization in Credit Karma over time. Fourth, Intuit Assist, our GenAI powered financial assistant, is live in TurboTax this season.

With Intuit Assist, we are creating a future of "done for you," where the hard work is done "automagically" on behalf of our customers with a gateway to human expertise, fueling their financial success. For example, customers are using Intuit Assist to better understand their refund. In early results, Intuit Assist’s helpfulness rating is 1.5x greater than our legacy explanations, indicating Intuit Assist is helping deliver confidence to TurboTax customers. Our focus this tax season further showcases how our Big Bets have accelerated innovation and growth for the future. We’re leveraging the power of data and AI with Intuit Assist to revolutionize the speed to benefit for customers, disrupting the assisted consumer and business tax categories by connecting people with experts virtually, and bringing the TurboTax and Credit Karma experience together to unlock smart money decisions.

We are off to a great start in tax. Let me now highlight progress across two of our Big Bets. As a reminder, our five Big Bets are: revolutionize speed to benefit, connect people to experts, unlock smart money decisions, be the center of small business growth, and disrupt the small business mid-market. Our first big bet is to "revolutionize speed to benefit." Our platform enables us to innovate for our customers with speed and at scale, which is foundational to all of our other Big Bets. Five years ago, we declared our strategy to be an AI-driven expert platform, with data and AI fueling innovation across the platform. At the core of our platform is powerful, relevant data for our 100 million customers. We have 500,000 customer and financial attributes per small business, and 60,000 financial and tax attributes per consumer which fuels what’s possible with AI.

And with our GenAI Operating System, GenOS, we empower Intuit technologists to create breakthrough GenAI experiences across our platform. This includes utilizing our own powerful financial LLMs, as well as those from other leaders in GenAI, which together unlock new opportunities to serve our customers with accuracy and speed in a cost efficient way. As I mentioned earlier, with Intuit Assist, we are creating a future of "done for you," where the hard work is done "automagically" on behalf of our customers with a gateway to human expertise, fueling their success. Intuit Assist is critical to delivering unparalleled benefits for our customers over the next decade, and is in the hands of select customers now. We believe Intuit Assist will lead to higher frequency of engagement and monetization across the platform, driving customer growth, accelerated adoption of services and live offerings.

I’m excited about the rapid pace at which we are innovating, testing, learning, and adapting to deliver our core benefits of more money, no work and complete confidence for customers. Let me share a few updates. First TurboTax, as I shared earlier, Intuit Assist is live in the product this season and is delivering increased confidence to our customers. Second, Mailchimp, to help small businesses grow revenue and save them time, we’re providing AI-powered automations and content generation using Intuit Assist. Third, QuickBooks, Intuit Assist is in beta and is designed to help small businesses optimize cash flow and make confident decisions to grow their business. New customers who were previously running their business manually will be able to get started quickly by sharing their email, website and bank account information.

Their unstructured data will be translated into benefits for them, such as generating customized pay-enabled invoices that save time and enable customers to get paid faster, experiencing the benefits of switching to a digital platform. And for existing customers, we will translate their data and analyze their money in and money out transactions into insights and recommendations. Intuit Assist will do the work for our customers in the background with suggested automated actions that increases customer productivity by saving time and leading to better outcomes such as getting paid faster and updating capital. Furthermore, we intend to provide an option to connect and interact with an expert to help provide insights and make decisions specific to their financial situation and fuel their success at the moments that matter most, such as closing their books.

Fourth, Credit Karma, Intuit Assist for Credit Karma is in beta and we’re excited about the rapid innovation and the progress we’re making to help connect members to financial products that are right for them, saving them time and money. We’re focused on using GenAI to interact with members to help answer their questions in a highly personalized way when shopping for financial products. Customers can interact, learn more, and ask questions to help make confident decisions. Intuit Assist will engage more members with a wide range of financial needs beyond Credit. We recently expanded by 6x the number of topics we can provide help on and now address items like major purchases, home buying, savings, and more. We believe this can drive increased member engagement and conversion, and drive higher revenue per monthly active user.

We remain excited with our early progress with Intuit Assist across the company. It’s changing our relationship with customers as we move from being a transactional workflow platform to a trusted assistant that customers can rely on daily to power their prosperity. Our fourth big bet is to become the center of small business growth by helping our customers get new customers, get paid fast, manage capital, and pay employees with confidence in an omnichannel world. We are well on our way to becoming the source of truth for our customers to help them grow and run their business. In Mailchimp, we’re focused on better serving mid market customers across different stages of their lifecycle to drive higher engagement and retention. After we have successfully onboarded them, we’re pairing larger customers with an account manager to help them understand and adopt the breadth of Mailchimp’s capabilities.

We’re seeing green shoots from account management, which gives us confidence in the future. Customers who have engaged with an account manager have higher monthly revenue retention. We believe this will also drive higher ARPC over time. Intuit Assist is live in Mailchimp’s higher end offerings and is designed to help customers develop personalized marketing campaigns and drive their revenue growth. We’re offering customers three AI-powered automations today, including new customer welcome, abandoned shopping cart and recovering lost customers. Automations are time consuming to set up, but can drive higher revenue. Intuit Assist personalized automations are 50% more likely to be activated by customers. Intuit Assist is also reducing work by generating new content and editing existing content for marketing campaigns.

Recent improvements have driven GenAI text generation adoption rates by more than 70% over the past several months, reducing work for our customers. Getting paid fast remains a big challenge for small businesses. We are uniquely positioned to help customers with our end-to-end money platform and innovations such as easy discovery, auto-enabled payments, payment-enabled invoices, instant deposit and get paid up front, which are all helping our customers get paid faster and drive adoption of payments. Total online payment volume growth was 20% in the quarter. We are beginning to roll out a new payment-enabled invoicing experience that will provide more benefits to customers, including more ways to get paid. While early, we’re seeing that customers who use the new invoicing experience are engaging more driving increase in customer adoption of our payment rails to get their invoices paid.

We’re also making progress digitizing B2B payments to accelerate and automate transactions between small businesses and ultimately improve their cash flow. The number of connections in our QuickBooks business network has doubled since August, and we’re pleased with the initial adoption of our bill pay offering. To better serve small businesses, during the quarter, we began rolling out faster payment timelines for qualified customers that reduce payment time by 40%, including a paid next-day ACH option and batch payments, allowing customers to hold on to their cash longer and save time. Wrapping up, with our durable AI-driven expert platform strategy and focus on innovating with GenAI across our platform, we are more excited than ever about the opportunity in front of us, and our ability to power prosperity for our customers.

We’re honored to be recognized by Bloomberg as one of the top 50 Companies to Watch in 2024 and to be ranked 22 on this year’s Just 100, and the highest ranked customer or software company on the list. Now let me hand it over to Sandeep.

Sandeep Aujla: Thanks, Sasan. For the second quarter of fiscal 2024 we delivered another strong quarter, despite the IRS opening approximately one week later this year. We achieved healthy operating margins and are on track to achieve our full year guidance as we continue to deliver operating leverage across the business. Our Q2 results include revenue of $3.4 billion, up 11%, GAAP operating income of $369 million versus $270 million last year, up 37%. Non-GAAP operating income of $1 billion versus $856 million last year, up 17%. GAAP diluted earnings per share of $1.25 versus $0.60 a year ago and non-GAAP diluted earnings per share of $2.63 versus $2.20 last year, up 20%. Turning to our business segments. Small Business and Self-Employed Group revenue grew 18% during the quarter, driven by online ecosystem revenue, which grew 21%.

Our results continue to demonstrate the power of our small business platform and the mission-critical nature of our offerings, which resonates with customers as they look to grow their business and improve cash flow in any economic environment. With the goal of being the source of truth for small businesses, our strategic focus within the small business and self-employed group is threefold: grow the core, connect the ecosystem and expand globally. First, we continue to focus on growing the core. QuickBooks Online Accounting revenue grew 19% in Q2, driven mainly by customer growth, higher effective prices and mix shift. We continue to prioritize disrupting the small business mid-market through continued focus on both go-to-market and product innovations.

While mid-market customers are a smaller subset of the total small business TAM, they drive a higher ARPC over time given their more complex needs and higher usage of services across our platform. This coupled with our strategy to sell more of our ecosystem services to existing customers, shift the emphasis in our growth formula towards ARPC over time. Second, we continue to focus on connecting the ecosystem. Online services revenue grew 24% in Q2, driven by payroll, payments, Mailchimp, capital and time tracking. Within payroll, revenue growth in the quarter reflects an increase in customers adopting our payroll solutions, higher effective prices and a mix shift towards higher end offerings. Within payments, the revenue growth in the quarter reflects ongoing customer growth as more customers adopt our payment offerings to manage their cash flow, higher effective prices and an increase in total payment volume per customer.

Mailchimp revenue growth was driven by higher effective prices and paid customer growth. Third, we continue to make progress expanding globally by executing a refreshed international strategy, which includes leading with both QuickBooks Online and Mailchimp in our established markets and leading with Mailchimp in all other markets as we continue to execute on localized product and lineup. On a constant currency basis, total international online ecosystem revenue grew 16% in Q2. Now moving to our Desktop Ecosystem. Desktop Ecosystem revenue grew 10% in the second quarter, and QuickBooks Desktop Enterprise revenue grew in the mid-teens. We are more than two years into a three-year transition for customers that remain on a license-based desktop offering to a recurring subscription model.

In fiscal 2025, the tailwinds from the three-year transition will be behind us, but we expect our Desktop Enterprise offering, which accounts for over half of desktop accounting revenue to grow in the high single-digit range. We also will continue to encourage remaining desktops subscription customers who tend to be more complex and higher value to migrate seamlessly to either QuickBooks Online or our desktop enterprise offering when they are ready. Additionally, we see opportunities to continue to price the product for value. The online ecosystem remains a growth catalyst longer term. Shifting to our Consumer and ProTax Groups. Our full year outlook remains unchanged, even though Consumer Group revenue declined 5% in the quarter, reflecting an approximately one week later IRS opened this year.

We are confident in our game plan to win this season and are reiterating our guidance for Consumer Group of 7% to 8% revenue growth in fiscal 2024. Turning to the ProTax Group, the revenue grew 8% to $274 million in Q2, reflecting the timing of when tax forms were delivered, which is a driver for revenue recognition. Moving to Credit Karma. Credit Karma delivered revenue of $375 million in Q2, flat to a year ago, primarily reflecting growth in Credit Karma Money, credit cards and auto loans offset by decline in home loans, personal loans and auto insurance. We saw select partners taking a conservative approach to extending credit in both personal loans and credit cards in Q2, reflecting expected macro trends. And as a reminder, Q2 is typically the seasonally weakest quarter of the year.

We expect Q3 to benefit from additional Credit Karma Money revenue during tax season. In summary, I am pleased with our continued momentum this fiscal year. Now shifting to our balance sheet and capital allocation. Our financial principles guide our decisions. They remain our long-term commitment and are unchanged. We finished the quarter with $1.5 billion in cash and investments and $6 billion in debt on our balance sheet. We repurchased $536 million of stock during the second quarter. Depending on our market conditions and other factors, our aim is to be in the market each quarter. The Board approved a quarterly dividend of $0.90 per share, payable on April 18, 2024. This represents a 15% increase versus last year. Moving on to guidance. We are reaffirming our fiscal 2024 guidance.

This includes total company revenue growth of 11% to 12% and GAAP operating income growth of 15% to 18%; non-GAAP operating income growth of 12% to 14%. GAAP earnings per share growth of 11% to 15% and non-GAAP earnings per share growth of 12% to 14%. Our guidance for the third quarter of fiscal 2024 includes revenue growth of 10% to 11%, GAAP earnings per share of $7.77 to $7.84, and non-GAAP earnings per share of $9.31 to $9.38. As a reminder, we are taking a prudent approach with guidance given the continued macroeconomic uncertainty. You can find our full year fiscal 2024 and Q3 guidance details in our press release and on our fact sheet. With that, I’ll turn it back over to Sasan.

Sasan Goodarzi: Great. Thank you, Sandeep. And just to quickly wrap up, we’re very confident in our AI-driven expert platform strategy, our progress with our five big bets, and creating a future of done for you with a gateway to human expertise. We believe that this will change our relationship with our customers, becoming their trusted advisors, leading to higher engagement and monetization. The combination of our assets and our strategy creates a growth flywheel for Intuit to accelerate penetrating our $300 billion in TAM. With that, let’s open it up to your questions.

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