Q4 2024 Intuit Inc Earnings Call Transcript
Key Points
- Intuit Inc (INTU) reported a 13% increase in full-year revenue, demonstrating strong growth.
- The company achieved significant progress with its AI-driven expert platform strategy, enhancing customer experiences.
- TurboTax Live revenue grew by 17%, with full-service customers doubling and new customers tripling.
- QuickBooks Live customers more than tripled, indicating strong adoption of AI-powered financial assistance.
- Intuit Inc (INTU) facilitated $2.4 billion in financing through QuickBooks Capital, up 28% year-over-year.
- Intuit Inc (INTU) reported a GAAP operating loss of $151 million in Q4, reflecting a restructuring charge of $223 million.
- GAAP diluted loss per share was $0.07, compared to diluted earnings per share of $0.32 a year ago.
- QBO self-employed customers declined by 14%, impacting overall customer growth.
- The company expects Q1 desktop ecosystem revenue to decline by approximately 20% due to changes in the subscription model.
- Credit Karma's revenue growth was modest at 5% for the full year, indicating slower performance compared to other segments.
Please standby, we're about to begin.
Good afternoon, ladies and gentlemen. My name is [Bo] and I will be your conference operator. At this time, I would like to welcome everyone to Intuit's fourth quarter and fiscal year 2024 conference call. (Operator Instructions) With that, I will now turn the call over to Ms. Kim Watkins, Intuit's Vice President of Investor Relations. Please go ahead. Ms. Watkins.
Thanks, Bo. Good afternoon and welcome to Intuit's fourth quarter fiscal 2024 conference call. I'm here with Intuit's CEO, Sasan Goodarz; 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
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