Good morning. My name is Eilie, and I'll be your meeting operator for today. At this time, I would like to turn the call over to Carrie McLean, Intuit's General Counsel and Corporate Secretary.
Hello, and welcome to the 2021 Annual Stockholders' Meeting of Intuit, Inc. I'm Carey MacLean, General Counsel and Corporate Secretary of Intuit. Thank you for joining us today. We're pleased to welcome you to this virtual meeting wherever in the world that you're located. We'll begin with the business portion of our meeting.
After that, Sasan Ghadarzi, Intuit's CEO and President and Director, will give us an update on our business and answer your questions. We'll do our best to answer as many questions as possible and we'll address any unanswered questions on the Investor Relations section of our website shortly after the meeting. This meeting is now officially called to order. We're joined today by Brian Outland, representing Ernst and Young, our independent auditor. We also have Kathy Weeden, representing Broadridge, the Inspector of Elections for this meeting.
In addition to Sasan, Michelle Clatterbuck, Intuit's Chief Financial Officer, is also listening into this call and will be available to take your questions. Now, let's turn to the formal portion of the meeting. I have an affidavit from Broadridge certifying that the meeting notice, proxy statement and 2020 annual report or the notice of Internet availability of those documents were sent on or about November 25, 2020, to all stockholders as of the November 23, 2020 record date. These documents will be incorporated into the minutes of this meeting. I also have a list of the registered stockholders entitled to vote at this meeting, which is available for inspection at the website virtual shareholdermeeting.com/intu2021.
The Inspector of Elections has executed her oath, which will be filed with the minutes of this meeting. Broadridge has counted the votes cast on each proposal and Ms. Weeden has informed me that we have a quorum. Any stockholder who hasn't yet voted or wishes to change their vote may do so by clicking on the voting button on the web portal and following the instructions there. Stockholders who have sent in proxies or voted via telephone or Internet and who do not want to change their vote don't need to take any further action.
The polls will close in a few moments after the formal business of today's meeting has concluded. After Sasan's business presentation, we'll provide time for general questions. Only validated shareholders may ask questions in the designated field on the web portal. You can submit your questions before the Q and A portion of the meeting begins. Please limit yourself to one question.
Please note that this meeting is being recorded and a replay will be made available after the conclusion of the meeting. We do not authorize any other recording of this meeting. Now, we'll turn to the matters being voted on. Proposal 1 is the election of directors to hold office until the 2022 Annual Meeting of Stockholders or until their successors are duly elected And proposal number 3 is the ratification of Ernst and Young, And proposal number 3 is the ratification of Ernst and Young as our independent registered public accounting firm for fiscal 2021. We'll now pause briefly for anyone voting live to complete their votes.
Now that everyone has had the opportunity to vote, the polls are officially closed. We'll publish the final vote totals in a Form 8 ks that we expect to file within the next 4 business days. Based on the preliminary results of the vote, the stockholders have elected the 12 board nominees named in our proxy statement, approved the advisory proposal on executive compensation and ratified the selection of Ernst and Young as our independent registered public accounting firm for fiscal 2021. That concludes our formal business today and the formal portion of the meeting is now adjourned. In just a moment, we'll turn the meeting over to Sasan to give you his business update and answer any questions.
Sasan's remarks may contain forward looking statements and there are a number of risks that may cause actual results to differ materially from our expectations. For more information about these risks, please see our SEC filings, which can be found on the Investor Relations page at intuit.com. Thank you for your time this morning. And now, I'll turn things over to Sasan.
Hello, everyone, and welcome to our Annual Shareholder meeting. Happy New Year to all of you. I hope you are all safe and sound. Today, I'm going to focus on 2 things. 1, a look back at the company and our performance and 2, a look forward.
I'm really eager to share with you our game plan to deliver for our customers. But let me first start with the incredible team that I get to serve. This is our very qualified and diverse Board of Directors and I get the opportunity to serve with them and learn from them and get guidance from them on a daily basis. With that said, let me get started. When you look at our almost 38 year history, we've had to lead through significant platform shifts.
And the core to what we've become great at over time is falling in love with what matters most to our customers and never falling in love with our solutions. And that has given us the opportunity to culture and a team that has landed on Fortune's best place to work year in and year out. And because of the teamwork, because of our culture, we've grown customers over the years and have delivered solid returns to our shareholders. And FY 2020 was a very interesting year for everyone around the globe with the pandemic. With that said, our platform was needed the most in times that were very tough for consumers, self employed and small businesses and all of those that we serve.
With that context, we were able to deliver double digit top line growth and double digit operating income growth. And the Q1 of this fiscal year was no exception. We continued our momentum with an incredible focus to do the right thing for our customers to help them in these very tough times. So that's a very brief and quick look back at the company. Let me now talk about our strategy to deliver for our customers.
I want to start with what matters most. We have declared across the company the customer problems that are the most important that we want to deliver against. Everyone that we serve behaves like a consumer, which means they have a very set of common needs. They are looking to make ends meet. They are looking for ways to get out of debt and save money.
And depending on the country, their largest paycheck of the year is the tax refund, and we want to nail that experience for customers year in and year out. Now, there are those that chose to be entrepreneurs to go into business for themselves, to pursue their passions And those self employed and small businesses, those entrepreneurs have an additional set of needs that we focus on. It's to help them grow and get more customers. It's to help them get paid. It's to help provide access to capital so they can grow their business, to serve their employees and ultimately to ensure their books are right.
When we declared these problems that we want to focus on across the company a few years ago, we also talked about 5 trends that are essential that inform our game plan. I want to focus on 3 of those trends, because the pandemic has really made these 3 trends propel forward 5 to 10 years. One, it's a significant shift to a virtual world, whether it's education, whether it's fitness, whether it's what we're doing here today, whether it's bookkeeping and taxes, there's a significant shift and desire to engage virtually to get the job done. The second is money has always been important, but more than ever, consumers and small businesses are looking towards platforms to find ways to save money and get out of debt. And last but not least, there was a shift to online, but again, the pandemic has caused a significant acceleration, 5 to 10 year leap to those moving online and especially small businesses moving to an omnichannel world, those that sell products online to be able to provide their products across multiple channels.
These three trends, when we declared our game plan to deliver for customers a few years ago, were critical then, they are essential even more so now. So with that, let me get into our game plan to win and I will quickly walk you through from our mission to our metrics. Now what gets our heartbeat going faster every day is our purpose. We wake up every day to power the prosperity of those that we serve around the world. Now we focus on doing that through 2 methods.
1, it's the products and services and the innovation that we deliver every day. But secondly, it is to make the communities around us where we work a better place. We're inspired by our mission. We are also guided by our values. Our values have been refreshed three times over the course of the last 38 years and we just refreshed our values last year.
And we refresh them to preserve what we love about who we are, but also to create a better version of ourselves. The two parts that remain the same is integrity without compromise, doing what's right when nobody is looking and we care and give back, making the communities around us far better than what we found them. There are 3 in the middle that we evolved and changed. 1 is courage. It's about being bold and setting high bar for what we want to do to deliver for our customers and never being afraid to go after what's right.
Customer obsession, focusing on falling in love with our customer problems and not solutions, focusing on delivering unrivaled benefits and sweating every detail of the experience for our customers. And last but not least, stronger together. Diversity and inclusion matters a ton. Diversity is a fact, inclusion is a choice and we continue to build a company to build that diversity of experiences, diversity of talent, but also an environment that's inclusive, because the more we can feel and look like our customers, we can deliver better experiences for our customers and the more of an inclusive environment we create, we can do incredible work for our customers. Now with that said and guided by our values, couple of years ago, we wanted to set aspirational goals for 2025.
We wanted a way to measure our mission, the reputation of the company and the growth of the company. Specifically, the goals that we set is for anybody that's on our platform, we wanted to double household savings rate, because we know how important that is for everyone that we serve. And if you are a small business on our platform, we wanted to increase your success rates by 10 points. Typically, after 5 years, 50% of small businesses go out of business and we wanted to make a positive impact to the success of small businesses. Reputation matters a ton from the products and services that we deliver to our governance, to what we do to make the communities around us a better place, how we respond against crisis to ease.
We want to be world class when it comes to reputation. And last but not least, we have a company that's growing double digits, but we believe based on the problems that we are solving, we can accelerate that growth. Let me just share a quick update of how we are doing. I'm very pleased to say relative to our 2025 goals that those that are on our platform are actually saving 1.2x greater than industry average when it comes to household savings. And we had set a goal to be 10 points better, which means that 60% of small businesses are succeeding after 5 years and we are already at that goal, but we believe we have a lot of work to do to maintain it and even increase it.
We have increased our reputation progress and you can see here that we are up almost a point, which puts us at the top tier world class across all tech companies. And I'm pleased to say, we've grown our customers double digits in the last year and we are inspired by what's possible. Now these are 2025 goals. Again, the aspirational goal is to push us to think well beyond the horizon, but it also informs our 3 in 1 year plan goals. Two points I want to make upfront.
1, we have for years run the company with a focus across stakeholders. Our belief is that by creating an environment where the world's best talent can do the best work of their lives, we'll do an amazing job delivering for customers and delighting customers, making the communities around us a better place and ultimately delivering fantastic shareholder results. This is the way we run the company and as you can see here, we have both 1 3 year metrics that we attach to this. Not only do we hold the company accountable to this, but the Board holds me and my team accountable to not only deliver against these goals in the year that we're in, but ensuring that we're on the right trajectory for 3 years out. There are 2 important changes that we made in the last year.
One, we have always been a company that's focused on diversity and inclusion. Now we've made it an explicit goal under employees. And secondarily, as you saw, one of our values is we care and give back and that's been the cornerstone of the company. This past year, we added a pillar that's around communities. And you can see it's about creating jobs, improving readiness for folks that come into the job market and improving climate around the world.
We're very excited about the goals that we have and how we achieve them. And on that note, let's talk about how we achieve them. Our strategy enables us to achieve the goals that I just mentioned. And there are 2 very important parts that I want to talk about relative to our strategy. One is the benefits that we focus on.
We've galvanized the entire company to ensure that everything that we do focuses on 3 benefits: 1, finding ways to put more money in our customers' pockets 2, eliminating work on drudgery, so the customers can get to the benefit fast And last but not least is ensuring that we deliver the experience that gives total confidence to our customers. Now the core of our strategy is about being an AI driven expert platform. Let me just very quickly unpack what those words mean. Platform Element is about being an open platform. In order to pursue and solve the customer problems that I mentioned earlier, we believe that not only do we need to solve the problems on our platform by building incredible applications, but that partners and other companies need to build on our platform, so we can ensure that we can serve customers end to end.
The second is about AI. We define AI as machine learning, knowledge engineering and natural language processing. And we believe that we can accelerate the benefits for customers by applying AI to all of our customers' data to significantly deliver benefits for our customers. And last but not least is expertise. 1 of the largest unset problems for our customers is confidence.
It's in the era of financial management, customers want to be able to engage another person to answer their questions and to ensure that they're doing their work with confidence. And with expertise, we are bringing experts onto our platforms at any point, on a touch of a button, you can chat with someone or actually see someone through video, hence AI driven expert platform. That's our strategy to revolutionize the experiences that we deliver for customers. Now with that context, we declared 5 big bets across the company a few years ago. Let me run through what those bets are and why they are important.
Our first bet is about revolutionizing speed to benefit. When customers come to us, we want to ensure that they get the benefit that they are looking for instantly. And if there are a new customer and are looking for additional services that we deliver those benefits instantly. The focus of this bet is really a data and technology bet. It is all about ensuring all we to be able to run their business or to be able to do their taxes and applying and accelerating the application of artificial intelligence, so we can eliminate work and drudgery.
That's our big bet across the company. The second big bet is about connecting people to experts. As I mentioned earlier, one of the largest unsaid problems for customers is confidence. If you're a small business, remember, it's just you and maybe a couple of other people, you don't have the wherewithal of expertise of a larger company and you need expertise to be able to get your business set up, to be able to get advice around your business. Should I buy more inventory?
Should I borrow money? Should I hire employees? You need to ensure that your books are right and that you're ready for tax time. Same thing applies to consumers. The largest part of consumers and I'll use the United States as an example, use somebody else to help them get their taxes done.
So this bet is about delivering an awesome platform with access to expertise on our platform. So that if you're using QuickBooks, if you're using TurboTax, if you're using Credit Karma, if you're using QuickBooks, if you're using TurboTax, if you're using Credit Karma, you can access an expert to help you run and manage your life. This is about creating a virtual expert platform, delivers for customers and creates income for experts. Our 3rd big bet is about unlocking smart money decisions. This is all focused on finding ways to help consumers get out of debt and to be able to save money, allows us as a company to go beyond taxes to truly have a platform to help you manage your financial life.
Let me double click on this one for just a moment. You can see with the stats here and I'm not going to go through all of them, but I'll hit on a few. Consumers significantly overpay by having multiple credit cards at high interest rates. They overpay for car loans because when they're going out to buy a car, they're focusing on the car that they love and negotiating the monthly payment, but never the actual interest that they're paying. Consumers around the world are in significant debt driven by mortgage, car, home, insurance and many pay high interest to payday loans to get access to their own wages a couple of days earlier.
So our vision is really about putting the power of the consumers' data in their hands to help them save money and get out of debt. We have a 3 pronged vision, but it starts with a simple app that puts all of the power in your hands as a consumer, so you can save money and get out of debt. We want to help you as a consumer connect to financial products that are right for you, whether it's credit cards, whether it's loans or whether it's insurance. We want to find ways to help put more money in your pocket. Imagine things like free checking and savings accounts, being able to give you early access to your wages, ultimately helping you get your taxes done and be able to find ways to save more money and get out of debt with your tax refund.
And then last but not least, access to expertise. This is a vision that will fundamentally help the goal that we've set for 2025, which is doubling household savings rate. Now we could not be more excited about the acquisition that we announced last year and we closed in December with Credit Karma. Credit Karma is an incredible purpose driven company that has spent 13 years finding ways to help consumers and an incredible culture that's been led by Ken, their CEO and Founder. And just to give you a glimpse, we bring together incredible assets to be able to serve consumers.
1, we bring together scale. Credit Karma has 110,000,000 members. We have 57,000,000 customers. Credit Karma has over a 70 net promoter, highest in any industry and a lot of their interaction, nearly 90% is on mobile devices. The second thing we bring together is the customer's data and this is where we can the power of the customer's data in their hands.
We have over 3,000 tax and financial attributes per customer. We have over 55,000,000 W-2s, 28,000,000 1099s and we have visibility into over $5,500,000,000,000 of debt. And what that means is that by putting that data together, we can actually connect you to the best financial products that are right for you that are personalized offers versus what you may be able to find and end up overpaying. And then last but not least is significantly accelerating all of our artificial intelligence capabilities. Today, there are 8,000,000,000 daily predictions delivered within the Credit Karma platform to ensure that the right offers are made for you.
With our risk and fraud capabilities, our virtual expert platform capabilities and Intuit and Credit Karma's machine learning capabilities, we will be able to deliver on this vision of putting the power of your data in the consumer's hand to power your prosperity. We're very excited about the acquisition of Credit Karma. The 4th big bet is about being the center of small business growth. We want to be the place where we and others can help you grow your business, get paid, access the capital, take good care of your employees and ensure that you are compliant. And our acute focus here is about transforming omni channel commerce.
The marketplace is about 65% to 70% service based businesses like plumbers and landscapers and you've got about 35% that are product based businesses. And in the era of COVID and the pandemic, there's been a significant shift to find ways to be able to sell your products on multiple different channels. That is a particular focus area for us under this big bet of being the center of small business growth. And last but not least, we want to focus on delivering and disrupting mid market small businesses. We define that as small businesses that are between 10 to 100 employees.
They have a lot of the same needs as smaller businesses except they just do more invoicing, they have more payables, more inventory, so they do things at much more scale. And we have an opportunity to deliver a platform that's very easy to use, a fit for them at a fraction of the price. These 5 bets are transformative. They go after the largest customer problems, areas where we have significant capabilities and will enable us to focus on delivering the 3 benefits that matter most: more money, eliminating work and drudgery and delivering everything with total confidence. And these bets will position Intuit to lead to the next chapter of the platform shift, which is all about artificial intelligence.
And this is our entire game plan on a page from our mission all the way to our metrics. Now this game plan is going to allow us to pursue a very large TAM, total addressable market. We define our TAM as growing the core, which is really the core tax and accounting opportunity, connecting the ecosystem, which is services beyond just tax accounting to help you in essence run your entire business being the source of truth for your entire business and for consumers going beyond tax and helping you connect with financial products and putting more money in your pocket as I just explained earlier. And then of course taking that game global presents our TAM opportunity. Now just a few proof points, I'll start with growing the core.
As you can see here, even in a very tough time during the pandemic, our platform is very resilient, customers needed it most. So we were able to continue to grow our QuickBooks Online subscribers over 30%. TurboTax grew double digits and at the same time our retention went up because we delivered for customers at a time they needed us most and disrupting mid market with Cookbooks Advance, where we doubled the number of subscribers within a year and transforming the assisted segment, we were able to significantly grow TurboTax Live with high net promoter and most of the new customers coming from the assisted segment. So very excited about some of these proof points and the benefits that we are delivering. And that also holds true for connecting the ecosystem.
What you can see here is that in very tough times, our payments charge volume grew by over 30%. With our innovation around full service payroll and integrating time tracking within that, our customers grew 2x and you can see that in very tough times we were able to deliver the Paycheck Protection Program to many, many customers to help them stay in business and be able to take care of their employees. And we continue to expand globally. Now nearly 30% of our QuickBooks subscribers are outside of the United States with our revenue growing over 50% and our product recommendation score continuing to grow up and to the right. With that said, let me end with where I started.
What gets our heartbeat going faster is coming to work every day to find ways to power prosperity for our customers all around the world. And we do that through our products and services and the innovation that we are focused on, but also to ensure that we make the communities around us and where we work a better place. Thank you very much for listening in and in a moment we will now turn it over to your questions. Thank you.
Great. So now let me open it up to your questions. Tim Watkins, our Vice President of Investor Relations, will facilitate reading the questions that you
germane to the meeting. If there are any questions that we don't get to during the time allotted, we will respond to them on the Investor Relations section of our website. Okay. Now on to the first question. Question is, how are small businesses doing?
Are your SBA loans being repaid? If not, are the loans guaranteed by SBA? Alternatively, will direct fiscal payments be enough? Do you see a rise in bankruptcies or closings without the ability to reopen? When will you start to know the tax implications?
Yes. Thank you for the question. I think 1st and foremost, we admire small businesses. They are so passionate about what they do every day. They are absolute survivors and they will do whatever it takes to be able to deliver for their customers and serve their families.
With that as context, small businesses are struggling, but it's quite different per industry and then per geography. The geography could be per state in the United States or if you look at different countries, UK versus France versus U. S, the success rate is quite different. So let me just focus on the U. S.
For a moment. In essence, what we see is there are certain industries that are doing better than others, albeit all industries are hurt. For instance, when you look at things like landscaping, when you look at things like fitness, those are two examples of an industry that is actually doing far better, which is landscaping and an industry that is not faring so well, whether it's a hair salon or restaurant. So, it's very different by industry. I would also say it's different by geography.
We see states like North Carolina, Arizona and New Jersey actually recovering faster than states like California and New York. So very dependent on where what industry you're in and what geography that you're in. With that said, I would say that the Paycheck Protection Program for those that have taken advantage of it has really helped the role that we play is not only securely delivering the money to those that choose to apply for it, but also doing a lot of the automation of what it requires for them to provide documentation that it was put to the right use. And I think what's really important and I believe all of us around the globe believe this is that first, we need to do the right thing is to get through this health crisis and really focus on fiscal stimulus to ultimately get people back in the jobs that they lost. I mean, at the end of the day, it comes down to consumer confidence.
It comes down to consumers having jobs and that ultimately will be the biggest input to the success rate of small businesses. So net net, they're resilient. They're starting to bounce back, but depending on the industry that they're in, in some ways that they're struggling. The last thing I would share is, we also, of course, have a perspective into the bank accounts of our small businesses because they connect small businesses, connect QuickBooks to their bank accounts. And in general, we've seen a median reduction, in some cases, up to 25%.
So again, it's bounced back to where it was from the April, May timeframe. But clearly, we're still in an era where they're focused on bouncing back and building out consumer confidence, which we hope will come back when the health crisis when we lead through the health crisis and when we get people back in the jobs that they need to be in.
Okay, great. Thanks so much, Hassan. Our next question is, in last year's program, users were not prompted automatically to enter ACA tax credits and it was difficult to find the correct entry manually. Why the substantial oversight? Is it due to difficulty harmonizing each state's requirements into Intuit's algorithm?
Yes. Thank you for the question. We are always focused on simplicity and ensuring that the experience is right for the individual and that discoverability is at its best. And ultimately applying artificial intelligence, in this case, particularly machine learning and knowledge engineering to deliver the right experience for the right customer, again, with ease of discoverability. Particularly at ACA, we actually did a lot of work from the beginning of season, last season to the middle of the season, which is about the March timeframe to improve discoverability.
But I appreciate your feedback and we'll pass along to our teams for us to continue to look at the ease of discoverability. But know that our ultimate outcome is simplicity and discoverability for customers, but ensuring that it's right. So it delivers the experience delivers total confidence. But we will certainly pass along your feedback, but just know that it's also top of mind for us.
Great. Thanks, Sasan. I'll give you another minute to queue in your questions if you have any before we wrap up. So we'll just pause for a minute and let anyone else have a question to queue up.
I assume there are no more questions?
Yes. No further questions at this time. I'll hand it back to you, Suzanne.
Well, thank you so much for attending the session. As you heard, we are proud to be in a place to help customers in these very tough times. I appreciate your time. I appreciate your question. I wish all of you wellness and please be safe.
Take good care of yourself and we will see all of you again next year. Thank you.
Ladies and gentlemen, thank you for participating. This concludes today's meeting.