Intuit Inc. · NASDAQ:INTU
Intuit — Investor Day (September 2024)
134 slides from Intuit's investor day presentation, Sep 26, 2024
Slide 1: September 26, 2024
SEPTEMBER 26, 2024
Slide 2: Intuit Investor Day 2024
INTUIT INVESTOR DAY 2024
Slide 3: Agenda
Agenda Introduction Kim Watkins — VP, Investor Relations Company Growth Strategy Sasan Goodarzi — CEO Technology Fueling Innovation Alex Balazs — EVP and CTO BREAK Platform Immersion Experience Senior leaders BREAK Global Business Solutions Group Growth Strategy Marianna Tessel — EVP and GM, Global
Slide 4: Forward-looking statements; Non-GAAP financial measures
Forward-looking statements These presentations contain forward-looking statements. There are a number of factors that could cause our results to differ materially from our expectations. Please see the section entitled “Cautions about forward-looking statements” in the Appendix accompanying this pres
Slide 5: Platform Immersion Experience
Platform Immersion Experience BIG BET 2 Sarah Kim Arundhati Singh SVP, Chief Customer Success Officer SVP, Product Connect people to experts Intuit TurboTax BIG BET 3 Ryan Graciano Natasha Madan VP, Marketing Unlock smart money decisions SVP, Product and Co-Founder Credit Karma Credit Karma Rania Su
Slide 6: Sasan Goodarzi
INTUIT INVESTOR DAY 2024
Slide 7: History of self-disruption and reimagination
History of self-disruption and reimagination ERA OF Declared Bold Goals Refreshed Values Launched GenOS ARTIFICIAL Refreshed Big Bets New strategy Launched INTELLIGENCE Accelerating Intuit Assist 5 Big Bets platform innovation Accelerating investment in 5 key areas ERA OF ERA OF ERA OF ERA OF MOBILE
Slide 8: Award-winning culture accelerating growth
Award-winning culture accelerating growth Employee engagement is at the SINCE BIG BETS top 10% of industry Revenue CAGR accelerated and FORTUNE JUST CAPITAL margin expanded 100 Best Companies 2024 JUST 100 List 2024 Best Workplaces in Technology 2023 WALL STREET JOURNAL NEWSWEEK Best Managed Compani
Slide 9: Strong revenue growth and margin expansion in FY24
Strong revenue growth and margin expansion in FY24 GROWTH RATE ORIGINAL ACTUAL PRIOR YEAR ACTUAL GUIDANCE Revenue $16,285 $14,368 13% 11%–12% GAAP operating income $3,630 $3,141 16% 15%–18% Non-GAAP operating income $6,402 $5,503 16% 12%–14% GAAP diluted EPS $10.43 $8.42 24% 11%–15% Non-GAAP diluted
Slide 10: Reflections: A five-year perspective
Reflections: A five-year perspective PERFORMANCE Progress Made DRIVERS Progress Needed AI-driven expert platform transformation STRATEGY & BIG BETS Breakthrough adoption, TAM penetration Magnet for world-class talent EMPLOYEES Creating velocity flywheel SMB success rate & household savings increase
Slide 11: What matters most to our customers
What matters most to our customers Consumer Problems Business Problems NEED RANK NEED RANK Make ends meet 1 Get, grow, and manage customers 1 Get paid and pay bills 2 Maximize tax refund 2 Get capital 3 Save more 3 Pay and manage workforce 4 Pay off debt 4 Access advice 5 Know where I stand 5 Be com
Slide 12: Large market opportunity
Large market opportunity 5% TAM $71B penetration GROW THE CORE $264B CONNECT THE ECOSYSTEM $326B EXPAND GLOBALLY 12
Slide 13: Large market opportunity
Large market opportunity Our strategy and assets position us to penetrate our TAM Increasing penetration and growing share of wallet GROW THE CORE Consumer & Business Tax and SMB Financial Management Software (FMS) in the US $71B DIY and Assisted platforms (TurboTax and QuickBooks) • $31B US FMS opp
Slide 14: Secular shifts creating massive opportunity
Secular shifts creating massive oppor tunity Digitization of AI Reached a New Generations Everything Tipping Point of Customers 14
Slide 15: Intuit's game plan to deliver for customers
Intuit’s game plan to deliver for customers MISSION VALUES 2030 GOALS TRUE NORTH GOALS STRATEGY BIG BETS METRICS 15
Slide 16: Mission: Powering Prosperity Around the World
Powering Prd Around the: N
Slide 17: Our Values
Our Values Integrity Without Customer Stronger We Care And Courage Compromise Obsession Together Give Back We speak the truth and We are bold and fearless We fall in love with our We champion We are stewards assume best intent. in how we think and act. customers’ problems. diversity, inclusion, and
Slide 18: Bold 2030 Goals
Bold 2030 Goals Prosperit y Double household savings rate and improve business success rate >20 pts vs. industry Reputation Best-in-class Most Trusted Company Grow th 200M+ customers and accelerating revenue growth 18
Slide 19: Bold 2030 Goals
Bold 2030 Goals FY22 FY23 FY24 Double household savings Household savings rate1 13% 6% 7% Prosperit y rate and improve business success 1.8x avg US savings rate 1.6x avg US savings rate 1.9x avg US savings rate rate >20 pts vs. industry Business success rate Business 5-year survival rate ~50%2 69%3
Slide 20: True North Goals
True North Goals Deliver best-we-can-be results in the current period for each key stakeholder while building the foundation for an even stronger future Employees Customers Communities Shareholders Empower the world’s top talent Delight customers by solving Make a difference in Drive long-term growt
Slide 21: Intuit Strategy
Intuit Strategy More Money No Work Complete Confidence AI-Driven Expert Platform 21
Slide 22: Durable Five Big Bets
Durable Five Big Bets 1 Revolutionize speed to benefit 2 Connect people to experts 3 Unlock smart money decisions 4 Be the center of small business growth 5 Disrupt the mid-market 22
Slide 23: Intuit's platform
Intuit’s platform Get Paid Grow Business Pay Bills Payments Get Loans Capital Insurance Cash Mgmt. Save Payroll More Money Spend No Work Time Tracking Complete Confidence Taxes Accounting AI-Driven Expert Platform 23
Slide 24: Intuit's platform
Intuit’s platform Get Paid Grow Business Pay Bills Small and mid-market 87M Consumers Payments 10M businesses Get Loans Capital Tax and financial Machine learning 60K attributes per consumer 60B predictions per day Insurance Cash Mgmt. Total peak monthly 12M Intuit Assist interactions 580K Customer/
Slide 25: Intuit's platform
Intuit’s platform Get Paid Grow Business Pay Bills Payments Get Loans Capital Data and AI Insurance Experts App Ecosystem Cash Mgmt. Scale Save Payroll More Money Spend No Work Time Tracking Complete Confidence Taxes Accounting AI-Driven Expert Platform 25
Slide 26: Our strategy is driving momentum
Our strategy is driving momentum 1 Revolutionize speed to benefit DATA AND TECHNOLOGY 2 Up to 11% 8x 30% Increase in Faster coding in Reduction in contact development experiments with rate by leading with 3 velocity since FY20 AI assistance AI-powered digital experiences INTUIT ASSIST 4 24M+ 30M+ 1M
Slide 27: Our strategy is driving momentum
Our strategy is driving momentum 1 TURBOTAX LIVE 2 Connect people to experts +11% +17% 5x TurboTax Live TurboTax Customers more likely customers Live revenue to convert when given 3 a local expert QUICKBOOKS LIVE 4 +3x 20 pts 4x 5 QB Live customers Higher ecosystem attach rates for Higher ecosystem
Slide 28: Our strategy is driving momentum
Our strategy is driving momentum 1 CONSUMER PLATFORM FLYWHEEL 2 +75% 22% 35% Credit Karma Credit Karma members Higher Intuit ARPC Unlock smart money decisions members that filed who filed with TurboTax for customers using 3 with TurboTax used TurboTax Live both Credit Karma and TurboTax vs. only Tur
Slide 29: Our strategy is driving momentum
Our strategy is driving momentum A SUITE FOR SMALL BUSINESS QUICKBOOKS ONLINE WORKFORCE SOLUTIONS 1 +11% +11% 18M +23% 2 US QBO customers1 Online ecosystem ARPC Total US workers paid annually Online Payroll revenue MONEY PORTFOLIO MAILCHIMP 3 +20% +36% +11% 22% 4 Be the center of small business grow
Slide 30: Our strategy is driving momentum
Our strategy is driving momentum A SUITE FOR THE MID-MARKET 1 QBO ADVANCED +28% +36% +2 pts 5x 2 QBO Online ecosystem QBO Advanced Higher ecosystem Advanced subs revenue for QBO retention, to 84% ARPC for QBO Advanced customers Advanced customers vs. rest of base 3 INTUIT ENTERPRISE SUITE 4 $20K 5 D
Slide 31: Intuit Operating System is our competitive advantage
Intuit Operating System is our competitive advantage Trends Ideas Big Bets Priorities Input Goals Accountability Inspiration Alignment Engagement Clarity Craft Skills Succession KPIs Data and Insights Trade-Offs Experience Review Horizons (H1/H2/H3) Success Measures Voice of Customer Accountability
Slide 32: Powering Prosperity Around the World
MISSION Powering Prosperity Around the World VALUES Integrity Without Compromise Courage Customer Obsession Stronger Together We Care and Give Back Prosperity Reputation Growth 2030 Double household savings rate and improve business Best-in-Class Most Trusted Company 200M+ customers and accelerating
Slide 33: Mission: Powering Prosperity Around the World
Powering Prd Around the: N
Slide 34: Alex Balazs
INTUIT INVESTOR DAY 2024
Slide 35: Key takeaways
Key takeaways Technology is the fuel that powers 'done for you' customer experiences with a gateway to live human expertise Data and AI are our durable advantage Built on years of investment, our data and GenAI/AI infrastructure allow us to develop AI-native products at scale. Execution velocity thr
Slide 36: Intuit Strategy
Intuit Strategy More Money No Work Complete Confidence AI-Driven Expert Platform 36
Slide 37: Our tech platform is represented by our City Map
Our tech platform is represented by our City Map Clarity and alignment We describe the key capabilities we have or need across our platform, providing clarity and focusing on developing one set of world-class capabilities. Accountability and ownership We continue to drive accountability and align ou
Slide 38: Jobs to Be Done
Business strategy Get & manage customers Stay compliant Pay bills Save more Jobs to Be Done Manage finance Manage work Manage sales & get paid Manage and access credit Minimize taxes and get taxes done & money & operations Manage team Grow wealth Plan for the future 38
Slide 39: Jobs to Be Done
Business strategy Get & manage customers Stay compliant Pay bills Save more Jobs to Be Done Manage finance Manage work Manage sales & get paid Manage and access credit Minimize taxes and get taxes done & money & operations Manage team Grow wealth Plan for the future World-class environment that enab
Slide 40: Jobs to Be Done
Business strategy Get & manage customers Stay compliant Pay bills Save more Jobs to Be Done Manage finance Manage work Manage sales & get paid Manage and access credit Minimize taxes and get taxes done & money & operations Manage team Grow wealth Plan for the future Capabilities for self-serve and r
Slide 41: Jobs to Be Done
Business strategy Get & manage customers Stay compliant Pay bills Save more Jobs to Be Done Manage finance Manage work Manage sales & get paid Manage and access credit Minimize taxes and get taxes done & money & operations Manage team Grow wealth Plan for the future Capabilities that enable machine
Slide 42: Jobs to Be Done
Business strategy Get & manage customers Stay compliant Pay bills Save more Jobs to Be Done Manage finance Manage work Manage sales & get paid Manage and access credit Minimize taxes and get taxes done & money & operations Manage team Grow wealth Plan for the future Environment that enables develope
Slide 43: Jobs to Be Done
Business strategy Get & manage customers Stay compliant Pay bills Save more Jobs to Be Done Manage finance Manage work Manage sales & get paid Manage and access credit Minimize taxes and get taxes done & money & operations Manage team Grow wealth Plan for the future Capabilities that enable develope
Slide 44: Jobs to Be Done
Business strategy Get & manage customers Stay compliant Pay bills Save more Jobs to Be Done Manage finance Manage work Manage sales & get paid Manage and access credit Minimize taxes and get taxes done & money & operations Manage team Grow wealth Plan for the future 44
Slide 45: We supercharged our AI infrastructure with GenOS
We supercharged our AI infrastructure with GenOS Intuit’s Generative AI Operating System supports over 10 large language models. GenStudio Intuit’s dedicated development environment. GenRuntime Host and orchestrator for AI models and functions for domain-specific tasks. Enhanced with GenSRF (securit
Slide 46: Data and AI are our durable advantage
Data and AI are our durable advantage 46
Slide 47: Early investments in data and AI capabilities are paying off
Early investments in data and AI capabilities are paying off Scale of clean data 95 Petabytes of data in the data lake 60B Machine learning predictions per day Data and AI infrastructure investments to maintain customer attributes 60K Tax and financial attributes per consumer 580K Customer/financial
Slide 48: Data and AI innovation across Intuit Assist platform
Data and AI innovation across Intuit Assist platform Vision Our customers benefit from our connected platform. Our Intuit Assist platform helps BUSINESS FEED our customers get, grow, and manage customers; get paid; and get work done. Proof points • Mailchimp customers are adopting our Revenue Intell
Slide 49: Data and AI innovation across Intuit Assist and money
Data and AI innovation across Intuit Assist and money INVOICE GENERATOR Vision Our automations, powered by Intuit Assist, can help our customers take control of their quote-to-cash processes and even streamline and accelerate the sales process anywhere, anytime. Proof points • Intuit Assist QuickBoo
Slide 50: Data and AI innovation for intelligent data ingestion
Data and AI innovation for intelligent data ingestion TAX HUB DOCUMENT Vision MANAGEMENT Customers never have to think about what a document is, when to upload, and where to upload. Upload data automatically by taking a photo or importing data through our GenAI- powered document management feature i
Slide 51: Data and AI innovation for mid-market
Data and AI innovation for mid-market Vision Intuit Enterprise Suite is a configurable platform with payments and bill pay, project profitability, multi-entity financial management, workforce management capabilities, INTUIT ENTERPRISE SUITE and marketing, all catered toward complex business needs an
Slide 52: Preview of customer experiences we are exploring
Preview of customer experiences we are exploring 52
Slide 53: and we are just getting started…
and we are just getting started… AI AVATAR IN ACTION We are pushing technological boundaries by exploring amazing customer experiences with avatars. Gateway to live human expertise Our vision is an AI avatar, delivered as an avatar instead of text, that transforms our experience by creating a highly
Slide 54: Execution velocity through platform leverage
Execution velocity through platform leverage 54
Slide 55: Architecting the company for velocity
Architecting the company for velocity We have already made progress with key drivers of platform velocity. AI-native capabilities Self-serve capabilities Code contribution to capabilities Paved paths and patterns 55
Slide 56: Our GenAI-powered workforce drives velocity
Our GenAI-powered workforce drives velocity 8x Developer velocity increase in the past four years 10% Conversion uplift for personalized content for in-product discovery campaigns 15% Average productivity gains from overall GenAI experiments 50% Reduction in marketing production content creation tim
Slide 57: Key takeaways
Key takeaways Technology is the fuel that powers 'done for you' customer experiences with a gateway to live human expertise Data and AI are our durable advantage Built on years of investment, our data and GenAI/AI infrastructure allow us to develop AI-native products at scale. Execution velocity thr
Slide 58: Marianna Tessel
INTUIT INVESTOR DAY 2024
Slide 59: Key takeaways
Key takeaways Growing our franchise worldwide and improving monetization We made meaningful progress in FY24, executing on our strategy to drive platform adoption and disrupt the mid-market. Large TAM with significant customer and revenue opportunity The breadth of our platform and the audiences we
Slide 60: FY24 Results
FY24 Results 60
Slide 61: Platform strategy translated to strong FY24 results
Platform strategy translated to strong FY24 results Demonstrating continued strength with momentum across the business driven by Online Ecosystem growth Revenue 19% Total revenue growth to $9.5B 20% Online Ecosystem revenue growth to $6.9B Platform Adoption Meaningful progress in 11% US QBO subscrib
Slide 62: Scaling our Online base
Scaling our Online base Becoming the platform of choice for ONLINE PAYING CUSTOMERS businesses at scale 8.3M 5yr CAGR: 13% We are less than 20% penetrated with our base of Online paying customers across our global customer TAM, and we made strategic progress in FY24 with a focus on serving complex c
Slide 63: Driving meaningful ARPC expansion over time
Driving meaningful ARPC ARPC expansion driven by platform expansion over time adoption and mid-market expansion Online Ecosystem ARPC up 11% YoY in FY24 to $8591, as we: ONLINE CUSTOMER BASE MONETIZATION Drive strong adoption of our Online services • Worldwide Online services revenue grew 21% YoY. 5
Slide 64: Serving and retaining high value Desktop customers
Serving and retaining high value Desktop customers Non-Enterprise Desktop customers QuickBooks Enterprise customers Continuing to serve customers with our Desktop solutions 1.2M • We have completed our business model transformation 1.0M to subscription, with ~80% of Desktop revenue now subscription-
Slide 65: GBSG Revenue $9.5B, 19% YoY
GBSG REVENUE $9.5B 19% YoY GBSG REVENUE $3.5B FY19 FY20 FY21 FY22 FY23 FY24 65
Slide 66: Our growth strategy
Our growth strategy 66
Slide 67: Mission: Powering Prosperity Around the World
Powering Prd Around the: N
Slide 68: We remain guided by our customers' key problems
We remain guided by our customers’ key problems Consumer Problems Business Problems NEED RANK NEED RANK Make ends meet 1 Get, grow, and manage customers 1 Get paid and pay bills 2 Maximize tax refund 2 Get capital 3 Save more 3 Pay and manage workforce 4 Pay off debt 4 Access advice 5 Know where I s
Slide 69: Running a successful business is challenging
Running a successful business is challenging 80+ hours SMBs spend on average each 50% of businesses go out of business year doing or managing others within 5 years doing bookkeeping and taxes 7-25 apps used by mid-market >80% of businesses that fail experience owners to run their business a cash flo
Slide 70: We're serving more customers than ever
We’re serving more customers than ever Our broad and diverse customer base spans businesses of varying size, industry, geography, and complexity 3 customer audiences… …across many dimensions of complexity Industry Annual Revenue Enterprise Construction, professional $ to $$$$ services, retail, etc.
Slide 71: Offering customers a robust, mission critical platform
Offering customers a robust, mission critical platform The breadth of our suite provides us with a large global opportunity across a $185B TAM TAM $29B $60B $37B $23B $11B $25B Get Customers Pay & Get Paid Get Capital Manage Workforce Access Advice Be Compliant QB Live QBO Marketing Invoicing Bankin
Slide 72: Powering prosperity with our breadth, depth, and scale
Powering prosperity with our breadth, depth, and scale Our broad suite of solutions and connected data and AI capabilities unlock a 360° business view for our customers Get Customers Pay & Get Paid Get Capital Manage Workforce Access Advice Be Compliant Platform Benefits A single trusted vendor to w
Slide 73: The connected end-to-end platform small and mid-market businesses rely on
OUR VISION The connected end-to-end platform that small and mid-market businesses rely on every day to run and grow their business. Win as a platform Disrupt the mid-market Serve more businesses worldwide Serve complex customer needs Drive breakthrough services adoption Increase share of wallet Intu
Slide 74: Win as a platform
Hi Ben, here is your daily snapshot SMALL BUSINESS Ben Bills Landscaping Review new bills based on emails you forwarded Business Owner Status Vendor Amount Due Date Draft Parrott Electric $319.27 10/13/24 Draft Kaplan Gardens $679.87 10/27/24 CRM You have 3 more customers with repeat business opport
Slide 75: Robust suite of solutions fuels SMB growth
Robust suite of solutions fuels SMB growth You have new qualified leads. I’ve drafted emails to each of them, which you can find in your inbox. Manage new leads in CRM Send revenue-generating Mailchimp campaign Connect with a marketing expert Automatically generate pay-enabled invoices Get Customers
Slide 76: Robust suite of solutions fuels SMB growth
Robust suite of solutions fuels SMB growth Your Payroll is coming due, and you’re forecasted to have a dip in cash flow due to unpaid invoices. Analyze cash flow forecast Explore a Line of Credit Automate pay-enabled invoice reminders Connect with an expert Get Customers Pay & Get Paid Get Capital M
Slide 77: Disrupt the mid-market
Hi Mary, here is your daily snapshot MID-MARKET Current cash balance Mary $512,600 Construction Firm CFO $1M Today $500K $0K JAN FEB MAR APR MAY JUNE JULY AUG SEP OCT NOV DEC Project Overview 16 ON TRACK 10 AT RISK 1 OFF TRACK Bills You have new workflow approvals Name Entity Workflow type Created o
Slide 78: Profitability-driving insights solve complex customer needs
Profitability-driving insights solve complex customer needs Your Elite Residence project may miss the profitability goal by 10%. Analyze profitability with Business Intelligence Automate overtime tracking with QB Time Batch upload bills with Bill Pay Connect with my account manager Get Customers Pay
Slide 79: Embedding expertise across the platform
Embedding expertise across the platform LIVE PAYROLL EXPERTS EXPERTISE (BIG BET 2) ASSISTED Vision ONBOARDING We are the leading virtual expert platform, connecting people to experts across our platform. We build confidence for people at moments of truth as they seek financial, business, and tax exp
Slide 80: Delivering a robust suite of money solutions
Delivering a robust suite of money solutions AI-GENERATED ESTIMATE MONEY PORTFOLIO (BIG BET 4) TAP TO PAY Vision We become the platform of choice for money movement and management, putting businesses in complete control of their money. We provide easy receivables and payables, instant low-friction m
Slide 81: Scaling an integrated suite of workforce solutions
Scaling an integrated suite of workforce solutions E-SIGNATURE WORKFORCE SOLUTIONS (BIG BET 4) DOCUMENT UPLOAD Vision We power prosperity for employers by reimaging how they manage their thriving teams from hire to retire. We reduce the administrative burden of people management with a scalable, int
Slide 82: Helping businesses get, grow, and manage customers
Helping businesses get, grow, and manage customers AI-GENERATED CAMPAIGN MAILCHIMP (BIG BET 4) Vision We are an end-to-end growth platform for SMBs to grow their businesses and manage their cash flow. We help generate new leads, identify target segments, personalize content, and build fully optimize
Slide 83: Expanding globally to serve more businesses
Expanding globally to serve more businesses GLOBAL OFFERINGS (BIG BET 4) QB SOLOPRENEUR UK MAILCHIMP INTERNATIONAL Vision We are the source of truth for small and mid-market businesses around the world. We empower SMBs with an open platform that enables them to both run and grow their businesses, le
Slide 84: Solving mid-market customers' complex needs
Solving mid-market customers’ complex needs MID-MARKET SOLUTIONS (BIG BET 5) INTUIT ENTERPRISE SUITE Vision We offer a robust, integrated suite for mid-market businesses to run and grow their businesses, with QBO Advanced and Intuit Enterprise Suite at the core. Mid-market customers can efficiently
Slide 85: AI expected to create meaningful long-term acceleration
AI expected to create meaningful long-term acceleration Engagement with Intuit Assist in the Lift in onboarding flow completion 11x QBO private beta since launch, demonstrating value we are delivering to customers. 9 pts rates for QBO trialers using GenAI, expected to drive improved new customer con
Slide 86: Execution of our strategy driving durable long-term growth
Execution of our strategy driving durable long-term growth Global Business Solution Group Revenue Growth Drivers Long-Term Expectation MULTIYEAR RANGE Online paying customers Online paying ARPC 5%–10% 10%–20% 15%–20% ANNUAL REVENUE GROWTH 86
Slide 87: Key takeaways
Key takeaways We are successfully executing our strategy and have high confidence in the runway ahead Growing our franchise worldwide and improving monetization We made meaningful progress in FY24, executing on our strategy to drive platform adoption and disrupt the mid-market. Large TAM with signif
Slide 88: Mark Notarainni
INTUIT INVESTOR DAY 2024
Slide 89: Key takeaways
Key takeaways Large market opportunity with significant upside $135B opportunity across consumer tax, business tax, and personal finance. Winning in DIY Focus on ease, speed, and value. Disrupting Assisted Tax Superior experience, speed, and price. One Consumer Financial Platform Deliver year-round
Slide 90: FY24 Results
FY24 Results 90
Slide 91: Growth and momentum at scale in FY24
Growth and momentum at scale in FY24 Scale of our businesses $4.4B Consumer Group revenue $1.7B Credit Karma revenue Growth in paid customers Strong FY24 progress 12% Growth in higher income tax filers against strategic priorities 17% TurboTax Live revenue growth and key growth vectors 2x Growth in
Slide 92: TurboTax Live is an engine for growth
TurboTax Live is an engine for growth Encouraging progress in expert services and penetrating Assisted Tax REVENUE TURBOTAX LIVE % OF REVENUE FY24 Consumer Group Revenue $4.4B $4.4B 10% Consumer Group Revenue TurboTax Live DIY Desktop & Other 5YR CAGR $2.8B 38% TurboTax Live Revenue 31% 5YR CAGR 10%
Slide 93: Strength and momentum in a massive Tax category
Strength and momentum in a massive Tax category Providing a superior experience, confidence, and value to consumer and business tax filers US CONSUMER TAX INDUSTRY RETURNS1 AVERAGE REVENUE PER RETURN (ARPR) Assisted DIY/Other Total ARPR Paying ARPR FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 F
Slide 94: Credit Karma returned to growth in FY24
Credit Karma returned to growth in FY24 Strong momentum over the course of the most recent fiscal year FY21 FY22 FY23 FY24 Members 121M 129M 136M 143M Average Monthly Active Users (MAUs) 41M 42M 42M 43M Improving revenue Frequency (Usage) results in FY24 4.8x 5.0x 5.1x 5.0x Average visits per month,
Slide 95: Our growth strategy
Our growth strategy 95
Slide 96: Mission: Powering Prosperity Around the World
Powering Prd Around the: N
Slide 97: Consumers face financial problems that we can uniquely solve
Consumers face financial problems that we can uniquely solve TurboTax and Credit Karma have combined scale and assets to address a number of consumer finance pain points $300B+ 50% Tax refunds, for which filers have to wait Of applicants have been declined for a on the IRS up to 21 days for their mo
Slide 98: One Consumer Financial Platform
One Consumer Financial Platform Powering prosperity for all consumers Loans 44M tax returns DIY Tax Credit Cards 143M members 12K tax experts ONE CONSUMER 43M MAUs FINANCIAL PLATFORM $107B tax refunds per year 60B daily machine learning predictions tax and financial 60K attributes per consumer Assis
Slide 99: Playing to win in a $135B market
Playing to win in a $135B market Our greatest opportunities ahead are in Assisted and Business Tax and expanding in Personal Finance US MARKET SIZE Opportunities TAM Intuit revenue Grow revenue share across consumer tax industry ($ in billions) • Win in DIY category of 74M returns and $66 ARPR, wher
Slide 100: We have significant runway across a $135B TAM
We have significant runway across a $135B TAM Offering customers an integrated suite of tax and financial solutions TAM $5B $35B $33B $13B $49B DIY Tax Assisted Tax Money Credit Cards Auto, Home & HELOC Management & Personal Loans Loans; Auto Insurance AI explanations and guidance TurboTax Live expe
Slide 101: FY25 Strategic Priorities
FY25 Strategic Priorities Win in DIY Tax Disrupt Assisted Tax One Consumer Platform Win on price for simple filers Ignite demand Drive engagement Accelerate growth with complex Breakthrough adoption Accelerate money benefits Fastest refund access Business tax Grow in Prime and Insurance1 AI-DRIVEN E
Slide 102: Win in DIY tax
Win in DIY tax Extending platform benefits and growing share for lower income tax filers FOR COMPLEX FILERS Objective FOR SIMPLE FILERS Grow consumer wallet share with reimagined experiences, speed, and money benefits. Key insights & learnings WIN ON PRICE FOR SIMPLE FILERS: TurboTax lost 1.6M low-i
Slide 103: Disrupt assisted tax
Disrupt assisted tax Grow Assisted share via expert-led demand generation at disruptive price points BUSINESS TAX Objective LOCAL SEARCH Drive significant penetration in the $35B assisted tax segment with superior experiences and speed, at a disruptive price. Key insights & learnings IGNITE DEMAND:
Slide 104: One consumer platform
One consumer platform Move beyond tax by serving broader personal financial assistance through Credit Karma Objective INTUIT ASSIST FEATURES Be the single consumer platform that members rely on to optimize spend, get fast access to money, and grow their wealth over time. TAX INSIGHTS Key insights &
Slide 105: AI expected to create meaningful long-term acceleration
AI expected to create meaningful long-term acceleration Deployed AI experiences at scale to over 20M TurboTax customers and 30M Credit Karma members Credit Cards conversion lift for 3% 90% “See Why” feature on Credit Karma Positive feedback rate on Credit dashboard, powered by Intuit Assist, Karma’s
Slide 106: Consumer Platform long-term growth expectations
Consumer Platform long-term growth expectations Consumer Group Credit Karma 6%–10% LONG-TERM EXPECTATION 10%–15% LONG-TERM EXPECTATION FOR ANNUAL REVENUE GROWTH FOR ANNUAL REVENUE GROWTH Grow TurboTax Live revenue 15–20% annually 106
Slide 107: Key takeaways
Key takeaways We are successfully executing our strategy and have high confidence in the runway ahead Large market opportunity with significant upside $135B opportunity across consumer tax, business tax, and personal finance. Winning in DIY Focus on ease, speed, and value. Disrupting Assisted Tax Su
Slide 108: Sandeep Aujla
INTUIT INVESTOR DAY 2024
Slide 109: Key takeaways
Key takeaways Large TAM with low current penetration provides runway for long-term growth Our massive $326B global TAM and 5% penetration give us ample headroom for future growth across each of our businesses. Global AI-driven expert platform provides competitive differentiation Our data and AI capa
Slide 110: Our financial principles are durable
Our financial principles are durable Grow organic • Customer growth fueled by delivery of customer benefits. revenue double digits • Grow average revenue per customer through mix, cross-sell, and pricing for value. Operating income dollars • Revenue grows faster than expense. grow faster than revenu
Slide 111: We have a large opportunity across a $326B TAM
We have a large opportunity across a $326B TAM Business Platform Consumer and Tax Platform GBSG CG CK PTG $185B includes $89B TAM mid-market TAM $42B TAM $95B TAM $5B TAM $61 $48 $37 $33 $29 $29 $25 $23 $11 $11 $13 $5 $0 Payments Capital Marketing Accounting/ Workforce Accounting/ Bill Pay Banking C
Slide 112: Intuit's platform will fuel sustained growth and customer benefit
Intuit’s platform will fuel sustained growth and customer benefit • ~100M customers spanning consumers and businesses. • 60K attributes per consumer and 580K attributes per SMB informing billions of AI/ML predictions daily. • Visibility into $10.4T consumer debt, and $2T+ invoices managed on platfor
Slide 113: Platform expansion driving total Intuit revenue growth
Platform expansion driving total Intuit revenue growth $16.3B • Combined platform revenue, including GBSG Online Ecosystem, TurboTax Online, and Credit Karma, grew 14% to $12.5B in FY24. 77% • Combined platform revenue has grown at a 26% Platform Revenue 5-year CAGR, representing 77% of total Intuit
Slide 114: Delivered strong FY24 results in line with our objectives
Delivered strong FY24 results in line with our objectives FY24 Outcomes Growth Last year’s objectives 13% Intuit revenue growth to $16.3B • Double-digit revenue growth 14% Combined platform revenue growth to $12.5B • Fast-growing platform company Profitability • Disciplined investments yield operati
Slide 115: Business and consumer platforms driving growth at scale
Business and consumer platforms driving growth at scale Made strong progress in declared focus areas in FY24, with focus on accelerating through innovation and execution 11% US QBO subscriber growth1 Global Business Solutions Group Driving durable double-digit revenue growth as we move 28% QBO Advan
Slide 116: Expanding ARPC across all offerings over time
Expanding ARPC across all offerings over time Driving the majority of revenue expansion through volume and mix, while maintaining our principle of pricing for value FY21 FY22 FY23 FY24 ARPC ARPC ARPC ARPC FY25–FY27 EXPECTED TRAJECTORY QBO Advanced Ecosystem1 $2,512 $2,957 $3,140 $3,299 INCREASE: Ong
Slide 117: GenAI expected to create meaningful long-term acceleration
GenAI expected to create meaningful long-term acceleration Initial FY24 results demonstrate meaningful customer benefit and give confidence in avenues for monetization ahead Lift in onboarding completion rates Lift in conversion with personalized 9 pt for QBO trialers using GenAI, expected to drive
Slide 118: Disciplined investment driving operating income growth
Disciplined investment driving operating income growth Focus is on durable customer and revenue growth while managing operating margin at Intuit level FY24 % GAAP BASIS, UNLESS NOTED OTHERWISE OF REVENUE LONG-TERM EXPECTATION Revenue 100 Double-digit growth driven by customer and ARPC growth % flat
Slide 119: Scaling investments in Big Bets to accelerate growth
Scaling investments in Big Bets to accelerate growth Capitalizing on key successes and opportunities to drive further customer, revenue, and operating income growth Investing in highest-yielding opportunities Prioritizing investments in Big Bets • Prioritizing investments in our Big Bets to drive du
Slide 120: Our platform evolution drives margin expansion over time
Our platform evolution drives margin expansion over time Leveraging key services and capabilities across our business as an integrated, AI-driven platform Technology Customer Success Go-To-Market Accelerating pace of innovation by leveraging Scaling a common AI-powered customer Scaling effective cus
Slide 121: We have a track record of disciplined capital allocation
We have a track record of disciplined capital allocation M&A $8.5B Repay debt CapEx Dividends A healthy mix of capital uses Share repurchases • Investing in organic growth drivers $6.2B (R&D, infrastructure, sales & marketing). • Selectively use acquisitions to accelerate speed and velocity, growth
Slide 122: Returning cash to shareholders through share repurchases
Returning cash to shareholders through share repurchases Successfully offset dilution in FY24, with intent to be in the market each quarter Target At a Minimum We limit repurchase amounts to: We expect share repurchases to Share repurchase offset dilution from share-based • Cash in excess of liquidi
Slide 123: FY25 guidance: Double-digit revenue growth
FY25 guidance: Double-digit revenue growth GUIDANCE FY25 GROWTH Total Revenue $18,160–$18,347 12%–13% Global Business Solutions Group $11,011–$11,106 16%–17% Consumer Group $4,739–$4,784 7%–8% Credit Karma $1,795–$1,837 5%–8% ProTax $615–$620 3%–4% (In millions) 123
Slide 124: FY25 guidance: Strong operating income growth
FY25 guidance: Strong operating income growth GUIDANCE FY25 GROWTH GAAP operating income $4,649–$4,724 28%–30% GAAP operating margin 25.6%–25.7% 330–350 bps Non-GAAP operating income $7,241–$7,316 13%–14% Non-GAAP operating margin 39.9%–39.9% 60–60 bps GAAP diluted EPS $12.34–$12.54 18%–20% Non-GAAP
Slide 125: Confident in delivering our long-term expectations
Confident in delivering our long-term expectations Business Platform Consumer Platform Global Business Solutions Group Consumer Group Credit Karma 15%–20% 6%–10% 10%–15% LONG-TERM EXPECTATION FOR LONG-TERM EXPECTATION FOR LONG-TERM EXPECTATION FOR ANNUAL REVENUE GROWTH ANNUAL REVENUE GROWTH ANNUAL R
Slide 126: Clear financial objectives going into FY25
Clear financial objectives going into FY25 Next year’s objectives • Double-digit revenue growth, bolstered by AI-driven expert platform strategy. • Fast-growing platform company addressing multiple customer needs with our offerings. • Disciplined investments yield operating income dollars growing fa
Slide 127: Key takeaways
Key takeaways We are successfully executing our strategy and have high confidence in the runway ahead Large TAM with low current penetration provides runway for long-term growth Our massive $326B global TAM and 5% penetration give us ample headroom for future growth across each of our businesses. Gl
Slide 128: Appendix
Appendix 128
Slide 129: About non-GAAP financial measures
About non-GAAP financial measures The accompanying presentation contains non-GAAP financial measures. Table 1, Table 2 and Table 3 reconcile the non-GAAP financial measures in the presentation to the most directly comparable financial measures prepared in accordance with Generally Accepted Accountin
Slide 130: About non-GAAP financial measures (cont.)
About non-GAAP financial measures (cont.) The following are descriptions of the items we exclude from our non-GAAP financial measures. Share-based compensation expenses. These consist of non-cash expenses for stock options, restricted stock units, and our Employee Stock Purchase Plan. When consideri
Slide 131: Table 1: Reconciliation of historical non-GAAP financial measures
Table 1: Reconciliation of historical non-GAAP financial measures to the most directly comparable GAAP financial measures FISCAL 2024 FISCAL 2023 FISCAL 2018 GAAP operating income $ 3,630 $ 3,141 $ 1,560 Amortization of acquired technology 146 163 15 Amortization of other acquired intangible assets
Slide 132: Table 2: Reconciliation of forward-looking guidance
Table 2: Reconciliation of forward-looking guidance for non-GAAP financial measures to projected GAAP revenue, operating income (loss), and EPS (Dollars in millions, except per share amounts) See “About Non-GAAP Financial Measures” immediately preceding Table 1 for information on these measures, the
Slide 133: Table 3: Calculation of free cash flow
Table 3: Calculation of free cash flow FISCAL 2024 FISCAL 2023 FISCAL 2022 FISCAL 2021 To supplement our statements of cash flows prepared in accordance with GAAP, we use free cash flow to analyze cash Net cash provided by operating activities $ 4,884 $ 5,046 $ 3,889 $ 3,250 flow generated from oper
Slide 134: Cautions about forward-looking statements
Cautions about forward-looking statements This presentation contains forward-looking statements, including expectations regarding: forecasts and timing of growth and future financial results of Intuit and its reporting segments; the impact of macroeconomic conditions on our business, segments, and p