Intuit Inc. · NASDAQ:INTU
Intuit — Shareholder Meeting (January 2020)
31 slides from Intuit's shareholder meeting presentation, Jan 23, 2020
Slide 1: January 23, 2020
Januar y 23, 2020
Slide 2: A highly qualified and diverse set of Board nominees
A highly qualified and diverse set of Board nominees SCOTT COOK RICHARD L. DALZELL SASAN GOODARZI DEBORAH LIU Founder and Chairma Former Senior Vice President sidentand Chief Vice President, tive Committee, Information Officer, u icer, Intuit Inc Marketplace The Hears sration Intuit Inc Amazon.com,
Slide 3: Forward-looking statements
Forward-looking statements These presentation materials include 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 enclosed Appendix for
Slide 4: History of self-disruption and re-imagination
History of self-disruption and re-imagination ERA OF DOS ERA OF WINDOWS ERA OF WEB ERA OF MOBILE AND CLOUD TurboTax Live QuickBooks 8 Online Global & . TurboTax QuickBooks rs Windows Mobile Fs u QuickBooks TurboTax Comp. A Comp. A Comp. G =) Windows Online Tax Prep SMBAcctg v2 Payments E Quicken Dos
Slide 5: July 2010 July 2019 Jan 2010
July 2010 July 2019 Jan 2010 July 2019
Slide 6: FY'19 financial results ... another strong year
FY’19 financial results ... another strong year GROWTH RATE ORIG ACTUAL PRIOR YEAR ACTUAL GUIDANCE Revenue $6,784 $6,025 13% 8-10% GAAP Operating Income $1,854 $1,560 19% 11-14% Non-GAAP Operating Income $2,282 $2,044 12% 6-8% GAAP Diluted EPS $5.89 $5.09 16% 3-5% Non-GAAP Diluted EPS $6.75 $5.78 17
Slide 7: Strong performance continued in Q1'20
Strong performance continued in Q1'20 Intuit. Revenue GAAP Operating Income Non-GAAP Operating Income $129 GAAP Diluted EPS Non-GAAP Diluted EPS Online Ecosystem Revenue $ in millions except EPS ACTUAL +/-VS.01'19 GUIDANCE 1,165 15% $1,105-$1,125 $10 NM ($50-$40) 26% $65-$75 $0.22 69% ($0.04-$0.02)
Slide 8: Focused on what matters most to our customers
Focused on what matters most to our customers R CONSUMER PROBLEMS R SMALL BUSINESS & SELF-EMPLOYED PROBLEMS NEED RANKING PROBLEM NEED RANKING PROBLEM MAKE ENDS Have enough money to cover my bills & other GET CUSTOMERS 1 AtraGiTE GistIMEsGaniELottine, memayenel MEET alsligeiens marketing expertise th
Slide 9: Key trends that can be a catalyst for growth
Key trends that can be a catalyst for growth Al REINVENTING FREE CONSUMER MID-MARKET USER EXPERIENCES FINANCE PLATFORMS MOVING TO CLOUD ; ADOPTION OF RISE OF OMNICHANNEL i DIGITAL EXPERTISE i COMMERCE H je i o / : : é _ & e Intuii.
Slide 10: Intuit's game plan to deliver for customers
Intuit’s game plan to deliver for customers TRUE NORTH GOALS STRATEGY BIG BETS Intuiz. 10
Slide 11: Intuit Mission: Powering Prosperity Around the World
INTUIT MISSION Powering Prosperity Around the. World
Slide 12: Our values
Our values Integrity Without Compromise We speak the truth and assume best intent. We value trust above all else. We hold ourselves and others accountable to the highest standards in all we say and do. Be Bold - Solve BIG customer problems - Create a vision that inspires + Think beyond what is accep
Slide 13: 2025 aspirations: Bold goals to stretch our imagination
2025 aspirations: Bold goals to stretch our imagination PROSPERITY Double household savings rate and improve SMB success rate > 10 pts vs. industry REPUTATION Best-in-class on Forbes’ Most Reputable Companies list >200M customers, accelerating revenue growth Prosperi on customers on Intuit's platfor
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Slide 15: One Intuit Ecosystem
Intuit. ONE INTUIT. ECOSYSTEM Unlocking the power of many for the prosperity of one ceiF-EM PLOYE, More’Money # No'Work. Complete. Confidence AI-DRIVEN EXPERT PLATFORM 15
Slide 16: Big Bets: Declared five bets to accelerate growth
Big Bets: Declared five bets to accelerate growth Intuit. REVOLUTIONIZE SPEED TO BENEFIT CONNECT PEOPLE TO EXPERTS UNLOCK SMART MONEY DECISIONS BE THE CENTER OF SMALL BUSINESS GROWTH DISRUPT THE SMALL BUSINESS MID-MARKET 16
Slide 17: Integrity Without Compromise We Care & Give Back
Integrity Without Compromise We Care & Give Back Be Bold Be Passionate Be Decisive Learn Fast Win Together Deliver Awesome Prosperity Reputation Growth Double household savings rate and improve Best-in-class on Forbes’ Most >200M customers, SMB success rate > 10 pts vs. industry Reputable Companies
Slide 18: CDI and D4D: Execution excellence secret sauce #1
CDI and D4D: Execution excellence secret sauce #1 An important, ...that we, ° o unsolved and those we Deep customer customer enable, can empathy problem solve well Go broad t 0 broad to DELIGHT go narrow ..and build durable competitive vs. advantage WAIN Rapid experiments with customers CUSTOMER-DRI
Slide 19: Intuit's Operating System: Execution excellence secret sauce #2
Intuit’s Operating System: Execution excellence secret sauce #2 FOCUSED ON FOUR BEHAVIOR CHANGES Focus on the largest growth bets to win Be far more customer-obsessed Become a data-driven culture Raise the bar on accountability Intuiz. 9
Slide 20: Intuit's Operating System: Execution excellence secret sauce #2
Intuit’s Operating System: Execution excellence secret sauce #2 Intuiz. One Intuit Forum (8x Year) Leadership Conference (Yearly) State of the Company (Quarterly) Business Review (Varies) Input Goal Review (Monthly)
Slide 21: Input goals
Input goals REVOLUTIONIZE SPEED TO BENEFIT 20 input goals CONNECT PEOPLE TO EXPERTS 30 input goals UNLOCK SMART MONEY DECISIONS 20 input goals BE THE CENTER OF SMALL BUSINESS GROWTH 12 input goals DISRUPT THE SMALL BUSINESS MID-MARKET 21 input goals Intuiz. > 100 INPUT GOALS +180 core innovation inp
Slide 22: History of self-disruption and re-imagination
History of self-disruption and re-imagination ERA OF ERA OF ERA OF ERA OF DOS WINDOWS WEB MOBILE AND CLOUD ws y = a wi fe < = uw =) 2 < 1980s 1990s 2000s 2010s Intuit Founded Employees: 150 Employees: 4,500 Employees: 9,400 Customers: 1.3M Customers: 5.6M Customers: ~52M Revenue: $33M Revenue: $1B R
Slide 23: History of self-disruption and re-imagination
History of self-disruption and re-imagination ERA OF ARTIFICIAL INTELLIGENCE 2020s FUTURE Employees: 150 Employees: 4,5 Employees: Customers: Customers: Customers: Revenue: Revenue: $18 Revenue: INTU +1,00! NASDAQ +50 INTU 0%, NASDAQ -40 INTU +800%, NASD 250! Intuit Founded Intuiz. 23
Slide 24: Our strategy helps us deliver for customers, build advantage
Our strategy helps us deliver for customers, build advantage TOP STRENGTHS: HOW WE WIN TODAY TRUSTED REPUTATION * Trusted by customers and ecosystem partners (Fls, accts., govts.) + Trusted product and company brands (TurboTax, QuickBooks, Intuit) * Trusted stewards of sensitive financial data & per
Slide 25: Our strategy positions us to penetrate our addressable market
Our strategy positions us to penetrate our addressable market THREE BIG OPPORTUNITIES GROW THE CORE Our opportunity in consumer tax and SMB financial management software in the U.S. * Core markets: U.S + Products (Do-it-yourself and Assisted): - QBO, OBSE, TurboTax - Connecting people to experts (TT
Slide 26: Intuit Mission: Powering Prosperity Around the World
INTUIT MISSION Powering Prosperity Around the. World
Slide 27: Appendix
Slide 28: About non-GAAP financial measures
About non-GAAP financial measures The accompanying presentation contains non-GAAP financial measures. Table 1 reconciles the non-GAAP financial measures in that presentation to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP)
Slide 29: 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 30: Q1 Fiscal 2020 reconciliation table
Q1 Q1 Fiscal Fiscal Fiscal 2020 Fiscal 2019 2019 2018 GAAP operating income (loss) $ 10 $ (10) $ 1,854 $ 1,560 Amortization of acquired technology 6 5 20 15 Amortization of other acquired intangible assets 2 2 6 6 Professional fees for business combinations - - 1 2 Loss on sale of long-lived assets
Slide 31: Cautions about forward-looking statements
Cautions about forward-looking statements This presentation includes “forward-looking statements," which are subject to safe harbors created under the U.S. federal securities laws. All statements included in this presentation that address activities, events or developments that Intuit expects, belie