Intuit Inc. · NASDAQ:INTU
Intuit — Shareholder Meeting (January 2021)
35 slides from Intuit's shareholder meeting presentation, Jan 21, 2021
Slide 1: January 21, 2021
Januar y 21,2021
Slide 2: A highly qualified and diverse set of Board nominees
A highly qualified and diverse set of Board nominees i d EVE BURTON SCOTT COOK RICHARD L. DALZELL SASAN GOODARZI DEBORAH LIU TEKEDRA MAWAKANA Pi rman of the Former ind \d Chief Ex e Chief Operating Officer, mittee, Intuit c Officer, Intuit Inc. Waymo LLC SUZANNE NORA DENNIS D. POWELL BRAD D. SMITH R
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 TurboTax Windows OBSE-TTSE QuickBooks Online Global QuickBooks Quicken Online QuickBooks Windows Mobile QuickBooks Windows es" TurboTax SnapTax Online INTU SHARE PRICE QuickBooks
Slide 5: July 2010 July 2020 Jan 2010
July 2010 July 2020 Jan 2010 July 2020
Slide 6: Delivered strong financial results in FY'20
Delivered strong financial results in FY'20 GROWTH RATE ACTUAL PRIOR YEAR ACTUAL GUIDANCE Revenue $7,679 $6,784 13% 10-11% GAAP Operating Income $2,176 $1,854 17% 11-14% Non-GAAP Operating Income $2,668 $2,282 17% 10-12% GAAP Diluted EPS $6.92 $5.89 17% 8-10% Non-GAAP Diluted EPS $7.86 $6.75 16% 11-
Slide 7: Strong performance continued in Q1'21
Strong performance continued in Q1' 21 ACTUAL +/-VS.Q1'20 Revenue 1,323 14% GAAP Operating Income 209 NM Non-GAAP Operating Income $334 159% GAAP Diluted EPS 0.75 241% Non-GAAP Diluted EPS $0.94 129% Online Ecosystem Revenue 621 24% $ in millions except EPS NM = Not Meaningfu Intuit.
Slide 8: Focused on what matters most to our customers
Focused on what matters most to our customers NEED RANKING PROBLEM NEED RANKING PROBLEM MAKE ENDS Have enough money to cover my bills and GET CUSTOMERS 1 (AGRECGIITG) @ueaTTENS Gem el ttn, MAMET MEET aitharelaligetions marketing expertise that | don’t always have , GET PAID 2 I need to get paid fast
Slide 9: Key trends that can be a catalyst for growth
Key trends that can be a catalyst for growth ACCELERATING MONEY OFFERINGS MOVING TO A i ONLINE AND VIRTUAL WORLD OMNICHANNEL COMMERCE TA
Slide 10: Intuit's game plan to deliver for customers
Injult. Intuit’s game plan to deliver for customers TRUE NORTH GOALS STRATEGY BIG BETS METRICS 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 do the right thing, even when no one is looking. Courage We are bold and fearless in how we think and act. We relentlessly hold a high bar for performance. We value speed, a bias for
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 of Most Reputable Companies GROWTH >200M customers, accelerating revenue growth Prosperity based on customers on Intuit's platfo
Slide 14: 2025 aspirations: Bold goals to stretch our imagination
2025 aspirations: Bold goals to stretch our imagination Double household savings rate and improve SMB success rate >10 pts vs. industry PROSPERITY FY'19 FY’20 Household Savings Rate* 9% (1.2x avg USS. savings rate) 15% (1.2x avg. USS. savings rate) SMB Success Rate** 56% (+6 pts vs. industry) 60% (+
Slide 15: ● ● ● ● ● ● ● ● ● ● ● ● ● ●
● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●
Slide 16: One Intuit ecosystem
Intuit. ONE INTUIT ECOSYSTEM ceiF-EM PLOYE, More’Money No'Work Complete Confidence AI-DRIVEN EXPERT PLATFORM 16
Slide 17: Big Bets: Declared five bets to accelerate growth
Big Bets: Declared five bets to accelerate growth REVOLUTIONIZE SPEED TO BENEFIT CONNECT PEOPLE TO EXPERTS UNLOCK SMART MONEY DECISIONS inzult. 7
Slide 18: Consumer debt and financial stress statistics
Amount consumers overpay Total household debt in Americans feel comfortable on higher-cost credit card debt the United States (4) with amount of knowledge vs. lower-cost personal loans (1) Credit card debt in they have about managing Amount consumers overpay the United States (4) their finances (8)
Slide 19: A personal financial assistant to power prosperity
A personal financial assistant to power prosperity Autonomously helps consumers save, pay down debt, and get faster access to money HELP CONSUMERS FIND THE PUT MORE MONEY PROVIDE FINANCIAL RIGHT FINANCIAL PRODUCTS IN CONSUMERS’ POCKETS EXPERTISE AND ADVICE Match consumers with personalized Maximize
Slide 20: Two mission-based companies joining forces
t ANN > as “ane e | 1 ADT Bt ¢ 1 ee : > oe a ko * __ f me “net: creditarma ete (% 3p Oe Ros -F « v “Two mission-based. companies j joining) forces as Re 7 =
Slide 21: 89% of active Credit Karma users engage via mobile device
110M Credit Karma 72 net promoter 89% of active Credit Karma members score for Credit Karma users engage via mobile device 57M Intuit customers 63 product recommendation score for TurboTax Online 3,000+ tax and 55M W-2s, verified income Visibility to $5.5T in member debt: finance attributes 28M 1099
Slide 22: Big Bets: Declared five bets to accelerate growth
Big Bets: Declared five bets to accelerate growth inzult. 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 22
Slide 23: 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 8 = 2 < x a 2 < 1980s 1990s 2000s 2010s to present Intuit Founded Employees: 150 Employees: 4,500 Employees: 10,600 Customers: 1.3M Customers: 5.6M Customers: 57M Revenue: $33M Revenue: $1B Rev
Slide 24: History of self-disruption and re-imagination
History of self-disruption and re-imagination ERA OF ARTIFICIAL INTELLIGENCE 1990s ? 2000s ; i FUTURE Intuit Founded | Employees: 150 Employees: 4,5 Employees: Customers: Customers: Customer Revenue: Revenue: Revenue: INTU +1,000%, NASDAQ +500 INTU 0%, NASDAQ -40' INTU: +900%, NASDAQ intulz. Present
Slide 25: • • • • • • • • • • • • • •
• • • • • • • • • • • • • • • • • • • • • • • • •
Slide 26: 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 (T
Slide 27: 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 (T
Slide 28: 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 (T
Slide 29: 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 (T
Slide 30: Intuit Mission: Powering Prosperity Around the World
INTUIT MISSION Powering Prosperity Around the World
Slide 31: Appendix
Slide 32: 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 33: 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 34: Non-GAAP reconciliation tables
Q1 Q1 Fiscal Fiscal Fiscal 2021 Fiscal 2020 2020 2019 GAAP operating income $ 209 $ 10 $ 2,176 $ 1,854 Amortization of acquired technology 7 6 22 20 Amortization of other acquired intangible assets 2 2 6 6 Professional fees for business combinations 5 - 29 1 Share-based compensation expense 111 111
Slide 35: Cautions about forward-looking statements
Cautions about forward-looking statements This presentation contains forward-looking statements within the meaning of applicable securities laws, including the impact of the COVID-19 pandemic on Intuit’s business; expected growth and future financial results of Intuit and its reporting segments, inc