Intuit Inc. · NASDAQ:INTU
Intuit — Shareholder Meeting (January 2017)
25 slides from Intuit's shareholder meeting presentation, January 2017
Slide 1: Annual Shareholder Meeting
Annual Shareholder Meeting January 2017 Brad Smith, Chairman and CEO
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
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 3: Looking back: FY’12 case for change
Looking back: FY’12 case for change We were here in FY’12 3
Slide 4: Looking back: market shifts & strategic implications
Looking back: market shifts & strategic implications External Market Shifts Strategic Implications For Intuit End user & 3rd party contribution Being a Great Product & • Increase in user/developer value creation Social Network • Open Effects ecosystem Platform and network Company effects win A world
Slide 5: Looking back: our journey to a product & platform company
Looking back: our journey to a product & platform company Summer 2015 “Focus & Accelerate” 5
Slide 6: Looking back: successfully executed with reasons to believe
Looking back: successfully executed with reasons to believe Leaned into the cloud Created new connections Entered new markets …tangible proof points of successful business model transition Accelerating to the cloud Increasing connected services revenue Growing global customers Online customers FY’12
Slide 7: Looking back: more than doubling TAM with tangible traction
Looking back: more than doubling TAM with tangible traction Reasons to Believe 3 Entering New Markets • Expanded prospect pool … 6 priority countries = 150M prospects • Enter new markets with QuickBooks ecosystem - FY’17 Q1: non-US QBO paid subs 323K … growing +50% • Accelerate with Self-Employed •
Slide 8: Looking back: we’re now repositioned on the “S curve”
Looking back: we’re now repositioned on the “S curve” FY’17 • Cloud, mobile • Ecosystem connections • Global expansion FY’16 FY’15 FY’12 • Restructure • Divestitures • Ratable revenue 8
Slide 9: Looking back: FY’16 financials reflected strong momentum
Looking back: FY’16 financials reflected strong momentum Actual Prior Year +/- Revenue $4,694 $4,192 12% GAAP Operating Income $1,242 $738 68% Non-GAAP Operating Income $1,555 $1,141 36% GAAP Diluted EPS $3.69 $1.28 188% Non-GAAP Diluted EPS $3.78 $2.59 46% QBO Subscribers (k) 1,513 1,075 41% $ in M
Slide 10: Strong Performance Continued into FQ1’17
Strong Performance Continued into FQ1’17 +/- vs. Actual FQ1’16 Guidance Revenue $778 9% $740-$760 GAAP Operating Loss $(61) NM $(75)–$(65) Non-GAAP Operating Income $32 (30%) $10-$20 GAAP Diluted EPS ($0.12) NM ($0.21)-($0.19) Non-GAAP Diluted EPS $0.06 (33%) $0.01-$0.03 QBO Subs QBO Subscribers (k)
Slide 11: CEO Reflections: foundation is solid, with more work needed
CEO Reflections: foundation is solid, with more work needed Progress made ... Performance Drivers Progress needed... • Strong culture & engagement Employee Engagement • Speed: decision-making & tools • Improved E2E experiences Customer Delight • Sharper focus on customer benefit • Small business – a
Slide 12: Looking ahead: evolving market trends & implications
Looking ahead: evolving market trends & implications External Market Trends Strategic Implications for Intuit Social Personalized Experiences “Conversational, relationships & “Delight in what matters most to me” user contribution” Machine Learning It’s Done D “Personal, anticipate, populate” “Effort
Slide 13: One Mission
One Mission Values True North Goals Strategy Priorities Priorities Metrics 13
Slide 14: Mission
Mission Mission Values True North Goals To improve our customers’ financial lives so profoundly… they can’t imagine going back Strategy to the old way Priorities Metrics 14
Slide 15: Values
Mission Values Values True North Goals Strategy Priorities Metrics 15
Slide 16: True North Goals
Mission 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 Values Employees Customers Partners Shareholders Create an environment where the world’s Delight customers more than rivals Delight partne
Slide 17: Strategy
Be the “Operating System” behind Small Business Success Strategy Do the Nations’ Mission Taxes Values True North Goals Strategy Priorities Achieved by… Delivering Awesome Contributions of Others- Using Data Metrics Product Experiences “Network Effect Platforms” to Create Delight 17
Slide 18: Priorities
Mission Priorities Win worldwide with QBO Ecosystem: grow the total addressable market & share faster than rivals Values Win with accountants who fuel SMB success: grow share faster than rivals with unmatched collaboration & integration True North Goals Win with TurboTax Online and Mobile: gro
Slide 19: Mission, values, goals, strategy and priorities summary
To improve our customers’ financial lives so profoundly… they can’t imagine going back to the old way Mission Integrity Without Compromise We Care & Give Back Be Bold Be Passionate Be Decisive Learn Fast Win Together Deliver Awesome Values Employees Customers Partners Shareholders True Create an env
Slide 20: Appendix
Appendix
Slide 21: About Non-GAAP Financial Measures
About Non-GAAP Financial Measures INTUIT INC. ABOUT NON-GAAP FINANCIAL MEASURES The accompanying presentation contains non-GAAP financial measures. Table 1 and Table 2 reconcile the non-GAAP financial measures in that press release to the most directly comparable financial measures prepared in accor
Slide 22: 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 considerin
Slide 23: Table 1: Reconciliations of Historical Non-GAAP Financial Measures
TABLE 1 RECONCILIATIONS OF HISTORICAL NON-GAAP FINANCIAL MEASURES TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (Dollars in millions, except share amounts) Q1 Q1 Fiscal Fiscal Fiscal 2017 Fiscal 2016 2016 2015 GAAP operating income (loss) from continuing operations $(61) $(29) $1,242 $738 Amor
Slide 24: Table 2: Reconciliations of Forward-Looking Guidance
TABLE 2 RECONCILIATIONS OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL MEASURES TO PROJECTED GAAP REVENUE, OPERATING INCOME AND EPS (In millions, except per share amounts) Forward-Looking Guidance GAAP Non-GAAP Range of Estimate Range of Estimate From To Adjustments From To Twelve Months Ending
Slide 25: 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, believ