Intuit Inc. · NASDAQ:INTU
Intuit — Shareholder Meeting (January 2025)
31 slides from Intuit's shareholder meeting presentation, Jan 23, 2025
Slide 1: Annual Stockholder Meeting
Annual Stockholder Meeting January 23, 2025
Slide 2: Forward-looking statements
Forward-looking statements This presentation contains 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 prese
Slide 3: 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 4: 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 5: 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 6: Strong performance continued in Q1'25
Strong performance continued in Q1’25 GROWTH RATE ACTUAL PRIOR YEAR ACTUAL GUIDANCE Revenue $3,283 $2,978 10% $3,114 - $3,145 GAAP operating income $271 $307 (12%) $231 - $251 Non-GAAP operating income $953 $960 (1%) $884 - $904 GAAP diluted EPS $0.70 $0.85 (18%) $0.61 - $0.66 Non-GAAP diluted EPS $
Slide 7: 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 8: Large market opportunity
Large market opportunity 5% TAM $71B penetration GROW THE CORE $264B CONNECT THE ECOSYSTEM $326B EXPAND GLOBALLY 8
Slide 9: Secular shifts creating massive opportunity
Secular shifts creating massive oppor tunity Digitization of AI Reached a New Generations Everything Tipping Point of Customers 9
Slide 10: 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 10
Slide 11: Mission
MISSION 11
Slide 12: 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 13: 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 13
Slide 14: 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 15: Intuit Strategy
Intuit Strategy More Money No Work Complete Confidence AI-Driven Expert Platform 15
Slide 16: 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 16
Slide 17: 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 18: 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 18
Slide 19: Our strategy is driving momentum
Our strategy is driving momentum 1 Revolutionize speed to benefit 2 3 4 5 19
Slide 20: 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 21: 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 22: 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 23: 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 24: 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 25: 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 26: Mission
MISSION 26
Slide 27: Appendix
Appendix INTUIT
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 the presentation to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP).
Slide 29: About non-GAAP financial measures (continued)
About non-GAAP financial measures (continued) The following are descriptions of the items we exclude from our non-GAAP financial measures. Amortization of acquired technology and amortization of other acquired intangible assets. When we acquire a business in a business combination, we are required b
Slide 30: 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 See "About Non-GAAP Financial Measures" immediately preceding this Table 1 for information on these measures, the items excluded from the most directly comparable GAAP measures i
Slide 31: 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; our prospects for the business in FY25 and beyond; our growth outside t