Intuit Inc. · NASDAQ:INTU
Intuit — Investor Day (September 2023)
168 slides from Intuit's investor day presentation, Sep 28, 2023
Slide 1: Investor Day 2023
INVESTOR DAY 2023 September 28, 2023
Slide 2: Kim Watkins
Kim Watkins
Slide 3: Agenda
Agenda Welcome Kim Watkins — VP, Investor Relations Company growth strategy Sasan Goodarzi — CEO Fueling accelerated innovation and AI Alex Balazs — CTO BREAK Platform Immersion Experience Senior leaders BREAK Small Business & Self-Employed Group Marianna Tessel — GM Consumer Group Mark Notarainni —
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 SARAH KIM LANCE WILLIAMS Big Bet 2 SVP and Chief Customer Success Officer VP, Product Management Intuit TurboTax Independent Professional JOE KAUFFMAN RYAN GRACIANO Big Bet 3 President CTO and Co-Founder Credit Karma Credit Karma RANIA SUCCAR Big Bet 4 CEO Mailchimp LAU
Slide 6: Sasan Goodarzi
Sasan Goodarzi
Slide 7: History of self-disruption and reimagination
History of self-disruption and reimagination ERA OF Declared Refreshed Values Launched Bold Goals GenOS ARTIFICIAL Refreshed Big Bets New strategy Launched INTELLIGENCE Accelerating Intuit Assist 5 Big Bets platform innovation ERA OF ERA OF ERA OF ERA OF MOBILE DOS WINDOWS WEB AND CLOUD 1980s 1990s
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 100 Best Company 2023 Best Places to Work 2023 margin expanded Best Workplaces in Technology 2023 Most Innovative Companies 2023 Best Managed Companies 2023 Greates
Slide 9: Maintained earnings power despite economic uncertainty in FY23
Maintained earnings power despite economic uncertainty in FY23 GROWTH RATE ORIGINAL ACTUAL PRIOR YEAR ACTUAL GUIDANCE Revenue $14,368 $12,726 13% 14%–16% GAAP operating income $3,141 $2,571 22% 9%–13% Non-GAAP operating income $5,503 $4,504 22% 17%–19% GAAP diluted EPS $8.42 $7.28 16% (5%–1%) Non-GA
Slide 10: FY23 reflections
FY23 reflections Progress made PERFORMANCE DRIVERS Progress needed Strong culture, high engagement EMPLOYEES Velocity, DEI, internal mobility SMB success rate & household savings increase CUSTOMERS Accelerate global new customer growth ` Job readiness, job creation, carbon positive COMMUNITY Targete
Slide 11: What matters most to our customers
What matters most to our customers Consumer Problems Small Business & Self-Employed Problems NEED RANK NEED RANK Make ends meet 1 Get customers 1 Get paid 2 Maximize tax refund 2 Get capital 3 Save more 3 Pay workers 4 Pay off debt 4 Access advice 5 Know where I stand 5 Be compliant and organized 6
Slide 12: 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 DIY and Assisted platforms (TurboTax and QuickBooks) $81B • $39B US FMS opp
Slide 13: Three secular shifts creating massive opportunity
Three secular shifts creating massive opportunity Digitization of New Generations Disruptive Everything of Customers Technologies 13
Slide 14: 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 14
Slide 15: Powering Prosperity Around the World
MISSION Powering Prosperity Around the World 15
Slide 16: 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 17: Bold 2025 Goals
Bold 2025 Goals 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 and accelerating revenue growth 17
Slide 18: Bold 2025 Goals
Bold 2025 Goals FY21 FY22 FY23 Double household savings Household savings rate1 17% 13% 6% 1.2x avg 1.8x avg 1.6x avg Prosperity rate and improve SMB success US savings rate US savings rate US savings rate rate >10 pts vs. industry SMB success rate SMB 5-year survival rate ~50%2 69%3 Prosperity base
Slide 19: Bold 2030 Goals
Bold 2030 Goals Prosperity Double household savings rate and improve SMB success rate >20 pts vs. industry Reputation Best-in-Class Most Trusted Company Growth 200M+ customers and accelerating revenue growth 19
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 focused on large TAM, accelerating innovation
Durable Five Big Bets focused on large TAM, accelerating innovation 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 small business mid-market 22
Slide 23: Intuit's platform is uniquely advantaged to power prosperity
Intuit’s platform is uniquely advantaged to power prosperity for our customers More Money No Work Complete Confidence AI-Driven Expert Platform 23
Slide 24: Intuit's platform is uniquely advantaged: 10M and 90M customers
Intuit’s platform is uniquely advantaged to power prosperity for our customers Grow Business Get Paid Payments Pay Bills 10M 90M Capital Get Loans Cash Mgmt. Insurance Small businesses Consumers and self-employed Payroll Save More Money Time Tracking Spend No Work Accounting Complete Confidence Taxe
Slide 25: Intuit's platform is uniquely advantaged: data and AI
Intuit’s platform is uniquely advantaged to power prosperity for our customers Grow Business Get Paid Payments Pay Bills 65B Capital Get Loans 60K Machine learning Tax and financial predictions per day Cash Mgmt. Insurance attributes per consumer Payroll Save 500K Time Tracking More Money No Work Sp
Slide 26: Intuit's platform is uniquely advantaged: money
Intuit’s platform is uniquely advantaged to power prosperity for our customers Grow Business Get Paid Payments Pay Bills $2T+ Capital Get Loans $106B Invoices managed on Consumer tax refunds on our platform per year Cash Mgmt. Insurance our platform per year Payroll Save $295B Time Tracking More Mon
Slide 27: Future is “Done for You”
Future is “Done for You” Grow Business Get Paid 10M Small businesses 90M Consumers Payments Pay Bills Machine learning Tax and financial 65B predictions per day Capital Get Loans 60K attributes per consumer Customer/financial AI-driven customer 500K attributes per SMB Cash Mgmt. Insurance 810M inter
Slide 28: Our strategy is driving momentum
Our strategy is driving momentum QUICKBOOKS ONLINE GROWTH QUICKBOOKS ONLINE ADVANCED $81B GROW THE CORE +10% +30% +35% +63% Online paying Online ecosystem Subs >$5,000 ARPC QBO customers revenue Advanced customers TURBOTAX LIVE QUICKBOOKS LIVE $253B CONNECT THE ECOSYSTEM +12% +17% +11 pt +9 pt Custo
Slide 29: Our strategy is driving momentum
Our strategy is driving momentum CREDIT KARMA PAYROLL $81B GROW THE CORE 136M 5.1x +45% $295B +32% Matched Avg visits TTO customers who US SMB Growth in members per month, received a refund payroll mid-market payroll per MAU advance in a Credit customer acquisition Karma Money account PAYMENTS MAILC
Slide 30: Our strategy is driving momentum
Our strategy is driving momentum $81B GROW THE CORE MONETIZATION MAILCHIMP CUSTOMERS +31% >50% 2.3M $253B Online international revenue (constant currency) Paying customers outside the US International paying customers CONNECT THE ECOSYSTEM $312B EXPAND GLOBALLY 30
Slide 31: Intuit Assist
> Intuit Assist InTuIT InTUIT InTuIT Y turbotax creditkarma @D quickbooks InTUIT mailchimp
Slide 32: Expected to create meaningful long-term acceleration: avenues for monetization
Expected to create meaningful long-term acceleration 1 Increased new customer growth and breakthrough adoption of services Avenues for 2 Gateway to increased adoption of Live Expert help monetization 3 Opportunity for GenAI-specific SKUs and pricing for value 32
Slide 33: Intuit Operating System is our competitive advantage
Intuit Operating System is our competitive advantage Trends Ideas Big Bets Priorities 6-Year Plan (December) Input Goals One Intuit 3-Year Plan Accountability Forum (May) (8x Year) Inspiration Engagement Alignment Clarity Craft Skills Intuit Leadership Org & Talent Succession Conference Review Intui
Slide 34: Strong leadership team built to disrupt in AI era
Strong leadership team built to disrupt in AI era Sandeep Aujla Alex Balazs Lara Balazs Laura Fennell Anton Hanebrink CFO CTO CMO Chief People & Places Officer Corporate Strategy & Development Sarah Kim Kenneth Lin Kerry McLean Mark Notarainni Marianna Tessel Chief Customer Success Officer CEO and F
Slide 35: Opportunities and risks
Opportunities and risks Opportunities Risks • AI is the fuel for innovation, customer benefit • Creating a culture of velocity • Disrupting non-consumption with Live platform • International becoming a large growth driver • Becoming THE source of growth for SMBs • Digitizing payments—B2C, B2B, Bill
Slide 36: 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 2030 Prosperity Reputation Growth GOALS Double household savings rate and improve SMB Best-in-class Most 200M+ customers and accelerating success rate >
Slide 37: Powering Prosperity Around the World
MISSION Powering Prosperity Around the World 37
Slide 38: Alex Balazs
Vv R N Vv T ie} A v: 2 Si N Vv i
Slide 39: Our strategy starts with what matters most to customers
Our strategy starts with what matters most to customers Consumer Problems Small Business & Self-Employed Problems NEED RANK NEED RANK Make ends meet 1 Get customers 1 Get paid 2 Maximize tax refund 2 Get capital 3 Save more 3 Pay workers 4 Pay off debt 4 Access advice 5 Know where I stand 5 Be compl
Slide 40: Intuit Strategy
Intuit Strategy More Money No Work Complete Confidence AI-Driven Expert Platform 40
Slide 41: Our priorities have ignited innovation and development velocity
Our priorities have ignited innovation and development velocity 1 2 3 Delight our customers Power our vision Accelerate our work through product and with world-class Intuit with a modern Intuit operational excellence platform capabilities development environment We deliver high-quality products, We
Slide 42: Our platform, fueled by data and AI, represented by our City Map
Our platform, fueled by data and AI, 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. We created Accountability and ownership: We continue to driv
Slide 43: Composite Applications
Composite Applications Credit Karma TurboTax Protax Development Environment ee | Intuit Development Portal Domain Cz Diliti: Income Tax Work Finance CRM & Marketing Expertise [sees | eee | ] i J TS x ae ne z a | i : ] ? r I | L | Yorkorce O Core Capabilities Embedded Fintech ‘Customer Growth & Engag
Slide 44: Capabilities that have ignited Intuit's innovation
Capabilities that have ignited Intuit’s innovation 44
Slide 45: AI Fabric; Data Infrastructure
AI Fabric Generative AI AI Development & Integrations Autonomous Insights Document Understanding Forecasting & Optimization Intelligent Matching Knowledge Engine & Tools Natural Language Processing Recommendations Systems Risk & Health Decisioning Scalable Advice Smart Support Transaction Understand
Slide 46: We scaled the power of our platform with Data and AI
We scaled the power of our platform with Data and AI Grow Business Get Paid Payments Pay Bills 65B Capital Get Loans 60K Machine learning Tax and financial predictions per day Cash Mgmt. Insurance attributes per consumer Payroll Save 500K Time Tracking More Money No Work Spend 810M Customer/financia
Slide 47: GenOS
We supercharged our platform with generative AI and GenOS GenOS INTUIT’S GENERATIVE AI OPERATING SYSTEM Operating system that powers how our technologists design, build, and deploy breakthrough generative AI experiences through Intuit Assist. 47
Slide 48: GenStudio
We supercharged our platform with generative AI and GenOS GenStudio DEDICATED DEVELOPMENT ENVIRONMENT Environment where developers can rapidly experiment and refine generative AI experiences, including: fine-tune prompts, connect capabilities, and leverage existing data and code. 48
Slide 49: GenRuntime
We supercharged our platform with generative AI and GenOS GenRuntime INTELLIGENT LAYER Intelligent layer that can access the right data and platform capabilities, choose the right large language model in real time, and orchestrate and execute an action plan personalized for the customer. 49
Slide 50: GenUX
We supercharged our platform with generative AI and GenOS GenUX USER INTERFACE Library of consistent customer interfaces and flows, ensuring a clear and delightful generative AI experience. 50
Slide 51: Large language models trained on our domains
We supercharged our platform with generative AI and GenOS Large language models (LLMs) TRAINED ON OUR DOMAINS GenOS is designed to run with our own financial LLMs that are fine-tuned to solve tax, accounting, personal finance, and marketing challenges. GenOS leverages multiple LLMs, which will provi
Slide 52: Intuit Assist
> Intuit Assist InTuIT InTUIT InTuIT Y turbotax creditkarma @D quickbooks InTUIT mailchimp
Slide 53: Development Ecosystem
Development Ecosystem No-Code Development Platform Experiences Platform Operations Platform Runtime UX Fabric 53
Slide 54: We've increased speed with our modern SaaS development environment
We’ve increased speed with our modern SaaS development environment Development Ecosystem RELEASES PER DEVELOPER PER WEEK Enables engineers to deliver code in a fast, secure, and compliant fashion. Development ecosystem capability at scale 105B real-time customer interactions monitored ~1M active CPU
Slide 55: We accelerated our developers with GenAI-powered tools
We accelerated our developers with GenAI-powered tools Combined with GenOS, we’ve amplified our platform: AI-assisted code development: Constructs code using a few descriptive prompts in natural language AI content generation: Translates tax documents and other rules-based processes into code AI-ass
Slide 56: We accelerated our developers with GenAI-powered tools
We accelerated our developers with GenAI-powered tools 56
Slide 57: We accelerated our developers with GenAI-powered tools
We accelerated our developers with GenAI-powered tools 57
Slide 58: We accelerated our developers with GenAI-powered tools
We accelerated our developers with GenAI-powered tools 58
Slide 59: We accelerated our developers with GenAI-powered tools
We accelerated our developers with GenAI-powered tools 59
Slide 60: Identity
Identity Authentication Authorization Connected Identity Consent Customer Data Cloud Identity Data & Analytics Identity Experiences Identity Core Identity Lifecycle Management Identity Proofing Verified Identity Network 60
Slide 61: We provided ecosystem-wide access and frictionless experiences
We provided ecosystem-wide access and frictionless experiences IDENTITY Uniquely identify customers, maintain a 360-degree CREDIT KARMA view of their financial life, and manage their access TO TURBOTAX rights and permissions. MAILCHIMP TO Identity capability at scale QUICKBOOKS 1.5T total transactio
Slide 62: Integration & Automation
Integration & Automation Application Integration Data Exchange Document Integration Task Management Workflow 62
Slide 63: We built a more complete view of customers' financial health
We built a more complete view of customers’ financial health INTEGRATION & AUTOMATION Bidirectional data exchange that facilitates the acquisition and exchange of data from and to third-party providers. Integration capability at scale 20B third-party transactions acquired annually 7M hours of manual
Slide 64: Embedded Fintech
Embedded Fintech Balance Financial Network Financial Profile Lending Payments 64
Slide 65: We gave customers complete control of their money
We gave customers complete control of their money EMBEDDED FINTECH Provide customers with access to banking, lending, payments, and B2B network across Intuit products through their financial profile. Embedded fintech capability at scale $2T+ invoices managed on our platform QUICKBOOKS BILL PAY $947B
Slide 66: Expertise
Expertise Help Practice Management Practice Workforce Operations 66
Slide 67: We scaled expert services to support new Live experiences
We scaled expert services to support new Live experiences EXPERTISE Allow customers to find and interact with experts, and allow Intuit to find, train, evaluate, and prepare experts. Virtual expert platform at scale 530M minutes of experts supporting customers in live meetings 160K expert hours save
Slide 68: Key takeaways
Key takeaways Powered by AI/GenAI, our platform creates value for our customers with speed at scale Our platform, capabilities, and our talent are durable advantages that fuel growth Built on years of investment and experiences, our vast data and GenAI/AI infrastructure allow us to operate at enormo
Slide 69: Marianna Tessel
Marianna Tessel
Slide 70: Powering Prosperity Around the World
MISSION Powering Prosperity Around the World 70
Slide 71: We remain guided by our customers' key problems
We remain guided by our customers’ key problems Consumer Problems Small Business & Self-Employed Problems NEED RANK NEED RANK Make ends meet 1 Get customers 1 Get paid 2 Maximize tax refund 2 Get capital 3 Save more 3 Pay workers 4 Pay off debt 4 Access advice 5 Know where I stand 5 Be compliant and
Slide 72: We have expanded the breadth and depth of our solutions
We have expanded the breadth and depth of our solutions Serving more customers and more of their needs than ever before, creating the future of “Done for You” with Intuit Assist CUSTOMER SEGMENTS NEEDS SERVED BY OUR PLATFORM GET CUSTOMERS ENTER- PRISE 100+ ACCESS ADVICE GET PAID MID-MARKET 10–100 em
Slide 73: We have significant opportunity across a $188B TAM
We have significant opportunity across a $188B TAM Offering customers a uniquely integrated, end-to-end platform experience supercharged by AI GET CUSTOMERS GET PAID GET CAPITAL PAY WORKERS ACCESS ADVICE BE COMPLIANT TAM $32B $61B $21B $19B $28B $27B QB Live Marketing Invoicing Banking1 Term Loan2 P
Slide 74: Platform strategy translated to exceptional FY23 results
Platform strategy translated to exceptional FY23 results Continued strength and momentum across the small business ecosystem CUSTOMERS 7.8M 6.5M 222K 0.9M Online paying QBO subscribers, QBO Advanced Mailchimp paying customers,1 +10% YoY +10% YoY subscribers, +35% YoY customers, +17% YoY REVENUE +24%
Slide 75: Small business base evolution
Small business base evolution Expansive online ecosystem driving small business growth Significant progress made on our multiyear journey to evolve our base and business model • Successfully solving customers’ top problems through our leading online platform with offerings spanning Mailchimp, Money
Slide 76: Scaling our online customer base
Scaling our online customer base FY23 ONLINE PAYING CUSTOMER BASES Becoming the source of truth for more small businesses 7.8M • QBO subscribers up 10% in FY23, including +10%1 35% growth in QBO Advanced customers as we 6.5M continue to focus on moving upmarket, and +10% bolstered by 81% retention (
Slide 77: Driving strong ARPC across customers
Driving strong ARPC across customers FY23 INDIVIDUAL ARPCs FY23 ONLINE PAYING ARPC ARPC expansion fueled by $1,298 ecosystem growth +5% • QBO ecosystem ARPC up 16% in FY23 driven by: $969 o Online accounting ARPC growth of 15%, fueled by higher effective prices as we price for value and growth in QB
Slide 78: 24% total revenue growth in FY23
24% total revenue growth in FY23 Strong momentum across all 3 strategic growth pillars Grow the core REVENUE GROWTH • 26% YoY worldwide Online accounting (QBO, QBO $8.0B Advanced, QB Live) revenue growth 24% YoY • 222K QBO Advanced customers, +35% YoY Online ecosystem Connect the ecosystem Desktop e
Slide 79: Small business and self-employed strategy
Small business and self-employed strategy Grow Connect Expand the core the ecosystem globally Grow and transform the Financial Connect customers to benefits Expand our platform to win in Management Software category in across the platform. geographies outside the US. the US through innovation and me
Slide 80: Grow the core: QuickBooks Live
Grow the core Big Bet 2: Connect people to experts QUICKBOOKS LIVE Vision We are the leading virtual expert platform, connecting people to experts. We build QUICKBOOKS LIVE confidence for people at moments of truth as they seek financial, business, and tax expertise by allowing them to easily connec
Slide 81: Grow the core: Mid-market solutions
Grow the core Big Bet 5: Disrupt the small business mid-market MID-MARKET SOLUTIONS Vision We offer a robust, integrated ecosystem for mid-market businesses to run and grow QBO ADVANCED DASHBOARD their businesses, with QBO Advanced at its core. Mid-market customers can efficiently manage their busin
Slide 82: Connect the ecosystem: Workforce Solutions
Connect the ecosystem Big Bet 5: Disrupt the small business mid-market WORKFORCE SOLUTIONS ORG CHART Vision EMPLOYEE We power prosperity for employers and their teams by reimagining how they work and RECORDS grow. We eliminate the administrative burden of people management with a scalable, integrate
Slide 83: Connect the ecosystem: Money Portfolio
Connect the ecosystem Big Bet 4: Be the center of small business growth MONEY PORTFOLIO Vision We become the platform of choice for money movement and B2B NETWORK management, putting small businesses in complete control of their money. BILL PAY We provide easy receivables and payables, instant low-f
Slide 84: Connect the ecosystem: Mailchimp
Connect the ecosystem Big Bet 4: Be the center of small business growth MAILCHIMP Vision EMAIL CONTENT GENERATOR We are an end-to-end growth platform for small businesses to grow their businesses and manage their cash flow. We help generate new leads, identify target CAMPAIGN MANAGER segments, perso
Slide 85: Expand globally
Expand globally GLOBAL OFFERINGS Vision MAILCHIMP We are the source of truth for small businesses around the world. We PORTUGUÊS empower SMBs with an open platform that enables them to both run and QBO ADVANCED UK grow their businesses, leveraging the combined powers of QuickBooks and Mailchimp to s
Slide 86: Source of truth for businesses with our breadth, scale, and depth
Source of truth for businesses with our breadth, scale, and depth Our robust data and broad ecosystem of apps combined with our extensive AI and GenAI capabilities position us to win GET CUSTOMERS GET PAID GET CAPITAL PAY WORKERS ACCESS ADVICE BE COMPLIANT Full suite of money Superior risk models Au
Slide 87: Intuit Assist will fuel SMB success
Intuit Assist will fuel SMB success Intuit Assist will turn robust data into insightful customer solutions, providing critical support to help businesses thrive SHOW & TELL ME DO IT FOR ME GUIDE ME HELP ME Intuit Assist will answer Advanced AI-powered Intuit Assist will create Intuit Assist will off
Slide 88: Leveraging AI to power prosperity for small businesses
Leveraging AI to power prosperity for small businesses Intuit Assist will arm customers with tailored and actionable insights while intelligent automations reduce workload Intuit Assist, help me grow my business 30% and reach profitability GET CUSTOMERS GET PAID GET CAPITAL PAY WORKERS ACCESS ADVICE
Slide 89: Leveraging AI to power prosperity for small businesses
Leveraging AI to power prosperity for small businesses Intuit Assist will arm customers with tailored and actionable insights while intelligent automations reduce workload Intuit Assist, help me grow my business 30% and reach profitability I’ve generated a new email campaign based on your campaign h
Slide 90: Leveraging AI to power prosperity for small businesses
Leveraging AI to power prosperity for small businesses Intuit Assist will arm customers with tailored and actionable insights while intelligent automations reduce workload Intuit Assist, help me grow my business 30% and reach profitability I’ve generated a new Based on your email campaign based camp
Slide 91: Leveraging AI to power prosperity for small businesses
Leveraging AI to power prosperity for small businesses Intuit Assist will arm customers with tailored and actionable insights while intelligent automations reduce workload Intuit Assist, help me grow my business 30% and reach profitability I’ve generated a new Based on your Investing in and funding
Slide 92: Leveraging AI to power prosperity for small businesses
Leveraging AI to power prosperity for small businesses Intuit Assist will arm customers with tailored and actionable insights while intelligent automations reduce workload Intuit Assist, help me grow my business 30% and reach profitability I’ve generated a new You have 7 unpaid invoices. Based on yo
Slide 93: Leveraging AI to power prosperity for small businesses
Leveraging AI to power prosperity for small businesses Intuit Assist will arm customers with tailored and actionable insights while intelligent automations reduce workload Intuit Assist, help me grow my business 30% and reach profitability I’ve generated a new You have 7 unpaid invoices. In preparat
Slide 94: Leveraging AI to power prosperity for small businesses
Leveraging AI to power prosperity for small businesses Intuit Assist will arm customers with tailored and actionable insights while intelligent automations reduce workload Intuit Assist, help me grow my business 30% and reach profitability I’ve generated a new You have 7 unpaid invoices. In preparat
Slide 95: Scaling with small businesses into the mid-market
Scaling with small businesses into the mid-market As businesses grow, they become increasingly complex with multiple users owning different parts of the business Sales SMALL BUSINESS MID-MARKET Marketing Finance Human Resources Business owner & Business owner & Chief Executive Officer Chief Executiv
Slide 96: Scaling with small businesses into the mid-market
Scaling with small businesses into the mid-market Intuit Assist will help growing teams address their increasingly complex needs with our E2E ecosystem of scalable solutions Help me qualify new leads in our sales pipeline Show me our cash flow forecast for the quarter Help me prepare for our tax fil
Slide 97: Scaling with small businesses into the mid-market
Scaling with small businesses into the mid-market Intuit Assist will help growing teams address their increasingly complex needs with our E2E ecosystem of scalable solutions Help me qualify new leads in our sales pipeline Show me our cash flow forecast for the quarter Help me prepare for our tax fil
Slide 98: Scaling with small businesses into the mid-market
Scaling with small businesses into the mid-market Intuit Assist will help growing teams address their increasingly complex needs with our E2E ecosystem of scalable solutions Help me qualify new leads in our sales pipeline Show me our cash flow forecast for the quarter Help me prepare for our tax fil
Slide 99: Scaling with small businesses into the mid-market
Scaling with small businesses into the mid-market Intuit Assist will help growing teams address their increasingly complex needs with our E2E ecosystem of scalable solutions Help me qualify new leads in our sales pipeline Show me our cash flow forecast for the quarter Help me prepare for our tax fil
Slide 100: Scaling with small businesses into the mid-market
Scaling with small businesses into the mid-market Intuit Assist will help growing teams address their increasingly complex needs with our E2E ecosystem of scalable solutions Help me qualify new leads in our sales pipeline Show me our cash flow forecast for the quarter Help me prepare for our tax fil
Slide 101: Scaling with small businesses into the mid-market
Scaling with small businesses into the mid-market Intuit Assist will help growing teams address their increasingly complex needs with our E2E ecosystem of scalable solutions Help me qualify new leads in our sales pipeline Show me our cash flow forecast for the quarter Help me prepare for our tax fil
Slide 102: Scaling with small businesses into the mid-market
Scaling with small businesses into the mid-market Intuit Assist will help growing teams address their increasingly complex needs with our E2E ecosystem of scalable solutions Help me qualify new leads in our sales pipeline Show me our cash flow forecast for the quarter Help me prepare for our tax fil
Slide 103: Expected to create meaningful long-term acceleration: avenues for monetization
Expected to create meaningful long-term acceleration 1 Increased new customer growth and breakthrough adoption of services • Intuit Assist to revolutionize speed to benefit for new customers, providing significant opportunity to increase top-of-funnel conversion. • Intuit Assist’s tailored and actio
Slide 104: Key takeaways
Key takeaways We are successfully executing our strategy and have high confidence in the runway ahead Durable strategy Strategy and approach remain durable and grounded in customers’ needs. Serving more customers and more customers’ needs Disrupting the low-end, penetrating the mid-market, broadenin
Slide 105: Execution of our strategy driving durable long-term growth trajectory
Execution of our strategy driving durable long-term growth trajectory for the small business ecosystem REVENUE GROWTH DRIVERS GROWTH DRIVERS MULTIYEAR RANGE LONG-TERM Online paying customers 10%–20% EXPECTATION SMALL BUSINESS & 15%–20% Online paying ARPC 10%–20% ANNUAL REVENUE GROWTH SELF-EMPLOYED G
Slide 106: Mark Notarainni
Mark Notarainni
Slide 107: Powering Prosperity Around the World
MISSION Powering Prosperity Around the World 107
Slide 108: What matters most to our customers
What matters most to our customers Consumer Problems Small Business & Self-Employed Problems NEED RANK NEED RANK Make ends meet 1 Get customers 1 Get paid 2 Maximize tax refund 2 Get capital 3 Save more 3 Pay workers 4 Pay off debt 4 Access advice 5 Know where I stand 5 Be compliant and organized 6
Slide 109: Solid historical financial performance
Solid historical financial performance TurboTax Live is a key driving force behind recent and future expected revenue and ARPR growth REVENUE AVERAGE REVENUE PER RETURN Consumer Group TurboTax Live $4.1B Revenue Total ARPR TurboTax Online DIY Paying ARPR Desktop; Retail & Other JULY ‘06 JULY ‘23 10%
Slide 110: Industry and TurboTax outcomes
Industry and TurboTax outcomes Industry, customer, and share CAGRs have normalized over the past four years 10-YEAR US TAX INDUSTRY TRENDS TURBOTAX SCORECARD 10-YR Individual Returns (M) CAGR 164 163 TOTAL IRS 160 160 1.0% 149 151 150 153 154 4 YEAR LAST 145 148 CAGR SEASON 87 87 IRS Returns1 ~1% ~(
Slide 111: Focused on Assisted & Business Tax
Focused on Assisted & Business Tax TAM remains massive at 171M filers and $35B of revenue in the US FILERS (171M) REVENUE ($35B) 87 $21.4 Opportunities TAM • Assisted and Business Tax represent a 73 TurboTax filers / revenue combined $31B opportunity where TurboTax has nearly zero penetration. • 12M
Slide 112: TurboTax Online US acquisition funnel
TurboTax Online US acquisition funnel Opportunities to address low-hanging fruit and accelerate penetration of assisted category FY23 YoY 4-Year CAGR Observations and opportunities Expecting return to normal industry TOTAL IRS RETURNS1 160M ~(2%) ~1% growth over time. Drive trial of prior year assis
Slide 113: FY23 season learnings informing our strategy
FY23 season learnings informing our strategy Accelerating customer and revenue growth through innovation and TAM expansion SPEED MATTERS FULL SERVICE BUSINESS TAX BETTER TOGETHER 11 mins 84 PRS 36% 6X median prep time (product recommendation of customers expressing growth of Credit Karma for AI-driv
Slide 114: TurboTax vision: Money, Confidence, Ease
TURBOTAX VISION MONEY CONFIDENCE EASE 114
Slide 115: Next Generation of TurboTax Live
Next Generation of TurboTax Live The best version of TurboTax with Intuit Assist and Live Experts at its core Opportunity 99M households visit TurboTax each year, many of them Assisted customers 67% of TurboTax defectors citing lack of confidence go to Assisted 71% of Assisted filers still unaware o
Slide 116: Consumer and Business Tax Full Service
Consumer and Business Tax Full Service Superior service delivered virtually & locally, for any tax complexity including business taxes, in as little as 1 hour Opportunity $31B TAM for assisted personal and business taxes 80%+ of US filers live within a 10 mile radius of a TurboTax expert 12M churn a
Slide 117: Better Together: Credit Karma & TurboTax
Better Together: Credit Karma & TurboTax Tax prep for all Credit Karma members leveraging combined data to eliminate the burden of tax prep Opportunity <1% penetration of driving Credit Karma members new to TurboTax 40M+ TAM of Credit Karma active members to drive to TurboTax Proof Points 39 pts hig
Slide 118: Expected to create meaningful long-term acceleration: avenues for monetization
Expected to create meaningful long-term acceleration 1 Increased new customer growth and breakthrough adoption of services • 45M households visit TurboTax but do not actually log in to start taxes - Intuit Assist will help customers know that TurboTax can handle their situation, quickly get them int
Slide 119: Key takeaways
Key takeaways We will disrupt Assisted through impactful execution, combining AI + expertise to accelerate growth Durable strategy for long-term success Uniquely positioned with combined power of rich data, Intuit Assist experiences, and our vast network of tax experts at scale. Massive opportunity
Slide 120: Focus remains total share and revenue per return growth
Focus remains total share and revenue per return growth REVENUE GROWTH DRIVERS 1 PT OF GROWTH MULTI-YEAR GROWTH DRIVERS YIELDS REVENUE OF REVENUE GROWTH LONG-TERM 8%–12% IRS returns ~1% 0–2% Total TurboTax ~3.5% 2–4% EXPECTATION share of IRS CONSUMER GROUP ANNUAL REVENUE GROWTH Revenue per return ~1
Slide 121: Kenneth Lin
Kenneth Lin
Slide 122: Usage of Credit Karma remained strong in FY23
Usage of Credit Karma remained strong in FY23, with 3-year revenue CAGR of Members’ usage of Credit Karma 25%, in line with long-term expectations remains strong as they leverage the platform during moments of economic uncertainty. We saw FY20 FY21 FY22 FY23 record-high usage frequency in FY23. Memb
Slide 123: We have grown several new innovations that drive differentiation
We have grown several new innovations Karma Guarantee: The Karma that drive differentiation Guarantee program now comprises 28% of all credit card conversions.4 56% of all members FY23 YoY are eligible for at least one Karma Innovation Launch Financial product increase in revenue Guarantee offer. Cr
Slide 124: Our members face real financial problems
Our members face real financial problems Many Americans function with a poor working knowledge of common financial situations1 Living and emergencies Inflation and wages Money and mental health 70% Americans report feeling 68% Americans are saving less 71% Americans worry about anxious about their f
Slide 125: Credit Karma vision
Credit Karma vision Through member insights and data, be a comprehensive, self-driving financial platform that propels our members forward wherever they are on their financial journey. So our members can: • Understand their financial picture • Make smart financial decisions • Stick to their financia
Slide 126: Innovation, data at scale, and AI create differentiated capabilities
Innovation, data at scale, and AI create differentiated capabilities 136M members in the US, UK, and Canada SCALE Together with the rest of Intuit, 20B transactions imported from financial institutions annually TRUST AND 86 customer satisfaction score1 ENGAGEMENT 42M monthly active users with an ave
Slide 127: Credit Karma data ecosystem creates differentiation
Credit Karma data ecosystem creates differentiation Credit Karma utilizes the same kinds of data that financial institutions use for underwriting and more, allowing members to compare products and pricing with low friction and Financial Marketplaces, high –– certainty. Lightbox, and Credit Karma Mon
Slide 128: Credit Karma is a strong partner for financial institutions and lending partners
Credit Karma is a strong partner for financial institutions and lending partners SCALE QUALITY AND EFFICIENCY PRODUCT INNOVATIONS Our large member base of 136M ~2x the average approval rate for Tools such as MyCards, MyLoans, members and 42M monthly members who apply for credit cards Vehicle Hub, an
Slide 129: Our pillars for continued product innovation and growth
Our pillars for continued product innovation and growth ENGAGEMENT INTUIT ASSIST PRIME LIGHTBOX BETTER TOGETHER Focus on Drive breakthrough Lead growth with Increase innovation TurboTax and engagement and generative AI prime members and adoption of Credit Karma driving adoption capabilities Lightbox
Slide 130: Focus on engagement and driving adoption
Focus on engagement and driving adoption Reinvent the Credit Karma app to serve as a financial assistant Extending beyond credit score monitoring to provide assistance based on a more comprehensive financial picture We have re-oriented the app to provide visibility into a more holistic … and home eq
Slide 131: Drive breakthrough GenAI capabilities
Drive breakthrough GenAI capabilities Launch Intuit Assist across the Credit Karma ecosystem Leverage Intuit Assist to better solve our members’ financial problems With Intuit Assist, Credit Karma has an opportunity to solve member financial needs by creating an always-on, digital financial assistan
Slide 132: Lead growth with prime members
Lead growth with prime members Increase adoption with our prime members, where we have room to grow Expanding into prime Prime represents a major opportunity with more room to grow: Only 15% of all new loan originations from Credit Karma members are from those with a credit New marketplace score of
Slide 133: Lightbox unlocks value for members, partners, and Credit Karma
Lightbox unlocks value for members, partners, and Credit Karma Why and how Benefits CUSTOMER PROBLEM: Consumers suffer from a lack of MEMBERS receive sets of personalized recommendations for certainty, transparency, and simplicity in financial services, products from a variety of providers, with tra
Slide 134: Increase innovation and adoption of Lightbox
Increase innovation and adoption of Lightbox A true differentiator for Credit Karma, Lightbox powers certainty on the platform Expand Lightbox penetration with our existing partners and verticals Lightbox is Credit Karma’s proprietary technology that allows lenders to deploy their underwriting crite
Slide 135: Better Together
Better Together We are creating one consumer destination that combines all facets of personal finance and tax together We are focused on solving our members’ Which our single platform can address biggest problems • Make ends meet Our members choose Credit Karma to solve • Maximize their tax refund t
Slide 136: Credit Karma offers differentiated capabilities that can help grow TurboTax
Credit Karma offers differentiated capabilities that can help grow TurboTax Credit Karma is an additive channel to grow the TurboTax business Credit Karma has a sizable base of 40M+ monthly active members with strong engagement to provide tax Scale of member base offerings. TurboTax has significant
Slide 137: Credit Karma and TurboTax accelerate each other
Credit Karma and TurboTax accelerate each other Credit Karma helps TurboTax acquire new filers, and TurboTax helps grow the Credit Karma business Credit Karma helps members TurboTax helps grow estimate their taxes and file Credit Karma Money and the through TurboTax Credit Karma member base In FY23,
Slide 138: Large TAM with significant potential to grow penetration
Large TAM with significant potential to grow penetration We are a platform where members can There is significant opportunity to increase penetration get new financial products, manage their within our existing addressable market: money, and do their taxes, all in one place Increase share of existin
Slide 139: Key takeaways
Key takeaways We continue to innovate to best solve our members’ financial problems and have a strong trajectory for future growth Innovation in new areas has driven strong growth Karma Guarantee, Karma Drive, Credit Karma Money, and TurboTax integration have all shown impressive growth, and are sti
Slide 140: Vision, strategy, and execution create a path to robust, long-term growth
Vision, strategy, and execution create a path to robust, long-term growth REVENUE GROWTH DRIVERS GROWTH DRIVERS MULTIYEAR RANGE Members 4%–6% Average monthly active users (MAU) 6%–8% LONG-TERM EXPECTATION 20%–25% CREDIT KARMA ANNUAL REVENUE GROWTH Average revenue per MAU Driven by growth in visit 10
Slide 141: Sandeep Aujla
Sandeep Aujla
Slide 142: Our financial principles remain enduring
Our financial principles remain enduring Grow organic revenue double digits • Customer growth fueled by delivery of customer benefits • Grow average revenue per customer Operating income dollars grow faster than revenue • Revenue grows faster than expense • Acceptable LTV/CAC and payback period as w
Slide 143: Large opportunity and meaningful runway across our $312B TAM
Large opportunity and meaningful runway across our $312B TAM 5% penetration PTG: CG: $37B TAM $2B TAM CK: $85B TAM SBSEG: $188B TAM TAM Intuit revenue ($ in billions) Consumer Tax: Business Accountant Consumer Consumer Payments Marketing Accounting/ Capital Accounting/ Payroll Commerce Banking DIY a
Slide 144: Robust platform lays foundation for continued growth & customer benefit
Robust platform lays foundation for continued growth & customer benefit • 100M customers spanning small businesses and consumers. • 500K attributes per SMB and 60K attributes per consumer informing billions of AI/ML predictions daily. • $2T+ invoices managed on platform annually, and visibility into
Slide 145: Platform expansion driving total Intuit revenue growth
Platform expansion driving total Intuit revenue growth $14.4B • Combined platform revenue including Small Business and Self-Employed Group Online Ecosystem, TurboTax Online, and 77% Credit Karma, grew 14% to $11B in FY23. Platform Revenue • Combined platform revenue grew to 77% $6.0B of total revenu
Slide 146: Delivered strong FY23 results overall vs. our FY23 objectives
Delivered strong FY23 results overall vs. our FY23 objectives LAST YEAR’S OBJECTIVES FY23 OUTCOMES • Double-digit revenue growth 13% Intuit revenue growth 14% Combined platform revenue growth • Fast-growing platform company 22% GAAP operating income growth • Disciplined investments yield operating i
Slide 147: Momentum across businesses despite challenging macro
Momentum across businesses despite challenging macro gives us confidence in growth trajectory ahead Small Small Business Business & & Self-Employed Self-Employed Consumer Group Credit Karma • Customer and ARPC growth driving durable • Progress transforming the assisted segment • Member usage remains
Slide 148: Monetization to improve across all offerings over time
Monetization to improve across all offerings over time FY20 FY21 FY22 FY23 FY24–FY26 ARPC ARPC ARPC ARPC EXPECTED TRAJECTORY INCREASE: Maturing base, online services, new product innovation (e.g., QB Live QuickBooks Online $432 $488 $604 $699 & QBO Advanced), Intuit Assist driving breakthrough adopt
Slide 149: Expected to create meaningful long-term acceleration: avenues for monetization
Expected to create meaningful long-term acceleration 1 Increased new customer growth and breakthrough adoption of services • In Small Business and Self-Employed, Intuit Assist’s tailored and actionable insights will help customers discover relevant offerings and ecosystem services across the platfor
Slide 150: 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 FY23 % GAAP BASIS, UNLESS NOTED OTHERWISE OF REVENUE LONG-TERM EXPECTATION Revenue 100 Double-digit growth driven by customers and ARPC Gross margin
Slide 151: Prioritizing investments in Big Bets to scale our platform
Prioritizing investments in Big Bets to scale our platform Investing to drive customer, revenue and operating income growth Investing in highest-yielding opportunities Prioritizing investments in Big Bets • Being deliberate about investments in the short term to 1 Revolutionize speed to benefit deli
Slide 152: Our platform evolution drives margin expansion over time
Our platform evolution drives margin expansion over time Leveraging key services and capabilities across our businesses as one integrated platform TECHNOLOGY CUSTOMER SUCCESS GO-TO-MARKET Accelerating pace of innovation by Scaling a common customer Scaling effective customer leveraging shared platfo
Slide 153: Track record of disciplined capital allocation and shareholder returns
Track record of disciplined capital allocation and shareholder returns M&A $8.5B A healthy mix of capital uses Repay debt • Investing in organic growth drivers (R&D, CapEx infrastructure, sales & marketing) $6.2B Dividends • Use acquisitions to accelerate speed and Share repurchases velocity, growth
Slide 154: Share repurchase guided by clear principles
Share repurchase guided by clear principles Our intent is to be in the market each quarter, guided by these principles TARGET AT A MINIMUM Share repurchase is We limit repurchase amounts to: We expect share repurchases to offset used to return cash to • Cash in excess of liquidity needs dilution fro
Slide 155: Intuit Operating System is our competitive advantage
Intuit Operating System is our competitive advantage 6-Year Plan (December) One Intuit 3-Year Plan Forum (May) (8x Year) Intuit Leadership Org & Talent Review Intuit Conference (Yearly) (Quarterly) Operating State of the Company (Quarterly) System CEO Staff (Monthly) Big Bet Business and Review Ecos
Slide 156: Our robust platform and data give us unique visibility into leading indicators
Our robust platform and data give us unique visibility into leading indicators, allowing us to proactively be nimble Do the right thing for customers A proven playbook for Give customers access to the tools and offerings they need most especially during challenging times to manage and grow their bus
Slide 157: FY24 guidance: Double-digit revenue growth
FY24 guidance: Double-digit revenue growth GUIDANCE FY24 GROWTH TOTAL REVENUE $15,890–$16,105 11%–12% Small Business & Self-Employed $9,305–$9,385 16%–17% Consumer $4,415–$4,455 7%–8% Credit Karma $1,590–$1,680 (3%)–3% ProTax $580–$585 3%–4% (In millions) 157
Slide 158: FY24 guidance: Strong operating income growth
FY24 guidance: Strong operating income growth GUIDANCE FY24 GROWTH GAAP operating income $3,615–$3,720 15%–18% Non-GAAP operating income $6,155–$6,260 12%–14% GAAP diluted EPS $9.37–$9.67 11%–15% Non-GAAP diluted EPS $16.17–$16.47 12%–14% Dividend per share $3.60 15% (In millions, except EPS and div
Slide 159: We remain confident in our long-term expectations for annual revenue growth
We remain confident in our long-term expectations for annual revenue growth SMALL BUSINESS & SELF-EMPLOYED CONSUMER CREDIT KARMA 1 PT OF MULTIYEAR GROWTH YIELDS MULTIYEAR MULTIYEAR REVENUE GROWTH DRIVERS RANGE REVENUE GROWTH DRIVERS REVENUE OF RANGE REVENUE GROWTH DRIVERS RANGE IRS returns ~1% 0–2%
Slide 160: Clear financial objectives going into FY24
Clear financial objectives going into FY24 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 fast
Slide 161: Q&A
Q&A
Slide 162: Appendix
Appendix
Slide 163: 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 164: 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 165: 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 Fiscal Fiscal 2023 2022 2018 GAAP operating income $ 3,141 $ 2,571 $ 1,560 Amortization of acquired technology 163 140 15 Amortization of other acquired intangible assets
Slide 166: Table 2: Reconciliation of forward-looking guidance for non-GAAP financial measures
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) Forward-Looking Guidance GAAP Non-GAAP Range of Estimate Range of Estimate From To Adjmts From To Twelve Mon
Slide 167: Table 3: Calculation of free cash flow
Table 3: Calculation of free cash flow Fiscal Fiscal Fiscal Fiscal 2023 2022 2021 2020 Net cash provided by operating activities $ 5,046 $ 3,889 $ 3,250 $ 2,414 Less capital expenditures: Purchases of property and equipment (210) (157) (53) (59) Capitalization of internal use software (50) (72) (72)
Slide 168: Cautions about forward-looking statements
Language below to be updated. 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