MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced today that Credit Karma members and QuickBooks Online customers can prepare and file their 2023 taxes through TurboTax within the Credit Karma and QuickBooks Online product experiences. Combining Intuit’s AI-platform capabilities and the tax knowledge engine powering TurboTax with a filer’s personal and financial data alre ...

-Oxford- In May, I thought that Intuit (NASDAQ:INTU) was a solid company, but that it looked fairly valued. I followed that up in July, saying the company’s early foray into AI could help it gain investor attention, but that it was trading at levels above its big software peers. With the stock up about 45% since my initial write-up, let's catch-up on the name. Company Profile As a refresher, INTU provides financial management and compliance software for both small businesses and consumers. Its Small Bus ...

Summary of Intuit Inc. (NASDAQ:INTU) Nasdaq 49th Investor Conference Company Overview - **Company**: Intuit Inc. (NASDAQ:INTU) - **Industry**: Financial Management Software - **Conference Date**: December 5, 2023 Key Points Industry and Market Context - Intuit serves consumers and small businesses, focusing on financial management to power their prosperity [2][3] - The total addressable market (TAM) is estimated at **$300 billion**, with a current penetration rate of only **5%** [2][6] - The company aims to create a "future of done for you" service, integrating data and AI to assist small businesses [2][3] AI and Technology Integration - Intuit has invested heavily in data and AI over the past decade, with a specific focus on generative AI in the last two and a half years [3][4] - Generative AI is being used to automate marketing campaigns for small businesses, significantly improving their success rates [3][4] - The integration of QuickBooks and MailChimp allows for better cash flow management and customer engagement [4][6] Growth Strategies - Intuit's growth strategy includes three main levers: 1. **New Customer Growth**: Simplifying the transition from manual methods to digital solutions [6][8] 2. **Breakthrough Adoption**: Enhancing service penetration among existing customers [6][8] 3. **Connection to Live Expertise**: Offering access to human experts through AI-driven platforms [6][8] Consumer Tax Business Insights - The consumer tax segment has seen significant growth, with a long-term growth range of **8% to 12%** expected [12][18] - The behavior of tax filers has shifted post-pandemic, with increased procrastination leading to later filings [10][12] - Intuit aims to disrupt the assisted tax preparation market, which is a **$30 billion** TAM, primarily dominated by local professionals [13][14] Small Business Segment - The small business segment has a TAM of **$200 billion**, with a projected growth rate of **15% to 20%** [20][21] - Intuit's platform integrates various services, including payments, payroll, and marketing, to enhance customer experience and drive revenue per customer (ARPC) [21][24] - The company is focusing on mid-market customers (10 to 100 employees) to capture a larger share of the market [21][27] Competitive Landscape - Intuit competes primarily with local mom-and-pop shops in the assisted tax preparation market, leveraging its data and AI capabilities to offer superior services [14][19] - The biggest competitor for Intuit in the small business sector is non-consumption, as many businesses still rely on manual methods [27][28] Conclusion - Intuit is well-positioned to capitalize on the growing demand for digital financial management solutions, leveraging AI and a comprehensive service platform to enhance customer success and drive growth in both consumer tax and small business segments [24][28]

Financial Data and Key Metrics Changes - Total revenue grew 15% year-over-year, reaching $3 billion, driven by Small Business and Self-Employed Group revenue growth of 18% and Consumer Group revenue growth of 25% [8][49] - GAAP operating income was $307 million compared to $76 million last year, while non-GAAP operating income increased 45% to $960 million from $662 million [49] - GAAP diluted earnings per share rose to $0.85 from $0.14 a year ago, and non-GAAP diluted earnings per share increased 49% to $2.47 from $1.66 [49] Business Line Data and Key Metrics Changes - Small Business and Self-Employed Group revenue grew 18%, with the online ecosystem growing 20% [23] - QuickBooks Online accounting revenue increased 19%, driven by customer growth and higher effective prices [50] - Consumer Group revenue was $187 million, growing 25%, while ProTax revenue was $42 million, growing 24% [52] Market Data and Key Metrics Changes - Total international online ecosystem revenue grew 16% on a constant currency basis [24] - Total online payment volume growth was strong at 21% [16] - Credit Karma revenue was $405 million, down 5% year-over-year, attributed to conservative credit extension by partners [25] Company Strategy and Development Direction - The company is focused on becoming an AI-driven expert platform, emphasizing the integration of data and AI across its offerings [9][21] - The five big bets include revolutionizing speed to benefit, connecting people to experts, unlocking smart money decisions, being the center of small business growth, and disrupting the small business mid-market [16] - The strategy includes enhancing customer engagement through Intuit Assist, which aims to provide personalized financial assistance [15][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of small businesses on their platform, noting that those using their services have a higher success rate [42][62] - The company is committed to navigating macroeconomic uncertainties while focusing on long-term growth and innovation [27][49] - Management reiterated full-year guidance for fiscal 2024, expecting total company revenue growth of 11% to 12% [54] Other Important Information - The company launched Intuit for Education, a financial literacy program aimed at Gen Z and Gen Alpha students [47] - A quarterly dividend of $0.90 per share was approved, representing a 15% increase compared to last year [53] Q&A Session All Questions and Answers Question: AI strategy and learning across segments - Management highlighted that best practices are shared daily across teams, enhancing innovation and progress [32] Question: Strength in Mailchimp and operating margins - The strength in Mailchimp is attributed to execution rather than macro tailwinds, and operating margins were influenced by expenses moving to later quarters [37][38] Question: Health of small businesses - Small businesses are resilient, with varying performance across sectors, and overall cash reserves are strong compared to pre-pandemic levels [42][62] Question: QuickBooks Online growth deceleration - Management noted that the deceleration was primarily due to a larger price increase last year and emphasized strong retention and acquisition [65] Question: Credit Karma trends - Management indicated that the quarter's performance was in line with expectations, with no significant linearity observed [66][88] Question: Price testing for Intuit Assist - Insights from testing indicate the importance of embedded benefits, leading to considerations for monetization strategies [70] Question: TurboTax performance and new initiatives - The strength in TurboTax was driven by an increase in filers and successful product innovations, particularly in TurboTax Live [73] Question: Mailchimp's performance in different markets - Management is focusing on both US and international markets, with significant progress in localization and pricing strategies [78] Question: Bill Pay ramp-up - Bill Pay is now generally available, with strong adoption among mid-market customers, and future enhancements are planned [97]

Financial Performance - Total net revenue for the three months ended October 31, 2023, was $2,978 million, a 14.7% increase from $2,597 million in the same period of 2022[11]. - Service revenue increased to $2,450 million, up 13.7% from $2,155 million year-over-year[11]. - Operating income rose significantly to $307 million, compared to $76 million in the prior year, reflecting a 303.9% increase[11]. - Net income for the quarter was $241 million, a substantial increase from $40 million in the same quarter of 2022, representing a 502.5% growth[11]. - Basic net income per share increased to $0.86, compared to $0.14 in the same period last year[11]. - Total segment operating income rose to $1,679 million, compared to $1,342 million in the same quarter of 2022, marking a 25.1% increase[137]. - Small Business & Self-Employed segment revenue reached $2,344 million, up 17.9% from $1,988 million in the prior year[137]. - QuickBooks Online Accounting revenue increased to $798 million, a 19.5% rise from $668 million in the previous year[137]. - Net income for the first quarter of fiscal 2024 increased by $201 million, or 503%, to $241 million, with diluted net income per share rising to $0.85 from $0.14[162]. Assets and Liabilities - Total current assets as of October 31, 2023, were $6,231 million, up from $5,557 million at the end of July 2023[15]. - Total assets increased to $28,488 million from $27,780 million in the previous quarter[15]. - Total liabilities rose to $11,496 million, compared to $10,511 million as of July 31, 2023[15]. - Cash and cash equivalents totaled $1.734 billion as of October 31, 2023, compared to $2.848 billion as of July 31, 2023, indicating a decrease of 39.2%[55]. - The carrying value of long-term investments on the balance sheet was $107 million as of October 31, 2023, up from $105 million as of July 31, 2023[51]. - The total funds receivable and amounts held for customers increased to $2,525 million as of October 31, 2023, compared to $420 million as of July 31, 2023[63]. Cash Flow and Investments - Total cash, cash equivalents, restricted cash, and restricted cash equivalents at the end of the period was $3.797 billion, up from $2.140 billion at the end of the same period last year, indicating a year-over-year increase of 77.4%[19]. - The company reported a net cash used in operating activities of $97 million for Q1 2024, a decrease from $328 million net cash provided in Q1 2023[18]. - The company experienced a net cash provided by investing activities of $210 million in Q1 2024, contrasting with a net cash used of $256 million in Q1 2023[18]. - The company repurchased $584 million in treasury stock during the quarter, compared to $510 million in the same quarter last year, marking an increase of 14.5%[18]. Revenue Recognition - Revenue recognized from deferred revenue during the three months ended October 31, 2023, was $638 million, up from $535 million in the same period of 2022, reflecting a growth of 19.3%[38]. - Total net revenue for the first quarter of fiscal 2024 increased by $381 million, or 15%, to $2.978 billion compared to the same quarter of fiscal 2023[160]. - Online Ecosystem revenue grew by 20% in the first quarter of fiscal 2024, with QuickBooks Online Accounting revenue increasing by 19%[172]. Shareholder Returns - Dividends declared were $0.90 per share, totaling $261 million for the quarter, compared to $0.78 per share and $225 million in the same quarter last year[18]. - During the three months ended October 31, 2023, the company repurchased 1.2 million shares for $603 million, with an additional $2.3 billion authorized for future repurchases[108]. Strategic Initiatives - The company expects to continue investing significantly in product development and marketing to drive future growth[9]. - Intuit is focusing on five strategic priorities, including the application of AI to enhance customer experiences and the development of an open platform for partnerships[148][149]. - The company is investing in security measures and has received ISO 27001 certification for part of its systems to combat increasing fraudulent activities[155]. Tax and Compliance - The effective tax rate for the three months ended October 31, 2023, was approximately 9%, with an effective rate of 24% excluding discrete tax items[102]. - Intuit recognized excess tax benefits on share-based compensation of $28 million for the three months ended October 31, 2023[101]. - The company has not recognized any material changes to its unrecognized tax benefits during the three months ended October 31, 2023, and does not expect significant fluctuations in the next 12 months[106]. Market and Customer Base - No customer accounted for 10% or more of total net revenue in the three months ended October 31, 2023, indicating a diversified customer base[40]. - Total international net revenue accounted for approximately 10% of consolidated net revenue for both the three months ended October 31, 2023, and 2022[132].

Intuit Inc. (NASDAQ:INTU) Goldman Sachs Communacopia & Technology Conference Call September 6, 2023 6:45 PM ET Company Participants Sandeep Aujla - Chief Financial Officer Conference Call Participants Kash Rangan - Goldman Sachs Kash Rangan Wow. I settled into my seat. Thank you so much, everybody, for your patience, as we get this Intuit session going. A real delight to welcome back home, Sandeep Aujla, former Goldman alumni. I take it. Sandeep Aujla Thanks for having me back. Kash Rangan Yes. Sandeep Aujl ...

Intuit Inc. (NASDAQ:INTU) Citi's 2023 Global Technology Conference September 6, 2023 3:15 PM ET Company Participants Mark Notarainni - Head of the Consumer Group Conference Call Participants Steven Enders - Citi Steven Enders Well, okay. Awesome! Thanks everybody for joining us this afternoon. I’m Steven Enders part of the Software Research Team here at Citi. I want to welcome everybody to Day One of our Tech Conference today. Here in the session, we have the newly promoted, Head of the Consumer Group, Ma ...

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See defi ...

Intuit Inc. (NASDAQ:INTU) Q4 2023 Earnings Call Transcript August 24, 2023 4:30 PM ET Company Participants Kim Watkins - VP of IR Sasan Goodarzi - CEO Sandeep Aujla - CFO Conference Call Participants Keith Weiss - Morgan Stanley Siti Panigrahi - Mizuho Brent Thill - Jefferies Michael Turrin - Wells Fargo Taylor McGinnis - UBS Kash Rangan - Goldman Sachs Brad Reback - Stifel Kartik Mehta - Northcoast Research Kirk Materne - Evercore ISI Nick Giovacchini - Deutsche Bank Alex Zukin - Wolfe Research Brad Sills ...

Intuit Inc. (NASDAQ:INTU) BofA Securities 2023 Global Technology Conference Call June 6, 2023 1:00 PM ET Company Participants Kenneth Lin - Founder and Chief Executive Officer, Intuit Credit Karma Conference Call Participants Bradley Sills - Bank of America Securities Bradley Sills Great. Welcome everybody. Delighted to be welcoming Intuit to the conference here. This year, we're very fortunate to have Ken Lin here, CEO and Founder of Credit Karma. I've got some questions that we'll kind of go through and w ...