Intuit Inc at Bank of America Global Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Brad Sills - BofA Global Research (US) - Analyst : I'm Brad Sills. I cover large-cap software. And why don't we just get started. Mark, with just a little background on yourself. You've been with Intuit for quite some time. The company is known for developing talent organically and always a deep bench of executives. So I'd love to get a little bit about your background and your role now with Intuit. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 04, 2024 / 9:00PM, INTU.OQ - Intuit Inc at Bank of America Global Technology Conference

Question: Brad Sills - BofA Global Research (US) - Analyst : Wonderful. Well, you, I'm sure, have a great perspective on just the culture of Intuit. We often hear about how that's a strength of the company, the platform that has been built across consumer and small business. So maybe just if you want to elaborate a little bit on what it is that makes the culture so special at Intuit. And --

Question: Brad Sills - BofA Global Research (US) - Analyst : Wonderful. And you've been in the organization for quite some time. Yeah, you've seen a lot of the evolution of the tax platform. I think you we're on the team that was responsible for launching TurboTax Live, now TurboTax full-service. So maybe if you want to just provide a little bit of perspective on that effort. What was the kind of rationale? When did the company decide that Live was the next step for the TurboTax franchise and full service? And what was involved in pulling that platform together?

Question: Brad Sills - BofA Global Research (US) - Analyst : Wonderful. Before we get into the tax quarter that you just reported, while we're on the same topic, you did a great job outlining the platform and the evolution there and the rationale for launching offering. How is it different from a go-to-market standpoint? That's in traditional DIY, do it yourself category. How is assisted different? How are those filers into differently from the traditional DIY?

Question: Brad Sills - BofA Global Research (US) - Analyst : Wonderful. While we're on that topic, when you say that one of the advantages is having that local presence, can you give us a sense for how involved the CPA is in the assisted category? The question that I'm getting at is really what do the unit economics look like? And how can that get to what you are seeing in TurboTax Online and traditional software business?

Question: Brad Sills - BofA Global Research (US) - Analyst : Sure. Understood. Well, why don't we get to the tax quarter that you reported recently? How -- Do you have any highlights you want to point out here from the how the tax season unfolded, how the results, where you ended up through this -- through the tax season. Anything you'd like to highlight on the Q3 tax quarter?

Question: Brad Sills - BofA Global Research (US) - Analyst : Wonderful. I wonder if we could unpack the kind of core growth drivers in the business for consumer tax. IRS returns growth, your share of that revenue per return. Those are the three primary growth drivers of the business. Can you just maybe comment on how each of those unfolded through this tax season?

Question: Brad Sills - BofA Global Research (US) - Analyst : Wonderful. You had talked about some share losses at the low end as you're addressing the assisted category. Could you elaborate on that? Is this kind of a just a consequence of the fact that you're taking the franchise into this new category and it may be a little less focused in the down market business? Or is there some competitive dynamic that we should be thinking about? I would just love to get your perspective on that?

Question: Brad Sills - BofA Global Research (US) - Analyst : Wonderful. Why don't we shift to AI and Intuit Assist? Could you give us an understanding of kind of the underpinnings of that offerings? LLMs supporting it, the dataset supporting that, and where is the opportunity for AI in the consumer tax business? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 04, 2024 / 9:00PM, INTU.OQ - Intuit Inc at Bank of America Global Technology Conference

Question: Brad Sills - BofA Global Research (US) - Analyst : Wonderful. At the analyst day, you alluded to some Gen AI specific SKUs for TurboTax. I wonder if you could elaborate on that, how are you thinking about the value that you're providing here through those SKUs and pricing potential?

Question: Brad Sills - BofA Global Research (US) - Analyst : Wonderful. I think we do have a question here. Could we get a mic over so we can get the question asked. Or if you want to just state your question, shout it out. Unidentified Participant Question is on the conversion for AI, do you expect clients to pay a little more for that added feature? Or is it -- (inaudible) REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 04, 2024 / 9:00PM, INTU.OQ - Intuit Inc at Bank of America Global Technology Conference

Question: Brad Sills - BofA Global Research (US) - Analyst : Wonderful. Thank you. Why don't we shift to business tax, It's a newer opportunity that you're addressing here. So maybe if you want to outline for us what is the opportunity and the effort there?

Question: Brad Sills - BofA Global Research (US) - Analyst : Great. A lot of interesting new initiatives here for growth. Full service with assisted, AI, business tax. The company has reiterated their 8% to 12% long-term growth target for TurboTax, despite the fact that this year, you're tracking to the low end of that. So with all these new growth initiatives, what are the keys to getting towards the middle or high end of that range?

Question: Brad Sills - BofA Global Research (US) - Analyst : Wonderful. And were there any learnings on the go-to-market side this year? I think Sasan alluded to some promotion. You identified some areas that you can improve upon there. So maybe if you want to elaborate on just what you learned this year on the go to market and how that could affect the plan going forward.

Question: Brad Sills - BofA Global Research (US) - Analyst : Wonderful. Well, Mark, thank you so much for being here.

Question: Brad Sills - BofA Global Research (US) - Analyst : We had a great conversation. I appreciate it.