Intuit Inc at Barclays Global Technology Conference Transcript

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

Question: Raimo Lenschow - Barclays Services Corp - Analyst : We had it enough, I don't know why. Can you talk a little bit about the thinking from the interim management team and how that has evolved in terms of like what AI means for you guys?

Question: Raimo Lenschow - Barclays Services Corp - Analyst : Yes. And then can you talk a little bit about the evolution or like the actions you guys have taken to be ready for that and then I'm thinking like there's like a harmonization of the technology, there's a data platform, et cetera. Like it sounds all very simple. It's like, yes. And reality is often kind of a bit tougher to --

Question: Raimo Lenschow - Barclays Services Corp - Analyst : And if you think about then the -- at least like I don't know if you had it, but like when ChatGPT came out with this horror scenarios, because ChatGPT can do your taxes, then I was like, okay, well, I don't need to do tax anymore, et cetera. Like talk a little bit about the journey that you kind of experience in the discussion internally, but like also like in terms of how you want to position yourselves?

Question: Raimo Lenschow - Barclays Services Corp - Analyst : Yes. I mean, did you see it in the change in the ecosystem as well. If I think about the tax consultants, et cetera, that they kind of come down as well? Or were they always like --

Question: Raimo Lenschow - Barclays Services Corp - Analyst : And then as part of that, like let's talk a little bit about TurboTax, we want to do assisted we're kind of moving in a way up market. There seems to be like a huge opportunity because there's still so many people that are kind of doing that. Like talk a little bit about the evolution of your capabilities and where you are on that journey.

Question: Raimo Lenschow - Barclays Services Corp - Analyst : What is the one of the messages that came from you guys for a long, long time on tax words that had too many dropouts. So people started it, they didn't get comfortable and then kind of dropped out went to the tax guys then afterwards. Like how is Gen AI in theory helping that it should be the ability to do a lot more handholding, interact with ChatGPT at the moment, it's like there's a lot of like handholding capabilities like, is that one of the factors that you kind of consider in terms of like changing that conversion rate?

Question: Raimo Lenschow - Barclays Services Corp - Analyst : Yes. And then where do you see that market in a way, ultimately play out, like is there a certain limit how much of a tax return you can do and at some point, it just gets too complex? Or is now like the ability there in theory, everything is just that inertia on the consumer side that is --

Question: Raimo Lenschow - Barclays Services Corp - Analyst : And assisted, yes. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 9:20PM, INTU.OQ - Intuit Inc at Barclays Global Technology Conference

Question: Raimo Lenschow - Barclays Services Corp - Analyst : Yes, yes. I mean -- and how do you think -- I'm kind of leading to that famous question from the Analyst Day of the long-term ambition of 20%. You're part of that, you're part of the organization. If you think about that, the -- like if you -- like doing more assisted drives growth, like you get more people in there and potentially at a higher price point. How do you think about that trajectory in terms of how you can kind of do that from a timing perspective, like is this kind of like a gradual uplift. Do you think like a little bit this year and then step changes because more and more people get comfortable. How do you think about that?

Question: Raimo Lenschow - Barclays Services Corp - Analyst : Talking a little bit about the different groups. So on our side, we're all focused on like, okay, we have a big assisted category, you guys move up market, more customers there that you can deal with that you never dealt with at the higher price point, thank you very much. But the low end is still kind of important because it's the younger generation often come like that, the top of the funnel. Talk a little bit about what you're seeing there in terms of trends?

Question: Raimo Lenschow - Barclays Services Corp - Analyst : And then what's the -- have you seen any change in terms of who you're kind of seeing there? You used to -- the classic H&R Block that was always there at TaxAct. Like do you see any changes in terms of someone new coming up? Or is there the world changing there?

Question: Raimo Lenschow - Barclays Services Corp - Analyst : Yes. Yes. Okay. Perfect. And then moving on a little bit, Credit Karma. It was more cyclical than we initially can afford. Now it looks like we're kind of coming out the other end, like can you talk a little bit about your learn -- when you start to own assets to kind of now your learnings and how that's kind of influencing what you want to do with it going forward?

Question: Raimo Lenschow - Barclays Services Corp - Analyst : And what can you do there on the on the product side or the offering side to kind of maybe remove some of the cyclicality. Remember, we kind of started with like 25% plus growth, then we went kind of -- then we went down. Now we're coming back up again. Like Is there anything to -- way to smooth it out? Or is that kind of something that we kind of need to appreciate it -- appreciate as a kind of what it is, yes.

Question: Raimo Lenschow - Barclays Services Corp - Analyst : Yes, yes. And then is there -- if you think about Credit Karma connects to TurboTax, if you think about it also go to the other side of QuickBooks like how was that connection -- is there -- yes.

Question: Raimo Lenschow - Barclays Services Corp - Analyst : Yes. Okay. Last few minutes I want to spend like as we're moving closer towards the tax season now, we're in December. Like you talked a little bit about making your onboarding easier. Like how do you think about the new tax season if you kind of plan it out? Like is it kind of what I learned last time around, I tried to change it, or like how does that process work for you?

Question: Raimo Lenschow - Barclays Services Corp - Analyst : What's the -- I mean, the counter argument for that is like you're rebuilding what was there before. Like what's different about this local versus --

Question: Raimo Lenschow - Barclays Services Corp - Analyst : Yes. Yes. That's kind of -- yes, after all these years, there's a new learning, yes. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 9:20PM, INTU.OQ - Intuit Inc at Barclays Global Technology Conference

Question: Raimo Lenschow - Barclays Services Corp - Analyst : Yes. No, okay, that's interesting. Then last question for me. So there is growth, and you kind of guide for that. There's also then the profitability envelope that you have to kind of achieve those things. Talk a little bit about that dynamic of growth versus margins that you have to live with.

Question: Raimo Lenschow - Barclays Services Corp - Analyst : Yes. Yes, yes. Okay. Perfect. I think that's a good closing statement, actually. Perfect. Thank you, Mark. Really enjoyed our conversation. Thank you.