Intuit Inc at Nasdaq Investor Conference Transcript

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

Question: Joe Gallo - - Analyst : I think most people probably know you guys do, but since it is a room of generalists, maybe just give a very brief description of the business the you've built?

Question: Joe Gallo - - Analyst : Awesome. Thank you. That's helpful overview on we were talking about in the session before you, but it's certainly been a volatile earnings season, right? Where most people are open to survive and thrive like there's definitely confusion around the earnings brands, maybe just talk through the top two or three things that investors should be focused on or you think people are missing? 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 11, 2024 / 9:00AM, INTU.OQ - Intuit Inc at Nasdaq Investor Conference

Question: Joe Gallo - - Analyst : You've taken a lot of share in assisted tax on the TurboTax Live units were up 12%. I think full-service customers doubled year over year on, I think you've noted less than optimal conversions on inbound traffic. How confident are you that you can kind of rejuvenate that or improve that going into next tax season?

Question: Joe Gallo - - Analyst : And then maybe just taking those three factors, which are all make a ton of sense on how does that materialize into TurboTax, growth revenue growth, especially given the TAM. I think it's $21 billion is massive but how should we think about the financial impacts of that?

Question: Joe Gallo - - Analyst : I think this was the 1st year you had small business tax on any learnings. What's been the biggest feedback. So far? And then when can that be a material contributor to your business?

Question: Joe Gallo - - Analyst : Makes sense. Maybe just staying on the small business segments on we talked about macro in the session before and SMB remains really weak. I mean, how would you describe the relative health of your new small and midsize business customers? And then is there any difference in US versus rest of world that you're seeing as well.

Question: Joe Gallo - - Analyst : And so you think you have you've obviously shown tremendous execution. I mean, your 18% growth in that small, midsize business on outperforms all of my coverage is how do you think about the visibility and the resilience going forward? Are all the factors that you talk to still applicable as we move into next year and beyond.

Question: Joe Gallo - - Analyst : In that execution mindshare dominance is abundantly evident in the United States. How do we think about driving that mindshare and just larger share internationally as well? 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 11, 2024 / 9:00AM, INTU.OQ - Intuit Inc at Nasdaq Investor Conference

Question: Joe Gallo - - Analyst : That makes sense. And since you brought up Mailchimp. I mean, one of the early results been with cross that with QuickBooks?

Question: Joe Gallo - - Analyst : That response is perfect. And it leads me right into the mid-market. How do you think about into its ability to serve the mid-market, both from a

Question: Joe Gallo - - Analyst : You mentioned some of your competitors. You guys have always been disruptive on pricing but how do we think about your differentiation more broadly versus some of those?

Question: Joe Gallo - - Analyst : It makes sense. And so I've made it almost 20 minutes without asking about AI, am proud of myself, but maybe--

Question: Joe Gallo - - Analyst : Maybe it depends on who you ask--so you guys are one of the few companies, I think in the near term, have a real opportunity to kind of infuse and benefit from AI. But maybe just holistically, how do you think about your AI strategy?

Question: Joe Gallo - - Analyst : So on a into AI is are there other tangible early proof points? I think you mentioned a few? 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 11, 2024 / 9:00AM, INTU.OQ - Intuit Inc at Nasdaq Investor Conference

Question: Joe Gallo - - Analyst : So we've spent most of today talking about execution and resilience drivers of the business. Maybe flipping to the profitability side, you know, margins that expand, I think 400 basis points from fiscal '20 to fiscal '24. How do we think about the cadence of future leverage and how should we think we're comfortable with the growth profile, but how do we think about margins as well?

Question: Joe Gallo - - Analyst : And then so GenAI is probably a net benefit to your margins. You would say or is it sometimes there's a heavy cost as well. So I'm just curious?

Question: Joe Gallo - - Analyst : Great to hear. Sandeep, really appreciate the time today. Thank you.