Intuit Inc at UBS Global Technology and AI Conference Transcript

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

Question: Taylor McGinnis - UBS AG - Analyst : Perfect. Lots and lots to talk about with Intuit. There's lots of exciting things going on. But I think most topical, at least as of late, amongst the investor conversations that we've had is the OpenAI partnership. Could you talk a little bit more about the structure of that partnership? How do OpenAI and Intuit both benefit in this? Is it as simple as Intuit

Question: Taylor McGinnis - UBS AG - Analyst : Perfect. Another big investor focus is what OpenAI and a lot of these model providers do next, right? There's one concern that do these (inaudible) providers start to create their own AI agent or AI solutions and start to push into the application layer? I think this partnership is very interesting. It begs the question on: Does OpenAI actually benefit more from partnering with the SaaS companies, as opposed to going head-to-head, potentially, in the future? I'd love to get your thoughts on that, number one. And then, number two, maybe you could talk about the scope of the $100 million multiyear investment with OpenAI. Is that just for frontier models? Does that include other AI solutions? Any color, I think, you get there would be helpful. 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 02, 2025 / 6:35PM, INTU.OQ - Intuit Inc at UBS Global Technology and AI Conference

Question: Taylor McGinnis - UBS AG - Analyst : Perfect. Let's dive a bit deeper into Intuit's own AI ambitions and goals it has set. Intuit has its own AI agent. Can you talk a little bit about how adoption is trending, maybe, compared to your initial expectations? If you were to guess, [where] do you think we get widespread (inaudible) production use, adoption, of these AI agents?

Question: Taylor McGinnis - UBS AG - Analyst : Perfect. The early usage trends sound really constructive and really positive. In terms of how that's translating to the P&L, any early indication that you're seeing this translate into additional upsell opportunities, direct monetization opportunities, increased retention? How are you seeing that evolve? Not that there are too many questions at you but you also introduced Intuit Accounting suite. Maybe you could just talk a little bit about that product and also, the monetization opportunity there.

Question: Taylor McGinnis - UBS AG - Analyst : Yes. Let's talk about that next growth curve because another top investor question that we get is Intuit put out ambitions to potentially get to 20% growth by 2030. How do you get there? Maybe you could just unpack some of the growth drivers that you're most excited about?

Question: Taylor McGinnis - UBS AG - Analyst : Perfect. Focusing in on the Global Business Solutions group, revenue growth last quarter was 18%, really strong and I think, stronger than what some of the investor expectations out there were. Part of that strength came from the accounting side. There was a nice acceleration there. I think some of that was due to price timing. When you look at some of the other businesses in online services, there was a little bit of a decel. Mailchimp, it sounds like it's still on this ramp to recovery. When we think about durability of that business, going forward, over the next couple of quarters, how would you characterize the potential for that? And then, also, too, what could be some of the drivers that could be catalyst, right, for growth durability, as we think about the remainder of the year?

Question: Taylor McGinnis - UBS AG - Analyst : Yeah. Knowing that mid-market is crucial for the strategy, let's talk a little bit about [IES]. Customer feedback that we picked up, initially -- I know you and I were talking about this earlier -- it's been pretty constructive. There's obviously a big opportunity for Intuit to be the consolidator across payments, money, and additional adjacencies. Are we at a point where IES is primetime, ready to go? Is it possible that we could see momentum pick up even more than what we've seen, to date? Are there any additional steps that Intuit needs to take to further unlock this growth opportunity?

Question: Taylor McGinnis - UBS AG - Analyst : Perfect. Moving to Mailchimp, that's been an area where growth has been a little flattish more recently. You still have ambitions to accelerate that to double-digit growth, exiting this year. I think, when we talk with some investors, I think there was a little bit of confusion in terms of what has been some of the headwinds related to growth. It sounded like maybe it was more downmarket. It sounds like the recovery, at least as of the last earnings call, might be a little bit more driven upmarket and some of the increased demand you guys are seeing there. Can you just unpack for us what has been some of the source of pressure that you've seen within that business? What's going to be the unlock to getting to double-digit growth, as we exit this year?

Question: Taylor McGinnis - UBS AG - Analyst : Perfect. Appreciate all that clarity. That was really helpful. Let's talk TurboTax. Last year, TurboTax Live, the assisted category, had a breakout year. I think the comment that you gave on the earnings call was you're the most bullish you've ever been on this upcoming tax season. Can you just unpack what's driving that optimism? As you look at last year, the 40%, 47%, more specifically, year-over-year growth that you saw in Live, I think a big investor question that we get is how sustainable could that be going into this year? Do you have enough incremental opportunities to continue to lift growth? What are your thoughts there, as well, too? 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 02, 2025 / 6:35PM, INTU.OQ - Intuit Inc at UBS Global Technology and AI Conference

Question: Taylor McGinnis - UBS AG - Analyst : Yeah. And so thinking about the DIY part of the business, how much of the assisted success that you saw last year was converting the DIY base into that assisted category? The reason I ask is because I think it helps frame opportunity, what you're chasing today, what that ultimately might evolve into to the extent that you could start to penetrate that assisted category more? One. That would be the first question. And then, the second question is, as you think about Intuit's ability to maintain its share within the DIY base, any new initiatives this year that you think would be meaningful to that, as well?

Question: Taylor McGinnis - UBS AG - Analyst : Perfect. You mentioned it briefly earlier but can you comment on how Credit Karma ties into all of this and how Credit Karma continues to benefit from your efforts on the tax side? But then, also, to -- zooming out more broadly -- it sounds like there has been great execution on the Credit Karma side. We've seen that in the numbers. You've seen that in the share gains that you guys have talked about on the earnings call. It sounds like there's still runway left to go there. Maybe you can unpack that a little bit more, too.

Question: Taylor McGinnis - UBS AG - Analyst : Perfect. As we wrap up 2025 and all investors in the audience are trying to think about 2026 -- I know Intuit gets great data, right, on overall SMB health. Sure, you're talking to customers constantly. What's the vibe out there? How are customers thinking about spend going into next year, relative to what we saw this past year? 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 02, 2025 / 6:35PM, INTU.OQ - Intuit Inc at UBS Global Technology and AI Conference

Question: Taylor McGinnis - UBS AG - Analyst : Perfect. Okay. Well, with that, we're up with time. So we'll leave it there. Thank you so much, Sasan. (inaudible) give you a round of applause. Thanks, everyone, for listening in.