Intuit : Third Quarter 2024 Conference Call Script

Intuit Inc.

Third-quarter Fiscal 2024

Conference Call Remarks

May 23, 2024

Introduction

Good afternoon and welcome to Intuit's third-quarter fiscal 2024 conference call. I'm here with Intuit's CEO, Sasan Goodarzi, and our CFO, Sandeep Aujla.

Before we start, I'd like to remind everyone that our remarks will include forward-looking statements. There are a number of factors that could cause Intuit's results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 2023 and our other SEC filings. All of those documents are available on the Investor Relations page of Intuit's website at intuit.com. We assume no obligation to update any forward- looking statement.

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Some of the numbers in these remarks are presented on a non-GAAP basis. We've reconciled the comparable GAAP and non-GAAP numbers in today's press release.

Unless otherwise noted, all growth rates refer to the current period versus the comparable prior-year period, and the business metrics and associated growth rates refer to worldwide business metrics.

A copy of our prepared remarks and supplemental financial information will be available on our website after this call ends.

With that, I'll turn the call over to Sasan.

Third-quarter Fiscal 2024 Overview

Thanks Kim, and thanks to all of you for joining us today.

We had a strong quarter with solid momentum across the company as we executed our strategy to be the global AI-driven expert platform powering prosperity for consumers and small businesses.

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Third quarter revenue grew 12 percent. Small Business and Self-Employed Group revenue grew 18 percent despite an uncertain macro environment, demonstrating the importance of our platform in fueling success for small businesses and our momentum serving the mid-market. Consumer Group revenue grew 9 percent, and Credit Karma revenue grew 8 percent, driven by the impact of innovation for members and the benefits of TurboTax and Credit Karma product integration. I'm proud of our performance, and the momentum we are seeing across the company.

Turning to tax. We continue to revolutionize how taxes get done for consumers and small businesses. Tax preparation represents a $35 billion TAM in the U.S. This includes $31 billion within the assisted consumer and business tax categories. We are well positioned to penetrate the assisted TAM by leveraging data, AI, and our Virtual Expert Platform. Let me share several proof points.

This season we made good progress against our multi-year strategy to transform the assisted experience for customers. TurboTax Live, our assisted offering - including our do-it-with-me and full service tax offerings

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for both consumers and businesses - is our largest durable growth opportunity. We expect TurboTax Live customers to grow 12 percent and revenue to grow 17 percent in fiscal 2024. TurboTax Live revenue is expected to be $1.4 billion, representing approximately 30 percent of total Consumer Group revenue growing at a significant scale. This gives us confidence that we can digitize a very manual, disaggregated, and high priced assisted category.

Now let me spend a few minutes going deeper in several areas.

First, TurboTax Live full service is resonating with consumers as we continue to innovate, making it simpler for customers to get their taxes done virtually. We expect TurboTax Live full service customers to double this fiscal year, with those new to TurboTax to triple. Our full service offering has a product recommendation score of 85, one of the highest at Intuit. Our learnings and insights from this season bolster our confidence in the continued opportunity we have to disrupt the assisted tax category.

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Second, we expect TurboTax to gain share with higher ARPR filers, as we strategically prioritized focusing on the assisted tax segment and higher value customers over the pay-nothing and lower ARPR segment.

Third, Intuit Assist, our GenAI powered financial assistant, played a big role in our TurboTax experience this year. With Intuit Assist, we are creating a future of "done for you," where the hard work is done "automagically" on behalf of our customers with a gateway to human expertise, fueling their financial success. More than 24 million customers used Intuit Assist to explain their refund, answer questions, and help deliver confidence that their return was completed accurately this year. This is data and GenAI working at scale, for both our customers and our AI powered experts helping customers virtually. I'm excited about what we are working on for next season to accelerate innovation and deliver even more customer benefits.

And fourth, we delivered solid results with the product integration across Credit Karma and TurboTax. We grew the number of customers that filed with TurboTax from the embedded Credit Karma experience by 76 percent,

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and tax refunds deposited in a Credit Karma Money account by 28 percent. We also delivered strong growth in Credit Karma Money revenue this quarter. This product integration also drove new members to Credit Karma, consistent with our goal of driving higher engagement and monetization for Credit Karma over time. Given these results, we see big opportunities ahead to deliver on our vision to help consumers make ends meet, maximize their tax refund, save more, pay off debt, and take steps to improve their financial health.

To significantly accelerate creating seamless, end-to-end consumer experiences that customers benefit from year-round, we are more closely aligning TurboTax and Credit Karma under Mark Notarainni, general manager of the Consumer Group, who will oversee both segments. I'm excited to share that Joe Kauffman, currently President of Credit Karma and part of the leadership team for the last 9 years, will be leading Credit Karma as of August 1, reporting to Mark. Additionally, Ken Lin will retire from Intuit around the end of this calendar year. I can't thank Ken enough for his friendship, leadership, and impact across Intuit.

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In summary, we made strong progress this tax season that sets us up for continued success in the future.

Now, let's take a look ahead. The era of AI is one of the most significant technology shifts of our lifetime. It is reinventing customer experiences, creating new monetization possibilities, and structurally changing how we work within Intuit to deliver for customers. We are very well positioned to take advantage of this era with our AI-driven expert platform strategy and five Big Bets that pursue the largest customer problems and growth drivers for Intuit. As part of our financial planning process, we have identified key areas within our Big Bets where we plan to accelerate investments to deliver greater impact. These include: Big Bet 1 - genAI to deliver "done- for-you" experiences with Intuit Assist; Big Bet 2 - go-to-market investments for TurboTax Live and QuickBooks Live, embedding AI powered experts across our small business offerings; Big Bet 4 - our money solutions, to digitize the experience end-to-end for consumers and small businesses, from estimate, to invoicing, to getting paid and paying bills; Big Bet 5 - doubling down on mid-market with additional investments in the platform

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and go-to-market motions; and finally, accelerating international growth with Mailchimp and QuickBooks.

To increase our investments in the outlined focus areas given the green shoots we are observing, we are taking a hard look at what work we can stop doing and where we can reallocate investments, to accelerate top line growth while remaining committed to delivering operating margin expansion in fiscal 2025 and beyond.

Wrapping up, we are excited about the opportunity ahead, and our ability to power prosperity for our customers. Now let me hand it over to Sandeep.

Financial Results and Segment Details

Thanks, Sasan.

We delivered a solid third quarter of fiscal 2024 across the company. Our third quarter results include:

• Revenue of $6.7 billion, up 12 percent.
• GAAP operating income of $3.1 billion, versus $2.8 billion last year, up 12 percent.

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• Non-GAAPoperating income of $3.7 billion, versus $3.4 billion last year, up 11 percent.
• GAAP diluted earnings per share of $8.42, versus $7.38 a year ago, up 14 percent.
• And non-GAAP diluted earnings per share of $9.88, versus $8.92 last year, up 11 percent.

Business Segment Results

Turning to the business segments:

Consumer and ProTax Groups

Consumer group revenue of $3.7 billion grew 9 percent in Q3, reflecting the progress we made transforming the assisted experience for consumers and small businesses this season. Our strategy is working. We expect TurboTax Live revenue to grow 17 percent to $1.4 billion in fiscal 2024, representing approximately 30 percent of total Consumer Group revenue, driving total average revenue per return up approximately 10 percent. I'm

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pleased with the sustained growth we're seeing in our TurboTax Live business.

Overall retention is expected to be up 3 points year-over-year in fiscal 2024, close to pre-COVID levels, demonstrating the strength of our offerings and highlighting the benefits we are delivering to our customers. As Sasan shared, we expect TurboTax to gain share with higher ARPR filers, as we strategically prioritized focusing on the assisted tax and higher ARPR customers over the pay-nothing and lower ARPR segment. As a result, we expect TurboTax Live customers to grow 12 percent and total online paying units to grow approximately 2 percent in fiscal 2024, versus total IRS returns growth of 1 percent. Due to yielding share with pay- nothing and lower ARPR customers, we expect our share of total consumer returns to decline approximately 80 basis points this fiscal year, and total TurboTax units to decline 1 percent.

We are raising our full year Consumer Group revenue growth guidance to $4.440 billion to $4.455 billion, which is at the top end of our previously provided guidance. I'm proud of the progress we made this season, and the

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