Intuit Stockholders Re-Elect Directors, Back Say-on-Pay; DEI ROI Proposal Fails at AGM

Core Insights - Intuit aims to double household savings for consumers and revenue and profit growth for businesses over three years, leveraging a "system of intelligence" that integrates data, AI, and human intelligence [1] Business Update - CEO Sasan Goodarzi highlighted Intuit's growth from approximately $5 billion to nearly $20 billion, with a growth rate increase from 8% to 16% over seven years, and an 18% growth in the first quarter of the current fiscal year [5] - Intuit's total addressable market exceeds $300 billion, with penetration rising from 5% to 6%, and the company is addressing "over-digitization" in businesses [6] Product Performance - TurboTax Live has grown 47% and surpassed $2 billion in revenue, while Credit Karma contributed to tax growth, lifting ARPC by 38% [9] - QuickBooks Live doubled in growth over the last year, with payments and payroll growing by 37% and 25% respectively, and mid-market segment growth at 40% [10] Financial Metrics - CFO Sandeep Aujla reported revenue growth from $9.5 billion in 2021 to nearly $19 billion, net income doubling from $2 billion to over $4 billion, and free cash flow doubling from $3 billion to over $6 billion over five years [12] - Intuit returned about two-thirds of free cash flow to shareholders during this period, with stock performance increasing more than three times compared to the S&P Software and Services ETF [12] Strategic Focus - Intuit's strategy includes delivering "done-for-you" experiences through AI agents and integrated human expertise, focusing on cash flow for businesses and outcomes for consumers [8] - The company is targeting mid-market customers with revenues between $10 million and $100 million, with plans to serve larger businesses in the future [8] Shareholder Meeting Insights - The 2026 Annual Stockholders' Meeting was held virtually, where stockholders voted on four proposals, including the election of directors and an advisory vote on executive compensation [4][3] - A stockholder proposal regarding the ROI of Intuit's diversity and inclusion programs was presented but did not pass [2]