1 2 Agenda Welcome Kim Watkins | VP, Investor Relations Company Growth Strategy Sasan Goodarzi | CEO Technology Fueling Our Innovation Alex Balazs | EVP and Chief Technology Officer Business Platform Growth Strategy Marianna Tessel | EVP and GM, Small Business Group Ashley Still | EVP and GM, Mid-Market Group BUSINESS PLATFORM IMMERSION David Hahn | EVP and GM, Services Group Break Consumer Platform Growth Strategy Mark Notarainni | EVP and GM, Consumer Group CONSUMER PLATFORM IMMERSION Arundati Singh | SVP ...

Core Viewpoint - Intuit will reaffirm its financial guidance for Q1 and fiscal year 2026 during its upcoming investor day event [2] Group 1: Company Overview - Intuit owns several well-known financial products including TurboTax, Credit Karma, Mailchimp, and QuickBooks [2] Group 2: Financial Guidance - The company is set to provide updates on its financial expectations for the first quarter and the entire fiscal year 2026 [2]

Core Insights - The investment approach focuses on identifying businesses with potential for long-term growth and significant terminal value generation [1] - Emphasis is placed on understanding core business economics, including competitive advantages, unit economics, reinvestment opportunities, and management quality [1] - The goal is to translate these factors into sustainable free cash flow and shareholder value creation [1] Investment Strategy - The investment strategy is fundamentally driven, concentrating on sectors that exhibit strong secular growth trends [1] - The investor is self-educated and has been managing personal funds for 10 years, initially funded by friends and family [1] - The intention behind sharing insights on Seeking Alpha is to provide valuable analysis and receive feedback from the investment community [1] Analytical Approach - The analysis aims to highlight what truly drives long-term equity value, advocating for a blend of analytical rigor and accessibility [1] - The focus is on high-quality, long-term investment opportunities that can yield substantial returns [1]

Group 1 - Intuit is a global financial technology platform that simplifies financial management for individuals and small/medium businesses (SMBs) [1] - The company's QuickBooks software serves as a financial core for many users, indicating a strong competitive advantage [1] Group 2 - The article highlights the author's focus on growth stocks, particularly those integrating AI and possessing a competitive moat [1] - The investment strategy emphasizes identifying undervalued stocks with high growth potential rather than following market trends [1]

Core Insights - Artificial intelligence is significantly transforming the fintech industry, creating opportunities for firms that effectively utilize data, automation, and predictive models to improve customer outcomes [1] - Intuit Inc. and Upstart Holdings represent two distinct approaches to leveraging AI in financial services [1][3] Intuit Overview - Intuit is building a comprehensive platform through its ecosystem, which includes QuickBooks, TurboTax, Credit Karma, and Mailchimp, targeting consumers, small businesses, and professionals [2] - The company reported a total revenue growth of 16% in fiscal 2025 and projects a growth of 12-13% for fiscal 2026, indicating strong confidence in sustained growth [4] - Intuit is focusing on unifying its offerings into an all-in-one financial operating system, with significant traction in the mid-market segment, which has an $89 billion total addressable market [5] - TurboTax Live saw a 47% increase in adoption in 2025, while Credit Karma grew by 32%, showcasing the effectiveness of AI in enhancing customer engagement [6] - Despite challenges tied to small business health and consumer spending, Intuit's strategy emphasizes resilience and consistent growth through data consolidation and technology investment [7] Upstart Overview - Upstart aims to revolutionize consumer lending with its AI-driven credit underwriting model, targeting a broad market by underwriting 100% of Americans [8] - The proprietary AI model, "Model 22," has improved underwriting accuracy and borrower acquisition efficiency, leveraging a unique dataset of over 91 million repayment events [8] - Upstart is rapidly expanding its product offerings beyond personal loans into auto refinancing and home equity lines of credit, significantly increasing its total addressable market [9][10] - The company has reduced delinquency rates by up to 32% through machine learning improvements, enhancing loan performance and borrower experience [11] - Upstart's innovative approach positions it as a disruptive force in the lending industry, with a focus on scaling its AI capabilities across various financial products [12] Financial Performance and Valuation - The Zacks Consensus Estimate projects Intuit's fiscal 2026 sales to increase by 11.90%, while Upstart's 2025 sales are expected to rise by 51.36% [13][14] - Intuit shares are trading at a forward Price/Sales ratio of 8.49X, while Upstart is at 5.37X, both below their one-year medians [17] - Over the past six months, Upstart's shares have outperformed those of Intuit and the S&P 500 composite [18] Investment Considerations - Intuit is recognized for its scale, ecosystem synergies, and reliable growth, making it a stable choice in financial software [21] - Upstart presents a more compelling investment opportunity due to its rapid product diversification and disruptive potential in the lending market [21] - Current rankings indicate Intuit holds a Zacks Rank 3 (Hold), while Upstart has a Zacks Rank 2 (Buy) [22]

Core Insights - Intuit Inc. has announced the launch of Clair On-Demand Pay as part of its Enterprise Suite and QuickBooks Payroll offerings [1] - The new service allows employees to access their earnings early through advances provided by Pathward®, N.A., a national bank [1] Company Developments - The partnership with Clair, a fintech company focused on providing early access to earnings, enhances Intuit's financial technology platform [1] - This initiative is aimed at improving employee financial wellness by offering flexible payment options [1]

Core Insights - The Goldman Sachs Communacopia and Technology Conference has successfully rebranded and consolidated industry groups for its fourth year, attracting over 3,000 registrations, making it one of the largest conferences hosted by Goldman Sachs annually [1] Group 1 - The conference is significant within the financial services industry, indicating strong interest and engagement from participants [1] - The success of the conference is attributed to the participation of influential companies and speakers, creating a valuable platform for discussions [1]

PresentationKasthuri RanganHead of Software Coverage So this is the day 3 of the Goldman Sachs Communacopia and Technology Conference. The fourth year that we have rebranded at this conference and reversioned it and consolidated a couple of industry groups, and it's been a tremendous success. We're more than 3,000 registrations. I know that may not sound like a big number, but in our industry, financial services industry, that's actually pretty good, it's one of the -- if not the biggest -- probably the big ...

Summary of the Conference Call Company and Industry - **Company**: Intuit - **Industry**: Financial Services, specifically focusing on tax and accounting software Key Points and Arguments 1. **Company Performance and Strategy**: Intuit has made significant advancements in AI and data since 2018, positioning itself as a leader in the financial services industry. The company aims to scale its business and enhance customer experiences through AI and human intelligence collaboration [11][21][22]. 2. **Customer Base and Growth**: Intuit currently serves over 100 million active customers and plans to expand this number significantly over the next five years. The focus is on delivering AI-driven solutions that enhance productivity, with customers reportedly saving 12 hours per month [21][22]. 3. **Small Business Ecosystem**: The small business environment shows flat revenues but increased profitability due to efficiency improvements. Key indicators such as cash reserves and employee hours worked are up year-over-year, indicating resilience in the small business sector [31][32]. 4. **Mid-Market Opportunity**: Intuit is targeting the mid-market segment, defined as businesses with revenues between $2 million and $100 million, representing an $89 billion market opportunity. The company has identified about 1.7 million potential customers in this space, with 800,000 currently using QuickBooks [47][58]. 5. **Product Offerings**: The Intuit Enterprise Suite is designed to cater to mid-market customers, providing an integrated solution that reduces the need for multiple applications. The suite has seen a 40% revenue growth and a 23% increase in customers [66]. 6. **TurboTax Performance**: TurboTax Live experienced a remarkable 47% revenue growth, attributed to innovations and improved customer experiences. The integration with Credit Karma has also driven increased filings [145][146]. 7. **AI Integration**: Over 80% of Intuit's developers are using AI tools to enhance productivity, achieving up to 40% faster coding. AI is also being utilized in customer service, resulting in over $90 million in cost savings [151][162]. 8. **Competitive Landscape**: Intuit views itself as a disruptor in the market, focusing on providing an all-in-one platform rather than competing with point solutions. The company emphasizes the importance of maintaining a competitive edge through continuous innovation [120][121]. 9. **Customer Retention and Success**: Customers using Intuit's platform have a 19-point higher success rate compared to those outside the platform. The company aims to ensure that its customers are more successful than those using competing solutions [135][136]. 10. **Total Addressable Market (TAM)**: The TAM for TurboTax Live is estimated at $35 billion, with significant growth potential as the company continues to innovate and expand its offerings [184]. Other Important Insights - **Market Sentiment**: The small business sentiment is evolving, with external factors such as tariffs impacting perceptions. However, the data indicates a stable environment for small businesses [31][32]. - **Cultural Focus**: Intuit's leadership emphasizes a culture of customer-centric innovation, which is reflected in their product development and market strategies [81][82]. - **Future Outlook**: Intuit is optimistic about its growth trajectory, aiming to double its size in the coming years while maintaining a focus on margin expansion [194][201].

Key Takeaways Intuit revenues rose 16% to $18.8B in FY25, with operating income up 18% to $7.6B.TurboTax Live revenues jumped 47% as AI and Credit Karma integration boosted engagement.QuickBooks Online grew 23%, with AI agents cutting manual setup work by up to 60%.Intuit Inc. (INTU) is accelerating its transformation into an AI-first financial technology company, embedding artificial intelligence across TurboTax, QuickBooks, Credit Karma, and Mailchimp to drive engagement, efficiency and growth. Fiscal 202 ...