Financial Data and Key Metrics Changes - The company scaled its revenue from $9.5 billion in 2021 to nearly $19 billion in the past year, doubling its net income from $2 billion to over $4 billion [49] - Free cash flow also doubled from $3 billion to over $6 billion in the last fiscal year [49] - The stock performance over the last five years has increased more than three times compared to the S&P Software and Services ETF [50] Business Line Data and Key Metrics Changes - TurboTax Live grew 47%, becoming a $2 billion business [39] - QuickBooks Live, which utilizes human intelligence, doubled in growth over the last year [40] - The mid-market segment grew by 40%, indicating strong demand for the Intuit Enterprise Suite [40] Market Data and Key Metrics Changes - International revenue currently accounts for 8% of the company's total revenue [53] - The total addressable market is over $300 billion, with significant opportunities in the mid-market segment [19][32] Company Strategy and Development Direction - The company aims to create a system of intelligence that does all the work for customers, from lead to cash and credit to wealth [15][28] - The strategy includes three big bets: delivering done-for-you experiences, accelerating money benefits for customers, and focusing on the mid-market segment [29][32] - The company emphasizes the integration of AI and human intelligence to enhance customer experiences [28][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing a nearly fourfold increase in size from $5 billion to almost $20 billion over the past years [16] - The focus remains on solving complex problems for consumers and businesses, with a commitment to doubling household savings rates and improving business success rates [25][18] - Management acknowledged areas of constructive dissatisfaction, particularly in the growth of Mailchimp and international markets, but expressed confidence in leadership and plans [17] Other Important Information - The company has a strong focus on culture and values, emphasizing integrity and customer-centricity [24][23] - The integration of technology and human intelligence is seen as essential for delivering value to customers [35] Q&A Session Questions and Answers Question: What is the company's current relationship to Human Rights Campaign's corporate index? - The company is rated by various organizations, including those focused on sustainability and the Human Rights Campaign [47] Question: What is Intuit doing to improve the message and increase value for retail investors? - The management team focuses on executing a strategy that has scaled revenue and net income significantly over the past five years, returning two-thirds of free cash flow to shareholders [49][50] Question: What percentage of Intuit's revenue is coming from international markets today, and what is the strategy to increase that? - Currently, 8% of revenue is international, with a global strategy focused on executing unique strategies for different geographies [53] Question: Will AI agents be coming to TurboTax? - Yes, AI agents are already part of the consumer platform and TurboTax, aimed at delivering customer benefits [54] Question: Would a sale or spinoff of QuickBooks' desktop business line be considered in future plans? - No, the company intends to continue serving its desktop customers as part of its integrated platform strategy [60]

Financial Data and Key Metrics Changes - The company scaled its revenue from $9.5 billion in 2021 to nearly $19 billion in the past year, doubling its net income from $2 billion to over $4 billion, and also doubling free cash flow from $3 billion to over $6 billion in the last fiscal year [49][50] Business Line Data and Key Metrics Changes - TurboTax Live, which assists customers with their taxes, grew by 47%, becoming a $2 billion business [39] - QuickBooks Live, which provides human intelligence services, doubled in growth over the last year, while payment services grew by 37% and payroll services by 25% [40] Market Data and Key Metrics Changes - International revenue currently accounts for 8% of the company's total revenue, with strategies in place to enhance growth in international markets [53] Company Strategy and Development Direction - The company aims to create a system of intelligence that does all the work for customers, focusing on doubling household savings rates for consumers and revenue growth for businesses [14][28] - The strategy includes three big bets: delivering done-for-you experiences, accelerating money benefits for customers, and targeting the mid-market segment [29][32] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the company's growth trajectory, citing a nearly fourfold increase in company size from $5 billion to almost $20 billion and a doubling of growth rate from 8% to 16% [16] - The management highlighted the importance of addressing complex customer problems and leveraging data, AI, and human intelligence to enhance customer experiences [18][20] Other Important Information - The company has a total addressable market of over $300 billion, with significant opportunities for growth in the mid-market segment [19][32] - The management emphasized the importance of culture and systems in driving the company's strategy and customer focus [42][43] Q&A Session Questions and Answers Question: What is the company's current relationship to Human Rights Campaign's corporate index? - The company is rated by various outside organizations, including those focused on sustainability and the Human Rights Campaign [47] Question: What is Intuit doing to improve the message and increase value for shareholders? - The management highlighted strong execution, with revenue growth and significant returns to shareholders, noting that the stock performance has outpaced the S&P Software and Services ETF [49][50] Question: What percentage of Intuit's revenue is coming from international markets today, and what is the strategy to increase that? - International revenue is currently 8%, with a focus on executing geographically unique strategies to deliver for customers [53] Question: Will AI agents be coming to TurboTax? - Yes, the company has already implemented AI agents that assist customers as part of the TurboTax platform [53][54] Question: Would a sale or spinoff of QuickBooks' desktop business line be considered in future plans? - No, the desktop business is an integrated part of the company's platform, and the goal is to serve these customers while transitioning them to the cloud [60]

Financial Data and Key Metrics Changes - The company scaled its revenue from $9.5 billion in 2021 to nearly $19 billion in the past year, doubling its net income from $2 billion to over $4 billion, and also doubling free cash flow from $3 billion to over $6 billion in the last fiscal year [47][48] - The company has been returning two-thirds of its free cash flow to shareholders over the past five years, indicating strong performance and focus on shareholder returns [47] Business Line Data and Key Metrics Changes - TurboTax Live grew 47%, becoming a $2 billion business, while QuickBooks Live, which utilizes human intelligence, doubled in growth over the last year [39][40] - The services for small businesses, such as payments and payroll, grew by 37% and 25% respectively, showcasing the impact of the system of intelligence [40] Market Data and Key Metrics Changes - International revenue accounts for 8% of the company's total revenue, with a strategy focused on executing geographically tailored strategies to enhance local customer delivery [49] - The total addressable market is over $300 billion, with significant opportunities in the mid-market segment, which grew by 40% [18][40] Company Strategy and Development Direction - The company aims to create a system of intelligence that handles all customer tasks from lead to cash, credit to wealth, emphasizing the integration of AI and human intelligence [14][27] - The strategic focus includes delivering done-for-you experiences, enhancing cash flow for customers, and targeting the mid-market segment for growth [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to solve complex customer problems and highlighted the importance of being customer-obsessed to drive future growth [17][22] - The company is excited about the secular shifts in the market, including the over-digitization of businesses and the rise of new generations of customers who expect seamless, expert-driven solutions [19][20] Other Important Information - The company has a strong focus on culture and systems to ensure it remains customer-centric and willing to innovate [42] - The integration of AI and human intelligence is seen as a key differentiator in delivering value to customers [35][36] Q&A Session Summary Question: What is the company's current relationship to Human Rights Campaign's corporate index? - The company is rated by various organizations, including those focused on sustainability and the Human Rights Campaign [46] Question: What is Intuit doing to improve the message and increase value for retail investors? - The management team focuses on executing a strategy that has scaled revenue significantly and returned substantial cash flow to shareholders, outperforming peers [47][48] Question: What percentage of Intuit's revenue is coming from international markets today, and what is the strategy to increase that? - International revenue is 8%, with a strategy tailored to local markets to enhance customer delivery [49] Question: Will AI agents be coming to TurboTax? - Yes, AI agents are already part of the consumer platform, including TurboTax, aimed at delivering customer benefits [49][50] Question: Would a sale or spinoff of QuickBooks' desktop business line be considered in future plans? - No, the company intends to continue serving its desktop customers as part of its integrated platform strategy [53]

Core Viewpoint - Intuit (INTU) stock presents a solid investment opportunity due to its high margins and discounted price, indicating strong pricing power and cash generation capacity [2] Financial Performance - INTU stock is currently 25% cheaper based on its Price-to-Sales (P/S) ratio compared to a year ago [3] - Recent increases in QuickBooks Online pricing and a shift to higher-value products demonstrate sustained pricing power, contributing to revenue growth [4] - Intuit anticipates ongoing double-digit revenue growth and increasing margins for fiscal 2026 [5] Fundamental Strength - INTU has strong fundamentals, with nearly 33.4% operating cash flow margin and 26.7% operating margin for the last twelve months [11] - Long-term profitability averages approximately 32.3% operating cash flow margin and 24.2% operating margin over the last three years [11] - Revenue growth for Intuit was 17.1% in the last twelve months and an average of 13.5% over the last three years [11] Valuation - INTU stock is available at a P/S multiple of 7.5, reflecting a 25% discount compared to a year ago [11] Investment Criteria - The company meets several investment criteria, including a market cap greater than $10 billion, high cash flow from operations margins, and a significant decrease in valuation over the past year [12]

January 22, 2026 Forward-looking statements This presentation contains forward-looking statements. There are a number of factors that could cause our results to differ materially from our expectations. Please see the section entitled "Cautions about forward-looking statements" in the Appendix accompanying this presentation for information regarding forward-looking statements and related risks and uncertainties. You can also learn more about these risks in our Form 10-K for fiscal 2025 and our other SEC fili ...

Core Viewpoint - Cumulus Media's Westwood One will provide live coverage of NFL Championship Sunday on January 25, featuring two championship games with significant stakes for the participating teams [1][2][3]. Group 1: NFL Championship Coverage - Westwood One will broadcast the AFC Championship game between the New England Patriots and the Denver Broncos at 2:00 PM ET, with coverage starting at that time [2][3]. - The NFC Championship game will feature the Los Angeles Rams against the Seattle Seahawks, with live coverage beginning at 6:30 PM ET [3]. - This season marks Westwood One's 39th consecutive year as the official audio partner of the NFL [3]. Group 2: Broadcast Details - The AFC Championship will be announced by Ryan Radtke and Mike Golic, with Laura Okmin as the sideline reporter [3]. - The NFC Championship will have Kevin Harlan and Kurt Warner as announcers, with Ross Tucker reporting from the sidelines [3]. - Scott Graham will host the pre-, half-, and post-game coverage for NFL Championship Sunday for the 17th consecutive season [3]. Group 3: Broadcasting Reach - Westwood One will cover every NFL postseason game, including Wild Card Weekend through Super Bowl LX, on approximately 500 radio stations nationwide [4]. - Coverage will also be available on westwoodonesports.com, the Westwood One Sports App, SiriusXM, NFL+, and via the NFL App [4]. Group 4: About Westwood One Sports - Westwood One Sports has been the exclusive network radio partner to the NFL since 1987, covering regular and postseason NFL football, NCAA Basketball, NCAA Football, The Masters, US Soccer, and other major sporting events [5]. Group 5: About Cumulus Media - Cumulus Media is an audio-first media company reaching a quarter billion people monthly through 395 owned-and-operated radio stations across 84 markets [6]. - The company provides nationally-syndicated sports, news, talk, and entertainment programming through Westwood One and engages listeners via the Cumulus Podcast Network [6].

Core Viewpoint - Intuit's stock price has significantly declined, indicating a persistent downward trend that began in July of the previous year [1] Group 1: Stock Performance - Intuit's stock price peaked at $810 and has fallen to a low of $545, representing a 32% decrease from its all-time high [1] - The company's market capitalization has decreased from $226 billion to $150 billion, resulting in the loss of billions of dollars in value [1]

Company Performance - Intuit's stock closed at $554.58, reflecting a decline of -2.12% from the previous day, underperforming the S&P 500 which gained 0.26% [1] - Over the past month, Intuit's shares have decreased by 14.25%, contrasting with the Computer and Technology sector's gain of 1.58% and the S&P 500's gain of 1.57% [1] Upcoming Earnings - Analysts anticipate Intuit will report earnings of $3.65 per share, indicating a year-over-year growth of 9.94% [2] - The expected quarterly revenue is $4.53 billion, representing a 14.23% increase from the same period last year [2] Annual Estimates - For the annual period, earnings are projected at $23.13 per share and revenue at $21.12 billion, reflecting increases of +14.79% and +12.16% respectively from the previous year [3] - Recent changes in analyst estimates for Intuit are crucial as they often indicate near-term business trends, with positive revisions suggesting a favorable business outlook [3] Valuation Metrics - Intuit's Forward P/E ratio stands at 24.5, which is higher than the industry average Forward P/E of 22.53 [6] - The company has a PEG ratio of 1.72, slightly below the average PEG ratio of 1.74 for Computer - Software stocks [6] Industry Context - The Computer - Software industry is part of the broader Computer and Technology sector, which holds a Zacks Industry Rank of 86, placing it in the top 36% of over 250 industries [7] - The Zacks Industry Rank measures the strength of industry groups based on the average Zacks Rank of individual stocks, with the top 50% rated industries outperforming the bottom half by a factor of 2 to 1 [7]

Core Viewpoint - Cumulus Media's Westwood One will provide live coverage of the NFL Divisional Round, marking its 39th consecutive year as the official audio partner of the NFL [1]. Group 1: Event Coverage - The NFL Divisional Round will take place on January 17 and 18, featuring four games with specific airtimes: - Buffalo Bills vs. Denver Broncos at 3:30 pm ET on January 17 [2] - San Francisco 49ers vs. Seattle Seahawks at 8:00 pm ET on January 17 [2] - Houston Texans vs. New England Patriots at 2:00 pm ET on January 18 [3] - Los Angeles Rams vs. Chicago Bears at 6:15 pm ET on January 18 [3] - Each game will have designated booth announcers and sideline reporters to enhance the broadcast experience [3][4]. Group 2: Broadcasting Reach - Westwood One will broadcast every NFL postseason game across approximately 500 radio stations nationwide, as well as through various digital platforms including westwoodonesports.com, the Westwood One Sports App, SiriusXM, NFL+, and the NFL App [5]. Group 3: Company Overview - Cumulus Media is an audio-first media company that reaches a quarter billion people monthly through 395 owned-and-operated radio stations and over 7,800 affiliated stations [8]. - The company offers a diverse range of programming, including sports, news, talk, and entertainment, and operates the Cumulus Podcast Network for original podcasts [8].

Core Insights - Intuit Inc. has launched its new TurboTax flagship store in New York City's SoHo, marking the nationwide rollout of nearly 600 Expert Office locations and 20 new TurboTax Stores, completing its expansion phase initiated last year [1][6] - The company aims to redefine tax filing by integrating AI-driven technology with human expertise, providing a seamless experience for consumers [2][3] Group 1: Store Experience and Technology Integration - The TurboTax stores combine digital filing with in-person expertise, creating a modern experience that departs from traditional tax offices [3] - Intuit's platform automates data entry for 90% of commonly used tax forms and prepares up to 80% of a simple filer's return before they begin [5] - The AI-driven system matches customers with local tax experts within seconds, enhancing the efficiency of the service [5] Group 2: Nationwide Expansion and Local Support - TurboTax is strategically opening stores in key markets, including New York, Southern California, Chicago, Dallas, and Phoenix, to provide local expert assistance [5][11] - The company has activated nearly 600 Expert offices nationwide, increasing its physical presence for face-to-face support [6] Group 3: Community Engagement and Events - To celebrate the flagship store opening, Intuit is hosting an exclusive event featuring notable guests and performances, highlighting its commitment to community engagement [7] - As part of its community investment, Intuit announced a $100,000 donation to NYC schools to support financial literacy and capability for students [8] Group 4: Design and Collaboration - TurboTax collaborated with Gensler for the design of its physical locations and BUCK for the interactive content design of the Forum [9]