Intuit Inc. (INTU) Presents at Citi's 2023 Global Technology Brokers Conference (Transcript)

Financial Data and Key Metrics Changes - The company is coming off two unprecedented years of stimulus related to the pandemic, which significantly impacted the tax system and overall IRS category [53][54] - There is a cautious outlook regarding the IRS category, with expectations of flat growth year-over-year as the company plans for customer growth through innovation and new markets like business tax [55][56] Business Line Data and Key Metrics Changes - The company is launching a complete suite of business taxes across the US and Canada, targeting approximately 12 million potential customers that have not been served before [22][23] - The TurboTax Live service has achieved a high product recommendation score of 84, indicating strong customer satisfaction and engagement [31] Market Data and Key Metrics Changes - The company has identified a significant opportunity in the assisted service category, with 87 million customers currently using assisted services, and over 80% of them preferring local professionals [24][25] - There is a strong demand for local tax services, with about 12 million customers searching for new assisted providers annually, half of whom conduct "Near Me" searches [37] Company Strategy and Development Direction - The company is focusing on technology investments and transformation, particularly through the Intuit Assist platform, which aims to enhance customer experiences and drive engagement [22][10] - The strategy includes leveraging partnerships with Credit Karma to provide a complete suite of financial services, including tax preparation, which has already seen a 5x growth in customer acquisition [23][24] Management's Comments on Operating Environment and Future Outlook - Management is being prudent in their outlook due to the unique tax seasons experienced in the past two years and the need to flush out these effects from the system [56][57] - The company is optimistic about the future growth potential in the business tax segment, although it is still in the early stages of market penetration and requires further learning about small business buying patterns [56][57] Other Important Information - The company has been investing in Generative AI capabilities, with the introduction of Intuit Assist, which will be embedded across all product lines to enhance personalization and customer engagement [9][10] - The company has structured its data effectively to support AI initiatives, with 60,000 attributes per consumer and 500,000 attributes per small business, which are critical for training AI models [16][17] Q&A Session Summary Question: What are the top priorities for the new Head of the Consumer Group? - The top priorities include technology investment, addressing customer flow issues, disrupting the assisted service category, and enhancing partnerships with Credit Karma [21][22] Question: How does the company view the market opportunity for TurboTax Live? - The company sees TurboTax Live as a significant growth opportunity, bridging the gap between software and human services, and has achieved product market fit with high customer satisfaction [30][31] Question: How does the company plan to acquire new customers? - The company plans to leverage local marketing strategies, enhance the integration of services like QuickBooks and Mailchimp, and target Credit Karma members who do not currently use TurboTax [38][39]