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Intuit Inc. is a global financial technology platform dedicated to empowering prosperity for consumers and small to mid-market businesses by providing financial management, compliance, and marketing products and services. The company operates through four main segments: Global Business Solutions, Consumer, Credit Karma, and ProTax, offering a range of products such as QuickBooks, Mailchimp, TurboTax, and more . Intuit's offerings are primarily sold in the United States, with a small portion of revenue coming from international markets .
- Global Business Solutions - Offers financial management, payroll, payment processing, and marketing automation services to small and mid-market businesses, featuring products like QuickBooks and Mailchimp.
- Consumer - Provides tax preparation products and services through TurboTax, catering to individual consumers.
- Credit Karma - Delivers a personal finance platform that includes credit and loan recommendations for consumers.
- ProTax - Supplies tax products specifically designed for professional accountants.
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In light of two quarters of deceleration in QuickBooks Online subscriptions and online services, how confident are you in the forecasted acceleration for Q1, and is this primarily driven by price increases or by organic growth in units and services?
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Can you provide more specifics on the recent restructuring, particularly which areas of the business saw reduced headcount, and how you plan to mitigate any execution risks associated with these reductions?
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With Mailchimp's revenue growth impacted by prior price and lineup changes, what concrete steps are you taking to reaccelerate Mailchimp's growth to desired levels, especially in terms of integration with QuickBooks, mid-market focus, and international expansion?
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Given your plans to test standalone SKUs where an AI agent does everything for the customer, what challenges do you anticipate in implementing this vision, and how will you ensure accuracy and data privacy in delivering these AI-driven financial management experiences?
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Despite strong growth in TurboTax Live, you've adjusted your long-term expectations for the Consumer segment; what strategies are you employing to accelerate adoption in the assisted tax market and among complex, higher-income DIY customers to capture more of the $30 billion assisted tax TAM?
Competitors mentioned in the company's latest 10K filing.
- Business software providers, such as those that provide accounting, business management and financial software, marketing automation, customer relationship management, inventory management, payroll and employee management .
- Private and publicly-funded tax preparation and filing service providers .
- Accounting, consulting, and tax firms .
- Companies and banks that provide payments services, including merchant payment processing, checking, bill pay, savings, loans, point of sale devices, and small business financing .
- Companies that provide personal finance management products and tools, including access to credit scores, credit and identity monitoring, credit-building tools, and tools to help understand net worth and make financial progress .
- Companies that provide a marketplace of consumer financial offerings .
- Financial institutions .
- Credit bureaus .
- Large platform companies that could develop competing technology solutions to any of the problems that our customers may face .
Recent developments and announcements about INTU.
Financial Reporting
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Revenue Growth: Intuit reported a total revenue of $3.3 billion, marking a 10% increase compared to the same period last year. The Global Business Solutions Group revenue grew to $2.5 billion, up 9%, while the Online Ecosystem revenue increased by 20% to $1.9 billion .
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Segment Performance:
- Credit Karma: Revenue grew by 29% to $524 million, driven by strong performance in personal loans, auto insurance, and credit cards .
- Consumer Group: Revenue was $176 million, down 6%, attributed to the previous year's extended tax filing deadline for California filers .
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Earnings Per Share: GAAP diluted earnings per share were reported at $0.70, a decrease from $0.85 in the previous year. Non-GAAP diluted earnings per share were $2.50, showing a slight increase from $2.47 .
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Operating Income: GAAP operating income was $271 million, down 12% from the previous year, while non-GAAP operating income was $953 million, a slight decrease of 1% .
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Forward Guidance: Intuit reiterated its full fiscal year 2025 guidance, expecting revenue growth of approximately 12 to 13%, with GAAP operating income growth of 28 to 30% and non-GAAP operating income growth of 13 to 14% .
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Dividend Announcement: The Board of Directors approved a quarterly cash dividend of $1.04 per share, payable on January 17, 2025, representing a 16% increase per share compared to the previous year .
Earnings Report
Intuit Inc. (INTU) Earnings Release - November 21, 2024
Intuit Inc. has announced its financial results for the first quarter of fiscal 2025, which ended on October 31, 2024. Here are the key highlights from the earnings release:
These results reflect Intuit's strong start to the fiscal year, driven by its AI-driven platform strategy and robust performance across its business segments, particularly in the Global Business Solutions Group and Credit Karma .