Q3 2024 Intuit Inc Earnings Call Transcript
Key Points
- Intuit Inc (INTU) reported a 12% increase in third-quarter revenue, demonstrating strong overall performance.
- Small Business and Self-Employed Group revenue grew by 18%, showcasing the platform's importance and momentum.
- TurboTax Live customers are expected to grow by 12%, with revenue projected to increase by 17% in fiscal year 2024.
- Intuit Assist, the company's AI-powered financial assistant, was used by more than 24 million customers, enhancing the TurboTax experience.
- Credit Karma saw an 8% revenue growth, driven by product integration with TurboTax and increased customer engagement.
- Intuit Inc (INTU) experienced friction in seamless log-ins and app performance for TurboTax users within Credit Karma, leading to customer drop-offs.
- The company expects a decline of approximately 80 basis points in its share of total consumer returns due to a strategic focus on higher-value customers.
- Credit Karma's overall performance remains mixed due to uncertain macro trends and conservative credit extension by partners.
- Mailchimp's revenue growth decelerated as the company lapped a larger benefit from price and lineup changes made last year.
- Cash reserves for small businesses on Intuit's platform are down 8% compared to the previous year, indicating some financial strain.
Good afternoon. My name is David, and I'll be your conference operator. At this time, I would like to welcome everyone to Intuit's Third Quarter Fiscal Year 2024 Conference Call. (Operator Instructions)
With that, I'll now turn the call over to Kim Watkins, Intuit's Vice President of Investor Relations. Ms. Watkins?
Thanks, David. Good afternoon, and welcome to Intuit's Third Quarter Fiscal 2024 Conference Call. I'm here with Intuit's CEO, Sasan Goodarzi; and our CFO, Sandeep Aujla.
Before we start, I'd like to remind everyone that our remarks will include forward-looking statements. There are a number of factors that could cause Intuit's results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 2023 and our other SEC filings. All of those documents are available on the Investor Relations page of Intuit's website at intuit.com. We assume no obligation to update any forward-looking
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