INTUIT INC. Q1 FY2025 earnings call

• Shifted from tax and accounting platform to AI-driven expert platform, focusing on done-for-you experiences with customer control. - Intuit Assist, Gen AI-powered financial assistant, now generally available to all US QuickBooks online customers. - Made progress in mid-market strategy with Intuit Enterprise Suite, showcasing positive customer reactions. - Ranked number three on Forbes America's best companies list.

Global Business Solutions Group: Revenue grew 9% in Q1. Online ecosystem revenue increased 20%, driven by QBO Advanced and Intuit Enterprise Suite growth of ~42%. Desktop ecosystem revenue declined 17%. Online ecosystem represents an addressable market of over $180B, with mid-market being a significant portion. Consumer Platform: Credit Karma revenue grew 29%, driven by personal loans, auto insurance, and credit cards. Consumer group revenue declined 6%, and Pro tax group revenue was down 7%.

• Reiterating full-year guidance: total company revenue growth 12-13%, GAAP operating income growth 28-30%, non-GAAP operating income growth 13-14%, GAAP diluted EPS growth 18-20%, non-GAAP diluted EPS growth 13-14%. - Q2 fiscal 2025 guidance: total company revenue growth 13-14%, GAAP EPS $0.84-$0.90, non-GAAP EPS $2.55-$2.61.

• Factors affecting results include market conditions, regulatory changes. - Mailchimp experiencing higher churn from smaller customers due to product enhancements prioritized for mid-market.

Q: QuickBooks Enterprise Suite response, ARPC?

A: Early response to Enterprise Suite is positive, with customers citing it as a game changer for performance visibility and digitization across business functions. ARPC is robust, and the offering is seen as lucrative with high margin potential.