Intuit (INTU) Hosts Investor Day, Reaffirms First-Quarter and Fiscal 2025 Guidance

Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, reaffirmed its financial guidance for the first quarter and full fiscal year 2025 in conjunction with its Investor Day, being held today at the company's Mountain View, CA headquarters. The event begins at 8:00 a.m. PT.

"Intuit is the global AI-driven expert platform that is powering prosperity for consumers, small and mid-market businesses. We have incredible momentum as we transform how we serve our customers by doing the hard work for them and connecting them with AI-powered expertise to fuel their success," said Sasan Goodarzi, Intuit's chief executive officer. "We have a significant advantage with the scale of our data, investments in AI capabilities, and our large network of AI-powered virtual experts. This is enabling us to disrupt the categories we operate in as we go after a significant TAM with low penetration."

Intuit leaders will discuss the company's plan to accelerate innovation and drive durable growth. Speakers include:

• Sasan Goodarzi, chief executive officer
• Sandeep Aujla, chief financial officer
• Alex Balazs, executive vice president, chief technology officer
• Marianna Tessel, executive vice president and general manager, Global Business Solutions Group, representing our growth platform for businesses
• Mark Notarainni, executive vice president and general manager, Consumer Group, representing our growth platform for consumers

In addition, Intuit will share a platform immersion experience highlighting the company's strategy and latest innovations.

Reiterates First-Quarter and Fiscal Year 2025 Guidance

Intuit reiterated first-quarter and full-year fiscal 2025 guidance, previously announced on Aug. 22, 2024.

For the full fiscal year, the company expects:

• Revenue of $18.160 billion to $18.347 billion, growth of approximately 12 to 13 percent.
• GAAP operating income of $4.649 billion to $4.724 billion, growth of approximately 28 to 30 percent.
• Non-GAAP operating income of $7.241 billion to $7.316 billion, growth of approximately 13 to 14 percent.
• GAAP diluted earnings per share of $12.34 to $12.54, growth of approximately 18 to 20 percent.
• Non-GAAP diluted earnings per share of $19.16 to $19.36, growth of approximately 13 to 14 percent.

The company expects the following segment revenue results for fiscal year 2025:

• Global Business Solutions Group: growth of 16 to 17 percent. This includes online ecosystem revenue growth of approximately 20 percent, and desktop ecosystem revenue growth in the low single digits.
• Consumer Group: growth of 7 to 8 percent.
• ProTax Group: growth of 3 to 4 percent.
• Credit Karma: growth of 5 to 8 percent.

GAAP guidance for fiscal year 2025 reflects an expected $24 million restructuring charge related to the reorganization the company announced in July.

For the first quarter of fiscal year 2025, which ends Oct. 31, the company expects:

• Revenue growth of approximately 5 to 6 percent, including:
  • Global Business Solutions Group revenue growth of 6 to 7 percent. The company expects online ecosystem revenue growth, the company's growth catalyst, to accelerate to approximately 19 percent in the first quarter of fiscal 2025. The company expects desktop ecosystem revenue to decline approximately 20 percent in the first quarter of fiscal 2025, but return to growth in the second quarter. The first quarter desktop growth outlook reflects changes the company made to its QuickBooks desktop offerings in early fiscal 2024 to complete the transition to a recurring subscription model, including more frequent product updates. The company expects these changes to lower revenue in the first quarter of fiscal 2025 by approximately $160 million. This includes approximately $50 million that was recognized in the first three quarters of fiscal 2024, approximately $60 million recognized in the fourth quarter of fiscal 2024, and approximately $50 million that the company expects to shift from the first quarter of fiscal 2025 to later quarters in fiscal 2025.
  • Credit Karma revenue to grow in the first quarter.
  • Consumer Group and ProTax revenue to decline in the first quarter, as the company laps the period a year ago that included the extended California tax filing deadline.
• GAAP earnings per share of $0.61 to $0.66.
• Non-GAAP diluted earnings per share of $2.33 to $2.38.

GAAP guidance for the first quarter reflects an expected $19 million restructuring charge that the company expects to incur in the first quarter related to the reorganization the company announced in July.

Investor Day: How to Participate

The half-day event will be broadcast live via webcast on Intuit’s website at https://investors.intuit.com/news-events. A replay of the video broadcast will be available on Intuit’s website approximately three hours after the meeting ends.

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

About Non-GAAP Financial Measures

This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles, please see the section of the accompanying tables titled "About Non-GAAP Financial Measures" as well as the related Table 1. A copy of the press release issued by Intuit today can be found on the investor relations page of Intuit's website.

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