Intuit is a global financial technology platform that helps consumers and small and mid-market businesses prosper through financial management, compliance, and marketing products and services. Intuit also offers specialized tax products to accounting professionals. Using AI and data, Intuit aims to provide customers with increased financial resources, time savings, and financial decision confidence. Key offerings include TurboTax, Credit Karma, QuickBooks, and Mailchimp. Intuit serves approximately 100 million customers and generated $16.3 billion in revenue in FY2024.

Market Position and Competitive Advantages:

• Intuit made an early investment in AI, which they leverage across their platform.
• Their scale of data and network of AI-powered virtual experts give them a competitive edge.
• They offer a wide range of products and services, catering to both consumers and businesses.

Key Markets and Geographic Presence:

• Primarily serves customers in the United States and Canada.
• International net revenue was approximately 8% of consolidated total net revenue in FY2024.

Competitive Landscape:

• Intuit faces competition from various organizations, including large global companies, smaller geographically focused companies, startups, professional services, and potentially even government-funded services.
• Key competitive factors include innovation, technology capabilities, functionality, ease of use, security of offerings, integration with other platforms, brand recognition, quality of support, and cost.

• Employees: Approximately 18,800 (as of July 31, 2024)
• Geographic Footprint: 8 countries
• Headquarters: Mountain View, California
• Founded: 1984
• Number of locations/facilities: Several domestic and international locations (specific number not provided)
• Revenue: $16.3 billion (FY2024)
• Key Subsidiaries/Brands: TurboTax, Credit Karma, QuickBooks, Mailchimp, Lacerte, ProSeries, ProConnect Tax Online, ProFile, ProTax Online

• CEO: Sasan K. Goodarzi (since January 2019)
• CFO: Sandeep S. Aujla (since August 2023)
• Board Chair: Suzanne Nora Johnson
• Other Key Executives: Alex G. Balazs (Executive Vice President and Chief Technology Officer), Laura A. Fennell (Executive Vice President, Chief People & Places Officer), Kerry J. McLean (Executive Vice President, General Counsel and Corporate Secretary), Mark Notarainni (Executive Vice President and General Manager, Consumer Group), Marianna Tessel (Executive Vice President and General Manager, Small Business & Self-Employed Group), Lauren D. Hotz (Senior Vice President and Chief Accounting Officer)

Detailed professional backgrounds and tenures are available in the 10-K filing.

• Annual Revenue: $16.3 billion (FY2024)
• Net Income: $3.0 billion (FY2024)
• Total Assets: $32.1 billion (as of July 31, 2024)
• Number of Employees: Approximately 18,800 (as of July 31, 2024)
• Key Financial Highlights (FY2024):
  • Revenue increased 13% year-over-year.
  • Operating income increased 16% year-over-year.
  • Net income increased 24% year-over-year.
  • Cash flow from operations decreased 3% year-over-year.

Intuit offers a wide range of financial products and services, categorized under four main segments:

• Small Business & Self-Employed (renamed Global Business Solutions on August 1, 2024):
  • QuickBooks (online and desktop software for financial and business management, payroll, time tracking, payments, bill pay, checking accounts, and financing)
  • Mailchimp (marketing automation and customer relationship management)
• Consumer:
  • TurboTax (DIY and assisted income tax preparation products and services)
• Credit Karma:
  • Personal finance platform (credit scores, reports, monitoring, financial recommendations, savings and checking accounts)
• ProTax:
  • Professional tax software for accountants (Lacerte, ProSeries, ProConnect Tax Online, ProFile, ProTax Online)

Specific revenue contributions for individual products/services are not fully broken down in the 10-K, but segment revenue contributions are available.

Intuit operates under four main business segments:

• Small Business & Self-Employed (renamed Global Business Solutions on August 1, 2024): 59% of FY2024 revenue
• Consumer: 27% of FY2024 revenue
• Credit Karma: 10% of FY2024 revenue
• ProTax: 4% of FY2024 revenue

A significant change in segment structure occurred on August 1, 2023, with the reorganization of certain technology functions in the Consumer and ProTax segments and the reclassification of certain workplace and real estate functions in the Small Business & Self-Employed segment to corporate overhead.

Current Strategic Priorities:

• Al-driven expert platform strategy focused on providing personalized financial insights and "done for you" experiences.
• Five Big Bets: Revolutionizing speed to benefit, connecting people to experts, unlocking smart money decisions, being the center of small business growth, and disrupting the small business mid-market.
• Investment in AI, GenAI, data, and world-class developer tools to accelerate productivity and innovation.
• Utilizing both in-house and third-party LLMs.

Long-Term Business Goals:

• Power prosperity around the world for consumers and small and mid-market businesses.
• Durable growth through solving customer problems and addressing growth opportunities.

Growth Strategies and Focus Areas:

• Providing end-to-end solutions for small and mid-market businesses to increase revenue and profitability.
• Creating seamless, year-round experiences for consumers.
• Expanding into new market segments and extending capabilities.

Innovation and Future Outlook:

• Focus on leveraging AI and emerging technologies to enhance existing offerings and develop new products and services.
• Transforming customer service with "done for you" experiences and connecting customers with AI-powered human expertise.

Primary Industry: Financial Technology

Key Market Trends:

• Rapid technological change, including the transformative impact of AI.
• Shifting customer expectations towards real-time, personalized online experiences.
• Increased competition from established companies and emerging startups.
• Growing importance of mobile and social media in customer engagement.
• Evolving regulatory landscape, especially regarding data privacy and security.

Major Competitors: The 10-K lists a broad range of competitors, including business software providers, tax preparation services, payment service providers, personal finance management platforms, financial institutions, credit bureaus, and large platform companies.

• Intense Competition: Intuit faces competition from various established and emerging companies, including those with large user bases and free or low-cost offerings. Government-funded tax services also pose a competitive threat.
• Technological Change and Platform Development: Future revenue growth depends on Intuit's ability to adapt to rapid technological change and successfully extend its platform, introduce new products and services, and adapt to evolving customer needs.
• Cybersecurity Incidents and Data Breaches: Intuit stores large amounts of sensitive customer data, making it vulnerable to cyberattacks and data breaches. Such incidents could harm Intuit's reputation, business, and financial condition.
• Intellectual Property Protection: Intuit relies on intellectual property, including its own and licensed technology. Inability to protect its intellectual property or obtain necessary licenses could negatively impact its business.
• Dependence on Third-Party Relationships: Intuit relies on several key third-party vendors and partners. Disruptions to these relationships could adversely affect its operations.