Intuit Inc. Third-quarter Fiscal 2020 Conference Call Remarks (May 21, 2020)
Summary
Prepared remarks for Intuit Inc.'s third-quarter fiscal 2020 conference call, dated May 21, 2020. The overview says the call will cover Intuit's response to the COVID-19 pandemic, quarterly results, recent business trends and long-term strategy. It states that Intuit created an enterprise crisis team to drive four workstreams, the first being keeping employees safe and healthy, and that it moved its 10,000 person workforce around the world to a work-from-home environment. The closing pages include legal notices stating that Intuit has filed a registration statement on Form S-4 with a prospectus concerning Intuit and Credit Karma.
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Intuit Inc.
Third-quarter Fiscal 2020
Conference Call Remarks
May 21, 2020
Introduction
Good afternoon and welcome to Intuit’s third-quarter fiscal 2020 conference call.
I’m here with Intuit's CEO Sasan Goodarzi and Michelle Clatterbuck, our CFO.
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 2019
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 statement.
Some of the numbers in these remarks are presented on a non-GAAP basis. We’ve
reconciled the comparable GAAP and non-GAAP numbers in today’s press release.
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Unless otherwise noted, all growth rates refer to the current period versus the
comparable prior-year period, and the business metrics and associated growth rates
refer to worldwide business metrics.
A copy of our prepared remarks and supplemental financial information will be
available on our website after this call ends.
With that, I’ll turn the call over to Sasan.
Third-quarter Fiscal 2020 Overview
Thanks Kim, and thanks to all of you for joining us.
I’m going to cover four topics on today’s call to help you understand our
performance in the quarter and our outlook longer-term, in the context of the global
COVID-19 pandemic. I’ll start by sharing how we’ve responded to the pandemic
with our employees, customers, share our results for the quarter and highlight
recent trends in our business. Then I’ll put these results in the context of our long-
term strategy and finish by talking about our playbook for leading in a downturn to
accelerate our performance.
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Let’s start with our response to the pandemic, where unprecedented uncertainty
along with wide-spread shelter-in-place initiatives have upended our daily lives. At
the onset of the pandemic, we created an enterprise crisis team to drive four
workstreams:
• First, keeping our employees safe and healthy - this has been and will
continue to be our number one priority;
• Second, ensuring we run the business effectively and continue to deliver for
customers;
• Third, keeping our workforce engaged and productive;
• And fourth, supporting our customers, our partners and the communities
where we live and operate.
I’m proud of how our employees adapted to sudden change and how seamlessly we
transitioned our 10,000 person workforce around the world to a work-from-home
environment.
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I’m even more proud of how, in the face of uncertainty our employees’
commitment to customers has grown even stronger. The challenges facing
consumers and small businesses during this difficult time have inspired our teams
to innovate with speed and apply our platform capabilities to help solve several
problems caused by the pandemic. As a result, let me share three examples of how
we’re helping consumers and small businesses get access to aid and relief.
• First, in less than a week following the IRS announcement, we introduced
three free stimulus registration tools in partnership with the IRS. These
offerings help the more than 10 million Americans not required to file a tax
return easily register with the IRS to get their stimulus money. We are proud
to have donated our time and expertise to help the IRS quickly disburse
billions of dollars in stimulus payments to Americans.
• Second, we launched Intuit Aid Assist to simplify the process of quickly
connecting small businesses to the right relief funding programs based on
eligibility. Intuit Aid Assist uses artificial intelligence to distill the
complexity of hundreds of pages of the CARES Act and convert it into an
easy-to-understand user experience delivering a personalized and actionable
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recommendation. This new tool is based on the same knowledge engineering
which is used by TurboTax to simplify the tax code.
• Third, as of May 20, Intuit helped make available just over $875 million of
approved small business loans to customers from the Paycheck Protection
Program or PPP through QuickBooks Capital. The team rapidly developed a
solution to simplify and automate the PPP loan application process to help
very small businesses access this program. We’ve helped approximately
25,000 small businesses access loans, with an average loan of approximately
$35,000, keeping up to approximately 150,000 employees on payroll.
These offerings are a testament to our unique platform and technology capabilities,
and we will continue to find new innovative ways to help our customers during
their time of need.
Now, turning to the fiscal third quarter results.
Through the first part of the third quarter we saw a continuation of the great
momentum we built during the first half of the year when revenue grew 14 percent.
At the same time, the impact of the pandemic on taxpayers and small businesses is
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real. The extension of the IRS tax filing deadline and local shelter-in-place
directives negatively impacted performance beginning in mid-March. As a result,
our total revenue declined 8 percent in the quarter. Let me go into more detail with
how the quarter played out, starting with our Consumer Group.
The extension of the IRS tax filing deadline from April 15th to July 15th has
shifted the timing of millions of tax filings to later in the season, resulting in a 15
percent decline in Consumer Group revenue during the fiscal third quarter.
Based on the latest IRS data, total returns are down 9.4 percent, reflecting the later
July 15 tax filing deadline. The DIY software category is performing notably better
than assisted and as the category leader, we are driving category awareness and
growth, so we are encouraged by this result. Through May 8, IRS data shows total
e-filed returns are down 9.6 percent, with self-prepared e-files up 2.2 percent and
assisted e-files down 18.8 percent. Because this data includes stimulus filings for
individuals not usually required to file a tax return, it is not comparable to prior
year data. As of May 8, our data also indicates a majority of expected April higher-
value customers with the most complex returns and those with a balance due have
yet to file. Therefore, we are proud of our progress so far and feel good about
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where we stand with TurboTax Online share and ARPC, keeping us on track
entering the last two months of the season.
Our strategy is working, we are accelerating our innovation, and well-positioned
for the remainder of the season. We are making progress on serving fast growing,
underpenetrated segments, including Latinx, self-employed and customers with
investments. We are focused on increasing customer confidence through access to
experts with TurboTax Live, and we are seeing a positive impact on both
conversion and retention when these customers interact with an expert. The
extension of the season has also given us the opportunity to run additional
experiments to improve the experience, product line up and pricing for the future.
Turning to small business….
We began to see an impact from COVID-19 on our business in mid-March, as
many small businesses began closing or significantly scaling-back their operations,
leading to loss of income and rising unemployment. Despite these headwinds,
Small Business and Self-Employed Group revenue grew 11 percent and online
ecosystem revenue grew 28 percent.
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Let me share some of the recent trends in our business.
During the second half of the quarter, QuickBooks Online new customer
acquisition decelerated by approximately 15 points versus the first half and
retention within the existing customer base decreased by 2 points versus a year
ago. We continue to expect the small business customer base and ARPC to grow in
fiscal year 2020.
The services offerings within QuickBooks Online have experienced an even
greater impact. For example, after growing approximately 30 percent year-over-
year through mid-March, payment charge volume was flat year-over-year during
the second half of the quarter. Within our online payroll offering, after an increase
of 20 percent year-over-year in workers paid through mid-March, workers paid
decreased 10 percent year-over-year during the second half of the quarter.
Similarly, after the total number of companies running payroll grew approximately
15 percent year-over-year through mid-March, the number of companies running
payroll was approximately flat during the second half of the quarter. These trends
could result in higher attrition and lower revenue in the future.
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Despite limited visibility near-term, we are more inspired than ever to achieve our
2025 prosperity, reputation and growth goals. As a reminder, our prosperity goals
are to double household savings rate and improve the success rate of small
businesses by 10 points better than benchmark, for anyone on our platform. We
will do so by becoming an AI-driven expert platform and doubling down on our
five Big Bets. As we look into the future, we have resourced our big bets for
acceleration. Let me share our progress on each of these bets. Big bet number one
is foundational to accelerate innovation across our platform. I'll come back to this
one in a minute since it supports the other four big bets.
Big bet number two is all about “connecting people to experts.” One of the largest
problems our customers face is lack of confidence - to do their own taxes and to
manage their business. We’re connecting customers to experts on our platform to
solve this problem with TurboTax Live and QuickBooks Live, allowing us to reach
more customers, deepen engagement and grow ARPC.
• Within TurboTax Live, this season we improved access to an expert through
real-time chat and a floating “Live Help” button, contributing to improving
customer conversion and retention. On the expert side of the platform, we’re
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using A.I. to improve the experience by automating repetitive tasks and
presenting experts with contextual customer information based on the
location of the customer within the product experience. As a result, we’ve
seen average session handle time decline nearly 20 percent this season,
while - at the same time - providing a better experience for our customers.
This season we’ve earned the highest customer satisfaction scores for
TurboTax Live...ever.
• For QuickBooks Live, we are seeing promising early results. With the rapid
shift to virtual solutions, we’re seeing better-than-expected customer
acquisition and we continue to experiment across the line-up. For example,
we’ve further refined the set-up offering we introduced in January. We’re
seeing an encouraging number of customers who’ve used the set-up offering
to upgrade to a monthly subscription, making us optimistic that it's a great
way to introduce customers to the benefits of QuickBooks Live.
Our third big bet is to “unlock smart money decisions” for customers by
connecting them to financial tools and partners that help put more money in their
pockets. In its third season, we are on track to nearly double active use for Turbo.
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This suggests customers are finding value from our recently introduced
innovations, like mobile refund tracking and weekly credit score updates. And, in
this challenging environment, our pending acquisition of Credit Karma is more
important than ever as we help consumers make better financial decisions.
Our fourth big bet is to “become the center of small business growth,” by helping
our customers sell in an omni-channel world, get paid fast, manage capital and pay
employees with confidence.
• We recently launched Cash Flow Planner in QuickBooks Online. Managing
cash flow is the biggest problem our customers face - one that is only
magnified during this difficult period. Cash Flow Planner is an A.I.-powered
interactive tool that looks at a small business’s financial history to predict
future money-in and money-out events, enabling a small business customer
to forecast its cash needs more accurately.
• Within payments, we are offering our payments customers free access to
Instant Deposit, to put money into their hands even faster. Since this free
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offer became available, the volume of payments received instantly by our
customers has more than doubled. This offering is in the early days.
• Within payroll, we are enabling our small business customers to hold onto
their money longer by using our money movement capabilities to pay
employees next-day. As a result, we have reduced the time between running
payroll and paying employees by one-third, driving product recommendation
scores up 10 percent.
Our fifth big bet is to “disrupt the mid-market with QuickBooks Online
Advanced,” our online offering designed to address the needs of small business
customers with 10 to 100 employees. We developed this offering to help us
increase retention of larger customers, and attract new mid-market customers who
are over-served by higher-priced competitive offerings. We introduced several new
features to help customers individually tailor the product to their needs, including
“build your own dashboard” and additional “custom fields for expense
transactions.” We continue to work closely with partners to develop integrations
that save our customers time and improve the experience. Now more than ever, a
cloud offering is needed by mid-market customers at a disruptive price.
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Now, let me wrap up our Big Bets by circling back to bet number one, which is our
foundational bet to “revolutionize speed to benefit” for our customers. Our goal is
to deliver benefits to our customers instantly and to make the interactions with our
offerings frictionless by accelerating the application of A.I. Earlier, I shared several
examples of how we are using A.I. to provide our customers access to help through
Intuit Aid Assist and PPP funds through QuickBooks Capital. Or how our
customers are accessing funds with instant deposit, managing cash flow with Cash
Flow Planner, or how we’re improving the experience for experts with A.I. We are
uniquely positioned to use A.I. to unlock the power of data in service to our
customers, both the velocity and the impact of our innovation.
Now let me share our thoughts on the bigger picture in the current environment.
We expect this environment to act as an accelerant to the bets we have declared.
• First, we expect to see an accelerating shift to a virtual world. This aligns
with our big bet to “connect people to experts” using technology to improve
confidence.
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• Second, the need for small businesses to increase their online presence and
commerce will become more essential. This aligns with our big bet to “be
the center of small business growth,” by providing tools and visibility for
customers to better manage their cash flow.
• Finally, as we have seen in previous times of hardship, we expect consumers
to put a high premium on offerings that improve their financial health, which
aligns with our bet to help consumers “unlock smart money decisions.” This
includes helping our customers with saving more money and getting out of
debt, and becoming a trusted financial assistant in their pocket with our
pending acquisition of Credit Karma.
Our strategy and Big Bets position us better now than ever before. We have a
proven playbook that focuses our investments on accelerated innovation and what
matters most. In that context, we have aligned the company to invest in what’s
most important for future growth while delivering against our financial principles.
We intend to play offense during this downturn by investing in the largest
opportunities for the future - our Big Bets. When we do our job well, we believe
we will come out of this downturn stronger than ever before.
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To wrap up, I’m incredibly proud of our accomplishments this quarter. We remain
focused on what matters most to our customers and those things that we can
control during this time of uncertainty.
Now let me hand it over to Michelle.
Financial Results and Segment Details
Thanks, Sasan. Good afternoon everyone. I’ll start by adding my thoughts on the
playbook we are using to run the business during these challenging economic
times, and then provide an overview of our financial results this quarter.
As Sasan shared, we have been through tough economic times before, and have
developed a playbook of principles for operating in a downturn. These principles
are designed to accelerate our execution in the future, and help both our customers
and Intuit emerge from a downturn in a stronger position than when it began.
One of those principles is focusing on controlling what we can, including
discretionary spending to deliver bottom line results. Roughly three-quarters of
Intuit’s expense base is variable over time. We are scrutinizing all expenses and
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carefully managing what we can control in this environment, such as travel,
marketing spend and hiring decisions.
Let me now turn to our results. As Sasan mentioned, we saw a continuation of the
strong momentum we built through the second quarter during the first half of the
third quarter, followed by a slowdown in our business beginning in mid-March.
For the third quarter of fiscal 2020, we delivered:
• Revenue of $3.0 billion, down 8 percent year-over-year.
• GAAP operating income of $1.4 billion, a 21 percent decrease.
• Non-GAAP operating income of $1.5 billion, an 18 percent decrease.
• GAAP diluted earnings per share of $4.11, a 21 percent decrease.
• And non-GAAP diluted earnings per share of $4.49, a 19 percent decrease.
Business Segment Results
Turning to the business segments:
Consumer and Strategic Partner Groups
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Consumer Group revenue was $1.8 billion, down 15 percent in the third quarter.
This decline reflects the delay of the IRS tax filing deadline to July 15th, which is
shifting revenue out of the third quarter and into the fourth quarter.
We are pleased with what we have seen season-to-date. The DIY category
continues to grow faster than assisted, and we feel good about where we stand with
TurboTax Online share. With two months still to go in the season, it’s difficult to
know if these trends will continue, or whether more consumers will choose to file
an extension. Either way we expect the DIY category to gain share again this
season as it has for more than a decade.
And in the Strategic Partner Group, professional tax revenue declined 18 percent in
the third quarter, reflecting the impact of the delayed tax filing deadline on the
timing of consumer tax filings completed by accountants.
Small Business and Self-Employed Group
We grew Small Business and Self-Employed Group revenue 11 percent during the
third quarter, driven by Online Ecosystem revenue growth of 28 percent. Our
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strategic focus within Small Business and Self-Employed is to grow the core,
connect the ecosystem and expand globally.
• Starting with grow the core, QuickBooks online accounting revenue grew 36
percent in fiscal Q3, driven mainly by customer growth, higher effective
prices and to a lesser extent mix-shift. During the second half of the quarter
we saw the pace of new customer acquisition and retention both decline,
especially among lower ARPC customers. Keep in mind that there is a
lagging impact to QuickBooks online accounting revenue, although we do
expect both our subscriber base and ARPC to grow during fiscal year 2020.
• Second, we continue to focus on connecting the ecosystem. Online Services
revenue - which includes payroll, payments, time tracking and capital - grew
16 percent in fiscal Q3. Within payroll, we continue to see revenue tailwinds
during the quarter from a mix-shift to our full service offering. Roughly two-
thirds of online payroll revenue is generated from monthly subscription fees
and one-third is generated from per employee monthly fees. Within
payments, revenue growth reflects continued customer growth, along with
an increase in charge volume per customer. During the second half of the
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quarter, charge volume decelerated, fewer workers were paid and fewer
companies ran payroll. These leading indicators could result in higher
attrition and lower revenue for these offerings in the future.
• Third, our progress expanding globally added to the growth of Online
Ecosystem revenue during fiscal Q3. Total international online revenue
again grew over 50 percent, reflecting subscriber and ARPC growth earlier
in the fiscal year. However, this momentum has slowed, and could result in
decelerating revenue growth in the future.
Desktop Ecosystem revenue declined 6 percent in the third quarter. Desktop units
declined sharply, reflecting lower sales through the retail and direct channels
beginning in mid-March. This was offset by mid-single digit QuickBooks Desktop
Enterprise revenue growth. Within our desktop payroll offering, nearly 10 percent
fewer workers were paid during the second half of the quarter versus a year ago.
This compares to growth in the mid-single digits during the first half of the quarter
through mid-March. Desktop payments charge volume growth declined just over
20 percent in the second half of the quarter.
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As we’ve shared, Intuit is helping small businesses obtain loans from the Paycheck
Protection Program through QuickBooks Capital. We are working in partnership
with an SBA-approved bank and we are also directly funding a portion of these
loans. We don't expect to hold those loans on our balance sheet. Revenue from
these loans was immaterial during the quarter.
Let me turn to our pending acquisition of Credit Karma. We expect the acquisition
to be accretive over time, but given the current environment we don’t have
visibility into whether it will be neutral to accretive in the first full fiscal year after
closing. We continue to expect the transaction to close during the second half of
calendar year 2020. We are excited about the unprecedented benefits we can
deliver together for customers.
Financial Principles and Capital Allocation
Turning to our financial principles. We remain committed to growing organic
revenue double-digits, and growing operating income dollars faster than revenue.
We take a disciplined approach to capital management, investing the cash we
generate in opportunities that yield an expected return on investment greater than
15 percent. We continue to focus on reallocating resources to top priorities at the
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company, with an emphasis on becoming an A.I.-driven expert platform. These
principles remain our long-term commitment, though we recognize that we may
not be able to achieve them in the current environment.
Our first priority for the cash we generate is investing in the business to drive
customer and revenue growth. We consider acquisitions to accelerate our growth
and fill out our product road map. We return excess cash that we can’t invest
profitably in the business to shareholders via both share repurchases and dividends.
• We finished the quarter with approximately $4 billion in cash and
investments on our balance sheet. On May 7, we drew down the full amount
of our $1 billion revolving credit facility to maintain financial flexibility.
• We repurchased $40 million of stock in the third quarter, but have
temporarily suspended share purchases in conjunction with the Credit Karma
acquisition, as is typical during a stock transaction. We have approximately
$2.4 billion remaining on our authorization, and we expect to be in the
market in the future.
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• The Board approved a quarterly dividend of $0.53 per share, payable
July 20, 2020. This represents a 13 percent increase versus last year.
We will not be providing guidance today. As a reminder we withdrew our fiscal
2020 guidance earlier this month, reflecting uncertainty in current small business
trends.
With that, I’ll turn it back over to Sasan.
Closing Comments (Sasan)
Thanks, Michelle.
We’re uniquely positioned to make a positive impact on the world during this time.
I’m proud of the actions we’ve taken as a company to support our customers when
they need it most. We’ve acted with speed, enabling our employees to be safe and
productive working from home and continuing to innovate for our customers.
We’re using our capabilities to rapidly deploy solutions to help consumers and
small businesses access the products and relief they need during this difficult time.
I’m confident we’ll emerge an even stronger company.
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Closing Comments After Q&A
Thank you everyone for your time and questions today. I would like to close by
thanking our employees, customers and partners. Be well. I look forward to
speaking with you on our next earnings call.
Cautions About Forward-looking Statements
These materials contain forward-looking statements, including the impact of the
COVID-19 pandemic on Intuit’s business; the timing of when individuals will file
their tax returns; Intuit’s prospects for the business in fiscal 2020 and beyond;
expectations regarding Intuit’s growth outside the US; expectations regarding
timing and growth of revenue for each of Intuit’s reporting segments and from
current or future products and services; expectations regarding customer growth;
expectations regarding Intuit’s corporate tax rate; expectations regarding changes
to our products and their impact on Intuit’s business; expectations regarding the
amount and timing of any future dividends or share repurchases; expectations
regarding availability of our offerings; expectations regarding the impact of our
strategic decisions on Intuit’s business; and expectations regarding the timing,
completion, financial performance and impact of the Credit Karma acquisition.
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Because these forward-looking statements involve risks and uncertainties, there are
important factors that could cause our actual results to differ materially from the
expectations expressed in the forward-looking statements. These risks and
uncertainties may be amplified by the COVID-19 pandemic, which has caused
significant economic instability and uncertainty. These factors include, without
limitation, the following: our ability to compete successfully; our participation in
the Free File Alliance; potential governmental encroachment in our tax businesses;
our ability to adapt to technological change; our ability to predict consumer
behavior; our reliance on third-party intellectual property; our ability to protect our
intellectual property rights; any harm to our reputation; risks associated with
acquisition and divestiture activity; the issuance of equity or incurrence of debt to
fund an acquisition; our cybersecurity incidents (including those affecting the third
parties we rely on); customer concerns about privacy and cybersecurity incidents;
fraudulent activities by third parties using our offerings; our failure to process
transactions effectively; interruption or failure of our information technology; our
ability to maintain critical third-party business relationships; our ability to attract
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and retain talent; any deficiency in the quality or accuracy of our products
(including the advice given by experts on our platform); any delays in product
launches; difficulties in processing or filing customer tax submissions; risks
associated with international operations; changes to public policy, laws or
regulations affecting our businesses; litigation in which we are involved; the
seasonal nature of our tax business; changes in tax rates and tax reform legislation;
global economic changes; exposure to credit risk of the businesses we provide
capital to; amortization of acquired intangible assets and impairment charges; our
ability to repay outstanding debt; our ability to repurchase shares or distribute
dividends; volatility of our stock price; our ability to successfully market our
offerings; failure to obtain required regulatory approvals in a timely manner or
otherwise; failure to satisfy any closing conditions to the proposed acquisition of
Credit Karma; risks associated with tax liabilities or changes in U.S. federal tax
laws or interpretations to which the proposed transaction with Credit Karma or
parties thereto are subject; failure to successfully integrate any new business;
failure to realize anticipated benefits of any combined operations; unanticipated
costs of acquiring or integrating Credit Karma; potential impact of announcement
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or consummation of the proposed acquisition on relationships with third parties,
including employees, customers, partners and competitors; inability to retain key
personnel; changes in legislation or government regulations affecting the
acquisition or the parties; economic, and or political conditions that could
adversely affect the acquisition or the parties; the impact of the COVID-19
pandemic; and risks associated with assumptions the parties make in connection
with the parties’ critical accounting estimates and legal proceedings.
More details about these and other risks that may impact our business are included
in our Form 10-K for fiscal 2019, in our other SEC filings and in the Registration
Statement on Form S-4 and the consent solicitation statement/prospectus contained
therein relating to the proposed acquisition of Credit Karma, Inc. You can locate
these reports through our website at http://investors.intuit.com. Forward-looking
statements represent the judgment of the management of Intuit as of the date of this
presentation. We do not undertake any duty to update any forward-looking
statement or other information in this presentation.
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No Offer or Solicitation
This communication is not intended to and does not constitute an offer to sell or
the solicitation of an offer to subscribe for or buy or an invitation to purchase or
subscribe for any securities or the solicitation of any vote in any jurisdiction
pursuant to the proposed transactions or otherwise, nor shall there be any sale,
issuance or transfer of securities in any jurisdiction in contravention of applicable
law. No offer of securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act. Subject to certain exceptions
to be approved by the relevant regulators or certain facts to be ascertained, the
public offer will not be made directly or indirectly, in or into any jurisdiction where
to do so would constitute a violation of the laws of such jurisdiction, or by use of
the mails or by any means or instrumentality (including without limitation,
facsimile transmission, telephone and the internet) of interstate or foreign
commerce, or any facility of a national securities exchange, of any such
jurisdiction.
Additional Information
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Important Additional Information Has Been Filed with the SEC
Intuit has filed with the SEC a registration statement on Form S-4, which includes
the prospectus of Intuit (the "prospectus"). INVESTORS AND SHAREHOLDERS
ARE URGED TO CAREFULLY READ THE PROSPECTUS IN ITS ENTIRETY
AND OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC IN
THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION ABOUT INTUIT, CREDIT
KARMA, THE PROPOSED TRANSACTIONS AND RELATED MATTERS.
Investors and shareholders may obtain free copies of the prospectus and other
documents filed with the SEC by the parties through the website maintained by the
SEC at www.sec.gov. In addition, investors and shareholders may obtain free
copies of the prospectus and other documents filed with the SEC on Intuit’s
website at http://investors.intuit.com.
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