Intuit Inc. (NASDAQ:INTU) Q1 2024 Earnings Call Transcript

One is you’ve heard us talk about the entire app redesign, which is far more focused on putting the right benefits in front of the customers at the right time, which we talked about at Investor Day, that coupled with Intuit Assist. And the example I used in earlier was the fact that prime customers spend literally four or five hours doing comparison shopping between credit cards because they can get whatever credit card they want, but they’re looking for the perps. Now we can automatically do that for them based on all of the data and everything that we know about them. So you combine the app redesign with Intuit Assist and our focus on prime customers. Karma Guarantee plays an important role helping customers, particularly those that have a hard time getting access to financial products, guarantee them that if they choose what’s in front of them that they’re going to be approved for it or we’ll put $50 in their bank account.

So the combination of those things is what the set of initiatives are that we are focused on that we expect will drive engagement, higher frequency and monetization. And we’ve not included that in our guidance, but it’s very important for the future growth of the business. Not only that, and I’ll end with this, tax is an enormous part of it. We’ve now spent several years thinking about how does every interaction and move a customer mix in the Credit Karma platform? How does that inform what that will mean to their taxes. So that when it’s tax time, it’s a much more seamless experience along with compelling offers. So taxes now, as we look ahead, such an important part of the life of the member and our focus area within Credit Karma. And all of those combined is what we have high hopes for in the future.

Again, not in our guidance but important for the future.

Scott Schneeberger: Excellent. Thanks for all that.

Sasan Goodarzi: You’re very welcome.

Operator: All right. Thank you. Ladies and gentlemen, there are no — go ahead, sir.

Sasan Goodarzi: Sorry, go ahead.

Operator: There no further questions, so you may proceed with any additional or closing remarks.

Sasan Goodarzi: Sorry to have interrupted you. I was just going to say thank you for all the questions, and we look forward to hearing from everyone next quarter. Until then, be safe. Bye, everybody.

Operator: Ladies and gentlemen, thank you for participating. This does conclude today’s conference call, and you may disconnect at this time.