AGB 2023.2 - Intuit (INTU)

Powering Financial Software for Consumers and SMBs

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Intuit

Intuit is the leading financial management software provider for consumers and SMBs in the U.S. The company is best known for its TurboTax and QuickBooks product lines. In fiscal year 2022 (ends in July), TurboTax software was used by 47M filers in the US, which is roughly 29% of total tax returns filed. Within the do-it-yourself (DIY) market, TurboTax held 64% market share. QuickBooks is used by almost 7M online and desktop customers to manage the finances of their small to medium sized businesses (SMBs).

TurboTax is the main component of Intuit’s Consumer segment (31% of revenues and 36% of operating income). Customers use TurboTax software to file their taxes each year with the goal of easily achieving the highest refund (or the lowest payment). There are three basic levels of the software - Free, Deluxe and Premium. Usually owning a home, donating to charity, having investment income, and being self employed …