WEBVTT - Intuit Inc President and CEO Sasan K Goodarzi Talks Revenue Tools

0:00:00.040 --> 0:00:02.239
<v Speaker 1>I want to discuss what's happening over at Intuit. Intuit

0:00:02.320 --> 0:00:04.960
<v Speaker 1>Mailchimp is coming out with a new revenue tool. It's

0:00:04.960 --> 0:00:08.000
<v Speaker 1>a system of predictive and generative AI models. Basically, it's

0:00:08.039 --> 0:00:10.600
<v Speaker 1>designed to help market is win more revenue. You're going

0:00:10.640 --> 0:00:12.280
<v Speaker 1>to send the right email at the right SMS at

0:00:12.280 --> 0:00:14.920
<v Speaker 1>the right time, with the right conversion into at.

0:00:14.920 --> 0:00:16.040
<v Speaker 2>CEO is going to talk us through it.

0:00:16.160 --> 0:00:19.280
<v Speaker 1>Sasam Gourdalzi joining us for more and this is about

0:00:19.400 --> 0:00:22.599
<v Speaker 1>artificial intelligence. Really in the here, renowned Sasan you have

0:00:22.720 --> 0:00:25.280
<v Speaker 1>been talking up AI. You've been reworking your business as

0:00:25.320 --> 0:00:27.360
<v Speaker 1>the time you came in as CEO. I want to

0:00:27.760 --> 0:00:29.720
<v Speaker 1>you know, qdos to you for talking about it before

0:00:29.720 --> 0:00:31.800
<v Speaker 1>the rest of the market did. But how is it

0:00:31.880 --> 0:00:33.880
<v Speaker 1>actually going to generate revenue for you?

0:00:35.600 --> 0:00:38.159
<v Speaker 3>Well, first of all, thank you so much for having me.

0:00:38.880 --> 0:00:41.760
<v Speaker 3>You know, what we announced today is a really big deal.

0:00:41.840 --> 0:00:45.200
<v Speaker 3>Let me first quickly start with context and then talk

0:00:45.240 --> 0:00:47.159
<v Speaker 3>to what we launched and how over time it will

0:00:47.200 --> 0:00:50.919
<v Speaker 3>generate revenue for into it. You know, strategically, there are

0:00:50.920 --> 0:00:53.520
<v Speaker 3>three big things really that we've declared. You know, one

0:00:53.760 --> 0:00:58.560
<v Speaker 3>is shifting from building workflows where customers do the work

0:00:58.960 --> 0:01:02.560
<v Speaker 3>to get to their financial outcomes to workflows where we

0:01:02.600 --> 0:01:05.920
<v Speaker 3>do the work for our customers. The second element is

0:01:05.920 --> 0:01:11.119
<v Speaker 3>that embedding AI powered experts human experts within every workflow

0:01:11.200 --> 0:01:14.319
<v Speaker 3>so that there's never a dead end for customers. When

0:01:14.360 --> 0:01:16.720
<v Speaker 3>there's a dead end with the technology doing the work,

0:01:17.319 --> 0:01:19.880
<v Speaker 3>are experts that actually sit on our data on AI

0:01:19.920 --> 0:01:24.400
<v Speaker 3>platform can be the assistant for consumers and small businesses.

0:01:24.720 --> 0:01:27.360
<v Speaker 2>And third, to take our game to the mid market and.

0:01:27.319 --> 0:01:31.039
<v Speaker 3>Small enterprises and really serve our customers in ways that

0:01:31.040 --> 0:01:35.160
<v Speaker 3>they could never imagine possible. Specifically, what we announced today

0:01:35.480 --> 0:01:40.600
<v Speaker 3>on our Intuit mailchip platform is what we call revenue intelligence.

0:01:40.640 --> 0:01:43.480
<v Speaker 3>You know, one of the things that small businesses care

0:01:43.520 --> 0:01:48.040
<v Speaker 3>about most is revenue growth and profitability growth, and within

0:01:48.120 --> 0:01:51.680
<v Speaker 3>that their cash flow matters a lot. And so revenue

0:01:51.680 --> 0:01:56.040
<v Speaker 3>intelligence does something remarkable. It leverages all of our customers

0:01:56.200 --> 0:02:00.720
<v Speaker 3>data across Mailchimp and QuickBooks an essence helps them with

0:02:00.960 --> 0:02:03.400
<v Speaker 3>understanding how they can drive customer and revenue growth.

0:02:03.440 --> 0:02:04.920
<v Speaker 2>So imagine Swan.

0:02:05.080 --> 0:02:07.480
<v Speaker 1>I'm I'm just going to think about imagining as a

0:02:07.520 --> 0:02:09.480
<v Speaker 1>consumer here though, because I can see how this might

0:02:09.480 --> 0:02:13.240
<v Speaker 1>be music to marketis is, But me as a consumer,

0:02:13.280 --> 0:02:16.760
<v Speaker 1>do I want more SMSs. Do I want more emails?

0:02:16.800 --> 0:02:18.480
<v Speaker 1>Do I want more marketing heading my way?

0:02:19.480 --> 0:02:22.520
<v Speaker 3>Well, if I finish the thought around this small business

0:02:22.520 --> 0:02:25.680
<v Speaker 3>and the impact that we'll have to the consumer. In essence,

0:02:25.680 --> 0:02:28.680
<v Speaker 3>the small business can understand which customers they have an

0:02:28.680 --> 0:02:32.320
<v Speaker 3>opportunity to provide more services to where they can drive

0:02:32.400 --> 0:02:37.240
<v Speaker 3>more benefits and profitability. And for a consumer, let's use

0:02:37.400 --> 0:02:40.120
<v Speaker 3>a couch as an example, or new chairs as an example,

0:02:40.160 --> 0:02:42.119
<v Speaker 3>as a furniture store that you just came out with.

0:02:42.480 --> 0:02:47.040
<v Speaker 3>As a consumer of those devices or those couches or chairs,

0:02:47.360 --> 0:02:49.240
<v Speaker 3>I have an opportunity to know what's available, and I

0:02:49.240 --> 0:02:52.840
<v Speaker 3>have an opportunity to know where I can modernize my house.

0:02:52.919 --> 0:02:57.760
<v Speaker 3>And so from a consumer perspective, the benefit is significant

0:02:57.800 --> 0:03:00.919
<v Speaker 3>and consumers actually believe it or not. Ninety five percent

0:03:00.919 --> 0:03:04.400
<v Speaker 3>of consumers love to digest SMSs because they're short, they're sweet,

0:03:04.400 --> 0:03:07.000
<v Speaker 3>and to the point, and it has an enormous impact

0:03:07.040 --> 0:03:10.880
<v Speaker 3>for consumers and a big impact for small businesses. And ultimately,

0:03:10.880 --> 0:03:13.720
<v Speaker 3>to answer your question, the more we can help drive

0:03:13.840 --> 0:03:17.320
<v Speaker 3>revenue and profitability growth for small businesses, the more we

0:03:17.400 --> 0:03:19.760
<v Speaker 3>have the capability to monetize and be able to drive

0:03:19.800 --> 0:03:22.560
<v Speaker 3>growth into it. So we're very excited about what we

0:03:22.639 --> 0:03:23.200
<v Speaker 3>launched today.

0:03:23.320 --> 0:03:25.040
<v Speaker 4>So Son, I want to talk about the turbo tax

0:03:25.240 --> 0:03:28.640
<v Speaker 4>business because you've spoken recently about the idea of looking

0:03:28.639 --> 0:03:32.359
<v Speaker 4>for more customers who actually use human accountants to adopt

0:03:32.520 --> 0:03:35.440
<v Speaker 4>TurboTax and not use those accounts anymore. Forgive me for

0:03:35.480 --> 0:03:37.880
<v Speaker 4>getting personal here, but there's a reason I'm asking this question.

0:03:38.400 --> 0:03:41.320
<v Speaker 4>I would imagine you have a very very complicated tax

0:03:41.360 --> 0:03:44.920
<v Speaker 4>situation as the president and CEO of this company. Do

0:03:45.040 --> 0:03:47.400
<v Speaker 4>you use turbo tax for your taxes?

0:03:48.640 --> 0:03:51.840
<v Speaker 3>Great question. First, let me start with answering your first question.

0:03:51.880 --> 0:03:54.120
<v Speaker 3>Then I'll answer your question about myself. You know, first

0:03:54.160 --> 0:03:59.000
<v Speaker 3>and foremost, there's a thirty five billion dollars total addressable market,

0:03:59.040 --> 0:04:03.120
<v Speaker 3>and of that thirty five billion, thirty billion is consumers

0:04:03.120 --> 0:04:05.280
<v Speaker 3>and small businesses that actually go to somebody else to

0:04:05.320 --> 0:04:08.120
<v Speaker 3>have their taxes done. And that's really where we've built

0:04:08.120 --> 0:04:10.880
<v Speaker 3>out the platform, where it sits on a data and

0:04:10.920 --> 0:04:13.040
<v Speaker 3>AI platform where we can do your taxes for you.

0:04:13.080 --> 0:04:16.200
<v Speaker 3>From a governance perspective, I do not use turbo tax

0:04:16.200 --> 0:04:19.279
<v Speaker 3>because it's important from a governance perspective that somebody else

0:04:19.320 --> 0:04:22.400
<v Speaker 3>does my taxes for me outside of our platform. So

0:04:22.440 --> 0:04:24.160
<v Speaker 3>that's the reason why don't. I would okay to do

0:04:24.200 --> 0:04:25.320
<v Speaker 3>it because we have great experts.

0:04:25.360 --> 0:04:27.000
<v Speaker 4>What I was going to say is, do you ever

0:04:27.360 --> 0:04:30.359
<v Speaker 4>picture a time where somebody with as complicated a tax

0:04:30.440 --> 0:04:33.919
<v Speaker 4>picture as the executive a publicly traded company can only

0:04:34.040 --> 0:04:37.080
<v Speaker 4>use a product like TurboTax for their taxes? Does that

0:04:37.160 --> 0:04:37.679
<v Speaker 4>day common?

0:04:37.720 --> 0:04:40.599
<v Speaker 2>If? Yes? When? Well, first of all, we can do

0:04:40.640 --> 0:04:41.120
<v Speaker 2>that today.

0:04:41.640 --> 0:04:44.360
<v Speaker 3>If there wasn't a governance issue, I could have one

0:04:44.400 --> 0:04:46.919
<v Speaker 3>of our experts do all of my taxes today. You know,

0:04:47.000 --> 0:04:51.720
<v Speaker 3>our experts can today do anybody's taxes for them.

0:04:51.720 --> 0:04:53.400
<v Speaker 2>And it's all digital, it's all.

0:04:53.200 --> 0:04:57.920
<v Speaker 3>AI powered, and we have multiple second reviews within our

0:04:57.960 --> 0:05:00.880
<v Speaker 3>platform to ensure that your taxes are done curately and

0:05:00.960 --> 0:05:03.400
<v Speaker 3>that you're either getting the largest refund or if you

0:05:03.400 --> 0:05:05.600
<v Speaker 3>have a balanced that you're paying the right amount.

0:05:05.600 --> 0:05:07.600
<v Speaker 2>But today, anybody can do.

0:05:07.520 --> 0:05:09.640
<v Speaker 3>Their taxes on our platform and have us do it

0:05:09.680 --> 0:05:12.120
<v Speaker 3>for them because we have all of the expertise, all

0:05:12.160 --> 0:05:14.760
<v Speaker 3>of the data and AI capabilities with the best experts

0:05:14.800 --> 0:05:16.560
<v Speaker 3>in the industry on our platform.

0:05:16.680 --> 0:05:17.000
<v Speaker 2>Yeah.

0:05:17.080 --> 0:05:20.200
<v Speaker 1>We were just seeing sasan how well your share price

0:05:20.240 --> 0:05:22.919
<v Speaker 1>has been doing of late, and in many ways of

0:05:23.040 --> 0:05:25.960
<v Speaker 1>late we've seen it pop because there's a price increase

0:05:26.040 --> 0:05:29.080
<v Speaker 1>coming according to Mazooho analyst in particularly, who is outlining

0:05:29.080 --> 0:05:31.720
<v Speaker 1>what that's going to do for your revenue sasan how

0:05:31.760 --> 0:05:34.360
<v Speaker 1>big an increase are we going to see for quick books?

0:05:34.400 --> 0:05:36.719
<v Speaker 1>Can you give us a sort of level revenue indeed

0:05:36.800 --> 0:05:37.960
<v Speaker 1>a natural price point?

0:05:38.920 --> 0:05:39.400
<v Speaker 2>Yeah, sure.

0:05:39.440 --> 0:05:40.960
<v Speaker 3>I mean, first of all, I would start by saying

0:05:41.040 --> 0:05:45.000
<v Speaker 3>that we've had significant innovation on our platform in the

0:05:45.080 --> 0:05:48.719
<v Speaker 3>last year across all of the elements of our platform,

0:05:48.800 --> 0:05:51.920
<v Speaker 3>whether it's the ability to be able to fuel your success,

0:05:52.000 --> 0:05:55.200
<v Speaker 3>drive your revenue growth or profitability, and or having our

0:05:55.279 --> 0:05:58.560
<v Speaker 3>experts to help you run your business as a small business.

0:05:59.080 --> 0:06:01.880
<v Speaker 3>And we always price for value, and so this is

0:06:01.960 --> 0:06:04.320
<v Speaker 3>very much sort of in line with our pricing strategy

0:06:04.360 --> 0:06:08.680
<v Speaker 3>and our pricing principles, where we are raising prices all

0:06:08.720 --> 0:06:11.960
<v Speaker 3>the way from those that today start out to fuel

0:06:12.000 --> 0:06:14.279
<v Speaker 3>their success as a small business and follow their passion

0:06:14.600 --> 0:06:18.920
<v Speaker 3>to mid market customers. And we've gotten great feedback relative

0:06:18.960 --> 0:06:21.040
<v Speaker 3>to the innovations that we've delivered in the last year,

0:06:21.080 --> 0:06:24.040
<v Speaker 3>and we're just simply pricing for value and we're excited

0:06:24.040 --> 0:06:25.200
<v Speaker 3>about the possibilities.

0:06:25.839 --> 0:06:28.680
<v Speaker 4>I just want to talk about Mint because there was

0:06:28.720 --> 0:06:31.360
<v Speaker 4>a lot of sadness when you guys shut Mint down,

0:06:31.920 --> 0:06:35.479
<v Speaker 4>and I'm wondering if you've seen those customers move over

0:06:35.480 --> 0:06:36.760
<v Speaker 4>to Credit harmas products.

0:06:38.240 --> 0:06:38.440
<v Speaker 2>Yeah.

0:06:38.480 --> 0:06:40.640
<v Speaker 3>Well, first of all, I'll start with what Mint actually

0:06:41.000 --> 0:06:44.320
<v Speaker 3>who had served it served what we call prime customers,

0:06:44.320 --> 0:06:48.920
<v Speaker 3>those that generally have credit scores above seven hundred. And

0:06:49.160 --> 0:06:53.080
<v Speaker 3>when we thought about our vision as a consumer platform,

0:06:53.200 --> 0:06:56.200
<v Speaker 3>we want to have a self driving platform where we

0:06:56.240 --> 0:06:58.240
<v Speaker 3>can serve you early on in your life to help

0:06:58.279 --> 0:07:00.159
<v Speaker 3>you build your credit all the way to how you

0:07:00.200 --> 0:07:03.960
<v Speaker 3>build wealth over time. And so given that vision, we

0:07:04.040 --> 0:07:06.880
<v Speaker 3>actually brought Mint and Credit Karma together so we can

0:07:06.960 --> 0:07:09.240
<v Speaker 3>serve all of our customers, from those that need to

0:07:09.279 --> 0:07:11.880
<v Speaker 3>build credit to those that have great credit scores but

0:07:11.920 --> 0:07:15.720
<v Speaker 3>also have different needs, all on one platform. We actually

0:07:15.760 --> 0:07:19.960
<v Speaker 3>had more than what we had assumed convert to Credit Karma.

0:07:20.160 --> 0:07:23.240
<v Speaker 3>In fact, the majority of our customers converted to Credit Karma,

0:07:23.520 --> 0:07:26.320
<v Speaker 3>particularly because of all the capabilities that we have on

0:07:26.360 --> 0:07:29.920
<v Speaker 3>Credit Karma to be able to serve our prime customers.

0:07:30.320 --> 0:07:31.040
<v Speaker 2>There are a.

0:07:31.080 --> 0:07:33.640
<v Speaker 3>Very small cord of customers that did not convert. These

0:07:33.640 --> 0:07:38.240
<v Speaker 3>are customers that really their love is budgeting tools, budgeting goals,

0:07:38.240 --> 0:07:40.360
<v Speaker 3>and those are some of the capabilities that over time

0:07:40.400 --> 0:07:41.840
<v Speaker 3>we're building in credit Karma, but.

0:07:41.800 --> 0:07:43.080
<v Speaker 2>Are not available today.

0:07:43.600 --> 0:07:46.120
<v Speaker 3>I would tell you some cord of customers were very

0:07:46.120 --> 0:07:49.160
<v Speaker 3>sad that Mint went away, but actually the majority of

0:07:49.200 --> 0:07:51.600
<v Speaker 3>our customers are delighted to be on credit Carma.

0:07:51.640 --> 0:07:53.880
<v Speaker 1>Now I'm going to ask him off set whether he's

0:07:54.320 --> 0:07:57.680
<v Speaker 1>delighted or heartbroken, but I'm interesting ss on. Lastly, we

0:07:57.720 --> 0:07:59.640
<v Speaker 1>did just get some recent news out.

0:07:59.520 --> 0:07:59.920
<v Speaker 2>Of the IR.

0:08:00.040 --> 0:08:02.280
<v Speaker 1>Yes, basically, there's going to be a free tool the

0:08:02.360 --> 0:08:05.040
<v Speaker 1>US government, in particular supporting Americans who want the option

0:08:05.080 --> 0:08:09.160
<v Speaker 1>to file directly with the IRS as ultimately to be

0:08:09.160 --> 0:08:10.160
<v Speaker 1>in charge of their own taxes.

0:08:10.200 --> 0:08:11.440
<v Speaker 2>Is this going to be a competitive threat?

0:08:11.440 --> 0:08:13.080
<v Speaker 1>Are you going to lose people to this free tool?

0:08:14.400 --> 0:08:16.480
<v Speaker 3>I mean, as short answer is no, because free is

0:08:16.560 --> 0:08:20.720
<v Speaker 3>already available to all Americans today, and so with what

0:08:20.800 --> 0:08:24.040
<v Speaker 3>the IRS has launched, it's just yet another free tool.

0:08:24.400 --> 0:08:26.760
<v Speaker 3>So it is not a threat to us because freees

0:08:26.760 --> 0:08:30.360
<v Speaker 3>are already available across all private companies. We also don't

0:08:30.360 --> 0:08:33.360
<v Speaker 3>believe that it's the best use of government money to

0:08:34.120 --> 0:08:36.520
<v Speaker 3>come out with another tool that's free where free is

0:08:36.559 --> 0:08:37.479
<v Speaker 3>already available.

0:08:37.800 --> 0:08:39.120
<v Speaker 2>It's not the best use of money.

0:08:39.400 --> 0:08:42.199
<v Speaker 3>We'd love to see more money go towards the service

0:08:42.240 --> 0:08:44.719
<v Speaker 3>that the IRS provides to take very good care of

0:08:45.200 --> 0:08:47.840
<v Speaker 3>the citizens. But nevertheless, as far as the threat for us,

0:08:47.840 --> 0:08:48.440
<v Speaker 3>it really.

0:08:48.280 --> 0:08:51.800
<v Speaker 4>Is not into its CEO. Soasan Ga Darzi Sossan, thanks

0:08:51.800 --> 0:08:52.720
<v Speaker 4>so much for joining us.

0:08:52.720 --> 0:08:54.320
<v Speaker 2>Appreciate it. Thank you for having me