CLAIM #32680 · Intuit Inc (INTU) · 2024Q3 earnings call · May 23, 2024 · due Jul 31, 2024
“Based on our estimates, we believe the IRS total returns will grow about 1%.”
Sasan Goodarzi · CEO
In context
“perator: We'll take our next question from Alex Markgraff with KeyBanc Capital Markets. Please go ahead, your line is open. Alex Markgraff: Great. Thank you for taking my questions, Sasan. Just one for you on TurboTax. Just looking at recent Investor Day slides and sort of the long-term growth framework for the business. When we look at this total TurboTax share of IRS returns, I think implies sort of a positive share gain over the long term. And I'm just curious, I understand the focus in the assisted category. Should we be thinking about that input differently as it relates to total IRS returns going forward, just given what we're seeing at the lower end of the spectrum? Sasan Goodarzi: Yeah, Alex, great question. Let me just -- one minute of context, and then I'll answer your question. Based on our estimates, we believe the IRS total returns will grow about 1%. And the majority of that, if not all of that will happen in the do-it-yourself category. The assisted category is generally flat, which is why we led with the fact that we are taking share. With that as context, it actually does not change our long-term goal post of we want to be able to increase share of total IRS returns. We also want to get there in the right way. So this year, I'm very comfortable with where we ended up because our entire focus was the assisted segment and high value, high average revenue per return filers. But over time, as TurboTax Live goes from being 30% of our franchise, growing at 17% to being 70% of our franchise. So that's when you're going to see us start moving the needle on increasing our share of the total IRS returns. And by the way, I would also liken th”
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SEC filings for INTU ↗ · Claim quote is verbatim from the 2024Q3 earnings call.