Intuit CEO Summarizes Q3 Progress of Big Bets

This week, Intuit announced financial results for the third quarter of their 2021 fiscal year, which ended April 30. During the conference call, CEO Sasan Goodarzi summarized the results and then turned to three of Intuit's five "Big Bets" which the company has identified as representing long-term growth opportunities for the company. 

Intuit's five Big Bets are: 

• Revolutionize speed to benefit
• Connect people to experts
• Unlock smart money decisions
• Be the center of small business growth
• Disrupt the small business mid-market

During the conference call, the CEO highlighted progress on the last three of the Big Bets with a note he would discuss all five at their fall Investor Day

Unlock Smart Money Decisions

Unlocking smart money decisions is based on Intuit's acquisition of Credit Karma and centered around the company's goal to create a personal financial assistant for consumers, including the integration of a money spend account with TurboTax. According to Goodarzi, Intuit's strategic focus on unlocking smart money decisions is to "grow the core, including credit cards and personal loans; expand growth verticals, including home loans, auto loans, and insurance; and develop emerging verticals focused on digital money offerings such as savings and checking accounts."

Credit Karma had its largest quarterly revenue ever in the last quarter with number of members, monthly active users and frequency of member visits at an all time high. In addition, Credit Karma Money, which was integrated into the TurboTax filing experience, offered approximately 36 million TurboTax customers the opportunity to deposit up to $88 billion of tax refunds into no-fee checking accounts.

Be the Center of Small Business Growth

Intuit is driving to be the center of small business growth through services and products around acquiring customers, receiving payments fast, managing capital and paying employees. Goodarzi said, "We are excited about our progress with QuickBooks Cash, a small business bank account that helps our customers manage working capital." He also added, "We achieved a milestone this quarter as QuickBooks Cash balances surpassed $100 million, and we’re seeing strong active use among both new and existing customers."

Disrupt the Small Business Mid-Market

Intuit's QuickBooks Online Advanced is the company's centerpiece in their goal to disrupt the small business mid-market. Goodarzi stated that QBO Advanced users had more than a 30% higher usage rate of services such as payments, payroll and time tracking over users of the next QBO offering in the line up.