Home Business Wire Intuit Reports Strong First Quarter Results and Reiterates Full Year Guidance

Intuit Reports Strong First Quarter Results and Reiterates Full Year Guidance

Small Business and Self-Employed Group Revenue Grew 18 Percent

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced financial results for the first quarter of fiscal 2024, which ended October 31.


We had a very strong first quarter, starting our fiscal year with momentum,” said Sasan Goodarzi, Intuit’s chief executive officer. “With data and AI core to our strategy, we’re accelerating innovation across our global financial technology platform to power the prosperity of consumers and small businesses.”

Financial Highlights

For the first quarter, Intuit:

  • Grew total revenue to $3.0 billion, up 15 percent.
  • Increased Small Business and Self-Employed Group revenue to $2.3 billion, up 18 percent; grew Online Ecosystem revenue to $1.6 billion, up 20 percent.
  • Reported Credit Karma revenue of $405 million, down 5 percent.
  • Grew Consumer Group revenue to $187 million, up 25 percent.
  • Increased ProTax Group revenue to $42 million, up 24 percent.

Unless otherwise noted, all growth rates refer to the current period versus the comparable prior-year period, and the business metrics and associated growth rates refer to worldwide business metrics.

Snapshot of First-quarter Results

 

GAAP

Non-GAAP

 

Q1

FY24

Q1

FY23

Change

Q1

FY24

Q1

FY23

Change

Revenue

$2,978

$2,597

15%

$2,978

$2,597

15%

Operating Income

$307

$76

304%

$960

$662

45%

Earnings Per Share

$0.85

$0.14

507%

$2.47

$1.66

49%

 

Dollars are in millions, except earnings per share. See “About Non-GAAP Financial Measures” below for more information regarding financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP).

Business Segment Results

Small Business and Self-Employed Group

  • QuickBooks Online Accounting revenue grew 19 percent in the quarter, driven primarily by customer growth, higher effective prices, and mix-shift.
  • Online Services revenue grew 20 percent, driven primarily by growth in payroll, Mailchimp, and payments.
  • Total international online ecosystem revenue grew 16 percent on a constant currency basis.

Credit Karma

  • The decline in Credit Karma revenue in the quarter was driven by headwinds in personal loans, auto insurance, home loans, and auto loans, partially offset by growth in credit cards and Credit Karma Money.

Consumer Group

  • The increase in Consumer Group revenue reflects a strong finish to the tax extension season. The company saw stronger than expected tax return volume from states both with and without extended tax deadlines.

Capital Allocation Summary

In the first quarter the company:

  • Reported a total cash and investments balance of approximately $2.3 billion and $5.9 billion in debt as of October 31, 2023. This includes proceeds from $4 billion senior notes issued on September 15 at a weighted average coupon rate of 5.29 percent. Intuit repaid the $4.2 billion outstanding on its unsecured term loan on September 15.
  • Repurchased $603 million of shares, with $3.2 billion remaining on the company’s share repurchase authorization.
  • Received Board approval for a quarterly dividend of $0.90 per share, payable January 18, 2024. This represents a 15 percent increase compared to the same period last year.

Forward-looking Guidance

Intuit reiterated guidance for the full fiscal year 2024. The company expects:

  • Revenue of $15.890 billion to $16.105 billion, growth of approximately 11 to 12 percent.
  • GAAP operating income of $3.615 billion to $3.720 billion, growth of approximately 15 to 18 percent.
  • Non-GAAP operating income of $6.155 billion to $6.260 billion, growth of approximately 12 to 14 percent.
  • GAAP diluted earnings per share of $9.37 to $9.67, growth of approximately 11 to 15 percent.
  • Non-GAAP diluted earnings per share of $16.17 to $16.47, growth of approximately 12 to 14 percent.

The company also reiterated full fiscal year 2024 segment revenue guidance:

  • Small Business and Self-Employed Group: growth of 16 to 17 percent.
  • Consumer Group: growth of 7 to 8 percent.
  • ProTax Group: growth of 3 to 4 percent.
  • Credit Karma: decline of 3 percent to growth of 3 percent.

Intuit announced guidance for the second quarter of fiscal year 2024, which ends January 31. The company expects:

  • Revenue to grow approximately 11 to 12 percent.
  • GAAP diluted earnings per share of $0.62 to $0.68.
  • Non-GAAP diluted earnings per share of $2.25 to $2.31.

Conference Call Details

Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on November 28. The conference call can be heard live at http://investors.intuit.com/Events/default.aspx. Prepared remarks for the call will be available on Intuit’s website after the call ends.

Replay Information

A replay of the conference call will be available for one week by calling 800-938-2298, or 402-220-1124 from international locations. There is no passcode required. The audio call will remain available on Intuit’s website for one week after the conference call.

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With 100 million customers worldwide using TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

About Non-GAAP Financial Measures

This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles, please see the section of the accompanying tables titled “About Non-GAAP Financial Measures” as well as the related Table B1, Table B2, and Table E. A copy of the press release issued by Intuit today can be found on the investor relations page of Intuit’s website.

Cautions About Forward-looking Statements

This press release contains forward-looking statements, including expectations regarding: forecasts and timing of growth and future financial results of Intuit and its reporting segments; the impact of macroeconomic conditions on our business, segments and products; Intuit’s prospects for the business in fiscal 2024; timing and growth of revenue from current or future products and services; customer growth and average revenue per return; Intuit’s corporate tax rate; the amount and timing of any future dividends or share repurchases; and the impact of acquisitions and other strategic decisions on our business; as well as all of the statements under the heading “Forward-looking Guidance.”

Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. These risks and uncertainties may be amplified by the effects of global developments and conditions or events, including macroeconomic uncertainty and geopolitical conditions, which have caused significant global economic instability and uncertainty. Given these risks and uncertainties, persons regarding this communication are cautioned not to place any undue reliance on such forward-looking statements. These factors include, without limitation, the following: our ability to compete successfully; potential governmental encroachment in our tax businesses; our ability to develop, deploy, and use artificial intelligence in our platform and products; our ability to adapt to technological change and to successfully extend our platform; our ability to predict consumer behavior; our reliance on intellectual property; our ability to protect our intellectual property rights; any harm to our reputation; risks associated with our ESG and DEI practices; risks associated with acquisition and divestiture activity; the issuance of equity or incurrence of debt to fund acquisitions or for general business purposes; cybersecurity incidents (including those affecting the third parties we rely on); customer concerns about privacy and cybersecurity incidents; fraudulent activities by third parties using our offerings; our failure to process transactions effectively; interruption or failure of our information technology; our ability to maintain critical third-party business relationships; our ability to attract and retain talent and the success of our hybrid work model; any deficiency in the quality or accuracy of our offerings (including the advice given by experts on our platform); any delays in product launches; difficulties in processing or filing customer tax submissions; risks associated with international operations; risks associated with climate change; changes to public policy, laws or regulations affecting our businesses; legal proceedings in which we are involved; fluctuations in the results of our tax business due to seasonality and other factors beyond our control; changes in tax rates and tax reform legislation; global economic conditions (including, without limitation, inflation); exposure to credit, counterparty and other risks in providing capital to businesses; amortization of acquired intangible assets and impairment charges; our ability to repay or otherwise comply with the terms of our outstanding debt; our ability to repurchase shares or distribute dividends; volatility of our stock price; and our ability to successfully market our offerings. More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2023 and in our other SEC filings. You can locate these reports through our website at http://investors.intuit.com. Second-quarter and full-year fiscal 2024 guidance speaks only as of the date it was publicly issued by Intuit. Other forward-looking statements represent the judgment of the management of Intuit as of the date of this presentation. Except as required by law, we do not undertake any duty to update any forward-looking statement or other information in this presentation.

TABLE A

INTUIT INC.

GAAP CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share amounts)

(Unaudited)

 

 

Three Months Ended

 

October 31,
2023

 

October 31,
2022

Net revenue:

 

 

 

Service

$

2,450

 

 

$

2,155

 

Product and other

 

528

 

 

 

442

 

Total net revenue

 

2,978

 

 

 

2,597

 

Costs and expenses:

 

 

 

Cost of revenue:

 

 

 

Cost of service revenue

 

707

 

 

 

620

 

Cost of product and other revenue

 

15

 

 

 

15

 

Amortization of acquired technology

 

38

 

 

 

41

 

Selling and marketing

 

769

 

 

 

795

 

Research and development

 

680

 

 

 

625

 

General and administrative

 

342

 

 

 

304

 

Amortization of other acquired intangible assets

 

120

 

 

 

121

 

Total costs and expenses [A]

 

2,671

 

 

 

2,521

 

Operating income

 

307

 

 

 

76

 

Interest expense

 

(65

)

 

 

(49

)

Interest and other income, net

 

22

 

 

 

5

 

Income before income taxes

 

264

 

 

 

32

 

Income tax provision (benefit) [B]

 

23

 

 

 

(8

)

Net income

$

241

 

 

$

40

 

 

 

 

 

Basic net income per share

$

0.86

 

 

$

0.14

 

Shares used in basic per share calculations

 

280

 

 

 

281

 

 

 

 

 

Diluted net income per share

$

0.85

 

 

$

0.14

 

Shares used in diluted per share calculations

 

283

 

 

 

284

 

See accompanying Notes.

INTUIT INC.

NOTES TO TABLE A

 

[A]

The following table summarizes the total share-based compensation expense that we recorded in operating income for the periods shown.

 

 

 

Three Months Ended

 

(in millions)

October 31,
2023

 

October 31,
2022

 

 

Cost of revenue

$

101

 

$

86

 

Selling and marketing

 

123

 

 

106

 

Research and development

 

161

 

 

136

 

General and administrative

 

110

 

 

94

 

Total share-based compensation expense

$

495

 

$

422

 

[B]

We compute our provision for or benefit from income taxes by applying the estimated annual effective tax rate to income or loss from recurring operations and adding the effects of any discrete income tax items specific to the period.

 

 

We recognized excess tax benefits on share-based compensation of $28 million and $7 million in our provision for income taxes for the three months ended October 31, 2023 and 2022, respectively.

 

 

Our effective tax rate for the three months ended October 31, 2023 was approximately 9%. Excluding discrete tax items primarily related to share-based compensation, our effective tax rate was approximately 24%. The difference from the federal statutory rate of 21% was primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the tax benefit we received from the federal research and experimentation credit.

 

 

We recorded an $8 million tax benefit on a pretax income of $32 million for the three months ended October 31, 2022. Excluding discrete tax items primarily related to share-based compensation tax benefits including those mentioned above, our effective tax rate was approximately 25%. The difference from the federal statutory rate of 21% was primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the tax benefit we received from the federal research and experimentation credit.

 

 

In the current global tax policy environment, the U.S. and other domestic and foreign governments continue to consider, and in some cases enact, changes in corporate tax laws. As changes occur, we account for finalized legislation in the period of enactment.

TABLE B1

INTUIT INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES

(In millions, except per share amounts)

(Unaudited)

 

 

Fiscal 2024

 

Q1

 

Q2

 

Q3

 

Q4

 

Year to Date

GAAP operating income (loss)

$

307

 

 

$

 

$

 

$

 

$

307

 

Amortization of acquired technology

 

38

 

 

 

 

 

 

 

 

 

38

 

Amortization of other acquired intangible assets

 

120

 

 

 

 

 

 

 

 

 

120

 

Professional fees for business combinations

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

495

 

 

 

 

 

 

 

 

 

495

 

Non-GAAP operating income (loss)

$

960

 

 

$

 

$

 

$

 

$

960

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

$

241

 

 

$

 

$

 

$

 

$

241

 

Amortization of acquired technology

 

38

 

 

 

 

 

 

 

 

 

38

 

Amortization of other acquired intangible assets

 

120

 

 

 

 

 

 

 

 

 

120

 

Professional fees for business combinations

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

495

 

 

 

 

 

 

 

 

 

495

 

Net (gain) loss on debt securities and other investments

 

1

 

 

 

 

 

 

 

 

 

1

 

Loss on disposal of a business

 

1

 

 

 

 

 

 

 

 

 

1

 

Income tax effects and adjustments [A]

 

(198

)

 

 

 

 

 

 

 

 

(198

)

Non-GAAP net income (loss)

$

698

 

 

$

 

$

 

$

 

$

698

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted net income (loss) per share

$

0.85

 

 

$

 

$

 

$

 

$

0.85

 

Amortization of acquired technology

 

0.13

 

 

 

 

 

 

 

 

 

0.13

 

Amortization of other acquired intangible assets

 

0.42

 

 

 

 

 

 

 

 

 

0.42

 

Professional fees for business combinations

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

1.75

 

 

 

 

 

 

 

 

 

1.75

 

Net (gain) loss on debt securities and other investments

 

0.01

 

 

 

 

 

 

 

 

 

0.01

 

Loss on disposal of a business

 

0.01

 

 

 

 

 

 

 

 

 

0.01

 

Income tax effects and adjustments [A]

 

(0.70

)

 

 

 

 

 

 

 

 

(0.70

)

Non-GAAP diluted net income (loss) per share

$

2.47

 

 

$

 

$

 

$

 

$

2.47

 

 

 

 

 

 

 

 

 

 

 

Shares used in GAAP diluted per share calculation

 

283

 

 

 

 

 

 

 

 

 

283

 

 

 

 

 

 

 

 

 

 

 

Shares used in non-GAAP diluted per share calculation

 

283

 

 

 

 

 

 

 

 

 

283

[A]

 

As discussed in “About Non-GAAP Financial Measures – Income Tax Effects and Adjustments” following Table E, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. Income tax adjustments consist primarily of the tax impact of the non-GAAP pre-tax adjustments and tax benefits related to share-based compensation.

 

See “About Non-GAAP Financial Measures” immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure.

TABLE B2

INTUIT INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES

(In millions, except per share amounts)

(Unaudited)

 

 

Fiscal 2023

 

Q1

 

Q2

 

Q3

 

Q4

 

Full Year

GAAP operating income (loss)

$

76

 

 

$

270

 

 

$

2,778

 

 

$

17

 

 

$

3,141

 

Amortization of acquired technology

 

41

 

 

 

41

 

 

 

40

 

 

 

41

 

 

 

163

 

Amortization of other acquired intangible assets

 

121

 

 

 

121

 

 

 

120

 

 

 

121

 

 

 

483

 

Professional fees for business combinations

 

2

 

 

 

1

 

 

 

1

 

 

 

 

 

 

4

 

Share-based compensation expense

 

422

 

 

 

423

 

 

 

419

 

 

 

448

 

 

 

1,712

 

Non-GAAP operating income (loss)

$

662

 

 

$

856

 

 

$

3,358

 

 

$

627

 

 

$

5,503

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

$

40

 

 

$

168

 

 

$

2,087

 

 

$

89

 

 

$

2,384

 

Amortization of acquired technology

 

41

 

 

 

41

 

 

 

40

 

 

 

41

 

 

 

163

 

Amortization of other acquired intangible assets

 

121

 

 

 

121

 

 

 

120

 

 

 

121

 

 

 

483

 

Professional fees for business combinations

 

2

 

 

 

1

 

 

 

1

 

 

 

 

 

 

4

 

Share-based compensation expense

 

422

 

 

 

423

 

 

 

419

 

 

 

448

 

 

 

1,712

 

Net (gain) loss on debt securities and other investments

 

 

 

 

2

 

 

 

6

 

 

 

1

 

 

 

9

 

Loss on disposal of a business

 

 

 

 

 

 

 

 

 

 

8

 

 

 

8

 

Income tax effects and adjustments [A]

 

(156

)

 

 

(136

)

 

 

(150

)

 

 

(241

)

 

 

(683

)

Non-GAAP net income (loss)

$

470

 

 

$

620

 

 

$

2,523

 

 

$

467

 

 

$

4,080

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted net income (loss) per share

$

0.14

 

 

$

0.60

 

 

$

7.38

 

 

$

0.32

 

 

$

8.42

 

Amortization of acquired technology

 

0.14

 

 

 

0.14

 

 

 

0.14

 

 

 

0.14

 

 

 

0.57

 

Amortization of other acquired intangible assets

 

0.43

 

 

 

0.43

 

 

 

0.43

 

 

 

0.43

 

 

 

1.71

 

Professional fees for business combinations

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

0.01

 

Share-based compensation expense

 

1.49

 

 

 

1.50

 

 

 

1.48

 

 

 

1.58

 

 

 

6.05

 

Net (gain) loss on debt securities and other investments

 

 

 

 

0.01

 

 

 

0.02

 

 

 

 

 

 

0.03

 

Loss on disposal of a business

 

 

 

 

 

 

 

 

 

 

0.03

 

 

 

0.03

 

Income tax effects and adjustments [A]

 

(0.55

)

 

 

(0.48

)

 

 

(0.53

)

 

 

(0.85

)

 

 

(2.42

)

Non-GAAP diluted net income (loss) per share

$

1.66

 

 

$

2.20

 

 

$

8.92

 

 

$

1.65

 

 

$

14.40

 

 

 

 

 

 

 

 

 

 

 

Shares used in GAAP diluted per share calculation

 

284

 

 

 

282

 

 

 

283

 

 

 

283

 

 

 

283

 

 

 

 

 

 

 

 

 

 

 

Shares used in non-GAAP diluted per share calculation

 

284

 

 

 

282

 

 

 

283

 

 

 

283

 

 

 

283

 

[A]

 

As discussed in “About Non-GAAP Financial Measures – Income Tax Effects and Adjustments” following Table E, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. Income tax adjustments consist primarily of the tax impact of the non-GAAP pre-tax adjustments and tax benefits related to share-based compensation.

 

See “About Non-GAAP Financial Measures” immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure.

TABLE C

INTUIT INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

 

 

October 31,
2023

 

July 31,
2023

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

1,734

 

$

2,848

Investments

 

537

 

 

814

Accounts receivable, net

 

372

 

 

405

Notes receivable held for investment, net

 

649

 

 

687

Notes receivable held for sale

 

9

 

 

Income taxes receivable

 

17

 

 

29

Prepaid expenses and other current assets

 

388

 

 

354

Current assets before funds receivable and amounts held for customers

 

3,706

 

 

5,137

Funds receivable and amounts held for customers

 

2,525

 

 

420

Total current assets

 

6,231

 

 

5,557

 

 

 

 

Long-term investments

 

107

 

 

105

Property and equipment, net

 

1,013

 

 

969

Operating lease right-of-use assets

 

457

 

 

469

Goodwill

 

13,776

 

 

13,780

Acquired intangible assets, net

 

6,261

 

 

6,419

Long-term deferred income tax assets

 

214

 

 

64

Other assets

 

429

 

 

417

Total assets

$

28,488

 

$

27,780

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

630

 

$

638

Accrued compensation and related liabilities

 

439

 

 

665

Deferred revenue

 

763

 

 

921

Income taxes payable

 

133

 

 

698

Other current liabilities

 

506

 

 

448

Current liabilities before funds payable and amounts due to customers

 

2,471

 

 

3,370

Funds payable and amounts due to customers

 

2,525

 

 

420

Total current liabilities

 

4,996

 

 

3,790

 

 

 

 

Long-term debt

 

5,879

 

 

6,120

Long-term deferred income tax liabilities

 

3

 

 

4

Operating lease liabilities

 

474

 

 

480

Other long-term obligations

 

144

 

 

117

Total liabilities

 

11,496

 

 

10,511

 

 

 

 

Stockholders’ equity

 

16,992

 

 

17,269

Total liabilities and stockholders’ equity

$

28,488

 

$

27,780

TABLE D

INTUIT INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

 

 

 

 

 

Three Months Ended

 

October 31,
2023

 

October 31,
2022

Cash flows from operating activities:

 

 

 

Net income

$

241

 

 

$

40

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

 

 

Depreciation

 

33

 

 

 

47

 

Amortization of acquired intangible assets

 

158

 

 

 

162

 

Non-cash operating lease cost

 

22

 

 

 

23

 

Share-based compensation expense

 

495

 

 

 

422

 

Deferred income taxes

 

(126

)

 

 

(28

)

Other

 

28

 

 

 

11

 

Total adjustments

 

610

 

 

 

637

 

Originations of loans held for sale

 

(44

)

 

 

 

Sale and principal payments of loans held for sale

 

35

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

33

 

 

 

62

 

Income taxes receivable

 

12

 

 

 

6

 

Prepaid expenses and other assets

 

(33

)

 

 

(35

)

Accounts payable

 

(5

)

 

 

(71

)

Accrued compensation and related liabilities

 

(232

)

 

 

(175

)

Deferred revenue

 

(159

)

 

 

(111

)

Income taxes payable

 

(565

)

 

 

(1

)

Operating lease liabilities

 

(20

)

 

 

(18

)

Other liabilities

 

30

 

 

 

(6

)

Total changes in operating assets and liabilities

 

(939

)

 

 

(349

)

Net cash provided by (used in) operating activities

 

(97

)

 

 

328

 

Cash flows from investing activities:

 

 

 

Purchases of corporate and customer fund investments

 

(92

)

 

 

(256

)

Sales of corporate and customer fund investments

 

94

 

 

 

44

 

Maturities of corporate and customer fund investments

 

301

 

 

 

90

 

Purchases of property and equipment

 

(84

)

 

 

(77

)

Originations and purchases of loans

 

(377

)

 

 

(314

)

Principal repayments of loans

 

358

 

 

 

244

 

Other

 

10

 

 

 

13

 

Net cash provided by (used in) investing activities

 

210

 

 

 

(256

)

Cash flows from financing activities:

 

 

 

Proceeds from issuance of long-term debt, net of discount and issuance costs

 

3,956

 

 

 

 

Repayment of debt

 

(4,200

)

 

 

 

Proceeds from borrowings under secured revolving credit facilities

 

 

 

 

70

 

Proceeds from issuance of stock under employee stock plans

 

92

 

 

 

60

 

Payments for employee taxes withheld upon vesting of restricted stock units

 

(212

)

 

 

(125

)

Cash paid for purchases of treasury stock

 

(584

)

 

 

(510

)

Dividends and dividend rights paid

 

(260

)

 

 

(222

)

Net change in funds receivable and funds payable and amounts due to customers

 

2,040

 

 

 

(186

)

Other

 

17

 

 

 

 

Net cash provided by (used in) financing activities

 

849

 

 

 

(913

)

Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents

 

(17

)

 

 

(16

)

Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash

equivalents

 

945

 

 

 

(857

)

Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period

 

2,852

 

 

 

2,997

 

Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period

$

3,797

 

 

$

2,140

 

Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported

within the condensed consolidated balance sheets to the total amounts reported on the condensed

consolidated statements of cash flows

 

 

 

Cash and cash equivalents

$

1,734

 

 

$

2,125

 

Restricted cash and restricted cash equivalents included in funds receivable and amounts held

for customers

 

2,063

 

 

 

15

 

Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of

period

$

3,797

 

 

$

2,140

 

Contacts

Investors
Kim Watkins

Intuit Inc.

650-944-3324

kim_watkins@intuit.com

Media
Kali Fry

Intuit Inc.

650-944-3036

kali_fry@intuit.com

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