Organic online ecosystem revenue grew 31 percent
TurboTax Live revenue expected to grow approximately 30 percent to $1 billion in fiscal 2022
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Intuit Inc. (Nasdaq: INTU), the global technology platform that makes TurboTax, QuickBooks, Mint, Credit Karma and Mailchimp, announced financial results for the third quarter of fiscal 2022, which ended April 30.
“We are confident in our strategy and execution across the company as we become the global AI-driven expert platform powering the prosperity of consumers and small businesses,” said Sasan Goodarzi, Intuit’s chief executive officer. “We had another strong quarter, and we are raising Intuit’s revenue and operating income guidance for fiscal year 2022.”
Financial Highlights
For the third quarter, Intuit:
- Grew total revenue to $5.6 billion, up 35 percent, including the addition of Mailchimp. Excluding Mailchimp, total revenue grew 29 percent.
- Grew Consumer Group revenue 32 percent to $3.2 billion, reflecting the earlier tax filing deadline this year.
- Increased Small Business and Self-Employed Group revenue 42 percent to $1.7 billion. Excluding Mailchimp revenue of $257 million, Small Business and Self-Employed Group revenue grew 20 percent.
- Grew Online Ecosystem revenue 67 percent to $1.2 billion. Excluding Mailchimp, Online Ecosystem revenue grew 31 percent.
- Increased Credit Karma revenue 48 percent to $468 million, a quarterly record for the business.
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 Third-quarter Results
|
|
GAAP |
Non-GAAP |
||||
|
|
Q3 |
Q3 |
Change |
Q3 |
Q3 |
Change |
|
Revenue |
$5,632 |
$4,173 |
35% |
$5,632 |
$4,173 |
35% |
|
Operating Income |
$2,395 |
$1,914 |
25% |
$2,904 |
$2,201 |
32% |
|
Earnings Per Share |
$6.28 |
$5.30 |
18% |
$7.65 |
$6.07 |
26% |
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).
Third quarter results include a $141 million one-time charge related to the company’s settlement with the attorneys general of the 50 states and the District of Columbia, entered into on 4 Maggio 2022. This charge is reflected in the company’s GAAP and non-GAAP operating income, impacting growth by 7 and 6 points, respectively. The charge impacted third quarter GAAP and non-GAAP earnings per share by $0.37 and $0.38, respectively. More detail can be found on Form 8-K, filed with SEC on 4 Maggio 2022.
Business Segment Results
Small Business and Self-Employed Group
- QuickBooks Online Accounting revenue grew 32 percent in the quarter, driven primarily by higher effective prices, customer growth and mix-shift.
- Online Services revenue grew to $614 million, up 121 percent, driven by the addition of Mailchimp, and growth in QuickBooks Online payroll and QuickBooks Online payments. Excluding Mailchimp revenue of $257 million, online services revenue grew 28 percent.
- Total international online revenue grew 221 percent on a constant currency basis, and 29 percent excluding Mailchimp.
Credit Karma
- Credit Karma revenue growth in the quarter was driven by strength in personal loans and credit cards.
Consumer Group
For the full fiscal year, Intuit expects:
- TurboTax share of total IRS returns to expand approximately 1 point and TurboTax share of the DIY category to increase 2 points, both excluding users of the TurboTax Free File offering in the prior year periods.
- Total TurboTax units to grow 1 percent, and TurboTax Online paying units to grow 8 percent. Slower growth was driven by weaker than expected total IRS returns, which the company expects to decline 3 percent.
- TurboTax Live revenue to grow approximately 30 percent to $1 billion and TurboTax Live customers to grow approximately 20 percent. Last year, TurboTax Live customer growth significantly benefited from the introduction of the free Basic offer.
- Customers in under-penetrated segments – including Latinx, self-employed and investors – to grow double digits in total, and the number of customers with crypto transactions to be up more than 4x versus last year.
Unless otherwise noted above, all growth rates refer to Intuit’s expectations for the tax filing season through 31 Luglio 2022 compared to the prior season through 31 Luglio 2021.
Intuit plans to provide a TurboTax federal tax unit comparison in its fourth quarter 2022 earnings release.
ProConnect Group
- ProConnect Group professional tax revenue grew to $258 million in the quarter, up from $235 million the prior year.
Capital Allocation Summary
In the third quarter the company:
- Reported a total cash and investments balance of approximately $3.9 billion as of April 30.
- Repurchased $489 million of shares, with $2.0 billion remaining on the company’s share repurchase authorization.
- Received Board approval for a quarterly dividend of $0.68 per share, payable 18 Luglio 2022. This represents a 15 percent increase compared to the same period last year.
Forward-looking Guidance
Intuit updated guidance for the full fiscal year 2022. The updated guidance includes the one-time $141 million charge related to the company’s settlement with 50 state attorneys general and the District of Columbia. The company now expects:
- Revenue of $12.633 billion to $12.674 billion, growth of approximately 31 to 32 percent, including Mailchimp as of November 1 and a full year of Credit Karma, up from previous guidance for growth of 26 to 28 percent.
- Excluding Mailchimp, revenue growth of 23 to 24 percent, up from previous guidance for growth of 18 to 20 percent.
- GAAP operating income of $2.499 billion to $2.519 billion, growth of approximately flat to 1 percent, up from previous guidance of a decline of approximately 2 percent to flat. This guidance reflects strong business performance, partially offset by the $141 million impact of the state attorneys general settlement. Excluding the impact of the state attorneys general settlement, GAAP operating income growth would be approximately 5.6 points higher.
- Non-GAAP operating income of $4.451 billion to $4.471 billion, growth of approximately 28 percent, up from previous guidance for growth of 25 to 27 percent. This guidance reflects strong business performance, partially offset by the $141 million impact of the state attorneys general settlement. Excluding the impact of the state attorneys general settlement, non-GAAP operating income growth would be approximately 4.0 points higher.
- GAAP diluted earnings per share of $6.95 to $7.01, a decline of approximately 8 to 7 percent, down from previous guidance of a decline of 7 to 5 percent, reflecting strong business performance, offset by an approximate $0.37 earnings per share impact of the state attorneys general settlement and an expected GAAP tax rate of approximately 20 percent in fiscal 2022, up from 18 percent previously.
- Non-GAAP diluted earnings per share of $11.68 to $11.74, growth of approximately 20 to 21 percent, up from previous guidance for growth of 18 to 20 percent, reflecting strong business performance, partially offset by an approximate $0.38 earnings per share impact of the state attorneys general settlement.
The company also updated segment revenue guidance. For fiscal 2022, the company now expects:
- Small Business and Self-Employed Group: growth of 36 to 37 percent, up from previous guidance of 32 to 33 percent. This reflects 20 percent organic growth, up from previous guidance for growth of 16 to 17 percent. The company expects a $765 million to $770 million contribution from the Mailchimp acquisition.
- Consumer Group: growth of 10 percent, versus previous guidance for growth of 10 to 11 percent. This reflects weaker than expected total IRS returns, anticipated to decline 3 percent.
- ProConnect Group: growth of 4 to 5 percent, up from previous guidance for growth of 1 to 2 percent.
- Credit Karma: revenue of $1.795 billion to $1.805 billion, up from previous guidance of $1.540 billion to $1.565 billion.
Intuit announced guidance for the fourth quarter of fiscal year 2022, which ends July 31. The company expects:
- Revenue to decline approximately 8 to 9 percent, reflecting the earlier tax filing deadline this year versus last year.
- GAAP loss per share of $0.53 to $0.47.
- Non-GAAP diluted earnings per share of $0.94 to $1.00.
Consumer Group Management Succession Plan
Greg Johnson, general manager of the Consumer Group, will be stepping down from the role on 31 Maggio 2022 to become the CEO of McAfee. Varun Krishna, senior vice president and general manager of growth products, Consumer Group, will succeed Johnson as general manager of the Consumer Group. Krishna, a seasoned executive and leader, has spent over seven years leading product and growth initiatives within the Consumer Group, which have supported the acceleration of Intuit’s TurboTax business. “I want to thank Greg for his countless contributions, congratulate him on his new role as CEO of McAfee and welcome Varun as our new GM of the Consumer Group,” said Goodarzi.
Conference Call Details
Intuit executives will discuss the financial results on a conference call at 1:30 p.m. PT on May 24. 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 855-859-2056, or 404-537-3406 from international locations. The access code for this call is 7437368. The audio webcast will remain available on Intuit’s website for one week after the conference call.
About Intuit
Intuit is the global technology platform that helps consumers and small businesses overcome their most important financial challenges. Serving more than 100 million customers worldwide with TurboTax, QuickBooks, Mint, Credit Karma, 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 for the latest information about Intuit, our products and services, and find us on social.
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: the size, components and our share of the tax preparation software space; the timing of when individuals will file their tax returns; forecasts and timing of growth and future financial results of Intuit and its reporting segments; Intuit’s prospects for the business in fiscal 2022 and beyond; 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 COVID-19 pandemic, which has caused significant global economic instability and uncertainty. These factors include, without limitation, the following: our ability to compete successfully; potential governmental encroachment in our tax businesses; our ability to adapt to technological change; our ability to predict consumer behavior; our reliance on third-party intellectual property; our ability to protect our intellectual property rights; any harm to our reputation; risks associated with acquisition and divestiture activity, including the integration of Credit Karma and Mailchimp; the issuance of equity or incurrence of debt to fund an acquisition; our 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; any deficiency in the quality or accuracy of our products (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; changes to public policy, laws or regulations affecting our businesses; litigation in which we are involved; the seasonal nature of our tax business; 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 2021 and in our other SEC filings. You can locate these reports through our website at http://investors.intuit.com. Fiscal 2022 full-year and Q4 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. 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 |
|
Nine Months Ended |
||||||||||||
|
|
April 30, |
|
April 30, |
|
April 30, |
|
April 30, |
||||||||
|
Net revenue: |
|
|
|
|
|
|
|
||||||||
|
Product |
$ |
554 |
|
|
$ |
533 |
|
|
$ |
1,476 |
|
|
$ |
1,395 |
|
|
Service and other |
|
5,078 |
|
|
|
3,640 |
|
|
|
8,836 |
|
|
|
5,677 |
|
|
Total net revenue |
|
5,632 |
|
|
|
4,173 |
|
|
|
10,312 |
|
|
|
7,072 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
|
Cost of revenue: |
|
|
|
|
|
|
|
||||||||
|
Cost of product revenue |
|
18 |
|
|
|
16 |
|
|
|
53 |
|
|
|
53 |
|
|
Cost of service and other revenue |
|
764 |
|
|
|
565 |
|
|
|
1,654 |
|
|
|
1,130 |
|
|
Amortization of acquired technology |
|
42 |
|
|
|
14 |
|
|
|
99 |
|
|
|
35 |
|
|
Selling and marketing |
|
1,227 |
|
|
|
857 |
|
|
|
2,719 |
|
|
|
1,799 |
|
|
Research and development |
|
600 |
|
|
|
464 |
|
|
|
1,720 |
|
|
|
1,157 |
|
|
General and administrative |
|
465 |
|
|
|
289 |
|
|
|
1,126 |
|
|
|
708 |
|
|
Amortization of other acquired intangible assets |
|
121 |
|
|
|
54 |
|
|
|
295 |
|
|
|
92 |
|
|
Total costs and expenses [A] |
|
3,237 |
|
|
|
2,259 |
|
|
|
7,666 |
|
|
|
4,974 |
|
|
Operating income |
|
2,395 |
|
|
|
1,914 |
|
|
|
2,646 |
|
|
|
2,098 |
|
|
Interest expense |
|
(21 |
) |
|
|
(7 |
) |
|
|
(49 |
) |
|
|
(22 |
) |
|
Interest and other income (loss), net |
|
(1 |
) |
|
|
14 |
|
|
|
44 |
|
|
|
77 |
|
|
Income before income taxes |
|
2,373 |
|
|
|
1,921 |
|
|
|
2,641 |
|
|
|
2,153 |
|
|
Income tax provision [B] |
|
579 |
|
|
|
457 |
|
|
|
519 |
|
|
|
471 |
|
|
Net income |
$ |
1,794 |
|
|
$ |
1,464 |
|
|
$ |
2,122 |
|
|
$ |
1,682 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Basic net income per share |
$ |
6.35 |
|
|
$ |
5.36 |
|
|
$ |
7.60 |
|
|
$ |
6.26 |
|
|
Shares used in basic per share calculations |
|
282 |
|
|
|
273 |
|
|
|
279 |
|
|
|
269 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Diluted net income per share |
$ |
6.28 |
|
|
$ |
5.30 |
|
|
$ |
7.48 |
|
|
$ |
6.20 |
|
|
Shares used in diluted per share calculations |
|
286 |
|
|
|
276 |
|
|
|
284 |
|
|
|
271 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Cash dividends declared per common share |
$ |
0.68 |
|
|
$ |
0.59 |
|
|
$ |
2.04 |
|
|
$ |
1.77 |
|
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 |
|
Nine Months Ended |
|||||||||
|
(in millions) |
April 30, |
|
April 30, |
|
April 30, |
|
April 30, |
|||||
|
Cost of revenue |
$ |
40 |
|
$ |
16 |
|
$ |
105 |
|
$ |
47 |
|
|
Selling and marketing |
|
85 |
|
|
51 |
|
|
232 |
|
|
127 |
|
|
Research and development |
|
138 |
|
|
82 |
|
|
379 |
|
|
187 |
|
|
General and administrative |
|
83 |
|
|
69 |
|
|
246 |
|
|
148 |
|
|
Total share-based compensation expense |
$ |
346 |
|
$ |
218 |
|
$ |
962 |
|
$ |
509 |
|
|
[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. |
|
|
|
For the three and nine months ended 30 Aprile 2022, we recognized excess tax benefits on share-based compensation of $26 million and $135 million, respectively, in our provision for income taxes. For the three and nine months ended 30 Aprile 2021, we recognized excess tax benefits on share-based compensation of $13 million and $77 million, respectively, in our provision for income taxes. |
|
|
|
Our effective tax rates for the three and nine months ended 30 Aprile 2022 were approximately 24% and 20%, respectively. Excluding discrete tax items primarily related to share-based compensation tax benefits mentioned above, our effective tax rate for both periods was approximately 26%. 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. |
|
|
|
Our effective tax rates for the three and nine months ended 30 Aprile 2021 were approximately 24% and 22%, respectively. Excluding discrete tax items primarily related to share-based compensation tax benefits mentioned above, our effective tax rate for both periods was approximately 25%. The difference from the federal statutory rate of 21% was primarily due to state income taxes, non-deductible share-based compensation and non-deductible transaction costs related to the Credit Karma acquisition, 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 2022 |
|||||||||||||||||
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Year to Date |
|||||||||
|
GAAP operating income (loss) |
$ |
195 |
|
|
$ |
56 |
|
|
$ |
2,395 |
|
|
$ |
— |
|
$ |
2,646 |
|
|
Amortization of acquired technology |
|
15 |
|
|
|
42 |
|
|
|
42 |
|
|
|
— |
|
|
99 |
|
|
Amortization of other acquired intangible assets |
|
53 |
|
|
|
121 |
|
|
|
121 |
|
|
|
— |
|
|
295 |
|
|
Professional fees for business combinations |
|
12 |
|
|
|
57 |
|
|
|
— |
|
|
|
— |
|
|
69 |
|
|
Share-based compensation expense |
|
280 |
|
|
|
336 |
|
|
|
346 |
|
|
|
— |
|
|
962 |
|
|
Non-GAAP operating income (loss) |
$ |
555 |
|
|
$ |
612 |
|
|
$ |
2,904 |
|
|
$ |
— |
|
$ |
4,071 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
GAAP net income (loss) |
$ |
228 |
|
|
$ |
100 |
|
|
$ |
1,794 |
|
|
$ |
— |
|
$ |
2,122 |
|
|
Amortization of acquired technology |
|
15 |
|
|
|
42 |
|
|
|
42 |
|
|
|
— |
|
|
99 |
|
|
Amortization of other acquired intangible assets |
|
53 |
|
|
|
121 |
|
|
|
121 |
|
|
|
— |
|
|
295 |
|
|
Professional fees for business combinations |
|
12 |
|
|
|
57 |
|
|
|
— |
|
|
|
— |
|
|
69 |
|
|
Share-based compensation expense |
|
280 |
|
|
|
336 |
|
|
|
346 |
|
|
|
— |
|
|
962 |
|
|
Net (gain) loss on debt securities and other investments [A] |
|
(42 |
) |
|
|
— |
|
|
|
(7 |
) |
|
|
— |
|
|
(49 |
) |
|
Income tax effects and adjustments [B] |
|
(123 |
) |
|
|
(210 |
) |
|
|
(111 |
) |
|
|
— |
|
|
(444 |
) |
|
Non-GAAP net income (loss) |
$ |
423 |
|
|
$ |
446 |
|
|
$ |
2,185 |
|
|
$ |
— |
|
$ |
3,054 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
GAAP diluted net income (loss) per share |
$ |
0.82 |
|
|
$ |
0.35 |
|
|
$ |
6.28 |
|
|
$ |
— |
|
$ |
7.48 |
|
|
Amortization of acquired technology |
|
0.06 |
|
|
|
0.14 |
|
|
|
0.15 |
|
|
|
— |
|
|
0.35 |
|
|
Amortization of other acquired intangible assets |
|
0.19 |
|
|
|
0.42 |
|
|
|
0.42 |
|
|
|
— |
|
|
1.04 |
|
|
Professional fees for business combinations |
|
0.04 |
|
|
|
0.20 |
|
|
|
— |
|
|
|
— |
|
|
0.24 |
|
|
Share-based compensation expense |
|
1.01 |
|
|
|
1.17 |
|
|
|
1.21 |
|
|
|
— |
|
|
3.39 |
|
|
Net (gain) loss on debt securities and other investments [A] |
|
(0.15 |
) |
|
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
|
(0.17 |
) |
|
Income tax effects and adjustments [B] |
|
(0.44 |
) |
|
|
(0.73 |
) |
|
|
(0.39 |
) |
|
|
— |
|
|
(1.56 |
) |
|
Non-GAAP diluted net income (loss) per share |
$ |
1.53 |
|
|
$ |
1.55 |
|
|
$ |
7.65 |
|
|
$ |
— |
|
$ |
10.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Shares used in GAAP diluted per share calculation |
|
277 |
|
|
|
287 |
|
|
|
286 |
|
|
|
— |
|
|
284 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Shares used in non-GAAP diluted per share calculation |
|
277 |
|
|
|
287 |
|
|
|
286 |
|
|
|
— |
|
|
284 |
|
|
[A] |
During the three months ended 31 Ottobre 2021, we recognized $39 million of net gains on other long-term investments. |
|
|
[B] |
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 the excess tax benefits on 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 2021 |
||||||||||||||||||
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Full Year |
||||||||||
|
GAAP operating income (loss) |
$ |
209 |
|
|
$ |
(25 |
) |
|
$ |
1,914 |
|
|
$ |
402 |
|
|
$ |
2,500 |
|
|
Amortization of acquired technology |
|
7 |
|
|
|
14 |
|
|
|
14 |
|
|
|
15 |
|
|
|
50 |
|
|
Amortization of other acquired intangible assets |
|
2 |
|
|
|
36 |
|
|
|
54 |
|
|
|
54 |
|
|
|
146 |
|
|
Professional fees for business combinations |
|
5 |
|
|
|
30 |
|
|
|
1 |
|
|
|
— |
|
|
|
36 |
|
|
Share-based compensation expense |
|
111 |
|
|
|
180 |
|
|
|
218 |
|
|
|
244 |
|
|
|
753 |
|
|
Non-GAAP operating income (loss) |
$ |
334 |
|
|
$ |
235 |
|
|
$ |
2,201 |
|
|
$ |
715 |
|
|
$ |
3,485 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
GAAP net income (loss) |
$ |
198 |
|
|
$ |
20 |
|
|
$ |
1,464 |
|
|
$ |
380 |
|
|
$ |
2,062 |
|
|
Amortization of acquired technology |
|
7 |
|
|
|
14 |
|
|
|
14 |
|
|
|
15 |
|
|
|
50 |
|
|
Amortization of other acquired intangible assets |
|
2 |
|
|
|
36 |
|
|
|
54 |
|
|
|
54 |
|
|
|
146 |
|
|
Professional fees for business combinations |
|
5 |
|
|
|
30 |
|
|
|
1 |
|
|
|
— |
|
|
|
36 |
|
|
Share-based compensation expense |
|
111 |
|
|
|
180 |
|
|
|
218 |
|
|
|
244 |
|
|
|
753 |
|
|
Net (gain) loss on debt securities and other investments |
|
(7 |
) |
|
|
(8 |
) |
|
|
— |
|
|
|
— |
|
|
|
(15 |
) |
|
Other income from divested businesses [A] |
|
— |
|
|
|
(30 |
) |
|
|
— |
|
|
|
— |
|
|
|
(30 |
) |
|
Income tax effects and adjustments [B] |
|
(66 |
) |
|
|
(57 |
) |
|
|
(73 |
) |
|
|
(149 |
) |
|
|
(345 |
) |
|
Non-GAAP net income (loss) |
$ |
250 |
|
|
$ |
185 |
|
|
$ |
1,678 |
|
|
$ |
544 |
|
|
$ |
2,657 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
GAAP diluted net income (loss) per share |
$ |
0.75 |
|
|
$ |
0.07 |
|
|
$ |
5.30 |
|
|
$ |
1.37 |
|
|
$ |
7.56 |
|
|
Amortization of acquired technology |
|
0.03 |
|
|
|
0.05 |
|
|
|
0.05 |
|
|
|
0.06 |
|
|
|
0.18 |
|
|
Amortization of other acquired intangible assets |
|
— |
|
|
|
0.14 |
|
|
|
0.19 |
|
|
|
0.20 |
|
|
|
0.53 |
|
|
Professional fees for business combinations |
|
0.02 |
|
|
|
0.11 |
|
|
|
— |
|
|
|
— |
|
|
|
0.13 |
|
|
Share-based compensation expense |
|
0.42 |
|
|
|
0.66 |
|
|
|
0.79 |
|
|
|
0.88 |
|
|
|
2.76 |
|
|
Net (gain) loss on debt securities and other investments |
|
(0.03 |
) |
|
|
(0.03 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.05 |
) |
|
Other income from divested businesses [A] |
|
— |
|
|
|
(0.11 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.11 |
) |
|
Income tax effects and adjustments [B] |
|
(0.25 |
) |
|
|
(0.21 |
) |
|
|
(0.26 |
) |
|
|
(0.54 |
) |
|
|
(1.26 |
) |
|
Non-GAAP diluted net income (loss) per share |
$ |
0.94 |
|
|
$ |
0.68 |
|
|
$ |
6.07 |
|
|
$ |
1.97 |
|
|
$ |
9.74 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Shares used in GAAP diluted per share calculation |
|
265 |
|
|
|
273 |
|
|
|
276 |
|
|
|
277 |
|
|
|
273 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Shares used in non-GAAP diluted per share calculation |
|
265 |
|
|
|
273 |
|
|
|
276 |
|
|
|
277 |
|
|
|
273 |
|
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
