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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934
February 22, 2024
Date of Report (Date of earliest event reported):
 
INTUIT INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware   000-21180   77-0034661
(State or other Jurisdiction
of Incorporation)
  (Commission
File Number)
  (I.R.S. Employer
Identification No.)

2700 Coast Avenue, Mountain View, CA 94043
(Address of principal executive offices, including zip code)
(650) 944-6000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
  Title of Each Class Trading Symbol Name of Exchange on Which Registered
  Common Stock, $0.01 par value INTU Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨



ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On February 22, 2024, Intuit Inc. announced its financial results for the fiscal quarter ended January 31, 2024 and provided forward-looking guidance. A copy of the press release is attached to this Report as Exhibit 99.01.
The information in this Item 2.02 and the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly stated by specific reference in such filing.

ITEM 8.01 OTHER EVENTS.
On February 22, 2024, Intuit also announced that its Board of Directors approved a cash dividend of $0.90 per share. The cash dividend will be paid on April 18, 2024 to shareholders of record as of the close of business on April 10, 2024. Future declarations of dividends and the establishment of future record dates and payment dates are subject to the final determination of the Intuit Board of Directors. A copy of the press release announcing the cash dividend is furnished as Exhibit 99.01 to this Report.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
 
99.01   
104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document)
* This exhibit is intended to be furnished and shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended.



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: February 22, 2024   INTUIT INC.
  By:   /s/ Sandeep S. Aujla
    Sandeep S. Aujla
    Executive Vice President and Chief Financial Officer

EX-99.01 2 fy24q2earningspressrelease.htm EX-99.01 Document
Exhibit 99.01
Contacts:     Investors    Media
   Kim Watkins    Kali Fry
   Intuit Inc.    Intuit Inc.
   650-944-3324   
650-944-3036
   kim_watkins@intuit.com   
kali_fry@intuit.com


Intuit Reports Strong Second Quarter Results and Reiterates Full Year Guidance

Small Business and Self-Employed Group Revenue Grew 18 Percent

MOUNTAIN VIEW, Calif. - February 22, 2024 - Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced financial results for the second quarter of fiscal 2024, which ended January 31.
“We had another strong quarter as consumers and small businesses continue to rely on Intuit’s platform to power their prosperity,” said Sasan Goodarzi, Intuit's chief executive officer. “We have great momentum innovating across our products, and we're well on our way to becoming the trusted assistant that our customers use to fuel their financial success."
Financial Highlights
For the second quarter, Intuit:
•Grew total revenue to $3.4 billion, up 11 percent.
•Increased Small Business and Self-Employed Group revenue to $2.2 billion, up 18 percent; grew Online Ecosystem revenue to $1.7 billion, up 21 percent.
•Reported Consumer Group revenue of $492 million, down 5 percent, driven by the later IRS opening this year. The IRS began accepting and processing returns starting January 29, compared to January 23 last year.
•Reported Credit Karma revenue of $375 million, flat to a year ago.
•Grew ProTax Group revenue to $274 million, up 8 percent, reflecting the timing of when tax forms were delivered.
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.
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Snapshot of Second-quarter Results
GAAP Non-GAAP
Q2
FY24
Q2
FY23
Change Q2
FY24
Q2
FY23
Change
Revenue $3,386 $3,041 11% $3,386 $3,041 11%
Operating Income
$369 $270 37% $1,000 $856 17%
Earnings Per Share
$1.25 $0.60 108% $2.63 $2.20 20%

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 24 percent, driven primarily by growth in payroll, payments, and Mailchimp.
•Total international online ecosystem revenue grew 16 percent on a constant currency basis.

Credit Karma
•Revenue was flat versus a year ago, primarily reflecting growth in Credit Karma Money, credit cards, and auto loans, offset by a decline in home loans, personal loans, and auto insurance.

Capital Allocation Summary
In the second quarter the company:
•Reported a total cash and investments balance of approximately $1.5 billion and $6.0 billion in debt as of January 31, 2024.
•Repurchased $536 million of shares, with $2.7 billion remaining on the company's share repurchase authorization.
•Received Board approval for a quarterly dividend of $0.90 per share, payable April 18, 2024. This represents a 15 percent increase compared to the same period last year.
Forward-looking Guidance
2


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 third quarter of fiscal year 2024, which ends April 30. The company expects:
•Revenue to grow approximately 10 to 11 percent.
•GAAP diluted earnings per share of $7.77 to $7.84.
•Non-GAAP diluted earnings per share of $9.31 to $9.38.
Conference Call Details
Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on February 22. The conference call can be heard live at https://investors.intuit.com/events-and-presentations/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 800-374-1216, or 402-220-0681 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
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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; 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.
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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. Third-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.




5


TABLE A
INTUIT INC.
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
 
  Three Months Ended Six Months Ended
  January 31,
2024
January 31,
2023
January 31,
2024
January 31,
2023
Net revenue:
Service $ 2,693  $ 2,418  $ 5,143  $ 4,573 
Product and other 693  623  1,221  1,065 
Total net revenue 3,386  3,041  6,364  5,638 
Costs and expenses:
Cost of revenue:
Cost of service revenue 796  708  1,503  1,328 
Cost of product and other revenue 23  24  38  39 
Amortization of acquired technology 36  41  74  82 
Selling and marketing 1,020  924  1,789  1,719 
Research and development 678  630  1,358  1,255 
General and administrative 344  323  686  627 
Amortization of other acquired intangible assets 120  121  240  242 
Total costs and expenses [A] 3,017  2,771  5,688  5,292 
Operating income 369  270  676  346 
Interest expense (57) (65) (122) (114)
Interest and other income, net 42  23  64  28 
Income before income taxes 354  228  618  260 
Income tax provision [B] 60  24  52 
Net income $ 353  $ 168  $ 594  $ 208 
Basic net income per share $ 1.26  $ 0.60  $ 2.12  $ 0.74 
Shares used in basic per share calculations 280  281  280  281 
Diluted net income per share $ 1.25  $ 0.60  $ 2.10  $ 0.73 
Shares used in diluted per share calculations 284  282  284  283 

See accompanying Notes.
1


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 Six Months Ended
(in millions) January 31,
2024
January 31,
2023
January 31,
2024
January 31,
2023
Cost of revenue $ 101  $ 91  $ 202  $ 177 
Selling and marketing 125  108  248  214 
Research and development 162  132  323  268 
General and administrative 87  92  197  186 
Total share-based compensation expense $ 475  $ 423  $ 970  $ 845 

[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 six months ended January 31, 2024, we recognized excess tax benefits on share-based compensation of $56 million and $83 million, respectively, in our provision for income taxes. For the three and six months ended January 31, 2023, we recognized tax shortfalls on share-based compensation of $9 million and $2 million, respectively, in our provision for income taxes.
We recorded $1 million in tax expense on pretax income of $354 million for the three months ended January 31, 2024. Our effective tax rate for the six months ended January 31, 2024 was approximately 4%. Excluding discrete tax items primarily related to share-based compensation, our effective tax rate for both periods 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.
Our effective tax rates for the three and six months ended January 31, 2023, were approximately 26% and 20%, respectively. Excluding discrete tax items primarily related to share-based compensation, our effective tax rate for both periods 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.
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.

2


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  $ 369  $ —  $ —  $ 676 
Amortization of acquired technology 38  36  —  —  74 
Amortization of other acquired intangible assets 120  120  —  —  240 
Share-based compensation expense 495  475  —  —  970 
Non-GAAP operating income (loss) $ 960  $ 1,000  $ —  $ —  $ 1,960 
GAAP net income (loss) $ 241  $ 353  $ —  $ —  $ 594 
Amortization of acquired technology 38  36  —  —  74 
Amortization of other acquired intangible assets 120  120  —  —  240 
Share-based compensation expense 495  475  —  —  970 
Net (gain) loss on debt securities and other investments (3) —  —  (2)
Loss on disposal of a business —  —  — 
Income tax effects and adjustments [A] (198) (235) —  —  (433)
Non-GAAP net income (loss) $ 698  $ 746  $ —  $ —  $ 1,444 
GAAP diluted net income (loss) per share $ 0.85  $ 1.25  $ —  $ —  $ 2.10 
Amortization of acquired technology 0.13  0.13  —  —  0.26 
Amortization of other acquired intangible assets 0.42  0.42  —  —  0.85 
Share-based compensation expense 1.75  1.67  —  —  3.42 
Net (gain) loss on debt securities and other investments 0.01  (0.01) —  —  (0.01)
Loss on disposal of a business 0.01  —  —  —  — 
Income tax effects and adjustments [A] (0.70) (0.83) —  —  (1.52)
Non-GAAP diluted net income (loss) per share $ 2.47  $ 2.63  $ —  $ —  $ 5.10 
Shares used in GAAP diluted per share calculation 283  284  —  —  284 
Shares used in non-GAAP diluted per share calculation 283  284  —  —  284 
[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.
3


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 — 
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 — 
Share-based compensation expense 422  423  419  448  1,712 
Net (gain) loss on debt securities and other investments — 
Loss on disposal of a business —  —  — 
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.
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TABLE C
INTUIT INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
January 31,
2024
July 31,
2023
ASSETS
Current assets:
Cash and cash equivalents $ 1,474  $ 2,848 
Investments 15  814 
Accounts receivable, net 928  405 
Notes receivable held for investment, net 1,001  687 
Notes receivable held for sale 21  — 
Income taxes receivable 126  29 
Prepaid expenses and other current assets 345  354 
Current assets before funds receivable and amounts held for customers 3,910  5,137 
Funds receivable and amounts held for customers 3,390  420 
Total current assets 7,300  5,557 
Long-term investments 128  105 
Property and equipment, net 1,049  969 
Operating lease right-of-use assets 444  469 
Goodwill 13,779  13,780 
Acquired intangible assets, net 6,104  6,419 
Long-term deferred income tax assets 383  64 
Other assets 501  417 
Total assets $ 29,688  $ 27,780 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 789  $ 638 
Accrued compensation and related liabilities 547  665 
Deferred revenue 887  921 
Income taxes payable 698 
Other current liabilities 602  448 
Current liabilities before funds payable and amounts due to customers 2,826  3,370 
Funds payable and amounts due to customers 3,390  420 
Total current liabilities 6,216  3,790 
Long-term debt 5,950  6,120 
Long-term deferred income tax liabilities
Operating lease liabilities 473  480 
Other long-term obligations 138  117 
Total liabilities 12,780  10,511 
Stockholders’ equity 16,908  17,269 
Total liabilities and stockholders’ equity $ 29,688  $ 27,780 

5


TABLE D
INTUIT INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
  Six Months Ended
January 31,
2024
January 31,
2023
Cash flows from operating activities:
Net income $ 594  $ 208 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 69  94 
Amortization of acquired intangible assets 314  324 
Non-cash operating lease cost 43  46 
Share-based compensation expense 970  845 
Deferred income taxes (310) (290)
Other 55  42 
Total adjustments 1,141  1,061 
Originations and purchases of loans held for sale (96) — 
Sales and principal payments of loans held for sale 76  — 
Changes in operating assets and liabilities:
Accounts receivable (522) (456)
Income taxes receivable (97) 27 
Prepaid expenses and other assets (4) (108)
Accounts payable 151  60 
Accrued compensation and related liabilities (119) (75)
Deferred revenue (37) 40 
Income taxes payable (697) (8)
Operating lease liabilities (33) (38)
Other liabilities 159  (99)
Total changes in operating assets and liabilities (1,199) (657)
Net cash provided by operating activities 516  612 
Cash flows from investing activities:
Purchases of corporate and customer fund investments (92) (388)
Sales of corporate and customer fund investments 490  125 
Maturities of corporate and customer fund investments 456  225 
Purchases of property and equipment (147) (132)
Acquisitions of businesses, net of cash acquired —  (33)
Originations and purchases of loans held for investment (1,140) (1,015)
Principal repayments of loans held for investment 709  530 
Other (32) (16)
Net cash provided by (used in) investing activities 244  (704)
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) (9)
Proceeds from borrowings under unsecured revolving credit facility 100  — 
Repayments on borrowings under unsecured revolving credit facility (100) — 
Proceeds from borrowings under secured revolving credit facilities 95  175 
Repayments on borrowings under secured revolving credit facilities (25) (16)
Proceeds from issuance of stock under employee stock plans 169  81 
Payments for employee taxes withheld upon vesting of restricted stock units (430) (259)
6


Cash paid for purchases of treasury stock (1,135) (1,017)
Dividends and dividend rights paid (516) (446)
Net change in funds receivable and funds payable and amounts due to customers 2,921  (199)
Cash received from a bank partner —  336 
Other (2) (1)
Net cash provided by (used in) financing activities 833  (1,355)
Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents (4) (1)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents 1,589  (1,448)
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 $ 4,441  $ 1,549 
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 $ 1,474  $ 1,547 
Restricted cash and restricted cash equivalents included in funds receivable and amounts held for customers 2,967 
Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period $ 4,441  $ 1,549 

7


TABLE E
INTUIT INC.
RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL MEASURES TO PROJECTED GAAP REVENUE, OPERATING INCOME, AND EPS
(In millions, except per share amounts)
(Unaudited)

  Forward-Looking Guidance
GAAP
Range of Estimate
Non-GAAP
Range of Estimate
From To Adjmts From To
Three Months Ending April 30, 2024
Revenue $ 6,605  $ 6,655  $ —  $ 6,605  $ 6,655 
Operating income $ 2,875  $ 2,900  $ 608  [a] $ 3,483  $ 3,508 
Diluted net income per share $ 7.77  $ 7.84  $ 1.54  [b] $ 9.31  $ 9.38 
Twelve Months Ending July 31, 2024
Revenue $ 15,890  $ 16,105  $ —  $ 15,890  $ 16,105 
Operating income $ 3,615  $ 3,720  $ 2,540  [c] $ 6,155  $ 6,260 
Diluted net income per share $ 9.37  $ 9.67  $ 6.80  [d] $ 16.17  $ 16.47 
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.
[a]     Reflects estimated adjustments for share-based compensation expense of approximately $448 million; amortization of other acquired intangible assets of approximately $120 million; and amortization of acquired technology of approximately $40 million.
[b]     Reflects estimated adjustments in item [a], income taxes related to these adjustments, and other income tax effects related to the use of the non-GAAP tax rate.
[c]     Reflects estimated adjustments for share-based compensation expense of approximately $1.9 billion; amortization of other acquired intangibles of approximately $482 million; and amortization of acquired technology of approximately $144 million.
[d]    Reflects estimated adjustments in item [c], income taxes related to these adjustments, and other income tax effects related to the use of the non-GAAP tax rate.
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INTUIT INC.
ABOUT NON-GAAP FINANCIAL MEASURES

The accompanying press release dated February 22, 2024 contains non-GAAP financial measures. Table B1, Table B2, and Table E reconcile the non-GAAP financial measures in that press release to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures include non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP net income (loss) per share.

Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies.

We compute non-GAAP financial measures using the same consistent method from quarter to quarter and year to year. We may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures.

We exclude the following items from all of our non-GAAP financial measures:

•Share-based compensation expense
•Amortization of acquired technology
•Amortization of other acquired intangible assets
•Goodwill and intangible asset impairment charges
•Gains and losses on disposals of businesses and long-lived assets
•Professional fees and transaction costs for business combinations

We also exclude the following items from non-GAAP net income (loss) and diluted net income (loss) per share:

•Gains and losses on debt securities and other investments
•Income tax effects and adjustments
•Discontinued operations

We believe these non-GAAP financial measures provide meaningful supplemental information regarding Intuit’s operating results primarily because they exclude amounts that we do not consider part of ongoing operating results when planning and forecasting and when assessing the performance of the organization, our individual operating segments, or our senior management. Segment managers are not held accountable for share-based compensation expense, amortization, or the other excluded items and, accordingly, we exclude these amounts from our measures of segment performance. We believe our non-GAAP financial measures also facilitate the comparison by management and investors of results for current periods and guidance for future periods with results for past periods.

The following are descriptions of the items we exclude from our non-GAAP financial measures.

Share-based compensation expense. This consists of non-cash expenses for stock options, restricted stock units, and our Employee Stock Purchase Plan. When considering the impact of equity awards, we place greater emphasis on overall shareholder dilution rather than the accounting charges associated with those awards.

Amortization of acquired technology and amortization of other acquired intangible assets. When we acquire a business in a business combination, we are required by GAAP to record the fair values of the intangible assets of the business and amortize them over their useful lives. Amortization of acquired technology in cost of revenue includes amortization of software and other technology assets of acquired businesses. Amortization of other acquired intangible assets in operating expenses includes amortization of assets such as customer lists, covenants not to compete, and trade names.

Goodwill and intangible asset impairment charges. We exclude from our non-GAAP financial measures non-cash charges to adjust the carrying values of goodwill and other acquired intangible assets to their estimated fair values.

Gains and losses on disposals of businesses and long-lived assets. We exclude from our non-GAAP financial measures gains and losses on disposals of businesses and long-lived assets because they are unrelated to our ongoing business operating results.

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Professional fees and transaction costs for business combinations. We exclude from our non-GAAP financial measures the professional fees we incur to complete business combinations. These include investment banking, legal, and accounting fees.

Gains and losses on debt securities and other investments. We exclude from our non-GAAP financial measures credit losses on available-for-sale debt securities and gains and losses on other investments.

Income tax effects and adjustments. We use a long-term non-GAAP tax rate for evaluating operating results and for planning, forecasting, and analyzing future periods. This long-term non-GAAP tax rate excludes the income tax effects of the non-GAAP pre-tax adjustments described above, and eliminates the effects of non-recurring and period specific items which can vary in size and frequency. Based on our current long-term projections, we are using a long-term non-GAAP tax rate of 24% for fiscal year 2024. For fiscal year 2023, the non-GAAP tax rate was 24%. This long-term non-GAAP tax rate could be subject to change for various reasons including significant acquisitions, changes in our geographic earnings mix or fundamental tax law changes in major jurisdictions in which we operate. We will evaluate this long-term non-GAAP tax rate on an annual basis and whenever any significant events occur which may materially affect this rate.

Operating results and gains and losses on the sale of discontinued operations. From time to time, we sell or otherwise dispose of selected operations as we adjust our portfolio of businesses to meet our strategic goals. In accordance with GAAP, we segregate the operating results of discontinued operations as well as gains and losses on the sale of these discontinued operations from continuing operations on our GAAP statements of operations but continue to include them in GAAP net income or loss and net income or loss per share. We exclude these amounts from our non-GAAP financial measures.

The reconciliations of the forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures in Table E include all information reasonably available to Intuit at the date of this press release. These tables include adjustments that we can reasonably predict. Events that could cause the reconciliation to change include acquisitions and divestitures of businesses, goodwill and other asset impairments, sales of available-for-sale debt securities and other investments, and disposals of businesses and long-lived assets.
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