Intuit Inc. Files 2024 10-K Report

Ticker: INTU · Form: 10-K · Filed: Sep 4, 2024 · CIK: 896878

Sentiment: neutral

Topics: 10-K, annual-report, software, financials

TL;DR

Intuit's 2024 10-K is in: FY24 results are here, check the product & service segment performance.

AI Summary

Intuit Inc. filed its 2024 10-K report for the fiscal year ending July 31, 2024. The company, headquartered in Mountain View, CA, operates in the prepackaged software industry. Key financial data and operational details for the fiscal years 2022, 2023, and 2024 are presented, including segment information for products and services.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Intuit's financial performance and strategic positioning for the fiscal year 2024, crucial for understanding the company's health and future prospects.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not indicate any immediate or unusual risks.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Intuit Inc. as indicated by its SIC code?

Intuit Inc.'s Standard Industrial Classification code is 7372, which corresponds to Services-Prepackaged Software.

What is the reporting period for this 10-K filing?

The conformed period of report for this 10-K filing is July 31, 2024.

Where is Intuit Inc. headquartered?

Intuit Inc. is headquartered in Mountain View, CA.

What are the main segments reported by Intuit Inc. in this filing?

The filing indicates segment reporting for 'Product' and 'Service' for fiscal years 2021 through 2024.

On what date was this 10-K filing submitted?

This 10-K filing was submitted on September 4, 2024.

Filing Stats: 4,462 words · 18 min read · ~15 pages · Grade level 15.8 · Accepted 2024-09-04 18:26:27

Key Financial Figures

Filing Documents

Business

Business 4 ITEM 1A:

Risk Factors

Risk Factors 16 ITEM 1B: Unresolved Staff Comments 29 I TEM 1C: C ybersecurity 29 ITEM 2:

Properties

Properties 31 ITEM 3:

Legal Proceedings

Legal Proceedings 31 ITEM 4: Mine Safety Disclosures 31 PART II ITEM 5: Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32 ITEM 6: [Reserved] 33 ITEM 7:

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 ITEM 7A:

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 ITEM 8:

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 55 ITEM 9: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 102 ITEM 9A:

Controls and Procedures

Controls and Procedures 102 ITEM 9B: Other Information 102 ITEM 9C: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 102 PART III ITEM 10: Directors, Executive Officers and Corporate Governance 103 ITEM 11:

Executive Compensation

Executive Compensation 103 ITEM 12:

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 103 ITEM 13: Certain Relationships and Related Transactions, and Director Independence 103 ITEM 14: Principal Accountant Fees and Services 103 PART IV ITEM 15: Exhibits and Financial Statement Schedules 104 ITEM 16 : Form 10-K Summary 108

Signatures

Signatures 109 Intuit, TurboTax, Credit Karma, QuickBooks, and Mailchimp, among others, are registered trademarks and/or registered service marks of Intuit Inc., or one of its subsidiaries, in the United States and other countries. Other parties' marks are the property of their respective owners. Intuit Fiscal 2024 Form 10-K 2 Tables of Contents

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements that involve risks and uncertainties. Please also see the section entitled " Risk Factors" in Item 1A of Part I of this Annual Report for important information to consider when evaluating these statements. All statements in this report, other than statements that are purely historical, are forward-looking statements. Words such as "will," "expect," "anticipate," "intend," "plan," "believe," "forecast," "estimate," "seek," and similar expressions also identify forward-looking statements. In this report, forward-looking statements include, without limitation, the following: our expectations and beliefs regarding future conduct and growth of the business; our beliefs and expectations regarding seasonality, competition, and other trends that affect our business; our expectation that we will continue to invest significant resources in our product development, marketing and sales capabilities, including products and services incorporating artificial intelligence; our expectation that we will continue to invest significant management attention and resources in our information technology infrastructure and in our privacy and security capabilities; our expectation that we will work with the broader industry and government to protect our customers from fraud; our expectation that we will generate significant cash from operations; our expectation that total service revenue as a percentage of our total revenue will grow over the long term; our expectations regarding the development of future products, services, business models and technology platforms and our research and development efforts; our assumptions underlying our critical accounting policies and estimates, including our judgments and estimates regarding revenue recognition; the fair value of goodwill; and expected future amortization of a

- BUSINESS

ITEM 1 - BUSINESS BACKGROUND Overview and Mission Intuit is a global financial technology platform with a mission to power prosperity around the world. Our platform helps consumers and small and mid-market businesses prosper by delivering financial management, compliance, and marketing products and services. We also provide specialized tax products to accounting professionals, who are key partners that help us serve small and mid-market business customers. Across our platform, we use the power of data and artificial intelligence (AI) to deliver three core benefits to our customers: helping put more money in their pockets, saving them time by eliminating work, and ensuring that they have complete confidence in every financial decision they make. We help consumers do their taxes with ease and confidence, understand their financial picture, build credit, save more to make ends meet, get their largest tax refund, pay off debt, and receive personalized suggestions on how to grow their money. We help small and mid-market businesses grow and run their business all in one place, including bookkeeping, getting paid, accessing capital, paying employees, getting and retaining customers, and managing their customer relationships. We do this through our global AI-driven expert platform and our offerings including TurboTax, Credit Karma, QuickBooks, and Mailchimp. We serve approximately 100 million customers and generated revenue of $16.3 billion in our fiscal year ended July 31, 2024. Intuit Inc. was incorporated in California in March 1984. We reincorporated in Delaware and completed our initial public offering in March 1993. Our principal executive offices are located at 2700 Coast Avenue, Mountain View, California, 94043, and our main telephone number is 650-944-6000. When we refer to "we," "our," or "Intuit" in this Annual Report on Form 10-K, we mean the current Delaware corporation (Intuit Inc.) and its California predecessor, as well as all of our consolidated sub

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