Intuit Inc. Files 10-Q for Period Ending January 31, 2024

TL;DR

<b>Intuit Inc. (INTU) has filed its Q2 FY2024 10-Q report, detailing financial performance and position as of January 31, 2024.</b>

AI Summary

INTUIT INC. (INTU) filed a Quarterly Report (10-Q) with the SEC on February 22, 2024. Intuit Inc. filed its quarterly report (10-Q) on February 22, 2024, for the period ending January 31, 2024. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on July 31st. The filing includes financial data for the periods ending January 31, 2024, and January 31, 2023. Key financial statement items such as common stock, retained earnings, and accumulated other comprehensive income are detailed as of various dates.

Why It Matters

For investors and stakeholders tracking INTUIT INC., this filing contains several important signals. This filing provides investors with the latest financial results and operational updates for Intuit, crucial for assessing the company's performance in its core software and financial services segments. The detailed financial statements and disclosures in the 10-Q allow stakeholders to evaluate Intuit's financial health, including its revenue streams, profitability, and balance sheet strength, in the context of the current economic environment.

Risk Assessment

Risk Level: medium — INTUIT INC. shows moderate risk based on this filing. The filing is a standard quarterly report, but the complexity of Intuit's business segments and the dynamic nature of the software and financial services industries introduce inherent risks that require ongoing monitoring.

Analyst Insight

Monitor Intuit's revenue growth across its key segments (Services, Product & Other) in future filings to assess the impact of market trends and competitive pressures.

Key Numbers

• 2024-01-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-02-22 — Filing Date (FILED AS OF DATE)
• 0731 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• INTUIT INC. (company) — CONFORMED NAME
• INTU (company) — Ticker Symbol
• 2024-01-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-02-22 (date) — FILED AS OF DATE
• Mountain View, CA (location) — BUSINESS ADDRESS
• 770034661 (organization_id) — IRS NUMBER
• 0000896878 (entity_id) — CENTRAL INDEX KEY

FAQ

Industry Context

Intuit operates in the software industry, specifically focusing on financial management and tax preparation software for consumers and small businesses.

Regulatory Implications

The filing is a standard 10-Q, a quarterly report required by the SEC for publicly traded companies to provide updates on their financial condition.

What Investors Should Do

1. Review the detailed financial statements within the 10-Q for revenue, net income, and cash flow figures.
2. Analyze segment performance data to understand growth drivers in Services and Product & Other.
3. Examine any new risk factors or management discussion and analysis (MD&A) sections for forward-looking insights.

Key Dates

• 2024-01-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-02-22: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending January 31, 2024, following the previous 10-Q for the period ending October 31, 2023.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value INTU Nasdaq Global Select Mar

Filing Documents

• intu-20240131.htm (10-Q) — 1852KB
• exhibit1001-fy24q2.htm (EX-10.01) — 125KB
• exhibit3101-fy24q2.htm (EX-31.01) — 10KB
• exhibit3102-fy24q2.htm (EX-31.02) — 10KB
• exhibit3201-fy24q2.htm (EX-32.01) — 4KB
• exhibit3202-fy24q2.htm (EX-32.02) — 5KB
• intu-20240131_g1.jpg (GRAPHIC) — 356KB
• intu-20240131_g2.jpg (GRAPHIC) — 54KB
• intu-20240131_g3.jpg (GRAPHIC) — 47KB
• intu-20240131_g4.jpg (GRAPHIC) — 44KB
• intu-20240131_g5.jpg (GRAPHIC) — 41KB
• intu-20240131_g6.jpg (GRAPHIC) — 39KB
• 0000896878-24-000011.txt (&nbsp;) — 10546KB
• intu-20240131.xsd (EX-101.SCH) — 60KB
• intu-20240131_cal.xml (EX-101.CAL) — 118KB
• intu-20240131_def.xml (EX-101.DEF) — 260KB
• intu-20240131_lab.xml (EX-101.LAB) — 808KB
• intu-20240131_pre.xml (EX-101.PRE) — 520KB
• intu-20240131_htm.xml (XML) — 1363KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

: Financial Statements (Unaudited)

ITEM 1: Financial Statements (Unaudited) Condensed Consolidated Statements of Operations for the three and six months ended January 31, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended January 31, 2024 and 2023 5 Condensed Consolidated Balance Sheets at January 31, 2024 and July 31, 2023 6 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended January 31, 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows for the six months ended January 31, 2024 and 2023 9 Notes to Condensed Consolidated Financial Statements 11

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

ITEM 2: Management's Discussion and Analysis of Financial Condition and Results of Operations 30

: Quantitative and Qualitative Disclosures about Market Risk

ITEM 3: Quantitative and Qualitative Disclosures about Market Risk 47

: Controls and Procedures

ITEM 4: Controls and Procedures 47

- OTHER INFORMATION

PART II - OTHER INFORMATION

: Legal Proceedings

ITEM 1: Legal Proceedings 48

: Risk Factors

ITEM 1A: Risk Factors 48

: Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2: Unregistered Sales of Equity Securities and Use of Proceeds 62

: Other Information

ITEM 5: Other Information 62

: Exhibits

ITEM 6: Exhibits 62

Signatures

Signatures 63 Intuit, QuickBooks, TurboTax, Credit Karma, 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 Q2 Fiscal 2024 Form 10-Q 2

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements that involve risks and uncertainties. Please also see the section entitled "Risk Factors" in Item 1A of Part II of this Quarterly 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 "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; 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 continue to grow; 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 acquired intangible assets; our intention not to sell our investments and our be

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

- FINANCIAL STATEMENTS

ITEM 1 - FINANCIAL STATEMENTS INTUIT INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Six Months Ended (In millions, except per share amounts) 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 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 1 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. Intuit Q2 Fiscal 2024 Form 10-Q 4 Table of Contents INTUIT INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended Six Months Ended (In millions) January 31, 2024 January 31, 2023 January 31, 2024 January 31, 2023 Net income $ 353 $ 168 $ 594 $ 208 Other comprehensive income (loss), net of income taxes: Unrealized gain on available-for-sale debt securities 5 6 6 — Foreign currency translation gain (loss) 13 18 ( 11 ) ( 3 ) Total other comprehensive income (loss), net 18 24 ( 5 ) ( 3 ) Comprehensive income $ 371 $ 192 $ 589 $ 205 See accompanying notes. Intuit Q2 Fiscal 2024 Form 10-Q 5 Table of Con

View Full Filing

View this 10-Q filing on SEC EDGAR