Intuit Inc. Files Q3 2024 10-Q Report

Ticker: INTU · Form: 10-Q · Filed: May 23, 2024 · CIK: 896878

Sentiment: neutral

Topics: 10-Q, quarterly-report, financials

TL;DR

Intuit's Q3 2024 10-Q is in. Check financials for the latest on their software services.

AI Summary

Intuit Inc. filed its 10-Q for the period ending April 30, 2024, reporting on its third fiscal quarter. The filing covers financial performance and operational details for the company, which is a key player in financial software solutions.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational insights for Intuit, impacting their investment decisions and understanding of the company's performance in the financial software sector.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Players & Entities

FAQ

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

The Conformed Period of Report is 20240430, indicating the period ending April 30, 2024.

When was this 10-Q filed with the SEC?

The filing date (FILED AS OF DATE) is 20240523.

What is Intuit Inc.'s fiscal year end?

Intuit Inc.'s fiscal year ends on 0731.

What is Intuit's primary industry classification?

Intuit Inc. is classified under SERVICES-PREPACKAGED SOFTWARE [7372].

What is the SEC file number for Intuit Inc.?

The SEC file number is 000-21180.

Filing Stats: 4,729 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-05-23 16:14:03

Key Financial Figures

Filing Documents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

: Financial Statements (Unaudited)

ITEM 1: Financial Statements (Unaudited) Condensed Consolidated Statements of Operations for the three and nine months ended April 30 , 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended April 30, 2024 and 2023 5 Condensed Consolidated Balance Sheets at April 30, 2024 and July 31, 2023 6 Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended April 30, 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows for the nine months ended April 30, 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 29

: Quantitative and Qualitative Disclosures about Market Risk

ITEM 3: Quantitative and Qualitative Disclosures about Market Risk 46

: Controls and Procedures

ITEM 4: Controls and Procedures 46

- 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 Q3 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 to 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 acquired intangible assets; our intention not to sell our investments and o

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

- FINANCIAL STATEMENTS

ITEM 1 - FINANCIAL STATEMENTS INTUIT INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Nine Months Ended (In millions, except per share amounts) April 30, 2024 April 30, 2023 April 30, 2024 April 30, 2023 Net revenue: Service $ 6,048 $ 5,404 $ 11,191 $ 9,977 Product and other 689 614 1,910 1,679 Total net revenue 6,737 6,018 13,101 11,656 Costs and expenses: Cost of revenue: Cost of service revenue 1,014 924 2,517 2,252 Cost of product and other revenue 17 17 55 56 Amortization of acquired technology 36 40 110 122 Selling and marketing 1,419 1,203 3,208 2,922 Research and development 671 604 2,029 1,859 General and administrative 355 332 1,041 959 Amortization of other acquired intangible assets 120 120 360 362 Total costs and expenses 3,632 3,240 9,320 8,532 Operating income 3,105 2,778 3,781 3,124 Interest expense ( 60 ) ( 66 ) ( 182 ) ( 180 ) Interest and other income, net 27 22 91 50 Income before income taxes 3,072 2,734 3,690 2,994 Income tax provision 683 647 707 699 Net income $ 2,389 $ 2,087 $ 2,983 $ 2,295 Basic net income per share $ 8.53 $ 7.44 $ 10.65 $ 8.17 Shares used in basic per share calculations 280 281 280 281 Diluted net income per share $ 8.42 $ 7.38 $ 10.51 $ 8.11 Shares used in diluted per share calculations 284 283 284 283 See accompanying notes. Intuit Q3 Fiscal 2024 Form 10-Q 4 Table of Contents INTUIT INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended Nine Months Ended (In millions) April 30, 2024 April 30, 2023 April 30, 2024 April 30, 2023 Net income $ 2,389 $ 2,087 $ 2,983 $ 2,295 Other comprehensive income (loss), net of income taxes: Unrealized gain (loss) on available-for-sale debt securities ( 1 ) 1 5 1 Foreign currency translation gain (loss) ( 6 ) 1 ( 17 ) ( 2 ) Cumulative translation adjustment reclassified to net income 9 — 9 — Total other comprehensive income (loss), net 2 2 ( 3 ) ( 1 ) Comp

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