Intuit Reports Q1 FY25 Financials

Ticker: INTU · Form: 10-Q · Filed: Nov 21, 2024 · CIK: 896878

Sentiment: neutral

Topics: 10-Q, financials, quarterly-report

TL;DR

Intuit's Q1 FY25 numbers are in. Check the balance sheet.

AI Summary

Intuit Inc. filed its 10-Q for the period ending October 31, 2024, reporting on its financial performance. The filing details revenue and expenses across its various segments, including Services and Product & Other, for the first quarter of fiscal year 2025. Key financial data such as total assets, liabilities, and equity as of October 31, 2024, are presented.

Why It Matters

This filing provides investors with a quarterly update on Intuit's financial health and operational performance, crucial for assessing the company's trajectory in the software and financial services sector.

Risk Assessment

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

Key Numbers

Key Players & Entities

FAQ

What is Intuit's reported revenue for the first quarter of fiscal year 2025?

The filing does not explicitly state the total revenue figure in the provided snippet, but it details revenue for 'ServiceMember' and 'ProductAndOtherMember' segments for the period of 2024-08-01 to 2024-10-31.

What was Intuit's financial position as of October 31, 2024?

The filing indicates financial data such as common stock, treasury stock, accumulated other comprehensive income, and retained earnings as of October 31, 2024.

What is the fiscal year end for Intuit Inc.?

Intuit Inc.'s fiscal year ends on July 31 (0731).

Which segments are reported in this 10-Q filing?

The filing reports on 'ServiceMember' and 'ProductAndOtherMember' segments.

When was this 10-Q form filed with the SEC?

This 10-Q form was filed on November 21, 2024 (20241121).

Filing Stats: 4,627 words · 19 min read · ~15 pages · Grade level 20 · Accepted 2024-11-21 16:17:51

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 months ended October 3 1 , 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income for the three months ended October 3 1 , 2024 and 2023 5 Condensed Consolidated Balance Sheets at October 31 , 2024 and July 31, 202 4 6 Condensed Consolidated Statements of Stockholders' Equity for the three months ended October 31 , 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows for the three months ended October 31 , 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 10

: 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

: Controls and Procedures

ITEM 4: Controls and Procedures 45

- OTHER INFORMATION

PART II - OTHER INFORMATION

: Legal Proceedings

ITEM 1: Legal Proceedings 46

: Risk Factors

ITEM 1A: Risk Factors 46

: Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2: Unregistered Sales of Equity Securities and Use of Proceeds 60

: Other Information

ITEM 5: Other Information 60

: Exhibits

ITEM 6: Exhibits 60

Signatures

Signatures 61 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 Q1 Fiscal 2025 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 "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 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 amortizatio

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

- FINANCIAL STATEMENTS

ITEM 1 - FINANCIAL STATEMENTS INTUIT INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended (In millions, except per share amounts) October 31, 2024 October 31, 2023 Net revenue: Service $ 2,889 $ 2,450 Product and other 394 528 Total net revenue 3,283 2,978 Costs and expenses: Cost of revenue: Cost of service revenue 772 707 Cost of product and other revenue 14 15 Amortization of acquired technology 37 38 Selling and marketing 962 769 Research and development 704 680 General and administrative 394 342 Amortization of other acquired intangible assets 120 120 Restructuring 9 — Total costs and expenses 3,012 2,671 Operating income 271 307 Interest expense ( 60 ) ( 65 ) Interest and other income, net 2 22 Income before income taxes 213 264 Income tax provision 16 23 Net income $ 197 $ 241 Basic net income per share $ 0.70 $ 0.86 Shares used in basic per share calculations 280 280 Diluted net income per share $ 0.70 $ 0.85 Shares used in diluted per share calculations 283 283 See accompanying notes. Intuit Q1 Fiscal 2025 Form 10-Q 4 Table of Contents INTUIT INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended (In millions) October 31, 2024 October 31, 2023 Net income $ 197 $ 241 Other comprehensive income (loss), net of income taxes: Unrealized gain on available-for-sale debt securities — 1 Foreign currency translation loss — ( 24 ) Total other comprehensive loss, net — ( 23 ) Comprehensive income $ 197 $ 218 See accompanying notes. Intuit Q1 Fiscal 2025 Form 10-Q 5 Table of Contents INTUIT INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions) October 31, 2024 July 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 2,872 $ 3,609 Investments 486 465 Accounts receivable, net 426 457 Notes receivable held for investment, net 892 779 Notes receivable held for sale 10 3 Income taxes receivable 27 78

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