Intuit Inc. Enters Material Definitive Agreement
Ticker: INTU · Form: 8-K · Filed: Jan 31, 2025 · CIK: 896878
Sentiment: neutral
Topics: material-agreement, financial-obligation
Related Tickers: INTU
TL;DR
INTU signed a big deal, creating new financial obligations. Details in exhibits.
AI Summary
On January 30, 2025, Intuit Inc. entered into a material definitive agreement, which also created a direct financial obligation for the company. The filing details this agreement and related financial obligations, with further information provided in the accompanying exhibits.
Why It Matters
This filing indicates a significant new financial commitment or partnership for Intuit Inc., which could impact its future financial performance and strategic direction.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements and creating financial obligations can introduce new risks related to the terms of the agreement and the company's ability to meet its obligations.
Key Players & Entities
- INTUIT INC. (company) — Registrant
- January 30, 2025 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of Incorporation
- 000-21180 (filing_id) — Commission File Number
- 77-0034661 (tax_id) — I.R.S. Employer Identification No.
- 2700 Coast Avenue, Mountain View, CA 94043 (address) — Address of principal executive offices
- 650-944-6000 (phone_number) — Registrant's telephone number
FAQ
What type of material definitive agreement did Intuit Inc. enter into?
The filing states that Intuit Inc. entered into a material definitive agreement, but the specific nature of the agreement is not detailed in the provided text and would require reviewing the referenced exhibits.
What is the nature of the direct financial obligation created?
The filing indicates the creation of a direct financial obligation, but the specifics of this obligation are not provided in the text and are likely detailed in the exhibits.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on January 30, 2025.
Where is Intuit Inc.'s principal executive office located?
Intuit Inc.'s principal executive office is located at 2700 Coast Avenue, Mountain View, CA 94043.
What is Intuit Inc.'s telephone number?
Intuit Inc.'s telephone number is (650) 944-6000.
Filing Stats: 851 words · 3 min read · ~3 pages · Grade level 11.3 · Accepted 2025-01-31 16:01:14
Key Financial Figures
- $0.01 — ange on Which Registered Common Stock, $0.01 par value INTU Nasdaq Global Select Mar
- $4.5 billion — ent (the "Agent"), which provides for a $4.5 billion unsecured short-term revolving credit f
Filing Documents
- intu-20250130.htm (8-K) — 33KB
- ex1001-intuitxshorttermfac.htm (EX-10.01) — 629KB
- 0000896878-25-000006.txt ( ) — 903KB
- intu-20250130.xsd (EX-101.SCH) — 2KB
- intu-20250130_lab.xml (EX-101.LAB) — 21KB
- intu-20250130_pre.xml (EX-101.PRE) — 12KB
- intu-20250130_htm.xml (XML) — 3KB
01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT. Revolving Credit Facility On January 30, 2025, Intuit Inc., a Delaware corporation (the "Company" or "Intuit"), entered into a Credit Agreement (the "Credit Agreement") with the lenders party thereto (collectively, the "Lenders"), and JPMorgan Chase Bank, N.A., as administrative agent (the "Agent"), which provides for a $4.5 billion unsecured short-term revolving credit facility that is scheduled to mature on April 30, 2025. Amounts borrowed under the Credit Agreement may only be used for the Company's TurboTax 5-Day Early refund offering. This product enables Intuit to provide eligible customers access to their federal tax refunds five days before IRS settlement. Intuit provides these funds to customers only after the IRS confirms and initiates the approved refund payment from the U.S. Department of Treasury to an Intuit controlled account. The credit facility provided under the Credit Agreement is available in addition to the Company's commercial paper program and the Company's existing credit agreement from February 2024. Borrowings under the Credit Agreement will bear interest at a rate based on the secured overnight financing ("SOFR") or a base rate, at the Company's election, plus an applicable margin of 1.125% per annum in the case of SOFR borrowing and 0.125% per annum in the case of base rate borrowings. In addition, the Credit Agreement requires the Company to pay a commitment fee at a rate of 0.10% per annum on the daily unused amount of the commitments under the facility. The Credit Agreement contains customary representations and warranties, a
01 FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits 10.01 Revolving Credit Agreement, dated as of January 30, 2025, by and among Intuit Inc. , the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent. 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document)
SIGNATURES
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: January 31, 2025 INTUIT INC. By: /s/ Sandeep S. Aujla Sandeep S. Aujla Executive Vice President and Chief Financial Officer