Financial Data and Key Metrics - Q2 2024 revenue grew by 11%, with full-year guidance of 11% to 12% revenue growth [4] - GAAP operating income increased by 37% to $369 million, while non-GAAP operating income rose by 17% to $1 billion [64] - GAAP diluted earnings per share were $1.25, up from $0.60 last year, and non-GAAP diluted earnings per share were $2.63, up 20% [64] - Total online payment volume growth was 20% in the quarter [13] - Credit Karma delivered revenue of $375 million in Q2, flat compared to the previous year [20] - The company repurchased $536 million of stock during the quarter and approved a quarterly dividend of $0.90 per share, a 15% increase [21] Business Line Performance - Small Business and Self-Employed Group revenue grew 18%, driven by a 21% increase in online ecosystem revenue [39] - Online services revenue grew 24% in Q2, driven by payroll, payments, Mailchimp, capital, and time tracking [18] - QuickBooks Online Accounting revenue grew 19%, driven by customer growth, higher effective prices, and a mix shift towards higher-end offerings [65] - Mailchimp revenue growth was driven by higher effective prices and paid customer growth [66] - Desktop Ecosystem revenue grew 10%, with QuickBooks Desktop Enterprise revenue growing in the mid-teens [19] Market Performance - Credit Karma saw growth in Credit Karma Money, credit cards, and auto loans, offset by declines in home loans, personal loans, and auto insurance [20] - Total international online ecosystem revenue grew 16% on a constant currency basis [41] - The company is focusing on expanding globally, particularly in mid-market customers, which drive higher ARPC over time [40] Strategy and Industry Competition - The company is executing a strategy to become a global AI-driven expert platform, focusing on five "Big Bets": revolutionizing speed to benefit, connecting people to experts, unlocking smart money decisions, becoming the center of small business growth, and disrupting the small business mid-market [7][30] - Intuit Assist, the company's GenAI-powered financial assistant, is live in TurboTax and in beta for QuickBooks and Credit Karma, aiming to enhance customer engagement and monetization [9][10][31] - The company is integrating Credit Karma and TurboTax to create a seamless experience for customers, offering exclusive benefits like early access to refunds and interest-free Refund Advance loans [6] - Intuit is leveraging its GenAI Operating System (GenOS) to create breakthrough AI experiences across its platform, utilizing both proprietary and third-party financial LLMs [8] Management Commentary on Operating Environment and Future Outlook - Management remains confident in the company's AI-driven expert platform strategy and its ability to achieve full-year guidance despite macroeconomic uncertainty [16][44] - The company is focused on digitizing B2B payments to improve cash flow for small businesses, with the number of connections in the QuickBooks business network doubling since August [14] - Management highlighted the importance of Intuit Assist in transforming the company from a transactional workflow platform to a trusted daily assistant for customers [11] - The company is optimistic about the potential of its full-service tax offerings, particularly in the assisted consumer and business tax categories, which represent a $35 billion TAM [27] Other Important Information - The company was recognized by Bloomberg as one of the top 50 Companies to Watch in 2024 and ranked 22 on the Just 100 list [15] - Intuit Assist is reducing work for customers by generating and editing content for marketing campaigns, with GenAI text generation adoption rates increasing by over 70% [35] - The company is rolling out faster payment timelines for qualified customers, reducing payment time by 40% [37] Q&A Session Summary Question: Health of the small business segment and online accounting system revenue [46] - The company highlighted strong online growth of 21%, driven by innovation and digitization efforts, with a focus on mid-market customers [48][49] Question: Outlook for small businesses given the stable economy [54] - Small businesses are being challenged in the macro environment, with cash reserves down 11% year-over-year but up 115% over pre-pandemic levels [55] - Higher-value mid-market customers are healthier than smaller businesses, with sectors like professional services and auto repairs performing well [56] Question: Update on the SMB market and enterprise spending [54] - The company sees more traction in higher-value mid-market customers, with a focus on innovation and go-to-market strategies [127] Question: Tax season performance and confidence in full-year guidance [85] - Management remains confident in the full-year guidance, with strong early interest in full-service tax offerings and green shoots in both consumer and business tax fronts [86][87] Question: Impact of Intuit Assist on customer engagement and monetization [150] - Intuit Assist is expected to drive higher engagement and monetization over time, with early testing showing higher engagement rates [95] Question: Cross-sell opportunities between QuickBooks and Mailchimp [174] - The company is focusing on product integration rather than cross-sell, aiming to integrate products at moments of truth that matter most to customers [97] Question: Margin benefits from GenAI and potential COGS impact [150] - The company sees opportunities for margin improvement through GenAI, with early examples in customer success and staffing efficiencies [116][117] Question: Durability of online services growth and pricing power [163] - The company expects online services growth to remain strong, driven by innovation and focus on higher-value customers, with pricing power tied to the value delivered [188][190] Question: Opportunities for additional bill pay options [179] - The company is rolling out same-day ACH and batch payments, with a focus on digitizing B2B payments to improve cash flow [14][37] Question: Progress in digitizing B2B payments [207] - The number of connections in the QuickBooks business network has doubled since August, with early adoption of the bill pay offering showing promise [14][207]

Intuit (INTU) came out with quarterly earnings of $2.63 per share, beating the Zacks Consensus Estimate of $2.29 per share. This compares to earnings of $2.20 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 14.85%. A quarter ago, it was expected that this maker of TurboTax, QuickBooks and other accounting software would post earnings of $1.98 per share when it actually produced earnings of $2.47, delivering a surprise of 24.75 ...

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Today, Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, introduced QuickBooks Solopreneur, a new product designed to meet the unique needs of one-person businesses. The comprehensive tool provides a number of easy-to-use features to help solopreneurs stay in control of their finances, create trackable goals, manage business expenses to stay tax-ready, and have the confidence to dr ...

Financial Performance - Total net revenue for the three months ended January 31, 2024, was $3,386 million, a 11.4% increase from $3,041 million in the same period of 2023[10]. - Service revenue reached $2,693 million for the three months ended January 31, 2024, up 11.4% from $2,418 million year-over-year[10]. - Net income for the three months ended January 31, 2024, was $353 million, compared to $168 million for the same period in 2023, representing a 110.7% increase[10]. - Basic net income per share increased to $1.26 for the three months ended January 31, 2024, from $0.60 in the same period of 2023[10]. - For the three months ended January 31, 2024, Intuit reported a comprehensive income of $371 million, compared to $192 million for the same period in the previous year, reflecting an increase of approximately 93%[15]. - The net income for the six months ended January 31, 2024, was $594 million, up from $208 million in the same period last year, representing a growth of about 185%[19]. - Total net revenue for the second quarter of fiscal 2024 increased by $345 million, or 11%, compared to the same quarter of fiscal 2023, reaching $3.386 billion[171]. - Operating income for the second quarter of fiscal 2024 rose by $99 million, or 37%, to $369 million, driven by increased revenue despite rising expenses[173]. - Net income for the second quarter of fiscal 2024 surged by $185 million, or 110%, to $353 million, with diluted net income per share increasing to $1.25 from $0.60 in the same quarter last year[174]. - Total net revenue for the first six months of fiscal 2024 increased by $726 million, or 13%, compared to the same period of fiscal 2023, totaling $6.364 billion[169]. - Operating income for the first six months of fiscal 2024 increased by $330 million, or 95%, reaching $676 million, reflecting a strong revenue growth[176]. - Net income for the first six months of fiscal 2024 increased by $386 million, or 186%, totaling $594 million, with diluted net income per share rising to $2.10 from $0.73[177]. Assets and Liabilities - Total current assets as of January 31, 2024, were $7,300 million, up from $5,557 million as of July 31, 2023[14]. - Total assets increased to $29,688 million as of January 31, 2024, compared to $27,780 million as of July 31, 2023[14]. - Total liabilities rose to $12,780 million as of January 31, 2024, from $10,511 million as of July 31, 2023[14]. - Intuit's total stockholders' equity as of January 31, 2024, was $16,908 million, a slight decrease from $17,269 million as of July 31, 2023[15]. - The total principal balance of debt was $6 billion as of January 31, 2024, down from $6.13 billion as of July 31, 2023[82]. - The company issued $3.96 billion in senior unsecured notes in September 2023, with $4 billion remaining outstanding as of January 31, 2024[87]. - The company remains compliant with all covenants governing its debt obligations as of January 31, 2024[89]. Cash Flow and Investments - Total cash, cash equivalents, restricted cash, and restricted cash equivalents at the end of the period reached $4,441 million, compared to $1,549 million at the end of January 31, 2023, indicating a significant increase of approximately 186%[20]. - Intuit's operating cash flow for the six months ended January 31, 2024, was $516 million, down from $612 million in the same period last year, indicating a decrease of about 16%[19]. - The company reported a net cash provided by investing activities of $244 million for the six months ended January 31, 2024, compared to a net cash used of $704 million in the same period last year[19]. Shareholder Returns - The company plans to return excess cash generated by operations to stockholders through stock repurchases and cash dividends[9]. - The company declared dividends of $0.90 per share for the three months ended January 31, 2024, totaling $260 million, compared to $0.78 per share totaling $227 million in the same period last year, representing an increase of approximately 14%[15]. - Cash dividends declared totaled $521 million for the six months ended January 31, 2024, with a quarterly cash dividend of $0.90 per share declared for April 2024[116]. - The company repurchased $1,135 million worth of treasury stock during the six months ended January 31, 2024, compared to $1,017 million in the same period last year, reflecting a rise of approximately 12%[19]. - The company repurchased 2.1 million shares for $1.1 billion during the six months ended January 31, 2024, with an additional $2.3 billion authorized for future repurchases[113]. Revenue Segmentation - Small Business & Self-Employed segment revenue reached $2,245 million, up 18.3% from $1,897 million year-over-year[142]. - The QuickBooks Online Accounting revenue increased to $826 million, a 18.7% rise from $696 million in the prior year[142]. - The Consumer segment revenue was $492 million for the three months ended January 31, 2024, a decrease of 4.7% from $516 million in the same period of 2023[142]. - The Credit Karma segment revenue remained stable at $375 million for both the three months ended January 31, 2024, and 2023[142]. - Service revenue for the Small Business & Self-Employed segment increased by 18% year-over-year, amounting to $1.906 billion in Q2 FY24[185]. - Online Ecosystem revenue rose 21% in Q2 FY24, with Online Services revenue increasing by 24%, primarily due to payroll, payments, and Mailchimp offerings[188]. - QuickBooks Online Accounting revenue grew by 19% in Q2 FY24, attributed to an increase in customers and higher effective prices[188]. - Desktop Ecosystem revenue increased by 10% in Q2 FY24, mainly due to customer growth and price increases in QuickBooks Desktop and Enterprise subscriptions[190]. Operational Insights - The company expects to continue investing significantly in product development and marketing to drive future growth[9]. - Intuit anticipates that total service revenue as a percentage of total revenue will continue to grow[9]. - The company is focusing on AI-driven innovations and partnerships to enhance customer experiences and drive growth[158]. - The company is investing in AI and emerging technologies to enhance customer experience and drive revenue growth, focusing on a comprehensive financial platform with Credit Karma[168]. Legal and Compliance - The company continues to defend its interests in various legal proceedings, including a class action lawsuit and inquiries from the FTC, which could involve significant costs[125]. - The company recorded a one-time charge of $141 million related to a settlement agreement with state attorneys general, which was paid in the quarter ended January 31, 2023[126]. Miscellaneous - No customer accounted for 10% or more of total net revenue in the three or six months ended January 31, 2024, indicating a diversified customer base[41]. - The company reorganized certain technology functions, resulting in a reclassification of expenses totaling $10 million and $19 million from Small Business & Self-Employed segment to other corporate expenses for the three and six months ended January 31, 2023, respectively[26]. - The company has approximately 9,782 thousand non-vested RSUs remaining as of January 31, 2024, down from 11,894 thousand at July 31, 2023[122].

Intuit (INTU) is scheduled to report second-quarter fiscal 2024 results on Feb 22.The company projects year-over-year revenue growth of 11-12% to $3.362-$3.392 billion for the fiscal second quarter.The Zacks Consensus Estimate for revenues is pegged at $3.39 billion, indicating year-over-year growth of 11.36%.On a non-GAAP basis, Intuit anticipates earnings per share in the range of $2.25-$2.31. The consensus mark for earnings is pegged at $2.29 per share, suggesting a year-over-year rise of 4.09%.Intuit’s ...

Analysts on Wall Street project that Intuit (INTU) will announce quarterly earnings of $2.29 per share in its forthcoming report, representing an increase of 4.1% year over year. Revenues are projected to reach $3.39 billion, increasing 11.4% from the same quarter last year.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.Ahead of a company's earnings d ...

In the latest market close, Intuit (INTU) reached $664.28, with a +1.09% movement compared to the previous day. The stock outperformed the S&P 500, which registered a daily gain of 0.58%. At the same time, the Dow added 0.91%, and the tech-heavy Nasdaq gained 0.3%.Shares of the maker of TurboTax, QuickBooks and other accounting software witnessed a gain of 9.55% over the previous month, beating the performance of the Computer and Technology sector with its gain of 8.43% and the S&P 500's gain of 4.61%.The i ...

Intuit (INTU) ended the recent trading session at $653.07, demonstrating a +1.54% swing from the preceding day's closing price. The stock's performance was ahead of the S&P 500's daily gain of 0.06%. Elsewhere, the Dow gained 0.13%, while the tech-heavy Nasdaq added 0.24%.Coming into today, shares of the maker of TurboTax, QuickBooks and other accounting software had gained 5.66% in the past month. In that same time, the Computer and Technology sector gained 12.39%, while the S&P 500 gained 6.45%.The upcomi ...

Intuit's new Atlanta office, home to Mailchimp, provides a best-in-class environment, amenities, and technology to enable Intuit employees to do the best work of their lives in a space designed for hybrid work. The goal was to create a place where employees would want to spend time collaborating with each other to propel creativity and innovation. (Photography by Seamus Payne)Intuit Mailchimp’s relocation signifies a new way of working for the world’s most creative tech brand and a deepened investment in th ...

The latest trading session saw Intuit (INTU) ending at $639.58, denoting a +1.06% adjustment from its last day's close. The stock's change was less than the S&P 500's daily gain of 1.07%. Meanwhile, the Dow gained 0.35%, and the Nasdaq, a tech-heavy index, added 1.74%.Shares of the maker of TurboTax, QuickBooks and other accounting software witnessed a gain of 7.85% over the previous month, beating the performance of the Computer and Technology sector with its gain of 4.83% and the S&P 500's gain of 2.93%.T ...