Intuit (INTU) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.Shares of this maker of TurboTax, QuickBooks and other accounting software have returned +1.7% over the past month versus the Zacks S&P 500 composite's +3.8% change. The Zacks Computer - Software industry, to which Intuit belongs, has gained 1.3% over this period. Now the key question is: Where could the stock be headed in t ...

Crowe and QuickBooks will help advance financial maturity, foster capital-readiness, and better position these small businesses to thriveCHICAGO, Feb. 26, 2024 /PRNewswire/ -- In conjunction with Black History Month, Crowe LLP, a leading public accounting, consulting, and technology firm, and Intuit Inc. (Nasdaq: INTU), the global technology platform that makes Intuit QuickBooks, TurboTax, Credit Karma, and Mailchimp, announced their collaboration on a new Crowe Beacon small business advancement initiative, ...

Intuit (INTU) delivered fiscal second-quarter 2024 non-GAAP earnings of $2.63 per share, beating the Zacks Consensus Estimate by 14.85%.  Revenues of $3.38 billion beat the consensus mark by 0.05% and increased 11.3% year over year.Intuit provides financial management and compliance products, such as its tax-preparation software TurboTax, personal finance portal Credit Karma and accounting software QuickBooks, to small businesses.Small businesses can file their taxes with TurboTax and if a small business is ...

Intuit (INTU) reported fiscal second-quarter 2024 non-GAAP earnings of $2.63 per share, beating the Zacks Consensus Estimate by 14.85%. The bottom line jumped 19.5% from the year-ago quarter.Revenues of $3.38 billion beat the consensus mark by 0.05% and increased 11.3% year over year.Quarter DetailsSmall Business and Self-Employed Group revenues (66.3% of total revenues) grew 18.4% year over year to $2.24 billion.Within the segment, total Online Ecosystem revenues climbed 20% year over year to $1.68 billion ...

Intuit (INTU) reported $3.39 billion in revenue for the quarter ended January 2024, representing a year-over-year increase of 11.3%. EPS of $2.63 for the same period compares to $2.20 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $3.38 billion, representing a surprise of +0.05%. The company delivered an EPS surprise of +14.85%, with the consensus EPS estimate being $2.29.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street ...

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 ...