Financial Performance - Total net revenue for the three months ended October 31, 2023, was $2,978 million, a 14.7% increase from $2,597 million in the same period of 2022[11]. - Service revenue increased to $2,450 million, up 13.7% from $2,155 million year-over-year[11]. - Operating income rose significantly to $307 million, compared to $76 million in the prior year, reflecting a 303.9% increase[11]. - Net income for the quarter was $241 million, a substantial increase from $40 million in the same quarter of 2022, representing a 502.5% growth[11]. - Basic net income per share increased to $0.86, compared to $0.14 in the same period last year[11]. - Total segment operating income rose to $1,679 million, compared to $1,342 million in the same quarter of 2022, marking a 25.1% increase[137]. - Small Business & Self-Employed segment revenue reached $2,344 million, up 17.9% from $1,988 million in the prior year[137]. - QuickBooks Online Accounting revenue increased to $798 million, a 19.5% rise from $668 million in the previous year[137]. - Net income for the first quarter of fiscal 2024 increased by $201 million, or 503%, to $241 million, with diluted net income per share rising to $0.85 from $0.14[162]. Assets and Liabilities - Total current assets as of October 31, 2023, were $6,231 million, up from $5,557 million at the end of July 2023[15]. - Total assets increased to $28,488 million from $27,780 million in the previous quarter[15]. - Total liabilities rose to $11,496 million, compared to $10,511 million as of July 31, 2023[15]. - Cash and cash equivalents totaled $1.734 billion as of October 31, 2023, compared to $2.848 billion as of July 31, 2023, indicating a decrease of 39.2%[55]. - The carrying value of long-term investments on the balance sheet was $107 million as of October 31, 2023, up from $105 million as of July 31, 2023[51]. - The total funds receivable and amounts held for customers increased to $2,525 million as of October 31, 2023, compared to $420 million as of July 31, 2023[63]. Cash Flow and Investments - Total cash, cash equivalents, restricted cash, and restricted cash equivalents at the end of the period was $3.797 billion, up from $2.140 billion at the end of the same period last year, indicating a year-over-year increase of 77.4%[19]. - The company reported a net cash used in operating activities of $97 million for Q1 2024, a decrease from $328 million net cash provided in Q1 2023[18]. - The company experienced a net cash provided by investing activities of $210 million in Q1 2024, contrasting with a net cash used of $256 million in Q1 2023[18]. - The company repurchased $584 million in treasury stock during the quarter, compared to $510 million in the same quarter last year, marking an increase of 14.5%[18]. Revenue Recognition - Revenue recognized from deferred revenue during the three months ended October 31, 2023, was $638 million, up from $535 million in the same period of 2022, reflecting a growth of 19.3%[38]. - Total net revenue for the first quarter of fiscal 2024 increased by $381 million, or 15%, to $2.978 billion compared to the same quarter of fiscal 2023[160]. - Online Ecosystem revenue grew by 20% in the first quarter of fiscal 2024, with QuickBooks Online Accounting revenue increasing by 19%[172]. Shareholder Returns - Dividends declared were $0.90 per share, totaling $261 million for the quarter, compared to $0.78 per share and $225 million in the same quarter last year[18]. - During the three months ended October 31, 2023, the company repurchased 1.2 million shares for $603 million, with an additional $2.3 billion authorized for future repurchases[108]. Strategic Initiatives - The company expects to continue investing significantly in product development and marketing to drive future growth[9]. - Intuit is focusing on five strategic priorities, including the application of AI to enhance customer experiences and the development of an open platform for partnerships[148][149]. - The company is investing in security measures and has received ISO 27001 certification for part of its systems to combat increasing fraudulent activities[155]. Tax and Compliance - The effective tax rate for the three months ended October 31, 2023, was approximately 9%, with an effective rate of 24% excluding discrete tax items[102]. - Intuit recognized excess tax benefits on share-based compensation of $28 million for the three months ended October 31, 2023[101]. - The company has not recognized any material changes to its unrecognized tax benefits during the three months ended October 31, 2023, and does not expect significant fluctuations in the next 12 months[106]. Market and Customer Base - No customer accounted for 10% or more of total net revenue in the three months ended October 31, 2023, indicating a diversified customer base[40]. - Total international net revenue accounted for approximately 10% of consolidated net revenue for both the three months ended October 31, 2023, and 2022[132].

Financial Data and Key Metrics Changes - The company is coming off two unprecedented years of stimulus related to the pandemic, which significantly impacted the tax system and overall IRS category [53][54] - There is a cautious outlook regarding the IRS category, with expectations of flat growth year-over-year as the company plans for customer growth through innovation and new markets like business tax [55][56] Business Line Data and Key Metrics Changes - The company is launching a complete suite of business taxes across the US and Canada, targeting approximately 12 million potential customers that have not been served before [22][23] - The TurboTax Live service has achieved a high product recommendation score of 84, indicating strong customer satisfaction and engagement [31] Market Data and Key Metrics Changes - The company has identified a significant opportunity in the assisted service category, with 87 million customers currently using assisted services, and over 80% of them preferring local professionals [24][25] - There is a strong demand for local tax services, with about 12 million customers searching for new assisted providers annually, half of whom conduct "Near Me" searches [37] Company Strategy and Development Direction - The company is focusing on technology investments and transformation, particularly through the Intuit Assist platform, which aims to enhance customer experiences and drive engagement [22][10] - The strategy includes leveraging partnerships with Credit Karma to provide a complete suite of financial services, including tax preparation, which has already seen a 5x growth in customer acquisition [23][24] Management's Comments on Operating Environment and Future Outlook - Management is being prudent in their outlook due to the unique tax seasons experienced in the past two years and the need to flush out these effects from the system [56][57] - The company is optimistic about the future growth potential in the business tax segment, although it is still in the early stages of market penetration and requires further learning about small business buying patterns [56][57] Other Important Information - The company has been investing in Generative AI capabilities, with the introduction of Intuit Assist, which will be embedded across all product lines to enhance personalization and customer engagement [9][10] - The company has structured its data effectively to support AI initiatives, with 60,000 attributes per consumer and 500,000 attributes per small business, which are critical for training AI models [16][17] Q&A Session Summary Question: What are the top priorities for the new Head of the Consumer Group? - The top priorities include technology investment, addressing customer flow issues, disrupting the assisted service category, and enhancing partnerships with Credit Karma [21][22] Question: How does the company view the market opportunity for TurboTax Live? - The company sees TurboTax Live as a significant growth opportunity, bridging the gap between software and human services, and has achieved product market fit with high customer satisfaction [30][31] Question: How does the company plan to acquire new customers? - The company plans to leverage local marketing strategies, enhance the integration of services like QuickBooks and Mailchimp, and target Credit Karma members who do not currently use TurboTax [38][39]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See defi ...

Intuit Inc. (NASDAQ:INTU) BofA Securities 2023 Global Technology Conference Call June 6, 2023 1:00 PM ET Company Participants Kenneth Lin - Founder and Chief Executive Officer, Intuit Credit Karma Conference Call Participants Bradley Sills - Bank of America Securities Bradley Sills Great. Welcome everybody. Delighted to be welcoming Intuit to the conference here. This year, we're very fortunate to have Ken Lin here, CEO and Founder of Credit Karma. I've got some questions that we'll kind of go through and w ...

Intuit Inc. (NASDAQ:INTU) Q3 2023 Earnings Conference Call May 23, 2023 4:30 PM ET Company Participants Kim Watkins - Vice President of Investor Relations Sasan Goodarzi - Chief Executive Officer Michelle Clatterbuck - Chief Financial Officer Conference Call Participants Brad Zelnick - Deutsche Bank Kash Rangan - Goldman Sachs Kirk Materne - Evercore ISI Keith Weiss - Morgan Stanley Siti Panigrahi - Mizuho Scott Schneeberger - Oppenheimer Daniel Jester - BMO Capital Markets Raimo Lenschow - Barclays Jackson ...

Financial Assets and Liabilities - Net notes receivable balance increased to $759 million as of April 30, 2023, up from $540 million as of July 31, 2022[62] - Total available-for-sale debt securities were valued at $723 million as of April 30, 2023, up from $685 million as of July 31, 2022[59] - Cash equivalents primarily consisting of money market funds and time deposits increased to $3.051 billion as of April 30, 2023, up from $1.835 billion as of July 31, 2022[45] - Total assets measured at fair value on a recurring basis increased to $3.774 billion as of April 30, 2023, up from $2.520 billion as of July 31, 2022[45] - Senior unsecured notes measured at fair value decreased slightly to $1.817 billion as of April 30, 2023, from $1.838 billion as of July 31, 2022[45] - Corporate notes and U.S. agency securities, measured using Level 2 inputs, were valued at $723 million as of April 30, 2023, up from $685 million as of July 31, 2022[45] - Long-term investments carried value increased to $102 million as of April 30, 2023, up from $98 million as of July 31, 2022[50] - Cash and cash equivalents increased to $3.745 billion as of April 30, 2023, compared to $2.796 billion as of July 31, 2022[53] - Total cash, investments, and funds held for customers reached $4.656 billion as of April 30, 2023, up from $3.712 billion as of July 31, 2022[53] - Net notes receivable for term loans to small businesses increased to $752 million as of April 30, 2023, from $540 million as of July 31, 2022[63] - Total funds receivable and amounts held for customers decreased from $539 million in April 2022 to $388 million in April 2023[61] - Total cash, cash equivalents, restricted cash, and restricted cash equivalents increased from $3,691 million in July 2022 to $4,479 million in April 2023[55] Revenue and Deferred Revenue - Deferred revenue recognized during the nine months ended April 30, 2023 was $778 million, compared to $657 million for the same period in 2022[38] - The deferred revenue balance related to performance obligations to be satisfied after 12 months was $4 million as of April 30, 2023, down from $6 million as of July 31, 2022[39] - Revenue from Consumer and ProTax offerings is highly seasonal, with sales concentrated from November through April[28] - No single customer accounted for 10% or more of total net revenue in the three or nine months ended April 30, 2023 or April 30, 2022[40] - Total net revenue for Q3 fiscal 2023 increased by $386 million (7%) compared to Q3 fiscal 2022, driven by growth in the Small Business & Self-Employed and Consumer segments[152] - Small Business & Self-Employed segment revenue grew to $2,021 million in Q3 fiscal 2023, up 21% from $1,667 million in Q3 fiscal 2022, primarily due to growth in the Online Ecosystem[152] - Consumer segment revenue increased to $3,341 million in Q3 fiscal 2023, up 3% from $3,239 million in Q3 fiscal 2022, driven by higher-priced product offerings and effective pricing[152] - Credit Karma segment revenue decreased to $410 million in Q3 fiscal 2023, down 12% from $468 million in Q3 fiscal 2022, due to declines in personal loan, home loan, auto loan, and auto insurance verticals[152] - Total Online Ecosystem revenue grew to $1,468 million in Q3 fiscal 2023, up 23% from $1,192 million in Q3 fiscal 2022, driven by QuickBooks Online Accounting and Online Services[126] - Total Desktop Ecosystem revenue increased to $553 million in Q3 fiscal 2023, up 16% from $475 million in Q3 fiscal 2022, led by QuickBooks Desktop Accounting growth[126] - International net revenue accounted for 6% of consolidated net revenue for the three months ended April 30, 2023, consistent with the same period in fiscal 2022[121] - Total net revenue for Q3 FY23 increased by $386 million (7%) to $6,018 million compared to Q3 FY22[151] - QuickBooks Online Accounting revenue increased by 25% to $723 million in Q3 FY23 compared to Q3 FY22[164] - Total Online Ecosystem revenue increased by 23% to $1,468 million in Q3 FY23 compared to Q3 FY22[164] - Small Business & Self-Employed segment revenue increased by $354 million (21%) to $2,021 million in Q3 FY23 compared to Q3 FY22[164] - Consumer segment revenue increased by $237 million (6%) in the first nine months of FY23 compared to the same period in FY22[171] - Online Ecosystem revenue increased by 23% in Q3 fiscal 2023, with QuickBooks Online Accounting revenue up 25% and Online Services revenue up 21%[165] Debt and Financing - Total principal balance of debt decreased to $6.621 billion as of April 30, 2023, from $6.930 billion as of July 31, 2022[70] - Term loan outstanding decreased to $4.2 billion as of April 30, 2023, from $4.7 billion as of July 31, 2022[78] - Interest paid on term loan increased to $164 million for the nine months ended April 30, 2023, compared to $21 million for the same period in 2022[78] - No amounts were outstanding under the $1 billion unsecured revolving credit facility as of April 30, 2023[79] - The 2019 Secured Facility has a facility limit of $500 million, with $300 million committed and $200 million uncommitted, and a weighted-average interest rate of 6.41% as of April 30, 2023[80] - The 2022 Secured Facility has a facility limit of $500 million, with $150 million committed and $350 million uncommitted, and a weighted-average interest rate of 6.16% as of April 30, 2023[81] - Total future principal payments for debt amount to $6,621 million, with $4,700 million due in 2025[71] - The company issued senior unsecured notes totaling $1.98 billion in June 2020, with $12 million in interest paid during the nine months ended April 30, 2023[72][73] Operating Expenses and Income - Total operating expenses decreased by $154 million (6%) in Q3 FY23 compared to Q3 FY22[186] - Selling and marketing expenses were $1,203 million (20% of net revenue) in Q3 fiscal 2023, down from $1,227 million (22% of net revenue) in Q3 fiscal 2022[185] - Research and development expenses were $604 million (10% of net revenue) in Q3 fiscal 2023, slightly up from $600 million (11% of net revenue) in Q3 fiscal 2022[185] - General and administrative expenses decreased to $332 million (6% of net revenue) in Q3 fiscal 2023 from $465 million (8% of net revenue) in Q3 fiscal 2022[185] - Operating income for Q3 FY23 increased by $383 million (16%) to $2,778 million compared to Q3 FY22[153] - Net income for Q3 FY23 increased by $293 million (16%) to $2,087 million compared to Q3 FY22[154] - Operating income for the first nine months of fiscal 2023 increased by $478 million or 18% compared to the same period in fiscal 2022[156] - Small Business & Self-Employed segment operating income increased by $286 million or 34% in Q3 fiscal 2023 and $792 million or 31% in the first nine months of fiscal 2023[168] - Consumer segment operating income increased by $230 million or 9% in the first nine months of fiscal 2023[172] - ProTax segment operating income increased by 3% in the first nine months of fiscal 2023[180] - Total operating expenses as a percentage of total net revenue decreased in the first nine months of fiscal 2023, with total net revenue increasing by $1.3 billion or 13% and total operating expenses increasing by $242 million or 4%[187] Intangible Assets and Amortization - Acquired intangible assets net value decreased to $6.580 billion as of April 30, 2023, from $7.061 billion as of July 31, 2022[68] - Total expected future amortization expense for acquired intangible assets is $6.580 billion, with $161 million expected in the remaining three months of fiscal 2023[69] Leases and Lease Obligations - Total net lease cost for the nine months ended April 30, 2023, was $103 million, compared to $68 million for the same period in 2022[86] - Cash paid for operating lease liabilities was $73 million for the nine months ended April 30, 2023, compared to $77 million in the same period in 2022[88] - Right-of-use assets obtained in exchange for operating lease liabilities were $23 million for the nine months ended April 30, 2023, down from $81 million in 2022[88] - Total future minimum lease payments for operating leases as of April 30, 2023, amounted to $680 million, with a present value of $586 million after deducting imputed interest[88] Share Repurchases and Dividends - The company repurchased 3.7 million shares for $1.5 billion during the nine months ended April 30, 2023, with an additional $2.0 billion authorized for future repurchases[98] - Quarterly cash dividends declared during the nine months ended April 30, 2023, totaled $2.34 per share, amounting to $676 million[101] Share-Based Compensation - Share-based compensation expense for the nine months ended April 30, 2023, was $1.264 billion, up from $962 million in the same period in 2022[103] - Unrecognized compensation cost related to non-vested RSUs and restricted stock was approximately $3.5 billion as of April 30, 2023, with a weighted-average vesting period of 2.7 years[105] Legal and Tax Matters - The company settled legal proceedings with state attorneys general for $141 million, recorded as a one-time charge in the quarter ended April 30, 2022[110] - The company's effective tax rate for the nine months ended April 30, 2023, was approximately 23%, excluding discrete tax items[92] - Total other long-term obligations increased from $87 million in July 2022 to $116 million in April 2023, primarily due to higher income tax liabilities[83] Segment and Strategic Changes - The Mint offering moved from the Consumer segment to the Credit Karma segment on August 1, 2022, to better align the company's personal finance strategy[116] - The ProConnect segment was renamed the ProTax segment on August 1, 2022, continuing to serve professional accountants[116] - The company acquired Mailchimp on November 1, 2021, and its offerings are now part of the Small Business & Self-Employed segment[129] - Mailchimp was acquired on November 1, 2021, and its results are included in the Small Business & Self-Employed segment[159] - The company's AI-driven expert platform strategy focuses on revolutionizing speed to benefit, an open platform, application of AI, and incorporating experts to solve customer problems[137][138] - The Consumer and ProTax segments exhibit significant seasonality, with higher net revenues concentrated in the period from November through April[141] Interest and Other Income - Interest income increased to $28 million in Q3 FY23 compared to $2 million in Q3 FY22[191] Cost of Revenue - Cost of service and other revenue increased to 17% of related revenue in Q3 FY23 compared to 15% in Q3 FY22[182] Other Liabilities - Total other current liabilities decreased from $571 million in July 2022 to $498 million in April 2023, driven by reductions in reserves for returns, credits, and promotional discounts[82]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________ FORM 10-Q ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended January 31, 2023 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________ to ____________ . Commission File Number 0-21180 INTUIT INC. (Exact name of registrant as speci ...

Financial Data and Key Metrics Changes - Revenue for Q1 2023 was $2.6 billion, representing a 29% increase year-over-year, with 13 percentage points attributed to the addition of Mailchimp [9][32] - GAAP operating income decreased to $76 million from $195 million a year ago, while non-GAAP operating income increased to $662 million from $555 million [32] - GAAP diluted earnings per share were $0.14 compared to $0.82 a year ago, and non-GAAP diluted earnings per share increased to $1.66 from $1.53 [32] Business Line Data and Key Metrics Changes - Small Business & Self-Employed Group revenue grew 38% in Q1, with 19% organic growth excluding Mailchimp [33] - Online Ecosystem revenue increased by 60% in Q1, or 28% excluding Mailchimp [33] - Credit Karma revenue grew 2% to $425 million, below expectations due to macroeconomic challenges [39] Market Data and Key Metrics Changes - International Online Ecosystem revenue grew 172% on a constant currency basis in Q1, with 19% organic growth excluding Mailchimp [37] - Desktop Ecosystem revenue grew 7% in Q1, with QuickBooks Desktop Enterprise revenue growing in the mid-single digits [38] Company Strategy and Development Direction - The company aims to be a global AI-driven expert platform, focusing on innovation and customer growth [7][30] - The five strategic priorities include revolutionizing speed to benefit, connecting people to experts, unlocking smart money decisions, being the center of small business growth, and disrupting the small business mid-market [16][17] - The integration of Mailchimp is seen as a key driver for growth and international expansion [22][86] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term revenue growth expectations of 20% to 25% for Credit Karma despite current challenges [15] - The company is lowering its fiscal year 2023 revenue guidance for Credit Karma to a decline of 15% to 10% [14][50] - Management remains optimistic about the small business segment, citing strong metrics and a shift towards digitization [68][114] Other Important Information - The company repurchased $519 million of stock during the first quarter and announced a quarterly dividend of $0.78 per share, a 15% increase from the previous year [44] - The company has a strong balance sheet with approximately $2.7 billion in cash and investments and $7 billion in debt [43] Q&A Session Summary Question: Credit Karma growth guidance adjustment - Management acknowledged the lowered guidance for Credit Karma, citing macroeconomic uncertainties and included conservatism in their projections [59][60] Question: Small business growth outlook - Management indicated strong visibility into small business metrics and expressed confidence in achieving growth targets despite economic challenges [66][68] Question: Operating income guidance sustainability - Management explained adjustments made in marketing and discretionary spending to maintain operating income guidance despite revenue reductions [72][73] Question: TurboTax ARPU growth expectations - Management expects long-term ARPU growth driven by the TurboTax Live platform and strategic pricing adjustments [76][77] Question: Mailchimp's international strategy - Management highlighted ongoing localization efforts and a revamped go-to-market strategy to enhance Mailchimp's international presence [87][88] Question: Payments business outlook - Management expressed excitement about the payments business, emphasizing ongoing innovation and growth potential in B2B payments [116][118]

Key Points Industry/Company - **Company**: Intuit Inc. (NASDAQ:INTU) - **Industry**: Financial Technology, specifically focusing on small business and consumer financial services Core Points and Arguments - **Shift in Strategy**: Intuit is transitioning from a tax and accounting platform company to a platform that plays a meaningful role in consumers' and small businesses' everyday lives. - **Growth**: Excluding Mailchimp acquisition, Intuit delivered over 20% organic growth in the past year. The company has a $300 billion Total Addressable Market (TAM) with a 4% penetration rate. - **Five Big Bets**: 1. Revolutionize speed to benefit for customers 2. Connect people to experts 3. Unlock smart money decisions 4. Be the center of small business growth 5. Go upmarket and disrupt mid-market small businesses - **Small Business Resilience**: Intuit's focus on helping small businesses grow and manage their cash flow, combined with its subscription-based model, contributes to its resilience in the SMB ecosystem. - **Payment Growth**: Intuit's payments volume is growing over 30%, driven by innovations like instant deposit and access to loans. - **Economic Indicators**: Intuit's data indicates strong consumer and small business spending, with low unemployment and stable account balances. - **Tax Simplification**: Intuit advocates for tax simplification, which it believes will be a tailwind for its business. - **Capital Allocation**: Intuit remains disciplined in its financial principles, focusing on organic growth and strategic investments. Other Important Points - **Mailchimp Acquisition**: Intuit acquired Mailchimp to create a comprehensive platform for small businesses to grow and run their operations. - **QuickBooks Live**: This service connects small businesses with experts to help them make decisions and manage their books. - **International Expansion**: Mailchimp has significant international potential, which Intuit plans to explore. - **Tax Services**: Intuit focuses on the $30 billion market for tax assistance, targeting consumers and small businesses with complex tax situations. - **Digital Payments**: Intuit aims to digitize all payments on its platform, making it easier for businesses and consumers to manage their finances.

Tables of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________ FORM 10-K ☑ Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended July 31, 2022 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number 0-21180 INTUIT INC. (Exact name of registrant as specified in its charter) Delaware 77-0034661 ...