Intuit(US:INTU)2024-11-21 21:07Revenue Growth and Performance - Total revenue grew to $3.3 billion, up 10%[3] - Global Business Solutions Group revenue increased to $2.5 billion, up 9%, with Online Ecosystem revenue growing to $1.9 billion, up 20%[4][9] - Credit Karma revenue grew 29% to $524 million[13] - Consumer Group revenue declined 6% to $176 million, impacted by the extended tax filing deadline in California[14] - Full-year fiscal 2025 revenue guidance is $18.160 billion to $18.347 billion, representing 12-13% growth[16] - Global Business Solutions Group is expected to grow 16-17%, with Online Ecosystem revenue growing approximately 20%[18] - Credit Karma is projected to grow 5-8% for the full fiscal year[20] - Q2 FY25 revenue is expected to be $3.812 billion to $3.845 billion, with 13-14% growth[21] - Revenue guidance for the three months ending January 31, 2025 is estimated to be between $3,812 million and $3,845 million[53] - Revenue guidance for the twelve months ending July 31, 2025 is estimated to be between $18,160 million and $18,347 million[53] Operating Income and Expenses - GAAP operating income was $271 million, down 12%, while non-GAAP operating income was $953 million, down 1%[7] - Cost of revenue increased to $111 million for the three months ended October 31, 2024, compared to $101 million in the same period in 2023[36] - Selling and marketing expenses rose to $137 million from $123 million year-over-year[36] - Research and development expenses remained flat at $161 million[36] - General and administrative expenses decreased to $102 million from $110 million[36] - Total share-based compensation expense increased to $511 million from $495 million[36] - GAAP operating income for Q1 fiscal 2025 was $271 million, while non-GAAP operating income was $953 million[39] - GAAP operating income for Q1 2024 was $307 million, increasing to $369 million in Q2, and reaching $3,105 million in Q3, but dropping to a loss of $151 million in Q4, resulting in a full-year GAAP operating income of $3,630 million[42] - Non-GAAP operating income for Q1 2024 was $960 million, rising to $1,000 million in Q2, and $3,712 million in Q3, with Q4 at $730 million, leading to a full-year Non-GAAP operating income of $6,402 million[42] - Operating income guidance for the three months ending January 31, 2025 is estimated to be between $983 million and $1,003 million on a non-GAAP basis[53] Net Income and Earnings Per Share - GAAP net income for Q1 fiscal 2025 was $197 million, while non-GAAP net income was $709 million[39] - GAAP diluted net income per share for Q1 fiscal 2025 was $0.70, while non-GAAP diluted net income per share was $2.50[39] - GAAP net income for Q1 2024 was $241 million, increasing to $353 million in Q2, and $2,389 million in Q3, but dropping to a loss of $20 million in Q4, resulting in a full-year GAAP net income of $2,963 million[42] - Non-GAAP net income for Q1 2024 was $698 million, rising to $746 million in Q2, and $2,804 million in Q3, with Q4 at $563 million, leading to a full-year Non-GAAP net income of $4,811 million[42] - GAAP diluted net income per share for Q1 2024 was $0.85, increasing to $1.25 in Q2, and $8.42 in Q3, but dropping to a loss of $0.07 in Q4, resulting in a full-year GAAP diluted net income per share of $10.43[42] - Non-GAAP diluted net income per share for Q1 2024 was $2.47, rising to $2.63 in Q2, and $9.88 in Q3, with Q4 at $1.99, leading to a full-year Non-GAAP diluted net income per share of $16.94[42] - Diluted net income per share guidance for the three months ending January 31, 2025 is estimated to be between $2.55 and $2.61 on a non-GAAP basis[53] Cash Flow and Financial Position - Net income for the three months ended October 31, 2024 was $197 million, compared to $241 million in the same period last year[48] - Total adjustments to reconcile net income to net cash provided by operating activities were $703 million for the three months ended October 31, 2024[48] - Net cash provided by operating activities was $362 million for the three months ended October 31, 2024, compared to a net cash used of $97 million in the same period last year[48] - Net cash used in investing activities was $188 million for the three months ended October 31, 2024, compared to net cash provided of $210 million in the same period last year[48] - Net cash provided by financing activities was $761 million for the three months ended October 31, 2024, compared to $849 million in the same period last year[50] - Cash, cash equivalents, restricted cash, and restricted cash equivalents at the end of the period were $8,034 million, compared to $3,797 million at the end of the same period last year[50] - Total current assets as of October 31, 2024, were $10,726 million, compared to $9,678 million as of July 31, 2024[46] - Total assets as of October 31, 2024, were $33,193 million, compared to $32,132 million as of July 31, 2024[46] - Total current liabilities as of October 31, 2024, were $8,619 million, compared to $7,491 million as of July 31, 2024[46] - Total liabilities as of October 31, 2024, were $15,057 million, compared to $13,696 million as of July 31, 2024[46] Shareholder Returns and Investments - The company repurchased $570 million of stock and increased its quarterly dividend by 16% to $1.04 per share[15] - The company recognized a $42 million net loss on other long-term investments during the three months ended October 31, 2024[39] Non-GAAP Adjustments and Tax Considerations - The effective tax rate for the three months ended October 31, 2024, was approximately 8%, excluding discrete tax items it was 24%[36] - The company excludes credit losses on available-for-sale debt securities and gains/losses on other investments from non-GAAP financial measures[70] - The company excludes gains/losses on executive deferred compensation plan assets from non-GAAP financial measures[70] - The company uses a long-term non-GAAP tax rate of 24% for fiscal 2024 and 2025, subject to change due to significant acquisitions, geographic earnings mix changes, or tax law changes[71] - The company excludes operating results and gains/losses on the sale of discontinued operations from non-GAAP financial measures[72] - Forward-looking non-GAAP financial measures include adjustments for acquisitions, divestitures, asset impairments, and disposals of businesses and long-lived assets[73]