MOUNTAIN VIEW, Calif. - Aug. 24, 2021 - Intuit Inc. (Nasdaq: INTU) announced financial results for the fourth quarter and full fiscal year 2021, which ended July 31.

•Total revenue of $2.6 billion, up 41 percent from $1.8 billion in the prior year, including the addition of Credit Karma.

•Small Business and Self-Employed Group revenue grew by 19 percent to $1.3 billion and Online Ecosystem revenue grew by 30 percent.

•Consumer Group revenue of $852 million, compared to $710 million in the prior year.

•Credit Karma revenue of $405 million, a quarterly record for the business.

•Total revenue to $9.6 billion, up 25 percent year-over-year, including 11 points from the addition of Credit Karma this year.

•Combined Platform Revenue, which includes QuickBooks Online, TurboTax Online and Credit Karma, grew 39 percent to $6.6 billion. This includes 18 points from the addition of Credit Karma this year.

•Small Business and Self-Employed Group revenue grew 16 percent and Online Ecosystem revenue grew 26 percent.

•Consumer Group revenue grew 14 percent to $3.6 billion.

•Credit Karma revenue of $865 million.

•GAAP operating income of $2.5 billion, up 15 percent.

•Non-GAAP operating income of $3.5 billion, up 31 percent.

•GAAP and non-GAAP earnings per share grew by 9 percent and 24 percent, respectively.

•For the fourth fiscal quarter and full fiscal year:

◦QuickBooks Online accounting revenue grew 28 percent for the quarter and 25 percent for the year. Growth was driven primarily by customer growth, mix shift, and higher effective prices.

◦Online services revenue grew 35 percent for the quarter and 27 percent for the year. Growth was driven by QuickBooks Online payments and QuickBooks Online payroll.

◦The Paycheck Protection Program (PPP) generated non-recurring revenue of $4 million and $20 million in fourth quarter and fiscal 2021, respectively, and $30 million in each of the fourth quarter and fiscal 2020. The table below adjusts growth for non-recurring revenue related to the PPP.

•TurboTax Online units grew 5 percent and total TurboTax units increased 6 percent.

•TurboTax share of total returns expanded approximately 1 point, excluding approximately 8 million stimulus-only filings last season.

•Customers paying nothing grew more than 6 percent to over 17 million filers. Intuit's commitment to provide robust free tax preparation offerings has resulted in nearly 100 million TurboTax customers who paid nothing for their TurboTax experience over the last 8 years.

•Professional tax revenue in the Strategic Partner Group grew by 5 percent for the year.

•Both the core verticals - including credit cards and personal loans, and growth verticals - including home and auto loans and insurance, saw record high revenue in the quarter. Sequential growth from third quarter to fourth quarter predominantly reflects strength in credit cards and personal loans, as transactions per member increased.

•Reported a total cash and investments balance of approximately $3.9 billion as of July 31.

•Repurchased $1.0 billion of stock during fiscal year 2021. The Board approved a new $2 billion repurchase authorization, giving the company a total authorization of $3.3 billion to repurchase shares.

•Received Board approval for a quarterly dividend of $0.68 per share, payable October 18, 2021. This represents a 15 percent increase versus last year.

•Revenue growth of approximately 36 to 38 percent, including Credit Karma.

•GAAP earnings per share of $0.14 to $0.19.

•Non-GAAP diluted earnings per share of $0.94 to $0.99.

•Revenue of $11.050 billion to $11.200 billion, growth of approximately 15 to 16 percent, including a full year of Credit Karma.

•GAAP operating income of $2.605 billion to $2.680 billion, growth of approximately 4 to 7 percent.

•Non-GAAP operating income of $4.050 billion to $4.125 billion, growth of approximately 16 to 18 percent.

•GAAP diluted earnings per share of $7.46 to $7.66, a decline of approximately 1 percent to growth of 1 percent.

•Non-GAAP diluted earnings per share of $11.05 to $11.25, growth of approximately 13 to 16 percent.

•Small Business and Self-Employed Group: growth of 12 to 14 percent.

•Consumer Group: growth of 10 to 11 percent.

•ProConnect Group: growth of 1 to 2 percent.

•Credit Karma: revenue of $1.345 billion to $1.380 billion.

    Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on Aug. 24. The conference call can be heard live at http://investors.intuit.com/Events/default.aspx. Prepared remarks for the call will be available on Intuit’s website after the call ends.

    Intuit will host its virtual annual Investor Day on Sept. 30 at 8:00 a.m. Pacific time. The half-day event will include presentations from Sasan Goodarzi, chief executive officer, Michelle Clatterbuck, chief financial officer, and other leaders. If you would like to attend, please register at https://investorday2021.intuit.com/investorday/registration.

Intuit is a global technology platform that helps our customers and communities overcome their most important financial challenges. Serving approximately 100 million customers worldwide with TurboTax, QuickBooks, Mint and Credit Karma, we believe that

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[A]The following table summarizes the total share-based compensation expense that we recorded in operating income for the periods shown.

[B]We recognized excess tax benefits on share-based compensation of $126 million in our provision for income taxes for the twelve months ended July 31, 2021 and $90 million for the twelve months ended July 31, 2020.

[a]     Reflects estimated adjustments for share-based compensation expense of approximately $284 million; amortization of acquired technology of approximately $15 million; and amortization of other acquired intangible assets of approximately $54 million.

•Share-based compensation expense

•Amortization of acquired technology

•Amortization of other acquired intangible assets

•Goodwill and intangible asset impairment charges

•Gains and losses on disposals of businesses and long-lived assets

•Professional fees for business combinations

•Gains and losses on debt and equity securities and other investments

•Income tax effects and adjustments

•Discontinued operations

Share-based compensation expenses. These consist of non-cash expenses for stock options, restricted stock units, and our Employee Stock Purchase Plan. When considering the impact of equity awards, we place greater emphasis on overall shareholder dilution rather than the accounting charges associated with those awards.

Amortization of acquired technology and amortization of other acquired intangible assets. When we acquire a business in a business combination, we are required by GAAP to record the fair values of the intangible assets of the entity and amortize them over their useful lives. Amortization of acquired technology in cost of revenue includes amortization of software and other technology assets of acquired entities. Amortization of other acquired intangible assets in operating expenses includes amortization of assets such as customer lists, covenants not to compete, and trade names.

Goodwill and intangible asset impairment charges. We exclude from our non-GAAP financial measures non-cash charges to adjust the carrying values of goodwill and other acquired intangible assets to their estimated fair values.

Gains and losses on disposals of businesses and long-lived assets. We exclude from our non-GAAP financial measures gains and losses on disposals of businesses and long-lived assets because they are unrelated to our ongoing business operating results.

Professional fees for business combinations. We exclude from our non-GAAP financial measures the professional fees we incur to complete business combinations. These include investment banking, legal, and accounting fees.

Gains and losses on debt and equity securities and other investments. We exclude from our non-GAAP financial measures gains and losses that we record when we sell or impair available-for-sale debt and equity securities and other investments.

Income tax effects and adjustments. We use a long-term non-GAAP tax rate for evaluating operating results and for planning, forecasting, and analyzing future periods. This long-term non-GAAP tax rate excludes the income tax effects of the non-GAAP pre-tax adjustments described above, and eliminates the effects of non-recurring and period specific items which can vary in size and frequency. Based on our current long-term projections, we are using a long-term non-GAAP tax rate of 23% and 24% for fiscal 2020 and fiscal 2021, respectively. These long-term non-GAAP tax rates could be subject to change for various reasons including significant changes in our geographic earnings mix or fundamental tax law changes in major jurisdictions in which we operate. We evaluate these long-term non-GAAP tax rates on an annual basis and whenever any significant events occur which may materially affect the rates.

Operating results and gains and losses on the sale of discontinued operations. From time to time, we sell or otherwise dispose of selected operations as we adjust our portfolio of businesses to meet our strategic goals. In accordance with GAAP, we segregate the operating results of discontinued operations as well as gains and losses on the sale of these discontinued operations from continuing operations on our GAAP statements of operations but continue to include them in GAAP net income or loss and net income or loss per share. We exclude these amounts from our non-GAAP financial measures.