MOUNTAIN VIEW, Calif. - Aug. 23, 2022 - Intuit Inc. (Nasdaq: INTU), the global technology platform behind TurboTax, QuickBooks, Mint, Credit Karma, and Mailchimp, announced financial results for the fourth quarter and full fiscal year 2022, which ended July 31, 2022.

•Grew total revenue to $12.7 billion, up 32 percent year-over-year, including 8 points from the addition of Mailchimp.

•Increased combined Platform revenue, which includes the Small Business and Self-Employed Group Online Ecosystem, TurboTax Online and Credit Karma, 45 percent to $9.6 billion. This includes 11 points from the addition of Mailchimp.

•Grew Small Business and Self-Employed Group revenue 38 percent and Online Ecosystem revenue 61 percent. Excluding Mailchimp revenue of $762 million, Small Business and Self-Employed Group revenue grew by 22 percent and Online Ecosystem revenue grew by 34 percent.

•Grew Consumer Group revenue 10 percent to $3.9 billion.

•Increased Credit Karma revenue to $1.8 billion.

•Reported GAAP operating income of $2.6 billion, up 3 percent.

•Reported Non-GAAP operating income of $4.5 billion, up 29 percent.

•Reported GAAP earnings per share declined by 4 percent and non-GAAP earnings per share grew 22 percent.

•Reported total revenue of $2.4 billion, down 6 percent, reflecting the earlier IRS tax filing deadline this year, partially offset by the addition of Mailchimp. Excluding Mailchimp, total revenue declined 16 percent.

•Increased Small Business and Self-Employed Group revenue 41 percent to $1.8 billion and Online Ecosystem revenue by 66 percent. Excluding Mailchimp revenue of $265 million, Small Business and Self-Employed Group revenue grew by 20 percent and Online Ecosystem revenue grew by 32 percent.

•Grew Credit Karma revenue 17 percent to $475 million.

•Reported Consumer Group revenue of $145 million, compared to $852 million in the prior year, reflecting the earlier tax filing deadline this year.

•QuickBooks Online accounting revenue grew 34 percent for the quarter and 33 percent for the year. Growth in the quarter was driven primarily by higher effective prices, customer growth, and mix shift.

•Online services revenue grew 116 percent for the quarter and 107 percent for the year. Growth in the quarter was driven by the addition of Mailchimp, and growth in QuickBooks Online payroll and QuickBooks Online payments. Excluding Mailchimp, online services revenue grew 29 percent for the quarter and 34 percent for the year.

•Total international online revenue grew 193 percent for the quarter and 174 percent for the year on a constant currency basis. Excluding Mailchimp, total international online revenue grew 23 percent for the quarter and 30 percent for the year on a constant currency basis.

•TurboTax Online units grew 1 percent and total TurboTax units were flat year-over-year, excluding users of the TurboTax Free File offering in the prior year period.

•ProConnect professional tax revenue grew 6 percent for the year.

•Credit Karma revenue grew 17 percent in the quarter, driven by strength in credit cards and personal loans. This was partially offset by headwinds in auto insurance and home loans.

•Reported a total cash and investments balance of approximately $3.3 billion and $6.9 billion in debt as of July 31.

•Repurchased $1.9 billion of stock during fiscal year 2022. The Board approved a new $2 billion repurchase authorization, giving the company a total authorization of $3.5 billion to repurchase shares.

•Received Board approval for a quarterly dividend of $0.78 per share, payable October 18, 2022. This represents a 15 percent increase versus last year.

•Revenue of $14.485 billion to $14.700 billion, growth of approximately 14 to 16 percent.

•GAAP operating income of $2.794 billion to $2.899 billion, growth of approximately 9 to 13 percent.

•Non-GAAP operating income of $5.258 billion to $5.363 billion, growth of approximately 17 to 19 percent.

•GAAP diluted earnings per share of $6.92 to $7.22, a decline of approximately 5 to 1 percent.

•Non-GAAP diluted earnings per share of $13.59 to $13.89, growth of approximately 15 to 17 percent.

•Small Business and Self-Employed Group: growth of 19 to 20 percent.

•Consumer Group: growth of 9 to 10 percent.

•ProConnect Group: growth of 3 percent.

•Credit Karma: growth of 10 to 15 percent.

•Revenue growth of approximately 23 to 25 percent, including Mailchimp.

•GAAP loss per share of $0.43 to $0.37.

•Non-GAAP diluted earnings per share of $1.14 to $1.20.

    Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on Aug. 23. 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 is the global technology platform that helps consumers and small businesses overcome their most important financial challenges. Serving more than 100 million customers worldwide with TurboTax, QuickBooks, Mint, Credit Karma, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us for the latest information about Intuit, our products and services, and find us on social.

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

[B]We recognized excess tax benefits on share-based compensation of $134 million in our provision for income taxes for the twelve months ended July 31, 2022 and $126 million for the twelve months ended July 31, 2021.

[a]     Reflects estimated adjustments for share-based compensation expense of approximately $432 million; amortization of acquired technology of approximately $41 million; and amortization of other acquired intangible assets of approximately $121 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 and transaction costs 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 business 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 businesses. 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 and transaction costs 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 securities and other investments. We exclude from our non-GAAP financial measures credit losses on available-for-sale debt securities and gains and losses on 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 24% for fiscal 2021 and fiscal 2022. This long-term non-GAAP tax rate 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 will evaluate this long-term non-GAAP tax rate on an annual basis and whenever any significant events occur which may materially affect this rate.

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.