MOUNTAIN VIEW, Calif. - Aug. 24, 2023 - Intuit Inc. (Nasdaq: INTU) the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp,

•Grew total revenue to $14.4 billion, up 13 percent year-over-year.

•Increased combined Platform revenue, which includes the Small Business and Self-Employed Group Online Ecosystem, TurboTax Online and Credit Karma, 14 percent to $11.0 billion.

•Grew Small Business and Self-Employed Group revenue 24 percent and Online Ecosystem revenue 30 percent.

•Grew Consumer Group revenue 6 percent to $4.1 billion.

•Reported Credit Karma revenue of $1.6 billion, down 9 percent.

•Grew GAAP operating income 22 percent to $3.1 billion.

•Increased Non-GAAP operating income 22 percent to $5.5 billion.

•Grew GAAP earnings per share 16 percent to $8.42.

•Increased non-GAAP earnings per share 22 percent to $14.40.

•Grew total revenue 12 percent to $2.7 billion.

•Increased Small Business and Self-Employed Group revenue 21 percent to $2.1 billion and Online Ecosystem revenue 21 percent.

•Reported Credit Karma revenue of $424 million, down 11 percent.

•Reported Consumer Group revenue of $128 million, down 12 percent.

•QuickBooks Online accounting revenue grew 22 percent for the quarter and 26 percent for the year. Growth in the quarter was driven primarily by customer growth, higher effective prices, and mix shift.

•Online services revenue grew 20 percent for the quarter and 34 percent for the year. Growth in the quarter was driven by growth in payroll, Mailchimp and payments.

•Total international online revenue grew 12 percent for the quarter and 31 percent for the year on a constant currency basis.

•TurboTax Online units declined 5 percent and total TurboTax units declined 5 percent for the year. The company believes this was driven by taxpayers who filed in order to receive pandemic-era stimulus and tax credits during the past several years but did not file taxes this season.

•TurboTax Live revenue grew 17 percent and TurboTax Live customers grew 12 percent for the year.

•ProTax Group revenue grew 3 percent for the year.

•The decline in Credit Karma revenue in the quarter was driven by macroeconomic headwinds in personal loans, auto insurance, home loans and auto loans, partially offset by growth in credit cards and Credit Karma Money.

•Reported a total cash and investments balance of approximately $3.7 billion and total debt of $6.1 billion as of July 31. Approximately $4.2 billion of this debt is maturing over the next 15 months and the company is evaluating refinancing opportunities, subject to market and other conditions.

•Repurchased $2.0 billion of stock during fiscal year 2023. The Board approved a new $2.3 billion repurchase authorization, giving the company a total authorization of $3.8 billion to repurchase shares.

•Received Board approval for a quarterly dividend of $0.90 per share, payable on October 17, 2023. This represents a 15 percent increase versus last year.

•Revenue of $15.890 billion to $16.105 billion, growth of approximately 11 to 12 percent.

•GAAP operating income of $3.615 billion to $3.720 billion, growth of approximately 15 to 18 percent.

•Non-GAAP operating income of $6.155 billion to $6.260 billion, growth of approximately 12 to 14 percent.

•GAAP diluted earnings per share of $9.37 to $9.67, growth of approximately 11 to 15 percent.

•Non-GAAP diluted earnings per share of $16.17 to $16.47, growth of approximately 12 to 14 percent.

•Small Business and Self-Employed Group: growth of 16 to 17 percent.

•Consumer Group: growth of 7 to 8 percent.

•ProTax Group: growth of 3 to 4 percent.

•Credit Karma: decline of 3 percent to growth of 3 percent.

•Revenue growth of approximately 10 to 11 percent.

•GAAP earnings per share of $0.15 to $0.21.

•Non-GAAP diluted earnings per share of $1.94 to $2.00.

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 is the global financial technology platform that powers prosperity for the people and communities we serve. With 100 million customers worldwide using TurboTax, Credit Karma, QuickBooks, 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 at Intuit.com and find us on social for the latest information about Intuit and our products and services.

[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 $32 million in our provision for income taxes for the twelve months ended July 31, 2023 and $134 million for the twelve months ended July 31, 2022.

•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 2023 and fiscal 2024. This long-term non-GAAP tax rate could be subject to change for various reasons including significant acquisitions, 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.