MOUNTAIN VIEW, Calif. - May 23, 2024 - Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced financial results for the third quarter of fiscal 2024, which ended April 30.

•Grew total revenue to $6.7 billion, up 12 percent.

•Increased Consumer Group revenue to $3.7 billion, up 9 percent.

•Grew Small Business and Self-Employed Group revenue to $2.4 billion, up 18 percent; increased Online Ecosystem revenue to $1.8 billion, up 19 percent.

•Grew Credit Karma revenue to $443 million, up 8 percent.

•Increased ProTax Group revenue to $254 million, up 3 percent.

•TurboTax Live revenue to grow 17 percent to $1.4 billion, representing approximately 30 percent of total Consumer Group revenue.

•Average revenue per return to increase approximately 10 percent.

•TurboTax Live units to grow 12 percent and TurboTax Online paying units to grow approximately 2 percent, versus total IRS returns growth of 1 percent.

•Total TurboTax units to decline 1 percent, due to share loss with pay-nothing and lower average revenue per return customers, and TurboTax share of total IRS returns to decline approximately 80 basis points.

•Customers paying nothing to be over 10 million, down from over 11 million last year.

•Online Services revenue grew 20 percent, driven by growth in payments, payroll, and Mailchimp offerings.

•QuickBooks Online Accounting revenue grew 19 percent in the quarter, driven by customer growth, higher effective prices, and mix-shift.

•Total international online ecosystem revenue grew 12 percent on a constant currency basis.

•Reported a total cash and investments balance of approximately $4.7 billion and $6.0 billion in debt as of April 30, 2024.

•Repurchased $584 million of shares, with $2.1 billion remaining on the company's share repurchase authorization.

•Received Board approval for a quarterly dividend of $0.90 per share, payable July 18, 2024. This represents a 15 percent increase compared to the same period last year.

•Revenue of $16.164 billion to $16.200 billion, growth of approximately 13 percent, up from previous guidance for growth of 11 to 12 percent.

•GAAP operating income of $3.815 billion to $3.835 billion, growth of approximately 21 to 22 percent, up from previous guidance for growth of 15 to 18 percent.

•Non-GAAP operating income of $6.360 billion to $6.380 billion, growth of approximately 16 percent, up from previous guidance for growth of 12 to 14 percent.

•GAAP diluted earnings per share of $10.78 to $10.83, growth of approximately 28 to 29 percent, up from previous guidance for growth of 11 to 15 percent.

•Non-GAAP diluted earnings per share of $16.79 to $16.84, growth of approximately 17 percent, up from previous guidance for growth of 12 to 14 percent.

•Small Business and Self-Employed Group: $9.467 billion to $9.481 billion, growth of approximately 18 percent, up from previous guidance for growth of 16 to 17 percent.

•Consumer Group: $4.440 billion to $4.455 billion, growth of approximately 7 to 8 percent, at the high end of the previous range.

•ProTax Group: $597 million to $599 million, growth of approximately 6 to 7 percent, up from previous guidance for growth of 3 to 4 percent.

•Credit Karma: $1.660 billion to $1.665 billion, growth of approximately 2 percent, updated from previous guidance for a decline of 3 percent to growth of 3 percent.

•Revenue of $3.063 billion to $3.099 billion, growth of approximately 13 to 14 percent.

•GAAP diluted earnings per share of $0.25 to $0.30.

•Non-GAAP diluted earnings per share of $1.80 to $1.85.

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products

such as 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 for the periods shown. 

[B]We compute our provision for or benefit from income taxes by applying the estimated annual effective tax rate to income or loss from recurring operations and adding the effects of any discrete income tax items specific to the period.

•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 securities and other investments

•Income tax effects and adjustments

•Discontinued operations

Share-based compensation expense. This consists 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 long-term projections, we are using a long-term non-GAAP tax rate of 24% for fiscal year 2024 and fiscal year 2023. 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.