MOUNTAIN VIEW, Calif. - Aug. 22, 2024 - Intuit Inc. (Nasdaq: INTU) the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp,

•Grew total revenue to $16.3 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 $12.5 billion.

•Grew Small Business and Self-Employed Group revenue 19 percent and Online Ecosystem revenue 20 percent.

•Grew Consumer Group revenue 7 percent to $4.4 billion.

•Increased Credit Karma revenue 5 percent to $1.7 billion.

•Grew GAAP operating income 16 percent to $3.6 billion, including a restructuring charge of $223 million recognized in the fourth quarter related to the organizational changes the company announced in July.

•Increased non-GAAP operating income 16 percent to $6.4 billion.

•Grew GAAP earnings per share 24 percent to $10.43, also including the restructuring charge.

•Increased non-GAAP earnings per share 18 percent to $16.94.

•Grew total revenue 17 percent to $3.2 billion.

•Increased Small Business and Self-Employed Group revenue 20 percent to $2.6 billion and Online Ecosystem revenue 18 percent.

•Grew Credit Karma revenue 14 percent to $485 million.

•Reported Consumer Group revenue of $113 million, down 12 percent.

•QuickBooks Online accounting revenue grew 17 percent for the quarter and 19 percent for the year. Growth in the quarter was driven by customer growth, higher effective prices, and mix shift.

•Online services revenue grew 19 percent for the quarter and 21 percent for the year. Growth in the quarter was driven by growth in payments, payroll, capital, and Mailchimp.

•Total international online revenue grew 11 percent for the quarter and 13 percent for the year on a constant currency basis.

•TurboTax Live revenue grew 17 percent for the year, representing approximately 30 percent of total Consumer Group revenue, and TurboTax Live customers grew 11 percent.

•TurboTax Online units declined 2 percent and total TurboTax units declined 1 percent for the year, due to share loss with customers who pay nothing or have a lower average revenue per return.

•Reported a total cash and investments balance of approximately $4.1 billion and total debt of $6.0 billion as of July 31.

•Repurchased $2.0 billion of stock during fiscal year 2024. The Board approved a new $3.0 billion repurchase authorization, giving the company a total authorization of $4.9 billion to repurchase shares.

•Received Board approval for a quarterly dividend of $1.04 per share, payable on October 18, 2024. This represents a 16 percent increase versus last year.

•Revenue of $18.160 billion to $18.347 billion, growth of approximately 12 to 13 percent.

•GAAP operating income of $4.649 billion to $4.724 billion, growth of approximately 28 to 30 percent.

•Non-GAAP operating income of $7.241 billion to $7.316 billion, growth of approximately 13 to 14 percent.

•GAAP diluted earnings per share of $12.34 to $12.54, growth of approximately 18 to 20 percent.

•Non-GAAP diluted earnings per share of $19.16 to $19.36, growth of approximately 13 to 14 percent.

•Small Business and Self-Employed Group: growth of 16 to 17 percent. This includes online ecosystem revenue growth of approximately 20 percent, and desktop ecosystem revenue growth in the low single digits.

•Consumer Group: growth of 7 to 8 percent.

•ProTax Group: growth of 3 to 4 percent.

•Credit Karma: growth of 5 to 8 percent.

•Revenue growth of approximately 5 to 6 percent, including:

◦Small Business and Self-Employed Group revenue growth of 6 to 7 percent. The company expects online ecosystem revenue growth, the company's growth catalyst, to accelerate to approximately 19 percent in the first quarter of fiscal 2025. The company expects desktop ecosystem revenue to decline approximately 20 percent in the first quarter of fiscal 2025, but return to growth in the second quarter. The first quarter desktop growth outlook reflects changes the company made to its QuickBooks desktop offerings in early fiscal 2024 to complete the

◦Credit Karma revenue to grow in the first quarter.

◦Consumer Group and ProTax revenue to decline in the first quarter, as the company laps the period a year ago that included the extended California tax filing deadline.

•GAAP earnings per share of $0.61 to $0.66.

•Non-GAAP diluted earnings per share of $2.33 to $2.38.

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 (loss) for the periods shown.

[B]We recognized excess tax benefits on share-based compensation of $183 million in our provision for income taxes for the twelve months ended July 31, 2024 and $32 million for the twelve months ended July 31, 2023.

(Unaudited) 

(Unaudited)

									Twelve Months Ended
															July 31, 2024						July 31, 2023
Cash flows from operating activities:
Net income															$	2,963					$	2,384
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation															159						160
Amortization of acquired intangible assets															630						646
Non-cash operating lease cost															81						90
Share-based compensation expense															1,940						1,712
Deferred income taxes															(554)						(628)
Other															92						81
Total adjustments															2,348						2,061
Originations and purchases of loans held for sale															(96)						—
Sales and principal repayments of loans held for sale															98						—
Changes in operating assets and liabilities:
Accounts receivable															(52)						42
Income taxes receivable															(48)						64
Prepaid expenses and other assets															(30)						(75)
Accounts payable															133						(97)
Accrued compensation and related liabilities															257						88
Deferred revenue															(49)						111
Operating lease liabilities															(71)						(81)
Income taxes payable															(691)						690
Other liabilities															122						(141)
Total changes in operating assets and liabilities															(429)						601
Net cash provided by operating activities															4,884						5,046
Cash flows from investing activities:
Purchases of corporate and customer fund investments															(780)						(1,015)
Sales of corporate and customer fund investments															526						240
Maturities of corporate and customer fund investments															676						449
Purchases of property and equipment															(250)						(260)
Acquisitions of businesses, net of cash acquired															(83)						(33)
Originations and purchases of loans held for investment															(2,538)						(1,983)
Sales of loans originally classified as held for investment															234						—
Principal repayments of loans held for investment															2,068						1,727
Other															(80)						(47)
Net cash used in investing activities															(227)						(922)
Cash flows from financing activities:
Proceeds from issuance of long-term debt, net of discount and issuance costs															3,956						—
Repayments of debt															(4,200)						(1,009)
Proceeds from borrowings under unsecured revolving credit facility															100						—
Repayments on borrowings under unsecured revolving credit facility															(100)						—
Proceeds from borrowings under secured revolving credit facilities															180						222
Repayments on borrowings under secured revolving credit facilities															(25)						(23)
Proceeds from issuance of stock under employee stock plans															282						228
Payments for employee taxes withheld upon vesting of restricted stock units															(1,002)						(633)
Cash paid for purchases of treasury stock															(1,988)						(1,967)
Dividends and dividend rights paid															(1,034)						(889)
Net change in funds receivable and funds payable and amounts due to customers															3,436						(197)
Other															(2)						(1)
Net cash used in financing activities															(397)						(4,269)
Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents															(13)						—
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents															4,247						(145)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period															2,852						2,997
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period															$	7,099					$	2,852

•Amortization of acquired technology

•Amortization of other acquired intangible assets

•Restructuring charges

•Share-based compensation expense

•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

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 and trade names.

Restructuring charges. This consists of costs incurred as a direct result of discrete strategic restructuring actions, including, but not limited to severance and other one-time termination benefits, and other costs, which are different in terms of size, strategic nature, and frequency than ongoing productivity and business improvements.

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.

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 2024 and fiscal 2025. 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.