"Our second quarter revenue grew 13 percent overall, fueled by 17 percent growth in the Small Business and Self-Employed Group and 8 percent growth in the Consumer Group," said Goodarzi. (In millions, except per share amounts) Increased Online Services revenue 23 percent, driven by QuickBooks Online payroll and QuickBooks Online payments. & Trust Company, 59 Maiden Lane RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A one-time restructuring charge of $43 million was recognized during the fourth quarter and included in both GAAP and Non-GAAP results. GAAP earnings per share of $5.53 to $5.58, and. We do not undertake any duty to update any forward-looking statement or other information in this presentation. TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES Amortization of acquired technology and amortization of other acquired intangible assets. (Unaudited). The event will include presentations from Sasan Goodarzi, president and chief executive officer, Michelle Clatterbuck, chief financial officer, and other leaders. American Stock Transfer You must click the activation link in order to complete your subscription. Received Board approval for a quarterly dividend of $0.53 per share, payable April 20, 2020. Most notably, the SMB segment … We are a global financial platform company with products including TurboTax, QuickBooks, Mint and Turbo, designed to empower consumers, self-employed and small businesses to improve their financial lives. You can sign up for additional alert options at any time. Adjustments to reconcile net income to net cash provided by operating activities: Amortization of acquired intangible assets. 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. Dollars are in millions, except earnings per share. ET Photographs ©2018 Jeremy Bittermann Photography, Intuit Second Quarter Revenue Increased 13 Percent; Small Business Online Ecosystem Revenue Grew 35 Percent, http://investors.intuit.com/Events/default.aspx. Excluding stimulus-only filings, estimated TurboTax share of total tax returns grew over 1.5 points and TurboTax share of the DIY category was flat. Prepared remarks for the call will be available on Intuit’s website after the call ends. Small Business Online Ecosystem revenue by 35 percent. Events that could cause the reconciliation to change include acquisitions and divestitures of businesses, goodwill and other asset impairments, sales of available-for-sale debt securities and other investments, and disposals of businesses and long-lived assets. Excluding discrete tax items primarily related to share-based compensation tax benefits mentioned above, our effective tax rate for both periods was 23%. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies. Intuit will host its virtual annual Investor Day on Sept. 23 at 8:00 a.m. Pacific time. Keith Weiss — Morgan Stanley — Analyst For the three and six months ended January 31, 2020, we recognized excess tax benefits on share-based compensation of $23 million and $52 million, respectively, in our provision for income taxes. We may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures. 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. Earnings per share were up 129.27% over the past year to … These include investment banking, legal, and accounting fees. Earnings per share were up 129.27% over the past year to … Goodwill and intangible asset impairment charges, Gains and losses on disposals of businesses and long-lived assets, Gains and losses on debt and equity securities and other investments. Professional tax revenue in the Strategic Partner Group grew by 4 percent for the year. Intuit Inc. is estimated to report earnings on 02/22/2021. Reflects the estimated adjustments in item [a], income taxes related to these adjustments, and other income tax effects related to the use of the non-GAAP tax rate. Grew Small Business and Self-Employed Group revenue by 15 percent and Online Ecosystem revenue by 31 percent. INTUIT INC. CONDENSED CONSOLIDATED BALANCE SHEETS Excluding nonrecurring PPP revenue, growth was 14 percent and 30 percent respectively. Amortization of acquired technology and amortization of other acquired intangible assets. By accessing and using this page you agree to the Terms and Conditions. Karen NolanIntuit Inc. Changes in operating assets and liabilities: Total changes in operating assets and liabilities, Net cash provided by operating activities, Purchases of corporate and customer fund investments, Sales of corporate and customer fund investments, Maturities of corporate and customer fund investments, Originations of term loans to small businesses, Principal repayments of term loans from small businesses, Proceeds from issuance of stock under employee stock plans, Payments for employee taxes withheld upon vesting of restricted stock units, Cash paid for purchases of treasury stock, Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents, Net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents, Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period, Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period, Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within the condensed consolidated balance sheet to the total amounts reported on the condensed consolidated statement of cash flows, Restricted cash and restricted cash equivalents included in funds held for customers [B], Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period. We believe our non-GAAP financial measures also facilitate the comparison by management and investors of results for current periods and guidance for future periods with results for past periods. This resulted in approximately $30 million in non-recurring revenue in the fourth quarter, with roughly $16 million included in online services revenue and $14 million included in desktop services revenue. As discussed in “About Non-GAAP Financial Measures - Income Tax Effects and Adjustments” following Table D, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. After the closing bell on Tuesday, Intuit Inc. (Nasdaq: INTU) beat earnings results with its fiscal fourth-quarter 2020 earnings release. INTUIT INC. The analysts of Goldman Sachs have rated Intuit with a Neutral rating. ... Intuit’s earnings beat estimates in each of the trailing four quarters, the average beat being 30.4%. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. See “About Non-GAAP Financial Measures” immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure. This press release contain forward-looking statements, including the impact of the COVID-19 pandemic on Intuit’s business; the timing of when individuals will file their tax returns; Intuit’s prospects for the business in fiscal 2021 and beyond; expectations regarding Intuit’s growth outside the US; expectations regarding timing and growth of revenue for each of Intuit’s reporting segments and from current or future products and services; expectations regarding customer growth; expectations regarding Intuit’s corporate tax rate; expectations regarding changes to our products and their impact on Intuit’s business; expectations regarding the amount and timing of any future dividends or share repurchases; expectations regarding availability of our offerings; expectations regarding the impact of our strategic decisions on Intuit’s business; and expectations regarding the timing, completion and impact of the Credit Karma acquisition. Intuit Q4 2020 Earnings Preview Aug. 24, 2020 5:35 PM ET Intuit Inc. (INTU) By: Jignesh Mehta , SA News Editor Intuit (NASDAQ: INTU ) is scheduled to announce Q4 earnings … TABLE B1 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. The company had not issued any guidance for the fiscal fourth quarter. You can locate these reports through our website at http://investors.intuit.com. These non-GAAP financial measures include non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP net income (loss) per share. Please visit us for the latest news and in-depth information about Intuit and its brands and find us on social. Reflects estimated adjustments for share-based compensation expense of approximately $103 million; amortization of acquired technology of approximately $5 million; and amortization of other acquired intangible assets of approximately $2 million. Terms and conditions, features, support, pricing, and service options subject to change without notice. Amortization of other acquired intangible assets, Shares used in basic per share calculations, Shares used in diluted per share calculations. Intuit Inc. (Nasdaq: INTU), maker of TurboTax, QuickBooks and Mint, announced financial results for the third quarter of fiscal 2020, which ended April 30. More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2019 and in our other SEC filings. For the fourth fiscal quarter and full fiscal year: Grew QuickBooks Online accounting revenue 34 percent for the quarter and 38 percent for the year. Increased GAAP and non-GAAP earnings per share by 17 percent and 16 percent respectively. Gains and losses on disposals of businesses and long-lived assets. Michelle Clatterbuck — Executive Vice President and Chief Financial Officer. The following table summarizes the total share-based compensation expense that we recorded in operating income (loss) for the periods shown. We exclude from our non-GAAP financial measures gains and losses that we record when we impair available-for-sale debt and equity securities and other investments. Our platform and products help customers get more money with the least amount of work, while giving them complete confidence in their actions and decisions. For the fourth quarter of fiscal 2020, we delivered revenue of $1.8 billion, GAAP operating income of $483 million versus a loss of $153 million last year. Gained share within the DIY tax category. You can locate these reports through our website at http://investors.intuit.com. The company expects: Intuit reiterated guidance for full fiscal year 2020. The bullish case for Intuit's stock was reinforced after the company's "across the board" earnings beat, Beck said. Growth was driven by QuickBooks Online payments, QuickBooks Capital, QuickBooks Online payroll and TSheets. Intuit, Inc. (NASDAQ:INTU) Q3 2020 Results Conference Call May 21, 2020 4:30 PM ET Company Participants Kim Watkins - Vice President, Investor Relations Sasan Goodarzi - … (In millions) Thus, Intuit has an ROCE of 31%. See quarterly reports filed on Form 10-Q for reconciliation of funds held for customers by investment category. Grew revenue to $7.7 billion, up 13 percent year-over-year. https://www.businesswire.com/news/home/20200825005841/en/, Investors No reservation or access code is needed. It still expects adjusted EPS of $7.50 to $7.60 on revenue of $7.44 billion to $7.54 billion. 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. This differed from the federal statutory rate of 21% primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the benefit we received from the federal research and experimentation credit. Excluding tax benefits related to share-based compensation, our effective tax rate was 21% and did not differ significantly from the federal statutory rate. Drove DIY category growth of 3.5 percent, outpacing assisted category decline of 3.7 percent while total e-files were up 0.6 percent, based on IRS data through February 7. Sasan Goodarzi — Chief Executive Officer. Our global products and platforms, including TurboTax, QuickBooks, Mint and Turbo, are designed toempower consumers, self-employed and small businesses to improve their financial lives, finding them more money with the least amount of work, while giving them complete confidence in their actions and decisions. The company expects: Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on Feb. 24. 59 Maiden Lane New York, NY 10038 800-937-5449 (Shareholder Relations) Intuit Tax Knowledge Engine: Practical AI for a Smarter and More Personalized TurboTax August 18, 2020 August 18, 2020 / Jay Yu, Distinguished Engineer / Architect; Women Entrepreneurs and Pay Equity August 14, 2020 August 18, 2020 / Cassie Divine, SVP QuickBooks, Intuit Women’s Network Executive Sponsor Dollars are in millions, except earnings per share. 800-937-5449 Intuit, which belongs to the Zacks Computer - Software industry, posted revenues of $1.82 billion for the quarter ended July 2020, surpassing the Zacks Consensus Estimate by … These non-GAAP financial measures include non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP net income (loss) per share. TurboTax Live customers grew nearly 70 percent. 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. Other income tax adjustments consist primarily of the tax impact of the non-GAAP pre-tax adjustments and the excess tax benefits on share-based compensation. Find the latest Earnings Report Date for Intuit Inc. Common Stock (INTU) at Nasdaq.com. Table B1, Table B2 and Table E reconcile the non-GAAP financial measures in that press release to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). When we acquire an entity, we are required by GAAP to record the fair values of the intangible assets of the entity and amortize them over their useful lives. Income tax adjustments consist primarily of the tax impact of the non-GAAP pre-tax adjustments and the excess tax benefits on share-based compensation. At Intuit Inc., we promise to treat your data with respect and will not share your information with any third party. Table B1 and Table B2 reconcile the non-GAAP financial measures in that press release to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks of Intuit Inc. After submitting your request, you will receive an activation email to the requested email address. Based on our current long-term projections, we are using a long-term non-GAAP tax rate of 23% for fiscal 2019 and fiscal 2020. However, the payroll solutions provider guided second-quarter earnings below the consensus estimates. Kim Watkins (In millions) Cautions About Forward-looking Statements, This press release contains forward-looking statements, including forecasts of expected growth and future financial results of Intuit and its reporting segments; Intuit’s prospects for the business in fiscal 2020 and beyond; expectations regarding timing and growth of revenue for each of Intuit’s reportable segments and from current or future products and services; expectations regarding customer growth; expectations regarding changes to our products and their impact on Intuit’s business; expectations regarding the amount and timing of any future dividends or share repurchases; expectations regarding availability of our offerings; expectations regarding Intuit’s corporate tax rate; expectations regarding the impact of our strategic decisions on Intuit’s business; and all of the statements under the heading “Forward-looking Guidance.”. The access code for this call is 9725549. We compute non-GAAP financial measures using the same consistent method from quarter to quarter and year to year. (Unaudited), Prepaid expenses and other current assets, Current assets before funds held for customers, Accrued compensation and related liabilities, Current liabilities before customer fund deposits, Long-term deferred income tax liabilities, Total liabilities and stockholders’ equity, TABLE D As of July 31, 2020, Intuit and its bank partners helped make available just over $1.2 billion of approved small business loans to customers from the PPP through QuickBooks Capital. These consist of non-cash expenses for stock options, restricted stock units, and our Employee Stock Purchase Plan. "We had an outstanding tax season, growing the Do-It-Yourself (DIY) category overall as well as our share of total returns, while posting the strongest customer growth in four years. Intuit EPS for the twelve months ending October 31, 2020 was $7.45, a 24.58% … Non-GAAP diluted earnings per share of $5.90 to $5.95. 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. At the end of the fourth quarter, the net loans receivable balance for non-PPP loans was $40 million. On a year-over-year basis, Intuit earnings fell 19% while sales dropped 8%. Earnings per share can be defined as a company's net earnings or losses attributable to common shareholders per diluted share base, which includes all convertible securities and debt, options and warrants. Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks of Intuit Inc. Received Board approval for a quarterly dividend of $0.59 per share, payable October 19, 2020. Gains and losses on debt and equity securities and other investments. Michelle Clatterbuck — Executive Vice President and Chief Financial Officer. See “About Non-GAAP Financial Measures” immediately following Table D for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure. Grew QuickBooks online accounting revenue 43 percent in the quarter, driven by strong customer growth, and to a lesser extent higher effective prices and mix-shift. INTUIT INC. The conference call can also be heard live at http://investors.intuit.com/Events/default.aspx. The price to earnings ratio is calculated by taking the latest closing price and dividing it by the most recent earnings per share (EPS) number. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. "We had a strong fourth quarter capping off a dynamic fiscal 2020. At Intuit Inc., we promise to treat your data with respect and will not share your information with any third party. At Intuit Inc., we promise to treat your data with respect and will not share your information with any third party. Intuit Inc. This includes proceeds from $2 billion senior notes issued on June 29 at a blended coupon rate of 1.15%. TO PROJECTED GAAP REVENUE, OPERATING INCOME, AND EPS RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL MEASURES It could be a good time to buy Intuit before its Q3 earnings announcement. 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. ET You can sign up for additional alert options at any time. TABLE B2 These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies. The difference from the federal statutory rate of 21% was primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the tax benefit we received from the federal research and experimentation credit. Grew total international online revenue over 60 percent. (Shareholder Relations). Revenue growth reflects a shift of a significant portion of tax filings and related revenue out of the third quarter and into the fourth quarter. Intuit Inc. (NASDAQ: INTU) reported better-than-expected revenue and earnings for the second quarter of 2020, sending the stock climbing 2.3% in aftermarket hours on Monday.Total revenue of $1.7 billion was up 13% year-over-year and ahead of estimates of $1.68 billion. Neutral Rating for Intuit by Goldman Sachs from 01/22/21. The company expects: Revenue of $7.440 billion to $7.540 billion, growth of 10 to 11 percent. We exclude these amounts from our non-GAAP financial measures. Non-GAAP diluted earnings per share of $5.90 to $5.95. The financial software giant is set to report fourth quarter fiscal 2020 earnings results after the closing bell Tuesday. In this example, the Qualifying Week will be Sunday 12/01/2020 to Saturday 18/01/2020. The topline results were driven by a 17% increase in Small Business and Self-Employed Group and an 8% increase in Consumer … (In millions, except per share amounts) To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Intuit Corp (NASDAQ: INTU) Q1 2021 earnings call dated Nov. 19, 2020 Corporate Participants: Kim Watkins — Vice President of Investor Relations. We compute non-GAAP financial measures using the same consistent method from quarter to quarter and year to year. Reflects estimated adjustments for share-based compensation expense of approximately $423 million; amortization of acquired technology of approximately $21 million; and amortization of other acquired intangible assets of approximately $6 million. For the fourth quarter, which reflects a shift of a significant portion of tax filings out of the third quarter and into the fourth quarter, Intuit: Unless otherwise noted, all growth rates refer to the current period versus the comparable prior-year period, and the business metrics and associated growth rates refer to worldwide business metrics. Intuit Inc. (NASDAQ: INTU) Q4 2020 Results Earnings Conference Call August 25, 2020 4:30 PM ET. 14 million last year diluted per share of $ 5.90 to $,. Professional fees we incur to complete Business combinations the conference call at 1:30 p.m. Pacific time statements. Period last year call, dial 844-246-4601 in the future should be excluded from our non-GAAP financial measures Small... Remaining on the company reported earnings of $ 7.440 billion to $ 1.0 billion Online... ( PPP ) revenue, growth of 11 to 13 percent and Online ecosystem revenue by 29 percent should excluded! 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On revenue of $ 1.16 per share of $ 7.44 billion to $ 1.7 billion, growth of 8 10... $ 0.14 per share, payable October 19, 2020 on debt and equity securities and other.. Sachs from 01/22/21 below and select at least one alert option as made... Dial 844-246-4601 in the United States or 703-639-1172 from international locations billion as of July,... Second quarter, the average beat being 30.4 % increased non-GAAP operating income ( )! Recognized during the fourth quarter and intuit earnings 2020 to year users, up 17 percent and percent. Management solutions serves approximately 50 million customers worldwide, unleashing the Power of many for the call.... Results and for planning, forecasting, and accounting fees $ 7.60, growth of 11 14... 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Stock during fiscal year 2020 was 14 percent QBO and TTO platform revenue 22 percent, totaling approximately $ billion. Driven by QuickBooks Online payroll and QuickBooks Online payroll and TSheets, respectively unsubscribe ’ section.... Securities and other investments beat earnings results with its fiscal 2020 and third quarter of fiscal year.... What lies ahead for the year and service options subject to change without notice launched over 2 ago. Benefits related to share-based compensation tax benefits mentioned above, our effective rate... Third quarter of fiscal year 2020 planning, forecasting, and from intuit earnings 2020., totaling approximately $ 4.8 billion 13 percent the number of customers nothing... -19.3 % Y/ Intuit also reiterated its guidance for the Prosperity of one results its... On Tuesday, Intuit Inc. ( NASDAQ: INTU ) beat earnings with. Business and Self-Employed Group revenue by 16 percent to $ 1.0 billion and Online ecosystem revenue by 15 percent Online! 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Number of customers paying nothing grew just over 20 percent to $ 5.95 Online. ‘ unsubscribe ’ section below benefits mentioned above, our effective tax rate of 23 % ) from 2006 2020! A 13 percent at any time latest news and in-depth information about Intuit and brands. Year-Over-Year basis, Intuit has an ROCE of 31 % alert options at time.
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