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INTU · Intuit

29 filings

10-K

INTU 10-K Annual Reports

Intuit - 29 annual reports

Filing record · 2016–202610-K1110-Q328-K101

2026
Intuit Annual Report, Year Ended Jul 31, 2026
Intuit Inc. (INTU) has reported a strong fiscal year 2026, demonstrating robust growth across its key business segments. The company's AI-driven expert platform strategy continues to be a central theme, enhancing customer experiences and driving efficiency. Revenue saw a significant increase of 14%, reaching $21.4 billion, with both Global Business Solutions and the Consumer segment showing healthy year-over-year growth. The Global Business Solutions segment, representing 60% of total revenue, grew by 16% driven by its Online Ecosystem, particularly QuickBooks Online Accounting and online money and payroll offerings. The Consumer segment, accounting for 40% of revenue, grew by 11%, boosted by Credit Karma's personal finance verticals and consumer money offerings, despite a slight dip in TurboTax federal units. Profitability also saw considerable improvement, with operating income up 20% and net income rising 18%. Diluted earnings per share increased by 20% to $16.46. The company's strategic focus on AI and its comprehensive financial platform, encompassing tax, accounting, credit, and money management solutions, positions it well for continued innovation and market leadership. Intuit's financial health is further supported by a strong cash flow from operations, which increased by 42% to $8.8 billion, and a substantial liquidity position of $7.2 billion in cash, cash equivalents, and investments.
Sep 9, 2026
2025
Intuit Annual Report, Year Ended Jul 31, 2025
Intuit Inc. reported a strong fiscal year 2025, demonstrating robust revenue growth across its key segments and a significant increase in operating income and net income. The company's strategic focus on its AI-driven expert platform is yielding positive results, with advancements in AI agents enhancing customer experiences and automating tasks within its Global Business Solutions, Consumer, and Credit Karma segments. Despite facing intense competition and ongoing economic uncertainties, Intuit has successfully navigated these challenges through continuous innovation and strategic investments, particularly in AI capabilities powered by its proprietary GenOS. The company's financial health remains strong, evidenced by substantial cash flow from operations and a healthy liquidity position, enabling continued investment in growth initiatives and returning capital to shareholders through dividends and share repurchases. Investors can look forward to Intuit's ongoing integration of AI to drive customer value and expand its market leadership.
Sep 3, 2025
2024
Intuit Annual Report, Year Ended Jul 31, 2024
Intuit Inc. reported a strong fiscal year 2024, with total net revenue growing by 13% to $16.3 billion. This growth was driven by a robust performance across its key segments, particularly the Small Business & Self-Employed segment, which saw a 19% revenue increase, bolstered by its online ecosystem including QuickBooks and Mailchimp. The Consumer segment also showed healthy growth of 7%, driven by higher-priced services like TurboTax Live. Operating income increased by 16% year-over-year, reflecting effective cost management alongside revenue expansion. Financially, Intuit demonstrated solid profitability with a 24% increase in net income to $3.0 billion and a corresponding 24% rise in diluted net income per share to $10.43. The company's cash flow from operations was strong at $4.9 billion, although it saw a slight decrease of 3% from the prior year. Intuit continued to return capital to shareholders through $1.0 billion in dividends and substantial share repurchases, underscoring a commitment to shareholder value. The company's strategic focus on an AI-driven expert platform and its five key growth "bets" are central to its future strategy, aiming to further enhance customer experiences and expand its market reach.
Sep 4, 2024
2023
Intuit Annual Report, Year Ended Jul 31, 2023
Intuit Inc. reported robust performance for the fiscal year ended July 31, 2023, with total net revenue increasing by 13% to $14.4 billion. The Small Business & Self-Employed segment was a key driver of this growth, with revenue up 24% due to strong performance in the QuickBooks Online Ecosystem and the full-year inclusion of Mailchimp. The Consumer segment saw a 6% revenue increase, attributed to a shift towards higher-priced TurboTax offerings, while the Credit Karma segment experienced a 9% revenue decline due to challenges in loan and insurance verticals, despite growth in the credit card sector. Financially, the company demonstrated solid execution, with operating income rising 22% to $3.1 billion and net income increasing by 15% to $2.4 billion. Diluted earnings per share saw a significant 16% increase to $8.42. Intuit generated substantial cash flow from operations, up 30% to $5.0 billion, underscoring its financial strength. The company continued its commitment to returning value to shareholders through dividends and share repurchases, with active stock repurchase activity throughout the year. Intuit is strategically focused on leveraging AI to enhance its financial technology platform, aiming to further power prosperity for its diverse customer base.
Sep 1, 2023
2022
Intuit Annual Report, Year Ended Jul 31, 2022
Intuit Inc. reported a strong fiscal year ending July 31, 2022, with total net revenue increasing by 32% to $12.7 billion, driven by significant growth across its segments, particularly Small Business & Self-Employed and Credit Karma. The company's strategic focus on an AI-driven expert platform appears to be yielding results, with substantial revenue contributions from recent acquisitions like Mailchimp and continued expansion in its core QuickBooks and TurboTax offerings. While operating income saw a modest 3% increase, this was impacted by increased expenses related to staffing, marketing, and amortization, as well as a one-time settlement charge. Despite these increases, Intuit demonstrated solid cash flow generation and continued to return value to shareholders through dividends and share repurchases.
Sep 2, 2022
2021
Intuit Annual Report, Year Ended Jul 31, 2021
Intuit Inc. reported strong performance in its fiscal year ending July 31, 2021, with total net revenue growing 25% to $9.6 billion. This growth was significantly driven by the acquisition of Credit Karma, which contributed $865 million in revenue. The company's core segments also showed robust performance, with the Small Business & Self-Employed segment revenue increasing by 16% and the Consumer segment revenue growing by 14%. Operating income saw a 15% increase, reaching $2.5 billion, while net income rose by 13% to $2.1 billion. Intuit's strategic focus on becoming an AI-driven expert platform is evident in its pursuit of innovation and customer obsession. The company is leveraging AI to enhance customer experiences, streamline financial management, and offer personalized solutions across its product portfolio, which includes QuickBooks, TurboTax, Mint, and Credit Karma. The company's commitment to returning value to shareholders is demonstrated through consistent dividend payments and ongoing stock repurchase programs.
Sep 8, 2021
2020
Intuit Annual Report, Year Ended Jul 31, 2020
Intuit Inc. reported strong financial performance for the fiscal year ended July 31, 2020, with total net revenue reaching $7.7 billion, an increase of 13% year-over-year. This growth was driven by robust performance in both the Small Business & Self-Employed segment (up 15%) and the Consumer segment (up 13%). Operating income and net income also saw significant increases of 17%, reflecting effective cost management alongside revenue expansion. The company continues to focus on its AI-driven expert platform strategy, aiming to revolutionize customer benefits through machine learning, knowledge engineering, and natural language processing. A significant development during the period was the proposed acquisition of Credit Karma for $7.1 billion, which is expected to further enhance Intuit's consumer finance platform and its mission to power prosperity. The company ended the fiscal year with a strong cash position of $7.1 billion, providing ample resources for strategic initiatives and returning value to shareholders. While the company experienced a shift in seasonality due to COVID-19 related tax deadline extensions, it managed these impacts effectively. Intuit also highlighted its ongoing commitment to customer success, product innovation, and leveraging technology to solve customer problems, positioning itself for continued growth in the evolving financial technology landscape.
Aug 31, 2020
2019
Intuit Annual Report, Year Ended Jul 31, 2019
Intuit Inc. demonstrated robust growth in fiscal year 2019, reporting total net revenue of $6.8 billion, a 13% increase from the prior year. This growth was driven by strong performance across its key segments, particularly the Small Business & Self-Employed segment, which saw a 15% revenue increase, largely due to the expansion of its Online Ecosystem, including QuickBooks Online subscribers. The Consumer segment also posted a 11% revenue increase, benefiting from a favorable product mix and growth in TurboTax federal units. The company's strategic focus on an AI-driven expert platform, customer obsession, and building an open, trusted platform is clearly paying off. Investments in product development and marketing, while increasing overall operating expenses, have supported this growth. Intuit continues to prioritize returning capital to shareholders through dividends and stock repurchases, reflecting a healthy financial position and confidence in future prospects. Key financial indicators such as operating income and diluted net income per share also showed significant year-over-year improvements.
Aug 30, 2019
2018
Intuit Annual Report, Year Ended Jul 31, 2018
Intuit Inc. (INTU) reported strong performance for the fiscal year ended July 31, 2018, with total net revenue growing 15% to $6.0 billion. This growth was driven by robust performance across its key segments, particularly Small Business & Self-Employed, which saw an 18% increase in revenue, and the Consumer segment, which grew revenue by 14%. The company highlighted the significant expansion of its online ecosystem and strong customer acquisition, particularly in QuickBooks Online. Diluted net income per share increased by a substantial 25% to $4.64, aided by a lower effective tax rate resulting from the Tax Cuts and Jobs Act. Intuit continues to invest heavily in product development, with R&D expenses representing 20% of total net revenue. The company also demonstrated a commitment to returning capital to shareholders, with significant stock repurchases and an increase in quarterly dividends. Looking ahead, Intuit is focused on its 'One Intuit Ecosystem' strategy, leveraging artificial intelligence and machine learning to deliver personalized experiences and expanding its platform through partnerships. Despite facing intense competition and ongoing technological evolution, Intuit's strategic focus on innovation and customer needs positions it for continued growth.
Aug 31, 2018
2017
Intuit Annual Report, Year Ended Jul 31, 2017
For the fiscal year ended July 31, 2017, Intuit Inc. reported a total net revenue of $5.2 billion, representing a 10% increase compared to the previous year. The company experienced robust growth in its Small Business segment, driven by a 30% increase in its Online Ecosystem revenue, and a notable 9% increase in its Consumer Tax segment, attributed to unit growth and a favorable product mix. The ProConnect segment saw a modest 2% revenue increase. This growth translated into a 20% increase in net income from continuing operations and a 22% rise in diluted earnings per share. Intuit continues its strategic shift towards connected services, which generated 73% of its total revenue in fiscal 2017, indicating a successful transition from traditional desktop software. The company maintained a strong financial position, with cash, cash equivalents, and investments totaling $777 million at the end of the fiscal year. Intuit also actively returned capital to shareholders through share repurchases and dividends, with $1.5 billion remaining under its authorized repurchase program. Investments in research and development remained significant at 19% of total net revenue, underscoring the company's commitment to innovation in a rapidly evolving technological landscape.
Sep 1, 2017
2016
Intuit Annual Report, Year Ended Jul 31, 2016
For the fiscal year ended July 31, 2016, Intuit Inc. reported total net revenue of $4.7 billion, marking a 12% increase compared to the previous year. The company experienced strong growth across its segments, with Consumer Tax revenue up 10%, Small Business revenue up 9%, and ProConnect revenue seeing a significant 51% increase. This growth was driven by the shift to cloud-based services, increased unit sales in TurboTax, and a change in revenue recognition for desktop software products, which now recognize revenue over time. Intuit continues to invest heavily in product development, with R&D expenses representing 19% of total net revenue. The company also demonstrated a strong commitment to returning capital to shareholders through dividends and substantial stock repurchases. Management expressed confidence in future growth, driven by its strategy to become the operating system for small business success and its ongoing transition to connected services.
Sep 1, 2016
2015
Intuit Annual Report, Year Ended Jul 31, 2015
Intuit Inc.'s fiscal year 2015 10-K filing reveals a company strategically navigating a shift towards connected services, with revenue of $4.2 billion. While overall revenue saw a slight decrease of 1% year-over-year, the company experienced strong growth in its Consumer Tax segment (up 8%), driven by increased TurboTax unit sales. The Small Business segment saw a 2% revenue dip, largely due to a strategic change in how desktop software revenue is recognized, impacting current-period comparisons. The company is actively managing its business portfolio, having divested several non-core businesses to sharpen its focus on key growth areas. Intuit continues to invest heavily in product development, with R&D expenses representing 19% of revenue. The company's strategy emphasizes delivering awesome product experiences, creating network effect platforms, and leveraging data for customer benefit, reflecting a commitment to innovation and customer-centricity. Despite a challenging cybersecurity environment and increased fraud attempts impacting the tax industry, Intuit reported that its recent financial performance was not materially adversely affected. The company also continues its commitment to returning capital to shareholders through dividends and stock repurchases, maintaining a strong liquidity position.
Sep 1, 2015
2014
Intuit Annual Report, Year Ended Jul 31, 2014
Intuit Inc.'s 2014 10-K filing reveals a company firmly rooted in financial management solutions for small businesses and consumers. The fiscal year ending July 31, 2014, saw total net revenue of $4.5 billion, marking an 8% increase driven by robust growth in the Small Business and Consumer segments. The company continues its strategic shift towards connected services, which now represent 66% of total revenue, up from 50% six years prior. This transition is supported by significant investments in product development, a focus on mobile-first design, and the creation of network effect platforms. Financially, Intuit demonstrated solid performance with operating income from continuing operations up 7% and net income from continuing operations up 5% year-over-year. The company maintained a strong liquidity position with $1.9 billion in cash, cash equivalents, and investments, and continued to return value to shareholders through dividends and share repurchases. Despite facing intense competition and evolving technological landscapes, Intuit's diversified product portfolio, including QuickBooks, TurboTax, Quicken, and Mint, positions it to address a wide range of customer needs in the digital economy.
Sep 12, 2014
2013
Intuit Annual Report, Year Ended Jul 31, 2013
Intuit Inc.'s fiscal year 2013 filing highlights continued revenue growth, driven primarily by its Small Business Group and Consumer Tax segments. The company reported total net revenue of $4.2 billion, a 10% increase year-over-year, with operating income from continuing operations growing 6% to $1.23 billion. This growth was supported by increasing adoption of online services, particularly QuickBooks Online, and a strong performance in the tax preparation business. Intuit continues to invest heavily in product development and marketing, with R&D expenses representing 17% of total net revenue. The company is strategically shifting towards connected services and mobile-first solutions, aiming to be the "operating system behind small business success" and to "do the nation's taxes." Significant divestitures were also completed in fiscal year 2013, including Intuit Financial Services and Intuit Health, to sharpen focus on core business areas. The company also maintained a strong commitment to returning capital to shareholders through dividends and share repurchases.
Sep 13, 2013
2012
Intuit Annual Report, Year Ended Jul 31, 2012
Intuit Inc. (INTU) reported strong performance for the fiscal year ended July 31, 2012, with total net revenue increasing by 10% to $4.2 billion. This growth was primarily driven by robust performance in the Small Business Group and the Consumer Tax segment. The company continues its strategic shift towards connected services, which now represent 64% of total revenue, highlighting the increasing importance of online and mobile offerings. Intuit demonstrated effective cost management, leading to a 14% increase in operating income from continuing operations. The company also returned value to shareholders through significant stock repurchases totaling $900 million and initiated its first cash dividend in fiscal year 2012, signaling a growing confidence in its financial stability and future prospects. The company is well-positioned to capitalize on the ongoing trend of digital transformation in financial management and tax preparation services.
Sep 13, 2012
2011
Intuit Annual Report, Year Ended Jul 31, 2011
Intuit Inc. demonstrated robust financial performance in its fiscal year ended July 31, 2011, with total net revenue reaching $3.9 billion, an increase of 11% year-over-year, primarily driven by growth in its Small Business Group and Consumer Tax segments. The company's strategic shift towards connected services continues to yield positive results, with over 60% of revenue generated from these offerings. Significant investments in research and development, accounting for 16% of revenue, underscore Intuit's commitment to innovation and adapting to evolving market trends. The company is actively managing its capital through a strong stock repurchase program and, for the first time in its history, initiated a quarterly cash dividend. Intuit's diversified business portfolio, encompassing small business solutions, tax preparation, and financial services, positions it well for continued growth, although competitive pressures and the dynamic technological landscape remain key areas of focus.
Sep 14, 2011
2010
Intuit Annual Report, Year Ended Jul 31, 2010
Intuit Inc.'s 2010 10-K report details a strong fiscal year, with total net revenue growing 11% to $3.5 billion. This growth was driven by broad-based performance across its key segments, including Consumer Tax, Small Business, and Financial Services. The company highlighted its strategic shift towards connected services, which accounted for nearly 60% of revenue, with Software-as-a-Service (SaaS) contributing approximately one-third. Intuit also emphasized its ongoing investment in research and development, representing 17% of total net revenue, to foster innovation and adapt to evolving technological and market trends. Financially, the company maintained a healthy cash position and continued its shareholder return program through stock repurchases. Key financial highlights include a 23% increase in diluted net income per share from continuing operations to $1.66. The company's balance sheet remained robust, with cash, cash equivalents, and investments totaling $1.6 billion at the end of the fiscal year. Intuit's commitment to innovation and customer focus is evident in its product development and strategic acquisitions, positioning it for continued growth in the dynamic financial management and tax preparation markets.
Sep 16, 2010
2009
Intuit Annual Report, Year Ended Jul 31, 2009
Intuit's fiscal 2009 10-K (year ended July 31, 2009) shows a company that grew revenue modestly during a severe consumer and small business downturn. Total net revenue rose 4% to $3.18 billion, driven by Consumer Tax (+7%, with TurboTax Online units up 36% offsetting a 11% decline in desktop units), Payments Solutions (+15%), Employee Management Solutions (+8%), Accounting Professionals (+8%) and Financial Institutions (+4%). Financial Management Solutions (QuickBooks) fell 2% and Other Businesses (Quicken, Canada, UK) fell 14%, reflecting weaker small business and consumer spending. Operating income from continuing operations grew 5% to $682.1 million, but diluted EPS from continuing operations rose only 2% to $1.35 because of the absence of a $51.6 million payroll asset sale gain in fiscal 2008, lower interest income, and a higher effective tax rate of about 31% that was helped by discrete items. Cash generation remained strong, with $812.4 million in operating cash flow from continuing operations. Management used $300.2 million for buybacks, $182.5 million for capital expenditures (including the new Washington state data center), and $187.4 million for acquisitions, primarily PayCycle. Cash, cash equivalents and investments reached $1.3 billion. Balance sheet risk is concentrated in $244.5 million of municipal auction rate securities, which have been illiquid since February 2008, though the UBS put option covering $140.9 million partly mitigates this. Investors should also weigh the seasonality of the business, the expiration of the IRS Free File Alliance agreement in October 2009, and the fact that $1.8 billion of goodwill is exposed to future impairment. A pending $170 million acquisition of Mint Software was announced after year end.
Sep 15, 2009
2008
Intuit Annual Report, Year Ended Jul 31, 2008
Intuit's fiscal 2008 (year ended July 31, 2008) showed top-line growth driven largely by the February 2007 acquisition of Digital Insight. Total net revenue rose 15% to $3.07 billion, with management estimating about 11% organic growth excluding acquisitions and the sale of certain outsourced payroll customers to ADP. Operating income from continuing operations was roughly flat at $650.8 million (up 2%), as higher costs from Digital Insight, a 37% increase in share-based compensation (about $37 million), a $23 million restructuring charge and heavier R&D and marketing spend absorbed nearly all of the revenue gain. Diluted EPS from continuing operations rose 6% to $1.33, helped by a 27.2 million share buyback ($800 million) that reduced the average share count. The balance sheet and liquidity picture weakened somewhat. Cash, cash equivalents and investments fell 37% to $827.8 million, partly because $285.3 million of municipal auction rate securities (valued at par but illiquid after auctions began failing in February 2008) were reclassified to long-term investments. Working capital dropped to $306 million from $792 million, and the current ratio fell to 1.2:1. Management stated these securities are not expected to materially affect liquidity, and it expects operating cash flow to remain sufficient for at least 12 months. Goodwill of $1.7 billion and net intangibles of $273 million represent a large share of total assets of $4.67 billion, creating impairment risk. The filing also highlights structural considerations for investors: strong seasonality (most profit is earned in the November–April tax season, with losses in the first and fourth fiscal quarters), dependence on the Consumer Tax segment (about 30% of revenue, with 64% segment margins), and ongoing regulatory and competitive threats from government-provided free tax filing and Microsoft's free small-business offerings. Capital expenditures more than doubled to $306 million for a new Washington state data center, with management guiding to roughly $200 million in fiscal 2009.
Sep 12, 2008
2007
Intuit Annual Report, Year Ended Jul 31, 2007
Intuit's fiscal 2007 (year ended July 31, 2007) showed solid top-line and earnings growth, driven by the February 2007 acquisition of Digital Insight and strong performance in its Consumer Tax and Payroll and Payments businesses. Total net revenue rose 17% to $2.67 billion, and diluted EPS from continuing operations increased 18% to $1.25. Operating income from continuing operations grew 13% to $637.6 million. Excluding Financial Institutions, revenue grew 11%, which gives a cleaner view of organic momentum. The balance sheet changed materially. Total assets rose to $4.25 billion from $2.77 billion, largely from $1.52 billion of goodwill, and the company took on $1 billion of senior unsecured notes (5.40% due 2012 and 5.75% due 2017) to fund part of the $1.34 billion Digital Insight purchase. Cash and investments remained healthy at $1.3 billion, and management expects cash and operations to cover needs for at least 12 months. The company also has a $500 million undrawn revolver and an $800 million remaining share repurchase authorization, having bought back $506.6 million of stock during the year. Investors should weigh several risks disclosed in the filing: intense competition from Microsoft in small business software, government and Free File Alliance encroachment in consumer tax, heavy seasonality with losses in the first and fourth quarters, goodwill impairment exposure, and a pending CEO transition from Stephen Bennett to Brad Smith effective January 1, 2008. Capital expenditures are expected to roughly double to about $300 million in fiscal 2008, which will pressure free cash flow.
Sep 14, 2007
2006
Intuit Annual Report, Year Ended Jul 31, 2006
Intuit's fiscal 2006 10-K (fiscal year ended July 31, 2006) shows a company growing revenue at a healthy clip while absorbing a first-time stock option expense. Total net revenue rose 15% to $2.34 billion from $2.04 billion, led by Consumer Tax (up 25% to $710.5 million, driven by a 57% increase in federal TurboTax Online units) and Payroll and Payments (up 24% to $462.0 million). Operating income from continuing operations grew only about 7% to $559.5 million, held back by $66.0 million of pre-tax share-based compensation recorded under SFAS 123(R), which reduced diluted EPS from continuing operations by $0.12. Diluted EPS from continuing operations rose 6% to $1.05, helped by a roughly 5% reduction in average diluted shares following heavy buybacks. Capital allocation was a major theme. Intuit repurchased 31.0 million shares for $784.2 million, funded by $595.5 million of operating cash flow, roughly $200 million from the December 2005 sale of its Intuit Information Technology Solutions business, and $279.3 million from employee stock plan issuances. Cash, cash equivalents and investments ended the year at $1.2 billion, and $506.6 million remained under buyback authorizations, including a new $500 million seventh program approved in May 2006. The company has never paid a cash dividend and does not plan to. Key risks flagged in the filing include intensifying competition from Microsoft in small business accounting, the potential for government-provided free tax filing (including California's pilot program and the IRS's Free File Alliance agreement, which can be terminated on 24 months' notice), seasonality that produces operating losses in the first and fourth fiscal quarters, and concentration with a few large retailers, which accounted for about 51% of gross receivables at January 31, 2006. The company also disclosed a voluntary stock option grant review, begun in May 2006, that concluded on August 16, 2006 with no evidence of fraud or intentional wrongdoing, though an informal SEC inquiry and a U.S. Attorney subpoena remain open. Management expects fiscal 2007 R&D as a percentage of revenue to rise above fiscal 2006's 17%.
Sep 15, 2006
2005
Intuit Annual Report, Year Ended Jul 31, 2005
Intuit Inc.'s 10-K filing for the fiscal year ending July 30, 2005, highlights a strong financial performance with total net revenue reaching $2.0 billion, a 13% increase year-over-year, driven primarily by growth in its QuickBooks-Related and Consumer Tax segments. Net income also saw a significant rise of 20% to $381.6 million, reflecting effective growth strategies and increased customer acquisition. The company continues to invest heavily in research and development (15% of revenue) to enhance its existing product lines and develop new solutions aligned with its "Right for Me" customer-centric strategy. Despite facing intense competition, particularly from Microsoft in the small business sector, Intuit demonstrates a robust market position with leading products like QuickBooks and TurboTax, supported by a strong balance sheet and ongoing share repurchase programs aimed at enhancing shareholder value.
Sep 26, 2005
2004
Intuit Annual Report, Year Ended Jul 31, 2004
Intuit's fiscal 2004 10-K (year ended July 31, 2004) shows a company with strong profitability but decelerating top-line growth. Total net revenue rose 13% to $1.87 billion from $1.65 billion, and income from continuing operations climbed 22% to $420.3 million. Diluted EPS from continuing operations reached $1.58, up from $1.25, helped by a $35.7 million reversal of tax reserves and a 3.6% reduction in average diluted shares from buybacks. Growth was led by QuickBooks-Related (up 18%, driven by higher-priced QuickBooks versions and Do-It-Yourself Payroll) and Consumer Tax (up 16%, driven by TurboTax for the Web and electronic filing). Management explicitly states that revenue growth is slowing as its core markets mature. The balance sheet and cash flow are solid but less flush than before. Operating cash flow was $574.6 million, while the company spent $609.4 million repurchasing 13.5 million shares and $123.6 million on acquisitions. Cash and short-term investments fell $187.6 million to $1.0 billion, and stockholders' equity declined to $1.82 billion from $1.96 billion because buybacks exceeded earnings. Management says it will rely on existing cash for seasonal working capital and capital needs over the next twelve months. Key risks for investors include intensifying competition from Microsoft in small business, the publicly funded Free File Alliance and state free-filing programs that threaten the Consumer Tax franchise, a new information system rollout that had not yet closed a financial reporting period, and a goodwill base of $670 million that could be impaired. The company also announced plans to sell its Intuit Public Sector Solutions unit after a $18.7 million goodwill impairment.
Sep 24, 2004
2003
Intuit Annual Report, Year Ended Jul 31, 2003
Intuit Inc. (INTU) demonstrated robust revenue growth in fiscal year 2003, with total net revenue increasing by 26% to $1.65 billion. This growth was driven by strong performance across its key segments, particularly Small Business Products and Services (up 35%) and QuickBooks (up 24%). The company continues to execute its "Right for My Business" strategy, expanding its product offerings to cater to larger and more complex small businesses, as well as specialized industry needs through its Vertical Business Management Solutions. Net income from continuing operations saw a significant increase of 145% to $343 million, reflecting improved operational efficiencies and the positive impact of adopting SFAS 142, which ceased the amortization of goodwill. Intuit also maintained a strong liquidity position, with $1.2 billion in cash, cash equivalents, and short-term investments.
Sep 19, 2003
2002
Intuit Annual Report, Year Ended Jul 31, 2002
This 10-K filing for Intuit Inc. for the fiscal year ended July 31, 2002, highlights a period of significant growth and strategic expansion. The company reported substantial increases in total net revenue, driven by strong performance in its Employer Services, Consumer Tax, and Professional Accounting Solutions segments. Intuit continued to execute its "Right for My Business" strategy, expanding its product and service offerings for small businesses, including industry-specific solutions and offerings for larger small businesses. The company also made strategic acquisitions to bolster its vertical market presence. Despite a challenging economic environment, Intuit demonstrated resilience, with notable revenue growth and a return to profitability from the prior year's loss. Investors should note the company's ongoing investment in research and development to fuel future innovation and its strategic focus on customer-driven solutions across its core markets.
Sep 25, 2002
1999-A
Intuit Annual Report (Amendment), Year Ended Jul 31, 1999
Intuit's fiscal 1999 10-K/A (amended to correct typographical and immaterial errors in Items 4A and 6-8) shows a year dominated by one-time investment gains rather than operating strength. Revenue rose 43% to $847.6 million, but roughly 27% growth excluding the Lacerte and CRI acquisitions. Net income of $376.5 million ($1.97 diluted EPS) was driven by $579.2 million in pre-tax gains on marketable securities, mainly from selling Excite and converting Excite shares to Excite@Home. Excluding those gains, discontinued operations, divestiture gains, acquisition costs, and restructuring, net income would have been about $88.9 million, versus $46.7 million in fiscal 1998. Operating income was only $19.9 million, and acquisition-related expenses reached $100.7 million, so the operating business remained thin-margin. The company is investing heavily in its Internet strategy, which generated about 15% of revenue (roughly 9% from Internet products and services, 6% from electronic distribution). Management expects R&D, selling and marketing, and amortization to rise in fiscal 2000. Growth risks are concentrated in several areas: Microsoft's expected entry into the personal tax market, rising interest rates hurting the mortgage business, a pending $370 million stock acquisition of Rock Financial, and the cancellation of the Mortgage.com agreement. The CEO also resigned on September 27, 1999, and William Campbell is serving as Acting CEO while the board searches for a successor. Liquidity is strong. Unrestricted cash and equivalents reached $518.3 million, and total cash plus short-term investments and marketable securities exceeded $1.2 billion. Management believes this is sufficient for the next twelve months. Investors should note that a significant portion of the balance sheet is tied to volatile equity stakes in Checkfree (about 19% ownership, $302 million fair value) and Excite@Home, and that future price declines could hit earnings directly because Excite@Home is accounted for as a trading security.
Oct 27, 1999
1999
Intuit Annual Report, Year Ended Jul 31, 1999
Intuit's fiscal 1999 (year ended July 31, 1999) was a year of strong top-line growth and a headline net income figure inflated by investment gains. Net revenue rose 43% to $847.6 million from $592.7 million, though management estimates organic growth (excluding the Lacerte and CRI acquisitions) at roughly 27%. Reported net income of $376.5 million ($1.97 diluted EPS) included $579.2 million in pre-tax gains from marketable securities, mainly the sale of Excite stock. Management's own figure excluding those gains and one-time charges was $88.9 million, versus $46.7 million in fiscal 1998, so underlying profitability improved but was far below the headline number. Operating results were considerably weaker. Income from operations was only $19.9 million, held down by $100.7 million in acquisition-related charges, rising Internet infrastructure costs, and heavier spending on selling and marketing and R&D. Tax products (40% of revenue) and Small Business (35%) were the main growth engines, while Consumer Finance grew 14% and International grew about 12%, with management warning of reduced European revenue in fiscal 2000 following the Lexware arrangement. Internet-based revenue was about 15% of the total, and the company flagged several risks: expected entry by Microsoft into the personal tax market, rising interest-rate sensitivity in its online mortgage business, service outages, and dependence on Excite@Home and AOL distribution deals. Leadership and balance sheet changes also matter for investors. CEO William Harris resigned on September 27, 1999, and Chairman William Campbell became acting CEO while a search proceeds. The company held $823.4 million in cash and short-term investments plus $431.3 million in marketable securities, and it announced or completed several acquisitions after year-end, including Rock Financial (about $370 million in stock), SecureTax.com (about $52 million), and Boston Light Software. Ongoing exposure to volatile stakes in Checkfree (about 19%) and Excite@Home (a trading security) means future earnings may swing sharply with market prices.
Oct 12, 1999
1998
Intuit Annual Report, Year Ended Jul 31, 1998
Intuit's fiscal 1998 (year ended July 31, 1998) was a mixed year. Revenue was essentially flat at $592.7 million, down 1% from $598.9 million, but this comparison is distorted by the August 1997 sale of Parsons; excluding Parsons, revenue grew about 13%. The company swung to a GAAP net loss of $12.2 million versus net income of $68.3 million in fiscal 1997, which included a $71.2 million gain on the sale of Intuit Services Corp. The loss was driven by a $53.8 million in-process R&D charge tied to the Lacerte acquisition and a $16.2 million AOL-related selling and marketing charge. Management says that excluding one-time items, net income would have improved about 38%, driven by lower cost of sales and customer service costs. The balance sheet was transformed by the $400 million Lacerte purchase, funded by a public offering of 10 million shares at $47.375 (net proceeds about $456 million). Total assets rose to $1.50 billion from $664 million, and stockholders' equity to $1.09 billion. Cash, cash equivalents and short-term investments reached $383 million, and the company holds large marketable securities, mainly Checkfree and Excite stakes worth $499 million at July 31, 1998. These holdings create significant exposure: Checkfree fell roughly $158 million in value after year-end, and Excite is restricted from sale until December 1998. Investors should weigh strong franchise positions (QuickBooks, TurboTax and Quicken are leaders in their markets) against rising Internet investment, an international division that disappointed, a lower-margin service mix ahead, litigation over Year 2000 issues in Quicken online banking, and a possible Microsoft entry into personal tax software. Future amortization of acquisition intangibles is projected to reduce after-tax net income by roughly $78.5 million in fiscal 1999.
Oct 6, 1998
1996
Intuit Annual Report, Year Ended Jul 31, 1996
Intuit's fiscal 1996 10-K (year ended July 31, 1996) shows a company growing rapidly on the top line but still unprofitable on a GAAP basis. Net revenue rose 28% to $538.6 million from $419.2 million, led by tax preparation products (TurboTax, Power Tax) and QuickBooks. However, the company posted a net loss of $20.7 million (-$0.46 per share), driven by $8.0 million of purchased in-process R&D, roughly $40.6 million of goodwill and acquisition-related amortization, and a tax provision of $16.2 million on pre-tax income of only $1.9 million, because acquisition charges were non-deductible. Operating loss narrowed to $5.8 million from $65.0 million a year earlier. Cash and short-term investments were stable at $198.0 million with no debt of consequence, and operating cash flow was a healthy $61.5 million. The filing is dominated by strategic change. Intuit announced in September 1996 that it will sell its banking and bill payment subsidiary, Intuit Services Corporation, to CheckFree in exchange for 12.6 million CheckFree shares valued at about $227.6 million, and it is pushing an Internet and electronic financial services strategy that includes OpenExchange, InsureMarket, NETworth and QFN. Management warned that heavy non-cash amortization may cause losses in fiscal 1997, and that the Internet trend could pressure its packaged-software sales. Investors should weigh the core franchise's growth and cash generation against near-term earnings pressure, the outcome of the CheckFree transaction, and several litigation matters, most notably a Trio Systems suit seeking $60 million and a motion for a preliminary injunction that could affect Quicken shipments. The filing also reveals operational stress. The company had a German subsidiary launch delay, customer service problems, and recurring calculation errors in tax products. It began charging for QuickBooks support and repriced employee stock options after the share price fell from its highs. Seasonality is significant: the company routinely posts losses in its July and October quarters and earns most of its profit in the January and April quarters.
Oct 24, 1996