10-KPeriod: FY2021

INTUIT INC. Annual Report, Year Ended Jul 31, 2021

Filed September 8, 2021For Securities:INTU

Summary

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.

Financial Highlights

56 data points
Beta

Revenue

$9.63B

Net Income

$2.06B

21.4% Net Margin

EPS (Diluted)

$7.56

Total Assets

$15.52B

Cash & Equivalents

$2.56B

Free Cash Flow

$3.20B

Financial Statements
Beta
Revenue$9.63B
R&D Expenses$1.68B
Operating Expenses$7.13B
Operating Income$2.50B
Interest Expense$29.00M
Net Income$2.06B
EPS (Basic)$7.65
EPS (Diluted)$7.56
Shares Outstanding (Basic)270.00M
Shares Outstanding (Diluted)273.00M

Key Highlights

  • 1Total net revenue increased 25% to $9.6 billion.
  • 2Acquisition of Credit Karma significantly contributed to revenue, adding $865 million.
  • 3Small Business & Self-Employed segment revenue grew 16%, driven by online services.
  • 4Consumer segment revenue increased 14%, boosted by TurboTax Live and unit growth.
  • 5Operating income grew 15% to $2.5 billion.
  • 6Net income rose 13% to $2.1 billion.
  • 7Intuit continues to invest in AI and its AI-driven expert platform strategy.

Frequently Asked Questions

Intuit's main revenue drivers in fiscal year 2021 were the strong performance of its Small Business & Self-Employed segment (up 16%) and its Consumer segment (up 14%). The acquisition of Credit Karma was also a significant contributor, adding $865 million in revenue. Growth in online services and higher-priced offerings within TurboTax were key factors.

The acquisition of Credit Karma, completed in December 2020, significantly boosted Intuit's financial results. It contributed $865 million to total revenue in fiscal year 2021 and added $3.9 billion to goodwill and $3.4 billion to intangible assets on the balance sheet. The acquisition is a key part of Intuit's strategy to create a personal financial assistant.

Intuit's primary strategic focus is to become an AI-driven expert platform. This involves leveraging artificial intelligence to deliver personalized experiences, automate tasks, and connect customers with experts. Key priorities include revolutionizing speed to benefit, connecting people to experts, unlocking smart money decisions, being the center of small business growth, and disrupting the small business mid-market.

Intuit ended fiscal year 2021 with $3.9 billion in cash, cash equivalents, and investments. The company generates significant cash from operations and uses it for research and development, marketing, acquisitions, and returning capital to shareholders through stock repurchases and quarterly cash dividends. Intuit's Board of Directors has authorized substantial stock repurchase programs.