10-KPeriod: FY2023

INTUIT INC. Annual Report, Year Ended Jul 31, 2023

Filed September 1, 2023For Securities:INTU

Summary

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.

Financial Highlights

55 data points
Beta

Revenue

$14.37B

Net Income

$2.38B

16.6% Net Margin

EPS (Diluted)

$8.42

Total Assets

$27.78B

Cash & Equivalents

$2.85B

Free Cash Flow

$4.84B

Financial Statements
Beta
Revenue$14.37B
R&D Expenses$2.54B
Operating Expenses$11.23B
Operating Income$3.14B
Interest Expense$248.00M
Net Income$2.38B
EPS (Basic)$8.49
EPS (Diluted)$8.42
Shares Outstanding (Basic)281.00M
Shares Outstanding (Diluted)283.00M

Key Highlights

  • 1Total net revenue grew 13% to $14.4 billion in fiscal year 2023.
  • 2Small Business & Self-Employed segment revenue increased by 24%, driven by the QuickBooks Online Ecosystem and Mailchimp integration.
  • 3Operating income rose 22% to $3.1 billion, and net income increased 15% to $2.4 billion.
  • 4Diluted earnings per share grew 16% to $8.42.
  • 5Cash flow from operations significantly increased by 30% to $5.0 billion.
  • 6The company actively repurchased shares, with approximately $2.0 billion spent during fiscal year 2023.
  • 7Intuit is heavily investing in AI to enhance its platform and customer experience.

Frequently Asked Questions

The Small Business & Self-Employed segment was the primary revenue driver, with a 24% increase driven by the QuickBooks Online Ecosystem and the full-year impact of Mailchimp. The Consumer segment also contributed positively with a 6% revenue increase, largely due to a shift towards higher-priced TurboTax products. Credit Karma experienced a revenue decline of 9%.

Intuit demonstrated strong financial performance. Operating income increased by 22% to $3.1 billion, and net income grew by 15% to $2.4 billion. Diluted earnings per share rose 16% to $8.42. Notably, cash flow from operations saw a substantial 30% increase, reaching $5.0 billion.

Intuit is strategically focused on leveraging Artificial Intelligence (AI) to enhance its financial technology platform and improve customer experiences. The company views AI as essential for automating, predicting, and personalizing customer interactions, with significant investments being made in this area to drive innovation and solve customer problems.

Intuit is returning value to shareholders through a combination of consistent dividend payments and an active stock repurchase program. During fiscal year 2023, the company paid approximately $898 million in dividends and repurchased approximately $2.0 billion of its common stock.