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10-QPeriod: Q2 FY2024

INTUIT INC. Quarterly Report for Q2 Ended Jan 31, 2024

Filed February 22, 2024For Securities:INTU

Summary

Intuit Inc. reported strong financial results for the second quarter and the first six months of fiscal year 2024, demonstrating robust growth across its key segments. Total net revenue increased by 11% year-over-year for the quarter and 13% year-to-date, driven primarily by significant growth in the Small Business & Self-Employed segment. This segment saw an 18% revenue increase year-over-year for both periods, fueled by its Online Ecosystem offerings, including QuickBooks Online Accounting and Online Services (payroll, payments, and Mailchimp). Profitability also saw substantial improvement, with operating income increasing by 37% for the quarter and 95% year-to-date. Net income more than doubled year-over-year for both periods, bolstered by revenue growth and a notable decrease in tax expense, largely due to excess tax benefits from share-based compensation. Diluted earnings per share also saw significant increases, reflecting the strong operational performance. The company continues to invest in its AI-driven expert platform, with strategic priorities focused on revolutionizing speed to benefit, connecting people to experts, unlocking smart money decisions, driving small business growth, and disrupting the mid-market.

Financial Highlights

52 data points
Beta

Revenue

$3.39B

Net Income

$353.00M

0.1% Net Margin

EPS (Diluted)

$1.25

Total Assets

$29.69B

Cash & Equivalents

$1.47B

Free Cash Flow

$550.00M

Financial Statements
Beta
Revenue$3.39B
R&D Expenses$678.00M
Operating Expenses$3.02B
Operating Income$369.00M
Interest Expense$57.00M
Net Income$353.00M
EPS (Basic)$1.26
EPS (Diluted)$1.25
Shares Outstanding (Basic)280.00M
Shares Outstanding (Diluted)284.00M

Key Highlights

  • 1Total net revenue for Q2 FY24 grew 11% to $3.39 billion, and YTD revenue increased 13% to $6.36 billion.
  • 2Small Business & Self-Employed segment revenue increased 18% YOY for both Q2 FY24 and YTD, driven by strong performance in the Online Ecosystem.
  • 3Operating income surged 37% YOY in Q2 FY24 and 186% YTD, indicating improved profitability.
  • 4Net income more than doubled YOY, reaching $353 million in Q2 FY24 and $594 million YTD, supported by revenue growth and lower tax expenses.
  • 5Diluted EPS increased significantly to $1.25 in Q2 FY24 and $2.10 YTD.
  • 6The company repurchased approximately $1.1 billion of its common stock during the first six months of fiscal 2024.
  • 7Intuit ended the period with $1.47 billion in cash and cash equivalents and $15 million in investments.

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