10-QPeriod: Q3 FY2024

INTUIT INC. Quarterly Report for Q3 Ended Apr 30, 2024

Filed May 23, 2024For Securities:INTU

Summary

Intuit Inc. reported strong financial results for the third quarter and the first nine months of fiscal year 2024, demonstrating robust growth across its key segments. Total net revenue increased by 12% year-over-year for both the quarter and the year-to-date period, reaching $6,737 million and $13,101 million, respectively. This growth was driven by strong performance in the Small Business & Self-Employed segment, which saw an 18% revenue increase driven by its Online Ecosystem, and the Consumer segment, which benefited from a favorable mix towards higher-priced services like TurboTax Live. Profitability also saw significant improvements, with net income increasing by 14% to $2,389 million for the quarter and by 30% to $2,983 million year-to-date. Diluted Earnings Per Share (EPS) grew accordingly, up 14% to $8.42 for the quarter and 30% to $10.51 year-to-date. The company continues to invest in its AI-driven expert platform strategy, focusing on revolutionizing speed to benefit, connecting people to experts, unlocking smart money decisions, and driving small business growth. Intuit's solid financial performance and strategic focus provide a positive outlook for investors.

Financial Highlights

52 data points
Beta

Revenue

$6.74B

Net Income

$2.39B

35.5% Net Margin

EPS (Diluted)

$8.42

Total Assets

$31.56B

Cash & Equivalents

$4.21B

Free Cash Flow

$3.89B

Financial Statements
Beta
Revenue$6.74B
R&D Expenses$671.00M
Operating Expenses$3.63B
Operating Income$3.10B
Interest Expense$60.00M
Net Income$2.39B
EPS (Basic)$8.53
EPS (Diluted)$8.42
Shares Outstanding (Basic)280.00M
Shares Outstanding (Diluted)284.00M

Key Highlights

  • 1Total net revenue increased by 12% to $6,737 million in Q3 FY24 and by 12% to $13,101 million year-to-date.
  • 2Net income grew by 14% to $2,389 million in Q3 FY24 and by 30% to $2,983 million year-to-date.
  • 3Diluted EPS rose by 14% to $8.42 in Q3 FY24 and by 30% to $10.51 year-to-date.
  • 4Small Business & Self-Employed segment revenue grew 18% year-over-year, driven by its Online Ecosystem.
  • 5Consumer segment revenue increased 8% year-over-year, supported by a shift to higher-priced services like TurboTax Live.
  • 6The company maintained a strong cash position, with cash, cash equivalents, and investments totaling $4.7 billion at April 30, 2024.
  • 7Intuit continues to execute its AI-driven expert platform strategy, focusing on five key growth priorities.

Frequently Asked Questions

Intuit's revenue growth in Q3 FY24 was primarily driven by strong performance in its Small Business & Self-Employed segment, which saw an 18% increase due to its Online Ecosystem, and its Consumer segment, which experienced an 8% rise, aided by a favorable mix towards higher-priced service offerings like TurboTax Live.

Profitability significantly improved. Net income increased by 14% to $2,389 million for the quarter and by 30% to $2,983 million for the nine months ended April 30, 2024. Diluted Earnings Per Share followed suit, rising 14% to $8.42 for the quarter and 30% to $10.51 year-to-date.

Intuit is focused on executing its AI-driven expert platform strategy. This strategy revolves around five key priorities: 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. They are investing heavily in AI capabilities to enhance customer experiences and deliver innovative solutions.

Intuit maintains a strong liquidity position. As of April 30, 2024, the company had $4.7 billion in cash, cash equivalents, and investments, an increase from the previous fiscal year end, providing ample resources for operations, strategic investments, and capital allocation to shareholders.