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Intuit 8-K Report, Financial Results (Feb 22, 2024)

Reports
Earnings & Results·Other Events
Filing Date
Filed February 22, 2024
Period End
February 22, 2024
Security
INTU
In the record · 2016–202610-K1110-Q328-K101

INTU filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 101 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jan ’18Jan ’18
  2. Material agreement8-K · Feb ’20Feb ’20
  3. Leadership change8-K · May ’22May ’22
  4. Restructuring8-K · May ’26May ’26

01—Abstract

Summary

Summary of the 8-K filed February 22, 2024. Cited figures are marked; the original filing is the authoritative source.

Intuit (INTU) reported fiscal Q2 2024 results (quarter ended January 31, 2024) with total revenue of $3.39 billiona, up 11% year over year, and GAAP diluted EPS of $1.25 versus $0.60 a year earlier.

Growth was led by the Small Business and Self-Employed Group, whose revenue rose 18% to $2.2 billionb, with Online Ecosystem revenue up 21% to $1.7 billion. Consumer Group revenue fell 5% to $492 million, mainly because the IRS opened the tax filing season about a week later than the prior year. Credit Karma revenue was flat at $375 million, and ProTax Group revenue rose 8% to $274 million.

GAAP operating income rose 37% to $369 millionc, while non-GAAP operating income grew 17% to $1.0 billion and non-GAAP diluted EPS rose 20% to $2.63. The quarter's seasonal timing shifts make the year-over-year comparisons for the Consumer Group and ProTax segments less representative than the Small Business growth rate. Management reiterated full fiscal 2024 guidance, calling for revenue of $15.89 billion to $16.105 billion (about 11% to 12% growth), GAAP operating income of $3.615 billion to $3.72 billion, and non-GAAP diluted EPS of $16.17 to $16.47.

Third-quarter guidance calls for revenue growth of about 10% to 11% and non-GAAP diluted EPS of $9.31 to $9.38d. The company also declared a quarterly dividend of $0.90 per share, a 15% increase over the prior year, payable April 18, 2024 to holders of record on April 10, 2024. During the quarter Intuit repurchased $536 million of stock, leaving $2.7 billion under its authorization.

The balance sheet shows about $1.5 billion in cash and investments against $6.0 billion of long-term debt, which is a notable leverage level that investors will want to watch as the company continues returning capital. The filing is a routine earnings and dividend disclosure, and the financial results are broadly in line with the reiterated full-year outlook. Investors should keep in mind that a large share of the GAAP-to-non-GAAP gap comes from share-based compensation of $475 million in the quarter, and that the company's guidance and results remain subject to the risks listed in its forward-looking statements, including competition, AI execution, tax policy changes, and macroeconomic conditions.

02—Key points

Key Highlights

  1. Total revenue rose 11% to $3.39 billion, and GAAP diluted EPS more than doubled to $1.25 from $0.60, driven by higher operating income.
  2. Small Business and Self-Employed Group revenue grew 18% to $2.2 billion, with Online Ecosystem revenue up 21% to $1.7 billion, led by QuickBooks Online Accounting (+19%) and Online Services (+24%).
  3. Consumer Group revenue declined 5% to $492 million, primarily because the IRS began accepting returns on January 29 versus January 23 last year, a timing effect rather than a demand decline.
  4. Credit Karma revenue was flat at $375 million, with growth in Credit Karma Money, credit cards, and auto loans offset by declines in home loans, personal loans, and auto insurance.
  5. Non-GAAP operating income rose 17% to $1.0 billion and non-GAAP diluted EPS rose 20% to $2.63; GAAP operating income grew 37% to $369 million.
  6. Full-year FY2024 guidance was reiterated, with revenue of $15.89–$16.105 billion and non-GAAP diluted EPS of $16.17–$16.47; Q3 non-GAAP EPS guidance is $9.31–$9.38.
  7. The quarterly dividend was raised 15% to $0.90 per share, and the company repurchased $536 million of stock with $2.7 billion remaining on its authorization.

03—Questions

Frequently Asked Questions

  1. Why did Consumer Group revenue decline this quarter?

    Consumer Group revenue fell 5% to $492 million mainly because the IRS opened tax return processing later this year, on January 29 compared with January 23 a year earlier. This shifts revenue timing across quarters, and management reiterated full-year Consumer Group growth guidance of 7% to 8%.

  2. Is Intuit's full-year 2024 outlook changing?

    No. Intuit reiterated its FY2024 guidance, including revenue of $15.89–$16.105 billion (about 11–12% growth) and non-GAAP diluted EPS of $16.17–$16.47. The company also reiterated segment guidance for Small Business and Self-Employed Group (16–17% growth), Consumer Group (7–8%), ProTax Group (3–4%), and Credit Karma (-3% to +3%).

  3. How much of the GAAP-to-non-GAAP earnings gap comes from share-based compensation?

    Share-based compensation was $475 million in the quarter, the largest single adjustment between GAAP and non-GAAP operating income. Amortization of acquired intangibles and technology added roughly $156 million more. Investors should weigh that the GAAP results include a significant equity compensation cost that is excluded from the non-GAAP figures.

  4. How strong is Intuit's balance sheet and capital return program?

    At January 31, 2024, Intuit held about $1.5 billion in cash and investments against $6.0 billion of debt. The company repurchased $536 million of stock during the quarter, has $2.7 billion left on its authorization, and declared a $0.90 quarterly dividend payable April 18, 2024. Debt levels and the pace of buybacks relative to free cash flow are key items to monitor.

  5. What is the next catalyst for investors?

    Intuit guided fiscal Q3 2024 (ending April 30) to revenue growth of about 10–11% and non-GAAP diluted EPS of $9.31–$9.38. Investors will look for progress on Small Business growth and Online Ecosystem momentum, along with commentary on AI product development and tax policy risks in the next earnings report.

04—Continue

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