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Intuit 8-K Report, Financial Results (May 23, 2024)

Reports
Earnings & Results·Other Events
Filing Date
Filed May 23, 2024
Period End
May 23, 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 May 23, 2024. Cited figures are marked; the original filing is the authoritative source.

Intuit (INTU) reported fiscal Q3 2024 results (quarter ended April 30, 2024) that beat expectations on the top and bottom lines and led management to raise full-year FY2024 guidance across revenue, operating income, and EPS.

Total revenue rose 12% to $6.737 billiona, GAAP operating income rose 12% to $3.105 billion, and GAAP diluted EPS rose 14% to $8.42 (non-GAAP EPS of $9.88, up 11%). Growth was led by the Small Business and Self-Employed Group, whose revenue rose 18% to $2.4 billion, with QuickBooks Online Accounting up 19% and Online Services up 20%. Consumer Group revenue grew 9% to $3.7 billion, while Credit Karma grew 8% to $443 million.

Full-year FY2024 guidance was lifted: revenue of $16.164b-16.200 billion (about 13% growth, up from 11-12%), GAAP EPS of $10.78-10.83 (about 28-29% growth), and non-GAAP EPS of $16.79-16.84 (about 17% growth). Fourth-quarter guidance calls for revenue of $3.063-3.099 billion and non-GAAP EPS of $1.80-1.85. The Consumer Group outlook is more mixed: TurboTax total units are expected to decline 1% amid share loss to pay-nothing customers, and TurboTax's share of IRS returns is expected to fall about 80 basis points.

The Board also approved a quarterly dividend of $0.90c per share, up 15% year over year, payable July 18, 2024. Capital allocation remained active: Intuit repurchased $584 million of shares in the quarter and had $2.1 billion left on its authorization, while ending the quarter with about $4.7 billion in cash and investments against $6.0 billion of debt. Investors should weigh the strong SMB and online ecosystem momentum and raised guidance against the expected consumer tax-season unit declines, the reliance on AI-driven execution, and the company's substantial stock-based compensation, which was $451 million in the quarter.

02—Key points

Key Highlights

  1. Total Q3 FY24 revenue grew 12% to $6.737 billion, with GAAP operating income up 12% to $3.105 billion and GAAP diluted EPS up 14% to $8.42.
  2. Small Business and Self-Employed Group revenue grew 18% to $2.4 billion, led by QuickBooks Online Accounting (+19%) and Online Services (+20%), the segment's key growth engine.
  3. Full-year FY24 revenue guidance was raised to $16.164-16.200 billion (about 13% growth, up from 11-12%), and GAAP EPS guidance rose to $10.78-10.83 (about 28-29% growth).
  4. Non-GAAP EPS guidance was raised to $16.79-16.84 (about 17% growth, up from 12-14%), and non-GAAP operating income guidance to $6.360-6.380 billion.
  5. Consumer Group outlook is softer: TurboTax total units are expected to fall 1% and TurboTax's share of IRS returns to drop about 80 basis points, driven by share loss to pay-nothing customers.
  6. The Board approved a quarterly dividend of $0.90 per share (up 15% year over year), payable July 18, 2024 to holders of record on July 10, 2024.
  7. Intuit repurchased $584 million of stock in the quarter, leaving $2.1 billion on its buyback authorization, and ended with about $4.7 billion in cash and investments versus $6.0 billion in debt.

03—Questions

Frequently Asked Questions

  1. How did Intuit perform in the third quarter of fiscal 2024?

    Intuit grew total revenue 12% to $6.737 billion. GAAP operating income rose 12% to $3.105 billion, and GAAP diluted EPS rose 14% to $8.42. On a non-GAAP basis, operating income grew 11% to $3.712 billion and EPS grew 11% to $9.88.

  2. Why did Intuit raise its full-year guidance?

    Management cited strong momentum across the business, particularly the Small Business and Self-Employed Group, whose revenue grew 18%, and the broader online ecosystem, which grew 19%. The company raised revenue, operating income, and EPS guidance accordingly. The SMB segment's full-year guidance was raised to 18% growth from 16-17%.

  3. What is the outlook for TurboTax and the Consumer Group?

    Management expects TurboTax Live revenue to grow 17% to $1.4 billion, but total TurboTax units are expected to decline 1% because of share loss among pay-nothing and lower-revenue customers. TurboTax's share of IRS returns is expected to fall about 80 basis points. Consumer Group revenue is guided to $4.440-4.455 billion, or about 7-8% growth, at the high end of the prior range. The company also expects the number of customers paying nothing to exceed 10 million, down from over 11 million last year.

  4. What is Intuit's dividend and capital return policy?

    The Board approved a quarterly cash dividend of $0.90 per share, a 15% increase over the prior year, payable July 18, 2024 to shareholders of record as of July 10, 2024. In the quarter, Intuit repurchased $584 million of shares and had $2.1 billion remaining under its authorization. Future dividends remain subject to Board determination.

  5. What is Intuit's balance sheet and debt position?

    As of April 30, 2024, Intuit held approximately $4.7 billion in cash and investments against $6.0 billion of debt. Long-term debt on the balance sheet was $5.952 billion. Stockholders' equity was $18.757 billion. Nine-month operating cash flow was $4.467 billion.

04—Continue

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