For the six months ended January 31, 2019, we reclassified the net change in customer fund deposits in the condensed consolidated statements of cash flows from investing activities to financing activities to conform to the current presentation. The formula for this calculation on Intuit is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) 0.31 = US$2.4b ÷ (US$9.7b - US$2.2b) (Based on the trailing twelve months to October 2020). GAAP diluted earnings per share of $6.35 to $6.45, growth of 8 to 10 percent. RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL MEASURES GAAP CONSOLIDATED STATEMENTS OF OPERATIONS, Amortization of other acquired intangible assets, Shares used in basic per share calculations, Shares used in diluted per share calculations. These include investment banking, legal, and accounting fees. The audio webcast will remain available on Intuit’s website for one week after the conference call. INTUIT INC. Changes in operating assets and liabilities: Total changes in operating assets and liabilities, Net cash provided by operating activities, Purchases of corporate and customer fund investments, Sales of corporate and customer fund investments, Maturities of corporate and customer fund investments, Acquisitions of businesses, net of cash acquired, Originations of term loans to small businesses, Principal repayments of term loans from small businesses, Proceeds from issuance of long-term debt, net of discount and issuance costs, Proceeds from borrowings under unsecured revolving credit facility, Proceeds from borrowings under secured revolving credit facility, Proceeds from issuance of stock under employee stock plans, Payments for employee taxes withheld upon vesting of restricted stock units, Cash paid for purchases of treasury stock, Net cash provided by (used in) financing activities, Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents, Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents, Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period, Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period, Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within the consolidated balance sheet to the total amounts reported on the consolidated statement of cash flows, Restricted cash and restricted cash equivalents included in funds held for customers, Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period, INTUIT INC. Increased GAAP and non-GAAP earnings per share by 17 percent and 16 percent respectively. These non-GAAP financial measures include non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP net income (loss) per share. The company expects: Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on Feb. 24. Gains and losses on debt and equity securities and other investments. https://www.businesswire.com/news/home/20200825005841/en/, Investors If you experience any issues with this process, please contact us for further assistance. ... Intuit’s earnings beat estimates in each of the trailing four quarters, the average beat being 30.4%. Changes in operating assets and liabilities: Total changes in operating assets and liabilities, Net cash provided by operating activities, Purchases of corporate and customer fund investments, Sales of corporate and customer fund investments, Maturities of corporate and customer fund investments, Originations of term loans to small businesses, Principal repayments of term loans from small businesses, Proceeds from issuance of stock under employee stock plans, Payments for employee taxes withheld upon vesting of restricted stock units, Cash paid for purchases of treasury stock, Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents, Net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents, Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period, Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period, Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within the condensed consolidated balance sheet to the total amounts reported on the condensed consolidated statement of cash flows, Restricted cash and restricted cash equivalents included in funds held for customers [B], Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period. Intuit (INTU) delivered earnings and revenue surprises of 13.73% and 1.05%, respectively, for the quarter ended January 2020. We exclude from our non-GAAP financial measures non-cash charges to adjust the carrying values of goodwill and other acquired intangible assets to their estimated fair values. Increased Small Business and Self-Employed Group revenue by 16 percent to $1.0 billion and Online Ecosystem revenue by 29 percent. Increased non-GAAP operating income to $2.7 billion, up 17 percent. The event will include presentations from Sasan Goodarzi, president and chief executive officer, Michelle Clatterbuck, chief financial officer, and other leaders. Received Board approval for a quarterly dividend of $0.59 per share, payable October 19, 2020. Intuit reiterated guidance for full fiscal year 2020. Intuit will host its virtual annual Investor Day on Sept. 23 at 8:00 a.m. Pacific time. QuickBooks Capital has funded $607 million in cumulative loans since being launched over 2 years ago. The analysts of Goldman Sachs have rated Intuit with a Neutral rating. Analysts expected Intuit earnings of $4.48 a share on sales of $3 billion, according to S&P Global Market Intelligence. Analysts: Ken Wong — Guggenheim Securities — Analyst. New York, NY 10038 (In millions) After submitting your request, you will receive an activation email to the requested email address. When considering the impact of equity awards, we place greater emphasis on overall shareholder dilution rather than the accounting charges associated with those awards. Analysts: Ken Wong — Guggenheim Securities — Analyst. Keith Weiss — Morgan Stanley — Analyst 650-944-3324 This includes proceeds from $2 billion senior notes issued on June 29 at a blended coupon rate of 1.15%. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. Our commitment to offering free tax prep for those who need it most with a robust free offering has resulted in over 70 million TurboTax customers who paid nothing for their TurboTax experience over the last 6 years. 800-937-5449 The following are descriptions of the items we exclude from our non-GAAP financial measures. T he Relevant Period in this example is 01/11/2019 to 31/12/2019 (average earnings are … Consumer Group revenue by 8 percent to $499 million. The Turbo offering has 22 million registered users, up from 14 million last year. Intuit Corp (NASDAQ: INTU) Q1 2021 earnings call dated Nov. 19, 2020 Corporate Participants: Kim Watkins — Vice President of Investor Relations. Grew revenue to $1.8 billion, up from $994 million in the prior year. We exclude from our non-GAAP financial measures non-cash charges to adjust the carrying values of goodwill and other acquired intangible assets to their estimated fair values. To hear the call, dial 844-246-4601 in the United States or 703-639-1172 from international locations. We exclude these amounts from our non-GAAP financial measures. GAAP operating income of $2.065 billion to $2.115 billion, growth of 11 to 14 percent. Neutral Rating for Intuit by Goldman Sachs from 01/22/21. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES See “About Non-GAAP Financial Measures” immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure. Intuit (NASDAQ: INTU) releases its next round of earnings this Thursday, November 19.Here is Benzinga's essential guide to Intuit's Q1 earnings report. You must click the activation link in order to complete your subscription. kim_watkins@intuit.com, Media The company expects: Revenue of $7.440 billion to $7.540 billion, growth of 10 to 11 percent. When we acquire an entity, we are required by GAAP to record the fair values of the intangible assets of the entity and amortize them over their useful lives. Grew combined QBO and TTO platform revenue 22 percent, totaling approximately $4.8 billion. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES We exclude from our non-GAAP financial measures gains and losses on disposals of businesses and long-lived assets because they are unrelated to our ongoing business operating results. Intuit annual and quarterly earnings per share history from 2006 to 2020. The starting point for this forecast is the Intuit 2020 … We believe our non-GAAP financial measures also facilitate the comparison by management and investors of results for current periods and guidance for future periods with results for past periods. Karen NolanIntuit Inc. Excluding tax benefits related to share-based compensation, our effective tax rate was 21% and did not differ significantly from the federal statutory rate. The company had not issued any guidance for the fiscal fourth quarter. Getty. The difference from the federal statutory rate of 21% was primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the tax benefit we received from the federal research and experimentation credit. TO PROJECTED GAAP REVENUE, OPERATING INCOME, AND EPS Intuit’s mission is to Power Prosperity Around the World. Amortization of acquired technology and amortization of other acquired intangible assets. The financial software giant is set to report fourth quarter fiscal 2020 earnings results after the closing bell Tuesday. Intuit, which belongs to the Zacks Computer - Software industry, posted revenues of $3 billion for the quarter ended April 2020, surpassing the Zacks Consensus Estimate by … Michelle Clatterbuck — Executive Vice President and Chief Financial Officer. Our platform and products help customers get more money with the least amount of work, while giving them complete confidence in their actions and decisions. Non-GAAP diluted earnings per share of $5.90 to $5.95. Prepared remarks for the call will be available on Intuit’s website after the call ends. A copy of the press release issued by Intuit today can be found on the investor relations page of Intuit's website. At the end of the fourth quarter, the net loans receivable balance for non-PPP loans was $40 million. Our effective tax rate for the twelve months ended July 31, 2019 was approximately 17%. We exclude from our non-GAAP financial measures the professional fees we incur to complete business combinations. We use a long-term non-GAAP tax rate for evaluating operating results and for planning, forecasting, and analyzing future periods. These include investment banking, legal, and accounting fees. The following table summarizes the total share-based compensation expense that we recorded in operating income for the periods shown. Income tax adjustments consist primarily of the tax impact of the non-GAAP pre-tax adjustments and the excess tax benefits on share-based compensation. ABOUT NON-GAAP FINANCIAL MEASURES. The conference call can also be heard live at http://investors.intuit.com/Events/default.aspx. See “About Non-GAAP Financial Measures” immediately following this Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure. Gains and losses on disposals of businesses and long-lived assets. See quarterly reports filed on Form 10-Q for reconciliation of funds held for customers by investment category. Our effective tax rate for the three months ended January 31, 2019 was approximately 20%. Non-GAAP operating income of … Events that could cause the reconciliation to change include acquisitions and divestitures of businesses, goodwill and other asset impairments, sales of available-for-sale debt securities and other investments, and disposals of businesses and long-lived assets. We may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures. Shares of Intuit (NASDAQ:INTU) moved higher by 1% after the company reported Q1 results.. Quarterly Results. Intuit Q4 2020 Earnings Preview Aug. 24, 2020 5:35 PM ET Intuit Inc. (INTU) By: Jignesh Mehta , SA News Editor Intuit (NASDAQ: INTU ) is scheduled to announce Q4 earnings … The upcoming earnings date is derived from an algorithm based on a company's historical reporting dates. This long-term non-GAAP tax rate could be subject to change for various reasons including significant changes in our geographic earnings mix or fundamental tax law changes in major jurisdictions in which we operate. Amortization of acquired technology in cost of revenue includes amortization of software and other technology assets of acquired entities. The PE ratio is a simple way to assess whether a stock is over or under valued and is the most widely used valuation measure. Our innovative ecosystem of financial management solutions serves approximately 50 million customers worldwide, unleashing the power of many for the prosperity of one. Gains and losses on disposals of businesses and long-lived assets. Increased online services revenue 21 percent for the quarter and 21 percent for the year. Received Board approval for a quarterly dividend of $0.53 per share, payable April 20, 2020. After seeing an impact on small businesses from shelter-in-place during the third quarter, we saw trends across our business improve during the fourth quarter, highlighting the resiliency of our platform," said Sasan Goodarzi, Intuit's chief executive officer. No reservation or access code is needed. Table B1 and Table B2 reconcile the non-GAAP financial measures in that press release to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). Intuit Inc.'s (INTU) CEO Sasan Goodarzi on Q4 2020 Results - Earnings Call Transcript Aug. 26, 2020 Intuit, Inc. (INTU) CEO Sasan Goodarzi on Q3 2020 Results - Earnings Call Transcript Intuit’s mission is to Power Prosperity Around the World. Adjustments to reconcile net income to net cash provided by operating activities: Amortization of acquired intangible assets. Growth was driven by QuickBooks Online payments, QuickBooks Capital, QuickBooks Online payroll and TSheets. With the April sales of existing homes falling 17.8% month-over-month, it … Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks of Intuit Inc. "Tax season is well-underway and we’re focused on helping consumers make ends meet and getting their largest tax refund, while delivering the best experience across our products.". Earnings Results Intuit’s ‘strong’ first quarter: Profit more than triples, revenue rises 14% Published: Nov. 19, 2020 at 4:41 p.m. At Intuit Inc., we promise to treat your data with respect and will not share your information with any third party. The company expects: Intuit reiterated guidance for full fiscal year 2020. You can locate these reports through our website at http://investors.intuit.com. For the three and six months ended January 31, 2019, we recognized excess tax benefits on share-based compensation of $8 million and $49 million, respectively, in our provision for income taxes. These tables include adjustments that we can reasonably predict. From time to time, we sell or otherwise dispose of selected operations as we adjust our portfolio of businesses to meet our strategic goals. Full Year Performance Led By 13 Percent Consumer Group Revenue Growth, Strongest TurboTax Customer Growth in Four Years. Note: You can use the Statutory Maternity Pay Tables 2020 to work out what the qualifying weeks are. Income tax effects and adjustments. The accompanying press release dated February 24, 2020 contains non-GAAP financial measures. TABLE B1 Excluding tax benefits related to share-based compensation, our effective tax rate was 24%. When considering the impact of equity awards, we place greater emphasis on overall shareholder dilution rather than the accounting charges associated with those awards. We do not undertake any duty to update any forward-looking statement or other information in this presentation. We exclude the following items from all of our non-GAAP financial measures: We also exclude the following items from non-GAAP net income (loss) and diluted net income (loss) per share: We believe these non-GAAP financial measures provide meaningful supplemental information regarding Intuit’s operating results primarily because they exclude amounts that we do not consider part of ongoing operating results when planning and forecasting and when assessing the performance of the organization, our individual operating segments, or our senior management. Key 2020 health stories you may have missed because of Covid-19. Share-based compensation expenses. (Unaudited), Prepaid expenses and other current assets, Current assets before funds held for customers, Accrued compensation and related liabilities, Current liabilities before customer fund deposits, Long-term deferred income tax liabilities, Total liabilities and stockholders’ equity, TABLE D Intuit EPS for the twelve months ending October 31, 2020 was $7.45, a 24.58% … The topline results were driven by a 17% increase in Small Business and Self-Employed Group and an 8% increase in Consumer … Our innovative ecosystem of financial management solutions serves approximately 50 million customers worldwide. ET Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. We compute our provision for or benefit from income taxes by applying the estimated annual effective tax rate to income or loss from recurring operations and adding the effects of any discrete income tax items specific to the period. ET Grew QuickBooks online accounting revenue 43 percent in the quarter, driven by strong customer growth, and to a lesser extent higher effective prices and mix-shift. These non-GAAP financial measures include non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP net income (loss) per share. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. We do not undertake any duty to update any forward-looking statement or other information in this presentation. EPS of $1.81 beats by $0.69 | Revenue of $1.82B (82.70% Y/Y) beats by $243.70M. Intuit Inc. is estimated to report earnings on 02/22/2021. On a year-over-year basis, Intuit earnings fell 19% while sales dropped 8%. Snapshot of Fourth-quarter Fiscal Year 2020 Results. Share-based compensation expenses. Excluding discrete tax items primarily related to share-based compensation tax benefits mentioned above, our effective tax rate for both periods was 23%. Keith Weiss — Morgan Stanley — Analyst Intuit Inc. (Nasdaq: INTU) announced financial results for the fourth quarter and full fiscal year 2020, which ended July 31. (In millions, except per share amounts) To hear the call, dial 844-246-4601 in the United States or 703-639-1172 from international locations. Photographs ©2018 Jeremy Bittermann Photography, Intuit Second Quarter Revenue Increased 13 Percent; Small Business Online Ecosystem Revenue Grew 35 Percent, http://investors.intuit.com/Events/default.aspx. The company reported earnings of $1.16 per share, beating consensus estimates by $0.14 per share. TurboTax Online and total TurboTax units both increased 11 percent, the strongest customer growth in four years. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share amounts) Intuit editor’s picks. For the fourth fiscal quarter and full fiscal year: Grew QuickBooks Online accounting revenue 34 percent for the quarter and 38 percent for the year. The difference from the federal statutory rate of 21% was primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the tax benefit we received from the federal research and experimentation credit. More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2019 and in our other SEC filings. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles, please see the section of the accompanying tables titled "About Non-GAAP Financial Measures" as well as the related Table B1 and Table B2. Cautions About Forward-looking Statements, This press release contains forward-looking statements, including forecasts of expected growth and future financial results of Intuit and its reporting segments; Intuit’s prospects for the business in fiscal 2020 and beyond; expectations regarding timing and growth of revenue for each of Intuit’s reportable segments and from current or future products and services; expectations regarding customer growth; expectations regarding changes to our products and their impact on Intuit’s business; expectations regarding the amount and timing of any future dividends or share repurchases; expectations regarding availability of our offerings; expectations regarding Intuit’s corporate tax rate; expectations regarding the impact of our strategic decisions on Intuit’s business; and all of the statements under the heading “Forward-looking Guidance.”. Goodwill and intangible asset impairment charges. If you experience any issues with this process, please contact us for further assistance. Sasan Goodarzi — Chief Executive Officer. You must click the activation link in order to complete your subscription. Excluding nonrecurring PPP revenue, growth was 12 percent for the quarter and 19 percent for the year. Intuit, which belongs to the Zacks Computer - Software industry, posted revenues of $1.82 billion for the quarter ended July 2020, surpassing the Zacks Consensus Estimate by … You can unsubscribe to any of the investor alerts you are subscribed to by visiting the ‘unsubscribe’ section below. Cautions About Forward-looking Statements. 800-937-5449 Small Business Online Ecosystem revenue by 35 percent. You can sign up for additional alert options at any time. American Stock Transfer & Trust Company. Repurchased $318 million of stock during fiscal year 2020, with $2.4 billion remaining on the company's authorization. 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