Organic online ecosystem revenue grew 31 percent
TurboTax Live revenue expected to grow approximately 30 percent to $1 billion in fiscal 2022
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Intuit Inc. (Nasdaq: INTU), the global technology platform that makes TurboTax, QuickBooks, Mint, Credit Karma and Mailchimp, announced financial results for the third quarter of fiscal 2022, which ended April 30.
“We are confident in our strategy and execution across the company as we become the global AI-driven expert platform powering the prosperity of consumers and small businesses,” said Sasan Goodarzi, Intuit's chief executive officer. “We had another strong quarter, and we are raising Intuit’s revenue and operating income guidance for fiscal year 2022.”
Financial Highlights
For the third quarter, Intuit:
Unless otherwise noted, all growth rates refer to the current period versus the comparable prior-year period, and the business metrics and associated growth rates refer to worldwide business metrics.
Snapshot of Third-quarter Results
|
GAAP |
Non-GAAP |
||||
|
Q3
|
Q3
|
Change |
Q3
|
Q3
|
Change |
Revenue |
$5,632 |
$4,173 |
35% |
$5,632 |
$4,173 |
35% |
Operating Income |
$2,395 |
$1,914 |
25% |
$2,904 |
$2,201 |
32% |
Earnings Per Share |
$6.28 |
$5.30 |
18% |
$7.65 |
$6.07 |
26% |
Dollars are in millions, except earnings per share. See “About Non-GAAP Financial Measures” below for more information regarding financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP).
Third quarter results include a $141 million one-time charge related to the company’s settlement with the attorneys general of the 50 states and the District of Columbia, entered into on May 4, 2022. This charge is reflected in the company’s GAAP and non-GAAP operating income, impacting growth by 7 and 6 points, respectively. The charge impacted third quarter GAAP and non-GAAP earnings per share by $0.37 and $0.38, respectively. More detail can be found on Form 8-K, filed with SEC on May 4, 2022.
Business Segment Results
Small Business and Self-Employed Group
For the full fiscal year, Intuit expects:
Unless otherwise noted above, all growth rates refer to Intuit's expectations for the tax filing season through July 31, 2022 compared to the prior season through July 31, 2021.
Intuit plans to provide a TurboTax federal tax unit comparison in its fourth quarter 2022 earnings release.
ProConnect Group
Capital Allocation Summary
In the third quarter the company:
Forward-looking Guidance
Intuit updated guidance for the full fiscal year 2022. The updated guidance includes the one-time $141 million charge related to the company's settlement with 50 state attorneys general and the District of Columbia. The company now expects:
The company also updated segment revenue guidance. For fiscal 2022, the company now expects:
Intuit announced guidance for the fourth quarter of fiscal year 2022, which ends July 31. The company expects:
Consumer Group Management Succession Plan
Greg Johnson, general manager of the Consumer Group, will be stepping down from the role on May 31, 2022 to become the CEO of McAfee. Varun Krishna, senior vice president and general manager of growth products, Consumer Group, will succeed Johnson as general manager of the Consumer Group. Krishna, a seasoned executive and leader, has spent over seven years leading product and growth initiatives within the Consumer Group, which have supported the acceleration of Intuit’s TurboTax business. “I want to thank Greg for his countless contributions, congratulate him on his new role as CEO of McAfee and welcome Varun as our new GM of the Consumer Group,” said Goodarzi.
Conference Call Details
Intuit executives will discuss the financial results on a conference call at 1:30 p.m. PT on May 24. The conference call can be heard live at http://investors.intuit.com/Events/default.aspx. Prepared remarks for the call will be available on Intuit’s website after the call ends.
Replay Information
A replay of the conference call will be available for one week by calling 855-859-2056, or 404-537-3406 from international locations. The access code for this call is 7437368. The audio webcast will remain available on Intuit’s website for one week after the conference call.
Intuit is the global technology platform that helps consumers and small businesses overcome their most important financial challenges. Serving more than 100 million customers worldwide with TurboTax, QuickBooks, Mint, Credit Karma, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us for the latest information about Intuit, our products and services, and find us on social.
About Non-GAAP Financial Measures
This press release and the accompanying tables include non-GAAP financial measures. 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, Table B2, and Table E. A copy of the press release issued by Intuit today can be found on the investor relations page of Intuit's website.
Cautions About Forward-looking Statements
This press release contains forward-looking statements, including expectations regarding: the size, components and our share of the tax preparation software space; the timing of when individuals will file their tax returns; forecasts and timing of growth and future financial results of Intuit and its reporting segments; Intuit’s prospects for the business in fiscal 2022 and beyond; timing and growth of revenue from current or future products and services; customer growth and average revenue per return; Intuit's corporate tax rate; the amount and timing of any future dividends or share repurchases; and the impact of acquisitions and other strategic decisions on our business; as well as all of the statements under the heading “Forward-looking Guidance.”
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. These risks and uncertainties may be amplified by the COVID-19 pandemic, which has caused significant global economic instability and uncertainty. These factors include, without limitation, the following: our ability to compete successfully; potential governmental encroachment in our tax businesses; our ability to adapt to technological change; our ability to predict consumer behavior; our reliance on third-party intellectual property; our ability to protect our intellectual property rights; any harm to our reputation; risks associated with acquisition and divestiture activity, including the integration of Credit Karma and Mailchimp; the issuance of equity or incurrence of debt to fund an acquisition; our cybersecurity incidents (including those affecting the third parties we rely on); customer concerns about privacy and cybersecurity incidents; fraudulent activities by third parties using our offerings; our failure to process transactions effectively; interruption or failure of our information technology; our ability to maintain critical third-party business relationships; our ability to attract and retain talent; any deficiency in the quality or accuracy of our products (including the advice given by experts on our platform); any delays in product launches; difficulties in processing or filing customer tax submissions; risks associated with international operations; changes to public policy, laws or regulations affecting our businesses; litigation in which we are involved; the seasonal nature of our tax business; changes in tax rates and tax reform legislation; global economic conditions (including, without limitation, inflation); exposure to credit, counterparty and other risks in providing capital to businesses; amortization of acquired intangible assets and impairment charges; our ability to repay or otherwise comply with the terms of our outstanding debt; our ability to repurchase shares or distribute dividends; volatility of our stock price; and our ability to successfully market our offerings. More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2021 and in our other SEC filings. You can locate these reports through our website at http://investors.intuit.com. Fiscal 2022 full-year and Q4 guidance speaks only as of the date it was publicly issued by Intuit. Other forward-looking statements represent the judgment of the management of Intuit as of the date of this presentation. We do not undertake any duty to update any forward-looking statement or other information in this presentation.
TABLE A
INTUIT INC. GAAP CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share amounts) (Unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
April 30,
|
|
April 30,
|
|
April 30,
|
|
April 30,
|
||||||||
Net revenue: |
|
|
|
|
|
|
|
||||||||
Product |
$ |
554 |
|
|
$ |
533 |
|
|
$ |
1,476 |
|
|
$ |
1,395 |
|
Service and other |
|
5,078 |
|
|
|
3,640 |
|
|
|
8,836 |
|
|
|
5,677 |
|
Total net revenue |
|
5,632 |
|
|
|
4,173 |
|
|
|
10,312 |
|
|
|
7,072 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Cost of revenue: |
|
|
|
|
|
|
|
||||||||
Cost of product revenue |
|
18 |
|
|
|
16 |
|
|
|
53 |
|
|
|
53 |
|
Cost of service and other revenue |
|
764 |
|
|
|
565 |
|
|
|
1,654 |
|
|
|
1,130 |
|
Amortization of acquired technology |
|
42 |
|
|
|
14 |
|
|
|
99 |
|
|
|
35 |
|
Selling and marketing |
|
1,227 |
|
|
|
857 |
|
|
|
2,719 |
|
|
|
1,799 |
|
Research and development |
|
600 |
|
|
|
464 |
|
|
|
1,720 |
|
|
|
1,157 |
|
General and administrative |
|
465 |
|
|
|
289 |
|
|
|
1,126 |
|
|
|
708 |
|
Amortization of other acquired intangible assets |
|
121 |
|
|
|
54 |
|
|
|
295 |
|
|
|
92 |
|
Total costs and expenses [A] |
|
3,237 |
|
|
|
2,259 |
|
|
|
7,666 |
|
|
|
4,974 |
|
Operating income |
|
2,395 |
|
|
|
1,914 |
|
|
|
2,646 |
|
|
|
2,098 |
|
Interest expense |
|
(21 |
) |
|
|
(7 |
) |
|
|
(49 |
) |
|
|
(22 |
) |
Interest and other income (loss), net |
|
(1 |
) |
|
|
14 |
|
|
|
44 |
|
|
|
77 |
|
Income before income taxes |
|
2,373 |
|
|
|
1,921 |
|
|
|
2,641 |
|
|
|
2,153 |
|
Income tax provision [B] |
|
579 |
|
|
|
457 |
|
|
|
519 |
|
|
|
471 |
|
Net income |
$ |
1,794 |
|
|
$ |
1,464 |
|
|
$ |
2,122 |
|
|
$ |
1,682 |
|
|
|
|
|
|
|
|
|
||||||||
Basic net income per share |
$ |
6.35 |
|
|
$ |
5.36 |
|
|
$ |
7.60 |
|
|
$ |
6.26 |
|
Shares used in basic per share calculations |
|
282 |
|
|
|
273 |
|
|
|
279 |
|
|
|
269 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted net income per share |
$ |
6.28 |
|
|
$ |
5.30 |
|
|
$ |
7.48 |
|
|
$ |
6.20 |
|
Shares used in diluted per share calculations |
|
286 |
|
|
|
276 |
|
|
|
284 |
|
|
|
271 |
|
|
|
|
|
|
|
|
|
||||||||
Cash dividends declared per common share |
$ |
0.68 |
|
|
$ |
0.59 |
|
|
$ |
2.04 |
|
|
$ |
1.77 |
|
See accompanying Notes.
INTUIT INC. NOTES TO TABLE A |
||||||||||||
[A] |
The following table summarizes the total share-based compensation expense that we recorded in operating income for the periods shown. |
|||||||||||
|
Three Months Ended |
|
Nine Months Ended |
|||||||||
(in millions) |
April 30,
|
|
April 30,
|
|
April 30,
|
|
April 30,
|
|||||
Cost of revenue |
$ |
40 |
|
$ |
16 |
|
$ |
105 |
|
$ |
47 |
|
Selling and marketing |
|
85 |
|
|
51 |
|
|
232 |
|
|
127 |
|
Research and development |
|
138 |
|
|
82 |
|
|
379 |
|
|
187 |
|
General and administrative |
|
83 |
|
|
69 |
|
|
246 |
|
|
148 |
|
Total share-based compensation expense |
$ |
346 |
|
$ |
218 |
|
$ |
962 |
|
$ |
509 |
[B] |
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. |
|
|
For the three and nine months ended April 30, 2022, we recognized excess tax benefits on share-based compensation of $26 million and $135 million, respectively, in our provision for income taxes. For the three and nine months ended April 30, 2021, we recognized excess tax benefits on share-based compensation of $13 million and $77 million, respectively, in our provision for income taxes. |
|
|
Our effective tax rates for the three and nine months ended April 30, 2022 were approximately 24% and 20%, respectively. Excluding discrete tax items primarily related to share-based compensation tax benefits mentioned above, our effective tax rate for both periods was approximately 26%. 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. |
|
|
Our effective tax rates for the three and nine months ended April 30, 2021 were approximately 24% and 22%, respectively. Excluding discrete tax items primarily related to share-based compensation tax benefits mentioned above, our effective tax rate for both periods was approximately 25%. The difference from the federal statutory rate of 21% was primarily due to state income taxes, non-deductible share-based compensation and non-deductible transaction costs related to the Credit Karma acquisition, which were partially offset by the tax benefit we received from the federal research and experimentation credit. |
|
|
In the current global tax policy environment, the U.S. and other domestic and foreign governments continue to consider, and in some cases enact, changes in corporate tax laws. As changes occur, we account for finalized legislation in the period of enactment. |
TABLE B1 INTUIT INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (In millions, except per share amounts) (Unaudited) |
||||||||||||||||||
|
Fiscal 2022 |
|||||||||||||||||
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Year to Date |
|||||||||
GAAP operating income (loss) |
$ |
195 |
|
|
$ |
56 |
|
|
$ |
2,395 |
|
|
$ |
— |
|
$ |
2,646 |
|
Amortization of acquired technology |
|
15 |
|
|
|
42 |
|
|
|
42 |
|
|
|
— |
|
|
99 |
|
Amortization of other acquired intangible assets |
|
53 |
|
|
|
121 |
|
|
|
121 |
|
|
|
— |
|
|
295 |
|
Professional fees for business combinations |
|
12 |
|
|
|
57 |
|
|
|
— |
|
|
|
— |
|
|
69 |
|
Share-based compensation expense |
|
280 |
|
|
|
336 |
|
|
|
346 |
|
|
|
— |
|
|
962 |
|
Non-GAAP operating income (loss) |
$ |
555 |
|
|
$ |
612 |
|
|
$ |
2,904 |
|
|
$ |
— |
|
$ |
4,071 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
GAAP net income (loss) |
$ |
228 |
|
|
$ |
100 |
|
|
$ |
1,794 |
|
|
$ |
— |
|
$ |
2,122 |
|
Amortization of acquired technology |
|
15 |
|
|
|
42 |
|
|
|
42 |
|
|
|
— |
|
|
99 |
|
Amortization of other acquired intangible assets |
|
53 |
|
|
|
121 |
|
|
|
121 |
|
|
|
— |
|
|
295 |
|
Professional fees for business combinations |
|
12 |
|
|
|
57 |
|
|
|
— |
|
|
|
— |
|
|
69 |
|
Share-based compensation expense |
|
280 |
|
|
|
336 |
|
|
|
346 |
|
|
|
— |
|
|
962 |
|
Net (gain) loss on debt securities and other investments [A] |
|
(42 |
) |
|
|
— |
|
|
|
(7 |
) |
|
|
— |
|
|
(49 |
) |
Income tax effects and adjustments [B] |
|
(123 |
) |
|
|
(210 |
) |
|
|
(111 |
) |
|
|
— |
|
|
(444 |
) |
Non-GAAP net income (loss) |
$ |
423 |
|
|
$ |
446 |
|
|
$ |
2,185 |
|
|
$ |
— |
|
$ |
3,054 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
GAAP diluted net income (loss) per share |
$ |
0.82 |
|
|
$ |
0.35 |
|
|
$ |
6.28 |
|
|
$ |
— |
|
$ |
7.48 |
|
Amortization of acquired technology |
|
0.06 |
|
|
|
0.14 |
|
|
|
0.15 |
|
|
|
— |
|
|
0.35 |
|
Amortization of other acquired intangible assets |
|
0.19 |
|
|
|
0.42 |
|
|
|
0.42 |
|
|
|
— |
|
|
1.04 |
|
Professional fees for business combinations |
|
0.04 |
|
|
|
0.20 |
|
|
|
— |
|
|
|
— |
|
|
0.24 |
|
Share-based compensation expense |
|
1.01 |
|
|
|
1.17 |
|
|
|
1.21 |
|
|
|
— |
|
|
3.39 |
|
Net (gain) loss on debt securities and other investments [A] |
|
(0.15 |
) |
|
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
|
(0.17 |
) |
Income tax effects and adjustments [B] |
|
(0.44 |
) |
|
|
(0.73 |
) |
|
|
(0.39 |
) |
|
|
— |
|
|
(1.56 |
) |
Non-GAAP diluted net income (loss) per share |
$ |
1.53 |
|
|
$ |
1.55 |
|
|
$ |
7.65 |
|
|
$ |
— |
|
$ |
10.77 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Shares used in GAAP diluted per share calculation |
|
277 |
|
|
|
287 |
|
|
|
286 |
|
|
|
— |
|
|
284 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Shares used in non-GAAP diluted per share calculation |
|
277 |
|
|
|
287 |
|
|
|
286 |
|
|
|
— |
|
|
284 |
|
[A] |
During the three months ended October 31, 2021, we recognized $39 million of net gains on other long-term investments. |
|
[B] |
As discussed in “About Non-GAAP Financial Measures - Income Tax Effects and Adjustments” following Table E, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. 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. |
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.
TABLE B2 INTUIT INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (In millions, except per share amounts) (Unaudited) |
|||||||||||||||||||
|
Fiscal 2021 |
||||||||||||||||||
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Full Year |
||||||||||
GAAP operating income (loss) |
$ |
209 |
|
|
$ |
(25 |
) |
|
$ |
1,914 |
|
|
$ |
402 |
|
|
$ |
2,500 |
|
Amortization of acquired technology |
|
7 |
|
|
|
14 |
|
|
|
14 |
|
|
|
15 |
|
|
|
50 |
|
Amortization of other acquired intangible assets |
|
2 |
|
|
|
36 |
|
|
|
54 |
|
|
|
54 |
|
|
|
146 |
|
Professional fees for business combinations |
|
5 |
|
|
|
30 |
|
|
|
1 |
|
|
|
— |
|
|
|
36 |
|
Share-based compensation expense |
|
111 |
|
|
|
180 |
|
|
|
218 |
|
|
|
244 |
|
|
|
753 |
|
Non-GAAP operating income (loss) |
$ |
334 |
|
|
$ |
235 |
|
|
$ |
2,201 |
|
|
$ |
715 |
|
|
$ |
3,485 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP net income (loss) |
$ |
198 |
|
|
$ |
20 |
|
|
$ |
1,464 |
|
|
$ |
380 |
|
|
$ |
2,062 |
|
Amortization of acquired technology |
|
7 |
|
|
|
14 |
|
|
|
14 |
|
|
|
15 |
|
|
|
50 |
|
Amortization of other acquired intangible assets |
|
2 |
|
|
|
36 |
|
|
|
54 |
|
|
|
54 |
|
|
|
146 |
|
Professional fees for business combinations |
|
5 |
|
|
|
30 |
|
|
|
1 |
|
|
|
— |
|
|
|
36 |
|
Share-based compensation expense |
|
111 |
|
|
|
180 |
|
|
|
218 |
|
|
|
244 |
|
|
|
753 |
|
Net (gain) loss on debt securities and other investments |
|
(7 |
) |
|
|
(8 |
) |
|
|
— |
|
|
|
— |
|
|
|
(15 |
) |
Other income from divested businesses [A] |
|
— |
|
|
|
(30 |
) |
|
|
— |
|
|
|
— |
|
|
|
(30 |
) |
Income tax effects and adjustments [B] |
|
(66 |
) |
|
|
(57 |
) |
|
|
(73 |
) |
|
|
(149 |
) |
|
|
(345 |
) |
Non-GAAP net income (loss) |
$ |
250 |
|
|
$ |
185 |
|
|
$ |
1,678 |
|
|
$ |
544 |
|
|
$ |
2,657 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP diluted net income (loss) per share |
$ |
0.75 |
|
|
$ |
0.07 |
|
|
$ |
5.30 |
|
|
$ |
1.37 |
|
|
$ |
7.56 |
|
Amortization of acquired technology |
|
0.03 |
|
|
|
0.05 |
|
|
|
0.05 |
|
|
|
0.06 |
|
|
|
0.18 |
|
Amortization of other acquired intangible assets |
|
— |
|
|
|
0.14 |
|
|
|
0.19 |
|
|
|
0.20 |
|
|
|
0.53 |
|
Professional fees for business combinations |
|
0.02 |
|
|
|
0.11 |
|
|
|
— |
|
|
|
— |
|
|
|
0.13 |
|
Share-based compensation expense |
|
0.42 |
|
|
|
0.66 |
|
|
|
0.79 |
|
|
|
0.88 |
|
|
|
2.76 |
|
Net (gain) loss on debt securities and other investments |
|
(0.03 |
) |
|
|
(0.03 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.05 |
) |
Other income from divested businesses [A] |
|
— |
|
|
|
(0.11 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.11 |
) |
Income tax effects and adjustments [B] |
|
(0.25 |
) |
|
|
(0.21 |
) |
|
|
(0.26 |
) |
|
|
(0.54 |
) |
|
|
(1.26 |
) |
Non-GAAP diluted net income (loss) per share |
$ |
0.94 |
|
|
$ |
0.68 |
|
|
$ |
6.07 |
|
|
$ |
1.97 |
|
|
$ |
9.74 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Shares used in GAAP diluted per share calculation |
|
265 |
|
|
|
273 |
|
|
|
276 |
|
|
|
277 |
|
|
|
273 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Shares used in non-GAAP diluted per share calculation |
|
265 |
|
|
|
273 |
|
|
|
276 |
|
|
|
277 |
|
|
|
273 |
|
[A] |
During the three months ended January 31, 2021, we recorded a $30 million gain from the sale of a note receivable that was previously written off. |
|
[B] |
As discussed in "About Non-GAAP Financial Measures - Income Tax Effects and Adjustments" following Table E, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. 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. |
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.
TABLE C INTUIT INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited) |
|||||
|
April 30,
|
|
July 31,
|
||
ASSETS |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
3,531 |
|
$ |
2,562 |
Investments |
|
373 |
|
|
1,308 |
Accounts receivable, net |
|
738 |
|
|
391 |
Income taxes receivable |
|
6 |
|
|
123 |
Prepaid expenses and other current assets |
|
671 |
|
|
316 |
Current assets before funds held for customers |
|
5,319 |
|
|
4,700 |
Funds held for customers |
|
539 |
|
|
457 |
Total current assets |
|
5,858 |
|
|
5,157 |
|
|
|
|
||
Long-term investments |
|
98 |
|
|
43 |
Property and equipment, net |
|
858 |
|
|
780 |
Operating lease right-of-use assets |
|
425 |
|
|
380 |
Goodwill |
|
13,731 |
|
|
5,613 |
Acquired intangible assets, net |
|
7,224 |
|
|
3,252 |
Long-term deferred income taxes |
|
8 |
|
|
8 |
Other assets |
|
312 |
|
|
283 |
Total assets |
$ |
28,514 |
|
$ |
15,516 |
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||
Current liabilities: |
|
|
|
||
Accounts payable |
$ |
900 |
|
$ |
623 |
Accrued compensation and related liabilities |
|
543 |
|
|
530 |
Deferred revenue |
|
741 |
|
|
684 |
Income taxes payable |
|
198 |
|
|
3 |
Other current liabilities |
|
670 |
|
|
358 |
Current liabilities before customer fund deposits |
|
3,052 |
|
|
2,198 |
Customer fund deposits |
|
539 |
|
|
457 |
Total current liabilities |
|
3,591 |
|
|
2,655 |
|
|
|
|
||
Long-term debt |
|
6,853 |
|
|
2,034 |
Long-term deferred income tax liabilities |
|
608 |
|
|
525 |
Operating lease liabilities |
|
415 |
|
|
380 |
Other long-term obligations |
|
86 |
|
|
53 |
Total liabilities |
|
11,553 |
|
|
5,647 |
|
|
|
|
||
Stockholders’ equity |
|
16,961 |
|
|
9,869 |
Total liabilities and stockholders’ equity |
$ |
28,514 |
|
$ |
15,516 |
TABLE D INTUIT INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) |
|||||||
|
|
|
|
||||
|
Nine Months Ended |
||||||
|
April 30,
|
|
April 30,
|
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
2,122 |
|
|
$ |
1,682 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation |
|
142 |
|
|
|
122 |
|
Amortization of acquired intangible assets |
|
396 |
|
|
|
128 |
|
Non-cash operating lease cost |
|
62 |
|
|
|
45 |
|
Share-based compensation expense |
|
962 |
|
|
|
509 |
|
Deferred income taxes |
|
106 |
|
|
|
69 |
|
Other |
|
(21 |
) |
|
|
(49 |
) |
Total adjustments |
|
1,647 |
|
|
|
824 |
|
Originations of loans held for sale |
|
— |
|
|
|
(41 |
) |
Sale and principal payments of loans held for sale |
|
— |
|
|
|
144 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(323 |
) |
|
|
(267 |
) |
Income taxes receivable |
|
117 |
|
|
|
68 |
|
Prepaid expenses and other assets |
|
(88 |
) |
|
|
(7 |
) |
Accounts payable |
|
86 |
|
|
|
194 |
|
Accrued compensation and related liabilities |
|
(392 |
) |
|
|
(122 |
) |
Deferred revenue |
|
(2 |
) |
|
|
(13 |
) |
Income taxes payable |
|
195 |
|
|
|
206 |
|
Operating lease liabilities |
|
(62 |
) |
|
|
(45 |
) |
Other liabilities |
|
250 |
|
|
|
85 |
|
Total changes in operating assets and liabilities |
|
(219 |
) |
|
|
99 |
|
Net cash provided by operating activities |
|
3,550 |
|
|
|
2,708 |
|
Cash flows from investing activities: |
|
|
|
||||
Purchases of corporate and customer fund investments |
|
(583 |
) |
|
|
(904 |
) |
Sales of corporate and customer fund investments |
|
1,448 |
|
|
|
152 |
|
Maturities of corporate and customer fund investments |
|
177 |
|
|
|
401 |
|
Purchases of property and equipment |
|
(168 |
) |
|
|
(101 |
) |
Acquisitions of businesses, net of cash acquired |
|
(5,682 |
) |
|
|
(3,064 |
) |
Originations of term loans to small businesses |
|
(613 |
) |
|
|
(135 |
) |
Principal repayments of term loans from small businesses |
|
320 |
|
|
|
86 |
|
Other |
|
(9 |
) |
|
|
37 |
|
Net cash used in investing activities |
|
(5,110 |
) |
|
|
(3,528 |
) |
Cash flows from financing activities: |
|
|
|
||||
Proceeds from issuance of long-term debt |
|
4,700 |
|
|
|
— |
|
Repayments on borrowings under unsecured revolving credit facility |
|
— |
|
|
|
(1,000 |
) |
Proceeds from borrowings under secured revolving credit facility |
|
122 |
|
|
|
— |
|
Repayment of debt |
|
— |
|
|
|
(338 |
) |
Proceeds from issuance of stock under employee stock plans |
|
116 |
|
|
|
137 |
|
Payments for employee taxes withheld upon vesting of restricted stock units |
|
(465 |
) |
|
|
(245 |
) |
Cash paid for purchases of treasury stock |
|
(1,337 |
) |
|
|
(542 |
) |
Dividends and dividend rights paid |
|
(580 |
) |
|
|
(482 |
) |
Net change in customer fund deposits |
|
82 |
|
|
|
(107 |
) |
Other |
|
(9 |
) |
|
|
(2 |
) |
Net cash provided by (used in) financing activities |
|
2,629 |
|
|
|
(2,579 |
) |
Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents |
|
(18 |
) |
|
|
14 |
|
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents |
|
1,051 |
|
|
|
(3,385 |
) |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period |
|
2,819 |
|
|
|
6,697 |
|
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period |
$ |
3,870 |
|
|
$ |
3,312 |
|
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within the condensed consolidated balance sheets to the total amounts reported on the condensed consolidated statements of cash flows |
|
|
|
||||
Cash and cash equivalents |
$ |
3,531 |
|
|
$ |
3,164 |
|
Restricted cash and restricted cash equivalents included in funds held for customers |
|
339 |
|
|
|
148 |
|
Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period |
$ |
3,870 |
|
|
$ |
3,312 |
|
|
|
|
|
||||
Supplemental schedule of non-cash investing activities: |
|
|
|
||||
Issuance of common stock in a business combination |
$ |
6,316 |
|
|
$ |
3,798 |
|
TABLE E INTUIT INC. RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL MEASURES TO PROJECTED GAAP REVENUE, OPERATING INCOME, AND EPS (In millions, except per share amounts) (Unaudited) |
||||||||||||||||
|
Forward-Looking Guidance |
|||||||||||||||
|
GAAP Range of Estimate |
|
|
|
Non-GAAP Range of Estimate |
|||||||||||
|
From |
|
To |
|
Adjmts |
|
From |
|
To |
|||||||
Three Months Ending July 31, 2022 |
|
|
|
|
|
|
|
|
|
|||||||
Revenue |
$ |
2,321 |
|
|
$ |
2,362 |
|
|
$ |
— |
|
$ |
2,321 |
|
$ |
2,362 |
Operating income (loss) |
$ |
(147 |
) |
|
$ |
(127 |
) |
|
$ |
527 |
[a] |
$ |
380 |
|
$ |
400 |
Diluted income (loss) per share |
$ |
(0.53 |
) |
|
$ |
(0.47 |
) |
|
$ |
1.47 |
[b] |
$ |
0.94 |
|
$ |
1.00 |
|
|
|
|
|
|
|
|
|
|
|||||||
Twelve Months Ending July 31, 2022 |
|
|
|
|
|
|
|
|
|
|||||||
Revenue |
$ |
12,633 |
|
|
$ |
12,674 |
|
|
$ |
— |
|
$ |
12,633 |
|
$ |
12,674 |
Operating income |
$ |
2,499 |
|
|
$ |
2,519 |
|
|
$ |
1,952 |
[c] |
$ |
4,451 |
|
$ |
4,471 |
Diluted earnings per share |
$ |
6.95 |
|
|
$ |
7.01 |
|
|
$ |
4.73 |
[d] |
$ |
11.68 |
|
$ |
11.74 |
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.
[a] |
Reflects estimated adjustments for share-based compensation expense of approximately $367 million; amortization of acquired technology of approximately $39 million; and amortization of other acquired intangible assets of approximately $121 million. |
[b] |
Reflects estimated adjustments in item [a], income taxes related to these adjustments, and other income tax effects related to the use of the non-GAAP tax rate. |
[c] |
Reflects estimated adjustments for share-based compensation expense of approximately $1.3 billion; professional fees for business combinations of approximately $69 million; amortization of acquired technology of approximately $138 million; and amortization of other acquired intangibles of approximately $416 million. |
[d] |
Reflects estimated adjustments in item [c], income taxes related to these adjustments, other income tax effects related to the use of the non-GAAP tax rate, and $47 million of net gains on other long-term investments. |
INTUIT INC. ABOUT NON-GAAP FINANCIAL MEASURES
The accompanying press release dated May 24, 2022 contains non-GAAP financial measures. Table B1, Table B2, and Table E 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). These non-GAAP financial measures include non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP net income (loss) per share.
Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies.
We compute non-GAAP financial measures using the same consistent method from quarter to quarter and year to year. We may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures.
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. Segment managers are not held accountable for share-based compensation expense, amortization, or the other excluded items and, accordingly, we exclude these amounts from our measures of segment performance. 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.
The following are descriptions of the items we exclude from our non-GAAP financial measures.
Share-based compensation expenses. These consist of non-cash expenses for stock options, restricted stock units, and our Employee Stock Purchase Plan. When considering the impact of equity awards, we place greater emphasis on overall shareholder dilution rather than the accounting charges associated with those awards.
Amortization of acquired technology and amortization of other acquired intangible assets. When we acquire a business in a business combination, we are required by GAAP to record the fair values of the intangible assets of the business and amortize them over their useful lives. Amortization of acquired technology in cost of revenue includes amortization of software and other technology assets of acquired businesses. Amortization of other acquired intangible assets in operating expenses includes amortization of assets such as customer lists, covenants not to compete, and trade names.
Goodwill and intangible asset impairment charges. 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.
Gains and losses on disposals of businesses and long-lived assets. 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.
Professional fees and transaction costs for business combinations. We exclude from our non-GAAP financial measures the professional fees we incur to complete business combinations. These include investment banking, legal, and accounting fees.
Gains and losses on debt securities and other investments. We exclude from our non-GAAP financial measures credit losses on available-for-sale debt securities and gains and losses on other investments.
Income tax effects and adjustments. We use a long-term non-GAAP tax rate for evaluating operating results and for planning, forecasting, and analyzing future periods. This long-term non-GAAP tax rate excludes the income tax effects of the non-GAAP pre-tax adjustments described above, and eliminates the effects of non-recurring and period specific items which can vary in size and frequency. Based on our current long-term projections, we are using a long-term non-GAAP tax rate of 24% for fiscal 2021 and fiscal 2022. This long-term non-GAAP tax rate could be subject to change for various reasons including significant acquisitions, changes in our geographic earnings mix or fundamental tax law changes in major jurisdictions in which we operate. We will evaluate this long-term non-GAAP tax rate on an annual basis and whenever any significant events occur which may materially affect this rate.
Operating results and gains and losses on the sale of discontinued operations. From time to time, we sell or otherwise dispose of selected operations as we adjust our portfolio of businesses to meet our strategic goals. In accordance with GAAP, we segregate the operating results of discontinued operations as well as gains and losses on the sale of these discontinued operations from continuing operations on our GAAP statements of operations but continue to include them in GAAP net income or loss and net income or loss per share. We exclude these amounts from our non-GAAP financial measures.
Выручка органической онлайн-экосистемы выросла на 31 процент
Ожидается, что выручка TurboTax Live вырастет примерно на 30 процентов до 1 миллиарда долларов в 2022 финансовом году.
МАУНТИН-ВЬЮ, Калифорния. - (ДЕЛОВАЯ ПЕРЕПИСКА) -Intuit Inc. (Nasdaq: INTU), глобальная технологическая платформа, которая производит TurboTax, QuickBooks, Mint, Credit Karma и Mailchimp, объявила финансовые результаты за третий квартал 2022 финансового года, который закончился 30 апреля.
“Мы уверены в нашей стратегии и реализации в масштабах всей компании, поскольку мы становимся глобальной экспертной платформой, основанной на искусственном интеллекте, способствующей процветанию потребителей и малого бизнеса”, - сказал Сасан Гударзи, главный исполнительный директор Intuit. “У нас был еще один сильный квартал, и мы повышаем прогноз Intuit по выручке и операционным доходам на 2022 финансовый год”.
Основные финансовые показатели
За третий квартал Intuit:
Если не указано иное, все темпы роста относятся к текущему периоду по сравнению с сопоставимым периодом предыдущего года, а бизнес-показатели и связанные с ними темпы роста относятся к общемировым бизнес-показателям.
Краткий обзор результатов третьего квартала
|
GAAP |
Non-GAAP |
||||
|
Q3
|
Q3
|
Change |
Q3
|
Q3
|
Change |
Revenue |
$5,632 |
$4,173 |
35% |
$5,632 |
$4,173 |
35% |
Operating Income |
$2,395 |
$1,914 |
25% |
$2,904 |
$2,201 |
32% |
Earnings Per Share |
$6.28 |
$5.30 |
18% |
$7.65 |
$6.07 |
26% |
Доллары исчисляются миллионами, за исключением прибыли на акцию. См. раздел “О финансовых показателях, не относящихся к GAAP” ниже для получения дополнительной информации о финансовых показателях, не подготовленных в соответствии с Общепринятыми принципами бухгалтерского учета (GAAP).
Результаты третьего квартала включают единовременный сбор в размере 141 миллиона долларов, связанный с урегулированием компании с генеральными прокурорами 50 штатов и округа Колумбия, заключенным 4 мая 2022 года. Эти расходы отражаются в операционных доходах компании по GAAP и не по GAAP, что влияет на рост на 7 и 6 пунктов соответственно. Расходы повлияли на прибыль на акцию по ОПБУ и без учета ОПБУ за третий квартал на 0,37 и 0,38 доллара США соответственно. Более подробную информацию можно найти в форме 8-K, поданной в SEC 4 мая 2022 года.
Результаты бизнес-сегмента
Группа малого бизнеса и Самозанятых
В течение всего финансового года Intuit ожидает:
Если выше не указано иное, все темпы роста относятся к ожиданиям Intuit в отношении сезона подачи налоговых деклараций до 31 июля 2022 года по сравнению с предыдущим сезоном до 31 июля 2021 года.
Intuit планирует предоставить сравнение федеральных налоговых единиц TurboTax в своем отчете о доходах за четвертый квартал 2022 года.
Группа ProConnect
Сводная информация о распределении капитала
В третьем квартале компания:
Перспективные рекомендации
Intuit обновил руководство на весь 2022 финансовый год. Обновленное руководство включает единовременный сбор в размере 141 миллиона долларов, связанный с урегулированием компанией споров с 50 генеральными прокурорами штатов и округом Колумбия. Теперь компания ожидает:
Компания также обновила прогноз по выручке сегмента. В 2022 финансовом году компания теперь ожидает:
Intuit объявил о планах на четвертый квартал 2022 финансового года, который заканчивается 31 июля. Компания ожидает, что:
План преемственности Руководства Потребительской группы
Грег Джонсон, генеральный менеджер Consumer Group, уйдет в отставку 31 мая 2022 года, чтобы стать генеральным директором McAfee. Варун Кришна, старший вице-президент и генеральный менеджер по продуктам роста Consumer Group, сменит Джонсона на посту генерального менеджера Consumer Group. Кришна, опытный руководитель и лидер, более семи лет руководил инициативами по разработке продуктов и развитию в Группе потребителей, которые способствовали ускорению бизнеса Intuit TurboTax. “Я хочу поблагодарить Грега за его бесчисленный вклад, поздравить его с новой ролью генерального директора McAfee и приветствовать Варуна в качестве нашего нового генерального директора Consumer Group”, - сказал Гударзи.
Подробности конференц-звонка
Руководители Intuit обсудят финансовые результаты на телефонной конференции 24 мая в 13:30 по североамериканскому времени. Конференц-связь можно прослушать в прямом эфире по адресу http://investors .Intuit.com/Events/default.aspx . Подготовленные замечания к звонку будут доступны на веб-сайте Intuit после завершения звонка.
Информация о воспроизведении
Воспроизведение конференц-звонка будет доступно в течение одной недели по телефону 855-859-2056 или 404-537-3406 из международных пунктов. Код доступа для этого вызова - 7437368. Аудио-трансляция будет оставаться доступной на веб-сайте Intuit в течение одной недели после телефонной конференции.
Intuit - это глобальная технологическая платформа, которая помогает потребителям и малым предприятиям преодолевать свои самые важные финансовые проблемы. Обслуживая более 100 миллионов клиентов по всему миру с помощью TurboTax, QuickBooks, Mint, Credit Karma и Mailchimp, мы считаем, что у каждого должна быть возможность процветать. Мы никогда не прекращаем работать над поиском новых, инновационных способов сделать это возможным. Пожалуйста, посетите нас для получения последней информации об Intuit, наших продуктах и услугах, а также найдите нас в социальных сетях.
О финансовых показателях, Не относящихся к GAAP
Настоящий пресс-релиз и прилагаемые к нему таблицы включают финансовые показатели, не относящиеся к ОПБУ. Для описания этих финансовых показателей, не относящихся к GAAP, включая причины, по которым руководство использует каждый показатель, и сверки этих финансовых показателей, не относящихся к GAAP, с наиболее непосредственно сопоставимыми финансовыми показателями, подготовленными в соответствии с Общепринятыми принципами бухгалтерского учета, пожалуйста, смотрите раздел прилагаемых таблиц, озаглавленный “О финансовых показателях, не относящихся к GAAP” а также соответствующие таблицы B1, B2 и E. Копию пресс-релиза, опубликованного Intuit сегодня, можно найти на странице по связям с инвесторами веб-сайта Intuit.
Предостережения В отношении Прогнозных Заявлений
В этом пресс-релизе содержатся заявления о перспективах, в том числе ожидания относительно: размера, компонентов и нашей доли в программном обеспечении для подготовки налоговых деклараций; сроков, когда физические лица будут подавать свои налоговые декларации; прогнозов и сроков роста и будущих финансовых результатов Intuit и его отчетных сегментов; перспектив Intuit для бизнеса в 2022 финансовом году и далее; сроки и рост выручки от текущих или будущих продуктов и услуг; рост клиентов и средний доход на прибыль; ставка корпоративного налога Intuit; сумма и сроки любых будущих дивидендов или выкупа акций; и влияние приобретений и других стратегических решений на наш бизнес; а также как и все заявления под заголовком “Перспективные рекомендации”.
Поскольку эти прогнозные заявления связаны с рисками и неопределенностями, существуют важные факторы, которые могут привести к тому, что наши фактические результаты будут существенно отличаться от ожиданий, выраженных в прогнозных заявлениях. Эти риски и неопределенности могут быть усилены пандемией COVID-19, которая вызвала значительную глобальную экономическую нестабильность и неопределенность. Эти факторы включают, без ограничения, следующее: нам возможность успешно конкурировать; потенциал правительственных посягательств в нашем налогообложения предприятий; наша способность адаптироваться к технологическим изменениям, наша способность предсказать поведение потребителя; наша опора на объекты интеллектуальной собственности третьих лиц; нашу способность защищать наши права на интеллектуальную собственность; ущерба для своей репутации; риски, связанные с приобретением и выбытия деятельности, включая интеграцию кредитная карма и MailChimp; эмиссии акций или возникновения задолженности, для финансирования приобретения; наш инциденты кибербезопасности (в том числе в отношении третьих сторон мы полагаемся на); клиент опасения по поводу конфиденциальности и инциденты кибербезопасности; мошеннической деятельности третьих лиц, использующих наши предложения; наши отказ обрабатывать операции эффективно; сбои и отказы наши информационных технологий; способности поддерживать важнейшие сторонних деловых отношений; нашу способность привлекать и удерживать таланты; любые недостатки в качестве и точности наших продуктов (в том числе советы, даваемые специалистами на нашей платформе); каких-либо задержек в запуск товара; трудности в процессе обработки или подачи клиентом налоговой представлений; риски, связанные с международными операциями; изменения государственной политики, законодательства или нормативных актов, влияющих на наши дела; судебные разбирательства, в которых мы участвуем; сезонный характер нашего бизнеса налог; изменения в налоговые ставки и налоговая реформа законодательства; глобальные экономические условия (в том числе, без ограничения, инфляция); кредитный, контрагентов и прочих рисков при предоставлении кредитов предприятиям; расходы на амортизацию приобретенных нематериальных активов и износа; наши возможности по возврату или иным образом соблюдать условия нашего задолженности; нам возможность выкупа акций или дивиденды; непостоянство нашего цене акциям; и нашей способности успешно продвигать наши предложения. Более подробная информация об этих и других рисках, которые могут повлиять на наш бизнес, включена в нашу форму 10-K на 2021 финансовый год и в другие наши заявки в SEC. Вы можете найти эти отчеты на нашем веб-сайте по адресу http://investors .Intuit.com . Руководство на весь 2022 финансовый год и 4 квартал указано только на дату его публичного опубликования Intuit. Другие заявления прогнозного характера представляют собой суждение руководства Intuit на дату данной презентации. Мы не берем на себя никаких обязательств по обновлению каких-либо прогнозных заявлений или другой информации в этой презентации.
TABLE A
Intuit INC. GAAP CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share amounts) (Unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
April 30,
|
|
April 30,
|
|
April 30,
|
|
April 30,
|
||||||||
Net revenue: |
|
|
|
|
|
|
|
||||||||
Product |
$ |
554 |
|
|
$ |
533 |
|
|
$ |
1,476 |
|
|
$ |
1,395 |
|
Service and other |
|
5,078 |
|
|
|
3,640 |
|
|
|
8,836 |
|
|
|
5,677 |
|
Total net revenue |
|
5,632 |
|
|
|
4,173 |
|
|
|
10,312 |
|
|
|
7,072 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Cost of revenue: |
|
|
|
|
|
|
|
||||||||
Cost of product revenue |
|
18 |
|
|
|
16 |
|
|
|
53 |
|
|
|
53 |
|
Cost of service and other revenue |
|
764 |
|
|
|
565 |
|
|
|
1,654 |
|
|
|
1,130 |
|
Amortization of acquired technology |
|
42 |
|
|
|
14 |
|
|
|
99 |
|
|
|
35 |
|
Selling and marketing |
|
1,227 |
|
|
|
857 |
|
|
|
2,719 |
|
|
|
1,799 |
|
Research and development |
|
600 |
|
|
|
464 |
|
|
|
1,720 |
|
|
|
1,157 |
|
General and administrative |
|
465 |
|
|
|
289 |
|
|
|
1,126 |
|
|
|
708 |
|
Amortization of other acquired intangible assets |
|
121 |
|
|
|
54 |
|
|
|
295 |
|
|
|
92 |
|
Total costs and expenses [A] |
|
3,237 |
|
|
|
2,259 |
|
|
|
7,666 |
|
|
|
4,974 |
|
Operating income |
|
2,395 |
|
|
|
1,914 |
|
|
|
2,646 |
|
|
|
2,098 |
|
Interest expense |
|
(21 |
) |
|
|
(7 |
) |
|
|
(49 |
) |
|
|
(22 |
) |
Interest and other income (loss), net |
|
(1 |
) |
|
|
14 |
|
|
|
44 |
|
|
|
77 |
|
Income before income taxes |
|
2,373 |
|
|
|
1,921 |
|
|
|
2,641 |
|
|
|
2,153 |
|
Income tax provision [B] |
|
579 |
|
|
|
457 |
|
|
|
519 |
|
|
|
471 |
|
Net income |
$ |
1,794 |
|
|
$ |
1,464 |
|
|
$ |
2,122 |
|
|
$ |
1,682 |
|
|
|
|
|
|
|
|
|
||||||||
Basic net income per share |
$ |
6.35 |
|
|
$ |
5.36 |
|
|
$ |
7.60 |
|
|
$ |
6.26 |
|
Shares used in basic per share calculations |
|
282 |
|
|
|
273 |
|
|
|
279 |
|
|
|
269 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted net income per share |
$ |
6.28 |
|
|
$ |
5.30 |
|
|
$ |
7.48 |
|
|
$ |
6.20 |
|
Shares used in diluted per share calculations |
|
286 |
|
|
|
276 |
|
|
|
284 |
|
|
|
271 |
|
|
|
|
|
|
|
|
|
||||||||
Cash dividends declared per common share |
$ |
0.68 |
|
|
$ |
0.59 |
|
|
$ |
2.04 |
|
|
$ |
1.77 |
|
См. Сопроводительные примечания.
Intuit INC. NOTES TO TABLE A |
||||||||||||
[A] |
The following table summarizes the total share-based compensation expense that we recorded in operating income for the periods shown. |
|||||||||||
|
Three Months Ended |
|
Nine Months Ended |
|||||||||
(in millions) |
April 30,
|
|
April 30,
|
|
April 30,
|
|
April 30,
|
|||||
Cost of revenue |
$ |
40 |
|
$ |
16 |
|
$ |
105 |
|
$ |
47 |
|
Selling and marketing |
|
85 |
|
|
51 |
|
|
232 |
|
|
127 |
|
Research and development |
|
138 |
|
|
82 |
|
|
379 |
|
|
187 |
|
General and administrative |
|
83 |
|
|
69 |
|
|
246 |
|
|
148 |
|
Total share-based compensation expense |
$ |
346 |
|
$ |
218 |
|
$ |
962 |
|
$ |
509 |
[B] |
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. |
|
|
For the three and nine months ended April 30, 2022, we recognized excess tax benefits on share-based compensation of $26 million and $135 million, respectively, in our provision for income taxes. For the three and nine months ended April 30, 2021, we recognized excess tax benefits on share-based compensation of $13 million and $77 million, respectively, in our provision for income taxes. |
|
|
Our effective tax rates for the three and nine months ended April 30, 2022 were approximately 24% and 20%, respectively. Excluding discrete tax items primarily related to share-based compensation tax benefits mentioned above, our effective tax rate for both periods was approximately 26%. 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. |
|
|
Our effective tax rates for the three and nine months ended April 30, 2021 were approximately 24% and 22%, respectively. Excluding discrete tax items primarily related to share-based compensation tax benefits mentioned above, our effective tax rate for both periods was approximately 25%. The difference from the federal statutory rate of 21% was primarily due to state income taxes, non-deductible share-based compensation and non-deductible transaction costs related to the Credit Karma acquisition, which were partially offset by the tax benefit we received from the federal research and experimentation credit. |
|
|
In the current global tax policy environment, the U.S. and other domestic and foreign governments continue to consider, and in some cases enact, changes in corporate tax laws. As changes occur, we account for finalized legislation in the period of enactment. |
TABLE B1 Intuit INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (In millions, except per share amounts) (Unaudited) |
||||||||||||||||||
|
Fiscal 2022 |
|||||||||||||||||
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Year to Date |
|||||||||
GAAP operating income (loss) |
$ |
195 |
|
|
$ |
56 |
|
|
$ |
2,395 |
|
|
$ |
— |
|
$ |
2,646 |
|
Amortization of acquired technology |
|
15 |
|
|
|
42 |
|
|
|
42 |
|
|
|
— |
|
|
99 |
|
Amortization of other acquired intangible assets |
|
53 |
|
|
|
121 |
|
|
|
121 |
|
|
|
— |
|
|
295 |
|
Professional fees for business combinations |
|
12 |
|
|
|
57 |
|
|
|
— |
|
|
|
— |
|
|
69 |
|
Share-based compensation expense |
|
280 |
|
|
|
336 |
|
|
|
346 |
|
|
|
— |
|
|
962 |
|
Non-GAAP operating income (loss) |
$ |
555 |
|
|
$ |
612 |
|
|
$ |
2,904 |
|
|
$ |
— |
|
$ |
4,071 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
GAAP net income (loss) |
$ |
228 |
|
|
$ |
100 |
|
|
$ |
1,794 |
|
|
$ |
— |
|
$ |
2,122 |
|
Amortization of acquired technology |
|
15 |
|
|
|
42 |
|
|
|
42 |
|
|
|
— |
|
|
99 |
|
Amortization of other acquired intangible assets |
|
53 |
|
|
|
121 |
|
|
|
121 |
|
|
|
— |
|
|
295 |
|
Professional fees for business combinations |
|
12 |
|
|
|
57 |
|
|
|
— |
|
|
|
— |
|
|
69 |
|
Share-based compensation expense |
|
280 |
|
|
|
336 |
|
|
|
346 |
|
|
|
— |
|
|
962 |
|
Net (gain) loss on debt securities and other investments [A] |
|
(42 |
) |
|
|
— |
|
|
|
(7 |
) |
|
|
— |
|
|
(49 |
) |
Income tax effects and adjustments [B] |
|
(123 |
) |
|
|
(210 |
) |
|
|
(111 |
) |
|
|
— |
|
|
(444 |
) |
Non-GAAP net income (loss) |
$ |
423 |
|
|
$ |
446 |
|
|
$ |
2,185 |
|
|
$ |
— |
|
$ |
3,054 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
GAAP diluted net income (loss) per share |
$ |
0.82 |
|
|
$ |
0.35 |
|
|
$ |
6.28 |
|
|
$ |
— |
|
$ |
7.48 |
|
Amortization of acquired technology |
|
0.06 |
|
|
|
0.14 |
|
|
|
0.15 |
|
|
|
— |
|
|
0.35 |
|
Amortization of other acquired intangible assets |
|
0.19 |
|
|
|
0.42 |
|
|
|
0.42 |
|
|
|
— |
|
|
1.04 |
|
Professional fees for business combinations |
|
0.04 |
|
|
|
0.20 |
|
|
|
— |
|
|
|
— |
|
|
0.24 |
|
Share-based compensation expense |
|
1.01 |
|
|
|
1.17 |
|
|
|
1.21 |
|
|
|
— |
|
|
3.39 |
|
Net (gain) loss on debt securities and other investments [A] |
|
(0.15 |
) |
|
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
|
(0.17 |
) |
Income tax effects and adjustments [B] |
|
(0.44 |
) |
|
|
(0.73 |
) |
|
|
(0.39 |
) |
|
|
— |
|
|
(1.56 |
) |
Non-GAAP diluted net income (loss) per share |
$ |
1.53 |
|
|
$ |
1.55 |
|
|
$ |
7.65 |
|
|
$ |
— |
|
$ |
10.77 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Shares used in GAAP diluted per share calculation |
|
277 |
|
|
|
287 |
|
|
|
286 |
|
|
|
— |
|
|
284 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Shares used in non-GAAP diluted per share calculation |
|
277 |
|
|
|
287 |
|
|
|
286 |
|
|
|
— |
|
|
284 |
|
[A] |
During the three months ended October 31, 2021, we recognized $39 million of net gains on other long-term investments. |
|
[B] |
As discussed in “About Non-GAAP Financial Measures - Income Tax Effects and Adjustments” following Table E, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. 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. |
Смотрите раздел “О финансовых показателях, не относящихся к GAAP” сразу после таблицы E для получения информации об этих показателях, статьях, исключенных из наиболее непосредственно сопоставимых показателей GAAP при определении финансовых показателей, не относящихся к GAAP, и причинах, по которым руководство использует каждую меру и исключает указанные суммы при определении каждого финансового показателя, не относящегося к GAAP.
TABLE B2 Intuit INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (In millions, except per share amounts) (Unaudited) |
|||||||||||||||||||
|
Fiscal 2021 |
||||||||||||||||||
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Full Year |
||||||||||
GAAP operating income (loss) |
$ |
209 |
|
|
$ |
(25 |
) |
|
$ |
1,914 |
|
|
$ |
402 |
|
|
$ |
2,500 |
|
Amortization of acquired technology |
|
7 |
|
|
|
14 |
|
|
|
14 |
|
|
|
15 |
|
|
|
50 |
|
Amortization of other acquired intangible assets |
|
2 |
|
|
|
36 |
|
|
|
54 |
|
|
|
54 |
|
|
|
146 |
|
Professional fees for business combinations |
|
5 |
|
|
|
30 |
|
|
|
1 |
|
|
|
— |
|
|
|
36 |
|
Share-based compensation expense |
|
111 |
|
|
|
180 |
|
|
|
218 |
|
|
|
244 |
|
|
|
753 |
|
Non-GAAP operating income (loss) |
$ |
334 |
|
|
$ |
235 |
|
|
$ |
2,201 |
|
|
$ |
715 |
|
|
$ |
3,485 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP net income (loss) |
$ |
198 |
|
|
$ |
20 |
|
|
$ |
1,464 |
|
|
$ |
380 |
|
|
$ |
2,062 |
|
Amortization of acquired technology |
|
7 |
|
|
|
14 |
|
|
|
14 |
|
|
|
15 |
|
|
|
50 |
|
Amortization of other acquired intangible assets |
|
2 |
|
|
|
36 |
|
|
|
54 |
|
|
|
54 |
|
|
|
146 |
|
Professional fees for business combinations |
|
5 |
|
|
|
30 |
|
|
|
1 |
|
|
|
— |
|
|
|
36 |
|
Share-based compensation expense |
|
111 |
|
|
|
180 |
|
|
|
218 |
|
|
|
244 |
|
|
|
753 |
|
Net (gain) loss on debt securities and other investments |
|
(7 |
) |
|
|
(8 |
) |
|
|
— |
|
|
|
— |
|
|
|
(15 |
) |
Other income from divested businesses [A] |
|
— |
|
|
|
(30 |
) |
|
|
— |
|
|
|
— |
|
|
|
(30 |
) |
Income tax effects and adjustments [B] |
|
(66 |
) |
|
|
(57 |
) |
|
|
(73 |
) |
|
|
(149 |
) |
|
|
(345 |
) |
Non-GAAP net income (loss) |
$ |
250 |
|
|
$ |
185 |
|
|
$ |
1,678 |
|
|
$ |
544 |
|
|
$ |
2,657 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP diluted net income (loss) per share |
$ |
0.75 |
|
|
$ |
0.07 |
|
|
$ |
5.30 |
|
|
$ |
1.37 |
|
|
$ |
7.56 |
|
Amortization of acquired technology |
|
0.03 |
|
|
|
0.05 |
|
|
|
0.05 |
|
|
|
0.06 |
|
|
|
0.18 |
|
Amortization of other acquired intangible assets |
|
— |
|
|
|
0.14 |
|
|
|
0.19 |
|
|
|
0.20 |
|
|
|
0.53 |
|
Professional fees for business combinations |
|
0.02 |
|
|
|
0.11 |
|
|
|
— |
|
|
|
— |
|
|
|
0.13 |
|
Share-based compensation expense |
|
0.42 |
|
|
|
0.66 |
|
|
|
0.79 |
|
|
|
0.88 |
|
|
|
2.76 |
|
Net (gain) loss on debt securities and other investments |
|
(0.03 |
) |
|
|
(0.03 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.05 |
) |
Other income from divested businesses [A] |
|
— |
|
|
|
(0.11 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.11 |
) |
Income tax effects and adjustments [B] |
|
(0.25 |
) |
|
|
(0.21 |
) |
|
|
(0.26 |
) |
|
|
(0.54 |
) |
|
|
(1.26 |
) |
Non-GAAP diluted net income (loss) per share |
$ |
0.94 |
|
|
$ |
0.68 |
|
|
$ |
6.07 |
|
|
$ |
1.97 |
|
|
$ |
9.74 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Shares used in GAAP diluted per share calculation |
|
265 |
|
|
|
273 |
|
|
|
276 |
|
|
|
277 |
|
|
|
273 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Shares used in non-GAAP diluted per share calculation |
|
265 |
|
|
|
273 |
|
|
|
276 |
|
|
|
277 |
|
|
|
273 |
|
[A] |
During the three months ended January 31, 2021, we recorded a $30 million gain from the sale of a note receivable that was previously written off. |
|
[B] |
As discussed in "About Non-GAAP Financial Measures - Income Tax Effects and Adjustments" following Table E, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. 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. |
Смотрите раздел “О финансовых показателях, не относящихся к GAAP” сразу после таблицы E для получения информации об этих показателях, статьях, исключенных из наиболее непосредственно сопоставимых показателей GAAP при определении финансовых показателей, не относящихся к GAAP, и причинах, по которым руководство использует каждую меру и исключает указанные суммы при определении каждого финансового показателя, не относящегося к GAAP.
TABLE C Intuit INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited) |
|||||
|
April 30,
|
|
July 31,
|
||
ASSETS |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
3,531 |
|
$ |
2,562 |
Investments |
|
373 |
|
|
1,308 |
Accounts receivable, net |
|
738 |
|
|
391 |
Income taxes receivable |
|
6 |
|
|
123 |
Prepaid expenses and other current assets |
|
671 |
|
|
316 |
Current assets before funds held for customers |
|
5,319 |
|
|
4,700 |
Funds held for customers |
|
539 |
|
|
457 |
Total current assets |
|
5,858 |
|
|
5,157 |
|
|
|
|
||
Long-term investments |
|
98 |
|
|
43 |
Property and equipment, net |
|
858 |
|
|
780 |
Operating lease right-of-use assets |
|
425 |
|
|
380 |
Goodwill |
|
13,731 |
|
|
5,613 |
Acquired intangible assets, net |
|
7,224 |
|
|
3,252 |
Long-term deferred income taxes |
|
8 |
|
|
8 |
Other assets |
|
312 |
|
|
283 |
Total assets |
$ |
28,514 |
|
$ |
15,516 |
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||
Current liabilities: |
|
|
|
||
Accounts payable |
$ |
900 |
|
$ |
623 |
Accrued compensation and related liabilities |
|
543 |
|
|
530 |
Deferred revenue |
|
741 |
|
|
684 |
Income taxes payable |
|
198 |
|
|
3 |
Other current liabilities |
|
670 |
|
|
358 |
Current liabilities before customer fund deposits |
|
3,052 |
|
|
2,198 |
Customer fund deposits |
|
539 |
|
|
457 |
Total current liabilities |
|
3,591 |
|
|
2,655 |
|
|
|
|
||
Long-term debt |
|
6,853 |
|
|
2,034 |
Long-term deferred income tax liabilities |
|
608 |
|
|
525 |
Operating lease liabilities |
|
415 |
|
|
380 |
Other long-term obligations |
|
86 |
|
|
53 |
Total liabilities |
|
11,553 |
|
|
5,647 |
|
|
|
|
||
Stockholders’ equity |
|
16,961 |
|
|
9,869 |
Total liabilities and stockholders’ equity |
$ |
28,514 |
|
$ |
15,516 |
TABLE D Intuit INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) |
|||||||
|
|
|
|
||||
|
Nine Months Ended |
||||||
|
April 30,
|
|
April 30,
|
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
2,122 |
|
|
$ |
1,682 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation |
|
142 |
|
|
|
122 |
|
Amortization of acquired intangible assets |
|
396 |
|
|
|
128 |
|
Non-cash operating lease cost |
|
62 |
|
|
|
45 |
|
Share-based compensation expense |
|
962 |
|
|
|
509 |
|
Deferred income taxes |
|
106 |
|
|
|
69 |
|
Other |
|
(21 |
) |
|
|
(49 |
) |
Total adjustments |
|
1,647 |
|
|
|
824 |
|
Originations of loans held for sale |
|
— |
|
|
|
(41 |
) |
Sale and principal payments of loans held for sale |
|
— |
|
|
|
144 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(323 |
) |
|
|
(267 |
) |
Income taxes receivable |
|
117 |
|
|
|
68 |
|
Prepaid expenses and other assets |
|
(88 |
) |
|
|
(7 |
) |
Accounts payable |
|
86 |
|
|
|
194 |
|
Accrued compensation and related liabilities |
|
(392 |
) |
|
|
(122 |
) |
Deferred revenue |
|
(2 |
) |
|
|
(13 |
) |
Income taxes payable |
|
195 |
|
|
|
206 |
|
Operating lease liabilities |
|
(62 |
) |
|
|
(45 |
) |
Other liabilities |
|
250 |
|
|
|
85 |
|
Total changes in operating assets and liabilities |
|
(219 |
) |
|
|
99 |
|
Net cash provided by operating activities |
|
3,550 |
|
|
|
2,708 |
|
Cash flows from investing activities: |
|
|
|
||||
Purchases of corporate and customer fund investments |
|
(583 |
) |
|
|
(904 |
) |
Sales of corporate and customer fund investments |
|
1,448 |
|
|
|
152 |
|
Maturities of corporate and customer fund investments |
|
177 |
|
|
|
401 |
|
Purchases of property and equipment |
|
(168 |
) |
|
|
(101 |
) |
Acquisitions of businesses, net of cash acquired |
|
(5,682 |
) |
|
|
(3,064 |
) |
Originations of term loans to small businesses |
|
(613 |
) |
|
|
(135 |
) |
Principal repayments of term loans from small businesses |
|
320 |
|
|
|
86 |
|
Other |
|
(9 |
) |
|
|
37 |
|
Net cash used in investing activities |
|
(5,110 |
) |
|
|
(3,528 |
) |
Cash flows from financing activities: |
|
|
|
||||
Proceeds from issuance of long-term debt |
|
4,700 |
|
|
|
— |
|
Repayments on borrowings under unsecured revolving credit facility |
|
— |
|
|
|
(1,000 |
) |
Proceeds from borrowings under secured revolving credit facility |
|
122 |
|
|
|
— |
|
Repayment of debt |
|
— |
|
|
|
(338 |
) |
Proceeds from issuance of stock under employee stock plans |
|
116 |
|
|
|
137 |
|
Payments for employee taxes withheld upon vesting of restricted stock units |
|
(465 |
) |
|
|
(245 |
) |
Cash paid for purchases of treasury stock |
|
(1,337 |
) |
|
|
(542 |
) |
Dividends and dividend rights paid |
|
(580 |
) |
|
|
(482 |
) |
Net change in customer fund deposits |
|
82 |
|
|
|
(107 |
) |
Other |
|
(9 |
) |
|
|
(2 |
) |
Net cash provided by (used in) financing activities |
|
2,629 |
|
|
|
(2,579 |
) |
Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents |
|
(18 |
) |
|
|
14 |
|
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents |
|
1,051 |
|
|
|
(3,385 |
) |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period |
|
2,819 |
|
|
|
6,697 |
|
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period |
$ |
3,870 |
|
|
$ |
3,312 |
|
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within the condensed consolidated balance sheets to the total amounts reported on the condensed consolidated statements of cash flows |
|
|
|
||||
Cash and cash equivalents |
$ |
3,531 |
|
|
$ |
3,164 |
|
Restricted cash and restricted cash equivalents included in funds held for customers |
|
339 |
|
|
|
148 |
|
Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period |
$ |
3,870 |
|
|
$ |
3,312 |
|
|
|
|
|
||||
Supplemental schedule of non-cash investing activities: |
|
|
|
||||
Issuance of common stock in a business combination |
$ |
6,316 |
|
|
$ |
3,798 |
|
TABLE E Intuit INC. RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL MEASURES TO PROJECTED GAAP REVENUE, OPERATING INCOME, AND EPS (In millions, except per share amounts) (Unaudited) |
||||||||||||||||
|
Forward-Looking Guidance |
|||||||||||||||
|
GAAP Range of Estimate |
|
|
|
Non-GAAP Range of Estimate |
|||||||||||
|
From |
|
To |
|
Adjmts |
|
From |
|
To |
|||||||
Three Months Ending July 31, 2022 |
|
|
|
|
|
|
|
|
|
|||||||
Revenue |
$ |
2,321 |
|
|
$ |
2,362 |
|
|
$ |
— |
|
$ |
2,321 |
|
$ |
2,362 |
Operating income (loss) |
$ |
(147 |
) |
|
$ |
(127 |
) |
|
$ |
527 |
[a] |
$ |
380 |
|
$ |
400 |
Diluted income (loss) per share |
$ |
(0.53 |
) |
|
$ |
(0.47 |
) |
|
$ |
1.47 |
[b] |
$ |
0.94 |
|
$ |
1.00 |
|
|
|
|
|
|
|
|
|
|
|||||||
Twelve Months Ending July 31, 2022 |
|
|
|
|
|
|
|
|
|
|||||||
Revenue |
$ |
12,633 |
|
|
$ |
12,674 |
|
|
$ |
— |
|
$ |
12,633 |
|
$ |
12,674 |
Operating income |
$ |
2,499 |
|
|
$ |
2,519 |
|
|
$ |
1,952 |
[c] |
$ |
4,451 |
|
$ |
4,471 |
Diluted earnings per share |
$ |
6.95 |
|
|
$ |
7.01 |
|
|
$ |
4.73 |
[d] |
$ |
11.68 |
|
$ |
11.74 |
Смотрите раздел “О финансовых показателях, не относящихся к GAAP” сразу после таблицы E для получения информации об этих показателях, статьях, исключенных из наиболее непосредственно сопоставимых показателей GAAP при определении финансовых показателей, не относящихся к GAAP, и причинах, по которым руководство использует каждую меру и исключает указанные суммы при определении каждого финансового показателя, не относящегося к GAAP.
[a] |
Reflects estimated adjustments for share-based compensation expense of approximately $367 million; amortization of acquired technology of approximately $39 million; and amortization of other acquired intangible assets of approximately $121 million. |
[b] |
Reflects estimated adjustments in item [a], income taxes related to these adjustments, and other income tax effects related to the use of the non-GAAP tax rate. |
[c] |
Reflects estimated adjustments for share-based compensation expense of approximately $1.3 billion; professional fees for business combinations of approximately $69 million; amortization of acquired technology of approximately $138 million; and amortization of other acquired intangibles of approximately $416 million. |
[d] |
Reflects estimated adjustments in item [c], income taxes related to these adjustments, other income tax effects related to the use of the non-GAAP tax rate, and $47 million of net gains on other long-term investments. |
Intuit inc. о финансовых показателях, не относящихся к gaap
В сопроводительном пресс-релизе от 24 мая 2022 года содержатся финансовые показатели, не относящиеся к GAAP. В таблицах B1, B2 и E финансовые показатели, не относящиеся к GAAP, в этом пресс-релизе сопоставляются с наиболее непосредственно сопоставимыми финансовыми показателями, подготовленными в соответствии с Общепринятыми принципами бухгалтерского учета (GAAP). Эти финансовые показатели, не относящиеся к GAAP, включают операционный доход (убыток), не относящийся к GAAP, чистую прибыль (убыток), не относящуюся к GAAP, и чистую прибыль (убыток) на акцию, не относящуюся к GAAP.
Финансовые показатели, не относящиеся к ОПБУ, не должны рассматриваться как замена или превосходство показателей финансовой деятельности, подготовленных в соответствии с ОПБУ. Эти финансовые показатели, не относящиеся к GAAP, не отражают всеобъемлющую систему бухгалтерского учета, отличаются от показателей GAAP с теми же названиями и могут отличаться от финансовых показателей, не относящихся к GAAP, с теми же или похожими названиями, которые используются другими компаниями.
Мы рассчитываем финансовые показатели, не относящиеся к GAAP, используя один и тот же последовательный метод из квартала в квартал и из года в год. Мы можем рассмотреть вопрос о том, следует ли исключить другие существенные статьи, которые возникнут в будущем, из наших финансовых показателей, не относящихся к GAAP.
Мы исключаем следующие пункты из всех наших финансовых показателей, не относящихся к GAAP:
Мы также исключаем следующие статьи из чистой прибыли (убытка) не по ОПБУ и разводненной чистой прибыли (убытка) на акцию:
Мы считаем, что эти финансовые показатели, не относящиеся к GAAP, предоставляют значимую дополнительную информацию об операционных результатах Intuit, прежде всего потому, что они исключают суммы, которые мы не рассматриваем как часть текущих операционных результатов при планировании и прогнозировании, а также при оценке эффективности организации, наших отдельных операционных сегментов или нашего высшего руководства. Менеджеры сегмента не несут ответственности за расходы на компенсацию, основанную на акциях, амортизацию или другие исключенные статьи, и, соответственно, мы исключаем эти суммы из наших показателей эффективности сегмента. Мы считаем, что наши финансовые показатели, не относящиеся к GAAP, также облегчают сравнение руководством и инвесторами результатов за текущие периоды и рекомендаций на будущие периоды с результатами за прошлые периоды.
Ниже приведены описания статей, которые мы исключаем из наших финансовых показателей, не относящихся к GAAP.
Компенсационные расходы на основе акций. Они включают в себя неденежные расходы на опционы на акции, ограниченные единицы акций и наш План покупки акций для сотрудников. При рассмотрении влияния вознаграждений за акционерный капитал мы уделяем больше внимания общему размыванию акционеров, а не бухгалтерским расходам, связанным с этими вознаграждениями.
Амортизация приобретенной технологии и амортизация других приобретенных нематериальных активов. Когда мы приобретаем бизнес в рамках объединения бизнеса, ОПБУ требует от нас отражать справедливую стоимость нематериальных активов бизнеса и амортизировать их в течение срока их полезного использования. Амортизация приобретенных технологий в себестоимости выручки включает амортизацию программного обеспечения и других технологических активов приобретенных предприятий. Амортизация прочих приобретенных нематериальных активов в составе операционных расходов включает амортизацию таких активов, как списки клиентов, соглашения об отказе от конкуренции и торговые наименования.
Расходы на обесценение гудвила и нематериальных активов. Мы исключаем из наших финансовых показателей, не относящихся к GAAP, неденежные расходы для корректировки балансовой стоимости гудвила и других приобретенных нематериальных активов до их предполагаемой справедливой стоимости.
Прибыли и убытки от выбытия предприятий и активов с длительным сроком службы. Мы исключаем из наших финансовых показателей, не относящихся к GAAP, прибыли и убытки от выбытия предприятий и долгосрочных активов, поскольку они не связаны с нашими текущими операционными результатами бизнеса.
Профессиональные гонорары и операционные издержки при объединении бизнеса. Мы исключаем из наших финансовых показателей, не относящихся к GAAP, профессиональные гонорары, которые мы несем при завершении объединения бизнеса. К ним относятся инвестиционные банковские, юридические и бухгалтерские сборы.
Прибыли и убытки по долговым ценным бумагам и другим инвестициям. Мы исключаем из наших финансовых показателей, не относящихся к ОПБУ, кредитные убытки по долговым ценным бумагам, имеющимся в наличии для продажи, а также прибыли и убытки по прочим инвестициям.
Влияние и корректировки налога на прибыль. Мы используем долгосрочную налоговую ставку, не связанную с GAAP, для оценки операционных результатов, а также для планирования, прогнозирования и анализа будущих периодов. Эта долгосрочная налоговая ставка, не соответствующая GAAP, исключает влияние на подоходный налог корректировок до налогообложения, не относящихся к GAAP, описанных выше, и устраняет влияние разовых статей и статей, специфичных для конкретного периода, которые могут различаться по размеру и частоте. Основываясь на наших текущих долгосрочных прогнозах, мы используем долгосрочную налоговую ставку без учета GAAP в размере 24% на 2021 и 2022 финансовые годы. Эта долгосрочная налоговая ставка, не соответствующая ОПБУ, может быть изменена по различным причинам, включая значительные приобретения, изменения в нашей географической структуре доходов или фундаментальные изменения налогового законодательства в основных юрисдикциях, в которых мы работаем. Мы будем оценивать эту долгосрочную налоговую ставку, не связанную с GAAP, на ежегодной основе и всякий раз, когда происходят какие-либо существенные события, которые могут существенно повлиять на эту ставку.
Операционные результаты, а также прибыли и убытки от продажи прекращенной деятельности. Время от времени мы продаем или иным образом избавляемся от отдельных операций, поскольку корректируем наш портфель предприятий в соответствии с нашими стратегическими целями. В соответствии с GAAP мы отделяем операционные результаты прекращенной деятельности, а также прибыли и убытки от продажи этих прекращенных операций от продолжающейся деятельности в наших отчетах о прибылях и убытках по GAAP, но продолжаем включать их в чистую прибыль или убыток по GAAP и чистую прибыль или убыток на акцию. Мы исключаем эти суммы из наших финансовых показателей, не относящихся к ОПБУ.
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