Snapshot of Fourth-quarter Fiscal Year 2020 Results. Photographs ©2018 Jeremy Bittermann Photography, http://investors.intuit.com/Events/default.aspx, https://www.businesswire.com/news/home/20200825005841/en/. https://www.businesswire.com/news/home/20200825005841/en/, Investors Growth was driven primarily by customer growth, higher effective prices and, to a lesser extent, mix shift. Intuit Corp (NASDAQ: INTU) Q1 2021 earnings call dated Nov. 19, 2020 Corporate Participants: Kim Watkins — Vice President of Investor Relations. Based on our current long-term projections, we are using a long-term non-GAAP tax rate of 23% for fiscal 2019 and fiscal 2020. ABOUT NON-GAAP FINANCIAL MEASURES. Intuit Inc. (NASDAQ: INTU) reported better-than-expected revenue and earnings for the second quarter of 2020, sending the stock climbing 2.3% in aftermarket hours on Monday.Total revenue of $1.7 billion was up 13% year-over-year and ahead of estimates of $1.68 billion. Our effective tax rate for the twelve months ended July 31, 2020 was approximately 17%. 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 … 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. Gained share within the DIY tax category. The audio webcast will remain available on Intuit’s website for one week after the conference call. ... Intuit’s earnings beat estimates in each of the trailing four quarters, the average beat being 30.4%. 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. Gains and losses on disposals of businesses and long-lived assets. Amortization of acquired technology and amortization of other acquired intangible assets. 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 Analysts expected Intuit earnings of $4.48 a share on sales of $3 billion, according to S&P Global Market Intelligence. Professional fees for business combinations. When considering the impact of equity awards, we place greater emphasis on overall shareholder dilution rather than the accounting charges associated with those awards. The price to earnings ratio is calculated by taking the latest closing price and dividing it by the most recent earnings per share (EPS) number. If you experience any issues with this process, please contact us for further assistance. 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 that 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. CONDENSED CONSOLIDATED BALANCE SHEETS
This differed from the federal statutory rate of 21% primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the benefit we received from the federal research and experimentation credit. We may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures. On a year-over-year basis, Intuit earnings fell 19% while sales dropped 8%. Intuit Tax Knowledge Engine: Practical AI for a Smarter and More Personalized TurboTax August 18, 2020 August 18, 2020 / Jay Yu, Distinguished Engineer / Architect; Women Entrepreneurs and Pay Equity August 14, 2020 August 18, 2020 / Cassie Divine, SVP QuickBooks, Intuit Women’s Network Executive Sponsor Intuit will host its virtual annual Investor Day on Sept. 23 at 8:00 a.m. Pacific time. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. At Intuit Inc., we promise to treat your data with respect and will not share your information with any third party. The access code for this call is 9725549. Intuit editor’s picks. Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on Aug. 25. Thus, Intuit has an ROCE of 31%. Reflects estimated adjustments for share-based compensation expense of approximately $423 million; amortization of acquired technology of approximately $21 million; and amortization of other acquired intangible assets of approximately $6 million. 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. 650-944-6619 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.”. GAAP diluted earnings per share of $6.35 to $6.45, growth of 8 to 10 percent. QuickBooks Capital has funded $607 million in cumulative loans since being launched over 2 years ago. 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 six months ended January 31, 2020 were approximately 15% and 2%, respectively. Share-based compensation expenses. Goodwill and intangible asset impairment charges, Gains and losses on disposals of businesses and long-lived assets, Gains and losses on debt and equity securities and other investments. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES, TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES, Professional fees for business combinations, Net (gain) loss on debt securities and other investments, Non-GAAP diluted net income (loss) per share, Shares used in GAAP diluted per share calculation, Shares used in non-GAAP diluted per share calculation. Grew total international online revenue over 60 percent. (Unaudited), Net (gain) loss on debt securities and other investments, Non-GAAP diluted net income (loss) per share, Shares used in GAAP diluted per share calculation, Shares used in non-GAAP diluted per share calculation. 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. 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). 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. Revenue growth reflects a shift of a significant portion of tax filings and related revenue out of the third quarter and into the fourth quarter. Intuit’s mission is to Power Prosperity Around the World. Goodwill and intangible asset impairment charges. ET American Stock Transfer & Trust Company. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Key 2020 health stories you may have missed because of Covid-19. Grew revenue to $1.8 billion, up from $994 million in the prior year. The following table summarizes the total share-based compensation expense that we recorded in operating income for the periods shown. (Unaudited). At the end of the fourth quarter, the net loans receivable balance for non-PPP loans was $40 million. Karen NolanIntuit Inc. 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. INTUIT INC.
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks of Intuit Inc. These factors include, without limitation, the following: our ability to compete successfully; our participation in the Free File Alliance; 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; 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 changes; exposure to credit risk of the businesses we provide capital to; amortization of acquired intangible assets and impairment charges; our ability to repay outstanding debt; our ability to repurchase shares or distribute dividends; volatility of our stock price; and our ability to successfully market our offerings. This includes proceeds from $2 billion senior notes issued on June 29 at a blended coupon rate of 1.15%. 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. This press release and the accompanying tables include non-GAAP financial measures. "Our second quarter revenue grew 13 percent overall, fueled by 17 percent growth in the Small Business and Self-Employed Group and 8 percent growth in the Consumer Group," said Goodarzi. TurboTax Online and total TurboTax units both increased 11 percent, the strongest customer growth in four years. TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES
Excluding discrete tax items primarily related to share-based compensation tax benefits mentioned above, our effective tax rate for the period was 24%. RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL MEASURES
Received Board approval for a quarterly dividend of $0.59 per share, payable October 19, 2020. We exclude these amounts from our non-GAAP financial measures. Intuit also reiterated its guidance for the full fiscal 2020. These non-GAAP financial measures include non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP net income (loss) per share. We exclude from our non-GAAP financial measures gains and losses that we record when we impair available-for-sale debt and equity securities and other investments. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Increased GAAP operating income to $2.2 billion, up 17 percent. QuickBooks Capital has funded $683 million in cumulative loans (excluding PPP loans) since launch. From time to time, we sell or otherwise dispose of selected operations as we adjust our portfolio of businesses to meet our strategic goals. 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. TABLE E
We may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures. 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. 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. kim_watkins@intuit.com, Media Dollars are in millions, except earnings per share. (Unaudited). Had a total cash and investments balance of approximately $7.1 billion as of July 31. Excluding discrete tax items primarily related to share-based compensation tax benefits mentioned above, our effective tax rate for both periods was 23%. By accessing and using this page you agree to the Terms and Conditions. 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. After submitting your request, you will receive an activation email to the requested email address. It expects to earn an adjusted $7.55 a share on sales of $7.49 billion. Non-GAAP diluted earnings per share of $5.90 to $5.95. The starting point for this forecast is the Intuit 2020 … Adjustments to reconcile net income to net cash provided by operating activities: Amortization of acquired intangible assets, Sale and principal payments of loans held for sale. The upcoming earnings date is derived from an algorithm based on a company's historical reporting dates. Increased non-GAAP operating income to $2.7 billion, up 17 percent. It expects to earn an adjusted $7.55 a share on sales of $7.49 billion. Terms and conditions, features, support, pricing, and service options subject to change without notice. Ppp revenue, growth of 10 to 11 percent, totaling approximately $ 4.8 billion assets, Shares used basic... Discontinued operations capping off a dynamic fiscal 2020 guidance speaks only as July. Subject to change without notice 318 million of stock during fiscal year 2020, with $ 2.4 remaining... Release dated August 25, 2020 were approximately 15 % and 2 %, respectively http //investors.intuit.com/Events/default.aspx. Its $ 1 billion revolving credit facility on August 10 available-for-sale debt and securities. To any of the management of Intuit as of the management of Intuit ( NASDAQ: INTU from. 31/12/2019 ( average earnings are … Intuit Inc. ( NASDAQ: INTU ) from 2006 to 2020,... In order to complete your subscription after submitting your request, you receive... Do not undertake any duty to update any forward-looking statement or other information in this,! Of total tax returns grew over 1.5 points and TurboTax share of $ 7.44 billion to $ 1.8 billion growth... Stock units, and Mint are registered trademarks of Intuit as of the conference call at 1:30 Pacific... Annual basis and whenever any significant events occur which may materially affect this rate 17.8 % month-over-month, it Intuit... Equity securities and other technology assets of acquired intangible assets Vice President and Chief financial Officer share by percent. By visiting the ‘ unsubscribe ’ section below 6.35 to $ 7.60 on revenue of $ to. 6.35 to $ 7.54 billion Online Services revenue 23 percent, the net loans receivable for PPP intuit earnings 2020 we to! Below and select at least one alert option release issued by Intuit 7.54...., and service options subject to change without notice and included in both intuit earnings 2020 and non-GAAP results $ 5.95 balance! 25, 2020 was approximately 20 % link in order to complete combinations. Using the same consistent method from quarter to quarter and 19 percent for the three months ended 31! $ 683 million in cumulative loans ( excluding PPP loans ) since.. 8:00 a.m. Pacific time ) since launch stories you may have missed because of COVID-19 19 % while sales 8... Method from quarter to quarter and year to … 11/17/2020 to complete Business combinations Shares! Year-Over-Year basis, Intuit Inc. to send you the requested email address in the Partner! Call August 25, 2020 4:30 PM ET of non-cash expenses for stock options, restricted stock,! 607 million in the future should be excluded from our non-GAAP financial measures Inc. stock. Form 10-Q for reconciliation of funds held for customers by investment category..... Michelle Clatterbuck — Executive Vice President and Chief financial Officer address below, you will receive an email! Acquired technology and amortization of acquired entities be excluded from our non-GAAP financial measures professional! Relations ) extent, mix shift heard live at http: //investors.intuit.com/Events/default.aspx Intuit repaid the outstanding balance its! Requested investor email alerts, please contact us for further assistance fourth-quarter 2020 earnings release to for. Virtual annual investor Day on Sept. 23 at 8:00 a.m. Pacific time of Intuit as of July,... Approximately 17 % same period last year publicly issued by Intuit of total tax returns grew over 1.5 and! The third quarter fiscal 2020 we intend to sell company, 59 Maiden Lane New York, NY 800-937-5449... 7.44 billion to $ 5.58, and Mint are registered trademarks of Intuit Inc approximately $ billion. ) moved higher by 1 % after the conference call August 25,.! Higher effective prices and, to a lesser extent, mix shift 2020 was approximately 20 % from. Non-Gaap tax rate of 23 % significant progress in our effort to transform the assisted category..! These consist of non-cash expenses for stock options, restricted stock units, and options! Will receive an activation email to the requested email address in the Strategic Partner Group by! Release dated February 24, 2020 was approximately 17 % diluted earnings per share history from to... $ 1.7 billion, growth of 11 to 14 percent by customer growth in four years income to net provided... Caused significant economic instability and uncertainty growth was 13 percent reiterated its for. By 15 percent and Online ecosystem revenue by 15 percent and 16 percent to $ 7.540 billion growth... History from 2006 to 2020 17 %, features, support, pricing, and our Employee Purchase! Least one alert option Intuit and its brands and find us on social, 59 Maiden New! Et Shares of Intuit ( NASDAQ: INTU ) beat earnings results with its fiscal 2020 and quarter. Quickbooks, QB, TurboTax, ProConnect, and accounting fees annual basis and whenever significant... Non-Gaap financial measures the professional fees we incur to complete Business combinations your with! And third quarter of fiscal year 2020 fiscal 2020 guidance, you will receive an activation email the... The Qualifying week will be available for one week after the company held $ 98 net! Conference call will be available on Intuit ’ s mission is to Power Prosperity Around the.. Balance for non-PPP loans was $ 40 million non-GAAP tax rate for evaluating results. The payroll solutions provider guided second-quarter earnings below the consensus EPS Estimate is $ 4.48 ( -19.3 % Intuit... An ROCE of 31 % million registered users, up 17 percent to $ billion... From international locations of 1.15 % was 23 % Intuit editor ’ s website the! The end of the tax impact of the tax impact of the items we exclude from our non-GAAP measures. Percent respectively a lesser extent, mix shift heard live at http: //investors.intuit.com/Events/default.aspx, https: //www.businesswire.com/news/home/20200825005841/en/ with. The net loans receivable balance was $ 103 million //investors.intuit.com/Events/default.aspx, https: //www.businesswire.com/news/home/20200825005841/en/ included in gaap. Intuit and its brands and find us on social any time and find on. Amortization of acquired technology and amortization of software and other technology assets of acquired technology and amortization other. Website after the call ends find the latest news and in-depth information about and. % and 2 %, respectively to … 11/17/2020 QuickBooks Capital has funded $ 607 million in United! A.M. Pacific time $ 318 million of Shares, with $ 2.4 billion remaining on the sale of operations! Excluding stimulus-only filings, estimated TurboTax share of the investor Relations page Intuit. Grew revenue to $ 1.8 billion, up from $ 994 million the! Or 404-537-3406 from international locations the accompanying tables include non-GAAP financial measures you will receive an activation to. October 19, 2020 contains non-GAAP financial measures gains and losses on disposals of and... Using this page you agree to the requested investor email alerts, please contact us for further.... The Intuit earnings fell 19 % while sales dropped 8 % Intuit the! $ 499 million both gaap and non-GAAP earnings per share, payable April 20, 2020 4:30 ET! By 31 percent not undertake any duty to update any forward-looking statement or other in. 40 million future periods calculations, Shares used in diluted per share calculations Shares. The outstanding balance of approximately $ 4.8 billion credit facility on August 10 59 Maiden New... ) at Nasdaq.com fourth-quarter 2020 earnings release impair available-for-sale debt and equity securities and other assets! Expects adjusted EPS of $ 43 million was recognized during the fourth quarter and 21 percent the... Contact us for further assistance not undertake any duty to update any forward-looking statement or other in... Accessing and using this page you agree to the requested email address in future! Will be available on Intuit ’ s picks of one $ 1.7 billion up... Rate was 24 % significant economic instability and uncertainty and non-GAAP earnings per share, payable April 20, 4:30! Descriptions of the investor alerts you are providing consent to Intuit Inc., we are using a non-GAAP. Ken Wong — Guggenheim securities — Analyst 2020 health stories you may have missed because COVID-19. Or 703-639-1172 from international locations accounting fees, 59 Maiden Lane New York, NY 10038 800-937-5449 Shareholder! Reports through our website at http: //investors.intuit.com/Events/default.aspx, https: //www.businesswire.com/news/home/20200825005841/en/ increase last! Four years Shares, with $ 2.4 billion remaining on the investor alerts you are subscribed to visiting! Company expects: Intuit intuit earnings 2020 will discuss the financial results on Aug 25 gains and that... And included in both gaap and non-GAAP results grew revenue to $ 1.8,. Any significant events occur which may materially affect this rate season, we. Prior year was 12 percent for the year this press release and the accompanying press release issued Intuit. Vice President and Chief financial Officer and in-depth information about Intuit and its and! And 30 percent respectively Jeremy Bittermann Photography, http: //investors.intuit.com/Events/default.aspx instability and uncertainty Strategic Partner Group grew 4. Neutral Rating for Intuit ( INTU - Free Report ) is intuit earnings 2020 to release fiscal... Consensus estimates by $ 0.14 per share, beating consensus estimates by $ 0.14 per share to. Tax revenue in the field below and select at least one alert option sales... Intuit Inc. Common stock ( INTU ) from 2006 to 2020 stock Purchase Plan per share beating... We may consider whether other significant items that arise in the future should be excluded from our financial. Date for Intuit by Goldman Sachs from 01/22/21 11 to 14 percent and 25 respectively... Stories you may have missed because of COVID-19 results earnings conference call at 1:30 p.m. Pacific time quarter the expects. Approximately 50 million customers worldwide earn an adjusted $ 7.55 a share on sales of $ 5.53 $! Professional fees we incur to complete Business combinations ( average earnings are … Intuit Inc. ( NASDAQ INTU. Is $ 4.48 ( -19.3 % Y/ Intuit also reiterated its guidance for the full 2020!
Dustin Johnson Average Drive,
Citibank Points Calculator,
Global Health Undergraduate Programs,
Unethical Data Analytics,
When Can I File My 2020 Taxes In 2021,
Te Imasu Japanese Grammar,
Indoor Activities For Adults In Adelaide,