The conference call can also be heard live at http://investors.intuit.com/Events/default.aspx. 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. Excluding tax benefits related to share-based compensation, our effective tax rate was 21% and did not differ significantly from the federal statutory rate. If you experience any issues with this process, please contact us for further assistance. 59 Maiden Lane New York, NY 10038 800-937-5449 (Shareholder Relations) However, the payroll solutions provider guided second-quarter earnings below the consensus estimates. INTUIT INC. Intuit Q4 2020 Earnings Preview Aug. 24, 2020 5:35 PM ET Intuit Inc. (INTU) By: Jignesh Mehta , SA News Editor Intuit (NASDAQ: INTU ) is scheduled to announce Q4 earnings … The consensus mark for earnings is pegged at 38 cents per share, suggesting a decline of 7.3% from the year-ago quarter’s earnings 41 cents. These non-GAAP financial measures include non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP net income (loss) per share. This long-term non-GAAP tax rate could be subject to change for various reasons including significant changes in our geographic earnings mix or fundamental tax law changes in major jurisdictions in which we operate. Kim Watkins Excluding stimulus-only filings, estimated TurboTax share of total tax returns grew over 1.5 points and TurboTax share of the DIY category was flat. Our effective tax rates for the three and six months ended January 31, 2020 were approximately 15% and 2%, respectively. You can locate these reports through our website at http://investors.intuit.com. TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES Adjustments to reconcile net income to net cash provided by operating activities: Amortization of acquired intangible assets. 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. 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. 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. These include investment banking, legal, and accounting fees. We may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures. Key 2020 health stories you may have missed because of Covid-19. See “About Non-GAAP Financial Measures” immediately following Table D 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. Non-GAAP operating income of … We use a long-term non-GAAP tax rate for evaluating operating results and for planning, forecasting, and analyzing future periods. American Stock Transfer & Trust Company. Sasan Goodarzi — Chief Executive Officer. Please visit us for the latest news and in-depth information about Intuit and its brands and find us on social. (Shareholder Relations). Gains and losses on debt and equity securities and other investments. Earnings Results Intuit’s ‘strong’ first quarter: Profit more than triples, revenue rises 14% Published: Nov. 19, 2020 at 4:41 p.m. You must click the activation link in order to complete your subscription. These non-GAAP financial measures include non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP net income (loss) per share. Excluding nonrecurring PPP revenue, growth was 14 percent and 30 percent respectively. T he Relevant Period in this example is 01/11/2019 to 31/12/2019 (average earnings are … Sasan Goodarzi — Chief Executive Officer. TurboTax Online and total TurboTax units both increased 11 percent, the strongest customer growth in four years. Snapshot of Fourth-quarter Fiscal Year 2020 Results. Unit data is for the period November 1, 2019 to July 31, 2020 for the season through July 31, 2020 and for November 1, 2018 to July 31, 2019 for the season through July 31, 2019. 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. (In millions) 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 The conference call can also be heard live at http://investors.intuit.com/Events/default.aspx. Intuit editor’s picks. Operating results and gains and losses on the sale of discontinued operations. Amortization of other acquired intangible assets in operating expenses includes amortization of assets such as customer lists, covenants not to compete, and trade names. At the end of the second quarter, the net loans receivable balance was $103 million. Our effective tax rate for the three months ended January 31, 2019 was approximately 20%. View source version on businesswire.com: We exclude these amounts from our non-GAAP financial measures. INTUIT INC. Cautions About Forward-looking Statements. Grew revenue to $1.8 billion, up from $994 million in the prior year. It expects to earn an adjusted $7.55 a share on sales of $7.49 billion. 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. We recognized excess tax benefits on share-based compensation of $90 million in our provision for income taxes for the twelve months ended July 31, 2020 and $120 million for the twelve months ended July 31, 2019. Revenue of $7.440 billion to $7.540 billion, growth of 10 to 11 percent. RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL MEASURES (Unaudited), Prepaid expenses and other current assets, Current assets before funds held for customers, Accrued compensation and related liabilities, Current liabilities before customer fund deposits, Long-term deferred income tax liabilities, Total liabilities and stockholders’ equity, TABLE D You must click the activation link in order to complete your subscription. Reflects estimated adjustments for share-based compensation expense of approximately $103 million; amortization of acquired technology of approximately $5 million; and amortization of other acquired intangible assets of approximately $2 million. Photographs ©2018 Jeremy Bittermann Photography, http://investors.intuit.com/Events/default.aspx, https://www.businesswire.com/news/home/20200825005841/en/. The financial software giant is set to report fourth quarter fiscal 2020 earnings results after the closing bell Tuesday. Increased Online Services revenue 23 percent, driven by QuickBooks Online payroll and QuickBooks Online payments. Turning to guidance, our Q3 fiscal 2020 guidance includes revenue growth of 10% to 11%, GAAP earnings per share of $5.53 to $5.58, and non-GAAP earnings per … The following are descriptions of the items we exclude from our non-GAAP financial measures. Terms and conditions, features, support, pricing, and service options subject to change without notice. Intuit’s mission is to Power Prosperity Around the World. GAAP CONSOLIDATED STATEMENTS OF OPERATIONS, Amortization of other acquired intangible assets, Shares used in basic per share calculations, Shares used in diluted per share calculations. As of July 31, 2020, Intuit and its bank partners helped make available just over $1.2 billion of approved small business loans to customers from the PPP through QuickBooks Capital. The company expects: Revenue of $7.440 billion to $7.540 billion, growth of 10 to 11 percent. Intuit Inc. (INTU) CEO Sasan Goodarzi on Q1 2020 Results - Earnings Call Transcript Nov. 21, 2019 • 1 Comment Intuit Inc. (INTU) CEO Sasan Goodarzi on Q4 2019 Results - Earnings Call Transcript TABLE E 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. At Intuit Inc., we promise to treat your data with respect and will not share your information with any third party. Gains and losses on disposals of businesses and long-lived assets. Fiscal 2020 and third quarter fiscal 2020 guidance speaks only as of the date it was publicly issued by Intuit. This press release and the accompanying tables include non-GAAP financial measures. It still expects adjusted EPS of $7.50 to $7.60 on revenue of $7.44 billion to $7.54 billion. INTUIT INC. 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. TurboTax Live had another great season, as we made significant progress in our effort to transform the assisted category.". Intuit editor’s picks. 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 accompanying press release dated August 25, 2020 contains non-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%. Net Income, Earnings, And Earnings … 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. TABLE B2 Our platform and products help customers get more money with the least amount of work, while giving them complete confidence in their actions and decisions. A replay of the conference call will be available for one week by calling 855-859-2056, or 404-537-3406 from international locations. Amortization of acquired technology and amortization of other acquired intangible assets. After submitting your request, you will receive an activation email to the requested email address. Other 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. ET Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. We use a long-term non-GAAP tax rate for evaluating operating results and for planning, forecasting, and analyzing future periods. Increased Small Business and Self-Employed Group revenue by 16 percent to $1.0 billion and Online Ecosystem revenue by 29 percent. By accessing and using this page you agree to the Terms and Conditions. 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. Increased Consumer Group revenue to $710 million. This press release contain forward-looking statements, including the impact of the COVID-19 pandemic on Intuit’s business; the timing of when individuals will file their tax returns; Intuit’s prospects for the business in fiscal 2021 and beyond; expectations regarding Intuit’s growth outside the US; expectations regarding timing and growth of revenue for each of Intuit’s reporting segments and from current or future products and services; expectations regarding customer growth; expectations regarding Intuit’s corporate tax rate; 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 the impact of our strategic decisions on Intuit’s business; and expectations regarding the timing, completion and impact of the Credit Karma acquisition. This represents a 11 percent increase versus last year. Amortization of acquired technology in cost of revenue includes amortization of software and other technology assets of acquired entities. QuickBooks Capital has funded $683 million in cumulative loans (excluding PPP loans) since launch. ... Intuit’s earnings beat estimates in each of the trailing four quarters, the average beat being 30.4%. Dollars are in millions, except earnings per share. 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). You can unsubscribe to any of the investor alerts you are subscribed to by visiting the ‘unsubscribe’ section below. As of July 31, 2020, Intuit and its bank partners helped make available just over $1.2 billion of approved small business loans to customers from the PPP through QuickBooks Capital. Repurchased $318 million of stock during fiscal year 2020, with $2.4 billion remaining on the company's authorization. 650-944-3324 Total revenue to $1.7 billion, up 13 percent. The Intuit earnings report also the company reiterating its fiscal 2020 guidance. We compute non-GAAP financial measures using the same consistent method from quarter to quarter and year to year. Goodwill and intangible asset impairment charges. Prepared remarks for the call will be available on Intuit’s website after the call ends. 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 executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on Aug. 25. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the ‘unsubscribe’ section below. (In millions, except per share amounts) Increased online services revenue 21 percent for the quarter and 21 percent for the year. Analysts: Ken Wong — Guggenheim Securities — Analyst. Terms and conditions, features, support, pricing, and service options subject to change without notice. Intuit EPS for the twelve months ending October 31, 2020 was $7.45, a 24.58% … Income tax effects and adjustments. 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. Received Board approval for a quarterly dividend of $0.53 per share, payable April 20, 2020. The company expects: Intuit reiterated guidance for full fiscal year 2020. Amortization of other acquired intangible assets in operating expenses includes amortization of assets such as customer lists, covenants not to compete, and trade names. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Grew combined QBO and TTO platform revenue 22 percent, totaling approximately $4.8 billion. 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 … Forward-looking statements represent the judgment of the management of Intuit as of the date of this presentation. You can locate these reports through our website at http://investors.intuit.com. Non-GAAP diluted earnings per share of $5.90 to $5.95. Intuit also reiterated its guidance for the full fiscal 2020. 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. https://www.businesswire.com/news/home/20200825005841/en/, Investors The formula for this calculation on Intuit is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) 0.31 = US$2.4b ÷ (US$9.7b - US$2.2b) (Based on the trailing twelve months to October 2020). Non-GAAP diluted earnings per share of $7.50 to $7.60, growth of 11 to 13 percent. 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). Amortization of other acquired intangible assets, Shares used in basic per share calculations, Shares used in diluted per share calculations. A replay of the conference call will be available for one week by calling 855-859-2056, or 404-537-3406 from international locations. 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. In this example, the Qualifying Week will be Sunday 12/01/2020 to Saturday 18/01/2020. Intuit Inc. (NASDAQ: INTU) reported a 67% jump in earnings for the first quarter of 2020 helped by higher revenues and income tax benefit.The results exceeded analysts’ expectations. New York, NY 10038 Intuit Inc. (Nasdaq: INTU), maker of TurboTax, QuickBooks and Mint, announced financial results for the third quarter of fiscal 2020, which ended April 30. It still expects adjusted EPS of $7.50 to $7.60 on revenue of $7.44 billion to $7.54 billion. We exclude from our non-GAAP financial measures the professional fees we incur to complete business combinations. It expects to earn an adjusted $7.55 a share on sales of $7.49 billion. See quarterly reports filed on Form 10-Q for reconciliation of funds held for customers by investment category. For the six months ended January 31, 2019 we recorded a tax benefit of $2 million on pretax income of $221 million. Intuit’s mission is to Power Prosperity Around the World. Grew total international online revenue over 60 percent. Consumer Group revenue by 8 percent to $499 million. 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. TABLE B1 & Trust Company, 59 Maiden Lane This includes proceeds from $2 billion senior notes issued on June 29 at a blended coupon rate of 1.15%. Feb 25, 2020 9:19AM EST Intuit Inc. INTU reported second-quarter fiscal 2020 non-GAAP earnings of $1.16 per share, beating than the Zacks Consensus … 800-937-5449 This resulted in approximately $30 million in non-recurring revenue in the fourth quarter, with roughly $16 million included in online services revenue and $14 million included in desktop services revenue. (Unaudited), Professional fees for business combinations, TABLE C "Tax season is well-underway and we’re focused on helping consumers make ends meet and getting their largest tax refund, while delivering the best experience across our products.". On a year-over-year basis, Intuit earnings fell 19% while sales dropped 8%. The audio webcast will remain available on Intuit’s website for one week after the conference call. Small Business Online Ecosystem revenue by 35 percent. QuickBooks Capital has funded $607 million in cumulative loans since being launched over 2 years ago. You can sign up for additional alert options at any time. 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.”. 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