Intuit Inc. (Nasdaq: INTU) the global financial technology
platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and
Mailchimp, reaffirmed its financial guidance for the first quarter
and full fiscal year 2024 in conjunction with its Investor Day,
being held today at the company's Mountain View, CA, headquarters.
The meeting begins at 8:00 a.m. PT.
Intuit leaders will discuss the company's plan to accelerate
innovation and drive durable growth. Speakers include:
- Sasan Goodarzi, chief executive officer
- Sandeep Aujla, chief financial officer
- Alex Balazs, executive vice president, chief technology
officer
- Marianna Tessel, executive vice president and general manager,
Small Business and Self-Employed Group
- Mark Notarainni, executive vice president and general manager,
Consumer Group
- Kenneth Lin, chief executive officer and founder, Credit
Karma
In addition, Intuit will share a platform immersion experience
highlighting the company's strategy and latest innovations.
“We are entering Intuit’s most exciting era yet. With data and
AI core to fueling innovation we are transforming into a global
financial technology platform where we do the hard work on behalf
of our customers,” said Goodarzi. “Our strategy is to be the global
AI-driven expert platform powering prosperity for consumers and
small businesses, and it is driving durable growth and
momentum.”
Reiterates First-Quarter And Fiscal Year 2024
Guidance
Intuit reiterated the first-quarter and full-year fiscal 2024
guidance, previously announced on Aug. 24, 2023. For the full
fiscal year, the company expects:
- Revenue of $15.890 billion to $16.105 billion, growth of
approximately 11 to 12 percent.
- GAAP operating income of $3.615 billion to $3.720 billion,
growth of approximately 15 to 18 percent.
- Non-GAAP operating income of $6.155 billion to $6.260 billion,
growth of approximately 12 to 14 percent.
- GAAP diluted earnings per share of $9.37 to $9.67, growth of
approximately 11 to 15 percent.
- Non-GAAP diluted earnings per share of $16.17 to $16.47, growth
of approximately 12 to 14 percent.
The company expects the following segment revenue results for
fiscal year 2024:
- Small Business and Self-Employed Group: growth of 16 to 17
percent.
- Consumer Group: growth of 7 to 8 percent.
- ProTax Group: growth of 3 to 4 percent.
- Credit Karma: decline of 3 percent to growth of 3 percent.
For the first quarter of fiscal year 2024, which ends Oct. 31,
the company expects:
- Revenue growth of approximately 10 to 11 percent.
- GAAP earnings per share of $0.15 to $0.21.
- Non-GAAP diluted earnings per share of $1.94 to $2.00.
Investor Day: How To Participate
The half-day event will be broadcast live via webcast available
on Intuit’s website and can be heard at
https://investors.intuit.com/events-and-presentations/default.aspx.
A replay of the video broadcast and webcast will be available on
Intuit’s website approximately two hours after the meeting
ends.
About Intuit
Intuit is the global financial technology platform that powers
prosperity for the people and communities we serve. With 100
million customers worldwide using TurboTax, Credit Karma,
QuickBooks, 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 at
Intuit.com and find us on social for the latest information about
Intuit and our products and services.
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 1. 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: forecasts and timing of growth
and future financial results of Intuit and its reporting segments;
our prospects for the business in fiscal 2024 and beyond; our
growth outside the US; the timing and growth of revenue from
current or future products and services; our corporate tax rate;
and the timing and impact of our strategic decisions and
initiatives on our business; as well as all of the statements under
the heading "Reiterates First-quarter And Fiscal Year 2024
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 effects of global developments and
conditions or events, including macroeconomic uncertainty and
geopolitical conditions, which have caused significant global
economic instability and uncertainty. Given these risks and
uncertainties, persons reading this communication are cautioned not
to place any undue reliance on such forward-looking statements.
These factors include, without limitation, the following: our
ability to compete successfully; our ability to develop, deploy,
and use artificial intelligence in our platform and products; our
ability to adapt to technological change and to successfully extend
our platform; our ability to predict consumer behavior; our
reliance on intellectual property; our ability to protect our
intellectual property rights; any harm to our reputation; risk
associated with our ESG and DEI practices; risks associated with
acquisition and divestiture activity; the issuance of equity or
incurrence of debt to fund acquisitions or for general business
purposes; 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 and the
success of our hybrid work model; any deficiency in the quality or
accuracy of our offerings (including the advice given by experts on
our platform); any delays in product launches; difficulties in
processing or filing customer tax submissions; risk associated with
climate change; changes to public policy, laws or regulations
affecting our businesses; legal proceedings in which we are
involved; the seasonal nature of our tax business and other factors
beyond our control; 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 2023 and in
our other SEC filings. You can locate these reports through our
website at http://investors.intuit.com. Fiscal 2024 full-year and
Q1 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.
Except as required by law, we do not undertake any duty to update
any forward-looking statement or other information in this
presentation.
TABLE 1
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 October 31,
2023
Revenue
$
2,860
$
2,895
$
—
$
2,860
$
2,895
Operating income
$
123
$
143
$
638
[a]
$
761
$
781
Diluted earnings per share
$
0.15
$
0.21
$
1.79
[b]
$
1.94
$
2.00
Twelve Months Ending July 31,
2024
Revenue
$
15,890
$
16,105
$
—
$
15,890
$
16,105
Operating income
$
3,615
$
3,720
$
2,540
[c]
$
6,155
$
6,260
Diluted earnings per share
$
9.37
$
9.67
$
6.80
[d]
$
16.17
$
16.47
See “About Non-GAAP Financial Measures”
immediately following Table 1 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 $480 million;
amortization of acquired technology of approximately $38 million;
and amortization of other acquired intangible assets of
approximately $120 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 $1.9 billion;
amortization of acquired technology of approximately $144 million;
and amortization of other acquired intangibles of approximately
$482 million.
[d]
Reflects estimated adjustments in item
[c], income taxes related to these adjustments, and other income
tax effects related to the use of the non-GAAP tax rate.
INTUIT INC. ABOUT NON-GAAP FINANCIAL
MEASURES
The accompanying press release dated September 28, 2023 contains
non-GAAP financial measures. Table 1 reconciles 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:
- Share-based compensation expense
- Amortization of acquired technology
- Amortization of other acquired intangible assets
- Goodwill and intangible asset impairment charges
- Gains and losses on disposals of businesses and long-lived
assets
- Professional fees and transaction costs for business
combinations
We also exclude the following items from non-GAAP net income
(loss) and diluted net income (loss) per share:
- Gains and losses on debt and equity securities and other
investments
- Income tax effects and adjustments
- Discontinued operations
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 2024. 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.
The reconciliations of the forward-looking non-GAAP financial
measure to the most directly comparable GAAP financial measures in
Table 1 include all information reasonably available to Intuit at
the date of this press release. These tables include adjustments
that we can reasonably predict. Events that could cause the
reconciliation to change include acquisitions and divestitures of
businesses, goodwill and other asset impairments, sales of
available-for-sale debt securities and other investments, and
disposals of business and long-lived assets.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230928913244/en/
Investors Kim Watkins Intuit Inc. 650-944-3324
kim_watkins@intuit.com
Media Kali Fry Intuit Inc. 650-944-3036
kali_fry@intuit.com
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