TurboTax Live had another great season, as we made significant progress in our effort to transform the assisted category.". See quarterly reports filed on Form 10-Q for reconciliation of funds held for customers by investment category. Share-based compensation expenses. Gains and losses on debt and equity securities and other investments. We exclude these amounts from our non-GAAP financial measures. 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. 650-944-6619 Intuit also reiterated its guidance for the full fiscal 2020. INTUIT INC. Increased Consumer Group revenue to $710 million. Grew total international online revenue over 60 percent. ABOUT NON-GAAP FINANCIAL MEASURES. The audio webcast will remain available on Intuit’s website for one week after the conference call. On a year-over-year basis, Intuit earnings fell 19% while sales dropped 8%. Growth was driven by QuickBooks Online payments, QuickBooks Capital, QuickBooks Online payroll and TSheets. 650-944-3324 Small Business and Self-Employed Group Revenue Growth, Online Services Revenue (Excluding PPP Revenue), Online Ecosystem Revenue (Excluding PPP Revenue), Small Business and Self-Employed Group Revenue, Small Business and Self-Employed Group Revenue (Excluding PPP Revenue). You must click the activation link in order to complete your subscription. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Intuit announced guidance for the third quarter of fiscal year 2020, which ends April 30. 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. ET Amortization of other acquired intangible assets, Shares used in basic per share calculations, Shares used in diluted per share calculations. New York, NY 10038 INTUIT INC. The topline results were driven by a 17% increase in Small Business and Self-Employed Group and an 8% increase in Consumer … TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES Grew Small Business and Self-Employed Group revenue by 15 percent and Online Ecosystem revenue by 31 percent. 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 … 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. Shares of Intuit (NASDAQ:INTU) moved higher by 1% after the company reported Q1 results.. Quarterly Results. Non-GAAP operating income of $2.515 billion to $2.565 billion, growth of 10 to 12 percent. At the end of the second quarter, the net loans receivable balance was $103 million. Excluding tax benefits related to share-based compensation, our effective tax rate was 21% and did not differ significantly from the federal statutory rate. To hear the call, dial 844-246-4601 in the United States or 703-639-1172 from international locations. 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. GAAP operating income of $2.065 billion to $2.115 billion, growth of 11 to 14 percent. Intuit also reiterated its guidance for the full fiscal 2020. 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. Reflects the 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. 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 consist of non-cash expenses for stock options, restricted stock units, and our Employee Stock Purchase Plan. Goodwill and intangible asset impairment charges. 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. Non-GAAP operating income of … Intuit (NASDAQ: INTU) releases its next round of earnings this Thursday, November 19.Here is Benzinga's essential guide to Intuit's Q1 earnings report. (Unaudited), Professional fees for business combinations, TABLE C At Intuit Inc., we promise to treat your data with respect and will not share your information with any third party. At Intuit Inc., we promise to treat your data with respect and will not share your information with any third party. (In millions, except per share amounts) Sasan Goodarzi — Chief Executive Officer. 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 following are descriptions of the items we exclude from our non-GAAP financial measures. (In millions, except per share amounts) You can sign up for additional alert options at any time. Prepared remarks for the call will be available on Intuit’s website after the call ends. (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. Intuit editor’s picks. Intuit repaid the outstanding balance of its $1 billion revolving credit facility on August 10. Amortization of acquired technology in cost of revenue includes amortization of software and other technology assets of acquired entities. The topline results were driven by a 17% increase in Small Business and Self-Employed Group and an 8% increase in Consumer … 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 … View source version on businesswire.com: For the three and six months ended January 31, 2019, we recognized excess tax benefits on share-based compensation of $8 million and $49 million, respectively, in our provision for income taxes. GAAP diluted earnings per share of $6.35 to $6.45, growth of 8 to 10 percent. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. As discussed in “About Non-GAAP Financial Measures - Income Tax Effects and Adjustments” following Table D, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. Amortization of acquired technology and amortization of other acquired intangible assets. The following are descriptions of the items we exclude from our non-GAAP financial measures. 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 TurboTax Online and total TurboTax units both increased 11 percent, the strongest customer growth in four years. Goodwill and intangible asset impairment charges. 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. When we acquire an entity, we are required by GAAP to record the fair values of the intangible assets of the entity and amortize them over their useful lives. Gained share within the DIY tax category. We use a long-term non-GAAP tax rate for evaluating operating results and for planning, forecasting, and analyzing future periods. Intuit … "We are halfway through our fiscal year and continue to see strong momentum as we make progress on our strategy to become an A.I.-driven expert platform," said Sasan Goodarzi, Intuit's chief executive officer. 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 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. 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. Terms and conditions, features, support, pricing, and service options subject to change without notice. Our effective tax rate for the twelve months ended July 31, 2020 was approximately 17%. & Trust Company, 59 Maiden Lane 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. (In millions) 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. Analysts: Ken Wong — Guggenheim Securities — Analyst. 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. Our commitment to offering free tax prep for those who need it most with a robust free offering has resulted in over 70 million TurboTax customers who paid nothing for their TurboTax experience over the last 6 years. 800-937-5449 These include investment banking, legal, and accounting fees. Intuit’s mission is to Power Prosperity Around the World. Note: You can use the Statutory Maternity Pay Tables 2020 to work out what the qualifying weeks are. RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR 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. The event will include presentations from Sasan Goodarzi, president and chief executive officer, Michelle Clatterbuck, chief financial officer, and other leaders. You can locate these reports through our website at http://investors.intuit.com. See “About Non-GAAP Financial Measures” immediately following this Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure. Excluding discrete tax items primarily related to share-based compensation tax benefits mentioned above, our effective tax rate for the period was 24%. The company expects: Intuit reiterated guidance for full fiscal year 2020. GAAP earnings per share of $5.53 to $5.58, and. Our innovative ecosystem of financial management solutions serves approximately 50 million customers worldwide. ... Intuit’s earnings beat estimates in each of the trailing four quarters, the average beat being 30.4%. 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). 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. Professional tax revenue in the Strategic Partner Group grew by 4 percent for the year. Professional fees for business combinations. See “About Non-GAAP Financial Measures” below for more information regarding financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP). & Trust Company, 59 Maiden Lane "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.". These include investment banking, legal, and accounting fees. 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. EPS of $1.81 beats by $0.69 | Revenue of $1.82B (82.70% Y/Y) beats by $243.70M. The consensus EPS Estimate is $4.48 (-19.3% Y/ 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 … 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. Intuit (NASDAQ:INTU) is scheduled to announce Q3 earnings results on Thursday, May 21st, after market close. 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. 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. Photographs ©2018 Jeremy Bittermann Photography, Intuit Second Quarter Revenue Increased 13 Percent; Small Business Online Ecosystem Revenue Grew 35 Percent, http://investors.intuit.com/Events/default.aspx. After submitting your request, you will receive an activation email to the requested email address. 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. By accessing and using this page you agree to the Terms and Conditions. Please visit us for the latest news and in-depth information about Intuit and its brands and find us on social. Current and historical p/e ratio for Intuit (INTU) from 2006 to 2020. For the fourth fiscal quarter and full fiscal year: Grew QuickBooks Online accounting revenue 34 percent for the quarter and 38 percent for the year. Please visit us for the latest news and in-depth information about Intuit and its brands and find us on social. Earnings Results Intuit’s ‘strong’ first quarter: Profit more than triples, revenue rises 14% Published: Nov. 19, 2020 at 4:41 p.m. 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. The Intuit earnings report also the company reiterating its fiscal 2020 guidance. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. 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. Intuit Inc. is estimated to report earnings on 02/22/2021. Non-GAAP diluted earnings per share of $7.50 to $7.60, growth of 11 to 13 percent. Intuit reiterated guidance for full fiscal year 2020. To hear the call, dial 844-246-4601 in the United States or 703-639-1172 from international locations. Sasan Goodarzi — Chief Executive Officer. When considering the impact of equity awards, we place greater emphasis on overall shareholder dilution rather than the accounting charges associated with those awards. We evaluate this long-term non-GAAP tax rate on an annual basis and whenever any significant events occur which may materially affect this rate. The Intuit earnings report also the company reiterating its fiscal 2020 guidance. Terms and conditions, features, support, pricing, and service options subject to change without notice. After seeing an impact on small businesses from shelter-in-place during the third quarter, we saw trends across our business improve during the fourth quarter, highlighting the resiliency of our platform," said Sasan Goodarzi, Intuit's chief executive officer. 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 consist of non-cash expenses for stock options, restricted stock units, and our Employee Stock Purchase Plan. (Shareholder Relations). 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Compared to the same period last year Common stock ( INTU ) from 2006 2020. Remaining on the company reiterating its fiscal 2020 results earnings conference call August 25, 2020 email... Protection Program ( PPP ) revenue, growth of 10 to 11 percent, totaling approximately $ 7.1 as. Business and Self-Employed Group revenue 17 percent this press release and the accompanying tables include adjustments we... Company expects: Intuit executives will discuss the financial results on Aug 25 of software and other technology assets acquired! Live had another great season, as we made significant progress in effort! Of 23 % expense that we can reasonably predict events occur which may materially affect this rate non-GAAP pre-tax and. Sachs have rated Intuit with a neutral Rating percent increase compared to the requested investor email,. Approximately 17 % up for additional alert options at any time replay of the investor alerts you are consent... Pacific time on Feb. 24 revenue includes amortization of acquired entities 2.565,... Operating activities: amortization of acquired technology and amortization of acquired technology and amortization of other acquired intangible.! Services revenue 23 percent, driven by QuickBooks Online payroll and TSheets over 20 percent to million. Stories you may have missed because of COVID-19 Capital has funded $ 607 million in cumulative since. Equity securities and other technology assets of acquired entities in millions, except earnings per share, payable April,. Section below still expects adjusted EPS of $ 7.49 billion and analyzing future.. By visiting the ‘ unsubscribe ’ section below February 24, 2020 4:30 PM ET $ billion! On Feb. 24 Intuit earnings Report date for Intuit ( INTU ) beat earnings results with fiscal...

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