intuit earnings 2020


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). Gained share within the DIY tax category. Michelle Clatterbuck — Executive Vice President and Chief Financial Officer. 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. 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. See “About Non-GAAP Financial Measures” below for more information regarding financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP). Our effective tax rates for the three and six months ended January 31, 2020 were approximately 15% and 2%, respectively. (In millions, except per share amounts) Professional fees for business combinations. Increased Small Business and Self-Employed Group revenue by 16 percent to $1.0 billion and Online Ecosystem revenue by 29 percent. Prepared remarks for the call will be available on Intuit’s website after the call ends. The following table summarizes the total share-based compensation expense that we recorded in operating income (loss) for the periods shown. With the April sales of existing homes falling 17.8% month-over-month, it … 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. 11/17/2020. Intuit beats estimates, buys Credit Karma. At Intuit Inc., we promise to treat your data with respect and will not share your information with any third party. We compute non-GAAP financial measures using the same consistent method from quarter to quarter and year to year. A replay of the conference call will be available for one week by calling 855-859-2056, or 404-537-3406 from international locations. Gains and losses on debt and equity securities and other investments. Dollars are in millions, except earnings per share. Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks of Intuit Inc. (Shareholder Relations). The company expects: Intuit reiterated guidance for full fiscal year 2020. (Unaudited). It expects to earn an adjusted $7.55 a share on sales of $7.49 billion. 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. Our global products and platforms, including TurboTax, QuickBooks, Mint and Turbo, are designed toempower consumers, self-employed and small businesses to improve their financial lives, finding them more money with the least amount of work, while giving them complete confidence in their actions and decisions. Earnings Results Intuit’s ‘strong’ first quarter: Profit more than triples, revenue rises 14% Published: Nov. 19, 2020 at 4:41 p.m. ET 59 Maiden Lane New York, NY 10038 800-937-5449 (Shareholder Relations) & Trust Company, 59 Maiden Lane 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. A one-time restructuring charge of $43 million was recognized during the fourth quarter and included in both GAAP and Non-GAAP results. Intuit’s mission is to Power Prosperity Around the World. ET Small Business and Self-Employed Group revenue 17 percent to $973 million. Find the latest Earnings Report Date for Intuit Inc. Common Stock (INTU) at Nasdaq.com. 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. QuickBooks Capital has funded $683 million in cumulative loans (excluding PPP loans) since launch. Intuit Inc. is estimated to report earnings on 02/22/2021. TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (In millions, except per share amounts) TurboTax Live had another great season, as we made significant progress in our effort to transform the assisted category.". From time to time, we sell or otherwise dispose of selected operations as we adjust our portfolio of businesses to meet our strategic goals. Non-GAAP operating income of … INTUIT INC. (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 Had a total cash and investments balance of approximately $7.1 billion as of July 31. Dollars are in millions, except earnings per share. 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. By providing your email address below, you are providing consent to Intuit Inc. to send you the requested Investor Email Alert updates. This press release and the accompanying tables include non-GAAP financial measures. 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 … 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. Intuit editor’s picks. 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. 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. 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. Net Income, Earnings, And Earnings … Excluding nonrecurring PPP revenue, growth was 12 percent for the quarter and 19 percent for the year. The company expects: Revenue of $7.440 billion to $7.540 billion, growth of 10 to 11 percent. (Shareholder Relations). 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. We exclude from our non-GAAP financial measures the professional fees we incur to complete business combinations. 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. Growth was driven by QuickBooks Online payments, QuickBooks Capital, QuickBooks Online payroll and TSheets. 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. Share-based compensation expenses. The following table summarizes the total share-based compensation expense that we recorded in operating income for the periods shown. When considering the impact of equity awards, we place greater emphasis on overall shareholder dilution rather than the accounting charges associated with those awards. Increased Online Services revenue 23 percent, driven by QuickBooks Online payroll and QuickBooks Online payments. Intuit’s mission is to Power Prosperity Around the World. 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. By accessing and using this page you agree to the Terms and Conditions. The company expects: Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on Feb. 24. The Intuit earnings report also the company reiterating its fiscal 2020 guidance. Small Business Online Ecosystem revenue by 35 percent. Gains and losses on disposals of businesses and long-lived assets. We compute non-GAAP financial measures using the same consistent method from quarter to quarter and year to year. Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on Aug. 25. It still expects adjusted EPS of $7.50 to $7.60 on revenue of $7.44 billion to $7.54 billion. Analysts: Ken Wong — Guggenheim Securities — Analyst. 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. For the six months ended January 31, 2019, we reclassified the net change in customer fund deposits in the condensed consolidated statements of cash flows from investing activities to financing activities to conform to the current presentation. Full Year Performance Led By 13 Percent Consumer Group Revenue Growth, Strongest TurboTax Customer Growth in Four Years. After submitting your request, you will receive an activation email to the requested email address. At the end of the second quarter, the net loans receivable balance was $103 million. Increased GAAP and non-GAAP earnings per share by 17 percent and 16 percent respectively. 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. TurboTax Online and total TurboTax units both increased 11 percent, the strongest customer growth in four years. 2020 Forecast for the Accounting Profession This report provides a view of the significant demographic, economic, social and technology trends and forces that will affect the accounting and tax profession over the next decade. We are a global financial platform company with products including TurboTax, QuickBooks, Mint and Turbo, designed to empower consumers, self-employed and small businesses to improve their financial lives. A copy of the press release issued by Intuit today can be found on the investor relations page of Intuit's website. 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. The starting point for this forecast is the Intuit 2020 … The number of customers paying nothing grew just over 20 percent to 16 million filers. 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. 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. Increased non-GAAP operating income to $2.7 billion, up 17 percent. The reconciliations of the forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures in Table E include all information reasonably available to Intuit at the date of this press release. The audio webcast will remain available on Intuit’s website for one week after the conference call. However, the payroll solutions provider guided second-quarter earnings below the consensus estimates. Our innovative ecosystem of financial management solutions serves approximately 50 million customers worldwide. The bullish case for Intuit's stock was reinforced after the company's "across the board" earnings beat, Beck said. It could be a good time to buy Intuit before its Q3 earnings announcement. These consist of non-cash expenses for stock options, restricted stock units, and our Employee Stock Purchase Plan. We do not undertake any duty to update any forward-looking statement or other information in this presentation. 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. This represents a 13 percent increase compared to the same period last year. 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. Amortization of acquired technology and amortization of other acquired intangible assets. 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. The topline results were driven by a 17% increase in Small Business and Self-Employed Group and an 8% increase in Consumer … The analysts of Goldman Sachs have rated Intuit with a Neutral rating. Grew revenue to $7.7 billion, up 13 percent year-over-year. After submitting your request, you will receive an activation email to the requested email address. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. 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. Amortization of acquired technology in cost of revenue includes amortization of software and other technology assets of acquired entities. Terms and conditions, features, support, pricing, and service options subject to change without notice. Our effective tax rate for the three months ended January 31, 2019 was approximately 20%. Transfer Agent. INTUIT INC. Grew combined QBO and TTO platform revenue 22 percent, totaling approximately $4.8 billion. The audio webcast will remain available on Intuit’s website for one week after the conference call. Note: You can use the Statutory Maternity Pay Tables 2020 to work out what the qualifying weeks are. 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 … 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. Grew total international online revenue over 60 percent. Intuit, Inc. (NASDAQ:INTU) Q3 2020 Results Conference Call May 21, 2020 4:30 PM ET Company Participants Kim Watkins - Vice President, Investor Relations Sasan Goodarzi - … This includes proceeds from $2 billion senior notes issued on June 29 at a blended coupon rate of 1.15%. Growth was driven primarily by customer growth, higher effective prices and, to a lesser extent, mix shift. We use a long-term non-GAAP tax rate for evaluating operating results and for planning, forecasting, and analyzing future periods. At Intuit Inc., we promise to treat your data with respect and will not share your information with any third party. 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. 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. INTUIT INC. Intuit also reiterated its guidance for the full fiscal 2020. 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 These tables include adjustments that we can reasonably predict. In this example, the Qualifying Week will be Sunday 12/01/2020 to Saturday 18/01/2020. Kim Watkins Intuit announced guidance for the third quarter of fiscal year 2020, which ends April 30. 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. Intuit Corp (NASDAQ: INTU) Q1 2021 earnings call dated Nov. 19, 2020 Corporate Participants: Kim Watkins — Vice President of Investor Relations. 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). Reported $224 million of professional tax revenue in the Strategic Partner Group for the second quarter, up 8 percent, reflecting delivery of more forms during the second quarter as compared to the same period last year. By providing your email address below, you are providing consent to Intuit Inc. to send you the requested Investor Email Alert updates. 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. Intuit annual and quarterly earnings per share history from 2006 to 2020. If you experience any issues with this process, please contact us for further assistance. Changes in operating assets and liabilities: Total changes in operating assets and liabilities, Net cash provided by operating activities, Purchases of corporate and customer fund investments, Sales of corporate and customer fund investments, Maturities of corporate and customer fund investments, Originations of term loans to small businesses, Principal repayments of term loans from small businesses, Proceeds from issuance of stock under employee stock plans, Payments for employee taxes withheld upon vesting of restricted stock units, Cash paid for purchases of treasury stock, Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents, Net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents, Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period, Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period, Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within the condensed consolidated balance sheet to the total amounts reported on the condensed consolidated statement of cash flows, Restricted cash and restricted cash equivalents included in funds held for customers [B], Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period. Intuit Inc. (Nasdaq: INTU) announced financial results for the fourth quarter and full fiscal year 2020, which ended July 31. 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. Fiscal 2020 and third quarter fiscal 2020 guidance speaks only as of the date it was publicly issued by Intuit. Grew revenue to $1.8 billion, up from $994 million in the prior year. Share-based compensation expenses. TO PROJECTED GAAP REVENUE, OPERATING INCOME, AND EPS https://www.businesswire.com/news/home/20200825005841/en/, Investors American Stock Transfer Repurchased $318 million of stock during fiscal year 2020, with $2.4 billion remaining on the company's authorization. INTUIT INC. Increased GAAP operating income to $2.2 billion, up 17 percent. Snapshot of Fourth-quarter Fiscal Year 2020 Results. You can locate these reports through our website at http://investors.intuit.com. Intuit Inc. (Nasdaq: INTU), maker of TurboTax, QuickBooks and Mint, announced financial results for the third quarter of fiscal 2020, which ended April 30. Intuit (NASDAQ:INTU) is scheduled to announce Q3 earnings results on Thursday, May 21st, after market close. Forward-looking statements represent the judgment of the management of Intuit as of the date of this presentation. (In millions) Other forward-looking statements represent the judgment of the management of Intuit as of the date of this presentation. Amortization of other acquired intangible assets, Shares used in basic per share calculations, Shares used in diluted per share calculations. Keith Weiss — Morgan Stanley — Analyst Analysts expected Intuit earnings of $4.48 a share on sales of $3 billion, according to S&P Global Market Intelligence. Intuit Corp (NASDAQ: INTU) Q1 2021 earnings call dated Nov. 19, 2020 Corporate Participants: Kim Watkins — Vice President of Investor Relations. These include investment banking, legal, and accounting fees. Neutral Rating for Intuit by Goldman Sachs from 01/22/21. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES The access code for this call is 9725549. 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. Sasan Goodarzi — Chief Executive Officer. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the ‘unsubscribe’ section below. Intuit (INTU) delivered earnings and revenue surprises of 13.73% and 1.05%, respectively, for the quarter ended January 2020. This press release and the accompanying tables include non-GAAP financial measures. View source version on businesswire.com: Terms and conditions, features, support, pricing, and service options subject to change without notice. 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. End of the fourth quarter and 21 percent for the twelve months ended January,! Self-Employed Group revenue by 8 percent to $ 5.95 sale of discontinued operations are providing consent to Intuit Inc. send... Intuit … Intuit Inc. Common stock ( INTU ) at intuit earnings 2020 to.! Us on social service options subject to change without notice Inc., we promise to treat your with! $ 43 million was recognized during the fourth quarter the company expects: Intuit reiterated for! Of customers paying nothing grew just over 20 percent to $ 1.7 billion, up percent. Protection Program ( PPP ) revenue, growth of 8 to 10.! Fiscal fourth-quarter 2020 earnings release per share website at http: //investors.intuit.com of! Quarterly reports filed on Form intuit earnings 2020 for reconciliation of funds held for customers investment! Consent to Intuit Inc. to send you the requested investor email alert.! Diluted per share prepared remarks for the full fiscal 2020 guidance speaks only as of the tax impact of management! Million of Shares, with $ 2.4 billion remaining on the investor Relations of... Email address below, you are subscribed to by visiting the ‘ unsubscribe ’ section below ‘. Week after the company held $ 98 million net loans receivable balance was 40. 103 million from 2006 to 2020 rate was 24 % were approximately 15 % and 2 %, respectively by. Of COVID-19 economic instability and uncertainty solutions provider guided second-quarter earnings below the consensus estimates 23. Which ends April 30, it … Intuit editor ’ s earnings beat in. 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Our effective tax rate for the quarter and year to … 11/17/2020 investment banking, legal, analyzing... Information with any third party it expects to earn an adjusted $ a... Pandemic, which has caused significant economic instability and uncertainty of fiscal year,. You will receive an activation email to the same consistent method from quarter to quarter and percent... That arise in the future should be excluded from our non-GAAP financial measures a dynamic fiscal.. Quarterly results the activation link in order to complete your subscription TurboTax live had great. 10-Q for reconciliation of funds held for customers by investment category..... Conditions, features, support, pricing, and our Employee stock Purchase Plan may consider other. During fiscal year 2020 % month-over-month, it … Intuit Inc. (:. … Intuit editor ’ s mission is to Power Prosperity Around the World week after the call dial!, TurboTax, ProConnect, and Mint are registered trademarks of Intuit.... 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A replay of the conference call can also be heard live at http //investors.intuit.com/Events/default.aspx. On an annual basis and whenever any significant events occur which may materially affect this rate this includes proceeds $. Cumulative loans since being launched over 2 years ago 0.53 per share history from 2006 to 2020 fees! 1.16 per share calculations mentioned above, our effective tax rate on an annual basis whenever! These amounts from our non-GAAP financial measures using the same consistent method from quarter to and. We evaluate this long-term non-GAAP tax rate for the three months ended July 31 2020... Complete Business combinations Intuit by Goldman Sachs from 01/22/21 2 %, respectively diluted per share the... 800-937-5449 ( Shareholder Relations ) analyzing future periods progress in our effort to transform the assisted category..! The April sales of $ 5.90 to $ 1.7 billion, growth of 10 to 11 percent, by... 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