10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
INTUIT INC | |||
Ticker: INTU Fiscal Year: 2014 | |||
Consolidated Statements of Operations | |||
Period Ending July 31, 2014 10-K (Filed: Sept 12, 2014) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| July 31, 2014 | July 31, 2013 | July 31, 2012 | |
| Net revenue: | |||
| Product | $ 1,522 | 1,515 | 1,479 |
| Service and other | 2,984 | 2,656 | 2,329 |
| Total net revenue | 4,506 | 4,171 | 3,808 |
| Costs and expenses: | |||
| Cost of revenue: | |||
| Cost of product revenue | 141 | 130 | 146 |
| Cost of service and other revenue | 501 | 429 | 429 |
| Amortization of acquired technology | 26 | 18 | 10 |
| Selling and marketing | 1,281 | 1,219 | 1,033 |
| Research and development | 758 | 685 | 618 |
| General and administrative | 465 | 422 | 381 |
| Amortization of other acquired intangible assets | 20 | 35 | 23 |
| Total costs and expenses | 3,192 | 2,938 | 2,640 |
| Operating income from continuing operations | 1,314 | 1,233 | 1,168 |
| Interest expense | (31) | (30) | (50) |
| Interest and other income, net | 31 | 7 | 20 |
| Income from continuing operations before income taxes | 1,314 | 1,210 | 1,138 |
| Income tax provision | 453 | 387 | 374 |
| Net income from continuing operations | 861 | 823 | 764 |
| Net income from discontinued operations | 46 | 35 | 28 |
| Net income | 907 | 858 | 792 |
| Basic net income per share from continuing operations | 3.02 | 2.78 | 2.58 |
| Basic net income per share from discontinued operations | 0.16 | 0.11 | 0.09 |
| Basic net income per share | 3.18 | 2.89 | 2.67 |
| Shares used in basic per share calculations | 285 | 297 | 296 |
| Diluted net income per share from continuing operations | 2.96 | 2.72 | 2.51 |
| Diluted net income per share from discontinued operations | 0.16 | 0.11 | 0.09 |
| Diluted net income per share | 3.12 | 2.83 | 2.60 |
| Shares used in diluted per share calculations | 291 | 303 | 305 |
| Dividends declared per common share | 0.76 | 0.68 | 0.60 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
INTUIT INC | |||
Ticker: INTU Fiscal Year: 2014 | |||
Consolidated Statement of Comprehensive Income Statement | |||
Period Ending July 31, 2014 10-K (Filed: Sept 12, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| July 31, 2014 | July 31, 2013 | July 31, 2012 | |
| Net income | $ 907 | 858 | 792 |
| Realized gain reclassified to net income | (13) | 0 | 0 |
| Foreign currency translation losses | (5) | (4) | (7) |
| Total other comprehensive income (loss), net | (22) | (5) | 10 |
| Comprehensive income | 885 | 853 | 802 |
| Income Statement Location | |||
| Interest and Other Income | |||
| Realized gain reclassified to net income | 21 | ||
| Income Taxes | |||
| Related taxes on realized gain reclassified to net income | 8 [1] | ||
| Major Types of Debt and Equity Securities | |||
| Debt Securities | |||
| Unrealized gains (losses) on available-for-sale securities | 1 | (1) | (1) |
| Equity Securities | |||
| Unrealized gains (losses) on available-for-sale securities | (5) | 0 | 18 |
| [1] Includes $21 million of realized gain on available-for-sale equity security reclassified into interest and other income, net on the consolidated statements of operations and $8 million of related income taxes. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
INTUIT INC | |||
Ticker: INTU Fiscal Year: 2014 | |||
Consolidated Statements of Cash Flows | |||
Period Ending July 31, 2014 10-K (Filed: Sept 12, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| July 31, 2014 | July 31, 2013 | July 31, 2012 | |
| Cash flows from operating activities: | |||
| Net income | $ 907 | 858 | 792 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 144 | 166 | 171 |
| Amortization of acquired intangible assets | 53 | 66 | 71 |
| Goodwill and intangible asset impairment charge | 0 | 46 | 0 |
| Share-based compensation expense | 204 | 195 | 169 |
| Pre-tax gain on sale of discontinued operations | (40) | (53) [1] | 0 |
| Net realized gain on sale of available-for-sale equity securities | (21) | 0 | 0 |
| Deferred income taxes | 93 | 13 | (62) |
| Tax benefit from share-based compensation plans | 82 | 69 | 71 |
| Excess tax benefit from share-based compensation plans | (82) | (69) | (70) |
| Other | 24 | 19 | 11 |
| Total adjustments | 457 | 452 | 361 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (5) | 12 | (10) |
| Income taxes receivable | 27 | (9) | 19 |
| Prepaid expenses and other assets | (14) | (33) | 12 |
| Accounts payable | 15 | 4 | 19 |
| Accrued compensation and related liabilities | 43 | 8 | 17 |
| Deferred revenue | 15 | 62 | 38 |
| Other liabilities | 1 | 12 | (2) |
| Total changes in operating assets and liabilities | 82 | 56 | 93 |
| Net cash provided by operating activities | 1,446 | 1,366 | 1,246 |
| Cash flows from investing activities: | |||
| Purchases of available-for-sale debt securities | (1,334) | (869) | (669) |
| Sales of available-for-sale debt securities | 346 | 333 | 840 |
| Maturities of available-for-sale debt securities | 567 | 228 | 178 |
| Net change in money market funds and other cash equivalents held to satisfy customer fund obligations | (54) | 55 | 124 |
| Net change in customer fund deposits | 54 | (55) | (124) |
| Proceeds from the sale of available-for-sale equity securities | 26 | 0 | 0 |
| Purchases of property and equipment | (104) | (129) | (135) |
| Capitalization of internal use software | (82) | (66) | (51) |
| Acquisitions of businesses, net of cash acquired | (471) | (17) | (392) |
| Acquisitions of intangible assets | (15) | (14) | (10) |
| Proceeds from divestiture of businesses | 1,025 | 60 | 0 |
| Other | (7) | (11) | 14 |
| Net cash used in investing activities | (49) | (485) | (225) |
| Cash flows from financing activities: | |||
| Repayment of debt | 0 | 0 | (500) |
| Net proceeds from issuance of stock under employee stock plans | 165 | 165 | 164 |
| Purchases of treasury stock | (1,577) | (292) | (900) |
| Cash dividends paid to stockholders | (220) | (203) | (178) |
| Excess tax benefit from share-based compensation plans | 82 | 69 | 70 |
| Other | (1) | (1) | 0 |
| Net cash used in financing activities | (1,551) | (262) | (1,344) |
| Effect of exchange rates on cash and cash equivalents | (6) | (3) | (6) |
| Net increase (decrease) in cash and cash equivalents | (160) | 616 | (329) |
| Cash and cash equivalents at beginning of period | 1,009 | 393 | |
| Cash and cash equivalents at end of period | 849 | 1,009 | 393 |
| Supplemental disclosure of cash flow information: | |||
| Interest paid | 32 | 33 | 60 |
| Income taxes paid | 240 | 309 | 312 |
| [1] Because the cash flows of our Intuit Financial Services, Intuit Health, and Intuit Websites discontinued operations were not material for any period presented, we have not segregated the cash flows of those businesses on these statements of cash flows. We have presented the effect of the pre-tax gains on the disposals on these statements of cash flows. See Note 7, Discontinued Operations, for more information. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
INTUIT INC | ||
Ticker: INTU Fiscal Year: 2014 | ||
Consolidated Balance Sheets | ||
Period Ending July 31, 2014 10-K (Filed: Sept 12, 2014) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| July 31, 2014 | July 31, 2013 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 849 | 1,009 |
| Investments | 1,065 | 652 |
| Accounts receivable, net of allowance for doubtful accounts of $43 and $38 | 134 | 130 |
| Income taxes receivable | 35 | 62 |
| Deferred income taxes | 133 | 166 |
| Prepaid expenses and other current assets | 116 | 98 |
| Current assets of discontinued operations | 0 | 44 |
| Current assets before funds held for customers | 2,332 | 2,161 |
| Funds held for customers | 289 | 235 |
| Total current assets | 2,621 | 2,396 |
| Long-term investments | 31 | 83 |
| Property and equipment, net | 606 | 555 |
| Goodwill | 1,635 | 1,246 |
| Acquired intangible assets, net | 199 | 149 |
| Other assets | 109 | 102 |
| Long-term assets of discontinued operations | 0 | 955 |
| Total assets | 5,201 | 5,486 |
| LIABILITIES AND STOCKHOLDERS EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 161 | 137 |
| Accrued compensation and related liabilities | 278 | 218 |
| Deferred revenue | 526 | 495 |
| Other current liabilities | 167 | 156 |
| Current liabilities of discontinued operations | 0 | 39 |
| Current liabilities before customer fund deposits | 1,132 | 1,045 |
| Customer fund deposits | 289 | 235 |
| Total current liabilities | 1,421 | 1,280 |
| Long-term debt | 499 | 499 |
| Other long-term obligations | 203 | 167 |
| Long-term obligations of discontinued operations | 0 | 9 |
| Total liabilities | 2,123 | 1,955 |
| Commitments and contingencies | ||
| Stockholders equity: | ||
| Preferred stock, $0.01 par value Authorized - 1,345 shares total; 145 shares designated Series A; 250 shares designated Series B Junior Participating Issued and outstanding - None | 0 | 0 |
| Common stock, $0.01 par value Authorized - 750,000 shares Outstanding - 284,950 shares at July 31, 2014 and 299,503 shares at July 31, 2013 | 3 | 3 |
| Additional paid-in capital | 3,558 | 3,198 |
| Treasury stock, at cost | (6,430) | (4,952) |
| Accumulated other comprehensive income (loss) | (2) | 20 |
| Retained earnings | 5,949 | 5,262 |
| Total stockholders equity | 3,078 | 3,531 |
| Total liabilities and stockholders equity | 5,201 | 5,486 |
| External Links | |
| INTUIT INC (INTU) Fiscal Year 2014 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |