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: 2020 | |||
Consolidated Statements of Operations | |||
Period Ending July 31, 2020 10-K (Filed: Aug 31, 2020) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| July 31, 2020 | July 31, 2019 | July 31, 2018 | |
| Net revenue: | |||
| Total net revenue | $ 7,679 | 6,784 | 6,025 |
| Costs and expenses: | |||
| Cost of revenue: | |||
| Amortization of acquired technology | 22 | 20 | 15 |
| Selling and marketing | 2,048 | 1,927 | 1,631 |
| Research and development | 1,392 | 1,233 | 1,186 |
| General and administrative | 679 | 597 | 664 |
| Amortization of other acquired intangible assets | 6 | 6 | 6 |
| Total costs and expenses | 5,503 | 4,930 | 4,465 |
| Operating income | 2,176 | 1,854 | 1,560 |
| Interest expense | (14) | (15) | (20) |
| Interest and other income, net | 36 | 42 | 26 |
| Income before income taxes | 2,198 | 1,881 | 1,566 |
| Income tax provision | 372 | 324 | 237 |
| Net income | 1,826 | 1,557 | 1,329 |
| Basic net income per share (in dollars per share) | 6.99 | 5.99 | 5.18 |
| Shares used in basic per share calculations (in shares) | 261 | 260 | 256 |
| Diluted net income per share (in dollars per share) | 6.92 | 5.89 | 5.09 |
| Shares used in diluted per share calculations (in shares) | 264 | 264 | 261 |
| Cash dividends declared per common share (in dollars per share) | 2.12 | 1.88 | 1.56 |
| Product and Service | |||
| Product | |||
| Total net revenue | 1,635 | 1,623 | 1,624 |
| Cost of revenue | 72 | 77 | 82 |
| Service and other | |||
| Total net revenue | 6,044 | 5,161 | 4,401 |
| Cost of revenue | 1,284 | 1,070 | 881 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
INTUIT INC | |||
Ticker: INTU Fiscal Year: 2020 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending July 31, 2020 10-K (Filed: Aug 31, 2020) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| July 31, 2020 | July 31, 2019 | July 31, 2018 | |
| Net income | $ 1,826 | 1,557 | 1,329 |
| Other comprehensive income (loss), net of income taxes: | |||
| Unrealized gain (loss) on available-for-sale debt securities | 5 | 3 | (2) |
| Foreign currency translation loss | (1) | (3) | (12) |
| Total other comprehensive income (loss), net | 4 | 0 | (14) |
| Comprehensive income | 1,830 | 1,557 | 1,315 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
INTUIT INC | |||
Ticker: INTU Fiscal Year: 2020 | |||
Consolidated Statements of Cash Flows | |||
Period Ending July 31, 2020 10-K (Filed: Aug 31, 2020) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| July 31, 2020 | July 31, 2019 | July 31, 2018 | |
| Cash flows from operating activities: | |||
| Net income | $ 1,826 | 1,557 | 1,329 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 189 | 199 | 228 |
| Amortization of acquired intangible assets | 29 | 26 | 25 |
| Non-cash operating lease cost | 60 | 0 | 0 |
| Share-based compensation expense | 435 | 401 | 382 |
| Loss on sale of long-lived assets | 0 | 0 | 79 |
| Deferred income taxes | (179) | (7) | (5) |
| Other | 6 | 15 | 6 |
| Total adjustments | 540 | 634 | 715 |
| Originations of loans held for sale | (566) | 0 | 0 |
| Sale and principal payments of loans held for sale | 482 | 0 | 0 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (59) | 11 | 5 |
| Income taxes receivable | 53 | 5 | (1) |
| Prepaid expenses and other assets | (31) | (37) | (33) |
| Accounts payable | 33 | 90 | 12 |
| Accrued compensation and related liabilities | 100 | 16 | 75 |
| Deferred revenue | 38 | 39 | 6 |
| Operating lease liabilities | (61) | 0 | 0 |
| Other liabilities | 59 | 9 | 4 |
| Total changes in operating assets and liabilities | 132 | 133 | 68 |
| Net cash provided by operating activities | 2,414 | 2,324 | 2,112 |
| Cash flows from investing activities: | |||
| Purchases of corporate and customer fund investments | (701) | (752) | (407) |
| Sales of corporate and customer fund investments | 130 | 84 | 128 |
| Maturities of corporate and customer fund investments | 596 | 303 | 286 |
| Purchases of property and equipment | (59) | (76) | (38) |
| Capitalization of internal use software | (78) | (79) | (86) |
| Acquisitions of businesses, net of cash acquired | 0 | (64) | (363) |
| Originations of term loans to small businesses | (243) | (316) | (137) |
| Principal repayments of term loans from small businesses | 287 | 267 | 82 |
| Other | (29) | (2) | 3 |
| Net cash used in investing activities | (97) | (635) | (532) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of long-term debt, net of discount and issuance costs | 1,983 | 0 | 0 |
| Proceeds from borrowings under unsecured revolving credit facility | 1,000 | 0 | 800 |
| Repayments on borrowings under unsecured revolving credit facility | 0 | 0 | (800) |
| Proceeds from borrowings under secured revolving credit facility | 0 | 48 | 0 |
| Repayment of debt | (50) | (50) | (50) |
| Proceeds from issuance of stock under employee stock plans | 211 | 284 | 295 |
| Payments for employee taxes withheld upon vesting of restricted stock units | (244) | (251) | (199) |
| Cash paid for purchases of treasury stock | (323) | (556) | (272) |
| Dividends and dividend rights paid | (561) | (501) | (407) |
| Net change in customer fund deposits | 19 | 69 | (5) |
| Other | (1) | (8) | (1) |
| Net cash provided by (used in) financing activities | 2,034 | (965) | (639) |
| Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents | (6) | (3) | (11) |
| Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 4,345 | 721 | 930 |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 2,352 | 1,631 | |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 6,697 | 2,352 | 1,631 |
| Cash and cash equivalents | 6,442 | 2,116 | 1,464 |
| Restricted cash and restricted cash equivalents included in funds held for customers | 255 | 236 | 167 |
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 6,697 | 2,352 | 1,631 |
| Supplemental disclosure of cash flow information: | |||
| Interest paid | 14 | 17 | 19 |
| Income taxes paid | 493 | 325 | 245 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
INTUIT INC | ||
Ticker: INTU Fiscal Year: 2020 | ||
Consolidated Balance Sheets | ||
Period Ending July 31, 2020 10-K (Filed: Aug 31, 2020) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| July 31, 2020 | July 31, 2019 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 6,442 | 2,116 |
| Investments | 608 | 624 |
| Accounts receivable, net of allowance for doubtful accounts of $12 and $3 | 149 | 87 |
| Income taxes receivable | 12 | 65 |
| Prepaid expenses and other current assets | 314 | 266 |
| Current assets before funds held for customers | 7,525 | 3,158 |
| Funds held for customers | 455 | 436 |
| Total current assets | 7,980 | 3,594 |
| Long-term investments | 19 | 13 |
| Property and equipment, net | 734 | 780 |
| Operating lease right-of-use assets | 226 | |
| Goodwill | 1,654 | 1,655 |
| Acquired intangible assets, net | 28 | 54 |
| Long-term deferred income taxes | 65 | 1 |
| Other assets | 225 | 186 |
| Total assets | 10,931 | 6,283 |
| LIABILITIES AND STOCKHOLDERS EQUITY | ||
| Current liabilities: | ||
| Short-term debt | 1,338 | 50 |
| Accounts payable | 305 | 274 |
| Accrued compensation and related liabilities | 482 | 385 |
| Deferred revenue | 652 | 619 |
| Other current liabilities | 297 | 202 |
| Current liabilities before customer fund deposits | 3,074 | 1,530 |
| Customer fund deposits | 455 | 436 |
| Total current liabilities | 3,529 | 1,966 |
| Long-term debt | 2,031 | 386 |
| Long-term deferred income tax liabilities | 2 | 37 |
| Operating lease liabilities | 221 | |
| Other long-term obligations | 42 | 145 |
| Total liabilities | 5,825 | 2,534 |
| 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 - 261,740 shares at July 31, 2020 and 260,180 shares at July 31, 2019 | 3 | 3 |
| Additional paid-in capital | 6,179 | 5,772 |
| Treasury stock, at cost | (11,929) | (11,611) |
| Accumulated other comprehensive loss | (32) | (36) |
| Retained earnings | 10,885 | 9,621 |
| Total stockholders equity | 5,106 | 3,749 |
| Total liabilities and stockholders equity | 10,931 | 6,283 |
| External Links | |
| INTUIT INC (INTU) Fiscal Year 2020 | |
| 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 |