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: 2021 | |||
Consolidated Statements of Operations | |||
Period Ending July 31, 2021 10-K (Filed: Sept 8, 2021) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| July 31, 2021 | July 31, 2020 | July 31, 2019 | |
| Net revenue: | |||
| Net revenue: | $ 9,633 | 7,679 | 6,784 |
| Costs and expenses: | |||
| Cost of revenue: | |||
| Amortization of acquired technology | 50 | 22 | 20 |
| Selling and marketing | 2,644 | 2,048 | 1,927 |
| Research and development | 1,678 | 1,392 | 1,233 |
| General and administrative | 982 | 679 | 597 |
| Amortization of other acquired intangible assets | 146 | 6 | 6 |
| Total costs and expenses | 7,133 | 5,503 | 4,930 |
| Operating income | 2,500 | 2,176 | 1,854 |
| Interest expense | (29) | (14) | (15) |
| Interest and other income, net | 85 | 36 | 42 |
| Income before income taxes | 2,556 | 2,198 | 1,881 |
| Income tax provision | 494 | 372 | 324 |
| Net income | 2,062 | 1,826 | 1,557 |
| Basic net income per share (in dollars per share) | 7.65 | 6.99 | 5.99 |
| Shares used in basic per share calculations (in shares) | 270 | 261 | 260 |
| Diluted net income per share (in dollars per share) | 7.56 | 6.92 | 5.89 |
| Shares used in diluted per share calculations (in shares) | 273 | 264 | 264 |
| Cash dividends declared per common share (in dollars per share) | 2.36 | 2.12 | 1.88 |
| Product and Service | |||
| Product | |||
| Net revenue: | 1,698 | 1,635 | 1,623 |
| Cost of Goods and Services Sold | 69 | 72 | 77 |
| Service and other | |||
| Net revenue: | 7,935 | 6,044 | 5,161 |
| Cost of Goods and Services Sold | 1,564 | 1,284 | 1,070 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
INTUIT INC | |||
Ticker: INTU Fiscal Year: 2021 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending July 31, 2021 10-K (Filed: Sept 8, 2021) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| July 31, 2021 | July 31, 2020 | July 31, 2019 | |
| Net income | $ 2,062 | 1,826 | 1,557 |
| Other comprehensive income (loss), net of income taxes: | |||
| Unrealized gain (loss) on available-for-sale debt securities | (3) | 5 | 3 |
| Foreign currency translation gain (loss) | 11 | (1) | (3) |
| Total other comprehensive income, net | 8 | 4 | 0 |
| Comprehensive income | 2,070 | 1,830 | 1,557 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
INTUIT INC | |||
Ticker: INTU Fiscal Year: 2021 | |||
Consolidated Statements of Cash Flows | |||
Period Ending July 31, 2021 10-K (Filed: Sept 8, 2021) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| July 31, 2021 | July 31, 2020 | July 31, 2019 | |
| Cash flows from operating activities: | |||
| Net income | $ 2,062 | 1,826 | 1,557 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 166 | 189 | 199 |
| Amortization of acquired intangible assets | 197 | 29 | 26 |
| Non-cash operating lease cost | 62 | 60 | 0 |
| Share-based compensation expense | 753 | 435 | 401 |
| Deferred income taxes | (42) | (179) | (7) |
| Other | (39) | 6 | 15 |
| Total adjustments | 1,097 | 540 | 634 |
| Originations of loans held for sale | (41) | (566) | 0 |
| Sale and principal payments of loans held for sale | 143 | 482 | 0 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (104) | (59) | 11 |
| Income taxes receivable | (51) | 53 | 5 |
| Prepaid expenses and other assets | 30 | (31) | (37) |
| Accounts payable | 206 | 33 | 90 |
| Accrued compensation and related liabilities | (70) | 100 | 16 |
| Deferred revenue | 22 | 38 | 39 |
| Operating lease liabilities | (66) | (61) | 0 |
| Other liabilities | 22 | 59 | 9 |
| Total changes in operating assets and liabilities | (11) | 132 | 133 |
| Net cash provided by operating activities | 3,250 | 2,414 | 2,324 |
| Cash flows from investing activities: | |||
| Purchases of corporate and customer fund investments | (1,489) | (701) | (752) |
| Sales of corporate and customer fund investments | 229 | 130 | 84 |
| Maturities of corporate and customer fund investments | 550 | 596 | 303 |
| Purchases of property and equipment | (53) | (59) | (76) |
| Capitalization of internal use software | (72) | (78) | (79) |
| Acquisitions of businesses, net of cash acquired | (3,064) | 0 | (64) |
| Originations of term loans to small businesses | (232) | (243) | (316) |
| Principal repayments of term loans from small businesses | 136 | 287 | 267 |
| Other | 30 | (29) | (2) |
| Net cash used in investing activities | (3,965) | (97) | (635) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of long-term debt, net of discount and issuance costs | 0 | 1,983 | 0 |
| Proceeds from borrowings under unsecured revolving credit facility | 0 | 1,000 | 0 |
| Repayments on borrowings under unsecured revolving credit facility | (1,000) | 0 | 0 |
| Proceeds from borrowings under secured revolving credit facility | 0 | 0 | 48 |
| Repayment of debt | (338) | (50) | (50) |
| Proceeds from issuance of stock under employee stock plans | 196 | 211 | 284 |
| Payments for employee taxes withheld upon vesting of restricted stock units | (383) | (244) | (251) |
| Cash paid for purchases of treasury stock | (1,005) | (323) | (556) |
| Dividends and dividend rights paid | (646) | (561) | (501) |
| Net change in customer fund deposits | 2 | 19 | 69 |
| Other | (2) | (1) | (8) |
| Net cash provided by (used in) financing activities | (3,176) | 2,034 | (965) |
| Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents | 13 | (6) | (3) |
| Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | (3,878) | 4,345 | 721 |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 6,697 | 2,352 | |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 2,819 | 6,697 | 2,352 |
| Cash and cash equivalents | 2,562 | 6,442 | 2,116 |
| Restricted cash and restricted cash equivalents included in funds held for customers | 257 | 255 | 236 |
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 2,819 | 6,697 | 2,352 |
| Supplemental disclosure of cash flow information: | |||
| Supplemental disclosure of cash flow information: | |||
| Interest paid | 30 | 14 | 17 |
| Income taxes paid | 578 | 493 | 325 |
| Supplemental schedule of non-cash investing activities: | |||
| Issuance of common stock in a business combination | 3,798 | 0 | 0 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
INTUIT INC | ||
Ticker: INTU Fiscal Year: 2021 | ||
Consolidated Balance Sheets | ||
Period Ending July 31, 2021 10-K (Filed: Sept 8, 2021) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| July 31, 2021 | July 31, 2020 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 2,562 | 6,442 |
| Investments | 1,308 | 608 |
| Accounts receivable, net of allowance for doubtful accounts of $96 and $12 | 391 | 149 |
| Income taxes receivable | 123 | 12 |
| Prepaid expenses and other current assets | 316 | 314 |
| Current assets before funds held for customers | 4,700 | 7,525 |
| Funds held for customers | 457 | 455 |
| Total current assets | 5,157 | 7,980 |
| Long-term investments | 43 | 19 |
| Property and equipment, net | 780 | 734 |
| Operating lease right-of-use assets | 380 | 226 |
| Goodwill | 5,613 | 1,654 |
| Acquired intangible assets, net | 3,252 | 28 |
| Long-term deferred income taxes | 8 | 65 |
| Other assets | 283 | 225 |
| Total assets | 15,516 | 10,931 |
| LIABILITIES AND STOCKHOLDERS EQUITY | ||
| Current liabilities: | ||
| Short-term debt | 0 | 1,338 |
| Accounts payable | 623 | 305 |
| Accrued compensation and related liabilities | 530 | 482 |
| Deferred revenue | 684 | 652 |
| Other current liabilities | 361 | 297 |
| Current liabilities before customer fund deposits | 2,198 | 3,074 |
| Customer fund deposits | 457 | 455 |
| Total current liabilities | 2,655 | 3,529 |
| Long-term debt | 2,034 | 2,031 |
| Long-term deferred income tax liabilities | 525 | 2 |
| Operating lease liabilities | 380 | 221 |
| Other long-term obligations | 53 | 42 |
| Total liabilities | 5,647 | 5,825 |
| 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 - 273,235 shares at July 31, 2021 and 261,740 shares at July 31, 2020 | 3 | 3 |
| Additional paid-in capital | 10,545 | 6,179 |
| Treasury stock, at cost | (12,951) | (11,929) |
| Accumulated other comprehensive loss | (24) | (32) |
| Retained earnings | 12,296 | 10,885 |
| Total stockholders equity | 9,869 | 5,106 |
| Total liabilities and stockholders equity | 15,516 | 10,931 |
| External Links | |
| INTUIT INC (INTU) Fiscal Year 2021 | |
| 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 |