On November 28, 2023, Intuit Inc (INTU, Financial) released its 8-K filing, announcing a robust start to fiscal 2024 with a significant increase in revenue and operating income. The company, known for its suite of financial technology services including TurboTax, Credit Karma, QuickBooks, and Mailchimp, has reiterated its full-year guidance, signaling confidence in its strategic direction and market position.
Financial Performance Overview
Intuit Inc (INTU, Financial) reported a total revenue of $3.0 billion for the first quarter, marking a 15% increase from the previous year. The Small Business and Self-Employed Group was a standout, with revenue climbing to $2.3 billion, an 18% rise, while Online Ecosystem revenue jumped 20% to $1.6 billion. The Consumer Group also saw a significant uptick, with revenue growing by 25% to $187 million, and the ProTax Group revenue increased by 24% to $42 million.
Despite the positive trends, Credit Karma's revenue dipped by 5% to $405 million, attributed to headwinds in personal loans, auto insurance, home loans, and auto loans, which were partially offset by growth in credit cards and Credit Karma Money.
Income Statement and Balance Sheet Highlights
Intuit Inc (INTU, Financial) showcased a remarkable leap in GAAP Operating Income, which surged by 304% to $307 million. Non-GAAP Operating Income also saw a healthy increase of 45%, reaching $960 million. Earnings Per Share (EPS) reflected this growth, with GAAP EPS escalating by 507% to $0.85 and Non-GAAP EPS by 49% to $2.47.
The balance sheet remained solid with a total cash and investments balance of approximately $2.3 billion. The company managed its debt by repaying the $4.2 billion outstanding on its unsecured term loan and issuing $4 billion senior notes at a weighted average coupon rate of 5.29 percent.
Capital Allocation and Dividend Information
During the quarter, Intuit Inc (INTU, Financial) repurchased $603 million of shares, with $3.2 billion remaining on the company's share repurchase authorization. The Board also approved a quarterly dividend of $0.90 per share, payable on January 18, 2024, which represents a 15% increase compared to the same period last year.
Forward-looking Guidance
Intuit Inc (INTU, Financial) reiterated its guidance for the full fiscal year 2024, projecting revenue of $15.890 billion to $16.105 billion and GAAP operating income of $3.615 billion to $3.720 billion. The company anticipates GAAP diluted EPS of $9.37 to $9.67 and Non-GAAP diluted EPS of $16.17 to $16.47. Segment revenue guidance remains unchanged, with expected growth in the Small Business and Self-Employed Group, Consumer Group, and ProTax Group, while Credit Karma's performance is forecasted to range from a 3% decline to 3% growth.
CEO Sasan Goodarzi expressed optimism, stating,
We had a very strong first quarter, starting our fiscal year with momentum. With data and AI core to our strategy, we're accelerating innovation across our global financial technology platform to power the prosperity of consumers and small businesses."
Intuit Inc (INTU, Financial) is positioning itself for sustained growth through strategic innovation and a focus on delivering value to its customers. As the company continues to navigate the dynamic financial technology landscape, its strong first-quarter performance and reaffirmed guidance suggest a positive outlook for the remainder of fiscal 2024.
For a more detailed analysis and further information, please refer to the full earnings report and financial statements available on Intuit Inc (INTU, Financial)'s investor relations page.
Explore the complete 8-K earnings release (here) from Intuit Inc for further details.
