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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Intuit Inc.    INTU

INTUIT INC.

(INTU)
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INTUIT : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-K)

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08/31/2020 | 04:35pm EDT
Management's Discussion and Analysis of Financial Condition and Results of
Operations (MD&A) is intended to provide readers of our consolidated financial
statements with the perspectives of management. This should allow the readers of
this report to obtain a comprehensive understanding of our businesses,
strategies, current trends, and future prospects. Our MD&A includes the
following sections:
• Executive Overview: High level discussion of our operating results and some of
the trends that affect our business.

• Critical Accounting Policies and Estimates: Policies and estimates that we
believe are important to understanding the assumptions and judgments underlying
our financial statements.

• Results of Operations: A more detailed discussion of our revenue and expenses.


• Liquidity and Capital Resources: Discussion of key aspects of our consolidated
statements of cash flows, changes in our consolidated balance sheets, and our
financial commitments.


You should note that this MD&A contains forward-looking statements that involve
risks and uncertainties. Please see the section entitled "Forward-Looking
Statements" immediately preceding Part I for important information to consider
when evaluating such statements.
You should read this MD&A in conjunction with the financial statements and
related notes in Item 8 of this Annual Report.
Effective August 1, 2019, we adopted the new lease standard using the modified
retrospective approach, under which financial results reported in prior periods
were not restated. See Note 1 to the financial statements in Item 8 of this
Annual Report for more information.
In fiscal 2018 and fiscal 2019 we acquired several companies including
TSheets.com LLC, Exactor, Inc., and Applatix, Inc. We have included their
results of operations in our consolidated results of operations from their
respective dates of acquisition. See Note 6 in Item 8 of this Annual Report for
more information.
In March 2020 the World Health Organization declared the COVID-19 outbreak as a
pandemic. The COVID-19 pandemic has had significant adverse impacts on the U.S.
and global economies. We are conducting business with substantial modifications
to employee work locations and employee travel, among other modifications. While
we have not experienced significant disruptions to our operations thus far from
the COVID-19 pandemic, we are unable to predict the full impact that the
COVID-19 pandemic will have on our operations and future financial performance,
including demand for our offerings, impact to our customers and partners,
actions that may be taken by governmental authorities, and other factors
identified in "Risk Factors" in Item 1A of Part I of this Report.
In April 2020, Intuit was approved as a non-bank Small Business Administration
lender for the Paycheck Protection Program (PPP). The PPP was authorized under
the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide
small businesses loans to pay payroll and group health costs, salaries and
commissions, mortgage and rent payments, utilities, and interest on other debt
which is designed to provide assistance to small businesses during the COVID-19
pandemic.
EXECUTIVE OVERVIEW


This overview provides a high level discussion of our operating results and some
of the trends that affect our business. We believe that an understanding of
these trends is important in order to understand our financial results for
fiscal 2020 as well as our future prospects. This summary is not intended to be
exhaustive, nor is it a substitute for the detailed discussion and analysis
provided elsewhere in this Annual Report on Form 10-K.
Industry Trends and Seasonality


Industry Trends
Artificial Intelligence (AI) is transforming multiple industries, including
financial technology. Disruptive start-ups, emerging ecosystems and
mega-platforms are harnessing new technology to create personalized experiences,
deliver data-driven insights and increase speed of service. These shifts are
creating a more dynamic and highly competitive environment where customer
expectations are shifting around the world as more services become digitized and
the array of choices continues to increase.


   Intuit Fiscal 2018 Form 10-K 35



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Seasonality

Historically, our Consumer and Strategic Partner offerings have had a
significant and distinct seasonal pattern as sales and revenue from our income
tax preparation products and services are heavily concentrated in the period
from November through April. This seasonal pattern has historically resulted in
higher net revenues during our second and third quarters ending January 31 and
April 30, respectively. In March 2020, as a relief measure in response to the
COVID-19 pandemic, the IRS extended the filing deadline for the 2019 tax year
from April 15, 2020 to July 15, 2020. Additionally, all states with a personal
income tax also extended their due dates, predominantly to July. As a result,
there was a shift in sales and revenue from our third fiscal quarter to our
fourth fiscal quarter during fiscal 2020. We expect the seasonality of our
Consumer and Strategic Partner businesses to continue to have a significant
impact on our quarterly financial results in the future.
Key Challenges and Risks


Our growth strategy depends upon our ability to initiate and embrace disruptive
technology trends, to enter new markets, and to drive broad adoption of the
products and services we develop and market. Our future growth also increasingly
depends on the strength of our third-party business relationships and our
ability to continue to develop, maintain, and strengthen new and existing
relationships. To remain competitive and continue to grow, we are investing
significant resources in our product development, marketing, and sales
capabilities, and we expect to continue to do so in the future.
As we offer more online services, the ongoing operation and availability of our
platforms and systems and those of our external service providers is becoming
increasingly important. Because we help customers manage their financial lives,
we face risks associated with the hosting, collection, use, and retention of
personal customer information and data. We are investing significant management
attention and resources in our information technology infrastructure and in our
privacy and security capabilities, and we expect to continue to do so in the
future.
For our consumer and professional tax offerings, we have implemented additional
security measures and are continuing to work with state and federal governments
to implement industry-wide security and anti-fraud measures, including sharing
information regarding suspicious filings. We continue to invest in security
measures and to work with the broader industry and government to protect our
customers against this type of fraud.
For a complete discussion of the most significant risks and uncertainties
affecting our business, please see "Forward-Looking Statements" immediately
preceding Part I and "Risk Factors" in Item 1A of Part I of this Report.
Overview of Financial Results


The most important financial indicators that we use to assess our business are
revenue growth for the company as a whole and for each reportable segment;
operating income growth for the company as a whole; earnings per share; and cash
flow from operations. We also track certain non-financial drivers of revenue
growth and, when material, identify them in the applicable discussions of
segment results below. Service offerings are a significant part of our business.
Our total service and other revenue was $6.0 billion or 79% of our total revenue
in fiscal 2020 and we expect our total service and other revenue to continue to
grow in the future.


   Intuit Fiscal 2020 Form 10-K 36



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Key highlights for fiscal 2020 include the following:

                            Small Business &
Revenue of                  Self-Employed revenue of    Consumer revenue of
$7.7 B                      $4.1 B                      $3.1 B
up 13% from fiscal 2019     up 15% from fiscal 2019     up 13% from fiscal 2019



                                                        Diluted net income per
Operating income of         Net income of               share of
$2.2 B                      $1.8 B                      $6.92
up 17% from fiscal 2019     up 17% from fiscal 2019     up 17% from fiscal 2019



We ended fiscal 2020 with cash, cash equivalents and investments totaling $7.1
billion.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES


In preparing our consolidated financial statements in accordance with U.S.
generally accepted accounting principles (GAAP), we are required to make
estimates, assumptions, and judgments that can have a significant impact on our
net revenue, operating income or loss and net income or loss, as well as on the
value of certain assets and liabilities on our consolidated balance sheets. We
believe that the estimates, assumptions, and judgments involved in the following
accounting policies have the greatest potential impact on our consolidated
financial statements, so we consider these to be our critical accounting
policies:
• Revenue Recognition


• Business Combinations


•      Goodwill, Acquired Intangible Assets, and Other Long-Lived Assets -
       Impairment Assessments

• Accounting for Share-Based Compensation Plans

• Legal Contingencies

• Accounting for Income Taxes - Estimates of Deferred Taxes, Valuation

Allowances, and Uncertain Tax Positions



Our senior management has reviewed the development and selection of these
critical accounting policies and their disclosure in this Annual Report on Form
10-K with the Audit and Risk Committee of our Board of Directors.
Revenue Recognition
We derive our revenue primarily from the sale of online services such as tax,
accounting, payroll, merchant payment processing and from packaged desktop
software products and desktop software subscriptions. Our contracts with
customers often include promises to transfer multiple products and services. In
determining how revenue should be recognized, a five-step process is used, which
requires judgment and estimates within the revenue recognition process. The
primary judgments include identifying the performance obligations in the
contract and determining whether the performance obligations are distinct. If
any of these judgments were to change it could cause a material increase or
decrease in the amount of revenue we report in a particular period. For
additional information, see "Revenue Recognition" in Note 1 to the financial
statements in Item 8 of this Annual Report.
Business Combinations
As described in "Description of Business and Summary of Significant Accounting
Policies - Business Combinations," in Note 1 to the financial statements in
Item 8 of this Annual Report, under the acquisition method of accounting we
generally recognize the identifiable assets acquired, the liabilities assumed,
and any noncontrolling interests in an acquiree at their fair values as of


   Intuit Fiscal 2020 Form 10-K 37



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the date of acquisition. We measure goodwill as the excess of consideration
transferred, which we also measure at fair value, over the net of the
acquisition date fair values of the identifiable assets acquired and liabilities
assumed. The acquisition method of accounting requires us to exercise judgment
and make significant estimates and assumptions regarding the fair values of the
elements of a business combination as of the date of acquisition, including the
fair values of identifiable intangible assets, deferred tax asset valuation
allowances, liabilities related to uncertain tax positions, and contingencies.
This method also requires us to refine these estimates over a one-year
measurement period to reflect new information obtained about facts and
circumstances that existed as of the acquisition date that, if known, would have
affected the measurement of the amounts recognized as of that date. If we are
required to retroactively adjust provisional amounts that we have recorded for
the fair values of assets and liabilities in connection with acquisitions, these
adjustments could materially decrease our operating income and net income and
result in lower asset values on our consolidated balance sheet.
Significant estimates and assumptions that we must make in estimating the fair
value of acquired technology, customer lists, and other identifiable intangible
assets include future cash flows that we expect to generate from the acquired
assets. If the subsequent actual results and updated projections of the
underlying business activity change compared with the assumptions and
projections used to develop these values, we could record impairment charges. In
addition, we have estimated the economic lives of certain acquired assets and
these lives are used to calculate depreciation and amortization expense. If our
estimates of the economic lives change, depreciation or amortization expenses
could be accelerated or slowed.
Goodwill, Acquired Intangible Assets and Other Long-Lived Assets - Impairment
Assessments
We estimate the fair value of acquired intangible assets and other long-lived
assets that have finite useful lives whenever an event or change in
circumstances indicates that the carrying value of the asset may not be
recoverable. We test for potential impairment of goodwill and other intangible
assets that have indefinite useful lives annually in our fourth fiscal quarter
or whenever indicators of impairment arise. The timing of the annual test may
result in charges to our consolidated statement of operations in our fourth
fiscal quarter that could not have been reasonably foreseen in prior periods.
As described in "Description of Business and Summary of Significant Accounting
Policies - Goodwill, Acquired Intangible Assets and Other Long-Lived Assets," in
Note 1 to the financial statements in Item 8 of this Annual Report, in order to
estimate the fair value of goodwill we use a weighted combination of a
discounted cash flow model (known as the income approach) and comparisons to
publicly traded companies engaged in similar businesses (known as the market
approach). The income approach requires us to use a number of assumptions,
including market factors specific to the business, the amount and timing of
estimated future cash flows to be generated by the business over an extended
period of time, long-term growth rates for the business, and a rate of return
that considers the relative risk of achieving the cash flows and the time value
of money. We evaluate cash flows at the reporting unit level. Although the
assumptions we use in our discounted cash flow model are consistent with the
assumptions we use to generate our internal strategic plans and forecasts,
significant judgment is required to estimate the amount and timing of future
cash flows from each reporting unit and the relative risk of achieving those
cash flows. When using the market approach, we make judgments about the
comparability of publicly traded companies engaged in similar businesses. We
base our judgments on factors such as size, growth rates, profitability, risk,
and return on investment. We also make judgments when adjusting market multiples
of revenue, operating income, and earnings for these companies to reflect their
relative similarity to our own businesses. See Note 5 to the financial
statements in Item 8 of this Annual Report for a summary of goodwill by
reportable segment.
We estimate the recoverability of acquired intangible assets and other
long-lived assets that have finite useful lives by comparing the carrying amount
of the asset to the future undiscounted cash flows that we expect the asset to
generate. In order to estimate the fair value of those assets, we estimate the
present value of future cash flows from those assets. The key assumptions that
we use in our discounted cash flow model are the amount and timing of estimated
future cash flows to be generated by the asset over an extended period of time
and a rate of return that considers the relative risk of achieving the cash
flows and the time value of money. Significant judgment is required to estimate
the amount and timing of future cash flows and the relative risk of achieving
those cash flows. We also make judgments about the remaining useful lives of
acquired intangible assets and other long-lived assets that have finite lives.
See Note 5 to the financial statements in Item 8 of this Annual Report for a
summary of cost, accumulated amortization and weighted average life in years for
our acquired intangible assets.
Assumptions and estimates about future values and remaining useful lives are
complex and often subjective. They can be affected by a variety of factors,
including external factors such as industry and economic trends, and internal
factors such as changes in our business strategy and our internal forecasts. For
example, if our future operating results do not meet current forecasts or if we
experience a sustained decline in our market capitalization that is determined
to be indicative of a reduction in fair value of one or more of our reporting
units, we may be required to record future impairment charges for goodwill and
acquired intangible assets. Impairment charges could materially decrease our
future net income and result in lower asset values on our consolidated balance
sheet.
During the fourth quarters of fiscal 2020, fiscal 2019, and fiscal 2018 we
performed our annual goodwill impairment tests. Using the methodology described
in "Description of Business and Summary of Significant Accounting Policies -
Goodwill, Acquired Intangible Assets and Other Long-Lived Assets," in Note 1 to
the financial statements in Item 8 of this Annual Report, we determined that the
estimated fair values of all of our reporting units exceeded their carrying
values and that they were not impaired. In addition, during this analysis we
concluded that the estimated fair values of all of our reporting units
substantially exceeded their carrying values.


   Intuit Fiscal 2020 Form 10-K 38



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Accounting for Share-Based Compensation Plans
Restricted stock units (RSUs) granted typically vest based on continued service.
We value these time-based RSUs at the date of grant using the intrinsic value
method. We amortize the fair value of time-based RSUs on a straight-line basis
over the service period. Certain RSUs granted to senior management vest based on
the achievement of pre-established performance or market goals. We estimate the
fair value of performance-based RSUs at the date of grant using the intrinsic
value method and the probability that the specified performance criteria will be
met. Each quarter we update our assessment of the probability that the specified
performance criteria will be achieved and adjust our estimate of the fair value
of the performance-based RSUs if necessary. We amortize the fair values of
performance-based RSUs over the requisite service period for each separately
vesting tranche of the award. We estimate the fair value of market-based RSUs at
the date of grant using a Monte Carlo valuation methodology and amortize those
fair values over the requisite service period for each separately vesting
tranche of the award. The Monte Carlo methodology that we use to estimate the
fair value of market-based RSUs at the date of grant incorporates into the
valuation the possibility that the market condition may not be satisfied.
Provided that the requisite service is rendered, the total fair value of the
market-based RSUs at the date of grant must be recognized as compensation
expense even if the market condition is not achieved. However, the number of
shares that ultimately vest can vary significantly with the performance of the
specified market criteria. All of the RSUs we grant have dividend rights that
are subject to the same vesting requirements as the underlying equity awards, so
we do not adjust the intrinsic (market) value of our RSUs for dividends.
We use a lattice binomial model and the assumptions described in Note 11 to the
financial statements in Item 8 of this Annual Report to estimate the fair value
of stock options granted. We estimate the expected term of options granted based
on implied exercise patterns using a binomial model. We estimate the volatility
of our common stock at the date of grant based on the implied volatility of
publicly traded one-year and two-year options on our common stock. Our decision
to use implied volatility is based upon the availability of actively traded
options on our common stock and our assessment that implied volatility is more
representative of future stock price trends than historical volatility. We base
the risk-free interest rate that we use in our option valuation model on the
implied yield in effect at the time of option grant on constant maturity U.S.Treasury issues with equivalent remaining terms. We use an annualized expected
dividend yield in our option valuation model. We adjust share-based compensation
expense for actual forfeitures as they occur. We amortize the fair value of
options on a straight-line basis over the requisite service periods of the
awards, which are generally the vesting periods. We may elect to use different
assumptions under our option valuation model in the future, which could
materially affect our net income or loss and net income or loss per share. See
Note 11 to the financial statements in Item 8 of this Annual Report for more
information.
Legal Contingencies
We are subject to certain legal proceedings, as well as demands, claims and
threatened litigation that arise in the normal course of our business. We review
the status of each significant matter quarterly and assess our potential
financial exposure. If the potential loss from any claim or legal proceeding is
considered probable and the amount can be reasonably estimated, we record a
liability and an expense for the estimated loss. If we determine that a loss is
possible and the range of the loss can be reasonably determined, then we
disclose the range of the possible loss. Significant judgment is required in the
determination of whether a potential loss is probable, reasonably possible, or
remote as well as in the determination of whether a potential exposure is
reasonably estimable. Our accruals are based on the best information available
at the time. As additional information becomes available, we reassess the
potential liability related to our pending claims and litigation and may revise
our estimates. Potential legal liabilities and the revision of estimates of
potential legal liabilities could have a material impact on our financial
position and results of operations. See Note 13 to the financial statements in
Item 8 of this Annual Report for more information.
Accounting for Income Taxes - Estimates of Deferred Taxes, Valuation Allowances,
and Uncertain Tax Positions
We estimate our income taxes based on the various jurisdictions where we conduct
business. Significant judgment is required in determining our worldwide income
tax provision. The calculation of our tax liabilities involves dealing with
uncertainties in the application of complex tax rules and the potential for
future adjustment of our uncertain tax positions by the United States Internal
Revenue Service or other taxing jurisdictions. We estimate our current tax
liability and assess temporary differences that result from differing treatments
of certain items for tax and accounting purposes. These differences result in
deferred tax assets and liabilities, which we show on our consolidated balance
sheet. We must then assess the likelihood that our deferred tax assets will be
realized. To the extent we believe that realization is not likely, we establish
a valuation allowance. When we establish a valuation allowance or increase this
allowance in an accounting period, we record a corresponding tax expense in our
consolidated statement of operations.
We record a valuation allowance to reflect uncertainties about whether we will
be able to utilize our deferred tax assets before they expire. We assess the
need for an adjustment to the valuation allowance on a quarterly basis. The
assessment is based on our estimates of future sources of taxable income in the
jurisdictions in which we operate and the periods over which our deferred tax
assets will be realizable. While we have considered future taxable income in
assessing the need for a valuation allowance for the periods presented, we could
in the future be required to increase the valuation allowance to take into
account additional deferred tax assets that we may be unable to realize. An
increase in the valuation allowance could have an adverse impact on our income
tax provision and net income in the period in which we record the change.


   Intuit Fiscal 2020 Form 10-K 39



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We recognize and measure benefits for uncertain tax positions using a two-step
approach. The first step is to evaluate the tax position taken or expected to be
taken in a tax return by determining if the weight of available evidence
indicates that it is more likely than not that the tax position will be
sustained upon audit, including resolution of any related appeals or litigation
processes. For tax positions that are more likely than not of being sustained
upon audit, the second step is to measure the tax benefit as the largest amount
that is more than 50% likely of being realized upon settlement. Significant
judgment is required to evaluate uncertain tax positions. We evaluate our
uncertain tax positions on a quarterly basis. Our evaluations are based upon a
number of factors, including changes in facts or circumstances, changes in tax
law, correspondence with tax authorities during the course of audits and
effective settlement of audit issues. Changes in the recognition or measurement
of uncertain tax positions could result in material increases or decreases in
our income tax expense in the period in which we make the change, which could
have a material impact on our effective tax rate and operating results. See Note
10 to the financial statements in Item 8 of this Annual Report for more
information.




   Intuit Fiscal 2020 Form 10-K 40



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RESULTS OF OPERATIONS



A discussion regarding our financial condition and results of operations for
fiscal 2020 compared to fiscal 2019 is presented below. A discussion regarding
our financial condition and results of operations for fiscal 2019 compared to
fiscal 2018 can be found under Item 7 of Part II in our Annual Report on Form
10-K for the fiscal year ended July 31, 2019, filed with the SEC on August 30,
2019, which is available free of charge on the SEC's website at www.sec.gov and
on the Investor Relations section of our corporate website at
investors.intuit.com.
Financial Overview

(Dollars in millions, except per   Fiscal        Fiscal        Fiscal       2020-2019      2019-2018
share amounts)                      2020          2019          2018         % Change       % Change
Total net revenue                   $7,679$6,784$6,025           13 %           13 %
Operating income                     2,176         1,854         1,560           17 %           19 %
Net income                           1,826         1,557         1,329           17 %           17 %
Diluted net income per share         $6.92$5.89$5.09           17 %           16 %


Total net revenue increased $895 million or 13% in fiscal 2020 compared with
fiscal 2019. Our Small Business & Self-Employed segment revenue increased 15%
primarily due to growth in the Online Ecosystem. Our Consumer segment revenue
increased 13% primarily due to a shift in mix to our higher priced offerings
including TurboTax Live and growth in TurboTax federal units. See "Segment
Results" later in this Item 7 for more information.
Operating income increased $322 million or 17% in fiscal 2020 compared with
fiscal 2019. The increase was due to the higher revenue described above
partially offset by higher costs for staffing, outside services, corporate
related expenses, and a one time restructuring charge for severance expenses.
See "Operating Expenses" later in this Item 7 for more information.
Net income increased $269 million or 17% in fiscal 2020 compared with fiscal
2019 due to the increase in operating income described above. Diluted net income
per share for fiscal 2020 increased 17% to $6.92, in line with the increase in
net income.
Segment Results


The information below is organized in accordance with our three reportable
segments. All of our segments operate and sell to customers primarily in the
United States. International total net revenue was less than 5% of consolidated
total net revenue for all periods presented.
Segment operating income is segment net revenue less segment cost of revenue and
operating expenses. Segment expenses do not include certain costs, such as
corporate selling and marketing, product development, general and administrative
expenses and share-based compensation expenses, which are not allocated to
specific segments. These unallocated costs totaled $2.0 billion in fiscal 2020,
$1.7 billion in fiscal 2019, and $1.6 billion in fiscal 2018. Unallocated costs
increased in fiscal 2020 compared with fiscal 2019 and in fiscal 2019 compared
with fiscal 2018 due to increased corporate product development, selling and
marketing, and general and administrative expenses in support of the growth of
our businesses and higher share-based compensation expenses. Segment expenses
also do not include amortization of acquired technology and amortization of
other acquired intangible assets which totaled $28 million in fiscal 2020, $26
million in fiscal 2019, and $21 million in fiscal 2018. See Note 14 to the
financial statements in Item 8 of this Annual Report for reconciliations of
total segment operating income to consolidated operating income for each fiscal
year presented.


   Intuit Fiscal 2020 Form 10-K 41



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Small Business & Self-Employed [[Image Removed: logoquickbooksa21.jpg]]

[[Image Removed: chart-e413920a64845a87b1c.jpg]]



Small Business & Self-Employed segment revenue includes both Online Ecosystem
and Desktop Ecosystem revenue.
Our Online Ecosystem includes revenue from QuickBooks Online, QuickBooks Live,
QuickBooks Online Advanced and QuickBooks Self-Employed financial and business
management offerings; small business payroll services, including QuickBooks
Online Payroll, Intuit Online Payroll, Intuit Full Service Payroll; merchant
payment processing services for small businesses who use online offerings; and
financing for small businesses.
Our Desktop Ecosystem includes revenue from our QuickBooks Desktop packaged
software products (Desktop Pro, Desktop for Mac, Desktop Premier, and QuickBooks
Point of Sale); QuickBooks Desktop software subscriptions (QuickBooks Desktop
Pro Plus, QuickBooks Desktop Premier Plus, and QuickBooks Enterprise, and
ProAdvisor Program memberships for the accounting professionals who serve small
businesses); desktop payroll products (QuickBooks Basic Payroll, QuickBooks
Assisted Payroll and QuickBooks Enhanced Payroll); merchant payment processing
services for small businesses who use desktop offerings; financial supplies; and
financing for small businesses.


Segment product revenue is derived from revenue related to software license and
version protection for our QuickBooks Desktop products and subscriptions,
license and related updates for our desktop payroll products and financial
supplies, which are all part of our Desktop Ecosystem. Segment service and other
revenue is derived from our Online Ecosystem revenue; and Desktop Ecosystem
revenue related to support and connected services for our QuickBooks Desktop and
desktop payroll products and subscriptions and merchant payment processing
services.
                           Fiscal      Fiscal      Fiscal     2020-2019    2019-2018
(Dollars in millions)       2020        2019        2018       % Change     % Change
Product revenue           $ 1,032$ 1,036$ 1,038

Service and other revenue 3,018 2,497 2,023 Total segment revenue $ 4,050$ 3,533$ 3,061 15 %

         15 %
% of total revenue             53 %        52 %        51 %

Segment operating income $ 1,911$ 1,549$ 1,326 23 %

   17 %
% of related revenue           47 %        44 %        43 %



Revenue classified by significant product and service offerings was as follows:
                                      Fiscal     Fiscal     Fiscal     2020-2019    2019-2018
(Dollars in millions)                  2020       2019       2018      % Change      % Change
Net revenue:
QuickBooks Online Accounting         $ 1,354$   980$   695       38 %           41 %
Online Services                          828        683        511       21 %           34 %
Total Online Ecosystem                 2,182      1,663      1,206       31 %           38 %
QuickBooks Desktop Accounting            755        732        716        3 %            2 %
Desktop Services and Supplies          1,113      1,138      1,139       (2 %)           - %
Total Desktop Ecosystem                1,868      1,870      1,855        - %            1 %

Total Small Business & Self-Employed $ 4,050$ 3,533$ 3,061 15 %

           15 %





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Revenue for our Small Business & Self-Employed segment increased $517 million or
15% in fiscal 2020 compared with fiscal 2019. The increase was primarily due to
growth in Online Ecosystem revenue. Fiscal 2020 revenue includes $30 million of
nonrecurring revenue related to the Payroll Protection Program, of which $16
million related to our Online Ecosystem and $14 million related to our Desktop
Ecosystem.
Online Ecosystem
Online Ecosystem revenue increased $519 million or 31% in fiscal 2020 compared
with fiscal 2019. QuickBooks Online Accounting revenue increased 38% in fiscal
2020 compared with fiscal 2019 primarily due to an increase in customers as well
as higher effective prices and a shift in mix to our higher priced offerings.
Online Services revenue increased 21% primarily due to an increase in revenue
from our payroll and payments offerings. Online payroll revenue increased due to
a shift in mix to our full service offering and an increase in customers. Online
payments revenue increased due to an increase in customers and an increase in
charge volume per customer.
Desktop Ecosystem
Desktop Ecosystem revenue decreased $2 million in fiscal 2020 compared with
fiscal 2019 primarily due to a decline in Desktop units, Desktop Payroll, and
Desktop Payments, which was partially offset by growth in our QuickBooks
Enterprise subscription offering due to an increase in customers. Desktop
Payroll and Desktop Payments revenues both decreased due to fewer customers.
Small Business & Self-Employed segment operating income increased $362 million
or 23% in fiscal 2020 compared with fiscal 2019 due to the higher revenue
described above which was partially offset by higher expenses for staffing,
outside services, and a one time restructuring charge for severance expenses.


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Consumer [[Image Removed: logoturbotaxa21.jpg]]

[[Image Removed: chart-aaeae02cd73254d6a6a.jpg]]

Consumer segment product revenue is derived primarily from TurboTax desktop tax
return preparation software and related form updates.
Consumer segment service and other revenue is derived primarily from TurboTax
Online and TurboTax Live offerings, electronic tax filing services and connected
services, and also from our Mint and Turbo offerings.



                           Fiscal      Fiscal      Fiscal     2020-2019    2019-2018
(Dollars in millions)       2020        2019        2018       % Change     % Change
Product revenue           $   203$   201$   210

Service and other revenue 2,933 2,574 2,298 Total segment revenue $ 3,136$ 2,775$ 2,508 13 %

         11 %
% of total revenue             41 %        41 %        42 %

Segment operating income $ 1,942$ 1,742$ 1,587 11 %

    10 %
% of related revenue           62 %        63 %        63 %


Revenue for our Consumer segment increased $361 million or 13% in fiscal 2020
compared with fiscal 2019 primarily due to a shift in mix to our higher priced
product offerings including TurboTax Live and an 11% growth in TurboTax federal
units.
Consumer segment operating income increased $200 million or 11% in fiscal 2020
compared with fiscal 2019 due to the higher revenue described above, which was
partially offset by higher expenses for staffing, advertising and marketing, and
corporate related expenses.



   Intuit Fiscal 2020 Form 10-K 44




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Strategic Partner [[Image Removed: logoproconnecta21.jpg]]

[[Image Removed: chart-e8ab7dea145f5708adf.jpg]]

Strategic Partner segment product revenue is derived primarily from Lacerte,
ProSeries, and ProFile desktop tax preparation software products and related
form updates.
Strategic Partner segment service and other revenue is derived primarily from
ProConnect Tax Online tax products, electronic tax filing service, connected
services, and bank products.

                           Fiscal     Fiscal     Fiscal     2020-2019    2019-2018
(Dollars in millions)       2020       2019       2018      % Change      % Change
Product revenue           $  400$  386$  376

Service and other revenue 93 90 80 Total segment revenue $ 493$ 476$ 456 4 %

            4 %
% of total revenue             6 %        7 %        7 %

Segment operating income $ 333$ 318$ 284 5 %

  12 %
% of related revenue          68 %       67 %       62 %


Revenue for our Strategic Partner segment increased $17 million or 4% in fiscal
2020 compared with fiscal 2019 primarily due to a higher average revenue per
customer.
Strategic Partner segment operating income increased $15 million or 5% in fiscal
2020 compared with fiscal 2019 primarily due to the higher revenue described
above and relatively stable spending.



   Intuit Fiscal 2020 Form 10-K 45



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Cost of Revenue

                                           % of                   % of                    % of
                              Fiscal     Related     Fiscal     Related      Fiscal     Related
(Dollars in millions)          2020      Revenue      2019      Revenue       2018      Revenue
Cost of product revenue      $    72          4 %   $    77          5 %   $     82          5 %
Cost of service and other
revenue                        1,284         21 %     1,070         21 %        881         20 %
Amortization of acquired
technology                        22        n/a          20        n/a           15        n/a
Total cost of revenue        $ 1,378         18 %   $ 1,167         17 %   $    978         16 %


Our cost of revenue has three components: (1) cost of product revenue, which
includes the direct costs of manufacturing and shipping or electronically
downloading our desktop software products; (2) cost of service and other
revenue, which includes the direct costs associated with our online and service
offerings, such as costs for data processing and storage capabilities from cloud
providers, customer support costs, and costs for the tax and bookkeeping experts
that support our TurboTax Live and QuickBooks Live offerings; and
(3) amortization of acquired technology, which represents the cost of amortizing
developed technologies that we have obtained through acquisitions over their
useful lives.
Cost of product revenue as a percentage of product revenue was relatively
consistent in fiscal 2020 compared with fiscal 2019. We expense costs of product
revenue as they are incurred for delivered software and we do not defer any of
these costs when product revenue is deferred.
Cost of service and other revenue as a percentage of service and other revenue
was relatively consistent in fiscal 2020 compared with fiscal 2019.
Operating Expenses

                                                % of                     % of                     % of
                                               Total                    Total                    Total
                                  Fiscal        Net        Fiscal        Net        Fiscal        Net
(Dollars in millions)              2020       Revenue       2019       Revenue       2018       Revenue
Selling and marketing            $ 2,048         27 %     $ 1,927         28 %     $ 1,631         27 %
Research and development           1,392         18 %       1,233         18 %       1,186         20 %
General and administrative           679          9 %         597          9 %         664         11 %
Amortization of other acquired
intangible assets                      6          - %           6          - %           6          - %

Total operating expenses $ 4,125 54 % $ 3,763 55 % $ 3,487 58 %



Total operating expenses as a percentage of total net revenue decreased in
fiscal 2020 compared to fiscal 2019. Total net revenue increased $895 million or
13% and total operating expenses increased $362 million or 10%. The increase in
operating expenses was primarily driven by $176 million for higher staffing
expenses due to higher headcount, $54 million for outside services, $52 million
for corporate related expenses, $40 million for a one time restructuring charge
for severance expenses, and $29 million for professional fees related to pending
business combinations.
Non-Operating Income and Expenses


Interest Expense
Interest expense of $14 million in fiscal 2020 consisted primarily of interest
on our unsecured term loan, unsecured revolving credit facility, secured
revolving credit facility, and senior unsecured notes. Interest expense of
$15 million in fiscal 2019 consisted primarily of interest on our unsecured term
loan and secured revolving credit facility. See Note 7 and Note 8 to the
financial statements in Item 8 of this Annual Report for more information.
Interest and Other Income, Net
(In millions)                                            Fiscal 2020      Fiscal 2019       Fiscal 2018
Interest income (1)                                     $       39       $  

46 $ 18 Net gain (loss) on executive deferred compensation plan assets (2)

                                                       5                3                   7
Other                                                           (8 )             (7 )                 1
Total interest and other income, net                    $       36$       42       $          26




   Intuit Fiscal 2020 Form 10-K 46



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(1) Interest income decreased in fiscal 2020 compared to fiscal 2019 due to lower

average interest rates.

(2) In accordance with authoritative guidance, we record gains and losses

associated with executive deferred compensation plan assets in interest and

other income and gains and losses associated with the related liabilities in

operating expenses. The total amounts recorded in operating expenses for each

period are approximately equal to the total amounts recorded in interest and

other income in those periods.



Income Taxes
Our effective tax rates for fiscal 2020 and fiscal 2019 were approximately 17%.
Excluding the tax benefits related to share-based compensation, our effective
tax rate for fiscal 2020 was approximately 21%. This rate did not differ
significantly from the federal statutory rate of 21% as state income taxes and
non-deductible share-based compensation were substantially offset by the benefit
we received from the federal research and experimentation credit. Excluding the
tax benefits related to share-based compensation our effective tax rate for
fiscal 2019 was approximately 24%. 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. See Note 10 to the financial
statements in Item 8 of this Annual Report for more information about our
effective tax rates.
At July 31, 2020, we had net deferred tax assets of $63 million which included a
valuation allowance for state research and experimentation tax credit
carryforwards, foreign loss carryforwards, foreign intangible deferred tax
assets and state operating and capital loss carryforwards. See "Critical
Accounting Policies and Estimates" earlier in this Item 7 and Note 10 to the
financial statements in Item 8 of this Annual Report for more information.


   Intuit Fiscal 2020 Form 10-K 47



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LIQUIDITY AND CAPITAL RESOURCES

Overview



At July 31, 2020, our cash, cash equivalents and investments totaled $7.1
billion, an increase of $4.3 billion from July 31, 2019 due to the factors
described in "Statements of Cash Flows" below. Our primary sources of liquidity
have been cash from operations, which includes the collection of accounts
receivable for products and services, the issuance of senior unsecured notes,
and borrowings under our credit facilities. Our primary uses of cash have been
for research and development programs, selling and marketing activities,
repurchases of our common stock under our stock repurchase programs, the payment
of cash dividends, debt service costs and debt repayment, acquisitions of
businesses, and capital projects. As discussed in "Executive Overview - Industry
Trends and Seasonality" earlier in this Item 7, our business is subject to
significant seasonality. The balance of our cash, cash equivalents and
investments generally fluctuates with that seasonal pattern. We believe the
seasonality of our business is likely to continue in the future.
The following table summarizes selected measures of our liquidity and capital
resources at the dates indicated:
                                                July 31,      July 31,        $          %
(Dollars in millions)                             2020          2019        Change    Change
Cash, cash equivalents and investments         $    7,050$    2,740$ 4,310      157 %
Long-term investments                                  19            13          6       46 %
Short-term debt                                     1,338            50      1,288    2,576 %
Long-term debt                                      2,031           386      1,645      426 %
Working capital                                     4,451         1,628      2,823      173 %
Ratio of current assets to current liabilities    2.3 : 1       1.8 : 1


We have historically generated significant cash from operations and we expect to
continue to do so during fiscal 2021. Our cash, cash equivalents, and
investments totaled $7.1 billion at July 31, 2020, none of those funds were
restricted, and approximately 97% of those funds were located in the U.S.
In the fourth quarter of fiscal 2020, we borrowed the full $1 billion under our
unsecured revolving credit facility and issued $2 billion in senior unsecured
notes for general corporate purposes, which may include funding a portion of the
pending acquisition of Credit Karma, and other possible acquisitions of
businesses or assets or strategic investments. In August 2020, we repaid the $1
billion outstanding under the revolving credit facility. See "Commitments for
Senior Unsecured Notes" later in this Item 7 for more information.
Based on past performance and current expectations, we believe that our cash and
cash equivalents, investments, and cash generated from operations will be
sufficient to meet anticipated seasonal working capital needs, capital
expenditure requirements, contractual obligations (including the pending
acquisition of Credit Karma), commitments, debt service requirements, and other
liquidity requirements associated with our operations for at least the next
12 months. We believe that our financial resources will allow us to manage the
impact of COVID-19 on our business operations for the foreseeable future, which
could include potential reductions in revenue and delays in payments from
customers and partners.
We expect to return excess cash generated by operations to our stockholders
through payment of cash dividends, after taking into account our operating and
strategic cash needs. In connection with our pending acquisition of Credit
Karma, we have temporarily suspended share repurchases.
Our secured revolving credit facility is available to fund a portion of our
loans to qualified small businesses. At July 31, 2020, $48 million was
outstanding under the secured revolving credit facility. See "Credit Facilities"
later in this Item 7 for more information.
We evaluate, on an ongoing basis, the merits of acquiring technology or
businesses, or establishing strategic relationships with and investing in other
companies. Our strong liquidity profile enables us to quickly respond to these
kinds of opportunities.


   Intuit Fiscal 2020 Form 10-K 48



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Statements of Cash Flows


The following table summarizes selected items from our consolidated statements
of cash flows for fiscal 2020, fiscal 2019, and fiscal 2018. See the financial
statements in Item 8 of this Annual Report for complete consolidated statements
of cash flows for those periods.
                                                       Fiscal       Fiscal  

Fiscal

(Dollars in millions)                                   2020         2019   

2018

Net cash provided by (used in):
Operating activities                                 $  2,414$  2,324$  2,112
Investing activities                                      (97 )       (635 )       (532 )
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



During fiscal 2020 we generated $2.4 billion in cash from operations. We also
received $2 billion from the issuance of senior unsecured notes, $1 billion from
borrowings under our unsecured revolving credit facility and $25 million from
the net sales and maturities of investments. During the same period we used $561
million for the payment of cash dividends, $323 million for the repurchase of
shares of our common stock under our stock repurchase programs, $137 million for
capital expenditures, $33 million from the issuance of common stock under
employee stock plans, net of payments for employee taxes withheld upon vesting
of restricted stock units, $50 million for the repayment of debt, and $44
million for net originations of term loans.
During fiscal 2019 we generated $2.3 billion in cash from operations. We also
received $48 million from borrowings under our secured revolving credit facility
and $33 million from the issuance of common stock under employee stock plans,
net of payments for employee taxes withheld upon vesting of restricted stock
units. During the same period we used $556 million for the repurchase of shares
of our common stock under our stock repurchase programs, $501 million for the
payment of cash dividends, $155 million for capital expenditures, $64 million
for the acquisition of a business net of cash acquired, $49 million for net
originations of term loans, and $50 million for the repayment of debt.
Stock Repurchase Programs and Dividends on Common Stock


As described in Note 11 to the financial statements in Item 8 of this Annual
Report, during fiscal 2020 and fiscal 2019 we continued to repurchase shares of
our common stock under a series of repurchase programs that our Board of
Directors has authorized. At July 31, 2020, we had authorization from our Board
of Directors to expend up to an additional $2.4 billion for stock repurchases.
In connection with our pending acquisition of Credit Karma, we have temporarily
suspended share repurchases.
We have continued to pay quarterly cash dividends on shares of our outstanding
common stock. During fiscal 2020 we declared cash dividends that totaled $2.12
per share of outstanding common stock or approximately $562 million. In August
2020 our Board of Directors declared a quarterly cash dividend of $0.59 per
share of outstanding common stock payable on October 19, 2020 to stockholders of
records at the close of business on October 12, 2020. We currently expect to
continue paying comparable cash dividends on a quarterly basis; however, future
declarations of dividends and the establishment of future record dates and
payment dates are subject to the final determination of our Board of Directors.
Business Combinations


On February 24, 2020, we entered into an agreement and plan of merger (the
Merger Agreement) to acquire Credit Karma, Inc. (Credit Karma), for $7.1
billion, subject to certain customary adjustments set forth in the Merger
Agreement. The purchase price for Credit Karma will be payable in equal portions
of cash and Intuit common stock. The transaction is expected to close before the
end of calendar year 2020 subject to receiving required regulatory approval. See
Note 6 to the financial statements in Item 8 of this Annual Report for more
information.
Commitments for Senior Unsecured Notes


In June 2020, we issued $2 billion of senior unsecured notes comprised of the
following:
• $500 million of 0.650% notes due July 2023;


$500 million of 0.950% notes due July 2025;

$500 million of 1.350% notes due July 2027; and




   Intuit Fiscal 2020 Form 10-K 49



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$500 million of 1.650% notes due July 2030 (together, the Notes).



Interest is payable semiannually on January 15 and July 15 of each year,
beginning on January 15, 2021. At July 31, 2020, our maximum commitment for
interest payments under the Notes was $164 million through the maturity dates.
The Notes are senior unsecured obligations of Intuit and rank equally with all
existing and future unsecured and unsubordinated indebtedness of Intuit and are
redeemable by us at any time, subject to a make-whole premium. Upon the
occurrence of change of control transactions that are accompanied by certain
downgrades in the credit ratings of the Notes, we will be required to repurchase
the Notes at a repurchase price equal to 101% of the aggregate outstanding
principal plus any accrued and unpaid interest to but not including the date of
repurchase. The indenture governing the Notes requires us to comply with certain
covenants. For example, the Notes limit our ability to create certain liens and
enter into sale and leaseback transactions. As of July 31, 2020 we were
compliant with all covenants governing the Notes. See Note 8 to the financial
statements in Item 8 of this Annual Report for more information.
Credit Facilities


Unsecured Revolving Credit Facility and Term Loan
On May 2, 2019 we entered into an amended and restated credit agreement with
certain institutional lenders for a credit facility with an aggregate principal
amount of $1.4 billion, including a $400 million unsecured term loan that
matures on February 1, 2021 and a $1 billion unsecured revolving credit facility
that matures on May 2, 2024.
Under the amended and restated credit agreement we may, subject to certain
customary conditions including lender approval, on one or more occasions
increase commitments under the unsecured revolving credit facility in an amount
not to exceed $250 million in the aggregate and may extend the maturity date up
to two times. Advances under the unsecured revolving credit facility accrue
interest at rates that are equal to, at our election, either Bank of America's
alternate base rate plus a margin that ranges from 0.0% to 0.1% or the London
Interbank Offered Rate (LIBOR) plus a margin that ranges from 0.69% to 1.1%.
Actual margins under either election will be based on our senior debt credit
ratings. In May 2020, we borrowed the full $1 billion under the unsecured
revolving credit facility and at July 31, 2020, $1 billion was outstanding. In
August 2020, we repaid the $1 billion outstanding under this revolving credit
facility. We monitor counterparty risk associated with the institutional lenders
that are providing the credit facility.
Under the amended and restated credit agreement we may, subject to certain
customary conditions including lender approval, on one or more occasions
increase commitments under the term loan in an amount not to exceed $400 million
in the aggregate. The term loan accrues interest at rates that are equal to, at
our election, either Bank of America's alternate base rate plus a margin that
ranges from 0.0% to 0.125% or LIBOR plus a margin that ranges from 0.625% to
1.125%. Actual margins under either election will be based on our senior debt
credit ratings. The term loan is subject to quarterly principal payments of
$12.5 million through October 31, 2020, with the balance payable on February 1,
2021. At July 31, 2020, $338 million was outstanding under the term loan.
The amended and restated credit agreement includes customary affirmative and
negative covenants, including financial covenants that require us to maintain a
ratio of total gross debt to annual earnings before interest, taxes,
depreciation and amortization (EBITDA) of not greater than 3.25 to 1.00 as of
any date and a ratio of annual EBITDA to annual interest expense of not less
than 3.00 to 1.00 as of the last day of each fiscal quarter. As of July 31, 2020
we were compliant with all required covenants.
Secured Revolving Credit Facility
On February 19, 2019 a subsidiary of Intuit entered into a two-year $300 million
secured revolving credit facility with a lender. The revolving credit facility
is secured by cash and receivables of the subsidiary and is non-recourse to
Intuit Inc. Advances under this secured revolving credit facility are used to
fund a portion of our loans to qualified small businesses and accrue interest at
LIBOR plus 2.39%. Unused portions of the credit facility accrue interest at a
rate of 0.5%. On March 2, 2020, we amended the secured revolving credit facility
to extend the commitment term from February 19, 2021 to February 19, 2022 and
the final maturity date from August 19, 2021 to August 19, 2022. The agreement
includes certain affirmative and negative covenants, including financial
covenants that require the subsidiary to maintain specified financial ratios. As
of July 31, 2020 we were compliant with all required covenants. At July 31,
2020, $48 million was outstanding under this facility, with a weighted-average
interest rate of 5.74%, which includes the unused facility fee. The outstanding
balance is secured by cash and receivables of the subsidiary totaling $144
million.
Cash Held by Foreign Subsidiaries


Our cash, cash equivalents and investments totaled $7.1 billion at July 31,
2020. Approximately 3% of those funds were held by our foreign subsidiaries and
subject to repatriation tax considerations. These foreign funds were located
primarily in the United Kingdom, Canada, and India. As a result of the 2017 Tax
Act we do not expect to pay incremental U.S. taxes on repatriation. We have
recorded income tax expense for Canada and India withholding taxes on earnings
that are not permanently reinvested. In the event that funds from foreign
operations are repatriated to the United States, we would pay withholding taxes
at that time.


   Intuit Fiscal 2020 Form 10-K 50



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OFF-BALANCE SHEET ARRANGEMENTS

At July 31, 2020, we did not have any significant off-balance sheet arrangements, as defined in Item 303(a)(4)(ii) of Regulation S-K. CONTRACTUAL OBLIGATIONS

The following table summarizes our known contractual obligations to make future payments at July 31, 2020:

                                                               Payments Due by Period
                                           Less than        1-3          3-5         More than
(In millions)                               1 year         years        years         5 years        Total
Amounts due under executive deferred
compensation plan                        $       123     $      -     $      -     $         -     $   123
Senior unsecured notes                             -          500          500           1,000       2,000
Unsecured term loan                              338            -            -               -         338
Unsecured revolving credit facility            1,000            -            -               -       1,000
Secured revolving credit facility                  -           48            -               -          48
Interest and fees due on debt                     29           51           40              55         175
Operating leases (1)                              53          108           87              43         291
Purchase obligations (2)                         135           68            -               -         203
Total contractual obligations (3)        $     1,678$    775$    627$     1,098$ 4,178



(1)    Includes operating leases for facilities and equipment. Amounts do not

include $29 million of future sublease income or $72 million in minimum

lease payments for leases signed but not yet commenced. We had no

significant finance leases at July 31, 2020. See Note 9 to the financial

       statements in Item 8 of this Annual Report for more information.


(2)    Represents agreements to purchase products and services that are
       enforceable, legally binding and specify terms, including: fixed or
       minimum quantities to be purchased; fixed, minimum or variable price
       provisions; and the approximate timing of the payments.

(3) Other long-term obligations on our consolidated balance sheet at July 31,

2020 included long-term income tax liabilities of $10 million which

related primarily to unrecognized tax benefits. We have not included this

amount in the table above because we cannot make a reasonably reliable

estimate regarding the timing of settlements with taxing authorities, if

any.

RECENT ACCOUNTING PRONOUNCEMENTS



For a description of recent accounting pronouncements and the potential impact
of these pronouncements on our consolidated financial statements, see Note 1 to
the financial statements in Item 8 of this Annual Report.


   Intuit Fiscal 2020 Form 10-K 51



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