Intuit Inc Reports Fourth Quarter and Full Year Fiscal 2024 Financial Results

Intellectia.AI2024-08-26

Illustration by Intellectia.AI

Intuit Inc. Reports Fourth Quarter and Full Year Fiscal 2024 Financial Results

Intuit Inc. (NASDAQ:INTU), a global financial technology platform covering products like TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced financial results for the fourth quarter and full fiscal year 2024, which ended July 31, 2024.

Key Financial Metrics

Metrics	Q4 FY2024	Q4 FY2023	YoY Change	Consensus Estimates
Total Revenue	$3.2 billion	$2.73 billion	+17%	$3.08 billion

Metrics	FY2024	FY2023	YoY Change	Consensus Estimates
Total Revenue	$16.3 billion	$14.42 billion	+13%	$16.19 billion
GAAP EPS	$10.43	N/A	+24%	N/A
Non-GAAP EPS	$16.94	N/A	+18%	$16.83

Interpretation: Intuit reported a robust performance with a 17% increase in total revenue for Q4 and a 13% increase for the full fiscal year, both surpassing consensus estimates. Non-GAAP EPS also showed healthy growth at 18% year-over-year.

Revenue Performance Across Major Segments

Segment	Q4 FY2024 Revenue	FY2024 Revenue	FY2024 YoY Growth
Small Business and Self-Employed	$2.6 billion	N/A	+20% (Q4)
Consumer Group	$113 million	$4.4 billion	+7%
Credit Karma	$485 million	$1.7 billion	+5%

Interpretation: The Small Business and Self-Employed Group segment led performance with a 20% increase in Q4 revenue, driven by the Online Ecosystem and QuickBooks Online. The Consumer Group saw a 7% increase in annual revenue despite a 12% decline in Q4. Credit Karma reported 5% annual growth, showing resilience in its segment.

Comments from Company Officers

Sasan Goodarzi, Intuit's Chief Executive Officer, emphasized the strong results achieved in Q4 and FY2024, mentioning the significant progress made with their AI-driven expert platform strategy, which the company believes positions it for durable growth in the future.

Dividends and Share Repurchase Program

Intuit's Board approved a new $3.0 billion repurchase authorization, bringing the total authorization to $4.9 billion for share repurchases. Additionally, the Board declared a quarterly dividend of $1.04 per share, a 16% increase year-over-year.

Forward Guidance

For fiscal year 2025, Intuit provided guidance with expected revenue of $18.160 billion to $18.347 billion, growing approximately 12 to 13 percent. GAAP diluted EPS is forecasted at $12.34 to $12.54, and non-GAAP diluted EPS is expected to be between $19.16 and $19.36. The company anticipates growth across all segments, particularly a 16 to 17 percent rise in the Small Business and Self-Employed Group.

Stock Price Movement

Following the earnings release, Intuit's stock price experienced a slight increase of 0.79%.

Conclusion

Intuit Inc. demonstrated solid financial performance for the fourth quarter and fiscal year 2024, surpassing revenue expectations and showing promising growth across its key segments. With optimistic guidance for fiscal 2025 and strategic advancements in AI-driven platforms, Intuit is well-positioned for continued success.

For more detailed financial data and insights, shareholders and investors can access the full earnings call transcript and other relevant documents on Intuit's investor relations website.