Wiki source code of Intuit Inc

Version 5.1 by Asif Farooqui on 2023/01/12 18:33
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5 = Summary =
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7 * Intuit, Inc. is a technology company providing business and financial management solutions.
8 * Its technology platform includes TurboTax, Credit Karma, QuickBooks, and Mailchimp are designed for consumers and small businesses.
9 * Recently Intuit acquired Financial Health Startup SeedFi
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13 [[image:INTU0.jpg||height="383" width="718"]]
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16 Intuit, Inc. (Nasdaq : INTU, LSE: 0JCT) is a technology company providing business and financial management solutions.  The company's global technology platform, which includes TurboTax, Credit Karma, QuickBooks, and Mailchimp. The company serve more than 100 million customers and generated revenue of $12.7 billion in its fiscal year which ended July 31, 2022.
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19 = Recent Developments =
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21 **Intuit to Acquire Financial Health Startup SeedFi**{{footnote}}https://investors.intuit.com/news/news-details/2022/Intuit-to-Acquire-Financial-Health-Startup-SeedFi/default.aspx{{/footnote}}
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23 December 1, 2022; Intuit announced that it has entered into an agreement to acquire SeedFi, the partner behind Credit Karma’s Credit Builder, which helps low, or no-credit borrowers build credit while saving money, all for free. Credit Builder offers a line of credit and a secured savings account enabling members to build their credit while building up savings. By combining SeedFi’s Credit Builder technology with Credit Karma’s long standing relationships with credit bureaus and others in the credit ecosystem, Intuit will be able to move with greater speed and scale to help Credit Karma members make financial progress.
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26 Late last year, Credit Karma entered into a partnership with SeedFi to offer Credit Builder to its members, enabling them to make regular payments, starting with as little as $20 per month or $10 per paycheck. By reporting these payments to the credit bureaus, members took steps toward improving their financial health. Through this partnership, members increased their score by an average of 21 points in as little as 30 to 45 days2 and built up over $10 million in savings. This acquisition will enable Credit Karma Money to continue to build on that momentum and help put more members on a path to financial security.
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29 On December 3, 2020, the company acquired Credit Karma in a business combination and it operates as a separate reportable segment.
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32 On November 1, 2021, the company acquired Mailchimp in a business combination. Mailchimp is part of its Small Business & Self-Employed segment.
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35 [[image:INTU1.jpg]]
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38 = Financial Highlights =
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40 Total net revenue increased $3.1 billion or 32% in fiscal 2022 ended July 31, compared with fiscal 2021. The company's Small Business & Self-Employed segment revenue increased 38% primarily due to growth in its Online Ecosystem revenue, which included $762 million of revenue from Mailchimp. Revenue for its Consumer segment increased 10% primarily due to a shift in mix to its higher priced offerings including TurboTax Live and its Premier offering. Revenue for its Credit Karma segment increased $940 million in fiscal 2022 compared to fiscal 2021. This increase was primarily due to the fact that its fiscal 2021 results of operations included Credit Karma from the date of acquisition, which was December 3, 2020, while its fiscal 2022 results of operations include Credit Karma for the full reporting period.{{footnote}}https://fintel.io/doc/sec-intuit-inc-896878-10k-2022-september-02-19237-164{{/footnote}}
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43 Operating income increased $71 million or 3% in fiscal 2022 compared with fiscal 2021. The increase was due to the higher revenue described above partially offset by an increase in expenses primarily for staffing, share-based compensation, marketing, and amortization of other acquired intangible assets. The company also incurred a $141 million one-time charge related to its settlement with the 50 state attorneys general and the District of Columbia, entered into on May 4, 2022.
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46 Net income increased $4 million in fiscal 2022 compared with fiscal 2021 due the increase in operating income described above and a slightly lower effective tax rate, which were partially offset by an increase in interest expense from borrowing $4.7 billion on a term loan in fiscal 2022. Additionally, the company recorded a $30 million gain in fiscal 2021 from the sale of a note receivable that was previously written off. Diluted net income per share decreased 4% to $7.28 for fiscal 2022 due to the increase in the weighted average shares outstanding from the shares issued as part of the acquisition of Mailchimp in the second quarter of fiscal 2022, which was partially offset by the increase in net income.
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49 = Company Overview =
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51 Intuit Inc. was incorporated in California in March 1984. The company reincorporated in Delaware and completed its initial public offering in March 1993. Intuit, Inc. is a technology company providing business and financial management solutions. The company's global technology platform, which includes TurboTax, Credit Karma, QuickBooks, and Mailchimp. The company serve more than 100 million customers and generated revenue of $12.7 billion in its fiscal year which ended July 31, 2022.
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54 == Products ==
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56 Intuit has products for individuals, accountants and small businesses.{{footnote}}https://www.intuit.com/products/{{/footnote}}
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58 The company products TurboTax, Credit Karma, QuickBooks, and Mailchimp
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61 [[image:INTU2.jpg]]
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64 **For Individuals**
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66 Credit Karma
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68 QuickBooks Self-Employed
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70 Mint
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72 TurboTax
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74 TurboTax Live
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77 **For Small Businesses**
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79 QuickBooks
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81 QuickBooks Online
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83 QuickBooks Checks and Supplies
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85 QuickBooks Payroll
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87 QuickBooks Payments
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89 QuickBooks Time
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91 Mailchimp
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93 TurboTax Live for Business
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95 QuickBooks Live
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98 **For Accountants**
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100 Overview
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102 Lacerte Tax
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104 ProConnect Tax
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106 ProSeries Tax
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108 QuickBooks Online Accountants
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111 = References =
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113 {{putFootnotes/}}
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