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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________
FORM 10-Q
 Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended October 31, 2024
OR
 Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ____________ to ____________ .
Commission File Number 0-21180
INTUITLOCKUP082522.jpg
INTUIT INC.
(Exact name of registrant as specified in its charter)
Delaware77-0034661
(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)

2700 Coast Avenue, Mountain View, CA 94043
(Address of principal executive offices, including zip code)
(650944-6000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
 Title of each classTrading SymbolName of each exchange on which registered
 Common Stock, $0.01 par valueINTUNasdaq Global Select Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting
company
Emerging growth
company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. The number of shares (in thousands) of Common Stock, $0.01 par value, outstanding as of November 14, 2024 was 280,035.



INTUIT INC.
FORM 10-Q
INDEX
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Intuit, QuickBooks, TurboTax, Credit Karma, and Mailchimp, among others, are registered trademarks and/or registered service marks of Intuit Inc., or one of its subsidiaries, in the United States and other countries. Other parties’ marks are the property of their respective owners.
 Intuit Q1 Fiscal 2025 Form 10-Q
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Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements that involve risks and uncertainties. Please also see the section entitled "Risk Factors" in Item 1A of Part II of this Quarterly Report for important information to consider when evaluating these statements. All statements in this report, other than statements that are purely historical, are forward-looking statements. Words such as "will," “expect,” “anticipate,” “intend,” “plan,” “believe,” “forecast,” “estimate,” “seek,” and similar expressions also identify forward-looking statements. In this report, forward-looking statements include, without limitation, the following:
our expectations and beliefs regarding future conduct and growth of the business;
statements regarding the impact of macroeconomic conditions on our business;
our beliefs and expectations regarding seasonality, competition, and other trends that affect our business;
our expectation that we will continue to invest significant resources in our product development, marketing and sales capabilities, including products and services incorporating artificial intelligence;
our expectation that we will continue to invest significant management attention and resources in our information technology infrastructure and in our privacy and security capabilities;
our expectation that we will work with the broader industry and government to protect our customers from fraud;
our expectation that we will generate significant cash from operations;
our expectation that total service revenue as a percentage of our total revenue to grow over the long term;
our expectations regarding the development of future products, services, business models and technology platforms and our research and development efforts;
our assumptions underlying our critical accounting policies and estimates, including our judgments and estimates regarding revenue recognition; the fair value of goodwill; and expected future amortization of acquired intangible assets;
our intention not to sell our investments and our belief that it is more likely than not that we will not be required to sell them before recovery at par;
our belief that the investments we hold are not other-than-temporarily impaired;
our belief that we take prudent measures to mitigate investment-related risks;
our belief that our exposure to currency exchange fluctuation risk will not be significant in the future;
our assessments and estimates that determine our effective tax rate;
our belief that our income tax valuation allowance is sufficient;
our belief that it is not reasonably possible that there will be a significant increase or decrease in our unrecognized tax benefits over the next 12 months;
our belief that our cash and cash equivalents, investments and cash generated from operations will be sufficient to meet our seasonal working capital needs, capital expenditure requirements, contractual obligations, commitments, debt service requirements and other liquidity requirements associated with our operations for at least the next 12 months;
our expectation that we will return excess cash generated by operations to our stockholders through repurchases of our common stock and the payment of cash dividends, after taking into account our operating and strategic cash needs;
our judgments and assumptions relating to our loan portfolio;
our belief that the credit facilities will be available to us should we choose to borrow under them;
our expectations regarding acquisitions and their impact on business and strategic priorities;
our expectations regarding the timing and costs associated with our plan of reorganization; and
our assessments and beliefs regarding the future developments and outcomes of pending legal proceedings and inquiries by regulatory authorities, the liability, if any, that Intuit may incur as a result of those proceedings and inquiries, and the impact of any potential losses or expenses associated with such proceedings or inquiries on our financial statements.
We caution investors that forward-looking statements are only predictions based on our current expectations about future events and are not guarantees of future performance. Actual outcomes and results may differ materially from what is expressed or forecast in these forward-looking statements. Risks, uncertainties and other factors that might cause such differences, some of which could be material, include but are not limited to those discussed in the section entitled “Risk Factors” in Item 1A of Part II of this Quarterly Report. We encourage you to read carefully all information provided in this report and in our other filings with the Securities and Exchange Commission before deciding to invest in our stock or to maintain or change your investment. These forward-looking statements are based on information as of the filing date of this Quarterly Report and, except as required by law, we undertake no obligation to revise or update any forward-looking statement for any reason.
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PART I - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS
INTUIT INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
 Three Months Ended
(In millions, except per share amounts)October 31,
2024
October 31,
2023
Net revenue:  
Service
$2,889 $2,450 
Product and other
394 528 
Total net revenue3,283 2,978 
Costs and expenses:  
Cost of revenue:  
Cost of service revenue
772 707 
Cost of product and other revenue
14 15 
Amortization of acquired technology37 38 
Selling and marketing962 769 
Research and development704 680 
General and administrative394 342 
Amortization of other acquired intangible assets120 120 
Restructuring9  
Total costs and expenses3,012 2,671 
Operating income271 307 
Interest expense(60)(65)
Interest and other income, net2 22 
Income before income taxes213 264 
Income tax provision16 23 
Net income$197 $241 
Basic net income per share$0.70 $0.86 
Shares used in basic per share calculations280 280 
Diluted net income per share$0.70 $0.85 
Shares used in diluted per share calculations283 283 
See accompanying notes.
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INTUIT INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
 Three Months Ended
(In millions)October 31,
2024
October 31,
2023
Net income$197 $241 
Other comprehensive income (loss), net of income taxes:
Unrealized gain on available-for-sale debt securities 1 
Foreign currency translation loss (24)
Total other comprehensive loss, net (23)
Comprehensive income$197 $218 
See accompanying notes.


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INTUIT INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions)October 31,
2024
July 31,
2024
ASSETS  
Current assets:  
Cash and cash equivalents$2,872 $3,609 
Investments486 465 
Accounts receivable, net426 457 
Notes receivable held for investment, net
892 779 
Notes receivable held for sale
10 3 
Income taxes receivable27 78 
Prepaid expenses and other current assets407 366 
Current assets before funds receivable and amounts held for customers5,120 5,757 
Funds receivable and amounts held for customers5,606 3,921 
Total current assets10,726 9,678 
Long-term investments90 131 
Property and equipment, net1,008 1,009 
Operating lease right-of-use assets538 411 
Goodwill13,844 13,844 
Acquired intangible assets, net5,662 5,820 
Long-term deferred income tax assets798 698 
Other assets527 541 
Total assets$33,193 $32,132 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Short-term debt$499 $499 
Accounts payable652 721 
Accrued compensation and related liabilities413 921 
Deferred revenue892 872 
Income taxes payable21 8 
Other current liabilities536 549 
Current liabilities before funds payable and amounts due to customers3,013 3,570 
Funds payable and amounts due to customers5,606 3,921 
Total current liabilities8,619 7,491 
Long-term debt5,625 5,539 
Operating lease liabilities592 458 
Other long-term obligations221 208 
Total liabilities15,057 13,696 
Commitments and contingencies
Stockholders’ equity:  
Preferred stock  
Common stock and additional paid-in capital20,619 20,251 
Treasury stock, at cost(19,320)(18,750)
Accumulated other comprehensive loss(54)(54)
Retained earnings16,891 16,989 
Total stockholders’ equity18,136 18,436 
Total liabilities and stockholders’ equity$33,193 $32,132 
See accompanying notes.
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.
INTUIT INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)
Three Months Ended October 31, 2024
(Dollars in millions, except per share amount;
shares in thousands)
Shares of
Common
Stock
Common
Stock and
Additional
Paid-In Capital
Treasury
Stock
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Total
Stockholders'
Equity
Balance at July 31, 2024280,268 $20,251 $(18,750)$(54)$16,989 $18,436 
Comprehensive income— — —  197 197 
Issuance of stock under employee stock plans, net of shares withheld for employee taxes768 (143)— — — (143)
Stock repurchases under stock repurchase programs(915)— (570)— — (570)
Dividends and dividend rights declared ($1.04 per share)
— — — — (295)(295)
Share-based compensation expense— 511 — — — 511 
Balance at October 31, 2024280,121 $20,619 $(19,320)$(54)$16,891 $18,136 
Three Months Ended October 31, 2023
(Dollars in millions, except per share amount;
shares in thousands)
Shares of
Common
Stock
Common
Stock and
Additional
Paid-In Capital
Treasury
Stock
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Total
Stockholders'
Equity
Balance at July 31, 2023280,421 $19,029 $(16,772)$(55)$15,067 $17,269 
Comprehensive income— — — (23)241 218 
Issuance of stock under employee stock plans, net of shares withheld for employee taxes850 (126)— — — (126)
Stock repurchases under stock repurchase programs(1,166)— (603)— — (603)
Dividends and dividend rights declared ($0.90 per share)
— — — — (261)(261)
Share-based compensation expense— 495 — — — 495 
Balance at October 31, 2023280,105 $19,398 $(17,375)$(78)$15,047 $16,992 

See accompanying notes.
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INTUIT INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended
(In millions)October 31,
2024
October 31,
2023
Cash flows from operating activities:  
Net income$197 $241 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation44 33 
Amortization of acquired intangible assets157 158 
Non-cash operating lease cost19 22 
Share-based compensation expense511 495 
Deferred income taxes(91)(126)
Other63 28 
Total adjustments703 610 
Originations and purchases of loans held for sale
 (44)
Sales and principal repayments of loans held for sale
 35 
Changes in operating assets and liabilities:
Accounts receivable31 33 
Income taxes receivable51 12 
Prepaid expenses and other assets(27)(33)
Accounts payable(75)(5)
Accrued compensation and related liabilities(507)(232)
Deferred revenue19 (159)
Income taxes payable12 (565)
Operating lease liabilities(22)(20)
Other liabilities(20)30 
Total changes in operating assets and liabilities(538)(939)
Net cash provided by (used in) operating activities362 (97)
Cash flows from investing activities:  
Purchases of corporate and customer fund investments(306)(92)
Sales of corporate and customer fund investments55 94 
Maturities of corporate and customer fund investments235 301 
Purchases of property and equipment(33)(84)
Originations and purchases of loans held for investment
(666)(377)
Sales of loans originally classified as held for investment
110  
Principal repayments of loans held for investment
420 358 
Other(3)10 
Net cash provided by (used in) investing activities(188)210 
Cash flows from financing activities:  
Proceeds from issuance of long-term debt, net of discount and issuance costs
 3,956 
Repayments of debt
 (4,200)
Proceeds from borrowings under secured revolving credit facilities85  
Proceeds from issuance of stock under employee stock plans96 92 
Payments for employee taxes withheld upon vesting of restricted stock units(239)(212)
Cash paid for purchases of treasury stock(557)(584)
Dividends and dividend rights paid(296)(260)
Net change in funds receivable and funds payable and amounts due to customers1,672 2,040 
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Other 17 
Net cash provided by financing activities761 849 
Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents (17)
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents935 945 
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period7,099 2,852 
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period$8,034 $3,797 
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within the condensed consolidated balance sheets to the total amounts reported on the condensed consolidated statements of cash flows
Cash and cash equivalents$2,872 $1,734 
Restricted cash and restricted cash equivalents included in funds receivable and amounts held for customers5,162 2,063 
Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period$8,034 $3,797 
Supplemental schedule of non-cash investing activities:
Transfers of loans originated or purchased as held for investment to held for sale
$113 $ 
See accompanying notes.
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INTUIT INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
1. Description of Business and Summary of Significant Accounting Policies
Description of Business
Intuit helps consumers and small and mid-market businesses prosper by delivering financial management, compliance, and marketing products and services. We also provide specialized tax products to accounting professionals.
We help consumers do their taxes with ease and confidence, understand their financial picture, build credit, save more to make ends meet, get their largest tax refund, pay off debt, and receive personalized suggestions on how to grow their money. We help small and mid-market businesses grow and run their business all in one place, including bookkeeping, getting paid, accessing capital, paying employees, getting and retaining customers, and managing their customer relationships.
We do this through our global AI-driven expert platform and our offerings including TurboTax, Credit Karma, QuickBooks, and Mailchimp. Lacerte, ProSeries, and ProConnect Tax Online are our leading tax preparation offerings for professional accountants. Incorporated in 1984 and headquartered in Mountain View, California, we sell our products and services primarily in the United States (U.S.).
Basis of Presentation
These condensed consolidated financial statements include the financial statements of Intuit and its wholly-owned subsidiaries. We have eliminated all intercompany balances and transactions in consolidation. We have included all adjustments, consisting only of normal recurring items, which we considered necessary for a fair presentation of our financial results for the interim periods presented. We have reclassified certain amounts previously reported in our financial statements to conform to the current presentation.
On August 1, 2024, we renamed our Small Business & Self-Employed segment as the Global Business Solutions segment. This new name better aligns with the global reach of the Mailchimp and QuickBooks platform, our focus on serving both small and mid-market businesses, and our vision to become the end-to-end platform that customers use to grow and run their business. See Note 12, "Segment Information," for more information.
On August 1, 2024, we reorganized certain technology and customer success functions in our Global Business Solutions, Consumer, and ProTax segments that support and benefit our overall platform and are managed at that level rather than at the segment level. As a result of these reorganizations, costs associated with these functions are no longer included in segment operating income and are now included in other corporate expenses. For the three months ended October 31, 2023, we reclassified expenses totaling $332 million from Global Business Solutions, $65 million from Consumer, and $8 million from ProTax to other corporate expenses, respectively, to conform to the current presentation. See Note 12, "Segment Information," for more information.
These unaudited condensed consolidated financial statements and accompanying notes should be read together with the audited consolidated financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2024. Results for the three months ended October 31, 2024 are not necessarily indicative of the results we expect for the fiscal year ending July 31, 2025 or any other future period.
Seasonality
Our Consumer and ProTax offerings have a significant and distinct seasonal pattern as sales and revenue from our income tax preparation products and services are typically heavily concentrated in the period from November through April. This seasonal pattern typically results in higher net revenues during our second and third quarters ending January 31 and April 30, respectively.
Significant Accounting Policies
We described our significant accounting policies in Note 1 to the financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2024. There have been no changes to our significant accounting policies during the first three months of fiscal 2025.
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Use of Estimates
In preparing our condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles (GAAP), we make certain judgments, estimates, and assumptions that affect the amounts reported in our financial statements and the disclosures made in the accompanying notes. For example, we use judgments and estimates in determining how revenue should be recognized. These judgments and estimates include identifying performance obligations, determining if the performance obligations are distinct, determining the standalone sales price (SSP) and timing of revenue recognition for each distinct performance obligation, and estimating variable consideration to be included in the transaction price. We use estimates in determining the collectibility of accounts receivable and notes receivable held for investment, the appropriate levels of various accruals including accruals for litigation contingencies, the discount rate used to calculate lease liabilities, the amount of our worldwide tax provision, the realizability of deferred tax assets, the credit losses of available-for-sale debt securities, reserves for losses, the fair value of assets acquired and liabilities assumed for business combinations, and the fair value of notes receivable held for sale. We also use estimates in determining the remaining economic lives and fair values of acquired intangible assets, property and equipment, and other long-lived assets. In addition, we use assumptions to estimate the fair value of reporting units and share-based compensation. Despite our intention to establish accurate estimates and use reasonable assumptions, actual results may differ from our estimates.
Computation of Net Income Per Share
We compute basic net income or loss per share using the weighted-average number of common shares outstanding during the period. We compute diluted net income per share using the weighted-average number of common shares and dilutive potential common shares outstanding during the period. Dilutive potential common shares consist of the shares issuable upon the exercise of stock options and upon the vesting of restricted stock units (RSUs) under the treasury stock method.
We include stock options with combined exercise prices and unrecognized compensation expense that are less than the average market price for our common stock, and RSUs with unrecognized compensation expense that is less than the average market price for our common stock, in the calculation of diluted net income per share. We exclude stock options with combined exercise prices and unrecognized compensation expense that are greater than the average market price for our common stock, and RSUs with unrecognized compensation expense that is greater than the average market price for our common stock, from the calculation of diluted net income per share because their effect is anti-dilutive. Under the treasury stock method, the amount that must be paid to exercise stock options and the amount of compensation expense for future service that we have not yet recognized for stock options and RSUs are assumed to be used to repurchase shares.
Dividend rights apply to all RSUs that we grant and are accumulated and paid when the underlying RSUs vest. Since the dividend rights are subject to the same vesting requirements as the underlying equity awards, they are considered a contingent transfer of value. Consequently, the RSUs are not considered participating securities, and we do not present them separately in earnings per share.
In loss periods, basic net loss per share and diluted net loss per share are the same since the effect of potential common shares is anti-dilutive and therefore excluded.
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The following table presents the composition of shares used in the computation of basic and diluted net income per share for the periods indicated.
 Three Months Ended
(In millions, except per share amounts)October 31,
2024
October 31,
2023
Numerator:  
Net income$197 $241 
Denominator:  
Shares used in basic per share amounts:  
Weighted-average common shares outstanding280 280 
Shares used in diluted per share amounts:
Weighted-average common shares outstanding280 280 
Dilutive common equivalent shares from stock options and restricted awards
3 3 
Dilutive weighted-average common shares outstanding283 283 
Basic and diluted net income per share:  
Basic net income per share$0.70 $0.86 
Diluted net income per share$0.70 $0.85 
Shares excluded from diluted net income per share:
Weighted-average stock options and restricted stock units that have been excluded from dilutive common equivalent shares outstanding due to their anti-dilutive effect 1 
Deferred Revenue
We record deferred revenue when we have entered into a contract with a customer, and cash payments are received or due prior to transfer of control or satisfaction of the related performance obligation. During the three months ended October 31, 2024, we recognized revenue of $524 million that was included in deferred revenue at July 31, 2024. During the three months ended October 31, 2023, we recognized revenue of $638 million that was included in deferred revenue at July 31, 2023.
Our performance obligations are generally satisfied within 12 months of the initial contract date. As of October 31, 2024 and July 31, 2024, the deferred revenue balance related to performance obligations that will be satisfied after 12 months was $3 million and $4 million, respectively, and is included in other long-term obligations on our condensed consolidated balance sheets.
Concentration of Credit Risk and Significant Customers
No customer accounted for 10% or more of total net revenue in the three months ended October 31, 2024 or October 31, 2023. No customer accounted for 10% or more of gross accounts receivable at October 31, 2024 or July 31, 2024.
Accounting Standards Not Yet Adopted
Segment Information - In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." This standard requires incremental segment information disclosures, including disclosures of significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, which means that it will be effective for our annual reporting for the fiscal year ending July 31, 2025 and for interim period reporting beginning in fiscal 2026. Early adoption is permitted, and retrospective adoption is required for all prior periods presented. We are currently evaluating the impact of our pending adoption of ASU 2023-07 on our consolidated financial statements and related disclosures.
Income Tax - In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." This standard requires additional disclosures related to the income tax rate reconciliation, income taxes paid by jurisdiction, and other income tax-related disclosures. The standard is effective for fiscal years beginning after December 15,
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2024, which means that it will be effective for us for the fiscal year ending July 31, 2026. Early adoption is permitted on either a prospective or retrospective basis. We are currently evaluating the impact of adopting ASU 2023-09 on our consolidated financial statements and related disclosures.
Income Statement - Expense Disaggregation - In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures." This standard requires entities to disaggregate operating expenses into specific categories such as employee compensation, depreciation, and intangible asset amortization, by relevant expense caption on the statement of operations. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, which means that it will be effective for our annual reporting for the fiscal year ending July 31, 2028 and for interim period reporting beginning in fiscal 2029. Early adoption is permitted on either a prospective or retrospective basis. We are currently evaluating the impact of adopting ASU 2024-03 on our consolidated financial statements and related disclosures.
2. Fair Value Measurements
Fair Value Hierarchy
The authoritative guidance defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. When determining fair value, we consider the principal or most advantageous market for an asset or liability and assumptions that market participants would use when pricing the asset or liability. In addition, we consider and use all valuation methods that are appropriate in estimating the fair value of an asset or liability.
The authoritative guidance establishes a fair value hierarchy that is based on the extent and level of judgment used to estimate the fair value of assets and liabilities. In general, the authoritative guidance requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset or liability’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the measurement of its fair value. The three levels of input defined by the authoritative guidance are as follows:
Level 1 uses unadjusted quoted prices that are available in active markets for identical assets or liabilities.
Level 2 uses inputs other than quoted prices included in Level 1 that are either directly or indirectly observable through correlation with market data. These include quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs to valuation models or other pricing methodologies that do not require significant judgment because the inputs used in the model, such as interest rates and volatility, can be corroborated by readily observable market data for substantially the full term of the assets or liabilities.
Level 3 uses one or more unobservable inputs that are supported by little or no market activity and that are significant to the determination of fair value. Level 3 assets and liabilities include those whose fair values are determined using pricing models, discounted cash flow methodologies, or similar valuation techniques and significant management judgment or estimation.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table summarizes financial assets and financial liabilities that we measured at fair value on a recurring basis at the dates indicated, classified in accordance with the fair value hierarchy described above.
October 31, 2024July 31, 2024
(In millions)Level 1Level 2Total
Fair Value
Level 1Level 2Total
Fair Value
Assets:      
Cash equivalents, primarily money market funds
$1,832 $ $1,832 $2,538 $ $2,538 
Available-for-sale debt securities:      
Corporate notes 488 488  456 456 
U.S. agency securities 148 148  159 159 
Total available-for-sale debt securities 636 636  615 615 
Total assets measured at fair value on a recurring basis$1,832 $636 $2,468 $2,538 $615 $3,153 


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The following table summarizes our cash equivalents and available-for-sale debt securities by balance sheet classification and level in the fair value hierarchy at the dates indicated.
October 31, 2024July 31, 2024
(In millions)Level 1Level 2Total
Fair Value
Level 1Level 2Total
Fair Value
Cash equivalents:      
In cash and cash equivalents$1,832 $ $1,832 $2,538 $ $2,538 
Available-for-sale debt securities:      
In investments$ $486 $486 $ $465 $465 
In funds receivable and amounts held for customers 150 150  150 150 
Total available-for-sale debt securities$ $636 $636 $ $615 $615 
We value our Level 1 assets, consisting primarily of money market funds, using quoted prices in active markets for identical instruments.
Financial assets whose fair values we measure on a recurring basis using Level 2 inputs consist of corporate notes and U.S. agency securities. We measure the fair values of these assets with the help of a pricing service that either provides quoted market prices in active markets for identical or similar securities or uses observable inputs for their pricing without applying significant adjustments. Our fair value processes include controls designed to ensure that we record appropriate fair values for our Level 2 investments. These controls include comparison to pricing provided by a secondary pricing service or investment manager, validation of pricing sources and models, review of key model inputs, analysis of period-over-period price fluctuations, and independent recalculation of prices where appropriate.
Financial assets whose fair values we measure using Level 3 inputs consist of notes receivable held for sale. These loans are recorded at the lower of cost or fair value. As of October 31, 2024 and July 31, 2024, total notes receivable held for sale were not material and the difference between amortized cost and fair value was not material.
Financial liabilities whose fair values we measure using Level 2 inputs consist of senior unsecured notes. We measure the fair value of our senior unsecured notes based on their trading prices and the interest rates we could obtain for other borrowings with similar terms. At each of the reporting periods ended October 31, 2024 and July 31, 2024, the total estimated fair value of the senior unsecured notes was $5.5 billion. At each of the reporting periods ended October 31, 2024 and July 31, 2024, the carrying value of the senior unsecured notes was $5.5 billion. See Note 6, “Debt,” for more information.
There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the three months ended October 31, 2024.
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
Long-term investments primarily include non-marketable equity securities in privately-held companies that do not have a readily determinable fair value. They are accounted for at cost and adjusted based on observable price changes from orderly transactions for identical or similar investments of the same issuer or impairment. These investments are classified as Level 3 in the fair value hierarchy because we estimate the value of these investments using a valuation method based on observable transaction price changes at the transaction date. We recognized no upward adjustments during the three months ended October 31, 2024 and October 31, 2023. Downward adjustments recognized during the three months ended October 31, 2024 amounted to $42 million. We recognized no downward adjustments during the three months ended October 31, 2023. Cumulative upward adjustments amounted to $75 million, and cumulative downward adjustments, including impairments, amounted to $55 million through October 31, 2024 for measurement alternative investments held as of October 31, 2024. The carrying value of long-term investments on our condensed consolidated balance sheets was $90 million and $131 million at October 31, 2024 and July 31, 2024, respectively.
3. Cash and Cash Equivalents, Investments, and Funds Receivable and Amounts Held for Customers
We consider highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. In all periods presented, cash equivalents consist primarily of money market funds. Investments consist primarily of investment-grade available-for-sale debt securities. Funds receivable and amounts held for customers represent funds receivable from third-party payment processors for customer transactions, funds in-transit to our customers, and funds held on behalf of our customers that are invested in cash and cash equivalents and investment-grade available-for-sale securities, restricted for use solely for the purpose of satisfying amounts we owe on behalf of our customers. Our obligations with respect to funds we transmit on behalf of our customers are satisfied when the funds are settled in the customers' accounts. These obligations, including funds in-transit to our customers, are reflected in funds payable and amounts due to customers in the accompanying condensed consolidated balance sheets.
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Except for direct obligations of the U.S. government, securities issued by agencies of the U.S. government, and money market funds, we diversify our investments in debt securities by limiting our holdings with any individual issuer.
The following table summarizes our cash and cash equivalents, investments, and funds receivable and amounts held for customers by balance sheet classification at the dates indicated.
 October 31, 2024July 31, 2024
(In millions)Amortized
Cost
Fair ValueAmortized
Cost
Fair Value
Classification on condensed consolidated balance sheets:    
Cash and cash equivalents$2,872 $2,872 $3,609 $3,609 
Investments486 486 465 465 
Funds receivable and amounts held for customers5,606 5,606 3,921 3,921 
Total cash and cash equivalents, investments, and funds receivable and amounts held for customers$8,964 $8,964 $7,995 $7,995 
The following table summarizes our cash and cash equivalents, investments, and relevant portion of funds receivable and amounts held for customers by investment category at the dates indicated. As of October 31, 2024 and July 31, 2024, this excludes $294 million and $281 million, respectively, of funds receivable on our condensed consolidated balance sheets in funds receivable and amounts held for customers that were not measured and recorded at fair value.
 October 31, 2024July 31, 2024
(In millions)Amortized
Cost
Fair ValueAmortized
Cost
Fair Value
Type of issue:    
Total cash, cash equivalents, restricted cash,
and restricted cash equivalents
$8,034 $8,034 $7,099 $7,099 
Available-for-sale debt securities:
Corporate notes488 488 456 456 
U.S. agency securities148 148 159 159 
Total available-for-sale debt securities636 636 615 615 
Total cash, cash equivalents, restricted cash, restricted cash equivalents, and investments$8,670 $8,670 $7,714 $7,714 
We use the specific identification method to compute gains and losses on investments. We include realized gains and losses on our available-for-sale debt securities in interest and other income, net in our condensed consolidated statements of operations. Gross realized gains and losses on our available-for-sale debt securities for the three months ended October 31, 2024 and October 31, 2023 were not material.
We accumulate unrealized gains and losses on our available-for-sale debt securities, net of tax, in accumulated other comprehensive income or loss in the stockholders’ equity section of our condensed consolidated balance sheets, except for certain unrealized losses described below. Gross unrealized gains and losses on our available-for-sale debt securities at October 31, 2024 and July 31, 2024 were not material.
For available-for-sale debt securities in an unrealized loss position, we determine whether a credit loss exists. The estimate of the credit loss is determined by considering available information relevant to the collectibility of the security and information about past events, current conditions, and reasonable and supportable forecasts. The allowance for credit loss is recorded to interest and other income, net in our condensed consolidated statements of operations, not to exceed the amount of the unrealized loss. Any excess unrealized loss greater than the allowance for credit loss at a security level is recognized in accumulated other comprehensive income or loss in the stockholders' equity section of our condensed consolidated balance sheets. We determined there were no credit losses related to available-for-sale debt securities as of October 31, 2024. Unrealized losses on available-for-sale debt securities at October 31, 2024 were not material. We do not intend to sell these investments. In addition, it is more likely than not that we will not be required to sell them before recovery of the amortized cost basis, which may be at maturity.
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The following table summarizes our available-for-sale debt securities, included in investments and relevant portion of funds receivable and amounts held for customers, classified by the stated maturity date of the security at the dates indicated.
 October 31, 2024July 31, 2024
(In millions)Amortized
Cost
Fair ValueAmortized
Cost
Fair Value
Due within one year$541 $541 $517 $516 
Due within two years40 40 55 56 
Due within three years55 55 43 43 
Due after three years    
Total available-for-sale debt securities$636 $636 $615 $615 

The following table summarizes our funds receivable and amounts held for customers by asset category at the dates indicated.
(In millions)October 31, 2024July 31,
2024
Restricted cash and restricted cash equivalents$5,162 $3,490 
Restricted available-for-sale debt securities and funds receivable444 431 
Total funds receivable and amounts held for customers$5,606 $3,921 
(In millions)October 31, 2023July 31,
2023
Restricted cash and restricted cash equivalents$2,063 $4 
Restricted available-for-sale debt securities and funds receivable462 416 
Total funds receivable and amounts held for customers$2,525 $420 
4. Notes Receivable and Allowances for Credit Losses
As of October 31, 2024, our notes receivable portfolio consisted of notes receivable held for investment, including term loans to small businesses and refund advance loans to consumers, and notes receivable held for sale, including term loans to small businesses. We classify loans as notes receivable held for investment when we have both the intent and ability to hold until maturity or payoff. We classify loans as notes receivable held for sale when we have the intent and ability to sell substantially all of our rights, title, and interests in these qualified loans to a third-party investor. A loan that is initially designated as held for sale or held for investment may be reclassified when our intent for that loan changes. When a loan held for investment is reclassified to held for sale and recorded at the lower of amortized cost or fair value, the related allowance for credit loss for that loan is released, and any adjustment to record the loan at the lower of amortized cost or fair value is recorded.
Notes Receivable Held for Investment
Term loans to small businesses. We provide financing to small businesses via term loans that we originate directly or through an originating bank partner. During the three months ended October 31, 2024 and October 31, 2023, we purchased term loans from our originating bank partner with principal balances in the amount of $650 million and $279 million, respectively. As of October 31, 2024, we had commitments to purchase $22 million in term loans that were originated on or prior to October 31, 2024.
The term loans are not secured and are recorded at amortized cost, which includes unpaid principal balances, deferred origination costs, and any related discount or premium, net of allowances for credit losses. As of October 31, 2024 and July 31, 2024, the net notes receivable balance for term loans to small businesses was $1.0 billion and $912 million, respectively. The current portion is included in notes receivable held for investment and the long-term portion is included in other assets on our condensed consolidated balance sheets.
We maintain an allowance for credit losses on loans held for investment to reserve for lifetime expected credit losses in the loan portfolio. The allowance for credit losses is determined based on our current estimate of lifetime expected credit losses, historical credit losses, estimates of recoveries, and future expectations as of each balance sheet date. We evaluate the creditworthiness of our term loan portfolio on a pooled basis due to its composition of loans with similar general credit risk and characteristics. The allowance is subjective and requires management estimates, including such factors as known and inherent risks in the loan portfolio, historical losses, adverse situations that may affect borrowers' ability to repay and current and forecasted economic conditions. Expected credit losses are measured based on a loss forecasting model and calculated by applying loss curves derived from loan level risk segment and term mixes, aggregated at monthly loan vintages. Loss curves are estimated based on a combination of empirical loss curve data and management judgment. The methodologies are updated periodically to reflect factors such as actual loan performance and changes in assumptions based on their risk characteristics. We use empirical data and management judgment to estimate losses for new credit tests or products for which
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we do not have enough history. When available information confirms that the specific loans or portions thereof are uncollectible, identified amounts are charged off against the allowance for credit losses. Loans are charged off in accordance with our charge-off policy, as the contractual principal becomes 120 days past due or meets other charge-off policy requirements. Subsequent recoveries of the unpaid principal balance, if any, are credited to the allowance for credit losses. As of October 31, 2024 and July 31, 2024, the allowances for credit losses were not material. During the three months ended October 31, 2024 and October 31, 2023, the amount of charge-offs recorded and the amount of recoveries on term loans to small businesses were not material.
We consider a loan to be delinquent when the payments are one day past due. We place delinquent term loans on nonaccrual status and stop accruing interest revenue. Term loans are returned to accrual status if they are brought current or have performed in accordance with the contractual terms for a reasonable period of time and, in our judgment, will continue to make periodic principal and interest payments as per contractual terms. Past due amounts were not material for all periods presented.
Interest revenue is earned on term loans originated and purchased and held for investment in accordance with the specified period of time and defined interest rate noted in the loan contract. Interest revenue is recorded net of amortized deferred origination fees and costs, and loan discounts, and is included in service revenue in our condensed consolidated statements of operations. Interest revenue was not material for all periods presented.
Refund Advance Loans. Refund advance loans are loans available to eligible TurboTax customers based on a customer's anticipated income tax refund, at no cost to the customer. The loans are repaid from the customer's income tax refund, which is generally received within three to four weeks after acceptance of the customer's income tax return by the Internal Revenue Service (IRS). We partner with a third-party issuing bank to originate the loans and subsequently purchase full participating interests in those loans. The refund advance loans are not secured and are recorded at amortized cost, net of an allowance for credit losses. As of October 31, 2024 and July 31, 2024, the net notes receivable balances for refund advance loans were not material. We maintain an allowance for credit losses to reserve for potentially uncollectible loans. We estimate the allowance based on expected funding of refunds by the IRS using historical trends. When we determine that any amounts are uncollectible, we write them off against the allowance. As of October 31, 2024 and July 31, 2024, the allowances for credit losses on refund advance loans were not material.
Notes Receivable Held for Sale
Term loans to small businesses. In August 2023, we entered into a forward flow arrangement with an institutional investor, which has since been amended, most recently in September 2024. Pursuant to this amended arrangement, we have a commitment to sell to the institutional investor a minimum of approximately $8 million monthly and $350 million cumulatively in participation interests in unsecured term loans to small businesses over four years, subject to certain eligibility criteria. As of October 31, 2024, we have met the cumulative commitment to sell term loans under this arrangement, and the remaining monthly commitment totals $248 million through July 31, 2027.
Notes receivable held for sale are recorded at the lower of amortized cost or fair value determined on an individual loan basis. We recognize a gain or loss on sale of loans sold to third parties by calculating the difference between the proceeds received and the carrying value of the loans sold. As of October 31, 2024 and July 31, 2024, the balances of notes receivables held for sale were $10 million and $3 million, respectively, and are included in notes receivable held for sale on our condensed consolidated balance sheets. Total sales of term loans during the three months ended October 31, 2024 and October 31, 2023 amounted to $106 million and $35 million, respectively. For the three months ended October 31, 2024 and October 31, 2023, gains on sales of loans were not material.
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5. Acquired Intangible Assets
The following table shows the cost, accumulated amortization, and weighted-average life in years for our acquired intangible assets at the dates indicated. The weighted-average lives are calculated for assets that are not fully amortized.
(Dollars in millions)Customer
Lists / User Relationships
Purchased
Technology
Trade
Names
and Logos
Total
At October 31, 2024:    
Cost$6,195 $1,648 $680 $8,523 
Accumulated amortization(1,712)(942)(207)(2,861)
Acquired intangible assets, net$4,483 $706 $473 $5,662 
Weighted-average life in years1481313
At July 31, 2024:    
Cost$6,196 $1,648 $680 $8,524 
Accumulated amortization(1,605)(905)(194)(2,704)
Acquired intangible assets, net$4,591 $743 $486 $5,820 
Weighted-average life in years1481313
The following table shows the expected future amortization expense for our acquired intangible assets at October 31, 2024. Amortization of purchased technology is charged to amortization of acquired technology in our condensed consolidated statements of operations. Amortization of other acquired intangible assets, such as customer lists, is charged to amortization of other acquired intangible assets in our condensed consolidated statements of operations. If impairment events occur, they could accelerate the timing of acquired intangible asset charges.
(In millions)Expected
Future
Amortization
Expense
Fiscal year ending July 31, 
2025 (excluding the three months ended October 31, 2024)$472 
2026627 
2027602 
2028586 
2029581 
Thereafter2,794 
Total expected future amortization expense$5,662 
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6. Debt
The carrying value of our debt was as follows at the dates indicated:
(Dollars in millions)
October 31,
2024
July 31,
2024
Effective
Interest Rate
Senior unsecured notes issued June 2020:
0.950% notes due July 2025
$500 $500 1.127%
1.350% notes due July 2027
500 500 1.486%
1.650% notes due July 2030
500 500 1.767%
Senior unsecured notes issued September 2023:
5.250% notes due September 2026
750 750 5.325%
5.125% notes due September 2028
750 750 5.258%
5.200% notes due September 2033
1,250 1,250 5.312%
5.500% notes due September 2053
1,250 1,250 5.576%
Secured revolving credit facilities670 585 
Total principal balance of debt6,170 6,085 
Unamortized discount and debt issuance costs(46)(47)
Net carrying value of debt$6,124 $6,038 
Short-term debt$499 $499 
Long-term debt$5,625 $5,539 
Future principal payments for debt at October 31, 2024 were as shown in the table below.
(In millions)
Future Principal Payments
Fiscal year ending July 31, 
2025 (excluding the three months ended October 31, 2024)$500 
2026 
20271,550 
2028 
20291,120 
Thereafter3,000 
Total future principal payments for debt$6,170 
Senior Unsecured Notes
2020 Notes. In June 2020, we issued four series of senior unsecured notes (together, the 2020 Notes) pursuant to a public debt offering. The proceeds from the issuance were $1.98 billion, net of debt discount of $2 million and debt issuance costs of $15 million. As of October 31, 2024, $1.5 billion of the 2020 Notes remained outstanding.
Interest is payable semiannually on January 15 and July 15 of each year. The discount and debt issuance costs are amortized to interest expense over the term of the 2020 Notes under the effective interest method. We paid no interest on the 2020 Notes during either of the three months ended October 31, 2024 and 2023.
The 2020 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 2020 Notes, we will be required to repurchase the 2020 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 2020 Notes requires us to comply with certain covenants. For example, the 2020 Notes limit our ability to create certain liens and enter into sale and leaseback transactions. As of October 31, 2024, we were compliant with all covenants governing the 2020 Notes.
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2023 Notes. In September 2023, we issued four series of senior unsecured notes (together, the 2023 Notes) pursuant to a public debt offering. The proceeds from the issuance were $3.96 billion, net of debt discount of $20 million and debt issuance costs of $24 million, and were used, together with operating cash, to repay the outstanding balance on our unsecured term loan. As of October 31, 2024, $4.0 billion of the 2023 Notes remained outstanding.
Interest is payable semiannually on March 15 and September 15 of each year. The discount and debt issuance costs are amortized to interest expense over the term of the 2023 Notes under the effective interest method. We paid $106 million in interest on the 2023 Notes during the three months ended October 31, 2024, and no interest during the three months ended October 31, 2023.
The 2023 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. The indenture governing the 2023 Notes requires us to comply with certain covenants. For example, the 2023 Notes limit our ability to create certain liens and enter into sale and leaseback transactions. As of October 31, 2024, we were compliant with all covenants governing the 2023 Notes.
Unsecured Credit Facilities
2024 Credit Facility. On February 5, 2024, we terminated our amended and restated credit agreement dated November 1, 2021 (2021 Credit Facility), and entered into a credit agreement with certain lenders providing for a $1.5 billion unsecured revolving credit facility that expires on February 5, 2029 (2024 Credit Facility).
Under the 2024 Credit Facility, we may, subject to certain customary conditions, including approval of relevant lenders, on one or more occasions, increase commitments under the 2024 Credit Facility by an amount not to exceed $1 billion in the aggregate, and, on one or more occasions, extend the maturity date of the 2024 Credit Facility by one year. The 2024 Credit Facility includes a $500 million sublimit for borrowing swingline loans and a $250 million sublimit for the issuance of letters of credit. Advances under the unsecured revolving credit facility accrue interest at rates equal to (a) in the case of U.S. dollar borrowings, at our election, either (i) the alternate base rate plus a margin that ranges from 0.0% to 0.125%, or (ii) the adjusted term Secured Overnight Finance Rate (SOFR) plus a margin that ranges from 0.7% to 1.125%, or (b) in the case of foreign currency borrowings, the interest benchmark for the relevant currency specified in the credit agreement plus a margin that ranges from 0.7% to 1.125%. Actual margins under either election are based on our senior debt credit ratings.
The 2024 Credit Facility includes customary affirmative and negative covenants, including a financial covenant that requires us to maintain a ratio of total gross debt to earnings before interest, taxes, depreciation and amortization (EBITDA), as defined in the agreement, of not greater than 4.00 to 1.00 as measured on a rolling twelve month basis as of the last day of each fiscal quarter. As of October 31, 2024, we were compliant with all covenants governing the 2024 Credit Facility. At October 31, 2024, no amounts were outstanding under the 2024 Credit Facility. We paid no interest on the 2024 Credit Facility during the three months ended October 31, 2024.
Secured Revolving Credit Facilities
2019 Secured Facility. On February 19, 2019, a subsidiary of Intuit entered into a secured revolving credit facility with a lender to fund a portion of our loans to qualified small businesses (the 2019 Secured Facility). The 2019 Secured Facility is secured by cash and receivables of the subsidiary and is non-recourse to Intuit Inc. We have entered into several amendments to this facility, most recently on September 5, 2024. These amendments primarily increase the facility limit, extend the commitment term and final maturity date, and update the benchmark interest rate. Under the amended 2019 Secured Facility, the facility limit is $500 million, of which $300 million is committed and $200 million is uncommitted. Advances accrue interest at adjusted daily simple SOFR plus 1.25%. Unused portions of the committed credit facility accrue interest at a rate ranging from 0.25% to 0.75%, depending on the total unused committed balance. The commitment term is through August 31, 2027, and the final maturity date is August 31, 2028. The agreement includes certain affirmative and negative covenants, including financial covenants that require the subsidiary to maintain specified financial ratios. As of October 31, 2024, we were compliant with all covenants governing the 2019 Secured Facility. At October 31, 2024, $370 million was outstanding under the 2019 Secured Facility and the weighted-average interest rate was 6.25%, which includes the interest on the unused committed portion. The outstanding balance is secured by cash and receivables of the subsidiary totaling $1.3 billion as of October 31, 2024. Interest on the 2019 Secured Facility is payable monthly. We paid $5 million in interest on the 2019 Secured Facility during each of the three months ended October 31, 2024 and 2023.
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2022 Secured Facility. On October 12, 2022, another subsidiary of Intuit entered into a secured revolving credit facility with a lender to fund a portion of our loans to qualified small businesses (the 2022 Secured Facility). The 2022 Secured Facility is secured by cash and receivables of the subsidiary and is non-recourse to Intuit Inc. We have entered into several amendments to this facility, most recently on April 30, 2024. These amendments primarily extend the commitment term and final maturity date and increase the commitment amount. Under the amended 2022 Secured Facility, the facility limit is $500 million, of which $300 million is committed and $200 million is uncommitted. Advances accrue interest at SOFR plus 1.3%. Unused portions of the committed credit facility accrue interest at a rate ranging from 0.2% to 0.4%, depending on the total unused committed balance. The commitment term is through April 30, 2026, and the final maturity date is April 30, 2027. The agreement includes certain affirmative and negative covenants, including financial covenants that require the subsidiary to maintain specified financial ratios. As of October 31, 2024, we were compliant with all covenants governing the 2022 Secured Facility. At October 31, 2024, $300 million was outstanding under the 2022 Secured Facility and the weighted-average interest rate was 6.2%, which includes the interest on the unused committed portion. The outstanding balance is secured by cash and receivables of the subsidiary totaling $881 million as of October 31, 2024. Interest on the 2022 Secured Facility is payable monthly. We paid $5 million and $2 million in interest on the 2022 Secured Facility during the three months ended October 31, 2024 and 2023, respectively.
Commercial Paper Program
In June 2024, we established a $1.5 billion commercial paper program under which we may issue and sell unsecured short-term promissory notes (commercial paper). The maturities of the commercial paper may vary up to 397 days from the date of issuance. At each of the reporting periods ended October 31, 2024 and July 31, 2024, no amounts were outstanding under this program.
7. Other Liabilities and Commitments
Other Current Liabilities
Other current liabilities were as follows at the dates indicated:
(In millions)October 31,
2024
July 31,
2024
Executive deferred compensation plan liabilities$229 $207 
Current portion of operating lease liabilities65 71 
Sales, property, and other taxes52 47 
Reserve for returns, credits, and promotional discounts37 40 
Interest payable37 84 
Other116 100 
Total other current liabilities$536 $549 
The balances of several of our other current liabilities, particularly our reserves for returns, credits, and promotional discounts, are affected by the seasonality of our business. See Note 1, “Description of Business and Summary of Significant Accounting Policies – Seasonality,” for more information.
Other Long-Term Obligations
Other long-term obligations were as follows at the dates indicated:
(In millions)October 31,
2024
July 31,
2024
Income tax liabilities$159 $157 
Dividends payable
18 19 
Deferred income tax liabilities
11 3 
Deferred revenue3 4 
Other30 25 
Total other long-term obligations$221 $208 
Unconditional Purchase Obligations
We describe our unconditional purchase obligations in Note 9 to the financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2024. There were no significant changes outside the ordinary course of business in our purchase obligations during the three months ended October 31, 2024.
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8. Leases
We lease office facilities under non-cancellable operating lease arrangements. Our facility leases generally provide for periodic rent increases and may contain escalation clauses and renewal options. Our leases have remaining lease terms of up to 17 years, which include options to extend that are reasonably certain of being exercised. Some of our leases include one or more options to extend the lease for up to 7 years per option, which we are not reasonably certain to exercise. The options to extend are generally at rates to be determined in accordance with the agreements. Options to extend the lease are included in the lease liability if they are reasonably certain of being exercised.
We sublease certain office facilities to third parties. These subleases have remaining lease terms of up to 6 years, one of which includes an option to extend the sublease for up to 5 years.
The components of lease expense were as follows:
Three Months Ended
(In millions)October 31,
2024
October 31,
2023
Operating lease cost (1)
$29 $26 
Variable lease cost5 6 
Sublease income(3)(3)
Total net lease cost$31 $29 
(1)    Includes short-term leases, which were not material for each of the three months ended October 31, 2024 and 2023.
Supplemental cash flow information related to operating leases was as follows:
Three Months Ended
(In millions)October 31,
2024
October 31,
2023
Cash paid for amounts included in the measurement of operating lease liabilities$27 $25 
Right-of-use assets obtained in exchange for operating lease liabilities$150 $14 
Other information related to operating leases was as follows at the dates indicated:
October 31,
2024
July 31,
2024
Weighted-average remaining lease term for operating leases8.3 years7.7 years
Weighted-average discount rate for operating leases3.7 %3.3 %

Future minimum lease payments under non-cancellable operating leases as of October 31, 2024 were as follows:
(In millions)
Operating
Leases (1)
Fiscal year ending July 31, 
2025 (excluding the three months ended October 31, 2024)$59 
202697 
202795 
202888 
202991 
Thereafter347 
Total future minimum lease payments777 
Less imputed interest(120)
Present value of lease liabilities$657 
(1)    Non-cancellable sublease proceeds for the remainder of the fiscal year ending July 31, 2025 and the fiscal years ending July 31, 2026, 2027, 2028, 2029, and thereafter of $4 million, $3 million, $3 million, $2 million, $2 million, and $2 million, respectively, are not included in the table above.
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Supplemental balance sheet information related to operating leases was as follows at the dates indicated:
(In millions)October 31,
2024
July 31,
2024
Operating lease right-of-use assets$538 $411 
Other current liabilities$65 $71 
Operating lease liabilities592 458 
Total operating lease liabilities$657 $529 
As of October 31, 2024, we have an additional operating lease of $101 million for office facilities that has not yet commenced and therefore is not reflected on the condensed consolidated balance sheets nor in the tables above. This lease is expected to commence in fiscal year 2025 with a lease term of 10 years.
9. Income Taxes
Effective Tax Rate
We compute our provision for or benefit from income taxes by applying the estimated annual effective tax rate to income or loss from recurring operations and adding the effects of any discrete income tax items specific to the period.
We recognized excess tax benefits on share-based compensation of $28 million in our provision for income taxes for each of the three months ended October 31, 2024 and 2023.
Our effective tax rate for the three months ended October 31, 2024 was approximately 8%. Excluding discrete tax items primarily related to share-based compensation, our effective tax rate was approximately 24%. The difference from the federal statutory rate of 21% was primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the tax benefit we received from the federal research and experimentation credit.
Our effective tax rate for the three months ended October 31, 2023 was approximately 9%. Excluding discrete tax items primarily related to share-based compensation, our effective tax rate was approximately 24%. The difference from the federal statutory rate of 21% was primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the tax benefit we received from the federal research and experimentation credit.
In the current global tax policy environment, the U.S. and other domestic and foreign governments continue to consider, and in some cases enact, changes in corporate tax laws. As changes occur, we account for finalized legislation in the period of enactment.
Unrecognized Tax Benefits and Other Considerations
The total amount of our unrecognized tax benefits at July 31, 2024 was $327 million. If we were to recognize these net benefits, our income tax expense would reflect a favorable net impact of $210 million. There were no material changes to these amounts during the three months ended October 31, 2024. We do not believe that it is reasonably possible that there will be a significant increase or decrease in our unrecognized tax benefits over the next 12 months.
We offset a $66 million long-term liability for uncertain tax positions against our long-term income tax receivable at each of the reporting periods ended October 31, 2024 and July 31, 2024. The long-term income tax receivable at October 31, 2024 and July 31, 2024 was primarily related to the government’s approval of a method of accounting change request for fiscal 2018.
10. Stockholders’ Equity
Stock Repurchase Programs and Treasury Shares
Intuit’s Board of Directors has authorized a series of common stock repurchase programs. Shares of common stock repurchased under these programs become treasury shares. During the three months ended October 31, 2024, we repurchased a total of 915,000 shares for $570 million under these programs. Included in this amount were $12 million of repurchases, which occurred in late October 2024 and settled in early November 2024. On August 20, 2024, our Board of Directors approved an increase in the authorization under the existing stock repurchase program under which we are authorized to repurchase up to an additional $3 billion of our common stock. At October 31, 2024, we had authorization from our Board of Directors for up to $4.3 billion in stock repurchases. Future stock repurchases under the current program are at
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the discretion of management, and authorization of future stock repurchase programs is subject to the final determination of our Board of Directors.
Our treasury shares are repurchased at the market price on the trade date; accordingly, all amounts paid to reacquire these shares have been recorded as treasury stock on our condensed consolidated balance sheets. Any direct costs to acquire treasury stock are recorded to treasury stock on our condensed consolidated balance sheets. Repurchased shares of our common stock are held as treasury shares until they are reissued or retired. When we reissue treasury stock, if the proceeds from the sale are more than the average price we paid to acquire the shares, we record an increase in additional paid-in capital. Conversely, if the proceeds from the sale are less than the average price we paid to acquire the shares, we record a decrease in additional paid-in capital to the extent of increases previously recorded for similar transactions and a decrease in retained earnings for any remaining amount.
In the past, we have satisfied option exercises and restricted stock unit vesting under our employee equity incentive plans by reissuing treasury shares, and we may do so again in the future. For all periods presented, we issued new shares of common stock to satisfy option exercises and RSU vesting under our 2005 Equity Incentive Plan. We have not yet determined the ultimate disposition of the shares that we have repurchased in the past, and consequently we continue to hold them as treasury shares.
Dividends on Common Stock
During the three months ended October 31, 2024, we declared quarterly cash dividends that totaled $1.04 per share of outstanding common stock for a total of $295 million. In November 2024, our Board of Directors declared a quarterly cash dividend of $1.04 per share of outstanding common stock payable on January 17, 2025 to stockholders of record at the close of business on January 9, 2025. 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.
Share-Based Compensation Expense
The following table summarizes the total share-based compensation expense that we recorded in operating income for the periods shown.
 Three Months Ended
(In millions)October 31,
2024
October 31,
2023
Cost of revenue$111 $101 
Selling and marketing137 123 
Research and development161 161 
General and administrative102 110 
Total share-based compensation expense$511 $495 
Share-Based Awards Available for Grant
A summary of share-based awards available for grant under our plans for the three months ended October 31, 2024 was as follows:
(Shares in thousands)Shares
Available
for Grant
Balance at July 31, 202427,317 
Restricted stock units granted (1)
(906)
Options granted 
Share-based awards canceled/forfeited/expired (1) (2)
2,622 
Balance at October 31, 202429,033 
(1)RSUs granted from the pool of shares available for grant under our 2005 Equity Incentive Plan reduce the pool by 2.3 shares for each share granted. RSUs forfeited and returned to the pool of shares available for grant under the 2005 Equity Incentive Plan increase the pool by 2.3 shares for each share forfeited.
(2)Stock options and RSUs canceled, expired, or forfeited under our 2005 Equity Incentive Plan are returned to the pool of shares available for grant. Under the 2005 Equity Incentive Plan, shares withheld for income taxes upon vesting of RSUs that were granted on or after July 21, 2016 are also returned to the pool of shares available for grant. Stock options and RSUs canceled, expired, or forfeited under older expired plans are not returned to the pool of shares available for grant.
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Restricted Stock Unit and Restricted Stock Activity
A summary of RSU and restricted stock activity for the three months ended October 31, 2024 was as follows:
(Shares in thousands)Number
of Shares
Weighted-
Average
Grant Date
Fair Value
Nonvested at July 31, 202410,924 $496.64 
Granted394 636.48 
Vested(895)483.74 
Forfeited(746)416.46 
Nonvested at October 31, 20249,677 $509.71 
At October 31, 2024, there was approximately $4.5 billion of unrecognized compensation cost related to non-vested RSUs and restricted stock with a weighted-average vesting period of 2.9 years. We adjust unrecognized compensation cost for actual forfeitures as they occur.
Stock Option Activity
A summary of stock option activity for the three months ended October 31, 2024 was as follows:
 Options Outstanding
(Shares in thousands)Number
of Shares
Weighted-
Average
Exercise
Price
Per Share
Balance at July 31, 20241,772 $449.66 
Granted  
Exercised(122)370.42 
Canceled or expired(19)486.49 
Balance at October 31, 20241,631 $455.16 
Exercisable at October 31, 2024880 $379.88 
At October 31, 2024, there was approximately $117 million of unrecognized compensation cost related to non-vested stock options with a weighted-average vesting period of 3.0 years. We will adjust unrecognized compensation cost for actual forfeitures as they occur.
11. Legal Proceedings
Beginning in May 2019, various legal proceedings were filed and certain regulatory inquiries were commenced in connection with our provision and marketing of free online tax preparation programs. We believe that the allegations contained within these legal proceedings are without merit and continue to defend our interests in them. These proceedings included, among others, multiple putative class actions that were consolidated into a single putative class action in the Northern District of California in September 2019 (the Intuit Free File Litigation). In August 2020, the Ninth Circuit Court of Appeals ordered that the putative class action claims be resolved through arbitration. In May 2021, the Intuit Free File Litigation was dismissed on a non-class basis after we entered into an agreement that resolved the matter on an individual non-class basis, without any admission of wrongdoing, for an amount that was not material. These proceedings also include a class action lawsuit that was filed in the Ontario (Canada) Superior Court of Justice on August 25, 2022.
These proceedings also included individual demands for arbitration that were filed beginning in October 2019. As of January 31, 2023, we settled all of these arbitration claims, without any admission of wrongdoing, for an amount that was not material. In June 2021, we received a demand and draft complaint from the Federal Trade Commission (FTC) and certain state attorneys general relating to the ongoing inquiries described above. On March 29, 2022, the FTC filed an action in federal court seeking a temporary restraining order and a preliminary injunction enjoining certain Intuit business practices pending resolution of the FTC’s administrative complaint seeking to permanently enjoin certain Intuit business practices (the FTC Actions). On April 22, 2022, the Northern District of California denied the FTC’s requests for a temporary restraining order and a preliminary injunction. Beginning on March 27, 2023, a final hearing on the administrative action was held before an administrative law judge (ALJ) at the FTC and, on August 29, 2023, the FTC's ALJ issued a decision in favor of the FTC and adverse to Intuit. On January 19, 2024, the FTC Commissioners affirmed the ALJ's decision and issued a final order that requires us to adhere to certain marketing practices and does not contain any monetary penalties. On January 21, 2024, we filed a petition for review
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with the United States Court of Appeals for the Fifth Circuit and this appeal is pending. The FTC's order became effective on March 23, 2024, and is now pending review by the Court of Appeals. We intend to continue to defend our position on the merits of this case. However, the defense and resolution of this matter could involve significant costs.
The state attorneys general did not join the FTC Actions, and, on May 4, 2022, we entered into a settlement agreement with the attorneys general of the 50 states and the District of Columbia, admitting no wrongdoing, that resolved the states’ inquiry, as well as actions brought by the Los Angeles City Attorney and the Santa Clara County (California) Counsel. As part of this agreement, we agreed to pay $141 million and made certain commitments regarding our advertising and marketing practices. We recorded this as a one-time charge in the quarter ended April 30, 2022, and paid the full amount to the fund administrator in the quarter ended January 31, 2023.
In view of the complexity and ongoing and uncertain nature of the outstanding proceedings and inquiries, at this time, we are unable to estimate a reasonably possible financial loss or range of financial loss that we may incur to resolve or settle the remaining matters.
To date, the legal and other fees we have incurred related to these proceedings and inquiries have not been material. The ongoing defense and any resolution or settlement of these proceedings and inquiries could involve significant costs to us.
Intuit is subject to certain routine legal proceedings, including class action lawsuits, as well as demands, claims, government inquiries, and threatened litigation, that arise in the normal course of our business, including assertions that we may be infringing patents or other intellectual property rights of others. Our failure to obtain necessary licenses or other rights, or litigation arising out of intellectual property claims could adversely affect our business. We currently believe that, in addition to any amounts accrued, the amount of potential losses, if any, for any pending claims of any type (either alone or combined) will not have a material impact on our condensed consolidated financial statements. The ultimate outcome of any legal proceeding is uncertain and, regardless of outcome, legal proceedings can have an adverse impact on Intuit because of defense costs, negative publicity, diversion of management resources, and other factors.
12. Segment Information
We have defined our four reportable segments, described below, based on factors such as how we manage our operations and how our chief operating decision maker views results. We define the chief operating decision maker as our Chief Executive Officer and our Chief Financial Officer. Our chief operating decision maker organizes and manages our business primarily on the basis of service and product offerings.
On August 1, 2024, we renamed our Small Business & Self-Employed segment as the Global Business Solutions segment. This new name better aligns with the global reach of the Mailchimp and QuickBooks platform, our focus on serving both small and mid-market businesses, and our vision to become the end-to-end platform that customers use to grow and run their business.
On August 1, 2024, we reorganized certain technology and customer success functions in our Global Business Solutions, Consumer, and ProTax segments that support and benefit our overall platform and are managed at that level rather than at the segment level. As a result of these reorganizations, costs associated with these functions are no longer included in segment operating income and are now included in other corporate expenses. For the three months ended October 31, 2023, we reclassified expenses totaling $332 million from Global Business Solutions, $65 million from Consumer, and $8 million from ProTax to other corporate expenses to conform to the current presentation.
 
Global Business Solutions: This segment serves small and mid-market businesses around the world, and the accounting professionals who assist and advise them. Our QuickBooks offerings include financial and business management online services and desktop software, payroll solutions, time tracking, merchant payment processing and bill pay solutions, checking accounts through an FDIC member bank partner, and financing for small and mid-market businesses. Our Mailchimp offerings include marketing automation and customer relationship management.
Consumer: This segment serves consumers and includes do-it-yourself and assisted TurboTax income tax preparation products and services sold in the U.S. and Canada.
 Credit Karma: This segment serves consumers with a personal finance platform that provides personalized recommendations of credit card, home, auto, and personal loan, and insurance products; online savings and checking accounts through an FDIC member bank partner; and access to their credit scores and reports, credit and identity monitoring, credit report dispute, credit building tools, and tools to help understand net worth and make financial progress.
ProTax: This segment serves professional accountants in the U.S. and Canada, who are essential to both small business success and tax preparation and filing. Our professional tax offerings include Lacerte, ProSeries, and ProConnect Tax Online in the U.S., and ProFile and ProTax Online in Canada.
 
All of our segments operate primarily in the U.S. and sell primarily to customers in the U.S. Total international net revenue was approximately 10% of consolidated net revenue for each of the three months ended October 31, 2024 and 2023.
We include expenses such as corporate selling and marketing, general and administrative, and non-employment related legal and litigation settlement costs, which are not allocated to specific segments, in unallocated corporate items as part of other
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corporate expenses. As part of our platform strategy, we also include customer success and product development for our Global Business Solutions, Consumer, and ProTax segments in unallocated corporate items as we do not allocate these expenses to the segments because they are managed at the platform level. Customer success includes the costs of tax and bookkeeping experts that support our TurboTax Live and QuickBooks Live offerings. For our Credit Karma reportable segment, segment expenses include certain direct expenses related to selling and marketing, product development, and general and administrative. Unallocated corporate items for all segments include share-based compensation, amortization of acquired technology, amortization of other acquired intangible assets, goodwill and intangible asset impairment charges, professional fees and transaction charges related to business combinations, and restructuring charges.
The accounting policies of our reportable segments are the same as those described in the summary of significant accounting policies in Note 1 to the financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2024 and in Note 1, "Description of Business and Summary of Significant Accounting Policies – Significant Accounting Policies" in this Quarterly Report on Form 10-Q. Except for goodwill and acquired intangible assets, we do not generally track assets by reportable segment and, consequently, we do not disclose total assets by reportable segment.
The following table shows our financial results by reportable segment for the periods indicated.
 Three Months Ended
(In millions)October 31,
2024
October 31,
2023
Net revenue:  
Global Business Solutions
$2,544 $2,344 
Consumer176 187 
Credit Karma524 405 
ProTax39 42 
Total net revenue$3,283 $2,978 
Operating income:  
Global Business Solutions$1,999 $1,824 
Consumer76 132 
Credit Karma180 106 
ProTax20 22 
Total segment operating income2,275 2,084 
Unallocated corporate items:  
Share-based compensation expense(511)(495)
Other corporate expenses(1,327)(1,124)
Amortization of acquired technology(37)(38)
Amortization of other acquired intangible assets(120)(120)
Restructuring(9) 
Total unallocated corporate items(2,004)(1,777)
Total operating income$271 $307 
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Revenue classified by significant service and product offerings was as follows:
 Three Months Ended
(In millions)October 31,
2024
October 31,
2023
Net revenue:  
QuickBooks Online Accounting$965 $798 
Online Services978 820 
Total Online Ecosystem1,943 1,618 
QuickBooks Desktop Accounting296 376 
Desktop Services and Supplies305 350 
Total Desktop Ecosystem601 726 
Global Business Solutions
2,544 2,344 
Consumer176 187 
Credit Karma524 405 
ProTax39 42 
Total net revenue$3,283 $2,978 
13. Restructuring
In July 2024, our management approved, committed to, and initiated a plan of reorganization (the Plan) focused on reallocating resources to our key growth areas. The Plan includes the exit of employees and the closing of real estate sites in certain markets in service to growing technology teams and capabilities in strategic locations. The actions associated with the Plan were substantially complete in the first quarter of fiscal 2025. Total restructuring costs associated with the Plan are estimated to be approximately $237 million. During the three months ended October 31, 2024, we recorded a $9 million charge in connection with the Plan. This charge is primarily related to severance, employee benefits, and site closure costs and is recorded to restructuring in our condensed consolidated statements of operations. Any changes to the estimates of executing the Plan will be reflected in future results of operations.
The following table summarizes the activity for the Plan.
(In millions)
Accrued
July 31, 2024
Additional Costs/
Adjustments
Cash PaymentsNon-Cash Items
Accrued
October 31, 2024
Total Costs Incurred to DateTotal Expected Plan Cost
Global Business Solutions
$84 $2 $(78)$ $8 $98 $100 
Consumer9  (9)  9 9 
Credit Karma