Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Intuit Inc., balance sheet: goodwill and intangible assets

US$ in millions

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
Goodwill	13,844)	13,780)	13,736)	5,613)	1,654)	1,655)
Customer lists/User relationships	6,196)	6,197)	6,197)	3,038)	256)	256)
Purchased technology	1,648)	1,616)	1,612)	686)	421)	422)
Trade names and logos	680)	680)	680)	400)	25)	25)
Covenants not to compete or sue	—)	42)	42)	42)	42)	39)
Acquired intangible assets, cost	8,524)	8,535)	8,531)	4,166)	744)	742)
Accumulated amortization	(2,704)	(2,116)	(1,470)	(914)	(716)	(688)
Acquired intangible assets, net	5,820)	6,419)	7,061)	3,252)	28)	54)
Goodwill and acquired intangible assets	19,664)	20,199)	20,797)	8,865)	1,682)	1,709)

Based on: 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31).

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Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.	Intuit Inc. goodwill increased from 2022 to 2023 and from 2023 to 2024.
Acquired intangible assets, net	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Intuit Inc. acquired intangible assets, net decreased from 2022 to 2023 and from 2023 to 2024.
Goodwill and acquired intangible assets	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Intuit Inc. goodwill and acquired intangible assets decreased from 2022 to 2023 and from 2023 to 2024.

Intuit Inc., adjustments to financial statements

US$ in millions

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
Adjustment to Total Assets
Total assets (as reported)	32,132)	27,780)	27,734)	15,516)	10,931)	6,283)
Less: Goodwill	13,844)	13,780)	13,736)	5,613)	1,654)	1,655)
Total assets (adjusted)	18,288)	14,000)	13,998)	9,903)	9,277)	4,628)
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported)	18,436)	17,269)	16,441)	9,869)	5,106)	3,749)
Less: Goodwill	13,844)	13,780)	13,736)	5,613)	1,654)	1,655)
Stockholders’ equity (adjusted)	4,592)	3,489)	2,705)	4,256)	3,452)	2,094)

Based on: 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31).

Intuit Inc., Financial Data: Reported vs. Adjusted

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Intuit Inc., adjusted financial ratios

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
Total Asset Turnover
Reported total asset turnover	0.51	0.52	0.46	0.62	0.70	1.08
Adjusted total asset turnover	0.89	1.03	0.91	0.97	0.83	1.47
Financial Leverage
Reported financial leverage	1.74	1.61	1.69	1.57	2.14	1.68
Adjusted financial leverage	3.98	4.01	5.17	2.33	2.69	2.21
Return on Equity (ROE)
Reported ROE	16.07%	13.81%	12.57%	20.89%	35.76%	41.53%
Adjusted ROE	64.53%	68.33%	76.38%	48.45%	52.90%	74.36%
Return on Assets (ROA)
Reported ROA	9.22%	8.58%	7.45%	13.29%	16.70%	24.78%
Adjusted ROA	16.20%	17.03%	14.76%	20.82%	19.68%	33.64%

Based on: 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Intuit Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Intuit Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Intuit Inc. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Intuit Inc. adjusted ROA improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Intuit Inc., Financial Ratios: Reported vs. Adjusted

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	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net revenue	16,285)	14,368)	12,726)	9,633)	7,679)	6,784)
Total assets	32,132)	27,780)	27,734)	15,516)	10,931)	6,283)
Activity Ratio
Total asset turnover¹	0.51	0.52	0.46	0.62	0.70	1.08
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net revenue	16,285)	14,368)	12,726)	9,633)	7,679)	6,784)
Adjusted total assets	18,288)	14,000)	13,998)	9,903)	9,277)	4,628)
Activity Ratio
Adjusted total asset turnover²	0.89	1.03	0.91	0.97	0.83	1.47

Based on: 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31).

2024 Calculations

¹ Total asset turnover = Net revenue ÷ Total assets
= 16,285 ÷ 32,132 = 0.51

² Adjusted total asset turnover = Net revenue ÷ Adjusted total assets
= 16,285 ÷ 18,288 = 0.89

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Intuit Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	32,132)	27,780)	27,734)	15,516)	10,931)	6,283)
Stockholders’ equity	18,436)	17,269)	16,441)	9,869)	5,106)	3,749)
Solvency Ratio
Financial leverage¹	1.74	1.61	1.69	1.57	2.14	1.68
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	18,288)	14,000)	13,998)	9,903)	9,277)	4,628)
Adjusted stockholders’ equity	4,592)	3,489)	2,705)	4,256)	3,452)	2,094)
Solvency Ratio
Adjusted financial leverage²	3.98	4.01	5.17	2.33	2.69	2.21

Based on: 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31).

2024 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity
= 32,132 ÷ 18,436 = 1.74

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 18,288 ÷ 4,592 = 3.98

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Intuit Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	2,963)	2,384)	2,066)	2,062)	1,826)	1,557)
Stockholders’ equity	18,436)	17,269)	16,441)	9,869)	5,106)	3,749)
Profitability Ratio
ROE¹	16.07%	13.81%	12.57%	20.89%	35.76%	41.53%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income	2,963)	2,384)	2,066)	2,062)	1,826)	1,557)
Adjusted stockholders’ equity	4,592)	3,489)	2,705)	4,256)	3,452)	2,094)
Profitability Ratio
Adjusted ROE²	64.53%	68.33%	76.38%	48.45%	52.90%	74.36%

Based on: 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31).

2024 Calculations

¹ ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × 2,963 ÷ 18,436 = 16.07%

² Adjusted ROE = 100 × Net income ÷ Adjusted stockholders’ equity
= 100 × 2,963 ÷ 4,592 = 64.53%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Intuit Inc. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	2,963)	2,384)	2,066)	2,062)	1,826)	1,557)
Total assets	32,132)	27,780)	27,734)	15,516)	10,931)	6,283)
Profitability Ratio
ROA¹	9.22%	8.58%	7.45%	13.29%	16.70%	24.78%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income	2,963)	2,384)	2,066)	2,062)	1,826)	1,557)
Adjusted total assets	18,288)	14,000)	13,998)	9,903)	9,277)	4,628)
Profitability Ratio
Adjusted ROA²	16.20%	17.03%	14.76%	20.82%	19.68%	33.64%

Based on: 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31).

2024 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 2,963 ÷ 32,132 = 9.22%

² Adjusted ROA = 100 × Net income ÷ Adjusted total assets
= 100 × 2,963 ÷ 18,288 = 16.20%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Intuit Inc. adjusted ROA improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Intuit Inc. (NASDAQ:INTU)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

Intuit Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Intuit Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)