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, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
Goodwill	13,780)	13,736)	5,613)	1,654)	1,655)	1,611)
Customer lists/User relationships	6,197)	6,197)	3,038)	256)	256)	257)
Purchased technology	1,616)	1,612)	686)	421)	422)	403)
Trade names and logos	680)	680)	400)	25)	25)	25)
Covenants not to compete or sue	42)	42)	42)	42)	39)	39)
Acquired intangible assets, cost	8,535)	8,531)	4,166)	744)	742)	724)
Accumulated amortization	(2,116)	(1,470)	(914)	(716)	(688)	(663)
Acquired intangible assets, net	6,419)	7,061)	3,252)	28)	54)	61)
Goodwill and acquired intangible assets	20,199)	20,797)	8,865)	1,682)	1,709)	1,672)

Based on: 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), 10-K (reporting date: 2018-07-31).

Download chart

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 2021 to 2022 and from 2022 to 2023.
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 increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
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 increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Intuit Inc., adjustments to financial statements

US$ in millions

	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
Adjustment to Total Assets
Total assets (as reported)	27,780)	27,734)	15,516)	10,931)	6,283)	5,178)
Less: Goodwill	13,780)	13,736)	5,613)	1,654)	1,655)	1,611)
Total assets (adjusted)	14,000)	13,998)	9,903)	9,277)	4,628)	3,567)
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported)	17,269)	16,441)	9,869)	5,106)	3,749)	2,354)
Less: Goodwill	13,780)	13,736)	5,613)	1,654)	1,655)	1,611)
Stockholders’ equity (adjusted)	3,489)	2,705)	4,256)	3,452)	2,094)	743)

Based on: 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), 10-K (reporting date: 2018-07-31).

Intuit Inc., Financial Data: Reported vs. Adjusted

Download chart

Intuit Inc., adjusted financial ratios

	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
Total Asset Turnover
Reported total asset turnover	0.52	0.46	0.62	0.70	1.08	1.15
Adjusted total asset turnover	1.03	0.91	0.97	0.83	1.47	1.67
Financial Leverage
Reported financial leverage	1.61	1.69	1.57	2.14	1.68	2.20
Adjusted financial leverage	4.01	5.17	2.33	2.69	2.21	4.80
Return on Equity (ROE)
Reported ROE	13.81%	12.57%	20.89%	35.76%	41.53%	51.44%
Adjusted ROE	68.33%	76.38%	48.45%	52.90%	74.36%	162.99%
Return on Assets (ROA)
Reported ROA	8.58%	7.45%	13.29%	16.70%	24.78%	23.39%
Adjusted ROA	17.03%	14.76%	20.82%	19.68%	33.64%	33.95%

Based on: 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), 10-K (reporting date: 2018-07-31).

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 deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
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 increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Intuit Inc. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Intuit Inc. adjusted ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Intuit Inc., Financial Ratios: Reported vs. Adjusted

Download chart

	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net revenue	14,368)	12,726)	9,633)	7,679)	6,784)	5,964)
Total assets	27,780)	27,734)	15,516)	10,931)	6,283)	5,178)
Activity Ratio
Total asset turnover¹	0.52	0.46	0.62	0.70	1.08	1.15
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net revenue	14,368)	12,726)	9,633)	7,679)	6,784)	5,964)
Adjusted total assets	14,000)	13,998)	9,903)	9,277)	4,628)	3,567)
Activity Ratio
Adjusted total asset turnover²	1.03	0.91	0.97	0.83	1.47	1.67

Based on: 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), 10-K (reporting date: 2018-07-31).

2023 Calculations

¹ Total asset turnover = Net revenue ÷ Total assets
= 14,368 ÷ 27,780 = 0.52

² Adjusted total asset turnover = Net revenue ÷ Adjusted total assets
= 14,368 ÷ 14,000 = 1.03

Download chart

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 deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Total assets	27,780)	27,734)	15,516)	10,931)	6,283)	5,178)
Stockholders’ equity	17,269)	16,441)	9,869)	5,106)	3,749)	2,354)
Solvency Ratio
Financial leverage¹	1.61	1.69	1.57	2.14	1.68	2.20
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	14,000)	13,998)	9,903)	9,277)	4,628)	3,567)
Adjusted stockholders’ equity	3,489)	2,705)	4,256)	3,452)	2,094)	743)
Solvency Ratio
Adjusted financial leverage²	4.01	5.17	2.33	2.69	2.21	4.80

Based on: 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), 10-K (reporting date: 2018-07-31).

2023 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity
= 27,780 ÷ 17,269 = 1.61

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 14,000 ÷ 3,489 = 4.01

Download chart

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 increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income	2,384)	2,066)	2,062)	1,826)	1,557)	1,211)
Stockholders’ equity	17,269)	16,441)	9,869)	5,106)	3,749)	2,354)
Profitability Ratio
ROE¹	13.81%	12.57%	20.89%	35.76%	41.53%	51.44%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income	2,384)	2,066)	2,062)	1,826)	1,557)	1,211)
Adjusted stockholders’ equity	3,489)	2,705)	4,256)	3,452)	2,094)	743)
Profitability Ratio
Adjusted ROE²	68.33%	76.38%	48.45%	52.90%	74.36%	162.99%

Based on: 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), 10-K (reporting date: 2018-07-31).

2023 Calculations

¹ ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × 2,384 ÷ 17,269 = 13.81%

² Adjusted ROE = 100 × Net income ÷ Adjusted stockholders’ equity
= 100 × 2,384 ÷ 3,489 = 68.33%

Download chart

Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Intuit Inc. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income	2,384)	2,066)	2,062)	1,826)	1,557)	1,211)
Total assets	27,780)	27,734)	15,516)	10,931)	6,283)	5,178)
Profitability Ratio
ROA¹	8.58%	7.45%	13.29%	16.70%	24.78%	23.39%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income	2,384)	2,066)	2,062)	1,826)	1,557)	1,211)
Adjusted total assets	14,000)	13,998)	9,903)	9,277)	4,628)	3,567)
Profitability Ratio
Adjusted ROA²	17.03%	14.76%	20.82%	19.68%	33.64%	33.95%

Based on: 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), 10-K (reporting date: 2018-07-31).

2023 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 2,384 ÷ 27,780 = 8.58%

² Adjusted ROA = 100 × Net income ÷ Adjusted total assets
= 100 × 2,384 ÷ 14,000 = 17.03%

Download chart

Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Intuit Inc. adjusted ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

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)