Intuit Inc., adjustment to net income

US$ in millions

12 months ended:	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
Net income (as reported)	2,384)	2,066)	2,062)	1,826)	1,557)	1,211)
Add: Unrealized gain (loss) on available-for-sale debt securities	—)	(10)	(3)	5)	3)	(2)
Net income (adjusted)	2,384)	2,056)	2,059)	1,831)	1,560)	1,209)

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Intuit Inc., adjusted profitability ratios

	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
Net Profit Margin
Reported net profit margin	16.59%	16.23%	21.41%	23.78%	22.95%	20.31%
Adjusted net profit margin	16.59%	16.16%	21.37%	23.84%	23.00%	20.27%
Return on Equity (ROE)
Reported ROE	13.81%	12.57%	20.89%	35.76%	41.53%	51.44%
Adjusted ROE	13.81%	12.51%	20.86%	35.86%	41.61%	51.36%
Return on Assets (ROA)
Reported ROA	8.58%	7.45%	13.29%	16.70%	24.78%	23.39%
Adjusted ROA	8.58%	7.41%	13.27%	16.75%	24.83%	23.35%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Intuit Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Intuit Inc. adjusted ROE deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Intuit Inc. adjusted ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

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	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)
Net revenue	14,368)	12,726)	9,633)	7,679)	6,784)	5,964)
Profitability Ratio
Net profit margin¹	16.59%	16.23%	21.41%	23.78%	22.95%	20.31%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income	2,384)	2,056)	2,059)	1,831)	1,560)	1,209)
Net revenue	14,368)	12,726)	9,633)	7,679)	6,784)	5,964)
Profitability Ratio
Adjusted net profit margin²	16.59%	16.16%	21.37%	23.84%	23.00%	20.27%

2023 Calculations

¹ Net profit margin = 100 × Net income ÷ Net revenue
= 100 × 2,384 ÷ 14,368 = 16.59%

² Adjusted net profit margin = 100 × Adjusted net income ÷ Net revenue
= 100 × 2,384 ÷ 14,368 = 16.59%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Intuit Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved 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: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income	2,384)	2,056)	2,059)	1,831)	1,560)	1,209)
Stockholders’ equity	17,269)	16,441)	9,869)	5,106)	3,749)	2,354)
Profitability Ratio
Adjusted ROE²	13.81%	12.51%	20.86%	35.86%	41.61%	51.36%

2023 Calculations

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

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

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Intuit Inc. adjusted ROE deteriorated from 2021 to 2022 but then slightly improved 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: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income	2,384)	2,056)	2,059)	1,831)	1,560)	1,209)
Total assets	27,780)	27,734)	15,516)	10,931)	6,283)	5,178)
Profitability Ratio
Adjusted ROA²	8.58%	7.41%	13.27%	16.75%	24.83%	23.35%

2023 Calculations

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

² Adjusted ROA = 100 × Adjusted net income ÷ Total assets
= 100 × 2,384 ÷ 27,780 = 8.58%

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

Intuit Inc. (NASDAQ:INTU)

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