Common-Size Balance Sheet: Assets
Intuit Inc., common-size consolidated balance sheet: assets
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).
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents relative to total assets exhibited a significant increase from 33.68% in 2019 to 58.93% in 2020, followed by a marked decline to approximately 10-11% between 2022 and 2024. This suggests a shift from a high liquidity position in 2020 to a more balanced asset allocation in subsequent years.
- Investments
- Investments as a percentage of total assets decreased substantially from 9.93% in 2019 to 5.56% in 2020, fluctuated afterwards, and settled at a low 1.45% in 2024. This indicates a declining emphasis on investment holdings within the asset structure over the period.
- Accounts Receivable, Net
- Accounts receivable relative to total assets remained relatively stable and low, ranging from 1.36% to 2.52%, with a slight peak in 2021. This reflects consistent credit management and limited fluctuation in receivables.
- Notes Receivable Held for Investment
- This category was absent before 2021 but increased from 0.85% in 2021 to approximately 2.4% in 2024, indicating a growing focus on this asset type in recent years.
- Income Taxes Receivable
- There was a notable decrease in income taxes receivable from 1.03% in 2019 to a low of 0.1% in 2023, with a slight rebound to 0.24% in 2024. The overall trend suggests minimization of tax receivables on the balance sheet.
- Prepaid Expenses and Other Current Assets
- This category declined from 4.23% in 2019 to around 1.1-1.3% in later years, indicating more efficient management or reclassification of these assets.
- Current Assets Before Funds Receivable and Amounts Held for Customers
- There is a pronounced drop from 68.84% in 2020 to about 16-18% from 2022 onward, signifying a reduction in traditional current assets excluding funds receivable and customer amounts.
- Funds Receivable and Amounts Held for Customers
- After a steady decline from 6.94% in 2019 to 1.51% in 2023, this category significantly increased to 12.2% in 2024. This sudden rise could indicate changes in client balances or operational functions involving customer funds.
- Current Assets
- Total current assets mirrored earlier patterns, peaking at 73% in 2020 but falling sharply to 18-20% in the years after, before rebounding to 30.12% in 2024. The pattern reflects volatility in asset liquidity and composition.
- Long-Term Investments
- Long-term investments maintained a low and gradually increasing share, from 0.21% in 2019 to 0.41% in 2024, reflecting a stable but minor portion of total assets.
- Property and Equipment, Net
- This category declined steadily from 12.41% in 2019 to around 3-3.5% in 2024, suggesting ongoing asset depreciation, disposals, or reduced capital expenditure on physical assets.
- Operating Lease Right-of-Use Assets
- Introduced in 2020 at 2.07%, this asset class saw a gradual reduction to 1.28% by 2024, potentially reflecting lease terminations or reclassifications.
- Goodwill
- Goodwill exhibited substantial fluctuations: it decreased from 26.34% in 2019 to 15.13% in 2020, surged to nearly 50% in 2022-2023, and slightly decreased to 43.08% in 2024. This volatility likely corresponds to acquisition activity and goodwill impairments.
- Acquired Intangible Assets, Net
- There was a significant jump from minimal levels (~0.26%) in 2020 to over 20% in 2021, peaking at 25.46% in 2022 before declining to 18.11% in 2024. This aligns with the trend observed in goodwill and indicates sizable intangible asset acquisitions and subsequent amortization or impairment.
- Long-Term Deferred Income Tax Assets
- These assets increased notably from essentially zero in 2019 to 2.17% in 2024, suggesting recognition of deferred tax benefits over time.
- Other Assets
- Other assets declined from 2.96% in 2019 to approximately 1.5-1.7% in recent years, indicating a minor but consistent component of total assets.
- Long-Term Assets
- The long-term asset portion of total assets rose markedly from 27% in 2020 to 81.8% in 2022, then declined to 69.88% in 2024. This reflects a strategic shift toward long-term asset accumulation, possibly due to acquisitions, followed by partial divestment or reclassification.