Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

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Intuit Inc., consolidated balance sheet: assets

US$ in millions

		Jul 31, 2024		Jul 31, 2023		Jul 31, 2022		Jul 31, 2021		Jul 31, 2020		Jul 31, 2019
	Cash and cash equivalents
	Investments
	Accounts receivable, net of allowance for doubtful accounts
	Notes receivable held for investment, net
	Notes receivable held for sale
	Income taxes receivable
	Prepaid expenses and other current assets
	Current assets before funds receivable and amounts held for customers
	Funds receivable and amounts held for customers
	Current assets
	Long-term investments
	Property and equipment, net
	Operating lease right-of-use assets
	Goodwill
	Acquired intangible assets, net
	Long-term deferred income tax assets
	Other assets
	Long-term assets
	Total 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).

An analysis of the annual financial data reveals several noteworthy trends across key asset categories.

Cash and Cash Equivalents: The cash position experienced significant volatility. It peaked sharply in 2020 at 6,442 million USD from 2,116 million USD in 2019, then dropped to around 2,562-2,848 million USD during 2021 through 2023 before increasing again to 3,609 million USD in 2024. This indicates fluctuations in liquidity management, possibly linked to operational or investment activities.
Investments: Short-term investments showed inconsistency, starting at 624 million USD in 2019, peaking at 1,308 million USD in 2021, dipping to 485 million USD in 2022, and ending at 465 million USD in 2024. Long-term investments steadily increased from 13 million USD in 2019 to 131 million USD in 2024, indicating gradually growing allocations to longer duration assets.
Receivables: Accounts receivable grew consistently from 87 million USD in 2019 to 457 million USD in 2024, showing increasing sales on credit or expanding operations. Notes receivable held for investment appeared starting 2021 and grew markedly from 132 million USD to 779 million USD by 2024. Notes receivable held for sale began appearing only in 2024 with a nominal amount of 3 million USD, suggesting a new category of receivables.
Current Assets: Current assets before funds receivable increased from 3,158 million USD in 2019 to 5,757 million USD in 2024, albeit with fluctuations between 2020 and 2022. Funds receivable and amounts held for customers remained stable around 420-457 million USD until 2023, then surged dramatically to 3,921 million USD in 2024. Overall, current assets rose substantially, supported heavily by this increase in funds receivable.
Property and Equipment: This category showed steady growth, increasing from 780 million USD in 2019 to 1,009 million USD in 2024. This trend implies ongoing investment in physical assets.
Operating Lease Right-of-Use Assets: Records for this asset began in 2020 at 226 million USD and peaked at 549 million USD in 2022 before declining slightly to 411 million USD in 2024. This pattern may reflect changes in leasing agreements or remeasurement.
Goodwill and Acquired Intangible Assets: Goodwill almost quadrupled from about 1,655 million USD in 2019 to 13,844 million USD in 2024, with a major jump from 2020 to 2022. Similarly, acquired intangible assets sharply increased to a peak of 7,061 million USD in 2022 then slightly declined to 5,820 million USD in 2024. These trends suggest significant acquisition activity, with subsequent amortization or impairment adjustments.
Long-term Deferred Income Tax Assets: This asset category fluctuated, remaining low through 2022 but rising significantly to 698 million USD in 2024, which may indicate complex tax-related adjustments or recognition of deferred tax benefits.
Other and Long-term Assets: Other assets increased steadily from 186 million USD to 541 million USD, while the total long-term assets grew markedly from 2,689 million USD in 2019 to 22,454 million USD in 2024, driven largely by increases in goodwill and intangible assets.
Total Assets: Total assets demonstrated strong growth from 6,283 million USD in 2019 to 32,132 million USD in 2024, reflecting expansionary trends through acquisitions, increased receivables, and rising current and long-term assets.

In summary, the data indicates a period of substantial growth and investment, particularly through acquisitions that augmented goodwill and intangible assets. Liquidity levels fluctuated but ended higher, supported by increasing cash and current assets. The significant rise in funds receivable and total assets underscores expansion in the company's operational scale and possibly its customer base. Additionally, the increase in deferred tax assets and lease-related assets signals evolving accounting and operational practices over the period.

Assets: Selected Items

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Current Assets: Selected Items