Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Intuit Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
Net income	2,963)	2,384)	2,066)	2,062)	1,826)	1,557)
Depreciation	159)	160)	187)	166)	189)	199)
Amortization of acquired intangible assets	630)	646)	559)	197)	29)	26)
Non-cash operating lease cost	81)	90)	83)	62)	60)	—)
Share-based compensation expense	1,940)	1,712)	1,308)	753)	435)	401)
Deferred income taxes	(554)	(628)	120)	(42)	(179)	(7)
Other	92)	81)	2)	(39)	6)	15)
Adjustments	2,348)	2,061)	2,259)	1,097)	540)	634)
Originations and purchases of loans held for sale	(96)	—)	—)	(41)	(566)	—)
Sale and principal payments of loans held for sale	98)	—)	—)	143)	482)	—)
Accounts receivable	(52)	42)	(31)	(104)	(59)	11)
Income taxes receivable	(48)	64)	29)	(51)	53)	5)
Prepaid expenses and other assets	(30)	(75)	(121)	30)	(31)	(37)
Accounts payable	133)	(97)	(95)	206)	33)	90)
Accrued compensation and related liabilities	257)	88)	(357)	(70)	100)	16)
Deferred revenue	(49)	111)	71)	22)	38)	39)
Operating lease liabilities	(71)	(81)	(83)	(66)	(61)	—)
Income taxes payable	(691)	690)	6)	(8)	—)	—)
Other liabilities	122)	(141)	145)	30)	59)	9)
Changes in operating assets and liabilities	(429)	601)	(436)	(11)	132)	133)
Adjustments to reconcile net income to net cash provided by operating activities	1,921)	2,662)	1,823)	1,188)	588)	767)
Net cash provided by operating activities	4,884)	5,046)	3,889)	3,250)	2,414)	2,324)
Purchases of corporate and customer fund investments	(780)	(1,015)	(830)	(1,489)	(701)	(752)
Sales of corporate and customer fund investments	526)	240)	1,524)	229)	130)	84)
Maturities of corporate and customer fund investments	676)	449)	234)	550)	596)	303)
Net change in customer fund deposits	—)	—)	—)	—)	—)	69)
Purchases of property and equipment	(191)	(210)	(157)	(53)	(59)	(76)
Capitalization of internal use software	(59)	(50)	(72)	(72)	(78)	(79)
Acquisitions of businesses, net of cash acquired	(83)	(33)	(5,682)	(3,064)	—)	(64)
Originations and purchases of loans held for investment	(2,538)	(1,983)	(933)	(232)	(243)	(316)
Sales of loans originally classified as held for investment	234)	—)	—)	—)	—)	—)
Principal repayments of loans held for investment	2,068)	1,727)	519)	136)	287)	267)
Other	(80)	(47)	(24)	30)	(29)	(2)
Net cash used in investing activities	(227)	(922)	(5,421)	(3,965)	(97)	(566)
Proceeds from issuance of long-term debt, net of discount and issuance costs	3,956)	—)	4,700)	—)	1,983)	—)
Repayments of debt	(4,200)	(1,009)	—)	(338)	(50)	(50)
Proceeds from borrowings under unsecured revolving credit facility	100)	—)	—)	—)	1,000)	—)
Repayments on borrowings under unsecured revolving credit facility	(100)	—)	—)	(1,000)	—)	—)
Proceeds from borrowings under secured revolving credit facilities	180)	222)	182)	—)	—)	48)
Repayments on borrowings under secured revolving credit facilities	(25)	(23)	—)	—)	—)	—)
Proceeds from issuance of stock under employee stock plans	282)	228)	162)	196)	211)	284)
Payments for employee taxes withheld upon vesting of restricted stock units	(1,002)	(633)	(611)	(383)	(244)	(251)
Cash paid for purchases of treasury stock	(1,988)	(1,967)	(1,861)	(1,005)	(323)	(556)
Dividends and dividend rights paid	(1,034)	(889)	(774)	(646)	(561)	(501)
Net change in funds receivable and funds payable and amounts due to customers	3,436)	(197)	(56)	2)	19)	—)
Other	(2)	(1)	(10)	(2)	(1)	(8)
Net cash provided by (used in) financing activities	(397)	(4,269)	1,732)	(3,176)	2,034)	(1,034)
Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents	(13)	—)	(22)	13)	(6)	(3)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents	4,247)	(145)	178)	(3,878)	4,345)	721)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period	2,852)	2,997)	2,819)	6,697)	2,352)	1,631)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	7,099)	2,852)	2,997)	2,819)	6,697)	2,352)

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).

The financial data over the six-year period exhibits several notable trends and fluctuations across operating, investing, and financing activities.

Profitability and Operating Activities: Net income shows a consistent upward trajectory, increasing significantly from $1,557 million in 2019 to $2,963 million in 2024, indicating strong growth in earnings. Depreciation fluctuates slightly but remains relatively stable between $159 million and $199 million, whereas amortization of acquired intangible assets rises sharply, peaking around 2022–2023 before a slight decline in 2024. Share-based compensation expense shows a pronounced increase from $401 million in 2019 to $1,940 million in 2024, which notably impacts overall expenses.; Adjustments to reconcile net income to net cash from operating activities have increased substantially, reflecting growing non-cash expenses and adjustments such as deferred income taxes, which fluctuate between negative and positive values over the years. Net cash provided by operating activities steadily increases from $2,324 million in 2019 to a peak of $5,046 million in 2023, with a slight decrease to $4,884 million in 2024, demonstrating strong cash generation capabilities.
Investing Activities: Investing activities reflect significant variability. Purchases of corporate and customer fund investments fluctuate but remain sizable expenditures annually. Sales and maturities of these investments vary markedly, with notable spikes in sales in 2022 and maturities in 2024.; Capital expenditures, including purchases of property and equipment and capitalization of internal use software, increase over time, indicating ongoing investment in operational assets.; Acquisitions of businesses demonstrate considerable activity with a significant outflow of $3,064 million in 2021 and $5,682 million in 2022, followed by a sharp decline in acquisition spending in subsequent years. Loan-related activities show increased originations and purchases of loans held for investment, accompanied by escalating principal repayments, suggesting active management and turnover of loan portfolios.; Overall, net cash used in investing activities is highly negative in 2021 and 2022, reflecting heavy investment and acquisition activity, but improves substantially in 2023 and 2024.
Financing Activities: Financing activities exhibit high volatility. Proceeds from issuance of long-term debt and repayments vary year to year with substantial debt issuance in 2020, 2022, and 2024, and significant repayments in 2023 and 2024. Borrowings under revolving credit facilities show intermittent activity, with both proceeds and repayments generally balancing out over the period.; Equity-related transactions indicate steady proceeds from stock issuances under employee stock plans, countered by large payments for employee taxes withheld and cash used for treasury stock repurchases, which increase over time, reflecting active share repurchase programs.; Dividends grow steadily from $501 million in 2019 to $1,034 million in 2024, showing a consistent policy of returning value to shareholders.; Net cash provided by (used in) financing activities swings from a negative $1,034 million in 2019 to a positive $2,034 million in 2020, then to large negative swings in 2021 and 2023, before narrowing again in 2024, reflecting fluctuating capital structure management.
Liquidity Position: Cash and cash equivalents display notable volatility, expanding dramatically from $2,352 million at the end of 2019 to a peak of $6,697 million in 2020, then declining sharply before increasing again to $7,099 million in 2024. These fluctuations align with the variations in cash flows from operating, investing, and financing activities and highlight dynamic liquidity management.
Working Capital and Other Balance Sheet Items: Changes in operating assets and liabilities show irregular patterns, including swings in accounts receivable, prepaid expenses, accounts payable, accrued compensation, deferred revenue, and other liabilities. Notably, income taxes payable experience large positive and negative shifts in the latter years, suggesting changing tax positions or settlement timings.; Operating lease liabilities generally decrease over time, consistent with related non-cash operating lease costs.

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Intuit Inc. (NASDAQ:INTU)

Cash Flow Statement