Stock Analysis on Net
Stock Analysis on Net
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Intuit Inc. (NASDAQ:INTU)

Cash Flow Statement

Beginner level

The cash flow statement provides information about a company’s 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’s 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

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12 months ended: Jul 31, 2020 Jul 31, 2019 Jul 31, 2018 Jul 31, 2017 Jul 31, 2016 Jul 31, 2015
Net income 1,826  1,557  1,211  971  979  365 
Depreciation 189  199  228  214  195  157 
Amortization of acquired intangible assets 29  26  25  22  43  74 
Non-cash operating lease cost 60  —  —  —  —  — 
Goodwill and intangible asset impairment charges —  —  —  —  —  297 
Share-based compensation expense 435  401  382  326  281  257 
Pre-tax gain on sale of discontinued operations —  —  —  —  (354) — 
Loss on sale of long-lived assets —  —  79  —  —  — 
Deferred income taxes (179) (7) 51  70  (100)
Tax benefit from share-based compensation plans —  —  —  —  59  85 
Excess tax benefit from share-based compensation plans —  —  —  —  (59) (85)
Other 15  13  17 
Adjustments 540  634  771  583  252  689 
Originations of loans held for sale (566) —  —  —  —  — 
Sale and principal payments of loans held for sale 482  —  —  —  —  — 
Accounts receivable (59) 11  (20) 24 
Income taxes receivable 53  (1) (44) 64  (49)
Prepaid expenses and other assets (31) (37) (31) (9) (10) 22 
Accounts payable 33  90  12  —  (23) 35 
Accrued compensation and related liabilities 100  16  75  10  (11) 24 
Deferred revenue 38  39  66  83  192  398 
Operating lease liabilities (61) —  —  —  —  — 
Other liabilities 59  —  (22) (4)
Changes in operating assets and liabilities 132  133  130  45  170  450 
Adjustments to reconcile net income to net cash provided by operating activities 588  767  901  628  422  1,139 
Net cash provided by operating activities 2,414  2,324  2,112  1,599  1,401  1,504 
Purchases of corporate and customer fund investments (701) (752) (407) (352) (934) (939)
Sales of corporate and customer fund investments 130  84  128  359  1,165  620 
Maturities of corporate and customer fund investments 596  303  286  183  187  475 
Net change in cash and cash equivalents held to satisfy customer fund obligations —  —  (68) 58  (49)
Net change in customer fund deposits —  69  (5) 68  (33) 49 
Purchases of property and equipment (59) (76) (38) (102) (416) (142)
Capitalization of internal use software (78) (79) (86) (128) (106) (119)
Acquisitions of businesses, net of cash acquired —  (64) (363) —  —  (95)
Proceeds from divestiture of businesses —  —  —  —  463  — 
Originations of term loans to small businesses (243) (316) (137) —  —  — 
Principal repayments of term loans from small businesses 287  267  82  —  —  — 
Other (29) (2) (45) (13) 18 
Net cash (used in) provided by investing activities (97) (566) (532) (85) 371  (182)
Proceeds from issuance of long-term debt, net of discount and issuance costs 1,983  —  —  —  500  — 
Proceeds from borrowings under unsecured revolving credit facility 1,000  —  800  150  995  — 
Repayments on borrowings under unsecured revolving credit facility —  —  (800) (150) (995) — 
Proceeds from borrowings under secured revolving credit facility —  48  —  —  —  — 
Repayment of debt (50) (50) (50) (512) —  — 
Proceeds from issuance of stock under employee stock plans 211  284  295  226  197  220 
Payments for employee taxes withheld upon vesting of restricted stock units (244) (251) (199) (153) (108) (113)
Cash paid for purchases of treasury stock (323) (556) (272) (839) (2,264) (1,245)
Dividends and dividend rights paid (561) (501) (407) (353) (318) (283)
Net change in customer fund deposits 19  —  —  —  —  — 
Excess tax benefit from share-based compensation plans —  —  —  —  59  85 
Other (1) (8) (1) (1) (6) (1)
Net cash provided by (used in) financing activities 2,034  (1,034) (634) (1,632) (1,940) (1,337)
Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents (6) (3) (11) (2) (26)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents 4,345  721  935  (109) (170) (41)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period 2,352  1,631  529  638  808  849 
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period 6,697  2,352  1,464  529  638  808 

Based on: 10-K (filing date: 2020-08-31), 10-K (filing date: 2019-08-30), 10-K (filing date: 2018-08-31), 10-K (filing date: 2017-09-01), 10-K (filing date: 2016-09-01), 10-K (filing date: 2015-09-01).

Cash flow statement item Description The company
Net cash provided by operating activities Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Intuit Inc.’s net cash provided by operating activities increased from 2018 to 2019 and from 2019 to 2020.
Net cash (used in) provided by investing activities Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Intuit Inc.’s net cash (used in) provided by investing activities decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.
Net cash provided by (used in) financing activities Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Intuit Inc.’s net cash provided by (used in) financing activities decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.