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, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
Net income	2,384)	2,066)	2,062)	1,826)	1,557)	1,211)
Depreciation	160)	187)	166)	189)	199)	228)
Amortization of acquired intangible assets	646)	559)	197)	29)	26)	25)
Non-cash operating lease cost	90)	83)	62)	60)	—)	—)
Share-based compensation expense	1,712)	1,308)	753)	435)	401)	382)
Loss on sale of long-lived assets	—)	—)	—)	—)	—)	79)
Deferred income taxes	(628)	120)	(42)	(179)	(7)	51)
Other	81)	2)	(39)	6)	15)	6)
Adjustments	2,061)	2,259)	1,097)	540)	634)	771)
Originations of loans held for sale	—)	—)	(41)	(566)	—)	—)
Sale and principal payments of loans held for sale	—)	—)	143)	482)	—)	—)
Accounts receivable	42)	(31)	(104)	(59)	11)	5)
Income taxes receivable	64)	29)	(51)	53)	5)	(1)
Prepaid expenses and other assets	(75)	(121)	30)	(31)	(37)	(31)
Accounts payable	(97)	(95)	206)	33)	90)	12)
Accrued compensation and related liabilities	88)	(357)	(70)	100)	16)	75)
Deferred revenue	111)	71)	22)	38)	39)	66)
Operating lease liabilities	(81)	(83)	(66)	(61)	—)	—)
Income taxes payable	690)	6)	(8)	—)	—)	—)
Other liabilities	(141)	145)	30)	59)	9)	4)
Changes in operating assets and liabilities	601)	(436)	(11)	132)	133)	130)
Adjustments to reconcile net income to net cash provided by operating activities	2,662)	1,823)	1,188)	588)	767)	901)
Net cash provided by operating activities	5,046)	3,889)	3,250)	2,414)	2,324)	2,112)
Purchases of corporate and customer fund investments	(1,015)	(830)	(1,489)	(701)	(752)	(407)
Sales of corporate and customer fund investments	240)	1,524)	229)	130)	84)	128)
Maturities of corporate and customer fund investments	449)	234)	550)	596)	303)	286)
Net change in cash and cash equivalents held to satisfy customer fund obligations	—)	—)	—)	—)	—)	5)
Net change in customer fund deposits	—)	—)	—)	—)	69)	(5)
Purchases of property and equipment	(210)	(157)	(53)	(59)	(76)	(38)
Capitalization of internal use software	(50)	(72)	(72)	(78)	(79)	(86)
Acquisitions of businesses, net of cash acquired	(33)	(5,682)	(3,064)	—)	(64)	(363)
Originations and purchases of loans	(1,983)	(933)	(232)	(243)	(316)	(137)
Principal repayments of loans	1,727)	519)	136)	287)	267)	82)
Other	(47)	(24)	30)	(29)	(2)	3)
Net cash used in investing activities	(922)	(5,421)	(3,965)	(97)	(566)	(532)
Proceeds from issuance of long-term debt	—)	4,700)	—)	1,983)	—)	—)
Repayments of debt	(1,009)	—)	(338)	(50)	(50)	(50)
Proceeds from borrowings under unsecured revolving credit facility	—)	—)	—)	1,000)	—)	800)
Repayments on borrowings under unsecured revolving credit facility	—)	—)	(1,000)	—)	—)	(800)
Proceeds from borrowings under secured revolving credit facilities	222)	182)	—)	—)	48)	—)
Repayments on borrowings under secured revolving credit facilities	(23)	—)	—)	—)	—)	—)
Proceeds from issuance of stock under employee stock plans	228)	162)	196)	211)	284)	295)
Payments for employee taxes withheld upon vesting of restricted stock units	(633)	(611)	(383)	(244)	(251)	(199)
Cash paid for purchases of treasury stock	(1,967)	(1,861)	(1,005)	(323)	(556)	(272)
Dividends and dividend rights paid	(889)	(774)	(646)	(561)	(501)	(407)
Net change in funds receivable and funds payable and amounts due to customers	(197)	(56)	2)	19)	—)	—)
Other	(1)	(10)	(2)	(1)	(8)	(1)
Net cash provided by (used in) financing activities	(4,269)	1,732)	(3,176)	2,034)	(1,034)	(634)
Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents	—)	(22)	13)	(6)	(3)	(11)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents	(145)	178)	(3,878)	4,345)	721)	935)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period	2,997)	2,819)	6,697)	2,352)	1,631)	529)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	2,852)	2,997)	2,819)	6,697)	2,352)	1,464)

Based on: 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), 10-K (reporting date: 2018-07-31).

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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. net cash provided by operating activities increased from 2021 to 2022 and from 2022 to 2023.
Net cash used in 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. net cash used in investing activities decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 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. net cash provided by (used in) financing activities increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Intuit Inc. (NASDAQ:INTU)

Cash Flow Statement