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Intuit Inc. (INTU)


Cash Flow Statement

Low level of difficulty

The cash flow statement provides information about a company’s cash receipts and cash payments during an accounting period, showing how these cash flaws 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, 2019 Jul 31, 2018 Jul 31, 2017 Jul 31, 2016 Jul 31, 2015 Jul 31, 2014
Net income 1,557  1,211  971  979  365  907 
Depreciation 199  228  214  195  157  144 
Amortization of acquired intangible assets 26  25  22  43  74  53 
Goodwill and intangible asset impairment charges —  —  —  —  297  — 
Share-based compensation expense 401  382  326  281  257  204 
Pre-tax gain on sale of discontinued operations —  —  —  (354) —  (40)
Net realized gain on sale of available-for-sale equity securities —  —  —  —  —  (21)
Loss on sale of long-lived assets —  79  —  —  —  — 
Deferred income taxes (7) 51  70  (100) 93 
Tax benefit from share-based compensation plans —  —  —  59  85  82 
Excess tax benefit from share-based compensation plans —  —  —  (59) (85) (82)
Other 15  13  17  24 
Accounts receivable 11  (20) 24  (5)
Income taxes receivable (1) (44) 64  (49) 27 
Prepaid expenses and other assets (37) (31) (9) (10) 22  (14)
Accounts payable 90  12  —  (23) 35  15 
Accrued compensation and related liabilities 16  75  10  (11) 24  43 
Deferred revenue 39  66  83  192  398  15 
Other liabilities —  (22) (4)
Changes in operating assets and liabilities 133  130  45  170  450  82 
Adjustments to reconcile net income to net cash provided by operating activities 767  901  628  422  1,139  539 
Net cash provided by operating activities 2,324  2,112  1,599  1,401  1,504  1,446 
Purchases of corporate and customer fund investments (752) (407) (352) (934) (939) (1,334)
Sales of corporate and customer fund investments 84  128  359  1,165  620  346 
Maturities of corporate and customer fund investments 303  286  183  187  475  567 
Net change in cash and cash equivalents held to satisfy customer fund obligations —  (68) 58  (49) (54)
Net change in customer fund deposits 69  (5) 68  (33) 49  54 
Proceeds from the sale of available-for-sale equity securities —  —  —  —  —  26 
Purchases of property and equipment (76) (38) (102) (416) (142) (104)
Capitalization of internal use software (79) (86) (128) (106) (119) (82)
Acquisitions of businesses, net of cash acquired (64) (363) —  —  (95) (471)
Proceeds from divestiture of businesses —  —  —  463  —  1,025 
Originations of term loans to small businesses (316) (137) —  —  —  — 
Principal repayments of term loans from small businesses 267  82  —  —  —  — 
Other (2) (45) (13) 18  (22)
Net cash (used in) provided by investing activities (566) (532) (85) 371  (182) (49)
Proceeds from borrowings under unsecured revolving credit facility —  800  150  995  —  — 
Repayments on borrowings under unsecured revolving credit facility —  (800) (150) (995) —  — 
Proceeds from borrowings under secured revolving credit facility 48  —  —  —  —  — 
Proceeds from long-term debt —  —  —  500  —  — 
Repayment of debt (50) (50) (512) —  —  — 
Proceeds from issuance of stock under employee stock plans 284  295  226  197  220  165 
Payments for employee taxes withheld upon vesting of restricted stock units (251) (199) (153) (108) (113) — 
Cash paid for purchases of treasury stock (556) (272) (839) (2,264) (1,245) (1,577)
Dividends and dividend rights paid (501) (407) (353) (318) (283) (220)
Excess tax benefit from share-based compensation plans —  —  —  59  85  82 
Other (8) (1) (1) (6) (1) (1)
Net cash used in financing activities (1,034) (634) (1,632) (1,940) (1,337) (1,551)
Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents (3) (11) (2) (26) (6)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents 721  935  (109) (170) (41) (160)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period 1,631  529  638  808  849  1,009 
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period 2,352  1,464  529  638  808  849 

Based on: 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), 10-K (filing date: 2014-09-12).

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 2017 to 2018 and from 2018 to 2019.
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 declined from 2017 to 2018 and from 2018 to 2019.
Net cash 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 used in financing activities increased from 2017 to 2018 but then slightly declined from 2018 to 2019.