filings.toolsIntuit (INTU) 10-K risk factor changes: FY2021 vs FY2020
The 2021-07-31 10-K against the 2020-07-31 one, compared heading by heading and sentence by sentence.
All filing items1,363 rewritten1,831 added414 removed1,382 unchanged
Summary
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- Item 1A headings could not be compared: the parser did not find an Item 1A in both filings.
- Sentence by sentence, 1,831 added, 414 removed, 1,363 rewritten and 1,382 unchanged across 1 item that differ.
Sentences by item
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| Item | Added | Removed | Rewritten | Unchanged |
|---|---|---|---|---|
| Full document | 1,831 | 414 | 1,363 | 1,382 |
Underlined words on a shaded ground are new in FY2021; struck-through words were in FY2020. Sentences that are wholly new or wholly gone are labelled rather than marked.
Full document
1,363 rewritten, 1,831 added, 414 removed, 1,382 unchanged
[Tables of [removed: Contents](#s5D351E9E663557D7A5CC3CFF70536C1B)][added: Contents](#i2f49e40746e747928a7cf026c43a91f0_7)]
[removed: FORM 10-K][added: FORM 10-K]
| ☑ | | [added: | | | |] Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | [added: | |]
For the fiscal year [removed: ended July] [added: ended July] 31, [removed: 2020][added: 2021]
| ☐ | | [added: | | | |] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | [added: | |]
Commission File [removed: Number 0-21180][added: Number 0-21180]
[removed: ][added: ]
| Delaware | | [added: | | | |] 77-0034661 | [added: | |]
| *(State or other jurisdiction of incorporation or organization)* | | [added: | | | |] *(IRS Employer Identification No.)* | [added: | |]
2700 Coast [removed: Avenue, Mountain View, CA 94043][added: Avenue, Mountain View, CA 94043]
[removed: (650) 944-6000][added: (650) 944-6000]
| Title of each class | | [added: | | | |] Trading Symbol | | [added: | | | |] Name of each exchange on which registered | [added: | |]
| Common Stock, $0.01 par value | | [added: | | | |] INTU | | [added: | | | |] Nasdaq Global Select Market | [added: | |]
| Large accelerated filer | [added: | |] ☑ | [added: | |] Accelerated filer | [added: | |] ☐ | [added: | |] Non-accelerated filer | [added: | |] ☐ | [added: | |] Smaller reporting company | [added: | |] ☐ | [added: | |] Emerging growth company | [added: | |] ☐ | [added: | |]
The aggregate market value of Intuit Inc. outstanding common stock held by non-affiliates of Intuit as of January 31, [removed: 2020,] [added: 2021,] the last business day of our most recently completed second fiscal quarter, based on the closing price of [removed: $280.38] [added: $361.23] reported by the Nasdaq Global Select Market on that date, was [removed: $70.6] [added: $96.2] billion.
There were [removed: 261,807,204] [added: 273,091,929] shares of Intuit voting common stock outstanding as of August [removed: 24, 2020.][added: 31, 2021.]
Portions of the registrant’s definitive proxy statement for its Annual Meeting of Stockholders to be held on January [removed: 21, 2021] [added: 20, 2022] are incorporated by reference in Part III of this Annual Report on Form 10-K.
[removed: FISCAL 2020 FORM] [added: FISCAL 2021 FORM] 10-K
| | | | [added: | | | | | |] Page | [added: | |]
| [removed: [ITEM 1:](#s5AD9FB6CBA4F5D07A72D8D8BC27FFF9A) | [Business](#s5AD9FB6CBA4F5D07A72D8D8BC27FFF9A)] [added: ITEM 1 - BUSINESS] | | [removed: [5](#s5AD9FB6CBA4F5D07A72D8D8BC27FFF9A)] |
| [removed: [ITEM 1A:](#s225F5CC990685294B437F768827F2764) | [Risk Factors](#s225F5CC990685294B437F768827F2764)] [added: ITEM 1A - RISK FACTORS] | | [removed: [16](#s225F5CC990685294B437F768827F2764)] |
| [removed: [ITEM 1B:](#s320A19C85BF655B2B2FFAA997D641954) | [Unresolved Staff Comments](#s320A19C85BF655B2B2FFAA997D641954)] [added: ITEM 1B - UNRESOLVED STAFF COMMENTS] | | [removed: [29](#s320A19C85BF655B2B2FFAA997D641954)] |
| [removed: [ITEM 2:](#s209D33C972EC5297968C901817DB2A88) | [Properties](#s209D33C972EC5297968C901817DB2A88)] [added: ITEM 2 - PROPERTIES] | | [removed: [29](#s209D33C972EC5297968C901817DB2A88)] |
| [removed: [ITEM 3:](#sFDCAA5C04F675158A70AA74BCC0D5583) | [Legal Proceedings](#sFDCAA5C04F675158A70AA74BCC0D5583)] [added: ITEM 3 - LEGAL PROCEEDINGS] | | [removed: [30](#sFDCAA5C04F675158A70AA74BCC0D5583)] |
| [removed: [ITEM 4:](#s7834FC5C1E2F58298B6D8F700FE49EEF) | [Mine Safety Disclosures](#s7834FC5C1E2F58298B6D8F700FE49EEF)] [added: ITEM 4 - MINE SAFETY DISCLOSURES] | | [removed: [30](#s7834FC5C1E2F58298B6D8F700FE49EEF)] |
| [removed: [ITEM 5:](#s06A53A040CB65990B590B2B67B63E266) | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#s06A53A040CB65990B590B2B67B63E266)] [added: ITEM 5 - MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES] | | [removed: [31](#s06A53A040CB65990B590B2B67B63E266)] |
| [removed: [ITEM 6:](#s9666CEC5D0A053BB97AD4DF0807FB65A) | [Selected Financial Data](#s9666CEC5D0A053BB97AD4DF0807FB65A)] [added: ITEM 6 - SELECTED FINANCIAL DATA] | | [removed: [33](#s9666CEC5D0A053BB97AD4DF0807FB65A)] |
| [removed: [ITEM 7:](#s8C8C3BE4C0815440AD68E473642F63E2) | [Management’s Discussion and Analysis of Financial Condition and Results of Operations](#s8C8C3BE4C0815440AD68E473642F63E2)] [added: ITEM 7 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS] | | [removed: [35](#s8C8C3BE4C0815440AD68E473642F63E2)] |
| [removed: [ITEM 7A:](#s8080E8C249DF5A3382497E10374C5563) | [Quantitative and Qualitative Disclosures About Market Risk](#s8080E8C249DF5A3382497E10374C5563)] [added: ITEM 7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK] | | [removed: [52](#s8080E8C249DF5A3382497E10374C5563)] |
| [removed: [ITEM 8:](#s09BF677D7AB25E13AE9FFDE21051953A) | [Financial Statements and Supplementary Data](#s09BF677D7AB25E13AE9FFDE21051953A)] [added: ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA] | | [removed: [53](#s09BF677D7AB25E13AE9FFDE21051953A)] |
| [removed: [ITEM 9:](#sFFB604D1D45853CDB7139837E9583DAD) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#sFFB604D1D45853CDB7139837E9583DAD)] [added: ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE] | | [removed: [96](#sFFB604D1D45853CDB7139837E9583DAD)] |
| [removed: [ITEM 9A:](#s6345D24AD9CA5034A2A7748E5B8EE18B) | [Controls and Procedures](#s6345D24AD9CA5034A2A7748E5B8EE18B)] [added: ITEM 9A - CONTROLS AND PROCEDURES] | | [removed: [96](#s6345D24AD9CA5034A2A7748E5B8EE18B)] |
| [removed: [ITEM 9B:](#s264989225A765CAAAC0E451812074D41) | [Other Information](#s264989225A765CAAAC0E451812074D41)] [added: ITEM 9B - OTHER INFORMATION] | | [removed: [96](#s264989225A765CAAAC0E451812074D41)] |
| [removed: [PART III](#s188C2539FB7F58FF8A55C635AE69E41D)] [added: [PART III](#i2f49e40746e747928a7cf026c43a91f0_232)] | | | | [added: | | | | | | | |]
| [removed: [ITEM 10:](#sF815C29266175BBAB638EEFE58EC204B) | [Directors, Executive Officers and Corporate Governance](#sF815C29266175BBAB638EEFE58EC204B)] [added: ITEM 10 - DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE] | | [removed: [13](#sF815C29266175BBAB638EEFE58EC204B)] |
| [removed: [ITEM 11:](#sAC82E34C626954D3B03067493A327D86) | [Executive Compensation](#sAC82E34C626954D3B03067493A327D86)] [added: ITEM 11 - EXECUTIVE COMPENSATION] | | [removed: [97](#sAC82E34C626954D3B03067493A327D86)] |
| [removed: [ITEM 12:](#sD720BA7C990B54B2881382DB8DAB3215) | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#sD720BA7C990B54B2881382DB8DAB3215)] [added: ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS] | | [removed: [97](#sD720BA7C990B54B2881382DB8DAB3215)] |
| [removed: [ITEM 13:](#s72CCD95BCBEF511AAF3317A079CD90AD) | [Certain Relationships and Related Transactions, and Director Independence](#s72CCD95BCBEF511AAF3317A079CD90AD)] [added: ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE] | | [removed: [97](#s72CCD95BCBEF511AAF3317A079CD90AD)] |
| [ITEM [removed: 14:](#s793DE507F7B15DB49639D588D8AF71FD)] [added: 14:](#i2f49e40746e747928a7cf026c43a91f0_247)] | [added: | |] [Principal Accountant Fees and [removed: Services](#s793DE507F7B15DB49639D588D8AF71FD)] [added: Services](#i2f49e40746e747928a7cf026c43a91f0_247)] | | [removed: [97](#s793DE507F7B15DB49639D588D8AF71FD)] | [added: | | | [99](#i2f49e40746e747928a7cf026c43a91f0_247) | | |]
| [removed: [ITEM 15:](#sAF2AD87163965214B991F5FA6B7F4BFB) | [Exhibits and Financial Statement Schedules](#sAF2AD87163965214B991F5FA6B7F4BFB)] [added: ITEM 15 - EXHIBITS AND FINANCIAL STATEMENT SCHEDULES] | | [removed: [98](#s2662635E6782555F81A0C00D72CA39C7)] |
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[Tables of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)
| [PART I](#i2f49e40746e747928a7cf026c43a91f0_10) | | | | | | | | | | | |
| [PART II](#i2f49e40746e747928a7cf026c43a91f0_73) | | | | | | | | | | | |
| [ITEM 9](#i2f49e40746e747928a7cf026c43a91f0_229)[C](#i2f49e40746e747928a7cf026c43a91f0_229)[:](#i2f49e40746e747928a7cf026c43a91f0_229) | | | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i2f49e40746e747928a7cf026c43a91f0_2223) | | | | | | [98](#i2f49e40746e747928a7cf026c43a91f0_2223) | | |
| [PART IV](#i2f49e40746e747928a7cf026c43a91f0_250) | | | | | | | | | | | |
| | | | [Signatures](#i2f49e40746e747928a7cf026c43a91f0_259) | | | | | | [104](#i2f49e40746e747928a7cf026c43a91f0_259) | | |
[Tables of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)
[Tables of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)
maintain or change your investment.
[Tables of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)
We had revenue of $9.6 billion in our fiscal year which ended July 31, 2021.
[Tables of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)
| Small Business & Self-Employed: This segment serves small businesses and the self-employed around the world, and the accounting professionals who assist and advise them. Our offerings include QuickBooks financial and business management online services and desktop software, payroll solutions, time tracking, merchant payment processing solutions, and financing for small businesses. Consumer: This segment serves consumers and includes do-it-yourself and assisted TurboTax income tax preparation products and services sold in the U.S. and Canada. Our Mint offering is a personal finance offering which helps customers track their finances and daily financial behaviors. Credit Karma: This segment serves consumers with a personal finance platform that provides personalized recommendations of credit card, home, auto and personal loan, and insurance products; online savings and checking accounts through our partner, MVB Bank, Inc., member FDIC; and access to their credit scores and reports, credit and identity monitoring, credit report dispute, and data-driven resources. ProConnect: This segment serves professional accountants in the U.S. and Canada, who are essential to both small business success and tax preparation and filing. Our professional tax offerings include Lacerte, ProSeries, and ProConnect Tax Online in the U.S., and ProFile and ProTax Online in Canada. | | |
For more than three decades, we have reinvented and disrupted ourselves in order to ensure our customers are armed with the technology they need to grow and prosper.
- An Open Platform: None of us can do it alone, including Intuit.
The best way to deliver for customers is by creating an open, collaborative platform.
It’s the power of partnerships that accelerates the world’s success.
Our open technology platform integrates with partners so together we can deliver value and benefits that matter the most to our customers.
- Application of AI: AI helps our customers work smarter because we can automate, predict and personalize their experience.
Using AI technologies, we are: leveraging machine learning to build decision engines and algorithms that learn from rich datasets to transform user experiences; applying knowledge engineering and turning compliance rules into code; and using natural language processing to revolutionize how customers interact with products and services.
- Incorporating Experts: One of the biggest problems our customers face is confidence.
Even with current advances in technology that deliver personalized tools and insights, many people want to connect with a real person to help give them the confidence they are making the right decision.
By bringing experts onto our platform we can solve this massive problem for customers.
The power of our virtual expert platform allows us to scale the intelligence of our products, elevating experts to advisors and delivering big benefits for customers.
We are accelerating the application of AI with a goal to revolutionize the customer experience.
This priority is foundational across our business, and execution against it positions us to succeed with our other four strategic priorities.
- Connecting people to experts: The largest problem our customers face is lack of confidence to file their own taxes or to manage their books.
To build their confidence, we are connecting our customers to experts.
- Unlocking smart money decisions: Crippling high-cost debt and lack of savings are at unprecedented levels across the U.S. To address these challenges, we are creating a personal financial assistant that helps consumers find the right financial products, put more money in their pockets and access financial expertise and advice.
Our acquisition of Credit Karma accelerates our ability to achieve this vision, by combining two trusted brands, customer reach, data and platform capabilities to deliver breakthrough benefits that will power prosperity for customers around the world.
[Tables of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)
employees with confidence, and use third-party apps to help run their businesses.
At the same time, we want to position ourselves to better serve product-based businesses to benefit customers who sell products through multiple channels.
This offering enables us to increase retention of these larger customers, and attract new mid-market customers who are over-served by available offerings.
| ProConnect | | | 5 | | % | | | | 6 | | % | | | | 7 | | % |
(1) Credit Karma revenue from December 3, 2020
Our goal is for QuickBooks to be the source of truth for each small business customer who uses our integrated platform.
INTUIT INC.
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| [PART I](#s132027F975AA5BD8AEFDB0A259C187CD) | | | |
| [PART II](#s36B0FF662AB15E3097B06C7C6680BAD4) | | | |
| [PART IV](#s472DDCD81A5F51CABB156B6ADA08263A) | | | |
| | [Signatures](#s77BB4A19277958CAB879FD602D42F533) | | [103](#s77BB4A19277958CAB879FD602D42F533) |
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| • | the timing of when individuals will file their tax returns; |
| • | our expectations and beliefs regarding the pending acquisition of Credit Karma. |
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We had revenue of $7.7 billion in our fiscal year which ended July 31, 2020, with approximately 10,600 employees in offices in the United States, India, Canada, the United Kingdom, Israel, Australia, and other locations.
For more than three decades, our values have inspired us to innovate and reimagine ways to save people time and money, eliminate drudgery and inspire confidence.
We have reinvented and disrupted ourselves to better serve our customers along the way.
| • | Machine Learning - Building algorithms which progressively learn from data to automate tasks for our customers. |
| • | Knowledge Engineering - Turning rules, such as IRS regulations, and relationships about data into code to eliminate work and provide tailored experiences. |
| • | Natural Language Processing - Processing, analyzing and understanding human language to create interactions with customers and automate repetitive tasks. |
| • | Unlocking smart money decisions: Crippling high-cost debt and lack of savings are at unprecedented levels across the U.S. With the insights generated through our ecosystem, we strive to offer the right financial opportunities based on a customer’s unique situation. We expect that our proposed acquisition of Credit Karma will help us tackle these problems. |
| Strategic Partner | 6 | % | | 7 | % | | 7 | % |
Our QuickBooks offerings are available either online or as desktop versions.
Our online offerings can be accessed on mobile devices.
| *•* | *Self-Employed*. QuickBooks Self-Employed is designed specifically for self-employed customers whose needs are different than small businesses that use QuickBooks. Features include categorizing business and personal transactions, identifying and classifying tax deductible expenses, tracking mileage, calculating estimated quarterly taxes and sending invoices. QuickBooks Self-Employed can be combined with TurboTax to export and pay year-end taxes. QuickBooks Self-Employed is available both online and via a mobile application. |
accurately track time across a mobile workforce, including tools for project planning, job costing, and tracking per-client billable hours.
We also offer e-invoicing, which allows small businesses to email invoices directly from QuickBooks with a link that enables customers to instantly pay online or from their mobile device.
Personal Finance Offerings. Our consumer platform, including our Mint and Turbo offerings, is aimed at helping customers unlock smart money decisions by connecting them to financial products to help make ends meet.
These offerings help customers understand and improve their financial lives by offering a view of their financial health, as well as access to credit scores and monitoring.
Strategic Partner
that enable us to enhance or expand our offerings more rapidly.
In March 2020, as a relief measure in response to the COVID-19 pandemic, the IRS extended the filing deadline for the 2019 tax year from April 15, 2020 to July 15, 2020.
Additionally, all states with a personal income tax have also extended their due dates, predominantly to July.
As a result, we experienced a shift in sales and revenue from our third fiscal quarter to our fourth fiscal quarter during fiscal 2020.
We also have a direct sales force that calls
| EMPLOYEES |
As of July 31, 2020, we had approximately 10,600 employees in offices in the United States, India, Canada, the United Kingdom, Israel, Australia and other locations.
An excerpt. Shown here: 40 of 1,363 rewritten, 40 of 1,831 added and 40 of 414 removed. The counts are complete. For every sentence, read Full document in the FY2021 filing and the FY2020 filing.